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 (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.
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 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.
The daily report summarizes the performance of key stock market indices and sectors in India and globally on Monday, September 23, 2019. Domestically, the Sensex closed up 1,921 points or 5.32% and the Nifty ended up 569 points or 5.32%. All sectoral indices ended in the green, led by autos, banks, metals, infrastructure, FMCG, pharma and energy. Technical recommendations are given to buy HDFC AMC, BBTC cash, Nifty future and sell Bank Nifty future. The previous day's calls are also reviewed.
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The daily report provides an overview of the performance of domestic and global stock markets on November 28, 2019. Domestically, the Sensex closed up 0.49% and the Nifty closed up 0.52%. Yes Bank, UltraTech Cement and SBI were among the top gainers. Losing stocks included Bharti Infratel and Cipla. Globally, major indices like the Dow Jones, S&P 500 and Nasdaq closed up modestly. The report also provides technical recommendations for buying TVS Motors, Nifty futures and Bank Nifty futures based on chart patterns and support/resistance levels.
The document is a daily market report from November 8, 2019 published by www.tradenivesh.com. It includes the following key information:
- Indian equity indices ended higher led by gains in Infosys and HDFC. The Sensex closed up 0.53% and the Nifty ended up 0.38%.
- Top gainers were IndusInd Bank, Infosys and HDFC while top losers were UPL, YES Bank and GAIL.
- Technical recommendations were given to sell Nifty futures below 12,030 and Bank Nifty futures below 30,600. PEL futures were recommended to sell below 1,785 while Havells futures were recommended to buy above 717.
- 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.
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 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.
The daily report summarizes the performance of key stock market indices and sectors in India and globally on Monday, September 23, 2019. Domestically, the Sensex closed up 1,921 points or 5.32% and the Nifty ended up 569 points or 5.32%. All sectoral indices ended in the green, led by autos, banks, metals, infrastructure, FMCG, pharma and energy. Technical recommendations are given to buy HDFC AMC, BBTC cash, Nifty future and sell Bank Nifty future. The previous day's calls are also reviewed.
Find a quick way to best stock advisory in Indore with Trade Nivesh, you can be found a live update for trading & also will be available here best tips for share market
The daily report provides an overview of the performance of domestic and global stock markets on November 28, 2019. Domestically, the Sensex closed up 0.49% and the Nifty closed up 0.52%. Yes Bank, UltraTech Cement and SBI were among the top gainers. Losing stocks included Bharti Infratel and Cipla. Globally, major indices like the Dow Jones, S&P 500 and Nasdaq closed up modestly. The report also provides technical recommendations for buying TVS Motors, Nifty futures and Bank Nifty futures based on chart patterns and support/resistance levels.
The document is a daily market report from November 8, 2019 published by www.tradenivesh.com. It includes the following key information:
- Indian equity indices ended higher led by gains in Infosys and HDFC. The Sensex closed up 0.53% and the Nifty ended up 0.38%.
- Top gainers were IndusInd Bank, Infosys and HDFC while top losers were UPL, YES Bank and GAIL.
- Technical recommendations were given to sell Nifty futures below 12,030 and Bank Nifty futures below 30,600. PEL futures were recommended to sell below 1,785 while Havells futures were recommended to buy above 717.
- The key Indian stock market indices, Sensex and Nifty closed higher on Thursday lifted by gains in auto and banking stocks. The Sensex rose 125 points to close at 37,270 while the Nifty gained 33 points to close at 11,036.
- Yes Bank, Tata Motors, Eicher Motors, Maruti Suzuki and JSW Steel were the top gainers on the Nifty while losers included ONGC, Wipro, GAIL and HCL Technologies.
- Globally, stock indices like DJIA, S&P 500 and FTSE 100 closed higher by up to 1% while NASDAQ closed slightly lower.
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.
- The Sensex and Nifty indices closed lower by 0.72% on weak global cues. Yes Bank, Bharti Airtel and Reliance Industries were the top losers.
- Most global indices closed marginally higher with the DJIA up 0.21% and NASDAQ up 0.08%.
- The document provides technical recommendations to sell Nifty future, Bank Nifty future, SRF Ltd and buy Union Bank Ltd based on technical analysis.
- It also provides sectoral index performances, FII data and the previous day's trading recommendations.
The daily report summarizes the performance of key stock market indices in India and globally on September 26, 2019. Domestically, the Sensex closed down 503 points at 38,593 and the Nifty ended 148 points lower at 11,440. Major Indian sectoral indices like auto, financial services and metals declined over 1%. Globally, most markets closed lower with declines seen in the DAX, CAC and Hang Seng. Technical recommendations are given to sell Axis Bank, Bank of Baroda, Nifty and Bank Nifty futures based on bearish technical patterns.
The document is a daily report from www.tradenivesh.com dated Wednesday October 16, 2019. It provides an overview of the performance of key stock market indices in India and globally. It also summarizes news about several companies and sectors. Technical recommendations are provided to buy or sell certain stocks based on technical analysis of stock price movements and indicators.
The document is a daily market report from www.tradenivesh.com dated December 16, 2019. It provides an overview of the performance of key stock indices in India and globally. It also summarizes news about top gaining and losing stocks in the Indian markets, as well as other market indicators such as open interest, volume, and futures prices. Technical recommendations are provided for certain stocks and indices to buy or sell.
The daily report provides market updates for December 26, 2019 including:
- The Sensex and Nifty indexes closed lower by 0.44% and 0.39% respectively.
- Yes Bank, Cipla, IndusInd Bank, JSW Steel and ONGC were top gainers on the Nifty while BPCL, HCL Tech, Reliance, UPL and Eicher Motors saw losses.
- Global markets were mixed with the DJIA up 0.34% and most other indexes seeing little change.
The document is a daily market report from December 6, 2019. It provides an overview of the performance of key stock indices in India and globally. It also lists the top gainers and losers among Nifty stocks for the day. Technical analysis is provided for some stocks like Mindtree, Grasim, Nifty Future and Bank Nifty Future, with buy/sell recommendations based on chart patterns and support/resistance levels. The previous day's trading recommendations and their outcomes are also summarized at the end.
"Among all top 10 stock advisory company Indore Trade Nivesh is the best financial platform to get daily intraday stock market recommendations and market calls. You can also visit our site to have free trading trials."
"Among all top 10 stock advisory company Indore Trade Nivesh is the best financial platform to get daily intraday stock market recommendations and market calls. You can also visit our site to have free trading trials."
- The Sensex and Nifty indices closed lower on Thursday, down 0.91% and 0.75% respectively, led by losses in banking, metal and IT stocks.
- Bharti Airtel, Asian Paints, Hindalco Industries, TCS and UPL were the top losers on the indices, while Tata Motors, Wipro, Cipla, HUL and Adani Ports were major gainers.
- Except for auto and pharma sectors, all other sectoral indices ended in the red with banks, metals, IT, infrastructure, energy and FMCG witnessing the sharpest falls.
The document is a daily market report from www.tradenivesh.com dated December 2, 2019. It provides an overview of the performance of key stock indices in India and globally, top gainers and losers among Indian stocks, commodity prices and other market news. Major Indian indices like Sensex and Nifty closed lower by around 1% each. Sectoral indices like Nifty Media and PSU Bank were also down over 2%.
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Ahli bank weekly capital markets newsletter 4th 8th of november 2018ahli bank
1) The document is a weekly newsletter from Jordan Ahli Bank providing market information and analysis, including stock performance data from the Amman Stock Exchange, interest rates, commodity prices, and local, regional and global news briefs.
2) According to the newsletter, the ASE index fell 0.27% over the week while trading value and volume declined by over 30% and 20% respectively. The financial and services sectors saw small declines in their indices.
3) Globally, the US dollar rose against other major currencies amid falling stock prices and weak Chinese economic data, while the British pound gained on Brexit deal hopes but challenges remain in negotiations. Several major banks were also sued for alleged foreign exchange rigging.
- The key Indian stock market indices, Sensex and Nifty, ended lower on Monday down 1.14% and 1.23% respectively due to losses in banking and auto stocks.
- TCS, Infosys and ONGC were among the top gainers while Kotak Mahindra Bank, ICICI Bank and Tata Motors saw losses.
- The document provides technical analysis and recommendations for various stocks and indices such as UBL, Bharat Forge, Nifty Future and Bank Nifty Future. It also lists the top gainers, losers and volume shockers for the day as well as a disclaimer.
The QSE Index gained 0.5% led by the Consumer Goods & Services and Telecoms indices. Top gainers were Qatar Fuel (up 6.3%) and Al Khalij Commercial Bank (up 3.5%). Top losers included Salam International Investment Co. (down 2.6%) and Qatar General Insurance & Reinsurance Co. (down 2.3%). Regional markets were mixed with Saudi Arabia down 2.1% while Oman rose 0.4%.
The document is a daily market report published by www.tradenivesh.com on December 30, 2019. It provides an overview of the performance of key stock indices in India and globally. It also lists the top gainers and losers during the day's trading session in the Indian markets. The report gives technical recommendations for trading in futures and options of various stocks like Bank of Baroda, Canara Bank, Nifty and Bank Nifty based on technical analysis. It concludes with the performance of calls made in the previous day's report.
The daily report provides an overview of the Indian stock market performance on Friday, November 15, 2019. Key points include:
- The Sensex ended up 0.42% and the Nifty rose 0.25% led by gains in ICICI Bank, Infosys, and Bajaj Finance.
- Global markets were mixed with declines in Japan, Hong Kong, and Germany, while the US indexes rose modestly.
- Technical recommendations are given to sell Nifty futures, Bank Nifty futures, and Suntv futures and buy Auropharma futures and HDFC AMC cash.
The Nigerian stock market declined further as most stocks closed lower. Sector indices were mixed, with banking and insurance stocks declining due to losses in UBA and other financials. Market turnover fell 24.9% as trading concentrated in a few stocks. SABMiller reported strong growth in Nigeria, with revenue up 33% year-over-year, driven by 27% volume growth. However, growth may slow to 3-4% this year as lower oil prices impact consumption. The government may raise VAT from 5% to 10% and cancel projects if oil prices continue falling.
- 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 key Indian stock market indices, Sensex and Nifty closed higher on Thursday lifted by gains in auto and banking stocks. The Sensex rose 125 points to close at 37,270 while the Nifty gained 33 points to close at 11,036.
- Yes Bank, Tata Motors, Eicher Motors, Maruti Suzuki and JSW Steel were the top gainers on the Nifty while losers included ONGC, Wipro, GAIL and HCL Technologies.
