DALLAS, Nov. 9, 2011 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) today reported the following results and
performance measures for the third quarter ended September 30, 2011. The performance
measurements for Occupancy, Average Daily Rate (ADR), Revenue Per
Available Room (RevPAR), and Hotel Operating Profit (or Hotel
EBITDA) are proforma. Unless otherwise stated, all reported
results compare the third quarter ended September 30, 2011, with the third quarter ended
September 30, 2010 (see discussion
below). The reconciliation of non-GAAP financial measures is
included in the financial tables accompanying this press
release.
FINANCIAL HIGHLIGHTS
- RevPAR increased 5.9% for all Legacy hotels in continuing
operations, driven by a 2.8% increase in ADR and a 223 basis point
increase in occupancy
- RevPAR increased 5.5% for all hotels in the Highland
Hospitality Portfolio, driven by a 1.7% increase in ADR and a 265
basis point increase in occupancy
- Hotel operating profit margin increased 137 basis points for
the 80 Legacy hotels not under renovation in continuing
operations
- Hotel operating profit margin increased 230 basis points for
all 28 hotels in the Highland Hospitality Portfolio (no Highland
hotels were under renovation during the third quarter)
- Net loss attributable to common shareholders was $28.6 million, or $0.43 per diluted share, compared with net income
attributable to common shareholders of $36.3
million, or $0.71 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) was $0.39 per diluted share for the quarter as
compared with $0.33 from the
prior-year quarter
- On a trailing-twelve month basis, AFFO was a record
$1.86 per diluted share
- Fixed charge coverage ratio was 1.72x under the senior credit
facility covenant versus a required minimum of 1.35x
- The Company has one mortgage maturing in 2011 with an
outstanding balance of $203.4 million
and one mortgage maturing in 2012 with an outstanding balance of
$167.2 million.
- In September, Ashford obtained a new $105 million senior credit facility, the
Company's only recourse obligation with currently no outstanding
balance
- At the end of the third quarter, Ashford had cash and cash
equivalents of $180.9 million
CAPITAL ALLOCATION
- Capex invested in the quarter for the Legacy portfolio was
$17.5 million and $45.9 million year to date
CAPITAL STRUCTURE
As previously disclosed, in July
2011, Ashford reissued 7.0 million of the Company's treasury
shares at $12.50 per share and
received net proceeds of $83.3
million. The net proceeds were used to repay the outstanding
borrowings under the senior credit facility and for general
corporate purposes, including financing future hotel related
investments, capital expenditures, working capital, or repayment of
other debt obligations.
On September 26, 2011, the Company
announced it had entered into a new $105
million senior credit facility which replaced the Company's
previous credit line that was scheduled to mature in April 2012. The new credit facility
provides for a three-year revolving line of credit at 275 to 350
basis points over LIBOR, which is the same as the Company's
previous credit line. There is a one-year extension option
subject to the satisfaction of certain conditions. The new
credit facility includes the opportunity to expand the borrowing
capacity by up to $45 million to an
aggregate size of $150 million.
The financial covenant tests with respect to fixed charge
coverage ratio and leverage tests are similar to the Company's
previous credit line. The previous credit line was repaid in
full in July 2011. Since the
Company had a zero balance on the previous credit line, no cash was
utilized to pay it down upon termination.
On September 27, 2011, Ashford's
Board of Directors authorized the reinstatement of the Company's
2007 Stock Repurchase Program with a $141.6
million increase, bringing the total authorization to
$200 million (excluding fees,
commissions and all other ancillary expenses). The plan
provides for: (i) the repurchase of shares of the Company's common
stock, Series A preferred stock, Series D preferred stock and
Series E preferred stock, and /or (ii) discounted purchases of
outstanding debt obligations of the Company and its subsidiaries,
including debt secured by the Company's hotel assets
Subsequent to the end of the third quarter, on October 12, 2011 the Company priced an
underwritten public offering of 1,280,000 shares of its existing
9.00% Series E Cumulative Preferred Stock at $23.47 per share including accrued dividends;
receiving net proceeds of $29.1
million after underwriting fees. The net proceeds from
the sale of these securities are being used for general corporate
purposes, including, without limitation, repayment of debt or other
maturing obligations, financing future hotel-related investments,
capital expenditures and working capital. Net proceeds may
also be used for repurchasing shares of common stock under
Ashford's repurchase program.
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The RevPAR growth for the Highland Hospitality portfolio of 5.5%
was only slightly lower than RevPAR growth of the Company's legacy
portfolio of 5.9% and significantly improved on a sequential basis
compared with RevPAR growth of 3.4% experienced during the second
quarter of this year. This improved performance was a direct
result of filling sales positions at 17 hotels that had been vacant
during the first and second quarter due to a change in property
manager as well as the continuing integration of the Highland
Hospitality Portfolio into the Company's total portfolio.
Hotel EBITDA Margin increased 230 basis points to 25.1%
reflecting a 62% EBITDA flow. The Company expects both the
revenue and EBITDA performance of the Highland Hospitality
Portfolio to continue to improve as the hotels in the Portfolio
continue to be fully integrated into Ashford's total portfolio.
DISPOSITION ACTIVITY
On July 29, 2011, Ashford
completed the previously announced sale of the Hampton Inn
Jacksonville for $10.0 million in
cash. The hotel was unencumbered by debt.
PORTFOLIO REVPAR
As of September 30, 2011, the
Company had a portfolio of direct hotel investments consisting of
96 properties classified in continuing operations. During the
third quarter, 80 of the hotels included in continuing operations
were not under renovation. The Company believes reporting its
operating metrics for continuing operations on a proforma total
basis (all 96 hotels) and proforma not-under-renovation basis (80
hotels) is a measure that reflects a meaningful and focused
comparison of the operating results in its direct hotel portfolio.
The Company's reporting by region and brand includes the
results of all 96 hotels in continuing operations. Details of
each category are provided in the tables attached to this
release.
- Proforma RevPAR increased 6.2% to $96.12 for hotels not under renovation on a 3.3%
increase in ADR and a 209 basis point increase in occupancy
- Proforma RevPAR increased 5.9% to $94.63 for all hotels on a 2.8% increase in ADR
and a 223 basis point increase in occupancy
- Proforma RevPAR increased 5.5% to $97.30 for all hotels in the Highland Hospitality
Portfolio on a 1.7% increase in ADR and a 265 basis point increase
in occupancy (no Highland hotels were under renovation during the
third quarter)
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 80 hotels as of September 30,
2011, that were not under renovation, Proforma Hotel EBITDA
increased 11.1% to $52.1 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) increased 137 basis points to 28.3%. For all
96 hotels included in continuing operations as of September 30, 2011, Proforma Hotel EBITDA
increased 10.9% to $60.4 million and
Hotel EBITDA margin increased 126 basis points to 27.8%. For
the Company's 71.74% share of the 28 hotels in the Highland
Hospitality Portfolio, Proforma Hotel EBITDA increased 17.0% to
$17.5 million. Proforma Hotel
EBITDA margin (expressed as a percentage of Total Hotel Revenue)
increased 230 basis points to 25.1%.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA
margin comparisons are more meaningful to gauge the performance of
the Company's hotels than sequential quarter-over-quarter
comparisons. Given the substantial seasonality in the
Company's portfolio and its active capital recycling, to help
investors better understand this seasonality, the Company provides
quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel
EBITDA margin for the current and certain prior-year periods based
upon the number of core hotels in the portfolio as well as its
pro-rata share of the Highland portfolio as of the end of the
current period. As Ashford's portfolio mix changes from time
to time so will the seasonality for Proforma Hotel EBITDA and
Proforma Hotel EBITDA margin. The details of the quarterly
calculations for the previous four quarters for the current
portfolio of 96 hotels included in continuing operations together
with Ashford's pro-rata share of the Highland portfolio are
provided in the table attached to this release.
COMMON STOCK DIVIDEND
On September 15, 2011, Ashford
announced that its Board of Directors had declared a common stock
dividend for the third quarter ended September 30, 2011, of $0.10 per diluted share, payable October 17, 2011, for shareholders of record on
September 30, 2011.
Monty J. Bennett, Chief Executive
Officer, commented, "Ashford continues to report strong AFFO and
operating profit growth, including significant sequential
improvement in our Highland Hospitality Portfolio. Our
integration process is progressing well and the Highland
transaction continues to meet our expectations. Despite
larger macroeconomic uncertainty, our outlook for the remainder of
the year remains strong as the fundamentals of our industry
continue to improve. At the same time, we are focused on risk
mitigation and strategic opportunities. We remain
conservative in our approach and continue to take steps to enhance
our capital structure and liquidity as demonstrated by our recent
public offerings, new senior credit facility, and absence of
recourse debt. We continue to evaluate our relative cost of
capital and seek out investment opportunities with a disciplined
view on shareholder accretion. We believe this balanced
approach will continue to drive improved operating performance and
provide substantial returns to our shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, November 10, 2011, at
11 a.m. ET. The number to call for this interactive
teleconference is (480) 629-9818. A replay of the conference call
will be available through Thursday, November
17, 2011, by dialing (303) 590-3030 and entering the
confirmation number, 4478474.
The Company will also provide an online simulcast and
rebroadcast of its third quarter 2011 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 Thursday,
November 10, 2011, beginning at 11
a.m. ET. The online replay will follow shortly after the
call and continue for approximately one year.
Substantially all of our non-current assets consist of real
estate investments and debt investments secured by real estate.
Historical cost accounting for real estate assets implicitly
assumes that the value of real estate assets diminishes predictably
over time. Since real estate values instead have historically
risen or fallen with market conditions, most industry investors
consider supplemental measures of performance, which are not
measures of operating performance under GAAP, to assist in
evaluating a real estate company's operations. These supplemental
measures include FFO, AFFO, EBITDA, and Hotel Operating Profit.
