Entertainment Properties Trust Supplemental Operating and Financial Data For the Three Months Ended March 31, 2009
KANASAS CITY, Mo.--(BUSINESS WIRE)--
Entertainment Properties Trust (NYSE: EPR):
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 Kansas City, KS various 10,088
Vacation Village
Additions to
Toronto Life Toronto, Ontario 2/6/2009 768
Square mortgage
note receivable
Development of
custom crush Sonoma County, CA various 1,084
facility
Development of
entertainment Suffolk, VA various 1,704
retail center
Development of
additional gross Ontario, Canada various 788
leasable area
Development at Rb Hopland, CA various 1,042
Winery
Development of Glendora, CA various 993
theatre
Investment in RB
Wine Promissory Hopland, CA various 1,110
Note
Investment in
Sapphire Wines Pasa Robles, CA various 2,748
Promissory Note
Capitalized
building various various 509
improvements
Other capital various various 344
acquisitions
Total capital $ 21,178
spending
2009 Disposition:
Description Location Date Cash Received Gain (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)
Retail/ Metropolitan Vineyards Public Waterpark/
Theatres Ski Areas and Charter Concord Subtotal Unallocated Consolidated
Wineries Schools Developments
-
Rental revenue $ $ 312 $ - - 50,411 - $
45,655 4,444 50,411
Tenant 4,635 - - - - 4,635 - 4,635
reimbursements
Other income 1,120 - 20 - - 1,140 - 1,140
Mortgage and
other 854 3,280 24 4,997 1,363 10,518 - 10,518
financing
income
Total revenue 52,264 3,592 4,488 4,997 1,363 66,704 - 66,704
Property
operating 8,011 - 8 - - 8,019 - 8,019
expense
Other expense 618 - - - - 618 - 618
Total
investment 8,629 - 8 - - 8,637 - 8,637
expenses
General and
administrative - - - - - - 4,125 4,125
expense
EBITDA $ $ $ $ $ 58,067 $ 4,125 53,942
43,635 3,592 4,480 4,997 1,363
% of EBITDA 75 % 6 % 8 % 9 % 2 % 100 %
Reconciliation
to
Consolidated
Statements of
Income:
Noncontrolling 1,234 1,234
interests
Interest (17,437 ) (17,437 )
expense, net
Depreciation
and (12,629 ) (12,629 )
amortization
Equity in
income from 219 219
joint ventures
Income from
continuing 25,329
operations
Discontinued
operations:
Income from
discontinued - -
operations
Net income 25,329
Preferred
dividend (7,552 ) (7,552 )
requirements
Net income
available to $
common 17,777
shareholders
Entertainment Properties Trust
Financial Information by Asset Type
For the Three Months Ended March 31, 2008
(Unaudited)
(Dollars in thousands)
Retail/ Metropolitan Vineyards Public Waterpark/
Theatres Ski Areas and Charter Concord Subtotal Unallocated Consolidated
Wineries Schools Developments
-
Rental revenue $ $ 305 $ - - 49,122 - $
47,384 1,433 49,122
Tenant 5,672 - - - - 5,672 - 5,672
reimbursements
Other income 711 - - - - 711 - 711
Mortgage and
other 5,319 2,995 113 89 1,838 10,354 - 10,354
financing
income
Total revenue 59,086 3,300 1,546 89 1,838 65,859 - 65,859
Property
operating 7,027 - - - - 7,027 - 7,027
expense
Other expense 936 - - - - 936 - 936
Total
investment 7,963 - - - - 7,963 - 7,963
expenses
General and
administrative - - - - - - 4,413 4,413
expense
EBITDA $ $ $ $ $ 57,896 $ 4,413 53,483
51,123 3,300 1,546 89 1,838
% of EBITDA 88 % 6 % 3 % 0 % 3 % 100 %
Reconciliation
to
Consolidated
Statements of
Income:
Noncontrolling 507 507
interests
Interest (17,468 ) (17,468 )
expense, net
Depreciation
and (10,672 ) (10,672 )
amortization
Equity in
income from 1,282 1,282
joint ventures
Income from
continuing 27,132
operations
Discontinued
operations:
Income from
discontinued (10 ) (10 )
operations
Net income 27,122
Preferred
dividend (5,611 ) (5,611 )
requirements
Net income
available to $
common 21,511
shareholders
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
Retail/ Metropolitan Vineyards Public Waterpark/
Theatres Ski Areas and Charter Concord Subtotal Unallocated Consolidated
Wineries Schools Developments
Rental
properties, $ $ $ $ $
net of 1,518,626 12,051 196,747 $ - $ - 1,727,424 $ - 1,727,424
accumulated
depreciation
Add back
