Service Properties Trust Announces Third Quarter 2020 Results

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[{"type":"text","content":"\nThird Quarter Net Loss of $102.6 million, or $0.62 Per Common Share\n\nThird Quarter Normalized FFO of $0.14 Per Common Share\n\nThird Quarter Adjusted EBITDAre of $103.6 million\n\n NEWTON, Mass.--(BUSINESS WIRE)--\n\nService Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter and nine months ended September 30, 2020:\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n \n\n\n\nNine months ended September 30,\n\n\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share data)\n\n\n\n\n\nNet income (loss)\n\n\n\n$\n\n\n\n(102,642)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n40,074\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(173,641)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n274,643\n\n\n\n \n\n\n\n\n\nNet income (loss) per common share\n\n\n\n$\n\n\n\n(0.62)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.24\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(1.06)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.67\n\n\n\n \n\n\n\n\n\nNormalized FFO (1)\n\n\n\n$\n\n\n\n23,195\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n155,635\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n224,437\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n469,041\n\n\n\n \n\n\n\n\n\nNormalized FFO per common share (1)\n\n\n\n$\n\n\n\n0.14\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.95\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.37\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2.85\n\n\n\n \n\n\n\n\n\nAdjusted EBITDAre (1)\n\n\n\n$\n\n\n\n103,611\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n209,545\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n450,914\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n624,418\n\n\n\n \n\n\n\n\n\nAdditional information and reconciliations of net income (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 three and nine months ended September 30, 2020 and 2019 appear later in this press release.\n\n\nJohn Murray, President and Chief Executive Officer of SVC, made the following statement:\n\n“Our financial results during the third quarter reflect the impact of the COVID-19 pandemic on the economy generally and the hospitality industry specifically. The failure of IHG and Marriott to pay our minimum returns led us to terminate these hotel management agreements and move towards rebranding the hotels to Sonesta brands and management. We ...

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