Exhibit 99.3

                

Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2018

---

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

	Q4 2018 Supplemental	Page 2

---

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 31 through 33 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures in the Appendix on pages 34 through 41.

	Q4 2018 Supplemental	Page 3

---

COMPANY PROFILE

    

	THE COMPANY
	EPR Properties (“EPR” or the “Company”) is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997.
	Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes Entertainment, 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

	Q4 2018 Supplemental	Page 4

---

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
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	440-715-2649
Stifel	Simon Yarmak	443-224-1345
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124

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

	Q4 2018 Supplemental	Page 5

---

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED DECEMBER 31,								YEAR ENDED DECEMBER 31,
Operating Information:	2018				2017				2018				2017
Revenue	$	166,487			$	147,700			$	700,731			$	575,991
Net income available to common shareholders of EPR Properties	47,997				54,668				242,841				234,218
EBITDAre (1)	137,586				124,836				608,917				492,892
Adjusted EBITDA (1)	137,716				139,150				545,933				506,888
Interest expense, net	33,515				35,271				135,507				133,124
Recurring principal payments	—				197				—				3,241
Capitalized interest	2,669				2,046				9,904				9,879
Straight-lined rental revenue	3,216				(7,085		)		10,229				4,332
Dividends declared on preferred shares	6,034				6,438				24,142				24,293
Dividends declared on common shares	80,292				75,297				321,119				291,179
General and administrative expense	12,165				9,596				48,889				43,383
	DECEMBER 31,
Balance Sheet Information:	2018				2017
Total assets	$	6,131,390			$	6,191,493
Accumulated depreciation	883,174				741,334
Total assets before accumulated depreciation (gross assets)	7,014,564				6,932,827
Cash and cash equivalents	5,872				41,917
Debt	2,986,054				3,028,827
Deferred financing costs, net	33,941				32,852
Net debt (1)	3,014,123				3,019,762
Equity	2,865,023				2,927,325
Common shares outstanding	74,348				74,125
Total market capitalization (using EOP closing price)	8,145,652				8,243,194
Net debt/total market capitalization	37		%		37		%
Net debt/gross assets	43		%		44		%
Net debt/Adjusted EBITDA (2)	5.5				5.4
Adjusted net debt/Annualized adjusted EBITDA (1)(3)(4)	5.4				5.4
(1) See pages 31 through 33 for definitions. See calculation on page 40.
(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.

	Q4 2018 Supplemental	Page 6

---

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Rental properties:
Entertainment		$	2,909,024			$	2,875,959			$	2,854,274			$	2,812,120			$	2,762,801			$	2,696,125
Recreation		1,614,100				1,502,639				1,476,759				1,452,087				1,420,690				1,361,445
Education		1,209,393				1,204,851				1,175,973				1,170,548				1,005,340				1,033,149
Other		174,714				156,786				156,786				156,786				156,734				156,659
Less: accumulated depreciation		(883,174		)		(848,280		)		(810,604		)		(776,404		)		(741,334		)		(711,384		)
Land held for development		34,177				31,076				31,076				33,693				33,692				33,674
Property under development		287,546				289,228				268,090				249,931				257,629				284,211
Mortgage notes receivable: (1)
Entertainment		—				23,327				23,321				31,061				31,105				39,679
Recreation		368,655				365,100				439,759				614,405				602,145				602,701
Education		148,812				184,273				178,348				174,371				337,499				329,991
Investment in direct financing leases, net		20,558				20,495				58,305				58,101				57,903				57,698
Investment in joint ventures		34,486				5,018				4,999				5,538				5,602				5,616
Cash and cash equivalents		5,872				74,153				3,017				24,514				41,917				11,412
Restricted cash		12,635				22,031				11,283				15,640				17,069				24,323
Accounts receivable, net		98,369				104,757				97,804				88,750				93,693				99,213
Other assets		96,223				102,657				135,034				127,725				109,008				108,498
Total assets		$	6,131,390			$	6,114,070			$	6,104,224			$	6,238,866			$	6,191,493			$	6,133,010
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities		$	168,463			$	138,829			$	122,359			$	117,583			$	136,929			$	140,582
Common dividends payable		26,765				26,761				26,765				26,755				25,203				25,046
Preferred dividends payable		6,034				6,036				6,036				6,036				4,982				5,951
Unearned rents and interest		79,051				90,287				79,121				81,461				68,227				85,198
Line of credit		30,000				—				30,000				570,000				210,000				170,000
Deferred financing costs, net		(33,941		)		(35,033		)		(36,020		)		(28,558		)		(32,852		)		(33,951		)
Other debt		2,989,995				2,989,995				2,989,995				2,589,995				2,851,679				2,851,876
Total liabilities		3,266,367				3,216,875				3,218,256				3,363,272				3,264,168				3,244,702
Equity:
Common stock and additional paid-in- capital		3,505,266				3,497,055				3,492,333				3,487,902				3,479,755				3,421,631
Preferred stock at par value		148				148				148				148				148				138
Treasury stock		(130,728		)		(129,801		)		(129,048		)		(128,707		)		(121,591		)		(121,539		)
Accumulated other comprehensive income		12,085				19,246				17,497				16,481				12,483				10,919
Distributions in excess of net income		(521,748		)		(489,453		)		(494,962		)		(500,230		)		(443,470		)		(422,841		)
Total equity		2,865,023				2,897,195				2,885,968				2,875,594				2,927,325				2,888,308
Total liabilities and equity		$	6,131,390			$	6,114,070			$	6,104,224			$	6,238,866			$	6,191,493			$	6,133,010
(1) Includes related accrued interest receivable.

	Q4 2018 Supplemental	Page 7

---

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
	4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Rental revenue:
Entertainment	$	76,742			$	75,552			$	74,640			$	74,848			$	74,383			$	70,621
Recreation	38,732				36,215				34,443				33,432				33,909				32,171
Education	27,757				26,851				25,649				22,385				12,862				21,479
Other	2,284				2,287				2,287				2,259				2,292				2,290
Mortgage and other financing income:
Entertainment	4,457				612				2,100				802				981				1,151
Recreation	8,277				29,678				57,540				13,705				13,590				14,140
Education	7,803				4,849				5,562				6,907				9,106				9,023
Other income	435				365				646				630				577				522
Total revenue	$	166,487			$	176,409			$	202,867			$	154,968			$	147,700			$	151,397
Property operating expense	8,890				6,968				7,334				7,564				12,891				6,340
Other expense	325				118				—				—				242				—
General and administrative expense	12,165				11,424				12,976				12,324				9,596				12,070
Severance expense	5,938				—				—				—				—				—
Litigation settlement expense	—				—				2,090				—				—				—
Costs associated with loan refinancing or payoff	—				—				15				31,943				58				1,477
Interest expense, net	33,515				33,576				34,079				34,337				35,271				34,194
Transaction costs	1,583				1,101				405				609				135				113
Impairment charges	10,735				—				16,548				—				—				—
Depreciation and amortization	39,541				38,623				37,582				37,684				37,027				34,694
Income before equity in income in joint ventures and other items	53,795				84,599				91,838				30,507				52,480				62,509
Equity in (loss) income from joint ventures	(5		)		20				(88		)		51				(14		)		35
Gain on sale of real estate	349				2,215				473				—				13,480				997
Gain on sale of investment in direct financing leases	—				5,514				—				—				—				—
Income tax expense	(108		)		(515		)		(642		)		(1,020		)		(383		)		(587		)
Net income	54,031				91,833				91,581				29,538				65,563				62,954
Preferred dividend requirements	(6,034		)		(6,036		)		(6,036		)		(6,036		)		(6,438		)		(5,951		)
Preferred share redemption costs	—				—				—				—				(4,457		)		—
Net income available to common shareholders of EPR Properties	$	47,997			$	85,797			$	85,545			$	23,502			$	54,668			$	57,003

