8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2015

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland	001-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

(Address of principal executive office)(Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2015, EPR Properties (the “Company”) announced its results of operations and financial condition for the third quarter and nine months ended September 30, 2015. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on October 28, 2015, the Company made available on its website supplemental operating and financial data for the third quarter and nine months ended September 30, 2015, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.

The information set forth in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated October 28, 2015 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2015.
99.2	Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2015, made available by EPR Properties on October 28, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EPR PROPERTIES
By:	/s/ Mark A. Peterson
	Mark A. Peterson
	Executive Vice President, Treasurer and Chief Financial Officer

Date: October 28, 2015

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated October 28, 2015 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2015.
99.2	Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2015, made available by EPR Properties on October 28, 2015.

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS THIRD QUARTER RESULTS

Company Reports Record Quarterly Revenue,

Increases Earnings and Investment Spending Guidance for 2015 and

Introduces Guidance for 2016

Kansas City, MO, October 28, 2015 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2015.

Three Months Ended September 30, 2015

• Total revenue was $108.3 million for the third quarter of 2015, representing a 10% increase from $98.7 million for the same quarter in 2014.

• Net income available to common shareholders was $44.2 million, or $0.76 per diluted common share, for the third quarter of 2015 compared to $36.8 million, or $0.68 per diluted common share, for the same quarter in 2014.

• Funds From Operations (FFO) for the third quarter of 2015 was $67.4 million, or $1.15 per diluted common share, compared to $54.0 million, or $1.00 per diluted common share, for the same quarter in 2014.

• FFO as adjusted for the third quarter of 2015 was $68.3 million, or $1.17 per diluted common share, compared to $58.5 million, or $1.08 per diluted common share, for the same quarter in 2014, representing an 8% increase in per share results.

Nine Months Ended September 30, 2015

• Total revenue was $309.0 million for the nine months ended September 30, 2015, representing a 10% increase from $280.4 million for the same period in 2014.

• Net income available to common shareholders was $123.9 million, or $2.15 per diluted common share, for the nine months ended September 30, 2015 compared to $109.1 million, or $2.04 per diluted common share, for the same period in 2014.

• FFO for the nine months ended September 30, 2015 was $164.0 million, or $2.84 per diluted common share, compared to $157.0 million, or $2.94 per diluted common share, for the same period in 2014.

• FFO as adjusted for the nine months ended September 30, 2015 was $189.7 million, or $3.27 per diluted common share, compared to $160.0 million, or $2.99 per diluted common share, for the same period in 2014, representing a 9% increase in per share results.

Greg Silvers, President and CEO, commented, “We are pleased to announce another quarter of strong earnings and investment spending, allowing us to increase our guidance for both of these important measures for 2015. Additionally, we believe that our differentiated investment strategy and repeatable growth platform positions us for another solid year as we introduce guidance for 2016.”

A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):

		Three Months Ended September 30,
		2015					2014
		Amount		FFO/share			Amount		FFO/share
FFO available to common shareholders (1)		$	67,379	$	1.15		$	53,952	$	1.00
	Costs associated with loan refinancing or payoff	18		—			—		—
	Transaction costs	783		0.01			369		0.01
	Provision for loan loss	—		—			3,777		0.07
	Loss on sale of land	95		0.01			—		—
	Deferred income tax expense	53		—			363		—
FFO as adjusted available to common shareholders (1)		$	68,328	$	1.17		$	58,461	$	1.08
Dividends declared per common share				$	0.908				$	0.855
FFO as adjusted available to common shareholders payout ratio				78		%			79		%

(1) Per share results for the three months ended September 30, 2015 include the effect of the conversion of the 5.75% Series C cumulative convertible preferred shares as the conversion would be dilutive to FFO and FFO as adjusted per share.

		Nine Months Ended September 30,
		2015						2014
		Amount			FFO/share			Amount			FFO/share
FFO available to common shareholders		$	163,857		$	2.84		$	157,002		$	2.94
	Costs associated with loan refinancing or payoff	261			—			—			—
	Transaction costs (benefit)	6,818			0.12			(2,055		)	(0.04		)
	Provision for loan loss	—			—			3,777			0.07
	Retirement severance expense	18,578			0.31			—			—
	Gain on sale of land	(81		)	—			(330		)	(0.01		)
	Deferred income tax expense	230			—			1,612			0.03
FFO as adjusted available to common shareholders (2)		$	189,663		$	3.27		$	160,006		$	2.99
Dividends declared per common share					$	2.723					$	2.565
FFO as adjusted available to common shareholders payout ratio					83		%				86		%

(2) Per share results for the nine months ended September 30, 2015 include the effect of the conversion of the 5.75% Series C cumulative convertible preferred shares as the conversion would be dilutive to FFO as adjusted per share.

Portfolio Update

The Company's investment portfolio (excluding property under development) consisted of the following at September 30, 2015:

• The Entertainment segment included investments in 129 megaplex theatre properties, nine entertainment retail centers (which include eight additional megaplex theatre properties and one live performance venue) and six family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 11.8 million square feet and was 98% leased, including megaplex theatres that were 100% leased.

• The Education segment included investments in 70 public charter school properties, 13 early education centers and three private school properties. The Company’s portfolio of owned education properties consisted of 4.2 million square feet and was 100% leased.

• The Recreation segment included investments in 10 metro ski parks, five waterparks and 17 golf entertainment complexes. The Company’s portfolio of owned recreation properties was 100% leased.

• The Other segment consisted primarily of the property under development and land held for development related to the Adelaar casino and resort project in Sullivan County, New York.

The combined owned portfolio consisted of 18.0 million square feet and was 99% leased. As of September 30, 2015, the Company had a total of approximately $374.5 million invested in property under development, including $199.0 million related to the Adelaar casino and resort project in Sullivan County, New York. Infrastructure costs included in property under development for the Adelaar casino and resort project of $22.7 million are expected to be recovered when the infrastructure is sold in conjunction with the issuance of IDA bonds.

Investment Update

The Company's investment spending during the three months ended September 30, 2015 totaled $174.8 million (bringing the year-to-date investment spending to $509.5 million), and included investments in each of its four operating segments:

• Entertainment investment spending totaled $29.9 million, and was related primarily to investments in the development or redevelopment of five megaplex theatres, one family entertainment center and three entertainment retail centers, as well as the acquisition of one megaplex theatre located in Illinois, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

• Education investment spending totaled $70.5 million, and was related primarily to investments in the development or expansion of 21 public charter schools, four private schools and 26 early childhood education centers, as well as the acquisition of one public charter school, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

• Recreation investment spending totaled $71.7 million, and was related to build-to-suit construction of 15 Topgolf golf entertainment facilities, additional improvements at the Company's Kansas City, Kansas water-park and Camelback Mountain Resort, each of which is subject to a long-term triple net lease or a long-term mortgage agreement. Additionally, on August 1, 2015, the borrower for Camelback Mountain Resort exercised its option to convert the mortgage note agreement to a lease agreement. The property is leased pursuant to a triple net lease with a 20-year term.

• Other investment spending totaled $2.7 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

Balance Sheet Update

The Company's balance sheet remains strong with a debt to gross assets ratio (defined as total debt to total assets plus accumulated depreciation) of 43% at September 30, 2015. The Company had $14.6 million of unrestricted cash on hand and $196 million outstanding under its $650 million unsecured revolving credit facility at September 30, 2015.

During the third quarter, the Company issued 1,862,582 common shares under its Direct Stock Purchase Plan (DSPP) for net proceeds of $99.4 million and borrowed the remaining $65.0 million available on the $350 million term loan portion of the credit facility, which were both used to pay down a portion of the Company's unsecured revolving credit facility. Additionally during the quarter, the Company prepaid in full seven mortgage notes payable totaling $66.3 million that had an average annual interest rate of 5.74%.

