Business Wire | May 10, 2021 05:06PM EDT

Condor Hospitality Trust Reports First Quarter 2021 Results

May 10, 2021

BETHESDA, Md.--(BUSINESS WIRE)--May 10, 2021--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."



Condor Hospitality Trust

Selected Statistical and Financial Data

As of and for the three months ended March 31,

(in thousands except statistical and per share amounts)



(Unaudited)

Three months ended March 31,

2021 2020

Net Loss $ (2,187) $ (3,025)

Diluted Earnings (Loss) per Share $ (0.20) $ (0.27)

Adjusted EBITDAre* $ 846 $ 2,725

Hotel EBITDA - Same-Store* $ 1,996 $ 4,067

Hotel EBITDA Margin - Same-Store* 20.7% 27.6%

Adjusted FFO* $ (1,326) $ 1,049

Adjusted FFO per Diluted Share* $ (0.11) $ 0.09

Same-Store RevPAR* $ 53.16 $ 79.50

Same-Store Occupancy* 59.46% 63.97%

Same-Store ADR* $ 89.41 $ 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:



Three Three Months Months January February March ended January February March ended 2021 2021 2021 March 2020 2020 2020 March 31, 31, 2021 2020

Same-Store $ 84.88 $ 88.31 $ 93.51 $ 89.41 $ 123.34 $ 127.06 $ 120.91 $ 124.28ADR*

Same-Store 51.42% 56.37% 70.29% 59.46% 71.89% 79.40% 41.58% 63.97%Occupancy*

Same-Store $ 43.64 $ 49.77 $ 65.73 $ 53.16 $ 88.67 $ 100.89 $ 50.27 $ 79.50RevPAR*

HotelEBITDA - $ 299 $ 532 $ 1,165 $ 1,996 $ 1,702 $ 2,244 $ 121 $ 4,067Same-Store*

HotelEBITDA 11.0% 18.9% 28.4% 20.7% 30.3% 37.7% 3.8% 27.6%Margin - Same-Store*

*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.



May June July August September October November December January February March 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021

Hotel $ 14 $ 438 $ 385 $ 772 $ 405 $ 701 $ 180 $ 164 $ 299 $ 532 $ 1,165EBITDA

January 2020

February 2020

March 2020

Q1 2020

January 2021

February 2021

March 2021

Q1 2021

Hotel RevPAR Penetration Index

117.1%

110.1%

102.5%

111.3%

111.2%

103.2%

109.3%

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.



January February March Q1 2020 January February March Q1 2021 2020 2020 2020 2021 2021 2021

HotelRevPAR 117.1% 110.1% 102.5% 111.3% 111.2% 103.2% 109.3% 108.9%Penetration Index

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.



Three One month months ended(in thousands) ended March 31, March 31, 2021 2021

Hotel EBITDA $ 1,996 $ 1,165

Less: recurring general and administrative expense, (1,111) (377)excluding stock compensation expense

Less: unallocated hotel and property operations (31) (4)expense

Adjusted Corporate EBITDA $ 854 $ 784

Less: debt service costs (2,210) (771)

Cash burn $ (1,356) $ 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

Consolidated Balance Sheets

(In thousands, except share and per share data)



As of

March 31, December 2021 31, 2020



Assets

Investment in hotel properties, net $ 263,506 $ 265,831

Cash and cash equivalents 3,485 3,686

Restricted cash, property escrows 4,228 3,794

Accounts receivable, net 1,092 652

Prepaid expenses and other assets 956 1,230

Total Assets $ 273,267 $ 275,193



Liabilities and Equity



Liabilities

Accounts payable, accrued expenses, and other $ 5,945 $ 5,372liabilities

Dividends and distributions payable 924 762

Land option liability 8,497 8,497

Derivative liabilities, at fair value 744 880

Convertible debt, at fair value 15,022 16,875

Long-term debt, net of deferred financing costs 168,111 166,526

Total Liabilities 199,243 198,912



Equity

Shareholders' Equity

Preferred stock, 40,000,000 shares authorized:

6.25% Series E, 925,000 shares authorized, $.01 parvalue, 925,000 shares outstanding, liquidation 10,050 10,050preference of $10,174 and $10,012

Common stock, $.01 par value, 200,000,000 sharesauthorized; 12,019,769 and 12,014,743 shares 120 120outstanding

