# EDGAR Filing Document

**Accession Number:** 0000945394
**File Stem:** 0000945394-25-000053
**Filing Date:** 2025-8
**Character Count:** 88656
**Document Hash:** 9c78ffb5b6a3404e143f781eb33aae70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945394-25-000053.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000945394-25-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Service Properties Trust
- **CENTRAL INDEX KEY:** 0000945394
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 043262075
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11527
- **FILM NUMBER:** 251185825

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** (617) 964-8389

**MAIL ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOSPITALITY PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19950517

?xml version='1.0' encoding='ASCII'? svc-20250805

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT**

**TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 5, 2025** 

**SERVICE PROPERTIES TRUST**

(Exact Name of Registrant as Specified in Its Charter)

**Maryland**

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| **1-11527** | **04-3262075** |
| (Commission File Number) | (IRS Employer Identification No.) |

---

**Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634**

(Address of Principal Executive Offices) (Zip Code)

**617-964-8389**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of each Exchange on which Registered** |
| Common Shares of Beneficial Interest | SVC | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company **☐** 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

    

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**Item 2.02. Results of Operations and Financial Condition.**

On August 5, 2025, Service Properties Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company's financial results for the quarter and six months ended June 30, 2025. Copies of the Company's summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

**Item 9.01. Financial Statements and Exhibits.**

*(d)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exhibits*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](svc_063025xexhibitx991.htm)</u> <u>[Summary Press Release dated August 5, 2025](svc_063025xexhibitx991.htm)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](svc_063025xexhibitx992.htm)</u> <u>[Earnings Presentation dated August 5, 2025](svc_063025xexhibitx992.htm)</u>

104 Cover Page Interactive Data File (Embedded within the Inline XBRL document.)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | SERVICE PROPERTIES TRUST | SERVICE PROPERTIES TRUST |
| | | By: | /s/ Brian E. Donley |
| | | Name: | Brian E. Donley |
| | | Title: | Chief Financial Officer and Treasurer |
| Dated: | August 5, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![svcletterheadheaderq22020aa.jpg](svcletterheadheaderq22020aa.jpg)

**FOR IMMEDIATE RELEASE**

**Service Properties Trust Announces Second Quarter 2025 Results** 

    

**Newton, MA (August 5, 2025)**. Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended June 30, 2025, which can be found at the Quarterly Results section of SVC's website at https://www.svcreit.com/investors/financial-information/default.aspx.

A conference call to discuss SVC's second quarter results will be held on Wednesday, August 6, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720 or (412) 317-5434 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (877) 344-7529; the replay pass code is 2154233. A live audio webcast of the conference call will also be available in a listen only mode on SVC's website, at www.svcreit.com. The archived webcast will be available for replay on SVC's website after the call. **The transcription, recording and retransmission in any way of SVC's second quarter conference call are strictly prohibited without the prior written consent of SVC.**

***About Service Properties Trust:***

SVC is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of June 30, 2025, SVC owned 200 hotels with over 35,000 guest rooms throughout the United States and in Puerto Rico and Canada. As of June 30, 2025, SVC also owned 742 service-focused retail net lease properties with over 13.1 million square feet throughout the United States. SVC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $40 billion in assets under management as of June 30, 2025, 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.

---

| |
|:---|
| Contact: |
| Kevin Barry, Senior Director, Investor Relations |
| (617) 796-8232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(end)

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.

## Exhibit 99.2

![](svc_063025xexhibitx992001.jpg)

Financial Results and Supplemental Information SECOND QUARTER 2025 August 5, 2025 Exhibit 99.2 24225 W. Lorenzo Road Wilmington, IL

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![](svc_063025xexhibitx992002.jpg)

2 **Table of Contents** QUARTERLY RESULTS Service Properties Trust Announces Second Quarter 2025 Financial Results ..................................................................................................................... 4 Second Quarter 2025 Highlights .................................................................................................................................................................................................. 5 FINANCIALS Key Financial Data ............................................................................................................................................................................................................................ 8 Condensed Consolidated Statements of Income (Loss) .......................................................................................................................................................... 9 Condensed Consolidated Balance Sheets .................................................................................................................................................................................. 10 Debt Summary .................................................................................................................................................................................................................................. 11 Debt Maturity Schedule .................................................................................................................................................................................................................. 12 Leverage Ratios, Coverage Ratios and Debt Covenants .......................................................................................................................................................... 13 Capital Expenditures Summary ..................................................................................................................................................................................................... 14 Property Acquisitions and Dispositions ....................................................................................................................................................................................... 15 PORTFOLIO INFORMATION Portfolio Summary ............................................................................................................................................................................................................................ 17 Consolidated Portfolio Diversification by Industry .................................................................................................................................................................... 18 Consolidated Portfolio by Geographical Diversification .......................................................................................................................................................... 19 Hotel Portfolio by Brand .................................................................................................................................................................................................................. 20 Hotel Operating Statistics by Service Level - All Hotels - Three Months Ended June 30, 2025 ........................................................................................ 21 Hotel Operating Statistics by Service Level - All Hotels - Six Months Ended June 30, 2025 ............................................................................................. 22 Net Lease Portfolio by Brand ......................................................................................................................................................................................................... 23 Net Lease Portfolio by Industry ...................................................................................................................................................................................................... 24 Net Lease Portfolio by Tenant (Top 10) ....................................................................................................................................................................................... 25 Net Lease Portfolio - Expiration Schedule ................................................................................................................................................................................... 26 Net Lease Portfolio - Occupancy Summary ................................................................................................................................................................................. 27 APPENDIX Company Profile and Research Coverage .................................................................................................................................................................................. 29 Governance Information ................................................................................................................................................................................................................. 30 Calculation of FFO, Normalized FFO and CAD .......................................................................................................................................................................... 31 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre ..................................................................................................................................................... 32 Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels ................................................................................................ 33 Notes to Condensed Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Adjusted Hotel EBITDA ........................................................................................................................................ 34 Non-GAAP Financial Measures and Certain Definitions ........................................................................................................................................................... 35 WARNING CONCERNING FORWARD-LOOKING STATEMENTS .................................................................................................................................................................... 38 SVC Nasdaq Listed Trading Symbols: Common Shares: SVC Investor Relations Contact: Kevin Barry, Senior Director (617) 796-8232 kbarry@svcreit.com ir@svcreit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 www.svcreit.com All amounts in this presentation are unaudited. Additional information and reconciliations of Non-GAAP Financial Measures to amounts determined in accordance with U.S. GAAP appear in the Appendix to this presentation. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this presentation.

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![](svc_063025xexhibitx992003.jpg)

3RETURN TO **TABLE OF CONTENTS** Quarterly Results

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![](svc_063025xexhibitx992004.jpg)

4RETURN TO **TABLE OF CONTENTS** Newton, MA (August 5, 2025): Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended June 30, 2025. Distribution: SVC declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 21, 2025. This distribution will be paid on or about August 14, 2025. Conference Call: A conference call to discuss SVC's second quarter results will be held on Wednesday, August 6, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720 or (412) 317-5434 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (877) 344-7529; the replay pass code is 2154233. A live audio webcast of the conference call will also be available in a listen only mode on SVC's website, at www.svcreit.com. The archived webcast will be available for replay on SVC's website after the call. The transcription, recording and retransmission in any way of SVC's second quarter conference call are strictly prohibited without the prior written consent of SVC. About Service Properties Trust: 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, 2025, SVC owned 200 hotels with over 35,000 guest rooms throughout the United States and in Puerto Rico and Canada. As of June 30, 2025, SVC also owned 742 service-focused retail net lease properties with over 13.1 million square feet throughout the United States. SVC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $40 billion in assets under management as of June 30, 2025, 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. Service Properties Trust Announces Second Quarter 2025 Financial Results "During the second quarter, we delivered financial results in line with consensus expectations and continued to advance our strategic priorities, including the transformation of the company into a majority net lease REIT. We have made meaningful progress on the sale of our 114 previously announced Sonesta hotels, with $900 million under binding agreements and scheduled for closing now that due diligence is complete. In 2025, we are on track to complete the sales of 122 hotels totaling 15,931 keys for $966 million with proceeds used to reduce leverage through the repayment of debt. The hotel sales reflect an incremental step in the ongoing portfolio transition, with a primary focus on optimizing SVC's portfolio to drive performance along with balance sheet stability with reducing leverage from sale proceeds and lower future capital spend." Christopher Bilotto President and Chief Executive Officer

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![](svc_063025xexhibitx992005.jpg)

5RETURN TO **TABLE OF CONTENTS** Second Quarter 2025 Highlights Financial Results • Net loss of $38.2 million, or $0.23 per common share. • Normalized FFO of $57.6 million, or $0.35 per common share. • Adjusted EBITDAre of $163.8 million. Portfolio Update • Hotel RevPAR of $101.27. • Adjusted Hotel EBITDA of $73.1 million. • Net Lease occupancy of 97.3% as of June 30, 2025. • Net Lease rent coverage of 2.04x. Update on Hotel Sales • Entered into purchase and sale agreements for 114 hotels with a total of 14,925 keys for a combined sales price of $920 million.(1) ◦ Closings expected to occur late Q3 and Q4 2025. ◦ Proceeds expected to be used to repay debt, including amounts maturing in 2026 and amounts outstanding under the revolving credit facility. • SVC is no longer marketing for sale one full service hotel in Atlanta, GA. • During the second quarter, sold two hotels with a total of 258 keys for a combined sales price of $12.9 million. • Sold two hotels in July 2025 with a total of 234 keys for a combined sales price of $13.1 million. • Hotel sales proceeds expected to total $966 million in 2025. Note: All sales prices referenced above exclude closing costs. (1) Buyers waived all due diligence and provided non-refundable deposits without a financing contingency for 111 hotels ($900 million).

