EPR Properties (EPR) 8-K/A Financial Statements and Exhibits

Exhibit 99.2

Supplemental Operating and Financial Data

Third Quarter 2009

Entertainment Properties Trust
Supplemental Operating and Financial Data
Third Quarter 2009

Table of Contents

Section	Page
Company Profile	4
Investor Information	5
Selected Financial Information	6
Selected Balance Sheet Information	7
Selected Operating Data	8
Funds from Operations	9
Adjusted Funds from Operations	10
Capital Structure	11
Ratios	14
2009 Capital Spending and Disposition Summaries	17
Financial and Investment Information by Asset Type	18
Lease Expirations	23
Top Ten Customers by Revenue	24
Summary of Mortgage Notes Receivable	25
Summary of Notes Receivable	26
Summary of Unconsolidated Joint Ventures	27
Definitions	28

2

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain information contained or incorporated by reference herein constitutes forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements may refer to our financial condition, results of operations, plans, objectives, acquisition or disposition of properties, future expenditures for development projects, capital resources, future financial performance and business. Forward-looking statements are not guarantees of performance. They involve numerous risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements In addition, references to our budgeted amounts are forward looking statements. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Risk Factors” in our most recent annual report on Form 10-K and, to the extent applicable, in our quarterly reports on Form 10-Q.

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

DEFINITIONS

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

3

Entertainment Properties Trust
Company Profile

The Company

Entertainment Properties Trust (“EPR” or the “Company”) is a self administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997. Since that time the Company has grown into one of the pre-eminent owners of entertainment-based real estate.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) growth 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 developing or acquiring additional megaplex theatre properties, and developing or acquiring entertainment, entertainment-related, recreational or specialty properties. We will also consider developing or acquiring additional entertainment retail centers. We may also pursue opportunities to provide mortgage financing for these same property types in certain situations. 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 September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Revenue from continuing operations	$	68,122		$	74,973		$	201,544		$	209,581
Net income (loss) available to common shareholders of Entertainment Properties Trust		(66,843	)		28,506			(28,912	)		73,786
Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)		(44,315	)		64,213			64,830			175,582
Adjusted EBITDA (1)		57,243			64,213			166,388			175,582
Interest expense, net		19,355			17,689			54,274			52,117
Recurring principal payments		6,295			5,133			18,579			17,710
Capitalized interest		83			275			517			603
Straight-lined rental revenue		642			1,016			1,787			2,909
Dividends declared on preferred shares		7,552			7,552			22,655			20,714
Dividends declared on common shares		23,748			27,612			69,430			77,044
General and administrative expense		3,557			3,718			11,961			12,070
	September 30,
	2009			2008
Real estate investments before depreciation		1,996,571			2,002,292
Total assets		2,553,537			2,613,482
Unencumbered real estate assets (2)
Number		29			25
Gross book value		264,951			208,648
Annualized stabilized NOI		25,976			23,679
Total debt		1,184,139			1,217,569
Shareholders’ equity		1,297,213			1,326,598
Common shares outstanding		36,515			32,872
Total market capitalization (using EOP closing price)		2,846,997			3,432,565
Debt/total assets		46	%		47	%
Debt/total market capitalization		42	%		35	%
Debt/total assets (undepreciated)		42	%		43	%
Debt/Adjusted EBITDA		5.12			5.33

(1)	See pages 28 and 29 for definitions.
(2)	Excludes property under development and undeveloped land.

6

Entertainment Properties Trust
Selected Balance Sheet Information
(Unaudited, dollars in thousands)

	3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008			2nd Quarter 2008
Assets
Rental properties:
Megaplex theatres and other retail	$	1,756,539		$	1,763,964		$	1,735,162		$	1,742,433		$	1,760,470		$	1,763,286
Other		217,022			216,508			215,765			206,671			204,425			198,567
Less: accumulated depreciation		(247,425	)		(235,472	)		(223,503	)		(214,078	)		(206,136	)		(196,554	)
Property under development		20,575			22,847			27,324			30,835			34,985			29,833
Mortgage notes receivable (1)
Waterpark		163,298			162,613			144,915			134,948			126,804			114,240
Concord		133,119			133,119			133,119			134,150			133,119			—
Toronto Dundas Square Project		86,878			108,914			100,551			103,289			113,632			114,099
Metropolitan ski areas		134,774			133,986			133,217			132,468			129,737			124,791
Other		—			—			3,653			3,651			3,643			3,634
Investment in a direct financing lease, net		168,884			167,945			167,003			166,089			162,909			162,032
Investment in joint ventures		2,435			2,457			2,482			2,493			2,412			2,437
Cash and cash equivalents		11,196			16,202			13,504			50,082			11,125			12,201
Restricted cash		15,902			14,551			8,327			11,004			15,366			15,228
Accounts receivable, net		31,714			30,190			32,848			33,405			33,147			34,216
Notes receivable (1)		12,395			43,124			44,396			40,338			40,143			41,281
Other assets and intangible assets, net		46,231			60,629			63,335			56,147			47,701			42,485
Total Assets	$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925		$	2,613,482		$	2,461,776
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	28,608		$	27,122		$	27,684		$	35,665		$	18,024		$	21,484
Common dividends payable		23,748			22,732			22,716			27,377			27,612			25,735
Preferred dividends payable		7,552			7,552			7,552			7,552			7,552			7,853
Unearned rents and interest		12,277			12,836			6,333			8,312			16,127			11,218
Line of credit		73,000			116,000			93,000			149,000			85,000			85,000
Long-term debt		1,111,139			1,109,356			1,108,117			1,113,368			1,132,569			1,096,157
Total Liabilities		1,256,324			1,295,598			1,265,402			1,341,274			1,286,884			1,247,447
Shareholders’ equity:
Common stock and additional paid in capital		1,440,437			1,389,520			1,387,926			1,340,135			1,339,155			1,224,290
Preferred stock at par value		167			167			167			167			167			167
Treasury stock		(27,698	)		(27,698	)		(27,559	)		(26,357	)		(26,357	)		(25,096	)
Loans to shareholders		(1,925	)		(1,925	)		(1,925	)		(1,925	)		(1,925	)		(3,525	)
Accumulated other comprehensive income (loss)		16,985			9,951			(2,202	)		(6,169	)		27,772			31,130
Distributions in excess of net income		(126,760	)		(36,170	)		(33,593	)		(28,417	)		(28,876	)		(29,768	)
Entertainment Properties Trust shareholders’ equity		1,301,206			1,333,845			1,322,814			1,277,434			1,309,936			1,197,198
Noncontrolling interests		(3,993	)		12,134			13,882			15,217			16,662			17,131
Total shareholders’ equity		1,297,213			1,345,979			1,336,696			1,292,651			1,326,598			1,214,329
Total Liabilities and shareholders’ equity	$	2,553,537		$	2,641,577		$	2,602,098		$	2,633,925		$	2,613,482		$	2,461,776

