33 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Feb 25, 2014
Slide 1: Hospitality Properties Trust Fourth Quarter 2013 Supplemental Operating and Financial Data
Exhibit 99.2 Staybridge Suites, Houston, TX. Operator: InterContinental Hotels Group. Guest Rooms: 93. Hospitality Properties Trust Fourth Quarter 2013 Supplemental Operating and Financial Data 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 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) 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 HOTEL ROOM DEMAND AND TRUCKING ACTIVITY ARE OFTEN REFLECTIONS OF THE GENERAL ECONOMIC ACTIVITY IN THE COUNTRY. IF ECONOMIC ACTIVITY IN THE COUNTRY DECLINES, HOTEL ROOM DEMAND AND TRUCKING ACTIVITY MAY DECLINE AND THE OPERATING RESULTS OF OUR HOTELS AND TRAVEL
Slide 6: Corporate Information
CORPORATE INFORMATION Marriott Hotel, Lihue-Kauai, HI. Operator: Marriott International. Guest Rooms: 356. Hospitality Properties Trust Supplemental Operating and Financial Data, December 31, 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 December 31, 2013, we Two Newton Place owned 291 hotels and owned or leased 185 travel centers located in 44 states, Puerto Ric
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 12/31/13) (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
FINANCIAL INFORMATION Sonesta Resort, Hilton Head, SC. Operator: Sonesta International Hotels Corporation. Guest Rooms: 340. Hospitality Properties Trust 11 Supplemental Operating and Financial Data, December 31, 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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Shares Outstanding: Common shares outstanding (at end of period) 149,606 139,832 139,747 139,737 123,637 (1) Weighted average c
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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Selected Income Statement Data: Total revenues $ 384,792 $ 412,275 $ 412,322 $ 354,466 $ 322,311 (1) Adjusted EBITD
Slide 14: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of As of December 31, December 31, 2013 2012 ASSETS Real estate properties, at cost Land $ 1,470,513 $ 1,453,399 Buildings, improvements and equipment 5,946,852 5,445,710 7,417,365 6,899,1
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 December 31, For the Year Ended December 31, 2013 2012 2013 2012 Revenues: (1) Hotel operating revenues $ 320,533 $ 238,957 $ 1,310,969 $ 980,732 (1) Minimum r
Slide 16: Notes to Consolidated Statements of Income
NOTES TO CONSOLIDATED STATEMENTS OF INCOME NOTES TO CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except per share data) (1) At December 31, 2013, we owned 291 hotels; 288 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and managed by hotel operating com
Slide 17: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2013 2012 Cash flows from operating activities: Net income $ 133,178 $ 151,923 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amo
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of December 31, 2013 (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 - $ - 09/07/15 $ - 1.7 (2) $400,000 unsecured term loan 1.610% 400,0
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of December 31, 2013 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2014 $ - $ 300,000 (3) $ 300,000 2015 - (1) 280,000 280,000 2016 - 275,000 275,000 2017 400,000 (2) 300,000 700,000 2018 - 350,000 350,000 20
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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Leverage Ratios: Total debt / total assets 45.3% 49.1% 46.2% 42.6% 48.3% Total debt / gross b
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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 FF&E reserves (beginning of period) $ 30,333 $ 34,800 $ 37,930 $ 40,744 $ 38,919 Manager deposits 7,639 8,366 7,827 5,891 5,912 (2) HPT fundin
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 December 31, 2013 ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per (1) Acquired Properties Brand Location / Suites
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION I-75, Exit 127, Cartersville, GA. Operator: TravelCenters of America. Hospitality Properties Trust 23 Supplemental Operating and Financial Data, December 31, 2013
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER as of December 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 (1) (2) (3
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND as of December 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 ® Co
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 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 paid the
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 31, 2013 (dollars in thousands) Sonesta- On June 28, 2013, we acquired the fee interest in the New Orleans Hotel from the third party owner from which we previously leased this hotel. Sonesta previously managed the hotel
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION as of December 31, 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 s
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 For the Year Ended No. of Rooms / December 31, December 31, Hotels Suites 2013 2012 Change 2013 2012 Change ADR Marriott (no. 1) 53 7,610 $ 11
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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Marriott (no. 1) 1.06x 1.04x 1.02x 1.00x 0.99x Marriott (no. 234) 0.91x 0.91x 0.91x 0.93x 0.88x Marriott (no
Slide 31: Exhibits
EXHIBITS Courtyard by Marriott, Woburn, MA. Operator: Marriott International. Hospitality Properties Trust Guest Rooms: 120. Supplemental Operating and Financial Data, December 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 December 31, For the Year Ended December 31, 2013 2012 2013 2012 Net income $ 32,752 $ 26,631 $ 133,178 $ 151,923 Add: Interest expense 37,766 34,451 145,954 136,111 EXHIBIT
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 December 31, For the Year Ended December 31, 2013 2012 2013 2012 Net income available for common