Condor Hospitality Trust Reports 2016 Third Quarter Results

BETHESDA, Md., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the "Company") today announced results for the third quarter ended September 30, 2016. 

"We achieved significant progress in the strategic repositioning of Condor once again in the third quarter of 2016 with the closing of the joint venture to acquire the Atlanta Aloft Downtown, the announcement of a purchase contract to acquire the Aloft Leawood/Overland Park, and the sale of seven legacy assets, including three subsequent to quarter-end," said Bill Blackham, Condor's Chief Executive Officer.  "Moreover, despite the reduction of our portfolio from 45 hotels as of September 30, 2015 to 28 hotels as of September 30, 2016 and a decline of $9.1 million in Net Income mainly due to nonrecurring items, Adjusted EBITDA was significantly less impacted than might otherwise be expected as a result of the larger contribution and increased profitability of our new investment platform hotels.  In fact, our new investment platform hotels achieved 6.4% RevPAR growth for the nine months ended September 30, 2016, greatly exceeding industry-average RevPAR growth," Blackham continued.

2016 Third Quarter HighlightsThe Company maintained the positive momentum of its strategic repositioning in the third quarter of 2016.  The Company closed the joint venture to acquire the Aloft Atlanta Downtown, announced the purchase contract to acquire the Aloft Leawood/Overland Park, closed on the disposition of seven non-core hotels both in the quarter and subsequent to quarter-end, and increased its common dividend.  These important accomplishments are further detailed below.

Revenue and Net Earnings:  Condor's third quarter 2016 revenue from continuing operations was $13.5 million compared to $15.9 million in the same 2015 period.  Revenue from newly acquired properties for the third quarter totaled $3.0 million which was offset by revenue declines from properties considered held for sale or sold of $5.0 million for the same period.  Third quarter net earnings attributable to common shareholders was $1.8 million, or $0.37 per basic and $0.06 per diluted share, compared to net earnings of $10.3 million, or $2.09 per basic and $0.13 per diluted share for the same 2015 period, which included a substantial $7.9 million noncash derivative gain.   

Common Dividend Increase: On September 15, 2016, the Board of Directors declared a common stock dividend of $0.03 per share related to the third quarter, a $0.02 per share increase over the dividend announced on July 11, 2016 related to the second quarter.  The third quarter dividend was paid on October 12, 2016 to shareholders of record on September 29, 2016.  The third quarter dividend represents the second consecutive quarterly dividend for the Company since declaring a dividend for the first time since 2009.  Although the Board of Directors will evaluate the Company's dividend policy on a quarterly basis, it believes that the new common dividend level is sustainable.

Closed Joint Venture Acquisition of the Aloft Atlanta Downtown: On August 23, 2016, the Company announced the closing of the joint venture acquisition of the 254-room Aloft Atlanta located in downtown Atlanta at 300 Spring Street NW, Atlanta, GA 30308. Condor entered into a joint venture agreement with Three Wall Capital to acquire the hotel. Through its operating partnership subsidiary, Condor owns 80% of the joint venture with Three Wall Capital owning the remaining 20%. The purchase price for the hotel was $43,550,000. The hotel will be managed by Boast Hotel Management Company, LLC, an affiliate of Three Wall Capital.

Announced Purchase Contract to Acquire the Aloft Leawood/Overland Park:  On August 31, 2016, the Company announced that it executed an agreement to purchase the 156-room Aloft Leawood/Overland Park located within Park Place Village at 11620 Ash Street, Leawood, KS, 66211.  The purchase price for the hotel is $22,500,000.  The hotel will be managed by Presidian Hotels and Resorts.  The closing of the acquisition of the hotel is anticipated to occur in the fourth quarter of 2016, but is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.

7 Non-Core Assets Sold: In the third quarter of 2016, the Company continued to successfully dispose of legacy assets at what it believes are attractive valuations.  In addition to the 11 hotels sold in the first and second quarters of 2016 with gross proceeds totaling $26.0 million, the Company sold four assets in the third quarter resulting in $8.8 million of gross proceeds.  Subsequent to the close of the third quarter, the Company closed on the sale of three additional assets resulting in $8.6 million of gross proceeds.  Thus, year-to-date as of the time of this press release, the Company has sold 18 legacy assets totaling $43.4 million in gross proceeds. The Company plans to dispose a total of 22 legacy hotels, including the aforementioned 18 closed dispositions, in 2016 and will utilize the net proceeds to continue to strategically reposition the portfolio.