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

7

Entertainment Properties Trust
Selected Operating Data
(Unaudited, dollars in thousands)

	3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008			2nd Quarter 2008
Rental revenue and tenant reimbursements:
Theatres	$	40,911		$	40,157		$	40,044		$	39,352		$	40,410		$	39,587
Other retail		10,910			10,266			10,701			12,093			12,400			13,104
Vineyards and wineries		3,899			4,031			3,989			4,395			4,270			2,135
Metropolitan ski areas		311			311			312			308			308			308
Mortgage and other financing income:
Public charter schools (1)		5,293			5,031			5,003			5,010			4,960			2,789
Metropolitan ski areas		3,318			3,298			3,280			3,246			3,127			3,044
Waterpark		2,794			1,497			1,363			2,060			1,810			1,698
Concord		—			—			—			4,544			1,646			—
Toronto Dundas Square Project		—			—			—			3,834			4,338			4,369
Other		245			1,398			872			1,132			1,244			1,230
Other income		441			728			1,140			1,023			460			491
Total revenue	$	68,122		$	66,717		$	66,704		$	76,997		$	74,973		$	68,755
Property operating expense		6,708			6,382			8,019			6,827			6,612			6,309
Other expense		614			854			618			559			430			622
General and administrative expense		3,557			4,278			4,125			4,845			3,718			3,938
Costs associated with loan refinancing		—			117			—			—			—			—
Interest expense, net		19,355			17,482			17,437			18,834			17,689			16,960
Depreciation and amortization		11,921			11,834			12,629			11,646			11,170			10,341
Provision for loan losses		65,757			—			—			—			—			—
Impairment charge		35,801			—			—			—			—			—
Equity in income from joint ventures		229			225			219			219			216			245
Income (loss) from continuing operations	$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570		$	30,830
Income from discontinued operations		—			—			—			—			—			103
Net income (loss)	$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570		$	30,933
Add: net loss attributable to noncontrolling interests		16,071			1,709			1,234			880			488			478
Preferred dividend requirements		(7,552	)		(7,552	)		(7,552	)		(7,551	)		(7,552	)		(7,552	)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	(66,843	)	$	20,152		$	17,777		$	27,834		$	28,506		$	23,859

(1) Represents income from owned assets under a direct financing lease.

8

Entertainment Properties Trust
Funds from Operations
(Unaudited, in thousands except per share information)

	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2009			2009			2009			2008			2008			2008
Funds From Operations (1):
Net income available to common shareholders of Entertainment Properties Trust	$	(66,843	)	$	20,152		$	17,777		$	27,834		$	28,506		$	23,859
Real estate depreciation and amortization		11,728			11,642			12,434			11,454			10,958			10,138
Allocated share of joint venture depreciation		66			66			65			65			64			69
Noncontrolling interest		(16,118	)		(1,746	)		(1,323	)		(958	)		(604	)		(537	)
FFO available to common shareholders of Entertainment Properties Trust	$	(71,167	)	$	30,114		$	28,953		$	38,395		$	38,924		$	33,529
FFO available to common shareholders of Entertainment Properties Trust		(71,167	)		30,114			28,953			38,395			38,924			33,529
Preferred dividends for Series C		—			—			—			1,940			1,941			1,941
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	(71,167	)	$	30,114		$	28,953		$	40,335		$	40,865		$	35,470
FFO per common share attributable to Entertainment Properties Trust:
Basic	$	(2.01	)	$	0.86		$	0.84		$	1.17		$	1.22		$	1.10
Diluted		(2.01	)		0.86			0.84			1.15			1.19			1.08
Shares used for computation (in thousands):
Basic		35,445			34,970			34,363			32,873			32,033			30,577
Diluted		35,445			34,992			34,363			34,937			34,284			32,827
Weighted average shares outstanding-diluted EPS		35,445			34,992			34,363			33,008			32,365			30,913
Effect of dilutive Series C preferred shares		—			—			—			1,929			1,919			1,914
Adjusted weighted average shares outstanding — diluted		35,445			34,992			34,363			34,937			34,284			32,827

(1) See pages 28 and 29 for definitions.

