Service Properties a Winner in BP/TA Deal -- Market Talk

Dow Jones

2023/02/16

0910 ET - The $1.3B acquisition of TravelCenters of America by BP is a boon for real-estate investment trust Service Properties Trust, which has a 7.8% stake in TravelCenters, along with ownership of certain tradenames and trademarks associated with TA's business and a lease deal with the travel-center operator. Service Properties says it's in line for $379.3M cash at closing, including the prepayment of $188M of rent under amended leases with BP, which will become its largest tenant, accounting for 29% of gross assets. The amended lease deal also boosts annual rents by about $20.5M, or 12c/share. Service Properties up 7.9% premarket to $9.30. (colin.kellaher@wsj.com)

(END) Dow Jones Newswires

February 16, 2023 09:10 ET (14:10 GMT)

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Service Properties says it's in line for $379.3M cash at closing, including the prepayment of $188M of rent under amended leases with BP, which will become its largest tenant, accounting for 29% of gross assets. The amended lease deal also boosts annual rents by about $20.5M, or 12c/share. Service Properties up 7.9% premarket to $9.30. 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Service Properties says it's in line for $379.3M cash at closing, including the prepayment of $188M of rent under amended leases with BP, which will become its largest tenant, accounting for 29% of gross assets. The amended lease deal also boosts annual rents by about $20.5M, or 12c/share. Service Properties up 7.9% premarket to $9.30. (colin.kellaher@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 16, 2023 09:10 ET (14:10 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}