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 SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
Operating Information:	2018			2017			2018		2017
Revenue	$	176,409		$	151,397		$	534,244	$	428,291
Net income available to common shareholders of EPR Properties	85,797			57,003			194,844		179,550
EBITDAre (1)	156,798			132,874			471,331		368,056
Adjusted EBITDA (1)	137,873			132,987			408,217		375,136
Interest expense, net	33,576			34,194			101,992		97,853
Recurring principal payments	—			192			—		3,044
Capitalized interest	2,697			2,492			7,235		7,833
Straight-lined rental revenue	3,079			2,357			7,013		11,417
Dividends declared on preferred shares	6,036			5,951			18,108		17,855
Dividends declared on common shares	80,288			75,137			240,827		215,882
General and administrative expense	11,424			12,070			36,724		33,787

	SEPTEMBER 30,
Balance Sheet Information:	2018			2017
Total assets	$	6,114,070		$	6,133,010
Accumulated depreciation	848,280			711,384
Total assets before accumulated depreciation (gross assets)	6,962,350			6,844,394
Cash and cash equivalents	74,153			11,412
Debt	2,954,962			2,987,925
Deferred financing costs, net	35,033			33,951
Net debt (1)	2,915,842			3,010,464
Equity	2,897,195			2,888,308
Common shares outstanding	74,337			73,665
Total market capitalization (using EOP closing price)	8,372,395			8,494,061
Net debt/total market capitalization	35		%	35		%
Net debt/gross assets	42		%	44		%
Net debt/Adjusted EBITDA (2)	5.3			5.7
Adjusted net debt/Annualized adjusted EBITDA (1)(3)(4)	5.3			5.4

(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	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017
Rental properties:
Entertainment	$	2,875,959		$	2,854,274		$	2,812,120		$	2,762,801		$	2,696,125		$	2,549,940
Recreation	1,502,639			1,476,759			1,452,087			1,420,690			1,361,445			1,320,216
Education	1,204,851			1,175,973			1,170,548			1,005,340			1,033,149			938,673
Other	156,786			156,786			156,786			156,734			156,659			156,420
Less: accumulated depreciation	(848,280		)	(810,604		)	(776,404		)	(741,334		)	(711,384		)	(676,364		)
Land held for development	31,076			31,076			33,693			33,692			33,674			33,672
Property under development	289,228			268,090			249,931			257,629			284,211			271,692
Mortgage notes receivable: (1)
Entertainment	23,327			23,321			31,061			31,105			39,679			36,418
Recreation	365,100			439,759			614,405			602,145			602,701			601,910
Education	184,273			178,348			174,371			337,499			329,991			303,271
Investment in direct financing leases, net	20,495			58,305			58,101			57,903			57,698			93,307
Investment in joint ventures	5,018			4,999			5,538			5,602			5,616			5,581
Cash and cash equivalents	74,153			3,017			24,514			41,917			11,412			70,872
Restricted cash	22,031			11,283			15,640			17,069			24,323			24,255
Accounts receivable, net	104,757			97,804			88,750			93,693			99,213			106,480
Other assets	102,657			135,034			127,725			109,008			108,498			102,543
Total assets	$	6,114,070		$	6,104,224		$	6,238,866		$	6,191,493		$	6,133,010		$	5,938,886

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	138,829		$	122,359		$	117,583		$	136,929		$	140,582		$	142,526
Common dividends payable	26,761			26,765			26,755			25,203			25,046			25,044
Preferred dividends payable	6,036			6,036			6,036			4,982			5,951			5,952
Unearned rents and interest	90,287			79,121			81,461			68,227			85,198			71,098
Line of credit	—			30,000			570,000			210,000			170,000			—
Deferred financing costs, net	(35,033		)	(36,020		)	(28,558		)	(32,852		)	(33,951		)	(34,086		)
Other debt	2,989,995			2,989,995			2,589,995			2,851,679			2,851,876			2,827,006
Total liabilities	3,216,875			3,218,256			3,363,272			3,264,168			3,244,702			3,037,540
Equity:
Common stock and additional paid-in- capital	3,497,055			3,492,333			3,487,902			3,479,755			3,421,631			3,417,750
Preferred stock at par value	148			148			148			148			138			139
Treasury stock	(129,801		)	(129,048		)	(128,707		)	(121,591		)	(121,539		)	(121,533		)
Accumulated other comprehensive income	19,246			17,497			16,481			12,483			10,919			9,698
Distributions in excess of net income	(489,453		)	(494,962		)	(500,230		)	(443,470		)	(422,841		)	(404,708		)
Total equity	2,897,195			2,885,968			2,875,594			2,927,325			2,888,308			2,901,346
Total liabilities and equity	$	6,114,070		$	6,104,224		$	6,238,866		$	6,191,493		$	6,133,010		$	5,938,886

(1) Includes related accrued interest receivable.



SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017
Rental revenue:
Entertainment	$	75,552		$	74,640		$	74,848		$	74,383		$	70,621		$	69,403
Recreation	36,215			34,443			33,432			33,909			32,171			29,384
Education	26,851			25,649			22,385			12,862			21,479			22,333
Other	2,287			2,287			2,259			2,292			2,290			2,290
Mortgage and other financing income:
Entertainment	612			2,100			802			981			1,151			1,096
Recreation	29,678			57,540			13,705			13,590			14,140			13,104
Education (1)	4,849			5,562			6,907			9,106			9,023			8,868
Other income	365			646			630			577			522			1,304
Total revenue	$	176,409		$	202,867		$	154,968		$	147,700		$	151,397		$	147,782

Property operating expense	6,968			7,334			7,564			12,891			6,340			6,072
Other expense	118			—			—			242			—			—
General and administrative expense	11,424			12,976			12,324			9,596			12,070			10,660
Litigation settlement expense	—			2,090			—			—			—			—
Costs associated with loan refinancing or payoff	—			15			31,943			58			1,477			9
Gain on early extinguishment of debt	—			—			—			—			—			(977		)
Interest expense, net	33,576			34,079			34,337			35,271			34,194			32,967
Transaction costs	1,101			405			609			135			113			218
Impairment charges	—			16,548			—			—			—			10,195
Depreciation and amortization	38,623			37,582			37,684			37,027			34,694			33,148
Income before equity in income in joint ventures and other items	84,599			91,838			30,507			52,480			62,509			55,490
Equity in income (loss) from joint ventures	20			(88		)	51			(14		)	35			59
Gain on sale of real estate	2,215			473			—			13,480			997			25,461
Gain on sale of investment in direct financing leases	5,514			—			—			—			—			—
Income tax expense	(515		)	(642		)	(1,020		)	(383		)	(587		)	(475		)
Net income	91,833			91,581			29,538			65,563			62,954			80,535
Preferred dividend requirements	(6,036		)	(6,036		)	(6,036		)	(6,438		)	(5,951		)	(5,952		)
Preferred share redemption costs	—			—			—			(4,457		)	—			—
Net income available to common shareholders of EPR Properties	$	85,797		$	85,545		$	23,502		$	54,668		$	57,003		$	74,583

