Condor Hospitality Trust Reports Third Quarter 2020 Results
NORFOLK, Neb.–(BUSINESS WIRE)–
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the third quarter ended September 30, 2020.
THIRD QUARTER RELEASE FINANCIAL HIGHLIGHTS
- Revenue in the third quarter 2020 of $8.8 million, comprised of $8.8 million generated entirely from New Investment Platform Hotels, a 39.7% decrease from $14.7 million generated by New Investment Platform Hotels in the third quarter 2019.
- Same-Store Revenue of $8.8 million for the third quarter 2020 decreased $8.9 million over the third quarter Same-Store Revenue of $17.7 million in 2019, while Same-Store ADR for the New Investment Platform Hotels decreased 25.9% in the third quarter of 2020 compared to the third quarter of 2019, and Same-Store RevPAR for the New Investment Platform Hotels in the 2020 third quarter decreased 49.5% compared to the same quarter in 2019, all adversely affected by the COVID-19 pandemic and industry wide falloff of travel.
- Net Earnings (Loss) Attributable to Common Shareholders of ($5.0 million), or ($0.42) per Diluted Share in the third quarter, compared to ($2.1 million), or ($0.18) per share, in the 2019 third quarter. Decline in Net Earnings Attributable to Common Shareholders primarily caused by decreased revenues and the resulting $4.3 million decrease in hotel EBITDA in the third quarter compared to the same period in 2019 attributable to the COVID-19 pandemic.
- Adjusted Funds from Operations was ($1.3 million), or ($0.11) per Diluted Share, a $3.9 million decrease from $2.6 million, or $0.22, in the 2019 third quarter.
- Same-Store Hotel EBITDA decreased to $1.6 million from $6.1 million in Last Year’s Third Quarter.
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“The Condor portfolio in the third quarter continued to achieve very impressive and outperforming results through continuing difficult market conditions. While RevPAR declined 49.5% compared to the third quarter in 2019, it continued to improve from $29.50 in the second quarter achieving approximately $45 in July, approximately $49 in August and over $49 in September. Occupancy continued improving from 33.9% in the second quarter to 56.46% for the month of September. Our hotels EBITDA margin was an impressive 17.7% given the low $47.60 RevPAR for the quarter as we achieved significant reductions in labor costs and expenses on a per occupied room basis such as housekeeping and complimentary food costs. The chart that follows illustrates the continuing portfolio improvement which is driven by our team’s efforts in capturing more than our fair share of growing leisure demand at the primarily drive to secondary non-urban hotel locations comprised of over 50% extended stay hotels. During September we announced the termination of the merger agreement and subsequent to the end of the quarter we announced a $7 million dollar settlement.”
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July
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August
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September
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October
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Same-Store ADR
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$
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91.62
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$
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89.87
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$
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87.42
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$
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90.14
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Same-Store Occupancy
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48.8%
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54.3%
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56.5%
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56.8%
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Same-Store RevPAR
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$
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44.72
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$
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48.78
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$
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49.36
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$
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51.21
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FINANCIAL SUMMARY
At September 30, 2020, the Company’s total portfolio included 15 hotels, representing 1,908 rooms.
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Total Company Financial Results
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($ in millions except per share amounts)
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Three months ended September 30,
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Nine months ended September 30,
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2020
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2019
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Change
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2020
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2019
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Change
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Revenue
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$
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8.8
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$
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14.7
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-39.7%
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$
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26.9
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$
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46.7
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-42.5%
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Net Loss Attributable to Common Shareholders
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$
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(5.0
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)
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$
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(2.1
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)
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NA
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$
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(14.5
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)
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$
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(3.7
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)
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NA
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Diluted Earnings (Loss) per Share
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$
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(0.42
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)
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$
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(0.18
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)
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NA
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$
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(1.21
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)
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$
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(0.31
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)
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NA
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Funds from Operations (FFO)*
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$
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(2.0
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)
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$
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0.7
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NA
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$
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(5.6
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)
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$
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4.8
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NA
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FFO per Diluted Share*
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$
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(0.18
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)
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$
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0.05
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NA
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$
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(0.51
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)
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$
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0.37
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NA
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Adjusted FFO*
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$
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(1.3
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)
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$
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2.6
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NA
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$
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(3.4
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)
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$
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9.4
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NA
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Adjusted FFO per Diluted Share*
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$
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(0.11
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)
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$
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0.22
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|
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NA
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$
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(0.29
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)
|
|
$
|
0.78
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|
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NA
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|
|
|
|
|
|
|
|
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|
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Hotel EBITDA*
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$
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1.6
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$
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5.9
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-73.6%
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$
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5.4
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$
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20.9
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-74.3%
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Adjusted EBITDAre*
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$
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0.7
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$
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4.7
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-85.7%
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$
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2.1
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$
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17.1
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-87.5%
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*Please see the Reg. G reconciliation tables at the end of this release.
