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): May 3, 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 May 3, 2010, Entertainment Properties Trust (the “Company”) announced its results of operations and financial condition for the first quarter ended March 31, 2010. 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 May 3, 2010, the Company made available on its website supplemental operating and financial data for the first quarter ended March 31, 2010, 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 May 3, 2010 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the first quarter ended March 31, 2010.
Exhibit 99.2	Supplemental Operating and Financial Data for the first quarter ended March 31, 2010 made available by Entertainment Properties Trust on May 3, 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
	Mark A. Peterson
	Vice President, Treasurer and Chief Financial Officer

Date: May 3, 2010

INDEX TO EXHIBITS

Exhibit	Description
Exhibit 99.1	Press Release dated May 3, 2010 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the first quarter ended March 31, 2010.
Exhibit 99.2	Supplemental Operating and Financial Data for the first quarter ended March 31, 2010 made available by Entertainment Properties Trust on May 3, 2010.

EX-99.1

Exhibit 99.1

ENTERTAINMENT PROPERTIES TRUST REPORTS

FIRST QUARTER RESULTS

Kansas City, MO, May 3, 2010 — Entertainment Properties Trust (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2010.

Total revenue was $75.5 million for the first quarter of 2010 compared to $66.7 million for the same quarter in 2009. Net income available to common shareholders was $22.5 million, or $0.52 per diluted common share, for the first quarter of 2010 compared to net income available to common shareholders of $17.8 million, or $0.52 per diluted common share, for the same quarter in 2009. Funds From Operations (FFO) for the first quarter of 2010 was $33.8 million or $0.78 per diluted common share, compared to FFO of $29.0 million, or $0.84 per diluted common share, for the same quarter in 2009.

David Brain, President and CEO, commented on the results, “Our primary asset classes continued their strength in the first quarter, and we benefited from the completion of recent key acquisitions. Theatre industry box office results continue to shine, up 8% year-to-date over last year’s record performance, and with a solid pipeline of select acquisitions, the Company is certainly poised to continue to create value for shareholders.”

A reconciliation of FFO and the items impacting results for the first quarter follow:

(dollars in millions, except per share amounts)
	Amount			FFO/share
Provision for loan losses - Cappelli related note receivable	$	(0.7	)	$	(0.02	)
Transaction costs		(7.5	)		(0.17	)
Total charges		(8.2	)		(0.19	)
Gain on acquisition		8.4			0.19
Net adjustments		0.2			—
FFO		33.8			0.78
Less net adjustments		(0.2	)		—
FFO as adjusted	$	33.6		$	0.78
Dividends declared per common share				$	0.65
FFO payout ratio, as adjusted					83	%

Portfolio Highlights

As of March 31, 2010, the Company’s real estate portfolio consisted of 96 megaplex theatres (including four joint venture properties) totaling approximately 7.9 million square feet, and restaurant, retail and other destination recreation and specialty properties totaling 4.4 million square feet. The Company also owned 27 public charter schools, and eight vineyards totaling approximately 1,590 acres and ten wineries totaling approximately 850 thousand square feet. In addition, as of March 31, 2010, the Company’s real estate mortgage loan portfolio had a carrying value of $435.0 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 March 31, 2010, the Company’s megaplex theatres were 100% occupied, and its overall real estate portfolio was 98% occupied.

Theatres

Strength in the box office has continued in 2010, with total U.S. box office receipts up approximately 8% over prior year. Management believes the box office results continue to demonstrate 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.

Ski

Ski assets continue to perform well with preliminary 2009-10 season numbers through March increasing over the prior year. Year to date ski revenue is up approximately 7% and admissions are up approximately 8% over the prior year.

Investment Update

As previously communicated, 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 that is classified as a direct financing lease. The total portfolio now includes 27 public charter schools located in nine states and the District of Columbia.

On March 4, 2010, the Company completed the acquisition of Toronto Dundas Square, previously in receivership, by paying off senior debt of approximately $122 million Canadian dollars. As a result of the closing of this acquisition, the Company’s second mortgage note on the project has been extinguished. In conjunction with the acquisition, the Company closed on a $100 million Canadian first mortgage credit facility with a group of banks. The Company recorded a gain on acquisition of approximately $8.4 million US and expensed transaction costs of $7.5 million US during the quarter primarily related to transfer taxes and other costs associated with this acquisition. Toronto Dundas Square is a 13-level entertainment retail center located in downtown Toronto, consisting of approximately 330,000 square feet of net rentable area and a signage business consisting of 25,000 square feet of digital and static signage.

As previously communicated, the Company is not currently funding the cash flow shortfalls related to its joint venture interest in the White Plains, New York entertainment retail center. Included in FFO per share and FFO per share, as adjusted for the quarter ended March 31, 2010 is a loss of $1.6 million or $0.04 per share associated with this investment, none of which has been funded by the Company. At March 31, 2010, the debt on the center, which approximates the property’s carrying value, totaled $118.2 million, with $112.5 million of this debt scheduled to mature in October 2010. Given that the debt is non-recourse to the Company and the Company is in various disputes with the joint venture’s minority partner, the Company may elect to surrender the property at the loan’s maturity.

At March 31, 2010 there was in excess of $125 million of unrestricted cash on hand and availability under the revolver.

Dividend Information

On March 15, 2010, the Company declared a regular quarterly cash dividend of $0.65 per common share, which was paid on April 15, 2010 to common shareholders of record on March 31, 2010. 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.

Quarterly Supplemental

The Company’s supplemental information package for the first quarter ended March 31, 2010 is available on the Company’s website at www.eprkc.com.

