February 28, 2011 - SUPPLEMENTAL OPERATING AND FINANCIAL DATA - 8-K: Current report

Exhibit 99.2

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Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2010

Entertainment Properties Trust

Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2010

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		16
Capital Spending and Disposition Summaries		19
Financial and Investment Information by Asset Type		20
Lease Expirations Excluding Non-Theatre Retail		26
Top Ten Customers by Revenue		27
Summary of Mortgage Notes Receivable		28
Summary of Notes Receivable		29
Summary of Unconsolidated Joint Ventures		30
Definitions		31

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of 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”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “anticipates,” “estimates,” “offers,” “plans” “would,” “may” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. In addition, references to our budgeted amounts and guidance 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 “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, 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 hereof 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 pages 31 and 32 for definitions of certain non-GAAP financial measures used in this document.

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 a leading specialty real estate investment trust with an investment portfolio that includes megaplex theatres and adjacent retail, public charter schools and other destination recreational and specialty investments.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) and dividends per share. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, we will employ moderate leverage. 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.

Following are the key criteria against which our investments are evaluated:

Inflection Opportunity - Renewal or restructuring in an industry’s properties

Enduring Value - Real estate devoted to and improving long-lived activities

Excellent Execution - Market-dominant performance that creates value beyond tenant credit

Attractive Economics - Accretive initial returns along with growth in yield

Advantageous Position - Sustainable competitive advantages

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
909 Walnut, Suite 200		Common Stock:
Kansas City, MO 64106		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.

Entertainment Properties Trust

Selected Financial Information

(Unaudited, dollars and shares in thousands)


	Three Months Ended December 31,				Years Ended December 31,
	2010		2009		2010		2009
Operating Information
Revenue (1)	$	81,636	$	66,593	$	313,064	$	259,111
Net income (loss) available to common shareholders of Entertainment Properties Trust		26,652		6,715		84,668		(22,199	)
Earnings before interest, taxes, depreciation and amortization (EBITDA) - continuing operations (2)		66,075		41,682		248,760		138,846
Earnings before interest, taxes, depreciation and amortization (EBITDA) - discontinued operations (2)		—		1,239		916		(31,096	)
Adjusted EBITDA - continuing operations (2)		66,679		56,401		257,710		219,478
Adjusted EBITDA - discontinued operations (2)		—		1,239		916		4,706
Interest expense, net (1)		19,298		16,702		74,802		65,747
Recurring principal payments		6,501		6,595		27,262		25,174
Capitalized interest		105		83		383		600
Straight-lined rental revenue		642		696		1,883		2,483
Dividends declared on preferred shares		7,551		7,550		30,206		30,206
Dividends declared on common shares		30,253		27,880		118,598		97,073
General and administrative expense (1)		4,430		3,373		18,227		15,169


	December 31,
	2010			2009
Balance Sheet Information
Total assets		2,923,420			2,680,732
Total assets before depreciation (gross assets)		3,220,488			2,939,370
Unencumbered real estate assets (3)
Number		103			45
Gross book value		1,528,521			399,439
Annualized stabilized NOI		147,678			39,471
Total debt		1,191,179			1,141,423
Equity		1,631,258			1,467,957
Common shares outstanding		46,543			42,893
Total market capitalization (using EOP closing price)		3,760,040			3,069,783
Debt/total assets		41	%		43	%
Debt/total market capitalization		32	%		37	%
Debt/gross assets		37	%		39	%
Debt/Adjusted EBITDA (1)(4)		4.47			5.06

(1)	Excludes discontinued operations.

(2)	See pages 31 and 32 for definitions.

(3)	Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and undeveloped land.

(4)	Adjusted EBITDA is for the quarter annualized. See pages 31 and 32 for definitions.

Entertainment Properties Trust

Selected Balance Sheet Information

(Unaudited, dollars in thousands)


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Assets
Rental properties:
Megaplex theatres and other retail	$	2,101,795		$	2,085,187		$	2,069,652		$	2,087,909		$	1,883,386		$	1,756,539
Other		221,896			221,629			221,676			229,894			229,881			217,022
Less: accumulated depreciation		(297,068	)		(286,392	)		(273,286	)		(272,993	)		(258,638	)		(247,425	)
Land held for development		184,457			184,457			184,457			4,457			4,457			4,457
Property under development		5,967			7,671			7,779			9,162			8,272			16,118
Mortgage notes receivable (1)
Waterpark		168,994			168,545			168,545			165,452			163,298			163,298
Concord		—			—			—			133,119			133,119			133,119
Toronto Dundas Square Project		—			—			—			—			90,882			86,878
Metropolitan ski areas		136,410			136,410			136,410			136,409			135,581			134,774
Investment in a direct financing lease, net		226,433			225,187			216,419			215,196			169,850			168,884
Investment in joint ventures		22,010			19,334			19,423			4,356			4,080			2,435
Cash and cash equivalents		11,776			14,860			20,144			21,029			23,138			11,196
Restricted cash		16,279			21,253			16,351			10,770			12,857			15,902
Accounts receivable, net		39,814			36,364			33,483			34,834			30,727			29,147
Notes receivable (1)		5,127			5,152			5,159			7,247			7,898			12,395
Other assets and intangible assets, net		79,530			82,594			84,442			75,664			41,944			48,798

Total Assets	$	2,923,420		$	2,922,251		$	2,910,654		$	2,862,505		$	2,680,732		$	2,553,537

Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	56,488		$	44,673		$	37,190		$	48,375		$	28,411		$	28,608
Common dividends payable		30,253			30,248			30,222			27,875			27,880			23,748
Preferred dividends payable		7,551			7,552			7,552			7,552			7,552			7,552
Unearned rents and interest		6,691			13,148			9,206			5,087			7,509			12,277
Line of credit		142,000			150,000			153,500			107,000			35,000			73,000
Long-term debt		1,049,179			1,052,180			1,055,067			1,201,623			1,106,423			1,111,139

Total Liabilities		1,292,162			1,297,801			1,292,737			1,397,512			1,212,775			1,256,324
Equity:
Common stock and additional paid in capital		1,785,848			1,783,852			1,781,104			1,637,040			1,633,554			1,440,437
Preferred stock at par value		167			167			167			167			167			167
Treasury stock		(39,762	)		(39,069	)		(36,812	)		(36,804	)		(29,968	)		(27,698	)
Loans to shareholders		—			(281	)		(281	)		(281	)		(1,925	)		(1,925	)
Accumulated other comprehensive income		38,842			29,988			21,188			24,027			18,961			16,985
Distributions in excess of net income		(181,856	)		(178,255	)		(175,463	)		(153,278	)		(147,927	)		(126,760	)

