EX-99.2 3 svc_123124xexhibitx992.htm EX-99.2
Service Properties Trust Fourth Quarter 2024 Financial Results and Supplemental Information February 26, 2025 Exhibit 99.2Sonesta Fort Lauderdale Beach Fort Lauderdale, FL

2 Table of Contents QUARTERLY RESULTS Service Properties Trust Announces Fourth Quarter 2024 Financial Results .............................................................................................................................................. 4 Fourth Quarter 2024 Highlights ........................................................................................................................................................................................................................... 5 FINANCIALS Key Financial Data .................................................................................................................................................................................................................................................. 7 Consolidated Statements of Income (Loss) ....................................................................................................................................................................................................... 8 Consolidated Balance Sheets ............................................................................................................................................................................................................................... 9 Debt Summary ......................................................................................................................................................................................................................................................... 10 Debt Maturity Schedule ......................................................................................................................................................................................................................................... 11 Leverage Ratios, Coverage Ratios and Debt Covenants ................................................................................................................................................................................ 12 Capital Expenditures Summary ............................................................................................................................................................................................................................ 13 Property Acquisitions and Dispositions .............................................................................................................................................................................................................. 14 PORTFOLIO INFORMATION Portfolio Summary .................................................................................................................................................................................................................................................. 16 Consolidated Portfolio Diversification by Industry ........................................................................................................................................................................................... 17 Consolidated Portfolio by Geographical Diversification ................................................................................................................................................................................ 18 Hotel Portfolio by Brand ........................................................................................................................................................................................................................................ 19 Hotel Operating Statistics by Service Level - Comparable Hotels (Fourth Quarter) - Three Months Ended December 31, 2024 ................................................... 20 Hotel Operating Statistics by Service Level - Comparable Hotels (Full Year) - Year Ended December 31, 2024 ............................................................................... 21 Hotel Operating Statistics by Service Level - All Hotels (Fourth Quarter) - Three Months Ended December 31, 2024 ..................................................................... 22 Hotel Operating Statistics by Service Level - All Hotels (Full Year) - Year Ended December 31, 2024 ................................................................................................. 23 Net Lease Portfolio by Brand ................................................................................................................................................................................................................................ 24 Net Lease Portfolio by Industry ............................................................................................................................................................................................................................ 25 Net Lease Portfolio by Tenant (Top 10) .............................................................................................................................................................................................................. 26 Net Lease Portfolio - Expiration Schedule ......................................................................................................................................................................................................... 27 Net Lease Portfolio - Occupancy Summary ....................................................................................................................................................................................................... 28 APPENDIX Company Profile and Research Coverage ......................................................................................................................................................................................................... 30 Governance Information ....................................................................................................................................................................................................................................... 31 Calculation of FFO, Normalized FFO and CAD ................................................................................................................................................................................................ 32 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre ............................................................................................................................................................................ 33 Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels ...................................................................................................................... 34 Notes to Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA ................................................................................................................................................................................................................................................................. 35 Non-GAAP Financial Measures and Certain Definitions ................................................................................................................................................................................. 36 WARNING CONCERNING FORWARD-LOOKING STATEMENTS .............................................................................................................................................................................................. 39 SVC Nasdaq Listed Trading Symbols: Common Shares: SVC Investor Relations Contact: Kevin Barry, Senior Director (617) 796-8232 kbarry@svcreit.com ir@svcreit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 www.svcreit.com All amounts in this presentation are unaudited. Additional information and reconciliations of Non-GAAP Financial Measures to amounts determined in accordance with U.S. GAAP appear in the Appendix to this presentation. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this presentation.

3RETURN TO TABLE OF CONTENTS Quarterly Results

4RETURN TO TABLE OF CONTENTS Newton, MA (February 26, 2025): Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2024. Distribution: SVC declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on January 27, 2025. This distribution was paid on February 20, 2025. Conference Call: A conference call to discuss SVC’s fourth quarter results will be held on Thursday, February 27, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720 or (412) 317-5434 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (877) 344-7529; the replay pass code is 9827014. A live audio webcast of the conference call will also be available in a listen only mode on SVC’s website, at www.svcreit.com. The archived webcast will be available for replay on SVC’s website after the call. The transcription, recording and retransmission in any way of SVC’s fourth quarter conference call are strictly prohibited without the prior written consent of SVC. About Service Properties Trust: SVC is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 2024, SVC owned 206 hotels with over 35,000 guest rooms throughout the United States and in Puerto Rico and Canada. As of December 31, 2024, SVC also owned 742 service-focused retail net lease properties with over 13.2 million square feet throughout the United States. SVC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $40 billion in assets under management as of December 31, 2024, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit www.svcreit.com. Service Properties Trust Announces Fourth Quarter 2024 Financial Results “During the fourth quarter both top line and bottom line hotel results came in at the high end of our guidance range. Despite revenue displacement from renovation activity, comparable hotel RevPar grew 4.2% year over year, outpacing the industry and marking our strongest performance in the past seven quarters. Additionally, we completed the sale of eight hotels for nearly $50 million. As we enter 2025, our focus remains on strengthening our balance sheet through asset sales and reinvesting in our hotels with the highest opportunity for upside. We currently have five hotels under agreement to be sold for an aggregate of $28.5 million and we are advancing marketing efforts to sell 115 hotels. We are confident that the optimization of our hotel portfolio, stable cash flows from our triple net lease assets and effective capital management will be significant drivers of long-term value creation.” Todd Hargreaves President and Chief Investment Officer

5RETURN TO TABLE OF CONTENTS Fourth Quarter 2024 Highlights Financial Results • Net loss of $76.4 million, or $0.46 per common share. • Normalized FFO of $28.6 million, or $0.17 per common share. • Adjusted EBITDAre of $130.6 million. Portfolio Update • Hotel RevPAR of $84.13. • Adjusted Hotel EBITDA of $42.8 million. • Net Lease occupancy of 97.6% as of December 31, 2024. • Net Lease rent coverage of 2.10x. Investment Activity • Invested $85.7 million in CapEx during the quarter. • Sold eight hotels with an aggregate of 1,004 keys for an aggregate sales price of $49.1 million, excluding closing costs, and three vacant net lease properties with an aggregate of 9,992 square feet for an aggregate sales price of $2.0 million, excluding closing costs. • Since January 1, 2025, sold one hotel with 149 keys for a sales price of $4.0 million, excluding closing costs, and two net lease properties with an aggregate of 49,081 square feet for an aggregate sales price of $1.3 million, excluding closing costs. • Entered into agreements to sell five hotels with an aggregate of 623 keys for an aggregate sales price of $28.5 million, excluding closing costs, and two net lease properties with an aggregate of 155,559 square feet for an aggregate sales price of $5.8 million, excluding closing costs. • Marketing process to sell 115 hotels with an aggregate of 15,420 keys is underway.

6RETURN TO TABLE OF CONTENTS Financials

7RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Selected Income Statement Data: Total revenues $ 456,559 $ 491,171 $ 512,948 $ 436,250 $ 444,050 Net loss $ (76,392) $ (46,901) $ (73,850) $ (78,383) $ (43,323) FFO $ 18,946 $ 52,736 $ 57,764 $ 21,204 $ 51,316 Normalized FFO $ 28,617 $ 52,869 $ 73,810 $ 21,206 $ 50,036 CAD $ (55,839) $ (37,510) $ 3,444 $ (50,710) $ (63,281) Rolling four quarter CAD $ (140,615) $ (148,057) $ (95,378) $ (20,702) $ 23,550 Adjusted EBITDAre $ 130,649 $ 154,992 $ 171,524 $ 115,548 $ 141,154 Per Common Share Data (basic and diluted): Net loss $ (0.46) $ (0.28) $ (0.45) $ (0.48) $ (0.26) FFO $ 0.11 $ 0.32 $ 0.35 $ 0.13 $ 0.31 Normalized FFO $ 0.17 $ 0.32 $ 0.45 $ 0.13 $ 0.30 CAD $ (0.34) $ (0.23) $ 0.02 $ (0.31) $ (0.38) Rolling four quarter CAD $ (0.85) $ (0.90) $ (0.58) $ (0.13) $ 0.14 Dividend Data: Annualized dividends paid per share during the period $ 0.04 $ 0.80 $ 0.80 $ 0.80 $ 0.80 Annualized dividend yield (at end of period) 1.6 % 17.5 % 15.6 % 11.8 % 9.4 % Annualized Normalized FFO payout ratio 5.9 % 62.5 % 44.4 % 153.8 % 66.7 % Rolling four quarter CAD payout ratio (1) (4.7) % (88.9) % (137.9) % (615.4) % 571.4 % Selected Balance Sheet Data: Total gross assets $ 10,358,194 $ 10,278,496 $ 10,286,546 $ 10,469,518 $ 10,537,913 Total assets $ 7,119,558 $ 7,086,792 $ 7,121,661 $ 7,231,519 $ 7,356,116 Total liabilities $ 6,267,685 $ 6,157,773 $ 6,112,855 $ 6,116,850 $ 6,129,983 Total shareholders’ equity $ 851,873 $ 929,019 $ 1,008,806 $ 1,114,669 $ 1,226,133 (dollars in thousands, except per share data) Key Financial Data Sonesta ES Suites Fort Lauderdale, FL As of 12/31/2024 Capitalization: Total common shares (at end of period) 166,636,537 Closing price (at end of period) $ 2.54 Equity market capitalization (at end of period) $ 423,257 Debt (principal balance) 5,831,611 Total market capitalization $ 6,254,868 Liquidity: Cash and cash equivalents $ 143,482 Available borrowings under secured revolving credit facility (2) 500,000 Total liquidity $ 643,482 (1) Reflects the annualized dividends paid per common share during the period as a percentage of rolling four quarter CAD per common share. (2) Availability under SVC's revolving credit facility is subject to meeting ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions.

8RETURN TO TABLE OF CONTENTS Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Revenues: Hotel operating revenues (1) $ 357,048 $ 343,385 $ 1,496,705 $ 1,478,034 Rental income (2) 99,511 100,665 400,223 395,829 Total revenues 456,559 444,050 1,896,928 1,873,863 Expenses: Hotel operating expenses (1)(3) 312,285 297,488 1,274,153 1,223,906 Net lease operating expenses 5,345 4,584 19,817 17,663 Depreciation and amortization 94,000 94,952 371,786 384,060 General and administrative 8,580 11,217 40,239 45,397 Transaction related costs (4) 6,894 (3,556) 6,894 (1,623) Loss on asset impairment, net (5) 5,182 27 56,212 9,544 Total expenses 432,286 404,712 1,769,101 1,678,947 Gain on sale of real estate, net (6) 5,159 1,280 6,269 43,239 Gain on equity securities, net — — — 48,837 Interest income 734 9,099 4,052 20,979 Interest expense (including amortization of debt issuance costs, discounts and premiums of $8,359, $7,066, $31,127 and $25,710, respectively) (99,402) (89,979) (383,792) (336,342) Loss on early extinguishment of debt, net (7) — (1,242) (16,181) (1,524) Loss before income tax benefit (expense) and equity in losses of an investee (69,236) (41,504) (261,825) (29,895) Income tax benefit (expense) 52 723 (1,402) 1,498 Equity in losses of an investee (7,208) (2,542) (12,299) (4,382) Net loss $ (76,392) $ (43,323) $ (275,526) $ (32,779) Weighted average common shares outstanding (basic and diluted) 165,594 165,154 165,338 164,988 Net loss per common share (basic and diluted) $ (0.46) $ (0.26) $ (1.67) $ (0.20) (amounts in thousands, except per share data) Consolidated Statements of Income (Loss) See accompanying notes on page 35.

9RETURN TO TABLE OF CONTENTS Consolidated Balance Sheets December 31, 2024 2023 ASSETS Real estate properties: Land $ 1,930,459 $ 1,972,145 Buildings, improvements and equipment 7,682,885 7,814,192 Total real estate properties, gross 9,613,344 9,786,337 Accumulated depreciation (3,238,636) (3,181,797) Total real estate properties, net 6,374,708 6,604,540 Acquired real estate leases and other intangibles, net 107,956 130,622 Assets held for sale 43,101 10,500 Cash and cash equivalents 143,482 180,119 Restricted cash 13,904 17,711 Equity method investment 115,818 113,304 Due from related persons 3,911 6,376 Other assets, net 316,678 292,944 Total assets $ 7,119,558 $ 7,356,116 LIABILITIES AND SHAREHOLDERS' EQUITY Revolving credit facility $ 150,000 $ — Senior secured notes, net 972,073 968,017 Senior unsecured notes, net 4,020,347 3,993,327 Mortgage notes payable, net 568,283 558,876 Accounts payable and other liabilities 532,864 587,005 Due to related persons 24,118 22,758 Total liabilities 6,267,685 6,129,983 Commitments and contingencies Shareholders’ equity: Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,636,537 and 165,769,595 shares issued and outstanding, respectively 1,666 1,658 Additional paid in capital 4,560,334 4,557,473 Cumulative other comprehensive income 1,865 2,318 Cumulative net income 2,194,974 2,470,500 Cumulative common distributions (5,906,966) (5,805,816) Total shareholders’ equity 851,873 1,226,133 Total liabilities and shareholders’ equity $ 7,119,558 $ 7,356,116 (dollars in thousands, except per share data) The Royal Sonesta Washington DC Dupont Circle Washington, D.C.

10RETURN TO TABLE OF CONTENTS (1) SVC is required to pay interest at a rate of SOFR plus a premium, which was 250 basis points per annum as of December 31, 2024. SVC also pays an unused commitment fee of 20 to 30 basis points per annum based on amounts outstanding under its revolving credit facility. Subject to the payment of an extension fee and meeting certain other conditions, SVC may extend the maturity date of its revolving credit facility by two additional six month periods. (2) SVC has provided equity pledges on certain of its property owning subsidiaries and provided first mortgage liens on 69 properties owned by the pledged subsidiaries to secure its obligations under the credit agreement governing its revolving credit facility. (3) These notes are secured by 315 net lease properties and are prepayable without penalty 24 months prior to the expected maturity date. (4) These notes are secured by first-priority liens on the equity interests of subsidiaries owning 70 travel centers leased to TravelCenters of America Inc., or TA, pursuant to two master leases. (5) These notes are guaranteed by certain of SVC's subsidiaries. (6) The carrying value of SVC's total debt of $5,710,703 as of December 31, 2024 is net of unamortized discounts and premiums and certain issuance costs totaling $120,908. Interest Principal Maturity Due at Years to Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $650,000 revolving credit facility (1)(2) 6.990 % $ 150,000 6/29/27 $ 150,000 2.5 Secured Fixed Rate Debt: Net lease mortgage notes (3) 5.600 % 606,611 2/20/28 600,576 3.1 Senior secured notes due 2031 (4)(5) 8.625 % 1,000,000 11/15/31 1,000,000 6.9 Subtotal / weighted average 7.483 % 1,606,611 1,600,576 5.5 Unsecured Fixed Rate Debt: Senior unsecured notes due 2026 5.250 % 350,000 2/15/26 350,000 1.1 Senior unsecured notes due 2026 4.750 % 450,000 10/1/26 450,000 1.8 Senior unsecured notes due 2027 4.950 % 400,000 2/15/27 400,000 2.1 Senior unsecured notes due 2027 (5) 5.500 % 450,000 12/15/27 450,000 3.0 Senior unsecured notes due 2028 3.950 % 400,000 1/15/28 400,000 3.0 Senior unsecured notes due 2029 (5) 8.375 % 700,000 6/15/29 700,000 4.5 Senior unsecured notes due 2029 4.950 % 425,000 10/1/29 425,000 4.8 Senior unsecured notes due 2030 4.375 % 400,000 2/15/30 400,000 5.1 Senior unsecured notes due 2032 (5) 8.875 % 500,000 6/15/32 500,000 7.5 Subtotal / weighted average 5.930 % 4,075,000 4,075,000 3.8 Total / weighted average (6) 6.385 % $ 5,831,611 $ 5,825,576 4.2 Debt Summary As of December 31, 2024 (dollars in thousands)

11RETURN TO TABLE OF CONTENTS $800,000 $850,000 $400,000 $1,125,000 $400,000 $500,000 $150,000 $1,958 $1,958 $1,958 $600,737 $1,000,000 Unsecured Fixed Rate Debt Secured Floating Rate Debt Secured Fixed Rate Debt 2025 2026 2027 2028 2029 2030 2031 2032 $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 Debt Maturity Schedule As of December 31, 2024 (1) (1) As of December 31, 2024, SVC had $150,000 outstanding under its $650,000 revolving credit facility. (2) SVC's net lease mortgage notes are partially amortizing and require balloon payments at maturity. These notes are prepayable without penalty 24 months prior to the expected maturity date. (2) (dollars in thousands) Secured vs. Unsecured Debt Secured 30.1% Unsecured 69.9%

12RETURN TO TABLE OF CONTENTS As of and for the Trailing Twelve Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Leverage Ratios: Net debt / total gross assets 54.9 % 54.8 % 55.1 % 53.1 % 51.8 % Net debt / gross book value of real estate assets and cash and cash equivalents 58.3 % 58.5 % 59.1 % 56.3 % 54.7 % Secured debt / total assets 24.6 % 22.6 % 22.4 % 22.1 % 21.7 % Variable rate debt / net debt 2.6 % — % — % — % — % Coverage Ratios: Rolling four-quarter Adjusted EBITDAre / rolling four-quarter interest expense 1.5x 1.6x 1.7x 1.8x 1.8x Net debt / rolling four-quarter Adjusted EBITDAre 9.9x 9.7x 9.4x 9.0x 8.8x As of and for the Trailing Twelve Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Senior Note Debt Covenants: Maintenance Covenant: Total unencumbered assets / unsecured debt - required minimum 150% 175.3 % 173.4 % 173.6 % 177.5 % 183.2 % Incurrence Covenants: Total debt / adjusted total assets - allowable maximum 60.0% 54.9 % 53.7 % 53.5 % 52.9 % 52.4 % Secured debt / adjusted total assets - allowable maximum 40.0% 16.5 % 15.2 % 15.1 % 15.1 % 15.0 % Consolidated income available for debt service / debt service - required minimum 1.50x 1.52x 1.55x 1.60x 1.78x 1.79x Total unencumbered assets in guarantor subsidiaries / senior guaranteed unsecured debt - required minimum 2.2x 4.14x 4.09x 4.10x 5.47x 5.65x Leverage Ratios, Coverage Ratios and Debt Covenants 1093 Blowing Rock Road Boone, NC

13RETURN TO TABLE OF CONTENTS For the Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Hotel capital improvements $ 81,514 $ 80,075 $ 65,205 $ 68,253 $ 105,391 Lease related costs 1,464 1,611 1,001 510 596 Recurring capital expenditures 82,978 81,686 66,206 68,763 105,987 Redevelopment and other activities 2,741 417 269 88 39 Total capital improvements & FF&E Reserve fundings $ 85,719 $ 82,103 $ 66,475 $ 68,851 $ 106,026 (dollars in thousands) Capital Expenditures Summary 24225 W. Lorenzo Road Wilmington, IL

14RETURN TO TABLE OF CONTENTS ACQUISITIONS: Quarter Acquired Number of Properties Property Type Brand Location Rooms or Suites / Square Footage Purchase Price (1) Average Purchase Price per Room or Suite / Square Foot SVC has not acquired any properties since January 1, 2024. DISPOSITIONS: Quarter Disposed Number of Properties Property Type Brand Location Rooms or Suites / Square Footage Sales Price (1) Average Sales Price per Room or Suite / Square Foot Q1 2024 1 Hotel Country Inn & Suites® by Radisson MN 84 $ 3,315 $ 39,464 3 Net Lease Vacant IL, MI 34,849 2,932 84 Q3 2024 1 Hotel Sonesta Select® WI 148 3,500 23,649 1 Hotel Sonesta Hotels & Resorts® WI 198 7,300 36,869 4 Hotel Sonesta ES Suites® IL, NC, TX 476 34,100 71,639 4 Net Lease Vacant IA, IL, MO 52,088 3,600 69 Q4 2024 3 Hotel Sonesta Simply Suites® MN, TX 378 13,800 36,508 4 Hotel Sonesta ES Suites® CO, GA, TX 478 30,800 64,435 1 Hotel Sonesta Select® MI 148 4,500 30,405 3 Net Lease Vacant GA, OH 9,992 2,015 202 Q1 2025 1 Hotel Sonesta Select® MN 149 4,000 26,846 2 Net Lease Vacant GA, IA 49,081 1,300 26 28 2,059 / 146,010 $ 111,162 $49,206 / $67 Property Acquisitions and Dispositions Since January 1, 2024 (dollars in thousands, except per room or suite data) (1) Represents cash purchase or sales price, as applicable, and excludes closing related costs.

15RETURN TO TABLE OF CONTENTS Portfolio Information

16RETURN TO TABLE OF CONTENTS Portfolio Composition Net Lease Properties 44.2% Hotels 55.8% Number of Properties Hotel Properties 206 Number of hotel rooms 35,871 Net Lease Properties 742 Average hotel property size 174 rooms Total Properties 948 Net lease square feet 13,292,519 Average net lease property size 17,914 sq. ft. Investments Diversification Facts Hotels $ 6,372,312 Tenants/Operators 181 Net Lease Properties 5,037,413 Brands 145 Total Investments $ 11,409,725 Industries 22 States 46 Geographical Diversification CA 13% TX 7% FL 6% IL 6% GA 6% AZ 4% OH 4%LA 3% PA 3% MO 3% Other 45% (36 States, DC, PR, ON) Portfolio Summary As of December 31, 2024 (dollars in thousands) (1) Based on investment. (1) (1) Royal Sonesta Kaua’i Lihue, HI

17RETURN TO TABLE OF CONTENTS Industry No. of Properties Rooms / Square Footage Investments Percent of Total Investment 1. Hotels 206 35,871 $ 6,372,312 55.8% 2. Travel Centers 178 5,099,794 3,311,787 29.0% 3. Restaurants - Quick Service 206 661,950 281,260 2.6% 4. Restaurants - Casual Dining 55 503,450 194,448 1.8% 5. Health and Fitness 13 873,258 187,579 1.7% 6. Movie Theaters 15 785,344 139,661 1.2% 7. Home Goods and Leisure 20 700,906 134,539 1.2% 8. Grocery Stores 19 1,020,819 129,152 1.1% 9. Automotive Equipment and Services 64 463,492 107,054 0.9% 10. Medical, Dental Office 70 372,171 104,042 0.9% 11. Automotive Dealers 8 177,433 62,656 0.5% 12. Entertainment 4 199,853 61,436 0.5% 13. General Merchandise Stores 4 381,193 55,457 0.5% 14. Educational Services 7 159,793 44,820 0.4% 15. Building Materials 29 465,283 34,006 0.3% 16. Car Washes 6 50,831 30,798 0.3% 17. Miscellaneous Manufacturing 5 538,932 24,355 0.2% 18. Sporting Goods 3 120,847 18,448 0.2% 19. Drug Stores and Pharmacies 6 58,048 17,111 0.1% 20. Legal Services 5 25,429 11,362 0.1% 21. Dollar Stores 3 27,593 2,971 —% 22. Other 4 115,821 25,695 0.2% 23. Vacant 18 490,279 58,776 0.5% Total 948 35,871 / 13,292,519 $ 11,409,725 100.0% Consolidated Portfolio Diversification by Industry As of December 31, 2024 (dollars in thousands) 1410 N. Roosevelt Avenue Burlington, IA

18RETURN TO TABLE OF CONTENTS Investments State Total Property Count Hotel Count Net Lease Count Total % of Total Hotel Hotel % of Total Net Lease Net Lease % of Total California 58 36 22 $ 1,476,284 12.9 % $ 1,203,219 18.9 % $ 273,065 5.4 % Texas 69 14 55 832,263 7.3 % 320,120 5.0 % 512,143 10.2 % Florida 58 12 46 731,049 6.4 % 484,810 7.6 % 246,239 4.9 % Illinois 62 9 53 699,977 6.1 % 418,302 6.6 % 281,675 5.6 % Georgia 86 15 71 668,304 5.9 % 402,524 6.3 % 265,780 5.3 % Arizona 39 14 25 485,619 4.3 % 236,953 3.7 % 248,666 4.9 % Ohio 43 5 38 455,555 4.0 % 131,779 2.1 % 323,776 6.4 % Louisiana 15 3 12 386,552 3.4 % 254,847 4.0 % 131,705 2.6 % Pennsylvania 33 5 28 342,053 3.0 % 136,723 2.1 % 205,330 4.1 % Missouri 28 4 24 281,784 2.5 % 160,120 2.5 % 121,664 2.4 % Top 10 491 117 374 6,359,440 55.8 % 3,749,397 58.8 % 2,610,043 51.8 % Other (1) 457 89 368 5,050,285 44.2 % 2,622,915 41.2 % 2,427,370 48.2 % Total 948 206 742 $ 11,409,725 100.0 % $ 6,372,312 100.0 % $ 5,037,413 100.0 % (1) Consists of properties in 36 different states, the District of Columbia, Puerto Rico and Ontario, Canada with an average investment of $11,051 per property. Consolidated Portfolio by Geographic Diversification As of December 31, 2024 (dollars in thousands) The Stephen F Austin Royal Sonesta Hotel Austin, TX

19RETURN TO TABLE OF CONTENTS Brand Service Level Chain Scale Number of Hotels Percent of Total Number of Hotels Number of Rooms or Suites Percent of Total Number of Rooms or Suites Investment Percent of Total Hotel Investment Investment Per Room or Suite Royal Sonesta Hotels® Full Service Upper Upscale 17 8.3 % 5,663 15.8 % $ 1,922,244 30.1 % $ 339,439 Sonesta Hotels & Resorts® Full Service Upscale 22 10.7 % 7,205 20.2 % 1,437,540 22.6 % 199,520 Sonesta ES Suites® Extended Stay Upper Midscale 52 25.1 % 6,689 18.4 % 1,086,862 17.1 % 162,485 Sonesta Select® Select Service Upscale 42 20.4 % 6,131 17.1 % 681,327 10.7 % 111,128 Sonesta Simply Suites® Extended Stay Midscale 48 23.3 % 6,086 17.0 % 575,083 9.0 % 94,493 Hyatt Place® Select Service Upscale 17 8.3 % 2,107 5.9 % 326,009 5.1 % 154,727 Radisson® Hotels & Resorts Full Service Upscale 5 2.4 % 1,149 3.2 % 171,579 2.7 % 149,329 Crowne Plaza® Full Service Upscale 1 0.5 % 495 1.4 % 125,399 2.0 % 253,331 Country Inn & Suites® by Radisson Full Service Upper Midscale 2 1.0 % 346 1.0 % 46,269 0.7 % 133,725 Total / Average Hotels 206 100.0 % 35,871 100.0 % $ 6,372,312 100.0 % $ 177,645 Hotel Portfolio by Brand As of December 31, 2024 (dollars in thousands, except per room or suite data)

20RETURN TO TABLE OF CONTENTS Occupancy ADR RevPAR Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Brand Service Level No. of Hotels No. of Rooms or Suites 2024 2023 Change 2024 2023 Change 2024 2023 Change Sonesta Hotels & Resorts® Full Service 22 7,205 54.9 % 57.8 % (2.9) pts $ 154.84 $ 153.37 1.0 % $ 85.02 $ 88.68 (4.1) % Royal Sonesta Hotels® Full Service 17 5,663 59.5 % 53.0 % 6.5 pts 229.85 234.48 (2.0) % 136.75 124.18 10.1 % Radisson® Hotels & Resorts Full Service 5 1,149 62.6 % 55.6 % 7.0 pts 142.77 138.71 2.9 % 89.34 77.09 15.9 % Crowne Plaza® Full Service 1 495 56.8 % 52.2 % 4.6 pts 132.57 142.45 (6.9) % 75.30 74.36 1.3 % Country Inn & Suites® by Radisson Full Service 2 346 67.7 % 58.4 % 9.3 pts 133.27 132.74 0.4 % 90.20 77.58 16.3 % Full Service Total / Average 47 14,858 57.6 % 55.6 % 2.0 pts 182.01 180.82 0.7 % 104.86 100.57 4.3 % Sonesta Select® Select Service 42 6,131 56.9 % 52.2 % 4.7 pts 109.54 114.97 (4.7) % 62.36 60.06 3.8 % Hyatt Place® Select Service 17 2,107 64.6 % 52.5 % 12.1 pts 117.44 114.59 2.5 % 75.88 60.13 26.2 % Select Service Total / Average 59 8,238 58.9 % 52.3 % 6.6 pts 111.76 114.87 (2.7) % 65.82 60.08 9.6 % Sonesta ES Suites® Extended Stay 52 6,689 65.6 % 65.0 % 0.6 pts 124.15 126.87 (2.1) % 81.50 82.47 (1.2) % Sonesta Simply Suites® Extended Stay 47 5,988 66.5 % 63.9 % 2.6 pts 92.73 91.96 0.8 % 61.68 58.79 4.9 % Extended Stay Total / Average 99 12,677 66.1 % 64.5 % 1.6 pts 109.20 110.53 (1.2) % 72.14 71.28 1.2 % Comparable Hotels Total / Average 205 35,773 60.9 % 58.0 % 2.9 pts $ 138.38 $ 139.42 (0.7) % $ 84.27 $ 80.87 4.2 % Hotel Operating Statistics by Service Level - Comparable Hotels (Fourth Quarter) All operating data presented are based upon the operating results provided by SVC's managers for the indicated periods. SVC has not independently verified its managers' operating data.

21RETURN TO TABLE OF CONTENTS Occupancy ADR RevPAR Year Ended December 31, Year Ended December 31, Year Ended December 31, Brand Service Level No. of Hotels No. of Rooms or Suites 2024 2023 Change 2024 2023 Change 2024 2023 Change Sonesta Hotels & Resorts® Full Service 21 6,955 58.6 % 63.2 % (4.6) pts $ 154.95 $ 153.25 1.1 % $ 90.81 $ 96.84 (6.2) % Royal Sonesta Hotels® Full Service 17 5,663 61.3 % 56.5 % 4.8 pts 233.24 237.63 (1.8) % 143.02 134.35 6.5 % Radisson® Hotels & Resorts Full Service 5 1,149 65.4 % 62.2 % 3.2 pts 147.07 147.06 — % 96.14 91.50 5.1 % Crowne Plaza® Full Service 1 495 63.3 % 60.6 % 2.7 pts 142.09 141.30 0.6 % 90.01 85.65 5.1 % Country Inn & Suites® by Radisson Full Service 2 346 70.2 % 67.2 % 3.0 pts 148.28 145.96 1.6 % 104.14 98.08 6.2 % Full Service Total / Average 46 14,608 60.6 % 60.5 % 0.1 pts 184.33 182.89 0.8 % 111.75 110.69 1.0 % Sonesta Select® Select Service 42 6,131 57.9 % 55.8 % 2.1 pts 115.31 119.14 (3.2) % 66.80 66.48 0.5 % Hyatt Place® Select Service 17 2,107 63.4 % 65.3 % (1.9) pts 120.48 122.23 (1.4) % 76.35 79.87 (4.4) % Select Service Total / Average 59 8,238 59.3 % 58.2 % 1.1 pts 116.73 120.02 (2.7) % 69.24 69.91 (1.0) % Sonesta ES Suites® Extended Stay 52 6,689 69.3 % 68.9 % 0.4 pts 127.17 131.81 (3.5) % 88.08 90.79 (3.0) % Sonesta Simply Suites® Extended Stay 47 5,988 69.0 % 68.6 % 0.4 pts 92.17 92.06 0.1 % 63.62 63.14 0.8 % Extended Stay Total / Average 99 12,677 69.1 % 68.7 % 0.4 pts 110.67 113.15 (2.2) % 76.52 77.78 (1.6) % Comparable Hotels Total / Average 204 35,523 63.4 % 62.9 % 0.5 pts $ 140.96 $ 142.14 (0.8) % $ 89.32 $ 89.44 (0.1) % Hotel Operating Statistics by Service Level - Comparable Hotels (Full Year) All operating data presented are based upon the operating results provided by SVC's managers for the indicated periods. SVC has not independently verified its managers' operating data.

22RETURN TO TABLE OF CONTENTS Hotel Operating Statistics by Service Level - All Hotels (Fourth Quarter) Occupancy ADR RevPAR Adjusted Hotel EBITDA Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Brand No. of Hotels No. of Rooms or Suites 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change Retained Hotels Full Service Royal Sonesta Hotels® 17 5,663 59.5 % 53.0 % 6.5 pts $ 229.85 $ 234.48 (2.0) % $ 136.75 $ 124.18 10.1 % $ 12,343 $ 10,491 17.7 % Sonesta Hotels & Resorts® 22 7,205 54.9 % 57.8 % (2.9) pts 154.84 153.37 1.0 % 85.02 88.68 (4.1) % 7,704 11,256 (31.6) % Radisson® Hotels & Resorts 5 1,149 62.6 % 55.6 % 7.0 pts 142.77 138.71 2.9 % 89.34 77.09 15.9 % 968 98 n/m Country Inn & Suites® by Radisson 2 346 67.7 % 58.4 % 9.3 pts 133.27 132.74 0.4 % 90.20 77.58 16.3 % 151 (86) n/m Total Full Service 46 14,363 57.6 % 55.7 % 1.9 pts 183.69 182.06 0.9 % 105.88 101.48 4.3 % 21,166 21,759 (2.7) % Extended Stay and Select Service Sonesta ES Suites® 7 958 66.0 % 68.7 % (2.7) pts 142.92 145.54 (1.8) % 94.39 99.95 (5.6) % 1,875 2,395 (21.7) % Sonesta Select® 6 873 59.8 % 61.7 % (1.9) pts 130.91 129.20 1.3 % 78.32 79.71 (1.7) % 1,348 1,111 21.3 % Sonesta Simply Suites® 7 1,144 80.7 % 68.5 % 12.2 pts 128.16 118.52 8.1 % 103.40 81.19 27.4 % 4,632 2,988 55.0 % Hyatt Place® 17 2,107 64.6 % 52.5 % 12.1 pts 117.44 114.59 2.5 % 75.88 60.13 26.2 % 1,617 (315) n/m Total Focused Service 37 5,082 67.7 % 60.7 % 7.0 pts 127.05 124.74 1.9 % 85.99 75.74 13.5 % 9,472 6,179 53.3 % Total Retained Hotels 83 19,445 60.3 % 57.0 % 3.3 pts $ 167.07 $ 166.10 0.6 % $ 100.68 $ 94.75 6.3 % $ 30,638 $ 27,938 9.7 % Exit Hotels Full Service Crowne Plaza® 1 495 56.8 % 52.2 % 4.6 pts $ 132.57 $ 142.45 (6.9) % $ 75.30 $ 74.36 1.3 % $ 733 $ 1,042 (29.7) % Extended Stay and Select Service Sonesta ES Suites® 45 5,731 65.6 % 64.4 % 1.2 pts 120.99 123.54 (2.1) % 79.34 79.55 (0.3) % 5,290 8,454 (37.4) % Sonesta Select® 36 5,258 56.4 % 50.7 % 5.7 pts 105.78 112.09 (5.6) % 59.71 56.80 5.1 % 1,966 2,488 (21.0) % Sonesta Simply Suites® 41 4,942 62.4 % 62.1 % 0.3 pts 82.04 85.12 (3.6) % 51.17 52.82 (3.1) % 4,459 4,203 6.1 % Total Focused Service 122 15,931 61.6 % 59.1 % 2.5 pts 104.20 107.85 (3.4) % 64.15 63.77 0.6 % 11,715 15,145 (22.6) % Total Exit Hotels 123 16,426 61.4 % 58.9 % 2.5 pts $ 104.99 $ 108.78 (3.5) % $ 64.49 $ 64.10 0.6 % $ 12,448 $ 16,187 (23.1) % Total All Hotels 206 35,871 60.8 % 57.9 % 2.9 pts $ 138.38 $ 139.42 (0.7) % $ 84.13 $ 80.73 4.2 % $ 43,086 $ 44,125 (2.4) % (dollars in thousands, except ADR and RevPAR)

23RETURN TO TABLE OF CONTENTS Hotel Operating Statistics by Service Level - All Hotels (Full Year) Occupancy ADR RevPAR Adjusted Hotel EBITDA Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, Brand No. of Hotels No. of Rooms or Suites 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change Retained Hotels Full Service Royal Sonesta Hotels® 17 5,663 61.3 % 56.5 % 4.8 pts $ 233.24 $ 237.63 (1.8) % $ 143.02 $ 134.35 6.5 % $ 62,512 $ 64,820 (3.6) % Sonesta Hotels & Resorts® 22 7,205 59.2 % 63.2 % (4.0) pts 160.51 158.43 1.3 % 94.96 100.21 (5.2) % 44,970 58,132 (22.6) % Radisson® Hotels & Resorts 5 1,149 65.4 % 62.2 % 3.2 pts 147.07 147.06 — % 96.14 91.50 5.1 % 5,050 4,313 17.1 % Country Inn & Suites® by Radisson 2 346 70.2 % 67.2 % 3.0 pts 148.28 145.96 1.6 % 104.14 98.08 6.2 % 1,657 1,623 2.1 % Total Full Service 46 14,363 60.8 % 60.6 % 0.2 pts 187.93 186.47 0.8 % 114.21 113.00 1.1 % 114,189 128,888 (11.4) % Extended Stay and Select Service Sonesta ES Suites® 7 958 71.0 % 73.1 % (2.1) pts 152.75 156.32 (2.3) % 108.44 114.30 (5.1) % 11,594 13,422 (13.6) % Sonesta Select® 6 873 64.2 % 65.8 % (1.6) pts 139.44 143.34 (2.7) % 89.50 94.28 (5.1) % 7,847 9,171 (14.4) % Sonesta Simply Suites® 7 1,144 74.1 % 68.4 % 5.7 pts 123.47 116.57 5.9 % 91.47 79.78 14.7 % 14,091 10,995 28.2 % Hyatt Place® 17 2,107 63.4 % 65.3 % (1.9) pts 120.48 122.23 (1.4) % 76.35 79.87 (4.4) % 5,859 9,371 (37.5) % Total Focused Service 37 5,082 67.4 % 67.6 % (0.2) pts 130.74 131.42 (0.5) % 88.06 88.81 (0.8) % 39,391 42,959 (8.3) % Total Retained Hotels 83 19,445 62.5 % 62.4 % 0.1 pts $ 171.82 $ 170.82 0.6 % $ 107.38 $ 106.65 0.7 % $ 153,580 $ 171,847 (10.6) % Exit Hotels Full Service Crowne Plaza® 1 495 63.3 % 60.6 % 2.7 pts $ 142.09 $ 141.30 0.6 % $ 90.01 $ 85.65 5.1 % $ 5,051 $ 4,799 5.3 % Extended Stay and Select Service Sonesta ES Suites® 45 5,731 69.0 % 68.2 % 0.8 pts 122.77 127.42 (3.7) % 84.67 86.86 (2.5) % 30,068 39,927 (24.7) % Sonesta Select® 36 5,258 56.9 % 54.1 % 2.8 pts 110.79 114.25 (3.0) % 63.04 61.86 1.9 % 11,659 14,559 (19.9) % Sonesta Simply Suites® 41 4,942 67.0 % 67.8 % (0.8) pts 84.10 86.23 (2.5) % 56.32 58.42 (3.6) % 17,082 20,479 (16.6) % Total Focused Service 122 15,931 64.4 % 63.4 % 1.0 pts 106.84 110.19 (3.0) % 68.77 69.84 (1.5) % 58,809 74,965 (21.6) % Total Exit Hotels 123 16,426 64.3 % 63.3 % 1.0 pts $ 107.89 $ 111.09 (2.9) % $ 69.41 $ 70.32 (1.3) % $ 63,860 $ 79,764 (19.9) % Total All Hotels 206 35,871 63.3 % 62.8 % 0.5 pts $ 142.12 $ 143.26 (0.8) % $ 90.01 $ 90.01 — % $ 217,440 $ 251,611 (13.6) % (dollars in thousands, except ADR and RevPAR)

24RETURN TO TABLE OF CONTENTS Brand No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. TravelCenters of America Inc. 131 3,683,923 $ 2,254,950 44.8 % $ 176,793 46.4 % 1.38x (1) 2. Petro Stopping Centers 44 1,367,802 1,015,156 20.2 % 82,287 21.6 % 1.38x (1) 3. The Great Escape 14 542,666 98,242 2.0 % 7,711 2.0 % 4.75x 4. Life Time Fitness 3 420,335 92,617 1.8 % 5,770 1.5 % 2.55x 5. Buehler's Fresh Foods 5 502,727 76,469 1.5 % 5,657 1.5 % 2.54x 6. Heartland Dental 59 234,274 61,120 1.2 % 4,769 1.3 % 4.90x 7. Norms 10 63,490 53,673 1.1 % 3,759 1.0 % 3.42x 8. Express Oil Change 23 83,825 49,724 1.0 % 3,717 1.0 % 5.88x 9. AMC Theatres 5 251,166 57,339 1.1 % 3,558 0.9 % 1.76x 10. Pizza Hut 40 167,366 45,285 0.9 % 3,463 0.9 % 2.33x 11. Flying J Travel Plaza 3 48,069 41,681 0.8 % 3,279 0.9 % 4.24x 12. America's Auto Auction 6 72,338 38,314 0.8 % 3,216 0.8 % 8.03x 13. Fleet Farm 1 218,248 37,802 0.8 % 2,837 0.7 % 2.14x 14. Big Al's 2 111,912 35,214 0.7 % 2,569 0.7 % 0.97x 15. Crème de la Crème 4 81,929 29,131 0.6 % 2,429 0.6 % 1.26x 16. Mister Car Wash 5 41,456 28,658 0.6 % 2,258 0.6 % 2.94x 17. Martin's 16 81,909 31,335 0.6 % 2,252 0.6 % 1.69x 18. B&B Theatres 4 261,300 37,619 0.7 % 2,234 0.6 % 0.98x 19. Popeye's 20 45,708 28,434 0.6 % 2,047 0.5 % 4.32x 20. Regal Cinemas 5 223,846 34,953 0.7 % 1,958 0.5 % 2.32x 21. Courthouse Athletic Club 4 193,659 39,688 0.8 % 1,935 0.5 % 2.34x 22. Arby's 19 57,868 29,234 0.6 % 1,792 0.5 % 2.60x 23. Burger King 17 55,127 29,204 0.6 % 1,734 0.5 % 2.72x 24. Church's Chicken 32 43,399 26,326 0.5 % 1,732 0.5 % 3.24x 25. Hardee's 15 49,958 24,919 0.5 % 1,727 0.5 % 1.95x 26. Other (2) 255 4,388,219 740,326 14.5 % 49,380 12.9 % 4.10x Total 742 13,292,519 $ 5,037,413 100.0 % $ 380,863 100.0 % 2.10x (1) Rent coverage information provided by tenant is for all 175 sites on a consolidated basis and is as of December 31, 2024. (2) Consists of 111 distinct brands with an average investment of $2,903 per property and an average annual minimum rent of $194 per property. Net Lease Portfolio by Brand As of December 31, 2024 (dollars in thousands) 950 State Road 206 West Saint Augustine, FL

25RETURN TO TABLE OF CONTENTS Industry No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Rent Coverage 1. Travel Centers 178 5,099,794 $ 3,311,787 65.7% $ 262,359 68.9% 1.42x (1) 2. Restaurants - Quick Service 206 661,950 281,260 5.5% 19,266 5.1% 3.12x 3. Restaurants - Casual Dining 55 503,450 194,448 3.9% 12,136 3.2% 2.89x 4. Health and Fitness 13 873,258 187,579 3.7% 11,246 3.0% 2.26x 5. Home Goods and Leisure 20 700,906 134,539 2.7% 10,699 2.8% 4.14x 6. Grocery Stores 19 1,020,819 129,152 2.6% 9,305 2.4% 3.18x 7. Movie Theaters 15 785,344 139,661 2.8% 8,410 2.2% 1.82x 8. Medical, Dental Office 70 372,171 104,042 2.1% 8,215 2.2% 3.70x 9. Automotive Equipment and Services 64 463,492 107,054 2.1% 7,799 2.0% 5.11x 10. Automotive Dealers 8 177,433 62,656 1.2% 4,973 1.3% 6.59x 11. Entertainment 4 199,853 61,436 1.2% 4,590 1.2% 2.27x 12. General Merchandise Stores 4 381,193 55,457 1.1% 3,983 1.0% 2.97x 13. Educational Services 7 159,793 44,820 0.9% 3,563 0.9% 1.76x 14. Building Materials 29 465,283 34,006 0.7% 2,944 0.8% 7.90x 15. Car Washes 6 50,831 30,798 0.6% 2,411 0.6% 2.94x 16. Miscellaneous Manufacturing 5 538,932 24,355 0.5% 1,726 0.5% 13.38x 17. Drug Stores and Pharmacies 6 58,048 17,111 0.3% 1,710 0.4% 1.03x 18. Sporting Goods 3 120,847 18,448 0.4% 1,104 0.3% 4.26x 19. Legal Services 5 25,429 11,362 0.2% 1,097 0.3% 4.19x 20. Dollar Stores 3 27,593 2,971 0.1% 190 —% 1.95x 21. Other (2) 4 115,821 25,695 0.5% 3,137 0.9% 6.54x 22. Vacant 18 490,279 58,776 1.2% — —% —x Total 742 13,292,519 $ 5,037,413 100.0% $ 380,863 100.0% 2.10x (1) Rent coverage for TA is as of December 31, 2024. (2) Consists of miscellaneous businesses with an average investment of $6,424 per property. Net Lease Portfolio by Industry As of December 31, 2024 (dollars in thousands) 2636 E. Tipton St. Seymour, IN