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Same Store Operational Results**
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($ in millions except per share amounts and operating metrics)
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Three months ended September 30,
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Nine months ended September 30,
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2020
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2019
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Change
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2020
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2019
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Change
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Same-Store RevPAR
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$
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47.60
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$
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94.31
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-49.5%
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$
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53.17
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$
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101.71
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-47.7%
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Same-Store Occupancy
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53.15%
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78.06%
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-31.9%
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51.07%
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80.17%
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-36.3%
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Same-Store ADR
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$
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89.56
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$
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120.81
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-25.9%
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$
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104.13
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$
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126.87
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-17.9%
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Same-Store Hotel EBITDA*
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$
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1.6
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$
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6.1
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-74.6%
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$
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5.5
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$
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21.7
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-74.7%
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Same-Store Hotel EBITDA Margin*
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17.7%
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34.7%
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-17.0%
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19.3%
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38.3%
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-19.0%
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*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
As of September 30, 2020, the Company had cash and cash equivalents (including restricted cash) of $9.4 million. As of September 30, 2020, the Company had total outstanding long-term debt of $180.3 million with a weighted average maturity of 1.0 years and a weighted average interest rate of 3.63%.
PORTFOLIO ACTIVITY
On February 14, 2020, the Company completed the acquisition of the remaining 20% interest in the joint venture that owned the Atlanta Aloft property (the “Atlanta Aloft”) for $7.3 million. The acquisition was funded with debt drawn under the Company’s Key Bank revolving credit facility.
CAPITAL INVESTMENTS
The Company invested $0.4 million in capital improvements throughout the portfolio in the nine months ended September 30, 2020 to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
The Company has suspended guidance until further notice.
DIVIDENDS
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 third 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, 2019, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
SELECTED FINANCIAL DATA:
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Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited – In thousands, except share and per share data)
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As of
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|
|
|
September 30, 2020
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Investment in hotel properties, net
|
|
$
|
268,328
|
|
|
$
|
222,063
|
|
|
Investment in unconsolidated joint venture
|
|
|
–
|
|
|
|
4,244
|
|
|
Cash and cash equivalents
|
|
|
3,297
|
|
|
|
2,584
|
|
|
Restricted cash, property escrows
|
|
|
6,081
|
|
|
|
5,811
|
|
|
Accounts receivable, net
|
|
|
966
|
|
|
|
1,099
|
|
|
Prepaid expenses and other assets
|
|
|
1,604
|
|
|
|
1,118
|
|
|
Derivative assets, at fair value
|
|
|
–
|
|
|
|
22
|
|
|
Total Assets
|
|
$
|
280,276
|
|
|
$
|
236,941
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses, and other liabilities
|
|
$
|
8,280
|
|
|
$
|
5,523
|
|
|
Dividends and distributions payable
|
|
|
603
|
|
|
|
145
|
|
|
Land option liability
|
|
|
8,497
|
|
|
|
–
|
|
|
Derivative liabilities, at fair value
|
|
|
1,009
|
|
|
|
366
|
|
|
Convertible debt, at fair value
|
|
|
1,025
|
|
|
|
1,080
|
|
|
Long-term debt, net of deferred financing costs
|
|
|
179,315
|
|
|
|
134,001
|
|
|
Total Liabilities
|
|
|
198,729
|
|
|
|
141,115
|
|
|
|
|
|
|
|
|
|
|
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 $9,853 and $9,395
|
|
|
10,050
|
|
|
|
10,050
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized; 12,007,712 and 11,993,608 shares outstanding
|
|
|
120
|
|
|
|
120
|
|
|
Additional paid-in capital
|
|
|
233,400
|
|
|
|
233,189
|
|
|
Accumulated deficit
|
|
|
(162,067
|
)
|
|
|
(147,582
|
)
|
|
Total Shareholders’ Equity
|
|
|
81,503
|
|
|
|
95,777
|
|
|
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $11 and $47
|
|
|
44
|
|
|
|
49
|
|
|
Total Equity
|
|
|
81,547
|
|
|
|
95,826
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
280,276
|
|
|
$
|
236,941
|
|
|
Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited – In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room rentals and other hotel services
|
|
$
|
8,841
|
|
|
$
|
14,666
|
|
|
$
|
26,879
|
|
|
$
|
46,746
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel and property operations
|
|
|
7,334
|
|
|
|
9,718
|
|
|
|
22,238
|
|
|
|
29,266
|
|
|
Depreciation and amortization
|
|
|
2,780
|
|
|
|
2,405
|
|
|
|
8,267
|
|
|
|
7,161
|
|
|
General and administrative
|
|
|
894
|
|
|
|
1,210
|
|
|
|
3,101
|
|
|
|
4,445
|
|
|
Acquisition and terminated transactions
|
|
|
–
|
|
|
|
1
|
|
|
|
–
|
|
|
|
15
|
|
|
Strategic alternatives, net
|
|
|
636
|
|
|
|
1,052
|
|
|
|
860
|
|
|
|
1,886
|
|
|
Total operating expenses
|
|
|
11,644
|
|
|
|
14,386
|
|
|
|
34,466
|
|
|
|
42,773
|
|
|
Operating income (loss)
|
|
|
(2,803
|
)
|
|
|
280
|
|
|
|
(7,587
|
)
|
|
|
3,973
|
|
|
Net gain (loss) on disposition of assets
|
|
|
(3
|
)
|
|
|
(14
|
)
|
|
|
(13
|
)
|
|
|
9
|
|
|
Equity in earnings (loss) of joint venture
|
|
|
–
|
|
|
|
(84
|
)
|
|
|
80
|
|
|
|
595
|
|
|
Net gain (loss) on derivatives and convertible debt
|
|
|
131
|
|
|
|
(223
|
)
|
|
|
(609
|
)
|
|
|