Summary Financial Results

Revenue:  Condor's third quarter 2016 revenue from continuing operations was $13.5 million compared to $15.9 million in the same 2015 period. Condor's year-to-date 2016 revenue from continuing operations was $40.2 million compared to $45.3 million in the same 2015 period.  Revenue from newly acquired properties in the three months and nine months ended September 30, 2016 totaled $3.0 million and $9.5 million, respectively, which was offset by revenue declines from properties considered held for sale or sold of $5.0 million and $14.2 million, respectively, for these same 2015 periods.

Net Earnings:  Third quarter net earnings attributable to common shareholders was $1.8 million, or $0.37 per basic and $0.06 per diluted share, compared to net earnings of $10.3 million, or $2.09 per basic and $0.13 per diluted share for the same 2015 period, which included a substantial $7.9 million noncash derivative gain.  Year-to-date net loss attributable to common shareholders was ($1.5) million, or ($0.31) per basic and diluted share compared to $6.1 million, or $1.25 per basic and ($0.02) per diluted share for the same 2015 period.  The year-to-date 2016 results include dividends declared and undeclared and in kind distributions to preferred shareholders of $19.8 million which increased considerably over $2.7 million in the same period in 2015 as a result of the preferred stock redemptions and transactions in 2016. Increased gains on the sale of assets, decreased net gain on derivatives and convertible debt, and differences in impairment charges also drove the differences in net income between the periods.

RevPAR: For the third quarter, Revenue per Available Room ("RevPAR") for the four hotels considered the new investment platform hotels (includes the three hotels acquired in 2015 and the Hilton Garden Inn acquired in 2012) increased to $81.56 from $80.89 for the same period in 2015 (comparable operating results given for these hotels include results prior to the Company's ownership based on information obtained from the prior owners).  The increase is attributable to a 4.8% increase in Average Daily Rate ("ADR") over the same period 2015, partially offset by a decline in occupancy.  ADR rose to $115.25 for the third quarter 2016 as compared to $109.93 for the same period in 2015.  Occupancy declined to 70.77% for the third quarter 2016 as compared to 73.58% for the same period in 2015. 

For the nine months ended September 30, 2016, RevPAR increased 6.4% to $84.80 as compared to $79.72 for the same period in 2015 for these new investment platform hotels.  The Company owned only one of the new investment platform hotels for the full respective same periods in 2015 and believes the increase in RevPAR across the new investment platform hotels is indicative of the Company's ability to effectively monitor its third party operators and identify intensive asset management strategies to achieve enhanced performance.

For the third quarter, RevPAR for the 13 same-store hotels not considered held for sale at September 30, 2016 declined 5.8% from the same period in 2015 to $54.93.  The decrease is attributable to a 3.5% reduction in occupancy to 70.43%, while ADR decreased by 2.4% to $77.99.  For the nine months ended September 30, 2016, RevPAR for the 13 same-store hotels not considered held for sale at September 30, 2016 declined 3.4% to $49.63.  The decrease is attributable to a 6.3% reduction in occupancy to 64.47%, which was partially offset by a 3.1% increase in ADR to $76.98.  In our legacy hotel portfolio, the decreases in occupancy between the periods were driven by market challenges facing these hotels as a result of declines in the oil and gas, rail, and fracking industries. Despite these occupancy challenges, the Company has focused on increasing ADR to improve profitability as is evident in the year-to-date ADR increase.

Funds From Operations (FFO) and Adjusted Funds from Operations (AFFO):  FFO for the three months ended September 30, 2016 decreased to $1.1 million as compared to $9.8 million for the same period prior year. FFO for the nine months ended September 30, 2016 decreased to $7.8 million as compared to $12.3 million for the same period prior year. These decreases in FFO were primarily driven by a decrease in net gains on derivatives and convertible debt which decreased by $7.9 million between the third quarter periods and $1.7 million between the year-to-date periods.  Adjusted Funds from Operations for the third quarter was $0.5 million as compared to $1.4 million for the same period in 2015.  The decline in Adjusted Funds from Operations was primarily driven by lower revenues as a result of continued asset sales throughout 2016. 

