Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the
“Company”) today announced results for the fourth quarter ended
December 31, 2019.
FOURTH QUARTER AND FISCAL YEAR 2019 RELEASE FINANCIAL
HIGHLIGHTS
- Revenue of $61.1 million in Fiscal Year 2019 including $0.3
million from Legacy Hotels, Decreased 6.2% from $65.1 million of
Revenue in Fiscal Year 2018 which included $4.4 million from Legacy
Hotels.
- Revenue in the fourth quarter 2019 of $14.3 million
generated entirely from New Investment Platform Hotels, a 3.6%
decrease from $14.8 million generated by New Investment Platform
Hotels in the $15.1 million fourth quarter 2018 Revenue.
- Same-Store ADR increased 1.3% in Fiscal Year 2019 compared
to Fiscal Year 2018 while Same- Store RevPAR increased 0.1% over
this same time period in the previous year.
- Net Earnings (Loss) Attributable to Common Shareholders of
($2.0 million), or ($0.17) per Diluted Share in the fourth quarter,
compared to ($1.1 million), or ($0.10) per share, in the 2018
fourth quarter. Decline in Net Earnings Attributable to Common
Shareholders primarily caused by $0.1 million Increase in General
and administrative costs for the fourth quarter, $0.2 million in
Equity Transaction and Strategic Alternatives costs incurred in the
fourth quarter 2019, and $0.3 million Increase in Income tax
expense for the quarter.
- Adjusted Funds from Operations for the fourth quarter 2019
was $1.8 million, or $0.15 per Diluted Share, a $0.5 million
decrease from $2.3 million, or $0.20, in the 2018 fourth
quarter.
- Hotel EBITDA decreased to $26.2 million from $27.6 million,
a 5.3% Decrease Over Last Fiscal Year, the current Fiscal Year
included $0.1 million from Legacy Hotels compared to $1.1 million
from Legacy Hotels in the Last Fiscal Year.
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“For the Fiscal year 2019 our portfolio outperformed the upscale
and upper midscale chain scales with 0.1% RevPAR growth compared to
(0.5)% for upscale and (0.2)% for upper midscale as reported by
Smith Travel Research. Our proforma same-store RevPAR for the
fourth quarter 2019 excluding the Home2 Tallahassee increased 0.3%
as compared to (0.6)% for upscale and (1.0)% for upper midscale, as
reported by Smith Travel Research while unadjusted same-store
RevPAR declined 2.9% for the fourth quarter. In addition to the
market conditions in Tallahassee and San Antonio, the portfolio
during the quarter experienced ongoing operational disruptions
caused by management company changes at seven of our hotels. In the
Fiscal year 2019 Same-Store Hotel EBITDA was approximately 2.0%
lower than 2018 at $26.3 million compared to $26.8 million, and our
margins while declining for the year, did so moderately reducing 60
bps from 37.7% in 2018 to 37.1% in 2019. The outbreak of the novel
coronavirus has reduced travel and adversely affected the
hospitality industry in general. The extent to which our business
may be affected by the coronavirus will largely depend on future
developments which we cannot accurately predict, and its impact on
customer travel, including the duration of the outbreak, the
continued spread and treatment of the coronavirus.”
FINANCIAL SUMMARY
At December 31, 2019, the Company’s total portfolio included 15
hotels, representing 1,908 rooms. The Company’s last remaining
legacy asset was sold during the first quarter of 2019.
