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Ashford Trust Reports Second Quarter 2019 Results

DALLAS, Aug. 1, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the second quarter ended June 30, 2019 with the second quarter ended June 30, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Opportunistic focus on 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 $26.9 million or $0.27 per diluted share for the quarter.
  • Actual RevPAR for all hotels increased 2.8% to $140.58 during the quarter.
  • Comparable RevPAR for all hotels increased 1.4% to $140.58 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 1.6% to $138.84 during the quarter.
  • Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
  • Adjusted EBITDAre was $132.1 million for the quarter, an increase of 5.8% over the prior-year quarter.
  • Adjusted funds from operations (AFFO) was $0.47 per diluted share for the quarter.
  • As of August 1, 2019, the Company's common stock is trading at an approximate 9.4% dividend yield.
  • Capex invested during the quarter was $43.6 million.

ENHANCED RETURN FUNDING PROGRAM  
On June 26, 2018, the Company announced that it entered into an Enhanced Return Funding Program ("ERFP") with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust's hotel acquisitions, up to an amount of $50 million in aggregate funding.  The Program has the potential to be upsized to $100 million based upon mutual agreement.   The Program is intended to improve returns for new hotel acquisitions at Ashford Trust. To date, the Company has completed four acquisitions totaling $406 million under the ERFP, which amounts to approximately 80% committed utilization of the $50 million of ERFP funding from Ashford Inc.

CAPITAL STRUCTURE
At June 30, 2019, the Company had total mortgage loans of $4.2 billion with a blended average interest rate of 5.7% and a weighted average maturity of 5.3 years assuming full extension of the loans.

During the quarter, the Company completed the refinancing of the loan on the Ashton Hotel.  The new loan has an $8.9 million balance, bears interest at a rate of LIBOR + 2.00%, and has a five-year term.  The Company does not have any more final loan maturities during 2019, and the next final loan maturity for the Company is in June of 2020.

PORTFOLIO REVPAR
As of June 30, 2019, the portfolio consisted of 121 properties.  During the second quarter of 2019, 117 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 121 hotels), and comparable not under renovation basis (117 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 1.4% to $140.58 for all hotels on a 1.5% increase in ADR and relatively flat occupancy.
  • Comparable RevPAR increased 1.6% to $138.84 for all hotels not under renovation on a 1.3% increase in ADR and a 0.3% 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 121 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On June 14, 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 second quarter ending June 30, 2019, payable on July 15, 2019, to shareholders of record as of June 28, 2019.

"We are pleased with the operational results for the recent quarter and believe that the Company remains well positioned," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We have seen strong results from several of our recent acquisitions and continue to benefit from our diversified, high-quality collection of hotels.  Our current focus is on value added initiatives, and looking ahead we're committed to increasing the performance of our portfolio to generate superior shareholder returns."

The Company plans to host an Investor Day on October 3, 2019 at the St. Regis Hotel in New York City.  More information will be forthcoming about this event.

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 2, 2019, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (323) 794-2093.  A replay of the conference call will be available through Friday, August 9, 2019, by dialing (719) 457-0820 and entering the confirmation number, 1285939.

The Company will also provide an online simulcast and rebroadcast of its second 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 Friday, August 2, 2019, 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 opportunistically in the hospitality industry 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)



June 30,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,235,263



$

4,105,219


Cash and cash equivalents

235,936



319,210


Restricted cash

162,746



120,602


Marketable securities

14,263



21,816


Accounts receivable, net of allowance of $746 and $485, respectively

65,223



37,060


Inventories

4,454



4,224


Investment in Ashford Inc.

182



1,896


Investment in OpenKey

2,676



2,593


Deferred costs, net

3,087



3,449


Prepaid expenses

32,826



19,982


Derivative assets, net

2,535



2,396


Operating lease right-of-use assets

41,114




Other assets

13,620



15,923


Intangible assets, net

797



9,824


Due from related party, net

2,297




Due from third-party hotel managers

19,642



21,760


Assets held for sale

33,336




Total assets

$

4,869,997



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,143,957



$

3,927,266


Accounts payable and accrued expenses

158,200



136,757


Dividends and distributions payable

20,435



26,794


Due to Ashford Inc., net

6,171



23,034


Due to related party, net



1,477


Due to third-party hotel managers

3,539



2,529


Intangible liabilities, net

2,377



15,483


Operating lease liabilities

43,758




Derivative liabilities, net

171



50


Other liabilities

26,253



18,716


Liabilities associated with assets held for sale

24,690




Total liabilities

4,429,551



4,152,106






Redeemable noncontrolling interests in operating partnership

73,242



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 June 30, 2019 and December 31, 2018

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 102,130,683 and 101,035,530 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

1,021



1,010


Additional paid-in capital

1,819,177



1,814,273


Accumulated deficit

(1,453,824)



(1,363,020)


Total shareholders' equity of the Company

366,600



452,489


Noncontrolling interests in consolidated entities

604



616


Total equity

367,204



453,105


Total liabilities and equity

$

4,869,997



$

4,685,954


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

REVENUE








Rooms

$

328,252



$

309,381



$

608,633



$

580,074


Food and beverage

67,298



60,429



128,359



115,473


Other

18,475



18,558



34,679



34,049


Total hotel revenue

414,025



388,368



771,671



729,596


Other

1,123



796



2,195



1,775


Total revenue

415,148



389,164



773,866



731,371


EXPENSES








Hotel operating expenses








Rooms

68,179



64,214



128,826



123,300


Food and beverage

44,122



40,156



85,445



78,621


Other expenses

124,609



116,254



238,136



222,637


Management fees

14,783



14,371



27,772



27,108


Total hotel operating expenses

251,693



234,995



480,179



451,666


Property taxes, insurance and other

21,762



20,230



42,159



38,589


Depreciation and amortization

67,511



64,566



134,689



127,613


Impairment charges

6,533



19



6,533



1,679


Transaction costs

2



9



2



11


Advisory services fee:








Base advisory fee

9,362



8,873



18,351



17,488


Reimbursable expenses

3,006



1,997



5,396



3,526


Non-cash stock/unit-based compensation

4,549



8,939



8,838



15,685


Incentive fee

(636)



3,270





3,457


Corporate, general and administrative:








Non-cash stock/unit-based compensation

622



536



721



536


Other general and administrative

2,295



2,695



4,797



4,824


Total operating expenses

366,699



346,129



701,665



665,074


Gain (loss) on sale of assets and hotel properties

328



412



561



403


OPERATING INCOME (LOSS)

48,777



43,447



72,762



66,700


Equity in earnings (loss) of unconsolidated entities

(867)



1,170



(1,930)



582


Interest income

785



883



1,566



1,629


Other income (expense), net

(338)



206



(654)



282


Interest expense, net of premium amortization

(60,379)



(52,716)



(119,287)



(105,006)


Amortization of loan costs

(7,608)



(5,490)



(14,866)



(7,943)


Write-off of premiums, loan costs and exit fees

(90)



(5,694)



(2,152)



(7,744)


Unrealized gain (loss) on marketable securities

598



(268)



1,406



(826)


Unrealized gain (loss) on derivatives

1,476



(1,916)



(1,518)



(1,587)


INCOME (LOSS) BEFORE INCOME TAXES

(17,646)



(20,378)



(64,673)



(53,913)


Income tax benefit (expense)

(3,706)



(2,973)



(3,301)



(2,087)


NET INCOME (LOSS)

(21,352)



(23,351)



(67,974)



(56,000)


(Income) loss from consolidated entities attributable to noncontrolling interest

(14)



(20)



12



18


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

5,084



5,065



13,663



11,405


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(16,282)



(18,306)



(54,299)



(44,577)


Preferred dividends

(10,644)



(10,644)



(21,288)



(21,288)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(26,926)



$

(28,950)



$

(75,587)



$

(65,865)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.27)



$

(0.30)



$

(0.77)



$

(0.69)


Weighted average common shares outstanding – basic

99,942



96,889



99,685



96,137


Diluted:








Net income (loss) attributable to common stockholders

$

(0.27)



$

(0.30)



$

(0.77)



$

(0.69)


Weighted average common shares outstanding – diluted

99,942



96,889



99,685



96,137


Dividends declared per common share:

$

0.06



$

0.12



$

0.18



$

0.24



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

Net income (loss)

$

(21,352)



$

(23,351)



$

(67,974)



$

(56,000)


Interest expense and amortization of premiums and loan costs, net

67,987



58,206



134,153



112,949


Depreciation and amortization

67,511



64,566



134,689



127,613


Income tax expense (benefit)

3,706



2,973



3,301



2,087


Equity in (earnings) loss of unconsolidated entities

867



(1,170)



1,930



(582)


Company's portion of EBITDA of Ashford Inc.