ENTERTAINMENT PROPERTIES TRUST

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands except per share data)

	Three Months Ended March 31,
	2010			2009
Rental revenue	$	56,972		$	50,411
Tenant reimbursements		5,660			4,635
Other income		236			1,140
Mortgage and other financing income		12,592			10,518
Total revenue		75,460			66,704
Property operating expense		9,734			8,019
Other expense		401			618
General and administrative expense		5,089			4,046
Interest expense, net		19,219			17,437
Transaction costs		7,524			79
Provision for loan losses		700			—
Depreciation and amortization		12,403			12,629
Income before equity in income in joint ventures and gain from acquisition		20,390			23,876
Equity in income from joint ventures		233			219
Gain on acquisition		8,468			—
Net income	$	29,091		$	24,095
Add: Net loss attributable to noncontrolling interests		984			1,234
Net income attributable to Entertainment Properties Trust		30,075			25,329
Preferred dividend requirements		(7,552	)		(7,552	)
Net income available to common shareholders of Entertainment Properties Trust	$	22,523		$	17,777
Per share data attributable to Entertainment Properties Trust common shareholders:
Basic	$	0.53		$	0.52
Diluted	$	0.52		$	0.52
Shares used for computation (in thousands):
Basic		42,850			34,363
Diluted		43,141			34,363

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 March 31,
	2010			2009
Net income available to common shareholders of Entertainment Properties Trust	$	22,523		$	17,777
Real estate depreciation and amortization		12,273			12,434
Allocated share of joint venture depreciation		65			65
Noncontrolling interest		(1,033	)		(1,323	)
FFO available to common shareholders of Entertainment Properties Trust		33,828			28,953
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.79		$	0.84
Diluted		0.78			0.84
Shares used for computation (in thousands):
Basic		42,850			34,363
Diluted		43,141			34,363
Other financial information:
Straight-lined rental revenue		346			561
Dividends per common share	$	0.65		$	0.65

(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 and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share and FFO per share for the three months ended March 31, 2010 and 2009 because the effect is anti-dilutive.

ENTERTAINMENT PROPERTIES TRUST

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	As of March 31, 2010			As of December 31, 2009
	(unaudited)
Assets
Rental properties, net	$	2,044,810		$	1,854,629
Property under development		13,619			12,729
Mortgage notes and related accrued interest receivable, net		434,980			522,880
Investment in a direct financing lease, net		215,196			169,850
Investment in joint ventures		4,356			4,080
Cash and cash equivalents		21,029			23,138
Restricted cash		10,770			12,857
Intangible assets, net		38,451			6,727
Deferred financing costs, net		14,010			12,136
Accounts receivable, net		37,391			33,289
Notes and related accrued interest receivable, net		7,247			7,898
Other assets		20,646			20,519
Total assets	$	2,862,505		$	2,680,732
Liabilities and Equity
Accounts payable and accrued liabilities	$	48,375		$	28,411
Dividends payable		35,427			35,432
Unearned rents and interest		5,087			7,509
Long-term debt		1,308,623			1,141,423
Total liabilities		1,397,512			1,212,775
Entertainment Properties Trust shareholders’ equity		1,470,871			1,472,862
Noncontrolling interests		(5,878	)		(4,905	)
Equity		1,464,993			1,467,957
Total liabilities and equity	$	2,862,505		$	2,680,732

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 $2.8 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

First Quarter Ended March 31, 2010

Entertainment Properties Trust

Supplemental Operating and Financial Data

First Quarter Ended March 31, 2010

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	21
Top Ten Customers by Revenue	22
Summary of Mortgage Notes Receivable	23
Summary of Notes Receivable	24
Summary of Unconsolidated Joint Ventures	25
Definitions	26

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 26 and 27 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 acquiring or developing 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 Listing	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 March 31,
	2010			2009
Operating Information
Revenue from continuing operations	$	75,460		$	66,704
Net income available to common shareholders of Entertainment Properties Trust		22,523			17,777
Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)		52,012			53,942
Adjusted EBITDA (1)		60,236			54,021
Interest expense, net		19,219			17,437
Recurring principal payments		6,753			6,124
Capitalized interest		83			226
Straight-lined rental revenue		346			561
Dividends declared on preferred shares		7,552			7,552
Dividends declared on common shares		27,875			22,716
General and administrative expense		5,089			4,046
	March 31,
	2010			2009
Balance Sheet Information
Real estate investments before depreciation	$	2,317,803		$	1,950,927
Total assets		2,862,505			2,602,098
Unencumbered real estate assets (2)
Number		50			26
Gross book value		438,428			224,480
Annualized stabilized NOI		46,285			23,357
Total debt		1,308,623			1,201,117
Equity		1,464,993			1,336,696
Common shares outstanding		42,884			34,946
Total market capitalization (using EOP closing price)		3,488,704			2,168,113
Debt/total assets		46	%		46	%
Debt/total market capitalization		38	%		55	%
Debt/total assets (undepreciated)		42	%		43	%
Debt/Adjusted EBITDA (3)		5.68			4.97

(1) See pages 26 and 27 for definitions.

(2) Excludes property under development and undeveloped land.

(3) Adjusted EBITDA is for the trailing twelve month period. See pages 26 and 27 for definitions.

