Ashford Hospitality Trust Reports Fourth Quarter Results and
Increases Common Dividend to $0.16 Per Share DALLAS, March 9
/PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc.
(NYSE:AHT), a hotel real estate investment trust focused
exclusively on the hospitality industry, today reported results for
the fourth quarter and year ended December 31, 2004. The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release. HIGHLIGHTS -
Completed or announced investments reach $890 million - Increased
common dividend for fifth consecutive quarter to $0.16 per share -
Increased fourth quarter RevPAR by 8.9% for hotels not under
renovation - Increased fourth quarter hotel operating profit by
14.6% - Completed follow-on common stock offering, raising $94.3
million in net proceeds - Arranged $75 million Series B preferred
stock commitment - Announced agreement to acquire 21-hotel
portfolio for $250 million Reporting Basis The financial results
presented below and in the accompanying financial tables include
the results of the Company for the fourth quarter and year ended
December 31, 2004, the results of the Company since its formation
on August 29, 2003 through December 31, 2003, and the results of
the Predecessor prior to August 29, 2003. Financial Results Total
revenue for the fourth quarter ended December 31, 2004, increased
172.0% to $40,443,000 from $14,870,000 for the fourth quarter ended
December 31, 2003. The Company reported a net loss of $794,000, or
$0.03 per diluted share, compared with a net loss of $1,329,000 in
the prior-year period. Funds from operations (FFO, as defined by
NAREIT) was $3,364,000, or $0.11 per diluted share, compared with
$52,000 for the fourth quarter of 2003. EBITDA, which represents
Earnings before Interest, Income Taxes, Depreciation, and
Amortization, increased to $9,402,000 compared with $362,000 in the
prior-year period. CAD, which represents Cash Available for
Distribution, equaled $3,495,000 or $0.11 per diluted share. Total
revenue for the year ended December 31, 2004, increased 176.6% to
$116,925,000 from $42,279,000 for the combined year ended December
31, 2003. The Company reported net income of $64,000, or $0.00 per
diluted share, for 2004 compared with a combined net loss of
$3,920,000 in the prior year. FFO was $11,078,000, or $0.36 per
diluted share, for 2004 compared with $653,000 for the combined
prior year. EBITDA increased 334.1% to $23,909,000 for 2004
compared with $5,508,000 for the combined prior year. Results for
2004 include charges of $1.6 million, or $0.05 per diluted share,
related to write-off of loan costs. Monty Bennett, President and
CEO, commented, "We are very pleased with the operating performance
of our portfolio as evidenced by the continued improvement in
RevPAR at our hotels not under renovation. Although we have posted
solid growth in RevPAR, we do not believe our properties have fully
reflected the positive benefit from completed renovations and
changes in management. A more telling statistic is the
279-basis-point improvement in same property hotel operating profit
during the fourth quarter, which more closely reflects the emphasis
we place on improving operating margins and controlling expenses at
the property level. With certain capital improvements now in place
or close to completion at many of the properties acquired
subsequent to our IPO, we expect to show improved RevPAR
penetration within our markets in 2005. "The fourth quarter was
another active one for us in terms of acquisitions and financing
transactions. We closed or announced a total of $331 million in
acquisitions in the quarter and are already off to a strong start
in the first quarter with another new hotel acquisition and a high
profile mezzanine loan origination. We have also enhanced our
capital base and investment capacity with a $75 million private
placement arrangement with Security Capital and a follow-on
offering of common stock that raised $94.3 million in net
proceeds." Operating Results - Direct Hotel Investments As of
December 31, 2004, the Company had a portfolio of direct hotel
investments consisting of 33 properties. During the quarter three
of the acquired hotels were undergoing significant renovations. The
Company believes reporting its operating metrics on a pro forma
consolidated and not-under- renovation basis more accurately
reflects the operating improvement in its direct hotel portfolio.