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![](svc_063025xexhibitx992006.jpg)

6RETURN TO **TABLE OF CONTENTS** Second Quarter 2025 Highlights (Continued) Other Investment Activity • Invested $39.2 million in CapEx during the second quarter. • During the second quarter, sold four net lease properties with a total of 140,512 square feet for a combined sales price of $13.7 million. • Sold one net lease property in July 2025 with 33,106 square feet for a sales price of $0.9 million. • During the second quarter, acquired seven net lease properties with a total of 83,436 square feet for a combined purchase price of $29.9 million, a weighted average lease term of 16.1 years and rent coverage of 2.60x. • Acquired seven net lease properties since July 1st with a total of 54,141 square feet for a combined purchase price of $14.5 million and entered into agreements to acquire six net lease properties with a total of 13,250 square feet for a combined purchase price of $10.3 million. Note: All sales and purchase prices referenced above exclude closing costs. Financing/ Liquidity • On July 1, 2025, SVC borrowed $550 million under its revolving credit facility as a precautionary measure to preserve financial flexibility. As of August 5, 2025, SVC was fully drawn under its revolving credit facility and held approximately $670 million cash on hand. • On August 5, 2025, SVC announced the early redemption of its $350 million 5.25% senior unsecured notes due 2026 at par, plus accrued and unpaid interest to, but excluding the date of redemption. SVC expects to fund this redemption on or about September 4, 2025, using cash on hand.

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![](svc_063025xexhibitx992007.jpg)

7RETURN TO **TABLE OF CONTENTS** Financials

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![](svc_063025xexhibitx992008.jpg)

8RETURN TO **TABLE OF CONTENTS** As of and for the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Selected Income Statement Data: Total revenues $503,436 $435,179 $456,559 $491,171 $512,948 Net loss $(38,159) $(116,435) $(76,392) $(46,901) $(73,850) FFO $55,863 $10,186 $18,946 $52,736 $57,764 Normalized FFO $57,603 $10,836 $28,617 $52,869 $73,810 CAD $16,795 $(34,606) $(55,839) $(37,510) $3,444 Rolling four quarter CAD $(111,160) $(124,511) $(140,615) $(148,057) $(95,378) Adjusted EBITDAre $163,776 $115,821 $130,649 $154,992 $171,524 Per Common Share Data (basic and diluted): Net loss $(0.23) $(0.70) $(0.46) $(0.28) $(0.45) FFO $0.34 $0.06 $0.11 $0.32 $0.35 Normalized FFO $0.35 $0.07 $0.17 $0.32 $0.45 CAD $0.10 $(0.21) $(0.34) $(0.23) $0.02 Rolling four quarter CAD $(0.67) $(0.75) $(0.85) $(0.90) $(0.58) Dividend Data: Annualized dividends paid per share during the period $0.04 $0.04 $0.04 $0.80 $0.80 Annualized dividend yield (at end of period) 1.7 % 1.5 % 1.6 % 17.5 % 15.6 % Annualized Normalized FFO payout ratio 2.9 % 14.3 % 5.9 % 62.5 % 44.4 % Rolling four quarter CAD payout ratio (1) (5.9) % (5.3) % (4.7) % (88.9) % (137.9) % Selected Balance Sheet Data: Total gross assets $10,198,221 $10,244,066 $10,358,194 $10,278,496 $10,286,546 Total assets $6,932,512 $6,976,079 $7,119,558 $7,086,792 $7,121,661 Total liabilities $6,236,568 $6,241,506 $6,267,685 $6,157,773 $6,112,855 Total shareholders' equity $695,944 $734,573 $851,873 $929,019 $1,008,806 (dollars in thousands, except per share data) Key Financial Data Sonesta ES Suites Fort Lauderdale, FL As of 6/30/2025 Capitalization: Total common shares (at end of period) 166,860,830 Closing price (at end of period) $2.39 Equity market capitalization (at end of period) $398,797 Debt (principal balance) 5,825,632 Total market capitalization $6,224,429 Liquidity: Cash and cash equivalents $63,176 Available borrowings under secured revolving credit facility (2) (3) 550,000 Available borrowings under secured variable funding note(4) — Total liquidity $613,176 (1) Reflects the annualized dividends paid per common share during the period as a percentage of rolling four quarter CAD per common share. (2) Availability under SVC's revolving credit facility is subject to meeting ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. (3) On July 1, 2025, SVC borrowed $550,000 under its revolving credit facility as a precautionary measure to preserve financial flexibility. As of August 5, 2025, SVC was fully drawn under its revolving credit facility. (4) As of June 30, 2025, SVC was fully drawn on its $45,000 variable funding note, or the VFN.

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![](svc_063025xexhibitx992009.jpg)

9RETURN TO **TABLE OF CONTENTS** Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Hotel operating revenues (1) $404,405 $412,486 $739,368 $748,722 Rental income (2) 99,031 100,462 199,247 200,476 Total revenues 503,436 512,948 938,615 949,198 Expenses: Hotel operating expenses (1)(3) 328,913 328,247 634,753 633,333 Net lease operating expenses 5,439 4,958 11,067 9,681 Depreciation and amortization 75,030 95,674 164,130 188,781 General and administrative 10,218 10,681 19,774 21,187 Transaction related costs (4) 1,345 — 1,456 — Loss on asset impairment (5) 17,654 34,887 54,721 37,338 Total expenses 438,599 474,447 885,901 890,320 (Loss) gain on sale of real estate, net (6) (156) (32) 590 (2,995) Interest income 822 819 2,071 2,781 Interest expense (including amortization of debt issuance costs, discounts and premiums of $9,900, $7,466, $18,580 and $14,692, respectively) (102,679) (93,850) (204,196) (185,264) Loss on early extinguishment of debt, net (7) — (16,048) — (16,048) Loss before income tax expense and equity in losses of an investee (37,176) (70,610) (148,821) (142,648) Income tax expense (457) (524) (1,300) (1,531) Equity in losses of an investee (526) (2,716) (4,473) (8,054) Net loss $(38,159) $(73,850) $(154,594) $(152,233) Weighted average common shares outstanding (basic and diluted) 165,743 165,198 165,679 165,178 Net loss per common share (basic and diluted) $(0.23) $(0.45) $(0.93) $(0.92) (amounts in thousands, except per share data) Condensed Consolidated Statements of Income (Loss) See accompanying notes on page 34. The Stephen F Austin Royal Sonesta Hotel Austin, TX

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![](svc_063025xexhibitx992010.jpg)

10RETURN TO **TABLE OF CONTENTS** Condensed Consolidated Balance Sheets June 30, December 31, 2025 2024 ASSETS Real estate properties: Land $1,735,709 $1,930,459 Buildings, improvements and equipment 6,115,921 7,682,885 Total real estate properties, gross 7,851,630 9,613,344 Accumulated depreciation (2,400,670) (3,238,636) Total real estate properties, net 5,450,960 6,374,708 Acquired real estate leases and other intangibles, net 100,481 107,956 Assets of properties held for sale 849,100 43,101 Cash and cash equivalents 63,176 143,482 Restricted cash 22,855 13,904 Equity method investment 111,653 115,818 Due from related persons 29,219 3,911 Other assets, net 305,068 316,678 Total assets $6,932,512 $7,119,558 LIABILITIES AND SHAREHOLDERS' EQUITY Unsecured debt, net $4,026,768 $4,020,347 Secured debt, net 1,692,494 1,690,356 Accounts payable and other liabilities 496,822 532,522 Due to related persons 13,941 24,118 Liabilities of properties held for sale 6,543 342 Total liabilities 6,236,568 6,267,685 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,860,830 and 166,636,537 shares issued and outstanding, respectively 1,669 1,666 Additional paid in capital 4,562,021 4,560,334 Cumulative other comprehensive income 2,173 1,865 Cumulative net income 2,040,380 2,194,974 Cumulative common distributions (5,910,299) (5,906,966) Total shareholders' equity 695,944 851,873 Total liabilities and shareholders' equity $6,932,512 $7,119,558 (dollars in thousands, except per share data) Royal Sonesta Chicago Riverfront Chicago, IL

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![](svc_063025xexhibitx992011.jpg)