Entertainment Properties Trust shareholders’ equity		1,603,239			1,596,402			1,589,903			1,470,871			1,472,862			1,301,206

Noncontrolling interests		28,019			28,048			28,014			(5,878	)		(4,905	)		(3,993	)
Total Equity		1,631,258			1,624,450			1,617,917			1,464,993			1,467,957			1,297,213

Total Liabilities and equity	$	2,923,420		$	2,922,251		$	2,910,654		$	2,862,505		$	2,680,732		$	2,553,537

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

Entertainment Properties Trust

Selected Operating Data

(Unaudited, dollars in thousands)


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Rental revenue and tenant reimbursements:
Theatres and adjacent retail	$	64,290		$	63,643		$	60,370		$	55,602		$	49,899		$	49,067
Vineyards and wineries		3,620			3,491			3,818			4,138			4,194			3,899
Metropolitan ski areas		316			315			315			315			312			311
Mortgage and other financing income:
Public charter schools (1)		6,872			6,604			6,567			6,208			5,203			5,293
Metropolitan ski areas		3,410			3,398			3,398			3,358			3,338			3,318
Waterpark		2,940			2,940			2,902			2,850			2,824			2,794
Other		136			358			146			176			242			245
Other income		52			235			45			236			581			441

Total revenue	$	81,636		$	80,984		$	77,561		$	72,883		$	66,593		$	65,368
Property operating expense		10,094			9,622			8,985			7,128			6,382			5,423
Other expense		433			384			143			337			437			587
General and administrative expense		4,430			4,076			4,633			5,089			3,373			3,511
Costs associated with loan refinancing		—			—			15,247			—			—			—
Interest expense, net		19,298			19,274			18,726			17,504			16,702			17,595
Transaction costs		141			11			111			7,524			3,165			40
Provision for loan losses		—			—			—			700			5,197			65,757
Impairment charges		463			—			—			—			6,357			—
Depreciation and amortization		13,933			13,464			13,004			11,697			10,515			10,868
Equity in income from joint ventures		776			706			423			233			222			229
Gain on acquisition		555			—			—			8,468			—			—

Income (loss) from continuing operations		34,175			34,859			17,135		$	31,605		$	14,687		$	(38,184	)
Loss from discontinued operations		—			(14	)		(1,453	)		(2,514	)		(1,321	)		(37,178	)
Gain (loss) on sale of real estate from discontinued operations		—			198			(934	)		—			—			—

Net income (loss)		34,175			35,043			14,748			29,091			13,366			(75,362	)
Net loss (income) attributable to noncontrolling interests		28			(34	)		840			984			899			16,071
Preferred dividend requirements		(7,551	)		(7,552	)		(7,552	)		(7,552	)		(7,550	)		(7,552	)

Net income (loss) available to common shareholders of Entertainment Properties Trust		26,652			27,457			8,036		$	22,523		$	6,715		$	(66,843	)

(1)	Represents income from owned assets under a direct financing lease and one note receivable.

Entertainment Propertiest Trust

Funds From Operations

(Unaudited, dollars in thousands except per share information)


	4th Quarter 2010		3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Funds From Operations (“FFO”) (1):
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	26,652	$	27,457		$	8,036		$	22,523		$	6,715		$	(66,843	)
Loss (gain) on sale of real estate		—		(198	)		934			—			—			—
Real estate depreciation and amortization		13,694		13,334			13,527			12,273			11,143			11,728
Allocated share of joint venture depreciation		90		81			72			65			66			66
Noncontrolling interest		—		—			(872	)		(1,033	)		(956	)		(16,118	)

FFO available to common shareholders of Entertainment Properties Trust	$	40,436	$	40,674		$	21,697		$	33,828		$	16,968		$	(71,167	)

FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.87	$	0.87		$	0.48		$	0.79		$	0.43		$	(2.01	)
Diluted		0.86		0.87			0.48			0.78			0.43			(2.01	)
Shares used for computation (in thousands):
Basic		46,539		46,511			44,869			42,850			39,641			35,445
Diluted		46,893		46,809			45,214			43,141			39,901			35,445

(1)	See pages 31 and 32 for definitions.

Entertainment Properties Trust

Adjusted Funds From Operations

(Unaudited, dollars in thousands except per share information)


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Adjusted Funds from Operations (“AFFO”) (1):
FFO available to common shareholders of Entertainment Properties Trust	$	40,436		$	40,674		$	21,697		$	33,828		$	16,968		$	(71,167	)
Adjustments:
Non-cash impairment charges and provision for loan losses		463			—			—			700			11,554			101,558
Transaction costs		141			11			111			7,524			3,165			40
Non-real estate depreciation and amortization		239			130			97			130			190			196
Deferred financing fees amortization		1,061			1,122			1,390			1,236			1,111			1,103
Costs associated with loan refinancing		—			—			15,620			—			—			—
Share-based compensation expense to management and trustees		1,188			1,187			1,172			1,163			1,069			1,083
Maintenance capital expenditures (2)		(2,559	)		(2,872	)		(163	)		(288	)		(108	)		(304	)
Straight-lined rental revenue		(642	)		(426	)		(469	)		(346	)		(696	)		(642	)
Non-cash portion of mortgage and other financing income		(1,274	)		(1,201	)		(1,257	)		(2,006	)		(1,855	)		(1,807	)
Amortization of above market leases, net		66			74			39			21			—			—
Gain on acquisition		(555	)		—			—			(8,468	)		—			—

AFFO available to common shareholders of Entertainment Properties Trust	$	38,564		$	38,699		$	38,237		$	33,494		$	31,398		$	30,060

Weighted average shares outstanding-diluted FFO		46,893			46,809			45,214			43,141			39,901			35,445
Other common stock equivalents excluded due to loss		—			—			—			—			—			230

Weighted average shares outstanding-diluted AFFO		46,893			46,809			45,214			43,141			39,901			35,675

AFFO per diluted common share	$	0.82		$	0.83		$	0.85		$	0.78		$	0.79		$	0.84
Dividends declared per common share	$	0.65		$	0.65		$	0.65		$	0.65		$	0.65		$	0.65
AFFO payout ratio (3)		79	%		78	%		76	%		83	%		82	%		77	%

(1)	See pages 31 and 32 for definitions.

(2)	Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.

(3)	AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

Entertainment Properties Trust

Capital Structure at December 31, 2010

(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt:


	Mortgages (1)				Term Loans/Bond/Capital Lease				Credit						Weighted Avg
Year	Amortization		Maturities		Amortization		Maturities		Facility (2)		Senior Notes		Total		Interest Rate
2011	$	24,206	$	—	$	2,844	$	9,216	$	—	$	—	$	36,266		5.18	%
2012		25,113		65,293		2,970		—		—		—		93,376		6.46	%
2013		17,886		98,484		3,162		—		142,000		—		261,532		4.46	%
2014		12,331		141,370		3,354		—		—		—		157,055		6.30	%
2015		10,968		90,813		3,555		—		—		—		105,336		5.72	%
2016		7,076		96,144		3,765		—		—		—		106,985		6.04	%
2017		3,655		82,299		3,982		3,619		—		—		93,555		5.86	%
2018		920		12,462		955		58,102		—		—		72,439		5.34	%
2019		—		—		—		—		—		—		—		0.00	%
2020		—		—		—		—		—		250,000		250,000		7.75	%
2021		—		—		—		—		—		—		—		0.00	%
Thereafter		—		4,000		—		10,635		—		—		14,635		1.76	%

	$	102,155	$	590,865	$	24,587	$	81,572	$	142,000	$	250,000	$	1,191,179		5.95	%



	Balance		Weighted Avg Interest Rate			Weighted Avg Maturity (yrs)
Fixed Rate Secured Debt	$	785,230		5.96	%		4.5
Fixed Rate Unsecured Debt		250,000		7.75	%		9.5
Variable Rate Secured Debt		13,949		0.81	%		22.0
Variable Rate Unsecured Debt		142,000		3.26	%		2.9

Total	$	1,191,179		5.95	%		5.6

Note: $83.0 million of variable rate debt outstanding at December 31, 2010 has been converted to a fixed rate by interest rate swap agreements and is reflected above as fixed rate secured debt.

(1)	Scheduled amortization and maturities represent only consolidated debt obligations.

(2)	Credit Facility Summary:


Commitment	Balance		Maturity	Rate at 12/31/2010
$ 320,000	$	142,000	December 1, 2013		3.26	%

Note: The facility includes an accordion feature in which the facility can be increased to up to $420 million subject to certain conditions, including lender consent.

Entertainment Properties Trust

Capital Structure at December 31, 2010

(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:


	December 31, 2010		December 31, 2009
Mortgage note payable, paid in full on June 21, 2010	$	—	$	56,250
Mortgage note payable, extinguished in Cappelli settlement on June 18, 2010		—		113,333
Secured revolving variable rate credit facility, paid in full on June 30, 2010		—		35,000
Term loan payable, paid in full on June 30, 2010		—		117,600
Capital lease obligation, due December 31, 2011		9,251		—
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		44,473		45,808
Mortgage note payable, 6.63%, due November 1, 2012		24,866		25,608
Mortgage notes payable, 4.26%-9.01%, due
February 10, 2013		112,982		119,373
Unsecured revolving variable rate credit facility, LIBOR + 3.00%, due December 1, 2013		142,000		—
Mortgage note payable, 6.84%, due March 1, 2014		103,127		102,008
Mortgage note payable, 5.58%, due April 1, 2014		59,537		60,671
Mortgage note payable, 5.56%, due June 5, 2015		33,182		33,763
Mortgage notes payable, 5.77%, due November 6, 2015		71,014		72,779
Mortgage notes payable, 5.84%, due March 6, 2016		39,944		40,898
Mortgage notes payable, 6.37%, due June 30, 2016		28,514		29,132
Mortgage notes payable, 6.10%, due October 1, 2016		25,625		26,187
Mortgage notes payable, 6.02%, due October 6, 2016		19,317		19,746
Mortgage note payable, 6.06%, due March 1, 2017		10,762		10,991
Mortgage note payable, 6.07%, due April 6, 2017		11,076		11,310
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		51,319		52,438
Mortgage notes payable, 5.86%, due August 1, 2017		26,268		26,826
Term loans payable, $82,958 at December 31, 2010 fixed through interest rate swaps at 5.11%-5.76%, $3,314 at December 31, 2010 at variable rates of LIBOR + 1.75%-2.00%, due December 1, 2017-June 5, 2018		86,272		93,597
Mortgage note payable, 6.19%, due February 1, 2018		16,171		16,667
Mortgage note payable, 7.37%, due July 15, 2018		10,844		11,803
Senior unsecured notes payable, 7.75%, due July 15, 2020		250,000		—
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%, extinguished in Cappelli settlement on June 18, 2010		—		5,000

Total	$	1,191,179	$	1,141,423

Entertainment Properties Trust

Capital Structure

Senior Notes

Senior Debt Ratings as of December 31, 2010



Moody’s		Baa3
Fitch		BBB-
Standard and Poor’s		BB+

Summary of Covenants

The Company’s outstanding bonds have a fixed interest rate at 7.75%. Interest on the senior notes is paid semiannually. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the Company’s debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for our $250.0 million senior unsecured notes, as defined and calculated per the terms of our notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show our ability to incur additional debt under the terms of our notes only and are not measures of our liquidity or performance. The actual amounts as of December 31 and September 30, 2010 are:


Note Covenants	Required	Actual 4th Quarter 2010 (1)			Actual 3rd Quarter 2010
Limitation on incurrence of total debt (Total Debt/Total Assets)	£ 60%		38	%		38	%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	£ 40%		25	%		25	%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	³ 1.5 x		3.6x			3.6x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	³ 150% of unsecured debt		430	%		421	%

(1)	See page 14 for detailed calculations

Entertainment Properties Trust

Capital Structure

Senior Notes

(Unaudited, dollars in thousands)

Covenant Calculations


	December 31, 2010				December 31, 2010
Total Assets:				Total Debt:
Total Assets	$	2,923,420		Secured debt obligations	$	799,179
Add: accumulated depreciation		297,068		Unsecured debt obligations:
Less: intangible assets		(35,644	)	Unsecured debt		392,000

Total Assets	$	3,184,844		Oustanding letters of credit		1,781

				Derivatives at fair market value, net		8,432

				Total unsecured debt obligations:		402,213


	December 31, 2010
Total Unencumbered Assets:
Unencumbered real estate assets, gross	$	1,528,521
Cash and cash equivalents		11,776		Total Debt	$	1,201,392

