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Condor Hospitality Trust Reports Third Quarter 2021 Results


Business Wire | Nov 2, 2021 04:46PM EDT

Condor Hospitality Trust Reports Third Quarter 2021 Results

Nov. 02, 2021

BETHESDA, Md.--(BUSINESS WIRE)--Nov. 02, 2021--Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the "Company") today announced results of operations for the third quarter 2021.

THIRD QUARTER 2021 FINANCIAL HIGHLIGHTS

* Portfolio Revenue Per Available Room (RevPAR): The 15 hotels Same-Store RevPAR in the third quarter 2021 increased 74.4% to $83.00 compared to $47.60 in the third quarter 2020. Same-Store Average Daily Rate (ADR) increased 31.5% to $117.79 and Same-Store occupancy increased 32.6% to 70.47% in the third quarter 2021 compared to the same period in 2020. * Net Loss: Net Loss Attributable to Common Shareholders was ($6.1) million or ($0.44) per diluted share in the third quarter 2021 compared to ($5.0) million or ($0.42) per diluted share for the same period in 2020. * Adjusted EBITDAre*: Adjusted EBITDAre increased in the third quarter 2021 by 514.6% to $4.2 million from $0.7 million for the same period in 2020. * Adjusted Funds from Operations*: Adjusted Funds from Operations increased $2.8 million in the third quarter 2021 to $1.4 million or $0.10 per diluted share a 206% increase when compared to ($1.3) million or ($0.11) per diluted share in the same period in 2020. * Same-Store Hotel EBITDA*: Same-Store Hotel EBITDA was $5.3 million in the third quarter 2021, an increase of 238.3% from the same period in 2020. Margin grew 1,680 bps to 34.5% in the third quarter 2021 compared to 17.7% in the same period in 2020.

MANAGEMENT COMMENTARY

Bill Blackham, Condor's Chief Executive Officer, commented: "Condor's investment strategy of acquiring premium branded high-quality newer hotels located primarily in secondary markets in locations attractive to both leisure and business transient customers has been the driver for continuing outstanding performance in the third quarter of 2021, similar to what was experienced in prior periods this year. Strong leisure demand combined with the modest levels of business transient demand enabled the Condor portfolio to achieve occupancy of over 70% with an ADR of almost $118 resulting in a $83 RevPAR. Our cost savings initiatives, combined with the improving market conditions that allowed aggressive ADR pricing, resulted in significantly improved bottom line results. Hotel EBITDA was approximately $5.3 million for the quarter with margins exceeding 34% and while a very good result, more importantly, this is an extremely large improvement to the third quarter in 2020. It represents 85.9% of the 2019 third quarter Hotel EBITDA, and in September 2021 80% of September 2019 Hotel EBITDA and the 34.5% margins comparable to 34.7% margins in the third quarter of 2019. The portfolio is experiencing cost pressures driven by lack of labor availability and to a lesser extent supply issues.

While net income is not a widely followed metric in the REIT space, it is important to point out that the $(6.1) million net (loss) in the quarter includes a $3.5 million charge for derivative valuation linked to the $10 million bridge loan with conversion rights to common stock and, because we did not close a rights offering a charge of $0.7 million for the 25% interest rate that accrues on the loan beginning July 1, 2021. Additionally noteworthy is that the sequential monthly portfolio improvement that began 17 months ago in May 2020 that accelerated in the second quarter continued into the third quarter. The third quarter portfolio performance was very respectable when compared to the third quarter 2019 occupancy of 78.1%, ADR of $120.81 and RevPAR of $94.31."

On June 21, 2021, the Company announced that its board of directors is evaluating strategic alternatives to enhance shareholder value and that a marketing process is being led by Hodges Ward Elliott. On September 23, 2021, the Company announced that it had signed a contract with Blackstone to sell the entire portfolio expected to close before year end. The Company does not intend to discuss or disclose developments with respect to the sale unless and until otherwise determined that further disclosure is appropriate or required by regulation or law.



Condor Hospitality Trust

Selected Statistical and Financial Data

As of and for the nine months ended September 30,

(in thousands except statistical and per share amounts)



(Unaudited) (Unaudited)

Three months ended September 30, Nine months ended September 30,

2021 2020 2019 2021 2020 2019

Net Loss $ (6,065) $ (4,809) $ (1,988) $ (17,956) $ (14,032) $ (3,243)

DilutedEarnings $ (0.44) $ (0.42) $ (0.18) $ (1.45) $ (1.21) $ (0.31)(Loss) perShare

Adjusted $ 4,173 $ 679 $ 4,743 $ 11,213 $ 2,136 $ 17,132EBITDAre*

HotelEBITDA - $ 5,284 $ 1,562 $ 6,148 $ 12,245 $ 5,480 $ 21,665Same-Store*

HotelEBITDA 34.5% 17.7% 34.7% 31.4% 19.3% 38.3%Margin -Same-Store*

Adjusted $ 1,416 $ (1,336) $ 2,571 $ 3,832 $ (3,438) $ 9,444FFO*

AdjustedFFO per $ 0.10 $ (0.11) $ 0.22 $ 0.30 $ (0.29) $ 0.78DilutedShare*

Same-Store $ 83.00 $ 47.60 $ 94.31 $ 71.24 $ 53.17 $ 101.71RevPAR*

Same-Store 70.47% 53.15% 78.06% 67.49% 51.07% 80.17%Occupancy*

Same-Store $ 117.79 $ 89.56 $ 120.81 $ 105.55 $ 104.13 $ 126.87ADR*

The following table summarizes key hotel statistics during the third quarter of 2021 compared to the third quarter of 2020 and 2019:



Three Three Three July August September Months July August September Months July August September Months 2021 2021 2021 ended 2020 2020 2020 ended 2019 2019 2019 ended September September September 30, 2021 30, 2020 30, 2019

Same-Store $ 118.62 $ 114.72 $ 120.08 $ 117.79 $ 91.62 $ 89.87 $ 87.42 $ 89.56 $ 119.84 $ 118.35 $ 124.51 $ 120.81ADR*

Same-Store 77.24% 68.20% 65.81% 70.47% 48.81% 54.28% 56.46% 53.15% 81.47% 77.35% 75.27% 78.06%Occupancy*

Same-Store $ 91.62 $ 78.25 $ 79.02 $ 83.00 $ 44.72 $ 48.78 $ 49.36 $ 47.60 $ 97.63 $ 91.55 $ 93.72 $ 94.31RevPAR*

HotelEBITDA - $ 2,219 $ 1,531 $ 1,534 $ 5,284 $ 385 $ 772 $ 405 $ 1,562 $ 2,152 $ 2,079 $ 1,917 $ 6,148Same-Store*

HotelEBITDA 39.0% 31.5% 32.2% 34.5% 13.8% 25.2% 13.5% 17.7% 34.8% 35.7% 33.5% 34.7%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 remain open with expanded and repetitive health and sanitation measures in place. The Company in April 2020 had closed 2 of its hotels but resumed full operations in July 2020. * Enhanced Asset Management Efforts: The Company working together with its third-party management companies expanded sales efforts to capture 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 and has, subject to seasonality affecting certain months, increased from May 2020 through the end of September 2021 and our hotel EBITDA margins have improved, subject to seasonality in certain months, from negative in April 2020 to 32.2% in September 2021.



May June July August September October November December 2020 2020 2020 2020 2020 2020 2020 2020

Hotel $ 14 $ 438 $ 385 $ 772 $ 405 $ 701 $ 180 $ 164EBITDA

HotelEBITDA 0.8% 19.2% 13.8% 25.2% 13.5% 21.8% 7.0% 6.5%Margin

January 2021

February 2021

March 2021

April 2021

May 2021

June 2021

July 2021

August 2021

September 2021

Hotel EBITDA

$

299

$

532

$

1,165

$

1,397

$

1,610

$

1,958

$

2,219

$

1,531

$

1,534

Hotel EBITDA Margin

11.0%

18.9%

28.4%

31.4%

34.5%

39.2%

39.0%

31.5%

32.2%

CASH FLOW BEFORE CAPITAL EXPENDITURES

The Company's results from hotel operations significantly exceeded the amount required to cover debt service costs for the third quarter of 2021 and resulted in positive cash flow of $1.3 million.



January February March April May June July August September 2021 2021 2021 2021 2021 2021 2021 2021 2021

Hotel $ 299 $ 532 $ 1,165 $ 1,397 $ 1,610 $ 1,958 $ 2,219 $ 1,531 $ 1,534EBITDA

HotelEBITDA 11.0% 18.9% 28.4% 31.4% 34.5% 39.2% 39.0% 31.5% 32.2%Margin

CASH FLOW BEFORE CAPITAL EXPENDITURES

The Company's results from hotel operations significantly exceeded the amount required to cover debt service costs for the third quarter of 2021 and resulted in positive cash flow of $1.3 million.



Three Nine months months ended(in thousands) ended September September 30, 2021 30, 2021

Hotel EBITDA $ 5,284 $ 12,245

Less: recurring general and administrative expense, (1,003) (3,153)excluding stock compensation expense

Less: unallocated hotel and property operations (92) (212)expense

Adjusted Corporate EBITDA $ 4,189 $ 8,880

Less: debt service costs (2,910) (7,599)

Cash flow $ 1,279 $ 1,281

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 September 30, 2021, the Company had cash and cash equivalents (including restricted cash) of $12.2 million and available revolver borrowing capacity of $8.3 million. As of September 30, 2021, the Company had total outstanding long-term debt of $169 million associated with assets held for use with a weighted average maturity of 1.4 years and a weighted average interest rate of 4.52%.

CAPITAL INVESTMENTS

The Company invested $0.2 million in capital improvements throughout the portfolio in the three months ended September 30, 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 has not currently met the financial conditions permitting payment of cash dividends.

EARNINGS CALL

The Company will not be conducting a third 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

September December 30, 31, 2021 2020 (unaudited)



Assets

Investment in hotel properties, net $ 258,541 $ 265,831

Cash and cash equivalents 5,286 3,686

Restricted cash, property escrows 6,879 3,794

Accounts receivable, net 1,283 652

Prepaid expenses and other assets 1,399 1,230

Total Assets $ 273,388 $ 275,193



Liabilities and Equity



Liabilities

Accounts payable, accrued expenses, and other $ 8,730 $ 5,372liabilities

Dividends and distributions payable - 762

Land option liability 8,497 8,497

Derivative liabilities, at fair value 517 880

Convertible debt, at fair value 28,956 16,875

Long-term debt, net of deferred financing costs 167,309 166,526

Total Liabilities 214,009 198,912



Equity

Shareholders' Equity

Preferred stock, 40,000,000 shares authorized:

6.25% Series E, 0 and 925,000 shares authorized,$.01 par value, 0 and 925,000 shares outstanding, - 10,050liquidation preference of $0 and $10,012