11RETURN TO **TABLE OF CONTENTS** (1) SVC is required to pay interest at a rate of SOFR plus a premium, which was 250 basis points per annum as of June 30, 2025. SVC also pays an unused commitment fee of 20 to 30 basis points per annum based on amounts outstanding under its revolving credit facility. Subject to the payment of an extension fee and meeting certain other conditions, SVC may extend the maturity date of its revolving credit facility by two additional six month periods. (2) SVC has provided equity pledges on certain of its property owning subsidiaries and provided first mortgage liens on 55 properties owned by the pledged subsidiaries to secure its obligations under the credit agreement governing its revolving credit facility. (3) On July 1, 2025, SVC borrowed $550,000 under its revolving credit facility as a precautionary measure to preserve financial flexibility. As of August 5, 2025, SVC was fully drawn under its revolving credit facility. (4) The VFN is secured by the 314 net lease properties that secure SVC's net lease mortgage notes (see Note 5). SVC is required to pay interest on drawings under the VFN at a rate of SOFR plus a premium of 175 basis points per annum and an unused commitment fee of 50 basis points per annum on undrawn amounts. Subject to the payment of an extension fee and meeting certain other conditions, SVC may extend the maturity date of the VFN by one year. (5) These notes are secured by 314 net lease properties and are prepayable without penalty 24 months prior to the expected maturity date. (6) These notes are secured by first-priority liens on the equity interests of subsidiaries owning 70 travel centers leased to TravelCenters of America Inc., or TA, pursuant to two master leases. (7) These notes are guaranteed by certain of SVC's subsidiaries. (8) On August 5, 2025, SVC announced the early redemption of its $350,000 5.25% senior unsecured notes due 2026 at par, plus accrued and unpaid interest to, but excluding the date of redemption. SVC expects to fund this redemption on or about September 4, 2025, using cash on hand. (9) The carrying value of SVC's total debt of $5,719,262 as of June 30, 2025 is net of unamortized discounts and premiums and certain issuance costs totaling $106,370. Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $650,000 revolving credit facility (1)(2)(3) 6.890 % $100,000 6/29/27 $100,000 2.0 $45,000 variable funding note (4) 6.041 % 45,000 1/27/27 45,000 1.6 Subtotal / weighted average 6.627 % 145,000 145,000 1.9 Secured Fixed Rate Debt: Net lease mortgage notes (5) 5.600 % 605,632 2/20/28 600,576 2.6 Senior secured notes due 2031 (6)(7) 8.625 % 1,000,000 11/15/31 1,000,000 6.4 Subtotal / weighted average 7.484 % 1,605,632 1,600,576 5.0 Unsecured Fixed Rate Debt: Senior unsecured notes due 2026 (8) 5.250 % 350,000 2/15/26 350,000 0.6 Senior unsecured notes due 2026 4.750 % 450,000 10/1/26 450,000 1.3 Senior unsecured notes due 2027 4.950 % 400,000 2/15/27 400,000 1.6 Senior unsecured notes due 2027 (7) 5.500 % 450,000 12/15/27 450,000 2.5 Senior unsecured notes due 2028 3.950 % 400,000 1/15/28 400,000 2.6 Senior unsecured notes due 2029 (7) 8.375 % 700,000 6/15/29 700,000 4.0 Senior unsecured notes due 2029 4.950 % 425,000 10/1/29 425,000 4.3 Senior unsecured notes due 2030 4.375 % 400,000 2/15/30 400,000 4.6 Senior unsecured notes due 2032 (7) 8.875 % 500,000 6/15/32 500,000 7.0 Subtotal / weighted average 5.930 % 4,075,000 4,075,000 3.3 Total / weighted average (9) 6.375 % $5,825,632 $5,820,576 3.7 Debt Summary As of June 30, 2025 (dollars in thousands)

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![](svc_063025xexhibitx992012.jpg)

12RETURN TO **TABLE OF CONTENTS** $800,000 $850,000 $400,000 $1,125,000 $400,000 $500,000 $145,000 $979 $1,958 $1,958 $600,737 $1,000,000 Unsecured Fixed Rate Debt Secured Floating Rate Debt Secured Fixed Rate Debt 2025 2026 2027 2028 2029 2030 2031 2032 $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 Debt Maturity Schedule As of June 30, 2025 (2) (3) (1) On August 5, 2025, SVC announced the early redemption of its $350,000 5.25% senior unsecured notes due 2026 at par, plus accrued and unpaid interest to, but excluding the date of redemption. SVC expects to fund this redemption on or about September 4, 2025, using cash on hand. (2) As of June 30, 2025, SVC had $100,000 outstanding under its $650,000 revolving credit facility and $45,000 outstanding under the VFN. (3) On July 1, 2025, SVC borrowed $550,000 under its revolving credit facility as a precautionary measure to preserve financial flexibility. As of August 5, 2025, SVC was fully drawn under its revolving credit facility. (4) SVC's net lease mortgage notes due 2028 are partially amortizing and require balloon payments at maturity. These notes are prepayable without penalty 24 months prior to the expected maturity date. (4) (dollars in thousands) Secured vs. Unsecured Debt Secured 30.1% Unsecured 69.9% (1)

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![](svc_063025xexhibitx992013.jpg)

13RETURN TO **TABLE OF CONTENTS** As of and for the Trailing Twelve Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Leverage Ratios: Net debt / total gross assets (1) 56.5 % 55.6 % 54.9 % 54.8 % 55.1 % Net debt / gross book value of real estate assets(1) and cash and cash equivalents 60.0 % 58.9 % 58.3 % 58.5 % 59.1 % Secured debt / total assets 25.0 % 24.3 % 24.6 % 22.6 % 22.4 % Variable rate debt / net debt 2.5 % 1.7 % 2.6 % — % — % Coverage Ratios: Rolling four-quarter Adjusted EBITDAre / rolling four-quarter interest expense 1.4x 1.5x 1.5x 1.6x 1.7x Net debt / rolling four-quarter Adjusted EBITDAre 10.2x 9.9x 9.9x 9.7x 9.4x As of and for the Trailing Twelve Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Senior Note Debt Covenants: Maintenance Covenant: Total unencumbered assets / unsecured debt - required minimum 150% 190.0 % 171.7 % 175.3 % 173.4 % 173.6 % Incurrence Covenants: (2) Total debt / adjusted total assets - allowable maximum 60.0% 55.9 % 55.2 % 54.9 % 53.7 % 53.5 % Secured debt / adjusted total assets - allowable maximum 40.0% 16.8 % 16.3 % 16.5 % 15.2 % 15.1 % Consolidated income available for debt service / debt service - required minimum 1.50x 1.49x 1.50x 1.52x 1.55x 1.60x Total unencumbered assets in guarantor subsidiaries / senior guaranteed unsecured debt - required minimum 2.2x 4.51x 4.06x 4.14x 4.09x 4.10x Leverage Ratios, Coverage Ratios and Debt Covenants Royal Sonesta New Orleans New Orleans, LA (1) Total gross assets and gross book value of real estate assets includes assets of properties held for sale. (2) As of June 30, 2025, SVC was below the covenant levels under its debt agreements necessary to incur additional debt, and, as a result, SVC will not be able to incur additional debt while below these levels.

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![](svc_063025xexhibitx992014.jpg)

14RETURN TO **TABLE OF CONTENTS** For the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Hotel capital improvements $37,851 $42,498 $81,514 $80,075 $65,205 Lease related costs 275 274 1,464 1,611 1,001 Recurring capital expenditures 38,126 42,772 82,978 81,686 66,206 Redevelopment and other activities 1,109 3,047 2,741 417 269 Total capital improvements & FF&E Reserve fundings $39,235 $45,819 $85,719 $82,103 $66,475 (dollars in thousands) Capital Expenditures Summary Nautilus Sonesta South Beach Miami, FL

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![](svc_063025xexhibitx992015.jpg)

15RETURN TO **TABLE OF CONTENTS** ACQUISITIONS: Quarter Acquired Number of Properties Property Type Number of Brands Square Footage Purchase Price (1) Purchase Price per Square Foot Average Cash Cap Rate (2) Average GAAP Cap Rate (2) Weighted Average Lease Term (2)(3) Average Rent Coverage (2) Q2 2025 7 Net Lease 3 83,436 $29,923 $359 7.3 % 8.4 % 16.1 years 2.60x Q3 2025 7 Net Lease 4 54,141 14,524 268 7.7 % 8.3 % 13.1 years 2.34x 14 7 137,577 $44,447 $323 7.4 % 8.4 % 15.0 years 2.50x Property Acquisitions and Dispositions Since January 1, 2025 (dollars in thousands, except per room or suite data) (1) Represents cash purchase or sales price, as applicable, and excludes closing related costs. (2) Metrics exclude the acquisition of a mixed use property adjacent to one of SVC's full service hotels. (3) The average lease term is weighted based on annual GAAP rent. (4) Sold subject to tenant purchase option. DISPOSITIONS: Quarter Disposed Number of Properties Property Type Brand Location Rooms or Suites / Square Footage Sales Price (1) Average Sales Price per Room or Suite / Square Foot Q1 2025 3 Hotel Sonesta Select® MI, MN, MO 420 $15,100 $35,952 3 Net Lease Vacant GA, IA, OH 103,043 3,100 30 1 Hotel Sonesta Simply Suites® MI 94 4,500 47,872 Q2 2025 2 Net Lease Vacant IN, TN 103,650 4,565 44 1 Net Lease Austin's Park N' Pizza (4) TX 35,740 8,736 244 1 Net Lease Sharks Fish & Chicken IL 1,122 395 352 1 Hotel Sonesta Simply Suites® AL 98 3,900 39,796 1 Hotel Sonesta Select TX 160 9,000 56,250 Q3 2025 1 Hotel Sonesta Select PA 114 6,550 57,456 1 Hotel Sonesta ES Suites PA 120 6,550 54,583 1 Net Lease Vacant OH 33,106 850 26 16 1,006 / 276,661 $63,246 $45,328 / $64

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16RETURN TO **TABLE OF CONTENTS** Portfolio Information

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![](svc_063025xexhibitx992017.jpg)

17RETURN TO **TABLE OF CONTENTS** Portfolio Composition Net Lease Properties 44.3% Hotels 55.7% Number of Properties Hotel Properties 200 Number of hotel rooms 35,101 Net Lease Properties 742 Average hotel property size 176 rooms Total Properties 942 Net lease square feet 13,162,020 Average net lease property size 17,739 sq. ft. Investments Diversification Facts Hotels $6,343,166 Tenants/Operators 178 Net Lease Properties 5,038,371 Brands 145 Total Investments $11,381,537 Industries 22 States 46 Geographical Diversification CA 13% TX 7% FL 7% IL 6% GA 6% AZ 4% OH 4% LA 3% PA 3% MA 3% Other 44% (36 States, DC, PR, ON) Portfolio Summary As of June 30, 2025 (dollars in thousands) (1) Based on investment. (1) (1) The Yorkville Royal Sonesta Hotel Toronto, ON

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![](svc_063025xexhibitx992018.jpg)

