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): February 28, 2017

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 February 28, 2017, the Company announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2016. 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 February 28, 2017, the Company made available on its website supplemental operating and financial data for the fourth quarter and year ended December 31, 2016, 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 February 28, 2017 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2016.
99.2	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2016, made available by EPR Properties on February 28, 2017.

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: February 28, 2017

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated February 28, 2017 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2016.
99.2	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2016, made available by EPR Properties on February 28, 2017.

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS FOURTH QUARTER AND 2016 YEAR-END RESULTS

Company Reports Record Revenue, Earnings and Investment Spending

Kansas City, MO, February 28, 2017 -- EPR Properties (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2016.

Three Months Ended December 31, 2016

• Total revenue was $130.8 million for the fourth quarter of 2016, representing a 17% increase from $112.0 million for the same quarter in 2015.

• Net income available to common shareholders was $52.2 million, or $0.82 per diluted common share, for the fourth quarter of 2016 compared to $46.8 million, or $0.78 per diluted common share, for the same quarter in 2015.

• Funds From Operations (FFO) (a non-GAAP financial measure) for the fourth quarter of 2016 was $80.4 million, or $1.25 per diluted common share, compared to $71.3 million, or $1.18 per diluted common share, for the same quarter in 2015.

• FFO as adjusted (a non-GAAP financial measure) for the fourth quarter of 2016 was $80.7 million, or $1.26 per diluted common share, compared to $70.7 million, or $1.17 per diluted common share, for the same quarter in 2015, representing an 8% increase in per share results.

Year Ended December 31, 2016

• Total revenue was $493.2 million for the year ended December 31, 2016, representing a 17% increase from $421.0 million for the same period in 2015.

• Net income available to common shareholders was $201.2 million, or $3.17 per diluted common share, for the year ended December 31, 2016 compared to $170.7 million, or $2.93 per diluted common share, for the same period in 2015.

• FFO (a non-GAAP financial measure) for the year ended December 31, 2016 was $304.6 million, or $4.77 per diluted common share, compared to $235.2 million, or $4.03 per diluted common share, for the same period in 2015.

• FFO as adjusted (a non-GAAP financial measure) for the year ended December 31, 2016 was $308.0 million, or $4.82 per diluted common share, compared to $260.3 million, or $4.44 per diluted common share, for the same period in 2015, representing a 9% increase in per share results.

“Our fourth quarter results reflect the culmination of an exceptional year for EPR. It was the strongest year in the Company’s history in terms of revenue, earnings and investment spending,” commented company President and CEO Greg Silvers. “The U.S. consumer continues to place a value on experiences, and we are ideally positioned to continue to benefit from this movement. We are veryencouraged going into 2017 as we anticipate yet another year of solid growth. Our tenant industries remain fundamentally strong, and our pipeline is robust as we expect to close the CNL transactionalong with additional investment opportunities.”

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

		Three Months Ended December 31,
		2016						2015
		Amount			FFO/share			Amount			FFO/share
FFO available to common shareholders (1)		$	80,424		$	1.25		$	71,341		$	1.18
	Costs associated with loan refinancing or payoff	—			—			9			—
	Gain on insurance recovery (included in other income)	(847		)	(0.01		)	—			—
	Transaction costs	2,988			0.05			700			0.01
	Gain on sale of land	(1,430		)	(0.02		)	—			—
	Deferred income tax benefit	(401		)	(0.01		)	(1,366		)	(0.02		)
FFO as adjusted available to common shareholders (1)		$	80,734		$	1.26		$	70,684		$	1.17
Dividends declared per common share					$	0.960					$	0.908
FFO as adjusted available to common shareholders payout ratio					76		%				78		%
(1)	Per share results for the three months ended December 31, 2016 and 2015 include the effect of the conversion of the 5.75% Series C cumulative convertible preferred shares as the conversion would be dilutive.

		Year Ended December 31,
		2016						2015
		Amount			FFO/share			Amount			FFO/share
FFO available to common shareholders (2)		$	304,635		$	4.77		$	235,198		$	4.03
	Costs associated with loan refinancing or payoff	905			0.01			270			—
	Gain on insurance recovery (included in other income)	(4,684		)	(0.07		)	—			—
	Termination fee included in gain on sale	2,819			0.04			—			—
	Transaction costs	7,869			0.12			7,518			0.12
	Retirement severance expense	—			—			18,578			0.31
	Gain on sale of land	(2,496		)	(0.04		)	(81		)	—
	Deferred income tax benefit	(1,065		)	(0.01		)	(1,136		)	(0.02		)
FFO as adjusted available to common shareholders (2)		$	307,983		$	4.82		$	260,347		$	4.44
Dividends declared per common share					$	3.840					$	3.630
FFO as adjusted available to common shareholders payout ratio					80		%				82		%
(2)	Per share results for the year ended December 31, 2016 and 2015 include the effect of the conversion of the 5.75% Series C cumulative convertible preferred shares as the conversion would be dilutive.

Portfolio Update

The Company's investment portfolio (excluding property under development) consisted of the following at December 31, 2016:

• The Entertainment segment included investments in 141 megaplex theatres, eight entertainment retail centers (which include eight additional megaplex theatres) and eight family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 12.5 million square feet and was 99% leased, including megaplex theatres that were 100% leased.

• The Education segment included investments in 67 public charter schools, 41 early education centers and 12 private schools. The Company’s portfolio of owned education properties consisted of 4.3 million square feet and was 100% leased.

• The Recreation segment included investments in 11 ski areas, five waterparks and 25 golf entertainment complexes. The Company’s portfolio of owned recreation properties was 100% leased.

• The Other segment consisted primarily of the land under ground lease, 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 19.2 million square feet and was 99.5% leased. As of December 31, 2016, the Company also had a total of $297.1 million invested in property under development.

Investment Update

The Company's investment spending during the three months ended December 31, 2016 totaled $278.1 million (bringing the full year 2016 total investment spending to $805.0 million), and included investments in each of its primary operating segments:

• Entertainment investment spending during the three months ended December 31, 2016 totaled $67.8 million, including spending on build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and family entertainment centers, as well as $18.1 million to acquire a megaplex theatre.

• Education investment spending during the three months ended December 31, 2016 totaled $151.4 million, including spending onan investment in mortgage notes totaling $100.0 million secured by 20 early education and private school properties. Additionally education investment spending included spending on build-to-suit development and redevelopment of public charter schools, early education centers and private schools, as well as $8.1 million in acquisitions of two early education centers. Subsequent to December 31, 2016, the Company funded an additional $42.9 million in mortgage notes secured by eight early education and private school properties.

• Recreation investment spending during the three months ended December 31, 2016 totaled $58.3 million and was primarily related to spending on build-to-suit development of golf entertainment complexes and waterparks, as well as redevelopment of a ski area.

• Other investment spending during the three months ended December 31, 2016 totaled $0.6 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

Capital Recycling

The Company continues to make excellent progress on its asset disposition and capital recycling plan. During the fourth quarter, the Company sold ten properties for total proceeds of approximately $90.4 million and recognized a net gain on sale of real estate of $1.4 million.

Eight of the properties sold were public charter schools previously leased to Imagine Schools under a master lease. Seven of these eight properties were sold to Imagine and the other one was sold to a third party. In conjunction with these sales the Company received proceeds totaling $87.2 million, consisting of $20.1 million in cash and a mortgage note receivable from Imagine. Imagine also added four additional public charter school properties as further collateral for the mortgage note. No gain or loss was recognized on the sale of these schools. Accordingly, as of year-end, the Company's investments with Imagine consisted of 12 public charter school properties remaining under the master lease that had a carrying value of $102.7 million, and a five year $70.3 million mortgage note receivable with amortization bearing interest at 7% that was secured by 11 public charter school properties.

For the year ended December 31, 2016, the Company received asset disposition proceeds totaling $186.4 million, including the $91.3 million from sales of properties previously leased to Imagine discussed above. In 2017, the Company expects an additional $150.0 million to $300.0 million of asset disposition proceeds, including approximately $50.0 million from sales of additional public charter schools currently leased to Imagine.

Balance Sheet Update

The Company had a net debt to adjusted EBITDA ratio (a non-GAAP financial measure) of 5.5x at December 31, 2016. The Company had $19.3 million of unrestricted cash on hand and nothing outstanding under its $650 million unsecured revolving credit facility at December 31, 2016.

On December 14, 2016, the Company issued $450.0 million in senior unsecured notes due on December 15, 2026. The notes bear interest at an annual rate of 4.75% and are guaranteed by certain of the Company's subsidiaries. The Company used the net proceeds from the note offering to pay down its unsecured revolving credit facility, invest in mortgage notes secured by education properties and for general business purposes.

Subsequent to December 31, 2016, the Company prepaid in full two mortgage notes payable totaling $17.9 million with a weighted average annual interest rate of 6.07%, which were secured by two theatre properties.

Additionally, subsequent to December 31, 2016, the Company issued 548 thousand common shares under its Direct Share Purchase Plan (DSPP) for net proceeds of $40.8 million. These proceeds were used to pay down a portion of the Company's unsecured revolving credit facility.

Dividend Information

The Company declared regular monthly cash dividends during the fourth quarter of 2016 totaling $0.96 per common share. For the year ended December 31, 2016, the Company declared dividends totaling $3.84 per common share, an increase of 5.8% over the prior year. The Company also declared fourth 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.

As previously announced, the Company declared a regular monthly cash dividend to common shareholders of $0.34 per common share for the month of January 2017. This dividend level represents an annualized dividend of $4.08 per common share, an increase of 6.25% over 2016, and would be the Company’s seventh consecutive year with a significant annual dividend increase.

CNL Transaction Update

As previously announced, on November 2, 2016, the Company and Ski Resort Holdings LLC ("SRH"), an entity owned by funds affiliated with Och-Ziff Real Estate, entered into a Purchase and Sale Agreement with CNL Lifestyle Properties, Inc. ("CNL") and certain of its affiliates. The agreement provides for the Company's acquisition of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at approximately $456.0 million. Additionally, the Company has agreed to provide approximately $244.0 million of five-year secured debt financing to SRH for the purchase of 14 CNL ski properties valued at approximately $374.0 million. This debt financing will be secured by mortgages on all of the assets being acquired by SRH.

The CNL transaction is subject to customary closing conditions, including the approval of the transaction by stockholders holding a majority of the outstanding shares of common stock of CNL and various third party consents and governmental permits. The special meeting of CNL stockholders has been scheduled for March 24, 2017. It is anticipated that this transaction will close in the second quarter of 2017; however, there can be no assurances as to the actual closing or the timing of the closing.

2017 Guidance

The Company is confirming its 2017 guidance for FFO as adjusted per diluted share of a range of $5.05 to $5.20. In addition, the Company is confirming its 2017 investment spending guidance of a range of $1.30 billion to $1.35 billion. In addition to the on-going investments in each of our primary business segments, this guidance includes the estimated impact of the planned investments associated with the CNL transaction totaling approximately $700.0

million as well as the estimated impact of planned asset dispositions, both of which are discussed further above. There can be no assurances that these transactions will occur.

