Service Properties Trust Completes Transaction with BP in Connection with BP’s Acquisition of TravelCenters of America Inc.
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
SVC Received $379.3 Million in CashMinimum Annual Cash Rents for 176 Travel Centers Set at $254 Million with 2% Annual IncreasesAmended Leases Guaranteed by BP Corporation North America Inc. (A3 / A- Ratings) NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC) announced today that BP p.l.c. (NYSE: BP) completed its acquisition of TravelCenters of America Inc. on May 15, 2023, and the previously announced amended lease terms between SVC and BP are now in effect. SVC received $379.3 million in cash as part of the transaction, including $188.0 million in prepaid rent from BP, $101.9 million in merger consideration for the 7.8% of the outstanding TA shares owned by SVC, and $89.4 million for certain tradenames and trademarks associated with TA’s business previously owned by SVC.Annual minimum cash rents under the amended leases are $254.0 million, with annual 2% increases throughout the initial 10-year term and the five 10-year extension options. BP will receive mont
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SVC
News
- Service Properties Trust Announces Quarterly Dividend on Common SharesBusiness Wire
- Service Properties Trust First Quarter 2024 Conference Call Scheduled for Wednesday, May 8thBusiness Wire
- Service Properties Trust: Hidden Value In Sonesta [Seeking Alpha]Seeking Alpha
- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at Wells Fargo & Company from $7.50 to $5.75. They now have an "underweight" rating on the stock.MarketBeat
- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at B. Riley from $12.00 to $10.00. They now have a "buy" rating on the stock.MarketBeat
SVC
Earnings
- 2/28/24 - Miss
SVC
Sec Filings
- 4/4/24 - Form POSASR
- 4/3/24 - Form DEFA14A
- 4/3/24 - Form DEF
- SVC's page on the SEC website