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): November 2, 2011

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.)

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

(Address of principal executive office)(Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

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 November 2, 2011, Entertainment Properties Trust (the “Company”) announced its results of operations and financial condition for the third quarter and nine months ended September 30, 2011. 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 November 2, 2011, the Company made available on its website supplemental operating and financial data for the third quarter and nine months ended September 30, 2011, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.

The information set forth in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, 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
99.1	Press Release dated November 2, 2011 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2011.
99.2	Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2011, made available by Entertainment Properties Trust on November 2, 2011.

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: November 2, 2011

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated November 2, 2011 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2011.
99.2	Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2011, made available by Entertainment Properties Trust on November 2, 2011.

EX-99.1

Exhibit 99.1

ENTERTAINMENT PROPERTIES TRUST REPORTS

THIRD QUARTER RESULTS

Kansas City, MO, November 2, 2011 — Entertainment Properties Trust (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2011.

Total revenue was $76.0 million for the third quarter of 2011, representing a 2% increase from $74.5 million for the same quarter in 2010. Net income available to common shareholders was $25.7 million, or $0.55 per diluted common share, for the third quarter of 2011 compared to $27.5 million, or $0.58 per diluted common share, for the same quarter in 2010. Funds From Operations (FFO) for the third quarter of 2011 was $37.6 million, or $0.80 per diluted common share, compared to $40.7 million, or $0.87 per diluted common share, for the same period in 2010. FFO as adjusted for the third quarter of 2011 was $40.5 million, or $0.86 per diluted common share, compared to $40.7 million, or $0.87 per diluted common share, for the same period in 2010.

Total revenue was $224.1 million for the nine months ended September 30, 2011 representing a 4% increase from $215.2 million for the same period in 2010. Net income available to common shareholders was $52.4 million, or $1.12 per diluted common share, for the nine months ended September 30, 2011 compared to $58.0 million, or $1.29 per diluted common share, for the same period in 2010. FFO for the nine months ended September 30, 2011 was $71.6 million, or $1.53 per diluted common share, compared to $96.2 million, or $2.14 per diluted common share, for the same period in 2010. FFO as adjusted for the nine months ended September 30, 2011 was $118.4 million, or $2.52 per diluted common share, compared to $111.6 million, or $2.48 per diluted common share, for the same period in 2010.

David Brain, President and CEO, commented, “We continue to deliver solid, consistent operating results in our primary entertainment and charter school businesses due to the ongoing resilience of theatres and increasing demand for public charter schools. Opportunities in our primary categories are beginning to accelerate which should carry forward into 2012. Additionally, during the quarter we made significant enhancements to our credit facility and redeemed our Series B Preferred shares. These steps reduce our cost of capital and will drive higher shareholder returns.”

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

	Three Months Ended September 30,
	2011					2010
	Amount		FFO/share			Amount		FFO/share
FFO	$	37.6	$	0.80		$	40.7	$	0.87
Transaction costs		0.1		—			—		—
Preferred share redemption costs		2.8		0.06			—		—
FFO as adjusted	$	40.5	$	0.86		$	40.7	$	0.87
Dividends declared per common share			$	0.70				$	0.65
FFO payout ratio, as adjusted				81	%				75	%

	Nine Months Ended September 30,
	2011					2010
	Amount		FFO/share			Amount			FFO/share
FFO	$	71.6	$	1.53		$	96.2		$	2.14
Costs associated with loan refinancing		6.4		0.14			15.6			0.35
Transaction costs		1.5		0.03			7.6			0.16
Provision for loan losses		—		—			0.7			0.02
Impairment charges		36.1		0.76			—			—
Gain on acquisition		—		—			(8.5	)		(0.19	)
Preferred share redemption costs		2.8		0.06			—			—
FFO as adjusted	$	118.4	$	2.52		$	111.6		$	2.48
Dividends declared per common share			$	2.10					$	1.95
FFO payout ratio, as adjusted				83	%					79	%

Portfolio Update

As of September 30, 2011, the Company’s real estate portfolio consisted of 112 megaplex theatres (including two joint venture properties) totaling approximately 8.8 million square feet, and restaurant, retail and other destination recreation and specialty properties totaling 4.6 million square feet. The Company also owned 34 public charter schools (including one public charter school property under construction), five vineyards totaling approximately 726 plantable acres and eight wineries totaling approximately 640 thousand square feet. At September 30, 2011, the Company’s megaplex theatres were 99% occupied, public charter schools were 100% occupied, and its overall real estate portfolio was 97% occupied.

In addition, as of September 30, 2011, the Company’s real estate mortgage loan portfolio had a carrying value of $315.2 million and included financing provided for entertainment, retail and recreational properties, including ten metropolitan ski areas covering approximately 6,100 acres in six states.

Investment Update

The Company’s investment spending in the third quarter totaled $36.4 million bringing the total for the nine months ended September 30, 2011 to $106.9 million. The Company’s investment activity in the third quarter included $19.7 million for the completion of six public charter school properties and the purchase of one public charter school property for development located in Colorado. In addition, the Company expects to initiate several build-to-suit projects in the fourth quarter, including three or four new public charter schools as well as four or five new theatres.

Vineyards and Wineries

The Company continues to make progress on the sale of its investments in vineyards and wineries. During the third quarter, the Company completed the sale of a 60 acre vineyard and winery facility in Paso Robles, California for $13.3 million and a gain on sale of $16 thousand was recognized during the three months ended September 30, 2011.

Balance Sheet Update

The Company’s balance sheet remains strong with a debt to gross assets ratio (defined as total long-term debt to total assets plus accumulated depreciation) of 37% at September 30, 2011 and no debt maturities through September 2012. Combined unrestricted cash and credit line capacity at September 30, 2011, as adjusted for the additional capacity available under the amended and restated revolving credit facility further discussed below, was approximately $219.0 million.

Capital Markets Update

On August 31, 2011, the Company redeemed all $80.0 million of its callable 7.75% Series B preferred shares at par plus prorated dividends. In conjunction with the redemption, the Company recognized a charge during the quarter of $2.8 million representing the original issuance costs that were paid in 2005 and other redemption related expenses.

On October 13, 2011, the Company amended and restated its unsecured revolving credit facility. The facility was increased from $382.5 million to $400.0 million and contains an accordion feature in which the facility can be increased by up to an additional $100.0 million subject to certain conditions, including lender consent. The facility is priced based on a grid related to the Company’s senior unsecured credit ratings, with pricing at closing of LIBOR plus 160 basis points, a 140 basis point reduction in the credit spread from the former facility. The new facility has a maturity date of October 13, 2015 with a one year extension available at the Company’s option.

Dividend Information

On September 16, 2011, the Company declared a regular quarterly cash dividend of $0.70 per common share, which was paid on October 17, 2011 to common shareholders of record on September 30, 2011. This dividend represents an annualized dividend of $2.80 per common share, an increase of 8% over the prior year. The Company also declared and paid third quarter cash dividends of $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.

Guidance Update

The Company is tightening its guidance toward the upper end of its previous range. The guidance range for FFO as adjusted per share is being revised to $3.37 to $3.42 from $3.35 to $3.42. Including charges of $0.99 per diluted share for costs associated with loan refinancing, transaction costs, impairment charges and the charge related to the Series B preferred redemption, the revised guidance for FFO per diluted share is $2.38 to $2.43. The Company expects 2011 investment spending to total approximately $150 million as a number of projects initiated in 2011 will be continuing into 2012.

The Company is introducing its 2012 guidance for FFO per diluted share of $3.44 to $3.64. The Company is also introducing 2012 investment spending guidance of $250 to $300 million, roughly one-third of which relates to expected carry-over spending on theatre and public charter school build-to-suit projects initiated in 2011.