FFO as adjusted guidance for 2017 is based on FFO per diluted share of $4.71 to $4.82 adjusted for estimated transaction costs, termination fees related to education properties and deferred income tax benefit. FFO per diluted share is based on a net income per diluted share range of $3.52 to $3.67 less estimated gain on sale of real estate of a range of $0.52 to $0.56 and the impact of Series C and Series E dilution of $0.05, plus estimated real estate depreciation of $1.76 per diluted share (in accordance with the NAREIT definition of FFO).

Quarterly and Year-Ended Supplemental

The Company's supplemental information package for the fourth quarter and year ended December 31, 2016 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 December 31,						Year Ended December 31,
	2016			2015			2016			2015
Rental revenue	$	107,474		$	90,580		$	399,589		$	330,886
Tenant reimbursements	4,018			4,334			15,595			16,320
Other income	3,227			1,213			9,039			3,629
Mortgage and other financing income	16,112			15,861			69,019			70,182
Total revenue	130,831			111,988			493,242			421,017
Property operating expense	5,915			5,810			22,602			23,433
Other expense	—			115			5			648
General and administrative expense	10,234			8,101			37,543			31,021
Retirement severance expense	—			—			—			18,578
Costs associated with loan refinancing or payoff	—			9			905			270
Interest expense, net	26,834			20,792			97,144			79,915
Transaction costs	2,988			700			7,869			7,518
Depreciation and amortization	28,351			24,915			107,573			89,617
Income before equity in income from joint ventures and other items	56,509			51,546			219,601			170,017
Equity in income from joint ventures	118			268			619			969
Gain on sale of real estate	1,430			—			5,315			23,829
Income before income taxes	58,057			51,814			225,535			194,815
Income tax benefit (expense)	84			936			(553		)	(482		)
Income from continuing operations	$	58,141		$	52,750		$	224,982		$	194,333
Discontinued operations:
Income from discontinued operations	—			—			—			199
Net income attributable to EPR Properties	58,141			52,750			224,982			194,532
Preferred dividend requirements	(5,951		)	(5,951		)	(23,806		)	(23,806		)
Net income available to common shareholders of EPR Properties	$	52,190		$	46,799		$	201,176		$	170,726
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.82		$	0.78		$	3.17		$	2.93
Income from discontinued operations	—			—			—			0.01
Net income available to common shareholders	$	0.82		$	0.78		$	3.17		$	2.94
Diluted earnings per share data:
Income from continuing operations	$	0.82		$	0.78		$	3.17		$	2.92
Income from discontinued operations	—			—			—			0.01
Net income available to common shareholders	$	0.82		$	0.78		$	3.17		$	2.93
Shares used for computation (in thousands):
Basic	63,635			60,125			63,381			58,138
Diluted	63,716			60,205			63,474			58,328

EPR Properties

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	December 31,
	2016		2015
Assets
Rental properties, net of accumulated depreciation of $635,535 and $534,303 at December 31, 2016 and 2015, respectively	$	3,595,762	$	3,025,199
Land held for development	22,530		23,610
Property under development	297,110		378,920
Mortgage notes and related accrued interest receivable	613,978		423,780
Investment in a direct financing lease, net	102,698		190,880
Investment in joint ventures	5,972		6,168
Cash and cash equivalents	19,335		4,283
Restricted cash	9,744		10,578
Accounts receivable, net	98,939		59,101
Other assets	98,954		94,751
Total assets	$	4,865,022	$	4,217,270
Liabilities and Equity
Accounts payable and accrued liabilities	$	119,758	$	92,178
Dividends payable	26,318		24,352
Unearned rents and interest	47,420		44,952
Debt	2,485,625		1,981,920
Total liabilities	2,679,121		2,143,402
Total equity	$	2,185,901	$	2,073,868
Total liabilities and equity	$	4,865,022	$	4,217,270

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2016		2015		2016			2015
FFO: (A)
Net income available to common shareholders of EPR Properties	$	52,190	$	46,799	$	201,176		$	170,726
Gain on sale of real estate (excluding land sale)	—		—		(2,819		)	(23,748		)
Real estate depreciation and amortization	28,179		24,480		106,049			87,965
Allocated share of joint venture depreciation	55		62		229			255
FFO available to common shareholders of EPR Properties	$	80,424	$	71,341	$	304,635		$	235,198
FFO available to common shareholders of EPR Properties	$	80,424	$	71,341	$	304,635		$	235,198
Add: Preferred dividends for Series C preferred shares	1,941		1,941		7,764			7,763
Diluted FFO available to common shareholders of EPR Properties	$	82,365	$	73,282	$	312,399		$	242,961
FFO per common share attributable to EPR Properties:
Basic	$	1.26	$	1.19	$	4.81		$	4.05
Diluted	1.25		1.18		4.77			4.03
Shares used for computation (in thousands):
Basic	63,635		60,125		63,381			58,138
Diluted	63,716		60,205		63,474			58,328
Weighted average shares outstanding-diluted EPS	63,716		60,205		63,474			58,328
Effect of dilutive Series C preferred shares	2,044		2,029		2,032			2,017
Adjusted weighted average shares outstanding-diluted	65,760		62,234		65,506			60,345
Other financial information:
Straight-lined rental revenue	$	6,062	$	3,267	$	17,012		$	12,159
Termination and prepayment fees	$	—	$	—	$	6,413		$	—
Dividends per common share	$	0.960	$	0.908	$	3.840		$	3.630

(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, the Company calculates 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. The Company has 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. In addition to FFO, the Company presents 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, termination fees associated with tenants' exercises of education properties buy-out options and transaction costs (benefit), less gain on early extinguishment of debt, gain (loss) on sale of land, gain on insurance recovery 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. It should also be noted that not all REITs calculate FFO or FFO as adjusted the same way so comparisons of each of these non-GAAP measures with other REITs may not be meaningful.

The conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO per share and FFOAA for the three months and years ended December 31, 2016 and 2015. Therefore, the additional 2.0 million common 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 and diluted FFOAA per share for these periods.  The effect of the conversion of our 9.0% Series E cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion do not result in more dilution to per share results and are therefore not included in the calculation of diluted per share data for the three months and years ended December 31, 2016 and 2015.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA Ratio is a supplemental measure derived from non-GAAP financial measures the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of this ratio in a similar manner. In addition, financial institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating Net Debt to Adjusted EBITDA Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Reconciliations of debt and net income available to common shareholders (both reported in accordance with GAAP) to Net Debt, Adjusted EBITDA, and Net Debt to Adjusted EBITDA Ratio (each of which is a non-GAAP financial measure) are included in the following tables (unaudited, in thousands):

	December 31,
	2016			2015
Net Debt: (B)
Debt	$	2,485,625		$	1,981,920
Deferred financing costs, net	29,320			18,289
Cash and cash equivalents	(19,335		)	(4,283		)
Net Debt	$	2,495,610		$	1,995,926
	Three Months Ended December 31,
	2016			2015
Adjusted EBITDA: (C)
Net income available to common shareholders of EPR Properties	$	52,190		$	46,799
Costs associated with loan refinancing or payoff	—			9
Interest expense, net	26,834			20,792
Transaction costs	2,988			700
Depreciation and amortization	28,351			24,915
Equity in income from joint ventures	(118		)	(268		)
Gain on sale of real estate	(1,430		)	—
Income tax benefit (1)	(84		)	(936		)
Preferred dividend requirements	5,951			5,951
Gain on insurance recovery (2)	(847		)	—
Adjusted EBITDA (for the quarter)	$	113,835		$	97,962
Adjusted EBITDA (3)	$	455,340		$	391,848
Net Debt/Adjusted EBITDA Ratio	5.5			5.1
(1) Includes discontinued operations
(2) Included in other income in the accompanying consolidated statements of income. Other income includes the following:
	Three Months Ended December 31,
	2016			2015
Income from settlement of foreign currency swap contracts	$	705		$	705
Fee income	1,588			—
Gain on insurance recovery	847			—
Miscellaneous income	87			508
Other income	$	3,227		$	1,213
(3) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

(B) Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. The Company's method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

(C) Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as net income available to common shareholders excluding costs associated with loan refinancing or payoff, interest expense (net), depreciation and amortization, equity in (income) loss from joint ventures, gain (loss) on the sale of real estate, gain on insurance recovery, income tax expense (benefit), preferred dividend requirements, the effect of non-cash impairment charges, retirement severance expense, the provision for loan losses and transaction costs (benefit), and which is then multiplied by four to get an annual amount.

The Company's method of calculating Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA is not a measure of

performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure 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.

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 $5.3 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.

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 (including the CNL transaction), our capital resources, future expenditures for development projects, expected dividend payments, 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,” “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. Except as required by law, 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

Fourth Quarter and Year Ended December 31, 2016

EPR Properties
Supplemental Operating and Financial Data
Fourth Quarter and Year Ended December 31, 2016
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
Summary of Mortgage Notes Receivable	18
Capital Spending and Disposition Summaries	19
Property Under Development - Investment Spending Estimates	20
Financial Information and Total Investment by Segment	21
Lease Expirations	26
Top Ten Customers by Revenue from Continuing Operations	27
Net Asset Value (NAV) Components	28
Annualized GAAP Net Operating Income	29
Guidance	30
Definitions-Non-GAAP Financial Measures	31
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	34

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,” “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. Except as required by law, 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 31 through 33 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures in the Appendix on pages 34 through 40.

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

Our vision is to become the leading specialty REIT by focusing our unique knowledge and resources on select underserved real estate segments which provide the potential for outsized returns.

EPR’s primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations (“FFO”) and dividends per share. Central to our growth is remaining focused on acquiring or developing properties in our primary investment segments: Entertainment, Education and Recreation. We may also pursue opportunities to provide mortgage financing for these investment segments in certain situations where this structure is more advantageous than owning the underlying real estate.

Our segment focus is consistent with our strategic organizational design which is structured around building centers of knowledge and strong operating competencies in each of our primary segments. Retention and building of this knowledge depth creates a competitive advantage allowing us to more quickly identify key market trends.

To this end we will deliberately apply information and our ingenuity to identify properties which represent potential logical extensions within each of our segments, or potential future investment segments. As part of our strategic planning and portfolio management process we assess new opportunities against the following five key underwriting principles:

• 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	Senior Vice President - Strategy and Asset Management
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	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
FBR & Co.	David Corak	703-312-1610
Janney Montgomery Scott	Rob Stevenson	646-840-3217
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	Michael Carroll/Wes Golladay	440-715-2649
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 December 31,						Year ended December 31,
Operating Information:	2016			2015			2016		2015
Revenue	$	130,831		$	111,988		$	493,242	$	421,017
Net income available to common shareholders of
EPR Properties	52,190			46,799			201,176		170,726
Adjusted EBITDA (1)(2)	113,835			97,962			428,408		366,114
Interest expense, net	26,834			20,792			97,144		79,915
Recurring principal payments	2,516			2,900			9,963		13,534
Capitalized interest	2,715			4,283			10,697		18,547
Straight-lined rental revenue	6,062			3,267			17,012		12,159
Dividends declared on preferred shares	5,951			5,951			23,806		23,806
Dividends declared on common shares	61,095			54,751			244,043		211,592
General and administrative expense	10,234			8,101			37,543		31,021
Balance Sheet Information:	December 31,
	2016			2015
Total assets	$	4,865,022		$	4,217,270
Accumulated depreciation	635,535			534,303
Total assets before accumulated depreciation (gross assets)	5,500,557			4,751,573
Cash and cash equivalents	19,335			4,283
Debt	2,485,625			1,981,920
Deferred financing costs, net	29,320			18,289
Net debt (2)	2,495,610			1,995,926
Equity	2,185,901			2,073,868
Common shares outstanding	63,647			60,824
Total market capitalization (using EOP closing price)	7,409,787			5,883,332
Net debt/total market capitalization	34		%	34		%
Net debt/gross assets	45		%	42		%
Net debt/Adjusted EBITDA (3)	5.48			5.09
Adjusted net debt/Annualized adjusted EBITDA (2)(4)(5)	5.37			n/a
(1) Includes discontinued operations.
(2) See pages 31 through 33 for definitions.
(3) Adjusted EBITDA is for the quarter times four. See pages 31 through 33 for definitions. See calculation on page 40.
(4) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(5) Annualized adjusted EBITDA is adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. Amounts not calculated for periods prior to 2016. See pages 31 through 33 for definitions.

