Service Properties Trust

Location ofProperties · Number of Properties · Undepreciated Carrying Value · Depreciated Carrying Value · Number of Properties · Undepreciated Carrying Value · Depreciated Carrying Value · Total Number of Properties · Total Undepreciated Carrying Value · Total Depreciated Carrying Value

Held and Used:

United States:

Alabama · 33 · 103,595 · 74,208 · — · — · — · 33 · 103,595 · 74,208

Alaska · 1 · 4,209 · 2,124 · — · — · — · 1 · 4,209 · 2,124

Arizona · 25 · 178,282 · 124,943 · 4 · 78,836 · 54,741 · 29 · 257,118 · 179,684

Arkansas · 21 · 89,090 · 62,327 · — · — · — · 21 · 89,090 · 62,327

California · 22 · 206,531 · 163,450 · 19 · 783,908 · 524,851 · 41 · 990,439 · 688,301

Colorado · 9 · 89,154 · 69,604 · 2 · 113,626 · 81,193 · 11 · 202,780 · 150,797

Connecticut · 3 · 16,774 · 8,645 · — · — · — · 3 · 16,774 · 8,645

Delaware · — · — · — · — · — · — · — · — · —

Florida · 48 · 196,608 · 148,510 · 7 · 404,134 · 324,265 · 55 · 600,742 · 472,775

Georgia · 70 · 201,010 · 146,591 · 6 · 249,492 · 173,735 · 76 · 450,502 · 320,326

Hawaii · — · — · — · 1 · 126,098 · 62,589 · 1 · 126,098 · 62,589

Idaho · 2 · 16,585 · 12,442 · — · — · — · 2 · 16,585 · 12,442

Illinois · 54 · 216,082 · 159,878 · 4 · 303,173 · 222,983 · 58 · 519,255 · 382,861

Indiana · 40 · 177,162 · 125,089 · 1 · 16,825 · 11,053 · 41 · 193,987 · 136,142

Iowa · 7 · 21,388 · 16,352 · — · — · — · 7 · 21,388 · 16,352

Kansas · 5 · 34,301 · 26,943 · 1 · 16,547 · 10,435 · 6 · 50,848 · 37,378

Kentucky · 13 · 54,193 · 36,208 · — · — · — · 13 · 54,193 · 36,208

Louisiana · 12 · 88,160 · 59,155 · 1 · 194,484 · 136,690 · 13 · 282,644 · 195,845

Maryland · 8 · 49,447 · 31,857 · 1 · 57,763 · 35,697 · 9 · 107,210 · 67,554

Massachusetts · — · — · — · 2 · 179,411 · 132,315 · 2 · 179,411 · 132,315

Michigan · 51 · 95,372 · 61,569 · 1 · 15,473 · 10,101 · 52 · 110,845 · 71,670

Minnesota · 10 · 62,990 · 46,361 · 1 · 77,486 · 63,248 · 11 · 140,476 · 109,609

Mississippi · 9 · 29,072 · 21,065 · — · — · — · 9 · 29,072 · 21,065

Missouri · 24 · 87,088 · 57,432 · 1 · 117,240 · 89,153 · 25 · 204,328 · 146,585

Nebraska · 5 · 23,277 · 12,428 · — · — · — · 5 · 23,277 · 12,428

Nevada · 6 · 137,591 · 94,274 · 1 · 30,495 · 19,707 · 7 · 168,086 · 113,981

New Hampshire · 1 · 4,772 · 2,725 · — · — · — · 1 · 4,772 · 2,725

New Jersey · 3 · 72,074 · 47,758 · 2 · 52,690 · 31,454 · 5 · 124,764 · 79,212

New Mexico · 17 · 94,610 · 57,968 · — · — · — · 17 · 94,610 · 57,968

New York · 8 · 42,095 · 24,880 · 1 · 91,768 · 62,612 · 9 · 133,863 · 87,492

North Carolina · 15 · 49,948 · 35,811 · 2 · 64,792 · 48,736 · 17 · 114,740 · 84,547