6

Entertainment Properties Trust

Selected Balance Sheet Information

(Unaudited, dollars in thousands)

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Assets
Rental properties:
Megaplex theatres and other retail	$	2,087,909		$	1,883,386		$	1,756,539		$	1,763,964		$	1,735,162		$	1,742,433
Other		229,894			229,881			217,022			216,508			215,765			206,671
Less: accumulated depreciation		(272,993	)		(258,638	)		(247,425	)		(235,472	)		(223,503	)		(214,078	)
Property under development		13,619			12,729			20,575			22,847			27,324			30,835
Mortgage notes receivable (1)
Waterpark		165,452			163,298			163,298			162,613			144,915			134,948
Concord		133,119			133,119			133,119			133,119			133,119			134,150
Toronto Dundas Square Project		—			90,882			86,878			108,914			100,551			103,289
Metropolitan ski areas		136,409			135,581			134,774			133,986			133,217			132,468
Other		—			—			—			—			3,653			3,651
Investment in a direct financing lease, net		215,196			169,850			168,884			167,945			167,003			166,089
Investment in joint ventures		4,356			4,080			2,435			2,457			2,482			2,493
Cash and cash equivalents		21,029			23,138			11,196			16,202			13,504			50,082
Restricted cash		10,770			12,857			15,902			14,551			8,327			11,004
Accounts receivable, net		37,391			33,289			31,714			30,190			32,848			33,405
Notes receivable (1)		7,247			7,898			12,395			43,124			44,396			40,338
Other assets and intangible assets, net		73,107			39,382			46,231			60,629			63,335			56,147
Total Assets	$	2,862,505		$	2,680,732		$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	48,375		$	28,411		$	28,608		$	27,122		$	27,684		$	35,665
Common dividends payable		27,875			27,880			23,748			22,732			22,716			27,377
Preferred dividends payable		7,552			7,552			7,552			7,552			7,552			7,552
Unearned rents and interest		5,087			7,509			12,277			12,836			6,333			8,312
Line of credit		107,000			35,000			73,000			116,000			93,000			149,000
Long-term debt		1,201,623			1,106,423			1,111,139			1,109,356			1,108,117			1,113,368
Total Liabilities		1,397,512			1,212,775			1,256,324			1,295,598			1,265,402			1,341,274
Equity:
Common stock and additional paid in capital		1,637,040			1,633,554			1,440,437			1,389,520			1,387,926			1,340,135
Preferred stock at par value		167			167			167			167			167			167
Treasury stock		(36,804	)		(29,968	)		(27,698	)		(27,698	)		(27,559	)		(26,357	)
Loans to shareholders		(281	)		(1,925	)		(1,925	)		(1,925	)		(1,925	)		(1,925	)
Accumulated other comprehensive income (loss)		24,027			18,961			16,985			9,951			(2,202	)		(6,169	)
Distributions in excess of net income		(153,278	)		(147,927	)		(126,760	)		(36,170	)		(33,593	)		(28,417	)
Entertainment Properties Trust shareholders’ equity		1,470,871			1,472,862			1,301,206			1,333,845			1,322,814			1,277,434
Noncontrolling interests		(5,878	)		(4,905	)		(3,993	)		12,134			13,882			15,217
Total Equity		1,464,993			1,467,957			1,297,213			1,345,979			1,336,696			1,292,651
Total Liabilities and equity	$	2,862,505		$	2,680,732		$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925

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

7

Entertainment Properties Trust

Selected Operating Data

(Unaudited, dollars in thousands)

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Rental revenue and tenant reimbursements:
Theatres	$	45,412		$	41,521		$	40,912		$	40,158		$	40,045		$	39,882
Other retail		12,767			11,053			10,910			10,266			10,700			11,563
Vineyards and wineries		4,138			4,194			3,898			4,031			3,989			4,395
Metropolitan ski areas		315			312			311			310			312			308
Mortgage and other financing income:
Public charter schools (1)		6,208			5,203			5,293			5,031			5,003			5,009
Metropolitan ski areas		3,358			3,338			3,317			3,298			3,280			3,246
Waterpark		2,850			2,824			2,794			1,497			1,363			2,060
Concord		—			—			—			—			—			4,555
Toronto Dundas Square Project		—			—			—			—			—			3,834
Other		176			242			246			1,398			872			1,122
Other income		236			581			441			728			1,140			1,023
Total revenue	$	75,460		$	69,268		$	68,122		$	66,717		$	66,704		$	76,997
Property operating expense		9,734			7,730			6,708			6,382			8,019			6,827
Other expense		401			525			614			854			618			559
General and administrative expense		5,089			3,373			3,517			4,241			4,046			4,253
Costs associated with loan refinancing		—			—			—			117			—			—
Interest expense, net		19,219			18,441			19,355			17,482			17,437			18,834
Depreciation and amortization		12,403			11,336			11,921			11,834			12,629			11,646
Transaction costs		7,524			3,165			40			37			79			592
Provision for loan losses		700			5,197			65,757			—			—			—
Impairment charges		—			6,357			35,801			—			—			—
Equity in income from joint ventures		233			222			229			225			219			219
Gain on acquisition		8,468			—			—			—			—			—
Income (loss) from continuing operations	$	29,091		$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505
Income from discontinued operations		—			—			—			—			—			—
Net income (loss)	$	29,091		$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505
Add: Net loss attributable to noncontrolling interests		984			899			16,071			1,709			1,234			880
Preferred dividend requirements		(7,552	)		(7,550	)		(7,552	)		(7,552	)		(7,552	)		(7,551	)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	22,523		$	6,715		$	(66,843	)	$	20,152		$	17,777		$	27,834

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

8

Entertainment Properties Trust

Funds From Operations

(Unaudited, dollars in thousands except per share information)

