[A]
Historical
Results
|
[B]
Pro Forma
Adjustments
|
Pro Forma
Results
| ||||||||||
Assets
| ||||||||||||
Investment in hotel properties, net
|
$
|
258,541
|
$
|
(258,537
|
)
|
$
|
4
| |||||
Cash and cash equivalents
|
5,286
|
121,699
|
126,985
| |||||||||
Restricted cash, property escrows
|
6,879
|
(6,879
|
)
|
-
| ||||||||
Accounts receivable, net
|
1,283
|
(811
|
)
|
472
| ||||||||
Prepaid expenses and other assets
|
1,399
|
(424
|
)
|
975
| ||||||||
Total Assets
|
$
|
273,388
|
$
|
(144,952
|
)
|
$
|
128,436
| |||||
Liabilities and Equity
| ||||||||||||
Liabilities
| ||||||||||||
Accounts payable, accrued expenses, and other liabilities
|
$
|
8,730
|
$
|
(6,299
|
)
|
$
|
2,431
| |||||
Land option liability
|
8,497
|
(8,497
|
)
|
-
| ||||||||
Derivative liabilities, at fair value
|
517
|
(517
|
)
|
-
| ||||||||
Convertible debt, at fair value
|
28,956
|
(28,956
|
)
|
-
| ||||||||
Long-term debt, net of deferred financing costs
|
167,309
|
(167,309
|
)
|
-
| ||||||||
Total Liabilities
|
214,009
|
(211,578
|
)
|
2,431
| ||||||||
Equity
| ||||||||||||
Shareholders' Equity
| ||||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized; 14,717,145 shares outstanding
|
147
|
-
|
147
| |||||||||
Additional paid-in capital
|
244,801
|
-
|
244,801
| |||||||||
Accumulated deficit
|
(185,596
|
)
|
66,604
|
(118,992
|
)
| |||||||
Total Shareholders' Equity
|
59,352
|
66,604
|
125,956
| |||||||||
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $29
|
27
|
22
|
49
| |||||||||
Total Equity
|
59,379
|
66,626
|
126,005
| |||||||||
Total Liabilities and Equity
|
$
|
273,388
|
$
|
(144,952
|
)
|
$
|
128,436
|
[AA]
Historical
Results
|
[BB]
Pro Forma
Adjustments
|
Pro Forma
Results
| ||||||||||
Revenue
| ||||||||||||
Room rentals and other hotel services
|
$
|
39,054
|
$
|
(39,054
|
)
|
$
|
-
| |||||
Operating Expenses
| ||||||||||||
Hotel and property operations
|
27,021
|
(27,021
|
)
|
-
| ||||||||
Depreciation and amortization
|
7,945
|
(7,938
|
)
|
7
| ||||||||
General and administrative
|
3,572
|
-
|
3,572
| |||||||||
Strategic alternatives, net
|
1,432
|
(1,432
|
)
|
-
| ||||||||
Total operating expenses
|
39,970
|
(36,391
|
)
|
3,579
| ||||||||
Operating income (loss)
|
(916
|
)
|
(2,663
|
)
|
(3,579
|
)
| ||||||
Net loss on disposition of assets
|
(21
|
)
|
21
|
-
| ||||||||
Net gain (loss) on derivatives and convertible debt
|
(11,719
|
)
|
11,719
|
-
| ||||||||
Other income (expense), net
|
2,437
|
(2,437
|
)
|
-
| ||||||||
Interest expense
|
(7,656
|
)
|
7,656
|
-
| ||||||||
Loss before income taxes
|
(17,875
|
)
|
14,296
|
(3,579
|
)
| |||||||
Income tax benefit (expense)
|
(81
|
)
|
-
|
(81
|
)
| |||||||
Net loss
|
(17,956
|
)
|
14,296
|
(3,660
|
)
| |||||||
Loss attributable to noncontrolling interest
|
6
|
(5
|
)
|
1
| ||||||||
Net loss attributable to controlling interests
|
(17,950
|
)
|
14,291
|
(3,659
|
)
| |||||||
Dividends undeclared on preferred stock
|
(383
|
)
|
-
|
(383
|
)
| |||||||
Net loss attributable to common shareholders
|
$
|
(18,333
|
)
|
$
|
14,291
|
$
|
(4,042
|
)
| ||||
Earnings (Loss) per Share | ||||||||||||
Total - Basic Earnings (Loss) per Share
|
$
|
(1.45
|
)
|
$
|
(0.32
|
)
| ||||||
Total - Diluted Earnings (Loss) per Share
|
$
|
(1.45
|
)
|
$
|
(0.32
|
)
|
[AA]
Historical
Results
|
[BB]
Pro Forma
Adjustments
|
Pro Forma
Results
| ||||||||||
Revenue
| ||||||||||||
Room rentals and other hotel services
|
$
|
35,188
|
$
|
(35,188
|
)
|
$
|
-
| |||||
Operating Expenses
| ||||||||||||
Hotel and property operations
|
29,563
|
(29,563
|
)
|
-
| ||||||||
Depreciation and amortization
|
10,956
|
(10,940
|
)
|
16
| ||||||||
General and administrative
|
4,006
|
-
|
4,006
| |||||||||
Strategic alternatives, net
|
(4,706
|
)
|
4,706
|
-
| ||||||||
Total operating expenses
|
39,819
|
(35,797
|
)
|
4,022
| ||||||||
Operating income (loss)
|
(4,631
|
)
|
609
|
(4,022
|
)
| |||||||
Net loss on disposition of assets
|
(18
|
)
|
18
|
-
| ||||||||
Equity in earnings (loss) of joint venture
|
80
|
(80
|
)
|
-
| ||||||||
Net loss on derivatives and convertible debt
|
(6,331
|
)
|
6,331
|
-
| ||||||||
Other income (expense), net
|
(65
|
)
|
65
|
-
| ||||||||
Interest expense
|
(8,481
|
)
|
8,481
|
-
| ||||||||
Loss before income taxes
|
(19,446
|
)
|
15,424
|
(4,022
|
)
| |||||||
Income tax benefit (expense)
|
375
|
(267
|
)
|
108
| ||||||||
Net loss
|
(19,071
|
)
|
15,157
|
(3,914
|
)
| |||||||
Loss attributable to noncontrolling interest
|
7
|
(6
|
)
|
1
| ||||||||
Net loss attributable to controlling interests
|
(19,064
|
)
|
15,151
|
(3,913
|
)
| |||||||
Dividends declared and undeclared on preferred stock
|
(617
|
)
|
-
|
(617
|
)
| |||||||
Net loss attributable to common shareholders
|
$
|
(19,681
|
)
|
$
|
15,151
|
$
|
(4,530
|
)
| ||||
Earnings (Loss) per Share | ||||||||||||
Total - Basic Earnings (Loss) per Share
|
$
|
(1.59
|
)
|
$
|
(0.38
|
)
| ||||||
Total - Diluted Earnings (Loss) per Share
|
$
|
(1.59
|
)
|
$
|
(0.38
|
)
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Condor Hospitality Trust Inc. published this content on 26 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2021 12:39:02 UTC.