Third Quarter Net Loss of $(0.36) Per Common Share
Third Quarter Normalized FFO of $0.27 Per Common Share
Third Quarter Adjusted EBITDAre of $137.3 million
NEWTON, Mass.–(BUSINESS WIRE)–Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2021.
John Murray, President and Chief Executive Officer of SVC, made the following statement:
“The third quarter marked a period of continued recovery for SVC’s hotel portfolio. SVC’s monthly hotel EBITDA has been positive since April and increased 71.0% versus the second quarter. Over the same period, portfolio-wide occupancy increased to 60.1% from 56.6% and RevPAR for comparable hotels increased by 18.2%, supported by stable extended stay occupancy and continued leisure demand. Comparable RevPAR for the 2021 third quarter was 70.1% of the pre-COVID-19 comparable RevPAR for the 2019 third quarter. With weekly COVID-19 cases on the decline, we expect to benefit from a rebound in business travel in the coming quarters, particularly at our full service hotels as urban centers re-open. We collected all of the rents due from our net lease tenants during the third quarter and our largest net lease tenant, TravelCenters of America, continues to benefit from healthy trucking activity and improved operating efficiencies.
With our previously announced hotel sales in process and expected to close in the first quarter of 2022, over $900 million of cash on our balance sheet, no debt maturities until the third quarter of 2022, and positive cash flow from our hotel portfolio before capital expenditures, we believe we have ample liquidity and financial flexibility as lodging trends continue to rebound.”
Results for the Quarter Ended September 30, 2021:
Three Months Ended September 30,
2021
2020
($ in thousands, except per share data)
Net loss
$
(59,714
)
$
(102,642
)
Net loss per common share
$
(0.36
)
$
(0.62
)
Normalized FFO (1)
$
43,781
$
23,195
Normalized FFO per common share (1)
$
0.27
$
0.14
Adjusted EBITDAre (1)
$
137,324
$
103,611
(1)
Additional information and reconciliations of net loss determined in accordance with U.S. generally accepted accounting principles, or GAAP, to certain non-GAAP measures, including FFO, Normalized FFO, EBITDA, EBITDAre and Adjusted EBITDAre for the quarters ended September 30, 2021 and 2020 appear later in this press release.
Net loss: Net loss for the quarter ended September 30, 2021 was $59.7 million, or $0.36 per diluted common share, compared to a net loss of $102.6 million, or $0.62 per diluted common share, for the quarter ended September 30, 2020. Net loss for the quarter ended September 30, 2021 includes $24.3 million, or $0.15 per diluted common share, of net unrealized gains on equity securities and $3.1 million, or $0.02 per diluted common share, of transaction related costs. Net loss for the quarter ended September 30, 2020 includes a $10.2 million, or $0.06 per diluted common share, loss on asset impairment, and $5.6 million, or $0.03 per diluted common share, of net unrealized gains on equity securities. The weighted average number of diluted common shares outstanding was 164.6 million and 164.4 million for the quarters ended September 30, 2021 and 2020, respectively.
Normalized FFO: Normalized FFO for the quarter ended September 30, 2021 were $43.8 million, or $0.27 per diluted common share, compared to Normalized FFO of $23.2 million, or $0.14 per diluted common share, for the quarter ended September 30, 2020.
Adjusted EBITDAre: Adjusted EBITDAre for the quarter ended September 30, 2021 compared to the same period in 2020 increased 32.5% to $137.3 million.
Hotel Portfolio:
As of September 30, 2021, SVC’s 304 hotels were operated by subsidiaries of Sonesta Holdco Corporation, or Sonesta (261 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (nine hotels), Marriott International, Inc., or Marriott (16 hotels), and InterContinental Hotels Group, plc (one hotel).
