Normalized FFO of $0.99 Per Share for Third Quarter, Up 15.1% Year
Over Year
Third Quarter Adjusted EBITDA Growth of 13.0% Year Over Year
Third Quarter Comparable Hotel RevPAR Growth of 7.8% Year Over Year
NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (NYSE: HPT) today announced its financial
results for the quarter and nine months ended September 30, 2015,
compared to the results for the prior year comparable periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except per share and RevPAR data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available for common shareholders
|
|
|
|
$
|
56,019
|
|
|
|
|
$
|
44,031
|
|
|
|
$
|
170,414
|
|
|
|
|
$
|
125,164
|
Net income available for common shareholders per share (basic and
diluted)
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
0.29
|
|
|
|
$
|
1.13
|
|
|
|
|
$
|
0.84
|
Adjusted EBITDA (1)
|
|
|
|
$
|
192,713
|
|
|
|
|
$
|
170,505
|
|
|
|
$
|
551,167
|
|
|
|
|
$
|
497,432
|
Adjusted EBITDA growth
|
|
|
|
13.0
|
%
|
|
|
|
—
|
|
|
|
10.8
|
%
|
|
|
|
—
|
Normalized FFO available for common shareholders (1)
|
|
|
|
$
|
149,692
|
|
|
|
|
$
|
129,158
|
|
|
|
$
|
422,580
|
|
|
|
|
$
|
371,905
|
Normalized FFO available for common shareholders per share (diluted) (1)
|
|
|
|
$
|
0.99
|
|
|
|
|
$
|
0.86
|
|
|
|
$
|
2.80
|
|
|
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel RevPAR
|
|
|
|
$
|
97.59
|
|
|
|
|
$
|
90.54
|
|
|
|
$
|
93.92
|
|
|
|
|
$
|
85.80
|
Comparable hotel RevPAR growth
|
|
|
|
7.8
|
%
|
|
|
|
—
|
|
|
|
9.5
|
%
|
|
|
|
—
|
RevPAR (all hotels)
|
|
|
|
$
|
97.18
|
|
|
|
|
$
|
90.85
|
|
|
|
$
|
93.78
|
|
|
|
|
$
|
85.97
|
RevPAR growth (all hotels)
|
|
|
|
7.0
|
%
|
|
|
|
—
|
|
|
|
9.1
|
%
|
|
|
|
—
|
Coverage of HPT’s minimum returns and rents for hotels
|
|
|
|
1.17x
|
|
|
|
1.08x
|
|
|
|
|
1.13x
|
|
|
|
|
0.98x
|
Coverage of HPT's minimum rents for travel centers
|
|
|
|
|
1.75x
|
|
|
|
|
1.79x
|
|
|
|
1.80x
|
|
|
|
1.70x
|
(1) Reconciliations of net income available for common shareholders
determined in accordance with U.S. generally accepted accounting
principles, or GAAP, to funds from operations, or FFO, and Normalized
FFO available for common shareholders, and net income to earnings before
interest, taxes, depreciation and amortization, or EBITDA, and EBITDA as
adjusted, or Adjusted EBITDA, for the three and nine month periods ended
September 30, 2015 and 2014 appear later in this press release.
John Murray, President and Chief Operating Officer of HPT, made the
following statement regarding today’s announcement:
“We are pleased with the continued strong performance from our hotel and
travel center portfolios this quarter which resulted in Normalized FFO
per share growth of 15.1% and Adjusted EBITDA growth of 13.0%. Our
comparable hotel RevPAR growth of 7.8% exceeded the hotel industry’s
performance for the eleventh consecutive quarter. We were also active on
the acquisition front this quarter, expanding both our travel center and
hotel portfolios at prices we believe are attractive.”
Results for the Three and Nine Months Ended September 30, 2015 and
Recent Activities:
-
Net Income Available for Common Shareholders: Net income
available for common shareholders for the quarter ended September 30,
2015 was $56.0 million, or $0.37 per diluted share, compared to $44.0
million, or $0.29 per diluted share, for the quarter ended September
30, 2014. The weighted average number of diluted common shares
outstanding was 151.4 million for the quarter ended September 30, 2015
and 150.0 million for the quarter ended September 30, 2014.
Net
income available for common shareholders for the nine months ended
September 30, 2015 was $170.4 million, or $1.13 per diluted share,
compared to $125.2 million, or $0.84 per diluted share, for the nine
months ended September 30, 2014. Net income available for common
shareholders for the nine months ended September 30, 2015 includes an
$11.0 million, or $0.07 per share, gain on the sale of real estate.
The weighted average number of diluted common shares outstanding was
150.9 million for the nine months ended September 30, 2015 and 149.8
million for the nine months ended September 30, 2014.
