Losses Near $130 Mil For Big REIT’s Wine Investments

Entertainment Properties Trust (NYSE: EPR) has continued to lose tens of millions of dollars from its ill-advised winery investments. And it’s still looking for buyers so it can make a complete exit.

While the muddled financials in their latest 10-K annual report to the SEC mostly obscure the extent of their losses to all but insiders, a look at the company’s jumbled information indicates that that EPR’s losses and impairments (real-estate valuation write-downs) probably approach $130 million on a portfolio the company once carried on its books at $218 million.

An end to the bleeding, however, may be close.

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Also In This Article:

• HOW DID EPR LOSE $46.6 MILLION IN 2012 ALONE & ALMOST $130 MILLION TOTAL?

• VALUE OF REMAINING PORTFOLIO: SOLID TENANTS, ASSETS LEFT TO SELL
  

PREVIOUS ORIGINAL WINE INDUSTRY INSIGHT COVERAGE

ENTERTAINMENT PROPERTIES TRUST

• EPR Losing Millions On Wineries & Vineyards It Can’t Sell.
• Winery & Vineyards: Entertainment Properties Trust’s $81 Million Debacle
• Global Wine Partners Prospers As EPR Loses
• A 10K Peek At EPR’s Vineyard & Winery Deals
• EPR Looking for Buyer or Partner As VinREITs Get Hammered
• New Finance For The Wine Biz: REIT Money Steps In As Banks Beg For Bailouts

PREVIOUS CARNEROS VINTNERS COVERAGE

• Carneros Vintners Buys Its Facility From Entertainment Properties Trust
• Carneros Vintners Unconventional Financing, Creativity & Challenges Offer Significant Lessons
• Carneros Vintners Struggles To Get Custom Crush Facility Ready for 2009 Harvest

HAVENS WINE CELLARS (UNDER BILLINGTON MANAGEMENT)

• Havens Wine Cellars Back In Business
• News Alert: Sutter Home Confirmed as Buyer Of Havens Winery Property
• Liquidator Hired To Dispose of Havens Wine Cellars
• Billington Winds Down Havens Winery
• Havens Wine Cellars For Sale After Billington Defaults on Lease

COSENTINO WINERY (UNDER SOLDINGER MANAGEMENT)

• Cosentino Winery Update – License & 840+ Affected Parties
• Cosentino Winery Re-Opening Planned For End of January
• Cosentino Winery – Lender & Exclusive Investor To Negotiate Private Sale
• Cosentino Winery Sale Set, Management AWOL
• Cosentino Winery, Eos Estates Updates
• Cosentino Winery Closes
• Cosentino Winery Hit With Involuntary Liquidation Court Papers
• Cosentino Winery In Foreclosure, Owes Almost $20Mln, Liquidation May Be In Works
• Cosentino Winery: New $147K IRS Lien, $511K Court Levy, Possible Cellar Gear Repo
• Cosentino Financing Fails, Will Cease Custom Crush
• Cosentino Running Out of Last Chances? Growers Head For Court, MCOZ Stock Suspended Again
• Cosentino Gets Brief CDFA License Suspension
• Cosentino: Legal, Regulatory Hurdles Mount
• Cosentino Loses $14.2Million on Revenues of $10.2Million
• Cosentino Winery’s Legal Issues Could Seal Its Fate In Next Few Weeks
• Cosentino Winery Sued For $500K+ In Latest Legal Battle
• Follow-Up On CDFA Cosentino Hearing
• Judge Lets Cosentino Dodge $1.2 Million In Grower Payment Demands
• Carneros Vintners Struggles To Get Custom Crush Facility Ready for 2009 Harvest
• Cosentino Woes Mount, Stock Trading Suspended
• Cosentino’s Strong Consumer Support Not Reflected In Financials
• Cosentino Scrambles For Shelter To Stay Ahead Of Lawsuits
• Cosentino’s Financial & Legal Woes Gathering Momentum
• Cosentino Defaults On Loan Interest, Says Current Banks Won’t ReFi

EOS ESTATE

• Eos Estates Winery & Vineyard Real Estate Sold To Southern California Real Estate Tycoon
• Eos: Vinreit Flexes Muscle, Court Receiver Axes Staff, Halts Wine Shipments
• HEADS UP! – Eos Estate Sold To Bill Foley
• Eos Estate Set For Bank Sale Monday, Oct. 25
• Eos Estates Talks Bankruptcy
• Eos Estate Shareholder Iron Eagle Files Late Again on 10K Annual Report
• Troubled Eos Winery Looking At Buyouts For Survival
• Saint James/Eos: 360 Global/Viansa Redux?
• Eos Estates On Brink of Collapse, Desperate For Funds
• After Ninja Turtles and Toxic Waste, Eos Estates Purchaser Must Walk Grueling Tightrope To Succeed
• The Saint James Company Acquires Sapphire Wines

ASCENTIA WINE ESTATES

• Geyser Peak Winery Facing Bankruptcy? Just Rumors Says CEO
• Update On Ascentia’s Gary Farrell Winery Sale
• Fraud, Mismanagement Allegations Plague Ascentia
• Ascentia Issues Vague Denial of Insolvency
• Ascentia’s Farrell & Buena Vista Sales: More Than Meets The Eye (And Less)
• Boisset Family Estates Buys Buena Vista Carneros
• Gary Farrell Winery Sold To Vincraft Group
• The Buena Vista Move: Pollyanna PR Spin Hides Ascentia’s Struggle To Survive
• Ascentia, W. J. Deutsch End Distribution Deal

 

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