Courtyard San Francisco Airport/Oyster Point Waterfront ... · Hospitality Properties Trust Investor Presentation November 2018 Courtyard San Francisco Airport/Oyster Point Waterfront

Hospitality Properties TrustInvestor PresentationNovember 2018

Courtyard San Francisco Airport/Oyster Point WaterfrontSan Francisco, CAOperator: Marriott International Inc.Guest Rooms: 198

Courtyard Phoenix CamelbackPhoenix, AZOperator: Marriott International, Inc.Guest Rooms: 155

Hospitality Properties Trust

Disclaimer.WARNING CONCERNING FORWARD LOOKING STATEMENTS

THIS PRESENTATION CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS BELIEVE, EXPECT,

ANTICIPATE, INTEND, PLAN, ESTIMATE, WILL, MAY AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR

EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS PRESENTATION RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING OUR HOTEL MANAGERS OR TENANTS ABILITIES TO

PAY THE CONTRACTUAL AMOUNTS OF RETURNS OR RENTS DUE TO US, OUR ABILITY TO COMPETE FOR ACQUISITIONS EFFECTIVELY, OUR POLICIES AND PLANS REGARDING INVESTMENTS, FINANCINGS AND DISPOSITIONS, OUR ABILITY TO PAY DISTRIBUTIONS TO OUR SHAREHOLDERS

AND THE AMOUNT OF SUCH DISTRIBUTIONS, OUR ABILITY TO RAISE DEBT OR EQUITY CAPITAL, OUR ABILITY TO APPROPRIATELY BALANCE OUR USE OF DEBT AND EQUITY CAPITAL, OUR INTENT TO MAKE IMPROVEMENTS TO CERTAIN OF OUR PROPERTIES AND THE SUCCESS OF OUR

HOTEL RENOVATIONS TO IMPROVE OUR HOTELS RATES AND OCCUPANCIES, OUR ABILITY TO ENGAGE AND RETAIN QUALIFIED MANAGERS AND TENANTS FOR OUR HOTELS AND TRAVEL CENTERS ON SATISFACTORY TERMS, THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR

REVOLVING CREDIT FACILITY, OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT, OUR CREDIT RATINGS AND THE ABILITY OF TRAVELCENTERS OF AMERICA LLC (TA) TO PAY CURRENT AND DEFERRED RENT AMOUNTS AND OTHER OBLIGATIONS DUE TO US.

OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS, SUCH AS THE IMPACT OF CONDITIONS AND CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS ON US AND OUR

MANAGERS AND TENANTS, COMPETITION WITHIN THE REAL ESTATE, HOTEL, TRANSPORTATION AND TRAVEL CENTER INDUSTRIES, PARTICULARLY IN THOSE MARKETS WHERE OUR PROPERTIES ARE LOCATED, COMPLIANCE WITH, AND CHANGES TO APPLICABLE LAWS, REGULATIONS AND

RULES, OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY FOR TAXATION AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES, ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL

AND ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR RELATED PARTIES. FOR EXAMPLE: (A) WE MAY BE UNABLE TO PAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS ON OUR COMMON SHARES AND FUTURE

DISTRIBUTIONS MAY BE REDUCED OR ELIMINATED; (B) THE FAILURE OF OUR MANAGERS OR TENANTS TO PAY MINIMUM RETURNS OR RENTS DUE TO US MAY REDUCE OUR CASH FLOWS AND OUR ABILITY TO PAY DISTRIBUTIONS TO SHAREHOLDERS; (C) CERTAIN GUARANTEES AND

SECURITY DEPOSITS FROM OUR MANAGERS AND TENANTS ARE LIMITED IN AMOUNT AND DURATION AND ALL THE GUARANTEES ARE SUBJECT TO THE GUARANTORS ABILITIES AND WILLINGNESS TO PAY. WE CANNOT BE SURE OF THE FUTURE FINANCIAL PERFORMANCE OF OUR

PROPERTIES AND WHETHER SUCH PERFORMANCE WILL COVER OUR MINIMUM RETURNS AND RENTS, WHETHER THE GUARANTEES OR SECURITY DEPOSITS WILL BE ADEQUATE TO COVER FUTURE SHORTFALLS IN THE MINIMUM RETURNS OR RENTS DUE TO US WHICH THEY GUARANTY

OR SECURE, OR REGARDING OUR MANAGERS, TENANTS OR GUARANTORS FUTURE ACTIONS IF AND WHEN THE GUARANTEES AND SECURITY DEPOSITS EXPIRE OR ARE DEPLETED OR THEIR ABILITIES OR WILLINGNESS TO PAY MINIMUM RETURNS AND RENTS OWED TO US; (D) THE COST

OF CAPITAL PROJECTS ASSOCIATED WITH RENOVATIONS WE ARE MAKING OR MAY MAKE IN THE FUTURE AT CERTAIN OF OUR HOTELS MAY BE GREATER THAN WE NOW ANTICIPATE, AND OPERATING RESULTS AT OUR HOTELS MAY DECLINE AS A RESULT OF HAVING ROOMS OUT OF

SERVICE OR OTHER DISRUPTIONS DURING RENOVATIONS. ALSO, WHILE OUR FUNDING OF THESE CAPITAL PROJECTS WILL CAUSE OUR CONTRACTUAL MINIMUM RETURNS TO INCREASE, THE HOTELS OPERATING RESULTS MAY NOT INCREASE OR MAY NOT INCREASE TO THE EXTENT

THAT THE MINIMUM RETURNS INCREASE. ACCORDINGLY, COVERAGE OF OUR MINIMUM RETURNS AT THESE HOTELS MAY REMAIN DEPRESSED FOR AN EXTENDED PERIOD; (E) WE HAVE RECENTLY RENOVATED CERTAIN HOTELS AND ARE CURRENTLY RENOVATING ADDITIONAL HOTELS.