Subsequent to the end of the quarter, the Company issued an additional 595,506 common shares under its DSPP for net proceeds of $31.7 million. In addition, the Company received a pay-down of $45 million on two of its mortgage notes receivable related to Schlitterbahn waterparks. Per the terms of the agreements, half of this amount pays back advances plus accrued interest and the other half, or approximately $22.5 million, further reduces the note balance but has no impact on the interest income we were previously receiving. The proceeds from the common share issuance and mortgage notes receivable pay-down were used to further reduce the balance outstanding on the Company's unsecured revolving credit facility.

Dividend Information

The Company declared regular monthly cash dividends during the third quarter of 2015 totaling $0.9075 per common share. This dividend represents an annualized dividend of $3.63 per common share, an increase of 6.1% over the prior year.

The Company also declared third quarter cash dividends of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.4140625 per share on its 6.625% Series F cumulative redeemable preferred shares.

2015 Guidance

The Company is increasing its 2015 guidance for investment spending to a range of $575 million to $625 million from its prior range of $500 million to $550 million. The Company is also updating its 2015 guidance for FFO as adjusted per diluted share to a range of $4.41 to $4.46 from its prior range of $4.34 to $4.44. This updated guidance implies a range of $1.14 to $1.19 for FFO as adjusted per diluted share for the fourth quarter of 2015.

FFO as adjusted guidance for 2015 is based on FFO per diluted share of $3.97 to $4.02 adjusted for costs associated with transaction costs, retirement severance expense, gain on sale of land and deferred income tax expense. FFO per diluted share of $3.97 to $4.02 is based on a net income per diluted share range of $2.87 to $2.92 plus estimated real estate depreciation of $1.51 per diluted share and less gain on sale of properties of $0.41 per diluted share (in accordance with The National Association of Real Estate Investment Trusts (NAREIT) definition of FFO).

2016 Guidance

The Company is also introducing its 2016 guidance for FFO as adjusted per diluted share of a range of $4.70 to $4.80. In addition, the Company is introducing its 2016 investment spending guidance of a range of $600 million to $650 million.

FFO as adjusted guidance for 2016 is based on FFO per diluted share of $4.66 to $4.76 adjusted for transaction costs and deferred income tax expense. FFO per diluted share is based on a net income per diluted share range of $3.11 to $3.21 plus estimated real estate depreciation of $1.61 per diluted share and less potential estimated gains on sales of properties of $.06 per diluted share (in accordance with the NAREIT definition of FFO).

Quarterly Supplemental

The Company's supplemental information package for the third quarter and nine months ended September 30, 2015 is available on the Company's website at http://eprkc.com/earnings-releases-supplemental.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Rental revenue	$	85,706		$	74,410		$	240,306		$	210,759
Tenant reimbursements	3,718			4,486			11,986			13,355
Other income	718			345			2,416			706
Mortgage and other financing income	18,193			19,497			54,321			55,561
Total revenue	108,335			98,738			309,029			280,381
Property operating expense	5,496			5,948			17,623			17,936
Other expense	221			248			533			566
General and administrative expense	7,482			6,719			22,920			21,260
Retirement severance expense	—			—			18,578			—
Costs associated with loan refinancing or payoff	18			—			261			—
Interest expense, net	20,529			20,801			59,123			61,254
Transaction costs	783			369			6,818			1,321
Provision for loan loss	—			3,777			—			3,777
Depreciation and amortization	23,498			17,421			64,702			48,750
Income before equity in income from joint ventures and other items	50,308			43,455			118,471			125,517
Equity in income from joint ventures	339			300			701			878
Gain (loss) on sale of real estate	(95		)	—			23,829			330
Gain on sale of investment in a direct financing lease	—			—			—			220
Income before income taxes	50,552			43,755			143,001			126,945
Income tax expense	498			1,047			1,418			3,332
Income from continuing operations	$	50,054		$	42,708		$	141,583		$	123,613
Discontinued operations:
Income (loss) from discontinued operations	141			(3		)	199			8
Transaction (costs) benefit	—			—			—			3,376
Net income attributable to EPR Properties	50,195			42,705			141,782			126,997
Preferred dividend requirements	(5,951		)	(5,952		)	(17,855		)	(17,856		)
Net income available to common shareholders of EPR Properties	$	44,244		$	36,753		$	123,927		$	109,141
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.76		$	0.68		$	2.15		$	1.99
Income from discontinued operations	—			—			—			0.06
Net income available to common shareholders	$	0.76		$	0.68		$	2.15		$	2.05
Diluted earnings per share data:
Income from continuing operations	$	0.76		$	0.68		$	2.15		$	1.98
Income from discontinued operations	—			—			—			0.06
Net income available to common shareholders	$	0.76		$	0.68		$	2.15		$	2.04
Shares used for computation (in thousands):
Basic	58,083			53,792			57,468			53,268
Diluted	58,278			54,001			57,699			53,462

EPR Properties

Reconciliation of Net Income Available to Common Shareholders

to Funds From Operations (FFO) (A)

(Unaudited, dollars in thousands except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015			2014
FFO:
Net income available to common shareholders of EPR Properties	$	44,244	$	36,753	$	123,927		$	109,141
Gain on sale of real estate (excluding land sale)	—		—		(23,748		)	—
Gain on sale of investment in a direct financing lease	—		—		—			(220		)
Real estate depreciation and amortization	23,071		17,145		63,485			47,919
Allocated share of joint venture depreciation	64		54		193			162
FFO available to common shareholders of EPR Properties	$	67,379	$	53,952	$	163,857		$	157,002
FFO available to common shareholders of EPR Properties	$	67,379	$	53,952	$	163,857		$	157,002
Add: Preferred dividends for Series C preferred shares	1,941		—		—			—
Diluted FFO available to common shareholders of EPR Properties	$	69,320	$	53,952	$	163,857		$	157,002
FFO per common share attributable to EPR Properties:
Basic	$	1.16	$	1.00	$	2.85		$	2.95
Diluted	1.15		1.00		2.84			2.94
Shares used for computation (in thousands):
Basic	58,083		53,792		57,468			53,268
Diluted	58,278		54,001		57,699			53,462
Weighted average shares outstanding-diluted EPS	58,278		54,001		57,699			53,462
Effect of dilutive Series C preferred shares	2,022		—		—			—
Adjusted weighted average shares outstanding-diluted	60,300		54,001		57,699			53,462
Other financial information:
Straight-lined rental revenue	$	2,738	$	2,932	$	8,892		$	5,150
Dividends per common share	$	0.908	$	0.855	$	2.723		$	2.565

(A) 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. FFO is a non-GAAP financial measure. FFO 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 FFO the same way so comparisons with other REITs may not be meaningful. In addition to FFO, we present FFO as adjusted. Management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus provision for loan losses, costs (gain) associated with loan refinancing or payoff, net, retirement severance expense, preferred share redemption costs and transaction costs (benefit),

less gain on early extinguishment of debt, gain (loss) on sale of land and deferred tax benefit (expense). FFO as adjusted is a non-GAAP financial measure. FFO as adjusted 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 the Company's operations, cash flows or liquidity as defined by GAAP.

The conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO per share and FFO as adjusted per share for the three months ended September 30, 2015 and FFO as adjusted per share for the nine months ended September 30, 2015.  Therefore, the additional 2.0 million shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO per share and FFO as adjusted per share for these periods as applicable.  The additional 2.0 million shares that would result from conversion of the 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of our 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted per share data for the remaining periods above because the effect is not dilutive.

