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Hospitality Properties Trust Announces 2012 Fourth Quarter And Year End Results

Stocks in this article: HPT

Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter and year ended December 31, 2012.

Results for the Quarter Ended December 31, 2012:

Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2012 were $93.9 million, or $0.76 per share, compared to Normalized FFO for the quarter ended December 31, 2011 of $96.8 million, or $0.78 per share.

Net income available for common shareholders was $18.5 million, or $0.15 per share, for the quarter ended December 31, 2012, compared to $30.7 million, or $0.25 per share, for the quarter ended December 31, 2011. Net income available for common shareholders for the quarter ended December 31, 2012 includes a $7.7 million, or $0.06 per share, loss on asset impairment. Net income available for common shareholders for the quarter ended December 31, 2011 includes a $9.1 million, or $0.07 per share, loss on asset impairment.

The weighted average number of common shares outstanding was 123.6 million and 123.5 million for the quarters ended December 31, 2012 and 2011, respectively.

A reconciliation of net income available for common shareholders determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended December 31, 2012 and 2011 appears later in this press release.

Results for the Year Ended December 31, 2012:

Normalized FFO for the year ended December 31, 2012 were $374.7 million, or $3.03 per share, compared to Normalized FFO for the year ended December 31, 2011 of $407.5 million, or $3.30 per share.

Net income available for common shareholders was $103.8 million, or $0.84 per share, for the year ended December 31, 2012, compared to $160.6 million, or $1.30 per share, for the year ended December 31, 2011. Net income available for common shareholders for the year ended December 31, 2012 includes a $10.6 million, or $0.09 per share, gain on sale of real estate, a $8.5 million, or $0.07 per share, loss on asset impairment and a loss of $8.0 million, or $0.06 per share, due to the liquidation preference for HPT’s preferred shares that were redeemed during that year exceeding the carrying value for those preferred shares. Net income available for common shareholders for the year ended December 31, 2011 includes a $16.4 million, or $0.13 per share, loss on asset impairment.

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