e8vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KTR0iZZpVZK8WdZt6BQWCi4WgBNCeBh9fctMrdydF8xA3zIunGFUw1m/0JcAKor8 9bF92CauBpsuzVujR033Nw== 0000950123-09-026037.txt : 20090728 0000950123-09-026037.hdr.sgml : 20090728 20090728071103 ACCESSION NUMBER: 0000950123-09-026037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20090727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090728 DATE AS OF CHANGE: 20090728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERTAINMENT PROPERTIES TRUST CENTRAL INDEX KEY: 0001045450 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 431790877 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13561 FILM NUMBER: 09965826 BUSINESS ADDRESS: STREET 1: 30 PERSHING RD STREET 2: STE 301 CITY: KANSAS CITY STATE: MO ZIP: 64108 BUSINESS PHONE: 8164721700 MAIL ADDRESS: STREET 1: 30 W. PERSHING ROAD STREET 2: SUITE 201 CITY: KANSAS CITY STATE: MO ZIP: 64108 8-K 1 c52607e8vk.htm FORM 8-K e8vk

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2009

Entertainment Properties Trust

(Exact name of registrant as specified in its charter)


Maryland	1-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

30 West Pershing Road, Suite 201
Kansas City, Missouri 64108
(Address of principal executive office)(Zip Code)

(816) 472-1700
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
	INDEX TO EXHIBITS
EX-99.1
EX-99.2

Item 2.02. Results of Operations and Financial Condition.

On July 27, 2009, Entertainment Properties Trust (the “Company”) announced its results of operations and financial condition for the second quarter and six months ended June 30, 2009. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on July 27, 2009, the Company announced supplemental operating and financial data for the second quarter and six months ended June 30, 2009. The public announcement of the supplemental operating and financial data was made by means of a press release, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.

The information in this current report on Form 8-K, including the exhibits, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.


Exhibit No.		Description

Exhibit 99.1		Press Release dated July 27, 2009 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2009.

Exhibit 99.2		Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2009 issued by Entertainment Properties Trust on July 27, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ENTERTAINMENT PROPERTIES TRUST
	By:	/s/ Mark A. Peterson
		Mark A. Peterson
		Vice President, Treasurer and Chief Financial Officer

Date: July 27, 2009

INDEX TO EXHIBITS


Exhibit		Description

Exhibit 99.1		Press Release dated July 27, 2009 issued by Entertainment Properties Trust announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2009.

Exhibit 99.2		Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2009 issued by Entertainment Properties Trust on July 27, 2009.

EX-99.1 2 c52607exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1

Entertainment Properties Trust Reports Second Quarter Results

Kansas City, MO, July 27, 2009 — Entertainment Properties Trust (NYSE:EPR) today announced operating results for the second quarter and six months ended June 30, 2009.

Total revenue was $66.7 million for the second quarter of 2009 compared to $68.8 million for the same quarter in 2008. Net income available to common shareholders was $20.2 million, or $0.58 per diluted common share, compared to $23.9 million, or $0.77 per diluted common share, for the same quarter in 2008. For the six months ended June 30, 2009, total revenue was $133.4 million compared to $134.6 million for the same period in 2008. Net income available to common shareholders was $37.9 million, or $1.09 per diluted share, versus $45.4 million, or $1.53 per diluted share, for the same period last year.

Funds From Operations (FFO) for the second quarter of 2009 was $30.1 million compared to $33.5 million for same quarter in 2008. FFO per diluted common share declined $0.22 to $0.86 compared to $1.08 for the same quarter in 2008. FFO for the six months ended June 30, 2009 was $59.1 million compared to $65.3 million in the year ago period. FFO per diluted common share declined $0.49 to $1.70 compared to $2.19 for the same period last year.

As previously communicated, both the second quarter and year to date results were impacted by the Company’s policy to record interest income from notes receivable on a cash basis rather than an accrual basis when the expected timing of receipts significantly differs from the contractual terms. As a result, no income was recognized related to the Company’s mortgage note investments in a Sullivan County, New York casino and resort project (the Concord Project) or the Toronto Life Square project in Canada. The impact from these two projects resulted in a reduction in FFO per share results for the quarter and six months ended June 30, 2009 of $0.27 and $0.50, respectively.

David Brain, President and CEO, commented on the results, “The Company’s business continues to perform very well in this economic environment. We benefited from having approximately 70% of our assets in megaplex theatres, an industry that continues to show strength. For the year, the box office is up double digits, setting new records. In addition, we successfully completed a new revolving credit facility, further enhancing our financial flexibility.”

Portfolio Highlights

As of June 30, 2009, the Company’s real estate portfolio consisted of 80 megaplex theatres totaling approximately 6.6 million square feet, and restaurant, retail and other destination recreation and specialty properties totaling 3.9 million square feet. The Company owned a metropolitan ski area and eight vineyards totaling approximately 1,590 acres and ten wineries totaling approximately 850 thousand square feet as well as 22 public charter schools.

In addition, as of June 30, 2009, the Company’s real estate mortgage loan portfolio had a carrying value of $538.6 million and included financing provided for entertainment, retail and recreational properties, including ten metropolitan ski areas covering approximately 6,100 acres in six states.

At June 30, 2009, the Company’s megaplex theatres were 100% occupied, and the overall real estate portfolio was 97% occupied.

Capital Markets Update

On June 30, 2009, the Company amended and restated its revolving credit facility (“the revolver”). The $215 million revolver bears interest at LIBOR plus 3.5%, with a 2.0% LIBOR floor, and includes an

accordion feature of up to $300 million, subject to lender consent. The revolver matures in October 2011 with a one year extension available at the Company’s option.

At June 30, 2009 there was in excess of $100 million of unrestricted cash on hand and availability under the revolver.

Investment Update

Total investment spending for the second quarter was approximately $26 million, with approximately $18 million funded for the completion of the Schlitterbahn water park in Kansas City, Kansas. The balance of investments for the quarter consisted mainly of the Company’s expansion of pre-leased space at its Canadian entertainment retail centers, completion of the Suffolk, Virginia development and continued funding of a wine facility in Sonoma, California. Through the first six months of 2009, the Company has completed approximately $47 million of its stated investment spending for the full year of approximately $60 million.

The Schlitterbahn water park opened for business in July 2009 as the first phase of Schlitterbahn Vacation Village. In the second quarter, the Company not only reduced its commitment to this project from $175 million to $163.5 million, but also added to its collateral position by obtaining mortgages on two other successful Schlitterbahn water parks in Texas and meaningfully improved the payment terms. During the quarter revenue at these parks was ahead of last year’s record level. The funding of Schlitterbahn is substantially complete as of June 30, 2009.

With regard to Toronto Life Square, the Company continues to proceed through the receivership. During the second quarter, the court approved the sales process and appointed a sales agent to manage the process. Marketing materials are being released, and the current timeline concludes with the sale of the property in the fourth quarter of 2009. As part of the sale process, the Company could become the owner of the property if it is the highest bidder or alternatively, could settle its mortgage note receivable with the proceeds from a higher bidder. With regard to the performance of the property, the theatre is consistently one of the top performing theatres in Toronto, and the Company continues to make progress on leasing up the remaining vacancy, with occupancy now at 91%.

With regard to the Concord Project, in July 2009 the New York legislature amended the hurdles for qualification for the reduction in the gaming tax from 68% to 25%. Formerly, the legislation required the developer to spend at least $1 billion dollars and employ 2,000 people. As amended, the legislation reduced the spending requirement to $600 million and the employee requirement was reduced to 1,000. Additionally, the site has been approved for electronic table games, substantially expanding the gaming operations available to a casino operator.

Our original loan commitment to fund an additional $91.8 million to the Concord Project is no longer applicable due to the developer’s decision to downsize the initial phase of the Concord Project to an investment level of $600 million. The funding of any additional investment in the Concord Project by the Company will be subject to satisfaction of certain conditions, including but not limited to a reduction from the aforementioned $91.8 million.

Dividend Information

On June 19, 2009, the Company declared a regular quarterly cash dividend of $0.65 per common share, which was paid on July 15, 2009 to common shareholders of record on June 30, 2009. This dividend represents an annualized dividend of $2.60 per common share. The Company also declared and paid second quarter cash dividends of $0.4844 per share on the 7.75% Series B Preferred Shares, $0.3594 per

share on the 5.75% Series C Convertible Preferred Shares, $0.4609 per share on the 7.375% Series D Preferred Shares and $0.5625 per share on the 9.00% Series E Convertible Preferred Shares.

Investment Spending and Earnings Guidance

The Company reiterates its 2009 investment spending guidance of $60 million. This guidance excludes any potential investment spending associated with the acquisition of Toronto Life Square or the Concord Project. The Company is also reiterating its 2009 FFO per share guidance of $3.40 — $3.60. This guidance excludes any expenses associated with the acquisition of Toronto Life Square or any impact resulting from a change in status of the Concord Project.

ENTERTAINMENT PROPERTIES TRUST
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands except per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Rental revenue	$	50,507		$	49,940		$	100,918		$	99,062
Tenant reimbursements		4,258			5,194			8,893			10,865
Other income		728			491			1,868			1,202
Mortgage and other financing income		11,224			13,130			21,742			23,484

Total revenue		66,717			68,755			133,421			134,613
Property operating expense		6,382			6,309			14,400			13,335
Other expense		854			622			1,472			1,557
General and administrative expense		4,278			3,938			8,404			8,352
Costs associated with loan refinancing		117			—			117			—
Interest expense, net		17,482			16,960			34,919			34,428
Depreciation and amortization		11,834			10,341			24,463			21,014


Income before equity in income from joint ventures and discontinued operations		25,770			30,585			49,646			55,927
Equity in income from joint ventures		225			245			444			1,527

Income from continuing operations	$	25,995		$	30,830		$	50,090		$	57,454
Discontinued operations:
Loss from discontinued operations		—			(16	)		—			(27	)
Gain on sale of real estate		—			119			—			119

Net income		25,995			30,933			50,090			57,546

Add: Net loss attributable to noncontrolling interests		1,709			478			2,943			986

Net income attributable to Entertainment Properties Trust		27,704			31,411			53,033			58,532
Preferred dividend requirements		(7,552	)		(7,552	)		(15,103	)		(13,162	)

Net income available to common shareholders of Entertainment Properties Trust	$	20,152		$	23,859		$	37,930		$	45,370

Per share data attributable to Entertainment Properties Trust common shareholders:
Basic earnings per share data:
Income from continuing operations available to common shareholders	$	0.58		$	0.78		$	1.09		$	1.54
Income from discontinued operations		—			—			—			0.01


Net income available to common shareholders	$	0.58		$	0.78		$	1.09		$	1.55

Diluted earnings per share data:
Income from continuing operations available to common shareholders	$	0.58		$	0.77		$	1.09		$	1.53
Income from discontinued operations		—			—			—			—


Net income available to common shareholders	$	0.58		$	0.77		$	1.09		$	1.53

Shares used for computation (in thousands):
Basic		34,970			30,577			34,678			29,351
Diluted		34,992			30,913			34,686			29,663

The additional 1.9 million common shares that would result from the conversion of our 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of our 9.00% Series E cumulative convertible preferred shares (issued on April 2, 2008) and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three and six months ended June 30, 2009 because the effect is anti-dilutive. However, because a conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO per share for the three and six months ended June 30, 2008, these adjustments have been made in the calculation of diluted FFO per share for these periods.

On January 1, 2009, the Company adopted FASB Staff Position EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities,” (FSP EITF 03-6-1). This FSP requires unvested share-based payment awards with non-forfeitable rights to receive dividends to be considered participating securities for the purposes of applying the two-class method of calculating earnings per share. Accordingly, the Company’s nonvested share awards are included in the calculation of earnings per share and prior-period data that was computed using the treasury stock method and has been adjusted retrospectively, which lowered basic and diluted FFO per share by $0.01 for the three months ended June 30, 2008 and lowered basic FFO per share by $0.02 and diluted FFO per share by $0.01 for the six months ended June 30, 2008.

ENTERTAINMENT PROPERTIES TRUST
Reconciliation of Net Income Available to Common Shareholders to Funds From Operations (A)
(Unaudited, Dollars in thousands except per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Net income available to common shareholders of Entertainment Properties Trust	$	20,152		$	23,859			37,930		$	45,370
Subtract: Noncontrolling interest		(1,746	)		(537	)		(3,070	)		(1,069	)
Add: Real estate depreciation and amortization		11,642			10,138			24,076			20,639
Add: Allocated share of joint venture depreciation		66			69			131			381

FFO available to common shareholders of Entertainment Properties Trust		30,114			33,529			59,067			65,321

FFO available to common shareholders of Entertainment Properties Trust		30,114			33,529			59,067			65,321
Add: Preferred dividends for Series C		—			1,941			—			3,881

Diluted FFO available to common shareholders of Entertainment Properties Trust		30,114			35,470			59,067			69,202

FFO per common share attributable to Entertainment Properties Trust:
Basic	$	0.86		$	1.10			1.70		$	2.23
Diluted		0.86			1.08			1.70			2.19
Shares used for computation (in thousands):
Basic		34,970			30,577			34,678			29,351
Diluted		34,992			32,827			34,686			31,574
Weighted average shares outstanding- diluted EPS		34,992			30,913			34,686			29,663
Effect of dilutive Series C preferred shares		—			1,914			—			1,911

Adjusted weighted average shares outstanding — diluted		34,992			32,827			34,686			31,574

Other financial information:
Straight-lined rental revenue	$	584			1,067			1,145			1,893
Dividends per common share	$	0.65			0.84			1.30			1.68
FFO payout ratio (1)		76	%		78	%		76	%		77	%


(1)		FFO payout ratio is calculated by dividing dividends per common share by FFO per diluted common share.