Total Company Financial Results ($ in millions except per
share amounts)
Three months ended December
31,
Year ended December
31,
2019
2018
Change
2019
2018
Change
Revenue
$
14.3
$
15.1
-5.1%
$
61.1
$
65.1
-6.2%
Net Earnings (Loss) Attributable to Common
Shareholders
$
(2.0)
$
(1.1)
-77.3%
$
(5.7)
$
4.8
NA
Diluted Earnings (Loss) per Share
$
(0.17)
$
(0.10)
-70.0%
$
(0.48)
$
0.40
NA
Funds from Operations (FFO)*
$
0.9
$
1.6
-41.1%
$
5.7
$
10.3
-44.3%
FFO per Diluted Share*
$
0.06
$
0.12
-50.0%
$
0.43
$
0.81
-46.9%
Adjusted FFO*
$
1.8
$
2.3
-22.9%
$
11.3
$
12.2
-8.0%
Adjusted FFO per Diluted Share*
$
0.15
$
0.20
-25.0%
$
0.94
$
1.02
-7.8%
Hotel EBITDA*
$
5.3
$
6.1
-13.0%
$
26.2
$
27.6
-5.3%
Adjusted EBITDAre*
$
4.0
$
4.8
-16.0%
$
21.2
$
21.9
-3.5%
*Please see the Reg. G reconciliation
tables at the end of this release.
Same Store Operational Results** ($ in millions except
per share amounts and operating metrics)
Three months ended December
31,
Year ended December
31,
2019
2018
Change
2019
2018
Change
Same-Store RevPAR
$
89.68
$
92.35
-2.9%
$
98.68
$
98.63
0.1%
Same-Store Occupancy
75.07%
76.20%
-1.5%
78.88%
79.84%
-1.2%
Same-Store ADR
$
119.45
$
121.10
-1.4%
$
125.09
$
123.54
1.3%
Same-Store Hotel EBITDA*
$
5.3
$
6.0
-12.8%
$
26.1
$
26.8
-2.5%
Same-Store Hotel EBITDA Margin*
32.2%
36.0%
-3.8%
36.8%
37.8%
-1.0%
*Please see the Reg. G reconciliation
tables at the end of this release.
**Financial results presented above
include results from prior to our ownership.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of December 31, 2019, the Company had cash and cash
equivalents (including restricted cash) of $8.4 million and
available revolver borrowing capacity of $9.0 million. As of
December 31, 2019, the Company had total outstanding long-term debt
of $135.4 million associated with assets held for use with a
weighted average maturity of 1.5 years and a weighted average
interest rate of 4.22%.
CAPITAL INVESTMENTS
The Company invested $1.5 million in capital improvements
throughout the portfolio in the twelve months ended December 31,
2019 to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
The Company has suspended guidance until further notice.
DIVIDENDS
On December 18, 2019 the Company announced that its Board of
Directors has authorized and the Company has declared a cash common
stock dividend of $0.195 per share, payable on December 31, 2019 to
shareholders of record on December 30, 2019. On March 30, 2020, the
Sixth Amendment to the Key Bank credit facility was signed which
provides that no cash dividends or distributions may be made to
common or preferred shareholders for the remaining term of the
debt.
EARNINGS CALL
The Company will not be conducting a fourth 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 (including statements about the expected
timing, completion and effects of the Merger) 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. Condor may
not be able to complete the proposed transaction on the terms
described herein or other acceptable terms or at all because of a
number of factors, including without limitation, the following: (i)
the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement; (ii)
unknown, underestimated or undisclosed commitments or liabilities;
(iii) the inability to complete the proposed transaction due to the
failure to satisfy the closing conditions to the proposed
transaction; (iv) risks related to disruption of management’s
attention from Condor’s ongoing business operations due to the
proposed transaction; (v) the effect of the announcement of the
proposed transaction on the ability of the parties to retain and
hire key personnel, maintain relationships with their franchisors,
management companies and suppliers, and maintain their operating
results and business generally; (vi) the risk that certain
approvals or consents will not be received in a timely manner or
that the proposed transaction will not be consummated in a timely
manner; (vii) adverse changes in U.S. and non-U.S. governmental
laws and regulations; (viii) the risk of litigation, including
shareholder litigation in connection with the proposed transaction,
and the impact of any adverse legal judgments, fines, penalties,
injunctions or settlements; and (ix) risks related to uncertainty
and disruption in global economic markets as a result of COVID-19
(commonly referred to as the coronavirus).
