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Article Excerpt
KANSAS CITY, Mo. -- Entertainment Properties Trust (NYSE:EPR) today announced operating results for the second quarter and six months ended June 30, 2009.
Total revenue was $66.7 million for the second quarter of 2009 compared to $68.8 million for the same quarter in 2008. Net income available to common shareholders was $20.2 million, or $0.58 per diluted common share, compared to $23.9 million, or $0.77 per diluted common share, for the same quarter in 2008. For the six months ended June 30, 2009, total revenue was $133.4 million compared to $134.6 million for the same period in 2008. Net income available to common shareholders was $37.9 million, or $1.09 per diluted share, versus $45.4 million, or $1.53 per diluted share, for the same period last year.
Funds From Operations (FFO) for the second quarter of 2009 was $30.1 million compared to $33.5 million for same quarter in 2008. FFO per diluted common share declined $0.22 to $0.86 compared to $1.08 for the same quarter in 2008. FFO for the six months ended June 30, 2009 was $59.1 million compared to $65.3 million in the year ago period. FFO per diluted common share declined $0.49 to $1.70 compared to $2.19 for the same period last year.
As previously communicated, both the second quarter and year to date results were impacted by the Company's policy to record interest income from notes receivable on a cash basis rather than an accrual basis when the expected timing of receipts significantly differs from the contractual terms. As a result, no income was recognized related to the Company's mortgage note investments in a Sullivan County, New York casino and resort project (the Concord Project) or the Toronto Life Square project in Canada. The impact from these two projects resulted in a reduction in FFO per share results for the quarter and six months ended June 30, 2009 of $0.27 and $0.50, respectively.
David Brain, President and CEO, commented on the results, "The Company's business continues to perform very well...
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