- Globally, stock indices like DJIA, S&P 500 and FTSE 100 closed higher by up to 1% while NASDAQ closed slightly lower.
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.
- The Sensex and Nifty indices closed lower by 0.72% on weak global cues. Yes Bank, Bharti Airtel and Reliance Industries were the top losers.
- Most global indices closed marginally higher with the DJIA up 0.21% and NASDAQ up 0.08%.
- The document provides technical recommendations to sell Nifty future, Bank Nifty future, SRF Ltd and buy Union Bank Ltd based on technical analysis.
- It also provides sectoral index performances, FII data and the previous day's trading recommendations.
The daily report summarizes the performance of key stock market indices in India and globally on September 26, 2019. Domestically, the Sensex closed down 503 points at 38,593 and the Nifty ended 148 points lower at 11,440. Major Indian sectoral indices like auto, financial services and metals declined over 1%. Globally, most markets closed lower with declines seen in the DAX, CAC and Hang Seng. Technical recommendations are given to sell Axis Bank, Bank of Baroda, Nifty and Bank Nifty futures based on bearish technical patterns.
The document is a daily report from www.tradenivesh.com dated Wednesday October 16, 2019. It provides an overview of the performance of key stock market indices in India and globally. It also summarizes news about several companies and sectors. Technical recommendations are provided to buy or sell certain stocks based on technical analysis of stock price movements and indicators.
The document is a daily market report from www.tradenivesh.com dated December 16, 2019. It provides an overview of the performance of key stock indices in India and globally. It also summarizes news about top gaining and losing stocks in the Indian markets, as well as other market indicators such as open interest, volume, and futures prices. Technical recommendations are provided for certain stocks and indices to buy or sell.
The daily report provides market updates for December 26, 2019 including:
- The Sensex and Nifty indexes closed lower by 0.44% and 0.39% respectively.
- Yes Bank, Cipla, IndusInd Bank, JSW Steel and ONGC were top gainers on the Nifty while BPCL, HCL Tech, Reliance, UPL and Eicher Motors saw losses.
- Global markets were mixed with the DJIA up 0.34% and most other indexes seeing little change.
The document is a daily market report from December 6, 2019. It provides an overview of the performance of key stock indices in India and globally. It also lists the top gainers and losers among Nifty stocks for the day. Technical analysis is provided for some stocks like Mindtree, Grasim, Nifty Future and Bank Nifty Future, with buy/sell recommendations based on chart patterns and support/resistance levels. The previous day's trading recommendations and their outcomes are also summarized at the end.
"Among all top 10 stock advisory company Indore Trade Nivesh is the best financial platform to get daily intraday stock market recommendations and market calls. You can also visit our site to have free trading trials."
"Among all top 10 stock advisory company Indore Trade Nivesh is the best financial platform to get daily intraday stock market recommendations and market calls. You can also visit our site to have free trading trials."
- The Sensex and Nifty indices closed lower on Thursday, down 0.91% and 0.75% respectively, led by losses in banking, metal and IT stocks.
- Bharti Airtel, Asian Paints, Hindalco Industries, TCS and UPL were the top losers on the indices, while Tata Motors, Wipro, Cipla, HUL and Adani Ports were major gainers.
- Except for auto and pharma sectors, all other sectoral indices ended in the red with banks, metals, IT, infrastructure, energy and FMCG witnessing the sharpest falls.
The document is a daily market report from www.tradenivesh.com dated December 2, 2019. It provides an overview of the performance of key stock indices in India and globally, top gainers and losers among Indian stocks, commodity prices and other market news. Major Indian indices like Sensex and Nifty closed lower by around 1% each. Sectoral indices like Nifty Media and PSU Bank were also down over 2%.
"Among all top 10 stock advisory company Indore Trade Nivesh is the best financial platform to get daily intraday stock market recommendations and market calls. You can also visit our site to have free trading trials."
Ahli bank weekly capital markets newsletter 4th 8th of november 2018ahli bank
1) The document is a weekly newsletter from Jordan Ahli Bank providing market information and analysis, including stock performance data from the Amman Stock Exchange, interest rates, commodity prices, and local, regional and global news briefs.
2) According to the newsletter, the ASE index fell 0.27% over the week while trading value and volume declined by over 30% and 20% respectively. The financial and services sectors saw small declines in their indices.
3) Globally, the US dollar rose against other major currencies amid falling stock prices and weak Chinese economic data, while the British pound gained on Brexit deal hopes but challenges remain in negotiations. Several major banks were also sued for alleged foreign exchange rigging.
- The key Indian stock market indices, Sensex and Nifty, ended lower on Monday down 1.14% and 1.23% respectively due to losses in banking and auto stocks.
- TCS, Infosys and ONGC were among the top gainers while Kotak Mahindra Bank, ICICI Bank and Tata Motors saw losses.
- The document provides technical analysis and recommendations for various stocks and indices such as UBL, Bharat Forge, Nifty Future and Bank Nifty Future. It also lists the top gainers, losers and volume shockers for the day as well as a disclaimer.
The QSE Index gained 0.5% led by the Consumer Goods & Services and Telecoms indices. Top gainers were Qatar Fuel (up 6.3%) and Al Khalij Commercial Bank (up 3.5%). Top losers included Salam International Investment Co. (down 2.6%) and Qatar General Insurance & Reinsurance Co. (down 2.3%). Regional markets were mixed with Saudi Arabia down 2.1% while Oman rose 0.4%.