Quarterly Supplemental

The Company’s supplemental information package for the third quarter and nine months ended September 30, 2011 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 September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Rental revenue	$	56,849		$	56,795		$	168,255		$	163,338
Tenant reimbursements		4,419			4,153			13,596			12,443
Other income		165			235			320			485
Mortgage and other financing income		14,562			13,295			41,881			38,900
Total revenue		75,995			74,478			224,052			215,166
Property operating expense		5,960			6,675			18,709			17,975
Other expense		629			340			1,823			716
General and administrative expense		4,555			4,076			15,127			13,795
Costs associated with loan refinancing		—			—			6,163			11,383
Interest expense, net		17,911			19,227			54,021			53,067
Transaction costs		148			11			1,497			376
Provision for loan losses		—			—			—			700
Impairment charges		—			—			27,115			—
Depreciation and amortization		12,036			11,582			35,887			33,457
Income before equity in income from joint ventures and discontinued operations		34,756			32,567			63,710			83,697
Equity in income from joint ventures		676			706			2,231			1,362
Income from continuing operations	$	35,432		$	33,273		$	65,941		$	85,059
Discontinued operations:
Income (loss) from discontinued operations		115			1,572			1,990			(6,640	)
Impairment charges		—			—			(8,941	)		—
Gain on acquisition		—			—			—			8,468
Transaction costs		—			—			—			(7,270	)
Gain (loss) on sale of real estate		16			198			18,309			(736	)
Net income		35,563			35,043			77,299			78,881
Add: Net loss (income) attributable to noncontrolling interests		(11	)		(34	)		(13	)		1,791
Net income attributable to Entertainment Properties Trust		35,552			35,009			77,286			80,672
Preferred dividend requirements		(7,034	)		(7,552	)		(22,138	)		(22,655	)
Series B preferred share redemption costs		(2,769	)		—			(2,769	)		—
Net income available to common shareholders of Entertainment Properties Trust	$	25,749		$	27,457		$	52,379		$	58,017
Per share data attributable to Entertainment Properties Trust common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.55		$	0.55		$	0.88		$	1.39
Income (loss) from discontinued operations		—			0.04			0.24			(0.09	)
Net income available to common shareholders	$	0.55		$	0.59		$	1.12		$	1.30
Diluted earnings per share data:
Income from continuing operations	$	0.55		$	0.55		$	0.88		$	1.38
Income (loss) from discontinued operations		—			0.03			0.24			(0.09	)
Net income available to common shareholders	$	0.55		$	0.58		$	1.12		$	1.29
Shares used for computation (in thousands):
Basic		46,680			46,511			46,611			44,757
Diluted		46,918			46,809			46,874			45,037

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 September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net income available to common shareholders of Entertainment Properties Trust	$	25,749		$	27,457		$	52,379		$	58,017
Loss (gain) on sale of real estate		(16	)		(198	)		(18,309	)		736
Real estate depreciation and amortization		11,765			13,334			37,237			39,135
Allocated share of joint venture depreciation		113			81			334			218
Noncontrolling interest		—			—			—			(1,905	)
FFO available to common shareholders of Entertainment Properties Trust	$	37,611		$	40,674		$	71,641		$	96,201
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.81		$	0.87		$	1.54		$	2.15
Diluted		0.80			0.87			1.53			2.14
Shares used for computation (in thousands):
Basic		46,680			46,511			46,611			44,757
Diluted		46,918			46,809			46,874			45,037
Other financial information:
Straight-lined rental revenue		92			426			668			1,241
Dividends per common share	$	0.70		$	0.65		$	2.10		$	1.95

(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, costs associated with loan refinancing, preferred share redemption costs, impairments and transaction costs, less gain on acquisitions. 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 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 and nine months ended September 30, 2011 and 2010 because the effect is anti-dilutive.

ENTERTAINMENT PROPERTIES TRUST

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	As of		As of
	September 30, 2011		December 31, 2010
	(unaudited)
Assets
Rental properties, net of accumulated depreciation of $322,736 and $296,784 at September 30, 2011 and December 31, 2010, respectively;	$	1,798,947	$	2,020,191
Rental properties held for sale, net		4,696		6,432
Land held for development		184,457		184,457
Property under development		15,075		5,967
Mortgage notes and related accrued interest receivable, net		315,204		305,404
Investment in a direct financing lease, net		253,344		226,433
Investment in joint ventures		24,667		22,010
Cash and cash equivalents		14,302		11,776
Restricted cash		28,314		16,279
Intangible assets, net		4,670		35,644
Deferred financing costs, net		16,768		20,371
Accounts receivable, net		34,389		39,814
Notes and related accrued interest receivable, net		5,055		5,127
Other assets		26,009		23,515
Total assets	$	2,725,897	$	2,923,420
Liabilities and Equity
Accounts payable and accrued liabilities	$	38,029	$	56,488
Dividends payable		38,709		37,804
Unearned rents and interest		13,599		6,691
Long-term debt		1,138,839		1,191,179
Total liabilities		1,229,176		1,292,162
Entertainment Properties Trust shareholders’ equity		1,468,689		1,603,239
Noncontrolling interests		28,032		28,019
Equity		1,496,721		1,631,258
Total liabilities and equity	$	2,725,897	$	2,923,420

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE:EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total assets exceed $2.7 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. We adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com or from Brian Moriarty at 888-EPR-REIT

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would,” “may” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. In addition, references to our budgeted amounts and guidance 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

Third Quarter and Nine Months Ended September 30, 2011

Entertainment Properties Trust

Supplemental Operating and Financial Data

Third Quarter and Nine Months Ended September 30, 2011

Table of Contents

Section	Page
Company Profile		4
Investor Information		5
Selected Financial Information		6
Selected Balance Sheet Information		7
Selected Operating Data		8
Funds From Operations and Funds From Operations as adjusted		9
Adjusted Funds From Operations		10
Capital Structure		11
Ratios		16
Capital Spending and Disposition Summaries		19
Financial and Investment Information by Asset Type		20
Lease Expirations Excluding Non-Theatre Retail		26
Top Ten Customers by Revenue from Continuing Operations		27
Summary of Mortgage Notes Receivable		28
Summary of Notes Receivable		29
Summary of Unconsolidated Joint Ventures		30
Definitions - Non-GAAP Financial Measures		31

2

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would,” “may” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. In addition, references to our budgeted amounts and guidance 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.

DEFINITIONS

See pages 31 through 33 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 a leading specialty real estate investment trust with an investment portfolio that includes megaplex theatres and adjacent retail, public charter schools and other destination recreational and specialty investments.

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. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow standards. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, 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.

Following are the key criteria against which our investments are evaluated:

• Inflection Opportunity—Renewal or restructuring in an industry’s properties

• Enduring Value—Real estate devoted to and improving long-lived activities

• Excellent Execution—Market-dominant performance that creates value beyond tenant credit

• Attractive Economics—Accretive initial returns along with growth in yield

• Advantageous Position—Sustainable competitive advantages

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
909 Walnut, Suite 200	Common Stock:
Kansas City, MO 64106	EPR
888-EPR-REIT	Preferred Stock:
www.eprkc.com	EPR-PrC
	EPR-PrD
Stock Exchange Listing	EPR-PrE
New York Stock Exchange

Equity Research Coverage

BMO Capital Markets	Paul Adornato	212-885-4170
Citi Global Markets	Michael Bilerman/Gregory Schweitzer	212-816-4471
FBR Capital Markets & Co.	Gabe Poggi	703-469-1141
Goldman Sachs	Conor Fennerty	212-902-4227
Janney Montgomery Scott	Andrew DiZio	215-665-6439
J.P. Morgan	Anthony Palone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler	917-368-2280
RBC Capital Markets	Richard Moore	440-715-2646

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 September 30,				Nine Months Ended September 30,
Operating Information	2011		2010		2011			2010
Revenue (1)	$	75,995	$	74,478	$	224,052		$	215,166
Net income available to common shareholders of Entertainment Properties Trust		25,749		27,457		52,379			58,017
Earnings before interest, taxes, depreciation and amortization (EBITDA)—continuing operations (2)		64,703		63,376		159,781			181,604
Earnings before interest, taxes, depreciation and amortization (EBITDA)—discontinued operations (2)		115		3,502		(4,546	)		1,999
Adjusted EBITDA—continuing operations (2)		64,851		63,387		188,393			182,680
Adjusted EBITDA—discontinued operations (2)		115		3,502		4,395			9,269
Interest expense, net (1)		17,911		19,227		54,021			53,067
Recurring principal payments		6,088		6,286		18,361			20,761
Capitalized interest		136		103		386			278
Straight-line rental revenue		92		426		668			1,241
Dividends declared on preferred shares		7,034		7,552		22,138			22,655
Dividends declared on common shares		32,707		30,248		98,015			88,345
General and administrative expense		4,555		4,076		15,127			13,795

	September 30,
Balance Sheet Information	2011			2010
Total assets		2,725,897			2,922,251
Total assets before depreciation (gross assets)		3,048,952			3,208,643
Unencumbered real estate assets (3)
Number		116			103
Gross book value		1,519,765			1,505,916
Annualized stabilized NOI		146,564			146,236
Total debt		1,138,839			1,202,180
Equity		1,496,721			1,624,450
Common shares outstanding		46,725			46,535
Total market capitalization (using EOP closing price)		3,296,414			3,627,826
Debt/total assets		42	%		41	%
Debt/total market capitalization		35	%		33	%
Debt/gross assets		37	%		37	%
Debt/Adjusted EBITDA—continuing operations (1)(4)		4.39			4.74
Debt/Adjusted EBITDA—continuing and discontinued operations (4)		4.38			4.49

(1) Excludes discontinued operations.

