KANSAS CITY, Mo.--(BUSINESS WIRE)--
Entertainment Properties Trust (NYSE:EPR) today announced that it has
completed the acquisition of four stadium theatre properties pursuant to
a sale/leaseback transaction for a total investment of $36.8 million.
The theatre properties are located in New Hampshire and Maine, and
operate as Cinemagic Theatres (“Cinemagic”). The theatre properties
contain 56 screens and over 7,000 seats, and are leased on a triple net
basis. As a part of this transaction, the Company assumed a mortgage
loan of $3.8 million on one of the four theatres.
The Company also completed the sale of its Toronto Dundas Square
entertainment retail center in downtown Toronto on March 29th
for a gross sales price of approximately $226 million Canadian. The net
proceeds from this sale were used to pay down the Company’s line of
credit and establish various escrow accounts primarily for the payment
of previously accrued property taxes.
David Brain, Chief Executive Officer of Entertainment Properties Trust,
commented on these two recent transactions, “We are pleased to broaden
our relationships with theater operators and welcome Cinemagic to our
customer base. Additionally, we are happy to report the sale of the
Toronto Dundas Square property at a very attractive price. We look
forward to re-cycling the sales proceeds into new investments that will
enhance our ability to grow our earnings.”
Lastly, during the month of March the Company exercised $62.5 million of
the accordion option on its revolving line of credit and expanded its
capacity from $320 million to $382.5 million. The line of credit
expansion further positions the Company to take advantage of future
potential investment opportunities and supports the Company’s migration
to an unsecured debt model.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real estate
investment trust (REIT) that invests in properties in select categories
which require unique industry knowledge, while offering the potential
for stable and attractive returns. Our total assets exceed $2.9 billion
and include megaplex movie theatres and adjacent retail, public charter
schools and other destination recreational and specialty investments. We
adhere to rigorous underwriting and investing criteria, centered on key
industry and property level cash flow criteria. We believe our focused
niche approach provides a competitive advantage, and the potential for
higher growth and better yields. Further information is available at www.eprkc.com
or from Jon Weis at 888-EPR-REIT or info@eprkc.com.
Source: Entertainment Properties Trust
Contact:
Entertainment Properties Trust
Jon Weis, 888-EPR-REIT
info@eprkc.com