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

	September 30, 2015		December 31, 2014
Assets
Rental properties, net of accumulated depreciation of $511,949 and $465,660 at September 30, 2015 and December 31, 2014, respectively	$	2,938,879	$	2,451,534
Land held for development	30,501		206,001
Property under development	374,533		181,798
Mortgage notes and related accrued interest receivable	455,330		507,955
Investment in a direct financing lease, net	190,029		199,332
Investment in joint ventures	6,439		5,738
Cash and cash equivalents	14,614		3,336
Restricted cash	21,949		13,072
Deferred financing costs, net	24,261		19,909
Accounts receivable, net	56,006		47,282
Other assets	88,564		66,091
Total assets	$	4,201,105	$	3,702,048
Liabilities and Equity
Accounts payable and accrued liabilities	$	98,736	$	82,180
Dividends payable	23,847		22,233
Unearned rents and interest	51,996		25,623
Debt	2,037,455		1,645,523
Total liabilities	2,212,034		1,775,559
EPR Properties shareholders’ equity	1,988,694		1,926,112
Noncontrolling interests	377		377
Total equity	1,989,071		1,926,489
Total liabilities and equity	$	4,201,105	$	3,702,048

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total

investments exceed $4.5 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. 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

Brian Moriarty, 888-EPR-REIT

www.eprkc.com

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

Third Quarter and Nine Months Ended September 30, 2015

EPR Properties
Supplemental Operating and Financial Data
Third Quarter and Nine Months Ended September 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
Guidance	31
Definitions-Non-GAAP Financial Measures	32

2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 32 through 33 for definitions of certain non-GAAP financial measures used in this document.

3

EPR Properties

Company Profile

The Company

EPR Properties (“EPR” or the “Company”) is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997.

Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes Entertainment, Education, Recreation and Other specialty investments.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations (“FFO”) and dividends per share. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, we will employ moderate leverage. We have historically paid out approximately 80% of our FFO as adjusted in the form of dividends. This allows investors to realize a portion of their returns on a current basis.

Following are the key criteria against which our investments are evaluated:

Inflection Opportunity - Renewal or restructuring in an industry’s properties

Enduring Value - Real estate devoted to and improving long-lived activities

Excellent Execution - Market-dominant performance that creates value beyond tenant credit

Attractive Economics - Accretive initial returns along with growth in yield

Advantageous Position - Sustainable competitive advantages

4

EPR Properties

Investor Information

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
Tonya Mater
Vice President and Chief Accounting Officer

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

EPR Properties is followed by the analysts identified above.  Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management.  EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

5

EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)
	Three Months Ended September 30,						Nine months ended September 30,
Operating Information:	2015			2014			2015		2014
Revenue (1)	$	108,335		$	98,738		$	309,029	$	280,381
Net income available to common shareholders of
EPR Properties	44,244			36,753			123,927		109,141
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (1)(2)	94,353			81,677			242,557		235,521
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	170			(3		)	228		3,384
Adjusted EBITDA - continuing operations (1)(2)	95,136			85,823			267,953		240,619
Adjusted EBITDA - discontinued operations (2)	170			(3		)	228		8
Interest expense, net (1)	20,529			20,801			59,123		61,254
Recurring principal payments	3,363			3,590			10,634		9,567
Capitalized interest	4,771			2,085			14,265		4,982
Straight-lined rental revenue	2,738			2,932			8,892		5,150
Dividends declared on preferred shares	5,951			5,952			17,855		17,856
Dividends declared on common shares	53,019			46,767			156,841		137,837
General and administrative expense	7,482			6,719			22,920		21,260
Balance Sheet Information:	September 30,
	2015			2014
Total assets	$	4,201,105		$	3,679,231
Accumulated depreciation	511,949			453,284
Total assets before accumulated depreciation (gross assets)	4,713,054			4,132,515
Unencumbered real estate assets (3)
Number	232			194
Gross book value	3,635,013			2,940,629
Annualized stabilized NOI	358,572			300,312
Total debt	2,037,455			1,621,211
Equity	1,989,071			1,927,718
Common shares outstanding	59,157,916			57,149
Total market capitalization (using EOP closing price)	5,434,479			4,863,798
Debt/total assets	48		%	44		%
Debt/total market capitalization	37		%	33		%
Debt/gross assets	43		%	39		%
Debt/Adjusted EBITDA - continuing operations (1)(4)	5.35			4.72
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	5.34			4.72
(1) Excludes discontinued operations.
(2) See pages 32 through 33 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 32 through 33 for definitions.

6

EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)
	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014
Assets
Rental properties:
Entertainment	$	2,309,413		$	2,301,551		$	2,267,993		$	2,294,112		$	2,287,516		$	2,284,385
Education	589,755			412,088			380,575			365,268			306,153			199,580
Recreation	551,660			315,502			295,838			257,814			219,723			218,656
Other	—			—			—			—			10,090			10,090
Less: accumulated depreciation	(511,949		)	(492,602		)	(471,057		)	(465,660		)	(453,284		)	(439,242		)
Land held for development	30,501			30,495			28,119			206,001			204,641			203,443
Property under development	374,533			494,066			390,205			181,798			189,051			182,897
Mortgage notes receivable: (1)
Entertainment	58,220			58,220			58,220			58,220			58,220			58,220
Education	80,230			79,194			78,496			76,917			73,709			66,013
Recreation	311,859			403,799			385,367			367,797			409,304			379,435
Other	5,021			5,032			5,021			5,021			5,032			5,021
Investment in a direct financing lease, net	190,029			189,203			200,266			199,332			198,551			198,020
Investment in joint ventures	6,439			6,101			5,902			5,738			5,343			5,853
Cash and cash equivalents	14,614			6,146			102,206			3,336			8,386			13,589
Restricted cash	21,949			15,289			22,454			13,072			26,811			17,566
Accounts receivable, net	56,006			64,493			56,397			47,282			44,469			42,830
Other assets	112,825			102,815			97,300			86,000			85,516			86,496
Total assets	$	4,201,105		$	3,991,392		$	3,903,302		$	3,702,048		$	3,679,231		$	3,532,852
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	98,736		$	80,855		$	78,499		$	82,180		$	71,511		$	70,383
Common dividends payable	17,896			17,308			17,296			16,281			16,288			15,239
Preferred dividends payable	5,951			5,952			5,952			5,952			5,952			5,952
Unearned rents and interest	51,996			39,270			42,628			25,623			36,551			29,507
Line of credit	196,000			100,000			—			62,000			34,000			79,000
Debt	1,841,455			1,845,864			1,849,424			1,583,523			1,587,211			1,580,801
Total liabilities	2,212,034			2,089,249			1,993,799			1,775,559			1,751,513			1,780,882
Equity:
Common stock and additional paid-in- capital	2,414,399			2,297,495			2,295,091			2,284,029			2,280,693			2,093,922
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(95,564		)	(77,244		)	(77,001		)	(67,846		)	(66,437		)	(66,096		)
Accumulated other comprehensive income	5,410			8,290			8,711			12,566			13,557			14,225
Distributions in excess of net income	(335,690		)	(326,914		)	(317,814		)	(302,776		)	(300,611		)	(290,597		)
EPR Properties shareholders' equity	1,988,694			1,901,766			1,909,126			1,926,112			1,927,341			1,751,593
Noncontrolling interests	377			377			377			377			377			377
Total equity	1,989,071			1,902,143			1,909,503			1,926,489			1,927,718			1,751,970
Total liabilities and equity	$	4,201,105		$	3,991,392		$	3,903,302		$	3,702,048		$	3,679,231		$	3,532,852
(1) Includes related accrued interest receivable.