26RETURN TO TABLE OF CONTENTS Tenant Brand Affiliation No. of Properties Square Feet Investment Percent of Total Investment Annualized Minimum Rent Percent of Total Annualized Minimum Rent Weighted Average Lease Term Rent Coverage 1. TravelCenters of America Inc.(1) TravelCenters of America / Petro Stopping Centers 175 5,051,725 $ 3,270,106 64.9 % $ 259,080 68.0 % 8.4 1.38x 2. Universal Pool Co., Inc. The Great Escape 14 542,666 98,242 2.0 % 7,711 2.0 % 2.7 4.75x 3. Healthy Way of Life II, LLC Life Time Fitness 3 420,335 92,617 1.8 % 5,770 1.5 % 10.5 2.55x 4. Styx Acquisition, LLC Buehler's Fresh Foods 5 502,727 76,469 1.5 % 5,657 1.5 % 10.8 2.54x 5. Professional Resource Development, Inc. Heartland Dental 59 234,274 61,120 1.2 % 4,769 1.3 % 1.2 4.90x 6. Norms Restaurants, LLC Norms 10 63,490 53,673 1.1 % 3,759 1.0 % 20.5 3.42x 7. Express Oil Change, L.L.C. Express Oil Change 23 83,825 49,724 1.0 % 3,717 1.0 % 10.3 5.88x 8. Pilot Travel Centers LLC Flying J Travel Plaza 3 48,069 41,681 0.8 % 3,279 0.9 % 4.0 4.24x 9. Automotive Remarketing Group, Inc. America's Auto Auction 6 72,338 38,314 0.8 % 3,216 0.8 % 10.3 8.03x 10. American Multi-Cinema, Inc. AMC Theatres 3 178,036 46,993 0.9 % 2,552 0.7 % 2.8 1.02x Subtotal, Top 10 301 7,197,485 3,828,939 76.0 % 299,510 78.7 % 8.3 1.75x 11. Other (2) Various 441 6,095,034 1,208,474 24.0 % 81,353 21.3 % 7.0 3.37x Total 742 13,292,519 $ 5,037,413 100.0 % $ 380,863 100.0 % 8.0 2.10x (1) TA is SVC's largest tenant. As of December 31, 2024, SVC leased 175 travel centers (131 under the TravelCenters of America brand and 44 under the Petro Stopping Centers brand) to a subsidiary of TA under five master leases that expire in 2033. TA has five renewal options for 10 years each for all of the travel centers under each lease. BP Corporation North America Inc. guarantees payment under each of the five master leases. The aggregate guaranty as of December 31, 2024 was $3,037,475. Annualized minimum rent excludes the impact of rents prepaid by TA. Rent coverage was 1.44x, 1.43x, 1.43x, 1.51x and 1.18x for the TA leases no. 1, no. 2, no. 3, no. 4 and no. 5, respectively. Rent coverage is as of December 31, 2024. (2) Consists of 167 tenants with an average investment of $2,740 per property and an average annual minimum rent of $184 per property. Net Lease Portfolio by Tenant (Top 10) As of December 31, 2024 (dollars in thousands)

27RETURN TO TABLE OF CONTENTS Year (1) Number of Properties Square Feet Annualized Minimum Rent Expiring Percent of Total Annualized Minimum Rent Expiring Cumulative Percent of Total Annualized Minimum Rent Expiring 2025 26 470,584 $ 8,475 2.2% 2.2% 2026 102 1,000,067 11,240 3.0% 5.2% 2027 36 962,760 12,696 3.3% 8.5% 2028 23 645,082 10,346 2.7% 11.2% 2029 76 628,549 11,071 2.9% 14.1% 2030 36 211,356 5,508 1.4% 15.5% 2031 27 390,854 5,049 1.3% 16.8% 2032 35 145,509 2,873 0.8% 17.6% 2033 214 5,369,470 265,391 69.7% 87.3% 2034 23 325,625 6,264 1.8% 89.1% 2035 45 1,155,578 19,197 5.0% 94.1% 2036 15 304,540 5,617 1.5% 95.6% 2037 11 318,609 3,146 0.8% 96.4% 2038 7 66,700 1,263 0.3% 96.7% 2039 10 141,443 3,703 1.0% 97.7% 2040 18 115,142 2,406 0.6% 98.3% 2041 6 216,040 2,262 0.6% 98.9% 2042 — — — —% 98.9% 2043 1 57,543 155 —% 98.9% 2044 2 93,010 278 0.1% 99.0% 2045 11 154,966 3,923 1.0% 100.0% Total 724 12,773,427 $ 380,863 100.0% Weighted Average Lease Term 7.6 years 8.0 years (1) The year of lease expiration is pursuant to contract terms. Net Lease Portfolio - Expiration Schedule As of December 31, 2024 (dollars in thousands) 457 W. Broadway Road Tempe, AZ

28RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Properties (end of period) 742 745 749 749 752 Vacant properties beginning of period 18 20 20 22 32 Vacant properties sold (3) (4) — (3) (9) Vacant properties leased — — (1) — (3) Lease terminations 3 2 1 1 2 Vacant properties end of the period 18 18 20 20 22 Percentage of properties leased 97.6 % 97.6 % 97.3 % 97.3 % 97.1 % Net Lease Portfolio - Occupancy Summary As of December 31, 2024 10642 South Memorial Drive Bixby, OK

29RETURN TO TABLE OF CONTENTS Appendix

30RETURN TO TABLE OF CONTENTS Company Profile and Research Coverage The Company: SVC is a REIT that owns hotels and service-focused retail net lease properties throughout the United States and in Puerto Rico and Canada. Management: SVC is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of December 31, 2024, RMR had over $40 billion of real estate assets under management and the combined RMR managed companies had more than $5 billion of annual revenues, approximately 2,000 properties and over 18,000 employees. SVC believes that being managed by RMR is a competitive advantage for SVC because of RMR’s depth of management and experience in the real estate industry. SVC also believes RMR provides management services to it at costs that are lower than SVC would have to pay for similar quality services if SVC were self-managed. Equity Research Coverage HSBC Oppenheimer & Co. Inc. Meredith Jensen Tyler Batory (212) 525-6858 (212) 667-7230 meredith.jensen@us.hsbc.com tyler.batory@opco.com Wells Fargo Securities Dori Kesten (617) 835-8366 dori.kesten@wellsfargo.com Rating Agencies Moody’s Investors Service S&P Global Lori Marks Alan Zigman (212) 553-1098 (416) 507-2556 lori.marks@moodys.com alan.zigman@spglobal.com SVC is followed by the analysts and its publicly held debt is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding SVC's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of SVC or its management. SVC does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.

31RETURN TO TABLE OF CONTENTS Board of Trustees Laurie B. Burns Robert E. Cramer Donna D. Fraiche Independent Trustee Independent Trustee Lead Independent Trustee John L. Harrington William A. Lamkin John G. Murray Independent Trustee Independent Trustee Managing Trustee Rajan C. Penkar Adam D. Portnoy Independent Trustee Chair of the Board & Managing Trustee Executive Officers Todd W. Hargreaves Brian E. Donley President and Chief Investment Officer Chief Financial Officer and Treasurer Jesse W. Abair Vice President Governance Information Nautilus Sonesta South Beach Miami, FL

32RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net loss $ (76,392) $ (46,901) $ (73,850) $ (78,383) $ (43,323) $ (275,526) $ (32,779) Add (Less): Depreciation and amortization 94,000 89,005 95,674 93,107 94,952 371,786 384,060 Loss on asset impairment, net (5) 5,182 13,692 34,887 2,451 27 56,212 9,544 (Gain) loss on sale of real estate, net (6) (5,159) (4,105) 32 2,963 (1,280) (6,269) (43,239) Gain on equity securities, net — — — — — — (48,837) Adjustments to reflect SVC's share of FFO attributable to an investee 1,315 1,045 1,021 966 940 4,347 3,943 FFO 18,946 52,736 57,764 21,104 51,316 150,550 272,692 Add (Less): Loss on early extinguishment of debt, net (7) — 133 16,048 — 1,242 16,181 1,524 Adjustments to reflect SVC's share of Normalized FFO attributable to an investee 2,777 — (2) 2 1,034 2,777 1,825 Transaction related costs (4) 6,894 — — — (3,556) 6,894 (1,623) Normalized FFO 28,617 52,869 73,810 21,106 50,036 176,402 274,418 Add (Less): Non-cash revenues (11,519) (11,974) (12,713) (13,074) (13,445) (49,280) (34,846) Non-cash interest expense 8,359 8,076 7,466 7,226 7,066 31,127 25,710 Non-cash expenses (944) (298) (120) (1,086) (1,030) (2,448) (2,651) SVC’s share of Normalized FFO attributable to an investee 3,116 (4,008) 1,697 4,370 568 5,175 (1,386) Principal amortization (490) (489) (490) (489) (489) (1,958) (1,631) Capital expenditures (82,978) (81,686) (66,206) (68,763) (105,987) (299,633) (236,064) CAD $ (55,839) $ (37,510) $ 3,444 $ (50,710) $ (63,281) $ (140,615) $ 23,550 Weighted average common shares outstanding (basic and diluted) 165,594 165,398 165,198 165,158 165,154 165,338 164,988 Basic and diluted per common share amounts: Net loss $ (0.46) $ (0.28) $ (0.45) $ (0.48) $ (0.26) $ (1.67) $ (0.20) FFO $ 0.11 $ 0.32 $ 0.35 $ 0.13 $ 0.31 $ 0.91 $ 1.65 Normalized FFO $ 0.17 $ 0.32 $ 0.45 $ 0.13 $ 0.30 $ 1.07 $ 1.66 CAD $ (0.34) $ (0.23) $ 0.02 $ (0.31) $ (0.38) $ (0.85) $ 0.14 Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) See accompanying notes on page 35.

33RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net loss $ (76,392) $ (46,901) $ (73,850) $ (78,383) $ (43,323) $ (275,526) $ (32,779) Add (Less): Interest expense 99,402 99,126 93,850 91,414 89,979 383,792 336,342 Income tax (benefit) expense (52) (77) 524 1,007 (723) 1,402 (1,498) Depreciation and amortization 94,000 89,005 95,674 93,107 94,952 371,786 384,060 EBITDA 116,958 141,153 116,198 107,145 140,885 481,454 686,125 Add (Less): Loss on asset impairment, net (5) 5,182 13,692 34,887 2,451 27 56,212 9,544 (Gain) loss on sale of real estate, net (6) (5,159) (4,105) 32 2,963 (1,280) (6,269) (43,239) Adjustments to reflect SVC's share of EBITDAre attributable to an investee 3,424 2,900 2,964 2,556 2,315 11,844 9,911 EBITDAre 120,405 153,640 154,081 115,115 141,947 543,241 662,341 Add (Less): Gain on equity securities, net — — — — — — (48,837) Loss on early extinguishment of debt, net (7) — 133 16,048 — 1,242 16,181 1,524 Adjustments to reflect SVC's share of Adjusted EBITDAre attributable to an investee 2,777 — (2) 2 1,034 2,777 1,825 Transaction related costs (4) 6,894 — — — (3,556) 6,894 (1,623) General and administrative expense paid in common shares 573 1,219 1,397 431 487 3,620 3,417 Adjusted EBITDAre $ 130,649 $ 154,992 $ 171,524 $ 115,548 $ 141,154 $ 572,713 $ 618,647 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) See accompanying notes on page 35.

34RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Number of hotels 206 214 220 220 221 206 221 Room revenues $ 278,614 $ 322,803 $ 334,118 $ 269,926 $ 273,869 $ 1,205,461 $ 1,206,308 Food and beverage revenues 51,129 44,947 55,136 46,563 49,878 197,775 189,239 Other revenues 27,305 23,185 23,232 19,747 19,638 93,469 82,487 Hotel operating revenues 357,048 390,935 412,486 336,236 343,385 1,496,705 1,478,034 Rooms expenses 97,146 106,835 102,068 90,806 92,477 396,855 389,262 Food and beverage expenses 42,634 39,114 41,945 38,513 39,095 162,206 150,124 Other direct and indirect expenses 129,969 139,075 134,889 127,578 121,532 531,511 508,951 Management fees 12,992 14,392 15,060 12,294 12,583 54,738 54,192 Real estate taxes, insurance and other 37,059 29,740 34,384 37,038 33,315 138,221 125,357 FF&E Reserves 1,327 1,714 1,723 1,092 992 5,856 6,440 Hotel operating expenses 321,127 330,870 330,069 307,321 299,994 1,289,387 1,234,326 Hotel EBITDA 35,921 60,065 82,417 28,915 43,391 207,318 243,708 Transaction related costs (4) 6,894 — — — 243 6,894 846 Adjusted Hotel EBITDA $ 42,815 $ 60,065 $ 82,417 $ 28,915 $ 43,634 $ 214,212 $ 244,554 Adjusted Hotel EBITDA Margin 12.0 % 15.4 % 20.0 % 8.6 % 12.7 % 14.3 % 16.5 % Hotel operating expenses (GAAP) (1) $ 312,285 $ 328,535 $ 328,247 $ 305,086 $ 297,488 $ 1,274,153 $ 1,223,906 Add (Less): Transaction related costs (4) 6,894 — — — 243 6,894 846 Reduction for guaranty fundings and replenishments, net (3) — — (522) 522 650 — 650 FF&E Reserves from managed hotel operations 1,327 1,714 1,723 1,092 992 5,856 6,440 Other (8) 621 621 621 621 621 2,484 2,484 Hotel operating expenses $ 321,127 $ 330,870 $ 330,069 $ 307,321 $ 299,994 $ 1,289,387 $ 1,234,326 Calculation and Reconciliation of Hotel EBITDA and Adjusted Hotel EBITDA - All Hotels* See accompanying notes on page 35. * Results of all hotels as owned during the periods presented, including the results of hotels sold by SVC for the periods owned by SVC.

35RETURN TO TABLE OF CONTENTS Notes to Consolidated Statements of Income (Loss) and Calculations of FFO, Normalized FFO, CAD, EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA (dollars in thousands) (1) As of December 31, 2024, SVC owned 206 hotels. SVC's consolidated statements of income (loss) include hotel operating revenues and expenses of its managed hotels. (2) SVC increased rental income by $3,965 and $6,298 for the three months ended December 31, 2024 and 2023, respectively, and increased rental income by $18,541 and $13,165 for the years ended December 31, 2024 and 2023, respectively, to record scheduled rent changes under certain of its leases on a straight line basis. (3) When managers of SVC's hotels are required to fund the shortfalls of owner's priority return under the terms of the management agreements or their guarantees, SVC reflects such fundings in its consolidated statements of income (loss) as a reduction of hotel operating expenses. When these shortfalls are replenished by cash flows from the applicable hotel operations in excess of the owner's priority return due, SVC reflects such replenishment in its consolidated statements of income (loss) as an increase to hotel operating expenses. There were no adjustments required to hotel operating expenses for the three months and year ended December 31, 2024. The net decrease to hotel operating expenses was $650 for both the three months and year ended December 31, 2023. (4) Transaction related costs for the three months and year ended December 31, 2024 of $6,894 primarily consist of costs related to various labor litigation matters, re-opening costs and other professional fees related to major renovation projects at certain of our hotels. Transaction related costs for the three months and year ended December 31, 2023 of $(3,556) and $(1,623), respectively, primarily consisted of the partial recovery of a working capital reserve related to SVC's InterContinental Hotels Group, plc, or IHG, portfolio previously deemed uncollectable and expensed in 2021, partially offset by costs related to hotel rebranding activity, the demolition of certain vacant properties and potential acquisitions. (5) SVC recorded a net loss on asset impairment for the three months and year ended December 31, 2024 of $5,182 and $56,212, respectively, to reduce the carrying value of three hotels and two net lease properties in the three month period, and ten hotels and ten net lease properties in the full year period, to their estimated fair value or estimated fair value less costs to sell. SVC recorded a net loss on asset impairment for the three months and year ended December 31, 2023 of $27 and $9,544, respectively, to reduce the carrying value of one hotel in the three month period, and one hotel and 16 net lease properties in the full year period, to their estimated fair value less costs to sell. (6) SVC recorded a net gain on sale of real estate for the three months and year ended December 31, 2024 of $5,159 and $6,269, respectively, in connection with the sale of eight hotels and three net lease properties in the three month period, and 15 hotels and ten net lease properties in the full year period. SVC recorded a net gain on sale of real estate for the three months and year ended December 31, 2023 of $1,280 and $43,239, respectively, in connection with the sale of nine net lease properties in the three month period, and 18 hotels and 13 net lease properties in the full year period. (7) SVC recorded a net loss on early extinguishment of debt during the year ended December 31, 2024 of $16,181 in connection with a make-whole premium and the write off of unamortized deferred financing costs and discounts relating to the redemption of its $800,000 senior unsecured notes due 2025 and the purchase and satisfaction and discharge pursuant to a cash tender offer of its $350,000 senior unsecured notes due 2025. SVC recorded a loss on early extinguishment of debt during the three months and year ended December 31, 2023 of $1,242 and $1,524, respectively, in connection with the write off of deferred financing costs and unamortized discounts relating to the repayment of certain senior unsecured notes in the three month period, and the write off of certain deferred financing costs and unamortized discounts relating to the amendment of its revolving credit facility and the repayment of certain senior unsecured notes in the full year period. (8) SVC is amortizing a liability it recorded for the fair value of its initial investment in Sonesta as a reduction to hotel operating expenses in the consolidated statements of income (loss). SVC reduced hotel operating expenses by $621 for each of the three months ended December 31, 2024 and 2023, related to this liability, and $2,484 for each of the years ended December 31, 2024 and 2023, related to this liability.

36RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures SVC presents certain “non-GAAP financial measures” within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including FFO, Normalized FFO, CAD, EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDAre and Adjusted EBITDAre. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of SVC's operating performance or as measures of its liquidity. These measures should be considered in conjunction with net income (loss) as presented in SVC's consolidated statements of income (loss). SVC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). SVC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of its operating performance between periods and with other REITs and, in the case of Hotel EBITDA and Adjusted Hotel EBITDA, reflecting only those income and expense items that are generated and incurred at the hotel level may help both investors and management to understand the operations of its hotels. FFO and Normalized FFO: SVC calculates funds from operations, or FFO, and normalized funds from operations, or Normalized FFO, as shown on page 32. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and loss on impairment of real estate assets, if any, plus real estate depreciation and amortization, less any gains on equity securities, as well as adjustments to reflect SVC's share of FFO attributable to an investee and certain other adjustments currently not applicable to SVC. In calculating Normalized FFO, SVC adjusts for the items shown on page 32. FFO and Normalized FFO are among the factors considered by SVC's Board of Trustees when determining the amount of distributions to SVC's shareholders. Other factors include, but are not limited to, requirements to satisfy SVC’s qualification for taxation as a REIT, limitations in its debt agreements, the availability to SVC of debt and equity capital, SVC's distribution rate as a percentage of the trading price of its common shares, or dividend yield, and SVC’s dividend yield compared to the dividend yields of other REITs, SVC's expectation of its future capital requirements and operating performance and its expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than SVC does. Cash Available for Distribution: SVC calculates cash available for distribution, or CAD, as shown on page 32. SVC defines CAD as Normalized FFO minus SVC’s proportionate share of Normalized FFO from its equity method investment, plus operating cash flow distributions from its equity method investment, if any, less real estate related capital expenditures and adjusted for other non-cash and nonrecurring items. CAD is among the factors considered by SVC's Board of Trustees when determining the amount of distributions to SVC's shareholders. Other real estate companies and REITs may calculate CAD differently than SVC does. EBITDA, EBITDAre and Adjusted EBITDAre: SVC calculates earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 33. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets, if any, and adjustments to reflect SVC's share of EBITDAre attributable to an investee. In calculating Adjusted EBITDAre, SVC adjusts for the items shown on page 33. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than SVC does. Hotel EBITDA and Adjusted Hotel EBITDA: SVC calculates Hotel EBITDA as hotel operating revenues less hotel operating expenses of all managed and leased hotels, prior to any adjustments required for presentation in its consolidated statements of income (loss) in accordance with GAAP. Adjusted Hotel EBITDA excludes certain items SVC believes do not reflect the ongoing operating performance of SVC’s hotels. SVC believes that Hotel EBITDA and Adjusted Hotel EBITDA provide useful information to management and investors as a key measure of the profitability of its hotel operations. Non-GAAP Financial Measures and Certain Definitions

37RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) Other Definitions Adjusted Hotel EBITDA Margin: Adjusted Hotel EBITDA as a percentage of hotel operating revenues. Adjusted Total Assets and Total Unencumbered Assets: Adjusted total assets and total unencumbered assets include the original cost of real estate assets calculated in accordance with GAAP, before impairment write-downs, if any, and exclude depreciation and amortization, accounts receivable and intangible assets. Annualized Dividend Yield: Annualized dividend yield is the annualized dividend paid during the period divided by the closing price of SVC's common shares at the end of the period. Annualized Minimum Rent: Generally, SVC's lease agreements with its net lease tenants require payment of minimum rent to SVC. Certain of these minimum rent payment amounts are secured by full or limited guarantees. Annualized minimum rent represents cash amounts and excludes adjustments, if any, necessary to record scheduled rent changes on a straight line basis or any expense reimbursements. Annualized minimum rent for TA excludes the impact of rents prepaid by TA. Average Daily Rate: ADR represents rooms revenue divided by the total number of room nights sold in a given period. ADR provides useful insight on pricing at SVC's hotels and is a measure widely used in the hotel industry. Chain Scale: As characterized by STR Global Limited, a data benchmark and analytics provider for the lodging industry. Comparable Hotels Data: SVC presents RevPAR, ADR and occupancy for the periods presented on a comparable basis to facilitate comparisons between periods. SVC defines comparable hotels as those that it owned on December 31, 2024 and were open and operating for the entirety of the periods being compared. For each of the three months ended December 31, 2024 and 2023, SVC's comparable results exclude one hotel that suspended operations during the periods presented. For each of the years ended December 31, 2024 and 2023, SVC's comparable results exclude two hotels. One of the hotels was not owned for the entirety of the periods presented and the other suspended operations during the periods presented. Consolidated Income Available for Debt Service: Consolidated income available for debt service, as defined in SVC's debt agreements, is earnings from operations excluding interest expense, gains on equity securities, depreciation and amortization, loss on asset impairment, unrealized appreciation on assets held for sale, gains and losses on early extinguishment of debt, gains and losses on sales of property and amortization of deferred charges. Debt: Debt amounts reflect the principal balance as of the date reported. Net debt means total debt less unrestricted cash and cash equivalents as of the date reported. Earnings and Adjustments Attributable to an Investee: Represents SVC's proportionate share from its equity investment in Sonesta Holdco Corporation and its subsidiaries, or Sonesta. Exit Hotels: Exit Hotels represent 122 hotels managed by Sonesta and one hotel managed by IHG that SVC plans to sell. FF&E Reserves: FF&E Reserves, or FF&E Reserves from managed hotel operations, represent various percentages of total sales at certain of SVC's hotels that are escrowed as reserves for future renovations or refurbishments, or FF&E Reserve escrows. SVC owns all the FF&E Reserve escrows for its hotels. FF&E Reserve Deposits Not Funded by Hotel Operations: The operating agreements for SVC's hotels generally provide that, if necessary, SVC will provide FF&E funding in excess of escrowed reserves. To the extent SVC makes such fundings, its contractual owner's priority returns or rents generally increase by a percentage of the amounts it funds. Gain on Equity Securities, Net: Gain on equity securities, net represents the adjustment required to adjust the carrying value of SVC's former investment in shares of TA common stock to its fair value. General and Administrative Expense Paid in Common Shares: Amounts represent the equity compensation for SVC’s Trustees, officers and certain other officers and employees of RMR. Gross Book Value of Real Estate Assets: Gross book value of real estate assets is real estate properties at cost plus acquisition related costs, if any, before purchase price allocations, less impairment write-downs, if any. Hotel Capital Improvements and FF&E Reserve Fundings: Generally include the replacement or upgrades of obsolete building components and expenditures that extend the useful life of existing assets or replacement of furniture, fixtures and equipment (FF&E).

38RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) Investment: SVC defines hotel investment as historical cost of its properties plus capital improvements funded by it less impairment write-downs, if any, and excludes capital improvements made from FF&E Reserves funded from hotel operations that do not result in increases in owner’s priority return or rents. SVC defines net lease investment as historical cost of its properties plus capital improvements funded by SVC less impairment write-downs, if any. Lease Related Costs: Generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Occupancy: Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels, and represents occupied properties as of the end of the period shown for net lease properties. Occupancy is an important measure of the utilization rate and demand of SVC's properties. Non-Cash Expenses: Non-cash expenses represent general and administrative expense paid in common shares and amortization of liabilities relating to SVC’s initial investment in Sonesta and its former investment in The RMR Group, Inc. Non-Cash Interest Expense: Non-cash interest expense represents amortization of debt issuance costs, discounts and premiums. Non-Cash Revenues: Non-cash revenues represent straight-line rent adjustments, lease value amortization, FF&E Reserves, including interest income earned, and the impact of rents prepaid by TA. Owner's Priority Return: Each of its management agreements or leases with hotel operators provides for payment to SVC of an annual owner’s priority return or minimum rent, respectively. Certain of these minimum payment amounts are secured by full or limited guarantees. In addition, certain of its hotel management agreements provide for payment to SVC of additional amounts to the extent of available cash flows as defined in the management agreement. Payments of these additional amounts are not guaranteed. Redevelopment and Other Activities: Redevelopment and Other Activities generally include projects that reposition a property or result in new sources of revenue and other non-recurring capital expenditures. Rent Coverage: SVC defines rent coverage as earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, divided by the annual minimum rent due to SVC weighted by the minimum rent of the property to total minimum rents of the net lease portfolio. Tenants with no minimum rent required under the lease are excluded. EBITDAR amounts used to determine rent coverage are generally for the latest twelve-month period, based on the most recent operating information, if any, furnished by the tenant. Operating statements furnished by the tenant often are unaudited and, in certain cases, may not have been prepared in accordance with GAAP and are not independently verified by SVC. In instances where SVC does not have tenant financial information, it calculates an implied coverage ratio for the period based on other tenants with available financial statements operating the same brand or within the same industry. As a result, SVC believes using this implied coverage metric provides a more reasonable estimated representation of recent operating results and the financial condition for those tenants. Retained Hotels: Retained Hotels represents 59 hotels managed by Sonesta, 17 hotels managed by Hyatt Hotels Corporation, and seven hotels managed by Radisson Hospitality, Inc. that SVC will continue to own after the Exit Hotels are sold. Revenue per Available Room: RevPAR represents rooms revenue divided by the total number of room nights available to guests for a given period. RevPAR is an industry metric correlated to occupancy and ADR and helps measure revenue performance over comparable periods. Rolling four quarter CAD: Represents CAD for the preceding twelve month period as of the respective quarter end date. SOFR: SOFR is the secured overnight financing rate. Total Gross Assets: Total gross assets is total assets plus accumulated depreciation.

39RETURN TO TABLE OF CONTENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: the planned sale of hotels unlocking considerable liquidity and enhancing SVC’s flexibility to reduce leverage; stable cash flows from the net lease portfolio; and implementing strategic capital investments. Forward-looking statements reflect management's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SVC's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause SVC's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of Sonesta, to successfully operate the hotels it manages for SVC; SVC's ability and the ability of SVC's managers and tenants to operate under unfavorable market and commercial real estate industry conditions due to, among other things, uncertainties surrounding interest rates and inflation, supply chain disruptions, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, economic downturns or a possible recession, labor market conditions or changes in real estate utilization; SVC's ability to sell properties at prices it targets, and the timing of such sales; SVC's ability to repay or refinance its debts as they mature or otherwise become due; SVC's ability to maintain sufficient liquidity, including the availability of borrowings under its revolving credit facility; SVC's ability to pay interest on and principal of its debt; whether and the extent to which SVC's managers and tenants will pay the contractual amounts of returns, rents or other obligations due to SVC; competition within the commercial real estate, hotel, transportation and travel center and other industries in which SVC's managers and tenants operate, particularly in those markets in which SVC's properties are located; SVC's ability to make cost-effective improvements to SVC's properties that enhance their appeal to hotel guests and net lease tenants; SVC's ability to pay distributions to its shareholders and to increase or sustain the amount of such distributions; SVC's ability to acquire properties that realize its targeted returns; SVC's ability to raise or appropriately balance the use of debt or equity capital; potential defaults under SVC's management agreements and leases by its managers and tenants; SVC's ability to increase hotel room rates and rents at its net leased properties as SVC's leases expire in excess of its operating expenses and to grow its business; SVC's ability to increase and maintain hotel room and net lease property occupancy at its properties; SVC’s ability to engage and retain qualified managers and tenants for its hotels and net lease properties on satisfactory terms; SVC's ability to diversify its sources of rents and returns that improve the security of its cash flows; SVC's credit ratings; the ability of SVC's manager, RMR, to successfully manage SVC; actual and potential conflicts of interest with SVC's related parties, including its Managing Trustees, Sonesta, RMR and others affiliated with them; SVC's ability to realize benefits from the scale, geographic diversity, strategic locations and variety of service levels of its hotels; limitations imposed by and SVC's ability to satisfy complex rules to maintain its qualification for taxation as a REIT for U.S. federal income tax purposes; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other man-made or natural disasters beyond its control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SVC's periodic filings. The information contained in SVC's filings with the SEC, including under the caption "Risk Factors" in SVC's periodic reports, or incorporated therein, identifies important factors that could cause differences from SVC's forward-looking statements in this presentation. SVC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon SVC's forward-looking statements. Except as required by law, SVC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements