EXH. 99 PRESS RELEASE
Published on March 2, 2005
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)
(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)
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.