|
|
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
, |
||
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading symbol
|
Name of each exchange on which registered
|
||
|
|
Item 9.01. |
Financial Statements and Exhibits.
|
Exhibit
Number
|
Exhibit Title or Description
|
|
Unaudited pro forma consolidated financial information
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
Condor Hospitality Trust, Inc.
|
|||
Date: November 26, 2021
|
By:
|
/s/Jill Burger
|
|
Name:
|
Jill Burger
|
||
Title:
|
Interim Chief Financial Officer and Chief Accounting Officer
|
[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
|
)
|
Document and Entity Information |
Nov. 19, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K/A |
Amendment Flag | true |
Amendment Description | Amendment |
Document Period End Date | Nov. 19, 2021 |
Entity Registrant Name | CONDOR HOSPITALITY TRUST, INC. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-34087 |
Entity Tax Identification Number | 52-1889548 |
Entity Address, Address Line One | 1800 WEST PASEWALK AVENUE |
Entity Address, Address Line Two | SUITE 120 |
Entity Address, City or Town | NORFOLK |
Entity Address, State or Province | NE |
Entity Address, Postal Zip Code | 68701 |
City Area Code | 301 |
Local Phone Number | 861-3305 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000929545 |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | CDOR |
Security Exchange Name | NYSEAMER |
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