(916
|
)
|
|
Other expense, net
|
|
|
(4
|
)
|
|
|
(27
|
)
|
|
|
(90
|
)
|
|
|
(80
|
)
|
|
Interest expense
|
|
|
(2,103
|
)
|
|
|
(1,912
|
)
|
|
|
(6,153
|
)
|
|
|
(6,169
|
)
|
|
Loss before income taxes
|
|
|
(4,782
|
)
|
|
|
(1,980
|
)
|
|
|
(14,372
|
)
|
|
|
(2,588
|
)
|
|
Income tax benefit (expense)
|
|
|
(27
|
)
|
|
|
(8
|
)
|
|
|
340
|
|
|
|
(655
|
)
|
|
Net loss
|
|
|
(4,809
|
)
|
|
|
(1,988
|
)
|
|
|
(14,032
|
)
|
|
|
(3,243
|
)
|
|
Loss attributable to noncontrolling interest
|
|
|
2
|
|
|
|
10
|
|
|
|
5
|
|
|
|
17
|
|
|
Net loss attributable to controlling interests
|
|
|
(4,807
|
)
|
|
|
(1,978
|
)
|
|
|
(14,027
|
)
|
|
|
(3,226
|
)
|
|
Dividends declared and undeclared on preferred stock
|
|
|
(169
|
)
|
|
|
(145
|
)
|
|
|
(458
|
)
|
|
|
(434
|
)
|
|
Net loss attributable to common shareholders
|
|
$
|
(4,976
|
)
|
|
$
|
(2,123
|
)
|
|
$
|
(14,485
|
)
|
|
$
|
(3,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total – Basic Earnings (Loss) per Share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.21
|
)
|
|
$
|
(0.31
|
)
|
|
Total – Diluted Earnings (Loss) per Share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.21
|
)
|
|
$
|
(0.31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
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 and nine months ended September 30, 2020 and 2019 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV prior to our acquisition of the remaining 20% interest from our joint venture partner on February 14, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
Reconciliation of Net loss to FFO and AFFO
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Net loss
|
$
|
(4,809
|
)
|
|
$
|
(1,988
|
)
|
|
$
|
(14,032
|
)
|
|
$
|
(3,243
|
)
|
|
Depreciation and amortization expense
|
|
2,780
|
|
|
|
2,405
|
|
|
|
8,267
|
|
|
|
7,161
|
|
|
Depreciation and amortization expense from JV
|
|
–
|
|
|
|
299
|
|
|
|
145
|
|
|
|
895
|
|
|
Net (gain) loss on disposition of assets
|
|
3
|
|
|
|
14
|
|
|
|
13
|
|
|
|
(9
|
)
|
|
Net loss on disposition of assets from JV
|
|
–
|
|
|
|
2
|
|
|
|
–
|
|
|
|
2
|
|
|
FFO
|
|
(2,026
|
)
|
|
|
732
|
|
|
|
(5,607
|
)
|
|
|
4,806
|
|
|
Dividends declared and undeclared on preferred stock
|
|
(169
|
)
|
|
|
(145
|
)
|
|
|
(458
|
)
|
|
|
(434
|
)
|
|
FFO attributable to common shares and common units
|
|
(2,195
|
)
|
|
|
587
|
|
|
|
(6,065
|
)
|
|
|
4,372
|
|
|
Net (gain) loss on derivatives and convertible debt
|
|
(131
|
)
|
|
|
223
|
|
|
|
609
|
|
|
|
916
|
|
|
Net loss on derivatives from JV
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
1
|
|
|
Acquisition and terminated transactions expense
|
|
–
|
|
|
|
1
|
|
|
|
–
|
|
|
|
15
|
|
|
Strategic alternatives expense, net
|
|
636
|
|
|
|
1,052
|
|
|
|
860
|
|
|
|
1,886
|
|
|
Stock-based compensation expense
|
|
70
|
|
|
|
141
|
|
|
|
236
|
|
|
|
901
|
|
|
Amortization of deferred financing fees
|
|
284
|
|
|
|
286
|
|
|
|
829
|
|
|
|
981
|
|
|
Amortization of deferred financing fees from JV
|
|
–
|
|
|
|
143
|
|
|
|
93
|
|
|
|
234
|
|
|
Loss on extinguishment of debt from JV
|
|
–
|
|
|
|
138
|
|
|
|
–
|
|
|
|
138
|
|
|
AFFO attributable to common shares and common units
|
$
|
(1,336
|
)
|
|
$
|
2,571
|
|
|
$
|
(3,438
|
)
|
|
$
|
9,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to common shares and common units – Basic and Diluted
|
$
|
(2,195
|
)
|
|
$
|
587
|
|
|
$
|
(6,065
|
)
|
|
$
|
4,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share and common unit – Basic
|
$
|
(0.18
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.51
|
)
|
|
$
|
0.37
|
|
|
FFO per common share and common unit – Diluted
|
$
|
(0.18
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.51
|
)
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares and common units – Basic FFO
|
|
11,976,008
|
|
|
|
11,919,944
|
|
|
|
11,965,915
|
|
|
|
11,901,936
|
|
|
Weighted average common shares and common units – Diluted FFO
|
|
11,976,008
|
|
|
|
11,925,323
|
|
|
|
11,965,915
|
|
|
|
11,921,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO attributable to common shares and common units – Basic
|
$
|
(1,336
|
)
|
|
$
|
2,571
|
|
|
$
|
(3,438
|
)
|
|
$
|
9,444
|
|
|
Convertible note interest
|
|
–
|
|
|
|
16
|
|
|
|
–
|
|
|
|
48
|
|
|
Preferred dividends at stated rates
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
434
|
|
|
AFFO attributable to common shares and common units – Diluted
|
$
|
(1,336
|
)
|
|
$
|
2,587
|
|
|
$
|
(3,438
|
)
|
|
$
|
9,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per common share and common unit – Basic
|
$
|
(0.11
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.29
|
)
|
|
$
|
0.79
|
|
|
AFFO per common share and common unit – Diluted
|
$
|
(0.11
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.29
|
)
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares and common units – Basic AFFO
|
|
11,976,008
|
|
|
|
11,919,944
|
|
|
|
11,965,915
|
|
|
|
11,901,936
|
|
|
Weighted average common shares and common units – Diluted AFFO
|
|
11,976,008
|
|
|
|
12,690,703
|
|
|
|
11,965,915
|
|
|
|
12,686,818
|
|
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 terminated transaction and strategic alternatives costs, net of related receipts. 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 loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three and nine months ended September 30, 2020 and 2019 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV prior to our acquisition of the remaining 20% interest from our joint venture partner on February 14, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Net loss
|
$
|
(4,809
|
)
|
|
$
|
(1,988
|
)
|
|
$
|
(14,032
|
)
|
|
$
|
(3,243
|
)
|
|
Interest expense
|
|
2,103
|
|
|
|
1,912
|
|
|
|
6,153
|
|
|
|
6,169
|
|
|
Interest expense from JV
|
|
–
|
|
|
|
536
|
|
|
|
225
|
|
|
|
1,645
|
|
|
Income tax expense (benefit)
|
|
27
|
|
|
|
8
|
|
|
|
(340
|
)
|
|
|
655
|
|
|
Loss on extinguishment of debt from JV
|
|
–
|
|
|
|
138
|
|
|
|
–
|
|
|
|
138
|
|
|
Depreciation and amortization expense
|
|
2,780
|
|
|
|
2,405
|
|
|
|
8,267
|
|
|
|
7,161
|
|
|
Depreciation and amortization expense from JV
|
|
–
|
|
|
|
299
|
|
|
|
145
|
|
|
|
895
|
|
|
EBITDA
|
|
101
|
|
|
|
3,310
|
|
|
|
418
|
|
|
|
13,420
|
|
|
Net loss (gain) on disposition of assets
|
|
3
|
|
|
|
14
|
|
|
|
13
|
|
|
|
(9
|
)
|
|
Net loss on disposition of assets from JV
|
|
–
|
|
|
|
2
|
|
|
|
–
|
|
|
|
2
|
|
|
EBITDAre
|
|
104
|
|
|
|
3,326
|
|
|
|
431
|
|
|
|
13,413
|
|
|
Net loss (gain) on derivatives and convertible debt
|
|
(131
|
)
|
|
|
223
|
|
|
|
609
|
|
|
|
916
|
|
|
Net loss on derivative from JV
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
1
|
|
|
Stock-based compensation expense
|
|
70
|
|
|
|
141
|
|
|
|
236
|
|
|
|
901
|
|
|
Acquisition and terminated transactions expense
|
|
–
|
|
|
|
1
|
|
|
|
–
|
|
|
|
15
|
|
|
Strategic alternatives expense, net
|
|
636
|
|
|
|
1,052
|
|
|
|
860
|
|
|
|
1,886
|
|
|
Adjusted EBITDAre
|
|
679
|
|
|
|
4,743
|
|
|
|
2,136
|
|
|
|
17,132
|
|
|
General and administrative expense, excluding stock compensation expense
|
|
824
|
|
|
|
1,069
|
|
|
|
2,865
|
|
|
|
3,544
|
|
|
Other expense, net
|
|
4
|
|
|
|
27
|
|
|
|
90
|
|
|
|
80
|
|
|
Unallocated hotel and property operations expense
|
|
55
|
|
|
|
86
|
|
|
|
278
|
|
|
|
153
|
|
|
Hotel EBITDA
|
$
|
1,562
|
|
|
$
|
5,925
|
|
|
$
|
5,369
|
|
|
$
|
20,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
8,841
|
|
|
$
|
14,666
|
|
|
$
|
26,879
|
|
|
$
|
46,746
|
|
|
JV revenue
|
|
–
|
|
|
|
2,446
|
|
|
|
1,218
|
|
|
|
8,092
|
|
|
Condor and JV revenue
|
$
|
8,841
|
|
|
$
|
17,112
|
|
|
$
|
28,097
|
|
|
$
|
54,838
|
|
|
Hotel EBITDA as a percentage of revenue
|
|
17.7
|
%
|
|
|
34.6
|
%
|
|
|
19.1
|
%
|
|
|
38.1
|
%
|