18RETURN TO **TABLE OF CONTENTS** Industry No. of Properties Rooms / Square Footage Investments Percent of Total Investment 1. Hotels 200 35,101 $6,343,166 55.7% 2. Travel Centers 178 5,099,794 3,311,787 29.1% 3. Restaurants - Quick Service 204 638,612 280,787 2.5% 4. Health and Fitness 14 924,041 196,084 1.7% 5. Restaurants - Casual Dining 54 492,574 193,351 1.7% 6. Movie Theaters 14 747,904 134,413 1.2% 7. Grocery Stores 19 1,020,819 129,152 1.1% 8. Automotive Equipment and Services 64 463,492 107,054 0.9% 9. Medical, Dental Office 70 372,171 104,042 0.9% 10. Home Goods and Leisure 14 542,666 98,242 0.9% 11. Automotive Dealers 8 177,433 62,656 0.6% 12. General Merchandise Stores 4 381,193 55,457 0.5% 13. Entertainment 3 164,113 51,473 0.5% 14. Educational Services 7 159,793 44,820 0.4% 15. Car Washes 7 55,951 36,125 0.3% 16. Building Materials 29 465,283 34,006 0.3% 17. Miscellaneous Manufacturing 5 538,932 24,355 0.2% 18. Sporting Goods 3 120,847 18,548 0.2% 19. Drug Stores and Pharmacies 6 58,048 17,111 0.2% 20. Legal Services 5 25,429 11,362 0.1% 21. Dollar Stores 3 27,593 2,971 —% 22. Other 11 282,054 66,027 0.5% 23. Vacant 20 403,278 58,548 0.5% Total 942 35,101 / 13,162,020 $11,381,537 100.0% Consolidated Portfolio Diversification by Industry As of June 30, 2025 (dollars in thousands) Wilmington, IL Hebron, OH

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19RETURN TO **TABLE OF CONTENTS** Investments State Total Property Count Hotel Count Net Lease Count Total % of Total Hotel Hotel % of Total Net Lease Net Lease % of Total California 58 36 22 $1,485,838 13.1 % $1,212,773 19.1 % $273,065 5.4 % Texas 67 13 54 812,026 7.1 % 309,746 4.9 % 502,280 10.0 % Florida 60 12 48 754,231 6.6 % 495,611 7.8 % 258,620 5.1 % Illinois 61 9 52 694,214 6.0 % 413,164 6.5 % 281,050 5.6 % Georgia 85 15 70 673,215 5.8 % 407,746 6.4 % 265,469 5.3 % Arizona 39 14 25 487,984 4.2 % 239,272 3.8 % 248,712 4.9 % Ohio 45 5 40 456,494 4.0 % 128,857 2.0 % 327,637 6.5 % Louisiana 15 3 12 387,907 3.4 % 256,202 4.0 % 131,705 2.6 % Pennsylvania 33 5 28 342,229 3.0 % 136,899 2.2 % 205,330 4.1 % Massachusetts 8 8 — 284,899 2.5 % 284,899 4.5 % — — % Top 10 471 120 351 6,379,037 55.7 % 3,885,169 61.2 % 2,493,868 49.5 % Other (1) 471 80 391 5,002,500 44.3 % 2,457,997 38.8 % 2,544,503 50.5 % Total 942 200 742 $11,381,537 100.0 % $6,343,166 100.0 % $5,038,371 100.0 % (1) Consists of properties in 36 different states, the District of Columbia, Puerto Rico and Ontario, Canada with an average investment of $10,621 per property. Consolidated Portfolio by Geographic Diversification As of June 30, 2025 (dollars in thousands) Royal Sonesta Boston Cambridge, MA

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![](svc_063025xexhibitx992020.jpg)

20RETURN TO **TABLE OF CONTENTS** Brand Service Level Chain Scale Number of Hotels Percent of Total Number of Hotels Number of Rooms or Suites Percent of Total Number of Rooms or Suites Investment Percent of Total Hotel Investment Investment Per Room or Suite Royal Sonesta Hotels® Full Service Upper Upscale 17 8.5 % 5,663 16.2 % $1,949,062 30.7 % $344,175 Sonesta Hotels & Resorts® Full Service Upscale 22 11.0 % 7,207 20.5 % 1,466,928 23.1 % 203,542 Sonesta ES Suites® Extended Stay Upper Midscale 52 26.0 % 6,689 19.1 % 1,065,372 16.8 % 159,272 Sonesta Select® Select Service Upscale 38 19.0 % 5,551 15.7 % 633,331 10.0 % 114,093 Sonesta Simply Suites® Extended Stay Midscale 46 23.0 % 5,894 16.8 % 556,253 8.8 % 94,376 Hyatt Place® Select Service Upscale 17 8.5 % 2,107 6.0 % 327,977 5.2 % 155,661 Radisson® Hotels & Resorts Full Service Upscale 5 2.5 % 1,149 3.3 % 171,552 2.7 % 149,305 Crowne Plaza® Full Service Upscale 1 0.5 % 495 1.4 % 126,422 2.0 % 255,398 Country Inn & Suites® by Radisson Full Service Upper Midscale 2 1.0 % 346 1.0 % 46,269 0.7 % 133,725 Total / Average Hotels 200 100.0 % 35,101 100.0 % $6,343,166 100.0 % $180,712 Hotel Portfolio by Brand As of June 30, 2025 (dollars in thousands, except per room or suite data)

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21RETURN TO **TABLE OF CONTENTS** Hotel Operating Statistics by Service Level - All Hotels\* Occupancy ADR RevPAR Adjusted Hotel EBITDA Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, Brand No. of Hotels No. of Rooms or Suites 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Retained Hotels Full Service Royal Sonesta Hotels® 17 5,663 68.2 % 67.5 % 0.7 pts $238.10 $239.45 (0.6) % $162.31 $161.70 0.4 % $22,632 $24,945 (9.3) % Sonesta Hotels & Resorts® 22 7,207 66.2 % 65.0 % 1.2 pts 166.86 164.16 1.6 % 110.49 106.65 3.6 % 15,314 18,397 (16.8) % Radisson® Hotels & Resorts 5 1,149 64.8 % 71.3 % (6.5) pts 153.03 146.39 4.5 % 99.22 104.33 (4.9) % 985 1,691 (41.8) % Country Inn & Suites® by Radisson 2 346 70.1 % 74.6 % (4.5) pts 144.57 152.57 (5.2) % 101.29 113.89 (11.1) % 153 621 (75.4) % Crowne Plaza® 1 495 67.8 % 69.4 % (1.6) pts 133.49 144.36 (7.5) % 90.45 100.25 (9.8) % 776 1,537 (49.5) % Full Service Total/Average 47 14,860 67.0 % 66.8 % 0.2 pts 191.77 190.70 0.6 % 128.48 127.40 0.8 % 39,860 47,191 (15.5) % Extended Stay and Select Service Sonesta ES Suites® 7 958 80.3 % 74.2 % 6.1 pts 149.90 154.83 (3.2) % 120.40 114.94 4.7 % 3,428 3,520 (2.6) % Sonesta Select® 6 873 71.8 % 68.8 % 3.0 pts 140.89 143.26 (1.7) % 101.17 98.58 2.6 % 2,549 2,730 (6.6) % Sonesta Simply Suites® 7 1,144 73.1 % 76.1 % (3.0) pts 129.80 124.86 4.0 % 94.87 94.96 (0.1) % 3,648 3,796 (3.9) % Hyatt Place® 17 2,107 74.3 % 70.9 % 3.4 pts 126.28 124.16 1.7 % 93.78 88.00 6.6 % 3,976 3,315 19.9 % Focused Service Total/Average 37 5,082 74.7 % 72.3 % 2.4 pts 134.25 133.38 0.7 % 100.31 96.46 4.0 % 13,601 13,361 1.8 % Retained Hotels Total/Average 84 19,942 69.0 % 68.2 % 0.8 pts $175.89 $175.21 0.4 % $121.30 $119.51 1.5 % $53,461 $60,552 (11.7) % Exit Hotels Extended Stay and Select Service Sonesta ES Suites® 45 5,731 74.5 % 73.5 % 1.0 pts 124.18 124.91 (0.6) % 92.57 91.82 0.8 % 10,771 10,861 (0.8) % Sonesta Select® 32 4,678 61.1 % 62.5 % (1.4) pts 111.96 114.22 (2.0) % 68.38 71.40 (4.2) % 4,242 5,916 (28.3) % Sonesta Simply Suites® 39 4,750 71.9 % 73.8 % (1.9) pts 83.67 84.65 (1.2) % 60.12 62.45 (3.7) % 4,874 5,842 (16.6) % Exit Hotels Total/Average 116 15,159 69.5 % 70.2 % (0.7) pts $107.75 $108.72 (0.9) % $74.94 $76.32 (1.8) % $19,887 $22,619 (12.1) % All Hotels Total/Average 200 35,101 69.2 % 69.1 % 0.1 pts $146.32 $146.02 0.2 % $101.27 $100.85 0.4 % $73,348 $83,171 (11.8) % (dollars in thousands, except ADR and RevPAR) \* There are no non-comparable hotels in the periods presented.

