Service Properties Trust (SVC) is a REIT that owns two types of commercial real estate: service-focused retail properties leased on a triple-net basis, and hotel properties managed by third-party operators. In the net lease segment, SVC owns 760 retail properties across 42 states, leased to tenants in necessity-based industries including travel centers, QSRs, health and fitness centers, casual dining, grocery, automotive services, and medical/dental offices. The largest tenant is TravelCenters of America (TA), a BP subsidiary, which occupies 175 travel centers under long-term master leases expiring in 2033 and accounts for roughly two-thirds of net lease rent. Under triple-net leases, tenants pay fixed rent plus all operating expenses, giving SVC predictable cash flows with minimal capital requirements. In the hotel segment, SVC owns 94 hotels with approximately 21,000 rooms, operated under Sonesta, Hyatt Place, Radisson, and Crowne Plaza brands, with Sonesta managing the majority. SVC is actively pivoting toward becoming a predominantly net lease REIT, having committed to selling roughly 121 hotels in 2025 for approximately $959M in gross proceeds, with sale proceeds earmarked for debt repayment. SVC has no employees — RMR Group, an external manager, handles all management and administrative functions. As a REIT, SVC must distribute at least 90% of taxable income and relies on debt, equity, and asset sales to fund investments.