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, 2019, 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 December 31,
2019
2018
Assets
Investment in hotel properties, net
$
222,063
$
230,178
Investment in unconsolidated joint
venture
4,244
5,866
Cash and cash equivalents
2,584
4,151
Restricted cash, property escrows
5,811
5,005
Accounts receivable, net
1,099
1,290
Prepaid expenses and other assets
1,118
2,227
Derivative assets, at fair value
22
639
Investment in hotel properties held for
sale, net
-
4,092
Total Assets
$
236,941
$
253,448
Liabilities and
Equity
Liabilities
Accounts payable, accrued expenses, and
other liabilities
$
5,523
$
5,336
Dividends and distributions payable
145
2,330
Derivative liabilities, at fair value
366
-
Convertible debt, at fair value
1,080
1,000
Long-term debt, net of deferred financing
costs
134,001
135,810
Long-term debt related to hotel properties
held for sale, net of deferred financing costs
-
1,120
Total Liabilities
141,115
145,596
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 $9,395 and $9,250
10,050
10,050
Common stock, $.01 par value, 200,000,000
shares authorized;11,993,608 and 11,833,573 shares outstanding
120
119
Additional paid-in capital
233,189
231,805
Accumulated deficit
(147,582)
(134,970)
Total Shareholders' Equity
95,777
107,004
Noncontrolling interest in consolidated
partnership (Condor Hospitality Limited Partnership), redemption
value of $47 and $435
49
848
Total Equity
95,826
107,852
Total Liabilities and Equity
$
236,941
$
253,448
Condor Hospitality Trust, Inc.
and Subsidiaries
Consolidated Statements of
Operations
(In thousands, except per
share data)
(Unaudited)
Three months ended December
31,
Year ended December
31,
2019
2018
2019
2018
Revenue
Room rentals and other hotel services
$
14,306
$
15,082
$
61,052
$
65,057
Operating Expenses
Hotel and property operations
9,503
9,690
38,769
41,008
Depreciation and amortization
2,407
2,349
9,568
9,475
General and administrative
1,255
1,144
5,700
6,217
Acquisition and terminated
transactions
23
19
38
205
Equity transaction and strategic
alternatives
224
-
2,110
-
Total operating expenses
13,412
13,202
56,185
56,905
Operating income
894
1,880
4,867
8,152
Net gain (loss) on disposition of
assets
(45)
(17)
(36)
5,570
Equity in earnings (loss) of joint
venture
(405)
(469)
190
(218)
Net gain (loss) on derivatives and
convertible debt
(155)
(402)
(1,071)
317
Other expense, net
(24)
(26)
(104)
(83)
Interest expense
(1,807)
(2,153)
(7,976)
(8,326)
Impairment recovery
-
-
-
93
Earnings (loss) from continuing operations
before income taxes
(1,542)
(1,187)
(4,130)
5,505
Income tax expense
(282)
(20)
(937)
(335)
Net earnings (loss)
(1,824)
(1,207)
(5,067)
5,170
Loss (earnings) attributable to
noncontrolling interest
2
242
19
195
Net earnings (loss) attributable to
controlling interests
(1,822)
(965)
(5,048)
5,365
Dividends declared and undeclared and in
kind dividends deemed on preferred stock
(144)
(144)
(578)
(578)
Net earnings (loss) attributable to
common shareholders
$
(1,966)
$
(1,109)
$
(5,626)
$
4,787
Earnings (Loss)
per Share
Total - Basic Earnings (Loss) per
Share
$
(0.17)
$
(0.10)
$
(0.48)
$
0.40
Total - Diluted Earnings (Loss) per
Share
$
(0.17)
$
(0.10)
$
(0.48)
$
0.40
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 earnings (loss) to FFO and
AFFO for the three months and year ended December 31, 2019 and 2018
(in thousands). All amounts presented include our portion of the
results of our unconsolidated Atlanta JV.