Land held for development		184,457
Property under development		5,967

Total Unencumbered Assets	$	1,730,721


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			Trailing Twelve Months
Consolidated income available for debt service:
Adjusted EBITDA	$	66,679		$	66,902		$	63,800		$	60,329		$	257,710
Add (subtract): EBITDA of discontinued operations		—			(13	)		1,022			(93	)	$	916
Less: straight-line rental revenue		(642	)		(426	)		(469	)		(346	)		(1,883	)

Consolidated income available for debt service	$	66,037		$	66,463		$	64,353		$	59,890		$	256,743


Annual Debt Service:
Interest expense, gross	$	19,404		$	19,380		$	18,826		$	17,612		$	75,222
Interest expense from discontinued operations		—			—			1,482			1,715			3,197
Less: deferred financing fees amortization		(1,061	)		(1,122	)		(1,390	)		(1,236	)		(4,809	)

Annual Debt Service	$	18,343		$	18,258		$	18,918		$	18,091		$	73,610

Debt Service Coverage		3.6			3.6			3.4			3.3			3.5

Entertainment Properties Trust

Capital Structure at December 31, 2010

(Unaudited, dollars in thousands except share information)

Equity


Security	Shares Issued and Outstanding		Price per share at December 31, 2010		Liquidation Preference		Dividend Rate			Convertible
Common shares		46,542,950	$	46.25		N/A		(1	)	N/A
Series B		3,200,000	$	24.49	$	80,000		7.750	%	N
Series C		5,400,000	$	19.27	$	135,000		5.750	%	Y
Series D		4,600,000	$	23.92	$	115,000		7.375	%	N
Series E		3,450,000	$	28.02	$	86,250		9.000	%	Y

Calculation of Total Market Capitalization:



Common shares outstanding at December 31, 2010 multiplied by closing price at December 31, 2010	$	2,152,611
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 December 31, 2010		1,191,179

Total consolidated market capitalization	$	3,760,040

(1)	Quarterly dividend declared in the fourth quarter of 2010 was $0.65 per share.

Entertainment Properties Trust

Summary of Ratios

(Unaudited)


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Debt to total assets (book value)		41	%		41	%		42	%		46	%		43	%		46	%
Debt to total market capitalization		32	%		33	%		36	%		38	%		37	%		42	%
Debt to gross assets		37	%		37	%		38	%		42	%		39	%		42	%
Debt to Adjusted EBITDA (1)		4.47			4.49			4.74			5.42			5.06			5.30
Secured debt to secured assets (2)		60	%		61	%		61	%		52	%		47	%		49	%
Unencumbered real estate assets to total real estate assets (3)		54	%		53	%		53	%		17	%		17	%		12	%
Interest coverage ratio (4)		3.5			3.5			3.2			3.2			3.1			3.0
Fixed charge coverage ratio (4)		2.5			2.5			2.4			2.3			2.2			2.1
Debt service coverage ratio (4)		2.6			2.7			2.4			2.4			2.3			2.3
FFO payout ratio (5)		76	%		75	%		135	%		83	%		151	%		-32	%
AFFO payout ratio (6)		79	%		78	%		76	%		83	%		82	%		77	%

(1)	Adjusted EBITDA is for the quarter annualized. See pages 31 and 32 for definitions.

(2)	Prior to June 30, 2010, includes previous secured revolving line of credit borrowing base assets.

(3)	Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.

(4)	See page 17 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.

Entertainment Properties Trust

Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios

(Unaudited, dollars in thousands)


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Interest Coverage Ratio (1):
Net income (loss)	$	34,175		$	35,043		$	14,748		$	29,091		$	13,366		$	(75,362	)
Impairment charges		463			—			—			—			6,357			35,801
Provision for loan losses		—			—			—			700			5,197			65,757
Transaction costs		141			11			111			7,524			3,165			40
Interest expense, gross		19,404			19,380			20,308			19,327			18,544			19,441
Depreciation and amortization		13,933			13,458			13,632			12,403			11,336			11,921
Share-based compensation expense to management and trustees		1,188			1,187			1,172			1,163			1,069			1,083
Costs associated with loan refinancing		—			—			15,620			—			—			—
Interest cost capitalized		(105	)		(103	)		(92	)		(83	)		(83	)		(83	)
Straight-line rental revenue		(642	)		(426	)		(469	)		(346	)		(696	)		(642	)
Loss (gain) on sale of real estate from discontinued operations		—			(198	)		934			—			—			—
Gain on acquisition		(555	)		—			—			(8,468	)		—			—

Interest coverage amount	$	68,002		$	68,352		$	65,964		$	61,311		$	58,255		$	57,956
Interest expense, net	$	19,298		$	19,276		$	20,207		$	19,219		$	18,441		$	19,355
Interest income		1			1			9			25			20			3
Interest cost capitalized		105			103			92			83			83			83

Interest expense, gross	$	19,404		$	19,380		$	20,308		$	19,327		$	18,544		$	19,441
Interest coverage ratio		3.5			3.5			3.2			3.2			3.1			3.0

Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	68,002		$	68,352		$	65,964		$	61,311		$	58,255		$	57,956
Interest expense, gross	$	19,404			19,380			20,308			19,327			18,544			19,441
Preferred share dividends		7,551			7,552			7,552			7,552			7,550			7,552

Fixed charges	$	26,955		$	26,932		$	27,860		$	26,879		$	26,094		$	26,993
Fixed charge coverage ratio		2.5			2.5			2.4			2.3			2.2			2.1

Debt Service Coverage Ratio (1):
Interest coverage amount	$	68,002		$	68,352		$	65,964		$	61,311		$	58,255		$	57,956
Interest expense, gross	$	19,404			19,380			20,308			19,327			18,544			19,441
Recurring principal payments		6,501			6,286			7,722			6,753			6,595			6,295

Debt service	$	25,905		$	25,666		$	28,030		$	26,080		$	25,139		$	25,736
Debt service coverage ratio		2.6			2.7			2.4			2.4			2.3			2.3

(1)	See pages 31 and 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

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:


