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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