BETHESDA, Md.–(BUSINESS WIRE)–Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results of operations for the first quarter 2021.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
- Portfolio Revenue Per Available Room (RevPAR): The 15 hotels Same-Store RevPAR in the first quarter 2021 decreased 33.1% to $53.16 compared to the first quarter 2020. Same-Store Average Daily Rate (ADR) decreased 28.1% to $89.41 and Same-Store occupancy decreased 7.1% to 59.46% in the first quarter 2021 compared to the same period in 2020. April 2021 RevPAR was $73.80 based on an occupancy of 70.6% and a $104.56 ADR.
- Net Loss: Net Loss Attributable to Common Shareholders was ($2.4) million or ($0.20) per diluted share in the first quarter 2021 compared to ($3.2) million or ($0.27) per diluted share for the same period in 2020.
- Adjusted EBITDAre*: Adjusted EBITDAre decreased in the first quarter 2021 69.0% to $0.8 million from $2.7 million for the same period in 2020.
- Adjusted Funds from Operations*: Adjusted Funds from Operations decreased $2.4 million in the first quarter 2021 to ($1.3) million or ($0.11) per diluted share compared to $1.1 million or $0.09 per diluted share in the same period in 2020.
- Same-Store Hotel EBITDA*: Same-Store Hotel EBITDA was $2.0 million in the first quarter 2021, a decrease of 50.9% from the same period in 2020. Margin contracted 690 bps to 20.7% in the first quarter 2021 compared to 27.6% in the same period in 2020.
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented: “The hospitality industry including Condor has faced unprecedented challenges appearing in the first quarter 2020 brought by the COVID-19 pandemic and the resulting near evaporation of demand. Beginning in March of 2020 Condor acted quickly to substantially reduce portfolio operating expenses, reduce corporate overhead and enhance our sales efforts to capture more than our fair share of greatly reduced demand. Our hotel portfolio returned to positive cash flow beginning in May 2020 and has remained positive throughout the remainder of 2020 and the first quarter of 2021. We undertook steps to enhance liquidity including the successful completion of an amendment to our credit facility providing important covenant compliance deferrals and access to $13.4 million of revolving credit availability through the January 2023 extended maturity.
In the first quarter 2021 our portfolio continued outperforming, as compared to the overall industry which recorded 34.3% RevPAR declines nationally in the upscale chain scale as reported by Smith Travel Research, and our select service public REIT peer group, by having one of the lowest first quarter RevPAR decline compared to the same period in 2020 and at 20.7% one of the highest hotel portfolio EBITDA margins. When eliminating the two Aloft hotels and the Indigo hotel in our portfolio which have larger food and beverage platforms the modified portfolio proforma margins increased to 26.9%. Seasonal lower demand early in the first quarter changed considerably in later February with increased leisure travel driving the portfolio occupancy to 59.5% and the portfolio is positioned to enjoy benefits from the continuing increase leisure demand that we are currently experiencing and that we expect into second quarter 2021 having achieved a 70.6% portfolio occupancy for the month of April 2021. We anticipate that business travel led initially by local business demand, and then regional demand, will begin late in the second quarter and improve over the remainder of 2021.
As a result of a lender that acquired the loan on our Leawood hotel late in December 2020 refusing to grant a financial covenants waiver for the fourth quarter 2020 that was granted by the previous lender for the first three quarters of 2020, the Company’s auditor issued an audit opinion with a going concern qualification. This waiver refusal on a technical covenant on a loan where all payments are current occurred in the midst of an environment where industry practice has lenders granting such waivers so as a result the Company is underway with a process to identify alternatives to refinance the loan.”
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Condor Hospitality Trust |
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Selected Statistical and Financial Data |
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As of and for the three months ended March 31, |
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(in thousands except statistical and per share amounts) |
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(Unaudited) |
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Three months ended March 31, |
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2021 |
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2020 |
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Net Loss |
$ |
(2,187) |
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$ |
(3,025) |
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Diluted Earnings (Loss) per Share |
$ |
(0.20) |
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$ |
(0.27) |
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Adjusted EBITDAre* |
$ |
846 |
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$ |
2,725 |
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Hotel EBITDA – Same-Store* |
$ |
1,996 |
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$ |
4,067 |
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Hotel EBITDA Margin – Same-Store* |
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20.7% |
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27.6% |
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Adjusted FFO* |
$ |
(1,326) |
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$ |
1,049 |
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Adjusted FFO per Diluted Share* |
$ |
(0.11) |
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$ |
0.09 |
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Same-Store RevPAR* |
$ |
53.16 |
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$ |
79.50 |
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Same-Store Occupancy* |
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59.46% |
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63.97% |
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Same-Store ADR* |
$ |
89.41 |
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$ |
124.28 |
The following table summarizes key hotel statistics during the first quarter of 2021, amid the COVID-19 pandemic, compared to the first quarter of 2020:
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January |
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February |
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March |
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Three Months |
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January |
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February |
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March |
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Three Months |
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Same-Store ADR* |
$ |
84.88 |
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$ |
88.31 |
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$ |
93.51 |
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$ |
89.41 |
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$ |
123.34 |
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$ |
127.06 |
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$ |
120.91 |
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$ |
124.28 |
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Same-Store Occupancy* |
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51.42% |
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56.37% |
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70.29% |
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59.46% |
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71.89% |
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79.40% |
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41.58% |
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63.97% |
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Same-Store RevPAR* |
$ |
43.64 |
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$ |
49.77 |
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$ |
65.73 |
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$ |
53.16 |
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$ |
88.67 |
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$ |
100.89 |
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$ |
50.27 |
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$ |
79.50 |
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Hotel EBITDA – Same-Store* |
$ |
299 |
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$ |
532 |
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$ |
1,165 |
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$ |
1,996 |
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$ |
1,702 |
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$ |
2,244 |
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$ |
121 |
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$ |
4,067 |
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Hotel EBITDA Margin – Same-Store* |
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11.0% |
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18.9% |
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28.4% |
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20.7% |
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30.3% |
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37.7% |
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3.8% |
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27.6% |
*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 are open with expanded and repetitive health and sanitation measures in place. The Company in 2020 had closed 2 of its hotels in April but resumed full operations in July.
- Enhanced Asset Management Efforts: The Company working together with its third-party management companies has expanded sales efforts to include COVID-19 specific 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 each month from May 2020 through the end of March 2021 and our RevPAR penetration index has remained above 100% fair share averaging 108.9% for the first quarter 2021 compared to 111.3% the same quarter in the previous year.
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May |
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June |
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July |
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August |
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September |
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October |
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November |
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December |
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January |
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February |
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March |
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Hotel EBITDA |
$ |
14 |
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$ |
438 |
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$ |
385 |
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$ |
772 |
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$ |
405 |
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$ |
701 |
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$ |
180 |
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$ |
164 |
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$ |
299 |
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$ |
532 |
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$ |
1,165 |
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January |
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February |
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March |
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Q1 2020 |
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January |
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February |
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March |
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Q1 2021 |
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Hotel RevPAR Penetration Index |
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117.1% |
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110.1% |
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102.5% |
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111.3% |
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111.2% |
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103.2% |
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109.3% |
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108.9% |
CASH BURN BEFORE CAPITAL EXPENDITURES
The Company had a first quarter 2021 cash burn of $1.4 million compared to $1.4 million in the third quarter and $2.1 million in the fourth quarter 2020. The majority of the cash burn was in the initial 60 days with March achieving breakeven before non-recurring expenses. The cash burn analysis includes $0.2 million of principal amortization for the quarter.
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(in thousands) |
Three months ended |
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One month ended |
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Hotel EBITDA |
$ |
1,996 |
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$ |
1,165 |
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Less: recurring general and administrative expense, excluding stock compensation expense |
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(1,111) |
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(377) |
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Less: unallocated hotel and property operations expense |
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(31) |
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(4) |
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Adjusted Corporate EBITDA |
$ |
854 |
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$ |
784 |
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Less: debt service costs |
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(2,210) |
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(771) |
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Cash burn |
$ |
(1,356) |
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$ |
13 |
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 March 31, 2021, the Company had cash and cash equivalents (including restricted cash) of $7.7 million and available revolver borrowing capacity of $10.2 million. As of March 31, 2021, the Company had total outstanding long-term debt of $169.7 million associated with assets held for use with a weighted average maturity of 1.9 years and a weighted average interest rate of 3.79%.
CAPITAL INVESTMENTS
The Company invested $0.3 million in capital improvements throughout the portfolio in the three months ended March 31, 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 is not currently permitted to pay cash dividends pursuant to the terms of its credit facility.
EARNINGS CALL
The Company will not be conducting a first quarter earnings conference call.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. The Company currently owns 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 |
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Consolidated Balance Sheets |
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(In thousands, except share and per share data) |
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As of |
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March 31, 2021 |
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December 31, 2020 |
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Assets |
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Investment in hotel properties, net |
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$ |
263,506 |
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$ |
265,831 |
Cash and cash equivalents |
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3,485 |
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3,686 |
Restricted cash, property escrows |
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4,228 |
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3,794 |
Accounts receivable, net |
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1,092 |
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|
652 |
Prepaid expenses and other assets |
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|
956 |
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|
1,230 |
Total Assets |
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$ |
273,267 |
|
$ |
275,193 |
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Liabilities and Equity |
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Liabilities |
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Accounts payable, accrued expenses, and other liabilities |
|
$ |
5,945 |
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$ |
5,372 |
Dividends and distributions payable |
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|
924 |
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|
762 |
Land option liability |
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8,497 |
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8,497 |
Derivative liabilities, at fair value |
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|
744 |
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|
880 |
Convertible debt, at fair value |
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15,022 |
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16,875 |
Long-term debt, net of deferred financing costs |
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|
168,111 |
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|
166,526 |
Total Liabilities |
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199,243 |
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|
198,912 |
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Equity |
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Shareholders’ Equity |
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Preferred stock, 40,000,000 shares authorized: |
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6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $10,174 and $10,012 |
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10,050 |
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10,050 |
Common stock, $.01 par value, 200,000,000 shares authorized; 12,019,769 and 12,014,743 shares outstanding |
|
|
120 |
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|
120 |
Additional paid-in capital |
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|
233,425 |
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|
233,332 |
Accumulated deficit |
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|
(169,613) |
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(167,263) |
Total Shareholders’ Equity |
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73,982 |
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|
76,239 |
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $15 and $17 |
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|
42 |
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|
42 |
Total Equity |
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74,024 |
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|
76,281 |
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Total Liabilities and Equity |
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$ |
273,267 |
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$ |
275,193 |
Condor Hospitality Trust, Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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(In thousands, except per share data) |
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Three months ended March 31, |
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2021 |
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2020 |
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Revenue |
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Room rentals and other hotel services |
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$ |
9,644 |
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$ |
13,227 |
Operating Expenses |
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|
|
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Hotel and property operations |
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|
7,679 |
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|
9,815 |
Depreciation and amortization |
|
|
2,643 |
|
|
2,710 |
General and administrative |
|
|
1,260 |
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|
1,193 |
Strategic alternatives, net |
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|
40 |
|
|
144 |
Total operating expenses |
|
|
11,622 |
|
|
13,862 |
Operating loss |
|
|
(1,978) |
|
|
(635) |
Net loss on disposition of assets |
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(3) |
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|
(9) |
Equity in earnings of joint venture |
|
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– |
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|
80 |
Net gain (loss) on derivatives and convertible debt |
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1,988 |
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(759) |
Other income (expense), net |
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42 |
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(28) |
Interest expense |
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(2,209) |
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|
(1,980) |
Loss before income taxes |
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(2,160) |
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(3,331) |
Income tax benefit (expense) |
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(27) |
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|
306 |
Net loss |
|
|
(2,187) |
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|
(3,025) |
Loss attributable to noncontrolling interest |
|
|
– |
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|
1 |
Net loss attributable to controlling interests |
|
|
(2,187) |
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|
(3,024) |
Dividends declared and undeclared on preferred stock |
|
|
(163) |
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|
(145) |
Net loss attributable to common shareholders |
|
$ |
(2,350) |
|
$ |
(3,169) |
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Earnings (Loss) per Share |
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Total – Basic Earnings (Loss) per Share |
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$ |
(0.20) |
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$ |
(0.27) |
Total – Diluted Earnings (Loss) per Share |
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$ |
(0.20) |
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$ |
(0.27) |
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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 months ended March 31, 2021 and 2020. (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.
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Three months ended March 31, |
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Reconciliation of Net loss to FFO and AFFO |
2021 |
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2020 |
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Net loss |
$ |
(2,187) |
|
$ |
(3,025) |
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Depreciation and amortization expense |
|
2,643 |
|
|
2,710 |
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Depreciation and amortization expense from JV |
|
– |
|
|
145 |
|
Net loss on disposition of assets |
|
3 |
|
|
9 |
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FFO |
|
459 |
|
|
(161) |
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Dividends declared and undeclared on preferred stock |
|
(163) |
|
|
(145) |
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FFO attributable to common shares and common units |
|
296 |
|
|
(306) |
|
Net (gain) loss on derivatives and convertible debt |
|
(1,988) |
|
|
759 |
|
Strategic alternatives expense, net |
|
40 |
|
|
144 |
|
Stock-based compensation expense |
|
99 |
|
|
84 |
|
Amortization of deferred financing fees |
|
227 |
|
|
275 |
|
Amortization of deferred financing fees from JV |
|
– |
|
|
93 |
|
AFFO attributable to common shares and common units |
$ |
(1,326) |
|
$ |
1,049 |
|
|
|
|
|
|
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FFO attributable to common shares and common units – Basic |
$ |
296 |
|
$ |
(306) |
|
2020 Note interest and fair value adjustments |
|
(1,593) |
|
|
– |
|
FFO attributable to common shares and common units – Diluted |
$ |
(1,297) |
|
$ |
(306) |
|
|
|
|
|
|
|
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FFO per common share and common unit – Basic |
$ |
0.02 |
|
$ |
(0.03) |
|
FFO per common share and common unit – Diluted |
$ |
(0.08) |
|
$ |
(0.03) |
|
|
|
|
|
|
|
|
Weighted average common shares and common units – Basic FFO |
|
11,996,576 |
|
|
11,955,628 |
|
Weighted average common shares and common units – Diluted FFO |
|
16,023,217 |
|
|
11,955,628 |
|
|
|
|
|
|
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AFFO attributable to common shares and common units – Basic and Diluted |
$ |
(1,326) |
|
$ |
1,049 |
|
|
|
|
|
|
|
|
AFFO per common share and common unit – Basic |
$ |
(0.11) |
|
$ |
0.09 |
|
AFFO per common share and common unit – Diluted |
$ |
(0.11) |
|
$ |
0.09 |
|
|
|
|
|
|
|
|
Weighted average common shares and common units – Basic AFFO |
|
11,996,576 |
|
|
11,955,628 |
|
Weighted average common shares and common units – Diluted AFFO |
|
11,996,576 |
|
|
11,963,762 |
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 months ended March 31, 2021 and 2020 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV.
|
|
|
|
|
|
|
|
Three months ended March 31, |
|||||
Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA |
2021 |
|
2020 |
|||
Net loss |
$ |
(2,187) |
|
$ |
(3,025) |
|
Interest expense |
|
2,209 |
|
|
1,980 |
|
Interest expense from JV |
|
– |
|
|
225 |
|
Income tax expense (benefit) |
|
27 |
|
|
(306) |
|
Depreciation and amortization expense |
|
2,643 |
|
|
2,710 |
|
Depreciation and amortization expense from JV |
|
– |
|
|
145 |
|
EBITDA |
|
2,692 |
|
|
1,729 |
|
Net loss on disposition of assets |
|
3 |
|
|
9 |
|
EBITDAre |
|
2,695 |
|
|
1,738 |
|
Net loss (gain) on derivatives and convertible debt |
|
(1,988) |
|
|
759 |
|
Stock-based compensation expense |
|
99 |
|
|
84 |
|
Strategic alternatives, net |
|
40 |
|
|
144 |
|
Adjusted EBITDAre |
|
846 |
|
|
2,725 |
|
General and administrative expense, excluding stock compensation expense |
|
1,161 |
|
|
1,109 |
|
Other (income) expense, net |
|
(42) |
|
|
28 |
|
Unallocated hotel and property operations expense |
|
31 |
|
|
94 |
|
Hotel EBITDA |
$ |
1,996 |
|
$ |
3,956 |
|
|
|
|
|
|
|
|
Revenue |
$ |
9,644 |
|
$ |
13,227 |
|
JV revenue |
|
– |
|
|
1,218 |
|
Condor and JV revenue |
$ |
9,644 |
|
$ |
14,445 |
|
Hotel EBITDA as a percentage of revenue |
|
20.7% |
|
|
27.4% |
|
|
|
|
|
Three months ended March 31, |
||
Reconciliation of Hotel EBITDA to Hotel EBITDA Proforma |
2021 |
||
Hotel EBITDA |
$ |
1,996 |
|
Less: Proforma Property Exclusions |
|
10 |
|
Hotel EBITDA Proforma** |
$ |
2,006 |
|
|
|
|
|
Total Company and JV revenue |
$ |
9,644 |
|
Less: Proforma Property Exclusions |
|
(2,185) |
|
Hotel Revenue Proforma** |
$ |
7,459 |
|
Proforma Margin |
|
26.9% |
|
**Proforma amounts do not include results for full service food and beverage properties, Atlanta Aloft, Leawood Aloft, and College Park Hotel Indigo |
Contacts
Jill Burger
Interim Chief Financial Officer and Chief Accounting Officer
[email protected]
(402) 316-1012