EXH. 99 PRESS RELEASE

Exhbiit 99


ENTERTAINMENT PROPERTIES REPORTS RECORD FIRST QUARTER RESULTS

Kansas City, MO, May 5, 2004, -- Entertainment Properties Trust (NYSE:EPR),
today reported financial results for the first quarter ended March 31, 2004. The
Company reported record first quarter revenues, net income and funds from
operations (FFO).

Total revenues increased 31% to $27.6 million for the first quarter of 2004 as
compared to $21.0 million for the same quarter in 2003. Net income available to
common shareholders increased 37% to $10 million as compared to $7.3 million in
the same quarter last year. Net income on a diluted per share basis increased
17% to $0.49 per share from $0.42 per share in the same quarter last year.

FFO on a fully diluted basis increased 36% to $15.5 million from $11.3 million
for the same quarter last year. Fully diluted FFO per share increased 18% to
$0.73 per share from $0.62 per share for the same quarter last year.

As previously announced, the Company's Board of Trustees declared a cash
dividend of $0.5625 per common share for the first quarter, payable on April 15,
2004 to shareholders of record on March 31, 2004. This represents an annual rate
of $2.25 per common share representing an increase of 12.5% compared to the
previous year. This was the Company's sixth consecutive annual dividend increase
since its first full year of operations in 1998. The Company's Board of Trustees
also declared a regular quarterly dividend of $0.59375 per series A Cumulative
Redeemable Preferred Share for the first quarter, payable on April 15, 2004 to
shareholders of record on March 31, 2004.


Earnings Guidance

Based on the Company's investment and financing activity, management is raising
its previously issued 2004 FFO guidance to a range of $3.05 to $3.15 per diluted
share from the previous range of $3.00 - $3.10 per diluted share. The increase
in guidance takes into account management's expectations for the timing of
additional real estate investments during the year, the addition of
straight-line rents associated with the recently acquired Entertainment Retail
Centers and the costs of debt facility changes.


Investment Activity

As previously announced the Company completed approximately $219 million in real
estate acquisitions during the first quarter. In March 2004, the Company
acquired four Megaplex theatre anchored retail centers in Canada which include
approximately 890,000 square feet of retail and entertainment space. On March
30, 2004, the Company completed the acquisition of three megaplex theatres in a
sale leaseback transaction with American Multi-Cinema (AMC). The theatres are
leased to AMC under 20 year triple-net leases.


Financing Activity

On March 29, 2004 the Company completed an amendment to its existing secured
revolving credit facility with Fleet Bank. Significant changes under the amended
facility include an increase to $150 million, extension of the term of the
facility to three years plus a one year extension, and improved pricing based on
LIBOR plus a grid-range of 175 basis points to 250 basis points. The amended
facility is syndicated to a group of nine lenders. At March 31, 2004 the Company
had $20 million outstanding under the Fleet Bank facility.

During April the Company repaid and terminated its $75 million secured credit
facility with iStar Financial. As a result of terminating the iStar facility the
Company will record a non-cash charge in the second quarter of approximately
$730,000 representing the write-off of deferred loan fees related to the
facility and a pre-payment charge of approximately $400,000. Proceeds from
borrowings under the amended Fleet credit facility were used to repay the iStar
facility. As of March 31, 2004, the Company had $20 million outstanding under
the iStar facility.

On March 1, 2004 we completed our second general partnership joint venture with
Atlantic of Hamburg, Germany. The Company contributed the AMC Tampa Veterans 24
screen theatre together with a related $14.6 million mortgage loan to the
partnership in exchange for a 20% interest in the partnership and $8.2 million
in cash. The Company originally


purchased the AMC Tampa Veterans theatre in 2003. The Company accounts for its
interest in the joint venture under the equity method of accounting.

On March 29, 2004 the Company obtained an unsecured $64.2 million term loan for
the purpose of acquiring three theatres in a sale-leaseback transaction with
AMC. Royal Bank of Canada and JP Morgan Chase Bank were Co-lenders in the
acquisition term loan facility. As of March 31, 2004 the $64.2 million term loan
was outstanding and included in the Company's total debt.

On April 20, 2004, the Company completed the sale of 2,250,000 common shares in
a public offering priced to the public at $33.00 per share. The underwriters
subsequently exercised the over-allotment option of 337,500 shares for a total
issuance of 2,587,500 shares. Of the total $81.7 million in net proceeds, $64.2
million was used to repay the unsecured acquisition related term loan debt and
the remainder was used to pay down borrowings under the amended Fleet credit
facility.

In conjunction with the Canadian property acquisitions completed for
approximately $152 million in March 2004, approximately USD$27 million of the
purchase price was paid in the form of 747,243 restricted common shares of EPR
valued at USD$36.25 per share. In addition, the Company received Canadian-dollar
non-recourse fixed rate loans provided by GMAC commercial mortgage of Canada,
Limited, in the aggregate amount of approximately USD$97 million.


ENTERTAINMENT PROPERTIES TRUST
Unaudited Financial Data
(in thousands except per share data)