Condor Hospitality Trust Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Impairment Loss for the Quarter Ended December 31, 2017; Provides Earnings Guidance for the Year Ending December 31, 2018
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.