Three months ended
Years ended
December 31,
December 31,
Reconciliation of
Net Earnings (Loss) to FFO and AFFO
2019
2018
2019
2018
Net earnings (loss)
$
(1,824)
$
(1,207)
$
(5,067)
$
5,170
Depreciation and amortization expense
2,407
2,349
9,568
9,475
Depreciation and amortization expense from
JV
300
289
1,195
1,155
Net (loss) gain on disposition of
assets
45
17
36
(5,570)
Net loss on disposition of assets from
JV
-
128
2
157
Impairment recovery
-
-
-
(93)
FFO
928
1,576
5,734
10,294
Dividends declared and undeclared and in
kind dividends deemed on preferred stock
(144)
(144)
(578)
(578)
FFO attributable to common shares and
common units
784
1,432
5,156
9,716
Net loss (gain) on derivatives and
convertible debt
155
402
1,071
(317)
Net loss on derivatives from JV
-
22
1
22
Acquisitions and terminated transactions
expense
23
19
38
205
Equity transaction and strategic
alternatives
224
-
2,110
-
Loss on extinguishment of debt from JV
-
-
138
-
Stock-based compensation and LTIP
expense
125
62
1,026
974
Amortization of deferred financing
fees
286
363
1,267
1,443
Amortization of deferred financing fees
from JV
210
45
444
181
AFFO attributable to common shares and
common units
$
1,807
$
2,345
$
11,251
$
12,224
FFO attributable to common shares and
partnership units - Basic
$
784
$
1,432
$
5,156
$
9,716
Convertible note interest and fair value
adjustments
(103)
(33)
-
(6)
FFO attributable to common shares and
partnership units - Diluted
$
681
$
1,399
$
5,156
$
9,710
FFO per common share and partnership
unit - Basic
$
0.07
$
0.12
$
0.43
$
0.82
FFO per common share and partnership
unit - Diluted
$
0.06
$
0.12
$
0.43
$
0.81
Weighted average common shares and
partnership units - Basic FFO
11,935,689
11,878,418
11,910,443
11,870,477
Weighted average common shares and
partnership units - Diluted FFO
12,035,028
11,986,970
11,925,587
11,982,047
AFFO attributable to common shares and
partnership units - Basic
$
1,807
$
2,345
$
11,251
$
12,224
Convertible note interest
-
16
63
63
Preferred dividends at stated rates
-
-
578
578
AFFO attributable to common shares and
partnership units - Diluted
$
1,807
$
2,361
$
11,892
$
12,865
AFFO per common share and partnership
unit - Basic
$
0.15
$
0.20
$
0.94
$
1.03
AFFO per common share and partnership
unit - Diluted
$
0.15
$
0.20
$
0.94
$
1.02
Weighted average common shares and
partnership units - Basic AFFO
11,935,689
11,878,418
11,910,443
11,870,477
Weighted average common shares and
partnership units - Diluted AFFO
11,937,759
11,986,970
12,690,967
12,650,158
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, and
Hotel EBITDA
The following table reconciles net earnings (loss) to EBITDA,
EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months
and year ended December 31, 2019 and 2018 (in thousands). All
amounts presented our portion of the results of our unconsolidated
Atlanta JV.