-
Adjusted EBITDA: Adjusted EBITDA for the quarter ended
September 30, 2015 compared to the same period in 2014 increased 13.0%
to $192.7 million.
Adjusted EBITDA for the nine months
ended September 30, 2015 compared to the same period in 2014 increased
10.8% to $551.2 million.
-
Normalized FFO available for common shareholders: Normalized
FFO available for common shareholders for the quarter ended September
30, 2015 were $149.7 million, or $0.99 per diluted share, compared to
Normalized FFO available for common shareholders for the quarter ended
September 30, 2014 of $129.2 million, or $0.86 per diluted share. The
15.1% increase in Normalized FFO available for common shareholders per
diluted share is due primarily to the impact of HPT’s hotel and travel
center acquisitions since July 1, 2014, the increase in returns
realized due to the improvement in operating results at certain of
HPT’s hotels, and increases in FF&E reserve income and deposits under
HPT’s hotel agreements.
Normalized FFO available for common
shareholders for the nine months ended September 30, 2015 were $422.6
million, or $2.80 per diluted share, compared to Normalized FFO
available for common shareholders for the nine months ended September
30, 2014 of $371.9 million, or $2.48 per diluted share.
-
Comparable Hotel RevPAR: For the quarter ended September 30,
2015 compared to the same period in 2014 for HPT’s 291 hotels that it
owned continuously since July 1, 2014: average daily rate, or ADR,
increased 6.3% to $122.14; occupancy increased 1.1 percentage points
to 79.9%; and revenue per available room, or RevPAR, increased 7.8% to
$97.59.
For the nine months ended September 30, 2015
compared to the same period in 2014 for HPT’s 290 comparable hotels
that it owned continuously since January 1, 2014: ADR increased 7.5%
to $121.50; occupancy increased 1.4 percentage points to 77.3%; and
RevPAR increased 9.5% to $93.92.
-
RevPAR (all hotels): For the quarter ended September 30, 2015
compared to the same period in 2014 for HPT’s 302 hotels: ADR
increased 6.2% to $122.24; occupancy increased 0.6 percentage points
to 79.5%; and RevPAR increased 7.0% to $97.18.
For the nine
months ended September 30, 2015 compared to the same period in 2014
for HPT’s 302 hotels: ADR increased 7.2% to $121.63; occupancy
increased 1.3 percentage points to 77.1%; and RevPAR increased 9.1% to
$93.78.
-
Hotel Coverage of Minimum Returns and Rents: For the three
months ended September 30, 2015, the aggregate coverage ratio of (x)
total property level revenues minus FF&E reserve escrows, if any, and
all property level expenses 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 1.17x from 1.08x for the three
months ended September 30, 2014.
For the nine months ended
September 30, 2015, the aggregate coverage ratio of (x) total property
level revenues minus FF&E reserve escrows, if any, and all property
level expenses 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 1.13x from 0.98x for the nine months
ended September 30, 2014.
As of September 30, 2015,
approximately 68% of HPT’s aggregate annual minimum returns and rents
from its hotels were secured by guarantees or security deposits from
HPT’s managers and tenants pursuant to the terms of HPT’s hotel
operating agreements.
-
Recent Property Acquisition and Disposition Activities: On July
23, 2015, HPT acquired nine extended stay hotels with 1,095 suites
located in eight states for $85.0 million, excluding acquisition
related costs. HPT converted these hotels to the Sonesta ES Suites®
hotel brand and added these hotels to its management agreement with
Sonesta International Hotels Corporation, or Sonesta. HPT currently
expects to spend approximately $45.0 million to upgrade these hotels
to Sonesta ES Suites® brand standards.
On
September 23, 2015, HPT acquired from TravelCenters of America LLC
(NYSE: TA), or TA, two travel centers and certain assets at one travel
center it leases to TA for an aggregate purchase price of $51.5
million, excluding acquisition related costs.
On October
27, 2015, HPT entered an agreement to acquire two extended stay hotels
with 262 suites located in Cleveland, OH and Westlake, OH for an
aggregate purchase price of $12.0 million. HPT plans to convert these
hotels to Sonesta ES Suites® hotel brand and add them to
its management agreement with Sonesta.
On October 30, 2015,
HPT acquired the land and certain improvements at a travel center
located in Waterloo, NY it leased from a third party and subleased to
TA for $15.0 million, excluding acquisition related costs.
Tenants and Managers: As of September 30, 2015, HPT had
nine operating agreements with seven hotel operating companies for 302
hotels with 45,864 rooms, which represented 66% of HPT’s total annual
minimum returns and rents.
-
Marriott Agreements: During the three months ended September
30, 2015, 122 hotels owned by HPT 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 up to $68.3
million (approximately $17.1 million per quarter). Because there is no
guarantee or security deposit for this agreement, the minimum returns
HPT receives under this agreement are limited to available hotel cash
flow after payment of operating expenses and funding of the FF&E
reserve. During the three months ended September 30, 2015, HPT
realized returns under its Marriott No. 1 agreement of $20.2 million.