(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):	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018		4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017
Net income available to common shareholders of EPR Properties	$	85,797		$	85,545		$	23,502	$	54,668		$	57,003		$	74,583
Gain on sale of real estate	(2,215		)	(473		)	—		(13,480		)	(997		)	(25,461		)
Gain on sale of investment in direct financing leases	(5,514		)	—			—		—			—			—
Impairment of rental properties	—			16,548			—		—			—			—
Impairment of direct financing leases - residual value portion (2)	—			—			—		—			—			2,897
Real estate depreciation and amortization	38,388			37,359			37,464		36,797			34,457			32,906
Allocated share of joint venture depreciation	54			58			58		55			55			54
FFO available to common shareholders of EPR Properties	$	116,510		$	139,037		$	61,024	$	78,040		$	90,518		$	84,979
FFO available to common shareholders of EPR Properties	$	116,510		$	139,037		$	61,024	$	78,040		$	90,518		$	84,979
Add: Preferred dividends for Series C preferred shares	1,940			1,940			—		1,940			1,941			1,941
Add: Preferred dividends for Series E preferred shares	1,939			—			—		1,940			—			—
Diluted FFO available to common shareholders of EPR Properties	$	120,389		$	140,977		$	61,024	$	81,920		$	92,459		$	86,920

FUNDS FROM OPERATIONS AS ADJUSTED (1):
FFO available to common shareholders of EPR Properties	$	116,510		$	139,037		$	61,024	$	78,040		$	90,518		$	84,979
Costs associated with loan refinancing or payoff	—			15			31,943		58			1,477			9
Transaction costs	1,101			405			609		135			113			218
Litigation settlement expense	—			2,090			—		—			—			—
Preferred share redemption costs	—			—			—		4,457			—			—
Termination fee included in gain on sale	1,864			—			—		13,275			954			3,900
Impairment of direct financing leases - 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)	92			235			428		(99		)	227			50
FFO as adjusted available to common shareholders of EPR Properties	$	119,567		$	141,782		$	94,004	$	95,866		$	93,289		$	94,871

FFO as adjusted available to common shareholders of EPR Properties	$	119,567		$	141,782		$	94,004	$	95,866		$	93,289		$	94,871
Add: Preferred dividends for Series C preferred shares	1,940			1,940			1,940		1,940			1,941			1,941
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939		1,940			—			—
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	123,446		$	145,661		$	97,883	$	99,746		$	95,230		$	96,812
FFO per common share:
Basic	$	1.57		$	1.87		$	0.82	$	1.06		$	1.23		$	1.16
Diluted	1.54			1.84			0.82		1.06			1.22			1.15
FFO as adjusted per common share:
Basic	$	1.61		$	1.91		$	1.27	$	1.30		$	1.27		$	1.30
Diluted	1.58			1.87			1.26		1.29			1.26			1.29
Shares used for computation (in thousands):
Basic	74,345			74,329			74,146		73,774			73,663			73,159
Diluted	74,404			74,365			74,180		73,832			73,724			73,225
Effect of dilutive Series C preferred shares	2,122			2,110			2,098		2,083			2,072			2,063
Adjusted weighted-average shares outstanding-diluted Series C	76,526			76,475			76,278		75,915			75,796			75,288
Effect of dilutive Series E preferred shares	1,610			1,604			1,598		1,592			—			—
Adjusted weighted-average shares outstanding-diluted Series C and Series E	78,136			78,079			77,876		77,507			75,796			75,288
(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):	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017

FFO available to common shareholders of EPR Properties	$	116,510		$	139,037		$	61,024		$	78,040		$	90,518		$	84,979
Adjustments:
Costs associated with loan refinancing or payoff	—			15			31,943			58			1,477			9
Transaction costs	1,101			405			609			135			113			218
Litigation settlement expense	—			2,090			—			—			—			—
Preferred share redemption costs	—			—			—			4,457			—			—
Termination fees included in gain on sale	1,864			—			—			13,275			954			3,900
Impairment of direct financing leases - 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)	92			235			428			(99		)	227			50
Non-real estate depreciation and amortization	235			223			220			230			237			242
Deferred financing fees amortization	1,470			1,439			1,398			1,588			1,598			1,525
Share-based compensation expense to management and trustees	3,687			3,817			3,791			3,576			3,605			3,503
Amortization of above/below market leases, net and tenant allowances	(55		)	(55		)	(417		)	(66		)	(55		)	(31		)
Maintenance capital expenditures (2)	(540		)	(527		)	(698		)	(1,207		)	(1,125		)	(1,590		)
Straight-lined rental revenue	(3,079		)	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)
Non-cash portion of mortgage and other financing income	(819		)	(784		)	(656		)	(719		)	(905		)	(901		)
AFFO available to common shareholders of EPR Properties	$	120,466		$	143,835		$	95,768		$	106,353		$	94,287		$	93,610

AFFO available to common shareholders of EPR Properties	$	120,466		$	143,835		$	95,768		$	106,353		$	94,287		$	93,610
Add: Preferred dividends for Series C preferred shares	1,940			1,940			1,940			1,940			1,941			1,941
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,940			—			—
Diluted AFFO available to common shareholders of EPR Properties	$	124,345		$	147,714		$	99,647		$	110,233		$	96,228		$	95,551

Weighted average diluted shares outstanding (in thousands)	74,404			74,365			74,180			73,832			73,724			73,225
Effect of dilutive Series C preferred shares	2,122			2,110			2,098			2,083			2,072			2,063
Effect of dilutive Series E preferred shares	1,610			1,604			1,598			1,592			—			—
Adjusted weighted-average shares outstanding-diluted	78,136			78,079			77,876			77,507			75,796			75,288

AFFO per diluted common share	$	1.59		$	1.89		$	1.28		$	1.42		$	1.27		$	1.27

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

AFFO payout ratio (3)	68		%	57		%	84		%	72		%	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.



CAPITAL STRUCTURE AS OF SEPTEMBER 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	—		—			350,000			350,000			5.75%
2023	400,000		—			275,000			675,000			3.78%
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			2.23%
Less: deferred financing costs, net	—		—			—			(35,033		)	—%
	$	424,995	$	—		$	2,565,000		$	2,954,962		4.56%

			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate secured debt			$	—		—		%	—
Fixed rate unsecured debt (1)			2,915,000			4.60		%	6.85
Variable rate secured debt			24,995			2.23		%	28.84
Variable rate unsecured debt			50,000			3.22		%	4.41
Less: deferred financing costs, net			(35,033		)	—		%	—
Total			$	2,954,962		4.56		%	6.99

(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 9/30/2018			MATURITY			AT 9/30/2018

	$1,000,000		$	—		February 27, 2022			3.24%

	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 SEPTEMBER 30, 2018 AND DECEMBER 31, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	September 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	—			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	(35,033		)	(32,852		)
Total debt	$	2,954,962		$	3,028,827



CAPITAL STRUCTURE
SENIOR NOTES

SENIOR DEBT RATINGS AS OF SEPTEMBER 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 September 30, 2018 and June 30, 2018 are:
		Actual	Actual
NOTE COVENANTS	Required	3rd Quarter 2018 (1)	2nd Quarter 2018 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	44%	44%
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	4.4x	5.2x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	223%	218%

(1) See page 14 for detailed calculations.



CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	September 30, 2018								TOTAL DEBT:							September 30, 2018
Total Assets per balance sheet	$	6,114,070							Secured debt obligations							$	24,995
Add: accumulated depreciation	848,280								Unsecured debt obligations:
Less: intangible assets, net	(38,177		)						Unsecured debt							2,965,000
Total Assets	$	6,924,173							Outstanding letters of credit							—
									Guarantees							24,735
									Derivatives at fair market value, net, if liability							—
									Total unsecured debt obligations:							2,989,735
TOTAL UNENCUMBERED ASSETS:	September 30, 2018								Total Debt							$	3,014,730
Unencumbered real estate assets, gross	$	6,262,917
Cash and cash equivalents	74,153
Land held for development	31,076
Property under development	289,228
Total Unencumbered Assets	$	6,657,374

CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018			4TH QUARTER 2017				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents	$	157,899		(1)	$	182,557		(1)	$	135,080		$	124,971		(2)	$	600,507
Less: straight-line rental revenue	(3,079		)		(2,060		)		(1,874		)	7,085				72
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	154,820			$	180,497			$	133,206		$	132,056			$	600,579

ANNUAL DEBT SERVICE:
Interest expense, gross	$	36,360			$	36,468			$	36,646		$	37,360			$	146,834
Less: deferred financing fees amortization	(1,470		)		(1,439		)		(1,398		)	(1,588		)		(5,895		)
ANNUAL DEBT SERVICE	$	34,890			$	35,029			$	35,248		$	35,772			$	140,939

DEBT SERVICE COVERAGE	4.4				5.2				3.8			3.7				4.3

(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 SEPTEMBER 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY

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

Common shares	74,336,986	$68.41	N/A	(1)		N/A	N/A	N/A
Series C	5,399,050	$28.01	$134,976	5.750%		Y	0.3931	$63.60
Series E	3,447,381	$35.92	$86,185	9.000%		Y	0.4670	$53.53
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 September 30, 2018 multiplied by closing price at September 30, 2018				$	5,085,393
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 September 30, 2018 (3)				2,915,841
Total consolidated market capitalization				$	8,372,395

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



SUMMARY OF RATIOS
(UNAUDITED)

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

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

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

Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.3	5.5	5.6	5.4	5.4	5.1

Interest coverage ratio (5)	3.8	3.7	3.7	3.6	3.6	3.6

Fixed charge coverage ratio (5)	3.3	3.2	3.2	3.1	3.1	3.1

Debt service coverage ratio (5)	3.8	3.7	3.7	3.6	3.6	3.6

FFO payout ratio (6)	70%	59%	132%	96%	84%	89%

FFO as adjusted payout ratio (7)	68%	58%	86%	79%	81%	79%

AFFO payout ratio (8)	68%	57%	84%	72%	80%	80%

(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):	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017
Net income	$	91,833		$	91,581		$	29,538		$	65,563		$	62,954		$	80,535
Impairment charges	—			16,548			—			—			—			10,195
Transaction costs	1,101			405			609			135			113			218
Interest expense, gross	36,360			36,468			36,646			37,360			36,753			35,599
Litigation settlement expense	—			2,090			—			—			—			—
Depreciation and amortization	38,623			37,582			37,684			37,027			34,694			33,148
Share-based compensation expense
to management and trustees	3,687			3,817			3,791			3,576			3,605			3,503
Costs associated with loan refinancing or payoff	—			15			31,943			58			1,477			9
Interest cost capitalized	(2,697		)	(2,294		)	(2,244		)	(2,046		)	(2,492		)	(2,550		)
Straight-line rental revenue	(3,079		)	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)
Gain on early extinguishment of debt	—			—			—			—			—			(977		)
Gain on sale of real estate	(2,215		)	(473		)	—			(13,480		)	(997		)	(25,461		)
Gain on insurance recovery	—			—			—			—			—			(606		)
Gain on sale of investment in direct financing leases	(5,514		)	—			—			—			—			—
Prepayment fees	(20,026		)	(47,293		)	—			(834		)	—			—
Deferred income tax expense (benefit)	92			235			428			(99		)	227			50
Interest coverage amount	$	138,165		$	136,621		$	136,521		$	134,345		$	133,977		$	129,654

Interest expense, net	$	33,576		$	34,079		$	34,337		$	35,271		$	34,194		$	32,967
Interest income	87			95			65			43			67			82
Interest cost capitalized	2,697			2,294			2,244			2,046			2,492			2,550
Interest expense, gross	$	36,360		$	36,468		$	36,646		$	37,360		$	36,753		$	35,599

Interest coverage ratio	3.8			3.7			3.7			3.6			3.6			3.6

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	138,165		$	136,621		$	136,521		$	134,345		$	133,977		$	129,654

Interest expense, gross	$	36,360		$	36,468		$	36,646		$	37,360		$	36,753		$	35,599
Preferred share dividends	6,036			6,036			6,036			6,438			5,951			5,952
Fixed charges	$	42,396		$	42,504		$	42,682		$	43,798		$	42,704		$	41,551

Fixed charge coverage ratio	3.3			3.2			3.2			3.1			3.1			3.1

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	138,165		$	136,621		$	136,521		$	134,345		$	133,977		$	129,654
Interest expense, gross	$	36,360		$	36,468		$	36,646		$	37,360		$	36,753		$	35,599
Recurring principal payments	—			—			—			197			192			437
Debt service	$	36,360		$	36,468		$	36,646		$	37,557		$	36,945		$	36,036

Debt service coverage ratio	3.8			3.7			3.7			3.6			3.6			3.6
(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	SEPTEMBER 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 notes, 8.50%, prepaid in full on September 27, 2018	Recreation	—		249,213
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	55,388		57,890
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	10,977		10,880
Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032	Entertainment	23,327		31,105
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	Education	5,047		5,173
Mortgage notes and related accrued interest receivable, 10.00%, due April 30, 2033	Education	33,058		33,269
Mortgage note, 11.31%, due July 1, 2033	Recreation	12,016		12,249
Mortgage note and related accrued interest receivable, 8.71% to 9.38%, due June 30, 2034	Education	8,806		8,711
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	Education	14,869		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, 10.14%, due July 31, 2036	Education	6,364		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	9,839		9,838
Mortgage note and related accrued interest receivable, 8.67%, due April 30, 2037	Education	4,859		4,717
Mortgage note and related accrued interest receivable, 8.93%, due June 30, 2037	Education	4,152		4,111
Mortgage note and related accrued interest receivable, 8.67%, due July 31, 2037	Education	4,259		4,235
Mortgage note, 8.75%, due August 31, 2037	Education	20,302		11,330
Mortgage note and related accrued interest receivable, 8.80%, due September 30, 2037	Education	14,203		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	1,673		658
Total mortgage notes and related accrued interest receivable		$	572,700	$	970,749