Three months ended
Year ended
December 31,
December 31,
Reconciliation of
Net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and
Hotel EBITDA
2019
2018
2019
2018
Net earnings (loss)
$
(1,824)
$
(1,207)
$
(5,067)
$
5,170
Interest expense
1,807
2,153
7,976
8,326
Interest expense from JV
495
556
2,140
2,109
Loss on extinguishment of debt from JV
-
-
138
-
Income tax expense
282
20
937
335
Depreciation and amortization expense
2,407
2,349
9,568
9,475
Depreciation and amortization expense from
JV
300
289
1,195
1,155
EBITDA
3,467
4,160
16,887
26,570
Net (gain) loss on disposition of
assets
45
17
36
(5,570)
Net loss on disposition of assets from
JV
-
128
2
157
Impairment recovery
-
-
-
(93)
EBITDAre
3,512
4,305
16,925
21,064
Net (gain) loss on derivatives and
convertible debt
155
402
1,071
(317)
Net loss on derivative from JV
-
22
1
22
Stock-based compensation and LTIP
expense
125
62
1,026
974
Equity transaction and strategic
alternatives
23
19
38
205
Adjusted EBITDAre
4,039
4,810
21,171
21,948
General and administrative expense,
excluding stock compensation and LTIP expense
1,130
1,082
4,674
5,243
Other expense, net
24
26
104
83
Unallocated hotel and property operations
expense
74
135
227
364
Hotel EBITDA
$
5,267
$
6,053
$
26,176
$
27,638
Revenue
$
14,306
$
15,082
$
61,052
$
65,057
JV revenue
2,041
1,923
10,133
9,510
Total Company and JV revenue
$
16,347
$
17,005
$
71,185
$
74,567
Hotel EBITDA as a percentage of
revenue
32.2%
35.6%
36.8%
37.1%
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 and year ended December 31, 2019 and 2018 (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, 2019. 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 December
31,
Year ended December
31,
2019
2018
2019
2018
Condor and JV Revenue - Actual
$
16,347
$
17,005
$
71,185
$
74,567
Revenue earned on properties disposed of
prior to December 31, 2019 during the period of ownership
-
(240)
(272)
(4,362)
Revenue earned on properties owned at
December 31, 2019 prior to ownership
-
-
-
637
Total Revenue - Same-Store
$
16,347
$
16,765
$
70,913
$
70,842
Hotel EBITDA - Reconciliation
of Actual to Same-Store
Three months ended December
31,
Year ended December
31,
2019
2018
2019
2018
Condor and JV Hotel EBITDA - Actual
$
5,267
$
6,053
$
26,176
$
27,638
Hotel EBITDA earned on properties disposed
of prior to December 31, 2019 during the period of ownership
-
(12)
(63)
(1,140)
Hotel EBITDA earned on properties owned at
December 31, 2019 prior to ownership
-
-
-
285
Total Hotel EBITDA - Same-Store
$
5,267
$
6,041
$
26,113
$
26,783
Hotel EBITDA Margin by
Property Type
Three months ended December
31,
Year ended December
31,
2019
2018
2019
2018
Total Hotel EBITDA Margin - Same-Store
32.2%
36.0%
36.8%
37.8%
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, 2019. 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 December
31,
2019
2018
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Growth
Solomons Hilton Garden Inn
68.55%
$
114.40
$
78.43
60.21%
$
115.31
$
69.43
13.0%
Atlanta Hotel Indigo
70.61%
$
98.12
$
69.28
68.98%
$
104.96
$
72.40
-4.3%
Jacksonville Courtyard by Marriott
78.77%
$
106.88
$
84.19
73.73%
$
113.02
$
83.33
1.0%
San Antonio SpringHill Suites
72.71%
$
125.19
$
91.03
82.52%
$
136.78
$
112.88
-19.4%
Leawood Aloft
72.39%
$
124.85
$
90.37
76.40%
$
122.33
$
93.46
-3.3%
Lexington Home2 Suites
71.19%
$
117.42
$
83.59
71.79%
$
121.24
$
87.04
-4.0%
Round Rock Home2 Suites
76.30%
$
109.55
$
83.59
78.15%
$
112.49
$
87.92
-4.9%
Tallahassee Home2 Suites
72.51%
$
122.92
$
89.13
95.41%
$
131.19
$
125.18
-28.8%
South Haven Home2 Suites