	Q4 2018 Supplemental	Page 8

---

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Net income available to common shareholders of EPR Properties		$	47,997			$	85,797			$	85,545			$	23,502			$	54,668			$	57,003
Gain on sale of real estate		(349		)		(2,215		)		(473		)		—				(13,480		)		(997		)
Gain on sale of investment in direct financing leases		—				(5,514		)		—				—				—				—
Impairment of charges		10,735				—				16,548				—				—				—
Real estate depreciation and amortization		39,297				38,388				37,359				37,464				36,797				34,457
Allocated share of joint venture depreciation		56				54				58				58				55				55
FFO available to common shareholders of EPR Properties		$	97,736			$	116,510			$	139,037			$	61,024			$	78,040			$	90,518
FFO available to common shareholders of EPR Properties		$	97,736			$	116,510			$	139,037			$	61,024			$	78,040			$	90,518
Add: Preferred dividends for Series C preferred shares		1,939				1,940				1,940				—				1,940				1,941
Add: Preferred dividends for Series E preferred shares		1,939				1,939				—				—				1,940				—
Diluted FFO available to common shareholders of EPR Properties		$	101,614			$	120,389			$	140,977			$	61,024			$	81,920			$	92,459
FUNDS FROM OPERATIONS AS ADJUSTED (1):
FFO available to common shareholders of EPR Properties		$	97,736			$	116,510			$	139,037			$	61,024			$	78,040			$	90,518
Costs associated with loan refinancing or payoff		—				—				15				31,943				58				1,477
Transaction costs		1,583				1,101				405				609				135				113
Severance expense		5,938				—				—				—				—				—
Litigation settlement expense		—				—				2,090				—				—				—
Preferred share redemption costs		—				—				—				—				4,457				—
Termination fee included in gain on sale		—				1,864				—				—				13,275				954
Deferred income tax (benefit) expense		(182		)		92				235				428				(99		)		227
FFO as adjusted available to common shareholders of EPR Properties		$	105,075			$	119,567			$	141,782			$	94,004			$	95,866			$	93,289
FFO as adjusted available to common shareholders of EPR Properties		$	105,075			$	119,567			$	141,782			$	94,004			$	95,866			$	93,289
Add: Preferred dividends for Series C preferred shares		1,939				1,940				1,940				1,940				1,940				1,941
Add: Preferred dividends for Series E preferred shares		1,939				1,939				1,939				1,939				1,940				—
Diluted FFO as adjusted available to common shareholders of EPR Properties		$	108,953			$	123,446			$	145,661			$	97,883			$	99,746			$	95,230
FFO per common share:
Basic		$	1.31			$	1.57			$	1.87			$	0.82			$	1.06			$	1.23
Diluted		1.30				1.54				1.84				0.82				1.06				1.22
FFO as adjusted per common share:
Basic		$	1.41			$	1.61			$	1.91			$	1.27			$	1.30			$	1.27
Diluted		1.39				1.58				1.87				1.26				1.29				1.26
Shares used for computation (in thousands):
Basic		74,343				74,345				74,329				74,146				73,774				73,663
Diluted		74,402				74,404				74,365				74,180				73,832				73,724
Effect of dilutive Series C preferred shares		2,133				2,122				2,110				2,098				2,083				2,072
Adjusted weighted-average shares outstanding-diluted Series C		76,535				76,526				76,475				76,278				75,915				75,796
Effect of dilutive Series E preferred shares		1,615				1,610				1,604				1,598				1,592				—
Adjusted weighted-average shares outstanding-diluted Series C and Series E		78,150				78,136				78,079				77,876				77,507				75,796
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 9

---

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
FFO available to common shareholders of EPR Properties		$	97,736			$	116,510			$	139,037			$	61,024			$	78,040			$	90,518
Adjustments:
Costs associated with loan refinancing or payoff		—				—				15				31,943				58				1,477
Transaction costs		1,583				1,101				405				609				135				113
Severance expense		5,938				—				—				—				—				—
Litigation settlement expense		—				—				2,090				—				—				—
Preferred share redemption costs		—				—				—				—				4,457				—
Termination fees included in gain on sale		—				1,864				—				—				13,275				954
Deferred income tax (benefit) expense		(182		)		92				235				428				(99		)		227
Non-real estate depreciation and amortization		244				235				223				220				230				237
Deferred financing fees amortization		1,490				1,470				1,439				1,398				1,588				1,598
Share-based compensation expense to management and trustees		3,816				3,687				3,817				3,791				3,576				3,605
Amortization of above/below market leases, net and tenant allowances		(54		)		(55		)		(55		)		(417		)		(66		)		(55		)
Maintenance capital expenditures (2)		(336		)		(540		)		(527		)		(698		)		(1,207		)		(1,125		)
Straight-lined rental revenue		(3,216		)		(3,079		)		(2,060		)		(1,874		)		7,085				(2,357		)
Non-cash portion of mortgage and other financing income		(784		)		(819		)		(784		)		(656		)		(719		)		(905		)
AFFO available to common shareholders of EPR Properties		$	106,235			$	120,466			$	143,835			$	95,768			$	106,353			$	94,287
AFFO available to common shareholders of EPR Properties		$	106,235			$	120,466			$	143,835			$	95,768			$	106,353			$	94,287
Add: Preferred dividends for Series C preferred shares		1,939				1,940				1,940				1,940				1,940				1,941
Add: Preferred dividends for Series E preferred shares		1,939				1,939				1,939				1,939				1,940				—
Diluted AFFO available to common shareholders of EPR Properties		$	110,113			$	124,345			$	147,714			$	99,647			$	110,233			$	96,228
Weighted average diluted shares outstanding (in thousands)		74,402				74,404				74,365				74,180				73,832				73,724
Effect of dilutive Series C preferred shares		2,133				2,122				2,110				2,098				2,083				2,072
Effect of dilutive Series E preferred shares		1,615				1,610				1,604				1,598				1,592				—
Adjusted weighted-average shares outstanding-diluted		78,150				78,136				78,079				77,876				77,507				75,796
AFFO per diluted common share		$	1.41			$	1.59			$	1.89			$	1.28			$	1.42			$	1.27
Dividends declared per common share		$	1.08			$	1.08			$	1.08			$	1.08			$	1.02			$	1.02
AFFO payout ratio (3)		77		%		68		%		57		%		84		%		72		%		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.

	Q4 2018 Supplemental	Page 10

---

CAPITAL STRUCTURE AS OF DECEMBER 31, 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
2019		$	—			$	—			$	—			$	—			—%
2020		—				—				—				—				—%
2021		—				—				—				—				—%
2022		—				30,000				350,000				380,000				5.57%
2023		400,000				—				275,000				675,000				3.80%
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%
2029		—				—				—				—				—%
Thereafter		24,995				—				—				24,995				2.50%
Less: deferred financing costs, net		—				—				—				(33,941		)		—%
		$	424,995			$	30,000			$	2,565,000			$	2,986,054			4.55%
						BALANCE				WEIGHTED AVG INTEREST RATE				WEIGHTED AVG MATURITY
Fixed rate secured debt						$	—			—		%		—
Fixed rate unsecured debt (1)						2,915,000				4.60		%		6.60
Variable rate secured debt						24,995				2.50		%		28.58
Variable rate unsecured debt						80,000				3.49		%		3.78
Less: deferred financing costs, net						(33,941		)		—		%		—
Total						$	2,986,054			4.55		%		6.70
(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 12/31/2018				MATURITY				AT 12/31/2018
		$1,000,000				$	30,000			February 27, 2022				3.50%
		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.

	Q4 2018 Supplemental	Page 11

---

CAPITAL STRUCTURE AS OF DECEMBER 31, 2018 AND 2017
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:		December 31, 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		(33,941		)		(32,852		)
Total debt		$	2,986,054			$	3,028,827

	Q4 2018 Supplemental	Page 12

---

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF DECEMBER 31, 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 December 31, 2018 and September 30, 2018 are:
				Actual		Actual
NOTE COVENANTS		Required		4th Quarter 2018 (1)		3rd 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		4.1x		4.4x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)		≥ 150% of unsecured debt		222%		223%
(1) See page 14 for detailed calculations.

	Q4 2018 Supplemental	Page 13

---

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:		December 31, 2018								TOTAL DEBT:								December 31, 2018
Total Assets per balance sheet		$	6,131,390							Secured debt obligations								$	24,995
Add: accumulated depreciation		883,174								Unsecured debt obligations:
Less: intangible assets, net		(42,491		)						Unsecured debt								2,995,000
Total Assets		$	6,972,073							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:		December 31, 2018								Total Debt								$	3,044,730
Unencumbered real estate assets, gross		$	6,379,024
Cash and cash equivalents		5,872
Land held for development		34,177
Property under development		287,546
Total Unencumbered Assets		$	6,706,619
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents		$	145,107		(1)	$	157,899		(1)	$	182,557		(1)	$	135,080			$	620,643
Less: straight-line rental revenue		(3,216		)		(3,079		)		(2,060		)		(1,874		)		(10,229		)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE		$	141,891			$	154,820			$	180,497			$	133,206			$	610,414
ANNUAL DEBT SERVICE:
Interest expense, gross		$	36,304			$	36,360			$	36,468			$	36,646			$	145,778
Less: deferred financing fees amortization		(1,490		)		(1,470		)		(1,439		)		(1,398		)		(5,797		)
ANNUAL DEBT SERVICE		$	34,814			$	34,890			$	35,029			$	35,248			$	139,981
DEBT SERVICE COVERAGE		4.1				4.4				5.2				3.8				4.4
(1) Includes prepayment fees.

