Fourth Quarter Net Income Available to Common Shareholders of
$0.35 Per Share
Fourth Quarter Normalized FFO Available to Common Shareholders of
$0.57 Per Share
NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (Nasdaq: HPT) today announced its financial
results for the quarter and year ended December 31, 2016.
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2016
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2015
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2016
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2015
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($ in thousands, except per share and RevPAR data)
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Net income (loss) available for common shareholders
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$
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58,020
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$
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(24,660
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)
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$
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202,446
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$
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145,754
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Net income (loss) available for common shareholders per share
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$
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0.35
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$
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(0.16
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)
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$
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1.30
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$
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0.97
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Adjusted EBITDA (1)
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$
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136,989
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$
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123,729
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$
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750,814
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$
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674,896
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Normalized FFO available for common shareholders (1)
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$
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93,380
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$
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81,083
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$
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561,383
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$
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503,663
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Normalized FFO available for common shareholders per share (1)
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$
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0.57
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$
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0.54
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$
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3.60
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$
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3.34
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Portfolio Performance
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Comparable hotel RevPAR
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$
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84.76
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$
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84.28
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$
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95.20
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$
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91.91
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Comparable hotel RevPAR growth
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0.6
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%
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—
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3.6
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%
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—
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RevPAR (all hotels)
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$
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84.97
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$
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84.73
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$
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94.26
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$
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91.97
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RevPAR growth (all hotels)
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0.3
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%
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—
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2.5
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%
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—
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Coverage of HPT’s minimum returns and rents for hotels
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0.86x
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0.92x
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1.10x
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1.08x
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Coverage of HPT's minimum rents for travel centers
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1.51x
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1.58x
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1.57x
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1.74x
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(1) Reconciliations of net income (loss) determined in accordance with
U.S. generally accepted accounting principles, or GAAP, to earnings
before interest, taxes, depreciation and amortization, or EBITDA, and
EBITDA as adjusted, or Adjusted EBITDA, and net income (loss) available
for common shareholders determined in accordance with GAAP to funds from
operations, or FFO, available for common shareholders, and Normalized
FFO available for common shareholders, for the quarters and years ended
December 31, 2016 and 2015 appear later in this press release.
John Murray, President and Chief Operating Officer of HPT, made the
following statement regarding today's announcement:
“During the fourth quarter of 2016, RevPAR at our hotels was negatively
impacted by hotel room supply growth, lack of city-wide events and
continued weakness in the energy sector, which resulted in lower
business economic activity and demand for hotel stays in those
geographic areas where certain of our hotels are located. However, for
the full year, HPT's comparable RevPAR growth of 3.6% exceeded the
industry average and aggregate coverage of our annual hotel minimum
returns and rents and travel center minimum rents for 2016 were 1.10
times and 1.57 times, respectively. Subsequent to year end, we raised
approximately $594 million of net proceeds from offerings of our senior
notes and used a portion of the net proceeds to redeem our higher cost
preferred shares.”
Results for the Quarter and Year Ended December 31, 2016 and
Recent Activities:
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Net Income (Loss) Available for Common Shareholders: Net income
available for common shareholders for the quarter ended December 31,
2016 was $58.0 million, or $0.35 per diluted share, compared to a net
loss available for common shareholders of $24.7 million, or $0.16 per
diluted share, for the quarter ended December 31, 2015. Net income
available for common shareholders for the quarter ended December 31,
2016 includes the reversal of $3.9 million, or $0.02 per diluted
share, of previously accrued business management incentive fee
expense. Net loss available for common shareholders for the quarter
ended December 31, 2015 includes $44.9 million, or $0.30 per diluted
share, of business management incentive fee expense and a $36.8
million, or $0.24 per diluted share, non-cash loss on the distribution
of The RMR Group Inc. (Nasdaq: RMR) common stock HPT made to its
shareholders. The weighted average number of diluted common shares
outstanding was 164.1 million and 151.4 million for the quarters ended
December 31, 2016 and 2015, respectively.
Net income
available for common shareholders for the year ended December 31, 2016
was $202.4 million, or $1.30 per diluted share, compared to net income
available for common shareholders of $145.8 million, or $0.97 per
diluted share, for the year ended December 31, 2015. Net income
available for common shareholders for the year ended December 31, 2016
includes $52.4 million, or $0.34 per diluted share, of business
management incentive fee expense. Net income available for common
shareholders for the year ended December 31, 2015 includes $62.3
million, or $0.41 per diluted share, of business management incentive
fee expense, a $36.8 million, or $0.24 per diluted share, non-cash
loss on the distribution of RMR common stock HPT made to its
shareholders and an $11.0 million, or $0.07 per diluted share, gain on
the sale of real estate. The weighted average number of diluted common
shares outstanding was 156.1 million and 151.0 million for the years
ended December 31, 2016 and 2015, respectively.
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Adjusted EBITDA: Adjusted EBITDA for the quarter ended
December 31, 2016 compared to the same period in 2015 increased 10.7%
to $137.0 million.
Adjusted EBITDA for the year ended
December 31, 2016 compared to 2015 increased 11.2% to $750.8 million.
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Normalized FFO Available for Common Shareholders: Normalized
FFO available for common shareholders for the quarter ended
December 31, 2016 were $93.4 million, or $0.57 per diluted share,
compared to Normalized FFO available for common shareholders of $81.1
million, or $0.54 per diluted share, for the quarter ended
December 31, 2015. Normalized FFO available for common shareholders
includes $52.4 million, or $0.34 per diluted share, and $62.3 million,
or $0.41 per diluted share, of business management incentive fee
expense for the quarters ended December 31, 2016 and 2015,
respectively.
Normalized FFO available for common
shareholders for the year ended December 31, 2016 were $561.4 million,
or $3.60 per diluted share, compared to Normalized FFO available for
common shareholders of $503.7 million, or $3.34 per diluted share, for
the year ended December 31, 2015. Normalized FFO available for common
shareholders includes $52.4 million, or $0.34 per diluted share, and
$62.3 million, or $0.41 per diluted share, of business management
incentive fee expense for the years ended December 31, 2016 and 2015,
respectively.
