BETHESDA, Md.--(BUSINESS WIRE)--Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the third quarter ended September 30, 2017.
THIRD QUARTER RELEASE HIGHLIGHTS
- Revenue Growth of 15.1% over Prior Year to $15.6 Million
- Net Loss Attributable to Common Shareholders of $1.2 Million
- Adjusted Funds From Operations Growth of 179.1% over Prior Year to $3.3 Million
- Achieved 5.5% Same-Store RevPAR Growth over Prior Year*
- Expanded Same-Store Hotel EBITDA Margin by 50 Basis Points to 36.4% over Prior Year*
- Acquired Two and Signed One Agreement for Hotels in Texas for $58.6 Million
- Sold Two Non-Core Legacy Assets for $4.0 Million
- Refinanced $26.5 Million of Debt on Three Hotels to Increase Ratio of Fixed Debt and Availability on Credit Facility (Subsequent to quarter end)
*New investment platform hotels only; Includes results prior to our ownership to illustrate same-store performance
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“We continue to fire on all cylinders having achieved 5.5% RevPAR growth for our new investment platform hotels combined with a 50 bps expansion in hotel EBITDA margin over last year. Our 5.5% RevPAR growth significantly outperforms both the industry and our direct public hotel REIT peer group. This is the third consecutive quarter of RevPAR outperformance and our YTD RevPAR growth of 5.8% appears to be impressive in the industry. Given that our portfolio is primarily composed of young, high-quality assets mostly located in secondary markets that are still ramping and gaining market share, we project that this momentum should continue as we progress through the balance of 2017 and beyond.
“We also had continued success in the quarter with the transition of our portfolio having closed two acquisitions and two legacy asset sales. We have only six of our legacy assets remaining and one of these hotels is already under contract to be sold with three more listed with marketing initiatives in process. Our investment thesis that we are in the right markets, primarily secondary, with the right asset type, young-in- age select-service, in order to outperform at this stage of the lodging cycle continues to prove out. We continue to execute on our stated strategy and are excited to expand our platform and create additional shareholder value.”
FINANCIAL SUMMARY
At September 30, 2017, the Company’s total portfolio included 19 hotels, representing 2,247 rooms.
Total Company Financial Results ($ in millions except per share amounts) |
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Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
Revenue | $ | 15.6 | $ | 13.5 | 15.1 | % | $ | 40.2 | $ | 40.2 | 0.0% | |||||||||||||||
Net Earnings (Loss) Attributable to Common Shareholders | $ | (1.2 | ) | $ | 1.8 | -168.1 | % | $ | (10.5 | ) | $ | (1.5 | ) | N/A | ||||||||||||
Diluted Earnings (Loss) per Share | $ | (0.11 | ) | $ | 0.39 | -128.2 | % | $ | (1.21 | ) | $ | (2.00 | ) | N/A | ||||||||||||
Funds from Operations (FFO)* | $ | 2.2 | $ | 1.1 | 98.5 | % | $ | 4.2 | $ | 7.8 | -47.0% | |||||||||||||||
Adjusted FFO* | $ | 3.3 | $ | 1.2 | 179.1 | % | $ | 6.5 | $ | 1.4 | 373.2% | |||||||||||||||
Adjusted FFO per Diluted Share* | $ | 0.28 | $ | 0.31 | -9.7 | % | $ | 0.69 | $ | 0.66 | 4.5% | |||||||||||||||
Hotel EBITDA* | $ | 6.3 | $ | 4.6 | 36.5 | % | $ | 16.0 | $ | 12.0 | 33.6% | |||||||||||||||
Adjusted EBITDA* | $ | 5.0 | $ | 3.3 | 49.5 | % | $ | 11.6 | $ | 7.8 | 48.2% | |||||||||||||||
*Please see the Reg. G reconciliation tables at the end of this release. |
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The improvement in year-over-year financial performance was primarily driven by higher revenue and higher margins. The per share amounts were impacted by the increased share count as a result of the conversion of our Series D preferred stock and the equity raise completed in the first quarter of 2017.
NEW INVESTMENT PLATFORM
At September 30, 2017, the Company’s new investment platform included 13 hotels, representing 1,693 rooms.
New Investment Platform Operational Results* ($ in millions except per share amounts and operating metrics) |
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Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
Same-Store RevPAR | $ | 95.96 | $ | 90.94 | 5.5 | % | $ | 97.64 | $ | 92.25 | 5.8 | % | ||||||||||||
Same-Store Occupancy | 80.49% | 77.17% | 4.3 | % | 80.68% | 77.32% | 4.3 | % | ||||||||||||||||
Same-Store ADR | $ | 119.22 | $ | 117.85 | 1.2 | % | $ | 121.02 | $ | 119.32 | 1.4 | % | ||||||||||||
Same-Store Hotel EBITDA | $ | 5.2 | $ | 4.9 | 7.7 | % | $ | 16.6 | $ | 15.4 | 7.7 | % | ||||||||||||
Same-Store Hotel EBITDA Margin | 36.4% | 35.9% | 0.5 | % | 38.2% | 37.6% | 0.6 | % | ||||||||||||||||
*Financial results presented above include results from prior to our ownership. Please see the Reg. G reconciliation tables at the end of this release. |
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LEGACY PLATFORM
At September 30, 2017, the Company’s legacy platform included six hotels, representing 554 rooms.
Legacy Platform Operational Results* ($ in millions except per share amounts and operating metrics) |
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Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
Same-Store RevPAR | $ | 62.15 | $ | 54.89 | 13.2 | % | $ | 55.60 | $ | 49.23 | 12.9 | % | ||||||||||||
Same-Store Occupancy | 73.03% | 69.24% | 5.5 | % | 70.42% | 63.26% | 11.3 | % | ||||||||||||||||
Same-Store ADR | $ | 85.10 | $ | 79.28 | 7.3 | % | $ | 78.97 | $ | 77.82 | 1.5 | % | ||||||||||||
Same-Store Hotel EBITDA | $ | 1.1 | $ | 0.9 | 25.8 | % | $ | 2.7 | $ | 2.1 | 23.7 | % | ||||||||||||
Same-Store Hotel EBITDA Margin | 33.1% | 29.5% | 3.6 | % | 30.1% | 27.1% | 3.0 | % | ||||||||||||||||
* Please see the Reg. G reconciliation tables at the end of this release. |
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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 the top 20 to 60 MSAs. Since restarting its portfolio transformation in 2015, the Company has acquired or has under contract 13 high-quality select-service hotels representing 1,715 rooms in its target markets for a total purchase price of approximately $260 million. Additionally, during this time, the Company has sold 49 legacy assets for a total gross sales price of $140.2 million.
Acquisitions
During the third quarter, the Company entered into agreements to purchase three Marriott-branded hotels for $58.6 million. The portfolio includes the following hotels: the Fairfield Inn & Suites El Paso Airport, the Residence Inn Austin Airport, and the TownePlace Suites Austin North Tech Ridge. During the quarter, the Company completed the acquisition of two of these hotels for $38.8 million, the Fairfield Inn & Suites El Paso Airport and the Residence Inn Austin Airport. At the time of the closing, the Company executed a management contract with the existing manager, Aimbridge Hospitality. The Company expects to close on the third asset in the first quarter of 2018 and expects that Aimbridge Hospitality will continue to operate this asset as well.
Dispositions
During the third quarter, the Company sold two legacy hotel assets, the 81-room Quality Inn Morgantown located at 225 Comfort Inn Dr., Morgantown, WV 26508 for $2.6 million and the 176-room Days Inn located at 200 John Wesley Blvd., Bossier City, LA 71112 for $1.4 million.
The Company also announced that it will accelerate the disposition of four additional legacy assets. As of the date of this document, one asset is already under contract for sale with the remaining three actively being marketed. Post the disposition of these four assets, only two legacy assets will remain.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of September 30, 2017, the Company had cash and cash equivalents (including restricted cash) and available revolver of $10.6 million and $8.3 million, respectively. The Company had total outstanding long-term debt of $121.4 million associated with assets held for use with a weighted average maturity of 3.0 years and a weighted average interest rate of 3.97%.
Subsequent to quarter end, the Company refinanced three new investment platform hotels. The effect of this refinancing was to increase the ratio of fixed rate to total debt and to increase the credit facility availability for future acquisitions. The refinanced hotels were previously encumbered by floating-rate debt totaling $25.0 million (4.2% weighted average rate), which was refinanced with a $26.5 million mortgage loan from Wells Fargo. The new mortgage loan has an effective fixed rate of 4.44% and matures in five years with two one-year extension options.
During the third quarter, the Company sold 5,950 shares of common stock under the ATM program at an average sales price of $10.5011 per share for gross proceeds totaling $62,482 and net proceeds, including cash commission fees paid to the Sales Agents, totaling $61,232.
Subsequent to September 30, 2017, the Company has sold 15,763 shares of common stock under the ATM program at an average sales price of $10.46 per share for gross proceeds totaling $164,885 and net proceeds, including cash commission fees paid to the Sales Agents, totaling $161,588.
CAPITAL INVESTMENTS
The Company invested $2.2 million in capital improvements throughout the portfolio in the nine months ended September 30, 2017, to upgrade its properties and maintain brand standards.
DIVIDENDS
On September 21, 2017, the Board of Directors declared a quarterly cash common stock dividend of $0.195 per share for the third quarter of 2017. The common stock dividend represents an annualized yield of approximately 7.5% based on the closing price of the Company’s common shares on September 20, 2017. The third quarter dividend was paid on October 9, 2017 to shareholders of record as of October 2, 2017.
EARNINGS CALL
The Company will conduct its quarterly conference call on Tuesday, November 7, 2017, at 11:00 AM ET. To participate in the conference call, dial 1-877-425-9470 [International: 1-201-389-0878] approximately ten minutes before the call begins (11:00 AM ET).
A live webcast of the Earnings Call will also be available through the Company's website. To access, log on to http://condorhospitality.com ten minutes prior to the call. A replay of the conference call webcast will be archived and available online through the Investor Relations section of http://condorhospitality.com.