Additional paid-in capital 233,425 233,332

Accumulated deficit (169,613) (167,263)

Total Shareholders' Equity 73,982 76,239

Noncontrolling interest in consolidated partnership(Condor Hospitality Limited Partnership), 42 42redemption value of $15 and $17

Total Equity 74,024 76,281



Total Liabilities and Equity $ 273,267 $ 275,193

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

Three months ended March 31,

2021

2020

Revenue

Room rentals and other hotel services

$

9,644

$

13,227

Operating Expenses

Hotel and property operations

7,679

9,815

Depreciation and amortization

2,643

2,710

General and administrative

1,260

1,193

Strategic alternatives, net

40

144

Total operating expenses

11,622

13,862

Operating loss

(1,978)

(635)

Net loss on disposition of assets

(3)

(9)

Equity in earnings of joint venture

-

80

Net gain (loss) on derivatives and convertible debt

1,988

(759)

Other income (expense), net

42

(28)

Interest expense

(2,209)

(1,980)

Loss before income taxes

(2,160)

(3,331)

Income tax benefit (expense)

(27)

306

Net loss

(2,187)

(3,025)

Loss attributable to noncontrolling interest

-

1

Net loss attributable to controlling interests

(2,187)

(3,024)

Dividends declared and undeclared on preferred stock

(163)

(145)

Net loss attributable to common shareholders

$

(2,350)

$

(3,169)

Earnings (Loss) per Share

Total - Basic Earnings (Loss) per Share

$

(0.20)

$

(0.27)

Total - Diluted Earnings (Loss) per Share

$

(0.20)

$

(0.27)

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.

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)



Three months ended March 31,

2021 2020

Revenue

Room rentals and other hotel services $ 9,644 $ 13,227

Operating Expenses

Hotel and property operations 7,679 9,815

Depreciation and amortization 2,643 2,710

General and administrative 1,260 1,193

Strategic alternatives, net 40 144

Total operating expenses 11,622 13,862

Operating loss (1,978) (635)

Net loss on disposition of assets (3) (9)

Equity in earnings of joint venture - 80

Net gain (loss) on derivatives and convertible 1,988 (759)debt

Other income (expense), net 42 (28)

Interest expense (2,209) (1,980)

Loss before income taxes (2,160) (3,331)

Income tax benefit (expense) (27) 306

Net loss (2,187) (3,025)

Loss attributable to noncontrolling interest - 1

Net loss attributable to controlling interests (2,187) (3,024)

Dividends declared and undeclared on preferred (163) (145)stock

Net loss attributable to common shareholders $ (2,350) $ (3,169)



Earnings (Loss) per Share

Total - Basic Earnings (Loss) per Share $ (0.20) $ (0.27)

Total - Diluted Earnings (Loss) per Share $ (0.20) $ (0.27)





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.



Three months ended March 31,

Reconciliation of Net loss to FFO and AFFO 2021 2020

Net loss $ (2,187) $ (3,025)

Depreciation and amortization expense 2,643 2,710

Depreciation and amortization expense from JV - 145

Net loss on disposition of assets 3 9

FFO 459 (161)

Dividends declared and undeclared on preferred (163) (145)stock

FFO attributable to common shares and common 296 (306)units

Net (gain) loss on derivatives and convertible (1,988) 759debt

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 $ (1,326) $ 1,049units

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)

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



FFO attributable to common shares and common units $ 296 $ (306)- Basic

2020 Note interest and fair value adjustments (1,593) -

FFO attributable to common shares and common units $ (1,297) $ (306)- Diluted



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 - 11,996,576 11,955,628Basic FFO

Weighted average common shares and common units - 16,023,217 11,955,628Diluted FFO

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.