1,703



3,551



3,577



2,566


Company's portion of EBITDA of OpenKey

(94)



(122)



(209)



(261)


EBITDA

120,328



104,653



209,467



188,372


Impairment charges on real estate

6,533



19



6,533



1,679


(Gain) loss on sale of assets and hotel properties

(328)



(412)



(561)



(403)


EBITDAre

126,533



104,260



215,439



189,648


Amortization of unfavorable contract liabilities

117



(39)



78



(78)


Uninsured hurricane related costs



(17)





(228)


(Gain) loss on insurance settlements





(36)




Write-off of premiums, loan costs and exit fees

90



5,694



2,152



7,744


Other (income) expense, net

413



(206)



775



(282)


Transaction, acquisition and management conversion costs

240



121



686



205


Legal judgment and related legal costs

1,399



161



1,816



927


Unrealized (gain) loss on marketable securities

(598)



268



(1,406)



826


Unrealized (gain) loss on derivatives

(1,476)



1,916



1,518



1,587


Dead deal costs

18



3



50



3


Non-cash stock/unit-based compensation

5,368



9,801



9,958



16,803


Advisory services incentive fee

(636)



3,270





3,457


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

618



(344)



1,531



2,183


Company's portion of adjustments to EBITDAre of OpenKey

14



3



35



8


Adjusted EBITDAre

$

132,100



$

124,891



$

232,596



$

222,803


 

 

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


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

Net income (loss)

$

(21,352)



$

(23,351)



$

(67,974)



$

(56,000)


(Income) loss from consolidated entities attributable to noncontrolling interest

(14)



(20)



12



18


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

5,084



5,065



13,663



11,405


Preferred dividends

(10,644)



(10,644)



(21,288)



(21,288)


Net income (loss) attributable to common stockholders

(26,926)



(28,950)



(75,587)



(65,865)


Depreciation and amortization on real estate

67,452



64,509



134,573



127,498


(Gain) loss on sale of assets and hotel properties

(328)



(412)



(561)



(403)


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

(5,084)



(5,065)



(13,663)



(11,405)


Equity in (earnings) loss of unconsolidated entities

867



(1,170)



1,930



(582)


Impairment charges on real estate

6,533



19



6,533



1,679


Company's portion of FFO of Ashford Inc.

(767)



2,552



(1,402)



921


Company's portion of FFO of OpenKey

(96)



(125)



(196)



(266)


FFO available to common stockholders and OP unitholders

41,651



31,358



51,627



51,577


Write-off of premiums, loan costs and exit fees

90



5,694



2,152



7,744


(Gain) loss on insurance settlements





(36)




Uninsured hurricane related costs



(17)





(228)


Other (income) expense, net

413



(206)



775



(282)


Transaction, acquisition and management conversion costs

240



121



686



205


Legal judgment and related legal costs

1,399



161



1,816



927


Unrealized (gain) loss on marketable securities

(598)



268



(1,406)



826


Unrealized (gain) loss on derivatives

(1,476)



1,916



1,518



1,587


Dead deal costs

18



3



50



3


Non-cash stock/unit-based compensation

5,368



9,801



9,958



16,803


Amortization of loan costs

7,606



5,488



14,862



7,939


Advisory services incentive fee

(636)



3,270





3,457


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

2,198



(344)



4,640



2,183


Company's portion of adjustments to FFO of OpenKey

15



3



37



8


Adjusted FFO available to common stockholders and OP unitholders

$

56,288



$

57,516



$

86,679



$

92,749


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

$

0.47



$

0.50



$

0.73



$

0.81


Weighted average diluted shares

119,249



115,754



118,778



114,849



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

JUNE 30, 2019

(dollars in thousands)

(unaudited)


Indebtedness


Maturity


Interest Rate


Fixed-Rate
Debt


Floating-Rate
Debt


Total
Debt


Comparable TTM
Hotel EBITDA (8)


Comparable TTM EBITDA
Debt Yield

Morgan Stanley Ann Arbor - 1 hotel


July 2019


LIBOR + 4.15%


$



$

35,200


(1)

$

35,200



$

3,403



9.7

%

Morgan Stanley - 8 hotels


July 2019


LIBOR + 4.09%




144,000


(1)

144,000



11,243



7.8

%

NorthStar HGI Wisconsin Dells - 1 hotel


August 2019


LIBOR + 4.95%




7,778


(2)

7,778



818



10.5

%

Secured credit facility - various


September 2019


Base Rate(3) + 1.65% or
LIBOR + 2.65%









N/A



N/A


Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(4)

427,000



48,834



11.4

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(4)

395,000



41,942



10.6

%

BAML Highland Pool - 21 hotels


April 2020


LIBOR + 3.20%




962,575


(4)

962,575



108,203



11.2

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,100


(5)

16,100



2,485



15.4

%

BAML Le Pavillon - 1 hotel


June 2020


LIBOR + 5.10%




43,750


(6)

43,750



2,506



5.7

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(4)

180,720



21,025



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(4)

174,400



21,202



12.2

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(4)

221,040



21,745



9.8

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(4)

262,640



27,952



10.6

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(4)

160,000



25,343



15.8

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(4)

215,120



24,307



11.3

%

GACC Gateway - 1 hotel


November 2020


6.26%


92,494





92,494



12,654



13.7

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(7)

25,000



3,578



14.3

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(4)

240,000



33,858



14.1

%

SPT Embassy Suites New York Manhattan Times Square - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(5)

145,000



8,458



5.8

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,892



15.4

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,346





52,346



5,455



10.4

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,255



11.2

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,821





6,821



1,167



17.1

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,956





9,956



1,667



16.7

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,353





6,353



1,023



16.1

%

Southside Bank Ashton - 1 hotel


June 2024


LIBOR + 2.00%




8,881



8,881



904



10.2

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


64,808





64,808



6,870



10.6

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


11,964





11,964



1,361



11.4

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


23,917





23,917



3,283



13.7

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,669





19,669



2,702



13.7

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


50,875





50,875



8,526



16.8

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


25,162





25,162



3,689



14.7

%

Unencumbered hotels












1,812



N/A


Total






$

364,365



$

3,834,654



$

4,199,019



$

481,162



11.5

%

Percentage






8.7

%


91.3

%


100.0

%





Weighted average interest rate






5.30

%


5.68

%


5.65

%





 

All indebtedness is non-recourse with the exception of the secured credit facility.

(1)      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.

(2)      This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018.

(3)      Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

(4)      This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.

(5)      This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(6)      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.

(7)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

(8)      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

JUNE 30, 2019

(dollars in thousands)

(unaudited)




2019


2020


2021


2022


2023


Thereafter


Total

Secured credit facility - various


$



$



$



$



$



$



$


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


NorthStar HGI Wisconsin Dells - 1 hotel




7,778











7,778


GACC Gateway - 1 hotel




89,886











89,886


BAML Indigo Atlanta - 1 hotel








15,470







15,470


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












427,000



427,000


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 - 21 hotels












962,575



962,575


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




320,614





112,470



146,632



3,587,679



4,167,395


Scheduled amortization payments remaining


3,586



7,039



5,702



5,862



5,242



4,193



31,624


Total indebtedness


$

3,586



$

327,653



$

5,702



$

118,332



$

151,874



$

3,591,872



$

4,199,019


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

327,234



$



$

327,234



$

308,199



$

14,253



$

322,452



6.18

%


1.48

%


RevPAR

$

140.58



$



$

140.58



$

136.73



$

196.16



$

138.58



2.82

%


1.44

%


Occupancy

80.90

%


%


80.90

%


80.77

%


85.40

%


80.91

%


0.16

%


(0.02)

%


ADR

$

173.78



$



$

173.78



$

169.29



$

229.71



$

171.28



2.65

%


1.46

%

 