WE CURRENTLY EXPECT TO FUND APPROXIMATELY $90.3 MILLION DURING THE LAST THREE MONTHS OF 2018 AND $167.5 MILLION IN 2019 FOR RENOVATIONS AND OTHER CAPITAL IMPROVEMENT COSTS AT CERTAIN OF OUR HOTELS. WE EXPECT TO PURCHASE FROM TA DURING THE

REMAINDER OF 2018 APPROXIMATELY $13.6 MILLION OF CAPITAL IMPROVEMENTS TA EXPECTS TO MAKE TO THE TRAVEL CENTERS WE LEASE TO TA. PURSUANT TO THE TERMS OF THE APPLICABLE LEASES, THE ANNUAL RENT PAYABLE TO US BY TA WILL INCREASE AS A RESULT OF ANY

SUCH PURCHASES. WE MAY ULTIMATELY PURCHASE MORE OR LESS THAN THIS BUDGETED AMOUNT. TA MAY NOT REALIZE RESULTS FROM ANY OF THESE CAPITAL IMPROVEMENTS WHICH EQUAL OR EXCEED THE INCREASED ANNUAL RENTS IT WILL BE OBLIGATED TO PAY TO US, WHICH

COULD INCREASE THE RISK OF TA BEING UNABLE TO PAY AMOUNTS DUE TO US; (F) HOTEL ROOM DEMAND AND TRUCKING ACTIVITY ARE OFTEN REFLECTIONS OF THE GENERAL ECONOMIC ACTIVITY IN THE COUNTRY AND IN THE GEOGRAPHIC AREAS WHERE OUR PROPERTIES ARE

LOCATED. IF ECONOMIC ACTIVITY IN THE COUNTRY DECLINES, HOTEL ROOM DEMAND AND TRUCKING ACTIVITY MAY DECLINE AND THE OPERATING RESULTS OF OUR HOTELS AND TRAVEL CENTERS MAY DECLINE, THE FINANCIAL RESULTS OF OUR HOTEL MANAGERS AND OUR TENANTS,

INCLUDING TA, MAY SUFFER AND THESE MANAGERS AND TENANTS MAY BE UNABLE TO PAY OUR RETURNS OR RENTS; (G) HOTEL AND OTHER COMPETITIVE FORMS OF TRAVEL LODGING SUPPLY GROWTH HAS BEEN INCREASING AND MAY AFFECT OUR HOTEL OPERATORS' ABILITY TO

GROW AVERAGE DAILY RATES (ADR) AND OCCUPANCY, AND ADR AND OCCUPANCY COULD DECLINE DUE TO INCREASED COMPETITION WHICH MAY CAUSE OUR HOTEL OPERATORS TO BECOME UNABLE TO PAY OUR RETURNS OR RENTS; (H) IF THE CURRENT LEVEL OF COMMERCIAL

ACTIVITY IN THE COUNTRY DECLINES, IF THE PRICE OF DIESEL FUEL INCREASES SIGNIFICANTLY, IF FUEL CONSERVATION MEASURES ARE INCREASED, IF FREIGHT BUSINESS IS DIRECTED AWAY FROM TRUCKING, IF TA IS UNABLE TO EFFECTIVELY COMPETE OR OPERATE ITS BUSINESS, IF

FUEL EFFICIENCIES, THE USE OF ALTERNATIVE FUELS OR TRANSPORTATION TECHNOLOGIES REDUCE THE DEMAND FOR PRODUCTS AND SERVICES TA SELLS OR FOR VARIOUS OTHER REASONS, TA MAY BECOME UNABLE TO PAY CURRENT AND DEFERRED RENTS DUE TO US; (I) WE MAY

BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING, MANAGEMENT CONTRACTS OR LEASE TERMS FOR NEW PROPERTIES; (J) CONTINGENCIES IN OUR ACQUISITION AND SALE AGREEMENTS

MAY NOT BE SATISFIED AND OUR PENDING ACQUISITIONS AND SALES AND ANY RELATED MANAGEMENT ARRANGEMENTS WE EXPECT TO ENTER MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS OR ARRANGEMENTS MAY CHANGE; (K) OUR PROPERTIES

REQUIRE, AND WE HAVE AGREED TO PROVIDE, SIGNIFICANT FUNDING FOR CAPITAL IMPROVEMENTS, RENOVATIONS AND OTHER MATTERS. ACCORDINGLY, WE MAY NOT HAVE SUFFICIENT WORKING CAPITAL OR LIQUIDITY; (L) CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR

REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CREDIT FACILITY CONDITIONS THAT WE MAY BE UNABLE TO SATISFY; (M) ACTUAL COSTS UNDER OUR REVOLVING CREDIT FACILITY OR OTHER FLOATING RATE DEBT WILL BE

HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF FEES AND EXPENSES ASSOCIATED WITH SUCH FACILITIES AND (N) OUR OPTION TO EXTEND THE MATURITY DATE OF OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR PAYMENT OF A FEE AND MEETING OTHER CONDITIONS THAT

MAY NOT BE MET.

OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2017, OUR QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2018 AND OUR OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) IDENTIFY OTHER IMPORTANT

FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SEC ARE AVAILABLE ON THE SECS WEBSITE AT WWW.SEC.GOV. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS. EXCEPT AS

REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. NON-GAAP FINANCIAL MEASURES THIS PRESENTATION CONTAINS NON-GAAP FINANCIAL MEASURES INCLUDING

NORMALIZED FUNDS FROM OPERATIONS (FFO), ADJUSTED EBITDA, NET OPERATING INCOME (NOI) AND CASH BASIS NOI. RECONCILIATIONS FOR THESE METRICS TO THE CLOSEST U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) METRICS ARE INCLUDED IN AN APPENDIX

HERETO.

2Unless otherwise noted, all data presented is as of September 30, 2018.


HPTs high quality properties, conservative profile and secure cash flows provide a growing and well covered dividend.

3

Diversified portfolio of well maintained, high quality properties.