North Dakota · 1 · 3,476 · 2,487 · — · — · — · 1 · 3,476 · 2,487

Ohio · 38 · 228,158 · 155,737 · 2 · 92,113 · 66,698 · 40 · 320,271 · 222,435

Oklahoma · 12 · 65,001 · 49,596 · — · — · — · 12 · 65,001 · 49,596

Oregon · 7 · 71,052 · 56,746 · 1 · 110,850 · 84,625 · 8 · 181,902 · 141,371

Pennsylvania · 27 · 138,938 · 94,553 · 1 · 68,783 · 38,825 · 28 · 207,721 · 133,378

Rhode Island · — · — · — · 1 · 15,918 · 5,687 · 1 · 15,918 · 5,687

South Carolina · 16 · 82,156 · 56,935 · 1 · 77,335 · 54,807 · 17 · 159,491 · 111,742

Tennessee · 35 · 104,786 · 74,664 · 3 · 98,019 · 37,902 · 38 · 202,805 · 112,566

Texas · 57 · 354,396 · 245,600 · 5 · 144,178 · 83,297 · 62 · 498,574 · 328,897

Utah · 3 · 12,122 · 7,116 · 1 · 68,346 · 32,025 · 4 · 80,468 · 39,141

Virginia · 18 · 67,416 · 46,823 · 4 · 74,784 · 40,067 · 22 · 142,200 · 86,890

Washington · 4 · 19,740 · 15,446 · 3 · 132,508 · 91,748 · 7 · 152,248 · 107,194

West Virginia · 5 · 12,778 · 8,734 · — · — · — · 5 · 12,778 · 8,734

Wisconsin · 8 · 15,960 · 11,906 · — · — · — · 8 · 15,960 · 11,906

Wyoming · 6 · 53,183 · 31,033 · — · — · — · 6 · 53,183 · 31,033

759 · 3,670,622 · 2,587,973 · 80 · 3,857,075 · 2,631,239 · 839 · 7,527,697 · 5,219,212

Washington, DC · — · — · — · 1 · 152,617 · 130,488 · 1 · 152,617 · 130,488

Ontario, Canada · — · — · — · 2 · 57,867 · 30,707 · 2 · 57,867 · 30,707

Puerto Rico · — · — · — · 1 · 210,851 · 125,659 · 1 · 210,851 · 125,659

— · — · — · 4 · 421,335 · 286,854 · 4 · 421,335 · 286,854

Total · 759 · 3,670,622 · 2,587,973 · 84 · 4,278,410 · 2,918,093 · 843 · 7,949,032 · 5,506,066

Net Lease · Hotels · All Properties

Location ofProperties · Number of Properties · Undepreciated Carrying Value · Depreciated Carrying Value · Number of Properties · Undepreciated Carrying Value · Depreciated Carrying Value · Total Number of Properties · Total Undepreciated Carrying Value · Total Depreciated Carrying Value

Held For Sale:

Arizona · — · — · — · 1 · 13,322 · 3,677 · 1 · 13,322 · 3,677

Delaware · — · — · — · 1 · 15,064 · 11,660 · 1 · 15,064 · 11,660

Georgia · — · — · — · 1 · 8,256 · 4,906 · 1 · 8,256 · 4,906

Massachusetts · — · — · — · 2 · 39,104 · 22,896 · 2 · 39,104 · 22,896

Michigan · — · — · — · 1 · 14,383 · 7,607 · 1 · 14,383 · 7,607

New Jersey · — · — · — · 2 · 34,935 · 16,771 · 2 · 34,935 · 16,771

Ohio · — · — · — · 1 · 16,906 · 14,076 · 1 · 16,906 · 14,076

Tennessee · 1 · 1,067 · 573 · — · — · — · 1 · 1,067 · 573

West Virginia · — · — · — · 1 · 10,714 · 5,026 · 1 · 10,714 · 5,026

Total · 1 · 1,067 · 573 · 10 · 152,684 · 86,619 · 11 · 153,751 · 87,192

760 · 3,671,689 · 2,588,546 · 94 · 4,431,094 · 3,004,712 · 854 · 8,102,783 · 5,593,258

