-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L/uehujN29rVj+kSW8rMCsRVOvGxYM4v9t9W8MZI7DOzcZ3SPnsntlSQmekeEz/z D+3/NHGwWW/Gol4PNWeTIQ== 0000908737-97-000205.txt : 19970520 0000908737-97-000205.hdr.sgml : 19970520 ACCESSION NUMBER: 0000908737-97-000205 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOSPITALITY PROPERTIES TRUST CENTRAL INDEX KEY: 0000945394 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 043262075 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11527 FILM NUMBER: 97606839 BUSINESS ADDRESS: STREET 1: 400 CENTER ST CITY: NEWTON STATE: MA ZIP: 02158 BUSINESS PHONE: 6179648389 MAIL ADDRESS: STREET 1: 400 CENTRE STREET CITY: NEWTON STATE: MA ZIP: 02158 10-Q 1 HOSPITALITY PROPERTIES TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q [X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 OR [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-11527 HOSPITALITY PROPERTIES TRUST Maryland 04-3262075 (State of incorporation) (IRS Employer Identification No.) 400 Centre Street, Newton, Massachusetts 02158 617-964-8389 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Class Shares outstanding Common shares of beneficial at May 5, 1997 interest $.01 par value per share 26,871,395 HOSPITALITY PROPERTIES TRUST FORM 10-Q MARCH 31, 1997 CERTAIN IMPORTANT FACTORS The Company's quarterly report on Form 10-Q contains statements which constitute forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Those statements appear in a number of places in this Form 10-Q and include statements regarding the intent, belief or expectations of the Company, its Trustees or its officers with respect to the declaration or payment of dividends, the consummation of additional acquisitions, policies and plans of the Company regarding investments, dispositions, financings, conflicts of interest or other matters, the Company's qualification and continued qualification as a real estate investment trust or trends affecting the Company's or any hotel's financial condition or results of operations. Readers are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contained in the forward looking statement as a result of various factors. Such factors include without limitation changes in financing terms, the Company's ability or inability to complete acquisitions and financing transactions, results of operations of the Company's hotels and general changes in economic conditions not presently contemplated. The accompanying information contained in this Form 10-Q including the information under the headings "Business" and " Management's Discussion and Analysis of Financial Condition and Results of Operation," identifies other important factors that could cause such differences. THE AMENDED AND RESTATED DECLARATION OF TRUST OF THE COMPANY, DATED AUGUST 21, 1995 A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE "DECLARATION"), IS DULY FILED IN THE OFFICE OF THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND, PROVIDES THAT THE NAME "HOSPITALITY PROPERTIES TRUST" REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE TRUST. ALL PERSONS DEALING WITH THE TRUST, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION. INDEX PART I Financial Information (Unaudited) Page Condensed Consolidated Balance Sheets - March 31, 1997 and December 31, 1996 3 Consolidated Statements of Income - Three Months Ended March 31, 1997 and March 31, 1996 4 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 1997 and March 31, 1996 5 Notes to Condensed Consolidated Financial Statements 6 Management's Discussion and Analysis of Results of Operations and Financial Condition 9 PART II Other Information 11 Item 2. Changes in Securities 11 Item 6. Exhibits and Reports on Form 8-K 11 2 HOSPITALITY PROPERTIES TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, March 31, 1996 1997 ------------ ----------- (unaudited) ASSETS Real estate properties $ 842,687 $ 889,756 Accumulated depreciation (26,218) (32,991) --------- --------- 816,469 856,765 Cash and cash equivalents 38,073 8,763 FF&E reserve (restricted cash) 7,277 8,177 Other assets 9,784 10,365 $ 871,603 $ 884,070 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Debt $ 125,000 $ 125,000 Security deposits 81,360 91,360 Other liabilities 20,035 7,129 Shareholders' equity Common shares of beneficial interest 269 269 Additional paid-in capital 656,253 656,716 Cumulative net income 63,013 77,923 Dividends (74,327) (74,327) Total shareholders' equity 645,208 660,581 --------- --------- $ 871,603 $ 884,070 ========= ========= See accompanying notes 3
HOSPITALITY PROPERTIES TRUST CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) For the Three For the Three Months Ended Months Ended March 31, March 31, 1996 1997 ------------- ------------- Revenues Rental income $ 8,671 $21,894 FF&E reserve income 1,620 3,479 Interest income 43 104 Total revenues 10,334 25,477 ------- ------- Expenses Interest (including amortization of deferred finance costs of $45 and $309, respectively) 215 2,296 Depreciation and amortization of real estate assets 2,737 6,773 General and administrative 760 1,498 Total expenses 3,712 10,567 ------- ------- Net income $ 6,622 $14,910 ======= ======= Weighted average shares outstanding 12,601 26,862 ======= ======= Earnings per share $0.53 $0.56 ======= =======
