UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of Report (Date of earliest event reported)
October 14, 1998 (October 12, 1998)
ENTERTAINMENT PROPERTIES TRUST
(Exact name of Registrant as specified in its charter)
Maryland 43-1790877
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
Incorporation)
One Kansas City Place
1200 Main Street, Suite 3250, Kansas City, Missouri 64105
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code(816) 472-1700
_________________________________________________________________
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
Entertainment Properties Trust (the "Company") issued a
press release on October 12, 1998, a copy of which is attached
hereto as Exhibit 99 and is incorporated herein by reference,
announcing FFO of $.49 for Third Quarter 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits. The following Exhibits are filed with this
report:
Exhibit No. Description
99 Press Release, issued October 13, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, hereunto duly
authorized.
ENTERTAINMENT PROPERTIES TRUST
By: /s/ Fred L. Kennon
Fred L. Kennon, Treasurer
Date: October 14, 1998
EXHIBIT 99
FOR IMMEDIATE RELEASE
ENTERTAINMENT PROPERTIES TRUST ANNOUNCES
FFO OF $.49 FOR THIRD QUARTER 1998 RESULTS
KANSAS CITY, Mo. (October 12, 1998) -- Entertainment
Properties Trust (EPR:NYSE), a Real Estate Investment Trust (REIT)
that owns entertainment-related properties, reported today funds
from operations (FFO) of $6.9 million, or $.49 per share and total
revenue (rental income and interest income) of $10.0 million for
the third quarter ended September 30, 1998. Net income during the
quarter was $4.9 million, or $.35 per share. The Company has
13,861,964 common shares of beneficial interest outstanding.
"We're pleased to report, strong performance once again,
relative to consensus estimates," said President Robert L. "Chip"
Harris.
Harris and Chief Financial Officer David Brain will discuss
third-quarter results and ongoing operations as part of a
teleconference call scheduled for 10 a.m., Central Time, Tuesday,
October 13, 1998. To participate, call 816-650-0789 and ask for
the EPR third-quarter earnings conference call. A post recording
of the conference call can be heard from October 13 through October
16 by calling 402-220-0940.
Since becoming publicly traded in November 1997, EPR has
acquired more than $400 million in theatre and related properties
throughout the United States which are operated by such first-run
movie exhibitors as AMC Entertainment, Consolidated Theatres,
Muvico Theaters and Regal Cinemas.
Entertainment Properties Trust is a Real Estate Investment
Trust whose principal business strategy is to acquire and develop a
diversified portfolio of high-quality properties leased to
entertainment-related business operators.
Entertainment Properties Trust company contact: Jon Weis,
Director of Corporate Communications, 1200 Main Street, Suite 3250,
Kansas City, Missouri 64105. 888-EPR-REIT. FAX 816-472-5798.
Company web site is at www.eprkc.com.
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EPR Earnings -- Page 2
INCOME STATEMENT SUMMARY 3 Months
(IN MILLIONS EXCEPT FOR PER SHARE DATA) ENDED YTD
9/30/98 1998
Revenue and interest income $9.98 $25.28
Revenue and interest income per
share .72 1.82
General & administrative .55 1.74
Depreciation 1.97 5.02
Interest Expense 2.54 4.35
Net income 4.92 14.17
Net income per share 0.35 1.02
Funds from operations 6.87 19.15
FFO per share 0.49 1.38
BALANCE SHEET SUMMARY 9/30/98
in millions
Real Estate, Net 387.0
Cash and Equivalents 6.8
Other Assets 4.7
Total Assets 398.5
Current Liabilities 9.4
Mortgages, notes payable & unsecured lines of credit 140.1
Shareholders Equity 249.0
Total Liabilities and Shareholders' Equity 398.5
Other than historical information, this press release may include
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995 and identified by words such as
"continue," "believe," "may," "hope," "anticipate," "goal,"
"forecast" or comparable terms. The Company's actual financial
condition, results of operations or business may vary materially
from those contemplated by such forward-looking statements and
involve various risks and uncertainties, including the Company's
initial dependence on a single tenant and lease guarantor for its
revenues and ability to make distributions, potential conflicts of
interest, competition from other entities providing capital to the
entertainment industry, dependence on key personnel, operating
risks in the entertainment industry that may affect the operations
of the Company's tenants, tax risks, interest rates and
availability of debt financing, real estate investment risks and
other risks and uncertainties. Investors are cautioned not to place
undue reliance on such forward-looking statements, and are
encouraged to review the risk factors identified in the Company's
prospectus dated November 18, 1997 and in the Company's reports
filed with the Securities and Exchange Commission.
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