Service Properties Trust Announces Annual Meeting Results

Rhea-AI Summary

Service Properties Trust (Nasdaq: SVC) held its 2022 Annual Meeting of Shareholders, resulting in the re-election of several trustees. Laurie B. Burns received 81.9%, Robert E. Cramer 78.9%, Donna D. Fraiche 82.0%, William A. Lamkin 80.3%, and Adam D. Portnoy 64.9%. Additionally, shareholders approved executive compensation with 91.9% support and ratified Deloitte & Touche LLP as independent auditors with 99.5% voting in favor. SVC manages approximately $12 billion in real estate, focused on hotels and service-oriented retail.

Positive

• Trustees re-elected with significant shareholder support: Burns (81.9%), Cramer (78.9%), Fraiche (82.0%), Lamkin (80.3%), Portnoy (64.9%).
• Executive compensation approved with 91.9% shareholder support.
• Deloitte & Touche LLP ratified as independent auditors with 99.5% approval.

Negative

• Adam D. Portnoy received the lowest re-election percentage at 64.9%, indicating possible shareholder discontent.

NEWTON, Mass.--(BUSINESS WIRE)-- Service Properties Trust (Nasdaq: SVC) announced the results of its 2022 Annual Meeting of Shareholders, which was held earlier today, as follows.

Laurie B. Burns was re-elected as an Independent Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Independent Trustee is as follows:

Independent Trustee							Percentage of Shares Voted For
Laurie B. Burns							81.9%

Robert E. Cramer was re-elected as an Independent Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Independent Trustee is as follows:

Independent Trustee							Percentage of Shares Voted For
Robert E. Cramer							78.9%

Donna D. Fraiche was re-elected as an Independent Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Independent Trustee is as follows:

Independent Trustee							Percentage of Shares Voted For
Donna D. Fraiche							82.0%

William A. Lamkin was re-elected as an Independent Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Independent Trustee is as follows:

Independent Trustee							Percentage of Shares Voted For
William A. Lamkin							80.3%

Adam D. Portnoy was re-elected as a Managing Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Managing Trustee is as follows:

Managing Trustee							Percentage of Shares Voted For
Adam D. Portnoy							64.9%

Shareholders voted to approve executive compensation by means of an advisory vote. The final tabulation of the percentage of shareholders’ votes cast for this proposal is as follows:

Proposal				Percentage of Shares Voted For
Approval of Executive Compensation				91.9%

Shareholders voted to approve the Amended and Restated 2012 Equity Compensation Plan. The final tabulation of the percentage of shareholders’ votes cast for this proposal is as follows:

Proposal				Percentage of Shares Voted For
Approval of Executive Compensation Plan				93.4%

Shareholders ratified the appointment of Deloitte & Touche LLP as SVC’s independent auditors to serve for the 2022 fiscal year. The final tabulation of the percentage of shareholders’ votes cast for this proposal is as follows:

Proposal				Percentage of Shares Voted For
Ratification of Independent Auditors				99.5%

About Service Properties Trust:

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with approximately $12 billion invested in two asset categories: hotels and service-focused retail net lease properties. SVC owns 298 hotels with over 47,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. SVC also owns nearly 800 retail service focused net lease properties totaling over 13.5 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with more than $37 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit svcreit.com.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220615006097/en/

Kristin Brown, Director, Investor Relations

(617) 796-8251

https://www.svcreit.com

Source: Service Properties Trust

FAQ

What were the results of Service Properties Trust's 2022 Annual Meeting of Shareholders?

The meeting resulted in the re-election of trustees with significant support, including Laurie B. Burns (81.9%) and Robert E. Cramer (78.9%).

What percentage of shareholders approved executive compensation for Service Properties Trust?

Executive compensation was approved by 91.9% of shareholders.

Who was ratified as independent auditors for Service Properties Trust in 2022?

Deloitte & Touche LLP was ratified as independent auditors with 99.5% approval.

What is the stock symbol for Service Properties Trust?

The stock symbol for Service Properties Trust is SVC.

What are the main asset categories for Service Properties Trust?

Service Properties Trust primarily invests in hotels and service-focused retail net lease properties.