Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Service Properties Trust — Q4 2022 Earnings Presentation
33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, 2022
Slide 1: Fourth Quarter 2022 Supplemental Operating and Financial Data
The Stephen F Austin Royal Sonesta Hotel Austin, TX Exhibit 99.2 FOURTH QUARTER 2022 Supplemental Operating and Financial Data Royal Sonesta ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Chase Park Plaza St. Louis, MO
Slide 2: Table of Contents
Table of Contents CORPORATE INFORMATION Company Profile ...................................................................................................................................................................................................................................... 3 Investor In
Slide 3: Company Profile
Company Profile The Company: Management: Service Properties Trust, or SVC, we, our or us, is a real estate investment trust, or SVC is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset REIT, that owns hotels and service-focused retail net lease properties throughout the management
Slide 4: Investor Information
Investor Information Board of Trustees Senior Management Laurie B. Burns Robert E. Cramer Donna D. Fraiche Todd W. Hargreaves Independent Trustee Independent Trustee Lead Independent Trustee President and Chief Investment Officer John L. Harrington William A. Lamkin John G. Murray Brian E. Donley In
Slide 5: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Sonesta ES Suites Fort Lauderdale, FL Selected Balance Sheet Data: Total gross assets $ 10,458,324 $ 10,561,906 $ 11,222,613 $ 12,438,367 $ 12,434
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (dollars in thousands, except share data) As of December 31, 2022 2021 ASSETS Real estate properties: Land $ 1,902,587 $ 1,918,385 Buildings, improvements and equipment 7,658,282 8,307,248 Total real estate properties, gross 9,560,869 10,225,633 Accumulated depreciation (
Slide 7: Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Revenues: Hotel operating revenues (1) $ 350,501 $ 317,215 $ 1,467,344 $ 1,104,678 Rental income (2) 104,718 104,160 395,667 390,902 Tota
Slide 8: Calculation of FFO and Normalized FFO
Calculation of FFO and Normalized FFO (amounts in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net (loss) income $ (31,409) $ 7,500 $ 11,350 $ (119,822) $ (198,793) $ (132,381) $ (544,603) Ad
Slide 9: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net (loss) income $ (31,409) $ 7,500 $ 11,350 $ (119,822) $ (198,793) $ (132,381) $ (544,603) Add (Less
Slide 10: Notes to Consolidated Statements of Income (Loss) and Calculations
Notes to Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA (dollar in thousands) (1) As of December 31, 2022, we owned 238 hotels. Our consolidated statements of income (loss) include hotel operating revenues and ex
Slide 11: Debt Summary
Debt Summary (1) As of December 31, 2022 (dollars in thousands) (1) In February 2023, one of our subsidiaries issued $610,200 in aggregate principal amount of net lease mortgage notes. The Interest Principal Maturity Due at Years to weighted average coupon of the notes is Rate Balance Date Maturity
Slide 12: Debt Maturity Schedule
Debt Maturity Schedule As of December 31, 2022 Buffalo Wild Wings 1,250 Hammond, IN 1,000 750 $ (Millions) $1,175 $1,150 500 $800 $850 250 $500 $400 $425 $400 0 (2) (3) 2023 2024 2025 2026 2027 2028 2029 2030 (1) As of December 31, 2022, we had no amounts outstanding (1) under our revolving credit f
Slide 13: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Leverage Ratios, Coverage Ratios and Public Debt Covenants As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Leverage Ratios: Net debt / total gross assets 54.1 % 54.2 % 52.3 % 51.7 % 50.3 % 807 S. Indian Hill Boulevard Net debt / gross book value of real estat
Slide 14: Capital Expenditures and Restricted Cash Activity
Capital Expenditures and Restricted Cash Activity (dollars in thousands) Capital Expenditures For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Hotel capital improvements & FF&E Reserve fundings (1) $ 36,629 $ 22,841 $ 17,517 $ 28,144 $ 30,010 Net lease capital improveme
Slide 15: Property Acquisitions and Dispositions Information Since January 1, 2022
Property Acquisitions and Dispositions Information Since January 1, 2022 (dollars in thousands, except per sq. ft. data) ACQUISITIONS: Average Purchase Price Date Acquired Properties Property Type Brand Location Square Footage Purchase Price(2) per Square Foot (1) September 2022 N/A Land N/A MA N/A
Slide 16: Portfolio Summary
Portfolio Summary As of December 31, 2022 (dollars in thousands) Number of Properties Hotel Properties 238 Number of hotel rooms 40,053 Net Lease Properties 765 Square feet 13,374,325 Total Properties 1,003 Average hotel property size 168 rooms Royal Sonesta Houston Galleria Houston, TX Average net
Slide 17: Consolidated Portfolio Diversification by Industry
Consolidated Portfolio Diversification by Industry As of December 31, 2022 (dollars in thousands) No. of Rooms/ Percent of Total Industry Properties Square Footage Investments Investment 1. Hotels 238 40,053 $ 6,179,444 54.7% 2. Travel Centers 180 5,136,653 3,352,096 29.7% 3. Restaurants-Quick Servi