AFFO attributable to common shares and common $ (1,326) $ 1,049units - Basic and Diluted



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 - 11,996,576 11,955,628Basic AFFO

Weighted average common shares and common units - 11,996,576 11,963,762Diluted AFFO

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 2021 2020EBITDAre, and Hotel EBITDA

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 1,161 1,109compensation expense

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



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 beverageproperties, Atlanta Aloft, Leawood Aloft, and College Park Hotel Indigo



Three Three Three months months months ended ended ended March 31, December September 2021 31, 2020 30, 2020

Reconciliation of Hotel EBITDA to Cash Burn

Hotel EBITDA $ 1,996 $ 1,045 $ 1,562

Less: recurring general and administrativeexpense, excluding stock compensation (1,111) (968) (1,013)expense

Less: unallocated hotel and property (31) (61) (57)operations expense

Adjusted Corporate EBITDA $ 854 $ 16 $ 492

Less: debt service costs (2,210) (2,108) (1,865)

Cash burn $ (1,356) $ (2,092) $ (1,373)

We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss 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 or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and equity transactions and strategic alternatives expense, which are cash charges. We also add back stock -based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.

We believe EBITDA, EBITDAre, and Adjusted EBITDAre 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 EBITDAre to calculate Hotel EBITDA. 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.

Same-Store Revenue and Hotel EBITDA

The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three months ended March 31, 2021 and 2020 (in thousands) and reconcile these same-store measures to total revenue and Hotel EBITDA as presented above. Same-store results include all our hotels owned at December 31, 2020. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. All amounts presented include our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Company's ownership have not been included in the Company's actual consolidated financial statements and are included here only for comparison purposes.



Revenue - Reconciliation of Actual to Same-Store

Three months ended March 31,

2021 2020

Condor and JV Revenue - Actual $ 9,644 $ 14,445

Revenue earned on properties disposed of prior to - -March 31, 2021 during the period of ownership

Revenue earned related to joint venture interest inthe Atlanta JV prior to acquisition of this interest - 304on February 14, 2020

Total Revenue - Same-Store $ 9,644 $ 14,749

Hotel EBITDA - Reconciliation of Actual to Same-Store

Three months ended March 31,

2021

2020

Condor and JV Hotel EBITDA - Actual

$

1,996

$

3,956

Hotel EBITDA earned on properties disposed of prior to March 31, 2021 during the period of ownership

-

-

Hotel EBITDA earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020

-

111

Total Hotel EBITDA - Same-Store

$

1,996

$

4,067



Hotel EBITDA - Reconciliation of Actual to Same-Store

Three months ended March 31,

2021 2020

Condor and JV Hotel EBITDA - Actual $ 1,996 $ 3,956

Hotel EBITDA earned on properties disposed of prior - -to March 31, 2021 during the period of ownership

Hotel EBITDA earned related to joint ventureinterest in the Atlanta JV prior to acquisition of - 111this interest on February 14, 2020

Total Hotel EBITDA - Same-Store $ 1,996 $ 4,067

Hotel EBITDA Margin

Three months ended March 31,

2021

2020

Total Hotel EBITDA Margin

20.7%

27.6%

The following tables present our monthly results presented reconciling net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, as well as Hotel EBITDA Same-Store and Hotel EBITDA Same-Store margins.



Hotel EBITDA Margin

Three months ended March 31,

2021 2020

Total Hotel EBITDA Margin 20.7% 27.6%

The following tables present our monthly results presented reconciling net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, as well as Hotel EBITDA Same-Store and Hotel EBITDA Same-Store margins.



Reconciliationof Net loss to Month Month Month Month Month Month Month Month Month Month MonthEBITDA, ending ending ending ending ending ending ending ending ending ending endingEBITDAre, May 31, June 30, July 31, Aug 31, Sept 30, Oct 31, Nov 30, Dec 31, January February March 31,Adjusted 2020 2020 2020 2020 2020 2020 2020 2020 30, 28, 2021EBITDAre, and 2021 2021Hotel EBITDA

Net income $ (1,999) $ (1,571) $ (1,670) $ (1,816) $ (1,321) $ 4,365 $ (1,826) $ (7,578) $ (1,662) $ (1,529) $ 1,004(loss)

Interest 698 676 707 708 688 743 794 791 755 693 761expense

Interestexpense from - - - - - - - - - - -JV

Income taxexpense 9 (79) 9 9 9 9 9 (53) 9 9 9(benefit)

Depreciationand 926 926 926 926 927 903 904 882 880 881 882amortizationexpense

Depreciationandamortization - - - - - - - - - - -expense fromJV

EBITDA $ (366) $ (48) $ (28) $ (173) $ 303 $ 6,020 $ (119) $ (5,958) $ (18) $ 54 $ 2,656

Net loss ondisposition of - - - 1 1 1 2 2 1 2 -assets

EBITDAre $ (366) $ (48) $ (28) $ (172) $ 304 $ 6,021 $ (117) $ (5,956) $ (17) $ 56 $ 2,656

