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Condor Hospitality Trust, Inc. (CDOR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Condor Hospitality Trust, Inc.

HISTORY TOOLS
CIK: 929545 Ticker: CDOR







 

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For Immediate Release



Condor Hospitality Trust Reports Fourth Quarter and Fiscal Year 2018 Results



BETHESDA, MD, March 11, 2019 – Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the fourth quarter ended December 31, 2018.  



FOURTH QUARTER AND FISCAL YEAR 2018 RELEASE FINANCIAL HIGHLIGHTS



·

Revenue of $65.1 million in Fiscal Year 2018, a 17.3% Increase Over $55.5 million of Revenue in Fiscal Year 2017



·

Revenue of $15.1 million, Comprised of $14.9  million from New Investment Platform Hotels and $0.2 million from Legacy Hotels, a 1% Decrease to Revenue of $15.3 million, Comprised of $12.8 million from New Investment Platform Hotels and $2.5 million from Legacy Hotels, in Last Year’s Fourth Quarter



·

Same-Store RevPAR for the New Investment Platform Hotels Increased 1.9% and 2.6% in the Fourth Quarter and Full Year 2018, Respectively

·

Net Earnings Attributable to Common Shareholders of $4.8 million, or $0.40 per Diluted Share, as Compared to a Net Loss of ($9.4) million, or ($1.00) per share, in Last Fiscal Year

·

Adjusted Funds from Operations Increased to $12.2 million, or $1.02 per Diluted Share, a 4.1% per share Increase from $9.8 million, or $0.98 per Diluted Share, as Compared to Last Fiscal Year

·

Hotel EBITDA Increased to $27.6 million from $22.0 million, a 25.9% Increase Over Last Fiscal Year

·

Adjusted EBITDAre Increased to $21.9 million from $16.2 million, a 35.7% Over Last Fiscal Year



MANAGEMENT COMMENTARY



Bill Blackham, Condor’s Chief Executive Officer, commented:



“On September 27, 2018, Condor initiated a process to evaluate strategic alternatives to enhance shareholder value.   Until the conclusion of this process, Condor is suspending the issuance of earnings guidance and the holding of earnings conference calls.  The Quality Inn Solomons Island remains under contract for sale and has an expected closing in the first quarter of 2019; there can be no guarantee that this planned disposition will close.   This final legacy asset sale will bring the total number of legacy assets sold to 55 since Condor launched the strategic repositioning of its portfolio in 2015.  The New Investment Platform continued to perform well relative to our competitive sets and our publicly traded select-service peer group in terms of RevPAR change and operating margins.”



FINANCIAL SUMMARY

At December 31, 2018, the Company’s total portfolio included 16 hotels, representing 1,967 rooms.



Total Company Financial Results

($ in millions except per share amounts)





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three months ended December 31,

 

Year ended December 31,



2018

 

2017

 

Change

 

2018

 

2017

 

Change

Revenue

$

 15.1 

 

$

 15.3 

 

-1.3%

 

$

 65.1 

 

$

 55.5 

 

 17.3% 

Net Earnings (Loss) Attributable to Common Shareholders

$

 (1.1)

 

$

 1.2 

 

NA

 

$

 4.8 

 

$

 (9.4)

 

NA

Diluted Earnings (Loss) per Share

$

 (0.10)

 

$

 0.10 

 

NA

 

$

 0.40 

 

$

 (1.00)

 

NA



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from Operations (FFO)*

$

 1.6 

 

$

 2.3 

 

-30.7%

 

$

 10.3 

 

$

 6.3 

 

 63.7 

FFO per Diluted Share*

$

 0.12 

 

$

 0.18 

 

-33.3%

 

$

 0.81 

 

$

 (0.22)

 

NA

Adjusted FFO*

$

 2.3 

 

$

 3.3 

 

-29.2%

 

$

 12.2 

 

$

 9.8 

 

 25.2% 

1

 