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Funds From Operations (“FFO”) (1):
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	22,523		$	6,715		$	(66,843	)	$	20,152		$	17,777		$	27,834
Real estate depreciation and amortization		12,273			11,143			11,728			11,642			12,434			11,454
Allocated share of joint venture depreciation		65			66			66			66			65			65
Noncontrolling interest		(1,033	)		(956	)		(16,118	)		(1,746	)		(1,323	)		(958	)
FFO available to common shareholders of Entertainment Properties Trust	$	33,828		$	16,968		$	(71,167	)	$	30,114		$	28,953		$	38,395
FFO available to common shareholders of Entertainment Properties Trust		33,828			16,968			(71,167	)		30,114			28,953			38,395
Preferred dividends for Series C		—			—			—			—			—			1,940
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	33,828		$	16,968		$	(71,167	)	$	30,114		$	28,953		$	40,335
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.79		$	0.43		$	(2.01	)	$	0.86		$	0.84		$	1.17
Diluted		0.78			0.43			(2.01	)		0.86			0.84			1.15
Shares used for computation (in thousands):
Basic		42,850			39,641			35,445			34,970			34,363			32,873
Diluted		43,141			39,901			35,445			34,992			34,363			34,937
Weighted average shares outstanding-diluted EPS (in thousands)		43,141			39,901			35,445			34,992			34,363			33,008
Effect of dilutive Series C preferred shares		—			—			—			—			—			1,929
Adjusted weighted average shares outstanding - diluted (in thousands)		43,141			39,901			35,445			34,992			34,363			34,937

(1) See pages 26 and 27 for definitions.

9

Entertainment Properties Trust

Adjusted Funds From Operations

(Unaudited, dollars in thousands except per share information)

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Adjusted Funds from Operations (“AFFO”) (1):
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	33,828		$	16,968		$	(71,167	)	$	30,114		$	28,953		$	40,335
Adjustments:
Non-cash impairment charges and provision for loan losses		700			11,554			101,558			—			—			—
Transaction costs		7,524			3,165			40			37			79			592
Non-real estate depreciation and amortization		130			190			196			191			196			191
Deferred financing fees amortization		1,236			1,111			1,103			693			756			888
Costs associated with loan refinancing		—			—			—			117			—			—
Share-based compensation expense to management and trustees		1,163			1,069			1,083			1,078			1,077			990
Maintenance capital expenditures (2)		(288	)		(108	)		(304	)		(526	)		(574	)		(848	)
Straight-lined rental revenue		(346	)		(696	)		(642	)		(584	)		(561	)		(942	)
Non-cash portion of mortgage and other financing income		(2,006	)		(1,855	)		(1,807	)		(1,791	)		(1,744	)		(7,047	)
Amortization of above market leases, net		21			—			—			—			—			—
Gain on acquisition		(8,468	)		—			—			—			—			—
AFFO available to common shareholders of Entertainment Properties Trust	$	33,494		$	31,398		$	30,060		$	29,329		$	28,182		$	34,159
Weighted average shares outstanding-diluted FFO		43,141			39,901			35,445			34,992			34,363			34,937
Other common stock equivalents excluded due to loss		—			—			230			—			—			—
Weighted average shares outstanding-diluted AFFO		43,141			39,901			35,675			34,992			34,363			34,937
AFFO per diluted common share	$	0.78		$	0.79		$	0.84		$	0.84		$	0.82		$	0.98
Dividends declared per common share	$	0.65		$	0.65		$	0.65		$	0.65		$	0.65		$	0.84
AFFO payout ratio (3)		83	%		82	%		77	%		77	%		79	%		86	%

(1) See pages 26 and 27 for definitions.

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

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

10

Entertainment Properties Trust

Capital Structure at March 31, 2010

(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt Without Extensions:

	Mortgages (1)					Term Loans/Bond
Year	Amortization		Maturities			Amortization		Maturities			Credit Facility (4)		Total		Weighted Avg Interest Rate
2010	$	21,394	$	168,750	(2)	$	2,972	$	—		$	—	$	193,116	5.75	%
2011		29,024		—			3,809		115,500	(3)		107,000		255,333	5.67	%
2012		25,002		155,124	(5)		3,078		—			—		183,204	6.23	%
2013		17,073		99,178			3,276		—			—		119,527	5.83	%
2014		24,218		127,666			3,475		—			—		155,359	6.29	%
2015		10,968		90,813			3,684		—			—		105,465	5.72	%
2016		7,076		96,143			3,902		—			—		107,121	6.04	%
2017		3,655		82,299			4,127		3,619			—		93,700	5.86	%
2018		919		12,462			980		61,802			—		76,163	5.36	%
2019		—		—			—		—			—		—	—
2020		—		—			—		—			—		—	—
Thereafter		—		9,000			—		10,635			—		19,635	2.51	%
	$	139,329	$	841,435		$	29,303	$	191,556		$	107,000	$	1,308,623	5.83	%

Principal Payments Due on Long-Term Debt With Extensions:

	Mortgages (1)				Term Loans/Bond
Year	Amortization		Maturities		Amortization		Maturities		Credit Facility (4)		Total		Weighted Avg Interest Rate
2010	$	21,561	$	56,250	$	2,972	$	—	$	—	$	80,783	5.96	%
2011		30,024		—		4,109		—		—		34,133	5.88	%
2012		30,758		175,793		3,978		114,300		107,000		431,829	5.81	%
2013		17,073		184,086		3,276		—		—		204,435	5.90	%
2014		24,218		127,666		3,475		—		—		155,359	6.29	%
2015		10,968		90,813		3,684		—		—		105,465	5.72	%
2016		7,076		96,143		3,902		—		—		107,121	6.04	%
2017		3,655		82,299		4,127		3,619		—		93,700	5.86	%
2018		919		12,462		980		61,802		—		76,163	5.36	%
2019		—		—		—		—		—		—	—
2020		—		—		—		—		—		—	—
Thereafter		—		9,000		—		10,635		—		19,635	2.50	%
	$	146,252	$	834,512	$	30,503	$	190,356	$	107,000	$	1,308,623	5.83	%

	Balance		Weighted Avg Interest Rate		Weighted Avg Maturity (yrs)
Fixed Rate Secured Debt	$	1,029,388	5.92	%	4.2
Variable Rate Debt		279,235	5.49	%	2.5
Total	$	1,308,623	5.83	%	3.9

Note: $203.3 million of variable rate debt outstanding at March 31, 2010 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 3/31/2010
$ 215,000	$107,000	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.