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![](svc_063025xexhibitx992022.jpg)

22RETURN TO **TABLE OF CONTENTS** Hotel Operating Statistics by Service Level - All Hotels\* Occupancy ADR RevPAR Adjusted Hotel EBITDA Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Brand No. of Hotels No. of Rooms or Suites 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Retained Hotels Full Service Royal Sonesta Hotels® 17 5,663 59.7 % 59.1 % 0.6 pts $241.53 $238.28 1.4 % $144.23 $140.90 2.4 % $29,074 $32,430 (10.3) % Sonesta Hotels & Resorts® 22 7,207 60.3 % 60.6 % (0.3) pts 167.37 164.18 1.9 % 100.90 99.52 1.4 % 20,051 27,213 (26.3) % Radisson® Hotels & Resorts 5 1,149 62.2 % 65.9 % (3.7) pts 153.53 148.54 3.4 % 95.44 97.87 (2.5) % 838 2,696 (68.9) % Country Inn & Suites® by Radisson 2 346 62.9 % 67.5 % (4.6) pts 138.62 144.66 (4.2) % 87.14 97.59 (10.7) % (342) 716 (147.8) % Crowne Plaza® 1 495 70.6 % 67.0 % 3.6 pts 141.95 146.59 (3.2) % 100.16 98.21 2.0 % 3,019 3,130 (3.5) % Full Service Total/Average 47 14,860 60.6 % 60.8 % (0.2) pts 192.42 189.16 1.7 % 116.64 115.07 1.4 % 52,640 66,185 (20.5) % Extended Stay and Select Service Sonesta ES Suites® 7 958 74.3 % 71.3 % 3.0 pts 151.29 154.75 (2.2) % 112.38 110.41 1.8 % 5,734 6,435 (10.9) % Sonesta Select® 6 873 66.8 % 63.1 % 3.7 pts 131.65 133.84 (1.6) % 87.89 84.39 4.1 % 3,307 3,608 (8.3) % Sonesta Simply Suites® 7 1,144 70.4 % 69.6 % 0.8 pts 122.75 120.57 1.8 % 86.44 83.89 3.0 % 5,980 5,875 1.8 % Hyatt Place® 17 2,107 68.5 % 59.2 % 9.3 pts 124.82 122.44 1.9 % 85.46 72.46 18.0 % 5,735 2,206 160.0 % Focused Service Total/Average 37 5,082 69.7 % 64.5 % 5.2 pts 130.79 130.64 0.1 % 91.17 84.23 8.2 % 20,756 18,124 14.5 % Retained Hotels Total/Average 84 19,942 62.9 % 61.8 % 1.1 pts $175.02 $173.59 0.8 % $110.15 $107.21 2.7 % $73,396 $84,309 (12.9) % Exit Hotels Extended Stay and Select Service Sonesta ES Suites® 45 5,731 69.5 % 69.2 % 0.3 pts 123.80 123.40 0.3 % 86.05 85.41 0.8 % 14,744 16,218 (9.1) % Sonesta Select® 32 4,678 57.0 % 57.0 % — pts 113.41 115.28 (1.6) % 64.65 65.67 (1.6) % 5,221 7,437 (29.8) % Sonesta Simply Suites® 39 4,750 65.7 % 67.5 % (1.8) pts 83.11 84.10 (1.2) % 54.59 56.73 (3.8) % 5,111 7,892 (35.2) % Exit Hotels Total/Average 116 15,159 64.4 % 64.9 % (0.5) pts $107.97 $108.40 (0.4) % $69.59 $70.33 (1.1) % $25,076 $31,547 (20.5) % All Hotels Total/Average 200 35,101 63.6 % 63.1 % 0.5 pts $145.67 $144.64 0.7 % $92.63 $91.28 1.5 % $98,472 $115,856 (15.0) % (dollars in thousands, except ADR and RevPAR) \* There are no non-comparable hotels in the periods presented.

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![](svc_063025xexhibitx992023.jpg)

23RETURN TO **TABLE OF CONTENTS** Brand No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. TravelCenters of America Inc. 131 3,683,923 $2,254,950 44.8 % $180,329 46.7 % 1.31x (1) 2. Petro Stopping Centers 44 1,367,802 1,015,156 20.1 % 83,933 21.7 % 1.31x (1) 3. The Great Escape 14 542,666 98,242 1.9 % 7,711 2.0 % 4.75x 4. Life Time Fitness 3 420,335 92,617 1.8 % 5,770 1.5 % 2.84x 5. Buehler's Fresh Foods 5 502,727 76,469 1.5 % 5,657 1.5 % 2.72x 6. Heartland Dental 59 234,274 61,120 1.2 % 4,841 1.3 % 4.71x 7. Norms 10 63,490 53,673 1.1 % 3,826 1.0 % 3.36x 8. Express Oil Change 23 83,825 49,724 1.0 % 3,717 1.0 % 5.77x 9. AMC Theatres 5 251,166 57,385 1.1 % 3,564 0.9 % 1.68x 10. Pizza Hut 40 167,366 45,285 0.9 % 3,552 0.9 % 2.14x 11. Flying J Travel Plaza 3 48,069 41,681 0.8 % 3,312 0.9 % 3.14x 12. America's Auto Auction 6 72,338 38,314 0.8 % 3,216 0.8 % 9.08x 13. Fleet Farm 1 218,248 37,802 0.8 % 2,837 0.7 % 2.15x 14. Big Al's 2 111,912 35,214 0.7 % 2,569 0.7 % 0.79x 15. Crème de la Crème 4 81,929 29,131 0.6 % 2,429 0.6 % 1.46x 16. Mister Car Wash 5 41,456 28,658 0.6 % 2,303 0.6 % 4.35x 17. B&B Theatres 4 261,300 37,619 0.7 % 2,260 0.6 % 0.97x 18. Martin's 16 81,909 32,017 0.6 % 2,252 0.6 % 1.69x 19. Popeye's 20 45,708 28,434 0.6 % 2,057 0.5 % 4.33x 20. Courthouse Athletic Club 4 193,659 39,688 0.8 % 1,935 0.5 % 1.32x 21. Burger King 17 55,127 29,204 0.6 % 1,934 0.5 % 2.45x 22. Arby's 19 57,868 29,234 0.6 % 1,780 0.5 % 2.58x 23. Regal Cinemas 4 186,406 29,659 0.6 % 1,758 0.5 % 2.39x 24. United Supermarkets 6 236,178 26,121 0.5 % 1,757 0.5 % 3.92x 25. Hardee's 15 49,958 24,919 0.5 % 1,755 0.5 % 1.84x 26. Other (2) 282 4,102,381 746,055 14.8 % 49,467 12.5 % 4.10x Total 742 13,162,020 $5,038,371 100.0 % $386,521 100.0 % 2.04x (1) Rent coverage information provided by tenant is for all 175 sites on a consolidated basis and is as of June 30, 2025. (2) Consists of 111 distinct brands with an average investment of $2,646 per property and an average annual minimum rent of $175 per property. Net Lease Portfolio by Brand As of June 30, 2025 (dollars in thousands) Saint Augustine, FL

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![](svc_063025xexhibitx992024.jpg)

24RETURN TO **TABLE OF CONTENTS** Industry No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. Travel Centers 178 5,099,794 $3,311,787 65.7% $267,574 69.2% 1.33x (1) 2. Restaurants - Quick Service 204 638,612 280,787 5.6% 19,632 5.1% 2.99x 3. Restaurants - Casual Dining 54 492,574 193,351 3.8% 12,051 3.1% 2.94x 4. Health and Fitness 14 924,041 196,084 3.9% 11,790 3.1% 2.23x 5. Grocery Stores 19 1,020,819 129,152 2.6% 9,317 2.4% 3.22x 6. Medical, Dental Office 70 372,171 104,042 2.1% 8,342 2.2% 3.51x 7. Movie Theaters 14 747,904 134,413 2.7% 8,242 2.1% 1.79x 8. Automotive Equipment and Services 64 463,492 107,054 2.1% 7,826 2.1% 5.01x 9. Home Goods and Leisure 14 542,666 98,242 1.9% 7,711 2.0% 4.75x 10. Automotive Dealers 8 177,433 62,656 1.2% 4,982 1.3% 7.35x 11. General Merchandise Stores 4 381,193 55,457 1.1% 3,997 1.0% 2.89x 12. Entertainment 3 164,113 51,473 1.0% 3,947 1.0% 1.29x 13. Educational Services 7 159,793 44,820 0.9% 3,572 0.9% 1.90x 14. Building Materials 29 465,283 34,006 0.7% 3,258 0.8% 8.47x 15. Car Washes 7 55,951 36,125 0.7% 2,840 0.7% 4.96x 16. Miscellaneous Manufacturing 5 538,932 24,355 0.5% 1,728 0.5% 13.54x 17. Sporting Goods 3 120,847 18,548 0.4% 1,106 0.3% 4.05x 18. Legal Services 5 25,429 11,362 0.2% 1,097 0.3% 3.32x 19. Drug Stores and Pharmacies 6 58,048 17,111 0.3% 957 0.2% 1.07x 20. Dollar Stores 3 27,593 2,971 0.1% 190 0.1% 2.10x 21. Other (2) 11 282,054 66,027 1.3% 6,362 1.6% 4.50x 22. Vacant 20 403,278 58,548 1.2% — —% —x Total 742 13,162,020 $5,038,371 100.0% $386,521 100.0% 2.04x (1) Rent coverage for TA is as of June 30, 2025. (2) Consists of miscellaneous businesses with an average investment of $6,002 per property. Net Lease Portfolio by Industry As of June 30, 2025 (dollars in thousands) Albuquerque, NM Sterling Heights, MI

