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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Condor Hospitality Trust Inc | AMEX:CDOR | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.94 | 0 | 01:00:00 |
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results of operations for the first quarter 2021.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented: “The hospitality industry including Condor has faced unprecedented challenges appearing in the first quarter 2020 brought by the COVID-19 pandemic and the resulting near evaporation of demand. Beginning in March of 2020 Condor acted quickly to substantially reduce portfolio operating expenses, reduce corporate overhead and enhance our sales efforts to capture more than our fair share of greatly reduced demand. Our hotel portfolio returned to positive cash flow beginning in May 2020 and has remained positive throughout the remainder of 2020 and the first quarter of 2021. We undertook steps to enhance liquidity including the successful completion of an amendment to our credit facility providing important covenant compliance deferrals and access to $13.4 million of revolving credit availability through the January 2023 extended maturity.
In the first quarter 2021 our portfolio continued outperforming, as compared to the overall industry which recorded 34.3% RevPAR declines nationally in the upscale chain scale as reported by Smith Travel Research, and our select service public REIT peer group, by having one of the lowest first quarter RevPAR decline compared to the same period in 2020 and at 20.7% one of the highest hotel portfolio EBITDA margins. When eliminating the two Aloft hotels and the Indigo hotel in our portfolio which have larger food and beverage platforms the modified portfolio proforma margins increased to 26.9%. Seasonal lower demand early in the first quarter changed considerably in later February with increased leisure travel driving the portfolio occupancy to 59.5% and the portfolio is positioned to enjoy benefits from the continuing increase leisure demand that we are currently experiencing and that we expect into second quarter 2021 having achieved a 70.6% portfolio occupancy for the month of April 2021. We anticipate that business travel led initially by local business demand, and then regional demand, will begin late in the second quarter and improve over the remainder of 2021.
As a result of a lender that acquired the loan on our Leawood hotel late in December 2020 refusing to grant a financial covenants waiver for the fourth quarter 2020 that was granted by the previous lender for the first three quarters of 2020, the Company’s auditor issued an audit opinion with a going concern qualification. This waiver refusal on a technical covenant on a loan where all payments are current occurred in the midst of an environment where industry practice has lenders granting such waivers so as a result the Company is underway with a process to identify alternatives to refinance the loan.”
Condor Hospitality Trust
Selected Statistical and Financial Data
As of and for the three months ended March 31,
(in thousands except statistical and per share amounts)
(Unaudited)
Three months ended March 31,
2021
2020
Net Loss
$
(2,187)
$
(3,025)
Diluted Earnings (Loss) per Share
$
(0.20)
$
(0.27)
Adjusted EBITDAre*
$
846
$
2,725
Hotel EBITDA - Same-Store*
$
1,996
$
4,067
Hotel EBITDA Margin - Same-Store*
20.7%
27.6%
Adjusted FFO*
$
(1,326)
$
1,049
Adjusted FFO per Diluted Share*
$
(0.11)
$
0.09
Same-Store RevPAR*
$
53.16
$
79.50
Same-Store Occupancy*
59.46%
63.97%
Same-Store ADR*
$
89.41
$
124.28
The following table summarizes key hotel statistics during the first quarter of 2021, amid the COVID-19 pandemic, compared to the first quarter of 2020:
January 2021
February 2021
March 2021
Three Months ended March 31, 2021
January 2020
February 2020
March 2020
Three Months ended March 31, 2020
Same-Store ADR*
$
84.88
$
88.31
$
93.51
$
89.41
$
123.34
$
127.06
$
120.91
$
124.28
Same-Store Occupancy*
51.42%
56.37%
70.29%
59.46%
71.89%
79.40%
41.58%
63.97%
Same-Store RevPAR*
$
43.64
$
49.77
$
65.73
$
53.16
$
88.67
$
100.89
$
50.27
$
79.50
Hotel EBITDA – Same-Store*
$
299
$
532
$
1,165
$
1,996
$
1,702
$
2,244
$
121
$
4,067
Hotel EBITDA Margin – Same-Store*
11.0%
18.9%
28.4%
20.7%
30.3%
37.7%
3.8%
27.6%
*Please see the Reg. G reconciliation tables at the end of this release. Financial data presented above includes results from prior to our 100% ownership of Atlanta Aloft.
