This document is an investor presentation by Hospitality Properties Trust regarding its portfolio. It summarizes that HPT has a diversified portfolio of 308 hotels and 198 travel centers across the US and Canada operated under recognized brands like Marriott, IHG and TravelCenters of America. The majority of HPT's properties have long term agreements in place that provide secure minimum returns and rents, with many agreements including security features like guarantees and deposits to protect cash flows. The presentation provides an overview of HPT's operating model, growth opportunities, and focus on maintaining a conservative and well-covered dividend.
This document is an investor presentation by Hospitality Properties Trust from August 2017. It provides an overview of HPT, including that it has a diversified portfolio of 509 hotel and travel center properties across North America, operated under brands like Marriott, IHG, and TA. It also notes some of HPT's financial highlights like increasing revenues and coverage of minimum returns/rents. The presentation includes forward-looking statements and disclaimers about non-GAAP financial measures.
- Hospitality Properties Trust (HPT) owns 503 hotel and travel center properties across the United States and Canada, operated under brands such as Marriott, InterContinental, and TravelCenters of America.
- HPT focuses on long-term portfolio agreements that provide stable cash flows through minimum returns and rents. 79% of payments are secured by deposits or guarantees.
- The presentation highlights recent financial results showing increases in revenues, adjusted EBITDA, and normalized funds from operations compared to prior year. Portfolio occupancy has outperformed industry averages.
The document is a Q2 2016 investor presentation for Hospitality Properties Trust. It summarizes that HPT has a diversified portfolio of 502 hotel and travel center properties across the US, operated under agreements with major brands that provide stable cash flows. The presentation provides details on HPT's 305 hotel properties and 197 travel center properties, describing the brands, operators, and security features of the various operating agreements.
Hospitality Properties Trust held a Q1 2016 investor presentation. The presentation provided an overview of HPT's portfolio of 499 hotel and travel center properties across the United States. It summarized positive industry trends in lodging and travel. It also outlined the security features of HPT's agreements with major hotel operators and travel center tenant TravelCenters of America, noting that 79% of minimum rents are secured by deposits or guarantees. Finally, it discussed HPT's acquisition activity including recent purchases and planned renovations across its portfolio.
This document provides an investor presentation for Hospitality Properties Trust for Q4 2015. It summarizes HPT's diversified portfolio of 302 hotels and 193 travel centers across the US, operated under leading brands like Marriott, Intercontinental, and Travel Centers of America. It highlights recent portfolio renovation activity and notes that HPT's hotel portfolio has outperformed industry RevPAR growth for the past 12 quarters. Financial metrics like coverage, EBITDA, and FFO are improving. Examples of specific properties in the portfolio are also provided.
This presentation discusses Las Vegas Sands Corporation's (LVS) third quarter 2014 earnings results and outlook. Key points include:
- Adjusted diluted EPS increased 2.4% to $0.84 per share and consolidated adjusted property EBITDA rose 0.6% to $1.28 billion.
- Macao and Singapore properties saw growth in mass gaming and non-gaming segments offset by declines in VIP gaming.
- LVS returned $701 million to shareholders in Q3 through dividends of $0.50 per share and $300 million in share repurchases.
- The board increased the annual recurring dividend by 30% to $2.60 per share for 2015 and authorized
The document is a daily report from www.tradenivesh.com dated December 11, 2019. It provides market summaries and analysis, including:
- The Sensex and Nifty indexes ended lower for the day.
- Top gainers included Bajaj Finance, Eicher Motors and Cipla. Top losers were YES Bank, Zee Entertainment and Power Grid.
- Analysis and recommendations are given for specific stocks like ZEEL, BPCL, Nifty and Bank Nifty futures, suggesting sell positions.
- Global market indexes are reported to be mixed for the day.
- The QE index rose 0.2% to close at 9,757.1 led by gains in the Industrials and Real Estate indices.
- Qatar Islamic Insurance and Gulf International Services were the top gainers, while Doha Bank and Doha Insurance Co. declined.
- Trading volume rose 5.3% to 8.7mn shares, with United Development Co. and Barwa Real Estate Co. being the most active by volume.
This document is an investor presentation by Hospitality Properties Trust from August 2017. It provides an overview of HPT, including that it has a diversified portfolio of 509 hotel and travel center properties across North America, operated under brands like Marriott, IHG, and TA. It also notes some of HPT's financial highlights like increasing revenues and coverage of minimum returns/rents. The presentation includes forward-looking statements and disclaimers about non-GAAP financial measures.
- Hospitality Properties Trust (HPT) owns 503 hotel and travel center properties across the United States and Canada, operated under brands such as Marriott, InterContinental, and TravelCenters of America.
- HPT focuses on long-term portfolio agreements that provide stable cash flows through minimum returns and rents. 79% of payments are secured by deposits or guarantees.
- The presentation highlights recent financial results showing increases in revenues, adjusted EBITDA, and normalized funds from operations compared to prior year. Portfolio occupancy has outperformed industry averages.
The document is a Q2 2016 investor presentation for Hospitality Properties Trust. It summarizes that HPT has a diversified portfolio of 502 hotel and travel center properties across the US, operated under agreements with major brands that provide stable cash flows. The presentation provides details on HPT's 305 hotel properties and 197 travel center properties, describing the brands, operators, and security features of the various operating agreements.
Hospitality Properties Trust held a Q1 2016 investor presentation. The presentation provided an overview of HPT's portfolio of 499 hotel and travel center properties across the United States. It summarized positive industry trends in lodging and travel. It also outlined the security features of HPT's agreements with major hotel operators and travel center tenant TravelCenters of America, noting that 79% of minimum rents are secured by deposits or guarantees. Finally, it discussed HPT's acquisition activity including recent purchases and planned renovations across its portfolio.
This document provides an investor presentation for Hospitality Properties Trust for Q4 2015. It summarizes HPT's diversified portfolio of 302 hotels and 193 travel centers across the US, operated under leading brands like Marriott, Intercontinental, and Travel Centers of America. It highlights recent portfolio renovation activity and notes that HPT's hotel portfolio has outperformed industry RevPAR growth for the past 12 quarters. Financial metrics like coverage, EBITDA, and FFO are improving. Examples of specific properties in the portfolio are also provided.
This presentation discusses Las Vegas Sands Corporation's (LVS) third quarter 2014 earnings results and outlook. Key points include:
- Adjusted diluted EPS increased 2.4% to $0.84 per share and consolidated adjusted property EBITDA rose 0.6% to $1.28 billion.
- Macao and Singapore properties saw growth in mass gaming and non-gaming segments offset by declines in VIP gaming.
- LVS returned $701 million to shareholders in Q3 through dividends of $0.50 per share and $300 million in share repurchases.
- The board increased the annual recurring dividend by 30% to $2.60 per share for 2015 and authorized
The document is a daily report from www.tradenivesh.com dated December 11, 2019. It provides market summaries and analysis, including:
- The Sensex and Nifty indexes ended lower for the day.