(2) See pages 31 through 33 for definitions.

(3) Includes unencumbered rental properties, gross, direct financing leases, net and mortgage notes receivable; excludes property under development and undeveloped land.

(4) Adjusted EBITDA is for the quarter annualized. See pages 31 and 32 for definitions.

6

Entertainment Properties Trust

Selected Balance Sheet Information

(Unaudited, dollars in thousands)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Assets
Rental properties:(2)
Megaplex theatres and other retail	$	1,942,634		$	1,954,212		$	1,948,256		$	2,101,795		$	2,085,187		$	2,069,652
Other		184,064			183,318			224,589			221,896			221,629			221,676
Less: accumulated depreciation		(323,055	)		(316,899	)		(305,751	)		(297,068	)		(286,392	)		(273,286	)
Land held for development		184,457			184,457			184,457			184,457			184,457			184,457
Property under development		15,075			19,856			8,638			5,967			7,671			7,779
Mortgage notes receivable: (1)
Waterpark		178,794			175,029			170,517			168,994			168,545			168,545
Concord		—			—			—			—			—			—
Metropolitan ski areas		136,410			136,410			136,410			136,410			136,410			136,410
Investment in direct financing leases, net		253,344			231,099			229,801			226,433			225,187			216,419
Investment in joint ventures		24,667			24,138			23,570			22,010			19,334			19,423
Cash and cash equivalents		14,302			15,740			15,164			11,776			14,860			20,144
Restricted cash		28,314			34,120			31,490			16,279			21,253			16,351
Accounts receivable, net		34,389			34,983			38,204			39,814			36,364			33,483
Notes receivable (1)		5,055			5,079			5,104			5,127			5,152			5,159
Other assets and intangible assets, net		47,447			48,174			47,608			79,530			82,594			84,442
Total Assets	$	2,725,897		$	2,729,716		$	2,758,057		$	2,923,420		$	2,922,251		$	2,910,654
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	38,029		$	49,982		$	41,612		$	56,488		$	44,673		$	37,190
Common dividends payable		32,707			32,660			32,648			30,253			30,248			30,222
Preferred dividends payable		6,002			7,552			7,552			7,551			7,552			7,552
Unearned rents and interest		13,599			10,055			5,995			6,691			13,148			9,206
Line of credit		195,000			90,000			87,000			142,000			150,000			153,500
Long-term debt		943,839			958,122			963,621			1,049,179			1,052,180			1,055,067
Total Liabilities		1,229,176			1,148,371			1,138,428			1,292,162			1,297,801			1,292,737
Equity:
Common stock and additional paid in capital		1,718,182			1,792,622			1,790,570			1,785,848			1,783,852			1,781,104
Preferred stock at par value		135			167			167			167			167			167
Treasury stock		(44,834	)		(44,834	)		(44,743	)		(39,762	)		(39,069	)		(36,812	)
Loans to shareholders		—			—			—			—			(281	)		(281	)
Accumulated other comprehensive income		22,699			25,904			25,940			38,842			29,988			21,188
Distributions in excess of net income		(227,493	)		(220,535	)		(180,326	)		(181,856	)		(178,255	)		(175,463	)
Entertainment Properties Trust shareholders’ equity		1,468,689			1,553,324			1,591,608			1,603,239			1,596,402			1,589,903
Noncontrolling interests		28,032			28,021			28,021			28,019			28,048			28,014
Total Equity		1,496,721			1,581,345			1,619,629			1,631,258			1,624,450			1,617,917
Total Liabilities and Equity	$	2,725,897		$	2,729,716		$	2,758,057		$	2,923,420		$	2,922,251		$	2,910,654

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

(2) Includes rental properties held for sale.

7

Entertainment Properties Trust

Selected Operating Data

(Unaudited, dollars in thousands)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Rental revenue and tenant reimbursements:
Theatres and adjacent retail	$	58,787		$	58,326		$	57,894		$	57,488		$	57,298		$	53,883
Vineyards and wineries		1,831			1,751			1,819			3,465			3,335			3,132
Metropolitan ski areas		318			318			318			316			315			315
Public charter schools		332			144			12			—			—			—
Mortgage and other financing income:
Public charter schools (1)		7,352			7,062			6,951			6,872			6,604			6,567
Metropolitan ski areas		3,437			3,437			3,410			3,410			3,398			3,398
Waterpark		3,573			3,044			2,965			2,940			2,940			2,878
Other		200			225			225			136			353			170
Other income		165			131			24			52			235			45
Total revenue	$	75,995		$	74,438		$	73,618		$	74,679		$	74,478		$	70,388
Property operating expense		5,960			6,582			6,167			6,710			6,675			5,430
Other expense		629			700			492			390			340			89
General and administrative expense		4,555			5,105			5,468			4,430			4,076			4,633
Costs associated with loan refinancing		—			—			6,163			—			—			11,383
Interest expense, net		17,911			17,287			18,823			19,245			19,227			16,946
Transaction costs		148			76			1,273			141			11			74
Provision for loan losses		—			—			—			—			—			—
Impairment charges		—			27,115			—			463			—			—
Depreciation and amortization		12,036			11,980			11,871			11,900			11,582			10,934
Equity in income from joint ventures		676			781			774			776			706			423
Income from continuing operations		35,432			6,374			24,135			32,176			33,273			21,322
Discontinued operations:
Income (loss) from discontinued operations		115			769			1,105			1,444			1,572			(5,603	)
Impairment charges		—			(7,141	)		(1,800	)		—			—			—
Gain on acquisition		—			—			—			555			—			—
Transaction costs		—			—			—			—			—			(37	)
Gain (loss) on sale of real estate		16			—			18,293			—			198			(934	)
Net income		35,563			2			41,733			34,175			35,043			14,748
Net loss (income) attributable to noncontrolling interests		(11	)		—			(2	)		28			(34	)		840
Preferred dividend requirements		(7,034	)		(7,551	)		(7,552	)		(7,551	)		(7,552	)		(7,552	)
Series B preferred share redemption costs		(2,769	)		—			—			—			—			—
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	25,749		$	(7,549	)	$	34,179		$	26,652		$	27,457		$	8,036

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

8

Entertainment Propertiest Trust

Funds From Operations and Funds From Operations as adjusted

(Unaudited, dollars in thousands except per share information)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Funds From Operations (“FFO”) (1):
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	25,749		$	(7,549	)	$	34,179		$	26,652		$	27,457		$	8,036
Loss (gain) on sale of real estate		(16	)		—			(18,293	)		—			(198	)		934
Real estate depreciation and amortization		11,765			11,873			13,598			13,694			13,334			13,527
Allocated share of joint venture depreciation		113			112			109			90			81			72
Noncontrolling interest		—			—			—			—			—			(872	)
FFO available to common shareholders of Entertainment Properties Trust	$	37,611		$	4,436		$	29,593		$	40,436		$	40,674		$	21,697
Funds From Operations as adjusted (1):
FFO available to common shareholders of Entertainment Properties Trust	$	37,611		$	4,436		$	29,593		$	40,436		$	40,674		$	21,697
Costs associated with loan refinancing		—			—			6,388			—			—			15,620
Transaction costs		148			76			1,273			141			11			111
Impairment charges		—			34,256			1,800			463			—			—
Gain on acquisition		—			—			—			(555	)		—			—
Preferred share redemption costs		2,769			—			—			—			—			—
FFO as adjusted available to common shareholders of Entertainment Properties Trust	$	40,528		$	38,768		$	39,054		$	40,485		$	40,685		$	37,428
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.81		$	0.10		$	0.64		$	0.87		$	0.87		$	0.48
Diluted		0.80			0.09			0.63			0.86			0.87			0.48
FFO as adjusted per common share attributable to Entertainment Properties Trust:
Basic	$	0.87		$	0.83		$	0.84		$	0.87		$	0.87		$	0.83
Diluted		0.86			0.83			0.83			0.86			0.87			0.83
Shares used for computation (in thousands):
Basic		46,680			46,648			46,503			46,539			46,511			44,869
Diluted		46,918			46,956			46,805			46,893			46,809			45,214

(1) See pages 31 through 33 for definitions.