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, AFFO, EBITDA,
nor Hotel Operating Profit 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 are such measures
indicative of funds available to satisfy our cash needs, including
our ability to make cash distributions. However, management
believes FFO, AFFO, EBITDA, and Hotel Operating Profit to be
meaningful 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 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.
Additional information can be found on the Company's website
at 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, the timing for closing, the impact of the
transaction on our business and future financial condition, our
business and investment strategy, our understanding of our
competition and 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 Ashford's
filings with the Securities and Exchange Commission. EBITDA
is defined as net income before interest, taxes, depreciation and
amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. A capitalization
rate is determined by dividing the property's annual net operating
income by the purchase price. Net operating income is the
property's funds from operations minus a capital expense reserve of
either 4% or 5% of gross revenues. Funds from operations
("FFO"), as defined by the White Paper on FFO approved by the Board
of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") in April 2002,
represents net income (loss) computed in accordance with generally
accepted accounting principles ("GAAP"), excluding gains (or
losses) from sales of properties and extraordinary items as defined
by GAAP, plus depreciation and amortization of real estate assets,
and net of adjustments for the portion of these items related to
unconsolidated entities and joint ventures.
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. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in
thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
Investment in hotel properties,
net
|
$
2,967,797
|
|
$
3,023,736
|
|
|
Cash and cash
equivalents
|
180,886
|
|
217,690
|
|
|
Restricted cash
|
78,478
|
|
67,666
|
|
|
Accounts receivable,
net
|
33,942
|
|
27,493
|
|
|
Inventories
|
2,527
|
|
2,909
|
|
|
Notes receivable
|
3,069
|
|
20,870
|
|
|
Investment in unconsolidated
joint ventures
|
184,595
|
|
15,000
|
|
|
Assets held for sale
|
-
|
|
144,511
|
|
|
Investments in securities and
other
|
28,938
|
|
-
|
|
|
Deferred costs, net
|
16,207
|
|
17,519
|
|
|
Prepaid expenses
|
13,278
|
|
12,727
|
|
|
Derivative assets
|
54,721
|
|
106,867
|
|
|
Other assets
|
4,448
|
|
7,502
|
|
|
Intangible assets,
net
|
2,832
|
|
2,899
|
|
|
Due from third-party hotel
managers
|
56,685
|
|
49,135
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
3,628,403
|
|
$
3,716,524
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Indebtedness of continuing
operations
|
$
2,391,057
|
|
$
2,518,164
|
|
|
Indebtedness of assets held for
sale
|
-
|
|
50,619
|
|
|
Capital leases
payable
|
-
|
|
36
|
|
|
Accounts payable and accrued
expenses
|
88,092
|
|
79,248
|
|
|
Dividends payable
|
16,221
|
|
7,281
|
|
|
Unfavorable management contract
liabilities
|
14,364
|
|
16,058
|
|
|
Due to related
parties
|
1,837
|
|
2,400
|
|
|
Due to third-party hotel
managers
|
2,078
|
|
1,870
|
|
|
Liabilities associated with
investments in securities and other
|
10,096
|
|
-
|
|
|
Other liabilities
|
5,384
|
|
4,627
|
|
|
Other liabilities of assets held
for sale
|
-
|
|
2,995
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
2,529,129
|
|
2,683,298
|
|
|
|
|
|
|
|
|
|
|
Series B-1 Cumulative
Convertible Redeemable Preferred stock, 7,247,865 shares
|
|
|
|
|
|
issued and outstanding at
December 31, 2010
|
-
|
|
72,986
|
|
Redeemable noncontrolling
interests in operating partnership
|
107,637
|
|
126,722
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Shareholders' equity of the
Company
|
|
|
|
|
|
|
Preferred stock, $0.01 par
value, 50,000,000 shares authorized:
|
|
|
|
|
|
|
|
Series A Cumulative Preferred
Stock, 1,487,900 shares issued and outstanding
|
15
|
|
15
|
|
|
|
|
Series D Cumulative Preferred
Stock, 8,966,797 shares issued and outstanding
|
90
|
|
90
|
|
|
|
|
Series E Cumulative Preferred
Stock, 3,350,000 shares issued and outstanding
|
|
|
|
|
|
|
|
|
at September 30, 2011
|
34
|
|
-
|
|
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 124,896,765 shares
|
|
|
|
|
|
|
|
and 123,403,893 shares issued,
respectively, 61,030,940 and 68,034,685 shares
|
|
|
|
|
|
|
|
outstanding,
respectively
|
1,249
|
|
1,234
|
|
|
|
Additional paid-in
capital
|
1,712,746
|
|
1,552,657
|
|
|
|
Accumulated other comprehensive
loss
|
(173)
|
|
(550)
|
|
|
|
Accumulated deficit
|
(571,930)
|
|
(543,788)
|
|
|
|
Treasury stock, at cost
(56,862,080 shares and 64,404,569 shares, respectively)
|
(164,749)
|
|
(192,850)
|
|
|
|
|
Total shareholders' equity of
the Company
|
977,282
|
|
816,808
|
|
|
Noncontrolling interests in
consolidated joint ventures
|
14,355
|
|
16,710
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
991,637
|
|
833,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
3,628,403
|
|
$
3,716,524
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 169,145
|
|
$ 159,069
|
|
$ 508,934
|
|
$ 474,889
|
|
|
Food and beverage
|
33,486
|
|
31,932
|
|
113,135
|
|
108,918
|
|
|
Rental income from operating
leases
|
1,304
|
|
1,185
|
|
4,008
|
|
3,728
|
|
|
Other
|
10,583
|
|
9,520
|
|
30,182
|
|
29,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel revenue
|
214,518
|
|
201,706
|
|
656,259
|
|
616,978
|
|
|
Interest income from notes
receivable
|
-
|
|
349
|
|
-
|
|
1,032
|
|
|
Asset management fees and
other
|
69
|
|
100
|
|
217
|
|
312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
214,587
|
|
202,155
|
|
656,476
|
|
618,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
39,863
|
|
37,372
|
|
116,114
|
|
108,587
|
|
|
|
Food and beverage
|
25,155
|
|
24,154
|
|
78,757
|
|
76,755
|
|
|
|
Other direct
|
5,994
|
|
6,097
|
|
17,575
|
|
17,732
|
|
|
|
Indirect
|
62,357
|
|
59,048
|
|
185,178
|
|
177,943
|
|
|
|
Management fees
|
8,466
|
|
8,275
|
|
26,509
|
|
25,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
141,835
|
|
134,946
|
|
424,133
|
|
406,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes, insurance, and
other
|
12,297
|
|
12,298
|
|
34,953
|
|
37,688
|
|
|
Depreciation and
amortization
|
33,776
|
|
33,027
|
|
99,580
|
|
99,777
|
|
|
Impairment charges
|
(92)
|
|
694
|
|
(4,748)
|
|
(1,263)
|
|
|
Gain on insurance
settlement
|
-
|
|
-
|
|
(1,905)
|
|
-
|
|
|
Transaction acquisition
costs
|
27
|
|
-
|
|
(791)
|
|
-
|
|
|
Corporate general and
administrative:
|
|
|
|
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
3,069
|
|
1,929
|
|
8,428
|
|
5,168
|
|
|
|
Other general and
administrative
|
6,025
|
|
5,771
|
|
25,554
|
|
17,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
196,937
|
|
188,665
|
|
585,204
|
|
565,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
17,650
|
|
13,490
|
|
71,272
|
|
52,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of
unconsolidated joint ventures
|
(6,228)
|
|
3
|
|
19,596
|
|
1,325
|
|
|
Interest income
|
11
|
|
114
|
|
70
|
|
226
|
|
|
Other income
|
17,349
|
|
15,874
|
|
83,509
|
|
47,045
|
|
|
Interest expense
|
(33,388)
|
|
(34,096)
|
|
(100,407)
|
|
(101,779)
|
|
|
Amortization of loan
costs
|
(1,142)
|
|
(1,143)
|
|
(3,509)
|
|
(3,845)
|
|
|
Write-off of deferred debt
issuance cost
|
(729)
|
|
-
|
|
(729)
|
|
-
|
|
|
Unrealized gain on
investments
|
1,223
|
|
-
|
|
1,223
|
|
-
|
|
|
Unrealized gain (loss) on
derivatives
|
(18,302)
|
|
382
|
|
(52,813)
|
|
30,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
|
(23,556)
|
|
(5,376)
|
|
18,212
|
|
26,778
|
|
|
Income tax (expense)
benefit
|
(1,077)
|
|
22
|
|
(2,407)
|
|
(436)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING
OPERATIONS
|
(24,633)
|
|
(5,354)
|
|
15,805
|
|
26,342
|
|
Income (loss) from discontinued
operations
|
(351)
|
|
53,019
|
|
(4,170)
|
|
34,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
(24,984)
|
|
47,665
|
|
11,635
|
|
60,392
|
|
(Income) loss from consolidated
joint ventures attributable to noncontrolling interests
|
832
|
|
293
|
|
(537)
|
|
1,422
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
2,935
|
|
(6,689)
|
|
1,207
|
|
(8,610)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO THE COMPANY
|
(21,217)
|
|
41,269
|
|
12,305
|
|
53,204
|
|
Preferred dividends
|
(7,415)
|
|
(4,988)
|
|
(38,741)
|
|
(14,649)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON SHAREHOLDERS
|
$ (28,632)
|
|
$ 36,281
|
|
$ (26,436)
|
|
$ 38,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER SHARE – BASIC
AND DILUTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations attributable to common shareholders