	4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010			4th Quarter 2009			3rd Quarter 2009
Net cash provided by operating activities		53,251			52,497		$	41,151		$	33,492		$	35,951		$	35,849
Equity in income from joint ventures		776			706			423			233			222			229
Distributions from joint ventures		(831	)		(796	)		(586	)		(269	)		(243	)		(250	)
Amortization of deferred financing costs		(1,061	)		(1,122	)		(1,390	)		(1,236	)		(1,111	)		(1,103	)
Amortization of above market leases, net		(66	)		(74	)		(39	)		(21	)		—			—
Increase (decrease) in mortgage notes accrued interest receivable		—			—			(2,154	)		2,982			808			272
Increase (decrease) in restricted cash		1,467			675			(2,789	)		(304	)		1,463			818
Increase in accounts receivable, net		2,916			1,592			1,143			2,246			1,394			989
Increase (decrease) in notes and accrued interest receivable		(25	)		(8	)		(69	)		49			5			21
Increase in direct financing lease receivable		1,246			1,167			1,223			1,114			967			939
Increase (decrease) in other assets		(732	)		1,094			(516	)		3,536			(1,090	)		(248	)
Decrease (increase) in accounts payable and accrued liabilities		(7,556	)		(6,386	)		(1,576	)		(6,660	)		(1,073	)		939
Decrease (increase) in unearned rents		(181	)		145			1,623			(273	)		32			745
Straight-line rental revenue		(642	)		(426	)		(469	)		(346	)		(696	)		(642	)
Interest expense, gross		19,404			19,380			20,308			19,327			18,544			19,441
Interest cost capitalized		(105	)		(103	)		(92	)		(83	)		(83	)		(83	)
Costs associated with loan refinancing (cash portion)		—			—			9,662			—			—			—
Transaction costs		141			11			111			7,524			3,165			40

Interest coverage amount (1)	$	68,002		$	68,352		$	65,964		$	61,311		$	58,255		$	57,956

(1)	See pages 31 and 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

Entertainment Properties Trust

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2010 Capital Spending:


Description	Location	Capital Spending Three Months Ended December 31, 2010		Capital Spending Year Ended December 31, 2010
Acquisition of Toronto Dundas Square	Toronto, Ontario	$	—	$	111,593
Investment in direct financing lease related to public charter schools	various		—		51,833
Acquisition of 12 theatre portfolio	various		—		124,436
Additions to Toronto Dundas Square mortgage note receivable	Toronto, Ontario		—		591
Additions to mortgage note receivable for development of Schlitterbahn Vacation Village	Kansas City, KS		449		5,697
Development of additional gross leasable area	Ontario, Canada		538		2,284
Development of entertainment retail center	Suffolk, VA		577		2,685
Development of custom crush facility	Sonoma County, CA		—		163
Investment in unconsolidated joint ventures	various		1,044		16,691
Cash paid related to Cappelli settlement	various		—		4,586
Capitalized building improvements and tenant improvements, net	various		694		2,307

Total investment spending		$	3,302	$	322,866
Other capital acquisitions, net	various		1,477		4,908

Total capital spending		$	4,779	$	327,774


2010 Dispositions:

Description	Location	Date of Disposition		Cash Received
Havens vineyard and winery	Yountville, CA		June 2010	$	6,301
Land parcel and building	Arroyo Grande, CA		July 2010	$	1,155

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended December 31, 2010

(Unaudited, dollars in thousands)


	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	57,067			—		$	316		$	3,620		$	—		$	61,003		$	—		$	61,003
Tenant reimbursements		7,223			—			—			—			—			7,223			—			7,223
Other income		26			—			—			—			26			52			—			52
Mortgage and other financing income		75			6,872			3,410			34			2,940			13,331			27			13,358

Total revenue		64,391			6,872			3,726			3,654			2,966			81,609			27			81,636

Property operating expense		9,263			—			—			802			29			10,094			—			10,094
Other expense		—			—			—			92			164			256			177			433

Total investment expenses		9,263			—			—			894			193			10,350			177			10,527

General and administrative expense		—			—			—			—			—			—			4,430			4,430
Transaction costs		—			—			—			—			—			—			141			141
Impairment charges		—			—			—			—			—			—			463			463

EBITDA - continuing operations	$	55,128		$	6,872		$	3,726		$	2,760		$	2,773		$	71,259		$	(5,184	)	$	66,075

		77	%		10	%		5	%		4	%		4	%		100	%
Add: transaction costs																				141			141
Add: impairment charges																				463			463

Adjusted EBITDA - continuing operations																						$	66,679
Reconciliation to Consolidated Statements of Income:
Interest expense, net																				(19,298	)		(19,298	)
Transaction costs																				(141	)		(141	)
Impairment charges																				(463	)		(463	)
Depreciation and amortization																				(13,933	)		(13,933	)
Equity in income from joint ventures																				776			776
Gain on acquisition																				555			555

Net income																							34,175
Noncontrolling interests																				28			28
Preferred dividend requirements																				(7,551	)		(7,551	)

Net income available to common shareholders																						$	26,652

*	Includes 8.7 million square feet of megaplex theatres and 1.8 million square feet of retail at December 31, 2010

Entertainment Properties Trust

Financial Information by Asset Type

For the Year Ended December 31, 2010

(Unaudited, dollars in thousands)


	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	218,680		$	—		$	1,261		$	15,067		$	—		$	235,008		$	—		$	235,008
Tenant reimbursements		25,225			—			—			—			—			25,225			—			25,225
Other income		294			—			—			36			238			568			—			568
Mortgage and other financing income		398			26,251			13,564			314			11,583			52,110			153			52,263

Total revenue		244,597			26,251			14,825			15,417			11,821			312,911			153			313,064

Property operating expense		31,955			—			—			3,694			181			35,830			—			35,830
Other expense		217			—			—			433			431			1,081			216			1,297

Total investment expenses		32,172			—			—			4,127			612			36,911			216			37,127

General and administrative expense		—			—			—			—			—			—			18,227			18,227
Transaction costs		—			—			—			—			—			—			7,787			7,787
Provision for loan losses		—			—			—			—			—			—			700			700
Impairment charges		—			—			—			—			—			—			463			463

EBITDA - continuing operations	$	212,425		$	26,251		$	14,825		$	11,290		$	11,209		$	276,000		$	(27,240	)	$	248,760

		77	%		10	%		5	%		4	%		4	%		100	%
Add: transaction costs																				7,787			7,787
Add: provision for loan losses																				700			700
Add: impairment charges																				463			463

Adjusted EBITDA - continuing operations																						$	257,710
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																				(15,247	)		(15,247	)
Interest expense, net																				(74,802	)		(74,802	)
Transaction costs																				(7,787	)		(7,787	)
Provision for loan losses																				(700	)		(700	)
Impairment charges																				(463	)		(463	)
Depreciation and amortization																				(52,099	)		(52,099	)
Equity in income from joint ventures																				2,138			2,138
Gain on acquisition																				9,023			9,023
Loss from discontinued operations																				(3,982	)		(3,982	)
Loss on sale of real estate - discontinued operations																				(736	)		(736	)

