Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 13, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Registrant Name | CONDOR HOSPITALITY TRUST, INC. | ||
Entity Central Index Key | 929,545 | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | cdor | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 11,934,429 | ||
Entity Public Float | $ 55.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Investment in hotel properties, net | $ 206,925 | $ 79,231 |
Investment in unconsolidated joint venture | 7,747 | 9,036 |
Cash and cash equivalents | 5,441 | 8,326 |
Restricted cash, property escrows | 4,894 | 5,350 |
Accounts receivable, net of allowance for doubtful accounts of $11 and $21 | 1,707 | 1,416 |
Prepaid expenses and other assets | 3,220 | 1,666 |
Derivative assets, at fair value | 391 | |
Investment in hotel properties held for sale, net | 12,655 | 35,640 |
Total Assets | 242,980 | 140,665 |
Liabilities | ||
Accounts payable, accrued expenses, and other liabilities | 7,046 | 4,698 |
Dividends and distributions payable | 2,470 | 1,125 |
Derivative liabilities, at fair value | 8 | |
Convertible debt, at fair value | 1,069 | 1,315 |
Long-term debt, net of deferred financing costs | 115,605 | 47,918 |
Long-term debt related to hotel properties held for sale, net of deferred financing costs | 4,976 | 14,802 |
Total Liabilities | 131,166 | 69,866 |
Shareholders' Equity | ||
Common stock, $.01 par value, 200,000,000 shares authorized; 11,833,573 and 762,590 shares outstanding | 118 | 8 |
Additional paid-in capital | 230,727 | 118,655 |
Accumulated deficit | (130,489) | (112,024) |
Total Shareholders' Equity | 110,406 | 67,972 |
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $871 and $2,008 | 1,408 | 2,827 |
Total Equity | 111,814 | 70,799 |
Total Liabilities and Equity | 242,980 | 140,665 |
Series D Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, 40,000,000 shares authorized: | $ 61,333 | |
Series E Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, 40,000,000 shares authorized: | $ 10,050 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts receivable, allowance for doubtful accounts | $ 11 | $ 21 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 11,833,573 | 762,590 |
Noncontrolling interest in consolidated partnership, redemption value | $ 871 | $ 2,008 |
Series D Preferred Stock [Member] | ||
Preferred stock, annual dividend rate | 6.25% | |
Preferred stock, shares authorized | 6,700,000 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares outstanding | 6,245,156 | |
Preferred stock, liquidation preference | $ 63,427 | |
Series E Preferred Stock [Member] | ||
Preferred stock, annual dividend rate | 6.25% | |
Preferred stock, shares authorized | 925,000 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares outstanding | 925,000 | |
Preferred stock, liquidation preference | $ 9,395 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | |||
Room rentals and other hotel services | $ 55,453 | $ 50,647 | $ 58,714 |
Operating Expenses | |||
Hotel and property operations | 37,134 | 37,092 | 43,367 |
Depreciation and amortization | 6,898 | 5,190 | 5,400 |
General and administrative | 6,552 | 5,792 | 5,493 |
Acquisition and terminated transactions | 1,250 | 550 | 684 |
Equity transactions | 343 | 246 | |
Total operating expenses | 52,177 | 48,624 | 55,190 |
Operating income | 3,276 | 2,023 | 3,524 |
Net gain on disposition of assets | 6,807 | 23,132 | 4,798 |
Equity in earnings (loss) of joint venture | 190 | (244) | |
Net gain on derivatives and convertible debt | 436 | 6,377 | 11,578 |
Other income (expense), net | (111) | 55 | 114 |
Interest expense | (5,174) | (4,710) | (5,522) |
Loss on debt extinguishment | (967) | (2,187) | (213) |
Impairment loss, net | (2,151) | (1,477) | (3,829) |
Earnings from continuing operations before income taxes | 2,306 | 22,969 | 10,450 |
Income tax benefit (expense) | 595 | (125) | |
Earnings from continuing operations | 2,901 | 22,844 | 10,450 |
Gain from discontinued operations, net of tax | 678 | 3,872 | |
Net earnings | 2,901 | 23,522 | 14,322 |
Earnings attributable to noncontrolling interest | (20) | (727) | (1,197) |
Net earnings attributable to controlling interests | 2,881 | 22,795 | 13,125 |
Dividends declared and undeclared and in kind dividends deemed on preferred stock | (12,243) | (20,748) | (3,632) |
Net earnings (loss) attributable to common shareholders | $ (9,362) | $ 2,047 | $ 9,493 |
Earnings per Share | |||
Continuing operations - Basic | $ (1) | $ 1.82 | $ 8.06 |
Discontinued operations - Basic | 0.85 | 4.55 | |
Total - Basic Earnings (Loss) per Share | (1) | 2.67 | 12.61 |
Diluted Earnings Per Share | |||
Continuing operations - Diluted | (1) | 0.78 | (0.98) |
Discontinued operations - Diluted | 0.13 | $ 0.98 | |
Total - Diluted Earnings (Loss) per Share | $ (1) | $ 0.91 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Series D Preferred Stock [Member]Accumulated Deficit [Member] | Series D Preferred Stock [Member]Parent [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member]Accumulated Deficit [Member] | Series E Preferred Stock [Member]Parent [Member] | Series E Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2014 | $ 38 | $ 7 | $ 137,940 | $ (118,983) | $ 19,002 | $ 90 | $ 19,092 | ||||||
Balance, shares at Dec. 31, 2014 | 3,803 | 722 | |||||||||||
Stock-based compensation | $ 3 | 143 | 143 | 143 | |||||||||
Long-term incentive plan | 142 | 142 | |||||||||||
Issuance of common stock | $ 1 | 345 | 346 | 346 | |||||||||
Issuance of common stock, shares | 35 | ||||||||||||
Issuance of common units | 450 | 450 | |||||||||||
Net earnings | 13,125 | 13,125 | 1,197 | 14,322 | |||||||||
Balance at Dec. 31, 2015 | $ 38 | $ 8 | 138,428 | (105,858) | 32,616 | 1,879 | 34,495 | ||||||
Balance, shares at Dec. 31, 2015 | 3,803 | 760 | |||||||||||
Stock-based compensation | 134 | 134 | 134 | ||||||||||
Stock-based compensation, shares | 3 | ||||||||||||
Long-term incentive plan | 171 | 171 | |||||||||||
Issuance of common units | 50 | 50 | |||||||||||
Dividends and distributions declared: Common stock (per share) | (347) | (347) | (347) | ||||||||||
Dividends and distributions declared: Preferred stock | $ (3,090) | $ (3,090) | $ (3,090) | ||||||||||
Redemption of Series A and Series B Preferred | $ (8) | (7,390) | (5,107) | (12,505) | (12,505) | ||||||||
Redemption of Series A and Series B Preferred, shares | (803) | ||||||||||||
Exchange of Series C and issuance of Series D Preferred Stock | $ 61,303 | (12,517) | (20,417) | 28,369 | 28,369 | ||||||||
Exchange of Series C and issuance of Series D Preferred Stock, shares | 3,245 | ||||||||||||
Net earnings | 22,795 | 22,795 | 727 | 23,522 | |||||||||
Balance at Dec. 31, 2016 | $ 61,333 | $ 8 | 118,655 | (112,024) | 67,972 | 2,827 | 70,799 | ||||||
Balance, shares at Dec. 31, 2016 | 6,245 | 763 | |||||||||||
Stock-based compensation | $ 1 | 1,151 | 1,152 | 1,152 | |||||||||
Stock-based compensation, shares | 94 | ||||||||||||
Long-term incentive plan | 85 | 85 | |||||||||||
Issuance of common stock | $ 1,210 | $ 49 | 47,419 | 47,468 | 47,468 | ||||||||
Issuance of common stock, shares | 4,972 | ||||||||||||
Issuance of common units | 435 | 435 | |||||||||||
Dividends and distributions declared: Common stock (per share) | (9,103) | (9,103) | (9,103) | ||||||||||
Dividends and distributions declared: Preferred stock | $ (650) | $ (650) | $ (650) | $ (483) | $ (483) | $ (483) | |||||||
Dividends and distributions declared: Common units ($0.195 per share) | $ (18) | (18) | |||||||||||
Fractional common shares settled in reverse stock split | (1) | (1) | (1) | ||||||||||
Conversion of Series D Preferred to common stock and issuance of Series E Preferred Stock | $ (51,283) | $ 60 | 61,273 | (11,110) | (1,060) | (1,060) | |||||||
Conversion of Series D Preferred to common stock and issuance of Series E Preferred Stock, shares | (5,320) | 6,005 | |||||||||||
Warrant exchange | $ 289 | $ 289 | 289 | ||||||||||
Cancellation of LTIP units | 1,941 | 1,941 | (1,941) | ||||||||||
Net earnings | 2,881 | $ 2,881 | $ 20 | 2,901 | |||||||||
Balance at Dec. 31, 2017 | $ 10,050 | $ 118 | $ 230,727 | $ (130,489) | $ 110,406 | $ 1,408 | $ 111,814 | ||||||
Balance, shares at Dec. 31, 2017 | 925 | 11,834 |
Consolidated Statements Of Equ6
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Equity [Abstract] | ||
Dividends and distributions declared: Common stock, per share | $ 0.78 | $ 0.455 |
Dividends and distributions declared: Common units, per unit | $ 0.00375 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 2,901 | $ 23,522 | $ 14,322 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization expense | 6,898 | 5,190 | 5,400 |
Net gain on disposition of assets | (6,807) | (23,813) | (7,794) |
Net gain on derivatives and convertible debt | (436) | (6,377) | (11,578) |
Equity in (earnings) loss of joint venture | (190) | 244 | |
Distributions from cumulative earnings of joint venture | 51 | ||
Amortization of deferred financing costs | 1,066 | 597 | 714 |
Loss on extinguishment of debt | 967 | 2,187 | 213 |
Impairment loss, net | 2,151 | 1,477 | 3,708 |
Stock-based compensation and long-term incentive plan expense | 1,237 | 305 | 285 |
Warrant issuance costs | 289 | 12 | 58 |
Provision for deferred taxes | (660) | ||
Changes in operating assets and liabilities: | |||
(Increase) decrease in assets | (879) | (244) | 442 |
Increase (decrease) in liabilities | 2,500 | (432) | (800) |
Net cash provided by operating activities | 9,088 | 2,668 | 4,970 |
Cash flows from investing activities: | |||
Additions to hotel properties | (2,814) | (3,446) | (3,853) |
Deposit on hotel property and franchise fees | (810) | ||
Investment in joint venture | (9,280) | ||
Distributions in excess of cumulative earnings from joint venture | 1,428 | ||
Hotel acquisitions | (122,269) | (22,450) | (42,592) |
Net proceeds from sale of hotel assets | 27,630 | 58,593 | 53,306 |
Net change in capital expenditure escrows | 985 | (1,475) | (1,463) |
Net cash provided by (used in) investing activities | (95,850) | 21,942 | 5,398 |
Cash flows from financing activities: | |||
Deferred financing costs | (4,404) | (136) | (865) |
Proceeds from long-term debt | 174,000 | 26,123 | 85,772 |
Principal payments on long-term debt | (122,400) | (50,270) | (90,924) |
Debt early extinguishment penalties | (454) | (1,752) | |
Proceeds from common stock issuance | 47,468 | 346 | |
Series A and B Preferred Stock redemption, including accumulated dividends | (20,167) | ||
Series D Preferred Stock issuance | 28,881 | ||
Series E Preferred Stock issuance costs | (1,210) | ||
Cash dividends paid to common shareholders | (6,944) | (198) | |
Cash dividends paid to preferred shareholders | (1,965) | (3,598) | |
Contingent consideration paid subsequent to acquisition | (155) | ||
Other items | (59) | (37) | |
Net cash provided by (used in) financing activities | 83,877 | (21,154) | (5,671) |
Increase (decrease) in cash and cash equivalents | (2,885) | 3,456 | 4,697 |
Cash and cash equivalents, beginning of year | 8,326 | 4,870 | 173 |
Cash and cash equivalents, end of year | 5,441 | 8,326 | 4,870 |
Supplemental cash flow information: | |||
Interest paid, net of amounts capitalized | 3,885 | 4,229 | 5,085 |
Income taxes paid | 203 | 37 | |
Schedule of noncash investing and financing activities: | |||
Debt assumed in acquisitions | 9,096 | 11,220 | |
Fair value of operating partnership common units issued in acquisitions | 435 | 50 | $ 450 |
In kind dividends deemed on preferred stock | $ 9,900 | $ 20,218 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And Summary Of Significant Accounting Policies | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Condor Hospitality Trust, Inc. (“Condor”) was incorporated in Virginia on August 23, 1994 and was reincorporated in Maryland on November 19, 2014. Condor is a self-administered real estate investment trust (“REIT”) for federal income tax purposes that specializes in the investment and ownership of high-quality select-service, limited-service, extended stay, and compact full service hotels. As of December 31, 2017, the Company owned 18 hotels in nine states, including one hotel owned through an 80% interest in an unconsolidated joint venture (the “Atlanta JV”). References to the “Company”, “we,” “our,” and “us” herein refer to Condor Hospitality Trust, Inc., including as the context requires, our direct and indirect subsidiaries. The Company, through its wholly owned subsidiary, Condor Hospitality REIT Trust, owns a controlling interest in Condor Hospitality Limited Partnership (the “operating partnership”), and serves as its general partner. The operating partnership, including its various subsidiary partnerships, holds substantially all of the Company’s assets (with the exception of the furniture and equipment of 16 properties held by TRS Leasing, Inc.) and conducts all of its operations. At December 31, 2017, the Company owned 99.3% of the common operating units (“common units”) of the operating partnership with the remaining common units owned by other limited partners. The Company’s 100% owned E&P Financing Limited Partnership no longer owns any assets or conducts any operations following the sale of its last remaining property in January 2016. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required by the Internal Revenue Service (“IRS”) for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, the operating partnership and its subsidiaries lease our hotel properties to the Company’s wholly owned taxable REIT subsidiary, TRS Leasing, Inc., and its wholly owned subsidiaries (the “TRS”). The TRS in turn engages third-party eligible independent contractors to manage the hotels. The operating partnership, the TRS, and their respective subsidiaries are consolidated into the Company’s financial statements. Historically, as a result of the geographic areas in which we operate, the operations of our hotels have been seasonal in nature. Generally, occupancy rates, revenue, and operating income have been greater in the second and third quarters of the calendar year than in the first and fourth quarters, with the exception of our hotels located in Florida, which experience peak demand in the first and fourth quarters of the year. The results of the hotels acquired in and since 2015 (see Note 3), because of their locations and chain scale, are less seasonal in nature than our legacy portfolio of assets. Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. general accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company, as well as the accounts of the operating partnership and its subsidiaries and our wholly owned TRS and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1 -for-6.5. No fractional shares of common stock were issued as fractional shares were settled in cash. Impacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurred on the first day of the periods presented. Certain amounts in the notes to the consolidated financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as revenue and expenses recognized during the reporting period. Actual results could differ from those estimates. Because the state of the economy and of the real estate market can significantly impact hotel operational performance and the estimated fair value of our assets, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change. Investment in Hotel Properties At the time of acquisition, the Company allocates the purchase price of assets to asset classes based on the fair value of the acquired real estate, furniture, fixtures, and equipment, and intangible assets, if any, and the fair value of liabilities assumed, including debt. Acquisition date fair values are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers including discounted cash flows and capitalization rates. Acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed as incurred. The Company’s investments in hotel properties are recorded at cost and are depreciated using the straight-line method over an estimated useful life of 15 to 40 years for buildings and improvements and 3 to 12 years for furniture and equipment. Renovations and/or replacements that improve or extend the life of the hotel properties are capitalized and depreciated over their useful lives. Repairs and maintenance are expensed as incurred. The initial fees incurred to enter into the franchise agreements are capitalized and amortized over the life of the franchise agreements using the straight-line method. Amortization expense is included in depreciation and amortization in the consolidated statements of operations. On an ongoing basis, the Company reviews the carrying value of each held for use hotel to determine if certain circumstances, known as triggering events, exist indicating impairment to the carrying value of the hotel or that depreciation periods should be modified. These triggering events include a significant change in the cash flows of or a significant adverse change in the business climate for a hotel. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel and determine if the investment in such hotel is recoverable based on these undiscounted future cash flows. If the investment is not recoverable based on this analysis, an impairment charge will be taken, if necessary, to reduce the carrying value of the hotel to the hotel’s estimated fair value. Investment in Joint Venture If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a variable interest entity (“VIE”) or through our voting interest in a voting interest entity (“VOE”) and we have the ability to provide significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliate as they occur, with losses limited to the extent of our investment in, advances to, and commitments to the investee. Pursuant to our Atlanta JV agreement, allocations of the profits and losses of our Atlanta JV may be allocated disproportionately to nominal ownership percentages due to specified preferred return rate thresholds. Distributions received from a joint venture are classified in the statements of cash flows using the cumulative earnings approach. Distributions are classified as cash inflows from operating activities unless cumulative distributions, including those from prior periods not designated as a return of investment, exceed cumulative recognized equity in earnings of the joint venture. Excess distributions are classified as cash inflows from investing activities as a return of investment. On an annual basis or at interim periods if events and circumstances indicate that the investment may be impaired, the Company reviews the carrying value of its investment in unconsolidated joint venture to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. The investment is considered impaired if its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. Assets Held for Sale and Discontinued Operations A hotel is considered held for sale (a) when a contract for sale is entered into, a substantial, nonrefundable deposit has been committed by the purchaser, and sale is expected to occur within one year, or (b) if management has committed to and is actively engaged in a plan to sell the property, the property is available for sale in its current condition, and it is probable the sale will be completed within one year. If a hotel is considered held for sale as of the most recent balance sheet presented or was sold in any period presented, the hotel property and the debt it collateralizes are shown as held for sale in all periods presented. Depreciation of our hotels is discontinued at the time they are considered held for sale. At the end of each reporting period, if the fair value of the held for sale property less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. Impairment losses on held for sale properties may be subsequently recovered up to the amount of the cumulative impairment losses taken while the property is held for sale should future revisions to fair value estimates be required. If active marketing ceases or the property no longer meets the criteria to be classified as held for sale, the property is reclassified to held for use and measured at the lower of its (a) carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for use, or (b) its fair value at the date of the subsequent decision not to sell. Historically, we have presented the results of operations of hotel properties that have been sold or considered held for sale as discontinued operations. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other significant disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations that have a major effect on an entity’s operations and financial results should be presented as discontinued operations subsequent to adoption. The Company adopted the pronouncement on October 1, 2014. As a result of this adoption, only the operations of hotels meeting the criteria to be considered held for sale prior to October 1, 2014 are included in discontinued operations for all periods presented as no individual hotel disposition represents a strategic shift in operations or has a major effect on our operations or financial results. Gains on the sale of real estate are recognized when a property is sold, provided that the profit is determinable, meaning that collectability of the sales price is reasonably assured or can be estimated, and that the earnings process is complete, meaning that the seller is not obligated to perform significant activities after the sale in order to earn the profit . If these criteria are not met, the timing of the sale is determined based on various criteria related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, the gain is deferred and the finance, installment, or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent we sell a property and retain a partial ownership interest in the property, we generally recognize a gain to the extent of the third party ownership interest. Cash and Cash Equivalents Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less when acquired, and are carried at cost which approximates fair value. The Company maintained a major portion of its deposits with Huntington Bancshares Incorporated at December 31, 2017 and Great Western Bank, a Nebraska Corporation, at December 31, 2016. The balances on deposit at Huntington Bancshares Incorporated and Great Western Bank may at times exceed the federal deposit insurance limit, however, management believes that no significant credit risk exists with respect to the uninsured portion of these cash balances. Restricted Cash Restricted cash consists of cash held in escrow for the replacement of furniture and fixtures or for real estate taxes and property insurance as required under certain loan agreements. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for the replacement of furniture and fixtures are shown as investing activities. Deferred Financing Costs Direct costs incurred in financing transactions are capitalized as deferred financing costs and amortized to interest expense over the term of the related loan using the effective interest method. Deferred financing costs are presented on the balance sheet s as a direct deduction from the associated debt liability. Derivative Assets and Liabilities In the normal course of business, the Company is exposed to the effects of interest rate changes, and the Company may enter into derivative instruments including interest rate swaps, caps, and collars to manage or economically hedge interest rate risk. Additionally, the Company is required to include on the balance sheets certain bifurcated embedded derivative instruments such as conversion and redemption features in convertible instruments and certain common stock warrants. All derivatives recognized by the Company are reported as derivative assets and liabilities on the balance sheets and are adjusted to their fair value at each reporting date. Realized and unrealized gains and losses on derivative instruments are included in net gain on derivatives and convertible debt with the exception of realized gains and losses related to interest rate instruments which are included in interest expense on the statements of operations. Noncontrolling Interest Noncontrolling interest in the operating partnership represents the limited partners’ proportionate share of the equity in the operating partnership and long-term incentive plan (“LTIP”) units (see Note 12). Earnings and loss are allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the operating partnership during the period. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage, and other ancillary amenities. Revenue from the operation of the hotel properties is recognized when rooms are occupied and services have been rendered. Sales, use, occupancy, and similar taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue in the statements of operations. Income Taxes The Company qualifies and intends to continue to qualify as a REIT under applicable provisions of the Internal Revenue Code (the “Code”), as amended. In general, under such Code provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, will not be subject to federal income tax to the extent of the income currently distributed to shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. Except with respect to the TRS, the Company does not believe that it will be liable for significant federal or state income taxes in future years. A REIT will incur a 100% tax on the net gain derived from any sale or other disposition of property that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We do not believe any of our hotels were held primarily for sale in the ordinary course of our trade or business. However, if the IRS would successfully assert that we held such hotels primarily for sale in the ordinary course of our business, the gain from such sales could be subject to a 100% prohibited transaction tax. Taxable income from non-REIT activities managed through the TRS, which is taxed as a C-Corporation, is subject to federal, state, and local income taxes. We account for the federal income taxes of our TRS using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not (defined as a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on its technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. The Company recognizes interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. The Company recognizes unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement to the uncertain tax position by the applicable taxing authority or by expiration of the applicable statute of limitations. For the years ended December 31, 2017, 2016, and 2015, the Company did not record any uncertain tax positions. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are utilized to determine the value of certain assets, liabilities, and equity instruments, to perform impairment assessments, to account for hotel acquisitions, in the valuation of stock-based compensation, and for disclosure purposes. Fair value measurements are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. Level 3: Unobservable inputs for which there is little or no market data, which require a reporting entity to develop its own assumptions. Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or valuation techniques may have a material effect on estimated fair value measurements. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. With the exception of fixed rate debt (see Note 8) and other financial instruments carried at fair value, the carrying amounts of the Company’s financial instruments approximates their fair values due to their short-term nature or variable market-based interest rates. Fair Value Option Under U.S. GAAP, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in net earnings. This option was elected for the treatment of the Company’s convertible debt entered into on March 16, 2016 (see Note 7). Stock-Based Compensation Stock-based compensation is measured at the fair value of the award on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period. Awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of our stock, expected dividend yield, expected term, and assumptions of whether these awards will achieve performance thresholds. We believe that the assumptions and estimates utilized are appropriate based on the information available to management at the point of measurement. Compensation cost is recognized as additional paid-in capital for awards of the Company’s common stock and as noncontrolling interest for LTIP awards of common units. The Company has elected to account for forfeitures of stock-based compensation as they occur. Recently Adopted Accounting Standards In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity , which clarifies certain of the criteria for determining whether derivative features in a hybrid financial instrument should be separately recognized. ASU 2014-16 is effective for fiscal years beginning after December 15, 2015 and permits either a retrospective or cumulative effect transition method. ASU 2014-16 was adopted by the Company on January 1, 2016 and was utilized in determining the accounting for the 6.25% Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) issued in March 2016 and the 6.25% Series E Cumulative Preferred Stock (“Series E Preferred Stock”) issues in March 2017 (see Note 10). In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance effecting both the VIE and VOE consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company adopted this standard on January 1, 2016 and concluded that the operating partnership now meets the criteria to be considered a VIE of which the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the operating partnership. The Company’s sole significant asset is its investment in the operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the operating partnership. All of the Company’s debt is an obligation of the operating partnership. This ASU was also used in the determination of the accounting for the Atlanta JV entered into in August 2016 (see Note 5). In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheets as a direct deduction from the associated debt liability. The Company adopted this standard on January 1, 2016 and presents all debt issuance costs as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, effecting only the presentation of the balance sheets . The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the results of operations or cash flows. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or ser vices to customers. The ASU replace s most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original updated accounting guidance was effective for annual and interim reporting periods in fiscal years beginning after December 15, 2016, however, in July 2015, the FASB approved a one year delay of the effective date to fiscal years beginning after December 15, 2017. As such, the standard is effective for the Company on January 1, 2018. The Company has adopted ASU 2014-09 for the year beginning on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has evaluated each of its revenue streams under the new model. Based on our assessments, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of our accounting for these sales. In February 2016, the FASB issued ASU 2016- 02, Leases (Topic 842) , which supersedes most existing lease guidance in U.S. GAAP when it becomes effective. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right of use asset and lease liability and additional qualitative and quantitative disclosures. ASU 2016-02 is effective for the Company for annual periods in fiscal years beginning after December 15, 2018, permits early adoption, and mandates a modified retrospective transition method. The Company is required to adopt ASU 2016-02 on January 1, 2019. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company has adopted ASU 2016-15 for the year beginning on January 1, 2018. The adoption of ASU 2016-15 will not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, and restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted. The Company has adopted ASU 2016-18 for the year beginning on January 1, 2018. The adoption of ASU No. 2016-18 will change the presentation of the statement s of cash flows for the Company and we will utilize a retrospective transition method for each period presented within the consolidated financial statements for periods subsequent to the date of adoption. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel purchases will be considered asset purchases as opposed to business combinations and as such the related acquisition costs will be capitalized. However, the determination will be made on a transaction-by-transaction basis. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. The Company has adopted ASU 2017-01 for the year beginning on January 1, 2018. Reclassifications Certain amounts in prior year financial statements have been reclassified to conform to current year presentation. Liquidity We expect to meet our short-term liquidity requirements through net cash provided by operations, existing cash balances and working capital, short-term borrowings under our $150,000 secured revolving credit facility (the “credit facility”), and the release of restricted cash by our lenders upon the satisfaction of usage requirements. At December 31, 2017, the Company had $5,441 of cash and cash equivalents on hand and $11,934 of unused availability under its credit facility. Our short-term liquidity requirements consist primarily of operating expenses and other expenditures directly associated with our hotel properties, recurring maintenance and capital expenditures necessary to maintain our hotels in accordance with brand standards, interest expense and scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, and the payment of dividends in accordance with the REIT requirements of the Code and as required in connection with our Series E Preferred Stock. Prior to the consideration of any asset sales or our ability to refinance debt subsequent to December 31, 2017, contractual principal payments on our debt outstanding, which include only normal amortizat |
