BETHESDA, Md.–(BUSINESS WIRE)–Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”)
today announced results for the first quarter ended March 31, 2019.
FIRST QUARTER RELEASE FINANCIAL HIGHLIGHTS
-
Revenue of $15.9 million, Comprised of $15.6 million from New
Investment Platform Hotel Revenue, a 5.4% Increase from $14.8 million
from New Investment Platform Hotel Revenue in Last Year’s Quarter, and
$0.3 million from Legacy Hotels, an 84.2% Decrease to Revenue of $1.9
million from Legacy Hotels in Last Year’s First Quarter -
Same-Store RevPAR for the New Investment Platform Hotels Increased
3.9% Over Last Year’s First Quarter -
Net Earnings (Loss) Attributable to Common Shareholders of ($0.1
million), or ($0.01) per Diluted Share, compared to $0.6 million, or
$0.05 per share, in Last Year’s First Quarter; Decline in Net Earnings
Attributable to Common Shareholders Primarily Caused by a $0.7 million
Decline in Net Gain on Derivatives and Convertible Debt -
Adjusted Funds from Operations was $3.5 million, or $0.29 per
Diluted Share, Essentially Flat to $3.5 million, or $0.29, in Last
Year’s First Quarter -
Hotel EBITDA Increased to $7.5 million from $7.4 million, a 2.0%
Increase Over Last Year’s First Quarter -
Adjusted EBITDAre Increased to $6.1 million from $5.8
million, a 5.4% Increase Over Last Year’s First Quarter
FIRST QUARTER PORTFOLIO ACCOMPLISHMENTS
- Sold One Legacy Asset Generating $4.3 million in Gross Proceeds
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“In the first quarter of 2019, our portfolio of high-quality
select-service assets continued to outperform with 3.9% same-store
RevPAR growth over last year’s first quarter as compared to U.S.
national RevPAR growth of 1.5%, 0.4% for the upper midscale chain scale,
and -0.5% for the upscale chain scale for the first quarter as reported
by Smith Travel Research. Additionally, New Investment Platform Hotel
Gross Margin was 50% for the first quarter due to strong 4.6% ADR growth
which was a contributing factor to same-store hotel EBITDA Margin of
nearly 40% for the New Investment Platform hotels. Finally, in the first
quarter, we successfully closed on the sale of our last remaining legacy
hotel, the Quality Inn Solomons Island. This concludes our initiative
that began 4 years ago and has resulted in the sale of 55 hotels
generating $170 million in gross proceeds during that time. 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.”
FINANCIAL SUMMARY
At March 31, 2019, the Company’s total
portfolio included 15 hotels, representing 1,908 rooms. The Company’s
last remaining legacy asset was sold during the first quarter of 2019.
|
Total Company Financial Results |
|||||||||||
| Three months ended March 31, | |||||||||||
| 2019 | 2018 | Change | |||||||||
| Revenue | $ | 15.9 | $ | 16.7 | -4.7% | ||||||
| Net Earnings (Loss) Attributable to Common Shareholders | $ | (0.1) | $ | 0.6 | NA | ||||||
| Diluted Earnings (Loss) per Share | $ | (0.01) | $ | 0.05 | NA | ||||||
| Funds from Operations (FFO)* | $ | 2.5 | $ | 3.5 | -20.4% | ||||||
| FFO per Diluted Share* | $ | 0.20 | $ | 0.26 | -23.1% | ||||||
| Adjusted FFO* | $ | 3.5 | $ | 3.5 | -0.4% | ||||||
| Adjusted FFO per Diluted Share* | $ | 0.29 | $ | 0.29 | 0.0% | ||||||
| Hotel EBITDA* | $ | 7.5 | $ | 7.4 | 2.0% | ||||||
| Adjusted EBITDAre* | $ | 6.1 | $ | 5.8 | 5.4% | ||||||
|
*Please see the Reg. G reconciliation tables at the end of this |
|||||||||||
|
Same Store Operational Results** |
|||||||||||
| Three months ended March 31, | |||||||||||
| 2019 | 2018 | Change | |||||||||
| Same-Store RevPAR | $ | 106.32 | $ | 102.30 | 3.9% | ||||||
| Same-Store Occupancy | 79.82% | 80.29% | -0.6% | ||||||||
| Same-Store ADR | $ | 133.20 | $ | 127.42 | 4.5% | ||||||
| Same-Store Hotel EBITDA* | $ | 7.5 | $ | 7.3 | 2.2% | ||||||
| Same-Store Hotel EBITDA Margin* | 39.8% | 40.0% | -0.2% | ||||||||
|
*Please see the Reg. G reconciliation tables at the end of this |
|||||||||||
|
**Financial results presented above include results from prior to |
|||||||||||
|
|
|||||||||||
PORTFOLIO ACTIVITY
The Company’s investment strategy is to
assemble a portfolio of premium-branded, select-service hotels in the
top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus
on MSAs ranked between 20 to 60. Since restarting its portfolio
transformation in 2015, the Company has acquired 14 high-quality
select-service hotels representing 1,808 rooms in its target markets for
a total purchase price of approximately $277 million. Additionally,
during this time, the Company has sold 55 legacy assets for a total
gross sales price of approximately $170 million.
