Condor Hospitality Trust (CDOR) Misses Q4 EPS by 1c, Revenues Miss

Condor Hospitality Trust (NYSE: CDOR) reported Q4 EPS of ($0.10), $0.01 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $15.1 million versus the consensus estimate of $16.29 million.

• Revenue of $65.1 million in Fiscal Year 2018, a 17.3% Increase Over $55.5 million of Revenue in Fiscal Year 2017
• Revenue of $15.1 million, Comprised of $14.9 million from New Investment Platform Hotels and $0.2 million from Legacy Hotels, a 1% Decrease to Revenue of $15.3 million, Comprised of $12.8 million from New Investment Platform Hotels and $2.5 million from Legacy Hotels, in Last Year’s Fourth Quarter
• Same-Store RevPAR for the New Investment Platform Hotels Increased 1.9% and 2.6% in the Fourth Quarter and Full Year 2018, Respectively
• Net Earnings Attributable to Common Shareholders of $4.8 million, or $0.40 per Diluted Share, as Compared to a Net Loss of ($9.4) million, or ($1.00) per share, in Last Fiscal Year
• Adjusted Funds from Operations Increased to $12.2 million, or $1.02 per Diluted Share, a 4.1% per share Increase from $9.8 million, or $0.98 per Diluted Share, as Compared to Last Fiscal Year
• Hotel EBITDA Increased to $27.6 million from $22.0 million, a 25.9% Increase Over Last Fiscal Year
• Adjusted EBITDAre Increased to $21.9 million from $16.2 million, a 35.7% Over Last Fiscal Year

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

“On September 27, 2018, Condor initiated a process to evaluate strategic alternatives to enhance shareholder value. Until the conclusion of this process, Condor is suspending the issuance of earnings guidance and the holding of earnings conference calls. The Quality Inn Solomons Island remains under contract for sale and has an expected closing in the first quarter of 2019; there can be no guarantee that this planned disposition will close. This final legacy asset sale will bring the total number of legacy assets sold to 55 since Condor launched the strategic repositioning of its portfolio in 2015. The New Investment Platform continued to perform well relative to our competitive sets and our publicly traded select-service peer group in terms of RevPAR change and operating margins.”

For earnings history and earnings-related data on Condor Hospitality Trust (CDOR) click here.

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