9

Entertainment Properties Trust
Adjusted Funds from Operations
(Unaudited, dollars in thousands except per share information)

	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2009			2009			2009			2008			2008			2008
Adjusted Funds from Operations (1):
Diluted FFO available to common shareholders of Entertainment Properties Trust	$	(71,167	)	$	30,114		$	28,953		$	40,335		$	40,865		$	35,470
Adjustments:
Non-cash impairment charge and provision for loan losses		101,558			—			—			—			—			—
Non-real estate depreciation and amortization		196			191			196			191			215			215
Deferred financing fees amortization		1,103			693			756			888			780			822
Costs associated with loan refinancing		—			117			—			—			—			—
Share-based compensation expense to management and trustees		1,083			1,078			1,077			990			988			991
Maintenance capital expenditures(2)		(28	)		(274	)		(560	)		(725	)		(1,061	)		(1,013	)
Straight-lined rental revenue		(642	)		(584	)		(561	)		(942	)		(1,016	)		(1,067	)
Non-cash portion of mortgage and other financing income		(1,726	)		(1,710	)		(1,664	)		(6,969	)		(6,352	)		(5,550	)
AFFO	$	30,377		$	29,625		$	28,197		$	33,768		$	34,419		$	29,868
Weighted average shares outstanding-diluted FFO		35,445			34,992			34,363			34,937			34,284			32,827
Other common stock equivalents excluded due to loss		230			—			—			—			—			—
Weighted average shares outstanding-diluted AFFO		35,675			34,992			34,363			34,937			34,284			32,827
AFFO per diluted common share	$	0.85		$	0.85		$	0.82		$	0.97		$	1.00		$	0.91
Dividends declared per common share	$	0.65		$	0.65		$	0.65		$	0.84		$	0.84		$	0.84
AFFO payout ratio (3)		76	%		76	%		79	%		87	%		84	%		92	%

(1)	See pages 28 and 29 for definitions.
(2)	Includes maintenance capital expenditures and second generation tenant improvements and leasing commisions.
(3)	AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

10

Entertainment Properties Trust
Capital Structure at September 30, 2009
(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt Without Extensions:

	Mortgages (1)					Term Loans/Bond									Weighted Avg
Year	Amortization		Maturities			Amortization		Maturities			Credit Facility (4)		Total		Interest Rate
2009	$	5,660	$	—		$	965	$	—		$	—	$	6,625		5.82	%
2010		23,276		168,750	(2)		3,945		—			—		195,969		5.75	%
2011		23,854		—			3,909		115,400	(3)		73,000		216,160		5.69	%
2012		24,737		65,293			3,078		—			—		93,108		6.45	%
2013		16,789		99,178			3,276		—			—		119,243		5.80	%
2014		19,849		127,666			3,475		—			—		150,990		6.28	%
2015		10,971		90,813			3,684		—			—		105,468		5.72	%
2016		7,079		96,144			3,902		—			—		107,125		6.04	%
2017		3,606		82,299			4,128		3,619			—		93,652		5.86	%
2018		920		12,462			980		61,802			—		76,164		5.36	%
2019		—		—			—		—			—		—		—
Thereafter		9,000		—			—		10,635			—		19,635		2.54	%
	$	145,741	$	742,605		$	31,342	$	191,456		$	73,000	$	1,184,139		5.82	%

Principal Payments Due on Long-Term Debt With Extensions:

	Mortgages (1)					Term Loans/Bond									Weighted Avg
Year	Amortization		Maturities			Amortization		Maturities			Credit Facility (4)		Total		Interest Rate
2009	$	5,660	$	—		$	965	$	—		$	—	$	6,625		5.82	%
2010		23,443		56,250			3,945		—			—		83,638		5.94	%
2011		24,854		—			4,109		—			—		28,963		5.84	%
2012		25,570		175,793	(2)		4,078		114,200	(3)		73,000		392,636		5.83	%
2013		16,789		99,178			3,276		—			—		119,243		5.80	%
2014		19,849		127,666			3,476		—			—		150,991		6.28	%
2015		10,971		90,813			3,684		—			—		105,468		5.72	%
2016		7,079		96,144			3,902		—			—		107,125		6.04	%
2017		3,606		82,299			4,127		3,619			—		93,651		5.86	%
2018		920		12,462			980		61,802			—		76,164		5.36	%
2019		—		—			—		—			—		—		—
Thereafter		9,000		—			—		10,635			—		19,635		2.54	%
	$	147,741	$	740,605		$	32,542	$	190,256		$	73,000	$	1,184,139		5.82	%

	Balance		Weighted Avg Interest Rate			Weighted Avg Maturity (yrs)
Fixed Rate Secured Debt	$	1,036,563		5.92	%		5.5
Variable Rate Debt		147,576		5.14	%		4.2
Total	$	1,184,139		5.82	%		5.4

Note: $204.5 million of variable rate debt outstanding at September 30, 2009 has been converted to a fixed rate by interest rate swap agreements and is reflected above as fixed rate secured debt.

(1)	Scheduled amortizations and maturities represent only consolidated debt obligations.
(2)	This amount includes $56.25 million in debt maturing in September 2010 related to the planned resort development in Sullivan County, New York and $113.5 million in debt maturing in October 2010 secured by our entertainment retail center in White Plains, New York. The $113.5 million related to White Plains 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 amount includes $115.2 million of maturing debt secured by one theatre and one ski resort as well as five mortgage notes receivable. The debt 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:

			Maturity	Rate
Commitment	Balance		(with extension)	at 9/30/09
215,000		73,000	October 2012		5.50	%

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

11

Entertainment Properties Trust
Capital Structure at September 30, 2009
(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:

	September 30, 2009		December 31, 2008
Mortgage note payable, variable rate, 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		113,541		113,917
Revolving variable rate credit facility at LIBOR + 3.50% (LIBOR floor of 2.00%), due October 26, 2011, one year extension available at Company’s option		73,000		149,000
Term loan payable, $114,000 fixed through interest rate swaps at 5.81%, $3,900 at September 30, 2009 at variable rate of LIBOR + 1.75%, due October 26, 2011, one year extension available at Company’s option		117,900		118,800
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		46,130		47,056
Mortgage note payable, 6.63%, due November 1, 2012		25,787		26,302
Mortgage notes payable, 4.26%-9.01%, due February 10, 2013		120,917		125,424
Mortgage note payable, 6.84%, due March 1, 2014		101,170		91,583
Mortgage note payable, 5.58%, due April 1, 2014		60,947		61,742
Mortgage note payable, 5.56%, due June 5, 2015		33,904		34,311
Mortgage notes payable, 5.77%, due November 6, 2015		73,207		74,443
Mortgage notes payable, 5.84%, due March 6, 2016		41,129		41,798
Mortgage notes payable, 6.37%, due June 30, 2016		29,282		29,712
Mortgage notes payable, 6.10%, due October 1, 2016		26,323		26,716
Mortgage notes payable, 6.02%, due October 6, 2016		19,850		20,149
Mortgage note payable, 6.06%, due March 1, 2017		11,047		11,207
Mortgage note payable, 6.07%, due April 6, 2017		11,367		11,530
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		52,710		53,494
Mortgage notes payable, 5.86%, due August 1, 2017		26,962		27,352
Term loans payable, $90,471 at September 30, 2009 fixed through interest rate swaps at 5.11%-5.78%, $3,791 at September 30, 2009 at variable rates of LIBOR + 1.75%-2.00%, due December 1, 2017-June 5, 2018		94,262		92,120
Mortgage note payable, 6.19%, due February 1, 2018		16,787		17,133
Mortgage note payable, 7.37%, due July 15, 2018		12,032		12,694
Bond payable, variable rate, due October 1, 2037		10,635		10,635
Mortgage note payable, 5.50%		4,000		4,000
Mortgage note payable, 5.00%		5,000		5,000
Total	$	1,184,139	$	1,262,368

12

Entertainment Properties Trust
Capital Structure at September 30, 2009
(Unaudited, dollars in thousands)

Equity

	Shares Issued		Price at
	and		September 30,		Liquidation
Security	Outstanding		2009		Preference		Dividend Rate			Convertible
Common shares		36,514,575	$	34.14		N/A		(1	)		N/A
Series B		3,200,000	$	19.41	$	80,000		7.750	%		N
Series C		5,400,000	$	15.46	$	135,000		5.750	%		Y
Series D		4,600,000	$	18.00	$	115,000		7.375	%		N
Series E		3,450,000	$	21.72	$	86,250		9.000	%		Y

Calculation of Total Market Capitalization:

Common shares outstanding at September 30, 2009 multiplied by closing price at September 30, 2009	$	1,246,608
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 September 30, 2009		1,184,139
Total consolidated market capitalization	$	2,846,997

(1) Quarterly dividend declared in the third quarter of 2009 was $0.65 per share.

13

Entertainment Properties Trust
Summary of Ratios
(Unaudited)

	3rd Quarter 2009			2nd Quarter 2009			1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008			2nd Quarter 2008
Debt to total assets (book value)		46	%		46	%		46	%		48	%		47	%		48	%
Debt to total market capitalization		42	%		52	%		55	%		47	%		35	%		38	%
Debt to total assets (undepreciated)		42	%		43	%		43	%		44	%		43	%		44	%
Debt to Adjusted EBITDA (1)		5.12			5.15			4.99			5.25			5.33			5.47
Secured debt to secured assets (2)		63	%		65	%		59	%		59	%		59	%		61	%
Unencumbered real estate assets to total real estate assets (3)		12	%		12	%		11	%		11	%		10	%		15	%
Interest coverage ratio (4)		3.0			3.2			3.1			3.4			3.6			3.3
Fixed charge coverage ratio (4)		2.1			2.2			2.2			2.4			2.5			2.3
Debt service coverage ratio (4)		2.3			2.3			2.3			2.6			2.8			2.5
FFO payout ratio (5)		-32	%		76	%		77	%		73	%		71	%		78	%
AFFO payout ratio (6)		76	%		76	%		78	%		83	%		82	%		89	%

(1)	Adjusted EBITDA is for the trailing twelve month period. See pages 28 and 29 for definitions.
(2)	Includes line of credit borrowing base assets.
(3)	Total real estate assets includes rental properties, gross, and direct financing lease, net.
(4)	See page 15 for detailed calculation.
(5)	FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6)	AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

14

Entertainment Properties Trust
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)

	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2009			2009			2009			2008			2008			2008
Interest Coverage Ratio:
Net income (loss)	$	(75,362	)	$	25,995		$	24,095		$	34,505		$	35,570		$	30,933
Impairment charge		35,801			—			—			—			—			—
Provision for loan losses		65,757			—			—			—			—			—
Interest expense, gross		19,441			17,697			17,708			19,163			18,028			17,823
Depreciation and amortization		11,921			11,834			12,629			11,646			11,170			10,342
Share-based compensation expense to management and trustees		1,083			1,078			1,077			990			988			991
Costs associated with loan refinancing		—			117			—			—			—			—
Interest cost capitalized		(83	)		(208	)		(226	)		(194	)		(275	)		(196	)
Straight-line rental revenue		(642	)		(584	)		(561	)		(942	)		(1,016	)		(1,067	)
Gain on sale of real estate from discontinued operations		—			—			—			—			—			(119	)
Interest coverage amount	$	57,916		$	55,929		$	54,722		$	65,168		$	64,465		$	58,707
Interest expense, net	$	19,355		$	17,482		$	17,437		$	18,834		$	17,689		$	16,960
Interest income		3			7			45			135			64			667
Interest cost capitalized		83			208			226			194			275			196
Interest expense, gross	$	19,441		$	17,697		$	17,708		$	19,163		$	18,028		$	17,823
Interest coverage ratio		3.0			3.2			3.1			3.4			3.6			3.3
Fixed Charge Coverage Ratio:
Interest coverage amount	$	57,916		$	55,929		$	54,722		$	65,168		$	64,465		$	58,707
Interest expense, gross		19,441			17,697			17,708			19,163			18,028			17,823
Preferred share dividends		7,552			7,552			7,552			7,551			7,552			7,552
Fixed charges	$	26,993		$	25,249		$	25,260		$	26,714		$	25,580		$	25,375
Fixed charge coverage ratio		2.1			2.2			2.2			2.4			2.5			2.3
Debt Service Coverage Ratio:
Interest coverage amount	$	57,916		$	55,929		$	54,722		$	65,168		$	64,465		$	58,707
Interest expense, gross		19,441			17,697			17,708			19,163			18,028			17,823
Recurring principal payments		6,295			6,160			6,124			6,161			5,133			5,933
Debt service	$	25,736		$	23,857		$	23,832		$	25,324		$	23,161		$	23,756
Debt service coverage ratio		2.3			2.3			2.3			2.6			2.8			2.5

