Service Properties Trust (NasdaqGS:SVC) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsBrian Donley - Treasurer and CFOChris Bilotto - President and CEOJesse Abair - VPKevin Barry - Senior Director of Investor RelationsConference Call ParticipantsJack Armstrong - Director and Senior Equity AnalystJohn Massocca - Senior Research AnalystTyler Batory - Executive Director and Senior AnalystOperatorGood morning, welcome to the Service Properties Trust Fourth Quarter 2025 Earnings Confere ...

Financial Data and Key Metrics Changes - Adjusted EBITDARE for Q4 2025 was $63.6 million, with net income reported at $6.1 million, both meeting or exceeding the top end of the guidance range [7][9] - For the full year 2025, net income was $63.1 million, and Adjusted FFO per share was $1.76, reflecting double-digit growth compared to 2024 [6][9] - Total RevPAR for 2025 increased by 8%, driven by strong food and beverage revenue growth of 13.4% [5][10] Business Line Data and Key Metrics Changes - Same-property RevPAR for Q4 2025 increased by 4.5%, building on a 5.6% growth in Q4 2024 [7][18] - Non-room revenues contributed to a 6.7% increase in same-property Total RevPAR for Q4 2025 [8][24] - Group room revenues increased by 12.8% in 2025 compared to 2024, significantly contributing to overall revenue growth [11][12] Market Data and Key Metrics Changes - Properties in Scottsdale, Denver, Santa Clara, Orlando, San Diego, and Santa Barbara showed substantial increases in Total RevPAR during 2025 [10][19] - Houston market experienced growth in RevPAR and Total RevPAR as market performance improved [8][20] - Weekend business was roughly flat compared to the prior year, with combined RevPAR for Friday and Saturday nights up 1.5% [22] Company Strategy and Development Direction - The company plans to invest between $70 million and $80 million in capital expenditures in 2026, focusing on renovations and enhancements [14][15] - The strategy includes a focus on group business, with expectations of continued strength in this segment due to upcoming large events [16][42] - The company aims to maintain a strong balance sheet while exploring external growth opportunities as market conditions improve [56][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects, citing resilient lodging demand despite economic uncertainties [16][44] - The company anticipates a continued ramp-up in revenues at Grand Hyatt Scottsdale and modest RevPAR growth for the rest of the portfolio [15][16] - The outlook for 2026 includes a projected Adjusted FFO per share increase of 7% over 2025 [35][36] Other Important Information - The company repurchased approximately 9.4 million shares in 2025, representing about 9.2% of outstanding shares at the start of the year [34] - The company has no preferred equity or senior capital, with a strong liquidity position of approximately $575 million [33] Q&A Session Summary Question: Can you provide more context around the RevPAR guide ranges? - Management highlighted that special events and strong group revenue pace are key components of the RevPAR outlook, with visibility on group business being a significant factor [46][48] Question: What are the recent trends in large corporate account growth? - Management noted that while corporate accounts are still below 2019 levels, there has been consistent growth, particularly in Q4, with mid-teens growth in the largest accounts [49][51] Question: Is there more activity in the asset trading market? - Management indicated that there is more product available in the market, and they are open to exploring external growth opportunities as conditions improve [54][56] Question: How is the Nashville market performing and what are the expectations for 2026? - Management acknowledged challenges in Q4 but sees potential for improvement in midweek corporate and group customers, with expectations for better performance in 2026 [64][65] Question: What is the timeline for the Nashville F&B ramp towards stabilization? - Management expects a quick ramp-up for new food and beverage outlets, with stabilization benefits anticipated over the next several years [77][79]

Shares of The InterGroup Corporation (INTG) have gained 0.2% since the company reported its earnings for the quarter ended Dec. 31, 2025. This compares to the S&P 500 index’s 1.1% growth over the same time frame. Over the past month, the stock has declined 4.2% compared with the S&P 500’s 1.1% decline.For the second quarter of fiscal 2026, InterGroup reported net income per share of 71 cents against a net loss of $1.26 per share a year earlier.Total revenues of $17.3 million indicated a 20% rise from $14.4 ...

Core Insights - Studio City International Holdings Limited reported an increase in total operating revenues for Q4 2025, reaching US$160.3 million, up from US$152.9 million in Q4 2024, driven by improved mass market table games performance and higher non-gaming revenues [2][14] - The company generated gross gaming revenues of US$342.7 million in Q4 2025, compared to US$321.8 million in Q4 2024, indicating a positive trend in gaming operations [2] - For the full year 2025, total operating revenues were US$694.6 million, an increase from US$639.1 million in 2024, attributed to better performance in mass market operations [14] Financial Performance - Operating income for Q4 2025 was US$7.8 million, compared to US$3.1 million in Q4 2024, reflecting improved operational efficiency [8] - Adjusted EBITDA for Q4 2025 was US$60.2 million, up from US$56.7 million in Q4 2024, primarily due to higher revenues [8] - The net loss attributable to Studio City for Q4 2025 was US$20.5 million, an improvement from a net loss of US$27.7 million in Q4 2024 [9][16] Gaming Operations - Mass market table games drop was US$931.7 million in Q4 2025, up from US$891.7 million in Q4 2024, with a hold percentage of 33.7% compared to 32.1% in the previous year [3] - Gaming machine handle for Q4 2025 was US$935.8 million, an increase from US$888.9 million in Q4 2024, with a win rate of 3.0% [3] Non-Gaming Revenues - Total non-gaming revenues for Q4 2025 were US$91.3 million, slightly up from US$89.3 million in Q4 2024, indicating stable growth in non-gaming segments [7] Financial Position - As of December 31, 2025, total cash and bank balances were US$109.5 million, down from US$127.8 million a year earlier [12] - Total debt at the end of Q4 2025 was US$2.02 billion, reduced from US$2.16 billion at the end of 2024, primarily due to debt repayment [12] Capital Expenditures - Capital expenditures for Q4 2025 were US$4.2 million, reflecting ongoing investments in the business [13]

