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Ashford Trust Reports Third Quarter 2019 Results

DALLAS, Oct. 29, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 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 September 30, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the third quarter ended September 30, 2019 with the third quarter ended September 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 $41.8 million or $0.42 per diluted share for the quarter.
  • Actual RevPAR for all hotels increased 3.5% to $129.47 during the quarter.
  • Comparable RevPAR for all hotels increased 1.4% to $129.64 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 1.7% to $128.76 during the quarter.
  • Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
  • Adjusted EBITDAre was $103.1 million for the quarter, an increase of 1.3% over the prior-year quarter.
  • Adjusted funds from operations (AFFO) was $0.28 per diluted share.
  • Based on the closing stock price on October 28, 2019, the Company's common stock is trading at an approximate 9.2% dividend yield.
  • During the quarter, the Company completed the sale of the Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million.
  • During the quarter, the Company completed the sales of the Courtyard Savannah Downtown in Savannah, Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for a combined $37.8 million.
  • Subsequent to quarter end, the Company announced the sale of 393,077 shares of Ashford Inc. (NYSE American: AINC) ("Ashford") to Ashford for net proceeds of approximately $11.8 million and a plan to distribute its remaining shares of Ashford to its shareholders and unitholders.
  • Subsequent to quarter end, the Company entered into a new franchise agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the hotel from being Hilton-managed to being managed by Remington Lodging.
  • Subsequent to quarter end, the Company entered into a new franchise agreement with Marriott International to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property.
  • Subsequent to quarter end, the Company announced it had sold the parking lot adjacent to the Hilton St. Petersburg in St. Petersburg, Florida for $17.5 million.
  • Capex invested during the quarter was $40.2 million.

ASSET SALES
On August 5, 2019, the Company announced the sale of the 251-room Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million ($135,500 per key). The sales price, inclusive of the buyer's estimated anticipated capex of $21.3 million, represented a trailing twelve-month cap rate of 4.9% on net operating income and a 17.1x Hotel EBITDA multiple as of June 30, 2019.

On August 15, 2019, the Company announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers' estimated anticipated capex of $8.2 million, represented a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019.

CAPITAL STRUCTURE
At September 30, 2019, the Company had total mortgage loans of $4.1 billion with a blended average interest rate of 5.3% and a weighted average maturity of 5.0 years assuming full extension of the loans.

On October 2, 2019, the Company announced a stock purchase agreement with Ashford Inc. under which Ashford Inc. purchased 393,077 shares of its common stock for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.  The purchase price reflected a premium of approximately 20% based on the closing price of Ashford Inc. common stock on October 1, 2019.  Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford Inc. was only able to acquire the shares held by the Company's taxable REIT subsidiaries.  Additionally, the Company announced that it would distribute the remaining 205,086 shares of Ashford Inc. common stock on a pro-rata basis to Ashford Trust common shareholders and unitholders. The pro-rata distribution of Ashford Inc. shares is expected to be completed on November 5, 2019 to shareholders of record as of October 29, 2019.

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

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

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

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

PORTFOLIO REVPAR
As of September 30, 2019, the portfolio consisted of 118 properties.  During the third quarter of 2019, 113 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels), and comparable not under renovation basis (113 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 1.4% to $129.64 for all hotels on a 1.4% increase in ADR and flat occupancy.
  • Comparable RevPAR increased 1.7% to $128.76 for all hotels not under renovation on a 1.5% increase in ADR and a 0.2% 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 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On September 12, 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 third quarter ending September 30, 2019, payable on October 15, 2019, to shareholders of record as of September 30, 2019.

"We are pleased with our third quarter operating results and believe that the Company remains well-positioned to capitalize on future opportunities," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We continue to benefit from our diversified, high-quality portfolio of hotels and expect to see strong results from several of our recent acquisitions.  We also have a proven track record of unlocking value in our assets and are excited about our recent announcement of the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium for franchised hotels. Also, the upbranding of the Key West La Concha Hotel to an Autograph Collection property should elevate the property into a more desirable niche in the very attractive, high-barrier-to-entry, high-RevPAR Key West market. Additionally, disciplined capital recycling remains an important component of our strategy and during the quarter we sold three non-core properties with RevPAR below our portfolio average, but at premium multiples to where we are currently trading. Looking ahead, we are committed to increasing the performance of our portfolio and pursuing value-added initiatives that we believe will enhance returns for our shareholders."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, October 30, 2019, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (201) 689-8573. A replay of the conference call will be available through Wednesday, November 6, 2019, by dialing (412) 317-6671 and entering the confirmation number, 13694100.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2019 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Wednesday, October 30, 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)



September 30,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,172,030



$

4,105,219


Cash and cash equivalents

256,303



319,210


Restricted cash

148,826



120,602


Marketable securities

14,445



21,816


Accounts receivable, net of allowance of $596 and $485, respectively

53,786



37,060


Inventories

4,370



4,224


Investment in Ashford Inc.



1,896


Investment in OpenKey

2,928



2,593


Deferred costs, net

2,772



3,449


Prepaid expenses

29,863



19,982


Derivative assets, net

2,386



2,396


Operating lease right-of-use assets

40,807




Other assets

14,147



15,923


Intangible assets, net

797



9,824


Due from related party, net

2,743




Due from third-party hotel managers

22,848



21,760


Total assets

$

4,769,051



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,109,590



$

3,927,266


Accounts payable and accrued expenses

168,311



136,757


Dividends and distributions payable

20,641



26,794


Due to Ashford Inc., net

6,616



23,034


Due to related party, net

16



1,477


Due to third-party hotel managers

3,774



2,529


Intangible liabilities, net

2,357



15,483


Operating lease liabilities

43,536




Derivative liabilities, net

28



50


Other liabilities

26,100



18,716


Total liabilities

4,380,969



4,152,106






Redeemable noncontrolling interests in operating partnership

78,241



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 September 30, 2019 and December 31, 2018

24



24


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

48



48


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

62



62


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

38



38


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

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 102,109,649 and 101,035,530 shares issued and outstanding 
     at September 30, 2019 and December 31, 2018, respectively

1,021



1,010


Additional paid-in capital

1,822,391



1,814,273


Accumulated deficit

(1,514,411)



(1,363,020)


Total shareholders' equity of the Company

309,227



452,489


Noncontrolling interests in consolidated entities

614



616


Total equity

309,841



453,105


Total liabilities and equity

$

4,769,051



$

4,685,954


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

REVENUE








Rooms

$

301,704



$

288,016



$

910,337



$

868,090


Food and beverage

53,738



49,396



182,097



164,869


Other

17,751



17,309



52,430



51,358


Total hotel revenue

373,193



354,721



1,144,864



1,084,317


Other

1,044



1,209



3,239



2,984


Total revenue

374,237



355,930



1,148,103



1,087,301


EXPENSES








Hotel operating expenses








Rooms

66,434



64,197



195,260



187,497


Food and beverage

40,089



37,649



125,534



116,270


Other expenses

118,993



109,992



357,129



332,629


Management fees

13,393



13,198



41,165



40,306


Total hotel operating expenses

238,909



225,036



719,088



676,702


Property taxes, insurance and other

21,972



20,774



64,131



59,363


Depreciation and amortization

67,906



64,923



202,595



192,536


Impairment charges



(27)



6,533



1,652


Transaction costs





2



11


Advisory services fee:








Base advisory fee

8,949



9,156



27,300



26,644


Reimbursable expenses

2,367



2,251



7,763



5,777


Non-cash stock/unit-based compensation

4,648



4,855



13,486



20,540


Incentive fee



(3,457)






Corporate, general and administrative:








Non-cash stock/unit-based compensation

83





804



536


Other general and administrative

2,327



3,090



7,124



7,914


Total operating expenses

347,161



326,601



1,048,826



991,675


Gain (loss) on sale of assets and hotel properties

2,362



(9)



2,923



394


OPERATING INCOME (LOSS)

29,438



29,320



102,200



96,020


Equity in earnings (loss) of unconsolidated entities

(278)



310



(2,208)



892


Interest income

836



1,150



2,402



2,779


Other income (expense), net

(328)



(202)



(982)



80


Interest expense, net of premium amortization

(58,692)



(54,057)



(177,979)



(159,063)


Amortization of loan costs

(7,664)



(6,674)



(22,530)



(14,617)


Write-off of premiums, loan costs and exit fees

(426)



(1,572)



(2,578)



(9,316)


Unrealized gain (loss) on marketable securities

315



68



1,721



(758)


Unrealized gain (loss) on derivatives

(2,536)



(2,085)



(4,054)



(3,672)


INCOME (LOSS) BEFORE INCOME TAXES

(39,335)



(33,742)



(104,008)



(87,655)


Income tax benefit (expense)

249



(519)



(3,052)



(2,606)


NET INCOME (LOSS)

(39,086)



(34,261)



(107,060)



(90,261)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(10)



2



8


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

7,919



6,682



21,582



18,087


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(31,177)



(27,589)



(85,476)



(72,166)


Preferred dividends

(10,645)



(10,645)



(31,933)



(31,933)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(41,822)



$

(38,234)



$

(117,409)



$

(104,099)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.42)



$

(0.40)



$

(1.19)



$

(1.09)


Weighted average common shares outstanding – basic

99,971



97,647



99,790



96,591


Diluted:








Net income (loss) attributable to common stockholders

$

(0.42)



$

(0.40)



$

(1.19)



$

(1.09)


Weighted average common shares outstanding – diluted

99,971



97,467



99,790



96,591


Dividends declared per common share:

$

0.06



$

0.12



$

0.24



$

0.36


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(39,086)



$

(34,261)



$

(107,060)



$

(90,261)


Interest expense and amortization of premiums and loan costs, net

66,356



60,731



200,509



173,680


Depreciation and amortization

67,906



64,923



202,595



192,536


Income tax expense (benefit)

(249)



519



3,052



2,606


Equity in (earnings) loss of unconsolidated entities

278



(310)



2,208



(892)


Company's portion of EBITDA of Ashford Inc.

785



(1,607)



4,362



959


Company's portion of EBITDA of OpenKey

(99)



(158)



(308)



(419)


EBITDA

95,891



89,837



305,358



278,209


Impairment charges on real estate



(27)



6,533



1,652


(Gain) loss on sale of assets and hotel properties

(2,362)



9



(2,923)



(394)


EBITDAre

93,529



89,819



308,968



279,467


Amortization of unfavorable contract liabilities

82



(39)



160



(117)


Uninsured hurricane related costs



(43)





(271)


(Gain) loss on insurance settlements

(7)





(43)




Write-off of premiums, loan costs and exit fees

426



1,572



2,578



9,316


Other (income) expense, net

398



10



1,173



(80)


Transaction, acquisition and management conversion costs

375



391



1,061



596


Legal judgment and related legal costs

6



1



1,822



928


Unrealized (gain) loss on marketable securities

(315)



(68)



(1,721)



758


Unrealized (gain) loss on derivatives

2,536



2,085



4,054



3,672


Dead deal costs



52



50



55


Non-cash stock/unit-based compensation

4,905



5,143



14,863



21,946


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

1,148



2,814



2,679



4,997


Company's portion of adjustments to EBITDAre of OpenKey

8



4



43



12


Adjusted EBITDAre

$

103,091



$

101,741



$

335,687



$

321,279


 

 

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


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(39,086)



$

(34,261)



$

(107,060)



$

(90,261)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(10)



2



8


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

7,919



6,682



21,582



18,087


Preferred dividends

(10,645)



(10,645)



(31,933)



(31,933)


Net income (loss) attributable to common stockholders

(41,822)



(38,234)



(117,409)



(104,099)


Depreciation and amortization on real estate

67,851



64,865



202,424



192,363


(Gain) loss on sale of assets and hotel properties

(2,362)



9



(2,923)



(394)


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

(7,919)



(6,682)



(21,582)



(18,087)


Equity in (earnings) loss of unconsolidated entities

278



(310)



2,208



(892)


Impairment charges on real estate



(27)



6,533



1,652


Company's portion of FFO of Ashford Inc.

(2,188)



470



(3,590)



1,391


Company's portion of FFO of OpenKey

(101)



(160)



(297)



(426)


FFO available to common stockholders and OP unitholders

13,737



19,931



65,364



71,508


Write-off of premiums, loan costs and exit fees

426



1,572



2,578



9,316


(Gain) loss on insurance settlements

(7)





(43)




Uninsured hurricane related costs



(43)





(271)


Other (income) expense, net

398



10



1,173



(80)


Transaction, acquisition and management conversion costs

375



391



1,061



596


Legal judgment and related legal costs

6



1



1,822



928


Unrealized (gain) loss on marketable securities

(315)



(68)



(1,721)



758


Unrealized (gain) loss on derivatives

2,536



2,085



4,054



3,672


Dead deal costs



52



50



55


Non-cash stock/unit-based compensation

4,905



5,143



14,863



21,946


Amortization of loan costs

7,663



6,673



22,525



14,612


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

3,122



(1,453)



7,762



730


Company's portion of adjustments to FFO of OpenKey

9



4



46



12


Adjusted FFO available to common stockholders and OP unitholders

$

32,855



$

34,298



$

119,534



$

123,782


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

$

0.28



$

0.30



$

1.00



$

1.08


Weighted average diluted shares

119,312



115,318



118,966



115,016


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2019

(dollars in thousands)

(unaudited)


Indebtedness


Maturity


Interest Rate


Fixed-Rate
Debt


Floating-Rate
Debt


Total
Debt


Comparable
TTM
Hotel
EBITDA (6)


Comparable
TTM
EBITDA
Debt Yield

Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(1)

427,000



48,620



11.4

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(1)

395,000



41,435



10.5

%

BAML Highland Pool - 19 hotels


April 2020


LIBOR + 3.20%




907,030


(1)

907,030



105,021



11.6

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,035


(2)

16,035



2,509



15.6

%

BAML Le Pavillon - 1 hotel


June 2020


LIBOR + 5.10%




43,750


(3)

43,750



2,756



6.3

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(1)

180,720



21,023



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(1)

174,400



21,150



12.1

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(1)

221,040



21,568



9.8

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(1)

262,640



28,054



10.7

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(1)

160,000



25,109



15.7

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(1)

215,120



23,538



10.9

%

Morgan Stanley Ann Arbor - 1 hotel


July 2020


LIBOR + 4.40%




35,200


(4)

35,200



3,191



9.1

%

Morgan Stanley - 8 hotels


July 2020


LIBOR + 4.33%




144,000


(4)

144,000



10,966



7.6

%

GACC Gateway - 1 hotel


November 2020


6.26%


92,030





92,030



12,830



13.9

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(5)