Common stock, $0.01 par value, 200,000,000 sharesauthorized; 14,717,145 and 12,014,743 shares 147 120outstanding

Additional paid-in capital 244,801 233,332

Accumulated deficit (185,596) (167,263)

Total Shareholders' Equity 59,352 76,239

Noncontrolling interest in consolidated partnership(Condor Hospitality Limited Partnership), 27 42redemption value of $29 and $17

Total Equity 59,379 76,281



Total Liabilities and Equity $ 273,388 $ 275,193

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

Three months ended September 30,

Nine months ended September 30,

2021

2020

2019

2021

2020

2019

Revenue

Room rentals and other hotel services

$

15,302

$

8,841

$

14,666

$

39,054

$

26,879

$

46,746

Operating Expenses

Hotel and property operations

10,110

7,334

9,718

27,021

22,238

29,266

Depreciation and amortization

2,654

2,780

2,405

7,945

8,267

7,161

General and administrative

1,161

894

1,210

3,572

3,101

4,445

Acquisition and terminated transactions

-

-

1

-

-

15

Strategic alternatives, net

1,009

636

1,052

1,432

860

1,886

Total operating expenses

14,934

11,644

14,386

39,970

34,466

42,773

Operating income (loss)

368

(2,803)

280

(916)

(7,587)

3,973

Net (loss) gain on disposition of assets

(8)

(3)

(14)

(21)

(13)

9

Equity in earnings (loss) of joint venture

-

-

(84)

-

80

595

Net gain (loss) on derivatives and convertible debt

(3,473)

131

(223)

(11,719)

(609)

(916)

Other income (expense), net

38

(4)

(27)

2,437

(90)

(80)

Interest expense

(2,963)

(2,103)

(1,912)

(7,656)

(6,153)

(6,169)

Loss before income taxes

(6,038)

(4,782)

(1,980)

(17,875)

(14,372)

(2,588)

Income tax benefit (expense)

(27)

(27)

(8)

(81)

340

(655)

Net loss

(6,065)

(4,809)

(1,988)

(17,956)

(14,032)

(3,243)

Loss attributable to noncontrolling interest

2

2

10

6

5

17

Net loss attributable to controlling interests

(6,063)

(4,807)

(1,978)

(17,950)

(14,027)

(3,226)

Dividends undeclared on preferred stock

(53)

(169)

(145)

(383)

(458)

(434)

Net loss attributable to common shareholders

$

(6,116)

$

(4,976)

$

(2,123)

$

(18,333)

$

(14,485)

$

(3,660)

Earnings (Loss) per Share

Total - Basic Earnings (Loss) per Share

$

(0.44)

$

(0.42)

$

(0.18)

$

(1.45)

$

(1.21)

$

(0.31)

Total - Diluted Earnings (Loss) per Share

$

(0.44)

$

(0.42)

$

(0.18)

$

(1.45)

$

(1.21)

$

(0.31)

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 and nine months ended September 30, 2021, 2020, and 2019. (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 September 30, Nine months ended September 30,

2021 2020 2019 2021 2020 2019

Revenue

Room rentalsand other $ 15,302 $ 8,841 $ 14,666 $ 39,054 $ 26,879 $ 46,746hotel services

Operating Expenses

Hotel andproperty 10,110 7,334 9,718 27,021 22,238 29,266operations

Depreciationand 2,654 2,780 2,405 7,945 8,267 7,161amortization

General and 1,161 894 1,210 3,572 3,101 4,445administrative

Acquisitionand terminated - - 1 - - 15transactions

Strategicalternatives, 1,009 636 1,052 1,432 860 1,886net

Totaloperating 14,934 11,644 14,386 39,970 34,466 42,773expenses

Operating 368 (2,803) 280 (916) (7,587) 3,973income (loss)

Net (loss)gain on (8) (3) (14) (21) (13) 9disposition ofassets

Equity inearnings - - (84) - 80 595(loss) ofjoint venture

Net gain(loss) onderivatives (3,473) 131 (223) (11,719) (609) (916)andconvertibledebt

Other income 38 (4) (27) 2,437 (90) (80)(expense), net

Interest (2,963) (2,103) (1,912) (7,656) (6,153) (6,169)expense

Loss before (6,038) (4,782) (1,980) (17,875) (14,372) (2,588)income taxes

Income taxbenefit (27) (27) (8) (81) 340 (655)(expense)

Net loss (6,065) (4,809) (1,988) (17,956) (14,032) (3,243)

Lossattributableto 2 2 10 6 5 17noncontrollinginterest

Net lossattributable (6,063) (4,807) (1,978) (17,950) (14,027) (3,226)to controllinginterests

Dividendsundeclared on (53) (169) (145) (383) (458) (434)preferredstock

Net lossattributable $ (6,116) $ (4,976) $ (2,123) $ (18,333) $ (14,485) $ (3,660)to commonshareholders



Earnings(Loss) per Share

Total - BasicEarnings $ (0.44) $ (0.42) $ (0.18) $ (1.45) $ (1.21) $ (0.31)(Loss) perShare

Total -DilutedEarnings $ (0.44) $ (0.42) $ (0.18) $ (1.45) $ (1.21) $ (0.31)(Loss) perShare

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 and nine months ended September 30, 2021, 2020, and 2019. (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.



