Exhibit

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.



	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, Recreation, Education 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, Recreation and Education. 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



SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Operating Information:	2018			2017			2018		2017
Revenue	$	202,867		$	147,782		$	357,835	$	276,894
Net income available to common shareholders of EPR Properties	85,545			74,583			109,047		122,547
EBITDAre (1)	180,062			123,534			314,533		235,182
Adjusted EBITDA (1)	135,264			130,444			270,344		242,149
Interest expense, net	34,079			32,967			68,416		63,659
Recurring principal payments	—			437			—		2,852
Capitalized interest	2,294			2,550			4,538		5,341
Straight-lined rental revenue	2,060			4,009			3,934		9,060
Dividends declared on preferred shares	6,036			5,952			12,072		11,904
Dividends declared on common shares	80,277			75,126			160,539		140,746
General and administrative expense	12,976			10,660			25,300		21,717

	JUNE 30,
Balance Sheet Information:	2018			2017
Total assets	$	6,104,224		$	5,938,886
Accumulated depreciation	810,604			676,364
Total assets before accumulated depreciation (gross assets)	6,914,828			6,615,250
Cash and cash equivalents	3,017			70,872
Debt	2,983,975			2,792,920
Deferred financing costs, net	36,020			34,086
Net debt (1)	3,016,978			2,756,134
Equity	2,885,968			2,901,346
Common shares outstanding	74,348			73,661
Total market capitalization (using EOP closing price)	8,205,138			8,396,356
Net debt/total market capitalization	37		%	33		%
Net debt/gross assets	44		%	42		%
Net debt/Adjusted EBITDA (2)	5.6			5.3
Adjusted net debt/Annualized adjusted EBITDA (1)(3)(4)	5.5			5.1

(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See pages 31 through 33 for definitions. 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. See pages 31 through 33 for definitions.



SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017
Rental properties:
Entertainment	$	2,854,274		$	2,812,120		$	2,762,801		$	2,696,125		$	2,549,940		$	2,545,532
Recreation	1,476,759			1,452,087			1,420,690			1,361,445			1,320,216			754,521
Education	1,175,973			1,170,548			1,005,340			1,033,149			938,673			877,716
Other	156,786			156,786			156,734			156,659			156,420			156,390
Less: accumulated depreciation	(810,604		)	(776,404		)	(741,334		)	(711,384		)	(676,364		)	(661,029		)
Land held for development	31,076			33,693			33,692			33,674			33,672			22,530
Property under development	268,090			249,931			257,629			284,211			271,692			331,934
Mortgage notes receivable: (1)
Entertainment	23,321			31,061			31,105			39,679			36,418			33,735
Recreation	439,759			614,405			602,145			602,701			601,910			349,653
Education	178,348			174,371			337,499			329,991			303,271			288,409
Investment in direct financing leases, net	58,305			58,101			57,903			57,698			93,307			103,095
Investment in joint ventures	4,999			5,538			5,602			5,616			5,581			5,522
Cash and cash equivalents	3,017			24,514			41,917			11,412			70,872			14,446
Restricted cash	11,283			15,640			17,069			24,323			24,255			28,523
Accounts receivable, net	97,804			88,750			93,693			99,213			106,480			96,267
Other assets	135,034			127,725			109,008			108,498			102,543			99,538
Total assets	$	6,104,224		$	6,238,866		$	6,191,493		$	6,133,010		$	5,938,886		$	5,046,782

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	122,359		$	117,583		$	136,929		$	140,582		$	142,526		$	101,438
Common dividends payable	26,765			26,755			25,203			25,046			25,044			22,022
Preferred dividends payable	6,036			6,036			4,982			5,951			5,952			5,952
Unearned rents and interest	79,121			81,461			68,227			85,198			71,098			61,579
Line of credit	30,000			570,000			210,000			170,000			—			150,000
Deferred financing costs, net	(36,020		)	(28,558		)	(32,852		)	(33,951		)	(34,086		)	(28,231		)
Other debt	2,989,995			2,589,995			2,851,679			2,851,876			2,827,006			2,494,613
Total liabilities	3,218,256			3,363,272			3,264,168			3,244,702			3,037,540			2,807,373
Equity:
Common stock and additional paid-in- capital	3,492,333			3,487,902			3,479,755			3,421,631			3,417,750			2,755,783
Preferred stock at par value	148			148			148			138			139			139
Treasury stock	(129,048		)	(128,707		)	(121,591		)	(121,539		)	(121,533		)	(120,955		)
Accumulated other comprehensive income	17,497			16,481			12,483			10,919			9,698			8,606
Distributions in excess of net income	(494,962		)	(500,230		)	(443,470		)	(422,841		)	(404,708		)	(404,164		)
Total equity	2,885,968			2,875,594			2,927,325			2,888,308			2,901,346			2,239,409
Total liabilities and equity	$	6,104,224		$	6,238,866		$	6,191,493		$	6,133,010		$	5,938,886		$	5,046,782

(1) Includes related accrued interest receivable.



SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017
Rental revenue:
Entertainment	$	74,640		$	74,848		$	74,383		$	70,621		$	69,403		$	68,840
Recreation	34,443			33,432			33,909			32,171			29,384			17,299
Education	25,649			22,385			12,862			21,479			22,333			22,357
Other	2,287			2,259			2,292			2,290			2,290			2,290
Mortgage and other financing income:
Entertainment	2,100			802			981			1,151			1,096			1,179
Recreation	57,540			13,705			13,590			14,140			13,104			7,906
Education (1)	5,562			6,907			9,106			9,023			8,868			8,549
Other income	646			630			577			522			1,304			692
Total revenue	$	202,867		$	154,968		$	147,700		$	151,397		$	147,782		$	129,112

Property operating expense	7,334			7,564			12,891			6,340			6,072			6,350
Other expense	—			—			242			—			—			—
General and administrative expense	12,976			12,324			9,596			12,070			10,660			11,057
Litigation settlement expense	2,090			—			—			—			—			—
Costs associated with loan refinancing or payoff	15			31,943			58			1,477			9			5
Gain on early extinguishment of debt	—			—			—			—			(977		)	—
Interest expense, net	34,079			34,337			35,271			34,194			32,967			30,692
Transaction costs	405			609			135			113			218			57
Impairment charges	16,548			—			—			—			10,195			—
Depreciation and amortization	37,582			37,684			37,027			34,694			33,148			28,077
Income before equity in income in joint ventures and other items	91,838			30,507			52,480			62,509			55,490			52,874
Equity in (loss) income from joint ventures	(88		)	51			(14		)	35			59			(8		)
Gain on sale of real estate	473			—			13,480			997			25,461			2,004
Income tax expense	(642		)	(1,020		)	(383		)	(587		)	(475		)	(954		)
Net income	91,581			29,538			65,563			62,954			80,535			53,916
Preferred dividend requirements	(6,036		)	(6,036		)	(6,438		)	(5,951		)	(5,952		)	(5,952		)
Preferred share redemption costs	—			—			(4,457		)	—			—			—
Net income available to common shareholders of EPR Properties	$	85,545		$	23,502		$	54,668		$	57,003		$	74,583		$	47,964

(1) Represents income from owned assets under direct financing leases and 14 mortgage notes receivable.



FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	2ND QUARTER 2018			1ST QUARTER 2018		4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017
Net income available to common shareholders of EPR Properties	$	85,545		$	23,502	$	54,668		$	57,003		$	74,583		$	47,964
Gain on sale of real estate	(473		)	—		(13,480		)	(997		)	(25,461		)	(2,004		)
Impairment of rental properties	16,548			—		—			—			—			—
Impairment of direct financing lease - residual value portion (2)	—			—		—			—			2,897			—
Real estate depreciation and amortization	37,359			37,464		36,797			34,457			32,906			27,880
Allocated share of joint venture depreciation	58			58		55			55			54			54
FFO available to common shareholders of EPR Properties	$	139,037		$	61,024	$	78,040		$	90,518		$	84,979		$	73,894

FFO available to common shareholders of EPR Properties	$	139,037		$	61,024	$	78,040		$	90,518		$	84,979		$	73,894
Add: Preferred dividends for Series C preferred shares	1,940			—		1,940			1,941			1,941			1,941
Add: Preferred dividends for Series E preferred shares	—			—		1,940			—			—			—
Diluted FFO available to common shareholders of EPR Properties	$	140,977		$	61,024	$	81,920		$	92,459		$	86,920		$	75,835
FUNDS FROM OPERATIONS AS ADJUSTED (1):
FFO available to common shareholders of EPR Properties	$	139,037		$	61,024	$	78,040		$	90,518		$	84,979		$	73,894
Costs associated with loan refinancing or payoff	15			31,943		58			1,477			9			5
Transaction costs	405			609		135			113			218			57
Litigation settlement expense	2,090			—		—			—			—			—
Preferred share redemption costs	—			—		4,457			—			—			—
Termination fee included in gain on sale	—			—		13,275			954			3,900			1,920
Impairment of direct financing lease - allowance for lease loss portion (2)	—			—		—			—			7,298			—
Gain on early extinguishment of debt	—			—		—			—			(977		)	—
Gain on insurance recovery (included in other income)	—			—		—			—			(606		)	—
Deferred income tax expense (benefit)	235			428		(99		)	227			50			634
FFO as adjusted available to common shareholders of EPR Properties	$	141,782		$	94,004	$	95,866		$	93,289		$	94,871		$	76,510

FFO as adjusted available to common shareholders of EPR Properties	$	141,782		$	94,004	$	95,866		$	93,289		$	94,871		$	76,510
Add: Preferred dividends for Series C preferred shares	1,940			1,940		1,940			1,941			1,941			1,941
Add: Preferred dividends for Series E preferred shares	1,939			1,939		1,940			—			—			—
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	145,661		$	97,883	$	99,746		$	95,230		$	96,812		$	78,451
FFO per common share:
Basic	$	1.87		$	0.82	$	1.06		$	1.23		$	1.16		$	1.15
Diluted	1.84			0.82		1.06			1.22			1.15			1.15
FFO as adjusted per common share:
Basic	$	1.91		$	1.27	$	1.30		$	1.27		$	1.30		$	1.19
Diluted	1.87			1.26		1.29			1.26			1.29			1.19
Shares used for computation (in thousands):
Basic	74,329			74,146		73,774			73,663			73,159			64,033
Diluted	74,365			74,180		73,832			73,724			73,225			64,102
Weighted average shares outstanding-Diluted EPS	74,365			74,180		73,832			73,724			73,225			64,102
Effect of dilutive Series C preferred shares	2,110			2,098		2,083			2,072			2,063			2,053
Adjusted weighted-average shares outstanding-diluted Series C	76,475			76,278		75,915			75,796			75,288			66,155
Effect of dilutive Series E preferred shares	1,604			1,598		1,592			—			—			—
Adjusted weighted-average shares outstanding-diluted Series C and Series E	78,079			77,876		77,507			75,796			75,288			66,155
(1) See pages 31 through 33 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2017 total $10.2 million and related to our investment in direct financing leases, net, consisting of $2.9 million related to the residual value portion and $7.3 million related to the allowance for lease loss portion.



ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017

FFO available to common shareholders of EPR Properties	$	139,037		$	61,024		$	78,040		$	90,518		$	84,979		$	73,894
Adjustments:
Costs associated with loan refinancing or payoff	15			31,943			58			1,477			9			5
Transaction costs	405			609			135			113			218			57
Litigation settlement expense	2,090			—			—			—			—			—
Preferred share redemption costs	—			—			4,457			—			—			—
Termination fees included in gain on sale	—			—			13,275			954			3,900			1,920
Impairment of direct financing lease - allowance for lease loss portion	—			—			—			—			7,298			—
Gain on early extinguishment of debt	—			—			—			—			(977		)	—
Gain on insurance recovery (included in other income)	—			—			—			—			(606		)	—
Deferred income tax expense (benefit)	235			428			(99		)	227			50			634
Non-real estate depreciation and amortization	223			220			230			237			242			197
Deferred financing fees amortization	1,439			1,398			1,588			1,598			1,525			1,456
Share-based compensation expense to management and trustees	3,817			3,791			3,576			3,605			3,503			3,458
Amortization of above/below market leases, net and tenant allowances	(55		)	(417		)	(66		)	(55		)	(31		)	45
Maintenance capital expenditures (2)	(527		)	(698		)	(1,207		)	(1,125		)	(1,590		)	(1,601		)
Straight-lined rental revenue	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)	(5,051		)
Non-cash portion of mortgage and other financing income	(784		)	(656		)	(719		)	(905		)	(901		)	(555		)
AFFO available to common shareholders of EPR Properties	$	143,835		$	95,768		$	106,353		$	94,287		$	93,610		$	74,459

AFFO available to common shareholders of EPR Properties	$	143,835		$	95,768		$	106,353		$	94,287		$	93,610		$	74,459
Add: Preferred dividends for Series C preferred shares	1,940			1,940			1,940			1,941			1,941			1,941
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,940			—			—			—
Diluted AFFO available to common shareholders of EPR Properties	$	147,714		$	99,647		$	110,233		$	96,228		$	95,551		$	76,400

Weighted average diluted shares outstanding (in thousands)	74,365			74,180			73,832			73,724			73,225			64,102
Effect of dilutive Series C preferred shares	2,110			2,098			2,083			2,072			2,063			2,053
Effect of dilutive Series E preferred shares	1,604			1,598			1,592			—			—			—
Adjusted weighted-average shares outstanding-diluted	78,079			77,876			77,507			75,796			75,288			66,155

AFFO per diluted common share	$	1.89		$	1.28		$	1.42		$	1.27		$	1.27		$	1.15

Dividends declared per common share	$	1.08		$	1.08		$	1.02		$	1.02		$	1.02		$	1.02

AFFO payout ratio (3)	57		%	84		%	72		%	80		%	80		%	89		%

(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.



CAPITAL STRUCTURE AS OF JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
YEAR	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
2018	$	—	$	—		$	—		$	—		—%
2019	—		—			—			—			—%
2020	—		—			—			—			—%
2021	—		—			—			—			—%
2022	—		30,000			350,000			380,000			5.54%
2023	400,000		—			275,000			675,000			3.77%
2024	—		—			148,000			148,000			4.35%
2025	—		—			300,000			300,000			4.50%
2026	—		—			642,000			642,000			4.69%
2027	—		—			450,000			450,000			4.50%
2028	—		—			400,000			400,000			4.95%
Thereafter	24,995		—			—			24,995			2.08%
Less: deferred financing costs, net	—		—			—			(36,020		)	—%
	$	424,995	$	30,000		$	2,565,000		$	2,983,975		4.54%

			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate secured debt			$	—		—		%	—
Fixed rate unsecured debt (1)			2,915,000			4.60		%	7.10
Variable rate secured debt			24,995			2.08		%	29.09
Variable rate unsecured debt			80,000			3.11		%	4.28
Less: deferred financing costs, net			(36,020		)	—		%	—
Total			$	2,983,975		4.54		%	7.21

(1) Includes $350 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Unsecured Revolving Credit Facility Summary:
			BALANCE						RATE
	COMMITMENT		AT 6/30/2018			MATURITY			AT 6/30/2018

	$1,000,000		$	30,000		February 27, 2022			3.10%

	Note: This facility has a seven-month extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature pursuant to which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.4 billion to $2.4 billion, in each case, subject to certain terms and conditions.



CAPITAL STRUCTURE AS OF JUNE 30, 2018 AND DECEMBER 31, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	June 30, 2018			December 31, 2017

Mortgage note payable, 6.19%, prepaid in full on January 2, 2018	$	—		$	11,684
Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018	—			250,000
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022	30,000			210,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000			350,000
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 5, 2019 and 3.15% from April 6, 2019 to February 7, 2022, due February 27, 2023	400,000			400,000
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			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			192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000			450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000			450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000			—
Bonds payable, variable rate, due August 1, 2047	24,995			24,995
Less: deferred financing costs, net	(36,020		)	(32,852		)
Total debt	$	2,983,975		$	3,028,827



CAPITAL STRUCTURE
SENIOR NOTES

SENIOR DEBT RATINGS AS OF JUNE 30, 2018

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

SUMMARY OF COVENANTS

The Company has outstanding public senior unsecured notes with fixed interest rates of 4.50%, 4.75%, 4.95%, 5.25% and 5.75%. Interest on these notes is paid semiannually. These public 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%, 4.95%, 5.25% and 5.75% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of June 30, 2018 and March 31, 2018 are:
		Actual	Actual
NOTE COVENANTS	Required	2nd Quarter 2018 (1)	1st Quarter 2018 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	44%	45%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	—%	—%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	5.2x	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	218%	212%

(1) See page 14 for detailed calculations.



CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	June 30, 2018							TOTAL DEBT:							June 30, 2018
Total Assets per balance sheet	$	6,104,224						Secured debt obligations							$	24,995
Add: accumulated depreciation	810,604							Unsecured debt obligations:
Less: intangible assets, net	(38,946		)					Unsecured debt							2,995,000
Total Assets	$	6,875,882						Outstanding letters of credit							—
								Guarantees							24,735
								Derivatives at fair market value, net, if liability							—
								Total unsecured debt obligations:							3,019,735
TOTAL UNENCUMBERED ASSETS:	June 30, 2018							Total Debt							$	3,044,730
Unencumbered real estate assets, gross	$	6,293,012
Cash and cash equivalents	3,017
Land held for development	31,076
Property under development	268,090
Total Unencumbered Assets	$	6,595,195

CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	2ND QUARTER 2018				1ST QUARTER 2018			4TH QUARTER 2017				3RD QUARTER 2017			TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents	$	182,557		(1)	$	135,080		$	124,971		(2)	$	132,987		$	575,595
Less: straight-line rental revenue	(2,060		)		(1,874		)	7,085				(2,357		)	794
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	180,497			$	133,206		$	132,056			$	130,630		$	576,389

ANNUAL DEBT SERVICE:
Interest expense, gross	$	36,468			$	36,646		$	37,360			$	36,753		$	147,227
Less: deferred financing fees amortization	(1,439		)		(1,398		)	(1,588		)		(1,598		)	(6,023		)
ANNUAL DEBT SERVICE	$	35,029			$	35,248		$	35,772			$	35,155		$	141,204

DEBT SERVICE COVERAGE	5.2				3.8			3.7				3.7			4.1

(1) Includes prepayment fees.
(2) Includes straight-line rental revenue write off and bad debt expense related to CLA and prepayment fees.



CAPITAL STRUCTURE AS OF JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY

SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT JUNE 30, 2018	LIQUIDIATION PREFERENCE	DIVIDEND RATE		CONVERTIBLE	CONVERSION RATIO AT JUNE 30, 2018	CONVERSION PRICE AT JUNE 30, 2018

Common shares	74,347,871	$64.79	N/A	(1)		N/A	N/A	N/A
Series C	5,399,050	$26.64	$134,976	5.750%		Y	0.3908	$63.97
Series E	3,447,381	$34.92	$86,185	9.000%		Y	0.4653	$53.73
Series G	6,000,000	$23.40	$150,000	5.750%		N	N/A	N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:

Common shares outstanding at June 30, 2018 multiplied by closing price at June 30, 2018				$	4,816,999
Aggregate liquidation value of Series C preferred shares (2)				134,976
Aggregate liquidation value of Series E preferred shares (2)				86,185
Aggregate liquidation value of Series G preferred shares (2)				150,000
Net debt at June 30, 2018 (3)				3,016,978
Total consolidated market capitalization				$	8,205,138

(1) Total monthly dividends declared in the second quarter of 2018 were $1.08 per share.
(2) Excludes accrued unpaid dividends at June 30, 2018.
(3) See pages 31 through 33 for definitions.



SUMMARY OF RATIOS
(UNAUDITED)

	2ND QUARTER 2018	1ST QUARTER 2018	4TH QUARTER 2017	3RD QUARTER 2017	2ND QUARTER 2017	1ST QUARTER 2017
Net debt to total market capitalization	37%	41%	37%	35%	33%	34%

Net debt to gross assets	44%	45%	44%	44%	42%	46%

Net debt/Adjusted EBITDA (1)(2)	5.6	5.8	5.4	5.7	5.3	5.9

Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.5	5.6	5.4	5.4	5.1	5.5

Interest coverage ratio (5)	3.7	3.7	3.6	3.6	3.6	3.3

Fixed charge coverage ratio (5)	3.2	3.2	3.1	3.1	3.1	2.8

Debt service coverage ratio (5)	3.7	3.7	3.6	3.6	3.6	3.1

FFO payout ratio (6)	59%	132%	96%	84%	89%	89%

FFO as adjusted payout ratio (7)	58%	86%	79%	81%	79%	86%

AFFO payout ratio (8)	57%	84%	72%	80%	80%	88%

(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied 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. 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.



CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017
Net income	$	91,581		$	29,538		$	65,563		$	62,954		$	80,535		$	53,916
Impairment charges	16,548			—			—			—			10,195			—
Transaction costs	405			609			135			113			218			57
Interest expense, gross	36,468			36,646			37,360			36,753			35,599			33,483
Litigation settlement expense	2,090			—			—			—			—			—
Depreciation and amortization	37,582			37,684			37,027			34,694			33,148			28,077
Share-based compensation expense
to management and trustees	3,817			3,791			3,576			3,605			3,503			3,458
Costs associated with loan refinancing or payoff	15			31,943			58			1,477			9			5
Interest cost capitalized	(2,294		)	(2,244		)	(2,046		)	(2,492		)	(2,550		)	(2,791		)
Straight-line rental revenue	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)	(5,051		)
Gain on early extinguishment of debt	—			—			—			—			(977		)	—
Gain on sale of real estate	(473		)	—			(13,480		)	(997		)	(25,461		)	(2,004		)
Gain on insurance recovery	—			—			—			—			(606		)	—
Prepayment fees	(47,293		)	—			(834		)	—			—			—
Deferred income tax expense (benefit)	235			428			(99		)	227			50			634
Interest coverage amount	$	136,621		$	136,521		$	134,345		$	133,977		$	129,654		$	109,784

Interest expense, net	$	34,079		$	34,337		$	35,271		$	34,194		$	32,967		$	30,692
Interest income	95			65			43			67			82			—
Interest cost capitalized	2,294			2,244			2,046			2,492			2,550			2,791
Interest expense, gross	$	36,468		$	36,646		$	37,360		$	36,753		$	35,599		$	33,483

Interest coverage ratio	3.7			3.7			3.6			3.6			3.6			3.3

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	136,621		$	136,521		$	134,345		$	133,977		$	129,654		$	109,784

Interest expense, gross	$	36,468		$	36,646		$	37,360		$	36,753		$	35,599		$	33,483
Preferred share dividends	6,036			6,036			6,438			5,951			5,952			5,952
Fixed charges	$	42,504		$	42,682		$	43,798		$	42,704		$	41,551		$	39,435

Fixed charge coverage ratio	3.2			3.2			3.1			3.1			3.1			2.8

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	136,621		$	136,521		$	134,345		$	133,977		$	129,654		$	109,784

Interest expense, gross	$	36,468		$	36,646		$	37,360		$	36,753		$	35,599		$	33,483
Recurring principal payments	—			—			197			192			437			2,415
Debt service	$	36,468		$	36,646		$	37,557		$	36,945		$	36,036		$	35,898

Debt service coverage ratio	3.7			3.7			3.6			3.6			3.6			3.1
(1) See pages 31 through 33 for definitions. See Appendix on pages 34 through 41 for reconciliations of certain non-GAAP financial measures.



SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
SUMMARY OF MORTGAGE NOTES RECEIVABLE	OPERATING SEGMENT	JUNE 30, 2018		DECEMBER 31, 2017
Mortgage note and related accrued interest receivable, 10.14%, reclassified to rental properties January 1, 2018 due to implementation of ASU 2017-05	Education	$	—	$	2,500
Mortgage note and related accrued interest receivable, 8.50%, reclassified to rental properties January 1, 2018 due to implementation of ASU 2017-05	Education	—		9,631
Mortgage notes, 7.25%, borrower exercised conversion option on February 16, 2018	Education	—		142,900
Mortgage note and related accrued interest receivable, 7.00%, prepaid in full March 12, 2018	Education	—		1,474
Mortgage note and related accrued interest receivable, 7.50%, prepaid in full March 26, 2018	Education	—		9,056
Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2019	Education	1,454		1,454
Mortgage notes, 7.00% and 10.00%, due May 1, 2019	Recreation	176,209		174,265
Mortgage note, 7.00%, due December 20, 2021	Education	56,226		57,890
Mortgage notes, 8.50%, due April 6, 2022	Recreation	74,580		249,213
Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026	Recreation	5,803		5,803
Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027	Recreation	10,976		10,880
Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032	Entertainment	23,321		31,105
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	Education	5,090		5,173
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	Education	33,130		33,269
Mortgage note, 11.31%, due July 1, 2033	Recreation	12,096		12,249
Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034	Education	8,774		8,711
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	Education	12,613		12,564
Mortgage note, 11.43%, due December 1, 2034	Recreation	51,050		51,050
Mortgage notes, 10.43%, due December 1, 2034	Recreation	37,562		37,562
Mortgage note, 10.88%, due December 1, 2034	Recreation	4,550		4,550
Mortgage note, 8.28%, due January 5, 2036	Recreation	21,000		21,000
Mortgage note, 10.25%, due May 31, 2036	Recreation	17,505		17,505
Mortgage note and related accrued interest receivable, 9.95%, due July 31, 2036	Education	6,344		6,304
Mortgage note, 9.75%, due August 1, 2036	Recreation	18,068		18,068
Mortgage note and related accrued interest receivable, 9.93%, due December 31, 2036	Education	9,838		9,838
Mortgage note and related accrued interest receivable, 8.50%, due April 30, 2037	Education	4,798		4,717
Mortgage note and related accrued interest receivable, 8.75%, due June 30, 2037	Education	4,140		4,111
Mortgage note and related accrued interest receivable, 8.50%, due July 31, 2037	Education	4,229		4,235
Mortgage note, 8.75%, due August 31, 2037	Education	17,336		11,330
Mortgage note and related accrued interest receivable, 8.80%, due September 30, 2037	Education	13,532		11,684
Mortgage note and related accrued interest receivable, 7.85%, due January 31, 2038	Recreation	10,360		—
Mortgage note and related accrued interest receivable, 7.50%, due October 27, 2038	Education	844		658
Total mortgage notes and related accrued interest receivable		$	641,428	$	970,749



CAPITAL SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
2018 CAPITAL SPENDING	LOCATION	OPERATING SEGMENT	CAPITAL SPENDING THREE MONTHS ENDED JUNE 30, 2018		CAPITAL SPENDING SIX MONTHS ENDED JUNE 30, 2018
Development and redevelopment of megaplex theatres	various	Entertainment	$	16,029	$	26,498
Acquisition of a megaplex theatre	Conway, AR	Entertainment	—		7,495
Development of other entertainment and retail projects	various	Entertainment	7,816		15,357
Development of Topgolf golf entertainment facilities	various	Recreation	24,598		43,513
Additions to mortgage note and notes receivable for attractions	various	Recreation	62		854
Acquisition of an attraction	Pagosa Springs, CO	Recreation	36,394		36,394
Acquisition of a fitness facility	Fort Collins, CO	Recreation	—		7,812
Investment in mortgage notes receivable for a fitness facilities	various	Recreation	95		10,387
Investment in waterpark hotel for casino and resort project	Sullivan County, NY	Recreation	27,017		48,663
Development and redevelopment of recreation properties	various	Recreation	432		2,952
Development of public charter school properties	various	Education	11,381		15,348
Acquisition and development of early childhood education centers	various	Education	1,273		14,766
Investment in mortgage notes receivable for public charter schools	various	Education	4,761		8,077
Development of private school properties	various	Education	7		360
Investment in casino and resort project	Sullivan County, NY	Other	—		29
Total investment spending			$	129,865	$	238,505
Maintenance and other capital spending, net	various	n/a	393		10,224
Total capital spending			$	130,258	$	248,729


2018 DISPOSITIONS AND MORTGAGE NOTE PAYDOWNS	LOCATION	OPERATING SEGMENT	NET PROCEEDS THREE MONTHS ENDED JUNE 30, 2018		NET PROCEEDS SIX MONTHS ENDED JUNE 30, 2018
Mortgage note paydown	Chicago, IL	Entertainment	$	9,359	$	9,359
Sale of entertainment retail parcels	Warrenville, IL	Entertainment	4,202		4,202
Sale of excess land	Auburn, CA	Entertainment	65		65
Mortgage note paydown	various	Recreation	221,348		221,348
Sale of excess land	Webster, TX	Recreation	293		293
Mortgage note paydown	various	Education	—		10,495
Sale of early education center	Wallingford, CT	Education	1,635		1,635
Total dispositions and mortgage note paydowns (excluding recurring principal payments and including prepayment fees)			$	236,902	$	247,397



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2018 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	JUNE 30, 2018			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	3RD QUARTER 2018		4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Entertainment	$	22,259	4	$	7,487	$	3,900	$	—	$	—	$	—	$	33,646	100%
Recreation (3)	192,946		6	50,750		46,250		30,142		30,142		16,430		366,660		100%
Education	22,167		7	15,600		13,600		5,334		—		—		56,701		100%
Total Build-to-Suit	237,372		17	$	73,837	$	63,750	$	35,476	$	30,142	$	16,430	$	457,007
Non Build-to-Suit Development	25,010
Resorts World Catskills	5,708
Total Property Under Development	$	268,090

			JUNE 30, 2018	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	3RD QUARTER 2018		4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 2ND QUARTER 2018
Entertainment			4	$	2,779	$	30,867	$	—	$	—	$	—	$	33,646	$	52,580
Recreation			6	30,040		29,766		28,260		—		278,594		366,660		—
Education			7	12,616		38,085		6,000		—		—		56,701		6,367
Total Build-to-Suit			17	$	45,435	$	98,718	$	34,260	$	—	$	278,594	$	457,007	$	58,947

	JUNE 30, 2018			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	3RD QUARTER 2018		4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		THEREAFTER		TOTAL EXPECTED COSTS (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Recreation	—		—	—		—		—		—		—		—
Education	48,553		5	8,600		6,350		2,226		1,389		—		67,118
Total Build-to-Suit Mortgage Notes	48,553		5	$	8,600	$	6,350	$	2,226	$	1,389	$	—	$	67,118
Non Build-to-Suit Mortgage Notes	592,875
Total Mortgage Notes Receivable	$	641,428

(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of June 30, 2018.
(2) "Total Expected Costs" 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 Resorts World Catskills.
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.



FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	74,640		$	34,443		$	25,649		$	2,287		$	137,019		$	—		$	137,019
Other income	4			—			—			—			4			642			646
Mortgage and other financing income	2,100			57,540			5,562			—			65,202			—			65,202
Total revenue	76,744			91,983			31,211			2,287			202,225			642			202,867

Property operating expense	5,816			24			644			689			7,173			161			7,334
Total investment expenses	5,816			24			644			689			7,173			161			7,334
General and administrative expense	—			—			—			—			—			(12,976		)	(12,976		)
Prepayment fees	(1,359		)	(45,934		)	—			—			(47,293		)	—			(47,293		)
Adjusted EBITDA (1)	$	69,569		$	46,025		$	30,567		$	1,598		$	147,759		$	(12,495	)	$	135,264
	47		%	31		%	21		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Litigation settlement expense																(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																(15		)	(15		)
Interest expense, net																(34,079		)	(34,079		)
Transaction costs																(405		)	(405		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(37,582		)	(37,582		)
Equity in loss from joint ventures																(88		)	(88		)
Gain on sale of real estate																473			473
Income tax expense																(642		)	(642		)
Prepayment fees																47,293			47,293
Net income																			91,581
Preferred dividend requirements																(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties																			$	85,545

(1) See pages 31 through 33 for definitions.



FINANCIAL INFORMATION BY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	149,488		$	67,875		$	48,034		$	4,546		$	269,943		$	—		$	269,943
Other income	4			62			—			—			66			1,210			1,276
Mortgage and other financing income	2,902			71,245			12,469			—			86,616			—			86,616
Total revenue	152,394			139,182			60,503			4,546			356,625			1,210			357,835

Property operating expense	12,045			57			1,473			1,003			14,578			320			14,898
Total investment expenses	12,045			57			1,473			1,003			14,578			320			14,898
General and administrative expense	—			—			—			—			—			(25,300		)	(25,300		)
Prepayment fees	(1,359		)	(45,934		)	—			—			(47,293		)	—			(47,293		)
Adjusted EBITDA (1)	$	138,990		$	93,191		$	59,030		$	3,543		$	294,754		$	(24,410	)	$	270,344
	47		%	32		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Litigation settlement expense																(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																(31,958		)	(31,958		)
Interest expense, net																(68,416		)	(68,416		)
Transaction costs																(1,014		)	(1,014		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(75,266		)	(75,266		)
Equity in loss from joint ventures																(37		)	(37		)
Gain on sale of real estate																473			473
Income tax expense																(1,662		)	(1,662		)
Prepayment fees																47,293			47,293
Net income																			121,119
Preferred dividend requirements																(12,072		)	(12,072		)
Net income available to common shareholders of EPR Properties																			$	109,047
(1) See pages 31 through 33 for definitions.



FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	69,403		$	29,384		$	22,333		$	2,290		$	123,410		$	—		$	123,410
Other income	606			—			1			—			607			697			1,304
Mortgage and other financing income	1,096			13,104			8,868			—			23,068			—			23,068
Total revenue	71,105			42,488			31,202			2,290			147,085			697			147,782

Property operating expense	5,545			29			32			353			5,959			113			6,072
Total investment expenses	5,545			29			32			353			5,959			113			6,072
General and administrative expense	—			—			—			—			—			(10,660		)	(10,660		)
Gain on insurance recovery (1)	(606		)	—			—			—			(606		)	—			(606		)
Adjusted EBITDA (2)	$	64,954		$	42,459		$	31,170		$	1,937		$	140,520		$	(10,076	)	$	130,444
	47		%	30		%	22		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(9		)	(9		)
Gain on early extinguishment of debt																977			977
Interest expense, net																(32,967		)	(32,967		)
Transaction costs																(218		)	(218		)
Impairment charges																(10,195		)	(10,195		)
Depreciation and amortization																(33,148		)	(33,148		)
Equity in income from joint ventures																59			59
Gain on sale of real estate																25,461			25,461
Income tax expense																(475		)	(475		)
Gain on insurance recovery (1)																606			606
Net income																			80,535
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	74,583

(1) Included in other income. See reconciliation on page 39.
(2) See pages 31through 33 for definitions.



FINANCIAL INFORMATION BY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	138,243		$	46,683		$	44,690		$	4,580		$	234,196		$	—		$	234,196
Other income	612			—			1			—			613			1,383			1,996
Mortgage and other financing income	2,275			21,010			17,417			—			40,702			—			40,702
Total revenue	141,130			67,693			62,108			4,580			275,511			1,383			276,894

Property operating expense	11,380			57			32			693			12,162			260			12,422
Total investment expenses	11,380			57			32			693			12,162			260			12,422
General and administrative expense	—			—			—			—			—			(21,717		)	(21,717		)
Gain on insurance recovery (1)	(606		)	—			—			—			(606		)	—			(606		)
Adjusted EBITDA (2)	$	129,144		$	67,636		$	62,076		$	3,887		$	262,743		$	(20,594	)	$	242,149
	49		%	26		%	24		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(14		)	(14		)
Gain on early extinguishment of debt																977			977
Interest expense, net																(63,659		)	(63,659		)
Transaction costs																(275		)	(275		)
Impairment charges																(10,195		)	(10,195		)
Depreciation and amortization																(61,225		)	(61,225		)
Equity in income from joint ventures																51			51
Gain on sale of real estate																27,465			27,465
Income tax expense																(1,429		)	(1,429		)
Gain on insurance recovery (1)																606			606
Net income																			134,451
Preferred dividend requirements																(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties																			$	122,547

(1) Included in other income. See reconciliation on page 41.
(2) See pages 31 through 33 for definitions.



TOTAL INVESTMENT BY SEGMENT
AS OF JUNE 30, 2018 AND DECEMBER 31, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)

		As of June 30, 2018
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Rental properties, net of accumulated depreciation		$	2,217,223		$	1,382,786		$	1,096,393		$	156,786		$	4,853,188
Add back accumulated depreciation on rental properties		637,051			93,973			79,580			—			810,604
Land held for development		4,457			—			9,805			16,814			31,076
Property under development		46,543			192,947			22,892			5,708			268,090
Mortgage notes and related accrued interest receivable, net		23,321			439,759			178,348			—			641,428
Investment in direct financing leases, net		—			—			58,305			—			58,305
Investment in joint ventures		4,999			—			—			—			4,999
Intangible assets, gross (1)		26,620			18,482			1,230			—			46,332
Notes receivable and related accrued interest receivable, net (1)		1,976			3,345			—			—			5,321
	Total investments (2)	$	2,962,190		$	2,131,292		$	1,446,553		$	179,308		$	6,719,343
	% of total investments	44		%	32		%	21		%	3		%	100		%

		As of December 31, 2017
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Rental properties, net of accumulated depreciation		$	2,156,131		$	1,347,562		$	943,804		$	156,734		$	4,604,231
Add back accumulated depreciation on rental properties		606,670			73,128			61,536			—			741,334
Land held for development		4,457			—			12,420			16,815			33,692
Property under development		101,252			125,217			25,454			5,706			257,629
Mortgage notes and related accrued interest receivable, net		31,105			602,145			337,499			—			970,749
Investment in direct financing leases, net		—			—			57,903			—			57,903
Investment in joint ventures		5,602			—			—			—			5,602
Intangible assets, gross (1)		26,466			7,513			1,230			—			35,209
Notes receivable and related accrued interest receivable, net (1)		1,976			3,107			—			—			5,083
	Total investments (2)	$	2,933,659		$	2,158,672		$	1,439,846		$	179,255		$	6,711,432
	% of total investments	44		%	32		%	21		%	3		%	100		%

(1) Included in other assets in the consolidated balance sheets as of June 30, 2018 in the Company's Quarterly Report on Form 10-Q and December 31, 2017 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:

		6/30/2018			12/31/2017
Intangible assets, gross		$	46,332		$	35,209
Less: accumulated amortization on intangible assets		(7,386		)	(6,340		)
Notes receivable and related accrued interest receivable, net		5,321			5,083
Prepaid expenses and other current assets		90,767			75,056
Total other assets		$	135,034		$	109,008

(2) See pages 31 through 33 for definitions.



LEASE EXPIRATIONS
AS OF JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
	MEGAPLEX THEATRES					RECREATION PORTFOLIO					EDUCATION PORTFOLIO
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2018 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2018 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	FINANCING INCOME/RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2018		% OF TOTAL REVENUE
2018	1	$	1,375	—	%	—	$	—	—	%	—	$	—	—	%
2019	2	5,109		1	%	—	—		—	%	—	—		—	%
2020	3	3,967		1	%	—	—		—	%	—	—		—	%
2021	8	11,061		2	%	—	—		—	%	—	—		—	%
2022	10	20,238		3	%	—	—		—	%	—	—		—	%
2023	9	21,283		3	%	—	—		—	%	1	308		—	%
2024	14	27,966		4	%	—	—		—	%	1	3,073		—	%
2025	5	9,694		1	%	1	1,850		—	%	—	—		—	%
2026	8	16,208		2	%	1	4,880		1	%	—	—		—	%
2027	17	23,423		4	%	3	17,606		3	%	4	2,841		—	%
2028	14	26,709		4	%	—	—		—	%	1	67		—	%
2029	10	12,458		2	%	2	2,820		—	%	—	—		—	%
2030	17	21,314		3	%	—	—		—	%	—	—		—	%
2031	15	24,558		4	%	—	—		—	%	11	4,952		1	%
2032	5	4,835		1	%	5	6,065		1	%	8	9,916		2	%
2033	9	5,601		1	%	2	3,536		—	%	9	7,764		1	%
2034	2	1,977		—	%	7	11,517		2	%	14	24,085		4	%
2035	2	2,297		—	%	11	41,183		6	%	14	8,465		1	%
2036	2	2,393		1	%	5	9,968		2	%	14	13,652		2	%
2037	3	6,755		1	%	15	32,334		5	%	16	5,383		1	%
Thereafter	1	497		—	%	5	2,258		—	%	36	13,862		2	%
	157	$	249,718	38	%	57	$	134,017	20	%	129	$	94,368	14	%

Note: This schedule relates to owned megaplex theatres, ski areas, attractions, golf entertainment complexes, public charter schools, early education centers and private schools only, which together represent approximately 72% of total revenue for the trailing twelve months ended June 30, 2018. This schedule excludes properties under construction, land held for development and investments in mortgage notes receivable.

