Chemical Reaction Engineering
A space time of 3 hours for a flow reactor means that

Three reactor volumes of feed can be processed every hour
Conversion is cent per cent after three hours
The time required to process one reactor volume of feed (measured at specified conditions) is 3 hours
It takes three hours to dump the entire volume of the reactor with feed

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Chemical Reaction Engineering
In the reversible reaction of the type, A + B ⇋ AB, in general

The combination reaction will be exothermic, while the dissociation reaction will be endothermic
Both forward and backward reactions will be exothermic
Neither of the reactions will be en-dothermic
The combination reaction will be endothermic, while the dissociation reaction will be exothermic

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