Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q2 2013 Earnings Presentation
33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Aug 6, 2013
Slide 1: Second Quarter 2013 Supplemental Operating and Financial Data
([KLELW Hospitality Properties Trust Second Quarter 2013 Supplemental Operating and Financial Data Royal Sonesta, Houston, TX. Operator: Sonesta International Hotels Corp. Guest Rooms: 485. 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)
FOR EXAMPLE: FORWARD LOOKING STATEMENTS (continued) x OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS. WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS ON OUR COMMON AND PREFERRED SHARES AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED,
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 FUEL CONSERVATION MEASURES ARE INCREASED, IF FREIGHT BUSINESS I
Slide 6: Corporate Information
CORPORATE INFORMATION InterContinental, San Juan. Operator: InterContinental Hotels Group. Hospitality Guest Rooms: 402.Properties Trust Supplemental Operating and Financial Data, June 30, 2013
Slide 7: Company Profile
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, 2013, we owned Two Newton Place 290 hotels and 185 travel centers located in 44 states, Puerto Rico and Canada. Our pr
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 6/30/13) ($ in 000s): Number Annualized Percent of Total (2) (3) Number of of Rooms/ Minimum Minimum Coverage RevPAR Change (1) Operating Agreement Properties Suites Return / Rent Return / Rent Q2 LTM Q2 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
FINANCIAL INFORMATION Courtyard by Marriott, Bellevue, WA. Operator:Trust Hospitality Properties Marriott International. Supplemental Operating and152. Guest Rooms: Financial Data, June 30, 2013
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 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Shares Outstanding: Common shares outstanding (at end of period) 139,747 139,737 123,637 123,637 123,563 Weighted average common
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 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Selected Income Statement Data: Total revenues $ 412,322 $ 354,466 $ 322,311 $ 330,068 $ 343,183 (1) Adjusted EBITDA
Slide 14: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) As of As of June 30, December 31, 2013 2012 ASSETS Real estate properties, at cost Land $ 1,469,913 $ 1,453,399 Buildings, improvements and equipment 5,730,015 5,445,710 7,199,928 6,
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 June 30, For the Six Months Ended June 30, 2013 2012 2013 2012 Revenues: (1) Hotel operating revenues $ 349,877 $ 265,068 $ 641,528 $ 490,0
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 June 30, 2013, we owned 290 hotels; 287 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and managed by hot
Slide 17: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Six Months Ended June 30, 2013 2012 Cash flows from operating activities: Net income $ 72,859 $ 80,634 Adjustments to reconcile net income to cash provided by operating activities:
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of June 30, 2013 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility (1) 1.500% $ 90,000 09/07/15 $ 90,000 2.2 (2) $400,000 unsecured term loan 1
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of June 30, 2013 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2013 $ - $ - $ - 2014 - 300,000 300,000 2015 90,000 (1) 280,000 370,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 2018 - 350,000 35
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 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Leverage Ratios: Total debt / total assets 46.2% 42.6% 48.3% 44.7% 41.0% Total debt / gross bo
Slide 21: FF&E Reserve Escrows
FF&E RESERVE ESCROWS (1) FF&E RESERVE ESCROWS (dollars in thousands) As of and For the Three Months Ended 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 FF&E reserves (beginning of period) $ 37,930 $ 40,744 $ 38,919 $ 47,467 $ 59,644 Manager deposits 7,827 5,891 5,912 1,177 9,142 (2) HPT funding
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 (dollars in thousands) As of June 30, 2013 ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per (1) Acquired Properties Brand Location / Suites Agre
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Wyndham Grand Chicago Riverfront, Chicago, IL. Hospitality Properties Trust 23 Operator: Wyndham Hotel Group. Supplemental Operating and Financial Data, June 30, 2013 Guest Rooms: 348.
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER as of June 30, 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 (1) (2) (3) By
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND as of June 30, 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 Courtyar
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of June 30, 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 paid the $50,5
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of June 30, 2013 (dollars in thousands) Sonesta- On June 28, 2013, we acquired the fee interest in the Royal Sonesta Hotel New Orleans in New Orleans, LA from the third party owner from which we previously leased this hotel. Sonesta
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of June 30, 2013 (dollars in thousands) Carlson- We lease our 11 Carlson Hotels Worldwide, or Carlson, branded hotels (five Radisson® Hotels & Resorts, one Park Plaza® Hotels & Resorts and five Country Inns & Suites® hotels) in seven
Slide 29: Operating Statistics by Hotel Operating Agreement and Manager
(1) 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 / June 30, June 30, Hotels Suites 2013 2012 Change 2013 2012 Change ADR Marriott (no. 1) 53 7,610 $
Slide 30: Coverage by Operating Agreement and Manager
(1) COVERAGE BY OPERATING AGREEMENT AND MANAGER COVERAGE BY OPERATING AGREEMENT AND MANAGER For the Twelve Months Ended Operating Agreement 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Marriott (no. 1) 1.04x 1.00x 1.00x 0.94x 0.88x Marriott (no. 234) 0.92x 0.93x 0.88x 0.84x 0.79x Marriott (no.
Slide 31: Exhibits
EXHIBITS I-35, Exit 13, Laredo, TX. Operator: Travel Centers of America. Truck Parking: 185. Hospitality Properties Trust Supplemental Operating and Financial Data, June 30, 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 June 30, For the Six Months Ended June 30, 2013 2012 2013 2012 Net income $ 45,353 $ 37,686 $ 72,859 $ 80,634 Add: Interest expense 35,014 32,714 70,202 66,806 EXHIBIT A Inco
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 June 30, For the Six Months Ended June 30, 2013 2012 2013 2012 Net income available for common s
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