Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q2 2011 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Aug 9, 2011
Slide 1: Hospitality Properties Trust Second Quarter 2011 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Second Quarter 2011 Supplemental Operating and Financial Data All amounts in this report are unaudited. Intercontinental, Houston, TX. Guest Rooms: 485.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS CORPORATE INFORMATION PAGE/EXHIBIT Company Profile 7,8 Investor Information 9 Research Coverage 10 FINANCIAL INFORMATION Key Financial Data 12,13 Condensed Consolidated Balance Sheets 14 Condensed Consolidated Statements of Income 15 Notes to Condensed Consolidate
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS SUPPLEMENTAL PRESENTATION OF OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Slide 4: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL; AND x ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, TA AND REIT MANAGEMENT & RESEARCH LLC, OR RMR, AND THEIR RELATED PERSONS
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x OUR AMENDMENT AGREEMENT WITH TA MAY IMPLY THAT TA CAN AFFORD TO PAY THE REDUCED AND DEFERRED RENT AMOUNTS AND THAT IT WILL DO SO IN THE FUTURE. IN FACT, SINCE ITS FORMATION TA HAS NOT PRODUCED CONSISTENT OPERATING PROFITS. IF THE U.S. ECONOMY DOES NOT IMPROVE
Slide 6: Corporate Information
CORPORATE INFORMATION Hospitality Properties Trust 6 Marriott, Kauai, HI. Supplemental Operating and Financial Data, June 30, 2011 Guest Rooms: 356.
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 June Our business strategy is to maintain and grow a portfolio of hotels and travel centers operated by 30, 2011, we owned 289 hotels (including o
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Po rtfo lio D a ta b y Ma n a g e r (a s o f 6 /3 0 /1 1 ) ($ in 0 0 0 s ): Pe rc e n t o f Pe rc e nt N um b e r Nu m be r Pe rc e n t of An nu a lize d o f T o ta l N um b e r o f o f Ro o m s / of R oo m s / T o ta l M in im u m M inim um Ma na g e r Pr
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 Citadel Securities Janney Montgomery Scott David Loeb Bryan Maher Daniel Donlan (414) 765-7063 (646) 403-8385 (215) 665-6476 Keefe, Bruyette & Woods Morgan Stanley RBC Smedes Rose Ryan Meliker Mike Salinsky (212) 887-3696 (212) 761-7
Slide 11: Financial Information
FINANCIAL INFORMATION Hospitality Properties Trust Residence Inn,11 Reno, NV. Supplemental Operating and Financial Data, June 30, 2011 Guest Rooms: 120.
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 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 Shares Outstanding: Common shares outstanding (at end of period) 123,454 123,444 123,444 123,444 123,390 (1) Weighted average co
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (amounts in thousands, except per share data) As of and For the Three Months Ended 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 Selected Income Statement Data: (1)(2) Total revenues $ 313,809 $ 281,984 $ 267,791 $ 281,198 $ 282,391 (3) EBITDA $
Slide 14: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) As of As of June 30, December 31, 2011 2010 ASSETS Real estate properties: Land $ 1,349,519 $ 1,377,074 Buildings, improvements and equipment 4,645,936 4,882,073 5,995,455 6,259,147 Accumula
Slide 15: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2011 6/30/2010 6/30/2011 6/30/2010 Revenues: Hotel operating revenues (1) $ 230,335 $ 195,967 $ 427,872 $ 365,274 Ren
Slide 16: Notes to Condensed Consolidated Statements of Income
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) At June 30, 2011, HPT owned 289 hotels, including one hotel which was subsequently sold in July 2011; 234 of these hotels are leased to our taxable REIT sub
Slide 17: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) For the Six Months Ended 6/30/2011 6/30/2010 Cash flows from operating activities: Net income $ 104,691 $ 64,075 Adjustments to reconcile net income to cash provided by operating activities:
Slide 18: Segment Information
SEGMENT INFORMATION SEGMENT INFORMATION (in thousands) For the Three Months Ended June 30, 2011 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 230,335 $ - $ - $ 230,335 Rental income 27,986 50,254 - 78,240 FF&E reserve income 5,234 - - 5,234 Total revenues 263,555 50,254 - 3
Slide 19: Segment Information (continued)
SEGMENT INFORMATION SEGMENT INFORMATION (continued) (in thousands) For the Three Months Ended June 30, 2010 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 195,967 $ - $ - $ 195,967 Rental income 33,172 47,421 - 80,593 FF&E reserve income 5,831 - - 5,831 Total revenues 234,97