6

EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Assets
Rental properties:
Entertainment	$	2,511,432		$	2,483,321		$	2,473,635		$	2,369,351		$	2,337,427		$	2,309,413
Education	848,883			811,359			687,815			644,854			621,674			589,755
Recreation	715,323			650,350			600,183			608,393			600,401			551,660
Other	155,659			155,071			153,996			153,944			—			—
Less: accumulated depreciation	(635,535		)	(609,103		)	(583,848		)	(562,195		)	(534,303		)	(511,949		)
Land held for development	22,530			22,530			22,530			22,530			23,610			30,501
Property under development	297,110			263,026			301,605			266,574			378,920			374,533
Mortgage notes receivable: (1)
Entertainment	37,669			36,032			36,032			80,389			58,220			58,220
Education	243,315			70,609			63,828			61,963			79,584			80,230
Recreation	332,994			331,726			322,515			312,577			283,476			311,859
Other	—			2,511			2,500			2,500			2,500			5,021
Investment in a direct financing lease, net	102,698			189,152			188,386			191,720			190,880			190,029
Investment in joint ventures	5,972			6,159			5,955			5,869			6,168			6,439
Cash and cash equivalents	19,335			7,311			8,462			10,980			4,283			14,614
Restricted cash	9,744			20,463			16,614			23,428			10,578			21,949
Accounts receivable, net	98,939			81,217			62,061			62,403			59,101			56,006
Other assets	98,954			99,236			97,955			88,260			94,751			93,724
Total assets	$	4,865,022		$	4,620,970		$	4,460,224		$	4,343,540		$	4,217,270		$	4,182,004
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	119,758		$	101,019		$	91,130		$	77,523		$	92,178		$	98,736
Common dividends payable	20,367			20,361			20,360			20,269			18,401			17,896
Preferred dividends payable	5,951			5,951			5,952			5,952			5,951			5,951
Unearned rents and interest	47,420			55,636			49,798			56,627			44,952			51,996
Line of credit	—			200,000			347,000			217,000			196,000			196,000
Deferred financing costs, net	(29,320		)	(18,885		)	(16,829		)	(17,494		)	(18,289		)	(19,101		)
Other debt	2,514,945			2,067,461			1,768,094			1,796,625			1,804,209			1,841,455
Total liabilities	2,679,121			2,431,543			2,265,505			2,156,502			2,143,402			2,192,933
Equity:
Common stock and additional paid-in- capital	2,677,709			2,669,330			2,666,325			2,644,263			2,509,077			2,414,399
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(113,172		)	(107,136		)	(107,133		)	(104,864		)	(97,328		)	(95,564		)
Accumulated other comprehensive income	7,734			4,698			3,485			3,708			5,622			5,410
Distributions in excess of net income	(386,509		)	(377,604		)	(368,097		)	(356,208		)	(343,642		)	(335,690		)
EPR Properties shareholders' equity	2,185,901			2,189,427			2,194,719			2,187,038			2,073,868			1,988,694
Noncontrolling interests	—			—			—			—			—			377
Total equity	2,185,901			2,189,427			2,194,719			2,187,038			2,073,868			1,989,071
Total liabilities and equity	$	4,865,022		$	4,620,970		$	4,460,224		$	4,343,540		$	4,217,270		$	4,182,004
(1) Includes related accrued interest receivable.

7

EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Rental revenue and tenant reimbursements:
Entertainment	$	69,147		$	67,950		$	65,149		$	64,001		$	63,823		$	63,355
Education	22,971			19,905			17,717			17,182			16,552			13,990
Recreation	17,084			15,958			14,789			14,696			14,539			12,079
Other	2,290			2,290			2,291			1,764			—			—
Mortgage and other financing income:
Entertainment	1,260			1,294			1,481			2,152			1,781			1,782
Education (1)	7,311			7,319			7,178			10,731			7,566			7,479
Recreation	7,540			8,384			7,268			6,998			6,451			8,835
Other	1			34			34			34			63			97
Other income	3,227			2,476			2,126			1,210			1,213			718
Total revenue	$	130,831		$	125,610		$	118,033		$	118,768		$	111,988		$	108,335
Property operating expense	5,915			5,626			5,580			5,481			5,810			5,496
Other expense	—			—			—			5			115			221
General and administrative expense	10,234			9,091			9,000			9,218			8,101			7,482
Costs associated with loan refinancing or payoff	—			14			339			552			9			18
Interest expense, net	26,834			24,265			22,756			23,289			20,792			20,529
Transaction costs	2,988			2,947			1,490			444			700			783
Depreciation and amortization	28,351			27,601			25,666			25,955			24,915			23,498
Income before equity in income in joint ventures and other items	56,509			56,066			53,202			53,824			51,546			50,308
Equity in income from joint ventures	118			203			86			212			268			339
Gain (loss) on sale of real estate	1,430			1,615			2,270			—			—			(95		)
Income tax benefit (expense)	84			(358		)	(423		)	144			936			(498		)
Income from continuing operations	58,141			57,526			55,135			54,180			52,750			50,054
Discontinued operations:
Income from discontinued operations	—			—			—			—			—			141
Net income attributable to EPR Properties	58,141			57,526			55,135			54,180			52,750			50,195
Preferred dividend requirements	(5,951		)	(5,951		)	(5,952		)	(5,952		)	(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties	$	52,190		$	51,575		$	49,183		$	48,228		$	46,799		$	44,244
(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)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	52,190		$	51,575		$	49,183		$	48,228		$	46,799		$	44,244
Gain on sale of real estate (excluding land sale)	—			(549		)	(2,270		)	—			—			—
Real estate depreciation and amortization	28,179			27,147			25,216			25,507			24,480			23,071
Allocated share of joint venture depreciation	55			56			58			60			62			64
FFO available to common shareholders of EPR Properties	$	80,424		$	78,229		$	72,187		$	73,795		$	71,341		$	67,379
FFO available to common shareholders of EPR Properties	$	80,424		$	78,229		$	72,187		$	73,795		$	71,341		$	67,379
Add: Preferred dividends for Series C preferred shares	1,941			1,941			1,941			1,941			1,941			1,941
Diluted FFO available to common shareholders of EPR Properties	$	82,365		$	80,170		$	74,128		$	75,736		$	73,282		$	69,320
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	80,424		$	78,229		$	72,187		$	73,795		$	71,341		$	67,379
Costs associated with loan refinancing or payoff	—			14			339			552			9			18
Gain on insurance recovery (included in other income)	(847		)	(1,825		)	(1,523		)	(489		)	—			—
Termination fee included in gain on sale	—			549			2,270			—			—			—
Transaction costs	2,988			2,947			1,490			444			700			783
(Gain) loss on sale of land	(1,430		)	(1,066		)	—			—			—			95
Deferred income tax expense (benefit)	(401		)	(44		)	(18		)	(602		)	(1,366		)	53
FFO as adjusted available to common shareholders of EPR Properties	$	80,734		$	78,804		$	74,745		$	73,700		$	70,684		$	68,328
FFO as adjusted available to common shareholders of EPR Properties	$	80,734		$	78,804		$	74,745		$	73,700		$	70,684		$	68,328
Add: Preferred dividends for Series C preferred shares	1,941			1,941			1,941			1,941			1,941			1,941
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	82,675		$	80,745		$	76,686		$	75,641		$	72,625		$	70,269
FFO per common share attributable to EPR Properties:
Basic	$	1.26		$	1.23		$	1.14		$	1.18		$	1.19		$	1.16
Diluted	1.25			1.22			1.13			1.17			1.18			1.15
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.27		$	1.24		$	1.18		$	1.18		$	1.18		$	1.18
Diluted	1.26			1.23			1.17			1.17			1.17			1.17
Shares used for computation (in thousands):
Basic	63,635			63,627			63,592			62,664			60,125			58,083
Diluted	63,716			63,747			63,678			62,744			60,205			58,278
Weighted average shares outstanding-diluted EPS	63,716			63,747			63,678			62,744			60,205			58,278
Effect of dilutive Series C preferred shares	2,044			2,036			2,045			2,038			2,029			2,022
Adjusted weighted-average shares outstanding-diluted	65,760			65,783			65,723			64,782			62,234			60,300
(1) See pages 31 through 33 for definitions.

