Entertainment Properties Trust Commences Public Offering of Common Shares

KANSAS CITY, Mo.--(Business Wire)--
Entertainment Properties Trust (NYSE:EPR) announced today that it
has agreed to sell 1,900,000 of its common shares of beneficial
interest in an underwritten, at-the-market public offering. The last
reported sales price of its common shares on July 31, 2008 was $53.64
per share. The Company also has granted the underwriters a 30-day
option to purchase up to 285,000 additional common shares. The Company
intends to use the net proceeds from this offering for general
business purposes, which may include funding the acquisition,
development or financing of properties or repayment of debt. Pending
this application, the Company intends to use the net proceeds to
reduce indebtedness under its unsecured revolving credit facility and
to invest any remaining net proceeds in interest-bearing securities
which are consistent with the Company's qualification as a real estate
investment trust. Closing is expected to occur on or about August 5,
2008, subject to customary closing conditions.

Goldman, Sachs & Co. is acting as the sole book-running manager
for the offering. KeyBanc Capital Markets is acting as co-manager for
the offering.

The offering is being made pursuant to an effective shelf
registration statement. The offering may be made only by means of a
prospectus supplement and the accompanying prospectus, copies of which
may be obtained by sending a request to: Goldman, Sachs & Co.,
Prospectus Department, 100 Burma Road, Jersey City, NJ 07305. Phone:
212-902-1171, Facsimile: 212-902-9316, and e-mail at
prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities, nor shall
there be any sale of these securities, in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state.

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE:EPR) is a real estate
investment trust (REIT) that develops, owns, leases, and finances
properties for consumer-preferred, high-quality businesses. EPR's
investments are guided by a focus on inflection opportunities that
offer enduring value, excellent executions, attractive economics, and
an advantageous market position. Our total assets exceed $2.4 billion
and include megaplex movie theatres and entertainment retail centers,
as well as other destination recreational and specialty investments.

Safe Harbor Statement

With the exception of historical information, this press release
contains forward-looking statements within the meaning of the
securities laws, such as those pertaining to our acquisition or
disposition of properties, our capital resources and future
expenditures for development projects. The Company's actual financial
condition, results of operations, funds from operations, or business
may vary materially from those contemplated by such forward-looking
statements and involve various risks and uncertainties.
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," or other comparable terms, or by
discussions of strategy, plans or intentions. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise.

You should consider the risks described in the "Risk Factors"
section of our most recent annual report on Form 10-K and, to the
extent applicable, our quarterly reports on Form 10-Q in evaluating
any forward-looking statements included in this press release. Given
these uncertainties, investors are cautioned not to place undue
reliance on any forward-looking statements. We undertake no obligation
to publicly update or revise any forward-looking statements included
in this press release whether as a result of new information, future
events, or otherwise. In light of the factors referred to above, the
future events discussed in this press release may not occur and actual
results, performance, or achievements could differ materially from
those anticipated or implied in the forward-looking statements.

Entertainment Properties Trust
Jon Weis, 888-EPR-REIT
info@eprkc.com

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