Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q2 2019 Earnings Presentation
30 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Aug 9, 2019
Slide 1: Second Quarter 2019 Supplemental Operating and Financial Data
Hospitality Properties Trust Exhibit 99.2 Second Quarter 2019 Supplemental Operating and Financial Data Sonesta Suites Scottsdale Gainey Ranch Scottsdale, AZ Operator: Sonesta International Hotels Corporation Guest Rooms: 164 All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS PAGE CORPORATE INFORMATION 3 Company Profile 4,5 Investor Information 6 Research Coverage 7 FINANCIALS Key Financial Data 9 Condensed Consolidated Balance Sheets 10 TABLE OF CONTENTS TABLE Condensed Consolidated Statements of Income 11 Notes to Condensed Consolidated Statements of
Slide 3: Corporate Information
CORPORATE INFORMATION Kimpton Hotel Palomar Washington, D.C. Operator: InterContinental Hotels Group Guest Rooms:Hospitality 335 Properties Trust Supplemental Operating and Financial Data, June 30, 2019
Slide 4: 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 June 30, 2019, Two Newton Place we owned 328 hotels and 179 travel centers located in 45 states, the District of Columbia, Puerto Rico and Cana
Slide 5: Company Profile (continued)
COMPANY PROFILE Operating Statistics by Operating Agreement (as of 6/30/19) (dollars in thousands): Number of Rooms or Percent of Total Suites (Hotels) / Annualized Annualized Number of Land Acreage Minimum Minimum Coverage (3) RevPAR Change (4) Operating Agreement (1) Properties (Travel Centers) Re
Slide 6: Investor Information
INVESTOR INFORMATION Board of Trustees Donna D. Fraiche John L. Harrington William A. Lamkin Independent Trustee Lead Independent Trustee Independent Trustee John G. Murray Adam D. Portnoy Managing Trustee Chair of the Board & Managing Trustee INVESTOR INFORMATION INVESTOR Senior Management John G.
Slide 7: Research Coverage
RESEARCH COVERAGE Equity Research Coverage Baird B. Riley | FBR Janney Montgomery Scott Michael Bellisario Bryan Maher Tyler Batory (414) 298-6130 (646) 885-5423 (215) 665-4448 mbellisario@rwbaird.com bmaher@fbr.com tbatory@janney.com Stifel Nicolaus Wells Fargo Securities Simon Yarmak Dori Kesten R
Slide 8: Financials
FINANCIALS InterContinental Atlanta Perimeter (Ravinia) Atlanta, GA Operator:Hospitality InterContinental Properties TrustHotels Group Guest Rooms:Supplemental 495 Operating and Financial Data, June 30, 2019
Slide 9: Key Financial Data
KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Selected Balance Sheet Data: Total gross assets (1) $ 10,204,219 $ 10,235,599 $ 10,150,463 $ 10,250,294 $ 10,134,850 Total assets $ 7,177,746 $ 7,2
Slide 10: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of June 30, As of December 31, 2019 2018 ASSETS Real estate properties: Land $ 1,674,653 $ 1,626,239 Buildings, improvements and equipment 8,002,833 7,896,734 Total real estate properties, gross 9,677,486 9,522
Slide 11: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Hotel operating revenues (1) $ 541,668 $ 529,599 $ 997,053 $ 974,875 Rental income (2) 67,764 81,018 135,915 163,0
Slide 12: Notes to Condensed Consolidated Statements of Income
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except share data) (1) As of June 30, 2019, we owned 328 hotels; 326 of these hotels were managed by hotel operating companies and two hotels were leased to hotel operating companies. As of June 30, 2019, we also owne
Slide 13: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Six Months Ended June 30, 2019 2018 Cash flows from operating activities: Net income $ 234,569 $ 177,495 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 198,561 199,301
Slide 14: Debt Summary
DEBT SUMMARY As of June 30, 2019 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $1,000,000 unsecured revolving credit facility (1) (2) 3.370% $ 90,000 7/15/22 $ 90,000 3.0 $400,000 unsecured term loan (2) (3) 3.540
Slide 15: Debt Maturity Schedule
DEBT MATURITY SCHEDULE As of June 30, 2019 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (3) 2021 $ — $ 400,000 $ 400,000 2022 90,000 (1) 500,000 590,000 2023 400,000 (2) 500,000 900,000 2024 — 350,000 350,000 2025 — 350,000 350,000 2026 — 350,000 350,000 2
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Leverage Ratios: Net debt (1) / total gross assets (2) 40.4% 40.7% 41.4% 40.7% 41.0% Net debt (1) / gross book value of real estate assets (3) 42.5% 43.1
