<PAGE>
Securities and Exchange Commission
Washington, D.C. 20549
AMENDMENT NO. 3
TO
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
Entertainment Properties Trust
-----------------------------------------------------------------------------
(Name of Issuer)
Common Shares of Beneficial Interest, par value $.01 per share
-----------------------------------------------------------------------------
(Title of Class of Securities)
293805105
-----------------------------------------------------------------------------
Simeon Brinberg (CUSIP Number)
60 Cutter Mill Road, Great Neck, New York 11021 516-466-3100
-----------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
-----------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule l3G to
report the acquisition that is the subject of this Schedule l3D, and is filing
this schedule because of Rule l3d-l(e), 13d-1 (f) or 13d-1(g), check the
following box / /.
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule l3d-7 for other
parties to whom copies are to be sent.
Page 1 of 19 Pages
<PAGE>
Page 2 of 19 Pages
Cusip No. 293805105
-----------------------------------------------------------------
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BRT Realty Trust- 13-2755856
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
-----------------------------------------------------------------
7. SOLE VOTING POWER - 1,338,600
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 1,338,600
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,338,600
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.93%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
OO
<PAGE>
Page 3 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gould Investors L.P. - 11-2763164
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------
7. SOLE VOTING POWER - 1,500
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 28,500 (1)
BENEFICIALLY _____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 1,500
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 28,500 (1)
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 30,000 (1)
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
<PAGE>
Page 4 of 19 Pages
14. TYPE OF
REPORTING PERSON*
PN
(1) Gould Investors L.P. is a member of SASS/Gould Real Estate Securities LLC, a
limited liability company, which is the succesor to SASS/Gould REIT Partners. An
affiliate of Gould Investors L.P. is a sub-advisor to the Managing Member of the
limited liability company. Gould Investors L.P. may be deemed to have shared
voting and shared dispositive power with respect to the shares owned by
SASS/Gould Real Estate Securities LLC.
<PAGE>
Page 5 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ONE LIBERTY PROPERTIES, INC. - 13-3147497
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
-----------------------------------------------------------------
7. SOLE VOTING POWER - 2,625
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 2,625
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 2,625
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON *
CO
<PAGE>
Page 6 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SASS/GOULD Real Estate Securities LLC (1)
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
-----------------------------------------------------------------
7. SOLE VOTING POWER - 28,500
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 28,500
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 28,500
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
OO
(1) Successor to SASS/Gould REIT Partners.
<PAGE>
Page 7 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fredric H. Gould and Fredric H. Gould Spousal IRA ###-##-####
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 2,112 (1)
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 1,371,225 (2)
BENEFICIALLY _____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 2,112 (1)
EACH ______________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 1,371,225 (2)
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,373,337
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 9.16%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
NOTE: - (1) The 2,112 shares includes 1,850 shares owned by
Fredric H. Gould, individually, and 262 shares owned by Fredric H.
Gould Spousal IRA.
Page 8 of 19 Pages
(2) Fredric H. Gould is Chairman of the Board and Chief Executive Officer of BRT
Realty Trust, a General Partner of Gould Investors L.P. and Chairman of the
Board and Chief Executive Officer of One Liberty Properties, Inc. Gould
Investors L.P. is a member of SASS/Gould Real Estate Securities LLC and an
affiliate of Gould Investors L.P. is the sub-advisor to the limited liability
company. Mr. Gould may be deemed to have shared voting and shared dispositive
power as to the Common Shares of the Company owned by these entities.
<PAGE>
Page 9 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Helaine Gould - ###-##-####
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 1,000
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 1,000
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,000
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
<PAGE>
Page 10 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey Gould - ###-##-####
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 300
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 1,338,600 (1)
BENEFICIALLY _____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 300
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 1,338,600 (1)
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,338,900
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.93%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
(1) Jeffrey Gould is President of BRT Realty Trust. Accordingly, he may be
deemed to have shared voting and shared dispositive power over the shares owned
by BRT Realty Trust.