- Top gainers included Bajaj Finance, Eicher Motors and Cipla. Top losers were YES Bank, Zee Entertainment and Power Grid.
- Analysis and recommendations are given for specific stocks like ZEEL, BPCL, Nifty and Bank Nifty futures, suggesting sell positions.
- Global market indexes are reported to be mixed for the day.
- The QE index rose 0.2% to close at 9,757.1 led by gains in the Industrials and Real Estate indices.
- Qatar Islamic Insurance and Gulf International Services were the top gainers, while Doha Bank and Doha Insurance Co. declined.
- Trading volume rose 5.3% to 8.7mn shares, with United Development Co. and Barwa Real Estate Co. being the most active by volume.
Ras Laffan is constructing LNG facilities in Qatar to supply Korea Gas (Kogas) under a long term contract. Broadway is considering investing in Ras Laffan's project finance bonds. The summary analyzes the bonds and recommends:
1) Initially investing in the 2006 bond which has moderate risk and return outweighs risks.
2) Negotiating a higher return if investing in the higher risk 2014 bond due to longer maturity.
3) Not investing in both bonds due to lack of diversification and higher overall risk exposure.
TA Holdings is recommended as a strong buy based on its fundamentals and valuations. Using a discounted cash flow model, the company has an intrinsic value of $0.78, significantly higher than its current price of $0.085. TA Holdings has a diversified portfolio across industries like insurance, tourism, mining, and manufacturing both locally and abroad, ensuring stable earnings. It also has a robust pipeline of projects and a sound financial position with low leverage that is expected to drive continued growth. However, risks include government control of its investment in Sable Chemicals, insurance risk, and foreign currency and interest rate volatility.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
The litmus test for diversification must be based on the ability of countries to meet their bills even if oil prices remain low. No #GCC country passes that test without dipping into savings or borrowings.
The GCC economies need stimulus through focused spending on transformative programs that can boost qualitative growth.
Alas, regional SWFs continue to be fairly shy about engaging proactively in the domestic economy despite the clear opportunities.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
FSA, a personal insolvency restructuring firm and sub-prime home loan lender, has had a stellar run since this research piece was published. Many investors made great returns. Great CEO vision, strategy and execution.
The QE index declined 0.8% led by losses in the telecom and real estate indices. Gulf Warehousing and Barwa Real Estate were the top losers, falling 3.0% and 2.1% respectively, while Qatar Cinema & Film Dist. rose 2.5%. Trading volume fell 20.5% compared to the previous day. Regionally, indices were mixed with Dubai rising 1.0% and Saudi falling 0.4%. Global data showed US vehicle sales below estimates and Eurozone PPI declining 0.8% year-over-year.
This document provides a 3 quarter financial update for Goldmoney Inc., a precious metals custodian. It summarizes the company's various business divisions including its core Goldmoney Holding business, SchiffGold coin and bullion dealership, Mene jewelry business, and recent entry into cryptocurrency custody through BlockVault. The summary highlights growing revenue, margins, and assets under custody despite challenges in precious metals markets. It also outlines Goldmoney's strategy of investing in complementary businesses and spinoffs that contribute to its overall return on metal weight business model.
This document provides an analysis of stagflation scenarios across several Asian countries and regions. It describes stagflation as significantly slowing growth and rising inflation affecting every Asian country. The document identifies sectors, industries, and companies that may perform well or poorly in a stagflationary environment. It also analyzes potential stagflation impacts on countries including Australia, China, Hong Kong, India, Korea, and Taiwan, and recommends policies to reduce economic instability.
2016-05-31_Offshore Beta Trade Laggards Hold Greatest Upside in Recovery - D....Darren Gacicia
- Offshore drillers and equipment stocks represent the highest "beta" or risk/reward potential for a recovery in the oil services group due to their high leverage.
- The author upgrades ratings on ATW and DO to Buy and raises price targets due to improving fundamentals like covenant relief for ATW and a reduced offshore rig fleet for DO.
- The author expects rig attrition, cold stacking of rigs, and a modest demand recovery in 2018 to tighten offshore drilling markets and improve pricing power for drillers.
Genworth MI Canada Inc. provides mortgage default insurance primarily in Canada. In Q1 2016, the company saw a decline in new insurance written and net premiums written compared to the previous year, constrained by targeted underwriting changes and a smaller transactional insurance market. The loss ratio in Q1 2016 was 24%, within the company's expected range. Genworth maintains a strong capital position with a minimum capital test ratio of 234% as of Q1 2016.
Fluor Corporation is an engineering and construction company that executes complex projects globally. It faces challenges like earnings volatility due to project delays and cost overruns. While the company has an all-time high backlog, the fund recommends benching Fluor due to stretched valuation multiples and high sector volatility outweighing the benchmark. Deere & Co. is proposed as an alternative holding with lower beta and higher correlation to the industrial benchmark.
The QE index rose 0.3% to close at 11,546.2, led by gains in the Real Estate and Consumer Goods & Services indices. Medicare Group and Qatari Investors Group were the top gainers, while Mannai Corp. and Qatar German Co. for Med. Dev. were the top losers. Trading volume fell 2.0% but was 67.2% higher than the 30-day average, with Vodafone Qatar and Barwa Real Estate Co. being the most active stocks. Regional indices were mixed with gains in Dubai and Bahrain but losses in Abu Dhabi and Kuwait. Qatar infrastructure spending is expected to reach $24 billion in 2014. IQCD reported
The document summarizes PINE's 2Q12 earnings conference call. It discusses a planned capital increase of approximately R$155 million that will raise PINE's BIS ratio to 17.5%. PINE had positive contributions across all business lines in 2Q12. The loan portfolio grew 18.6% year-over-year to R$7.5 billion with diversified sectors and regions. Asset and liability management maintains a positive 3 month gap between credit and funding portfolios.
BANC - Sandler O'Neil 2017 West Coast Financial Services ConferenceBancofCalifornia
The document is an investor presentation by Banc of California discussing its financial results and outlook. It highlights that Banc of California has delivered compelling financial results through responsible growth focused on commercial banking in California. It emphasizes Banc of California's mission to empower California businesses and entrepreneurs through lending. The presentation also discusses Banc of California's strong asset quality, capital ratios, and focus on continued disciplined growth.
S&P Equity Research is positive on the global energy sector and overweight the sector. They expect oil prices to rise in 2011-2012 due to improving global economic growth. For China, they forecast GDP growth of 9.4% in 2011 and 9.3% in 2012. They recommend PetroChina and CNOOC Ltd due to their upside from higher oil prices, but note Sinopec faces cost pressures. Risks include a slowdown in demand growth or higher than expected costs for companies.
The document recommends purchasing Swift Transportation's $1.5 billion term loan at or below 75% of par value. Swift is a large trucking company that was taken private in a leveraged buyout in 2007. While Swift faces challenges from a downturn in the trucking industry and its high debt load, the recommendation is that Swift will restructure in bankruptcy but the term loan will likely receive post-petition interest and equity in the restructured company, offering an investment return over 20%.