Investment In Hotel Properties
Investment In Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Investment In Hotel Properties [Abstract] | |
Investments In Hotel Properties | NOTE 2. INVESTMENT IN HOTEL PROPERTIES Investments in hotel properties consisted of the following at December 31: As of December 31, 2017 2016 Held for sale Held for use Total Held for sale Held for use Total Land $ 1,633 $ 20,216 $ 21,849 $ 4,727 $ 11,685 $ 16,412 Buildings, improvements, vehicle 13,143 182,909 196,052 40,006 68,677 108,683 Furniture and equipment 3,463 17,840 21,303 9,330 8,011 17,341 Initial franchise fees 118 1,528 1,646 359 503 862 Construction-in-progress 2 276 278 55 31 86 Investment in hotel properties 18,359 222,769 241,128 54,477 88,907 143,384 Less accumulated depreciation (5,704) (15,844) (21,548) (18,837) (9,676) (28,513) Investment in hotel properties, net $ 12,655 $ 206,925 $ 219,580 $ 35,640 $ 79,231 $ 114,871 |
Acquisition Of Hotel Properties
Acquisition Of Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition Of Hotel Properties [Abstract] | |
Acquisition Of Hotel Properties | NOTE 3. ACQUISITION OF HOTEL PROPERTIES During the year ended December 31 , 2017, the Company acquired seven wholly owned hotel properties. The allocation of the purchase price based on fair value was as follows: Hotel Date of acquisition Land Buildings, improvements, and vehicle Furniture and equipment Intangible asset Estimated earn out Total purchase price Debt at acquisition (2) Issuance of common units (3) Net cash paid Home2 Suites 03/24/2017 $ 905 $ 14,204 $ 1,351 $ 40 $ - $ 16,500 $ 16,455 $ 45 $ - Lexington, KY Home2 Suites 03/24/2017 1,087 14,345 1,285 33 - 16,750 16,705 45 - Round Rock, TX Home2 Suites 03/24/2017 1,519 18,229 1,727 25 - 21,500 21,442 58 - Tallahassee, FL Home 2 Suites 04/14/2017 1,311 16,792 897 - - 19,000 9,096 52 9,852 Southaven, MS Hampton Inn & Suites 06/19/2017 1,200 16,432 1,773 - (155) (1) 19,250 19,165 85 - Lake Mary, FL Fairfield Inn & Suites 08/31/2017 1,014 14,297 1,089 - - 16,400 16,336 64 - EL Paso, TX Residence Inn 08/31/2017 1,495 19,630 1,275 - - 22,400 22,314 86 - Austin, TX Total $ 8,531 $ 113,929 $ 9,397 $ 98 $ (155) $ 131,800 $ 121,513 $ 435 $ 9,852 (1) The Lake Mary purchase price was subject to a post-closing adjustment of up to $250 to be paid to the seller if the hotel achieved a stipulated hotel net operating income level in 2017. This contingent consideration was included in the purchase price allocation at its estimated fair value on the date of the acquisition. The full amount of $250 was paid to the seller in December of 2017 with the incremental amount paid over the estimated fair value included in acquisition and terminated transactions expenses. (2) Debt of $9,096 with Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 was assumed related to the Home2 Suites Southaven, MS acquisition. This loan remains outstanding at December 31, 2017. All other debt was drawn from the credit facility at acquisition. (3) Total issuance of 1,940,451 common units. Included in the consolidated statement of operations for the year ended December 31, 2017 are total revenues of $17,455 and total operating income of $4,508 which represent the results of operations for the seven hotels acquired in 2017 since the date of acquisition. In addition to the property acquired through the Atlanta JV (see Note 5), during the year ended December 31, 2016 , the Company acquired one wholly-owned hotel, the Aloft Leawood / Overland Park (Kansas City). The allocation of the purchase price based on fair value was as follows: Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Total purchase price Debt at acquisition (1) Issuance of common units (2) Net cash paid Aloft 12/14/2016 $ 3,339 $ 18,046 $ 1,115 $ 22,500 $ 15,925 $ 50 $ 6,525 Leawood, KS (1) The acquisition was funded with the proceeds of two mortgage loans provided by Great Western Bank totaling $15,925 . These loans remain outstanding at December 31, 2017. (2) Total is suance of 213,904 comm on units. Included in the consolidated statement of operations for th e year ended December 31, 2016 are total revenues of $222 and total operating income of $1 which represent the results of operations for the one wholly-owned hotel acquired in 2016 since the date of acquisition. During the year ended December 31, 2015, the Company acquired three wholly-owned hotel properties. The allocation of the purchase price based on fair value was as follows: Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Total purchase price Debt at acquisition (1) Issuance of common units (2) Net cash paid (3) Hotel Indigo 10/2/2015 $ 800 $ 8,700 $ 1,500 $ 11,000 $ 5,000 $ 150 $ 5,850 Atlanta, GA Marriott Courtyard 10/2/2015 2,100 11,050 850 14,000 10,100 150 3,750 Jacksonville, FL SpringHill Suites 10/1/2015 1,597 14,353 1,550 17,500 11,220 150 6,130 San Antonio, TX Total $ 4,497 $ 34,103 $ 3,900 $ 42,500 $ 26,320 $ 450 $ 15,730 (1) The se acquisition s were funded with the assumption of one loan from Latitude with an aggregat e outstanding principal balance of $11,220 and two new ly originated GE Capital loans totaling $15,100 ( subsequently sold to Western Alliance Bank in April 2016) . These loans were refinanced with a loan from Wells Fargo in 2017. (2) Total issuance of 2,298,879 common units. (3) Includes $830 funded by borrowings from the Company’s then existing credit facility with Great Western Bank. Included in the consolidated statement of operations for th e year ended December 31, 2015 are total revenues of $2,611 and total operating income of $356 which represent the results of operations for the three hotels acquired in 2015 since the date of acquisition. All purchase price allocations were determined using Level 3 fair value inputs. As discussed further in the Subsequent Events footnote (see Note 17), subsequent to December 31, 2017, the Company closed on the acquisition of two hotels, the TownePlace Suites Austin North Tech Ridge and the Home2 Suites Summerville / Charleston. Pro Forma Results (Unaudited) The following condensed pro forma financial data is presented as if all acquisitions completed during the year ended December 31, 2017 were completed on January 1, 2016 and all acquisitions completed in 2016, including that completed by the Atlanta JV (see Note 5), had been completed on January 1, 2015. Supplemental pro forma earnings were adjusted to exclude all acquisition expenses recognized in the periods presented as if these acquisition costs had been incurred in prior periods but were not adjusted to remove the re sults of hotels sold during the periods. Results for periods prior to the Company’s ownership are based on information provided by the prior owners, adjusted for differences in interest expense, depreciation expense, and management fees following the Company’s ownership and have not been audited or reviewed by our independent auditors. All hotels were in operation for all periods presented with the exception of the Residence Inn Austin which opened on August 3, 2016. The condensed pro forma financial data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the acquisitions had been consummated on January 1, 2016 or 2015, nor do they purport to represent the results of operations for future periods. Years ended December 31, 2017 2016 Total revenue $ 66,894 $ 81,439 Operating income $ 7,204 $ 9,156 Net earnings (loss) attributable to common shareholders $ (7,497) $ 3,877 Net earnings (loss) per share - Basic $ (0.79) $ 5.09 Net earnings (loss) per share - Diluted $ (0.79) $ 1.26 |
Dispositions Of Hotel Propertie
Dispositions Of Hotel Properties And Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Dispositions Of Hotel Properties And Discontinued Operations [Abstract] | |
Dispositions Of Hotel Properties And Discontinued Operations | NOTE 4: DISPOSITION OF HOTEL PROPERTIES AND DISCONTINUED OPERATIONS As of December 31, 2017 , the Company had three hotels classified as held for sale. At the beg inning of 2017 , the Company had seven hotels held for sale and during the year classified an additional four hotels as held for sale. Eight of th ese hotels were sold during 2017 . None of the hotels reclassified as held for sale since the Company’s adoption of ASU 2014-08 on October 1, 2014 represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial result s . As a result, only hotels classified as held for sale prior to October 1, 2014 (excluding those subsequent reclassified as held for use) , the last of which was sold in January 2016 , are included in discontinued operations with all other hotels, including those subsequently sold or classified as held for sale, reported in continuing operations. In 2017 , 2016 , and 2015 , the Company sold eigh t hotels, 25 hotels, and 17 hotels, respectively, resulting in total gains of $ 7,049 , $24,256 , and $7,759 , respectively, of which $7,049 , $23,575 , and $4,996 , respectively, was in cluded in continuing operations. As discussed further in the Subsequent Events footnote (see Note 17), subsequent to December 31, 2017, the Company closed on the disposition of two hotels. Included in these 2015 sales were two hotels in Alexandria, Virginia that were sold on July 13, 2015 for a combined gross sales price of $19,000 . These hotels repr esent a significant disposition, and as such , their operating results are disclosed. The Alexandria Comfort Inn and Days Inn hotels had a combined net loss of $665 for the year ended December 31, 2015 . Net loss for the year ended December 31, 2015 include s impairment expense of $1,020 which was recognized following the hotels classificat ion as held for sale. Loss attributable to noncontrolling interest related to these properties for the year ended December 31, 2015 was $3 . The Company allocates interest expense to discontinued operations for debt that is to be assumed or that is required to be repaid as a result of the disposal transaction. T he following table sets forth the components of discontinued operations for the years ended D ecember 31, 2016 and 2015: 2016 2015 Revenue $ 6 $ 2,923 Hotel and property operations expense (4) (1,946) Net gain on dispositions of assets 681 2,997 Interest expense (5) (223) Impairment recovery (loss) - 121 $ 678 $ 3,872 Capital expenditures $ - $ 90 |
Investment In Unconsolidated Jo
Investment In Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Investment In Unconsolidated Joint Venture [Abstract] | |
Investment In Unconsolidated Joint Venture | NOTE 5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE On August 1, 2016, the Company entered into a joint venture with Three Wall Capital LLC and certain of its affiliates (“TWC”) to acquire a n Aloft hotel in downtown Atlanta, Georgia. The Company accounts for the Atlanta JV under the equity method. The Company owns 80% of the Atlanta JV with TWC owning the remaining 20% . The Atlanta JV is comprised of two companies: Spring Street Hote l Property II LLC, of which our operating partnership indirectly owns an 80% equity interest, and Spring Street Hotel OpCo II LLC, of which our TRS indirectly owns an 80% equity interest. TWC owns the remaining 20% equity interest in these two companies. On August 22, 2016, the Atlanta JV closed on the acquisition of the Atlanta Aloft for a purchase price of $43,550 , subject to working capital and similar adjustments. The purchase price was allocated by the Atlanta JV based on fair value, which was determined using Level 3 fair value inputs, a s documented in the table below: Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Land option (1) Total purchase price Debt at acquisition Net cash paid Aloft 08/22/2016 $ 13,025 $ 34,048 $ 2,667 $ (6,190) $ 43,550 $ 33,750 $ 9,800 Atlanta, GA (1) The purchase agreement includes a provision which permits the seller to purchase the surface parking lot north of the hotel exercisable for ten years at less than market rates The purchase price for the Atlanta Aloft was paid with $9,800 in cash, of which $7,840 was contributed by Condor and $1,960 was contributed by TWC, and $33,750 of proceeds from a term loan secured by the property. Condor additionally contributed $1,440 and TWC additionally contributed $360 to the Atlanta JV to cover acquisition costs and to provide working capital to the entity. The term loan, obtained from LoanCore Capital Credit REIT LLC, has an initial term of 24 months with three 12 -month extension periods which may be exercised at the Atlanta JV’s option subject to certain conditions and fees. The interest rate is a floating rate calculated on the one -month LIBOR plus 5.0% , and as a condition to closing, the Atlanta JV purchased a LIBOR cap of 3.0% . This loan remains outstanding at December 31, 2017 and has a current interest rate of 6.5% . The loan is non-recourse to the Atlanta JV, subject to specified exceptions. The loan is also non-recourse to Condor, except for certain customary carve-outs which are guaranteed by the Company. Under the Atlanta JV agreement, the Atlanta JV is managed by TWC in accordance with business plans and budgets approved by both partners. Major decisions as detailed in the agreement also require joint approval. Condor may remove TWC as manager of the Atlanta JV and appoint a new manager only upon the occurrence of certain events. The Atlanta Aloft hotel is managed by Boast Hotel Management Company LLC (“Boast”), an affiliate of TWC. The Atlanta JV paid to Boast total management fees of $348 and $110 during the years ended December 31, 2017 and 2016, respectively . Net cash flow from the Atlanta JV is distributed each fiscal year first with a 10% preferred return on capital contributions to Condor, second with a 10% preferred return on capital contributions to TWC, and third with any remainder distributed to the partners based on their pro-rata equity ownership. Profits are allocated in the same proportion as net cash flow. Losses are allocated based on pro-rata equity ownership. Cash distributions totaling $1,479 were received by the Company from the Atlanta JV during the year ended December 31, 2017. The Atlanta JV agreement also includes buy-sell rights for both members (generally after three years of hotel ownership for Condor and after five years for TWC) and Condor has a purchase option for TWC’s Atlanta JV ownership interest exercisable between the third and fifth anniversary of the hotel closing. The following tables represent the total assets, liabilities, equity, and components of net income (loss), including the Company’s share, of the Atlanta JV as of and for the years ended December 31, 2017 and 2016 : As of December 31, 2017 2016 Investment in hotel properties, net $ 48,013 $ 49,305 Cash and cash equivalents 1,404 1,184 Restricted cash, property escrows 682 464 Accounts receivable, prepaid expenses, and other assets 176 320 Total Assets $ 50,275 $ 51,273 Accounts payable, accrued expenses, and other liabilities $ 1,019 $ 633 Land option liability 6,190 6,190 Long-term debt, net of deferred financing costs 33,382 33,155 Total Liabilities 40,591 39,978 Condor equity 7,747 9,036 TWC equity 1,937 2,259 Total Equity 9,684 11,295 Total Liabilities and Equity $ 50,275 $ 51,273 Year ended December 31, 2017 2016 Revenue Room rentals and other hotel services $ 11,582 $ 3,703 Operating Expenses Hotel and property operations 7,585 2,457 Depreciation and amortization 1,425 471 Acquisition - 299 Total operating expenses 9,010 3,227 Operating income 2,572 476 Net loss on disposition of assets (8) (2) Net loss on derivative (3) (6) Interest expense (2,323) (773) Net earnings (loss) $ 238 $ (305) Condor allocated earnings (loss) $ 190 $ (244) TWC allocated earnings (loss) 48 (61) Net earnings (loss) $ 238 $ (305) |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt related to wholly owned properties , including debt related to hotel properties held for sale, consisted of the following loans payable at December 31 : Lender Balance at December 31, 2017 Interest rate at December 31, 2017 Maturity Amortization provision Properties encumbered at December 31, 2017 Balance at December 31, 2016 Fixed rate debt Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 $ 8,987 4.54% 08/2024 25 years 1 $ - Great Western Bank (1) 13,950 4.33% 12/2021 (13) 25 years 1 14,326 Great Western Bank (1) 1,380 4.33% 12/2021 (13) 7 years - 1,599 Western Alliance Bank - (2) 02/2017 15 years - 4,806 Western Alliance Bank - (3) 02/2018 15 years - 2,803 Cantor Commercial Real Estate Lending - (4) 11/2017 30 years - 5,713 Morgan Stanley Mortgage Capital Holdings, LLC - (5) 12/2017 25 years - 912 Total fixed rate debt 24,317 30,159 Variable rate debt Wells Fargo 26,465 4.44% (6) 11/2022 (14) 30 years 3 - KeyBank credit facility (7) 73,303 4.55% (8) 03/2020 (15) Interest only 12 - Western Alliance Bank - (9) 11/2020 25 years - 4,882 Western Alliance Bank - (9) 11/2020 25 years - 9,863 The Huntington National Bank - (10) 11/2020 25 years - 7,361 LMREC 2015 - CREI, Inc. (Latitude) - (11) 05/2018 $12 monthly (12) - 11,124 Total variable rate debt 99,768 17 33,230 Total long-term debt $ 124,085 $ 63,389 Less: Deferred financing costs (3,504) (669) Total long-term debt, net of deferred financing costs 120,581 62,720 Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $174 and $168 (4,976) (14,802) Long-term debt related to hotel properties held for use, net of deferred financing costs of $3,330 and $501 $ 115,605 $ 47,918 (1) Both loans are collateralized by Aloft Leawood (2) Fixed rate of 7.17% prior to extinguishment with origination of credit facility on March 1, 2017 (3) Fixed rate of 4.75% prior to extinguishment with origination of credit facility on March 1, 2017 (4) Fixed rate of 4.25% prior to extinguishment with origination of credit facility on March 1, 2017 (5) Fixed rate of 5.83% prior to extinguishment with origination of credit facility on March 1, 2017 (6) Variable rate of 30-day LIBOR plus 2.39% , effectively fixed at 4.44% after giving effect to interest rate swap (see Note 8) (7) T otal unused availability under this credit facility was $11,934 at December 31, 2017; commitment fee on unused facility is 0.20% (8) Borrowings under the facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 1.25% to 2.00% (depending on leverage); 30-day LIBOR for $50,000 notional effectively capped at 2.5% after giving effect to interest rate cap (see Note 8) (9) Variable rate of 90-day LIBOR plus 3.25% prior to extinguishment with origination of Wells Fargo debt on October 4, 2017 (10) Variable rate of 30-day LIBOR plus 2.25% , effectively fixed at 4.13% after giving effect to interest rate swap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017 (11) Variable rate of 30-day LIBOR plus 6.25%, 30-day LIBOR capped at 1.0% after giving effect to interest rate cap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017 (12) $12 monthly payments began May 2016 (13) Term may be extended for additional two years subject to interest rate adjustments (14) Two one-year extension options subject to the satisfaction of certain conditions (15) Two one-year extension options available subject to certain conditions including the completion of specific capital achievements At December 31, 2017, we had long-term debt of $118,93 5 associated with assets held for use with a weighted average term to maturity of 3.2 years and a weighted average interest rate of 4.50% . Of this total, at December 31, 2017, $24,317 was fixed rate debt with a weighted average term to maturity of 2.4 years and a weighted average interest rate of 4.41% and 94,618 was variable rate debt with a weighted average term to maturity of 4.1 years and a weighted average interest rate of 4.52% . At December 31, 2016, we had long-term debt of $48,419 associated with assets held for use with a weighted average term to maturity of 3.2 years and a weighted average interest rate of 4.94% . Of this total, at December 31, 2016, $22,550 was fixed rate debt with a weighted average term to maturity of 3.7 years and a weighted average interest rate o f 4.41% and $ 25,869 wa s variable rate debt with a weighted average term to maturity of 2.8 years and a weighted average interest rate of 5.39% . Debt is classified as held for sale if the properties collateralizing it are held for sale. Debt associated with assets held for sale is classified in the table below based on its contractual maturity although the balances are expected to be repaid within one year upon the sale of the related hotel properties. Aggregate annual principal payments on debt for the next five years and thereafter are as follows: Held for sale Held for use Total 2018 $ - $ 1,083 $ 1,083 2019 - 1,183 1,183 2020 5,150 69,385 74,535 2021 - 14,344 14,344 2022 - 24,886 24,886 Thereafter - 8,054 8,054 Total $ 5,150 $ 118,935 $ 124,085 Financial Covenants We are required to satisfy various financial covenants within our debt agreements, including the following financial covenants within our credit facility: · Leverage Ratio: The ratio of consolidated total indebtedness to consolidated total asset value cannot exceed 60% . When the first extension option becomes effective, the foregoing leverage ratio will no longer be applicable, and in lieu thereof, the ratio of consolidated total indebtedness to adjusted consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the most recently ended four fiscal quarters cannot exceed 6.25 to 1. · Secured Leverage Ratio: The ratio of consolidated secured indebtedness (excluding the credit facility) to consolidated total asset value cannot exceed 40% . · Fixed Charge Coverage Ratio: The ratio of adjusted consolidated EBITDA for the most recently ended four fiscal quarters to consolidated fixed charges for the most recently ended four fiscal quarters cannot be less than 1.50 to 1. · Tangible Net Worth: Consolidated tangible net worth cannot be less than $55 million plus 80% of net offering proceeds. · Unhedged Variable Rate Debt: Consolidated unhedged variable rate debt cannot exceed 25% of consolidated total asset value. · Distributions: The Company is permitted to make distributions during any period of four fiscal quarters in an aggregate amount of up to 95% of funds available for distribution. Certain of the terms used in the foregoing descriptions of the financial covenants within our credit facility have the meanings given to them in the credit facility, and certain of the financial covenants are subject to pro forma adjustments for acquisitions and sales of hotel properties and for specific capital events. As of December 31, 2017 , we were in compliance with our financial covenants. If we fail to pay our indebtedness when due, fail to comply with covenants or otherwise default on our loans, unless waived, we could incur higher interest rates during the period of such loan defaults, be required to immediately pay our indebtedness , and ultimately lose our hotels through lender foreclosure if we are unable to obtain alternative sources of financing with acceptable terms. Our credit facility contain s cross-default provisions which would allow the lenders under our credit facility to declare a default and accelerate our indebtedness to them if we default on our other loans and such default would permit that lender to accelerate our indebtedness under any such loan. As of December 31, 2017 , we are not in default of any of our loans. |
Convertible Debt At Fair Value
Convertible Debt At Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Convertible Debt At Fair Value [Abstract] | |
Convertible Debt At Fair Value | NOTE 7: CONVERTIBLE DEBT AT FAIR VALUE As part of an agreement entered into on March 16, 2016 (the “Exchange Agreement”) with Real Estate Strategies, L.P. (“RES”) (see Note 10), the Company issued to RES a Convertible Promissory Note (the “Note”), bearing interest at 6.25% per annum, in the principal amount of $1,012 initially convertible into shares of Series D Preferred Stock, which could be subsequently converted into 97,269 shares of common stock. Following the conversion of all of the outstanding Series D Preferred Stock into common stock and the issuance of the Series E Preferred Stock on March 1, 2017, the Note was amended to be convertible directly into 97,269 shares of common stock at any time at the option of RES or automatically when the Series E Preferred Stock is required to be converted or is redeemed in whole (see Note 10). The Note is not convertible to the extent that a conversion would cause RES, together with its affiliates, to beneficially own more than 49% of the voting stock of the Company at the time of the conversion. Any conversion reduces the principal amount of the Note proportionally. The Company has made an irrevocable election to record this Note in its entirety at fair value utilizing the fair value option available under U.S. GAAP in order to more accurately reflect the economic value of this Note. As such, gains and losses on the Note are included in net gain on derivatives and convertible debt within net earnings each reporting period. Gains (losses) related to this Note were recognized totaling $246 and ( $303 ) during the years ended December 31, 2017 and 2016, respectively. The fair value of the Note is determined using a trinomial lattice-based model, which is a generally accepted computational model typically used for pricing options and is considered a Level 3 fair value measurement. The fair value of the Note on the date of issuance was determined to be equal to its principal amount. Interest expense related to this Note is recorded separately from other changes in its fair value within interest expense each period . The following table represents the difference between the fair value and the unpaid principal balance of the Note as of December 31, 2017: Fair value as of December 31, 2017 Unpaid principal balance as of December 31, 2017 Fair value carrying amount (over)/under unpaid principal 6.25% Convertible Debt $ (1,069) $ (1,012) $ (57) |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Fair Value Measurements And Derivative Instruments | NOTE 8: FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS Our determination of fair value measurements is based on the assumptions that market participants would use in pricing the asset or liability. At December 31, 2017 , the Company’s convertible debt (see Note 7) and certain derivative instruments were the only financial instruments measured in the consolidated financial statements at fair value on a recurring basis. Nonrecurring fair value measurements were utilized in the determination of the fair value of acquired hotel properties and related assumed debt in 2017, 2016 , and 2015 (see Note 3), the acquisition accounting performed by the Atlanta JV in 2016 (see Note 5), in accounting for the equity transactions that occurred in March 201 6 and 2017 (see Note 10), in the valuation of stock-based compensation grants (see Note 12), and in the valuation of impaired hotels during t he years ended December 31, 2017, 2016, and 2015 . Derivative Instruments Currently, the Company uses derivatives, such as interest rate swaps and caps, to manage its interest rate risk. The fair value of interest rate positions is determined using the standard market methodology of netting the discounted expected future cash receipts and payments. Variable interest rates used in the calculation of projected receipts and payments on the positions are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the agreements. The Company believes it minimizes this credit risk by transacting with major creditworthy financial institutions. These interest rat e positions at December 31, 2017 and 2016 are as follows: Associated debt Type Terms Effective Date Maturity Date Notional amount at December 31, 2017 Notional amount at December 31, 2016 Wells Fargo Swap Swaps 30-day LIBOR for fixed rate of 2.053% 11/2017 11/2022 $ 26,465 (1) $ - Credit facility Cap Caps 30-day LIBOR at 2.50% 03/2017 03/2019 $ 50,000 $ - Huntington Swap Swaps 30-day LIBOR + 2.25% for fixed rate of 11/2015 11/2020 $ - $ 7,361 (1) 4.13 % ; cancellable at Company's option anytime after 11/01/2018 without penalty Latitude Cap Caps 30-day LIBOR at 1.0% 03/2016 06/2017 $ - $ 11,124 (1) (1) Notional amounts amortize consistently with the principal amortization of the associated loans Additionally, prior to the execution of the Exchange Agreement (see Note 10) on March 16, 2016 which extinguished the instrument, the Company was required to bifurcate and include on the balance sheet at fair value the embedded conversion option in the 6.25% Series C Cumulative Convertible Preferred Stock (“Series C Preferred Stock”) due to the presence of an antidilution provision that required an adjustment in the common stock conversion ratio should subsequent issuances of the Company’s common stock be issued below the instrument’s original conversion price. Similarly, prior to the execution of the Exchange Agreement, the terms of the common stock warrants issued to the holders of the Series C Preferred Stock (see Note 10) also included an antidilution provision that required a reduction in the warrant’s exercise price should the conversion ratio of the Series C Preferred Stock be adjusted due to antidilution provisions. Accordingly, the warrants did not qualify for equity classification, and, as a result, the fair value of the derivative was shown as a derivative liability on the balance sheets . With the execution of the Exchange Agreement, this provision of these warrants was effectively eliminated and the conversion price was locked permanently . Following this modification of terms, the warrants qualified for equity classification and were reclassified to additional paid-in capital at their fair value of $611 on the date of the modification. The fair value of these derivative liabilities recognized in connection with the Series C Preferred Stock were determined using the Monte Carlo simulation method. The Monte Carlo simulation method is a generally accepted statistical method used to generate a defined number of stock price paths in order to develop a reasonable estimate of the range of future expected stock prices of the Company and its peer group and minimize standard error and is considered a Level 3 fair value measurement. Included in the Series E Preferred Stock issued on March 1, 2017 is a redemption right that allows the Company to redeem up to a total of 490,250 shares of Series E Preferred Stock for specific percentages of its liquidation preference (see Note 10). This option requires bifurcation and was determined to be an asset with a fair value on the date of issuance of $150 using a trinomial lattice-based model, considered a Level 3 fair value measurement. All derivatives recognized by the Company are reported as either derivative assets or liabilities on the balance sheet s and are adjusted to their fair value at each reporting date. All gains and losses on derivative instruments are included in net gain on derivatives and convertible debt and with the exception of realized gains and losses related to the interest rate instruments, which are included in interest expense on the statements of op erations. Net gains of $190 , $ 6,680 , and $11,578 were recognized related to derivative instruments for the years ended December 31, 2017, 2016, and 2015 , respectively. Recurring Fair Value Measurements The following tables provide the fair value of the Company’s financial assets and ( liabilities ) carried at fair value and measured on a recurring basis: Fair value at December 31, 2017 Level 1 Level 2 Level 3 Interest rate derivatives $ 77 $ - $ 77 $ - Series E Preferred embedded redemption option 314 - - 314 Convertible debt (1,069) - - (1,069) Total $ (678) $ - $ 77 $ (755) Fair value at December 31, 2016 Level 1 Level 2 Level 3 Interest rate derivatives $ (8) $ - $ (8) $ - Convertible debt (1,315) - - (1,315) Total $ (1,323) $ - $ (8) $ (1,315) There were no transfers between levels during t he years ended December 31, 2017, 2016, or 2015 . The following table s present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related gains and losses recorded in the statement s of operations during the periods: Year ended December 31, 2017 2016 Series E Preferred embedded redemption option Convertible debt Total Series C Preferred embedded derivative RES warrant derivative Convertible debt Total Fair value, beginning of period $ - $ (1,315) $ (1,315) $ (6,271) $ (2,411) $ - $ (8,682) Net gains (losses) recognized in earnings 164 246 410 4,848 1,800 (303) 6,345 Purchase and issuances 150 - 150 - - (1,012) (1,012) Sales and settlements - - - 1,423 - - 1,423 Gross transfers into Level 3 - - - - - - - Gross transfers out of Level 3 - - - - 611 (1) - 611 Fair value, end of period $ 314 $ (1,069) $ (755) $ - $ - $ (1,315) $ (1,315) Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period $ 164 $ 246 $ 410 $ - $ - $ (303) $ (303) (1) RES warrants were permanently reclassified to additional paid-in capital as discussed above Fair Value of Debt The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of debt obligations with similar credit policies. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy . Both the carrying value and the estimated fair value of the Company’s long-term de bt, excluding convertible debt which is presented in the balance sheets at fair value, are presented in the table below net of deferred financing costs : Carrying value at December 31, Estimated fair value at December 31, 2017 2016 2017 2016 Held for use $ 115,605 $ 47,918 $ 115,239 $ 48,034 Held for sale 4,976 14,802 4,976 15,186 Total $ 120,581 $ 62,720 $ 120,215 $ 63,220 Impaired Hotel Properties In the performance of impairment analysis for both held for sale and held for use properties, fair value is determined with the assistance of independent real estate brokers and through the use of operating results and revenue multiples based on the Company’s experience with hotel sales as well as available industry information. For held for sale properties, estimated selling costs are based on our experience with similar asset sales. These are considered Level 3 fair value measurements . The amount of impairment and recovery of previously recorded impairment recognized in t he years ended December 31, 2017, 2016, and 2015 is shown in the table s below: Year ended December 31, 2017 2016 2015 Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Continuing Operations: Held for sale hotels: Impairment loss 1 $ (1,448) - $ - 1 $ (1,537) Sold hotels: Impairment loss 2 (783) 5 (1,477) 5 (2,377) Recovery of impairment 2 80 - - 1 85 Net impairment loss reported in continuing operations 5 $ (2,151) 5 $ (1,477) 7 $ (3,829) Discontinued Operations: Sold hotels: Impairment loss - $ - - $ - 1 $ (117) Recovery of impairment - - - - 3 238 Net impairment loss reported in discontinued operations - $ - - $ - 4 $ 121 Total net impairment: 5 $ (2,151) 5 $ (1,477) 11 $ (3,708) |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | NOTE 9 . COMMON STOCK The Company’s common stock is duly authorized, full paid , and non-assessable. On March 11, 2015, an executive officer exercised a warrant to purchase 35,060 shares at the price of $9.88 per share (see Note 12 ). On January 24, 2017, the Company exchanged 23,160 warrants (the “New Warrants”) to purchase common stock of the Company for 576,923 warrants (the “Old Warrants”) held by RES. The number of New Warrants issued in exchange for the Old Warrants equaled the number of shares of common stock issuable upon exercise of the Old Warrants pursuant to a cashless exercise provisions of the Old Warrants. The New Warrants were exercisable for 23,160 shares of common stock, had an exercise price of $0.0065 for each common share, and would have expired on January 24, 2019 . On the date of the exchange, the New Warrants had a fair value in excess of the Old Warrants of $289 , which is reflected as equity transactions expense and an increase in additional paid-in capital as the exchange is assumed to be equivalent to the modification of an equity classified instrument. The New Warrants were exercised in full on September 28, 2017. On February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock at $10.40 per share pursuant to the terms of the preferred sto ck (see Note 10). Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1- for-6.5 . No fractional shares of common stock were issued as fractional shares were settled in cash. A total of 73 shares were settled f or $1 . I mpacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurre d on the first day of the period s presented. On March 29, 2017, the Company sold in an underwritten public offering 4,772,500 shares of its common stock, including 622,500 shares issued pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, at a public offering price per share of $10.50 . Net proceeds, after the payment of related expenses, fr om this offering totaled $45,850 . The Company’s common stock began trading on the NYSE American under its current symbol “CDOR” beginning at the open of market trading on July 21, 2017. The Company’s common stock previously traded on the NASDAQ Stock Market. On September 20, 2017, the Company entered into an equity distribution agreement with KeyBanc Capital Markets Inc. and BMO Capital Markets Corp. (collectively, the “Sales Agents”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $50,000 , subject to decrease in compliance with General Instruction I.B.6 of Registration Statement on Form S-3, of shares of our common stock pursuant to a prospectus supplement we filed with the Securities and Exchange Commission (“SEC”) through the Sales Agents acting as sales agent and/or principal, through an at-the-market offering program (our “ATM program”). Pursuant to Instruction I.B.6 to Registration Statement on Form S-3, we may not sell more than the equivalent of one-third of our public float during any 12 consecutive months so long as our public float is less than $75,000 . During the year ended December 31, 2017 , we sold 169,004 shares of common stock under the ATM program at an average sales price of $10.15 per share for gross proceeds totaling $1,715 and net proceeds of $1,619 , after cash commissions of 2% of gross proceeds paid to the Sales Agents and additional related costs . |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | NOTE 10. PREFERRED STOCK On March 16, 2016, the Company entered into a series of agreements providing for: · the issuance and sale of the Company’s Series D Preferred Stock under a private transaction to SREP III Flight-Investco, L.P. (“SREP”), an affiliate of StepStone Group LP; · the exchange of all of the Company’s outstanding Series C Preferred Stock for Series D Preferred Stock; and · the cash redemption of all of the Company’s outstanding 8% Series A Cumulative Preferred Stock (“Series A Preferred Stock”) and 10% Series B Cumulative Preferred Stock (“Series B Preferred Stock”). In connection with these transactions, the Company and SREP entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) dated March 16, 2016 pursuant to which the Company issued and sold 3,000,000 shares of Series D Preferred Stock to SREP on the March 16, 2016 for an aggregate purchase price of $30,000 . The Stock Purchase Agreement required that $20,147 of the purchase price be deposited into an escrow account for the purpose of effecting the redemption of the Series A and Series B Preferred Stock and that the remaining amount of the purchase price be delivered to the Company. Simultaneously, the Company entered into the Exchange Agreement with RES pursuant to which all 3,000,000 outstanding shares of Series C Preferred Stock were exchanged for 3,000,000 shares of Series D Preferred Stock. Under the Exchange Agreement, in lieu of payment of accrued and unpaid dividends in the amount of $4,947 on the Series C Preferred Stock, the Company (a) paid to RES an amount of cash equal to $1,484 , (b) issued to RES 245,156 shares of Series D Preferred Stock (such that RES, IRSA Inversiones y Representac iones Sociedad Anónima (“IRSA”), and their affiliates do not beneficially own in excess of 49% of the voting stock of the Company) and (c) issued to RES a convertible promissory note, bearing interest at 6.25% per annum, in the principal amount of $1,012 (see Note 7). Pursuant to the Stock Purchase Agreement, on April 15, 2016, the Company redeemed all of the outstanding Series A and Series B Preferred Stock, in accordance with redemption notices issued on March 16, 2016, as follows: · all 803,270 outstanding shares of the Series A Preferred Stock at the redemption price of $10.00 per share plus $2.084940 per share in accrued and unpaid dividends (plus compounded interest) through the redemption date for a total redemption price of $9,707 ; and · all 332,500 outstanding shares of the Series B Preferred Stock at the redemption price of $25.00 per share plus $6.354167 per share in accrued and unpaid dividends through the redemption date for a total redemption price of $10,425 . On February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock at $10.40 per share pursuant to the terms of the preferred stock. The terms of the Series D Preferred Stock provided for automatic conversion following certain future common stock offerings, and also provided for potential additional payments to the holders depending on the sales price of common stock in the offerings. As a result of the voluntary conversion, the holders are no longer entitled to the potential payments. To induce the holders of the Series D Preferred Stock to voluntarily convert their shares, the Company issued the holders 925,000 shares of a new series of preferred stock, the Series E Preferred Stock. The effect of these transactions on the Company’s preferred stock and the key terms of the remaining series of the Company’s preferred stock are discussed individually below. Series A Preferred Stock On December 30, 2005, the Company offered and sold 1,521,258 shares of Series A Preferred S tock. At December 31, 2015, 803,270 shares of Series A Preferred S tock remained outstandin g until the completion of the redemption on April 15, 2016. Dividends on the Series A Preferred Stock were cumulative and payable monthly in arrears on the last day of each month, at the annual rate of 8% of the $10.00 liquidation preference per share, equivalent to a fixed annual amount of $.80 per share. The Company was able to redeem the Series A Preferred S tock, in whole or in part, at any time or from time to time for cash at a redemption price of $10.00 per share, plus all accrued and unpaid dividends. Commencing with dividends due on December 31, 2013, the Company suspended paymen t of dividends on its Series A Preferred S tock to preserve capital and improve liquidity. Unpaid dividends accumulate d and bore additional dividends at 8%, compounded monthly. The difference between the recorded value of the Series A Preferred Stock prior to the issuance of the redemption notice and the redemption value of the Series A Preferred Stock plus related expenses, a total of $2,326 , was recorded as a reduction of accumulated deficit during the year ended December 31, 2016 as the amount is considered a deemed dividend on the Series A Preferred Stock. Of this amount, $874 was recorded as a reduction of net earnings attributable to common shareholders as the portion of this deemed dividends that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. Series B Preferred Stock At December 31, 2015 , there were 332,500 shares of Series B Preferred S tock outstanding , originally sold on June 3, 2008 , which remained outstanding until the completion of the redemption on April 15, 2016. Dividends on the Series B Preferred Stock were cumulative and are payable quarterly in arrears on each March 31, June 30, September 30 , and December 31, or, if not a business day, the next succeeding business day, at the annual rate of 10.0% of the $25.00 liquidation preference per share, equivalent to a fixed annual amount of $2.50 per share. The Company was able to redeem the Series B Preferred S tock, in whole or in part, at any time or from time to time for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends. Also, upon a change of control, each outstanding s hare of the Company’s Series B Preferred S tock would be redeemed for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends. Commencing with dividends due on December 31, 2013, the Company suspended paymen t of dividends on its Series B Preferred S tock to preserve capital and improve liquidity. Unpaid dividends on the Series B Preferred S tock did not bea r interest. The difference between the recorded value of the Series B Preferred Stock prior to the issuance of the redemption notice and the redemption value of the Series B Preferred Stock, a total $2,781 , was recorded as a reduction of accumulated deficit during the year ended December 31, 2016 as the amount is considered a deemed dividend on the Series B Preferred Stock. Of this amount, $911 was recorded as a reduction of net earnings attributable to common shareholders as the portion of this deemed dividend that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. Series C Preferred Stock The Company entered into a Purchase Agreement dated November 16, 2011 for the issuance and sale of Series C Preferred S tock under a private transaction with RES. In two closings on February 1, 2012 and February 15, 2012, the Company completed the sale to RES of 3,000,000 shares of Series C Preferred S tock. All of the Series C Preferred Stock remained outstanding prior to the execution of the Exchange Agreement on March 16, 2016. Each of the 3,000,000 shares of Series C Preferred Stock was convertible, in whole or in part, at RES’s option, at any time, but subject to RES’s beneficial ownership limitation, into the number of shares of common stock equal to the $10.00 per share liquidation preference, divided by the conversion price then in effect , which was equal to a rate of 0.9615385 shares of common stock for each share of Series C Preferred S tock. A holder of Series C Preferred S tock would no t have conversion rights to the extent the conversion would cause the holder and its affiliates to beneficially own more than 34% of voting stock. Each share of Series C Preferred Stock was entitled to a dividend of $0.625 per year payable in equal quarterly dividends. Commencing with dividends due on December 31, 2013, the Company suspended payment of dividends on its Series C Preferred S tock to preserve capital and improve l iquidity. Unpaid dividends accumulate d and bore additional dividends at 6.25% , compounded quarterly. The Series C Preferred Stock vote d with the common stock as one class, subject to certain voting limitations. For any vote, th e voting power of the Series C Preferred S tock was equal to the lesser of: (a) 0.12096 vote per share or (b) an amount of votes per share such that the vote of all shares of Series C Preferred St ock in the aggregate equal 34% of the combined voting power of all the Company voting stock, minus an amount equal to the number of votes represented by the other shares of voting stock beneficially owned by RES and its affiliates. On March 16, 2016, the Series C Preferred Stock was extinguished under the Exchange Agreement discussed above. Upon this extinguishment, the difference between the recorded value of the Series C Preferred Stock prior to the exchange and the fair value of the consideration received in the exchange, a total of $20,366 , was recorded as a reduction of accumulated deficit as the amount is considered a deemed dividend on the Series C Preferred Stock. Of this amount, $15,873 was recorded as a reduction of net earnings attributable to common shareholders as the portion of this deemed dividend that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. Series D Preferred Stock Following the execution of the Stock Purchase Agreement and Exchange Agreement on March 16, 2016, there were 6,245,156 shares of Series D Preferred Stock outstanding at December 31, 2016. The Series D Preferred stockholders rank ed senior to the Company’s common stock and any other preferred stock issuances and receive d preferential cumulative cash dividends at a rate of 6.25% per annum, payable quarterly in arrears on each March 31, June 30, September 30, and December 31, or, if not a business day, the next succeeding business day, of the $10.00 face value per share. Dividends on the Series D Preferred Stock accrue d whether or not the Company had ea rnings, whether or not there were funds legally available for the payment of such dividends, w hether or not such dividends were declared, and whether or not such dividends were prohibited by agreement. Whenever the dividends on the Series D Preferred Stock were in arrears for four consecutive quarters, then upon notice by holders of in the aggregate not less than 40% of the outstanding Series D Preferred Stock, the Company would (a) take all appropriate action reasonably within its means to maximize the assets legally available for paying such dividends and to monetize such assets (for example, but without limiting the generality of the foregoing, by selling or liquidating all of some of the Company’s assets or by selling the Company as a going concern), (b) pay out of all such assets legally available (including any proceeds from any sale or liquidation of such assets) the maximum possible amount of such unpaid dividends, and (c) thereafter, at any time and from time to time when additional assets of the Company (including any proceeds from any sale or liquidation of such assets) become legally available to pay such unpaid dividends, pay such remaining unpaid dividends until all dividends accumulated on t he Series D Preferred Stock had been fully paid. Divid ends on the Series D Preferred Stock were paid when due throughout the life of the instrument. Each sha re of Series D Preferred Stock wa s convertible, at the option of the holder, at any time into a number of shares of common stock determined by dividing the conversion price of $10.40 into an amount equal to the $10.00 face value per share plus accrued and unpaid dividends , if any. The conversion price wa s subject to anti-dilution adjustments upon the occurrence of stock splits and stock dividends. Each outstanding share of Series D Preferred Stock would be converted into a number of shares of common stock determined by dividing the conversion price of $1 0.4 0 into the $10.00 face value per share, which is equal to a rate of 0.9615385 shares of common stock for each share of Series D Preferred Stock, automatically upon closing of a Qualified Offering (defined as a single offering of common stock of at least $50,000 or up to three offerings in the aggregate of at least $75,000 , all with certain minimum prices per share and a potential make whole payment required in certain scenarios) without any further action by the holders of such shares or the Company. The Series D Preferred Stock was redeemable by the Company at any time subject to certain restrictions, in whole or in a partial redemption of up to $30,000 , at $12.00 per share on or before March 16, 2019, $13.00 per share from March 16, 2019 to March 16, 2020, and $14.00 per share on or after March 16, 2020, plus all accrued and unpaid dividends. If a Qualified Offering has not occurred on or before September 30, 2021, holders that hold in the aggregate not less than 40% of the outstanding shares of the Series D Preferred Stock have the right to elect to have the Company fully liquidate in a commercially reasonable manner as determined by the Board of Directors of the Company to provide for liquidation distributions to the holders of the Series D Preferred Stock in an amount per share equal to $14.00 in cash plus accrued and unpaid dividends. Once this right had be en exercised and the Company had been notified, the dividend rate on the Series D Preferred Stock after September 30, 2021 would increase from 6.25% per annum to 12.5% per annum. The holders of Series D Preferred Stock vote d their Series D Preferred Stock as a single class with the holders of the common stock on all matters submitted to such holders for vote or consent. For each such vote or consent, each share of S eries D Preferred Stock entitled the holder to cast one vote for each whole vote (rounded to the nearest whole number) that such holder would be entitled to cast had such holder converted its Series D Preferred Stock into shares of common stock as of the date immediately prior to the record date for determining the shareholders of the Company eligible to vote on any such matter. The fair value of the Series D Preferred Stock was determined to be equal to its face value on the date of issuance. As discussed above, on February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock at $10.40 per share pursuant to the terms of the preferred stock. At the time of conversion, the Series D holders were granted $9,250 of newly created Series E Preferred Stock. Series E Redeemable Convertible Preferred Stock Following the voluntary conversion of the Series D Preferred Stock on February 28, 2017, the only shares of preferred stock outstanding are 925,000 shares of Series E Preferred Stock. The Series E Preferred Stock ranks senior to the Company’s common stock and any other preferred stock issuances and receives preferential cumulative cash dividends at a rate of 6.25% per annum, payable quarterly of the $10.00 face value per share. If the Company fails to pay a dividend then during the period that dividends are not paid, the dividend rate increases to 9.50% per annum. Dividends on the Series E Preferred Stock accrue whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends, whether or not such dividends are declared, and whether or not such dividends are prohibited by agreement. Each share of Series E Preferred Stock is convertible, at the option of the holder, at any time on or after February 28, 2019, into a number of shares of common stock determined by dividing the conversion price of $13.845 into an amount equal to the $10.00 face value per share plus accrued and unpaid dividends, if any. Upon liquidation, each share of Series E Preferred Stock is entitled to $10.00 per share and accrued and unpaid dividends. The conversion price is subject to anti-dilution adjustments upon the occurrence of stock splits and stock dividends. Following a specific equity offering or offerings, from time to time a number of shares of Series E Preferred Stock automatically converts into common stock if the common stock trades at 120% of the conversion price for 60 trading days, and the number of shares converted will be determined by certain trading volumes measures. The Company has rights to redeem up to 490,250 shares of the Series E Preferred Stock at prices from 110% to 130% of its liquidation value. The holders have put rights commencing March 16, 2021 to put the Series E Preferred Stock to the Company at 130% of its liquidation preference, which the Company can satisfy with cash or common stock. The Series E Preferred Stock votes as a class on matters generally affecting the Series E Preferred Stock, and as long as 434,750 shares of Series E Preferred Stock ( 47% of the originally issued shares of Series E Preferred Stock) remain outstanding, then 75% approval of the Series E Preferred Stock will be required to approve merger, consolidation, liq uidation or winding up of the Company , related party transactions exceeding $120 , payment of dividends on common stock except from funds from operations or to maintain REIT status, the grant of exemptions from the Company ’s charter limitation on ownership of 9.9% of any class or series of its securities (exclusive of persons currently holding exemptions), issuance of preferred stock or commitment or agreement to do any of the foregoing. The Series E Preferred Stock was determined to have a fair value of $9,900 on the date of issuance as measured using a trinomial lattice-based model. From this value, the embedded redemption option (see Note 8), which was determined to be an asset with a fair value on the date of issuance of $150 using the same model, was bifurcated and will be accounted for at fair value at each period end. These are considered Level 3 fair value measurements. The issuance of the Series E Preferred Stock is considered an inducement to convert the Series D Preferred Stock to common stock and as such, its fair value at issuance, p lus related expenses totaling $1,210 in the year ended December 31, 2017 , are reflected as a reduction of retained earnings and an increase in dividends declared and undeclared and in kind dividends deemed on preferred stock. Impact of Preferred Stock on Net Earnings (Loss) Attributable to Common Shareholders The components of dividends declared and undeclared and in kind dividends deemed on preferred stock are as follows: Year ended December 31, 2017 2016 2015 Preferred A dividends accrued at stated rate $ - $ 222 $ 727 Preferred A additional deemed dividends upon redemption - 652 - Preferred B dividends accrued at stated rate - 243 831 Preferred B additional deemed dividends upon redemption - 668 - Preferred C dividends accrued at stated rate - 455 2,074 Preferred C additional deemed dividends at exchange - 15,418 - Preferred D dividends accrued at stated rate 650 3,090 - Preferred D inducement to convert 11,110 - - Preferred E dividends accrued at stated rate 483 - - Dividends declared and undeclared and in kind dividends deemed on preferred stock $ 12,243 $ 20,748 $ 3,632 |
Noncontrolling Interest Of Comm
Noncontrolling Interest Of Common Units In The Operating Partnership | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest Of Common Units In The Operating Partnership [Abstract] | |
Noncontrolling Interest Of Common Units In The Operating Partnership | NOTE 11. NONCONTROLLING INTEREST OF COMMON UN ITS IN THE OPERATING PARTNERSHIP At December 31, 2017 and 2016 , 4,550,242 and 7,872,943 of the operating partnership’s common units were outstanding, respectively. These amounts include 4,550,242 and 2,609,791 common units held by limit ed partners at December 31, 2017 and 2016 , respectively, and 5,263,152 LTIP units out standing at December 31, 2016 which were not earned at that date and were subsequently cancelled on June 28, 2017 (see Note 12). The combined redemption value for the common units and LTIP units was $871 and $2,008 at December 31, 2017 and 2016 , respectively. Our ownership interest in the operating partnership as of D ecember 31, 2017 and 2016 was 99.3% and 97.8% , respectively, which includes consideration of the common units of the limited partners as well as the LTIP units. Each limited partner of the operating partnership may, subject to cer tain limitations, require that the operating partnership redeem all or a portion of his or her common units at any time after a specified period following the date the units were acquired, by del ivering a redemption notice to the operating partnership . When a limited partner tenders common units for redemption, the Company can, at its sole discretion, choose to purchase the units for either (1) a number of shares of Company common stock at a rate of one share of common stock for each 52 common units redeemed or (2) cash in an amount equal to the market value of the number of shares of Company common stock the limited partner would have received if the Company chose to purchase the units for common stock. No co mmon units were redeemed in 2017, 2016, or 2015 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | NOTE 12. STOCK-BASED COMPENSATION The Company previously had a 2006 S tock Plan which had been approved by the Company’s s hareholders. The 2006 Stock Plan authorized the grant of stock options, stock appreciation rights, restricted stock , and stock bonuses for up to 9,615 shares of common stock. The 2006 Stock Plan expired on December 31, 2015 . As a replacement for the 2006 Stock Plan, the Board of Directors adopted the Condor 2016 Stock Plan, which was approved by the Company’s shareholders at the annual shareholders meeting on June 15, 2016. The 2016 Stock Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, deferred stock units, and other forms of stock-based compensation. The maximum number of shares of the Company’s common stock that may be issued under the 2016 Stock Plan is 461,538 . As of December 31, 2017, there were 357,742 common shares available for issuance under the 2016 Stock Plan. Options At December 31, 2016 , the Company had a total of 865 vested stock options outstanding with a weighted average exercise price of $48.945 per share. These options expired unexercised on July 15, 2017. Service Condition Share Awards From time to time, the Company awards restricted shares of common stock to employees, officers, and members of the Board of Directors under the 2016 Stock Plan. These shares generally vest ratably over five years for employees and officers and three years for members of the Board of Directors based on continued service or employment. Dividends paid on these restricted shares during the vesting period are not forfeited in the event that the shares fail to vest. The fair value of the service condition unvested share awards was determined based on the closing price of the Company’s common stock on the grant date . The following table presents a summary of the service condition unvested share activity for the year ended December 31 , 2017: Shares Weighted-average grant date fair value Unvested at December 31, 2016 - $ - Granted 96,286 $ 10.54 Vested (234) $ 10.60 Forfeited (220) $ 10.54 Unvested at December 31, 2017 95,832 $ 10.54 Market Based Share Awards Pursuant to an amendment of an employment agreement on June 28, 2017, an executive officer may earn shares of common stock if certain market share prices of common stock are attained. Any such shares, if earned, will be issued under the 2016 Stock Plan or another shareholder approved plan. The executive officer will earn and be issued 36,692 common shares each time stock market price targets of $11.00 to $18.00 (in one dollar increments) per common share are first achieved prior to March 31, 2022 based on the weighted-average common stock price for 60 consecutive trading days. The compensation cost related to awards that are contingent upon achieving a market based criteria is measured at the fair value of the award on the date of grant using the Monte Carlo simulation, including consideration of the market criteria, and amortized on a straight line basis over the derived performance period which is also estimated using this model. The grant date fair value of this award , totaling $1,305 , was determined using the following assumptions: Volatility 25.0 % Stock price $ 10.60 Dividend yield 7.4 % Risk free interest rate 0.89% - 1.81% based upon expected time of vesting Performance Based Share Awards Pursuant to an amendment of an employment agreement on June 28, 2017, an executive officer may earn shares of common stock if certain operating results of the Company are obtained. Any such shares, if earned, will be issued under the 2016 Stock Plan or another shareholder approved plan. For each of the Company’s fiscal years 2017 through 2021, if the Company achieves between 85% and 101% of budgeted Funds from Operations (“FFO”) as approved by the Board of Directors, the executive shall earn and be issued between 11,741 and 19,569 shares of common stock, determined on a straight-line basis based on the percentage of budgeted FFO achieved. In addition, for any fiscal year in which the Company achieves in excess of 101% of budgeted FFO, an additional 391 shares of common stock will be earned for each two percent actual FFO exceeds 101% of budgeted FFO, up to a total of 3,910 additional shares of common stock per year. T he fair value of the performance based share awards is based on the closing price of the Company’s common stock on the grant date, discounted for estimated common stock dividends to be declared prior to the shares being issued. The grant date occurs on an annual basis when budgeted FFO is approved by the Board of Directors. The total grant date fair value of the 2017 portion of this performance based share award, assuming that 100% of budgeted FFO is achieved, was $191 . Warrants On March 2, 2015, the Company granted a warrant to an executive officer of the Company outside of the 2006 Stock Plan as an inducement material to the executive’s acceptance of employment. The warrant entitles the executive to purchase a total of 101,213 authorized but previously unissued shares of the Company’s common stock with a grant date price at (i) $9.88 per share (the adjusted closing bid price of the common stock on N asdaq on March 2, 2015) if at least one -third but not more than one -half of the shares were purchased on or prior to March 17, 2015, and (ii) $12.48 per share for shares purchased after. The warrant has a three -year term. The executive officer exercised the warrant in part to purchase 35 ,060 shares on March 11, 2015 at the price of $9.88 per share. The warrant remains exercisable for 66,153 shares at an exercise price of $1 2.48 pe r share. The Company records compensation expense for warrants based on the estimated fair value of the warrants on the date of grant determined using the Black-Scholes option-pricing model. The Company uses historical data among other factors to estimate expected price volatility, expected warrant life, dividend rate , and expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield in effect at the time of grant for the estimated life of the warrant s . The following table summarizes the estimates used in the Black-Scholes option-pricing mod el related to the warrants granted in 2015: $9.88 Grant $12.48 Grant March 2, 2015 March 2, 2015 Volatility 53.10 % 78.60 % Expected forfeitures 0.00 % 0.00 % Expected term 15 days 3.00 years Risk free interest rate 0.02 % 1.06 % LTIP Awards On March 2, 2015, the Company granted an equity award of 5,263,152 LTIP units, represent ing profit interests in the operating partnership, to an executive officer of the company. The LTIP units were earned in one -third increments upon the Company’s common stock achieving price per share milestones of $22.75 , $29.25 , and $35.75 , respectively. Earned LTIP u nits vest ed in March 2018, or earlier upon a change in control of the Company, and c ould be redeemed at the rate of one share of common stock for each 52 earned LTIP unit s for up to 101,213 common shares. These LTIP units were