9

Entertainment Properties Trust

Adjusted Funds From Operations

(Unaudited, dollars in thousands except per share information)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Adjusted Funds from Operations (“AFFO”) (1):
FFO available to common shareholders of Entertainment Properties Trust	$	37,611		$	4,436		$	29,593		$	40,436		$	40,674		$	21,697
Adjustments:
Non-cash impairment charges and provision for loan losses		—			34,256			1,800			463			—			—
Transaction costs		148			76			1,273			141			11			111
Non-real estate depreciation and amortization		271			269			270			239			130			97
Deferred financing fees amortization		1,034			764			1,023			1,061			1,122			1,390
Costs associated with loan refinancing		—			—			6,388			—			—			15,620
Share-based compensation expense to management and trustees		1,371			1,474			1,367			1,188			1,187			1,172
Maintenance capital expenditures (2)		(946	)		(600	)		(1,602	)		(2,559	)		(2,872	)		(163	)
Straight-line rental revenue		(92	)		(58	)		(518	)		(642	)		(426	)		(469	)
Non-cash portion of mortgage and other financing income		(1,268	)		(1,350	)		(1,258	)		(1,274	)		(1,201	)		(1,257	)
Amortization of above market leases, net		—			—			20			66			74			39
Gain on acquisition		—			—			—			(555	)		—			—
Preferred share redemption costs		2,769			—			—			—			—			—
AFFO available to common shareholders of Entertainment Properties Trust	$	40,898		$	39,267		$	38,356		$	38,564		$	38,699		$	38,237
Weighted average shares outstanding-diluted AFFO (in thousands)		46,918			46,956			46,805			46,893			46,809			45,214
AFFO per diluted common share	$	0.87		$	0.84		$	0.82		$	0.82		$	0.83		$	0.85
Dividends declared per common share	$	0.70		$	0.70		$	0.70		$	0.65		$	0.65		$	0.65
AFFO payout ratio (3)		80	%		83	%		85	%		79	%		78	%		76	%

(1) See pages 31 through 33 for definitions.

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

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

10

Entertainment Properties Trust

Capital Structure at September 30, 2011

(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt:

	Mortgages (1)				Capital Lease/Bond				Credit Facility (2)		Senior Notes		Total		Weighted Avg Interest Rate
Year	Amortization		Maturities		Amortization		Maturities
2011	$	6,175	$	—	$	—	$	9,226	$	—	$	—	$	15,401		4.06	%
2012		24,968		65,293		—		—		—		—		90,261		6.52	%
2013		17,728		98,484		—		—		—		—		116,212		5.97	%
2014		12,422		136,967		—		—		—		—		149,389		6.31	%
2015		11,118		90,813		—		—		—		—		101,931		5.74	%
2016		7,233		96,144		—		—		195,000		—		298,377		4.22	%
2017		3,752		85,500		—		—		—		—		89,252		5.89	%
2018		919		12,462		—		—		—		—		13,381		6.34	%
2019		—		—		—		—		—		—		—		—
2020		—		—		—		—		—		250,000		250,000		7.75	%
2021		—		—		—		—		—		—		—		—
Thereafter		—		4,000		—		10,635		—		—		14,635		1.61	%
	$	84,315	$	589,663	$	—	$	19,861	$	195,000	$	250,000	$	1,138,839		5.89	%

	Balance		Weighted Avg Interest Rate			Weighted Avg Maturity (yrs)
Fixed rate secured debt	$	683,204		6.05	%		3.5
Fixed rate unsecured debt		250,000		7.75	%		8.8
Variable rate secured debt		10,635		0.15	%		26.0
Variable rate unsecured debt (2)		195,000		3.23	%		2.2
Total	$	1,138,839		5.89	%		4.6

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

(2) On October 13, 2011, the revolving credit facility was amended and restated to increase capacity to $400 million and include an accordion feature in which the facility can be increased up to $500 million. The facility is priced based on a grid related to the Company’s senior unsecured credit ratings, with pricing at closing of LIBOR plus 1.60%. The facility now has a maturity date of October 13, 2015 with a one year extension available at the Company’s option. The new maturity, including the extension, is reflected in this schedule.

11

Entertainment Propertiest Trust

Capital Structure at September 30, 2011 and December 31, 2010

(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:

	September 30, 2011		December 31, 2010
Capital lease obligation, due December 31, 2011	$	9,226	$	9,251
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		43,413		44,473
Mortgage note payable, 6.63%, due November 1, 2012		24,277		24,866
Mortgage notes payable, 4.26%-9.01%, due February 10, 2013		107,952		112,982
Unsecured revolving variable rate credit facility, LIBOR + 3.00%, due December 1, 2013 (1)		195,000		142,000
Mortgage note payable, 6.84%, due March 1, 2014		94,333		103,127
Mortgage note payable, 5.58%, due April 1, 2014		58,646		59,537
Mortgage note payable, 5.56%, due June 5, 2015		32,725		33,182
Mortgage notes payable, 5.77%, due November 6, 2015		69,624		71,014
Mortgage notes payable, 5.84%, due March 6, 2016		39,191		39,944
Mortgage notes payable, 6.37%, due June 30, 2016		28,025		28,514
Mortgage notes payable, 6.10%, due October 1, 2016		25,181		25,625
Mortgage notes payable, 6.02%, due October 6, 2016		18,979		19,317
Mortgage note payable, 6.06%, due March 1, 2017		10,581		10,762
Mortgage note payable, 6.07%, due April 6, 2017		10,892		11,076
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		50,437		51,319
Mortgage note payable, 5.29%, due July 1, 2017		4,038		—
Mortgage notes payable, 5.86%, due August 1, 2017		25,829		26,268
Term loans payable, $82,958 at December 31, 2010 fixed through interest rate swaps at 5.11%-5.76%, $3,314 at December 31, 2010 at variable rates of LIBOR + 1.75%-2.00%, due December 1, 2017-June 5, 2018, paid in full February 7, 2011		—		86,272
Mortgage note payable, 6.19%, due February 1, 2018		15,779		16,171
Mortgage note payable, 7.37%, due July 15, 2018		10,076		10,844
Senior unsecured notes payable, 7.75%, due July 15, 2020		250,000		250,000
Bond payable, variable rate, due October 1, 2037		10,635		10,635
Mortgage note payable, 5.50%		4,000		4,000
Total	$	1,138,839	$	1,191,179

(1) On October 13, 2011, the revolving credit facility was amended and restated to increase capacity to $400 million and include an accordion feature in which the facility can be increased up to $500 million. The facility is priced based on a grid related to the Company’s senior unsecured credit ratings, with pricing at closing of LIBOR plus 1.60%. The facility now has a maturity date of October 13, 2015 with a one year extension available at the Company’s option.

