Ex 99.2-EPR-6.30.15 Supplemental



EPR Properties
Supplemental Operating and Financial Data
Second Quarter and Six Months Ended June 30, 2015

Table of Contents

Section								Page

Company Profile								4
Investor Information								5
Selected Financial Information								6
Selected Balance Sheet Information								7
Selected Operating Data								8
Funds From Operations and Funds From Operations as Adjusted								9
Adjusted Funds From Operations								10
Capital Structure								11
Summary of Ratios								16
Capital Spending and Disposition Summaries								19
Property Under Development - Investment Spending Estimates								20
Financial and Investment Information by Asset Type and Segment								21
Lease Expirations								27
Top Ten Customers by Revenue from Continuing Operations								28
Summary of Mortgage Notes Receivable								29
Summary of Notes Receivable								30
Definitions-Non-GAAP Financial Measures								31

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would,” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.



EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)

	Three Months Ended June 30,						Six months ended June 30,
Operating Information:	2015			2014			2015		2014
Revenue (1)	$	101,258		$	91,787		$	200,694	$	181,643
Net income available to common shareholders of
EPR Properties	42,814			34,808			79,683		72,388
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (1)(2)	83,093			78,194			148,204		153,844
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	68			(4		)	58		3,387
Adjusted EBITDA - continuing operations (1)(2)	87,522			78,950			172,817		154,796
Adjusted EBITDA - discontinued operations (2)	68			(4		)	58		11
Interest expense, net (1)	20,007			20,555			38,594		40,453
Recurring principal payments	3,560			3,249			7,271		5,977
Capitalized interest	5,145			1,610			9,493		2,897
Straight-lined rental revenue	3,211			1,107			6,154		2,218
Dividends declared on preferred shares	5,952			5,952			11,904		11,904
Dividends declared on common shares	51,915			45,710			103,822		91,070
General and administrative expense	7,756			7,079			15,438		14,541

Balance Sheet Information:	June 30,
	2015			2014
Total assets	$	3,991,392		$	3,532,852
Accumulated depreciation	492,602			439,242
Total assets before accumulated depreciation (gross assets)	4,483,994			3,972,094
Unencumbered real estate assets (3)
Number	205			188
Gross book value	3,232,506			2,793,324
Annualized stabilized NOI	317,551			277,285
Total debt	1,945,864			1,659,801
Equity	1,902,143			1,751,970
Common shares outstanding	57,217			53,471
Total market capitalization (using EOP closing price)	5,426,451			4,993,468
Debt/total assets	49		%	47		%
Debt/total market capitalization	36		%	33		%
Debt/gross assets	43		%	42		%
Debt/Adjusted EBITDA - continuing operations (1)(4)	5.56			5.26
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	5.55			5.26

(1) Excludes discontinued operations.
(2) See pages 31 through 32 for definitions.
(3) Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(4) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.



EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)

	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014
Assets
Rental properties:
Entertainment	$	2,301,551		$	2,267,993		$	2,294,112		$	2,287,516		$	2,284,385		$	2,143,392
Education	412,088			380,575			365,268			306,153			199,580			199,580
Recreation	315,502			295,838			257,814			219,723			218,656			159,334
Other	—			—			—			10,090			10,090			10,090
Less: accumulated depreciation	(492,602		)	(471,057		)	(465,660		)	(453,284		)	(439,242		)	(422,463		)
Land held for development	30,495			28,119			206,001			204,641			203,443			202,552
Property under development	494,066			390,205			181,798			189,051			182,897			138,586
Mortgage notes receivable: (1)
Entertainment	58,220			58,220			58,220			58,220			58,220			58,220
Education	79,194			78,496			76,917			73,709			66,013			61,027
Recreation	403,799			385,367			367,797			409,304			379,435			366,561
Other	5,032			5,021			5,021			5,032			5,021			5,032
Investment in a direct financing lease, net	189,203			200,266			199,332			198,551			198,020			242,905
Investment in joint ventures	6,101			5,902			5,738			5,343			5,853			5,586
Cash and cash equivalents	6,146			102,206			3,336			8,386			13,589			20,406
Restricted cash	15,289			22,454			13,072			26,811			17,566			19,568
Accounts receivable, net	64,493			56,397			47,282			44,469			42,830			41,616
Other assets	102,815			97,300			86,000			85,516			86,496			87,121
Total assets	$	3,991,392		$	3,903,302		$	3,702,048		$	3,679,231		$	3,532,852		$	3,339,113

Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	80,855		$	78,499		$	82,180		$	71,511		$	70,383		$	47,526
Common dividends payable	17,308			17,296			16,281			16,288			15,239			15,232
Preferred dividends payable	5,952			5,952			5,952			5,952			5,952			5,952
Unearned rents and interest	39,270			42,628			25,623			36,551			29,507			27,281
Line of credit	100,000			—			62,000			34,000			79,000			—
Debt	1,845,864			1,849,424			1,583,523			1,587,211			1,580,801			1,482,608
Total liabilities	2,089,249			1,993,799			1,775,559			1,751,513			1,780,882			1,578,599
Equity:
Common stock and additional paid-in- capital	2,297,495			2,295,091			2,284,029			2,280,693			2,093,922			2,090,420
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(77,244		)	(77,001		)	(67,846		)	(66,437		)	(66,096		)	(65,857		)
Accumulated other comprehensive income	8,290			8,711			12,566			13,557			14,225			15,129
Distributions in excess of net income	(326,914		)	(317,814		)	(302,776		)	(300,611		)	(290,597		)	(279,694		)
EPR Properties shareholders' equity	1,901,766			1,909,126			1,926,112			1,927,341			1,751,593			1,760,137
Noncontrolling interests	377			377			377			377			377			377
Total equity	1,902,143			1,909,503			1,926,489			1,927,718			1,751,970			1,760,514
Total liabilities and equity	$	3,991,392		$	3,903,302		$	3,702,048		$	3,679,231		$	3,532,852		$	3,339,113

(1) Includes related accrued interest receivable.



EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)

	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014
Rental revenue and tenant reimbursements:
Entertainment	$	63,794		$	64,267		$	64,774		$	65,102		$	63,783		$	61,410
Education	10,803			10,094			9,387			7,490			5,519			5,478
Recreation	7,228			6,705			5,840			6,069			4,612			3,846
Other	—			(23		)	221			235			285			285
Mortgage and other financing income:
Entertainment	1,782			1,782			1,776			1,789			1,768			1,723
Education (1)	7,793			7,783			7,708			7,561			7,440			8,778
Recreation	8,613			8,181			14,563			10,050			8,096			8,066
Other	97			97			97			97			97			97
Other income	1,148			550			303			345			187			174
Total revenue	$	101,258		$	99,436		$	104,669		$	98,738		$	91,787		$	89,857

Property operating expense	5,770			6,357			6,961			5,948			5,539			6,449
Other expense	210			102			206			248			219			98
General and administrative expense	7,756			7,682			6,306			6,719			7,079			7,462
Retirement severance expense	—			18,578			—			—			—			—
Costs associated with loan refinancing or payoff	243			—			301			—			—			—
Interest expense, net	20,007			18,587			20,015			20,801			20,555			19,899
Transaction costs	4,429			1,606			1,131			369			756			196
Provision for loan loss	—			—			—			3,777			—			—
Depreciation and amortization	21,849			19,355			17,989			17,421			16,002			15,327
Income before equity in income in joint ventures and other items	40,994			27,169			51,760			43,455			41,637			40,426
Equity in income from joint ventures	198			164			395			300			267			311
Gain on sale of real estate	—			23,924			879			—			—			330
Gain on sale of investment in a direct financing lease	—			—			—			—			220			—
Income tax benefit (expense)	7,506			(8,426		)	(896		)	(1,047		)	(1,360		)	(925		)
Income from continuing operations	48,698			42,831			52,138			42,708			40,764			40,142
Discontinued operations:
Income (loss) from discontinued operations	68			(10		)	497			(3		)	(4		)	15
Transaction (costs) benefit	—			—			—			—			—			3,376
Net income attributable to EPR Properties	48,766			42,821			52,635			42,705			40,760			43,533
Preferred dividend requirements	(5,952		)	(5,952		)	(5,951		)	(5,952		)	(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties	$	42,814		$	36,869		$	46,684		$	36,753		$	34,808		$	37,581

(1) Represents income from owned assets under a direct financing lease, 11 mortgage notes receivable and one note receivable.



EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)

	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014		2nd Quarter 2014			1st Quarter 2014
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	42,814		$	36,869		$	46,684		$	36,753	$	34,808		$	37,581
Gain on sale of real estate (excluding land sale)	—			(23,748		)	(879		)	—		—			—
Gain on previously held equity interest	—			—			—			—		—			—
Gain on sale of investment in a direct financing lease	—			—			—			—		(220		)	—
Real estate depreciation and amortization	21,457			18,957			17,582			17,145		15,725			15,049
Allocated share of joint venture depreciation	65			64			64			54		53			54
FFO available to common shareholders of EPR Properties	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366		$	52,684

FFO available to common shareholders of EPR Properties	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366		$	52,684
Add: Preferred dividends for Series C preferred shares	—			—			1,941			—		—			—
Diluted FFO available to common shareholders	$	64,336		$	32,142		$	65,392		$	53,952	$	50,366		$	52,684

Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366		$	52,684
Costs associated with loan refinancing or payoff	243			—			301			—		—			—
Transaction costs (benefit)	4,429			1,606			1,131			369		756			(3,180		)
Retirement severance expense	—			18,578			—			—		—			—
Provision for loan loss	—			—			—			3,777		—			—
Gain on sale of land	—			(176		)	—			—		—			(330		)
Deferred income tax expense (benefit)	(6,711		)	6,888			184			363		842			407
FFO as adjusted available to common shareholders of EPR Properties	$	62,297		$	59,038		$	65,067		$	58,461	$	51,964		$	49,581

FFO per common share attributable to EPR Properties:
Basic	$	1.12		$	0.56		$	1.11		$	1.00	$	0.94		$	1.00
Diluted	1.12			0.56			1.10			1.00		0.94			1.00
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.09		$	1.03		$	1.14		$	1.09	$	0.97		$	0.94
Diluted	1.08			1.03			1.13			1.08		0.97			0.94
Shares used for computation (in thousands):
Basic	57,200			57,111			57,141			53,792		53,458			52,541
Diluted	57,446			57,378			57,355			54,001		53,654			52,719

Weighted average shares outstanding-diluted EPS	57,446			57,378			57,355			54,001		53,654			52,719
Effect of dilutive Series C preferred shares	—			—			1,998			—		—			—
Adjusted weighted-average shares outstanding-diluted	57,446			57,378			59,353			54,001		53,654			52,719


(1) See pages 31 through 32 for definitions.



EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)

	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	64,336		$	32,142		$	63,451		$	53,952		$	50,366		$	52,684
Adjustments:
Amortization of above market leases, net	49			48			48			48			48			48
Transaction costs (benefit)	4,429			1,606			1,131			369			756			(3,180		)
Retirement severance expense	—			18,578			—			—			—			—
Non-real estate depreciation and amortization	392			398			408			276			276			278
Deferred financing fees amortization	1,173			1,096			1,090			1,082			1,061			1,015
Costs associated with loan refinancing or payoff	243			—			301			—			—			—
Share-based compensation expense to management and trustees	2,085			1,972			1,918			2,313			2,343			2,328
Maintenance capital expenditures (2)	(435		)	(1,023		)	(1,929		)	(1,572		)	(3,026		)	(1,154		)
Straight-lined rental revenue	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)	(1,111		)
Non-cash portion of mortgage and other financing income	(3,408		)	(2,976		)	(2,248		)	(1,585		)	(1,239		)	(1,286		)
Provision for loan loss	—			—			—			3,777			—			—
Gain on sale of land	—			(176		)	—			—			—			(330		)
Deferred income tax expense (benefit)	(6,711		)	6,888			184			363			842			407
AFFO available to common shareholders of EPR Properties	$	58,942		$	55,610		$	60,839		$	56,091		$	50,320		$	49,699

