Service Properties Trust (NASDAQ:SVC) Q2 2024 Earnings Conference Call August 7, 2024 10:00 AM ET

Company Participants

Stephen Colbert - Director-Investor Relations
Todd Hargreaves - President & Chief Investment Officer
Brian Donley - Treasurer & Chief Financial Officer

Conference Call Participants

Bryan Maher - B. Riley
Dori Kesten - Wells Fargo
Tyler Batory - Oppenheimer

Operator

Good day, and welcome to the Service Properties Trust Second Quarter 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Stephen Colbert, Director of IR. Please go ahead.

Stephen Colbert

Good morning. Joining me on today's call are Todd Hargreaves, President and Chief Investment Officer; Brian Donley, Treasurer and Chief Financial Officer; and Jesse Abair, Vice President.

Today's call includes a 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'd 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 securities laws. These forward-looking statements are based on SVC's present beliefs and expectations as of today August 7, 2024. 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 filings with the SEC, which can be accessed from our website at svcreit.com or the SEC's website. 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.

In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO and adjusted EBITDAre. We are also introducing our calculation of cash available for distribution or CAD this quarter. Reconciliations of these non-GAAP financial measures to net income, as well as components to calculate AFFO are available in our financial reporting package which can be found on our website.

And finally, we are providing guidance on this call, including hotel EBITDA. We are not providing a reconciliation of this non-GAAP measure as part of our guidance, because certain information required for such reconciliation is not available without unreasonable efforts or at all.

And with that, I'll turn the call over to Todd.

Todd Hargreaves

Thank you, Stephen and good morning. As Stephen mentioned Jesse Abair joined SVC in June as our Vice President. Jesse is also Vice President at the RMR Group, where he leads a team responsible for the sourcing, underwriting, entitlement and leasing of all development projects managed by RMR. Welcome Jesse.