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Ashford Trust Reports Fourth Quarter And Year End 2019 Results

DALLAS, Feb. 25, 2020 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2019 with the fourth quarter ended December 31, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Invests predominantly in upper upscale, full-service hotels
  • Targets moderate leverage levels to enhance equity returns
  • Highly-aligned management team and advisory structure
  • Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:
      • working capital needs at property and corporate levels;
      • providing a hedge in the event of uncertain economic times; and
      • being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders was $38.8 million or $0.39 per diluted share for the quarter. For the full year of 2019, net loss attributable to common stockholders was $156.2 million or $1.58 per diluted share.
  • Comparable RevPAR for all hotels increased 0.7% to $119.04 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 1.2% to $118.97 during the quarter.
  • Comparable Total RevPAR for all hotels increased 1.3% during the quarter.
  • Adjusted EBITDAre was $89.1 million for the quarter.  Adjusted EBITDAre for the full year of 2019 was $425.0 million.
  • Adjusted funds from operations (AFFO) was $0.22 per diluted share for the quarter, an increase of 22% over the prior-year quarter. For the full year of 2019, AFFO per diluted share was $1.22.
  • During the quarter, the Company sold 393,077 shares of Ashford Inc. (NYSE American:  AINC) ("Ashford") common stock to Ashford for proceeds of approximately $11.8 million. Additionally, during the quarter, the Company distributed its remaining 205,086 shares of Ashford common stock on a pro-rata basis to its common shareholders and unitholders.
  • During the quarter, the Company entered into a new franchise agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the hotel from being Hilton-managed to being managed by Remington Hotels.
  • During the quarter, the Company entered into a new franchise agreement with Marriott International to convert the Crowne Plaza La Concha Key West Hotel in Key West, Florida to an Autograph Collection property. 
  • During the quarter, the Company announced it had sold the parking lot adjacent to the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for $17.5 million to be paid over time.
  • During the quarter, the Company announced the sale of the 102-room SpringHill Suites Jacksonville in Jacksonville, Florida for $11.2 million ($109,000 per key).
  • During the quarter, the Company amended and extended its mortgage loan for the 140-room Hotel Indigo Atlanta in Atlanta, Georgia.
  • Subsequent to quarter end, the Company refinanced its mortgage loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana.
  • Capex invested during the quarter was $37.5 million, bringing the total capex invested for the full year to $159.2 million.

CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTY
On October 3, 2019, the Company announced that it entered into a new franchise agreement for the 252-room Hilton Alexandria Old Town in Alexandria, Virginia that it acquired in June 2018.  Under the new franchise agreement, the hotel transitioned from being Hilton-managed to being managed by Remington Hotels. The management conversion was effective on October 1, 2019 and did not require a Property Improvement Plan ("PIP").

CONVERSION OF CROWNE PLAZA KEY WEST TO AUTOGRAPH COLLECTION
On October 3, 2019, the Company announced it entered into a new franchise agreement with Marriott International ("Marriott") to convert the Crowne Plaza La Concha Key West Hotel in Key West, Florida to an Autograph Collection property.  The 160-room hotel is ideally located on Duval Street in the heart of Old Town Key West within walking distance of major attractions, shopping, entertainment, and nightlife.

The agreement with Marriott calls for the hotel to be converted to an Autograph Collection property by July 1, 2022, pursuant to a conversion PIP that is currently estimated to be $13.7 million, approximately $7.8 million of which is incremental.  The PIP includes updates to the exterior, guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge, pool, and meeting space. The conversion will create a distinctive style for the hotel that is commensurate with the upper upscale/luxury Autograph product.  Post-conversion, Remington Hotels will continue to manage the property. The Company believes that post-conversion, the new Autograph property should realize a RevPAR premium to the current hotel and that its incremental investment should yield an approximate 19% unlevered internal rate of return.

SALE OF PARKING LOT AT HILTON ST. PETERSBURG
On October 15, 2019, the Company announced the sale of a 1.65-acre (72,068 square foot) parking lot adjacent to the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for total consideration of $17.5 million to be paid over time. The lot was sold to a Florida-based company and will be developed into a 35-story condominium tower and parking garage.  As part of the agreement, following project completion, the Company will have ownership rights to 205 covered parking spaces in the new parking garage for use by Hilton St. Petersburg Bayfront guests. The first payment tranche resulted in approximately $8.0 million of debt paydown.

SALE OF SPRINGHILL SUITES JACKSONVILLE
On December 4, 2019, the Company announced the sale of the 102-room SpringHill Suites Jacksonville in Jacksonville, Florida for $11.2 million ($109,000 per key). The sales price, inclusive of buyer's estimated capex of $2.5 million, represents a trailing twelve-month cap rate of 5.9% on net operating income and a 14.3x Hotel EBITDA multiple as of October 31, 2019.

CAPITAL STRUCTURE
At December 31, 2019, the Company had total mortgage loans of $4.1 billion with a blended average interest rate of 5.1% and a weighted average maturity of 4.8 years assuming full extension of the loans.

On October 2, 2019, the Company announced a stock purchase agreement with Ashford under which Ashford purchased 393,077 shares of its common stock for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.  The purchase price reflected a premium of approximately 20% based on the closing price of Ashford common stock on October 1, 2019.  Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford was only able to acquire the shares held by the Company's taxable REIT subsidiaries.  Additionally, on November 5, 2019, the Company distributed its remaining 205,086 shares of Ashford common stock to its common shareholders and unitholders through a pro-rata, taxable dividend.

During the quarter, the Company amended and extended its mortgage loan for the 140-room Hotel Indigo Atlanta in Atlanta, Georgia, which had an existing outstanding balance of $16.0 million, a floating interest rate of LIBOR + 2.90%, and a final maturity date in May 2022.  The amended, non-recourse loan totals $16.1 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only for the initial term with 1% annual amortization payments during the extension periods.  The loan provides for a floating interest rate of LIBOR + 2.25%.  

Subsequent to quarter end, the Company refinanced its mortgage loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana, which had an existing outstanding balance of approximately $43.8 million, a floating interest rate of LIBOR + 5.10%, and a final maturity date in June 2020.  The new, non-recourse loan totals $37 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan provides for a floating interest rate of LIBOR + 3.40%. 

PORTFOLIO REVPAR
As of December 31, 2019, the portfolio consisted of 117 hotels.  During the fourth quarter of 2019, 113 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 117 hotels), and comparable not under renovation basis (113 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 0.7 % to $119.04 for all hotels on a 0.9% increase in ADR and a 0.1% decrease in occupancy.
  • Comparable RevPAR increased 1.2% to $118.97 for all hotels not under renovation on a 1.0% increase in ADR and a 0.1% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  To help investors better understand the seasonality in the Company's portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 117 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On December 5, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2019, payable on January 15, 2020, to shareholders of record as of December 31, 2019.

"During 2019, we continued to benefit from the operational and financial advantages of our high-quality, well-diversified portfolio of hotels," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We remain focused on maximizing the value of our assets and continue to pursue proactive, value-added initiatives that we believe will enhance shareholder returns.  Consistent with our strategy, during the quarter, we announced the planned conversion of the Hilton Alexandria to a franchised property and the upbranding of the Crowne Plaza La Concha Key West Hotel to an Autograph Collection property. Both transactions are excellent examples of how we unlock embedded value in our portfolio. Additionally, disciplined capital recycling remains an important component of our strategy. In the quarter, we sold the SpringHill Suites Jacksonville at a very attractive cap rate compared to our current market valuation and also completed a strategic land parcel sale that allowed us to lower our leverage while simultaneously improve the parking facilities at the Hilton St. Petersburg Bayfront Hotel.  Looking ahead, we are committed to optimizing the performance of our portfolio and pursuing value-added initiatives that we believe will enhance returns for our shareholders."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, February 26, 2020, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Wednesday, March 4, 2020, by dialing (412) 317-6671 and entering the confirmation number, 13697610.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2019 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Wednesday, February 26, 2020, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.  Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.  The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations.  Forward-looking statements in this press release may include, among others, statements about the Company's strategy and future plans.  When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:  general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission. 