25,000



3,934



15.7

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(1)

240,000



34,162



14.2

%

SPT Embassy Suites New York Manhattan Times
Square - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(2)

145,000



8,593



5.9

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,689



15.1

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,100





52,100



5,254



10.1

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,150



11.1

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,791





6,791



1,087



16.0

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,911





9,911



1,922



19.4

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,323





6,323



1,083



17.1

%

Southside Bank Ashton - 1 hotel


June 2024


LIBOR + 2.00%




8,881



8,881



861



9.7

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


64,555





64,555



6,818



10.6

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


11,914





11,914



1,324



11.1

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


23,819





23,819



3,064



12.9

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,572





19,572



2,585



13.2

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


50,623





50,623



8,623



17.0

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


25,043





25,043



3,043



12.2

%

Unencumbered hotels












1,934



N/A


Total






$

362,681



$

3,771,266



$

4,133,947



$

474,896



11.5

%

Percentage






8.8

%


91.2

%


100.0

%





Weighted average interest rate






5.30

%


5.31

%


5.31

%






All indebtedness is non-recourse.

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

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

(3)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.

(4)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.

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

(6)      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

SEPTEMBER 30, 2019

(dollars in thousands)

(unaudited)




2019


2020


2021


2022


2023


Thereafter


Total

BAML Le Pavillon - 1 hotel




43,750











43,750


Morgan Stanley - 8 hotels




144,000











144,000


Morgan Stanley Ann Arbor - 1 hotel




35,200











35,200


GACC Gateway - 1 hotel




89,886











89,886


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 - 19 hotels












907,030



907,030


KEYS Pool A - 7 hotels












180,720



180,720


KEYS Pool B - 7 hotels












174,400



174,400


KEYS Pool C - 5 hotels












221,040



221,040


KEYS Pool D - 5 hotels












262,640



262,640


KEYS Pool E - 5 hotels












160,000



160,000


KEYS Pool F - 5 hotels












215,120



215,120


BAML Princeton/Nashville - 2 hotels












240,000



240,000


Principal due in future periods




312,836





112,470



146,632



3,532,134



4,104,072


Scheduled amortization payments remaining


1,837



7,039



5,702



5,862



5,242



4,193



29,875


Total indebtedness


$

1,837



$

319,875



$

5,702



$

118,332



$

151,874



$

3,536,327



$

4,133,947


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended September 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)

$

300,832



$

(2,146)



$

298,686



$

287,104



$

7,568



$

294,672



4.78

%


1.36

%


RevPAR

$

129.47



$

(110.04)



$

129.64



$

125.15



$

747.89



$

127.89



3.45

%


1.37

%


Occupancy

78.40

%


(81.47)

%


78.37

%


78.04

%


152.39

%


78.37

%


0.46

%


%


ADR

$

165.15



$

(135.08)



$

165.41



$

160.36



$

490.77



$

163.18



2.99

%


1.37

%



ALL HOTELS:




Nine Months Ended September 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)

$

907,262



$

(9,967)



$

897,295



$

864,604



$

17,516



$

882,120



4.93

%


1.72

%


RevPAR

$

130.79



$

(99.81)



$

131.24



$

127.19



$

533.03



$

129.14



2.84

%


1.63

%


Occupancy

77.41

%


(76.94)

%


77.41

%


77.59

%


102.57

%


77.71

%


(0.23)

%


(0.38)

%


ADR

$

168.97



$

(129.72)



$

169.54



$

163.92



$

519.69



$

166.18



3.08

%


2.02

%


NOTES:

(1)

The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 September 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)

$

277,856



$

(2,146)



$

275,710



$

263,632



$

7,568



$

271,200



5.40

%


1.66

%


RevPAR

$

128.59



$

(110.04)



$

128.76



$

123.69



$

747.89



$

126.64



3.96

%


1.67

%


Occupancy

78.54

%


(81.47)

%


78.51

%


78.01

%


152.39

%


78.36

%


0.68

%


0.19

%


ADR

$

163.73



$

(135.08)



$

164.00



$

158.56



$

490.77



$

161.61



3.26

%


1.48

%



ALL HOTELS
     NOT UNDER RENOVATION:




Nine Months Ended September 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)

$

834,322



$

(9,967)



$

824,355



$

792,138



$

17,516



$

809,654



5.33

%


1.82

%


RevPAR

$

129.28



$

(99.81)



$

129.74



$

125.44



$

533.03



$

127.55



3.06

%


1.72

%


Occupancy

77.35

%


(76.94)

%


77.35

%


77.35

%


102.57

%


77.48

%


%


(0.17)

%


ADR

$

167.14



$

(129.72)



$

167.73



$

162.17



$

519.69



$

164.62



3.07

%


1.89

%


NOTES:

(1)

The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:

Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

371,999



$

353,504



5.23

%


$

1,140,722



$

1,079,802



5.64

%

Non-comparable adjustments

(2,468)



9,224





(12,576)



23,336




Comparable total hotel revenue

$

369,531



$

362,728



1.88

%


$

1,128,146



$

1,103,138



2.27

%













Hotel EBITDA

$

115,796



$

111,389



3.96

%


$

373,032



$

356,795



4.55

%

Non-comparable adjustments

(615)



4,085





(3,798)



8,064




Comparable hotel EBITDA

$

115,181



$

115,474



(0.25)

%


$

369,234



$

364,859



1.20

%

Hotel EBITDA margin

31.13

%


31.51

%


(0.38)

%


32.70

%


33.04

%


(0.34)

%

Comparable hotel EBITDA margin

31.17

%


31.83

%


(0.66)

%


32.73

%


33.07

%


(0.34)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

98



$

101



(2.97)

%


$

263



$

258



1.94

%

Hotel EBITDA attributable to the Company and OP unitholders

$

115,698



$

111,288



3.96

%


$

372,769



$

356,537



4.55

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

115,083



$

115,373



(0.25)

%


$

368,971



$

364,601



1.20

%


NOTES:

(1)  The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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


Nine Months Ended

September 30,


September 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

340,019



$

322,292



5.50

%


$

1,036,556



$

983,297



5.42

%

Non-comparable adjustments

(2,468)



9,224





(12,576)



23,336




Comparable total hotel revenue

$

337,551



$

331,516



1.82

%


$

1,023,980



$

1,006,633



1.72

%













Hotel EBITDA

$

104,748



$

100,360



4.37

%


$

333,651



$

321,875



3.66

%

Non-comparable adjustments

(615)



4,040





(3,798)



7,935




Comparable hotel EBITDA

$

104,133



$

104,400



(0.26)

%


$

329,853



$

329,810



0.01

%

Hotel EBITDA margin

30.81

%


31.14

%


(0.33)

%


32.19

%


32.73

%


(0.54)

%

Comparable hotel EBITDA margin

30.85

%


31.49

%


(0.64)

%


32.21

%


32.76

%


(0.55)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

98



$

101



(2.97)

%


$

263



$

258



1.94

%

Hotel EBITDA attributable to the Company and OP unitholders

$

104,650



$

100,259



4.38

%


$

333,388



$

321,617



3.66

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

104,035



$

104,299



(0.25)

%


$

329,590



$

329,552



0.01

%


NOTES:

(1)  The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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


