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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hospitality Properties Trust | NASDAQ:HPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.28 | 25.00 | 25.51 | 0 | 01:00:00 |
Fourth Quarter Normalized FFO Per Share Increases 15.7% to $0.81
Q4 Comparable Property RevPAR Growth of 11.3% for Hotels Not Under Renovation
Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter and year ended December 31, 2014, compared to the results for the prior year comparable periods:
Three Months EndedDecember 31, Year EndedDecember 31, 2014 2013 2014 2013 ($ in thousands, except per share and RevPAR data) Net income available for common shareholders $ 51,357 $ 27,586 $ 176,521 $ 100,992 Net income available for common shareholders per share (basic and diluted) $ 0.34 $ 0.19 $ 1.18 $ 0.73Adjusted EBITDA (1)
$ 164,247 $ 146,908 $ 661,802 $ 589,813 Adjusted EBITDA growth 11.8% — 12.2% — Normalized FFO (1) $ 121,458 $ 101,304 $ 493,363 $ 410,355 Normalized FFO per share (basic) $ 0.81 $ 0.70 $ 3.30 $ 2.99 Normalized FFO per share (diluted) $ 0.81 $ 0.70 $ 3.29 $ 2.98Hotel Portfolio Performance
Comparable RevPAR $ 80.03 $ 72.52 $ 84.61 $ 76.78 Comparable RevPAR growth 10.4% — 10.2% — Comparable RevPAR (excluding hotels under renovation) $ 81.07 $ 72.85 $ 85.57 $ 76.79 Comparable RevPAR growth (excluding hotels under renovation) 11.3% — 11.4% — RevPAR (all hotels) $ 80.24 $ 72.70 $ 84.61 $ 76.84 RevPAR growth (all hotels) 10.4% — 10.1% — Coverage of HPT’s minimum returns and rents (all hotels) 0.82x 0.75x 0.93x 0.85x(1) Reconciliations of net income available for common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO and reconciliations of net income to earnings before interest, taxes, depreciation and amortization, or EBITDA, and Adjusted EBITDA appear later in this press release.
John Murray, President and Chief Operating Officer of Hospitality Properties Trust, made the following statement regarding today’s announcement:
“Our operating performance continues to improve as we realize the benefits of our property renovation program. Our Normalized FFO per share increased 15.7% and our RevPAR growth exceeded the hotel industry’s strong performance for the ninth consecutive quarter.”
Results for the Three Months and Year Ended December 31, 2014 and Recent Activities:
Net income available for common shareholders for the year ended December 31, 2014 was $176.5 million, or $1.18 per basic and diluted share, compared to $101.0 million, or $0.73 per basic and diluted share, for the year ended December 31, 2013. The weighted average number of basic and diluted common shares outstanding was 149.7 million and 149.8 million, respectively, for the year ended December 31, 2014 and 137.4 million and 137.5 million, respectively, for the year ended December 31, 2013.
Adjusted EBITDA for the year ended December 31, 2014 compared to the same period in 2013 increased 12.2% to $661.8 million.
Normalized FFO for the year ended December 31, 2014 were $493.4 million, or $3.30 and $3.29 per share, basic and diluted, respectively, compared to Normalized FFO for the year ended December 31, 2013 of $410.4 million, or $2.99 and $2.98 per share, basic and diluted, respectively.
For the year ended December 31, 2014 compared to year ended December 31, 2013 for HPT’s 288 comparable hotels that were owned continuously since January 1, 2013: ADR increased 6.1% to $112.97; occupancy increased 2.8 percentage points to 74.9%; and RevPAR increased 10.2% to $84.61.
During the year ended December 31, 2014, HPT had 34 comparable hotels under renovation for all or part of the year. For the year ended December 31, 2014 compared to the year ended December 31, 2013 for HPT’s 254 comparable hotels not under renovation that were owned continuously since January 1, 2013: ADR increased 5.5% to $111.57; occupancy increased 4.1 percentage points to 76.7%; and RevPAR increased 11.4% to $85.57.
For the year ended December 31, 2014 compared to the year ended December 31, 2013 for HPT’s 291 hotels: ADR increased 6.0% to $113.27; occupancy increased 2.8 percentage points to 74.7%; and RevPAR increased 10.1% to $84.61.
For the year ended December 31, 2014, the aggregate coverage ratio of (x) total property level revenues minus FF&E reserve escrows, if any, and all property level expenses which are not subordinated to minimum returns and minimum rent payments to HPT to (y) HPT’s minimum returns and rents due from hotels increased to 0.93x from 0.85x for the year ended December 31, 2013.
