DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today reported the following
results and performance measures for the first quarter ended
March 31, 2010. The proforma
performance measurements for Occupancy, Average Daily Rate (ADR),
revenue per available room (RevPAR), and Hotel Operating Profit (or
Hotel EBITDA) include the Company's 102 hotels owned and included
in continuing operations as of March 31,
2010. Unless otherwise stated, all reported results
compare the first quarter ended March 31,
2010, with the first quarter ended March 31, 2009 (see discussion below). The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY
- Corporate unrestricted cash at the end of the quarter was
$172.2 million
- Total revenue decreased 7.6% to $217.0
million from $234.9
million
- RevPAR decreased 4.1% for the quarter
- Hotel EBITDA margin decreased 200 basis points
- Net income attributable to common shareholders was $305,000, or $0.01
per diluted share, compared with net income attributable to common
shareholders of $6.8 million, or
$0.08 per diluted share, in the
prior-year quarter
- Adjusted funds from operations (AFFO) was $0.32 per diluted share versus $0.31 per diluted share in the prior-year
quarter
- Fixed charge coverage ratio was 1.69x under the senior credit
facility covenant versus a required minimum of 1.25x
CAPITAL ALLOCATION
- Repurchased 5.1 million common shares in the quarter for
$29.1 million
- Capex invested in the quarter was $18.2
million
CAPITAL STRUCTURE
On February 11, 2010, the Company
completed the previously disclosed discounted payoff with the
borrower on the Company's $33.6
million mezzanine loan, which was secured by interests in
the Ritz-Carlton, Key Biscayne and set to mature in 2017. The
Company received $20.2 million in
cash and a $4 million note secured by
interests in the property that matures in 2017. The Company had
previously recorded an impairment of $10.7
million in the third quarter 2009 to account for the
anticipated discounted payoff.
SUBSEQUENT EVENTS
Effective April 1, 2010, the
Company restructured the $156.2
million loan with Aareal Bank AG that is secured by the
Hilton LaJolla Torrey Pines and the Capital Hilton held in a joint
venture with Hilton Worldwide. The modification provides a
full extension of the loan maturity to August 2013 without tests along with reduced cash
management provisions in exchange for a reduction in the loan
balance of $2.5 million at closing
and another $2.5 million over the
next twelve months. The loan was set to mature in August 2011 and had two one-year extension
options.
In April 2010, the Company
suspended making mortgage payments on the $5.8 million loan set to mature in January 2011 and secured by the Courtyard
Hartford – Manchester in
Manchester, Connecticut. The loan
is now in special servicing and the Company intends to seek an
extension of the loan.
PORTFOLIO REVPAR
As of March 31, 2010, the Company
had a portfolio of direct hotel investments consisting of 102
properties classified in continuing operations. During the
first quarter, 97 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 102 hotels) and proforma not-under-renovation basis (97
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 102 hotels in continuing operations. Details of each
category are provided in the tables attached to this release.
- Proforma RevPAR decreased 2.6% for hotels not under renovation
on a 9.4% decrease in ADR to $123.37
and a 468 basis point increase in occupancy
- Proforma RevPAR decreased 4.1% for all hotels on a 9.4%
decrease in ADR to $126.99 and a
371 basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 97 hotels as of March 31,
2010, that were not under renovation, Proforma Hotel EBITDA
decreased 9.2% to $49.0 million and
Proforma Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) declined 145 basis points to 25.4%. For all 102
hotels included in continuing operations as of March 31, 2010, Proforma Hotel EBITDA decreased
12.2% to $55.3 million and Hotel
EBITDA margin decreased 200 basis points to 25.2%.
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 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 102 hotels included in continuing operations are
provided in the tables attached to this release.
