8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2010

Entertainment Properties Trust

(Exact name of registrant as specified in its charter)

Maryland	001-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

30 West Pershing Road, Suite 201

Kansas City, Missouri 64108

(Address of principal executive office) (Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 25, 2010, Entertainment Properties Trust (the “Company”) announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2009. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on February 25, 2010, the Company made available on its website supplemental operating and financial data for the fourth quarter and year ended December 31, 2009, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.

The information in this current report on Form 8-K, including the exhibits, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
Exhibit 99.1	Press Release dated February 25, 2010 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2009.
Exhibit 99.2	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2009 made available by Entertainment Properties Trust on February 25, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

ENTERTAINMENT PROPERTIES TRUST
By:	/S/    MARK A. PETERSON
Name:	Mark A. Peterson
Title:	Vice President, Treasurer and
	Chief Financial Officer

Date: February 25, 2010

INDEX TO EXHIBITS

Exhibit No.	Description
Exhibit 99.1	Press Release dated February 25, 2010 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2009.
Exhibit 99.2	Supplemental Operating and Financial Data the fourth quarter and year ended December 31, 2009 made available by Entertainment Properties Trust on February 25, 2010.

EX-99.1

Exhibit 99.1

ENTERTAINMENT PROPERTIES TRUST REPORTS

FOURTH QUARTER AND YEAR-END RESULTS

Kansas City, MO, February 25, 2010 — Entertainment Properties Trust (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2009.

Total revenue was $69.3 million for the fourth quarter of 2009 compared to $77.0 million for the same quarter in 2008. Net income available to common shareholders was $6.7 million, or $0.17 per diluted common share, for the fourth quarter of 2009 compared to net income available to common shareholders of $27.8 million, or $0.84 per diluted common share, for the same quarter in 2008.

Funds From Operations (FFO) for the fourth quarter of 2009 was $31.8 million or $0.80 per diluted common share, before non-cash charges for loan loss provisions and impairments totaling $11.6 million and transaction costs totaling $3.2 million. Including these charges, FFO was $17.0 million, or $0.43 per diluted common share, for the fourth quarter of 2009 compared to FFO of $38.4 million, or $1.15 per diluted common share, for same quarter in 2008.

For the year ended December 31, 2009, total revenue was $270.8 million compared to $286.1 million for the year ended December 31, 2008. Net loss available to common shareholders was $22.2 million, or $0.61 per common share for the year ended December 31, 2009, versus net income available to common shareholders of $101.7 million, or $3.26 per diluted common share, for the year ended December 31, 2008. FFO for the year ended December 31, 2009 was $121.4 million, or $3.35 per diluted common share, before the charges. Including the charges, FFO was $4.9 million, or $0.13 per diluted common share, for the year ended December 31, 2009 compared to FFO of $142.6 million, or $4.54 per diluted common share, for the year ended December 31, 2008.

David Brain, President and CEO, commented on the results, “We enter 2010 with a continued optimistic outlook on our core businesses, particularly after observing their stability during one of the most challenging economic environments we have seen in generations. The exhibition industry continues to deliver movies and events that draw in the consumer and the public support for charter schools continues to gain momentum.” Mr. Brain continued, “We also enter 2010 well positioned for growth having further strengthened our balance sheet over the past year, and we continue to make progress in rehabilitating under-performing assets so that they may meaningfully contribute to our future results.”

A reconciliation of FFO and the items impacting results follow:

(dollars in millions, except per share amounts)	4th Quarter						Year to Date
	Amount			FFO/share			Amount			FFO/share
Provision for loan losses - Toronto Dundas Square Project	$	—		$	—		$	(34.8	)	$	(0.96	)
Provision for loan losses - Cappelli related notes receivable		—			—			(28.0	)		(0.77	)
Provision for loan losses - other notes receivable		(5.2	)		(0.13	)		(8.2	)		(0.23	)
Subtotal-provision for loan losses	$	(5.2	)	$	(0.13	)	$	(71.0	)	$	(1.96	)
Impairment charge - White Plains City Center		—			—			(35.8	)		(0.99	)
Impairment charge - Vineyard and Winery Properties		(6.4	)		(0.16	)		(6.4	)		(0.18	)
Total non-cash charges	$	(11.6	)	$	(0.29	)	$	(113.2	)	$	(3.13	)
Transaction costs		(3.2	)		(0.08	)		(3.3	)		(0.09	)
Total charges		(14.8	)		(0.37	)		(116.5	)		(3.22	)
FFO		17.0			0.43			4.9			0.13
Add back total charges		14.8			0.37			116.5			3.22
FFO as adjusted for charges	$	31.8		$	0.80		$	121.4		$	3.35
Dividends declared per common share				$	0.65					$	2.60
FFO payout ratio, as adjusted					81	%					78	%

Portfolio Highlights

As of December 31, 2009, the Company’s real estate portfolio consisted of 95 megaplex theatres totaling approximately 7.8 million square feet, and restaurant, retail and other destination recreation and specialty properties totaling 4.1 million square feet. The Company also owned 22 public charter schools, and eight vineyards totaling approximately 1,590 acres and ten wineries totaling approximately 850 thousand square feet. In addition, as of December 31, 2009, the Company’s real estate mortgage loan portfolio had a carrying value of $522.9 million and included financing provided for entertainment, retail and recreational properties, including ten metropolitan ski areas covering approximately 6,100 acres in six states. At December 31, 2009, the Company’s megaplex theatres were 100% occupied, and the overall real estate portfolio was 97% occupied.

Theatres

Strength in the box office continued through the fourth quarter, with total U.S. box office receipts up approximately 10% in 2009 compared to 2008, representing the best box office year on record. Management believes the 2009 box office results demonstrated the widespread acceptance of new 3D technology, reinforcing its appeal and the opportunity that it unlocks in terms of increased attendance and premium ticket prices.

Charter Schools

Enrollments in the Company’s charter schools for the 2009/2010 academic year have been received, and with 86% occupancy, the Company’s expected rent coverage of 1.8 times remains strong. Charter school attendance continues to grow with more than 1.5 million students now enrolled in charter schools nation-wide, representing an 11% increase from a year ago.

Vineyard and Winery Investments

As previously communicated, the Company’s vineyard and winery investments continue to be negatively impacted by recessionary pressures. During the fourth quarter we recorded impairment charges of $6.4 million and a loan loss reserve of $5.2 million related to such investments.

Capital Markets Update

As previously communicated, on November 16, 2009, the Company issued 6,325,000 common shares (including the exercise of the over-allotment option of 825,000 shares) at a purchase price of $31.50 per share in a registered public offering. Total net proceeds after underwriting discounts and expenses were approximately $190.6 million. Including this offering, approximately $285.0 million of equity capital was raised in 2009 as the Company deleveraged its balance sheet.

At December 31, 2009 there was in excess of $200 million of unrestricted cash on hand and availability under the revolver.

Investment Update

The majority of the Company’s investment spending for 2009 of $196.5 million was executed in the fourth quarter of the year. Total investment spending for the fourth quarter was $138.0 million and consisted primarily of the acquisition of 15 theatres for a total investment of $121.5 million. The theatres are located in Connecticut, Massachusetts, New Jersey, Virginia, Kentucky, Ohio, Michigan, and Iowa. These theatres consist of 1.25 million building square feet and 231 screens, including 59 digital screens (24 of which are 3D), along with 3 IMAX installations. The theatres are leased to Rave Cinemas, LLC under a master lease that is structured as a long term triple net lease.

In addition, on January 8, 2010, the Company signed a purchase agreement to become the owner of the Toronto Dundas Square Project, currently in receivership. This project consists of approximately 330,000 square feet of net rentable area and 25,000 square feet of digital and static signage, and contains one of the highest grossing theatre complexes in Canada. Occupancy of the property remains at approximately 90%. The transaction is expected to close in early 2010. The Company has finalized the terms of a credit facility with a group of banks to provide $100 million Canadian first mortgage financing that is expected to close in conjunction with the purchase. The Company expects to consolidate the financial results of the property subsequent to the purchase.

On January 21, 2010, the Company completed an additional investment with Imagine Schools, Inc., one of the leading operators of public charter schools in the country. The $48 million transaction added five new schools at a cost of approximately $44 million, and the Company committed to provide approximately $4 million in expansion capital for two schools. The new schools contain over 357,000 square feet of educational space and have an enrollment in excess of 2,600 students. All of the Imagine schools owned by the Company, including those in this tranche, are governed by a triple-net master lease with a 25 year primary term. The total portfolio now includes 27 public charter schools located in nine states and the District of Columbia.

In connection with the Company’s loans to Concord Resorts, LLC (“Concord Resorts”) related to a planned casino and resort development in Sullivan County, New York controlled by Louis Cappelli, and several other loans to Mr. Cappelli and his affiliates, each of which are currently in default, the Company has initiated litigation seeking payment of amounts due and a declaratory judgment that the Company has no obligation to make an additional advance to Concord Resorts under any prior loan commitment. The Company’s loans to Concord Resorts, Mr. Cappelli and his affiliates subject to this litigation total approximately $163.1 million.

Transaction Costs

In 2009, a new accounting pronouncement, FASB ASC Topic 805 “Business Combinations”, went into effect requiring acquisition-related costs incurred in connection with business combinations to be expensed as incurred. Accordingly, costs related to such transactions, as well as costs associated with terminated transactions, are now included as a separate line item entitled “Transaction costs” in the Company’s Consolidated Statements of Income.

Dividend Information

On December 15, 2009, the Company declared a regular quarterly cash dividend of $0.65 per common share, which was paid on January 15, 2010 to common shareholders of record on December 31, 2009. This dividend represents an annualized dividend of $2.60 per common share. The Company also declared and paid fourth quarter cash dividends of $0.4844 per share on the 7.75% Series B Preferred Shares, $0.3594 per share on the 5.75% Series C Convertible Preferred Shares, $0.4609 per share on the 7.375% Series D Preferred Shares and $0.5625 per share on the 9.00% Series E Convertible Preferred Shares.

Earnings and Investment Spending Guidance

The Company is revising its FFO per share guidance for 2010 to $3.30 to $3.45. This guidance reflects the revised outlook on the timing of the purchase of the Toronto Dundas Square Project, the impact of the Company’s issuance of common shares in the fourth quarter of 2009, a reserve due to a more aggressive posture on rehabilitating the Company’s underperforming assets and approximately $100 million of investment spending in the latter half of the year beyond what has previously been communicated. The revised guidance for 2010 excludes any transaction costs that must be expensed per Topic 805. Additional transaction costs related to the acquisition of the Toronto Dundas Square Project are expected to total up to $8 million, or $.19 per share, consisting primarily of land transfer taxes. Including this level of additional transaction costs related to the Toronto Dundas Square Project, FFO per share guidance for 2010 is $3.11 to $3.26.

The Company’s investment spending guidance for 2010 is approximately $270 million and consists of $117 million associated with the acquisition of the Toronto Dundas Square Project, $53 million associated with the acquisition of public charter schools and $100 million of additional investments in the latter half of 2010.

Quarterly Supplemental

The Company’s supplemental information package for the fourth quarter and year ended December 31, 2009 is available on the Company’s website at www.eprkc.com.

ENTERTAINMENT PROPERTIES TRUST

Consolidated Statements of Income

(Dollars in thousands except per share data)

	(unaudited) Three Months Ended December 31,						Year Ended December 31,
	2009			2008			2009			2008
Rental revenue	$	52,395		$	51,380		$	204,610		$	202,581
Tenant reimbursements		4,685			4,768			18,312			20,883
Other income		581			1,023			2,890			2,241
Mortgage and other financing income		11,607			19,826			44,999			60,435
Total revenue		69,268			76,997			270,811			286,140
Property operating expense		7,730			6,827			28,839			26,775
Other expense		525			559			2,611			2,103
General and administrative expense		3,373			4,253			15,177			15,286
Costs associated with loan refinancing		—			—			117			—
Interest expense, net		18,441			18,834			72,715			70,951
Transaction costs		3,165			592			3,321			1,628
Provision for loan losses		5,197			—			70,954			—
Impairment charges		6,357			—			42,158			—
Depreciation and amortization		11,336			11,646			47,720			43,829
Income (loss) before equity in income from joint ventures and discontinued operations		13,144			34,286			(12,801	)		125,568
Equity in income from joint ventures		222			219			895			1,962
Income (loss) from continuing operations	$	13,366		$	34,505		$	(11,906	)	$	127,530
Discontinued operations:
Loss from discontinued operations		—			—			—			(26	)
Gain on sale of real estate		—			—			—			119
Net income (loss)		13,366			34,505			(11,906	)		127,623
Add: Net loss attributable to noncontrolling interests		899			880			19,913			2,353
Net income (loss) attributable to Entertainment Properties Trust		14,265			35,385			8,007			129,976
Preferred dividend requirements		(7,550	)		(7,551	)		(30,206	)		(28,266	)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	6,715		$	27,834		$	(22,199	)	$	101,710
Per share data attributable to Entertainment Properties
Trust common shareholders:
Basic earnings per share data:
Income (loss) from continuing operations available to common shareholders	$	0.17		$	0.85		$	(0.61	)		3.29
Income from discontinued operations		—			—			—			—
Net income (loss) available to common shareholders	$	0.17		$	0.85		$	(0.61	)	$	3.29
Diluted earnings per share data:
Income (loss) from continuing operations available to common shareholders	$	0.17		$	0.84		$	(0.61	)	$	3.26
Income from discontinued operations		—			—			—			—
Net income (loss) available to common shareholders	$	0.17		$	0.84		$	(0.61	)	$	3.26
Shares used for computation (in thousands):
Basic		39,641			32,873			36,122			30,910
Diluted		39,901			33,008			36,122			31,177

ENTERTAINMENT PROPERTIES TRUST

Reconciliation of Net Income Available to Common Shareholders

to Funds From Operations (FFO) (A)

(Unaudited, Dollars in thousands except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2009			2008			2009			2008
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	6,715		$	27,834		$	(22,199	)	$	101,710
Real estate depreciation and amortization		11,143			11,454			46,947			43,051
Allocated share of joint venture depreciation		66			65			263			510
Noncontrolling interest		(956	)		(958	)		(20,143	)		(2,630	)
FFO available to common shareholders of Entertainment Properties Trust	$	16,968		$	38,395		$	4,868		$	142,641
FFO available to common shareholders of Entertainment Properties Trust		16,968			38,395			4,868			142,641
Preferred dividends for Series C		—			1,940			—			7,763
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	16,968		$	40,335		$	4,868		$	150,404
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.43		$	1.17		$	0.13		$	4.61
Diluted		0.43			1.15			0.13			4.54
Shares used for computation (in thousands):
Basic		39,641			32,873			36,122			30,910
Diluted		39,901			34,937			36,236			33,094
Weighted average shares outstanding-diluted EPS		39,901			33,008			36,236			31,177
Effect of dilutive Series C preferred shares		—			1,929			—			1,917
Adjusted weighted average shares outstanding - diluted		39,901			34,937			36,236			33,094
Other financial information:
Straight-lined rental revenue	$	696		$	942		$	2,483		$	3,851
Dividends per common share	$	0.65		$	0.84		$	2.60		$	3.36

(A) The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under Generally Accepted Accounting Principles (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 management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO, as defined under the NAREIT definition and presented by us, is net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating properties, 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. FFO is a non-GAAP financial measure. FFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company’s operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO the same way so comparisons with other REITs may not be meaningful. In addition to FFO, we present FFO as adjusted. Management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus charges for loan losses, impairments and transaction costs. FFO as adjusted is a non-GAAP financial measure. FFO as adjusted does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company’s operations, cash flows or liquidity as defined by GAAP.

The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share except in those periods with a loss from continuing operations.

The additional 1.9 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.00% Series E cumulative convertible preferred shares (issued on April 2, 2008) and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three months and years ended December 31, 2008 and 2009 because the effect is anti-dilutive. However, because a conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO per share for the three months and year ended December 31, 2008, these adjustments have been made in the calculation of diluted FFO per share for these periods.

The Company’s nonvested share awards are considered participating securities and are included in the calculation of earnings per share under the two-class method as required by the Earnings Per Share Topic of the Financial Accounting Standards Board Accounting Standards Codification. Prior-period earnings per share data was computed using the treasury stock method and has been adjusted retrospectively, which lowered basic and diluted FFO per share by $0.01 for the three months ended December 31, 2008 and lowered basic FFO per share by $0.03 and diluted FFO per share by $0.02 for the year ended December 31, 2008.