• HPT TRS MRP, Inc. Maryland³
• HPT TRS SPES II, Inc. Maryland³
• HPT TRS WYN, Inc. Maryland³
• HPT Wacker Drive TRS LLC Maryland³
• HPTCY Properties Trust Maryland³
• HPTMI Hawaii, Inc. Delaware³
• HPTMI Properties Trust Maryland³
• HPTWN Properties Trust Maryland³
• Harbor Court Associates, LLC Maryland³
• Highway Ventures Borrower LLC Delaware³
• Highway Ventures LLC Delaware³
• Highway Ventures Properties LLC Maryland³
• Highway Ventures Properties Trust Maryland³
• Royal Sonesta, Inc. Louisiana³
• SVC 2026 ABS LLC Delaware³
• SVC 2026 TA ABS LLC Delaware³
• SVC ABS Holding LLC Delaware³
• SVC ABS LLC Delaware³
• SVC ABS WH Holding LLC Delaware³
• SVC ABS WH LLC Delaware³
• SVC Gatehall Drive TRS LLC Maryland³
• SVC HYB Lease Holdings Trust Maryland³
• SVC HYB Lease Pool 3 LLC Maryland³
• SVC HYB Lease Pool 4 LLC Maryland³
• SVC Higgins Road TRS LLC Maryland³
• SVC Holdings LLC Maryland³
• SVC Jersey City TRS LLC Maryland³
• SVC Mannheim Road TRS LLC Maryland³
• SVC Minneapolis TRS LLC Maryland³
• SVC Morris Plains TRS LLC Maryland³
• SVC NJ TRS LLC Maryland³
• SVC Nanuet TRS LLC Maryland³
• SVC Randolph Street TRS LLC Maryland³
• SVC Redondo Beach TRS LLC Maryland³
• SVC San Juan TRS LLC Puerto Rico³
• SVC Walton Place TRS LLC Maryland³
• SVC ZB AL LLC Maryland³
• SVC ZB NE LLC Maryland³
• SVC ZB Properties LLC Maryland³
• SVCN 1 LLC Delaware³
• SVCN 2 LLC Delaware³
• SVCN 3 LLC Delaware³
• SVCN 4 LLC Delaware³
• SVCN 5 LLC Delaware³

