Good day, and welcome to the Hospitality Properties Trust First Quarter Financial 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 the Vice President of Investor Relations, Mr. Tim Bonang. Please go ahead, sir.

Thank you, and good afternoon. 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. I would note that the recording, retransmission and transcription of today's conference call is strictly prohibited without prior written consent of HPT. Before we begin today's call, I would like to read our Safe Harbor statement. 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, May 7, 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 with 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, 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 any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our Form 10-Q to be filed with the SEC, and in our Q1 supplemental operating and financial data package found on our website at www.hptreit.com. Investors are cautioned not to place undue reliance upon any forward-looking statements. And now, I'd like to turn the call over to John Murray.

Thank you, Tim. Good afternoon, and welcome to our first quarter 2013 earnings call. Today, HPT reported first quarter normalized FFO of $0.74 per share. Focusing first on our travel center investments, this morning, TA reported first quarter EBITDAR of approximately $57 million, a 15% increase from the 2012 quarter. First quarter performance at HPT's 185 travel centers, included increases in per gallon fuel margins and non-fuel sales in gross margin. These increases were partially offset by lower fuel volumes, due in part to TA ceasing to supply fuel on a wholesale basis to certain franchisees. TA continues to be a customer-focused leader in the industry, as demonstrated by the recent agreement with Shell to begin providing natural gas fuel dispensers at travel centers nationwide, making it possible for natural gas power trucks to travel cross-country, able to refuel when necessary. Turning to HPT's hotel investments. First quarter RevPAR was up 6.8% this quarter across all of HPT's hotels. Excluding the 4 hotels acquired since 2012, comparable hotel RevPAR was up 7.2%. Ongoing hotel renovations and our 2012 conversion hotels continue to negatively impact our results. Excluding acquisition and renovation hotels, RevPAR was up 10.3% this quarter and excluding acquisitions, renovations and conversions, RevPAR was up 15% quarter-over-quarter. The strong performance, which was comprised of both occupancy and rate gains, reflects very strong results at the 120 hotels that completed renovations in 2012, with RevPAR gains of 25.8%. This helped to offset performance at our renovation and conversion hotels, which experienced RevPAR declines of 10.3% and 17.4%, respectively. In addition to renovation and conversion activity, affecting comparability in HPT's portfolio, comparisons this quarter were also impacted by the leap year in 2012 and the Easter and Passover holidays falling in the first quarter of 2013 versus second quarter of 2012.…

Thanks, John. First, let's review first quarter operating results for our hotel properties. As John discussed, operating results for our hotel properties continue to be affected by our renovation and rebranding efforts. In the 2013 first quarter, we had 39 hotels under renovation for all or part of the quarter, compared to 86 hotels in the 2012 first quarter. In addition, results of the hotels we rebranded during the second and third quarters of 2012 were down substantially versus last year's first quarter. RevPAR at our 77 comparable hotels under renovation during the quarter or rebranded during 2012, was down 12% on an 8.5-point drop in occupancy and an ADR increase of slightly less than 1%. On the other hand, RevPAR at our 209 comparable hotels not under renovation this quarter and not rebranded during 2012, was up 15% versus the prior year quarter, on a 6.4 percentage-point increase in occupancy and ADR growth of 4.4%. This significant RevPAR increase was driven in large part by the performance of our 86 hotels that were under renovation during the 2012 first quarter, with RevPAR up 32.8% at these hotels on occupancy and ADR gains of 14.1 points and 6.5%, respectively. Our portfolios with the highest RevPAR growth this quarter were our Marriott 234 and IHG portfolios, with quarter-over-quarter increases of 11.7% and 17.8%, respectively. Although our renovation and rebranding activities also had a negative impact on hotel profitability this quarter, these declines were more than offset by improved results at our other hotels. Gross operating profit for our 285 comparable hotels increased $7.3 million or 7.7%, quarter-over-quarter, and GOP margin percentage increased 110 basis points to 35.1%. Turning to 2012 first quarter coverage of our minimum returns and rents. Cash flow available to pay our minimum returns in rents increased $6.9…

[Operator Instructions] The first question comes from the line of Ryan Meliker with MLV. Ryan Meliker - MLV & Co LLC, Research Division: Just a couple of questions here. First, with regards to the NH transaction, can you give us any color on what the potential for it staying alive in some form is, or whether you think that there's a possibility, but it's unlikely? Just any color on how that could transpire will be helpful.

Unfortunately, Ryan, I really can't handicap it. There are ongoing discussions between NH and their bank group, and there are ongoing discussions between HPT and NH. And it's -- all I can say is it may happen, it may not. Hopefully, we'll be able to give you more color in the -- it's in the next month or so, but I really can't today. Ryan Meliker - MLV & Co LLC, Research Division: Given that response, is it safe to assume that you're not holding a portion of your capacity on your revolver for the purpose of potentially acquiring those assets, or doing some type of deal with NH, you'll cross that bridge when you come to it? Is that fair to say?

Yes. I think, Ryan -- this is Mark. I think -- recall that the largest part of that transaction, the original transaction was a loan on the European hotels, and our plan was to always fund that loan with a Euro borrowing. So if that part of the transaction were to be resurrected, we would continue to -- we would anticipate funding that once again with the Euro borrowing. So we have plenty of capacity with our revolver to deal with the remaining parts of the NH transaction, as well as our capital commitments for this year and any other potential acquisitions that arrives. Ryan Meliker - MLV & Co LLC, Research Division: That was helpful. And then just a quick follow-up. Your stocks had a great run this year, up 29%. And you're the best-performing lodging stock in the group. But just wondering, given where your stock is, is there a potential for you to use your stock as currency to continue to grow the portfolio? Does your pipeline look rather robust right now? Any color on how that could transpire in the rest of the year will be helpful.

We have a very active acquisition pipeline. We're looking at a number of possible transactions. We have, as we usually do, a number of initial rounds or early-stage letters of intents that are out to possible sellers. Traditionally, when we make an offer to acquire a hotel, we do so without any financing contingency, and we close initially with -- using our revolving credit facility, and then use a roughly equal mix of debt and equity to refinance that -- the revolver longer-term. And I think what -- that's what we'll do on the deals that we have pending right now. If they come to fruition, we will close using our revolver, and then look at the capital markets at that time and see what the best way to fund them is. Ryan Meliker - MLV & Co LLC, Research Division: Fair enough. Then would you say that that pipeline is more robust than it was 3 months or 6 months ago, or about the same?

I would say probably slightly more robust with the caveat. Of course, the last time we spoke, the NH transaction seemed to be on, subject to diligence, and now, it seems more uncertain.

[Operator Instructions] The next question comes from the line of Bryan Maher.

Quick question on the hotel renovations and repositions. When do you think that the bulk of that will be completed?

Well, we've already done last year, alone, 120 hotels. We're going to do roughly an equal amount this year. So there will be some renovations that carryover into 2014, but the majority of it will be done by the end of this year.

There are no further questions. Please continue.

Well, thank you for joining us on today's call. We look forward to seeing you in a few weeks at the NYU Conference [indiscernible]. Thanks.

Ladies and gentlemen, that does conclude our conference today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.