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25RETURN TO **TABLE OF CONTENTS** Tenant Brand Affiliation No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Weighted Average Lease Term Rent Coverage 1. TravelCenters of America Inc.(1) TravelCenters of America / Petro Stopping Centers 175 5,051,725 $3,270,106 64.9 % $264,262 68.4 % 7.9 1.31x 2. Universal Pool Co., Inc. The Great Escape 14 542,666 98,242 1.9 % 7,711 2.0 % 2.2 4.75x 3. Healthy Way of Life II, LLC Life Time Fitness 3 420,335 92,617 1.8 % 5,770 1.5 % 10.0 2.84x 4. Styx Acquisition, LLC Buehler's Fresh Foods 5 502,727 76,469 1.5 % 5,657 1.5 % 10.3 2.72x 5. Professional Resource Development, Inc. Heartland Dental 59 234,274 61,120 1.2 % 4,841 1.3 % 0.8 4.71x 6. Norms Restaurants, LLC Norms 10 63,490 53,673 1.1 % 3,826 1.0 % 20.0 3.36x 7. Express Oil Change, L.L.C. Express Oil Change 23 83,825 49,724 1.0 % 3,717 1.0 % 9.8 5.77x 8. Pilot Travel Centers LLC Flying J Travel Plaza 3 48,069 41,681 0.8 % 3,312 0.9 % 3.5 3.14x 9. Automotive Remarketing Group, Inc. America's Auto Auction 6 72,338 38,314 0.8 % 3,216 0.8 % 9.8 9.08x 10. Fleet Farm Group LLC Fleet Farm 1 218,248 37,802 0.8 % 2,837 0.7 % 11.0 2.15x Subtotal, Top 10 299 7,237,697 3,819,748 75.8 % 305,149 79.1 % 7.9 1.69x 11. Other (2) Various 443 5,924,323 1,218,623 24.2 % 81,372 20.9 % 6.7 3.35x Total 742 13,162,020 $5,038,371 100.0 % $386,521 100.0 % 7.6 2.04x (1) TA is SVC's largest tenant. As of June 30, 2025, SVC leased 175 travel centers (131 under the TravelCenters of America brand and 44 under the Petro Stopping Centers brand) to a subsidiary of TA under five master leases that expire in 2033. TA has five renewal options for 10 years each for all of the travel centers under each lease. BP Corporation North America Inc. guarantees payment under each of the five master leases. The aggregate guaranty as of June 30, 2025 was $3,037,475. Annualized minimum rent excludes the impact of rents prepaid by TA. Rent coverage was 1.37x, 1.37x, 1.41x, 1.38x and 1.09x for the TA leases no. 1, no. 2, no. 3, no. 4 and no. 5, respectively. Rent coverage is as of June 30, 2025. (2) Consists of 164 tenants with an average investment of $2,751 per property and an average annual minimum rent of $184 per property. Net Lease Portfolio by Tenant (Top 10) As of June 30, 2025 (dollars in thousands)

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26RETURN TO **TABLE OF CONTENTS** Year (1) Number of Properties Square Feet Annualized Minimum Rent Expiring Percent of Total Annualized Minimum Rent Expiring Cumulative Percent of Total Annualized Minimum Rent Expiring 2025 20 320,729 $6,379 1.7% 1.7% 2026 103 1,007,554 11,584 3.0% 4.7% 2027 35 962,837 12,768 3.3% 8.0% 2028 22 594,268 9,613 2.5% 10.5% 2029 76 628,549 10,512 2.7% 13.2% 2030 34 286,491 6,343 1.6% 14.8% 2031 28 397,390 5,195 1.3% 16.1% 2032 35 137,154 2,902 0.8% 16.9% 2033 213 5,371,427 270,515 69.9% 86.8% 2034 22 289,885 5,726 1.6% 88.4% 2035 46 1,159,583 19,393 5.0% 93.4% 2036 15 350,190 6,050 1.6% 95.0% 2037 11 318,609 3,244 0.8% 95.8% 2038 6 44,484 1,201 0.3% 96.1% 2039 10 141,443 3,686 1.0% 97.1% 2040 18 115,142 2,419 0.6% 97.7% 2041 8 227,381 2,626 0.7% 98.4% 2042 — — — —% 98.4% 2043 7 127,440 2,096 0.5% 98.9% 2044 2 93,010 278 0.1% 99.0% 2045 11 154,966 3,991 1.0% 100.0% Total 722 12,728,532 $386,521 100.0% Weighted Average Lease Term 7.2 years 7.6 years (1) The year of lease expiration is pursuant to contract terms. Net Lease Portfolio - Expiration Schedule As of June 30, 2025 (dollars in thousands) Centennial, CO Bixby, OK

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27RETURN TO **TABLE OF CONTENTS** As of and For the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Properties (end of period) 742 739 742 745 749 Vacant properties beginning of period 16 18 18 20 20 Vacant properties sold (2) (3) (3) (4) — Vacant properties leased — — — — (1) Lease terminations 6 1 3 2 1 Vacant properties end of the period 20 16 18 18 20 Percentage of properties leased 97.3 % 97.8 % 97.6 % 97.6 % 97.3 % Net Lease Portfolio - Occupancy Summary As of June 30, 2025 Wilmington, IL

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28RETURN TO **TABLE OF CONTENTS** Appendix

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29RETURN TO **TABLE OF CONTENTS** Company Profile and Research Coverage The Company: SVC is a REIT that owns hotels and service-focused retail net lease properties throughout the United States and in Puerto Rico and Canada. Management: SVC is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of June 30, 2025, RMR had approximately $40 billion in assets under management and the combined RMR managed companies had more than $5 billion of annual revenues, approximately 1,900 properties and over 18,000 employees. SVC believes that being managed by RMR is a competitive advantage for SVC because of RMR's depth of management and experience in the real estate industry. SVC also believes RMR provides management services to it at costs that are lower than SVC would have to pay for similar quality services if SVC were self-managed. Equity Research Coverage B. Riley Securities, Inc. Oppenheimer & Co. Inc. John Massocca Tyler Batory (646) 885-5424 (212) 667-7230 jmassocca@brileysecurities.com tyler.batory@opco.com Wells Fargo Securities James Feldman (212) 214-5328 james.feldman@wellsfargo.com Rating Agencies Moody's Investors Service S&P Global Lori Marks Alan Zigman (212) 553-1098 (416) 507-2556 lori.marks@moodys.com alan.zigman@spglobal.com SVC is followed by the analysts and its publicly held debt is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding SVC's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of SVC or its management. SVC does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.

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30RETURN TO **TABLE OF CONTENTS** Board of Trustees Christopher J. Bilotto Donna D. Fraiche Rajan C. Penkar Managing Trustee Lead Independent Trustee Independent Trustee Laurie B. Burns William A. Lamkin Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board & Managing Trustee Robert E. Cramer Independent Trustee Officers Christopher J. Bilotto Brian E. Donley President and Chief Executive Officer Chief Financial Officer and Treasurer Jesse W. Abair Vice President Governance Information Royal Sonesta Kaua`i Resort Lihue, HI

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31RETURN TO **TABLE OF CONTENTS** For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net loss $(38,159) $(116,435) $(76,392) $(46,901) $(73,850) $(154,594) $(152,233) Add (Less): Depreciation and amortization 75,030 89,100 94,000 89,005 95,674 164,130 188,781 Loss on asset impairment (5) 17,654 37,067 5,182 13,692 34,887 54,721 37,338 Loss (gain) on sale of real estate, net (6) 156 (746) (5,159) (4,105) 32 (590) 2,995 Adjustments to reflect SVC's share of FFO attributable to an investee 1,182 1,200 1,315 1,045 1,021 2,382 1,987 FFO 55,863 10,186 18,946 52,736 57,764 66,049 78,868 Add (Less): Loss on early extinguishment of debt, net (7) — — — 133 16,048 — 16,048 Transaction related costs (4) 1,345 111 6,894 — — 1,456 — Adjustments to reflect SVC's share of Normalized FFO attributable to an investee 395 539 2,777 — (2) 934 — Normalized FFO 57,603 10,836 28,617 52,869 73,810 68,439 94,916 Add (Less): Non-cash revenues (10,624) (12,205) (11,519) (11,974) (12,713) (22,829) (25,787) Non-cash interest expense 9,900 8,680 8,359 8,076 7,466 18,580 14,692 Non-cash expenses (417) (864) (944) (298) (120) (1,281) (1,206) SVC's share of Normalized FFO attributable to an investee (1,051) 2,208 3,116 (4,008) 1,697 1,157 6,067 Principal amortization (490) (489) (490) (489) (490) (979) (979) Capital expenditures (38,126) (42,772) (82,978) (81,686) (66,206) (80,898) (134,969) CAD $16,795 $(34,606) $(55,839) $(37,510) $3,444 $(17,811) $(47,266) Weighted average common shares outstanding (basic and diluted) 165,743 165,615 165,594 165,398 165,198 165,679 165,178 Basic and diluted per common share amounts: Net loss $(0.23) $(0.70) $(0.46) $(0.28) $(0.45) $(0.93) $(0.92) FFO $0.34 $0.06 $0.11 $0.32 $0.35 $0.40 $0.48 Normalized FFO $0.35 $0.07 $0.17 $0.32 $0.45 $0.41 $0.57 CAD $0.10 $(0.21) $(0.34) $(0.23) $0.02 $(0.11) $(0.29) Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) See accompanying notes on page 34.

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32RETURN TO **TABLE OF CONTENTS** For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net loss $(38,159) $(116,435) $(76,392) $(46,901) $(73,850) $(154,594) $(152,233) Add (Less): Interest expense 102,679 101,517 99,402 99,126 93,850 204,196 185,264 Income tax expense (benefit) 457 843 (52) (77) 524 1,300 1,531 Depreciation and amortization 75,030 89,100 94,000 89,005 95,674 164,130 188,781 EBITDA 140,007 75,025 116,958 141,153 116,198 215,032 223,343 Add (Less): Loss on asset impairment (5) 17,654 37,067 5,182 13,692 34,887 54,721 37,338 Loss (gain) on sale of real estate, net (6) 156 (746) (5,159) (4,105) 32 (590) 2,995 Adjustments to reflect SVC's share of EBITDAre attributable to an investee 3,119 3,172 3,424 2,900 2,964 6,291 5,520 EBITDAre 160,936 114,518 120,405 153,640 154,081 275,454 269,196 Add (Less): Loss on early extinguishment of debt, net (7) — — — 133 16,048 — 16,048 Adjustments to reflect SVC's share of Adjusted EBITDAre attributable to an investee 395 539 2,777 — (2) 934 — Transaction related costs (4) 1,345 111 6,894 — — 1,456 — General and administrative expense paid in common shares 1,100 653 573 1,219 1,397 1,753 1,828 Adjusted EBITDAre $163,776 $115,821 $130,649 $154,992 $171,524 $279,597 $287,072 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) See accompanying notes on page 34.

