EXHIBIT 99.1


PRESS RELEASE


FOR IMMEDIATE RELEASE

CONTACT: Jonathan B. Weis
Director of Corporate Communications
Entertainment Properties Trust
(816) 472-1700

Joe Keenan, Sturges & Word Inc.
(816) 221-7500



ENTERTAINMENT PROPERTIES TRUST ANNOUNCES
FIRST QUARTERLY DIVIDEND FOLLOWING SUCCESSFUL IPO

KANSAS CITY, MO. (December 18, 1997) Entertainment
Properties Trust (EPR:NYSE), a Real Estate Investment Trust
(REIT) that owns entertainment-related properties, announced
today that its Board of Trustees has approved a quarterly cash
dividend of $2.5 million, or $0.18 per share. The dividend
amount represents an 8.2 percent yield on the initial public
offering price of $20 per share which is consistent with the
company's forecast. It is for the period from November 18, 1997,
the date the initial public offering was completed, through
December 31, 1997, and represents the pro rata portion of what
the trust expects to be a $1.60 annual dividend. The record date
for the dividend is December 29, 1997. The dividend is payable
January 12, 1998, to shareholders of record.

Entertainment Properties Trust recently completed an initial
public offering which raised a total of $276 million for the
company. The company is using the proceeds to purchase megaplex
movie theaters and destination entertainment centers which will
then be leased to theatrical exhibition companies and other
entertainment operators.

Entertainment Properties Trust is a unique REIT focusing on
the entertainment industry. The company's common stock is traded
on the New York Stock Exchange under the ticker symbol EPR.

With the exception of historical information, the matters
discussed in this press release involve forward-looking
statements as such statements are defined in the Private
Securities Litigation Reform Act of 1995, and which may be
identified by such words as "continue," "believe," "may,"
"expect," "hope," "anticipate," "goal," or other comparable
terminology. Such forward-looking statements involve risk and
uncertainties which include, but are not limited to, the
Company's need to diversify its client base, increased
competition from other REITs, the dependence on key personnel and
other risks. Actual results may differ from those indicated in
such forward-looking statements. In evaluating such factors,
shareholders and investors are cautioned not to place undue
reliance on such forward-looking statements. In addition to the
above factors, shareholders and investors are encouraged to
review the factors set forth in the Company's prospectus dated
November 18, 1997.