Condor Hospitality Trust Reports Third Quarter 2021 Results

Rhea-AI Summary

Condor Hospitality Trust (CDOR) reported a significant rebound in third-quarter 2021, with Same-Store RevPAR rising 74.4% to $83.00. Average Daily Rate (ADR) increased 31.5% to $117.79, and occupancy improved by 32.6% to 70.47% year over year. Despite a net loss of $6.1 million, Adjusted EBITDAre surged 514.6% to $4.2 million. The portfolio continues to face labor availability challenges, but cost-saving measures have led to improved margins. Condor's strategic focus on premium hotels in secondary markets remains a key driver of performance.

Positive

• Same-Store RevPAR increased 74.4% to $83.00.
• Adjusted EBITDAre rose 514.6% to $4.2 million.
• Same-Store ADR increased 31.5% to $117.79.
• Same-Store occupancy improved by 32.6% to 70.47%.
• Hotel EBITDA margin increased to 34.5%, up 1,680 bps year over year.

Negative

• Net loss attributable to common shareholders was $6.1 million.
• The loss included $3.5 million charge for derivative valuation related to a bridge loan.
• Labor availability and supply issues are causing cost pressures.

BETHESDA, Md.--(BUSINESS WIRE)-- Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results of operations for the third quarter 2021.

THIRD QUARTER 2021 FINANCIAL HIGHLIGHTS

• Portfolio Revenue Per Available Room (RevPAR): The 15 hotels Same-Store RevPAR in the third quarter 2021 increased 74.4% to $83.00 compared to $47.60 in the third quarter 2020. Same-Store Average Daily Rate (ADR) increased 31.5% to $117.79 and Same-Store occupancy increased 32.6% to 70.47% in the third quarter 2021 compared to the same period in 2020.
• Net Loss: Net Loss Attributable to Common Shareholders was ($6.1) million or ($0.44) per diluted share in the third quarter 2021 compared to ($5.0) million or ($0.42) per diluted share for the same period in 2020.
• Adjusted EBITDAre*: Adjusted EBITDAre increased in the third quarter 2021 by 514.6% to $4.2 million from $0.7 million for the same period in 2020.
• Adjusted Funds from Operations*: Adjusted Funds from Operations increased $2.8 million in the third quarter 2021 to $1.4 million or $0.10 per diluted share a 206% increase when compared to ($1.3) million or ($0.11) per diluted share in the same period in 2020.
• Same-Store Hotel EBITDA*: Same-Store Hotel EBITDA was $5.3 million in the third quarter 2021, an increase of 238.3% from the same period in 2020. Margin grew 1,680 bps to 34.5% in the third quarter 2021 compared to 17.7% in the same period in 2020.

MANAGEMENT COMMENTARY

Bill Blackham, Condor’s Chief Executive Officer, commented: “Condor’s investment strategy of acquiring premium branded high-quality newer hotels located primarily in secondary markets in locations attractive to both leisure and business transient customers has been the driver for continuing outstanding performance in the third quarter of 2021, similar to what was experienced in prior periods this year. Strong leisure demand combined with the modest levels of business transient demand enabled the Condor portfolio to achieve occupancy of over 70% with an ADR of almost $118 resulting in a $83 RevPAR. Our cost savings initiatives, combined with the improving market conditions that allowed aggressive ADR pricing, resulted in significantly improved bottom line results. Hotel EBITDA was approximately $5.3 million for the quarter with margins exceeding 34% and while a very good result, more importantly, this is an extremely large improvement to the third quarter in 2020. It represents 85.9% of the 2019 third quarter Hotel EBITDA, and in September 2021 80% of September 2019 Hotel EBITDA and the 34.5% margins comparable to 34.7% margins in the third quarter of 2019. The portfolio is experiencing cost pressures driven by lack of labor availability and to a lesser extent supply issues.

While net income is not a widely followed metric in the REIT space, it is important to point out that the $(6.1) million net (loss) in the quarter includes a $3.5 million charge for derivative valuation linked to the $10 million bridge loan with conversion rights to common stock and, because we did not close a rights offering a charge of $0.7 million for the 25% interest rate that accrues on the loan beginning July 1, 2021. Additionally noteworthy is that the sequential monthly portfolio improvement that began 17 months ago in May 2020 that accelerated in the second quarter continued into the third quarter. The third quarter portfolio performance was very respectable when compared to the third quarter 2019 occupancy of 78.1%, ADR of $120.81 and RevPAR of $94.31.”

On June 21, 2021, the Company announced that its board of directors is evaluating strategic alternatives to enhance shareholder value and that a marketing process is being led by Hodges Ward Elliott. On September 23, 2021, the Company announced that it had signed a contract with Blackstone to sell the entire portfolio expected to close before year end. The Company does not intend to discuss or disclose developments with respect to the sale unless and until otherwise determined that further disclosure is appropriate or required by regulation or law.