Details of each category are provided in the tables attached to
this release. All Hotels (33 properties) RevPAR for the fourth
quarter of 2004 increased 5.1% over the same period in 2003 to
$63.61 from $60.52 due to a 2.5% increase in ADR to $95.87 and a
167-basis point increase in occupancy to 66.35%. Hotels Not Under
Renovation (30 properties) RevPAR for the fourth quarter of 2004
increased 8.9% over the same period in 2003 to $65.46 from $60.09
due to a 4.4% increase in ADR to $95.27 and a 285-basis point
increase in occupancy to 68.71%. Hotel Operating Profit Total hotel
operating profit for the three months ended December 31, 2004,
increased 14.6% to $10,118,000 from $8,827,000 for the period ended
December 31, 2003. Total hotel operating profit for the year ended
December 31, 2004, increased 6.4% to $42,979,000 from $40,392,000
for the period ended December 31, 2003. Operating Results-First
Mortgage and Mezzanine Investments As of December 31, 2004, the
Company had a $79.7 million mezzanine and first mortgage loan
portfolio across 20 hotel properties. The loan portfolio weighted
average interest rate is 13.04%. During December 2004, the Company
sold its $10 million first mortgage on the Hotel Teatro in Denver
with an interest rate of LIBOR plus 280 basis points at its par
value. Balance Sheet and Financing Transactions As of December 31,
2004, the Company had approximately $301 million of mortgage debt
outstanding at a weighted average interest rate of 5.1%. At
December 31, 2004, the Company's net debt, defined as total debt
less unrestricted cash, to total enterprise value, defined as net
debt plus the market value of all common shares, preferred shares
and operating partnership units outstanding (other than units owned
by the REIT), was 38% based upon the Company's closing stock price
of $10.87. On December 30, 2004, the Company issued 993,049 shares
of Series B-1 preferred stock at $10.07 per share to Security
Capital, generating proceeds of approximately $10.0 million.
Subsequent to year end, the Company issued 10,350,000 shares of
common stock at $9.62 per share, including 1,350,000 shares sold
pursuant to an over- allotment option, for net proceeds after
expenses of approximately $94.3 million. Additionally the Company
has an agreement in place pursuant to this offering to sell subject
to certain conditions an additional 2,070,000 shares of common
stock to Security Capital. Fourth Quarter Investment Activity On
October 1, 2004, the Company acquired the 654-room Hyatt Orange
County hotel in Anaheim, CA, for approximately $81.0 million in
cash, inclusive of the seller's commitment to fund a $6.0 million
renovation completed in December 2004. Annualized revenue of the
hotel is approximately $27.8 million. On December 27, 2005, the
Company announced a definitive agreement to acquire a portfolio of
21 hotels for $250 million in total consideration, including $35
million in cash, $164.7 million in assumed mortgage debt, and
approximately $50.3 million in operating partnership units of the
Company. Annualized revenue of these 21 properties is approximately
$114.9 million. The Company expects this acquisition to close by
March 31, 2005. Subsequent Investment Activity On January 20, 2005,
the Company sold the 56,000-square-foot office building located
adjacent to its Sheraton Bucks County hotel in suburban
Philadelphia for approximately $2.9 million net of closing costs.
On February 8, 2005, the Company originated a mezzanine loan of
$8.0 million with an interest rate of 912.5 basis points over
LIBOR, maturing February 2007 with three one-year extension
options. The loan is secured by the 163-room Viceroy Santa Monica
in Santa Monica, CA. On March 9, 2005, the Company announced a
definitive agreement to acquire the 157-room Hilton Santa Fe in
Santa Fe, NM, for $18.2 million in cash. Annualized revenue of this
property is approximately $7.7 million. The Company intends to
invest $2.5 million in capital improvements to the property. The
Company expects to close the acquisition in March 2005. First
Quarter Dividend Increase The Company also announced that the Board
of Directors has declared an increase in its common stock dividend
for the fifth consecutive quarter. The quarterly dividend of $0.16
per common share, which equates to an annualized dividend of $0.64
per share, is payable on April 15, 2005, to shareholders of record
on March 31, 2005. On an annualized basis the dividend equates to a
6.4% dividend yield based on the Company's closing price on March
9, 2005. Outlook Mr. Bennett concluded, "We are very encouraged by
the favorable outlook projected for the hotel industry in 2005.
This continued recovery is consistent with where we thought the
industry would be when we originally developed our investment
strategy. New supply continues to lag demand while group and
corporate business is picking up, shifting the balance of pricing
power to hotel owners. With the renovations we have completed in
the last 12 months, the high-barrier-to-entry markets where we have
established a presence, and the range of chain-scale segments in
which we are diversified, we believe we are very well positioned to
benefit from this environment and accelerate RevPAR growth in 2005.