Monty J. Bennett, Chief Executive
Officer, commented, "Solid execution of our aggressive asset
management strategies and relentless focus on cost controls enabled
us to continue to offset the decline in RevPAR experienced during
the first two months of the quarter. As RevPAR growth turned
positive in March, we started to see the benefits of the
substantial operating leverage within our platform. We also
continue to benefit from our interest rate swap and opportunistic
share repurchase program. We are encouraged by this start to 2010
and the positive sequential trends that are being reported
throughout the lodging sector. The incremental improvement in both
the equity capital and debt markets is providing greater access to
funds, and we will continue to assess opportunities to create
shareholder value."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, May 6, 2010, at
noon ET. The number to call for this interactive
teleconference is (212) 231-2901. A replay of the conference
call will be available through Thursday, May
13, 2010, by dialing (402) 977-9140 and entering the
confirmation number, 21463976.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2010 earnings release conference
call. The live broadcast of Ashford's quarterly conference call will be
available online at the Company's website at www.ahtreit.com on
Thursday, May 6, 2010, beginning at
noon 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 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, second mortgages, mezzanine
loans and sale-leaseback transactions. Additional information
can be found on the Company's web site 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 or
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)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
Investment in hotel properties,
net
|
$
3,362,479
|
|
$
3,383,759
|
|
|
Cash and cash equivalents
|
172,179
|
|
165,168
|
|
|
Restricted cash
|
70,335
|
|
77,566
|
|
|
Accounts receivable, net
|
45,078
|
|
31,503
|
|
|
Inventories
|
2,944
|
|
2,975
|
|
|
Notes receivable
|
35,601
|
|
55,655
|
|
|
Investment in unconsolidated joint
venture
|
21,191
|
|
20,736
|
|
|
Deferred costs, net
|
20,035
|
|
20,960
|
|
|
Prepaid expenses
|
11,655
|
|
13,234
|
|
|
Interest rate derivatives
|
108,381
|
|
94,645
|
|
|
Other assets
|
4,615
|
|
3,471
|
|
|
Intangible assets, net
|
2,966
|
|
2,988
|
|
|
Due from third-party hotel
managers
|
44,885
|
|
41,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
3,902,344
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Indebtedness
|
$
2,772,185
|
|
$
2,772,396
|
|
|
Capital leases payable
|
72
|
|
83
|
|
|
Accounts payable and accrued
expenses
|
106,144
|
|
91,387
|
|
|
Dividends payable
|
5,566
|
|
5,566
|
|
|
Unfavorable management contract
liabilities
|
17,939
|
|
18,504
|
|
|
Due to related parties
|
751
|
|
1,009
|
|
|
Due to third-party hotel
managers
|
2,410
|
|
1,563
|
|
|
Other liabilities
|
7,859
|
|
7,932
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
2,912,926
|
|
2,898,440
|
|
|
|
|
|
|
|
|
|
|
Series B-1 Cumulative Convertible
Redeemable Preferred stock,
|
|
|
|
|
|
7,447,865 issued and
outstanding
|
75,000
|
|
75,000
|
|
Redeemable noncontrolling interests in
operating partnership
|
107,095
|
|
85,167
|
|
|
|
|
|
|
|
|
|
|
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 at March 31, 2010, and
December 31, 2009
|
15
|
|
15
|
|
|
|
|
Series D Cumulative Preferred Stock,
5,666,797 shares issued and
|
|
|
|
|
|
|
|
|
outstanding at March 31, 2010, and
December 31, 2009
|
57
|
|
57
|
|
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized,
|
|
|
|
|
|
|
|
122,748,859 shares issued, 52,838,742
shares and 57,596,878 shares
|
|
|
|
|
|
|
|
outstanding at March 31, 2010, and
December 31, 2009
|
1,227
|
|
1,227
|
|
|
|
Additional paid-in capital
|
1,436,597
|
|
1,436,009
|
|
|
|
Accumulated other comprehensive
loss
|
(953)
|
|
(897)
|
|
|
|
Accumulated deficit
|
(433,237)
|
|
(412,011)
|
|
|
|
Treasury stock, at cost (69,910,117
shares and 65,151,981 shares at
|
|
|
|
|
|
|
|
March 31, 2010, and December 31,
2009)
|
(213,160)
|
|
(186,424)
|
|
|
|
|
Total shareholders' equity of the
Company
|
790,546
|
|
837,976
|
|
|
Noncontrolling interests in
consolidated joint ventures
|
16,777
|
|
17,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
807,323
|
|
855,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
3,902,344
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
(Unaudited)
|
|
REVENUE
|
|
|
|
|
|
Rooms
|
$
163,208
|
|
$
170,210
|
|
|
Food and beverage
|
41,738
|
|
45,482
|
|
|
Rental income from operating
leases
|
1,088
|
|
1,189
|
|
|
Other
|
10,566
|
|
11,633
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel revenue
|
216,600
|
|
228,514
|
|
|
Interest income from notes
receivable
|
337
|
|
6,215
|
|
|
Asset management fees and
other
|
74
|
|
174
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
217,011
|
|
234,903
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Hotel operating expenses
|
|
|
|
|
|
|
Rooms
|
38,424
|
|
37,975
|
|
|
|
Food and beverage
|
29,881
|
|
32,044
|
|
|
|
Other direct
|
5,732
|
|
6,104
|
|
|
|
Indirect
|
63,311
|
|
66,519
|
|
|
|
Management fees
|
8,864
|
|
9,131
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel expenses
|
146,212
|
|
151,773
|
|
|
|
|
|
|
|
|
|
|
Property taxes, insurance, and