|
$
(0.43)
|
|
$
(0.18)
|
|
$
(0.37)
|
|
$
0.17
|
|
|
Income (loss) from discontinued
operations attributable to common shareholders
|
-
|
|
0.89
|
|
(0.07)
|
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$
(0.43)
|
|
$
0.71
|
|
$
(0.44)
|
|
$
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding – basic and diluted
|
66,801
|
|
49,714
|
|
60,601
|
|
51,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common
shareholders:
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations, net of tax
|
$ (20,906)
|
|
$ (4,304)
|
|
$ 16,862
|
|
$ 23,567
|
|
|
Income (loss) from discontinued
operations, net of tax
|
(311)
|
|
45,573
|
|
(4,557)
|
|
29,637
|
|
|
Preferred dividends
|
(7,415)
|
|
(4,988)
|
|
(38,741)
|
|
(14,649)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$ (28,632)
|
|
$ 36,281
|
|
$ (26,436)
|
|
$ 38,555
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO EBITDA
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
(24,984)
|
|
$
47,665
|
|
$
11,635
|
|
$
60,392
|
|
(Income) loss from consolidated
joint ventures attributable to noncontrolling interests
|
832
|
|
293
|
|
(537)
|
|
1,422
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
2,935
|
|
(6,689)
|
|
1,207
|
|
(8,610)
|
|
Net income (loss) attributable
to the Company
|
(21,217)
|
|
41,269
|
|
12,305
|
|
53,204
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
(11)
|
|
(105)
|
|
(69)
|
|
(216)
|
|
|
Interest expense and
amortization of loan costs
|
34,071
|
|
36,873
|
|
103,233
|
|
111,415
|
|
|
Depreciation and amortization
|
32,947
|
|
35,200
|
|
97,510
|
|
106,841
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
(2,935)
|
|
6,689
|
|
(1,207)
|
|
8,610
|
|
|
Income tax expense
|
1,077
|
|
96
|
|
2,492
|
|
517
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
43,932
|
|
120,022
|
|
214,264
|
|
280,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unfavorable
management contract liabilities
|
(565)
|
|
(565)
|
|
(1,694)
|
|
(1,694)
|
|
|
(Gain) loss on sale/disposition
of properties
|
311
|
|
(55,931)
|
|
(2,650)
|
|
(55,931)
|
|
|
Noncash gain on insurance
settlements
|
-
|
|
-
|
|
(1,157)
|
|
-
|
|
|
Write-off of deferred debt
issuance cost
|
729
|
|
-
|
|
1,677
|
|
-
|
|
|
Other income (1)
|
(17,349)
|
|
(15,879)
|
|
(83,509)
|
|
(47,120)
|
|
|
Impairment charges
|
(92)
|
|
694
|
|
1,489
|
|
10,805
|
|
|
Transaction acquisition
costs
|
27
|
|
-
|
|
(791)
|
|
-
|
|
|
Legal costs related to
litigation settlement (2)
|
-
|
|
-
|
|
6,875
|
|
-
|
|
|
Unrealized gain on
investments
|
(1,223)
|
|
-
|
|
(1,223)
|
|
-
|
|
|
Unrealized (gain) loss on
derivatives
|
18,302
|
|
(382)
|
|
52,813
|
|
(30,824)
|
|
|
Add back Equity in (earnings)
loss of unconsolidated joint ventures (Highland for
2011)
|
6,228
|
|
(3)
|
|
(19,596)
|
|
(1,325)
|
|
|
Company's portion of adjusted
EBITDA of unconsolidated joint ventures (Highland for
2011)
|
16,926
|
|
3
|
|
45,535
|
|
1,325
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
67,226
|
|
$
47,959
|
|
$
212,033
|
|
$
155,607
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO FUNDS FROM OPERATIONS ("FFO")
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
(24,984)
|
|
$
47,665
|
|
$
11,635
|
|
$
60,392
|
|
(Income) loss from consolidated
joint ventures attributable to noncontrolling interests
|
832
|
|
293
|
|
(537)
|
|
1,422
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
2,935
|
|
(6,689)
|
|
1,207
|
|
(8,610)
|
|
Preferred dividends
|
(7,415)
|
|
(4,988)
|
|
(38,741)
|
|
(14,649)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
(28,632)
|
|
36,281
|
|
(26,436)
|
|
38,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization on
real estate
|
32,883
|
|
35,138
|
|
97,322
|
|
106,643
|
|
|
(Gain) loss on sale/disposition
of properties
|
311
|
|
(55,931)
|
|
(2,650)
|
|
(55,931)
|
|
|
Noncash gain on insurance
settlements
|
-
|
|
-
|
|
(1,157)
|
|
-
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
(2,935)
|
|
6,689
|
|
(1,207)
|
|
8,610
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common
shareholders
|
1,627
|
|
22,177
|
|
65,872
|
|
97,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on convertible
preferred stock
|
-
|
|
1,043
|
|
1,374
|
|
3,128
|
|
|
Write-off of deferred debt
issuance cost
|
729
|
|
-
|
|
1,677
|
|
-
|
|
|
Impairment charges
|
(92)
|
|
694
|
|
1,489
|
|
10,805
|
|
|
Transaction acquisition
costs
|
27
|
|
-
|
|
(791)
|
|
-
|
|
|
Other income (1)
|
853
|
|
-
|
|
(29,147)
|
|
-
|
|
|
Legal costs related to
litigation settlement (2)
|
-
|
|
-
|
|
6,875
|
|
-
|
|
|
Unrealized gain on
investments
|
(1,223)
|
|
-
|
|
(1,223)
|
|
-
|
|
|
Unrealized (gain) loss on
derivatives
|
18,302
|
|
(382)
|
|
52,813
|
|
(30,824)
|
|
|
Non-cash dividends on Series B-1
preferred stock
|
-
|
|
-
|
|
17,363
|
|
-
|
|
|
Add back Equity in (earnings)
loss of unconsolidated joint ventures (Highland for
2011)
|
6,228
|
|
(3)
|
|
(19,596)
|
|
(1,325)
|
|
|
Company's portion of adjusted
FFO of unconsolidated joint ventures (Highland for 2011)
|
5,710
|
|
3
|
|
19,482
|
|
1,325
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common
shareholders
|
$
32,161
|
|
$
23,532
|
|
$
116,188
|
|
$
80,986
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per diluted share
available to common shareholders
|
$
0.39
|
|
$
0.33
|
|
$
1.45
|
|
$
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares
|
83,512
|
|
72,221
|
|
79,885
|
|
73,967
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other income
consisting of income from interest rate derivatives and net
investment loss on investments in securities is excluded from the
adjusted
|
|
EBITDA for all periods
presented. A gain of $30,000 from litigation settlement is excluded
from the Adjusted EBITDA and Adjusted FFO for the nine
|
|
months ended September
30, 2011. In addition, the net investment loss of $853, including a
realized loss on investments of $777 for the three and nine
|
|
months ended September
30, 2011, was also excluded for Adjusted AFFO.
|
|
(2) The legal costs
associated with the litigation settlement are also excluded from
the Adjusted EBITDA and Adjusted FFO for the nine
|
|
months ended September
30, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
SUMMARY OF
INDEBTEDNESS OF CONTINUING OPERATIONS
|
|
SEPTEMBER
30, 2011
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
Indebtedness
|
|
Collateral
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan
|
|
5
hotels
|
|
December
2011
|
|
LIBOR +
1.72%
|
|
$
-
|
|
$
203,400
|
|
$
203,400
|
|
Mortgage loan
|
|
10
hotels
|
|
May
2012
|
|
LIBOR +
1.65%
|
|
-
|
|
167,202
|
|
167,202
|
|
Mortgage loan
|
|
2
hotels
|
|
August
2013
|
|
LIBOR +
2.75%
|
|
-
|
|
146,667
|
|
146,667
|
|
Mortgage loan
|
|
1
hotel
|
|
May
2014
|
|
8.32%
|
|
5,521
|
|
-
|
|
5,521
|
|
Senior credit
facility
|
|
Various
|
|
September
2014
|
|
LIBOR +
2.75% to 3.5%
|
|
-
|
|
-
|
|
-
|
|
Mortgage loan
|
|
1
hotel
|
|
December
2014
|
|
Greater of
5.5% or LIBOR + 3.5%
|
|
-
|
|
19,740
|
|
19,740
|
|
Mortgage loan
|
|
8
hotels
|
|
December
2014
|
|
5.75%
|
|
107,398
|
|
-
|
|
107,398
|
|
Mortgage loan
|
|
10
hotels
|
|
July
2015
|
|
5.22%
|
|
156,622
|
|
-
|
|
156,622
|
|
Mortgage loan
|
|
8
hotels
|
|
December
2015
|
|
5.70%
|
|
99,247
|
|
-
|
|
99,247
|
|
Mortgage loan
|
|
5
hotels
|
|
December
2015
|
|
12.66%
|
|
150,343
|
|
-
|
|
150,343
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
112,995
|
|
-
|
|
112,995
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
93,707
|
|
-
|
|
93,707
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
81,171
|
|
-
|
|
81,171
|
|
Mortgage loan
|
|
1
hotel
|
|
April
2017
|
|
5.91%
|
|
35,000
|
|
-
|
|
35,000
|
|
Mortgage loan
|
|
2
hotels
|
|
April
2017
|
|
5.95%
|
|
128,251
|
|
-
|
|
128,251
|
|
Mortgage loan
|
|
3
hotels
|
|
April
2017
|
|
5.95%
|
|
260,980
|
|
-
|
|
260,980
|
|
Mortgage loan
|
|
5
hotels
|
|
April
2017
|
|
5.95%
|
|
115,600
|
|
-
|
|
115,600
|
|
Mortgage loan
|
|
5
hotels
|
|
April
2017
|
|
5.95%
|
|
103,906
|
|
-
|
|
103,906
|
|
Mortgage loan
|
|
5
hotels
|
|
April
2017
|
|
5.95%
|
|
158,105
|
|
-
|
|
158,105
|
|
Mortgage loan
|
|
7
hotels
|
|
April
2017
|
|
5.95%
|
|
126,466
|
|
-
|
|
126,466
|
|
TIF loan
|
|
1
hotel
|
|
June
2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
Mortgage loan
|
|
1
hotel
|
|
November
2020
|
|
6.26%
|
|
103,951
|
|
-
|
|
103,951
|
|
Mortgage loan
|
|
1
hotel
|
|
April
2034
|
|
Greater of
6% or Prime + 1%
|
|
-
|
|
6,687
|
|
6,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness
|
|
|
|
|
|
|
|
$
1,847,361
|
|
$
543,696
|
|
$
2,391,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
77.3%
|
|
22.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
at September 30, 2011
|
|
|
|
6.40%
|
|
2.39%
|
|
5.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest
rate
|
|
|
|
|
|
$
2,346,711
|
|
$
44,346
|
|
2,391,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of
interest rate swaps
|
|
|
|
98.1%
|
|
1.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
with the effect of interest rate swap and flooridor
|
|
2.63%
|
(1)
|
2.27%
|
(1)
|
2.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) These rates are calculated
assuming the LIBOR rate stays at the September 30, 2011 level and
with the effect of our interest rate derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
SUMMARY OF
INDEBTEDNESS
|
|
SEPTEMBER
30, 2011
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
Indebtedness
|
|
Collateral
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan
|
|
1
hotel
|
|
January
2013
|
|
5.96%
|
|
$
64,544
|
|
$
-
|
|
$
64,544
|
|
Mortgage loan
|
|
1
hotel
|
|
April
2013
|
|
6.11%
|
|
46,333
|
|
|
|
46,333
|
|
Mortgage loan
|
|
1
hotel
|
|
February
2013
|
|
5.97%
|
|
32,789
|
|
|
|
32,789
|
|
Mortgage loan
|
|
25
hotels
|
|
March
2014
|
|
LIBOR +
2.75%
|
|
-
|
|
530,000
|
(1)
|
530,000
|
|
Mezzanine loan
|
|
None
|
|
March
2014
|
|
Greater of
6.50% or LIBOR + 6.00%
|
|
-
|
|
144,636
|
(1)
|
144,636
|
|
Mezzanine loan
|
|
None
|
|
March
2014
|
|
Greater of
7.5% or LIBOR + 7.00%
|
|
-
|
|
137,691
|
(1)
|
137,691
|
|
Mezzanine loan
|
|
None
|
|
March
2014
|
|
Greater of
10.00% or LIBOR + 9.50%
|
|
-
|
|
118,021
|
(1)
|
118,021
|
|
Mezzanine loan
|
|
None
|
|
March
2014
|
|
LIBOR +
2.00%
|
|
|
|
18,425
|
(1)
|
18,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness
|
|
|
|
|
|
|
|
143,666
|
|
948,773
|
|
1,092,439
|
|
Ashford's proportionate
obligations
|
|
|
|
|
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
|
|
|
|
|
|
|
|
$
103,066
|
|
$
680,650
|
|
$
783,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
13.2%
|
|
86.8%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
at September 30, 2011
|
|
|
|
6.01%
|
|
5.04%
|
|
5.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of
interest rate swaps
|
|
|
|
$
783,716
|
|
$
-
|
|
$
783,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of Ashford
plus Ashford's 71.74% share of PIM Highland Holding LLC
|
|
$
1,950,427
|
|
$
1,224,346
|
|
$
3,174,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of
interest rate swaps
|
|
|
|
$
3,130,427
|
|
$
44,346
|
|
$
3,174,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
with the effect of interest rate swap and flooridor
|
|
2.90%
|
|
3.68%
|
|
3.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Each of these loans has two
one-year extension options beginning March 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
INDEBTEDNESS
OF CONTINUING OPERATIONS BY MATURITY
|
|
SEPTEMBER
30, 2011
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan secured by five
hotel properties
|
$ 203,400
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
203,400
|
|
Mortgage loan secured by 10
hotel properties, Wachovia Floater
|
-
|
|
167,202
|
|
-
|
|
-
|
|
-
|
|
-
|
|
167,202
|
|
Mortgage loan secured by two
hotel properties
|
-
|
|
-
|
|
146,667
|
|
-
|
|
-
|
|
-
|
|
146,667
|
|
Mortgage loan secured by
Manchester Courtyard
|
-
|
|
-
|
|
-
|
|
5,521
|
|
-
|
|
-
|
|
5,521
|
|
Senior credit
facility
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Mortgage loan secured by El
Conquistador Hilton
|
-
|
|
-
|
|
-
|
|
19,740
|
|
-
|
|
-
|
|
19,740
|
|
Mortgage loan secured by eight
hotel properties, UBS Pool 1
|
-
|
|
-
|
|
-
|
|
107,398
|
|
-
|
|
-
|
|
107,398
|
|
Mortgage loan secured by 10
hotel properties, Merrill Lynch Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
156,622
|
|
-
|
|
156,622
|
|
Mortgage loan secured by eight
hotel properties, UBS Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
99,247
|
|
-
|
|
99,247
|
|
Mortgage loan secured by five
hotel properties
|
-
|
|
-
|
|
-
|
|
-
|
|
150,343
|
|
-
|
|
150,343
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
112,995
|
|
112,995
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 3
|
|
|
|
|
|
|
-
|
|
-
|
|
93,707
|
|
93,707
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 7
|
|
|
|
|
|
|
-
|
|
-
|
|
81,171
|
|
81,171
|
|
Mortgage loan secured by
Philadelphia Courtyard, Wachovia Stand-Alone
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
35,000
|
|
35,000
|
|
Mortgage loan secured by two
hotel properties, Wachovia Fixed Rate Pool 3
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
128,251
|
|
128,251
|
|
Mortgage loan secured by three
hotel properties, Wachovia Fixed Rate Pool 7
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
260,980
|
|
260,980
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115,600
|
|
115,600
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 5
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,906
|
|
103,906
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 6
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
158,105
|
|
158,105
|
|
Mortgage loan secured by seven
hotel properties, Wachovia Fixed Rate Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
126,466
|
|
126,466
|
|
TIF loan secured by Philadelphia
Courtyard
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,098
|
|
8,098
|
|
Mortgage loan secured by
Arlington Marriott
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,951
|
|
103,951
|
|
Mortgage loan secured by
Jacksonville Residence Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,687
|
|
6,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of continuing
operations
|
$ 203,400
|
|
$ 167,202
|
|
$ 146,667
|
|
$ 132,659
|
|
$ 406,212
|
|
$
1,334,917
|
|
$
2,391,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: These maturities assume no
event of default would occur.
|
|
(1)The outstanding balance was
repaid in July 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
INDEBTEDNESS
BY MATURITY
|
|
ASSUMING
EXTENSION OPTIONS ARE EXERCISED
|
|
SEPTEMBER
30, 2011
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan secured by Boston
Hilton
|
$
-
|
|
$
-
|
|
$
64,544
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
64,544
|
|
Mortgage loan secured by
Nashville Renaissance
|
-
|
|
-
|
|
46,333
|
|
-
|
|
-
|
|
-
|
|
46,333
|
|
Mortgage loan secured by
Princeton Westin
|
-
|
|
-
|
|
32,789
|
|
-
|
|
-
|
|
-
|
|
32,789
|
|
Mortgage loan secured by 25
hotel properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
530,000
|
|
530,000
|
|
Mezzanine loan
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
144,636
|
|
144,636
|
|
Mezzanine loan
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
137,691
|
|
137,691
|
|
Mezzanine loan
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
118,021
|
|
118,021
|
|
Mezzanine loan
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
18,425
|
|
18,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness
|
|
-
|
|
-
|
|
143,666
|
|
-
|
|
-
|
|
948,773
|
|
1,092,439
|
|
Ashford's proportionate
obligations
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
x 71.74%
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$ 103,066
|
|
$
-
|
|
$
-
|
|
$
680,650
|
|
$
783,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of continuing
operations plus Ashford's 71.74% share of PIM Highland
Holding LLC
|
$ 203,400
|
|
$ 167,202
|
|
$ 249,733
|
|
$ 132,659
|
|
$ 406,212
|
|
$
2,015,567
|
|
$
3,174,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
|
LEGACY
PORTFOLIO ONLY
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
2011
|
|
2010
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
172,708
|
|
$
163,023
|
|
5.94%
|
|
$
520,942
|
|
$
487,438
|
|
6.87%
|
|
|
RevPAR
|
$
94.63
|
|
$
89.32
|
|
5.94%
|
|
$
95.73
|
|
$
89.57
|
|
6.88%
|
|
|
Occupancy
|
74.94%
|
|
72.71%
|
|
2.23%
|
|
73.73%
|
|
71.64%
|
|
2.09%
|
|
|
ADR
|
$
126.26
|
|
$
122.84
|
|
2.78%
|
|
$
129.84
|
|
$
125.02
|
|
3.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
The above pro forma table
assumes the 96 hotel properties owned and included in continuing
operations as of September 30, 2011 were owned as of the beginning
of the first comparative reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
146,381
|
|
$
137,813
|
|
6.22%
|
|
$
432,136
|
|
$
405,202
|
|
6.65%
|
|
|
RevPAR
|
$
96.12
|
|
$
90.49
|
|
6.22%
|
|
$
95.20
|
|
$
89.26
|
|
6.65%
|
|
|
Occupancy
|
76.06%
|
|
73.97%
|
|
2.09%
|
|
74.19%
|
|
72.25%
|
|
1.94%
|
|
|
ADR
|
$
126.37
|
|
$
122.33
|
|
3.30%
|
|
$
128.31
|
|
$
123.55
|
|
3.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The above pro forma table
assumes the 80 hotel properties owned and included in continuing
operations as of September 30, 2011, but not under
|
|
renovation for the three
months ended September 30, 2011, were owned as of the beginning of
the first comparative reporting period.