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Hotel RevPAR (comparable hotels): For the quarter ended
December 31, 2016 compared to the same period in 2015 for HPT’s 302
hotels that were owned continuously since October 1, 2015: average
daily rate, or ADR, increased 1.9% to $120.91; occupancy decreased 0.9
percentage points to 70.1%; and revenue per available room, or RevPAR,
increased 0.6% to $84.76.
For the year ended December 31,
2016 compared to 2015 for HPT’s 291 hotels that were owned
continuously since January 1, 2015: ADR increased 3.2% to $124.94;
occupancy increased 0.3 percentage points to 76.2%; and RevPAR
increased 3.6% to $95.20.
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Hotel RevPAR (all hotels): For the quarter ended December 31,
2016 compared to the same period in 2015 for HPT’s 306 hotels: ADR
increased 1.7% to $121.39; occupancy decreased 1.0 percentage point to
70.0%; and RevPAR increased 0.3% to $84.97.
For the year
ended December 31, 2016 compared to 2015 for HPT’s 306 hotels: ADR
increased 2.8% to $125.01; occupancy decreased 0.2 percentage points
to 75.4%; and RevPAR increased 2.5% to $94.26.
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Coverage of Minimum Returns and Rents: For the quarter ended
December 31, 2016, the aggregate coverage ratio of (x) total hotel
revenues minus all hotel expenses and FF&E reserve escrows which are
not subordinated to minimum returns and minimum rent payments to HPT
to (y) HPT’s minimum returns and rents due from hotels decreased to
0.86x from 0.92x for the quarter ended December 31, 2015.
For
the year ended December 31, 2016, the aggregate coverage ratio of (x)
total hotel revenues minus all hotel expenses and FF&E reserve escrows
which are not subordinated to minimum returns and minimum rent
payments to HPT to (y) HPT’s minimum returns and rents due from hotels
increased to 1.10x from 1.08x for the year ended December 31, 2015.
For
the quarter ended December 31, 2016, the aggregate coverage ratio of
(x) total travel center revenues less travel center expenses to (y)
HPT’s minimum rent due from leased travel centers decreased to 1.51x
from 1.58x for the quarter ended December 31, 2015.
For
the year ended December 31, 2016, the aggregate coverage ratio of (x)
total travel center revenues less travel center expenses to (y) HPT’s
minimum rent due from leased travel centers decreased to 1.57x from
1.74x for the year ended December 31, 2015.
As of
December 31, 2016, approximately 79% of HPT’s aggregate annual minimum
returns and rents were secured by guarantees or security deposits from
HPT’s managers and tenants pursuant to the terms of HPT’s operating
agreements.
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Recent Property Acquisition Activities: In November 2016, HPT
entered into an agreement to acquire a full service hotel with 121
rooms located in Seattle, WA for a purchase price of $71.6 million,
excluding acquisition related costs. HPT currently expects to complete
this acquisition during the first quarter of 2017. HPT plans to add
this hotel to its management agreement with InterContinental Hotels
Group, plc (LON: IHG; NYSE: IHG (ADRs)), or InterContinental.
In
December 2016, HPT acquired a full service hotel with 236 rooms
located in Milpitas, CA for $46.0 million, excluding acquisition
related costs. HPT added this hotel to its management agreement with
Sonesta International Hotels Corporation, or Sonesta.
Also
in December 2016, HPT terminated a previously announced agreement to
acquire a full service hotel with 101 rooms located in Addison, TX for
a purchase price of $9.0 million.
In February 2017, HPT
acquired a full service hotel with 483 rooms located in Chicago, IL
for a purchase price of $85.5 million, excluding acquisition related
costs. HPT added this Kimpton branded hotel to its management
agreement with InterContinental.
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Recent Financing Activities: In January 2017, HPT issued $600.0
million aggregate principal amount of senior notes in underwritten
public offerings, which included $200.0 million aggregate principal
amount of 4.500% unsecured senior notes due 2023 and $400.0 million
aggregate principal amount of 4.950% unsecured senior notes due
2027. The proceeds from these offerings of $594.2 million after
discounts and offering expenses were used to repay amounts outstanding
under HPT's revolving credit facility, to redeem, in February 2017,
all of its 11.6 million outstanding 7.125% Series D cumulative
redeemable preferred shares for $25.00 per share (an aggregate of
$290.0 million) plus accrued and unpaid dividends and for general
business purposes, including acquisitions.
Tenants and Managers: As of December 31, 2016, HPT had
nine operating agreements with seven hotel operating companies for 306
hotels with 46,583 rooms, which represented 65% of HPT’s total annual
minimum returns and rents, and five lease agreements with one travel
center operating company for 198 travel centers, which represented 35%
of HPT’s total annual minimum returns and rents.
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Marriott Agreements: As of December 31, 2016, 122 of HPT’s
hotels were operated by subsidiaries of Marriott International, Inc.
(Nasdaq: MAR), or Marriott, under three agreements. HPT’s Marriott No.
1 agreement includes 53 hotels, and provides for annual minimum return
payments to HPT of $68.6 million as of December 31, 2016
(approximately $17.2 million per quarter). Because there is no
guarantee or security deposit for this agreement, the minimum returns
HPT receives under this agreement may be limited to available hotel
cash flows after payment of operating expenses and funding of the FF&E
reserve. During the three months ended December 31, 2016, HPT realized
returns under its Marriott No. 1 agreement of $16.7 million. HPT’s
Marriott No. 234 agreement includes 68 hotels and requires annual
minimum returns to HPT of $106.4 million as of December 31, 2016
(approximately $26.6 million per quarter). During the three months
ended December 31, 2016, HPT realized returns under its Marriott No.