The forward-looking statements included in this press release are only made as of the date of this press release.  The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)



December 31,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,108,443



$

4,105,219


Cash and cash equivalents

262,636



319,210


Restricted cash

135,571



120,602


Marketable securities

14,591



21,816


Accounts receivable, net of allowance of $698 and $485, respectively

39,638



37,060


Inventories

4,346



4,224


Notes receivable

7,709




Investment in Ashford Inc.



1,896


Investment in OpenKey

2,829



2,593


Deferred costs, net

2,897



3,449


Prepaid expenses

21,886



19,982


Derivative assets, net

1,691



2,396


Operating lease right-of-use assets

49,995




Other assets

17,932



15,923


Intangible assets, net

797



9,824


Due from related parties, net

3,019




Due from third-party hotel managers

17,368



21,760


Total assets

$

4,691,348



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,106,518



$

3,927,266


Accounts payable and accrued expenses

134,341



136,757


Dividends and distributions payable

20,849



26,794


Due to Ashford Inc., net

6,570



23,034


Due to related parties, net



1,477


Due to third-party hotel managers

2,509



2,529


Intangible liabilities, net

2,337



15,483


Operating lease liabilities

53,270




Derivative liabilities, net

42



50


Other liabilities

25,776



18,716

Total liabilities

4,352,212



4,152,106





Redeemable noncontrolling interests in operating partnership

69,870



80,743

Equity:




Preferred stock, $0.01 par value, 50,000,000 shares authorized :




Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at December 31, 2019 and 2018

24


24

Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at December 31, 2019 and 2018

48


48

Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at December 31, 2019 and 2018

62


62

Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at December 31, 2019 and 2018

38


38

Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at December 31, 2019 and 2018

54


54

Common stock, $0.01 par value, 400,000,000 shares authorized, 102,103,602 and 101,035,530 shares issued and outstanding
   at December 31, 2019 and 2018, respectively

1,021


1,010

Additional paid-in capital

1,825,553


1,814,273

Accumulated deficit

(1,558,038)


(1,363,020)

Total shareholders' equity of the Company

268,762


452,489

Noncontrolling interests in consolidated entities

504


616

Total equity

269,266


453,105

Total liabilities and equity

$

4,691,348



$

4,685,954















 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

REVENUE








Rooms

$

274,650



$

266,597



$

1,184,987



$

1,134,687


Food and beverage

61,820



59,442



243,917



224,311


Other

17,223



16,424



69,653



67,782


Total hotel revenue

353,693



342,463



1,498,557



1,426,780


Other

963



1,025



4,202



4,009


Total revenue

354,656



343,488



1,502,759



1,430,789


EXPENSES








Hotel operating expenses








Rooms

63,186



60,642



258,446



248,139


Food and beverage

42,411



40,632



167,945



156,902


Other expenses

115,308



109,834



472,437



442,463


Management fees

12,681



12,772



53,846



53,078


Total hotel operating expenses

233,586



223,880



952,674



900,582


Property taxes, insurance and other

19,979



18,992



84,110



78,355


Depreciation and amortization

66,408



65,922



269,003



258,458


Impairment charges

27,095



21,739



33,628



23,391


Transaction costs





2



11


Advisory services fee:








Base advisory fee

8,969



8,882



36,269



35,526


Reimbursable expenses

1,537



2,574



9,300



8,351


Non-cash stock/unit-based compensation

4,577



4,705



18,063



25,245


Corporate, general and administrative:








Non-cash stock/unit-based compensation

82





886



536


Other general and administrative

3,097



2,481



10,221



10,395


Total operating expenses

365,330



349,175



1,414,156



1,340,850


Gain (loss) on sale of assets and hotel properties

23,203



81



26,126



475


OPERATING INCOME (LOSS)

12,529



(5,606)



114,729



90,414


Equity in earnings (loss) of unconsolidated entities

(99)



(25)



(2,307)



867


Interest income

665



1,173



3,067



3,952


Other income (expense), net

11,472



(16)



10,490



64


Interest expense, net of premium amortization

(54,478)



(56,281)



(232,457)



(215,344)


Amortization of loan costs

(7,014)



(6,825)



(29,544)



(21,442)


Write-off of premiums, loan costs and exit fees

(263)



469



(2,841)



(8,847)


Unrealized gain (loss) on marketable securities

175



(255)



1,896



(1,013)


Unrealized gain (loss) on derivatives

(440)



1,494



(4,494)



(2,178)


INCOME (LOSS) BEFORE INCOME TAXES

(37,453)



(65,872)



(141,461)



(153,527)


Income tax benefit (expense)

1,834



(176)



(1,218)



(2,782)


NET INCOME (LOSS)

(35,619)



(66,048)



(142,679)



(156,309)


(Income) loss from consolidated entities attributable to noncontrolling interest

110



22



112



30


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

7,350



11,226



28,932



29,313


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(28,159)



(54,800)



(113,635)



(126,966)


Preferred dividends

(10,644)



(10,644)



(42,577)



(42,577)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(38,803)



$

(65,444)



$

(156,212)



$

(169,543)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.39)



$

(0.66)



$

(1.58)



$

(1.75)


Weighted average common shares outstanding – basic

99,968



99,324



99,837



97,282


Diluted:








Net income (loss) attributable to common stockholders

$

(0.39)



$

(0.66)



$

(1.58)



$

(1.75)


Weighted average common shares outstanding – diluted

99,968



99,324



99,837



97,282


Dividends declared per common share:

$

0.06



$

0.12



$

0.30



$

0.48


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

Net income (loss)

$

(35,619)



$

(66,048)



$

(142,679)



$

(156,309)


Interest expense and amortization of premiums and loan costs, net

61,492



63,106



262,001



236,786


Depreciation and amortization

66,408



65,922



269,003



258,458


Income tax expense (benefit)

(1,834)



176



1,218



2,782


Equity in (earnings) loss of unconsolidated entities

99



25



2,307



(867)


Company's portion of EBITDA of Ashford Inc.

(26)



2,486



4,336



3,445


Company's portion of EBITDA of OpenKey

(95)



(153)



(403)



(572)


EBITDA

90,425



65,514



395,783



343,723


Impairment charges on real estate

27,095



21,739



33,628



23,391


(Gain) loss on sale of assets and hotel properties

(23,203)



(81)



(26,126)



(475)


EBITDAre

94,317



87,172



403,285



366,639


Amortization of unfavorable contract liabilities

16



(38)



176



(155)


Uninsured hurricane related costs



(20)





(291)


(Gain) loss on insurance settlements

(407)



(928)



(450)



(928)


Write-off of premiums, loan costs and exit fees

263



(469)



2,841



8,847


Other (income) expense, net

(11,392)



194



(10,219)



539


Transaction and conversion costs

1,268



267



2,329



863


Legal, advisory and settlement costs

(406)



156



1,660



1,084


Unrealized (gain) loss on marketable securities

(175)



255



(1,896)



1,013


Unrealized (gain) loss on derivatives

440



(1,494)



4,494



2,178


Dead deal costs

28



236



78



291


Non-cash stock/unit-based compensation

4,854



4,993



19,717



26,939


Company's portion of adjustments to EBITDAre of Ashford Inc.

262



(495)



2,941



4,479


Company's portion of adjustments to EBITDAre of OpenKey

6



16



49



17


Adjusted EBITDAre

$

89,074



$

89,845



$

425,005



$

411,515


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited) 






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

Net income (loss)

$

(35,619)



$

(66,048)



$

(142,679)



$

(156,309)


(Income) loss from consolidated entities attributable to noncontrolling interest

110



22



112



30


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

7,350



11,226



28,932



29,313


Preferred dividends

(10,644)



(10,644)



(42,577)



(42,577)


Net income (loss) attributable to common stockholders

(38,803)



(65,444)



(156,212)



(169,543)


Depreciation and amortization on real estate

66,354



65,864



268,778



258,227


(Gain) loss on sale of assets and hotel properties

(23,203)



(81)



(26,126)



(475)


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(7,350)



(11,226)



(28,932)



(29,313)


Equity in (earnings) loss of unconsolidated entities

99



25



2,307



(867)


Impairment charges on real estate

27,095



21,739



33,628



23,391


Company's portion of FFO of Ashford Inc.