other
|
14,305
|
|
13,947
|
|
|
Depreciation and
amortization
|
37,208
|
|
40,434
|
|
|
Corporate general and
administrative:
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
1,172
|
|
1,556
|
|
|
|
Other general and
administrative
|
5,486
|
|
5,290
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
204,383
|
|
213,000
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
12,628
|
|
21,903
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated
joint venture
|
658
|
|
604
|
|
|
Interest income
|
61
|
|
105
|
|
|
Other income
|
15,519
|
|
10,698
|
|
|
Interest expense
|
(35,893)
|
|
(34,079)
|
|
|
Amortization of loan costs
|
(1,670)
|
|
(2,040)
|
|
|
Write-off of premiums, loan costs,
premiums and exit fees, net
|
-
|
|
930
|
|
|
Unrealized gain on
derivatives
|
13,908
|
|
18,032
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
|
5,211
|
|
16,153
|
|
|
Income tax benefit
(expense)
|
15
|
|
(177)
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING
OPERATIONS
|
5,226
|
|
15,976
|
|
Loss from discontinued
operations
|
-
|
|
(2,464)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
5,226
|
|
13,512
|
|
Loss (income) from consolidated joint
ventures attributable to noncontrolling interests
|
701
|
|
(297)
|
|
Net income attributable to redeemable
noncontrolling interests in operating partnership
|
(792)
|
|
(1,558)
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO THE
COMPANY
|
5,135
|
|
11,657
|
|
Preferred dividends
|
(4,830)
|
|
(4,830)
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS
|
$
305
|
|
$
6,827
|
|
|
|
|
|
|
|
|
|
INCOME PER SHARE:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Income from continuing operations
attributable to common shareholders
|
$
0.01
|
|
$
0.11
|
|
|
|
Loss from discontinued operations
attributable to common shareholders
|
-
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common
shareholders
|
$
0.01
|
|
$
0.08
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
Income from continuing operations
attributable to Ashford common shareholders
|
$
0.01
|
|
$
0.11
|
|
|
|
Loss from discontinued operations
attributable to Ashford common shareholders
|
-
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ashford
common shareholders
|
$
0.01
|
|
$
0.08
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding – basic
|
53,073
|
|
80,530
|
|
|
Weighted average common shares
outstanding – diluted
|
53,073
|
|
80,530
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common
shareholders:
|
|
|
|
|
|
Income from continuing operations, net
of tax
|
$
5,135
|
|
$
13,845
|
|
|
Loss from discontinued operations, net
of tax
|
-
|
|
(2,188)
|
|
|
Preferred dividends
|
(4,830)
|
|
(4,830)
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common
shareholders
|
$
305
|
|
$
6,827
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME TO EBITDA
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Net income
|
$
5,226
|
|
$
13,512
|
|
Loss (income) from consolidated joint
ventures attributable to noncontrolling interests
|
701
|
|
(297)
|
|
Net income attributable to redeemable
noncontrolling interests in operating partnership
|
(792)
|
|
(1,558)
|
|
Net income attributable to the
Company
|
5,135
|
|
11,657
|
|
|
|
|
|
|
|
|
Interest income
|
(60)
|
|
(99)
|
|
|
Interest expense and amortization of
loan costs
|
37,105
|
|
36,072
|
|
|
Depreciation and amortization
|
36,318
|
|
40,642
|
|
|
Net income attributable to redeemable
noncontrolling interests in operating partnership
|
792
|
|
1,558
|
|
|
Income tax (benefit)
expense
|
(15)
|
|
221
|
|
|
|
|
|
|
|
EBITDA
|
79,275
|
|
90,051
|
|
|
|
|
|
|
|
|
Amortization of unfavorable management
contract liabilities
|
(565)
|
|
(565)
|
|
|
Write-off of loan costs, premiums and
exit fees, net (1)
|
-
|
|
(930)
|
|
|
Income from interest rate derivatives
(2)
|
(15,534)
|
|
(10,767)
|
|
|
Unrealized gain on
derivatives
|
(13,908)
|
|
(18,032)
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
49,268
|
|
$
59,757
|
|
|
|
|
|
|
RECONCILIATION OF
NET INCOME TO FUNDS FROM OPERATIONS ("FFO")
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Net income
|
$
5,226
|
|
$
13,512
|
|
Loss (income) from consolidated joint
ventures attributable to noncontrolling interests
|
701
|
|
(297)
|
|
Net income attributable to redeemable
noncontrolling interests in operating partnership
|
(792)
|
|
(1,558)
|
|
Preferred dividends
|
(4,830)
|
|
(4,830)
|
|
|
|
|
|
|
|
Net income attributable to common
shareholders
|
305
|
|
6,827
|
|
|
|
|
|
|
|
|
Depreciation and amortization on real
estate
|
36,250
|
|
40,566
|
|
|
Net income attributable to redeemable
noncontrolling interests in operating partnership
|
792
|
|
1,558
|
|
|
|
|
|
|
|
FFO available to common
shareholders
|
37,347
|
|
48,951
|
|
|
|
|
|
|
|
|
Dividends on convertible preferred
stock
|
1,042
|
|
1,042
|
|
|
Write-off of loan costs, premiums and
exit fees, net (1)
|
-
|
|
(930)
|
|
|
Unrealized gain on
derivatives
|
(13,908)
|
|
(18,032)
|
|
|
|
|
|
|
|
Adjusted FFO
|
$
24,481
|
|
$
31,031
|
|
|
|
|
|
|
|
Adjusted FFO per diluted share
available to common shareholders
|
$
0.32
|
|
$
0.31
|
|
|
|
|
|
|
|
Weighted average diluted
shares
|
75,791
|
|
101,416
|
|
|
|
|
|
|
|
(1)
|
The amounts include write-off of debt
premiums of $1,341 for the refinancing of a mortgage loan for the
quarter ended March 31, 2009.