See accompanying notes 4
HOSPITALITY PROPERTIES TRUST CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) For the Three For the Three Months Ended Months Ended March 31, March 31, 1996 1997 ------------- ------------- Cash flows from operating activities Net income $ 6,622 $ 14,910 Adjustments to reconcile to cash provided by operating activities Depreciation and amortization of real estate assets 2,737 6,773 Amortization of deferred finance costs as interest 45 309 Funding of FF&E reserve (1,620) (3,479) Change in assets and liabilities 365 2,513 Cash provided by operating activities 8,149 21,026 --------- --------- Cash flows from investing activities Real estate acquisitions and deposits (118,739) (44,490) Increase in security deposits 9,160 10,000 Purchase of FF&E reserve (1,375) -- Cash used for investing activities (110,954) (34,490) --------- --------- Cash flows from financing activities Draws on credit facility 115,650 -- Dividends paid (6,930) (15,846) Cash provided by (used in) financing activities 108,720 (15,846) --------- --------- Increase (decrease) in cash and equivalents $ 5,915 $ (29,310) ========= ========= Supplemental cash flow information Interest paid $ -- $ 674 Non-cash investing activities Property managers' deposits in FF&E reserve 1,555 3,151 Purchases of fixed assets with FF&E reserve 3,109 2,579
See accompanying notes 5 HOSPITALITY PROPERTIES TRUST NOTES TO FINANCIAL STATEMENTS (dollars amounts in thousands, except per share amounts) (unaudited) 1. The accompanying condensed consolidated financial statements of Hospitality Properties Trust and its subsidiaries (the "Company") have been prepared without audit. Certain information and footnote disclosures required by generally accepted accounting principles for complete financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. However, the accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany transactions and balances between Hospitality Properties Trust and its subsidiaries have been eliminated. 2. The Company was incorporated on February 7, 1995. The Company commenced operations on March 24, 1995 with the acquisition of 21 hotels. The Company was a 100% owned subsidiary of Health and Retirement Properties Trust ("HRP") from its inception through August 22, 1995 when it completed its initial public offering of common shares (the "IPO"). 3. Earnings per share is computed by dividing net income by the weighted average number of outstanding common shares of beneficial interest. In January 1997, the Company paid a $0.59 per share dividend to shareholders for the quarter ended December 31, 1996. On March 31, 1997, the Trustees declared a dividend of $0.59 per share be paid to shareholders of record as of April 15, 1997, which will be distributed on or about May 15, 1997. The Financial Accounting Standards Board has issued Financial Accounting Standards Board Statement No. 128 "Earnings Per Share" ("FAS 128") and Statement No. 129 "Disclosure of Information about Capital Structure" ("FAS 129"). These statements must be adopted for the Company's 1997 annual financial statements. Management estimates that adoption of FAS 128 and FAS 129 will have no impact on reported results or disclosures. 4. The Company's properties are leased pursuant to long term leases. Each lease requires the lessee to pay minimum rent, percentage rent (a percentage of increases in total hotel sales over total hotel sales in a base year), and all operating costs associated with the hotels. In addition, 5% of hotel sales related to each lease are paid by the Company's hotel operators into an escrow account to fund certain capital improvements and ongoing renovations necessary to maintain the quality of the properties. In the case of certain leases, this escrow account is maintained by the Company. On January 8, 1997, a subsidiary of the Company acquired a 381-room full service hotel in Salt Lake City, Utah for $44 million. The hotel is leased to Wyndham Hotel Corporation and operated as a Wyndham hotel. 5. In April 1997, the Company entered an agreement to acquire fourteen hotels from Marriott International, Inc. for $149 million. As of May 6, 1997, the acquisition of nine of these hotels was complete. The Company expects to close on the remaining five hotels during 1997. 