EBITDA and Adjusted EBITDA: EBITDA for the three months ended September 30, 2016 decreased to $6.1 million as compared to $14.3 million for the same period prior year.  EBITDA for the nine months ended September 30, 2016 increased to $28.5 million as compared to $17.8 million for the same period prior year.  The decrease in EBITDA for the three months ended September 30, 2016 was primarily driven by a decrease in net gains on derivatives and convertible debt which decreased by $7.9 million between the third quarter periods.  The increase in EBITDA between the year-to-date periods was primarily driven by a $12.0 million increase in net gains on the disposition of assets.  Adjusted EBITDA for the three months ended September 30, 2016 decreased to $3.2 million as compared to $3.5 million for the same period prior year.  The decline in Adjusted EBITDA was primarily driven by lower revenues as a result of continued asset sales throughout 2016.

Capital Reinvestment:  The Company invested $0.9 million and $2.8 million in capital improvements throughout the portfolio in the three and nine months ended September 30, 2016, respectively, to upgrade its properties and maintain brand standards.

Balance Sheet:  The Company had cash and cash equivalents (including restricted cash) and available revolver of $14.8 million and $1.6 million, respectively, at September 30, 2016.  As of September 30, 2016, the Company had total outstanding long-term debt of $64.4 million, with $53.4 million associated with assets held for use with a weighted average maturity of 2.3 years and a weighted average interest rate of 5.21%.

Dividends:  The Board of Directors declared a common stock dividend of $0.03 per share for the third quarter that was paid on October 12, 2016 to shareholders of record on September 29, 2016.  The third quarter dividend is a $0.02 per share increase over the common stock dividend declared and paid for the second quarter, which was the first common stock dividend declared and paid by the Company since 2009.  Although the Board of Directors will evaluate the Company's dividend policy on a quarterly basis, it believes that the new common dividend level is sustainable.  Additionally, the Company declared the third quarter regular dividend of $0.15625 per share payable on September 30, 2016 to its 6.25% Series D preferred stock shareholders. 

Subsequent Events

Dispositions: The Company sold the 60-room Comfort Inn in Glasgow, Kentucky on October 14, 2016 for gross proceeds of $2.4 million, the 86-room Days Inn in Sioux Falls, South Dakota on November 3, 2016 for gross proceeds of $2.1 million, and the 76-room Comfort Inn located in Shelby, North Carolina on November 7, 2016 for gross proceeds of $4.1 million.  After repayment of the associated loans, net proceeds from these sales will be used to fund future acquisitions and for general corporate purposes.

Outlook

"The third quarter of 2016 was an exciting quarter for Condor Hospitality that marked significant milestones with regards to the repositioning of the portfolio, including entering into the Atlanta Aloft Downtown joint venture and the continued disposition of legacy assets at what we believe are attractive valuations.  Additionally, for the nine months ended September 30, 2016, our new investment platform hotels outperformed expectations with 6.4% RevPAR growth over the same period last year," said Jonathan Gantt, Condor's Chief Financial Officer. "We believe the result of our efforts continue to create shareholder value, as evidenced by the increase to our common dividend."

About Condor Hospitality Trust, Inc.Condor Hospitality Trust, Inc. (NASDAQ: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.  The Company currently owns 25 hotels in 12 states.  Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott/Starwood, and InterContinental Hotels.

SELECTED FINANCIAL DATA:
Condor Hospitality Trust, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited - In thousands, except share and per share data)
             
      As of
    September 30,   December 31,
    2016   2015
             
Assets            
Investment in hotel properties, net   $   92,034     $   93,794  
Investment in unconsolidated joint venture       9,226         -  
Cash and cash equivalents       11,355         4,870  
Restricted cash, property escrows       3,490         3,776  
Accounts receivable, net of allowance for doubtful accounts of $11 and $10       1,297         1,169  
Prepaid expenses and other assets       2,473         1,832  
Investment in hotel properties held for sale, net       19,089         36,905  
Total Assets   $   138,964     $   142,346  
             