Weighted average diluted shares outstanding (in thousands)	57,446			57,378			57,355			54,001			53,654			52,719

AFFO per diluted common share	$	1.03		$	0.97		$	1.06		$	1.04		$	0.94		$	0.94

Dividends declared per common share	$	0.9075		$	0.9075		$	0.8550		$	0.8550		$	0.8550		$	0.8550

AFFO payout ratio (3)	88		%	94		%	81		%	82		%	91		%	91		%

(1) See pages 31 through 32 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



EPR Properties
Capital Structure at June 30, 2015
(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Debt:

	Mortgages							Unsecured Credit Facility (2)		Unsecured Senior Notes
Year	Amortization		Maturities		Bonds/Term Loan/Other (1)			Unsecured Credit Facility (2)		Unsecured Senior Notes		Total		Weighted Avg Interest Rate
2015	$	7,051	$	65,370	$	—		$	—	$	—	$	72,421	5.73%
2016	11,754		96,144		1,850			—		—		109,748		5.92%
2017	7,118		158,201		—			—		—		165,319		4.89%
2018	919		12,462		—			—		—		13,381		6.34%
2019	—		—		—			100,000		—		100,000		1.44%
2020	—		—		285,000			—		250,000		535,000		4.88%
2021	—		—		—			—		—		—		—%
2022	—		—		—			—		350,000		350,000		5.75%
2023	—		—		—			—		275,000		275,000		5.25%
2024	—		—		—			—		—		—		—%
2025	—		—		—			—		300,000		300,000		4.50%
Thereafter	—		—		24,995			—		—		24,995		0.06%
	$	26,842	$	332,177	$	311,845		$	100,000	$	1,175,000	$	1,945,864	4.89%

			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	359,019	5.44		%	1.43
Fixed rate unsecured debt (1)			1,416,850		5.19		%	7.09
Variable rate secured debt			24,995		0.06		%	22.25
Variable rate unsecured debt			145,000		1.48		%	4.13
Total			$	1,945,864	4.89		%	6.02

(1) Includes $240 million of term loan that has been fixed through interest rate swaps through July 5, 2017. Subsequent to June 30, 2015, the amount outstanding under the unsecured term loan facility increased to $350.0 million.

(2) Unsecured Credit Facility Summary:

			Balance					Rate
	Commitment		at 6/30/2015		Maturity			at 6/30/2015

	$	650,000	$	100,000	April 24, 2019			1.44%

	Note: This facility has a one year extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature in which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.



EPR Properties
Capital Structure at June 30, 2015 and December 31, 2014
(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Debt:
	June 30, 2015		December 31, 2014

Mortgage note payable, 5.56%, paid in full on March 6, 2015	$	—	$	30,508
Mortgage note payable, 5.39%, due November 1, 2015	4,795		4,960
Mortgage notes payable, 5.77%, due November 6, 2015	61,673		62,842
Mortgage notes payable, 5.84%, due March 6, 2016	34,881		35,515
Note payable, 2.50%, due April 21, 2016	1,850		1,850
Mortgage notes payable, 6.37%, due June 1, 2016	25,185		25,607
Mortgage notes payable, 6.10%, due October 1, 2016	22,621		23,000
Mortgage notes payable, 6.02%, due October 6, 2016	17,032		17,319
Mortgage note payable, 6.06%, due March 1, 2017	9,539		9,693
Mortgage note payable, 6.07%, due April 6, 2017	9,827		9,985
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	32,138		32,662
Mortgage notes payable, 4.00%, due July 6, 2017	95,452		97,248
Mortgage note payable, 5.29%, due July 8, 2017	3,530		3,604
Mortgage notes payable, 5.86% due August 1, 2017	23,310		23,681
Mortgage note payable, 6.19%, due February 1, 2018	13,514		13,849
Mortgage note payable, 7.37%, due July 15, 2018	5,522		6,205
Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019	100,000		62,000
Unsecured term loan payable, LIBOR + 1.40%, $240,000 fixed through interest rate swaps at 2.51% through January 5, 2016 and 2.38% from January 5, 2016 to July 5, 2017, due April 24, 2020	285,000		285,000
Senior unsecured notes payable, 7.75%, due July 15, 2020	250,000		250,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000		350,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000		275,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		—
Bonds payable, variable rate, due October 1, 2037	24,995		24,995
Total	$	1,945,864	$	1,645,523



EPR Properties
Capital Structure
Senior Notes


Senior Debt Ratings as of June 30, 2015

Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (stable)


Summary of Covenants

The Company's outstanding senior unsecured notes have fixed interest rates of 4.50%, 5.25%, 5.75% and 7.75%. Interest on the senior unsecured notes is paid semiannually. The senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 4.50%, 5.25%, 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of June 30, 2015 and March 31, 2015 are:
		Actual	Actual
Note Covenants	Required	2nd Quarter 2015 (1)	1st Quarter 2015
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	44%	43%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	9%	9%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.5x	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	237%	242%

(1) See page 14 for detailed calculations.



EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)

Covenant Calculations

Total Assets:	June 30, 2015						Total Debt:						June 30, 2015
Total Assets	$	3,991,392					Secured debt obligations						$	384,014
Add: accumulated depreciation	492,602						Unsecured debt obligations:
Less: intangible assets	(8,957		)				Unsecured debt						1,561,850
Total Assets	$	4,475,037					Outstanding letters of credit						—
							Guarantees						22,929
							Derivatives at fair market value, net, if liability						—
Total Unencumbered Assets:	June 30, 2015						Total unsecured debt obligations:						1,584,779
Unencumbered real estate assets, gross	$	3,232,506					Total Debt						$	1,968,793
Cash and cash equivalents	6,146
Land held for development	30,495
Property under development	494,066
Total Unencumbered Assets	$	3,763,213