Slide 20: Debt Summary
DEBT SUMMARY DEBT SUMMARY (dollars in thousands) Interest Principal Maturity Years to Rate Balance Date Maturity Unsecured Debt: Unsecured Floating Rate Debt: (1) Revolving credit facility (LIBOR + 55 bps) 0.740% $ 153,000 10/24/11 0.3 Unsecured Fixed Rate Debt: Senior notes due 2012 6.850% 100,829
Slide 21: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (1) 2011 $ 153,000 $ - $ 153,000 2012 - 100,829 100,829 2013 - 287,000 287,000 2014 - 300,000 300,000 2015 - 280,000 280,000 2016 - 275,000 275,000 2017 - 300,000 30
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 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 Leverage Ratios: Total debt / total assets 41.2% 41.3% 40.7% 39.2% 38.5% Total debt / real est
Slide 23: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) For the Three Months Ended 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 FF&E reserves (beginning of period) $ 59,919 $ 80,621 $ 66,781 $ 41,526 $ 33,569 Manager deposits 14,959 12,309 15,322 17,301 16,487 (2) HPT fundings : M
Slide 24: Acquisition and Disposition Information Since January 1, 2011
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2011 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2011 (dollars in thousands) 2011 ACQUISITIONS (through 6/30/2011): Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agreement P
Slide 25: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hospitality Intercontinental, SanProperties TrustRico. Juan, Puerto 25 Supplemental Guest Rooms: 402. Operating and Financial Data, June 30, 2011
Slide 26: Summary of Operating Agreements
SUMMARY OF OPERATING AGREEMENTS SUM M A R Y OF OPER A T IN G A G REEM EN T S (d o lla rs in th ou sa n d s) (1) (2 ) (2) (2) O p er ating A g re e me n t M a rr io tt (N o . 1) M a rriott (N o. 2 3 4) M ar rio tt (N o . 5 ) In te rC o ntine n tal (N o . 1 ) In te rC on tin e n ta l (N o. 2 ) In te r
Slide 27: Summary of Operating Agreements (continued)
SUMMARY OF OPERATING AGREEMENTS (continued) SUMMARY OF OPERATING AGREEMENTS (dollars in thousands) Total / Range / Average (all Operating Agreement InterContinental (No. 4) (1) Hyatt Carlson TA (No. 1) TA (No. 2) investments) Number of Properties 10 (2) 22 11 145 40 474 (3) (3) Number of Rooms / Sui
Slide 28: Portfolio by Operating Agreement, Manager and Brand
PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND PORTFOLIO BY OPERATING AGREEMENT, MANAGER AND BRAND (dollars in thousands) Percent of Percent of Annual Percent of Number of Number of Number of Number of Percent of Investment per Minimum Minimum Properties Properties Rooms / Suites (1) Rooms / Su
Slide 29: Operating Statistics by Hotel Operating Agreement
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT No. of No. of Rooms / Second Quarter (1) Year to Date (1) Hotels Suites 2011 2010 Change 2011 2010 Change ADR InterContinental (no. 1) (3) 31 3,844 $ 98.48 $ 94.57 4.1% $ 98.41 $ 95.67 2.9% InterConti
Slide 30: Coverage by Operating Agreement
COVERAGE BY OPERATING AGREEMENT COVERAGE BY O PERAT ING AG REEM ENT ( 1) F or the T welv e M o nths Ended (2) Oper ating Agr eeme nt 6/3 0/2011 3/31/20 11 12/31/2010 9/3 0/2010 6/30/2 010 InterC ontinental (no. 1) (4) 0.79x 0.77x 0.74x 0.75 x 0.74x InterC ontinental (no. 2) (4) 0.79x 0.74x 0.69x 0.6
Slide 31: Operating Agreement Expiration Schedule
OPERATING AGREEMENT EXPIRATION SCHEDULE OPERATING AGREEMENT EXPIRATION SCHEDULE (dollars in thousands) Cumulative % of Annualized Minimum % of Annualized Minimum Annualized Minimum Return / Rent Return / Rent Return / Rent 2011 - - - 2012 66,256 (1) 11.8% 11.8% 2013 - - 11.8% 2014 - - 11.8% 2015 - -
Slide 32: Exhibits
EXHIBITS Sheboygan Memorial Clinic, Sheboygan, WI. Square Feet: 154,423. Livingston Hospitality Properties Travel Center, Trust CA. Livingston, 32 Supplemental Truck Parking: 110. Operating and Financial Data, June 30, 2011
Slide 33: Calculation of EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA (in thousands) For the Three Months Ended For the Six Months Ended 6/30/2011 6/30/2010 6/30/2011 6/30/2010 Net income $ 51,643 $ 23,210 $ 104,691 $ 64,075 Plus: Interest expense 33,331 34,987 66,670 71,892 Depreciation and amortization 57,630 60,726 113,94
Slide 34: Calculation of Funds from Operations (FFO) and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) and Normalized FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended 6/30/2011 6/30/2010 6/30/2011 6/30/2010 Net income available for common shareholder
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