Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet As of June 30, 2012
	Entertainment Properties  Trust (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	747,359	$	1,086,534	$	—		$	1,833,893
Rental properties held for sale, net	—		—		3,895		—			3,895
Land held for development	—		—		188,874		—			188,874
Property under development	—		35,475		4,666		—			40,141
Mortgage notes and related accrued interest receivable, net	—		371,237		32,382		—			403,619
Investment in a direct financing lease, net	—		236,157		—		—			236,157
Investment in joint ventures	6,205		—		4,372		—			10,577
Cash and cash equivalents	3,432		60		9,247		—			12,739
Restricted cash	—		11,673		7,492		—			19,165
Intangible assets, net	—		—		3,871		—			3,871
Deferred financing costs, net	10,711		5,643		2,098		—			18,452
Accounts receivable, net	1,009		7,383		24,746		—			33,138
Intercompany notes receivable	101,274		—		3,966		(105,240		)	—
Notes receivable and related accrued interest receivable, net	179		—		4,828		—			5,007
Investments in subsidiaries	1,890,473		—		—		(1,890,473		)	—
Other assets	14,068		3,333		6,738		—			24,139
Total assets	$	2,027,351	$	1,418,320	$	1,383,709	$	(1,995,713	)	$	2,833,667
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	24,017	$	8,614	$	4,854	$	—		$	37,485
Dividends payable	41,130		—		—		—			41,130
Unearned rents and interest	—		10,353		1,629		—			11,982
Intercompany notes payable	—		—		105,240		(105,240		)	—
Long-term debt	490,000		112,000		668,560		—			1,270,560
Total liabilities	555,147		130,967		780,283		(105,240		)	1,361,157
Entertainment Properties Trust shareholders’ equity	1,472,204		1,287,353		603,120		(1,890,473		)	1,472,204
Noncontrolling interests	—		—		306		—			306
Total equity	1,472,204		1,287,353		603,426		(1,890,473		)	1,472,510
Total liabilities and equity	$	2,027,351	$	1,418,320	$	1,383,709	$	(1,995,713	)	$	2,833,667

Condensed Consolidating Balance Sheet As of December 31, 2011
	Entertainment Properties  Trust (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	694,331	$	1,124,845	$	—		$	1,819,176
Rental properties held for sale, net	—		—		4,696		—			4,696
Land held for development	—		—		184,457		—			184,457
Property under development	—		18,295		4,466		—			22,761
Mortgage notes and related accrued interest receivable, net	—		323,794		1,303		—			325,097
Investment in a direct financing lease, net	—		233,619		—		—			233,619
Investment in joint ventures	20,821		—		4,232		—			25,053
Cash and cash equivalents	1,932		302		12,391		—			14,625
Restricted cash	—		9,871		9,441		—			19,312
Intangible assets, net	—		—		4,485		—			4,485
Deferred financing costs, net	9,291		6,512		2,724		—			18,527
Accounts receivable, net	79		6,051		28,875		—			35,005
Intercompany notes receivable	100,030		—		3,788		(103,818		)	—
Notes receivable and related accrued interest receivable, net	175		—		4,840		—			5,015
Investments in subsidiaries	1,627,298		—		—		(1,627,298		)	—
Other assets	14,694		3,453		4,020		—			22,167
Total assets	$	1,774,320	$	1,296,228	$	1,394,563	$	(1,731,116	)	$	2,733,995
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	15,560	$	8,794	$	11,682	$	—		$	36,036
Dividends payable	38,711		—		—		—			38,711
Unearned rents and interest	—		5,405		1,445		—			6,850
Intercompany notes payable	—		—		103,818		(103,818		)	—
Long-term debt	250,000		223,000		681,295		—			1,154,295
Total liabilities	304,271		237,199		798,240		(103,818		)	1,235,892
Entertainment Properties Trust shareholders’ equity	1,470,049		1,059,029		568,269		(1,627,298		)	1,470,049
Noncontrolling interests	—		—		28,054		—			28,054
Total equity	1,470,049		1,059,029		596,323		(1,627,298		)	1,498,103
Total liabilities and equity	$	1,774,320	$	1,296,228	$	1,394,563	$	(1,731,116	)	$	2,733,995