Consolidated Income Available for Debt Service:	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			Trailing Twelve Months
Adjusted EBITDA	$	87,522		$	85,295		$	91,196		$	85,823		$	349,836
Add: Adjusted EBITDA of discontinued operations	68			(10		)	497			(3		)	552
Less: straight-line rental revenue	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(12,601		)
Consolidated Income Available for Debt Service	$	84,379		$	82,342		$	88,178		$	82,888		$	337,787

Annual Debt Service:
Interest expense, gross	$	25,164		$	22,947		$	22,560		$	22,898		$	93,569
Less: deferred financing fees amortization	(1,173		)	(1,096		)	(1,090		)	(1,082		)	(4,441		)
Annual Debt Service	$	23,991		$	21,851		$	21,470		$	21,816		$	89,128

Debt Service Coverage	3.5			3.8			4.1			3.8			3.8



EPR Properties
Capital Structure at June 30, 2015
(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued and Outstanding	Price per share at June 30, 2015		Liquidation Preference		Dividend Rate		Convertible	Conversion Ratio at June 30, 2015

Common shares	57,216,813	$	54.78	N/A		(1)		N/A	N/A
Series C	5,400,000	$	22.97	$	135,000	5.750%		Y	0.3728
Series E	3,450,000	$	32.50	$	86,250	9.000%		Y	0.4562
Series F	5,000,000	$	25.95	$	125,000	6.625%		N	N/A

Calculation of Total Market Capitalization:

Common shares outstanding at June 30, 2015 multiplied by closing price at June 30, 2015						$	3,134,337
Aggregate liquidation value of Series C preferred shares (2)						135,000
Aggregate liquidation value of Series E preferred shares (2)						86,250
Aggregate liquidation value of Series F preferred shares (2)						125,000
Total debt at June 30, 2015						1,945,864
Total consolidated market capitalization						$	5,426,451

(1) Total monthly dividends declared in the second quarter of 2015 were $0.9075 per share.
(2) Excludes accrued unpaid dividends at June 30, 2015



EPR Properties
Summary of Ratios
(Unaudited)

	2nd Quarter 2015	1st Quarter 2015	4th Quarter 2014	3rd Quarter 2014	2nd Quarter 2014	1st Quarter 2014

Debt to total assets (book value)	49%	47%	44%	44%	47%	44%

Debt to total market capitalization	36%	33%	31%	33%	33%	32%

Debt to gross assets	43%	42%	39%	39%	42%	39%

Debt/Adjusted EBITDA - continuing operations (1)	5.56	5.42	4.51	4.72	5.26	4.89

Debt/Adjusted EBITDA - continuing and discontinued operations (1)	5.55	5.42	4.49	4.72	5.26	4.89

Secured debt to secured assets	72%	65%	72%	68%	69%	66%

Unencumbered real estate assets to total real estate assets (2)	86%	84%	84%	82%	82%	84%

Interest coverage ratio (3)	3.5	3.6	4.0	3.7	3.6	3.6

Fixed charge coverage ratio (3)	2.8	2.9	3.1	2.9	2.8	2.8

Debt service coverage ratio (3)	3.0	3.1	3.4	3.2	3.1	3.2

FFO payout ratio (4)	81%	162%	78%	86%	91%	86%

FFO as adjusted payout ratio (5)	84%	88%	76%	79%	88%	91%

AFFO payout ratio (6)	88%	94%	81%	82%	91%	91%

(1) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.
(2) Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(3) See page 17 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)

	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014
Interest Coverage Ratio (1):
Net income	$	48,766		$	42,821		$	52,635		$	42,705		$	40,760		$	43,533
Provision for loan losses	—			—			—			3,777			—			—
Transaction costs (benefit)	4,429			1,606			1,131			369			756			(3,180		)
Interest expense, gross	25,164			22,947			22,560			22,898			22,174			21,190
Retirement severance expense	—			18,578			—			—			—			—
Depreciation and amortization	21,849			19,355			17,989			17,421			16,002			15,327
Share-based compensation expense
to management and trustees	2,085			1,972			1,918			2,313			2,343			2,328
Costs associated with loan refinancing
or payoff	243			—			301			—			—			—
Interest cost capitalized	(5,145		)	(4,348		)	(2,543		)	(2,085		)	(1,610		)	(1,287		)
Straight-line rental revenue	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)	(1,111		)
Gain on sale of real estate	—			(23,924		)	(879		)	—			—			(330		)
Gain on sale of investment in a direct financing lease	—			—			—			—			(220		)	—
Deferred income tax expense (benefit)	(6,711		)	6,888			184			363			842			407
Interest coverage amount	$	87,469		$	82,952		$	89,781		$	84,829		$	79,940		$	76,877

Interest expense, net	$	20,007		$	18,587		$	20,015		$	20,801		$	20,555		$	19,899
Interest income	12			12			2			12			9			4
Interest cost capitalized	5,145			4,348			2,543			2,085			1,610			1,287
Interest expense, gross	$	25,164		$	22,947		$	22,560		$	22,898		$	22,174		$	21,190

Interest coverage ratio	3.5			3.6			4.0			3.7			3.6			3.6

Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	87,469		$	82,952		$	89,781		$	84,829		$	79,940		$	76,877

Interest expense, gross	$	25,164		$	22,947		$	22,560		$	22,898		$	22,174		$	21,190
Preferred share dividends	5,952			5,952			5,951			5,952			5,952			5,952
Fixed charges	$	31,116		$	28,899		$	28,511		$	28,850		$	28,126		$	27,142

Fixed charge coverage ratio	2.8			2.9			3.1			2.9			2.8			2.8

Debt Service Coverage Ratio (1):
Interest coverage amount	$	87,469		$	82,952		$	89,781		$	84,829		$	79,940		$	76,877

Interest expense, gross	$	25,164		$	22,947		$	22,560		$	22,898		$	22,174		$	21,190
Recurring principal payments	3,560			3,711			3,654			3,590			3,249			2,728
Debt service	$	28,724		$	26,658		$	26,214		$	26,488		$	25,423		$	23,918

Debt service coverage ratio	3.0			3.1			3.4			3.2			3.1			3.2

(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



EPR Properties
Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities
(Unaudited, dollars in thousands)