The document is a daily market report published by www.tradenivesh.com on December 30, 2019. It provides an overview of the performance of key stock indices in India and globally. It also lists the top gainers and losers during the day's trading session in the Indian markets. The report gives technical recommendations for trading in futures and options of various stocks like Bank of Baroda, Canara Bank, Nifty and Bank Nifty based on technical analysis. It concludes with the performance of calls made in the previous day's report.
The daily report provides an overview of the Indian stock market performance on Friday, November 15, 2019. Key points include:
- The Sensex ended up 0.42% and the Nifty rose 0.25% led by gains in ICICI Bank, Infosys, and Bajaj Finance.
- Global markets were mixed with declines in Japan, Hong Kong, and Germany, while the US indexes rose modestly.
- Technical recommendations are given to sell Nifty futures, Bank Nifty futures, and Suntv futures and buy Auropharma futures and HDFC AMC cash.
The Nigerian stock market declined further as most stocks closed lower. Sector indices were mixed, with banking and insurance stocks declining due to losses in UBA and other financials. Market turnover fell 24.9% as trading concentrated in a few stocks. SABMiller reported strong growth in Nigeria, with revenue up 33% year-over-year, driven by 27% volume growth. However, growth may slow to 3-4% this year as lower oil prices impact consumption. The government may raise VAT from 5% to 10% and cancel projects if oil prices continue falling.
- 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.
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.
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.
The document is based on findings from an analysis of over 85 management contracts compiled by TRI, as well as executive level interviews with hospitality professionals. The survey is an update of TRI's 2006 analysis of hotel management contracts covering Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the United Arab Emirates.
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 discusses forward-looking statements and risks related to Thor Industries' financial performance. It provides an overview of Thor Industries, including its market leadership positions in various RV categories, operations across North America, and focus on customer needs. The document outlines Thor's strategic vision of disciplined and profitable growth, sustainable business model, and strong balance sheet. It discusses factors that make Thor different from competitors and provide competitive advantages, such as its decentralized structure and focus on relationships. The document also addresses current RV industry conditions and trends among RV consumers.
This document discusses Thor Industries' acquisition of Jayco. Some key points:
- Jayco is a $1.5 billion RV manufacturer with a complementary product portfolio including travel trailers, folding campers, and motorhomes.
- The acquisition was completed on June 30, 2016 for $576 million in cash to be paid down within 3 years.
- Jayco fits with Thor's decentralized model and will continue to operate independently while benefiting from Thor's support. Jayco generated $70 million in pre-tax profits in 2015.
- The acquisition expands Thor's product offerings and dealer network while being accretive to earnings in the first year. Jayco's margins are slightly dilutive but synerg
Mdr day1-ir presentation final 051018 230 pm cstinvestorcbi
McDermott provides an investor overview document that discusses their positioning as a premier global EPCI provider with a $10 billion revenue base and $14 billion backlog. They highlight their fully vertically integrated onshore-offshore capabilities across attractive growth markets. McDermott cautions that the document contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. The document discusses strategic objectives around growing revenue and earnings, expanding technology leadership, maintaining safety and disciplined capital allocation.
The document summarizes information about Thor Industries, a leading manufacturer of recreational vehicles. Some key points:
- Thor has a decentralized operating structure and owns several RV brands, making it the #2 overall producer of RVs in North America.
- The company has seen record sales and profits in recent years due to strong consumer demand and its diverse product portfolio.
- Thor maintains a strong balance sheet to support growth initiatives like acquisitions and capacity expansion.
- Industry conditions remain competitive but consumer confidence in RVs has improved, driving increases in both wholesale and retail sales.
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.
Thor Industries is the world's largest manufacturer of RVs, producing a variety of towable and motorized vehicles under multiple brand names. It has a 37-year history of profitability and growth through organic expansion and acquisitions. Thor has a decentralized operating structure and variable cost model that allows it to be resilient during economic downturns. The company benefits from long-term trends of increasing outdoor recreation and camping. With a strong financial position and experienced management team, Thor is well positioned for continued leadership in the growing North American RV industry.
Delta is setting a new standard through consolidation, investments in its network, products and services, and capital discipline. This has led to industry-leading operational performance, customer satisfaction, and unit revenue premiums. Delta is focusing on efficient capacity growth and revenue initiatives to continue expanding margins and generating substantial free cash flow. Lower fuel prices in the second half of 2015 provide a $2 billion benefit for Delta and will allow over two-thirds of the savings to flow to the bottom line.
Plug Power reported on its fourth quarter and full year 2016 financial results. Key highlights included continued sales growth, strong bookings momentum for 2017 delivery, cost reductions driving improvements in margins, and progress expanding into new markets. For 2017, Plug Power expects total revenue of $130 million, gross margins between 8-12%, bookings of $325 million, and $25-35 million in net cash used for operating and investing activities. The company also provided an overview of its strategy to continue expanding in fuel cell applications.
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.
Mercer Capital's Value Focus: Insurance Industry | Q2 2015Mercer Capital
This document provides an overview and commentary on the insurance industry for the second quarter of 2015. It discusses trends and performance in various insurance subsectors including:
- Property & casualty insurance stocks rose modestly, with specialty insurers outperforming. Rate increases remained small while catastrophe losses are expected to be higher than last year.