Liabilities and Equity            
             
Liabilities            
Accounts payable, accrued expenses, and other liabilities   $   6,796     $   5,419  
Derivative liabilities, at fair value       190         8,759  
Convertible debt, at fair value       1,236         -  
Long-term debt, net of deferred financing costs       52,683         55,776  
Long-term debt related to hotel properties held for sale, net of deferred financing costs       10,900         30,235  
Total Liabilities       71,805         100,189  
             
Redeemable preferred stock:            
10% Series B, 800,000 shares authorized; $.01 par value, 332,500 shares outstanding, liquidation preference of $10,182 at December 31, 2015       -         7,662  
             
Equity            
Shareholders' equity            
Preferred stock,  40,000,000 shares authorized:            
8% Series A, 2,500,000 shares authorized, $.01 par value, 803,270 shares outstanding, liquidation preference of $9,485 at December 31, 2015       -         8  
6.25% Series C, 3,000,000 shares authorized, $.01 par value, 3,000,000 shares outstanding, liquidation preference of $34,492 at December 31, 2015       -         30  
6.25% Series D, 6,700,000 shares authorized, $.01 par value, 6,245,156 shares outstanding, liquidation preference of $62,452 at September 30, 2016       61,335         -  
Common stock, $.01 par value, 200,000,000 shares authorized; 4,952,190 and 4,941,878 shares outstanding       49         49  
Additional paid-in capital       118,580         138,387  
Accumulated deficit       (115,440 )       (105,858 )
Total Shareholders' Equity       64,524         32,616  
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $1,819 and $1,197       2,635         1,879  
Total Equity       67,159         34,495  
             
Total Liabilities and Equity   $   138,964     $   142,346  

Condor Hospitality Trust, Inc. Consolidated Statements of Operations (Unaudited - In thousands, except per share data)
             
    Three months ended September 30,   Nine months ended September 30,
    2016   2015   2016   2015
Revenue                        
Room rentals and other hotel services   $   13,519     $   15,895     $   40,177     $   45,320  
Operating Expenses                        
Hotel and property operations       9,452         11,076         29,052         32,971  
Depreciation and amortization       1,398         1,099         4,096         3,836  
General and administrative       1,367         1,451         4,092         4,183  
Acquisition and terminated transactions       228         177         375         194  
Terminated equity transactions       -         180         -         180  
Total operating expenses       12,445         13,983         37,615         41,364  
Operating income       1,074         1,912         2,562         3,956  
Net gain on disposition of assets       3,591         2,927         15,814         2,801  
Equity in loss of joint venture       (54 )       -         (54 )       -  
Net gain on derivatives and convertible debt       26         7,895         6,305         8,008  
Other income (expense)       85         (4 )       87         122  
Interest expense       (1,127 )       (1,137 )       (3,704 )       (4,194 )
Loss on debt extinguishment       (399 )       (104 )       (1,548 )       (111 )
Impairment recovery (loss)       (343 )       313         (1,257 )       (3,517 )
Earnings from continuing operations before income taxes       2,853         11,802         18,205         7,065  
Income tax expense       -         -         -         -  
Earnings from continuing operations       2,853         11,802         18,205         7,065  
Gain from discontinued operations, net of tax       -         152         678         2,440  
Net earnings       2,853         11,954         18,883         9,505  
Earnings attributable to noncontrolling interest       (61 )       (724 )       (628 )       (721 )
Net earnings attributable to controlling interests       2,792         11,230         18,255         8,784  
Dividends declared and undeclared and in kind dividends deemed on preferred stock       (976 )       (914 )       (19,773 )       (2,707 )
Net earnings (loss) attributable to common shareholders   $   1,816     $   10,316     $   (1,518 )   $   6,077  
                         
Earnings per Share                        
Continuing operations - Basic   $   0.37     $   2.06     $   (0.44 )   $   0.79  
Discontinued operations - Basic       -         0.03         0.13         0.46  
Total - Basic Earnings per Share   $   0.37     $   2.09     $   (0.31 )   $   1.25  
                         
Continuing operations - Diluted   $   0.06     $   0.12     $   (0.44 )   $   (0.11 )
Discontinued operations - Diluted       -         0.01         0.13         0.09  
Total - Diluted Earnings per Share   $   0.06     $   0.13     $   (0.31 )   $   (0.02 )
                         

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").  We report Funds from Operations ("FFO"), Adjusted FFO ("AFFO"), Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), Adjusted EBITDA, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers.  Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings (loss) 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 to FFO and AFFO for the three and nine months ended September 30, 2016 and 2015 (in thousands). All amounts presented include both continuing and discontinued operations as well as our portion of the results of our unconsolidated Atlanta JV.
                       