|
|
|
|
(2) Excluded Hotels Under
Renovation: Courtyard Louisville Airport, Courtyard Crystal City
Reagan Airport, Embassy Suites Austin Arboretum
|
|
Embassy Suites Dallas
Galleria, Marriott Legacy Center, Capital Hilton, Courtyard Newark,
Courtyard Legacy Park, Embassy Suites Houston,
|
|
Hilton Nassau Bay Clear
Lake, SpringHill Suites Raleigh Airport, SpringHill Suites
Richmond, Courtyard Old Town Scottsdale, Marriott Dallas Center
|
|
Residence Inn Newark,
Residence Inn Phoenix Airport
|
|
|
|
(3) As the Company's Courtyard
by Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company
|
|
only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro forma tables, all room revenues related to
|
|
this hotel are reflected,
which is consistent with the Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING TABLE PRESENTS THE
COMPANY'S 71.74% OF THE PRO FORMA PERFORMANCE OF THE 28-HOTEL
PROPERTY
|
|
PORTFOLIO INCLUDED IN PIM
HIGHLAND HOLDING LLC AS IF THEY WERE OWNED AS OF THE BEGINNING OF
THE FIRST
|
|
COMPARATIVE REPORTING
PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
2011
|
|
2010
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL PERFORMANCE
INDICATORS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
50,855
|
|
$
48,206
|
|
5.50%
|
|
$
151,430
|
|
$
144,634
|
|
4.70%
|
|
|
RevPAR
|
$
97.30
|
|
$
92.22
|
|
5.51%
|
|
$
97.41
|
|
$
93.03
|
|
4.71%
|
|
|
Occupancy
|
74.16%
|
|
71.51%
|
|
2.65%
|
|
72.02%
|
|
70.35%
|
|
1.67%
|
|
|
ADR
|
$
131.21
|
|
$
128.96
|
|
1.74%
|
|
$
135.25
|
|
$
132.23
|
|
2.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
HOTEL OPERATING PROFIT
|
|
LEGACY
PORTFOLIO ONLY
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
2011
|
|
2010
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
172,708
|
|
$
163,023
|
|
5.9%
|
|
$
520,942
|
|
$
487,438
|
|
6.9%
|
|
|
Food and beverage
|
34,141
|
|
32,457
|
|
5.2%
|
|
115,095
|
|
110,983
|
|
3.7%
|
|
|
Other
|
10,184
|
|
9,460
|
|
7.7%
|
|
29,202
|
|
29,141
|
|
0.2%
|
|
|
|
Total hotel revenue
|
217,033
|
|
204,940
|
|
5.9%
|
|
665,239
|
|
627,562
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
40,620
|
|
38,384
|
|
5.8%
|
|
118,595
|
|
111,568
|
|
6.3%
|
|
|
Food and beverage
|
25,624
|
|
24,585
|
|
4.2%
|
|
80,212
|
|
78,197
|
|
2.6%
|
|
|
Other direct
|
5,996
|
|
6,128
|
|
-2.2%
|
|
17,594
|
|
17,802
|
|
-1.2%
|
|
|
Indirect
|
63,206
|
|
60,469
|
|
4.5%
|
|
186,187
|
|
179,275
|
|
3.9%
|
|
|
Management fees, includes base
and incentive fees
|
8,631
|
|
8,451
|
|
2.1%
|
|
29,348
|
|
28,703
|
|
2.2%
|
|
|
|
Total hotel operating
expenses
|
144,077
|
|
138,017
|
|
4.4%
|
|
431,936
|
|
415,545
|
|
3.9%
|
|
|
Property taxes, insurance, and
other
|
12,603
|
|
12,520
|
|
0.7%
|
|
35,843
|
|
38,272
|
|
-6.3%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
60,353
|
|
54,403
|
|
10.9%
|
|
197,460
|
|
173,745
|
|
13.6%
|
|
|
Hotel EBITDA Margin
|
27.81%
|
|
26.55%
|
|
1.26%
|
|
29.68%
|
|
27.69%
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,486
|
|
1,125
|
|
32.1%
|
|
5,325
|
|
4,101
|
|
29.8%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$
58,867
|
|
$
53,278
|
|
10.5%
|
|
$
192,135
|
|
$
169,644
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: The above pro
forma table assumes the 96 hotel properties owned and included in
continuing operations as of September 30, 2011 were owned as of
the beginning of the first
comparative reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
2011
|
|
2010
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
146,381
|
|
$
137,813
|
|
6.2%
|
|
$
432,136
|
|
$
405,202
|
|
6.6%
|
|
|
Food and beverage
|
28,521
|
|
27,545
|
|
3.5%
|
|
94,079
|
|
91,762
|
|
2.5%
|
|
|
Other
|
8,891
|
|
8,517
|
|
4.4%
|
|
26,141
|
|
25,884
|
|
1.0%
|
|
|
|
Total hotel revenue
|
183,793
|
|
173,875
|
|
5.7%
|
|
552,356
|
|
522,848
|
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
33,591
|
|
31,987
|
|
5.0%
|
|
97,480
|
|
92,314
|
|
5.6%
|
|
|
Food and beverage
|
21,353
|
|
20,645
|
|
3.4%
|
|
66,350
|
|
65,083
|
|
1.9%
|
|
|
Other direct
|
5,525
|
|
5,515
|
|
0.2%
|
|
16,131
|
|
15,973
|
|
1.0%
|
|
|
Indirect
|
53,268
|
|
51,046
|
|
4.4%
|
|
156,422
|
|
151,043
|
|
3.6%
|
|
|
Management fees, includes base
and incentive fees
|
7,594
|
|
7,386
|
|
2.8%
|
|
24,540
|
|
24,047
|
|
2.1%
|
|
|
|
Total hotel operating
expenses
|
121,331
|
|
116,579
|
|
4.1%
|
|
360,923
|
|
348,460
|
|
3.6%
|
|
|
Property taxes, insurance, and
other
|
10,395
|
|
10,423
|
|
-0.3%
|
|
29,285
|
|
31,780
|
|
-7.9%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
52,067
|
|
46,873
|
|
11.1%
|
|
162,148
|
|
142,608
|
|
13.7%
|
|
|
Hotel EBITDA Margin
|
28.33%
|
|
26.96%
|
|
1.37%
|
|
29.36%
|
|
27.28%
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
818
|
|
687
|
|
19.1%
|
|
2,445
|
|
1,915
|
|
27.7%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$
51,249
|
|
$
46,186
|
|
11.0%
|
|
$
159,703
|
|
$
140,693
|
|
13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma table
assumes the 80 hotel properties owned and included in continuing
operations as of September 30, 2011, but not under
renovation during the three months ended
September 30, 2011 were owned as of the beginning of the first
comparative reporting period.
|
|
|
|
(2) Excluded Hotels Under
Renovation: Courtyard Louisville Airport, Courtyard Crystal City
Reagan Airport, Embassy Suites Austin Arboretum Embassy
Suites Dallas Galleria, Marriott Legacy Center, Capital Hilton,
Courtyard Newark, Courtyard Legacy Park, Embassy Suites
Houston, Hilton Nassau Bay Clear Lake,
SpringHill Suites Raleigh Airport, SpringHill Suites Richmond,
Courtyard Old Town Scottsdale, Marriott Dallas Center
Residence Inn Newark, Residence
Inn Phoenix Airport
|
|
|
|
(3) As the Company's Courtyard
by Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company
only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro forma tables, all room revenues related to
this hotel are reflected, which
in consistent with the Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
PRO FORMA
HOTEL OPERATING PROFIT
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
2011
|
|
2010
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$
50,855
|
|
$
48,206
|
|
5.5%
|
|
$
151,430
|
|
$
144,634
|
|
4.7%
|
|
Food and beverage
|
16,176
|
|
14,709
|
|
10.0%
|
|
53,047
|
|
49,869
|
|
6.4%
|
|
Other
|
|
2,815
|
|
2,805
|
|
0.4%
|
|
8,702
|
|
8,471
|
|
2.7%
|
|
|
Total hotel revenue
|
69,846
|
|
65,720
|
|
6.3%
|
|
213,179
|
|
202,974
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
11,707
|
|
12,051
|
|
-2.9%
|
|
35,278
|
|
35,394
|
|
-0.3%
|
|
|
Food and beverage
|
11,624
|
|
11,663
|
|
-0.3%
|
|
36,923
|
|
36,372
|
|
1.5%
|
|
|
Other direct
|
1,392
|
|
1,334
|
|
4.3%
|
|
4,079
|
|
3,939
|
|
3.6%
|
|
|
Indirect
|
21,030
|
|
19,964
|
|
5.3%
|
|
61,883
|
|
59,370
|
|
4.2%
|
|
|
Management fees, includes base
and incentive fees
|
2,358
|
|
1,902
|
|
24.0%
|
|
7,093
|
|
6,123
|
|
15.8%
|
|
|
|
Total hotel operating
expenses
|
48,111
|
|
46,914
|
|
2.6%
|
|
145,256
|
|
141,198
|
|
2.9%
|
|
|
Property taxes, insurance, and
other
|
4,197
|
|
3,816
|
|
10.0%
|
|
12,399
|
|
11,801
|
|
5.1%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
$
17,538
|
|
$
14,990
|
|
17.0%
|
|
$
55,524
|
|
$
49,975
|
|
11.1%
|
|
|
Hotel EBITDA Margin
|
25.11%
|
|
22.81%
|
|
2.30%
|
|
26.05%
|
|
24.62%
|
|
1.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) All data in the table above
includes our 71.74% pro-rata share of assets in PIM Highland
Holding JV.