(440)



134



(4,030)



1,524


Company's portion of FFO of OpenKey

(99)



(155)



(396)



(581)


FFO available to common stockholders and OP unitholders

23,653



10,856



89,017



82,363


Write-off of premiums, loan costs and exit fees

263



(469)



2,841



8,847


(Gain) loss on insurance settlements

(407)



(928)



(450)



(928)


Uninsured hurricane related costs



(20)





(291)


Other (income) expense, net

(11,392)



194



(10,219)



539


Transaction and conversion costs

1,268



267



2,329



863


Legal, advisory and settlement costs

(406)



156



1,660



1,084


Unrealized (gain) loss on marketable securities

(175)



255



(1,896)



1,013


Unrealized (gain) loss on derivatives

440



(1,494)



4,494



2,178


Dead deal costs

28



236



78



291


Non-cash stock/unit-based compensation

4,854



4,993



19,717



26,939


Amortization of loan costs

7,012



6,823



29,537



21,435


Company's portion of adjustments to FFO of Ashford Inc.

557



199



8,319



907


Company's portion of adjustments to FFO of OpenKey

9



17



55



21


Adjusted FFO available to common stockholders and OP unitholders

$

25,704



$

21,085



$

145,482



$

145,261


Adjusted FFO per diluted share available to common stockholders and OP unitholders

$

0.22



$

0.18



$

1.22



$

1.26


Weighted average diluted shares

119,340



116,786



119,062



115,466


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)



Indebtedness


Maturity


Interest Rate


Fixed-
Rate
Debt


Floating-
Rate
Debt


Total
Debt


Comparable
TTM
Hotel
EBITDA (7)


Comparable TTM EBITDA
Debt Yield

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%


$



$

395,000


(1)

$

395,000



$

40,665



10.3

%

BAML Highland Pool - 19 hotels


April 2020


LIBOR + 3.20%




907,030


(1)

907,030



105,297



11.6

%

BAML Le Pavillon - 1 hotel


June 2020


LIBOR + 5.10%




43,750


(3)

43,750



2,742



6.3

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(1)

180,720



20,886



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(1)

174,400



20,840



11.9

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(1)

221,040



20,481



9.3

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(1)

262,640



27,719



10.6

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(1)

160,000



24,361



15.2

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(1)

215,120



24,138



11.2

%

Morgan Stanley Ann Arbor - 1 hotel


July 2020


LIBOR + 4.40%




35,200


(4)

35,200



3,199



9.1

%

Morgan Stanley - 8 hotels


July 2020


LIBOR + 4.33%




144,000


(4)

144,000



10,635



7.4

%

GACC Gateway - 1 hotel


November 2020


6.26%


91,542





91,542



13,164



14.4

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(5)

25,000



4,143



16.6

%

Morgan Stanley Pool - 17 hotels


November 2020


LIBOR + 3.00%




419,000


(6)

419,000



48,565



11.6

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(1)

240,000



35,394



14.7

%

SPT Embassy Suites New York Manhattan Times
Square - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(2)

145,000



8,609



5.9

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,822



15.3

%

BAML Indigo Atlanta - 1 hotel


December 2022


LIBOR + 2.25%




16,100


(2)

16,100



2,660



15.7

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


51,843





51,843



4,843



9.3

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



7,853



10.7

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,759





6,759



1,152



17.0

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,865





9,865



1,944



19.7

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,292





6,292



1,060



16.8

%

Southside Bank Ashton - 1 hotel


June 2024


LIBOR + 2.00%




8,881



8,881



900



10.1

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


64,207





64,207



6,807



10.6

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


11,845





11,845



1,373



11.6

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


23,683





23,683



2,844



12.0

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,438





19,438



2,409



12.4

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


50,279





50,279



8,937



17.8

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


24,919





24,919



2,342



9.4

%

Unencumbered hotels












951



N/A

Total






$

360,672



$

3,763,331



$

4,124,003



$

471,735



11.4

%

Percentage






8.7

%


91.3

%


100.0

%





Weighted average interest rate






5.30

%


5.06

%


5.08

%























All indebtedness is non-recourse.
(1)      This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(2)      This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(3)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.
(4)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(5)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(6)      This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019.
(7)      See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)




2020


2021


2022


2023


2024


Thereafter


Total

BAML Le Pavillon - 1 hotel


$

43,750



$



$



$



$



$



$

43,750


Morgan Stanley - 8 hotels


144,000













144,000


Morgan Stanley Ann Arbor - 1 hotel


35,200













35,200


GACC Gateway - 1 hotel


89,886













89,886


Prudential Boston Back Bay - 1 hotel






97,000









97,000


Deutsche Bank W Minneapolis - 1 hotel








48,182







48,182


Aareal Hilton Alexandria - 1 hotel








73,450







73,450


JPMorgan Chase La Posada - 1 hotel








25,000







25,000


GACC Jacksonville RI - 1 hotel










9,036





9,036


GACC Manchester RI - 1 hotel










6,191





6,191


SPT Embassy Suites New York Manhattan Times Square - 1 hotel










145,000





145,000


Key Bank Manchester CY - 1 hotel










5,671





5,671


Southside Bank Ashton - 1 hotel










8,881





8,881


Morgan Stanley Pool C1 - 3 hotels










58,612





58,612


Morgan Stanley Pool C2 - 2 hotels










10,755





10,755


Morgan Stanley Pool C3 - 3 hotels










21,522





21,522


Morgan Stanley Pool - 17 hotels










419,000





419,000


BAML Indigo Atlanta - 1 hotel










15,781





15,781


JPMorgan Chase - 8 hotels












395,000



395,000


BAML Pool 3 - 3 hotels












44,413



44,413


BAML Pool 5 - 2 hotels












17,073



17,073


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel












22,030



22,030


BAML Highland Pool - 19 hotels












907,030



907,030


KEYS Pool A - 7 hotels












180,720



180,720


KEYS Pool B - 7 hotels












174,400



174,400


KEYS Pool C - 5 hotels












221,040



221,040


KEYS Pool D - 5 hotels












262,640



262,640


KEYS Pool E - 5 hotels












160,000



160,000


KEYS Pool F - 5 hotels












215,120



215,120


BAML Princeton/Nashville - 2 hotels












240,000



240,000


Principal due in future periods


312,836





97,000



146,632



700,449



2,839,466



4,096,383


Scheduled amortization payments remaining


6,614



5,485



5,767



5,402



4,250



102



27,620


Total indebtedness


$

319,450



$

5,485



$

102,767



$

152,034



$

704,699



$

2,839,568



$

4,124,003


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)



ALL HOTELS:




Three Months Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

273,660



$

(499)



$

273,161



$

265,654



$

5,529



$

271,183



3.01

%


0.73

%


RevPAR

$

118.92



$

(77.53)



$

119.04



$

115.34



$

(614.56)



$

118.20



3.11

%


0.71

%


Occupancy

73.16

%


(73.03)

%


73.16

%


72.88

%


(23.44)

%


73.26

%


0.38

%


(0.14)

%


ADR

$

162.55



$

(106.16)



$

162.71



$

158.25



$

2,622.02



$

161.34



2.72

%


0.85

%



ALL HOTELS:




Year Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

1,180,922



$

(13,245)



$

1,167,677



$

1,130,258



$

20,124



$

1,150,382



4.48

%


1.50

%


RevPAR

$

127.84



$

(98.74)



$

128.26



$

124.19



$

(5,052.74)



$

126.45



2.94

%


1.43

%


Occupancy

76.35

%


(77.74)

%


76.33

%


76.40

%


(292.39)

%


76.56

%


(0.07)

%


(0.30)

%


ADR

$

167.44



$

(127.01)



$

168.04



$

162.55



$

1,728.07



$

165.17



3.01

%


1.74

%
































NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable
       adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.