HPT’s Marriott No. 234 agreement includes 68 hotels and requires
annual minimum returns to HPT of $106.2 million (approximately $26.6
million per quarter). During the three months ended September 30,
2015, HPT realized returns under its Marriott No. 234 agreement of
$26.6 million. During the three months ended September 30, 2015, HPT
replenished the available security deposit under its Marriott No. 234
agreement by $3.7 million from its share of hotel cash flows in excess
of the minimum returns due for the period. At September 30, 2015, the
available security deposit which HPT held to pay future payment
shortfalls for the Marriott No. 234 agreement was $7.4 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 September 30,
2015 of $2.5 million was paid to HPT.
-
InterContinental Agreement: During the three months ended
September 30, 2015, HPT realized returns and rents of $40.1 million
under its agreement with subsidiaries of InterContinental Hotels
Group, plc, or InterContinental, which includes 93 hotels and requires
annual minimum returns/rent to HPT of $149.8 million (approximately
$37.5 million per quarter). During the three months ended September
30, 2015, HPT replenished the available security deposit by $5.0
million from its share of hotel cash flows in excess of the returns
and rents due for the period. At September 30, 2015, the available
security deposit which HPT held to pay future payment shortfalls was
$45.7 million.
-
Other Hotel Agreements: As of September 30, 2015, HPT’s
remaining 87 hotels are operated under five agreements: one management
agreement with Sonesta (31 hotels), requiring annual minimum returns
of $81.4 million (approximately $20.4 million per quarter); one
management agreement with a subsidiary of Wyndham Worldwide
Corporation (NYSE: WYN), or Wyndham (22 hotels), requiring annual
minimum returns of $27.8 million (approximately $7.0 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 (approximately $5.5 million per quarter); one
management agreement with a subsidiary of Carlson Hotels Worldwide, or
Carlson (11 hotels), requiring annual minimum returns of $12.9 million
(approximately $3.2 million per quarter); and one lease with a
subsidiary of Morgans Hotel Group Co. (NASDAQ: MHGC) (1 hotel)
requiring annual minimum rent of $7.6 million (approximately $1.9
million per quarter). Minimum returns and rents due 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 this agreement are limited to
available hotel cash flow after payment of operating expenses. The
payments due to HPT under these agreements for the three months ended
September 30, 2015 were paid to HPT.
-
Travel Center Agreements: As of September 30, 2015, HPT had
five leases with TA for 193 travel centers located along the U.S.
Interstate Highway system requiring aggregate annual minimum rents of
$253.9 million ($63.5 million per quarter), which represent 34% of
HPT’s total annual minimum returns and rents. As of September 30,
2015, all payments due to HPT from TA under these leases were current.
For
the three months ended September 30, 2015, the aggregate coverage
ratio of (x) total cash flow at the leased travel centers available to
pay HPT’s minimum rent due from TA to (y) HPT’s minimum rent due from
TA decreased to 1.75x from 1.79x for the three months ended September
30, 2014. For the nine months ended September 30, 2015, the aggregate
coverage ratio of (x) total cash flow at the leased travel centers
available to pay HPT’s minimum rent due from TA to (y) HPT’s minimum
rent due from TA increased to 1.80x from 1.70x for the nine months
ended September 30, 2014.
Conference Call:
On Monday, November 9, 2015, at 1:00 p.m. Eastern Time, John Murray,
President and Chief Operating Officer, and Mark Kleifges, Treasurer and
Chief Financial Officer, will host a conference call to discuss the
results for the quarter ended September 30, 2015. 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 Monday, November
16, 2015. To hear the replay, dial (412) 317-0088. The replay pass code
is 10074263.
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 third
quarter conference call is strictly prohibited without the prior written
consent of HPT.
