Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q1 2016 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, May 10, 2016
Slide 1: Hospitality Properties Trust First Quarter 2016 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust First Quarter 2016 Supplemental Operating and Financial Data Hawthorn Suites by Wyndham, Schaumburg, IL Operator: Wyndham Hotel Group Guest Rooms: 120 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 CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR UNSECURED REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CUSTOMARY CREDIT FACILITY CONDITIONS THAT WE MAY BE UNABLE TO SATISFY, x ACTUAL COSTS UNDER OUR UNSECURED REV
Slide 6: Corporate Information
CORPORATE INFORMATION Royal Sonesta Hotel New Orleans, New Orleans, LA Hospitality Properties Trust Operator: Sonesta International Hotels Corp. 6 Supplemental Operating and Financial Data, March 31, 2016 Guest Rooms: 483
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 March 31, 2016, we Two Newton Place owned 305 hotels and 194 travel centers located in 45 states, Puerto Rico and Canada. Our p
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 3/31/16) (dollars in thousands): Number Annualized Percent of Total Number of of Rooms / Minimum Minimum Coverage (3) RevPAR Change (4) (1) Operating Agreement Properties Suites Return / Rent (2) Return /
Slide 9: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Donna D. Fraiche John L. Harrington William A. Lamkin Independent Trustee Lead Independent Trustee Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management John G. Murray Mark L. Kleifges Etha
Slide 10: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Baird Canaccord Genuity FBR & Co. David Loeb Ryan Meliker Bryan Maher (414) 765-7063 (212) 389-8094 (646)-885-5423 dloeb@rwbaird.com rmeliker@canaccordgenuity.com bmaher@fbr.com JMP Securities RBC Stifel Nicolaus Whitney Stevenson Wes Goll
Slide 11: Financial Information
FINANCIALProperties Hospitality INFORMATION Trust First Quarter 2016 Residence Inn Oyster Point Waterfront, San Francisco, CA Operator: Marriott International, Inc. Supplemental Operating and Financial Data Guest Rooms: 152 Hawthorn Suites by Wyndham, Schaumburg, IL Operator: Wyndham Hotel Group Gue
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 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Shares Outstanding: Common shares outstanding (at end of period) 151,547 151,547 151,547 151,485 149,951 Weighted average common
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (CONTINUED) (dollars in thousands, except per share data) As of and For the Three Months Ended 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Selected Balance Sheet Data: (1) Total gross assets $ 8,822,206 $ 8,613,296 $ 8,648,216 $ 8,481,866 $ 8,
Slide 14: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (1) (dollar amounts in thousands, except per share data) As of As of March 31, December 31, 2016 2015 ASSETS Real estate properties: Land $ 1,544,954 $ 1,529,004 Buildings, improvements and equipment 6,898,854 6,740,423 Tota
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, 2016 2015 Revenues: (1) Hotel operating revenues $ 396,503 $ 369,596 (2) Rental income 76,259 64,751 (3) FF&E reserve income 1,35
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, 2016, we owned 305 hotels; 302 of these hotels are managed by hotel operating companies and three hotels are leased to hotel
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, 2016 2015 Cash flows from operating activities: Net income $ 52,051 $ 41,581 Adjustments to reconcile net income to cash provided by operating activitie
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2016 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: (1)(2) $1,000,000 unsecured revolving credit facility 1.533% $ 230,000 07/15/18 $ 230,000 2.3 (2)(3) $400,000 unsecured
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2016 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (4) 2017 $ - $ 300,000 $ 300,000 2018 230,000 (1) 350,000 580,000 2019 400,000 (2) - 400,000 2021 400,000 400,000 2022 - 500,000 500,000 2023 -
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 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Leverage Ratios: (1) (2) Total debt (book value) / total gross assets 39.6% 38.0% 37.7% 36.9%
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 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 FF&E reserves (beginning of period) $ 51,211 $ 44,296 $ 39,106 $ 36,549 $ 33,982 Manager deposits 15,542 17,607 18,683 17,661 13,430 HPT fundin
Slide 22: Property Acquisition and Disposition Information Since January 1, 2016
PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2016 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2016 (dollars in thousands) ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per (1) Acquired Properties Brand Location / Suites Agreem
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hawthorn Suites by Wyndham, Wheeling, IL Hospitality Properties Trust Operator: Wyndham Hotel Group 23 Supplemental Operating and Financial Data, March 31, 2016 Guest Rooms: 141
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER (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 Operating Agreement
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND (dollars in thousands) Percent of Percent of Total Total Percent of Investment Number of Number of Number of Number of Total Per Brand Manager Properties Properties Rooms / Suites Rooms / Suites Investment (1) Investment Room / Suite Courtyard by Marriott® Marri
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION Through March 31, 2016 (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 co
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION Through March 31, 2016 (dollars in thousands) Sonesta- We lease our 33 Sonesta branded hotels (four Royal Sonesta Hotels ®, four Sonesta Hotels & Resorts ® and 25 Sonesta ES Suites® hotels) in 18 states to one of our TRSs. The hotels ar
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION Through March 31, 2016 (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 se
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 No. of For the Three Months Ended No. of Rooms / March 31, Hotels Suites 2016 2015 Change ADR Marriott (no. 1) 53 7,610 $ 131.37 $ 126.35 4.0% Marriott (no. 234) 68 9,120 128.5
Slide 30: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) Number of For the Twelve Months Ended Operating Agreement Properties 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Marriott (no. 1) 53 1.35x 1.33x 1.29x 1.26x 1.21x Marriott (no. 234) 68 1.11x 1.08x 1.07
Slide 31: Exhibits
EXHIBITS TA Travel Center Cartersville, I-75, Exit 296, Cartersville, GA TA Travel Center Lodi, I-71 & I-76, Exit 209, Seville, OH Operator: TravelCenters of America Operator: TravelCenters of America Hospitality Properties Trust 31 Supplemental Operating and Financial Data, March 31, 2016
Slide 32: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) CALCULATION OF EBITDA AND ADJUSTED EBITDA (in thousands) For the Three Months Ended, 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Net income (loss) $ 52,051 $ (19,494) $ 61,185 $ 83,146 $ 41,581 Add: Interest expense 41,586 36,980 36,628 35,836 35,
Slide 33: Calculation of FFO and Normalized FFO Available for Common Shareholders
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO SHAREHOLDERS (1) (dollar amounts in thousands, except per share data) For the Three Months Ended, 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Net in
Slide 34: Non-GAAP Financial Measures Definitions
Non-GAAP Financial Measures Definitions NON-GAAP FINANCIAL MEASURES DEFINITIONS Definition of EBITDA We calculate EBITDA and Adjusted EBITDA as shown in Exhibit A. We consider EBITDA and Adjusted EBITDA to be appropriate measures of our operating performance, along with net income, net income availa
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