Condor Hospitality Trust
Selected Statistical and Financial Data
As of and for the nine months ended September 30,
(in thousands except statistical and per share amounts)
	(Unaudited)									(Unaudited)
	Three months ended September 30,									Nine months ended September 30,
	2021			2020			2019			2021			2020			2019
Net Loss	$	(6,065)		$	(4,809)		$	(1,988)		$	(17,956)		$	(14,032)		$	(3,243)
Diluted Earnings (Loss) per Share	$	(0.44)		$	(0.42)		$	(0.18)		$	(1.45)		$	(1.21)		$	(0.31)
Adjusted EBITDAre*	$	4,173		$	679		$	4,743		$	11,213		$	2,136		$	17,132
Hotel EBITDA - Same-Store*	$	5,284		$	1,562		$	6,148		$	12,245		$	5,480		$	21,665
Hotel EBITDA Margin - Same-Store*		34.5%			17.7%			34.7%			31.4%			19.3%			38.3%
Adjusted FFO*	$	1,416		$	(1,336)		$	2,571		$	3,832		$	(3,438)		$	9,444
Adjusted FFO per Diluted Share*	$	0.10		$	(0.11)		$	0.22		$	0.30		$	(0.29)		$	0.78
Same-Store RevPAR*	$	83.00		$	47.60		$	94.31		$	71.24		$	53.17		$	101.71
Same-Store Occupancy*		70.47%			53.15%			78.06%			67.49%			51.07%			80.17%
Same-Store ADR*	$	117.79		$	89.56		$	120.81		$	105.55		$	104.13		$	126.87

The following table summarizes key hotel statistics during the third quarter of 2021 compared to the third quarter of 2020 and 2019:

	July 2021			August 2021			September 2021			Three Months ended September 30, 2021			July 2020			August 2020			September 2020			Three Months ended September 30, 2020			July 2019			August 2019			September 2019			Three Months ended September 30, 2019
Same-Store ADR*	$	118.62		$	114.72		$	120.08		$	117.79		$	91.62		$	89.87		$	87.42		$	89.56		$	119.84		$	118.35		$	124.51		$	120.81
Same-Store Occupancy*		77.24%			68.20%			65.81%			70.47%			48.81%			54.28%			56.46%			53.15%			81.47%			77.35%			75.27%			78.06%
Same-Store RevPAR*	$	91.62		$	78.25		$	79.02		$	83.00		$	44.72		$	48.78		$	49.36		$	47.60		$	97.63		$	91.55		$	93.72		$	94.31
Hotel EBITDA – Same-Store*	$	2,219		$	1,531		$	1,534		$	5,284		$	385		$	772		$	405		$	1,562		$	2,152		$	2,079		$	1,917		$	6,148
Hotel EBITDA Margin – Same-Store*		39.0%			31.5%			32.2%			34.5%			13.8%			25.2%			13.5%			17.7%			34.8%			35.7%			33.5%			34.7%

*Please see the Reg. G reconciliation tables at the end of this release. Financial data presented above includes results from prior to our 100% ownership of Atlanta Aloft.

OPERATIONS UPDATE

• All Hotels Open: All of Condor’s hotels remain open with expanded and repetitive health and sanitation measures in place. The Company in April 2020 had closed 2 of its hotels but resumed full operations in July 2020.
• Enhanced Asset Management Efforts: The Company working together with its third-party management companies expanded sales efforts to capture demand related to medical, hospital and university services and for the numerous disaster recovery and infrastructure improvement and reconstruction projects that create demand in our hotel markets. We continue to aggressively pursue leisure, government, athletic and local and regional business related to travel in our hotel markets. Since March 2020, the Company, working with our third-party management companies, have implemented cost elimination/cost reduction initiatives at our hotels through a variety of measures involving labor, services, amenities, contracts, and taxes. As a result of these initiatives, Hotel EBITDA has been positive and has, subject to seasonality affecting certain months, increased from May 2020 through the end of September 2021 and our hotel EBITDA margins have improved, subject to seasonality in certain months, from negative in April 2020 to 32.2% in September 2021.

	May 2020			June 2020			July 2020			August 2020			September 2020			October 2020			November 2020			December 2020
Hotel EBITDA	$	14		$	438		$	385		$	772		$	405		$	701		$	180		$	164
Hotel EBITDA Margin		0.8%			19.2%			13.8%			25.2%			13.5%			21.8%			7.0%			6.5%

	January 2021			February 2021			March 2021			April 2021			May 2021			June 2021			July 2021			August 2021			September 2021
Hotel EBITDA	$	299		$	532		$	1,165		$	1,397		$	1,610		$	1,958		$	2,219		$	1,531		$	1,534
Hotel EBITDA Margin		11.0%			18.9%			28.4%			31.4%			34.5%			39.2%			39.0%			31.5%			32.2%

CASH FLOW BEFORE CAPITAL EXPENDITURES

The Company’s results from hotel operations significantly exceeded the amount required to cover debt service costs for the third quarter of 2021 and resulted in positive cash flow of $1.3 million.

(in thousands)	Three months ended September 30, 2021			Nine months ended September 30, 2021
Hotel EBITDA	$	5,284		$	12,245
Less: recurring general and administrative expense, excluding stock compensation expense		(1,003)			(3,153)
Less: unallocated hotel and property operations expense		(92)			(212)
Adjusted Corporate EBITDA	$	4,189		$	8,880
Less: debt service costs		(2,910)			(7,599)
Cash flow	$	1,279		$	1,281

CORPORATE LOAN FACILITY

On November 19, 2020 the Company amended the credit agreement for its $130 million revolving credit facility. The key modifications and enhancements include:

• Loan maturity was extended to January 2, 2023
• Financial covenant compliance was suspended until September 30, 2021
• Debt yield and leverage ratio covenants were eliminated and replaced with a borrowing base debt service coverage ratio
• The debt service and fixed charge covenants, when applicable on September 30, 2021, were eased from 1.5X to 1.0X and ramp up to 1.5X on September 30, 2022. Importantly, beginning with the September 30, 2021 calculations, quarterly figures are annualized until the quarter ending June 30, 2022 which will use the trailing 12 months figures
• Borrowing availability was increased to $13.4 million
• Dividends suspension was modified to allow the payment of common and preferred dividends when defined financial conditions are achieved.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of September 30, 2021, the Company had cash and cash equivalents (including restricted cash) of $12.2 million and available revolver borrowing capacity of $8.3 million. As of September 30, 2021, the Company had total outstanding long-term debt of $169 million associated with assets held for use with a weighted average maturity of 1.4 years and a weighted average interest rate of 4.52%.

