Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q3 2016 Earnings Presentation
32 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, 2016
Slide 1: Hospitality Properties Trust Third Quarter 2016 Supplemental Operating and Financial Data
Hospitality Properties Trust Third Quarter 2016 Supplemental Operating and Financial Data Courtyard Camarillo, Camarillo, CA Operator: Marriott International, Inc. Guest Rooms: 130 All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE CORPORATE INFORMATION 6 Company Profile 7,8 Investor Information 9 Research Coverage 10 FINANCIALS Key Financial Data 12 Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Income 14 Notes to Condensed Consolidated Statements of Inco
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTH
Slide 4: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) FOR EXAMPLE: • OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS TO OUR SHAREHOLDERS AND TO MAKE PAYMENTS OF PRINCIPAL AND INTEREST ON OUR INDEBTEDNESS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS AND THE CAPITAL COSTS WE INCUR TO MAINTAIN OUR PROPERT
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) • AT SEPTEMBER 30, 2016, WE HAD $9.5 MILLION OF CASH AND CASH EQUIVALENTS, $850.0 MILLION AVAILABLE UNDER OUR $1.0 BILLION REVOLVING CREDIT FACILITY AND SECURITY DEPOSITS AND GUARANTEES COVERING SOME OF OUR MINIMUM RETURNS AND RENTS. THESE STATEMENTS MAY IMPLY
Slide 6: Corporate Information
CORPORATE INFORMATION Sonesta Philadelphia Rittenhouse Square, Philadelphia, PA Operator: Sonesta International Hotels Corp. Guest Rooms: 439 Hospitality Properties Trust Supplemental Operating and Financial Data, September 30, 2016
Slide 7: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Corporate Headquarters: Hospitality Properties Trust, or HPT, we, our, or us, is a real estate investment trust, or REIT. As of September 30, Two Newton Place 2016, we owned 305 hotels and 198 travel centers located in 45 states, Puerto Rico and Canada. O
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 9/30/16) (dollars in thousands): Number Annualized Percent of Total Number of of Rooms / Minimum Minimum Coverage (3) RevPAR Change Operating Agreement (1) Properties Suites Return / Rent (2) Return / Rent
Slide 9: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Donna D. Fraiche John L. Harrington William A. Lamkin Independent Trustee Lead Independent Trustee Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management John G. Murray Mark L. Kleifges Etha
Slide 10: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Baird Canaccord Genuity FBR & Co. David Loeb Ryan Meliker Bryan Maher (414) 765-7063 (212) 389-8094 (646) 885-5423 dloeb@rwbaird.com rmeliker@canaccordgenuity.com bmaher@fbr.com Janney Montgomery Scott JMP Securities Stifel Nicolaus Tyler
Slide 11: Financials
Hospitality Properties Trust FINANCIALS Third Quarter 2016 Supplemental Operating and Financial Data Courtyard Camarillo, Camarillo, CA Operator: Marriott International, Inc. Guest Rooms: 130 InterContinental Yorkville, Toronto, CAN Operator: InterContinental Hotels Group All amounts in this report
Slide 12: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (amounts in thousands, except per share data) As of and For the Three Months Ended 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 Selected Balance Sheet Data: Total gross assets (1) $ 9,022,459 $ 8,970,599 $ 8,822,206 $ 8,611,932 $ 8,648,216 Total assets $ 6
Slide 13: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of As of September 30, December 31, 2016 2015 ASSETS Real estate properties: Land $ 1,550,174 $ 1,529,004 Buildings, improvements and equipment 7,047,370 6,732,768 Tota
Slide 14: 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Revenues: Hotel operating revenues (1) $ 464,173 $ 437,171 $ 1,33
Slide 15: Notes to Condensed Consolidated Statements of Income
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except per share data) (1) At September 30, 2016, we owned 305 hotels; 302 of these hotels are managed by hotel operating companies and three hotels are leased to h
Slide 16: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended September 30, 2016 2015 Cash flows from operating activities: Net income $ 159,924 $ 185,912 Adjustments to reconcile net income to cash provided by operating activities:
Slide 17: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of September 30, 2016 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $1,000,000 unsecured revolving credit facility (1)(2) 1.620% $ 150,000 7/15/18 $ 150,000 1.8 $400,000 unsecured term
