Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q1 2013 Earnings Presentation
33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, May 7, 2013
Slide 1: Hospitality Properties Trust First Quarter 2013 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust First Quarter 2013 Supplemental Operating and Financial Data InterContinental, Toronto, ON. Guest Rooms: 208. All amounts in this report are unaudited.
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) x THE SECURITY DEPOSITS WHICH WE HOLD ARE NOT IN SEGREGATED CASH ACCOUNTS OR OTHERWISE SEPARATE FROM OUR OTHER ASSETS AND LIABILITIES. ACCORDINGLY, WHEN WE RECORD INCOME BY REDUCING OUR SECURITY DEPOSIT LIABILITIES, WE DO NOT RECEIVE ANY ADDITIONAL CASH PAYMENT
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x SINCE ITS FORMATION, TA HAS NOT PRODUCED CONSISTENT OPERATING PROFITS. IF THE CURRENT LEVEL OF COMMERCIAL ACTIVITY IN THE COUNTRY DECLINES, IF THE PRICE OF DIESEL FUEL INCREASES SIGNIFICANTLY, IF TA IS UNABLE TO EFFECTIVELY COMPETE OR OPERATE ITS BUSINESS OR
Slide 6: Corporate Information
CORPORATE INFORMATION Clift Hotel, San Francisco, CA. Guest Rooms: 372. Hospitality Properties Trust Supplemental Operating and Financial Data, March 31, 2013
Slide 7: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Corporate Headquarters: Hospitality Properties Trust, or HPT, we, or us, is a real estate investment trust, or REIT. As of March 31, 2013, we owned or Two Newton Place leased 289 hotels and 185 travel centers located in 44 states, Puerto Rico and Canada.
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 3/31/13) ($ in 000s): Number Annualized Percent of Total Number of of Rooms/ Minimum Minimum Coverage (2) RevPAR Change (3) Operating Agreement (1) Properties Suites Return / Rent Return / Rent Q1 LTM Q1 L
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 BMO Capital Markets Craig-Hallum Capital Group David Loeb Mark Lutenski Bryan Maher (414) 765-7063 (212) 885-4197 (612) 334-6376 JMP Securities MLV & Co. RBC William Marks Ryan Meliker Wes Golladay (415) 835-8944 (212) 542-5872 (440)
Slide 11: Financial Information
Marriott, Lihue-Kauai, HI. Guest Rooms: 356. FINANCIAL INFORMATION Hospitality Properties Trust Supplemental Operating and Financial Data, March 31, 2013
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 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Shares Outstanding: Common shares outstanding (at end of period) 139,737 123,637 123,637 123,563 123,555 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 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Selected Income Statement Data: Total revenues $ 354,466 $ 322,311 $ 330,068 $ 343,183 $ 301,420 Adjusted EBI
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 March 31, December 31, 2013 2012 ASSETS Real estate properties, at cost Land $ 1,453,390 $ 1,453,399 Buildings, improvements and equipment 5,498,521 5,445,710 6,95
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 March 31, 2013 2012 Revenues: Hotel operating revenues (1) $ 291,651 $ 224,985 (1) Rental income 62,212 73,260 FF&E reserve income (2) 603
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 March 31, 2013, we owned or leased 289 hotels; 285 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and man
Slide 17: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, 2013 2012 Cash flows from operating activities: Net income $ 27,506 $ 42,948 Adjustments to reconcile net income to cash provided by operating activitie
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2013 (dollars in thousands) Interest Principal Maturity Years to Rate Balance Date Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility (1) 1.510% $ 10,000 09/07/15 2.4 $400,000 unsecured term loan (2) 1.660% 400,000 03/13/17 4
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2013 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2013 $ - $ - $ - 2014 - 300,000 300,000 2015 10,000 (1) 280,000 290,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 2018 - 350,000 3
Slide 20: 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 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Leverage Ratios: Total debt / total assets 42.6% 48.3% 44.7% 41.0% 41.9% Total debt / gross bo
Slide 21: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) As of and For the Three Months Ended 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 FF&E reserves (beginning of period) $ 40,744 $ 38,919 $ 47,467 $ 59,644 $ 50,196 Manager deposits 5,891 5,912 1,177 9,142 12,133 HPT fundings (
Slide 22: Acquisition and Disposition Information Since January 1, 2013
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2013 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2013 There were no acquisitions or dispositions during the three months ended March 31, 2013. Hospitality Properties Trust 22 Supplemental Operating and Financial Data, March 31, 20
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION HospitalityIL.Properties Trust Hotel 71, Chicago, 23 Supplemental Guest Rooms: 348. Operating and Financial Data, March 31, 2013
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER as of March 31, 2013 (dollars in thousands) Percent of Percent of Percent of Total Total Total Percent of Investment Annual Annual Number of Number of Number of Number of Total Per Minimum Minimum By Operating
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND as of March 31, 2013 (dollars in thousands) Percent of Percent of Total Total Percent of Investment Number of Number of Number of Number of Total Per (1) Brand Manager Properties Properties Rooms / Suites Rooms / Suites Investment Investment Room / Suite Courtya
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of March 31, 2013 (dollars in thousands) Marriott No. 1- Our lease with a subsidiary of Host Hotels & Resorts, Inc., or Host, for 53 Courtyard by Marriott® branded hotels in 24 states expired on December 31, 2012 and we returned the
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of March 31, 2013 (dollars in thousands) Sonesta No. 2- One of our TRSs leases the Royal Sonesta® New Orleans hotel from a third party under a lease that expires in 2024. The hotel is managed by a subsidiary of Sonesta under a manage
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of March 31, 2013 (dollars in thousands) Morgans- We lease the Clift Hotel, a full service hotel in San Francisco, CA, to a subsidiary of Morgans Hotel Group, or Morgans, under a lease agreement that expires in 2103. The lease provid
Slide 29: Operating Statistics by Hotel Operating Agreement and Manager
OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT AND MANAGER OPERATING STATISTICS BY HOTEL OPERATING AGREEMENT AND MANAGER (1) No. of For the Three M onths Ended No. of Room s / M arch 31, Hotels Suites 2013 2012 Change ADR M arriott (no. 1) 53 7,610 $ 117.36 $ 112.20 4.6% M arriott (no. 234) 68 9,
Slide 30: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) COVERAGE BY OPERATING AGREEMENT AND MANAGER For the Twelve Months Ended Operating Agreement 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Marriott (no. 1) 1.00x 1.00x 0.96x 0.89x 0.85x Marriott (no. 234) 0.92x 0.87x 0.83x 0.81x 0.71x Marriott (no.
Slide 31: Exhibits
EXHIBITS Loredo North Travel Center, Loredo, TX. Truck Parking: 185. Hospitality Properties Trust 31 Supplemental Operating and Financial Data, March 31, 2013
Slide 32: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA (in thousands) For the Three Months Ended March 31, 2013 2012 Net income $ 27,506 $ 42,948 EXHIBIT A Add: Interest expense 35,188 34,092 Income tax expense 518 636 Depreciation and amortization 72,280 61,363 EBITDA 1
Slide 33: 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 (dollar amounts in thousands, except per share data) For the Three Months Ended March 31, 2013 2012 Net income available for common shareholders $ 19,409 $ 28,816 Add: Deprecia
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