7

EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014
Rental revenue and tenant reimbursements:
Entertainment	$	63,355		$	63,794		$	64,267		$	64,774		$	65,102		$	63,783
Education	13,990			10,803			10,094			9,387			7,490			5,519
Recreation	12,079			7,228			6,705			5,840			6,069			4,612
Other	—			—			(23		)	221			235			285
Mortgage and other financing income:
Entertainment	1,782			1,782			1,782			1,776			1,789			1,768
Education (1)	7,479			7,793			7,783			7,708			7,561			7,440
Recreation	8,835			8,613			8,181			14,563			10,050			8,096
Other	97			97			97			97			97			97
Other income	718			1,148			550			303			345			187
Total revenue	$	108,335		$	101,258		$	99,436		$	104,669		$	98,738		$	91,787
Property operating expense	5,496			5,770			6,357			6,961			5,948			5,539
Other expense	221			210			102			206			248			219
General and administrative expense	7,482			7,756			7,682			6,306			6,719			7,079
Retirement severance expense	—			—			18,578			—			—			—
Costs associated with loan refinancing or payoff	18			243			—			301			—			—
Interest expense, net	20,529			20,007			18,587			20,015			20,801			20,555
Transaction costs	783			4,429			1,606			1,131			369			756
Provision for loan loss	—			—			—			—			3,777			—
Depreciation and amortization	23,498			21,849			19,355			17,989			17,421			16,002
Income before equity in income in joint ventures and other items	50,308			40,994			27,169			51,760			43,455			41,637
Equity in income from joint ventures	339			198			164			395			300			267
Gain (loss) on sale of real estate	(95		)	—			23,924			879			—			—
Gain on sale of investment in a direct financing lease	—			—			—			—			—			220
Income tax benefit (expense)	(498		)	7,506			(8,426		)	(896		)	(1,047		)	(1,360		)
Income from continuing operations	50,054			48,698			42,831			52,138			42,708			40,764
Discontinued operations:
Income (loss) from discontinued operations	141			68			(10		)	497			(3		)	(4		)
Net income attributable to EPR Properties	50,195			48,766			42,821			52,635			42,705			40,760
Preferred dividend requirements	(5,951		)	(5,952		)	(5,952		)	(5,951		)	(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties	$	44,244		$	42,814		$	36,869		$	46,684		$	36,753		$	34,808
(1) Represents income from owned assets under a direct financing lease and 11 mortgage notes receivable.

8

EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)
	3rd Quarter 2015		2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014		2nd Quarter 2014
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	44,244	$	42,814		$	36,869		$	46,684		$	36,753	$	34,808
Gain on sale of real estate (excluding land sale)	—		—			(23,748		)	(879		)	—		—
Gain on sale of investment in a direct financing lease	—		—			—			—			—		(220		)
Real estate depreciation and amortization	23,071		21,457			18,957			17,582			17,145		15,725
Allocated share of joint venture depreciation	64		65			64			64			54		53
FFO available to common shareholders of EPR Properties	$	67,379	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366
FFO available to common shareholders of EPR Properties	$	67,379	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366
Add: Preferred dividends for Series C preferred shares	1,941		—			—			1,941			—		—
Diluted FFO available to common shareholders	$	69,320	$	64,336		$	32,142		$	65,392		$	53,952	$	50,366
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	67,379	$	64,336		$	32,142		$	63,451		$	53,952	$	50,366
Costs associated with loan refinancing or payoff	18		243			—			301			—		—
Transaction costs	783		4,429			1,606			1,131			369		756
Retirement severance expense	—		—			18,578			—			—		—
Provision for loan loss	—		—			—			—			3,777		—
Loss (gain) on sale of land	95		—			(176		)	—			—		—
Deferred income tax expense (benefit)	53		(6,711		)	6,888			184			363		842
FFO as adjusted available to common shareholders of EPR Properties	$	68,328	$	62,297		$	59,038		$	65,067		$	58,461	$	51,964
FFO as adjusted available to common shareholders of EPR Properties	$	68,328	$	62,297		$	59,038		$	65,067		$	58,461	$	51,964
Add: Preferred dividends for Series C preferred shares	1,941		—			—			—			—		—
Diluted FFO as adjusted available to common shareholders	$	70,269	$	62,297		$	59,038		$	65,067		$	58,461	$	51,964
FFO per common share attributable to EPR Properties:
Basic	$	1.16	$	1.12		$	0.56		$	1.11		$	1.00	$	0.94
Diluted	1.15		1.12			0.56			1.10			1.00		0.94
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.18	$	1.09		$	1.03		$	1.14		$	1.09	$	0.97
Diluted	1.17		1.08			1.03			1.13			1.08		0.97
Shares used for computation (in thousands):
Basic	58,083		57,200			57,111			57,141			53,792		53,458
Diluted	58,278		57,446			57,378			57,355			54,001		53,654
Weighted average shares outstanding-diluted EPS	58,278		57,446			57,378			57,355			54,001		53,654
Effect of dilutive Series C preferred shares	2,022		—			—			1,998			—		—
Adjusted weighted-average shares outstanding-diluted	60,300		57,446			57,378			59,353			54,001		53,654
(1) See pages 32 through 33 for definitions.

9

EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	67,379		$	64,336		$	32,142		$	63,451		$	53,952		$	50,366
Adjustments:
Amortization of above market leases, net	48			49			48			48			48			48
Transaction costs	783			4,429			1,606			1,131			369			756
Retirement severance expense	—			—			18,578			—			—			—
Non-real estate depreciation and amortization	427			392			398			408			276			276
Deferred financing fees amortization	1,156			1,173			1,096			1,090			1,082			1,061
Costs associated with loan refinancing or payoff	18			243			—			301			—			—
Share-based compensation expense to management and trustees	2,161			2,085			1,972			1,918			2,313			2,343
Maintenance capital expenditures (2)	(897		)	(435		)	(1,023		)	(1,929		)	(1,572		)	(3,026		)
Straight-lined rental revenue	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)
Non-cash portion of mortgage and other financing income	(2,042		)	(3,408		)	(2,976		)	(2,248		)	(1,585		)	(1,239		)
Provision for loan loss	—			—			—			—			3,777			—
Loss (gain) on sale of land	95			—			(176		)	—			—			—
Deferred income tax expense (benefit)	53			(6,711		)	6,888			184			363			842
AFFO available to common shareholders of EPR Properties	$	66,443		$	58,942		$	55,610		$	60,839		$	56,091		$	50,320
AFFO available to common shareholders of EPR Properties	$	66,443		$	58,942		$	55,610		$	60,839		$	56,091		$	50,320
Add: Preferred dividends for Series C preferred shares	1,941			—			—			—			—			—
Diluted AFFO available to common shareholders of EPR Properties	$	68,384		$	58,942		$	55,610		$	60,839		$	56,091		$	50,320
Weighted average diluted shares outstanding (in thousands)	58,278			57,446			57,378			57,355			54,001			53,654
Effect of dilutive Series C preferred shares	2,022			—			—			—			—			—
Adjusted weighted-average shares outstanding-diluted	60,300			57,446			57,378			57,355			54,001			53,654
AFFO per diluted common share	$	1.13		$	1.03		$	0.97		$	1.06		$	1.04		$	0.94
Dividends declared per common share	$	0.9075		$	0.9075		$	0.9075		$	0.8550		$	0.8550		$	0.8550
AFFO payout ratio (3)	80		%	88		%	94		%	81		%	82		%	91		%
(1) See pages 32 through 33 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.

10

EPR Properties
Capital Structure at September 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)							Total		Weighted Avg Interest Rate
2015	$	3,012	$	—	$	—		$	—	$	—	$	3,012	5.55%
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	—		—		—			196,000		—		196,000		1.45%
2020	—		—		350,000			—		250,000		600,000		4.72%
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		0.02%
	$	22,803	$	266,807	$	376,845		$	196,000	$	1,175,000	$	2,037,455	4.65%
			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	289,610	5.37		%	1.42
Fixed rate unsecured debt (1)			1,476,850		5.12		%	6.75
Variable rate secured debt			24,995		0.02		%	22.00
Variable rate unsecured debt			246,000		1.48		%	3.77
Total			$	2,037,455	4.65		%	5.82
(1) Includes $300 million of term loan that has been fixed through interest rate swaps through April 5, 2019.
(2) Unsecured Credit Facility Summary:
			Balance					Rate
	Commitment		at 9/30/2015		Maturity			at 9/30/2015
	$	650,000	$	196,000	April 24, 2019			1.45%
	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.

