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17 Jun 2010
Approximately $116.8 Million of Structured Securities Affected
New York, June 17, 2010 -- Moody's Investors Service ("Moody's") upgraded
the ratings of five classes of An Affiliate of Entertainment Properties
Trust, Commercial Pass-Through Certificates, Series
2003-EPR due to the stable current and expected operating performance
of the real estate collateral as well as the deleveraging of the loan
as a result of the 20-year loan amortization schedule. The
rating action is a result of Moody's on-going surveillance of commercial
mortgage backed securities (CMBS) transactions.
As of the May 17, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 25%
to $116.8 million from $155.5 million at securitization.
The Certificates are collateralized by a single mortgage loan.
The collateral for the transaction consists of 15 stand-alone movie
theaters (292 screens) located in ten different states. Five theaters
(28% of base rental income), with a total of 68 screens,
are located in New Orleans, LA. The borrower is Flik,
Inc., a wholly-owned subsidiary of Entertainment Properties
Trust (EPR). EPR leases 14 of the properties directly to movie
theater operators including American Multli-Cinema, Inc.
(AMC -- 11 theaters; 79% of base rental income),
affiliates of Consolidated Theater Holding (Consolidated -- two theaters;
16% of base rental revenue), Loews Cineplex Entertainment
Corp. (Loews -- one theater; 6% of base rental
revenue), and Muvico Entertainment LLC (Muvico - one theater;
7% of base rental income). In one of the properties,
EPR leases the fee parcel to an affiliate and the affiliate in turn subleases
the ground parcel and improvements to AMC. All the leases are triple
net and have 15 to 20-year terms plus extension options.
Many of the theaters in the portfolio are among the top performing theaters
in their respective markets. For the trailing 12-month period
ending December 2009 average revenue per screen decreased 5.8%
to $509,745 from $541,227 at securitization.
Revenue for the five theaters located in New Orleans averaged $657,176
per screen in 2009, exceeding the portfolio average, and well
exceeding the $267,000 per screen national average,
as reported by the Motion Picture Association of America.
Moody's loan to value ("LTV") ratio is 61%,
compared to 66% at last review. Moody's stressed debt
service coverage ("DSCR") is 2.02X, compared
to 1.85X at last review.
Moody's rating action is as follows:
-Class A-1, $18,584,733,
affirmed at Aaa; previously on February 24, 2003 assigned Aaa
-Class A-2, $43,560,019,
affirmed at Aaa; previously on February 24, 2003 assigned Aaa
-Class B, $16,085,000, upgraded
to Aaa from Aa1; previously on May 24, 2005 upgraded to Aa1
-Class C, $17,156,000, upgraded
to Aa2 from Aa3; previously on May 24, 2005 upgraded to Aa3
-Class D, $5,776,000, upgraded to
Aa3 from A1; previously on July 10, 2007 upgraded to A1 from
-Class E, $10,591,000, upgraded
to A2 from A3; previously on July 10, 2007 upgraded to A3 from
-Class F, $5,000,000, upgraded to
Baa1 from Baa3; previously on December 8, 2005 downgraded to
Baa3 from Baa1
Moody's monitors transactions on a monthly basis through two sets of quantitative
tools -- MOST® (Moody's Surveillance Trends) and CMM
(Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior review is summarized
in a Press Release dated March 6, 2009. The previous review
was part of Moody's first quarter 2009 ratings sweep and incorporated
assumptions for capitalization rates and stressed cash flows that were
outlined in "Rating Methodology Update: US CMBS Conduit and Fusion
Review Prompted by Declining Property Values and Rising Delinquencies"
dated February 5, 2009.
The principal methodology used in rating and monitoring this transaction
was Moody's "CMBS: Moody's Approach to Rating Large Loan/Single
Borrower Transactions", published on July 7, 2000 and available
on www.moodys.com in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this transaction
can also be found in the Rating Methodologies sub-directory on
Moody's website. In addition, Moody's publishes a weekly
summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Moody's Upgrades Five Classes of An Affiliate of Entertainment Properties Trust 2003-EPR
No Related Data.
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