Net income																							113,055
Noncontrolling interests																				1,819			1,819
Preferred dividend requirements																				(30,206	)		(30,206	)

Net income available to common shareholders																						$	84,668

*	Includes 8.7 million square feet of megaplex theatres and 1.8 million square feet of retail at December 31, 2010

Entertainment Properties Trust

Financial Information by Asset Type

For the Three Months Ended December 31, 2009

(Unaudited, dollars in thousands)


	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	45,939		$	—		$	312		$	4,194		$	—		$	50,445		$	—		$	50,445
Tenant reimbursements		3,960			—			—			—			—			3,960			—			3,960
Other income		506			—			—			32			—			538			43			581
Mortgage and other financing income		128			5,203			3,338			35			2,824			11,528			79			11,607

Total revenue		50,533			5,203			3,650			4,261			2,824			66,471			122			66,593

Property operating expense		5,212			—			—			1,170			—			6,382			—			6,382
Other expense		393			—			—			44			—			437			—			437

Total investment expenses		5,605			—			—			1,214			—			6,819			—			6,819

General and administrative expense		—			—			—			—			—			—			3,373			3,373
Transaction costs		—			—			—			—			—			—			3,165			3,165
Provision for loan losses		—			—			—			—			—			—			5,197			5,197
Impairment charges		—			—			—			—			—			—			6,357			6,357

EBITDA - continuing operations	$	44,928		$	5,203		$	3,650		$	3,047		$	2,824		$	59,652		$	(17,970	)	$	41,682

		75	%		9	%		6	%		5	%		5	%		100	%
Add: transaction costs																				3,165			3,165
Add: provision for loan losses																				5,197			5,197
Add: impairment charges																				6,357			6,357

Adjusted EBITDA - continuing operations																						$	56,401
Reconciliation to Consolidated Statements of Income:
Interest expense, net																				(16,702	)		(16,702	)
Transaction costs																				(3,165	)		(3,165	)
Provision for loan losses																				(5,197	)		(5,197	)
Impairment charges																				(6,357	)		(6,357	)
Depreciation and amortization																				(10,515	)		(10,515	)
Equity in income from joint ventures																				222			222
Loss from discontinued operations																				(1,321	)		(1,321	)

Net income																							13,366
Noncontrolling interests																				899			899
Preferred dividend requirements																				(7,550	)		(7,550	)

Net income available to common shareholders																						$	6,715

*	Includes 7.8 million square feet of megaplex theatres and 1.7 million square feet of retail at December 31, 2009

Entertainment Properties Trust

Financial Information by Asset Type

For the Year Ended December 31, 2009

(Unaudited, dollars in thousands)


	Theatres and Adjacent Retail*			Public Charter Schools			Metropolitan Ski Areas			Vineyards and Wineries			Waterpark/ Concord Development			Subtotal			Unallocated			Consolidated
Rental revenue	$	178,815		$	—		$	1,245		$	15,724		$	—		$	195,784		$	—		$	195,784
Tenant reimbursements		15,438			—			—			—			—			15,438			—			15,438
Other income		1,915			—			—			57			—			1,972			918			2,890
Mortgage and other financing income		1,933			20,530			13,233			510			8,478			44,684			315			44,999

Total revenue		198,101			20,530			14,478			16,291			8,478			257,878			1,233			259,111

Property operating expense		20,597						—			1,372			—			21,969			—			21,969
Other expense		1,819			—			—			676			—			2,495			—			2,495

Total investment expenses		22,416			—			—			2,048			—			24,464			—			24,464

General and administrative expense		—			—			—			—			—			—			15,169			15,169
Transaction costs		—			—			—			—			—			—			3,321			3,321
Provision for loan losses		—			—			—			—			—			—			70,954			70,954
Impairment charges		—			—			—			—			—			—			6,357			6,357

EBITDA - continuing operations	$	175,685		$	20,530		$	14,478		$	14,243		$	8,478		$	233,414		$	(94,568	)	$	138,846

		75	%		9	%		6	%		6	%		4	%		100	%
Add: transaction costs																				3,321			3,321
Add: provision for loan losses																				70,954			70,954
Add: impairment charges																				6,357			6,357

Adjusted EBITDA - continuing operations																						$	219,478
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing																				(117	)		(117	)
Interest expense, net																				(65,747	)		(65,747	)
Transaction costs																				(3,321	)		(3,321	)
Provision for loan losses																				(70,954	)		(70,954	)
Impairment charges																				(6,357	)		(6,357	)
Depreciation and amortization																				(42,111	)		(42,111	)
Equity in income from joint ventures																				895			895
Loss from discontinued operations																				(43,672	)		(43,672	)

Net income																							(11,906	)
Noncontrolling interests																				19,913			19,913
Preferred dividend requirements																				(30,206	)		(30,206	)

Net income available to common shareholders																						$	(22,199	)

*	Includes 7.8 million square feet of megaplex theatres and 1.7 million square feet of retail at December 31, 2009

Entertainment Properties Trust

Financial Information by Asset Type - Discontinued Operations

(Unaudited, dollars in thousands)

For the Three Months Ended December 31, 2010

There was no income or loss from discontinued operations for the three months ended December 31, 2010.

For the Year Ended December 31, 2010


	Theatres and Adjacent Retail		Vineyards and Wineries			Unallocated			Consolidated
Rental revenue	$	3,684	$	—		$	—		$	3,684
Tenant reimbursements		1,180		—			—			1,180

Total revenue		4,864		—			—			4,864

Property operating expense		3,831		—			—			3,831
Other expense		—		117			—			117

Total investment expenses		3,831		117			—			3,948

EBITDA and Adjusted EBITDA - discontinued operations	$	1,033	$	(117	)	$	—		$	916

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing							(372	)		(372	)
Interest expense, net							(3,198	)		(3,198	)
Depreciation and amortization							(1,328	)		(1,328	)
Loss on sale of real estate							(736	)		(736	)

Loss from discontinued operations									$	(4,718	)

For the Three Months Ended December 31, 2009


	Theatres and Adjacent Retail		Vineyards and Wineries			Unallocated			Consolidated
Rental revenue	$	1,950	$	—		$	—		$	1,950
Tenant reimbursements		725		—			—			725

Total revenue		2,675		—			—			2,675

Property operating expense		1,346		2			—			1,348
Other expense		—		88						88

Total investment expenses		1,346		90			—			1,436

EBITDA and Adjusted EBITDA - discontinued operations	$	1,329	$	(90	)	$	—		$	1,239