accumulated
depreciation 216,536 956 6,011 - - 223,503 - 223,503
on rental
properties
Property
under 25,249 - 2,075 - - 27,324 - 27,324
development
Mortgage
notes and
related 104,204 133,218 - - 278,033 515,455 - 515,455
accrued
interest
receivable
Investment
in direct - - - 167,003 - 167,003 - 167,003
financing
leases
Investment
in joint 2,482 - - - - 2,482 - 2,482
ventures
Intangible
assets, net
of 10,746 - - - - 10,746 - 10,746
accumulated
amortization
Add back
accumulated
amortization 8,357 - - - - 8,357 - 8,357
on
intangible
assets
Accounts and
notes 31,117 - 9,375 3,751 - 44,243 32,848 77,091
receivable
Less
accounts - - - - - - (32,848 ) (32,848 )
receivable
Total $ $ $ $ $ $ $ - $
investments 1,917,317 146,225 214,208 170,754 278,033 2,726,537 2,726,537
% of total 70 % 6 % 8 % 6 % 10 % 100 %
investments
As of December 31, 2008
Retail/ Metropolitan Vineyards Public Waterpark/
Theatres Ski Areas and Charter Concord Subtotal Unallocated Consolidated
Wineries Schools Developments
Rental
properties, $ $ $ $ $
net of 1,534,520 12,128 188,969 $ - $ - 1,735,617 $ - 1,735,617
accumulated
depreciation
Add back
accumulated
depreciation 208,504 879 4,695 - - 214,078 - 214,078
on rental
properties
Property
under 21,916 - 8,919 - - 30,835 - 30,835
development
Mortgage
notes and
related 106,940 132,468 - - 269,098 508,506 - 508,506
accrued
interest
receivable
Investment
in direct - - - 166,089 - 166,089 - 166,089
financing
leases
Investment
in joint 2,493 - - - - 2,493 - 2,493
ventures
Intangible
assets, net
of 12,400 - - - - 12,400 - 12,400
accumulated
amortization
Add back
accumulated
amortization 7,077 - - - - 7,077 - 7,077
on
intangible
assets
Accounts and
notes 31,150 - 5,000 3,756 - 39,906 33,406 73,312
receivable
Less
accounts - - - - - - (33,406 ) (33,406 )
receivable
Total $ $ $ $ $ $ $ - $
investments 1,925,000 145,475 207,583 169,845 269,098 2,717,001 2,717,001
% of total 71 % 5 % 8 % 6 % 10 % 100 %
investments
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 Retail/Theatres $ 24,837 37%
Multi-Cinema, Inc.
2 Regal Cinemas, Inc. Retail/Theatres $ 5,079 8%
3 Imagine Schools, Public Charter $ 5,003 7%
Inc. Schools
4 Peak Resorts, Inc. Metropolitan Ski $ 3,591 5%
Areas
5 Rave Motion Pictures Retail/Theatres $ 3,538 5%
6 Southern Theatres, Retail/Theatres $ 2,687 4%
LLC
7 Ascentia Wine Vineyards and $ 2,501 4%
Estates, LLC Wineries
8 Muvico Retail/Theatres $ 1,939 3%
Entertainment, LLC
9 SVVI, LLC Waterpark $ 1,363 2%
Development
10 Sapphire Wines, LLC Vineyards and $ 545 1%
Wineries
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 56,250 56,250
September 10, 2010
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 118,500 118,800
option
Mortgage notes payable, 6.57%-6.73%, due 46,741 47,056
October 1, 2012
Mortgage note payable, 6.63%, due November 26,126 26,302
1, 2012
Mortgage notes payable, 4.26%-9.012%, due
February 10, 2013 123,942 125,424
Mortgage note payable, 6.84%, due March 1, 87,601 91,583
2014
Mortgage note payable, 5.58%, due April 1, 61,468 61,742
2014
Mortgage note payable, 5.56%, due June 5, 34,171 34,311
2015
Mortgage notes payable, 5.77%, due November 74,022 74,443
6, 2015
Mortgage notes payable, 5.84%, due March 6, 41,569 41,798
2016
Mortgage notes payable, 6.37%, due June 30, 29,564 29,712
2016
Mortgage notes payable, 6.10%, due October 26,581 26,716
1, 2016
Mortgage notes payable, 6.02%, due October 20,047 20,149
6, 2016
Mortgage note payable, 6.06%, due March 1, 11,152 11,207
2017
Mortgage note payable, 6.07%, due April 6, 11,474 11,530
2017
Mortgage notes payable, 5.73%-5.95%, due May 53,225 53,494
1, 2017
Mortgage notes payable, 5.86%, due August 1, 27,218 27,352
2017
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 17,015 17,133
1, 2018
Mortgage note payable, 7.37%, due July 15, 12,474 12,694
2018
Bond payable, variable rate, due October 1, 10,635 10,635
2037
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
Source: Entertainment Properties Trust
Released May 6, 2009