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:

	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2009			2009			2009			2008			2008			2008
Net cash provided by operating activities	$	35,849		$	41,696		$	35,321		$	35,879		$	46,874		$	37,439
Equity in income from joint ventures		229			225			219			219			216			245
Distributions from joint ventures		(250	)		(250	)		(243	)		(245	)		(240	)		(291	)
Amortization of deferred financing costs		(1,103	)		(693	)		(756	)		(888	)		(780	)		(822	)
Increase in mortgage notes accrued interest receivable		272			647			(403	)		4,949			5,735			4,991
Decrease in restricted cash		818			(1,125	)		(1,008	)		1,510			(48	)		(962	)
Decrease (increase) in accounts receivable		989			(4,084	)		118			1,394			(737	)		1,818
Decrease (increase) in notes and accrued interest receivable		21			(272	)		(284	)		195			(713	)		333
Increase in direct financing lease receivable		939			942			914			922			877			486
Increase in other assets		(248	)		2,286			2,523			(822	)		737			373
Decrease in accounts payable and accrued liabilities		939			(701	)		731			1,983			2			(1,272	)
Decrease in unearned rents		745			353			669			2,045			(4,195	)		(191	)
Straight-line rental revenue		(642	)		(584	)		(561	)		(942	)		(1,016	)		(1,067	)
Interest expense, gross		19,441			17,697			17,708			19,163			18,028			17,823
Interest cost capitalized		(83	)		(208	)		(226	)		(194	)		(275	)		(196	)
Interest coverage amount	$	57,916		$	55,929		$	54,722		$	65,168		$	64,465		$	58,707

16

Entertainment Properties Trust
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)

2009 Capital Spending:

		Capital Spending		Capital Spending
		Three Months Ended		Nine Months Ended
Description	Location	September 30, 2009		September 30, 2009
Development of Schlitterbahn Vacation Village	Kansas City, KS	$	1,201	$	28,968
Additions to the Toronto Dundas Square Project mortgage note receivable	Toronto, Ontario		3,819		4,587
Development of custom crush facility	Sonoma County, CA		2,754		6,847
Development of entertainment retail center	Suffolk, VA		568		4,275
Development of additional gross leasable area	Ontario, Canada		309		2,238
Development at Rb Winery	Hopland, CA		709		3,136
Development of theatre	Glendora, CA		—		1,004
Investment in Rb Wine Promissory Note	Hopland, CA		250		1,360
Investment in Sapphire Wines Promissory Note	Pasa Robles, CA		—		2,748
Investment in Muvico tenant improvements	various		1,478		1,677
Capitalized building improvements	various		189		1,456
Other capital acquisitions	various		84		245
Total capital spending		$	11,361	$	58,541

2009 Dispositions:

Description Location Cash Received Gain (Loss)

No dispositions occurred during the three or nine months ended September 30, 2009

17

Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended September 30, 2009
(Unaudited, dollars in thousands)

							Public									Waterpark/
							Charter			Vineyards and			Metropolitan			Concord
	Theatres			Retail			Schools			Wineries			Ski Areas			Development			Subtotal			Unallocated				Consolidated
Rental revenue	$	39,203		$	7,884		$	—		$	3,899		$	311		$	—		$	51,297		$	—		$	51,297
Tenant reimbursements		1,708			3,026			—			—			—			—			4,734			—			4,734
Other income		23			323			—						—			—			346			95			441
Mortgage and other financing income		142			57			5,293			46			3,318			2,794			11,650			—			11,650
Total revenue		41,076			11,290			5,293			3,945			3,629			2,794			68,027			95			68,122
Property operating expense		2,538			4,168			—			2			—			—			6,708			—			6,708
Other expense		—			390			—			224			—			—			614			—			614
Total investment expenses		2,538			4,558			—			226			—			—			7,322			—			7,322
General and administrative expense		—			—			—			—			—			—			—			3,557			3,557
Provision for loan losses		—			—			—			—			—			—			—			65,757			65,757
Impairment charge		—			—			—			—			—			—			—			35,801			35,801
EBITDA	$	38,538		$	6,732		$	5,293		$	3,719		$	3,629		$	2,794		$	60,705		$	(105,020	)	$	(44,315	)
		64	%		11	%		9	%		6	%		6	%		4	%		100	%
	75%
Add: provision for loan losses																							65,757			65,757
Add: impairment charge																							35,801			35,801
Adjusted EBITDA																									$	57,243
Reconciliation to Consolidated Statements of Income:
Provision for loan losses																							(65,757	)		(65,757	)
Impairment charge																							(35,801	)		(35,801	)
Interest expense, net																							(19,355	)		(19,355	)
Depreciation and amortization																							(11,921	)		(11,921	)
Equity in income from joint ventures																							229			229
Net income (loss)																										(75,362	)
Noncontrolling interests																							16,071			16,071
Preferred dividend requirements																							(7,552	)		(7,552	)
Net income (loss) available to common shareholders																									$	(66,843	)