ALL HOTELS:




Six Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

606,430



$

1,867



$

608,297



$

577,500



$

20,284



$

597,784



5.01

%


1.76

%


RevPAR

$

131.46



$

113.3



$

131.39



$

128.22



$

169.63



$

129.29



2.52

%


1.62

%


Occupancy

76.91

%


71.19

%


76.89

%


77.36

%


77.08

%


77.35

%


(0.58)

%


(0.60)

%


ADR

$

170.93



$

159.15



$

170.89



$

165.75



$

220.07



$

167.15



3.12

%


2.24

%

 

NOTES:

(1)  The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

305,389



$



$

305,389



$

286,233



$

14,253



$

300,486



6.69

%


1.63

%


RevPAR

$

138.84



$



$

138.84



$

134.63



$

196.16



$

136.67



3.12

%


1.59

%


Occupancy

80.82

%


%


80.82

%


80.40

%


85.40

%


80.57

%


0.52

%


0.31

%


ADR

$

171.79



$



$

171.79



$

167.45



$

229.71



$

169.64



2.59

%


1.27

%

 

ALL HOTELS
     NOT UNDER RENOVATION:


Six Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

565,894



$

1,867



$

567,761



$

537,485



$

20,284



$

557,769



5.29

%


1.79

%


RevPAR

$

129.84



$

113.30



$

129.78



$

126.49



$

169.63



$

127.68



2.65

%


1.65

%


Occupancy

76.81

%


71.19

%


76.79

%


77.01

%


77.08

%


77.01

%


(0.26)

%


(0.28)

%


ADR

$

169.04



$

159.15



$

169.00



$

164.26



$

220.07



$

165.79



2.91

%


1.94

%

 

NOTES:

(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:

Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

412,671



$

386,834



6.68

%


$

768,723



$

726,298



5.84

%

Non-comparable adjustments



17,988





2,187



26,640




Comparable total hotel revenue

$

412,671



$

404,822



1.94

%


$

770,910



$

752,938



2.39

%













Hotel EBITDA

$

145,327



$

136,792



6.24

%


$

257,236



$

245,406



4.82

%

Non-comparable adjustments

6



6,823





290



8,105




Comparable hotel EBITDA

$

145,333



$

143,615



1.20

%


$

257,526



$

253,511



1.58

%

Hotel EBITDA margin

35.22

%


35.36

%


(0.14)

%


33.46

%


33.79

%


(0.33)

%

Comparable hotel EBITDA margin

35.22

%


35.48

%


(0.26)

%


33.41

%


33.67

%


(0.26)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

105



$

108



(2.78)

%


$

165



$

157



5.10

%

Hotel EBITDA attributable to the Company and OP unitholders

$

145,222



$

136,684



6.25

%


$

257,071



$

245,249



4.82

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

145,228



$

143,507



1.20

%


$

257,361



$

253,354



1.58

%

 

NOTES:

(1)  The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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


Six Months Ended

June 30,


June 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

381,690



$

358,620



6.43

%


$

710,411



$

674,350



5.35

%

Non-comparable adjustments



17,988





2,187



26,640




Comparable total hotel revenue

$

381,690



$

376,608



1.35

%


$

712,598



$

700,990



1.66

%













Hotel EBITDA

$

132,438



$

125,736



5.33

%


$

233,936



$

226,406



3.33

%

Non-comparable adjustments

6



6,791





290



8,041




Comparable hotel EBITDA

$

132,444



$

132,527



(0.06)

%


$

234,226



$

234,447



(0.09)

%

Hotel EBITDA margin

34.70

%


35.06

%


(0.36)

%


32.93

%


33.57

%


(0.64)

%

Comparable hotel EBITDA margin

34.70

%


35.19

%


(0.49)

%


32.87

%


33.45

%


(0.58)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

105



$

108



(2.78)

%


$

165



$

157



5.10

%

Hotel EBITDA attributable to the Company and OP unitholders

$

132,333



$

125,628



5.34

%


$

233,771



$

226,249



3.32

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

132,339



$

132,419



(0.06)

%


$

234,061



$

234,290



(0.10)

%

 

NOTES:

(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

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


2018


2018


2018


2018


2018


2018


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter


4th Quarter


4th Quarter


4th Quarter


3rd Quarter


3rd Quarter


3rd Quarter

Total hotel revenue

$

412,671



$



$

412,671



$

356,052



$

2,187



$

358,239



$

341,229



$

11,889



$

353,118



$

353,504



$

14,880



$

368,384


Hotel EBITDA

$

145,327



$

6



$

145,333



$

111,909



$

284



$

112,193



$

102,549



$

4,222



$

106,771



$

111,389



$

5,476



$

116,865


Hotel EBITDA margin

35.22

%




35.22

%


31.43

%




31.32

%


30.05

%




30.24

%


31.51

%




31.72

%

























EBITDA % of total TTM

30.8

%




30.2

%


23.8

%




23.3

%


21.8

%




22.2

%


23.6

%




24.3

%

























JV interests in EBITDA

$

105



$



$

105



$

60



$



$

60



$

63



$



$

63



$

101



$



$

101



























Actual


Non-comparable Adjustments


Comparable




















2019


2019


2019




















TTM


TTM


TTM



















Total hotel revenue

$

1,463,456



$

28,956



$

1,492,412




















Hotel EBITDA

$

471,174



$

9,988



$

481,162




















Hotel EBITDA margin

32.20

%




32.24

%











































EBITDA % of total TTM

100.0

%




100.0

%











































JV interests in EBITDA

$

329



$



$

329




















 

NOTES:

(1)  The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30,


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



$

138.72



$



$

138.72



$

131.32



$



$

131.32



5.6

%


5.6

%

Boston, MA Area

3



915



226.75





226.75



211.45





211.45



7.2

%


7.2

%

Dallas / Ft. Worth, TX Area

7



1,518



115.73





115.73



119.69





119.69



(3.3)

%


(3.3)

%

Houston, TX Area

3



692



110.19





110.19



115.12





115.12



(4.3)

%


(4.3)

%

Los Angeles, CA Metro Area

6



1,619



137.66





137.66



135.72





135.72



1.4

%


1.4

%

Miami, FL Metro Area

3



588



127.30





127.30



130.07





130.07



(2.1)

%


(2.1)

%

Minneapolis - St. Paul, MN-WI Area

4



809



124.93





124.93



128.42





128.42



(2.7)

%


(2.7)

%

Nashville, TN Area

1



673



237.40





237.40



233.80





233.80



1.5

%


1.5

%

New York / New Jersey Metro Area

7



2,051



146.76





146.76



130.73



197.13



140.77



12.3

%


4.3

%

Orlando, FL Area

3



734



113.74





113.74



107.49





107.49



5.8

%


5.8

%

Philadelphia, PA Area

3



648



119.34





119.34



115.02





115.02



3.8

%


3.8

%

San Diego, CA Area

2



410



126.89





126.89



129.27





129.27



(1.8)

%


(1.8)

%

San Francisco - Oakland, CA Metro Area

7



1,547



172.18





172.18



171.79



165.23



171.03



0.2

%


0.7

%

Tampa, FL Area

2



571



123.08





123.08



108.22



(139.64)



105.65



13.7

%


16.5

%

Washington D.C. - MD - VA Area

9



2,426



179.42





179.42



175.53



236.99



180.62



2.2

%


(0.7)

%

Other Areas

52



8,952



122.26





122.26



120.77



160.47



121.46



1.2

%


0.7

%

Total Portfolio

121



25,579



$

140.58



$



$

140.58



$

136.73



$

196.16



$

138.58



2.8

%


1.4

%

 

NOTES:

(1)    The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30,


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



$

6,640



$



$

6,640



4.6

%


$

6,073



$

(30)



$

6,043



4.2

%


9.3

%


9.9

%

Boston, MA Area

3



915



9,596





9,596



6.6

%


8,478



34



8,512



5.9

%


13.2

%


12.7

%

Dallas / Ft. Worth, TX Area

7



1,518



6,691





6,691



4.6

%


7,327



62



7,389



5.1

%


(8.7)

%


(9.4)

%

Houston, TX Area

3



692



2,764





2,764



1.9

%


3,114



29



3,143



2.2

%


(11.2)

%


(12.1)

