Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q2 2016 Earnings Presentation
32 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Aug 9, 2016
Slide 1: Hospitality Properties Trust Second Quarter 2016 Supplemental Operating and Financial Data
Hospitality Properties Trust Second Quarter 2016 Supplemental Operating and Financial Data EXHIBIT 99.2 Courtyard Durham Research Triangle Park, Durham, North Carolina Operator: Marriott International, Inc. Guest Rooms: 123 All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE CORPORATE INFORMATION 6 Company Profile 7,8 Investor Information 9 Research Coverage 10 FINANCIALS Key Financial Data 12 Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Income 14 Notes to Condensed Consolidated Statements of Inco
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 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 REVOLVING CREDIT FACILI
Slide 6: Corporate Information
CORPORATE INFORMATION InterContinental Yorkville, Toronto, Canada Operator:Hospitality InterContinental Properties Hotels Trust Group Guest Rooms: 208 Operating and Financial Data, June 30, 2016 Supplemental
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, 2016, we Two Newton Place owned 305 hotels and 197 travel centers located in 45 states, Puerto Rico and Canada. Our pr
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 6/30/16) (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: Financials
FINANCIALS Hospitality Properties Trust Second Quarter 2016 Hotel Monaco, Portland, OR Operator: InterContinental Hotels Group Guest Rooms: 221 Supplemental Supplemental Operating Oper and Financial Data Courtyard C Co ouurrty tyar ard DDu Durham urrh ham am R Research esea es earrcch Tr earc TTrian
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 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Selected Balance Sheet Data: Total gross assets (1) $ 8,970,599 $ 8,822,206 $ 8,613,296 $ 8,648,216 $ 8,481,866 Total assets $ 6
Slide 13: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of As of June 30, December 31, 2016 2015 ASSETS Real estate properties: Land $ 1,547,774 $ 1,529,004 Buildings, improvements and equipment 6,993,371 6,740,423 Total rea
Slide 14: 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, 2016 2015 2016 2015 Revenues: Hotel operating revenues (1) $ 471,910 $ 436,977 $ 868,413 $ 806,5
Slide 15: 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, 2016, we owned 305 hotels; 302 of these hotels are managed by hotel operating companies and three hotels are leased to hotel
Slide 16: 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, 2016 2015 Cash flows from operating activities: Net income $ 108,112 $ 124,727 Adjustments to reconcile net income to cash provided by operating activities
Slide 17: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of June 30, 2016 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $1,000,000 unsecured revolving credit facility (1)(2) 1.560% $ 232,000 07/15/18 $ 232,000 2.0 $400,000 unsecured term loa
Slide 18: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of June 30, 2016 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total (4) 2017 $ - $ 300,000 $ 300,000 2018 232,000 (1) 350,000 582,000 2019 400,000 (2) - 400,000 2021 - 400,000 400,000 2022 - 500,000 500,000 2023 -
Slide 19: 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 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Leverage Ratios: Total debt (book value) (1) / total gross assets (2) 39.0% 39.6% 38.0% 37.7%
Slide 20: FF&E Reserve Escrows
FF&E RESERVE ESCROWS FF&E RESERVE ESCROWS (1) (dollars in thousands) As of and For the Three Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 FF&E reserves (beginning of period) $ 55,891 $ 51,211 $ 44,296 $ 39,106 $ 36,549 Manager deposits 19,603 15,542 17,607 18,683 17,661 HPT fundin
Slide 21: 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 As of June 30, 2016 (dollars in thousands) ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location
Slide 22: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (in thousands) For the Three Months Ended, For the Six Months Ended June 30, 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 2016 2015 Net income (loss) $ 56,061 $ 52,051 $ (19,494) $ 61,185 $ 83,146 $ 108,112
Slide 23: Calculation of FFO and Normalized FFO Available for Common Shareholders
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1) (dollar amounts in thousands, except per share data) For the Three Months Ended, For the Six Months Ended June 30, 6/30/2016 3/31/2016 12/
Slide 24: 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 on page 22. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our operating performance, along with net income, net in
Slide 25: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Wyndham Atlanta Galleria, Atlanta, GA Operator: Hospitality WyndhamProperties Hotel Group Trust Guest Rooms: 296 Supplemental Operating and Financial Data, June 30, 2016
Slide 26: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of June 30, 2016 (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 By Operating A
Slide 27: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND As of June 30, 2016 (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 Courtyar
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of June 30, 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 combi
Slide 29: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of June 30, 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 are
Slide 30: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of June 30, 2016 (dollars in thousands) Morgans- We lease the Clift Hotel, a full service hotel in San Francisco, CA, to a subsidiary of Morgans under a lease agreement that expires in 2103. The lease currently provides for annual re
Slide 31: 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 Six Months Ended No. of Rooms / June 30, June 30, Hotels Suites 2016 2015 Change 2016 2015 Change ADR Marriott (no. 1) 53 7,610 $ 134.
Slide 32: 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 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Marriott (no. 1) 53 1.38x 1.35x 1.33x 1.29x 1.26x Marriott (no. 234) 68 1.13x 1.11x 1.08
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