Long term portfolio agreements that can provide security of cash flow.

Ramping portfolio and improvement opportunities.

Conservative profile. Capacity to support continued disciplined growth.

Dividend payout ratio only 50.0% in the third quarter 2018.

Hospitality Properties Trust (1) Represents historical cost of properties plus capital improvements funded by HPT less impairment writedowns, if any, and excludes capital improvements made from FF&E reserves funded from hotel operations which do not result in increases in minimum returns or rent.

HPT is one of the most geographically diverse lodging REITs and owns hotels and travel centers operated under 21 recognized brands.

$10.0 billion investment portfolio (historical investment basis(1)). Total of 524 properties located in 45 states, Puerto Rico and Ontario.

325 hotels with 50,379 rooms. 199 travel centers with 4,930 acres of land located adjacent to the U.S. interstate highway system.

4

HPT Travel Center Brands

61 hotels7,553 suites

35 hotels4,488 suites10 hotels

3,941 rooms

5 hotels 1,636 rooms



20 hotels2,481 suites 22 hotels2,724 suites

3 hotels800 rooms

39 hotels 4,730 suites

2 hotels748 rooms



3 hotel825 suites

3 hotels754 rooms

71 hotels10,264 rooms

4 hotels610 suites

6 hotels1,823 rooms

HPT Hotel Brands

2 hotels264 suites

http://marriott.com/marriott/default.miChart1

102640.2037356835

75530.1499235793

44880.0890847377

39410.078227039

47300.0938883265

27240.0540701483

24810.0492467099

23320.0462891284

18230.0361857123

17560.0348557931

16360.0324738482

13210.026221243

13290.0263800393

8000.0158796324

8250.0163758709

6100.0121082197

7540.0149665535

7480.0148474563

2640.0052402787

Sheet1

CourtyardCandlewoodResidence InnCrowne PlazaSonesta ES SuitesHyatt PlaceStaybridge SuitesRoyal SonestaWyndhamHawthorn SuitesSonestaTownePlaceRadissonInterContinentalKimptonCountry Inn & suitesHoliday InnMarriottSpringHill Suites

East10264755344883941473027242481233218231756163613211329800825610754748264

20%15%9%8%9%5%5%5%4%3%3%3%3%2%2%1%1%1%1%

50379


8 Hotel Management Agreements/Leases.

HPTs operating agreement structure reduces cash flowvolatility in a downturn and allows for upside participation in

a recovery.

The majority of HPTs 325 hotel properties are secured bydeposits or guarantees and have potential additional

returns based on performance.

Six agreements covering 222 hotels feature manager

guarantees and/or security deposits that protect HPTs

cash flow when hotel operations fail to cover minimum

rents or returns.

Hotel management agreements provide for additional

returns to HPT based on hotel net operating income

above certain thresholds.

HPT has $6.5 billion invested(1) in 325 full service, select service and extended stay hotels.

5(1) Represents historical cost of properties plus capital improvements funded by HPT less impairment writedowns, if any, and excludes capital improvements made from FF&E reserves funded from hotel operations which do not result in increases in minimum returns or rents.

HPT Hotel Managers(by $ invested)(1) Unique Agreements

$2,056

$1,799

$1,642

$395 $302 $270

IHG Marriott Sonesta Wyndham Hyatt RadissonManager Manager Hotels RoomsMarriott Marriott International, Inc. 122 17,085IHG InterContinental Hotels Group plc 100 16,354Sonesta Sonesta International Hotels Corporation 50 8,698Wyndham Wyndham Hotels & Resorts, Inc. 22 3,579Hyatt Hyatt Hotels Corporation 22 2,724Radisson Radisson Hospitality, Inc. 9 1,939Total 325 50,379

Investment by Agreement

ManagerManagerHotelsRooms$ Invested

MarriottMarriott International, Inc.12217,085$1,799

IHGInterContinental Hotels Group plc10016,354$2,056

SonestaSonesta International Hotels Corporation508,698$1,642

WyndhamWyndhamHotels&Resorts,Inc.223,579$395

HyattHyattHotelsCorporation222,724$302

RadissonRadissonHospitality,Inc.91,939$270

Total32550,379$ 4,664.722

$ Invested

IHGSonestaWyndhamHyattRadisson2055.91800000000011641.511395.25301.94200000000001270.101

Support


HPT hotels are operated by brand owners as opposed to third-party management groups.

Data presented is as of September 30, 2018, unless otherwise noted. 6

Hospitality Properties Trust 7

Courtyard Atlanta Midtown/Georgia TechAtlanta, GAOperator: Marriott International Inc.Guest Rooms: 168

Kimpton Hotel Alexis SeattleSeattle, WAOperator: InterContinental Hotels GroupGuest Rooms: 121


HPT has $3.5 billion invested in 199 travel centers located along the U.S. Interstate Highway System.

8

HPT owns or leases 149 TA travel centers located in 40 states.

HPT owns 50 Petro travel centers located in 26 states.

Hebron, OH

Wilmington, IN

TravelCenters of America operates two of the strongest travel center brands in the industry.

5 Triple Net Leases. HPT's travel centers are part of TAs network of 259 TA

and Petro branded travel centers in 43 states and Ontario.

Difficult to replicate real estate located near exits along the U.S. Interstate Highway System.

Average site is over 20 acres with parking for 200 tractor trailers and 100 cars.

Multiple diesel fuel and gasoline islands, plus a table service restaurant (approx. 135 seats) and one or more quick service restaurants (QSRs) at each site.(1)

Large travel and convenience stores averaging over 5,000 square feet of interior space.

Truck repair facilities and tire and parts stores; and nationwide on the road truck repair service along the U.S. Interstate Highway System.

(1) In total, TA operates 591 quick service restaurants (QSRs) under contracts with 32 national franchisors including: Arbys; Burger King; Popeye's Chicken & Biscuits; Pizza Hut; Starbucks Coffee; Subway;Taco Bell and Wendys


Economic growth continues. Increasing regulation may cater to full service travel center advantages.