	Q4 2018 Supplemental	Page 14

---

CAPITAL STRUCTURE AS OF DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY		SHARES OUTSTANDING		PRICE PER SHARE AT DECEMBER 31, 2018		LIQUIDIATION PREFERENCE		DIVIDEND RATE				CONVERTIBLE		CONVERSION RATIO AT DECEMBER 31, 2018		CONVERSION PRICE AT DECEMBER 31, 2018
Common shares		74,347,856		$64.03		N/A		(1)				N/A		N/A		N/A
Series C		5,394,050		$26.89		$134,851		5.750%				Y		0.3954		$63.23
Series E		3,447,381		$34.00		$86,185		9.000%				Y		0.4686		$53.35
Series G		6,000,000		$20.90		$150,000		5.750%				N		N/A		N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at December 31, 2018 multiplied by closing price at December 31, 2018								$	4,760,493
Aggregate liquidation value of Series C preferred shares (2)								134,851
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 December 31, 2018 (3)								3,014,123
Total consolidated market capitalization								$	8,145,652
(1) Total monthly dividends declared in the fourth quarter of 2018 were $1.08 per share.
(2) Excludes accrued unpaid dividends at December 31, 2018.
(3) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 15

---

SUMMARY OF RATIOS
(UNAUDITED)
	4TH QUARTER 2018		3RD QUARTER 2018		2ND QUARTER 2018		1ST QUARTER 2018		4TH QUARTER 2017		3RD QUARTER 2017
Net debt to total market capitalization	37%		35%		37%		41%		37%		35%
Net debt to gross assets	43%		42%		44%		45%		44%		44%
Net debt/Adjusted EBITDA (1)(2)	5.5		5.3		5.6		5.8		5.4		5.7
Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.4		5.3		5.5		5.6		5.4		5.4
Interest coverage ratio (5)	3.8		3.8		3.7		3.7		3.6		3.6
Fixed charge coverage ratio (5)	3.3		3.3		3.2		3.2		3.1		3.1
Debt service coverage ratio (5)	3.8		3.8		3.7		3.7		3.6		3.6
FFO payout ratio (6)	83%		70%		59%		132%		96%		84%
FFO as adjusted payout ratio (7)	78%		68%		58%		86%		79%		81%
AFFO payout ratio (8)	77%		68%		57%		84%		72%		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.

	Q4 2018 Supplemental	Page 16

---

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Net income	$	54,031			$	91,833			$	91,581			$	29,538			$	65,563			$	62,954
Impairment charges	10,735				—				16,548				—				—				—
Transaction costs	1,583				1,101				405				609				135				113
Interest expense, gross	36,304				36,360				36,468				36,646				37,360				36,753
Severance expense	5,938				—				—				—				—				—
Litigation settlement expense	—				—				2,090				—				—				—
Depreciation and amortization	39,541				38,623				37,582				37,684				37,027				34,694
Share-based compensation expense
to management and trustees	3,816				3,687				3,817				3,791				3,576				3,605
Costs associated with loan refinancing or payoff	—				—				15				31,943				58				1,477
Interest cost capitalized	(2,669		)		(2,697		)		(2,294		)		(2,244		)		(2,046		)		(2,492		)
Straight-line rental revenue	(3,216		)		(3,079		)		(2,060		)		(1,874		)		7,085				(2,357		)
Gain on sale of real estate	(349		)		(2,215		)		(473		)		—				(13,480		)		(997		)
Gain on sale of investment in direct financing leases	—				(5,514		)		—				—				—				—
Prepayment fees	(7,391		)		(20,026		)		(47,293		)		—				(834		)		—
Deferred income tax (benefit) expense	(182		)		92				235				428				(99		)		227
Interest coverage amount	$	138,141			$	138,165			$	136,621			$	136,521			$	134,345			$	133,977
Interest expense, net	$	33,515			$	33,576			$	34,079			$	34,337			$	35,271			$	34,194
Interest income	120				87				95				65				43				67
Interest cost capitalized	2,669				2,697				2,294				2,244				2,046				2,492
Interest expense, gross	$	36,304			$	36,360			$	36,468			$	36,646			$	37,360			$	36,753
Interest coverage ratio	3.8				3.8				3.7				3.7				3.6				3.6
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	138,141			$	138,165			$	136,621			$	136,521			$	134,345			$	133,977
Interest expense, gross	$	36,304			$	36,360			$	36,468			$	36,646			$	37,360			$	36,753
Preferred share dividends	6,034				6,036				6,036				6,036				6,438				5,951
Fixed charges	$	42,338			$	42,396			$	42,504			$	42,682			$	43,798			$	42,704
Fixed charge coverage ratio	3.3				3.3				3.2				3.2				3.1				3.1
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	138,141			$	138,165			$	136,621			$	136,521			$	134,345			$	133,977
Interest expense, gross	$	36,304			$	36,360			$	36,468			$	36,646			$	37,360			$	36,753
Recurring principal payments	—				—				—				—				197				192
Debt service	$	36,304			$	36,360			$	36,468			$	36,646			$	37,557			$	36,945
Debt service coverage ratio	3.8				3.8				3.7				3.7				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.

	Q4 2018 Supplemental	Page 17

---

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
SUMMARY OF MORTGAGE NOTES RECEIVABLE	OPERATING SEGMENT		DECEMBER 31, 2018				DECEMBER 31, 2017
Mortgage note and related accrued interest receivable, 10.14%, reclassified to rental properties January 1, 2018 due to implementation of ASC 610-20	Education		$	—			$	2,500
Mortgage note and related accrued interest receivable, 8.50%, reclassified to rental properties January 1, 2018 due to implementation of ASC 610-20	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, 9.25%, prepaid in full November 30, 2018	Entertainment		—				31,105
Mortgage note and related accrued interest receivable, 9.00%, prepaid in full December 11, 2018	Education		—				5,173
Mortgage notes and related accrued interest receivable, 10.00%, prepaid in full December 11, 2018	Education		—				33,269
Mortgage note and related accrued interest receivable, 9.00%, prepaid in full December 21, 2018	Education		—				1,454
Mortgage notes, 7.00% and 10.00%, due May 1, 2019	Recreation		179,846				174,265
Mortgage note, 7.00%, due December 20, 2021	Education		54,535				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, 11.31%, due July 1, 2033	Recreation		11,934				12,249
Mortgage note and related accrued interest receivable, 8.71% to 9.38%, due June 30, 2034	Education		8,835				8,711
Mortgage note and related accrued interest receivable, 10.0%, due August 31, 2034	Education		15,652				12,564
Mortgage note, 11.43%, due December 1, 2034	Recreation		51,050				51,050
Mortgage notes, 10.59%, due December 1, 2034	Recreation		37,562				37,562
Mortgage note, 11.04%, 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		6,383				6,304
Mortgage note, 9.75%, due August 1, 2036	Recreation		18,068				18,068
Mortgage note and related accrued interest receivable, 9.95%, due December 31, 2036	Education		9,839				9,838
Mortgage note and related accrued interest receivable, 8.67%, due April 30, 2037	Education		4,952				4,717
Mortgage note and related accrued interest receivable, 8.93%, due June 30, 2037	Education		4,165				4,111
Mortgage note and related accrued interest receivable, 8.67%, due July 31, 2037	Education		4,236				4,235
Mortgage note, 8.75%, due August 31, 2037	Education		23,718				11,330
Mortgage note and related accrued interest receivable, 9.02%, due September 30, 2037	Education		14,325				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 August 30, 2038	Education		2,172				658
Total mortgage notes and related accrued interest receivable			$	517,467			$	970,749