234 agreement of $26.6 million. HPT’s Marriott No. 234 agreement is
partially secured by a security deposit and a limited guarantee from
Marriott; during the three months ended December 31, 2016, HPT reduced
the available security deposit by $1.0 million to cover shortfalls in
hotel cash flows available to pay the returns due for the period. At
December 31, 2016, the available security deposit from Marriott for
the Marriott No. 234 agreement was $16.5 million and there was $30.7
million remaining under Marriott’s guaranty for up to 90% of the
minimum returns due to HPT to cover future payment shortfalls after
the available security deposit is depleted. HPT's Marriott No. 5
agreement includes one resort hotel in Kauai, HI which is leased to
Marriott on a full recourse basis. The contractual rent due to HPT for
this hotel for the three months ended December 31, 2016 of $2.5
million was paid to HPT.
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InterContinental Agreement: As of December 31, 2016, 94 of
HPT’s hotels were operated by subsidiaries of InterContinental under
one agreement requiring annual minimum returns and rents to HPT of
$161.8 million (approximately $40.4 million per quarter). During the
three months ended December 31, 2016, HPT realized returns and rents
under its InterContinental agreement of $39.6 million. HPT’s
InterContinental agreement is partially secured by a security deposit.
During the three months ended December 31, 2016, the available
security deposit was replenished by $1.8 million from a share of hotel
cash flows in excess of the minimum returns and rents due to HPT for
the period. At December 31, 2016, the available InterContinental
security deposit which HPT held to pay future payment shortfalls was
$72.7 million.
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Morgans Agreement: As of December 31, 2016, HPT had a lease for
one hotel with a subsidiary of Morgans Hotel Group Co., or Morgans,
requiring annual minimum rent to HPT of $7.6 million as of
December 31, 2016 (approximately $1.9 million per quarter). In
December 2016, HPT advised Morgans that the closing of its merger with
SBE Entertainment Group, LLC, or SBE, without HPT's consent was in
violation of the Morgans agreement, and HPT filed an action in
California for unlawful detainer against Morgans and SBE. HPT is
currently in discussions with Morgans and SBE regarding this matter
and is pursuing remedies, which may include terminating the Morgans
agreement. As of February 28, 2017, all rent payments due to HPT under
the lease were current.
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Other Hotel Agreements: As of December 31, 2016, HPT’s
remaining 89 hotels were operated under four agreements: one
management agreement with Sonesta (34 hotels), requiring annual
minimum returns of $90.2 million as of December 31, 2016
(approximately $22.6 million per quarter); one management agreement
with a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN),
or Wyndham (22 hotels), requiring annual minimum returns and rents
of $28.4 million (approximately $7.1 million per quarter); one
management agreement with a subsidiary of Hyatt Hotels Corporation
(NYSE: H), or Hyatt (22 hotels), requiring annual minimum returns of
$22.0 million as of December 31, 2016 (approximately $5.5 million per
quarter); and one management agreement with a subsidiary of Carlson
Hotels Worldwide (11 hotels), requiring annual minimum returns of
$12.9 million as of December 31, 2016 (approximately $3.2 million per
quarter). Minimum returns and rents due to HPT are partially
guaranteed under the Wyndham, Hyatt and Carlson agreements. There is
no guarantee or security deposit for the Sonesta agreement and the
minimum returns HPT receives under that agreement are limited to
available hotel cash flows after payment of operating expenses. The
payments due to HPT under these agreements for the three months ended
December 31, 2016 were paid to HPT.
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Travel Center Agreements: As of December 31, 2016, HPT’s 198
travel centers located along the U.S. Interstate Highway system were
leased to TravelCenters of America LLC (Nasdaq: TA), or TA, under five
lease agreements, which required aggregate annual minimum rents of
$274.1 million (approximately $68.5 million per quarter). As of
December 31, 2016, all payments due to HPT from TA under these leases
were current.
Conference Call:
On Wednesday, March 1, 2017, at 10:00 a.m. Eastern Time, John Murray,
President and Chief Operating Officer, and Mark Kleifges, Chief
Financial Officer and Treasurer, will host a conference call to discuss
HPT's fourth quarter and full year 2016 financial results. The
conference call telephone number is (877) 329-3720. Participants calling
from outside the United States and Canada should dial (412) 317-5434. No
pass code is necessary to access the call from either number.
Participants should dial in about 15 minutes prior to the scheduled
start of the call. A replay of the conference call will be available
through Wednesday, March 8, 2017. To hear the replay, dial (412)
317-0088. The replay pass code is 10099959.
A live audio webcast of the conference call will also be available in a
listen only mode on HPT’s website, which is located at www.hptreit.com.
Participants wanting to access the webcast should visit HPT’s website
about five minutes before the call. The archived webcast will be
available for replay on HPT’s website for about one week after the call. The
transcription, recording and retransmission in any way of HPT’s fourth
quarter conference call is strictly prohibited without the prior written
consent of HPT.
Supplemental Data:
A copy of HPT’s Fourth Quarter 2016 Supplemental Operating and Financial
Data is available for download at HPT’s website, www.hptreit.com.
HPT’s website is not incorporated as part of this press release.
Hospitality Properties Trust is a real estate investment trust, or REIT,
which owns a diverse portfolio of hotels and travel centers located in
45 states, Puerto Rico and Canada. HPT’s properties are operated under
long term management or lease agreements. HPT is managed by the
operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative
asset management company that is headquartered in Newton, Massachusetts.
Please see the following pages for a more detailed statement of HPT’s
operating results and financial condition and for an explanation of
HPT’s calculation of FFO available for common shareholders and
Normalized FFO available for common shareholders, EBITDA and Adjusted
EBITDA.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER HPT USES
WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”,
“ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR
SIMILAR EXPRESSIONS, HPT IS MAKING FORWARD LOOKING STATEMENTS. THESE
FORWARD LOOKING STATEMENTS ARE BASED UPON HPT’S PRESENT INTENT, BELIEFS
OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO
OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
CONTAINED IN OR IMPLIED BY HPT’S FORWARD LOOKING STATEMENTS AS A RESULT
OF VARIOUS FACTORS. FOR EXAMPLE:
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AS OF DECEMBER 31, 2016, APPROXIMATELY 79% OF HPT’S AGGREGATE ANNUAL
MINIMUM RETURNS AND RENTS WERE SECURED BY GUARANTEES OR SECURITY
DEPOSITS FROM HPT’S MANAGERS AND TENANTS. THIS MAY IMPLY THAT THESE
MINIMUM RETURNS AND RENTS WILL BE PAID. IN FACT, CERTAIN OF THESE
GUARANTEES AND SECURITY DEPOSITS ARE LIMITED IN AMOUNT AND DURATION
AND ALL THE GUARANTEES ARE SUBJECT TO THE GUARANTORS’ ABILITY AND
WILLINGNESS TO PAY. THE BALANCE OF HPT’S ANNUAL MINIMUM RETURNS AND
RENTS AS OF DECEMBER 31, 2016 WAS NOT GUARANTEED NOR DOES HPT HOLD A
SECURITY DEPOSIT WITH RESPECT TO THOSE AMOUNTS. HPT CANNOT BE SURE OF
THE FUTURE FINANCIAL PERFORMANCE OF HPT’S PROPERTIES, WHETHER SUCH
PERFORMANCE WILL COVER HPT’S MINIMUM RETURNS AND RENTS AND WHETHER THE
GUARANTEES OR SECURITY DEPOSITS WILL BE ADEQUATE TO COVER FUTURE
SHORTFALLS IN THE MINIMUM RETURNS OR RENTS DUE TO HPT, OR REGARDING
HPT’S MANAGERS’, TENANTS’ OR GUARANTORS’ FUTURE ACTIONS IF AND WHEN
THE GUARANTEES AND SECURITY DEPOSITS EXPIRE OR ARE DEPLETED OR
REGARDING THEIR ABILITY OR WILLINGNESS TO PAY MINIMUM RETURNS AND
RENTS OWED TO HPT. MOREOVER, THE SECURITY DEPOSITS HELD BY HPT ARE NOT
SEGREGATED FROM HPT’S OTHER ASSETS AND THE APPLICATION OF SECURITY
DEPOSITS TO COVER PAYMENT SHORTFALLS WILL RESULT IN HPT RECORDING
INCOME, BUT WILL NOT RESULT IN HPT RECEIVING ADDITIONAL CASH,
-
MR. MURRAY NOTES IN THIS PRESS RELEASE THAT HPT'S COMPARABLE REVPAR
GROWTH FOR 2016 EXCEEDED INDUSTRY AVERAGE. THIS MAY IMPLY THAT HPT'S
COMPARABLE REVPAR GROWTH WILL CONTINUE TO EXCEED INDUSTRY AVERAGE AND
THAT HPT'S OPERATING RESULTS WILL IMPROVE AS A RESULT. HOWEVER, HPT'S
COMPARABLE REVPAR GROWTH DID NOT EXCEED INDUSTRY AVERAGE FOR THE
FOURTH QUARTER OF 2016, HPT'S COMPARABLE REVPAR GROWTH MAY NOT EXCEED
INDUSTRY AVERAGE IN FUTURE PERIODS AND HPT'S OPERATING RESULTS MAY NOT
IMPROVE BUT COULD DECLINE,
-
HPT HAS ADVISED MORGANS THAT THE CLOSING OF ITS MERGER WITH SBE WAS IN
VIOLATION OF ITS MORGANS AGREEMENT, HPT FILED AN ACTION FOR UNLAWFUL
DETAINER AGAINST MORGANS AND SBE TO COMPEL MORGANS AND SBE TO
SURRENDER POSSESSION OF THE SAN FRANCISCO HOTEL WHICH MORGANS
HISTORICALLY LEASED FROM HPT, AND HPT IS CURRENTLY ENGAGED IN
DISCUSSIONS WITH MORGANS AND SBE REGARDING THIS MATTER. THE OUTCOME OF
THIS PENDING LITIGATION AND THESE DISCUSSIONS IS NOT ASSURED, BUT HPT
BELIEVES MORGANS MAY SURRENDER POSSESSION OF THIS HOTEL OR THAT THE
COURT WILL DETERMINE THAT MORGANS AND SBE HAVE BREACHED THE HISTORICAL
LEASE. HPT ALSO BELIEVES THAT THIS HOTEL MAY REQUIRE SUBSTANTIAL
CAPITAL INVESTMENT TO REMAIN COMPETITIVE. THE CONTINUATION OF THIS
DISPUTE WITH MORGANS AND SBE REQUIRES HPT TO EXPEND LEGAL FEES AND HPT
BELIEVES THE RESULT MAY CAUSE SOME LOSS OF RENT AT LEAST UNTIL THIS
HOTEL MAY BE RENOVATED AND PROPERLY OPERATED. LITIGATION AND DISPUTES
WITH TENANTS OFTEN PRODUCE UNEXPECTED RESULTS. HPT CAN PROVIDE NO
ASSURANCE REGARDING THE OUTCOME OF ITS DISPUTE WITH MORGANS AND SBE,
AND
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HPT HAS ENTERED INTO AN AGREEMENT TO ACQUIRE A HOTEL FOR A PURCHASE
PRICE OF $71.6 MILLION, AND HPT EXPECTS TO COMPLETE THIS TRANSACTION
DURING THE FIRST QUARTER OF 2017 AND TO ADD THIS HOTEL TO ITS EXISTING
MANAGEMENT AGREEMENT WITH INTERCONTINENTAL. THIS TRANSACTION IS
SUBJECT TO CONDITIONS. THESE CONDITIONS MAY NOT BE SATISFIED. AS A
RESULT, THIS ACQUISITION AND THE EXPECTED MANAGEMENT ARRANGEMENT MAY
NOT OCCUR, MAY BE DELAYED OR ITS TERMS MAY CHANGE.