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
Change
2021
2020
Change
($ in thousands, except hotel statistics)
Comparable Hotels
No. of hotels
292
292
—
282
282
—
No. of rooms or suites
45,020
45,020
—
42,292
42,292
—
Occupancy
60.9
%
45.5
%
15.4
pts
53.5
%
44.9
%
8.6
pts
ADR
$
111.18
$
90.87
22.4
%
$
95.50
$
100.17
(4.7
)%
Hotel RevPAR
$
67.71
$
41.35
63.7
%
$
51.09
$
44.98
13.6
%
Hotel operating revenues (1)
$
308,399
$
188,314
63.8
%
$
633,739
$
579,240
9.4
%
Hotel operating expenses (1)
$
256,160
$
182,408
40.4
%
$
602,313
$
566,341
6.4
%
Hotel EBITDA (1)
$
52,239
$
5,906
n/m
$
31,426
$
12,899
n/m
Hotel EBITDA margin
16.9
%
3.1
%
n/m
5.0
%
2.2
%
n/m
All Hotels (2)
No. of hotels
304
329
(25
)
304
329
(25
)
No. of rooms or suites
48,439
51,404
(2,965
)
48,439
51,404
(2,965
)
Occupancy
60.1
%
43.6
%
16.5
pts
52.2
%
42.7
%
9.5
pts
ADR
$
114.55
$
89.88
27.4
%
$
102.84
$
103.30
(0.4
)%
Hotel RevPAR
$
68.84
$
39.19
75.7
%
$
53.68
$
44.11
21.7
%
Hotel operating revenues (1)
$
338,375
$
202,047
67.5
%
$
787,463
$
712,323
10.5
%
Hotel operating expenses (1)
$
287,265
$
208,336
37.9
%
$
744,638
$
736,541
1.1
%
Hotel EBITDA (1)
$
51,110
$
(6,289
)
n/m
$
42,825
$
(24,218
)
n/m
Hotel EBITDA margin
15.1
%
(3.1
)%
n/m
5.4
%
(3.4
)%
n/m
(1)
Reconciliations of hotel operating revenues and hotel operating expenses used to determine Hotel EBITDA from hotel operating revenues and hotel operating expenses determined in accordance with GAAP for the quarters ended September 30, 2021 and 2020 appear later in this press release.
(2)
Results of all hotels as owned during the periods presented, including the results of hotels sold by SVC for the period owned by SVC.
Recent operating statistics for SVC’s hotels are as follows:
Comparable Hotels
All Hotels
July 2021
August 2021
September 2021
July 2021
August 2021
September 2021
Occupancy
64.0
%
58.1
%
60.6
%
62.9
%
56.8
%
60.8
%
ADR
$
113.73
$
109.43
$
110.09
$
117.40
$
112.68
$
113.22
RevPAR
$
72.79
$
63.58
$
68.71
$
73.84
$
64.00
$
68.84
For SVC’s 304 hotels, preliminary October 2021 occupancy, ADR and RevPAR are projected to be 59.2%, $116.07 and $68.73, respectively.
Hotel Agreements:
As previously announced, on November 1, 2021, SVC and Radisson amended their previous management agreement for nine hotels owned by SVC. As a result of the amendment, Radisson continues to manage eight of the nine hotels for a 10-year term effective August 1, 2021. The amended agreement sets the annual minimum return due to SVC at $10.2 million and Radisson has provided SVC with a new $22.0 million limited guarantee for 75% of the aggregate annual minimum returns beginning in 2023. Under the amended agreement, a management fee of 5% of gross room revenues for each hotel operated under the Country Inn & Suites brand and a management fee of 3% of gross room revenues for each hotel managed under the Radisson Hotel brand payable to Radisson will be an operating cost paid senior to SVC’s annual minimum return. Radisson may also earn a 20% incentive management fee after payment of SVC’s annual minimum return and reimbursement of certain advances, if any. SVC has also agreed to fund approximately $12.0 million of renovations that are expected to be completed by the end of 2022. The management and branding of the ninth hotel previously managed by Radisson was transitioned to Sonesta on November 1, 2021 on terms substantially consistent with SVC’s Sonesta management agreements for the hotels it transitioned the branding of and management to Sonesta in the fourth quarter of 2020 and first and second quarters of 2021.
Net Lease Retail Portfolio:
SVC’s net lease retail portfolio is summarized as follows:
As of September 30, 2021
Number of properties
794
Industries
21
Tenants
175
Brands
134
Square feet
13.6 million
Occupancy
98.2%
Weighted average lease term (by annual minimum rent)
10.3 years
Rent Coverage
2.37x
During the three months ended September 30, 2021, SVC reduced its reserve for uncollectible revenues by $5,373 for certain of its net lease tenants and recorded reserves for uncollectible revenues of $2,369 for certain of its net lease tenants.
Recent Investment Activities:
During the quarter ended September 30, 2021, SVC sold two net lease properties with an aggregate of 6,639 rentable square feet for an aggregate sales price of $0.7 million, excluding closing costs. In October 2021, SVC sold one net lease property with 7,070 rentable square feet for a sales price of $0.9 million, excluding closing costs.
SVC is currently marketing for sale 68 Sonesta branded hotels (46 extended stay hotels with 5,404 keys, 19 select service hotels with 2,461 keys and three full service hotels with 895 keys) located in 27 states with an aggregate net carrying value of $579.0 million as of September 30, 2021. SVC expects these sales to be completed by the end of the first quarter of 2022.