9

EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	80,424		$	78,229		$	72,187		$	73,795		$	71,341		$	67,379
Adjustments:
Amortization of above/below market leases, net and tenant improvements	45			42			48			48			47			48
Transaction costs	2,988			2,947			1,490			444			700			783
Non-real estate depreciation and amortization	172			454			450			448			436			427
Deferred financing fees amortization	1,265			1,187			1,163			1,172			1,163			1,156
Costs associated with loan refinancing or payoff	—			14			339			552			9			18
Gain on insurance recovery (included in other income)	(847		)	(1,825		)	(1,523		)	(489		)	—			—
Termination fees included in gain on sale	—			549			2,270			—			—			—
Share-based compensation expense to management and trustees	2,882			2,778			2,739			2,765			2,290			2,161
Maintenance capital expenditures (2)	(2,409		)	(805		)	(1,859		)	(1,141		)	(1,501		)	(897		)
Straight-lined rental revenue	(6,062		)	(4,597		)	(3,264		)	(3,089		)	(3,267		)	(2,738		)
Non-cash portion of mortgage and other financing income	(862		)	(962		)	(1,017		)	(928		)	(1,009		)	(2,042		)
(Gain) loss on sale of land	(1,430		)	(1,066		)	—			—			—			95
Deferred income tax expense (benefit)	(401		)	(44		)	(18		)	(602		)	(1,366		)	53
AFFO available to common shareholders of EPR Properties	$	75,765		$	76,901		$	73,005		$	72,975		$	68,843		$	66,443
AFFO available to common shareholders of EPR Properties	$	75,765		$	76,901		$	73,005		$	72,975		$	68,843		$	66,443
Add: Preferred dividends for Series C preferred shares	1,941			1,941			1,941			1,941			1,941			1,941
Diluted AFFO available to common shareholders of EPR Properties	$	77,706		$	78,842		$	74,946		$	74,916		$	70,784		$	68,384
Weighted average diluted shares outstanding (in thousands)	63,716			63,747			63,678			62,744			60,205			58,278
Effect of dilutive Series C preferred shares	2,044			2,036			2,045			2,038			2,029			2,022
Adjusted weighted-average shares outstanding-diluted	65,760			65,783			65,723			64,782			62,234			60,300
AFFO per diluted common share	$	1.18		$	1.20		$	1.14		$	1.16		$	1.14		$	1.13
Dividends declared per common share	$	0.9600		$	0.9600		$	0.9600		$	0.9600		$	0.9075		$	0.9075
AFFO payout ratio (3)	81		%	80		%	84		%	83		%	80		%	80		%
(1) See pages 31 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 December 31, 2016
(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
2017	$	5,506	$	157,760		$	—		$	—	$	—	$	163,266		4.86%
2018	65		11,619			—			—		—		11,684			6.19%
2019	—		—			—			—		—		—			—%
2020	—		—			350,000			—		250,000		600,000			5.22%
2021	—		—			—			—		—		—			—%
2022	—		—			—			—		350,000		350,000			5.75%
2023	—		—			—			—		275,000		275,000			5.25%
2024	—		—			—			—		148,000		148,000			4.35%
2025	—		—			—			—		300,000		300,000			4.50%
2026	—		—			—			—		642,000		642,000			4.69%
2027	—		—			—			—		—		—			—%
Thereafter	—		—			24,995			—		—		24,995			0.76%
Less: deferred financing costs, net	—		—			—			—		—		(29,320		)	—%
	$	5,571	$	169,379		$	374,995		$	—	$	1,965,000	$	2,485,625		4.96%
			Balance			Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	174,950		4.95		%	0.50
Fixed rate unsecured debt (1)			2,265,000			5.07		%	6.88
Variable rate secured debt			24,995			0.76		%	20.75
Variable rate unsecured debt			50,000			2.17		%	3.31
Less: deferred financing costs, net			(29,320		)	—		%	—
Total			$	2,485,625		4.96		%	6.50
(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 12/31/2016			Maturity			at 12/31/2016
	$	650,000	$	—		April 24, 2019			2.02%
	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 December 31, 2016 and 2015
(Unaudited, dollars in thousands)
Consolidated Debt (continued)
Summary of Debt:
	December 31, 2016			December 31, 2015
Mortgage note payable, 7.37%, paid in full on February 18, 2016	—			4,813
Note payable, 2.50%, paid in full on April 21, 2016	—			1,850
Mortgage notes payable, 6.37%, paid in full on May 2, 2016	—			24,754
Mortgage notes payable, 6.02%, paid in full on August 8, 2016	—			16,738
Mortgage notes payable, 6.10%, paid in full on September 1, 2016	—			22,235
Mortgage note payable, 6.06%, due March 1, 2017	8,615			9,381
Mortgage note payable, 6.07%, due April 6, 2017	9,331			9,667
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	30,486			31,603
Mortgage notes payable, 4.00%, due July 6, 2017	88,629			93,616
Mortgage note payable, 5.29%, due July 8, 2017	3,298			3,455
Mortgage notes payable, 5.86% due August 1, 2017	22,139			22,931
Mortgage note payable, 6.19%, due February 1, 2018	12,452			13,171
Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019	—			196,000
Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% through April 5, 2019, due April 24, 2020	350,000			350,000
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, 4.35%, due August 22, 2024	148,000			—
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026	192,000			—
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000			—
Bonds payable, variable rate, due October 1, 2037	24,995			24,995
Less: deferred financing costs, net	(29,320		)	(18,289		)
Total debt	$	2,485,625		$	1,981,920

12

EPR Properties
Capital Structure
Senior Notes
Senior Debt Ratings as of December 31, 2016
Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (positive)
Summary of Covenants
The Company has outstanding senior unsecured notes with fixed interest rates of 4.50%, 4.75%, 5.25%, 5.75% and 7.75%. Interest on these notes is paid semiannually. These 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%, 4.75%, 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 December 31, 2016 and September 30, 2016 are:
		Actual	Actual
Note Covenants	Required	4th Quarter 2016 (1)	3rd Quarter 2016 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	46%	44%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	4%	4%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.8x	4.0x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	212%	225%
(1) See page 14 for detailed calculations.
Note: The above excludes the private placement notes.

13

EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
Covenant Calculations
Total Assets:	December 31, 2016						Total Debt:						December 31, 2016
Total Assets per balance sheet	$	4,865,022					Secured debt obligations						$	199,945
Add: accumulated depreciation	635,535						Unsecured debt obligations:
Less: intangible assets	(14,779		)				Unsecured debt						2,315,000
Total Assets	$	5,485,778					Outstanding letters of credit						5,000
							Guarantees						24,929
							Derivatives at fair market value, net, if liability						—
							Total unsecured debt obligations:						2,344,929
Total Unencumbered Assets:	December 31, 2016						Total Debt						$	2,544,874
Unencumbered real estate assets, gross	$	4,632,702
Cash and cash equivalents	19,335
Land held for development	22,530
Property under development	297,110
Total Unencumbered Assets	$	4,971,677
Consolidated Income Available for Debt Service:	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			Trailing Twelve Months
Adjusted EBITDA (1)	$	113,835		$	109,068		$	101,930		$	103,575		$	428,408
Less: straight-line rental revenue	(6,062		)	(4,597		)	(3,264		)	(3,089		)	(17,012		)
Consolidated Income Available for Debt Service	$	107,773		$	104,471		$	98,666		$	100,486		$	411,396
Annual Debt Service:
Interest expense, gross	$	29,549		$	27,196		$	25,516		$	25,580		$	107,841
Less: deferred financing fees amortization	(1,265		)	(1,187		)	(1,163		)	(1,172		)	(4,787		)
Annual Debt Service	$	28,284		$	26,009		$	24,353		$	24,408		$	103,054
Debt Service Coverage	3.8			4.0			4.1			4.1			4.0
(1) Includes discontinued operations.

14

EPR Properties
Capital Structure at December 31, 2016
(Unaudited, dollars in thousands except share information)
Equity
Security	Shares Issued and Outstanding	Price per share at December 31, 2016		Liquidation Preference		Dividend Rate		Convertible	Conversion Ratio at December 31, 2016	Conversion Price at December 31, 2016
Common shares	63,647,081	$	71.77	N/A		(1)		N/A	N/A	N/A
Series C	5,399,050	$	28.46	$	134,976	5.750%		Y	0.3785	66.05
Series E	3,450,000	$	35.88	$	86,250	9.000%		Y	0.4569	54.72
Series F	5,000,000	$	25.13	$	125,000	6.625%		N	N/A	N/A
Calculation of Total Market Capitalization:
Common shares outstanding at December 31, 2016 multiplied by closing price at December 31, 2016						$	4,567,951
Aggregate liquidation value of Series C preferred shares (2)						134,976
Aggregate liquidation value of Series E preferred shares (2)						86,250
Aggregate liquidation value of Series F preferred shares (2)						125,000
Net debt at December 31, 2016 (3)						2,495,610
Total consolidated market capitalization						$	7,409,787
(1) Total monthly dividends declared in the fourth quarter of 2016 were $0.96 per share.
(2) Excludes accrued unpaid dividends at December 31, 2016.
(3) See pages 31 through 33 for definitions.

15

EPR Properties
Summary of Ratios
(Unaudited)
	4th Quarter 2016	3rd Quarter 2016	2nd Quarter 2016	1st Quarter 2016	4th Quarter 2015	3rd Quarter 2015
Net debt to total market capitalization	34%	30%	28%	30%	34%	37%
Net debt to gross assets	45%	43%	42%	41%	42%	43%
Net debt/Adjusted EBITDA (1)(2)	5.48	5.18	5.17	4.81	5.09	5.31
Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.37	5.08	4.89	4.76	n/a	n/a
Interest coverage ratio (5)	3.7	3.9	4.0	4.0	3.9	3.7
Fixed charge coverage ratio (5)	3.1	3.2	3.2	3.3	3.1	3.0
Debt service coverage ratio (5)	3.4	3.6	3.6	3.7	3.5	3.3
FFO payout ratio (6)	77%	79%	85%	82%	77%	79%
FFO as adjusted payout ratio (7)	76%	78%	82%	81%	78%	78%
AFFO payout ratio (8)	81%	80%	84%	83%	80%	80%
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter times four. See calculation on page 40.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(4) Annualized adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. Amounts not calculated for periods prior to 2016. See pages 31 through 33 for definitions.
(5) See page 17 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(8) 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)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Interest Coverage Ratio (1):
Net income	$	58,141		$	57,526		$	55,135		$	54,180		$	52,750		$	50,195
Transaction costs	2,988			2,947			1,490			444			700			783
Interest expense, gross	29,549			27,196			25,516			25,580			25,076			25,300
Depreciation and amortization	28,351			27,601			25,666			25,955			24,915			23,498
Share-based compensation expense
to management and trustees	2,882			2,778			2,739			2,765			2,290			2,161
Costs associated with loan refinancing
or payoff	—			14			339			552			9			18
Interest cost capitalized	(2,715		)	(2,931		)	(2,760		)	(2,291		)	(4,283		)	(4,771		)
Straight-line rental revenue	(6,062		)	(4,597		)	(3,264		)	(3,089		)	(3,267		)	(2,738		)
(Gain) loss on sale of real estate	(1,430		)	(1,615		)	(2,270		)	—			—			95
Gain on insurance recovery	(847		)	(1,825		)	(1,523		)	(489		)	—			—
Deferred income tax expense (benefit)	(401		)	(44		)	(18		)	(602		)	(1,366		)	53
Interest coverage amount	$	110,456		$	107,050		$	101,050		$	103,005		$	96,824		$	94,594
Interest expense, net	$	26,834		$	24,265		$	22,756		$	23,289		$	20,792		$	20,529
Interest income	—			—			—			—			1			—
Interest cost capitalized	2,715			2,931			2,760			2,291			4,283			4,771
Interest expense, gross	$	29,549		$	27,196		$	25,516		$	25,580		$	25,076		$	25,300
Interest coverage ratio	3.7			3.9			4.0			4.0			3.9			3.7
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	110,456		$	107,050		$	101,050		$	103,005		$	96,824		$	94,594
Interest expense, gross	$	29,549		$	27,196		$	25,516		$	25,580		$	25,076		$	25,300
Preferred share dividends	5,951			5,951			5,952			5,952			5,951			5,951
Fixed charges	$	35,500		$	33,147		$	31,468		$	31,532		$	31,027		$	31,251
Fixed charge coverage ratio	3.1			3.2			3.2			3.3			3.1			3.0
Debt Service Coverage Ratio (1):
Interest coverage amount	$	110,456		$	107,050		$	101,050		$	103,005		$	96,824		$	94,594
Interest expense, gross	$	29,549		$	27,196		$	25,516		$	25,580		$	25,076		$	25,300
Recurring principal payments	2,516			2,551			2,298			2,598			2,900			3,363
Debt service	$	32,065		$	29,747		$	27,814		$	28,178		$	27,976		$	28,663
Debt service coverage ratio	3.4			3.6			3.6			3.7			3.5			3.3
(1) See pages 31 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement. See Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures.

