Condor Hospitality Trust Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Full Year of 2018
For the six months, the company reported room rentals and other hotel services of $34,513,000 compared to $24,613,000 a year ago. Operating income was $5,076,000 compared to $893,000 a year ago. Earnings before income taxes was $3,882,000 compared to $2,627,000 a year ago. Net loss attributable to common shareholders was $3,383,000 or $0.28 per diluted share compared to loss of $9,299,000 or $1.28 per diluted share a year ago. FFO was $7,029,000 compared to $1,884,000 a year ago. FFO attributable to common shares and partnership units was $6,740,000 or $0.56 per diluted share compared to negative FFO of $9,990,000 or $1.35 per diluted share a year ago. AFFO attributable to common shares and partnership units was $7,700,000 or $0.63 per diluted share compared to $3,163,000 or $0.40 per diluted share a year ago. EBITDA was $14,191,000 against $9,870,000 a year ago. Adjusted EBITDAre was $12,393,000 against $6,591,000 a year ago. Hotel EBITDA was $15,384,000 compared to $9,674,000 a year ago.
The company provided earnings guidance for the full year of 2018. For the period, the company's forecast hotel revenue is in the range of $74.0 million to million $75.4 million, forecastnet earnings in the range of $1.7 million to $2.5 million, forecast earnings per share - Diluted in the range of $0.09 to $0.16, forecast Hotel EBITDA in the range of $28.8 million to $29.7 million, forecast AFFO per common share and common unit - Diluted in the range of $1.13 to $1.19 a year ago. forecast net earnings in the range of $1.7 million to $2.5 million, Interest expense in the range of $8.5 million to $8.5 million, Depreciation and amortization expense in the range of $11.4 million to $11.4 million, forecast EBITDA in the range of $21.5 million to $22.4 million, forecast EBITDAre in the range of $21.5 million to $22.4 million, forecast Adjusted EBITDAre in the range of $22.5 million to $23.4 million, forecast Hotel EBITDA in the range of $28.8 million to $29.7 million, forecast FFO in the range of $13.1 million to $13.9 million, forecast FFO attributable to common shares and common units in the range of $12.5 million to $13.3 million, forecast AFFO attributable to common shares and common units - Diluted in the range of $14.3 million to $15.1 million, forecast AFFO per common share and common unit - Diluted in the range of $1.13 to 1.19.