Net loss(gain) onderivatives - (18) (3) (3) (126) (3) (3) 5,728 - - (1,988)andconvertibledebt

Stock-basedcompensation 18 46 10 23 37 (123) 17 43 17 17 65expense

Acquisitionand terminated - - - - - - - - - - -transactionsexpense

Strategicalternatives, 17 52 40 494 602 (5,577) - 11 - - 40net

Adjusted $ (331) $ 32 $ 19 $ 342 $ 817 $ 318 $ (103) $ (174) $ - $ 73 $ 773EBITDAre

General andadministrativeexpense,excluding 313 276 337 405 81 324 318 326 278 456 427stockcompensationexpense

Other expense (2) 58 2 1 (499) 34 (61) 2 (2) (1) (39)(income), net

Unallocatedhotel andproperty 34 72 27 24 6 25 26 10 23 4 4operationsexpense

Hotel EBITDA $ 14 $ 438 $ 385 $ 772 $ 405 $ 701 $ 180 $ 164 $ 299 $ 532 $ 1,165



Hotel EBITDAearned onpropertiesowned at - - - - - - - - - - -December 31,2020 prior toownership

Hotel EBITDA - $ 14 $ 438 $ 385 $ 772 $ 405 $ 701 $ 180 $ 164 $ 299 $ 532 $ 1,165Same-Store



Revenue $ 1,706 $ 2,280 $ 2,782 $ 3,058 $ 3,001 $ 3,215 $ 2,560 $ 2,534 $ 2,729 $ 2,817 $ 4,098

JV Revenue - - - - - - - - - - -

Condor and JV 1,706 2,280 2,782 3,058 3,001 3,215 2,560 2,534 2,729 2,817 4,098Revenue

Revenue earnedon propertiesowned at - - - - - - - - - - - -December 31,2020 prior toownership

Total Revenue $ 1,706 $ 2,280 $ 2,782 $ 3,058 $ 3,001 $ 3,215 $ 2,560 $ 2,534 $ 2,729 $ 2,817 $ 4,098- Same-Store

Hotel EBITDA -Same-Store as 0.8% 19.2% 13.8% 25.2% 13.5% 21.8% 7.0% 6.5% 11.0% 18.9% 28.4%a percentageof revenue

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

Month ending January 30, 2020

Month ending February 28, 2020

Month ending March 31, 2020

Net income (loss)

$

(724)

$

124

$

(2,425)

Interest expense

606

664

710

Interest expense from JV

169

56

-

Income tax expense (benefit)

5

5

(316)

Depreciation and amortization expense

804

952

954

Depreciation and amortization expense from JV

109

36

-

EBITDA

$

969

$

1,837

$

(1,077)

Net loss on disposition of assets

2

1

6

EBITDAre

$

971

$

1,838

$

(1,071)

Net loss on derivatives and convertible debt

-

-

759

Stock-based compensation expense

32

30

22

Strategic alternatives, net

235

(137)

46

Adjusted EBITDAre

$

1,238

$

1,731

$

(244)

General and administrative expense, excluding stock compensation expense

350

457

302

Other expense, net

10

9

9

Unallocated hotel and property operations expense

18

22

54

Hotel EBITDA

$

1,616

$

2,219

$

121

Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership

86

25

-

Hotel EBITDA - Same-Store

$

1,702

$

2,244

$

121

Revenue

$

4,511

$

5,542

$

3,174

JV Revenue

890

328

-

Condor and JV Revenue

5,401

5,870

3,174

Revenue earned on properties owned at December 31, 2020 prior to ownership

223

81

-

Total Revenue - Same-Store

$

5,624

$

5,951

$

3,174

Hotel EBITDA - Same-Store as a percentage of revenue

30.3%

37.7%

3.8%

Condor Hospitality Trust, Inc. Operating Statistics

The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2020. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.