OPERATIONS UPDATE
May 2020
June 2020
July 2020
August 2020
September 2020
October 2020
November 2020
December 2020
January 2021
February 2021
March 2021
Hotel EBITDA
$
14
$
438
$
385
$
772
$
405
$
701
$
180
$
164
$
299
$
532
$
1,165
January 2020
February 2020
March 2020
Q1 2020
January 2021
February 2021
March 2021
Q1 2021
Hotel RevPAR Penetration Index
117.1%
110.1%
102.5%
111.3%
111.2%
103.2%
109.3%
108.9%
CASH BURN BEFORE CAPITAL EXPENDITURES
The Company had a first quarter 2021 cash burn of $1.4 million compared to $1.4 million in the third quarter and $2.1 million in the fourth quarter 2020. The majority of the cash burn was in the initial 60 days with March achieving breakeven before non-recurring expenses. The cash burn analysis includes $0.2 million of principal amortization for the quarter.
(in thousands)
Three months ended March 31, 2021
One month ended March 31, 2021
Hotel EBITDA
$
1,996
$
1,165
Less: recurring general and administrative expense, excluding stock compensation expense
(1,111)
(377)
Less: unallocated hotel and property operations expense
(31)
(4)
Adjusted Corporate EBITDA
$
854
$
784
Less: debt service costs
(2,210)
(771)
Cash burn
$
(1,356)
$
13
CORPORATE LOAN FACILITY
On November 19, 2020 the Company amended the credit agreement for its $130 million revolving credit facility. The key modifications and enhancements include:
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of March 31, 2021, the Company had cash and cash equivalents (including restricted cash) of $7.7 million and available revolver borrowing capacity of $10.2 million. As of March 31, 2021, the Company had total outstanding long-term debt of $169.7 million associated with assets held for use with a weighted average maturity of 1.9 years and a weighted average interest rate of 3.79%.
CAPITAL INVESTMENTS
The Company invested $0.3 million in capital improvements throughout the portfolio in the three months ended March 31, 2021 to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
The Company has suspended guidance until further notice.
DIVIDENDS
On November 19, 2020, the Company amended its credit facility to permit payment of cash dividends to common and preferred shareholder when defined financial conditions are achieved. The Company is not currently permitted to pay cash dividends pursuant to the terms of its credit facility.
EARNINGS CALL
The Company will not be conducting a first quarter earnings conference call.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. The Company currently owns 15 hotels in 8 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.
Forward-Looking Statement
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue”, “project”, “plan”, the negative version of these words or other similar expressions. Readers are cautioned not to place undue reliance on any such forward-looking statements.
All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of capital, risks associated with debt financing, interest rates, competition, supply and demand for hotel rooms in our current and proposed market areas, policies and guidelines applicable to real estate investment trusts, risks related to uncertainty and disruption in global economic markets as a result of COVID-19 (commonly referred to as the coronavirus), and other risks and uncertainties described herein, and in our filings with the Securities and Exchange Commission (“SEC”) from time to time. These risks and uncertainties should be considered in evaluating any forward-looking statements.
The forward-looking statements represent Condor’s views as of the date on which such statements were made. Condor anticipates that subsequent events and developments may cause those views to change. These forward-looking statements should not be relied upon as representing Condor’s views as of any date subsequent to the date hereof. Condor expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.