Acquisitions
During the first quarter of 2019, the Company
did not acquire any hotels.
Dispositions
During the first quarter of 2019, the Company
sold the Quality Inn in Solomons, MD for $4.3 million. Net proceeds from
the sale were applied to outstanding debt on the Company’s $150.0
million secured credit facility. The Company has no legacy hotels
remaining in its portfolio.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of March 31,
2019, the Company had cash and cash equivalents (including restricted
cash) of $10.2 million and available revolver borrowing capacity of
$10.2 million. As of March 31, 2019, the Company had total outstanding
long-term debt of $136.2 million associated with assets held for use
with a weighted average maturity of 1.9 years and a weighted average
interest rate of 5.19%.
CAPITAL INVESTMENTS
The Company invested $0.8 million in
capital improvements throughout the portfolio in the three months ended
March 31, 2019, to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
Due to the pursuit of Strategic
Alternatives, the Company has suspended guidance until further notice.
DIVIDENDS
On March 4, 2019, the Board of Directors declared
a quarterly cash common stock dividend of $0.195 per share for the first
quarter of 2019. The common stock dividend represented an annualized
yield of approximately 9.5% based on the closing price of the Company’s
common shares on March 4, 2019. The first quarter dividend was paid on
April 2, 2019 to shareholders of record as of March 15, 2019.
EARNINGS CALL
Due to the pursuit of Strategic Alternatives,
the Company will not be conducting a first quarter earnings conference
call.
About Condor Hospitality Trust, Inc.
Condor Hospitality
Trust, Inc. (NYSE American: CDOR) is a self-administered real estate
investment trust that specializes in the investment and ownership of
upper midscale and upscale, premium-branded, select-service,
extended-stay, and limited-service hotels in the top 100 Metropolitan
Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60
MSAs. The Company currently owns 16 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
Certain matters within this press
release are discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors that
may cause the actual events, results or performance to differ from those
projected presented in the forward-looking statement. These
forward-looking statements are based on assumptions that management has
made in light of experience in the business in which the Company
operates, as well as other factors management believes to be appropriate
under the circumstances. As you read and consider this release, you
should understand that these statements are not guarantees of events,
performance or results. They involve risks, uncertainties (some of which
are beyond the Company’s control) and assumptions. Although management
believes that these forward-looking statements are based on reasonable
assumptions, you should be aware that many factors could affect events,
performance or results and cause them to differ materially from those
anticipated in the forward-looking statements. These factors include
among other things, risk factors described from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company cautions that any forward-looking statement included in this
press release is made as of the date of this press release and the
Company does not undertake to update any forward-looking statement.