Three months ended September 30, Nine months ended September 30,

Reconciliationof Net loss to 2021 2020 2019 2021 2020 2019FFO and AFFO

Net loss $ (6,065) $ (4,809) $ (1,988) $ (17,956) $ (14,032) $ (3,243)

Depreciationand 2,654 2,780 2,405 7,945 8,267 7,161amortizationexpense

Depreciationandamortization - - 299 - 145 895expense fromJV

Net loss(gain) on 8 3 14 21 13 (9)disposition ofassets

Net loss ondisposition of - - 2 - - 2assets from JV

FFO (3,403) (2,026) 732 (9,990) (5,607) 4,806

Dividendsundeclared on (53) (169) (145) (383) (458) (434)preferredstock

FFOattributableto common (3,456) (2,195) 587 (10,373) (6,065) 4,372shares andcommon units

Net (gain)loss onderivatives 3,473 (131) 223 11,719 609 916andconvertibledebt

Net loss onderivatives - - - - - 1from JV

Acquisitionand terminated - - 1 - - 15transactionsexpense

Strategicalternatives, 1,009 636 1,052 1,432 860 1,886net

Stock-basedcompensation 104 70 141 315 236 901expense

Amortizationof deferred 286 284 286 739 829 981financing fees

Amortizationof deferred - - 143 - 93 234financing feesfrom JV

Loss onextinguishment - - 138 - - 138of debt fromJV

AFFOattributableto common $ 1,416 $ (1,336) $ 2,571 $ 3,832 $ (3,438) $ 9,444shares andcommon units



FFOattributableto commonshares and $ (3,456) $ (2,195) $ 587 $ (10,373) $ (6,065) $ 4,372commonunits - Basicand Diluted



FFO per commonshare and $ (0.25) $ (0.18) $ 0.05 $ (0.82) $ (0.51) $ 0.37common unit -Basic

FFO per commonshare and $ (0.25) $ (0.18) $ 0.05 $ (0.82) $ (0.51) $ 0.37common unit -Diluted



Weightedaverage commonshares and 13,855,785 11,976,008 11,919,944 12,626,903 11,965,915 11,901,936common units -Basic FFO

Weightedaverage commonshares and 13,855,785 11,976,008 11,925,323 12,626,903 11,965,915 11,921,438common units -Diluted FFO



AFFOattributableto common $ 1,416 $ (1,336) $ 2,571 $ 3,832 $ (3,438) $ 9,444shares andcommon units -Basic

2016 Note - - 16 - - 48interest

Series EPreferred - - - - - 434Stockdividends

AFFOattributableto commonshares and $ 1,416 $ (1,336) $ 2,587 $ 3,832 $ (3,438) $ 9,926commonunits -Diluted



AFFO percommon share $ 0.10 $ (0.11) $ 0.22 $ 0.30 $ (0.29) $ 0.79and commonunit - Basic

AFFO percommon share $ 0.10 $ (0.11) $ 0.22 $ 0.30 $ (0.29) $ 0.78and commonunit - Diluted



Weightedaverage commonshares and 13,855,785 11,976,008 11,919,944 12,626,903 11,965,915 11,901,936common units -Basic AFFO

Weightedaverage commonshares and 13,873,899 11,976,008 12,690,703 12,649,349 11,965,915 12,686,818common units -Diluted 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 and nine months ended September 30, 2021, 2020, and 2019 (in thousands). All amounts present our portion of the results of our unconsolidated Atlanta JV.



Three months ended September 30, Nine months ended September 30,

Reconciliationof Net loss toEBITDA,EBITDAre, 2021 2020 2019 2021 2020 2019AdjustedEBITDAre, andHotel EBITDA

Net loss $ (6,065) $ (4,809) $ (1,988) $ (17,956) $ (14,032) $ (3,243)

Interest 2,963 2,103 1,912 7,656 6,153 6,169expense

Interestexpense from - - 536 - 225 1,645JV

Income taxexpense 27 27 8 81 (340) 655(benefit)

Loss onextinguishment - - 138 - - 138of debt fromJV

Depreciationand 2,654 2,780 2,405 7,945 8,267 7,161amortizationexpense

Depreciationandamortization - - 299 - 145 895expense fromJV

EBITDA (421) 101 3,310 (2,274) 418 13,420

Net loss(gain) on 8 3 14 21 13 (9)disposition ofassets

Net loss ondisposition of - - 2 - - 2assets from JV

EBITDAre (413) 104 3,326 (2,253) 431 13,413

Net loss(gain) onderivatives 3,473 (131) 223 11,719 609 916andconvertibledebt

Net loss onderivative - - - - - 1from JV

Stock-basedcompensation 104 70 141 315 236 901expense

Acquisitionand terminated - - 1 - - 15transactionsexpense

Strategicalternatives, 1,009 636 1,052 1,432 860 1,886net

Adjusted 4,173 679 4,743 11,213 2,136 17,132EBITDAre

General andadministrativeexpense,excluding 1,057 824 1,069 3,257 2,865 3,544stockcompensationexpense

Other (income) (38) 4 27 (2,437) 90 80expense, net

Unallocatedhotel andproperty 92 55 86 212 278 153operationsexpense

Hotel EBITDA $ 5,284 $ 1,562 $ 5,925 $ 12,245 $ 5,369 $ 20,909



Revenue $ 15,302 $ 8,841 $ 14,666 $ 39,054 $ 26,879 $ 46,746

JV revenue - - 2,446 - 1,218 8,092

Condor and JV $ 15,302 $ 8,841 $ 17,112 $ 39,054 $ 28,097 $ 54,838revenue

Hotel EBITDAas a 34.5% 17.7% 34.6% 31.4% 19.1% 38.1%percentage ofrevenue

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 and nine months ended September 30, 2021, 2020, and 2019 (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 September 30, 2021. 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 Nine months ended September September 30, 30,