17

EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
Summary of Mortgage Notes Receivable
	Operating Segment	December 31, 2016		December 31, 2015
Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016	Education	$	—	$	19,944
Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016	Entertainment	—		22,188
Mortgage note, 5.50%, paid in full October 11, 2016	Other	—		2,500
Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2017	Education	1,454		1,454
Mortgage note and related accrued interest receivable, 9.00%, due July 31, 2017	Education	1,375		1,257
Mortgage note and related accrued interest receivable, 7.00%, due October 19, 2018	Entertainment	1,637		—
Mortgage notes, 7.00% to 10.00%, due May 1, 2019	Recreation	164,743		164,543
Mortgage note, 7.00%, due December 20, 2021	Education	70,304		—
Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026	Recreation	5,635		—
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032	Entertainment	36,032		36,032
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	Education	5,327		5,469
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	Education	30,849		30,680
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	Education	3,508		3,488
Mortgage note, 11.31%, due July 1, 2033	Recreation	12,530		12,781
Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034	Education	7,230		4,900
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	Education	12,473		12,392
Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034	Recreation	51,250		51,450
Mortgage notes, 10.28%, due December 1, 2034	Recreation	37,562		37,562
Mortgage note, 10.72%, due December 1, 2034	Recreation	4,550		4,550
Mortgage note, 8.00%, due January 5, 2036	Recreation	21,000		—
Mortgage note, 10.25%, due May 31, 2036	Recreation	17,505		9,147
Mortgage note and related accrued interest receivable, 9.75%, due July 28, 2036	Recreation	18,219		3,443
Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036	Education	6,083		—
Mortgage note, 9.75%, due December 31, 2036	Education	4,712		—
Mortgage notes, 7.25%, due November 30, 2041	Education	100,000		—
Total mortgage notes and related accrued interest receivable		$	613,978	$	423,780
Payments Due on Mortgage Notes Receivable
		As of December 31, 2016
Year:
2017		$	5,084
2018		2,546
2019		163,874
2020		1,143
2021		71,569
Thereafter		369,762
Total		$	613,978

18

EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)
2016 Capital Spending	Location	Operating Segment	Capital Spending Three Months Ended December 31, 2016		Capital Spending Year Ended December 31, 2016
Development and redevelopment of megaplex theatres	various	Entertainment	$	32,627	$	64,194
Acquisition of megaplex theatres	various	Entertainment	22,392		133,410
Development of other entertainment and retail projects	various	Entertainment	11,236		29,891
Acquisition of family entertainment center	Marietta, GA	Entertainment	—		14,988
Investment in mortgage note receivable for entertainment retail center	Charlotte, NC	Entertainment	—		22,000
Investment in mortgage note receivable for megaplex theatre	Houston, TX	Entertainment	1,618		1,618
Investment in mortgage notes receivable for public charter schools	various	Education	2,736		13,915
Investment in mortgage notes receivable for early childhood education and private schools	various	Education	100,000		100,000
Development of public charter school properties	various	Education	11,459		76,913
Acquisition and development of early childhood education centers	various	Education	33,612		120,604
Acquisition and development of private school properties	various	Education	3,547		27,227
Development of Topgolf golf entertainment facilities	various	Recreation	38,577		143,104
Investment in mortgage note receivable for ski resort	Hunter, NY	Recreation	—		21,000
Additions to mortgage note and notes receivable for development of excess land at Schlitterbahn waterpark	various	Recreation	1,190		1,390
Investment in mortgage note receivable for fitness facility	Omaha, NE	Recreation	5,630		5,630
Development of Camelback Mountain Resort	Tannersville, PA	Recreation	43		3,489
Development of waterpark	Powells Point, NC	Recreation	4,781		4,781
Redevelopment of ski properties	various	Recreation	5,762		13,098
Investment in waterpark hotel for casino and resort project	Sullivan County, NY	Recreation	2,345		5,853
Investment in casino and resort project	Sullivan County, NY	Other	590		1,903
Total investment spending			$	278,145	$	805,008
Infrastructure spending for casino and resort project (1)	Sullivan County, NY	Other	—		17,111
Other capital acquisitions, net	various	n/a	1,856		4,983
Total capital spending			$	280,001	$	827,102
2016 Dispositions and Mortgage Note Payoffs	Location	Date of Disposition or Payoff	Net Proceeds
Mortgage note payoff of public charter school property	Washington D.C.	January 2016	19,320
Sale of public charter school property	Highlands Ranch, CO	April 2016	11,209
Mortgage note payoff of entertainment retail center	Charlotte, NC	April 2016	44,000
Sale of public charter school property	Loveland, CO	August 2016	5,433
Sales of public charter school properties classified as investment in a direct financing lease	various	various	91,256
Sales of land	various	various	7,218
Mortgage notes payoff	various	various	8,000

(1) In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which will fund construction costs for infrastructure improvements related to the Adelaar Resort. The Company received an initial reimbursement of $43.4 million of construction costs and expects to receive an additional $44.9 million of reimbursements over the balance of the construction period. Construction of infrastructure improvements is expected to be completed in 2018.

19

EPR Properties
Property Under Development - Investment Spending Estimates at December 31, 2016 (1)
(Unaudited, dollars in thousands)
	December 31, 2016			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	1st Quarter 2017		2nd Quarter 2017		3rd Quarter 2017		4th Quarter 2017		Thereafter		Total Expected Cost (2)		% Leased
Entertainment	$	60,721	18	$	27,712	$	20,441	$	14,877	$	10,000	$	8,218	$	141,969	100%
Education	93,563		18	34,803		19,750		18,450		16,300		1,373		184,239		100%
Recreation (3)	98,371		8	32,204		48,063		44,875		31,313		63,050		317,876		100%
Total Build-to-Suit	252,655		44	$	94,719	$	88,254	$	78,202	$	57,613	$	72,641	$	644,084
Non Build-to-Suit Development	38,753
Adelaar	5,702
Total Property Under Development	$	297,110
			December 31, 2016	Owned Build-to-Suit In-Service Estimates
			# of Projects	1st Quarter 2017		2nd Quarter 2017		3rd Quarter 2017		4th Quarter 2017		Thereafter		Total In-Service (2)		Actual In-Service 4th Quarter 2016
Entertainment			18	$	8,281	$	24,567	$	53,791	$	28,274	$	27,056	$	141,969	$	12,672
Education			18	31,495		65,694		36,467		11,423		39,160		184,239		28,767
Recreation			8	22,734		6,989		84,800		29,353		174,000		317,876		49,538
Total Build-to-Suit			44	$	62,510	$	97,250	$	175,058	$	69,050	$	240,216	$	644,084	$	90,977
	December 31, 2016			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	1st Quarter 2017		2nd Quarter 2017		3rd Quarter 2017		4th Quarter 2017		Thereafter		Total Expected Cost (2)
Entertainment	$	1,637	1	$	2,243	$	2,994	$	998	$	—	$	—	$	7,872
Education	18,025		3	2,794		2,600		—		—		—		23,419
Recreation	—		—	—		—		—		—		—		—
Total Build-to-Suit Mortgage Notes	19,662		4	$	5,037	$	5,594	$	998	$	—	$	—	$	31,291
Non Build-to-Suit Mortgage Notes	594,316
Total Mortgage Notes Receivable	$	613,978
(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of December 31, 2016.
(2) "Total Expected Cost" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Recreation includes costs related to waterpark hotel at Adelaar.
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 Segment
For the Three Months Ended December 31, 2016
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	65,129		$	22,971		$	17,084		$	2,290		$	107,474		$	—		$	107,474
Tenant reimbursements	4,018			—			—			—			4,018			—			4,018
Other income	27			1,648			847			—			2,522			705			3,227
Mortgage and other financing income	1,260			7,311			7,540			1			16,112			—			16,112
Total revenue	70,434			31,930			25,471			2,291			130,126			705			130,831
Property operating expense	5,488			—			—			243			5,731			184			5,915
Total investment expenses	5,488			—			—			243			5,731			184			5,915
General and administrative expense	—			—			—			—			—			10,234			10,234
Less: gain on insurance recovery (1)	—			—			847			—			847			—			847
Adjusted EBITDA (2)	$	64,946		$	31,930		$	24,624		$	2,048		$	123,548		$	(9,713	)	$	113,835
	52		%	26		%	20		%	2		%	100		%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(26,834		)	(26,834		)
Transaction costs																(2,988		)	(2,988		)
Depreciation and amortization																(28,351		)	(28,351		)
Equity in income from joint ventures																118			118
Gain on sale of real estate																1,430			1,430
Income tax benefit																84			84
Gain on insurance recovery (1)																847			847
Net income attributable to EPR Properties																			58,141
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	52,190
(1) Included in other income. See reconciliation on page 40.
(2) See pages 31 through 33 for definitions.

21

EPR Properties
Financial Information by Segment
For the Year Ended December 31, 2016
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	250,659		$	77,768		$	62,527		$	8,635		$	399,589		$	—		$	399,589
Tenant reimbursements	15,588			7			—			—			15,595			—			15,595
Other income	249			1,648			4,482			—			6,379			2,660			9,039
Mortgage and other financing income	6,187			32,539			30,190			103			69,019			—			69,019
Total revenue	272,683			111,962			97,199			8,738			490,582			2,660			493,242
Property operating expense	21,303			—			8			662			21,973			629			22,602
Other expense	—			—			—			5			5			—			5
Total investment expenses	21,303			—			8			667			21,978			629			22,607
General and administrative expense	—			—			—			—			—			37,543			37,543
Less: gain on insurance recovery (1)	202			—			4,482			—			4,684			—			4,684
Adjusted EBITDA (2)	$	251,178		$	111,962		$	92,709		$	8,071		$	463,920		$	(35,512	)	$	428,408
	54		%	24		%	20		%	2		%	100		%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(905		)	(905		)
Interest expense, net																(97,144		)	(97,144		)
Transaction costs																(7,869		)	(7,869		)
Depreciation and amortization																(107,573		)	(107,573		)
Equity in income from joint ventures																619			619
Gain on sale of real estate																5,315			5,315
Income tax expense																(553		)	(553		)
Gain on insurance recovery (1)																4,684			4,684
Net income attributable to EPR Properties																			224,982
Preferred dividend requirements																(23,806		)	(23,806		)
Net income available to common shareholders of EPR Properties																			$	201,176
(1) Included in other income. See reconciliation on page 40.
(2) See pages 31 through 33 for definitions.

22

EPR Properties
Financial Information by Segment
For the Three Months Ended December 31, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,489		$	16,552		$	14,539		$	—		$	90,580		$	—		$	90,580
Tenant reimbursements	4,334			—			—			—			4,334			—			4,334
Other income	8			—			—			1			9			1,204			1,213
Mortgage and other financing income	1,781			7,566			6,451			63			15,861			—			15,861
Total revenue	65,612			24,118			20,990			64			110,784			1,204			111,988
Property operating expense	5,721			—			—			89			5,810			—			5,810
Other expense	—			—			—			115			115			—			115
Total investment expenses	5,721			—			—			204			5,925			—			5,925
General and administrative expense	—			—			—			—			—			8,101			8,101
Adjusted EBITDA (1)	$	59,891		$	24,118		$	20,990		$	(140	)	$	104,859		$	(6,897	)	$	97,962
	57		%	23		%	20		%	—		%	100		%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(9		)	(9		)
Interest expense, net																(20,792		)	(20,792		)
Transaction costs																(700		)	(700		)
Depreciation and amortization																(24,915		)	(24,915		)
Equity in income from joint ventures																268			268
Income tax benefit																936			936
Net income attributable to EPR Properties																			52,750
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	46,799
(1) See pages 31 through 33 for definitions.

