The company used the money to exercise purchase options and complete the purchase of land parcels thatinclude the Loews Woodridge Theatre in Chicago, and the AMC Palm Promenade Theatre in San Diego. The two of the company's ground-leased theatre properties totaled $19 million.
The $50 million financing is a three-year loan with two one-year options to extend. The commitment willbear interest at an average rate of 400 basis points over LIBOR.
"This financing transaction provides us considerable flexibility to continue to execute our strategy ofacquiring high-quality megaplex theatre and entertainment-related properties," says Fred Kennon, chief financial officer of Entertainment Properties Trust.
Entertainment Properties Trust is the only publicly-traded real estate investment trust focused on the acquisition of high-quality real estate assets leased to leading location-based entertainment operators. Since November of 1997, EPR has acquired more than $500 million of properties.
As of year-end 1999, the company had 23 megaplex theater properties in 11 states, as well as oneentertainment-themed development in Westminster, CO.
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