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income For the Three Months Ended June 30, 2012
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	23,154		$	36,057		$	—		$	59,211
Tenant reimbursements	—			279			4,086			—			4,365
Other income	23			(7		)	91			—			107
Mortgage and other financing income	109			14,276			871			—			15,256
Intercompany fee income	667			—			—			(667		)	—
Interest income on intercompany notes receivable	4,165			—			87			(4,252		)	—
Total revenue	4,964			37,702			41,192			(4,919		)	78,939
Equity in subsidiaries’ earnings	38,783			—			—			(38,783		)	—
Property operating expense	—			881			4,364			—			5,245
Intercompany fee expense	—			—			667			(667		)	—
Other expense	—			—			431			—			431
General and administrative expense	—			2,724			3,097			—			5,821
Interest expense, net	6,800			1,205			10,454			—			18,459
Interest expense on intercompany notes payable	—			—			4,252			(4,252		)	—
Transaction costs	31			—			—			—			31
Impairment charges	—			—			—			—			—
Depreciation and amortization	253			4,302			8,236			—			12,791
Income before equity in income from joint ventures and discontinued operations	36,663			28,590			9,691			(38,783		)	36,161
Equity in income from joint ventures	136			—			142			—			278
Income from continuing operations	$	36,799		$	28,590		$	9,833		$	(38,783	)	$	36,439
Discontinued operations:
Loss from discontinued operations	—			(3		)	(56		)	—			(59		)
Gain on sale or acquisition of real estate	—			—			438			—			438
Net income	36,799			28,587			10,215			(38,783		)	36,818
Add: Net income attributable to noncontrolling interests	—			—			(19		)	—			(19		)
Net income attributable to Entertainment Properties Trust	36,799			28,587			10,196			(38,783		)	36,799
Preferred dividend requirements	(6,002		)	—			—			—			(6,002		)
Net income available to common shareholders of Entertainment Properties Trust	$	30,797		$	28,587		$	10,196		$	(38,783	)	$	30,797
Comprehensive income (loss) attributable to Entertainment Properties Trust	$	33,718		$	28,657		$	9,199		$	(37,856	)	$	33,718

Condensed Consolidating Statement of Income For the Three Months Ended June 30, 2011
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	20,079	$	35,945		$	—		$	56,024
Tenant reimbursements	—			319		4,196			—			4,515
Other income	23			7		101			—			131
Mortgage and other financing income	131			13,457		159			—			13,747
Intercompany fee income	699			—		—			(699		)	—
Interest income on intercompany notes receivable	4,275			—		606			(4,881		)	—
Total revenue	5,128			33,862		41,007			(5,580		)	74,417
Equity in subsidiaries’ earnings	(752		)	—		—			752			—
Property operating expense	—			948		5,631			—			6,579
Intercompany fee expense	—			—		699			(699		)	—
Other expense	—			—		677			—			677
General and administrative expense	—			2,324		2,781			—			5,105
Interest expense, net	4,808			1,669		10,810			—			17,287
Interest expense on intercompany notes payable	—			—		4,881			(4,881		)	—
Transaction costs	76			—		—			—			76
Impairment charges	—			—		24,298			—			24,298
Depreciation and amortization	265			3,478		8,039			—			11,782
Income (loss) before equity in income from joint ventures and discontinued operations	(773		)	25,443		(16,809		)	752			8,613
Equity in income from joint ventures	775			—		6			—			781
Income (loss) from continuing operations	$	2		$	25,443	$	(16,803	)	$	752		$	9,394
Discontinued operations:
Income from discontinued operations	—			30		536			—			566
Impairment charges	—			—		(9,958		)	—			(9,958		)
Net income (loss)	2			25,473		(26,225		)	752			2
Add: Net income attributable to noncontrolling interests	—			—		—			—			—
Net income (loss) attributable to Entertainment Properties Trust	2			25,473		(26,225		)	752			2
Preferred dividend requirements	(7,551		)	—		—			—			(7,551		)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	(7,549	)	$	25,473	$	(26,225	)	$	752		$	(7,549	)
Comprehensive income (loss) attributable to Entertainment Properties Trust	(34		)	25,470		(26,258		)	788			(34		)

