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Hospitality Properties Trust Announces 2014 Second Quarter Results

Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter and six months ended June 30, 2014.

Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
($ in thousands, except per share and RevPAR data)
Net income available for common shareholders $ 48,749 $ 37,256 $ 81,133 $ 56,665
Net income available for common shareholders per share $ 0.33 $ 0.27 $ 0.54 $ 0.43
Normalized FFO (1) $ 129,687 $ 109,210 $ 242,358 $ 202,412
Normalized FFO per share $ 0.87 $ 0.78 $ 1.62 $ 1.53
Adjusted EBITDA (1) $ 170,654 $ 153,668 $ 324,754 $ 291,145
Adjusted EBITDA growth 11.1% -- 11.5% --

Hotel Portfolio Performance

Comparable RevPAR $ 89.21 $ 82.20 $ 83.62 $ 76.57
Comparable RevPAR growth 8.5% -- 9.2% --
Comparable RevPAR (excluding hotels under renovation) $ 89.92 $ 80.85 $ 85.38 $ 76.51

Comparable RevPAR growth (excluding hotels under renovation)

11.2% -- 11.6% --
Coverage of HPT's minimum returns and rents (all hotels) 1.09x 1.04x 0.92x 0.88x

(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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