Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q1 2012 Earnings Presentation
32 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, May 7, 2012
Slide 1: Hospitality Properties Trust First Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust First Quarter 2012 Supplemental Operating and Financial Data All amounts in this report are unaudited. Royal Sonesta Hotel Boston, Cambridge, MA. Guest Rooms: 400.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE/EXHIBIT CORPORATE INFORMATION 6 Company Profile 7,8 Investor Information 9 Research Coverage 10 FINANCIAL INFORMATION 11 Key Financial Data 12,13 Condensed Consolidated Balance Sheets 14 Condensed Consolidated Statements of Income 15 Notes to Condensed Consol
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS SUPPLEMENTAL PRESENTATION OF OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Slide 4: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL, AND ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, TA, SONESTA INTERNATIONAL HOTELS CORPORATION, OR SONESTA, AND REIT MANAGEMEN
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) SINCE ITS FORMATION, TA HAS NOT PRODUCED CONSISTENT OPERATING PROFITS. IF THE CURRENT LEVELS OF COMMERCIAL ACTIVITY IN THE COUNTRY DECLINE, IF THE PRICE OF DIESEL FUEL INCREASES SIGNIFICANTLY OR FOR VARIOUS OTHER REASONS, TA MAY BECOME UNABLE TO PAY CURRENT AND
Slide 6: Corporate Information
CORPORATE INFORMATION Hospitality Properties Trust 6 WA. Courtyard by Marriott, Bellevue, Supplemental Operating and Financial Data, March 31, 2012 Guest Rooms: 152.
Slide 7: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Strategy: Hospitality Properties Trust, or HPT, we, or us, is a real estate investment trust, or REIT. As of March Our business strategy is to maintain and grow a portfolio of hotels and travel centers operated by 31, 2012, we owned or leased 290 hotels a
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Portfolio Data by Manager (as of 3/31/12) ($ in 000s): Percent of Percent Number Number Percent of Annualized of Total Number of of Rooms/ of Rooms/ Total Minimum Minimum Manager Properties Suites Suites Investment (1) Investment Return / Rent Return / Ren
Slide 9: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Barry M. Portnoy Adam D. Portnoy Managing Trustee Managing Trustee Bruce M. Gans, M.D. William A. Lamkin Independent Trustee Independent Trustee John L. Harrington Independent Trustee Senior Management John G. Murray Mark L. Kleifges Presid
Slide 10: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Baird Janney Montgomery Scott Keefe, Bruyette & Woods David Loeb Daniel Donlan Smedes Rose (414) 765-7063 (215) 665-6476 (212) 887-3696 RBC Stifel Nicolaus Wells Fargo Securities Mike Salinsky Rod Petrik Jeffrey Donnelly (216) 378-7627 (41
Slide 11: Financial Information
FINANCIAL INFORMATION Hospitality Properties Trust Staybridge Suites, Houston, TX. Supplemental Operating and Financial Data, March 31, 2012 Guest Rooms: 93.
Slide 12: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Shares Outstanding: Common shares outstanding (at end of period) 123,555 123,522 123,522 123,454 123,444 Weight
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Selected Income Statement Data: Total revenues $ 301,420 $ 295,851 $ 318,689 $ 313,809 $ 281,984 EB
Slide 14: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of As of March 31, December 31, 2012 2011 ASSETS Real estate properties, at cost Land $ 1,415,880 $ 1,360,773 Buildings, improvements and equipment 4,998,896 4,879,908 6,41
Slide 15: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended 3/31/2012 3/31/2011 Revenues: Hotel operating revenues (1) $ 224,985 $ 197,537 (1) Rental income 73,260 79,533 FF&E reserve income (2) 3,17
Slide 16: Notes to Condensed Consolidated Statements of Income
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (1) At March 31, 2012, we owned or leased 290 hotels; 234 of these hotels are leased by us to our taxable REIT subsidiaries and managed by hotel operating c
Slide 17: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended 3/31/2012 3/31/2011 Cash flows from operating activities: Net income $ 42,948 $ 53,048 Adjustments to reconcile net income to cash provided by operating activitie
Slide 18: Segment Information