As of December 31, 2014, approximately 68% of HPT’s aggregate annual minimum returns and rents from its hotels were secured by guarantees or security deposits from HPT’s managers and tenants pursuant to the terms of HPT’s hotel operating agreements.
In January 2015, HPT entered an agreement to acquire a 300 room full service hotel located in Rosemont, IL for $35.5 million, excluding closing costs. HPT plans to add this “Holiday Inn & Suites” branded hotel to its management agreement with a subsidiary of InterContinental Hotels Group, plc (LON: IHG; NYSE: IHG (ADRs)), or InterContinental.
Tenants and Managers: As of December 31, 2014, HPT had nine operating agreements with seven hotel operating companies for 291 hotels with 44,107 rooms, which represented 67% of HPT’s total annual minimum returns and rents.
Conference Call:
On Friday, February 27, 2015, at 1:00 p.m. Eastern Time, John Murray, President and Chief Operating Officer, and Mark Kleifges, Treasurer and Chief Financial Officer, will host a conference call to discuss the results for the quarter and year ended December 31, 2014. The conference call telephone number is (800) 230-1074. Participants calling from outside the United States and Canada should dial (612) 234-9959. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available beginning on Friday, February 27, 2015 and will run through Friday, March 6, 2015. To hear the replay, dial (320) 365-3844. The replay pass code is 352029.
A live audio webcast of the conference call will also be available in a listen only mode on HPT’s website, which is located at www.hptreit.com. Participants wanting to access the webcast should visit HPT’s website about five minutes before the call. The archived webcast will be available for replay on HPT’s website for about one week after the call. The transcription, recording and retransmission in any way of HPT’s fourth quarter conference call is strictly prohibited without the prior written consent of HPT.
Supplemental Data:
A copy of HPT’s Fourth Quarter 2014 Supplemental Operating and Financial Data is available for download at HPT’s website, www.hptreit.com. HPT’s website is not incorporated as part of this press release.
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 44 states, Puerto Rico and Canada. HPT’s properties are operated under long term management or lease agreements. HPT is headquartered in Newton, Massachusetts.
Please see the following pages for a more detailed statement of HPT’s operating results and financial condition and for an explanation of HPT’s calculation of FFO, Normalized FFO, EBITDA and Adjusted EBITDA.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER HPT USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, HPT IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON HPT’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
THE INFORMATION CONTAINED IN HPT’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN HPT’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM HPT’S FORWARD LOOKING STATEMENTS. HPT’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON HPT’S FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, HPT DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
HOSPITALITY PROPERTIES TRUSTCONSOLIDATED STATEMENTS OF INCOME(amounts in thousands, except per share data)(Unaudited)
Three Months Ended December 31,
Year Ended December 31, 2014 2013 2014 2013 Revenues: Hotel operating revenues (1) $ 362,600 $ 320,533 $ 1,474,757 $ 1,310,969 Minimum rent (1) 64,207 62,965 255,166 249,764 Percentage rent (2) 2,896 2,102 2,896 2,102 FF&E reserve income (3) 830 (808) 3,503 1,020 Total revenues 430,533 384,792 1,736,322 1,563,855 Expenses: Hotel operating expenses (1) 254,183 224,527 1,035,138 929,581 Depreciation and amortization 79,179 77,397 315,878 299,323 General and administrative (4) 4,468 12,931 45,897 50,087 Acquisition related costs (5) 2 93 239 3,273 Loss on asset impairment (6) - - - 8,008 Total expenses 337,832 314,948 1,397,152 1,290,272 Operating income 92,701 69,844 339,170 273,583 Interest income 14 24 77 121 Interest expense (including amortization of deferred financing costs and debt discounts of $1,458, $1,584, $5,491 and $6,204, respectively) (35,385) (37,766) (139,486) (145,954) Loss on early extinguishment of debt (7) - - (855) - Income before income taxes and equity in earnings of an investee 57,330 32,102 198,906 127,750 Income tax benefit (expense) (8) (835) 535 (1,945) 5,094 Equity in earnings of an investee 28 115 94 334 Income before gain on sale of real estate 56,523 32,752 197,055 133,178 Gain on sale of real estate (9) - - 130 - Net income 56,523 32,752 197,185 133,178 Excess of liquidation preference over carrying value of preferred shares redeemed (10) - - - (5,627) Preferred distributions (5,166) (5,166) (20,664) (26,559) Net income available for common shareholders $ 51,357 $ 27,586 $ 176,521 $ 100,992 Weighted average common shares outstanding (basic) 149,758 144,893 149,652 137,421 Weighted average common shares outstanding (diluted) 149,769 145,004 149,817 137,514 Net income available for common shareholders per common share: Basic and diluted $ 0.34 $ 0.19 $ 1.18 $ 0.73HOSPITALITY PROPERTIES TRUSTRECONCILIATIONS OF FUNDS FROM OPERATIONS,NORMALIZED FUNDS FROM OPERATIONS, EBITDA AND ADJUSTED EBITDA(amounts in thousands, except per share data)(Unaudited)
Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 Calculation of Funds from Operations (FFO) and Normalized FFO: (11) Net income available for common shareholders $ 51,357 $ 27,586 $ 176,521 $ 100,992 Add (Less): Depreciation and amortization 79,179 77,397 315,878 299,323 Loss on asset impairment (6) - - - 8,008 Gain on sale of real estate (9) - - (130) - FFO 130,536 104,983 492,269 408,323 Add (Less): Acquisition related costs (5) 2 93 239 3,273 Business management incentive fees (12) (6,951) (2,026) - - Excess of liquidation preference over carrying value of preferred shares redeemed (10) - - - 5,627 Loss on early extinguishment of debt (7) - - 855 - Deferred income tax benefit (8) - - - (6,868) Deferred percentage rent previously recognized in Normalized FFO (2) (2,129) (1,746) - - Normalized FFO $ 121,458 $ 101,304 $ 493,363 $ 410,355 Weighted average common shares outstanding (basic) 149,758 144,893 149,652 137,421 Weighted average common shares outstanding (diluted) 149,769 145,004 149,817 137,514 Basic and diluted per common share amounts: FFO (basic and diluted) $ 0.87 $ 0.72 $ 3.29 $ 2.97 Normalized FFO (basic) $ 0.81 $ 0.70 $ 3.30 $ 2.99 Normalized FFO (diluted) $ 0.81 $ 0.70 $ 3.29 $ 2.98 Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 Calculation of EBITDA and Adjusted EBITDA: (13) Net income $ 56,523 $ 32,752 $ 197,185 $ 133,178 Add (Less): Interest expense 35,385 37,766 139,486 145,954 Income tax expense 835 (535) 1,945 1,774 Depreciation and amortization 79,179 77,397 315,878 299,323 Deferred income tax benefit (8) - - - (6,868) EBITDA 171,922 147,380 654,494 573,361 Add (Less): Acquisition related costs (5) 2 93 239 3,273 General and administrative expense paid in common shares (14) (5,548) 1,181 6,344 5,171 Loss on asset impairment (6) - - - 8,008 Loss on early extinguishment of debt (7) - - 855 - Gain on sale of real estate (9) - - (130) - Deferred percentage rent previously recognized in EBITDA (2) (2,129) (1,746) - - Adjusted EBITDA $ 164,247 $ 146,908 $ 661,802 $ 589,813(1) At December 31, 2014 HPT owned 291 hotels; 288 of these hotels are leased by HPT to its taxable REIT subsidiaries, or TRSs, and managed by hotel operating companies and three hotels are leased to hotel operating companies. At December 31, 2014, HPT also owned 184 travel centers; all 184 of these travel centers are leased to a travel center operating company under two lease agreements. HPT’s consolidated statements of income include hotel operating revenues and expenses of managed hotels and rental income from its leased hotels and travel centers. Certain of HPT’s managed hotels had net operating results that were, in the aggregate, $18,233 and $24,748, less than the minimum returns due to HPT in the three months ended December 31, 2014 and 2013, respectively, and $47,026 and $65,623 less than the minimum returns due to HPT in the year ended December 31, 2014 and 2013, respectively. When the managers of these hotels fund the shortfalls under the terms of HPT’s operating agreements or their guarantees, HPT reflects such fundings (including security deposit applications) in its consolidated statements of income and comprehensive income as a reduction of hotel operating expenses. The reduction to hotel operating expenses was $5,185 and $10,313 in the three months ended December 31, 2014 and 2013, respectively, and $9,499 and $19,311 in the years ended December 31, 2014 and 2013, respectively. HPT had shortfalls at certain of its managed hotel portfolios not funded by the managers of these hotels under the terms of its operating agreements of $13,048 and $14,435 in the three months ended December 31, 2014 and 2013, respectively, and $37,527 and $46,312 in the year ended December 31, 2014 and 2013, respectively, which represent the unguaranteed portions of HPT’s minimum returns from Marriott and from Sonesta.