• We may be unable to fund capital improvements at our properties and our investments may cost more, take longer to complete than expected or not result in improved financial performance.
• Our assessment that certain necessity-based service industries are more e-commerce resistant than many others may prove to be incorrect, and changes in macroeconomic trends may adversely affect our net lease tenants, either of which could impair our tenants’ ability to make rental payments to us and materially and adversely affect us.
• We may be unable to grow our business by acquiring additional properties, and we might encounter unanticipated difficulties and expenditures relating to our acquired properties.
• We are limited in our ability to operate our properties and are thus dependent on our operators.
• REIT distribution requirements and limitations on our ability to access capital at reasonable costs or at all may adversely impact our ability to carry out our business plan.
• We face significant competition.
• Many of our tenants do not have credit ratings.
• We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.
• Vacancies in a property could result in significant capital expenditures and illiquidity and reduce the value of the property.
• Some of our net lease tenants operate the properties they lease from us under franchise or license agreements, which, if terminated or not renewed prior to the expiration of their leases with us, would likely impair their ability to pay us rent.
• Ownership of real estate is subject to environmental risks and liabilities.
• We are subject to risks associated with our hotel managers’ employment of personnel.
• Bankruptcy law may adversely impact us.
• Insurance may not adequately cover our losses, and insurance costs may increase.
• We are subject to risks from adverse weather, natural disasters and adverse impacts from global climate change, and we incur significant costs and invest significant amounts with respect to these matters.
• RMR and our hotel managers rely on information technology and systems in providing services to us, and any material failure, inadequacy, interruption or security breach of that technology or those systems could materially harm us.
• RMR incorporates artificial intelligence into some of its business workflows and processes, and challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and increased regulatory costs and could adversely affect our results of operations.
• Sustainability initiatives, requirements and market expectations may impose additional costs and expose us to new risks.
• Market and government actions in response to concerns about global climate change and supply chain challenges may negatively impact our business.
• Risks Related to Our Relationships with RMR and Sonesta
• We are dependent upon RMR to manage our business and implement our growth strategy.
• RMR has broad discretion in operating our day to day business.
• Our management structure and agreements and relationships with RMR and RMR’s and its controlling shareholder’s relationships with others may create conflicts of interest, or the perception of such conflicts, and may restrict our investment activities.
• Our management agreements with RMR were not negotiated on an arm’s length basis and their fee and expense structure may not create proper incentives for RMR, which may increase the risk of an investment in our common shares.
• The termination of our management agreements with RMR may require us to pay a substantial termination fee, including in the case of a termination for unsatisfactory performance, which may limit our ability to end our relationship with RMR.
• Our management arrangements with RMR may discourage a change of control of us.
• Our business dealings with Sonesta comprise a significant part of our lodging portfolio and they may create conflicts of interest or the perception of such conflicts of interest.
• We may not realize the benefits we expect from our investment in Sonesta.
• We are party to transactions with related parties that may increase the risk of allegations of conflicts of interest.
• We may be at an increased risk for dissident shareholder activities due to perceived conflicts of interest arising from our management structure and relationships.
• Risks Related to Our Organization and Structure
• We may change our operational, financing and investment policies without shareholder approval and we may become more highly leveraged, which may increase our risk of default under our debt obligations.
• Ownership limitations and certain provisions in our declaration of trust, bylaws and agreements, as well as certain provisions of Maryland law, may deter, delay or prevent a change in our control or unsolicited acquisition proposals.
• Certain aspects of our business may prevent shareholders from accumulating a large stake in us, from nominating or serving as our Trustees, or from taking actions to otherwise control our business.
• Our rights and the rights of our shareholders to take action against our Trustees and officers are limited.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our Trustees, officers, managers or other agents.
• Disputes with RMR may be referred to mandatory arbitration proceedings, which follow different procedures than in-court litigation and may be more restrictive to those asserting claims than in-court litigation.
• Risks Related to Our Taxation
• Our failure to remain qualified for taxation as a REIT under the IRC or the loss of our other special tax statuses could have significant adverse consequences.
• Distributions to shareholders generally will not qualify for reduced tax rates applicable to “qualified dividends.”
• REIT distribution requirements could adversely affect us and our shareholders.
• Even if we remain qualified for taxation as a REIT under the IRC, we may face other tax liabilities that reduce our cash flow.
• If arrangements involving our TRSs fail to comply as intended with the REIT qualification and taxation rules, we may fail to qualify for taxation as a REIT under the IRC or be subject to significant penalty taxes.
• Legislative or other actions affecting REITs could materially and adversely affect us and our shareholders.
• Risks Related to Our Securities
• Our quarterly cash distribution rate on our common shares is currently $0.01 per common share and future distributions may remain at this level for an indefinite period or be eliminated and the form of payment could change.
• The Notes and the Guarantees are structurally subordinated to the payment of all indebtedness and other liabilities of our subsidiaries that do not guarantee the 2027 Secured Notes, the 2027 Unsecured Notes, the 2029 Notes, the 2031 Notes and the 2032 Notes.
• The Notes and the Guarantees, other than the 2027 Secured Notes and the 2031 Notes and the related Guarantees, are unsecured and effectively subordinated to all of our and the subsidiary guarantors’ existing and future secured debt to the extent of the value of the assets securing such indebtedness.
• Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of notes to return payments received from guarantors.
• There is no public market for the Notes, and one may not develop, be maintained or be liquid.
• Downgrades in our credit ratings could materially adversely affect the market price of the Notes and may increase our cost of capital.
• Some or all of the Guarantees may be released automatically.
• Failure of our subsidiaries to make required payments on borrowings secured by a significant portion of our assets could materially and adversely affect us.