Supplemental Data:
A copy of HPT’s Third Quarter 2015 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 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” 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 THESE FORWARD LOOKING
STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
-
HPT EXPECTS THAT MARRIOTT WILL PAY HPT UP TO 90% OF ITS MINIMUM
RETURNS INCLUDED IN HPT’S MARRIOTT NO. 234 AGREEMENT UNDER A LIMITED
GUARANTY AFTER HPT DEPLETES THE SECURITY DEPOSIT IT HOLDS FOR ANY
PAYMENT SHORTFALLS. THIS STATEMENT IMPLIES THAT MARRIOTT WILL FULFILL
ITS OBLIGATION UNDER THIS GUARANTY OR THAT ANY FUTURE SHORTFALLS IN
THE MINIMUM RETURNS DUE TO HPT FROM ITS HOTELS MANAGED BY MARRIOTT
WILL NOT EXHAUST THE GUARANTY AND SECURITY DEPOSIT HPT HOLDS. HOWEVER,
THIS GUARANTY IS LIMITED IN AMOUNT AND EXPIRES ON DECEMBER 31, 2019,
AND HPT CAN PROVIDE NO ASSURANCE WITH REGARD TO MARRIOTT’S FUTURE
ACTIONS OR THE FUTURE PERFORMANCE OF HPT’S HOTELS TO WHICH THE
MARRIOTT LIMITED GUARANTY APPLIES OR AFTER MARRIOTT’S GUARANTY EXPIRES,
-
HPT EXPECTS THAT INTERCONTINENTAL WILL CONTINUE TO PAY THE MINIMUM
RETURNS INCLUDED IN HPT’S MANAGEMENT AGREEMENT WITH INTERCONTINENTAL
AND THAT HPT WILL UTILIZE THE SECURITY DEPOSIT IT HOLDS FOR ANY
PAYMENT SHORTFALLS. HOWEVER, THE SECURITY DEPOSIT HPT HOLDS FOR
INTERCONTINENTAL’S OBLIGATIONS IS FOR A LIMITED AMOUNT AND HPT CAN
PROVIDE NO ASSURANCE THAT THE SECURITY DEPOSIT WILL BE ADEQUATE TO
COVER FUTURE SHORTFALLS IN THE MINIMUM RETURNS DUE TO HPT FROM ITS
HOTELS MANAGED BY INTERCONTINENTAL. MOREOVER, THIS SECURITY DEPOSIT IS
NOT ESCROWED OR OTHERWISE SEGREGATED FROM HPT’S OTHER ASSETS AND
LIABILITIES; ACCORDINGLY, IF HPT APPLIES THIS SECURITY DEPOSIT TO
COVER MINIMUM PAYMENTS DUE, HPT WILL RECORD INCOME BUT IT WILL NOT
RECEIVE ANY ADDITIONAL CASH,
-
AS OF SEPTEMBER 30, 2015, APPROXIMATELY 68% OF HPT’S AGGREGATE ANNUAL
MINIMUM RETURNS AND RENTS FOR ITS HOTELS WERE SECURED BY GUARANTEES
AND SECURITY DEPOSITS FROM HPT’S MANAGERS AND TENANTS. THIS MAY IMPLY
THAT THESE MINIMUM RETURNS AND RENTS WILL BE PAID. IN FACT, THESE
GUARANTEES AND SECURITY DEPOSITS ARE LIMITED IN AMOUNT AND DURATION
AND THE GUARANTEES ARE SUBJECT TO THE GUARANTORS’ ABILITY AND
WILLINGNESS TO PAY. FURTHER, THE SECURITY DEPOSITS ARE NOT SEGREGATED
FROM HPT’S OTHER ASSETS AND THE APPLICATION OF SECURITY DEPOSITS TO
COVER SHORTFALLS WILL RESULT IN HPT RECORDING INCOME, BUT WILL NOT
RESULT IN HPT RECEIVING ADDITIONAL CASH,
-
THIS PRESS RELEASE STATES THAT HPT BELIEVES THAT ITS RECENT
ACQUISITIONS ARE AT ATTRACTIVE PRICES. THE HOTELS HPT HAS RECENTLY
ACQUIRED REQUIRE EXTENSIVE RENOVATIONS. WHEN THESE RENOVATIONS ARE
COMPLETED THE FULL PRICE OF THE HOTEL ACQUISITIONS AND RENOVATIONS MAY
NOT BE ATTRACTIVE. ALSO, CHANGING MARKET CONDITIONS MAY MAKE THE
ACQUISITION PRICES PAID BY HPT SEEM EXPENSIVE,
-
HPT CURRENTLY EXPECTS TO SPEND APPROXIMATELY $45.0 MILLION TO UPGRADE
NINE HOTELS IT HAS ACQUIRED TO SONESTA ES SUITES® BRAND
STANDARDS. IT IS DIFFICULT TO ACCURATELY ESTIMATE THE COST OF HOTEL
RENOVATIONS. ONCE A RENOVATION PROJECT HAS BEGUN IT IS OFTEN
COMMERCIALLY APPROPRIATE TO COMPLETE THE PROJECT EVEN IF COSTS
INCREASE. THIS PLANNED RENOVATION PROJECT MAY COST MORE OR LESS THAN
HPT CURRENTLY EXPECTS,
-
HPT HAS ENTERED AN AGREEMENT TO ACQUIRE TWO HOTELS FOR AN AGGREGATE
PURCHASE PRICE OF $12.0 MILLION, AND HPT EXPECTS THAT IT WILL ADD
THESE HOTELS TO ITS EXISTING MANAGEMENT AGREEMENT WITH SONESTA. THIS
TRANSACTION IS SUBJECT TO VARIOUS TERMS AND CONDITIONS. THESE TERMS
AND CONDITIONS MAY NOT BE MET. AS A RESULT, THIS ACQUISITION AND THE
EXPECTED MANAGEMENT ARRANGEMENT MAY BE DELAYED OR MAY NOT OCCUR OR THE
TERMS MAY CHANGE, AND
-
HPT’S REVPAR GROWTH HAS EXCEEDED THE HOTEL INDUSTRY’S PERFORMANCE FOR
ELEVEN CONSECUTIVE QUARTERS. THIS STATEMENT MAY IMPLY THAT HPT’S
REVPAR WILL CONTINUE TO GROW AND EXCEED THE INDUSTRY’S PERFORMANCE.