2021 2020 2019 2021 2020 2019

Condor and JV $ 15,302 $ 8,841 $ 17,112 $ 39,054 $ 28,097 54,838Revenue - Actual

Revenue earnedon propertiesdisposed ofprior to - - - - - (272)September 30,2021 during theperiod ofownership

Revenue earnedrelated to jointventure interestin theAtlanta JV prior - - 612 - 304 2,023to acquisitionof this interestonFebruary 14,2021

Total Revenue - $ 15,302 $ 8,841 $ 17,724 $ 39,054 $ 28,401 56,589Same-Store



Hotel EBITDA - Reconciliation of Actual to Same-Store

Three months ended Nine months ended September September 30, 30,

2021 2020 2019 2021 2020 2019

Condor and JVHotel EBITDA - $ 5,284 $ 1,562 $ 5,925 $ 12,245 $ 5,369 20,909Actual

Hotel EBITDAearned onpropertiesdisposed ofprior to - - - - - (63)September 30,2021 during theperiod ofownership

Hotel EBITDAearned relatedto joint ventureinterest in theAtlanta JV prior - - 223 - 111 819to acquisitionof this intereston February 14,2021

Total HotelEBITDA - $ 5,284 $ 1,562 $ 6,148 $ 12,245 $ 5,480 21,665Same-Store



Hotel EBITDA Margin Same-Store

Three months ended Nine months ended September September 30, 30,

2021 2020 2019 2021 2020 2019

Total Hotel 34.5% 17.7% 34.7% 31.4% 19.3% 38.3%EBITDA Margin

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.



For the month ending

Reconciliation ofNet loss to EBITDA, Oct 31, Nov Dec 31, Jan 30, Febr Mar Apr May June July Augt Sept 30,EBITDAre, 2020 30, 2020 2021 28, 31, 30, 31, 30, 31, 30, 2021Adjusted EBITDAre, 2020 2021 2021 2021 2021 2021 2021 2021and Hotel EBITDA

Net income (loss) $ 4,365 $ (1,826) $ (7,578) $ (1,662) $ (1,529) $ 1,004 $ (451) $ (361) $ (8,892) $ (181) $ (867) $ (5,017)

Interest expense 743 794 791 755 693 761 764 797 923 983 985 995

Income tax expense 9 9 (53) 9 9 9 9 9 9 9 9 9(benefit)

Depreciation and 903 904 882 880 881 882 881 883 884 884 885 885amortization expense

EBITDA $ 6,020 $ (119) $ (5,958) $ (18) $ 54 $ 2,656 $ 1,203 $ 1,328 $ (7,076) $ 1,695 $ 1,012 $ (3,128)

Net loss (gain) ondisposition of 1 2 2 1 2 - 3 5 2 4 3 1assets

EBITDAre $ 6,021 $ (117) $ (5,956) $ (17) $ 56 $ 2,656 $ 1,206 $ 1,333 $ (7,074) $ 1,699 $ 1,015 $ (3,127)

Net loss (gain) onderivatives and (3) (3) 5,728 - - (1,988) (4) (4) 10,242 (4) (4) 3,481convertible debt

Stock-based (123) 17 43 17 17 65 25 34 53 25 25 54compensation expense

Strategic (5,577) - 11 - - 40 196 119 68 132 87 790alternatives, net

Adjusted EBITDAre $ 318 $ (103) $ (174) $ - $ 73 $ 773 $ 1,423 $ 1,482 $ 3,289 $ 1,852 $ 1,123 $ 1,198

General andadministrativeexpense, excluding 324 318 326 278 456 427 346 341 352 343 380 334stockcompensation expense

Other expense 34 (61) 2 (2) (1) (39) (394) (242) (1,721) (2) 1 (37)(income), net

Unallocated hoteland property 25 26 10 23 4 4 22 29 38 26 27 39operations expense

Hotel EBITDA - $ 701 $ 180 $ 164 $ 299 $ 532 $ 1,165 $ 1,397 $ 1,610 $ 1,958 $ 2,219 $ 1,531 $ 1,534Same-Store



Hotel EBITDA earnedon properties ownedat December 31, - - - - - - - - - - - -2020 prior toownership

Hotel EBITDA - $ 701 $ 180 $ 164 $ 299 $ 532 $ 1,165 $ 1,397 $ 1,610 $ 1,958 $ 2,219 $ 1,531 $ 1,534Same-Store



Revenue $ 3,215 $ 2,560 $ 2,534 $ 2,729 $ 2,817 $ 4,098 $ 4,451 $ 4,664 $ 4,993 $ 5,688 $ 4,856 $ 4,758

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

Condor and JV 3,215 2,560 2,534 2,729 2,817 4,098 4,451 4,664 4,993 5,688 4,856 4,758Revenue

Revenue earned onproperties owned at - - - - - - - - - - - -December 31, 2020prior to ownership

Total Revenue - $ 3,215 $ 2,560 $ 2,534 $ 2,729 $ 2,817 $ 4,098 $ 4,451 $ 4,664 $ 4,993 $ 5,688 $ 4,856 $ 4,758Same-Store

Hotel EBITDA -Same-Store as a 21.8% 7.0% 6.5% 11.0% 18.9% 28.4% 31.4% 34.5% 39.2% 39.0% 31.5% 32.2%percentage ofrevenue

