May 7, 2009 - EX-99.2 - 8-K: Current report

Exhibit 99.2

Supplemental Operating and Financial Data

For the Three Months Ended March 31, 2009

May 6, 2009

Entertainment Properties Trust

Supplemental Operating and Financial Data
For the Three Months Ended March 31, 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		8

Financial data

Summary of Long-Term Debt		9
Principal Payments Due on Long-Term Debt		10
Summary of Mortgage Notes Receivable		11
Principal Payments Due on Mortgage Notes Receivable		12

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 Months Ended March 31, 2009
(Unaudited)
(Dollars in thousands)

2009 Capital Spending:

Capital Spending

Three Months Ended

Description

Location

Date

March 31, 2009

Development of Schlitterbahn Vacation Village

Kansas City, KS

various

10,088

Additions to Toronto Life Square mortgage note receivable

Toronto, Ontario

2/6/2009

768

Development of custom crush facility

Sonoma County, CA

various

1,084

Development of entertainment retail center

Suffolk, VA

various

1,704

Development of additional gross leasable area

Ontario, Canada

various

788

Development at Rb Winery

Hopland, CA

various

1,042

Development of theatre

Glendora, CA

various

993

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

509

Other capital acquisitions

various

344

Total capital spending

21,178

2009 Disposition:

Gain

Description

Location

Date

Cash Received

(Loss)

No dispositions occurred during the three months ended March 31, 2009

Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended March 31, 2009
(Unaudited)
(Dollars in thousands)


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

Rental revenue	$	45,655		$	312		$	4,444			—			—			50,411			—		$	50,411
Tenant reimbursements		4,635			—			—			—			—			4,635			—			4,635
Other income		1,120			—			20			—			—			1,140			—			1,140
Mortgage and other financing income		854			3,280			24			4,997			1,363			10,518			—			10,518

Total revenue		52,264			3,592			4,488			4,997			1,363			66,704			—			66,704

Property operating expense		8,011			—			8			—			—			8,019			—			8,019
Other expense		618			—			—			—			—			618			—			618

Total investment expenses		8,629			—			8			—			—			8,637			—			8,637

General and administrative expense		—			—			—			—			—			—			4,125			4,125

EBITDA	$	43,635		$	3,592		$	4,480		$	4,997		$	1,363			58,067		$	4,125			53,942

% of EBITDA		75	%		6	%		8	%		9	%		2	%		100	%

Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																				1,234			1,234
Interest expense, net																				(17,437	)		(17,437	)
Depreciation and amortization																				(12,629	)		(12,629	)
Equity in income from joint ventures																				219			219

Income from continuing operations																							25,329
Discontinued operations:
Income from discontinued operations																				—			—

Net income																							25,329
Preferred dividend requirements																				(7,552	)		(7,552	)

Net income available to common shareholders																						$	17,777

Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended March 31, 2008
(Unaudited)
(Dollars in thousands)


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

Rental revenue	$	47,384		$	305		$	1,433			—			—			49,122			—		$	49,122
Tenant reimbursements		5,672			—			—			—			—			5,672			—			5,672
Other income		711			—			—			—			—			711			—			711
Mortgage and other financing income		5,319			2,995			113			89			1,838			10,354			—			10,354

Total revenue		59,086			3,300			1,546			89			1,838			65,859			—			65,859

Property operating expense		7,027			—			—			—			—			7,027			—			7,027
Other expense		936			—			—			—			—			936			—			936

Total investment expenses		7,963			—			—			—			—			7,963			—			7,963

General and administrative expense		—			—			—			—			—			—			4,413			4,413

EBITDA	$	51,123		$	3,300		$	1,546		$	89		$	1,838			57,896		$	4,413			53,483

% of EBITDA		88	%		6	%		3	%		0	%		3	%		100	%

Reconciliation to Consolidated Statements of Income:
Noncontrolling interests																				507			507
Interest expense, net																				(17,468	)		(17,468	)
Depreciation and amortization																				(10,672	)		(10,672	)
Equity in income from joint ventures																				1,282			1,282

Income from continuing operations																							27,132

Discontinued operations:
Income from discontinued operations																				(10	)		(10	)

Net income																							27,122

Preferred dividend requirements																				(5,611	)		(5,611	)

Net income available to common shareholders																						$	21,511

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


	As of March 31, 2009
							Vineyards			Public			Waterpark/
	Retail/			Metropolitan			and			Charter			Concord
	Theatres			Ski Areas			Wineries			Schools			Developments			Subtotal			Unallocated			Consolidated


Rental properties, net of accumulated depreciation	$	1,518,626		$	12,051		$	196,747		$	—		$	—		$	1,727,424		$	—		$	1,727,424
Add back accumulated depreciation on rental properties		216,536			956			6,011			—			—			223,503			—			223,503
Property under development		25,249			—			2,075			—			—			27,324			—			27,324
Mortgage notes and related accrued interest receivable		104,204			133,218			—			—			278,033			515,455			—			515,455
Investment in direct financing leases		—			—			—			167,003			—			167,003			—			167,003
Investment in joint ventures		2,482			—			—			—			—			2,482			—			2,482
Intangible assets, net of accumulated amortization		10,746			—			—			—			—			10,746			—			10,746
Add back accumulated amortization on intangible assets		8,357			—			—			—			—			8,357			—			8,357
Accounts and notes receivable		31,117			—			9,375			3,751			—			44,243			32,848			77,091
Less accounts receivable		—			—			—			—			—			—			(32,848	)		(32,848	)