ALL HOTELS
     NOT UNDER RENOVATION:


Three Months Ended December 31,



Actual


Non-
comparable Adjustments


Comparable


Actual


Non-
comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

261,518



$

(499)



$

261,019



$

252,448



$

5,529



$

257,977



3.59

%


1.18

%


RevPAR

$

118.85



$

(77.53)



$

118.97



$

114.62



$

(614.56)



$

117.61



3.69

%


1.16

%


Occupancy

73.42

%


(73.03)

%


73.42

%


72.92

%


(23.44)

%


73.32

%


0.69

%


0.14

%


ADR

$

161.88



$

(106.16)



$

162.04



$

157.17



$

2,622.02



$

160.40



2.99

%


1.02

%



ALL HOTELS
     NOT UNDER RENOVATION:


Year Ended December 31,



Actual


Non-
comparable Adjustments


Comparable


Actual


Non-
comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

1,128,899



$

(13,245)



$

1,115,654



$

1,074,592



$

20,124



$

1,094,716



5.05

%


1.91

%


RevPAR

$

127.73



$

(98.74)



$

128.18



$

123.49



$

(5,052.74)



$

125.86



3.43

%


1.84

%


Occupancy

76.61

%


(77.74)

%


76.59

%


76.48

%


(292.39)

%


76.65

%


0.17

%


(0.08)

%


ADR

$

166.73



$

(127.01)



$

167.35



$

161.47



$

1,728.07



$

164.21



3.26

%


1.91

%
































NOTES:
(1)  The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at December 31, 2019, and not under renovation during the three months ended December 31, 2019, were
       owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)





ALL HOTELS:

Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

352,335



$

341,229



3.25

%


$

1,493,057



$

1,421,032



5.07

%

Non-comparable adjustments

(541)



5,981





(15,923)



26,375




Comparable total hotel revenue

$

351,794



$

347,210



1.32

%


$

1,477,134



$

1,447,407



2.05

%













Hotel EBITDA

$

103,346



$

102,549



0.78

%


$

476,378



$

459,344



3.71

%

Non-comparable adjustments

(140)



2,963





(4,643)



10,035




Comparable hotel EBITDA

$

103,206



$

105,512



(2.19)

%


$

471,735



$

469,379



0.50

%

Hotel EBITDA margin

29.33

%


30.05

%


(0.72)

%


31.91

%


32.32

%


(0.41)

%

Comparable hotel EBITDA margin

29.34

%


30.39

%


(1.05)

%


31.94

%


32.43

%


(0.49)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

69



$

63



9.52

%


$

332



$

321



3.43

%

Hotel EBITDA attributable to the Company and OP unitholders

$

103,277



$

102,486



0.77

%


$

476,046



$

459,023



3.71

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

103,137



$

105,449



(2.19)

%


$

471,403



$

469,058



0.50

%























NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the
       periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.





ALL HOTELS
     NOT UNDER RENOVATION:

Three Months Ended


Year Ended

December 31,


December 31,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

335,340



$

322,219



4.07

%


$

1,420,298



$

1,342,827



5.77

%

Non-comparable adjustments

(541)



5,981





(15,923)



26,375




Comparable total hotel revenue

$

334,799



$

328,200



2.01

%


$

1,404,375



$

1,369,202



2.57

%













Hotel EBITDA

$

98,158



$

96,376



1.85

%


$

452,752



$

432,594



4.66

%

Non-comparable adjustments

(140)



2,948





(4,643)



9,974




Comparable hotel EBITDA

$

98,018



$

99,324



(1.31)

%


$

448,109



$

442,568



1.25

%

Hotel EBITDA margin

29.27

%


29.91

%


(0.64)

%


31.88

%


32.22

%


(0.34)

%

Comparable hotel EBITDA margin

29.28

%


30.26

%


(0.98)

%


31.91

%


32.32

%


(0.41)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

69



$

63



9.52

%


$

332



$

321



3.43

%

Hotel EBITDA attributable to the Company and OP unitholders

$

98,089



$

96,313



1.84

%


$

452,420



$

432,273



4.66

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

97,949



$

99,261



(1.32)

%


$

447,777



$

442,247



1.25

%























NOTES:
(1)  The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at December 31, 2019, and not under renovation during the three
       months ended December 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired
       during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)


























Actual


Non-
comparable Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


4th Quarter


4th Quarter


4th Quarter


3rd Quarter


3rd Quarter


3rd Quarter


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter

Total hotel revenue

$

352,335



$

(541)



$

351,794



$

371,999



$

(3,272)



$

368,727



$

412,671



$

(7,109)



$

405,562



$

356,052



$

(5,001)



$

351,051


Hotel EBITDA

$

103,346



$

(140)



$

103,206



$

115,796



$

(754)



$

115,042



$

145,327



$

(1,866)



$

143,461



$

111,909



$

(1,883)



$

110,026


Hotel EBITDA margin

29.33

%




29.34

%


31.13

%




31.20

%


35.22

%




35.37

%


31.43

%




31.34

%

























EBITDA % of total TTM

21.7

%




21.9

%


24.3

%




24.4

%


30.5

%




30.4

%


23.7

%




22.8

%

























JV interests in EBITDA

$

69



$



$

69



$

98



$



$

98



$

105



$



$

105



$

60



$



$

60



























Actual


Non-
comparable Adjustments


Comparable




















2019


2019


2019




















TTM


TTM


TTM



















Total hotel revenue

$

1,493,057



$

(15,923)



$

1,477,134




















Hotel EBITDA

$

476,378



$

(4,643)



$

471,735




















Hotel EBITDA margin

31.91

%




31.94

%











































EBITDA % of total TTM

100.0

%




100.0

%











































JV interests in EBITDA

$

332



$



$

332


















































NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented.
       Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)












Three Months Ended December 31,


Number of
Hotels


Number of
Rooms


Actual


Non-comparable
Adjustments


Comparable


Actual


Non-comparable
Adjustments


Comparable


Actual


Comparable




2019


2019


2019


2018


2018


2018


% Variance


% Variance

Atlanta, GA Area

9



1,426



$

129.79



$



$

129.79



$

118.67



$



$

118.67



9.4

%


9.4

%

Boston, MA Area

3



915



170.20





170.20



180.40





180.40



(5.7)

%


(5.7)

%

Dallas / Ft. Worth, TX Area

7



1,518



103.23





103.23



103.71





103.71



(0.5)

%


(0.5)

%

Houston, TX Area

3



692



97.00





97.00



97.14





97.14



(0.1)

%


(0.1)

%

Los Angeles, CA Metro Area

6



1,619



119.65





119.65



121.28





121.28



(1.3)

%


(1.3)

%

Miami, FL Metro Area

3



588



128.56





128.56



117.61





117.61



9.3

%


9.3

%

Minneapolis - St. Paul, MN-WI Area

4



809



94.26





94.26



106.27





106.27



(11.3)

%


(11.3)

%

Nashville, TN Area

1



673



198.59





198.59



193.32





193.32



2.7

%


2.7

%

New York / New Jersey Metro Area

7



2,051



134.35





134.35



110.79



253.52



132.36



21.3

%


1.5

%

Orlando, FL Area

3



734



112.93





112.93



106.67





106.67



5.9

%


5.9

%

Philadelphia, PA Area

3



648



100.72





100.72



97.27





97.27



3.5

%


3.5

%

San Diego, CA Area

2



410



97.06





97.06



110.50





110.50



(12.2)

%


(12.2)

%

San Francisco - Oakland, CA Metro Area

7



1,547



146.35





146.35



157.23



146.81



156.03



(6.9)

%


(6.2)

%

Tampa, FL Area

2



571



106.56





106.56



101.67





101.67



4.8

%


4.8

%

Washington D.C. - MD - VA Area

9



2,426



128.25





128.25



120.87





120.87



6.1

%


6.1

%

Other Areas

48



8,315



103.61



(77.53)



103.83



101.28



(76.16)



103.05



2.3

%


0.8

%

Total Portfolio

117



24,942



$

118.92



$

(77.53)



$

119.04



$

115.34



$

(614.56)



$

118.20



3.1

%


0.7

%





































NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented.
       Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)







Three Months Ended December 31,


Number
of Hotels


Number of
Rooms


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Comparable




2019


2019


2019



2018


2018


2018



% Variance


% Variance

Atlanta, GA Area

9



1,426



$

6,787



$

(41)



$

6,746



6.5

%


$

5,395



$

(30)