The report provides an investment analysis and recommendation for Wynn Resorts Ltd. It finds that while Wynn has performed well historically, recent significant declines in revenues from its Macau operations due to regulatory changes create uncertainty. With a target price range of $65-$69 providing limited upside potential, the report recommends "No Action" given the risks surrounding Wynn's Macau business. Key risks include uncertainty around future Macau government actions and Wynn's existing equity deficit, while new developments in Macau and Massachusetts provide potential opportunities.
Genworth MI Canada Inc. - Investor Presentation May/June 2013genworth_financial
1) Genworth MI Canada Inc. reported solid results for the first quarter of 2013, with net operating income of $85 million, an operating return on equity of 12%, and operating earnings per share of $0.86.
2) The company wrote $84 million in new mortgage insurance premiums in Q1 2013 and maintained a strong capital position with a minimum capital test ratio of 216%.
3) The company has a high quality investment portfolio of $5.3 billion, with 49% invested in federal and provincial bonds and a pre-tax yield of 3.7%.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document is an investor presentation for Hospitality Properties Trust from August 2017. It provides an overview of HPT's diversified portfolio of 509 hotel and travel center properties across North America. The presentation highlights HPT's long-term portfolio agreements with major brands that provide secure cash flows, opportunities for external growth, and a conservative profile to support continued disciplined growth and dividends. Charts and tables in the presentation provide property counts, investment amounts, and security features for HPT's portfolio.
Ras Laffan is constructing LNG facilities in Qatar to supply Korea Gas (Kogas) under a long term contract. Broadway is considering investing in Ras Laffan's project finance bonds. The summary analyzes the bonds and recommends:
1) Initially investing in the 2006 bond which has moderate risk and return outweighs risks.
2) Negotiating a higher return if investing in the higher risk 2014 bond due to longer maturity.
3) Not investing in both bonds due to lack of diversification and higher overall risk exposure.
TA Holdings is recommended as a strong buy based on its fundamentals and valuations. Using a discounted cash flow model, the company has an intrinsic value of $0.78, significantly higher than its current price of $0.085. TA Holdings has a diversified portfolio across industries like insurance, tourism, mining, and manufacturing both locally and abroad, ensuring stable earnings. It also has a robust pipeline of projects and a sound financial position with low leverage that is expected to drive continued growth. However, risks include government control of its investment in Sable Chemicals, insurance risk, and foreign currency and interest rate volatility.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
The litmus test for diversification must be based on the ability of countries to meet their bills even if oil prices remain low. No #GCC country passes that test without dipping into savings or borrowings.
The GCC economies need stimulus through focused spending on transformative programs that can boost qualitative growth.
Alas, regional SWFs continue to be fairly shy about engaging proactively in the domestic economy despite the clear opportunities.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
FSA, a personal insolvency restructuring firm and sub-prime home loan lender, has had a stellar run since this research piece was published. Many investors made great returns. Great CEO vision, strategy and execution.
The QE index declined 0.8% led by losses in the telecom and real estate indices. Gulf Warehousing and Barwa Real Estate were the top losers, falling 3.0% and 2.1% respectively, while Qatar Cinema & Film Dist. rose 2.5%. Trading volume fell 20.5% compared to the previous day. Regionally, indices were mixed with Dubai rising 1.0% and Saudi falling 0.4%. Global data showed US vehicle sales below estimates and Eurozone PPI declining 0.8% year-over-year.
This document provides a 3 quarter financial update for Goldmoney Inc., a precious metals custodian. It summarizes the company's various business divisions including its core Goldmoney Holding business, SchiffGold coin and bullion dealership, Mene jewelry business, and recent entry into cryptocurrency custody through BlockVault. The summary highlights growing revenue, margins, and assets under custody despite challenges in precious metals markets. It also outlines Goldmoney's strategy of investing in complementary businesses and spinoffs that contribute to its overall return on metal weight business model.
This document provides an analysis of stagflation scenarios across several Asian countries and regions. It describes stagflation as significantly slowing growth and rising inflation affecting every Asian country. The document identifies sectors, industries, and companies that may perform well or poorly in a stagflationary environment. It also analyzes potential stagflation impacts on countries including Australia, China, Hong Kong, India, Korea, and Taiwan, and recommends policies to reduce economic instability.
2016-05-31_Offshore Beta Trade Laggards Hold Greatest Upside in Recovery - D....Darren Gacicia
- Offshore drillers and equipment stocks represent the highest "beta" or risk/reward potential for a recovery in the oil services group due to their high leverage.
- The author upgrades ratings on ATW and DO to Buy and raises price targets due to improving fundamentals like covenant relief for ATW and a reduced offshore rig fleet for DO.
- The author expects rig attrition, cold stacking of rigs, and a modest demand recovery in 2018 to tighten offshore drilling markets and improve pricing power for drillers.
Genworth MI Canada Inc. provides mortgage default insurance primarily in Canada. In Q1 2016, the company saw a decline in new insurance written and net premiums written compared to the previous year, constrained by targeted underwriting changes and a smaller transactional insurance market. The loss ratio in Q1 2016 was 24%, within the company's expected range. Genworth maintains a strong capital position with a minimum capital test ratio of 234% as of Q1 2016.
Fluor Corporation is an engineering and construction company that executes complex projects globally. It faces challenges like earnings volatility due to project delays and cost overruns. While the company has an all-time high backlog, the fund recommends benching Fluor due to stretched valuation multiples and high sector volatility outweighing the benchmark. Deere & Co. is proposed as an alternative holding with lower beta and higher correlation to the industrial benchmark.
The QE index rose 0.3% to close at 11,546.2, led by gains in the Real Estate and Consumer Goods & Services indices. Medicare Group and Qatari Investors Group were the top gainers, while Mannai Corp. and Qatar German Co. for Med. Dev. were the top losers. Trading volume fell 2.0% but was 67.2% higher than the 30-day average, with Vodafone Qatar and Barwa Real Estate Co. being the most active stocks. Regional indices were mixed with gains in Dubai and Bahrain but losses in Abu Dhabi and Kuwait. Qatar infrastructure spending is expected to reach $24 billion in 2014. IQCD reported
The document summarizes PINE's 2Q12 earnings conference call. It discusses a planned capital increase of approximately R$155 million that will raise PINE's BIS ratio to 17.5%. PINE had positive contributions across all business lines in 2Q12. The loan portfolio grew 18.6% year-over-year to R$7.5 billion with diversified sectors and regions. Asset and liability management maintains a positive 3 month gap between credit and funding portfolios.
BANC - Sandler O'Neil 2017 West Coast Financial Services ConferenceBancofCalifornia
The document is an investor presentation by Banc of California discussing its financial results and outlook. It highlights that Banc of California has delivered compelling financial results through responsible growth focused on commercial banking in California. It emphasizes Banc of California's mission to empower California businesses and entrepreneurs through lending. The presentation also discusses Banc of California's strong asset quality, capital ratios, and focus on continued disciplined growth.
