Service Properties Trust (NASDAQ:SVC) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET

Company Participants

Todd Hargreaves – Vice President and Chief Investment Officer

Brian Donley – Treasurer and Chief Financial Officer

Kristin Brown – Director of Investor Relations

Conference Call Participants

Bryan Maher – B. Riley Securities

Dory Heston – Wells Fargo

Operator

Good morning. Welcome to Service Properties Trust First Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today's event is being recorded. I now would like to turn the conference over to Kristin Brown, Director of Investor Relations. Please go ahead.

Kristin Brown

Good morning. Joining me on today's call are Todd Hargreaves, President and Chief Finance -- Investment Officer, and Brian Donley, Treasurer and Chief Financial Officer. Today's call includes the presentation by management, followed by a question-and-answer session with analysts. Please note that the recording, retransmission, and transcription of today's conference call is prohibited without the prior written consent of SVC. I would like to point out that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other security laws.

These forward-looking statements are based on SVC's present beliefs and expectations as of today, May 5th, 2022. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission or SEC. In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO and adjusted EBITDAre.

Reconciliations of these non-GAAP financial measures to net income, as well as components to calculate AFFO are available on our -- in our supplemental package found in the Investor Relations section of the Company's website. Actual results may differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause those differences is contained in our Form-10-Q on file with the SEC and in our supplemental operating and financial data found on our website. Investors are cautioned not to place undue reliance upon any forward-looking statements. And with that, I'll turn the call over to you, Todd.

Todd Hargreaves

Thank you, Kristin, and good morning. Our first quarter results reflect sequential monthly improvement throughout the period as comparable RevPAR increased from 63% of 2019 levels in an Omicron impacted month of January to 74% of 2019 in March, resulting in Q1 2022 RevPAR that was 69% of the same quarter in 2019. The improvement has continued into the second quarter with preliminary April RevPAR of $83 equal to approximately 82% of April 2019 levels.