(5) Includes $89.8 million due at maturity in March 2012 that is extendable for one year under certain circumstances and subject to certain conditions. Amount is shown in the “Principal Payments Due on Long-Term Debt with Extensions” as if this loan was extended to 2013.

11

Entertainment Propertiest Trust

Capital Structure at March 31, 2010

(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:

	March 31, 2010		December 31, 2009
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		113,167		113,333
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		107,000		35,000
Term loan payable, $114,000 fixed through interest rate swaps at 5.81%, $3,300 at March 31, 2010 at variable rate of LIBOR + 1.75%, due October 26, 2011, one year extension available at Company’s option		117,300		117,600
Term loan payable, variable rate at Bankers’ Acceptances Rate (BA) + 4.00% (BA floor of 2.00%)		98,445		—
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		45,472		45,808
Mortgage note payable, 6.63%, due November 1, 2012		25,421		25,608
Mortgage notes payable, 4.26%-9.01%, due February 10, 2013		117,808		119,373
Mortgage note payable, 6.84%, due March 1, 2014		104,429		102,008
Mortgage note payable, 5.58%, due April 1, 2014		60,382		60,671
Mortgage note payable, 5.56%, due June 5, 2015		33,614		33,763
Mortgage notes payable, 5.77%, due November 6, 2015		72,333		72,779
Mortgage notes payable, 5.84%, due March 6, 2016		40,656		40,898
Mortgage notes payable, 6.37%, due June 30, 2016		28,975		29,132
Mortgage notes payable, 6.10%, due October 1, 2016		26,044		26,187
Mortgage notes payable, 6.02%, due October 6, 2016		19,637		19,746
Mortgage note payable, 6.06%, due March 1, 2017		10,933		10,991
Mortgage note payable, 6.07%, due April 6, 2017		11,251		11,310
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		52,154		52,438
Mortgage notes payable, 5.86%, due August 1, 2017		26,684		26,826
Term loans payable, $89,318 at March 31, 2010 fixed through interest rate swaps at 5.11%-5.78%, $3,605 at March 31, 2010 at variable rates of LIBOR + 1.75%-2.00%, due December 1, 2017-June 5, 2018		92,923		93,597
Mortgage note payable, 6.19%, due February 1, 2018		16,543		16,667
Mortgage note payable, 7.37%, due July 15, 2018		11,567		11,803
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	$	1,308,623	$	1,141,423

12

Entertainment Properties Trust

Capital Structure at March 31, 2010

(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued and Outstanding	Price per share at March 31, 2010		Liquidation Preference		Dividend Rate		Convertible
Common shares	42,884,297	$	41.13		N/A	(1	)	N/A
Series B	3,200,000	$	22.92	$	80,000	7.750	%	N
Series C	5,400,000	$	18.23	$	135,000	5.750	%	Y
Series D	4,600,000	$	22.13	$	115,000	7.375	%	N
Series E	3,450,000	$	26.12	$	86,250	9.000	%	Y

Calculation of Total Market Capitalization:

Common shares outstanding at March 31, 2010 multiplied by closing price at March 31, 2010	$	1,763,831
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 March 31, 2010		1,308,623
Total consolidated market capitalization	$	3,488,704

(1) Quarterly dividend declared in the first quarter of 2010 was $0.65 per share.

13

Entertainment Properties Trust

Summary of Ratios

(Unaudited)

	1st Quarter 2010		4th Quarter 2009		3rd Quarter 2009		2nd Quarter 2009		1st Quarter 2009		4th Quarter 2008
Debt to total assets (book value)	46	%	43	%	46	%	46	%	46	%	48	%
Debt to total market capitalization	38	%	37	%	42	%	52	%	55	%	47	%
Debt to total assets (undepreciated)	42	%	39	%	42	%	43	%	43	%	44	%
Debt to Adjusted EBITDA (1)	5.68		5.09		5.11		5.12		4.97		5.24
Secured debt to secured assets (2)	52	%	47	%	49	%	51	%	46	%	46	%
Unencumbered real estate assets to total real estate assets (3)	17	%	17	%	12	%	12	%	11	%	11	%
Interest coverage ratio (4)	3.2		3.1		3.0		3.2		3.1		3.4
Fixed charge coverage ratio (4)	2.3		2.2		2.1		2.2		2.2		2.5
Debt service coverage ratio (4)	2.4		2.3		2.3		2.3		2.3		2.6
FFO payout ratio (5)	83	%	151	%	-32	%	76	%	77	%	73	%
AFFO payout ratio (6)	83	%	82	%	77	%	77	%	79	%	86	%

(1) Adjusted EBITDA is for the trailing twelve month period. See pages 26 and 27 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)