The interest coverage amount per the table on the previous page is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used in investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014

Net cash provided by operating activities	$	62,889		$	57,518		$	82,087		$	53,854		$	72,824		$	41,530

Equity in income from joint ventures	198			164			395			300			267			311
Distributions from joint ventures	—			—			—			(810		)	—			—
Amortization of deferred financing costs	(1,173		)	(1,096		)	(1,090		)	(1,082		)	(1,061		)	(1,015		)
Amortization of above market leases, net	(49		)	(48		)	(48		)	(48		)	(48		)	(48		)
Increase in mortgage notes and related accrued interest receivable	2,410			599			1,674			2,087			129			107
Increase (decrease) in restricted cash	197			(730		)	(1,486		)	(1,181		)	(754		)	3,425
Increase (decrease) in accounts receivable, net	6,981			1,865			3,124			2,052			883			(543		)
Increase in direct financing lease receivable	948			934			782			529			988			694
Increase (decrease) in other assets	(834		)	2,891			(664		)	(616		)	2,195			2,446
Decrease (increase) in accounts payable and accrued liabilities	(3,437		)	(2,529		)	(12,711		)	8,101			(14,688		)	18,151
Decrease (increase) in unearned rents and interest	(1,898		)	(6,079		)	85			3,393			(1,008		)	(3,793		)
Straight-line rental revenue	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)	(1,111		)
Interest expense, gross	25,164			22,947			22,560			22,898			22,174			21,190
Interest cost capitalized	(5,145		)	(4,348		)	(2,543		)	(2,085		)	(1,610		)	(1,287		)
Transaction costs (benefit)	4,429			1,606			1,131			369			756			(3,180		)
Retirement severance expense (cash portion)	—			12,201			—			—			—			—
Interest coverage amount (1)	$	87,469		$	82,952		$	89,781		$	84,829		$	79,940		$	76,877

(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

EPR Properties

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2015 Capital Spending:

Description

Location

Operating Segment

Capital Spending Three Months Ended June 30, 2015

Capital Spending Six Months Ended June 30, 2015

Development of megaplex theatres

various

Entertainment

4,583

7,941

Acquisition of megaplex theatres

various

Entertainment

26,345

35,674

Development of other entertainment and retail projects

various

Entertainment

5,132

9,385

Investment in mortgage notes receivable for public charter schools

various

Education

696

2,283

Acquisition and development of public charter school properties

various

Education

36,364

52,797

Acquisition and development of early childhood education centers

various

Education

19,412

38,197

Development of private school properties

various

Education

45,054

56,001

Acquisition and development of ski resort

Wintergreen, VA

Recreation

157

21,865

Improvements at Wisp ski resort

McHenry, MD

Recreation

—

240

Development of TopGolf golf entertainment facilities

various

Recreation

41,350

70,430

Development of Camelback Mountain Resort

Tannersville, PA

Recreation

14,480

30,711

Additions to mortgage note receivable for development of Schlitterbahn waterparks

various

Recreation

1,723

3,257

Investment in casino and resort project

Sullivan County, NY

Other

3,032

5,958

Total investment spending

198,328

334,739

Other capital acquisitions, net

various

337

1,026

Total capital spending

198,665

335,765

2015 Dispositions:

Description

Location

Date of Disposition

Net Sales Proceeds

Sale of megaplex theatre property

Los Angeles, CA

January 2015

42,709

Sale of land adjacent to public charter school investment

Queen Creek, AZ

March 2015

1,081

Sale of public charter school property

Pittsburgh, PA

May 2015

4,741



EPR Properties
Property Under Development - Investment Spending Estimates at June 30, 2015 (1)
(Unaudited, dollars in thousands)

	June 30, 2015			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	3rd Quarter 2015		4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		Remainder 2016		Total Expected Cost (2)		% Leased
Entertainment	$	13,077	3	$	2,851	$	4,958	$	1,365	$	1,365	$	—	$	23,616	100%
Education	185,307		33	53,546		25,386		36,745		26,081		28,491		355,556		100%
Recreation	105,790		7	26,136		14,900		1,346		—		—		148,172		100%
Total Build-to-Suit	304,174		43	$	82,533	$	45,244	$	39,456	$	27,446	$	28,491	$	527,344
Non Build-to-Suit Development	14,060
Adelaar	175,832
Total Property Under Development	$	494,066

			June 30, 2015	Owned Build-to-Suit In-Service Estimates
			# of Projects	3rd Quarter 2015		4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		Remainder 2016		Total In-Service (2)		Actual In-Service 2nd Quarter 2015
Entertainment			3	$	—	$	23,616	$	—	$	—	$	—	$	23,616	$	—
Education			33	171,905		25,726		5,208		9,369		143,348		355,556		14,838
Recreation			7	104,518		20,986		22,668		—		—		148,172		19,507
Total Build-to-Suit			43	$	276,423	$	70,328	$	27,876	$	9,369	$	143,348	$	527,344	$	34,345

	June 30, 2015			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	3rd Quarter 2015		4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		Remainder 2016		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	6,092		2	—		—		1,798		1,798		—		9,688
Recreation (3)	104,373		1	20,416		—		—		—		—		124,789
Total Build-to-Suit Mortgage Notes	110,465		3	$	20,416	$	—	$	1,798	$	1,798	$	—	$	134,477
Non Build-to-Suit Mortgage Notes	435,780
Total Mortgage Notes Receivable	$	546,245

(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of June 30, 2015.
(2) "Total Expected Cost" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Certain of these mortgage agreements contain provisions that allow for a conversion to a lease structure.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.



