Condor Hospitality Trust Reports Fourth Quarter and Fiscal Year 2019 Results

Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the "Company") today announced results for the fourth quarter ended December 31, 2019.

FOURTH QUARTER AND FISCAL YEAR 2019 RELEASE FINANCIAL HIGHLIGHTS

  • Revenue of $61.1 million in Fiscal Year 2019 including $0.3 million from Legacy Hotels, Decreased 6.2% from $65.1 million of Revenue in Fiscal Year 2018 which included $4.4 million from Legacy Hotels.
  • Revenue in the fourth quarter 2019 of $14.3 million generated entirely from New Investment Platform Hotels, a 3.6% decrease from $14.8 million generated by New Investment Platform Hotels in the $15.1 million fourth quarter 2018 Revenue.
  • Same-Store ADR increased 1.3% in Fiscal Year 2019 compared to Fiscal Year 2018 while Same- Store RevPAR increased 0.1% over this same time period in the previous year.
  • Net Earnings (Loss) Attributable to Common Shareholders of ($2.0 million), or ($0.17) per Diluted Share in the fourth quarter, compared to ($1.1 million), or ($0.10) per share, in the 2018 fourth quarter. Decline in Net Earnings Attributable to Common Shareholders primarily caused by $0.1 million Increase in General and administrative costs for the fourth quarter, $0.2 million in Equity Transaction and Strategic Alternatives costs incurred in the fourth quarter 2019, and $0.3 million Increase in Income tax expense for the quarter.
  • Adjusted Funds from Operations for the fourth quarter 2019 was $1.8 million, or $0.15 per Diluted Share, a $0.5 million decrease from $2.3 million, or $0.20, in the 2018 fourth quarter.
  • Hotel EBITDA decreased to $26.2 million from $27.6 million, a 5.3% Decrease Over Last Fiscal Year, the current Fiscal Year included $0.1 million from Legacy Hotels compared to $1.1 million from Legacy Hotels in the Last Fiscal Year.

MANAGEMENT COMMENTARY

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

"For the Fiscal year 2019 our portfolio outperformed the upscale and upper midscale chain scales with 0.1% RevPAR growth compared to (0.5)% for upscale and (0.2)% for upper midscale as reported by Smith Travel Research. Our proforma same-store RevPAR for the fourth quarter 2019 excluding the Home2 Tallahassee increased 0.3% as compared to (0.6)% for upscale and (1.0)% for upper midscale, as reported by Smith Travel Research while unadjusted same-store RevPAR declined 2.9% for the fourth quarter. In addition to the market conditions in Tallahassee and San Antonio, the portfolio during the quarter experienced ongoing operational disruptions caused by management company changes at seven of our hotels. In the Fiscal year 2019 Same-Store Hotel EBITDA was approximately 2.0% lower than 2018 at $26.3 million compared to $26.8 million, and our margins while declining for the year, did so moderately reducing 60 bps from 37.7% in 2018 to 37.1% in 2019. The outbreak of the novel coronavirus has reduced travel and adversely affected the hospitality industry in general. The extent to which our business may be affected by the coronavirus will largely depend on future developments which we cannot accurately predict, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of the coronavirus."

FINANCIAL SUMMARY

At December 31, 2019, the Company’s total portfolio included 15 hotels, representing 1,908 rooms. The Company’s last remaining legacy asset was sold during the first quarter of 2019.

Total Company Financial Results
($ in millions except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31,

 

Year ended December 31,

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Revenue

$

14.3

 

$

15.1

 

-5.1%

 

$

61.1

 

$

65.1

 

-6.2%

Net Earnings (Loss) Attributable to Common Shareholders

$

(2.0)

 

$

(1.1)

 

-77.3%

 

$

(5.7)

 

$

4.8

 

NA

Diluted Earnings (Loss) per Share

$

(0.17)

 

$

(0.10)

 

-70.0%

 

$

(0.48)

 

$

0.40

 

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from Operations (FFO)*

$

0.9

 

$

1.6

 

-41.1%

 

$

5.7

 

$

10.3

 

-44.3%

FFO per Diluted Share*

$

0.06

 

$

0.12

 

-50.0%

 

$

0.43

 

$

0.81

 

-46.9%

Adjusted FFO*

$

1.8

 

$

2.3

 

-22.9%

 

$

11.3

 

$

12.2

 

-8.0%

Adjusted FFO per Diluted Share*

$

0.15

 

$

0.20

 

-25.0%

 

$

0.94

 

$

1.02

 

-7.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel EBITDA*

$

5.3

 

$

6.1

 

-13.0%

 

$

26.2

 

$

27.6

 

-5.3%

Adjusted EBITDAre*

$

4.0

 

$

4.8

 

-16.0%

 

$

21.2

 

$

21.9

 

-3.5%

*Please see the Reg. G reconciliation tables at the end of this release.

Same Store Operational Results**
($ in millions except per share amounts and operating metrics)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31,

 

Year ended December 31,

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Same-Store RevPAR

$

89.68

 

$

92.35

 

-2.9%

 

$

98.68

 

$

98.63

 

0.1%

Same-Store Occupancy

 

75.07%

 

 

76.20%

 

-1.5%

 

 

78.88%

 

 

79.84%

 

-1.2%

Same-Store ADR

$

119.45

 

$

121.10

 

-1.4%

 

$

125.09

 

$

123.54

 

1.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same-Store Hotel EBITDA*

$

5.3

 

$

6.0

 

-12.8%

 

$

26.1

 

$

26.8

 

-2.5%

Same-Store Hotel EBITDA Margin*

 

32.2%

 

 

36.0%

 

-3.8%

 

 

36.8%

 

 

37.8%

 

-1.0%

*Please see the Reg. G reconciliation tables at the end of this release.

**Financial results presented above include results from prior to our ownership.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of December 31, 2019, the Company had cash and cash equivalents (including restricted cash) of $8.4 million and available revolver borrowing capacity of $9.0 million. As of December 31, 2019, the Company had total outstanding long-term debt of $135.4 million associated with assets held for use with a weighted average maturity of 1.5 years and a weighted average interest rate of 4.22%.

CAPITAL INVESTMENTS

The Company invested $1.5 million in capital improvements throughout the portfolio in the twelve months ended December 31, 2019 to upgrade its properties and maintain brand standards.

OUTLOOK AND GUIDANCE

The Company has suspended guidance until further notice.

DIVIDENDS

On December 18, 2019 the Company announced that its Board of Directors has authorized and the Company has declared a cash common stock dividend of $0.195 per share, payable on December 31, 2019 to shareholders of record on December 30, 2019. On March 30, 2020, the Sixth Amendment to the Key Bank credit facility was signed which provides that no cash dividends or distributions may be made to common or preferred shareholders for the remaining term of the debt.

EARNINGS CALL

The Company will not be conducting a fourth 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 (including statements about the expected timing, completion and effects of the Merger) 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. Condor may not be able to complete the proposed transaction on the terms described herein or other acceptable terms or at all because of a number of factors, including without limitation, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) unknown, underestimated or undisclosed commitments or liabilities; (iii) the inability to complete the proposed transaction due to the failure to satisfy the closing conditions to the proposed transaction; (iv) risks related to disruption of management’s attention from Condor’s ongoing business operations due to the proposed transaction; (v) the effect of the announcement of the proposed transaction on the ability of the parties to retain and hire key personnel, maintain relationships with their franchisors, management companies and suppliers, and maintain their operating results and business generally; (vi) the risk that certain approvals or consents will not be received in a timely manner or that the proposed transaction will not be consummated in a timely manner; (vii) adverse changes in U.S. and non-U.S. governmental laws and regulations; (viii) the risk of litigation, including shareholder litigation in connection with the proposed transaction, and the impact of any adverse legal judgments, fines, penalties, injunctions or settlements; and (ix) risks related to uncertainty and disruption in global economic markets as a result of COVID-19 (commonly referred to as the coronavirus).

The forward-looking statements represent Condor’s views as of the date on which such statements were made. Condor anticipates that subsequent events and developments may cause those views to change. These forward-looking statements should not be relied upon as representing Condor’s views as of any date subsequent to the date hereof. Condor expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

Additional factors that may affect the Company’s business or financial results are described in the risk factors included in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

SELECTED FINANCIAL DATA:

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

2019

 

2018

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Investment in hotel properties, net

 

$

222,063

 

$

230,178

Investment in unconsolidated joint venture

 

 

4,244

 

 

5,866

Cash and cash equivalents

 

 

2,584

 

 

4,151

Restricted cash, property escrows

 

 

5,811

 

 

5,005

Accounts receivable, net

 

 

1,099

 

 

1,290

Prepaid expenses and other assets

 

 

1,118

 

 

2,227

Derivative assets, at fair value

 

 

22

 

 

639

Investment in hotel properties held for sale, net

 

 

-

 

 

4,092

Total Assets

 

$

236,941

 

$

253,448

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts payable, accrued expenses, and other liabilities

 

$

5,523

 

$

5,336

Dividends and distributions payable

 

 

145

 

 

2,330

Derivative liabilities, at fair value

 

 

366

 

 

-

Convertible debt, at fair value

 

 

1,080

 

 

1,000

Long-term debt, net of deferred financing costs

 

 

134,001

 

 

135,810

Long-term debt related to hotel properties held for sale, net of deferred financing costs

 

 

-

 

 

1,120

Total Liabilities

 

 

141,115

 

 

145,596

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Preferred stock, 40,000,000 shares authorized:

 

 

 

 

 

 

6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,395 and $9,250

 

 

10,050

 

 

10,050

Common stock, $.01 par value, 200,000,000 shares authorized;11,993,608 and 11,833,573 shares outstanding

 

 

120

 

 

119

Additional paid-in capital

 

 

233,189

 

 

231,805

Accumulated deficit

 

 

(147,582)

 

 

(134,970)

Total Shareholders' Equity

 

 

95,777

 

 

107,004

Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $47 and $435

 

 

49

 

 

848

Total Equity

 

 

95,826

 

 

107,852

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

236,941

 

$

253,448

 

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

Three months ended December 31,

 

Year ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Room rentals and other hotel services

 

$

14,306

 

$

15,082

 

$

61,052

 

$

65,057

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Hotel and property operations

 

 

9,503

 

 

9,690

 

 

38,769

 

 

41,008

Depreciation and amortization

 

 

2,407

 

 

2,349

 

 

9,568

 

 

9,475

General and administrative

 

 

1,255

 

 

1,144

 

 

5,700

 

 

6,217

Acquisition and terminated transactions

 

 

23

 

 

19

 

 

38

 

 

205

Equity transaction and strategic alternatives

 

 

224

 

 

-

 

 

2,110

 

 

-

Total operating expenses

 

 

13,412

 

 

13,202

 

 

56,185

 

 

56,905

Operating income

 

 

894

 

 

1,880

 

 

4,867

 

 

8,152

Net gain (loss) on disposition of assets

 

 

(45)

 

 

(17)

 

 

(36)

 

 

5,570

Equity in earnings (loss) of joint venture

 

 

(405)

 

 

(469)

 

 

190

 

 

(218)

Net gain (loss) on derivatives and convertible debt

 

 

(155)

 

 

(402)

 

 

(1,071)

 

 

317

Other expense, net

 

 

(24)

 

 

(26)

 

 

(104)

 

 

(83)

Interest expense

 

 

(1,807)

 

 

(2,153)

 

 

(7,976)

 

 

(8,326)

Impairment recovery

 

 

-

 

 

-

 

 

-

 

 

93

Earnings (loss) from continuing operations before income taxes

 

 

(1,542)

 

 

(1,187)

 

 

(4,130)

 

 

5,505

Income tax expense

 

 

(282)

 

 

(20)

 

 

(937)

 

 

(335)

Net earnings (loss)

 

 

(1,824)

 

 

(1,207)

 

 

(5,067)

 

 

5,170

Loss (earnings) attributable to noncontrolling interest

 

 

2

 

 

242

 

 

19

 

 

195

Net earnings (loss) attributable to controlling interests

 

 

(1,822)

 

 

(965)

 

 

(5,048)

 

 

5,365

Dividends declared and undeclared and in kind dividends deemed on preferred stock

 

 

(144)

 

 

(144)

 

 

(578)

 

 

(578)

Net earnings (loss) attributable to common shareholders

 

$

(1,966)

 

$

(1,109)

 

$

(5,626)

 

$

4,787

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per Share

 

 

 

 

 

 

 

 

 

 

 

 

Total - Basic Earnings (Loss) per Share

 

$

(0.17)

 

$

(0.10)

 

$

(0.48)

 

$

0.40

Total - Diluted Earnings (Loss) per Share

 

$

(0.17)

 

$

(0.10)

 

$

(0.48)

 

$

0.40

 

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We report Funds from Operations ("FFO"), Adjusted FFO ("AFFO"), Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), EBITDA for real estate ("EBITDAre"), Adjusted EBITDAre, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.

FFO and AFFO

The following table reconciles net earnings (loss) to FFO and AFFO for the three months and year ended December 31, 2019 and 2018 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Years ended

 

December 31,

 

December 31,

Reconciliation of Net Earnings (Loss) to FFO and AFFO

2019

 

2018

 

2019

 

2018

Net earnings (loss)

$

(1,824)

 

$

(1,207)

 

$

(5,067)

 

$

5,170

Depreciation and amortization expense

 

2,407

 

 

2,349

 

 

9,568

 

 

9,475

Depreciation and amortization expense from JV

 

300

 

 

289

 

 

1,195

 

 

1,155

Net (loss) gain on disposition of assets

 

45

 

 

17

 

 

36

 

 

(5,570)

Net loss on disposition of assets from JV

 

-

 

 

128

 

 

2

 

 

157

Impairment recovery

 

-

 

 

-

 

 

-

 

 

(93)

FFO

 

928

 

 

1,576

 

 

5,734

 

 

10,294

Dividends declared and undeclared and in kind dividends deemed on preferred stock

 

(144)

 

 

(144)

 

 

(578)

 

 

(578)

FFO attributable to common shares and common units

 

784

 

 

1,432

 

 

5,156

 

 

9,716

Net loss (gain) on derivatives and convertible debt

 

155

 

 

402

 

 

1,071

 

 

(317)

Net loss on derivatives from JV

 

-

 

 

22

 

 

1

 

 

22

Acquisitions and terminated transactions expense

 

23

 

 

19

 

 

38

 

 

205

Equity transaction and strategic alternatives

 

224

 

 

-

 

 

2,110

 

 

-

Loss on extinguishment of debt from JV

 

-

 

 

-

 

 

138

 

 

-

Stock-based compensation and LTIP expense

 

125

 

 

62

 

 

1,026

 

 

974

Amortization of deferred financing fees

 

286

 

 

363

 

 

1,267

 

 

1,443

Amortization of deferred financing fees from JV

 

210

 

 

45

 

 

444

 

 

181

AFFO attributable to common shares and common units

$

1,807

 

$

2,345

 

$

11,251

 

$

12,224

 

 

 

 

 

 

 

 

 

 

 

 

FFO attributable to common shares and partnership units - Basic

$

784

 

$

1,432

 

$

5,156

 

$

9,716

Convertible note interest and fair value adjustments

 

(103)

 

 

(33)

 

 

-

 

 

(6)

FFO attributable to common shares and partnership units - Diluted

$

681

 

$

1,399

 

$

5,156

 

$

9,710

 

 

 

 

 

 

 

 

 

 

 

 

FFO per common share and partnership unit - Basic

$

0.07

 

$

0.12

 

$

0.43

 

$

0.82

FFO per common share and partnership unit - Diluted

$

0.06

 

$

0.12

 

$

0.43

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and partnership units - Basic FFO

 

11,935,689

 

 

11,878,418

 

 

11,910,443

 

 

11,870,477

Weighted average common shares and partnership units - Diluted FFO

 

12,035,028

 

 

11,986,970

 

 

11,925,587

 

 

11,982,047

AFFO attributable to common shares and partnership units - Basic

$

1,807

 

$

2,345

 

$

11,251

 

$

12,224

Convertible note interest

 

-

 

 

16

 

 

63

 

 

63

Preferred dividends at stated rates

 

-

 

 

-

 

 

578

 

 

578

AFFO attributable to common shares and partnership units - Diluted

$

1,807

 

$

2,361

 

$

11,892

 

$

12,865

 

 

 

 

 

 

 

 

 

 

 

 

AFFO per common share and partnership unit - Basic

$

0.15

 

$

0.20

 

$

0.94

 

$

1.03

AFFO per common share and partnership unit - Diluted

$

0.15

 

$

0.20

 

$

0.94

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and partnership units - Basic AFFO

 

11,935,689

 

 

11,878,418

 

 

11,910,443

 

 

11,870,477

Weighted average common shares and partnership units - Diluted AFFO

 

11,937,759

 

 

11,986,970

 

 

12,690,967

 

 

12,650,158

 

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, and Hotel EBITDA

The following table reconciles net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months and year ended December 31, 2019 and 2018 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV.

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

Reconciliation of Net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

2019

 

2018

 

2019

 

2018

Net earnings (loss)

$

(1,824)

 

$

(1,207)

 

$

(5,067)

 

$

5,170

Interest expense

 

1,807

 

 

2,153

 

 

7,976

 

 

8,326

Interest expense from JV

 

495

 

 

556

 

 

2,140

 

 

2,109

Loss on extinguishment of debt from JV

 

-

 

 

-

 

 

138

 

 

-

Income tax expense

 

282

 

 

20

 

 

937

 

 

335

Depreciation and amortization expense

 

2,407

 

 

2,349

 

 

9,568

 

 

9,475

Depreciation and amortization expense from JV

 

300

 

 

289

 

 

1,195

 

 

1,155

EBITDA

 

3,467

 

 

4,160

 

 

16,887

 

 

26,570

Net (gain) loss on disposition of assets

 

45

 

 

17

 

 

36

 

 

(5,570)

Net loss on disposition of assets from JV

 

-

 

 

128

 

 

2

 

 

157

Impairment recovery

 

-

 

 

-

 

 

-

 

 

(93)

EBITDAre

 

3,512

 

 

4,305

 

 

16,925

 

 

21,064

Net (gain) loss on derivatives and convertible debt

 

155

 

 

402

 

 

1,071

 

 

(317)

Net loss on derivative from JV

 

-

 

 

22

 

 

1

 

 

22

Stock-based compensation and LTIP expense

 

125

 

 

62

 

 

1,026

 

 

974

Equity transaction and strategic alternatives

 

23

 

 

19

 

 

38

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDAre

 

4,039

 

 

4,810

 

 

21,171

 

 

21,948

General and administrative expense, excluding stock compensation and LTIP expense

 

1,130

 

 

1,082

 

 

4,674

 

 

5,243

Other expense, net

 

24

 

 

26

 

 

104

 

 

83

Unallocated hotel and property operations expense

 

74

 

 

135

 

 

227

 

 

364

Hotel EBITDA

$

5,267

 

$

6,053

 

$

26,176

 

$

27,638

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

14,306

 

$

15,082

 

$

61,052

 

$

65,057

JV revenue

 

2,041

 

 

1,923

 

 

10,133

 

 

9,510

Total Company and JV revenue

$

16,347

 

$

17,005

 

...
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