For the month ending

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

April 31, 2020

May 31, 2020

June 30, 2020

July 31, 2020

August 31, 2020

September 30, 2020

Net income (loss)

$

(2,628)

$

(1,999)

$

(1,571)

$

(1,670)

$

(1,816)

$

(1,321)

Interest expense

696

698

676

707

708

688

Interest expense from JV

-

-

-

-

-

-

Income tax expense (benefit)

9

9

(79)

9

9

9

Depreciation and amortization expense

925

926

926

926

926

927

Depreciation and amortization expense from JV

-

-

-

-

-

-

EBITDA

$

(998)

$

(366)

$

(48)

$

(28)

$

(173)

$

303

Net loss on disposition of assets

1

-

-

-

1

1

EBITDAre

$

(997)

$

(366)

$

(48)

$

(28)

$

(172)

$

304

Net loss on derivatives and convertible debt

(1)

-

(18)

(3)

(3)

(126)

Stock-based compensation expense

18

18

46

10

23

37

Strategic alternatives, net

11

17

52

40

494

602

Adjusted EBITDAre

$

(969)

$

(331)

$

32

$

19

$

342

$

817

General and administrative expense, excluding stock compensation expense

343

313

276

337

405

81

Other expense, net

2

(2)

58

2

1

(499)

Unallocated hotel and property operations expense

23

34

72

27

24

6

Hotel EBITDA

$

(601)

$

14

$

438

$

385

$

772

$

405

Revenue

$

825

$

1,706

$

2,280

$

2,782

$

3,058

$

3,001

JV Revenue

-

-

-

-

-

-

Condor and JV Revenue

825

1,706

2,280

2,782

3,058

3,001

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

-

-

-

-

-

Total Revenue - Same-Store

$

825

$

1,706

$

2,280

$

2,782

$

3,058

$

3,001

Hotel EBITDA - Same-Store as a percentage of revenue

-72.8%

0.8%

19.2%

13.8%

25.2%

13.5%



For the month ending

Reconciliationof Net income(loss) to April AugustEBITDA, 31, May 31, June 30, July 31, 31, SeptemberEBITDAre, 2020 2020 2020 2020 2020 30, 2020AdjustedEBITDAre, andHotel EBITDA

Net income $ (2,628) $ (1,999) $ (1,571) $ (1,670) $ (1,816) $ (1,321)(loss)

Interest 696 698 676 707 708 688expense

Interestexpense from - - - - - -JV

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

Depreciationand 925 926 926 926 926 927amortizationexpense

Depreciationandamortization - - - - - -expense fromJV

EBITDA $ (998) $ (366) $ (48) $ (28) $ (173) $ 303

Net loss ondisposition of 1 - - - 1 1assets

EBITDAre $ (997) $ (366) $ (48) $ (28) $ (172) $ 304

Net loss onderivativesand (1) - (18) (3) (3) (126)convertibledebt

Stock-basedcompensation 18 18 46 10 23 37expense

Strategicalternatives, 11 17 52 40 494 602net

Adjusted $ (969) $ (331) $ 32 $ 19 $ 342 $ 817EBITDAre

General andadministrativeexpense,excluding 343 313 276 337 405 81stockcompensationexpense

Other expense, 2 (2) 58 2 1 (499)net

Unallocatedhotel andproperty 23 34 72 27 24 6operationsexpense

Hotel EBITDA $ (601) $ 14 $ 438 $ 385 $ 772 $ 405



Revenue $ 825 $ 1,706 $ 2,280 $ 2,782 $ 3,058 $ 3,001

JV Revenue - - - - - -

Condor and JV 825 1,706 2,280 2,782 3,058 3,001Revenue

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

Total Revenue $ 825 $ 1,706 $ 2,280 $ 2,782 $ 3,058 $ 3,001- Same-Store

Hotel EBITDA -Same-Store as -72.8% 0.8% 19.2% 13.8% 25.2% 13.5%a percentageof revenue

For the month ending

Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

July 31, 2019

August 30, 2019

September 30, 2019

Net income (loss)

$

(825)

$

(270)

$

(893)

Interest expense

651

639

622

Interest expense from JV

178

179

179

Income tax expense (benefit)

5

5

(2)

Loss on extinguishment of debt from JV

-

-

138

Depreciation and amortization expense

801

801

803

Depreciation and amortization expense from JV

99

100

100

EBITDA

$

909

$

1,454

$

947

Net loss (gain) on disposition of assets

4

4

6

Net loss on disposition of assets from JV

-

-

2

EBITDAre

$

913

$

1,458

$

955

Net loss (gain) on derivatives and convertible debt

-

-

223

Stock-based compensation expense

38

34

69

Acquisition and terminated transactions expense

-

-

1

Strategic alternatives, net

716

103

233

Adjusted EBITDAre

$

1,667

$

1,595

$

1,481

General and administrative expense, excluding stock compensation expense

359

386

324

Other expense (income), net

10

10

7

Unallocated hotel and property operations expense

27

23

36

Hotel EBITDA

$

2,063

$

2,014

$

1,848

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

89

65

69

Hotel EBITDA - Same-Store

$

2,152

$

2,079

$

1,917

Revenue

$

5,123

$

4,855

$

4,688

JV Revenue

843

778

825

Condor and JV Revenue

5,966

5,633

5,513

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

211

195

206

Total Revenue - Same-Store

$

6,177

$

5,828

$

5,719

Hotel EBITDA - Same-Store as a percentage of revenue

34.8%

35.7%

33.5%

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.