2019


2019


2019


2018


2018


2018


3rd Quarter


3rd Quarter


3rd Quarter


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter


4th Quarter


4th Quarter


4th Quarter

Total hotel revenue

$

371,999



$

(2,468)



$

369,531



$

412,671



$

(6,102)



$

406,569



$

356,052



$

(4,007)



$

352,045



$

341,229



$

6,795



$

348,024


Hotel EBITDA

$

115,796



$

(615)



$

115,181



$

145,327



$

(1,631)



$

143,696



$

111,909



$

(1,552)



$

110,357



$

102,549



$

3,113



$

105,662


Hotel EBITDA margin

31.13

%




31.17

%


35.22

%




35.34

%


31.43

%




31.35

%


30.05

%




30.36

%

























EBITDA % of total TTM

24.3

%




24.3

%


30.6

%




30.3

%


23.5

%




23.2

%


21.6

%




22.2

%

























JV interests in EBITDA

$

98



$



$

98



$

105



$



$

105



$

60



$



$

60



$

63



$



$

63



























Actual


Non-
comparable
Adjustments


Comparable




















2019


2019


2019




















TTM


TTM


TTM



















Total hotel revenue

$

1,481,951



$

(5,782)



$

1,476,169




















Hotel EBITDA

$

475,581



$

(685)



$

474,896




















Hotel EBITDA margin

32.09

%




32.17

%











































EBITDA % of total TTM

100.0

%




100.0

%











































JV interests in EBITDA

$

326



$



$

326





















NOTES:

(1)  The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 September 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



$

131.62



$



$

131.62



$

128.47



$



$

128.47



2.5

%


2.5

%

Boston, MA Area

3



915



220.28





220.28



217.08





217.08



1.5

%


1.5

%

Dallas / Ft. Worth, TX Area

7



1,518



97.52





97.52



103.19





103.19



(5.5)

%


(5.5)

%

Houston, TX Area

3



692



98.68





98.68



100.18





100.18



(1.5)

%


(1.5)

%

Los Angeles, CA Metro Area

6



1,619



134.56





134.56



129.81





129.81



3.7

%


3.7

%

Miami, FL Metro Area

3



588



95.78





95.78



93.92





93.92



2.0

%


2.0

%

Minneapolis - St. Paul, MN-WI Area

4



809



127.53





127.53



133.42





133.42



(4.4)

%


(4.4)

%

Nashville, TN Area

1



673



205.28





205.28



207.60





207.60



(1.1)

%


(1.1)

%

New York / New Jersey Metro Area

7



2,051



144.90





144.90



122.75



208.20



135.66



18.0

%


6.8

%

Orlando, FL Area

3



734



91.68





91.68



92.44





92.44



(0.8)

%


(0.8)

%

Philadelphia, PA Area

3



648



113.40





113.40



115.70





115.70



(2.0)

%


(2.0)

%

San Diego, CA Area

2



410



135.57





135.57



138.61





138.61



(2.2)

%


(2.2)

%

San Francisco - Oakland, CA Metro Area

7



1,547



171.36





171.36



172.17



204.78



175.92



(0.5)

%


(2.6)

%

Tampa, FL Area

2



571



96.33





96.33



87.28





87.28



10.4

%


10.4

%

Washington D.C. - MD - VA Area

9



2,426



134.72





134.72



126.23





126.23



6.7

%


6.7

%

Other Areas

49



8,417



116.86



(110.04)



117.03



113.08



(49.54)



115.93



3.3

%


0.9

%

Total Portfolio

118



25,044



$

129.47



$

(110.04)



$

129.64



$

125.15



$

747.89



$

127.89



3.5

%


1.4

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 September 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



$

5,557



$



$

5,557



4.8

%


$

6,135



$

13



$

6,148



5.3

%


(9.4)

%


(9.6)

%

Boston, MA Area

3



915



8,821





8,821



7.7

%


9,110



33



9,143



7.9

%


(3.2)

%


(3.5)

%

Dallas / Ft. Worth, TX Area

7



1,518



5,122





5,122



4.4

%


5,449



62



5,511



4.8

%


(6.0)

%


(7.1)

%

Houston, TX Area

3



692



2,223





2,223



1.9

%


2,371



28



2,399



2.1

%


(6.2)

%


(7.3)

%

Los Angeles, CA Metro Area

6



1,619



7,818





7,818



6.8

%


7,388



(36)



7,352



6.4

%


5.8

%


6.3

%

Miami, FL Metro Area

3



588



938





938



0.8

%


1,027



(3)



1,024



0.9

%


(8.7)

%


(8.4)

%

Minneapolis - St. Paul, MN-WI Area

4



809



3,648





3,648



3.2

%


4,159



16



4,175



3.6

%


(12.3)

%


(12.6)

%

Nashville, TN Area

1



673



6,719





6,719



5.8

%


6,577



(1.00)



6,576



5.7

%


2.2

%


2.2

%

New York / New Jersey Metro Area

7



2,051



10,204





10,204



8.9

%


7,527



2,126



9,653



8.4

%


35.6

%


5.7

%

Orlando, FL Area

3



734



1,258





1,258



1.1

%


1,350



(5)



1,345



1.2

%


(6.8)

%


(6.5)

%

Philadelphia, PA Area

3



648



2,417





2,417



2.1

%


2,437



(30)



2,407



2.1

%


(0.8)

%


0.4

%

San Diego, CA Area

2



410



2,041





2,041



1.8

%


2,180



(7)



2,173



1.9

%


(6.4)

%


(6.1)

%

San Francisco - Oakland, CA Metro Area

7



1,547



10,683





10,683



9.3

%


10,038



1,693



11,731



10.2

%


6.4

%


(8.9)

%

Tampa, FL Area

2



571



1,234





1,234



1.1

%


1,185



(87)



1,098



1.0

%


4.1

%


12.4

%

Washington D.C. - MD - VA Area

9



2,426



10,796





10,796



9.4

%


9,743



12



9,755



8.4

%


10.8

%


10.7

%

Other Areas

49



8,417



36,317



(615)



35,702



30.9

%


34,713



271



34,984



30.1

%


4.6

%


2.1

%

Total Portfolio

118



25,044



$

115,796



$

(615)



$

115,181



100.0

%


$

111,389



$

4,085



$

115,474



100.0

%


4.0

%


(0.3)

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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)







Nine Months Ended September 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



$

142.68



$



$

142.68



$

131.43



$



$

131.43



8.6

%


8.6

%

Boston, MA Area

3



915



187.73





187.73



180.33





180.33



4.1

%


4.1

%

Dallas / Ft. Worth, TX Area

7



1,518



109.82





109.82



114.44





114.44



(4.0)

%


(4.0)

%

Houston, TX Area

3



692



105.14





105.14



109.04





109.04



(3.6)

%


(3.6)

%

Los Angeles, CA Metro Area

6



1,619



137.71





137.71



135.55





135.55



1.6

%


1.6

%

Miami, FL Metro Area

3



588



130.26





130.26



137.37





137.37



(5.2)

%


(5.2)

%

Minneapolis - St. Paul, MN-WI Area

4



809



113.46





113.46



127.81





127.81



(11.2)

%


(11.2)

%

Nashville, TN Area

1



673



214.07





214.07



207.65





207.65



3.1

%


3.1

%

New York / New Jersey Metro Area

7



2,051



133.01



118.67



132.85



119.29



173.50



127.07



11.5

%


4.5

%

Orlando, FL Area

3



734



113.65





113.65



108.61





108.61



4.6

%


4.6

%

Philadelphia, PA Area

3



648



104.38





104.38



105.07





105.07



(0.7)

