Service Properties Trust is a real estate investment trust formed in 1995 under the laws of the State of Maryland. The company owns a diversified portfolio of service‑focused retail net lease properties and hotels located throughout the United States and in select international markets. As of December 31 2025 it held 760 net lease properties totaling 13 601 902 square feet across 42 states and 94 hotels with 21 243 rooms or suites situated in 31 states the District of Columbia Ontario Canada and San Juan Puerto Rico. Its principal place of business is Two Newton Place 255 Washington Street Suite 300 Newton Massachusetts 02458 1634. Service Properties Trust seeks to maintain a geographically diverse real estate portfolio and to grow rental income through active lease renewal discussions asset recycling and hotel performance improvement initiatives.

Service Properties Trust generates revenue primarily from rental payments under triple net leases and from hotel management agreements. In the net lease portfolio tenants pay fixed annual rents on a monthly quarterly or semi annual basis and are generally responsible for property operating expenses and capital expenditures. The company also collects percentage rent based on gross property revenue thresholds and benefits from rent escalations tied to fixed amounts or changes in the consumer price index. For its hotel properties Service Properties Trust leases the assets to its taxable REIT subsidiaries which then engage third party operators under management contracts that provide base fees ranging from three to five percent of gross hotel revenues and incentive fees tied to earnings before interest taxes depreciation and amortization exceeding specified thresholds. The company funds capital expenditures at the hotels as required by the management agreements and may receive termination fees under certain circumstances.

The company operates through the following segments: net lease investments and hotel investments.

• The net lease investments segment comprises 760 service‑focused retail net lease properties with an aggregate of 13 601 902 square feet. As of December 31 2025 the portfolio was occupied by 181 tenants operating under 140 brands across 21 distinct industries. Major tenant groups include travel centers quick service restaurants health and fitness centers casual dining restaurants grocery stores medical and dental offices automotive parts and services and other service‑focused necessity based businesses. Notable individual tenants are TravelCenters of America Inc. with 131 properties Petro Stopping Centers with 44 properties Life Time Fitness with three properties and Buehler s Fresh Foods with five properties. The weighted average lease term by annual minimum rent is 7 4 years and leases are typically structured as triple net agreements where tenants cover operating costs and capital expenditures.

• The hotel investments segment consists of 94 hotels containing 21 243 rooms or suites. These properties are located in urban or high density suburban settings near demand generators such as airports medical facilities educational institutions and tourist attractions. The hotels operate under a range of brands and service levels including Sonesta Hotels & Resorts Sonesta ES Suites Sonesta Simply Suites Sonesta Select Hyatt Place Radisson Hotels & Resorts Crowne Plaza and Country Inn & Suites. Management is provided by subsidiaries of Sonesta Hyatt Hotels Corporation Radisson Hospitality Inc and InterContinental Hotels Group plc. The hotel portfolio represents a significant portion of the company s total investment with historical cost plus capital improvements amounting to approximately $4 8 billion as of the reporting date.

Service Properties Trust holds a competitive position within the net lease and hotel industries through a diversified tenant base long lease durations and active asset management practices. In the net lease sector the company competes with other owners of retail net lease properties many of which focus on similar necessity based industries. Its large concentration of travel center properties places it in a market where the primary competitors for tenant demand are Pilot Flying J Inc and Love s Travel Stops & Country Stores. The company s ability to secure long term leases with creditworthy tenants and to recycle capital through dispositions and acquisitions provides a relative advantage. In the hotel sector the firm faces competition from major lodging chains independent operators and alternative accommodation providers such as home sharing services and timeshares. Its strategy of partnering with experienced operators like Sonesta and Hyatt and of maintaining strict performance based management agreements helps to protect occupancy and income levels. The company s internal growth initiatives including early lease renewals and capital investment planning further strengthen its market stance.

Service Properties Trust serves a broad range of customers across its two operating segments. In the net lease portfolio the tenants are businesses that provide essential services to consumers and include travel centers such as TravelCenters of America Inc and Petro Stopping Centers quick service restaurant chains like Pizza Hut Burger King Popeye s and Hardee s health and fitness operators such as Life Time Fitness and Courthouse Athletic Club grocery stores including Buehler s Fresh Foods and United Supermarkets medical and dental providers exemplified by Heartland Dental and automotive service firms like Express Oil Change and America s Auto Auction. The hotel segment customers are the guests who stay at the properties and the third party operators who manage the hotels on behalf of the company s taxable REIT subsidiaries. Key operators include Sonesta Hyatt Radisson and IHG affiliates. The end users of the hotel rooms are travelers seeking lodging near urban centers airports medical schools and tourist destinations.