11

EPR Properties
Capital Structure at September 30, 2015 and December 31, 2014
(Unaudited, dollars in thousands)
Consolidated Debt (continued)
Summary of Debt:
	September 30, 2015		December 31, 2014
Mortgage note payable, 5.56%, paid in full on March 6, 2015	$	—	$	30,508
Mortgage note payable, 5.39%, paid in full on July 31, 2015	—		4,960
Mortgage notes payable, 5.77%, paid in full on August 6, 2015	—		62,842
Mortgage notes payable, 5.84%, due March 6, 2016	34,561		35,515
Note payable, 2.50%, due April 21, 2016	1,850		1,850
Mortgage notes payable, 6.37%, due June 1, 2016	24,973		25,607
Mortgage notes payable, 6.10%, due October 1, 2016	22,431		23,000
Mortgage notes payable, 6.02%, due October 6, 2016	16,887		17,319
Mortgage note payable, 6.06%, due March 1, 2017	9,461		9,693
Mortgage note payable, 6.07%, due April 6, 2017	9,749		9,985
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	31,875		32,662
Mortgage notes payable, 4.00%, due July 6, 2017	94,537		97,248
Mortgage note payable, 5.29%, due July 8, 2017	3,493		3,604
Mortgage notes payable, 5.86% due August 1, 2017	23,124		23,681
Mortgage note payable, 6.19%, due February 1, 2018	13,348		13,849
Mortgage note payable, 7.37%, due July 15, 2018	5,171		6,205
Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019	196,000		62,000
Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 2.71% through April 5, 2019, due April 24, 2020	350,000		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	$	2,037,455	$	1,645,523

12

EPR Properties
Capital Structure
Senior Notes
Senior Debt Ratings as of September 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 September 30, 2015 and June 30, 2015 are:
		Actual	Actual
Note Covenants	Required	3rd Quarter 2015 (1)	2nd Quarter 2015
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	44%	44%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	7%	9%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.8x	3.5x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	232%	237%
(1) See page 14 for detailed calculations.

13

EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
Covenant Calculations
Total Assets:	September 30, 2015						Total Debt:						September 30, 2015
Total Assets	$	4,201,105					Secured debt obligations						$	314,605
Add: accumulated depreciation	511,949						Unsecured debt obligations:
Less: intangible assets	(9,043		)				Unsecured debt						1,722,850
Total Assets	$	4,704,011					Outstanding letters of credit						—
							Guarantees						22,929
							Derivatives at fair market value, net, if liability						—
Total Unencumbered Assets:	September 30, 2015						Total unsecured debt obligations:						1,745,779
Unencumbered real estate assets, gross	$	3,635,013					Total Debt						$	2,060,384
Cash and cash equivalents	14,614
Land held for development	30,501
Property under development	374,533
Total Unencumbered Assets	$	4,054,661
Consolidated Income Available for Debt Service:	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			Trailing Twelve Months
Adjusted EBITDA - continuing operations	$	95,136		$	87,522		$	85,295		$	91,196		$	359,149
Add: Adjusted EBITDA - discontinued operations	170			68			(10		)	497			725
Less: straight-line rental revenue	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(12,407		)
Consolidated Income Available for Debt Service	$	92,568		$	84,379		$	82,342		$	88,178		$	347,467
Annual Debt Service:
Interest expense, gross	$	25,300		$	25,164		$	22,947		$	22,560		$	95,971
Less: deferred financing fees amortization	(1,156		)	(1,173		)	(1,096		)	(1,090		)	(4,515		)
Annual Debt Service	$	24,144		$	23,991		$	21,851		$	21,470		$	91,456
Debt Service Coverage	3.8			3.5			3.8			4.1			3.8

14

EPR Properties
Capital Structure at September 30, 2015
(Unaudited, dollars in thousands except share information)
Equity
Security	Shares Issued and Outstanding	Price per share at September 30, 2015		Liquidation Preference		Dividend Rate		Convertible	Conversion Ratio at September 30, 2015
Common shares	59,157,916	$	51.57	N/A		(1)		N/A	N/A
Series C	5,400,000	$	22.16	$	135,000	5.750%		Y	0.3744
Series E	3,450,000	$	30.74	$	86,250	9.000%		Y	0.4568
Series F	5,000,000	$	24.65	$	125,000	6.625%		N	N/A
Calculation of Total Market Capitalization:
Common shares outstanding at September 30, 2015 multiplied by closing price at September 30, 2015						$	3,050,774
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 September 30, 2015						2,037,455
Total consolidated market capitalization						$	5,434,479
(1) Total monthly dividends declared in the third quarter of 2015 were $0.9075 per share.
(2) Excludes accrued unpaid dividends at September 30, 2015

15

EPR Properties
Summary of Ratios
(Unaudited)
	3rd Quarter 2015	2nd Quarter 2015	1st Quarter 2015	4th Quarter 2014	3rd Quarter 2014	2nd Quarter 2014
Debt to total assets (book value)	48%	49%	47%	44%	44%	47%
Debt to total market capitalization	37%	36%	33%	31%	33%	33%
Debt to gross assets	43%	43%	42%	39%	39%	42%
Debt/Adjusted EBITDA - continuing operations (1)	5.35	5.56	5.42	4.51	4.72	5.26
Debt/Adjusted EBITDA - continuing and discontinued operations (1)	5.34	5.55	5.42	4.49	4.72	5.26
Secured debt to secured assets	68%	72%	65%	72%	68%	69%
Unencumbered real estate assets to total real estate assets (2)	89%	86%	84%	84%	82%	82%
Interest coverage ratio (3)	3.7	3.5	3.6	4.0	3.7	3.6
Fixed charge coverage ratio (3)	3.0	2.8	2.9	3.1	2.9	2.8
Debt service coverage ratio (3)	3.3	3.0	3.1	3.4	3.2	3.1
FFO payout ratio (4)	79%	81%	162%	78%	86%	91%
FFO as adjusted payout ratio (5)	78%	84%	88%	76%	79%	88%
AFFO payout ratio (6)	80%	88%	94%	81%	82%	91%
(1) Adjusted EBITDA is for the quarter annualized. See pages 32 through 33 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.

16

EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)
	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014
Interest Coverage Ratio (1):
Net income	$	50,195		$	48,766		$	42,821		$	52,635		$	42,705		$	40,760
Provision for loan losses	—			—			—			—			3,777			—
Transaction costs	783			4,429			1,606			1,131			369			756
Interest expense, gross	25,300			25,164			22,947			22,560			22,898			22,174
Retirement severance expense	—			—			18,578			—			—			—
Depreciation and amortization	23,498			21,849			19,355			17,989			17,421			16,002
Share-based compensation expense
to management and trustees	2,161			2,085			1,972			1,918			2,313			2,343
Costs associated with loan refinancing
or payoff	18			243			—			301			—			—
Interest cost capitalized	(4,771		)	(5,145		)	(4,348		)	(2,543		)	(2,085		)	(1,610		)
Straight-line rental revenue	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)
Loss (gain) on sale of real estate	95			—			(23,924		)	(879		)	—			—
Gain on sale of investment in a direct financing lease	—			—			—			—			—			(220		)
Deferred income tax expense (benefit)	53			(6,711		)	6,888			184			363			842
Interest coverage amount	$	94,594		$	87,469		$	82,952		$	89,781		$	84,829		$	79,940
Interest expense, net	$	20,529		$	20,007		$	18,587		$	20,015		$	20,801		$	20,555
Interest income	—			12			12			2			12			9
Interest cost capitalized	4,771			5,145			4,348			2,543			2,085			1,610
Interest expense, gross	$	25,300		$	25,164		$	22,947		$	22,560		$	22,898		$	22,174
Interest coverage ratio	3.7			3.5			3.6			4.0			3.7			3.6
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	94,594		$	87,469		$	82,952		$	89,781		$	84,829		$	79,940
Interest expense, gross	$	25,300		$	25,164		$	22,947		$	22,560		$	22,898		$	22,174
Preferred share dividends	5,951			5,952			5,952			5,951			5,952			5,952
Fixed charges	$	31,251		$	31,116		$	28,899		$	28,511		$	28,850		$	28,126
Fixed charge coverage ratio	3.0			2.8			2.9			3.1			2.9			2.8
Debt Service Coverage Ratio (1):
Interest coverage amount	$	94,594		$	87,469		$	82,952		$	89,781		$	84,829		$	79,940
Interest expense, gross	$	25,300		$	25,164		$	22,947		$	22,560		$	22,898		$	22,174
Recurring principal payments	3,363			3,560			3,711			3,654			3,590			3,249
Debt service	$	28,663		$	28,724		$	26,658		$	26,214		$	26,488		$	25,423
Debt service coverage ratio	3.3			3.0			3.1			3.4			3.2			3.1
(1) See pages 32 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

