Condor Hospitality Trust Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported room rentals and other hotel services revenue of $15,278,000 against $10,470,000 a year ago. Operating income was $1,238,000 against loss of $539,000 a year ago. Earnings from continuing operation before income taxes was $703,000 against $4,764,000 a year ago. Earnings from continuing operations were $1,348,000 or $0.10 per diluted share against $4,639,000 $0.65 per diluted share a year ago. Net earnings were $1,348,000 against $4,639,000 a year ago. Earnings attributable to the common shareholder were $1,174,000 or $0.10 per diluted share against $3,565,000 or $0.65 per diluted share a year ago. FFO was $2,273,000 against FFO negative of $1,081,000 a year ago. FFO attributable to common shareholders and partnership units was $2,108,000 against FFO negative of $2,056,000 a year ago. AFFO attributable to common shares and common units was $3,312,000 against AFFO negative of $1,090,000 a year ago. FFO per common share and partnership unit – Diluted was $0.18 compared to FFO per common share negative of $2.26 a year ago. AFFO per common share and partnership unit – Diluted was $0.28 compared to FFO per common share negative of $1.20 a year ago. EBITDA was $5,420,000 against $8,213,000 a year ago. Adjusted EBITDA was $4,604,000 against $1,316,000 a year ago. Hotel EBITDA was $5,950,000 against $3,048,000 a year ago.


For the year, the company reported room rentals and other hotel services revenue of $55,453,000 against $50,647,000 a year ago. Operating income was $3,276,000 against $2,023,000 a year ago. Earnings from continuing operation before income taxes was $2,306,000 against $22,969,000 a year ago. Earnings from continuing operations were $2,901,000 against $22,844,000 a year ago. Net earnings were $2,901,000 against $23,522,000 a year ago. Loss attributable to the common shareholder was $9,362,000 or $1.00 per diluted share against $2,047,000 or $0.91 per basic share a year ago. Loss per diluted share from continuing operations was $1.00 per share compared to earnings per share of $0.91 per share a year ago. FFO was $6,290,000 against $6,755,000 a year ago. FFO attributable to common shareholders and partnership units negative was $5,954,000 against $13,993,000 a year ago. AFFO attributable to common shares and common units was $9,766,000 against $319,000 a year ago. EBITDA was $18,426,000 against $36,734,000 a year ago. Adjusted EBITDA was $16,173,000 against $9,122,000 a year ago. Hotel EBITDA was $21,950,000 against $15,021,000 a year ago. FFO per common share and partnership unit – Diluted negative was $0.22 compared to $15.40 a year ago. AFFO per common share and partnership unit – Diluted was $0.98 compared to $0.35 a year ago.

For the year ending December 31, 2018, the company expects net earnings in the range of $1.7 million to $2.5 million, Depreciation and amortization expense of $11.4 million to $11.4 million, FFO of $13.1 million to $13.9 million, FFO attributable to common shares and common units of $12.5 million to $13.3 million, AFFO attributable to common shares and common units – Basic of $13.7 million to $14.5 million, AFFO attributable to common shares and common units – Diluted of $14.3 to $15.1, AFFO per common share and common unit – Diluted of $1.13 to $1.19, Diluted common shares and common units of $12.7 to $12.7. The company also expects EBITDA of $21.5 million to $22.4 million, Adjusted EBITDA of $22.5 million to $23.4 million, hotel EBITDA of $28.8 million to $29.7 million, and hotel revenue of $74.0 million to $75.4 million.


For the fourth quarter, the company reported impairment loss of $553,000 against $220,000 a year ago.