Condensed Consolidating Statement of Income For the Six Months Ended June 30, 2012
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	45,129		$	72,365		$	—		$	117,494
Tenant reimbursements	—			525			8,661			—			9,186
Other income	46			(6		)	93			—			133
Mortgage and other financing income	204			28,251			1,521			—			29,976
Intercompany fee income	1,343			—			—			(1,343		)	—
Interest income on intercompany notes receivable	8,380			—			172			(8,552		)	—
Total revenue	9,973			73,899			82,812			(9,895		)	156,789
Equity in subsidiaries’ earnings	62,232			—			—			(62,232		)	—
Property operating expense	—			1,878			9,541			—			11,419
Intercompany fee expense	—			—			1,343			(1,343		)	—
Other expense	—			—			916			—			916
General and administrative expense	—			5,708			6,580			—			12,288
Interest expense, net	13,521			2,123			20,956			—			36,600
Interest expense on intercompany notes payable	—			—			8,552			(8,552		)	—
Transaction costs	189			—			—			—			189
Impairment charges	—			—			8,195			—			8,195
Depreciation and amortization	509			8,360			16,204			—			25,073
Income before equity in income from joint ventures and discontinued operations	57,986			55,830			10,525			(62,232		)	62,109
Equity in income from joint ventures	185			—			139			—			324
Income from continuing operations	$	58,171		$	55,830		$	10,664		$	(62,232	)	$	62,433
Discontinued operations:
Income (loss) from discontinued operations	—			5			(302		)	—			(297		)
Impairment charges	—			—			(4,648		)	—			(4,648		)
Gain on sale or acquisition of real estate	—			282			438			—			720
Net income	58,171			56,117			6,152			(62,232		)	58,208
Add: Net income attributable to noncontrolling interests	—			—			(37		)	—			(37		)
Net income attributable to Entertainment Properties Trust	58,171			56,117			6,115			(62,232		)	58,171
Preferred dividend requirements	(12,003		)	—			—			—			(12,003		)
Net income available to common shareholders of Entertainment Properties Trust	$	46,168		$	56,117		$	6,115		$	(62,232	)	$	46,168
Comprehensive income attributable to Entertainment Properties Trust	$	55,388		$	56,132		$	6,466		$	(62,598	)	$	55,388

Condensed Consolidating Statement of Income For the Six Months Ended June 30, 2011
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	39,774		$	71,632		$	—		$	111,406
Tenant reimbursements	—			661			8,515			—			9,176
Other income	46			7			102			—			155
Mortgage and other financing income	212			26,698			352			—			27,262
Intercompany fee income	1,384			—			—			(1,384		)	—
Interest income on intercompany notes receivable	8,394			—			1,197			(9,591		)	—
Total revenue	10,036			67,140			81,798			(10,975		)	147,999
Equity in subsidiaries’ earnings	37,864			—			—			(37,864		)	—
Property operating expense	—			1,911			10,858			—			12,769
Intercompany fee expense	—			—			1,384			(1,384		)	—
Other expense	—			—			1,157			—			1,157
General and administrative expense	—			4,708			5,865			—			10,573
Costs associated with loan refinancing or payoff	—			—			5,339			—			5,339
Interest expense, net	9,907			4,145			21,979			—			36,031
Interest expense on intercompany notes payable	—			—			9,591			(9,591		)	—
Transaction costs	1,025			—			324			—			1,349
Impairment charges	—			—			24,298			—			24,298
Depreciation and amortization	534			6,955			15,966			—			23,455
Income (loss) before equity in income from joint ventures and discontinued operations	36,434			49,421			(14,963		)	(37,864		)	33,028
Equity in income from joint ventures	1,544			—			11			—			1,555
Income (loss) from continuing operations	$	37,978		$	49,421		$	(14,952	)	$	(37,864	)	$	34,583
Discontinued operations:
Interest income on intercompany notes receivable	3,755			—			—			(3,755		)	—
Interest expense on intercompany notes payable	—			(3,755		)	—			3,755			—
Income (loss) from discontinued operations	—			1,814			(148		)	—			1,666
Impairment charges	—			—			(11,758		)	—			(11,758		)
Costs associated with loan refinancing or payoff	—			—			(1,049		)	—			(1,049		)
Gain on sale or acquisition of real estate	—			18,293			—			—			18,293
Net income (loss)	41,733			65,773			(27,907		)	(37,864		)	41,735
Add: Net income attributable to noncontrolling interests	—			—			(2		)	—			(2		)
Net income (loss) attributable to Entertainment Properties Trust	41,733			65,773			(27,909		)	(37,864		)	41,733
Preferred dividend requirements	(15,103		)	—			—			—			(15,103		)
Net income (loss) available to common shareholders of Entertainment Properties Trust	$	26,630		$	65,773		$	(27,909	)	$	(37,864	)	$	26,630
Comprehensive income (loss) attributable to Entertainment Properties Trust	$	47,445		$	70,679		$	(27,103	)	$	(43,576	)	$	47,445