	Q4 2018 Supplemental	Page 18

---

CAPITAL SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
2018 CAPITAL SPENDING	LOCATION	OPERATING SEGMENT	CAPITAL SPENDING THREE MONTHS ENDED DECEMBER 31, 2018				CAPITAL SPENDING YEAR ENDED DECEMBER 31, 2018
Development and redevelopment of megaplex theatres	various	Entertainment	$	9,099			$	42,269
Acquisition of megaplex theatres	various	Entertainment	14,923				22,418
Development of other entertainment and retail projects	various	Entertainment	3,159				22,507
Development of Topgolf golf entertainment facilities	various	Recreation	15,964				88,154
Additions to mortgage note and notes receivable for attractions	various	Recreation	62				978
Acquisition of an other recreation property	Pagosa Springs, CO	Recreation	205				36,599
Acquisition of a fitness facility	Fort Collins, CO	Recreation	—				7,812
Acquisition of an attraction property	St. Louis, MO	Recreation	50,260				50,260
Acquisition of two recreation anchored lodging properties	St. Petersburg Beach, FL	Recreation	68,473				68,473
Investment in mortgage notes receivable for fitness facilities	various	Recreation	—				10,387
Investment in waterpark hotel for casino and resort project	Sullivan County, NY	Recreation	21,897				115,684
Development and redevelopment of recreation properties	various	Recreation	2,686				5,643
Development of public charter school properties	various	Education	7,222				36,987
Acquisition and development of early childhood education centers	various	Education	1,768				27,433
Investment in mortgage notes receivable for public charter schools	various	Education	4,749				19,467
Development of private school properties	various	Education	2,660				3,020
Investment in casino and resort project	Sullivan County, NY	Other	13,862				13,891
Total investment spending			$	216,989			$	571,982
Maintenance and other capital spending, net	various	n/a	336				3,599
Total capital spending			$	217,325			$	575,581
2018 DISPOSITIONS AND MORTGAGE NOTE PAYDOWNS	LOCATION	OPERATING SEGMENT	NET PROCEEDS THREE MONTHS ENDED DECEMBER 31, 2018				NET PROCEEDS YEAR ENDED DECEMBER 31, 2018
Mortgage note paydown	Chicago, IL	Entertainment	$	28,032			$	37,391
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
Sale of excess land	Olathe, KS	Entertainment	1,346				1,346
Mortgage note paydown	various	Recreation	—				316,261
Sale of excess land	Webster, TX	Recreation	—				293
Mortgage notes paydown	various	Education	41,423				51,918
Sale of early education center	Wallingford, CT	Education	—				1,635
Sale of public charter school	Vista, CA	Education	—				11,957
Sale of early education center and excess land	Parker, CO	Education	871				915
Sale of public charter schools classified as direct financing leases	various	Education	—				43,447
Total dispositions and mortgage note paydowns (excluding recurring principal payments and including prepayment fees)			$	71,672			$	471,114

	Q4 2018 Supplemental	Page 19

---

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT DECEMBER 31, 2018 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
		DECEMBER 31, 2018						OWNED BUILD-TO-SUIT SPENDING ESTIMATES
		PROPERTY UNDER DEVELOPMENT				# OF PROJECTS		1ST QUARTER 2019			2ND QUARTER 2019			3RD QUARTER 2019			4TH QUARTER 2019				THEREAFTER				TOTAL EXPECTED COSTS (2)				% LEASED
Entertainment		$	10,395			5		$	6,160		$	5,323		$	933		$	—			$	—			$	22,811			100%
Recreation (3)		249,911				5		45,500			22,667			7,667			5,667				—				331,412				100%
Education		16,879				6		9,640			11,800			8,000			3,100				—				49,419				100%
Total Build-to-Suit		277,185				16		$	61,300		$	39,790		$	16,600		$	8,767			$	—			$	403,642
Non Build-to-Suit Development		10,361
Total Property Under Development		$	287,546
						DECEMBER 31, 2018		OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
						# OF PROJECTS		1ST QUARTER 2019			2ND QUARTER 2019			3RD QUARTER 2019			4TH QUARTER 2019				THEREAFTER				TOTAL IN-SERVICE (2)				ACTUAL IN-SERVICE 4TH QUARTER 2018
Entertainment						5		$	2,261		$	4,845		$	12,320		$	3,385			$	—			$	22,811			$	31,645
Recreation						5		—			299,431			31,981			—				—				331,412				62,618
Education						6		24,173			—			25,246			—				—				49,419				5,604
Total Build-to-Suit						16		$	26,434		$	304,276		$	69,547		$	3,385			$	—			$	403,642			$	99,867
		DECEMBER 31, 2018						MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
		MORTGAGE NOTES RECEIVABLE				# OF PROJECTS		1ST QUARTER 2019			2ND QUARTER 2019			3RD QUARTER 2019			4TH QUARTER 2019				THEREAFTER				TOTAL EXPECTED COSTS (2)
Entertainment		$	—			—		$	—		$	—		$	—		$	—			$	—			$	—
Recreation		—				—		—			—			—			—				—				—
Education		55,868				4		2,700			1,400			—			—				—				59,968
Total Build-to-Suit Mortgage Notes		55,868				4		$	2,700		$	1,400		$	—		$	—			$	—			$	59,968
Non Build-to-Suit Mortgage Notes		461,599
Total Mortgage Notes Receivable		$	517,467
(1) This schedule includes only those properties for which the Company has commenced construction as of December 31, 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.

	Q4 2018 Supplemental	Page 20

---

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue		$	76,742		$	38,732		$	27,757		$	2,284		$	145,515		$	—		$	145,515
Other income		123			—			—			—			123			312			435
Mortgage and other financing income		4,457			8,277			7,803			—			20,537			—			20,537
Total revenue		81,322			47,009			35,560			2,284			166,175			312			166,487
Property operating expense		6,179			35			2,053			449			8,716			174			8,890
Other expense		—			(118		)	—			—			(118		)	443			325
Total investment expenses		6,179			(83		)	2,053			449			8,598			617			9,215
General and administrative expense		—			—			—			—			—			(12,165		)	(12,165		)
Prepayment fees		(4,031		)	—			(3,360		)	—			(7,391		)	—			(7,391		)
Adjusted EBITDA (1)		$	71,112		$	47,092		$	30,147		$	1,835		$	150,186		$	(12,470	)	$	137,716
		47		%	31		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Severance expense																	(5,938		)	(5,938		)
Interest expense, net																	(33,515		)	(33,515		)
Transaction costs																	(1,583		)	(1,583		)
Impairment charges																	(10,735		)	(10,735		)
Depreciation and amortization																	(39,541		)	(39,541		)
Equity in loss from joint ventures																	(5		)	(5		)
Gain on sale of real estate																	349			349
Income tax expense																	(108		)	(108		)
Prepayment fees																	7,391			7,391
Net income																				54,031
Preferred dividend requirements																	(6,034		)	(6,034		)
Net income available to common shareholders of EPR Properties																				$	47,997
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 21

---

FINANCIAL INFORMATION BY SEGMENT
FOR THE YEAR ENDED DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue		$	301,782		$	142,822		$	102,642		$	9,117		$	556,363		$	—		$	556,363
Other income		270			62			—			—			332			1,744			2,076
Mortgage and other financing income		7,971			109,200			25,121			—			142,292			—			142,292
Total revenue		310,023			252,084			127,763			9,117			698,987			1,744			700,731
Property operating expense		24,141			126			3,933			1,901			30,101			655			30,756
Other expense		—			—			—			—			—			443			443
Total investment expenses		24,141			126			3,933			1,901			30,101			1,098			31,199
General and administrative expense		—			—			—			—			—			(48,889		)	(48,889		)
Prepayment fees		(5,390		)	(65,960		)	(3,360		)	—			(74,710		)	—			(74,710		)
Adjusted EBITDA (1)		$	280,492		$	185,998		$	120,470		$	7,216		$	594,176		$	(48,243	)	$	545,933
		48		%	31		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Severance expense																	(5,938		)	(5,938		)
Litigation settlement expense																	(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																	(31,958		)	(31,958		)
Interest expense, net																	(135,507		)	(135,507		)
Transaction costs																	(3,698		)	(3,698		)
Impairment charges																	(27,283		)	(27,283		)
Depreciation and amortization																	(153,430		)	(153,430		)
Equity in loss from joint ventures																	(22		)	(22		)
Gain on sale of real estate																	3,037			3,037
Gain on sale of investment in direct financing leases																	5,514			5,514
Income tax expense																	(2,285		)	(2,285		)
Prepayment fees																	74,710			74,710
Net income																				266,983
Preferred dividend requirements																	(24,142		)	(24,142		)
Net income available to common shareholders of EPR Properties																				$	242,841
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 22

