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) July 16, 1998 (July 14, 1998)
ENTERTAINMENT PROPERTIES TRUST
(Exact name of Registrant as specified in its charter)
Maryland 43-179877
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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 July 14, 1998, a copy of which is attached hereto as Exhibit 99 and
is incorporated herein by reference, announcing the FFO of $.46 (cents)
for second quarter results.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS. The following Exhibits are filed with this report:
EXHIBIT NO. DESCRIPTION
99 Press Release, issued July 14, 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/ R. Scott Christian
R. Scott Christian, Treasurer
Date: July 16, 1998
EXHIBIT 99
CONTACT: Jonathan B. Weis FOR IMMEDIATE RELEASE
Director of Corporate Communications
Entertainment Properties Trust
(816) 472-1700
Joe Keenan, Sturges + Word
(816) 221-7500
ENTERTAINMENT PROPERTIES TRUST ANNOUNCES
FFO OF $.46 (CENTS) FOR SECOND QUARTER RESULTS
KANSAS CITY, Mo. (July 14, 1998) Entertainment Properties
Trust (EPR:NYSE), a Real Estate Investment Trust (REIT) that owns
entertainment-related properties, reported today total income (rental
income and interest income) of $15.3 million for the first and second
quarters ended June 30, 1998.
The company's funds from operations (FFO) for the same period
were $12.3 million, which represents $.89 per share, consisting of
$.42 per share for the first quarter and $.46 for the second quarter.
The company also reported net income during that same period of
$9.3 million, which represents net income of $.67 per share.
"We're happy to report, once again, strong performance relative to
consensus estimates and we look forward to an equally productive
second half of 1998," said President Robert L. "Chip" Harris.
-more-
<PAGE>
EPR Earnings Page 2
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. The company's common shares of beneficial interest
are traded on the New York Stock Exchange under the ticker symbol EPR.
INCOME STATEMENT SUMMARY 3 MONTHS 3 MONTHS 6 MONTHS
(IN MILLIONS EXCEPT FOR ENDED ENDED ENDED
PER SHARE DATA) 3/31/98 6/30/98 6/30/98
Rental and interest income 6.61 8.69 15.30
Rental and interest income per share 0.48 0.63 1.10
Net Income 4.58 4.68 9.26
Net Income per share 0.33 0.34 0.67
Funds from Operations 5.87 6.42 12.29
FFO per share 0.42 0.46 0.89
BALANCE SHEET SUMMARY 6/30/98
$ MILLIONS
Real Estate Net 363.3
Cash and Equivalents 17.3
Other Assets 5.0
Total Assets 385.6
Current Liabilities 9.8
Long Term Debt 126.3
Shareholders Equity 249.5
Total Liabilities and Shareholders Equity 385.6
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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