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Entertainment Properties Trust (EPR) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Epr Properties

CIK: 1045450 Ticker: EPR

Exhibit 99.1

ENTERTAINMENT PROPERTIES TRUST REPORTS

FOURTH QUARTER AND YEAR-END RESULTS

~Raises Dividend by 8%~

Kansas City, MO, February 28, 2011 — Entertainment Properties Trust (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2010.

Total revenue was $81.6 million for the fourth quarter of 2010 compared to $66.6 million for the same quarter in 2009. Net income available to common shareholders was $26.7 million, or $0.57 per diluted common share, for the fourth quarter of 2010 compared to $6.7 million, or $0.17 per diluted common share, for the same quarter in 2009. Funds From Operations (FFO) for the fourth quarter of 2010 was $40.4 million, or $0.86 per diluted common share, compared to $17.0 million, or $0.43 per diluted common share, for the same quarter in 2009.

For the year ended December 31, 2010, total revenue was $313.1 million compared to $259.1 million for year ended December 31, 2009. Net income available to common shareholders for the year ended December 31, 2010 was $84.7 million, or $1.86 per diluted common share, versus a net loss available to common shareholders of $22.2 million, or $0.61 per diluted common share, for the year ended December 31, 2009. FFO for the year ended December 31, 2010 was $136.6 million, or $3.00 per diluted common share, compared to $4.9 million, or $0.13 per diluted common share, for the year ended December 31, 2009.

David Brain, President and CEO, commented, “I am proud of what we accomplished in 2010, including over $300 million in accretive transactions, the stabilization of Toronto Dundas Square and the deleveraging of our balance sheet. While these are important achievements, the milestone I am most proud of is the investment grade ratings we received in connection with our inaugural bond offering as we transition from a secured to an unsecured borrower. This transformation augments our ability to grow and should serve to drive our cost of capital lower over time.”

A reconciliation of FFO to FFO as adjusted follows (dollars in millions, except per share amounts):

 

     Three Months Ended December 31,  
     2010     2009  
     Amount     FFO/share     Amount      FFO/share  

FFO

   $ 40.4      $ 0.86      $ 17.0       $ 0.43   

Transaction costs

     0.1        —          3.2         0.08   

Provision for loan losses

     —          —          5.2         0.13   

Impairment charges

     0.5        0.01        6.4         0.16   

Gain on acquisition

     (0.5     (0.01     —           —     
                                 

FFO as adjusted

   $ 40.5      $ 0.86      $ 31.8       $ 0.80   
                                 

Dividends declared per common share

     $ 0.65         $ 0.65   

FFO payout ratio, as adjusted

       75        81


The following information was filed by Epr Properties (EPR) on Monday, February 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: EPR
CIK: 1045450
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-051389
Submitted to the SEC: Tue Mar 01 2011 11:18:53 AM EST
Accepted by the SEC: Tue Mar 01 2011
Period: Friday, December 31, 2010
Industry: Real Estate Investment Trusts

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