---

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue		$	74,383		$	33,909		$	12,862		$	2,292		$	123,446		$	—		$	123,446
Other income		—			—			—			—			—			577			577
Mortgage and other financing income		981			13,590			9,106			—			23,677			—			23,677
Total revenue		75,364			47,499			21,968			2,292			147,123			577			147,700
Property operating expense		6,115			31			6,163			387			12,696			195			12,891
Other expense		—			—			—			—			—			242			242
Total investment expenses		6,115			31			6,163			387			12,696			437			13,133
General and administrative expense		—			—			—			—			—			(9,596		)	(9,596		)
Straight-line rental revenue write-off related to Children's Learnings Adventure USA, LLC ("CLA")		—			—			9,010			—			9,010			—			9,010
Bad debt expense related to CLA		—			—			6,003			—			6,003			—			6,003
Prepayment fees		—			(232		)	(602		)	—			(834		)	—			(834		)
Adjusted EBITDA (1)		$	69,249		$	47,236		$	30,216		$	1,905		$	148,606		$	(9,456	)	$	139,150
		47		%	32		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(58		)	(58		)
Interest expense, net																	(35,271		)	(35,271		)
Transaction costs																	(135		)	(135		)
Depreciation and amortization																	(37,027		)	(37,027		)
Equity in loss from joint ventures																	(14		)	(14		)
Gain on sale of real estate																	13,480			13,480
Income tax expense																	(383		)	(383		)
Straight-line rental revenue write-off related to CLA																	(9,010		)	(9,010		)
Bad debt expense related to CLA																	(6,003		)	(6,003		)
Prepayment fees																	834			834
Net income																				65,563
Preferred dividend requirements																	(6,438		)	(6,438		)
Preferred share redemption costs																	(4,457		)	(4,457		)
Net income available to common shareholders of EPR Properties																				$	54,668
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 23

---

FINANCIAL INFORMATION BY SEGMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
(UNAUDITED, DOLLARS IN THOUSANDS)
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue		$	283,247		$	112,763		$	79,031		$	9,162		$	484,203		$	—		$	484,203
Other income		614			—			1			—			615			2,480			3,095
Mortgage and other financing income		4,407			48,740			35,546			—			88,693			—			88,693
Total revenue		288,268			161,503			114,578			9,162			573,511			2,480			575,991
Property operating expense		23,175			117			6,314			1,407			31,013			640			31,653
Other expense		—			—			—			—			—			242			242
Total investment expenses		23,175			117			6,314			1,407			31,013			882			31,895
General and administrative expense		—			—			—			—			—			(43,383		)	(43,383		)
Gain on insurance recovery		(606		)	—			—			—			(606		)	—			(606		)
Rental revenue adjustment related to CLA		—			—			1,612			—			1,612			—			1,612
Bad debt expense related to CLA		—			—			6,003			—			6,003			—			6,003
Prepayment fees		—			(232		)	(602		)	—			(834		)	—			(834		)
Adjusted EBITDA (1)		$	264,487		$	161,154		$	115,277		$	7,755		$	548,673		$	(41,785	)	$	506,888
		49		%	29		%	21		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(1,549		)	(1,549		)
Gain on early extinguishment of debt																	977			977
Interest expense, net																	(133,124		)	(133,124		)
Transaction costs																	(523		)	(523		)
Impairment charges																	(10,195		)	(10,195		)
Depreciation and amortization																	(132,946		)	(132,946		)
Equity in income from joint ventures																	72			72
Gain on sale of real estate																	41,942			41,942
Income tax expense																	(2,399		)	(2,399		)
Gain on insurance recovery																	606			606
Rental revenue adjustment related to CLA																	(1,612		)	(1,612		)
Bad debt expense related to CLA																	(6,003		)	(6,003		)
Prepayment fees																	834			834
Net income																				262,968
Preferred dividend requirements																	(24,293		)	(24,293		)
Preferred share redemption costs																	(4,457		)	(4,457		)
Net income available to common shareholders of EPR Properties																				$	234,218
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 24

---

TOTAL INVESTMENT BY SEGMENT
AS OF DECEMBER 31, 2018 AND 2017
(UNAUDITED, DOLLARS IN THOUSANDS)
		As of December 31, 2018
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Rental properties, net of accumulated depreciation		$	2,238,831		$	1,497,759		$	1,112,790		$	174,677		$	5,024,057
Add back accumulated depreciation on rental properties		670,193			116,341			96,603			37			883,174
Land held for development		4,457			—			9,552			20,168			34,177
Property under development		20,031			249,911			17,604			—			287,546
Mortgage notes and related accrued interest receivable, net		—			368,655			148,812			—			517,467
Investment in direct financing leases, net		—			—			20,558			—			20,558
Investment in joint ventures		4,962			29,524			—			—			34,486
Intangible assets, gross (1)		28,874			21,310			1,230			—			51,414
Notes receivable and related accrued interest receivable, net (1)		1,976			3,469			—			—			5,445
	Total investments (2)	$	2,969,324		$	2,286,969		$	1,407,149		$	194,882		$	6,858,324
	% of total investments	43		%	33		%	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 December 31, 2018 and 2017 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		12/31/2018			12/31/2017
Intangible assets, gross		$	51,414		$	35,209
Less: accumulated amortization on intangible assets		(8,923		)	(6,340		)
Notes receivable and related accrued interest receivable, net		5,445			5,083
Prepaid expenses and other current assets		48,287			75,056
Total other assets		$	96,223		$	109,008
(2) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 25

---

LEASE EXPIRATIONS
AS OF DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
		MEGAPLEX THEATRES										RECREATION PORTFOLIO										EDUCATION PORTFOLIO
YEAR		TOTAL NUMBER OF PROPERTIES			RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2018				% OF TOTAL REVENUE			TOTAL NUMBER OF PROPERTIES			RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2018				% OF TOTAL REVENUE			TOTAL NUMBER OF PROPERTIES			FINANCING INCOME/RENTAL REVENUE FOR YEAR ENDED DECEMBER 31, 2018				% OF TOTAL REVENUE
2019		3			$	6,511			1	%		—			$	—			—	%		22			$	9,394			1	%
2020		3			3,986				1	%		—			—				—	%		—			—				—	%
2021		9			11,106				2	%		—			—				—	%		—			—				—	%
2022		10			20,573				3	%		—			—				—	%		—			—				—	%
2023		9			21,257				3	%		—			—				—	%		1			313				—	%
2024		14			28,183				4	%		—			—				—	%		1			1,216				—	%
2025		5			10,028				2	%		1			1,850				—	%		—			—				—	%
2026		8			16,354				2	%		1			4,922				1	%		—			—				—	%
2027		17			24,184				4	%		2			17,715				2	%		6			4,558				1	%
2028		14			27,451				4	%		—			—				—	%		1			64				—	%
2029		10			12,486				2	%		2			3,068				—	%		—			—				—	%
2030		16			21,594				3	%		—			—				—	%		—			—				—	%
2031		14			22,847				3	%		—			—				—	%		10			3,965				1	%
2032		7			6,565				1	%		5			6,235				1	%		6			7,405				1	%
2033		9			6,708				1	%		2			3,726				1	%		5			4,151				1	%
2034		2			1,977				—	%		7			11,706				2	%		11			23,936				3	%
2035		2			2,297				—	%		13			41,380				6	%		9			9,955				1	%
2036		2			2,393				—	%		5			10,124				1	%		10			15,348				2	%
2037		3			7,726				1	%		15			35,326				5	%		9			6,384				1	%
2038		2			2,294				—	%		7			5,824				1	%		8			4,580				1	%
Thereafter		—			—				—	%		2			1,008				—	%		32			13,766				2	%
		159			$	256,520			37	%		62			$	142,884			20	%		131			$	105,035			15	%
Note: This schedule relates to owned megaplex theatres, ski areas, attractions, golf entertainment complexes, other recreation properties, public charter schools, early education centers and private schools only, which together represent approximately 72% of total revenue for the year ended December 31, 2018. This schedule excludes properties under construction, land held for development, investments in mortgage notes receivable and investments in joint ventures.