23

EPR Properties
Financial Information by Segment
For the Year Ended December 31, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	238,896		$	51,439		$	40,551		$	—		$	330,886		$	—		$	330,886
Tenant reimbursements	16,343			—			—			(23		)	16,320			—			16,320
Other income	512			—			—			119			631			2,998			3,629
Mortgage and other financing income	7,127			30,622			32,080			353			70,182			—			70,182
Total revenue	262,878			82,061			72,631			449			418,019			2,998			421,017
Property operating expense	23,120			—			—			313			23,433			—			23,433
Other expense	—			—			—			648			648			—			648
Total investment expenses	23,120			—			—			961			24,081			—			24,081
General and administrative expense	—			—			—			—			—			31,021			31,021
Adjusted EBITDA - continuing operations (1)	$	239,758		$	82,061		$	72,631		$	(512	)	$	393,938		$	(28,023	)	$	365,915
Adjusted EBITDA - discontinued operations (1)	—			—			—			—			—			199			199
Adjusted EBITDA (1)	$	239,758		$	82,061		$	72,631		$	(512	)	$	393,938		$	(27,824	)	$	366,114
	61		%	21		%	18		%	—		%	100		%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(270		)	(270		)
Interest expense, net																(79,915		)	(79,915		)
Transaction costs																(7,518		)	(7,518		)
Retirement severance expense																(18,578		)	(18,578		)
Depreciation and amortization																(89,617		)	(89,617		)
Equity in income from joint ventures																969			969
Gain on sale of real estate																23,829			23,829
Income tax expense (2)																(482		)	(482		)
Net income attributable to EPR Properties																			194,532
Preferred dividend requirements																(23,806		)	(23,806		)
Net income available to common shareholders of EPR Properties																			$	170,726
(1) See pages 31 through 33 for definitions.
(2) Includes discontinued operations.

24

EPR Properties
Total Investment by Segment
As of December 31, 2016 and 2015
(Unaudited, dollars in thousands)
		As of December 31, 2016
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,957,586		$	805,967		$	676,550		$	155,659		$	3,595,762
Add back accumulated depreciation on rental properties		553,846			42,916			38,773			—			635,535
Land held for development		4,457			1,258			—			16,815			22,530
Property under development		87,670			105,366			98,371			5,701			297,108
Mortgage notes and related accrued interest receivable, net		37,669			243,315			332,994			—			613,978
Investment in a direct financing lease, net		—			102,698			—			—			102,698
Investment in joint ventures		5,972			—			—			—			5,972
Intangible assets, gross (1)		28,597			190			—			—			28,787
Notes receivable and related accrued interest receivable, net (1)		1,987			1,588			1,190			—			4,765
	Total investments (2)	$	2,677,784		$	1,303,298		$	1,147,878		$	178,175		$	5,307,135
	% of total investments	50		%	25		%	22		%	3		%	100		%
		As of December 31, 2015
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,849,604		$	597,795		$	577,800		$	—		$	3,025,199
Add back accumulated depreciation on rental properties		487,823			23,879			22,601			—			534,303
Land held for development		4,457			1,258			—			17,895			23,610
Property under development		23,625			112,794			59,453			183,048			378,920
Mortgage notes and related accrued interest receivable, net		58,220			79,584			283,476			2,500			423,780
Investment in a direct financing lease, net		—			190,880			—			—			190,880
Investment in joint ventures		6,168			—			—			—			6,168
Intangible assets, gross (1)		20,715			—			—			—			20,715
Notes receivable and related accrued interest receivable, net (1)		2,228			—			—			—			2,228
	Total investments (2)	$	2,452,840		$	1,006,190		$	943,330		$	203,443		$	4,605,803
	% of total investments	53		%	22		%	21		%	4		%	100		%
(1) Included in other assets in the consolidated balance sheets as of December 31, 2016 and 2015 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		12/31/2016			12/31/2015
Intangible assets, gross		$	28,787		$	20,715
Less: accumulated amortization on intangible assets		(14,008		)	(12,079		)
Notes receivable and related accrued interest receivable, net		4,765			2,228
Prepaid expenses and other current assets		79,410			83,887
Total other assets		$	98,954		$	94,751
(2) See pages 31 through 33 for definitions.

25

EPR Properties
Lease Expirations
As of December 31, 2016
(Unaudited, dollars in thousands)
	Megaplex Theatres						Education Portfolio						Recreation Portfolio
Year	Total Number of Properties		Rental Revenue for the Year Ended December 31, 2016 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Year Ended December 31, 2016		% of Total Revenue		Total Number of Properties	Rental Revenue for the Year Ended December 31, 2016		% of Total Revenue
2017	3		$	8,409	2	%	1		$	1,810	1	%	—	$	—	—	%
2018	15		25,493		5	%	1		190		—	%	—	—		—	%
2019	3		7,877		2	%	—		—		—	%	—	—		—	%
2020	4		7,517		2	%	—		—		—	%	—	—		—	%
2021	8		10,898		2	%	—		—		—	%	—	—		—	%
2022	13		24,086		5	%	—		—		—	%	—	—		—	%
2023	6		11,631		2	%	—		—		—	%	—	—		—	%
2024	13		25,837		5	%	—		—		—	%	—	—		—	%
2025	5		10,920		2	%	—		—		—	%	—	—		—	%
2026	8		12,580		2	%	—		—		—	%	—	—		—	%
2027	15	(2)	19,006		4	%	—		—		—	%	1	2,896		1	%
2028	5		7,447		2	%	—		—		—	%	—	—		—	%
2029	19	(3)	23,543		5	%	—		—		—	%	—	—		—	%
2030	5		8,462		2	%	—		—		—	%	—	—		—	%
2031	11	(4)	13,514		3	%	12	(5)	7,206		1	%	—	—		—	%
2032	3		2,097		—	%	12	(6)	16,875		3	%	3	4,506		1	%
2033	6		4,370		1	%	10	(7)	9,420		2	%	1	1,676		—	%
2034	2		1,977		—	%	14		24,175		5	%	6	15,342		3	%
2035	2		2,297		—	%	24	(8)	20,425		4	%	11	40,160		8	%
2036	2		850		—	%	14		9,814		2	%	4	2,110		1	%
Thereafter	—		—		—		3		992		—	%	—	—		—	%
	148		$	228,811	46	%	91		$	90,907	18	%	26	$	66,690	14	%
Note: This schedule relates to owned megaplex theatres, public charter schools, early education centers, private schools, ski areas and golf entertainment complexes only, which together represent approximately 78% of total revenue for the year ended December 31, 2016. 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 and five of these theatre properties are leased under a separate master lease.
(5) Four of these education properties are leased under a master lease to Imagine.
(6) Four of these education properties are leased under a master lease to Imagine.
(7) Three of these education properties are leased under a master lease to Imagine.
(8) One of these education properties are leased under a master lease to Imagine.

26

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	Year Ended		Percentage of
	Customers	Asset Type	December 31, 2016		Total Revenue	December 31, 2016		Total Revenue
1.	AMC Theatres (1)	Entertainment	$	29,445	23%	$	111,684	23%
2.	Topgolf	Recreation	11,976		9%	41,540		8%
3.	Regal Entertainment Group	Entertainment	11,025		8%	43,215		9%
4.	Cinemark	Entertainment	8,739		7%	34,334		7%
5.	Imagine Schools	Education	5,719		4%	22,932		4%
6.	Camelback Resort	Recreation	4,842		4%	19,024		4%
7.	Basis Independent Schools	Education	4,520		3%	12,952		3%
8.	Children's Learning Adventure	Education	3,792		3%	12,433		2%
9.	Southern Theatres	Entertainment	3,417		3%	13,331		3%
10.	Peak Resorts	Recreation	3,298		2%	12,983		3%
	Total		$	86,773	66%	$	324,428	66%

(1) On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). The total revenue above is the total revenues derived from rental payments from Carmike and AMC.

27

EPR Properties
Net Asset Value (NAV) Components
As of December 31, 2016
(Unaudited, dollars and shares in thousands)
Annualized Cash Net Operating Income (NOI) Run Rate (for NAV calculations) (1)
	Owned		Financed		Total
Megaplex	$	208,592	$	1,260	$	209,852
ERC's/Retail	44,320		—		44,320
Other Entertainment	4,520		3,812		8,332
Entertainment	257,432		5,072		262,504
Public Charter Schools	41,400		21,536		62,936
Early Childhood Education	17,520		3,892		21,412
Private Schools	19,212		3,356		22,568
Education	78,132		28,784		106,916
Ski Areas	9,568		11,880		21,448
Waterparks	15,828		14,296		30,124
Golf Entertainment Complexes	43,668		5,556		49,224
Other Recreation	—		444		444
Recreation	69,064		32,176		101,240
Annualized cash NOI run rate	$	404,628	$	66,032	$	470,660
Other NAV Components
Assets			Liabilities
Property under development	$	297,110	Long-term debt (2)				$	2,514,945
Land held for development	22,530		Series E liquidation value				86,250
Adelaar land in-service	155,659		Series F liquidation value				125,000
Investment in joint ventures	5,972		Accounts payable and accrued liabilties				119,758
Cash and cash equivalents	19,335		Preferred dividends payable				5,951
Restricted cash	9,744		Unearned rents and interest (4)				9,501
Accounts receivable, net (3)	31,321
Prepaid expenses and other current assets (5)	68,462
Shares
Common shares outstanding	63,647
Effect of dilutive securities - share options	93
Effect of dilutive Series C preferred shares	2,044
Diluted shares outstanding	65,784

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2016.

(2) Excludes deferred financing costs, net of $29.3 million.

(3) Excludes straight-line receivable of $67.6 million.

(4) Excludes deferred rent liabilities related to portions of rental properties funded by tenants of $22.1 million and cash paid by tenants during construction of $15.8 million.

(5) Excludes deferred tax assets of $12.3 million, deferred financing costs, net of $3.5 million and intangible assets of $14.8 million.

28

EPR Properties
Annualized GAAP Net Operating Income
As of December 31, 2016
(Unaudited, dollars in thousands)
Annualized GAAP Net Operating Income (NOI) Run Rate (1)
	Owned		Financed		Total
Megaplex	$	209,616	$	1,260	$	210,876
ERC's/Retail	42,792		—		42,792
Other Entertainment	4,340		3,812		8,152
Entertainment	256,748		5,072		261,820
Public Charter Schools	50,228		23,728		73,956
Early Childhood Education	19,636		3,892		23,528
Private Schools	21,860		3,356		25,216
Education	91,724		30,976		122,700
Ski Areas	9,840		11,880		21,720
Waterparks	15,828		14,612		30,440
Golf Entertainment Complexes	44,580		5,556		50,136
Other Recreation	—		444		444
Recreation	70,248		32,492		102,740
Annualized GAAP NOI run rate	$	418,720	$	68,540	$	487,260

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2016.