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 19 hotels in 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, 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 | ||||||||||
Consolidated Balance Sheets | ||||||||||
(Unaudited - In thousands, except share and per share data) | ||||||||||
As of | ||||||||||
September 30, | December 31, | |||||||||
2017 | 2016 | |||||||||
Assets |
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Investment in hotel properties, net | $ | 208,611 | $ | 79,231 | ||||||
Investment in unconsolidated joint venture | 8,651 | 9,036 | ||||||||
Cash and cash equivalents | 5,161 | 8,326 | ||||||||
Restricted cash, property escrows | 5,435 | 5,350 | ||||||||
Accounts receivable, net of allowance for doubtful accounts of $17 and $21 | 2,265 | 1,416 | ||||||||
Prepaid expenses and other assets | 2,475 | 1,666 | ||||||||
Derivative assets, at fair value | 340 | - | ||||||||
Investment in hotel properties held for sale, net | 15,700 | 35,640 | ||||||||
Total Assets | $ | 248,638 | $ | 140,665 | ||||||
Liabilities and Equity |
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Liabilities | ||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 8,649 | $ | 4,698 | ||||||
Dividends payable | 2,419 | 1,125 | ||||||||
Derivative liabilities, at fair value | - | 8 | ||||||||
Convertible debt, at fair value | 1,038 | 1,315 | ||||||||
Long-term debt, net of deferred financing costs | 118,387 | 47,918 | ||||||||
Long-term debt related to hotel properties held for sale, net of deferred financing costs | 7,289 | 14,802 | ||||||||
Total Liabilities | 137,782 | 69,866 | ||||||||
Equity | ||||||||||
Shareholders' equity | ||||||||||
Preferred stock, 40,000,000 shares authorized: | ||||||||||
6.25% Series D, 6,700,000 shares authorized, $.01 par value, 6,245,156 shares outstanding, liquidation preference of $63,427 | - | 61,333 | ||||||||
6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,395 | 10,050 | - | ||||||||
Common stock, $.01 par value, 200,000,000 shares authorized; 11,659,467 and 762,590 shares outstanding | 116 | 8 | ||||||||
Additional paid-in capital | 228,629 | 118,655 | ||||||||
Accumulated deficit | (129,355 | ) | (112,024 | ) | ||||||
Total Shareholders' Equity | 109,440 | 67,972 | ||||||||
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $914 and $2,008 | 1,416 | 2,827 | ||||||||
Total Equity | 110,856 | 70,799 | ||||||||
Total Liabilities and Equity | $ | 248,638 | $ | 140,665 | ||||||
Condor Hospitality Trust, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited - In thousands, except per share data) |
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Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Room rentals and other hotel services | $ | 15,562 | $ | 13,519 | $ | 40,175 | $ | 40,177 | ||||||||||||
Operating Expenses | ||||||||||||||||||||
Hotel and property operations | 10,269 | 9,452 | 27,106 | 29,052 | ||||||||||||||||
Depreciation and amortization | 1,993 | 1,398 | 4,813 | 4,096 | ||||||||||||||||
General and administrative | 1,702 | 1,367 | 4,705 | 4,092 | ||||||||||||||||
Acquisition and terminated transactions | 453 | 228 | 1,170 | 375 | ||||||||||||||||
Equity transactions | - | - | 343 | - | ||||||||||||||||
Total operating expenses | 14,417 | 12,445 | 38,137 | 37,615 | ||||||||||||||||
Operating income | 1,145 | 1,074 | 2,038 | 2,562 | ||||||||||||||||
Net gain (loss) on disposition of assets | (46 | ) | 3,591 | 4,803 | 15,814 | |||||||||||||||
Equity in earnings (loss) of joint venture | 159 | (54 | ) | 295 | (54 | ) | ||||||||||||||
Net gain on derivatives and convertible debt | 14 | 26 | 416 | 6,305 | ||||||||||||||||
Other income (expense), net | (43 | ) | 85 | (83 | ) | 87 | ||||||||||||||
Interest expense | (1,405 | ) | (1,127 | ) | (3,468 | ) | (3,704 | ) | ||||||||||||
Loss on debt extinguishment | - | (399 | ) | (800 | ) | (1,548 | ) | |||||||||||||
Impairment loss, net | (848 | ) | (343 | ) | (1,598 | ) | (1,257 | ) | ||||||||||||
Earnings (loss) from continuing operations before income taxes | (1,024 | ) | 2,853 | 1,603 | 18,205 | |||||||||||||||
Income tax expense | 15 | - | 50 | - | ||||||||||||||||
Earnings (loss) from continuing operations | (1,039 | ) | 2,853 | 1,553 | 18,205 | |||||||||||||||
Gain from discontinued operations, net of tax | - | - | - | 678 | ||||||||||||||||
Net earnings (loss) | (1,039 | ) | 2,853 | 1,553 | 18,883 | |||||||||||||||
(Earnings) loss attributable to noncontrolling interest | 7 | (61 | ) | (10 | ) | (628 | ) | |||||||||||||
Net earnings (loss) attributable to controlling interests | (1,032 | ) | 2,792 | 1,543 | 18,255 | |||||||||||||||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | (205 | ) | (976 | ) | (12,079 | ) | (19,773 | ) | ||||||||||||
Net earnings (loss) attributable to common shareholders | $ | (1,237 | ) | $ | 1,816 | $ | (10,536 | ) | $ | (1,518 | ) | |||||||||
Earnings per Share |
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Continuing operations - Basic | $ | (0.11 | ) | $ | 2.41 | $ | (1.21 | ) | $ | (2.86 | ) | |||||||||
Discontinued operations - Basic | - | - | - | 0.86 | ||||||||||||||||
Total - Basic Earnings (Loss) per Share | $ | (0.11 | ) | $ | 2.41 | $ | (1.21 | ) | $ | (2.00 | ) | |||||||||
Continuing operations - Diluted | $ | (0.11 | ) | $ | 0.39 | $ | (1.21 | ) | $ | (2.86 | ) | |||||||||
Discontinued operations - Diluted | - | - | - | 0.86 | ||||||||||||||||
Total - Diluted Earnings (Loss) per Share | $ | (0.11 | ) | $ | 0.39 | $ | (1.21 | ) | $ | (2.00 | ) | |||||||||
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”), Adjusted EBITDA, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.
FFO and AFFO
The following table reconciles net earnings (loss) to FFO and AFFO for the three and nine months ended September 30, 2017 and 2016 (in thousands). All amounts presented include both continuing and discontinued operations as well as our portion of the results of our unconsolidated Atlanta JV.
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
Reconciliation of Net earnings (loss) to FFO and AFFO |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net earnings (loss) | $ | (1,039 | ) | 2,853 | $ | 1,553 | $ | 18,883 | ||||||||||||
Depreciation and amortization expense | 1,993 | 1,398 | 4,813 | 4,096 | ||||||||||||||||
Depreciation and amortization expense from JV | 330 | 94 | 988 | 94 | ||||||||||||||||
Net (gain) loss on disposition of assets | 46 | (3,591 | ) | (4,803 | ) | (16,495 | ) | |||||||||||||
Net loss on disposition of assets from JV | 1 | 1 | 4 | 1 | ||||||||||||||||
Impairment loss, net | 848 | 343 | 1,598 | 1,257 | ||||||||||||||||
FFO | 2,179 | 1,098 | 4,153 | 7,836 | ||||||||||||||||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | (205 | ) | (976 | ) | (12,079 | ) | (19,773 | ) | ||||||||||||
FFO attributable to common shares and partnership units | 1,974 | 122 | (7,926 | ) | (11,937 | ) | ||||||||||||||
Net gain on derivatives and convertible debt | (14 | ) | (26 | ) | (416 | ) | (6,305 | ) | ||||||||||||
Net loss on derivative from JV | - | - | 2 | - | ||||||||||||||||
Acquisition and terminated transactions expense | 453 | 228 | 1,170 | 375 | ||||||||||||||||
Acquisition and terminated transactions expense from JV | - | 224 | - | 224 | ||||||||||||||||
Equity transactions expense | - | - | 343 | - | ||||||||||||||||
Loss on debt extinguishment | - | 399 | 800 | 1,548 | ||||||||||||||||
Stock-based compensation and LTIP expense | 508 | 89 | 665 | 228 | ||||||||||||||||
Amortization of deferred financing fees | 310 | 143 | 726 | 492 | ||||||||||||||||
Non-recurring dividends above stated rates declared and undeclared and in kind dividends deemed on preferred stock | 60 | - | 11,090 | 16,739 | ||||||||||||||||
AFFO attributable to common shares and partnership units | $ | 3,291 | $ | 1,179 | $ | 6,454 | $ | 1,364 | ||||||||||||
AFFO attributable to common shares and partnership units - Basic Shares | $ | 3,291 | $ | 1,179 | $ | 6,454 | $ | 1,364 | ||||||||||||
Convertible note interest | 16 | 16 | 48 | 34 | ||||||||||||||||
Preferred dividends at stated rates | 145 | 976 | 989 | 2,570 | ||||||||||||||||
AFFO attributable to common shares and partnership units - Diluted Shares | $ | 3,452 | $ | 2,171 | $ | 7,491 | $ | 3,968 | ||||||||||||
AFFO per common share and partnership unit - Basic | $ | 0.28 | $ | 1.30 | $ | 0.73 | $ | 1.50 | ||||||||||||
AFFO per common share and partnership unit - Diluted | $ | 0.28 | $ | 0.31 | $ | 0.69 | $ | 0.66 | ||||||||||||
Weighted average common shares and partnership units - Basic | 11,620,839 | 908,880 | 8,836,855 | 907,909 | ||||||||||||||||
Weighted average common shares and partnership units - Diluted | 12,409,822 | 7,011,133 | 10,778,706 | 5,269,174 | ||||||||||||||||
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 partnership units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and partnership 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 AFFO per common share and partnership unit because our partnership units are redeemable for common shares. We believe it is meaningful for the investor to understand AFFO applicable to common shares and partnership units.
EBITDA, Adjusted EBITDA, and Hotel EBITDA
The following table reconciles net earnings (loss) to EBITDA, Adjusted EBITDA, and Hotel EBITDA for the three and nine months ended September 30, 2017 and 2016 (in thousands). All amounts presented include both continuing and discontinued operations as well as our portion of the results of our unconsolidated Atlanta JV.
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
Reconciliation of Net earnings (loss) to EBITDA, Adjusted EBITDA, and Hotel EBITDA |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net earnings (loss) | $ | (1,039 | ) | $ | 2,853 | $ | 1,553 | $ | 18,883 | |||||||||||
Interest expense | 1,405 | 1,127 | 3,468 | 3,709 | ||||||||||||||||
Interest expense from JV | 432 | 191 | 1,334 | 191 | ||||||||||||||||
Loss on debt extinguishment | - | 399 | 800 | 1,548 | ||||||||||||||||
Income tax expense | 15 | - | 50 | - | ||||||||||||||||
Depreciation and amortization expense | 1,993 | 1,398 | 4,813 | 4,096 | ||||||||||||||||
Depreciation and amortization expense from JV | 330 | 94 | 988 | 94 | ||||||||||||||||
EBITDA | 3,136 | 6,062 | 13,006 | 28,521 | ||||||||||||||||
Net (gain) loss on disposition of assets | 46 | (3,591 | ) | (4,803 | ) | (16,495 | ) | |||||||||||||
Net loss on disposition of assets from JV | 1 | 1 | 4 | 1 | ||||||||||||||||
Impairment loss, net | 848 | 343 | 1,598 | 1,257 | ||||||||||||||||
Net gain on derivatives and convertible debt | (14 | ) | (26 | ) | (416 | ) | (6,305 | ) | ||||||||||||
Net loss on derivative from JV | - | - | 2 | - | ||||||||||||||||
Stock-based compensation and LTIP expense | 508 | 89 | 665 | 228 | ||||||||||||||||
Acquisition and terminated transactions expense | 453 | 228 | 1,170 | 375 | ||||||||||||||||
Acquisition and terminated transactions expense from JV | - | 224 | - | 224 | ||||||||||||||||
Equity transactions expense | - | - | 343 | |||||||||||||||||
Adjusted EBITDA | 4,978 | 3,330 | 11,569 | 7,806 | ||||||||||||||||
General and administrative expense, excluding stock comp and LTIP expense | 1,194 | 1,278 | 4,040 | 3,864 | ||||||||||||||||
Other expense (income), net | 43 | (85 | ) | 83 | (87 | ) | ||||||||||||||
Unallocated hotel and property operations expense | 111 | 113 | 308 | 391 | ||||||||||||||||
Hotel EBITDA | $ | 6,326 | $ | 4,636 | $ | 16,000 | $ | 11,974 | ||||||||||||
Revenue | $ | 15,562 | $ | 13,519 | $ | 40,175 | $ | 40,183 | ||||||||||||
JV revenue | 2,439 | 1,048 | 7,279 | 1,048 | ||||||||||||||||
Condor and JV revenue | $ | 18,001 | $ | 14,567 | $ | 47,454 | $ | 41,231 | ||||||||||||
Hotel EBITDA as a percentage of revenue | 35.1 | % | 31.8 | % | 33.7 | % | 29.0 | % | ||||||||||||
We calculate EBITDA and Adjusted EBITDA 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. In calculating Adjusted EBITDA, we adjust EBITDA to add back net gain/loss on disposition of assets, acquisition and terminated transactions expense, and equity transactions expense, which are cash charges. We also add back impairment, stock –based compensation expense, and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
We believe EBITDA and Adjusted EBITDA 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 EBITDA 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, 2017 and 2016 (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, 2017, with the exception of the Residence Inn Austin which was opened on August 3, 2016 (no prior period results available) and reflect the performance of these 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. All amounts presented include both continuing and discontinued operations as well as our portion of the results of our unconsolidated Atlanta 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 Same-Store to Actual | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Condor and JV Revenue - Actual | $ | 18,001 | $ | 14,567 | $ | 47,454 | $ | 41,231 | ||||||||||||
Revenue earned on properties owned at September 30, 2017 prior to the Company's ownership, including the JV prior to ownership and excluding the Residence Inn Austin | 574 | 8,501 | 8,344 | 27,607 | ||||||||||||||||
Revenue earned on properties disposed of prior to September 30, 2017 during the period of ownership | (534 | ) | (6,589 | ) | (3,267 | ) | (20,038 | ) | ||||||||||||
Revenue earned on Residence Inn Austin subsequent to ownership | (361 | ) | - | (361 | ) | - | ||||||||||||||
Total Revenue – Same-Store | $ | 17,680 | $ | 16,479 | $ | 52,170 | $ | 48,800 | ||||||||||||
Revenue – Same-Store by Type | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
New investment platform | $ | 14,361 | $ | 13,523 | $ | 43,342 | $ | 40,879 | ||||||||||||
Legacy held for use | 1,028 | 936 | 2,845 | 2,504 | ||||||||||||||||
Legacy held for sale | 2,291 | 2,020 | 5,983 | 5,417 | ||||||||||||||||
Total Revenue – Same-Store | $ | 17,680 | $ | 16,479 | $ | 52,170 | $ | 48,800 | ||||||||||||
Hotel EBITDA - Reconciliation of Same-Store to Actual | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Condor and JV Hotel EBITDA - Actual | $ | 6,326 | $ | 4,636 | $ | 16,000 | $ | 11,974 | ||||||||||||
Hotel EBITDA earned on properties owned at September 30, 2017 prior to the Company's ownership, including the JV prior to ownership and excluding the Residence Inn Austin | 209 | 3,107 | 3,869 | 10,683 | ||||||||||||||||
Hotel EBITDA earned on properties disposed of prior to September 30, 2017 during the period of ownership | (70 | ) | (2,012 | ) | (519 | ) | (5,137 | ) | ||||||||||||
Hotel EBITDA earned on Residence Inn Austin subsequent to ownership | (137 | ) | - | (137 | ) | - | ||||||||||||||
Total Hotel EBITDA – Same-Store | $ | 6,328 | $ | 5,731 | $ | 19,213 | $ | 17,520 | ||||||||||||
Hotel EBITDA – Same-Store by Type | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
New investment platform | $ | 5,231 | $ | 4,859 | $ | 16,555 | $ | 15,371 | ||||||||||||
Legacy held for use | 359 | 290 | 955 | 801 | ||||||||||||||||
Legacy held for sale | 738 | 582 | 1,703 | 1,348 | ||||||||||||||||
Total Hotel EBITDA – Same-Store | $ | 6,328 | $ | 5,731 | $ | 19,213 | $ | 17,520 | ||||||||||||
Hotel EBITDA Margin by Property Type | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Adjusted new investment platform, including JV | 36.4 | % | 35.9 | % | 38.2 | % | 37.6 | % | ||||||||||||
Legacy held for use | 34.9 | % | 31.0 | % | 33.6 | % | 32.0 | % | ||||||||||||
Legacy held for sale | 32.2 | % | 28.8 | % | 28.5 | % | 24.9 | % | ||||||||||||
Total Portfolio | 35.8 | % | 34.8 | % | 36.8 | % | 35.9 | % | ||||||||||||
Hotel EBITDA margin is calculated by dividing same-store Hotel EBITDA by same-store revenue by type. We include same-store hotel data as supplemental information for investors. The Company believes that providing same-store hotel data is useful to investors because it represents comparative operations for our portfolio as it exists at the end of the reporting period presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with our peers. In particular, these measures assist investors and management in distinguishing whether increases or decreases in revenues and/or Hotel EBITDA are due to the operations of same-store hotels or due to other factors, such as acquisitions or dispositions.
