-----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, KGucwps6FBmLm+tVtl7usm004GkODwLMvWy00p/6jr7C+Is8CeMrzcHi6qopNf8n zq5e5bYvBLmxpVKlHJDE0Q== 0001013816-05-000100.txt : 20050302 0001013816-05-000100.hdr.sgml : 20050302 20050302101127 ACCESSION NUMBER: 0001013816-05-000100 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050302 DATE AS OF CHANGE: 20050302 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: 05652543 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: ONE KANSAS CITY PLACE STREET 2: 1200 MAIN STREET SUITE 3250 CITY: KANSAS CITY STATE: MO ZIP: 64105 8-K 1 form8k_30205.txt FORM 8-K 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): March 1, 2005 ENTERTAINMENT PROPERTIES TRUST (Exact Name of Registrant as Specified in its Charter) Maryland 1-13561 43-1790877 - ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Identification Number) 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) Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 1, 2005, Entertainment Properties Trust announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2004. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99 hereto. The information in this current report on Form 8-K, including the exhibit, 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, and shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933. Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description of Exhibit - ------------ ---------------------- 99 Press Release dated March 1, 2005. SIGNATURE 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 /s/ Fred L. Kennon ------------------------------------------- Date: March 2, 2005 By /s/ Fred L. Kennon Vice President, Treasurer and Chief Financial Officer EX-99 2 form8k_30205ex99.txt EXH. 99 PRESS RELEASE Exhibit 99 ENTERTAINMENT PROPERTIES TRUST REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS Kansas City, MO, March 1, 2005, -- Entertainment Properties Trust (NYSE:EPR), today announced operating results for the fourth quarter and year ended December 31, 2004. The Company reported record fourth quarter and total year revenues, net income and funds from operations (FFO). Total revenues increased 32% to $33.3 million for the fourth quarter as compared to $25.2 million for the same quarter in 2003. Total revenues for the year ended December 31, 2004 increased 37% to $125.0 million compared to $91.2 million for the same period in 2003. Net income available to common shareholders for the fourth quarter increased 54% to $13.9 million as compared to $9.1 million in the same quarter last year. Net income on a diluted per share basis increased 20% to $0.55 per share from $0.46 per share in the same quarter last year. Net income available to common shareholders for the year ended December 31, 2004 increased 50% to $48.3 million as compared to $32.1 million for the same period in 2003. Net income on a diluted per share basis increased 17% to $2.07 for the year ended December 31, 2004 compared to $1.77 for the same period in 2003. Funds from operations (FFO) on a diluted basis increased 41% to $20.0 million from $14.2 million for the same quarter last year. On a diluted basis, FFO per share increased 16% to $0.79 per share from $0.68 per share for the same quarter last year. FFO for the year ended December 31, 2004 increased 43% to $71.6 million from $49.9 million for the same period last year. On a diluted basis, FFO per share increased 16% to $3.03 per share for the year ended December 31, 2004 compared to $2.62 per share for the same period in 2003. PORTFOLIO HIGHLIGHTS As of December 31, 2004, our portfolio of 57 state-of-the-art megaplex theatre properties was 100% occupied with an average weighted remaining base term lease life of 13.2 years. Our theatre property portfolio consisted of approximately 5.2 million square feet with 1,191 screens and over 238 thousand seats. Our non-theatre real estate portfolio consisted of 1.3 million square feet of restaurant and retail space. The Company's real estate holdings are located in 22 states and Canada. For the year ended December 31, 2004, the Company completed real estate acquisitions and development totaling $296 million comprised of 12 theatre properties, other complimentary retail property and properties currently under development scheduled to open in 2005. EARNINGS GUIDANCE The Company is providing 2005 FFO guidance in the range of $3.33 to $3.41 per diluted share. The 2005 guidance assumes net real estate investments of approximately $130 million. The Company intends to complete the acquisitions using proceeds available under the Company's credit facility and from long-term mortgage debt markets. ENTERTAINMENT PROPERTIES TRUST Financial Data (in thousands except per share data)