|
|
(2) The above pro forma table
assumes the 28 hotel properties owned as of September 30, 2011 were
owned as of the beginning of the first comparative reporting
|
|
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
HOTEL REVPAR BY REGION
|
|
LEGACY
PORTFOLIO ONLY
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2011
|
|
2010
|
|
%
Change
|
|
2011
|
|
2010
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
20
|
|
4,867
|
|
$
120.06
|
|
$
108.75
|
|
10.4%
|
|
$
105.37
|
|
$
95.67
|
|
10.1%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
71.09
|
|
71.41
|
|
-0.4%
|
|
78.92
|
|
79.02
|
|
-0.1%
|
|
West North Central
(3)
|
|
3
|
|
690
|
|
88.82
|
|
83.36
|
|
6.5%
|
|
81.73
|
|
76.45
|
|
6.9%
|
|
West South Central
(4)
|
|
9
|
|
1,936
|
|
84.52
|
|
79.27
|
|
6.6%
|
|
92.88
|
|
85.30
|
|
8.9%
|
|
East North Central
(5)
|
|
7
|
|
1,103
|
|
79.54
|
|
71.63
|
|
11.0%
|
|
73.83
|
|
67.61
|
|
9.2%
|
|
East South Central
(6)
|
|
2
|
|
236
|
|
81.60
|
|
96.21
|
|
-15.2%
|
|
81.44
|
|
88.62
|
|
-8.1%
|
|
Middle Atlantic (7)
|
|
8
|
|
2,035
|
|
102.60
|
|
94.14
|
|
9.0%
|
|
99.56
|
|
91.05
|
|
9.3%
|
|
South Atlantic (8)
|
|
37
|
|
7,610
|
|
87.29
|
|
85.12
|
|
2.5%
|
|
98.23
|
|
93.44
|
|
5.1%
|
|
New England (9)
|
|
2
|
|
159
|
|
87.70
|
|
84.94
|
|
3.2%
|
|
83.45
|
|
78.11
|
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
96
|
|
20,340
|
|
$
94.63
|
|
$
89.32
|
|
5.9%
|
|
$
95.73
|
|
$
89.57
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes Alaska, California,
Oregon, and Washington
|
|
(2) Includes Nevada, Arizona,
New Mexico, and Utah
|
|
(3) Includes Minnesota and
Kansas
|
|
(4) Includes Texas
|
|
(5) Includes Ohio and
Indiana
|
|
(6) Includes Kentucky and
Alabama
|
|
(7) Includes New York, New
Jersey, and Pennsylvania
|
|
(8) Includes Virginia, Florida,
Georgia, Maryland, District of Columbia, and North
Carolina
|
|
(9) Includes
Connecticut
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma table
assumes the 96 hotel properties owned and included in continuing
operations as of September 30, 2011 were owned as of the
|
|
beginning of the
comparative reporting period.
|
|
|
|
(2) As the Company's Courtyard
by Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company
|
|
only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro forma table, all room revenues related to
|
|
this hotel are reflected,
which is consistent with the Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
PRO FORMA
HOTEL REVPAR BY REGION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2011
|
|
2010
|
|
%
Change
|
|
2011
|
|
2010
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
1
|
|
294
|
|
$
44.34
|
|
$
31.95
|
|
38.8%
|
|
$
72.06
|
|
$
60.13
|
|
19.8%
|
|
Mountain (2)
|
|
1
|
|
145
|
|
91.63
|
|
83.31
|
|
10.0%
|
|
82.12
|
|
81.47
|
|
0.8%
|
|
West North Central
(3)
|
|
1
|
|
215
|
|
83.44
|
|
78.97
|
|
5.7%
|
|
85.34
|
|
84.56
|
|
0.9%
|
|
West South Central
(4)
|
|
4
|
|
929
|
|
86.12
|
|
80.72
|
|
6.7%
|
|
93.52
|
|
88.55
|
|
5.6%
|
|
East North Central
(5)
|
|
1
|
|
103
|
|
111.85
|
|
106.71
|
|
4.8%
|
|
92.63
|
|
86.35
|
|
7.3%
|
|
East South Central
(6)
|
|
1
|
|
483
|
|
106.63
|
|
100.40
|
|
6.2%
|
|
110.06
|
|
102.71
|
|
7.2%
|
|
Middle Atlantic (7)
|
|
4
|
|
832
|
|
97.45
|
|
85.08
|
|
14.5%
|
|
88.65
|
|
78.27
|
|
13.3%
|
|
South Atlantic (8)
|
|
13
|
|
2,293
|
|
90.92
|
|
91.40
|
|
-0.5%
|
|
93.33
|
|
94.03
|
|
-0.7%
|
|
New England (9)
|
|
2
|
|
506
|
|
175.87
|
|
163.91
|
|
7.3%
|
|
152.75
|
|
141.09
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
28
|
|
5,800
|
|
$
97.30
|
|
$
92.22
|
|
5.5%
|
|
$
97.41
|
|
$
93.03
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
California
|
|
(2) Includes Colorado
|
|
(3) Includes Nebraska
|
|
(4) Includes Texas
|
|
(5) Includes Illinois
|
|
(6) Includes
Tennessee
|
|
(7) Includes New York and New
Jersey
|
|
(8) Includes Virginia, Florida,
Georgia, Maryland, and District of Columbia
|
|
(9) Includes
Massachusetts
|
|
|
|
|
|
NOTES:
|
|
(1) All data in the table above
includes our 71.74% pro-rata share of assets in PIM Highland
Holding JV.
|
|
(2) The above pro forma table
assumes the 28 hotel properties owned as of September 30, 2011 were
owned as of the beginning of the first comparative
|
|
reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
HOTEL REVPAR BY BRAND
|
|
LEGACY
PORTFOLIO ONLY
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Brand
|
|
Hotels
|
|
Rooms
|
|
2011
|
|
2010
|
|
%
Change
|
|
2011
|
|
2010
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton
|
|
|
30
|
|
6,575
|
|
$
102.02
|
|
$
98.25
|
|
3.8%
|
|
$
103.83
|
|
$
98.00
|
|
5.9%
|
|
Hyatt
|
|
|
1
|
|
242
|
|
92.65
|
|
78.71
|
|
17.7%
|
|
128.04
|
|
112.71
|
|
13.6%
|
|
InterContinental
|
|
2
|
|
420
|
|
144.43
|
|
129.04
|
|
11.9%
|
|
150.39
|
|
135.90
|
|
10.7%
|
|
Independent
|
|
2
|
|
317
|
|
89.23
|
|
78.35
|
|
13.9%
|
|
91.16
|
|
81.26
|
|
12.2%
|
|
Marriott
|
|
|
56
|
|
11,376
|
|
87.88
|
|
82.88
|
|
6.0%
|
|
90.05
|
|
84.47
|
|
6.6%
|
|
Starwood
|
|
5
|
|
1,410
|
|
96.59
|
|
87.33
|
|
10.6%
|
|
78.94
|
|
71.77
|
|
10.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
96
|
|
20,340
|
|
$
94.63
|
|
$
89.32
|
|
5.9%
|
|
$
95.73
|
|
$
89.57
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma table
assumes the 96 hotel properties owned and included in continuing
operations as of September 30, 2011 were owned as of the
|
|
beginning of the first
comparative reporting period.
|
|
|
|
(2) As the Company's Courtyard
by Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company
|
|
only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro forma table, all room revenues related to this
|
|
hotel are reflected, which
is consistent with the Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
PRO FORMA
HOTEL REVPAR BY BRAND
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2011
|
|
2010
|
|
%
Change
|
|
2011
|
|
2010
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton
|
|
|
7
|
|
1,235
|
|
$
116.59
|
|
$
109.31
|
|
6.7%
|
|
$
110.36
|
|
$
103.09
|
|
7.1%
|
|
Hyatt
|
|
|
2
|
|
509
|
|
102.27
|
|
100.79
|
|
1.5%
|
|
98.77
|
|
96.25
|
|
2.6%
|
|
InterContinental
|
|
1
|
|
355
|
|
68.27
|
|
58.63
|
|
16.4%
|
|
61.19
|
|
63.18
|
|
-3.1%
|
|
Independent
|
|
3
|
|
399
|
|
110.53
|
|
128.76
|
|
-14.2%
|
|
120.11
|
|
126.30
|
|
-4.9%
|
|
Marriott
|
|
|
13
|
|
2,949
|
|
90.98
|
|
83.79
|
|
8.6%
|
|
94.78
|
|
89.22
|
|
6.2%
|
|
Starwood
|
|
2
|
|
353
|
|
87.69
|
|
80.28
|
|
9.2%
|
|
82.07
|
|
76.34
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
28
|
|
5,800
|
|
$
97.30
|
|
$
92.22
|
|
5.5%
|
|
$
97.41
|
|
$
93.03
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) All data in the table above
includes our 71.74% pro-rata share of assets in PIM Highland
Holding JV.