The following information was filed by Condor Hospitality Trust, Inc. (CDOR) on Monday, March 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Condor Hospitality Trust, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Condor Hospitality Trust, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii Real Estate And Accumulated Depreciation
Schedule Iii Real Estate And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details)
Schedule Iii Real Estate And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Acquisition Of Hotel Properties
Acquisition Of Hotel Properties (Narrative) (Details)
Acquisition Of Hotel Properties (Schedule Of Pro Forma Results) (Details)
Acquisition Of Hotel Properties (Schedule Of Purchase Price Allocation) (Details)
Acquisition Of Hotel Properties (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details)
Commitments And Contingencies (Tables)
Common Stock
Common Stock (Narrative) (Details)
Convertible Debt At Fair Value
Convertible Debt At Fair Value (Difference Between Fair Value And Unpaid Principal Balance Of Note) (Details)
Convertible Debt At Fair Value (Narrative) (Details)
Convertible Debt At Fair Value (Tables)
Disposition Of Hotel Properties And Discontinued Operations
Disposition Of Hotel Properties And Discontinued Operations (Components Of Discontinued Operations) (Details)
Disposition Of Hotel Properties And Discontinued Operations (Narrative) (Details)
Disposition Of Hotel Properties And Discontinued Operations (Tables)
Earnings Per Share
Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Common Share) (Details)
Earnings Per Share (Schedule Of Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Measurements And Derivative Instruments
Fair Value Measurements And Derivative Instruments (Narrative) (Details)
Fair Value Measurements And Derivative Instruments (Reconciliation Of Items Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements And Derivative Instruments (Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt) (Details)
Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Assets And (Liabilities) Carried At Fair Value And Measured On Recurring Basis) (Details)
Fair Value Measurements And Derivative Instruments (Schedule Of Impairment And Recovery Of Previously Recorded Impairment) (Details)
Fair Value Measurements And Derivative Instruments (Schedule Of Interest Rate Swaps And Caps) (Details)
Fair Value Measurements And Derivative Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Actual Income Benefit From Continuing Operations) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details)
Income Taxes (Summary Of Distributions Paid) (Details)
Income Taxes (Tables)
Investment In Hotel Properties
Investment In Hotel Properties (Schedule Of Investment In Hotel Properties) (Details)
Investment In Hotel Properties (Tables)
Investment In Unconsolidated Joint Venture
Investment In Unconsolidated Joint Venture (Narrative) (Details)
Investment In Unconsolidated Joint Venture (Schedule Of Financial Position Of Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Venture (Schedule Of Purchase Price Allocation) (Details)
Investment In Unconsolidated Joint Venture (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Venture (Tables)
Long-Term Debt
Long-Term Debt (Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale) (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Summary Of Long Term Debt) (Details)
Long-Term Debt (Tables)
Noncontrolling Interest Of Common Units In The Operating Partnership
Noncontrolling Interest Of Common Units In The Operating Partnership (Narrative) (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Disaggregation Of Operating Revenues) (Details)
Organization And Summary Of Significant Accounting Policies (Narrative) (Details)
Organization And Summary Of Significant Accounting Policies (Policy)
Organization And Summary Of Significant Accounting Policies (Tables)
Preferred Stock
Preferred Stock (Components Of Dividends Declared And Undeclared And In Kind Dividends Deemed On Preferred Stock) (Details)
Preferred Stock (Narrative) (Details)
Preferred Stock (Series A Preferred Stock) (Narrative) (Details)
Preferred Stock (Series B Preferred Stock) (Narrative) (Details)
Preferred Stock (Series C Preferred Stock) (Narrative) (Details)
Preferred Stock (Series D Preferred Stock) (Narrative) (Details)
Preferred Stock (Series E Redeemable Convertible Preferred Stock) (Narrative) (Details)
Preferred Stock (Tables)
Quarterly Operating Results
Quarterly Operating Results (Schedule Of Quarterly Operations) (Details)
Quarterly Operating Results (Tables)
Stock Based Compensation (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Estimated Fair Value Of Options) (Details)
Stock-Based Compensation (Summary Of Service Condition Unvested Share Activity) (Details)
Ticker: CDOR
CIK: 929545
Form Type: 10-K Annual Report
Accession Number: 0000929545-19-000010
Submitted to the SEC: Mon Mar 11 2019 3:44:57 AM EST
Accepted by the SEC: Mon Mar 11 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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