ENTERTAINMENT PROPERTIES TRUST

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	As of December 31, 2009			As of December 31, 2008
Assets
Rental properties, net	$	1,854,629		$	1,735,026
Property under development		12,729			30,835
Mortgage notes and related accrued interest receivable, net		522,880			508,506
Investment in a direct financing lease, net		169,850			166,089
Investment in joint ventures		4,080			2,493
Cash and cash equivalents		23,138			50,082
Restricted cash		12,857			11,004
Intangible assets, net		6,727			12,400
Deferred financing costs, net		12,136			10,741
Accounts receivable, net		33,289			33,405
Notes and related accrued interest receivable, net		7,204			40,338
Other assets		21,213			33,006
Total assets	$	2,680,732		$	2,633,925
Liabilities and Equity
Accounts payable and accrued liabilities	$	28,411		$	35,665
Dividends payable		35,432			34,929
Unearned rents and interest		7,509			8,312
Long-term debt		1,141,423			1,262,368
Total liabilities		1,212,775			1,341,274
Entertainment Properties Trust shareholders’ equity		1,472,862			1,277,434
Noncontrolling interests		(4,905	)		15,217
Equity		1,467,957			1,292,651
Total liabilities and equity	$	2,680,732		$	2,633,925

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE:EPR) is a real estate investment trust (REIT) that develops, owns, leases, and finances properties for consumer-preferred, high-quality businesses. EPR’s investments are guided by a focus on inflection opportunities that are associated with or support enduring uses, excellent executions, attractive economics, and an advantageous market position. The Company’s total assets exceed $2.6 billion and include megaplex movie theatres and entertainment retail centers, as well as other destination recreational and specialty investments. Further information is available at www.eprkc.com or from Jon Weis at 888-EPR-REIT or info@eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein constitute forward-looking statements as such term is defined in 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”). The forward-looking statements may refer to our financial condition, results of operations, plans, objectives, acquisition or disposition of properties, future expenditures for development projects, capital resources, future financial performance and business. Forward-looking statements are not guarantees of performance. They involve numerous risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “will be,” “continue,” “hope,” “goal,” “forecast,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” “would,” “may” or other similar expressions contained or incorporated by reference herein. In addition, references to our budgeted amounts are forward looking statements. 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. 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.

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2009

Entertainment Properties Trust

Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2009

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	9
Adjusted Funds From Operations	10
Capital Structure	11
Ratios	14
Capital Spending and Disposition Summaries	17
Financial and Investment Information by Asset Type	18
Lease Expirations Excluding Non-Theatre Retail	23
Top Ten Customers by Revenue	24
Summary of Mortgage Notes Receivable	25
Summary of Notes Receivable	26
Summary of Unconsolidated Joint Ventures	27
Definitions	28

2

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain information contained or incorporated by reference herein constitutes forward-looking statements as such term is defined in 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”). The forward-looking statements may refer to our financial condition, results of operations, plans, objectives, acquisition or disposition of properties, future expenditures for development projects, capital resources, future financial performance and business. Forward-looking statements are not guarantees of performance. They involve numerous risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. In addition, references to our budgeted amounts are forward looking statements. 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 “Risk Factors” in our most recent annual report on Form 10-K and, to the extent applicable, in 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 indicated herein 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. 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.

DEFINITIONS

See pages 28 and 29 for definitions of certain non-GAAP financial measures used in this document.

3

Entertainment Properties Trust

Company Profile

The Company

Entertainment Properties Trust (“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 one of the pre-eminent owners of entertainment-based real estate.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) and dividends per share through the acquisition, development and financing of high-quality properties which meet our Five Star Investment Strategy. As a part of our growth strategies, we will consider acquiring or developing additional megaplex theatre properties, and acquiring or developing entertainment, entertainment-related, recreational or specialty properties. We will also consider developing or acquiring additional entertainment retail centers. We may also pursue opportunities to provide mortgage financing for these same property types in certain situations. In executing our growth strategies, we will employ moderate leverage. We have historically paid out approximately 75% of our FFO in the form of quarterly dividends. This allows investors to realize a portion of their returns on a current basis.

Five Star Investment Strategy

Our investments are evaluated against the following five criteria:

Inflection Opportunity: A generational renewal or restructuring change in an industry’s properties that creates an opportunity for insightful capital.

Enduring Value: Investment in real estate devoted to and improving upon long-lived activities.

Excellent Execution: Premium locations and investment executions that lead to market-dominant performance and create credit beyond the particular tenant.

Attractive Economics: Accretive initial returns along with growth in yield over the life of our investments in categories of meaningful size.

Advantageous Position: Sustainable competitive advantages based on knowledge, relationships or access to key investment elements.

4

Entertainment Properties Trust

Investor Information

Senior Management

David Brain	Greg Silvers
President and Chief Executive Officer	Vice President and Chief Operating Officer
Mark Peterson	Jerry Earnest
Vice President and Chief Financial Officer	Vice President and Chief Investment Officer
Mike Hirons
Vice President, Finance

Company Information

Corporate Headquarters	Trading Symbols
30 West Pershing Road, Suite 201	Common Stock:
Kansas City, MO 64108	EPR
888-EPR-REIT	Preferred Stock:
www.eprkc.com	EPR-PrB
	EPR-PrC
Stock Exchange Lisiting	EPR-PrD
New York Stock Exchange	EPR-PrE

Equity Research Coverage

J.P. Morgan	Anthony Palone	212-622-6682
RBC Capital Markets	Richard Moore	440-715-2646
Citi Global Markets	Michael Bilerman/Gregory Schweitzer	212-816-4471
Keybanc Capital Markets	Jordan Sadler	917-368-2280
FBR Capital Markets & Co.	Gabe Poggi	703-469-1141
BMO Capital Markets	Paul Adornato	212-885-4170
Kansas City Capital	Johnathan Braatz	816-932-8019
Janney Montgomery Scott	Andrew DiZio	215-665-6439

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

5

Entertainment Properties Trust

Selected Financial Information

(Unaudited, dollars and shares in thousands)

	Three Months Ended December 31,						Year Ended December 31,
Operating Information	2009			2008			2009			2008
Revenue from continuing operations	$	69,268		$	76,997		$	270,811		$	286,140
Net income (loss) available to common shareholders of Entertainment
Properties Trust		6,715			27,834			(22,199	)		101,710
Earnings before interest, taxes, depreciation and amortization
(EBITDA) (1)		42,921			64,766			107,751			240,348
Adjusted EBITDA (1)		57,640			65,358			224,184			241,976
Interest expense, net		18,441			18,834			72,715			70,951
Recurring principal payments		6,595			6,161			25,174			23,331
Capitalized interest		83			194			600			797
Straight-lined rental revenue		696			942			2,483			3,851
Dividends declared on preferred shares		7,550			7,551			30,206			28,266
Dividends declared on common shares		27,880			27,377			97,073			104,421
General and administrative expense		3,373			4,253			15,177			15,286
	December 31,
Balance Sheet Information	2009			2008
Real estate investments before depreciation		2,113,267			1,949,104
Total assets		2,680,732			2,633,925
Unencumbered real estate assets (2)
Number		45			26
Gross book value		399,439			223,160
Annualized stabilized NOI		39,471			24,899
Total debt		1,141,423			1,262,368
Equity		1,467,957			1,292,651
Common shares outstanding		42,872			32,874
Total market capitalization (using EOP closing price)		3,069,783			2,658,265
Debt/total assets		43	%		48	%
Debt/total market capitalization		37	%		47	%
Debt/total assets (undepreciated)		39	%		44	%
Debt/Adjusted EBITDA		5.09			5.22

(1) See pages 28 and 29 for definitions.

(2) Excludes property under development and undeveloped land.