CAPITAL SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
2018 CAPITAL SPENDING	LOCATION	OPERATING SEGMENT	CAPITAL SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2018		CAPITAL SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2018
Development and redevelopment of megaplex theatres	various	Entertainment	$	6,672	$	33,170
Acquisition of a megaplex theatre	Conway, AR	Entertainment	—		7,495
Development of other entertainment and retail projects	various	Entertainment	3,991		19,348
Development of Topgolf golf entertainment facilities	various	Recreation	28,677		72,190
Additions to mortgage note and notes receivable for attractions	various	Recreation	62		916
Acquisition of an attraction	Pagosa Springs, CO	Recreation	—		36,394
Acquisition of a fitness facility	Fort Collins, CO	Recreation	—		7,812
Investment in mortgage notes receivable for a fitness facilities	various	Recreation	—		10,387
Investment in waterpark hotel for casino and resort project	Sullivan County, NY	Recreation	45,124		93,787
Development and redevelopment of recreation properties	various	Recreation	5		2,957
Development of public charter school properties	various	Education	14,417		29,765
Acquisition and development of early childhood education centers	various	Education	10,899		25,665
Investment in mortgage notes receivable for public charter schools	various	Education	6,641		14,718
Development of private school properties	various	Education	—		360
Investment in casino and resort project	Sullivan County, NY	Other	—		29
Total investment spending			$	116,488	$	354,993
Maintenance and other capital spending, net	various	n/a	539		10,763
Total capital spending			$	117,027	$	365,756


2018 DISPOSITIONS AND MORTGAGE NOTE PAYDOWNS	LOCATION	OPERATING SEGMENT	NET PROCEEDS THREE MONTHS ENDED SEPTEMBER 30, 2018		NET PROCEEDS NINE MONTHS ENDED SEPTEMBER 30, 2018
Mortgage note paydown	Chicago, IL	Entertainment	$	—	$	9,359
Sale of entertainment retail parcels	Warrenville, IL	Entertainment	—		4,202
Sale of excess land	Auburn, CA	Entertainment	—		65
Sale of undeveloped land	Ranson, WV	Entertainment	1,684		1,684
Mortgage note paydown	various	Recreation	94,913		316,261
Sale of excess land	Webster, TX	Recreation	—		293
Mortgage note paydown	various	Education	—		10,495
Sale of early education center	Wallingford, CT	Education	—		1,635
Sale of public charter school	Vista, CA	Education	11,957		11,957
Sale of excess land	Parker, CO	Education	44		44
Sale of public charter schools classified as direct financing leases	various	Education	43,447		43,447
Total dispositions and mortgage note paydowns (excluding recurring principal payments and including prepayment fees)			$	152,045	$	399,442



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

	SEPTEMBER 30, 2018			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		3RD QUARTER 2019		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Entertainment	$	24,199	3	$	3,655	$	—	$	—	$	—	$	—	$	27,854	100%
Recreation (3)	238,428		6	41,667		44,500		30,142		10,142		6,353		371,232		100%
Education	11,780		4	5,600		4,500		3,882		1,000		—		26,762		100%
Total Build-to-Suit	274,407		13	$	50,922	$	49,000	$	34,024	$	11,142	$	6,353	$	425,848
Non Build-to-Suit Development	9,113
Resorts World Catskills	5,708
Total Property Under Development	$	289,228

			SEPTEMBER 30, 2018	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		3RD QUARTER 2019		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 3RD QUARTER 2018
Entertainment			3	$	23,818	$	4,036	$	—	$	—	$	—	$	27,854	$	2,785
Recreation			6	30,052		35,398		277,452		28,330		—		371,232		29,709
Education			4	10,784		—		15,978		—		—		26,762		30,906
Total Build-to-Suit			13	$	64,654	$	39,434	$	293,430	$	28,330	$	—	$	425,848	$	63,400

	SEPTEMBER 30, 2018			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	4TH QUARTER 2018		1ST QUARTER 2019		2ND QUARTER 2019		3RD QUARTER 2019		THEREAFTER		TOTAL EXPECTED COSTS (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Recreation	—		—	—		—		—		—		—		—
Education	51,047		4	6,600		3,800		1,389		1,389		—		64,225
Total Build-to-Suit Mortgage Notes	51,047		4	$	6,600	$	3,800	$	1,389	$	1,389	$	—	$	64,225
Non Build-to-Suit Mortgage Notes	521,653
Total Mortgage Notes Receivable	$	572,700

(1) This schedule includes only those properties for which the Company has commenced construction as of September 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 SEPTEMBER 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	75,552		$	36,215		$	26,851		$	2,287		$	140,905		$	—		$	140,905
Other income	143			—			—			—			143			222			365
Mortgage and other financing income	612			29,678			4,849			—			35,139			—			35,139
Total revenue	76,307			65,893			31,700			2,287			176,187			222			176,409

Property operating expense	5,917			34			407			449			6,807			161			6,968
Other expense	—			118			—			—			118			—			118
Total investment expenses	5,917			152			407			449			6,925			161			7,086
General and administrative expense	—			—			—			—			—			(11,424		)	(11,424		)
Prepayment fees	—			(20,026		)	—			—			(20,026		)	—			(20,026		)
Adjusted EBITDA (1)	$	70,390		$	45,715		$	31,293		$	1,838		$	149,236		$	(11,363	)	$	137,873
	47		%	31		%	21		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(33,576		)	(33,576		)
Transaction costs																(1,101		)	(1,101		)
Depreciation and amortization																(38,623		)	(38,623		)
Equity in income from joint ventures																20			20
Gain on sale of real estate																2,215			2,215
Gain on sale of investment in direct financing leases																5,514			5,514
Income tax expense																(515		)	(515		)
Prepayment fees																20,026			20,026
Net income																			91,833
Preferred dividend requirements																(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties																			$	85,797

(1) See pages 31 through 33 for definitions.



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

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	225,040		$	104,090		$	74,885		$	6,833		$	410,848		$	—		$	410,848
Other income	147			62			—			—			209			1,432			1,641
Mortgage and other financing income	3,514			100,923			17,318			—			121,755			—			121,755
Total revenue	228,701			205,075			92,203			6,833			532,812			1,432			534,244

Property operating expense	17,962			91			1,880			1,452			21,385			481			21,866
Other expense	—			118			—			—			118			—			118
Total investment expenses	17,962			209			1,880			1,452			21,503			481			21,984
General and administrative expense	—			—			—			—			—			(36,724		)	(36,724		)
Prepayment fees	(1,359		)	(65,960		)	—			—			(67,319		)	—			(67,319		)
Adjusted EBITDA (1)	$	209,380		$	138,906		$	90,323		$	5,381		$	443,990		$	(35,773	)	$	408,217
	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																(31,958		)	(31,958		)
Interest expense, net																(101,992		)	(101,992		)
Transaction costs																(2,115		)	(2,115		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(113,889		)	(113,889		)
Equity in loss from joint ventures																(17		)	(17		)
Gain on sale of real estate																2,688			2,688
Gain on sale of investment in direct financing leases																5,514			5,514
Income tax expense																(2,177		)	(2,177		)
Prepayment fees																67,319			67,319
Net income																			212,952
Preferred dividend requirements																(18,108		)	(18,108		)
Net income available to common shareholders of EPR Properties																			$	194,844
(1) See pages 31 through 33 for definitions.