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Interest Coverage Ratio (1):
Net income (loss)	$	29,091		$	13,366		$	(75,362	)	$	25,995		$	24,095		$	34,505
Impairment charges		—			6,357			35,801			—			—			—
Provision for loan losses		700			5,197			65,757			—			—			—
Transaction costs		7,524			3,165			40			37			79			592
Interest expense, gross		19,327			18,544			19,441			17,697			17,708			19,163
Depreciation and amortization		12,403			11,336			11,921			11,834			12,629			11,646
Share-based compensation expense to management and trustees		1,163			1,069			1,083			1,078			1,077			990
Costs associated with loan refinancing		—			—			—			117			—			—
Interest cost capitalized		(83	)		(83	)		(83	)		(208	)		(226	)		(194	)
Straight-line rental revenue		(346	)		(696	)		(642	)		(584	)		(561	)		(942	)
Gain on acquisition		(8,468	)		—			—			—			—			—
Interest coverage amount	$	61,311		$	58,255		$	57,956		$	55,966		$	54,801		$	65,760
Interest expense, net	$	19,219		$	18,441		$	19,355		$	17,482		$	17,437		$	18,834
Interest income		25			20			3			7			45			135
Interest cost capitalized		83			83			83			208			226			194
Interest expense, gross	$	19,327		$	18,544		$	19,441		$	17,697		$	17,708		$	19,163
Interest coverage ratio		3.2			3.1			3.0			3.2			3.1			3.4
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	61,311		$	58,255		$	57,956		$	55,966		$	54,801		$	65,760
Interest expense, gross		19,327			18,544			19,441			17,697			17,708			19,163
Preferred share dividends		7,552			7,550			7,552			7,552			7,552			7,551
Fixed charges	$	26,879		$	26,094		$	26,993		$	25,249		$	25,260		$	26,714
Fixed charge coverage ratio		2.3			2.2			2.1			2.2			2.2			2.5
Debt Service Coverage Ratio (1):
Interest coverage amount	$	61,311		$	58,255		$	57,956		$	55,966		$	54,801		$	65,760
Interest expense, gross		19,327			18,544			19,441			17,697			17,708			19,163
Recurring principal payments		6,753			6,595			6,295			6,160			6,124			6,161
Debt service	$	26,080		$	25,139		$	25,736		$	23,857		$	23,832		$	25,324
Debt service coverage ratio		2.4			2.3			2.3			2.3			2.3			2.6

(1) See pages 26 and 27 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:

	1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008
Net cash provided by operating activities	$	33,492		$	35,951		$	35,849		$	41,696		$	35,321		$	35,879
Equity in income from joint ventures		233			222			229			225			219			219
Distributions from joint ventures		(269	)		(243	)		(250	)		(250	)		(243	)		(245	)
Amortization of deferred financing costs		(1,236	)		(1,111	)		(1,103	)		(693	)		(756	)		(888	)
Amortization of above market leases, net		(21	)		—			—			—			—			—
Increase (decrease) in mortgage notes accrued interest receivable		2,982			808			272			647			(403	)		4,949
Increase (decrease) in restricted cash		(304	)		1,463			818			(1,125	)		(1,008	)		1,510
Increase (decrease) in accounts receivable, net		2,246			1,394			989			(4,084	)		118			1,394
Increase (decrease) in notes and accrued interest receivable		49			5			21			(272	)		(284	)		195
Increase in direct financing lease receivable		1,114			967			939			942			914			922
Increase (decrease) in other assets		3,536			(1,090	)		(248	)		2,286			2,523			(822	)
Decrease (increase) in accounts payable and accrued liabilities		(6,660	)		(1,073	)		939			(701	)		731			1,983
Decrease (increase) in unearned rents		(273	)		32			745			353			669			2,045
Straight-line rental revenue		(346	)		(696	)		(642	)		(584	)		(561	)		(942	)
Interest expense, gross		19,327			18,544			19,441			17,697			17,708			19,163
Interest cost capitalized		(83	)		(83	)		(83	)		(208	)		(226	)		(194	)
Transaction costs		7,524			3,165			40			37			79			592
Interest coverage amount	$	61,311		$	58,255		$	57,956		$	55,966		$	54,801		$	65,760

16

Entertainment Properties Trust

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2010 Capital Spending:

Description	Location	Capital Spending Three Months Ended March 31, 2010
Acquisition of Toronto Dundas Square	Toronto, Ontario	$	111,593
Investment in direct financing lease related to public charter schools	various		44,232
Additions to Toronto Dundas Square mortgage note receivable	Toronto, Ontario		591
Development of additional gross leasable area	Ontario, Canada		330
Development of entertainment retail center	Suffolk, VA		165
Development of custom crush facility	Sonoma County, CA		163
Capitalized building improvements and tenant improvements	various		351
Other capital acquisitions	various		183
Total capital spending		$	157,608
2010 Dispositions:
Description	Location	Cash Received
No dispositions occurred during the three months ended March 31, 2010.

17

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended March 31, 2010

(Unaudited, dollars in thousands)

