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: DRUTEN ROBERT J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-09	Common Shares of Beneficial Interest	M	5127	—	Acquired	13002	Direct
2012-05-09	Common Shares of Beneficial Interest	M	723	—	Acquired	13725	Direct
2012-05-09	Common Shares of Beneficial Interest	M	681	—	Acquired	14406	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	$44.98	D	5127	Disposed		Common Shares of Beneficial Interest (5127)	Direct
2012-05-09	Restricted Share Units	$47.77	D	723	Disposed		Common Shares of Beneficial Interest (723)	Direct
2012-05-09	Restricted Share Units	$44.62	D	681	Disposed		Common Shares of Beneficial Interest (681)	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	3000	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: 100% of shares 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 the Company's Equity Incentive Plan.

F5: Represents the vesting of 100% of Restricted Share Units issued on 05/13/2009, which vesting constitutes an exercise or conversion of a derivative security exempt under Rules 16b-3 and 16b-6(b).

F6: Represents the vesting of a portion of the Restricted Share Units issued on 05/12/2010, which vesting constitutes an exercise or conversion of a derivative security exempt under Rules 16b-3 and 16b-6(b).

F7: Represents the vesting of a portion of the Restricted Share Units issued on 05/11/2011, which vesting constitutes an exercise or conversion of a derivative security exempt under Rules 16b-3 and 16b-6(b).