Kansas City Business Journal - December 21, 2009
Entertainment Properties Trust has acquired a portfolio of 15 theaters for about $121 million, the company said in a Monday release.
The theaters will be leased back to an affiliate of their operator, Rave Cinemas LLC, through a master lease agreement, the release said. The master lease includes a term of 20 years with four five-year renewal options and is structured so the tenant is responsible for all costs associated with the properties.
The theaters include a total of 231 screens with 52,731 seats within 1.25 million square feet of space. They are in Connecticut, Massachusetts, New Jersey, Virginia, Kentucky, Ohio, Michigan and Iowa.
(Note: An SEC 8-K filing dated November 11, 2009 stated that the master lease was expected to have an initial base rent equal to the product of the purchase price multiplied by 12%, and provide for escalators every 5 years.)
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