S&P Equity Research is positive on the global energy sector and overweight the sector. They expect oil prices to rise in 2011-2012 due to improving global economic growth. For China, they forecast GDP growth of 9.4% in 2011 and 9.3% in 2012. They recommend PetroChina and CNOOC Ltd due to their upside from higher oil prices, but note Sinopec faces cost pressures. Risks include a slowdown in demand growth or higher than expected costs for companies.
The document recommends purchasing Swift Transportation's $1.5 billion term loan at or below 75% of par value. Swift is a large trucking company that was taken private in a leveraged buyout in 2007. While Swift faces challenges from a downturn in the trucking industry and its high debt load, the recommendation is that Swift will restructure in bankruptcy but the term loan will likely receive post-petition interest and equity in the restructured company, offering an investment return over 20%.
The report provides an investment analysis and recommendation for Wynn Resorts Ltd. It finds that while Wynn has performed well historically, recent significant declines in revenues from its Macau operations due to regulatory changes create uncertainty. With a target price range of $65-$69 providing limited upside potential, the report recommends "No Action" given the risks surrounding Wynn's Macau business. Key risks include uncertainty around future Macau government actions and Wynn's existing equity deficit, while new developments in Macau and Massachusetts provide potential opportunities.
Genworth MI Canada Inc. - Investor Presentation May/June 2013genworth_financial
1) Genworth MI Canada Inc. reported solid results for the first quarter of 2013, with net operating income of $85 million, an operating return on equity of 12%, and operating earnings per share of $0.86.
2) The company wrote $84 million in new mortgage insurance premiums in Q1 2013 and maintained a strong capital position with a minimum capital test ratio of 216%.
3) The company has a high quality investment portfolio of $5.3 billion, with 49% invested in federal and provincial bonds and a pre-tax yield of 3.7%.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document is an investor presentation for Hospitality Properties Trust from August 2017. It provides an overview of HPT's diversified portfolio of 509 hotel and travel center properties across North America. The presentation highlights HPT's long-term portfolio agreements with major brands that provide secure cash flows, opportunities for external growth, and a conservative profile to support continued disciplined growth and dividends. Charts and tables in the presentation provide property counts, investment amounts, and security features for HPT's portfolio.
The document is an investor presentation by Hospitality Properties Trust (HPT) from September 2017. It provides an overview of HPT's portfolio of 509 hotel and travel center properties across the US. HPT has $9.5 billion invested in 310 hotels and 199 travel centers, which are managed under long-term agreements. The presentation highlights HPT's diversified portfolio, conservative financial profile, and secure cash flows which support its growing dividend.
The document is an investor presentation by Hospitality Properties Trust (HPT) from September 2017. It provides an overview of HPT's portfolio as of June 30, 2017, which included 509 hotel and travel center properties across the United States. HPT has a diversified portfolio of hotel brands operated under long-term agreements, with 79% of minimum rents and returns secured by deposits or guarantees. The presentation highlights HPT's conservative financial profile and ability to support continued growth through property acquisitions.
Marriott operates, franchises, and licenses hotels and resorts across 72 countries and territories under 30 brands. In 2013, Marriott had nearly 676,000 rooms across 3,916 properties. Marriott's portfolio includes brands across different market segments including luxury (Ritz-Carlton), full service (Marriott), select service (Courtyard), and all-suites (TownePlace Suites). While Marriott saw increases in revenue, operating costs, and profits from 2012 to 2013, its international segment results decreased due to factors such as higher expenses and lower management fees. Marriott manages foreign exchange risk through hedging strategies and translates foreign subsidiaries' financial statements to US dollars
Host Hotels & Resorts is a real estate investment trust that owns high-quality hotels in major markets. It focuses on maximizing cash flows from its assets by relying on masterful third-party management companies to operate its 110 hotels totaling over 50,000 rooms. Host owns luxury and upper-upscale hotels under 18 brands. It has a market capitalization of $16 billion, significantly larger than its main competitors. Host was formed in 1993 and has grown through acquisitions, joint ventures, and capital expenditures. It is led by an experienced management team and board and expects continued growth in operating profit and net income through 2014 and beyond.
Starwood has a first-mover advantage in the Middle East region due to its five decades of experience operating hotels. It currently has 79 hotels totaling over 22,000 rooms across 13 countries in the region. The Middle East is experiencing strong economic growth and increasing tourism as populations grow and diversify. Starwood is well-positioned to capitalize on the region's dynamics with its diverse portfolio of brands and pipeline hotels in high-growth markets like the UAE and KSA.
Welltower held its annual investor day on December 4th, 2018 to provide updates on its portfolio transformation and strategic positioning. Over the past several years, Welltower has shifted its portfolio away from post-acute care assets towards higher quality seniors housing and outpatient medical properties through $14 billion in capital recycling. It has also improved the quality of its cash flows by reducing its exposure to triple-net lease counterparties like Genesis and Brookdale. Looking ahead, Welltower is well positioned for growth with a plural equity capital base, superior access to unsecured debt markets, and asset-backed financing options across its segments.
Marriott Corporation was founded in 1927 and has grown into one of the leading lodging and food service companies in the US. The document discusses Marriott's history, brands, elements of its financial strategy including managing rather than owning assets and optimizing its capital structure. It also provides details on Marriott's three main business lines, and calculates its weighted average cost of capital (WACC) as well as the costs of equity and debt. The discussion concludes with questions and answers about how Marriott uses its cost of capital estimates to evaluate investment opportunities across its different divisions.
This document provides an investor presentation for a Bermuda-based specialty property and casualty reinsurer. It discusses the company's profile, including its A- financial strength rating from A.M. Best. It also outlines key metrics such as diluted book value per share, shareholders' equity, returns, and growth in book value. Additionally, it summarizes the company's total return business model, exceptional management team, organizational structure, underwriting strategy focusing on flexible and opportunistic deals, diversified premium base, and reinsurance risk management approach.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for Third Point Reinsurance Ltd. It summarizes the company as a specialty property and casualty reinsurer based in Bermuda with an A- financial strength rating. Key metrics on growth in book value per share and shareholders' equity are provided for recent periods. The presentation outlines the company's total return business model, exceptional management team, flexible underwriting strategy, diversified premium base, risk management approach, relationship with leading investment manager Third Point LLC, strong capital base, and growth in premiums since inception.
This document provides an analysis and recommendation for Ryman Hospitality Properties stock. Key points:
- Ryman owns 4 large hotels and resorts, as well as entertainment assets such as the Grand Ole Opry.
- It converted to a REIT in 2012 to reduce taxes and pay a higher dividend. It partners with Marriott, who manages its properties.
- The analysis finds Ryman has opportunities for growth and its partnership with Marriott improves operations. It recommends buying the stock with a price target of $58.66, offering upside of 3.17% plus a 4% dividend yield.
