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Diversified REIT Outperforming Its Group, MarketINVESTOR'S BUSINESS DAILY Posted 7/24/2008 Kansas City, Mo.-based Entertainment Properties Trust (EPR) has an unusual mix of businesses. The real estate investment trust's holdings include water parks, megaplex theaters, ski properties, vineyards, shopping centers and public charter schools. Its Finance-Real Estate Investment Trusts industry group has done better than the general market year to date. The outperformance, however, falls under the category of winning by losing less. Year to date, the group was down about 7% while the major indexes are down in the 14%-to-15% range. Entertainment Properties is outperforming its industry group and the market the right way — winning by actually rising. The stock has gained 12% year to date and that's not counting a hefty dividend. The current dividend yield is 6.4%, which represents a payout ratio of about 80% of funds from operations. The stock is just pennies below its 10-week moving average, an area that has provided resistance in the past five weeks. Entertainment Properties' pretax margin was 42.7% in 2007, a five-year high. In those five years, margins have been consistent — never falling below 41.1%. Year to date, the company has wrapped up several investments. They include: • An $82 million investment in Imagine Schools. Entertainment Properties has 23 schools in nine states and the District of Columbia. • A $115 million stake in vineyards in California and Washington state. The company owns six vineyards. • A $12.3 million funding of a Kansas City water park. • A 12-screen movie theater project. As of March, the company had 79 megaplex theaters. Trading Center June wiped out what had been a great start to the second quarter. In our view, this was the third leg down in a triple-bottom correction — unusual, but not unprecedented. Full Story
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