12

Entertainment Properties Trust

Capital Structure

Senior Notes

Senior Debt Ratings as of September 30, 2011

Moody’s	Baa3
Fitch	BBB-
Standard and Poor’s	BB+

Summary of Covenants

The Company’s outstanding bonds have a fixed interest rate at 7.75%. Interest on the senior notes is paid semiannually. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the Company’s debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for our $250.0 million senior unsecured notes, as defined and calculated per the terms of our notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show our ability to incur additional debt under the terms of our notes only and are not measures of our liquidity or performance. The actual amounts as of September 30, 2011 and June 30, 2011 are:

Note Covenants	Required	Actual 3rd Quarter 2011 (1)			Actual 2nd Quarter 2011
Limitation on incurrence of total debt (Total Debt/Total Assets)	£ 60%		37	%		35	%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	£ 40%		23	%		23	%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	³ 1.5x		3.8	x		3.8	x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	³ 150% of unsecured debt		390	%		491	%

(1) See page 14 for detailed calculations

13

Entertainment Properties Trust

Capital Structure

Senior Notes

(Unaudited, dollars in thousands)

Covenant Calculations

Total Assets:	September 30, 2011
Total Assets	$	2,725,897
Add: accumulated depreciation		323,055
Less: intangible assets		(4,670	)
Total Assets	$	3,044,282
Total Unencumbered Assets:	September 30, 2011
Unencumbered real estate assets, gross	$	1,519,765
Cash and cash equivalents		14,302
Land held for development		184,457
Property under development		15,075
Total Unencumbered Assets	$	1,733,599

Total Debt:	September 30, 2011
Secured debt obligations	$	693,839
Unsecured debt obligations:
Unsecured debt		445,000
Oustanding letters of credit		—
Derivatives at fair market value, net		—
Total unsecured debt obligations:		445,000
Total Debt	$	1,138,839

Consolidated income available for debt service:	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			Trailing Twelve Months
Adjusted EBITDA	$	64,851		$	62,051		$	61,490		$	63,147		$	251,539
Add: EBITDA of discontinued operations		115			931			3,351			3,532		$	7,929
Less: straight-line rental revenue		(92	)		(58	)		(518	)		(642	)		(1,310	)
Consolidated income available for debt service	$	64,874		$	62,924		$	64,323		$	66,037		$	258,158
Annual Debt Service:
Interest expense, gross	$	18,067		$	17,441		$	18,925		$	19,351		$	73,784
Interest expense from discontinued operations		—			—			22			53			75
Less: deferred financing fees amortization		(1,034	)		(764	)		(1,023	)		(1,061	)		(3,882	)
Annual Debt Service	$	17,033		$	16,677		$	17,924		$	18,343		$	69,977
Debt Service Coverage		3.8			3.8			3.6			3.6			3.7

14

Entertainment Properties Trust

Capital Structure at September 30, 2011

(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued and Outstanding		Price per share at September 30, 2011		Liquidation Preference		Dividend Rate			Convertible
Common shares		46,724,591	$	38.98		N/A		(1	)		N/A
Series C		5,400,000	$	18.68	$	135,000		5.750	%		Y
Series D		4,600,000	$	24.15	$	115,000		7.375	%		N
Series E		3,450,000	$	26.35	$	86,250		9.000	%		Y

Calculation of Total Market Capitalization:

Common shares outstanding at September 30, 2011 multiplied by closing price at September 30, 2011	$	1,821,325
Aggregate liquidation value of Series C preferred shares (2)		135,000
Aggregate liquidation value of Series D preferred shares (2)		115,000
Aggregate liquidation value of Series E preferred shares (2)		86,250
Total long-term debt at September 30, 2011		1,138,839
Total consolidated market capitalization	$	3,296,414

(1) Quarterly dividend declared in the third quarter of 2011 was $0.70 per share.

(2) Excludes accrued unpaid dividends at September 30, 2011.

15

Entertainment Properties Trust

Summary of Ratios

(Unaudited)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Debt to total assets (book value)		42	%		38	%		38	%		41	%		41	%		42	%
Debt to total market capitalization		35	%		29	%		29	%		32	%		33	%		36	%
Debt to gross assets		37	%		34	%		34	%		37	%		37	%		38	%
Debt/Adjusted EBITDA—continuing operations (1)		4.39			4.22			4.27			4.72			4.74			5.02
Debt/Adjusted EBITDA—continuing and discontinued operations (1)		4.38			4.16			4.05			4.47			4.49			4.66
Secured debt to secured assets (2)		59	%		59	%		60	%		60	%		61	%		61	%
Unencumbered real estate assets to total real estate assets (3)		56	%		55	%		56	%		54	%		53	%		53	%
Interest coverage ratio (4)		3.7			3.7			3.5			3.5			3.5			3.2
Fixed charge coverage ratio (4)		2.7			2.6			2.5			2.5			2.5			2.4
Debt service coverage ratio (4)		2.8			2.8			2.6			2.6			2.7			2.4
FFO payout ratio (5)		87	%		741	%		111	%		76	%		75	%		135	%
FFO as adjusted payout ratio (6)		81	%		84	%		84	%		75	%		75	%		79	%
AFFO payout ratio (7)		80	%		83	%		85	%		79	%		78	%		76	%

(1) Adjusted EBITDA is for the quarter annualized. See pages 31 through 33 for definitions.

(2) Prior to June 30, 2010, includes previous secured revolving line of credit borrowing base assets.

(3) Total real estate assets includes rental properties, gross, direct financing leases, net and mortgage notes receivable; excludes property under development and land held for development.

(4) See page 17 for detailed calculation.

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

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

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

16

Entertainment Properties Trust

Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios

(Unaudited, dollars in thousands)

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Interest Coverage Ratio (1):
Net income	$	35,563		$	2		$	41,733		$	34,175		$	35,043		$	14,748
Impairment charges		—			34,256			1,800			463			—			—
Provision for loan losses		—			—			—			—			—			—
Transaction costs		148			76			1,273			141			11			111
Interest expense, gross		18,067			17,441			18,947			19,404			19,380			20,308
Depreciation and amortization		12,036			12,142			13,869			13,933			13,458			13,632
Share-based compensation expense to management and trustees		1,371			1,474			1,367			1,188			1,187			1,172
Costs associated with loan refinancing		—			—			6,388			—			—			15,620
Interest cost capitalized		(136	)		(153	)		(97	)		(105	)		(103	)		(92	)
Straight-line rental revenue		(92	)		(58	)		(518	)		(642	)		(426	)		(469	)
Loss (gain) on sale of real estate from discontinued operations		(16	)		—			(18,293	)		—			(198	)		934
Gain on acquisition		—			—			—			(555	)		—			—
Interest coverage amount	$	66,941		$	65,180		$	66,469		$	68,002		$	68,352		$	65,964
Interest expense, net	$	17,911		$	17,287		$	18,845		$	19,298		$	19,276		$	20,207
Interest income		20			1			5			1			1			9
Interest cost capitalized		136			153			97			105			103			92
Interest expense, gross	$	18,067		$	17,441		$	18,947		$	19,404		$	19,380		$	20,308
Interest coverage ratio		3.7			3.7			3.5			3.5			3.5			3.2
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	66,941		$	65,180		$	66,469		$	68,002		$	68,352		$	65,964
Interest expense, gross	$	18,067		$	17,441		$	18,947		$	19,404		$	19,380		$	20,308
Preferred share dividends		7,034			7,551			7,552			7,551			7,552			7,552
Fixed charges	$	25,101		$	24,992		$	26,499		$	26,955		$	26,932		$	27,860
Fixed charge coverage ratio		2.7			2.6			2.5			2.5			2.5			2.4
Debt Service Coverage Ratio (1):
Interest coverage amount	$	66,941		$	65,180		$	66,469		$	68,002		$	68,352		$	65,964
Interest expense, gross	$	18,067		$	17,441		$	18,947		$	19,404		$	19,380		$	20,308
Recurring principal payments		6,088			6,011			6,262			6,501			6,286			7,722
Debt service	$	24,155		$	23,452		$	25,209		$	25,905		$	25,666		$	28,030
Debt service coverage ratio		2.8			2.8			2.6			2.6			2.7			2.4

(1) See pages 31 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

17

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:

	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010
Net cash provided by operating activities		43,121			57,326			35,004			53,251		$	52,497		$	41,151
Equity in income from joint ventures		676			781			774			776			706			423
Distributions from joint ventures		(872	)		(652	)		(652	)		(831	)		(796	)		(586	)
Amortization of deferred financing costs		(1,034	)		(764	)		(1,023	)		(1,061	)		(1,122	)		(1,390	)
Amortization of above market leases, net		—			—			(20	)		(66	)		(74	)		(39	)
Increase (decrease) in mortgage notes accrued interest receivable		410			—			—			—			—			(2,154	)
Increase (decrease) in restricted cash		(8,623	)		(909	)		(740	)		1,467			675			(2,789	)
Increase (decrease) in accounts receivable, net		303			(3,302	)		(1,353	)		2,916			1,592			1,143
Decrease in notes and accrued interest receivable		(24	)		(25	)		(23	)		(25	)		(8	)		(69	)
Increase in direct financing leases receivable		1,242			1,298			1,255			1,246			1,167			1,223
Increase (decrease) in other assets		175			1,041			1,416			(732	)		1,094			(516	)
Decrease (increase) in accounts payable and accrued liabilities		13,318			(7,046	)		7,572			(7,556	)		(6,386	)		(1,576	)
Decrease (increase) in unearned rents		262			126			25			(181	)		145			1,623
Straight-line rental revenue		(92	)		(58	)		(518	)		(642	)		(426	)		(469	)
Interest expense, gross		18,067			17,441			18,947			19,404			19,380			20,308
Interest cost capitalized		(136	)		(153	)		(97	)		(105	)		(103	)		(92	)
Costs associated with loan refinancing (cash portion)		—			—			4,629			—			—			9,662
Transaction costs		148			76			1,273			141			11			111
Interest coverage amount (1)	$	66,941		$	65,180		$	66,469		$	68,002		$	68,352		$	65,964

(1) See pages 31 through 33 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

18

Entertainment Properties Trust

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2011 Capital Spending:

Description	Location	Capital Spending Three Months Ended September 30, 2011		Capital Spending Nine Months Ended September 30, 2011
Acquisition of four theatre portfolio	various	$	—	$	37,761
Development of public charter school properties	various		19,717		34,246
Investment in a direct financing lease with Imagine Schools, Inc. related to public charter schools	various		—		2,113
Acquisition of Pinstripes entertainment facility	Northbrook, IL		7,025		7,025
Additions to mortgage note receivable for development of Schlitterbahn waterparks	Kansas City, KS		3,355		9,390
Development of entertainment retail center	Suffolk, VA		111		1,678
Investment in unconsolidated joint ventures	various		461		3,244
Investment in theatre and retail development projects	various		5,391		10,987
Capitalized building improvements and tenant improvements			311		444
Total investment spending		$	36,371	$	106,888
Other capital acquisitions, net	various		745		2,689
Total capital spending		$	37,116	$	109,577

2011 Dispositions:

Description	Location	Date of Disposition	Net Sales Proceeds
Toronto Dundas Square	Toronto, Ontario	March 2011		222,701
Gary Farrell Winery	Healdsburg, CA	April 2011		6,460
Buena Vista Tasting Room	Sonoma, CA	August 2011		1,700
EOS Winery and Vineyard	Paso Robles, CA	September 2011		12,516

19

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended September 30, 2011

(Unaudited, dollars in thousands)

	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	54,368			332		$	318		$	1,831		$	—		$	56,849		$	—		$	56,849
Tenant reimbursements		4,419			—			—			—			—			4,419			—			4,419
Other income		24			—			—			—			141			165			—			165
Mortgage and other financing income		81			7,352			3,437			93			3,573			14,536			26			14,562
Total revenue		58,892			7,684			3,755			1,924			3,714			75,969			26			75,995
Property operating expense		5,736			—			—			91			133			5,960			—			5,960
Other expense		—			—			—			202			251			453			176			629
Total investment expenses		5,736			—			—			293			384			6,413			176			6,589
General and administrative expense		—			—			—			—			—			—			4,555			4,555
Transaction costs		—			—			—			—			—			—			148			148
EBITDA—continuing operations	$	53,156		$	7,684		$	3,755		$	1,631		$	3,330		$	69,556		$	(4,853	)	$	64,703
		77	%		11	%		5	%		2	%		5	%		100	%
Add: transaction costs																				148			148
Adjusted EBITDA—continuing operations																						$	64,851
Reconciliation to Consolidated Statements of Income:
Interest expense, net																				(17,911	)		(17,911	)
Transaction costs																				(148	)		(148	)
Depreciation and amortization																				(12,036	)		(12,036	)
Equity in income from joint ventures																				676			676
Discontinued operations:
Income from discontinued operations																				115			115
Gain on sale of real estate																				16			16
Net income																							35,563
Noncontrolling interests																				(11	)		(11	)
Preferred dividend requirements																				(7,034	)		(7,034	)
Series B preferred share redemption costs																				(2,769	)		(2,769	)
Net income available to common shareholders																						$	25,749

* Includes 8.8 million square feet of megaplex theatres and 1.5 million square feet of retail at September 30, 2011

20

Entertainment Properties Trust

Financial Information by Asset Type

For the Nine Months Ended September 30, 2011

(Unaudited, dollars in thousands)

	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	161,411			487		$	954		$	5,403		$	—		$	168,255		$	—		$	168,255
Tenant reimbursements		13,596			—			—			—			—			13,596			—			13,596
Other income		90			—			—			12			218			320			—			320
Mortgage and other financing income		242			21,366			10,283			331			9,583			41,805			76			41,881
Total revenue		175,339			21,853			11,237			5,746			9,801			223,976			76			224,052
Property operating expense		18,026			—			—			308			375			18,709			—			18,709
Other expense		—			—			—			514			560			1,074			749			1,823
Total investment expenses		18,026			—			—			822			935			19,783			749			20,532
General and administrative expense		—			—			—			—			—			—			15,127			15,127
Transaction costs		—			—			—			—			—			—			1,497			1,497
Impairment charges		—			—			—			—			—			—			27,115			27,115
EBITDA—continuing operations	$	157,313		$	21,853		$	11,237		$	4,924		$	8,866		$	204,193		$	(44,412	)	$	159,781
		77	%		11	%		6	%		2	%		4	%		100	%
Add: transaction costs																				1,497			1,497
Add: impairment charges																				27,115			27,115
Adjusted EBITDA—continuing operations																						$	188,393
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																				(6,163	)		(6,163	)
Interest expense, net																				(54,021	)		(54,021	)
Transaction costs																				(1,497	)		(1,497	)
Impairment charges																				(27,115	)		(27,115	)
Depreciation and amortization																				(35,887	)		(35,887	)
Equity in income from joint ventures																				2,231			2,231
Discontinued operations:
Income from discontinued operations																				1,990			1,990
Impairment charges																				(8,941	)		(8,941	)
Gain on sale of real estate																				18,309			18,309
Net income																							77,299
Noncontrolling interests																				(13	)		(13	)
Preferred dividend requirements																				(22,138	)		(22,138	)
Series B preferred share redemption costs																				(2,769	)		(2,769	)
Net income available to common shareholders																						$	52,379

* Includes 8.8 million square feet of megaplex theatres and 1.5 million square feet of retail at September 30, 2011

21

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended September 30, 2010

(Unaudited, dollars in thousands)

	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	53,145		$	—		$	315		$	3,335		$	—		$	56,795		$	—		$	56,795
Tenant reimbursements		4,153			—			—			—			—			4,153			—			4,153
Other income		25			—			—			—			210			235			—			235
Mortgage and other financing income		87			6,604			3,398			233			2,940			13,262			33			13,295
Total revenue		57,410			6,604			3,713			3,568			3,150			74,445			33			74,478
Property operating expense		5,236			—			—			1,288			151			6,675			—			6,675
Other expense		—			—			—			62			267			329			11			340
Total investment expenses		5,236			—			—			1,350			418			7,004			11			7,015
General and administrative expense		—			—			—			—			—			—			4,076			4,076
Transaction costs		—			—			—			—			—			—			11			11
EBITDA—continuing operations	$	52,174		$	6,604		$	3,713		$	2,218		$	2,732		$	67,441		$	(4,065	)	$	63,376
		77	%		10	%		6	%		3	%		4	%		100	%
Add: transaction costs																				11			11
Adjusted EBITDA—continuing operations																						$	63,387
Reconciliation to Consolidated Statements of Income:
Interest expense, net																				(19,227	)		(19,227	)
Transaction costs																				(11	)		(11	)
Depreciation and amortization																				(11,582	)		(11,582	)
Equity in income from joint ventures																				706			706
Discontinued operations:
Income from discontinued operations																				1,572			1,572
Gain on sale of real estate																				198			198
Net income																							35,043
Noncontrolling interests																				(34	)		(34	)
Preferred dividend requirements																				(7,552	)		(7,552	)
Net income available to common shareholders																						$	27,457

* Includes 8.7 million square feet of megaplex theatres and 1.8 million square feet of retail at September 30, 2010