Month Month MonthReconciliation of Net income (loss) to EBITDA, ending ending endingEBITDAre, Adjusted EBITDAre, and Hotel EBITDA January February March 31, 30, 28, 2020 2020 2020

Net income (loss) $ (724) $ 124 $ (2,425)

Interest expense 606 664 710

Interest expense from JV 169 56 -

Income tax expense (benefit) 5 5 (316)

Depreciation and amortization expense 804 952 954

Depreciation and amortization expense from JV 109 36 -

EBITDA $ 969 $ 1,837 $ (1,077)

Net loss on disposition of assets 2 1 6

EBITDAre $ 971 $ 1,838 $ (1,071)

Net loss on derivatives and convertible debt - - 759

Stock-based compensation expense 32 30 22

Strategic alternatives, net 235 (137) 46

Adjusted EBITDAre $ 1,238 $ 1,731 $ (244)

General and administrative expense, excluding 350 457 302stock compensation expense

Other expense, net 10 9 9

Unallocated hotel and property operations 18 22 54expense

Hotel EBITDA $ 1,616 $ 2,219 $ 121



Hotel EBITDA earned on properties owned at 86 25 -December 31, 2020 prior to ownership

Hotel EBITDA - Same-Store $ 1,702 $ 2,244 $ 121



Revenue $ 4,511 $ 5,542 $ 3,174

JV Revenue 890 328 -

Condor and JV Revenue 5,401 5,870 3,174

Revenue earned on properties owned at December 223 81 -31, 2020 prior to ownership

Total Revenue - Same-Store $ 5,624 $ 5,951 $ 3,174

Hotel EBITDA - Same-Store as a percentage of 30.3% 37.7% 3.8%revenue

Condor Hospitality Trust, Inc. Operating Statistics

The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2020. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.



Three months ended March 31,

2021 2020

Occupancy ADR RevPAR Occupancy ADR RevPAR

SolomonsHilton 54.82% $ 93.12 $ 51.05 59.12% $ 123.08 $ 72.77Garden Inn

Atlanta 49.66% $ 82.83 $ 41.14 67.47% $ 102.33 $ 69.05Hotel Indigo

JacksonvilleCourtyard by 69.27% $ 84.85 $ 58.78 70.20% $ 121.25 $ 85.12Marriott

San AntonioSpringHill 44.60% $ 87.10 $ 38.85 62.04% $ 132.12 $ 81.97Suites

Leawood 35.55% $ 77.49 $ 27.54 51.52% $ 123.39 $ 63.57Aloft

Lexington 63.27% $ 81.74 $ 51.72 60.30% $ 102.32 $ 61.70Home2 Suites

Round Rock 66.65% $ 74.03 $ 49.34 59.47% $ 109.07 $ 64.87Home2 Suites

Tallahassee 79.81% $ 101.74 $ 81.20 68.32% $ 135.96 $ 92.88Home2 Suites

South Haven 86.34% $ 93.80 $ 80.99 75.95% $ 111.65 $ 84.80Home2 Suites

Lake MaryHampton Inn 67.06% $ 104.13 $ 69.83 68.78% $ 149.89 $ 103.10& Suites

AustinResidence 71.27% $ 80.51 $ 57.38 68.63% $ 129.18 $ 88.65Inn

El PasoFairfield 66.25% $ 75.01 $ 49.70 74.22% $ 109.43 $ 81.22Inn

AustinTownePlace 70.71% $ 79.11 $ 55.94 61.93% $ 108.54 $ 67.23Suites

Summerville 61.59% $ 99.89 $ 61.52 67.26% $ 119.67 $ 80.48Home2 Suites

Atlanta 38.82% $ 110.70 $ 42.97 55.46% $ 154.36 $ 85.60Aloft

TotalSame-Store 59.46% $ 89.41 $ 53.16 63.97% $ 124.28 $ 79.50Portfolio

Condor Hospitality Trust, Inc.

Property List | As of March 31, 2021

New Investment Platform | Acquired from January 1, 2012 - March 31, 2021

Hotel Name

City

State

Rooms

Acquisition Date

Purchase Price (in millions)