Additional factors that may affect the Company’s business or financial results are described in the risk factors included in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
SELECTED FINANCIAL DATA:
Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
As of
March 31, 2021
December 31, 2020
Assets
Investment in hotel properties, net
$
263,506
$
265,831
Cash and cash equivalents
3,485
3,686
Restricted cash, property escrows
4,228
3,794
Accounts receivable, net
1,092
652
Prepaid expenses and other assets
956
1,230
Total Assets
$
273,267
$
275,193
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities
$
5,945
$
5,372
Dividends and distributions payable
924
762
Land option liability
8,497
8,497
Derivative liabilities, at fair value
744
880
Convertible debt, at fair value
15,022
16,875
Long-term debt, net of deferred financing costs
168,111
166,526
Total Liabilities
199,243
198,912
Equity
Shareholders' Equity
Preferred stock, 40,000,000 shares authorized:
6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $10,174 and $10,012
10,050
10,050
Common stock, $.01 par value, 200,000,000 shares authorized; 12,019,769 and 12,014,743 shares outstanding
120
120
Additional paid-in capital
233,425
233,332
Accumulated deficit
(169,613)
(167,263)
Total Shareholders' Equity
73,982
76,239
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $15 and $17
42
42
Total Equity
74,024
76,281
Total Liabilities and Equity
$
273,267
$
275,193
Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
Three months ended March 31,
2021
2020
Revenue
Room rentals and other hotel services
$
9,644
$
13,227
Operating Expenses
Hotel and property operations
7,679
9,815
Depreciation and amortization
2,643
2,710
General and administrative
1,260
1,193
Strategic alternatives, net
40
144
Total operating expenses
11,622
13,862
Operating loss
(1,978)
(635)
Net loss on disposition of assets
(3)
(9)
Equity in earnings of joint venture
-
80
Net gain (loss) on derivatives and convertible debt
1,988
(759)
Other income (expense), net
42
(28)
Interest expense
(2,209)
(1,980)
Loss before income taxes
(2,160)
(3,331)
Income tax benefit (expense)
(27)
306
Net loss
(2,187)
(3,025)
Loss attributable to noncontrolling interest
-
1
Net loss attributable to controlling interests
(2,187)
(3,024)
Dividends declared and undeclared on preferred stock
(163)
(145)
Net loss attributable to common shareholders
$
(2,350)
$
(3,169)
Earnings (Loss) per Share
Total - Basic Earnings (Loss) per Share
$
(0.20)
$
(0.27)
Total - Diluted Earnings (Loss) per Share
$
(0.20)
$
(0.27)
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We report Funds from Operations (“FFO”), Adjusted FFO (“AFFO”), Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), EBITDA for real estate (“EBITDAre”), Adjusted EBITDAre, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.
FFO and AFFO
The following table reconciles net loss to FFO and AFFO for the three months ended March 31, 2021 and 2020. (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.
Three months ended March 31,
Reconciliation of Net loss to FFO and AFFO
2021
2020
Net loss
$
(2,187)
$
(3,025)
Depreciation and amortization expense
2,643
2,710
Depreciation and amortization expense from JV
-
145
Net loss on disposition of assets
3
9
FFO
459
(161)
Dividends declared and undeclared on preferred stock
(163)
(145)
FFO attributable to common shares and common units
296
(306)
Net (gain) loss on derivatives and convertible debt
(1,988)
759
Strategic alternatives expense, net
40
144
Stock-based compensation expense
99
84
Amortization of deferred financing fees
227
275
Amortization of deferred financing fees from JV
-
93
AFFO attributable to common shares and common units
$
(1,326)
$
1,049
FFO attributable to common shares and common units - Basic
$
296
$
(306)
2020 Note interest and fair value adjustments
(1,593)
-
FFO attributable to common shares and common units - Diluted
$
(1,297)
$
(306)
FFO per common share and common unit - Basic
$
0.02
$
(0.03)
FFO per common share and common unit - Diluted
$
(0.08)
$
(0.03)
Weighted average common shares and common units - Basic FFO
11,996,576
11,955,628
Weighted average common shares and common units - Diluted FFO
16,023,217
11,955,628
AFFO attributable to common shares and common units - Basic and Diluted
$
(1,326)
$
1,049
AFFO per common share and common unit - Basic
$
(0.11)
$
0.09
AFFO per common share and common unit - Diluted
$
(0.11)
$
0.09
Weighted average common shares and common units - Basic AFFO
11,996,576
11,955,628
Weighted average common shares and common units - Diluted AFFO
11,996,576
11,963,762
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net earnings or loss computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets. FFO is calculated both for the Company in total and as FFO attributable to common shares and common units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and common units adjusted to exclude items we do not believe are representative of the results from our core operations, including non-cash gains or losses on derivatives and convertible debt, stock-based compensation expense, amortization of certain fees, losses on debt extinguishment, and in-kind dividends above stated rates, and cash charges for acquisition and equity transaction and strategic alternatives costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs.
We consider FFO to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units.
EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Hotel EBITDA Proforma
The following table reconciles net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months ended March 31, 2021 and 2020 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV.