%

Los Angeles, CA Metro Area

6



1,619



8,788





8,788



6.0

%


8,570



(36)



8,534



5.9

%


2.5

%


3.0

%

Miami, FL Metro Area

3



588



2,760





2,760



1.9

%


2,989



(3)



2,986



2.1

%


(7.7)

%


(7.6)

%

Minneapolis - St. Paul, MN-WI Area

4



809



3,752





3,752



2.6

%


4,042



16



4,058



2.8

%


(7.2)

%


(7.5)

%

Nashville, TN Area

1



673



9,672





9,672



6.7

%


7,552





7,552



5.3

%


28.1

%


28.1

%

New York / New Jersey Metro Area

7



2,051



12,339





12,339



8.5

%


9,772



1,816



11,588



8.1

%


26.3

%


6.5

%

Orlando, FL Area

3



734



2,650





2,650



1.8

%


2,491



(5)



2,486



1.7

%


6.4

%


6.6

%

Philadelphia, PA Area

3



648



2,803





2,803



1.9

%


2,741



(31)



2,710



1.9

%


2.3

%


3.4

%

San Diego, CA Area

2



410



1,879





1,879



1.3

%


2,042



(7)



2,035



1.4

%


(8.0)

%


(7.7)

%

San Francisco - Oakland, CA Metro Area

7



1,547



10,780





10,780



7.4

%


9,856



1,204



11,060



7.7

%


9.4

%


(2.5)

%

Tampa, FL Area

2



571



2,425



2



2,427



1.7

%


2,314



(221)



2,093



1.5

%


4.8

%


16.0

%

Washington D.C. - MD - VA Area

9



2,426



18,878





18,878



13.0

%


15,816



3,005



18,821



13.1

%


19.4

%


0.3

%

Other Areas

52



8,952



42,910



4



42,914



29.5

%


43,615



990



44,605



31.1

%


(1.6)

%


(3.8)

%

Total Portfolio

121



25,579



$

145,327



$

6



$

145,333



100.0

%


$

136,792



$

6,823



$

143,615



100.0

%


6.2

%


1.2

%

 

NOTES:

(1)    The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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)







Six Months Ended June 30,


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



$

148.30



$



$

148.30



$

132.94



$



$

132.94



11.6

%


11.6

%

Boston, MA Area

3



915



171.18





171.18



161.65





161.65



5.9

%


5.9

%

Dallas / Ft. Worth, TX Area

7



1,518



116.07





116.07



120.16





120.16



(3.4)

%


(3.4)

%

Houston, TX Area

3



692



108.42





108.42



113.54





113.54



(4.5)

%


(4.5)

%

Los Angeles, CA Metro Area

6



1,619



139.32





139.32



138.47





138.47



0.6

%


0.6

%

Miami, FL Metro Area

3



588



147.80





147.80



159.46





159.46



(7.3)

%


(7.3)

%

Minneapolis - St. Paul, MN-WI Area

4



809



106.30





106.30



124.96





124.96



(14.9)

%


(14.9)

%

Nashville, TN Area

1



673



218.54





218.54



207.67





207.67



5.2

%


5.2

%

New York / New Jersey Metro Area

7



2,051



126.86



118.67



126.72



117.53



154.15



122.64



7.9

%


3.3

%

Orlando, FL Area

3



734



124.82





124.82



116.82





116.82



6.8

%


6.8

%

Philadelphia, PA Area

3



648



99.79





99.79



99.66





99.66



0.1

%


0.1

%

San Diego, CA Area

2



410



122.13





122.13



121.22





121.22



0.8

%


0.8

%

San Francisco - Oakland, CA Metro Area

7



1,547



169.84



109.80



167.70



161.03



140.51



158.67



5.5

%


5.7

%

Tampa, FL Area

2



571



140.58





140.58



129.00



(154.79)



125.49



9.0

%


12.0

%

Washington D.C. - MD - VA Area

9



2,426



148.91





148.91



145.88



235.98



151.77



2.1

%


(1.9)

%

Other Areas

52



8,952



114.93





114.93



112.64



152.06



113.16



2.0

%


1.6

%

Total Portfolio

121



25,579



$

131.46



$

113.30



$

131.39



$

128.22



$

169.63



$

129.29



2.5

%


1.6

%

 

NOTES:

(1)    The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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)







Six Months Ended June 30,


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



$

16,495



$

8



$

16,503



6.4

%


$

12,509



$

3



$

12,512



4.9

%


31.8

%


31.9

%

Boston, MA Area

3



915



11,214





11,214



4.4

%


10,161



67



10,228



4.0

%


10.4

%


9.6

%

Dallas / Ft. Worth, TX Area

7



1,518



14,531





14,531



5.6

%


15,177



123



15,300



6.0

%


(4.3)

%


(5.0)

%

Houston, TX Area

3



692



5,719





5,719



2.2

%


6,637



57



6,694



2.6

%


(13.8)

%


(14.6)

%

Los Angeles, CA Metro Area

6



1,619



17,826





17,826



6.9

%


18,329



(72)



18,257



7.2

%


(2.7)

%


(2.4)

%

Miami, FL Metro Area

3



588



7,271





7,271



2.8

%


8,345



(6)



8,339



3.3

%


(12.9)

%


(12.8)

%

Minneapolis - St. Paul, MN-WI Area

4



809



4,537





4,537



1.8

%


7,360



32



7,392



2.9

%


(38.4)

%


(38.6)

%

Nashville, TN Area

1



673



16,792





16,792



6.5

%


12,090





12,090



4.8

%


38.9

%


38.9

%

New York / New Jersey Metro Area

7



2,051



17,991



69



18,060



7.0

%


15,458



1,602



17,060



6.7

%


16.4

%


5.9

%

Orlando, FL Area

3



734



6,390





6,390



2.5

%


5,832



(10)



5,822



2.3

%


9.6

%


9.8

%

Philadelphia, PA Area

3



648



3,730





3,730



1.4

%


4,117



(60)



4,057



1.6

%


(9.4)

%


(8.1)

%

San Diego, CA Area

2



410



3,510





3,510



1.4

%


3,594



(15)



3,579



1.4

%


(2.3)

%


(1.9)

%

San Francisco - Oakland, CA Metro Area

7



1,547



20,503



218



20,721



8.0

%


18,039



1,696



19,735



7.8

%


13.7

%


5.0

%

Tampa, FL Area

2



571



7,475





7,475



2.9

%


7,783



(1,073)



6,710



2.6

%


(4.0)

%


11.4

%

Washington D.C. - MD - VA Area

9



2,426



27,394





27,394



10.6

%


23,345



4,723



28,068



11.1

%


17.3

%


(2.3)

%

Other Areas

52



8,952



75,858



(5)



75,853



29.6

%


76,630



1,038



77,668



30.8

%


(1.0)

%


(2.3)

%

Total Portfolio

121



25,579



$

257,236



$

290



$

257,526



100.0

%


$

245,406



$

8,105



$

253,511



100.0

%


4.8

%


1.6

%

 

NOTES:

(1)    The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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

JUNE 30, 2019

(in thousands, except share price)

(unaudited)



June 30, 2019

Common stock shares outstanding

102,131


Partnership units outstanding

21,942


Combined common stock shares and partnership units outstanding

124,073


Common stock price

$

2.97


Market capitalization

$

368,497


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

$

4,199,019


Joint venture partner's share of consolidated indebtedness

$

(1,976)


Net working capital (see below)

$

(366,596)


Total enterprise value (TEV)

$

4,763,679




Ashford Inc. Investment:


