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Megaplex Theatre REIT Bucks Trend

KANSAS CITY, MO-Megaplex theatre REIT reports solid third quarter numbers as other theatre chains file for bankruptcy. CEO says older screens throughout the industry are being taken out at a quicker pace.

By Judie Burkhalter | Updated on November 02, 2000

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.

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