HPT’S HOTEL BUSINESS IS SUBJECT TO VARIOUS RISKS AND FACTORS, SOME OF
WHICH ARE BEYOND HPT’S CONTROL. THERE CAN BE NO ASSURANCE THAT HPT’S
REVPAR WILL CONTINUE TO GROW, OR THAT HPT’S REVPAR RESULTS WILL
CONTINUE TO EXCEED THE INDUSTRY’S PERFORMANCE. THE REVPAR AT HPT’S
HOTELS IN THE FUTURE MAY NOT EXCEED HOTEL INDUSTRY PERFORMANCE
MEASURES AND IT MAY DECLINE.
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.
HOSPITALITY PROPERTIES TRUST
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(amounts in thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues (1)
|
|
|
|
$
|
437,171
|
|
|
|
$
|
394,973
|
|
|
|
$
|
1,243,744
|
|
|
|
$
|
1,112,157
|
Rental income (2) (3)
|
|
|
|
|
73,747
|
|
|
|
|
63,837
|
|
|
|
|
207,561
|
|
|
|
|
190,959
|
FF&E reserve income (4)
|
|
|
|
|
968
|
|
|
|
|
829
|
|
|
|
|
3,159
|
|
|
|
|
2,673
|
Total revenues
|
|
|
|
|
511,886
|
|
|
|
|
459,639
|
|
|
|
|
1,454,464
|
|
|
|
|
1,305,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses (1)
|
|
|
|
|
308,603
|
|
|
|
|
279,560
|
|
|
|
|
870,689
|
|
|
|
|
780,955
|
Depreciation and amortization
|
|
|
|
|
84,261
|
|
|
|
|
79,649
|
|
|
|
|
243,812
|
|
|
|
|
236,699
|
General and administrative (5)
|
|
|
|
|
19,831
|
|
|
|
|
16,798
|
|
|
|
|
53,820
|
|
|
|
|
41,429
|
Acquisition related costs (6)
|
|
|
|
|
851
|
|
|
|
|
14
|
|
|
|
|
1,986
|
|
|
|
|
237
|
Total expenses
|
|
|
|
|
413,546
|
|
|
|
|
376,021
|
|
|
|
|
1,170,307
|
|
|
|
|
1,059,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
98,340
|
|
|
|
|
83,618
|
|
|
|
|
284,157
|
|
|
|
|
246,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
11
|
|
|
|
|
13
|
|
|
|
|
32
|
|
|
|
|
63
|
Interest expense (including amortization of deferred financing costs
and debt discounts of $1,458 and $1,316, and $4,374 and $4,034,
respectively)
|
|
|
|
|
(36,628)
|
|
|
|
|
(34,304)
|
|
|
|
|
(107,918)
|
|
|
|
|
(104,101)
|
Loss on early extinguishment of debt (7)
|
|
|
|
|
-
|
|
|
|
|
(129)
|
|
|
|
|
-
|
|
|
|
|
(855)
|
Income before income taxes, equity in earnings (losses) of an
investee and gain on sale of real estate
|
|
|
|
|
61,723
|
|
|
|
|
49,198
|
|
|
|
|
176,271
|
|
|
|
|
141,576
|
Income tax expense
|
|
|
|
|
(514)
|
|
|
|
|
(39)
|
|
|
|
|
(1,445)
|
|
|
|
|
(1,110)
|
Equity in earnings (losses) of an investee
|
|
|
|
|
(24)
|
|
|
|
|
38
|
|
|
|
|
71
|
|
|
|
|
66
|
Income before gain on sale of real estate
|
|
|
|
|
61,185
|
|
|
|
|
49,197
|
|
|
|
|
174,897
|
|
|
|
|
140,532
|
Gain on sale of real estate (8)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
11,015
|
|
|
|
|
130
|
Net income
|
|
|
|
|
61,185
|
|
|
|
|
49,197
|
|
|
|
|
185,912
|
|
|
|
|
140,662
|
Preferred distributions
|
|
|
|
|
(5,166)
|
|
|
|
|
(5,166)
|
|
|
|
|
(15,498)
|
|
|
|
|
(15,498)
|
Net income available for common shareholders
|
|
|
|
$
|
56,019
|
|
|
|
$
|
44,031
|
|
|
|
$
|
170,414
|
|
|
|
$
|
125,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic)
|
|
|
|
|
151,359
|
|
|
|
|
149,665
|
|
|
|
|
150,476
|
|
|
|
|
149,616
|
Weighted average common shares outstanding (diluted)
|
|
|
|
|
151,386
|
|
|
|
|
150,007
|
|
|
|
|
150,863
|
|
|
|
|
149,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available for common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.29
|
|
|
|
$
|
1.13
|
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
|
2014
|
|
Calculation of Funds from Operations (FFO) and Normalized FFO
available for common shareholders: (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available for common shareholders
|
|
|
|
$
|
56,019
|
|
|
|
$
|
44,031
|
|
|
|
$
|
170,414
|
|
|
|
|
$
|
125,164
|
|
Add (Less):
|
|
|
Depreciation and amortization
|
|
|
|
|
84,261
|
|
|
|
|
79,649
|
|
|
|
|
243,812
|
|
|
|
|
|
236,699
|
|
|
|
|
Gain on sale of real estate (8)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(11,015
|
)
|
|
|
|
|
(130
|
)
|
FFO available for common shareholders
|
|
|
|
|
140,280
|
|
|
|
|
123,680
|
|
|
|
|
403,211
|
|
|
|
|
|
361,733
|
|
Add (Less):
|
|
|
Acquisition related costs (6)
|
|
|
|
|
851
|
|
|
|
|
14
|
|
|
|
|
1,986
|
|
|
|
|
|
237
|
|
|
|
|
Estimated business management incentive fees (5)
|
|
|
|
|
8,561
|
|
|
|
|
4,778
|
|
|
|
|
17,383
|
|
|
|
|
|
6,951
|
|
|
|
|
Loss on early extinguishment of debt (7)
|
|
|
|
|
-
|
|
|
|
|
129
|
|
|
|
|
-
|
|
|
|
|
|
855
|
|
|
|
|
Deferred percentage rent (3)
|
|
|
|
|
-
|
|
|
|
|
557
|
|
|
|
|
-
|
|
|
|
|
|
2,129
|
|
Normalized FFO available for common shareholders
|
|
|
|
$
|
149,692
|
|
|
|
$
|
129,158
|
|
|
|
$
|
422,580
|
|
|
|
|
$
|
371,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic)
|
|
|
|
|
151,359
|
|
|
|
|
149,665
|
|
|
|
|
150,476
|
|
|
|
|
|
149,616
|
|
Weighted average common shares outstanding (diluted)
|
|
|
|
|
151,386
|
|
|
|
|
150,007
|
|
|
|
|
150,863
|
|
|
|
|
|
149,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available for common shareholders (basic)
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.83
|
|
|
|
$
|
2.68
|
|
|
|
|
$
|
2.42
|
|
|
|
|
FFO available for common shareholders (diluted)
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.82
|
|
|
|
$
|
2.67
|
|
|
|
|
$
|
2.41
|
|
|
|
|
Normalized FFO available for common shareholders (basic)
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.86
|
|
|
|
$
|
2.81
|
|
|
|
|
$
|
2.49
|
|
|
|
|
Normalized FFO available for common shareholders (diluted)
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.86
|
|
|
|
$
|
2.80
|
|
|
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
Calculation of EBITDA and Adjusted EBITDA: (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
61,185
|
|
|
|
$
|
49,197
|
|
|
|
$
|
185,912
|
|
|
$
|
140,662
|
|
Add:
|
|
|
Interest expense
|
|
|
|
|
36,628
|
|
|
|
|
34,304
|
|
|
|
|
107,918
|
|
|
|
104,101
|
|
|
|
|
Income tax expense
|
|
|
|
|
514
|
|
|
|
|
39
|
|
|
|
|
1,445
|
|
|
|
1,110
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
84,261
|
|
|
|
|
79,649
|
|
|
|
|
243,812
|
|
|
|
236,699
|
|
EBITDA
|
|
|
|
|
182,588
|
|
|
|
|
163,189
|
|
|
|
|
539,087
|
|
|
|
482,572
|
|
Add (Less):
|
|
|
Acquisition related costs (6)
|
|
|
|
|
851
|
|
|
|
|
14
|
|
|
|
|
1,986
|
|
|
|
237
|
|
|
|
|
General and administrative expense paid in common shares (11)
|
|
|
|
|
713
|
|
|
|
|
1,838
|
|
|
|
|
3,726
|
|
|
|
4,818
|
|
|
|
|
Estimated business management incentive fees (5)
|
|
|
|
|
8,561
|
|
|
|
|
4,778
|
|
|
|
|
17,383
|
|
|
|
6,951
|
|
|
|
|
Loss on early extinguishment of debt (7)
|
|
|
|
|
-
|
|
|
|
|
129
|
|
|
|
|
-
|
|
|
|
855
|
|
|
|
|
Deferred percentage rent (3)
|
|
|
|
|
-
|
|
|
|
|
557
|
|
|
|
|
-
|
|
|
|
2,129
|
|
|
|
|
Gain on sale of real estate (8)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(11,015
|
)
|
|
|
(130
|
)
|
Adjusted EBITDA
|
|
|
|
$
|
192,713
|
|
|
|
$
|
170,505
|
|
|
|
$
|
551,167
|
|
|
$
|
497,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) At September 30, 2015, HPT owned 302 hotels; 299 of these hotels are
leased by HPT to its taxable REIT subsidiaries, or TRSs, and managed by
hotel operating companies and three hotels are leased to hotel operating
companies. At September 30, 2015, HPT also owned 193 travel centers; all
193 of these travel centers are leased to a travel center operating
company under five lease agreements. HPT’s condensed consolidated
statements of income 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, $6,560 and $8,782 less than the minimum returns
due to HPT in the three months ended September 30, 2015 and 2014,
respectively, and $17,395 and $30,963 less than the minimum returns due
to HPT in the nine months ended September 30, 2015 and 2014,
