Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q4 2011 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Feb 29, 2012
Slide 1: Fourth Quarter 2011 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Fourth Quarter 2011 Supplemental Operating and Financial Data Royal Sonesta, New Orleans, LA. All amounts in this report are unaudited. Guest Rooms: 483.
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 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, SONESTA INTERNATIONAL HOTELS CORPORATION, OR SONESTA, AND REIT MANAG
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES THAT GENERATE RETURNS WHICH EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCE
Slide 6: Corporate Information
CORPORATE INFORMATION Hospitality Properties Trust 6 FL. Hyatt Place, Orlando, Supplemental Operating and Financial Data, December 31, 2011 Guest Rooms: 134.
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 December 31, 2011, we owned 288 hotels and 185
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Portfolio Data by Manager (as of 12/31/11) ($ 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 / Re
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 RBC Stifel Nicolaus Wells Fargo Securities Mike Salinsky Rod Petrik Jeffrey Donnelly (216) 378-7627 (41
Slide 11: Financial Information
FINANCIAL INFORMATION Hospitality Radisson Hotel, Properties Phoenix, AZ. Trust Residence Inn,11 Reno, NV. Supplemental Guest Rooms: 210. Operating and Financial Data, December 31, 2011 Guest Rooms: 120.
Slide 12: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and For the Three Months Ended 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 Shares Outstanding: Common shares outstanding (at end of period) 123,522 123,522 123,454 123,444 123,444 Weigh
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and For the Three Months Ended 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 Selected Income Statement Data: Total revenues (1)(2) $ 295,851 $ 318,689 $ 313,809 $ 281,984 $ 26
Slide 14: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of As of December 31, December 31, 2011 2010 ASSETS Real estate properties: Land $ 1,360,773 $ 1,389,594 Buildings, improvements and equipment 4,775,323 4,909,488 6,136,096 6,299,082 Accumulat
Slide 15: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended 12/31/2011 12/31/2010 12/31/2011 12/31/2010 Revenues: Hotel operating revenues (1) $ 218,253 $ 177,463 $ 889,120 $ 736,363 M
Slide 16: Notes to Consolidated Statements of Income
NOTES TO CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (1) At December 31, 2011, HPT owned 288 hotels; 233 of these hotels are leased to our taxable REIT subsidiaries, or TRSs, and managed by hotel operating companies and 55 are le
Slide 17: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Twelve Months Ended 12/31/2011 12/31/2010 Cash flows from operating activities: Net income $ 190,440 $ 21,351 Adjustments to reconcile net income to cash provided by operating activities: Depreciation a
Slide 18: Segment Information
SEGMENT INFORMATION SEGMENT INFORMATION (in thousands) For the Three Months Ended December 31, 2011 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 218,253 $ - $ - $ 218,253 Rental income 21,803 50,822 - 72,625 Percentage rent 1,879 - - 1,879 FF&E reserve income 3,094 - - 3,0
Slide 19: Segment Information (continued)
SEGMENT INFORMATION (continued) SEGMENT INFORMATION (in thousands) For the Three Months Ended December 31, 2010 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ 177,463 $ - $ - $ 177,463 Rental income 35,223 48,324 - 83,547 Percentage rent 1,450 - - 1,450 FF&E reserve income 5
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: Revolving credit facility (LIBOR + 130 bps) (1) 1.590% $ 149,000 09/07/15 3.7 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 2011 $ - $ - $ - 2012 - 100,829 100,829 2013 - 287,000 287,000 2014 - 300,000 300,000 2015 149,000 (1) 280,000 429,000 2016 - 275,000 275,000 2017 - 300,000 300,000
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 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 Leverage Ratios: Total debt / total assets 41.2% 40.7% 41.2% 41.3% 40.7% Total debt / gross b
Slide 23: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) For the Three Months Ended 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 FF&E reserves (beginning of period) $ 41,747 $ 51,686 $ 59,919 $ 80,621 $ 66,781 Manager deposits 8,337 15,229 14,959 12,309 15,322 HPT fundings (2): Ma
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) ACQUISITIONS: Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agreement Price Room / Suite 1/31/12
Slide 25: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hospitality Properties Trust 25 Royal Sonesta, Cambridge, MA. Supplemental Operating and Financial Data, December 31, 2011 Guest Rooms: 400.
Slide 26: Summary of Operating Agreements
SUMMARY OF OPERATING AGREEMENTS SUMMARY OF OPERATING AGREEMENTS (dollars in thousands) (1) (2) Operating Agreement Marriott (No. 1) Marriott (No. 234) Marriott (No. 5) InterContinental Number of Properties (3) (4) 53 71 1 130 Number of Rooms / Suites 7,610 9,954 356 19,892 Property Brands Courtyard
Slide 27: Summary of Operating Agreements (continued)
SUMMARY OF OPERATING AGREEMENTS SUMMARY OF OPERATING AGREEMENTS (continued) (dollars in thousands) Total / Range / Average (all Operating Agreement Hyatt Carlson TA (No. 1) TA (No. 2) investments) Number of Properties 22 11 145 40 473 Number of Rooms / Suites 2,724 2,096 -- -- 42,632 Property Brands
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 Rooms / Suites
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 / Fourth Quarter (1) Year to Date (1) Hotels Suites 2011 2010 Change 2011 2010 Change ADR InterContinental (2)(3) 130 19,892 $ 84.52 $ 80.42 5.1% $ 84.82 $ 81.99 3.5% Marriott (no.
Slide 30: Coverage by Operating Agreement
COVERAGE BY OPERATING AGREEMENT COVERAGE BY OPERATING AGREEMENT (1) For the Twelve Months Ended (2) Operating Agreement 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 InterContinental (3)(4)(5) 0.83x 0.79x 0.71x 0.68x 0.63x Marriott (no. 1) 0.81x 0.75x 0.73x 0.73x 0.75x Marriott (no. 234) (6) 0
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 - - - (1) 2012 67,557 11.9% 11.9% 2013 - - 11.9% 2014 - - 11.9% 2015 - -
Slide 32: Exhibits
EXHIBITS Sheboygan Memorial Clinic, Sheboygan, WI. Square Feet: 154,423. Hospitality Aurora Travel Center,Properties Trust Aurora, OR. 32 Supplemental Truck Parking: 154. Operating and Financial Data, December 31, 2011
Slide 33: Calculation of EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA (in thousands) For the Three Months Ended For the Twelve Months Ended 12/31/2011 12/31/2010 12/31/2011 12/31/2010 EXHIBIT A Net income (loss) $ 38,218 $ (92,956) $ 190,440 $ 21,351 Plus: Interest expense 33,927 33,345 134,110 138,712 Depreciation and amort
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 12/31/2011 12/31/2010 12/31/2011 12/31/2010 Net income (loss) available for common
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