Condor Hospitality Trust, Inc.
Same-Store Operating Statistics
The following tables present our same-store occupancy, Average Daily Rate (“ADR”), and RevPAR for all our hotels owned at September 30, 2017, with the exception of the Residence Inn Austin which was opened on August 3, 2016 (no prior period results available). 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 September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | |||||||||||||||||||
Solomons Hilton Garden Inn | 87.95 | % | $ | 123.26 | $ | 108.40 | 77.36 | % | $ | 118.98 | $ | 92.04 | ||||||||||||
Atlanta Hotel Indigo | 76.61 | % | 100.78 | 77.20 | 67.31 | % | 107.14 | 72.11 | ||||||||||||||||
Jacksonville Courtyard by Marriott | 72.49 | % | 111.02 | 80.48 | 68.94 | % | 113.66 | 78.36 | ||||||||||||||||
San Antonio SpringHill Suites | 77.73 | % | 120.28 | 93.49 | 71.21 | % | 122.72 | 87.39 | ||||||||||||||||
Leawood Aloft | 86.80 | % | 125.95 | 109.32 | 85.53 | % | 126.15 | 107.89 | ||||||||||||||||
Lexington Home2 Suites | 89.62 | % | 112.21 | 100.55 | 80.84 | % | 109.92 | 88.86 | ||||||||||||||||
Round Rock Home2 Suites | 81.96 | % | 112.29 | 92.03 | 85.12 | % | 115.39 | 98.22 | ||||||||||||||||
Tallahassee Home2 Suites | 80.46 | % | 120.99 | 97.35 | 78.52 | % | 111.56 | 87.60 | ||||||||||||||||
South Haven Home2 Suites | 91.48 | % | 117.70 | 107.67 | 92.87 | % | 115.59 | 107.35 | ||||||||||||||||
Lake Mary Hampton Inn & Suites | 80.09 | % | 110.99 | 88.89 | 74.19 | % | 104.64 | 77.63 | ||||||||||||||||
El Paso Fairfield Inn | 70.11 | % | 105.23 | 73.77 | 72.05 | % | 103.78 | 74.77 | ||||||||||||||||
Wholly owned new investment platform properties | 81.08 | % | $ | 114.96 | $ | 93.21 | 77.28 | % | $ | 113.90 | $ | 88.02 | ||||||||||||
Atlanta Aloft JV | 77.42 | % | 142.37 | 110.23 | 76.58 | % | 138.55 | 106.11 | ||||||||||||||||
Total new investment platform | 80.49 | % | $ | 119.22 | $ | 95.96 | 77.17 | % | $ | 117.85 | $ | 90.94 | ||||||||||||
Legacy hotels held for sale | 71.49 | % | $ | 91.24 | $ | 65.23 | 65.86 | % | $ | 86.79 | $ | 57.16 | ||||||||||||
Legacy hotels held for use | 76.22 | % | $ | 73.19 | $ | 55.79 | 76.22 | % | $ | 65.88 | $ | 50.21 | ||||||||||||
Total legacy | 73.03 | % | $ | 85.10 | $ | 62.15 | 69.24 | % | $ | 79.28 | $ | 54.89 | ||||||||||||
Total portfolio | 78.55 | % | $ | 110.94 | $ | 87.14 | 75.10 | % | $ | 108.58 | $ | 81.54 | ||||||||||||
Austin Residence Inn 1 |
75.97 | % | $ | 121.20 | $ | 92.07 | - | $ | - | $ | - | |||||||||||||
1 | Excluded from the Total new investment platform calculation because the hotel was not operational for the entirety of the three months ended September 30, 2016
Nine months ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | |||||||||||||||||||
Solomons Hilton Garden Inn | 80.80 | % | $ | 120.25 | $ | 97.16 | 73.15 | % | $ | 120.37 | $ | 88.05 | ||||||||||||
Atlanta Hotel Indigo | 74.52 | % | 101.72 | 75.80 | 71.22 | % | 104.59 | 74.49 | ||||||||||||||||
Jacksonville Courtyard by Marriott | 74.86 | % | 114.31 | 85.57 | 77.20 | % | 114.52 | 88.41 | ||||||||||||||||
San Antonio SpringHill Suites | 79.04 | % | 131.58 | 104.00 | 72.50 | % | 125.37 | 90.90 | ||||||||||||||||
Leawood Aloft | 82.48 | % | 126.95 | 104.71 | 82.48 | % | 126.27 | 104.15 | ||||||||||||||||
Lexington Home2 Suites | 83.62 | % | 114.78 | 95.98 | 79.09 | % | 111.14 | 87.90 | ||||||||||||||||
Round Rock Home2 Suites | 84.09 | % | 119.68 | 100.64 | 86.65 | % | 117.98 | 102.24 | ||||||||||||||||
Tallahassee Home2 Suites | 82.68 | % | 123.16 | 101.83 | 76.70 | % | 115.33 | 88.46 | ||||||||||||||||
South Haven Home2 Suites | 91.52 | % | 117.01 | 107.09 | 92.98 | % | 115.55 | 107.43 | ||||||||||||||||
Lake Mary Hampton Inn & Suites | 83.17 | % | 120.73 | 100.41 | 73.59 | % | 111.30 | 81.91 | ||||||||||||||||
