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Entertainment Properties Trust Reports Third Quarter Results

Stocks in this article: EPR

“Additionally, I am also pleased to announce that effective November 12, we will be updating our name to EPR Properties to reflect the Company's ongoing strategic evolution,” Mr. Brain continued. “While our entertainment segment continues to be our largest and drives solid returns, we have also created a high quality portfolio of education and recreation properties. We will continue to seek properties in select categories that require unique industry knowledge, while offering the potential for stable and attractive returns, and this name change reflects the alignment of our brand to our proven strategy.”

A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):

Three Months Ended September 30,
2012     2011
Amount     FFO/share Amount     FFO/share
FFO $ 44,394 $ 0.94 $ 37,611 $ 0.80
Transaction costs 184 0.01 148
Costs associated with loan refinancing 477 0.01
Preferred share redemption costs     2,769   0.06  
FFO as adjusted $ 45,055   $ 0.96   $ 40,528   $ 0.86  
Dividends declared per common share $ 0.75 $ 0.70
FFO as adjusted payout ratio 78 % 81 %
      Nine Months Ended September 30,
2012     2011
Amount     FFO/share Amount     FFO/share
FFO $ 127,802 $ 2.72 $ 107,697 $ 2.30
Costs associated with loan refinancing or payoff 477 0.01 6,388 0.13
Transaction costs 373 0.01 1,497 0.03
Preferred share redemption costs     2,769   0.06  
FFO as adjusted $ 128,652   $ 2.74   $ 118,351   $ 2.52  
Dividends declared per common share $ 2.25 $ 2.10
FFO payout ratio, as adjusted 82 % 83 %

Portfolio Update

As of September 30, 2012, the Company's real estate portfolio consisted of 113 megaplex theatres (including two joint venture properties) totaling approximately 8.9 million square feet, and restaurant, retail and other destination recreation and specialty properties totaling 4.9 million square feet. The Company also owned 38 public charter schools, five vineyards totaling approximately 529 plantable acres and eight wineries totaling approximately 640,000 square feet. In addition, the Company had six entertainment properties (including four megaplex theatres), one education property and one recreation property under construction at September 30, 2012. At September 30, 2012, the Company's overall real estate portfolio was 98% leased.

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