KANSAS CITY, Mo.--(BUSINESS WIRE)--Dec. 6, 2005--Entertainment
Properties Trust (NYSE:EPR), today announced the acquisition of four
megaplex properties leased to Regal Cinemas in California, a
build-to-suit project in Montana for Signature Theatres as well as the
acquisition of the Mad River Ski Resort in Ohio.
The four theatres are all state-of-the-art stadium-styled cinemas
and contain 46 screens and approximately 10,000 seats, collectively.
The theatres are operated by Regal Entertainment Group, and are
located in Fresno, Modesto, Arroyo Grande, and Auburn, California.
Regal Entertainment Group (NYSE: RGC) is the largest motion
picture exhibitor in the world. The Company's theatre circuit,
comprising Regal Cinemas, United Artists Theatres and Edwards Theatres
operates 6,273 screens in 558 locations in 40 states.
In addition, a build-to-suit megaplex development is underway in
Kalispell, Montana, with 14 screens and 2,000 seats. It will be leased
on an absolute net basis to Signature Theatres and is expected to open
in 2006.
David Brain, CEO of Entertainment Properties Trust, commented: "We
are pleased to extend our theatre industry dominance into new
geographic markets. Each of the four Regal Cinema theatres is either
number one or number two in its market, like most of the properties in
our portfolio, so they are an excellent fit. The Signature property
services a growing need in the Montana market, and we are confident it
will be equally successful."
The company also announced the acquisition of the Mad River Ski
Resort for $11 million. With more than 20 trails, a 300-foot vertical
drop, a snowboarding terrain park and 100 percent snowmaking
capability with the largest snowmaking system in Ohio, Mad River
offers the Columbus and Dayton markets a unique regional amenity that
serves the growing demand for skiing and snowboarding as an everyday
recreational experience. Mad River is the number one daily destination
ski resort in Ohio.
Peak Resorts, based in Wildwood, Missouri, will operate the resort
under a long-term absolute net lease. Peak Resorts, a leading operator
of daily destination ski resorts, operates resorts in Missouri, Ohio,
New Hampshire and Indiana.
"This investment meets the fundamentals we look for in a
destination property acquisition," said Brain. "This outstanding
property represents a valuable addition to our portfolio of
destination properties that offer a standard-setting experience for
customers."
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 and recreation 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,
30 W. Pershing Road, Suite 201, Kansas City, Missouri 64108;
888/EPR-REIT; fax: 816/472-5794. The Company Web site is
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.
CONTACT: Entertainment Properties TrustJon Weis, 888-377-7348
SOURCE: Entertainment Properties Trust