THE INFORMATION CONTAINED IN HPT’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS”
IN HPT’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM HPT’S FORWARD
LOOKING STATEMENTS. HPT’S FILINGS WITH THE SEC ARE AVAILABLE ON THE
SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, HPT DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.
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HOSPITALITY PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(amounts in thousands, except per share data)
(Unaudited)
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Three Months Ended December 31,
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Year Ended December 31,
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|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues (1)
|
|
|
|
$
|
397,740
|
|
|
|
|
$
|
390,910
|
|
|
|
|
$
|
1,730,326
|
|
|
|
|
$
|
1,634,654
|
|
|
Rental income (2)
|
|
|
|
80,547
|
|
|
|
|
75,554
|
|
|
|
|
312,377
|
|
|
|
|
283,115
|
|
|
FF&E reserve income (3)
|
|
|
|
991
|
|
|
|
|
976
|
|
|
|
|
4,508
|
|
|
|
|
4,135
|
|
|
Total revenues
|
|
|
|
479,278
|
|
|
|
|
467,440
|
|
|
|
|
2,047,211
|
|
|
|
|
1,921,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses (1)
|
|
|
|
279,299
|
|
|
|
|
273,292
|
|
|
|
|
1,202,538
|
|
|
|
|
1,143,981
|
|
|
Depreciation and amortization
|
|
|
|
91,150
|
|
|
|
|
85,964
|
|
|
|
|
357,342
|
|
|
|
|
329,776
|
|
|
General and administrative (4)
|
|
|
|
7,978
|
|
|
|
|
56,017
|
|
|
|
|
99,105
|
|
|
|
|
109,837
|
|
|
Acquisition related costs (5)
|
|
|
|
482
|
|
|
|
|
389
|
|
|
|
|
1,367
|
|
|
|
|
2,375
|
|
|
Total expenses
|
|
|
|
378,909
|
|
|
|
|
415,662
|
|
|
|
|
1,660,352
|
|
|
|
|
1,585,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
100,369
|
|
|
|
|
51,778
|
|
|
|
|
386,859
|
|
|
|
|
335,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income
|
|
|
|
626
|
|
|
|
|
2,640
|
|
|
|
|
2,001
|
|
|
|
|
2,640
|
|
|
Interest income
|
|
|
|
47
|
|
|
|
|
12
|
|
|
|
|
274
|
|
|
|
|
44
|
|
|
Interest expense (including amortization of debt issuance costs and
debt discounts of $2,036, $1,476, $8,151 and $5,849, respectively)
|
|
|
|
(37,349
|
)
|
|
|
|
(36,980
|
)
|
|
|
|
(161,913
|
)
|
|
|
|
(144,898
|
)
|
|
Loss on distribution to common shareholders of RMR common stock (6)
|
|
|
|
—
|
|
|
|
|
(36,773
|
)
|
|
|
|
—
|
|
|
|
|
(36,773
|
)
|
|
Loss on early extinguishment of debt (7)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(228
|
)
|
|
|
|
—
|
|
|
Income (loss) before income taxes, equity in earnings (losses) of an
investee and gain on sale of real estate
|
|
|
|
63,693
|
|
|
|
|
(19,323
|
)
|
|
|
|
226,993
|
|
|
|
|
156,948
|
|
|
Income tax expense
|
|
|
|
(537
|
)
|
|
|
|
(121
|
)
|
|
|
|
(4,020
|
)
|
|
|
|
(1,566
|
)
|
|
Equity in earnings (losses) of an investee
|
|
|
|
30
|
|
|
|
|
(50
|
)
|
|
|
|
137
|
|
|
|
|
21
|
|
|
Income (loss) before gain on sale of real estate
|
|
|
|
63,186
|
|
|
|
|
(19,494
|
)
|
|
|
|
223,110
|
|
|
|
|
155,403
|
|
|
Gain on sale of real estate (8)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
11,015
|
|
|
Net income (loss)
|
|
|
|
63,186
|
|
|
|
|
(19,494
|
)
|
|
|
|
223,110
|
|
|
|
|
166,418
|
|
|
Preferred distributions
|
|
|
|
(5,166
|
)
|
|
|
|
(5,166
|
)
|
|
|
|
(20,664
|
)
|
|
|
|
(20,664
|
)
|
|
Net income (loss) available for common shareholders
|
|
|
|
$
|
58,020
|
|
|
|
|
$
|
(24,660
|
)
|
|
|
|
$
|
202,446
|
|
|
|
|
$
|
145,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic)
|
|
|
|
164,120
|
|
|
|
|
151,400
|
|
|
|
|
156,062
|
|
|
|
|
150,709
|
|
|
Weighted average common shares outstanding (diluted)
|
|
|
|
164,128
|
|
|
|
|
151,400
|
|
|
|
|
156,088
|
|
|
|
|
151,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available for common shareholders per common share
(basic and diluted)
|
|
|
|
$
|
0.35
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
$
|
1.30
|
|
|
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes on pages 10 and 11
|
|
|
|
|
|
|
HOSPITALITY PROPERTIES TRUST
RECONCILIATIONS OF FUNDS FROM OPERATIONS,
NORMALIZED FUNDS FROM OPERATIONS, EBITDA AND ADJUSTED EBITDA
(amounts in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Calculation of Funds from Operations (FFO) and Normalized FFO
available for common shareholders: (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available for common shareholders
|
|
|
|
$
|
58,020
|
|
|
|
|
$
|
(24,660
|
)
|
|
|
|
$
|
202,446
|
|
|
|
|
$
|
145,754
|
|
|
Add (Less):
|
|
Depreciation and amortization
|
|
|
|
91,150
|
|
|
|
|
85,964
|
|
|
|
|
357,342
|
|
|
|
|
329,776
|
|
|
|
|
Gain on sale of real estate (8)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(11,015
|
)
|
|
FFO available for common shareholders
|
|
|
|
149,170
|
|
|
|
|
61,304
|
|
|
|
|
559,788
|
|
|
|
|
464,515
|
|
|
Add (Less):
|
|
Acquisition related costs (5)
|
|
|
|
482
|
|
|
|
|
389
|
|
|
|
|
1,367
|
|
|
|
|
2,375
|
|
|
|
|
Business management incentive fees (4)
|
|
|
|
(56,272
|
)
|
|
|
|
(17,383