SVC has also entered agreements to sell four net lease properties with an aggregate of 14,630 square feet located in three states for an aggregate sales price of $2.3 million, excluding closing costs. SVC expects these sales to be completed by the end of the fourth quarter of 2021.
Capital expenditures made at certain of SVC’s properties for the quarter ended September 30, 2021 were $19.8 million.
Liquidity and Financing Activities:
As of September 30, 2021, SVC had $912.5 million of cash and cash equivalents.
Conference Call:
On November 5, 2021 at 10:00 a.m. Eastern Time, John Murray, Chief Executive Officer, Brian Donley, Chief Financial Officer, and Todd Hargreaves, Chief Investment Officer, will host a conference call to discuss SVC’s third quarter 2021 financial results. The conference call telephone number is (877) 329-3720. Participants calling from outside the United States and Canada should dial (412) 317-5434. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through Friday, November 12, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10160343.
A live audio webcast of the conference call will also be available in a listen-only mode on SVC’s website, www.svcreit.com. Participants wanting to access the webcast should visit SVC’s website about five minutes before the call. The archived webcast will be available for replay on SVC’s website for about one week after the call. The transcription, recording and retransmission in any way of SVC’s third quarter conference call is strictly prohibited without the prior written consent of SVC.
Supplemental Data:
A copy of SVC’s Third Quarter 2021 Supplemental Operating and Financial Data is available for download at SVC’s website, www.svcreit.com. SVC’s website is not incorporated as part of this press release.
Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with more than $12 billion invested in two asset categories: hotels and service-focused retail net lease properties. SVC owns more than 300 hotels with over 48,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. SVC owns nearly 800 retail service-focused net lease properties totaling over 13 million square feet throughout United States. SVC is managed by an operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company with more than $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit svcreit.com.
Non-GAAP Financial Measures and Certain Definitions:
SVC presents certain “non-GAAP financial measures” within the meaning of the applicable Securities and Exchange Commission, or SEC, rules, including funds from operations, or FFO, Normalized FFO, earnings before interest, taxes, depreciation and amortization, or EBITDA, Hotel EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of SVC’s operating performance or as measures of SVC’s liquidity. These measures should be considered in conjunction with net income (loss) as presented in SVC’s condensed consolidated statements of income (loss). SVC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). SVC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of SVC’s operating performance between periods and with other REITs and, in the case of Hotel EBITDA, reflecting only those income and expense items that are generated and incurred at the hotel level may help both investors and management to understand the operations of SVC’s hotels.
Please see the pages attached hereto for a more detailed statement of SVC’s operating results and financial condition and for an explanation of SVC’s calculation of FFO and Normalized FFO, EBITDA, Hotel EBITDA, EBITDAre and Adjusted EBITDAre and a reconciliation of those amounts to amounts determined in accordance with GAAP.
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy is an important measure of the utilization rate and demand of SVC’s hotels.
Average Daily Rate, or ADR, represents rooms revenue divided by the total number of room nights sold in a given period. ADR provides useful insight on pricing at SVC’s hotels and is a measure widely used in the hotel industry.
Revenue per Available Room, or RevPAR, represents rooms revenue divided by the total number of room nights available to guests for a given period. RevPAR is an industry metric correlated to occupancy and ADR and helps measure revenue performance over comparable periods.
Hotel EBITDA: Hotel EBITDA is calculated as hotel operating revenues less hotel operating expenses of all managed and leased hotels, prior to any adjustments required for presentation in SVC’s condensed consolidated statements of income (loss) in accordance with GAAP.
Hotel EBITDA Margin: Hotel EBITDA Margin is Hotel EBITDA as a percentage of hotel operating revenues.
Comparable Hotels Data: SVC presents RevPAR, ADR, and occupancy for the periods presented on a comparable basis to facilitate comparisons between periods. SVC generally defines comparable hotels as those that were owned by it on September 30, 2021 and were open and operating for the entire periods being compared. For the three months ended September 30, 2021 and 2020, SVC’s comparable results excluded 12 hotels that had suspended operations during part of the periods presented. For the nine months ended September 30, 2021 and 2020, SVC’s comparable results excluded 22 hotels that had suspended operations during part of the periods presented.
Rent Coverage: SVC defines Rent Coverage as earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, divided by the annual minimum rent due to SVC weighted by the minimum rent of the property to total minimum rents of the net lease portfolio. EBITDAR amounts used to determine rent coverage are generally for the latest twelve-month period reported based on the most recent operating information, if any, furnished by the tenant. Operating statements furnished by the tenant often are unaudited and, in certain cases, may not have been prepared in accordance with GAAP and are not independently verified by SVC. Tenants that do not report operating information are excluded from the rent coverage calculations. In instances where SVC does not have financial information for the most recent quarter from its tenants, it has calculated an implied EBITDAR for the 2021 third quarter using industry benchmark data to reflect current operating trends. SVC believes using this industry benchmark data provides a reasonable estimate of recent operating results and rent coverage for those tenants.
SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
(unaudited)
September 30, 2021
December 31, 2020
ASSETS
Real estate properties:
Land
$
2,036,297
$
2,030,440
Buildings, improvements and equipment
9,109,518
9,131,832
Total real estate properties, gross
11,145,815
11,162,272
Accumulated depreciation
(3,517,771
)
(3,280,110
)
Total real estate properties, net
7,628,044
7,882,162
Acquired real estate leases and other intangibles, net
288,852
325,845
Assets held for sale
3,707
13,543
Cash and cash equivalents
912,532
73,332
Restricted cash
1,657
18,124
Due from related persons
46,660
55,530
Other assets, net
453,379
318,783
Total assets
$
9,334,831
$
8,687,319
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility
$
1,000,000
$
78,424
Senior unsecured notes, net
6,139,787
6,130,166
Accounts payable and other liabilities
430,694
345,373
Due to related persons
10,608
30,566
Total liabilities
7,581,089
6,584,529
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,092,638 and 164,823,833 shares issued and outstanding, respectively
1,651
1,648
Additional paid in capital
4,552,087
4,550,385
Cumulative other comprehensive loss
(755
)
(760
)
Cumulative net income available for common shareholders
2,834,449
3,180,263
Cumulative common distributions
(5,633,690
)
(5,628,746
)
Total shareholders’ equity
1,753,742
2,102,790
Total liabilities and shareholders’ equity
$
9,334,831
$
8,687,319
SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Revenues:
Hotel operating revenues (1)
$
338,375
$
199,719
$
787,463
$
700,578
Rental income (2)
98,724
96,776
286,742
294,633
Total revenues
437,099
296,495
1,074,205
995,211
Expenses:
Hotel operating expenses (1)(3)
285,233
174,801
723,769
492,906
Other operating expenses
4,437
3,705
11,758
11,029
Depreciation and amortization
124,163
122,204
370,208
377,557
General and administrative
14,231
12,295
40,840
37,621
Transaction related costs (4)
3,149
—
28,934
—
Loss on asset impairment (5)
—
10,248
2,110
55,502
Total expenses
431,213
323,253
1,177,619
974,615
Gain (loss) on sale of real estate, net (6)
94
109
10,934
(9,655
)
Unrealized gain on equity securities, net (7)
24,348
5,606
20,367
4,409
Gain on insurance settlement (8)
—
—
—
62,386
Interest income
203
6
485
283
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $5,877, $3,877, $15,123 and $10,651, respectively)
(92,458
)
(80,532
)
(273,227
)
(223,679
)
Loss on early extinguishment of debt (9)
—
—
—
(6,970
)
Loss before income taxes and equity in earnings (losses) of an investee
(61,927
)
(101,569
)
(344,855
)
(152,630
)
Income tax benefit (expense) (8)
55
296
(1,009
)
(16,706
)
Equity in earnings (losses) of an investee (10)
2,158
(1,369
)
50
(4,305
)
Net loss
$
(59,714
)
$
(102,642
)
$
(345,814
)
$
(173,641
)
Weighted average common shares outstanding (basic and diluted)
164,590
164,435
164,532
164,397
Net loss per common share (basic and diluted)
$
(0.36
)
$
(0.62
)
$
(2.10
)
$
(1.06
)
See Notes.
SERVICE PROPERTIES TRUST
RECONCILIATIONS OF FUNDS FROM OPERATIONS, NORMALIZED FUNDS
FROM OPERATIONS
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Calculation of FFO and Normalized FFO: (11)
Net loss
$
(59,714
)
$
(102,642
)
$
(345,814
)
$
(173,641
)
Add (Less): Depreciation and amortization
124,163
122,204
370,208
377,557
Loss on asset impairment (5)
—
10,248
2,110
55,502
(Gain) loss on sale of real estate, net (6)
(94
)
(109
)
(10,934
)
9,655
Unrealized gain on equity securities, net (7)
(24,348
)
(5,606
)
(20,367
)
(4,409
)
Adjustments to reflect SVC’s share of FFO attributable to an investee (10)
369
(900
)
1,868
(461
)
FFO
40,376
23,195
(2,929
)
264,203
Add (Less):
Transaction related costs (4)
3,149
—
28,934
—
Gain on insurance settlement, net of tax (8)
—
—
—
(46,736
)
Loss on early extinguishment of debt (9)
—
—
—
6,970
Adjustments to reflect SVC’s share of Normalized FFO attributable to an investee (10)
256
—
1,619
—
Normalized FFO
$
43,781
$
23,195
$
27,624
$
224,437
Weighted average common shares outstanding (basic and diluted)
164,590
164,435
164,532
164,397
Basic and diluted per common share amounts:
Net loss per share
$
(0.36
)
$
(0.62
)
$
(2.10
)
$
(1.06
)
FFO
$
0.25
$
0.14
$
(0.02
)
$
1.61
Normalized FFO
$
0.27
$
0.14
$
0.17
$
1.37
Distributions declared per share
$
0.01
$
0.01
$
0.03
$
0.56
See Notes.