cancelled on June 28, 2017 pursuant to an amendment of the employment agreement with the executive officer. The Company recorded compensation expense for the LTIP units based on the estimated fair value of the units on the date of grant determined using the Monte Carlo sim ulation model. The Company used historical data among other factors to estimate expected price volatility, expected LTIP life, volume weighted average price, and expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield in effect at the time of grant for the estimated life of the LTIP. The following table summarizes the estimates used in the Monte Carlo option-pricing model related to the LTIP grant in 2015: Grant Date March 2, 2015 Volatility 75.5 % Expected forfeitures 0.00 % Weighted average price $ 9.945 Expected term 3.00 years Risk free interest rate 1.06 % Director Fully Vested Share Compensation Independent directors serving as members of the Investment Committee of the Board of Directors receive their monthly Investment Committee fees in the form of shares of the Company’s common stock. Certain independent directors serving as members of the Board of Directors also elect to receive a portion of their director fees in the form of shares of the Company’s common stock. A total of 5,369 and 2,361 shares were issued to independent directors under the 2016 Stock Plan during the years ended December 31, 2017 and 2016, respectively. S hares issued for the year ended December 31, 2 015 under the 2006 Stock Plan totaled 3,295 . Stock-Based Compensation Expense The expense recognized in the consolidated financial statements for stock-based compensation, including the LTIP, related to employees and directors for the years ended December 3 1, 2017, 2016, and 2015 was $1,237 , $305 , and $285 , respectively , all of which is included in general and administrative expense . Total unrecognized compensation cost related to all awards at December 31, 2017 was $1,573 , which is expected to be recognized over a weighted-average remaining service period of 3.2 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 13. INCOME TAXES For the years ended December 2017, 2016, and 2015, the income tax expense related to the operating partnership, including primarily Alternative Minimum Tax (“AMT”) and certain state and local taxes, totaled $20 , $35 , and $0 , respectively. The components of the income tax expense (benefit) from the TRS from continuing operations for the years ended December 31, 2017, 2016, and 2015 were as follows: Year ended December 31, 2017 2016 2015 Federal: Current $ 33 $ 90 $ - Deferred (615) - - State and local: Current 12 - - Deferred (45) - - Income tax expense (benefit) $ (615) $ 90 $ - A ctual income tax expense of the TRS for t he years ended December 31, 2017, 2016, and 2015 differs from the “expected” income tax expense (benefit) (computed by applying the appropriate U.S. federal income tax rate of 34% to earnings before income taxes) as a result of the following: Year ended December 31, 2017 2016 2015 Computed "expected" income tax (benefit) expense $ 546 $ 993 $ 684 State income taxes, net of federal income tax (benefit) expense 47 139 82 (Decrease) increase in valuation allowance (1,097) (1,082) (722) Other (145) (50) (44) AMT 34 90 - Total income tax expense (benefit) $ (615) $ 90 $ - The tax effects of temporary differences that give rise to significant portions of deferred tax a ssets and deferred tax liabilities at December 31, 2017 and 2016 are as follows: As of December 31, 2017 2016 Deferred Tax Assets Accrued expenses and other $ 104 $ 99 Net operating losses carried forward for federal income tax purposes 814 1,295 Net operating losses carried forward for state income tax purposes 579 182 AMT 123 - Book depreciation in excess of tax depreciation - 38 Subtotal deferred tax assets 1,620 1,614 Valuation allowance (454) (1,551) Total deferred tax assets 1,166 63 Deferred Liabilities Tax depreciation in excess of book depreciation 363 - Atlanta JV basis difference 143 63 Total deferred tax liabilities 506 63 Net deferred tax assets $ 660 $ - In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers projected reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result of this analysis, the Company believed that a full valuation allowance against the net deferred tax asset position was necessary at December 31, 2016 and 2015 and as such no current or deferred federal income tax was recognized in the years then ended. At December 31, 2017, it was determined by management that a valuation allowance against deferred tax assets was no longer required , with the exception of an allowance against certain state net operating losses, as management believes that it is more likely than not that remaining deferred tax assets will be realized. After consideration of limitations related to a change in control as defined under Internal Revenue Code Section 382 following the Company’s common and preferred equity transactions , t he TRS ’s net operating loss carryforward at December 3 1, 2017 as determined for f ederal income tax purposes was $3,8 76 . The availability of the loss carryforward s will expire in 202 7 through 203 4 . On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act ( “TCJA”), was enacted. The TCJA made many significant changes to the U.S. federal income tax laws as of January 1, 2018. Pursuant to this legislation, the federal income tax rate applicable to corporations is permanently reduced to 21% and the corporate alter native minimum tax is repealed, and t he deduction of net interest expens e is limited for all businesses, provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real proper ty r elated assets over longer depreciable lives. The reduced 21% federal income tax rate applicable to corporations will apply to taxable earnings reported for the full 2018 fiscal year. Accordingly, the Company has remeasured its net deferred tax assets using the lower federal tax rate that will apply when these amounts are expected to reverse. As a result, in the fourth quarter of 2017, we recognized tax expense of $304 resulting from the revaluation of U.S. net deferred tax assets. The SEC has issued Staff Accounting Bulletin No. 118 which permits the recording of provision amounts related to the impact of the TCJA during a measurement period which is not to exceed one year from the enactment date of the law. The Company has included estimates related to the TCJA in these consolidated financial statements and will revalue those impacts as we continue to gather and analyze information. As of December 31, 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 201 4 through 201 7 . Distributions to the extent of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to a shareholder as ordinary income. Distributions in excess of current and accumulated earnings and profits generally will be treated as a nontaxable reduction of the shareholder’s basis in such shareholder’s shares, to the extent thereof, and thereafter as taxable capital gain. Distributions that are treated as a reduction of the shareholder’s basis in its shares will have the effect of increasing the amount of gain, or reducing the amount of loss, recognized upon the sale of the shareholder’s shares. For income tax purposes, distributions paid per share for the years ended December 31, 2017 and 2016 were characterized as follows: For the year ended December 31, 2017 2016 Amount % Amount % Common Shares: Ordinary income $ 0.156000 20% $ 0.455000 100% Capital gain - - - - Return of capital 0.624000 80% - - Total $ 0.780000 100% $ 0.455000 100% Series C Preferred Stock: Ordinary income $ - - $ 1.649124 100% Capital gain - - - - Return of capital - - - - Total $ - - $ 1.649124 100% Series D Preferred Stock: Ordinary income $ 0.104160 100% $ 0.494792 100% Capital gain - - - - Return of capital - - - - Total $ 0.104160 100% $ 0.494792 100% Series E Preferred Stock: Ordinary income $ 0.522569 100% $ - - Capital gain - - - - Return of capital - - - - Total $ 0.522569 100% $ - - The common share distribution declared on December 19, 2017 and paid on January 10, 2018 was treated as a 2018 distribution for tax purposes. The preferred share distribution declared on December 19, 2017 and paid on January 2, 2018 was treated as a 2017 distribution for tax purposes. The common and preferred share distributions declared on December 6, 2016 and paid on January 5, 2017 and January 3, 2017, res pectively, were treated as 2016 d istributions for tax purposes. A portion of the redemption price of the Series A and B Preferred Stock that was redeemed for cash on April 15, 2016 included amounts equal to the accrued and unpaid dividends on such stock. However, the entire redemption price, inclusive of amounts equal to accrued and unpaid dividends, was treated as payment in exchange for the redeemed stock and none of the redemption price is treated as a distribution of dividends under the Code for federal income tax purposes. No dividends on common stock or preferred stock were declared or paid in 2015. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14. EARNINGS PER SHARE The two-class method is utilized to compute earnings per common share (“EPS”) as our unvested restricted stock awards with non-forfeitable dividends are considered participating securities. Under the two-class method, losses are allocated only to those securities that have a contractual obligation to share in the losses of the Company. Our unvested restricted stock is not obligated to absorb Company losses and accordingly is not allocated losses. The following is a reconciliation of basic and diluted EPS: Year ended December 31, 2017 2016 2015 Numerator: Basic (1) Net earnings (loss) attributable to common shareholders: Continuing operations $ (9,362) $ 1,390 $ 6,055 Discontinued operations - 657 3,438 Total Net earnings (loss) attributable to common shareholders (9,362) 2,047 9,493 Less: Allocation to participating securities (56) - - Net earnings (loss) attributable to common shareholders, net of amount allocated to participating securities $ (9,418) $ 2,047 $ 9,493 Numerator: Diluted (1) Net earnings (loss) attributable to common shareholders from continuing operations, net of amount allocated to participating securities $ (9,418) $ 1,390 $ 6,055 Dividends on Series C Preferred Stock - - 2,074 Dividends on Series D Preferred Stock - 3,090 - Unrealized gain on warrant derivative - - (4,122) Unrealized gain on Series C Preferred Embedded Derivative - - (7,533) Continuing operations - Diluted (9,418) 4,480 (3,526) Discontinued operations - Diluted - 657 3,438 Total Diluted $ (9,418) $ 5,137 $ (88) Denominator Weighted average number of common shares - Basic 9,437,824 761,112 751,634 Unvested stock - - 619 Series C Preferred Stock - - 2,884,615 Series D Preferred Stock - 4,774,433 - Warrants - Employees - - 106 Warrants - RES - - (61,504) Weighted average number of common shares - Diluted 9,437,824 5,535,545 3,575,470 Earnings Per Share Continuing operations - Basic $ (1.00) $ 1.82 $ 8.06 Discontinued operations - Basic - 0.85 4.55 Total - Basic Earnings (Loss) per Share $ (1.00) $ 2.67 $ 12.61 Continuing operations - Diluted $ (1.00) $ 0.78 $ (0.98) Discontinued operations - Diluted - 0.13 0.98 Total - Basic Earnings (Loss) per Share $ (1.00) $ 0.91 $ - (1) The loss (earnings) attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation The following table summarizes the weighted average number of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted EPS as they are antidilutive : Year ended December 31, 2017 2016 2015 Outstanding stock options (2) 258 865 865 Unvested restricted stock 48,869 - - Warrants - RES (2) 53,608 576,923 - Warrants - Employees 66,153 66,153 55,249 Series C Preferred Stock - 598,991 - Series D Preferred Stock (2) 970,606 - - Series E Preferred Stock 560,115 - - Convertible debt 97,269 77,336 - LTIP common units (1) (2) 49,636 101,213 84,576 Operating partnership common units (1) 70,722 46,265 13,008 Total potentially dilutive securities excluded from the denominator 1,917,236 1,467,746 153,698 (1) LTIP and common units have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would have no impact on calculated EPS. (2) Amounts above are weighted average amounts outstanding for the year. These instruments were no longer outstanding at December 31, 2017. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 15. COMMITMENTS AND CONTINGENCIES Management Agreements Our TRS engages eligible independent contractors as property managers for each of our hotels in accordance with the requirements for qualification as a REIT. The hotel management agreements provide that the management companies have control of all operational aspects of the hotels, including employee-related matters. The management companies must generally maintain each hotel under their management in good repair and condition and perform routine maintenance, repairs , and minor alterations. Additionally, the management companies must operate the hotels in accordance with the national franchise agreements that cover the hotels, which includes, as applicable, using franchisor sales an d reservation systems and abiding by franchisors’ marketing standards. The management agreements generally require the TRS to fund debt service, working capital needs, and capital expenditures and to fund the management companies’ third-party operating expenses, except those expenses not related to the operation of hotels. The TRS also is responsible for obtaining and maintaining certain insurance policies with respect to the hotels. Each of the management companies employed by the TRS at December 31, 2017 receives a base monthly management fee of 3.0% to 3.5% of gross hotel revenue, with incentives for performance which increase such fee to a maximum of 5.0% . For the years ended December 31, 2017, 2016, and 2015, base management fees incurred totaled $1,700 , $1,619 , and $2,466 , respectively, of which $1,700 , $1,619 , and $2,348 , respectively, was included in continuing operations as hotel and property operations expense. For the year s ended December 31, 2017, 2016 and 2015 , incentive management fees, included in continuing operations in their entirety, totaled $306 , $190 , and $158 , respectively. The management agreements generally have initial terms of one to three years and renew for additional terms of one year unless either party to the agreement gives the other party written notice of termination at least 90 days before the end of a term. The Company may terminate a management agreement, subject to cure rights, if certain performance metrics tied to both individual hotel and total managed portfolio performance are not met. The Company may a lso terminate a management agreement with respect to a hotel at any time without reason upon payment of a termination fee. The management agreements terminate with respect to a hotel upon sale of the hotel, subject to certain notice requirements. Franchise Agreements As of December 31, 2017 , 1 6 of our 1 7 wholly owned properties operate under franchise licenses from national hotel companies. Under our franchise agreements, we are required to pay franchise fees generally between 3.3% and 5.5% of room revenue, plus additional fees for marketing, central reservation systems, and other franchisor programs and services that amount to between 2.5% and 6.0% of room revenue. The franchise agreements typically have 10 to 25 year terms although certain agreements may be terminated by either party on certain anniversary dates specified in the agreements. Further, each agreement provides for early termination fees in the event the agreement is terminated before the stated term. Franchise fee expense totaled $3,800 , $3,123 , and $3,883 , for the years ended December 31, 2017, 2016, and 2015, respectively, of which $3,800 , $3,123 , and $3,853 , respectively, was included in continuing operations as hotel and property operations expense. Leases The Company has no land lease agreements in place related to properties owned at December 31, 2017. Land lease expense related to properties previously owned totaled $9 , $105 , and $10 5 for the years ended December 31, 2017, 2016, and 2015 , respectively, all of which is included in continuing operations as hotel and property operations expense . The Company entered into three new office lease agreements in 2016, replacing all existing office lease agreements . These leases expire in 2019 through 2021 and have combined rent expense of approximately $154 annually. Office lease expense totaled $154 , $199 , and $16 3 in t he years ended December 31, 2017, 2016, and 2015 , respectively, and is included in general and administrative expense. As of December 31, 2017 , the future minimum lease payments applicable to no n-cancellable operating leases are as follows: Lease rents 2018 $ 159 2019 138 2020 61 2021 47 2022 - $ 405 As of Dece mber 31, 2017, the Company had agreements with one restaurant and a cell tower operator for leased space at our hotel locations. Lease income totaled $71 , $86 , and $198 for the years ended December 31, 2017, 2016, and 2015, respectively, of which $71 , $86 , and $177 , respectively, was included in continuing operations in room rentals and other hotel services revenue. Benefit Plans The Company has a qualified contributory retirement plan under Section 401(k) of the Code (the “401(k) Plan”) which covers all employees who meet certain eligibility requirements. Voluntary contributions may be made to the 401(k) Plan by employees. The 401(k) Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for t he years ended December 31, 2017, 2016, and 2015 was $67 , $73 , and $66 , respectively, and is included in general and administrative expenses. Litigation Various claims and legal proceedings arise in the ordinary course of business and may be pending against the Company and its properties. We are not currently involved in any material litigation, nor, to our knowledge, is any material litigation threatened against us. The Company has insurance to cover potential material losses and we believe it is not reasonably possible that such matters will have a material impact on our financial condition or results of operations. |
Quarterly Operating Results
Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Operating Results [Abstract] | |
Quarterly Operating Results | NOTE 16. QUARTERLY OPERATING RESULTS (UNAUDITED) Quarter ended (unaudited) March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total 2017 Revenue $ 10,361 $ 14,252 $ 15,562 $ 15,278 $ 55,453 Operating expenses 11,001 12,719 14,417 14,040 52,177 Operating income (loss) (640) 1,533 1,145 1,238 3,276 Net gain (loss) on dispositions of assets (3) 4,852 (46) 2,004 6,807 Equity in earnings (loss) of joint venture 111 25 159 (105) 190 Net gain on derivatives and convertible debt 175 227 14 20 436 Other income (expense), net (1) (39) (43) (28) (111) Interest expense (971) (1,092) (1,405) (1,706) (5,174) Loss on debt extinguishment (800) - - (167) (967) Impairment loss, net (271) (479) (848) (553) (2,151) Earnings (loss) before income tax expense (2,400) 5,027 (1,024) 703 2,306 Income tax benefit (expense) - (35) (15) 645 595 Net earnings (loss) (2,400) 4,992 (1,039) 1,348 2,901 (Earnings) loss attributable to noncontrolling interest 50 (67) 7 (10) (20) Earnings (loss) attributable to controlling interests (2,350) 4,925 (1,032) 1,338 2,881 Dividends declared and undeclared and in kind dividends deemed on preferred stock (11,603) (271) (205) (164) (12,243) Net earnings (loss) attributable to common shareholders $ (13,953) $ 4,654 $ (1,237) $ 1,174 $ (9,362) Earnings per Share (1) Total - Basic Earnings (Loss) per Share $ (4.75) $ 0.40 $ (0.11) $ 0.10 $ (1.00) Diluted Earnings Per Share (1) Total - Diluted Earnings (Loss) per Share $ (4.75) $ 0.37 $ (0.11) $ 0.10 $ (1.00) (1) Quarterly and total annual EPS are based on the weighted average number of shares outstanding during each quarter and the annual period. Due to rounding and differences in earnings and losses between the quarterly and annual periods, the sum of the quarterly EPS amounts may not equal the reported amounts for the year. Quarter ended (unaudited) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total 2016 Revenue $ 12,503 $ 14,155 $ 13,519 $ 10,470 $ 50,647 Operating expenses 12,662 12,508 12,445 11,009 48,624 Operating income (loss) (159) 1,647 1,074 (539) 2,023 Net gain on dispositions of assets 3,367 8,856 3,591 7,318 23,132 Equity in loss of joint venture - - (54) (190) (244) Net gain on derivatives and convertible debt 6,117 162 26 72 6,377 Other income (expense), net (21) 23 85 (32) 55 Interest expense (1,329) (1,248) (1,127) (1,006) (4,710) Loss on debt extinguishment (173) (976) (399) (639) (2,187) Impairment loss, net (793) (121) (343) (220) (1,477) Earnings from continuing operations before income tax expense 7,009 8,343 2,853 4,764 22,969 Income tax expense - - - (125) (125) Earnings from continuing operations 7,009 8,343 2,853 4,639 22,844 Gain from discontinued operations, net of tax 678 - - - 678 Net earnings 7,687 8,343 2,853 4,639 23,522 Earnings attributable to noncontrolling interest (389) (178) (61) (99) (727) Earnings attributable to controlling interests 7,298 8,165 2,792 4,540 22,795 Dividends declared and undeclared and in kind dividends deemed on preferred stock (17,740) (1,057) (976) (975) (20,748) Net earnings (loss) attributable to common shareholders $ (10,442) $ 7,108 $ 1,816 $ 3,565 $ 2,047 Earnings per Share (1) Continuing operations - Basic $ (14.63) $ 9.36 $ 2.41 $ 4.68 $ 1.82 Discontinued operations - Basic 0.91 - - - 0.85 Total - Basic Earnings (Loss) per Share $ (13.72) $ 9.36 $ 2.41 $ 4.68 $ 2.67 Diluted Earnings Per Share (1) Continuing operations - Diluted $ (14.63) $ 1.17 $ 0.39 $ 0.65 $ 0.78 Discontinued operations - Diluted 0.91 - - - 0.13 Total - Diluted Earnings (Loss) per Share $ (13.72) $ 1.17 $ 0.39 $ 0.65 $ 0.91 (1) Quarterly and total annual EPS are based on the weighted average number of shares outstanding during each quarter and the annual period. Due to rounding and differences in earnings and losses between the quarterly and annual periods, the sum of the quarterly EPS amounts may not equal the reported amounts for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17. SUBSEQUENT EVENTS Subsequent Property Activity On January 18, 2018 , the Company closed on the acquisition of the 122 -room TownePlace Suites Austin North Tech Ridge for a purchase price of $19,750 . This acquisition was financed using proceeds from the Company’s credit facility. The Company sold the 41 -room Supertel Inn in Creston, Iowa on January 25, 2018 for gross proceeds of $2, 050 . Net proceeds from the sales were applied to the Company’s credit facility. On February 21, 2018 , the Company closed on the acquisition of the 93 -room Home2 Suites Summerville / Charleston for a purchase price of $16,325 . This acquisition was financed using proceeds from the Company’s credit facility of $14,818 as well as cash totaling $1,507 . The Company sold the 135 -room Comfort Suites in South Bend, Indiana on March 15 , 2018 for gross proceeds of $6,100 . Net proceeds from the sales were applied to the Company’s credit facility. Subsequent to December 31, 2017 through March 16, 2018 , one additional hotel property met the criteria to be considered held for sale. Investment in hotel property, net of $1,191 and debt of $3,089 related to this property remain classified in the December 31, 2017 balance sheet as held for use. Subsequent Equity Transactions Subsequent to December 31, 2017 through March 16, 2018 , the Company has sold 12,334 shares of common stock under the ATM program at an average sales price of $10.40 per share for gross proceeds totaling $128 and net proceeds of $125 , including cash commission fees paid to the Sales Agents and ad ditional related costs. |
Schedule III Real Estate And Ac
Schedule III Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Schedule III Real Estate And Accumulated Depreciation [Abstract] | |
Schedule III Real Estate And Accumulated Depreciation | Additions, (dispositions), and (impairments) Initial cost Subsequent to acquisition Gross amount at December 31, 2017 Brand Location Acquisition date Encumbrance Land Buildings & Other Furniture & equipment Land Buildings & Other Furniture & equipment Land Buildings & Other Furniture & equipment Accumulated depreciation Net book value Super 8 Creston, Iowa 09/19/1978 KEY $ 56 $ 765 $ 76 $ 89 $ 1,572 $ 907 $ 145 $ 2,337 $ 983 $ (2,274) $ 1,191 Quality Inn Solomons, Maryland 06/01/1986 KEY 2,304 2,719 269 - 1,565 462 2,304 4,284 731 (3,356) 3,963 Comfort Suites Ft. Wayne, Indiana 11/07/2005 KEY 1,200 3,964 840 - 1,060 617 1,200 5,024 1,457 (2,765) 4,916 Comfort Suites South Bend, Indiana 11/30/2005 KEY 500 10,602 910 (302) (4,714) 684 198 5,888 1,594 (1,884) 5,796 Supertel Inn Creston, Iowa 06/30/2006 KEY 235 2,364 344 - (16) 69 235 2,348 413 (1,055) 1,941 Hilton Garden Inn Dowell, Maryland 05/25/2012 KEY 1,400 9,492 323 - 657 459 1,400 10,149 782 (1,987) 10,344 SpringHill Suites San Antonio, Texas 10/01/2015 WELLS 1,597 14,353 1,550 - 114 34 1,597 14,467 1,584 (1,416) 16,232 Courtyard by Marriott Jacksonville, Florida 10/02/2015 WELLS 2,100 11,050 850 - 178 68 2,100 11,228 918 (1,279) 12,967 Hotel Indigo Atlanta, Georgia 10/02/2015 WELLS 800 8,700 1,500 - 97 212 800 8,797 1,712 (1,335) 9,974 Aloft Leawood, Kansas 12/14/2016 GWB 3,339 18,046 1,115 - 133 61 3,339 18,179 1,176 (794) 21,900 Home2 Suites Lexington, Kentucky 03/24/2017 KEY 905 14,204 1,351 - 150 12 905 14,354 1,363 (501) 16,121 Home2 Suites Round Rock, Texas 03/24/2017 KEY 1,087 14,345 1,285 - 150 2 1,087 14,495 1,287 (480) 16,389 Home2 Suites Tallahassee, Florida 03/24/2017 KEY 1,519 18,229 1,727 - 159 - 1,519 18,388 1,727 (623) 21,011 Home2 Suites Southaven, Mississippi 04/14/17 MS 1,311 16,792 897 - 184 9 1,311 16,976 906 (593) 18,600 Hampton Inn & Suites Lake Mary, Florida 06/19/2017 KEY 1,200 16,432 1,773 - 175 3 1,200 16,607 1,776 (387) 19,196 Fairfield Inn & Suites El Paso, Texas 08/31/2017 KEY 1,014 14,297 1,089 - 100 - 1,014 14,397 1,089 (203) 16,297 Residence Inn Austin, Texas 08/31/2017 KEY 1,495 19,630 1,275 - 150 25 1,495 19,780 1,300 (248) 22,327 Subtotal Hotel Properties 22,062 195,984 17,174 (213) 1,714 - 3,624 21,849 197,698 20,798 (21,180) 219,165 Construction in progress - - - - 87 191 - 87 191 - 278 Office building 69 1,517 - (69) (1,517) 505 - - 505 (368) 137 Total $ 22,131 $ 197,501 $ 17,174 $ (282) $ 284 $ 4,320 $ 21,849 $ 197,785 $ 21,494 $ (21,548) $ 219,580 Encumbrance codes refer to the following lenders: KEY KeyBank credit facility GWB Great Western Bank Wells Wells Fargo MS Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 See accompanying report of independent registered p ublic accounting f irm ASSET BASIS Total (a) Balance at January 1, 2015 $ 214,585 Additions 46,489 Disposals (65,802) Impairment loss, net (6,373) Balance at December 31, 2015 188,899 Additions 25,618 Disposals (68,256) Impairment loss, net (2,877) Balance at December 31, 2016 143,384 Additions 134,709 Disposals (34,814) Impairment loss, net (2,151) Balance at December 31, 2017 $ 241,128 ACCUMULATED DEPRECIATION Total (b) Balance at January 1, 2015 $ 75,403 Depreciation for the period ended December 31, 2015 5,400 Depreciation on assets sold or disposed (19,938) Impairment loss, net (2,665) Balance at December 31, 2015 58,200 Depreciation for the period ended December 31, 2016 5,190 Depreciation on assets sold or disposed (33,477) Impairment loss, net (1,400) Balance at December 31, 2016 28,513 Depreciation for the period ended December 31, 2017 6,898 Depreciation on assets sold or disposed (13,863) Balance at December 31, 2017 $ 21,548 (a) The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $ 245 million (unaudited). (b) Depreciation is computed based upon the following useful lives: Buildings and improvements 15 - 40 years Furniture and equipment 3 - 12 years (c) The Company has mortgages payable on the properties as noted. Additional mortgage information can be found in Note 6 to the consolidated financial statements. |
Organization And Summary Of S26
Organization And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business Condor Hospitality Trust, Inc. (“Condor”) was incorporated in Virginia on August 23, 1994 and was reincorporated in Maryland on November 19, 2014. Condor is a self-administered real estate investment trust (“REIT”) for federal income tax purposes that specializes in the investment and ownership of high-quality select-service, limited-service, extended stay, and compact full service hotels. As of December 31, 2017, the Company owned 18 hotels in nine states, including one hotel owned through an 80% interest in an unconsolidated joint venture (the “Atlanta JV”). References to the “Company”, “we,” “our,” and “us” herein refer to Condor Hospitality Trust, Inc., including as the context requires, our direct and indirect subsidiaries. The Company, through its wholly owned subsidiary, Condor Hospitality REIT Trust, owns a controlling interest in Condor Hospitality Limited Partnership (the “operating partnership”), and serves as its general partner. The operating partnership, including its various subsidiary partnerships, holds substantially all of the Company’s assets (with the exception of the furniture and equipment of 16 properties held by TRS Leasing, Inc.) and conducts all of its operations. At December 31, 2017, the Company owned 99.3% of the common operating units (“common units”) of the operating partnership with the remaining common units owned by other limited partners. The Company’s 100% owned E&P Financing Limited Partnership no longer owns any assets or conducts any operations following the sale of its last remaining property in January 2016. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required by the Internal Revenue Service (“IRS”) for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, the operating partnership and its subsidiaries lease our hotel properties to the Company’s wholly owned taxable REIT subsidiary, TRS Leasing, Inc., and its wholly owned subsidiaries (the “TRS”). The TRS in turn engages third-party eligible independent contractors to manage the hotels. The operating partnership, the TRS, and their respective subsidiaries are consolidated into the Company’s financial statements. Historically, as a result of the geographic areas in which we operate, the operations of our hotels have been seasonal in nature. Generally, occupancy rates, revenue, and operating income have been greater in the second and third quarters of the calendar year than in the first and fourth quarters, with the exception of our hotels located in Florida, which experience peak demand in the first and fourth quarters of the year. The results of the hotels acquired in and since 2015 (see Note 3), because of their locations and chain scale, are less seasonal in nature than our legacy portfolio of assets. |
Basis Of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. general accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company, as well as the accounts of the operating partnership and its subsidiaries and our wholly owned TRS and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1 -for-6.5. No fractional shares of common stock were issued as fractional shares were settled in cash. Impacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurred on the first day of the periods presented. Certain amounts in the notes to the consolidated financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. |
Estimates, Risks And Uncertainties | Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as revenue and expenses recognized during the reporting period. Actual results could differ from those estimates. Because the state of the economy and of the real estate market can significantly impact hotel operational performance and the estimated fair value of our assets, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change. |
Investment In Hotel Properties | Investment in Hotel Properties At the time of acquisition, the Company allocates the purchase price of assets to asset classes based on the fair value of the acquired real estate, furniture, fixtures, and equipment, and intangible assets, if any, and the fair value of liabilities assumed, including debt. Acquisition date fair values are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers including discounted cash flows and capitalization rates. Acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed as incurred. The Company’s investments in hotel properties are recorded at cost and are depreciated using the straight-line method over an estimated useful life of 15 to 40 years for buildings and improvements and 3 to 12 years for furniture and equipment. Renovations and/or replacements that improve or extend the life of the hotel properties are capitalized and depreciated over their useful lives. Repairs and maintenance are expensed as incurred. The initial fees incurred to enter into the franchise agreements are capitalized and amortized over the life of the franchise agreements using the straight-line method. Amortization expense is included in depreciation and amortization in the consolidated statements of operations. On an ongoing basis, the Company reviews the carrying value of each held for use hotel to determine if certain circumstances, known as triggering events, exist indicating impairment to the carrying value of the hotel or that depreciation periods should be modified. These triggering events include a significant change in the cash flows of or a significant adverse change in the business climate for a hotel. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel and determine if the investment in such hotel is recoverable based on these undiscounted future cash flows. If the investment is not recoverable based on this analysis, an impairment charge will be taken, if necessary, to reduce the carrying value of the hotel to the hotel’s estimated fair value. |
