secwatch.observer — SEC 8-K summary
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Issuer:     Service Properties Trust (SVC)
CIK:        0000945394
Form:       8-K
Filed at:   2023-02-28T23:59:59+00:00
Accession:  0000945394-23-000013
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/945394/000094539423000013/0000945394-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/945394/000094539423000013/svc-20230228.htm
  HTML page:      https://secwatch.observer/filing/0000945394-23-000013

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