22

Entertainment Properties Trust

Financial Information by Asset Type

For the Nine Months Ended September 30, 2010

(Unaudited, dollars in thousands)

	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	152,472		$	—		$	945		$	9,921		$	—		$	163,338		$	—		$	163,338
Tenant reimbursements		12,443			—			—			—			—			12,443			—			12,443
Other income		265			—			—			4			212			481			4			485
Mortgage and other financing income		322			19,378			10,155			275			8,643			38,773			127			38,900
Total revenue		165,502			19,378			11,100			10,200			8,855			215,035			131			215,166
Property operating expense		15,866			—			—			1,957			152			17,975			—			17,975
Other expense		216			—			—			193			267			676			40			716
Total investment expenses		16,082			—			—			2,150			419			18,651			40			18,691
General and administrative expense		—			—			—			—			—			—			13,795			13,795
Transaction costs		—			—			—			—			—			—			376			376
Provision for loan losses		—			—			—			—			—			—			700			700
EBITDA—continuing operations	$	149,420		$	19,378		$	11,100		$	8,050		$	8,436		$	196,384		$	(14,780	)	$	181,604
		76	%		10	%		6	%		4	%		4	%		100	%
Add: transaction costs																				376			376
Add: provision for loan losses																				700			700
Adjusted EBITDA—continuing operations																						$	182,680
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																				(11,383	)		(11,383	)
Interest expense, net																				(53,067	)		(53,067	)
Transaction costs																				(376	)		(376	)
Provision for loan losses																				(700	)		(700	)
Depreciation and amortization																				(33,457	)		(33,457	)
Equity in income from joint ventures																				1,362			1,362
Discontinued operations:
Loss from discontinued operations																				(6,640	)		(6,640	)
Gain on acquisition																				8,468			8,468
Transaction costs																				(7,270	)		(7,270	)
Loss on sale of real estate																				(736	)		(736	)
Net income																							78,881
Noncontrolling interests																				1,791			1,791
Preferred dividend requirements																				(22,655	)		(22,655	)
Net income available to common shareholders																						$	58,017

* Includes 8.7 million square feet of megaplex theatres and 1.8 million square feet of retail at September 30, 2010

23

Entertainment Properties Trust

Financial Information by Asset Type—Discontinued Operations

(Unaudited, dollars in thousands)

	For the Three Months Ended September 30, 2011								For the Nine Months Ended September 30, 2011
	Theatres and Adjacent Retail		Vineyards and Wineries		Unallocated		Consolidated		Theatres and Adjacent Retail		Vineyards and Wineries			Unallocated		Consolidated
Rental revenue	$	51	$	116	$	—	$	167	$	4,087	$	1,132		$	—	$	5,219
Tenant reimbursements		—		—		—		—		2,409		—			—		2,409
Mortgage and other financing income		—		—		—		—		—		4			—		4
Total revenue		51		116		—		167		6,496		1,136			—		7,632
Property operating expense		8		15		—		23		2,831		281			—		3,112
Other expense		—		29		—		29		—		125			—		125
Total investment expenses		8		44		—		52		2,831		406			—		3,237
Impairment charge		—		—		—		—		—		8,941			—		8,941
EBITDA—discontinued operations	$	43	$	72	$	—	$	115	$	3,665	$	(8,211	)	$	—	$	(4,546	)
Add: impairment charge								—									8,941
Adjusted EBITDA—discontinued operations							$	115								$	4,395
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing								—									(225	)
Interest expense, net								—									(21	)
Impairment charge								—									(8,941	)
Depreciation and amortization								—									(2,159	)
Gain on sale of real estate								16									18,309
Income from discontinued operations							$	131								$	11,358

	For the Three Months Ended September 30, 2010									For the Nine Months Ended September 30, 2010
	Theatres and Adjacent Retail		Vineyards and Wineries		Unallocated		Consolidated			Theatres and Adjacent Retail		Vineyards and Wineries		Unallocated		Consolidated
Rental revenue	$	4,009	$	156	$	—	$	4,165		$	12,825	$	1,526	$	—	$	14,351
Tenant reimbursements		2,336		—		—		2,336			6,739		—		—		6,739
Other income		—		—		—		—			—		31		—		31
Mortgage and other financing income		—		5		—		5			—		5		—		5
Total revenue		6,345		161		—		6,506			19,564		1,562		—		21,126
Property operating expense		2,912		48		—		2,960			10,657		935		—		11,592
Other expense		—		44		—		44			—		265		—		265
Total investment expenses		2,912		92		—		3,004			10,657		1,200		—		11,857
Transaction costs		—		—		—		—			7,270		—		—		7,270
EBITDA—discontinued operations	$	3,433	$	69	$	—	$	3,502		$	1,637	$	362	$	—	$	1,999
Add: transaction costs								—									7,270
Adjusted EBITDA—discontinued operations							$	3,502								$	9,269
Reconciliation to Consolidated Statements of Income:
General and administrative expense								—									(2	)
Transaction costs								—									(7,270	)
Interest expense, net								(47	)								(5,635	)
Costs associated with loan refinancing								—									(4,236	)
Depreciation and amortization								(1,883	)								(6,036	)
Gain on acquisition								—									8,468
Gain (loss) on sale of real estate								198									(736	)
Income (loss) from discontinued operations							$	1,770								$	(6,178	)

24

Entertainment Properties Trust

Investment Information by Asset Type

As of September 30, 2011 and December 31, 2010

(Unaudited, dollars in thousands)

	As of September 30, 2011
	Theatres and Adjacent Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,639,686		$	21,391		$	126,589		$	11,281		$	—		$	1,798,947
Rental properties held for sale, net of accumulated depreciation		—			—			4,696			—			—			4,696
Add back accumulated depreciation on rental properties		302,948			46			18,015			1,727			—			322,736
Add back accumulated depreciation on rental properties held for sale		—			—			319			—			—			319
Land held for development		4,457			—			—			—			180,000			184,457
Property under development		13,347			1,728			—			—			—			15,075
Mortgage notes and related accrued interest receivable, net		—			—			—			136,410			178,794			315,204
Investment in direct financing leases, net		—			253,344			—			—			—			253,344
Investment in joint ventures		24,667			—			—			—			—			24,667
Intangible assets, net of accumulated amortization		4,670			—			—			—			—			4,670
Add back accumulated amortization on intangible assets		8,978			—			—			—			—			8,978
Notes receivable and related accrued interest receivable, net		172			3,751			1,132			—			—			5,055
Total investments (1)	$	1,998,925		$	280,260		$	150,751		$	149,418		$	358,794		$	2,938,148
% of total investments		68	%		10	%		5	%		5	%		12	%		100	%

	As of December 31, 2010
	Theatres and Adjacent Retail			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,822,689		$	—		$	185,990		$	11,512		$	—		$	2,020,191
Rental properties held for sale, net of accumulated depreciation		—			—			6,432			—			—			6,432
Add back accumulated depreciation on rental properties		279,106			—			16,183			1,495			—			296,784
Add back accumulated depreciation on rental properties held for sale		—			—			284			—			—			284
Land held for development		4,457			—			—			—			180,000			184,457
Property under development		5,967			—			—			—			—			5,967
Mortgage notes and related accrued interest receivable, net		—			—			—			136,410			168,994			305,404
Investment in a direct financing lease, net		—			226,433			—			—			—			226,433
Investment in joint ventures		22,010			—			—			—			—			22,010
Intangible assets, net of accumulated amortization		35,644			—			—			—			—			35,644
Add back accumulated amortization on intangible assets		11,479			—			—			—			—			11,479
Notes receivable and related accrued interest receivable, net		166			3,751			1,210			—			—			5,127
Total investments (1)	$	2,181,518		$	230,184		$	210,099		$	149,417		$	348,994		$	3,120,212
% of total investments		70	%		7	%		7	%		5	%		11	%		100	%

(1) See pages 31 through 33 for definitions.

