SVC Q4 net loss $(0.19)/share; Normalized FFO $0.44 (+162% YoY); $610M ABS financing; BP/TA lease amendment

Service Properties Trust

2022-FY EPS reported -$0.80 revenue$1,863,011,000

Net loss per share $(0.19) vs $(1.21) prior year; Normalized FFO per share $0.44 vs $0.17 (+162%).
Comparable hotel RevPAR +21.4% YoY; hotel EBITDA +98.3% to $55.0M; occupancy +3.3 pts to 58.7%.
Completed $610.2M ABS facility (5.60% weighted avg coupon, 5-year) to redeem $500M 4.50% Senior Notes due 2023.
Agreed to amend TA leases with BP: annual min rent $254M, 2% annual increases, $188M prepaid rent; SVC expects $379.3M total cash from TA shares, tradenames, prepaid rent.
Sold 8 hotels in Jan-Feb 2023; under agreement to sell 9 remaining Marriott hotels for $88.5M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Service Properties Trust reported financial results for quarter and year ended December 31, 2022.

Period: quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 28, 2023, Service Properties Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and year ended December 31, 2022

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Service Properties Trust filing history →

Source: SEC EDGAR

accession 0000945394-23-000013

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