(Unaudited) Three months ended Twelve months ended December 31, December 31, 2004 2003 2004 2003 ----------------- ---------------- ---------------- --------------- Rental revenue $33,151 $25,157 $124,423 $89,965 Other revenue 163 - 557 1,195 ----------------- ---------------- ---------------- --------------- Total revenue 33,314 25,157 124,980 91,160 Property operating expense, net 732 300 2,322 698 General and administrative expense, excluding amortization of non-vested shares below 1,031 924 4,716 3,859 Costs associated with loan refinancing - - 1,134 - Interest expense, net 9,753 8,207 38,054 30,570 Depreciation and amortization 6,329 4,729 23,365 16,359 Amortization of non-vested shares 356 231 1,377 926 ----------------- ---------------- ---------------- --------------- Income before income from joint ventures, and minority interests 15,113 10,766 54,012 38,748 Equity in income from joint ventures 172 102 654 401 Minority interests 29 (430) (953) (1,555) ----------------- ---------------- ---------------- --------------- Net income $15,314 $10,438 $53,713 $37,594 Preferred dividend requirements (1,366) (1,366) (5,463) (5,463) ----------------- ---------------- ---------------- --------------- Net income available to common shareholders $13,948 $9,072 $48,250 $32,131 ================= ================ ================ =============== Basic net income per common share $0.56 $0.46 $2.12 $1.81 Diluted net income per common share $0.55 $0.46 $2.07 $1.77
ENTERTAINMENT PROPERTIES TRUST Reconciliation of Net Income Available to Common Shareholders to Funds From Operations (A) (in thousands except per share data) Three months ended Twelve months ended December 31, December 31, FUNDS FROM OPERATIONS: 2004 2003 2004 2003 ---------------- ---------------- ---------------- --------------- Net income available to common shareholders $13,948 $9,072 $48,250 $32,131 Add: Real estate depreciation 6,032 4,678 22,379 16,175 Add: Share of joint venture depreciation 60 32 223 135 ---------------- ---------------- ---------------- --------------- Basic funds from operations $20,040 $13,782 $70,852 $48,441 ---------------- ---------------- ---------------- --------------- Add: minority interest in net income - 375 750 1,500 ---------------- ---------------- ---------------- --------------- Diluted funds from operations $20,040 $14,157 $71,602 $49,941 ================ ================ ================ =============== FFO per common share: Basic $0.81 $0.71 $3.12 $2.72 Diluted $0.79 $0.68 $3.03 $2.62 Shares used for computation (in thousands): Basic 24,876 19,532 22,721 17,780 Diluted 25,444 20,802 23,664 19,051
(A) The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance and liquidity of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to Generally Accepted Accounting Principles (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, 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 the Company's operations or the Company's cash flows or liquidity as defined by GAAP. ENTERTAINMENT PROPERTIES TRUST Condensed Consolidated Balance Sheets (in thousands)
AS OF AS OF DECEMBER 31, DECEMBER 31, 2004 2003 -------------------------- ------------------------ ASSETS Rental properties, net $1,121,409 $870,944 Land held for development 23,144 29,152 Investment in joint ventures 2,541 1,336 Cash and cash equivalents 11,255 30,527 Restricted cash 12,794 6,495 Intangible assets, net 10,900 693 Deferred financing costs, net 12,730 11,405 Other assets 18,675 15,366 -------------------------- ------------------------ Total assets $1,213,448 $965,918 ========================== ======================== LIABILITIES AND SHAREHOLDERS' EQUITY Common dividends payable $ 14,097 $ 9,829 Preferred dividends payable 1,366 1,366 Unearned rents 1,634 895 Other liabilities 10,070 2,864 Long term debt 592,892 506,555 -------------------------- ------------------------ Total liabilities 620,059 521,509 Minority interests 6,049 21,630 Shareholders' equity 587,340 422,779 -------------------------- ------------------------ Total liabilities and shareholders' equity $1,213,448 $965,918 ========================== ========================
ABOUT ENTERTAINMENT PROPERTIES TRUST Entertainment Properties Trust is the only publicly traded real estate investment trust (REIT) focused on the acquisition of high-quality real estate assets leased to leading location-based entertainment operators. Since November of 1997, EPR has acquired more than $1.2 billion of properties. The Company's common shares of beneficial interest trade on the New York Stock Exchange under the ticker symbol EPR. Entertainment Properties Trust Company contact: Jon Weis, 30 Pershing Road, Suite 201, Kansas City, Missouri 64108; 888/EPR-REIT; fax: 816/472-5794. The Company website is at WWW.EPRKC.COM. Safe Harbor Statement: This press release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, identified by such words as "will be," "intend," "continue," "believe," "may," "expect," "hope," "anticipate," or other comparable terms. The Company's actual financial condition, results of operations and funds from operations may vary materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause actual results to differ materially from those forward-looking statements is contained in the Company's SEC filings, including the Company's annual report on Form 10-K for the year ended December 31, 2004. -----END PRIVACY-ENHANCED MESSAGE-----