Three months ended March 31,
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
2021
2020
Net loss
$
(2,187)
$
(3,025)
Interest expense
2,209
1,980
Interest expense from JV
-
225
Income tax expense (benefit)
27
(306)
Depreciation and amortization expense
2,643
2,710
Depreciation and amortization expense from JV
-
145
EBITDA
2,692
1,729
Net loss on disposition of assets
3
9
EBITDAre
2,695
1,738
Net loss (gain) on derivatives and convertible debt
(1,988)
759
Stock-based compensation expense
99
84
Strategic alternatives, net
40
144
Adjusted EBITDAre
846
2,725
General and administrative expense, excluding stock compensation expense
1,161
1,109
Other (income) expense, net
(42)
28
Unallocated hotel and property operations expense
31
94
Hotel EBITDA
$
1,996
$
3,956
Revenue
$
9,644
$
13,227
JV revenue
-
1,218
Condor and JV revenue
$
9,644
$
14,445
Hotel EBITDA as a percentage of revenue
20.7%
27.4%
Three months ended March 31,
Reconciliation of Hotel EBITDA to Hotel EBITDA Proforma
2021
Hotel EBITDA
$
1,996
Less: Proforma Property Exclusions
10
Hotel EBITDA Proforma**
$
2,006
Total Company and JV revenue
$
9,644
Less: Proforma Property Exclusions
(2,185)
Hotel Revenue Proforma**
$
7,459
Proforma Margin
26.9%
**Proforma amounts do not include results for full service food and beverage properties, Atlanta Aloft, Leawood Aloft, and College Park Hotel Indigo
Three months ended March 31, 2021
Three months ended December 31, 2020
Three months ended September 30, 2020
Reconciliation of Hotel EBITDA to Cash Burn
Hotel EBITDA
$
1,996
$
1,045
$
1,562
Less: recurring general and administrative expense, excluding stock compensation expense
(1,111)
(968)
(1,013)
Less: unallocated hotel and property operations expense
(31)
(61)
(57)
Adjusted Corporate EBITDA
$
854
$
16
$
492
Less: debt service costs
(2,210)
(2,108)
(1,865)
Cash burn
$
(1,356)
$
(2,092)
$
(1,373)
We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss certain non-operating expenses and certain non-cash charges which are based on historical cost accounting that we believe may be of limited significance in evaluating current performance. We believe these adjustments can help eliminate the accounting effects of depreciation and amortization and financing decisions and facilitate comparisons of core operating profitability between periods. In calculating EBITDA, we add back to net earnings or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and equity transactions and strategic alternatives expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.
We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations.
The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels.
Same-Store Revenue and Hotel EBITDA
The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three months ended March 31, 2021 and 2020 (in thousands) and reconcile these same-store measures to total revenue and Hotel EBITDA as presented above. Same-store results include all our hotels owned at December 31, 2020. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. All amounts presented include our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Company’s ownership have not been included in the Company’s actual consolidated financial statements and are included here only for comparison purposes.
Revenue - Reconciliation of Actual to Same-Store
Three months ended March 31,
2021
2020
Condor and JV Revenue - Actual
$
9,644
$
14,445
Revenue earned on properties disposed of prior to March 31, 2021 during the period of ownership
-
-
Revenue earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
-
304
Total Revenue - Same-Store
$
9,644
$
14,749
Hotel EBITDA - Reconciliation of Actual to Same-Store
Three months ended March 31,
2021
2020
Condor and JV Hotel EBITDA - Actual
$
1,996
$
3,956
Hotel EBITDA earned on properties disposed of prior to March 31, 2021 during the period of ownership
-
-
Hotel EBITDA earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
-
111
Total Hotel EBITDA - Same-Store
$
1,996
$
4,067
Hotel EBITDA Margin
Three months ended March 31,
2021
2020
Total Hotel EBITDA Margin
20.7%
27.6%
The following tables present our monthly results presented reconciling net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, as well as Hotel EBITDA Same-Store and Hotel EBITDA Same-Store margins.