Common stock shares owned

598


Common stock price

$

31.79


Market value of Ashford Inc. investment

$

19,016




Cash and cash equivalents

$

237,035


Restricted cash

$

163,035


Accounts receivable, net

$

65,812


Prepaid expenses

$

32,951


Investment in securities

$

14,263


Due from third-party hotel managers, net

$

16,106


Market value of Ashford Inc. investment

$

19,016


Total current assets

$

548,218




Accounts payable, net & accrued expenses

$

157,254


Dividends and distributions payable

$

20,435


Due to affiliates, net

$

3,933


Total current liabilities

$

181,622




Net working capital*

$

366,596



* 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



1st Quarter

2nd Quarter

3rd Quarter

4th Quarter


Rooms

Actual

Actual

Estimated

Estimated

Courtyard Louisville Airport

150


x




Embassy Suites Crystal City

269


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 Garden Inn BWI Airport

158


x

x



Hilton Fort Worth

294




x

x

Hyatt Regency Coral Gables

254


x




Marriott Bridgewater

347





x

Marriott Crystal Gateway

701


x




Marriott DFW Airport

491


x

x

x


Marriott RTP

225




x

x

One Ocean Resort

193


x




Renaissance Nashville

673


x

x

x


Ritz-Carlton Atlanta

444





x

W Minneapolis Hotel - The Foshay

229





x

Westin Princeton

296


x




Total


11

4

5

5

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


2018


2018


June 30, 2019


2nd Quarter


1st Quarter


4th Quarter


3rd Quarter


TTM

Net income (loss)

$

63,002



$

38,235



$

10,820



$

42,925



$

154,982


Non-property adjustments

6,205



(268)



20,730



(17)



26,650


Interest income

(76)



(76)



(90)



(73)



(315)


Interest expense

5,165



4,423



2,355



2,096



14,039


Amortization of loan costs

440



424



210



149



1,223


Depreciation and amortization

67,303



66,987



65,737



64,745



264,772


Income tax expense (benefit)

63



43



109



14



229


Non-hotel EBITDA ownership expense

3,225



2,141



2,678



1,550



9,594


Hotel EBITDA including amounts attributable to
noncontrolling interest

145,327



111,909



102,549



111,389



471,174


Non-comparable adjustments

6



284



4,222



5,476



9,988


Comparable hotel EBITDA

$

145,333



$

112,193



$

106,771



$

116,865



$

481,162


 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30, 2019


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

55,129



$

7,873



$

63,002



$

50



$

(84,404)



$

(21,352)


Non-property adjustments

6,205





6,205





(6,205)




Interest income

(76)





(76)





76




Interest expense

5,165





5,165





55,214



60,379


Amortization of loan cost

440





440





7,168



7,608


Depreciation and amortization

62,530



4,773



67,303



159



49



67,511


Income tax expense (benefit)

15



48



63





3,643



3,706


Non-hotel EBITDA ownership expense

3,030



195



3,225



7



(3,232)




Hotel EBITDA including amounts attributable to noncontrolling interest

132,438



12,889



145,327



216



(27,691)



117,852


Less: EBITDA adjustments attributable to consolidated noncontrolling interest

(105)





(105)





105




Equity in (earnings) loss of unconsolidated entities









867



867


Company's portion of EBITDA of Ashford Inc.









1,703



1,703


Company's portion of EBITDA of OpenKey









(94)



(94)


Hotel EBITDA attributable to the Company and OP unitholders

$

132,333



$

12,889



$

145,222



$

216



$

(25,110)



$

120,328


Non-comparable adjustments

6





6








Comparable hotel EBITDA

$

132,444



$

12,889



$

145,333








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Three Months Ended March 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)

$

32,523



$

5,712



$

38,235



$

269



$

(85,126)



$

(46,622)


Non-property adjustments

(268)





(268)





268




Interest income

(76)





(76)





76




Interest expense

4,423





4,423





54,485



58,908


Amortization of loan cost

424





424





6,834



7,258


Depreciation and amortization

62,474



4,513



66,987



142



49



67,178


Income tax expense (benefit)

3



40



43





(448)



(405)


Non-hotel EBITDA ownership expense

1,995



146



2,141



9



(2,150)




Hotel EBITDA including amounts attributable to noncontrolling interest

101,498



10,411



111,909



420



(26,012)



86,317


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(60)





(60)





60




Equity in (earnings) loss of unconsolidated entities









1,063



1,063


Company's portion of EBITDA of Ashford Inc.









1,874



1,874


Company's portion of EBITDA of OpenKey









(115)



(115)


Hotel EBITDA attributable to the Company and OP unitholders

$

101,438



$

10,411



$

111,849



$

420



$

(23,130)



$

89,139


Non-comparable adjustments

284





284








Comparable hotel EBITDA

$

101,782



$

10,411



$

112,193








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

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)

$

6,328



$

4,492



$

10,820



$

25



$

(76,893)



$

(66,048)


Non-property adjustments

20,729



1



20,730





(20,730)




Interest income

(91)



1



(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

61,628



4,109



65,737



138



47



65,922


Income tax expense (benefit)

(20)



129



109





67



176


Non-hotel EBITDA ownership expense

2,612



66



2,678



13



(2,691)




Hotel EBITDA including amounts attributable to noncontrolling
interest

93,751



8,798



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

$

93,814



$

8,798



$

102,612



$

176



$

(37,274)



$

65,514


Non-comparable adjustments

4,193



29



4,222








Comparable hotel EBITDA

$

97,944



$

8,827



$

106,771








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville


 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Three Months Ended September 30, 2018


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

37,110



$

5,815



$

42,925



$

91



$

(77,277)



$

(34,261)


Non-property adjustments

(17)





(17)





17




Interest income

(73)





(73)





73




Interest expense

2,096





2,096





51,961



54,057


Amortization of loan cost

149





149





6,525



6,674


Depreciation and amortization

61,177



3,568



64,745



128



50



64,923


Income tax expense (benefit)

14





14





505



519


Non-hotel EBITDA ownership expense

1,498



52



1,550



9



(1,559)




Hotel EBITDA including amounts attributable to noncontrolling
interest

101,954



9,435



111,389



228



(19,705)



91,912


Less: EBITDA adjustments attributable to consolidated noncontrolling interest

(101)





(101)





101




Equity in (earnings) loss of unconsolidated entities









(310)



(310)


Company's portion of EBITDA of Ashford Inc.









(1,607)



(1,607)


Company's portion of EBITDA of OpenKey









(158)



(158)


Hotel EBITDA attributable to the Company and OP unitholders

$

101,853



$

9,435



$

111,288



$

228



$

(21,679)



$

89,837


Non-comparable adjustments

5,441



35



5,476








Comparable hotel EBITDA

$

107,395



$

9,470



$

116,865








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Three Months Ended June 30, 2018


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

61,267



$

7,595



$

68,862



$

244



$

(92,457)



$

(23,351)


Non-property adjustments

(394)





(394)





394




Interest income

(57)



(1)



(58)





58




Interest expense

1,634





1,634





51,082



52,716


Amortization of loan cost

178





178





5,312



5,490


Depreciation and amortization

60,992



3,393



64,385



132



49



64,566


Income tax expense (benefit)

9





9





2,964



2,973


Non-hotel EBITDA ownership expense

2,107



69



2,176



21



(2,197)




Hotel EBITDA including amounts attributable to
noncontrolling
interest

125,736



11,056



136,792



397



(34,795)



102,394


Less: EBITDA adjustments attributable to consolidated noncontrolling interest

(108)





(108)





108




Equity in (earnings) loss of unconsolidated entities









(1,170)



(1,170)


Company's portion of EBITDA of Ashford Inc.









3,551



3,551


Company's portion of EBITDA of OpenKey









(122)



(122)


Hotel EBITDA attributable to the Company and OP unitholders

$

125,628



$

11,056



$

136,684



$

397



$

(32,428)



$

104,653


Non-comparable adjustments

6,791



32



6,823








Comparable hotel EBITDA

$

132,527



$

11,088



$

143,615








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Six Months Ended June 30, 2019


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

87,651



$

13,586



$

101,237



$

319



$

(169,530)



$

(67,974)


Non-property adjustments

5,937





5,937





(5,937)




Interest income

(152)





(152)





152




Interest expense

9,588





9,588





109,699



119,287


Amortization of loan cost

864





864





14,002



14,866


Depreciation and amortization

125,004



9,286



134,290



301



98



134,689


Income tax expense (benefit)

18



88



106





3,195



3,301


Non-hotel EBITDA ownership expense

5,026



340



5,366



16



(5,382)




Hotel EBITDA including amounts attributable to noncontrolling
interest

233,936



23,300



257,236



636



(53,703)



204,169


Less: EBITDA adjustments attributable to consolidated noncontrolling interest

(165)





(165)





165




Equity in (earnings) loss of unconsolidated entities









1,930



1,930


Company's portion of EBITDA of Ashford Inc.









3,577



3,577


Company's portion of EBITDA of OpenKey









(209)



(209)


Hotel EBITDA attributable to the Company and OP unitholders

$

233,771



$

23,300



$

257,071



$

636



$

(48,240)



$

209,467


Non-comparable adjustments

290





290








Comparable hotel EBITDA

$

234,226



$

23,300



$

257,526








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Six Months Ended June 30, 2018


Hotel Properties Not Under Renovation


Hotel Properties Under Renovation


Hotel Total


Orlando WorldQuest Resort


Corporate / Allocated


Ashford Hospitality Trust, Inc.

Net income (loss)

$

96,839



$

12,334



$

109,173



$

727



$

(165,900)



$

(56,000)


Non-property adjustments

1,276



(1)



1,275





(1,275)




Interest income

(87)



(1)



(88)





88




Interest expense

3,234





3,234





101,772



105,006


Amortization of loan cost

290





290





7,653



7,943


Depreciation and amortization

120,713



6,541



127,254



262



97



127,613


Income tax expense (benefit)

9





9





2,078



2,087


Non-hotel EBITDA ownership expense

4,132



127



4,259



10



(4,269)




Hotel EBITDA including amounts attributable to noncontrolling
interest

226,406



19,000



245,406



999



(59,756)



186,649


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(157)





(157)





157




Equity in (earnings) loss of unconsolidated entities









(582)



(582)


Company's portion of EBITDA of Ashford Inc.









2,566



2,566


Company's portion of EBITDA of OpenKey









(261)



(261)


Hotel EBITDA attributable to the Company and OP unitholders

$

226,249



$

19,000



$

245,249



$

999



$

(57,876)



$

188,372


Non-comparable adjustments

8,041



64



8,105








Comparable hotel EBITDA

$

234,447



$

19,064



$

253,511








 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Three Months Ended June 30, 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)

$

2,556



$

5,248



$

2,548



$

1,081



$

4,039



$

492



$

1,506



$

6,896



$

4,468


Non-property adjustments





(3)













(326)


Interest income

(1)





(2)





(3)



(1)







(11)


Interest expense

219



1,094















2,322


Amortization of loan costs

40



57















179


Depreciation and amortization

3,739



3,119



4,031



1,426



4,440



2,219



2,054



2,609



5,044


Income tax expense (benefit)















48




Non-hotel EBITDA ownership expense

87



78



117



257



312



50



192



119



663


Hotel EBITDA including amounts attributable
to noncontrolling interest

6,640



9,596



6,691



2,764



8,788



2,760



3,752



9,672



12,339


Non-comparable adjustments


















Comparable hotel EBITDA

$

6,640



$

9,596



$

6,691



$

2,764



$

8,788



$

2,760



$

3,752



$

9,672



$

12,339





















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)

$

398



$

1,161



$

1,051



$

6,991



$

746



$

9,862



$

13,959



$

63,002




Non-property adjustments













6,534



6,205




Interest income

(4)



(1)



(2)



(11)





(22)



(18)



(76)




Interest expense







297





915



318



5,165




Amortization of loan costs







15





56



93



440




Depreciation and amortization

2,184



1,629



818



3,357



1,655



7,898



21,081



67,303




Income tax expense (benefit)













15



63




Non-hotel EBITDA ownership expense

72



14



12



131



24



169



928



3,225




Hotel EBITDA including amounts attributable
to noncontrolling interest

2,650



2,803



1,879



10,780



2,425



18,878



42,910



145,327




Non-comparable adjustments









2





4



6




Comparable hotel EBITDA

$

2,650



$

2,803



$

1,879



$

10,780



$

2,427



$

18,878



$

42,914



$

145,333




 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30, 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)

$

2,596



$

3,540



$

3,636



$

1,643



$

3,979



$

1,036



$

1,399



$

5,357



$

5,384


Non-property adjustments







13












Interest income

(2)





(2)





(2)



(1)



(13)





(8)


Interest expense

196



961
















Amortization of loan costs

38



55
















Depreciation and amortization

3,079



3,896



3,481



1,376



4,596



1,892



2,565



2,187



4,074


Income tax expense (benefit)


















Non-hotel EBITDA ownership expense

166



26



212



82



(3)



62



91



8



322


Hotel EBITDA including amounts attributable
to noncontrolling interest

6,073



8,478



7,327



3,114



8,570



2,989



4,042



7,552



9,772


Non-comparable adjustments

(30)



34



62



29



(36)



(3)



16





1,816


Comparable hotel EBITDA

$

6,043



$

8,512



$

7,389



$

3,143



$

8,534



$

2,986



$

4,058



$

7,552



$

11,588





















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)

$

497



$

1,002



$

1,125



$

6,526



$

985



$

9,045



$

21,112



$

68,862




Non-property adjustments









(367)



(17)



(23)



(394)




Interest income

(2)



(1)



(1)



(6)





(7)



(13)



(58)




Interest expense













477



1,634




Amortization of loan costs













85



178




Depreciation and amortization

1,963



1,652



892



3,197



1,638



6,723



21,174



64,385




Income tax expense (benefit)













9



9




Non-hotel EBITDA ownership expense

33



88



26



139



58



72



794



2,176




Hotel EBITDA including amounts attributable
to noncontrolling interest

2,491



2,741



2,042



9,856



2,314



15,816



43,615



136,792




Non-comparable adjustments

(5)



(31)



(7)



1,204



(221)



3,005



990



6,823




Comparable hotel EBITDA

$

2,486



$

2,710



$

2,035



$

11,060



$

2,093



$

18,821



$

44,605



$

143,615




 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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)



Six Months Ended June 30, 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)

$

7,964



$

2,499



$

6,321



$

2,514



$

8,449



$

2,704



$

124



$

11,558



$

3,220


Non-property adjustments







(36)







(47)





(326)


Interest income

(2)





(5)





(6)



(2)



(13)





(22)


Interest expense

437



2,184















4,098


Amortization of loan costs

80



114















355


Depreciation and amortization

7,388



6,244



8,028



2,947



8,993



4,452



4,246



5,000



9,629


Income tax expense (benefit)















88




Non-hotel EBITDA ownership expense

628



173



187



294



390



117



227



146



1,037


Hotel EBITDA including amounts attributable
to noncontrolling interest

16,495



11,214



14,531



5,719



17,826



7,271



4,537



16,792



17,991


Non-comparable adjustments

8

















69


Comparable hotel EBITDA

$

16,503



$

11,214



$

14,531



$

5,719



$

17,826



$

7,271



$

4,537



$

16,792



$

18,060





















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)

$

1,948



$

395



$

1,870



$

13,221



$

4,267



$

9,374



$

24,809



$

101,237




Non-property adjustments







(71)







6,417



5,937




Interest income

(8)



(2)



(4)



(19)





(37)



(32)



(152)




Interest expense







408





1,825



636



9,588




Amortization of loan costs







20





112



183



864




Depreciation and amortization

4,344



3,266



1,622



6,578



3,172



15,895



42,486



134,290




Income tax expense (benefit)













18



106




Non-hotel EBITDA ownership expense

106



71



22



366



36



225



1,341



5,366




Hotel EBITDA including amounts attributable to noncontrolling interest

6,390



3,730



3,510



20,503



7,475



27,394



75,858



257,236




Non-comparable adjustments







218







(5)



290




Comparable hotel EBITDA

$

6,390



$

3,730



$

3,510



$

20,721



$

7,475



$

27,394



$

75,853



$

257,526




 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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)



Six Months Ended June 30, 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)

$

5,822



$

416



$

8,030



$

3,877



$

9,212



$

4,581



$

2,211



$

7,901



$

7,089


Non-property adjustments







(134)





(99)








Interest income

(2)





(3)





(3)



(1)



(23)





(10)


Interest expense

377



1,831
















Amortization of loan costs

76



110
















Depreciation and amortization

5,913



7,569



6,888



2,716



9,136



3,717



5,072



4,155



8,308


Income tax expense (benefit)


















Non-hotel EBITDA ownership expense

323



235



262



178



(16)



147



100



34



71


Hotel EBITDA including amounts attributable
to noncontrolling interest

12,509



10,161



15,177



6,637



18,329



8,345



7,360



12,090



15,458


Non-comparable adjustments

3



67



123



57



(72)



(6)



