Service Properties Trust - SVC STOCK NEWS

Service Properties Trust (Nasdaq: SVC) has priced $610.2 million in net lease mortgage notes to refinance its $500 million senior notes due in June 2023. This transaction, secured by 308 retail properties valued at approximately $1 billion with annual rents of $65.3 million, is expected to close on February 10, 2023. The weighted average coupon for the notes is 5.60%. Additionally, SVC plans to redeem its existing senior notes at an expected price of $500 million plus interest by March 8, 2023, funded by the new mortgage notes.

Service Properties Trust (Nasdaq: SVC) has announced the characterization of its dividends for 2022 for income tax reporting. Shareholders should reference IRS Form 1099-DIV for tax purposes. The total dividend allocated for the year is $0.23 per share, with individual payments of $0.01 on four occasions and $0.20 on one occasion. The dividends fall under various classifications, including ordinary income and capital gains. SVC currently manages over $11 billion in hotel and retail-focused net lease properties, showcasing its significant role in the real estate market.

Service Properties Trust (Nasdaq: SVC) has announced a quarterly cash distribution of $0.20 per common share, amounting to $0.80 annually. This distribution is set for shareholders of record as of January 23, 2023, with payment scheduled on or about February 16, 2023. SVC, which manages over $11 billion in assets, primarily in hotels and retail properties, is committed to maintaining its REIT status while navigating various financial factors to determine future distributions.

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.