纪要涉及的行业和公司 - 行业：酒店、净租赁零售、旅游中心 - 公司：Service Properties Trust（SVC） 核心观点和论据 酒店业务 - **业务现状**：公司拥有超200家酒店，约35000间客房，专注全服务和聚焦服务酒店 今年RevPAR有超2.5%的适度增长，但受装修和劳动力成本上升等因素影响，利润率面临挑战 国际旅游疲软，政府合同收入在Q1后有所减少，但团队业务预计增长超8% [3][6][8][9] - **资产出售**：公司有123家酒店待售，主要是聚焦服务酒店 出售目的是向净租赁零售转型 目前已将买家范围缩小到4家，预计大部分交易在Q3和Q4完成 [10][11][13] - **资金用途**：出售酒店所得资金将用于偿还2026年到期的8亿美元高级票据，剩余资金用于偿还循环信贷或更长期债券 [15][16] - **剩余酒店资产**：交易完成后将剩下83家酒店，主要是全服务酒店 预计RevPAR等指标初期会受到一定影响，但随着投资推进，明年年中及以后将有更多收益 从整体估值看，剩余酒店资产应更具价值 [18][19][20][21] 旅游中心业务 - **资产特点**：旅游中心资产是公司的核心资产，位于州际公路沿线，有自己的生态系统，收入主要来自燃料，利润主要来自其他服务 [22] - **租赁情况**：与BP有租赁关系，所有租赁由BP担保，信用评级为A 租赁将于2033年到期，尽管近期BP有一些负面消息，但公司对租赁情况仍有信心 [23][24][27] 净租赁业务 - **业务现状**：公司在2019年开始涉足净租赁业务，目前拥有超700处物业，主要集中在快餐、杂货店和全服务餐厅等领域 今年已启动新的收购流程，约有4000 - 5000万美元的项目在进行中，预计收购将持续进行 [28][29] - **投资优势**：净租赁业务估值合理，能提供稳定现金流，收益率约为7.5%，年增长率为1.5% - 2%，平均租赁期限为12 - 15年 公司有一个灵活的融资工具——零售主信托，约一半资产位于其中，能获得有吸引力的利率 [29][30] - **投资时机**：现在进行酒店出售和净租赁业务转型的时机合适，一方面酒店市场有大量资金寻找投资机会，公司能获得较好的价格；另一方面，净租赁业务能使公司资产组合更优化，提升财务指标 [34][35] - **投资方向**：目前收购的资产主要是快餐、杂货店和洗车行，未来也会考虑一些美元商店等其他机会 投资将在主信托的融资框架内进行，以确保获得最佳结果 [37][38] 财务状况 - **杠杆率**：过去一年酒店业务下滑使杠杆率接近10倍债务与EBITDA之比 酒店出售完成后，预计杠杆率将下降1倍，中期目标是再下降1倍 [43] - **股息**：目前公司每季度支付1美分股息，未来股息增加的时机尚不确定，需完成酒店出售、去杠杆化，并观察酒店业务EBITDA的趋势 预计2025年不会增加股息，可能在2026年及以后进行讨论 [44][45] - **资本支出**：2024年酒店业务资本支出为3亿美元，今年预计为2.5亿美元 随着一些项目完成，预计2026年年中及以后资本支出将逐渐正常化 [47][48][49] 公司定位 - **业务多元化**：从Q1结果和预计销售情况看，超70%的EBITDA来自净租赁业务，但公司中期仍将是多元化公司，在发展净租赁业务的同时，也会继续提升酒店业务的表现 [50] - **公司故事**：公司既是转型故事，也是去杠杆化故事和增长故事 目前股价低迷，通过完成交易、提升酒店业务表现，有望缩小与净资产价值的差距，实现股权价值的提升 [52][53] 其他重要但可能被忽略的内容 - 酒店业务装修计划从2024年开始，将持续到2025年上半年 [6] - 出售114家聚焦服务酒店的第一轮营销有50个集团提交报价 [12] - 净租赁业务的主信托融资执行于几年前，目前票面利率为5.6%，市场利率稍宽，但公司认为这些交易在融资情景下将具有增值作用 [39][41]

Hotel REITs were the biggest losers of REIT earnings season for Q1, according to Hoya Capital. Of the 15 U.S. hotel REITs, 7 (almost half) lowered FFO guidance. Forward bookings have softened as a result of increased uncertainty, with group bookings particularly soft. Room rateAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my ...

Service Properties Trust (SVC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Kevin Barry - Senior Director - IRChristopher Bilotto - President, CEO & Managing TrusteeJesse Abair - Vice PresidentBrian Donley - CFO & TreasurerJonathan Jenkins - Equity Research Associate DirectorMeredith Jensen - US Consumer Equity ResearchJack Armstrong - Equity Research Associate Conference Call Participants John Massocca - Senior Research Analyst Operator Good morning, and welcome to the Service Proper ...

Service Properties Trust (SVC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Kevin Barry - Senior Director - IRChristopher Bilotto - President, CEO & Managing TrusteeJesse Abair - Vice PresidentBrian Donley - CFO & TreasurerJonathan Jenkins - Equity Research Associate DirectorMeredith Jensen - US Consumer Equity ResearchJack Armstrong - Equity Research Associate Conference Call Participants John Massocca - Senior Research Analyst Operator Good morning, and welcome to the Service Proper ...

Service Properties Trust (SVC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good morning, and welcome to the Service Properties Trust First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. Please note that this event is being recorded. I would now like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please go ahead. Speaker1 Good morning. Thank you for joining us today. With me on the call are Chris Bellotto, Preside ...

Service Properties (SVC) reported $435.18 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 0.3%. EPS of $0.07 for the same period compares to -$0.48 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $428.9 million, representing a surprise of +1.46%. The company delivered an EPS surprise of +40.00%, with the consensus EPS estimate being $0.05.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Service Properties (SVC) came out with quarterly funds from operations (FFO) of $0.07 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to FFO of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 40%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.15 per share when it actually produced FFO of $0.17, delivering a surprise of 13.33%.Over the last four qua ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-11527 SERVICE PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Maryland ...

Exhibit 99.2 Financial Results and Supplemental Information FIRST QUARTER 2025 May 6, 2025 Table of Contents QUARTERLY RESULTS Service Properties Trust Announces First Quarter 2025 Financial Results ........ 4 5 First Quarter 2025 Highlights FINANCIALS Key Financial Data . 7 Condensed Consolidated Statements of Income (Loss) ss 8 Condensed Consolidated Balance Sheets o Debt Summary 10 Debt Maturity Schedule . .11 Leverage Ratios, Coverage Ratios and Debt Covenants 12 Capital Expenditures Summary ...... 13 P ...

Today’s theme is value. In the world of investing, we all seek value creation through a variety of mechanisms. In that sense, we are all Seeking Alpha. However, adding value often comes with taking on risk factors. These risks come in different shapes andAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not ...