Showcase your investment plan with our content ready Corporate Finance PowerPoint Presentation Slides. The ready to use financial management PowerPoint complete deck contains various templates like financial management goals, objectives, US financial system, financial instruments, rights issue, debenture, time value for money parameters, valuation of bonds, comparative statement, common size statement, balance sheet , cash flow statement, trend analysis, ratio analysis, cash flow for operating activities and many more. Determine the financial needs and ensure availability to adequate funds. Get your audience to focus on forex capital analysis, capital budgeting evaluation techniques of projects, capital structure and dividend policy, leverage analysis, cost of capital, working capital analysis, receivable management, inventory management, economic order quality, FIFO and LIFO method, commodity exchange basics and types, commodity exchange structure, financial risk management, types and components, financial risk analysis, capital asset pricing model, etc. Download financial accounting PPT slides to describe methods & techniques of the company’s finances and capital management.Imitate intelligently with our Corporate Finance PowerPoint Presentation Slides. Imbibe the good from different examples
The document outlines an agenda and presentation for a financial management training. It includes sections on cash flow, financial instruments, time value of money, financial statements, and other core financial management topics. Slides provide explanations, examples, and templates for comparative analysis to educate attendees on essential concepts and tools for financial planning, analysis, and decision making.
The opportunity to explore how a company uses the Capital Asset Pricing Model (CAPM) to compute the cost of capital for each of its divisions. The use of Weighted Average Cost of Capital (WACC) formula and the mechanics of applying it are stressed.
The document provides an overview of OUTFRONT Media Inc., including:
- It operates billboards, transit displays, and other outdoor advertising assets across major U.S. markets.
- Its assets include traditional bulletins as well as newer digital displays, and it has franchise agreements with municipalities for transit and other properties.
- It restructured as a real estate investment trust (REIT) in 2014 to benefit from lower corporate taxes and pay higher dividends.
This document provides an investor presentation for Third Point Reinsurance Ltd. It begins with cautionary statements about forward-looking statements and non-GAAP financial measures included. It then summarizes the company as a Bermuda-based specialty property and casualty reinsurer with an A- rating. Key metrics on growth in book value per share and returns are provided for 2014 and prior periods. The document discusses the company's total return business model, management team, flexible underwriting strategy, relationship with investment manager Third Point LLC, strong capital base, and growth in gross premiums written.
E Xceed Asset Management Services 2009 Tb Sfs7ferris
The document discusses eXceed Hospitality Asset Advisors, LLC and the services they provide related to hospitality assets. eXceed offers feasibility studies, market analyses, strategic planning, asset management services, and hotel/residence integration. Their team has extensive experience in hotel development, operations, and asset management. They work with clients to bring new hospitality visions to life and maintain the vision through ongoing strategic guidance and asset management.
Encore's first Hospitality Fund, which was sold as a portfolio to Goldman Sach's Archon Group in 2007, generated an annual IRR of 51%. We see a similar environment today and are raising money for our second fund. Please see the attached presentation, and reach out to me with any questions.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
The E-Way Bill revolutionizes logistics by digitizing the documentation of goods transport, ensuring transparency, tax compliance, and streamlined processes. This mandatory, electronic system reduces delays, enhances accountability, and combats tax evasion, benefiting businesses and authorities alike. Embrace the E-Way Bill for efficient, reliable transportation operations.
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4study presented by a Big 4
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
1. Hospitality Properties Trust
Investor Presentation
May 2017
Staybridge Suites Ft. Lauderdale, Plantation , FL
Operator: InterContinental Hotels Group
Guest Rooms: 141
2. Hospitality Properties Trust
Disclaimer.
THIS PRESENTATION 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.
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.
THIS PRESENTATION CONTAINS NON-GAAP FINANCIAL MEASURES, INCLUDING ADJUSTED EBITDAAND
NORMALIZED FUNDS FROM OPERATIONS. FOR A RECONCILIATION OF THESE NON-GAAP FINANCIAL
MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURE, SEE THE APPENDIX TO THIS
PRESENTATION.
2Unless otherwise noted, all data presented is as of March 31, 2017.
3. Hospitality Properties Trust
HPT’s high quality properties, conservative profile and secure
cash flows provide a growing and well covered dividend.
3
• Diversified portfolio of well maintained, high quality properties.
• Long term portfolio agreements that can provide security of cash flow.
• Ramping portfolio and external growth opportunities.
• Conservative profile. Capacity to support continued disciplined growth.
• Dividend payout ratio only 56.0% in the first quarter 2017.
5. Hospitality Properties Trust
Economic growth continues. Increasing regulation may cater to
full service travel center advantages.
5
Issue Implication
Fuel and non-fuel demand is
expected to see continued steady
growth over the next decade.
Travel centers which provide
services to professional truck
drivers from restaurants to clean
showers and bathrooms to truck
repair facilities will be in demand.
Larger full service truck stops
with ample parking, for over 200
tractor trailer trucks will have a
competitive advantage – TA’s
reservation program proves
value.
6. Hospitality Properties Trust (1) Represents historical cost of properties plus capital improvements funded by HPT less impairment writedowns, if any, and excludes capital improvements made from
FF&E reserves funded from hotel operations.
HPT is one of the most geographically diverse lodging REITs and owns
hotels and travel centers operated under recognized brands.
• $9.3 billion investment portfolio (historical investment basis(1)).
• Total of 506 properties located in 45 states, Puerto Rico and Canada.
308 hotels with 47,187 rooms.
198 travel centers located adjacent to the U.S. interstate highway system.
6
HPT Hotel Brands HPT Travel Center Brands
7. Hospitality Properties Trust
HPT has $5.9 billion invested in 308 full service, select service and extended
stay hotels.
7(1) Represents historical cost of properties plus capital improvements funded by HPT less impairment writedowns, if any, and excludes capital improvements made from
FF&E reserves funded from hotel operations.
Sonesta International Hotels
Corporation
34 hotels / 6,329 rooms
$1,200 million
InterContinental Hotels Group
plc (“IHG”)
96 hotels / 15,007 rooms
$1,853 million
Carlson Hotels
Worldwide
11 hotels / 2,090 rooms
$210 million
Marriott International, Inc.
122 hotels / 17,086 rooms
$1,785 million
HPT Hotel Managers
(by $ invested)
Morgans Hotel
Group
1 hotel / 372 rooms
$120 million
Global Hyatt Corporation
22 hotels / 2,724 suites
$302 million
Wyndham Hotel Group
22 hotels / 3,579 rooms
$391 million
• 9 Hotel Management Agreements/Leases.
• HPT’s operating agreement structure reduces cash flow
volatility in a downturn and allows for upside participation in
a recovery.
• The majority of HPT’s 308 hotel properties are secured by
deposits or guarantees and have potential additional
returns based on performance.