18

Entertainment Properties Trust
Financial Information by Asset Type
For the Nine Months Ended September 30, 2009
(Unaudited, dollars in thousands)

							Public									Waterpark/
							Charter			Vineyards and			Metropolitan			Concord
	Theatres			Retail			Schools			Wineries			Ski Areas			Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	116,219		$	23,144		$	—		$	11,919		$	933		$	—		$	152,215		$	—		$	152,215
Tenant reimbursements		4,894			8,733			—			—			—			—			13,627			—			13,627
Other income		70			1,339			—			26			—			—			1,435			875			2,310
Mortgage and other financing income		1,886			153			15,328			475			9,896			5,654			33,392			—			33,392
Total revenue		123,069			33,369			15,328			12,420			10,829			5,654			200,669			875			201,544
Property operating expense		6,899			14,171			—			38			—			—			21,108			—			21,108
Other expense		—			1,427			—			660			—			—			2,087			—			2,087
Total investment expenses		6,899			15,598			—			698			—			—			23,195			—			23,195
General and administrative expense					—			—			—			—			—			—			11,961			11,961
Provision for loan losses																							65,757			65,757
Impairment charge																							35,801			35,801
EBITDA	$	116,170		$	17,771		$	15,328		$	11,722		$	10,829		$	5,654		$	177,474		$	(112,644	)	$	64,830
		65	%		10	%		9	%		7	%		6	%		3	%		100	%
	75%
Add: provision for loan losses																							65,757			65,757
Add: impairment charge																							35,801			35,801
Adjusted EBITDA																									$	166,388
Reconciliation to Consolidated Statements of Income:
Impairment charge																							(35,801	)		(35,801	)
Provision for loan losses																							(65,757	)		(65,757	)
Interest expense, net																							(54,274	)		(54,274	)
Costs associated with loan refinancing																							(117	)		(117	)
Depreciation and amortization																							(36,383	)		(36,383	)
Equity in income from joint ventures																							673			673
Net income (loss)																										(25,271	)
Noncontrolling interests																							19,014			19,014
Preferred dividend requirements																							(22,655	)		(22,655	)
Net income (loss) available to common shareholders																									$	(28,912	)

19

Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended September 30, 2008
(Unaudited, dollars in thousands)

							Public									Waterpark/
							Charter			Vineyards and			Metropolitan			Concord
	Theatres			Retail			Schools			Wineries			Ski Areas			Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	36,847		$	10,714		$	—		$	4,270		$	308		$	—		$	52,139		$	—		$	52,139
Tenant reimbursements		3,563			1,686			—			—			—			—			5,249			—			5,249
Other income		24			428			—			3			—			—			455			5			460
Mortgage and other financing income		5,345			123			4,960			114			3,127			3,456			17,125			—			17,125
Total revenue		45,779			12,951			4,960			4,387			3,435			3,456			74,968			5			74,973
Property operating expense		1,197			5,377			36			2			—			—			6,612			—			6,612
Other expense		—			430			—						—			—			430			—			430
Total investment expenses		1,197			5,807			36			2			—			—			7,042			—			7,042
General and administrative expense		—			—			—			—			—			—			—			3,718			3,718
EBITDA/Adjusted EBITDA	$	44,582		$	7,144		$	4,924		$	4,385		$	3,435		$	3,456		$	67,926		$	(3,713	)	$	64,213
		66	%		10	%		7	%		7	%		5	%		5	%		100	%
	76%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																							(17,689	)		(17,689	)
Depreciation and amortization																							(11,170	)		(11,170	)
Equity in income from joint ventures																							216			216
Net income																										35,570
Noncontrolling interests																							488			488
Preferred dividend requirements																							(7,552	)		(7,552	)
Net income available to common shareholders																									$	28,506

20

Entertainment Properties Trust
Financial Information by Asset Type
For the Nine Months Ended September 30, 2008

(Unaudited, dollars in thousands)

							Public									Waterpark/
							Charter			Vineyards and			Metropolitan			Concord
	Theatres			Retail			Schools			Wineries			Ski Areas			Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	113,960		$	28,481		$	—		$	7,839		$	921		$	—		$	151,201		$	—		$	151,201
Tenant reimbursements		11,093			5,021			—			—			—			—			16,114			—			16,114
Other income		70			1,584			—			3			—			—			1,657						1,657
Mortgage and other financing income		15,934			343			7,837			338			9,165			6,992			40,609			—			40,609
Total revenue		141,057			35,429			7,837			8,180			10,086			6,992			209,581			—			209,581
Property operating expense		6,170			13,699			74			4			—			—			19,947			—			19,947
Other expense		—			1,478			—						—			—			1,478			504			1,982
Total investment expenses		6,170			15,177			74			4			—			—			21,425			—			21,929
General and administrative expense		—			—			—			—			—			—			—			12,070			12,070
EBITDA/Adjusted EBITDA	$	134,887		$	20,252		$	7,763		$	8,176		$	10,086		$	6,992		$	188,156		$	(12,070	)	$	175,582
		72	%		11	%		4	%		4	%		5	%		4	%		100	%
	83%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																							(52,117	)		(52,117	)
Depreciation and amortization																							(32,184	)		(32,184	)
Equity in income from joint ventures																							1,743			1,743
Income from continuing operations																										93,024
Discontinued operations:
Loss from discontinued operations																							(27	)		(27	)
Gain on sale of real estate																							119			119
Net income																										93,116
Noncontrolling interests																							1,474			1,474
Preferred dividend requirements																							(20,714	)		(20,714	)
Net income available to common shareholders																									$	73,876