%


(0.7)

%

San Diego, CA Area

2



410



126.66





126.66



127.08





127.08



(0.3)

%


(0.3)

%

San Francisco - Oakland, CA Metro Area

7



1,547



170.37



109.80



168.94



164.78



162.17



164.48



3.4

%


2.7

%

Tampa, FL Area

2



571



125.67





125.67



116.11



(154.79)



112.62



8.2

%


11.6

%

Washington D.C. - MD - VA Area

9



2,426



144.13





144.13



138.94



235.98



143.14



3.7

%


0.7

%

Other Areas

49



8,417



115.56



(101.72)



116.26



112.79



(79.75)



114.37



2.5

%


1.7

%

Total Portfolio

118



25,044



$

130.79



$

(99.81)



$

131.24



$

127.19



$

533.03



$

129.14



2.8

%


1.6

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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)







Nine Months Ended September 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



$

22,051



$

8



$

22,059



6.0

%


$

18,644



$

16



$

18,660



5.1

%


18.2

%


18.2

%

Boston, MA Area

3



915



20,035





20,035



5.4

%


19,270



101



19,371



5.3

%


4.0

%


3.4

%

Dallas / Ft. Worth, TX Area

7



1,518



19,653





19,653



5.3

%


20,626



185



20,811



5.7

%


(4.7)

%


(5.6)

%

Houston, TX Area

3



692



7,942





7,942



2.2

%


9,008



85



9,093



2.5

%


(11.8)

%


(12.7)

%

Los Angeles, CA Metro Area

6



1,619



25,644





25,644



6.9

%


25,717



(108)



25,609



7.0

%


(0.3)

%


0.1

%

Miami, FL Metro Area

3



588



8,209





8,209



2.2

%


9,373



(9)



9,364



2.6

%


(12.4)

%


(12.3)

%

Minneapolis - St. Paul, MN-WI Area

4



809



8,185





8,185



2.2

%


11,519



47



11,566



3.2

%


(28.9)

%


(29.2)

%

Nashville, TN Area

1



673



23,512





23,512



6.4

%


18,666





18,666



5.1

%


26.0

%


26.0

%

New York / New Jersey Metro Area

7



2,051



28,195



69



28,264



7.7

%


22,985



3,728



26,713



7.3

%


22.7

%


5.8

%

Orlando, FL Area

3



734



7,647





7,647



2.1

%


7,181



(14)



7,167



2.0

%


6.5

%


6.7

%

Philadelphia, PA Area

3



648



6,148





6,148



1.7

%


6,554



(91)



6,463



1.8

%


(6.2)

%


(4.9)

%

San Diego, CA Area

2



410



5,551





5,551



1.5

%


5,774



(22)



5,752



1.6

%


(3.9)

%


(3.5)

%

San Francisco - Oakland, CA Metro Area

7



1,547



31,187



218



31,405



8.5

%


28,077



3,389



31,466



8.6

%


11.1

%


(0.2)

%

Tampa, FL Area

2



571



8,707





8,707



2.4

%


8,968



(1,160)



7,808



2.1

%


(2.9)

%


11.5

%

Washington D.C. - MD - VA Area

9



2,426



38,190





38,190



10.3

%


33,087



4,736



37,823



10.4

%


15.4

%


1.1

%

Other Areas

49



8,417



112,176



(4,093)



108,083



29.2

%


111,346



(2,819)



108,527



29.7

%


0.7

%


(0.4)

%

Total Portfolio

118



25,044



$

373,032



$

(3,798)



$

369,234



100.0

%


$

356,795



$

8,064



$

364,859



100.0

%


4.6

%


1.2

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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

SEPTEMBER 30, 2019

(in thousands, except share price)

(unaudited)




September 30, 2019

Common stock shares outstanding

102,110


Partnership units outstanding

21,941


Combined common stock shares and partnership units outstanding

124,051


Common stock price

$

3.31


Market capitalization

$

410,609


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

$

4,133,947


Joint venture partner's share of consolidated indebtedness

$

(1,967)


Net working capital (see below)

$

(345,801)


Total enterprise value (TEV)

$

4,761,523




Ashford Inc. Investment:


Common stock shares owned

598


Common stock price

$

24.24


Market value of Ashford Inc. investment

$

14,499




Cash and cash equivalents

$

256,132


Restricted cash

$

148,611


Accounts receivable, net

$

53,764


Prepaid expenses

$

29,841


Investment in securities

$

14,445


Due from third-party hotel managers, net

$

19,076


Market value of Ashford Inc. investment

$

14,499


Total current assets

$

536,368




Accounts payable, net & accrued expenses

$

166,035


Dividends and distributions payable

$

20,641


Due to affiliates, net

$

3,891


Total current liabilities

$

190,567




Net working capital*

$

345,801



* 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

Actual

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


W Minneapolis Hotel - The Foshay

229





x

Westin Princeton

296


x




Total


11

4

5

4

(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


2019


2018


September 30, 2019


3rd Quarter


2nd Quarter


1st Quarter


4th Quarter


TTM

Net income (loss)

$

42,625



$

63,002



$

38,235



$

10,820



$

154,682


Non-property adjustments

(2,274)



6,205



(268)



20,730



24,393


Interest income

(103)



(76)



(76)



(90)



(345)


Interest expense

5,004



5,165



4,423



2,355



16,947


Amortization of loan costs

447



440



424



210



1,521


Depreciation and amortization

67,681



67,303



66,987



65,737



267,708


Income tax expense (benefit)

44



63



43



109



259


Non-hotel EBITDA ownership expense

2,372



3,225



2,141



2,678



10,416


Hotel EBITDA including amounts attributable to
noncontrolling interest

115,796



145,327



111,909



102,549



475,581


Non-comparable adjustments

(615)



(1,631)



(1,552)



3,113



(685)


Comparable hotel EBITDA

$

115,181



$

143,696



$

110,357



$

105,662



$

474,896



NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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, 2019


Hotel
Properties
Not Under
Renovation


Hotel
Properties
Under
Renovation


Hotel Total


Orlando
WorldQuest
Resort


Corporate /
Allocated


Ashford
Hospitality
Trust, Inc.

Net income (loss)

$

38,386



$

4,239



$

42,625



$

(13)



$

(81,698)



$

(39,086)


Non-property adjustments

(2,274)





(2,274)



(70)



2,344




Interest income

(103)





(103)





103




Interest expense

5,004





5,004





53,688



58,692


Amortization of loan cost

447





447





7,217



7,664


Depreciation and amortization

61,328



6,353



67,681



176



49



67,906


Income tax expense (benefit)

8



36



44





(293)



(249)


Non-hotel EBITDA ownership expense

1,952



420



2,372



9



(2,381)




Hotel EBITDA including amounts attributable to noncontrolling
interest

104,748



11,048



115,796



102



(20,971)



94,927


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(98)





(98)





98




Equity in (earnings) loss of unconsolidated entities









278



278


Company's portion of EBITDA of Ashford Inc.