	Q4 2018 Supplemental	Page 26

---

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 YEAR ENDED
	CUSTOMERS		ASSET TYPE		DECEMBER 31, 2018		DECEMBER 31, 2018
1.	AMC Theatres		Entertainment		18.6%		18.6%
2.	Topgolf		Recreation		11.4%		10.3%
3.	Regal Entertainment Group		Entertainment		9.5%		9.2%
4.	Cinemark		Entertainment		6.0%		6.0%
5.	Camelback Resort		Recreation		3.8%		3.8%
6.	Basis Independent Schools		Education		3.4%		3.2%
7.	Six Flags		Recreation		2.9%		1.7%
8.	Southern Theatres		Entertainment		2.6%		2.6%
9.	Endeavor Schools		Education		2.4%		2.2%
10.	Vail Resorts		Recreation		2.2%		2.4%
	Total				62.8%		60.0%
(1) Excludes prepayment fees for three months and year ended December 31, 2018

	Q4 2018 Supplemental	Page 27

---

NET ASSET VALUE (NAV) COMPONENTS
AS OF DECEMBER 31, 2018
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
ANNUALIZED CASH NET OPERATING INCOME (NOI) RUN RATE (FOR NAV CALCULATIONS) (1)
	OWNED				FINANCED				TOTAL
Megaplex	$	229,976			$	240			$	230,216
ERC's/Retail	40,964				—				40,964
Other Entertainment	11,876				—				11,876
ENTERTAINMENT	282,816				240				283,056
Ski Areas	24,756				12,048				36,804
Attractions	55,600				14,752				70,352
Golf Entertainment Complexes	63,852				4,920				68,772
Other Recreation	8,796				2,116				10,912
RECREATION	153,004				33,836				186,840
Public Charter Schools	41,872				11,804				53,676
Early Childhood Education (4)	14,700				—				14,700
Private Schools	27,740				404				28,144
EDUCATION	84,312				12,208				96,520
ANNUALIZED CASH NOI RUN RATE	$	520,132			$	46,284			$	566,416
OTHER NAV COMPONENTS
ASSETS					LIABILITIES
Property under development	$	287,546			Long-term debt (5)							$	3,019,995
Land held for development	34,177				Series G liquidation value							150,000
Resorts World Catskills land in-service and infrastructure, net	174,677				Accounts payable and accrued liabilities (6)							160,362
Investment in joint ventures	34,486				Preferred dividends payable							6,034
Cash and cash equivalents	5,872				Unearned rents and interest (7)							19,391
Restricted cash	12,635
Accounts receivable, net (2)	25,037
Other assets (3)	32,489
Rental properties, net, related to CLA (4)	246,198
SHARES
Common shares outstanding	74,348
Effect of dilutive securities - share options	59
Effect of dilutive Series C preferred shares	2,133
Effect of dilutive Series E preferred shares	1,615
Diluted shares outstanding	78,155

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 41 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2018 and excludes the "Other" segment related to Resorts World Catskills casino and resort project in Sullivan County, New York.

(2) Excludes straight-line receivable of $73.3 million.

(3) Excludes deferred tax assets of $10.8 million, deferred financing costs, net of $5.0 million, intangible assets, net of $42.5 million and notes and related accrued interest, net of $5.4 million.

(4) Includes no NOI related to CLA assets. CLA assets are disclosed at carrying value under other NAV components.

(5) Excludes deferred financing costs, net of $33.9 million.

(6) Excludes below market leases, net of $8.1 million.

(7) Excludes deferred rent liabilities related to portions of rental properties funded by tenants of $35.7 million and cash paid by tenants during construction of $24.0 million.

	Q4 2018 Supplemental	Page 28

---

ANNUALIZED GAAP NET OPERATING INCOME
AS OF DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED GAAP NET OPERATING INCOME (NOI) RUN RATE (1)
	OWNED				FINANCED				TOTAL
Megaplex	$	231,552			$	224			$	231,776
ERC's/Retail	39,368				—				39,368
Other Entertainment	12,316				—				12,316
ENTERTAINMENT	283,236				224				283,460
Ski Areas	25,064				12,052				37,116
Attractions	56,232				14,028				70,260
Golf Entertainment Complexes	65,600				4,912				70,512
Other Recreation	8,940				2,116				11,056
RECREATION	155,836				33,108				188,944
Public Charter Schools	48,036				14,308				62,344
Early Childhood Education (2)	17,952				140				18,092
Private Schools	30,764				456				31,220
EDUCATION	96,752				14,904				111,656
ANNUALIZED GAAP NOI RUN RATE	$	535,824			$	48,236			$	584,060

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 41 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2018 and excludes the "Other" segment related to Resorts World Catskills casino and resort project in Sullivan County, New York.

(2) Includes no NOI related to CLA assets.

	Q4 2018 Supplemental	Page 29

---

GUIDANCE
(DOLLARS IN MILLIONS EXCEPT FOR PER SHARE INFORMATION)

MEASURE		2019 GUIDANCE
Investment spending		$600.0	to	$800.0
Disposition proceeds and mortgage note payoff		$100.0	to	$200.0
Prepayment fees - entertainment and recreation properties (1)		$0.9
Prepayment fees - education properties (1)		$2.0	to	$3.0
Termination fees - education properties (2)		$12.0	to	$16.0
Percentage rent and participating interest income		$9.5	to	$11.5
General and administrative expense		$45.0	to	$47.0
FFO per diluted share		$4.87	to	$5.02
FFO as adjusted per diluted share		$5.30	to	$5.50
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):		2019 GUIDANCE
Net income available to common shareholders of EPR Properties		$3.01	to	$3.21
Gain on sale of real estate (2)		(0.25)	to	(0.30)
Real estate depreciation and amortization		2.12
Allocated share of joint venture depreciation		0.04
Impact of Series C and Series E Dilution, if applicable		(0.05)
FFO available to common shareholders of EPR Properties		$4.87	to	$5.02
Transaction costs		0.28
Termination fees - education properties (2)		0.16	to	0.21
Deferred income tax expense		0.01
Impact of Series C and Series E Dilution, if applicable		(0.02)
FFO as adjusted available to common shareholders of EPR Properties		$5.30	to	$5.50

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

(1) Prepayment penalties received related to mortgage agreements are included in mortgage and other financing income per GAAP and are included in FFO and FFO as adjusted.

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

	Q4 2018 Supplemental	Page 30

---

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

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.

ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as EBITDAre (defined above) excluding gain on insurance recovery, 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.

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

NET DEBT AND ADJUSTED NET DEBT

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

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

Net Debt to Adjusted EBITDA and Adjusted Net Debt to Annualized Adjusted EBITDA are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and

	Q4 2018 Supplemental	Page 31

---

covenant limitations. The Company's method of calculating both ratios may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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

NOI is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management uses NOI in its analysis of the operations and valuation of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of the operating performance of the Company's investments, such as gains (or losses) from sales of property, depreciation and amortization, and general and administrative expense, and is used in computing various financial ratios as a measure of operational performance. The Company computes NOI by adding back to Adjusted EBITDA - Continuing Operations the impact of general and administrative expense and corporate/unallocated and other.

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

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

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

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

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, 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.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO costs (gain) associated with loan refinancing or payoff, net, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment of

	Q4 2018 Supplemental	Page 32

---

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.

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), 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.

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

TOTAL INVESTMENTS

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

	Q4 2018 Supplemental	Page 33

---

Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Fourth Quarter and Year Ended December 31, 2018

	Q4 2018 Supplemental	Page 34

---

RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 17 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Net cash provided by operating activities		$	83,446			$	151,134			$	140,784			$	108,964			$	83,539			$	120,099
Equity in (loss) income from joint ventures		(5		)		20				(88		)		51				(14		)		35
Distributions from joint ventures		—				—				(451		)		(116		)		—				—
Amortization of deferred financing costs		(1,490		)		(1,470		)		(1,439		)		(1,398		)		(1,588		)		(1,598		)
Amortization of above and below market leases, net and tenant allowances		54				55				55				417				66				55
(Decrease) increase in mortgage notes and related accrued interest receivable		(453		)		596				1,219				(845		)		408				1,040
Increase (decrease) in accounts receivable, net		8,680				7,995				9,222				(3,597		)		1,354				(6,714		)
Increase in direct financing lease receivable		63				99				203				198				205				199
(Decrease) increase in other assets		(1,662		)		(1,272		)		163				3,826				(534		)		30
Decrease (increase) in accounts payable and accrued liabilities		6,265				(18,002		)		(2,360		)		9,118				(9,049		)		1,689
Decrease (increase) in unearned rents and interest		15,912				(12,649		)		1,997				(13,234		)		18,258				(12,875		)
Straight-line rental revenue		(3,216		)		(3,079		)		(2,060		)		(1,874		)		7,085				(2,357		)
Interest expense, gross		36,304				36,360				36,468				36,646				37,360				36,753
Interest cost capitalized		(2,669		)		(2,697		)		(2,294		)		(2,244		)		(2,046		)		(2,492		)
Transaction costs		1,583				1,101				405				609				135				113
Severance expense (cash portion)		2,720				—				—				—				—				—
Prepayment fees		(7,391		)		(20,026		)		(47,293		)		—				(834		)		—
Litigation settlement expense		—				—				2,090				—				—				—
Interest coverage amount (1)		$	138,141			$	138,165			$	136,621			$	136,521			$	134,345			$	133,977
Net cash (used) provided by investing activities		$	(104,684	)		$	46,868			$	67,920			$	(106,916	)		$	(67,161	)		$	(286,428	)
Net cash (used) provided by financing activities		$	(56,075	)		$	(116,130	)		$	(234,550	)		$	(20,798	)		$	6,809			$	106,889
(1) See pages 31 through 33 for definitions.