For the month ending

Reconciliation of Net loss to EBITDA, July August SeptemberEBITDAre, Adjusted EBITDAre, and Hotel EBITDA 31, 30, 2019 30, 2019 2019

Net income (loss) $ (825) $ (270) $ (893)

Interest expense 651 639 622

Interest expense from JV 178 179 179

Income tax expense (benefit) 5 5 (2)

Loss on extinguishment of debt from JV - - 138

Depreciation and amortization expense 801 801 803

Depreciation and amortization expense from JV 99 100 100

EBITDA $ 909 $ 1,454 $ 947

Net loss (gain) on disposition of assets 4 4 6

Net loss on disposition of assets from JV - - 2

EBITDAre $ 913 $ 1,458 $ 955

Net loss (gain) on derivatives and convertible - - 223debt

Stock-based compensation expense 38 34 69

Acquisition and terminated transactions - - 1expense

Strategic alternatives, net 716 103 233

Adjusted EBITDAre $ 1,667 $ 1,595 $ 1,481

General and administrative expense, excluding 359 386 324stock compensation expense

Other expense (income), net 10 10 7

Unallocated hotel and property operations 27 23 36expense

Hotel EBITDA $ 2,063 $ 2,014 $ 1,848



Hotel EBITDA earned on properties owned at 89 65 69December 31, 2020 prior to ownership

Hotel EBITDA - Same-Store $ 2,152 $ 2,079 $ 1,917



Revenue $ 5,123 $ 4,855 $ 4,688

JV Revenue 843 778 825

Condor and JV Revenue 5,966 5,633 5,513

Revenue earned on properties owned at December 211 195 20631, 2020 prior to ownership

Total Revenue - Same-Store $ 6,177 $ 5,828 $ 5,719

Hotel EBITDA - Same-Store as a percentage of 34.8% 35.7% 33.5%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 September 30,

2021 2020 2019

Occupancy ADR RevPAR Occupancy ADR RevPAR Occupancy ADR RevPAR

SolomonsHilton Garden 81.97% $ 116.07 $ 95.14 43.29% $ 102.56 $ 44.40 81.29% $ 120.27 $ 97.77Inn

Atlanta Hotel 55.12% $ 107.46 $ 59.23 52.48% $ 91.93 $ 48.25 73.70% $ 101.40 $ 74.73Indigo

JacksonvilleCourtyard by 56.76% $ 110.77 $ 62.87 43.14% $ 87.08 $ 37.57 71.65% $ 116.27 $ 83.31Marriott

San AntonioSpringHill 76.60% $ 121.55 $ 93.11 41.60% $ 73.21 $ 30.46 74.13% $ 119.90 $ 88.88Suites

Leawood Aloft 56.19% $ 115.83 $ 65.08 39.14% $ 79.33 $ 31.05 70.38% $ 130.56 $ 91.89

Lexington 78.97% $ 113.44 $ 89.58 75.92% $ 88.80 $ 67.42 86.50% $ 117.56 $ 101.69Home2 Suites

Round Rock 70.35% $ 106.34 $ 74.81 55.73% $ 72.36 $ 40.33 83.29% $ 110.62 $ 92.13Home2 Suites

Tallahassee 80.06% $ 119.13 $ 95.37 75.16% $ 101.82 $ 76.52 80.09% $ 119.11 $ 95.40Home2 Suites

South Haven 89.21% $ 131.91 $ 117.68 86.66% $ 90.73 $ 78.62 89.40% $ 122.60 $ 109.60Home2 Suites

Lake MaryHampton Inn & 67.78% $ 121.18 $ 82.14 41.32% $ 100.57 $ 41.56 68.70% $ 126.29 $ 86.76Suites

Austin 78.09% $ 118.15 $ 92.26 69.48% $ 85.23 $ 59.22 80.43% $ 127.59 $ 102.62Residence Inn

El Paso 86.44% $ 103.78 $ 89.70 47.36% $ 85.67 $ 40.57 88.60% $ 107.52 $ 95.26Fairfield Inn

AustinTownePlace 81.47% $ 96.18 $ 78.36 42.81% $ 74.74 $ 32.00 68.32% $ 106.07 $ 72.47Suites

Summerville 86.47% $ 122.82 $ 106.20 68.92% $ 94.56 $ 65.17 82.92% $ 129.09 $ 107.04Home2 Suites

Atlanta Aloft 49.64% $ 147.96 $ 73.45 40.92% $ 97.91 $ 40.07 79.16% $ 138.00 $ 109.24

TotalSame-Store 70.47% $ 117.79 $ 83.00 53.15% $ 89.56 $ 47.60 78.06% $ 120.81 $ 94.31Portfolio

