Service Properties Trust Announces Quarterly Dividend on Common Shares

Rhea-AI Summary

Service Properties Trust (Nasdaq: SVC) announced a quarterly cash distribution of $0.20 per common share, equating to $0.80 annually. This distribution is for shareholders on record as of April 24, 2023 and will be paid on or about May 18, 2023.

SVC is a real estate investment trust (REIT) with over $11 billion in assets, primarily in the hotel and retail net lease property sectors. It owns 238 hotels across the U.S., Puerto Rico, and Canada, and 765 retail properties totaling over 13.4 million square feet. SVC is managed by The RMR Group, which has over $37 billion in assets under management.

Positive

• Regular quarterly cash distribution of $0.20 per share, enhancing shareholder income.
• Stable management by The RMR Group with extensive experience in real estate.

Negative

• None.

NEWTON, Mass.--(BUSINESS WIRE)-- Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on April 24, 2023 and distributed on or about May 18, 2023.

About Service Properties Trust

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 2022, SVC owned 238 hotels with over 40,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of December 31, 2022, SVC also owned 765 retail service-focused net lease properties totaling over 13.4 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with over $37 billion in assets under management as of December 31, 2022 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 www.svcreit.com.

WARNING CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon SVC’s present intent, beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond SVC’s control.

For example, this press release states that SVC’s regular quarterly cash distribution rate is $0.20/share per quarter or $0.80/share per year. A possible implication of this statement is that SVC will continue to pay quarterly distributions of $0.20/share per quarter or $0.80/share per year in the future. SVC’s distribution rate may be set and reset from time to time by SVC’s Board of Trustees. SVC’s Board of Trustees considers many factors when setting or resetting SVC’s distribution rate, including SVC’s funds from operations and normalized funds from operations, requirements to maintain SVC’s qualification for taxation as a REIT, limitations in SVC’s debt agreements, the availability to SVC of debt and equity capital, SVC’s dividend yield and its dividend yield compared to the dividend yields of other REITs, SVC’s expectation of its future capital requirements and operating performance and SVC’s expected needs for and availability of cash to pay its obligations. Accordingly, future distributions to SVC’s shareholders may be increased or decreased and SVC cannot be sure as to the rate at which future distributions will be paid.

You should not place undue reliance upon forward-looking statements.

Except as required by law, SVC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

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/20230412005758/en/

Stephen Colbert, Director, Investor Relations

(617) 796-8232

Source: Service Properties Trust

FAQ

What is the dividend amount for SVC in 2023?

Service Properties Trust has declared a quarterly cash distribution of $0.20 per share for 2023.

When will the SVC dividend be paid?

The dividend will be distributed on or about May 18, 2023.

What is the annual dividend yield for SVC shareholders?

The annual dividend yield for SVC shareholders is projected at $0.80 per share.

Who manages Service Properties Trust?

Service Properties Trust is managed by The RMR Group, which has over $37 billion in assets under management.