SELECTED FINANCIAL DATA:
|
Condor Hospitality Trust, Inc. and Subsidiaries |
||||||||
| As of | ||||||||
| March 31, 2019 | December 31, 2018 | |||||||
|
Assets |
||||||||
| Investment in hotel properties, net | $ | 228,897 | $ | 230,178 | ||||
| Investment in unconsolidated joint venture | 6,179 | 5,866 | ||||||
| Cash and cash equivalents | 4,586 | 4,151 | ||||||
| Restricted cash, property escrows | 5,627 | 5,005 | ||||||
| Accounts receivable, net | 2,214 | 1,290 | ||||||
| Prepaid expenses and other assets | 1,962 | 2,227 | ||||||
| Derivative assets, at fair value | 448 | 639 | ||||||
| Investment in hotel properties held for sale, net | – | 4,092 | ||||||
| Total Assets | $ | 249,913 | $ | 253,448 | ||||
|
Liabilities and Equity |
||||||||
| Liabilities | ||||||||
| Accounts payable, accrued expenses, and other liabilities | $ | 6,642 | $ | 5,336 | ||||
| Dividends and distributions payable | 2,480 | 2,330 | ||||||
| Convertible debt, at fair value | 1,048 | 1,000 | ||||||
| Long-term debt, net of deferred financing costs | 134,127 | 135,810 | ||||||
|
Long-term debt related to hotel properties held for sale, net of deferred financing costs |
– | 1,120 | ||||||
| Total Liabilities | 144,297 | 145,596 | ||||||
| Equity | ||||||||
| Shareholders’ Equity | ||||||||
| Preferred stock, 40,000,000 shares authorized: | ||||||||
|
6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,395 and $9,250 |
10,050 | 10,050 | ||||||
|
Common stock, $.01 par value, 200,000,000 shares authorized; 11,917,743 and 11,886,003 shares outstanding |
119 | 119 | ||||||
| Additional paid-in capital | 232,082 | 231,805 | ||||||
| Accumulated deficit | (137,423) | (134,970) | ||||||
| Total Shareholders’ Equity | 104,828 | 107,004 | ||||||
|
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $523 and $435 |
788 | 848 | ||||||
| Total Equity | 105,616 | 107,852 | ||||||
| Total Liabilities and Equity | $ | 249,913 | $ | 253,448 | ||||
|
Condor Hospitality Trust, Inc. and Subsidiaries |
||||||||||
| Three months ended March 31, | ||||||||||
| 2019 | 2018 | |||||||||
| Revenue | ||||||||||
| Room rentals and other hotel services | $ | 15,903 | $ | 16,679 | ||||||
| Operating Expenses | ||||||||||
| Hotel and property operations | 9,793 | 10,414 | ||||||||
| Depreciation and amortization | 2,362 | 2,259 | ||||||||
| General and administrative | 1,663 | 1,869 | ||||||||
| Acquisition and terminated transactions | 7 | 19 | ||||||||
| Total operating expenses | 13,825 | 14,561 | ||||||||
| Operating income | 2,078 | 2,118 | ||||||||
| Net gain (loss) on disposition of assets | 39 | (24 | ) | |||||||
| Equity in earnings of joint venture | 513 | 229 | ||||||||
| Net gain (loss) on derivatives and convertible debt | (237 | ) | 447 | |||||||
| Other expense, net | (29 | ) | (14 | ) | ||||||
| Interest expense | (2,163 | ) | (1,928 | ) | ||||||
| Impairment recovery, net | – | 93 | ||||||||
| Earnings before income taxes | 201 | 921 | ||||||||
| Income tax expense | (186 | ) | (129 | ) | ||||||
| Net earnings | 15 | 792 | ||||||||
| Loss (earnings) attributable to noncontrolling interest | 1 | (6 | ) | |||||||
| Net earnings attributable to controlling interests | 16 | 786 | ||||||||
| Dividends declared on preferred stock | (145 | ) | (144 | ) | ||||||
| Net earnings (loss) attributable to common shareholders | $ | (129 | ) | $ | 642 | |||||
|
Earnings (Loss) per Share |
||||||||||
| Total – Basic Earnings (Loss) per Share | $ | (0.01 | ) | $ | 0.05 | |||||
| Total – Diluted Earnings (Loss) per Share | $ | (0.01 | ) | $ | 0.05 | |||||
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Non-GAAP financial measures are measures of our historical financial
performance that are different from measures calculated and presented in
accordance with accounting principles generally accepted in the United
States of America (“GAAP”). We report Funds from Operations (“FFO”),
Adjusted FFO (“AFFO”), Earnings Before Interest, Taxes, Depreciation,
and Amortization (“EBITDA”), EBITDA for real estate (“EBITDAre”),
Adjusted EBITDAre, and Hotel EBITDA as non-GAAP measures that we
believe are useful to investors as key measures of our operating results
and which management uses to facilitate a periodic evaluation of our
operating results relative to those of our peers. Our non-GAAP measures
should not be considered as an alternative to U.S. GAAP net earnings as
an indication of financial performance or to U.S. GAAP cash flows from
operating activities as a measure of liquidity. Additionally, these
measures are not indicative of funds available to fund cash needs or our
ability to make cash distributions as they have not been adjusted to
consider cash requirements for capital expenditures, property
acquisitions, debt service obligations, or other commitments.
FFO and AFFO
The following table reconciles net earnings to FFO and AFFO for the
three months ended March 31, 2019 and 2018 (in thousands). All amounts
presented include our portion of the results of our unconsolidated
Atlanta JV.
| Three months ended March 31, | ||||||||||
|
Reconciliation of Net earnings to FFO and |
2019 | 2018 | ||||||||
| Net earnings | $ | 15 | $ | 792 | ||||||
| Depreciation and amortization expense | 2,362 | 2,259 | ||||||||
| Depreciation and amortization expense from JV | 297 | 285 | ||||||||
| Net (gain) loss on disposition of assets | (39 | ) | 24 | |||||||
| Net loss on disposition of assets from JV | – | 7 | ||||||||
| Impairment recovery, net | – | (93 | ) | |||||||
| FFO | 2,635 | 3,274 | ||||||||
| Dividends declared on preferred stock | (145 | ) | (144 | ) | ||||||
| FFO attributable to common shares and common units | 2,490 | 3,130 | ||||||||
| Net loss (gain) on derivatives and convertible debt | 237 | (447 | ) | |||||||
| Net loss on derivatives from JV | 1 | – | ||||||||
| Acquisition and terminated transactions expense | 7 | 19 | ||||||||
| Stock-based compensation expense | 336 | 402 | ||||||||
| Amortization of deferred financing fees | 373 | 353 | ||||||||
| Amortization of deferred financing fees from JV | 45 | 45 | ||||||||
| AFFO attributable to common shares and common units | $ | 3,489 | $ | 3,502 | ||||||
| FFO attributable to common shares and common units – Basic Shares | $ | 2,490 | $ | 3,130 | ||||||
| Convertible note interest and fair value adjustments | 78 | – | ||||||||
| Preferred dividends and fair value adjustments | – | 111 | ||||||||
|
FFO attributable to common shares and common units – Diluted Shares |
$ | 2,568 | $ | 3,241 | ||||||
| FFO per common share and common unit – Basic | $ | 0.21 | $ | 0.26 | ||||||
| FFO per common share and common unit – Diluted | $ | 0.20 | $ | 0.26 | ||||||
| Weighted average common shares and common units – Basic FFO | 11,879,444 | 11,835,279 | ||||||||
| Weighted average common shares and common units – Diluted FFO | 12,584,456 | 12,536,203 | ||||||||
| AFFO attributable to common shares and common units – Basic Shares | $ | 3,489 | $ | 3,502 | ||||||
| Convertible note interest | 16 | 16 | ||||||||
| Preferred dividends at stated rates | 144 | 144 | ||||||||
|
AFFO attributable to common shares and common units – Diluted Shares |
$ | 3,649 | $ | 3,662 | ||||||
| AFFO per common share and common unit – Basic | $ | 0.29 | $ | 0.30 | ||||||
| AFFO per common share and common unit – Diluted | $ | 0.29 | $ | 0.29 | ||||||
| Weighted average common shares and common units – Basic AFFO | 11,879,444 | 11,835,279 | ||||||||
| Weighted average common shares and common units – Diluted AFFO | 12,681,725 | 12,633,472 | ||||||||
We calculate FFO in accordance with the standards established by the
National Association of Real Estate Investment Trusts (“NAREIT”), which
defines FFO as net earnings or loss computed in accordance with GAAP,
excluding gains or losses from sales of real estate assets, impairment,
and the depreciation and amortization of real estate assets. FFO is
calculated both for the Company in total and as FFO attributable to
common shares and common units, which is FFO reduced by preferred stock
dividends. AFFO is FFO attributable to common shares and common units
adjusted to exclude items we do not believe are representative of the
results from our core operations, including non-cash gains or losses on
derivatives and convertible debt, stock-based compensation expense,
amortization of certain fees, losses on debt extinguishment, and in-kind
dividends above stated rates, and cash charges for acquisition and
equity transaction costs. All REITs do not calculate FFO and AFFO in the
same manner; therefore, our calculation may not be the same as the
calculation of FFO and AFFO for similar REITs.
We consider FFO to be a useful additional measure of performance for an
equity REIT because it facilitates an understanding of the operating
performance of our properties without giving effect to real estate
depreciation and amortization, which assumes that the value of real
estate assets diminishes predictably over time. Since real estate values
have historically risen or fallen with market conditions, we believe
that FFO provides a meaningful indication of our performance. We believe
that AFFO provides useful supplemental information to investors
regarding our ongoing operating performance that, when considered with
net income and FFO, is beneficial to an investor’s understanding of our
operating performance. We present FFO and AFFO per common share and
common unit because our common units are redeemable for common shares.
We believe it is meaningful for the investor to understand FFO and AFFO
applicable to common shares and common units.
EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
The following table reconciles net earnings to EBITDA, EBITDAre,
Adjusted EBITDAre, and Hotel EBITDA for the three months ended
March 31, 2019 and 2018 (in thousands). All amounts presented our
portion of the results of our unconsolidated Atlanta JV.
| Three months ended March 31, | ||||||||||
|
Reconciliation of Net earnings to EBITDA, |
2019 | 2018 | ||||||||
| Net earnings | $ | 15 | $ | 792 | ||||||
| Interest expense | 2,163 | 1,928 | ||||||||
| Interest expense from JV | 547 | 492 | ||||||||
| Income tax expense | 186 | 129 | ||||||||
| Depreciation and amortization expense | 2,362 | 2,259 | ||||||||
| Depreciation and amortization expense from JV | 297 | 285 | ||||||||
| EBITDA | 5,570 | 5,885 | ||||||||
| Net (gain) loss on disposition of assets | (39 | ) | 24 | |||||||
| Net loss on disposition of assets from JV | – | 7 | ||||||||
| Impairment recovery, net | – | (93 | ) | |||||||
| EBITDAre | 5,531 | 5,823 | ||||||||
| Net loss (gain) on derivatives and convertible debt | 237 | (447 | ) | |||||||
| Net loss on derivative from JV | 1 | – | ||||||||
| Stock-based compensation expense | 336 | 402 | ||||||||
| Acquisition and terminated transactions expense | 7 | 19 | ||||||||
| Adjusted EBITDAre | 6,112 | 5,797 | ||||||||
|
General and administrative expense, excluding stock compensation expense |
1,327 | 1,467 | ||||||||
| Other expense, net | 29 | 14 | ||||||||
| Unallocated hotel and property operations expense | 45 | 89 | ||||||||
| Hotel EBITDA | $ | 7,513 | $ | 7,367 | ||||||
| Revenue | $ | 15,903 | $ | 16,679 | ||||||
| JV revenue | 3,100 | 2,618 | ||||||||
| Condor and JV revenue | $ | 19,003 | $ | 19,297 | ||||||
| Hotel EBITDA as a percentage of revenue | 39.5 | % | 38.2 | % | ||||||
We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by
adding back to net earnings or loss certain non-operating expenses and
certain non-cash charges which are based on historical cost accounting
that we believe may be of limited significance in evaluating current
performance. We believe these adjustments can help eliminate the
accounting effects of depreciation and amortization and financing
decisions and facilitate comparisons of core operating profitability
between periods. In calculating EBITDA, we add back to net earnings or
loss interest expense, loss on debt extinguishment, income tax expense,
and depreciation and amortization expense. NAREIT adopted EBITDAre
in order to promote an industry-wide measure of REIT operating
performance. We adjust EBITDA by adding back net gain/loss on
disposition of assets and impairment charges to calculate EBITDAre.
To calculate Adjusted EBITDAre, we adjust EBITDAre to add
back acquisition and terminated transactions expense and equity
transactions expense, which are cash charges. We also add back stock
–based compensation expense and gain/loss on derivatives and convertible
debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted
EBITDAre, as presented, may not be comparable to similarly titled
measures of other companies.
We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be
useful additional measures of our operating performance, excluding the
impact of our capital structure (primarily interest expense), our asset
base (primarily depreciation and amortization expense), and other items
we do not believe are representative of the results from our core
operations.
The Company further excludes general and administrative expenses, other
non-operating income or expense, and certain hotel and property
operations expenses that are not allocated to individual properties in
assessing hotel performance (primarily certain general liability and
other insurance costs, land lease costs, and office and banking fees)
from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA,
as presented, may not be comparable to similarly titled measures of
other companies.
Hotel EBITDA is intended to isolate property level operational
performance over which the Company’s hotel operators have direct
control. We believe Hotel EBITDA is helpful to investors as it better
communicates the comparability of our hotels’ operating results for all
of the Company’s hotel properties and is used by management to measure
the performance of the Company’s hotels and the effectiveness of the
operators of the hotels.
Same-Store Revenue and Hotel EBITDA
The following tables present our same-store revenue, Hotel EBITDA, and
Hotel EBITDA margin broken down by property type for the three months
ended March 31, 2019 and 2018 (in thousands) and reconcile these
same-store measures to total revenue and Hotel EBITDA as presented
above. Same-store results include all our hotels owned at March 31,
2019. Results for the hotels for periods prior to our ownership were
provided to us by prior owners and have not been adjusted by us or
audited or reviewed by our independent auditors. All amounts presented
include our portion of the results of our unconsolidated Atlanta Aloft
JV. Results for periods prior to the Company’s ownership have not been
included in the Company’s actual consolidated financial statements and
are included here only for comparison purposes.
| Revenue – Reconciliation of Actual to Same-Store | ||||||||||
| Three months ended March 31, | ||||||||||
| 2019 | 2018 | |||||||||
| Condor and JV Revenue – Actual | $ | 19,003 | $ | 19,297 | ||||||
|
Revenue earned on properties disposed of prior to March 31, 2019 during the period of ownership |
(272 | ) | (1,869 | ) | ||||||
|
Revenue earned on properties owned at March 31, 2019 prior to ownership |
– | 637 | ||||||||
| Total Revenue – Same-Store | $ | 18,731 | $ | 18,065 | ||||||
| Hotel EBITDA – Reconciliation of Actual to Same-Store | ||||||||||
| Three months ended March 31, | ||||||||||
| 2019 | 2018 | |||||||||
| Condor and JV Hotel EBITDA – Actual | $ | 7,513 | $ | 7,367 | ||||||
|
Hotel EBITDA earned on properties disposed of prior to March 31, 2019 during the period of ownership |
(63 | ) | (423 | ) | ||||||
|
Hotel EBITDA earned on properties owned at March 31, 2019 prior to ownership |
– | 285 | ||||||||
| Total Hotel EBITDA – Same-Store | $ | 7,450 | $ | 7,229 | ||||||
| Hotel EBITDA Margin | ||||||||||
| Three months ended March, 31 | ||||||||||
| 2019 | 2018 | |||||||||
| Total Hotel EBITDA Margin | 39.8 | % | 40.0 | % | ||||||
Condor Hospitality Trust, Inc. Operating Statistics
The following tables present our same-store occupancy, ADR, and RevPAR
for all our hotels owned at March 31, 2019. Same-store occupancy, ADR,
and RevPAR reflect the performance of hotels during the entire period,
regardless of our ownership during the period presented. Results for the
hotels for periods prior to our ownership were provided to us by prior
owners and have not been adjusted by us or audited or reviewed by our
independent auditors. The performance metrics for the hotel acquired
through our Atlanta JV, also presented below, reflect 100% of the
operating results of the property, including our interest and the
interest of our partner.