EPR Properties
Financial Information by Asset Type
For the Three Months Ended June 30, 2015
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,829		$	10,803		$	7,228		$	—		$	77,860		$	—		$	77,860
Tenant reimbursements	3,965			—			—			—			3,965			—			3,965
Other income	501			—			—			63			564			584			1,148
Mortgage and other financing income	1,782			7,793			8,613			97			18,285			—			18,285
Total revenue	66,077			18,596			15,841			160			100,674			584			101,258

Property operating expense	5,692			—			—			78			5,770			—			5,770
Other expense	—			—			—			210			210			—			210
Total investment expenses	5,692			—			—			288			5,980			—			5,980
General and administrative expense	—			—			—			—			—			7,756			7,756
Transaction costs	—			—			—			—			—			4,429			4,429
EBITDA - continuing operations	$	60,385		$	18,596		$	15,841		$	(128	)	$	94,694		$	(11,601	)	$	83,093
	63		%	20		%	17		%	—		%	100		%

Add: transaction costs																4,429			4,429
Adjusted EBITDA - continuing operations																			87,522

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																(243		)	(243		)
Interest expense, net																(20,007		)	(20,007		)
Transaction costs																(4,429		)	(4,429		)
Depreciation and amortization																(21,849		)	(21,849		)
Equity in income from joint ventures																198			198
Income tax benefit																7,506			7,506
Discontinued operations:
Income from discontinued operations																68			68
Net income attributable to EPR Properties																			48,766
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	42,814



EPR Properties
Financial Information by Asset Type
For the Six Months Ended June 30, 2015
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	119,770		$	20,897		$	13,933		$	—		$	154,600		$	—		$	154,600
Tenant reimbursements	8,291			—			—			(23		)	8,268			—			8,268
Other income	503			—			—			63			566			1,132			1,698
Mortgage and other financing income	3,564			15,577			16,794			193			36,128			—			36,128
Total revenue	132,128			36,474			30,727			233			199,562			1,132			200,694

Property operating expense	11,986			—			—			141			12,127			—			12,127
Other expense	—			—			—			312			312			—			312
Total investment expenses	11,986			—			—			453			12,439			—			12,439
General and administrative expense	—			—			—			—			—			15,438			15,438
Transaction costs	—			—			—			—			—			6,035			6,035
Retirement severance expense	—			—			—			—			—			18,578			18,578
EBITDA - continuing operations	$	120,142		$	36,474		$	30,727		$	(220	)	$	187,123		$	(38,919	)	$	148,204
	64		%	20		%	16		%	—		%	100		%

Add: transaction costs																6,035			6,035
Add: retirement severance expense																18,578			18,578
Adjusted EBITDA - continuing operations																			172,817

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																(243		)	(243		)
Interest expense, net																(38,594		)	(38,594		)
Transaction costs																(6,035		)	(6,035		)
Retirement severance expense																(18,578		)	(18,578		)
Depreciation and amortization																(41,204		)	(41,204		)
Equity in income from joint ventures																362			362
Gain on sale of real estate																23,924			23,924
Income tax expense																(920		)	(920		)
Discontinued operations:
Income from discontinued operations																58			58
Net income attributable to EPR Properties																			91,587
Preferred dividend requirements																(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties																			$	79,683



EPR Properties
Financial Information by Asset Type
For the Three Months Ended June 30, 2014
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,502		$	5,519		$	4,612		$	285		$	69,918		$	—		$	69,918
Tenant reimbursements	4,281			—			—			—			4,281			—			4,281
Other income	(12		)	—			—			92			80			107			187
Mortgage and other financing income	1,768			7,440			8,096			97			17,401			—			17,401
Total revenue	65,539			12,959			12,708			474			91,680			107			91,787

Property operating expense	5,381			—			—			158			5,539			—			5,539
Other expense	—			—			—			219			219			—			219
Total investment expenses	5,381			—			—			377			5,758			—			5,758
General and administrative expense	—			—			—			—			—			7,079			7,079
Transaction costs	—			—			—			—			—			756			756
EBITDA - continuing operations	$	60,158		$	12,959		$	12,708		$	97		$	85,922		$	(7,728	)	$	78,194
	70		%	15		%	15		%	—		%	100		%

Add: transaction costs																756			756
Adjusted EBITDA - continuing operations																			78,950

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(20,555		)	(20,555		)
Transaction costs																(756		)	(756		)
Depreciation and amortization																(16,002		)	(16,002		)
Equity in income from joint ventures																267			267
Gain on sale of investement in a direct financing lease																220			220
Income tax expense																(1,360		)	(1,360		)
Discontinued operations:
Loss from discontinued operations																(4		)	(4		)
Net income attributable to EPR Properties																			40,760
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	34,808



EPR Properties
Financial Information by Asset Type
For the Six Months Ended June 30, 2014
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	116,324		$	10,996		$	8,459		$	570		$	136,349		$	—		136,349
Tenant reimbursements	8,869			—			—			—			8,869			—			8,869
Other income	(12		)	—			—			93			81			280			361
Mortgage and other financing income	3,490			16,218			16,162			194			36,064			—			36,064
Total revenue	128,671			27,214			24,621			857			181,363			280			181,643

Property operating expense	11,654			—			—			334			11,988			—			11,988
Other expense	—			—			—			318			318			—			318
Total investment expenses	11,654			—			—			652			12,306			—			12,306
General and administrative expense	—			—			—			—			—			14,541			14,541
Transaction costs	—			—			—			—			—			952			952
EBITDA - continuing operations	$	117,017		$	27,214		$	24,621		$	205		$	169,057		$	(15,213	)	$	153,844
	69		%	16		%	15		%	—		%	100		%

Add: transaction costs																952			952
Adjusted EBITDA - continuing operations																			154,796

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(40,453		)	(40,453		)
Transaction costs																(952		)	(952		)
Depreciation and amortization																(31,329		)	(31,329		)
Equity in income from joint ventures																578			578
Gain on sale of real estate																330			330
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(2,285		)	(2,285		)
Discontinued operations:
Income from discontinued operations																11			11
Transaction (costs) benefit																3,376			3,376
Net income attributable to EPR Properties																			84,292
Preferred dividend requirements																(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties																			$	72,388



EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)

	For the Three Months Ended June 30, 2015								For the Six Months Ended June 30, 2015
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other			Consolidated
Tenant reimbursements	$	68		$	—	$	68		$	68		$	—		$	68
Total revenue	68			—		68			68			—			68