Slide 17: Restricted Cash Activity
RESTRICTED CASH ACTIVITY (1) (dollars in thousands) As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Total restricted cash (beginning of period) $ 75,129 $ 50,037 $ 65,644 $ 73,279 $ 59,533 Manager deposits 21,484 11,335 20,213 18,353 40,290 HPT fundings (2): M
Slide 18: Property Acquisition and Disposition Information Since January 1, 2019
PROPERTY ACQUISITION INFORMATION SINCE JANUARY 1, 2019 (dollars in thousands) ACQUISITIONS: Average Number of Purchase Date Rooms or Operating Purchase Price per Acquired Properties Brand Location Suites Agreement Price (1) Room or Suite 2/22/2019 1 Kimpton Hotel Palomar Washington, D.C. 335 IHG $ 1
Slide 19: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
re CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre (1) (in thousands) For the Three Months Ended For the Six Months Ended June 30, 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 2019 2018 Net income (loss) $ 8,782 $ 225,787 $ (108,860) $ 117,099 $ 97,289 $ 234,569 $ 177,495 Add (Less): Int
Slide 20: Calculation of FFO and Normalized FFO
CALCULATION OF FFO AND NORMALIZED FFO (1) (amounts in thousands, except share data) For the Three Months Ended For the Six Months Ended June 30, 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 2019 2018 Net income (loss) $ 8,782 $ 225,787 $ (108,860) $ 117,099 $ 97,289 $ 234,569 $ 177,495 Add (Le
Slide 21: Definitions of Certain Non-GAAP Financial Measures
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Non-GAAP Financial Measures We present certain “non-GAAP financial measures” within the meaning of applicable Securities and Exchange Commission, or SEC, rules, including EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Normalized FFO. These measures do
Slide 22: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Petro Travel Center, 2154 S. Beltline Boulevard I-77, Exit 5 Columbia, SC Operator: TravelCenters of America Hospitality Properties Trust Supplemental Operating and Financial Data, June 30, 2019
Slide 23: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of June 30, 2019 (dollars in thousands) Percent of Percent of Percent of Number of Rooms Total Number of Total Total or Suites (Hotels) / Rooms or Suites Percent of Investment Annual Annual Number of Number of Land Acreage (Hotels) / Acres Total Per Mi
Slide 24: Portfolio by Brand
PORTFOLIO BY BRAND As of June 30, 2019 (dollars in thousands) Number of Percent of Percent of Rooms or Total Number of Total Suites (Hotels) / Rooms or Suites Percent of Investment Number of Number of Land Acreage (Hotels) / Acres Total Per Brand Manager Properties Properties (Travel Centers) (Trave
Slide 25: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of June 30, 2019 (dollars in thousands) Marriott No. 1 - We lease 53 Courtyard by Marriott® branded hotels in 24 states to one of our taxable REIT subsidiaries, or TRSs. The hotels are managed by a subsidiary of Marriott under a combination management agreement whi
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of June 30, 2019 (dollars in thousands) Sonesta - We lease our 51 Sonesta branded hotels (six Royal Sonesta® Hotels, six Sonesta Hotels & Resorts® and 39 Sonesta ES Suites® hotels) in 26 states to one of our TRSs. The hotels are managed by Sonesta under a combinati
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION As of June 30, 2019 (dollars in thousands) TA No. 1 - We lease 36 travel centers (32 TravelCenters of America® branded travel centers and four Petro Stopping Centers® branded travel centers) in 26 states to a subsidiary of TA under a lease that expires in 2032. TA has
Slide 28: 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 Six Months Ended No. of Rooms or June 30, June 30, Hotels Suites 2019 2018 Change 2019 2018 Change ADR Marriott (no. 1) 53 7,609 $ 135.73 $ 132.85 2.2% $ 135.14 $ 131.93 2.4% Marriott (no. 234) 68
Slide 29: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) Number of For the Twelve Months Ended Operating Agreement Properties 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Marriott (no. 1) 53 1.18x 1.19x 1.20x 1.20x 1.23x Marriott (no. 234) 68 1.06x 1.08x 1.09x 1.10x 1.11x Marriott (no. 5) 1 0.97x 1.03x
Slide 30: 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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