17

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:
	3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014
Net cash provided by operating activities	$	64,415		$	62,889		$	57,518		$	82,087		$	53,854		$	72,824
Equity in income from joint ventures	339			198			164			395			300			267
Distributions from joint ventures	—			—			—			—			(810		)	—
Amortization of deferred financing costs	(1,156		)	(1,173		)	(1,096		)	(1,090		)	(1,082		)	(1,061		)
Amortization of above market leases, net	(48		)	(49		)	(48		)	(48		)	(48		)	(48		)
Increase in mortgage notes and related accrued interest receivable	2,456			2,410			599			1,674			2,087			129
Increase (decrease) in restricted cash	373			197			(730		)	(1,486		)	(1,181		)	(754		)
Increase in accounts receivable, net	(805		)	6,981			1,865			3,124			2,052			883
Increase in direct financing lease receivable	826			948			934			782			529			988
Increase (decrease) in other assets	344			(834		)	2,891			(664		)	(616		)	2,195
Decrease (increase) in accounts payable and accrued liabilities	8,697			(3,437		)	(2,529		)	(12,711		)	8,101			(14,688		)
Decrease (increase) in unearned rents and interest	579			(1,898		)	(6,079		)	85			3,393			(1,008		)
Straight-line rental revenue	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)	(1,107		)
Interest expense, gross	25,300			25,164			22,947			22,560			22,898			22,174
Interest cost capitalized	(4,771		)	(5,145		)	(4,348		)	(2,543		)	(2,085		)	(1,610		)
Transaction costs	783			4,429			1,606			1,131			369			756
Retirement severance expense (cash portion)	—			—			12,201			—			—			—
Interest coverage amount (1)	$	94,594		$	87,469		$	82,952		$	89,781		$	84,829		$	79,940
(1) See pages 32 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

18

EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)
2015 Capital Spending:
Description	Location	Operating Segment	Capital Spending Three Months Ended September 30, 2015		Capital Spending Nine Months Ended September 30, 2015
Development and redevelopment of megaplex theatres	various	Entertainment	$	7,205	$	15,146
Acquisition of megaplex theatres	various	Entertainment	18,763		54,437
Development of other entertainment and retail projects	various	Entertainment	3,913		13,298
Investment in mortgage notes receivable for public charter schools	various	Education	1,541		3,824
Acquisition and development of public charter school properties	various	Education	31,234		84,031
Acquisition and development of early childhood education centers	various	Education	28,866		67,063
Development of private school properties	various	Education	8,901		64,902
Acquisition and development of ski resort	Wintergreen, VA	Recreation	—		21,865
Improvements at Wisp ski resort	McHenry, MD	Recreation	—		240
Development of TopGolf golf entertainment facilities	various	Recreation	49,430		119,860
Development of Camelback Mountain Resort	Tannersville, PA	Recreation	15,369		46,080
Additions to mortgage note receivable for development of excess land at Schlitterbahn waterpark	various	Recreation	6,854		10,111
Investment in casino and resort project	Sullivan County, NY	Other	2,684		8,642
Total investment spending			$	174,760	$	509,499
Infrastructure spending for casino and resort project (1)	Sullivan County, NY	Other	12,649		12,649
Other capital acquisitions, net	various		650		1,676
Total capital spending			$	188,059	$	523,824
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
Sale of land adjacent to megaplex theatre property	Warrenville, IL	July 2015	2,202

(1) Infrastructure spending for the Adelaar casino and resort project is expected to be recovered when the infrastructure is sold in conjunction with the issuance of IDA bonds. Total infrastructure spending through September 30, 2015 is $22.7 million.

19

EPR Properties
Property Under Development - Investment Spending Estimates at September 30, 2015 (1)
(Unaudited, dollars in thousands)
	September 30, 2015			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		Remainder 2016-2017		Total Expected Cost (2)		% Leased
Entertainment	$	18,651	4	$	4,816	$	3,010	$	1,834	$	611	$	5,537	$	34,459	100%
Education	101,575		25	26,751		55,467		53,400		40,877		25,771		303,841		100%
Recreation	41,269		3	10,129		10,129		8,243		4,700		—		74,470		100%
Total Build-to-Suit	161,495		32	$	41,696	$	68,606	$	63,477	$	46,188	$	31,308	$	412,770
Non Build-to-Suit Development	13,974
Adelaar	199,064
Total Property Under Development	$	374,533
			September 30, 2015	Owned Build-to-Suit In-Service Estimates
			# of Projects	4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		Remainder 2016-2017		Total In-Service (2)		Actual In-Service 3rd Quarter 2015
Entertainment			4	$	17,090	$	17,369	$	—	$	—	$	—	$	34,459	$	—
Education			25	12,740		14,195		65,506		41,996		169,404		303,841		176,912
Recreation			3	24,773		—		—		25,209		24,488		74,470		116,230
Total Build-to-Suit			32	$	54,603	$	31,564	$	65,506	$	67,205	$	193,892	$	412,770	$	293,142
	September 30, 2015			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	4th Quarter 2015		1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		Remainder 2016-2017		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	4,894		1	1,086		1,086		1,086		323		—		8,475
Recreation	4,160		1	4,333		4,333		3,469		—		—		16,295
Total Build-to-Suit Mortgage Notes	9,054		2	$	5,419	$	5,419	$	4,555	$	323	$	—	$	24,770
Non Build-to-Suit Mortgage Notes	446,276
Total Mortgage Notes Receivable	$	455,330
(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of September 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).
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.

20

EPR Properties
Financial Information by Asset Type
For the Three Months Ended September 30, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,637		$	13,990		$	12,079		$	—		$	85,706		$	—		$	85,706
Tenant reimbursements	3,718			—			—			—			3,718			—			3,718
Other income	1			—			—			55			56			662			718
Mortgage and other financing income	1,782			7,479			8,835			97			18,193			—			18,193
Total revenue	65,138			21,469			20,914			152			107,673			662			108,335
Property operating expense	5,413			—			—			83			5,496			—			5,496
Other expense	—			—			—			221			221			—			221
Total investment expenses	5,413			—			—			304			5,717			—			5,717
General and administrative expense	—			—			—			—			—			7,482			7,482
Transaction costs	—			—			—			—			—			783			783
EBITDA - continuing operations	$	59,725		$	21,469		$	20,914		$	(152	)	$	101,956		$	(7,603	)	$	94,353
	58		%	21		%	21		%	—		%	100		%
Add: transaction costs																783			783
Adjusted EBITDA - continuing operations																			95,136
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(18		)	(18		)
Interest expense, net																(20,529		)	(20,529		)
Transaction costs																(783		)	(783		)
Depreciation and amortization																(23,498		)	(23,498		)
Equity in income from joint ventures																339			339
Loss on sale of real estate																(95		)	(95		)
Income tax expense																(498		)	(498		)
Discontinued operations:
Income from discontinued operations																141			141
Net income attributable to EPR Properties																			50,195
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	44,244