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 strategic alternatives expense, net of related receipts, 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 nine months ended September 30, 2020 and 2019 (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 September 30, 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. 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 September 30,
|
|
Nine months ended September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Condor and JV Revenue – Actual
|
|
$
|
8,841
|
|
$
|
17,112
|
|
$
|
28,097
|
|
$
|
54,838
|
|
|
Revenue earned on properties disposed of prior to September 30, 2020 during the period of ownership
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(272
|
)
|
|
Revenue earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
|
|
|
–
|
|
|
612
|
|
|
304
|
|
|
2,023
|
|
|
Total Revenue – Same-Store
|
|
$
|
8,841
|
|
$
|
17,724
|
|
$
|
28,401
|
|
$
|
56,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA – Reconciliation of Actual to Same-Store
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Condor and JV Hotel EBITDA – Actual
|
|
$
|
1,562
|
|
$
|
5,925
|
|
$
|
5,369
|
|
$
|
20,909
|
|
|
Hotel EBITDA earned on properties disposed of prior to September 30, 2020 during the period of ownership
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(63
|
)
|
|
Hotel EBITDA earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
|
|
|
–
|
|
|
223
|
|
|
111
|
|
|
819
|
|
|
Total Hotel EBITDA – Same-Store
|
|
$
|
1,562
|
|
$
|
6,148
|
|
$
|
5,480
|
|
$
|
21,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Total Hotel EBITDA Margin
|
|
|
17.7%
|
|
|
34.7%
|
|
|
19.3%
|
|
|
38.3%
|
Condor Hospitality Trust, Inc. Operating Statistics
The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at September 30, 2020. The statistics for the Company’s two hotels that were temporarily closed due to the effects of COVID-19, the Solomons Hilton Garden Inn, which was closed on April 2, 2020 and reopened on July 1, 2020, and the Leawood Aloft, which was closed on April 9, 2020 and reopened on July 1, 2020, include only the periods that the properties were operational. With the exception of these COVID-19 related closures, 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.
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Three months ended September 30,
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2020
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2019
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Occupancy
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ADR
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RevPAR
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Occupancy
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ADR
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RevPAR
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Solomons Hilton Garden Inn
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43.29%
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$
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102.56
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$
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44.40
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81.29%
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$
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120.27
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$
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97.77
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Atlanta Hotel Indigo
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52.48%
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$
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91.93
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$
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48.25
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73.70%
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$
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101.40
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$
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74.73
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Jacksonville Courtyard by Marriott
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43.14%
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$
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87.08
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$
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37.57
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71.65%
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$
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116.27
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$
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83.31
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San Antonio SpringHill Suites
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41.60%
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$
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73.21
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$
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30.46
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74.13%
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$
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119.90
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$
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88.88
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Leawood Aloft
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39.14%
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$
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79.33
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$
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31.05
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70.38%
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$
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130.56
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$
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91.89
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Lexington Home2 Suites
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75.92%
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$
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88.80
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$
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67.42
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86.50%
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$
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117.56
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$
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101.69
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Round Rock Home2 Suites
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55.73%
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$
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72.36
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$
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40.33
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83.29%
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$
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110.62
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$
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92.13
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Tallahassee Home2 Suites
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75.16%
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$
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101.82
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$
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76.52
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80.09%
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$
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119.11
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$