(2) In calculating net income in accordance with GAAP, HPT recognizes percentage rental income received for the first, second and third quarters in the fourth quarter, which is when all contingencies have been met and the income is earned. Although HPT defers recognition of this revenue until the fourth quarter for purposes of calculating net income, HPT includes these estimated amounts in the calculation of Normalized FFO and Adjusted EBITDA for each quarter of the year. The fourth quarter Normalized FFO and Adjusted EBITDA calculations exclude the amounts recognized during the first three quarters. Percentage rental income included in Normalized FFO and Adjusted EBITDA was $767 and $356 in the fourth quarter of 2014 and 2013, respectively.
(3) Various percentages of total sales at certain of HPT’s hotels are escrowed as reserves for future renovations or refurbishment, or FF&E reserve escrows. HPT owns all the FF&E reserve escrows for its hotels. HPT reports deposits by its third party tenants into the escrow accounts as FF&E reserve income. HPT does not report the amounts which are escrowed as FF&E reserves for its managed hotels as FF&E reserve income. We reversed $1,339, or $0.01 per share, of FF&E reserve income in the fourth quarter of 2013 in connection with an amendment to our Marriott No. 5 agreement.
(4) During the fourth quarter of 2014, HPT reversed $6,951 of estimated business management incentive fees accrued during the first three quarters of the year.
(5) Represents costs associated with HPT’s hotel acquisition activities.
(6) HPT recorded a $2,171, or $0.02 per share, loss on asset impairment in the second quarter of 2013 in connection with its plan to sell one hotel. HPT recorded a $5,837, or $0.04 per share, loss on asset impairment in the third quarter of 2013 in connection with an eminent domain taking of its travel center in Roanoke, VA by the Virginia Department of Transportation.
(7) HPT recorded a $726 loss on early extinguishment of debt in the first quarter of 2014 in connection with amending the terms of its revolving credit facility and unsecured term loan and the redemption of its 7.875% senior notes due 2014. HPT recorded a $129 loss on early extinguishment of debt in the third quarter of 2014 in connection with its redemption of its 5⅛% senior notes due 2015.
(8) HPT recorded a $6,868, or $0.05 per share, income tax benefit in the second quarter of 2013 in connection with the restructuring of certain of its TRSs.
(9) HPT recorded a $130 gain on sale of real estate in the second quarter of 2014 in connection with the sale of one hotel.
(10) On July 1, 2013, HPT redeemed all of its outstanding 7.0% Series C Preferred Shares at their liquidation preference of $25 per share, plus accumulated and unpaid distributions. The liquidation preference of the redeemed shares exceeded the carrying amount for the redeemed shares as of the date of redemption by $5,627, or $0.04 per share, and HPT reduced net income available to common shareholders in the third quarter of 2013 by that excess amount.
(11) HPT calculates FFO and Normalized FFO as shown above. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or NAREIT, which is net income available for common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties and loss on impairment of real estate assets, plus real estate depreciation and amortization, as well as certain other adjustments currently not applicable to HPT. HPT’s calculation of Normalized FFO differs from NAREIT's definition of FFO because it includes estimated percentage rent in the period to which it estimates that it relates rather than when it is recognized as income in accordance with GAAP and includes business management incentive fees, if any, only in the fourth quarter versus the quarter they are recognized as expense in accordance with GAAP and excludes acquisition related costs, excess liquidation preference over carrying value of preferred shares redeemed, loss on early extinguishment of debt and the deferred income tax benefit described above. HPT considers FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income, net income available for common shareholders, operating income and cash flow from operating activities. HPT believes that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO may facilitate a comparison of HPT’s operating performance between periods and with other REITs. FFO and Normalized FFO are among the factors considered by HPT’s Board of Trustees when determining the amount of distributions to shareholders. Other factors include, but are not limited to, requirements to maintain HPT’s status as a REIT, limitations in its revolving credit facility and term loan agreement and public debt covenants, the availability of debt and equity capital to HPT, HPT’s expectation of its future capital requirements and operating performance, and HPT’s expected needs for and availability of cash to pay its obligations. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, operating income, net income available for common shareholders or cash flow from operating activities determined in accordance with GAAP, or as indicators of HPT’s financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of HPT’s needs. These measures should be considered in conjunction with net income, operating income, net income available for common shareholders and cash flow from operating activities as presented in HPT’s consolidated statements of income and comprehensive income and consolidated statements of cash flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than HPT does.