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Loss on distribution to common shareholders of RMR common stock (6)
|
|
|
|
—
|
|
|
|
|
36,773
|
|
|
|
|
—
|
|
|
|
|
36,773
|
|
|
|
|
Loss on early extinguishment of debt (7)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
228
|
|
|
|
|
—
|
|
|
Normalized FFO available for common shareholders
|
|
|
|
$
|
93,380
|
|
|
|
|
$
|
81,083
|
|
|
|
|
$
|
561,383
|
|
|
|
|
$
|
503,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic)
|
|
|
|
164,120
|
|
|
|
|
151,400
|
|
|
|
|
156,062
|
|
|
|
|
150,709
|
|
|
Weighted average common shares outstanding (diluted)
|
|
|
|
164,128
|
|
|
|
|
151,400
|
|
|
|
|
156,088
|
|
|
|
|
151,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available for common shareholders
|
|
|
|
$
|
0.91
|
|
|
|
|
$
|
0.40
|
|
|
|
|
$
|
3.59
|
|
|
|
|
$
|
3.08
|
|
|
|
|
Normalized FFO available for common shareholders
|
|
|
|
$
|
0.57
|
|
|
|
|
$
|
0.54
|
|
|
|
|
$
|
3.60
|
|
|
|
|
$
|
3.34
|
|
|
|
|
Distributions declared per share
|
|
|
|
$
|
0.51
|
|
|
|
|
$
|
0.50
|
|
|
|
|
$
|
2.03
|
|
|
|
|
$
|
1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Calculation of EBITDA and Adjusted EBITDA: (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
63,186
|
|
|
|
|
$
|
(19,494
|
)
|
|
|
|
$
|
223,110
|
|
|
|
|
$
|
166,418
|
|
|
Add:
|
|
Interest expense
|
|
|
|
37,349
|
|
|
|
|
36,980
|
|
|
|
|
161,913
|
|
|
|
|
144,898
|
|
|
|
|
Income tax expense
|
|
|
|
537
|
|
|
|
|
121
|
|
|
|
|
4,020
|
|
|
|
|
1,566
|
|
|
|
|
Depreciation and amortization
|
|
|
|
91,150
|
|
|
|
|
85,964
|
|
|
|
|
357,342
|
|
|
|
|
329,776
|
|
|
EBITDA
|
|
|
|
192,222
|
|
|
|
|
103,571
|
|
|
|
|
746,385
|
|
|
|
|
642,658
|
|
|
Add (less):
|
|
Acquisition related costs (5)
|
|
|
|
482
|
|
|
|
|
389
|
|
|
|
|
1,367
|
|
|
|
|
2,375
|
|
|
|
|
General and administrative expense paid in common shares (11)
|
|
|
|
557
|
|
|
|
|
379
|
|
|
|
|
2,834
|
|
|
|
|
4,105
|
|
|
|
|
Business management incentive fees (4)
|
|
|
|
(56,272
|
)
|
|
|
|
(17,383
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Loss on distribution to common shareholders of RMR common stock (6)
|
|
|
|
—
|
|
|
|
|
36,773
|
|
|
|
|
—
|
|
|
|
|
36,773
|
|
|
|
|
Loss on early extinguishment of debt (7)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
228
|
|
|
|
|
—
|
|
|
|
|
Gain on sale of real estate (8)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(11,015
|
)
|
|
Adjusted EBITDA
|
|
|
|
$
|
136,989
|
|
|
|
|
$
|
123,729
|
|
|
|
|
$
|
750,814
|
|
|
|
|
$
|
674,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes on pages 10 and 11
(1) At December 31, 2016, HPT owned 306 hotels; 303 of these hotels were
managed by hotel operating companies and three hotels were leased to
hotel operating companies. At December 31, 2016, HPT also owned 198
travel centers; all 198 of these travel centers were leased to a travel
center operating company under five lease agreements. HPT’s consolidated
statements of income (loss) include hotel operating revenues and
expenses of managed hotels and rental income from its leased hotels and
travel centers. Certain of HPT's managed hotels had net operating
results that were, in the aggregate, $17,751 and $13,597 less than the
minimum returns due to HPT in the three months ended December 31, 2016
and 2015, respectively, and $28,421 and $28,644 less than the minimum
returns due to HPT in the years ended December 31, 2016 and 2015,
respectively. When the managers of these hotels fund the shortfalls
under the terms of HPT’s operating agreements or their guarantees, HPT
reflects such fundings (including security deposit applications) in its
consolidated statements of income (loss) as a reduction of hotel
operating expenses. Hotel operating expenses were reduced by $3,860 and
$2,002 in the three months ended December 31, 2016 and 2015,
respectively, and reduced by $2,918 and $2,574 in the years ended
December 31, 2016 and 2015, respectively, as a result of such fundings.
HPT had shortfalls at certain of its managed hotel portfolios not funded
by the managers of these hotels under the terms of its operating
agreements of $13,476 and $11,595 in the three months ended December 31,
2016 and 2015, respectively, and $25,503 and $26,070 in the years ended
December 31, 2016 and 2015, respectively, which represent the
unguaranteed portions of HPT's minimum returns from Sonesta. Certain of
HPT’s managed hotel portfolios had net operating results that were, in
the aggregate, $2,309 and $4,971 more than the minimum returns due to
HPT in the three months ended December 31, 2016 and 2015, respectively,
and $81,227 and $68,597 more than the minimum returns due to HPT in the
years ended December 31, 2016 and 2015, respectively. Certain guarantees
to HPT and security deposits held by HPT may be replenished by a share
of these excess cash flows from the applicable hotel operations pursuant
to the terms of the respective operating agreements or the guarantees.