Slide 18: Consolidated Portfolio by Geographic Diversification
Consolidated Portfolio by Geographic Diversification As of December 31, 2022 (dollars in thousands) Investments Total Property Net Lease Hotel % of Net Lease Royal Sonesta Boston State Count Hotel Count Count Total ($000s) % of Total Hotel ($000s) Total Net Lease ($000s) % of Total Cambridge, MA Cal
Slide 19: Hotel Portfolio by Brand
Hotel Portfolio by Brand As of December 31, 2022 (dollars in thousands, except per room or suite data) Percent of Percent of Total Total Number of Number of Percent of Investment Number of Number of Rooms or Rooms or Total Hotel Per Room or Brand Service Level Chain Scale Hotels Hotels Suites Suites
Slide 20: Hotel Operating Statistics by Service Level - Comparable Hotels
Hotel Operating Statistics by Service Level - Comparable Hotels Occupancy ADR RevPAR No. of Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, No. of Rooms or Brand Service Level Hotels Suites 2022 2021 Change 2022 2021 Change 2022 2021 Change Sonesta Ful
Slide 21: Hotel Operating Statistics by Service Level - Comparable Hotels
Hotel Operating Statistics by Service Level - Comparable Hotels Occupancy ADR RevPAR No. of Year Ended December 31, Year Ended December 31, Year Ended December 31, No. of Rooms or Brand Service Level Hotels Suites 2022 2021 Change 2022 2021 Change 2022 2021 Change Sonesta (1) Full Service 22 7,149 6
Slide 22: Hotel Operating Statistics by Service Level - All Hotels
Hotel Operating Statistics by Service Level - All Hotels(1) Occupancy ADR RevPAR No. of Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, No. of Rooms or Brand Service Level Hotels Suites 2022 2021 Change 2022 2021 Change 2022 2021 Change Sonesta Full Se
Slide 23: Hotel Operating Statistics by Service Level - All Hotels
Hotel Operating Statistics by Service Level - All Hotels(1) Occupancy ADR RevPAR No. of Year Ended December 31, Year Ended December 31, Year Ended December 31, No. of Rooms or Brand Service Level Hotels Suites 2022 2021 Change 2022 2021 Change 2022 2021 Change Sonesta (2) Full Service 23 7,368 60.4
Slide 24: Calculation and Reconciliation of Hotel EBITDA - Comparable Hotels
Calculation and Reconciliation of Hotel EBITDA - Comparable Hotels (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Number of hotels 236 236 236 236 236 235 235 Room revenues $ 287,337 $ 336,616 $ 333,893 $
Slide 25: Calculation and Reconciliation of Hotel EBITDA - All Hotels
Calculation and Reconciliation of Hotel EBITDA - All Hotels (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Number of hotels 238 242 247 298 303 238 303 Room revenues $ 288,082 $ 341,106 $ 357,117 $ 258,62
Slide 26: Net Lease Portfolio by Brand
Net Lease Portfolio by Brand As of December 31, 2022 (dollars in thousands) Percent of Percent of Total Total Annualized Annualized Rent Brand Properties Square Feet Investment Investment Minimum Rent Minimum Rent Coverage 1. TravelCenters of America 133 3,643,581 $ 2,289,189 44.8 % $ 168,012 45.1 %
Slide 27: Net Lease Portfolio by Industry
Net Lease Portfolio by Industry As of December 31, 2022 (dollars in thousands) Percent of Total Percent of Annualized No. of Total Annualized Minimum Rent Industry Properties Square Feet Investment Investment Minimum Rent Rent Coverage 1. Travel Centers 180 5,136,653 $ 3,352,096 65.6% $ 249,325 66.9
Slide 28: Net Lease Portfolio by Tenant (Top 10)
Net Lease Portfolio by Tenant (Top 10) As of December 31, 2022 (dollars in thousands) Percent of Percent of Total Weighted No. of Total Annualized Annualized Average Lease Tenant Brand Affiliation Properties Square Feet Investment Investment Minimum Rent Minimum Rent Term Rent Coverage 1. TravelCent
Slide 29: Net Lease Portfolio - Expiration Schedule
Net Lease Portfolio - Expiration Schedule As of December 31, 2022 (dollars in thousands) Cumulative % of Total Annualized Minimum Rent Percent of Total Annualized Annualized Minimum Rent (1) Year Square Feet Expiring Minimum Rent Expiring Expiring 2023 271,062 $ 2,207 0.6% 0.6% 2024 769,082 11,200 3
Slide 30: Net Lease Portfolio - Occupancy Summary
Net Lease Portfolio - Occupancy Summary As of December 31, 2022 As of and For the Three Months Ended 201 Perimeter Center Parkway 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Atlanta, GA Properties (end of period)(1) 765 769 775 786 788 Total square feet 13,374,325 13,412,371 13,406,568 13,51
Slide 31: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions Non-GAAP Financial Measures We present certain “non-GAAP financial measures” within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including FFO, Normalized FFO, EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDAr
Slide 32: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) FF&E Reserve: Various percentages of total sales at certain of our hotels are escrowed as reserves for future renovations or refurbishments, or FF&E reserve escrows. We own all the FF&E reserve escrows for our hotels. FF&E Reserve Depos
Slide 33: 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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