Exhibit 99.2

EPR PROPERTIES REPORTS THIRD QUARTER 2016 RESULTS

Increases Earnings Guidance for 2016 and

Introduces Guidance for 2017

Kansas City, MO, November 2, 2016 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2016, as well as an agreement to acquire a portfolio of recreation assets from CNL Lifestyle Properties, Inc.

Three Months Ended September 30, 2016

Nine Months Ended September 30, 2016

“Both our performance during the third quarter, and our outlook for the rest of the year and 2017 are very strong and reinforce our ability to execute on our strategy and deliver superior results,” commented company President and CEO Greg Silvers. “We are excited about our agreement to add a high quality portfolio of attractions and ski assets building on our expertise in the recreation category. This anticipated portfolio acquisition, along with the expected disposition of certain assets, will further strengthen our portfolio and positions us well for continued growth.”

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

Portfolio Update

The Company’s investment portfolio (excluding property under development) consisted of the following at September 30, 2016:

The combined owned portfolio consisted of 19.6 million square feet and was 99.5% leased. As of September 30, 2016, the Company also had a total of approximately $263.0 million invested in property under development.

Investment Update

The Company’s investment spending during the three months ended September 30, 2016 totaled $155.1 million (bringing the year-to-date investment spending to $526.9 million), and included investments in each of its primary operating segments:

Asset Recycling

On August 18, 2016, pursuant to a tenant purchase option, the Company completed the sale of a public charter school located in Colorado for net proceeds of $5.4 million. In connection with this sale, the Company recognized a gain on sale of $0.5 million during the three months ended September 30, 2016. This gain represents the premium charged to the tenant over the total development cost for early lease termination in accordance with the purchase option in the lease. This termination fee has been included in FFO as adjusted, similar to how other lease termination fees and fees received for early prepayment of mortgage notes receivable are reflected when applicable.

On September 30, 2016, the Company completed the sale of a land parcel located in Texas for net proceeds of $2.1 million. In connection with this sale, the Company recognized a gain on sale of $1.1 million during the three months ended September 30, 2016. This gain has been excluded from FFO as adjusted.

Through September 30, 2016, the Company has received net proceeds of approximately $90.0 million from asset dispositions and anticipates an additional $125.0 million to $200.0 million in proceeds from asset dispositions during the fourth quarter of 2016, including $85 million of expected sales of public charter schools operated by Imagine Schools, Inc. In 2017, the Company expects an additional $150.0 million to $200.0 million of disposition proceeds, including another $50.0 million in the first quarter of public charter schools operated by Imagine Schools, Inc. The Company’s ability to consummate these asset dispositions, as well as the terms of these dispositions, including the amount of proceeds from such dispositions, will depend upon market and other conditions. As a result, there can be no assurances that these asset dispositions will occur nor can there be any assurances as to the terms or timing of, or the amount of proceeds from, these asset dispositions.

Balance Sheet Update

The Company had a net debt to adjusted EBITDA ratio (a non-GAAP financial measure) of 5.2x at September 30, 2016. The Company had $7.3 million of unrestricted cash on hand and $200.0 million outstanding under its $650 million unsecured revolving credit facility at September 30, 2016.

During the quarter, the Company prepaid in full seven mortgage notes payable totaling $38.1 million with an average annual interest rate of 6.07%.

As previously announced, on August 22, 2016, the Company issued $340.0 million of senior unsecured notes in a private placement transaction. The notes were issued in two tranches with $148.0 million bearing interest at 4.35% and due August 22, 2024, and $192.0 million bearing interest at 4.56% and due August 22, 2026. The notes are guaranteed by the Company’s subsidiaries that guarantee the Company’s unsecured credit facilities and existing senior unsecured notes.

Dividend Information

The Company declared regular monthly cash dividends during the third quarter of 2016 totaling $0.96 per common share. This dividend represents an annualized dividend of $3.84 per common share, an increase of 5.8% over the prior year, and would be the Company’s sixth consecutive year with an annual dividend increase.

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

2016 Guidance

The Company is increasing its 2016 guidance for FFO as adjusted per diluted share to a range of $4.75 to $4.82 from a range of $4.72 to $4.82. In addition, the Company is maintaining 2016 investment spending guidance at a range of $650 million to $700 million.

FFO as adjusted guidance for 2016 is based on FFO per diluted share of $4.68 to $4.75 adjusted for estimated costs associated with loan refinancing or payoff, gain on insurance recovery, transaction costs, gain on sale of land, termination fees related to public charter schools and deferred income tax expense. FFO per diluted share is based on a net income per diluted share range of $3.12 to $3.23 less estimated gain on sale of real estate of a range of $0.08 to $0.12 and the impact of Series C dilution of $0.03, plus estimated real estate depreciation of $1.67 per diluted share (in accordance with the NAREIT definition of FFO).

Discussion of CNL Asset Acquisition Agreement

As outlined in a separate release, subsequent to quarter-end the Company entered into a definitive Purchase and Sale Agreement with CNL Lifestyle Properties, Inc. (“CNL Lifestyle”) and funds affiliated with Och-Ziff Real Estate (“OZRE”). The agreement provides for the Company’s acquisition of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at approximately $456 million. Additionally, the Company has agreed to provide approximately $244 million of five-year secured debt financing to OZRE for the purchase of 14 CNL Lifestyle ski properties valued at approximately $374 million. The Company’s aggregate investment in this transaction is projected to be valued at approximately $700 million and is expected to be funded with approximately $647 million of EPR common shares and $53 million of cash before pro-rations, transaction costs and closing adjustments, a portion of which is expected to be included in the secured debt financing to OZRE. Additionally, the Company has agreed to fund 65% of pre-approved, future property improvements if requested by OZRE, with such advances capped at $52 million. All OZRE financing will bear interest at 8.5%.