|
|
(2) The above pro forma table
assumes the 28 hotel properties owned as of September 30, 2011 were
owned as of the beginning of the first comparative
|
|
reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
HOTEL OPERATING PROFIT BY REGION
|
|
LEGACY
PORTFOLIO ONLY
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2011
|
%
Total
|
|
2010
|
%
Total
|
|
%
Change
|
|
2011
|
%
Total
|
|
2010
|
%
Total
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
20
|
|
4,867
|
|
$
22,824
|
37.8%
|
|
$
18,996
|
34.9%
|
|
20.2%
|
|
$
57,462
|
29.1%
|
|
$
45,962
|
26.4%
|
|
25.0%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
1,451
|
2.4%
|
|
2,413
|
4.5%
|
|
-39.9%
|
|
9,339
|
4.7%
|
|
10,420
|
6.0%
|
|
-10.4%
|
|
West North Central
(3)
|
|
3
|
|
690
|
|
2,655
|
4.4%
|
|
2,360
|
4.3%
|
|
12.5%
|
|
6,758
|
3.4%
|
|
5,809
|
3.3%
|
|
16.3%
|
|
West South Central
(4)
|
|
9
|
|
1,936
|
|
4,873
|
8.1%
|
|
4,414
|
8.1%
|
|
10.4%
|
|
18,652
|
9.4%
|
|
16,273
|
9.4%
|
|
14.6%
|
|
East North Central
(5)
|
|
7
|
|
1,103
|
|
3,275
|
5.4%
|
|
2,875
|
5.3%
|
|
13.9%
|
|
8,234
|
4.2%
|
|
7,084
|
4.1%
|
|
16.2%
|
|
East South Central
(6)
|
|
2
|
|
236
|
|
727
|
1.2%
|
|
916
|
1.7%
|
|
-20.6%
|
|
2,304
|
1.2%
|
|
2,450
|
1.4%
|
|
-6.0%
|
|
Middle Atlantic (7)
|
|
8
|
|
2,035
|
|
6,603
|
10.9%
|
|
5,885
|
10.8%
|
|
12.2%
|
|
19,496
|
9.9%
|
|
17,152
|
9.9%
|
|
13.7%
|
|
South Atlantic (8)
|
|
37
|
|
7,610
|
|
17,438
|
28.9%
|
|
16,056
|
29.5%
|
|
8.6%
|
|
73,929
|
37.4%
|
|
67,425
|
38.8%
|
|
9.6%
|
|
New England (9)
|
|
2
|
|
159
|
|
507
|
0.9%
|
|
488
|
0.9%
|
|
3.9%
|
|
1,286
|
0.7%
|
|
1,170
|
0.7%
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
96
|
|
20,340
|
|
$
60,353
|
100.0%
|
|
$
54,403
|
100.0%
|
|
10.9%
|
|
$
197,460
|
100.0%
|
|
$
173,745
|
100.0%
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes Alaska, California,
Oregon, and Washington
|
|
(2) Includes Nevada, Arizona,
New Mexico, and Utah
|
|
(3) Includes Minnesota and
Kansas
|
|
(4) Includes Texas
|
|
(5) Includes Ohio and
Indiana
|
|
(6) Includes Kentucky and
Alabama
|
|
(7) Includes New York, New
Jersey, and Pennsylvania
|
|
(8) Includes Virginia, Florida,
Georgia, Maryland, District of Columbia, and North
Carolina
|
|
(9) Includes
Connecticut
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma table
assumes the 96 hotel properties owned and included in continuing
operations as of September 30, 2011 were owned as of the beginning
of the first comparative reporting period.
|
|
|
|
(2) As the Company's Courtyard
by Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company only
records rental income related to this
|
|
operating lease for GAAP
purposes. However, in the above pro forma table, all room revenues
related to this hotel are reflected, which is consistent with the
Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM HIGHLAND
HOLDING LLC
|
|
PRO FORMA
HOTEL OPERATING PROFIT BY REGION
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2011
|
%
Total
|
|
2010
|
%
Total
|
|
%
Change
|
|
2011
|
%
Total
|
|
2010
|
%
Total
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
1
|
|
294
|
|
$
(264)
|
-1.5%
|
|
$
(607)
|
-4.1%
|
|
-56.5%
|
|
$
1,045
|
1.9%
|
|
$
128
|
0.3%
|
|
716.4%
|
|
Mountain (2)
|
|
1
|
|
145
|
|
509
|
2.9%
|
|
434
|
2.9%
|
|
17.3%
|
|
1,151
|
2.1%
|
|
1,248
|
2.5%
|
|
-7.8%
|
|
West North Central
(3)
|
|
1
|
|
215
|
|
640
|
3.6%
|
|
548
|
3.7%
|
|
16.8%
|
|
2,065
|
3.7%
|
|
2,041
|
4.1%
|
|
1.2%
|
|
West South Central
(4)
|
|
4
|
|
929
|
|
2,837
|
16.2%
|
|
2,325
|
15.5%
|
|
22.0%
|
|
10,049
|
18.1%
|
|
9,218
|
18.4%
|
|
9.0%
|
|
East North Central
(5)
|
|
1
|
|
103
|
|
276
|
1.6%
|
|
348
|
2.3%
|
|
-20.7%
|
|
611
|
1.1%
|
|
583
|
1.2%
|
|
4.8%
|
|
East South Central
(6)
|
|
1
|
|
483
|
|
1,155
|
6.6%
|
|
1,013
|
6.8%
|
|
14.0%
|
|
4,705
|
8.5%
|
|
4,268
|
8.5%
|
|
10.2%
|
|
Middle Atlantic (7)
|
|
4
|
|
832
|
|
2,670
|
15.2%
|
|
1,886
|
12.6%
|
|
41.6%
|
|
7,091
|
12.8%
|
|
5,105
|
10.2%
|
|
38.9%
|
|
South Atlantic (8)
|
|
13
|
|
2,293
|
|
5,832
|
33.3%
|
|
5,537
|
36.9%
|
|
5.3%
|
|
19,781
|
35.6%
|
|
19,417
|
38.9%
|
|
1.9%
|
|
New England (9)
|
|
2
|
|
506
|
|
3,883
|
22.1%
|
|
3,506
|
23.4%
|
|
10.8%
|
|
9,026
|
16.2%
|
|
7,967
|
15.9%
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
28
|
|
5,800
|
|
$
17,538
|
100.0%
|
|
$
14,990
|
100.0%
|
|
17.0%
|
|
$
55,524
|
100.0%
|
|
$
49,975
|
100.0%
|
|
11.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
California
|
|
(2) Includes Colorado
|
|
(3) Includes Nebraska
|
|
(4) Includes Texas
|
|
(5) Includes Illinois
|
|
(6) Includes
Tennessee
|
|
(7) Includes New York and New
Jersey
|
|
(8) Includes Virginia, Florida,
Georgia, Maryland, and District of Columbia
|
|
(9) Includes
Massachusetts
|
|
|
|
|
|
NOTES:
|
|
(1) All data in the table above
includes our 71.74% pro-rata share of assets in PIM Highland
Holding JV.
|
|
(2) The above pro forma table
assumes the 28 hotel properties owned as of September 30, 2011 were
owned as of the beginning of the first comparative reporting
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
HOTEL OPERATING PROFIT MARGIN
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING PRO FORMA HOTEL
OPERATING PROFIT MARGIN PRESENTS THE 80 HOTELS
|
|
|
|
|
INCLUDED IN THE COMPANY'S
CONTINUING OPERATIONS THAT WERE NOT UNDER RENOVATION
|
|
|
|
|
AND THE 28 HOTELS NOT UNDER
RENOVATION INCLUDED IN PIM HIGHLAND HOLDING AS IF
THESE
|
|
|
|
HOTELS WERE OWNED AS OF THE
BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM
Highland
|
|
|
|
|
80
Legacy
|
|
Holding
LLC
|
|
|
|
|
Properties
|
|
28
Properties
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2011
|
28.33%
|
|
25.11%
|
|
|
Third Quarter 2010
|
26.96%
|
|
22.81%
|
|
|
|
Variance
|
1.37%
|
|
2.30%
|
|
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
0.14%
|
|
1.62%
|
|
|
Food & Beverage and Other
Departmental
|
0.42%
|
|
1.14%
|
|
|
Administrative &
General
|
0.14%
|
|
-0.37%
|
|
|
Sales & Marketing
|
0.06%
|
|
1.82%
|
|
|
Hospitality
|
-0.02%
|
|
-0.06%
|
|
|
Repair &
Maintenance
|
0.16%
|
|
0.24%
|
|
|
Energy
|
0.21%
|
|
0.35%
|
|
|
Franchise Fee
|
-0.33%
|
|
-1.57%
|
|
|
Management Fee
|
0.14%
|
|
-0.30%
|
|
|
Incentive Management
Fee
|
-0.02%
|
|
-0.18%
|
|
|
Insurance
|
-0.09%
|
|
-0.78%
|
|
|
Property Taxes
|
0.35%
|
|
0.55%
|
|
|
Other Taxes
|
0.06%
|
|
0.03%
|
|
|
Leases/Other
|
0.15%
|
|
-0.19%
|
|
|
|
Total
|
1.37%
|
|
2.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: As the Company’s
Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is
leased to a third-party tenant on a
|
|
triple-net lease basis,
the Company only records rental income related to this operating
lease for GAAP purposes.
|
|
However, in the above pro
forma tables, all operating results related to this hotel are
reflected, which is consistent
|
|
with the Company's other
hotels.
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA
SEASONALITY TABLE
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING PRO FORMA
SEASONALITY TABLES REFLECT: (I) ALL 96 HOTELS INCLUDED
IN
|
|
THE COMPANY'S CONTINUING
OPERATIONS, (II) THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS
|
|
INCLUDED IN PIM HIGHLAND HOLDING
LLC, AND (III) THE COMBINED PORTFOLIO, AS IF THESE
|
|
HOTELS WERE OWNED AT THE
BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
|
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Portfolio
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
$
217,033
|
|
$
233,609
|
|
$
214,596
|
|
$
224,811
|
|
$
890,049
|
|
Hotel EBITDA
|
$
60,353
|
|
$
74,621
|
|
$
62,486
|
|
$
60,400
|
|
$
257,860
|
|
Hotel EBITDA Margin
|
27.8%
|
|
31.9%
|
|
29.1%
|
|
26.9%
|
|
29.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
23.4%
|
|
28.9%
|
|
24.2%
|
|
23.4%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
1,486
|
|
$
2,237
|
|
$
1,602
|
|
$
1,445
|
|
$
6,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: As the Company's
Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is
leased to a third-party tenant
|
|
on a triple-net lease
basis, the Company only records rental income related to this
operating lease for GAAP
|
|
purposes. However, in the
above pro forma table, all room revenues related to this hotel are
reflected, which is
|
|
consistent with the
Company's other hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM Highland Holding LLC
Portfolio
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
$
69,846
|
|
$
77,475
|
|
$
65,859
|
|
$
73,684
|
|
$
286,864
|
|
Hotel EBITDA
|
$
17,538
|
|
$
24,140
|
|
$
13,848
|
|
$
18,366
|
|
$
73,892
|
|
Hotel EBITDA Margin
|
25.1%
|
|
31.2%
|
|
21.0%
|
|
24.9%
|
|
25.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
23.7%
|
|
32.7%
|
|
18.8%
|
|
24.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy and PIM Highland Holding
LLC Combined
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
$
286,879
|
|
$
311,084
|
|
$
280,455
|
|
$
298,495
|
|
$
1,176,913
|
|
Hotel EBITDA
|
$
77,891
|
|
$
98,761
|
|
$
76,334
|
|
$
78,766
|
|
$
331,752
|
|
Hotel EBITDA Margin
|
27.2%
|
|
31.7%
|
|
27.2%
|
|
26.4%
|
|
28.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
23.5%
|
|
29.8%
|
|
23.0%
|
|
23.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
1,486
|
|
$
2,237
|
|
$
1,602
|
|
$
1,445
|
|
$
6,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ashford
Hospitality Trust, Inc.
