10-K · February 25, 2026
Service Properties Trust (SVC) is repositioning its portfolio toward net-lease retail while materially reducing hotel exposure: as of December 31, 2025 it owned 760 net-lease properties (13,601,902 sq ft) and 94 hotels…
Earnings analysis · 10-Q
SVC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Service Properties Trust reported a significant decline in revenue and increased losses for Q1 2026, with total revenues at $364.5 million, down 16.3% from $435.2 million in Q1 2025. This resulted in a net loss of…
Read full summary
Service Properties Trust reported a significant decline in revenue and increased losses for Q1 2026, with total revenues at $364.5 million, down 16.3% from $435.2 million in Q1 2025. This resulted in a net loss of $151.2 million, compared to a loss of $116.4 million in the prior year, marking a 29.8% increase in losses. Management signaled ongoing challenges due to economic conditions, impacting performance expectations.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.91
What stood out
-
Sharp Revenue Decline
Q1 2026 revenue was $364.5M, down 16.3% from $435.2M in Q1 2025.
-
Increased Net Loss
Net loss rose to $151.2M from $116.4M year-over-year, a 29.8% increase.
-
Improved Hotel Occupancy
Occupancy for retained hotels increased to 63.0% in Q1 2026 from 58.5% in Q1 2025.
-
Cost Reduction in Hotel Operatings
Hotel operating expenses decreased by $63.2M, a reduction of 20.7% year-over-year.
-
Significant Hotel Sales
Sold one hotel for $7.1M in Q1 2026, part of an ongoing divestment strategy.
-
Strengthened Capital Structure
Raised $542.3M through a share offering, used to redeem $450M of unsecured notes.
What to watch
-
Continued Operational Losses
Net loss increased by 29.8%, signaling persistent operational challenges.
-
High Debt Levels
Total debt obligations stood at $4.65 billion, pressuring liquidity.
-
Market Sensitivity
Economic downturns could further impact hotel performance and occupancy rates.
Management's outlook
No forward guidance provided.
Earlier filings 4
10-Q · November 5, 2025
SVC reported total revenues of $478,770,000 for Q3 2025, down from $491,171,000 in Q3 2024, and a GAAP net loss per share of $(0.28) (three months ended September 30, 2025 and 2024). Liquidity improved materially with…
10-K · February 26, 2025
Service Properties Trust (SVC) emphasizes active asset management of a geographically diversified portfolio of real estate — 206 hotels (35,871 rooms) and 742 net-lease properties (13,292,519 sq ft) — and disclosed an…
10-Q · May 7, 2024
Service Properties Trust reported total revenues of $436,250,000 for the three months ended March 31, 2024, up $7,041,000 from $429,209,000 in Q1 2023, while operating income improved to $20,377,000 (operating margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.