<PAGE>
Page 11 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Matthew Gould - ###-##-####
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 350
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 30,000 (1)
BENEFICIALLY _____________________________________________
-----
OWNED BY 9. SOLE DISPOSITIVE POWER - 350
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 30,000(1)
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 30,350
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
(1) Matthew Gould is President of the managing corporate general partner of
Gould Investors L.P. Accordingly, he may be deemed to have shared voting and
shared dispositive power over the shares owned by Gould Investors L.P. and the
shares owned by SASS/Gould Real Estate Securities LLC.
<PAGE>
Page 12 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Israel Rosenzweig - ###-##-#### and Zehavit Rosenzweig,
as joint tenants.
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 1,000
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 1,000
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,000
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
<PAGE>
Page 13 of 19 Pages
Cusip No. 293805105
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Israel Rosenzweig - Keogh Account, 068-52-3463 and Israel
Rosenzweig as custodian for Alon Rosenzweig under New York
Uniform Gift to Minors Act - ###-##-####.
-----------------------------------------------------------------
2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)X
(b)
-----------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------
4. SOURCE OF FUNDS*
PF
-----------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
-----------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------
7. SOLE VOTING POWER - 4,300
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 4,300
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER -
PERSON WITH _____________________________________________
-----------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 4,300
-----------------------------------------------------------------
12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-----------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
-----------------------------------------------------------------
14. TYPE OF
REPORTING PERSON*
IN
NOTE: The 4,300 shares includes 4,100 shares held in a Keogh Account
established by Mr. Rosenzweig and 200 shares are held by him as
a custodian for his son.
<PAGE>
Page 14 of 19 Pages
This Amendment amends and supplements Schedule 13D filed with the Securities and
Exchange Commission on March 13, 2000, as amended to date. Except as amended by
this amendment, there has been no change in the information previously reported
on Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof BRT has purchased a total of 1,338,600 Common Shares of
the Company at an aggregate cost of $17,584,822. The funds used to make these
purchases came from BRT's working capital. In May, 1999, BRT entered into a
$45,000,000 Revolving Credit Agreement with TransAmerica Business Credit Corp.
("TransAmerica") which permits borrowings on a revolving basis. Any borrowings
under the Revolving Credit Agreement must be secured by mortgage receivables or
real property. No funds were drawn down under this Credit Agreement to purchase
Common Shares of the Company.
Item 4. Purpose of Transaction
BRT presently intends to purchase additional Common Shares of the Company in the
open market, subject to availability at prices deemed favorable. It also
reserves the right not to purchase any additional shares and to dispose of
shares of the Company in the future.
By letter dated May 31, 2000 to the Board of Trustees of the Company, BRT
requested that the Board of Trustees exempt BRT and the members of the group
from the ownership limitations contained in the Company's Amended and Restated
Declaration of Trust. A copy of the letter is filed as an Exhibit to this
Amendment No. 3.
Item 5. Interest in Securities of the Issuer
BRT owns, as of this date, 1,338,600 Common Shares of the Company, constituting
approximately 8.93% of the 14,986,851 Common Shares outstanding.
In the aggregate, BRT, the Partnership, OLP, Sass/Gould, Fredric H. Gould,
individually and in his Spousal IRA, Helaine Gould, Matthew Gould, Jeffrey Gould
and Israel Rosenzweig, who are filing as a group, own 1,380,287 Common Shares in
the aggregate, or 9.21% of the outstanding Common Shares of the Company.
<PAGE>
Page 15 of 19 Pages
The following table sets forth transactions in the Common Shares of the Company
effected by BRT since filing Amendment No. 2 to Schedule 13D. All shares were
purchased in open market purchases over the facilities of The New York Stock
Exchange.
DATE OF # OF PRICE
PURCHASE SHARES PER SHARE
-------- ------ ---------
05/31/2000 500 12.9375
06/02/2000 1,500 13.5000
<PAGE>
Page 16 of 19 Pages
Except as set forth herein, BRT, its executive officers and trustees, the
Partnership, its general partners (including officers and directors of its
corporate general partner), OLP, its officers and directors, Sass/Gould and its
managing member and sub-advisor, Fredric H. Gould, Helaine Gould, Matthew Gould,
Jeffrey Gould, Israel Rosenzweig and Zehavit Rosenzweig (i) do not own or have
the right to acquire, directly or indirectly, any Common Shares of the Company;
and (ii) have not in the past sixty (60) days effected any transactions in
Common Shares of the Company.
Item 7. Exhibit - (a) Agreement to file jointly. Filed with Schedule 13D.
(b) Power of Attorney. Filed with Schedule 13D.
(2) Letter dated May 31, 2000 from BRT Realty Trust to the
Board of Trustees of the Company.
<PAGE>
Page 17 of 19 Pages
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this amendment to the statement is true,
complete and correct.
Dated: June 6, 2000
BRT REALTY TRUST s/Fredric H. Gould
---------------------
Fredric H. Gould
By s/Jeffrey Gould
---------------------
Jeffrey Gould, s/Fredric H. Gould
President ---------------------
Fredric H. Gould Spousal
IRA
GOULD INVESTORS L.P. s/Helaine Gould
By: GEORGETOWN PARTNERS, INC. ---------------------
MANAGING GENERAL PARTNER By:Simeon Brinberg, Attorney in Fact
------------------------------------
By: s/Simeon Brinberg Helaine Gould
---------------------------- s/Matthew Gould
Simeon Brinberg, ---------------------
Senior Vice President Matthew Gould
s/Jeffrey Gould
---------------------
ONE LIBERTY PROPERTIES, INC. Jeffrey Gould
By: s/Mark H. Lundy s/Israel Rosenzweig
------------------------ ---------------------
Mark H. Lundy, Israel Rosenzweig,
Secretary Individually and as
Custodian
s/Zehavit Rosenzweig
SASS/GOULD REAL ESTATE By: Simeon Brinberg,Attorney in Fact
SECURITIES LLC, ------------------------------------
BY: M.D. SASS INVESTORS Zehavit Rosenzweig
SERVICES, INC.
BY: s/Martin E. Winter
---------------------------
Martin E. Winter,
Senior Vice President
<PAGE>
Page 18 of 19 Pages
VIA REGISTERED R/R/R
May 31, 2000
Board of Trustees
Entertainment Properties Trust
One Kansas City Place
1200 Main Street
Suite 3250
Kansas City, Missouri 64105
Gentlemen:
As I am sure you are aware, BRT Realty Trust (and related persons) filed today
with the Securities and Exchange Commission, Amendment No. 2 to its Schedule
13D. The Amendment reflects the ownership by BRT of approximately 8.92% of the
outstanding Common Shares of Entertainment Properties Trust ("EPR") and of
approximately 9.20%, in the aggregate, by the group.
Reference is made to Article 9 of the Amended and Restated Declaration of Trust
of EPR which limits ownership to 9.8% in number of shares or value of the
outstanding shares of any class of common stock or preferred stock of the Trust.
BRT Realty Trust ("BRT") is a Massachusetts business trust with 1,240
shareholders of record and approximately 1,920 shareholders whose shares are
held in "street name" (a total of approximately 3,160 shareholders). Based upon
the Amended and Restated Declaration of Trust and conversations with your
officers, the reason for the ownership limitations and provisions contained in
Article 9 were to protect EPR against the five or fewer rule contained in
Section 856 of the Internal Revenue Code. Section 11 of Article 9 gives the
Board of Trustees the discretion to grant exemptions from the ownership
limitation. BRT (and the group) is approaching the ownership limitation and BRT
wants to continue to purchase Common Shares of EPR. It therefore requests that
the Board of Trustees exempt BRT and members of its group from the
Page 19 of 19 Pages
application of the ownership limitations of the Amended and Restated Declaration
of Trust. In view of the fact that under Section 856 of the Internal Revenue
Code BRT is not deemed to be one owner or holder of such shares, but its
ownership is "sprinkled" down to its shareholders, no negative results under
Section 856 will accrue to EPR if BRT exceeds the ownership limitation.
If you require any additional information with respect to this request, please
do not hesitate to contact me.
Very truly yours,
BRT REALTY TRUST
Simeon Brinberg
Senior Vice President
SB/lm
cc: Fredric H. Gould
David Brain - R/R/R