"On the investment front, we continue to see an active pipeline.
The acquisitions we have completed or announced in the last few
months demonstrate our ability to pre-empt widely marketed deals
and source both portfolio and one-off transactions that offer
compelling growth opportunities. We also expect our hotel lending
program to continue to gain momentum in 2005 as we capitalize on
the growing demand for mezzanine and first mortgage loans and the
increasing interest on the part of some owners for sale-leaseback
transactions." Investor Conference Call and Simulcast Ashford
Hospitality Trust, Inc. will conduct a conference call at 11:00
a.m. eastern time on March 10, 2005, to discuss the fourth quarter
results. The number to call for this interactive teleconference is
913-981-5509. A seven-day replay of the conference call will be
available by dialing 719-457- 0820 and entering the confirmation
number, 5673458. The Company will also provide an online simulcast
and rebroadcast of its fourth quarter 2004 earnings release
conference call. The live broadcast of Ashford's quarterly
conference call will be available online at the Company's website
at http://www.ahtreit.com/ as well as http://phx.corporate-/
ir.net/phoenix.zhtml?p=irol-eventDetails&c=147105&eventID=1003093
(due to length of URL, please copy and paste into browser) on March
10, 2005, beginning at 11:00 a.m. eastern time. The online replay
will follow shortly after the call and continue for approximately
one year. Both FFO and EBITDA are non-GAAP financial measures
within the meaning of the Securities and Exchange Commission rules.
FFO is computed in accordance with our interpretation of standards
established by NAREIT, which may not be comparable to FFO reported
by other REITs that do not define the term in accordance with the
current NAREIT definition or that interpret the NAREIT definition
differently than us. Neither FFO nor EBITDA represents cash
generated from operating activities as determined by GAAP and
should not be considered as an alternative to a) GAAP net income
(loss) as an indication of our financial performance or b) GAAP
cash flows from operating activities as a measure of our liquidity,
nor is it indicative of funds available to fund our cash needs,
including our ability to make cash distributions. However,
management believes both FFO and EBITDA to be key measures of a
REIT's performance and should be considered along with, but not as
an alternative to, net income and cash flow as a measure of our
operating performance. Ashford Hospitality Trust is a
self-administered real estate investment trust focused on investing
in the hospitality industry across all segments and at all levels
of the capital structure, including direct hotel investments, first
mortgages, mezzanine loans and sale-leaseback transactions.
Additional information can be found on the Company's web site at
http://www.ahtreit.com/ . 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 Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties. 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 forward-looking statements include, but are not
limited to, our business and investment strategy, timing for
closings, our understanding of our competition, current market
trends and opportunities, and projected capital expenditures. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Ashford'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 volatility 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; and the
degree and nature of our competition. These and other risk factors
are more fully discussed in the section entitled "Risk Factors" in
Ashford's Registration Statement on Form S-3, (File Number
333-114283), and from time to time, in Ashford's other 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. Investors should not place undue
reliance on these forward-looking statements. 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. CONSOLIDATED AND COMBINED STATEMENTS OF
OPERATIONS (Unaudited) The Company The Company Quarter Quarter
Ended Ended December 31, 2004 December 31, 2003 REVENUE Rooms
$29,806,437 $12,229,711 Food and beverage 6,160,024 2,065,984 Other
1,555,761 437,222 Total hotel revenue 37,522,222 14,732,917
Interest income from notes receivable 2,602,898 110,000 Asset
management fees from related parties 318,121 26,728 Total Revenue
40,443,241 14,869,645 EXPENSES Hotel operating expenses Rooms
7,312,245 2,968,725 Food and beverage 4,629,786 1,528,465 Other
direct 815,993 326,406 Indirect 12,199,532 5,051,170 Management
fees, including related parties 1,203,574 552,483 Total hotel
expenses 26,161,130 10,427,249 Property taxes, insurance, and other
1,726,830 1,008,068 Depreciation and amortization 4,040,118
1,675,341 Corporate general and administrative: Stock-based
compensation 605,061 636,237 Other corporate and administrative
2,548,619 2,435,928 Total Operating Expenses 35,081,758 16,182,823
OPERATING INCOME (LOSS) 5,361,483 (1,313,178) Interest income
88,408 165,846 Interest expense (3,820,252) (300,890) Amortization
of loan costs (964,800) (31,121) Write-off of loan costs - - INCOME
(LOSS) BEFORE INCOME TAXES AND MINORITY INTEREST 664,839
(1,479,343) Benefit from (provision for) income taxes 28,903
(142,178) Minority interest (132,574) 292,360 NET INCOME (LOSS)
561,168 (1,329,161) Preferred dividends 1,355,250 - NET LOSS
AVAILABLE TO COMMON SHAREHOLDERS $(794,082) $(1,329,161) Net Loss
Per Share Available To Common Shareholders: Basic and Diluted
$(0.03) $(0.05) Weighted Average Common Shares Outstanding: Basic
and Diluted 25,280,502 25,015,730 ASHFORD HOSPITALITY TRUST, INC.
