Service Properties Trust SVC
We are a REIT formed in 1995 under the laws of the State of Maryland. As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet located in 42 states and 94 hotels with an aggregate of 21,243 rooms or suites located in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico. Our principal place of business is Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 964-8389.
We seek to have a geographically diverse portfolio of real estate primarily in the United States. Our principal internal growth strategy is to actively manage our net lease portfolio by engaging in early lease renewal discussions to maintain occupancy and grow rental income while simultaneously monitoring the credit of our tenants and identifying asset recycling opportunities. We apply asset management strategies to aid our hotel operators in improving performance and operating income of our hotel properties. Our asset management teams also work closely with our tenants and managers to ensure our net lease properties and hotels are well maintained and that capital investments are well planned, prudent and executed efficiently in order to maximize the long term value of our properties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.50B | $1.48B | $1.47B | $1.10B | $875.1M | $1.99B | $1.96B | $2.17B | $2.05B |
| Cost of revenue | — | — | — | — | — | — | $1.41B | $1.39B | $1.27B | $1.20B |
| Gross profit | — | — | — | — | — | — | $578.2M | $571.5M | $897.3M | $844.7M |
| SG&A | $40.7M | $40.2M | $45.4M | $44.4M | $53.4M | $50.7M | $54.6M | $104.9M | $125.4M | $99.1M |
| Total operating expenses | $1.70B | $1.77B | $1.68B | $1.70B | $1.71B | $1.32B | $1.94B | $1.90B | $1.79B | $1.66B |
| Operating income | — | — | — | — | — | — | — | — | $380.3M | $386.9M |
| Interest expense | $413.6M | $383.8M | $336.3M | $341.8M | $365.7M | $306.5M | $225.1M | $195.2M | $181.6M | $161.9M |
| Pre-tax income | -$213.0M | $0 | $0 | -$135.4M | -$544.6M | -$284.3M | $262.1M | $186.4M | $211.3M | $227.0M |
| Income tax | $10.7M | $1.4M | $1.5M | $199.0K | $941.0K | $17.2M | $2.8M | $1.2M | $3.3M | $4.0M |
| Net income | -$202.3M | -$275.5M | -$32.8M | -$132.4M | -$544.6M | -$311.4M | $259.8M | $185.7M | $215.1M | $223.1M |
| EPS, basic | -1.22 | -1.67 | -0.20 | -0.80 | -3.31 | -1.89 | 1.58 | — | — | — |
| EPS, diluted | -1.22 | -1.67 | -0.20 | -0.80 | -3.31 | -1.89 | 1.58 | 1.13 | 1.24 | 1.30 |
| Shares, diluted (wtd. avg.) | $166.0M | $165.3M | $165.0M | $164.7M | $164.6M | $164.2M | $164.3M | $164.3M | $164.2M | $156.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $346.8M | $143.5M | $180.1M | $45.4M | $947.4M | $91.5M | $81.3M | $76.0M | $97.5M | $71.4M |
| Other intangibles | $100.0M | $108.0M | $130.6M | $252.4M | $283.2M | $325.8M | $378.5M | $105.7M | $108.3M | $108.5M |
| Total assets | $6.49B | $7.12B | $7.36B | $7.49B | $9.15B | $8.69B | $9.03B | $7.18B | $7.15B | $6.63B |
| Long-term debt | $5.50B | $5.83B | $5.63B | — | — | — | — | — | — | — |
| Total liabilities | $5.85B | $6.27B | $6.13B | $6.10B | $7.60B | $6.58B | $6.53B | $4.58B | $4.39B | $3.50B |
| Retained earnings | $1.99B | $2.19B | $2.47B | $2.50B | $2.64B | $3.18B | $3.49B | $3.23B | $3.31B | $3.10B |
| Total equity | $646.1M | $851.9M | $1.23B | $1.39B | $1.56B | $2.10B | $2.51B | $2.60B | $2.76B | $3.13B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $117.8M | $139.4M | $485.5M | $243.1M | $49.9M | $37.6M | $617.7M | $597.0M | $628.5M | $607.4M |
| Depreciation and amortisation | $315.0M | $371.8M | $384.1M | $401.1M | $486.0M | $498.9M | $428.4M | $403.1M | $386.7M | $357.3M |
| Capital expenditure | $224.8M | $303.6M | $200.9M | $103.6M | $95.0M | $69.1M | $150.5M | $182.9M | $131.1M | $187.7M |
| Investing cash flow | $528.7M | -$222.9M | -$29.6M | $397.3M | -$101.3M | -$51.8M | -$2.13B | -$427.7M | -$795.1M | -$520.0M |
| Financing cash flow | -$431.8M | $43.0M | -$303.6M | -$1.54B | $907.4M | $24.4M | $1.52B | -$190.7M | $192.8M | -$81.0M |
| Dividends paid | $6.7M | $101.2M | $132.4M | $38.0M | $6.6M | $93.8M | $353.6M | $346.8M | $340.1M | $314.1M |
| Buybacks | $660.0K | $751.0K | $802.0K | $470.0K | $790.0K | $346.0K | $800.0K | $606.0K | $533.0K | $613.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000945394-26-000012.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |