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Condor Hospitality Trust Announces Conversion of All Outstanding

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Enterprising Investor Member Level  Wednesday, 03/01/17 11:51:44 PM
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Condor Hospitality Trust Announces Conversion of All Outstanding Series D Preferred Stock to Common Stock (3/01/17)

BETHESDA, Md., March 01, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that the holders of $62.5 million of outstanding Series D Preferred Stock, representing all of Condor’s outstanding Series D Preferred Stock, voluntarily converted their preferred shares into an aggregate of 39,032,225 shares of the Company’s common stock and 925,000 shares of a new Series E Preferred Stock, face value $10 per share, in the aggregate face amount of $9.25 million. The common stock conversion price previously established in the Series D issuance agreement in March 2016 was $1.60 per share.

“The conversion of the Series D Preferred Stock to common stock is transformational in building the Company’s common equity capitalization, while concurrently eliminating the potential for a required cash make whole payment to the holders of the Series D Preferred Stock. Importantly, the conversion also reduces the amount of outstanding preferred stock to a significantly lower percentage of the equity market capitalization of the Company. Approximately two years ago, Condor had an upside-down and complicated equity structure with three classes of outstanding preferred stock accruing dividends which were not being currently paid. Using the proceeds from the $30 million private placement of Series D Preferred Stock completed in early 2016, we redeemed all of the outstanding Series A and B preferred stock at face value plus all accrued dividends and converted the then-outstanding Series C preferred stock into a newly established Series D Preferred Stock that was convertible into our common stock at a conversion price of $1.60 per common share. The holders of the Series D Preferred Stock have now converted all of the outstanding Series D Preferred Stock into common stock resulting in a pro forma common market capitalization in excess of $90 million, as compared to $9 million at the time this process began,” said Bill Blackham, Condor’s Chief Executive Officer.

The new Series E Preferred Stock issued as part of the conversion transaction pays dividends at an annual rate of 6.25% of the aggregate face value of $9.25 million. Commencing February 28, 2019, the Series E Preferred Stock is convertible into common stock at a conversion price of $2.13 per share of common stock.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NASDAQ:CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. The company currently owns 19 hotels in 12 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, InterContinental Hotels Group, Choice, and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.

https://globenewswire.com/news-release/2017/03/01/929584/0/en/Condor-Hospitality-Trust-Announces-Conversion-of-All-Outstanding-Series-D-Preferred-Stock-to-Common-Stock.html

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