(A)

The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under Generally Accepted Accounting Principles (GAAP). FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO, as defined under the revised NAREIT definition and presented by us, is net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating properties, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on

the same basis. FFO is a non-GAAP financial measure. FFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO the same way so comparisons with other REITs may not be meaningful.

ENTERTAINMENT PROPERTIES TRUST
Condensed Consolidated Balance Sheets
(Dollars in thousands)


	As of		As of
	June 30, 2009		December 31, 2008
	(unaudited)
Assets
Rental properties, net	$	1,745,000	$	1,735,026
Property under development		22,847		30,835
Mortgage notes and related accrued interest receivable		538,632		508,506
Investment in a direct financing lease, net		167,945		166,089
Investment in joint ventures		2,457		2,493
Cash and cash equivalents		16,202		50,082
Restricted cash		14,551		11,004
Intangible assets, net		10,188		12,400
Deferred financing costs, net		14,010		10,741
Accounts and notes receivable, net		73,241		73,312
Other assets		36,504		33,437

Total assets	$	2,641,577	$	2,633,925

Liabilities and Shareholders’ Equity
Accounts payable and accrued liabilities	$	27,122	$	35,665
Dividends payable		30,284		34,929
Unearned rents and interest		12,836		8,312
Long-term debt		1,225,356		1,262,368

Total liabilities		1,295,598		1,341,274

Entetainment Properties Trust shareholders’ equity		1,333,845		1,277,434
Noncontrolling interests		12,134		15,217

Total liabilities and shareholders’ equity	$	2,641,577	$	2,633,925

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 are associated with or support enduring uses, excellent executions, attractive economics, and an advantageous market position. Our total assets exceed $2.6 billion and include megaplex movie theatres and entertainment retail centers, as well as other destination recreational and specialty investments. Further information is available at www.eprkc.com or from Jon Weis at 888-EPR-REIT or info@eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act

of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements may refer to our financial condition, results of operations, plans, objectives, acquisition or disposition of properties, future expenditures for development projects, capital resources, future financial performance and business. Forward-looking statements are not guarantees of performance. They involve numerous risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “will be,” “continue,” “hope,” “goal,” “forecast,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” “would,” “may” or other similar expressions contained or incorporated by reference herein. In addition, references to our budgeted amounts are forward looking statements. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

EX-99.2 3 c52607exv99w2.htm EX-99.2 exv99w2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Three and Six Months Ended June 30, 2009

July 27, 2009

Entertainment Properties Trust
Supplemental Operating and Financial Data
For the Three and Six Months Ended June 30, 2009

Table of Contents


Section	Page


2009 Capital Spending and Disposition Summaries		4

Portfolio Data

Investment Information by Asset Type		5
Top Ten Customers by Revenue		10

Financial data

Summary of Long-Term Debt		11
Principal Payments Due on Long-Term Debt		12
Summary of Mortgage Notes Receivable		13
Principal Payments Due on Mortgage Notes Receivable		14

CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS

With the exception of historical information, certain information contained or incorporated by reference herein constitutes forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements may refer to our financial condition, results of operations, plans, objectives, acquisition or disposition of properties, future expenditures for development projects, capital resources, future financial performance and business. Forward-looking statements are not guarantees of performance. They involve numerous risks, uncertainties and assumptions. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements In addition, references to our budgeted amounts are forward looking statements. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Risk Factors” in our most recent annual report on Form 10-K and, to the extent applicable, in our quarterly reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date indicated herein or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

USE OF EBITDA AS A NON-GAAP FINANCIAL MEASURE

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income plus interest expense (net), depreciation and amortization, gain or loss on sale of real estate, noncontrolling interests, equity in income from joint ventures and discontinued operations. The Company’s method of calculating EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Entertainment Properties Trust
Capital Spending and Disposition Summaries
For the Three and Six Months Ended June 30, 2009
(Unaudited)
(Dollars in thousands)