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
Month ending May 31, 2020
Month ending June 30, 2020
Month ending July 31, 2020
Month ending Aug 31, 2020
Month ending Sept 30, 2020
Month ending Oct 31, 2020
Month ending Nov 30, 2020
Month ending Dec 31, 2020
Month ending January 30, 2021
Month ending February 28, 2021
Month ending March 31, 2021
Net income (loss)
$
(1,999)
$
(1,571)
$
(1,670)
$
(1,816)
$
(1,321)
$
4,365
$
(1,826)
$
(7,578)
$
(1,662)
$
(1,529)
$
1,004
Interest expense
698
676
707
708
688
743
794
791
755
693
761
Interest expense from JV
-
-
-
-
-
-
-
-
-
-
-
Income tax expense (benefit)
9
(79)
9
9
9
9
9
(53)
9
9
9
Depreciation and amortization expense
926
926
926
926
927
903
904
882
880
881
882
Depreciation and amortization expense from JV
-
-
-
-
-
-
-
-
-
-
-
EBITDA
$
(366)
$
(48)
$
(28)
$
(173)
$
303
$
6,020
$
(119)
$
(5,958)
$
(18)
$
54
$
2,656
Net loss on disposition of assets
-
-
-
1
1
1
2
2
1
2
-
EBITDAre
$
(366)
$
(48)
$
(28)
$
(172)
$
304
$
6,021
$
(117)
$
(5,956)
$
(17)
$
56
$
2,656
Net loss (gain) on derivatives and convertible debt
-
(18)
(3)
(3)
(126)
(3)
(3)
5,728
-
-
(1,988)
Stock-based compensation expense
18
46
10
23
37
(123)
17
43
17
17
65
Acquisition and terminated transactions expense
-
-
-
-
-
-
-
-
-
-
-
Strategic alternatives, net
17
52
40
494
602
(5,577)
-
11
-
-
40
Adjusted EBITDAre
$
(331)
$
32
$
19
$
342
$
817
$
318
$
(103)
$
(174)
$
-
$
73
$
773
General and administrative expense, excluding stock compensation expense
313
276
337
405
81
324
318
326
278
456
427
Other expense (income), net
(2)
58
2
1
(499)
34
(61)
2
(2)
(1)
(39)
Unallocated hotel and property operations expense
34
72
27
24
6
25
26
10
23
4
4
Hotel EBITDA
$
14
$
438
$
385
$
772
$
405
$
701
$
180
$
164
$
299
$
532
$
1,165
Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership
-
-
-
-
-
-
-
-
-
-
-
Hotel EBITDA - Same-Store
$
14
$
438
$
385
$
772
$
405
$
701
$
180
$
164
$
299
$
532
$
1,165
Revenue
$
1,706
$
2,280
$
2,782
$
3,058
$
3,001
$
3,215
$
2,560
$
2,534
$
2,729
$
2,817
$
4,098
JV Revenue
-
-
-
-
-
-
-
-
-
-
-
Condor and JV Revenue
1,706
2,280
2,782
3,058
3,001
3,215
2,560
2,534
2,729
2,817
4,098
Revenue earned on properties owned at December 31, 2020 prior to ownership
-
-
-
-
-
-
-
-
-
-
-
-
Total Revenue - Same-Store
$
1,706
$
2,280
$
2,782
$
3,058
$
3,001
$
3,215
$
2,560
$
2,534
$
2,729
$
2,817
$
4,098
Hotel EBITDA - Same-Store as a percentage of revenue
0.8%
19.2%
13.8%
25.2%
13.5%
21.8%
7.0%
6.5%
11.0%
18.9%
28.4%
Reconciliation of Net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
Month ending January 30, 2020
Month ending February 28, 2020
Month ending March 31, 2020
Net income (loss)
$
(724)
$
124
$
(2,425)
Interest expense
606
664
710
Interest expense from JV
169
56
-
Income tax expense (benefit)
5
5
(316)
Depreciation and amortization expense
804
952
954
Depreciation and amortization expense from JV
109
36
-
EBITDA
$
969
$
1,837
$
(1,077)
Net loss on disposition of assets
2
1
6
EBITDAre
$
971
$
1,838
$
(1,071)
Net loss on derivatives and convertible debt
-
-
759
Stock-based compensation expense
32
30
22
Strategic alternatives, net
235
(137)
46
Adjusted EBITDAre
$
1,238
$
1,731
$
(244)
General and administrative expense, excluding stock compensation expense
350
457
302
Other expense, net
10
9
9
Unallocated hotel and property operations expense
18
22
54
Hotel EBITDA
$
1,616
$
2,219
$
121
Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership
86
25
-
Hotel EBITDA - Same-Store
$
1,702
$
2,244
$
121
Revenue
$
4,511
$
5,542
$
3,174
JV Revenue
890
328
-
Condor and JV Revenue
5,401
5,870
3,174
Revenue earned on properties owned at December 31, 2020 prior to ownership
223
81
-
Total Revenue - Same-Store
$
5,624
$
5,951
$
3,174
Hotel EBITDA - Same-Store as a percentage of revenue
30.3%
37.7%
3.8%
Condor Hospitality Trust, Inc. Operating Statistics
The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2020. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.