6

Entertainment Properties Trust

Selected Balance Sheet Information

(Unaudited, dollars in thousands)

	4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Assets
Rental properties:
Megaplex theatres and other retail	$	1,883,386		$	1,756,539		$	1,763,964		$	1,735,162		$	1,742,433		$	1,760,470
Other		229,881			217,022			216,508			215,765			206,671			204,425
Less: accumulated depreciation		(258,638	)		(247,425	)		(235,472	)		(223,503	)		(214,078	)		(206,136	)
Property under development		12,729			20,575			22,847			27,324			30,835			34,985
Mortgage notes receivable (1)
Waterpark		163,298			163,298			162,613			144,915			134,948			126,804
Concord		133,119			133,119			133,119			133,119			134,150			133,119
Toronto Dundas Square Project		90,882			86,878			108,914			100,551			103,289			113,632
Metropolitan ski areas		135,581			134,774			133,986			133,217			132,468			129,737
Other		—			—			—			3,653			3,651			3,643
Investment in a direct financing lease, net		169,850			168,884			167,945			167,003			166,089			162,909
Investment in joint ventures		4,080			2,435			2,457			2,482			2,493			2,412
Cash and cash equivalents		23,138			11,196			16,202			13,504			50,082			11,125
Restricted cash		12,857			15,902			14,551			8,327			11,004			15,366
Accounts receivable, net		33,289			31,714			30,190			32,848			33,405			33,147
Notes receivable (1)		7,204			12,395			43,124			44,396			40,338			40,143
Other assets and intangible assets, net		40,076			46,231			60,629			63,335			56,147			47,701
Total Assets	$	2,680,732		$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925		$	2,613,482
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	28,411		$	28,608		$	27,122		$	27,684		$	35,665		$	18,024
Common dividends payable		27,880			23,748			22,732			22,716			27,377			27,612
Preferred dividends payable		7,552			7,552			7,552			7,552			7,552			7,552
Unearned rents and interest		7,509			12,277			12,836			6,333			8,312			16,127
Line of credit		35,000			73,000			116,000			93,000			149,000			85,000
Long-term debt		1,106,423			1,111,139			1,109,356			1,108,117			1,113,368			1,132,569
Total Liabilities		1,212,775			1,256,324			1,295,598			1,265,402			1,341,274			1,286,884
Equity:
Common stock and additional paid in capital		1,633,554			1,440,437			1,389,520			1,387,926			1,340,135			1,339,155
Preferred stock at par value		167			167			167			167			167			167
Treasury stock		(29,968	)		(27,698	)		(27,698	)		(27,559	)		(26,357	)		(26,357	)
Loans to shareholders		(1,925	)		(1,925	)		(1,925	)		(1,925	)		(1,925	)		(1,925	)
Accumulated other comprehensive income (loss)		18,961			16,985			9,951			(2,202	)		(6,169	)		27,772
Distributions in excess of net income		(147,927	)		(126,760	)		(36,170	)		(33,593	)		(28,417	)		(28,876	)
Entertainment Properties Trust shareholders’ equity		1,472,862			1,301,206			1,333,845			1,322,814			1,277,434			1,309,936
Noncontrolling interests		(4,905	)		(3,993	)		12,134			13,882			15,217			16,662
Total Equity		1,467,957			1,297,213			1,345,979			1,336,696			1,292,651			1,326,598
Total Liabilities and equity	$	2,680,732		$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925		$	2,613,482

(1) Includes related accrued interest receivable and is net of loan loss reserves.

7

Entertainment Properties Trust

Selected Operating Data

(Unaudited, dollars in thousands)

	4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Rental revenue and tenant reimbursements:
Theatres	$	41,521		$	40,912		$	40,158		$	40,045		$	39,882		$	40,410
Other retail		11,053			10,910			10,266			10,700			11,563			12,400
Vineyards and wineries		4,194			3,898			4,031			3,989			4,395			4,270
Metropolitan ski areas		312			311			310			312			308			308
Mortgage and other financing income:
Public charter schools (1)		5,203			5,293			5,031			5,003			5,009			4,960
Metropolitan ski areas		3,338			3,317			3,298			3,280			3,246			3,127
Waterpark		2,824			2,794			1,497			1,363			2,060			1,810
Concord		—			—			—			—			4,555			1,646
Toronto Dundas Square Project		—			—			—			—			3,834			4,338
Other		242			246			1,398			872			1,122			1,244
Other income		581			441			728			1,140			1,023			460
Total revenue	$	69,268		$	68,122		$	66,717		$	66,704		$	76,997		$	74,973
Property operating expense		7,730			6,708			6,382			8,019			6,827			6,612
Other expense		525			614			854			618			559			430
General and administrative expense		3,373			3,517			4,241			4,046			4,253			3,450
Costs associated with loan refinancing		—			—			117			—			—			—
Interest expense, net		18,441			19,355			17,482			17,437			18,834			17,689
Depreciation and amortization		11,336			11,921			11,834			12,629			11,646			11,170
Transaction costs		3,165			40			37			79			592			268
Provision for loan losses		5,197			65,757			—			—			—			—
Impairment charges		6,357			35,801			—			—			—			—
Equity in income from joint ventures		222			229			225			219			219			216
Income (loss) from continuing operations	$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570
Income from discontinued operations		—			—			—			—			—			—
Net income (loss)	$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570
Add: Net loss attributable to noncontrolling interests		899			16,071			1,709			1,234			880			488
Preferred dividend requirements		(7,550	)		(7,552	)		(7,552	)		(7,552	)		(7,551	)		(7,552	)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	6,715		$	(66,843	)	$	20,152		$	17,777		$	27,834		$	28,506

(1) Represents income from owned assets under a direct financing lease and one note receivable.

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Entertainment Properties Trust

Funds From Operations

(Unaudited, dollars in thousands except per share information)

	4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Funds From Operations (“FFO”) (1):
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	6,715		$	(66,843	)	$	20,152		$	17,777		$	27,834		$	28,506
Real estate depreciation and amortization		11,143			11,728			11,642			12,434			11,454			10,958
Allocated share of joint venture depreciation		66			66			66			65			65			64
Noncontrolling interest		(956	)		(16,118	)		(1,746	)		(1,323	)		(958	)		(604	)
FFO available to common shareholders of Entertainment Properties Trust	$	16,968		$	(71,167	)	$	30,114		$	28,953		$	38,395		$	38,924
FFO available to common shareholders of Entertainment Properties Trust		16,968			(71,167	)		30,114			28,953			38,395			38,924
Preferred dividends for Series C		—			—			—			—			1,940			1,941
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	16,968		$	(71,167	)	$	30,114		$	28,953		$	40,335		$	40,865
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.43		$	(2.01	)	$	0.86		$	0.84		$	1.17		$	1.22
Diluted		0.43			(2.01	)		0.86			0.84			1.15			1.19
Shares used for computation (in thousands):
Basic		39,641			35,445			34,970			34,363			32,873			32,033
Diluted		39,901			35,445			34,992			34,363			34,937			34,284
Weighted average shares outstanding-diluted EPS (in thousands)		39,901			35,445			34,992			34,363			33,008			32,365
Effect of dilutive Series C preferred shares		—			—			—			—			1,929			1,919
Adjusted weighted average shares outstanding-diluted (in thousands)		39,901			35,445			34,992			34,363			34,937			34,284

(1) See pages 28 and 29 for definitions.

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Entertainment Properties Trust

Adjusted Funds From Operations

(Unaudited, dollars in thousands except per share information)

	4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Adjusted Funds from Operations (“AFFO”) (1):
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	16,968		$	(71,167	)	$	30,114		$	28,953		$	40,335		$	40,865
Adjustments:
Non-cash impairment charges and provision for loan losses		11,554			101,558			—			—			—			—
Transaction costs		3,165			40			37			79			592			268
Non-real estate depreciation and amortization		190			196			191			196			191			215
Deferred financing fees amortization		1,111			1,103			693			756			888			780
Costs associated with loan refinancing		—			—			117			—			—			—
Share-based compensation expense to management and trustees		1,069			1,083			1,078			1,077			990			988
Maintenance capital expenditures (2)		(108	)		(304	)		(526	)		(574	)		(848	)		(1,494	)
Straight-lined rental revenue		(696	)		(642	)		(584	)		(561	)		(942	)		(1,016	)
Non-cash portion of mortgage and other financing income		(1,855	)		(1,807	)		(1,791	)		(1,744	)		(7,047	)		(6,435	)
AFFO available to common shareholders of Entertainment Properties Trust	$	31,398		$	30,060		$	29,329		$	28,182		$	34,159		$	34,171
Weighted average shares outstanding-diluted FFO		39,901			35,445			34,992			34,363			34,937			34,284
Other common stock equivalents excluded due to loss		—			230			—			—			—			—
Weighted average shares outstanding-diluted AFFO		39,901			35,675			34,992			34,363			34,937			34,284
AFFO per diluted common share	$	0.79		$	0.84		$	0.84		$	0.82		$	0.98		$	1.00
Dividends declared per common share	$	0.65		$	0.65		$	0.65		$	0.65		$	0.84		$	0.84
AFFO payout ratio (3)		82	%		77	%		77	%		79	%		86	%		84	%

(1) See pages 28 and 29 for definitions.

(2) Includes maintenance capital expenditures and second generation tenant improvements and leasing commisions.