	Q4 2018 Supplemental	Page 35

---

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

Net Operating Income ("NOI"), Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate as used on pages 28 and 29 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of our performance or to cash flows as a measure of our liquidity. The tables on pages 37 through 41 provide reconciliations of these non-GAAP measures with respect to each segment and property type and should be read in conjunction with the reconciliations on page 21 of our segment Adjusted EBITDA - continuing operations to our net income.

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

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

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

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

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

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

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

	Q4 2018 Supplemental	Page 36

---

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - OWNED PROPERTIES (FOR NAV CALCULATIONS)
FOR THE THREE MONTHS ENDED DECEMBER 31, 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	$	58,574		$	15,087		$	3,204		$	76,865			$	5,988		$	13,679		$	16,853		$	2,212		$	38,732			$	12,024		$	7,658		$	8,075		$	27,757			$	2,596			$	145,950
Property operating expense	705			5,471			3			6,179				—			35			—			—			35				605			1,448			—			2,053				623				8,890
Other expense	—			—			—			—				—			(118		)	—			—			(118		)		—			—			—			—				443				325
Total investment expense	705			5,471			3			6,179				—			(83		)	—			—			(83		)		605			1,448			—			2,053				1,066				9,215
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				(12,165		)		(12,165		)
Prepayment fees	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Adjusted EBITDA	$	57,869		$	9,616		$	3,201		$	70,686			$	5,988		$	13,762		$	16,853		$	2,212		$	38,815			$	11,419		$	6,210		$	8,075		$	25,704			$	(10,635	)		$	124,570
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				12,165				12,165
Corporate/unallocated and other (1)	—			—			—			—				—			—			—			—			—				—			—			—			—				(1,530		)		(1,530		)
NOI	$	57,869		$	9,616		$	3,201		$	70,686			$	5,988		$	13,762		$	16,853		$	2,212		$	38,815			$	11,419		$	6,210		$	8,075		$	25,704			$	—			$	135,205
Quarterly GAAP NOI run rate
NOI	$	57,869		$	9,616		$	3,201		$	70,686			$	5,988		$	13,762		$	16,853		$	2,212		$	38,815			$	11,419		$	6,210		$	8,075		$	25,704			$	—			$	135,205
In-service adjustments (2)	561			225			—			786				21			1,102			519			23			1,665				590			(1,722		)	11			(1,121		)		—				1,330
Percentage rent/participation adjustments (3)	(542		)	1			—			(541		)		257			(688		)	(972		)	—			(1,403		)		—			—			(395		)	(395		)		—				(2,339		)
Non-recurring adjustments (6)	—			—			(122		)	(122		)		—			(118		)	—			—			(118		)		—			—			—			—				—				(240		)
Quarterly GAAP NOI run rate	$	57,888		$	9,842		$	3,079		$	70,809			$	6,266		$	14,058		$	16,400		$	2,235		$	38,959			$	12,009		$	4,488		$	7,691		$	24,188			$	—			$	133,956
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized GAAP NOI run rate	$	231,552		$	39,368		$	12,316		$	283,236			$	25,064		$	56,232		$	65,600		$	8,940		$	155,836			$	48,036		$	17,952		$	30,764		$	96,752			$	—			$	535,824
Quarterly cash NOI run rate
NOI	$	57,869		$	9,616		$	3,201		$	70,686			$	5,988		$	13,762		$	16,853		$	2,212		$	38,815			$	11,419		$	6,210		$	8,075		$	25,704			$	—			$	135,205
In-service adjustments (4)	507			—			—			507				26			1,149			518			18			1,711				331			(1,497		)	13			(1,153		)		—				1,065
Percentage rent/participation adjustments (3)	(542		)	1			—			(541		)		257			(688		)	(972		)	—			(1,403		)		—			—			(395		)	(395		)		—				(2,339		)
Non-recurring adjustments (6)	—			—			(122		)	(122		)		—			(118		)	—			—			(118		)		—			—			—			—				—				(240		)
Non-cash revenue	(340		)	624			(110		)	174				(82		)	(205		)	(436		)	(31		)	(754		)		(1,282		)	(1,038		)	(758		)	(3,078		)		—				(3,658		)
Quarterly cash NOI run rate	57,494			10,241			2,969			70,704				6,189			13,900			15,963			2,199			38,251				10,468			3,675			6,935			21,078				—				130,033
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized cash NOI run rate	$	229,976		$	40,964		$	11,876		$	282,816			$	24,756		$	55,600		$	63,852		$	8,796		$	153,004			$	41,872		$	14,700		$	27,740		$	84,312			$	—			$	520,132

	Q4 2018 Supplemental	Page 37

---

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - FINANCED PROPERTIES (FOR NAV CALCULATIONS)
FOR THE THREE MONTHS ENDED DECEMBER 31, 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		$	—		$	4,401		$	4,457			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	7,650		$	35		$	118		$	7,803			$	—			$	20,537
Property operating expense	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Other expense	—			—			—			—				—			—			—						—				—			—			—			—				—				—
Total investment expense	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Prepayment fee	—			—			(4,031		)	(4,031		)		—			—			—			—			—				(3,360		)	—			—			(3,360		)		—				(7,391		)
Adjusted EBITDA	$	56		$	—		$	370		$	426			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	4,290		$	35		$	118		$	4,443			$	—			$	13,146
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Corporate/unallocated and other (1)	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
NOI	$	56		$	—		$	370		$	426			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	4,290		$	35		$	118		$	4,443			$	—			$	13,146
Quarterly GAAP NOI run rate
NOI	$	56		$	—		$	370		$	426			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	4,290		$	35		$	118		$	4,443			$	—			$	13,146
In-service adjustments (5)	—			—			(370		)	(370		)		—			—			—			—			—				(713		)	—			(4		)	(717		)		—				(1,087		)
Percentage rent/participation adjustments (3)	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Non-recurring adjustments (6)	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Quarterly GAAP NOI run rate	$	56		$	—		$	—		$	56			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	3,577		$	35		$	114		$	3,726			$	—			$	12,059
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized GAAP NOI run rate	$	224		$	—		$	—		$	224			$	12,052		$	14,028		$	4,912		$	2,116		$	33,108			$	14,308		$	140		$	456		$	14,904			$	—			$	48,236
Quarterly cash NOI run rate
NOI	$	56		$	—		$	370		$	426			$	3,013		$	3,507		$	1,228		$	529		$	8,277			$	4,290		$	35		$	118		$	4,443			$	—			$	13,146
In-service adjustments (5)	—			—			(370		)	(370		)		—			—			—			—			—				(715		)	—			76			(639		)		—				(1,009		)
Percentage rent/participation adjustments (3)	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Non-recurring adjustments (6)	—			—			—			—				—			—			—			—			—				—			—			—			—				—				—
Non-cash revenue	4			—			—			4				(1		)	181			2			—			182				(624		)	(35		)	(93		)	(752		)		—				(566		)
Quarterly cash NOI run rate	60			—			—			60				3,012			3,688			1,230			529			8,459				2,951			—			101			3,052				—				11,571
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized cash NOI run rate	$	240		$	—		$	—		$	240			$	12,048		$	14,752		$	4,920		$	2,116		$	33,836			$	11,804		$	—		$	404		$	12,208			$	—			$	46,284

