Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q3 2012 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Nov 6, 2012
Slide 1: Third Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Third Quarter 2012 Supplemental Operating and Financial Data Sonesta Resort, Hilton Head, SC. All amounts in this report are unaudited. Guest Rooms: 340.
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 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) COMPETITION WITHIN THE REAL ESTATE INDUSTRY OR THOSE INDUSTRIES IN WHICH OUR TENANTS AND HOTEL MANAGERS OPERATE, ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL, AND ACTUAL AND POTENTIAL CONFLICTS OF
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) WE HAVE NO GUARANTEE OR SECURITY DEPOSIT FOR THE MINIMUM RETURNS DUE TO US FROM SONESTA. ACCORDINGLY, THE RETURNS WE RECEIVE FROM HOTELS MANAGED BY SONESTA WILL BE FULLY DEPENDENT UPON THE FINANCIAL RESULTS OF THOSE HOTEL OPERATIONS, HOTEL ROOM DEMAND AND TRUCK
Slide 6: Corporate Information
CORPORATE INFORMATION Hospitality Properties Trust Intercontinental, San Juan, PR. Supplemental Operating and Financial Data, September 30, 2012 Guest Rooms: 402.
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 Our business strategy is to maintain and grow a portfolio of hotels and travel centers operated by September 30, 2012, we owned or leased 287 hote
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Portfolio Data by Manager (as of 9/30/12) ($ 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 MLV & Co. RBC Stifel Nicolaus Ryan Meliker Wes Golladay Rod Petrik (212) 542-5872 (440) 715-2650 (410)
Slide 11: Financial Information
FINANCIAL INFORMATION Hospitality Properties Trust Courtyard by Marriott, Camarillo, CA. Supplemental Operating and Financial Data, September 30, 2012 Guest Rooms: 130.
Slide 12: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (dollar amounts in thousands, except per share data) As of and For the Three Months Ended 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Shares Outstanding: Common shares outstanding (at end of period) 123,637 123,563 123,555 123,522 123,522 Weighted average
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (dollar amounts in thousands, except per share data) As of and For the Three Months Ended 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Selected Income Statement Data: Total revenues $ 330,068 $ 343,183 $ 301,420 $ 295,851 $ 318,689 (1) Adjusted
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 September 30, December 31, 2012 2011 ASSETS Real estate properties, at cost Land $ 1,412,945 $ 1,360,773 Buildings, improvements and equipment 5,184,527 4,879,908
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 For the Nine Months Ended 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Revenues: Hotel operating revenues (1) $ 251,722 $ 242,995 $ 741,775 $ 67
Slide 16: 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, 2012, we owned or leased 287 hotels; 231 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and
Slide 17: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Nine Months Ended 9/30/2012 9/30/2011 Cash flows from operating activities: Net income $ 125,292 $ 152,222 Adjustments to reconcile net income to cash provided by operating activiti
Slide 18: Segment Information
SEGMENT INFORMATION SEGMENT INFORMATION (in thousands) For the Three Months Ended September 30, 2012 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 251,722 $ - $ - $ 251,722 Rental income 22,198 51,717 - 73,915 FF&E reserve income 4,431 - - 4,431 Total revenues 278,351 51,71
Slide 19: Segment Information
SEGMENT INFORMATION SEGMENT INFORMATION (in thousands) For the Three Months Ended September 30, 2011 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 242,995 $ - $ - $ 242,995 Rental income 21,708 50,597 - 72,305 FF&E reserve income 3,389 - - 3,389 Total revenues 268,092 50,59
Slide 20: Debt Summary
DEBT SUMMARY DEBT SUMMARY AS OF SEPTEMBER 30, 2012 (dollars in thousands) Interest Principal Maturity Years to Rate Balance Date Maturity Unsecured Debt: Unsecured Floating Rate Debt: Unsecured revolving credit facility (1) - - 09/07/15 2.9 Unsecured term loan (2) 1.680% 400,000 03/13/17 4.5 1.680%
Slide 21: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE AS OF SEPTEMBER 30, 2012 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2012 $ - $ - $ - 2013 - - - 2014 - 300,000 300,000 2015 - (1) 280,000 280,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 2018 -
Slide 22: 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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Leverage Ratios: Total debt / total assets 44.7% 41.0% 41.9% 41.2% 40.7% Total debt / gross bo
Slide 23: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) For the Three Months Ended 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 FF&E reserves (beginning of period) $ 47,467 $ 59,644 $ 50,196 $ 41,747 $ 51,686 Manager deposits 1,177 9,142 12,133 8,337 15,229 HPT fundings (2): Marri
Slide 24: 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: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agreement Price (2) Room / S
Slide 25: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hospitality PropertiesHyatt TrustPlace, College Park, GA. 25 Supplemental Operating andRooms: Guest Financial123. Data, September 30, 2012
Slide 26: Summary of Operating Agreements
SUMMARY OF OPERATING AGREEMENTS SUMMARY OF OPERATING AGREEMENTS (as of September 30, 2012) (dollars in thousands) Operating Agreement Marriott (No. 1) Marriott (No. 234) Marriott (No. 5) InterContinental Hyatt Carlson Number of Properties (2) 53 68 (1) 1 91 22 11 Number of Rooms / Suites 7,610 9,145
Slide 27: Summary of Operating Agreements (continued)
SUMMARY OF OPERATING AGREEMENTS (continued) SUMMARY OF OPERATING AGREEMENTS (as of September 30, 2012) (dollars in thousands) Total / Range / Average (all Operating Agreement Sonesta (No. 1) (17) Sonesta (No. 2) (18) Wyndham (19) TA (No. 1) TA (No. 2) investments) Number of Properties 20 1 20 145 40
Slide 28: Notes to Summary of Operating Agreements
NOTES TO SUMMARY OF OPERATING AGREEMENTS NOTES TO SUMMARY OF OPERATING AGREEMENTS (1) In July 2012, we completed the sale of our Marriott branded hotel in St. Louis, MO for net proceeds of $28,850. In August 2012, two hotels were removed from this agreement and converted to Sonesta brands and manage
Slide 29: Portfolio by Operating Agreement, Manager and Brand
PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND (as of September 30, 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 Propertie
Slide 30: Operating Statistics by Hotel Operating Agreement
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT (as of September 30, 2012) No. of No. of Rooms / Third Quarter (1) Year to Date (1) Hotels Suites 2012 2011 Change 2012 2011 Change ADR Marriott (no. 1) 53 7,610 $ 113.76 $ 107.24 6.1% $ 112.88 $ 107.
Slide 31: Coverage by Operating Agreement
COVERAGE BY OPERATING AGREEMENT COVERAGE BY OPERATING AGREEMENT (1) (as of September 30, 2012) For the Twelve Months Ended (2) Operating Agreement 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Marriott (no. 1) 0.94x 0.88x 0.85x 0.81x 0.75x Marriott (no. 234) (3)(4) 0.84x 0.79x 0.74x 0.74x 0.70x
Slide 32: Exhibits
EXHIBITS Atlanta North Travel Center, Cartersville, GA. Truck Parking: 212. Hospitality Properties Trust 32 Supplemental Operating and Financial Data, September 30, 2012
Slide 33: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA (in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Net income $ 44,658 $ 47,531 $ 125,292 $ 152,222 Add: Interest expense 34,854 33,513 101,660 100,183 Income tax (benefit) expens
Slide 34: Calculation of FFO and Normalized FFO
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 For the Nine Months Ended 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Net income available for commo
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