Investment Activity Establishes Strong 2012 Momentum
KANSAS CITY, Mo.--(BUSINESS WIRE)--
Entertainment Properties Trust (NYSE:EPR) today announced signed
commitments for investment spending totaling $150 million for the
acquisition and development of assets across its primary investment
categories ofEntertainment,Education and Recreation. In
addition to theatres offering an enhanced experience, the Company is
introducing new operating partners with theatres offering increased
amenities and expanded food and beverage options. The Company is also
introducing operating partners with new entertainment and recreation
venues which offer a wide variety of proven entertainment options.
Company President and CEO David Brain commented, “We are pleased to
report that we are making significant progress in our investment
spending, already reaching half of the upper end of our 2012 investment
spending guidance of $250-$300 million. These investments are consistent
with our desired profiles and with our strategy to strengthen, expand
and further diversify our primary portfolio of properties.”
A summary of the investment spending is below:
Entertainment
Enhanced Experience Theatres
The Company has entered into build-to-suit agreements totaling
approximately $27 million for the following venues:
- Regal Stadium Theatre, Albuquerque, NM. 16 screens and approximately
3000 seats to be operated as the Regal Winrock Town Center 16 by Regal
Entertainment Group.
- Carmike Stadium Theatre,Champaign, IL. 13 screens and
approximately 2850 seats to be operated as the Carmike Champaign 13 by
Carmike Cinemas.
- Cinema West Stadium Theatre, Twin Falls, ID. 14 screens and
approximately 2100 seats to be operated as the Magic Valley 14 Cinemas
by CinemaWest.
Expanded Amenity Theatres
The Company has entered into build-to-suit agreements totaling
approximately $30 million for the following venues:
-
iPic Gulfstream, Hallandale Beach, FL. 10 screens, expanded food and
beverage, premium seating, to be operated as iPic Gold by iPic
Entertainment. http://www.ipictheaters.com
-
LOOK Prestonwood, Dallas, TX. 11 screens, expanded food and beverage,
integrated with two distinct restaurant options: Nick and Sam’s Grill
and CoalVines pizza and wine bar.
-
Alamo Drafthouse Cinema, Austin, TX. 10 screens, expanded food and
beverage with casual dining options. http://www.drafthouse.com
Family Entertainment
The Company has entered into property acquisitions and/or property
repositioning totaling approximately $35 million for the following
venues:
-
Latitudes – Three locations. Latitude 30 – Jacksonville, FL
(acquisition), Latitude 39 – Indianapolis, IN (build to suit),
Latitude 42 – Warrenville, IL (renovation in existing theatre
location). The Latitude concept consists of utilizing second
generation big box retail revamped to incorporate a dining and
entertainment facility with multiple entertainment venues within.
Entertainment options may include:
-
Latitude Live – a dine-in performance theater
-
Axis Bar & Stage – a main bar with small stage/dance floor
-
Luxury Bowling – high-end bowling with posh surroundings and
unsurpassed service
- HD Sports Theater – offering a wide variety of sports
-
The Cinegrille – a dine-in luxury movie screening room
- The Game Room – the latest offering in hi-tech electronic video
gaming and billiards
-
Sunset 30 Tavern & Grill – an upscale Nuevo-American
casual dining restaurant and sports bar. http://www.latthirty.com
-
Pinstripes – Oakbrook, IL. Build to suit. Pinstripes is a distinctive
entertainment and dining venue featuring exceptional Italian-American
cuisine and service, combined with bowling and bocce in a
sophisticated environment. http://www.pinstripes.com
Education
The Company has entered into property acquisitions and/or expansion
totaling approximately $38 million for the following Public Charter
School properties:
-
Basis DC, Washington, DC. Building acquisition and renovation to be
developed by Highmark School Development. 40,000 square foot building
which will serve grades 5-12 with a capacity of up to 732 students.
- Valley Academy, Hurricane, UT. Build-to-suit school to be developed by
Highmark School Development. 32,000 square foot building which will
serve grades K-8 with a capacity of up to 500 students.
- Pacific Heritage Academy, Salt Lake, UT. Build-to-suit school to be
developed by Highmark School Development. 30,160 square foot building
which will serve grades K-8 with a capacity of 500 students.
- Prospect Ridge, Broomfield, CO. Property expansion to be developed by
Highmark School Development. Adding 15,000 square feet to a current
45,000 square foot building, which will serve grades K-8 with a
capacity of up to 950 students.
Recreation
The Company has entered into property acquisitions totaling
approximately $20 million for the following recreational property:
-
TopGolf – Sale-leaseback for two locations in Dallas, TX and Allen,
TX. TopGolf offers a Golf Entertainment Center, driving range,
restaurant, bar, lounge & grill. TopGolf uses patented technology to
score shots based on their accuracy and distance, allowing a series of
competitions to be played, which creates a fun, unique entertainment
experience with universal appeal. http://www.topgolf.com
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. As of December 31, 2011, our total
investments were approximately $3.0 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 standards. 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 Brian Moriarty at 888-EPR-REIT.
Entertainment Properties Trust
Brian Moriarty, 888-EPR-REIT
www.eprkc.com
Source: Entertainment Properties Trust