服务属性信托2025年季度报告

INDEX PARTI.FinancialInformationItem 1.Financial Statements (unaudited) Condensed Consolidated Balance Sheets — March 31, 2025 and December 31, 20243Condensed Consolidated Statements of Comprehensive Income(Loss) — Three Months Ended March 31, 2025 and 20244 References in this Quarterly Report on Form 10-Q to the Company, SVC, we, us or our include Service Properties Trust and its consolidatedsubsidiaries unless otherwise expressly stated or the context indicates otherwise. SERVICE PROPERTIES TRUSTCONDENSED CONSOLIDATED BALANCE SHEETS Supplemental cash flow information: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to theamounts shown in the condensed consolidated statements of cash flows: (1)Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at ourhotels and amounts escrowed as required by certain of our debt agreements. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. SERVICE PROPERTIES TRUSTNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(dollars in thousands, except per share amounts) Note 1. Organization and Basis of Presentation Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State ofMaryland, which invests in hotels and service-focused retail net lease properties. At March31, 2025, we owned, directly and through our subsidiaries, Basis of Presentation The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S.generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosuresmade are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statementsshould be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year endedDecember31, 2024, or our 2024 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considerednecessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts.Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under theConsolidation Topic of the Financial Accounting Standards Board, or FASB,Accounting Standards Codification, or ASC.We have concluded thatwe must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact™ such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIEand are, therefore, the primary beneficiary of each VIE.The assets of our TRSs were $157,084and $144,079as of March31, 2025 and December31,2024, respectively, and consist primarily of our TRSs’ investment in Sonesta International Hotels Corporation’s, or, collectively with its parent andsubsidiaries, Sonesta’s, common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of ourTRSs were $94,169and $78,749as of March31, 2025 and December31, 2024, respectively, and consist primarily of amounts payable to certain of Note 2. Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update, or ASU, No. 2023-09,Income Taxes (Topic 740): Improvements to IncomeTax Disclosures, or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistentcategories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No.2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial In November 2024, the FASB issued ASU 2024-03,Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures(Subtopic 220-40): Disaggregation of Income Statement Expenses,or ASU 2024-03, which requires public entities to disclose specific expensecategories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in thenotes to financial statements for both interim and a