80.60%
$
113.16
$
91.21
88.29%
$
111.30
$
98.27
-7.2%
Lake Mary Hampton Inn & Suites
78.60%
$
132.24
$
103.93
82.92%
$
129.02
$
106.98
-2.9%
Austin Residence Inn
80.09%
$
132.42
$
106.06
76.22%
$
133.77
$
101.96
4.0%
El Paso Fairfield Inn
87.47%
$
106.42
$
93.09
86.10%
$
101.35
$
87.26
6.7%
Austin TownePlace Suites
75.69%
$
113.57
$
85.97
67.55%
$
108.73
$
73.45
17.0%
Summerville Home2 Suites
88.58%
$
120.18
$
106.45
81.36%
$
125.63
$
102.21
4.2%
Wholly owned new investment platform
properties
76.49%
$
117.11
$
89.58
77.95%
$
119.54
$
93.19
-3.9%
Atlanta Aloft JV
65.83%
$
137.16
$
90.30
64.78%
$
134.20
$
86.93
3.9%
Total Same-Store Portfolio
75.07%
$
119.45
$
89.68
76.20%
$
121.20
$
92.35
-2.9%
Same-Store Hotel Comparison
4Q19
4Q18
Growth
8 Negative RevPAR Same-Store Hotels
$
87.76
$
98.12
-10.6%
7 Positive RevPAR Same-Store Hotels
$
91.86
$
86.33
6.4%
Total Same-Store Portfolio
$
89.68
$
92.35
-2.9%
Year ended December
31,
2019
2018
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Growth
Solomons Hilton Garden Inn
75.63%
$
120.98
$
91.49
73.72%
$
123.86
$
91.30
0.2%
Atlanta Hotel Indigo
74.77%
$
105.43
$
78.83
75.94%
$
103.80
$
78.83
0.0%
Jacksonville Courtyard by Marriott
77.12%
$
117.51
$
90.62
78.52%
$
115.66
$
90.81
-0.2%
San Antonio SpringHill Suites
78.37%
$
129.33
$
101.36
84.05%
$
137.45
$
115.53
-12.3%
Leawood Aloft
70.22%
$
130.45
$
91.60
74.42%
$
126.39
$
94.06
-2.6%
Lexington Home2 Suites
78.47%
$
116.46
$
91.39
78.50%
$
114.68
$
90.02
1.5%
Round Rock Home2 Suites
82.17%
$
115.04
$
94.53
83.65%
$
117.07
$
97.93
-3.5%
Tallahassee Home2 Suites
84.96%
$
124.67
$
105.91
88.95%
$
123.12
$
109.51
-3.3%
South Haven Home2 Suites
88.16%
$
117.76
$
103.82
86.91%
$
113.76
$
98.87
5.0%
Lake Mary Hampton Inn & Suites
78.96%
$
137.14
$
108.29
82.22%
$
134.93
$
110.94
-2.4%
Austin Residence Inn
82.20%
$
135.13
$
111.08
80.43%
$
131.49
$
105.75
5.0%
El Paso Fairfield Inn
86.38%
$
105.88
$
91.45
82.76%
$
100.85
$
83.46
9.6%
Austin TownePlace Suites
73.21%
$
112.49
$
82.35
75.85%
$
115.80
$
87.83
-6.2%
Summerville Home2 Suites
84.65%
$
127.95
$
108.30
84.16%
$
128.22
$
107.91
0.4%
Wholly owned new investment platform
properties
79.29%
$
121.25
$
96.15
80.52%
$
120.53
$
97.05
-0.9%
Atlanta Aloft JV
76.21%
$
151.09
$
115.15
75.37%
$
144.43
$
108.85
5.8%
Total Same-Store Portfolio
78.88%
$
125.09
$
98.68
79.84%
$
123.54
$
98.63
0.1%
Same-Store Hotel Comparison
YTD19
YTD18
Growth
8 Positive RevPAR Same-Store Hotels
$
100.45
$
98.29
2.2%
7 Negative RevPAR Same-Store Hotels
$
96.15
$
99.1
-3.0%
Total Same-Store Portfolio
$
98.68
$
98.63
0.1%
Condor Hospitality Trust, Inc.
Property List | As of December 31,
2019
New Investment Platform | Acquired from
January 1, 2012 -December 31, 2019
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 | December 31,
2019
1,908
$288.1
1 | Owned 80% by Condor at December 31,
2019 through an interest in a joint venture. The remaining interest
in the joint venture was purchased by the Company on February 14,
2020 for $7.3 million.
55 Dispositions | For Period January 1,
2015 - December 31, 2019
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 - December 31, 2019
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 | Owned 80% by Condor at December 31,
2019 through an interest in a joint venture. The remaining interest
in the joint venture was purchased by the Company on February 14,
2020 for $7.3 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200331005825/en/
Arinn Cavey Chief Financial Officer acavey@trustcondor.com (402)
316-1008
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