Hospitality Properties Trust HPT
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/01/2013

Operator: Good day, and welcome to the Hospitality Properties Trust Fourth Quarter and Year End Results Conference Call. This call is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to Senior Manager of Investor Relations, Carlynn Finn. Please go ahead.

Carlynn Finn - VP, IR: Thank you, and good morning. Joining me on today's call are John Murray, President; and Mark Kleifges, Chief Financial Officer. John and Mark will make a short presentation, which will be followed by a question-and-answer session. The recording and retransmission of today's call is strictly prohibited without the prior written consent of HPT.

Before we begin today's call, I would like to read our Safe Harbor statement and set some ground rules concerning certain questions. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.

These forward-looking statements are based on HPT's present beliefs and expectations as of today, March 1, 2013. The Company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings within the Securities and Exchange Commission or SEC.

In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO. A reconciliation of normalized FFO and adjusted EBITDA to net income, as well as components to calculate AFFO, CAD, or FAD are available in our supplemental package found in the Investor Relations section of the Company's website.

Actual results may differ materially from those projected in these forward-looking statements. Additional information containing factors that could cause those differences is contained in our Form 10-K filed with the SEC and in our Q4 Supplemental Operating and Financial Data found on our website at Investors are cautioned not to place undue reliance upon any forward-looking statements.

Before I turn the call over to John and Mark, you should be aware that Travel Centers of America has not completed its yearend reporting and accordingly the Company's remarks today will not refer to TA's fourth quarter or full year 2012 results and we will be unable to take questions related to TA's fourth quarter or full year 2012 performance.

Now, I would like to turn the call over to John Murray.

John G. Murray - President and COO: Thank you, Carlynn. Good morning and welcome to our fourth quarter 2012 earnings call. At the outset I'd like to apologize for changing our call from Wednesday to today. Appreciate your joining us.

Today, HPT reported fourth quarter normalized FFO of $0.76 per share. As Carlynn mentioned, we are not yet able to update you on TA's performance for the fourth quarter or full year. Because TA has considered in accelerated filer under SEC reporting rules, it has until March 15 to report. As you may recall, TA's performance is very strong through the first three quarters of 2012 with EBITDA up $16.9 million or 8% year-over-year. Year-to-date through September, TA's business had reflected modest declines in fuel volumes due to the slow growth economy, driver conservation efforts, and fuel lane renovations. But the negative effect of the volume decline was more than offset by strong per gallon diesel margins.

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