Slide 18: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of September 30, 2016 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (4) 2017 $ — $ — $ — (1) 2018 150,000 350,000 500,000 (2) 2019 400,000 — 400,000 2021 — 400,000 400,000 2022 — 500,000 500,000 2023 — 300,00
Slide 19: 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 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 Leverage Ratios: Total debt (book value) (1) / total gross assets (2) 34.6% 39.0% 39.6% 38.0%
Slide 20: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) As of and For the Three Months Ended 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 FF&E reserves (beginning of period) $ 61,419 $ 55,891 $ 51,211 $ 44,296 $ 39,106 Manager deposits 20,050 19,603 15,542 17,607 18,683 HPT fundin
Slide 21: Property Acquisition and Disposition Information Since January 1, 2016
PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2016 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2016 As of September 30, 2016 (dollars in thousands) ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Loc
Slide 22: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (in thousands) For the Three Months Ended, For the Nine Months Ended September 30, 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 2016 2015 Net income (loss) $ 51,812 $ 56,061 $ 52,051 $ (19,494) $ 61,185 $ 1
Slide 23: Calculation of FFO and Normalized FFO Available for Common Shareholders
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1) (dollar amounts in thousands, except per share data) For the Three Months Ended, For the Nine Months Ended September 30, 9/30/2016 6/30/20
Slide 24: Non-GAAP Financial Measures Definitions
NON-GAAP FINANCIAL MEASURES DEFINITIONS Non-GAAP Financial Measures Definitions Definition of EBITDA and Adjusted EBITDA We calculate EBITDA and Adjusted EBITDA as shown on page 22. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our operating performance, along wit
Slide 25: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Courtyard Mahwah, Mahwah, NJ Wyndham Atlanta Operator: Galleria, Marriott Atlanta, GA International, Inc. Operator: Wyndham Guest Rooms: Hotel Hospitality146 Group Properties Trust Guest Rooms: 296 Supplemental Operating and Financial Data, September 30
Slide 26: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of September 30, 2016 (dollars in thousands) Percent of Percent of Percent of Total Total Total Percent of Investment Annual Annual Number of Number of Number of Number of Total Per Minimum Minimum By Operat
Slide 27: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND As of September 30, 2016 (dollars in thousands) Percent of Percent of Total Total Percent of Investment Number of Number of Number of Number of Total Per Brand Manager Properties Properties Rooms / Suites Rooms / Suites Investment (1) Investment Room / Suite Cou
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 2016 (dollars in thousands) Marriott No. 1- We lease 53 Courtyard by Marriott® branded hotels in 24 states to one of our taxable REIT subsidiaries, or TRSs. The hotels are managed by a subsidiary of Marriott Internat
Slide 29: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 2016 (dollars in thousands) Sonesta- We lease our 33 Sonesta branded hotels (four Royal Sonesta Hotels®, four Sonesta Hotels & Resorts® and 25 Sonesta ES Suites® hotels) in 18 states to one of our TRSs. The hotels ar
Slide 30: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 2016 (dollars in thousands) Morgans- We lease the Clift Hotel, a full service hotel in San Francisco, CA, to a subsidiary of Morgans under a lease agreement that expires in 2103. The lease currently provides for annu
Slide 31: Operating Statistics by Hotel Operating Agreement and Manager
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT AND MANAGER OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT AND MANAGER No. of For the Three Months Ended For the Nine Months Ended No. of Rooms / September 30, September 30, Hotels Suites 2016 2015 Change 2016 2015 Change ADR Marriott (no. 1) 53 7
Slide 32: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) Number of For the Twelve Months Ended Operating Agreement Properties 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 Marriott (no. 1) 53 1.39x 1.38x 1.35x 1.33x 1.29x Marriott (no. 234) 68 1.13x 1.13x 1.11
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