Investor Presentaiton
5 Strong and Flexible Balance Sheet
Debt Capital Structure Overview (¹)
Weighted Avg.
Cost of Debt
Debt Maturity Schedule (2)
Debt
CMBS (secured)
Term Loan A (unsecured) (3)
$ Amount % of Total
$2,000
66%
4.2%
■Fixed
■Floating
750 25%
2.4%
Consolidated JV Debt (secured)
207
7%
4.0%
Other (incl. capital lease obligations)
Revolver(3)
69
2%
7.4%
0 0%
2.2%
Total Debt
$3,026 100%
3.8%
$55
$750
$725
$1,440
$215 million of unconsolidated JV debt (pro rata)
• Target investment grade leverage profile over time
● Fixed vs. floating mix: 74% fixed / 26% floating
Dividend and Payout Ratio Analysis
On January 9th, Park declared a special stock and cash
dividend of $2.79 per share (the “E&P Dividend"), or
approximately $551 million
On April 28th, Park declared a quarterly cash dividend of
$0.43/share, equating to a 6.8% dividend yield
Assuming a 65% to 70% FFO payout ratio and the mid-point
of our FFO guidance for 2017, the potential yield could be
7.3% (4), or 200bps above Lodging REIT peers
$12
$30
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
Liquidity Profile
Ample liquidity with $318 million of unrestricted cash
available as of 3/31/17
55 unencumbered hotels, or 61% of TTM Proforma Adjusted
EBITDA
In addition to cash, Park has access to a $1 billion
revolving credit facility
As of 3/31/17. Figures exclude pro rata share of Unconsolidated JVs, unamortized deferred financing costs and discounts
Excludes $14mn of capital lease obligations
(2)
30 (3)
Term Loan A (L+ 1.45%) and Revolver (L+ 1.50%) as of 3/31/17
(4)
Based on 5/30/17 closing price of $25.58
PARK HOTELS & RESORTSView entire presentation