(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

10

Entertainment Properties Trust

Capital Structure at December 31, 2009

(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt Without Extensions:
	Mortgages(1)					Term Loans/Bond					Credit Facility(4)		Total		Weighted Avg Interest Rate
Year	Amortization		Maturities			Amortization		Maturities
2010	$	23,356	$	168,750	(2)	$	3,945	$	—		$	—	$	196,051	5.75	%
2011		23,939		—			3,808		115,500	(3)		35,000	$	178,247	5.73	%
2012		24,827		65,293			3,078		—			—	$	93,198	6.45	%
2013		16,885		99,178			3,276		—			—	$	119,339	5.81	%
2014		21,362		127,666			3,476		—			—	$	152,504	6.28	%
2015		10,968		90,813			3,684		—			—	$	105,465	5.72	%
2016		7,076		96,143			3,901		—			—	$	107,120	6.04	%
2017		3,655		82,299			4,127		3,619			—	$	93,700	5.86	%
2018		920		12,462			980		61,802			—	$	76,164	5.36	%
2019		—		—			—		—			—	$	—	—
2020		—		—			—		—			—	$	—	—
Thereafter		—		9,000			—		10,635			—	$	19,635	2.54	%
	$	132,988	$	751,604		$	30,275	$	191,556		$	35,000	$	1,141,423	5.83	%
Principal Payments Due on Long-Term Debt With Extensions:
	Mortgages (1)					Term Loans/Bond					Credit Facility(4)		Total		Weighted Avg Interest Rate
Year	Amortization		Maturities			Amortization		Maturities
2010	$	23,522	$	56,250		$	3,945	$	—		$	—	$	83,717	5.95	%
2011		24,939		—			4,109		—			—	$	29,048	5.85	%
2012		25,661		175,793			3,978		114,300			35,000	$	354,732	5.87	%
2013		16,885		99,178			3,276		—			—	$	119,339	5.81	%
2014		21,362		127,666			3,475		—			—	$	152,503	6.28	%
2015		10,968		90,813			3,684		—			—	$	105,465	5.72	%
2016		7,076		96,143			3,901		—			—	$	107,120	6.04	%
2017		3,655		82,299			4,127		3,619			—	$	93,700	5.86	%
2018		920		12,462			980		61,802			—	$	76,164	5.36	%
2019		—		—			—		—			—	$	—	—
2020		—		—			—		—			—	$	—	—
Thereafter		—		9,000			—		10,635			—	$	19,635	2.54	%
	$	134,988	$	749,604		$	31,475	$	190,356		$	35,000	$	1,141,423	5.83	%

	Balance		Weighted Avg Interest Rate		Weighted Avg Maturity (yrs)
Fixed Rate Secured Debt	$	1,032,239	5.92	%	5.3
Variable Rate Debt		109,184	5.02	%	4.3
Total	$	1,141,423	5.83	%	5.2

Note: $203.9 million of variable rate debt outstanding at December 31, 2009 has been converted to a fixed rate by interest rate swap agreements and is reflected above as fixed rate secured debt.

(1) Scheduled amortizations and maturities represent only consolidated debt obligations.

(2) Includes $112.5 million due at maturity in October 2010 secured by an entertainment retail center in White Plains, New York. This debt is extendable for two to four years based on meeting certain conditions including a minimum net operating income threshold. Absent any improvement in the performance of the asset or resolution of default issues with the minority partner, the Company may elect to surrender the property at the loan’s maturity. Amount is shown in the “Principal Payments Due on Long-Term Debt With Extensions” as if note was extended for two years.

(3) This maturity is extendable at the Company’s option until October 26, 2012. Amount is shown in the “Principal Payments Due on Long-Term Debt with Extensions” as if this loan was extended to 2012.

(4) Credit Facility Summary:

Commitment		Balance		Maturity (with extension)	Rate at 12/31/09
$	215,000	$	35,000	October 2012	5.50	%

Note: The facility includes an accordion feature in which the facility can be increased to up to $300 million subject to certain conditions, including lender consent. The facility has a one year extension available at the Company’s option. Amount is shown in the “Principal Payments Due on Long-Term Debt With Extensions” as if this loan was extended to 2012.

11

Entertainment Propertiest Trust

Capital Structure at December 31, 2009

(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:
	December 31,
	2009		2008
Mortgage note payable, variable rate at LIBOR + 3.50%, (LIBOR floor of 2.50%), due September 10, 2010	$	56,250	$	56,250
Mortgage note payable, 5.60%, due October 7, 2010, two to four year extension at Company’s option upon meeting certain conditions		113,333		113,917
Revolving variable rate credit facility at LIBOR + 3.50% (LIBOR floor of 2.00%), due October 26, 2011, one year extension available at Company’s option		35,000		149,000
Term loan payable, $114,000 fixed through interest rate swaps at 5.81%, $3,600 at December 31, 2009 at variable rate of LIBOR + 1.75%, due October 26, 2011, one year extension available at Company’s option		117,600		118,800
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		45,808		47,056
Mortgage note payable, 6.63%, due November 1, 2012		25,608		26,302
Mortgage notes payable, 4.26%-9.01%, due February 10, 2013		119,373		125,424
Mortgage note payable, 6.84%, due March 1, 2014		102,008		91,583
Mortgage note payable, 5.58%, due April 1, 2014		60,671		61,742
Mortgage note payable, 5.56%, due June 5, 2015		33,763		34,311
Mortgage notes payable, 5.77%, due November 6, 2015		72,779		74,443
Mortgage notes payable, 5.84%, due March 6, 2016		40,898		41,798
Mortgage notes payable, 6.37%, due June 30, 2016		29,132		29,712
Mortgage notes payable, 6.10%, due October 1, 2016		26,187		26,716
Mortgage notes payable, 6.02%, due October 6, 2016		19,746		20,149
Mortgage note payable, 6.06%, due March 1, 2017		10,991		11,207
Mortgage note payable, 6.07%, due April 6, 2017		11,310		11,530
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		52,438		53,494
Mortgage notes payable, 5.86%, due August 1, 2017		26,826		27,352
Term loans payable, $89,898 at December 31, 2009 fixed through interest rate swaps at 5.11%-5.78%, $3,699 at December 31, 2009 at variable rates of LIBOR + 1.75%-2.00%, due December 1, 2017-June 5, 2018		93,597		92,120
Mortgage note payable, 6.19%, due February 1, 2018		16,667		17,133
Mortgage note payable, 7.37%, due July 15, 2018		11,803		12,694
Bond payable, variable rate, due October 1, 2037		10,635		10,635
Mortgage note payable, 5.50%		4,000		4,000
Mortgage note payable, 5.00%		5,000		5,000
Total	$	1,141,423	$	1,262,368

12

Entertainment Properties Trust

Capital Structure at December 31, 2009

(Unaudited, dollars in thousands except per share information)

Equity
Security	Shares Issued and Outstanding	Price per share at December 31, 2009		Liquidation Preference		Dividend Rate			Convertible
Common shares	42,872,420	$	35.27		N/A		(1	)	N/A
Series B	3,200,000	$	21.65	$	80,000		7.750	%	N
Series C	5,400,000	$	16.55	$	135,000		5.750	%	Y
Series D	4,600,000	$	20.30	$	115,000		7.375	%	N
Series E	3,450,000	$	24.87	$	86,250		9.000	%	Y
Calculation of Total Market Capitalization:
Common shares outstanding at December 31, 2009 multiplied by closing price at December 31, 2009						$	1,512,110
Aggregate liquidation value of Series B preferred shares							80,000
Aggregate liquidation value of Series C preferred shares							135,000
Aggregate liquidation value of Series D preferred shares							115,000
Aggregate liquidation value of Series E preferred shares							86,250
Total long-term debt at December 31, 2009							1,141,423
Total consolidated market capitalization						$	3,069,783
(1)    Quarterly dividend declared in the fourth quarter of 2009 was $0.65 per share.

13

Entertainment Properties Trust

Summary of Ratios

(Unaudited)

	4th Quarter 2009		3rd Quarter 2009		2nd Quarter 2009		1st Quarter 2009		4th Quarter 2008		3rd Quarter 2008
Debt to total assets (book value)	43	%	46	%	46	%	46	%	48	%	47	%
Debt to total market capitalization	37	%	42	%	52	%	55	%	47	%	35	%
Debt to total assets (undepreciated)	39	%	42	%	43	%	43	%	44	%	43	%
Debt to Adjusted EBITDA (1)	5.09		5.11		5.12		4.97		5.24		5.32
Secured debt to secured assets (2)	61	%	63	%	65	%	59	%	59	%	59	%
Unencumbered real estate assets to total real estate assets (3)	17	%	12	%	12	%	11	%	11	%	10	%
Interest coverage ratio (4)	3.1		3.0		3.2		3.1		3.4		3.6
Fixed charge coverage ratio (4)	2.2		2.1		2.2		2.2		2.5		2.5
Debt service coverage ratio (4)	2.3		2.3		2.3		2.3		2.6		2.8
FFO payout ratio (5)	151	%	-32	%	76	%	77	%	73	%	71	%
AFFO payout ratio (6)	82	%	77	%	77	%	79	%	86	%	84	%

(1) Adjusted EBITDA is for the trailing twelve month period. See pages 28 and 29 for definitions.