2009 Capital Spending:

Capital Spending

Three Months Ended

Six Months Ended

Description

Location

Date

June 30, 2009

Development of Schlitterbahn Vacation Village

Kansas City, KS

various

17,679

27,768

Additions to Toronto Life Square mortgage note receivable

Toronto, Ontario

2/6/2009

—

767

Development of custom crush facility

Sonoma County, CA

various

3,008

4,092

Development of entertainment retail center

Suffolk, VA

various

2,004

3,707

Development of additional gross leasable area

Ontario, Canada

various

1,146

1,934

Development at Rb Winery

Hopland, CA

various

1,386

2,428

Development of theatre

Glendora, CA

various

1,004

Investment in RB Wine Promissory Note

Hopland, CA

various

—

1,110

Investment in Sapphire Wines Promissory Note

Pasa Robles, CA

various

—

2,748

Capitalized building improvements

various

233

744

Other capital acquisitions

various

535

879

Total capital spending

26,002

47,181

2009 Disposition:

Description

Location

Date

Cash Received

Gain (Loss)

No dispositions occurred during the three or six months ended June 30, 2009

Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended June 30, 2009
(Unaudited)
(Dollars in thousands)


							Public									Waterpark/
							Charter			Vineyards and			Metropolitan			Concord
	Theatres			Retail			Schools			Wineries			Ski Areas			Developments			Subtotal			Unallocated			Consolidated

Rental revenue	$	38,656		$	7,509			—		$	4,031		$	311			—			50,507			—		$	50,507
Tenant reimbursements		1,501			2,757			—			—			—			—			4,258			—			4,258
Other income		23			429			—			6			—			—			458			270			728
Mortgage and other financing income		944			50			5,031			404			3,298			1,497			11,224			—			11,224

Total revenue		41,124			10,745			5,031			4,441			3,609			1,497			66,447			270			66,717

Property operating expense		1,361			4,993			—			28			—			—			6,382			—			6,382
Other expense		—			476			—			378			—			—			854			—			854

Total investment expenses		1,361			5,469			—			406			—			—			7,236			—			7,236

General and administrative expense		—			—			—			—			—			—			—			4,278			4,278

EBITDA	$	39,763		$	5,276		$	5,031		$	4,035		$	3,609		$	1,497			59,211		$	(4,008	)		55,203

% of EBITDA		67	%		9	%		8	%		7	%		6	%		3	%		100	%

		76		%
Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																							1,709			1,709
Interest expense, net																							(17,482	)		(17,482	)
Costs associated with loan refinancing																							(117	)		(117	)
Depreciation and amortization																							(11,834	)		(11,834	)
Equity in income from joint ventures																							225			225

Income from continuing operations																										27,704
Discontinued operations:
Income from discontinued operations																							—			—

Net income																										27,704
Preferred dividend requirements																							(7,552	)		(7,552	)

Net income available to common shareholders																									$	20,152

Entertainment Properties Trust
Financial Information by Asset Type
For the Six Months Ended June 30, 2009
(Unaudited)
(Dollars in thousands)


							Public									Waterpark/
							Charter			Vineyards			Metropolitan			Concord
	Theatres			Retail			Schools			and Wineries			Ski Areas			Developments			Subtotal			Unallocated			Consolidated

Rental revenue	$	77,016		$	15,260			—		$	8,020		$	622			—			100,918			—		$	100,918
Tenant reimbursements		3,186			5,707			—			—			—			—			8,893			—			8,893
Other income		45			1,017			—			26			—			—			1,088			780			1,868
Mortgage and other financing income		1,746			96			10,034			428			6,578			2,860			21,742			—			21,742

Total revenue		81,993			22,080			10,034			8,474			7,200			2,860			132,641			780			133,421

Property operating expense		4,361			10,003			—			36			—			—			14,400			—			14,400
Other expense		—			1,036			—			436			—			—			1,472			—			1,472

Total investment expenses		4,361			11,039			—			472			—			—			15,872			—			15,872

General and administrative expense		—			—			—			—			—			—			—			8,404			8,404
EBITDA	$	77,632		$	11,041		$	10,034		$	8,002		$	7,200		$	2,860			116,769		$	(7,624	)		109,145

% of EBITDA		67	%		9	%		9	%		7	%		6	%		2	%		100	%


	76%
Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																							2,943			2,943
Interest expense, net																							(34,919	)		(34,919	)
Costs associated with loan refinancing																							(117	)		(117	)
Depreciation and amortization																							(24,463	)		(24,463	)
Equity in income from joint ventures																							444			444

