Service Properties Trust Announces Fourth Quarter 2021 Results

About this update from Service Properties Trust - Shares Of Beneficial Interest

[{"type":"text","content":"\nFourth Quarter Net Loss of $(1.21) Per Common Share\n\nFourth Quarter Normalized FFO of $0.17 Per Common Share\n\nFourth Quarter Adjusted EBITDAre of $119.0 million\n\nProgress on Hotel Disposition Plan Continues\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2021.\n\nJohn Murray, President and Chief Executive Officer of SVC, made the following statement:\n\n“The fourth quarter marked a period of stability in the overall recovery for SVC’s hotel portfolio, as normal seasonality and the impact of the Omicron variant late in the quarter were offset by solid extended stay occupancy and continued leisure demand. SVC’s comparable RevPAR for the 2021 fourth quarter came in ahead of our expectations at 72.1% of the pre-COVID-19 comparable RevPAR for the 2019 fourth quarter. With weekly COVID-19 cases again on the decline, we expect to benefit from a rebound in business travel in the coming quarters, particularly at our full service hotels as urban centers re-open. Our net lease portfolio continues to provide steady cash flows driven by our diverse mix of tenants and industries.\n\nWe have either closed or are under contract for $430 million of our previously announced hotel sales at pricing that has been in line with our expectations. We expect these and the balance of the announced sales to close over the next few months. Approximately 72.1% of the sale hotels will be sold encumbered by Sonesta branding, maintaining Sonesta’s distribution and jump starting franchising of the Sonesta brands, which we believe will benefit SVC. With expected proceeds from our hotel sales of over $560 million, over $940 million of cash on our balance sheet and positive cash flow from our hotel portfolio before capital expenditures, we believe we have sufficient liquidity and financial flexibility to address our upcoming debt maturities, as well as an improved hotel portfolio that is well positioned to benefit SVC as lodging trends continue to rebound.”\n\n\n \n\n\n\nResults for the Quarter Ended December 31, 2021:\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended December 31,\n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n\n\n \n\n\n\n($ in thousands, except per share data)\n\n\n\n\n\nNet loss\n\n\n\n$\n\n\n\n(19...

More updates from Service Properties Trust - Shares Of Beneficial Interest