6. As of March 31, 1997, the Company had $0 outstanding under its $200,000 revolving acquisition credit facility (the "Credit Facility") which provides for borrowings at one month LIBOR plus a spread. Borrowings may be repaid and reborrowed as necessary until December 31, 1998, at which time the outstanding balance may, at the Company's option (with lender approval), be either repaid or converted into a 10-year loan. In April 1997, the Company borrowed $94,000 from the Credit Facility in connection with the acquisition of nine hotels noted above. Certain subsidiaries of the Company are carrying $125,000 of long-term mortgages payable (Notes). The Notes require payment of interest only through their maturity in December 2001, at which time the principal balance is due. The Notes are prepayable at any time without penalty. Interest on the Notes is equal to one month LIBOR plus a spread. 6 7. At March 31, 1997, all of the 53 Courtyard by Marriott(R) properties of the Company and its subsidiary were leased to a special purpose subsidiary of Host Marriott Corporation and managed by a subsidiary of Marriott International, Inc. The results of operations for the twelve weeks ended March 28, 1997 and March 22, 1996 and summarized balance sheet data of the Host Marriott subsidiary to which the Company's Courtyard by Marriott(R) hotels are leased are as follows: Twelve weeks ended Twelve weeks ended March 28, 1997(1) March 22, 1996(2) ------------------- ------------------ (unaudited) Revenues $ 24,132 $ 15,513 Investment expenses Base and percentage rent 12,106 7,733 FF&E contribution 2,389 1,555 Management fees 5,149 3,006 Other 1,921 1,676 -------- Total investment expenses 21,565 13,970 -------- -------- Income before taxes 2,567 1,543 Provision for income taxes (1,026) (496) Net income $ 1,541 $ 1,047 ======== ======== March 28, 1997 --------------- (unaudited) Assets $59,993 Liabilities 43,694 Equity 16,299 Revenues in the statements of income above represent house profit. House profit represents total hotel sales less property level expenses excluding depreciation and amortization, system fees, real and personal property taxes, ground rent, insurance and management fees. The system fees (included in other investment expenses) and management fees presented above, and the expenses detailed below represent all the costs incurred directly, allocated or charged to the properties by their management. The comparable details of total hotel sales and reconciliations to revenue for the twelve weeks ended March 28, 1997 and March 22, 1996 are as follows: Twelve weeks ended Twelve weeks ended March 28, 1997(1) March 22, 1996(2) ------------------- ------------------ (unaudited) Total hotel sales Rooms $42,456 $27,316 Food and beverage 3,511 2,496 Other 1,815 1,283 Total hotel sales 47,782 31,095 ------- ------- Departmental Expenses Rooms 8,623 5,874 Food and beverage 2,827 2,050 Other operating departments 534 428 General and administrative 5,188 3,300 Utilities 2,141 1,305 Repairs, maintenance and accidents 2,042 1,147 Marketing and sales 594 380 Chain services 1,701 1,098 Total departmental expenses 23,650 15,582 Revenues $24,132 $15,513 ======= ======= (1) Includes results for all 53 Courtyard by Marriott(R) properties. (2) As of March 22, 1996, 37 courtyard by Marriott(R)properties were owned by the Company and leased to Host I. These results of operations include only these 37 properties' results. 7 8. At March 31, 1997, all of the 18 Residence Inn by Marriott(R) properties of a Company subsidiary were leased to a special purpose subsidiary of Host Marriott Corporation and managed by a subsidiary of Marriott International, Inc. The results of operations for the twelve weeks ended March 28, 1997 and summarized balance sheet data of the Host Marriott Corporation subsidiary to which the Residence Inn by Marriott(R) hotels are leased are presented below. These properties were not owned for the comparable 1996 period. Twelve weeks ended March 28, 1997 ------------------- (unaudited) Revenues $ 8,107 Investment expenses Base and percentage rent 4,099 FF&E contribution 762 Management fees 1,899 Other 1,261 Total investment expenses 8,021 ------- Income before taxes 86 Provision for income taxes (34) Net income $ 52 ======= March 28, 1997 -------------- (unaudited) Assets $21,042 Liabilities $16,599 Equity $ 4,443 Revenues in the statement of income above represent house profit. House profit represents total hotel sales less property level expenses excluding depreciation and amortization, system fees, real and personal property taxes, ground rent, insurance and management fees. The system fees (included in other investment expenses) and management fees presented above, and the expenses detailed below represent all the costs incurred directly, allocated or charged to the properties by their management. The detail of total hotel sales and a reconciliation to revenues for the twelve weeks ended March 28, 1997. Twelve weeks ended March 28, 1997 ------------------- (unaudited) Total hotel sales Rooms $14,438 Other 796 Total hotel sales 15,234 ------- Departmental Expenses Rooms 2,838 Other operating departments 288 General and administrative 1,266 Utilities 766 Repairs, maintenance and accidents 832 Marketing and sales 806 Chain services 331 Total departmental expenses 7,127 Revenues $ 8,107 ======= 