785



785


Company's portion of EBITDA of OpenKey









(99)



(99)


Hotel EBITDA attributable to the Company and OP unitholders

$

104,650



$

11,048



$

115,698



$

102



$

(19,909)



$

95,891


Non-comparable adjustments

(615)





(615)








Comparable hotel EBITDA

$

104,133



$

11,048



$

115,181









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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


Hotel
Properties
Not Under
Renovation


Hotel
Properties
Under
Renovation


Hotel Total


Orlando
WorldQuest
Resort


Corporate /
Allocated


Ashford
Hospitality
Trust, Inc.

Net income (loss)

$

54,140



$

8,862



$

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

61,457



5,846



67,303



159



49



67,511


Income tax expense (benefit)

15



48



63





3,643



3,706


Non-hotel EBITDA ownership expense

3,046



179



3,225



7



(3,232)




Hotel EBITDA including amounts attributable to noncontrolling
interest

130,392



14,935



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

$

130,287



$

14,935



$

145,222



$

216



$

(25,110)



$

120,328


Non-comparable adjustments

(1,631)





(1,631)








Comparable hotel EBITDA

$

128,761



$

14,935



$

143,696









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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)

$

30,462



$

7,773



$

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

61,483



5,504



66,987



142



49



67,178


Income tax expense (benefit)

3



40



43





(448)



(405)


Non-hotel EBITDA ownership expense

2,060



81



2,141



9



(2,150)




Hotel EBITDA including amounts attributable to noncontrolling
interest

98,511



13,398



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

$

98,451



$

13,398



$

111,849



$

420



$

(23,130)



$

89,139


Non-comparable adjustments

(1,552)





(1,552)








Comparable hotel EBITDA

$

96,959



$

13,398



$

110,357









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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)

$

5,193



$

5,627



$

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

60,490



5,247



65,737



138



47



65,922


Income tax expense (benefit)

(20)



129



109





67



176


Non-hotel EBITDA ownership expense

2,553



125



2,678



13



(2,691)




Hotel EBITDA including amounts attributable to noncontrolling
interest

91,419



11,130



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

$

91,482



$

11,130



$

102,612



$

176



$

(37,274)



$

65,514


Non-comparable adjustments

3,070



43



3,113








Comparable hotel EBITDA

$

94,489



$

11,173



$

105,662









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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)

$

36,914



$

6,011



$

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

59,874



4,871



64,745



128



50



64,923


Income tax expense (benefit)

14





14





505



519


Non-hotel EBITDA ownership expense

1,403



147



1,550



9



(1,559)




Hotel EBITDA including amounts attributable to noncontrolling
interest

100,360



11,029



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

$

100,259



$

11,029



$

111,288



$

228



$

(21,679)



$

89,837


Non-comparable adjustments

4,040



45



4,085








Comparable hotel EBITDA

$

104,400



$

11,074



$

115,474









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

 

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Nine Months Ended September 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)

$

122,988



$

20,874



$

143,862



$

306



$

(251,228)



$

(107,060)


Non-property adjustments

3,663





3,663



(70)



(3,593)




Interest income

(255)





(255)





255




Interest expense

14,592





14,592





163,387



177,979


Amortization of loan cost

1,311





1,311





21,219



22,530


Depreciation and amortization

184,268



17,704



201,972



477



146



202,595


Income tax expense (benefit)

26



124



150





2,902



3,052


Non-hotel EBITDA ownership expense

7,058



679



7,737



26



(7,763)




Hotel EBITDA including amounts attributable to noncontrolling
interest

333,651



39,381



373,032



739



(74,675)



299,096


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(263)





(263)





263




Equity in (earnings) loss of unconsolidated entities









2,208



2,208


Company's portion of EBITDA of Ashford Inc.









4,362



4,362


Company's portion of EBITDA of OpenKey









(308)



(308)


Hotel EBITDA attributable to the Company and OP unitholders

$

333,388



$

39,381



$

372,769



$

739



$

(68,150)



$

305,358


Non-comparable adjustments

(3,798)





(3,798)








Comparable hotel EBITDA

$

329,853



$

39,381



$

369,234









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

 

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



Nine 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)

$

131,423



$

20,675



$

152,098



$

818



$

(243,177)



$

(90,261)


Non-property adjustments

1,259



(1)



1,258





(1,258)




Interest income

(160)



(1)



(161)





161




Interest expense

5,330





5,330





153,733



159,063


Amortization of loan cost

439





439





14,178



14,617


Depreciation and amortization

178,123



13,876



191,999



390



147



192,536


Income tax expense (benefit)

23





23





2,583



2,606


Non-hotel EBITDA ownership expense

5,438



371



5,809



19



(5,828)




Hotel EBITDA including amounts attributable to noncontrolling
interest

321,875



34,920



356,795



1,227



(79,461)



278,561


Less: EBITDA adjustments attributable to consolidated
noncontrolling interest

(258)





(258)





258




Equity in (earnings) loss of unconsolidated entities









(892)



(892)


Company's portion of EBITDA of Ashford Inc.









959



959


Company's portion of EBITDA of OpenKey









(419)



(419)


Hotel EBITDA attributable to the Company and OP unitholders

$

321,617



$

34,920



$

356,537



$

1,227



$

(79,555)



$

278,209


Non-comparable adjustments

7,935



129



8,064








Comparable hotel EBITDA

$

329,810



$

35,049



$

364,859









NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 Fort Worth, Marriott DFW Airport, Marriott RTP, 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, 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)

$

901



$

4,472



$

577



$

775



$

3,447



$

(1,469)



$

1,597



$

3,806



$

3,143


Non-property adjustments







(7)












Interest income

(1)





(2)





(3)



(1)



(36)





(9)


Interest expense

206



1,054















2,255


Amortization of loan costs

41



58















182


Depreciation and amortization

4,312



3,187



4,452



1,406



4,357



2,373



2,089



2,550



4,325


Income tax expense (benefit)















35




Non-hotel EBITDA ownership expense

98



50



95



49



17



35



(2)



328



308


Hotel EBITDA including amounts attributable
to noncontrolling interest

5,557



8,821



5,122



2,223



7,818



938



3,648



6,719



10,204


Non-comparable adjustments


















Comparable hotel EBITDA

$

5,557



$

8,821



$

5,122



$

2,223



$

7,818



$

938



$

3,648



$

6,719



$

10,204





















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)

$

(1,071)



$

705



$

1,232



$

6,402



$

(432)



$

1,577



$

16,963



$

42,625




Non-property adjustments













(2,267)



(2,274)




Interest income

(4)



(1)



(2)



(11)





(16)



(17)



(103)




Interest expense







299





881



309



5,004




Amortization of loan costs







15





57



94



447




Depreciation and amortization

2,268



1,617



798



3,379



1,583



8,172



20,813



67,681




Income tax expense (benefit)













9



44




Non-hotel EBITDA ownership expense

65



96



13



599



83



125



413



2,372




Hotel EBITDA including amounts attributable
to noncontrolling interest

1,258



2,417



2,041



10,683



1,234



10,796



36,317



115,796




Non-comparable adjustments













(615)



(615)




Comparable hotel EBITDA

$

1,258



$

2,417



$

2,041



$

10,683



$

1,234



$

10,796



$

35,702



$

115,181





NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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


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)

$

2,514



$

4,363



$

2,042



$

814



$

2,524



$

(923)



$

1,558



$

4,194



$

3,270


Non-property adjustments







1





(21)








Interest income

(1)





(2)





(4)



(1)



(15)





(10)


Interest expense

206



1,014
















Amortization of loan costs

39



55
















Depreciation and amortization

3,318



3,607



3,392



1,386



4,623



2,000



2,567



2,371



4,079


Income tax expense (benefit)


















