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Hospitality Properties Trust Announces 2014 First Quarter Results

Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter ended March 31, 2014.

First Quarter
2014       2013
($s in thousands, except per share data)
Net income available for common shareholders $ 32,384       $ 19,409
Net income available for common shareholders per share $ 0.22 $ 0.15
Normalized FFO (1) $ 112,671 $ 93,202
Normalized FFO per share $ 0.75 $ 0.74
Adjusted EBITDA (1) $ 154,951 $ 137,477
Adjusted EBITDA growth 12.7% --

Hotel Portfolio Performance

Comparable RevPAR $ 77.85 $ 70.69
Comparable RevPAR growth 10.1% --
Comparable RevPAR (excluding hotels under renovation) $ 78.85 $ 70.68
Comparable RevPAR growth (excluding hotels under renovation) 11.6% --
Coverage of HPT's minimum returns and rents (all hotels) 0.74x 0.70x

(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, Normalized FFO, earnings before interest, taxes, depreciation and amortization, or EBITDA, and Adjusted EBITDA appear later in this press release.

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