$

5,365



5.1

%


25.8

%


25.7

%

Boston, MA Area

3



915



5,854





5,854



5.7

%


6,507



34



6,541



6.2

%


(10.0)

%


(10.5)

%

Dallas / Ft. Worth, TX Area

7



1,518



6,041





6,041



5.9

%


6,213



61



6,274



5.9

%


(2.8)

%


(3.7)

%

Houston, TX Area

3



692



2,362





2,362



2.3

%


2,352



29



2,381



2.3

%


0.4

%


(0.8)

%

Los Angeles, CA Metro Area

6



1,619



6,408



(1)



6,407



6.2

%


7,392



(36)



7,356



7.0

%


(13.3)

%


(12.9)

%

Miami, FL Metro Area

3



588



2,794





2,794



2.7

%


2,593



(3)



2,590



2.5

%


7.8

%


7.9

%

Minneapolis - St. Paul, MN-WI Area

4



809



1,333





1,333



1.3

%


2,737



15



2,752



2.6

%


(51.3)

%


(51.6)

%

Nashville, TN Area

1



673



7,692





7,692



7.5

%


5,989



1.00



5,990



5.7

%


28.4

%


28.4

%

New York / New Jersey Metro Area

7



2,051



9,491



297



9,788



9.5

%


7,503



2,747



10,250



9.7

%


26.5

%


(4.5)

%

Orlando, FL Area

3



734



2,600





2,600



2.5

%


2,301



(5)



2,296



2.2

%


13.0

%


13.2

%

Philadelphia, PA Area

3



648



2,100





2,100



2.0

%


1,887



(30)



1,857



1.8

%


11.3

%


13.1

%

San Diego, CA Area

2



410



1,040





1,040



1.0

%


1,498



(7)



1,491



1.4

%


(30.6)

%


(30.2)

%

San Francisco - Oakland, CA Metro Area

7



1,547



7,964





7,964



7.7

%


8,815



837



9,652



9.1

%


(9.7)

%


(17.5)

%

Tampa, FL Area

2



571



2,172



(7)



2,165



2.1

%


1,885



4



1,889



1.8

%


15.2

%


14.6

%

Washington D.C. - MD - VA Area

9



2,426



10,295



(184)



10,111



9.8

%


9,837



86



9,923



9.4

%


4.7

%


1.9

%

Other Areas

48



8,315



28,413



(204)



28,209



27.3

%


29,645



(740)



28,905



27.3

%


(4.2)

%


(2.4)

%

Total Portfolio

117



24,942



$

103,346



$

(140)



$

103,206



100.0

%


$

102,549



$

2,963



$

105,512



100.0

%


0.8

%


(2.2)

%


NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented.
       Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)












Year Ended December 31,


Number
of Hotels


Number of
Rooms


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable




2019


2019


2019


2018


2018


2018


% Variance


% Variance

Atlanta, GA Area

9



1,426



$

139.43



$



$

139.43



$

128.22



$



$

128.22



8.7

%


8.7

%

Boston, MA Area

3



915



183.31





183.31



180.35





180.35



1.6

%


1.6

%

Dallas / Ft. Worth, TX Area

7



1,518



108.16





108.16



111.74





111.74



(3.2)

%


(3.2)

%

Houston, TX Area

3



692



103.09





103.09



106.04





106.04



(2.8)

%


(2.8)

%

Los Angeles, CA Metro Area

6



1,619



133.16





133.16



131.95





131.95



0.9

%


0.9

%

Miami, FL Metro Area

3



588



129.83





129.83



132.39





132.39



(1.9)

%


(1.9)

%

Minneapolis - St. Paul, MN-WI Area

4



809



108.62





108.62



122.38





122.38



(11.2)

%


(11.2)

%

Nashville, TN Area

1



673



210.17





210.17



204.04





204.04



3.0

%


3.0

%

New York / New Jersey Metro Area

7



2,051



133.35



118.67



133.22



117.14



194.59



128.41



13.8

%


3.7

%

Orlando, FL Area

3



734



113.47





113.47



108.12





108.12



4.9

%


4.9

%

Philadelphia, PA Area

3



648



103.45





103.45



103.10





103.10



0.3

%


0.3

%

San Diego, CA Area

2



410



119.20





119.20



122.90





122.90



(3.0)

%


(3.0)

%

San Francisco - Oakland, CA Metro Area

7



1,547



164.20



109.80



163.24



162.88



158.30



162.35



0.8

%


0.5

%

Tampa, FL Area

2



571



120.85





120.85



112.70



(154.79)



109.86



7.2

%


10.0

%

Washington D.C. - MD - VA Area

9



2,426



140.12





140.12



134.23



235.98



137.53



4.4

%


1.9

%

Other Areas

48



8,315



112.67



(100.33)



113.28



109.87



(82.39)



111.60



2.5

%


1.5

%

Total Portfolio

117



24,942



$

127.84



$

(98.74)



$

128.26



$

124.19



$

(5,052.74)



$

126.45



2.9

%


1.4

%





































NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented.
       Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)












Year Ended December 31,


Number
of Hotels


Number of
Rooms


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Non-
comparable A
djustments


Comparable


% of
Total


Actual


Comparable




2019


2019


2019



2018


2018


2018



% Variance


% Variance

Atlanta, GA Area

9



1,426



$

28,838



$

(33)



$

28,805



6.1

%


$

24,039



$

(14)



$

24,025



5.1

%


19.9

%


19.9

%

Boston, MA Area

3



915



25,890





25,890



5.5

%


25,777



134



25,911



5.5

%


0.4

%


(0.1)

%

Dallas / Ft. Worth, TX Area

7



1,518



25,694





25,694



5.4

%


26,839



247



27,086



5.8

%


(4.3)

%


(5.1)

%

Houston, TX Area

3



692



10,304





10,304



2.2

%


11,360



114



11,474



2.4

%


(9.3)

%


(10.2)

%

Los Angeles, CA Metro Area

6



1,619



32,052



(1)



32,051



6.8

%


33,109



(143)



32,966



7.0

%


(3.2)

%


(2.8)

%

Miami, FL Metro Area

3



588



11,003





11,003



2.3

%


11,966



(12)



11,954



2.5

%


(8.0)

%


(8.0)

%

Minneapolis - St. Paul, MN-WI Area

4



809



9,518





9,518



2.0

%


14,256



63



14,319



3.1

%


(33.2)

%


(33.5)

%

Nashville, TN Area

1



673



31,204





31,204



6.6

%


24,655





24,655



5.3

%


26.6

%


26.6

%

New York / New Jersey Metro Area

7



2,051



37,686



315



38,001



8.1

%


30,488



6,408



36,896



7.9

%


23.6

%


3.0

%

Orlando, FL Area

3



734



10,247





10,247



2.2

%


9,482



(19)



9,463



2.0

%


8.1

%


8.3

%

Philadelphia, PA Area

3



648



8,248





8,248



1.7

%


8,441



(121)



8,320



1.8

%


(2.3)

%


(0.9)

%

San Diego, CA Area

2



410



6,591





6,591



1.4

%


7,272



(29)



7,243



1.5

%


(9.4)

%


(9.0)

%

San Francisco - Oakland, CA Metro Area

7



1,547



39,151



218



39,369



8.3

%


36,892



4,226



41,118



8.8

%


6.1

%


(4.3)

%

Tampa, FL Area

2



571



10,879



(7)



10,872



2.3

%


10,853



(1,156)



9,697



2.1

%


0.2

%


12.1

%

Washington D.C. - MD - VA Area

9



2,426



48,486



(73)



48,413



10.3

%


42,924



4,822



47,746



10.2

%


13.0

%


1.5

%

Other Areas

48



8,315



140,587



(5,062)



135,525



28.8

%


140,991



(4,485)



136,506



29.0

%


(0.3)

%


(0.7)

%

Total Portfolio

117



24,942



$

476,378



$

(4,643)



$

471,735



100.0

%


$

459,344



$

10,035



$

469,379



100.0

%


3.7

%


0.5

%


NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented.
       Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
DECEMBER 31, 2019
(in thousands, except share price)
(unaudited)