21

EPR Properties
Financial Information by Asset Type
For the Nine Months Ended September 30, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	179,407		$	34,887		$	26,012		$	—		$	240,306		$	—		$	240,306
Tenant reimbursements	12,009			—			—			(23		)	11,986			—			11,986
Other income	504			—			—			118			622			1,794			2,416
Mortgage and other financing income	5,346			23,056			25,629			290			54,321			—			54,321
Total revenue	197,266			57,943			51,641			385			307,235			1,794			309,029
Property operating expense	17,399			—			—			224			17,623			—			17,623
Other expense	—			—			—			533			533			—			533
Total investment expenses	17,399			—			—			757			18,156			—			18,156
General and administrative expense	—			—			—			—			—			22,920			22,920
Transaction costs	—			—			—			—			—			6,818			6,818
Retirement severance expense	—			—			—			—			—			18,578			18,578
EBITDA - continuing operations	$	179,867		$	57,943		$	51,641		$	(372	)	$	289,079		$	(46,522	)	$	242,557
	62		%	20		%	18		%	—		%	100		%
Add: transaction costs																6,818			6,818
Add: retirement severance expense																18,578			18,578
Adjusted EBITDA - continuing operations																			267,953
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(261		)	(261		)
Interest expense, net																(59,123		)	(59,123		)
Transaction costs																(6,818		)	(6,818		)
Retirement severance expense																(18,578		)	(18,578		)
Depreciation and amortization																(64,702		)	(64,702		)
Equity in income from joint ventures																701			701
Gain on sale of real estate																23,829			23,829
Income tax expense																(1,418		)	(1,418		)
Discontinued operations:
Income from discontinued operations																199			199
Net income attributable to EPR Properties																			141,782
Preferred dividend requirements																(17,855		)	(17,855		)
Net income available to common shareholders of EPR Properties																			$	123,927

22

EPR Properties
Financial Information by Asset Type
For the Three Months Ended September 30, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	60,616		$	7,490		$	6,069		$	235		$	74,410		$	—		$	74,410
Tenant reimbursements	4,486			—			—			—			4,486			—			4,486
Other income	5			—			—			191			196			149			345
Mortgage and other financing income	1,789			7,561			10,050			97			19,497			—			19,497
Total revenue	66,896			15,051			16,119			523			98,589			149			98,738
Property operating expense	5,759			—			—			189			5,948			—			5,948
Other expense	—			—			—			248			248			—			248
Total investment expenses	5,759			—			—			437			6,196			—			6,196
General and administrative expense	—			—			—			—			—			6,719			6,719
Transaction costs	—			—			—			—			—			369			369
Provision for loan loss	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	61,137		$	15,051		$	16,119		$	86		$	92,393		$	(10,716	)	$	81,677
	66		%	16		%	18		%	—		%	100		%
Add: transaction costs																369			369
Add: provision for loan loss																3,777			3,777
Adjusted EBITDA - continuing operations																			85,823
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(20,801		)	(20,801		)
Transaction costs																(369		)	(369		)
Provision for loan loss																(3,777		)	(3,777		)
Depreciation and amortization																(17,421		)	(17,421		)
Equity in income from joint ventures																300			300
Income tax expense																(1,047		)	(1,047		)
Discontinued operations:
Loss from discontinued operations																(3		)	(3		)
Net income attributable to EPR Properties																			42,705
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	36,753

23

EPR Properties
Financial Information by Asset Type
For the Nine Months Ended September 30, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	176,940		$	18,486		$	14,528		$	805		$	210,759		$	—		210,759
Tenant reimbursements	13,355			—			—			—			13,355			—			13,355
Other income (loss)	(7		)	—			—			284			277			429			706
Mortgage and other financing income	5,279			23,779			26,212			291			55,561			—			55,561
Total revenue	195,567			42,265			40,740			1,380			279,952			429			280,381
Property operating expense	17,413			—			—			523			17,936			—			17,936
Other expense	—			—			—			566			566			—			566
Total investment expenses	17,413			—			—			1,089			18,502			—			18,502
General and administrative expense	—			—			—			—			—			21,260			21,260
Transaction costs	—			—			—			—			—			1,321			1,321
Provision for loan loss reserve	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	178,154		$	42,265		$	40,740		$	291		$	261,450		$	(25,929	)	$	235,521
	68		%	16		%	16		%	—		%	100		%
Add: transaction costs																1,321			1,321
Add: provision for loan loss reserve																3,777			3,777
Adjusted EBITDA - continuing operations																			240,619
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(61,254		)	(61,254		)
Transaction costs																(1,321		)	(1,321		)
Provision for loan loss reserve																(3,777		)	(3,777		)
Depreciation and amortization																(48,750		)	(48,750		)
Equity in income from joint ventures																878			878
Gain on sale of real estate																330			330
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(3,332		)	(3,332		)
Discontinued operations:
Income from discontinued operations																8			8
Transaction (costs) benefit																3,376			3,376
Net income attributable to EPR Properties																			126,997
Preferred dividend requirements																(17,856		)	(17,856		)
Net income available to common shareholders of EPR Properties																			$	109,141

24

EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)
	For the Three Months Ended September 30, 2015								For the Nine Months Ended September 30, 2015
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other			Consolidated
Tenant reimbursements	$	—		$	—	$	—		$	68		$	—		$	68
Other income	172			—		172			172			—			172
Total revenue	172			—		172			240			—			240
Property operating expense	2			—		2			12			—			12
Total investment expenses	2			—		2			12			—			12
EBITDA and Adjusted EBITDA - discontinued operations	$	170		$	—	$	170		$	228		$	—		$	228
Reconciliation to Consolidated Statements of Income:
Income tax expense						(29		)							(29		)
Income from discontinued operations						$	141								$	199
	For the Three Months Ended September 30, 2014								For the Nine Months Ended September 30, 2014
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3
Property operating expense	3			—		3			13			—			13
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	3			—		3			13			(18		)	(5		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	(3	)	$	—	$	(3	)	$	3,366		$	18		$	3,384
Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	(3	)							$	8
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income (loss) from discontinued operations						$	(3	)							$	3,384

(1) For each of the three and nine months ended September 30, 2015 and 2014 primarily relates to the settlement of escrow reserves and post closing adjustments associated with the sale of Toronto Dundas Square. Additionally, for the nine months ended September 30, 2014, transaction costs (benefit) consists of a reversal of a liability that was established with the March 4, 2010 acquisition of Toronto Dundas Square. This liability was reversed as the related payment is not expected to occur.

(2) For the nine months ended September 30, 2014, consists of a property tax refund received on a vineyard and winery property sold in 2013.

25

EPR Properties
Investment Information by Asset Type
As of September 30, 2015 and December 31, 2014
(Unaudited, dollars in thousands)
		As of September 30, 2015
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,835,967		$	570,114		$	532,798		$	—		$	2,938,879
Add back accumulated depreciation on rental properties		473,446			19,641			18,862			—			511,949
Land held for development		4,457			2,274			—			23,770			30,501
Property under development		32,600			101,575			41,294			199,064			374,533
Mortgage notes and related accrued interest receivable, net		58,220			80,230			311,859			5,021			455,330
Investment in a direct financing lease, net		—			190,029			—			—			190,029
Investment in joint ventures		6,439			—			—			—			6,439
Intangible assets, gross (1)		21,071			—			—			—			21,071
Notes receivable and related accrued interest receivable, net (1)		2,186			—			—			—			2,186
	Total investments (2)	$	2,434,386		$	963,863		$	904,813		$	227,855		$	4,530,917
	% of total investments	54		%	21		%	20		%	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 September 30, 2015 and December 31, 2014 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:
		9/30/2015			12/31/2014
Intangible assets, gross		$	21,071		$	20,796
Less: accumulated amortization on intangible assets		(12,028		)	(12,290		)
Notes receivable and related accrued interest receivable, net		2,186			2,069
Prepaid expenses and other current assets		77,335			55,516
Total other assets		$	88,564		$	66,091
(2) See pages 32 and 33 for definitions.