1

Hilton Garden Inn

Dowell/Solomons

MD

100

05/25/2012

$11.5

2

SpringHill Suites

San Antonio

TX

116

10/01/2015

$17.5

3

Courtyard by Marriott

Jacksonville

FL

120

10/02/2015

$14.0

4

Hotel Indigo

College Park

GA

142

10/02/2015

$11.0

5

Aloft1

Atlanta

GA

254

08/22/2016

$43.6

6

Aloft

Leawood

KS

156

12/14/2016

$22.5

7

Home2 Suites

Lexington

KY

103

03/24/2017

$16.5

8

Home2 Suites

Round Rock

TX

91

03/24/2017

$16.8

9

Home2 Suites

Tallahassee

FL

132

03/24/2017

$21.5

10

Home2 Suites

Southaven

MS

105

04/14/2017

$19.0

11

Hampton Inn & Suites

Lake Mary

FL

130

06/19/2017

$19.3

12

Fairfield Inn & Suites

El Paso

TX

124

08/31/2017

$16.4

13

Residence Inn

Austin

TX

120

08/31/2017

$22.4

14

TownePlace Suites

Austin

TX

122

01/18/2018

$19.8

15

Home2 Suites

Summerville

SC

93

02/21/2018

$16.3

Total Portfolio | March 31, 2021

1,908

$288.1

1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.



Condor Hospitality Trust, Inc.

Property List | As of March 31, 2021



New Investment Platform | Acquired from January 1, 2012 - March 31, 2021

Purchase Hotel Name City State Rooms Acquisition Price Date (in millions)

1 Hilton Garden Dowell/ MD 100 05/25/2012 $11.5 Inn Solomons

2 SpringHill San Antonio TX 116 10/01/2015 $17.5 Suites

3 Courtyard by Jacksonville FL 120 10/02/2015 $14.0 Marriott

4 Hotel Indigo College Park GA 142 10/02/2015 $11.0

5 Aloft^1 Atlanta GA 254 08/22/2016 $43.6

6 Aloft Leawood KS 156 12/14/2016 $22.5

7 Home2 Suites Lexington KY 103 03/24/2017 $16.5

8 Home2 Suites Round Rock TX 91 03/24/2017 $16.8

9 Home2 Suites Tallahassee FL 132 03/24/2017 $21.5

10 Home2 Suites Southaven MS 105 04/14/2017 $19.0

11 Hampton Inn & Lake Mary FL 130 06/19/2017 $19.3 Suites

12 Fairfield Inn & El Paso TX 124 08/31/2017 $16.4 Suites

13 Residence Inn Austin TX 120 08/31/2017 $22.4

14 TownePlace Austin TX 122 01/18/2018 $19.8 Suites

15 Home2 Suites Summerville SC 93 02/21/2018 $16.3

Total Portfolio 1,908 $288.1 | March 31, 2021



1 | Represents the purchase statistics from the purchase of this hotel by theoriginally 80% owned unconsolidated joint venture. The Company purchased theremaining 20% interest in the joint venture from our joint venture partner onFebruary 14, 2020 for $7.3 million.

55 Dispositions | For Period January 1, 2015 - March 31, 2021

Hotel Name

City

State

Rooms

Disposition Date

Gross Proceeds (in millions)

