Business
Service Properties Trust Announces Third Quarter 2021 Results
Third Quarter Net Loss of $(0.36) Per Common Share Third Quarter Normalized FFO of $0.27 Per Common Share Third Quarter Adjusted EBITDAre of $137.3 million
About this update from Service Properties Trust - Shares Of Beneficial Interest
[{"type":"text","content":"\nThird Quarter Net Loss of $(0.36) Per Common Share\n\nThird Quarter Normalized FFO of $0.27 Per Common Share\n\nThird Quarter Adjusted EBITDAre of $137.3 million\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2021.\n\nJohn Murray, President and Chief Executive Officer of SVC, made the following statement:\n\n“The third quarter marked a period of continued recovery for SVC’s hotel portfolio. SVC’s monthly hotel EBITDA has been positive since April and increased 71.0% versus the second quarter. Over the same period, portfolio-wide occupancy increased to 60.1% from 56.6% and RevPAR for comparable hotels increased by 18.2%, supported by stable extended stay occupancy and continued leisure demand. Comparable RevPAR for the 2021 third quarter was 70.1% of the pre-COVID-19 comparable RevPAR for the 2019 third quarter. With weekly COVID-19 cases 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. We collected all of the rents due from our net lease tenants during the third quarter and our largest net lease tenant, TravelCenters of America, continues to benefit from healthy trucking activity and improved operating efficiencies.\n\nWith our previously announced hotel sales in process and expected to close in the first quarter of 2022, over $900 million of cash on our balance sheet, no debt maturities until the third quarter of 2022, and positive cash flow from our hotel portfolio before capital expenditures, we believe we have ample liquidity and financial flexibility as lodging trends continue to rebound.”\n\nResults for the Quarter Ended September 30, 2021:\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share data)\n\n\n\n\n\nNet loss\n\n\n\n$\n\n\n\n(59,714\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(102,642\n\n\n\n)\n\n\n\n\n\nNet loss per common share\n\n\n\n$\n\n\n\n(0.36\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(0.62\n\n\n\n)\n\n\n\n\n\nNormalized FFO (1)\n\n\n\n$\n\n\n\n43,781\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n23,195\n\n\n\n \n\n\n\n\n\nNormalized FFO per common share (1)\n\n\n\n$\n\n\n\n0.27\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.14\n\n\n\n \n...
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