Reconciliation to Consolidated Statements of Income:
Interest expense, net							(1,739	)		(1,739	)
Depreciation and amortization							(821	)		(821	)

Loss from discontinued operations									$	(1,321	)

For the Year Ended December 31, 2009


	Theatres and Adjacent Retail			Vineyards and Wineries			Unallocated			Consolidated
Rental revenue	$	8,438		$	388		$	—		$	8,826
Tenant reimbursements		2,874			—			—			2,874

Total revenue		11,312			388			—			11,700

Property operating expense		6,477			393			—			6,870
Other expense		—			115			—			115

Total investment expenses		6,477			508			—			6,985

General and administrative expense		—			9			—			9
Impairment charges		35,802			—			—			35,802

EBITDA - discontinued operations	$	(30,967	)	$	(129	)	$	—		$	(31,096	)

Add: impairment charges											35,802

Adjusted EBITDA - discontinued operations										$	4,706

Reconciliation to Consolidated Statements of Income:
Impairment charges								(35,802	)		(35,802	)
Interest expense, net								(6,968	)		(6,968	)
Depreciation and amortization								(5,608	)		(5,608	)

Loss from discontinued operations										$	(43,672	)

Entertainment Properties Trust

Investment Information by Asset Type

As of December 31, 2010 and 2009

(Unaudited, dollars in thousands)


	As of December 31, 2010
	Retail/ Theatres			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,822,689		$	—		$	192,422		$	11,512		$	—		$	2,026,623
Add back accumulated depreciation on rental properties		279,106			—			16,467			1,495			—			297,068
Land held for development		4,457			—			—			—			180,000			184,457
Property under development		5,967			—			—			—			—			5,967
Mortgage notes and related accrued interest receivable, net		—			—			—			136,410			168,994			305,404
Investment in a direct financing lease, net		—			226,433			—			—			—			226,433
Investment in joint ventures		22,010			—			—			—			—			22,010
Intangible assets, net of accumulated amortization		35,644			—			—			—			—			35,644
Add back accumulated amortization on intangible assets		11,479			—			—			—			—			11,479
Notes receivable and related accrued interest receivable, net		166			3,751			1,210			—			—			5,127

Total investments (1)	$	2,181,518		$	230,184		$	210,099		$	149,417		$	348,994		$	3,120,212

% of total investments		70	%		7	%		7	%		5	%		11	%		100	%

	As of December 31, 2009
	Retail/ Theatres			Public Charter Schools			Vineyards and Wineries			Metropolitan Ski Areas			Waterpark/ Concord Development			Consolidated
Rental properties, net of accumulated depreciation	$	1,636,580		$	—		$	206,229		$	11,820		$	—		$	1,854,629
Add back accumulated depreciation on rental properties		246,806			—			10,645			1,187			—			258,638
Land held for development		4,457			—			—			—			—			4,457
Property under development		8,272			—			—			—			—			8,272
Mortgage notes and related accrued interest receivable, net		90,882			—			—			135,581			296,417			522,880
Investment in a direct financing lease, net		—			169,850			—			—			—			169,850
Investment in joint ventures		4,080			—			—			—			—			4,080
Intangible assets, net of accumulated amortization		6,727			—			—			—			—			6,727
Add back accumulated amortization on intangible assets		6,887			—			—			—			—			6,887
Notes receivable and related accrued interest receivable, net		2,854			3,750			1,294			—			—			7,898

Total investments (1)	$	2,007,545		$	173,600		$	218,168		$	148,588		$	296,417		$	2,844,318

% of total investments		71	%		6	%		8	%		5	%		10	%		100	%

(1)	See pages 31 and 32 for definitions.

Entertainment Properties Trust

Lease Expirations Excluding Non-Theatre Retail

As of December 31, 2010

(Unaudited, dollars in thousands)


	Megaplex Theatres							Public Charter Schools							Vineyards and Wineries
Year	Total Number of Leases Expiring		Revenue for the Trailing Twelve Months Ended December 31, 2010 (1)		% of Total Rental Revenue			Total Number of Leases Expiring		Financing Income for the Trailing Twelve Months Ended December 31, 2010		% of Total Mortgage and other financing income			Total Number of Leases Expiring		Rental Revenue for the Twelve Months Ended December 31, 2010		% of Total Rental Revenue
2011		4		9,679		4	%		—		—		—			—		—		—
2012		3		7,308		3	%		—		—		—			—		—		—
2013		4		14,384		5	%		—		—		—			—		—		—
2014		—		—		—			—		—		—			—		—		—
2015		3		9,169		3	%		—		—		—			—		—		—
2016		2		3,971		1	%		—		—		—			—		—		—
2017		3		4,750		2	%		—		—		—			1		1,631		1	%
2018		17		21,276		8	%		—		—		—			5		11,028		4	%
2019		7		22,212		9	%		—		—		—			1		1,344		1	%
2020		7		8,745		3	%		—		—		—			—
2021		3		7,201		3	%		—		—		—			—		—		—
2022		9		16,108		6	%		—		—		—			—		—		—
2023		2		2,294		1	%		—		—		—			—		—		—
2024		8		14,432		6	%		—		—		—			—		—		—
2025		7		14,175		5	%		—		—		—			—		—		—
2026		5		7,122		3	%		—		—		—			—		—		—
2027		3		3,939		2	%		—		—		—			—		—		—
2028		2		7,360		3	%		—		—		—			—		—		—
2029		15		14,125		5	%		—		—		—			—		—		—
2030		—		—		—			—		—		—			—		—		—
Thereafter		—		—		—			27		25,905		50	%		—		—		—

		104	$	188,250		72	%		27	$	25,905		50	%		7	$	14,003		6	%

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 28.

(1)	Consists of rental revenue and tenant reimbursements.