Total investments	$	1,917,317		$	146,225		$	214,208		$	170,754		$	278,033		$	2,726,537		$	—		$	2,726,537

% of total investments		70	%		6	%		8	%		6	%		10	%		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	$	1,534,520		$	12,128		$	188,969		$	—		$	—		$	1,735,617		$	—		$	1,735,617
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	$	1,925,000		$	145,475		$	207,583		$	169,845		$	269,098		$	2,717,001		$	—		$	2,717,001

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

Entertainment Properties Trust
Top Ten Customers by Revenue

For the Three Months Ended March 31, 2009
(Dollars in thousands)


				Total Revenue For The
				Three Months Ended		Percentage of
		Customers	Asset Type	March 31, 2009		Total Revenue
	1	American Multi-Cinema, Inc.	Retail/Theatres	$	24,837		37	%
	2	Regal Cinemas, Inc.	Retail/Theatres	$	5,079		8	%
	3	Imagine Schools, Inc.	Public Charter Schools	$	5,003		7	%
	4	Peak Resorts, Inc.	Metropolitan Ski Areas	$	3,591		5	%
	5	Rave Motion Pictures	Retail/Theatres	$	3,538		5	%
	6	Southern Theatres, LLC	Retail/Theatres	$	2,687		4	%
	7	Ascentia Wine Estates, LLC	Vineyards and Wineries	$	2,501		4	%
	8	Muvico Entertainment, LLC	Retail/Theatres	$	1,939		3	%
	9	SVVI, LLC	Waterpark Development	$	1,363		2	%
	10	Sapphire Wines, LLC	Vineyards and Wineries	$	545		1	%


Total				$	51,083		76	%

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


	March 31, 2009		December 31, 2008
Unsecured revolving variable rate credit facility, due January 31, 2010	$	93,000		149,000
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		113,792		113,917
Term loan payable, variable rate, due October 26, 2011, one year extension available at Company’s option		118,500		118,800
Mortgage notes payable, 6.57%-6.73%, due October 1, 2012		46,741		47,056
Mortgage note payable, 6.63%, due November 1, 2012		26,126		26,302
Mortgage notes payable, 4.26%-9.012%, due February 10, 2013		123,942		125,424
Mortgage note payable, 6.84%, due March 1, 2014		87,601		91,583
Mortgage note payable, 5.58%, due April 1, 2014		61,468		61,742
Mortgage note payable, 5.56%, due June 5, 2015		34,171		34,311
Mortgage notes payable, 5.77%, due November 6, 2015		74,022		74,443
Mortgage notes payable, 5.84%, due March 6, 2016		41,569		41,798
Mortgage notes payable, 6.37%, due June 30, 2016		29,564		29,712
Mortgage notes payable, 6.10%, due October 1, 2016		26,581		26,716
Mortgage notes payable, 6.02%, due October 6, 2016		20,047		20,149
Mortgage note payable, 6.06%, due March 1, 2017		11,152		11,207
Mortgage note payable, 6.07%, due April 6, 2017		11,474		11,530
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		53,225		53,494
Mortgage notes payable, 5.86%, due August 1, 2017		27,218		27,352
Term loan payable, 5.11%-5.78%, due December 1, 2017-June 5, 2018		95,550		92,120
Mortgage note payable, 6.19%, due February 1, 2018		17,015		17,133
Mortgage note payable, 7.37%, due July 15, 2018		12,474		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	$	1,201,117		1,262,368

Entertainment Properties Trust
Principal Payments Due on Long-Term Debt
As of March 31, 2009
(Unaudited)
(Dollars in thousands)


	Amount			Amount
	Without Extensions			With Extensions
Year:
2009	$	18,702			18,702
2010		288,314	⁽¹⁾		175,980
2011		142,460	⁽²⁾		28,260
2012		92,356			318,890	⁽¹⁾
2013		127,439			127,439
Thereafter		531,846			531,846


Total	$	1,201,117			1,201,117


⁽¹⁾		In addition to the maturity of our unsecured revolving facility and 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 March 31, 2009 and December 31, 2008
(Unaudited)
(Dollars in thousands)


	March 31, 2009		December 31, 2008

Mortgage note and related accrued interest receivable, LIBOR plus 3.5%, due on demand	$	3,653		3,651
Mortgage note and related accrued interest receivable, 10.00%, due April 2, 2010		30,485		29,735
Mortgage note and related accrued interest receivable, 15.00%, due June 2, 2010-May 31, 2013		100,551		103,289
Mortgage note and related accrued interest receivable, 9.00%, due September 10, 2010		133,118		134,150
Mortgage note and related accrued interest receivable, LIBOR plus 3.5%, due September 30, 2012		144,915		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	$	515,455		508,506

Entertainment Properties Trust

Principal Payments Due on Mortgage Notes Receivable
As of March 31, 2009
(Unaudited)
(Dollars in thousands)


	Amount
Year:
2009	$	50,601
2010		197,860
2011		5,173
2012		156,115
2013		2,973
Thereafter		102,733

Total	$	515,455

Form: 8-K

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