9

Issue Implication

Fuel and non-fuel demand is expected to see continued steady growth over the next decade.

Travel centers which provide services to professional truck drivers from restaurants to clean showers and bathrooms to truck repair facilities will be in demand.

Larger full service truck stops with ample parking, for over 200 tractor trailer trucks will have a competitive advantage TAs reservation program proves value.


TAs business plans are primarily focused on 1) solutions that can help increase driver satisfaction and 2) expanding the market of addressable truck customers.

10

There is a driver shortage in the for-hire, predominantly long haul, truckload industry thats being driven, in part, by increasing regulation and restrictions on drivers.(1)

Fleets are looking for ways to attract and retain drivers. TA is investing in solutions that can increase driver satisfaction and driver efficiency.

TA is expanding the market of addressable truck customers by (1) providing certain truck services at fleet customers service yard locations or at third party distribution/fulfillment centers where fleets are providing long haul and less-than-truckload deliveries and (2) servicing private and for-hire class 4-7 commercial trucks.

3.6 MIL ARE CLASS 8 TRUCKS

Of which

~ 1 MIL ARE LONG HAUL TRUCKS

31 MIL COMMERCIAL TRUCKS

Of which

DRIVER HOURS OF

SERVICE

ELECTRONIC LOGGING DEVICES

PENALTIES FOR PARKING

ILLEGALLY

+ +SAFETY REGULATION

ENFORCEMENT

+

(1) American Trucking Association

TAs primary focus has been to provide fuel and nonfuel products and services to long haul truck drivers.


The defining business characteristic of HPT remains its strong operating agreement terms.

Portfolio Agreements. 523 of HPTs 524 properties are part of pooled portfolio agreements. Each portfolio agreement includes between 9 and 100 geographically diverse properties.

Minimum Returns and Rents. The majority of HPTs agreements require its managers or tenants to pay HPT fixed minimum returns or rents.

Security Features. The majority of HPTs agreements include security features to protect HPTs cash flows, including some or all of: cash security deposits; subordination of management fees to HPTs minimum returns/rents; and full or limited guarantees from parent companies.

Long Term Agreements. New agreements are generally entered for 15 to 25 years. The weighted average term remaining for our agreements (weighted by our investment) is approximately 15.1 years1.

High Likelihood of Contract/Lease Renewals. Renewals are permitted only for all properties in each portfolio. Because HPTs agreements generally represent significant percentages of its operators brands, renewals are highly likely.

FF&E Reserves. Hotel operators are generally required to escrow 5-6% of gross revenues for renovations.

(1) 2017 10K

11


Approximately 74% of HPTs total minimum rents and returns are secured by deposits or guarantees.

12

(1) Annualized minimum rent amounts represent cash rent amounts due to HPT and exclude adjustments, if any, necessary to recognize rental income on a straight line basis in accordance with GAAP.(2) The $35.7 million limited guaranty from Wyndham Worldwide Corporation was depleted during the year ended December 31, 2017. HPTs agreement with the Wyndham hotel subsidiary provides that if the hotels cash flows available after payment of hotel

operating expenses are less than the minimum returns due to HPT, to avoid default Wyndham is required to pay HPT the greater of the available hotel cash flow and 85% of the contractual minimum amount due. Wyndham has paid 85% of the minimum returns due to HPT for the three months ended September 30, 2018.

Total/Average 13 agreements 524 50,379 / 4,930 858,833$ 100%7 brand owners

TA guaranty.

Subtotal Travel Centers 199 4,930 288,209 33%

13 TA No. 5 40 1,148 70,294 8% TA guaranty.

12 TA No. 4 40 1,091 55,186 7%

11 TA No. 3 39 909 54,653 6%

TA guaranty.

10 TA No. 2 40 957 54,645 6% TA guaranty.

TA guaranty.

9 TA No. 1 40 825 53,431 6%

Subtotal Hotels 325 50,379 570,624 67%

7 Hyatt 22 2,724 22,037 3% Limited guaranty.

8 Radisson 9 1,939 18,920 2% Limited guaranty.

4 InterContinental 100 16,354 190,521 22% Security deposit.

-

6 Wyndham 22 3,579 29,126 4%

5 Sonesta 50 8,698 123,180 14%

Limited guaranty(2).

Limited guaranty + deposit.

3 Marriott No. 5 1 356 10,321 1% Marriott guaranty.

2 Marriott No. 234 68 9,120 107,110 13%

-1 Marriott No. 1 53 7,609 69,409$ 8%

Operating Agreement No. of Properties % of Total Agreement Support

No. of Rooms/Land

Acreage

Annual Minimum Return/Rent (1)

Table

No. of Rooms/Land AcreageAnnual Minimum Return/Rent (1)

Operating AgreementNo. of PropertiesReturn/Rent (1)% of TotalAgreement Support

1Marriott No. 1537,609$ 69,4098%-

2Marriott No. 234 689,120107,11013%Limited guaranty + deposit.

3Marriott No. 5135610,3211%Marriott guaranty.

4InterContinental10016,354190,52122%Security deposit.

5Sonesta508,698123,18014%-

6Wyndham223,57929,1264%Limited guaranty(2).

7Hyatt222,72422,0373%Limited guaranty.

8Radisson91,93918,9202%Limited guaranty.222

Butt, Faisal: Butt, Faisal:number used in slide 5

Subtotal Hotels32550,379570,62467%

9TA No. 14082553,4316%TA guaranty.



12TA No. 4401,09155,1867%TA guaranty.

13TA No. 5401,14870,2948%TA guaranty.

