May 16, 2023
SVC Received $379.3 Million in Cash Minimum Annual Cash Rents for 176 Travel Centers Set at $254 Million with 2% Annual Increases Amended Leases Guaranteed by BP Corporation North America Inc. (A3 / A- Ratings) Service Properties Trust (Nasdaq: SVC) announced today that BP p.l.c. (NYSE: BP) completed its acquisition of TravelCenters of America Inc. on May 15, 2023, and the previously announced amended lease terms between SVC and BP are now in effect. SVC received $379.3 million in cash as part of the transaction, including $188.0 million in prepaid rent from BP, $101.9 million in merger consideration for the 7.8% of the outstanding TA shares owned by SVC, and $89.4 million for certain tradenames and trademarks associated with TA’s business previously owned by SVC. Annual minimum cash rents under the amended leases are $254.0 million, with annual 2% increases throughout the initial 10-year term and the five 10-year extension options. BP will receive monthly rent credits totaling $25.0...
May 8, 2023
Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2023 which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx . A conference call will be held on Tuesday, May 9, 2023 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720. Participants calling from outside the United States and Canada should dial (412) 317-5434. No pass code is necessary to access the call from either number. A replay of the conference call will be available for one week by dialing (412) 317-0088; the replay pass code is 2049718. A live audio webcast of the conference call will also be available in a listen-only mode on SVC’s website, www.svcreit.com . The archived webcast will be available for replay on SVC’s website after the call. The transcription, recording and retransmission in any way of SVC’s first quarter conference call is strictly...