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95.40
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South Haven Home2 Suites
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86.66%
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$
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90.73
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$
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78.62
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89.40%
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$
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122.60
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$
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109.60
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Lake Mary Hampton Inn & Suites
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41.32%
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$
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100.57
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$
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41.56
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68.70%
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$
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126.29
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$
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86.76
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Austin Residence Inn
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69.48%
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$
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85.23
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$
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59.22
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80.43%
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$
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127.59
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$
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102.62
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El Paso Fairfield Inn
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47.36%
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$
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85.67
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$
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40.57
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88.60%
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$
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107.52
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$
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95.26
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Austin TownePlace Suites
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42.81%
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$
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74.74
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$
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32.00
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68.32%
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$
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106.07
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$
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72.47
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Summerville Home2 Suites
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68.92%
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$
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94.56
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$
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65.17
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82.92%
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$
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129.09
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$
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107.04
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Atlanta Aloft
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40.92%
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$
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97.91
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$
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40.07
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79.16%
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$
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138.00
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$
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109.24
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Total Same-Store Portfolio
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53.15%
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$
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89.56
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$
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47.60
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78.06%
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$
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120.81
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$
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94.31
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Nine months ended September 30,
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2020
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2019
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Occupancy
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ADR
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RevPAR
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Occupancy
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ADR
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RevPAR
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Solomons Hilton Garden Inn
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50.90%
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$
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114.34
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$
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58.20
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78.01%
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$
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122.93
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$
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95.90
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Atlanta Hotel Indigo
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53.28%
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$
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94.22
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$
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50.21
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76.16%
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$
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107.72
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$
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82.04
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Jacksonville Courtyard by Marriott
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51.88%
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$
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101.92
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$
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52.88
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76.56%
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$
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121.20
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$
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92.79
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San Antonio SpringHill Suites
