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Hospitality Properties Trust Announces 2013 Second Quarter Results

Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter and six months ended June 30, 2013.

Results for the Quarter Ended June 30, 2013:

Normalized funds from operations, or Normalized FFO, for the quarter ended June 30, 2013 were $108.6 million, or $0.78 per share, compared to Normalized FFO for the quarter ended June 30, 2012 of $93.0 million, or $0.75 per share.

Net income available for common shareholders was $37.3 million, or $0.27 per share, for the quarter ended June 30, 2013 compared to $27.0 million, or $0.22 per share, for the quarter ended June 30, 2012. Net income available for common shareholders for the quarter ended June 30, 2013 includes a $6.9 million, or $0.05 per share, income tax benefit recorded in connection with the restructuring of certain of HPT’s taxable REIT subsidiaries, or TRSs, and a $2.2 million, or $0.02 per share, loss on asset impairment.

The weighted average number of common shares outstanding was 139.7 million and 123.6 million for the quarters ended June 30, 2013 and 2012, 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 June 30, 2013 and 2012 appears later in this press release.

Results for the Six Months Ended June 30, 2013:

Normalized FFO for the six months ended June 30, 2013 were $201.2 million, or $1.52 per share, compared to Normalized FFO for the six months ended June 30, 2012 of $189.4 million, or $1.53 per share.

Net income available for common shareholders was $56.7 million, or $0.43 per share, for the six months ended June 30, 2013 compared to $55.8 million, or $0.45 per share, for the six months ended June 30, 2012. Net income available for common shareholders for the six months ended June 30, 2013 includes the $6.9 million, or $0.05 per share, income tax benefit and the $2.2 million, or $0.02 per share, loss on asset impairment described above. Net income available for common shareholders for the six months ended June 30, 2012 was reduced by $2.9 million, or $0.02 per share, due to the liquidation preference for HPT’s preferred shares that it redeemed during that period exceeding the carrying value for those preferred shares.

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