(1) Consists of rental revenue and tenant reimbursements.



NET ASSET VALUE (NAV) COMPONENTS
AS OF JUNE 30, 2018
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
ANNUALIZED CASH NET OPERATING INCOME (NOI) RUN RATE (FOR NAV CALCULATIONS) (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	227,500	$	224	$	227,724
ERC's/Retail	40,352		—		40,352
Other Entertainment	10,112		2,252		12,364
ENTERTAINMENT	277,964		2,476		280,440
Ski Areas	24,672		18,356		43,028
Attractions	53,204		15,204		68,408
Golf Entertainment Complexes	56,180		4,932		61,112
Other Recreation	5,648		2,108		7,756
RECREATION	139,704		40,600		180,304
Public Charter Schools	40,496		18,800		59,296
Early Childhood Education (4)	13,000		—		13,000
Private Schools	26,236		396		26,632
EDUCATION	79,732		19,196		98,928

ANNUALIZED CASH NOI RUN RATE	$	497,400	$	62,272	$	559,672

OTHER NAV COMPONENTS
ASSETS			LIABILITIES
Property under development	$	268,090	Long-term debt (5)				$	3,019,995
Land held for development	31,076		Series G liquidation value				150,000
Resorts World Catskills land in-service	156,786		Accounts payable and accrued liabilties				122,359
Investment in joint ventures	4,999		Preferred dividends payable				6,036
Cash and cash equivalents	3,017		Unearned rents and interest (6)				22,909
Restricted cash	11,283
Accounts receivable, net (2)	29,901
Other assets (3)	73,903
Rental properties, net, related to CLA (4)	250,943

SHARES
Common shares outstanding	74,348
Effect of dilutive securities - share options	36
Effect of dilutive Series C preferred shares	2,110
Effect of dilutive Series E preferred shares	1,604
Diluted shares outstanding	78,098



MEASURE		2018 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$238.5	$450.0	to	$650.0	$400.0	to	$700.0
Disposition proceeds and mortgage note payoff	$247.4	$450.0	to	$500.0	$350.0	to	$450.0
Prepayment fees - entertainment and recreation properties (1)	$47.3	$60.0	to	$64.0	$45.0
Prepayment fees - education properties (1)	$—	$4.0	to	$5.0	$4.0	to	$5.0
Termination fees - education properties (2)	$—	$7.5	to	$11.5	$8.0	to	$12.0
Percentage rent and participating interest income	$3.0	$7.5	to	$8.5	$7.0	to	$8.0
General and administrative expense	$25.3	$48.0	to	$50.0	$47.0	to	$49.0

FFO per diluted share	$2.67	$5.40	to	$5.45	$5.17	to	$5.27
FFO as adjusted per diluted share	$3.12	$5.97	to	$6.07	$5.75	to	$5.90

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2018 CURRENT GUIDANCE
Net income available to common shareholders of EPR Properties	$1.47	$3.41	to	$3.51
Gain on sale of real estate (2)	(0.01)	(0.21)	to	(0.26)
Impairment of rental properties	0.22	0.22
Real estate depreciation and amortization	1.01	2.04
Allocated share of joint venture depreciation	—	—
Impact of Series C and Series E Dilution, if applicable	(0.02)	(0.06)
FFO available to common shareholders of EPR Properties	$2.67	$5.40	to	$5.45
Costs associated with loan refinancing or payoff	0.43	0.43
Transaction costs	0.01	0.03
Litigation settlement expense	0.03	0.03
Termination fees - education properties (2)	—	0.10	to	0.15
Deferred income tax expense	0.01	0.01
Impact of Series C and Series E Dilution, if applicable	(0.03)	(0.03)
FFO as adjusted available to common shareholders of EPR Properties	$3.12	$5.97	to	$6.07

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), depreciation and amortization, gains and losses from sales of depreciable operating properties, impairment losses of depreciable real estate, costs (gain) associated with loan refinancing or payoff, gain on early extinguishment of debt and adjustments for unconsolidated partnerships, joint ventures and other affiliates. Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure as it can help facilitate comparisons of operating performance between periods and with other REITs. EBITDAre does not represent cash flow 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.

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 EBITDAre (defined above) excluding gain on insurance recovery, retirement severance expense, litigation settlement expense, impairment of direct financing lease (allowance for lease loss portion), the provision for loan losses, transaction costs and prepayment fees and which is then multiplied by four to get an annual amount. For the three months and year ended December 31, 2017, Adjusted EBITDA was further adjusted to reflect zero Adjusted EBITDA related to one of our early education tenants, CLA. 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.

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.

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

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 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. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus costs (gain) associated with loan refinancing or payoff, transaction costs, retirement severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment of direct financing lease (allowance for lease loss portion) and provision for loan losses, 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 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, 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.

of direct financing lease (allowance for lease loss portion) and provision for loan losses, 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); adding non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense to management and trustees and amortization of above market leases, net; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, and the non-cash portion of mortgage and other financing income. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), retirement severance expense, litigation settlement 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 of real estate from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees 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.



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:
	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017

Net cash provided by operating activities	$	140,784		$	108,964		$	83,539		$	120,099		$	101,085		$	93,550

Equity in (loss) income from joint ventures	(88		)	51			(14		)	35			59			(8		)
Distributions from joint ventures	(451		)	(116		)	—			—			—			(442		)
Amortization of deferred financing costs	(1,439		)	(1,398		)	(1,588		)	(1,598		)	(1,525		)	(1,456		)
Amortization of above and below market leases, net and tenant allowances	55			417			66			55			31			(45		)
Increase (decrease) in mortgage notes and related accrued interest receivable	1,219			(845		)	408			1,040			(817		)	(1,098		)
Increase (decrease) in accounts receivable, net	9,222			(3,597		)	1,354			(6,714		)	(786		)	(2,720		)
Increase in direct financing lease receivable	203			198			205			199			407			397
Increase (decrease) in other assets	163			3,826			(534		)	30			(952		)	3,147
(Increase) decrease in accounts payable and accrued liabilities	(2,360		)	9,118			(9,049		)	1,689			(212		)	7,311
Decrease (increase) in unearned rents and interest	1,997			(13,234		)	18,258			(12,875		)	3,106			(14,550		)
Straight-line rental revenue	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)	(5,051		)
Interest expense, gross	36,468			36,646			37,360			36,753			35,599			33,483
Interest cost capitalized	(2,294		)	(2,244		)	(2,046		)	(2,492		)	(2,550		)	(2,791		)
Transaction costs	405			609			135			113			218			57
Prepayment fees	(47,293		)	—			(834		)	—			—			—
Litigation settlement expense	2,090			—			—			—			—			—
Interest coverage amount (1)	$	136,621		$	136,521		$	134,345		$	133,977		$	129,654		$	109,784

Net cash provided (used) by investing activities	$	67,920		$	(106,916	)	$	(67,161	)	$	(286,428	)	$	(147,769	)	$	(200,715	)

Net cash (used) provided by financing activities	$	(234,550	)	$	(20,798	)	$	6,809		$	106,889		$	98,715		$	121,053

(1) See pages 31 through 33 for definitions.



