EPR PROPERTIES — Director's Dealing 2011

May 13, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ENTERTAINMENT PROPERTIES TRUST (EPR)
CIK: 0001045450
Period of Report: 2011-05-11

Reporting Person: DRUTEN ROBERT J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-12	Common Shares of Beneficial Interest	M	723	—	Acquired	4056	Direct
2011-05-11	Common Shares of Beneficial Interest	J	0	—	Acquired	3000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-11	Restricted Share Units	$	A	1256	Acquired		Common Shares of Beneficial Interest (1256)	Direct
2011-05-11	Restricted Share Units	$	A	785	Acquired		Common Shares of Beneficial Interest (785)	Direct
2011-05-11	Option to Purchase Common Shares of Beneficial Interest	$47.77	A	1355	Acquired	2021-05-11	Common Shares of Beneficial Interest (1355)	Direct

Footnotes

F1: These shares have already been reported and do not reflect any change.

F2: Restricted Share Units were issued to Reporting Person in lieu of the Reporting Person's Annual Trustee Retainer fee. Each Restricted Share Unit represents a contingent right to receive one common share of beneficial interest.

F3: 33% of shares are payable on 5/12/2012; 33% of shares are payable on 5/12/2013; 34% of shares are payable on 5/12/2014.

F4: Restricted Share Units were issued to the Reporting Person pursuant to Company's Equity Incentive Plan. Each Restricted Share Unit represents a contingent right to receive one common share of beneficial interest.

F5: Option to Purchase Shares were issued to the Reporting Person pursuant to Company's Equity Incentive Plan.

F6: Represents the vesting of a portion of the Restricted Share Units issued on 5/12/2010, which vesting constitutes an exercise or conversion of a derivative security exempt under Rules 16b-3 and 16b-6(b).