AND PREDECESSOR CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
The The Company The Predecessor Company Period From Period From
Year August 29, January 1, Ended 2003 to 2003 to December 31,
December 31, August 28, 2004 2003 2003 REVENUE Rooms $89,798,311
$14,994,567 $19,688,349 Food and beverage 14,336,531 2,529,109
3,629,807 Other 3,922,621 507,794 681,656 Total hotel revenue
108,057,463 18,031,470 23,999,812 Interest income from notes
receivable 7,549,445 110,000 - Asset management fees from related
parties 1,318,154 137,319 - Total Revenue 116,925,062 18,278,789
23,999,812 EXPENSES Hotel operating expenses Rooms 20,907,848
3,601,465 4,511,632 Food and beverage 10,859,032 1,901,778
2,801,002 Other direct 2,150,404 402,536 498,085 Indirect
35,560,902 6,136,070 8,687,362 Management fees, including related
parties 3,395,106 651,480 718,408 Total hotel expenses 72,873,292
12,693,329 17,216,489 Property taxes, insurance, and other
6,654,858 1,257,968 1,600,082 Depreciation and amortization
10,767,785 2,016,899 2,915,777 Corporate general and
administrative: Stock-based compensation 2,397,130 864,452 - Other
corporate and administrative 9,457,814 3,138,498 - Total Operating
Expenses 102,150,879 19,971,146 21,732,348 OPERATING INCOME (LOSS)
14,774,183 (1,692,357) 2,267,464 Interest income 335,495 266,333
22,800 Interest expense (9,217,377) (374,223) (4,225,289)
Amortization of loan costs (1,883,841) (42,837) (357,857) Write-off
of loan costs (1,633,369) - - INCOME (LOSS) BEFORE INCOME TAXES AND
MINORITY INTEREST 2,375,091 (1,843,084) (2,292,882) Provision for
income taxes (658,273) (142,178) - Minority interest (297,611)
357,943 - NET INCOME (LOSS) 1,419,207 (1,627,319) (2,292,882)
Preferred dividends 1,355,250 - - NET INCOME (LOSS) AVAILABLE TO
COMMON SHAREHOLDERS $63,957 $(1,627,319) $(2,292,882) Net Income
(Loss) Per Share Available To Common Shareholders: Basic and
Diluted $0.00 $(0.07) Weighted Average Common Shares Outstanding:
Basic and Diluted 25,120,653 24,627,298 ASHFORD HOSPITALITY TRUST,
INC. CONSOLIDATED BALANCE SHEETS December 31, December 31, 2004
2003 ASSETS Investment in hotel properties, net $427,005,476
$173,723,998 Cash and cash equivalents 47,108,957 76,254,052
Restricted cash 14,058,776 1,373,591 Accounts receivable, net of
allowance of $61,479 and $19,408, respectively 5,463,452 1,534,843
Inventories 611,807 262,619 Assets held for sale 2,881,912 - Notes
receivable 79,661,549 10,000,000 Deferred costs, net 9,389,506
2,386,937 Prepaid expenses 2,638,842 1,577,628 Other assets
6,676,776 550,636 Due from affiliates 447,784 218,113 Total assets
$595,944,837 $267,882,417 LIABILITIES AND OWNERS' EQUITY
Indebtedness $300,754,194 $50,201,779 Capital leases payable
312,584 456,869 Accounts payable 8,979,635 2,127,611 Accrued
expenses 9,339,656 4,572,594 Other liabilities 90,334 - Dividends
payable 6,141,506 - Deferred income 400,919 - Due to affiliates
1,907,057 584,643 Total liabilities 327,925,885 57,943,496 Minority
interest 39,346,641 37,646,673 Preferred stock, $0.01 par value,
50,000,000 shares authorized: Series B Cumulative Convertible
Preferred Stock, 993,049 issued and outstanding at December 31,
2004 9,980,529 - Commitments and contingencies - - Preferred stock,
$0.01 par value, 50,000,000 shares authorized: Series A Cumulative
Preferred Stock, 2,300,000 issued and outstanding at December 31,