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33RETURN TO **TABLE OF CONTENTS** (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Number of hotels 200 202 206 214 220 200 220 Room revenues $323,884 $266,439 $278,614 $322,803 $334,118 $590,323 $604,044 Food and beverage revenues 57,040 48,433 51,129 44,947 55,136 105,473 101,699 Other revenues 23,481 20,091 27,305 23,185 23,232 43,572 42,979 Hotel operating revenues 404,405 334,963 357,048 390,935 412,486 739,368 748,722 Rooms expenses 104,077 93,909 97,146 106,835 102,068 197,986 192,874 Food and beverage expenses 44,447 40,319 42,634 39,114 41,945 84,766 80,458 Other direct and indirect expenses 135,128 130,912 129,969 139,075 134,889 266,040 262,467 Management fees 15,113 12,485 12,992 14,392 15,060 27,598 27,354 Real estate taxes, insurance and other 32,276 33,565 37,059 29,740 34,384 65,841 71,422 FF&E Reserves 1,737 2,119 1,327 1,714 1,723 3,856 2,815 Hotel operating expenses 332,778 313,309 321,127 330,870 330,069 646,087 637,390 Hotel EBITDA 71,627 21,654 35,921 60,065 82,417 93,281 111,332 Transaction related costs (4) 1,446 1,317 6,894 — — 2,763 — Adjusted Hotel EBITDA $73,073 $22,971 $42,815 $60,065 $82,417 $96,044 $111,332 Adjusted Hotel EBITDA Margin 18.1 % 6.9 % 12.0 % 15.4 % 20.0 % 13.0 % 14.9 % Hotel operating expenses (GAAP) (1) $328,913 $305,840 $312,285 $328,535 $328,247 $634,753 $633,333 Add (Less): Transaction related costs (4) 1,446 1,317 6,894 — — 2,763 — Adjustments for guaranty fundings and (replenishments), net (3) 61 3,412 — — (522) 3,473 — FF&E Reserves from managed hotel operations 1,737 2,119 1,327 1,714 1,723 3,856 2,815 Other (8) 621 621 621 621 621 1,242 1,242 Hotel operating expenses $332,778 $313,309 $321,127 $330,870 $330,069 $646,087 $637,390 Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels\* See accompanying notes on page 34. \* Results of all hotels as owned during the periods presented, including the results of hotels sold by SVC for the periods owned by SVC.

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34RETURN TO **TABLE OF CONTENTS** Notes to Condensed Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Adjusted Hotel EBITDA (dollars in thousands) (1) As of June 30, 2025, SVC owned 200 hotels. SVC's condensed consolidated statements of income (loss) include hotel operating revenues and expenses of its managed hotels. (2) SVC increased rental income by $2,683 and $4,778 for the three months ended June 30, 2025 and 2024, respectively, and increased rental income by $6,561 and $10,546 for the six months ended June 30, 2025 and 2024, respectively, to record scheduled rent changes under certain of its leases on a straight line basis. (3) When managers of SVC's hotels are required to fund the shortfalls of owner's priority return under the terms of the management agreements or their guarantees, SVC reflects such fundings in its condensed consolidated statements of income (loss) as a reduction of hotel operating expenses. When these shortfalls are replenished by cash flows from the applicable hotel operations in excess of the owner's priority return due, SVC reflects such replenishment in its condensed consolidated statements of income (loss) as an increase to hotel operating expenses. The net decrease to hotel operating expenses was $61 and $3,473 for the three and six months ended June 30, 2025, respectively, and the net increase to hotel operating expenses was $522 for the three months ended June 30, 2024. No adjustment was required for the six months ended June 30, 2024. (4) Transaction related costs for the three and six months ended June 30, 2025 of $1,345 and $1,456, respectively, primarily consist of costs related to the renovation of certain hotels, partially offset by the recovery during the three months ended March 31, 2025 of a working capital reserve related to SVC's former agreement with Marriott International, Inc. previously deemed uncollectable and expensed in 2021. (5) SVC recorded a loss on asset impairment for the three and six months ended June 30, 2025 of $17,654 and $54,721, respectively, to reduce the carrying value of 17 hotels and two net lease properties in the three month period, and 17 hotels and two net lease properties in the six month period, to their estimated fair value less costs to sell. SVC recorded a net loss on asset impairment for the three and six months ended June 30, 2024 of $34,887 and $37,338, respectively, to reduce the carrying value of eight hotels and three net lease properties in the three month period, and eight hotels and six net lease properties in the six month period, to their estimated fair value less costs to sell. (6) SVC recorded a (loss) gain on sale of real estate for the three and six months ended June 30, 2025 of ($156) and $590, respectively, in connection with the sales of four hotels and three net lease properties in the three month period, and six hotels and seven net lease properties in the six month period. SVC recorded a loss on sale of real estate during the six months ended June 30, 2024 of $2,995 in connection with the sales of one hotel and three net lease properties in the six month period. (7) SVC recorded a net loss on early extinguishment of debt during the three and six months ended June 30, 2024 of $16,048 in connection with a make-whole premium and the write off of unamortized deferred financing costs and discounts relating to the redemption of its $800,000 senior unsecured notes due 2025 and the purchase and satisfaction and discharge pursuant to a cash tender offer of its $350,000 senior unsecured notes due 2025. (8) SVC is amortizing a liability it recorded for the fair value of its initial investment in Sonesta as a reduction to hotel operating expenses in the condensed consolidated statements of income (loss). SVC reduced hotel operating expenses by $621 for each of the three months ended June 30, 2025 and 2024, related to this liability, and $1,242 for each of the six months ended June 30, 2025 and 2024, related to this liability.

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35RETURN TO **TABLE OF CONTENTS** Non-GAAP Financial Measures SVC presents certain "non-GAAP financial measures" within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including FFO, Normalized FFO, CAD, EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDAre and Adjusted EBITDAre. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of SVC's operating performance or as measures of its liquidity. These measures should be considered in conjunction with net income (loss) as presented in SVC's condensed consolidated statements of income (loss). SVC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). SVC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of its operating performance between periods and with other REITs and, in the case of Hotel EBITDA and Adjusted Hotel EBITDA, reflecting only those income and expense items that are generated and incurred at the hotel level may help both investors and management to understand the operations of its hotels. FFO and Normalized FFO: SVC calculates funds from operations, or FFO, and normalized funds from operations, or Normalized FFO, as shown on page 31. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and loss on impairment of real estate assets, if any, plus real estate depreciation and amortization, as well as adjustments to reflect SVC's share of FFO attributable to an investee and certain other adjustments currently not applicable to SVC. In calculating Normalized FFO, SVC adjusts for the items shown on page 31. FFO and Normalized FFO are among the factors considered by SVC's Board of Trustees when determining the amount of distributions to SVC's shareholders. Other factors include, but are not limited to, requirements to satisfy SVC's REIT distribution requirements, limitations in its debt agreements, the availability to SVC of debt and equity capital, SVC's distribution rate as a percentage of the trading price of its common shares, or dividend yield, and SVC's dividend yield compared to the dividend yields of other REITs, SVC's expectation of its future capital requirements and operating performance and its expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than SVC does. Cash Available for Distribution: SVC calculates cash available for distribution, or CAD, as shown on page 31. SVC defines CAD as Normalized FFO minus SVC's proportionate share of Normalized FFO from its equity method investment, plus operating cash flow distributions from its equity method investment, if any, less real estate related capital expenditures and adjusted for other non-cash and nonrecurring items. CAD is among the factors considered by SVC's Board of Trustees when determining the amount of distributions to SVC's shareholders. Other real estate companies and REITs may calculate CAD differently than SVC does. EBITDA, EBITDAre and Adjusted EBITDAre: SVC calculates earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 32. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets, if any, and adjustments to reflect SVC's share of EBITDAre attributable to an investee. In calculating Adjusted EBITDAre, SVC adjusts for the items shown on page 32. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than SVC does. Hotel EBITDA and Adjusted Hotel EBITDA: SVC calculates Hotel EBITDA as hotel operating revenues less hotel operating expenses of all managed and leased hotels, prior to any adjustments required for presentation in its condensed consolidated statements of income (loss) in accordance with GAAP. Adjusted Hotel EBITDA excludes certain items SVC believes do not reflect the ongoing operating performance of SVC's hotels. SVC believes that Hotel EBITDA and Adjusted Hotel EBITDA provide useful information to management and investors as a key measure of the profitability of its hotel operations. Non-GAAP Financial Measures and Certain Definitions

