Service Properties Trust - Shares Of Beneficial Interest · NASDAQ:SVC
Service Properties Trust - Shares Of Beneficial Interest — Service Properties Trust — Q3 2026 Earnings Presentation
39 slides from Service Properties Trust - Shares Of Beneficial Interest's earnings presentation, Nov 4, 2026
Slide 1: Financial Results and Supplemental Information Third Quarter 2026
Financial Results and Supplemental Information THIRD QUARTER 2026 November 4, 2026 Exhibit 99.2 24225 W. Lorenzo Road Wilmington, IL
Slide 2: Table of Contents
2 Table of Contents 3 Third Quarter Highlights and Full Year Guidance 8 Financial Information 17 Portfolio Information 30 Appendix 39 Warning Concerning Forward-Looking Statements SVC Nasdaq Listed Trading Symbol: Common Shares: SVC Investor Relations Contact: Kevin Barry, Senior Director (617) 796-
Slide 3: Third Quarter Highlights and Full Year Guidance
3RETURN TO TABLE OF CONTENTS Third Quarter Highlights and Full Year Guidance
Slide 4: Third Quarter Results Announcement, Distribution and Conference Call
4RETURN TO TABLE OF CONTENTS Newton, MA (November 4, 2026): Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2026. Distribution: SVC declared a quarterly distribution on its common shares of $0.05 per share to shareholders of record as
Slide 5: Third Quarter 2026 Highlights
5RETURN TO TABLE OF CONTENTS Third Quarter 2026 Highlights Financial Results • Net loss of $87.9 million, or $0.68 per common share. • Normalized FFO of $43.8 million, or $0.34 per common share. • Adjusted EBITDAre of $133.5 million. Hotel Portfolio Update • In October 2026, SVC received an unsolici
Slide 6: Third Quarter 2026 Highlights (continued)
6RETURN TO TABLE OF CONTENTS Third Quarter 2026 Highlights (continued) Net Lease Portfolio Update • Net lease NOI of $94.8 million, flat sequentially. • Occupancy of 97.6%, reflecting reclassification of land assets held for potential future uses. • Rent coverage of 2.17x. Net Lease Investment Activ
Slide 7: Full Year 2026 Guidance
7RETURN TO TABLE OF CONTENTS Full Year 2026 Guidance (amounts in thousands, except RevPAR, share amounts and per share data) Current Full Year 2026 Guidance (1) (2) Previous Full Year 2026 Guidance Change at Midpoint Low End High End Low End High End Total RevPAR: Retained Hotels $ 117.00 $ 122.00 $
Slide 8: Financial Information
8RETURN TO TABLE OF CONTENTS Financial Information
Slide 9: Selected Financial Data
9RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Selected Income Statement Data: Total revenues $ 399,520 $ 420,974 $ 364,451 $ 397,453 $ 478,770 Net loss $ (87,940) $ (223,838) $ (151,178) $ (782) $ (46,945) FFO $ 40,190 $ 43,942 $
Slide 10: Condensed Consolidated Statements of Income (Loss)
10RETURN TO TABLE OF CONTENTS Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Hotel operating revenues $ 298,379 $ 377,576 $ 883,025 $ 1,116,944 Rental income (1) 101,141 101,194 301,920 300,441 Total revenues 399,520 478,770 1,184,945 1,417,385 Expense
Slide 11: Condensed Consolidated Balance Sheets
11RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets September 30, December 31, 2026 2025 ASSETS Real estate properties: Land $ 1,722,642 $ 1,750,799 Buildings, improvements and equipment 5,809,983 6,198,233 Total real estate properties, gross 7,532,625 7,949,032 Accumulated depreciat
