Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Hospitality Properties Trust — Q3 2014 Earnings Presentation
34 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Nov 4, 2014
Slide 1: Hospitality Properties Trust Third Quarter 2014 Supplemental Operating and Financial Data
Exhibit 99.2 Hospitality Properties Trust Third Quarter 2014 Supplemental Operating and Financial Data InterContinental, San Juan, PR Operator: InterContinental Hotels Group Guest Rooms: 402 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 CONTINGENCIES IN OUR SALE AND ACQUISITION AGREEMENTS, IF ANY, MAY NOT BE SATISFIED AND OUR PROPERTY SALES OR ACQUISITIONS AND ANY RELATED MANAGEMENT AGREEMENTS MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS MAY CHANGE, x THIS SUPPLEMENTAL OPE
Slide 6: Corporate Information
CORPORATE INFORMATION Crowne Plaza, White Plains, NY Hospitality Properties Trust Operator: InterContinental Hotels Group Supplemental Operating and Financial Data, September 30, 2014 Guest Rooms: 401
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 September 30, 2014, we Two Newton Place owned 291 hotels and owned or leased 185 travel centers located in 44 states, Puerto Ri
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE Operating Statistics by Operating Agreement (as of 9/30/14) (dollars in thousands): Number Annualized Percent of Total Number of of Rooms/ Minimum Minimum Coverage (2) RevPAR Change (3) (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 William A. Lamkin Independent Trustee Independent Trustee Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management John G. Murray Mark L. Kleifges Ethan
Slide 10: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Baird Craig-Hallum Capital Group JMP Securities David Loeb Bryan Maher Whitney Stevenson (414) 765-7063 (612) 334-6376 (415) 835-8948 dloeb@rwbaird.com Bryan.Maher@craig-hallum.com wstevenson@jmpsecurities.com MLV & Co. RBC Stifel Nicolaus
Slide 11: Financial Information
Wyndham Grand Chicago Riverfront, Chicago, IL Operator: Wyndham Hotel Group Guest Rooms: 334 Vacation rental units: 48 Hospitality Properties Trust 11 FINANCIAL INFORMATION Supplemental Operating and Financial Data, September 30, 2014
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 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 Shares Outstanding: Common shares outstanding (at end of period) 149,888 149,775 149,730 149,606 139,832 Weighted average common
Slide 13: Key Financial Data (continued)
KEY FINANCIAL DATA (continued) KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 Selected Income Statement Data: Total revenues $ 459,639 $ 451,900 $ 394,250 $ 384,792 $ 412,275 Adjusted EBITDA (1)
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 September 30, December 31, 2014 2013 ASSETS Real estate properties, at cost Land $ 1,485,077 $ 1,470,513 Buildings, improvements and equipment 6,123,391 5,946,
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 September 30, For the Nine Months Ended September 30, 2014 2013 2014 2013 Revenues: Hotel operating revenues (1) $ 394,973 $ 348,908 $ 1,11
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 September 30, 2014, we owned 291 hotels; 288 of these hotels are leased by us to our taxable REIT subsidiaries, or TRSs, and managed b
Slide 17: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Nine Months Ended September 30, 2014 2013 Cash flows from operating activities: Net income $ 140,662 $ 100,426 Adjustments to reconcile net income to cash provided by operating acti
Slide 18: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of September 30, 2014 (dollars in thousands) Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility 1.254% $ 15,000 07/15/18 (1) $ 15,000 3.8 $400,000 unsecured term loan
Slide 19: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of September 30, 2014 (dollars in thousands) Unsecured Unsecured Floating Fixed Year Rate Debt Rate Debt Total 2014 $ - $ - $ - 2015 - - - 2016 - 275,000 275,000 2017 - 300,000 300,000 2018 15,000 (1) 350,000 365,000 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 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 Leverage Ratios: Total debt / total market capitalization 39.6% 36.6% 37.5% 38.5% 40.6% Total
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 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 FF&E reserves (beginning of period) $ 29,239 $ 26,863 $ 30,873 $ 30,333 $ 34,800 Manager deposits 14,720 13,863 9,745 7,639 8,366 HPT fundings
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 September 30, 2014 ACQUISITIONS: Average Number Purchase Date of Rooms Operating Purchase Price per Acquired Properties Brand Location / Suites Agr
Slide 23: Operating Agreements and Portfolio Information
OPERATING AGREEMENTS AND PORTFOLIO INFORMATION Sonesta Hotel, Ft. Lauderdale, FL Hospitality Properties Trust 23 Operator: Sonesta International Hotels Corp. Supplemental Operating and Financial Data, September 30, 2014 Guest Rooms: 240
Slide 24: Portfolio by Operating Agreement and Manager
PORTFOLIO BY OPERATING AGREEMENT AND MANAGER PORTFOLIO BY OPERATING AGREEMENT AND MANAGER As of September 30, 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 By Operat
Slide 25: Portfolio by Brand
PORTFOLIO BY BRAND PORTFOLIO BY BRAND As of September 30, 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 Cou
Slide 26: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 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 agreeme
Slide 27: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 2014 (dollars in thousands) Sonesta- We lease 22 of our Sonesta branded hotels (four Royal Sonesta®, four Sonesta® and 14 Sonesta ES Suites® hotels) in 13 states to one of our TRSs. The hotels are managed by Sonesta
Slide 28: Operating Agreement Information
OPERATING AGREEMENT INFORMATION OPERATING AGREEMENT INFORMATION As of September 30, 2014 (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 annu
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 Nine Months Ended No. of Rooms / September 30, September 30, Hotels Suites 2014 2013 Change 2014 2013 Change ADR Marriott (no. 1) 53 7
Slide 30: Coverage by Operating Agreement and Manager
COVERAGE BY OPERATING AGREEMENT AND MANAGER COVERAGE BY OPERATING AGREEMENT AND MANAGER (1) For the Twelve Months Ended Operating Agreement 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 Marriott (no. 1) 1.15x 1.09x 1.07x 1.06x 1.04x Marriott (no. 234) 0.95x 0.92x 0.91x 0.91x 0.91x Marriott (no.
Slide 31: Exhibits
TA, I-35, Exit 13, Laredo, TX Operator: TravelCenters of America Hospitality Properties Trust Supplemental Operating and Financial Data, September 30, 2014 EXHIBITS 31
Slide 32: 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 September 30, For the Nine Months Ended September 30, 2014 2013 2014 2013 Net income $ 49,197 $ 27,567 $ 140,662 $ 100,426 EXHIBIT A Add: Interest expense 34,304 37,986 1
Slide 33: Calculation of Funds from Operations (FFO) and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (dollar amounts in thousands, except per share data) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2013 2014 2013 Net income availab
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
Hospitality Properties Trust — Q3 2014 Earnings Presentation on 6ix