Service Properties Trust Announces Second Quarter 2020 Results

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[{"type":"text","content":"\nSecond Quarter Net Loss of $0.23 Per Common Share\n\n\nSecond Quarter Normalized FFO of $0.48 Per Common Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter and six months ended June 30, 2020:\n\n\n\n\n \n\n\n\nThree Months Ended June 30,\n\n\n\n \n\n\n\nSix Months Ended June 30,\n\n\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share data)\n\n\n\n\n\nNet income (loss)\n\n\n\n$\n\n\n\n(37,349\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n8,782\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(70,999\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n234,569\n\n\n\n \n\n\n\n\n\nNet income (loss) per common share\n\n\n\n$\n\n\n\n(0.23\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.43\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n1.43\n\n\n\n \n\n\n\n\n\nAdjusted EBITDAre (1)\n\n\n\n$\n\n\n\n152,166\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n218,972\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n347,303\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n414,873\n\n\n\n \n\n\n\n\n\nNormalized FFO (1)\n\n\n\n$\n\n\n\n78,158\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n168,766\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n201,242\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n313,406\n\n\n\n \n\n\n\n\n\nNormalized FFO per common share (1)\n\n\n\n$\n\n\n\n0.48\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.03\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.22\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.91\n\n\n\n \n\n\n\n\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 and six months ended June 30, 2020 and 2019 appear later in this press release.\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 continue to experience unprecedented challenges due to the COVID-19 pandemic, we have continued to take proactive steps to increase our liquidity, manage our debt maturities and preserve capital.\n\n\n“By completing an $800 million note offering and a tender offer for $350 million of our $400 million of 4.25% senior notes due 2021, we believe we have largely addressed our ...

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