|
|
Anticipated
Capital Expenditures Calendar
|
|
96 Legacy
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
2012
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
|
Courtyard Louisville
Airport
|
150
|
x
|
x
|
x
|
x
|
|
|
|
|
|
Courtyard Crystal City Reagan
Airport
|
272
|
x
|
|
x
|
|
|
|
|
|
|
Courtyard Edison
|
146
|
x
|
|
|
|
|
|
|
|
|
Courtyard Philadelphia
Downtown
|
498
|
x
|
|
|
x
|
|
|
|
|
|
Crowne Plaza Beverly
Hills
|
260
|
x
|
|
|
|
|
|
|
|
|
Embassy Suites Crystal City -
Reagan Airport
|
267
|
x
|
|
|
|
|
x
|
|
|
|
Fairfield Inn and Suites
Kennesaw
|
87
|
x
|
|
|
|
|
|
|
|
|
Hilton Costa Mesa
|
486
|
x
|
|
|
x
|
x
|
x
|
|
x
|
|
Marriott Seattle
Waterfront
|
358
|
x
|
|
|
|
|
|
|
x
|
|
One Ocean
|
193
|
x
|
|
|
|
|
|
|
|
|
Renaissance Tampa
|
293
|
x
|
|
|
|
|
|
|
|
|
Sheraton Minneapolis
West
|
222
|
x
|
|
|
|
|
|
|
x
|
|
Embassy Suites Austin
Arboretum
|
150
|
|
x
|
x
|
x
|
|
|
|
|
|
Embassy Suites Dallas
Galleria
|
150
|
|
x
|
x
|
x
|
|
|
|
|
|
Marriott Legacy
Center
|
404
|
|
x
|
x
|
x
|
|
x
|
x
|
|
|
Capital Hilton
|
408
|
|
|
x
|
x
|
x
|
|
|
|
|
Courtyard Newark
|
181
|
|
|
x
|
x
|
x
|
|
|
|
|
Courtyard Legacy
Park
|
153
|
|
|
x
|
x
|
|
x
|
x
|
|
|
Embassy Suites
Houston
|
150
|
|
|
x
|
x
|
|
x
|
x
|
|
|
Hilton Nassau Bay - Clear
Lake
|
243
|
|
|
x
|
x
|
|
x
|
x
|
|
|
SpringHill Suites Raleigh
Airport
|
120
|
|
|
x
|
x
|
|
|
|
|
|
SpringHill Suites
Richmond
|
136
|
|
|
x
|
x
|
|
|
|
|
|
Courtyard Old Town
Scottsdale
|
180
|
|
|
x
|
x
|
|
|
|
|
|
Marriott Dallas Market
Center
|
265
|
|
|
x
|
|
|
|
|
|
|
Residence Inn
Newark
|
168
|
|
|
x
|
|
|
|
|
|
|
Residence Inn Phoenix
Airport
|
200
|
|
|
x
|
|
|
|
|
|
|
Crowne Plaza La Concha - Key
West
|
160
|
|
|
|
x
|
x
|
x
|
|
|
|
Hilton Santa Fe
|
157
|
|
|
|
x
|
x
|
x
|
|
|
|
Embassy Suites Walnut
Creek
|
249
|
|
|
|
x
|
x
|
|
x
|
x
|
|
Courtyard Basking
Ridge
|
235
|
|
|
|
x
|
x
|
|
|
|
|
Courtyard Oakland
Airport
|
156
|
|
|
|
x
|
x
|
|
|
|
|
Courtyard Seattle
Downtown
|
250
|
|
|
|
x
|
x
|
|
|
|
|
Embassy Suites Portland -
Downtown
|
276
|
|
|
|
x
|
x
|
|
|
x
|
|
Marriott
Bridgewater
|
347
|
|
|
|
x
|
x
|
|
|
|
|
Residence Inn
Jacksonville
|
120
|
|
|
|
x
|
x
|
|
|
|
|
SpringHill Suites
Charlotte
|
136
|
|
|
|
x
|
x
|
|
|
|
|
SpringHill Suites Manhattan
Beach
|
164
|
|
|
|
x
|
x
|
|
|
|
|
SpringHill Suites
Philadelphia
|
199
|
|
|
|
x
|
x
|
|
|
|
|
Hilton Tucson El Conquistador
Golf Resort
|
428
|
|
|
|
x
|
x
|
|
|
|
|
Sheraton San Diego Mission
Valley
|
260
|
|
|
|
x
|
|
x
|
x
|
|
|
Sheraton City Center -
Indianapolis
|
371
|
|
|
|
x
|
|
|
x
|
x
|
|
Courtyard Foothill Ranch
Irvine
|
156
|
|
|
|
x
|
|
|
|
|
|
Courtyard San Francisco
Downtown
|
405
|
|
|
|
x
|
|
|
|
|
|
Embassy Suites
Flagstaff
|
119
|
|
|
|
x
|
|
|
|
|
|
Embassy Suites Santa Clara -
Silicon Valley
|
257
|
|
|
|
x
|
|
|
|
|
|
Historic Inn
Annapolis
|
124
|
|
|
|
x
|
|
|
|
|
|
Residence Inn Las
Vegas
|
256
|
|
|
|
x
|
|
|
|
|
|
SpringHill Suites Buford Mall of
Georgia
|
96
|
|
|
|
x
|
|
|
|
|
|
Marriott Crystal
Gateway
|
697
|
|
|
|
|
x
|
x
|
x
|
|
|
Courtyard Hartford -
Manchester
|
90
|
|
|
|
|
x
|
x
|
|
x
|
|
Courtyard Atlanta
Alpharetta
|
154
|
|
|
|
|
x
|
|
|
|
|
Hilton Minneapolis
Airport
|
300
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Dallas
Plano
|
126
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Lake Buena
Vista
|
210
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Palm
Desert
|
130
|
|
|
|
|
|
x
|
x
|
|
|
Hampton Inn
Evansville
|
141
|
|
|
|
|
|
x
|
|
|
|
Courtyard Marriott Village
LBV
|
312
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Dulles
Int'l
|
150
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites East
Syracuse
|
215
|
|
|
|
|
|
|
x
|
x
|
|
Hampton Inn
Lawrenceville
|
86
|
|
|
|
|
|
|
x
|
x
|
|
Hilton La Jolla Torrey
Pines
|
296
|
|
|
|
|
|
|
x
|
x
|
|
Marriott at Research Triangle
Park
|
225
|
|
|
|
|
|
|
x
|
x
|
|
Residence Inn Atlanta -
Buckhead
|
150
|
|
|
|
|
|
|
x
|
x
|
|
Residence Inn Salt Lake
City
|
144
|
|
|
|
|
|
|
x
|
x
|
|
Courtyard Ft. Lauderdale
Weston
|
174
|
|
|
|
|
|
|
x
|
|
|
Courtyard Palm
Desert
|
151
|
|
|
|
|
|
|
x
|
|
|
Embassy Suites West Palm
Beach
|
160
|
|
|
|
|
|
|
x
|
|
|
Fairfield Inn Marriott Village
LBV
|
388
|
|
|
|
|
|
|
x
|
|
|
Hilton St. Petersburg
Bayfront
|
333
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels
which have had or are expected to have significant capital
expenditures that could result in displacement during 2011 and 2012
are included in this table.
|
|
|
|
|
|
|
|
|
|
|
|
PIM Highland
Holding LLC
|
|
Anticipated
Capital Expenditures Calendar
|
|
28 Highland
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
2012
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
|
Courtyard Denver
Airport
|
202
|
|
x
|
|
|
|
|
|
|
|
Marriott San Antonio
Plaza
|
251
|
|
|
|
x
|
x
|
x
|
x
|
|
|
The Melrose
|
240
|
|
|
|
x
|
x
|
x
|
|
|
|
Courtyard
Savannah
|
156
|
|
|
|
x
|
x
|
|
|
|
|
Hilton Garden Inn Virginia
Beach
|
176
|
|
|
|
x
|
x
|
|
|
|
|
Marriott Omaha
|
300
|
|
|
|
x
|
x
|
|
|
|
|
The Churchill
|
173
|
|
|
|
x
|
x
|
|
|
|
|
Hilton Boston Back
Bay
|
390
|
|
|
|
x
|
x
|
|
|
|
|
Renaissance
Portsmouth
|
249
|
|
|
|
x
|
|
|
|
|
|
Courtyard Boston
Tremont
|
315
|
|
|
|
|
x
|
x
|
x
|
x
|
|
Renaissance
Nashville
|
673
|
|
|
|
|
x
|
x
|
x
|
x
|
|
Marriott
Sugarland
|
300
|
|
|
|
|
x
|
x
|
x
|
|
|
The Silversmith
|
143
|
|
|
|
|
x
|
x
|
|
x
|
|
Ritz-Carlton
Atlanta
|
444
|
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels
which have had or are expected to have significant capital
expenditures that could result in displacement during 2011 and 2012
are included in this table.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.