	Theatres			Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	43,459		$	9,060		$	—		$	4,138		$	315		$	—		$	56,972		$	—		$	56,972
Tenant reimbursements		1,953			3,707			—			—			—			—			5,660			—			5,660
Other income		23			182			—			31			—			—			236			—			236
Mortgage and other financing income		39			75			6,208			—			3,358			2,850			12,530			62			12,592
Total revenue		45,474			13,024			6,208			4,169			3,673			2,850			75,398			62			75,460
Property operating expense		2,457			6,587			—			690			—			—			9,734			—			9,734
Other expense		—			216			—			178			—			—			394			7			401
Total investment expenses		2,457			6,803			—			868			—			—			10,128			7			10,135
General and administrative expense		—			—			—			—			—			—			—			5,089			5,089
Transaction costs		—			—			—			—			—			—			—			7,524			7,524
Provision for loan losses		—			—			—			—			—			—			—			700			700
EBITDA	$	43,017		$	6,221		$	6,208		$	3,301		$	3,673		$	2,850		$	65,270		$	(13,258	)	$	52,012
		66	%		9	%		10	%		5	%		6	%		4	%		100	%
		75%
Add: transaction costs																							7,524			7,524
Add: provision for loan losses																							700			700
Adjusted EBITDA																									$	60,236
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(7,524	)		(7,524	)
Provision for loan losses																							(700	)		(700	)
Interest expense, net																							(19,219	)		(19,219	)
Depreciation and amortization																							(12,403	)		(12,403	)
Equity in income from joint ventures																							233			233
Gain on acquisition																							8,468			8,468
Net income																										29,091
Noncontrolling interests																							984			984
Preferred dividend requirements																							(7,552	)		(7,552	)
Net income available to common shareholders																									$	22,523

18

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended March 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	$	38,010		$	8,100		$	—		$	3,989		$	312		$	—		$	50,411		$	—		$	50,411
Tenant reimbursements		1,375			3,260			—			—			—			—			4,635			—			4,635
Other income		24			587			—			20			—			—			631			509			1,140
Mortgage and other financing income		723			46			5,003			24			3,280			1,363			10,439			79			10,518
Total revenue		40,132			11,993			5,003			4,033			3,592			1,363			66,116			588			66,704
Property operating expense		2,154			5,839						26			—			—			8,019			—			8,019
Other expense		—			561			—			57			—			—			618			—			618
Total investment expenses		2,154			6,400			—			83			—			—			8,637			—			8,637
General and administrative expense		—			—			—			—			—			—			—			4,046			4,046
Transaction costs		—			—			—			—			—			—			—			79			79
EBITDA	$	37,978		$	5,593		$	5,003		$	3,950		$	3,592		$	1,363		$	57,479		$	(3,537	)	$	53,942
		66	%		10	%		9	%		7	%		6	%		2	%		100	%
		76%
Add: transaction costs																							79			79
Adjusted EBITDA																									$	54,021
Reconciliation to Consolidated Statements of Income:
Transaction costs																							(79	)		(79	)
Interest expense, net																							(17,437	)		(17,437	)
Depreciation and amortization																							(12,629	)		(12,629	)
Equity in income from joint ventures																							219			219
Net income																										24,095
Noncontrolling interests																							1,234			1,234
Preferred dividend requirements																							(7,552	)		(7,552	)
Net income available to common shareholders																									$	17,777

19

Entertainment Properties Trust

Investment Information by Asset Type

As of March 31, 2010 and December 31, 2009

(Unaudited, dollars in thousands)

	As of March 31, 2010
	Retail/ Theatres			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,828,520		$	—		$	204,547		$	11,743		$	—		$	2,044,810
Add back accumulated depreciation on rental properties		259,389			—			12,340			1,264			—			272,993
Property under development		13,619			—			—			—			—			13,619
Mortgage notes and related accrued interest receivable, net		—			—			—			136,409			298,571			434,980
Investment in a direct financing lease, net		—			215,196			—			—			—			215,196
Investment in joint ventures		4,356			—			—			—			—			4,356
Intangible assets, net of accumulated amortization		38,451			—			—			—			—			38,451
Add back accumulated amortization on intangible assets		7,710			—			—			—			—			7,710
Notes receivable and related accrued interest receivable, net		2,173			3,780			1,294			—			—			7,247
Total investments (1)	$	2,154,218		$	218,976		$	218,181		$	149,416		$	298,571		$	3,039,362
% of total investments		71	%		7	%		7	%		5	%		10	%		100	%
	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 a direct financing lease, net		—			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		2,854			3,750			1,294			—			—			7,898
Total investments (1)	$	2,007,545		$	173,600		$	218,168		$	148,588		$	296,417		$	2,844,318
% of total investments		71	%		6	%		8	%		5	%		10	%		100	%

(1) See pages 26 and 27 for definitions.

20

Entertainment Properties Trust

Lease Expirations Excluding Non-Theatre Retail

As of March 31, 2010

(Unaudited, dollars in thousands)

	Megaplex Theatres					Public Charter Schools					Vineyards and Wineries
Year	Total Number of Leases Expiring	Revenue for the Trailing Twelve Months Ended March 31, 2010  (1)		% of Rental Revenue		Total Number of Leases Expiring	Financing Income for the Trailing Twelve Months Ended March 31, 2010		% of Mortgage and other financing income		Total Number of Leases Expiring	Rental Revenue for the Twelve Months Ended March 31, 2010		% of Rental Revenue
2010	4	$	11,451	6	%	—	$	—	—		—	$	—	—
2011	4		9,554	5	%	—		—	—		—		—	—
2012	3		7,210	3	%	—		—	—		—		—	—
2013	4		14,211	7	%	—		—	—		—		—	—
2014	—		—	—		—		—	—		—		—	—
2015	—		—	—		—		—	—		—		—	—
2016	2		3,993	2	%	—		—	—		—		—	—
2017	3		4,613	2	%	—		—	—		2		4,958	2	%
2018	5		13,575	7	%	—		—	—		5		10,312	5	%
2019	7		21,767	10	%	—		—	—		1		771	0	%
2020	7		8,447	4	%	—		—	—		—		—	—
2021	3		7,210	3	%	—		—	—		—		—	—
2022	9		16,143	8	%	—		—	—		—		—	—
2023	2		2,361	1	%	—		—	—		—		—	—
2024	9		17,365	8	%	—		—	—		—		—	—
2025	7		13,383	6	%	—		—	—		—		—	—
2026	5		7,125	3	%	—		—	—		—		—	—
2027	3		3,939	2	%	—		—	—		—		—	—
2028	2		1,593	1	%	—		—	—		—		—	—
2029	15		4,063	2	%	—		—	—		—		—	—
Thereafter	—		—	—		27		21,301	45	%	—		—	—
	94	$	168,003	80	%	27	$	21,301	45	%	8	$	16,041	7	%

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 23.