21

Entertainment Properties Trust
Investment Information by Asset Type
As of September 30, 2009 and December 31, 2008
(Unaudited, dollars in thousands)

	As of September 30, 2009
				Public			Vineyards						Waterpark/
	Retail/			Charter			and			Metropolitan			Concord
	Theatres			Schools			Wineries			Ski Areas			Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,519,287		$	—		$	194,952		$	11,897		$	—		$	1,726,136
Add back accumulated depreciation on rental properties		237,252			—			9,063			1,110			—			247,425
Property under development		12,064			—			8,511			—			—			20,575
Mortgage notes and related accrued interest receivable, net		86,878			—			—			134,774			296,417			518,069
Investment in direct financing leases		—			168,884			—			—			—			168,884
Investment in joint ventures		2,435			—			—			—			—			2,435
Intangible assets, net of accumulated amortization		6,908			—			—			—			—			6,908
Add back accumulated amortization on intangible assets		6,473			—			—			—			—			6,473
Notes receivable and related accrued interest receivable, net		2,159			3,750			6,486			—			—			12,395
Total investments	$	1,873,456		$	172,634		$	219,012		$	147,781		$	296,417		$	2,709,300
% of total investments		69	%		6	%		8	%		6	%		11	%		100	%

	As of December 31, 2008
				Public			Vineyards						Waterpark/
	Retail/			Charter			and			Metropolitan			Concord
	Theatres			Schools			Wineries			Ski Areas			Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,533,929		$	—		$	188,969		$	12,128		$	—		$	1,735,026
Add back accumulated depreciation on rental properties		208,504			—			4,695			879			—			214,078
Property under development		21,916			—			8,919			—			—			30,835
Mortgage notes and related accrued interest receivable, net		106,940			—			—			132,468			269,098			508,506
Investment in direct financing leases		—			166,089			—			—			—			166,089
Investment in joint ventures		2,493			—			—			—			—			2,493
Intangible assets, net of accumulated amortization		12,400			—			—			—			—			12,400
Add back accumulated amortization on intangible assets		7,077			—			—			—			—			7,077
Notes receivable and related accrued interest receivable, net		31,440			3,785			5,113			—			—			40,338
Total investments	$	1,924,699		$	169,874		$	207,696		$	145,475		$	269,098		$	2,716,842
% of total investments		71	%		6	%		8	%		5	%		10	%		100	%

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Entertainment Properties Trust
Lease Expirations Excluding Non-Theatre Retail
As of September 30, 2009
(Unaudited, dollars in thousands)

	Megaplex Theatres							Public Charter Schools							Vineyards and Wineries
			Rental							Financing		% of					Rental
			Revenue for the							Income for the		Mortgage					Revenue for the
	Total		Trailing Twelve					Total		Trailing Twelve		and			Total		Trailing Twelve
	Number		Months Ended		% of			Number		Months Ended		other			Number		Months Ended		% of
	of Leases		September 30,		Rental			of Leases		September 30,		financing			of Leases		September 30,		Rental
Year	Expiring		2009		Revenue			Expiring		2009		income			Expiring		2009		Revenue
2009		—	$	—		0	%		—	$	—		—			—	$	—		0	%
2010		4		11,362		6	%		—		—		—			—		—		0	%
2011		4		9,479		5	%		—		—		—			—		—		0	%
2012		3		6,551		3	%		—		—		—			—		—		0	%
2013		4		14,200		7	%		—		—		—			—		—		0	%
2014		—		—		0	%		—		—		—			—		—		0	%
2015		—		—		0	%		—		—		—			—		—		0	%
2016		2		3,200		2	%		—		—		—			—		—		0	%
2017		3		4,583		2	%		—		—		—			2		5,045		3	%
2018		6		12,977		6	%		—		—		—			5		10,232		5	%
2019		7		19,043		9	%		—		—		—			—		—		0	%
2020		7		7,978		4	%		—		—		—			—		—		0	%
2021		3		5,886		3	%		—		—		—			—		—		0	%
2022		9		15,723		8	%		—		—		—			—		—		0	%
2023		1		1,254		1	%		—		—		—			—		—		0	%
2024		9		16,599		8	%		—		—		—			—		—		0	%
2025		7		12,276		6	%		—		—		—			—		—		0	%
2026		5		7,175		4	%		—		—		—			—		—		0	%
2027		3		3,939		2	%		—		—		—			—		—		0	%
2028		1		974		0	%		—		—		—			—		—		0	%
Thereafter		—		—		0	%		22		16,300		31	%		—		—		0	%
		78	$	153,199		75	%		22	$	16,300		31	%		7	$	15,277		8	%

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

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Entertainment Properties Trust
Top Ten Customers by Revenue
(Unaudited, dollars in thousands)

		Total					Total
		Revenue					Revenue
		For The					For The
		Three Months					Nine Months
		Ended		Percentage			Ended		Percentage
		September 30,		of Total			September 30,		of Total
Customers	Asset Type	2009		Revenue			2009		Revenue
1. American Multi-Cinema, Inc.	Retail/Theatres	$	25,362		37	%	$	76,487		38	%
2. Imagine Schools, Inc.	Public Charter Schools		5,059		8	%		15,094		8	%
3. Peak Resorts, Inc.	Metropolitan Ski Areas		3,629		5	%		10,829		5	%
4. Rave Motion Pictures	Retail/Theatres		3,577		5	%		10,692		5	%
5. Regal Cinemas, Inc.	Retail/Theatres		3,535		5	%		10,569		5	%
6. Southern Theatres, LLC	Retail/Theatres		2,712		4	%		8,238		4	%
7. Ascentia Wine Estates, LLC	Vineyards and Wineries		2,501		4	%		7,504		4	%
8. SVVI, LLC	Waterparks		2,818		4	%		5,697		3	%
9. Muvico Entertainment, LLC	Retail/Theatres		934		2	%		3,802		2	%
10. Rb Wine Associates, LLC	Vineyards and Wineries		762		1	%		2,197		1	%
Total		$	50,889		75	%	$	151,109		75	%