December 31, 2019

Common stock shares outstanding

102,104


Partnership units outstanding

21,941


Combined common stock shares and partnership units outstanding

124,045


Common stock price

$

2.79


Market capitalization

$

346,086


Series D cumulative preferred stock

$

59,735


Series F cumulative preferred stock

$

120,000


Series G cumulative preferred stock

$

155,000


Series H cumulative preferred stock

$

95,000


Series I cumulative preferred stock

$

135,000


Indebtedness

$

4,124,003


Joint venture partner's share of consolidated indebtedness

$

(1,958)


Net working capital (see below)

$

(331,273)


Total enterprise value (TEV)

$

4,701,593




Cash and cash equivalents

$

262,414


Restricted cash

$

135,363


Accounts receivable, net

$

39,630


Prepaid expenses

$

21,882


Investment in securities

$

14,591


Due from third-party hotel managers, net

$

14,857


Total current assets

$

488,737




Accounts payable, net & accrued expenses

$

133,069


Dividends and distributions payable

$

20,849


Due to affiliates, net

$

3,546


Total current liabilities

$

157,464




Net working capital*

$

331,273



* Includes the Company's pro rata share of net working capital in joint ventures.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)







2019

2020



1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter


Rooms

Actual

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Courtyard Crystal City Reagan Airport

272









x

Courtyard Louisville Airport

150


x








Embassy Suites Crystal City

269


x







x

Fairfield Inn and Suites Kennesaw

86



x

x






Hampton Inn Buford Mall of Georgia

92


x








Hampton Inn Suites Columbus Easton

145


x








Hilton Alexandria Old Town

252









x

Hilton Fort Worth

294




x

x

x




Hilton Garden Inn BWI Airport

158


x

x







Hilton Santa Cruz Scotts Valley

178








x

x

Hyatt Regency Coral Gables

254


x








Hyatt Regency Savannah

351








x

x

Hyatt Regency Windwatch

358






x




Marriott Bridgewater

347





x

x

x



Marriott Crystal Gateway

701


x








Marriott DFW Airport

491


x

x

x






Marriott Fremont Silicon Valley

357






x

x

x

x

Marriott Omaha

300








x

x

Marriott RTP

225




x

x





One Ocean Resort

193


x








Renaissance Nashville

673


x

x

x






Ritz-Carlton Atlanta

444








x


Sheraton Ann Arbor

197






x

x



W Atlanta Downtown

237









x

W Minneapolis Hotel - The Foshay

229





x

x




Westin Princeton

296


x








Total


11

4

5

4

6

3

5

8


(a)  Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 or 2020 are included in this table.

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)












2019


2019


2019


2019


December 31, 2019


4th Quarter


3rd Quarter


2nd Quarter


1st Quarter


TTM

Net income (loss)

$

24,896



$

42,625



$

63,002



$

38,235



$

168,758


Non-property adjustments

3,678



(2,274)



6,205



(268)



7,341


Interest income

(51)



(103)



(76)



(76)



(306)


Interest expense

4,616



5,004



5,165



4,423



19,208


Amortization of loan costs

452



447



440



424



1,763


Depreciation and amortization

66,925



67,681



67,303



66,987



268,896


Income tax expense (benefit)

174



44



63



43



324


Non-hotel EBITDA ownership expense

2,656



2,372



3,225



2,141



10,394


Hotel EBITDA including amounts attributable to
noncontrolling interest

103,346



115,796



145,327



111,909



476,378


Non-comparable adjustments

(140)



(754)



(1,866)



(1,883)



(4,643)


Comparable hotel EBITDA

$

103,206



$

115,042



$

143,461



$

110,026



$

471,735



NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019,
       were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel
       properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its
       analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Three Months Ended December 31, 2019


Hotel
Properties
Not Under Renovation


Hotel
Properties
Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford
Hospitality
Trust, Inc.

Net income (loss)

$

23,789



$

1,107



$

24,896



$

52



$

(60,567)



$

(35,619)


Non-property adjustments

3,678





3,678





(3,678)




Interest income

(43)



(8)



(51)





51




Interest expense

4,616





4,616





49,862



54,478


Amortization of loan cost

452





452





6,562



7,014


Depreciation and amortization

63,361



3,564



66,925



166



(683)



66,408


Income tax expense (benefit)

173



1



174





(2,008)



(1,834)


Non-hotel EBITDA ownership expense

2,132



524



2,656



7



(2,663)




Hotel EBITDA including amounts attributable to noncontrolling
interest

98,158



5,188



103,346



225



(13,124)



90,447


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(69)





(69)





69




Equity in (earnings) loss of unconsolidated entities









99



99


Company's portion of EBITDA of Ashford Inc.









(26)



(26)


Company's portion of EBITDA of OpenKey









(95)



(95)


Hotel EBITDA attributable to the Company and OP unitholders

$

98,089



$

5,188



$

103,277



$

225



$

(13,077)



$

90,425


Non-comparable adjustments

(140)





(140)








Comparable hotel EBITDA

$

98,018



$

5,188



$

103,206









NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Three Months Ended December 31, 2018


Hotel
Properties
Not Under Renovation


Hotel
Properties
Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford
Hospitality
Trust, Inc.

Net income (loss)

$

7,516



$

3,304



$

10,820



$

25



$

(76,893)



$

(66,048)


Non-property adjustments

20,729



1



20,730





(20,730)




Interest income

(63)



(27)



(90)





90




Interest expense

2,355





2,355





53,926



56,281


Amortization of loan cost

210





210





6,615



6,825


Depreciation and amortization

62,897



2,840



65,737



138



47



65,922


Income tax expense (benefit)

109





109





67



176


Non-hotel EBITDA ownership expense

2,623



55



2,678



13



(2,691)




Hotel EBITDA including amounts attributable to noncontrolling
interest

96,376



6,173



102,549



176



(39,569)



63,156


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

63





63





(63)




Equity in (earnings) loss of unconsolidated entities









25



25


Company's portion of EBITDA of Ashford Inc.









2,486



2,486


Company's portion of EBITDA of OpenKey









(153)



(153)


Hotel EBITDA attributable to the Company and OP unitholders

$

96,439



$

6,173



$

102,612



$

176



$

(37,274)



$

65,514


Non-comparable adjustments

2,948



15



2,963








Comparable hotel EBITDA

$

99,324



$

6,188



$

105,512









NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Year Ended December 31, 2019


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

157,978



$

10,780



$

168,758



$

358



$

(311,795)



$

(142,679)


Non-property adjustments

7,341





7,341



(70)



(7,271)




Interest income

(223)



(83)



(306)





306




Interest expense

19,208





19,208





213,249



232,457


Amortization of loan cost

1,763





1,763





27,781



29,544


Depreciation and amortization

256,532



12,364



268,896



644



(537)



269,003


Income tax expense (benefit)

324





324





894



1,218


Non-hotel EBITDA ownership expense

9,829



565



10,394



33



(10,427)




Hotel EBITDA including amounts attributable to noncontrolling
interest

452,752



23,626



476,378



965



(87,800)



389,543


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(332)





(332)





332




Equity in (earnings) loss of unconsolidated entities









2,307



2,307


Company's portion of EBITDA of Ashford Inc.









4,336



4,336


Company's portion of EBITDA of OpenKey









(403)



(403)


Hotel EBITDA attributable to the Company and OP unitholders

$

452,420



$

23,626



$

476,046



$

965



$

(81,228)



$

395,783


Non-comparable adjustments

(4,643)





(4,643)








Comparable hotel EBITDA

$

448,109



$

23,626



$

471,735









NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Year Ended December 31, 2018


Hotel
Properties
Not Under Renovation


Hotel
Properties
Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

148,510



$

14,408



$

162,918



$

843



$

(320,070)



$

(156,309)


Non-property adjustments

21,988





21,988





(21,988)




Interest income

(167)



(84)



(251)





251




Interest expense

7,685





7,685





207,659



215,344


Amortization of loan cost

649





649





20,793



21,442


Depreciation and amortization

245,707



12,029



257,736



528



194



258,458


Income tax expense (benefit)

132





132





2,650



2,782


Non-hotel EBITDA ownership expense

8,090



397



8,487



32



(8,519)




Hotel EBITDA including amounts attributable to noncontrolling
interest

432,594



26,750



459,344



1,403



(119,030)



341,717


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(321)





(321)





321




Equity in (earnings) loss of unconsolidated entities









(867)



(867)


Company's portion of EBITDA of Ashford Inc.