El Paso Fairfield Inn | 72.53 | % | 106.14 | 76.98 | 73.89 | % | 108.26 | 79.99 | ||||||||||||||||
Wholly owned new investment platform properties | 80.57 | % | $ | 118.07 | $ | 95.13 | 77.80 | % | $ | 115.64 | $ | 89.97 | ||||||||||||
Atlanta Aloft JV | 81.26 | % | 136.21 | 110.69 | 74.81 | % | 139.19 | 104.13 | ||||||||||||||||
Total new investment platform | 80.68 | % | $ | 121.02 | $ | 97.64 | 77.32 | % | $ | 119.32 | $ | 92.25 | ||||||||||||
Legacy hotels held for sale | 67.87 | % | $ | 84.31 | $ | 57.22 | 60.71 | % | $ | 84.52 | $ | 51.31 | ||||||||||||
Legacy hotels held for use | 75.67 | % | $ | 69.07 | $ | 52.27 | 68.52 | % | $ | 65.56 | $ | 44.92 | ||||||||||||
Total legacy | 70.42 | % | $ | 78.97 | $ | 55.60 | 63.26 | % | $ | 77.82 | $ | 49.23 | ||||||||||||
Total portfolio | 78.01 | % | $ | 111.12 | $ | 86.68 | 73.65 | % | $ | 110.02 | $ | 81.03 | ||||||||||||
Austin Residence Inn 1 |
78.25 | % | $ | 132.38 | $ | 103.59 | - | $ | - | $ | - | |||||||||||||
1 | Excluded from the Total new investment platform calculation because the hotel was not operational for the entirety of the nine months ended September 30, 2016
Condor Hospitality Trust, Inc. | ||||||||||||||||||
Property List | As of the Date of this Release | ||||||||||||||||||
New Investment Platform | Acquired from January 1, 2012 - November 6, 2017 | ||||||||||||||||||
Ref |
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Purchase Price |
||||||||||||
1 | Hilton Garden Inn | Dowell/Solomons | MD | 100 | 05/25/2012 | $11.5 | ||||||||||||
2 | SpringHill Suites | San Antonio | TX | 116 | 10/01/2015 | $17.5 | ||||||||||||
3 | Courtyard by Marriott | Jacksonville | FL | 120 | 10/02/2015 | $14.0 | ||||||||||||
4 | Hotel Indigo | College Park | GA | 142 | 10/02/2015 | $11.0 | ||||||||||||
5 | Aloft1 | Atlanta | GA | 254 | 08/22/2016 | $43.6 | ||||||||||||
6 | Aloft | Leawood | KS | 156 | 12/14/2016 | $22.5 | ||||||||||||
7 | Home2 Suites | Lexington | KY | 103 | 03/24/2017 | $16.5 | ||||||||||||
8 | Home2 Suites | Round Rock | TX | 91 | 03/24/2017 | $16.8 | ||||||||||||
9 | Home2 Suites | Tallahassee | FL | 132 | 03/24/2017 | $21.5 | ||||||||||||
10 | Home2 Suites | Southaven | MS | 105 | 04/14/2017 | $19.0 | ||||||||||||
11 | Hampton Inn & Suites | Lake Mary | FL | 130 | 06/19/2017 | $19.3 | ||||||||||||
12 | Fairfield Inn & Suites | El Paso | TX | 124 | 08/31/2017 | $16.4 | ||||||||||||
13 | Residence Inn | Austin | TX | 120 | 08/31/2017 | $22.4 | ||||||||||||
Total New Investment Platform | 1,693 | $252.0 | ||||||||||||||||
Current Legacy Hotel Portfolio | ||||||||||||||||||
Ref |
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Status2 |
||||||||||||
14 | Super 8 | Creston | IA | 121 | 09/19/1978 | Hold | ||||||||||||
15 | Quality Inn | Solomons | MD | 59 | 06/01/1986 | Hold | ||||||||||||
16 | Comfort Suites | Ft. Wayne | IN | 127 | 11/07/2005 | HFS | ||||||||||||
17 | Comfort Inn & Suites | Warsaw | IN | 71 | 11/07/2005 | HFS | ||||||||||||
18 | Comfort Suites | South Bend | IN | 135 | 11/30/2005 | HFS | ||||||||||||
19 | Supertel Inn/Conference Center | Creston | IA | 41 | 06/30/2006 | HFS | ||||||||||||
Total | 554 | |||||||||||||||||
Total Portfolio | As of November 6, 2017 | 2,247 | |||||||||||||||||
1 | Owned 80% by Condor | ||||||||||||||||||
2 | HFS indicates the asset is currently marketed for sale | ||||||||||||||||||
Dispositions | For Period January 1, 2015 - November 6, 2017 | ||||||||||||||||||
Ref |
Hotel Name |
City |
State |
Rooms |
Disposition Date |
Gross Proceeds |
||||||||||||
1 | Super 8 | West Plains | MO | 49 | 01/15/2015 | $1.5 | ||||||||||||
2 | Super 8 | Green Bay | WI | 83 | 01/29/2015 | $2.2 | ||||||||||||
3 | Super 8 | Columbus | GA | 74 | 03/16/2015 | $0.9 | ||||||||||||
4 | Sleep Inn & Suites | Omaha | NE | 90 | 03/19/2015 | $2.9 | ||||||||||||