Subtotal Travel Centers1994,930288,20933%

Total/Average13 agreements52450,379 / 4,930$ 858,833100%

7 brand owners

support


Staybridge Suites Lake Buena VistaOrlando, FLOperator: : InterContinental Hotels Group, plc Guest Rooms: 150

Staybridge Suites San Diego Rancho Bernado AreaSan Diego, CAOperator: InterContinental Hotels GroupGuest Rooms: 116


Radisson Hotel Salt Lake City DowntownSalt Lake City, UT

Operator: Radisson Hotel GroupGuest Rooms: 381

Sonesta ES Suites TucsonTuscon, AZ

Operator: Sonesta International Hotels Corp.Guest Rooms: 128


Financial highlights.

(1) Each of HPTs management agreements or leases provides for payment to it of an annual minimum return or minimum rent, respectively. Certain of these minimum payment amounts are secured by full or limited guarantees or security deposits. In addition, certain of HPTs hotel management agreements provide for payment to it of additional amounts to the extent of available cash flows as defined in the management agreement. Payments of these additional amounts are not guaranteed or secured by deposits. Annualized minimum rent amounts represent cash rent amounts due to HPT and exclude adjustments, if any, necessary to recognize rental income on a straight line basis in accordance with GAAP.

(2) Coverage is defined as total property level revenues minus all property level expenses and FF&E reserve escrows which are not subordinated to minimum returns or rents due to HPT divided by the minimum returns or rents due to it (which data is provided to HPT by its managers or tenants). Coverage amounts for HPTs agreement with InterContinental Hotels Group, plc, or InterContinental, its Sonesta agreement and its agreement with Radisson Hospitality, Inc., or Radisson, include data for certain hotels for periods prior to when it acquired ownership of them. Coverage amounts for HPTs agreement with Radisson exclude data for certain hotels it sold during the periods presented.

(3) See exhibits on page 21 for the calculation of EBITDA and Adjusted EBITDA, and a reconciliation of net income determined in accordance with GAAP to these amounts.. (4) See exhibits on page 22 for the calculation of FFO and Normalized FFO and a reconciliation of net income determined in accordance with GAAP to these amounts.(5) Debt amounts represent the principal balance as of the date reported. The carrying value of HPTs total debt of $4,136,418 as of September 30, 2018 is net of unamortized discounts and premiums and certain issuance costs totaling $56,582.(6) Total Gross assets is total assets plus accumulated depreciation.(7) On October 18, 2018, HPT declared a quarterly dividend of $0.53 per share ($2.12 per year) which it expects to pay on or about November 15, 2018 to shareholders of record on October 29, 2018.

15

As of and for the three months endedSeptember 30,

2018 2017 Change % ChangeProperty data:

Number of properties 524 522 2Number of rooms 50,379 49,948 431Annual minimum returns and rents(1) 858,833$ 837,589$ 21,244$ 2.5%Coverage of annual minimum returns and rents - hotels(2) 1.08x 1.18xCoverage of annual minimum returns and rents - travel centers(2) 1.68x 1.73xKey financial data:

Total revenues 603,153$ 577,588$ 25,565$ 4.4%Net Income 117,099 85,728 31,371 36.6%Adjusted EBITDA(3) 225,676 223,469 2,207 1.0%Normalized funds from operations (FFO)(4) 174,653 175,458 (805) -0.5%Total Debt (book value)(5)/total gross assets(6) 40.9% 41.1% -0.2%Total Debt (book value) (5)/annualized Adjusted EBITDA(3) 4.6x 4.5x

Per share data:

Annualized Common dividend(7) 2.12$ 2.08$ 0.04$ 1.9%Normalized FFO(diluted)(4) 1.06$ 1.07$ (0.01)$ -0.9%Normalized FFO payout ratio(4) 50.0% 48.6%

Financial Highlights

As of and for the three months ended

September 30,

20182017Change% Change

Property data:

Number of properties5245222

Number of rooms50,37949,948431

Annual minimum returns and rents(1)$ 858,833$ 837,589$ 21,2442.5%

Coverage of annual minimum returns and rents - hotels(2)1.08x1.18x

Coverage of annual minimum returns and rents - travel centers(2)1.68x1.73x

Key financial data:

Total revenues$ 603,153$ 577,588$ 25,5654.4%

Net Income117,09985,72831,37136.6%

Adjusted EBITDA(3)225,676223,4692,2071.0%

Normalized funds from operations (FFO)(4)174,653175,458(805)-0.5%

Total Debt (book value)(5)/total gross assets(6)40.9%41.1%-0.2%

Total Debt (book value) (5)/annualized Adjusted EBITDA(3)4.6x4.5x

Per share data:

Annualized Common dividend(7)$ 2.12$ 2.08$ 0.041.9%

Normalized FFO(diluted)(4)$ 1.06$ 1.07$ (0.01)-0.9%

Normalized FFO payout ratio(4)50.0%48.6%

support

18-Oct-18

NEWTON, Mass.--(BUSINESS WIRE)-- Hospitality Properties Trust (Nasdaq: HPT) today announced a regular quarterly cash distribution on its common shares of $0.53 per common share ($2.12 per share per year). This distribution will be paid to HPTs common shareholders of record as of the close of business on October 29, 2018 and distributed on or about November 15, 2018.


HPT believes it will continue benefitting from a well maintained portfolio.

HPT funded $31.5 million of hotel improvements in Q3. HPT expects to fund an additional $90.3 million of hotel improvements for the remainder of 2018.

HPT expects to have 40 hotels under renovation for the fourth quarter of 2018, 40 of which are comparable hotels.

HPT funded $15.8 million of travel center improvements in Q3. HPT expects to fund an additional $13.6 million of travel center improvements for the remainder of 2018.

HPT's managers now project that for 2018, HPT RevPAR growth will be flat to up 1%, while GOP margin may decline by approximately 100 basis points. HPT managers projections for 2018 are premised on steady business demand resulting from improving GDP growth and lower taxation rates, offset somewhat by new room supply growth, renovations and wage related costs pressures.

16


In 2018, HPTs growth will be mostly driven by renovating recently acquired properties.

