Service Properties Trust - Shares of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares of Beneficial Interest — Service Properties Trust — Investor Presentation (November 2026)
42 slides from Service Properties Trust - Shares of Beneficial Interest's investor presentation, November 2026
Slide 1: Investor Presentation
Investor Presentation November 2026 | Nasdaq: SVC
Slide 2: Warning Concerning Forward-Looking Statements, Disclaimers and Non-GAAP Financial Measures
Warning Concerning Forward-Looking Statements, Disclaimers and Non-GAAP Financial Measures Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are
Slide 3: SVC At a Glance
SVC At a Glance Total Portfolio (1) 827 46 22 150 192 $1.6B Properties States, Washington, D.C., Industries Brands Tenants / Operators Total Revenues Puerto Rico & Canada LTM Defensively Positioned Service-Focused Full Service Oriented Portfolio Positioned to Capture Retail Net Lease Portfolio (1) M
Slide 4: SVC: Investment Highlights
SVC: Investment Highlights Following a multiyear renovation program, SVC’s 77 retained hotels have outperformed U.S. Industry 1 benchmark RevPAR for eight consecutive quarters, by an average of 240 bps Continued renovation lift, combined with identified hotel operator initiatives target an 2 estimat
Slide 5: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Retained Hotel Portfolio Performance (1) Net Lease Portfolio Performance (1) 8.3% 330 bps 97.6% 30 bps RevPAR Growth Occupancy Growth Occupancy Occupancy Growth 16.2% 130 bps 5 $14M Adjusted Hotel EBITDA Adjusted Hotel EBITDA Properties Acquired Total Acquisition Purcha
Slide 6: After Selling Hotels for $1.1 Billion, Retained Hotels are High Quality and Positioned for Growth
After Selling 142 Hotels for $1.1 Billion, Retained Hotels are High Quality and Positioned for Growth Hotel Portfolio Mix as of January 2024 Retained Hotel Portfolio Mix as of September 2026 62% Upper Upscale ~$1.1B 86% Upper Upscale Hotel disposition proceeds & Upscale & Upscale Jan. ‘24 – Nov. ‘26
Slide 7: Retained Hotels are Positioned for Significant EBITDA Growth
Retained Hotels are Positioned for Significant EBITDA Growth ~$109 Million of Incremental EBITDA Upside Incremental RevPAR growth(1) Reduced customer acquisition costs Revenue mix and through mix and Anticipated labor higher converting fee reduction efficiencies and customer operating expense segmen
Slide 8: Improved Hotel EBITDA Supports Meaningful Value Creation and Continued Deleveraging
Improved Hotel EBITDA Supports Meaningful Value Creation and Continued Deleveraging Potential Retained Hotel Portfolio Value Initial Upside Potential Value (1) EBITDA Margin: ~20% 22% 24% Multiple × 12.0x = $3.0 Billion $3.2 Billion $3.5 Billion $248 Million of Targeted Retained × 13.0x = $3.2 Billi
Slide 9: $628 Million Invested Since 2023 Positions Retained Hotels for Growth as CapEx Moderates
$628 Million Invested Since 2023 Positions Retained Hotels for Growth as CapEx Moderates Retained Hotel Portfolio Cumulative CapEx Spend Retained Hotel Portfolio Spend as a % of Revenues (2023 – 2026) (2023 – 2026) $628M 20.0% 18.5% $531M $97M 16.5% $197M $334M ~12% $178M 9.7% $156M 2023 2024 2025 2
Slide 10: SVC Expects to Generate CAD in 2026
SVC Expects to Generate CAD in 2026, a Significant Milestone in Its Turnaround Following Years of Elevated CapEx Investment 2026 Normalized FFO Guidance Bridge to Cash Available for Distribution (CAD) Projected CAD as Adjusted 2026 Normalized FFO Guidance (Midpoint) $120M Add (Less): Non-cash expens
Slide 11: SVC is Well Positioned to Address Near Term Debt Maturities
SVC is Well Positioned to Address Near Term Debt Maturities Debt Maturities (1) ($ in millions) Secured debt supported by strong net lease Addressing unsecured debt with asset sales collateral provides refinancing flexibility proceeds, free cash flow and refinancings (1) (2) (3) Senior Note Debt Cov
Slide 12: Hotel Portfolio
Hotel Portfolio 12
Slide 13: Retained Hotel Portfolio: Strong Presence in Top Markets
Retained Hotel Portfolio: Strong Presence in Top Markets Retained 77 hotels (17,593 keys) focused on full-service hotels in urban and resort markets (1) Service Level (2) Chain Scale (3) Location (3) Customer Mix (4) 8% 14% 11% Upper Midscale/ 24% Urban Full Service 24% Transient Midscale 38% Suburb
Slide 14: Retained Hotel Portfolio: Operating Trends and Demand Drivers
Retained Hotel Portfolio: Operating Trends and Demand Drivers Retained Hotel Operating Trends (1) 2H26 – 2028 Demand Drivers • Renovation Momentum – 45% of retained hotels renovated since 2022 – Continued potential uplift from enhanced guest experience and pricing power – Positioned for market share
Slide 15: Recent Performance of Retained & Exit Hotels
Recent Performance of Retained & Exit Hotels (1) (1) Results of all hotels owned as of September 30, 2026. 15
Slide 16: Retained Hotel Renovation and Redevelopment Initiatives
Retained Hotel Renovation and Redevelopment Initiatives Completions 15.8% 3Q26 Adjusted Hotel EBITDA Sonesta Simply Suites Growth vs. 3Q25 • Burlington, MA Sonesta Hotels & Resorts • Los Angeles International Airport, CA 2025 • Hilton Head, SC (Phase 2) Sonesta ES Suites • Toronto, Canada • Anaheim,
Slide 17: Net Lease Portfolio
Net Lease Portfolio 17
Slide 18: Triple Net Lease Portfolio: Strategic Priorities & Benefits
Triple Net Lease Portfolio: Strategic Priorities & Benefits • Current portfolio anchored by travel center properties backed by corporate investment grade credit • Diversified tenant base and geographic footprint mitigates risk Strategic • Efficient in-place debt structure through a master trust Prio
Slide 19: Net Lease Portfolio: Built with Properties in E-Commerce Resistant, Necessity Based Industries
Net Lease Portfolio: Built with Properties in E-Commerce Resistant, Necessity Based Industries Net Lease Portfolio Statistics Tenants by Industry (1) 740 $395M Properties Annualized Minimum Rent 13.5M 7.0 years Rentable Square Feet Weighted Average Lease Term 97.6% 2.17x Occupancy Rent Coverage Dive
Slide 20: Net Lease Portfolio: High Quality Tenant Base
Net Lease Portfolio: High Quality Tenant Base SVC’s portfolio is anchored by 175 travel centers with rents guaranteed by investment grade rated BP Corporation North America Inc., and strong brands with robust rent coverage Weighted Annualized % of SVC Weighted Average # of Total Square Minimum Annua
Slide 21: TA's Competitive Advantage
TA’s Competitive Advantage Typical SVC TA travel center spans ~25 acres with key infrastructure, facilities and amenities TA’s Competitive Advantage Sample TA Travel Centers Potential Benefits 1 • Sites average ~25 acres of land Drives and offer parking for ~182 trucks Increased and cars, as well as
Slide 22: SVC's Master Trust Provides Efficient and Cost-Effective Net Lease Financing
SVC’s Master Trust Provides Efficient and Cost-Effective Net Lease Financing (1) Diversified form of financing with a unique investor base in the Asset-Backed Securities market Master Trust Overview Master Trust Industry Mix (2) Most recent issuance date March 2026 Outstanding series 2023-1, 2026-1
Slide 23: SVC's Unencumbered Net Lease Properties May Unlock Incremental Liquidity
SVC’s Unencumbered Net Lease Properties May Unlock Incremental Liquidity Leasing opportunities and capital recycling strategies may drive added value and liquidity Unencumbered Net Lease Portfolio Metrics Unencumbered Net Lease Portfolio Industry Mix (1) Properties 124 Occupancy 83.9% WALT 5.1 years
Slide 24: Appendix
Appendix 24
Slide 25: Retained Hotel Portfolio: Urban
Retained Hotel Portfolio: Urban SVC Urban Properties (1) Number of Hotels 22 Number of Keys 6,759 Well-located urban hotel properties in major gateway and business-friendly markets supported by diversified demand drivers and limited reliance on inbound Royal Sonesta Cambridge (400 Keys) internationa
Slide 26: Retained Hotel Portfolio: Resort
Retained Hotel Portfolio: Resort SVC Resort Properties (1) Number of Hotels 12 Number of Keys 2,861 Properties located in premier leisure destinations to capture resilient demand, premium pricing and long-term growth driven by experiential travel. Royal Sonesta San Juan (402 Keys) Sonesta Fort Laude
Slide 27: Retained Hotel Portfolio: Suburban
Retained Hotel Portfolio: Suburban SVC Suburban Properties (1) Number of Hotels 25 Number of Keys 4,153 Properties located in high-growth, residentially dense markets to capture steady demand from business travelers, local events, and extended-stay guests while benefiting from lower operating Sonest
Slide 28: Retained Hotel Portfolio: Airport
Retained Hotel Portfolio: Airport SVC Airport Properties (1) Number of Hotels 18 Number of Keys 3,820 Properties in strategic airport-adjacent locations to capture consistent demand from business travelers, airline crews, and overnight passengers. Sonesta Miami Airport (309 Keys) Sonesta Los Angeles
