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Hospitality Properties Trust Announces 2013 Third Quarter Results

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

Results for the Quarter Ended September 30, 2013:

Normalized funds from operations, or Normalized FFO, for the quarter ended September 30, 2013 were $105.8 million, or $0.76 per share, compared to Normalized FFO for the quarter ended September 30, 2012 of $91.5 million, or $0.74 per share.

Net income available for common shareholders was $16.7 million, or $0.12 per share, for the quarter ended September 30, 2013 compared to $29.5 million, or $0.24 per share, for the quarter ended September 30, 2012. Net income available for common shareholders for the quarter ended September 30, 2013 was reduced by $5.6 million, or $0.04 per share, due to the liquidation preference for HPT’s preferred shares that were redeemed during that period exceeding the carrying value for those preferred shares and includes a $5.8 million, or $0.04 per share, loss on asset impairment recognized in connection with the taking of one of HPT’s travel center properties by eminent domain proceedings. Net income available for common shareholders for the quarter ended September 30, 2012 included a $10.6 million, or $0.09 per share, gain on sale of real estate and was reduced by $5.0 million, or $0.04 per share, due to the liquidation preference for HPT’s preferred shares that were redeemed during that period exceeding the carrying value for those preferred shares.

The weighted average number of common shares outstanding was 139.8 million and 123.6 million for the quarters ended September 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 September 30, 2013 and 2012 appears later in this press release.

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