We upgrade our view on China's hotel industry from In-Line to Attractive: We see a clear inflection in RevPAR dynamics. After several years of demand recovery being offset by aggressive supply additions, demand and supply growth are now converging, supporting a turn to positive RevPAR and a more durable up-cycle. • RevPAR declined ~9% cumulatively over the past two years and is now recovering at a ~2% pace. All three key drivers of RevPAR are now turning supportive: February 8, 2026 08:05 PM GMT Hong Kong/C ...

Core Insights - Host Hotels reported revenue of $1.33 billion for the quarter ended September 2025, reflecting a year-over-year increase of 0.9% and a surprise of +0.32% over the Zacks Consensus Estimate [1] - Earnings per share (EPS) for the quarter was $0.35, significantly higher than $0.12 in the same quarter last year, resulting in an EPS surprise of +6.06% compared to the consensus estimate of $0.33 [1] Financial Performance Metrics - The number of rooms stood at 41,837, slightly below the average estimate of 42,373 from three analysts [4] - Revenue per available room (RevPAR) was reported at $208.07, exceeding the average estimate of $203.99 [4] - The total number of properties was 76, which is lower than the estimated 78 by two analysts [4] - The average room rate was $299.07, surpassing the average estimate of $293.50 [4] - The average occupancy percentage was 69.6%, slightly below the average estimate of 69.9% [4] - Room revenue reached $826 million, above the average estimate of $807.68 million, marking a year-over-year change of +0.1% [4] - Other revenues totaled $141 million, which was below the average estimate of $148.18 million, but represented a year-over-year increase of +9.3% [4] - Food and beverage revenues were $364 million, slightly below the average estimate of $370.5 million, with a year-over-year change of -0.3% [4] - Diluted earnings per share were reported at $0.23, significantly higher than the average estimate of $0.03 from five analysts [4] Stock Performance - Over the past month, shares of Host Hotels have returned -2.3%, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

CapitaLand China Trust - CapitaLand China Trust (CLCT) reported an 8% YoY decline in gross revenue to RMB416.6 million and an 8.5% YoY decrease in net property income (NPI) to RMB273.5 million [2][3] - The decline is attributed to lower rents, occupancy, and the divestment of CapitaMall Yuhuating [3] - The retail segment has a high occupancy rate of 97.1%, contributing 69.96% of gross rental income, with shopper traffic up 4.5% YoY and tenant sales rising 3.2% [4] - Rental reversion for retail, business parks, and logistics parks declined by 1.5%, 8.9%, and 24.5% respectively [4] - The company has a gearing ratio of 38.8%, down from 42.1%, and a financing cost of 3.36% [5] CDL Hospitality Trusts - CDL Hospitality Trusts reported a 5.6% YoY decline in NPI to S$34.3 million, with Singapore properties down 8.1% YoY [7] - Average daily revenue (ADR) decreased by 9.4% to S$228, while revenue per available room (RevPar) dropped 5.9% to S$201 [7] - UK operations showed strong performance with NPI rising 8.6% YoY to approximately S$4.8 million [8] - The company has a stable gearing ratio of 42.4% and a weighted average cost of debt of 3.4% [9] - Management anticipates stronger performance in 4Q2025 due to F1 and tourism recovery [10] Wilmar International - Wilmar International reported a 7.4% YoY increase in revenue to US$19.1 billion, with core net profit rising 71.6% to US$357.2 million, excluding a one-off US$712 million penalty [11][12] - Sales for food products increased by 6.5% YoY, with strong performance in oil, flour, and rice businesses [12][13] - Operating cash flows surged 70% YoY to US$2.1 billion, reducing net debt to US$16.5 billion and improving net gearing ratio to 0.82 times [14] - Management expects robust operating performance to continue barring adverse geopolitical developments [15] Keppel Limited - Keppel Limited reported a 25% growth in core operating segment earnings for the nine months ended 2025 [16] - Recurring income increased by 15% YoY, supported by higher contributions from asset management [17] - The company raised S$6.7 billion in funds under management, with S$2.4 billion in asset monetization completed [18] - Management aims for continued asset monetization and EBITDA growth in 2025, signaling potential for higher shareholder returns [19]