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

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	70,621		$	32,171		$	21,479		$	2,290		$	126,561		$	—		$	126,561
Other income	2			—			—			—			2			520			522
Mortgage and other financing income	1,151			14,140			9,023			—			24,314			—			24,314
Total revenue	71,774			46,311			30,502			2,290			150,877			520			151,397

Property operating expense	5,680			29			119			327			6,155			185			6,340
Total investment expenses	5,680			29			119			327			6,155			185			6,340
General and administrative expense	—			—			—			—			—			(12,070		)	(12,070		)
Gain on insurance recovery (1)	—			—			—			—			—			—			—
Adjusted EBITDA (2)	$	66,094		$	46,282		$	30,383		$	1,963		$	144,722		$	(11,735	)	$	132,987
	46		%	32		%	21		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(1,477		)	(1,477		)
Interest expense, net																(34,194		)	(34,194		)
Transaction costs																(113		)	(113		)
Depreciation and amortization																(34,694		)	(34,694		)
Equity in income from joint ventures																35			35
Gain on sale of real estate																997			997
Income tax expense																(587		)	(587		)
Net income																			62,954
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	57,003

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



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

	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	208,864		$	78,854		$	66,169		$	6,870		$	360,757		$	—		$	360,757
Other income	614			—			1			—			615			1,903			2,518
Mortgage and other financing income	3,426			35,150			26,440			—			65,016			—			65,016
Total revenue	212,904			114,004			92,610			6,870			426,388			1,903			428,291

Property operating expense	17,060			86			151			1,020			18,317			445			18,762
Total investment expenses	17,060			86			151			1,020			18,317			445			18,762
General and administrative expense	—			—			—			—			—			(33,787		)	(33,787		)
Gain on insurance recovery (1)	(606		)	—			—			—			(606		)	—			(606		)
Adjusted EBITDA (2)	$	195,238		$	113,918		$	92,459		$	5,850		$	407,465		$	(32,329	)	$	375,136
	48		%	28		%	23		%	1		%	100		%

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(1,491		)	(1,491		)
Gain on early extinguishment of debt																977			977
Interest expense, net																(97,853		)	(97,853		)
Transaction costs																(388		)	(388		)
Impairment charges																(10,195		)	(10,195		)
Depreciation and amortization																(95,919		)	(95,919		)
Equity in income from joint ventures																86			86
Gain on sale of real estate																28,462			28,462
Income tax expense																(2,016		)	(2,016		)
Gain on insurance recovery (1)																606			606
Net income																			197,405
Preferred dividend requirements																(17,855		)	(17,855		)
Net income available to common shareholders of EPR Properties																			$	179,550

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



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

		As of September 30, 2018
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Rental properties, net of accumulated depreciation		$	2,220,519		$	1,397,676		$	1,116,974		$	156,786		$	4,891,955
Add back accumulated depreciation on rental properties		655,440			104,963			87,877			—			848,280
Land held for development		4,457			—			9,805			16,814			31,076
Property under development		32,587			238,428			12,505			5,708			289,228
Mortgage notes and related accrued interest receivable, net		23,327			365,100			184,273			—			572,700
Investment in direct financing leases, net		—			—			20,495			—			20,495
Investment in joint ventures		5,018			—			—			—			5,018
Intangible assets, gross (1)		26,620			18,390			1,230			—			46,240
Notes receivable and related accrued interest receivable, net (1)		1,976			3,407			—			—			5,383
	Total investments (2)	$	2,969,944		$	2,127,964		$	1,433,159		$	179,308		$	6,710,375
	% 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 September 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:

		9/30/2018			12/31/2017
Intangible assets, gross		$	46,240		$	35,209
Less: accumulated amortization on intangible assets		(8,063		)	(6,340		)
Notes receivable and related accrued interest receivable, net		5,383			5,083
Prepaid expenses and other current assets		59,097			75,056
Total other assets		$	102,657		$	109,008

(2) See pages 31 through 33 for definitions.



LEASE EXPIRATIONS
AS OF SEPTEMBER 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 SEPTEMBER 30, 2018 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2018 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	FINANCING INCOME/RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2018		% OF TOTAL REVENUE
2018	1	$	1,375	—	%	—	$	—	—	%	—	$	—	—	%
2019	2	5,109		1	%	—	—		—	%	—	—		—	%
2020	3	3,979		1	%	—	—		—	%	—	—		—	%
2021	8	11,140		2	%	—	—		—	%	—	—		—	%
2022	10	20,426		3	%	—	—		—	%	—	—		—	%
2023	9	21,270		3	%	—	—		—	%	1	310		—	%
2024	14	28,085		4	%	—	—		—	%	1	3,097		—	%
2025	5	9,862		2	%	1	1,850		—	%	—	—		—	%
2026	8	16,556		2	%	1	4,915		1	%	—	—		—	%
2027	17	23,744		3	%	3	17,715		3	%	4	2,987		—	%
2028	14	27,176		4	%	—	—		—	%	1	61		—	%
2029	10	12,486		2	%	2	2,820		—	%	—	—		—	%
2030	17	21,460		3	%	—	—		—	%	—	—		—	%
2031	15	24,520		4	%	—	—		—	%	10	3,955		1	%
2032	5	4,842		1	%	5	5,711		1	%	6	7,400		1	%
2033	9	6,147		1	%	2	3,536		1	%	7	5,417		1	%
2034	2	1,977		—	%	7	11,701		2	%	14	23,490		4	%
2035	2	2,297		—	%	11	41,294		6	%	14	8,514		1	%
2036	2	2,393		—	%	5	10,098		1	%	14	14,592		2	%
2037	3	7,726		1	%	15	34,330		5	%	16	6,853		1	%
Thereafter	1	700		—	%	6	4,092		1	%	41	15,911		2	%
	157	$	253,270	37	%	58	$	138,062	21	%	129	$	92,587	13	%

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 71% of total revenue for the trailing twelve months ended September 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.