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 JUNE 30, 2018
	ENTERTAINMENT												RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL			OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER			TOTAL
Total revenue	$	56,835		$	15,169		$	2,640		$	74,644		$	6,710		$	12,282		$	14,010		$	1,441		$	34,443		$	11,768		$	6,479		$	7,402		$	25,649		$	2,929		$	137,665
Property operating expense	346			5,468			2			5,816			—			24			—			—			24			98			546			—			644			850			7,334
Total investment expense	346			5,468			2			5,816			—			24			—			—			24			98			546			—			644			850			7,334
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(12,976		)	(12,976		)
Prepayment fees	—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Adjusted EBITDA	$	56,489		$	9,701		$	2,638		$	68,828		$	6,710		$	12,258		$	14,010		$	1,441		$	34,419		$	11,670		$	5,933		$	7,402		$	25,005		$	(10,897	)	$	117,355
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			12,976			12,976
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(2,079		)	(2,079		)
NOI	$	56,489		$	9,701		$	2,638		$	68,828		$	6,710		$	12,258		$	14,010		$	1,441		$	34,419		$	11,670		$	5,933		$	7,402		$	25,005		$	—		$	128,252
Quarterly GAAP NOI run rate
NOI	$	56,489		$	9,701		$	2,638		$	68,828		$	6,710		$	12,258		$	14,010		$	1,441		$	34,419		$	11,670		$	5,933		$	7,402		$	25,005		$	—		$	128,252
In-service adjustments (2)	713			66			(31		)	748			6			729			—			—			735			281			(1,961		)	(11		)	(1,691		)	—			(208		)
Percentage rent/participation adjustments (3)	83			91			—			174			(490		)	295			389			—			194			—			—			(32		)	(32		)	—			336
Non-recurring adjustments (6)	—			(4		)	—			(4		)	—			—			—			—			—			—			—			—			—			—			(4		)
Quarterly GAAP NOI run rate	$	57,285		$	9,854		$	2,607		$	69,746		$	6,226		$	13,282		$	14,399		$	1,441		$	35,348		$	11,951		$	3,972		$	7,359		$	23,282		$	—		$	128,376
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	229,140		$	39,416		$	10,428		$	278,984		$	24,904		$	53,128		$	57,596		$	5,764		$	141,392		$	47,804		$	15,888		$	29,436		$	93,128		$	—		$	513,504
Quarterly cash NOI run rate
NOI	$	56,489		$	9,701		$	2,638		$	68,828		$	6,710		$	12,258		$	14,010		$	1,441		$	34,419		$	11,670		$	5,933		$	7,402		$	25,005		$	—		$	128,252
In-service adjustments (4)	575			(37		)	—			538			—			809			—			—			809			(220		)	(1,978		)	4			(2,194		)	—			(847		)
Percentage rent/participation adjustments (3)	83			91			—			174			(490		)	295			389			—			194			—			—			(32		)	(32		)	—			336
Non-recurring adjustments (6)	—			(4		)	—			(4		)	—			—			—			—			—			—			—			—			—			—			(4		)
Non-cash revenue	(272		)	337			(110		)	(45		)	(52		)	(61		)	(354		)	(29		)	(496		)	(1,326		)	(705		)	(815		)	(2,846		)	—			(3,387		)
Quarterly cash NOI run rate	56,875			10,088			2,528			69,491			6,168			13,301			14,045			1,412			34,926			10,124			3,250			6,559			19,933						124,350
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	227,500		$	40,352		$	10,112		$	277,964		$	24,672		$	53,204		$	56,180		$	5,648		$	139,704		$	40,496		$	13,000		$	26,236		$	79,732		$	—		$	497,400



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 JUNE 30, 2018

	ENTERTAINMENT										RECREATION													EDUCATION
	MEGA-PLEX		ERC's/RETAIL		OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES		OTHER RECREA-TION		TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER				TOTAL
Total revenue	$	56	$	—	$	2,044		$	2,100		$	52,032		$	3,748		$	1,233	$	527	$	57,540		$	5,435		$	13		$	114		$	5,562		$	—			$	65,202
Property operating expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
Total investment expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
General and administrative expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
Prepayment fee	—		—		(1,359		)	(1,359		)	(45,934		)	—			—		—		(45,934		)	—			—			—			—			—				(47,293		)
Adjusted EBITDA	$	56	$	—	$	685		$	741		$	6,098		$	3,748		$	1,233	$	527	$	11,606		$	5,435		$	13		$	114		$	5,562		$	—	$	—	$	17,909
General and administrative expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
Corporate/unallocated and other (1)	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
NOI	$	56	$	—	$	685		$	741		$	6,098		$	3,748		$	1,233	$	527	$	11,606		$	5,435		$	13		$	114		$	5,562		$	—			$	17,909

Quarterly GAAP NOI run rate
NOI	$	56	$	—	$	685		$	741		$	6,098		$	3,748		$	1,233	$	527	$	11,606		$	5,435		$	13		$	114		$	5,562		$	—			$	17,909
In-service adjustments (5)	—		—		(86		)	(86		)	(1,500		)	—			—		—		(1,500		)	9			—			—			9			—				(1,577		)
Percentage rent/participation adjustments (3)	—		—		14			14			—			167			—		—		167			—			—			—			—			—				181
Non-recurring adjustments (6)	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
Quarterly GAAP NOI run rate	$	56	$	—	$	613		$	669		$	4,598		$	3,915		$	1,233	$	527	$	10,273		$	5,444		$	13		$	114		$	5,571		$	—			$	16,513
	x4		x4		x4			x4			x4			x4			x4		x4		x4			x4			x4			x4			x4							x4
Annualized GAAP NOI run rate	$	224	$	—	$	2,452		$	2,676		$	18,392		$	15,660		$	4,932	$	2,108	$	41,092		$	21,776		$	52		$	456		$	22,284		$	—			$	66,052
Quarterly cash NOI run rate
NOI	$	56	$	—	$	685		$	741		$	6,098		$	3,748		$	1,233	$	527	$	11,606		$	5,435		$	13		$	114		$	5,562		$	—			$	17,909
In-service adjustments (5)	—		—		(117		)	(117		)	(1,491		)	(114		)	—		—		(1,605		)	(16		)	—			—			(16		)	—				(1,738		)
Percentage rent/participation adjustments (3)	—		—		14			14			—			167			—		—		167			—			—			—			—			—				181
Non-recurring adjustments (6)	—		—		(19		)	(19		)	(18		)	—			—		—		(18		)	(719		)	(13		)	(15		)	(747		)	—				(784		)
Non-cash revenue	—		—		—			—			—			—			—		—		—			—			—			—			—			—				—
Quarterly cash NOI run rate	56		—		563			619			4,589			3,801			1,233		527		10,150			4,700			—			99			4,799			—				15,568
	x4		x4		x4			x4			x4			x4			x4		x4		x4			x4			x4			x4			x4							x4
Annualized cash NOI run rate	$	224	$	—	$	2,252		$	2,476		$	18,356		$	15,204		$	4,932	$	2,108	$	40,600		$	18,800		$	—		$	396		$	19,196		$	—			$	62,272



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 JUNE 30, 2018
	ENTERTAINMENT												RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL			OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER					TOTAL
Total revenue	$	56,891		$	15,169		$	4,684		$	76,744		$	58,742		$	16,030		$	15,243		$	1,968		$	91,983		$	17,203		$	6,492		$	7,516		$	31,211		$	2,929				$	202,867
Property operating expense	346			5,468			2			5,816			—			24			—			—			24			98			546			—			644			850					7,334
Total investment expense	346			5,468			2			5,816			—			24			—			—			24			98			546			—			644			850					7,334
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(12,976		)			(12,976		)
Prepayment fee	—			—			(1,359		)	(1,359		)	(45,934		)	—			—			—			(45,934		)	—			—			—			—			—					(47,293		)
Adjusted EBITDA	$	56,545		$	9,701		$	3,323		$	69,569		$	12,808		$	16,006		$	15,243		$	1,968		$	46,025		$	17,105		$	5,946		$	7,516		$	30,567		$	(10,897	)	$	—	$	135,264
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			12,976					12,976
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(2,079		)			(2,079		)
NOI	$	56,545		$	9,701		$	3,323		$	69,569		$	12,808		$	16,006		$	15,243		$	1,968		$	46,025		$	17,105		$	5,946		$	7,516		$	30,567		$	—				$	146,161
Quarterly GAAP NOI run rate
NOI	$	56,545		$	9,701		$	3,323		$	69,569		$	12,808		$	16,006		$	15,243		$	1,968		$	46,025		$	17,105		$	5,946		$	7,516		$	30,567		$	—				$	146,161
In-service adjustments (2) (5)	713			66			(117		)	662			(1,494		)	729			—			—			(765		)	290			(1,961		)	(11		)	(1,682		)	—					(1,785		)
Percentage rent/participation adjustments (3)	83			91			14			188			(490		)	462			389			—			361			—			—			(32		)	(32		)	—					517
Non-recurring adjustments (6)	—			(4		)	—			(4		)	—			—			—			—			—			—			—			—			—			—					(4		)
Quarterly GAAP NOI run rate	$	57,341		$	9,854		$	3,220		$	70,415		$	10,824		$	17,197		$	15,632		$	1,968		$	45,621		$	17,395		$	3,985		$	7,473		$	28,853		$	—				$	144,889
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4								x4
Annualized GAAP NOI run rate	$	229,364		$	39,416		$	12,880		$	281,660		$	43,296		$	68,788		$	62,528		$	7,872		$	182,484		$	69,580		$	15,940		$	29,892		$	115,412		$	—				$	579,556
Quarterly cash NOI run rate
NOI	$	56,545		$	9,701		$	3,323		$	69,569		$	12,808		$	16,006		$	15,243		$	1,968		$	46,025		$	17,105		$	5,946		$	7,516		$	30,567		$	—				$	146,161
In-service adjustments (4) (5)	575			(37		)	(117		)	421			(1,491		)	695			—			—			(796		)	(236		)	(1,978		)	4			(2,210		)	—					(2,585		)
Percentage rent/participation adjustments (3)	83			91			14			188			(490		)	462			389			—			361			—			—			(32		)	(32		)	—					517
Non-recurring adjustments (6)	—			(4		)	(19		)	(23		)	(18		)	—			—			—			(18		)	(719		)	(13		)	(15		)	(747		)	—					(788		)
Non-cash revenue	(272		)	337			(110		)	(45		)	(52		)	(61		)	(354		)	(29		)	(496		)	(1,326		)	(705		)	(815		)	(2,846		)	—					(3,387		)
Quarterly cash NOI run rate	56,931			10,088			3,091			70,110			10,757			17,102			15,278			1,939			45,076			14,824			3,250			6,658			24,732			—					139,918
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4								x4
Annualized cash NOI run rate	$	227,724		$	40,352		$	12,364		$	280,440		$	43,028		$	68,408		$	61,112		$	7,756		$	180,304		$	59,296		$	13,000		$	26,632		$	98,928		$	—				$	559,672



