Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Service Properties Trust — Q3 2021 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, 2021
Slide 1: Third Quarter 2021 Supplemental Operating and Financial Data
THIRD QUARTER 2021 Supplemental Operating and Financial Data Royal Sonesta ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Chase Park Plaza St. Louis, MO Royal Sonesta Chicago Downtown Chicago, IL
Slide 2: Table of Contents
Table of Contents CORPORATE INFORMATION Company Profile ............................................................................................................................................................................................................ 3 Investor Information.................
Slide 3: Company Profile
Company Profile The Company: Corporate Headquarters: Service Properties Trust, or SVC, we, our or us, is a real estate investment trust, or REIT, with more than $12 Two Newton Place billion invested in two asset categories: hotels and service-focused retail net lease properties. SVC owns more 255 Wa
Slide 4: Investor Information
Investor Information Board of Trustees Laurie B. Burns Robert E. Cramer Donna D. Fraiche Independent Trustee Independent Trustee Lead Independent Trustee John L. Harrington William A. Lamkin John G. Murray Independent Trustee Independent Trustee Managing Trustee Adam D. Portnoy Chair of the Board &
Slide 5: Research Coverage
Research Coverage Equity Research Coverage (1) B. Riley Securities, Inc. BTIG Janney Montgomery Scott Wells Fargo Securities Bryan Maher James Sullivan Tyler Batory Dori Kesten (646) 885-5423 (212) 738-6139 (215) 665-4448 (617) 603-4233 bmaher@brileyfin.com jsullivan@btig.com tbatory@janney.com dori
Slide 6: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and For the Three Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Selected Balance Sheet Data: Total gross assets $ 12,852,602 $12,845,383 $12,892,150 $11,967,429 $ 12,009,267 Total assets $ 9,334,831 $ 9,415,735
Slide 7: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands, except share data) September 30, 2021 December 31, 2020 ASSETS Real estate properties: Land $ 2,036,297 $ 2,030,440 Buildings, improvements and equipment 9,109,518 9,131,832 Total real estate properties, gross 11,145,815 11,162,272 Accumul
Slide 8: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues: Hotel operating revenues (1) $ 338,375 $ 199,719 $ 787,463 $ 700,578 Rental income (2) 98,724 96,776 286,742
Slide 9: Calculation of FFO and Normalized FFO
Calculation of FFO and Normalized FFO (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 9/30/2021 9/30/2020 Net loss $ (59,714) $ (91,110) $ (194,990) $ (137,740) $ (102,642) $ (345,814) $ (173,641) A
Slide 10: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 9/30/2021 9/30/2020 Net loss $ (59,714) $ (91,110) $ (194,990) $ (137,740) $ (102,642) $ (345,814) $ (173,641) Add (Les
Slide 11: Notes to Consolidated Statements of Income (Loss) and Calculations
Notes to Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Adjusted Hotel EBITDA (dollar in thousands) (1) As of September 30, 2021, we owned 304 hotels. Our condensed consolidated statements of income (loss) inclu
Slide 12: Debt Summary
Debt Summary As of September 30, 2021 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity (1) We are required to pay interest on borrowings under our revolving credit facility at a rate of LIBOR plus a premium of 235 basis points per Floating Rate D
Slide 13: Debt Maturity Schedule
Debt Maturity Schedule As of September 30, 2021 Sonesta Columbus Columbus, OH $1,000 (1) Represents amounts outstanding under our $1.0 billion revolving credit facility at September 30, (1) 2021. Subject to the payment of an extension fee and meeting certain other conditions, we may extend the matur
Slide 14: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Leverage Ratios, Coverage Ratios and Public Debt Covenants As of and For the Three Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Leverage Ratios: Net debt / total gross assets 48.9 % 48.9 % 49.1 % 51.8 % 51.9 % Net debt / gross book value of real estate assets and cash and cash equ
Slide 15: Capital Expenditures and Restricted Cash Activity
Capital Expenditures and Restricted Cash Activity (dollars in thousands) Capital Expenditures For the Three Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Hotel capital improvements & FF&E Reserve fundings (1) $ 19,384 $ 24,167 $ 28,881 $ 32,153 $ 29,874 Net lease capital improvemen
Slide 16: Property Acquisitions and Dispositions Information Since January 1, 2021
Property Acquisitions and Dispositions Information Since January 1, 2021 (dollars in thousands, except per sq. ft. data) ACQUISITIONS: Average Purchase Operating Price per Room or (1) Date Acquired Properties Property Type Brand Location Square Footage Agreement Purchase Price Suite / Square Foot 3/
Slide 17: Portfolio Summary
Portfolio Summary As of September 30, 2021 (dollars in thousands) Number of Properties Hotel Properties 304 Number of hotel rooms 48,439 Net Lease Properties 794 Square feet 13,574,656 Total Properties 1,098 Average hotel property size 159 rooms Average net lease property size 17,097 sq. feet Invest
Slide 18: Consolidated Portfolio Diversification by Industry