  Three months ended   Nine months ended
  September 30,   September 30,
Reconciliation of Net earnings to FFO and AFFO 2016   2015   2016   2015
Net earnings $   2,853     $   11,954     $   18,883     $   9,505  
Depreciation and amortization expense     1,398         1,099         4,096         3,836  
Depreciation and amortization expense from JV     94         -         94         -  
Net gain on disposition of assets     (3,591 )       (2,926 )       (16,495 )       (4,466 )
Net loss on disposition of assets from JV     1         -         1         -  
Impairment loss (recovery)     343         (313 )       1,257         3,397  
FFO     1,098         9,814         7,836         12,272  
Dividends declared and undeclared and in kind dividends deemed on preferred stock     (976 )       (914 )       (19,773 )       (2,707 )
FFO attributable to common shares and partnership units     122         8,900         (11,937 )       9,565  
Net gain on derivatives and convertible debt     (26 )       (7,895 )       (6,305 )       (8,008 )
Acquisition and terminated transactions expense     228         177         375         194  
Acquisition and terminated transactions expense from JV     224         -         224         -  
Terminated equity transactions     -         180         -         180  
AFFO attributable to common shares and partnership units $   548     $   1,362     $   (17,643 )   $   1,931  

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 computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets.  FFO is calculated both for the Company in total and as FFO attributable to common shares and partnership units, which is FFO excluding preferred stock dividends.  AFFO is FFO attributable to common shares and partnership units adjusted to exclude items we do not believe are representative of the results from our core operations, such as non-cash gains or losses on derivative liabilities and convertible debt and cash charges for acquisition 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 and AFFO to be useful additional measures of performance for an equity REIT because they facilitate 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 and AFFO provide a meaningful indication of our performance.

EBITDA, Adjusted EBITDA, and Hotel EBITDA

The following table reconciles net earnings to EBITDA, Adjusted EBITDA, and Hotel EBITDA for the three and nine months ended September 30, 2016 and 2015 (in thousands). All amounts presented include both continuing and discontinued operations as well as our portion of the results of our unconsolidated Atlanta JV.
                       
  Three months ended   Nine months ended
  September 30,   September 30,
Reconciliation of Net earnings to EBITDA , Adjusted EBITDA, and Hotel EBITDA 2016   2015   2016   2015
Net earnings $   2,853     $   11,954     $   18,883     $   9,505  
Interest expense     1,127         1,169         3,709         4,386  
Interest expense from JV     191         -         191         -  
Loss on debt extinguishment     399         104         1,548         111  
Income tax expense     -         -         -         -  
Depreciation and amortization expense     1,398         1,099         4,096         3,836  
Depreciation and amortization expense from JV     94         -         94         -  
EBITDA     6,062         14,326         28,521         17,838  
Net gain on disposition of assets     (3,591 )       (2,926 )       (16,495 )       (4,466 )
Net loss on disposition of assets from JV     1         -         1         -  
Impairment loss (recovery)     343         (313 )       1,257         3,397  
Net gain on derivatives and convertible debt     (26 )       (7,895 )       (6,305 )       (8,008 )
Acquisition and terminated transactions expense     228         177         375         194  
Acquisition and terminated transactions expense from JV     224         -         224         -  
Terminated equity transactions     -         180         -         180  
Adjusted EBITDA     3,241         3,549         7,578         9,135  
General and administrative expense     1,367         1,451         4,092         4,183  
Other income (expense)     (85 )       4         (87 )       (122 )
Unallocated hotel and property operations expense     113         199         391         376  
Hotel EBITDA $   4,636     $   5,203     $   11,974     $   13,572  
                       