2004 23,000 - Common stock, $0.01 par value, 200,000,000 shares
authorized, 25,810,447 and 25,730,047 shares issued and outstanding
at December 31, 2004 and 2003, respectively 258,104 257,300
Additional paid-in capital 234,993,015 179,226,668 Unearned
compensation (3,959,468) (5,564,401) Accumulated other
comprehensive income 554,592 - Accumulated deficit (13,177,461)
(1,627,319) Total owners' equity 218,691,782 172,292,248 Total
liabilities and owners' equity $595,944,837 $267,882,417 ASHFORD
HOSPITALITY TRUST, INC. AND PREDECESSOR KEY PERFORMANCE INDICATORS
(Unaudited) ALL HOTELS: Quarter Ended December 31, Year Ended
December 31, 2004 2003 2004 2003 Consolidated (Pro Forma) Room
revenues $29,806,431 $28,356,825 $126,421,946 $121,923,336 RevPAR
$63.61 $60.52 $67.82 $65.59 Occupancy 66.35% 64.68% 70.34% 69.76%
ADR $95.87 $93.57 $96.42 $94.02 NOTE: The above pro forma tables
include the original six hotel properties and assume the 27 hotel
properties acquired since the Company's formation in August 2003
were owned as of the beginning of the periods presented. HOTELS NOT
UNDER RENOVATION: Quarter Ended December 31, Year Ended December
31, 2004 2003 2004 2003 Hotels Not Under Renovation (Pro Forma)
Room revenues $24,226,199 $22,241,928 $88,360,086 $82,587,417
RevPAR $65.46 $60.09 $69.43 $65.08 Occupancy 68.71% 65.86% 72.82%
71.63% ADR $95.27 $91.24 $95.35 $90.85 NOTE: The above pro forma
tables include the original six hotel properties and assume hotel
properties not under renovation acquired since the Company's
formation in August 2003 were owned as of the beginning of the
periods presented. For the comparative quarterly periods, the above
schedule includes 30 hotel properties not under renovation. For the
comparative annual periods, the above schedule includes 27 hotel
properties not under renovation. ASHFORD HOSPITALITY TRUST, INC.
AND PREDECESSOR FFO (Unaudited) The Company The Company Quarter
Quarter Ended Ended December 31, December 31, 2004 2003 Net income
(loss) applicable to common shareholders $(794,082) $(1,329,161)
Add back dividend on redeemable preferred shares 3,310 - Total
$(790,772) $(1,329,161) Plus real estate depreciation and
amortization 4,022,100 1,673,616 Remove minority interest 132,574
(292,360) Gross FFO $3,363,902 $52,095 Diluted weighted average
shares outstanding 31,492,372 30,760,696 Gross FFO per diluted
share $0.11 $0.00 The The Company The Predecessor Company Period
From Period From Year August 29, January 1, Ended 2003 to 2003 to
December 31, December 31, August 28, 2004 2003 2003 Net income
(loss) applicable to common shareholders $63,957 $(1,627,319)
$(2,292,882) Add back dividend on redeemable preferred shares 3,310
- - Total $67,267 $(1,627,319) $(2,292,882) Plus real estate
depreciation and amortization 10,713,546 2,015,019 2,915,777 Remove
minority interest 297,611 (357,943) - Gross FFO $11,078,424 $29,757
$622,895 Diluted weighted average shares outstanding 30,993,250
30,372,264 NA Gross FFO per diluted share $0.36 $0.00 NA For year
ended December 31, 2004, EBITDA has not been adjusted to add back
the non-recurring write-off of loan costs of approximately $1.6
million, which is included in net income (loss). ASHFORD
HOSPITALITY TRUST, INC. AND PREDECESSOR EBITDA (Unaudited) The
Company The Company Quarter Quarter Ended Ended December 31,
December 31, 2004 2003 Net income (loss) $561,168 $(1,329,161) Add