Consolidated Portfolio Diversification by Industry As of September 30, 2021 (dollars in thousands) No. of Rooms/ Percent of Total Industry Properties Square Footage Investments (1) Investment 1. Hotels 304 48,439 $ 7,001,786 57.6% 2. Travel Centers 182 5,238,766 3,352,096 27.6% 3. Restaurants-Quick
Slide 19: Consolidated Portfolio by Geographic Diversification
Consolidated Portfolio by Geographic Diversification As of September 30, 2021 Sonesta Emeryville (dollars in thousands) Emeryville, CA Investments (1) Total Property Net Lease Hotel % of Net Lease State Count Hotel Count Count Total ($000s) % of Total Hotel ($000s) Total Net Lease ($000s) % of Total
Slide 20: Hotel Portfolio by Brand
Hotel Portfolio by Brand As of September 30, 2021 (dollars in thousands, except per room or suite data) Percent of Percent of Total Total Number of Number of Percent of Investment Number of Number of Rooms or Rooms or Total Hotel Per Room or Brand Service Level Chain Scale Hotels Hotels Suites Suite
Slide 21: Hotel Operating Statistics by Service Level - Comparable Hotels
Hotel Operating Statistics by Service Level - Comparable Hotels Occupancy ADR RevPAR No. of Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, No. of Rooms or Brand Service Level Hotels Suites 2021 2020 Change 2021 2020 Change 2021 2020 Change Sonesta
Slide 22: Hotel Operating Statistics by Service Level - Comparable Hotels
Hotel Operating Statistics by Service Level - Comparable Hotels Occupancy ADR RevPAR No. of Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, No. of Rooms or Brand Service Level Hotels Suites 2021 2020 Change 2021 2020 Change 2021 2020 Change Sonesta (1)
Slide 23: Hotel Operating Statistics by Service Level - All Hotels
Hotel Operating Statistics by Service Level - All Hotels(1) Occupancy ADR RevPAR No. of Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, No. of Rooms or Brand Service Level Hotels Suites 2021 2020 Change 2021 2020 Change 2021 2020 Change Sonesta (2)
Slide 24: Hotel Operating Statistics by Service Level - All Hotels
Hotel Operating Statistics by Service Level - All Hotels(1) Occupancy ADR RevPAR No. of Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, No. of Rooms or Brand Service Level Hotels Suites 2021 2020 Change 2021 2020 Change 2021 2020 Change Sonesta (2) Ful
Slide 25: Calculation and Reconciliation of Hotel EBITDA - Comparable Hotels
Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - Comparable Hotels (dollars in thousands) Three Months Ended For the Nine Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 9/30/2021 9/30/2020 Number of hotels 292 292 292 292 292 282 282 Room revenues $ 276,288
Slide 26: Calculation and Reconciliation of Hotel EBITDA - All Hotels
Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 9/30/2021 9/30/2020 Number of hotels 304 304 310 310 329 304 329 Room revenues $ 298,60
Slide 27: Net Lease Portfolio by Brand
Net Lease Portfolio by Brand As of September 30, 2021 (dollars in thousands) Percent of Percent of Total No. of Total Annualized Annualized Rent Brand Buildings Square Feet Investment (1) Investment Minimum Rent (1) Minimum Rent Coverage 1. TravelCenters of America 134 3,720,693 $ 2,289,189 44.4 % $
Slide 28: Net Lease Portfolio by Industry
Net Lease Portfolio by Industry As of September 30, 2021 (dollars in thousands) Percent of Total Percent of Annualized No. of Total Annualized Minimum Rent (1) Industry Buildings Square Feet Investment Investment Minimum Rent (1) Rent Coverage 1. Travel Centers 182 5,238,766 $ 3,352,096 65.0% $ 249,
Slide 29: Net Lease Portfolio by Tenant (Top 10)
Net Lease Portfolio by Tenant (Top 10) As of September 30, 2021 (dollars in thousands) Percent of Percent of Total Weighted No. of Total Annualized Annualized Average Lease (1) Tenant Brand Affiliation Buildings Square Feet Investment Investment Minimum Rent Minimum Rent Term Rent Coverage (2) 1. Tr
Slide 30: Net Lease Portfolio - Expiration Schedule
Net Lease Portfolio - Expiration Schedule As of September 30, 2021 (dollars in thousands) Cumulative % of Total Annualized Minimum Rent Percent of Total Annualized Annualized Minimum Rent (1) Year Square Feet Expiring (2) Minimum Rent Expiring Expiring 2021 257,155 1,564 0.4% 0.4% 2022 346,255 3,191
Slide 31: Net Lease Portfolio - Occupancy Summary
Net Lease Portfolio - Occupancy Summary As of September 30, 2021 As of and For the Three Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Properties (end of period) 794 796 798 799 804 Total square feet 13,574,656 13,587,068 13,598,892 13,601,689 13,828,761 Square feet leased 13,332,0
Slide 32: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions Non-GAAP Financial Measures We present certain “non-GAAP financial measures” within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including FFO, Normalized FFO, EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDAr
Slide 33: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Debt: Debt amounts reflect the principal balance as of the date reported. Net debt means total debt less unrestricted cash and cash equivalents as of the date reported. FF&E Reserve: Various percentages of total sales at certain of our
Slide 34: 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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