Courtyard Guestroom Residence Inn Kitchen

In 2017, HPT acquired 20 hotels with 3,860 keys and one travel center for an aggregate purchaseprice of approximately $592 million.

In 2018, HPT has acquired 3 hotels with 641 keys for an aggregate price of $127 million In June, HPT acquired the 360 room Radisson Blue hotel in Minneapolis, MN for $75.0

million. This Radisson Blu has 29,000 sq. ft. of meeting space, 17 stories, and 315 parkingspaces. This transaction was underwritten at ~8% cap rate based on 2018 projectedEBITDA.

In June, HPT acquired the 117 room Staybridge Suites hotel in Baton Rouge, LA for $15.8million. The hotel was underwritten at ~10.5% cap rate based on 2017 actual cash flows.

In October, HPT acquired the 164 room Sonesta Suites hotel in Scottsdale, AZ for $35.9million.

Data presented is as of September 30, 2018, unless otherwise noted. 17


Book Capitalization as of September 30, 2018

HPT has a conservative financial profile.

18

($ in thousands)

(1) Debt amounts represent the principal balance as of the date reported. The carrying value of HPTs total debt of $4,136,418 as of September 30, 2018 is net of unamortized discounts and premiums and certain issuance costs totaling $56,582.

(2) Total gross assets is total assets plus accumulated depreciation.(3) Gross book value of real estate assets is real estate properties at cost, before purchase price allocations, less impairment writedowns, if any.(4) See exhibits on page 21 for the calculation of EBITDA and Adjusted EBITDA, and a reconciliation of net income determined in accordance with GAAP to these amounts.

Leverage/Coverage RatiosAs of and for the three months ended September 30, 2018

Unsecured Floating Rate Debt $ 540,143 Unsecured Fixed Rate Debt 3,596,275

Total Debt(1) 4,136,418

Shareholders equity (book value) 2,792,571 Total Book Capitalization $ 6,928,989

$540,143

3,596,275

2,792,571

Unsecured Floating Rate Debt Unsecured Fixed Rate DebtShareholders equity (book value)

40%

8%

52%

Total debt(1) / total gross assets(2) 40.9%Total debt(1)/ gross book value of real estate asset(3) 43.4%Adjusted EBITDA(4) / interest expense 4.6xTotal debt(1) / annualized Adjusted EBITDA(4) 4.6x


HPT Term Debt Maturities as of September 30, 2018

($ in millions)

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2021 2022 2023 2024 2025 2026 2027 2028 2030

HPT has well laddered debt maturities and the capacity for disciplined growth.

19

No secured debt.

Unsecured senior notes:

$3,650 million as of September 30, 2018.

All fixed rate.

Unsecured term loan:

$400 million, July 2023 maturity.

Revolving credit facility:

$1 billion ($143 million outstanding as of September 30, 2018).

July 2022 maturity plus two six month extension options.

No derivatives, no off balance sheet liabilities and no material adverse change clauses or ratings triggers.

Chart1

400

500

500

350

350

350

400

400

400

Sheet1

202120222023202420252026202720282030

400500500350350350400400400

0%11%14%14%10%10%10%11%11%11%

Total3650

Do NOT include revolving credit- this is a Term Debt chart.

3250

3250

1


HPTs high quality properties, conservative profile and secure cash flows provide a growing and well covered dividend.

20

Diversified portfolio of well maintained, high quality properties.

Long term portfolio agreements that can provide security of cash flow.

Ramping portfolio and improvement opportunities.

Conservative profile. Capacity to support continued disciplined growth.

Dividend payout ratio only 50.0% in the third quarter 2018.


Calculation of EBITDA and Adjusted EBITDA(1).

21

(1) Please see page 23 for definitions of EBITDA and Adjusted EBITDA and a description of why HPT believes the presentation of these measures provide useful information to investors.(2) HPT realized a $5,431 tax benefit in the three months ended December 31, 2017 related to new federal legislation referred to as the Tax Cut and Jobs Act, or the Tax Act.(3) Amounts represent the equity compensation awarded to HPTs trustees, its officers and certain other employees of RMR LLC.(4) Incentive fees under HPTs business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and

administrative expense in its condensed consolidated statements of income. In calculating net income in accordance with GAAP, HPT recognizes estimated business management incentive fee expense, if any, in the first, second and third quarters. HPT recognizes this expense, if any, in the first, second and third quarters for purposes of calculating net income, it does not include these amounts in the calculation of Adjusted EBITDA until the fourth quarter, which is when the business management incentive fee expense amount for the year, if any, is determined. Adjusted EBITDA includes business management incentive fee expense of $74,573 in the three months ended December 31, 2017. Business management incentive fees for 2017 were paid in cash in January 2018.

(5) HPT recorded a $160 loss on early extinguishment of debt in the three months ended June 30, 2018 in connection with the amendment of its revolving credit facility and term loan. HPT recorded a $146 loss on early extinguishment of debt in the three months ended December 31, 2017 in connection with the redemption of certain senior unsecured notes.

(6) HPT recorded a $9,348 gain on sale of real estate in the three months ended September 30, 2017, in connection with the sales of three hotels.(7) Unrealized gains and losses on equity securities, net represent the adjustment required to adjust the carrying value of HPTs investments in RMR Inc. and TA common shares to their fair value as of the end of the period in accordance

with new GAAP standards effective January 1, 2018.

(in thousands)


Calculation of Funds From Operations (FFO) and Normalized FFO(1).

22

1) Please see page 23 for definitions of FFO and Normalized FFO available for common shareholders, a description of why HPT believes the presentation of these measures provides useful information to investors regarding its financial condition and results of operations and a description of how it uses these measures.