Non-hotel EBITDA ownership expense

59



71



17



170



245



(28)



49



12



188


Hotel EBITDA including amounts attributable
to noncontrolling interest

6,135



9,110



5,449



2,371



7,388



1,027



4,159



6,577



7,527


Non-comparable adjustments

13



33



62



28



(36)



(3)



16



(1)



2,126


Comparable hotel EBITDA

$

6,148



$

9,143



$

5,511



$

2,399



$

7,352



$

1,024



$

4,175



$

6,576



$

9,653





















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)

$

(684)



$

731



$

1,274



$

6,828



$

(443)



$

1,376



$

13,487



$

42,925




Non-property adjustments

1









20



(4)



(14)



(17)




Interest income

(3)



(1)



(2)



(6)





(12)



(18)



(75)




Interest expense











872



4



2,096




Amortization of loan costs











54





148




Depreciation and amortization

2,008



1,653



884



3,138



1,580



7,417



20,723



64,746




Income tax expense (benefit)













14



14




Non-hotel EBITDA ownership expense

28



54



24



78



28



40



517



1,552




Hotel EBITDA including amounts attributable
to noncontrolling interest

1,350



2,437



2,180



10,038



1,185



9,743



34,713



111,389




Non-comparable adjustments

(5)



(30)



(7)



1,693



(87)



12



271



4,085




Comparable hotel EBITDA

$

1,345



$

2,407



$

2,173



$

11,731



$

1,098



$

9,755



$

34,984



$

115,474





NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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)



Nine Months Ended September 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)

$

8,864



$

6,971



$

6,898



$

3,289



$

11,895



$

1,235



$

1,722



$

15,364



$

6,362


Non-property adjustments







(43)







(47)





(326)


Interest income

(4)





(7)





(9)



(3)



(49)





(31)


Interest expense

643



3,238















6,354


Amortization of loan costs

121



171















537


Depreciation and amortization

11,700



9,431



12,480



4,353



13,351



6,825



6,335



7,551



13,955


Income tax expense (benefit)















124




Non-hotel EBITDA ownership expense

727



224



282



343



407



152



224



473



1,344


Hotel EBITDA including amounts attributable
to noncontrolling interest

22,051



20,035



19,653



7,942



25,644



8,209



8,185



23,512



28,195


Non-comparable adjustments

8

















69


Comparable hotel EBITDA

$

22,059



$

20,035



$

19,653



$

7,942



$

25,644



$

8,209



$

8,185



$

23,512



$

28,264





















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)

$

876



$

1,100



$

3,102



$

19,623



$

3,835



$

10,951



$

41,775



$

143,862




Non-property adjustments







(71)







4,150



3,663




Interest income

(12)



(3)



(5)



(30)





(52)



(50)



(255)




Interest expense







707





2,706



944



14,592




Amortization of loan costs







35





169



278



1,311




Depreciation and amortization

6,611



4,883



2,420



9,957



4,754



24,067



63,298



201,971




Income tax expense (benefit)













26



150




Non-hotel EBITDA ownership expense

172



168



34



966



118



349



1,755



7,738




Hotel EBITDA including amounts attributable
to noncontrolling interest

7,647



6,148



5,551



31,187



8,707



38,190



112,176



373,032




Non-comparable adjustments







218







(4,093)



(3,798)




Comparable hotel EBITDA

$

7,647



$

6,148



$

5,551



$

31,405



$

8,707



$

38,190



$

108,083



$

369,234





NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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)



Nine Months Ended September 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)

$

8,336



$

4,779



$

10,072



$

4,691



$

11,736



$

3,658



$

3,769



$

12,095



$

10,359


Non-property adjustments







(134)





(120)








Interest income

(3)





(5)





(7)



(2)



(38)





(21)


Interest expense

583



2,846
















Amortization of loan costs

115



165
















Depreciation and amortization

9,231



11,176



10,280



4,102



13,758



5,716



7,639



6,526



12,387


Income tax expense (benefit)


















Non-hotel EBITDA ownership expense

382



304



279



349



230



121



149



45



260


Hotel EBITDA including amounts attributable
to noncontrolling interest

18,644



19,270



20,626



9,008



25,717



9,373



11,519



18,666



22,985


Non-comparable adjustments

16



101



185



85



(108)



(9)



47





3,728


Comparable hotel EBITDA

$

18,660



$

19,371



$

20,811



$

9,093



$

25,609



$

9,364



$

11,566



$

18,666



$

26,713





















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)

$

1,357



$

1,473



$

2,618



$

18,497



$

4,116



$

9,351



$

45,191



$

152,098




Non-property adjustments

(39)









(374)



1,941



(16)



1,258




Interest income

(7)



(2)



(3)



(15)





(23)



(37)



(163)




Interest expense











872



1,029



5,330




Amortization of loan costs











54



104



438




Depreciation and amortization

5,816



4,894



2,691



9,287



5,068



20,598



62,831



192,000




Income tax expense (benefit)













23



23




Non-hotel EBITDA ownership expense

54



189



468



308



158



294



2,221



5,811




Hotel EBITDA including amounts attributable
to noncontrolling interest

7,181



6,554



5,774



28,077



8,968



33,087



111,346



356,795




Non-comparable adjustments

(14)



(91)



(22)



3,389



(1,160)



4,736



(2,819)



8,064




Comparable hotel EBITDA

$

7,167



$

6,463



$

5,752



$

31,466



$

7,808



$

37,823



$

108,527



$

364,859





NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 September 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 - 19 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

12,642



$

12,648



$

4,800



$

14,078



$

10,698



$

9,111



$

32,670



$

19,426



$

1,692



$

17,287



$

2,377


Non-property adjustments

(75)







(404)







12,534



(528)








Interest income

(22)



(16)



(3)



(1)





(36)





(17)





(119)



(8)


Interest expense









2









7



3




Amortization of loan costs






















Depreciation and amortization

8,322



8,377



16,092



14,146



13,372



13,720



62,313



28,621



8,864



23,804



6,155


Income tax expense (benefit)

9



(4)




















Non-hotel EBITDA ownership expense

156



155



673



235



1,052



752



2,257



1,083



406



464



100


Hotel EBITDA including amounts
attributable to noncontrolling interest

21,032



21,160



21,562



28,054



25,124



23,547



109,774



48,585



10,969



41,439



8,624


Non-comparable adjustments

(9)



(10)



6





(15)



(9)



(4,753)



35



(3)



(4)



(1)


Comparable hotel EBITDA

$

21,023



$

21,150



$

21,568



$

28,054



$

25,109



$

23,538



$

105,021



$

48,620



$

10,966



$

41,435



$

8,623

























Morgan Stanley Pool C1 - 3 hotels


Morgan Stanley Pool C3 - 3 hotels


BAML Pool 5 - 2 hotels


Morgan Stanley Pool C2 - 2 hotels


BAML Princeton/ Nashville - 2 hotels


Aareal Hilton Alexandria - 1 hotel


Morgan Stanley Ann Arbor - 1 hotel


Southside Bank Ashton - 1 hotel


BAML Indigo Atlanta - 1 hotel


Prudential Boston Back Bay - 1 hotel


GACC Gateway - 1 hotel

Net income (loss)

$

1,814



$

1,302



$

1,974



$

138



$

20,090



$

1,475



$

1,741



$

278



$

(148)