Three months ended March 31,
2021
2020
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Solomons Hilton Garden Inn
54.82%
$
93.12
$
51.05
59.12%
$
123.08
$
72.77
Atlanta Hotel Indigo
49.66%
$
82.83
$
41.14
67.47%
$
102.33
$
69.05
Jacksonville Courtyard by Marriott
69.27%
$
84.85
$
58.78
70.20%
$
121.25
$
85.12
San Antonio SpringHill Suites
44.60%
$
87.10
$
38.85
62.04%
$
132.12
$
81.97
Leawood Aloft
35.55%
$
77.49
$
27.54
51.52%
$
123.39
$
63.57
Lexington Home2 Suites
63.27%
$
81.74
$
51.72
60.30%
$
102.32
$
61.70
Round Rock Home2 Suites
66.65%
$
74.03
$
49.34
59.47%
$
109.07
$
64.87
Tallahassee Home2 Suites
79.81%
$
101.74
$
81.20
68.32%
$
135.96
$
92.88
South Haven Home2 Suites
86.34%
$
93.80
$
80.99
75.95%
$
111.65
$
84.80
Lake Mary Hampton Inn & Suites
67.06%
$
104.13
$
69.83
68.78%
$
149.89
$
103.10
Austin Residence Inn
71.27%
$
80.51
$
57.38
68.63%
$
129.18
$
88.65
El Paso Fairfield Inn
66.25%
$
75.01
$
49.70
74.22%
$
109.43
$
81.22
Austin TownePlace Suites
70.71%
$
79.11
$
55.94
61.93%
$
108.54
$
67.23
Summerville Home2 Suites
61.59%
$
99.89
$
61.52
67.26%
$
119.67
$
80.48
Atlanta Aloft
38.82%
$
110.70
$
42.97
55.46%
$
154.36
$
85.60
Total Same-Store Portfolio
59.46%
$
89.41
$
53.16
63.97%
$
124.28
$
79.50
Condor Hospitality Trust, Inc.
Property List | As of March 31, 2021
New Investment Platform | Acquired from January 1, 2012 - March 31, 2021
Hotel Name
City
State
Rooms
Acquisition Date
Purchase Price (in millions)
1
Hilton Garden Inn
Dowell/Solomons
MD
100
05/25/2012
$11.5
2
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
3
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
4
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
5
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
6
Aloft
Leawood
KS
156
12/14/2016
$22.5
7
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
8
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
9
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
10
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
11
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
12
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
13
Residence Inn
Austin
TX
120
08/31/2017
$22.4
14
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
15
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Portfolio | March 31, 2021
1,908
$288.1
1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.