Income from continuing operations																										53,033
Discontinued operations:
Income from discontinued operations																							—			—

Net income																										53,033
Preferred dividend requirements																							(15,103	)		(15,103	)

Net income available to common shareholders																									$	37,930

Entertainment Properties Trust
Financial Information by Asset Type
For the Six Months Ended June 30, 2009
(Unaudited)
(Dollars in thousands)


										Public						Waterpark/
							Metropolitan			Charter			Vineyards and			Concord
	Theatres			Retail			Ski Areas			Schools			Wineries			Developments			Subtotal			Unallocated			Consolidated

Rental revenue	$	38,411		$	9,086		$	308			—		$	2,135			—			49,940			—		$	49,940
Tenant reimbursements		1,176			4,018			—			—			—			—			5,194			—			5,194
Other income		22			469			—			—			—			—			491			—			491
Mortgage and other financing income		5,393			93			3,044			2,789			113			1,698			13,130			—			13,130

Total revenue		45,002			13,666			3,352			2,789			2,248			1,698			68,755			—			68,755

Property operating expense		2,297			3,972			—			38			2			—			6,309			—			6,309
Other expense		—			494			—			—			—			—			494			128			622

Total investment expenses		2,297			4,466			—			38			2			—			6,803			128			6,931

General and administrative expense		—			—			—			—			—			—			—			3,938			3,938

EBITDA	$	42,705		$	9,200		$	3,352		$	2,751		$	2,246		$	1,698			61,952		$	(4,066	)		57,886

% of EBITDA		69	%		15	%		5	%		4	%		4	%		3	%		100	%

	84%
Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																							478			478
Interest expense, net																							(16,960	)		(16,960	)
Depreciation and amortization																							(10,341	)		(10,341	)
Equity in income from joint ventures																							245			245

Income from continuing operations																										31,308
Discontinued operations:
Loss from discontinued operations																							(16	)		(16	)
Gain on sale of real estate																							119			119

Net income																										31,411
Preferred dividend requirements																							(7,552	)		(7,552	)

Net income available to common shareholders																									$	23,859

Entertainment Properties Trust
Financial Information by Asset Type
For the Six Months Ended June 30, 2009
(Unaudited)
(Dollars in thousands)


													Waterpark/			Public
							Metropolitan			Vineyards			Concord			Charter
	Theatres			Retail			Ski Areas			and Wineries			Developments			Schools			Subtotal			Unallocated			Consolidated

Rental revenue	$	77,113		$	17,767		$	613		$	3,569			—			—			99,062			—		$	99,062
Tenant reimbursements		2,428			8,437			—			—			—			—			10,865			—			10,865
Other income		46			1,156			—			—			—			—			1,202			—			1,202
Mortgage and other financing income		10,589			220			6,038			225			3,535			2,877			23,484			—			23,484

Total revenue		90,176			27,580			6,651			3,794			3,535			2,877			134,613			—			134,613

Property operating expense		4,973			8,322			—			2			—			38			13,335			—			13,335
Other expense		—			1,048			—			—			—			—			1,048			509			1,557

Total investment expenses		4,973			9,370			—			2			—			38			14,383			509			14,892

General and administrative expense		—			—			—			—			—			—			—			8,352			8,352
EBITDA	$	85,203		$	18,210		$	6,651		$	3,792		$	3,535		$	2,839			120,230		$	(8,861	)		111,369

% of EBITDA		71	%		15	%		6	%		3	%		3	%		2	%		100	%

	86%
Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																							986			986
Interest expense, net																							(34,428	)		(34,428	)
Depreciation and amortization																							(21,014	)		(21,014	)
Equity in income from joint ventures																							1,527			1,527

Income from continuing operations																										58,440
Discontinued operations:
Loss from discontinued operations																							(27	)		(27	)
Gain on sale of real estate																							119			119

Net income																										58,532
Preferred dividend requirements																							(13,162	)		(13,162	)

Net income available to common shareholders																									$	45,370

Entertainment Properties Trust
Investment Information by Asset Type
As of June 30, 2009 and December 31, 2008
(Unaudited)
(Dollars in thousands)


	As of June 30, 2009
							Vineyards			Public			Waterpark/
	Retail/			Metropolitan			and			Charter			Concord
	Theatres			Ski Areas			Wineries			Schools			Developments			Subtotal			Unallocated			Consolidated