Six agreements covering 220 hotels feature manager
guarantees and/or security deposits that protect HPT’s
cash flow when hotel operations fail to cover minimum
rents or returns.
Hotel management agreements provide for additional
returns to HPT based on hotel net operating income
above certain thresholds.
Unique Agreements
8. Hospitality Properties Trust
HPT’s mostly upscale hotel portfolio is operated under 21
recognized brands.
Based on hotel unit count as of 3/31/2017.
8
~85%
(263 Hotels)
Midscale to Upscale
Select Service + Extended Stay Hotels
~15%
(45 Hotels)
Primarily Upscale to Luxury
Full Service Hotels
9. Hospitality Properties Trust
NYSE: HPT
October 2013
www.hptreit.com
Sonesta ES Suites, Princeton, NJ
Operator: Sonesta International Hotels Corp.
Guest Rooms: 124
9Hospitality Properties Trust
11. Hospitality Properties Trust
HPT has $3.4 billion invested in 198 travel centers located along the U.S.
Interstate Highway System.
11
HPT owns or leases 149 “TA” travel centers located in 40 states.
HPT owns 49 “Petro” travel centers located in 26 states.
Seville, OH
Wilmington, IN
• TravelCenters of America operates two of the strongest travel center brands in the
industry.
• 5 Triple Net Leases.
• HPT's travel centers are part of TA’s network of 256 “TA”
and “Petro” branded travel centers in 43 states and
Canada.
• Difficult to replicate real estate located near exits along the
U.S. Interstate Highway System.
• Average site is over 25 acres with parking for 200 tractor
trailers and 100 cars.
• Multiple diesel fuel and gasoline islands, plus a table
service restaurant (approx. 135 seats) and one or more
quick service restaurants (QSRs) at each site.(1)
• Large travel and convenience stores averaging over 5,000
square feet of interior space.
• Truck repair facilities and parts stores; the only nationwide
on the road truck repair service along the U.S. Interstate
Highway System.
(1) In total, TA operates 633 quick service restaurants (QSRs) under contracts with 35 national franchisors including: Arby’s®; Burger King®;
Popeye's Chicken & Biscuits®; Pizza Hut®; Starbucks Coffee®; Subway®; Taco Bell® and Wendy’s®.
12. Hospitality Properties Trust
The defining business characteristic of HPT remains its strong
operating agreement terms.
• Portfolio Agreements. 504 of HPT’s 506 properties are part of pooled portfolio agreements. Each
portfolio agreement includes between 11 and 96 geographically diverse properties.
• Minimum Returns and Rents. The majority of HPT’s agreements require its managers or tenants to
pay HPT fixed minimum returns or rents.
• Security Features. The majority of HPT’s agreements include security features to protect HPT’s
cash flows, including some or all of: cash security deposits; subordination of management fees to
HPT’s minimum returns/rents; and full or limited guarantees from parent companies.
• Long Term Agreements. New agreements are generally entered for 15 to 25 years. The weighted
average term remaining for our agreements (weighted by our investment) is 16 years.
• High Likelihood of Contract/Lease Renewals. Renewals are permitted only for all properties in each
portfolio. Because HPT’s agreements generally represent significant percentages of its operators’
brands, renewals are highly likely.
• FF&E Reserves. Hotel operators are generally required to escrow 5-6% of gross revenues for
renovations.
12
13. Hospitality Properties Trust
Q1 LTM Security Features
Total/Average 14 agreements 506 47,187 797,509$ 100% 1.00x 1.24x
8 brand owners
1.60x
1.50x
1.52x
1.49x
1.55x
7%
Coverage
(2)
Operating Agreement
-
2 Marriott No. 234 68 9,120 106,360 12% Limited guaranty + deposit.
1 Marriott No. 1 53 7,610 68,835$ 9% 1.00x
1.01x
No. of
Properties
No. of
Rooms
Annual Minimum
Return/Rent
(1)
% of Total
1.33x
1.13x
Marriott guaranty.
4 InterContinental 96 15,007 174,393 22% Security deposit.
3 Marriott No. 5 1 356 10,159 1% 0.90x
0.99x
0.73x
1.20x
-
6 Wyndham 22 3,579 28,749 4% Limited guaranty.
5 Sonesta 34 6,329 90,227 11% 0.47x
0.30x
0.70x
0.88x
Limited guaranty.
8 Carlson 11 2,090 12,920 2% Limited guaranty.
7 Hyatt 22 2,724 22,037 3% 1.10x
1.21x
1.15x
1.33x
-
10 TA No. 1 40 N/A 51,922 6% TA guaranty.
9 Morgans 1 372 7,595 1% 1.34x
1.26x
Subtotal Hotels 308 47,187 521,275 65% 0.88x 1.09x
1.05x
TA guaranty.
11 TA No. 2 40 N/A 52,573 7% 1.20x
1.17x12 TA No. 3 39 N/A 53,026
TA guaranty.
Subtotal Travel Centers 198 N/A 276,234 35% 1.22x 1.53x
TA guaranty.
14 TA No. 5 40 N/A 68,227 9% TA guaranty.
13 TA No. 4 39 N/A 50,486 6% 1.13x
1.29x
79% of HPT’s total minimum rents and returns are secured by
deposits or guarantees.
13
(1) Annualized minimum rent amounts represent cash rent amounts due to us and exclude adjustments, if any, necessary to recognize rental income on a straight line basis in accordance with GAAP.
(2) We define coverage as combined total property level revenues minus all property level expenses and FF&E reserve escrows which are not subordinated to minimum returns and minimum rent payments to us (which
data is provided to us by our managers or tenants), divided by the minimum return or minimum rent payments due to us. Coverage amounts for our agreement with InterContinental Hotels Group, plc, or InterContinental,
and our Sonesta International Hotels Corporation, or Sonesta, and Travel Centers of America, or TA, Nos. 1,2,3 and 4 agreements include data for periods prior to our ownership of certain hotels and travel centers.
16. Hospitality Properties Trust
$0
$20
$40
$60
$80
$100
$120
$140
2012 2013 2014 2015 2016
HPT Comparable RevPAR vs. Industry RevPAR
HPT Comparable RevPAR STR RevPAR
• TA’s Last Twelve Months Ended March 31, 2017 consolidated
operating results:
Revenue: $5.7 billion.
EBITDAR: $362.0 million.
EBITDA: $95.2 million.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2011 2012 2013 2014 2015 2016 3/31/17
LTM
TA Consolidated Non-fuel Revenues
Non-fuel Revenues
HPT believes its portfolio activity and renovations have
resulted in outperformance.
16
Hotel Renovations TA’s Full Service Offering
• From 2010 through 2016, HPT completed renovations at
almost all of its 302 comparable hotels at a cost of
approximately $1 billion.
(Billions)
(Dollars)
18. Hospitality Properties Trust 18
Radisson Hotel Salt Lake City Downtown, Salt Lake City, UT
Operator: Carlson Rezidor Hotel Group
Guest Rooms: 381
19. Hospitality Properties Trust
Financial highlights.