26

EPR Properties
Lease Expirations
As of September 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 September 30, 2015 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Trailing Twelve Months Ended September 30, 2015		% of Total Revenue		Total Number of Properties	Rental Revenue for the Trailing Twelve Months Ended September 30, 2015		% of Total Revenue
2015	—		$	—	—	%	—		$	—	—	%	—	$	—	—	%
2016	4		9,243		2	%	1		160		—	%	—	—		—	%
2017	4		7,359		2	%	1		1,120		—	%	—	—		—	%
2018	16		26,483		6	%	—		—		—	%	—	—		—	%
2019	5		12,622		3	%	—		—		—	%	—	—		—	%
2020	8		13,836		3	%	—		—		—	%	—	—		—	%
2021	5		7,582		2	%	—		—		—	%	—	—		—	%
2022	12		22,279		5	%	—		—		—	%	—	—		—	%
2023	5		10,613		3	%	—		—		—	%	—	—		—	%
2024	14		27,953		7	%	—		—		—	%	—	—		—	%
2025	8		13,357		3	%	—		—		—	%	—	—		—	%
2026	6		10,396		3	%	—		—		—	%	—	—		—	%
2027	13	(2)	15,028		4	%	—		—		—	%	1	2,896		1	%
2028	4		6,293		2	%	—		—		—	%	—	—		—	%
2029	16	(3)	15,442		4	%	—		—		—	%	—	—		—	%
2030	1		532		—	%	—		—		—	%	—	—		—	%
2031	5	(4)	7,118		2	%	9	(5)	7,563		2	%	—	—		—	%
2032	3		2,047		—	%	13	(6)	16,950		4	%	3	4,632		1	%
2033	6		4,678		1	%	16	(7)	16,380		4	%	1	1,676		1	%
2034	2		1,977		—	%	15		16,344		4	%	6	9,625		2	%
Thereafter	—		—		—		23	(8)	9,030		2	%	9	13,016		3	%
	137		$	214,838	52	%	78		$	67,547	16	%	20	$	31,845	8	%
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 76% of total revenue for the trailing twelve months ended September 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.

27

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	Nine Months Ended		Percentage of
	Customers	Asset Type	September 30, 2015		Total Revenue	September 30, 2015		Total Revenue
1.	American Multi-Cinema, Inc.	Entertainment	$	21,565	20%	$	64,310	21%
2.	Regal Cinemas, Inc.	Entertainment	10,544		10%	30,539		10%
3.	Cinemark USA, Inc.	Entertainment	8,265		7%	24,995		8%
4.	Top Golf USA	Recreation	7,258		7%	15,694		5%
5.	Imagine Schools, Inc.	Education	5,696		5%	17,664		6%
6.	SVVI, LLC	Recreation	5,116		5%	12,073		4%
7.	Carmike USA, Inc.	Entertainment	4,887		4%	14,564		4%
8.	CBK Lodge, LP and CBH20, LP	Recreation	4,535		4%	12,084		4%
9.	Southern Theatres, LLC	Entertainment	3,112		3%	9,276		3%
10.	Peak Resorts, Inc.	Recreation	2,787		3%	8,361		3%
	Total		$	73,765	68%	$	209,560	68%

28

EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
Summary of Mortgage Notes Receivable
	September 30, 2015		December 31, 2014
Mortgage note, 9.00%, paid October 1, 2015	$	665	$	1,164
Mortgage note and related accrued interest receivable, 9.00%, due November 30, 2015	1,229		1,149
Mortgage note receivable, 5.50%, due November 1, 2016	2,500		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% to 10.00%, due May 1, 2019	201,298		191,116
Mortgage note, 10.00%, borrower exercised conversion option on August 1, 2015	—		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	19,906		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	5,502		5,598
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	30,724		28,788
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,484		3,471
Mortgage note, 11.31%, due July 1, 2033	12,839		13,005
Mortgage note and related accrued interest receivable, 8.50%, due June 30, 2034	4,894		4,870
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	12,372		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	37,562		37,562
Mortgage notes, 10.40%, due December 1, 2034	4,550		4,550
Mortgage note and related accrued interest receivable, 10.25%, due July 1, 2036	4,160		—
Total mortgage notes and related accrued interest receivable	$	455,330	$	507,955
Payments Due on Mortgage Notes Receivable
	As of September 30, 2015
Year:
2015	$	4,649
2016	3,932
2017	3,208
2018	837
2019	202,229
Thereafter	240,475
Total	$	455,330

29

EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)
Summary of Notes Receivable (1)
	September 30, 2015		December 31, 2014
Note and related accrued interest receivable, 9.23%,
past due (2)	$	—	$	3,777
Note and related accrued interest receivable, 12.50%,
due March 1, 2024	2,186		2,069
Total notes and related accrued interest receivable	$	2,186	$	5,846
Less: Loan loss reserve	—		(3,777		)
Total notes and related accrued interest receivable, net	$	2,186	$	2,069
(1) Included in other assets in the consolidated balance sheets as of September 30, 2015 and December 31, 2014 in the Company's Quarterly Report on Form 10-Q.
(2) Note was written off during the three months ended September 30, 2015.
Payments due on Notes Receivable
	As of September 30, 2015
Year:
2015	$	17
2016	252
2017	—
2018	—
2019	—
Thereafter	1,917
Total	$	2,186

30

EPR Properties

Guidance

(Dollars in millions except for per share information)

Measure			2015 Guidance							2016 Guidance
	YTD Actuals		Current			Prior				Current
Investment spending	$509.5		$575.0	to	$625.0	$	500.0	to	$550.0	$600.0	to	$650.0
Disposition proceeds	$50.7		$50.7			(1)				$75.0	to	$175.0
Termination fees - public charter schools	$—		$—			(1)				$5.0	to	$7.0
Percentage rent	$1.8		$2.5	to	$3.0	(1)				$3.4	to	$4.2
Participating interest income	$1.5		$1.5			(1)				$1.2	to	$1.6
General and administrative expense	$22.9		$31.0	to	$32.0	$31.0				$34.0	to	$35.0
FFO per diluted share	$2.84		$3.98	to	$4.03	(1)				$4.66	to	$4.76
FFO as adjusted per diluted share	$3.27		$4.41	to	$4.46	$4.34		to	$4.44	$4.70	to	$4.80
Reconciliation from Net income available to common shareholders of EPR Properties (per diluted share):	YTD Actuals		2015 Current Guidance							2016 Current Guidance
Net income available to common shareholders of EPR Properties	$2.15		$2.87	to	$2.92					$3.11	to	$3.21
Gain on sale of real estate (excluding land sales)	(0.41	)	(0.41)							(0.06)
Real estate depreciation and amortization	1.10		1.51							1.61
Allocated share of joint venture depreciation	—		—							—
FFO available to common shareholders of EPR Properties (2)	$2.84		$3.97	to	$4.02					$4.66	to	$4.76
Costs associated with loan refinancing or payoff	—		—							—
Transaction costs	0.12		0.13							0.04
Retirement severance expense	0.31		0.31							—
Loss (gain) on sale of land	—		—							—
Deferred income tax expense	—									—
FFO as adjusted available to common shareholders of EPR Properties (2)	$3.27		$4.41	to	$4.46					$4.70	to	$4.80

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.

(1) Not previously provided

(2) Per share results include the effect, if necessary, of the conversion of the 5.75% Series C cumulative convertible preferred shares.

31

EPR Properties

Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

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 Company’s method of calculating EBITDA and Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

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.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO provision for loan losses, transaction costs (benefit), retirement severance expense, non-real estate depreciation and amortization, deferred financing fees amortization, costs (gain) associated with loan refinancing or payoff, net, share-based compensation expense to management and trustees, amortization of above market leases, net and preferred share redemption costs; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental

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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.

INTEREST COVERAGE RATIO

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.

FIXED CHARGE COVERAGE RATIO

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.

DEBT SERVICE COVERAGE RATIO

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

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.

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