Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q1 2019 Earnings Presentation
30 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, May 10, 2019
Slide 1: First Quarter 2019 Supplemental Operating and Financial Data
Hospitality Properties Trust Exhibit 99.2 First Quarter 2019 Supplemental Operating and Financial Data Sonesta Suites Scottsdale Gainey Ranch Scottsdale, AZ Operator: Sonesta International Hotels Corporation Guest Rooms: 164 All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS PAGE CORPORATE INFORMATION 3 Company Profile 4,5 Investor Information 6 Research Coverage 7 FINANCIALS Key Financial Data 9 Condensed Consolidated Balance Sheets 10 TABLE OF CONTENTS TABLE Condensed Consolidated Statements of Income 11 Notes to Condensed Consolidated Statements of
Slide 3: Corporate Information
CORPORATE INFORMATION Courtyard Laguna Hills Irvine Spectrum/Orange County Laguna Hills, CA Operator:Hospitality Marriott Properties International, Trust Inc. Guest Rooms:Supplemental 136 Operating and Financial Data, March 31, 2019
Slide 4: 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 March 31, 2019, Two Newton Place we owned 327 hotels and 179 travel centers located in 45 states, the District of Columbia, Puerto Rico and Can
Slide 5: Company Profile (continued)
COMPANY PROFILE Operating Statistics by Operating Agreement (as of 3/31/19) (dollars in thousands): Number of Rooms or Percent of Total Suites (Hotels) / Annualized Annualized Number of Land Acreage Minimum Minimum Coverage (3) RevPAR Change (4) Operating Agreement (1) Properties (Travel Centers) Re
Slide 6: Investor Information
INVESTOR INFORMATION Board of Trustees Donna D. Fraiche John L. Harrington William A. Lamkin Independent Trustee Lead Independent Trustee Independent Trustee John G. Murray Adam D. Portnoy Managing Trustee Managing Trustee INVESTOR INFORMATION INVESTOR Senior Management John G. Murray Brian E. Donle
Slide 7: Research Coverage
RESEARCH COVERAGE Equity Research Coverage Baird D.A. Davidson & Co. B. Riley | FBR Michael Bellisario James O. Lykins Bryan Maher (414) 298-6130 (503) 603-3041 (646) 885-5423 mbellisario@rwbaird.com jlykins@dadco.com bmaher@fbr.com Janney Montgomery Scott Stifel Nicolaus Wells Fargo Securities Tyle
Slide 8: Financials
FINANCIALS InterContinental Toronto Yorkville Toronto, ON Hospitality Properties Trust Operator: InterContinental Hotels Group Supplemental Operating and Financial Data, March 31, 2019 Guest Rooms: 208
Slide 9: Key Financial Data
KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Selected Balance Sheet Data: Total gross assets (1) $ 10,235,599 $ 10,150,463 $ 10,250,294 $ 10,134,850 $ 9,980,751 Total assets $ 7,255,804 $ 7,17
Slide 10: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of March 31, As of December 31, 2019 2018 ASSETS Real estate properties: Land $ 1,671,210 $ 1,626,239 Buildings, improvements and equipment 7,962,010 7,896,734 Total real estate properties, gross 9,633,220 9,52
Slide 11: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except share data) For the Three Months Ended March 31, 2019 2018 Revenues: Hotel operating revenues (1) $ 455,385 $ 445,276 Rental income (2) 68,151 81,993 FF&E reserve income (3) 1,372 1,364 Total revenues 524,908 528,633 Expenses:
Slide 12: Notes to Condensed Consolidated Statements of Income
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except share data) (1) As of March 31, 2019, we owned 327 hotels; 325 of these hotels were managed by hotel operating companies and two hotels were leased to hotel operating companies. As of March 31, 2019, we also ow
Slide 13: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, 2019 2018 Cash flows from operating activities: Net income $ 225,787 $ 80,206 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 99,365 99,617
Slide 14: Debt Summary
DEBT SUMMARY As of March 31, 2019 (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) 3.409% $ 141,000 7/15/22 $ 141,000 3.3 $400,000 unsecured term loan (2) (3) 3.