25

Entertainment Properties Trust

Lease Expirations Excluding Non-Theatre Retail

As of September 30, 2011

(Unaudited, dollars in thousands)

	Megaplex Theatres							Public Charter Schools							Vineyards and Wineries
Year	Total Number of Leases Expiring		Rental Revenue for the Trailing Twelve Months Ended September 30, 2011 (1)		% of Total Revenue			Total Number of Leases Expiring		Financing Income/Rental Revenue for the Trailing Twelve Months Ended September 30, 2011		% of Total Revenue			Total Number of Leases Expiring		Rental Revenue for the Trailing Twelve Months Ended September 30, 2011		% of Total Revenue
2011		2		4,578		2	%		—		—		—			—		—		—
2012		4		9,224		3	%		—		—		—			—		—		—
2013		4		14,574		5	%		—		—		—			—		—		—
2014		—		—		—			—		—		—			—		—		—
2015		3		9,248		3	%		—		—		—			—		—		—
2016		4		9,255		3	%		—		—		—			—		—		—
2017		3		4,681		2	%		—		—		—			1		1,944		1	%
2018		17		27,011		9	%		—		—		—			4		5,556		2	%
2019		7		22,374		7	%		—		—		—			1		1,367		0	%
2020		7		9,314		3	%		—		—		—			—		—		—
2021		4		7,479		2	%		—		—		—			—		—		—
2022		9		15,952		5	%		—		—		—			—		—		—
2023		2		2,294		1	%		—		—		—			—		—		—
2024		8		14,325		5	%		—		—		—			—		—		—
2025		7		14,233		5	%		—		—		—			—		—		—
2026		4		5,295		2	%		—		—		—			—		—		—
2027		3		3,939		1	%		—		—		—			—		—		—
2028		1		1,060		0	%		—		—		—			—		—		—
2029		15		14,125		5	%		—		—		—			—		—		—
2030		—		—		—			—		—		—			—		—		—
Thereafter		6		2,203		1	%		34		28,379		9	%		—		—		—
		110	$	191,164		64	%		34	$	28,379		9	%		6	$	8,867		3	%

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 28.

(1) Consists of rental revenue and tenant reimbursements.

26

Entertainment Properties Trust

Top Ten Customers by Revenue from Continuing Operations

(Unaudited, dollars in thousands)

Customers		Asset Type	Total Revenue For The Three Months Ended September 30, 2011		Percentage of Total Revenue			Total Revenue For The Nine Months Ended September 30, 2011		Percentage of Total Revenue
1.	American Multi-Cinema, Inc.	Retail/Theatres	$	26,365		35	%	$	79,169		35	%
2.	Rave Cinemas/Rave Review Cinemas	Retail/Theatres		7,215		10	%		21,601		10	%
3.	Imagine Schools, Inc.	Public Charter Schools		6,969		9	%		20,760		9	%
4.	Regal Cinemas, Inc.	Retail/Theatres		5,379		7	%		15,285		7	%
5.	Cinemark USA, Inc.	Retail/Theatres		4,022		5	%		12,197		6	%
6.	Peak Resorts, Inc.	Metropolitan Ski Areas		3,755		5	%		11,237		5	%
7.	SVVI, LLC	Waterparks		3,573		5	%		9,583		4	%
8.	Southern Theatres, LLC	Retail/Theatres		2,830		4	%		8,447		4	%
9.	Ascentia Wine Estates, LLC	Vineyards and Wineries		1,010		1	%		3,083		1	%
10.	Muvico Entertainment, LLC	Retail/Theatres		944		1	%		2,874		1	%
	Total		$	62,062		82	%	$	184,236		82	%

27

Entertainment Properties Trust

Mortgage Notes Receivable

(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	September 30, 2011		December 31, 2010
Mortgage note and related accrued interest receivable,
10.00%, due April 1, 2012	$	33,677	$	33,677
Mortgage notes and related accrued interest receivable,
7.00% and 10.00%, due May 1, 2019		178,794		168,994
Mortgage note, 9.82%, due March 10, 2027		8,000		8,000
Mortgage notes, 10.46%, due April 3, 2027		62,500		62,500
Mortgage note, 9.54%, due October 30, 2027		32,233		32,233
Total mortgage notes and related accrued interest receivable	$	315,204	$	305,404

Payments Due on Mortgage Notes Receivable

	As of September 30, 2011
Year:
2011	$	410
2012		33,677
2013		—
2014		—
2015		—
Thereafter		281,117
Total	$	315,204

28

Entertainment Properties Trust

Notes Receivable

(Unaudited, dollars in thousands)

Summary of Notes Receivable

	September 30, 2011			December 31, 2010
Note and related accrued interest receivable, 9.23%, due August 31, 2012	$	3,751		$	3,751
Note and related accrued interest receivable, 6.00%, due December 31, 2017		1,254			1,332
Notes and related accrued interest receivable, 12.00%to 15.00%, past due (1)		8,074			8,074
Other		172			166
Total notes and related accrued interest receivable	$	13,251		$	13,323
Less: Loan loss reserves		(8,196	)		(8,196	)
Total notes and related accrued interest receivable, net	$	5,055		$	5,127

(1) Note receivable is impaired as of September 30, 2011 and is shown below as past due. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Notes Receivable

	As of September 30, 2011
Year:
Past due (100% reserved)	$	8,074
2011		42
2012		3,862
2013		118
2014		126
2015		133
Thereafter		896
Total	$	13,251

29

Entertainment Properties Trust

Summary of Unconsolidated Joint Ventures

As of and for the Nine Months Ended September 30, 2011

(Unaudited, dollars in thousands)

Atlantic EPR-I

EPR investment interest: 36.0%

EPR preferred interest: 15% priority return on $14.9 million

Income recognized for the nine months ended September 30, 2011: $1,898

Distributions received for the nine months ended September 30, 2011: $1,866

Unaudited condensed financial information for Atlantic-EPR I is as follows as of and for the nine months ended September 30, 2011 and 2010:

	2011		2010
Rental properties, net	$	26,185	$	26,829
Cash		677		1
Partners’ equity		26,943		26,980
Rental revenue		2,958		3,368
Net income		738		1,483

Atlantic EPR-II

EPR investment interest: 25.7%

Income recognized for the nine months ended September 30, 2011: $279

Distributions received for the nine months ended September 30, 2011: $310

Unaudited condensed financial information for Atlantic-EPR II is as follows as of and for the nine months ended September 30, 2011 and 2010:

	2011		2010
Rental properties, net	$	20,691	$	21,152
Cash		159		131
Long-term debt (due September 2013)		12,320		12,689
Note payable to Entertainment Properties Trust		117		117
Partners’ equity		8,116		8,230
Rental revenue		2,167		2,167
Net income		1,040		1,023

Ningbo PIC, Nanqiao PIC, Shanghai Himalaya PIC and Shanghai SFG-EPR Cinema

EPR investment interest: 30.0%, 49.0%, 49.0% and 49.0%, respectively

EPR investment: $4,244

Income recognized for the nine months ended September 30, 2011: $54

Distributions received for the nine months ended September 30, 2011: $0

Loss recognized for the nine months ended September 30, 2010: $180

Distributions received for the nine months ended September 30, 2010: $0

30

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—continuing operations as the sum of net income plus (or minus as applicable) costs associated with loan refinancing, interest expense (net), depreciation and amortization, gain on acquisition of real estate, equity in income from joint ventures and discontinued operations. EBITDA—discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA—continuing operations is presented to also add back the effect of non-cash impairment charges, the provision for loan losses and transaction costs. Adjusted EBITDA—discontinued operations is computed in the same manner but only as it relates to discontinued operations.

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”) AND FFO AS ADJUSTED

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. In addition, we present FFO as adjusted by adding to FFO costs associated with loan refinancing, transaction costs, provision for loan losses, impairment charges and preferred share redemption costs, and subtracting gain on acquisition. FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

31

Entertainment Properties Trust

Definitions-Non-GAAP Financial Measures

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, share-based compensation expense to management and trustees, amortization of above market leases, net and preferred share redemption costs; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-line rental revenue, the non-cash portion of mortgage and other financing income 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.

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), depreciation and amortization, share-based compensation expense to management and trustee and costs associated with loan refinancing; subtracting interest cost capitalized, straight-line revenue, gain or loss on sale of real estate from discontinued operations 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.

32

Entertainment Properties Trust

Definitions-Non-GAAP Financial 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), rental properties held for sale (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment a direct financing leases, net, investment in joint ventures, intangible assets (before accumulated amortization) and notes receivable and related accrued interest receivable, net. Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company’s funds have been invested.

33