3,445



3,445


Company's portion of EBITDA of OpenKey









(572)



(572)


Hotel EBITDA attributable to the Company and OP unitholders

$

432,273



$

26,750



$

459,023



$

1,403



$

(116,703)



$

343,723


Non-comparable adjustments

9,974



61



10,035








Comparable hotel EBITDA

$

442,568



$

26,811



$

469,379









NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  Excluded Hotels Under Renovation:
       Hilton Fort Worth, Marriott Bridgewater, Marriott RTP, W Minneapolis Hotel - The Foshay

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Three Months Ended December 31, 2019


Atlanta, GA Area


Boston, MA Area


Dallas /
Ft. Worth,
TX Area


Houston,
TX Area


Los
Angeles,
CA Metro
Area


Miami, FL Metro Area


Minneapolis -
St. Paul, MN -
WI Area


Nashville,
TN Area


New York / New Jersey Metro Area

Net income (loss)

$

2,293



$

1,557



$

1,313



$

861



$

2,294



$

468



$

(1,149)



$

4,798



$

2,229


Non-property adjustments

193









(92)










Interest income

(1)





(2)





(2)



(1)



(5)





(4)


Interest expense

198



953















2,078


Amortization of loan costs

41



58















185


Depreciation and amortization

3,984



3,175



4,625



1,454



4,230



2,270



2,110



2,596



4,626


Income tax expense (benefit)















66



62


Non-hotel EBITDA ownership expense

79



111



105



47



(22)



57



377



232



315


Hotel EBITDA including amounts attributable
to noncontrolling interest

6,787



5,854



6,041



2,362



6,408



2,794



1,333



7,692



9,491


Non-comparable adjustments

(41)









(1)









297


Comparable hotel EBITDA

$

6,746



$

5,854



$

6,041



$

2,362



$

6,407



$

2,794



$

1,333



$

7,692



$

9,788





















Orlando,
FL Area


Philadelphia, PA Area


San Diego,
CA Area


San
Francisco - Oakland,
CA Metro
Area


Tampa, FL
Area


Washington D.C. - MD -
VA Area


Other Areas


Total
Portfolio



Net income (loss)

$

394



$

534



$

289



$

3,929



$

20,069



$

1,170



$

(16,153)



$

24,896




Non-property adjustments









(19,418)





22,995



3,678




Interest income

(3)



(1)



(1)



(9)





(11)



(11)



(51)




Interest expense







297





806



284



4,616




Amortization of loan costs







15





58



95



452




Depreciation and amortization

2,248



1,558



793



3,442



1,580



8,062



20,172



66,925




Income tax expense (benefit)



15











31



174




Non-hotel EBITDA ownership expense

(39)



(6)



(41)



290



(59)



210



1,000



2,656




Hotel EBITDA including amounts attributable t
o noncontrolling interest

2,600



2,100



1,040



7,964



2,172



10,295



28,413



103,346




Non-comparable adjustments









(7)



(184)



(204)



(140)




Comparable hotel EBITDA

$

2,600



$

2,100



$

1,040



$

7,964



$

2,165



$

10,111



$

28,209



$

103,206





NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Three Months Ended December 31, 2018


Atlanta,
GA Area


Boston, MA Area


Dallas /
Ft. Worth,
TX Area


Houston,
TX Area


Los Angeles, CA Metro
Area


Miami, FL Metro Area


Minneapolis - St. Paul, MN -
WI Area


Nashville,
TN Area


New York /
New Jersey Metro Area

Net income (loss)

$

1,672



$

1,590



$

2,359



$

1,381



$

2,770



$

294



$

362



$

3,382



$

3,301


Non-property adjustments

(1)







(485)












Interest income

(1)





(3)





(3)





(19)





(11)


Interest expense

208



1,068
















Amortization of loan costs

39



57
















Depreciation and amortization

3,463



3,329



3,724



1,365



4,567



2,151



2,363



2,446



4,080


Income tax expense (benefit)















129



(4)


Non-hotel EBITDA ownership expense

15



463



133



91



58



148



31



32



137


Hotel EBITDA including amounts attributable
to noncontrolling interest

5,395



6,507



6,213



2,352



7,392



2,593



2,737



5,989



7,503


Non-comparable adjustments

(30)



34



61



29



(36)



(3)



15



1



2,747


Comparable hotel EBITDA

$

5,365



$

6,541



$

6,274



$

2,381



$

7,356



$

2,590



$

2,752



$

5,990



$

10,250





















Orlando,
FL Area


Philadelphia, PA Area


San Diego,
CA Area


San
Francisco - Oakland,
CA Metro
Area


Tampa, FL Area


Washington D.C. - MD -
VA Area


Other Areas


Total
Portfolio



Net income (loss)

$

(19)



$

133



$

528



$

5,500



$

240



$

1,080



$

(13,753)



$

10,820




Non-property adjustments









(4)



(77)



21,297



20,730




Interest income

(3)



(1)



(1)



(8)





(20)



(20)



(90)




Interest expense











892



187



2,355




Amortization of loan costs











56



58



210




Depreciation and amortization

2,243



1,623



834



3,191



1,547



7,801



21,010



65,737




Income tax expense (benefit)



8











(24)



109




Non-hotel EBITDA ownership expense

80



124



137



132



102



105



890



2,678




Hotel EBITDA including amounts attributable
to noncontrolling interest

2,301



1,887



1,498



8,815



1,885



9,837



29,645



102,549




Non-comparable adjustments

(5)



(30)



(7)



837



4



86



(740)



2,963




Comparable hotel EBITDA

$

2,296



$

1,857



$

1,491



$

9,652



$

1,889



$

9,923



$

28,905



$

105,512





NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Year Ended December 31, 2019


Atlanta,
GA Area


Boston, MA Area


Dallas /
Ft. Worth,
TX Area


Houston,
TX Area


Los Angeles, CA Metro Area


Miami, FL Metro Area


Minneapolis - St. Paul, MN - WI Area


Nashville,
TN Area


New York / New Jersey Metro Area

Net income (loss)

$

11,157



$

8,527



$

8,211



$

4,149



$

14,190



$

1,703



$

572



$

20,162



$

8,591


Non-property adjustments

193







(43)



(92)





(47)





(326)


Interest income

(4)





(9)





(12)



(4)



(54)





(35)


Interest expense

841



4,191















8,432


Amortization of loan costs

162



230















722


Depreciation and amortization

15,684



12,606



17,105



5,807



17,581



9,095



8,445



10,146



18,581


Income tax expense (benefit)















190



62


Non-hotel EBITDA ownership expense

805



336



387



391



385



209



602



706



1,659


Hotel EBITDA including amounts attributable
to noncontrolling interest

28,838



25,890



25,694



10,304



32,052



11,003



9,518



31,204



37,686


Non-comparable adjustments

(33)









(1)









315


Comparable hotel EBITDA

$

28,805



$

25,890



$

25,694



$

10,304



$

32,051



$

11,003



$

9,518



$

31,204



$

38,001





















Orlando,
FL Area


Philadelphia, PA Area


San Diego, CA Area


San Francisco - Oakland,
CA Metro Area


Tampa, FL Area


Washington D.C. - MD - VA Area


Other Areas


Total
Portfolio



Net income (loss)

$

1,270



$

1,634



$

3,391



$

23,552



$

23,904



$

12,121



$

25,624



$

168,758




Non-property adjustments







(71)



(19,419)





27,146



7,341




Interest income

(15)



(4)



(6)



(39)





(63)



(61)



(306)




Interest expense







1,005





3,511



1,228



19,208




Amortization of loan costs







50





227



372



1,763




Depreciation and amortization

8,859



6,440



3,213



13,399



6,335



32,129



83,471



268,896




Income tax expense (benefit)



15











57



324




Non-hotel EBITDA ownership expense

133



163



(7)