CAPITAL INVESTMENTS

The Company invested $0.2 million in capital improvements throughout the portfolio in the three months ended September 30, 2021 to upgrade its properties and maintain brand standards.

OUTLOOK AND GUIDANCE

The Company has suspended guidance until further notice.

DIVIDENDS

On November 19, 2020, the Company amended its credit facility to permit payment of cash dividends to common and preferred shareholder when defined financial conditions are achieved. The Company has not currently met the financial conditions permitting payment of cash dividends.

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, 2020, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

SELECTED FINANCIAL DATA:

Condor Hospitality Trust, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share and per share data)
		As of
		September 30, 2021 (unaudited)			December 31, 2020
Assets
Investment in hotel properties, net		$	258,541		$	265,831
Cash and cash equivalents			5,286			3,686
Restricted cash, property escrows			6,879			3,794
Accounts receivable, net			1,283			652
Prepaid expenses and other assets			1,399			1,230
Total Assets		$	273,388		$	275,193
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities		$	8,730		$	5,372
Dividends and distributions payable			-			762
Land option liability			8,497			8,497
Derivative liabilities, at fair value			517			880
Convertible debt, at fair value			28,956			16,875
Long-term debt, net of deferred financing costs			167,309			166,526
Total Liabilities			214,009			198,912
Equity
Shareholders' Equity
Preferred stock, 40,000,000 shares authorized:
6.25% Series E, 0 and 925,000 shares authorized, $.01 par value, 0 and 925,000 shares outstanding, liquidation preference of $0 and $10,012			-			10,050
Common stock, $0.01 par value, 200,000,000 shares authorized; 14,717,145 and 12,014,743 shares outstanding			147			120
Additional paid-in capital			244,801			233,332
Accumulated deficit			(185,596)			(167,263)
Total Shareholders' Equity			59,352			76,239
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $29 and $17			27			42
Total Equity			59,379			76,281
Total Liabilities and Equity		$	273,388		$	275,193

Condor Hospitality Trust, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share data)
		Three months ended September 30,									Nine months ended September 30,
		2021			2020			2019			2021			2020			2019
Revenue
Room rentals and other hotel services		$	15,302		$	8,841		$	14,666		$	39,054		$	26,879		$	46,746
Operating Expenses
Hotel and property operations			10,110			7,334			9,718			27,021			22,238			29,266
Depreciation and amortization			2,654			2,780			2,405			7,945			8,267			7,161
General and administrative			1,161			894			1,210			3,572			3,101			4,445
Acquisition and terminated transactions			-			-			1			-			-			15
Strategic alternatives, net			1,009			636			1,052			1,432			860			1,886
Total operating expenses			14,934			11,644			14,386			39,970			34,466			42,773
Operating income (loss)			368			(2,803)			280			(916)			(7,587)			3,973
Net (loss) gain on disposition of assets			(8)			(3)			(14)			(21)			(13)			9
Equity in earnings (loss) of joint venture			-			-			(84)			-			80			595
Net gain (loss) on derivatives and convertible debt			(3,473)			131			(223)			(11,719)			(609)			(916)
Other income (expense), net			38			(4)			(27)			2,437			(90)			(80)
Interest expense			(2,963)			(2,103)			(1,912)			(7,656)			(6,153)			(6,169)
Loss before income taxes			(6,038)			(4,782)			(1,980)			(17,875)			(14,372)			(2,588)
Income tax benefit (expense)			(27)			(27)			(8)			(81)			340			(655)
Net loss			(6,065)			(4,809)			(1,988)			(17,956)			(14,032)			(3,243)
Loss attributable to noncontrolling interest			2			2			10			6			5			17
Net loss attributable to controlling interests			(6,063)			(4,807)			(1,978)			(17,950)			(14,027)			(3,226)
Dividends undeclared on preferred stock			(53)			(169)			(145)			(383)			(458)			(434)
Net loss attributable to common shareholders		$	(6,116)		$	(4,976)		$	(2,123)		$	(18,333)		$	(14,485)		$	(3,660)
Earnings (Loss) per Share
Total - Basic Earnings (Loss) per Share		$	(0.44)		$	(0.42)		$	(0.18)		$	(1.45)		$	(1.21)		$	(0.31)
Total - Diluted Earnings (Loss) per Share		$	(0.44)		$	(0.42)		$	(0.18)		$	(1.45)		$	(1.21)		$	(0.31)

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, 2021, 2020, and 2019. (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.

	Three months ended September 30,									Nine months ended September 30,
Reconciliation of Net loss to FFO and AFFO	2021			2020			2019			2021			2020			2019
Net loss	$	(6,065)		$	(4,809)		$	(1,988)		$	(17,956)		$	(14,032)		$	(3,243)
Depreciation and amortization expense		2,654			2,780			2,405			7,945			8,267			7,161
Depreciation and amortization expense from JV		-			-			299			-			145			895
Net loss (gain) on disposition of assets		8			3			14			21			13			(9)
Net loss on disposition of assets from JV		-			-			2			-			-			2
FFO		(3,403)			(2,026)			732			(9,990)			(5,607)			4,806
Dividends undeclared on preferred stock		(53)			(169)			(145)			(383)			(458)			(434)
FFO attributable to common shares and common units		(3,456)			(2,195)			587			(10,373)			(6,065)			4,372
Net (gain) loss on derivatives and convertible debt		3,473			(131)			223			11,719			609			916
Net loss on derivatives from JV		-			-			-			-			-			1
Acquisition and terminated transactions expense		-			-			1			-			-			15
Strategic alternatives, net		1,009			636			1,052			1,432			860			1,886
Stock-based compensation expense		104			70			141			315			236			901
Amortization of deferred financing fees		286			284			286			739			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	$	1,416		$	(1,336)		$	2,571		$	3,832		$	(3,438)		$	9,444
FFO attributable to common shares and common units - Basic and Diluted	$	(3,456)		$	(2,195)		$	587		$	(10,373)		$	(6,065)		$	4,372
FFO per common share and common unit - Basic	$	(0.25)		$	(0.18)		$	0.05		$	(0.82)		$	(0.51)		$	0.37
FFO per common share and common unit - Diluted	$	(0.25)		$	(0.18)		$	0.05		$	(0.82)		$	(0.51)		$	0.37
Weighted average common shares and common units - Basic FFO		13,855,785			11,976,008			11,919,944			12,626,903			11,965,915			11,901,936
Weighted average common shares and common units - Diluted FFO		13,855,785			11,976,008			11,925,323			12,626,903			11,965,915			11,921,438
AFFO attributable to common shares and common units - Basic	$	1,416		$	(1,336)		$	2,571		$	3,832		$	(3,438)		$	9,444
2016 Note interest		-			-			16			-			-			48
Series E Preferred Stock dividends		-			-			-			-			-			434
AFFO attributable to common shares and common units - Diluted	$	1,416		$	(1,336)		$	2,587		$	3,832		$	(3,438)		$	9,926
AFFO per common share and common unit - Basic	$	0.10		$	(0.11)		$	0.22		$	0.30		$	(0.29)		$	0.79
AFFO per common share and common unit - Diluted	$	0.10		$	(0.11)		$	0.22		$	0.30		$	(0.29)		$	0.78
Weighted average common shares and common units - Basic AFFO		13,855,785			11,976,008			11,919,944			12,626,903			11,965,915			11,901,936
Weighted average common shares and common units - Diluted AFFO		13,873,899			11,976,008			12,690,703			12,649,349			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 equity transaction and strategic alternatives costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs.

We consider FFO to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units.

EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Hotel EBITDA Proforma

The following table reconciles net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three and nine months ended September 30, 2021, 2020, and 2019 (in thousands). All amounts present our portion of the results of our unconsolidated Atlanta JV.

	Three months ended September 30,										Nine months ended September 30,
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA	2021			2020			2019				2021			2020			2019
Net loss	$	(6,065)		$	(4,809)		$	(1,988)			$	(17,956)		$	(14,032)		$	(3,243)
Interest expense		2,963			2,103			1,912				7,656			6,153			6,169
Interest expense from JV		-			-			536				-			225			1,645
Income tax expense (benefit)		27			27			8				81			(340)			655
Loss on extinguishment of debt from JV		-			-			138				-			-			138
Depreciation and amortization expense		2,654			2,780			2,405				7,945			8,267			7,161
Depreciation and amortization expense from JV		-			-			299				-			145			895
EBITDA		(421)			101			3,310				(2,274)			418			13,420
Net loss (gain) on disposition of assets		8			3			14				21			13			(9)
Net loss on disposition of assets from JV		-			-			2				-			-			2
EBITDAre		(413)			104			3,326				(2,253)			431			13,413
Net loss (gain) on derivatives and convertible debt		3,473			(131)			223				11,719			609			916
Net loss on derivative from JV		-			-			-				-			-			1
Stock-based compensation expense		104			70			141				315			236			901
Acquisition and terminated transactions expense		-			-			1				-			-			15
Strategic alternatives, net		1,009			636			1,052				1,432			860			1,886
Adjusted EBITDAre		4,173			679			4,743				11,213			2,136			17,132
General and administrative expense, excluding stock compensation expense		1,057			824			1,069				3,257			2,865			3,544
Other (income) expense, net		(38)			4			27				(2,437)			90			80
Unallocated hotel and property operations expense		92			55			86				212			278			153
Hotel EBITDA	$	5,284		$	1,562		$	5,925			$	12,245		$	5,369		$	20,909
Revenue	$	15,302		$	8,841		$	14,666			$	39,054		$	26,879		$	46,746
JV revenue		-			-			2,446				-			1,218			8,092
Condor and JV revenue	$	15,302		$	8,841		$	17,112			$	39,054		$	28,097		$	54,838
Hotel EBITDA as a percentage of revenue		34.5%			17.7%			34.6%				31.4%			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 equity transactions and strategic alternatives expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.

We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations.

The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels.

Same-Store Revenue and Hotel EBITDA

The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three and nine months ended September 30, 2021, 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, 2021. 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 September 30,								Nine months ended September 30,
		2021			2020		2019			2021			2020			2019
Condor and JV Revenue - Actual		$	15,302		$	8,841	$	17,112		$	39,054		$	28,097			54,838
Revenue earned on properties disposed of prior to September 30, 2021 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, 2021			-			-		612			-			304			2,023
Total Revenue - Same-Store		$	15,302		$	8,841	$	17,724		$	39,054		$	28,401			56,589
		Hotel EBITDA - Reconciliation of Actual to Same-Store
		Three months ended September 30,								Nine months ended September 30,
		2021			2020		2019			2021			2020			2019
Condor and JV Hotel EBITDA - Actual		$	5,284		$	1,562	$	5,925		$	12,245		$	5,369			20,909
Hotel EBITDA earned on properties disposed of prior to September 30, 2021 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, 2021			-			-		223			-			111			819
Total Hotel EBITDA - Same-Store		$	5,284		$	1,562	$	6,148		$	12,245		$	5,480			21,665
		Hotel EBITDA Margin Same-Store
		Three months ended September 30,								Nine months ended September 30,
		2021			2020		2019			2021			2020			2019
Total Hotel EBITDA Margin			34.5%			17.7%		34.7%			31.4%			19.3%			38.3%

The following tables present our monthly results presented reconciling net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, as well as Hotel EBITDA Same-Store and Hotel EBITDA Same-Store margins.

		For the month ending
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA		Oct 31, 2020			Nov 30, 2020			Dec 31, 2020			Jan 30, 2021			Febr 28, 2021			Mar 31, 2021			Apr 30, 2021			May 31, 2021			June 30, 2021			July 31, 2021			Augt 30, 2021			Sept 30, 2021
Net income (loss)		$	4,365		$	(1,826)		$	(7,578)		$	(1,662)		$	(1,529)		$	1,004		$	(451)		$	(361)		$	(8,892)		$	(181)		$	(867)		$	(5,017)
Interest expense			743			794			791			755			693			761			764			797			923			983			985			995
Income tax expense (benefit)			9			9			(53)			9			9			9			9			9			9			9			9			9
Depreciation and amortization expense			903			904			882			880			881			882			881			883			884			884			885			885
EBITDA		$	6,020		$	(119)		$	(5,958)		$	(18)		$	54		$	2,656		$	1,203		$	1,328		$	(7,076)		$	1,695		$	1,012		$	(3,128)
Net loss (gain) on disposition of assets			1			2			2			1			2			-			3			5			2			4			3			1
EBITDAre		$	6,021		$	(117)		$	(5,956)		$	(17)		$	56		$	2,656		$	1,206		$	1,333		$	(7,074)		$	1,699		$	1,015		$	(3,127)
Net loss (gain) on derivatives and convertible debt			(3)			(3)			5,728			-			-			(1,988)			(4)			(4)			10,242			(4)			(4)			3,481
Stock-based compensation expense			(123)			17			43			17			17			65			25			34			53			25			25			54
Strategic alternatives, net			(5,577)			-			11			-			-			40			196			119			68			132			87			790
Adjusted EBITDAre		$	318		$	(103)		$	(174)		$	-		$	73		$	773		$	1,423		$	1,482		$	3,289		$	1,852		$	1,123		$	1,198
General and administrative expense, excluding stock compensation expense			324			318			326			278			456			427			346			341			352			343			380			334
Other expense (income), net			34			(61)			2			(2)			(1)			(39)			(394)			(242)			(1,721)			(2)			1			(37)
Unallocated hotel and property operations expense			25			26			10			23			4			4			22			29			38			26			27			39
Hotel EBITDA - Same-Store		$	701		$	180		$	164		$	299		$	532		$	1,165		$	1,397		$	1,610		$	1,958		$	2,219		$	1,531		$	1,534
Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership			-			-			-			-			-			-			-			-			-			-			-			-
Hotel EBITDA - Same-Store		$	701		$	180		$	164		$	299		$	532		$	1,165		$	1,397		$	1,610		$	1,958		$	2,219		$	1,531		$	1,534
Revenue		$	3,215		$	2,560		$	2,534		$	2,729		$	2,817		$	4,098		$	4,451		$	4,664		$	4,993		$	5,688		$	4,856		$	4,758
JV Revenue			-			-			-			-			-			-			-			-			-			-			-			-
Condor and JV Revenue			3,215			2,560			2,534			2,729			2,817			4,098			4,451			4,664			4,993			5,688			4,856			4,758
Revenue earned on properties owned at December 31, 2020 prior to ownership			-			-			-			-			-			-			-			-			-			-			-			-
Total Revenue - Same-Store		$	3,215		$	2,560		$	2,534		$	2,729		$	2,817		$	4,098		$	4,451		$	4,664		$	4,993		$	5,688		$	4,856		$	4,758
Hotel EBITDA - Same-Store as a percentage of revenue			21.8%			7.0%			6.5%			11.0%			18.9%			28.4%			31.4%			34.5%			39.2%			39.0%			31.5%			32.2%

	For the month ending
Reconciliation of Net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA		April 31, 2020		May 31, 2020			June 30, 2020			July 31, 2020			August 31, 2020			September 30, 2020
Net income (loss)	$	(2,628)		$	(1,999)		$	(1,571)		$	(1,670)		$	(1,816)		$	(1,321)
Interest expense		696			698			676			707			708			688
Interest expense from JV		-			-			-			-			-			-
Income tax expense (benefit)		9			9			(79)			9			9			9
Depreciation and amortization expense		925			926			926			926			926			927
Depreciation and amortization expense from JV		-			-			-			-			-			-
EBITDA	$	(998)		$	(366)		$	(48)		$	(28)		$	(173)		$	303
Net loss on disposition of assets		1			-			-			-			1			1
EBITDAre	$	(997)		$	(366)		$	(48)		$	(28)		$	(172)		$	304
Net loss on derivatives and convertible debt		(1)			-			(18)			(3)			(3)			(126)
Stock-based compensation expense		18			18			46			10			23			37
Strategic alternatives, net		11			17			52			40			494			602
Adjusted EBITDAre	$	(969)		$	(331)		$	32		$	19		$	342		$	817
General and administrative expense, excluding stock compensation expense		343			313			276			337			405			81
Other expense, net		2			(2)			58			2			1			(499)
Unallocated hotel and property operations expense		23			34			72			27			24			6
Hotel EBITDA	$	(601)		$	14		$	438		$	385		$	772		$	405
Revenue	$	825		$	1,706		$	2,280		$	2,782		$	3,058		$	3,001
JV Revenue		-			-			-			-			-			-
Condor and JV Revenue		825			1,706			2,280			2,782			3,058			3,001
Revenue earned on properties owned at December 31, 2020 prior to ownership		-						-			-			-			-
Total Revenue - Same-Store	$	825		$	1,706		$	2,280		$	2,782		$	3,058		$	3,001
Hotel EBITDA - Same-Store as a percentage of revenue		-72.8%			0.8%			19.2%			13.8%			25.2%			13.5%

	For the month ending
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA	July 31, 2019			August 30, 2019				September 30, 2019
Net income (loss)	$	(825)		$	(270)			$	(893)
Interest expense		651			639				622
Interest expense from JV		178			179				179
Income tax expense (benefit)		5			5				(2)
Loss on extinguishment of debt from JV		-			-				138
Depreciation and amortization expense		801			801				803
Depreciation and amortization expense from JV		99			100				100
EBITDA	$	909		$	1,454			$	947
Net loss (gain) on disposition of assets		4			4				6
Net loss on disposition of assets from JV		-			-				2
EBITDAre	$	913		$	1,458			$	955
Net loss (gain) on derivatives and convertible debt		-			-				223
Stock-based compensation expense		38			34				69
Acquisition and terminated transactions expense		-			-				1
Strategic alternatives, net		716			103				233
Adjusted EBITDAre	$	1,667		$	1,595			$	1,481
General and administrative expense, excluding stock compensation expense		359			386				324
Other expense (income), net		10			10				7
Unallocated hotel and property operations expense		27			23				36
Hotel EBITDA	$	2,063		$	2,014			$	1,848
Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership		89			65				69
Hotel EBITDA - Same-Store	$	2,152		$	2,079			$	1,917
Revenue	$	5,123		$	4,855			$	4,688
JV Revenue		843			778				825
Condor and JV Revenue		5,966			5,633				5,513
Revenue earned on properties owned at December 31, 2020 prior to ownership		211			195				206
Total Revenue - Same-Store	$	6,177		$	5,828			$	5,719
Hotel EBITDA - Same-Store as a percentage of revenue		34.8%			35.7%				33.5%

Condor Hospitality Trust, Inc. Operating Statistics

The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2020. 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,
	2021								2020								2019
	Occupancy		ADR			RevPAR			Occupancy		ADR			RevPAR			Occupancy		ADR			RevPAR
Solomons Hilton Garden Inn	81.97%		$	116.07		$	95.14		43.29%		$	102.56		$	44.40		81.29%		$	120.27		$	97.77
Atlanta Hotel Indigo	55.12%		$	107.46		$	59.23		52.48%		$	91.93		$	48.25		73.70%		$	101.40		$	74.73
Jacksonville Courtyard by Marriott	56.76%		$	110.77		$	62.87		43.14%		$	87.08		$	37.57		71.65%		$	116.27		$	83.31
San Antonio SpringHill Suites	76.60%		$	121.55		$	93.11		41.60%		$	73.21		$	30.46		74.13%		$	119.90		$	88.88
Leawood Aloft	56.19%		$	115.83		$	65.08		39.14%		$	79.33		$	31.05		70.38%		$	130.56		$	91.89
Lexington Home2 Suites	78.97%		$	113.44		$	89.58		75.92%		$	88.80		$	67.42		86.50%		$	117.56		$	101.69
Round Rock Home2 Suites	70.35%		$	106.34		$	74.81		55.73%		$	72.36		$	40.33		83.29%		$	110.62		$	92.13
Tallahassee Home2 Suites	80.06%		$	119.13		$	95.37		75.16%		$	101.82		$	76.52		80.09%		$	119.11		$	95.40
South Haven Home2 Suites	89.21%		$	131.91		$	117.68		86.66%		$	90.73		$	78.62		89.40%		$	122.60		$	109.60
Lake Mary Hampton Inn & Suites	67.78%		$	121.18		$	82.14		41.32%		$	100.57		$	41.56		68.70%		$	126.29		$	86.76
Austin Residence Inn	78.09%		$	118.15		$	92.26		69.48%		$	85.23		$	59.22		80.43%		$	127.59		$	102.62
El Paso Fairfield Inn	86.44%		$	103.78		$	89.70		47.36%		$	85.67		$	40.57		88.60%		$	107.52		$	95.26
Austin TownePlace Suites	81.47%		$	96.18		$	78.36		42.81%		$	74.74		$	32.00		68.32%		$	106.07		$	72.47
Summerville Home2 Suites	86.47%		$	122.82		$	106.20		68.92%		$	94.56		$	65.17		82.92%		$	129.09		$	107.04
Atlanta Aloft	49.64%		$	147.96		$	73.45		40.92%		$	97.91		$	40.07		79.16%		$	138.00		$	109.24
Total Same-Store Portfolio	70.47%		$	117.79		$	83.00		53.15%		$	89.56		$	47.60		78.06%		$	120.81		$	94.31

	Nine months ended September 30,
	2021								2020								2019
	Occupancy		ADR			RevPAR			Occupancy		ADR			RevPAR			Occupancy		ADR			RevPAR
Solomons Hilton Garden Inn	65.89%		$	107.34		$	70.73		50.90%		$	114.34		$	58.20		78.01%		$	122.93		$	95.90
Atlanta Hotel Indigo	53.76%		$	95.77		$	51.49		53.28%		$	94.22		$	50.21		76.16%		$	107.72		$	82.04
Jacksonville Courtyard by Marriott	65.52%		$	102.56		$	67.20		51.88%		$	101.92		$	52.88		76.56%		$	121.20		$	92.79
San Antonio SpringHill Suites	62.89%		$	111.05		$	69.84		40.26%		$	103.57		$	41.70		80.28%		$	130.59		$	104.84
Leawood Aloft	49.49%		$	99.68		$	49.33		43.54%		$	104.15		$	45.35		69.49%		$	132.42		$	92.01
Lexington Home2 Suites	72.41%		$	102.90		$	74.51		55.90%		$	93.27		$	52.14		80.92%		$	116.18		$	94.01
Round Rock Home2 Suites	71.56%		$	91.74		$	65.65		49.91%		$	86.23		$	43.03		84.15%		$	116.72		$	98.22
Tallahassee Home2 Suites	79.07%		$	111.41		$	88.08		61.19%		$	112.80		$	69.02		89.15%		$	125.15		$	111.57
South Haven Home2 Suites	89.49%		$	114.06		$	102.07		68.75%		$	97.94		$	67.34		90.70%		$	119.14		$	108.06
Lake Mary Hampton Inn & Suites	67.94%		$	112.35		$	76.33		43.92%		$	125.26		$	55.01		79.09%		$	138.79		$	109.76
Austin Residence Inn	79.11%		$	99.14		$	78.43		64.34%		$	104.40		$	67.17		82.91%		$	136.01		$	112.77
El Paso Fairfield Inn	81.19%		$	95.48		$	77.52		49.08%		$	97.27		$	47.74		86.01%		$	105.69		$	90.90
Austin TownePlace Suites	82.37%		$	89.52		$	73.74		46.70%		$	91.47		$	42.71		72.37%		$	112.11		$	81.13
Summerville Home2 Suites	81.46%		$	113.47		$	92.43		62.73%		$	103.48		$	64.91		83.32%		$	130.73		$	108.92
Atlanta Aloft	46.65%		$	127.82		$	59.63		39.70%		$	120.96		$	48.02		79.70%		$	154.97		$	123.52
Total Same-Store Portfolio	67.49%		$	105.55		$	71.24		51.07%		$	104.13		$	53.17		80.17%		$	126.87		$	101.71

Condor Hospitality Trust, Inc.
Property List | As of September 30, 2021
New Investment Platform | Acquired from January 1, 2012 - September 30, 2021
	Hotel Name	City	State	Rooms	Acquisition Date	Purchase Price (in millions)
1	Hilton Garden Inn	Dowell/Solomons	MD	100	05/25/2012	$11.5
2	SpringHill Suites	San Antonio	TX	116	10/01/2015	$17.5
3	Courtyard by Marriott	Jacksonville	FL	120	10/02/2015	$14.0
4	Hotel Indigo	College Park	GA	142	10/02/2015	$11.0
5	Aloft1	Atlanta	GA	254	08/22/2016	$43.6
6	Aloft	Leawood	KS	156	12/14/2016	$22.5
7	Home2 Suites	Lexington	KY	103	03/24/2017	$16.5
8	Home2 Suites	Round Rock	TX	91	03/24/2017	$16.8
9	Home2 Suites	Tallahassee	FL	132	03/24/2017	$21.5
10	Home2 Suites	Southaven	MS	105	04/14/2017	$19.0
11	Hampton Inn & Suites	Lake Mary	FL	130	06/19/2017	$19.3
12	Fairfield Inn & Suites	El Paso	TX	124	08/31/2017	$16.4
13	Residence Inn	Austin	TX	120	08/31/2017	$22.4
14	TownePlace Suites	Austin	TX	122	01/18/2018	$19.8
15	Home2 Suites	Summerville	SC	93	02/21/2018	$16.3
	Total Portfolio | September 30, 2021			1,908		$288.1
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.

55 Dispositions | For Period January 1, 2015 - September 30, 2021
	Hotel Name	City	State	Rooms	Disposition Date	Gross Proceeds (in millions)
1	Super 8	West Plains	MO	49	01/15/2015	$1.5
2	Super 8	Green Bay	WI	83	01/29/2015	$2.2
3	Super 8	Columbus	GA	74	03/16/2015	$0.9
4	Sleep Inn & Suites	Omaha	NE	90	03/19/2015	$2.9
5	Savannah Suites	Chamblee	GA	120	04/01/2015	$4.4
6	Savannah Suites	Augusta	GA	172	04/01/2015	$3.4
7	Super 8	Batesville	AR	49	04/30/2015	$1.5
8	Days Inn	Ashland	KY	63	07/01/2015	$2.2
9	Comfort Inn	Alexandria	VA	150	07/13/2015	$12.0
10	Days Inn	Alexandria	VA	200	07/13/2015	$6.5
11	Super 8	Manhattan	KS	85	08/28/2015	$3.2
12	Quality Inn	Sheboygan	WI	59	10/06/2015	$2.3
13	Super 8	Hays	KS	76	10/14/2015	$1.9
14	Days Inn	Glasgow	KY	58	10/16/2015	$1.8
15	Super 8	Tomah	WI	65	10/21/2015	$1.4
16	Rodeway Inn	Fayetteville	NC	120	11/03/2015	$2.6
17	Savannah Suites	Savannah	GA	160	12/22/2015	$4.0
	Total 2015			1,673		$54.7
18	Super 8	Kirksville	MO	61	01/04/2016	$1.5
19	Super 8	Lincoln	NE	133	01/07/2016	$2.8
20	Savannah Suites	Greenville	SC	170	01/08/2016	$2.7
21	Super 8	Portage	WI	61	03/30/2016	$2.4
22	Super 8	O'Neill	NE	72	04/25/2016	$1.7
23	Quality Inn	Culpeper	VA	49	05/10/2016	$2.2
24	Super 8	Storm Lake	IA	59	05/19/2016	$2.8
25	Clarion Inn	Cleveland	TN	59	05/24/2016	$2.2
26	Super 8	Coralville	IA	84	05/26/2016	$3.4
27	Super 8	Keokuk	IA	61	05/27/2016	$2.2
28	Comfort Inn	Chambersburg	PA	63	06/06/2016	$2.1
29	Super 8	Pittsburg	KS	64	08/08/2016	$1.6
30	Super 8	Mount Pleasant	IA	54	09/09/2016	$1.9
31	Quality Inn	Danville	KY	63	09/19/2016	$2.3
32	Super 8	Menomonie	WI	81	09/26/2016	$3.0
33	Comfort Inn	Glasgow	KY	60	10/14/2016	$2.4
34	Days Inn	Sioux Falls	SD	86	11/04/2016	$2.1
35	Comfort Inn	Shelby	NC	76	11/07/2016	$4.1
36	Comfort Inn	Rocky Mount	VA	61	11/17/2016	$2.2
37	Days Inn	Farmville	VA	59	11/17/2016	$2.4
38	Comfort Suites	Marion	IN	62	11/18/2016	$3.0
39	Comfort Inn	Farmville	VA	50	11/30/2016	$2.6
40	Quality Inn	Princeton	WV	50	12/05/2016	$2.1
41	Super 8	Burlington	IA	62	12/21/2016	$2.8
42	Savannah Suites	Atlanta	GA	164	12/22/2016	$2.9
	Total 2016			1,864		$61.4
43	Comfort Inn	New Castle	PA	79	03/27/2017	$2.5
44	Super 8	Billings	MT	106	03/28/2017	$4.2
45	Comfort Inn	Harlan	KY	61	04/03/2017	$1.9
46	Comfort Suites	Lafayette	IN	62	04/18/2017	$3.9
47	Key West Inn	Key Largo	FL	40	05/17/2017	$7.6
48	Quality Inn	Morgantown	WV	81	08/30/2017	$2.6
49	Days Inn	Bossier City	LA	176	09/13/2017	$1.4
50	Comfort Inn & Suites	Warsaw	IN	71	12/20/2017	$5.0
	Total 2017			676		$29.1
51	Supertel Inn/Conference Center	Creston	IA	41	01/25/2018	$2.1
52	Comfort Suites	South Bend	IN	135	03/15/2018	$6.1
53	Comfort Suites	Ft. Wayne	IN	127	05/30/2018	$7.1
54	Super 8	Creston	IA	121	08/30/2018	$5.1
	Total 2018			424		$20.4
55	Quality Inn	Solomons	MD	59	03/22/2019	$4.3
	Total 2019			59		$4.3
	Total Dispositions			4,696		$169.9

Acquisitions | For Period January 1, 2015 – September 30, 2021
	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/20211102006336/en/

Jill Burger

Chief Financial Officer & Chief Accounting Officer

jburger@trustcondor.com

(402) 371-2520

Source: Condor Hospitality Trust, Inc.

FAQ

What were Condor Hospitality Trust's (CDOR) third-quarter 2021 financial highlights?

In Q3 2021, Condor reported a Same-Store RevPAR of $83.00, a 74.4% increase from Q3 2020, and a net loss of $6.1 million.

How did Adjusted EBITDAre change for CDOR in Q3 2021?

Adjusted EBITDAre increased by 514.6% to $4.2 million in Q3 2021 compared to the same period in 2020.

What challenges is CDOR facing despite improved performance?

Condor Hospitality is facing labor availability challenges and supply issues that are driving up costs.

What is the occupancy rate for Condor's hotels in Q3 2021?

The occupancy rate for Condor's hotels in Q3 2021 was 70.47%, an increase of 32.6% from Q3 2020.

What is the outlook for dividends from Condor Hospitality Trust (CDOR)?

Condor has not met the financial conditions required for paying cash dividends to shareholders.