When these guarantees and security deposits are replenished by cash
flows from hotel operations, HPT reflects such replenishments in its
consolidated statements of income (loss) as an increase to hotel
operating expenses. Hotel operating expenses were increased by $1,784
and $404 in the three months ended December 31, 2016 and 2015,
respectively, and $34,148 and $27,231 in the years ended December 31,
2016 and 2015, respectively, as a result of such replenishments.
(2) Rental income includes $3,193 and $3,760 in the three months ended
December 31, 2016 and 2015, respectively, and $13,570 and $9,568 in the
years ended December 31, 2016 and 2015, respectively, of adjustments
necessary to record scheduled rent increases under certain of HPT’s
leases, the deferred rent obligations under HPT’s travel center leases
and the estimated future payments to HPT under its travel center leases
for the cost of removing underground storage tanks on a straight line
basis. Rental income includes $1,303 and zero in the three months ended
December 31, 2016 and 2015, respectively, and $1,303 and $2,048 in the
years ended December 31, 2016 and December 31, 2015, respectively, of
percentage rental income.
(3) Various percentages of total sales at certain of HPT’s hotels are
escrowed as reserves for future renovations or refurbishment, or FF&E
reserve escrows. HPT owns all the FF&E reserve escrows for its hotels.
HPT reports deposits by its tenants into the escrow accounts under its
three hotel leases as FF&E reserve income. HPT does not report the
amounts which are escrowed as FF&E reserves for its managed hotels as
FF&E reserve income.
(4) Incentive fees under HPT’s business management agreement are payable
after the end of each calendar year, are calculated based on common
share total return, as defined, and are included in general and
administrative expense in HPT’s consolidated statements of income
(loss). In calculating net income (loss) in accordance with GAAP, HPT
recognizes estimated business management incentive fee expense, if any,
in the first, second and third quarters. Although HPT recognizes this
expense, if any, in the first, second and third quarters for purposes of
calculating net income (loss), HPT does not include these amounts in the
calculation of Normalized FFO available for common shareholders or
Adjusted EBITDA until the fourth quarter, which is when the actual
incentive fee expense amount for the year, if any, is determined. Net
income (loss) includes the reversal of $3,865 of previously accrued
estimated business management incentive fees and $44,880 of business
management incentive fee expense in the three months ended December 31,
2016 and 2015, respectively, and $52,407 and $62,263 of business
management incentive fee expense in the years ended December 31, 2016
and 2015, respectively. Normalized FFO available for common shareholders
and Adjusted EBITDA includes business management incentive fee expense
of $52,407 and $62,263 for both the three months and years ended
December 31, 2016 and 2015, respectively. Business management incentive
fees for 2016 and 2015 were paid in cash in January 2017 and 2016,
respectively.
(5) Represents costs associated with HPT’s acquisition activities.
(6) HPT recorded a $36,773 loss on the distribution HPT made to its
common shareholders of RMR common stock in the fourth quarter of 2015 as
a result of the closing price of RMR common stock being lower than HPT’s
carrying amount per share on the day RMR common stock was distributed to
HPT’s shareholders.
(7) HPT recorded losses of $228 on early extinguishment of debt in the
year ended December 31, 2016, in connection with the redemption of
certain senior unsecured notes.
(8) HPT recorded an $11,015 gain on sale of real estate in the year
ended December 31, 2015 in connection with the sale of five travel
centers.
(9) HPT calculates FFO available for common shareholders and Normalized
FFO available for common shareholders as shown above. FFO available for
common shareholders is calculated on the basis defined by The National
Association of Real Estate Investment Trusts, or NAREIT, which is net
income (loss) available for common shareholders calculated in accordance
with GAAP, excluding any gain or loss on sale of properties and loss on
impairment of real estate assets, if any, plus real estate depreciation
and amortization, as well as certain other adjustments currently not
applicable to HPT. HPT’s calculation of Normalized FFO available for
common shareholders differs from NAREIT’s definition of FFO available
for common shareholders because HPT includes business management
incentive fees, if any, only in the fourth quarter versus the quarter
when they are recognized as expense in accordance with GAAP due to their
quarterly volatility not necessarily being indicative of HPT’s core
operating performance and the uncertainty as to whether any such
business management incentive fees will ultimately be payable when all
contingencies for determining any such fees are determined at the end of
the calendar year, and HPT excludes acquisition related costs, loss on
distribution to common shareholders of RMR common stock and loss on
early extinguishment of debt. HPT considers FFO available for common
shareholders and Normalized FFO available for common shareholders to be
appropriate supplemental measures of operating performance for a REIT,
along with net income (loss), net income (loss) available for common
shareholders and operating income. HPT believes that FFO available for
common shareholders and Normalized FFO available for common shareholders
provide useful information to investors because by excluding the effects
of certain historical amounts, such as depreciation expense, FFO
available for common shareholders and Normalized FFO available for
common shareholders may facilitate a comparison of HPT’s operating
performance between periods and with other REITs. FFO available for
common shareholders and Normalized FFO available for common shareholders
are among the factors considered by HPT’s Board of Trustees when
determining the amount of distributions to shareholders. Other factors
include, but are not limited to, requirements to maintain HPT’s
qualification for taxation as a REIT, limitations in its credit
agreement and public debt covenants, the availability to HPT of debt and
equity capital, HPT’s expectation of its future capital requirements and
operating performance and HPT’s expected needs for and availability of
cash to pay its obligations. FFO available for common shareholders and
Normalized FFO available for common shareholders do not represent cash
generated by operating activities in accordance with GAAP and should not
be considered as alternatives to net income (loss), net income (loss)
available for common shareholders or operating income as an indicator of
HPT’s operating performance or as a measure of HPT’s liquidity. These
measures should be considered in conjunction with net income (loss), net
income (loss) available for common shareholders and operating income as
presented in HPT’s consolidated statements of income (loss). Other real
estate companies and REITs may calculate FFO available for common
shareholders and Normalized FFO available for common shareholders
differently than HPT does.
