Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Service Properties Trust — Q3 2026 Earnings Presentation
42 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Nov 4, 2026
Slide 1: Investor Presentation November 2026
Investor Presentation November 2026 | Nasdaq: SVC Exhibit 99.3
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) 3 827 Properties 46 States, Washington, D.C., Puerto Rico & Canada 22 Industries 150 Brands 192 Tenants / Operators $1.6B Total Revenues LTM (1) Portfolio as of and for the LTM ended September 30, 2026. Defensively Positioned Service-Focused Retail Net Lease Portf
Slide 4: SVC: Investment Highlights
SVC: Investment Highlights 1 Following a multiyear renovation program, SVC’s 77 retained hotels have outperformed U.S. Industry benchmark RevPAR for eight consecutive quarters, by an average of 240 bps 2 Continued renovation lift, combined with identified hotel operator initiatives target an estimat
Slide 5: Third Quarter 2026 Highlights
• Renovation of Nautilus Sonesta South Beach substantially complete – Expected to fully reopen in Q4 2026 • Under letters of intent to sell two hotels totaling 795 keys, including the Crowne Plaza Atlanta Perimeter in Atlanta, Georgia • Repaid and terminated $45 million variable funding note, or VFN
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 6 Hotel Portfolio Mix as of January 2024 Retained Hotel Portfolio Mix as of September 2026 • Included large amount of smaller, focused service hotels ─ 134 of the 142 hotels sold were select service
Slide 7: Retained Hotels are Positioned for Significant EBITDA Growth
~12 – 24 Months Retained Hotels are Positioned for Significant EBITDA Growth 7 Lift from completed renovations and displacement recovery Anticipated labor efficiencies and operating expense savings Hotel EBITDA Margin Incremental RevPAR growth(1) Revenue mix and higher converting customer segments ~
Slide 8: $248 Million of Targeted Retained Hotel Portfolio EBITDA Supports Value Creation and Deleveraging
$248 Million of Targeted Retained Hotel Portfolio EBITDA Improved Hotel EBITDA Supports Meaningful Value Creation and Continued Deleveraging 8 Potential Retained Hotel Portfolio Value • Higher Retained Hotel Portfolio value supports Board approved strategy to reduce leverage and continue shifting it
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 9 Retained Hotel Portfolio Spend as a % of Revenues (2023 – 2026) Retained Hotel Portfolio Cumulative CapEx Spend (2023 – 2026) • From 2023 to 2026, SVC is projected to have spent $628 million, or ~$36,000 per k
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 10 (1) Represents amortization of debt issuance costs, discounts and premiums, including non-cash amortization of interest of approximately $44 million related to SVC’s $580 mi
Slide 11: SVC is Well Positioned to Address Near Term Debt Maturities
Current (4) Cash and cash equivalents $113M Available borrowings under credit facility $650M Total Liquidity $763M Required Actual 9/30/2026 Total unencumbered assets / unsecured debt ≥150% 273.2% Total debt / adjusted total assets ≤ 60% 53.9% Secured debt / adjusted total assets ≤ 40% 33.9% Consoli
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 Chain Scale (3) Location (3) Customer Mix (4)Service Level (2) Retained 77 hotels (17,593 keys) focused on full-service hotels in urban and resort markets (1) Upscale AirportUrban Resort Suburban (1) Excludes Exit Hotels. (2) Based on hotel pe
Slide 14: Retained Hotel Portfolio: Operating Trends and Demand Drivers
Retained Hotel Portfolio: Operating Trends and Demand Drivers (1) For SVC’s Retained Hotels. 0.0% 6.6% 4.6% 1.9% 0.8% 1.7% 8.1% 6.4% 8.3% 0.9% 3.6% 2.2% (0.5%) (1.4%) (1.1%) 3.8% 5.7% 7.1% SVC RevPAR Quarterly Growth vs. Prior Year STR Retained Hotel Operating Trends (1) SVC retained hotel portfolio
Slide 15: Recent Performance of Retained & Exit Hotels
Recent Performance of Retained & Exit Hotels 15(1) Results of all hotels owned as of September 30, 2026. (1)
Slide 16: Retained Hotel Renovation and Redevelopment Initiatives
Retained Hotel Renovation and Redevelopment Initiatives 2025 Sonesta Simply Suites • Burlington, MA Sonesta Hotels & Resorts • Los Angeles International Airport, CA • Hilton Head, SC (Phase 2) Sonesta ES Suites • Toronto, Canada • Anaheim, CA 16 Completions 2026 Sonesta Simply Suites • Las Vegas, NV
Slide 17: Net Lease Portfolio
Net Lease Portfolio 17
Slide 18: Triple Net Lease Portfolio: Strategic Priorities & Benefits
Potential Benefits Strategic Priorities 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 • Efficient in-place debt structu
Slide 19: Net Lease Portfolio: Built with Properties in E-Commerce Resistant, Necessity Based Industries
(1) By annualized minimum rent. Net Lease Portfolio: Built with Properties in E-Commerce Resistant, Necessity Based Industries 740 $395M Properties Annualized Minimum Rent 13.5M 7.0 years Rentable Square Feet Weighted Average Lease Term 97.6% 2.17x Occupancy Rent Coverage % of Annualized Minimum Ren
