November 25, 2019
Reaches Target of $500 Million of Net Lease Asset Sales Service Properties Trust (Nasdaq: SVC) today announced it has completed the sale of 123 net lease properties with approximately 2.4 million square feet in 26 states with leases requiring an aggregate of $34.1 million of annual minimum rents for $435 million, excluding closing costs. The sale is part of SVC’s previously announced disposition plan to sell up to $500 million of net lease assets in connection with its acquisition of a net lease portfolio of service-oriented retail properties from Spirit MTA REIT (NYSE: SMTA). “The disposition of this net lease portfolio represents a pivotal step in executing on the company’s strategy to sell certain non-core assets acquired as part of the SMTA transaction,” said John Murray, Service Properties Trust’s President and Chief Executive Officer. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net...
November 8, 2019
Third Quarter Net Income of $0.24 Per Common Share Third Quarter Normalized FFO of $0.95 Per Common Share Completed Acquisition of Net Lease Portfolio of Service-Oriented Retail Properties for $2.4 Billion Sold or Entered Agreements to Sell 128 Properties for $500 Million Service Properties Trust (Nasdaq: SVC) (formerly known as Hospitality Properties Trust) today announced its financial results for the quarter and nine months ended September 30, 2019: Three Months Ended
September 30, Nine Months Ended
September 30, 2019 2018 2019 2018 ($ in thousands, except per share and RevPAR data) Net income $ 40,074 $ 117,099 $ 274,643 $ 294,594 Net income per common share $ 0.24 $ 0.71 $ 1.67 $ 1.79 Adjusted EBITDAre(1) $ 209,545 $ 225,676 $ 624,418 $ 655,530 Normalized FFO (1) $ 155,635...
October 30, 2019
Service Properties Trust (Nasdaq: SVC) today announced it has completed the sale of a 138,558 square foot office property located at 1505 South Pavilion Center in Las Vegas, Nevada for $57.0 million, or approximately $411 per square foot. The sale is part of SVC’s previously announced disposition plan to sell up to $500 million of assets in connection with the acquisition of a net lease service retail portfolio from Spirit MTA REIT. “The disposition of 1505 South Pavilion Center is the first step in executing on the company’s strategy to sell certain non-core assets acquired as part of the SMTA transaction,” said John Murray, Service Properties Trust’s President and Chief Executive Officer. “The disposition proceeds, which represent a 6.4% capitalization rate and a record price per square foot for the Las Vegas office market, will be used to reduce the company’s leverage.” Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and...