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KANSAS CITY, MO-Entertainment Properties Trust, one of the top owners in the theatreexhibition industry, has announced funds from operations for thethird quarter ending Sept, 30 of $8.6 million, or $0.58 perdiluted share. That figure compares to $8.6million, or $0.57 per diluted share, for the same quarter last year.

“We remain pleased and confident in the performance of our portfolioproperties. Our properties continue to demonstrate the distinctiveadvantagaes of the state-of-the-art megaplex theatres in contrast to theolder multiplex theatre properties,” says David M. Brain, president andchief executive officer. “As the theatre exhibition industryreplacement cycle continues to progress, we are now seeing the domesticnet screen count begin to decline at a quickening pace as theatreoperators are becoming more aggressive about taking older theatresoff-line.”

For the nine months that ended Sept. 30, FFO increased 10% to$26.5 million, or $1.79 per diluted share, compared to $24.1 million, or$1.68 per diluted share, for the nine months that ended Sept. 30,1999. Total revenue for the nine month period this year rose 16%to $41.7 million.

Entertainment Properties Trust went public in 1997 and curently owns 26megaplex theatres throughout the US, including one in KansasCity, the Leawood Town Center, which has 20 theatres. EPR handles itsholdings through sale and lease back. AMC Entertainment is theowner’s largest operator.

An EPR spokesperson says the industry considers a complex to be amegacomplex if it has 14 or more screens. In recent years, smallermulti-plex theatres have been replaced with the megaplex concept. Thereare currently as many as 37,000 theatre screens in the US.

EPR is specialty finance company organized as a real estate investmenttrust (REIT).

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