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36RETURN TO **TABLE OF CONTENTS** Non-GAAP Financial Measures and Certain Definitions (Continued) Other Definitions Adjusted Hotel EBITDA Margin: Adjusted Hotel EBITDA as a percentage of hotel operating revenues. Adjusted Total Assets and Total Unencumbered Assets: Adjusted total assets and total unencumbered assets include the original cost of real estate assets calculated in accordance with GAAP, before impairment write-downs, if any, and exclude depreciation and amortization, accounts receivable and intangible assets. Annualized Dividend Yield: Annualized dividend yield is the annualized dividend paid during the period divided by the closing price of SVC's common shares at the end of the period. Annualized Minimum Rent: Generally, SVC's lease agreements with its net lease tenants require payment of minimum rent to SVC. Certain of these minimum rent payment amounts are secured by full or limited guarantees. Annualized minimum rent represents cash amounts and excludes adjustments, if any, necessary to record scheduled rent changes on a straight line basis or any expense reimbursements. Annualized minimum rent for TA excludes the impact of rents prepaid by TA. Average Daily Rate: ADR represents rooms revenue divided by the total number of room nights sold in a given period. ADR provides useful insight on pricing at SVC's hotels and is a measure widely used in the hotel industry. Cash Cap Rate: Represents the ratio of the in place annual minimum cash rent divided by the purchase price. Chain Scale: As characterized by STR Global Limited, a data benchmark and analytics provider for the lodging industry. Comparable Hotels Data: SVC presents RevPAR, ADR and occupancy for the periods presented on a comparable basis to facilitate comparisons between periods. SVC defines comparable hotels as those that it owned on June 30, 2025 and were open and operating for the entirety of the periods being compared. There were no non-comparable hotels in the periods presented. Consolidated Income Available for Debt Service: Consolidated income available for debt service, as defined in SVC's debt agreements, is earnings from operations excluding interest expense, depreciation and amortization, loss on asset impairment, unrealized appreciation on assets of properties held for sale, gains and losses on early extinguishment of debt, gains and losses on sales of property and amortization of deferred charges. Debt: Debt amounts reflect the principal balance as of the date reported. Net debt means total debt less unrestricted cash and cash equivalents as of the date reported. Earnings and Adjustments Attributable to an Investee: Represents SVC's proportionate share from its equity investment in Sonesta Holdco Corporation and its subsidiaries, or Sonesta. Exit Hotels: Exit Hotels represent 116 hotels managed by Sonesta that SVC plans to sell. FF&E Reserves: FF&E Reserves, or FF&E Reserves from managed hotel operations, represent various percentages of total sales at certain of SVC's hotels that are escrowed as reserves for future renovations or refurbishments, or FF&E Reserve escrows. SVC owns all the FF&E Reserve escrows for its hotels. FF&E Reserve Deposits Not Funded by Hotel Operations: The operating agreements for SVC's hotels generally provide that, if necessary, SVC will provide FF&E funding in excess of escrowed reserves. To the extent SVC makes such fundings, its contractual owner's priority returns or rents generally increase by a percentage of the amounts it funds. GAAP: is U.S. generally accepted accounting principles. GAAP Cap Rate: Represents the ratio of the annual average minimum cash rent over the life of the lease term divided by the purchase price. General and Administrative Expense Paid in Common Shares: Amounts represent the equity compensation for SVC's Trustees, officers and certain other officers and employees of RMR. Gross Book Value of Real Estate Assets: Gross book value of real estate assets is real estate properties at cost plus acquisition related costs, if any, before purchase price allocations, less impairment write-downs, if any. Hotel Capital Improvements and FF&E Reserve Fundings: Generally include the replacement or upgrades of obsolete building components and expenditures that extend the useful life of existing assets or replacement of furniture, fixtures and equipment (FF&E).

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37RETURN TO **TABLE OF CONTENTS** Non-GAAP Financial Measures and Certain Definitions (Continued) Investment: SVC defines hotel investment as historical cost of its properties plus capital improvements funded by it less impairment write-downs, if any, and excludes capital improvements made from FF&E Reserves funded from hotel operations that do not result in increases in owner's priority return or rents. SVC defines net lease investment as historical cost of its properties plus capital improvements funded by SVC less impairment write-downs, if any. Lease Related Costs: Generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Occupancy: Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels, and represents occupied properties as of the end of the period shown for net lease properties. Occupancy is an important measure of the utilization rate and demand of SVC's properties. Non-Cash Expenses: Non-cash expenses represent general and administrative expense paid in common shares and amortization of liabilities relating to SVC's initial investment in Sonesta and its former investment in The RMR Group, Inc. Non-Cash Interest Expense: Non-cash interest expense represents amortization of debt issuance costs, discounts and premiums. Non-Cash Revenues: Non-cash revenues represent straight-line rent adjustments, lease value amortization, FF&E Reserves, including interest income earned, and the impact of rents prepaid by TA. Owner's Priority Return: Each of its management agreements or leases with hotel operators provides for payment to SVC of an annual owner's priority return or minimum rent, respectively. Certain of these minimum payment amounts are secured by full or limited guarantees. In addition, certain of its hotel management agreements provide for payment to SVC of additional amounts to the extent of available cash flows as defined in the management agreement. Payments of these additional amounts are not guaranteed. Redevelopment and Other Activities: Redevelopment and Other Activities generally include projects that reposition a property or result in new sources of revenue and other non-recurring capital expenditures. Rent Coverage: SVC defines rent coverage as earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, divided by the annual minimum rent due to SVC weighted by the minimum rent of the property to total minimum rents of the net lease portfolio. Tenants with no minimum rent required under the lease are excluded. EBITDAR amounts used to determine rent coverage are generally for the latest twelve-month period, based on the most recent operating information, if any, furnished by the tenant. Operating statements furnished by the tenant often are unaudited and, in certain cases, may not have been prepared in accordance with GAAP and are not independently verified by SVC. In instances where SVC does not have tenant financial information, it calculates an implied coverage ratio for the period based on other tenants with available financial statements operating the same brand or within the same industry. As a result, SVC believes using this implied coverage metric provides a more reasonable estimated representation of recent operating results and the financial condition for those tenants. Retained Hotels: Retained Hotels represents 59 hotels managed by Sonesta, 17 hotels managed by Hyatt Hotels Corporation, seven hotels managed by Radisson Hospitality, Inc. and one hotel managed by InterContinental Hotels Group, plc that SVC will continue to own after the Exit Hotels are sold. Revenue per Available Room: RevPAR represents rooms revenue divided by the total number of room nights available to guests for a given period. RevPAR is an industry metric correlated to occupancy and ADR and helps measure revenue performance over comparable periods. Rolling Four Quarter CAD: Represents CAD for the preceding twelve month period as of the respective quarter end date. SOFR: SOFR is the secured overnight financing rate. Total Gross Assets: Total gross assets is total assets plus accumulated depreciation, including assets of properties held for sale. Weighted Average Lease Term: The average lease term in years weighted on annualized minimum rent.

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38RETURN TO **TABLE OF CONTENTS** This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: SVC's strategic priorities, including expectations regarding reshaping its hotel portfolio and expanding investments in net lease assets; the planned sales of hotels, including the expected timing thereof; SVC's ability to strengthen its balance sheet, reduce leverage and repay its debt maturities; SVC's portfolio optimization initiatives, durable cash flows from its net lease portfolio and effective capitalization driving SVC's expectation to drive long-term value for shareholders; and SVC's acquisition activities. Forward-looking statements reflect management's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SVC's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause SVC's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of Sonesta to successfully operate the hotels it manages for SVC; SVC's ability and the ability of SVC's managers and tenants to operate under unfavorable market and commercial real estate industry conditions due to, among other things, uncertainties surrounding interest rates and inflation, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, effect of or changes to tariffs or trading policies, pandemics, geopolitical instability and tensions, economic downturns or a possible recession, labor market conditions or changes in real estate utilization; SVC's ability to sell properties at prices it targets, and the timing of such sales; SVC's ability to incur additional debt while the ratio of its consolidated income available for debt service to debt service is below the 1.50x requirement under SVC's debt agreements; SVC's ability to repay or refinance its debts as they mature or otherwise become due; SVC's ability to maintain sufficient liquidity, including the availability of borrowings under its revolving credit facility and the VFN; SVC's ability to pay interest on and principal of its debt; the impact of changes in U.S. and foreign government administrative policies, including the imposition of or increases in tariffs and changes to existing trade agreements, on macroeconomic conditions, supply chains and the cost of products SVC's operators use, and on the results of operations of SVC's operators and SVC; whether and the extent to which SVC's managers and tenants will pay the contractual amounts of returns, rents or other obligations due to SVC; competition within the commercial real estate, hotel, transportation and travel center and other industries in which SVC's managers and tenants operate, particularly in those markets in which SVC's properties are located; SVC's ability to make cost-effective improvements to SVC's properties that enhance their appeal to hotel guests and net lease tenants; SVC's ability to pay distributions to its shareholders and to increase or sustain the amount of such distributions; SVC's ability to acquire properties that realize its targeted returns; SVC's ability to identify properties that it wants to acquire or to negotiate acceptable purchase prices, acquisition financing terms, management agreements or lease terms for new properties, or ability to complete acquisitions; SVC's ability to raise or appropriately balance the use of debt or equity capital; potential defaults under SVC's management agreements and leases by its managers and tenants; SVC's ability to increase hotel room rates and rents at its net leased properties as SVC's leases expire in excess of its operating expenses and to grow its business; SVC's ability to increase and maintain hotel room and net lease property occupancy at its properties; SVC's ability to engage and retain qualified managers and tenants for its hotels and net lease properties on satisfactory terms; SVC's ability to diversify its sources of rents and returns that improve the security of its cash flows; SVC's credit ratings; the ability of SVC's manager, RMR, to successfully manage SVC; actual and potential conflicts of interest with SVC's related parties, including its Managing Trustees, Sonesta, RMR and others affiliated with them; SVC's ability to realize benefits from the scale, geographic diversity, strategic locations and variety of service levels of its hotels; limitations imposed by and SVC's ability to satisfy complex rules to maintain its qualification for taxation as a REIT for U.S. federal income tax purposes; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other man-made or natural disasters beyond its control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SVC's periodic filings. 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 important factors that could cause differences from SVC's forward-looking statements in this presentation. SVC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon SVC's 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. Warning Concerning Forward-Looking Statements

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