1

Super 8

West Plains

MO

49

01/15/2015

$1.5

2

Super 8

Green Bay

WI

83

01/29/2015

$2.2

3

Super 8

Columbus

GA

74

03/16/2015

$0.9

4

Sleep Inn & Suites

Omaha

NE

90

03/19/2015

$2.9

5

Savannah Suites

Chamblee

GA

120

04/01/2015

$4.4

6

Savannah Suites

Augusta

GA

172

04/01/2015

$3.4

7

Super 8

Batesville

AR

49

04/30/2015

$1.5

8

Days Inn

Ashland

KY

63

07/01/2015

$2.2

9

Comfort Inn

Alexandria

VA

150

07/13/2015

$12.0

10

Days Inn

Alexandria

VA

200

07/13/2015

$6.5

11

Super 8

Manhattan

KS

85

08/28/2015

$3.2

12

Quality Inn

Sheboygan

WI

59

10/06/2015

$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

11/03/2015

$2.6

17

Savannah Suites

Savannah

GA

160

12/22/2015

$4.0

Total 2015

1,673

$54.7

18

Super 8

Kirksville

MO

61

01/04/2016

$1.5

19

Super 8

Lincoln

NE

133

01/07/2016

$2.8

20

Savannah Suites

Greenville

SC

170

01/08/2016

$2.7

21

Super 8

Portage

WI

61

03/30/2016

$2.4

22

Super 8

O'Neill

NE

72

04/25/2016

$1.7

23

Quality Inn

Culpeper

VA

49

05/10/2016

$2.2

24

Super 8

Storm Lake

IA

59

05/19/2016

$2.8

25

Clarion Inn

Cleveland

TN

59

05/24/2016

$2.2

26

Super 8

Coralville

IA

84

05/26/2016

$3.4

27

Super 8

Keokuk

IA

61

05/27/2016

$2.2

28

Comfort Inn

Chambersburg

PA

63

06/06/2016

$2.1

29

Super 8

Pittsburg

KS

64

08/08/2016

$1.6

30

Super 8

Mount Pleasant

IA

54

09/09/2016

$1.9

31

Quality Inn

Danville

KY

63

09/19/2016

$2.3

32

Super 8

Menomonie

WI

81

09/26/2016

$3.0

33

Comfort Inn

Glasgow

KY

60

10/14/2016

$2.4

34

Days Inn

Sioux Falls

SD

86

11/04/2016

$2.1

35

Comfort Inn

Shelby

NC

76

11/07/2016

$4.1

36

Comfort Inn

Rocky Mount

VA

61

11/17/2016

$2.2

37

Days Inn

Farmville

VA

59

11/17/2016

$2.4

38

Comfort Suites

Marion

IN

62

11/18/2016

$3.0

39

Comfort Inn

Farmville

VA

50

11/30/2016

$2.6

40

Quality Inn

Princeton

WV

50

12/05/2016

$2.1

41

Super 8

Burlington

IA

62

12/21/2016

$2.8

42

Savannah Suites

Atlanta

GA

164

12/22/2016

$2.9

Total 2016

1,864

$61.4

43

Comfort Inn

New Castle

PA

79

03/27/2017

$2.5

44

Super 8

Billings

MT

106

03/28/2017

$4.2

45

Comfort Inn

Harlan

KY

61

04/03/2017

$1.9

46

Comfort Suites

Lafayette

IN

62

04/18/2017

$3.9

47

Key West Inn

Key Largo

FL

40

05/17/2017

$7.6

48

Quality Inn

Morgantown

WV

81

08/30/2017

$2.6

49

Days Inn

Bossier City

LA

176

09/13/2017

$1.4

50

Comfort Inn & Suites

Warsaw

IN

71

12/20/2017

$5.0

Total 2017

676

$29.1

51

Supertel Inn/Conference Center

Creston

IA

41

01/25/2018

$2.1

52

Comfort Suites

South Bend

IN

135

03/15/2018

$6.1

53

Comfort Suites

Ft. Wayne

IN

127

05/30/2018

$7.1

54

Super 8

Creston

IA

121

08/30/2018

$5.1

Total 2018

424

$20.4

55

Quality Inn

Solomons

MD

59

03/22/2019

$4.3

Total 2019

59

$4.3

Total Dispositions

4,696

$169.9





55 Dispositions | For Period January 1, 2015 - March 31, 2021

Gross Hotel Name City State Rooms Disposition Proceeds Date (in millions)