	Q4 2018 Supplemental	Page 38

---

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - TOTAL - OWNED AND FINANCED PROPERTIES (FOR NAV CALCULATIONS) - SUM OF PAGES 37 AND 38
FOR THE THREE MONTHS ENDED DECEMBER 31, 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	$	58,630		$	15,087		$	7,605		$	81,322			$	9,001		$	17,186		$	18,081		$	2,741		$	47,009			$	19,674		$	7,693		$	8,193		$	35,560			$	2,596			$	166,487
Property operating expense	705			5,471			3			6,179				—			35			—			—			35				605			1,448			—			2,053				623				8,890
Other expense	—			—			—			—				—			(118		)	—			—			(118		)		—			—			—			—				443				325
Total investment expense	705			5,471			3			6,179				—			(83		)	—			—			(83		)		605			1,448			—			2,053				1,066				9,215
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				(12,165		)		(12,165		)
Prepayment fee	—			—			(4,031		)	(4,031		)		—			—			—			—			—				(3,360		)	—			—			(3,360		)		—				(7,391		)
Adjusted EBITDA	$	57,925		$	9,616		$	3,571		$	71,112			$	9,001		$	17,269		$	18,081		$	2,741		$	47,092			$	15,709		$	6,245		$	8,193		$	30,147			$	(10,635	)		$	137,716
General and administrative expense	—			—			—			—				—			—			—			—			—				—			—			—			—				12,165				12,165
Corporate/unallocated and other (1)	—			—			—			—				—			—			—			—			—				—			—			—			—				(1,530		)		(1,530		)
NOI	$	57,925		$	9,616		$	3,571		$	71,112			$	9,001		$	17,269		$	18,081		$	2,741		$	47,092			$	15,709		$	6,245		$	8,193		$	30,147			$	—			$	148,351
Quarterly GAAP NOI run rate
NOI	$	57,925		$	9,616		$	3,571		$	71,112			$	9,001		$	17,269		$	18,081		$	2,741		$	47,092			$	15,709		$	6,245		$	8,193		$	30,147			$	—			$	148,351
In-service adjustments (2) (5)	561			225			(370		)	416				21			1,102			519			23			1,665				(123		)	(1,722		)	7			(1,838		)		—				243
Percentage rent/participation adjustments (3)	(542		)	1			—			(541		)		257			(688		)	(972		)	—			(1,403		)		—			—			(395		)	(395		)		—				(2,339		)
Non-recurring adjustments (6)	—			—			(122		)	(122		)		—			(118		)	—			—			(118		)		—			—			—			—				—				(240		)
Quarterly GAAP NOI run rate	$	57,944		$	9,842		$	3,079		$	70,865			$	9,279		$	17,565		$	17,628		$	2,764		$	47,236			$	15,586		$	4,523		$	7,805		$	27,914			$	—			$	146,015
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized GAAP NOI run rate	$	231,776		$	39,368		$	12,316		$	283,460			$	37,116		$	70,260		$	70,512		$	11,056		$	188,944			$	62,344		$	18,092		$	31,220		$	111,656			$	—			$	584,060
Quarterly cash NOI run rate
NOI	$	57,925		$	9,616		$	3,571		$	71,112			$	9,001		$	17,269		$	18,081		$	2,741		$	47,092			$	15,709		$	6,245		$	8,193		$	30,147			$	—			$	148,351
In-service adjustments (4) (5)	507			—			(370		)	137				26			1,149			518			18			1,711				(384		)	(1,497		)	89			(1,792		)		—				56
Percentage rent/participation adjustments (3)	(542		)	1			—			(541		)		257			(688		)	(972		)	—			(1,403		)		—			—			(395		)	(395		)		—				(2,339		)
Non-recurring adjustments (6)	—			—			(122		)	(122		)		—			(118		)	—			—			(118		)		—			—			—			—				—				(240		)
Non-cash revenue	(336		)	624			(110		)	178				(83		)	(24		)	(434		)	(31		)	(572		)		(1,906		)	(1,073		)	(851		)	(3,830		)		—				(4,224		)
Quarterly cash NOI run rate	57,554			10,241			2,969			70,764				9,201			17,588			17,193			2,728			46,710				13,419			3,675			7,036			24,130				—				141,604
	x4			x4			x4			x4				x4			x4			x4			x4			x4				x4			x4			x4			x4								x4
Annualized cash NOI run rate	$	230,216		$	40,964		$	11,876		$	283,056			$	36,804		$	70,352		$	68,772		$	10,912		$	186,840			$	53,676		$	14,700		$	28,144		$	96,520			$	—			$	566,416

	Q4 2018 Supplemental	Page 39

---

RECONCILIATION OF EBITDAre, ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (3):		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
Net income		$	54,031			$	91,833			$	91,581			$	29,538			$	65,563			$	62,954
Interest expense, net		33,515				33,576				34,079				34,337				35,271				34,194
Income tax expense		108				515				642				1,020				383				587
Depreciation and amortization		39,541				38,623				37,582				37,684				37,027				34,694
Gain on sale of real estate		(349		)		(2,215		)		(473		)		—				(13,480		)		(997		)
Gain on sale of investment in direct financing leases		—				(5,514		)		—				—				—				—
Impairment charges		10,735				—				16,548				—				—				—
Costs associated with loan refinancing or payoff		—				—				15				31,943				58				1,477
Equity in loss (income) from joint ventures		5				(20		)		88				(51		)		14				(35		)
EBITDAre (4)		$	137,586			$	156,798			$	180,062			$	134,471			$	124,836			$	132,874
Severance expense		5,938				—				—				—				—				—
Litigation settlement expense		—				—				2,090				—				—				—
Transaction costs		1,583				1,101				405				609				135				113
Straight-line rental revenue write-off related to CLA (1)		—				—				—				—				9,010				—
Bad debt expense related to CLA (2)		—				—				—				—				6,003				—
Prepayment fees		(7,391		)		(20,026		)		(47,293		)		—				(834		)		—
Adjusted EBITDA (for the quarter)		$	137,716			$	137,873			$	135,264			$	135,080			$	139,150			$	132,987
Adjusted EBITDA (4)		$	550,864			$	551,492			$	541,056			$	540,320			$	556,600			$	531,948
ANNUALIZED ADJUSTED EBITDA (3):
Adjusted EBITDA (for the quarter)		$	137,716			$	137,873			$	135,264			$	135,080			$	139,150			$	132,987
Corporate/unallocated and other NOI (5)		(1,530		)		(1,899		)		(2,079		)		(2,354		)		(2,045		)		(2,298		)
In-service adjustments (6)		243				(3,645		)		(1,785		)		910				1,453				5,074
Percentage rent/participation adjustments (7)		(2,339		)		(463		)		517				973				(973		)		(1,107		)
Non-recurring adjustments (8)		(240		)		24				(4		)		(63		)		(2,689		)		(2		)
Annualized Adjusted EBITDA (for the quarter)		$	133,850			$	131,890			$	131,913			$	134,546			$	134,896			$	134,654
Annualized Adjusted EBITDA (9)		$	535,400			$	527,560			$	527,652			$	538,184			$	539,584			$	538,616
See footnotes on following page.

	Q4 2018 Supplemental	Page 40

---

RECONCILIATION OF ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
		4TH QUARTER 2018				3RD QUARTER 2018				2ND QUARTER 2018				1ST QUARTER 2018				4TH QUARTER 2017				3RD QUARTER 2017
(1) 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		$	133,258			$	131,450			$	129,371			$	125,712			$	123,208			$	118,179
Tenant reimbursements		3,950				3,655				3,758				3,991				4,131				3,734
Percentage rent		5,005				2,654				1,744				1,259				3,108				2,212
Straight-line rental revenue		3,216				3,079				2,060				1,874				1,925				2,357
Straight-line rental revenue write-off related to CLA		—				—				—				—				(9,010		)		—
Other rental revenue		86				67				86				88				84				79
Rental revenue		$	145,515			$	140,905			$	137,019			$	132,924			$	123,446			$	126,561
(2) 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		$	8,397			$	6,663			$	6,419			$	6,607			$	6,649			$	5,961
Bad debt expense		493				305				915				957				239				379
Bad debt expense related to CLA		—				—				—				—				6,003				—
Property operating expense		$	8,890			$	6,968			$	7,334			$	7,564			$	12,891			$	6,340
(3) See pages 31 through 33 for definitions.
(4) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(5) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.
(6) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.
(7) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.
(8) Non-recurring adjustments relate to certain non-recurring fee income and expense adjustments.
(9) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

	Q4 2018 Supplemental	Page 41