NOTICE OF GUARANTEED DELIVERY

NOTICE OF GUARANTEED DELIVERY

FOR

TENDER OF COMMON SHARES OF BENEFICIAL INTEREST

OF

ENTERTAINMENT PROPERTIES TRUST
TO

BRT REALTY TRUST

This form or one substantially equivalent to this form, must be used to
accept the Offer (as defined below) if a shareholder's certificates for common
shares of beneficial interest, par value $0.01 per share (the "Shares") of
Entertainment Properties Trust, are not immediately available or time will not
permit the Letter of Transmittal and other required documents to be delivered to
the Depositary on or before 5:00 p.m., New York City time, Tuesday, May 15,
2001, or such later date to which the Offer is extended (the "Expiration Date").
This form may be delivered by hand or transmitted by facsimile, telegram or
mailed to the Depositary, and must be received by the Depositary on or before
the Expiration Date. See Section 2, "Procedure for Tendering Shares," of the
Offer to Purchase.

The Depositary for the Offer is:

AMERICAN STOCK TRANSFER & TRUST COMPANY
Facsimile Copy Number: 718-234-5001
Confirm by Telephone: 718-921-8200

By First Class Mail, by Overnight Courier, By Hand:

American Stock Transfer and Trust Company
59 Maiden Lane
New York, NY 10038

DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET
FORTH ABOVE OR TRANSMISSION VIA A FACSIMILE NUMBER OTHER THAN ONE LISTED ABOVE
DOES NOT CONSTITUTE A VALID DELIVERY

Ladies and Gentlemen:

The undersigned hereby tenders to BRT Realty Trust (the "Purchaser"), upon
the terms and subject to the conditions set forth Offer to Purchase, dated April
10, 2001 ("Offer to Purchase") and the related Letter of Transmittal (which
together constitute the "Offer"), receipt of which is hereby acknowledged, the
number of Shares set forth on the reverse side pursuant to the guaranteed
delivery procedures set forth in Section 2, "Procedure for Tendering Shares," of
the Offer to Purchase.

Number of Shares Tendered:
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Certificate Nos. (if available):

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If Shares will be tendered by book-entry transfer, check box:

[ ] The Depository Trust Company

Account Number:

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Name(s)of Record Holder(s):

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Address:

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Area Code and Telephone Number:

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Taxpayer Identification (Social Security) Number:

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Dated:
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Signature(s)

2

GUARANTEE

The undersigned, a member firm of a registered national securities
exchange, a member of the National Association of Securities Dealers, Inc., or a
commercial bank or trust company having an office, branch, or agency in the
United States, hereby guarantees (a) that the above named person(s) "own(s)" the
Shares tendered hereby within the meaning of Rule 14e-4 under the Securities
Exchange Act of 1934, (b) that such tender of Shares complies with Rule 14e-4
and (c) to deliver to the Depositary the Shares tendered hereby, together with a
properly completed and duly executed Letter(s) of Transmittal and certificates
for the Shares to be tendered or an Agent's Message (as defined in the Offer to
Purchase) in the case of a book-entry delivery, and any other required
documents, all within three NYSE trading days of the date hereof.