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
condensed consolidated statements of income as a reduction of hotel
operating expenses. There was no reduction to hotel operating expenses
in the three months ended September 30, 2015. Hotel operating expenses
were reduced by $42 in the three months ended September 30, 2014 and by
$1,295 and $5,052 in the nine months ended September 30, 2015 and 2014,
respectively. 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 $6,560 and $8,740 in the three months ended
September 30, 2015 and 2014, respectively, and $16,100 and $25,911 in
the nine months ended September 30, 2015 and 2014, respectively, which
represent the unguaranteed portions of HPT’s minimum returns from
Sonesta. Certain of HPT’s guarantees and its security deposits may be
replenished by future cash flows from the applicable hotel operations
pursuant to the terms of the respective operating agreements. When HPT’s
guarantees and its security deposits are replenished by cash flows from
hotel operations, HPT reflects such replenishments in its condensed
consolidated financial statements as an increase to hotel operating
expenses. HPT had $11,970 and $4,150 of guarantee and security deposit
replenishments in the three months ended September 30, 2015 and 2014,
respectively, and $27,551 and $6,447 of guarantee and security deposit
replenishments in the nine months ended September 30, 2015 and 2014,
respectively.
(2) Rental income includes $3,752 and $553 in the three months ended
September 30, 2015 and 2014, respectively, and $5,807 and $1,659 in the
nine months ended September 30, 2015 and 2014, 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.
(3) In calculating net income in accordance with GAAP, HPT generally
recognizes percentage rental income received for the first, second and
third quarters in the fourth quarter, which is when all contingencies
have been met and the income is earned. In calculating net income in
accordance with GAAP for the second quarter of 2015, HPT recognized
$2,048 of percentage rent as a result of the modification of its travel
center leases.
(4) 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 third party tenants into the escrow accounts
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.
(5) Estimated incentive fees under HPT’s business management agreement
calculated based on common share total return, as defined, are included
in general and administrative expense in HPT’s condensed consolidated
financial statements. In calculating net income in accordance with GAAP,
HPT recognizes estimated business management incentive fee expense, if
any, each quarter. Although HPT recognizes this expense, if any, each
quarter for purposes of calculating net income, HPT does not include
these amounts in the calculation of Normalized FFO available for common
shareholders and Adjusted EBITDA until the fourth quarter, which is when
the actual expense amount for the year is determined. Incentive fees for
2015, if any, will be payable in cash in January 2016.
(6) Represents costs associated with HPT’s acquisition activities.
(7) HPT recorded a $726 loss on early extinguishment of debt in the
first quarter of 2014 in connection with amending the terms of its
unsecured revolving credit facility and unsecured term loan and the
redemption of certain senior unsecured notes. HPT recorded a $129 loss
on early extinguishment of debt in the third quarter of 2014 in
connection with the redemption of certain senior unsecured notes.
(8) HPT recorded an $11,015 gain on sale of real estate in the second
quarter of 2015 in connection with the sale of five travel centers. HPT
recorded a $130 gain on sale of real estate in the second quarter of
2014 in connection with the sale of one hotel.