32





1,602


Comparable hotel EBITDA

$

12,512



$

10,228



$

15,300



$

6,694



$

18,257



$

8,339



$

7,392



$

12,090



$

17,060





















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)

$

2,041



$

743



$

1,345



$

11,669



$

4,559



$

7,974



$

31,703



$

109,173




Non-property adjustments

(40)









(394)



1,945



(3)



1,275




Interest income

(5)



(1)



(1)



(8)





(11)



(20)



(88)




Interest expense













1,026



3,234




Amortization of loan costs













104



290




Depreciation and amortization

3,809



3,241



1,807



6,148



3,488



13,181



42,106



127,254




Income tax expense (benefit)













9



9




Non-hotel EBITDA ownership expense

27



134



443



230



130



256



1,705



4,259




Hotel EBITDA including amounts attributable
to noncontrolling interest

5,832



4,117



3,594



18,039



7,783



23,345



76,630



245,406




Non-comparable adjustments

(10)



(60)



(15)



1,696



(1,073)



4,723



1,038



8,105




Comparable hotel EBITDA

$

5,822



$

4,057



$

3,579



$

19,735



$

6,710



$

28,068



$

77,668



$

253,511




 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30, 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 - 21 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

12,202



$

12,565



$

5,253



$

14,172



$

11,332



$

10,297



$

29,531



$

19,417



$

2,442



$

17,928



$

2,387


Non-property adjustments

(80)





(21)



(404)







15,075



(523)








Interest income

(21)



(16)



(2)



(1)





(39)





(16)





(111)



(8)


Interest expense









2









8



3




Amortization of loan costs






















Depreciation and amortization

8,592



8,506



15,833



14,279



13,235



13,301



61,262



29,026



8,371



23,599



6,084


Income tax expense (benefit)

9



(4)




















Non-hotel EBITDA ownership expense

340



171



667



(98)



805



767



2,444



864



425



527



62


Hotel EBITDA including amounts attributable to noncontrolling interest

21,042



21,222



21,730



27,948



25,374



24,326



108,312



48,768



11,246



41,946



8,525


Non-comparable adjustments

(17)



(20)



15



4



(31)



(19)



(109)



66



(3)



(4)



1


Comparable hotel EBITDA

$

21,025



$

21,202



$

21,745



$

27,952



$

25,343



$

24,307



$

108,203



$

48,834



$

11,243



$

41,942



$

8,526

























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)

$

2,112



$

1,756



$

2,014



$

288



$

20,072



$

1,597



$

2,016



$

344



$

(103)



$

3,332



$

1,132


Non-property adjustments

1






















Interest income

(1)





(8)







(43)












Interest expense











3,589







851



4,266




Amortization of loan costs











222







158



226




Depreciation and amortization

4,660



1,436



620



1,025



13,252



2,786



1,337



550



1,563



6,722



11,478


Income tax expense (benefit)









217














Non-hotel EBITDA ownership expense

100



97



76



53



337



106



26



6



17



291



43


Hotel EBITDA including amounts attributable to noncontrolling interest

6,872



3,289



2,702



1,366



33,878



8,257



3,379



900



2,486



14,837



12,653


Non-comparable adjustments

(2)



(6)





(5)



(20)



(2)



24



4



(1)



55



1


Comparable hotel EBITDA

$

6,870



$

3,283



$

2,702



$

1,361



$

33,858



$

8,255



$

3,403



$

904



$

2,485



$

14,892



$

12,654

























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 Scotts Valley- 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(480)



$

(688)



$

(1,325)



$

472



$

189



$

2,824



$

(3,078)



$

(80)



$

(6,534)



$

(8,405)



$

154,982


Non-property adjustments



(117)











(326)



(71)



6,515



6,601



26,650


Interest income



(2)









(47)











(315)


Interest expense



815











4,098



408





(1)



14,039


Amortization of loan costs



243











354



20







1,223


Depreciation and amortization

2,042



899



3,496



524



955



2,700



1,890



422



805



3,522



264,772


Income tax expense (benefit)







3



3











1



229


Non-hotel EBITDA ownership expense

108



351



338



25



22



(24)



360



173



37



78



9,594


Hotel EBITDA including amounts attributable to noncontrolling interest

1,670



1,501



2,509



1,024



1,169



5,453



3,298



872



823



1,796



471,174


Non-comparable adjustments

(3)



2,077



(3)



(1)



(2)



2



5,160



2,817



(5)



16



9,988


Comparable hotel EBITDA

$

1,667



$

3,578



$

2,506



$

1,023



$

1,167



$

5,455



$

8,458



$

3,689



$

818



$

1,812



$

481,162


 

NOTES:

(1)    The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30, 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 - 21 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

3,401



$

3,759



$

1,755



$

4,947



$

4,302



$

2,843



$

12,446



$

5,868



$

1,087



$

6,038



$

969


Non-property adjustments













5,148



(3)








Interest income

(6)



(4)



(1)







(10)





(5)





(34)



(2)


Interest expense

















2



1




Amortization of loan costs






















Depreciation and amortization

2,077



2,073



3,958



3,530



3,315



3,509



15,818



7,047



2,110



5,793



1,524


Income tax expense (benefit)






















Non-hotel EBITDA ownership expense

(29)



63



194



49



356



79



941



360



104



276



24


Hotel EBITDA including amounts attributable to noncontrolling interest

5,443



5,891



5,906



8,526



7,973



6,421



34,353



13,267



3,303



12,074



2,515


Non-comparable adjustments













5



1








Comparable hotel EBITDA

$

5,443



$

5,891



$

5,906



$

8,526



$

7,973



$

6,421



$

34,358



$

13,268



$

3,303



$

12,074



$

2,515

























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)

$

333



$

472



$

607



$

34



$

7,836



$

1,371



$

657



$

24



$

(66)



$

2,466



$

2,173


Non-property adjustments






















Interest income





(2)







(13)












Interest expense











915







219



1,094




Amortization of loan costs











56







40



57




Depreciation and amortization

1,238



404



161



270



3,351



659



353



139



375



1,581



2,877


Income tax expense (benefit)









48














Non-hotel EBITDA ownership expense

77



34



4



19



172



22



6



1



33



57



5


Hotel EBITDA including amounts attributable to noncontrolling interest

1,648



910



770



323



11,407



3,010



1,016



164



601



5,255



5,055


Non-comparable adjustments






















Comparable hotel EBITDA

$

1,648



$

910



$

770



$

323



$

11,407



$

3,010



$

1,016



$

164



$

601



$

5,255



$

5,055

























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 Scotts Valley- 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(57)



$

145



$

(199)



$

178



$

127



$

1,248



$

(707)



$

157



$

(1,312)



$

100



$

63,002


Non-property adjustments













(326)





1,385



1



6,205


Interest income



















1



(76)


Interest expense



316











2,322



297





(1)



5,165


Amortization of loan costs



92











179



15





1



440


Depreciation and amortization

513



300



926



133



241



606



1,141



259



189



833



67,303


Income tax expense (benefit)







9



5











1



63


Non-hotel EBITDA ownership expense

50



138



7



2



3



2



113



49



5



9



3,225


Hotel EBITDA including amounts attributable to noncontrolling interest

506



991



734



322



376



1,856



2,722



777



267



945



145,327


Non-comparable adjustments





















6


Comparable hotel EBITDA

$

506



$

991



$

734



$

322



$

376



$

1,856



$

2,722



$

777



$

267



$

945



$

145,333


 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 March 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 - 21 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

4,045



$

2,614



$

1,721



$

2,949



$

1,366



$

2,446



$

10,675



$

6,728



$

(378)



$

4,058



$

1,549


Non-property adjustments















(33)








Interest income

(5)



(4)









(10)





(4)





(26)



(2)


Interest expense

















2



1




Amortization of loan costs






















Depreciation and amortization

2,148



2,118



4,051



3,652



3,294



3,314



15,624



7,259



2,241



6,022



1,498


Income tax expense (benefit)






















Non-hotel EBITDA ownership expense

113



73



81



34



100



431



352



162



29



161



13


Hotel EBITDA including amounts attributable to noncontrolling interest

6,301



4,801



5,853



6,635



4,760



6,181



26,651



14,112



1,894



10,216



3,058


Non-comparable adjustments

(12)



(1)







(1)





6



(1)





(1)



1


Comparable hotel EBITDA

$

6,289



$

4,800



$

5,853



$

6,635



$

4,759



$

6,181



$

26,657



$

14,111



$

1,894



$

10,215



$

3,059

























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)

$

918



$

177



$

436



$

97



$

4,438



$

(65)



$

22



$

118



$

417



$

(1,465)



$

(636)


Non-property adjustments






















Interest income





(2)







(9)












Interest expense











910







218



1,090




Amortization of loan costs











56







40



57




Depreciation and amortization

1,218



400



155



249



3,100



642



340



143



364



1,580



3,023


Income tax expense (benefit)









40














Non-hotel EBITDA ownership expense

16



24



3



9



40



30



(54)



1



8



47



1


Hotel EBITDA including amounts attributable to noncontrolling interest

2,152



601



592



355



7,618



1,564



308



262



1,047



1,309



2,388


Non-comparable adjustments

1



(1)





(1)





(1)



(1)





(1)



2



1


Comparable hotel EBITDA

$

2,153



$

600



$

592



$

354



$

7,618



$

1,563



$

307



$

262



$

1,046



$

1,311



$

2,389

























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 Scotts Valley- 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

121



$

(669)



$

225



$

87



$

(62)



$

(203)



$

(2,371)



$

(237)



$

(132)



$

(754)



$

38,235


Non-property adjustments



(117)













(71)





(47)



(268)


Interest income











(14)











(76)


Interest expense



315











1,776



111







4,423


Amortization of loan costs



91











175



5







424


Depreciation and amortization

505



357



877



131



236



552



749



163



172



810



66,987


Income tax expense (benefit)







3















43


Non-hotel EBITDA ownership expense

(11)



82



58



2



2



(26)



247



124



5



(16)



2,141


Hotel EBITDA including amounts attributable to noncontrolling interest

615



59



1,160



223



176



309



576



95



45



(7)



111,909


Non-comparable adjustments

(1)







(1)



(1)



1



71



220





5



284


Comparable hotel EBITDA

$

614



$

59



$

1,160



$

222



$

175



$

310



$

647



$

315



$

45



$

(2)



$

112,193


 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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


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 - 21 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

2,759



$

2,545



$

855



$

2,585



$

1,017



$

2,000



$

(1,676)



$

3,423



$

518



$

3,418



$

18


Non-property adjustments

(75)







(404)







9,913



(485)








Interest income

(5)



(4)



(1)



(1)





(9)





(3)





(28)



(2)


Interest expense









2









1






Amortization of loan costs






















Depreciation and amortization

2,178



2,151



3,953



3,527



3,274



3,240



14,979



7,277



2,058



6,094



1,602


Income tax expense (benefit)

9



(4)




















Non-hotel EBITDA ownership expense

51



(6)



344



122



218



117



564



338



207



(30)



20


Hotel EBITDA including amounts attributable to noncontrolling interest

4,917



4,682



5,151



5,829



4,511



5,348



23,780



10,550



2,784



9,454



1,638


Non-comparable adjustments

2



(9)



5



(1)



(14)



(9)



(37)



33



(2)



(3)




Comparable hotel EBITDA

$

4,919



$

4,673



$

5,156



$

5,828



$

4,497



$

5,339



$

23,743



$

10,583



$

2,782



$

9,451



$

1,638

























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)

$

599



$

504



$

506



$

(55)



$

4,014



$

97



$

359



$

164



$

(292)



$

129



$

(174)


Non-property adjustments






















Interest income

(1)





(2)







(13)












Interest expense











892







209



1,067




Amortization of loan costs











56







39



56




Depreciation and amortization

1,126



325



151



242



3,431



751



328



135



459



1,806



2,793


Income tax expense (benefit)









129














Non-hotel EBITDA ownership expense

(30)



22



16



18



58



49



59



2



(25)



138



31


Hotel EBITDA including amounts attributable to noncontrolling interest

1,694



851



671



205



7,632



1,832



746



301



390



3,196



2,650


Non-comparable adjustments

(2)



(2)





(2)



(9)



(1)



13



3





26




Comparable hotel EBITDA

$

1,692



$

849



$

671



$

203



$

7,623



$

1,831



$

759



$

304



$

390



$

3,222



$

2,650

























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 Scotts Valley- 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(184)



$

(164)



$

(260)



$

110



$

(46)



$

711



$



$



$

(5,374)



$

(7,287)



$

10,820


Non-property adjustments

















5,130



6,651



20,730


Interest income



(2)









(18)









(1)



(90)


Interest expense



184



















2,355


Amortization of loan costs



60

















(1)



210


Depreciation and amortization

540



242



867



129



238



676







223



942



65,737


Income tax expense (benefit)







(6)



(19)













109


Non-hotel EBITDA ownership expense

55



131



113



3



12



(8)







14



76



2,678


Hotel EBITDA including amounts attributable to noncontrolling interest

411



451



720



236



185



1,361







(7)



380



102,549


Non-comparable adjustments

(1)



499



(1)





(1)



1



2,861



872



(3)



4



4,222


Comparable hotel EBITDA

$

410



$

950



$

719



$

236



$

184



$

1,362



$

2,861



$

872



$

(10)



$

384



$

106,771


 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 September 30, 2018


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 - 21 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

1,997



$

3,647



$

922



$

3,691



$

4,647



$

3,008



$

8,086



$

3,398



$

1,215



$

4,414



$

(149)


Non-property adjustments

(5)





(21)









14



(2)








Interest income

(5)



(4)









(10)





(4)





(23)



(2)


Interest expense

















3



1




Amortization of loan costs






















Depreciation and amortization

2,189



2,164



3,871



3,570



3,352



3,238



14,841



7,443



1,962



5,690



1,460


Income tax expense (benefit)






















Non-hotel EBITDA ownership expense

205



41



48



(303)



131



140



587



4



85



120



5


Hotel EBITDA including amounts attributable to noncontrolling interest

4,381



5,848



4,820



6,958



8,130



6,376



23,528



10,839



3,265



10,202



1,314


Non-comparable adjustments

(7)



(10)



10



5



(16)



(10)



(83)



33



(1)






Comparable hotel EBITDA

$

4,374



$

5,838



$

4,830



$

6,963



$

8,114



$

6,366



$

23,445



$

10,872



$

3,264



$

10,202



$

1,314

























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)

$

262



$

603



$

465



$

212



$

3,784



$

194



$

978



$

38



$

(162)



$

2,202



$

(231)


Non-property adjustments

1






















Interest income





(2)







(8)












Interest expense











872







205



1,015




Amortization of loan costs











54







39



56




Depreciation and amortization

1,078



307



153



264



3,370



734



316



133



365



1,755



2,785


Income tax expense (benefit)






















Non-hotel EBITDA ownership expense

37



17



53



7



67



5



15



2



1



49



6


Hotel EBITDA including amounts attributable to noncontrolling interest

1,378



927



669



483



7,221



1,851



1,309



173



448



5,077



2,560


Non-comparable adjustments

(1)



(3)





(2)



(11)





12



1





27




Comparable hotel EBITDA

$

1,377



$

924



$

669



$

481



$

7,210



$

1,851



$

1,321



$

174



$

448



$

5,104



$

2,560

























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 Scotts Valley- 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(360)



$



$

(1,091)



$

97



$

170



$

1,068



$



$



$

284



$

(464)



$

42,925


Non-property adjustments



















(4)



(17)


Interest income











(15)











(73)


Interest expense





















2,096


Amortization of loan costs





















149


Depreciation and amortization

484





826



131



240



866







221



937



64,745


Income tax expense (benefit)







(3)



17













14


Non-hotel EBITDA ownership expense

14





160



18



5



8







13



9



1,550


Hotel EBITDA including amounts attributable to noncontrolling interest

138





(105)



243



432



1,927







518



478



111,389


Non-comparable adjustments

(1)



1,578



(2)









2,228



1,725



(2)



7



5,476


Comparable hotel EBITDA

$

137



$

1,578



$

(107)



$

243



$

432



$

1,927



$

2,228



$

1,725



$

516



$

485



$

116,865


 

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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-second-quarter-2019-results-300895315.html

SOURCE Ashford Hospitality Trust, Inc.

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