2) HPT recorded a $9,348 gain on sale of real estate in the three months ended September 30, 2017 in connection with the sales of three hotels.3) Incentive fees under HPTs business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in its

condensed consolidated statements of income. In calculating net income in accordance with GAAP, HPT recognizes estimated business management incentive fee expense, if any, in the first, second and third quarters. Although HPT recognizes this expense, if any, in the first, second and third quarters for purposes of calculating net income, it does not include these amounts in the calculation of Normalized FFO available for common shareholders until the fourth quarter, which is when the business management incentive fee expense amount for the year, if any, is determined. Normalized FFO available for common shareholders includes business management incentive fee expense of $74,573 in the three months ended December 31, 2017. Business management incentive fees for 2017 were paid in cash in January 2018.

4) HPT recorded a $160 loss on early extinguishment of debt in the three months ended June 30, 2018 in connection with the amendment of its revolving credit facility and term loan. HPT recorded a $146 loss on early extinguishment of debt in the three months ended December 31, 2017 in connection with the redemption of certain senior unsecured notes.

5) In February 2017, HPT redeemed all 11,600,000 of its outstanding 7.125% Series D cumulative redeemable preferred shares at the stated liquidation preference of $25.00 per share plus accrued and unpaid distributions to the date of redemption (an aggregate of $291,435). The liquidation preference of the redeemed shares exceeded the carrying amount for the redeemed shares as of the date of redemption by $9,893, or $0.06 per share, and HPT reduced net income available to common shareholders in the three months ended March 31, 2017 by that excess amount.

6) HPT realized a $5,431 tax benefit in the three months ended December 31, 2017 related to the enactment of the Tax Act.7) Unrealized gains and losses on equity securities, net represent the adjustment required to adjust the carrying value of HPTs investments in RMR Inc. and TA common shares to their fair value as of the end of the period in accordance with new GAAP

standards effective January 1, 2018.

(dollar amount in thousands, except share data)

For the Three Months Ended9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017

Net income available for common shareholders 117,099$ 97,289$ 80,206$ 31,545$ 85,728$ Depreciation and amortization 101,007 99,684 99,617 99,848 98,205 Gain on sale of real estate (2) (9,348)

FFO available for common shareholders 218,106 196,973 179,823 131,393 174,585 Estimated business management incentive fees (3) (38,243) 873 Loss on early extinguishment of debt (4) 160 146 Excess of liquidation preference over carrying value of

preferred shares redeemed (5)

Income tax benefit (6) (5,431) Unrealized gains and losses on equity securities, net (7) (43,453) (20,940) (24,955)

Normalized FFO available for common shareholders 174,653$ 176,193$ 154,868$ 87,865$ 175,458$

Weighted average shares outstanding (basic) 164,232 164,205 164,199 164,192 164,149 Weighted average shares outstanding (diluted) 164,274 164,243 164,219 164,205 164,188

Basic and diluted per share common share amounts:Net income available for common shareholders 0.71$ 0.59$ 0.49$ 0.19$ 0.52$ FFO available for common shareholders 1.33$ 1.20$ 1.10$ 0.80$ 1.06$ Normalized FFO available for common shareholders 1.06$ 1.07$ 0.94$ 0.54$ 1.07$

Footnote - FFO

1)Please see page 24 for definitions of FFO and Normalized FFO available for common shareholders, a description of why we believe the presentation of these measures provides useful information to investors regarding our financial condition and results of operations and a description of how we use these measures.

2)We recorded a $9,348 gain on sale of real estate in the three months ended September 30, 2017 in connection with the sales of three hotels.

3)Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income. In calculating net income in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income, we do not include these amounts in the calculation of Normalized FFO available for common shareholders until the fourth quarter, which is when the business management incentive fee expense amount for the year, if any, is determined. Normalized FFO available for common shareholders includes business management incentive fee expense of $74,573 in the three months ended December 31, 2017. Business management incentive fees for 2017 were paid in cash in January 2018.

4)We recorded a $160 loss on early extinguishment of debt in the three months ended June 30, 2018 in connection with the amendment of our revolving credit facility and term loan. We recorded a $146 loss on early extinguishment of debt in the three months ended December 31, 2017 in connection with the redemption of certain senior unsecured notes.

5)In February 2017, we redeemed all 11,600,000 of our outstanding 7.125% Series D cumulative redeemable preferred shares at the stated liquidation preference of $25.00 per share plus accrued and unpaid distributions to the date of redemption (an aggregate of $291,435). The liquidation preference of the redeemed shares exceeded the carrying amount for the redeemed shares as of the date of redemption by $9,893, or $0.06 per share, and we reduced net income available to common shareholders in the three months ended March 31, 2017 by that excess amount.

6)We realized a $5,431 tax benefit in the three months ended December 31, 2017 related to the enactment of the Tax Act.

7)Unrealized gains and losses on equity securities, net represent the adjustment required to adjust the carrying value of our investments in RMR Inc. and TA common shares to their fair value as of the end of the period in accordance with new GAAP standards effective January 1, 2018.

FFO

For the Three Months Ended

9/30/186/30/183/31/1812/31/179/30/17

Net income available for common shareholders$ 117,099$ 97,289$ 80,206$ 31,545$ 85,728

Depreciation and amortization101,00799,68499,61799,84898,205

Gain on sale of real estate (2)(9,348)

FFO available for common shareholders218,106196,973179,823131,393174,585

Estimated business management incentive fees (3)(38,243)873

Loss on early extinguishment of debt (4)160146

Excess of liquidation preference over carrying value of

preferred shares redeemed (5)

Income tax benefit (6)(5,431)

Unrealized gains and losses on equity securities, net (7)(43,453)(20,940)(24,955)

Normalized FFO available for common shareholders$ 174,653$ 176,193$ 154,868$ 87,865$ 175,458

Weighted average shares outstanding (basic)164,232164,205164,199164,192164,149

Weighted average shares outstanding (diluted)164,274164,243164,219164,205164,188

Basic and diluted per share common share amounts:

Net income available for common shareholders$ 0.71$ 0.59$ 0.49$ 0.19$ 0.52

FFO available for common shareholders$ 1.33$ 1.20$ 1.10$ 0.80$ 1.06

Normalized FFO available for common shareholders$ 1.06$ 1.07$ 0.94$ 0.54$ 1.07

Adjusted EBITDA

For the Three Months Ended

9/30/186/30/183/31/1812/31/179/30/17

Net income$ 117,099$ 97,289$ 80,206$ 31,545$ 85,728

Add (Less):Interest expense49,30848,74147,54046,25046,574

Income tax expense (benefit) (2)707771471(5,045)619

Depreciation and amortization101,00799,68499,61799,84898,205

EBITDA268,121246,485227,834172,598231,126

Add (Less):General and administrative expense paid in common shares (3)1,0081,19377811818

Estimated business management incentive fee (4)(38,243)873

Loss on early extinguishment of debt (5)160146

Gain on sale of real estate (6)(9,348)

Unrealized gains and losses on equity securities, net (7)(43,453)(20,940)(24,955)

Adjusted EBITDA$ 225,676$ 226,898$ 202,956$ 135,312$ 223,469


Non-GAAP financial measures definitions.

23

Definition of EBITDA and Adjusted EBITDA

HPT calculates EBITDA and Adjusted EBITDA as shown on page 21. HPT considers EBITDA and Adjusted EBITDA to be appropriate supplemental measures of its operating performance,along with net income, net income available for common shareholders and operating income. HPT believes that EBITDA and Adjusted EBITDA provide useful information to investors becauseby excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA and Adjusted EBITDA may facilitate a comparison of current operatingperformance with its past operating performance. In calculating Adjusted EBITDA, HPT includes business management incentive fees only in the fourth quarter versus the quarter when they arerecognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of its core operating performance and the uncertainty as to whether any suchbusiness management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. EBITDA and Adjusted EBITDA do not representcash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income, net income available for common shareholders or operating income asindicators of operating performance or as measures of HPTs liquidity. These measures should be considered in conjunction with net income, net income available for common shareholders andoperating income as presented in HPTs condensed consolidated statements of income. Other real estate companies and REITs may calculate EBITDA and Adjusted EBITDA differently thanHPT does.

Definition of FFO and Normalized FFOHPT calculates FFO available for common shareholders and Normalized FFO available for common shareholders as shown on page 22. FFO available for common shareholders is calculatedon the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income available for common shareholders calculated in accordance with GAAP,excluding any gain or loss on sale of properties and loss on impairment of real estate assets, if any, plus real estate depreciation and amortization, as well as certain other adjustments currentlynot applicable to HPT. HPTs calculation of Normalized FFO available for common shareholders differs from Nareit's definition of FFO available for common shareholders because it includesbusiness management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility notnecessarily being indicative of its core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies fordetermining such fees are known at the end of the calendar year, and it excludes loss on early extinguishment of debt, the excess of liquidation preference over carrying value of preferred sharesredeemed, certain deferred tax benefits, and unrealized gains and losses on equity securities. HPT considers FFO available for common shareholders and Normalized FFO available forcommon shareholders to be appropriate supplemental measures of operating performance for a REIT, along with net income, net income available for common shareholders and operatingincome. HPT believes that FFO available for common shareholders and Normalized FFO available for common shareholders provide useful information to investors because by excluding theeffects of certain historical amounts, such as depreciation expense, FFO available for common shareholders and Normalized FFO available for common shareholders may facilitate acomparison of its operating performance between periods and with other REITs. FFO available for common shareholders and Normalized FFO available for common shareholders are among thefactors considered by HPTs Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain itsqualification for taxation as a REIT, limitations in its credit agreement and public debt covenants, the availability to HPT of debt and equity capital, HPTs expectation of its future capitalrequirements and operating performance and its expected needs for and availability of cash to pay its obligations. FFO available for common shareholders and Normalized FFO available forcommon shareholders do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income, net income available forcommon shareholders or operating income as indicators of HPTs operating performance or as measures of its liquidity. These measures should be considered in conjunction with net income,net income available for common shareholders and operating income as presented in HPTs condensed consolidated statements of income. Other real estate companies and REITs maycalculate FFO available for common shareholders and Normalized FFO available for common shareholders differently than HPT does.

Hospitality Properties TrustInvestor PresentationNovember 2018

Courtyard San Francisco Airport/Oyster Point WaterfrontSan Francisco, CAOperator: Marriott International Inc.Guest Rooms: 198

Courtyard Phoenix CamelbackPhoenix, AZOperator: Marriott International, Inc.Guest Rooms: 155

Slide Number 1Disclaimer.HPTs high quality properties, conservative profile and secure cash flows provide a growing and well covered dividend.Slide Number 4Slide Number 5HPT hotels are operated by brand owners as opposed to third-party management groups.Slide Number 7HPT has $3.5 billion invested in 199 travel centers located along the U.S. Interstate Highway System.Economic growth continues. Increasing regulation may cater to full service travel center advantages.TAs business plans are primarily focused on 1) solutions that can help increase driver satisfaction and 2) expanding the market of addressable truck customers.The defining business characteristic of HPT remains its strong operating agreement terms.Approximately 74% of HPTs total minimum rents and returns are secured by deposits or guarantees.Slide Number 13Slide Number 14Financial highlights.HPT believes it will continue benefitting from a well maintained portfolio.In 2018, HPTs growth will be mostly driven by renovating recently acquired properties. HPT has a conservative financial profile. HPT has well laddered debt maturities and the capacity for disciplined growth. HPTs high quality properties, conservative profile and secure cash flows provide a growing and well covered dividend.Calculation of EBITDA and Adjusted EBITDA(1).Calculation of Funds From Operations (FFO) and Normalized FFO(1).Non-GAAP financial measures definitions.Slide Number 24

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Courtyard San Francisco Airport/Oyster Point Waterfront ... · Hospitality Properties Trust Investor Presentation November 2018 Courtyard San Francisco Airport/Oyster Point Waterfront