Service Properties Trust

At December 31, 2025, we owned 760 service-focused retail net lease properties and 94 hotels. The following tables summarize certain information about our properties as of December 31, 2025 (dollars in thousands):

As of December 31, 2025, 314 of our net lease properties with an aggregate undepreciated carrying value of $751.5 million were encumbered by mortgage notes with an aggregate principal balance of $649.7 million, 70 of our net lease travel center properties with an aggregate undepreciated carrying value of $739.2 million secured our $1.0 billion senior secured notes, and 36 of our travel center properties with an aggregate undepreciated carrying value of $413.9 million secured our $580.2 million in aggregate principal amount at maturity of zero coupon senior secured notes. In addition, 55 properties, including 38 net lease properties and 17 hotels, with an aggregate undepreciated carrying value of $890.4 million secured our revolving credit facility. For further information regarding our mortgage notes, senior secured notes, and revolving credit facility, see Note 6 to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

At December 31, 2025, 13 of our net lease properties and eight of our hotels were on land we leased partially or entirely from unrelated third parties. The average remaining term of the ground leases (including renewal options) for these net lease and hotel properties is approximately 18 years (range of six years to 39 years) and 37 years (range of nine years to 62 years), respectively. Ground rent payable under the ground leases for our net lease properties is generally a fixed amount, averaging $519 thousand per year. Ground rent payable under three of the hotel ground leases is generally calculated as a percentage of hotel revenues. Seven of the eight hotel ground leases require annual minimum rents averaging $365 thousand per year; future rent under one ground lease has been prepaid. Pursuant to the terms of our leases and management agreements, payments of ground lease obligations are generally made by our tenants and hotel managers. However, if a tenant or a hotel manager does not perform obligations under a ground lease or elects not to renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property. Any pledge, sale or transfer of our interests in a ground lease may require the consent of the applicable ground lessor and its lenders.

At December 31, 2025, the aggregate depreciated carrying value of our properties subject to ground leases was as follows (dollars in thousands):

(1)Three of these net lease properties with a depreciated carrying value totaling $21,247 are partially on land we lease from unrelated third parties. The leased land is generally used for additional parking or storm water runoff; however, certain building structures for one of these three net lease properties are located on leased land. We believe these three net lease properties would be operable without the leased land, although we would have to remove the part of the building structure that is located on the leased land and might replace that structure with a new building on land we own.

(2)Two of these hotels with a depreciated carrying value totaling $54,056 are partially on land we lease from unrelated third parties. The leased land is generally used for parking. We believe these two hotels would be operable without the leased land.