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Service Properties Trust Announces First Quarter 2020 Results
First Quarter Net Loss of $0.20 Per Common Share First Quarter Normalized FFO of $0.75 Per Common Share Amends $1.4 Billion Credit Agreement NEWTON,
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[{"type":"text","content":"\nFirst Quarter Net Loss of $0.20 Per Common Share\n\n\nFirst Quarter Normalized FFO of $0.75 Per Common Share\n\n\nAmends $1.4 Billion Credit Agreement\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2020:\n\n\n\n\n \n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n \n\n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n\n($ in thousands, except per share data)\n\n\n\n\n\nNet income (loss)\n\n\n\n\n$\n\n\n\n \n\n\n\n(33,650\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n225,787\n\n\n\n \n\n\n\n\n\nNet income (loss) per common share\n\n\n\n\n$\n\n\n\n \n\n\n\n(0.20\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n1.37\n\n\n\n \n\n\n\n\n\nAdjusted EBITDAre (1)\n\n\n\n\n$\n\n\n\n \n\n\n\n195,137\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n195,901\n\n\n\n \n\n\n\n\n\nNormalized FFO (1)\n\n\n\n\n$\n\n\n\n \n\n\n\n123,084\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n144,640\n\n\n\n \n\n\n\n\n\nNormalized FFO per common share (1)\n\n\n\n\n$\n\n\n\n \n\n\n\n0.75\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n0.88\n\n\n\n \n\n\n\n\n\n\n(1)\n\n\nAdditional information and reconciliations of net income (loss) determined in accordance with U.S. generally accepted accounting principles, or GAAP, to certain non-GAAP measures including EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Normalized FFO, for the three months ended March 31, 2020 and 2019 appear later in this press release.\n\n\n\n\n\nJohn Murray, President and Chief Executive Officer of SVC, made the following statement:\n\n\n“While the travel industry and certain service retail businesses, particularly theaters, fitness centers and casual dining restaurants, are experiencing unprecedented challenges due to the COVID-19 pandemic, we entered this crisis in a solid financial position. We continue to believe SVC has the ability to withstand the current economic downturn because of our strong balance sheet, liquidity and agreements with our hotel operators and net lease tenants.\n\n\nIn response to the COVID-19 pandemic, we have taken significant and difficult steps to preserve capital until economic conditions improve. These included reducing our quarterly dividend and deferring non-essential capital spending. We have no debt maturities until 2021 and $500 million of availability under our revolving credit...
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