EPR PROPERTIES — Director's Dealing 2012

May 11, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ENTERTAINMENT PROPERTIES TRUST (EPR)
CIK: 0001045450
Period of Report: 2012-05-09

Reporting Person: BROWN PETER C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-09	Common Shares of Beneficial Interest	M	2041	—	Acquired	3875	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-09	Restricted Share Units	$	A	1345	Acquired		Common Shares of Beneficial Interest (1345)	Direct
2012-05-09	Restricted Share Units	$	A	840	Acquired		Common Shares of Beneficial Interest (840)	Direct
2012-05-09	Restricted Share Units	$47.77	D	2041	Disposed	2021-05-11	Common Shares of Beneficial Interest (2041)	Direct
2012-05-09	Option to Purchase Common Shares of Beneficial Interest	$44.62	A	1093	Acquired	2022-05-09	Common Shares of Beneficial Interest (1093)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	1250	Indirect
Common Shares of Beneficial Interest	1250	Indirect
Common Shares of Beneficial Interest	1250	Indirect
Common Shares of Beneficial Interest	6500	Indirect

Footnotes

F1: 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.

F2: 34% of shares vest and are payable on 05/09/2013; 33% of shares vest and are payable on 05/09/2014; 33% of shares vest and are payable on 05/09/2015.

F3: Restricted Share Units were issued to the Reporting Person pursuant to the Company's Equity Incentive Plan. Each Restricted Share Unit represents a contingent right to receive one common share of beneficial interest.

F4: Option to Purchase Shares were issued to the Reporting Person pursuant to Company's Equity Incentive Plan.