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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Service Properties Trust
Service Properties Trust (SVC) investor relations material
Service Properties Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 Normalized FFO was $43.8M, or $0.34/share, and Adjusted EBITDAre was $133.5M, both above consensus; rolling four-quarter CAD turned positive at $12.6M.
Strategy focused on debt reduction, improving retained-hotel margins and gradually increasing the portfolio share of service-focused retail net lease properties.
Financial highlights
Q3 revenue fell 16.6% YoY to $399.520M; net loss was $87.940M versus $46.945M, while Normalized FFO rose to $43.839M from $33.910M.
Q3 FFO was $40.2M; lower interest expense contributed $17.4M to the $9.9M YoY increase in Normalized FFO, partly offset by a $6.6M decline in hotel EBITDA.
Q3 net lease cash-basis NOI was $93.8M, flat YoY; reported net lease NOI was $94.8M, flat QoQ.
Nine-month net loss was $462.956M, including $270.883M of impairment charges and $61.589M of debt-extinguishment losses; nine-month Normalized FFO was $106.308M versus $102.349M.
Outlook and guidance
FY26 guidance: Adjusted Hotel EBITDA of $124M–$134M, net lease NOI of $373M–$379M, Adjusted EBITDAre of $489M–$498M and Normalized FFO of $113M–$128M, or $1.07–$1.22/share.
FY26 CapEx guidance was reduced by $10M at the midpoint to $115M–$125M; assumptions include no hotel acquisitions and ownership of the remaining two Exit Hotels through year-end.
Net lease guidance reflects credit reserves, vacant-asset costs and the pace of asset recycling and acquisitions; hotel guidance includes ~$13.8M of renovation-related displacement.
Retained-hotel operators identified ~$96M of potential operating upside over 12–24 months, plus ~$13M from forecast RevPAR growth; combined ~$109M could lift margin to ~20%.
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Latest events from Service Properties Trust
- Hotel recovery and capital recycling target growth, deleveraging and a net lease-focused portfolio.SVC
Investor presentation - Q2 2026 saw $55M FFO, $223.8M net loss, and major debt reduction and equity raise.SVCQ2 2026
- Transitioning to a net lease focus, with hotel sales and operational improvements driving future growth.SVCNareit REITweek: 2026 Investor Conference
- Q1 2026 net loss of $151.2M, but leverage and liquidity improved via major capital actions.SVCQ1 2026
- Shareholders will vote on trustee elections, executive pay, auditor ratification, and an expanded equity plan.SVCProxy filing
- Updated sustainability data details energy, water, and climate risk strategies with SASB metrics.SVCProxy filing
- Proxy details portfolio repositioning, governance, compensation, and ESG priorities for 2026.SVCProxy Filing
- Trustee elections, executive pay, and auditor ratification are up for shareholder vote.SVCProxy Filing
- Dividend cut, $1B in hotel sales, and net loss drive liquidity and deleveraging efforts.SVCQ3 2024
Next Service Properties Trust earnings date
Q4 202625 Feb, 2027
Service Properties Trust
Next Service Properties Trust earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Service Properties Trust is a real estate investment trust (REIT) that owns hotels and service-focused retail properties. The company leases its properties to hotel operators under management agreements and to retail tenants across the United States, Canada, and Puerto Rico. Its portfolio includes diverse hospitality and retail assets targeting stable cash flows and long-term lease agreements. Service Properties Trust is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.