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40.26%
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$
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103.57
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$
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41.70
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80.28%
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$
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130.59
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$
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104.84
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Leawood Aloft
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43.54%
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$
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104.15
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$
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45.35
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69.49%
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$
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132.42
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$
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92.01
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Lexington Home2 Suites
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55.90%
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$
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93.27
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$
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52.14
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80.92%
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$
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116.18
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$
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94.01
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Round Rock Home2 Suites
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49.91%
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$
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86.23
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$
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43.03
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84.15%
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$
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116.72
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$
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98.22
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Tallahassee Home2 Suites
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61.19%
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$
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112.80
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$
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69.02
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89.15%
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$
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125.15
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$
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111.57
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South Haven Home2 Suites
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68.75%
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$
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97.94
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$
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67.34
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90.70%
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$
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119.14
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$
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108.06
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Lake Mary Hampton Inn & Suites
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43.92%
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$
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125.26
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$
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55.01
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79.09%
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$
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138.79
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$
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109.76
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Austin Residence Inn
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64.34%
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$
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104.40
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$
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67.17
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82.91%
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$
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136.01
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$
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112.77
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El Paso Fairfield Inn
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49.08%
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$
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97.27
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$
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47.74
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86.01%
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$
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105.69
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$
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90.90
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Austin TownePlace Suites
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46.70%
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$
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91.47
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$
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42.71
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72.37%
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$
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112.11
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$
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81.13
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Summerville Home2 Suites
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62.73%
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$
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103.48
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$
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64.91
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83.32%
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$
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130.73
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$
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108.92
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Atlanta Aloft
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39.70%
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$
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120.96
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$
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48.02
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79.70%
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$
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154.97
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$
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123.52
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Total Same-Store Portfolio
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51.07%
