Stock to Track: Condor Hospitality Trust, Inc. (NYSE:CDOR)

On Friday, Condor Hospitality Trust, Inc. (NYSE:CDOR) shares price traded between $9.35 and $9.78 during the last trading session above/below with -0.55% at $9.69. The shares recorded a trading volume 8,662 shares as compared to its average volume of 15,053 shares.

Condor Hospitality Trust, Inc. (CDOR) recently reported results for the fourth quarter ended December 31, 2018.

FOURTH QUARTER AND FISCAL YEAR 2018 RELEASE FINANCIAL HIGHLIGHTS

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

PORTFOLIO ACTIVITY
The Company’s investment strategy is to assemble a portfolio of premium-branded, select-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on MSAs ranked between 20 to 60. Since restarting its portfolio transformation in 2015, the Company has purchased 14 high-quality select-service hotels representing 1,808 rooms in its target markets for a total purchase price of about $277M. Additionally, during this time, the Company has sold 54 legacy assets for a total gross sales price of about $166M.

Acquisitions
During the fourth quarter of 2018, the Company did not acquire any hotels.

Dispositions
The Company’s final legacy hotel is presently under contract for sale.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of December 31, 2018, the Company had cash and cash equivalents (including restricted cash) of $9.2M and accessible revolver borrowing capacity of $7.4M. As of December 31, 2018, the Company had total outstanding long-term debt of $138M associated with assets held for use with a weighted average maturity of 2.1 years and a weighted average interest rate of 5.15%.

During the fourth quarter of 2018, the Company did not sell any shares of ordinary stock under the ATM program.

CAPITAL INVESTMENTS
The Company invested $2.0M in capital improvements throughout the portfolio in the twelve months ended December 31, 2018, to upgrade its properties and maintain brand standards.

OUTLOOK AND GUIDANCE
Due to the pursuit of Planned Alternatives, the Company has suspended guidance until further notice.

DIVIDENDS
On December 11, 2018, the Board of Directors reported a quarterly cash ordinary stock dividend of $0.195 per share for the fourth quarter of 2018. The ordinary stock dividend represented an annualized yield of about 9.7% based on the closing price of the Company’s ordinary shares on December 12, 2018. The fourth quarter dividend was paid on January 3, 2019 to shareholders of record as of December 26, 2018.

The Company has 12.29 million shares outstanding and 5.39 million shares were floated in market. The short ratio in the company’s stock is documented at 1.00 and the short float is around of 0.28%. The average true range of the stock is observed at 0.33 and the relative strength index of the stock is recorded at 55.03.

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