(1) Annualized minimum rent amounts represent cash rent amounts due to us and exclude adjustments, if any, necessary to recognize rental income on a straight line basis in accordance with GAAP.
(2) We define coverage as combined total property level revenues minus all property level expenses and FF&E reserve escrows which are not subordinated to minimum returns and minimum rent payments to us (which data is provided to us by our managers or tenants), divided by the minimum return or minimum
rent payments due to us. Coverage amounts for our InterContinental, Sonesta and TA Nos. 1,2,3 and 4 agreements include data for periods prior to our ownership of certain properties. All operating data presented are based upon the operating results provided by our managers for the indicated periods. We have
not independently verified our managers’ or tenants’ operating data.
(3) See exhibits hereto for a reconciliation to nearest GAAP measure.
(4) Debt amounts are net of unamortized discounts and certain issuance costs.
(5) Gross book value of real estate assets is real estate properties at cost, before purchase price allocations, less impairment write-downs, if any.
(In thousands except number of properties,
number of rooms and per share data.)
As of and for the three months ended
March 31,
2017 2016 Change % Change
Property data:
Number of properties 506 499 7
Number of rooms 47,187 46,347 840
Annual minimum returns and rents(1)
$ 797,509 $ 760,823 $ 36,686 4.8%
Coverage of annual minimum returns
and rents - hotels(2) 0.88x 0.95x
Coverage of annual minimum returns
and rents - travel centers(2) 1.22x 1.39x
Key financial data:
Total revenues $ 488,602 $ 474,118 $ 14,484 3.1%
Adjusted EBITDA(3)
$ 194,576 $ 187,703 $ 6,873 3.7%
Normalized funds from operations
(FFO)(3) $ 148,807 $ 140,154 $ 8,653 6.2%
Total Debt (book value)(4)
/Gross book
value of real estate(5) 41.4% 41.3% 0.1pts.
Total Debt (book value)(4)
/Annualized
Adjusted EBITDA(3) 4.7x 4.7x
Per share data:
Annualized Common dividend (6)
$ 2.04 $ 2.00 $ 0.04 2.0%
Normalized FFO (3)
$ 0.91 $ 0.93 $ -0.02 -2.2%
Normalized FFO payout ratio(3)(6)
56.0% 53.8% 2.2 pts.
(6) On April 11, 2017, we increased our quarterly dividend by $0.01 to $0.52 per share ($2.08 per year).
19
20. Hospitality Properties Trust
HPT believes it will continue benefitting from a well maintained portfolio.
• HPT funded $9.8 million of hotel improvements during Q1. HPT expects to fund
an additional $32.5 million of hotel improvements during the remainder of 2017
• HPT expects to have 8 hotels under renovation for all or part of the second
quarter.
• HPT funded $24.9 million of travel center improvements in Q1. HPT expects to
fund an additional $53.8 million of travel center improvements during the
remainder of 2017.
• HPT’s managers continue to anticipate full-year 2017 RevPAR growth
generally in the 1.5% to 2.5% range. GOP margins should hold steady or
improve modestly versus 2016.
20
21. Hospitality Properties Trust
During 2017, HPT has acquired 3 hotels and 1 travel center.
Courtyard Guestroom Residence Inn Kitchen
• In February, HPT acquired the 483 room Hotel Allegro in Chicago, IL for $85.5 million. HPT added this
Kimpton® branded hotel to its management agreement with IHG. HPT obtained an additional $6.9
million to supplement the existing security deposit in connection with this transaction.
• In March, HPT acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71.6 million.
HPT added this Kimpton® branded hotel to its management agreement with IHG. HPT obtained an
additional $5.7 million to supplement the existing security deposit in connection with this purchase.
• In May, HPT acquired from and leased back to TA a newly developed travel center in Columbia, SC for
a purchase price of $27.6 million, excluding acquisition related costs. This Petro® branded property
features 134 truck parking spots, a Quaker Steak and Lube restaurant, a Starbucks Coffee Company®
amongst many other trucking and entertainment amenities. This property was added to TA No. 4 lease.
HPT expects its minimum annual rent under the lease to increase by $2.3 million.
• In June, HPT acquired the 389 room Chase Park Plaza hotel in St. Louis, MO for $87.8 million. HPT
converted this hotel to the Royal Sonesta® hotel brand and added it to its management agreement with
Sonesta.
21
22. Hospitality Properties Trust
HPT has a conservative financial profile.
22
($ in thousands)
Book Capitalization as of March 31, 2017
Unsecured floating rate debt (1)
528,587$
Unsecured fixed rate debt (1)(2)
3,160,804
Total debt 3,689,391
Shareholders equity (book value) 2,813,086
Total Book Capitalization 6,502,477$
$2,813
43%
$3,161(2)
49%
$529
8%
Shareholders equity
Unsecured fixed rate debt
Unsecured floating rate debt
(1) Debt amounts are net of unamortized discounts and certain issuance costs.
(2) In March 2017, we repurchased at par plus accrued and unpaid interest $8,431 of the outstanding principal amount of our 3.80% convertible senior notes due 2027 which were tendered by the holders of these notes for
repurchase by us. In April 2017, we redeemed at par plus accrued and unpaid interest the remaining $47 of the outstanding principal amount of these notes.
23. Hospitality Properties Trust
HPT has well laddered debt maturities and the capacity for
disciplined growth.
23
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2017 2018 2019 2021 2022 2023 2024 2025 2026 2027
• No secured debt.
• Unsecured senior notes(1):
$3,200 million as of March 31, 2017
($3,161 million net of discounts).
All fixed rate.
• Unsecured term loan:
$400 million.
April 2019 maturity.
• Revolving credit facility:
$1 billion ($130 million outstanding as of
March 31, 2017).
July 2018 maturity plus one year
extension option.
• No derivatives, no off balance sheet liabilities
and no material adverse change clauses or
ratings triggers.
HPT Term Debt Maturities as of
March 31, 2017
($ in millions)
(1) In March 2017, we repurchased at par plus accrued and unpaid interest $8,431 of the outstanding principal amount of our 3.80% convertible
senior notes due 2027 which were tendered by the holders of these notes for repurchase by us. In April 2017, we redeemed at par plus
accrued and unpaid interest the remaining $47 of the outstanding principal amount of these notes.
(1)
24. Hospitality Properties Trust
HPT’s high quality properties, conservative profile and secure
cash flows provide a growing and well covered dividend.
24
• Diversified portfolio of well maintained, high quality properties.
• Long term portfolio agreements that can provide security of cash flow.
• Ramping portfolio and external growth opportunities.
• Conservative profile. Capacity to support continued disciplined growth.
• Dividend payout ratio only 56.0% in the first quarter 2017.
25. Hospitality Properties Trust
Calculation of EBITDA and Adjusted EBITDA.
25
(1) Please see page 27 for definitions of EBITDA and Adjusted EBITDA and a description of why we believe the presentation of these measures provide useful information to investors.