Slide 29: Net Lease: Recent Acquisitions
Net Lease: Recent Acquisitions Splash Car Wash – Bryant, AR Walk On’s - Conway, AR Dollar General – Vermontville, MI 29 HTeaO – Las Cruces, NM Crunch Fitness – Tallahassee, FL
Slide 30: The RMR Group (Nasdaq: RMR) $37 Billion
The RMR Group (Nasdaq: RMR) National Multi-Sector Institutional Infrastructure & RMR Platform (1) Investment Platform Vertically Integrated Platform Approximately Asset Industrial Accounting Management $37 Billion in AUM Residential Development Finance Over Senior Living Human Information 1,700 Reso
Slide 31: Fees that SVC Pays to RMR are Primarily Performance Based which Aligns Interests with Shareholders
Fees that SVC Pays to RMR are Primarily Performance Based which Aligns Interests with Shareholders RMR base management fee tied to SVC’s share price performance Alignment of Interests • Consists of an annual fee equal to generally 50 bps multiplied by the lower of: (1) SVC’s historical cost of real
Slide 32: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (dollars in thousands, except per share data) Full Year Full Year LTM For the Three Months Ended For the Nine Months Ended 12/31/2024 12/31/2025 3Q 2026 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Revenues: Hotel operating revenues
Slide 33: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) As of September 30, 2026 December 31, 2025 ASSETS Real estate properties: Land $ 1,722,642 $ 1,750,799 Buildings, improvements and equipment 5,809,983 6,198,233 Total real estate properties, gross 7,532,625 7,949,032
Slide 34: Calculation of FFO, Normalized FFO and CAD
Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) Full Year Full Year LTM For the Three Months Ended For the Nine Months Ended 12/31/2024 12/31/2025 3Q 2026 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Net loss $ (275,526) $ (202,321) $ (463,738
Slide 35: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (amounts in thousands) LTM For the Three Months Ended For the Nine Months Ended 3Q 2026 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Net loss $ (463,738) $ (87,940) $ (223,838) $ (151,178) $ (782) $ (462,956) $ (201,539) Add (Less
Slide 36: Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA – All Hotels
Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA – All Hotels* (dollars in thousands) LTM For the Three Months Ended For the Nine Months Ended 3Q 2026 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Number of hotels 87 87 93 93 94 87 160 Room revenues $ 898,438 $
Slide 37: Calculation and Reconciliation of NOI and Cash Basis NOI for Net Lease Properties
Calculation and Reconciliation of NOI and Cash Basis NOI for Net Lease Properties (dollars in thousands) LTM For the Three Months Ended For the Nine Months Ended 3Q 2026 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Calculation of NOI: (1) Rental income (GAAP) $ 402,914 $ 101,141 $ 10
Slide 38: Notes to Condensed Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA
Notes to Condensed Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, NOI, Cash Basis NOI, Hotel EBITDA and Adjusted Hotel EBITDA (dollars in thousands) 1. SVC increased rental income by $1,009 and $2,257 for the three months e
Slide 39: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions Non-GAAP Financial Measures SVC presents certain “non-GAAP financial measures” within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, NOI, Cas
Slide 40: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Adjusted Hotel EBITDA Margin: Adjusted Hotel EBITDA as a percentage of hotel operating revenues. Adjusted Total Assets and Total Unencumbered Assets: Adjusted total assets and total unencumbered assets include the original cost of real
Slide 41: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Investment: SVC defines hotel investment as historical cost of its properties plus capital improvements funded by it less impairment write-downs, if any, and excludes capital improvements made from FF&E Reserves funded from hotel operat
Slide 42: Investor Presentation
Investor Presentation November 2026 | Nasdaq: SVC Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458 SVCREIT.COM
Service Properties Trust — Investor Presentation (November 2026) on 6ix