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CORRECTING and REPLACING Service Properties Trust Announces Fourth Quarter 2022 Results
Net Loss of $(0.19) Per Common Share 159% Increase in Normalized FFO to $0.44 Per Common Share 27% Increase in Adjusted EBITDAre to $150.5 Million Completes
About this update from Service Properties Trust - Shares Of Beneficial Interest
[{"type":"text","content":"\nNet Loss of $(0.19) Per Common Share\n\n159% Increase in Normalized FFO to $0.44 Per Common Share\n\n27% Increase in Adjusted EBITDAre to $150.5 Million\n\nCompletes $610.2 Million Secured Financing\n\nAgrees to Amend Lease Terms upon Completion of BP’s Acquisition of TravelCenters of America Inc.\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nConference Call section, first paragraph, first sentence of release should read: On March 1, 2023 at 10:00 a.m. Eastern Time (instead of 1:00 p.m. Eastern Time).\n\nThe updated release reads:\n\nSERVICE PROPERTIES TRUST ANNOUNCES FOURTH QUARTER 2022 RESULTS\n\nNet Loss of $(0.19) Per Common Share\n\n159% Increase in Normalized FFO to $0.44 Per Common Share\n\n27% Increase in Adjusted EBITDAre to $150.5 Million\n\nCompletes $610.2 Million Secured Financing\n\nAgrees to Amend Lease Terms upon Completion of BP’s Acquisition of TravelCenters of America Inc.\n\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2022.\n\nTodd Hargreaves, President and Chief Investment Officer of SVC, made the following statement:\n\n“We are encouraged by the improved hotel fundamentals that we experienced throughout 2022 and expect that further progress will occur in 2023. Comparable hotel RevPAR for the fourth quarter increased by 21.4% over the same period last year, with occupancy increasing 3.3 percentage points, leading to a 98.3% increase in comparable hotel EBITDA over the same period last year.\n\nOur portfolio of net lease assets continued to deliver steady and reliable cash flows during the quarter. We are excited to have reached agreement with BP on amended lease terms that will take effect upon completion of BP’s acquisition of TA and the enhanced value we believe the amended leases with BP will provide SVC shareholders. We are also pleased with the recent execution of our ABS facility, which demonstrates one of the several options available to us to address upcoming debt maturities at attractive relative interest rates.”\n\nResults for the Quarter Ended December 31, 2022:\n\n\n\n \n\n\n\nThree Months Ended December 31,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nChange\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share data)\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet loss\n\n\n\n$\n\n\n\n(31,409\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(198,7...
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