Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q4 2012 Earnings Presentation
33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Mar 1, 2013
Slide 1: Fourth Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Fourth Quarter 2012 Supplemental Operating and Financial Data Hotel 71, Chicago, IL. All amounts in this report are unaudited. Guest Rooms: 348.
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 Consolidated Balance Sheets 14 Consolidated Statements of Income 15 Notes to Consolidated Statements of Income 16
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 ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, TA, SONESTA INTERNATIONAL HOTELS CORPORATION, OR SONESTA, AND REIT MANAGEMENT & RESEARCH LLC, OR RMR, AND THEIR RELATED PERSONS AND ENTITIES. FOR EXAMPLE: x OUR ABILITY TO MAKE FUTURE DIST
Slide 5: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) x HOTEL ROOM DEMAND AND TRUCKING ACTIVITY VOLUME ARE OFTEN A REFLECTION OF THE GENERAL ECONOMIC ACTIVITY IN THE COUNTRY. IF ECONOMIC ACTIVITY IN THE COUNTRY DECLINES, HOTEL ROOM DEMAND AND TRUCKING ACTIVITY VOLUME MAY DECLINE AND THE OPERATING RESULTS OF OUR HO
Slide 6: Corporate Information
CORPORATE INFORMATION Hospitality Properties Trust InterContinental, San Juan, PR. Supplemental Operating and Financial Data, December 31, 2012 Guest Rooms: 402.
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 December 31, 2012, we owned or Two Newton Place leased 289 hotels and 185 travel centers located in 44 states, Puerto Rico and Canad
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 12/31/12) ($ in 000s): Number Annualized Percent of Total RevPAR Number of of Rooms/ Minimum Minimum Coverage (2) Change (3) Operating Agreement (1) Properties Suites Return / Rent Return / Rent Q4 LTM Q4
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 Hospitality Properties Trust Courtyard by Marriott, Bellevue, WA. Supplemental Operating and Financial Data, December 31, 2012 Guest Rooms: 152.
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Shares Outstanding: Common shares outstanding (at end of period) 123,637 123,637 123,563 123,555 123,522 (1) Weighted av
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Selected Income Statement Data: Total revenues $ 322,311 $ 330,068 $ 343,183 $ 301,420 $ 295,851 Adjusted EB
Slide 14: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of As of December 31, December 31, 2012 2011 ASSETS Real estate properties, at cost Land $ 1,453,399 $ 1,360,773 Buildings, improvements and equipment 5,445,710 4,879,908 6,899,109 6,240,681 A
Slide 15: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Revenues: Hotel operating revenues (1) $ 238,957 $ 218,253 $ 980,732 $ 889,120 (1) Rental income
Slide 16: Notes to Consolidated Statements of Income
NOTES TO CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONSOLIDATED STATEMENTS OF INCOME (dollar am ounts in thousands, except per share data) (1) At Decem ber 31, 2012, we owned or leased 289 hotels; 232 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and m anaged by hotel
Slide 17: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended 12/31/2012 12/31/2011 Cash flows from operating activities: Net incom e $ 151,923 $ 190,440 Adjustm ents to reconcile net incom e to cash provided by operating activities: Depreciation and a
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of December 31, 2012 (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% $ 320,000 09/07/15 2.7 $400,000 unsecured term loan (2) 1.670% 400,000 03/13/
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of December 31, 2012 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2013 $ - $ - $ - 2014 - 300,000 300,000 2015 320,000 (1) 280,000 600,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 2018 - 350,0
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Leverage Ratios: Total debt / total assets 48.3% 44.7% 41.0% 41.9% 41.2% Total debt / gross b
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 FF&E reserves (beginning of period) $ 38,919 $ 47,467 $ 59,644 $ 50,196 $ 41,747 Manager deposits 5,912 1,177 9,142 12,133 8,337 HPT fundings
Slide 22: Acquisition and Disposition Information Since January 1, 2012
ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2012 ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2012 (dollars in thousands) ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agreement Price (1) Room / S
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Hospitality PropertiesHyatt TrustPlace, College Park, GA. 23 Supplemental Operating andRooms: Guest Financial123. Data, December 31, 2012
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER as of December 31, 2012 (dollars in thousands) Percent of Percent of Percent of Investment Annual Annual Number of Number of Number of Number of Percent of Per Minimum Minimum By Operating Agreement (1): Proper
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND as of December 31, 2012 (dollars in thousands) Percent of Percent of Investment Number of Number of Number of Number of Percent of Per (1) Brand Manager Properties Properties Rooms / Suites Rooms / Suites Investment Investment Room / Suite Courtyard by Marriott®
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 31, 2012 (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 t
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 31, 2012 (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 man
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 31, 2012 (dollars in thousands) Morgans- On December 19, 2012, we acquired the Clift Hotel, a full service hotel in San Francisco, CA. This hotel is leased to a subsidiary of Morgans Hotel Group, or Morgans, under a lease
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 No. of Room s / Fourth Quarter (2) Year (2) Hotels Suites 2012 2011 Change 2012 2011 Change ADR M arriott (no. 1) 53 7,610 $ 112.74 $ 108.52 3.9% $ 112.84 $ 108.10 4
Slide 30: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) For the Twelve M onths Ended (2) Operating Agreem ent 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 M arriott (no. 1) 1.00x 0.94x 0.88x 0.85x 0.81x M arriott (no. 234) 0.88x 0.84x 0.79x 0.74x 0.74x M ar
Slide 31: Exhibits
EXHIBITS Atlanta North Travel Center, Cartersville, GA. Truck Parking: 212. Hospitality Properties Trust 31 Supplemental Operating and Financial Data, December 31, 2012
Slide 32: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA (in thousands) For the Three M onths Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Net incom e $ 26,631 $ 38,218 $ 151,923 $ 190,440 Add: Interest expense 34,451 33,927 136,111 134,110 Incom e tax (benefit) expens
Slide 33: Calculation of FFO and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (dollar am ounts in thousands, except per share data) For the Three M onths Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Net incom e available for com m
Hospitality Properties Trust — Q4 2012 Earnings Presentation on 6ix