1 Super 8 West Plains MO 49 01/15/2015 $1.5

2 Super 8 Green Bay WI 83 01/29/2015 $2.2

3 Super 8 Columbus GA 74 03/16/2015 $0.9

4 Sleep Inn & Omaha NE 90 03/19/2015 $2.9 Suites

5 Savannah Suites Chamblee GA 120 04/01/2015 $4.4

6 Savannah Suites Augusta GA 172 04/01/2015 $3.4

7 Super 8 Batesville AR 49 04/30/2015 $1.5

8 Days Inn Ashland KY 63 07/01/2015 $2.2

9 Comfort Inn Alexandria VA 150 07/13/2015 $12.0

10 Days Inn Alexandria VA 200 07/13/2015 $6.5

11 Super 8 Manhattan KS 85 08/28/2015 $3.2

12 Quality Inn Sheboygan WI 59 10/06/2015 $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 11/03/2015 $2.6

17 Savannah Suites Savannah GA 160 12/22/2015 $4.0

Total 2015 1,673 $54.7

18 Super 8 Kirksville MO 61 01/04/2016 $1.5

19 Super 8 Lincoln NE 133 01/07/2016 $2.8

20 Savannah Suites Greenville SC 170 01/08/2016 $2.7

21 Super 8 Portage WI 61 03/30/2016 $2.4

22 Super 8 O'Neill NE 72 04/25/2016 $1.7

23 Quality Inn Culpeper VA 49 05/10/2016 $2.2

24 Super 8 Storm Lake IA 59 05/19/2016 $2.8

25 Clarion Inn Cleveland TN 59 05/24/2016 $2.2

26 Super 8 Coralville IA 84 05/26/2016 $3.4

27 Super 8 Keokuk IA 61 05/27/2016 $2.2

28 Comfort Inn Chambersburg PA 63 06/06/2016 $2.1

29 Super 8 Pittsburg KS 64 08/08/2016 $1.6

30 Super 8 Mount IA 54 09/09/2016 $1.9 Pleasant

31 Quality Inn Danville KY 63 09/19/2016 $2.3

32 Super 8 Menomonie WI 81 09/26/2016 $3.0

33 Comfort Inn Glasgow KY 60 10/14/2016 $2.4

34 Days Inn Sioux Falls SD 86 11/04/2016 $2.1

35 Comfort Inn Shelby NC 76 11/07/2016 $4.1

36 Comfort Inn Rocky Mount VA 61 11/17/2016 $2.2

37 Days Inn Farmville VA 59 11/17/2016 $2.4

38 Comfort Suites Marion IN 62 11/18/2016 $3.0

39 Comfort Inn Farmville VA 50 11/30/2016 $2.6

40 Quality Inn Princeton WV 50 12/05/2016 $2.1

41 Super 8 Burlington IA 62 12/21/2016 $2.8

42 Savannah Suites Atlanta GA 164 12/22/2016 $2.9

Total 2016 1,864 $61.4

43 Comfort Inn New Castle PA 79 03/27/2017 $2.5

44 Super 8 Billings MT 106 03/28/2017 $4.2

45 Comfort Inn Harlan KY 61 04/03/2017 $1.9

46 Comfort Suites Lafayette IN 62 04/18/2017 $3.9

47 Key West Inn Key Largo FL 40 05/17/2017 $7.6

48 Quality Inn Morgantown WV 81 08/30/2017 $2.6

49 Days Inn Bossier City LA 176 09/13/2017 $1.4

50 Comfort Inn & Warsaw IN 71 12/20/2017 $5.0 Suites

Total 2017 676 $29.1

51 Supertel Inn/ Creston IA 41 01/25/2018 $2.1 Conference Center

52 Comfort Suites South Bend IN 135 03/15/2018 $6.1

53 Comfort Suites Ft. Wayne IN 127 05/30/2018 $7.1

54 Super 8 Creston IA 121 08/30/2018 $5.1

Total 2018 424 $20.4

55 Quality Inn Solomons MD 59 03/22/2019 $4.3

Total 2019 59 $4.3



Total 4,696 $169.9 Dispositions

Acquisitions | For Period January 1, 2015 - March 31, 2021

Hotel Name

City

State

Rooms

Acquisition Date

Purchase Price (in millions)

1

SpringHill Suites

San Antonio

TX

116

10/01/2015

$17.5

2

Courtyard by Marriott

Jacksonville

FL

120

10/02/2015

$14.0

3

Hotel Indigo

College Park

GA

142

10/02/2015

$11.0

4

Aloft1

Atlanta

GA

254

08/22/2016

$43.6

5

Aloft

Leawood

KS

156

12/14/2016

$22.5

6

Home2 Suites

Lexington

KY

103

03/24/2017

$16.5

7

Home2 Suites

Round Rock

TX

91

03/24/2017

$16.8

8

Home2 Suites

Tallahassee

FL

132

03/24/2017

$21.5

9

Home2 Suites

Southaven

MS

105

04/14/2017

$19.0

10

Hampton Inn & Suites

Lake Mary

FL

130

06/19/2017

$19.3

11

Fairfield Inn & Suites

El Paso

TX

124

08/31/2017

$16.4

12

Residence Inn

Austin

TX

120

08/31/2017

$22.4

13

TownePlace Suites

Austin

TX

122

01/18/2018

$19.8

14

Home2 Suites

Summerville

SC

93

02/21/2018

$16.3

Total Acquisitions

1,808

$276.6

1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005960/en/

CONTACT: Jill Burger Interim Chief Financial Officer and Chief Accounting Officer jburger@trustcondor.com (402) 316-1012