Rental properties, net of accumulated depreciation	$	1,537,058		$	11,974		$	195,968		$	—		$	—		$	1,745,000		$	—		$	1,745,000
Add back accumulated depreciation on rental properties		226,906			1,033			7,533			—			—			235,472			—			235,472
Property under development		17,126			—			5,721			—			—			22,847			—			22,847
Mortgage notes and related accrued interest receivable		108,915			133,986			—			—			295,731			538,632			—			538,632
Investment in direct financing leases		—			—			—			167,945			—			167,945			—			167,945
Investment in joint ventures		2,457			—			—			—			—			2,457			—			2,457
Intangible assets, net of accumulated amortization		10,188			—			—			—			—			10,188			—			10,188
Add back accumulated amortization on intangible assets		9,804			—			—			—			—			9,804			—			9,804
Accounts and notes receivable		28,803			—			10,498			3,750			—			43,051			30,190			73,241
Less accounts receivable		—			—			—			—			—			—			(30,190	)		(30,190	)

Total investments	$	1,941,257		$	146,993		$	219,720		$	171,695		$	295,731		$	2,775,396		$	—		$	2,775,396

% of total investments		70	%		5	%		8	%		6	%		11	%		100	%


	As of December 31, 2008
							Vineyards			Public			Waterpark/
	Retail/			Metropolitan			and			Charter			Concord
	Theatres			Ski Areas			Wineries			Schools			Developments			Subtotal			Unallocated			Consolidated

Rental properties, net of accumulated depreciation	$	1,533,929		$	12,128		$	188,969		$	—		$	—		$	1,735,026		$	—		$	1,735,026
Add back accumulated depreciation on rental properties		208,504			879			4,695			—			—			214,078			—			214,078
Property under development		21,916			—			8,919			—			—			30,835			—			30,835
Mortgage notes and related accrued interest receivable		106,940			132,468			—			—			269,098			508,506			—			508,506
Investment in direct financing leases		—			—			—			166,089			—			166,089			—			166,089
Investment in joint ventures		2,493			—			—			—			—			2,493			—			2,493
Intangible assets, net of accumulated amortization		12,400			—			—			—			—			12,400			—			12,400
Add back accumulated amortization on intangible assets		7,077			—			—			—			—			7,077			—			7,077
Accounts and notes receivable		31,150			—			5,000			3,756			—			39,906			33,406			73,312
Less accounts receivable		—			—			—			—			—			—			(33,406	)		(33,406	)

Total investments	$	1,924,409		$	145,475		$	207,583		$	169,845		$	269,098		$	2,716,410		$	—		$	2,716,410

% of total investments		71	%		5	%		8	%		6	%		10	%		100	%

Entertainment Properties Trust
Top Ten Customers by Revenue
For the Three and Six Months Ended June 30, 2009
(Dollars in thousands)


		Total Revenue For The					Total Revenue For The
		Three Months Ended		Percentage of			Six Months Ended		Percentage of
Customers	Asset Type	June 30, 2009		Total Revenue			June 30, 2009		Total Revenue

1 American Multi-Cinema, Inc.	Retail/Theatres	$	25,349		38	%	$	50,698		38	%

2 Imagine Schools, Inc.	Public Charter Schools	$	5,031		8	%	$	10,034		8	%

3 Regal Cinemas, Inc.	Retail/Theatres	$	4,963		8	%	$	10,042		8	%

4 Peak Resorts, Inc.	Metropolitan Ski Areas	$	3,609		5	%	$	7,200		5	%

5 Rave Motion Pictures	Retail/Theatres	$	3,577		5	%	$	7,115		5	%

6 Southern Theatres, LLC	Retail/Theatres Vineyardsand	$	2,839		4	%	$	5,526		4	%

7 Ascentia Wine Estates, LLC	Wineries Waterpark	$	2,501		4	%	$	5,002		4	%

8 SVVI, LLC	Development	$	1,516		2	%	$	2,879		2	%

9 Muvico Entertainment, LLC	Retail/Theatres	$	929		1	%	$	2,868		2	%

10 Sapphire Wines, LLC	Vineyards and Wineries	$	913		1	%	$	1,458		1	%


Total		$	51,227		76	%	$	102,822		77	%

Entertainment Properties Trust
Summary of Long-Term Debt
As of June 30, 2009 and December 31, 2008
(Unaudited)
(Dollars in thousands)


