Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Service Properties Trust — Q4 2025 Earnings Presentation
40 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Feb 25, 2026
Slide 1: Financial Results and Supplemental Information
24225 W. Lorenzo Road Wilmington, IL Financial Results and Supplemental Information FOURTH QUARTER 2025 February 25, 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS SVC Service Properties Trust Announces Fourth Quarter 2025 Financial Results ....................................................................................................................... 4 Fourth Quarter 2025 Highlights ..................................
Slide 3: Quarterly Results
Quarterly Results RETURN TO TABLE OF CONTENTS 3
Slide 4: Service Properties Trust Announces Fourth Quarter 2025 Financial Results
Service Properties Trust Announces Fourth Quarter 2025 Financial Results “SVC’s fourth quarter performance highlights our Newton, MA (February 25, 2026): Service Properties Trust (Nasdaq: SVC) today announced its financial continued progress optimizing our portfolio, results for the quarter ended De
Slide 5: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights • Net loss of $0.8 million, or $0.00 per common share. Financial • Normalized FFO of $27.5 million, or $0.17 per common share. Results • Adjusted EBITDAre of $125.6 million. • Hotel RevPAR of $99.24. Portfolio • Adjusted Hotel EBITDA of $27.9 million. Update • Net Leas
Slide 6: Fourth Quarter 2025 Highlights (Continued)
Fourth Quarter 2025 Highlights (Continued) • Invested $106.4 million in CapEx during the fourth quarter. • During the fourth quarter, acquired nine net lease properties with a total of 132,983 square feet for a combined purchase price of $41.3 million, a weighted average lease term of 13.1 years and
Slide 7: Full Year 2026 Guidance
Full Year 2026 Guidance (1) (amounts in thousands, except RevPar, share amounts and per share data) Full Year 2026 Guidance Full year 2026 guidance is based in part on the following Low End High End assumptions: Total RevPar $ 108.00 $ 113.00 • Mid-point general and administrative expense of approxi
Slide 8: Financials
Financials RETURN TO TABLE OF CONTENTS 8
Slide 9: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and for the Three Months Ended As of 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 Capitalization: Sonesta ES Suites Selected Income Statement Data: Fort Lauderdale, FL Total revenues $ 397,453 $ 478,770 $ 503,43
Slide 10: Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues: Hotel operating revenues $ 296,459 $ 357,048 $ 1,413,403 $ 1,496,705 Rental income (1) 100,994 99,511 401,435 400,223 The Steph
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets (dollars in thousands, except per share data) December 31, 2025 2024 ASSETS Real estate properties: Land $ 1,750,799 $ 1,930,459 Buildings, improvements and equipment 6,198,233 7,682,885 Total real estate properties, gross 7,949,032 9,613,344 Accumulated depreciation (2,4
Slide 12: Debt Summary
Debt Summary As of December 31, 2025 (1) (1) Adjusted for the redemption of $300,000 of 4.95% senior unsecured notes due 2027 in January 2026. (dollars in thousands) (2) SVC is required to pay interest at a rate of SOFR plus a premium, which Interest Principal Maturity Due at Years to was 275 basis
Slide 13: Debt Maturity Schedule
Debt Maturity Schedule As of December 31, 2025 (1) Secured vs. Unsecured (dollars in thousands) Debt $1,250,000 Secured Unsecured 42.8% 57.2% $1,000,000 $582,114 $750,000 (1) Adjusted for the redemption of $300,000 of 4.95% senior $600,737 unsecured notes due 2027 in January 2026. (2) As of February
Slide 14: Leverage Ratios, Coverage Ratios and Debt Covenants
Leverage Ratios, Coverage Ratios and Debt Covenants (dollars in thousands) As of and for the Trailing Twelve Months Ended Royal Sonesta New Orleans 12/31/2025 (1) 9/30/2025 (2) 6/30/2025 3/31/2025 12/31/2024 New Orleans, LA Leverage Ratios: Net debt / total gross assets (3) 59.0 % 57.9 % 56.5 % 55.6
Slide 15: Capital Expenditures Summary
Capital Expenditures Summary (dollars in thousands) For the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Hotel capital improvements $ 92,971 $ 41,632 $ 36,727 $ 41,430 $ 79,987 Lease related costs 2,193 538 275 274 1,464 Recurring capital expenditures 95,164 42,170 37,002 4
Slide 16: Property Acquisitions
Property Acquisitions Since January 1, 2025 (dollars in thousands) Purchase Price Weighted Number of Square Purchase per Square Average Cash Cap Average GAAP Average Lease Average Rent Quarter Acquired Properties Property Type Number of Brands Footage Price (1) Foot Rate (2) Cap Rate (2) Term (2)(3)
Slide 17: Property Dispositions
Property Dispositions Since January 1, 2025 (dollars in thousands, except per room or suite data) Quarter Number of Property Square Footage / Average Sales Price per Disposed Properties Type Brand Location Rooms or Suites Sales Price (1) Square Foot / Room or Suite Q1 2025 3 Net Lease Vacant GA, IA,
Slide 18: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS 18
Slide 19: Portfolio Summary
Portfolio Summary As of December 31, 2025 (dollars in thousands) Number of Properties The Yorkville Royal Sonesta Hotel Net Lease Properties 760 Net lease square feet 13,601,902 Toronto, ON Hotel Properties 94 Average net lease property size 17,897 sq. ft. Total Properties 854 Number of hotel rooms
Slide 20: Consolidated Portfolio Diversification by Industry