Entertainment Properties Trust

Top Ten Customers by Revenue

(Unaudited, dollars in thousands)


Customers	Asset Type	Total Revenue For The Three Months Ended December 31, 2010		Percentage of Total Revenue			Total Revenue For The Year Ended December 31, 2010		Percentage of Total Revenue
1. American Multi-Cinema, Inc.	Retail/Theatres	$	28,519		35	%	$	112,739		36	%
2. Rave Cinemas/Rave Review Cinemas	Retail/Theatres		7,283		9	%		29,017		9	%
3. Imagine Schools, Inc.	Public Charter Schools		6,785		8	%		25,905		8	%
4. Regal Cinemas, Inc.	Retail/Theatres		4,943		6	%		20,262		6	%
5. Cinemark USA, Inc.	Retail/Theatres		4,022		5	%		10,370		3	%
6. Peak Resorts, Inc.	Metropolitan Ski Areas		3,726		5	%		14,825		5	%
7. SVVI, LLC	Waterparks		2,940		4	%		11,632		4	%
8. Southern Theatres, LLC	Retail/Theatres		2,805		3	%		11,179		4	%
9. Ascentia Wine Estates, LLC	Vineyards and Wineries		2,779		3	%		11,259		4	%
10. Muvico Entertainment, LLC	Retail/Theatres		916		1	%		3,749		1	%

Total		$	64,718		79	%	$	250,937		80	%

Entertainment Properties Trust

Mortgage Notes Receivable

(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable


	December 31, 2010		December 31, 2009
Mortgage note and related accrued interest receivable, 15.00%, extinguished on March 4, 2010	$	—	$	126,658
Mortgage note and related accrued interest receivable, 11.00%, extinguished in Cappelli settlement on June 18, 2010		—		133,119
Mortgage note and related accrued interest receivable, 10.00%, due April 1, 2012		33,677		32,848
Mortgage notes and related accrued interest receivable, 7.00%, due May 1, 2019		168,994		163,298
Mortgage note, 9.67%, due March 10, 2027		8,000		8,000
Mortgage notes, 10.30%, due April 3, 2027		62,500		62,500
Mortgage note, 9.54%, due October 30, 2027		32,233		32,233

Total mortgage notes and related accrued interest receivable	$	305,404	$	558,656
Less: loan loss reserves		—		(35,776	)

Total mortgage notes and related accrued interest receivable, net	$	305,404	$	522,880

Payments Due on Mortgage Notes Receivable


	As of December 31, 2010
Year:
2011	$	—
2012		33,677
2013		—
2014		—
2015		—
Thereafter		271,727

Total	$	305,404

Entertainment Properties Trust

Notes Receivable

(Unaudited, dollars in thousands)

Summary of Notes Receivable


	December 31, 2010			December 31, 2009
Note and related accrued interest receivable, 10.00%, extinguished in Cappelli settlement on June 18, 2010	$	—		$	10,000
Note and related accrued interest receivable, 10.00%, extinguished in Cappelli settlement on June 18, 2010		—			10,000
Note and related accrued interest receivable, 10.00%, extinguished in Cappelli settlement on June 18, 2010		—			10,000
Note and related accrued interest receivable, 9.23%, due August 31, 2012		3,751			3,751
Note and related accrued interest receivable, 6.00%, due December 31, 2017		1,332			1,416
Notes and related accrued interest receivable, 12.00% to 15.00%, past due (1)		8,074			8,074
Other		166			854

Total notes and related accrued interest receivable	$	13,323		$	44,095
Less: Loan loss reserves		(8,196	)		(36,197	)

Total notes and related accrued interest receivable, net	$	5,127		$	7,898

(1)	Note receivable is impaired as of December 31, 2010 and is shown below as past due. In accordance with the Company’s accounting policy, interest income is being recognized on a cash basis.

Payments Due on Notes Receivable


	As of December 31, 2010
Year:
Past due (100% reserved)	$	8,074
2011		—
2012		3,751
2013		—
2014		—
2015		—
Thereafter		1,498

Total	$	13,323

Entertainment Properties Trust

Summary of Unconsolidated Joint Ventures

As of and for the Year Ended December 31, 2010

(Unaudited, dollars in thousands)

Atlantic EPR-I

EPR investment interest: 31.5%

EPR preferred interest: 15% priority return on $14.9 million

Income recognized for the year ended December 31, 2010: $1,945

Distributions received for the year ended December 31, 2010: $2,080

Unaudited condensed financial information for Atlantic-EPR I is as follows as of and for the years ended December 31, 2010 and 2009:


	2010		2009
Rental properties, net	$	26,668	$	27,313
Cash		1		141
Long-term debt (paid in full, May 2010)		—		15,001
Partners’ equity		26,819		12,356
Rental revenue		4,498		4,432
Net income		1,878		2,443

Atlantic EPR-II

EPR investment interest: 23.8%

Income recognized for the year ended December 31, 2010: $350

Distributions received for the year ended December 31, 2010: $389

Unaudited condensed financial information for Atlantic-EPR II is as follows as of and for the year ended December 31, 2010 and 2009:


	2010		2009
Rental properties, net	$	21,037	$	21,498
Cash		131		139
Long-term debt (due September 2013)		12,599		12,950
Note payable to Entertainment Properties Trust		117		117
Partners’ equity		8,202		8,317
Rental revenue		2,889		2,876
Net income		1,366		1,331

Ningbo PIC, Nanqiao PIC and Shanghai SFG-EPR Cinema

EPR investment interest: 30.0%, 49.0% and 49.0%, respectively

EPR investment: $2,851

Loss recognized for the year ended December 31, 2010: $157

Distributions received for the year ended December 31, 2010: $0

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 and believes it is useful to investors 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 - continuing operations as the sum of net income plus costs associated with loan refinancing, interest expense (net), depreciation and amortization, gain on acquisition of real estate, noncontrolling interests, equity in income from joint ventures and discontinued operations. EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA - continuing operations is presented to also add back the effect of non-cash impairment charges, the provision for loan losses and transaction costs. Adjusted EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations.

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 and management provides FFO herein because it believes this information is useful to investors in this regard. 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, provision for loan losses, transaction costs, non-real estate depreciation and amortization, deferred financing fees amortization, costs associated with loan refinancing, share-based compensation expense to management and trustees and amortization of above market leases, net; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income and gain on acquisition. AFFO 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 and management provides AFFO herein because it believes this information is useful to investors in this regard. 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 that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

Entertainment Properties Trust

Definitions-Non-GAAP Financial Measures

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, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), depreciation and amortization, share-based compensation expense to management and trustee and costs associated with loan refinancing; subtracting interest cost capitalized, straight-line revenue, gain or loss on sale of real estate from discontinued operations and gain on acquisition. 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 and management believes it is useful to investors in this regard. 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 and management believes it is useful to investors in this regard. 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 and management believes it is useful to investors in this regard. 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.

TOTAL INVESTMENTS

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of rental properties (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in a direct financing lease, net, investment in joint ventures, intangible assets (before accumulated amortization) and notes receivable and related accrued interest receivable, net. Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company’s funds have been invested.

Form: 8-K

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