(2) Includes line of credit borrowing base assets.

(3) Total real estate assets includes rental properties, gross, and direct financing lease, net.

(4) See page 15 for detailed calculation.

(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.

(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

14

Entertainment Properties Trust

Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios

(Unaudited, dollars in thousands)

	4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Interest Coverage Ratio (1):
Net income (loss)	$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570
Impairment charges		6,357			35,801			—			—			—			—
Provision for loan losses		5,197			65,757			—			—			—			—
Transaction costs		3,165			40			37			79			592			268
Interest expense, gross		18,544			19,441			17,697			17,708			19,163			18,028
Depreciation and amortization		11,336			11,921			11,834			12,629			11,646			11,170
Share-based compensation expense to management and trustees		1,069			1,083			1,078			1,077			990			988
Costs associated with loan refinancing		—			—			117			—			—			—
Interest cost capitalized		(83	)		(83	)		(208	)		(226	)		(194	)		(275	)
Straight-line rental revenue		(696	)		(642	)		(584	)		(561	)		(942	)		(1,016	)
Gain on sale of real estate from discontinued operations		—			—			—			—			—			—
Interest coverage amount	$	58,255		$	57,956		$	55,966		$	54,801		$	65,760		$	64,733
Interest expense, net	$	18,441		$	19,355		$	17,482		$	17,437		$	18,834		$	17,689
Interest income		20			3			7			45			135			64
Interest cost capitalized		83			83			208			226			194			275
Interest expense, gross	$	18,544		$	19,441		$	17,697		$	17,708		$	19,163		$	18,028
Interest coverage ratio		3.1			3.0			3.2			3.1			3.4			3.6
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	58,255		$	57,956		$	55,966		$	54,801		$	65,760		$	64,733
Interest expense, gross		18,544			19,441			17,697			17,708			19,163			18,028
Preferred share dividends		7,550			7,552			7,552			7,552			7,551			7,552
Fixed charges	$	26,094		$	26,993		$	25,249		$	25,260		$	26,714		$	25,580
Fixed charge coverage ratio		2.2			2.1			2.2			2.2			2.5			2.5
Debt Service Coverage Ratio (1):
Interest coverage amount	$	58,255		$	57,956		$	55,966		$	54,801		$	65,760		$	64,733
Interest expense, gross		18,544			19,441			17,697			17,708			19,163			18,028
Recurring principal payments		6,595			6,295			6,160			6,124			6,161			5,133
Debt service	$	25,139		$	25,736		$	23,857		$	23,832		$	25,324		$	23,161
Debt service coverage ratio		2.3			2.3			2.3			2.3			2.6			2.8
(1)    See pages 28 and 29 for definitions.

15

Entertainment Properties Trust

Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities

(Unaudited, dollars in thousands)

The interest coverage amount per the table on the previous page 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 in 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 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008
Net cash provided by operating activities	$	35,951		$	35,849		$	41,696		$	35,321		$	35,879		$	46,874
Equity in income from joint ventures		222			229			225			219			219			216
Distributions from joint ventures		(243	)		(250	)		(250	)		(243	)		(245	)		(240	)
Amortization of deferred financing costs		(1,111	)		(1,103	)		(693	)		(756	)		(888	)		(780	)
Increase in mortgage notes accrued interest receivable		808			272			647			(403	)		4,949			5,735
Decrease in restricted cash		1,463			818			(1,125	)		(1,008	)		1,510			(48	)
Decrease (increase) in accounts receivable		1,394			989			(4,084	)		118			1,394			(737	)
Decrease (increase) in notes and accrued interest receivable		5			21			(272	)		(284	)		195			(713	)
Increase in direct financing lease receivable		967			939			942			914			922			877
Increase in other assets		(1,090	)		(248	)		2,286			2,523			(822	)		737
Decrease in accounts payable and accrued liabilities		(1,073	)		939			(701	)		731			1,983			2
Decrease in unearned rents		32			745			353			669			2,045			(4,195	)
Straight-line rental revenue		(696	)		(642	)		(584	)		(561	)		(942	)		(1,016	)
Interest expense, gross		18,544			19,441			17,697			17,708			19,163			18,028
Interest cost capitalized		(83	)		(83	)		(208	)		(226	)		(194	)		(275	)
Transaction costs		3,165			40			37			79			592			268
Interest coverage amount	$	58,255		$	57,956		$	55,966		$	54,801		$	65,760		$	64,733

16

Entertainment Properties Trust

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2009 Capital Spending:
		Capital Spending		Capital Spending
		Three Months Ended		Year Ended
Description	Location	December 31, 2009		December 31, 2009
Development of Schlitterbahn Vacation Village	Kansas City, KS	$	—	$	28,968
Additions to Toronto Dundas Square Project mortgage note receivable	Toronto, Ontario		2,390		6,978
Development of custom crush facility	Sonoma County, CA		1,874		8,721
Development of entertainment retail center	Suffolk, VA		580		4,855
Development of additional gross leasable area	Ontario, Canada		377		2,621
Development at Rb Winery	Hopland, CA		19		3,156
Development of theatre	Glendora, CA		—		1,004
Investment in Rb Wine Promissory Note	Hopland, CA		—		1,360
Investment in Sapphire Wines Promissory Note	Pasa Robles, CA		—		2,748
Investment in Ascentia Wine Estates equipment	various		8,500		8,500
Purchase of 15 theatre portfolio	various		121,538		121,538
Investments in unconsolidated joint ventures	various		1,664		1,677
Investment in Muvico tenant improvements	various		67		1,744
Capitalized building improvements	various		801		2,256
Other capital acquisitions	various		151		388
Total capital spending		$	137,961	$	196,514
2009 Dispositions:
Description	Location	Cash Received		Gain (Loss)

No dispositions occurred during the three or twelve months ended December 31, 2009.

17

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended December 31, 2009

(Unaudited, dollars in thousands)

	Theatres			Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	39,663		$	8,226		$	—		$	4,194		$	312		$	—		$	52,395		$	—		$	52,395
Tenant reimbursements		1,858			2,827			—			—			—			—			4,685			—			4,685
Other income		24			482			—			32			—			—			538			43			581
Mortgage and other financing income		63			65			5,203			35			3,338			2,824			11,528			79			11,607
Total revenue		41,608			11,600			5,203			4,261			3,650			2,824			69,146			122			69,268
Property operating expense		2,507			4,051			—			1,172			—			—			7,730			—			7,730
Other expense		—			393			—			132			—			—			525			—			525
Total investment expenses		2,507			4,444			—			1,304			—			—			8,255			—			8,255
General and administrative expense		—			—			—			—			—			—			—			3,373			3,373
Transaction costs		—			—			—			—			—			—			—			3,165			3,165
Provision for loan losses		—			—			—			—			—			—			—			5,197			5,197
Impairment charges		—			—			—			—			—			—			—			6,357			6,357
EBITDA	$	39,101		$	7,156		$	5,203		$	2,957		$	3,650		$	2,824		$	60,891		$	(17,970	)	$	42,921
		64	%		12	%		8	%		5	%		6	%		5	%		100	%
		76%
Add: transaction costs																							3,165			3,165
Add: provision for loan losses																							5,197			5,197
Add: impairment charges																							6,357			6,357
Adjusted EBITDA																									$	57,640
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(3,165	)		(3,165	)
Provision for loan losses																							(5,197	)		(5,197	)
Impairment charges																							(6,357	)		(6,357	)
Interest expense, net																							(18,441	)		(18,441	)
Depreciation and amortization																							(11,336	)		(11,336	)
Equity in income from joint ventures																							222			222
Net income																										13,366
Noncontrolling interests																							899			899
Preferred dividend requirements																							(7,550	)		(7,550	)
Net income available to common shareholders																									$	6,715

18

Entertainment Properties Trust

Financial Information by Asset Type

For the Year Ended December 31, 2009

(Unaudited, dollars in thousands)