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$
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104.13
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$
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53.17
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80.17%
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$
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126.87
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$
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101.71
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Condor Hospitality Trust, Inc.
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Property List | As of September 30, 2020
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New Investment Platform | Acquired from January 1, 2012 – September 30, 2020
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Hotel Name
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City
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State
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Rooms
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Acquisition Date
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Purchase Price (in millions)
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1
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Hilton Garden Inn
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Dowell/Solomons
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MD
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100
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05/25/2012
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$11.5
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2
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SpringHill Suites
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San Antonio
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TX
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116
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10/01/2015
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$17.5
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3
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Courtyard by Marriott
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Jacksonville
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FL
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120
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10/02/2015
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$14.0
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4
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Hotel Indigo
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College Park
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GA
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142
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10/02/2015
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$11.0
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5
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Aloft1
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Atlanta
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GA
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254
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08/22/2016
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$43.6
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6
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Aloft
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Leawood
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KS
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156
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12/14/2016
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$22.5
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7
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Home2 Suites
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Lexington
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KY
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103
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03/24/2017
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$16.5
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8
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Home2 Suites
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Round Rock
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TX
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91
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03/24/2017
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$16.8
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9
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Home2 Suites
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Tallahassee
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FL
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132
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03/24/2017
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$21.5
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10
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Home2 Suites
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Southaven
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MS
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105
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04/14/2017
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$19.0
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11
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Hampton Inn & Suites
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Lake Mary
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FL
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130
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06/19/2017
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$19.3
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12
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Fairfield Inn & Suites
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El Paso
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TX
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124
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08/31/2017
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$16.4
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13
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Residence Inn
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Austin
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TX
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120
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08/31/2017
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$22.4
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14
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TownePlace Suites
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Austin
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TX
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122
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01/18/2018
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$19.8
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15
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Home2 Suites
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Summerville
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SC
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93
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02/21/2018
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$16.3
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Total Portfolio | As of September 30, 2020
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1,908
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$288.1
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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.