(10) HPT calculates EBITDA and Adjusted EBITDA as shown above. HPT
considers EBITDA and Adjusted EBITDA to be appropriate supplemental
measures of its operating performance, along with net income (loss), net
income (loss) available for common shareholders and operating income.
HPT believes that EBITDA and Adjusted EBITDA provide useful information
to investors because by excluding the effects of certain historical
amounts, such as interest, depreciation and amortization expense, EBITDA
and Adjusted EBITDA may facilitate a comparison of current operating
performance with HPT’s past operating performance. In calculating
Adjusted EBITDA, HPT includes business management incentive fees only in
the fourth quarter versus the quarter when they are recognized as
expense in accordance with GAAP due to their quarterly volatility not
necessarily being indicative of HPT’s core operating performance and the
uncertainty as to whether any such business management incentive fees
will ultimately be payable when all contingencies for determining any
such fees are determined at the end of the calendar year. EBITDA and
Adjusted EBITDA do not represent cash generated by operating activities
in accordance with GAAP and should not be considered an alternative to
net income (loss), net income (loss) available for common shareholders
or operating income as an indicator of operating performance or as a
measure of HPT’s liquidity. These measures should be considered in
conjunction with net income (loss), net income (loss) available for
common shareholders and operating income as presented in HPT’s
consolidated statements of income (loss). Other real estate companies
and REITs may calculate EBITDA and Adjusted EBITDA differently than HPT
does.
(11) Amounts represent the portion of business management fees that were
payable in HPT’s common shares as well as equity based compensation for
HPT’s trustees, its officers and certain other employees of HPT’s
manager. Beginning June 1, 2015, all business management fees are paid
in cash.
|
|
|
HOSPITALITY PROPERTIES TRUST
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate properties:
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
$
|
1,563,263
|
|
|
|
|
$
|
1,525,637
|
|
|
Buildings, improvements and equipment
|
|
|
|
7,152,458
|
|
|
|
|
6,736,135
|
|
|
Total real estate properties, gross
|
|
|
|
8,715,721
|
|
|
|
|
8,261,772
|
|
|
Accumulated depreciation
|
|
|
|
(2,512,456
|
)
|
|
|
|
(2,217,135
|
)
|
|
Total real estate properties, net
|
|
|
|
6,203,265
|
|
|
|
|
6,044,637
|
|
|
Cash and cash equivalents
|
|
|
|
10,896
|
|
|
|
|
13,682
|
|
|
Restricted cash (FF&E reserve escrow)
|
|
|
|
60,456
|
|
|
|
|
51,211
|
|
|
Due from related persons
|
|
|
|
65,332
|
|
|
|
|
50,987
|
|
|
Other assets, net
|
|
|
|
294,279
|
|
|
|
|
234,280
|
|
|
Total assets
|
|
|
|
$
|
6,634,228
|
|
|
|
|
$
|
6,394,797
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured revolving credit facility
|
|
|
|
$
|
191,000
|
|
|
|
|
$
|
465,000
|
|
|
Unsecured term loan, net
|
|
|
|
398,421
|
|
|
|
|
397,756
|
|
|
Senior unsecured notes, net
|
|
|
|
2,565,908
|
|
|
|
|
2,403,439
|
|
|
Convertible senior unsecured notes
|
|
|
|
8,478
|
|
|
|
|
8,478
|
|
|
Security deposits
|
|
|
|
89,338
|
|
|
|
|
53,579
|
|
|
Accounts payable and other liabilities
|
|
|
|
188,053
|
|
|
|
|
179,783
|
|
|
Due to related persons
|
|
|
|
58,475
|
|
|
|
|
69,514
|
|
|
Dividends payable
|
|
|
|
5,166
|
|
|
|
|
5,166
|
|
|
Total liabilities
|
|
|
|
3,504,839
|
|
|
|
|
3,582,715
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
Preferred shares of beneficial interest, no par value; 100,000,000
shares authorized:
|
|
|
|
|
|
|
|
|
|
Series D preferred shares; 7 1/8% cumulative redeemable; 11,600,000
shares issued and outstanding, aggregate liquidation preference of
$290,000
|
|
|
|
280,107
|
|
|
|
|
280,107
|
|
|
Common shares of beneficial interest, $.01 par value; 200,000,000
shares authorized; 164,268,199 and 151,547,288 shares issued and
outstanding, respectively
|
|
|
|
1,643
|
|
|
|
|
1,515
|
|
|
Additional paid in capital
|
|
|
|
4,539,673
|
|
|
|
|
4,165,911
|
|
|
Cumulative net income
|
|
|
|
3,104,767
|
|
|
|
|
2,881,657
|
|
|
Cumulative other comprehensive income (loss)
|
|
|
|
39,583
|
|
|
|
|
(15,523
|
)
|
|
Cumulative preferred distributions
|
|
|
|
(341,977
|
)
|
|
|
|
(321,313
|
)
|
|
Cumulative common distributions
|
|
|
|
(4,494,407
|
)
|
|
|
|
(4,180,272
|
)
|
|
Total shareholders’ equity
|
|
|
|
3,129,389
|
|
|
|
|
2,812,082
|
|
|
Total liabilities and shareholders’ equity
|
|
|
|
$
|
6,634,228
|
|
|
|
|
$
|
6,394,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the Nasdaq.
No shareholder,
Trustee or officer is personally liable for any act or obligation of the
Trust.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170301005623/en/
Source: Hospitality Properties Trust