(1) Consists of rental revenue and tenant reimbursements.

21

Entertainment Properties Trust

Top Ten Customers by Revenue

(Unaudited, dollars in thousands)

Customers	Asset Type	Total Revenue For The Three Months Ended March 31, 2010		Percentage of Total Revenue
1. American Multi-Cinema, Inc.	Retail/Theatres	$	27,400	36	%
2. Rave Cinemas/Rave Review Cinemas	Retail/Theatres		7,336	10	%
3. Imagine Schools, Inc.	Public Charter Schools		6,123	8	%
4. Peak Resorts, Inc.	Metropolitan Ski Areas		3,673	5	%
5. Regal Cinemas, Inc.	Retail/Theatres		3,528	5	%
6. SVVI, LLC	Waterparks		2,850	4	%
7. Southern Theatres, LLC	Retail/Theatres		2,742	4	%
8. Ascentia Wine Estates, LLC	Vineyards and Wineries		2,735	3	%
9. Cinemark USA, Inc.	Retail/Theatres		1,017	1	%
10. Rb Wine Associates, LLC	Vineyards and Wineries		538	1	%
Total		$	57,942	77	%

22

Entertainment Properties Trust

Mortgage Notes Receivable

(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	March 31, 2010		December 31, 2009
Mortgage note and related accrued interest receivable, 10.00%, due April 2, 2010	$	33,676	$	32,848
Mortgage note and related accrued interest receivable, net 15.00%		—		126,658
Mortgage note and related accrued interest receivable, 11.00%, due September 10, 2010 (1)		133,119		133,119
Mortgage notes and related accrued interest receivable, 7.00%, due May 1, 2019		165,452		163,298
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	$	434,980	$	558,656
Less: loan loss reserves		—		(35,776	)
Total mortgage notes and related accrued interest receivable, net	$	434,980	$	522,880

(1) Mortgage note receivable is impaired as of March 31, 2010. 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 March 31, 2010
Year:
2010	$	166,795	(2)
2011		—
2012		—
2013		—
2014		—
Thereafter		268,185
Total	$	434,980

(2) Includes $33.7 million (including accrued interest) related to a mortgage note receivable that is secured by development land at Mount Snow. Per the terms of the note agreement, the principal and related accrued interest receivable at the April 2, 2010 maturity date rolled into the Company’s $62.5 million first mortgage loan agreement with the borrower.

23

Entertainment Properties Trust

Notes Receivable

(Unaudited, dollars in thousands)

Summary of Notes Receivable

	March 31, 2010			December 31, 2009
Note and related accrued interest receivable, 10.00%, due on demand (1)	$	10,000		$	10,000
Note and related accrued interest receivable, 10.00%, due on demand (1)		10,000			10,000
Note and related accrued interest receivable, 15.00%, due on demand (1)		3,000			3,000
Revolving credit facility and related accrued interest receivable, 6.00%, due January 1, 2011 (1)		1,416			1,416
Note and related accrued interest receivable, 9.23%, due August 31, 2012		3,780			3,751
Note and related accrued interest receivable, 12.00%, due April 1, 2013 (1)		5,074			5,074
Note and related accrued interest receivable, 10.00%, due May 8, 2017 (1)		10,000			10,000
Other		874			854
Total notes and related accrued interest receivable	$	44,144		$	44,095
Less: Loan loss reserves		(36,897	)		(36,197	)
Total notes and related accrued interest receivable, net	$	7,247		$	7,898

(1) Note receivable is impaired as of March 31, 2010. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Notes Receivable

	As of March 31, 2010
Year:
Past due	$	23,712
2010		—
2011		1,416
2012		3,780
2013		5,074
2014		—
Thereafter		10,162
Total	$	44,144

24

Entertainment Properties Trust

Summary of Unconsolidated Joint Ventures

As of and for the Three Months Ended March 31, 2010

(Unaudited, dollars in thousands)

Atlantic EPR-I

EPR investment interest: 23.0%

Income recognized for the three months ended March 31, 2010: $144

Distributions received for the three months ended March 31, 2010: $157

Unaudited condensed financial information for Atlantic-EPR I is as follows as of and for the three months ended March 31, 2010 and 2009:

	2010		2009
Rental properties, net, held for sale	$	27,152	$	27,796
Cash		141		141
Long-term debt (due May 2010)		14,887		15,311
Partners’ equity		12,309		12,526
Rental revenue		1,108		1,108
Net income		619		602

Atlantic EPR-II

EPR investment interest: 22.8%

Income recognized for the three months ended March 31, 2010: $89

Distributions received for the three months ended March 31, 2010: $99

Unaudited condensed financial information for Atlantic-EPR II is as follows as of and for the three months ended March 31, 2010 and 2009:

	2010		2009
Rental properties, net	$	21,383	$	21,843
Cash		117		106
Long-term debt (due September 2013)		12,862		13,197
Note payable to Entertainment Properties Trust		117		117
Partners’ equity		8,289		8,428
Rental revenue		722		717
Net income		348		331

25

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 or acquisition 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, the non-cash portion of mortgage and other financing income, amortization of above market leases, net and gain on acquisition. 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.

26

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 acquisition. 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.

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