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the second quarter of 2025, with significant year-over-year growth in revenues, net income, and operational metrics, despite a competitive landscape in the hospitality industry. Financial Performance - Net revenues for Q2 2025 increased by 37.4% year-over-year to RMB2,469 million (US$345 million) from RMB1,797 million in Q2 2024 [8] - Net income for Q2 2025 rose by 39.8% year-over-year to RMB425 million (US$59 million) compared to RMB304 million in Q2 2024 [15] - Adjusted net income (non-GAAP) for Q2 2025 increased by 30.2% year-over-year to RMB427 million (US$60 million) from RMB328 million in Q2 2024 [16] - EBITDA (non-GAAP) for Q2 2025 grew by 45.1% year-over-year to RMB608 million (US$85 million) from RMB419 million in Q2 2024 [17] - Adjusted EBITDA (non-GAAP) for Q2 2025 increased by 37.7% year-over-year to RMB610 million (US$85 million) from RMB443 million in Q2 2024 [17] Operational Highlights - As of June 30, 2025, Atour operated 1,824 hotels with a total of 204,784 hotel rooms, reflecting year-over-year increases of 29.2% in the number of hotels and 26.7% in hotel rooms [2] - The average daily room rate (ADR) for Q2 2025 was RMB433, a slight decrease from RMB441 in Q2 2024 [3] - The occupancy rate for Q2 2025 was 76.4%, down from 78.4% in Q2 2024 [3] - Revenue per available room (RevPAR) was RMB343 for Q2 2025, compared to RMB359 in Q2 2024 [6] Business Segments - Revenues from manachised hotels for Q2 2025 increased by 26.5% to RMB1,299 million (US$181 million) from RMB1,027 million in Q2 2024, driven by ongoing hotel network expansion [10] - Revenues from retail for Q2 2025 surged by 79.8% to RMB965 million (US$135 million) from RMB537 million in Q2 2024, attributed to growing brand recognition and effective product innovation [12] - Revenues from leased hotels decreased by 17.0% to RMB150 million (US$21 million) in Q2 2025, primarily due to a reduction in the number of leased hotels [12] Cash Flow and Debt - Operating cash inflow for Q2 2025 was RMB767 million (US$107 million) [18] - As of June 30, 2025, the company had total outstanding borrowings of RMB67 million (US$9 million) [19] Outlook - For the full year of 2025, the company expects total net revenues to increase by 30% compared to full-year 2024 [20]

Hotel Industry Trends - Airbnb的兴起和酒店入住率的停滞，促使运营商寻求最具盈利性的设计方案[1] - 精选服务酒店（提供精简设施）在利润方面超过了全方位服务酒店[1] - 万豪的中端品牌Moxy的客房面积略大于美国普通客房的一半，但收入却高出20%[1][2] Space Optimization Strategies - 酒店通过取消壁橱（通常占用约7平方英尺的空间）来节省空间[2] - 用共享洗衣空间代替熨斗和熨衣板[2] - 用可折叠的桌子和椅子代替通常占用约8平方英尺的大型固定桌子和椅子[3] - 取消迷你吧，节省2.5%英尺的空间[3] - 通过优化设计，酒店可以节省超过70平方英尺的空间，并减少大量昂贵的设施[4] Enhancing Guest Experience and Revenue - 增加浴室空间可以提高客人的满意度[4] - 酒店应更加重视扩大能够提高评分和利润的公共区域[5] - 酒吧因其低人员配置要求和高市场价格，可以成为重要的收入来源[6] Investment and Operational Considerations - 酒店设计只能在吸引客人方面发挥一定作用，最终的体验取决于管理公司和运营商提供的服务[7] - 确定博物馆、画廊、体育场、交通枢纽和企业等需求驱动因素，有助于确定酒店的投资额度以及资金的使用方向[6][7]

Company Overview - As of June 30, 2025, the company owns 94 properties with 20,982 hotel rooms[3] - The company's market capitalization is $1.1 billion, with a total enterprise value (TEV) of $3.3 billion and total capitalization of $3.7 billion[3] - The share price is $7.28 with 151.2 million total shares and units outstanding[3] - The company has $0.3 billion in preferred equity and $1.9 billion in net debt outstanding[3] Debt Maturity - 31% of the company's debt, amounting to $181 million, is maturing in 2025[6] - 10% of the company's debt, amounting to $25 million, is maturing in 2026[6] - 46% of the company's debt, amounting to $225 million, is maturing in 2027[6] - Total debt outstanding is $2.2 billion[6] Financial Performance (Q2 2025) - Total revenue for comparable hotels is $363.085 million[8] - Comparable Hotel EBITDA is $113.023 million with a 31.1% margin[8] - Occupancy is 75.5% with an Average Daily Rate (ADR) of $205.27 and Room Revenue per Available Room (RevPAR) of $155.08[8] Financial Performance (Q2 2025 TTM) - Comparable Hotel EBITDA is $389.3 million[10, 15] - Net income is $58.0 million[15] - EBITDA is $340.7 million[15] - Adjusted EBITDA is $354.7 million[15]