Slide 20: Net Lease Portfolio: High Quality Tenant Base
Net Lease Portfolio: High Quality Tenant Base 20 Brand Industry Group # of Properties Total Square Feet Annualized Minimum Rents ($M) % of SVC Annualized Minimum Rents Weighted Average Remaining Term (years) (1) Weighted Average Rent Coverage (1) % Master Leased (2) TravelCenters of America Gasoline
Slide 21: TA's Competitive Advantage
TA’s Competitive Advantage 21 Typical SVC TA travel center spans ~25 acres with key infrastructure, facilities and amenities TA’s Competitive Advantage Sample TA Travel Centers Larger • Sites average ~25 acres of land and offer parking for ~182 trucks and cars, as well as ~9 fueling positions • The
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) 22 Master Trust Collateral Pool Snapshot Master Trust Overview Most recent issuance date March 2026 Outstanding series 2023-1, 2026-1 Ratings AAA / AA / A / BBB Current LTV 62% Current debt service coverage ratio (DSCR)
Slide 23: SVC's Unencumbered Net Lease Properties May Unlock Incremental Liquidity
SVC’s Unencumbered Net Lease Properties May Unlock Incremental Liquidity 23 Leasing opportunities and capital recycling strategies may drive added value and liquidity Properties 124 Occupancy 83.9% WALT 5.1 years Square Footage 2.7M SF Annualized Minimum Rent $24.7M Rent Coverage 3.1x Unencumbered N
Slide 24: Appendix
Appendix 24
Slide 25: Retained Hotel Portfolio: Urban
Royal Sonesta Cambridge (400 Keys) Retained Hotel Portfolio: Urban 25 Well-located urban hotel properties in major gateway and business-friendly markets supported by diversified demand drivers and limited reliance on inbound international travel. Royal Sonesta New Orleans (483 Keys) Royal Sonesta Au
Slide 26: Retained Hotel Portfolio: Resort
Retained Hotel Portfolio: Resort 26 Sonesta Hilton Head (340 Keys)Royal Sonesta Kauai (356 Keys)Nautilus Sonesta Miami Beach (250 Keys) Royal Sonesta San Juan (402 Keys) Number of Hotels 12 Number of Keys 2,861 SVC Resort Properties (1) Sonesta Fort Lauderdale (240 Keys) (1) As of September 30, 2026
Slide 27: Retained Hotel Portfolio: Suburban
Retained Hotel Portfolio: Suburban 27 Sonesta Silicon Valley (238 Keys)Sonesta Simply Suites Jersey City (214 Keys)Sonesta White Plains (131 Keys) Number of Hotels 25 Number of Keys 4,153 SVC Suburban Properties (1) Sonesta Redondo Beach & Marina (346 Keys)Sonesta Select Laguna Hills (136 Keys) (1)
Slide 28: Retained Hotel Portfolio: Airport
Hyatt Place Chantilly Dulles (123 Keys) Sonesta Miami Airport (309 Keys) Retained Hotel Portfolio: Airport 28 Sonesta Los Angeles (614 Keys) Radisson Seattle Airport (204 Keys) Sonesta Nashville (392 Keys) Number of Hotels 18 Number of Keys 3,820 SVC Airport Properties (1) (1) As of September 30, 20
Slide 29: Net Lease: Recent Acquisitions
Net Lease: Recent Acquisitions 29 HTeaO – Las Cruces, NM Walk On’s - Conway, AR Crunch Fitness – Tallahassee, FL Splash Car Wash – Bryant, AR Dollar General – Vermontville, MI
Slide 30: Approximately $37 Billion in AUM RMR Platform
Approximately $37 Billion in AUM RMR Platform (1) Over 1,700 Properties More than 30 Offices Nationwide National Multi-Sector Investment Platform Industrial Residential Senior Living Medical Office Life Science Hotels Retail Office Over 800 Real Estate Professionals Institutional Infrastructure & Ve
Slide 31: Fees that SVC Pays to RMR are Primarily Performance Based
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 • Consists of an annual fee equal to generally 50 bps multiplied by the lower of: (1) SVC’s historical cost of real estate, or (2) SVC’s to
Slide 32: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) 32 (dollars in thousands, except per share data) See accompanying notes on page 38.
Slide 33: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets 33 (dollars in thousands, except per share data)
Slide 34: Calculation of FFO, Normalized FFO and CAD
Calculation of FFO, Normalized FFO and CAD 34 (amounts in thousands, except per share data) See accompanying notes on page 38.
Slide 35: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre 35 (amounts in thousands) See accompanying notes on page 38.
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* * Results of all hotels as owned during the periods presented, including the results of hotels sold by SVC for the periods owned by SVC. 36 (dollars in thousands) See accompanying notes on page 38.
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 37 (dollars in thousands) See accompanying notes on page 38.
Slide 38: Notes to Condensed Consolidated Statements of Income (Loss) and Calculations
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 38 (dollars in thousands) 1. SVC increased rental income by $1,009 and $2,257 for the three month
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: | Two Newton Place Washington Street, Suite Newton, MA 02458 SVCREIT.COM
Investor Presentation November 2026 | Nasdaq: SVC Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458 SVCREIT.COM
Service Properties Trust — Q3 2026 Earnings Presentation on 6ix