SERVICE PROPERTIES TRUST
RECONCILIATIONS OF EBITDA, EBITDAre AND ADJUSTED EBITDAre
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre:(12)
Net loss
$
(59,714
)
$
(102,642
)
$
(345,814
)
$
(173,641
)
Add (Less): Interest expense
92,458
80,532
273,227
223,679
Income tax (benefit) expense (8)
(55
)
(296
)
1,009
16,706
Depreciation and amortization
124,163
122,204
370,208
377,557
EBITDA
156,852
99,798
298,630
444,301
Add (Less): Loss on asset impairment (5)
—
10,248
2,110
55,502
(Gain) loss on sale of real estate, net (6)
(94
)
(109
)
(10,934
)
9,655
Adjustments to reflect SVC’s share of EBITDAre attributable to an investee (10)
464
—
2,123
—
EBITDAre
157,222
109,937
291,929
509,458
Add (Less): Transaction related costs (4)
3,149
—
28,934
—
Unrealized gain on equity securities, net (7)
(24,348
)
(5,606
)
(20,367
)
(4,409
)
Gain on insurance settlement (8)
—
—
—
(62,386
)
Loss on early extinguishment of debt (9)
—
—
—
6,970
Adjustments to reflect SVC’s share of Adjusted EBITDAre attributable to an investee (10)
256
(1,583
)
1,619
(1,004
)
General and administrative expense paid in common shares (13)
1,045
863
2,490
2,285
Adjusted EBITDAre
$
137,324
$
103,611
$
304,605
$
450,914
See Notes.
SERVICE PROPERTIES TRUST
CALCULATION AND RECONCILIATION OF HOTEL EBITDA
Comparable Hotels
(amounts in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Number of hotels
292
292
282
282
Room revenues
$
276,288
$
171,017
$
586,755
$
520,527
Food and beverage revenues
20,658
6,556
27,166
36,577
Other revenues
11,453
10,741
19,818
22,136
Hotel operating revenues – comparable hotels
308,399
188,314
633,739
579,240
Rooms expenses
84,283
54,975
193,119
173,246
Food and beverage expenses
16,517
8,822
23,581
37,065
Other direct and indirect expenses
115,454
91,152
285,749
271,407
Management fees
11,821
1,641
24,256
3,854
Real estate taxes, insurance and other
26,719
25,556
72,655
70,925
FF&E reserves (14)
1,366
262
2,953
9,844
Hotel operating expenses – comparable hotels
256,160
182,408
602,313
566,341
Hotel EBITDA – comparable hotels
$
52,239
$
5,906
$
31,426
$
12,899
Hotel EBITDA Margin
16.9
%
3.1
%
5.0
%
2.2
%
Hotel operating revenues (GAAP) (1)
$
338,375
$
199,719
$
787,463
$
700,578
Add (Less):
Hotel operating revenues from leased hotels
—
2,328
—
11,745
Hotel operating revenues from non-comparable hotels
(29,976
)
(13,733
)
(153,724
)
(133,083
)
Hotel operating revenues – comparable hotels
$
308,399
$
188,314
$
633,739
$
579,240
Hotel operating expenses (GAAP) (1)
$
285,233
$
174,801
$
723,769
$
492,906
Add (Less):
Hotel operating expenses from non-comparable hotels
(31,105
)
(25,666
)
(141,190
)
(170,200
)
Reduction for security deposit and guaranty fundings, net (3)
—
30,474
15,696
222,134
Hotel operating expenses of leased hotels
—
2,178
—
8,848
FF&E reserves from managed hotel operations (14)
1,411
—
2,175
11,205
Other (15)
621
621
1,863
1,448
Hotel operating expenses – comparable hotels
$
256,160
$
182,408
$
602,313
$
566,341
Contacts
Kristin Brown, Director, Investor Relations
(617) 658-0776