Investment In Joint Venture | Investment in Joint Venture If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a variable interest entity (“VIE”) or through our voting interest in a voting interest entity (“VOE”) and we have the ability to provide significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliate as they occur, with losses limited to the extent of our investment in, advances to, and commitments to the investee. Pursuant to our Atlanta JV agreement, allocations of the profits and losses of our Atlanta JV may be allocated disproportionately to nominal ownership percentages due to specified preferred return rate thresholds. Distributions received from a joint venture are classified in the statements of cash flows using the cumulative earnings approach. Distributions are classified as cash inflows from operating activities unless cumulative distributions, including those from prior periods not designated as a return of investment, exceed cumulative recognized equity in earnings of the joint venture. Excess distributions are classified as cash inflows from investing activities as a return of investment. On an annual basis or at interim periods if events and circumstances indicate that the investment may be impaired, the Company reviews the carrying value of its investment in unconsolidated joint venture to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. The investment is considered impaired if its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. |
Assets Held For Sale And Discontinued Operations | Assets Held for Sale and Discontinued Operations A hotel is considered held for sale (a) when a contract for sale is entered into, a substantial, nonrefundable deposit has been committed by the purchaser, and sale is expected to occur within one year, or (b) if management has committed to and is actively engaged in a plan to sell the property, the property is available for sale in its current condition, and it is probable the sale will be completed within one year. If a hotel is considered held for sale as of the most recent balance sheet presented or was sold in any period presented, the hotel property and the debt it collateralizes are shown as held for sale in all periods presented. Depreciation of our hotels is discontinued at the time they are considered held for sale. At the end of each reporting period, if the fair value of the held for sale property less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. Impairment losses on held for sale properties may be subsequently recovered up to the amount of the cumulative impairment losses taken while the property is held for sale should future revisions to fair value estimates be required. If active marketing ceases or the property no longer meets the criteria to be classified as held for sale, the property is reclassified to held for use and measured at the lower of its (a) carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for use, or (b) its fair value at the date of the subsequent decision not to sell. Historically, we have presented the results of operations of hotel properties that have been sold or considered held for sale as discontinued operations. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other significant disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations that have a major effect on an entity’s operations and financial results should be presented as discontinued operations subsequent to adoption. The Company adopted the pronouncement on October 1, 2014. As a result of this adoption, only the operations of hotels meeting the criteria to be considered held for sale prior to October 1, 2014 are included in discontinued operations for all periods presented as no individual hotel disposition represents a strategic shift in operations or has a major effect on our operations or financial results. Gains on the sale of real estate are recognized when a property is sold, provided that the profit is determinable, meaning that collectability of the sales price is reasonably assured or can be estimated, and that the earnings process is complete, meaning that the seller is not obligated to perform significant activities after the sale in order to earn the profit . If these criteria are not met, the timing of the sale is determined based on various criteria related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, the gain is deferred and the finance, installment, or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent we sell a property and retain a partial ownership interest in the property, we generally recognize a gain to the extent of the third party ownership interest. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less when acquired, and are carried at cost which approximates fair value. The Company maintained a major portion of its deposits with Huntington Bancshares Incorporated at December 31, 2017 and Great Western Bank, a Nebraska Corporation, at December 31, 2016. The balances on deposit at Huntington Bancshares Incorporated and Great Western Bank may at times exceed the federal deposit insurance limit, however, management believes that no significant credit risk exists with respect to the uninsured portion of these cash balances. |
Restricted Cash | Restricted Cash Restricted cash consists of cash held in escrow for the replacement of furniture and fixtures or for real estate taxes and property insurance as required under certain loan agreements. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for the replacement of furniture and fixtures are shown as investing activities. |
Deferred Financing Cost | Deferred Financing Costs Direct costs incurred in financing transactions are capitalized as deferred financing costs and amortized to interest expense over the term of the related loan using the effective interest method. Deferred financing costs are presented on the balance sheet s as a direct deduction from the associated debt liability. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities In the normal course of business, the Company is exposed to the effects of interest rate changes, and the Company may enter into derivative instruments including interest rate swaps, caps, and collars to manage or economically hedge interest rate risk. Additionally, the Company is required to include on the balance sheets certain bifurcated embedded derivative instruments such as conversion and redemption features in convertible instruments and certain common stock warrants. All derivatives recognized by the Company are reported as derivative assets and liabilities on the balance sheets and are adjusted to their fair value at each reporting date. Realized and unrealized gains and losses on derivative instruments are included in net gain on derivatives and convertible debt with the exception of realized gains and losses related to interest rate instruments which are included in interest expense on the statements of operations. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest in the operating partnership represents the limited partners’ proportionate share of the equity in the operating partnership and long-term incentive plan (“LTIP”) units (see Note 12). Earnings and loss are allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the operating partnership during the period. |
Revenue Recognition | Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage, and other ancillary amenities. Revenue from the operation of the hotel properties is recognized when rooms are occupied and services have been rendered. Sales, use, occupancy, and similar taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue in the statements of operations. |
Income Taxes | Income Taxes The Company qualifies and intends to continue to qualify as a REIT under applicable provisions of the Internal Revenue Code (the “Code”), as amended. In general, under such Code provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, will not be subject to federal income tax to the extent of the income currently distributed to shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. Except with respect to the TRS, the Company does not believe that it will be liable for significant federal or state income taxes in future years. A REIT will incur a 100% tax on the net gain derived from any sale or other disposition of property that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We do not believe any of our hotels were held primarily for sale in the ordinary course of our trade or business. However, if the IRS would successfully assert that we held such hotels primarily for sale in the ordinary course of our business, the gain from such sales could be subject to a 100% prohibited transaction tax. Taxable income from non-REIT activities managed through the TRS, which is taxed as a C-Corporation, is subject to federal, state, and local income taxes. We account for the federal income taxes of our TRS using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not (defined as a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on its technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. The Company recognizes interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. The Company recognizes unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement to the uncertain tax position by the applicable taxing authority or by expiration of the applicable statute of limitations. For the years ended December 31, 2017, 2016, and 2015, the Company did not record any uncertain tax positions. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are utilized to determine the value of certain assets, liabilities, and equity instruments, to perform impairment assessments, to account for hotel acquisitions, in the valuation of stock-based compensation, and for disclosure purposes. Fair value measurements are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. Level 3: Unobservable inputs for which there is little or no market data, which require a reporting entity to develop its own assumptions. Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or valuation techniques may have a material effect on estimated fair value measurements. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. With the exception of fixed rate debt (see Note 8) and other financial instruments carried at fair value, the carrying amounts of the Company’s financial instruments approximates their fair values due to their short-term nature or variable market-based interest rates. |
Fair Value Option | Fair Value Option Under U.S. GAAP, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in net earnings. This option was elected for the treatment of the Company’s convertible debt entered into on March 16, 2016 (see Note 7). |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the fair value of the award on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period. Awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of our stock, expected dividend yield, expected term, and assumptions of whether these awards will achieve performance thresholds. We believe that the assumptions and estimates utilized are appropriate based on the information available to management at the point of measurement. Compensation cost is recognized as additional paid-in capital for awards of the Company’s common stock and as noncontrolling interest for LTIP awards of common units. The Company has elected to account for forfeitures of stock-based compensation as they occur. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity , which clarifies certain of the criteria for determining whether derivative features in a hybrid financial instrument should be separately recognized. ASU 2014-16 is effective for fiscal years beginning after December 15, 2015 and permits either a retrospective or cumulative effect transition method. ASU 2014-16 was adopted by the Company on January 1, 2016 and was utilized in determining the accounting for the 6.25% Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) issued in March 2016 and the 6.25% Series E Cumulative Preferred Stock (“Series E Preferred Stock”) issues in March 2017 (see Note 10). In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance effecting both the VIE and VOE consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company adopted this standard on January 1, 2016 and concluded that the operating partnership now meets the criteria to be considered a VIE of which the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the operating partnership. The Company’s sole significant asset is its investment in the operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the operating partnership. All of the Company’s debt is an obligation of the operating partnership. This ASU was also used in the determination of the accounting for the Atlanta JV entered into in August 2016 (see Note 5). In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheets as a direct deduction from the associated debt liability. The Company adopted this standard on January 1, 2016 and presents all debt issuance costs as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, effecting only the presentation of the balance sheets . The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the results of operations or cash flows. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or ser vices to customers. The ASU replace s most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original updated accounting guidance was effective for annual and interim reporting periods in fiscal years beginning after December 15, 2016, however, in July 2015, the FASB approved a one year delay of the effective date to fiscal years beginning after December 15, 2017. As such, the standard is effective for the Company on January 1, 2018. The Company has adopted ASU 2014-09 for the year beginning on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has evaluated each of its revenue streams under the new model. Based on our assessments, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of our accounting for these sales. In February 2016, the FASB issued ASU 2016- 02, Leases (Topic 842) , which supersedes most existing lease guidance in U.S. GAAP when it becomes effective. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right of use asset and lease liability and additional qualitative and quantitative disclosures. ASU 2016-02 is effective for the Company for annual periods in fiscal years beginning after December 15, 2018, permits early adoption, and mandates a modified retrospective transition method. The Company is required to adopt ASU 2016-02 on January 1, 2019. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company has adopted ASU 2016-15 for the year beginning on January 1, 2018. The adoption of ASU 2016-15 will not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, and restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted. The Company has adopted ASU 2016-18 for the year beginning on January 1, 2018. The adoption of ASU No. 2016-18 will change the presentation of the statement s of cash flows for the Company and we will utilize a retrospective transition method for each period presented within the consolidated financial statements for periods subsequent to the date of adoption. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel purchases will be considered asset purchases as opposed to business combinations and as such the related acquisition costs will be capitalized. However, the determination will be made on a transaction-by-transaction basis. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. The Company has adopted ASU 2017-01 for the year beginning on January 1, 2018. |
Reclassifications | Reclassifications Certain amounts in prior year financial statements have been reclassified to conform to current year presentation. |
Liquidity | Liquidity We expect to meet our short-term liquidity requirements through net cash provided by operations, existing cash balances and working capital, short-term borrowings under our $150,000 secured revolving credit facility (the “credit facility”), and the release of restricted cash by our lenders upon the satisfaction of usage requirements. At December 31, 2017, the Company had $5,441 of cash and cash equivalents on hand and $11,934 of unused availability under its credit facility. Our short-term liquidity requirements consist primarily of operating expenses and other expenditures directly associated with our hotel properties, recurring maintenance and capital expenditures necessary to maintain our hotels in accordance with brand standards, interest expense and scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, and the payment of dividends in accordance with the REIT requirements of the Code and as required in connection with our Series E Preferred Stock. Prior to the consideration of any asset sales or our ability to refinance debt subsequent to December 31, 2017, contractual principal payments on our debt outstanding, which include only normal amortization, total $1,381 through March 31, 2019. We also presently expect to invest approximately $4,000 to $5,000 in capital expenditures related to hotel properties we currently own through March 31, 2019. To maintain our REIT tax status, we generally must distribute at least 90% of our taxable income to our shareholders annually. In addition, we are subject to a 4% non-deductible excise tax if the actual amount distributed to shareholders in a calendar year is less than a minimum amount specified under the federal income tax laws. We have a general dividend policy of paying out approximately 100% of annual REIT taxable income. The actual amount of any future dividends will be determined by the Board of Directors based on our actual results of operations, economic conditions, capital expenditure requirements, and other factors that the Board of Directors deems relevant. Our longer-term liquidity requirements consist primarily of the cost of acquiring additional hotel properties, renovations and other one-time capital expenditures that periodically are made related to our hotel properties, and scheduled debt payments, including maturing loans. Possible sources of liquidity to fund debt maturities and acquisitions and to meet other obligations include additional secured or unsecured debt financings, proceeds from public or private issuances of debt or equity securities, and additional borrowings under our existing credit facility |
Investment In Hotel Properties
Investment In Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment In Hotel Properties [Abstract] | |
Schedule Of Investment In Hotel Properties | As of December 31, 2017 2016 Held for sale Held for use Total Held for sale Held for use Total Land $ 1,633 $ 20,216 $ 21,849 $ 4,727 $ 11,685 $ 16,412 Buildings, improvements, vehicle 13,143 182,909 196,052 40,006 68,677 108,683 Furniture and equipment 3,463 17,840 21,303 9,330 8,011 17,341 Initial franchise fees 118 1,528 1,646 359 503 862 Construction-in-progress 2 276 278 55 31 86 Investment in hotel properties 18,359 222,769 241,128 54,477 88,907 143,384 Less accumulated depreciation (5,704) (15,844) (21,548) (18,837) (9,676) (28,513) Investment in hotel properties, net $ 12,655 $ 206,925 $ 219,580 $ 35,640 $ 79,231 $ 114,871 |
Acquisition Of Hotel Properti28
Acquisition Of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Purchase Price Allocation | Hotel Date of acquisition Land Buildings, improvements, and vehicle Furniture and equipment Intangible asset Estimated earn out Total purchase price Debt at acquisition (2) Issuance of common units (3) Net cash paid Home2 Suites 03/24/2017 $ 905 $ 14,204 $ 1,351 $ 40 $ - $ 16,500 $ 16,455 $ 45 $ - Lexington, KY Home2 Suites 03/24/2017 1,087 14,345 1,285 33 - 16,750 16,705 45 - Round Rock, TX Home2 Suites 03/24/2017 1,519 18,229 1,727 25 - 21,500 21,442 58 - Tallahassee, FL Home 2 Suites 04/14/2017 1,311 16,792 897 - - 19,000 9,096 52 9,852 Southaven, MS Hampton Inn & Suites 06/19/2017 1,200 16,432 1,773 - (155) (1) 19,250 19,165 85 - Lake Mary, FL Fairfield Inn & Suites 08/31/2017 1,014 14,297 1,089 - - 16,400 16,336 64 - EL Paso, TX Residence Inn 08/31/2017 1,495 19,630 1,275 - - 22,400 22,314 86 - Austin, TX Total $ 8,531 $ 113,929 $ 9,397 $ 98 $ (155) $ 131,800 $ 121,513 $ 435 $ 9,852 (1) The Lake Mary purchase price was subject to a post-closing adjustment of up to $250 to be paid to the seller if the hotel achieved a stipulated hotel net operating income level in 2017. This contingent consideration was included in the purchase price allocation at its estimated fair value on the date of the acquisition. The full amount of $250 was paid to the seller in December of 2017 with the incremental amount paid over the estimated fair value included in acquisition and terminated transactions expenses. (2) Debt of $9,096 with Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 was assumed related to the Home2 Suites Southaven, MS acquisition. This loan remains outstanding at December 31, 2017. All other debt was drawn from the credit facility at acquisition. (3) Total issuance of 1,940,451 common units. |
Schedule Of Pro Forma Results | Years ended December 31, 2017 2016 Total revenue $ 66,894 $ 81,439 Operating income $ 7,204 $ 9,156 Net earnings (loss) attributable to common shareholders $ (7,497) $ 3,877 Net earnings (loss) per share - Basic $ (0.79) $ 5.09 Net earnings (loss) per share - Diluted $ (0.79) $ 1.26 |
Aloft Hotel, Leawood, Kansas [Member] | |
Schedule Of Purchase Price Allocation | Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Total purchase price Debt at acquisition (1) Issuance of common units (2) Net cash paid Aloft 12/14/2016 $ 3,339 $ 18,046 $ 1,115 $ 22,500 $ 15,925 $ 50 $ 6,525 Leawood, KS |
Hotel Indigo, Marriott And Springhill Suites [Member] | |
Schedule Of Purchase Price Allocation | Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Total purchase price Debt at acquisition (1) Issuance of common units (2) Net cash paid (3) Hotel Indigo 10/2/2015 $ 800 $ 8,700 $ 1,500 $ 11,000 $ 5,000 $ 150 $ 5,850 Atlanta, GA Marriott Courtyard 10/2/2015 2,100 11,050 850 14,000 10,100 150 3,750 Jacksonville, FL SpringHill Suites 10/1/2015 1,597 14,353 1,550 17,500 11,220 150 6,130 San Antonio, TX Total $ 4,497 $ 34,103 $ 3,900 $ 42,500 $ 26,320 $ 450 $ 15,730 (1) The se acquisition s were funded with the assumption of one loan from Latitude with an aggregat e outstanding principal balance of $11,220 and two new ly originated GE Capital loans totaling $15,100 ( subsequently sold to Western Alliance Bank in April 2016) . These loans were refinanced with a loan from Wells Fargo in 2017. (2) Total issuance of 2,298,879 common units. (3) Includes $830 funded by borrowings from the Company’s then existing credit facility with Great Western Bank. |
Dispositions Of Hotel Propert29
Dispositions Of Hotel Properties And Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Dispositions Of Hotel Properties And Discontinued Operations [Abstract] | |
Components Of Discontinued Operations | 2016 2015 Revenue $ 6 $ 2,923 Hotel and property operations expense (4) (1,946) Net gain on dispositions of assets 681 2,997 Interest expense (5) (223) Impairment recovery (loss) - 121 $ 678 $ 3,872 Capital expenditures $ - $ 90 |
Investment In Unconsolidated 30
Investment In Unconsolidated Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment In Unconsolidated Joint Venture [Abstract] | |
Schedule Of Purchase Price Allocation | Hotel Date of acquisition Land Buildings, improvements, and vehicles Furniture and equipment Land option (1) Total purchase price Debt at acquisition Net cash paid Aloft 08/22/2016 $ 13,025 $ 34,048 $ 2,667 $ (6,190) $ 43,550 $ 33,750 $ 9,800 Atlanta, GA (1) The purchase agreement includes a provision which permits the seller to purchase the surface parking lot north of the hotel exercisable for ten years at less than market rates |
Schedule Of Financial Position of Unconsolidated Joint Ventures | As of December 31, 2017 2016 Investment in hotel properties, net $ 48,013 $ 49,305 Cash and cash equivalents 1,404 1,184 Restricted cash, property escrows 682 464 Accounts receivable, prepaid expenses, and other assets 176 320 Total Assets $ 50,275 $ 51,273 Accounts payable, accrued expenses, and other liabilities $ 1,019 $ 633 Land option liability 6,190 6,190 Long-term debt, net of deferred financing costs 33,382 33,155 Total Liabilities 40,591 39,978 Condor equity 7,747 9,036 TWC equity 1,937 2,259 Total Equity 9,684 11,295 Total Liabilities and Equity $ 50,275 $ 51,273 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year ended December 31, 2017 2016 Revenue Room rentals and other hotel services $ 11,582 $ 3,703 Operating Expenses Hotel and property operations 7,585 2,457 Depreciation and amortization 1,425 471 Acquisition - 299 Total operating expenses 9,010 3,227 Operating income 2,572 476 Net loss on disposition of assets (8) (2) Net loss on derivative (3) (6) Interest expense (2,323) (773) Net earnings (loss) $ 238 $ (305) Condor allocated earnings (loss) $ 190 $ (244) TWC allocated earnings (loss) 48 (61) Net earnings (loss) $ 238 $ (305) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Summary Of Long Term Debt | Lender Balance at December 31, 2017 Interest rate at December 31, 2017 Maturity Amortization provision Properties encumbered at December 31, 2017 Balance at December 31, 2016 Fixed rate debt Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 $ 8,987 4.54% 08/2024 25 years 1 $ - Great Western Bank (1) 13,950 4.33% 12/2021 (13) 25 years 1 14,326 Great Western Bank (1) 1,380 4.33% 12/2021 (13) 7 years - 1,599 Western Alliance Bank - (2) 02/2017 15 years - 4,806 Western Alliance Bank - (3) 02/2018 15 years - 2,803 Cantor Commercial Real Estate Lending - (4) 11/2017 30 years - 5,713 Morgan Stanley Mortgage Capital Holdings, LLC - (5) 12/2017 25 years - 912 Total fixed rate debt 24,317 30,159 Variable rate debt Wells Fargo 26,465 4.44% (6) 11/2022 (14) 30 years 3 - KeyBank credit facility (7) 73,303 4.55% (8) 03/2020 (15) Interest only 12 - Western Alliance Bank - (9) 11/2020 25 years - 4,882 Western Alliance Bank - (9) 11/2020 25 years - 9,863 The Huntington National Bank - (10) 11/2020 25 years - 7,361 LMREC 2015 - CREI, Inc. (Latitude) - (11) 05/2018 $12 monthly (12) - 11,124 Total variable rate debt 99,768 17 33,230 Total long-term debt $ 124,085 $ 63,389 Less: Deferred financing costs (3,504) (669) Total long-term debt, net of deferred financing costs 120,581 62,720 Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $174 and $168 (4,976) (14,802) Long-term debt related to hotel properties held for use, net of deferred financing costs of $3,330 and $501 $ 115,605 $ 47,918 (1) Both loans are collateralized by Aloft Leawood (2) Fixed rate of 7.17% prior to extinguishment with origination of credit facility on March 1, 2017 (3) Fixed rate of 4.75% prior to extinguishment with origination of credit facility on March 1, 2017 (4) Fixed rate of 4.25% prior to extinguishment with origination of credit facility on March 1, 2017 (5) Fixed rate of 5.83% prior to extinguishment with origination of credit facility on March 1, 2017 (6) Variable rate of 30-day LIBOR plus 2.39% , effectively fixed at 4.44% after giving effect to interest rate swap (see Note 8) (7) T otal unused availability under this credit facility was $11,934 at December 31, 2017; commitment fee on unused facility is 0.20% (8) Borrowings under the facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 1.25% to 2.00% (depending on leverage); 30-day LIBOR for $50,000 notional effectively capped at 2.5% after giving effect to interest rate cap (see Note 8) (9) Variable rate of 90-day LIBOR plus 3.25% prior to extinguishment with origination of Wells Fargo debt on October 4, 2017 (10) Variable rate of 30-day LIBOR plus 2.25% , effectively fixed at 4.13% after giving effect to interest rate swap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017 (11) Variable rate of 30-day LIBOR plus 6.25%, 30-day LIBOR capped at 1.0% after giving effect to interest rate cap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017 (12) $12 monthly payments began May 2016 (13) Term may be extended for additional two years subject to interest rate adjustments (14) Two one-year extension options subject to the satisfaction of certain conditions (15) Two one-year extension options available subject to certain conditions including the completion of specific capital achievements |
Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale | Held for sale Held for use Total 2018 $ - $ 1,083 $ 1,083 2019 - 1,183 1,183 2020 5,150 69,385 74,535 2021 - 14,344 14,344 2022 - 24,886 24,886 Thereafter - 8,054 8,054 Total $ 5,150 $ 118,935 $ 124,085 |
Convertible Debt At Fair Value
Convertible Debt At Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Convertible Debt At Fair Value [Abstract] | |
Difference Between Fair Value And Unpaid Principal Balance Of Note | Fair value as of December 31, 2017 Unpaid principal balance as of December 31, 2017 Fair value carrying amount (over)/under unpaid principal 6.25% Convertible Debt $ (1,069) $ (1,012) $ (57) |
Fair Value Measurements And D33
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Schedule Of Interest Rate Swaps And Caps | Associated debt Type Terms Effective Date Maturity Date Notional amount at December 31, 2017 Notional amount at December 31, 2016 Wells Fargo Swap Swaps 30-day LIBOR for fixed rate of 2.053% 11/2017 11/2022 $ 26,465 (1) $ - Credit facility Cap Caps 30-day LIBOR at 2.50% 03/2017 03/2019 $ 50,000 $ - Huntington Swap Swaps 30-day LIBOR + 2.25% for fixed rate of 11/2015 11/2020 $ - $ 7,361 (1) 4.13 % ; cancellable at Company's option anytime after 11/01/2018 without penalty Latitude Cap Caps 30-day LIBOR at 1.0% 03/2016 06/2017 $ - $ 11,124 (1) (1) Notional amounts amortize consistently with the principal amortization of the associated loans |
Schedule Of Fair Value Assets And (Liabilities) Carried At Fair Value And Measured On Recurring Basis | Fair value at December 31, 2017 Level 1 Level 2 Level 3 Interest rate derivatives $ 77 $ - $ 77 $ - Series E Preferred embedded redemption option 314 - - 314 Convertible debt (1,069) - - (1,069) Total $ (678) $ - $ 77 $ (755) Fair value at December 31, 2016 Level 1 Level 2 Level 3 Interest rate derivatives $ (8) $ - $ (8) $ - Convertible debt (1,315) - - (1,315) Total $ (1,323) $ - $ (8) $ (1,315) |
Reconciliation Of Fair Value Liabilities Measured On Recurring Basis | Year ended December 31, 2017 2016 Series E Preferred embedded redemption option Convertible debt Total Series C Preferred embedded derivative RES warrant derivative Convertible debt Total Fair value, beginning of period $ - $ (1,315) $ (1,315) $ (6,271) $ (2,411) $ - $ (8,682) Net gains (losses) recognized in earnings 164 246 410 4,848 1,800 (303) 6,345 Purchase and issuances 150 - 150 - - (1,012) (1,012) Sales and settlements - - - 1,423 - - 1,423 Gross transfers into Level 3 - - - - - - - Gross transfers out of Level 3 - - - - 611 (1) - 611 Fair value, end of period $ 314 $ (1,069) $ (755) $ - $ - $ (1,315) $ (1,315) Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period $ 164 $ 246 $ 410 $ - $ - $ (303) $ (303) (1) RES warrants were permanently reclassified to additional paid-in capital as discussed above |
Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt | Carrying value at December 31, Estimated fair value at December 31, 2017 2016 2017 2016 Held for use $ 115,605 $ 47,918 $ 115,239 $ 48,034 Held for sale 4,976 14,802 4,976 15,186 Total $ 120,581 $ 62,720 $ 120,215 $ 63,220 |
Schedule Of Impairment And Recovery Of Previously Recorded Impairment | Year ended December 31, 2017 2016 2015 Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Continuing Operations: Held for sale hotels: Impairment loss 1 $ (1,448) - $ - 1 $ (1,537) Sold hotels: Impairment loss 2 (783) 5 (1,477) 5 (2,377) Recovery of impairment 2 80 - - 1 85 Net impairment loss reported in continuing operations 5 $ (2,151) 5 $ (1,477) 7 $ (3,829) Discontinued Operations: Sold hotels: Impairment loss - $ - - $ - 1 $ (117) Recovery of impairment - - - - 3 238 Net impairment loss reported in discontinued operations - $ - - $ - 4 $ 121 Total net impairment: 5 $ (2,151) 5 $ (1,477) 11 $ (3,708) |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Components Of Dividends Declared And Undeclared And In Kind Dividends Deemed On Preferred Stock | Year ended December 31, 2017 2016 2015 Preferred A dividends accrued at stated rate $ - $ 222 $ 727 Preferred A additional deemed dividends upon redemption - 652 - Preferred B dividends accrued at stated rate - 243 831 Preferred B additional deemed dividends upon redemption - 668 - Preferred C dividends accrued at stated rate - 455 2,074 Preferred C additional deemed dividends at exchange - 15,418 - Preferred D dividends accrued at stated rate 650 3,090 - Preferred D inducement to convert 11,110 - - Preferred E dividends accrued at stated rate 483 - - Dividends declared and undeclared and in kind dividends deemed on preferred stock $ 12,243 $ 20,748 $ 3,632 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Service Condition Unvested Share Activity | Shares Weighted-average grant date fair value Unvested at December 31, 2016 - $ - Granted 96,286 $ 10.54 Vested (234) $ 10.60 Forfeited (220) $ 10.54 Unvested at December 31, 2017 95,832 $ 10.54 |
Black-Scholes Option-Pricing Model [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Fair Value Of Options | $9.88 Grant $12.48 Grant March 2, 2015 March 2, 2015 Volatility 53.10 % 78.60 % Expected forfeitures 0.00 % 0.00 % Expected term 15 days 3.00 years Risk free interest rate 0.02 % 1.06 % |
Monte Carlo Option-Pricing Model [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Fair Value Of Options | Grant Date March 2, 2015 Volatility 75.5 % Expected forfeitures 0.00 % Weighted average price $ 9.945 Expected term 3.00 years Risk free interest rate 1.06 % |
Monte Carlo Option-Pricing Model [Member] | Market Based Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Fair Value Of Options | Volatility 25.0 % Stock price $ 10.60 Dividend yield 7.4 % Risk free interest rate 0.89% - 1.81% based upon expected time of vesting |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | As of December 31, 2017 2016 Deferred Tax Assets Accrued expenses and other $ 104 $ 99 Net operating losses carried forward for federal income tax purposes 814 1,295 Net operating losses carried forward for state income tax purposes 579 182 AMT 123 - Book depreciation in excess of tax depreciation - 38 Subtotal deferred tax assets 1,620 1,614 Valuation allowance (454) (1,551) Total deferred tax assets 1,166 63 Deferred Liabilities Tax depreciation in excess of book depreciation 363 - Atlanta JV basis difference 143 63 Total deferred tax liabilities 506 63 Net deferred tax assets $ 660 $ - |
Summary of Distributions Paid | For the year ended December 31, 2017 2016 Amount % Amount % Common Shares: Ordinary income $ 0.156000 20% $ 0.455000 100% Capital gain - - - - Return of capital 0.624000 80% - - Total $ 0.780000 100% $ 0.455000 100% Series C Preferred Stock: Ordinary income $ - - $ 1.649124 100% Capital gain - - - - Return of capital - - - - Total $ - - $ 1.649124 100% Series D Preferred Stock: Ordinary income $ 0.104160 100% $ 0.494792 100% Capital gain - - - - Return of capital - - - - Total $ 0.104160 100% $ 0.494792 100% Series E Preferred Stock: Ordinary income $ 0.522569 100% $ - - Capital gain - - - - Return of capital - - - - Total $ 0.522569 100% $ - - |
TRS Leasing, Inc [Member] | |
Income Tax Disclosure [Line Items] | |
Schedule Of Components Of Income Tax Expense (Benefit) | Year ended December 31, 2017 2016 2015 Federal: Current $ 33 $ 90 $ - Deferred (615) - - State and local: Current 12 - - Deferred (45) - - Income tax expense (benefit) $ (615) $ 90 $ - |
Schedule Of Actual Income Benefit From Continuing Operations | Year ended December 31, 2017 2016 2015 Computed "expected" income tax (benefit) expense $ 546 $ 993 $ 684 State income taxes, net of federal income tax (benefit) expense 47 139 82 (Decrease) increase in valuation allowance (1,097) (1,082) (722) Other (145) (50) (44) AMT 34 90 - Total income tax expense (benefit) $ (615) $ 90 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Common Share | Year ended December 31, 2017 2016 2015 Numerator: Basic (1) Net earnings (loss) attributable to common shareholders: Continuing operations $ (9,362) $ 1,390 $ 6,055 Discontinued operations - 657 3,438 Total Net earnings (loss) attributable to common shareholders (9,362) 2,047 9,493 Less: Allocation to participating securities (56) - - Net earnings (loss) attributable to common shareholders, net of amount allocated to participating securities $ (9,418) $ 2,047 $ 9,493 Numerator: Diluted (1) Net earnings (loss) attributable to common shareholders from continuing operations, net of amount allocated to participating securities $ (9,418) $ 1,390 $ 6,055 Dividends on Series C Preferred Stock - - 2,074 Dividends on Series D Preferred Stock - 3,090 - Unrealized gain on warrant derivative - - (4,122) Unrealized gain on Series C Preferred Embedded Derivative - - (7,533) Continuing operations - Diluted (9,418) 4,480 (3,526) Discontinued operations - Diluted - 657 3,438 Total Diluted $ (9,418) $ 5,137 $ (88) Denominator Weighted average number of common shares - Basic 9,437,824 761,112 751,634 Unvested stock - - 619 Series C Preferred Stock - - 2,884,615 Series D Preferred Stock - 4,774,433 - Warrants - Employees - - 106 Warrants - RES - - (61,504) Weighted average number of common shares - Diluted 9,437,824 5,535,545 3,575,470 Earnings Per Share Continuing operations - Basic $ (1.00) $ 1.82 $ 8.06 Discontinued operations - Basic - 0.85 4.55 Total - Basic Earnings (Loss) per Share $ (1.00) $ 2.67 $ 12.61 Continuing operations - Diluted $ (1.00) $ 0.78 $ (0.98) Discontinued operations - Diluted - 0.13 0.98 Total - Basic Earnings (Loss) per Share $ (1.00) $ 0.91 $ - (1) The loss (earnings) attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation |
Schedule Of Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share | Year ended December 31, 2017 2016 2015 Outstanding stock options (2) 258 865 865 Unvested restricted stock 48,869 - - Warrants - RES (2) 53,608 576,923 - Warrants - Employees 66,153 66,153 55,249 Series C Preferred Stock - 598,991 - Series D Preferred Stock (2) 970,606 - - Series E Preferred Stock 560,115 - - Convertible debt 97,269 77,336 - LTIP common units (1) (2) 49,636 101,213 84,576 Operating partnership common units (1) 70,722 46,265 13,008 Total potentially dilutive securities excluded from the denominator 1,917,236 1,467,746 153,698 (1) LTIP and common units have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would have no impact on calculated EPS. (2) Amounts above are weighted average amounts outstanding for the year. These instruments were no longer outstanding at December 31, 2017. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Lease Payments | Lease rents 2018 $ 159 2019 138 2020 61 2021 47 2022 - $ 405 |
Quarterly Operating Results (Ta
Quarterly Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Operating Results [Abstract] | |
Schedule Of Quarterly Operations | Quarter ended (unaudited) March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total 2017 Revenue $ 10,361 $ 14,252 $ 15,562 $ 15,278 $ 55,453 Operating expenses 11,001 12,719 14,417 14,040 52,177 Operating income (loss) (640) 1,533 1,145 1,238 3,276 Net gain (loss) on dispositions of assets (3) 4,852 (46) 2,004 6,807 Equity in earnings (loss) of joint venture 111 25 159 (105) 190 Net gain on derivatives and convertible debt 175 227 14 20 436 Other income (expense), net (1) (39) (43) (28) (111) Interest expense (971) (1,092) (1,405) (1,706) (5,174) Loss on debt extinguishment (800) - - (167) (967) Impairment loss, net (271) (479) (848) (553) (2,151) Earnings (loss) before income tax expense (2,400) 5,027 (1,024) 703 2,306 Income tax benefit (expense) - (35) (15) 645 595 Net earnings (loss) (2,400) 4,992 (1,039) 1,348 2,901 (Earnings) loss attributable to noncontrolling interest 50 (67) 7 (10) (20) Earnings (loss) attributable to controlling interests (2,350) 4,925 (1,032) 1,338 2,881 Dividends declared and undeclared and in kind dividends deemed on preferred stock (11,603) (271) (205) (164) (12,243) Net earnings (loss) attributable to common shareholders $ (13,953) $ 4,654 $ (1,237) $ 1,174 $ (9,362) Earnings per Share (1) Total - Basic Earnings (Loss) per Share $ (4.75) $ 0.40 $ (0.11) $ 0.10 $ (1.00) Diluted Earnings Per Share (1) Total - Diluted Earnings (Loss) per Share $ (4.75) $ 0.37 $ (0.11) $ 0.10 $ (1.00) (1) Quarterly and total annual EPS are based on the weighted average number of shares outstanding during each quarter and the annual period. Due to rounding and differences in earnings and losses between the quarterly and annual periods, the sum of the quarterly EPS amounts may not equal the reported amounts for the year. Quarter ended (unaudited) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total 2016 Revenue $ 12,503 $ 14,155 $ 13,519 $ 10,470 $ 50,647 Operating expenses 12,662 12,508 12,445 11,009 48,624 Operating income (loss) (159) 1,647 1,074 (539) 2,023 Net gain on dispositions of assets 3,367 8,856 3,591 7,318 23,132 Equity in loss of joint venture - - (54) (190) (244) Net gain on derivatives and convertible debt 6,117 162 26 72 6,377 Other income (expense), net (21) 23 85 (32) 55 Interest expense (1,329) (1,248) (1,127) (1,006) (4,710) Loss on debt extinguishment (173) (976) (399) (639) (2,187) Impairment loss, net (793) (121) (343) (220) (1,477) Earnings from continuing operations before income tax expense 7,009 8,343 2,853 4,764 22,969 Income tax expense - - - (125) (125) Earnings from continuing operations 7,009 8,343 2,853 4,639 22,844 Gain from discontinued operations, net of tax 678 - - - 678 Net earnings 7,687 8,343 2,853 4,639 23,522 Earnings attributable to noncontrolling interest (389) (178) (61) (99) (727) Earnings attributable to controlling interests 7,298 8,165 2,792 4,540 22,795 Dividends declared and undeclared and in kind dividends deemed on preferred stock (17,740) (1,057) (976) (975) (20,748) Net earnings (loss) attributable to common shareholders $ (10,442) $ 7,108 $ 1,816 $ 3,565 $ 2,047 Earnings per Share (1) Continuing operations - Basic $ (14.63) $ 9.36 $ 2.41 $ 4.68 $ 1.82 Discontinued operations - Basic 0.91 - - - 0.85 Total - Basic Earnings (Loss) per Share $ (13.72) $ 9.36 $ 2.41 $ 4.68 $ 2.67 Diluted Earnings Per Share (1) Continuing operations - Diluted $ (14.63) $ 1.17 $ 0.39 $ 0.65 $ 0.78 Discontinued operations - Diluted 0.91 - - - 0.13 Total - Diluted Earnings (Loss) per Share $ (13.72) $ 1.17 $ 0.39 $ 0.65 $ 0.91 (1) Quarterly and total annual EPS are based on the weighted average number of shares outstanding during each quarter and the annual period. Due to rounding and differences in earnings and losses between the quarterly and annual periods, the sum of the quarterly EPS amounts may not equal the reported amounts for the year. |
Organization And Summary Of S40
Organization And Summary Of Significant Accounting Policies (Details) | Mar. 15, 2017shares | Feb. 28, 2017 | Mar. 31, 2019USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017USD ($)propertystate | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Number of hotels | property | 18 | ||||||||
Number of states the entity owns hotels | state | 9 | ||||||||
Reverse stock split, conversion ratio | 0.1538 | ||||||||
Reverse stock split, fractional shares issued | shares | 0 | ||||||||
Uncertain tax position | $ 0 | $ 0 | $ 0 | ||||||
Cash and cash equivalents on hand | 5,441,000 | 8,326,000 | $ 4,870,000 | $ 173,000 | |||||
Long-term debt | $ 124,085,000 | $ 63,389,000 | |||||||
Forecast [Member] | |||||||||
Long-term debt | $ 1,381,000 | ||||||||
Minimum [Member] | Forecast [Member] | |||||||||
Capital expenditures | 4,000,000 | ||||||||
Maximum [Member] | Forecast [Member] | |||||||||
Capital expenditures | $ 5,000,000 | ||||||||
Building And Improvements [Member] | Minimum [Member] | |||||||||
Estimated useful life | 15 years | ||||||||
Building And Improvements [Member] | Maximum [Member] | |||||||||
Estimated useful life | 40 years | ||||||||
Furniture And Equipment [Member] | Minimum [Member] | |||||||||
Estimated useful life | 3 years | ||||||||
Furniture And Equipment [Member] | Maximum [Member] | |||||||||
Estimated useful life | 12 years | ||||||||
KeyBank Credit Facility [Member] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | ||||||||
Available borrowing capacity | $ 11,934,000 | ||||||||
Atlanta Joint Venture [Member] | |||||||||
Number of hotels | property | 1 | ||||||||
Ownership percentage | 80.00% | ||||||||
TRS Leasing, Inc [Member] | |||||||||
Number of properties held by related parties | property | 16 | ||||||||
Condor Hospitality Limited Partnership [Member] | |||||||||
Ownership percentage of minority interest | 99.30% | 97.80% | |||||||
E&P Financing Limited Partnership [Member] | |||||||||
Ownership percentage of minority interest | 100.00% | ||||||||
Series D Preferred Stock [Member] | |||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | |||||||
Series E Preferred Stock [Member] | |||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | 6.25% |
Investment In Hotel Propertie41
Investment In Hotel Properties (Schedule Of Investment In Hotel Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | $ 18,359 | $ 54,477 |
Less accumulated depreciation, Held For Sale | (5,704) | (18,837) |
Investment in hotel properties, net, Held For Sale | 12,655 | 35,640 |
Investment in hotel properties, Held For Use | 222,769 | 88,907 |
Less accumulated depreciation, Held For Use | (15,844) | (9,676) |
Investments in hotel properties, net, Held For Use | 206,925 | 79,231 |
Investments in hotel properties | 241,128 | 143,384 |
Less accumulated depreciation | (21,548) | (28,513) |
Investments in hotel properties, net, Total | 219,580 | 114,871 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | 1,633 | 4,727 |
Investment in hotel properties, Held For Use | 20,216 | 11,685 |
Investments in hotel properties | 21,849 | 16,412 |
Building, Improvements, Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | (13,143) | 40,006 |
Investment in hotel properties, Held For Use | 182,909 | 68,677 |
Investments in hotel properties | 196,052 | 108,683 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | 3,463 | 9,330 |
Investment in hotel properties, Held For Use | 17,840 | 8,011 |
Investments in hotel properties | 21,303 | 17,341 |
Initial Franchise Fees [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | 118 | 359 |
Investment in hotel properties, Held For Use | 1,528 | 503 |
Investments in hotel properties | 1,646 | 862 |
Construction-In-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment in hotel properties, Held for sale | 2 | 55 |
Investment in hotel properties, Held For Use | 276 | 31 |
Investments in hotel properties | $ 278 | $ 86 |
Acquisition Of Hotel Properti42
Acquisition Of Hotel Properties (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)propertyshares | Dec. 31, 2016USD ($)propertyshares | Dec. 31, 2015USD ($)propertyshares | |
Business Acquisition [Line Items] | |||||||||||
Number of wholly owned properties acquired | property | 7 | 3 | |||||||||
Revenue | $ 15,278 | $ 15,562 | $ 14,252 | $ 10,361 | $ 10,470 | $ 13,519 | $ 14,155 | $ 12,503 | $ 55,453 | $ 50,647 | $ 58,714 |
Net income (loss) | $ 1,338 | $ (1,032) | $ 4,925 | $ (2,350) | $ 4,540 | $ 2,792 | $ 8,165 | $ 7,298 | 2,881 | $ 22,795 | $ 13,125 |
Aloft Hotel, Leawood, Kansas [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of wholly owned properties acquired | property | 1 | ||||||||||
Revenue | $ 222 | ||||||||||
Net income (loss) | $ 1 | ||||||||||
Hotel Indigo, Marriott And Springhill Suites [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of wholly owned properties acquired | property | 3 | ||||||||||
Revenue | $ 2,611 | ||||||||||
Net income (loss) | $ 356 | ||||||||||
Wholly Owned Properties Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 17,455 | ||||||||||
Net income (loss) | $ 4,508 | ||||||||||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Common units issued | shares | 1,940,451 | 2,298,879 | |||||||||
Condor Hospitality Limited Partnership [Member] | Aloft Hotel, Leawood, Kansas [Member] | Noncontrolling Interest [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Common units issued | shares | 213,904 |
Acquisition Of Hotel Properti43
Acquisition Of Hotel Properties (Schedule Of Purchase Price Allocation) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Business Acquisition [Line Items] | |||
Land | $ 8,531 | $ 4,497 | |
Building, improvements, and vehicles | 113,929 | 34,103 | |
Furniture and equipment | 9,397 | 3,900 | |
Intangible asset | 98 | ||
Estimated earn out | (155) | ||
Total purchase price | 131,800 | 42,500 | |
Debt at acquisition | 121,513 | 26,320 | |
Net cash | $ 9,852 | $ 15,730 | |
Home2 Suites [Member] | Lexington, Kentucky [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Mar. 24, 2017 | ||
Land | $ 905 | ||
Building, improvements, and vehicles | 14,204 | ||
Furniture and equipment | 1,351 | ||
Intangible asset | 40 | ||
Total purchase price | 16,500 | ||
Debt at acquisition | $ 16,455 | ||
Home2 Suites [Member] | Round Rock, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Mar. 24, 2017 | ||
Land | $ 1,087 | ||
Building, improvements, and vehicles | 14,345 | ||
Furniture and equipment | 1,285 | ||
Intangible asset | 33 | ||
Total purchase price | 16,750 | ||
Debt at acquisition | $ 16,705 | ||
Home2 Suites [Member] | Tallahassee, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Mar. 24, 2017 | ||
Land | $ 1,519 | ||
Building, improvements, and vehicles | 18,229 | ||
Furniture and equipment | 1,727 | ||
Intangible asset | 25 | ||
Total purchase price | 21,500 | ||
Debt at acquisition | $ 21,442 | ||
Home2 Suites [Member] | Southaven, Mississippi [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Apr. 14, 2017 | ||
Land | $ 1,311 | ||
Building, improvements, and vehicles | 16,792 | ||
Furniture and equipment | 897 | ||
Total purchase price | 19,000 | ||
Debt at acquisition | 9,096 | ||
Net cash | 9,852 | ||
Assumption of debt | $ 9,096 | ||
Hampton Inn And Suites [Member] | Lake Mary, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Jun. 19, 2017 | ||
Land | $ 1,200 | ||
Building, improvements, and vehicles | 16,432 | ||
Furniture and equipment | 1,773 | ||
Estimated earn out | (155) | ||
Total purchase price | 19,250 | ||
Debt at acquisition | 19,165 | ||
Contingent consideration liability | $ 250 | ||
Aloft Hotel, Leawood, Kansas [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Dec. 14, 2016 | ||
Land | $ 3,339 | ||
Building, improvements, and vehicles | 18,046 | ||
Furniture and equipment | 1,115 | ||
Total purchase price | 22,500 | ||
Debt at acquisition | 15,925 | ||
Net cash | 6,525 | ||
Fairfield Inn & Suites [Member] | El Paso, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Aug. 31, 2017 | ||
Land | $ 1,014 | ||
Building, improvements, and vehicles | 14,297 | ||
Furniture and equipment | 1,089 | ||
Total purchase price | 16,400 | ||
Debt at acquisition | $ 16,336 | ||
Residence Inn [Member] | Austin, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Aug. 31, 2017 | ||
Land | $ 1,495 | ||
Building, improvements, and vehicles | 19,630 | ||
Furniture and equipment | 1,275 | ||
Total purchase price | 22,400 | ||
Debt at acquisition | 22,314 | ||
Hotel Indigo, Atlanta, GA [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Oct. 2, 2015 | ||
Land | $ 800 | ||
Building, improvements, and vehicles | 8,700 | ||
Furniture and equipment | 1,500 | ||
Total purchase price | 11,000 | ||
Debt at acquisition | 5,000 | ||
Net cash | $ 5,850 | ||
Marriott Courtyard, Jacksonville, FL [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Oct. 2, 2015 | ||
Land | $ 2,100 | ||
Building, improvements, and vehicles | 11,050 | ||
Furniture and equipment | 850 | ||
Total purchase price | 14,000 | ||
Debt at acquisition | 10,100 | ||
Net cash | $ 3,750 | ||
Springhill Suites, San Antonio, TX [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Oct. 1, 2015 | ||
Land | $ 1,597 | ||
Building, improvements, and vehicles | 14,353 | ||
Furniture and equipment | 1,550 | ||
Total purchase price | 17,500 | ||
Debt at acquisition | 11,220 | ||
Net cash | 6,130 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 435 | 450 | |
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Home2 Suites [Member] | Lexington, Kentucky [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 45 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Home2 Suites [Member] | Round Rock, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 45 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Home2 Suites [Member] | Tallahassee, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 58 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Home2 Suites [Member] | Southaven, Mississippi [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 52 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Hampton Inn And Suites [Member] | Lake Mary, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 85 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Aloft Hotel, Leawood, Kansas [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | $ 50 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Fairfield Inn & Suites [Member] | El Paso, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 64 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Residence Inn [Member] | Austin, Texas [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | $ 86 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Hotel Indigo, Atlanta, GA [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 150 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Marriott Courtyard, Jacksonville, FL [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | 150 | ||
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Springhill Suites, San Antonio, TX [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common units | $ 150 | ||
Multiple Great Western Bank Loans [Member] | Aloft Hotel, Leawood, Kansas [Member] | |||
Business Acquisition [Line Items] | |||
Number of loans obtained | loan | 2 | ||
Debt originated at acquisition | $ 15,925 | ||
LMREC 2015 - CREI, Inc. (Latitude) [Member] | |||
Business Acquisition [Line Items] | |||
Number of loans assumed | loan | 1 | ||
Assumption of debt | $ 11,220 | ||
Multiple GE Capital Loans [Member] | |||
Business Acquisition [Line Items] | |||
Number of loans obtained | loan | 2 | ||
Debt originated at acquisition | $ 15,100 | ||
Great Western Bank [Member] | |||
Business Acquisition [Line Items] | |||
Debt originated at acquisition | $ 830 |
Acquisition Of Hotel Properti44
Acquisition Of Hotel Properties (Schedule Of Pro Forma Results) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquisition Of Hotel Properties [Abstract] | ||
Total revenue | $ 66,894 | $ 81,439 |
Operating income | 7,204 | 9,156 |
Net earnings (loss) attributable to common shareholders | $ (7,497) | $ 3,877 |
Net earnings (loss) per share - Basic | $ (0.79) | $ 5.09 |
Net earnings (loss) per share - Diluted | $ (0.79) | $ 1.26 |
Dispositions Of Hotel Propert45
Dispositions Of Hotel Properties And Discontinued Operations (Narrative) (Details) $ in Thousands | Jul. 13, 2015USD ($)property | Dec. 31, 2017USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Jan. 01, 2017property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of hotels | property | 18 | 18 | |||||||||||
Number of hotels reclassified as held for sale that represent a strategic shift | property | 0 | ||||||||||||
Net gain on disposition of assets | $ 2,004 | $ (46) | $ 4,852 | $ (3) | $ 7,318 | $ 3,591 | $ 8,856 | $ 3,367 | $ 6,807 | $ 23,132 | $ 4,798 | ||
Net income (loss) | 1,338 | (1,032) | 4,925 | (2,350) | 4,540 | 2,792 | 8,165 | 7,298 | 2,881 | 22,795 | 13,125 | ||
Net earnings (loss) attributable to controlling interests | $ 10 | $ (7) | $ 67 | $ (50) | $ 99 | $ 61 | $ 178 | $ 389 | $ 20 | $ 727 | $ 1,197 | ||
Sold [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of hotels | property | 8 | 25 | 8 | 25 | 17 | ||||||||
Net gain on disposition of assets | $ 7,049 | $ 24,256 | $ 7,759 | ||||||||||
Held For Sale [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of hotels | property | 3 | 3 | 7 | ||||||||||
Number of hotels reclassified as held for sale | property | 4 | ||||||||||||
Alexandria Comfort Inn And Days Inn [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net income (loss) | (665) | ||||||||||||
Impairment expense | 1,020 | ||||||||||||
Net earnings (loss) attributable to controlling interests | (3) | ||||||||||||
Alexandria, Virginia [Member] | Sold [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of hotels | property | 2 | ||||||||||||
Net gain on disposition of assets | $ 19,000 | ||||||||||||
Continuing Operations [Member] | Sold [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net gain on disposition of assets | $ 7,049 | $ 23,575 | $ 4,996 |
Dispositions Of Hotel Propert46
Dispositions Of Hotel Properties And Discontinued Operations (Components Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain from discontinued operations, net of tax | $ 678 | $ 678 | $ 3,872 |
Discontinued Operations, Disposed of by Sale [Member] | |||
Revenue | 6 | 2,923 | |
Hotel and property operations expense | (4) | (1,946) | |
Net gain on disposition of assets | 681 | 2,997 | |
Interest expense | (5) | (223) | |
Impairment recovery (loss) | 121 | ||
Gain from discontinued operations, net of tax | $ 678 | 3,872 | |
Capital expenditures | $ 90 |
Investment In Unconsolidated 47
Investment In Unconsolidated Joint Venture (Narrative) (Details) $ in Thousands | Aug. 22, 2016USD ($) | Dec. 31, 2017USD ($)entityitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Management fees incurred | $ 1,700 | $ 1,619 | $ 2,466 | |
Three Wall Capital LLC [Member | Spring Street Hotel Property II LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | |||
Three Wall Capital LLC [Member | Spring Street Hotel OpCo II LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | |||
Atlanta Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 80.00% | |||
Number of companies comprised in joint venture | entity | 2 | |||
Management fees incurred | $ 348 | $ 110 | ||
Cash distribution received | $ 1,479 | |||
Atlanta Joint Venture [Member] | Condor Hospitality Trust, Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred return on capital contributions | 10.00% | |||
Buy-sell rights | 3 years | |||
Atlanta Joint Venture [Member] | Minimum [Member] | Condor Hospitality Trust, Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase option period | 3 years | |||
Atlanta Joint Venture [Member] | Maximum [Member] | Condor Hospitality Trust, Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase option period | 5 years | |||
Atlanta Joint Venture [Member] | Three Wall Capital LLC [Member | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | |||
Preferred return on capital contributions | 10.00% | |||
Buy-sell rights | 5 years | |||
Condor Hospitality Limited Partnership [Member] | Spring Street Hotel Property II LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 80.00% | |||
TRS Leasing, Inc [Member] | Spring Street Hotel OpCo II LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 80.00% | |||
Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loan term | 24 months | |||
Number of loan extensions | item | 3 | |||
Extension period | 12 months | |||
Variable rate, interest rate | 6.50% | |||
Aloft Hotel, Atlanta, Georgia [Member] | LIBOR [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Reference rate | one-month LIBOR | |||
Basis spread | 5.00% | |||
Interest Rate Cap [Member] | Aloft Hotel, Atlanta, Georgia [Member] | LIBOR [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Basis spread | 3.00% | |||
Level 3 [Member] | Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase price | $ 43,550 | |||
Cash paid for acquisition | 9,800 | |||
Debt originated at acquisition | 33,750 | |||
Level 3 [Member] | Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | Condor Hospitality Trust, Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash paid for acquisition | 7,840 | |||
Acquisition costs | 1,440 | |||
Level 3 [Member] | Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | Three Wall Capital LLC [Member | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash paid for acquisition | 1,960 | |||
Acquisition costs | $ 360 |
Investment In Unconsolidated 48
Investment In Unconsolidated Joint Venture (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Aug. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Land | $ 8,531 | $ 4,497 | ||
Building, improvements, and vehicles | 113,929 | 34,103 | ||
Furniture and equipment | 9,397 | 3,900 | ||
Total purchase price | 131,800 | 42,500 | ||
Debt at acquisition | 121,513 | 26,320 | ||
Net cash | $ 9,852 | $ 15,730 | ||
Atlanta Joint Venture [Member] | Aloft Hotel, Atlanta, Georgia [Member] | ||||
Business Acquisition [Line Items] | ||||
Provision permitting seller to purchase surface parking lot at less than market prices, exercise period | 10 years | |||
Atlanta Joint Venture [Member] | Level 3 [Member] | Aloft Hotel, Atlanta, Georgia [Member] | ||||
Business Acquisition [Line Items] | ||||
Date of acquisition | Aug. 22, 2016 | |||
Land | $ 13,025 | |||
Building, improvements, and vehicles | 34,048 | |||
Furniture and equipment | 2,667 | |||
Land option | (6,190) | |||
Total purchase price | 43,550 | |||
Debt at acquisition | 33,750 | |||
Net cash | $ 9,800 |
Investment In Unconsolidated 49
Investment In Unconsolidated Joint Venture (Schedule Of Financial Position of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment In Unconsolidated Joint Venture [Abstract] | ||
Investment in hotel properties, net | $ 48,013 | $ 49,305 |
Cash and cash equivalents | 1,404 | 1,184 |
Restricted cash, property escrows | 682 | 464 |
Accounts receivable, prepaid expenses, and other assets | 176 | 320 |
Total Assets | 50,275 | 51,273 |
Accounts payable, accrued expenses, and other liabilities | 1,019 | 633 |
Land option liability | 6,190 | 6,190 |
Long-term debt, net of deferred financing costs | 33,382 | 33,155 |
Total Liabilities | 40,591 | 39,978 |
Condor equity | 7,747 | 9,036 |
TWC equity | 1,937 | 2,259 |
Total Equity | 9,684 | 11,295 |
Total Liabilities and Equity | $ 50,275 | $ 51,273 |
Investment In Unconsolidated 50
Investment In Unconsolidated Joint Venture (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Room rentals and other hotel services | $ 11,582 | $ 3,703 |
Hotel and property operations | 7,585 | 2,457 |
Depreciation and amortization | 1,425 | 471 |
Acquisition | 299 | |
Total operating expenses | 9,010 | 3,227 |
Operating income | 2,572 | 476 |
Net loss on disposition of assets | (8) | (2) |
Net loss on derivative | (3) | (6) |
Interest expense | (2,323) | (773) |
Net earnings | 238 | (305) |
Three Wall Capital LLC [Member | ||
Schedule of Equity Method Investments [Line Items] | ||
Allocated earnings | 48 | (61) |
Condor Hospitality Trust, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Allocated earnings | $ 190 | $ (244) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term debt, net of deferred financing costs | $ 115,605 | $ 47,918 |
Fixed rate debt | 24,317 | 30,159 |
Variable rate debt | 99,768 | 33,230 |
Tangible net worth | $ 55,000 | |
Percentage of net offering proceeds added to tangible net worth | 80.00% | |
Western Alliance Bank [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | Feb. 28, 2017 | |
Fixed rate debt | 4,806 | |
KeyBank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | Mar. 31, 2020 | |
Weighted average interest rate | 4.55% | |
Variable rate debt | $ 73,303 | |
Held For Use [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of deferred financing costs | $ 118,935 | $ 48,419 |
Weighted average term | 3 years 2 months 12 days | 3 years 2 months 12 days |
Weighted average interest rate | 4.50% | 4.94% |
Fixed rate debt | $ 24,317 | $ 22,550 |
Fixed rate, weighted average term | 2 years 4 months 24 days | 3 years 8 months 12 days |
Fixed rate, weighted average interest | 4.41% | 4.41% |
Variable rate debt | $ 94,618 | $ 25,869 |
Variable rate, weighted average term | 4 years 1 month 6 days | 2 years 9 months 18 days |
Variable rate, weighted average interest | 4.52% | 5.39% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed charge coverage ratio | 1.50 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio | 60.00% | |
Leverage ratio after extension option | 6.25 | |
Secured leverage ratio | 40.00% | |
Unhedged variable rate debt | 25.00% | |
Distributions, percentage of funds available aloowed | 95.00% |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long Term Debt) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 24,317 | $ 30,159 |
Total variable rate debt | 99,768 | 33,230 |
Total Long-term debt | 124,085 | 63,389 |
Less: Deferred financing costs | (3,504) | (669) |
Total long-term debt, net of deferred financing costs | 120,581 | 62,720 |
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $233 and $168 | (4,976) | (14,802) |
Long-term debt related to hotel properties held for use, net of deferred financing costs of $2,985 and $501 | $ 115,605 | 47,918 |
Number of hotels | property | 18 | |
Deferred financing costs | $ 174 | 168 |
Deferred finance costs, assets held-for-sale | $ 3,330 | 501 |
Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | 17 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 8,987 | |
Fixed rate, interest rate | 4.54% | |
Maturity | Aug. 31, 2024 | |
Amortization provision | 25 years | |
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 [Member] | Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | 1 | |
Great Western Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 13,950 | 14,326 |
Fixed rate, interest rate | 4.33% | |
Maturity | Dec. 31, 2021 | |
Amortization provision | 25 years | |
Great Western Bank [Member] | Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | 1 | |
Great Western Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 1,380 | 1,599 |
Fixed rate, interest rate | 4.33% | |
Maturity | Dec. 31, 2021 | |
Amortization provision | 7 years | |
Western Alliance Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 4,806 | |
Fixed rate, interest rate | 7.17% | |
Maturity | Feb. 28, 2017 | |
Amortization provision | 15 years | |
Western Alliance Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 2,803 | |
Fixed rate, interest rate | 4.75% | |
Maturity | Feb. 28, 2018 | |
Amortization provision | 15 years | |
Cantor Commercial Real Estate Lending [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 5,713 | |
Fixed rate, interest rate | 4.25% | |
Maturity | Nov. 30, 2017 | |
Amortization provision | 30 years | |
Cantor Commercial Real Estate Lending [Member] | Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | ||
Morgan Stanley Mortgage Capital Holdings, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 912 | |
Fixed rate, interest rate | 5.83% | |
Maturity | Dec. 31, 2017 | |
Amortization provision | 25 years | |
Wells Fargo [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | $ 26,465 | |
Variable rate, interest rate | 4.44% | |
Maturity | Nov. 30, 2022 | |
Amortization provision | 30 years | |
Wells Fargo [Member] | Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | 3 | |
Wells Fargo [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.39% | |
Reference rate | 30-day LIBOR | |
Wells Fargo [Member] | Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 4.44% | |
KeyBank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | $ 73,303 | |
Variable rate, interest rate | 4.55% | |
Maturity | Mar. 31, 2020 | |
Available borrowing capacity | $ 11,934 | |
Commitment fee | 0.20% | |
KeyBank Credit Facility [Member] | Encumbered Wholly Owned Properties [Member] | ||
Debt Instrument [Line Items] | ||
Number of hotels | property | 12 | |
KeyBank Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Reference rate | 30-day LIBOR | |
KeyBank Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.25% | |
KeyBank Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 3.00% | |
KeyBank Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.25% | |
KeyBank Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.00% | |
Western Alliance Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | 4,882 | |
Maturity | Nov. 30, 2020 | |
Amortization provision | 25 years | |
Western Alliance Bank [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 3.25% | |
Reference rate | 90-day LIBOR | |
Western Alliance Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | 9,863 | |
Maturity | Nov. 30, 2020 | |
Amortization provision | 25 years | |
Western Alliance Bank [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 3.25% | |
Reference rate | 90-day LIBOR | |
The Huntington National Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | 7,361 | |
Maturity | Nov. 30, 2020 | |
Amortization provision | 25 years | |
The Huntington National Bank [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.25% | |
Reference rate | 30-day LIBOR | |
The Huntington National Bank [Member] | Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 4.13% | |
LMREC 2015 - CREI, Inc. (Latitude) [Member] | ||
Debt Instrument [Line Items] | ||
Total variable rate debt | 11,124 | |
Maturity | May 31, 2018 | |
Monthly payment | $ 12 | |
LMREC 2015 - CREI, Inc. (Latitude) [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 6.25% | |
Reference rate | 30-day LIBOR | |
Interest Rate Cap [Member] | KeyBank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Notional amount | $ 50,000 | |
Cap interest rate | 2.50% | |
Interest Rate Cap [Member] | KeyBank Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.50% | |
Reference rate | 30-day LIBOR | |
Interest Rate Cap [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | ||
Debt Instrument [Line Items] | ||
Notional amount | $ 11,124 | |
Interest Rate Cap [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.00% | |
Reference rate | 30-day LIBOR |
Long-Term Debt (Aggregate Annua
Long-Term Debt (Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 1,083 | |
2,019 | 1,183 | |
2,020 | 74,535 | |
2,021 | 14,344 | |
2,022 | 24,886 | |
Thereafter | 8,054 | |
Total Long-term debt | 124,085 | $ 63,389 |
Held For Sale [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 5,150 | |
Total Long-term debt | 5,150 | |
Held For Use [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 1,083 | |
2,019 | 1,183 | |
2,020 | 69,385 | |
2,021 | 14,344 | |
2,022 | 24,886 | |
Thereafter | 8,054 | |
Total Long-term debt | $ 118,935 |
Convertible Debt At Fair Valu54
Convertible Debt At Fair Value (Narrative) (Details) - USD ($) | Mar. 01, 2017 | Mar. 16, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||||||||||
Gain (loss) on derivatives and convertible debt | $ 20,000 | $ 14,000 | $ 227,000 | $ 175,000 | $ 72,000 | $ 26,000 | $ 162,000 | $ 6,117,000 | $ 436,000 | $ 6,377,000 | $ 11,578,000 | ||
6.25% Convertible Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 6.25% | 6.25% | 6.25% | ||||||||||
Principal amount | $ 1,012,000 | ||||||||||||
Maximum ownership percentage of voting stock upon debt conversion | 49.00% | ||||||||||||
Gain (loss) on derivatives and convertible debt | $ 246,000 | $ (303,000) | |||||||||||
6.25% Convertible Debt [Member] | Series D Preferred Stock [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of shares of common stock debt can convert into | 97,269 | ||||||||||||
6.25% Convertible Debt [Member] | Series E Preferred Stock [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of shares of common stock debt can convert into | 97,269 |
Convertible Debt At Fair Valu55
Convertible Debt At Fair Value (Difference Between Fair Value And Unpaid Principal Balance Of Note) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 16, 2016 |
Debt Instrument [Line Items] | |||
Convertible debt | $ (1,069) | $ (1,315) | |
6.25% Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.25% | 6.25% | |
Convertible debt | $ (1,069) | ||
Unpaid principal balance | (1,012) | ||
Fair value carrying amount (over)/under unpaid principal | $ (57) |
Fair Value Measurements And D56
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | Feb. 28, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 01, 2017 |
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Adjustment to additional paid in capital, warrant | $ 611,000 | |||||
Net gain (loss) on interest rate instruments | 190,000 | $ 6,680,000 | $ 11,578,000 | |||
Transfers between levels | $ 0 | $ 0 | $ 0 | |||
Series C Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | |||||
Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | 6.25% | |||
Redemption Rights [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Number of shares called by redemption | 490,250 | |||||
Level 3 [Member] | Redemption Rights [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Assets fair value | $ 150,000 |
Fair Value Measurements And D57
Fair Value Measurements And Derivative Instruments (Schedule Of Interest Rate Swaps And Caps) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Wells Fargo [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective date | Nov. 1, 2017 | |
Maturity date | Nov. 1, 2022 | |
Notional amount | $ 26,465 | |
KeyBank Credit Facility [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Effective date | Mar. 1, 2017 | |
Maturity date | Mar. 1, 2019 | |
Notional amount | $ 50,000 | |
The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective date | Nov. 1, 2015 | |
Maturity date | Nov. 1, 2020 | |
Notional amount | 7,361 | |
Cancellation date, without penalty | Nov. 1, 2018 | |
LMREC 2015 - CREI, Inc. (Latitude) [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Effective date | Mar. 1, 2016 | |
Maturity date | Jun. 1, 2017 | |
Notional amount | $ 11,124 | |
LIBOR [Member] | Wells Fargo [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.39% | |
LIBOR [Member] | Wells Fargo [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.053% | |
LIBOR [Member] | KeyBank Credit Facility [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
LIBOR [Member] | KeyBank Credit Facility [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.50% | |
LIBOR [Member] | The Huntington National Bank [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.25% | |
LIBOR [Member] | The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.25% | |
LIBOR [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 6.25% | |
LIBOR [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 1.00% | |
Federal Funds Effective Swap Rate [Member] | Wells Fargo [Member] | ||
Derivative [Line Items] | ||
Basis spread | 4.44% | |
Federal Funds Effective Swap Rate [Member] | The Huntington National Bank [Member] | ||
Derivative [Line Items] | ||
Basis spread | 4.13% | |
Federal Funds Effective Swap Rate [Member] | The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Basis spread | 4.13% |
Fair Value Measurements And D58
Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Assets And (Liabilities) Carried At Fair Value And Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | $ 391 | |
Convertible debt | (1,069) | $ (1,315) |
Total | (678) | (1,323) |
Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total | 77 | (8) |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Convertible debt | (1,069) | (1,315) |
Total | (755) | (1,315) |
Interest Rate Derivatives [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 77 | 8 |
Interest Rate Derivatives [Member] | Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 77 | $ 8 |
Series E Preferred Embedded Redemption Option [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 314 | |
Series E Preferred Embedded Redemption Option [Member] | Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | $ 314 |
Fair Value Measurements And D59
Fair Value Measurements And Derivative Instruments (Reconciliation Of Fair Value Liabilities Measured On Recurring Basis) (Details) - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | $ (1,315) | $ (8,682) |
Net gains (losses) recognized in earnings | 410 | 6,345 |
Purchases and issuances | 150 | (1,012) |
Sales and settlements | 1,423 | |
Gross transfers out of Level 3 | 611 | |
Fair value, end of period | (755) | (1,315) |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | 410 | (303) |
Series E Preferred Embedded Redemption Option [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | ||
Net gains (losses) recognized in earnings | 164 | |
Purchases and issuances | 150 | |
Fair value, end of period | 314 | |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | 164 | |
Series C Preferred Embedded Derivative [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (6,271) | |
Net gains (losses) recognized in earnings | 4,848 | |
Sales and settlements | 1,423 | |
Convertible Debt [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (1,315) | |
Net gains (losses) recognized in earnings | 246 | (303) |
Purchases and issuances | (1,012) | |
Fair value, end of period | (1,069) | (1,315) |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | $ 246 | (303) |
Real Estate Strategies, L.P. [Member] | Warrant Derivative [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (2,411) | |
Net gains (losses) recognized in earnings | 1,800 | |
Gross transfers out of Level 3 | $ 611 |
Fair Value Measurements And D60
Fair Value Measurements And Derivative Instruments (Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 120,581 | $ 62,720 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 120,215 | 63,220 |
Held For Use [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 115,605 | 47,918 |
Held For Use [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 115,239 | 48,034 |
Held For Sale [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 4,976 | 14,802 |
Held For Sale [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 4,976 | $ 15,186 |
Fair Value Measurements And D61
Fair Value Measurements And Derivative Instruments (Schedule Of Impairment And Recovery Of Previously Recorded Impairment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 5 | 5 | 11 | ||||||||
Impairment (loss) recovery, Continuing operations, Total net impairment loss | $ (553) | $ (848) | $ (479) | $ (271) | $ (220) | $ (343) | $ (121) | $ (793) | $ (2,151) | $ (1,477) | $ (3,829) |
Impairment loss, net | $ 2,151 | $ 1,477 | $ 3,708 | ||||||||
Continuing Operations [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 5 | 5 | 7 | ||||||||
Impairment (loss) recovery, Continuing operations, Total net impairment loss | $ (2,151) | $ (1,477) | $ (3,829) | ||||||||
Discontinued Operations [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 4 | ||||||||||
Net impairment loss reported in discontinued operations | $ 121 | ||||||||||
Held For Sale [Member] | Continuing Operations [Member] | Impairment Loss [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 1 | 1 | |||||||||
Impairment (loss) recovery, Continuing operations, Held for sale hotels | $ (1,448) | $ (1,537) | |||||||||
Sold [Member] | Continuing Operations [Member] | Impairment Loss [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 2 | 5 | 5 | ||||||||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ (783) | $ (1,477) | $ (2,377) | ||||||||
Sold [Member] | Continuing Operations [Member] | Impairment Recovery [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 2 | 1 | |||||||||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ 80 | $ 85 | |||||||||
Sold [Member] | Discontinued Operations [Member] | Impairment Loss [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 1 | ||||||||||
Impairment (loss) recovery, Discontinued operations, Sold hotels | $ (117) | ||||||||||
Sold [Member] | Discontinued Operations [Member] | Impairment Recovery [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Number of hotels | item | 3 | ||||||||||
Impairment (loss) recovery, Discontinued operations, Sold hotels | $ 238 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | Mar. 29, 2017USD ($)$ / sharesshares | Mar. 15, 2017USD ($)shares | Feb. 28, 2017$ / sharesshares | Feb. 27, 2017$ / sharesshares | Jan. 24, 2017USD ($)$ / sharesshares | Mar. 11, 2015$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 20, 2017USD ($) |
Class of Stock [Line Items] | ||||||||||
Warrant issuance costs | $ | $ 289,000 | $ 12,000 | $ 58,000 | |||||||
Reverse stock split, conversion ratio | 0.1538 | |||||||||
Reverse stock split, fractional shares issued | 0 | |||||||||
Reverse stock split, shares settled in cash | 73 | |||||||||
Reverse stock split, shares settled in cash, amount | $ | $ 1,000 | 1,000 | ||||||||
Proceeds from common stock issued | $ | 47,468,000 | $ 346,000 | ||||||||
Issuance costs | $ | $ 1,210,000 | |||||||||
Underwritten Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued, price per share | $ / shares | $ 10.50 | |||||||||
Issuance of common stock, shares | 4,772,500 | |||||||||
Proceeds from common stock issued | $ | $ 45,850,000 | |||||||||
ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued, price per share | $ / shares | $ 10.15 | |||||||||
Issuance of common stock, shares | 169,004 | |||||||||
Proceeds from common stock issued | $ | $ 1,715,000 | |||||||||
Equity distribution agreement, commission fee, percent | 2.00% | |||||||||
Net proceeds from common stock issue | $ | $ 1,619,000 | |||||||||
Maximum [Member] | ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Equity distribution agreement, aggregate price of shares available for sale | $ | $ 50,000,000 | |||||||||
Minimum [Member] | ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Public float required to sell shares of common stock | $ | $ 75,000,000 | |||||||||
Pursuant To Full Exercise Of An Option To Purchase Additional Shares Of Common Stock Granted To Underwriters [Member] | Underwritten Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of common stock, shares | 622,500 | |||||||||
New Warrants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued upon conversion | 23,160 | |||||||||
Common stock warrants, exercise price | $ / shares | $ 0.0065 | |||||||||
Warrant expiration | Jan. 24, 2019 | |||||||||
Warrant issuance costs | $ | $ 289,000 | |||||||||
Warrants [Member] | Executive Officer [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued by exercise of warrant or right | 35,060 | |||||||||
Common stock warrants, exercise price | $ / shares | $ 9.88 | |||||||||
Real Estate Strategies, L.P. [Member] | Warrants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares converted | 576,923 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued upon conversion | 6,004,957 | 6,004,957 | ||||||||
Number of shares called by warrant | 23,160 | |||||||||
Shares issued, price per share | $ / shares | $ 10.40 | $ 10.40 | ||||||||
Issuance of common stock, shares | 4,972,000 | 35,000 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - USD ($) | Feb. 28, 2017 | Feb. 27, 2017 | Apr. 15, 2016 | Mar. 16, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 29, 2012 | Dec. 30, 2005 |
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares issued upon conversion | 6,004,957 | 6,004,957 | |||||||||
Shares issued, price per share | $ 10.40 | $ 10.40 | |||||||||
6.25% Convertible Debt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Interest rate | 6.25% | 6.25% | |||||||||
Principal amount | $ 1,012,000 | ||||||||||
Real Estate Strategies, L.P. [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred dividends, cash | $ 1,484,000 | ||||||||||
Percentage of voting stock | 49.00% | ||||||||||
Real Estate Strategies, L.P. [Member] | 6.25% Convertible Debt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Interest rate | 6.25% | ||||||||||
Principal amount | $ 1,012,000 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, annual dividend rate | 8.00% | 8.00% | |||||||||
Preferred stock, shares issued | 1,521,258 | ||||||||||
Preferred stock, shares outstanding | 803,270 | 803,270 | |||||||||
Preferred stock, redemption price | $ 10 | $ 10 | |||||||||
Dividends unpaid and accrued per share | $ 2.084940 | ||||||||||
Redemption liability | $ 9,707,000 | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, annual dividend rate | 10.00% | ||||||||||
Preferred stock, redemption price | $ 25 | $ 25 | |||||||||
Dividends unpaid and accrued per share | $ 6.354167 | ||||||||||
Redeemable preferred stock, shares outstanding | 332,500 | 332,500 | |||||||||
Redemption liability | $ 10,425,000 | ||||||||||
Series D Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | |||||||||
Preferred stock, value | $ 61,333,000 | ||||||||||
Preferred dividends, cash | $ 650,000 | $ 3,090,000 | |||||||||
Preferred stock, shares outstanding | 6,245,156 | 6,245,156 | |||||||||
Series D Preferred Stock [Member] | SREP III Flight Investco L.P. [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares issued | 3,000,000 | ||||||||||
Preferred stock, value | $ 30,000,000 | ||||||||||
Series D Preferred Stock [Member] | Real Estate Strategies, L.P. [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares issued | 245,156 | ||||||||||
Shares issued upon conversion | 3,000,000 | ||||||||||
Series A and B Preferred Stock [Member] | SREP III Flight Investco L.P. [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, value | $ 20,147,000 | ||||||||||
Series C Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, annual dividend rate | 6.25% | ||||||||||
Preferred stock, shares issued | 3,000,000 | ||||||||||
Percentage of voting stock | 34.00% | ||||||||||
Series C Preferred Stock [Member] | Real Estate Strategies, L.P. [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares converted | 3,000,000 | ||||||||||
Dividends unpaid and accrued | $ 4,947,000 | ||||||||||
Series E Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | 6.25% | ||||||||
Preferred stock, value | $ 10,050,000 | ||||||||||
Shares issued upon conversion | 925,000 | ||||||||||
Preferred dividends, cash | $ 483,000 | ||||||||||
Preferred stock, shares outstanding | 925,000 | ||||||||||
Shares issued, price per share | $ 13.845 | ||||||||||
Shares issued upon conversion, amount | $ 9,250,000 | ||||||||||
Preferred stock, dividend rate increase resulting from failure to pay dividend, with equity offerings | 9.50% |
Preferred Stock (Series A Prefe
Preferred Stock (Series A Preferred Stock) (Narrative) (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Apr. 15, 2016 | Dec. 31, 2015 | Dec. 30, 2005 | |
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 1,521,258 | ||||
Preferred stock, shares outstanding | 803,270 | 803,270 | |||
Preferred stock, annual dividend rate | 8.00% | 8.00% | |||
Preferred stock, liquidation preference per share | $ 10 | ||||
Preferred stock, fixed annual amount of dividend per share | 0.80 | ||||
Preferred stock, redemption price | $ 10 | $ 10 | |||
Preferred stock, deemed dividend | $ 2,326 | ||||
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ 874 |
Preferred Stock (Series B Prefe
Preferred Stock (Series B Preferred Stock) (Narrative) (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Apr. 15, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Redeemable preferred stock, shares outstanding | 332,500 | 332,500 | ||
Preferred stock, annual dividend rate | 10.00% | |||
Preferred stock, liquidation preference per share | $ 25 | |||
Preferred stock, fixed annual amount of dividend per share | 2.50 | |||
Preferred stock, redemption price | $ 25 | $ 25 | ||
Preferred stock, deemed dividend | $ 2,781 | |||
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ 911 |
Preferred Stock (Series C Prefe
Preferred Stock (Series C Preferred Stock) (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 16, 2016USD ($) | Feb. 29, 2012$ / sharesitemshares | Dec. 31, 2017$ / sharesshares |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Number of closings for sale of preferred stock | item | 2 | ||
Preferred stock, shares issued and sold | shares | 3,000,000 | ||
Preferred stock, liquidation preference per share | $ 10 | ||
Number of shares issued for each convertible preferred stock | shares | 0.9615385 | ||
Percentage of voting stock | 34.00% | ||
Preferred stock, fixed annual amount of dividend per share | $ 0.625 | ||
Preferred stock, annual dividend rate | 6.25% | ||
Preferred stock, voting rights per share | $ 0.12096 | ||
Preferred stock, deemed dividend | $ | $ 20,366 | ||
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ | $ 15,873 | ||
Real Estate Strategies, L.P. [Member] | |||
Class of Stock [Line Items] | |||
Percentage of voting stock | 49.00% |
Preferred Stock (Series D Prefe
Preferred Stock (Series D Preferred Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2017 | Feb. 27, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 16, 2016 |
Series D Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares outstanding | 6,245,156 | 6,245,156 | |||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | |||||
Preferred stock, face value | $ 10 | ||||||
Aggregate outstanding shares required for liquidation election | 40.00% | ||||||
Conversion price per share | $ 10.40 | $ 10.40 | |||||
Debt instrument conversion ratio to common stock | 0.9615385 | ||||||
Preferred stock, partial redemption value | $ 30,000 | ||||||
Series D Preferred Stock [Member] | On Or Before March 16, 2019 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, redemption price | $ 12 | ||||||
Series D Preferred Stock [Member] | March 16, 2019 to March 16, 2020 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, redemption price | 13 | ||||||
Series D Preferred Stock [Member] | On Or After March 16, 2020 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, redemption price | 14 | ||||||
Series D Preferred Stock [Member] | On Or Before September 30,2021 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, redemption price | $ 14 | ||||||
Series D Preferred Stock [Member] | After September 30, 2021 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, annual dividend rate | 12.50% | ||||||
Series E Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares outstanding | 925,000 | ||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | 6.25% | ||||
Preferred stock, face value | $ 10 | ||||||
Shares issued upon conversion | 925,000 | ||||||
Shares issued upon conversion, amount | $ 9,250 | ||||||
Minimum [Member] | Series D Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Debt instrument conversion amount upon closing of qualified offering | $ 50,000 | ||||||
Maximum [Member] | Series D Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Debt instrument conversion amount upon closing of qualified offering | $ 75,000 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares issued upon conversion | 6,004,957 | 6,004,957 |
Preferred Stock (Series E Redee
Preferred Stock (Series E Redeemable Convertible Preferred Stock) (Narrative) (Details) - USD ($) | Feb. 28, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 01, 2017 |
Class of Stock [Line Items] | ||||
Issuance costs | $ 1,210,000 | |||
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 925,000 | |||
Preferred stock, annual dividend rate | 6.25% | 6.25% | 6.25% | |
Preferred stock, face value | $ 10 | |||
Preferred stock, dividend rate increase resulting from failure to pay dividend, with equity offerings | 9.50% | |||
Preferred stock, percentage of conversion price at which preferred stock automatically converts to common stock | 120.00% | |||
Preferred stock, trading days for preferred stock automatically converting to common stock | 60 days | |||
Number of shares redeemable by company when market price is within defined range | 490,250 | |||
Preferred stock, percentage of liquidation value at which holders can sell | 130.00% | |||
Threshold of originally issued preferred stock shares outstanding required for approval of certain transactions by preferred shareholders | 434,750 | |||
Threshold of originally issued preferred stock shares outstanding required for approval of certain transactions by preferred shareholders, percent | 47.00% | |||
Percentage of approval required for certain transactions by preferred shareholders | 75.00% | |||
Threshold of amount of related party transactions for aprroval by preferred shareholders | $ 120,000 | |||
Threshold of maximum percentage of shares grantable before shareholder approval required | 9.90% | |||
Preferred stock, value | $ 10,050,000 | |||
Minimum [Member] | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, percentage of liquidation value at which company can redeem preferred stock | 110.00% | |||
Maximum [Member] | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, percentage of liquidation value at which company can redeem preferred stock | 130.00% | |||
Level 3 [Member] | Redemption Rights [Member] | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Assets fair value | $ 150,000 |
Preferred Stock (Components Of
Preferred Stock (Components Of Dividends Declared And Undeclared And In Kind Dividends Deemed On Preferred Stock) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 12,243 | $ 20,748 | $ 3,632 |
Accrued At Stated Rate [Member] | Series A Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 222 | 727 | |
Accrued At Stated Rate [Member] | Series B Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 243 | 831 | |
Accrued At Stated Rate [Member] | Series C Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 455 | $ 2,074 | |
Accrued At Stated Rate [Member] | Series D Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 650 | 3,090 | |
Accrued At Stated Rate [Member] | Series E Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 483 | ||
Deemed Upon Notice Of Redemption [Member] | Series A Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 652 | ||
Deemed Upon Notice Of Redemption [Member] | Series B Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 668 | ||
Deemed At Exchange [Member] | Series C Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 15,418 | ||
Inducement To Convert [Member] | Series D Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 11,110 |
Noncontrolling Interest Of Co70
Noncontrolling Interest Of Common Units In The Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redemption value | $ 871 | $ 2,008 | |
Common units redemption to common stock | 12.50% | ||
Common units redeemed | 0 | 0 | 0 |
Limited Partner [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Common units outstanding | 4,550,242 | 2,609,791 | |
Condor Hospitality Limited Partnership [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Ownership percentage of minority interest | 99.30% | 97.80% | |
Common Units and LTIP [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redemption value | $ 871 | $ 2,008 | |
LTIP Awards [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Common units outstanding | 5,263,152 | ||
Noncontrolling Interest [Member] | Condor Hospitality Limited Partnership [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Common units outstanding | 4,550,242 | 7,872,943 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 28, 2017 | Mar. 17, 2015 | Mar. 11, 2015 | Mar. 02, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 15, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share awards granted | 96,286 | |||||||
Unrecognized compensation cost | $ 1,573 | |||||||
Unrecognized compensation cost recognition period | 3 years 2 months 12 days | |||||||
Common units redemption to common stock | 12.50% | |||||||
Stock-based compensation | $ 1,237 | $ 305 | $ 285 | |||||
2006 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized | 9,615 | |||||||
Expiration date | Dec. 31, 2015 | |||||||
Shares issued to independent directors | 3,295 | |||||||
2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for issuance | 357,742 | |||||||
Vesting period | 5 years | |||||||
Shares issued to independent directors | 5,369 | 2,361 | ||||||
Maximum [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized | 461,538 | |||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested options, outstanding | 865 | |||||||
Vested options, weighted average exercise price | $ 48.945 | |||||||
Market Based Share Awards [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 1,305 | |||||||
Market Based Share Awards [Member] | Executive Officer [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized | 36,692 | |||||||
Market price target increments | $ 1 | |||||||
Trading period used to determine award price | 60 days | |||||||
Market Based Share Awards [Member] | Executive Officer [Member] | Minimum [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Market price target | $ 11 | |||||||
Market Based Share Awards [Member] | Executive Officer [Member] | Maximum [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Market price target | $ 18 | |||||||
Performance Based Share Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share awards granted | 101,213 | |||||||
Units earned, increments | 33.33% | |||||||
Performance Based Share Awards [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock price per share milestone | $ 22.75 | |||||||
Vesting percentage | 1.923% | |||||||
Performance Based Share Awards [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock price per share milestone | $ 29.25 | |||||||
Performance Based Share Awards [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock price per share milestone | $ 35.75 | |||||||
Performance Based Share Awards [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 191 | |||||||
Additional shares earned per percentage if actual FFO exceeds budgeted FFO | 391 | |||||||
Percentage increment required to earn additional shares | 2.00% | |||||||
Grant date fair value, assumed percentage of budgeted FFO | 100.00% | |||||||
Performance Based Share Awards [Member] | Minimum [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Required percentage of budgeted FFO to achieve performance award | 85.00% | |||||||
Potential shares earned and issued if operating results are obtained | 11,741 | |||||||
Performance Based Share Awards [Member] | Maximum [Member] | 2016 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Required percentage of budgeted FFO to achieve performance award | 101.00% | |||||||
Potential shares earned and issued if operating results are obtained | 19,569 | |||||||
Additional shares earned per percentage if actual FFO exceeds budgeted FFO | 3,910 | |||||||
Performance Based Share Awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share awards granted | 5,263,152 | |||||||
Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock warrants, exercise price | $ 12.48 | |||||||
Warrants [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares called by warrant | 101,213 | |||||||
Common stock warrants, exercise price | $ 12.48 | $ 9.88 | $ 9.88 | |||||
Expiration period | 3 years | |||||||
Shares purchased with warrants | 35,060 | 66,153 | ||||||
Warrants [Member] | Executive Officer [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Units earned, increments | 33.33% | |||||||
Warrants [Member] | Executive Officer [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Units earned, increments | 50.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Service Condition Unvested Share Activity) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Shares: Unvested at December 31, 2016 | shares | |
Shares: Granted | shares | 96,286 |
Shares: Vested | shares | (234) |
Shares: Forfeited | shares | (220) |
Shares: Unvested at December 31, 2017 | shares | 95,832 |
Weighted-average grant date fair value: Unvested at December 31, 2016 | $ / shares | |
Weighted-average grant date fair value: Granted | $ / shares | 10.54 |
Weighted-average grant date fair value: Vested | $ / shares | 10.60 |
Weighted-average grant date fair value: Forfeited | $ / shares | 10.54 |
Weighted-average grant date fair value: Unvested at December 31, 2017 | $ / shares | $ 10.54 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Estimated Fair Value Of Options) (Details) - $ / shares | Mar. 02, 2015 | Dec. 31, 2017 |
Market Based Share Awards [Member] | Monte Carlo Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 25.00% | |
Stock price | $ 10.60 | |
Dividend yield | 7.40% | |
Risk free interest rate, minimum | 0.89% | |
Risk free interest rate, maximum | 1.81% | |
$9.88 Grant March 2, 2015 [Member] | Black-Scholes Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 53.10% | |
Expected forfeitures | 0.00% | |
Expected term (in days/years) | 15 days | |
Risk free interest rate | 0.02% | |
$12.48 Grant March 2, 2015 [Member] | Black-Scholes Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 78.60% | |
Expected forfeitures | 0.00% | |
Expected term (in days/years) | 3 years | |
Risk free interest rate | 1.06% | |
March 2, 2015 [Member] | Monte Carlo Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 75.50% | |
Expected forfeitures | 0.00% | |
Stock price | $ 9.945 | |
Expected term (in days/years) | 3 years | |
Risk free interest rate | 1.06% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||
Alternative minimum tax expense | $ 20,000 | $ 35,000 | $ 0 | ||
U.S. federal income tax rate | 34.00% | ||||
Net operating loss carryforward for federal income tax purposes | $ 814,000 | $ 814,000 | $ 1,295,000 | ||
Dividends | $ 0 | ||||
Tax expense resulted from the change in tax rate | 304,000 | ||||
Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax year subject to examination | 2,014 | ||||
Maximum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax year subject to examination | 2,017 | ||||
Scenario, Plan [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
U.S. federal income tax rate | 21.00% | ||||
TRS Leasing, Inc [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward for federal income tax purposes | $ 3,876,000 | $ 3,876,000 | |||
TRS Leasing, Inc [Member] | Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Loss carryforwards expiration period | Dec. 31, 2027 | ||||
TRS Leasing, Inc [Member] | Maximum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Loss carryforwards expiration period | Dec. 31, 2034 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||||||
Total income tax expense (benefit) | $ (645) | $ 15 | $ 35 | $ 125 | $ (595) | $ 125 |
TRS Leasing, Inc [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Current tax expense, Federal | 33 | 90 | ||||
Deferred tax expense, Federal | (615) | |||||
Current tax expense, State and local | 12 | |||||
Deferred tax expense, State and local | (45) | |||||
Total income tax expense (benefit) | $ (615) | $ 90 |
Income Taxes (Schedule Of Actua
Income Taxes (Schedule Of Actual Income Benefit From Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||||
Total income tax expense (benefit) | $ (645) | $ 15 | $ 35 | $ 125 | $ (595) | $ 125 | |
TRS Leasing, Inc [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Computed "expected" income tax (benefit) expense | 546 | 993 | $ 684 | ||||
State income taxes, net of Federal income tax (benefit) expense | 47 | 139 | 82 | ||||
(Decrease) increase in valuation allowance | (1,097) | (1,082) | (722) | ||||
Other | (145) | (50) | $ (44) | ||||
AMT | 34 | 90 | |||||
Total income tax expense (benefit) | $ (615) | $ 90 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Accrued expenses and other | $ 104 | $ 99 |
Net operating losses carried forward for federal income tax purposes | 814 | 1,295 |
Net operating losses carried forward for state income tax purposes | 579 | 182 |
AMT | 123 | |
Book depreciation in excess of tax depreciation | 38 | |
Subtotal deferred tax assets | 1,620 | 1,614 |
Valuation allowance | (454) | (1,551) |
Total deferred tax assets | 1,166 | 63 |
Tax depreciation in excess of book depreciation | 363 | |
Atlanta JV bases difference | 143 | 63 |
Total deferred tax liabilities | 506 | 63 |
Net deferred tax assets | $ 660 |
Income Taxes (Summary Of Distri
Income Taxes (Summary Of Distributions Paid) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||
Common Shares, Ordinary income, Amount | $ 0.156000 | $ 0.455000 |
Common Shares, Capital gain, Amount | ||
Common Shares, Return of capital, Amount | 0.624000 | |
Common Shares, Total, Amount | $ 0.780000 | $ 0.455000 |
Common Shares, Ordinary income, Percent | 20.00% | 100.00% |
Common Shares, Capital gain, Percent | ||
Common Shares, Return of capital, Percent | 80.00% | |
Common Shares, Total, Percent | 100.00% | 100.00% |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Shares, Ordinary income, Amount | $ 1.649124 | |
Preferred Shares, Capital gain, Amount | ||
Preferred Shares, Return of capital, Amount | ||
Preferred Shares, Total, Amount | $ 1.649124 | |
Preferred Shares, Ordinary income, Percent | 100.00% | |
Preferred Shares, Capital gain, Percent | ||
Preferred Shares, Return of capital, Percent | ||
Preferred Shares, Total, Percent | 100.00% | |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Shares, Ordinary income, Amount | $ 0.104160 | $ 0.494792 |
Preferred Shares, Capital gain, Amount | ||
Preferred Shares, Return of capital, Amount | ||
Preferred Shares, Total, Amount | $ 0.104160 | $ 0.494792 |
Preferred Shares, Ordinary income, Percent | 100.00% | 100.00% |
Preferred Shares, Capital gain, Percent | ||
Preferred Shares, Return of capital, Percent | ||
Preferred Shares, Total, Percent | 100.00% | 100.00% |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Shares, Ordinary income, Amount | $ 0.522569 | |
Preferred Shares, Capital gain, Amount | ||
Preferred Shares, Return of capital, Amount | ||
Preferred Shares, Total, Amount | $ 0.522569 | |
Preferred Shares, Ordinary income, Percent | 100.00% | |
Preferred Shares, Capital gain, Percent | ||
Preferred Shares, Return of capital, Percent | ||
Preferred Shares, Total, Percent | 100.00% |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: Basic | |||||||||||
Net earnings (loss) attributable to common shareholders: Continuing operations | $ (9,362) | $ 1,390 | $ 6,055 | ||||||||
Net earnings (loss) attributable to common shareholders: Discontinued operations | 657 | 3,438 | |||||||||
Net earnings (loss) attributable to common shareholders | $ 1,174 | $ (1,237) | $ 4,654 | $ (13,953) | $ 3,565 | $ 1,816 | $ 7,108 | $ (10,442) | (9,362) | 2,047 | 9,493 |
Less: Allocation to participating securities | (56) | ||||||||||
Net earnings (loss) attributable to common shareholders, net of amount allocated to participating securities | (9,418) | 2,047 | 9,493 | ||||||||
Numerator: Diluted | |||||||||||
Net earnings (loss) attributable to common shareholders from continuing operations, net of amount allocated to participating securities | (9,418) | 1,390 | 6,055 | ||||||||
Continuing operations - Diluted | (9,418) | 4,480 | (3,526) | ||||||||
Discontinued operations - Diluted | 657 | 3,438 | |||||||||
Total Diluted | $ (9,418) | $ 5,137 | $ (88) | ||||||||
Denominator | |||||||||||
Weighted average number of common shares - Basic | 9,437,824 | 761,112 | 751,634 | ||||||||
Unvested restricted stock | 619 | ||||||||||
Warrants - Employees | 106 | ||||||||||
Warrants - RES | (61,504) | ||||||||||
Weighted average number of common shares - Diluted | 9,437,824 | 5,535,545 | 3,575,470 | ||||||||
Earnings per Share: | |||||||||||
Continuing operations - Basic | $ 4.68 | $ 2.41 | $ 9.36 | $ (14.63) | $ (1) | $ 1.82 | $ 8.06 | ||||
Discontinued operations - Basic | 0.91 | 0.85 | 4.55 | ||||||||
Total - Basic Earnings (Loss) per Share | $ 0.10 | $ (0.11) | $ 0.40 | $ (4.75) | 4.68 | 2.41 | 9.36 | (13.72) | (1) | 2.67 | 12.61 |
Continuing operations - Diluted | 0.65 | 0.39 | 1.17 | (14.63) | (1) | 0.78 | (0.98) | ||||
Discontinued operations - Diluted | 0.91 | 0.13 | $ 0.98 | ||||||||
Total - Diluted Earnings (Loss) per Share | $ 0.10 | $ (0.11) | $ 0.37 | $ (4.75) | $ 0.65 | $ 0.39 | $ 1.17 | $ (13.72) | $ (1) | $ 0.91 | |
Warrant Derivative [Member] | |||||||||||
Numerator: Diluted | |||||||||||
Unrealized gain on derivative | $ (4,122) | ||||||||||
Embedded Derivative [Member] | |||||||||||
Numerator: Diluted | |||||||||||
Unrealized gain on derivative | (7,533) | ||||||||||
Series C Preferred Stock [Member] | |||||||||||
Numerator: Diluted | |||||||||||
Dividends on Series D Preferred Stock | $ 2,074 | ||||||||||
Denominator | |||||||||||
Preferred Stock | 2,884,615 | ||||||||||
Series D Preferred Stock [Member] | |||||||||||
Numerator: Diluted | |||||||||||
Dividends on Series D Preferred Stock | $ 3,090 | ||||||||||
Denominator | |||||||||||
Preferred Stock | 4,774,433 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 1,917,236 | 1,467,746 | 153,698 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 258 | 865 | 865 |
Unvested Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 48,869 | ||
Warrants - Employees [Member} | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 66,153 | 66,153 | 55,249 |
Series C Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 598,991 | ||
Series D Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 970,606 | ||
Series E Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 560,115 | ||
Convertible Debt [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 97,269 | 77,336 | |
LTIP Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 49,636 | 101,213 | 84,576 |
Real Estate Strategies, L.P. [Member] | Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 53,608 | 576,923 | |
Condor Hospitality Trust, Inc. [Member] | Common Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities excluded from the denominator | 70,722 | 46,265 | 13,008 |
Commitments And Contingencies81
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)propertyitem | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Jan. 01, 2017property | |
Loss Contingencies [Line Items] | ||||||||||||
Incentive fee percent | 190.00% | |||||||||||
Management fees incurred | $ 1,700 | $ 1,619 | $ 2,466 | |||||||||
Hotel and property operations | 37,134 | 37,092 | 43,367 | |||||||||
Incentive management fee | $ 306 | 158 | ||||||||||
Management agreement renewal additional term | 1 year | |||||||||||
Management agreement written notice of termination period | 90 days | |||||||||||
Number of hotels | property | 18 | 18 | ||||||||||
Franchise costs | $ 3,800 | 3,123 | 3,883 | |||||||||
Number of land lease agreements related to properties owned | item | 0 | |||||||||||
Lease expense | $ 9 | $ 105 | 105 | |||||||||
Number of new leases entered into during period | item | 3 | |||||||||||
Lease income | 71 | $ 86 | 198 | |||||||||
Room rentals and other hotel services | $ 15,278 | $ 15,562 | $ 14,252 | $ 10,361 | $ 10,470 | $ 13,519 | $ 14,155 | $ 12,503 | 55,453 | 50,647 | 58,714 | |
Employer contribution expense | 67 | 73 | 66 | |||||||||
Office Building [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Annual lease payment | 154 | |||||||||||
Lease expense | $ 154 | 199 | 163 | |||||||||
Restaurant [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of real estate properties associated with lease agreements | item | 1 | |||||||||||
Cell Tower [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of real estate properties associated with lease agreements | item | 1 | |||||||||||
Minimum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Management fee percent | 3.00% | |||||||||||
Management agreement term | 1 year | |||||||||||
Franchise fee percent | 3.30% | |||||||||||
Other franchiser programs and service fee percent | 2.50% | |||||||||||
Franchise agreement term | 10 years | |||||||||||
Lease expiration | Dec. 31, 2019 | |||||||||||
Maximum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Management fee percent | 3.50% | |||||||||||
Incentive fee percent | 5.00% | |||||||||||
Management agreement term | 3 years | |||||||||||
Franchise fee percent | 5.50% | |||||||||||
Other franchiser programs and service fee percent | 6.00% | |||||||||||
Franchise agreement term | 25 years | |||||||||||
Lease expiration | Dec. 31, 2021 | |||||||||||
Continuing Operations [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Hotel and property operations | $ 1,700 | 1,619 | 2,348 | |||||||||
Franchise costs | 3,800 | 3,123 | 3,853 | |||||||||
Room rentals and other hotel services | $ 71 | $ 86 | $ 177 | |||||||||
Held For Sale [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of hotels | property | 3 | 3 | 7 | |||||||||
Wholly Owned Properties [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of hotels | property | 17 | 17 | ||||||||||
Wholly Owned Properties [Member] | Franchise Rights [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of hotels | property | 16 | 16 |
Commitments And Contingencies82
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |
2,018 | $ 159 |
2,019 | 138 |
2,020 | 61 |
2,021 | 47 |
Total future minimum lease payments | $ 405 |
Quarterly Operating Results (Sc
Quarterly Operating Results (Schedule Of Quarterly Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Operating Results [Abstract] | |||||||||||
Revenue | $ 15,278 | $ 15,562 | $ 14,252 | $ 10,361 | $ 10,470 | $ 13,519 | $ 14,155 | $ 12,503 | $ 55,453 | $ 50,647 | $ 58,714 |
Operating expenses | 14,040 | 14,417 | 12,719 | 11,001 | 11,009 | 12,445 | 12,508 | 12,662 | 52,177 | 48,624 | 55,190 |
Operating income | 1,238 | 1,145 | 1,533 | (640) | (539) | 1,074 | 1,647 | (159) | 3,276 | 2,023 | 3,524 |
Net gain (loss) on dispositions of assets | 2,004 | (46) | 4,852 | (3) | 7,318 | 3,591 | 8,856 | 3,367 | 6,807 | 23,132 | 4,798 |
Equity in earnings (loss) of joint venture | (105) | 159 | 25 | 111 | (190) | (54) | 190 | (244) | |||
Net gain on derivatives and convertible debt | 20 | 14 | 227 | 175 | 72 | 26 | 162 | 6,117 | 436 | 6,377 | 11,578 |
Other income (expense), net | (28) | (43) | (39) | (1) | (32) | 85 | 23 | (21) | (111) | 55 | 114 |
Interest expense | (1,706) | (1,405) | (1,092) | (971) | (1,006) | (1,127) | (1,248) | (1,329) | (5,174) | (4,710) | (5,522) |
Loss on debt extinguishment | (167) | (800) | (639) | (399) | (976) | (173) | (967) | (2,187) | (213) | ||
Impairment loss, net | (553) | (848) | (479) | (271) | (220) | (343) | (121) | (793) | (2,151) | (1,477) | (3,829) |
Earnings from continuing operations before income taxes | 703 | (1,024) | 5,027 | (2,400) | 4,764 | 2,853 | 8,343 | 7,009 | 2,306 | 22,969 | 10,450 |
Income tax benefit (expense) | 645 | (15) | (35) | (125) | 595 | (125) | |||||
Earnings from continuing operations | 4,639 | 2,853 | 8,343 | 7,009 | 2,901 | 22,844 | 10,450 | ||||
Gain from discontinued operations, net of tax | 678 | 678 | 3,872 | ||||||||
Net earnings | 1,348 | (1,039) | 4,992 | (2,400) | 4,639 | 2,853 | 8,343 | 7,687 | 2,901 | 23,522 | 14,322 |
(Earning) loss attributable to noncontrolling interest | (10) | 7 | (67) | 50 | (99) | (61) | (178) | (389) | (20) | (727) | (1,197) |
Net earnings attributable to controlling interests | 1,338 | (1,032) | 4,925 | (2,350) | 4,540 | 2,792 | 8,165 | 7,298 | 2,881 | 22,795 | 13,125 |
Dividends declared and undeclared and in kind dividends deemed on preferred stock | (164) | (205) | (271) | (11,603) | (975) | (976) | (1,057) | (17,740) | (12,243) | (20,748) | (3,632) |
Net earnings (loss) attributable to common shareholders | $ 1,174 | $ (1,237) | $ 4,654 | $ (13,953) | $ 3,565 | $ 1,816 | $ 7,108 | $ (10,442) | $ (9,362) | $ 2,047 | $ 9,493 |
Earnings per Share | |||||||||||
Continuing operations - Basic | $ 4.68 | $ 2.41 | $ 9.36 | $ (14.63) | $ (1) | $ 1.82 | $ 8.06 | ||||
Discontinued operations - Basic | 0.91 | 0.85 | 4.55 | ||||||||
Total - Basic Earnings (Loss) per Share | $ 0.10 | $ (0.11) | $ 0.40 | $ (4.75) | 4.68 | 2.41 | 9.36 | (13.72) | (1) | 2.67 | 12.61 |
Diluted Earnings Per Share | |||||||||||
Continuing operations - Diluted | 0.65 | 0.39 | 1.17 | (14.63) | (1) | 0.78 | (0.98) | ||||
Discontinued operations - Diluted | 0.91 | 0.13 | $ 0.98 | ||||||||
Total - Diluted Earnings (Loss) per Share | $ 0.10 | $ (0.11) | $ 0.37 | $ (4.75) | $ 0.65 | $ 0.39 | $ 1.17 | $ (13.72) | $ (1) | $ 0.91 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 15, 2018USD ($)room | Feb. 21, 2018USD ($)room | Jan. 25, 2018USD ($)room | Jan. 18, 2018USD ($)room | Mar. 16, 2018USD ($)property$ / sharesshares | Dec. 31, 2017USD ($)property$ / shares | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)property$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2017$ / shares |
Subsequent Event [Line Items] | |||||||||||||||||
Gain on dispositions of assets | $ 2,004 | $ (46) | $ 4,852 | $ (3) | $ 7,318 | $ 3,591 | $ 8,856 | $ 3,367 | $ 6,807 | $ 23,132 | $ 4,798 | ||||||
Number of hotels | property | 18 | 18 | |||||||||||||||
Investment in hotel properties held for sale, net | $ 12,655 | 35,640 | $ 12,655 | 35,640 | |||||||||||||
Long-term debt related to hotel properties held for sale, net of deferred financing costs | 4,976 | $ 14,802 | 4,976 | $ 14,802 | |||||||||||||
Proceeds from common stock issued | 47,468 | $ 346 | |||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Shares issued, price per share | $ / shares | $ 13.845 | ||||||||||||||||
Additional Hotel Property that Meets Criteria to be Considered Held For Sale [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Investment in hotel properties held for sale, net | 1,191 | 1,191 | |||||||||||||||
Long-term debt related to hotel properties held for sale, net of deferred financing costs | $ 3,089 | $ 3,089 | |||||||||||||||
Subsequent Event [Member] | Towne Place Suites Austin North Tech Ridge [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of rooms acquired | room | 122 | ||||||||||||||||
Purchase price of hotel acquisition | $ 19,750 | ||||||||||||||||
Subsequent Event [Member] | Additional Hotel Property that Meets Criteria to be Considered Held For Sale [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of hotels | property | 1 | ||||||||||||||||
Creston, Iowa [Member] | Supertel Inn [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of rooms sold | room | 41 | ||||||||||||||||
Gain on dispositions of assets | $ 2,050 | ||||||||||||||||
Summerville / Charleston [Member] | Subsequent Event [Member] | Home2 Suites [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of rooms acquired | room | 93 | ||||||||||||||||
Purchase price of hotel acquisition | $ 16,325 | ||||||||||||||||
Cash paid for acquisition | 1,507 | ||||||||||||||||
South Bend, Indiana [Member] | Comfort Suites [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of rooms sold | room | 135 | ||||||||||||||||
Gain on dispositions of assets | $ 6,100 | ||||||||||||||||
ATM Program [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Issuance of common stock, shares | shares | 169,004 | ||||||||||||||||
Shares issued, price per share | $ / shares | $ 10.15 | $ 10.15 | |||||||||||||||
Proceeds from common stock issued | $ 1,715 | ||||||||||||||||
Net proceeds from common stock issue | $ 1,619 | ||||||||||||||||
ATM Program [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Issuance of common stock, shares | shares | 12,334 | ||||||||||||||||
Shares issued, price per share | $ / shares | $ 10.40 | ||||||||||||||||
Proceeds from common stock issued | $ 128 | ||||||||||||||||
Net proceeds from common stock issue | $ 125 | ||||||||||||||||
KeyBank Credit Facility [Member] | Summerville / Charleston [Member] | Subsequent Event [Member] | Home2 Suites [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt originated at acquisition | $ 14,818 |
Schedule III Real Estate And 85
Schedule III Real Estate And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, Land | $ 22,131 | |||
Initial cost, Buildings & Other | 197,501 | |||
Initial cost, Furniture & equipment | 17,174 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Land | (282) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 284 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 4,320 | |||
Gross amount at December 31, 2017, Land | 21,849 | |||
Gross amount at December 31, 2017, Buildings & Other | 197,785 | |||
Gross amount at December 31, 2017, Furniture & equipment | 21,494 | |||
Accumulated depreciation | (21,548) | $ (28,513) | $ (58,200) | $ (75,403) |
Net book value | 219,580 | |||
Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, Land | 22,062 | |||
Initial cost, Buildings & Other | 195,984 | |||
Initial cost, Furniture & equipment | 17,174 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Land | (213) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 1,714 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 3,624 | |||
Gross amount at December 31, 2017, Land | 21,849 | |||
Gross amount at December 31, 2017, Buildings & Other | 197,698 | |||
Gross amount at December 31, 2017, Furniture & equipment | 20,798 | |||
Accumulated depreciation | (21,180) | |||
Net book value | 219,165 | |||
Construction-In-Progress [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 87 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 191 | |||
Gross amount at December 31, 2017, Buildings & Other | 87 | |||
Gross amount at December 31, 2017, Furniture & equipment | 191 | |||
Net book value | 278 | |||
Office Building [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, Land | 69 | |||
Initial cost, Buildings & Other | 1,517 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Land | (69) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | (1,517) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 505 | |||
Gross amount at December 31, 2017, Furniture & equipment | 505 | |||
Accumulated depreciation | (368) | |||
Net book value | $ 137 | |||
Super 8 [Member] | Creston, Iowa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Sep. 19, 1978 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 56 | |||
Initial cost, Buildings & Other | 765 | |||
Initial cost, Furniture & equipment | 76 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Land | 89 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 1,572 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 907 | |||
Gross amount at December 31, 2017, Land | 145 | |||
Gross amount at December 31, 2017, Buildings & Other | 2,337 | |||
Gross amount at December 31, 2017, Furniture & equipment | 983 | |||
Accumulated depreciation | (2,274) | |||
Net book value | $ 1,191 | |||
Quality Inn [Member] | Solomons, Maryland [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Jun. 1, 1986 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 2,304 | |||
Initial cost, Buildings & Other | 2,719 | |||
Initial cost, Furniture & equipment | 269 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 1,565 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 462 | |||
Gross amount at December 31, 2017, Land | 2,304 | |||
Gross amount at December 31, 2017, Buildings & Other | 4,284 | |||
Gross amount at December 31, 2017, Furniture & equipment | 731 | |||
Accumulated depreciation | (3,356) | |||
Net book value | $ 3,963 | |||
Comfort Suites [Member] | Ft. Wayne, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Nov. 7, 2005 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,200 | |||
Initial cost, Buildings & Other | 3,964 | |||
Initial cost, Furniture & equipment | 840 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 1,060 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 617 | |||
Gross amount at December 31, 2017, Land | 1,200 | |||
Gross amount at December 31, 2017, Buildings & Other | 5,024 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,457 | |||
Accumulated depreciation | (2,765) | |||
Net book value | $ 4,916 | |||
Comfort Suites [Member] | South Bend, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Nov. 30, 2005 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 500 | |||
Initial cost, Buildings & Other | 10,602 | |||
Initial cost, Furniture & equipment | 910 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Land | (302) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | (4,714) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 684 | |||
Gross amount at December 31, 2017, Land | 198 | |||
Gross amount at December 31, 2017, Buildings & Other | 5,888 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,594 | |||
Accumulated depreciation | (1,884) | |||
Net book value | $ 5,796 | |||
Supertel Inn [Member] | Creston, Iowa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Jun. 30, 2006 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 235 | |||
Initial cost, Buildings & Other | 2,364 | |||
Initial cost, Furniture & equipment | 344 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | (16) | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 69 | |||
Gross amount at December 31, 2017, Land | 235 | |||
Gross amount at December 31, 2017, Buildings & Other | 2,348 | |||
Gross amount at December 31, 2017, Furniture & equipment | 413 | |||
Accumulated depreciation | (1,055) | |||
Net book value | $ 1,941 | |||
Hilton Garden Inn [Member] | Dowell, Maryland [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | May 25, 2012 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,400 | |||
Initial cost, Buildings & Other | 9,492 | |||
Initial cost, Furniture & equipment | 323 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 657 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 459 | |||
Gross amount at December 31, 2017, Land | 1,400 | |||
Gross amount at December 31, 2017, Buildings & Other | 10,149 | |||
Gross amount at December 31, 2017, Furniture & equipment | 782 | |||
Accumulated depreciation | (1,987) | |||
Net book value | $ 10,344 | |||
SpringHill Suites [Member] | San Antonio, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Oct. 1, 2015 | |||
Encumbrance | WELLS | |||
Initial cost, Land | $ 1,597 | |||
Initial cost, Buildings & Other | 14,353 | |||
Initial cost, Furniture & equipment | 1,550 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 114 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 34 | |||
Gross amount at December 31, 2017, Land | 1,597 | |||
Gross amount at December 31, 2017, Buildings & Other | 14,467 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,584 | |||
Accumulated depreciation | (1,416) | |||
Net book value | $ 16,232 | |||
Courtyard by Mariott [Member] | Jacksonville, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Oct. 2, 2015 | |||
Encumbrance | WELLS | |||
Initial cost, Land | $ 2,100 | |||
Initial cost, Buildings & Other | 11,050 | |||
Initial cost, Furniture & equipment | 850 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 178 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 68 | |||
Gross amount at December 31, 2017, Land | 2,100 | |||
Gross amount at December 31, 2017, Buildings & Other | 11,228 | |||
Gross amount at December 31, 2017, Furniture & equipment | 918 | |||
Accumulated depreciation | (1,279) | |||
Net book value | $ 12,967 | |||
Hotel Indigo [Member] | Atlanta, Georgia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Oct. 2, 2015 | |||
Encumbrance | WELLS | |||
Initial cost, Land | $ 800 | |||
Initial cost, Buildings & Other | 8,700 | |||
Initial cost, Furniture & equipment | 1,500 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 97 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 212 | |||
Gross amount at December 31, 2017, Land | 800 | |||
Gross amount at December 31, 2017, Buildings & Other | 8,797 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,712 | |||
Accumulated depreciation | (1,335) | |||
Net book value | $ 9,974 | |||
Aloft [Member] | Leawood, Kansas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Dec. 14, 2016 | |||
Encumbrance | GWB | |||
Initial cost, Land | $ 3,339 | |||
Initial cost, Buildings & Other | 18,046 | |||
Initial cost, Furniture & equipment | 1,115 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 133 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 61 | |||
Gross amount at December 31, 2017, Land | 3,339 | |||
Gross amount at December 31, 2017, Buildings & Other | 18,179 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,176 | |||
Accumulated depreciation | (794) | |||
Net book value | $ 21,900 | |||
Home2 Suites [Member] | Lexington, Kentucky [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Mar. 24, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 905 | |||
Initial cost, Buildings & Other | 14,204 | |||
Initial cost, Furniture & equipment | 1,351 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 150 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 12 | |||
Gross amount at December 31, 2017, Land | 905 | |||
Gross amount at December 31, 2017, Buildings & Other | 14,354 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,363 | |||
Accumulated depreciation | (501) | |||
Net book value | $ 16,121 | |||
Home2 Suites [Member] | Round Rock, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Mar. 24, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,087 | |||
Initial cost, Buildings & Other | 14,345 | |||
Initial cost, Furniture & equipment | 1,285 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 150 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 2 | |||
Gross amount at December 31, 2017, Land | 1,087 | |||
Gross amount at December 31, 2017, Buildings & Other | 14,495 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,287 | |||
Accumulated depreciation | (480) | |||
Net book value | $ 16,389 | |||
Home2 Suites [Member] | Tallahassee, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Mar. 24, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,519 | |||
Initial cost, Buildings & Other | 18,229 | |||
Initial cost, Furniture & equipment | 1,727 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 159 | |||
Gross amount at December 31, 2017, Land | 1,519 | |||
Gross amount at December 31, 2017, Buildings & Other | 18,388 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,727 | |||
Accumulated depreciation | (623) | |||
Net book value | $ 21,011 | |||
Home2 Suites [Member] | Southaven, Mississippi [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Apr. 14, 2017 | |||
Encumbrance | MS | |||
Initial cost, Land | $ 1,311 | |||
Initial cost, Buildings & Other | 16,792 | |||
Initial cost, Furniture & equipment | 897 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 184 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 9 | |||
Gross amount at December 31, 2017, Land | 1,311 | |||
Gross amount at December 31, 2017, Buildings & Other | 16,976 | |||
Gross amount at December 31, 2017, Furniture & equipment | 906 | |||
Accumulated depreciation | (593) | |||
Net book value | $ 18,600 | |||
Hampton Inn And Suites [Member] | Lake Mary, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Jun. 19, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,200 | |||
Initial cost, Buildings & Other | 16,432 | |||
Initial cost, Furniture & equipment | 1,773 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 175 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 3 | |||
Gross amount at December 31, 2017, Land | 1,200 | |||
Gross amount at December 31, 2017, Buildings & Other | 16,607 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,776 | |||
Accumulated depreciation | (387) | |||
Net book value | $ 19,196 | |||
Fairfield Inn & Suites [Member] | El Paso, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Aug. 31, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,014 | |||
Initial cost, Buildings & Other | 14,297 | |||
Initial cost, Furniture & equipment | 1,089 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 100 | |||
Gross amount at December 31, 2017, Land | 1,014 | |||
Gross amount at December 31, 2017, Buildings & Other | 14,397 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,089 | |||
Accumulated depreciation | (203) | |||
Net book value | $ 16,297 | |||
Residence Inn [Member] | Austin, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition date | Aug. 31, 2017 | |||
Encumbrance | KEY | |||
Initial cost, Land | $ 1,495 | |||
Initial cost, Buildings & Other | 19,630 | |||
Initial cost, Furniture & equipment | 1,275 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Buildings & Other | 150 | |||
Additions, (dispositions), and (impairments) Subsequent to acquisition, Furniture & equipment | 25 | |||
Gross amount at December 31, 2017, Land | 1,495 | |||
Gross amount at December 31, 2017, Buildings & Other | 19,780 | |||
Gross amount at December 31, 2017, Furniture & equipment | 1,300 | |||
Accumulated depreciation | (248) | |||
Net book value | $ 22,327 |
Schedule III Real Estate And 86
Schedule III Real Estate And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Balance | $ 143,384 | $ 188,899 | $ 214,585 |
Additions | 134,709 | 25,618 | 46,489 |
Disposals | (34,814) | (68,256) | (65,802) |
Impairment loss, net | (2,151) | (2,877) | (6,373) |
Balance | 241,128 | 143,384 | 188,899 |
Balance | 28,513 | 58,200 | 75,403 |
Depreciation for the period | 6,898 | 5,190 | 5,400 |
Depreciation on assets sold or disposed | (13,863) | (33,477) | (19,938) |
Impairment loss, net | (1,400) | (2,665) | |
Balance | 21,548 | $ 28,513 | $ 58,200 |
Aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes | $ 245,000 | ||
Minimum [Member] | Building And Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life used for computation of depreciation | 15 years | ||
Minimum [Member] | Furniture And Equipment [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life used for computation of depreciation | 3 years | ||
Maximum [Member] | Building And Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life used for computation of depreciation | 40 years | ||
Maximum [Member] | Furniture And Equipment [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life used for computation of depreciation | 12 years |
Uncategorized Items - cdor-2017
Label | Element | Value |
Series E Preferred Stock [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 9,900,000 |