24

Entertainment Properties Trust
Mortgage Notes Receivable
(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	September 30, 2009			December 31, 2008
Mortgage note and related accrued interest receivable, LIBOR plus 3.50%, due on demand	$	—		$	3,651
Mortgage note and related accrued interest receivable, 10.00%, due April 2, 2010		32,041			29,735
Mortgage note and related accrued interest receivable, net 15.00%, due June 2, 2010-May 31, 2013 (1)		121,996			103,289
Mortgage note and related accrued interest receivable, 9.00%, due September 10, 2010 (1)		133,119			134,150
Mortgage notes and related accrued interest receivable, 7.00%, due May 1, 2019		163,298			134,948
Mortgage note, 9.53%, due March 10, 2027		8,000			8,000
Mortgage notes, 10.15%, due April 3, 2027		62,500			62,500
Mortgage note, 9.40%, due October 30, 2027		32,233			32,233
Total mortgage notes and related accrued interest receivable	$	553,187		$	508,506
Less: loan loss reserves		(35,118	)		—
Total mortgage notes and related accrued interest receivable, net	$	518,069		$	508,506

(1) Mortgage note receivable is impaired as of September 30, 2009. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Mortgage Notes Receivable

	As of September 30, 2009
Year:
2009	$	—
2010		165,159	(2)
2011		—
2012		—
2013		—
Thereafter		266,031
Total	$	431,190

Note: the above schedule excludes the $86.9 million U.S. ($93.0 million Canadian) mortgage note receivable, net related to the Toronto Dundas Square Project that is in receivership.

(2) Includes $32.0 million (including accrued interest) related to a mortgage note receivable that is secured by development land at Mount Snow. The borrower has the option to roll this note into another mortgage note (including the collateral) secured by Mount Snow that is due in 2027.

25

Entertainment Properties Trust
Notes Receivable
(Unaudited, dollars in thousands)

Summary of Notes Receivable

	September 30, 2009			December 31, 2008
Note and related accrued interest receivable, 10.00%, due February 28, 2009 (1)	$	10,000		$	10,083
Note and related accrued interest receivable, 10.00%, due March 1, 2009 (1)		10,000			10,083
Note and related accrued interest receivable, LIBOR + 3.50%, due March 1, 2009		—			1,005
Note and related accrued interest receivable, 15.00%, due November 1, 2009 (1)		3,000			—
Revolving credit facility and related accrued interest receivable, 15.00%, due January 1, 2010		1,413			—
Note and related accrued interest receivable, 9.23%, due August 31, 2012 (1)		3,751			3,785
Note and related accrued interest receivable, 12.00%, due April 1, 2013 (1)		5,073			5,113
Note and related accrued interest receivable, 10.00%, due May 8, 2017 (1)		10,000			10,083
Other		158			186
Total notes and related accrued interest receivable	$	43,395		$	40,338
Less: Loan loss reserves		(31,000	)		—
Total notes and related accrued interest receivable, net	$	12,395		$	40,338

(1) Note receivable is impaired as of September 30, 2009. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Notes Receivable

	As of September 30, 2009
Year:
2009	$	23,000
2010		1,413
2011		—
2012		3,751
2013		5,231
Thereafter		10,000
Total	$	43,395
��

26

Entertainment Properties Trust
Summary of Unconsolidated Joint Ventures
As of and for the Nine Months Ended September 30, 2009
(Unaudited, dollars in thousands)

Atlantic EPR-I

EPR investment interest: 21.7%
Income recognized for the nine months ended September 30, 2009: $421
Distributions received for the nine months ended September 30, 2009: $465

Unaudited condensed financial information for Atlantic-EPR I is as follows as of and for the nine months ended September 30, 2009 and 2008:

	2009		2008
Rental properties, net	$	27,474	$	28,118
Cash		141		510
Long-term debt (due May 2010)		15,109		15,515
Partners’ equity		12,412		12,646
Rental revenue		3,324		3,302
Net income		1,825		1,793

Atlantic EPR-II

EPR investment interest: 21.8%
Income recognized for the nine months ended September 30, 2009: $252
Distributions received for the nine months ended September 30, 2009: $279

Unaudited condensed financial information for Atlantic-EPR II is as follows as of and for the nine months ended September 30, 2009 and 2008:

	2009		2008
Rental properties, net	$	21,613	$	22,074
Cash		157		100
Long-term debt (due September 2013)		13,035		13,360
Note payable to Entertainment Properties Trust		117		117
Partners’ equity		8,351		8,496
Rental revenue		2,154		2,083
Net income		1,013		997

27

Entertainment Properties Trust
Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management utilizes EBITDA in its analysis of the business and operations of the Company because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income plus interest expense (net), depreciation and amortization, gain or loss on sale of real estate, noncontrolling interests, equity in income from joint ventures and discontinued operations. Adjusted EBITDA is presented to add back the effect of non-cash impairment charges and the provision for loan losses. 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. 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 and provision for loan losses, non-real estate depreciation and amortization, deferred financing fees amortization, costs associated with loan refinancing and share-based compensation expense to management and trustees; subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue and the non-cash portion of mortgage and other financing income. AFFO is a 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

28

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, interest expense, gross, depreciation and amortization, share-based compensation expense to management and trustee and costs associated with loan refinancing; subtracting interest cost capitalized, straight-line revenue, and gain on sale of real estate from discontinued operations. We calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. We consider the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations. 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. 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. 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.

29