Property operating expense	—			—		—			10			—			10
Total investment expenses	—			—		—			10			—			10
EBITDA and Adjusted EBITDA - discontinued operations	$	68		$	—	$	68		$	58		$	—		$	58

Reconciliation to Consolidated Statements of Income:
Income from discontinued operations						$	68								$	58

	For the Three Months Ended June 30, 2014								For the Six Months Ended June 30, 2014
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3

Property operating expense	4			—		4			10			—			10
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	4			—		4			10			(18		)	(8		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	(4	)	$	—	$	(4	)	$	3,369		$	18		$	3,387

Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	(4	)							$	11
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income (loss) from discontinued operations						$	(4	)							$	3,387



EPR Properties
Investment Information by Asset Type
As of June 30, 2015 and December 31, 2014
(Unaudited, dollars in thousands)

		As of June 30, 2015
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,840,923		$	396,146		$	299,470		$	—		$	2,536,539
Add back accumulated depreciation on rental properties		460,628			15,942			16,032			—			492,602
Land held for development		4,457			2,274			—			23,764			30,495
Property under development		26,449			185,313			106,472			175,832			494,066
Mortgage notes and related accrued interest receivable, net		58,220			79,194			403,799			5,032			546,245
Investment in a direct financing lease, net		—			189,203			—			—			189,203
Investment in joint ventures		6,101			—			—			—			6,101
Intangible assets, gross (1)		21,240			—			—			—			21,240
Notes receivable and related accrued interest receivable, net (1)		2,144			—			—			—			2,144
	Total investments (2)	$	2,420,162		$	868,072		$	825,773		$	204,628		$	4,318,635
	% of total investments	56		%	20		%	19		%	5		%	100		%

		As of December 31, 2014
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,851,285		$	354,182		$	246,067		$	—		$	2,451,534
Add back accumulated depreciation on rental properties		442,827			11,086			11,747			—			465,660
Land held for development		4,457			—			—			201,544			206,001
Property under development		25,321			86,436			70,041			—			181,798
Mortgage notes and related accrued interest receivable, net		58,220			76,917			367,797			5,021			507,955
Investment in a direct financing lease, net		—			199,332			—			—			199,332
Investment in joint ventures		5,738			—			—			—			5,738
Intangible assets, gross (1)		20,796			—			—			—			20,796
Notes receivable and related accrued interest receivable, net (1)		2,069			—			—			—			2,069
	Total investments (2)	$	2,410,713		$	727,953		$	695,652		$	206,565		$	4,040,883
	% of total investments	60		%	18		%	17		%	5		%	100		%

(1) Included in other assets in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:

		6/30/2015			12/31/2014
Intangible assets, gross		$	21,240		$	20,796
Less: accumulated amortization on intangible assets		(12,283		)	(12,290		)
Notes receivable and related accrued interest receivable, net		2,144			2,069
Prepaid expenses and other current assets		66,377			55,516
Total other assets		$	77,478		$	66,091

(2) See pages 31 and 32 for definitions.



EPR Properties
Lease Expirations
As of June 30, 2015
(Unaudited, dollars in thousands)

	Megaplex Theatres						Public Charter Schools, Early Education Centers and Private Schools						Ski Parks and Golf Entertainment Complexes
Year	Total Number of Properties		Rental Revenue for the Trailing Twelve Months Ended June 30, 2015 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Trailing Twelve Months Ended June 30, 2015		% of Total Revenue		Total Number of Properties	Rental Revenue for the Trailing Twelve Months Ended June 30, 2015		% of Total Revenue

2015	—		$	—	—	%	—		$	—	—	%	—	$	—	—	%
2016	4		9,337		2	%	1		41		—	%	—	—		—	%
2017	4		7,356		2	%	1		1,062		1	%	—	—		—	%
2018	16		26,471		7	%	—		—		—	%	—	—		—	%
2019	5		12,619		3	%	—		—		—	%	—	—		—	%
2020	8		13,662		3	%	—		—		—	%	—	—		—	%
2021	5		7,584		2	%	—		—		—	%	—	—		—	%
2022	12		22,252		6	%	—		—		—	%	—	—		—	%
2023	5		10,715		3	%	—		—		—	%	—	—		—	%
2024	14		28,046		7	%	—		—		—	%	—	—		—	%
2025	7		12,837		3	%	—		—		—	%	—	—		—	%
2026	6		10,235		2	%	—		—		—	%	—	—		—	%
2027	13	(2)	15,028		4	%	—		—		—	%	1	2,924		1	%
2028	4		6,505		2	%	—		—		—	%	—	—		—	%
2029	16	(3)	14,715		4	%	—		—		—	%	—	—		—	%
2030	1		322		—	%	—		—		—	%	—	—		—	%
2031	5	(4)	7,280		2	%	9	(5)	7,549		2	%	—	—		—	%
2032	3		2,039		—	%	13	(6)	16,650		4	%	3	4,506		1	%
2033	6		4,679		1	%	16	(7)	16,197		4	%	1	1,676		—	%
2034	2		1,968		—	%	14		13,721		3	%	6	8,618		2	%
Thereafter	—		—		—		10	(8)	5,935		1	%	4	8,074		2	%
	136		$	213,650	53	%	64		$	61,155	15	%	15	$	25,798	6	%

Note: This schedule relates to owned megaplex theatres, public charter schools, early education centers, private schools, ski parks and golf entertainment complexes only, which together represent approximately 74% of total revenue for the trailing twelve months ended June 30, 2015. This schedule excludes properties under construction, land held for development and investments in mortgage notes receivable.

(1) Consists of rental revenue and tenant reimbursements.
(2) Eleven of these theatre properties are leased under a master lease.
(3) Fifteen of these theatre properties are leased under a master lease.
(4) Four of these theatre properties are leased under a master lease.
(5) Four of these public charter school properties are leased under a master lease to Imagine.
(6) Five of these public charter school properties are leased under a master lease to Imagine.
(7) Nine of these public charter school properties are leased under a master lease to Imagine.
(8) Three of these public charter school properties are leased under a master lease to Imagine.