Slide 12: Debt Summary
12RETURN TO TABLE OF CONTENTS (1) SVC is required to pay interest on drawn amounts at a rate of SOFR plus a premium, which was 250 basis points per annum as of September 30, 2026. SVC also pays an unused commitment fee of 20 to 30 basis points per annum based on amounts outstanding under its revolvi
Slide 13: Debt Maturity Schedule
13RETURN TO TABLE OF CONTENTS $400,000 $425,000 $400,000 $500,000$580,155 $1,000,000 $999 $3,995 $602,775 $2,038 $2,038 $735,322 Net Lease Mortgage Notes Senior Secured Fixed Rate Debt Unsecured Fixed Rate Debt Secured Floating Rate Debt 2026 2027 2028 2029 2030 2031 2032 $0 $500,000 $1,000,000 $1,5
Slide 14: Leverage Ratios, Coverage Ratios and Debt Covenants
14RETURN TO TABLE OF CONTENTS Leverage Ratios, Coverage Ratios and Debt Covenants Centennial, CO (1) Proforma for the redemptions of $450,000 of 5.50% senior guaranteed unsecured notes due 2027 redeemed in April 2026 and $100,000 of 4.95% senior unsecured notes due 2027 redeemed in May 2026. (2) Pro
Slide 15: Capital Expenditures Summary
15RETURN TO TABLE OF CONTENTS For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Hotel capital improvements $ 16,858 $ 16,253 $ 15,403 $ 92,971 $ 41,632 Lease related costs 602 1,839 1,194 2,193 538 Recurring capital expenditures 17,460 18,092 16,597 95,164 42,170 Redevelo
Slide 16: Property Acquisitions and Dispositions Since January 1, 2026
16RETURN TO TABLE OF CONTENTS ACQUISITIONS: Quarter Acquired Number of Properties Property Type Number of Brands Square Footage Purchase Price (1) Purchase Price per Square Foot Weighted Average Cash Cap Rate Weighted Average GAAP Cap Rate Weighted Average Lease Term (2) Average Rent Coverage Q1 202
Slide 17: Portfolio Information
17RETURN TO TABLE OF CONTENTS Portfolio Information
Slide 18: Portfolio Summary
18RETURN TO TABLE OF CONTENTS Hotels 47.0% Travel Centers 34.6% Restaurants - Quick Service 3.1% Restaurants - Casual Dining 2.2% Health and Fitness 2.1% Movie Theaters 1.4% Grocery Stores 1.4% Other 8.2% Portfolio Composition No. of Properties Square Footage/ Rooms or Suites Average Property Size I
Slide 19: Industry Diversification
19RETURN TO TABLE OF CONTENTS Industry No. of Properties Rooms / Square Footage Investments Percent of Total Investment 1. Hotels 87 19,897 $ 4,489,644 47.0 % 2. Travel Centers 178 5,099,794 3,311,787 34.6 % 3. Restaurants - Quick Service 211 653,991 296,723 3.1 % 4. Restaurants - Casual Dining 59 5
Slide 20: Geographic Diversification by State
20RETURN TO TABLE OF CONTENTS Investments State Total Property Count Net Lease Count Hotel Count Total % of Total Net Lease Net Lease % of Total Hotel Hotel % of Total California 41 22 19 $ 1,164,282 12.2 % $ 273,065 5.4 % $ 891,217 19.9 % Florida 51 44 7 724,634 7.6 % 255,859 5.0 % 468,775 10.4 % T
Slide 21: Calculation and Reconciliation of NOI for Net Lease Properties
21RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Calculation of NOI: Rental income (GAAP) (1) $ 101,141 $ 100,903 $ 99,876 $ 100,994 $ 101,194 $ 301,920 $ 300,441 Net lease operating expenses (GA
Slide 22: Net Lease Top Brands
22RETURN TO TABLE OF CONTENTS Brand No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. TravelCenters of America / Petro Stopping Centers 175 5,051,725 $ 3,270,106 64.5 % $ 269,547 68.2 % 1.44x (1) 2.
