Service Properties Trust announced its financial results for the third quarter ended September 30, 2024, reporting funds from operations (FFO) of $52.9 million, or 32 cents per share. The company's FFO and revenues for the quarter missed analyst estimates.
The company experienced revenue headwinds and rising expenses during the period, contributing to a net loss of $200 million year-to-date. This indicates ongoing financial challenges within its operations.
SVC's cash flow issues were notable, with operating cash flow dropping significantly and free cash flow turning negative by $75 million. These financial metrics underscore the pressures driving the company's strategic decisions to reduce debt and enhance liquidity.
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