- Reinsurance stocks increased led by consolidation speculation, though soft pricing is expected to continue.
- Life & health stocks increased slightly while managed care benefited from the Supreme Court upholding ACA exchanges. Consolidation is anticipated in managed care.
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Iron Mountain converted to a REIT structure effective January 1, 2014 to enhance stockholder returns. As a REIT, Iron Mountain will be able to acquire additional real estate assets and benefit from tax advantages. However, the conversion will impact cash flows in 2014, requiring incremental borrowing and potential equity issuance to fund the special distribution and other one-time costs. Going forward, normalized cash flows are expected to cover the ordinary dividend and core real estate investments.
The document discusses Shell's operations across the energy supply chain from upstream exploration and production through midstream transportation and downstream manufacturing and sales. It provides overviews of Shell's activities in upstream oil and gas extraction, midstream pipeline transportation of crude oil and natural gas, and downstream refining and petrochemical production. It also identifies supplier opportunities in areas like equipment, services, infrastructure, and logistics across the different segments of the energy supply chain.
2. Hospitality Properties Trust
Disclaimer.
THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER WE USE WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "PLAN,"
"ESTIMATE," OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE
FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR
EXPECTATIONS. FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT
OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR
FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. YOU SHOULD NOT PLACE
UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENT. EXCEPT AS REQUIRED BY APPLICABLE
LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENT AS
A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
THIS PRESENTATION CONTAINS NON-GAAP FINANCIAL MEASURES, INCLUDING ADJUSTED EBITDAAND
NORMALIZED FUNDS FROM OPERATIONS.
2Unless otherwise noted, all data presented is as of June 30, 2016.
3. Hospitality Properties Trust
HPT’s high quality properties, conservative profile and secure
cash flows provide a growing and well covered dividend.
3
• Favorable market trends – lodging and travel center industry.
• Diversified portfolio of recently renovated, high quality properties.
• Long term portfolio agreements that can provide security of cash flow.
• Hotel RevPAR growth outperforming the industry.
• Ramping portfolio and external growth opportunities.
• Conservative profile. Capacity to support continued disciplined growth.
4. Hospitality Properties Trust
Economic growth continues. U.S. hotel industry forecasts
remain optimistic.
4STR Quarterly Hotel Review and PWC US Lodging Forecast– May 2016
Lodging Industry Forecasts
1.9% 1.9% 1.7% - 2.1% 1.9%
2.1% 1.9% 2.3% - 1.4% 2.1%
-0.1% 0.0% 0.3% - -0.7% 0.2%
4.3% 4.7% 4.4% - 4.5% 4.3%
4.2% 4.6% 4.4% - 3.7% 3.8%
May-16 May-16 May-16 - May-16 May-16
2017
PKF PWC
Source:PKF Research, PWC, STR
STR YTD PKF PWC STR
Supply 1.5%
2016
RevPAR
Updated:
1.6%
0.1%
3.1%
3.1%
Jun-16
Demand
Occupancy
Average Rate
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 180
tractor trailer trucks will have a
competitive advantage – TA’s
reservation program proves
value.
6. Hospitality Properties Trust
HPT is one of the most geographically diverse lodging REITs that owns hotels
and travel centers operated under recognized brands.
• $8.9 billion investment portfolio (historical investment basis(1)).
• Total of 502 properties located in 45 states, Puerto Rico and Canada.
305 hotels with 46,347 rooms.
197 travel centers located adjacent to the U.S. interstate highway system.
6(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 Hotel Brands HPT Travel Center Brands
7. Hospitality Properties Trust
HPT has $5.6 billion invested in 305 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
33 hotels / 6,093 rooms
$1,127 million
InterContinental Hotels Group
plc
94 hotels / 14,403 rooms
$1,678 million
Carlson Hotels
Worldwide
11 hotels / 2,090 rooms
$210 million
Marriott International, Inc.
122 hotels / 17,086 rooms
$1,780 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
$383 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 305 hotel properties are secured by
deposits or guarantees and have potential additional
returns based on performance.
Six agreements covering 218 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 305 hotels are operated under 21 recognized brands.
Brand No. of Properties
% of
Investment
Courtyard 71 17%
Candlewood Suites 61 10%
Residence Inn 35 10%
Royal Sonesta 4 8%
Staybridge Suites 19 6%
Hyatt Place 22 5%
Wyndham 6 5%
Crowne Plaza 7 6%
Sonesta ES Suites 25 8%
Sonesta 4 4%
InterContinental 3 4%
Radisson/Country Inn/Park Plaza 11 4%
TownePlace/Spring Hill 14 2%
Marriott 2 2%
Clift Hotel 1 2%
Hawthorne Suites 16 2%
Kimpton Hotels & Restaurants 1 2%
Holiday Inn 3 1%
305 100%
8
9. Hospitality Properties Trust 9
InterContinental Stephen F. Austin, Austin, TX
Operator: InterContinental Hotels Group
Guest Rooms: 190
10. Hospitality Properties Trust
Supplemental Operating and Financial Data, March 31, 2016
Hawthorn Suites by Wyndham, Wheeling, IL
Operator: Wyndham Hotel Group
Guest Rooms: 141
10
11. Hospitality Properties Trust
HPT has $3.3 billion invested in 197 travel centers located along the U.S.
Interstate Highway System.