1,255



59



561



2,750



10,394




Hotel EBITDA including amounts attributable
to noncontrolling interest

10,247



8,248



6,591



39,151



10,879



48,486



140,587



476,378




Non-comparable adjustments







218



(7)



(73)



(5,062)



(4,643)




Comparable hotel EBITDA

$

10,247



$

8,248



$

6,591



$

39,369



$

10,872



$

48,413



$

135,525



$

471,735





NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




Year Ended December 31, 2018


Atlanta,
GA Area


Boston, MA Area


Dallas /
Ft. Worth,
TX Area


Houston,
TX Area


Los Angeles, CA Metro Area


Miami, FL Metro Area


Minneapolis - St. Paul, MN - WI Area


Nashville,
TN Area


New York / New Jersey Metro Area

Net income (loss)

$

10,008



$

6,369



$

12,431



$

6,072



$

14,506



$

3,952



$

4,131



$

15,477



$

13,660


Non-property adjustments

(1)







(619)





(120)








Interest income

(4)





(8)





(10)



(2)



(57)





(32)


Interest expense

791



3,914
















Amortization of loan costs

154



222
















Depreciation and amortization

12,694



14,505



14,004



5,467



18,325



7,867



10,002



8,972



16,467


Income tax expense (benefit)















129



(4)


Non-hotel EBITDA ownership expense

397



767



412



440



288



269



180



77



397


Hotel EBITDA including amounts attributable
to noncontrolling interest

24,039



25,777



26,839



11,360



33,109



11,966



14,256



24,655



30,488


Non-comparable adjustments

(14)



134



247



114



(143)



(12)



63





6,408


Comparable hotel EBITDA

$

24,025



$

25,911



$

27,086



$

11,474



$

32,966



$

11,954



$

14,319



$

24,655



$

36,896





















Orlando,
FL Area


Philadelphia, PA Area


San Diego, CA Area


San Francisco - Oakland,
CA Metro Area


Tampa, FL Area


Washington D.C. - MD - VA Area


Other Areas


Total
Portfolio



Net income (loss)

$

1,338



$

1,606



$

3,146



$

23,997



$

4,356



$

10,431



$

31,438



$

162,918




Non-property adjustments

(39)









(378)



1,864



21,281



21,988




Interest income

(10)



(3)



(4)



(23)





(43)



(55)



(251)




Interest expense











1,764



1,216



7,685




Amortization of loan costs











110



163



649




Depreciation and amortization

8,059



6,517



3,525



12,478



6,615



28,399



83,840



257,736




Income tax expense (benefit)



8











(1)



132




Non-hotel EBITDA ownership expense

134



313



605



440



260



399



3,109



8,487




Hotel EBITDA including amounts attributable
to noncontrolling interest

9,482



8,441



7,272



36,892



10,853



42,924



140,991



459,344




Non-comparable adjustments

(19)



(121)



(29)



4,226



(1,156)



4,822



(4,485)



10,035




Comparable hotel EBITDA

$

9,463



$

8,320



$

7,243



$

41,118



$

9,697



$

47,746



$

136,506



$

469,379





NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
       beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by
       results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)




TTM Ended December 31, 2019


KEYS Pool
A - 7 hotels


KEYS Pool
B - 7 hotels


KEYS Pool
C - 5 hotels


KEYS Pool
D - 5 hotels


KEYS Pool E -
5 hotels


KEYS Pool F -
5 hotels


BAML
Highland Pool - 19 hotels


Morgan
Stanley Pool - 17 hotels


Morgan
Stanley - 8
hotels


JP Morgan Chase - 8
hotels


BAML
Pool 3 - 3
hotels

Net income (loss)

$

12,858



$

12,375



$

3,853



$

13,636



$

9,686



$

9,040



$

41,210



$

38,908



$

(25,862)



$

17,011



$

2,774


Non-property adjustments













2,532



(19,553)



27,095



(223)




Interest income

(21)



(15)



(2)







(30)





(18)





(114)



(7)


Interest expense

















8



4




Amortization of loan costs






















Depreciation and amortization

7,988



8,220



16,184



13,894



13,650



14,298



63,073



28,416



9,077



23,365



6,096


Income tax expense (benefit)

15



62







11














Non-hotel EBITDA ownership expense

96



199



446



189



1,015



830



2,168



813



317



623



73


Hotel EBITDA including amounts
attributable to noncontrolling interest

20,936



20,841



20,481



27,719



24,362



24,138



108,983



48,566



10,635



40,666



8,936


Non-comparable adjustments

(50)



(1)







(1)





(3,686)



(1)





(1)



1


Comparable hotel EBITDA

$

20,886



$

20,840



$

20,481



$

27,719



$

24,361



$

24,138



$

105,297



$

48,565



$

10,635



$

40,665



$

8,937

























Morgan
Stanley Pool
C1 - 3 hotels


Morgan
Stanley
Pool C3 - 3 hotels


BAML
Pool 5 - 2
hotels


Morgan
Stanley
Pool C2 - 2 hotels


BAML
Princeton/ Nashville - 2 hotels


Aareal Hilton Alexandria - 1 hotel


Morgan
Stanley Ann Arbor - 1
hotel


Southside Bank
Ashton - 1
hotel


BAML
Indigo
Atlanta - 1
hotel


Prudential Boston Back Bay - 1 hotel


GACC
Gateway -
1 hotel

Net income (loss)

$

1,637



$

965



$

1,809



$

108



$

20,890



$

1,331



$

1,685



$

308



$

(204)



$

3,877



$

1,412


Non-property adjustments





(6)













193






Interest income

(1)





(7)







(36)












Interest expense











3,512







841



4,191




Amortization of loan costs











227







162



230




Depreciation and amortization

5,033



1,790



640



1,217



13,117



2,688



1,547



572



1,556



6,353



11,735


Income tax expense (benefit)









189














Non-hotel EBITDA ownership expense

137



90



(27)



49



973



203



(32)



20



113



169



16


Hotel EBITDA including amounts
attributable to noncontrolling interest

6,806



2,845



2,409



1,374



35,169



7,925



3,200



900



2,661



14,820



13,163


Non-comparable adjustments

1



(1)





(1)



225



(72)



(1)





(1)



2



1


Comparable hotel EBITDA

$

6,807



$

2,844



$

2,409



$

1,373



$

35,394



$

7,853



$

3,199



$

900



$

2,660



$

14,822



$

13,164

























GACC Jacksonville
RI - 1 hotel


JPMorgan Chase La Posada-1 
hotel


BAML Le Pavillon - 1
hotel


Key Bank Manchester
CY - 1
hotel


GACC Manchester
RI - 1 hotel


Deutsche
Bank W Minneapolis -
1 hotel


SPT Embassy Suites New
York
Manhattan
Times Square -
1 hotel


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


NorthStar
HGI
Wisconsin
Dells - 1
hotel


Unencumbered hotels


Total

Portfolio

Net income (loss)

$

(341)



$

1,067



$

(990)



$

503



$

204



$

1,919



$

(3,549)



$

(347)



$

(1,637)



$

2,622



$

168,758


Non-property adjustments



(117)











(326)



(71)



1,677



(3,860)



7,341


Interest income











(56)









1



(306)


Interest expense



1,218











8,431



1,004





(1)



19,208


Amortization of loan costs



372











721



50





1



1,763


Depreciation and amortization

2,033



1,340



3,616



521



915



2,663



2,837



969



409



3,084



268,896


Income tax expense (benefit)







32



15













324


Non-hotel EBITDA ownership expense

253



263



116



5



19



316



424



517



17



(16)



10,394


Hotel EBITDA including amounts
attributable to noncontrolling interest

1,945



4,143



2,742



1,061



1,153



4,842



8,538



2,122



466



1,831



476,378


Non-comparable adjustments

(1)







(1)



(1)



1



71



220



(466)



(880)



(4,643)


Comparable hotel EBITDA

$

1,944



$

4,143



$

2,742



$

1,060



$

1,152



$

4,843



$

8,609



$

2,342



$



$

951



$

471,735



NOTES:
(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments
       include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

 

Cision View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2019-results-301011122.html

SOURCE Ashford Hospitality Trust, Inc.

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