	June 30, 2009		December 31, 2008

Mortgage note payable, variable rate, due September 10, 2010	$	56,250		56,250
Mortgage note payable, 5.60%, due October 7, 2010, two to four year extension at Company’s option upon meeting certain conditions		113,667		113,917
Unsecured revolving variable rate credit facility, due October 26, 2011		116,000		149,000
Term loan payable, variable rate, due October 26, 2011, one year extension available at Company’s option		118,200		118,800
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		46,438		47,056
Mortgage note payable, 6.63%, due November 1, 2012		25,958		26,302
Mortgage notes payable, 4.26%-9.012%, due February 10, 2013		122,440		125,424
Mortgage note payable, 6.84%, due March 1, 2014		94,081		91,583
Mortgage note payable, 5.58%, due April 1, 2014		61,209		61,742
Mortgage note payable, 5.56%, due June 5, 2015		34,038		34,311
Mortgage notes payable, 5.77%, due November 6, 2015		73,618		74,443
Mortgage notes payable, 5.84%, due March 6, 2016		41,351		41,798
Mortgage notes payable, 6.37%, due June 30, 2016		29,424		29,712
Mortgage notes payable, 6.10%, due October 1, 2016		26,453		26,716
Mortgage notes payable, 6.02%, due October 6, 2016		19,949		20,149
Mortgage note payable, 6.06%, due March 1, 2017		11,100		11,207
Mortgage note payable, 6.07%, due April 6, 2017		11,421		11,530
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		52,969		53,494
Mortgage notes payable, 5.86%, due August 1, 2017		27,091		27,352
Term loan payable, 5.11%-5.78%, due December 1, 2017-June 5, 2018		94,907		92,120
Mortgage note payable, 6.19%, due February 1, 2018		16,902		17,133
Mortgage note payable, 7.37%, due July 15, 2018		12,255		12,694
Bond payable, variable rate, due October 1, 2037		10,635		10,635
Mortgage note payable, 5.50%		4,000		4,000
Mortgage notes payable, 5.00%		5,000		5,000

Total	$	1,225,356		1,262,368

Entertainment Properties Trust
Principal Payments Due on Long-Term Debt
As of June 30, 2009
(Unaudited)
(Dollars in thousands)


	Amount			Amount
	Without Extensions			With Extensions
Year:
2009	$	12,788			12,788
2010		195,627	⁽¹⁾		83,294
2011		258,795	⁽²⁾		28,595
2012		92,714			324,914	⁽¹⁾
2013		127,822			128,822
Thereafter		537,610			646,943

Total	$	1,225,356			1,225,356


⁽¹⁾		In addition to recurring principal payments, this amount includes $56.25 million in debt maturing in September 2010 related to the planned resort development in Sullivan County, New York and $113.5 million in debt maturing in October 2010 secured by our entertainment retail center in White Plains, New York. The $113.5 million related to White Plains is extendable for two to four years based on meeting certain conditions including a minimum net operating income threshold. Amount is shown in the “Amount With Extensions” column as if this note was extended for two years.

⁽²⁾		In addition to recurring principal payments, this amount includes $115.2 million of maturing debt secured by one theatre and one ski resort as well as five mortgage notes receivable. This debt is extendable at the Company’s option until October 26, 2012.

Entertainment Properties Trust
Summary of Mortgage Notes Receivable
As of June 30, 2009 and December 31, 2008
(Unaudited)
(Dollars in thousands)


	June 30, 2009		December 31, 2008
Mortgage note and related accrued interest receivable, LIBOR plus 3.5%, due on demand	$	—		3,651
Mortgage note and related accrued interest receivable, 10.00%, due April 2, 2010		31,253		29,735
Mortgage note and related accrued interest receivable, 15.00%, due June 2, 2010-May 31, 2013		108,914		103,289
Mortgage note and related accrued interest receivable, 9.00%, due September 10, 2010		133,119		134,150
Mortgage note and related accrued interest receivable, LIBOR plus 3.5%, due May 1, 2019		162,613		134,948
Mortgage note, 9.53%, due March 10, 2027		8,000		8,000
Mortgage notes, 10.15%, due April 3, 2027		62,500		62,500
Mortgage note, 9.40%, due October 30, 2027		32,233		32,233

Total	$	538,632		508,506

Entertainment Properties Trust
Principal Payments Due on Mortgage Notes Receivable
As of June 30, 2009
(Unaudited)
(Dollars in thousands)


	Amount
Year:
2009	$	50,758
2010		201,523
2011		5,611
2012		12,686
2013		3,224
Thereafter		264,830

Total	$	538,632

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