Slide 15: Debt Maturity Schedule
DEBT MATURITY SCHEDULE As of March 31, 2019 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (3) 2021 $ — $ 400,000 $ 400,000 2022 141,000 (1) 500,000 641,000 2023 400,000 (2) 500,000 900,000 2024 — 350,000 350,000 2025 — 350,000 350,000 2026 — 350,000 350,000
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Leverage Ratios: Total debt (1) / total gross assets (2) 40.9% 41.6% 40.9% 41.2% 41.4% Total debt (1) / gross book value of real estate assets (3) 43.4%
Slide 17: Restricted Cash Activity
RESTRICTED CASH ACTIVITY (1) (dollars in thousands) As of and For the Three Months Ended 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 FF&E reserves (beginning of period) $ 50,037 $ 65,644 $ 73,279 $ 59,533 $ 73,357 Manager deposits 11,335 20,213 18,353 40,290 14,921 HPT fundings (2): Marriott
Slide 18: Property Acquisition and Disposition Information Since January 1, 2019
PROPERTY ACQUISITION INFORMATION SINCE JANUARY 1, 2019 (dollars in thousands) ACQUISITIONS: Average Number of Purchase Date Rooms or Operating Purchase Price per Acquired Properties Brand Location Suites Agreement Price (1) Room or Suite 2/22/2019 1 Kimpton Hotel Palomar Washington, D.C. 335 IHG $ 1
Slide 19: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
re CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre (1) (in thousands) For the Three Months Ended 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Net income (loss) $ 225,787 $ (108,860) $ 117,099 $ 97,289 $ 80,206 Add (Less): Interest expense 49,766 49,624 49,308 48,741 47,540 Income tax exp
Slide 20: Calculation of FFO and Normalized FFO
CALCULATION OF FFO AND NORMALIZED FFO (1) (amounts in thousands, except share data) For the Three Months Ended 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Net income (loss) $ 225,787 $ (108,860) $ 117,099 $ 97,289 $ 80,206 Add (Less): Depreciation and amortization 99,365 102,769 101,007 99,68
Slide 21: Definitions of Certain Non-GAAP Financial Measures
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Non-GAAP Financial Measures We present certain “non-GAAP financial measures” within the meaning of applicable Securities and Exchange Commission, or SEC, rules, including EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Normalized FFO. These measures do
Slide 22: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Petro Travel Center, 2154 S. Beltline Boulevard I-77, Exit 5 Columbia, SC Operator: TravelCenters of America Hospitality Properties Trust Supplemental Operating and Financial Data, March 31, 2019
Slide 23: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of March 31, 2019 (dollars in thousands) Percent of Percent of Percent of Number of Rooms Total Number of Total Total or Suites (Hotels) / Rooms or Suites Percent of Investment Annual Annual Number of Number of Land Acreage (Hotels) / Acres Total Per M
Slide 24: Portfolio by Brand
PORTFOLIO BY BRAND As of March 31, 2019 (dollars in thousands) Number of Percent of Percent of Rooms or Total Number of Total Suites (Hotels) / Rooms or Suites Percent of Investment Number of Number of Land Acreage (Hotels) / Acres Total Per Brand Manager Properties Properties (Travel Centers) (Trav
Slide 25: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of March 31, 2019 (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 under a combination management agreement wh
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of March 31, 2019 (dollars in thousands) Sonesta - We lease our 51 Sonesta branded hotels (six Royal Sonesta® Hotels, six Sonesta Hotels & Resorts® and 39 Sonesta ES Suites® hotels) in 26 states to one of our TRSs. The hotels are managed by Sonesta under a combinat
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of March 31, 2019 (dollars in thousands) TA No. 1 - We lease 36 travel centers (32 TravelCenters of America® branded travel centers and four Petro Stopping Centers® branded travel centers) in 26 states to a subsidiary of TA under a lease that expires in 2032. TA ha
Slide 28: Operating Statistics by Hotel Operating Agreement and Manager
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT AND MANAGER No. of For the Three Months Ended No. of Rooms or March 31, Hotels Suites 2019 2018 Change ADR Marriott (no. 1) 53 7,609 $ 134.43 $ 130.81 2.8% Marriott (no. 234) 68 9,120 135.88 131.91 3.0% Marriott (no. 5) 1 356 310.91 280.56 10.8% Subt
Slide 29: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) Number of For the Twelve Months Ended Operating Agreement Properties 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Marriott (no. 1) 53 1.19x 1.20x 1.20x 1.23x 1.23x Marriott (no. 234) 68 1.08x 1.09x 1.10x 1.11x 1.11x Marriott (no. 5) 1 1.03x 1.05x
Slide 30: Warning Concerning Forward-Looking Statements
Warning Concerning Forward-Looking Statements This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “
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