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Service Properties Trust
Service Properties Trust (SVC) investor relations material
Service Properties Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Completed sale of 66 hotels in Q4 2025 for $534 million, bringing full-year dispositions to 112 hotels and $860 million, with proceeds used to redeem $800 million of 2026 debt and $300 million of 2027 notes, reducing leverage and strengthening the balance sheet.
Priced $745 million of new five-year mortgage financing secured by a net lease master trust, with 158 retail properties appraised at $1.1 billion.
Net lease portfolio maintained high occupancy and stable rent coverage, with 760 properties and 97% leased.
Hotel portfolio outperformed industry RevPAR trends for the fifth consecutive quarter, with renovated assets driving gains.
Focus remains on further hotel dispositions and deleveraging in 2026.
Financial highlights
Q4 2025 normalized FFO was $27.5 million or $0.17 per share, with adjusted EBITDAre at $125.6 million.
Hotel RevPAR was $99.24, with adjusted hotel EBITDA of $27.9 million.
Comparable hotel RevPAR increased 70 basis points; gross operating profit margin declined 370 basis points to 20.5%.
Q4 net loss was $0.8 million ($0.00/share); Q4 CapEx was $106.4 million.
Q4 gain on sale of real estate was $58.4 million; full-year gain was $84.2 million.
Outlook and guidance
2026 guidance: RevPAR for 94 hotels expected at $108–$113; hotel EBITDA projected at $124–$144 million.
Net lease NOI expected at $380–$386 million; adjusted EBITDA projected at $500–$520 million; normalized FFO per share at $0.65–$0.77.
CapEx for 2026 expected at $120–$140 million, a step down from prior years.
Free cash flow after CapEx projected for 2026, marking a milestone after three years of elevated investment.
Assumes no hotel acquisitions, limited dispositions, and $25 million net lease acquisitions/dispositions.
What are the key drivers for 2026 guidance?
Future strategy for hotel vs retail portfolio
How does RMR Group influence SVC strategy?
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Next Service Properties Trust earnings date
Q1 20266 May, 2026
Service Properties Trust
Next Service Properties Trust earnings date
Q1 20266 May, 2026
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Frequently asked questions
Service Properties Trust is a real estate investment trust (REIT) that owns hotels and service-focused retail properties. The company leases its properties to hotel operators under management agreements and to retail tenants across the United States, Canada, and Puerto Rico. Its portfolio includes diverse hospitality and retail assets targeting stable cash flows and long-term lease agreements. Service Properties Trust is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.
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