SEGMENT INFORMATION SEGMENT INFORMATION (in thousands) For the Three Months Ended March 31, 2012 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 224,985 $ - $ - $ 224,985 Rental income 21,942 51,318 - 73,260 FF&E reserve income 3,175 - - 3,175 Total revenues 250,102 51,318 -
Slide 19: Debt Summary
DEBT SUMMARY DEBT SUMMARY (dollars in thousands) Interest Principal Maturity Years to Rate Balance Date Maturity Unsecured Debt: Unsecured Floating Rate Debt: Revolving credit facility (LIBOR + 130 bps) (1) - - 09/07/15 3.4 (2) Unsecured term loan (LIBOR + 145 bps) 1.700% 400,000 03/13/17 5.0 1.700%
Slide 20: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2012 $ - $ 100,829 (3) $ 100,829 2013 - 287,000 287,000 2014 - 300,000 300,000 2015 - (1) 280,000 280,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 201
Slide 21: Leverage Ratios, Coverage Ratios and Public Debt Covenants
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Leverage Ratios: Total debt / total assets 41.9% 41.2% 40.7% 41.2% 41.3% Total debt / gross bo
Slide 22: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 FF&E reserves (beginning of period) $ 50,196 $ 41,747 $ 51,686 $ 59,919 $ 80,621 Manager deposits 12,133 8,337 15,229 14,959 12,309 HPT fundings (2): Mar
Slide 23: Acquisition and Disposition Information Since January 1, 2012
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2012 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2012 (dollars in thousands) ACQUISITIONS: Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agreement Price Room / Suite 1/31/12
Slide 24: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hospitality Properties Trust Marriott, Lihue-Kauai, HI. 24 Supplemental Operating and Financial Data, March 31, 2012 Guest Rooms: 356.
Slide 25: Summary of Operating Agreements
SUMMARY OF OPERATING AGREEMENTS SUMMARY OF OPERATING AGREEMENTS (as of March 31, 2012) (dollars in thousands) Operating Agreement Marriott (No. 1) Marriott (No. 234) Marriott (No. 5) InterContinental Hyatt Number of Properties (1) (2) 53 71 1 130 22 Number of Rooms / Suites 7,610 9,954 356 19,892 2,
Slide 26: Summary of Operating Agreements (continued)
SUMMARY OF OPERATING AGREEMENTS SUMMARY OF OPERATING AGREEMENTS (continued) (as of March 31, 2012) (dollars in thousands) Total / Range / Average (all Operating Agreement Carlson Sonesta (No. 1) (1) Sonesta (No. 2) (2) TA (No. 1) TA (No. 2) investments) Number of Properties 11 1 1 145 40 475 Number
Slide 27: Portfolio by Operating Agreement, Manager and Brand
PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND (as of March 31, 2012) (dollars in thousands) Percent of Percent of Annual Percent of Number of Number of Number of Number of Percent of Investment per Minimum Minimum (1) Properties Properties Ro
Slide 28: Operating Statistics by Hotel Operating Agreement
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT (as of March 31, 2012) No. of No. of Rooms / First Quarter (1) Hotels Suites 2012 2011 Change ADR InterContinental (2) 130 19,892 $ 90.74 $ 85.15 6.6% Marriott (no. 1) 53 7,610 112.21 108.57 3.4% Marr
Slide 29: Coverage by Operating Agreement
COVERAGE BY OPERATING AGREEMENT COVERAGE BY OPERATING AGREEMENT (1) (as of March 31, 2012) For the Twelve Months Ended (2) Operating Agreement 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 InterContinental (3) (4) 0.82x 0.83x 0.79x 0.71x 0.68x Marriott (no. 1) 0.85x 0.81x 0.75x 0.73x 0.73x Marr
Slide 30: Exhibits
EXHIBITS Sheboygan Memorial Clinic, Sheboygan, WI. Square Feet: 154,423. Hospitality Aurora Travel Center,Properties Trust Aurora, OR. 30 Supplemental Truck Parking: 154. Operating and Financial Data, March 31, 2012
Slide 31: Calculation of EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA (in thousands) For the Three Months Ended 3/31/2012 3/31/2011 EXHIBIT A Net income $ 42,948 $ 53,048 Plus: Interest expense 34,092 33,339 Depreciation and amortization 61,363 56,314 Deferred percentage rent (1) 1,309 541 Income tax expense 636 332 Acquisit
Slide 32: Calculation of Funds from Operations (FFO) and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (in thousands, except per share data) For the Three Months Ended 3/31/2012 3/31/2011 Net income available for common shareholders $ 28,816 $ 45,578 Add: Depreciation and amorti
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