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Entertainment Properties Trust Reports Third Quarter Results

Stocks in this article: EPR

Balance Sheet Update

The Company's balance sheet remains strong with a debt to gross assets ratio (defined as total long-term debt to total assets plus accumulated depreciation) of 41% at September 30, 2012. Combined unrestricted cash and credit line capacity at September 30, 2012 was approximately $425.0 million. In addition, as discussed below, the Company continues to reduce its cost of capital.

As previously announced, on August 8, 2012, the Company issued $350.0 million of 5.75% senior unsecured notes due in 2022. The Company used the net proceeds from this issuance to prepay in full mortgage notes payable totaling approximately $167.6 million with a weighted average interest rate of 6.25%, and to repay the then outstanding principal balance under our unsecured revolving credit facility. In conjunction with these prepayments, the Company expensed the remaining $0.5 million of unamortized fees related to these loans.

On October 12, 2012, the Company issued 5.0 million shares of 6.625% Series F cumulative redeemable preferred shares resulting in net proceeds of approximately $120.7 million, after the underwriting discount and expenses. The Company may not redeem the Series F preferred shares before October 12, 2017, except in limited circumstances to preserve the Company's REIT status or in connection with a change of control. In conjunction with this offering, the Company issued a notice of redemption to the registered holders of all 4.6 million outstanding shares of its 7.375% Series D cumulative redeemable preferred shares announcing its intent to redeem such shares on November 5, 2012 at $25 par plus accrued dividends for a total of approximately $115.8 million. As a result of this redemption, the Company expects to recognize a charge of $3.9 million in the fourth quarter of 2012 representing the original issuance costs of the Series D preferred shares and other redemption related expenses.

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