(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 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, 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 estimated percentage rent
in the period to which HPT estimates that it relates rather than when it
is recognized as income in accordance with GAAP, HPT includes estimated
business management incentive fees, if any, only in the fourth quarter
versus the quarter when they are recognized as expense in accordance
with GAAP and HPT excludes acquisition related costs and losses on early
extinguishment of debt. HPT considers FFO available for common
shareholders and Normalized FFO available for common shareholders to be
appropriate measures of operating performance for a REIT, along with net
income, net income available for common shareholders, operating income
and cash flow from operating activities. 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 status as a REIT, limitations in its
revolving credit facility and term loan agreement and public debt
covenants, the availability of debt and equity capital to HPT, 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, operating income, net
income available for common shareholders or cash flow from operating
activities determined in accordance with GAAP, or as indicators of HPT’s
financial performance or liquidity, nor are these measures necessarily
indicative of sufficient cash flow to fund all of HPT’s needs. These
measures should be considered in conjunction with net income, operating
income, net income available for common shareholders and cash flow from
operating activities as presented in HPT’s condensed consolidated
statements of income and comprehensive income and condensed consolidated
statements of cash flows. Other REITs and real estate companies 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 measures of its
operating performance, along with net income, net income available for
common shareholders, operating income and cash flow from operating
activities. 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 past operating performance. 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, net income available for common shareholders,
operating income or cash flow from operating activities, determined in
accordance with GAAP, or as an indicator of financial performance or
liquidity, nor are these measures necessarily indicative of sufficient
cash flow to fund all of HPT’s needs. These measures should be
considered in conjunction with net income, operating income, net income
available for common shareholders and cash flow from operating
activities as presented in HPT’s condensed consolidated statements of
income and comprehensive income and condensed consolidated statements of
cash flows. Other REITs and real estate companies 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
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(amounts in thousands, except share data)
|
(Unaudited)
|
|
|
|
|
September 30,
|
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate properties, at cost:
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
$
|
1,527,504
|
|
|
|
$
|
1,484,210
|
Buildings, improvements and equipment
|
|
|
|
|
6,671,318
|
|
|
|
|
6,171,983
|
Total real estate properties, gross
|
|
|
|
|
8,198,822
|
|
|
|
|
7,656,193
|
Accumulated depreciation
|
|
|
|
|
(2,153,666)
|
|
|
|
|
(1,982,033)
|
Total real estate properties, net
|
|
|
|
|
6,045,156
|
|
|
|
|
5,674,160
|
Cash and cash equivalents
|
|
|
|
|
7,375
|
|
|
|
|
11,834
|
Restricted cash (FF&E reserve escrow)
|
|
|
|
|
44,296
|
|
|
|
|
33,982
|
Due from related persons
|
|
|
|
|
46,862
|
|
|
|
|
40,253
|
Other assets, net
|
|
|
|
|
350,861
|
|
|
|
|
222,333
|
Total assets
|
|
|
|
$
|
6,494,550
|
|
|
|
$
|
5,982,562
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured revolving credit facility
|
|
|
|
$
|
454,000
|
|
|
|
$
|
18,000
|
Unsecured term loan
|
|
|
|
|
400,000
|
|
|
|
|
400,000
|
Senior unsecured notes, net of discounts
|
|
|
|
|
2,413,530
|
|
|
|
|
2,412,135
|
Convertible senior unsecured notes
|
|
|
|
|
8,478
|
|
|
|
|
8,478
|
Security deposits
|
|
|
|
|
53,175
|
|
|
|
|
33,069
|
Accounts payable and other liabilities
|
|
|
|
|
160,063
|
|
|
|
|
106,903
|
Due to related persons
|
|
|
|
|
24,306
|
|
|
|
|
8,658
|
Dividends payable
|
|
|
|
|
5,166
|
|
|
|
|
5,166
|
Total liabilities
|
|
|
|
|
3,518,718
|
|
|
|
|
2,992,409
|
|
|
|
|
|
|
|
|
|
|
|
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; 151,547,288 and 149,920,449 shares issued and
outstanding, respectively
|
|
|
|
|
1,515
|
|
|
|
|
1,499
|
Additional paid in capital
|
|
|
|
|
4,165,912
|
|
|
|
|
4,118,551
|
Cumulative net income
|
|
|
|
|
2,901,151
|
|
|
|
|
2,715,239
|
Cumulative other comprehensive income
|
|
|
|
|
17,881
|
|
|
|
|
25,804
|
Cumulative preferred distributions
|
|
|
|
|
(316,146)
|
|
|
|
|
(300,649)
|
Cumulative common distributions
|
|
|
|
|
(4,074,588)
|
|
|
|
|
(3,850,398)
|
Total shareholders’ equity
|
|
|
|
|
2,975,832
|
|
|
|
|
2,990,153
|
Total liabilities and shareholders’ equity
|
|
|
|
$
|
6,494,550
|
|
|
|
$
|
5,982,562
|
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the New York Stock Exchange.
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/20151109005374/en/
Source: Hospitality Properties Trust