| Three months ended March 31, | |||||||||||||||||||||||||||
| 2019 | 2018 | ||||||||||||||||||||||||||
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | Growth | |||||||||||||||||||||
| Solomons Hilton Garden Inn | 73.02% | $ | 126.39 | $ | 92.29 | 73.41% | $ | 125.74 | $ | 92.30 | 0.0% | ||||||||||||||||
| Atlanta Hotel Indigo | 74.39% | $ | 118.65 | $ | 88.27 | 81.13% | $ | 108.30 | $ | 87.87 | 0.5% | ||||||||||||||||
| Jacksonville Courtyard by Marriott | 80.55% | $ | 124.91 | $ | 100.61 | 85.04% | $ | 113.26 | $ | 96.31 | 4.5% | ||||||||||||||||
| San Antonio SpringHill Suites | 83.72% | $ | 139.71 | $ | 116.96 | 86.36% | $ | 143.28 | $ | 123.74 | -5.5% | ||||||||||||||||
| Leawood Aloft | 61.39% | $ | 129.28 | $ | 79.37 | 63.41% | $ | 127.49 | $ | 80.84 | -1.8% | ||||||||||||||||
| Lexington Home2 Suites | 73.18% | $ | 102.62 | $ | 75.10 | 74.51% | $ | 103.30 | $ | 76.97 | -2.4% | ||||||||||||||||
| Round Rock Home2 Suites | 84.09% | $ | 120.06 | $ | 100.96 | 86.48% | $ | 120.15 | $ | 103.91 | -2.8% | ||||||||||||||||
| Tallahassee Home2 Suites | 94.92% | $ | 133.91 | $ | 127.10 | 84.23% | $ | 130.54 | $ | 109.95 | 15.6% | ||||||||||||||||
| South Haven Home2 Suites | 88.76% | $ | 111.53 | $ | 99.00 | 81.26% | $ | 110.84 | $ | 90.07 | 9.9% | ||||||||||||||||
| Lake Mary Hampton Inn & Suites | 88.83% | $ | 155.16 | $ | 137.83 | 86.22% | $ | 154.76 | $ | 133.44 | 3.3% | ||||||||||||||||
| Austin Residence Inn | 80.63% | $ | 143.54 | $ | 115.73 | 83.43% | $ | 135.16 | $ | 112.76 | 2.6% | ||||||||||||||||
| El Paso Fairfield Inn | 84.49% | $ | 104.49 | $ | 88.28 | 75.92% | $ | 99.69 | $ | 75.69 | 16.6% | ||||||||||||||||
| Austin TownePlace Suites | 71.97% | $ | 113.94 | $ | 82.00 | 87.28% | $ | 119.94 | $ | 104.68 | -21.7% | ||||||||||||||||
| Summerville Home2 Suites | 81.74% | $ | 124.36 | $ | 101.65 | 82.56% | $ | 126.63 | $ | 104.55 | -2.8% | ||||||||||||||||
| Wholly owned new investment platform properties | 79.77% | $ | 125.88 | $ | 100.42 | 80.41% | $ | 123.57 | $ | 99.36 | 1.1% | ||||||||||||||||
| Atlanta Aloft JV | 80.16% | $ | 180.60 | $ | 144.77 | 79.49% | $ | 152.80 | $ | 121.46 | 19.2% | ||||||||||||||||
| Total Same-Store Portfolio | 79.82% | $ | 133.20 | $ | 106.32 | 80.29% | $ | 127.42 | $ | 102.30 | 3.9% | ||||||||||||||||
Contacts
Jonathan J. Gantt
Chief Financial Officer & Senior Vice President
[email protected]
(301)
861-3305