$

3,289



$

1,156


Non-property adjustments






















Interest income

(2)





(8)







(44)












Interest expense











3,598







852



4,305




Amortization of loan costs











225







160



228




Depreciation and amortization

4,906



1,665



638



1,131



13,183



2,738



1,420



560



1,628



6,562



11,630


Income tax expense (benefit)









252














Non-hotel EBITDA ownership expense

101



100



(20)



58



646



161



18



21



20



277



43


Hotel EBITDA including amounts
attributable to noncontrolling interest

6,819



3,067



2,584



1,327



34,171



8,153



3,179



859



2,512



14,661



12,829


Non-comparable adjustments

(1)



(3)



1



(3)



(9)



(3)



12



2



(3)



28



1


Comparable hotel EBITDA

$

6,818



$

3,064



$

2,585



$

1,324



$

34,162



$

8,150



$

3,191



$

861



$

2,509



$

14,689



$

12,830

























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 - 1 hotel


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(239)



$

514



$

(1,053)



$

538



$

144



$

2,824



$

(3,645)



$

171



$

(6,967)



$

(8,144)



$

154,682


Non-property adjustments



(117)











(326)



(71)



6,774



6,606



24,393


Interest income



(2)









(67)











(345)


Interest expense



1,121











6,353



707





(1)



16,947


Amortization of loan costs



337











536



35







1,521


Depreciation and amortization

2,069



1,217



3,578



525



938



2,527



2,302



692



632



3,381



267,708


Income tax expense (benefit)







14



(12)













259


Non-hotel EBITDA ownership expense

94



365



232



7



18



(30)



442



419



32



80



10,416


Hotel EBITDA including amounts
attributable to noncontrolling interest

1,924



3,435



2,757



1,084



1,088



5,254



5,662



1,953



471



1,922



475,581


Non-comparable adjustments

(2)



499



(1)



(1)



(1)





2,931



1,090



(471)



12



(685)


Comparable hotel EBITDA

$

1,922



$

3,934



$

2,756



$

1,083



$

1,087



$

5,254



$

8,593



$

3,043



$



$

1,934



$

474,896



NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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, 2019


KEYS Pool A - 7 hotels


KEYS Pool B - 7 hotels


KEYS Pool C - 5 hotels


KEYS Pool D - 5 hotels


KEYS Pool E - 5 hotels


KEYS Pool F - 5 hotels


BAML Highland Pool - 19 hotels


Morgan Stanley Pool - 17 hotels


Morgan Stanley - 8 hotels


JP Morgan Chase - 8 hotels


BAML Pool 3 - 3 hotels

Net income (loss)

$

2,437



$

3,730



$

469



$

3,597



$

4,013



$

1,822



$

11,225



$

3,407



$

465



$

3,773



$

(159)


Non-property adjustments













(2,527)



(7)








Interest income

(6)



(4)



(1)







(7)





(5)





(31)



(2)


Interest expense

















2



1




Amortization of loan costs






















Depreciation and amortization

1,919



2,035



4,130



3,437



3,489



3,657



15,892



7,038



2,455



5,895



1,531


Income tax expense (benefit)






















Non-hotel EBITDA ownership expense

21



25



54



30



378



125



400



223



66



57



43


Hotel EBITDA including amounts
attributable to noncontrolling interest

4,371



5,786



4,652



7,064



7,880



5,597



24,990



10,656



2,988



9,695



1,413


Non-comparable adjustments













(449)










Comparable hotel EBITDA

$

4,371



$

5,786



$

4,652



$

7,064



$

7,880



$

5,597



$

24,541



$

10,656



$

2,988



$

9,695



$

1,413

























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)

$

(36)



$

149



$

425



$

62



$

3,802



$

72



$

703



$

(28)



$

(207)



$

2,159



$

(207)


Non-property adjustments






















Interest income

(1)





(2)







(9)












Interest expense











881







206



1,054




Amortization of loan costs











57







41



58




Depreciation and amortization

1,324



536



171



370



3,301



686



399



143



430



1,595



2,937


Income tax expense (benefit)









35














Non-hotel EBITDA ownership expense

38



20



(43)



12



376



60



7



17



4



35



6


Hotel EBITDA including amounts
attributable to noncontrolling interest

1,325



705



551



444



7,514



1,747



1,109



132



474



4,901



2,736


Non-comparable adjustments






















Comparable hotel EBITDA

$

1,325



$

705



$

551



$

444



$

7,514



$

1,747



$

1,109



$

132



$

474



$

4,901



$

2,736

























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 - 1 hotel


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


NorthStar HGI Wisconsin Dells - 1 hotel


Unencumbered hotels


Total Portfolio

Net income (loss)

$

(119)



$

1,202



$

(819)



$

163



$

125



$

1,068



$

(567)



$

251



$

(149)



$

(203)



$

42,625


Non-property adjustments

















259



1



(2,274)


Interest income











(35)











(103)


Interest expense



306











2,255



299







5,004


Amortization of loan costs



94











182



15







447


Depreciation and amortization

511



318



908



132



223



693



412



270



48



796



67,681


Income tax expense (benefit)







8



2











(1)



44


Non-hotel EBITDA ownership expense



14



54





1



2



82



246



8



11



2,372


Hotel EBITDA including amounts
attributable to noncontrolling interest

392



1,934



143



303



351



1,728



2,364



1,081



166



604



115,796


Non-comparable adjustments

















(166)





(615)


Comparable hotel EBITDA

$

392



$

1,934



$

143



$

303



$

351



$

1,728



$

2,364



$

1,081



$



$

604



$

115,181



NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 - 19 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













(1,364)










Comparable hotel EBITDA

$

5,443



$

5,891



$

5,906



$

8,526



$

7,973



$

6,421



$

32,989



$

13,267



$

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 - 1 hotel


US Bank Hilton Santa Cruz/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

















(267)





(1,631)


Comparable hotel EBITDA

$

506



$

991



$

734



$

322



$

376



$

1,856



$

2,722



$

777



$



$

945



$

143,696



NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 - 19 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)





(1,785)



(1)





(1)



1


Comparable hotel EBITDA

$

6,289



$

4,800



$

5,853



$

6,635



$

4,759



$

6,181



$

24,866



$

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 - 1 hotel


US Bank Hilton Santa Cruz/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



(45)



5



(1,552)


Comparable hotel EBITDA

$

614



$

59



$

1,160



$

222



$

175



$

310



$

647



$

315



$



$

(2)



$

110,357



NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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 - 19 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

3



(9)



6





(14)



(9)



(1,155)



36



(3)



(3)



(2)


Comparable hotel EBITDA

$

4,920



$

4,673



$

5,157



$

5,829



$

4,497



$

5,339



$

22,625



$

10,586



$

2,781



$

9,451



$

1,636

























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)



1



(2)



(9)



(2)



13



2



(2)



26




Comparable hotel EBITDA

$

1,692



$

849



$

672



$

203



$

7,623



$

1,830



$

759



$

303



$

388



$

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 - 1 hotel


US Bank Hilton Santa Cruz/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)



2,860



870



7



7



3,113


Comparable hotel EBITDA

$

410



$

950



$

719



$

236



$

185



$

1,360



$

2,860



$

870



$



$

387



$

105,662



NOTES:

(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 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-third-quarter-2019-results-300947547.html

SOURCE Ashford Hospitality Trust, Inc.

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