(12) Amounts represent incentive fees under HPT’s business management agreement payable in common shares after the end of each calendar year calculated: (i) prior to 2014 based upon increases in annual cash available for distribution per share, as defined, and (ii) beginning in 2014 based on common share total return. In calculating net income in accordance with GAAP, HPT recognizes estimated business management incentive fee expense, if any, each quarter. Although HPT recognizes this expense, if any, each quarter for purposes of calculating net income, HPT does not include these amounts in the calculation of Normalized FFO until the fourth quarter, which is when the actual expense amount for the year is determined. The calculation of net income for the fourth quarter of 2014 includes the reversal of $6,951 of estimated business management incentive fees accrued during the first three quarters of the year. The calculation of fourth quarter 2014 Normalized FFO includes a deduction for this amount. The calculation of fourth quarter 2013 Normalized FFO includes a deduction of $2,026 for estimated business management incentive fees accrued during the first three quarters of the year. Incentive business management fee expense was zero and $2,772 for the years ended December 31, 2014 and 2013, respectively. Adjustments were made to prior period amounts to conform to the current period Normalized FFO calculation.
(13) HPT calculates EBITDA and Adjusted EBITDA as shown above. HPT considers EBITDA and Adjusted EBITDA to be appropriate measures of its operating performance, along with net income, net income available for common shareholders, operating income and cash flow from operating activities. HPT believes that EBITDA and Adjusted EBITDA provide useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA and Adjusted EBITDA may facilitate a comparison of current operating performance with past operating performance. EBITDA and Adjusted EBITDA do not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, operating income or cash flow from operating activities, determined in accordance with GAAP, or as an indicator of financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of HPT’s needs. These measures should be considered in conjunction with net income, operating income, net income available for common shareholders and cash flow from operating activities as presented in HPT’s consolidated statements of income and comprehensive income and consolidated statements of cash flows. Other REITs and real estate companies may calculate EBITDA and Adjusted EBITDA differently than HPT does.
(14) Amounts represent the portion of business management fees that are payable in HPT’s common shares as well as equity based compensation for HPT’s trustees, its officers and certain employees of HPT’s manager. Adjustments were made to prior period amounts to conform to the current period Adjusted EBITDA calculation.
HOSPITALITY PROPERTIES TRUSTCONSOLIDATED BALANCE SHEETS(amounts in thousands, except share data)(Unaudited)
As of December 31, 2014 2013 ASSETS Real estate properties, at cost: Land $ 1,484,210 $ 1,470,513 Buildings, improvements and equipment 6,171,983 5,946,852 Total real estate properties, gross 7,656,193 7,417,365 Accumulated depreciation (1,982,033) (1,757,151) Total real estate properties, net 5,674,160 5,660,214 Cash and cash equivalents 11,834 22,500 Restricted cash (FF&E reserve escrow) 33,982 30,873 Due from related persons 40,253 38,064 Other assets, net 222,333 215,893 Total assets $ 5,982,562 $ 5,967,544 LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured revolving credit facility $ 18,000 $ - Unsecured term loan 400,000 400,000 Senior notes, net of discounts 2,412,135 2,295,527 Convertible senior notes 8,478 8,478 Security deposits 33,069 27,876 Accounts payable and other liabilities 106,903 130,448 Due to related persons 8,658 13,194 Dividends payable 5,166 5,166 Total liabilities 2,992,409 2,880,689 Commitments and contingencies Shareholders’ equity: Preferred shares of beneficial interest, no par value; 100,000,000 shares authorized: Series D preferred shares; 7 1/8% cumulative redeemable; 11,600,000 shares issued and outstanding, aggregate liquidation preference of $290,000 280,107 280,107 Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 149,920,449 and 149,606,024 shares issued and outstanding, respectively 1,499 1,496 Additional paid in capital 4,118,551 4,109,600 Cumulative net income 2,715,239 2,518,054 Cumulative other comprehensive income 25,804 15,952 Cumulative preferred distributions (300,649) (279,985) Cumulative common distributions (3,850,398) (3,558,369) Total shareholders’ equity 2,990,153 3,086,855 Total liabilities and shareholders’ equity $ 5,982,562 $ 5,967,544
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Hospitality Properties TrustKatie Strohacker, 617-796-8232Director, Investor Relations
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