Service Properties Trust (NASDAQ: SVC) reported Q3 EPS of $0.24, $0.06 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $599.77 million versus the consensus estimate of $588.7 million.

• Third Quarter Net Income of $0.24 Per Common Share
• Third Quarter Normalized FFO of $0.95 Per Common Share
• Completed Acquisition of Net Lease Portfolio of Service-Oriented Retail Properties for $2.4 Billion
• Sold or Entered Agreements to Sell 128 Properties for $500 Million

John Murray, President and Chief Executive Officer of SVC, made the following statement:

“As previously announced, during the third quarter we completed our acquisition of a high-quality net lease portfolio of 767 service-oriented retail properties for $2.4 billion in cash consideration plus $82.1 million of prepayment penalties to extinguish mortgage debt on the portfolio. We believe this transaction provides us with increased scale, a more secure financial profile and greater diversity in tenant base, property type and geography. We have also made significant progress on our previously announced disposition plan. We sold two net lease properties for $63 million and entered an agreement to sell 126 additional net lease properties for $438 million.

“In the third quarter, comparable hotel RevPAR declined 0.3% compared to the prior year period due in part to occupancy decreases from 13 hotels under renovation, six of which were relatively higher revenue contributing full service hotels that impacted our IHG, Sonesta and Radisson Hotel Group portfolios. For hotels not impacted by renovations, comparable RevPAR increased by 0.9%."

For earnings history and earnings-related data on Service Properties Trust (SVC) click here.