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2012
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,343		$	—		$	(1,343	)	$	—
Interest income (expense) on intercompany receivable/payable	8,380			—			(8,380		)	—
Net cash provided (used) by other operating activities	(8,976		)	64,469			45,779			101,272
Net cash provided by operating activities of continuing operations	747			64,469			36,056			101,272
Net cash provided by operating activities of discontinued operations	—			1,065			1,103			2,168
Net cash provided by operating activities	747			65,534			37,159			103,440
Investing activities:
Acquisition of rental properties and other assets	(87		)	(39,654		)	(683		)	(40,424		)
Investment in unconsolidated joint ventures	(661		)	—			—			(661		)
Investment in mortgage notes receivable	—			(48,339		)	(16,222		)	(64,561		)
Additions to property under development	—			(37,845		)	(5,752		)	(43,597		)
Investment in (repayment of) intercompany notes payable	(1,244		)	—			1,244			—
Advances to subsidiaries, net	(151,844		)	170,780			(18,936		)	—
Net cash provided (used) by investing activities of continuing operations	(153,836		)	44,942			(40,349		)	(149,243		)
Net proceeds from sale of real estate from discontinued operations	—			282			12,687			12,969
Net cash provided (used) by investing activities	(153,836		)	45,224			(27,662		)	(136,274		)
Financing activities:
Proceeds from long-term debt facilities	240,000			156,000			—			396,000
Principal payments on long-term debt	—			(267,000		)	(12,663		)	(279,663		)
Deferred financing fees paid	(2,091		)	—			(10		)	(2,101		)
Net proceeds from issuance of common shares	133			—			—			133
Impact of stock option exercises, net	(480		)	—			—			(480		)
Purchase of common shares for treasury	(3,209		)	—			—			(3,209		)
Dividends paid to shareholders	(79,764		)	—			—			(79,764		)
Net cash provided (used) by financing	154,589			(111,000		)	(12,673		)	30,916
Effect of exchange rate changes on cash	—			—			32			32
Net increase (decrease) in cash and cash equivalents	1,500			(242		)	(3,144		)	(1,886		)
Cash and cash equivalents at beginning of the period	1,932			302			12,391			14,625
Cash and cash equivalents at end of the period	$	3,432		$	60		$	9,247		$	12,739

Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2011
	Entertainment Properties  Trust (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,384		$	—		$	(1,384	)	$	—
Interest income (expense) on intercompany receivable/payable	8,394			—			(8,394		)	—
Net cash provided by other operating activities	3,511			51,807			34,504			89,822
Net cash provided by operating activities of continuing operations	13,289			51,807			24,726			89,822
Net cash provided by operating activities of discontinued operations	—			3,079			(571		)	2,508
Net cash provided by operating activities	13,289			54,886			24,155			92,330
Investing activities:
Acquisition of rental properties and other assets	(479		)	(28,973		)	(9,472		)	(38,924		)
Investment in unconsolidated joint ventures	(1,587		)	—			(1,197		)	(2,784		)
Investment in mortgage note receivable	—			(6,036		)	—			(6,036		)
Investment in a direct financing lease, net	—			(2,113		)	—			(2,113		)
Additions to property under development	—			(10,329		)	(8,108		)	(18,437		)
Investment in (repayment of) intercompany notes payable	128,917			(132,067		)	3,150			—
Advances to subsidiaries, net	(59,072		)	(28,939		)	88,011			—
Net cash provided (used) by investing activities of continuing operations	67,779			(208,457		)	72,384			(68,294		)
Net cash used in investing activites of discontinued operations	—			(58		)	—			(58		)
Net proceeds from sale of discontinued operations	—			205,936			6,460			212,396
Net cash provided (used) in investing activites	67,779			(2,579		)	78,844			144,044
Financing activities:
Proceeds from long-term debt facilities	—			195,000			—			195,000
Principal payments on long-term debt	—			(247,000		)	(98,352		)	(345,352		)
Deferred financing fees paid	(347		)	(587		)	—			(934		)
Net proceeds from issuance of common shares	145			—			—			145
Impact of stock option exercises, net	(499		)	—			—			(499		)
Proceeds from payment on shareholder loan	—			—			—			—
Purchase of common shares for treasury	(3,070		)	—			—			(3,070		)
Distributions paid to noncontrolling interests	—			—			—			—
Dividends paid to shareholders	(77,951		)	—			—			(77,951		)
Net cash used by financing activities	(81,722		)	(52,587		)	(98,352		)	(232,661		)
Effect of exchange rate changes on cash	—			20			231			251
Net increase (decrease) in cash and cash equivalents	(654		)	(260		)	4,878			3,964
Cash and cash equivalents at beginning of the period	3,356			1,116			7,304			11,776
Cash and cash equivalents at end of the period	$	2,702		$	856		$	12,182		$	15,740