Revenue $   13,519     $   16,421     $   40,183     $   47,846  
JV revenue     1,048         -         1,048         -  
Condor and JV revenue $   14,567     $   16,421     $   41,231     $   47,846  
Hotel EBITDA as a percentage of revenue     32 %       32 %       29 %       28 %

We calculate EBITDA and Adjusted EBITDA by adding back to net earnings 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 interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. In calculating Adjusted EBITDA, we adjust EBITDA to add back net gain/loss on disposition of assets and acquisition and terminated transactions expense, which are cash charges. We also add back impairment and gain or loss on derivatives and convertible debt, which are non-cash charges. Our current calculation of EBITDA varies from that presented in filings prior to the December 31, 2015 Form 10-K as EBITDA was historically calculated based on net earnings attributable to common shareholders with preferred dividends and noncontrolling interest added back only to Adjusted EBITDA.  EBITDA and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

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

The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDA to calculate Hotel EBITDA.  Hotel EBITDA is similar to the non-GAAP measure of Property Operating Income ("POI") presented in filings prior to the September 30, 2016 Form 10-Q except that Hotel EBITDA also excludes the unallocated hotel and property operations expenses previously included in POI.  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.
Condor Hospitality Trust, Inc. Operating Statistics
                               
                               
  Three months ended September 30,
  2016   2015
  Occupancy   ADR   RevPAR   Occupancy   ADR   RevPAR
Same store HFU   70.43 %   $ 77.99   $ 54.93     72.99 %   $ 79.93   $ 58.34
Same store HFS   65.98 %   $ 69.04   $ 45.55     67.13 %   $ 67.18   $ 45.10
Total same store   68.60 %   $ 74.44   $ 51.06     70.57 %   $ 74.92   $ 52.87
                               
October 2015 Acquisitions   69.02 %   $ 114.14   $ 78.78     -     $ -   $ -
Aloft Atlanta JV   78.52 %   $ 146.02   $ 114.66     -     $ -   $ -

                               
  Nine months ended September 30,
  2016   2015
  Occupancy   ADR   RevPAR   Occupancy   ADR   RevPAR
Same store HFU   64.47 %   $ 76.98   $ 49.63     68.79 %   $ 74.67   $ 51.37
Same store HFS   61.61 %   $ 64.96   $ 40.02     66.34 %   $ 64.14   $ 42.55
Total same store   63.29 %   $ 72.16   $ 45.68     67.78 %   $ 70.42   $ 47.73
                               
October 2015 Acquisitions   73.51 %   $ 114.19   $ 83.95     -     $ -   $ -
Aloft Atlanta JV   78.52 %   $ 146.02   $ 114.66     -     $ -   $ -

                     
Condor Hospitality Trust, Inc.  
Property List | As of November  8, 2016  
                     
Current Hotel Portfolio [Excludes Acquisitions as Detailed Below]          
Ref Hotel Name City   State   Rooms   Acquisition Date   Status 1
1 Quality Inn Princeton   WV   50   1/1/1985   HFS
2 Comfort Inn Farmville   VA   50   7/1/1985   HFS
3 Quality Inn Solomons   MD   59   6/1/1986   Hold
4 Key West Inn Key Largo   FL   40   8/1/1987   Hold
5 Quality Inn Morgantown   WV   81   10/1/1996   Hold
6 Comfort Suites Ft. Wayne   IN   127   11/7/2005   Hold
7 Comfort Suites Lafayette   IN   62   11/7/2005   Hold
8 Comfort Inn and Suites Warsaw   IN   71   11/7/2005   Hold
9 Comfort Suites South Bend   IN   135   11/30/2005   Hold
10 Super 8 Billings   MT   106   1/5/2007   Hold
11 Hilton Garden Inn Dowell/Solomons   MD   100   5/25/2012   Hold
12 Comfort Inn New Castle   PA   79   7/1/1987   HFS
13 Comfort Inn Harlan   KY   61   7/1/1993   Hold
14 Savannah Suites Atlanta   GA   164   11/16/2006   Hold
15 Days Inn Bossier City   LA   176   4/4/2007   HFS
16 Super 8 Creston   IA   121   9/19/1978   Hold
17 Comfort Inn Rocky Mount   VA   61   4/1/1989   HFS
18 Days Inn Farmville   VA   59   9/1/1990   HFS
19 Comfort Suites Marion   IN   62   11/7/2005   HFS
20 Supertel Inn/Conference Center Creston   IA   41   6/30/2006   Hold
21 Super 8 Burlington   IA   62   12/30/1986   HFS
  Total         1,767        
                     
