These acquisitions are subject to final definitive agreements, due diligence review and customary closing conditions. The company also has agreed to a three-year $50-million revolving credit facility with a leading commercial bank. The facility is subject to final commitment and documentation.
Earlier, the company said it will buy the real estate assets of Gulf States Theatres consisting of fivelocations and 68 screens in the New Orleans market valued at about $70 million. The deal is now expected to close by the end of next month.
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 bought more than $500 million of properties.
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