(2) Represents costs associated with our acquisition activities. Acquisition costs incurred during the 2017 period have been capitalized in purchase accounting pursuant to a change in GAAP.
(3) Amounts represent the equity compensation awarded to our trustees, our offices and certain other employees of RMR LLC.
(4) Incentive fees under our 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 our consolidated statements of income. In calculating net income in accordance with GAAP, we recognize estimated business management incentive fee
expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first , second and third quarters for purposes of calculating net income, we do not
include these amounts in the calculation of Adjusted EBITDA until the fourth quarter, which is when the actual business management incentive fee expense amount for the year, if any, is
determined. Adjusted EBITDA includes business management incentive fee expense of $52,407 for three months ended December 31, 2016. Business management incentive fees for 2016
were paid in cash in January 2017.
(5) We recorded losses of $158 and $70 on early extinguishment of deb tduring the three months ended September 30, 2016 and March 31, 2016, respectively, in connection with redemptions of
certain senior unsecured notes.
CALCULATION OF EBITDA AND ADJUSTED EBITDA (1)
(in thousands)
For the Three Months Ended,
3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
Net income (loss) 37,171 63,186 $ 51,812 $ 56,061 $ 52,051
Add: Interest expense 43,566 37,349 41,280 41,698 41,586
Income tax expense 356 537 948 2,160 375
Depreciation and amortization 93,451 91,150 90,139 88,782 87,271
EBITDA 174,544 192,222 184,179 188,701 181,283
Add
(Less): Acquisition related costs (2) -- 482 156 117 612
General and administrative expense paid in
common shares (3) 412 557 985 870 422
Estimated business management incentive fee (4) 19,620 (56,272) 25,036 25,920 5,316
Loss on early extinguishment of debt (5) — — 158 — 70
Adjusted EBITDA $ 194,576 $ 136,989 $ 210,514 $ 215,608 $ 187,703
26. Hospitality Properties Trust
Calculation of Funds From Operations (FFO) and Normalized FFO.
26
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1)
(dollar amounts in thousands, except per share data)
For the Three Months Ended,
3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
Net income available for common shareholders $ 25,483 $ 58,020 $ 46,646 $ 50,895 $ 46,885
Add: Depreciation and amortization 93,451 91,150 90,139 88,782 87,271
FFO available for common shareholders 119,294 149,170 136,785 139,677 134,156
Add (Less): Acquisition related costs (2) — 482 156 117 612
Estimated business management incentive fees (3) 19,620 (56,272) 25,036 25,920 5,316
Loss on early extinguishment of debt (4) — — 158 — 70
Excess of liquidation preference over carrying value of preferred
Shares redeemed (5) 9,893 — — — —
Normalized FFO available for common shareholders $ 148,807 $ 93,380 $ 162,135 $ 165,714 $ 140,154
Weighted average shares outstanding (basic) 164,120 164,120 157,217 151,408 151,402
Weighted average shares outstanding (diluted) 164,128 164,128 157,263 151,442 151,415
Basic and diluted per share common share amounts:
Net income available for common shareholders $ 0.16 $ 0.35 $ 0.30 $ 0.34 $ 0.31
FFO available for common shareholders $ 0.73 $ 0.91 $ 0.87 $ 0.92 $ 0.89
Normalized FFO available for common shareholders $ 0.91 $ 0.57 $ 1.03 $ 1.09 $ 0.93
(1) Please see page 27 for definitions of FFO and Normalized FFO available for common shareholders, a description of why we believe the presentation of these measures provides useful information to investors regarding our
financial condition and results of operations and a description of how we use these measures.
(2) Represents costs associated with our acquisition activities. Acquisition costs incurred during the 2017 period have been capitalized in purchase accounting pursuant to change GAAP.
(3) Incentive fees under our 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 our consolidated statements of income . In calculating net income in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters.
Although we recognize this expense, if any, in the first , second and third quarters for purposes of calculating net income, we do not include these amounts in the calculation of Normalized FFO available for common
shareholders until the fourth quarter, which is when the business management incentive fee expense amount for the year, if any, is determined. Normalized FFO available for common shareholders includes business
management incentive fee expense of $52,407 for three months ended December 31,2016. Business management incentive fees for 2016 were paid in cash in January 2017.
(4) We recorded losses of $158 and $70 on early extinguishment of debt during the three months ended September 30, 2016 and March 31, 2016, respectively, in connection with the redemptions of certain senior unsecured
notes.
(5) On February 10, 2017, we redeemed all 11,600,000 of our outstanding 7.125% Series D cumulative redeemable preferred shares at the stated liquidation preference of $25.00 per share plus accrued and unpaid
distributions to the date of redemption (an aggregate of $291,435). The liquidation preference of the redeemed shares exceeded the carrying amount for the redeemed shares as of the date of redemption by $9,893, or
$0.06 per share, and we reduced net income available to common shareholders in the three months ended March 31, 2017 by that excess amount.
27. Hospitality Properties Trust
Non-GAAP financial measures definitions.
27
Definition of EBITDA
We calculate EBITDA and Adjusted EBITDA as shown on page 25. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our operating performance, along
with net income, net income available for common shareholders, operating income and cash flow from operating activities. We believe 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 our past operating performance. In calculating Adjusted EBITDA, we include 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 our 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, net
income available for common shareholders or operating income as an indicator of operating performance or as a measure of our liquidity. These measures should be considered in conjunction
with net income, net income available for common shareholders, operating income and cash flow from operating activities as presented in our condensed consolidated statements of income and
condensed consolidated statements of cash flows. Other real estate companies and REITs may calculate EBITDA and Adjusted EBITDA differently than we do.
Definition of FFO and Normalized FFO
We calculate FFO available for common shareholders and Normalized FFO available for common shareholders as shown on page 26. 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 us. Our calculation of Normalized FFO available for common shareholders differs from NAREIT's definition of FFO available for common shareholders because we include 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 our 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 we exclude acquisition related costs, loss on distribution to common shareholders of RMR common stock and loss
on early extinguishment of debt. We consider 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, net income available for common shareholders, operating income and cash flow from operating activities. We believe 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 our 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 our
Board of Trustees when determining the amount of distributions to shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT,
limitations in our credit agreement and public debt covenants, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance and
our expected needs for and availability of cash to pay our 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, net income available for common shareholders or operating income as an
indicator of our operating performance or as a measure of our liquidity. These measures should be considered in conjunction with net income, net income available for common shareholders,
operating income and cash flow from operating activities as presented in our condensed consolidated statements of income and condensed consolidated statements of cash flows. Other real
estate companies and REITs may calculate FFO available for common shareholders and Normalized FFO available for common shareholders differently than we do.
28. Hospitality Properties Trust
Investor Presentation
May 2017
Staybridge Suites Ft. Lauderdale, Plantation , FL
Operator: InterContinental Hotels Group
Guest Rooms: 141