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 NINE MONTHS ENDED
	CUSTOMERS	ASSET TYPE	SEPTEMBER 30, 2018	SEPTEMBER 30, 2018

1.	AMC Theatres	Entertainment	18.5%	18.6%
2.	Topgolf	Recreation	10.3%	10.0%
3.	Regal Entertainment Group	Entertainment	9.5%	9.2%
4.	Cinemark	Entertainment	6.0%	6.0%
5.	Camelback Resort	Recreation	3.7%	3.7%
6.	Basis Independent Schools	Education	3.2%	3.2%
7.	Southern Theatres	Entertainment	2.6%	2.6%
8.	Six Flags	Recreation	2.5%	0.5%
9.	Vail Resorts	Recreation	2.4%	2.4%
10.	Endeavor Schools	Education	2.3%	2.2%

	Total		61.0%	58.4%

(1) Excludes prepayment fees for three and nine months ended September 30, 2018



NET ASSET VALUE (NAV) COMPONENTS
AS OF SEPTEMBER 30, 2018
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
ANNUALIZED CASH NET OPERATING INCOME (NOI) RUN RATE (FOR NAV CALCULATIONS) (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	227,288	$	224	$	227,512
ERC's/Retail	40,456		—		40,456
Other Entertainment	9,952		2,256		12,208
ENTERTAINMENT	277,696		2,480		280,176
Ski Areas	24,804		11,992		36,796
Attractions	53,204		14,064		67,268
Golf Entertainment Complexes	58,196		4,920		63,116
Other Recreation	5,648		2,116		7,764
RECREATION	141,852		33,092		174,944
Public Charter Schools	41,940		15,116		57,056
Early Childhood Education (4)	13,912		—		13,912
Private Schools	26,844		400		27,244
EDUCATION	82,696		15,516		98,212

ANNUALIZED CASH NOI RUN RATE	$	502,244	$	51,088	$	553,332

OTHER NAV COMPONENTS
ASSETS			LIABILITIES
Property under development	$	289,228	Long-term debt (5)				$	2,989,995
Land held for development	31,076		Series G liquidation value				150,000
Resorts World Catskills land in-service	156,786		Accounts payable and accrued liabilities				138,829
Investment in joint ventures	5,018		Preferred dividends payable				6,036
Cash and cash equivalents	74,153		Unearned rents and interest (6)				35,116
Restricted cash	22,031
Accounts receivable, net (2)	34,272
Other assets (3)	42,539
Rental properties, net, related to CLA (4)	248,414

SHARES
Common shares outstanding	74,337
Effect of dilutive securities - share options	59
Effect of dilutive Series C preferred shares	2,122
Effect of dilutive Series E preferred shares	1,610
Diluted shares outstanding	78,128



MEASURE		2018 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$355.0	$500.0	to	$600.0	$450.0	to	$650.0
Disposition proceeds and mortgage note payoff	$399.4	$450.0	to	$500.0	$450.0	to	$500.0
Prepayment fees - entertainment and recreation properties (1)	$67.3	$67.3			$60.0	to	$64.0
Prepayment fees - education properties (1)	$—	$2.0	to	$3.0	$4.0	to	$5.0
Termination fees - education properties (2)	$1.9	$5.5	to	$7.5	$7.5	to	$11.5
Percentage rent and participating interest income	$5.7	$8.5	to	$9.5	$7.5	to	$8.5
General and administrative expense	$36.7	$48.0	to	$50.0	$48.0	to	$50.0

FFO per diluted share	$4.21	$5.47	to	$5.50	$5.40	to	$5.45
FFO as adjusted per diluted share	$4.70	$6.03	to	$6.09	$5.97	to	$6.07

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	$2.62	$3.47	to	$3.53
Gain on sale of real estate (2)	(0.04)	(0.13)	to	(0.16)
Gain on sale of investment in direct financing leases	(0.07)	(0.07)
Impairment of rental properties	0.22	0.22
Real estate depreciation and amortization	1.52	2.04
Allocated share of joint venture depreciation	—	—
Impact of Series C and Series E Dilution, if applicable	(0.04)	(0.06)
FFO available to common shareholders of EPR Properties	$4.21	$5.47	to	$5.50
Costs associated with loan refinancing or payoff	0.43	0.43
Transaction costs	0.03	0.06
Litigation settlement expense	0.03	0.03
Termination fees - education properties (2)	0.03	0.07	to	0.10
Deferred income tax expense	0.01	0.01
Impact of Series C and Series E Dilution, if applicable	(0.04)	(0.04)
FFO as adjusted available to common shareholders of EPR Properties	$4.70	$6.03	to	$6.09

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

Net cash provided by operating activities	$	151,134		$	140,784		$	108,964		$	83,539		$	120,099		$	101,085

Equity in income (loss) from joint ventures	20			(88		)	51			(14		)	35			59
Distributions from joint ventures	—			(451		)	(116		)	—			—			—
Amortization of deferred financing costs	(1,470		)	(1,439		)	(1,398		)	(1,588		)	(1,598		)	(1,525		)
Amortization of above and below market leases, net and tenant allowances	55			55			417			66			55			31
Increase (decrease) in mortgage notes and related accrued interest receivable	596			1,219			(845		)	408			1,040			(817		)
Increase (decrease) in accounts receivable, net	7,995			9,222			(3,597		)	1,354			(6,714		)	(786		)
Increase in direct financing lease receivable	99			203			198			205			199			407
(Decrease) increase in other assets	(1,272		)	163			3,826			(534		)	30			(952		)
(Increase) decrease in accounts payable and accrued liabilities	(18,002		)	(2,360		)	9,118			(9,049		)	1,689			(212		)
(Increase) decrease in unearned rents and interest	(12,649		)	1,997			(13,234		)	18,258			(12,875		)	3,106
Straight-line rental revenue	(3,079		)	(2,060		)	(1,874		)	7,085			(2,357		)	(4,009		)
Interest expense, gross	36,360			36,468			36,646			37,360			36,753			35,599
Interest cost capitalized	(2,697		)	(2,294		)	(2,244		)	(2,046		)	(2,492		)	(2,550		)
Transaction costs	1,101			405			609			135			113			218
Prepayment fees	(20,026		)	(47,293		)	—			(834		)	—			—
Litigation settlement expense	—			2,090			—			—			—			—
Interest coverage amount (1)	$	138,165		$	136,621		$	136,521		$	134,345		$	133,977		$	129,654

Net cash provided (used) by investing activities	$	46,868		$	67,920		$	(106,916	)	$	(67,161	)	$	(286,428	)	$	(147,769	)

Net cash (used) provided by financing activities	$	(116,130	)	$	(234,550	)	$	(20,798	)	$	6,809		$	106,889		$	98,715