Nine months ended September 30,

2021

2020

2019

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Solomons Hilton Garden Inn

65.89%

$

107.34

$

70.73

50.90%

$

114.34

$

58.20

78.01%

$

122.93

$

95.90

Atlanta Hotel Indigo

53.76%

$

95.77

$

51.49

53.28%

$

94.22

$

50.21

76.16%

$

107.72

$

82.04

Jacksonville Courtyard by Marriott

65.52%

$

102.56

$

67.20

51.88%

$

101.92

$

52.88

76.56%

$

121.20

$

92.79

San Antonio SpringHill Suites

62.89%

$

111.05

$

69.84

40.26%

$

103.57

$

41.70

80.28%

$

130.59

$

104.84

Leawood Aloft

49.49%

$

99.68

$

49.33

43.54%

$

104.15

$

45.35

69.49%

$

132.42

$

92.01

Lexington Home2 Suites

72.41%

$

102.90

$

74.51

55.90%

$

93.27

$

52.14

80.92%

$

116.18

$

94.01

Round Rock Home2 Suites

71.56%

$

91.74

$

65.65

49.91%

$

86.23

$

43.03

84.15%

$

116.72

$

98.22

Tallahassee Home2 Suites

79.07%

$

111.41

$

88.08

61.19%

$

112.80

$

69.02

89.15%

$

125.15

$

111.57

South Haven Home2 Suites

89.49%

$

114.06

$

102.07

68.75%

$

97.94

$

67.34

90.70%

$

119.14

$

108.06

Lake Mary Hampton Inn & Suites

67.94%

$

112.35

$

76.33

43.92%

$

125.26

$

55.01

79.09%

$

138.79

$

109.76

Austin Residence Inn

79.11%

$

99.14

$

78.43

64.34%

$

104.40

$

67.17

82.91%

$

136.01

$

112.77

El Paso Fairfield Inn

81.19%

$

95.48

$

77.52

49.08%

$

97.27

$

47.74

86.01%

$

105.69

$

90.90

Austin TownePlace Suites

82.37%

$

89.52

$

73.74

46.70%

$

91.47

$

42.71

72.37%

$

112.11

$

81.13

Summerville Home2 Suites

81.46%

$

113.47

$

92.43

62.73%

$

103.48

$

64.91

83.32%

$

130.73

$

108.92

Atlanta Aloft

46.65%

$

127.82

$

59.63

39.70%

$

120.96

$

48.02

79.70%

$

154.97

$

123.52

Total Same-Store Portfolio

67.49%

$

105.55

$

71.24

51.07%

$

104.13

$

53.17

80.17%

$

126.87

$

101.71



Nine months ended September 30,

2021 2020 2019

Occupancy ADR RevPAR Occupancy ADR RevPAR Occupancy ADR RevPAR

SolomonsHilton Garden 65.89% $ 107.34 $ 70.73 50.90% $ 114.34 $ 58.20 78.01% $ 122.93 $ 95.90Inn

Atlanta Hotel 53.76% $ 95.77 $ 51.49 53.28% $ 94.22 $ 50.21 76.16% $ 107.72 $ 82.04Indigo

JacksonvilleCourtyard by 65.52% $ 102.56 $ 67.20 51.88% $ 101.92 $ 52.88 76.56% $ 121.20 $ 92.79Marriott

San AntonioSpringHill 62.89% $ 111.05 $ 69.84 40.26% $ 103.57 $ 41.70 80.28% $ 130.59 $ 104.84Suites

Leawood Aloft 49.49% $ 99.68 $ 49.33 43.54% $ 104.15 $ 45.35 69.49% $ 132.42 $ 92.01

Lexington 72.41% $ 102.90 $ 74.51 55.90% $ 93.27 $ 52.14 80.92% $ 116.18 $ 94.01Home2 Suites

Round Rock 71.56% $ 91.74 $ 65.65 49.91% $ 86.23 $ 43.03 84.15% $ 116.72 $ 98.22Home2 Suites

Tallahassee 79.07% $ 111.41 $ 88.08 61.19% $ 112.80 $ 69.02 89.15% $ 125.15 $ 111.57Home2 Suites

South Haven 89.49% $ 114.06 $ 102.07 68.75% $ 97.94 $ 67.34 90.70% $ 119.14 $ 108.06Home2 Suites

Lake MaryHampton Inn & 67.94% $ 112.35 $ 76.33 43.92% $ 125.26 $ 55.01 79.09% $ 138.79 $ 109.76Suites

Austin 79.11% $ 99.14 $ 78.43 64.34% $ 104.40 $ 67.17 82.91% $ 136.01 $ 112.77Residence Inn

El Paso 81.19% $ 95.48 $ 77.52 49.08% $ 97.27 $ 47.74 86.01% $ 105.69 $ 90.90Fairfield Inn

AustinTownePlace 82.37% $ 89.52 $ 73.74 46.70% $ 91.47 $ 42.71 72.37% $ 112.11 $ 81.13Suites

Summerville 81.46% $ 113.47 $ 92.43 62.73% $ 103.48 $ 64.91 83.32% $ 130.73 $ 108.92Home2 Suites

Atlanta Aloft 46.65% $ 127.82 $ 59.63 39.70% $ 120.96 $ 48.02 79.70% $ 154.97 $ 123.52

TotalSame-Store 67.49% $ 105.55 $ 71.24 51.07% $ 104.13 $ 53.17 80.17% $ 126.87 $ 101.71Portfolio

Condor Hospitality Trust, Inc.

Property List | As of September 30, 2021

New Investment Platform | Acquired from January 1, 2012 - September 30, 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 | September 30, 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 September 30, 2021



New Investment Platform | Acquired from January 1, 2012 - September 30, 2021

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

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

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 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 & 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 | 1,908 $288.1 September 30, 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 - September 30, 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 - September 30, 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 & 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 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 & Suites Warsaw IN 71 12/20/2017 $5.0

Total 2017 676 $29.1

51 Supertel Inn/Conference Creston IA 41 01/25/2018 $2.1 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 Dispositions 4,696 $169.9

Acquisitions | For Period January 1, 2015 - September 30, 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/20211102006336/en/

CONTACT: Jill Burger Chief Financial Officer & Chief Accounting Officer jburger@trustcondor.com (402) 371-2520






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