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55 Dispositions | For Period January 1, 2015 – September 30, 2020
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Hotel Name
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City
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State
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Rooms
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Disposition Date
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Gross Proceeds
(in millions)
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1
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Super 8
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West Plains
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MO
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49
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01/15/2015
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$1.5
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2
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Super 8
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Green Bay
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WI
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83
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01/29/2015
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$2.2
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3
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Super 8
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Columbus
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GA
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74
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03/16/2015
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$0.9
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4
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Sleep Inn & Suites
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Omaha
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NE
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90
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03/19/2015
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$2.9
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5
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Savannah Suites
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Chamblee
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GA
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120
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04/01/2015
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$4.4
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6
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Savannah Suites
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Augusta
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GA
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172
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04/01/2015
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$3.4
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7
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Super 8
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Batesville
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AR
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49
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04/30/2015
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$1.5
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8
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Days Inn
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Ashland
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KY
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63
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07/01/2015
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$2.2
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9
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Comfort Inn
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Alexandria
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VA
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150
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07/13/2015
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$12.0
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10
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Days Inn
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Alexandria
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VA
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200
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07/13/2015
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$6.5
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11
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Super 8
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Manhattan
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KS
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85
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08/28/2015
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$3.2
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12
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Quality Inn
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Sheboygan
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WI
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59
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10/06/2015
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$2.3
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13
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Super 8
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Hays
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KS
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76
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10/14/2015
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$1.9
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|
14
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Days Inn
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Glasgow
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KY
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58
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10/16/2015
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$1.8
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15
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Super 8
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Tomah
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WI
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65
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10/21/2015
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$1.4
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16
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Rodeway Inn
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Fayetteville
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NC
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120
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11/03/2015
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$2.6
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17
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Savannah Suites
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Savannah
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GA
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160
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12/22/2015
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$4.0
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Total 2015
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1,673
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$54.7
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18
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Super 8
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Kirksville
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MO
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61
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01/04/2016
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$1.5
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19
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Super 8
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Lincoln
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NE
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133
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01/07/2016
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$2.8
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20
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Savannah Suites
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Greenville
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SC
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170
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01/08/2016
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$2.7
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21
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Super 8
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Portage
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WI
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61
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03/30/2016
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$2.4
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22
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Super 8
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O’Neill
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NE
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72
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04/25/2016
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$1.7
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23
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Quality Inn
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Culpeper
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VA
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49
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05/10/2016
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$2.2
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|
24
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Super 8
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Storm Lake
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IA
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59
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05/19/2016
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$2.8
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|
25
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Clarion Inn
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Cleveland
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TN
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59
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05/24/2016
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$2.2
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|
26
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Super 8
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Coralville
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IA
|
84
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05/26/2016
|
$3.4
|
|
27
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Super 8
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Keokuk
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IA
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61
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05/27/2016
|
$2.2
|
|
28
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Comfort Inn
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Chambersburg
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PA
|
63
|
06/06/2016
|
$2.1
|
|
29
|
|
Super 8
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Pittsburg
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KS
|
64
|
08/08/2016
|
$1.6
|
|
30
|
|
Super 8
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Mount Pleasant
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IA
|
54
|
09/09/2016
|
$1.9
|
|
31
|
|
Quality Inn
|
Danville
|
KY
|
63
|
09/19/2016
|
$2.3
|
|
32
|
|
Super 8
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Menomonie
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WI
|
81
|
09/26/2016
|
$3.0
|
|
33
|
|
Comfort Inn
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Glasgow
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KY
|
60
|
10/14/2016
|
$2.4
|
|
34
|
|
Days Inn
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Sioux Falls
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SD
|
86
|
11/04/2016
|
$2.1
|
|
35
|
|
Comfort Inn
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Shelby
|
NC
|
76
|
11/07/2016
|
$4.1
|
|
36
|
|
Comfort Inn
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Rocky Mount
|
VA
|
61
|
11/17/2016
|
$2.2
|
|
37
|
|
Days Inn
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Farmville
|
VA
|
59
|
11/17/2016
|
$2.4
|
|
38
|
|
Comfort Suites
|
Marion
|
IN
|
62
|
11/18/2016
|
$3.0
|
|
39
|
|
Comfort Inn
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Farmville
|
VA
|
50
|
11/30/2016
|
$2.6
|
|
40
|
|
Quality Inn
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Princeton
|
WV
|
50
|
12/05/2016
|
$2.1
|
|
41
|
|
Super 8
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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 – September 30, 2020
|
|
|
|
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/20201116006035/en/
Jill Burger
Interim Chief Financial Officer and Chief Accounting Officer
[email protected]
(402) 316-1012
KEYWORDS: Nebraska United States North America
INDUSTRY KEYWORDS: REIT Other Construction & Property Lodging Construction & Property Travel
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