55 Dispositions | For Period January 1, 2015 - March 31, 2021
Hotel Name
City
State
Rooms
Disposition Date
Gross Proceeds (in millions)
1
Super 8
West Plains
MO
49
01/15/2015
$1.5
2
Super 8
Green Bay
WI
83
01/29/2015
$2.2
3
Super 8
Columbus
GA
74
03/16/2015
$0.9
4
Sleep Inn & Suites
Omaha
NE
90
03/19/2015
$2.9
5
Savannah Suites
Chamblee
GA
120
04/01/2015
$4.4
6
Savannah Suites
Augusta
GA
172
04/01/2015
$3.4
7
Super 8
Batesville
AR
49
04/30/2015
$1.5
8
Days Inn
Ashland
KY
63
07/01/2015
$2.2
9
Comfort Inn
Alexandria
VA
150
07/13/2015
$12.0
10
Days Inn
Alexandria
VA
200
07/13/2015
$6.5
11
Super 8
Manhattan
KS
85
08/28/2015
$3.2
12
Quality Inn
Sheboygan
WI
59
10/06/2015
$2.3
13
Super 8
Hays
KS
76
10/14/2015
$1.9
14
Days Inn
Glasgow
KY
58
10/16/2015
$1.8
15
Super 8
Tomah
WI
65
10/21/2015
$1.4
16
Rodeway Inn
Fayetteville
NC
120
11/03/2015
$2.6
17
Savannah Suites
Savannah
GA
160
12/22/2015
$4.0
Total 2015
1,673
$54.7
18
Super 8
Kirksville
MO
61
01/04/2016
$1.5
19
Super 8
Lincoln
NE
133
01/07/2016
$2.8
20
Savannah Suites
Greenville
SC
170
01/08/2016
$2.7
21
Super 8
Portage
WI
61
03/30/2016
$2.4
22
Super 8
O'Neill
NE
72
04/25/2016
$1.7
23
Quality Inn
Culpeper
VA
49
05/10/2016
$2.2
24
Super 8
Storm Lake
IA
59
05/19/2016
$2.8
25
Clarion Inn
Cleveland
TN
59
05/24/2016
$2.2
26
Super 8
Coralville
IA
84
05/26/2016
$3.4
27
Super 8
Keokuk
IA
61
05/27/2016
$2.2
28
Comfort Inn
Chambersburg
PA
63
06/06/2016
$2.1
29
Super 8
Pittsburg
KS
64
08/08/2016
$1.6
30
Super 8
Mount Pleasant
IA
54
09/09/2016
$1.9
31
Quality Inn
Danville
KY
63
09/19/2016
$2.3
32
Super 8
Menomonie
WI
81
09/26/2016
$3.0
33
Comfort Inn
Glasgow
KY
60
10/14/2016
$2.4
34
Days Inn
Sioux Falls
SD
86
11/04/2016
$2.1
35
Comfort Inn
Shelby
NC
76
11/07/2016
$4.1
36
Comfort Inn
Rocky Mount
VA
61
11/17/2016
$2.2
37
Days Inn
Farmville
VA
59
11/17/2016
$2.4
38
Comfort Suites
Marion
IN
62
11/18/2016
$3.0
39
Comfort Inn
Farmville
VA
50
11/30/2016
$2.6
40
Quality Inn
Princeton
WV
50
12/05/2016
$2.1
41
Super 8
Burlington
IA
62
12/21/2016
$2.8
42
Savannah Suites
Atlanta
GA
164
12/22/2016
$2.9
Total 2016
1,864
$61.4
43
Comfort Inn
New Castle
PA
79
03/27/2017
$2.5
44
Super 8
Billings
MT
106
03/28/2017
$4.2
45
Comfort Inn
Harlan
KY
61
04/03/2017
$1.9
46
Comfort Suites
Lafayette
IN
62
04/18/2017
$3.9
47
Key West Inn
Key Largo
FL
40
05/17/2017
$7.6
48
Quality Inn
Morgantown
WV
81
08/30/2017
$2.6
49
Days Inn
Bossier City
LA
176
09/13/2017
$1.4
50
Comfort Inn & Suites
Warsaw
IN
71
12/20/2017
$5.0
Total 2017
676
$29.1
51
Supertel Inn/Conference Center
Creston
IA
41
01/25/2018
$2.1
52
Comfort Suites
South Bend
IN
135
03/15/2018
$6.1
53
Comfort Suites
Ft. Wayne
IN
127
05/30/2018
$7.1
54
Super 8
Creston
IA
121
08/30/2018
$5.1
Total 2018
424
$20.4
55
Quality Inn
Solomons
MD
59
03/22/2019
$4.3
Total 2019
59
$4.3
Total Dispositions
4,696
$169.9
Acquisitions | For Period January 1, 2015 – March 31, 2021
Hotel Name
City
State
Rooms
Acquisition Date
Purchase Price (in millions)
1
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
2
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
3
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
4
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
5
Aloft
Leawood
KS
156
12/14/2016
$22.5
6
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
7
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
8
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
9
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
10
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
11
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
12
Residence Inn
Austin
TX
120
08/31/2017
$22.4
13
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
14
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Acquisitions
1,808
$276.6
1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005960/en/
Jill Burger Interim Chief Financial Officer and Chief Accounting Officer jburger@trustcondor.com (402) 316-1012
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