11
HPT owns or leases 148 “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 255 “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 186 trucks
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 589 quick service restaurants (QSRs) under contracts with more than 40 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. All but two of HPT’s properties are part of a portfolio agreement. Each portfolio
agreement includes between 11 and 94 geographically diversified properties. Obligations due HPT for all
properties in each portfolio are cross guaranteed and cross defaulted. (The two standalone properties are
leased to Marriott International Inc. and Morgans Hotel Group).
• 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 remaining term for HPT’s leases and operating agreements at June 30, 2016 is 15.5 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
Q2 LTM Security Features
Total/Average 14 agreements 502 46,347 $769,006 100% 1.44x 1.26x
8 brand owners
Subtotal Travel Centers 197 N/A 268,001 35% 1.64x 1.59x
TA guaranty.
14 TA No. 5 40 N/A 66,129 9% TA guaranty.
13 TA No. 4 39 N/A 49,274 6%
TA guaranty.
11 TA No. 2 39 N/A 49,817 6% 1.60x
1.63x12 TA No. 3 39 N/A 52,130
TA guaranty.
-
10 TA No. 1 40 N/A 50,651 7% TA guaranty.
9 Morgans 1 372 7,595 1% 1.07x
1.71x
Subtotal Hotels 305 46,347 501,005 65% 1.34x 1.09x
Limited guaranty provided by Hyatt.
8 Carlson 11 2,090 12,920 1% Limited guaranty provided by Carlson.
7 Hyatt 22 2,724 22,037 3% 1.45x
1.48x
-
6 Wyndham 22 3,579 28,078 4% Limited guaranty provided by Wyndham.
5 Sonesta 33 6,093 85,206 11% 1.09x
1.38x
Marriott guaranty.
4 InterContinental 94 14,403 160,338 21% Security deposit.
3 Marriott No. 5 1 356 10,116 1% 0.48x
1.34x
-
2 Marriott No. 234 68 9,120 106,243 14% Limited guaranty provided by Marriott.
1 Marriott No. 1 53 7,610 $68,472 9% 1.72x
1.33x
Agreement
No. of
Properties
No. of
Rooms
Annual Minimum
Return/Rent % of Total
1.60x
1.66x
1.38x
1.13x
0.62x
1.20x
0.68x
0.92x
1.18x
1.23x
1.20x
1.65x
1.57x
1.55x
1.56x
1.59x
7%
Coverage
(1)
79% of HPT’s total minimum rents and returns are secured by
deposits or guarantees.
13
(1) We define coverage as combined 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 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 Sonesta, InterContinental and TA
agreements include data for periods prior to our ownership of certain hotels and travel centers.
15. Hospitality Properties Trust 15
Marriott Residence Inn San Antonio Downtown/Alamo Plaza, San Antonio, TX
Operator: Marriott International, Inc.
Guest Rooms: 220
16. Hospitality Properties Trust
• HPT travel centers’ non-fuel revenue and non-fuel gross margin
increased by .9% and 3.4% respectively versus the prior year.
• TA’s three months ended June 30, 2016 Consolidated operating
results:
Revenue: $1.4 billion.
Net Income: $3.5 million.
EBITDAR: $98 million.
$0.0
$0.5
$1.0
$1.5
$2.0
2011 2012 2013 2014 2015 LTM
6/30/2016
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 2015, HPT completed renovations at almost
all of its 291 comparable hotels at a cost of approximately $1 billion.
• HPT’s comparable hotel portfolio Revenue Per Available Room
(“RevPAR”) growth has outperformed industry growth for the
past fourteen consecutive quarters.
18. Hospitality Properties Trust 18
Sonesta Fort Lauderdale Beach, Fort Lauderdale, FL
Operator: Sonesta International Hotels Corp.
Guest Rooms: 240
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..
(2) We define coverage as combined total property level revenues minus all property level expense 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.
(3) See exhibits hereto for a reconciliation to nearest GAAP measure.
(4) Adjusted EBITDA for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015 includes $25,920, or $0.17 per share, $5,316, or $0.04 per share, $44,880, or $0.30 per share, $8,561, or $0.06 per share, and a reversal of $205, or $0.00 per share,
respectively, of incentive management fee expense.
(In thousands except number of properties,
number of rooms and per share data.)
As of and for the three months ended
June 30,
2016 2015 Change
%
Change
Property data:
Number of properties 502 484 18
Number of rooms 46,347 44,761 1,586
Annual minimum returns and rents(1)
$ 769,006 $ 724,834 $ 44,172 6.1%
Coverage of annual minimum returns
and rents - hotels(2) 1.34x 1.28x .06x
Coverage of annual minimum returns
and rents - travel centers(2) 1.64x 1.73x -.09x
Key financial data:
Total revenues $ 550,299 $ 507,066 $ 43,233 8.5%
Adjusted EBITDA(3)(4)
$ 215,608 $ 191,059 $ 24,549 12.8%
Normalized funds from operations
(FFO)(3) $ 165,714 $ 148,139 $ 17,575 11.9%
Total Debt (book value) (5)
/Gross book
value of real estate(6) 40.8% 38.9% 1.9% 1.9 pts.
Total Debt (book value)(5)
/Annualized
Adjusted EBITDA(3)(4) 4.1x 4.1x
Per share data:
Common dividend $ 0.51 $ 0.50 $ 0.01 2.0%
Normalized FFO (3)
$ 1.09 $ 0.99 $ 0.10 10.1%
Normalized FFO payout ratio(3)
46.6% 51.1% -4.9% -4.5 pts.