	Theatres			Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	155,884		$	31,369		$	—		$	16,112		$	1,245		$	—		$	204,610		$	—		$	204,610
Tenant reimbursements		6,752			11,560			—			—			—			—			18,312			—			18,312
Other income		93			1,822			—			57			—			—			1,972			918			2,890
Mortgage and other financing income		1,715			218			20,530			510			13,233			8,478			44,684			315			44,999
Total revenue		164,444			44,969			20,530			16,679			14,478			8,478			269,578			1,233			270,811
Property operating expense		9,406			18,223			—			1,210			—			—			28,839			—			28,839
Other expense		—			1,819			—			792			—			—			2,611			—			2,611
Total investment expenses		9,406			20,042			—			2,002			—			—			31,450			—			31,450
General and administrative expense		—			—			—			—			—			—			—			15,177			15,177
Transaction costs		—			—			—			—			—			—			—			3,321			3,321
Provision for loan losses		—			—			—			—			—			—			—			70,954			70,954
Impairment charges		—			—			—			—			—			—			—			42,158			42,158
EBITDA	$	155,038		$	24,927		$	20,530		$	14,677		$	14,478		$	8,478		$	238,128		$	(130,377	)	$	107,751
		65	%		11	%		9	%		6	%		6	%		3	%		100	%
		76%
Add: transaction costs																							3,321			3,321
Add: provision for loan losses																							70,954			70,954
Add: impairment charges																							42,158			42,158
Adjusted EBITDA																									$	224,184
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(3,321	)		(3,321	)
Provision for loan losses																							(70,954	)		(70,954	)
Impairment charges																							(42,158	)		(42,158	)
Interest expense, net																							(72,715	)		(72,715	)
Costs associated with loan refinancing																							(117	)		(117	)
Depreciation and amortization																							(47,720	)		(47,720	)
Equity in income from joint ventures																							895			895
Net income (loss)																										(11,906	)
Noncontrolling interests																							19,913			19,913
Preferred dividend requirements																							(30,206	)		(30,206	)
Net income (loss) available to common shareholders																									$	(22,199	)

19

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended December 31, 2008

(Unaudited, dollars in thousands)

	Theatres			Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
																										—
Rental revenue	$	38,243		$	8,434		$	—		$	4,395		$	308		$	—		$	51,380		$	—		$	51,380
Tenant reimbursements		1,639			3,129			—			—			—			—			4,768			—			4,768
Other income		23			551			—			11			—			—			585			438			1,023
Mortgage and other financing income		4,679			47			5,009			113			3,246			6,605			19,699			127			19,826
Total revenue		44,584			12,161			5,009			4,519			3,554			6,605			76,432			565			76,997
Property operating expense		2,872			3,941			12			2			—			—			6,827			—			6,827
Other expense		—			559			—			—			—			—			559			—			559
Total investment expenses		2,872			4,500			12			2			—			—			7,386			—			7,386
General and administrative expense		—			—			—			—			—			—			—			4,253			4,253
Transaction costs		—			—			—			—			—			—			—			592			592
EBITDA	$	41,712		$	7,661		$	4,997		$	4,517		$	3,554		$	6,605		$	69,046		$	(4,280	)	$	64,766
		60	%		11	%		7	%		7	%		5	%		10	%		100	%
		71%
Add: transaction costs																							592			592
Adjusted EBITDA																									$	65,358
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(592	)		(592	)
Interest expense, net																							(18,834	)		(18,834	)
Depreciation and amortization																							(11,646	)		(11,646	)
Equity in income from joint ventures																							219			219
Net income																										34,505
Noncontrolling interests																							880			880
Preferred dividend requirements																							(7,551	)		(7,551	)
Net income available to common shareholders																									$	27,834

20

Entertainment Properties Trust

Financial Information by Asset Type

For the Year Ended December 31, 2008

(Unaudited, dollars in thousands)

	Theatres			Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	154,073		$	35,045		$	—		$	12,234		$	1,229		$	—		$	202,581		$	—		$	202,581
Tenant reimbursements		5,763			15,120			—			—			—			—			20,883			—			20,883
Other income		92			2,135			—			14			—			—			2,241			—			2,241
Mortgage and other financing income		20,175			390			12,845			450			12,411			13,596			59,867			568			60,435
Total revenue		180,103			52,690			12,845			12,698			13,640			13,596			285,572			568			286,140
Property operating expense		9,042			17,640			87			6			—			—			26,775			—			26,775
Other expense		—			2,103			—			—			—			—			2,103			—			2,103
Total investment expenses		9,042			19,743			87			6			—			—			28,878			—			28,878
General and administrative expense		—			—			—			—			—			—			—			15,286			15,286
Transaction costs		—			—			—			—			—			—			—			1,628			1,628
EBITDA	$	171,061		$	32,947		$	12,758		$	12,692		$	13,640		$	13,596		$	256,694		$	(16,346	)	$	240,348
		67	%		13	%		5	%		5	%		5	%		5	%		100	%
		80%
Add: transaction costs																							1,628			1,628
Adjusted EBITDA																									$	241,976
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(1,628	)		(1,628	)
Interest expense, net																							(70,951	)		(70,951	)
Depreciation and amortization																							(43,829	)		(43,829	)
Equity in income from joint ventures																							1,962			1,962
Income from continuing operations																										127,530
Discontinued operations:
Loss from discontinued operations																							(26	)		(26	)
Gain on sale of real estate																							119			119
Net income																										127,623
Noncontrolling interests																							2,353			2,353
Preferred dividend requirements																							(28,266	)		(28,266	)
Net income available to common shareholders																									$	101,710

21

Entertainment Properties Trust

Investment Information by Asset Type

As of December 31, 2009 and 2008

(Unaudited, dollars in thousands)

	As of December 31, 2009
	Retail/ Theatres			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,636,580		$	—		$	206,229		$	11,820		$	—		$	1,854,629
Add back accumulated depreciation on rental properties		246,806			—			10,645			1,187			—			258,638
Property under development		12,729			—			—			—			—			12,729
Mortgage notes and related accrued interest receivable, net		90,882			—			—			135,581			296,417			522,880
Investment in direct financing leases		—			169,850			—			—			—			169,850
Investment in joint ventures		4,080			—			—			—			—			4,080
Intangible assets, net of accumulated amortization		6,727			—			—			—			—			6,727
Add back accumulated amortization on intangible assets		6,887			—			—			—			—			6,887
Notes receivable and related accrued interest receivable, net		2,160			3,750			1,294			—			—			7,204
Total investments (1)	$	2,006,851		$	173,600		$	218,168		$	148,588		$	296,417		$	2,843,624
% of total investments		71	%		6	%		8	%		5	%		10	%		100	%
	As of December 31, 2008
	Retail/ Theatres			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,533,929		$	—		$	188,969		$	12,128		$	—		$	1,735,026
Add back accumulated depreciation on rental properties		208,504			—			4,695			879			—			214,078
Property under development		21,916			—			8,919			—			—			30,835
Mortgage notes and related accrued interest receivable, net		106,940			—			—			132,468			269,098			508,506
Investment in direct financing leases		—			166,089			—			—			—			166,089
Investment in joint ventures		2,493			—			—			—			—			2,493
Intangible assets, net of accumulated amortization		12,400			—			—			—			—			12,400
Add back accumulated amortization on intangible assets		7,077			—			—			—			—			7,077
Notes receivable and related accrued interest receivable, net		31,440			3,785			5,113			—			—			40,338
Total investments (1)	$	1,924,699		$	169,874		$	207,696		$	145,475		$	269,098		$	2,716,842
% of total investments		71	%		6	%		8	%		5	%		10	%		100	%

(1) See pages 28 and 29 for definitions.

