NEW YORK — Real estate investment trust Entertainment Properties Trust last week raised $21.75 million through a secondary offering of 1.2 million common shares.
Entertainment Properties Trust prexy Robert L. “Chip” Harris said net proceeds would “be used to acquire properties offered to us at terms (beneficial) to our shareholders.”
Since becoming a publicly traded concern in late 1997, the Kansas City, Mo.-based REIT has acquired more than $450 million in domestic theater and related properties operated by such firstrun movie exhibitors as AMC Entertainment, Edwards Theaters, Muvico Entertainment and Consolidated Theaters.
The new shares, priced at $18.125, dragged on the outstanding stock, causing it to give up 50¢ a share Friday to close at $18.12.
Sole underwriter, CIBC World Markets, said it retained the right to sell an additional 180,000 EPT shares during the underwriting period.