(5) Debt amounts are net of unamortized discounts and certain issuance costs.
(6) Gross book value of real estate assets is real estate properties at cost, before purchase price allocations, less mpairment write-downs, if any. 19
20. Hospitality Properties Trust
HPT believes it will continue benefitting from hotel renovations and
travel center improvements and from overall health of the portfolio.
• HPT funded $20.4 million dollars of hotel improvements during Q2. HPT expects to fund an
additional $69 million of hotel improvements during the remainder of 2016.
• HPT funded $34.5 million dollars of travel center improvements in 2016. HPT expects to
fund an additional $58 million of travel center improvements during the remainder of 2016.
• HPT’s hotel operators anticipate full-year 2016 RevPAR growth generally in the 4 to 5%
range, and GOP margin percentage improvement of 100 to 150 basis points versus the
same period in 2015.
20
21. Hospitality Properties Trust
During 2016, HPT has acquired or agreed to acquire 2 full service hotels and
2 extended stay hotels.
Courtyard Guestroom Residence Inn Kitchen
• In February, HPT acquired two extended stay hotels with 262 combined suites located in Cleveland and
Westlake, OH for an aggregate purchase price of $12.0 million, excluding acquisition related costs. HPT
converted these hotels to the Sonesta ES Suites® hotel brand and added them to its management
agreement with Sonesta International Hotels Corporation, or Sonesta.
• In March, HPT acquired the 221 room Kimpton Hotel Monaco hotel located in Portland, OR for $114.0
million, excluding acquisition related costs. HPT added this hotel to its management agreement with
InterContinental Hotels Group, or Intercontinental.
• In July, HPT entered into an agreement to acquire a full service hotel with 236 rooms located in
California’s Silicon Valley for a purchase price of $52 million, excluding acquisition related costs. HPT
currently expects to complete this acquisition during the fourth quarter of 2016. HPT plans to add this
hotel to its management agreement with Sonesta.
21
22. Hospitality Properties Trust
HPT has a conservative financial profile.
22
($ in thousands)
Book Capitalization as of June 30, 2016
Unsecured floating rate debt 630,088$
Unsecured fixed rate debt 2,871,278
Total debt 3,501,366
Shareholders equity (book value) 2,794,506
Total Book Capitalization 6,295,872$
$2,795
44%
$2,871
46%
$630
10%
Shareholders equity
Unsecured fixed rate debt
Unsecured floating rate debt
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
2016 2017 2018 2019 2021 2022 2023 2024 2025 2026 2027
• No secured debt.
• Unsecured senior notes:
$2,908 million as of June 30, 2016
($2,871 million net of discounts).
All fixed rate.
• Unsecured term loan:
$400 million.
April 2019 maturity.
• Revolving credit facility:
$1 billion ($232 million outstanding as of
June 30, 2016).
July 2018 maturity plus one year
extension option.
• No derivatives, no off balance sheet liabilities
and no material adverse change clauses or
ratings triggers.
HPT Term Debt Maturities as of
June 30, 2016
($ in millions)
24. Hospitality Properties Trust
HPT’s high quality properties, conservative profile and secure
cash flows provide a growing and well covered dividend.
24
• Favorable market trends – lodging and travel center industry.
• Diversified portfolio of recently renovated, high quality properties.
• Long term portfolio agreements that can provide security of cash flow.
• Hotel RevPAR growth outperforming the industry.
• Ramping portfolio and external growth opportunities.
• Conservative profile. Capacity to support continued disciplined growth.
25. Hospitality Properties Trust
Calculation of EBITDA and Adjusted EBITDA.
25
6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 2016 2015
Net income (loss) 56,061$ 52,051$ (19,494)$ 61,185$ 83,146$ 108,112$ 124,727$
Add: Interest expense 41,698 41,586 36,980 36,628 35,836 83,284 71,290
Income tax expense 2,160 375 121 514 640 2,535 931
Depreciation and amortization 88,782 87,271 85,964 84,261 80,582 176,053 159,551
EBITDA 188,701 181,283 103,571 182,588 200,204 369,984 356,499
Add (Less): Acquisition related costs (2)
117 612 389 851 797 729 1,135
General and administrative expense paid in
common shares (3)
870 422 379 713 1,278 1,292 3,013
Estimated business management incentive fee (4)
25,920 5,316 (17,383) 8,561 (205) 31,236 8,822
Loss on distribution to common shareholders of
RMR common stock (5)
- - 36,773 - - - -
Loss on early extinguishment of debt (6)
- 70 - - - 70 -
Gain on sale of real estate (7)
- - - - (11,015) - (11,015)
Adjusted EBITDA 215,608$ 187,703$ 123,729$ 192,713$ 191,059$ 403,311$ 358,454$
(1)
(2)
(3)
(4)
(5)
(6)
(7) We 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.
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. Effective with the
quarter ended June 30, 2016, we have changed our calculation of Adjusted EBITDA to no longer include adjustments for estimated percentage rent. Historically, when calculating Adjusted EBITDA, we
estimated an amount of percentage rental income for each of the first three quarters of the year and then, in the fourth quarter, excluded the amounts that had been included in the first three quarters. In
calculating net income in accordance with GAAP, we recognize percentage rental income for the full year in the fourth quarter, which is when all contingencies are met and the income is earned.