RECONCILIATION OF EBITDAre, ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (5):	2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017			1ST QUARTER 2017
Net income	$	91,581		$	29,538		$	65,563		$	62,954		$	80,535		$	53,916
Interest expense, net	34,079			34,337			35,271			34,194			32,967			30,692
Income tax expense (benefit)	642			1,020			383			587			475			954
Depreciation and amortization	37,582			37,684			37,027			34,694			33,148			28,077
Gain on sale of real estate	(473		)	—			(13,480		)	(997		)	(25,461		)	(2,004		)
Impairment of rental properties	16,548			—			—			—			—			—
Impairment of direct financing lease - residual value portion (1)	—			—			—			—			2,897			—
Costs associated with loan refinancing or payoff	15			31,943			58			1,477			9			5
Gain on early extinguishment of debt	—			—			—			—			(977		)	—
Equity in loss (income) from joint ventures	88			(51		)	14			(35		)	(59		)	8
EBITDAre (4)	$	180,062		$	134,471		$	124,836		$	132,874		$	123,534		$	111,648
Gain on insurance recovery (2)	—			—			—			—			(606		)	—
Litigation settlement expense	2,090			—			—			—			—			—
Impairment of direct financing lease - allowance for lease loss portion (1)	—			—			—			—			7,298			—
Transaction costs	405			609			135			113			218			57
Straight-line rental revenue write-off related to CLA (3)	—			—			9,010			—			—			—
Bad debt expense related to CLA (4)	—			—			6,003			—			—			—
Prepayment fees	(47,293		)	—			(834		)	—			—			—
Adjusted EBITDA (for the quarter)	$	135,264		$	135,080		$	139,150		$	132,987		$	130,444		$	111,705

Adjusted EBITDA (6)	$	541,056		$	540,320		$	556,600		$	531,948		$	521,776		$	446,820

ANNUALIZED ADJUSTED EBITDA (5):
Adjusted EBITDA (for the quarter)	$	135,264		$	135,080		$	139,150		$	132,987		$	130,444		$	111,705
Corporate/unallocated and other NOI (7)	(2,079		)	(2,354		)	(2,045		)	(2,298		)	(2,521		)	(2,489		)
In-service adjustments (8)	(1,785		)	910			1,453			5,074			3,287			2,948
Percentage rent/participation adjustments (9)	517			973			(973		)	(1,107		)	(204		)	593
Non-recurring adjustments (10)	(4		)	(63		)	(2,689		)	(2		)	(607		)	(6		)
Annualized Adjusted EBITDA (for the quarter)	$	131,913		$	134,546		$	134,896		$	134,654		$	130,399		$	112,751

Annualized Adjusted EBITDA (11)	$	527,652		$	538,184		$	539,584		$	538,616		$	521,596		$	451,004


See footnotes on following page.



RECONCILIATION OF ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
	2ND QUARTER 2018		1ST QUARTER 2018		4TH QUARTER 2017			3RD QUARTER 2017		2ND QUARTER 2017		1ST QUARTER 2017

(1) Impairment charges recognized during the six months ended June 30, 2017 total $10.2 million and related to our investment in a direct financing lease, net, consisting of $2.9 million related to the residual value portion and $7.3 million related to the allowance for lease loss portion.
(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	$	621	$	554	$	577		$	520	$	697	$	663
Fee income	—		62		—			1		—		—
Gain on insurance recovery	—		—		—			—		606		—
Miscellaneous income	25		14		—			1		1		29
Other income	$	646	$	630	$	577		$	522	$	1,304	$	692

(3) Included in rental revenue 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:
Minimum rent	$	129,371	$	125,712	$	123,208		$	118,179	$	113,723	$	101,056
Tenant reimbursements	3,758		3,991		4,131			3,734		3,941		3,749
Percentage rent	1,744		1,259		3,108			2,212		1,646		850
Straight-line rental revenue	2,060		1,874		1,925			2,357		4,009		5,051
Straight-line rental revenue write-off related to CLA	—		—		(9,010		)	—		—		—
Other rental revenue	86		88		84			79		91		80
Rental revenue	$	137,019	$	132,924	$	123,446		$	126,561	$	123,410	$	110,786

(4) Included in property operating expense 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:
Expenses related to the operations of our retail centers and other specialty properties	$	6,419	$	6,607	$	6,649		$	5,961	$	5,886	$	5,915
Bad debt expense	915		957		239			379		186		435
Bad debt expense related to CLA	—		—		6,003			—		—		—
Property operating expense	$	7,334	$	7,564	$	12,891		$	6,340	$	6,072	$	6,350

(5) See pages 31 through 33 for definitions.
(6) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(7) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.
(8) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.
(9) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.
(10) Non-recurring adjustments relate to a gain from an insurance claim and a non-recurring revenue recovery.
(11) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.



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 Total Revenue								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



INVESTOR INFORMATION

SENIOR MANAGEMENT

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

Craig Evans		Mike Hirons
Senior Vice President, General Counsel and Secretary		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-PrG
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/Nikita Bely	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	John Massocca	212-409-2056
Raymond James & Associates	Collin Mings	727-567-2585
RBC Capital Markets	Michael Carroll/Wes Golladay	440-715-2649
Stifel	Simon Yarmak	443-224-1345
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)

			PERCENTAGE OF TOTAL REVENUE (1)	PERCENTAGE OF TOTAL REVENUE (1)
			FOR THE THREE MONTHS ENDED	FOR THE SIX MONTHS ENDED
	CUSTOMERS	ASSET TYPE	JUNE 30, 2018	JUNE 30, 2018

1.	AMC Theatres	Entertainment	18.6%	18.6%
2.	Topgolf	Recreation	9.8%	9.8%
3.	Regal Entertainment Group	Entertainment	9.0%	9.0%
4.	Cinemark	Entertainment	6.0%	6.0%
5.	Camelback Resort	Recreation	3.8%	3.8%
6.	Premier Parks	Recreation	3.3%	3.6%
7.	Basis Independent Schools	Education	3.1%	3.2%
8.	Vail Resorts	Recreation	2.7%	2.5%
9.	Southern Theatres	Entertainment	2.6%	2.6%
10.	Imagine Schools	Education	2.5%	2.5%

	Total		61.4%	61.6%

(1) Excludes prepayment fees for three and six months ended June 30, 2018



GUIDANCE
(DOLLARS IN MILLIONS EXCEPT FOR PER SHARE INFORMATION)



Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Second Quarter and Six Months Ended June 30, 2018



RECONCILIATION OF QUARTERLY CASH NOI RUN RATE AND QUARTERLY GAAP NOI RUN RATE



CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS



COMPANY PROFILE