Service Properties Trust Completes the Sale of 123 Net Lease Properties for $435 Million
Service Properties Trust - Shares of Beneficial Interest (SVC)
Last service properties trust - shares of beneficial interest earnings: 2/28 07:00 am
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Source: Business Wire
Reaches Target of $500 Million of Net Lease Asset Sales NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC) today announced it has completed the sale of 123 net lease properties with approximately 2.4 million square feet in 26 states with leases requiring an aggregate of $34.1 million of annual minimum rents for $435 million, excluding closing costs. The sale is part of SVC’s previously announced disposition plan to sell up to $500 million of net lease assets in connection with its acquisition of a net lease portfolio of service-oriented retail properties from Spirit MTA REIT (NYSE: SMTA).“The disposition of this net lease portfolio represents a pivotal step in executing on the company’s strategy to sell certain non-core assets acquired as part of the SMTA transaction,” said John Murray, Service Properties Trust’s President and Chief Executive Officer. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our
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SVC
Earnings
- 5/7/24 - Miss
SVC
Sec Filings
- 5/7/24 - Form 10-Q
- 5/7/24 - Form 8-K
- 4/4/24 - Form POSASR
- SVC's page on the SEC website