Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q1 2014 Earnings Presentation
33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, May 6, 2014
Slide 1: Hospitality Properties Trust First Quarter 2014 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust First Quarter 2014 Supplemental Operating and Financial Data Staybridge Suites, Orlando, FL. Operator: InterContinental Hotels Group. Guest Rooms: 150. 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) FOR EXAMPLE: 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 OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES THAT GENERATE RETURNS OR LEASE THEM FOR RENTS WHICH EXCEED OUR OPERATING AND CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT W
Slide 6: Corporate Information
CORPORATE INFORMATION Sonesta Resort, Hilton Head, SC. Operator: Sonesta International Hotels Corp. Hospitality Properties Trust Guest Rooms: 340. Supplemental Operating and Financial Data, March 31, 2014
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, 2014, we owned Two Newton Place 291 hotels and owned or leased 185 travel centers located in 44 states, Puerto Rico a
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 3/31/14) (dollars in thousands): 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
Slide 9: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Bruce M. Gans, M.D. John L. Harrington Independent Trustee Independent Trustee William A. Lamkin Adam D. Portnoy Independent Trustee Managing Trustee Barry M. Portnoy Managing 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 dloeb@rwbaird.com mark.lutenski@bmo.com Bryan.Maher@craig-hallum.com JMP Securities MLV & Co. RBC Whitne
Slide 11: Financial Information
Crowne Plaza, White Plains, NY. Operator: InterContinental Hotels Group. Guest Rooms: 401. Hospitality Properties Trust FINANCIAL INFORMATION Supplemental Operating and Financial Data, March 31, 2014 11
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Shares Outstanding: Common shares outstanding (at end of period) 149,730 149,606 139,832 139,747 139,737 (1) Weighted average co
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA KEY FINANCIAL DATA (continued) (dollars in thousands, except per share data) As of and For the Three Months Ended 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Selected Income Statement Data: Total revenues $ 394,250 $ 384,792 $ 412,275 $ 412,322 $ 354,466 (1) Adjusted EBITDA
Slide 14: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of As of March 31, December 31, 2014 2013 ASSETS Real estate properties, at cost Land $ 1,470,513 $ 1,470,513 Buildings, improvements and equipment 5,968,554 5,946,852
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, 2014 2013 Revenues: (1) Hotel operating revenues $ 329,936 $ 291,651 (1) Rental Income 63,386 62,212 (2) FF&E reserve income 928
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, 2014, we owned 291 hotels; 288 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and managed by ho
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, 2014 2013 Cash flows from operating activities: Net income $ 37,550 $ 27,506 Adjustments to reconcile net income to cash provided by operating activitie
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2014 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: (1) $750,000 unsecured revolving credit facility - $ - 07/15/18 $ - 4.3 (2) $400,000 unsecured term loan 1.350% 400,000
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2014 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2014 $ - $ - $ - 2015 - 280,000 280,000 2016 - 275,000 275,000 2017 - 300,000 300,000 2018 - (1) 350,000 350,000 2019 400,000 (2) - 400,000 2022
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Leverage Ratios: Total debt / total assets 46.4% 45.3% 49.1% 46.2% 42.6% 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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 FF&E reserves (beginning of period) $ 30,873 $ 30,333 $ 34,800 $ 37,930 $ 40,744 Manager deposits 9,745 7,639 8,366 7,827 5,891 (2) HPT funding
Slide 22: Acquisition and Disposition Information Since January 1, 2014
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2014 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2014 (dollars in thousands) As of March 31, 2014 There were no acquisitions or dispositions during the three months ended March 31, 2014. Hospitality Properties Trust 22 Supplementa
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Courtyard by Marriott, Danvers, MA. Hospitality Properties Trust Operator: Marriott International,23 Inc. Supplemental Operating and Financial Data, March 31, 2014 Guest Rooms: 120.
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of March 31, 2014 (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) B
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND As of March 31, 2014 (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 ® Court
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of March 31, 2014 (dollars in thousands) Marriott No. 1- We lease 53 Courtyard by Marriott® branded hotels in 24 states to one of our TRSs. The hotels are managed by a subsidiary of Marriott under a combination management agreement w
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of March 31, 2014 (dollars in thousands) Sonesta- We lease 22 of our Sonesta branded hotels (four Royal Sonesta®, three Sonesta® and 15 Sonesta ES Suites® hotels) in 13 states to one of our TRSs. The hotels are managed by Sonesta und
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of March 31, 2014 (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 seve
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 2014 2013 Change ADR Marriott (no. 1) 53 7,610 $ 119.27 $ 117.36 1.6% Marriott (no. 234) 68 9,120 115.0
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Marriott (no. 1) 1.07x 1.06x 1.04x 1.02x 1.00x Marriott (no. 234) 0.91x 0.91x 0.91x 0.91x 0.93x Marriott (no.
Slide 31: Exhibits
Operator: TravelCenters of America. Hospitality Properties Trust Supplemental Operating and Financial Data, March 31, 2014 EXHIBITS 31
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, 2014 2013 Net income $ 37,550 $ 27,506 Add: Interest expense 35,368 35,188 EXHIBIT A Income tax expense 616 518 Depreciation and amortization 78,287 72,280 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, 2014 2013 Net income available for common shareholders $ 32,384 $ 19,409 Add: Deprecia
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