back: Interest income 88,408 165,846 Interest expense and
amortization of loan costs (4,785,052) (332,011) Minority interest
(132,574) 292,360 Depreciation and amortization (4,040,118)
(1,675,341) Provision for income taxes 28,903 (142,178) (8,840,433)
(1,691,324) Gross EBITDA $9,401,601 $362,163 The The Company The
Predecessor Company Period From Period From Year August 29, January
1, Ended 2003 to 2003 to December 31, December 31, August 28, 2004
2003 2003 Net income (loss) $1,419,207 $(1,627,319) $(2,292,882)
Add back: Interest income 335,495 266,333 22,800 Interest expense
and amortization of loan costs (11,101,218) (417,060) (4,583,146)
Minority interest (297,611) 357,943 - Depreciation and amortization
(10,767,785) (2,016,899) (2,915,777) Provision for income taxes
(658,273) (142,178) - (22,489,392) (1,951,861) (7,476,123) Gross
EBITDA $23,908,599 $324,542 $5,183,241 For year ended December 31,
2004, EBITDA has not been adjusted to add back the non-recurring
write-off of loan costs of approximately $1.6 million, which is
included in net income (loss). ASHFORD HOSPITALITY TRUST, INC. CASH
AVAILABLE FOR DISTRIBUTION (Unaudited) CAD Three Months Ended
December 31, 2004 (per share) Net loss available to common
shareholders $(794,082) Add back dividend on redeemable preferred
stock 3,310 Total $(790,772) Plus real estate depreciation and
amortization 4,022,100 $0.13 Remove minority interest 132,574 0.00
Plus stock-based compensation 605,061 0.02 Plus amortization of
loan costs 964,800 0.03 Plus income tax provision over income tax
payments (102,678) (0.00) Less capital improvements reserve
(1,335,980) (0.04) Plus write-off of loan costs - 0.00 CAD
$3,495,105 $0.11 ASHFORD HOSPITALITY TRUST, INC. AND PREDECESSOR
HOTEL OPERATING PROFIT (Unaudited) Company & The Company The
Company The Company Predecessor Three Months Three Months Year Year
Ended Ended Ended Ended December 31, December 31, December 31,
December 31, 2004 2003 2004 2003 REVENUE Rooms $29,806,431
$28,356,825 $126,421,946 $121,923,336 Food and beverage 6,160,025
6,605,236 24,073,265 24,065,385 Other 1,549,813 1,549,892 6,806,924
6,591,485 Total hotel revenue 37,516,269 36,511,953 157,302,135
152,580,206 EXPENSES Hotel operating expenses Rooms 6,494,823
5,950,994 25,619,460 24,649,600 Food and beverage 4,629,787
4,987,954 18,760,721 19,205,462 Other direct 819,914 948,070
3,588,261 3,839,144 Indirect 12,393,409 12,028,830 51,423,117
49,082,808 Management fees 1,203,575 1,394,702 5,421,123 5,377,338
Total hotel operating expenses 25,541,508 25,310,550 104,812,682
102,154,352 Property taxes, insurance, and other 1,856,396
2,374,335 9,510,588 10,034,277 HOTEL OPERATING PROFIT $10,118,365
$8,827,068 $42,978,865 $40,391,577 NOTE: The above pro forma tables
assume the twenty-seven hotel properties acquired since the
Company's formation in August 2003 were owned as of the beginning
of the periods presented. Contact: David Kimichik Tripp Sullivan
Chief Financial Officer Corporate Communications, Inc. (972)
490-9600 (615) 254-3376 DATASOURCE: Ashford Hospitality Trust, Inc.
CONTACT: David Kimichik, Chief Financial Officer, +1-972-490-9600,
or Tripp Sullivan, Corporate Communications, Inc., +1-615-254-3376,
both of Ashford Hospitality Trust, Inc. Web site:
http://www.ahtreit.com/
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