Slide 23: Net Lease Top Industries
23RETURN TO TABLE OF CONTENTS Industry No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. Travel Centers 178 5,099,794 $ 3,311,787 65.3 % $ 272,892 69.1 % 1.46x (1) 2. Restaurants - Quick Service 211
Slide 24: Net Lease Tenant Notes
24RETURN TO TABLE OF CONTENTS (1) TA is SVC's largest tenant. As of September 30, 2026, SVC leased 175 travel centers (131 under the TravelCenters of America brand and 44 under the Petro Stopping Centers brand) to a subsidiary of TA under five master leases that expire in 2033. TA has five renewal o
Slide 25: Net Lease Lease Expiration Schedule
25RETURN TO TABLE OF CONTENTS Year (1) Number of Properties Square Feet Annualized Minimum Rent Expiring Percent of Total Annualized Minimum Rent Expiring Cumulative Percent of Total Annualized Minimum Rent Expiring 2026 14 76,170 $ 1,575 0.4 % 0.4 % 2027 31 919,786 10,968 2.8 % 3.2 % 2028 20 586,41
Slide 26: Net Lease Portfolio - Occupancy Summary
26RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Properties (end of period) 740 745 761 760 752 Vacant properties beginning of period 25 26 26 20 20 Vacant properties sold (1) (3) (1) (1) (2) Vacant properties leased (1) (2) (1) —
Slide 27: Hotel Portfolio by Brand
27RETURN TO TABLE OF CONTENTS Brand Service Level Chain Scale Number of Hotels Percent of Total Number of Hotels Number of Rooms or Suites Percent of Total Number of Rooms or Suites Investment Percent of Total Hotel Investment Investment Per Room or Suite Royal Sonesta Hotels® Full Service Upper Ups
Slide 28: Hotel Operating Statistics by Service Level (Third Quarter)
28RETURN TO TABLE OF CONTENTS Hotel Operating Statistics by Service Level - Retained & Exit Hotels* (Third Quarter) Occupancy ADR RevPAR Adjusted Hotel EBITDA Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, Brand No.
Slide 29: Hotel Operating Statistics by Service Level (Year to Date)
29RETURN TO TABLE OF CONTENTS Hotel Operating Statistics by Service Level - Retained & Exit Hotels* (Year to Date) Occupancy ADR RevPAR Adjusted Hotel EBITDA Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, Brand No. of H
Slide 30: Appendix
30RETURN TO TABLE OF CONTENTS Appendix
Slide 31: Company Profile, Research Coverage and Governance Information
31RETURN TO TABLE OF CONTENTS Company Profile, Research Coverage and Governance Information The Company: SVC is a REIT that owns service-focused retail net lease properties and hotels throughout the United States, including Puerto Rico, and Canada. Management: SVC is managed by The RMR Group (Nasdaq
Slide 32: Reconciliation of Net Loss to FFO and Normalized FFO
32RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (87,940) $ (223,838) $ (151,178) $ (782) $ (46,945) $ (462,956) $ (201,539) Add (Less): Depreciation and amortization 72,152 77,083 75,
Slide 33: Reconciliation of Net Loss to EBITDA and Adjusted EBITDAre
33RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (87,940) $ (223,838) $ (151,178) $ (782) $ (46,945) $ (462,956) $ (201,539) Add (Less): Interest expense 85,932 87,655 96,547 101,642 1
Slide 34: Hotel EBITDA Calculation and Reconciliation
34RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Number of hotels 87 93 93 94 160 87 160 Room revenues $ 232,419 $ 243,574 $ 197,565 $ 224,880 $ 307,089 $ 673,558 $ 897,412
Slide 35: Notes to Condensed Consolidated Statements of Income (Loss)
35RETURN TO TABLE OF CONTENTS Notes to Condensed Consolidated Statements of Income (Loss) and Calculations of NOI, Cash Basis NOI, FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Adjusted Hotel EBITDA (dollars in thousands) (1) SVC increased rental income by $1,009 an
Slide 36: Non-GAAP Financial Measures
36RETURN TO TABLE OF CONTENTS 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, EBITDAre, Adjusted EBITDAre, NOI, Cash Basis NOI, Hotel EBI
Slide 37: Non-GAAP Financial Measures and Certain Definitions (Continued)
37RETURN TO TABLE OF CONTENTS 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 unencu
Slide 38: Non-GAAP Financial Measures and Certain Definitions (Continued)
38RETURN TO TABLE OF CONTENTS 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 Res
Slide 39: Warning Concerning Forward-Looking Statements
39RETURN TO TABLE OF CONTENTS 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”, “expect”, “antic
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