8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition References below to the Company and to items comprising the Company's results of operations are collective references to the Company and its subsidiaries and to consolidated items of the Company's consolidated results of operations. Overview Hospitality Properties Trust (the "Company") acquires, owns and leases hotel properties to unaffiliated hotel operators. The Company owned 53 Courtyard by Marriott(R)hotels, 11 Wyndham Garden(R)hotels, one Wyndham(R)hotel, and 18 Residence Inn by Marriott(R)hotels as of March 31, 1997. The Company's 53 Courtyard by Marriott(R) hotels are all leased to a subsidiary of Host Marriott Corporation ("Host Marriott") and managed by a subsidiary of Marriott International, Inc. ("Marriott International"). Annual base rent on these 53 properties totals $50.5 million and percentage rent equals 5% of increases in total hotel sales over base year levels. The 53 hotels have a total of 7,610 guest rooms and are located in 23 states. During the first three months of 1997 these hotels had average occupancy, average daily rate ("ADR") and room revenue per available room ("RevPAR") of 79.5%, $83.55 and $66.42, respectively. The Company's 18 Residence Inn by Marriott(R) properties are all leased to a subsidiary of Host Marriott and managed by a subsidiary of Marriott International. Annual base rent on these 18 properties totals $17.2 million and percentage rent equals 7.5% of increases in total hotel sales over 1996 levels. The 18 properties have a total of 2,178 guest suites and are located in 14 states. During the first three months of 1997 these properties had average occupancy, ADR and RevPar of 80.1%, $97.58 and $78.91, respectively. The Company's 11 Wyndham Garden(R)hotels are all leased to and operated by subsidiaries of the Wyndham Hotel Corporation. Annual base rent on these 11 properties totals $13.6 million and percentage rent equals 8% of increases in total hotel sales over 1996 levels. The 11 properties have a total of 1,940 guest rooms and are located in seven states. During the first three months of 1997 these hotels had average occupancy, ADR and RevPAR of 76.4%, $95.22 and $72.80, respectively. In January of 1997 the Company acquired a 381-room full service hotel (the "Salt Lake Hotel") in Salt Lake City, Utah. The hotel is leased to Wyndham Hotel Corporation and is operated as a Wyndham hotel. Annual base rent on this hotel is $3.8 million. The Company will begin receiving percentage rent, in 1998, equal to 5% of increases in total hotel sales over 1997 levels and thereafter annually at 8% of increases in total hotel sales over 1998 levels. During the first three months of 1997 the property had average occupancy, ADR and RevPAR of 75.7%, $102.86, and $77.88, respectively. In April of 1997 the Company announced plans to acquire 14, existing and to be built, hotels from Marriott International, Inc. for approximately $149 million. The 14 hotels are comprised of ten Residence Inn by Marriott(R) hotels and four Courtyard by Marriott(R) hotels. These Courtyard and Residence Inn properties are or will be leased to and operated by a wholly owned subsidiary of Marriott International for annual base rent of approximately $14.9 million and, beginning after a two year period, percentage rent equal to 7% increases in total sales over levels achieved in the second full year of operation. The Company has acquired nine of the hotels and expects to acquire the five remaining hotels later this year. All of the Company's leases require a percentage (usually 5%) of total hotel sales to be escrowed by the tenant or operator as a reserve for renovations and refurbishment ("FF&E"). Quarter Ended March 31, 1997 (dollar amounts in thousands except per share amounts) Total revenues for the quarter ended March 31, 1997 increased to $25,477 from $10,334 for the quarter ended March 31, 1996. Base and percentage rent increased to $21,894 from $8,671 during the comparable period. The increase primarily is a result of the Company's investment of forty-five hotels acquired between March and May of 1996. 9 Total expenses for the quarter ended March 31, 1997 increased to $10,567 from $3,712 for the quarter ended March 31, 1996. The increase is the result of increases in depreciation, interest, and general and administrative expenses of $4,036, $2,081, $738, respectively. Depreciation and general and administrative increased as a result of new investments since March 31, 1996. Interest expense increased due to the issuance of the Notes, in late 1996. Net Income for the quarter ended March 31, 1997 increased to $14,910 ($0.56 per share) from $6,622 ($0.53 per share) from the quarter ended March 31, 1996. The increase is primarily a result of increased base and percentage rent of $13,200 primarily from new investments offset by an increase in total expenses of $6,855 during the comparable period. Funds from operations (defined as net income plus depreciation and