5 | Savannah Suites | Chamblee | GA | 120 | 04/01/2015 | $4.4 | ||||||||||||
6 | Savannah Suites | Augusta | GA | 172 | 04/01/2015 | $3.4 | ||||||||||||
7 | Super 8 | Batesville | AR | 49 | 04/30/2015 | $1.5 | ||||||||||||
8 | Days Inn | Ashland | KY | 63 | 07/01/2015 | $2.2 | ||||||||||||
9 | Comfort Inn | Alexandria | VA | 150 | 07/13/2015 | $12.0 | ||||||||||||
10 | Days Inn | Alexandria | VA | 200 | 07/13/2015 | $6.5 | ||||||||||||
11 | Super 8 | Manhattan | KS | 85 | 08/28/2015 | $3.2 | ||||||||||||
12 | Quality Inn | Sheboygan | WI | 59 | 10/06/2015 | $2.3 | ||||||||||||
13 | Super 8 | Hays | KS | 76 | 10/14/2015 | $1.9 | ||||||||||||
14 | Days Inn | Glasgow | KY | 58 | 10/16/2015 | $1.8 | ||||||||||||
15 | Super 8 | Tomah | WI | 65 | 10/21/2015 | $1.4 | ||||||||||||
16 | Rodeway Inn | Fayetteville | NC | 120 | 11/03/2015 | $2.6 | ||||||||||||
17 | Savannah Suites | Savannah | GA | 160 | 12/22/2015 | $4.0 | ||||||||||||
Total 2015 | 1,673 | $54.7 | ||||||||||||||||
18 | Super 8 | Kirksville | MO | 61 | 01/04/2016 | $1.5 | ||||||||||||
19 | Super 8 | Lincoln | NE | 133 | 01/07/2016 | $2.8 | ||||||||||||
20 | Savannah Suites | Greenville | SC | 170 | 01/08/2016 | $2.7 | ||||||||||||
21 | Super 8 | Portage | WI | 61 | 03/30/2016 | $2.4 | ||||||||||||
22 | Super 8 | O'Neill | NE | 72 | 04/25/2016 | $1.7 | ||||||||||||
23 | Quality Inn | Culpeper | VA | 49 | 05/10/2016 | $2.2 | ||||||||||||
24 | Super 8 | Storm Lake | IA | 59 | 05/19/2016 | $2.8 | ||||||||||||
25 | Clarion Inn | Cleveland | TN | 59 | 05/24/2016 | $2.2 | ||||||||||||
26 | Super 8 | Coralville | IA | 84 | 05/26/2016 | $3.4 | ||||||||||||
27 | Super 8 | Keokuk | IA | 61 | 05/27/2016 | $2.2 | ||||||||||||
28 | Comfort Inn | Chambersburg | PA | 63 | 06/06/2016 | $2.1 | ||||||||||||
29 | Super 8 | Pittsburg | KS | 64 | 08/08/2016 | $1.6 | ||||||||||||
30 | Super 8 | Mount Pleasant | IA | 54 | 09/09/2016 | $1.9 | ||||||||||||
31 | Quality Inn | Danville | KY | 63 | 09/19/2016 | $2.3 | ||||||||||||
32 | Super 8 | Menomonie | WI | 81 | 09/26/2016 | $3.0 | ||||||||||||
33 | Comfort Inn | Glasgow | KY | 60 | 10/14/2016 | $2.4 | ||||||||||||
34 | Days Inn | Sioux Falls | SD | 86 | 11/04/2016 | $2.1 | ||||||||||||
35 | Comfort Inn | Shelby | NC | 76 | 11/07/2016 | $4.1 | ||||||||||||
36 | Comfort Inn | Rocky Mount | VA | 61 | 11/17/2016 | $2.2 | ||||||||||||
37 | Days Inn | Farmville | VA | 59 | 11/17/2016 | $2.4 | ||||||||||||
38 | Comfort Suites | Marion | IN | 62 | 11/18/2016 | $3.0 | ||||||||||||
39 | Comfort Inn | Farmville | VA | 50 | 11/30/2016 | $2.6 | ||||||||||||
40 | Quality Inn | Princeton | WV | 50 | 12/05/2016 | $2.1 | ||||||||||||
41 | Super 8 | Burlington | IA | 62 | 12/21/2016 | $2.8 | ||||||||||||
42 | Savannah Suites | Atlanta | GA | 164 | 12/22/2016 | $2.9 | ||||||||||||
Total 2016 | 1,864 | $61.4 | ||||||||||||||||
43 | Comfort Inn | New Castle | PA | 79 | 03/27/2017 | $2.5 | ||||||||||||
44 | Super 8 | Billings | MT | 106 | 03/28/2017 | $4.2 | ||||||||||||
45 | Comfort Inn | Harlan | KY | 61 | 04/03/2017 | $1.9 | ||||||||||||
46 | Comfort Suites | Lafayette | IN | 62 | 04/18/2017 | $3.9 | ||||||||||||
47 | Key West Inn | Key Largo | FL | 40 | 05/17/2017 | $7.6 | ||||||||||||
48 | Quality Inn | Morgantown | WV | 81 | 08/30/2017 | $2.6 | ||||||||||||
49 | Days Inn | Bossier City | LA | 176 | 09/13/2017 | $1.4 | ||||||||||||
Total YTD 2017 | 605 | $24.1 | ||||||||||||||||
Total Dispositions | 4,142 | $140.2 | ||||||||||||||||
Acquisitions | For Period January 1, 2015 - November 6, 2017 | ||||||||||||||||||
Ref |
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Purchase Price (in million) |
||||||||||||
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 | Under Contract | $19.8 | ||||||||||||
Total Acquisitions | 1,715 | $260.1 | ||||||||||||||||
1 | Owned 80% by Condor |
||||||||||||||||||