Adjusted EBITDA for historical periods has been restated to be comparable with the current period calculation.
Amounts represent the portion of business management fees that were payable in our common shares as well as equity based compensation for our trustees, our officers and certain other employees of
RMR's operating subsidiary, RMR LLC. Effective June 1, 2015, all business management fees are paid in cash.
Represents costs associated with our acquisition activities.
Amounts represent estimated incentive fees under our business management agreement calculated based on common share total return, as defined. In calculating net income in accordance with GAAP,
we recognize estimated business management incentive fee expense, if any, each quarter. Although we recognize this expense, if any, each quarter 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 incentive fee expense amount for the year, if any, is determined. Incentive fees for 2015
were paid in cash in January 2016.
We recorded a $36,773 non-cash loss on the distribution to common shareholders of RMR common stock to our shareholders in the fourth quarter of 2015 as a result of the closing price of RMR
common stock being lower than our carrying amount per share on the day we distributed RMR common stock to our shareholders.
We recorded a $70 loss on early extinguishment of debt in the first quarter of 2016 in connection with the redemption of certain senior unsecured notes.
For the Six Months Ended June 30,For the Three Months Ended,
CALCULATION OF EBITDA AND ADJUSTED EBITDA (1)
(in thousands)
26. Hospitality Properties Trust
Calculation of funds from operation (FFO) and Normalized FFO.
26
6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 2016 2015
Net income (loss) available for common shareholders 50,895$ 46,885$ (24,660)$ 56,019$ 77,980$ 97,780$ 114,395$
Add (Less): Depreciation and amortization 88,782 87,271 85,964 84,261 80,582 176,053 159,551
Gain on sale of real estate (2)
- - - - (11,015) - (11,015)
FFO available for common shareholders 139,677 134,156 61,304 140,280 147,547 273,833 262,931
Add (Less): Acquisition related costs (3)
117 612 389 851 797 729 1,135
25,920 5,316 (17,383) 8,561 (205) 31,236 8,822
Loss on distribution to common shareholders of
RMR common stock (5)
- - 36,773 - - - -
- 70 - - - 70 -
Normalized FFO available for common shareholders 165,714$ 140,154$ 81,083$ 149,692$ 148,139$ 305,868$ 272,888$
Weighted average shares outstanding (basic) 151,408 151,402 151,400 151,359 150,260 151,405 150,028
Weighted average shares outstanding (diluted) 151,442 151,415 151,400 151,386 150,292 151,428 150,594
Basic and diluted per share common share amounts:
Net income (loss) available for common shareholders (basic and diluted) 0.34$ 0.31$ (0.16)$ 0.37$ 0.52$ 0.65$ 0.76$
FFO available for common shareholders (basic and diluted) 0.92$ 0.89$ 0.40$ 0.93$ 0.98$ 1.81$ 1.75$
Normalized FFO available for common shareholders (basic) 1.09$ 0.93$ 0.54$ 0.99$ 0.99$ 2.02$ 1.82$
Normalized FFO available for common shareholders (diluted) 1.09$ 0.93$ 0.54$ 0.99$ 0.99$ 2.02$ 1.81$
(1)
(2)
(3)
(4)
(5)
(6)
Loss on early extinguishment of debt (6)
Estimated business management incentive fees (4)
For the Three Months Ended, For the Six Months Ended June 30,
Please see page 27 for definitions of FFO and Normalized FFO available for common shareholders and a description of why we believe the presentation of these measures provides useful information to investors regarding our
financial condition and results of operations. Effective with the quarter ended June 30, 2016, we have changed our calculation of Normalized FFO to no longer include adjustments for estimated percentage rent. Historically, when
calculating Normalized FFO, we estimated an amount of percentage rental income for each of the first three quarters of the year and then, in the fourth quarter, excluded the amounts that had been included in the first three
quarters. In calculating net income in accordance with GAAP, we recognize percentage rental income for the full year in the fourth quarter, which is when all contingencies are met and the income is earned. Normalized FFO for
historical periods has been restated to be comparable with the current period calculation.
We 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.
Represents costs associated with our acquisition activities.
Amounts represent estimated incentive fees under our business management agreement calculated based on common share total return, as defined. In calculating net income in accordance with GAAP, we recognize estimated
business management incentive fee expense, if any, each quarter. Although we recognize this expense, if any, each quarter 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 actual incentive fee expense amount for the year, if any, is determined. Incentive fees for 2015 were paid in cash in January 2016.
We recorded a $70 loss on early extinguishment of debt in the first quarter of 2016 in connection with the redemption of certain senior unsecured notes.
We recorded a $36,773 non-cash loss on the distribution of RMR common stock to our shareholders in the fourth quarter of 2015 as a result of the closing price of RMR common stock being lower than our carrying amount per
share on the day we distributed RMR common stock to our shareholders.
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1)
(dollar amounts in thousands, except per share data)
27. Hospitality Properties Trust
Non-GAAP financial measures definitions.
27
Definition of EBITDA
We calculate EBITDA and Adjusted EBITDA as shown on page 23. 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 23. 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 28
Courtyard by Marriott, Camarillo, CA.
Guest Rooms: 130.
Sonesta Resort, Hilton Head, SC
Operator: Sonesta International Hotels Corp.
Guest Rooms: 340