amortization of real estate assets) and cash available for distribution (defined as funds from operations less FF&E Reserve plus amortization of deferred financing costs and other non-cash charges) related to the quarter were $21,683 ($0.81 per share) and $18,684 ($0.70 per share), respectively, compared to funds from operations and cash available for distribution of $9,359 ($0.74 per share) and $7,847 ($0.62 per share), respectively, for the quarter ended March 31, 1996. Liquidity and Capital Resources (dollar amounts in thousands except per share amounts) Assets of the Company increased to $884,070 at March 31, 1997 from $466,901 from the quarter ended March 31, 1996. The increase is primarily due to new real estate acquisitions. At March 31, 1997 the Company had $8,763 of cash and cash equivalents, the ability to borrow up to an additional $200,000 under its Credit Facility ("credit facility"), and also the ability to issue up to $500,000 of equity and/or debt securities from the Company's Shelf Registration. In January 1997 the Company purchased the Salt Lake Hotel with cash on hand. In April 1997 the Company borrowed $94,000 from the credit facility for the purpose of acquiring nine hotels, and the Company has committed to purchase an additional five hotels from Marriott International, Inc. for an additional investment of approximately $49,353. The Company continues to actively pursue other acquisition opportunities to diversify and expand its portfolio of hotel properties and expects to utilize funds available under its acquisition line or the Shelf Registration to complete such acquisitions. The Company intends to balance the use of debt and equity in such a manner that the long term cost of funds borrowed to acquire facilities is appropriately matched, to the extent practicable, to the terms of the investments made with such borrowed funds. Pursuant to the terms of the lease and management agreements, the Company's tenants and operators are required to fund FF&E reserve accounts in amounts equal to a percentage of total hotel sales. Funds escrowed in the FF&E reserve accounts are used for capitalized improvements and replacements to, and refurbishment of, the hotels. The Company believes that these funds will be adequate to maintain the competitiveness of its hotels. Funding for current expenses and dividends is provided for by operations. To maintain its status as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended, the Company must meet certain requirements including the distribution of at least 95% of its taxable income to its shareholders. As a REIT, the Company expects not to be subject to federal income taxes. Dividends are based principally on cash available for distribution which is net income plus depreciation and amortization of real estate assets and certain non-cash charges less FF&E reserve income. Cash available for distribution may not equal cash provided by operating activities because the cash flow of the Company is affected by other factors not included in the cash available for distribution calculation. Dividends declared in 1996 of $0.59 per share were distributed in 1997. Dividends declared with respect to first quarter 1997 results of $0.59 per share will be paid to shareholders on or about May 15, 1997. Dividends in a year in excess of REIT taxable income for that year constitute return of capital. 10 Seasonality Most of the Company's hotels experience seasonal variation in operating results typical of the hotel industry with higher revenues in the second and third quarters of calendar years compared with the first and fourth quarters. This seasonality is not presently expected to cause fluctuations in the Company's rental income because the Company believes that the revenues generated by its hotels will be sufficient to pay rents on a regular basis notwithstanding seasonal fluctuations. PART II Other Information Item 2. Changes in Securities (c) In February 1997 the Company issued 14,595 common shares of beneficial interest, par value $.01 per share, ("Common Shares") to HRPT Advisors, Inc., ("Advisors") in satisfaction of 1996 incentive fees of $463,403 payable under the existing advisory agreement between the Company and Advisors, based upon a per Common Share price of $31.75. These restricted securities were issued pursuant to the exemption from registration provided under Section 4(2) of the Securities Act of 1933, as amended. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K None. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HOSPITALITY PROPERTIES TRUST /S/Thomas M. O'Brien Thomas M. O'Brien Treasurer and Chief Financial Officer (authorized officer and principal financial officer) Dated: May 15, 1997 11 EX-27 2
5 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 8,763 0 2,567 0 0 0 889,756 (32,991) 884,070 0 125,000 0 0 269 656,716 884,070 0 25,477 0 0 8,271 0 2,296 14,910 0 14,910 0 0 0 14,910 0.56 0.56
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