Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q4 2014 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Feb 27, 2015
Slide 1: Hospitality Properties Trust Fourth Quarter 2014 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Fourth Quarter 2014 Supplemental Operating and Financial Data Courtyard, 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/EXHIBIT CORPORATE INFORMATION 6 Company Profile 7,8 Investor Information 9 Research Coverage 10 FINANCIAL INFORMATION 11 Key Financial Data 12,13 Consolidated Balance Sheets 14 Consolidated Statements of Income 15 Notes to Consolidated Statements of Income 16
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) x THE SECURITY DEPOSITS WHICH WE HOLD ARE NOT IN SEGREGATED CASH ACCOUNTS OR OTHERWISE SEPARATE FROM OUR OTHER ASSETS AND LIABILITIES. ACCORDINGLY, WHEN WE RECORD INCOME BY REDUCING OUR SECURITY DEPOSIT LIABILITIES, WE DO NOT RECEIVE ANY ADDITIONAL CASH PAYMENT
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x CONTINGENCIES IN OUR PROPERTY ACQUISITION AND SALE AGREEMENTS MAY CAUSE OUR PENDING ACQUISITIONS OR SALES NOT TO OCCUR OR TO BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS TO BE CHANGED, x WE MAY BE UNABLE TO SELL PROPERTIES WE MAY CONSIDER SELLING FOR NET PROC
Slide 6: Corporate Information
CORPORATE INFORMATION Sonesta ES Suites, Malvern, PA Operator: Sonesta International Hotels Corporation Guest Rooms: 120 Hospitality Properties Trust Supplemental Operating and Financial Data, December 31, 2014
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 December 31, 2014, we Two Newton Place owned 291 hotels and 184 travel centers located in 44 states, Puerto Rico and Canada. Ou
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 12/31/14) (dollars in thousands): Number Annualized Percent of Total (2) (3) Number of of Rooms/ Minimum Minimum Coverage RevPAR Change (1) Operating Agreement Properties Suites Return / Rent Return / Rent
Slide 9: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Bruce M. Gans, M.D. John L. Harrington William A. Lamkin Independent Trustee Independent Trustee Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management John G. Murray Mark L. Kleifges Ethan
Slide 10: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Baird JMP Securities MLV & Co. David Loeb Whitney Stevenson Ryan Meliker (414) 765-7063 (415) 835-8948 (212) 542-5872 dloeb@rwbaird.com wstevenson@jmpsecurities.com rmeliker@mlvco.com RBC Stifel Nicolaus Wells Fargo Securities Wes Golladay
Slide 11: Financial Information
FINANCIAL INFORMATION Staybridge Suites, Orlando, FL Operator: InterContinental Hotels Group Guest Rooms: 150 11
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 12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013 Shares Outstanding: Common shares outstanding (at end of period) 149,920 149,888 149,775 149,730 149,606 Weighted average commo
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013 Selected Income Statement Data: Total revenues $ 430,533 $ 459,639 $ 451,900 $ 394,250 $ 384,792 (1) Adjusted EBITD
Slide 14: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of December 31, 2014 2013 ASSETS Real estate properties, at cost Land $ 1,484,210 $ 1,470,513 Buildings, improvements and equipment 6,171,983 5,946,852 7,656,193 7,417,365 Accumulated depr
Slide 15: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended December 31, For the Year Ended December 31, 2014 2013 2014 2013 Revenues: (1) Hotel operating revenues $ 362,600 $ 320,533 $ 1,474,757 $ 1,310,969 Minimum ren
Slide 16: Notes to Consolidated Statements of Income
NOTES TO CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except per share data) (1) At December 31, 2014, we owned 291 hotels; 288 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and managed by hotel operating com
Slide 17: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2014 2013 Cash flows from operating activities: Net income $ 197,185 $ 133,178 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amo
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of December 31, 2014 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: (1) $750,000 unsecured revolving credit facility 1.269% $ 18,000 07/15/18 $ 18,000 3.5 (2) $400,000 unsecured term lo
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of December 31, 2014 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2015 $ - $ - $ - 2016 - 275,000 275,000 2017 - 300,000 300,000 2018 18,000 (1) 350,000 368,000 2019 400,000 (2) - 400,000 2022 - 500,000 500,
Slide 20: 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 12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013 Leverage Ratios: Total debt / total market capitalization 36.4% 39.6% 36.6% 37.5% 38.5% Total
Slide 21: FF&E Reserve Escrows
FF&E RESERVE ESCROWS (1) FF&E RESERVE ESCROWS (dollars in thousands) As of and For the Three Months Ended 12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013 FF&E reserves (beginning of period) $ 30,621 $ 29,239 $ 26,863 $ 30,873 $ 30,333 Manager deposits 14,434 14,720 13,863 9,745 7,639 (2) HPT fun
Slide 22: Acquisition and Disposition Information Since January 1, 2014
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2014 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2014 (dollars in thousands) As of December 31, 2014 ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agre
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION TA, I-35, Exit 13, Laredo, TX Operator: TravelCenters of America 23
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of December 31, 2014 (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 (1) (2) (3
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND As of December 31, 2014 (dollars in thousands) Percent of Percent of Total Total Percent of Investment Number of Number of Number of Number of Total Per (1) Brand Manager Properties Properties Rooms / Suites Rooms / Suites Investment Investment Room / Suite ® Co
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of December 31, 2014 (dollars in thousands) Marriott No. 1- We lease 53 Courtyard by Marriott® branded hotels in 24 states to one of our TRSs. The hotels are managed by a subsidiary of Marriott under a combination management agreemen
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of December 31, 2014 (dollars in thousands) Sonesta- We lease our 22 Sonesta branded hotels (four Royal Sonesta®, four Sonesta® and 14 Sonesta ES Suites® hotels) in 13 states to one of our TRSs. The hotels are managed by Sonesta unde
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of December 31, 2014 (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. On October 14, 2014, the annual rent d
Slide 29: 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 Year Ended No. of Rooms / December 31, December 31, Hotels Suites 2014 2013 Change 2014 2013 Change ADR Marriott (no. 1) 53 7,610 $ 11
Slide 30: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) COVERAGE BY OPERATING AGREEMENT AND MANAGER Number of For the Twelve Months Ended Operating Agreement Properties 12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013 Marriott (no. 1) 53 1.16x 1.15x 1.09x 1.07x 1.06x Marriott (no. 234) 68 0.97x 0.95x 0.9
Slide 31: Exhibits
EXHIBITS Residence Inn, Reno, NV Operator: Marriott International, Inc. Guest Rooms: 120 31
Slide 32: 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 December 31, For the Year Ended December 31, 2014 2013 2014 2013 Net income $ 56,523 $ 32,752 $ 197,185 $ 133,178 Add (Less): Interest expense 35,385 37,766 139,486 145,9
Slide 33: Calculation of Funds from Operations (FFO) and Normalized FFO
(1) CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (dollar amounts in thousands, except per share data) For the Three Months Ended December 31, For the Year Ended December 31, 2014 2013 2014 2013 Net income available for co
Slide 34: Non-GAAP Financial Measures Definitions
NON-GAAP FINANCIAL MEASURES DEFINITIONS Non-GAAP Financial Measures Definitions Definition of EBITDA We calculate EBITDA and Adjusted EBITDA as shown in Exhibit A. We consider EBITDA and Adjusted EBITDA to be appropriate measures of our operating performance, along with net income, net income availa
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