Acquisitions | For Period January 1, 2015 - November 8, 2016
Ref Hotel Name City   State   Rooms   Acquisition Date   Purchase Price (in millions)
22 SpringHill Suites San Antonio   TX   116   10/1/2015   $ 17.5  
23 Courtyard by Marriott Flagler Center Jacksonville   FL   120   10/2/2015   $ 14.0  
24 Hotel Indigo College Park   GA   142   10/2/2015   $ 11.0  
25 Atlanta Aloft Downtown Atlanta   GA   254   8/22/2016   $ 43.6  
  Total Acquisitions         632       $ 86.1  
1 | HFS indicates the asset is currently marketed for sale

                     
Dispositions | For Period January 1, 2015 - November 8, 2016
Ref Hotel Name City   State   Rooms   Disposition Date   Gross Proceeds (in millions)
1 Super 8 West Plains   MO   49   1/15/2015   $ 1.5  
2 Super 8 Green Bay   WI   83   1/29/2015   $ 2.2  
3 Super 8 Columbus   GA   74   3/16/2015   $ 0.9  
4 Sleep Inn & Suites Omaha   NE   90   3/19/2015   $ 2.9  
5 Savannah Suites Chamblee   GA   120   4/1/2015   $ 4.4  
6 Savannah Suites Augusta   GA   172   4/1/2015   $ 3.4  
7 Super 8 Batesville   AR   49   4/30/2015   $ 1.5  
8 Days Inn Ashland   KY   63   7/1/2015   $ 2.2  
9 Comfort Inn Alexandria   VA   150   7/13/2015   $ 12.0  
10 Days Inn Alexandria   VA   200   7/13/2015   $ 6.5  
11 Super 8 Manhattan   KS   85   8/28/2015   $ 3.2  
12 Quality Inn Sheboygan   WI   59   10/6/2015   $ 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   11/3/2015   $ 2.6  
17 Savannah Suites Savannah   GA   160   12/22/2015   $ 4.0  
  Total FY2015         1,673       $ 54.7  
18 Super 8 Kirksville   MO   61   1/4/2016   $ 1.5  
19 Super 8 Lincoln   NE   133   1/7/2016   $ 2.8  
20 Savannah Suites Greenville   SC   170   1/8/2016   $ 2.7  
21 Super 8 Portage   WI   61   3/30/2016   $ 2.4  
22 Super 8 O'Neill   NE   72   4/25/2016   $ 1.7  
23 Quality Inn Culpeper   VA   49   5/10/2016   $ 2.2  
24 Super 8 Storm Lake   IA   59   5/19/2016   $ 2.8  
25 Clarion Inn Cleveland   TN   59   5/24/2016   $ 2.2  
26 Super 8 Coralville   IA   84   5/26/2016   $ 3.4  
27 Super 8 Keokuk   IA   61   5/27/2016   $ 2.2  
28 Comfort Inn Chambersburg   PA   63   6/6/2016   $ 2.1  
29 Super 8 Pittsburg   KS   64   8/8/2016   $ 1.6  
30 Super 8 Mount Pleasant   IA   54   9/9/2016   $ 1.9  
31 Quality Inn Danville   KY   63   9/19/2016   $ 2.3  
32 Super 8 Menomonie   WI   81   9/26/2016   $ 3.0  
33 Comfort Inn Glasgow   KY   60   1/1/2008   $ 2.4  
34 Days Inn Airport Sioux Falls   SD   86   1/1/2008   $ 2.1  
35 Comfort Inn Shelby   NC   76   2/1/1989   $ 4.1  
                     
  Total Year to Date 2016         1,356       $ 43.4  
                     
  Total Dispositions         3,029       $ 98.1  
                     

 
Contact:Jonathan J. GanttChief Financial Officer & Senior Vice Presidentjgantt@trustcondor.com(301) 861-3305

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