The Company’s common share consideration is subject to a two-way collar between $68.25 and $82.63 per share. If the Company’s volume weighted average share price over the 10 trading days ending on the second trading day prior to close (the “Average EPR Share Price”) increases between the signing of the agreement and the closing, CNL Lifestyle will receive fewer shares until the Average EPR Share Price reaches $82.63, at which point the number of shares will be fixed at approximately 7.8 million. Conversely, if the Company’s share price decreases between signing and closing, CNL Lifestyle will receive more shares until the Average EPR Share Price reaches $68.25, at which point the number of shares will be fixed at approximately 9.5 million. Post-transaction, CNL Lifestyle will own between approximately 11% and 13% of the pro forma common shares outstanding before distributing the shares to the CNL Lifestyle shareholders.

This transaction is subject to customary closing conditions, including the approval of the transaction by stockholders holding a majority of the outstanding shares of common stock of CNL Lifestyle and various third party consents and governmental permits. It is anticipated that this transaction will close in early second quarter of 2017.

2017 Guidance

The Company is also introducing its 2017 guidance for FFO as adjusted per diluted share of a range of $5.05 to $5.20. In addition, the Company is introducing its 2017 investment spending guidance of a range of $1.30 billion to $1.35 billion. In addition to the on-going investments in each of our primary business segments, this guidance includes the estimated impact of the planned acquisition of certain recreation assets from CNL Lifestyle as well as the estimated impact of planned asset sales, both of which are discussed further above. There can be no assurances that these transactions will occur.

FFO as adjusted guidance for 2017 is based on FFO per diluted share of $4.70 to $4.81 adjusted for estimated transaction costs, termination fees related to public charter schools and deferred income tax expense. FFO per diluted share is based on a net income per diluted share range of $3.42 to $3.57 less estimated gain on sale of real estate of a range of $0.42 to $0.46 and the impact of Series C and Series E dilution of $0.05, plus estimated real estate depreciation of $1.75 per diluted share (in accordance with the NAREIT definition of FFO).

Quarterly Supplemental

The Company’s supplemental information package for the third quarter and nine months ended September 30, 2016 is available on the Company’s website at http://eprkc.com/earnings-releases-supplemental.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)

EPR Properties

Condensed Consolidated Balance Sheets

(Dollars in thousands)

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

The conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO per share for the three and nine months ended September 30, 2016 and the three months ended September 30, 2015 and to FFOAA per share for the three and nine months ended September 30, 2016 and 2015. Therefore, the additional 2.0 million common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO and diluted FFOAA per share for these periods. The additional 2.0 million common shares that would result from the conversion of the 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted per share data for the remaining periods above because the effect is not dilutive. The effect of the conversion of our 9.0% Series E cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion do not result in more dilution to per share results and are therefore not included in the calculation of diluted per share data for the three and nine months ended September 30, 2016 and 2015.

Net Debt to Adjusted EBITDA Ratio

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

(1) Includes discontinued operations

(2) Included in other income in the accompanying consolidated statements of income. Other income includes the following:

(3) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

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

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $5.0 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

Important Information for Investors and Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the transaction referred to in this communication, EPR Properties expects to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) containing a preliminary proxy statement of CNL Lifestyle that also constitutes a preliminary prospectus of EPR Properties. After the registration statement is declared effective, CNL Lifestyle will mail a definitive proxy statement/prospectus to stockholders of CNL Lifestyle. This communication is not a substitute for the joint proxy statement/prospectus or registration statement or for any other document that EPR Properties or CNL Lifestyle may file with the SEC and send to CNL Lifestyle’s stockholders in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS OF CNL LIFESTYLE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed by EPR Properties and CNL Lifestyle with the SEC though the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by EPR Properties with the SEC will be available free of charge on EPR Properties’ website at www.eprkc.com, or by contacting EPR Properties’ Investor Relations Department at (816) 472-1700. Copies of documents filed by CNL Lifestyle with the SEC will be available free of charge on CNL Lifestyle’s website at www.cnllifestylereit.com, or by contacting CNL Lifestyle’s Investor Relations Department at (866) 650-0650. The content of the websites referenced above are not deemed incorporated by reference into the registration statement or the proxy statement/prospectus.

Certain Information Regarding Participants

EPR Properties and CNL Lifestyle and their respective trustees/directors, executive officers and other management members and employees may be deemed participants in the solicitation of proxies with respect to the proposed transactions under the rules of the SEC. Information about the trustees and executive officers of EPR Properties is set forth in its proxy statement for its 2016 annual meeting of shareholders, which was filed with the SEC on April 1, 2016, and Form 4’s of EPR Properties’ trustees and executive officers filed with the SEC. Information about the directors and executive officers of CNL Lifestyle is set forth in its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on March 28, 2016, its proxy statement for its 2015 annual meeting of stockholders, which was filed with the SEC on November 3, 2015, and in Form 4’s of CNL Lifestyle’s directors and executive officers filed with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC if and when they become available.

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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. Furthermore, neither CNL Lifestyle Properties, Inc. nor EPR Properties guarantees that the assumptions underlying such forward-looking statements are free from errors. These risks, as well as other risks associated with the pending acquisition of properties from CNL Lifestyle Properties, Inc., will be more fully discussed in the Prospectus that will be included in the Registration Statement on Form S-4 that EPR Properties and CNL Lifestyle Properties, Inc. will file with the SEC in connection with the pending acquisition. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

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

EPR Properties

Brian Moriarty, 888-EPR-REIT

www.eprkc.com