29

EPR Properties

Guidance

(Dollars in millions except for per share information)

Measure	2017 Guidance
	Current			Prior
Investment spending	$1,300.0	to	$1,350.0	$1,300.0	to	$1,350.0
Disposition proceeds and mortgage note payoff	$150.0	to	$300.0	$150.0	to	$200.0
Termination fee - education properties (1)	$12.0	to	$15.0	$11.0	to	$14.0
Percentage rent and participating interest income	$4.7	to	$5.7	$4.7	to	$5.7
General and administrative expense	$42.0	to	$44.0	$40.5	to	$42.5
FFO per diluted share	$4.71	to	$4.82	$4.70	to	$4.81
FFO as adjusted per diluted share	$5.05	to	$5.20	$5.05	to	$5.20
Reconciliation from Net income available to common shareholders of EPR Properties (per diluted share):	2017 Current Guidance
Net income available to common shareholders of EPR Properties	$3.52	to	$3.67
Gain on sale of real estate (excluding land sales) (1)	(0.52)	to	(0.56)
Real estate depreciation and amortization	1.76
Allocated share of joint venture depreciation	—
Impact of Series C and Series E Dilution, if applicable	(0.05)
FFO available to common shareholders of EPR Properties	$4.71	to	$4.82
Transaction costs	0.16
Termination fee - education properties (1)	0.17	to	0.21
Deferred income tax benefit	0.01
FFO as adjusted available to common shareholders of EPR Properties	$5.05	to	$5.20

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) Termination fees received related to leases where an operator exercises its option to purchase the property and terminates the lease prior to the lease maturity are included in gain on sale of real estate per GAAP and are excluded from FFO (in accordance with the NAREIT definition) but then included in FFO as adjusted. Including in FFO as adjusted is consistent with how other lease termination fees and fees received for early prepayment of mortgage notes receivable are reflected.

30

EPR Properties

Definitions - Non-GAAP Financial Measures

ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as net income available to common shareholders excluding costs associated with loan refinancing or payoff, interest expense (net), depreciation and amortization, equity in (income) loss from joint ventures, gain (loss) on the sale of real estate, gain on insurance recovery, income tax expense (benefit), preferred dividend requirements, the effect of non-cash impairment charges, retirement severance expense, the provision for loan losses and transaction costs (benefit), and which is then multiplied by four to get an annual amount. Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items, which is then multiplied by four to get an annual amount.

The Company’s method of calculating Adjusted EBITDA and Annualized Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA and Annualized 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.

NET DEBT AND ADJUSTED NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and cash and cash equivalents, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted net debt is net debt less 40% times property under development to remove the estimated portion of property under development that has been financed with debt but has not yet produced earnings. The Company's method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

NET DEBT TO ADJUSTED EBIDTA AND ADJUSTED NET DEBT TO ANNUALIZED ADJUSTED EBITDA

Net Debt to Adjusted EBITDA and Adjusted Net Debt to Annualized Adjusted EBITDA are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating both ratios may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

NET OPERATING INCOME ("NOI") AND NOI RUN RATES

NOI 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 NOI in its analysis of the operations and valuation of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of the operating performance of the Company's investments, such as gains (or losses) from sales of property, depreciation and amortization, and general and administrative expense, and is used in computing various financial ratios as a measure of operational performance. The Company computes NOI by adding

31

back to Adjusted EBITDA - Continuing Operations the impact of general and administrative expense and corporate/unallocated and other.

Quarterly Cash NOI Run Rate is computed by taking quarterly NOI and making adjustments for in-service projects, percentage rent and participating interest, non-cash revenue and non-recurring adjustments to provide a quarterly cash run rate of such measure. Quarterly Cash NOI Run Rate multiplied by four equals Annualized Cash NOI Run Rate.

Quarterly GAAP NOI Run Rate is computed by taking quarterly NOI and making adjustments for in-service projects, percentage rent and participating interest and non-recurring adjustments to provide a quarterly GAAP run rate of such measure. Quarterly GAAP NOI Run Rate multiplied by four equals Annualized GAAP NOI Run Rate.

The Company's method of calculating NOI, Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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, preferred share redemption costs and termination fees associated with tenants' exercises of education properties buy-out options and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land, gain on insurance recovery 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, preferred share redemption costs, and termination fees associated with tenants' exercises of education properties buy-out options; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income, gain (loss) on sale of land, gain on insurance recovery 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

32

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 insurance recovery, 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 interest expense, gross and 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 interest expense, gross and 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.

33

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Fourth Quarter and Year Ended December 31, 2016

34

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 page 17 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 by 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:
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Net cash provided by operating activities	$	90,429		$	63,241		$	83,944		$	68,588		$	93,638		$	64,415
Equity in income from joint ventures	118			203			86			212			268			339
Distributions from joint ventures	(305		)	—			—			(511		)	(540		)	—
Amortization of deferred financing costs	(1,265		)	(1,187		)	(1,163		)	(1,172		)	(1,163		)	(1,156		)
Amortization of above market leases, net	(45		)	(42		)	(48		)	(48		)	(47		)	(48		)
Increase (decrease) in mortgage notes and related accrued interest receivable	(760		)	916			(214		)	(514		)	(1,332		)	2,456
Increase (decrease) in restricted cash	156			(202		)	(556		)	2,221			(1,923		)	373
Increase (decrease) in accounts receivable, net	18,561			14,739			1,359			2,968			3,303			(805		)
Increase in direct financing lease receivable	752			767			896			840			851			826
Increase (decrease) in other assets	(1,873		)	448			1,838			2,907			(2,744		)	344
Decrease (increase) in accounts payable and accrued liabilities	(22,285		)	4,329			(5,947		)	6,878			(8,406		)	8,697
Decrease (increase) in unearned rents and interest	1,625			1,223			(127		)	(8		)	(3,307		)	579
Non-cash fee income	1,588			—			—			—			—			—
Straight-line rental revenue	(6,062		)	(4,597		)	(3,264		)	(3,089		)	(3,267		)	(2,738		)
Interest expense, gross	29,549			27,196			25,516			25,580			25,076			25,300
Interest cost capitalized	(2,715		)	(2,931		)	(2,760		)	(2,291		)	(4,283		)	(4,771		)
Transaction costs	2,988			2,947			1,490			444			700			783
Interest coverage amount (1)	$	110,456		$	107,050		$	101,050		$	103,005		$	96,824		$	94,594
Net cash used by investing activities	$	(246,896	)	$	(147,051	)	$	(137,285	)	$	(130,915	)	$	(96,423	)	$	(185,190	)
Net cash provided (used) by financing activities	$	168,566		$	82,672		$	51,457		$	68,439		$	(7,291	)	$	129,530
(1) See pages 31 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

35

EPR Properties

Reconciliations of Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate

Net Operating Income ("NOI"), Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate as used on pages 28 and 29 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of our performance or to cash flows as a measure of our liquidity. The tables on pages 38 through 40 provide reconciliations of these non-GAAP measures with respect to each segment and property type, and should be read in conjunction with the reconciliations on page 21 of our segment Adjusted EBITDA - continuing operations to our net income.

The following explanatory notes apply to the tables on pages 37 through 39.

(1) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.

(2) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.

(3) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.

(4) Adjustments for properties commencing or terminating cash payments during the quarter, as well as in-service projects with only straight-line revenue.

(5) Adjustments to income from mortgages receivable to be consistent with end of quarter balance.

(6) Non-recurring adjustments relate to termination fees and a gain from an insurance claim.

36

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Owned Properties (for NAV calculations)
For the three months ended December 31, 2016
	Entertainment												Education												Recreation
	Megaplex			ERC's/Retail			Other Entertainment			Total			Public Charter Schools			Early Childhood Education			Private Schools			Total			Ski Areas			Waterparks		Golf Entertainment Complexes			Other Recreation		Total			Corporate/unallocated and other			Total
Total revenue	$	52,465		$	15,569		$	1,140		$	69,174		$	14,320		$	4,563		$	5,736		$	24,619		$	3,306		$	3,939	$	10,686		$	—	$	17,931		$	2,995		$	114,719
Property operating expense	263			5,248			(23		)	5,488			—			—			—			—			—			—		—			—		—			427			5,915
Total investment expense	263			5,248			(23		)	5,488			—			—			—			—			—			—		—			—		—			427			5,915
General and administrative expense	—			—			—			—			—			—			—			—			—			—		—			—		—			(10,234		)	(10,234		)
Less: gain on insurance recovery	—			—			—			—			—			—			—			—			(847		)	—		—			—		(847		)	—			(847		)
Adjusted EBITDA	$	52,202		$	10,321		$	1,163		$	63,686		$	14,320		$	4,563		$	5,736		$	24,619		$	2,459		$	3,939	$	10,686		$	—	$	17,084		$	(7,666	)	$	97,723
General and administrative expense	—			—			—			—			—			—			—			—			—			—		—			—		—			10,234			10,234
Gain on insurance recovery	—			—			—			—			—			—			—			—			847			—		—			—		847			—			847
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—		—			—		—			(2,568		)	(2,568		)
NOI	$	52,202		$	10,321		$	1,163		$	63,686		$	14,320		$	4,563		$	5,736		$	24,619		$	3,306		$	3,939	$	10,686		$	—	$	17,931		$	—		$	106,236
Quarterly GAAP NOI run rate
NOI	$	52,202		$	10,321		$	1,163		$	63,686		$	14,320		$	4,563		$	5,736		$	24,619		$	3,306		$	3,939	$	10,686		$	—	$	17,931		$	—		$	106,236
In-service adjustments (2)	389			450			(56		)	783			(115		)	346			(29		)	202			—			18		753			—		771			—			1,756
Percentage rent/participation adjustments (3)	(184		)	(71		)	—			(255		)	—			—			(242		)	(242		)	1			—		(294		)	—		(293		)	—			(790		)
Non-recurring adjustments (6)	(3		)	(2		)	(22		)	(27		)	(1,648		)	—			—			(1,648		)	(847		)	—		—			—		(847		)	—			(2,522		)
Quarterly GAAP NOI run rate	$	52,404		$	10,698		$	1,085		$	64,187		$	12,557		$	4,909		$	5,465		$	22,931		$	2,460		$	3,957	$	11,145		$	—	$	17,562		$	—		$	104,680
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4		x4			x4		x4						x4
Annualized GAAP NOI run rate	$	209,616		$	42,792		$	4,340		$	256,748		$	50,228		$	19,636		$	21,860		$	91,724		$	9,840		$	15,828	$	44,580		$	—	$	70,248		$	—		$	418,720
Quarterly cash NOI run rate
NOI	$	52,202		$	10,321		$	1,163		$	63,686		$	14,320		$	4,563		$	5,736		$	24,619		$	3,306		$	3,939	$	10,686		$	—	$	17,931		$	—		$	106,236
In-service adjustments (4)	409			320			—			729			456			1,193			1,258			2,907			—			18		749			—		767			—			4,403
Percentage rent/participation adjustments (3)	(184		)	(71		)	—			(255		)	—			—			(242		)	(242		)	1			—		(294		)	—		(293		)	—			(790		)
Non-recurring adjustments (6)	(3		)	(2		)	(22		)	(27		)	(1,648		)	—			—			(1,648		)	(847		)	—		—			—		(847		)	—			(2,522		)
Non-cash revenue	(276		)	512			(11		)	225			(2,778		)	(1,376		)	(1,949		)	(6,103		)	(68		)	—		(224		)	—		(292		)	—			(6,170		)
Quarterly cash NOI run rate	52,148			11,080			1,130			64,358			10,350			4,380			4,803			19,533			2,392			3,957		10,917			—		17,266			—			101,157
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4		x4			x4		x4						x4
Annualized cash NOI run rate	$	208,592		$	44,320		$	4,520		$	257,432		$	41,400		$	17,520		$	19,212		$	78,132		$	9,568		$	15,828	$	43,668		$	—	$	69,064		$	—		$	404,628