Consolidated Portfolio Diversification by Industry As of December 31, 2025 (dollars in thousands) No. of Rooms / Percent of Total Industry Properties Square Footage Investments Investment 1. Hotels 94 21,243 $ 4,813,967 48.6% 2. Travel Centers 178 5,099,794 3,311,787 33.4% 3. Restaurants - Quick Ser
Slide 21: Consolidated Portfolio by Geographic Diversification
Consolidated Portfolio by Geographic Diversification As of December 31, 2025 (dollars in thousands) Investments Total Net Property Lease Hotel Net Lease % Hotel % State Count Count Count Total % of Total Net Lease of Total Hotel of Total California 41 22 19 $ 1,154,485 11.7 % $ 273,065 5.4 % $ 881,4
Slide 22: Net Lease Portfolio by Brand
Net Lease Portfolio by Brand As of December 31, 2025 (dollars in thousands) Percent of Percent of Total No. of Total Annualized Annualized Rent Brand Properties Square Feet Investment Investment Minimum Rent Minimum Rent Coverage 1. TravelCenters of America Inc. 131 3,683,923 $ 2,254,950 44.3 % $ 18
Slide 23: Net Lease Portfolio by Industry
Net Lease Portfolio by Industry As of December 31, 2025 (dollars in thousands) Percent of Percent of Total No. of Total Annualized Annualized Rent Industry Properties Square Feet Investment Investment Minimum Rent Minimum Rent Coverage 1. Travel Centers 178 5,099,794 $ 3,311,787 65.0% $ 267,574 68.6
Slide 24: Net Lease Portfolio by Tenant (Top 10)
Net Lease Portfolio by Tenant (Top 10) As of December 31, 2025 (dollars in thousands) Percent of Total Percent of Annualized Annualized Weighted No. of Total Minimum Minimum Average Rent Tenant Brand Affiliation Properties Square Feet Investment Investment Rent Rent Lease Term Coverage 1. TravelCent
Slide 25: Net Lease Portfolio - Expiration Schedule
Net Lease Portfolio - Expiration Schedule As of December 31, 2025 (dollars in thousands) Number Percent of Total Cumulative Percent of of Annualized Minimum Annualized Minimum Rent Total Annualized Year (1) Properties Square Feet Rent Expiring Expiring Minimum Rent Expiring 2026 65 644,888 $ 8,630 2
Slide 26: Net Lease Portfolio - Occupancy Summary
Net Lease Portfolio - Occupancy Summary As of December 31, 2025 As of and For the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Properties (end of period) 760 752 742 739 742 Vacant properties beginning of period 20 20 16 18 18 Vacant properties sold (1) (2) (2) (3) (3) Vaca
Slide 27: Hotel Portfolio by Brand
Hotel Portfolio by Brand As of December 31, 2025 (dollars in thousands, except per room or suite data) Percent of Percent of Number of Total Number Percent of Number of Total Number Rooms or of Rooms or Total Hotel Investment Per Brand Service Level Chain Scale Hotels of Hotels Suites Suites Investm
Slide 28: Hotel Operating Statistics by Service Level (Fourth Quarter)
Hotel Operating Statistics by Service Level - All Hotels* (Fourth Quarter) (dollars in thousands, except ADR and RevPAR) Occupancy ADR RevPAR Adjusted Hotel EBITDA Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, No. of N
Slide 29: Hotel Operating Statistics by Service Level (Full Year)
Hotel Operating Statistics by Service Level - All Hotels* (Full Year) (dollars in thousands, except ADR and RevPAR) Occupancy ADR RevPAR Adjusted Hotel EBITDA Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, No. of No. of Rooms or Brand Hotels Suites 20
Slide 30: Appendix
Appendix RETURN TO TABLE OF CONTENTS 30
Slide 31: Company Profile and Research Coverage
Company Profile and Research Coverage The Company: Equity Research Coverage SVC is a REIT that owns service-focused retail net B. Riley Securities, Inc. Oppenheimer & Co. Inc. lease properties and hotels throughout the United John Massocca Tyler Batory States and in Puerto Rico and Canada. (646) 885
Slide 32: Governance Information
Governance Information Board of Trustees Christopher J. Bilotto Donna D. Fraiche Rajan C. Penkar Managing Trustee Lead Independent Trustee Independent Trustee Laurie B. Burns William A. Lamkin Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board & Managing Trustee Robert E. Cra
Slide 33: Calculation of FFO, Normalized FFO and CAD
Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) See accompanying notes on page 36. For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Net loss $ (782) $ (46,945) $ (38,159) $ (116,435) $ (76
Slide 34: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Net loss $ (782) $ (46,945) $ (38,159) $ (116,435) $ (76,392) $ (202,321) $ (275,526) Add (Less): Inter
Slide 35: Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA
Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels* (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Number of hotels 94 160 200 202 206 94 206 Room revenues $ 224,880 $ 3
Slide 36: Notes to Consolidated Statements of Income (Loss) and Calculations
Notes to Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Adjusted Hotel EBITDA (dollars in thousands) (1) SVC increased rental income by $2,404 and $3,965 for the three months ended December 31, 2025 and 202
Slide 37: 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, Hotel EBITDA, Adjusted Hotel EBITDA,
Slide 38: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Other Definitions 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 orig
Slide 39: 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 40: Warning Concerning Forward-Looking Statements
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 subject to risks and uncertainties. These statements may include words such as “believe”,
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