(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 SEPTEMBER 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	$	57,621		$	15,428		$	2,646		$	75,695		$	6,304		$	13,700		$	14,770		$	1,441		$	36,215		$	11,979		$	7,292		$	7,580		$	26,851		$	2,509		$	141,270
Property operating expense	456			5,459			2			5,917			—			34			—			—			34			300			107			—			407			610			6,968
Other expense	—			—			—			—			—			118			—			—			118			—			—			—			—			—			118
Total investment expense	456			5,459			2			5,917			—			152			—			—			152			300			107			—			407			610			7,086
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(11,424		)	(11,424		)
Prepayment fees	—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Adjusted EBITDA	$	57,165		$	9,969		$	2,644		$	69,778		$	6,304		$	13,548		$	14,770		$	1,441		$	36,063		$	11,679		$	7,185		$	7,580		$	26,444		$	(9,525	)	$	122,760
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			11,424			11,424
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(1,899		)	(1,899		)
NOI	$	57,165		$	9,969		$	2,644		$	69,778		$	6,304		$	13,548		$	14,770		$	1,441		$	36,063		$	11,679		$	7,185		$	7,580		$	26,444		$	—		$	132,285
Quarterly GAAP NOI run rate
NOI	$	57,165		$	9,969		$	2,644		$	69,778		$	6,304		$	13,548		$	14,770		$	1,441		$	36,063		$	11,679		$	7,185		$	7,580		$	26,444		$	—		$	132,285
In-service adjustments (2)	166			—			(44		)	122			—			34			138			—			172			538			(2,814		)	—			(2,276		)	—			(1,982		)
Percentage rent/participation adjustments (3)	69			(157		)	—			(88		)	(51		)	(296		)	83			—			(264		)	—			—			(112		)	(112		)	—			(464		)
Non-recurring adjustments (6)	(95		)	(2		)	(47		)	(144		)	—			118			—			—			118			50			—			—			50			—			24
Quarterly GAAP NOI run rate	$	57,305		$	9,810		$	2,553		$	69,668		$	6,253		$	13,404		$	14,991		$	1,441		$	36,089		$	12,267		$	4,371		$	7,468		$	24,106		$	—		$	129,863
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	229,220		$	39,240		$	10,212		$	278,672		$	25,012		$	53,616		$	59,964		$	5,764		$	144,356		$	49,068		$	17,484		$	29,872		$	96,424		$	—		$	519,452
Quarterly cash NOI run rate
NOI	$	57,165		$	9,969		$	2,644		$	69,778		$	6,304		$	13,548		$	14,770		$	1,441		$	36,063		$	11,679		$	7,185		$	7,580		$	26,444		$	—		$	132,285
In-service adjustments (4)	(75		)	—			—			(75		)	—			—			112			—			112			542			(2,806		)	41			(2,223		)	—			(2,186		)
Percentage rent/participation adjustments (3)	69			(157		)	—			(88		)	(51		)	(296		)	83			—			(264		)	—			—			(112		)	(112		)	—			(464		)
Non-recurring adjustments (6)	(95		)	(2		)	(47		)	(144		)	—			118			—			—			118			50			—			—			50			—			24
Non-cash revenue	(242		)	304			(109		)	(47		)	(52		)	(69		)	(416		)	(29		)	(566		)	(1,786		)	(901		)	(798		)	(3,485		)	—			(4,098		)
Quarterly cash NOI run rate	56,822			10,114			2,488			69,424			6,201			13,301			14,549			1,412			35,463			10,485			3,478			6,711			20,674			—			125,561
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	227,288		$	40,456		$	9,952		$	277,696		$	24,804		$	53,204		$	58,196		$	5,648		$	141,852		$	41,940		$	13,912		$	26,844		$	82,696		$	—		$	502,244



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 SEPTEMBER 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	$	—	$	556		$	612		$	24,390		$	3,529		$	1,230	$	529	$	29,678		$	4,744		$	20		$	85		$	4,849		$	—	$	35,139
Property operating expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
Other expense	—		—		—			—			—			—			—				—			—			—			—			—			—		—
Total investment expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
General and administrative expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
Prepayment fee	—		—		—			—			(20,026		)	—			—		—		(20,026		)	—			—			—			—			—		(20,026		)
Adjusted EBITDA	$	56	$	—	$	556		$	612		$	4,364		$	3,529		$	1,230	$	529	$	9,652		$	4,744		$	20		$	85		$	4,849		$	—	$	15,113
General and administrative expense	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
Corporate/unallocated and other (1)	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
NOI	$	56	$	—	$	556		$	612		$	4,364		$	3,529		$	1,230	$	529	$	9,652		$	4,744		$	20		$	85		$	4,849		$	—	$	15,113

Quarterly GAAP NOI run rate
NOI	$	56	$	—	$	556		$	612		$	4,364		$	3,529		$	1,230	$	529	$	9,652		$	4,744		$	20		$	85		$	4,849		$	—	$	15,113
In-service adjustments (5)	—		—		—			—			(1,366		)	—			—		—		(1,366		)	(326		)	—			29			(297		)	—		(1,663		)
Percentage rent/participation adjustments (3)	—		—		14			14			—			(13		)	—		—		(13		)	—			—			—			—			—		1
Non-recurring adjustments (6)	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
Quarterly GAAP NOI run rate	$	56	$	—	$	570		$	626		$	2,998		$	3,516		$	1,230	$	529	$	8,273		$	4,418		$	20		$	114		$	4,552		$	—	$	13,451
	x4		x4		x4			x4			x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized GAAP NOI run rate	$	224	$	—	$	2,280		$	2,504		$	11,992		$	14,064		$	4,920	$	2,116	$	33,092		$	17,672		$	80		$	456		$	18,208		$	—	$	53,804
Quarterly cash NOI run rate
NOI	$	56	$	—	$	556		$	612		$	4,364		$	3,529		$	1,230	$	529	$	9,652		$	4,744		$	20		$	85		$	4,849		$	—	$	15,113
In-service adjustments (5)	—		—		—			—			(1,361		)	—			—		—		(1,361		)	(313		)	—			151			(162		)	—		(1,523		)
Percentage rent/participation adjustments (3)	—		—		14			14			—			(13		)	—		—		(13		)	—			—			—			—			—		1
Non-recurring adjustments (6)	—		—		—			—			—			—			—		—		—			—			—			—			—			—		—
Non-cash revenue	—		—		(6		)	(6		)	(5		)	—			—		—		(5		)	(652		)	(20		)	(136		)	(808		)	—		(819		)
Quarterly cash NOI run rate	56		—		564			620			2,998			3,516			1,230		529		8,273			3,779			—			100			3,879			—		12,772
	x4		x4		x4			x4			x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized cash NOI run rate	$	224	$	—	$	2,256		$	2,480		$	11,992		$	14,064		$	4,920	$	2,116	$	33,092		$	15,116		$	—		$	400		$	15,516		$	—	$	51,088



