EXHIBIT 99.3


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
YEAR-END RESULTS ABOVE ANALYST EXPECTATIONS

KANSAS CITY, MO. (January 22, 1998) Entertainment
Properties Trust (EPR:NYSE), a Real Estate Investment Trust
(REIT) that owns entertainment-related properties, reported today
total income (rental income and interest income) of $2,473,766
for the period from November_18, 1997, the date the company's
initial public offering was completed, through December 31, 1997.
The company also reported net income during that same period of
$1,441,911 which represents net income of $.22 per share on a
full quarter equivalent basis ($.10 cents per share for the
44-day period of operations).

The company's funds from operations (FFO) for the same
period were $2,109,420 which represents $.33 per share on a full
quarter equivalent basis ($.15 per share for the 44-day period of
operations), more than 17 percent above the First Call composite
forecast for the company.

"We are delighted to have completed our first quarter as a
publicly-traded company with such strong results," President
Robert "Chip" Harris said. "Our earnings reflect the early
purchase of the AMC Leawood Town Center 20 megaplex in December
and effective management of our general and administrative
costs."

Entertainment Properties Trust was organized as a REIT in
August 1997 and raised a total of $276 million through a public
offering in November. December was the company's first full
month of operations as a fully capitalized company.

The company paid its first quarterly cash dividend of $2.5
million, or $.18 per share, earlier this month. The pro rata
dividend amount represented an 8.0 percent yield for the stub
period on the initial public offering price of $20 per share,
which is consistent with the company's forecast.
Entertainment Properties Trust is a Real Estate Investment
Trust whose principal business strategy is to acquire and develop
a diversified portfolio of high-quality properties leased to
major entertainment-related business operators. The company's
common stock is traded on the New York Stock Exchange under the
ticker symbol EPR.

Other than historical information, this press release may include
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995 and identified by words such as
"continue," "believe," "may," "hope," "anticipate," "goal,"
"forecast" or comparable terms. The Company's actual financial
condition, results of operations or business may vary materially
from those contemplated by such forward-looking statements and
involve various risks and uncertainties, including the Company's
initial dependence on a single tenant and lease guarantor for its
revenues and ability to make distributions, potential conflicts
of interest, competition from other entities providing capital to
the entertainment industry, dependence on key personnel,
operating risks in the entertainment industry that may affect the
operations of the Company's tenants, tax risks, interest rates
and availability of debt financing, real estate investment risks
and other risks and uncertainties. Investors are cautioned not
to place undue reliance on such forward-looking statements, and
are encouraged to review the risk factors identified in the
company's prospectus dated November 18, 1997, and in the
Company's reports filed with the Securities and Exchange
Commission.