EPR Properties
Top Ten Customers by Revenue from Continuing Operations
(Unaudited, dollars in thousands)

			Total Revenue For The			Total Revenue For The
			Three Months Ended		Percentage of	Six Months Ended		Percentage of
	Customers	Asset Type	June 30, 2015		Total Revenue	June 30, 2015		Total Revenue

1.	American Multi-Cinema, Inc.	Entertainment	$	21,381	21%	$	42,745	21%
2.	Regal Cinemas, Inc.	Entertainment	9,940		10%	19,995		10%
3.	Cinemark USA, Inc.	Entertainment	8,254		8%	16,730		8%
4.	Imagine Schools, Inc.	Education	5,968		6%	11,968		6%
5.	Carmike Cinemas, Inc.	Entertainment	4,887		5%	9,677		5%
6.	Top Golf USA	Recreation	4,363		4%	8,436		4%
7.	CBK Lodge, LP and CBH20, LP	Recreation	3,975		4%	7,549		4%
8.	SVVI, LLC	Recreation	3,498		3%	6,957		4%
9.	Southern Theatres, LLC	Entertainment	3,085		3%	6,164		3%
10.	Peak Resorts, Inc.	Recreation	2,787		3%	5,574		3%

	Total		$	68,138	67%	$	135,795	68%



EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	June 30, 2015		December 31, 2014
Mortgage note, 9.00%, due July 31, 2015	$	1,213	$	1,164
Mortgage note and related accrued interest receivable, 9.00%, due November 30, 2015	1,200		1,149
Mortgage note receivable, 5.50%, due November 1, 2016	2,511		2,500
Mortgage note receivable and related accrued interest receivable, 9.00%, due March 11, 2017	1,454		—
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017	2,521		2,521
Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019	192,969		191,116
Mortgage note, 10.00%, due November 1, 2020	104,373		70,114
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032	36,032		36,032
Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032	19,868		19,795
Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032	22,188		22,188
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	5,535		5,598
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	29,211		28,788
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,480		3,471
Mortgage note, 11.31%, due July 1, 2033	12,896		13,005
Mortgage note, 8.50%, due June 30, 2034	4,879		4,870
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	12,354		12,082
Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034	51,450		51,450
Mortgage notes, 10.13%, due December 1, 2034	37,561		37,562
Mortgage notes, 10.40%, due December 1, 2034	4,550		4,550
Total mortgage notes and related accrued interest receivable	$	546,245	$	507,955

Payments Due on Mortgage Notes Receivable

	As of June 30, 2015
Year:
2015	$	5,111
2016	3,932
2017	3,208
2018	837
2019	193,899
Thereafter	339,258
Total	$	546,245



EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)

Summary of Notes Receivable (1)

	June 30, 2015			December 31, 2014
Note and related accrued interest receivable, 9.23%,
past due (2)	$	3,777		$	3,777
Note and related accrued interest receivable, 12.50%,
due March 1, 2024	2,144			2,069
Total notes and related accrued interest receivable	$	5,921		$	5,846
Less: Loan loss reserve	(3,777		)	(3,777		)
Total notes and related accrued interest receivable, net	$	2,144		$	2,069

(1) Included in other assets in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 in the Company's Quarterly Report on Form 10-Q.

(2) Note receivable is impaired as of June 30, 2015 and is shown below as past due. In accordance with the Company's accounting policy, interest income is being recognized on a cash basis.

Payments due on Notes Receivable

	As of June 30, 2015
Year:
Past Due (100% Reserved)	$	3,777
2015	17
2016	210
2017	—
2018	—
2019	—
Thereafter	1,917
Total	$	5,921

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management uses EBITDA in its analysis of the business and operations of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA - continuing operations as the sum of net income plus costs (gain) associated with loan refinancing or payoff, net, interest expense (net), depreciation and amortization, less gain on sale or acquisition of real estate, gain on early extinguishment of debt, equity in income from joint ventures, gain on previously held equity interest, income tax expense or benefit and discontinued operations. EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA - continuing operations is presented to also add back the effect of non-cash impairment charges, retirement severance expense, the provision for loan losses and transaction costs (benefit). Adjusted EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations.

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs (benefit), retirement severance expense, provision for loan losses and preferred share redemption costs and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land and deferred income tax benefit (expense). FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

revenue, the non-cash portion of mortgage and other financing income and gain on early extinguishment of debt, gain (loss) on sale of land and deferred income tax benefit (expense). AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs (benefit), interest expense, gross (including interest expense in discontinued operations), retirement severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs (gain) associated with loan refinancing or payoff, net; subtracting interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale or acquisition of real estate from continuing and discontinued operations, gain on previously held equity interest and deferred income tax benefit (expense). We calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. We consider the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. Our calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that preferred share dividends are also added to the denominator. We consider the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. Our calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that recurring principal payments are also added to the denominator. We consider the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. Our calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of rental properties (before accumulated depreciation), rental properties held for sale (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in a direct financing lease, net, investment in joint ventures, intangible assets, gross (included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested.



Senior Management

Greg Silvers		Mark Peterson
President and Chief Executive Officer		Executive Vice President and Chief Financial Officer

Jerry Earnest		Craig Evans
Senior Vice President and Chief Investment Officer		Senior Vice President, General Counsel and Secretary

Tom Wright		Mike Hirons
Senior Vice President - Human Resources and Administration		Vice President - Strategic Planning



Company Information

Corporate Headquarters		Trading Symbols
909 Walnut Street, Suite 200		Common Stock:
Kansas City, MO 64106		EPR
888-EPR-REIT		Preferred Stock:
www.eprkc.com		EPR-PrC
		EPR-PrE
Stock Exchange Listing		EPR-PrF
New York Stock Exchange



Equity Research Coverage

Bank of America Merrill Lynch	Jane Wong	646-855-3378
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
FBR Capital Markets & Co.	Daniel Altscher	703-312-1651
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	Daniel Donlan	212-409-2056
RBC Capital Markets	Richard Moore	440-715-2646
Stifel	Simon Yarmak	443-224-1345



Company Strategy