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 SEPTEMBER 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	$	57,677		$	15,428		$	3,202		$	76,307		$	30,694		$	17,229		$	16,000		$	1,970		$	65,893		$	16,723		$	7,312		$	7,665		$	31,700		$	2,509		$	176,409
Property operating expense	456			5,459			2			5,917			—			34			—			—			34			300			107			—			407			610			6,968
Other expense	—			—			—			—			—			118			—			—			118			—			—			—			—			—			118
Total investment expense	456			5,459			2			5,917			—			152			—			—			152			300			107			—			407			610			7,086
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(11,424		)	(11,424		)
Prepayment fee	—			—			—			—			(20,026		)	—			—			—			(20,026		)	—			—			—			—			—			(20,026		)
Adjusted EBITDA	$	57,221		$	9,969		$	3,200		$	70,390		$	10,668		$	17,077		$	16,000		$	1,970		$	45,715		$	16,423		$	7,205		$	7,665		$	31,293		$	(9,525	)	$	137,873
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			11,424			11,424
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(1,899		)	(1,899		)
NOI	$	57,221		$	9,969		$	3,200		$	70,390		$	10,668		$	17,077		$	16,000		$	1,970		$	45,715		$	16,423		$	7,205		$	7,665		$	31,293		$	—		$	147,398
Quarterly GAAP NOI run rate
NOI	$	57,221		$	9,969		$	3,200		$	70,390		$	10,668		$	17,077		$	16,000		$	1,970		$	45,715		$	16,423		$	7,205		$	7,665		$	31,293		$	—		$	147,398
In-service adjustments (2) (5)	166			—			(44		)	122			(1,366		)	34			138			—			(1,194		)	212			(2,814		)	29			(2,573		)	—			(3,645		)
Percentage rent/participation adjustments (3)	69			(157		)	14			(74		)	(51		)	(309		)	83			—			(277		)	—			—			(112		)	(112		)	—			(463		)
Non-recurring adjustments (6)	(95		)	(2		)	(47		)	(144		)	—			118			—			—			118			50			—			—			50			—			24
Quarterly GAAP NOI run rate	$	57,361		$	9,810		$	3,123		$	70,294		$	9,251		$	16,920		$	16,221		$	1,970		$	44,362		$	16,685		$	4,391		$	7,582		$	28,658		$	—		$	143,314
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	229,444		$	39,240		$	12,492		$	281,176		$	37,004		$	67,680		$	64,884		$	7,880		$	177,448		$	66,740		$	17,564		$	30,328		$	114,632		$	—		$	573,256
Quarterly cash NOI run rate
NOI	$	57,221		$	9,969		$	3,200		$	70,390		$	10,668		$	17,077		$	16,000		$	1,970		$	45,715		$	16,423		$	7,205		$	7,665		$	31,293		$	—		$	147,398
In-service adjustments (4) (5)	(75		)	—			—			(75		)	(1,361		)	—			112			—			(1,249		)	229			(2,806		)	192			(2,385		)	—			(3,709		)
Percentage rent/participation adjustments (3)	69			(157		)	14			(74		)	(51		)	(309		)	83			—			(277		)	—			—			(112		)	(112		)	—			(463		)
Non-recurring adjustments (6)	(95		)	(2		)	(47		)	(144		)	—			118			—			—			118			50			—			—			50			—			24
Non-cash revenue	(242		)	304			(115		)	(53		)	(57		)	(69		)	(416		)	(29		)	(571		)	(2,438		)	(921		)	(934		)	(4,293		)	—			(4,917		)
Quarterly cash NOI run rate	56,878			10,114			3,052			70,044			9,199			16,817			15,779			1,941			43,736			14,264			3,478			6,811			24,553			—			138,333
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	227,512		$	40,456		$	12,208		$	280,176		$	36,796		$	67,268		$	63,116		$	7,764		$	174,944		$	57,056		$	13,912		$	27,244		$	98,212		$	—		$	553,332



RECONCILIATION OF EBITDAre, ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (5):	3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018			4TH QUARTER 2017			3RD QUARTER 2017			2ND QUARTER 2017
Net income	$	91,833		$	91,581		$	29,538		$	65,563		$	62,954		$	80,535
Interest expense, net	33,576			34,079			34,337			35,271			34,194			32,967
Income tax expense	515			642			1,020			383			587			475
Depreciation and amortization	38,623			37,582			37,684			37,027			34,694			33,148
Gain on sale of real estate	(2,215		)	(473		)	—			(13,480		)	(997		)	(25,461		)
Gain on sale of investment in direct financing leases	(5,514		)	—			—			—			—			—
Impairment of rental properties	—			16,548			—			—			—			—
Impairment of direct financing leases - residual value portion (1)	—			—			—			—			—			2,897
Costs associated with loan refinancing or payoff	—			15			31,943			58			1,477			9
Gain on early extinguishment of debt	—			—			—			—			—			(977		)
Equity in (income) loss from joint ventures	(20		)	88			(51		)	14			(35		)	(59		)
EBITDAre (4)	$	156,798		$	180,062		$	134,471		$	124,836		$	132,874		$	123,534
Gain on insurance recovery (2)	—			—			—			—			—			(606		)
Litigation settlement expense	—			2,090			—			—			—			—
Impairment of direct financing leases - allowance for lease loss portion (1)	—			—			—			—			—			7,298
Transaction costs	1,101			405			609			135			113			218
Straight-line rental revenue write-off related to CLA (3)	—			—			—			9,010			—			—
Bad debt expense related to CLA (4)	—			—			—			6,003			—			—
Prepayment fees	(20,026		)	(47,293		)	—			(834		)	—			—
Adjusted EBITDA (for the quarter)	$	137,873		$	135,264		$	135,080		$	139,150		$	132,987		$	130,444

Adjusted EBITDA (6)	$	551,492		$	541,056		$	540,320		$	556,600		$	531,948		$	521,776

ANNUALIZED ADJUSTED EBITDA (5):
Adjusted EBITDA (for the quarter)	$	137,873		$	135,264		$	135,080		$	139,150		$	132,987		$	130,444
Corporate/unallocated and other NOI (7)	(1,899		)	(2,079		)	(2,354		)	(2,045		)	(2,298		)	(2,521		)
In-service adjustments (8)	(3,645		)	(1,785		)	910			1,453			5,074			3,287
Percentage rent/participation adjustments (9)	(463		)	517			973			(973		)	(1,107		)	(204		)
Non-recurring adjustments (10)	24			(4		)	(63		)	(2,689		)	(2		)	(607		)
Annualized Adjusted EBITDA (for the quarter)	$	131,890		$	131,913		$	134,546		$	134,896		$	134,654		$	130,399

Annualized Adjusted EBITDA (11)	$	527,560		$	527,652		$	538,184		$	539,584		$	538,616		$	521,596


See footnotes on following page.



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

(1) 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.
(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	$	215	$	621	$	554	$	577		$	520	$	697
Fee income	—		—		62		—			1		—
Gain on insurance recovery	—		—		—		—			—		606
Miscellaneous income	150		25		14		—			1		1
Other income	$	365	$	646	$	630	$	577		$	522	$	1,304

(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	$	131,450	$	129,371	$	125,712	$	123,208		$	118,179	$	113,723
Tenant reimbursements	3,655		3,758		3,991		4,131			3,734		3,941
Percentage rent	2,654		1,744		1,259		3,108			2,212		1,646
Straight-line rental revenue	3,079		2,060		1,874		1,925			2,357		4,009
Straight-line rental revenue write-off related to CLA	—		—		—		(9,010		)	—		—
Other rental revenue	67		86		88		84			79		91
Rental revenue	$	140,905	$	137,019	$	132,924	$	123,446		$	126,561	$	123,410

(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	$	6,663	$	6,419	$	6,607	$	6,649		$	5,961	$	5,886
Bad debt expense	305		915		957		239			379		186
Bad debt expense related to CLA	—		—		—		6,003			—		—
Property operating expense	$	6,968	$	7,334	$	7,564	$	12,891		$	6,340	$	6,072

(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



GUIDANCE
(DOLLARS IN MILLIONS EXCEPT FOR PER SHARE INFORMATION)



Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Third Quarter and Nine Months Ended September 30, 2018



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



CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS



COMPANY PROFILE