Service Properties Trust Announces Amendment to Credit Agreement

Extends Maturity Date to July 2023

Restrictions on Payments of Common Dividends Removed

NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC) today announced it has amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to July 2023. The key terms of the amendment include:

• SVC will maintain minimum liquidity of $600 million until it repays or refinances its $500 million of 4.50% senior notes due in June 2023 and maintain at least $150 million of liquidity thereafter; and
• Restrictions on paying common dividends and issuing secured debt previously agreed to during the existing waiver period were removed, subject to certain conditions.

Brian Donley, Chief Financial Officer and Treasurer of SVC, made the following statement:

“These most recent amendments to our credit facility further enhance our financial flexibility and reflect the significant progress made in the operating performance of our hotel portfolio.”

Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets, LLC and RBC Capital Markets acted as Joint Lead Arrangers and Joint Lead Bookrunners for the amendment to SVC’s revolving credit facility agreement. Wells Fargo Bank, National Association is the Administrative Agent for the facility. Bank of America, N.A., PNC Bank, National Association and Royal Bank of Canada are the Syndication Agents.

About Service Properties Trust

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of June 30, 2022, SVC owned 247 hotels with over 41,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of June 30, 2022, SVC also owned 775 retail service-focused net lease properties totaling over 13 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with more than $37 billion in assets under management as of June 30, 2022 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit www.svcreit.com.

Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever SVC uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, SVC is making forward-looking statements. These forward-looking statements are based upon SVC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SVC’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SVC’s control. For example:

• Mr. Donley states that the amendments to SVC’s credit agreement further enhance its financial flexibility and reflects significant progress made in the operating performance of its hotel portfolio. These statements may imply that SVC’s operating results and financial position will improve as a result of the amendments to SVC’s credit agreement. However, SVC's business is subject to various risks, including risks outside its control. As a result, SVC may not realize the benefits it expects from the amendments to its credit agreement.

The information contained in SVC’s filings with the SEC, including under the caption “Risk Factors” in SVC’s periodic reports, or incorporated therein, identifies other important factors that could cause differences from SVC’s forward-looking statements. SVC’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, SVC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.