REIT Prices Stock Offering

Published December 20, 2006, 3:00 p.m. EST

1 Min Read

Entertainment Properties Trust, Kansas City, Mo., has priced a public offering of 5.4 million shares of series C cumulative convertible preferred shares at a liquidation preference of $25 per share.The real estate investment trust said the underwriters have been granted an option to buy up to 600,000 additional shares to cover any overallotments. The REIT said the shares will be convertible into the company's common stock at any time, subject to certain conditions, at an initial conversion rate of 0.3504 common shares per $25 liquidation preference, which is equivalent to an initial conversion price of approximately $71.34 per share. Bear, Stearns & Co. is the sole book-running manager of the offering. The REIT can be found online at http://www.eprkc.com.

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