Service Properties Trust Stock Price, News & Analysis

Service Properties Trust (Nasdaq: SVC) reported a net income of $7.5 million, or $0.05 per share, for Q3 2022, marking a significant turnaround from a net loss of $59.7 million in Q3 2021. Normalized FFO surged 100% to $88.5 million ($0.54/share), with Adjusted EBITDAre increasing 26.3% to $173.5 million. The company experienced a 29.6% rise in comparable RevPAR and a 77.1% jump in hotel EBITDA. With over $750 million in liquidity, SVC raised its quarterly dividend to $0.20 per share, reflecting operational confidence amidst ongoing recovery in business travel and hotel operations.

Service Properties Trust (Nasdaq: SVC) has declared a quarterly cash dividend of $0.20 per share, equivalent to $0.80 annually, reflecting a modest 37% payout ratio based on Q2 2022's normalized funds from operations. The dividend will be paid to shareholders of record as of October 24, 2022, with distribution on or about November 17, 2022. After the dividend payment, SVC anticipates maintaining over $750 million of liquidity, exceeding immediate obligations, and positioning the company for future dividend growth.

Service Properties Trust (Nasdaq: SVC) will release its third quarter 2022 results on November 3, 2022, after Nasdaq market close. A conference call led by President Todd Hargreaves and CFO Brian Donley is scheduled for November 4, 2022, at 10:00 a.m. ET. The call can be accessed at (877) 329-3720 or (412) 317-5434 for international participants. SVC, a real estate investment trust, has over $11 billion in assets, including 247 hotels and 775 retail properties across the U.S., Puerto Rico, and Canada. More details can be found on their website.

Service Properties Trust (Nasdaq: SVC) has announced an amendment to its revolving credit facility, extending the maturity date to July 2023. Key changes include maintaining a minimum liquidity of $600 million until the repayment of $500 million in senior notes due in June 2023, and the lifting of restrictions on common dividend payments. CFO Brian Donley noted that these amendments enhance financial flexibility and reflect improvements in the hotel portfolio's performance.

Service Properties Trust (Nasdaq: SVC) has entered a purchase agreement to sell 16 Marriott-branded hotels for $137.3 million, expected to close in Q4 2022. Alongside this, SVC has sold 61 out of 68 marketed Sonesta-branded hotels for $523.1 million, with 6 additional hotels under agreement for $34.2 million. Proceeds will be used for general corporate purposes, including debt repayment.

As of June 30, 2022, SVC manages assets worth over $11 billion across hotels and retail properties.

Service Properties Trust (Nasdaq: SVC) reported a net income of $11.35 million, or $0.07 per share, for Q2 2022, marking a substantial turnaround from a loss of $91.11 million in the same quarter last year. The normalized FFO surged by 238% to $89.16 million ($0.54 per share). Adjusted EBITDAre rose 53% to $181.87 million. Year-to-date, SVC has sold 76 properties for $523.1 million as it adjusts its portfolio. Hotel metrics improved with occupancy at 66.7% and a RevPAR increase of 56.9%. SVC met all financial covenants, enhancing its financial flexibility.

Service Properties Trust (Nasdaq: SVC) announced a quarterly cash dividend of $0.01 per common share, totaling $0.04 annually. The dividend will benefit shareholders of record by July 25, 2022 and is scheduled for payment on or about August 18, 2022. The company manages approximately $12 billion in assets, primarily in the hospitality and retail sectors, owning 247 hotels and 775 retail properties across the U.S., Puerto Rico, and Canada.

Service Properties Trust (Nasdaq: SVC) has sold 57 Sonesta branded hotels, totaling 7,272 keys, for $496.4 million.

Six additional hotels are under purchase agreements, expected to close in Q3 2022 for $37.4 million.

Occupancy rates improved in April and May, with significant increases noted in urban and select service hotels.

As of June 30, 2022, SVC owned 247 hotels and 775 retail properties, demonstrating a focused strategy on asset management and portfolio optimization.

Service Properties Trust (Nasdaq: SVC) will release its second quarter 2022 results on August 4, 2022, after Nasdaq closes. A conference call with President Todd Hargreaves and CFO Brian Donley will follow on August 5, 2022, at 10:00 a.m. ET. Interested participants can join via telephone or listen to a live audio webcast on the company's website. SVC is a real estate investment trust, holding approximately $12 billion in assets, which includes 298 hotels and nearly 800 retail properties across North America.