22

Entertainment Properties Trust

Lease Expirations Excluding Non-Theatre Retail

As of December 31, 2009

(Unaudited, dollars in thousands)

	Megaplex Theatres					Public Charter Schools					Vineyards and Wineries
Year	Total Number of Leases Expiring	Revenue for the Twelve Months Ended December 31, 2009 (1)		% of Rental Revenue		Total Number of Leases Expiring	Financing Income for the Twelve Months Ended December 31, 2009		% of Mortgage and other financing income		Total Number of Leases Expiring	Rental Revenue for the Twelve Months Ended December 31, 2009		% of Rental Revenue
2010	4	$	11,399	7	%	—	$	—	—		—	$	—	$	—
2011	4		9,510	6	%	—		—	—		—		—		—
2012	3		7,177	5	%	—		—	—		—		—		—
2013	4		14,200	9	%	—		—	—		—		—		—
2014	—		—	—		—		—	—		—		—		—
2015	—		—	—		—		—	—		—		—		—
2016	2		3,911	3	%	—		—	—		—		—		—
2017	3		4,592	3	%	—		—	—		2		5,167		3	%
2018	5		13,207	8	%	—		—	—		5		10,078		5	%
2019	7		21,444	13	%	—		—	—		1		480		0	%
2020	7		8,783	5	%	—		—	—		—		—		—
2021	3		6,740	4	%	—		—	—		—		—		—
2022	9		15,828	10	%	—		—	—		—		—		—
2023	2		2,361	1	%	—		—	—		—		—		—
2024	9		17,165	11	%	—		—	—		—		—		—
2025	7		13,672	8	%	—		—	—		—		—		—
2026	5		7,132	4	%	—		—	—		—		—		—
2027	3		3,939	2	%	—		—	—		—		—		—
2028	1		1,044	1	%	—		—	—		—		—		—
2029	15		532	0	%	—		—	—		—		—		—
Thereafter	—		—	—		22		20,181	45	%	—		—		—
	93	$	162,636	100	%	22	$	20,181	45	%	8	$	15,725		8	%

Note: This schedule relates to consolidated assets only and excludes non-theatre retail. One owned ski property is excluded from this schedule and the remaining ski property investments are held in mortgage notes receivable which are included on page 25.

(1) Consists of rental revenue and tenant reimbursements.

23

Entertainment Properties Trust

Top Ten Customers by Revenue

(Unaudited, dollars in thousands)

	Customers	Asset Type	Total Revenue For The Three Months Ended December 31, 2009		Percentage of Total Revenue		Total Revenue For The Year Ended December 31, 2009		Percentage of Total Revenue
1.	American Multi-Cinema, Inc.	Retail/Theatres	$	26,546	38	%	$	102,943	38	%
2.	Imagine Schools, Inc.	Public Charter Schools		5,088	7	%		20,181	8	%
3.	Peak Resorts, Inc.	Metropolitan Ski Areas		3,650	5	%		14,479	5	%
4.	Regal Cinemas, Inc.	Retail/Theatres		3,567	5	%		14,137	5	%
5.	Rave Review Cinemas	Retail/Theatres		3,550	5	%		14,241	5	%
6.	SVVI, LLC	Waterparks		2,848	4	%		8,545	3	%
7.	Southern Theatres, LLC	Retail/Theatres		2,712	4	%		10,950	4	%
8.	Ascentia Wine Estates, LLC	Vineyards and Wineries		2,574	4	%		10,078	4	%
9.	Muvico Entertainment, LLC	Retail/Theatres		947	2	%		4,750	2	%
10.	Rb Wine Associates, LLC	Vineyards and Wineries		803	1	%		3,113	1	%
	Total		$	52,285	75	%	$	203,417	75	%

24

Entertainment Properties Trust

Mortgage Notes Receivable

(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	December 31, 2009			December 31, 2008
Mortgage note and related accrued interest receivable, LIBOR plus 3.50%	$	—		$	3,651
Mortgage note and related accrued interest receivable, 10.00%, due April 2, 2010		32,848			29,735
Mortgage note and related accrued interest receivable, net 15.00% (1)		126,658			103,289
Mortgage note and related accrued interest receivable, 11.00%, due September 10, 2010 (1)		133,119			134,150
Mortgage notes and related accrued interest receivable, 7.00%, due May 1, 2019		163,298			134,948
Mortgage note, 9.53%, due March 10, 2027		8,000			8,000
Mortgage notes, 10.15%, due April 3, 2027		62,500			62,500
Mortgage note, 9.40%, due October 30, 2027		32,233			32,233
Total mortgage notes and related accrued interest receivable	$	558,656		$	508,506
Less: loan loss reserves		(35,776	)		—
Total mortgage notes and related accrued interest receivable, net	$	522,880		$	508,506

(1) Mortgage note receivable is impaired as of December 31, 2009. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Mortgage Notes Receivable

	As of December 31, 2009
Year:
2010	$	165,967	(2)
2011		—
2012		—
2013		—
2014		—
Thereafter		266,031
Total	$	431,998

Note: The above schedule excludes the $126.7 million U.S. ($133.1 million Canadian) mortgage note receivable related to the Toronto Dundas Square Project that is in receivership. The Company expects to become the owner of the project prior to March 31, 2010.

(2) Includes $32.8 million (including accrued interest) related to a mortgage note receivable that is secured by development land at Mount Snow. The borrower has the option to roll this note into another mortgage note (including the collateral) secured by Mount Snow that is due in 2027.

25

Entertainment Properties Trust

Notes Receivable

(Unaudited, dollars in thousands)

Summary of Notes Receivable

	December 31, 2009			December 31, 2008
Note and related accrued interest receivable, 10.00%, due on demand (1)	$	10,000		$	10,083
Note and related accrued interest receivable, 10.00%, due on demand (1)		10,000			10,083
Note and related accrued interest receivable, LIBOR + 3.50%		—			1,005
Note and related accrued interest receivable, 15.00%, due on demand (1)		3,000			—
Revolving credit facility and related accrued interest receivable, 6.00%, due January 1, 2011(1)		1,416			—
Note and related accrued interest receivable, 9.23%, due August 31, 2012		3,751			3,785
Note and related accrued interest receivable, 12.00%, due April 1, 2013 (1)		5,074			5,113
Note and related accrued interest receivable, 10.00%, due May 8, 2017 (1)		10,000			10,083
Other		160			186
Total notes and related accrued interest receivable	$	43,401		$	40,338
Less: Loan loss reserves		(36,197	)		—
Total notes and related accrued interest receivable, net	$	7,204		$	40,338

(1) Note receivable is impaired as of December 31, 2009. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Notes Receivable

	As of December 31, 2009
Year:
Past due	$	23,000
2010		—
2011		1,416
2012		3,751
2013		5,074
2014		—
Thereafter		10,160
Total	$	43,401

26

Entertainment Properties Trust

Summary of Unconsolidated Joint Ventures

As of and for the Year Ended December 31, 2009

(Unaudited, dollars in thousands)

Atlantic EPR-I

EPR investment interest: 21.9%

Income recognized for the year ended December 31, 2009: $565

Distributions received for the year ended December 31, 2009: $622

Unaudited condensed financial information for Atlantic-EPR I is as follows as of and for the years ended December 31, 2009 and 2008:

	2009		2008
Rental properties, net	$	27,313	$	27,957
Cash		141		141
Long-term debt (due May 2010)		15,001		15,416
Partners’ equity		12,356		12,582
Rental revenue		4,432		4,410
Net income		2,443		2,402

Atlantic EPR-II

EPR investment interest: 22.1%

Income recognized for the year ended December 31, 2009: $330

Distributions received for the year ended December 31, 2009: $364

Unaudited condensed financial information for Atlantic-EPR II is as follows as of and for the year ended December 31, 2009 and 2008:

	2009		2008
Rental properties, net	$	21,498	$	21,958
Cash		139		538
Long-term debt (due September 2013)		12,950		13,280
Note payable to Entertainment Properties Trust		117		117
Partners’ equity		8,317		8,459
Rental revenue		2,876		2,867
Net income		1,331		1,331

27

Entertainment Properties Trust

Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

EBITDA 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 utilizes EBITDA in its analysis of the business and operations of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income plus interest expense (net), depreciation and amortization, gain or loss on sale of real estate, noncontrolling interests, equity in income from joint ventures and discontinued operations. Adjusted EBITDA is presented to add back the effect of non-cash impairment charges and the provision for loan losses, as well as transaction costs. The Company’s method of calculating EBITDA and Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

FUNDS FROM OPERATIONS (“FFO”)

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO, as defined under the NAREIT definition and presented by us, is net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating properties, 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. FFO is a non-GAAP financial measure. FFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO 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 non-cash impairment charges, provision for loan losses, transaction costs, non-real estate depreciation and amortization, deferred financing fees amortization, costs associated with loan refinancing and share-based compensation expense to management and trustees; 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.

28

Entertainment Properties Trust

Definitions-Non-GAAP Financial Measures

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, depreciation and amortization, share-based compensation expense to management and trustee and costs associated with loan refinancing; subtracting interest cost capitalized, straight-line revenue, and gain on sale of real estate from discontinued operations. 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 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 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), property under development, mortgage notes receivable (including related accrued interest receivable), investment in joint ventures, intangible assets (before accumulated amortization) and notes receivable. Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company’s funds have been invested.

29