37

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Financed Properties (for NAV calculations)
For the three months ended December 31, 2016
	Entertainment								Education										Recreation
	Megaplex		ERC's/Retail		Other Entertainment		Total		Public Charter Schools			Early Childhood Education		Private Schools		Total			Ski Areas		Waterparks		Golf Entertainment Complexes		Other Recreation		Total		Corporate/unallocated and other			Total
Total revenue	$	307	$	—	$	953	$	1,260	$	7,311		$	—	$	—	$	7,311		$	2,970	$	3,274	$	1,290	$	6	$	7,540	$	1		$	16,112
Property operating expense	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
Total investment expense	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
General and administrative expense	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
Adjusted EBITDA	$	307	$	—	$	953	$	1,260	$	7,311		$	—	$	—	$	7,311		$	2,970	$	3,274	$	1,290	$	6	$	7,540	$	1		$	16,112
General and administrative expense	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
Corporate/unallocated and other (1)	—		—		—		—		—			—		—		—			—		—		—		—		—		(1		)	(1		)
NOI	$	307	$	—	$	953	$	1,260	$	7,311		$	—	$	—	$	7,311		$	2,970	$	3,274	$	1,290	$	6	$	7,540	$	—		$	16,111
Quarterly GAAP NOI run rate
NOI	$	307	$	—	$	953	$	1,260	$	7,311		$	—	$	—	$	7,311		$	2,970	$	3,274	$	1,290	$	6	$	7,540	$	—		$	16,111
In-service adjustments (5)	8		—		—		8		(1,379		)	973		839		433			—		92		99		105		296		—			737
Percentage rent/participation adjustments (3)	—		—		—		—		—			—		—		—			—		287		—		—		287		—			287
Non-recurring adjustments (6)	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
Quarterly GAAP NOI run rate	$	315	$	—	$	953	$	1,268	$	5,932		$	973	$	839	$	7,744		$	2,970	$	3,653	$	1,389	$	111	$	8,123	$	—		$	17,135
	x4		x4		x4		x4		x4			x4		x4		x4			x4		x4		x4		x4		x4					x4
Annualized GAAP NOI run rate	$	1,260	$	—	$	3,812	$	5,072	$	23,728		$	3,892	$	3,356	$	30,976		$	11,880	$	14,612	$	5,556	$	444	$	32,492	$	—		$	68,540
Quarterly cash NOI run rate
NOI	$	307	$	—	$	953	$	1,260	$	7,311		$	—	$	—	$	7,311		$	2,970	$	3,274	$	1,290	$	6	$	7,540	$	—		$	16,111
In-service adjustments (5)	8		—		—		8		(1,065		)	973		839		747			—		13		99		105		217		—			972
Percentage rent/participation adjustments (3)	—		—		—		—		—			—		—		—			—		287		—		—		287		—			287
Non-recurring adjustments (6)	—		—		—		—		—			—		—		—			—		—		—		—		—		—			—
Non-cash revenue	—		—		—		—		(862		)	—		—		(862		)	—		—		—		—		—		—			(862		)
Quarterly cash NOI run rate	315		—		953		1,268		5,384			973		839		7,196			2,970		3,574		1,389		111		8,044		—			16,508
	x4		x4		x4		x4		x4			x4		x4		x4			x4		x4		x4		x4		x4					x4
Annualized cash NOI run rate	$	1,260	$	—	$	3,812	$	5,072	$	21,536		$	3,892	$	3,356	$	28,784		$	11,880	$	14,296	$	5,556	$	444	$	32,176	$	—		$	66,032

38

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Total - Owned and Financed Properties (for NAV calculations) - sum of pages 37 and 38
For the three months ended December 31, 2016
	Entertainment												Education												Recreation
	Megaplex			ERC's/Retail			Other Entertainment			Total			Public Charter Schools			Early Childhood Education			Private Schools			Total			Ski Areas			Waterparks		Golf Entertainment Complexes			Other Recreation		Total			Corporate/unallocated and other			Total
Total revenue	$	52,772		$	15,569		$	2,093		$	70,434		$	21,631		$	4,563		$	5,736		$	31,930		$	6,276		$	7,213	$	11,976		$	6	$	25,471		$	2,996		$	130,831
Property operating expense	263			5,248			(23		)	5,488			—			—			—			—			—			—		—			—		—			427			5,915
Total investment expense	263			5,248			(23		)	5,488			—			—			—			—			—			—		—			—		—			427			5,915
General and administrative expense	—			—			—			—			—			—			—			—			—			—		—			—		—			(10,234		)	(10,234		)
Less: gain on insurance recovery	—			—			—			—			—			—			—			—			(847		)	—		—			—		(847		)	—			(847		)
Adjusted EBITDA	$	52,509		$	10,321		$	2,116		$	64,946		$	21,631		$	4,563		$	5,736		$	31,930		$	5,429		$	7,213	$	11,976		$	6	$	24,624		$	(7,665	)	$	113,835
General and administrative expense	—			—			—			—			—			—			—			—			—			—		—			—		—			10,234			10,234
Gain on insurance recovery	—			—			—			—			—			—			—			—			847			—		—			—		847			—			847
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—		—			—		—			(2,569		)	(2,569		)
NOI	$	52,509		$	10,321		$	2,116		$	64,946		$	21,631		$	4,563		$	5,736		$	31,930		$	6,276		$	7,213	$	11,976		$	6	$	25,471		$	—		$	122,347
Quarterly GAAP NOI run rate
NOI	$	52,509		$	10,321		$	2,116		$	64,946		$	21,631		$	4,563		$	5,736		$	31,930		$	6,276		$	7,213	$	11,976		$	6	$	25,471		$	—		$	122,347
In-service adjustments (2) (5)	397			450			(56		)	791			(1,494		)	1,319			810			635			—			110		852			105		1,067			—			2,493
Percentage rent/participation adjustments (3)	(184		)	(71		)	—			(255		)	—			—			(242		)	(242		)	1			287		(294		)	—		(6		)	—			(503		)
Non-recurring adjustments (6)	(3		)	(2		)	(22		)	(27		)	(1,648		)	—			—			(1,648		)	(847		)	—		—			—		(847		)	—			(2,522		)
Quarterly GAAP NOI run rate	$	52,719		$	10,698		$	2,038		$	65,455		$	18,489		$	5,882		$	6,304		$	30,675		$	5,430		$	7,610	$	12,534		$	111	$	25,685		$	—		$	121,815
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4		x4			x4		x4						x4
Annualized GAAP NOI run rate	$	210,876		$	42,792		$	8,152		$	261,820		$	73,956		$	23,528		$	25,216		$	122,700		$	21,720		$	30,440	$	50,136		$	444	$	102,740		$	—		$	487,260
Quarterly cash NOI run rate
NOI	$	52,509		$	10,321		$	2,116		$	64,946		$	21,631		$	4,563		$	5,736		$	31,930		$	6,276		$	7,213	$	11,976		$	6	$	25,471		$	—		$	122,347
In-service adjustments (4) (5)	417			320			—			737			(609		)	2,166			2,097			3,654			—			31		848			105		984			—			5,375
Percentage rent/participation adjustments (3)	(184		)	(71		)	—			(255		)	—			—			(242		)	(242		)	1			287		(294		)	—		(6		)	—			(503		)
Non-recurring adjustments (6)	(3		)	(2		)	(22		)	(27		)	(1,648		)	—			—			(1,648		)	(847		)	—		—			—		(847		)	—			(2,522		)
Non-cash revenue	(276		)	512			(11		)	225			(3,640		)	(1,376		)	(1,949		)	(6,965		)	(68		)	—		(224		)	—		(292		)	—			(7,032		)
Quarterly cash NOI run rate	52,463			11,080			2,083			65,626			15,734			5,353			5,642			26,729			5,362			7,531		12,306			111		25,310			—			117,665
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4		x4			x4		x4						x4
Annualized cash NOI run rate	$	209,852		$	44,320		$	8,332		$	262,504		$	62,936		$	21,412		$	22,568		$	106,916		$	21,448		$	30,124	$	49,224		$	444	$	101,240		$	—		$	470,660

39

EPR Properties
Reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA
(Unaudited, dollars in thousands)
	4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			4th Quarter 2015			3rd Quarter 2015
Adjusted EBITDA (1):
Net income available to common shareholder of EPR Properties	$	52,190		$	51,575		$	49,183		$	48,228		$	46,799		$	44,244
Costs associated with loan refinancing or payoff	—			14			339			552			9			18
Interest expense, net	26,834			24,265			22,756			23,289			20,792			20,529
Transaction costs	2,988			2,947			1,490			444			700			783
Depreciation and amortization	28,351			27,601			25,666			25,955			24,915			23,498
Equity in income from joint ventures	(118		)	(203		)	(86		)	(212		)	(268		)	(339		)
(Gain) loss on sale of real estate	(1,430		)	(1,615		)	(2,270		)	—			—			95
Income tax expense (benefit)	(84		)	358			423			(144		)	(936		)	527
Preferred dividend requirements	5,951			5,951			5,952			5,952			5,951			5,951
Gain on insurance recovery (2)	(847		)	(1,825		)	(1,523		)	(489		)	—			—
Adjusted EBITDA (for the quarter)	$	113,835		$	109,068		$	101,930		$	103,575		$	97,962		$	95,306
Adjusted EBITDA (3)	$	455,340		$	436,272		$	407,720		$	414,300		$	391,848		$	381,224
Annualized Adjusted EBITDA (1) (4):
Adjusted EBITDA (for the quarter)	$	113,835		$	109,068		$	101,930		$	103,575
Corporate/unallocated and other NOI (5)	(2,569		)	(2,569		)	(2,675		)	(2,289		)
In-service adjustments (6)	2,493			2,833			2,920			948
Percentage rent/participation adjustments (7)	(503		)	(1,390		)	866			594
Non-recurring adjustments (8)	(2,522		)	(1,833		)	(1,497		)	(3,637		)
Annualized Adjusted EBITDA (for the quarter)	$	110,734		$	106,109		$	101,544		$	99,191
Annualized Adjusted EBITDA (9)	$	442,936		$	424,436		$	406,176		$	396,764
(2) Included in other income in the consolidated statements of income in the Company's Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:
Income from settlement of foreign currency swap contracts	$	705		$	643		$	595		$	719
Fee income	1,588			—			—			—
Gain on insurance recovery	847			1,825			1,523			489
Miscellaneous income	87			8			8			2
Other income	$	3,227		$	2,476		$	2,126		$	1,210
(1) See pages 31 through 33 for definitions.
(3) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(4) Amounts not calculated for periods prior to 2016.
(5) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.
(6) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.
(7) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.
(8) Non-recurring adjustments relate to termination fees and a gain from an insurance claim.
(9) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

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