A real estate investment trust, or REIT, is a company that owns, and in most cases, operates income-producing real estate. Some REIT’s also engage in financing real estate. The shares of many REIT’s are traded on major stock exchanges. To qualify as a REIT, a company must have most of its assets and income tied to real estate investment and must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. A company that qualifies as a REIT is permitted to deduct dividends paid to its shareholders from its corporate taxable income. As a result, most REITs historically remit at least 100 percent of their taxable income to their shareholders and therefore owe no corporate tax. Taxes are paid by shareholders on the dividends received and any capital gains. Most states honor this federal treatment and also do not require REITS to pay state income tax. Like other businesses, but unlike partnerships, a REIT cannot pass any tax losses through to its investors.
Condor Hospitality Trust, Inc. is headquartered in Norfolk, Nebraska. The company has a qualified management team with diverse experience in the finance, real estate and hospitality industries.
Our common stock is listed on the NASDAQ under the symbol CDOR. For more detailed information, please visit our stock information page.
You can contact us via our Information Request page.
You may begin the certificate replacement process by contacting our transfer agent, American Stock Transfer & Trust Company at 1.800.937.5440 or www.amstock.com.
Condor Hospitality Trust, Inc. has selected five well-respected management companies to operate our hotels: Hospitality Management Advisors, Strand Development Company, Kinseth Hotel Corporation, Cherry Cove and Peachtree Hospitality Management. These five organizations are independent, privately-owned management companies that operate our hotels pursuant to hotel management agreements. The hotel management agreements provide that these professional management companies have control over all operational aspects of the hotels covered by their respective agreements, including employee-related matters.
In order for us to meet certain gross income tests and maintain our favorable REIT status under the federal tax laws, our hotels must generally be operated and managed by an "independent contractor" and such independent contractors must also generally furnish or render services to the tenants and guests of our hotels.