|
|
(2)
|
Cash income from interest rate
derivatives is excluded from the adjusted EBITDA calculations for
all periods presented.
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
DEBT
SUMMARY
|
|
MARCH 31,
2010
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
|
Indebtedness
|
|
Collateral
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan
|
|
10
hotels
|
|
May
2010
|
|
LIBOR +
1.65%
|
|
$
-
|
|
$
167,202
|
(1)
|
$
167,202
|
|
|
Mortgage loan
|
|
5
hotels
|
|
December
2010
|
|
LIBOR +
1.72%
|
|
-
|
|
203,400
|
(2)
|
203,400
|
|
|
Mortgage loan
|
|
1 hotel
|
|
January
2011
|
|
8.32%
|
|
5,787
|
(4)
|
-
|
|
5,787
|
|
|
Mortgage loan
|
|
1 hotel
|
|
March
2011
|
|
Greater of 6.25%
or LIBOR + 3.75%
|
|
-
|
|
52,500
|
(1)
|
52,500
|
|
|
Senior credit facility
|
|
Notes
receivable
|
|
April
2011
|
|
LIBOR + 2.75% to
3.5%
|
|
-
|
|
250,000
|
(2) (3)
|
250,000
|
|
|
Mortgage loan
|
|
1 hotel
|
|
March
2012
|
|
LIBOR +
4%
|
|
-
|
|
60,800
|
(1)
|
60,800
|
|
|
Mortgage loan
|
|
2 hotel
|
|
August
2013
|
|
LIBOR +
2.75%
|
|
-
|
|
156,200
|
(5)
|
156,200
|
|
|
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%
|
|
110,398
|
|
-
|
|
110,398
|
|
|
Mortgage loan
|
|
1 hotel
|
|
January
2015
|
|
7.78%
|
|
4,201
|
|
-
|
|
4,201
|
|
|
Mortgage loan
|
|
10
hotels
|
|
July
2015
|
|
5.22%
|
|
160,490
|
|
-
|
|
160,490
|
|
|
Mortgage loan
|
|
8
hotels
|
|
December
2015
|
|
5.70%
|
|
100,576
|
|
-
|
|
100,576
|
|
|
Mortgage loan
|
|
5
hotels
|
|
December
2015
|
|
12.26%
|
|
141,973
|
|
-
|
|
141,973
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
115,645
|
|
-
|
|
115,645
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
95,905
|
|
-
|
|
95,905
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
83,075
|
|
-
|
|
83,075
|
|
|
Mortgage loan
|
|
1 hotel
|
|
December
2016
|
|
5.81%
|
|
101,000
|
(6)
|
-
|
|
101,000
|
|
|
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
|
|
April
2034
|
|
Greater of 6% or
Prime + 1%
|
|
-
|
|
6,887
|
|
6,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
$
1,855,456
|
|
$
916,729
|
|
$2,772,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
66.9%
|
|
33.1%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate at
March 31, 2010
|
|
6.30%
|
|
2.98%
|
|
5.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt with the effect of interest
rate swap
|
|
$
55,456
|
|
$
2,716,729
|
|
$2,772,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of interest
rate swap
|
|
2.0%
|
|
98.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate with
the effect of interest rate derivatives
|
|
2.92%
|
(7)
|
2.98%
|
(7)
|
2.94%
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Each of these loans has two
one-year extension options as of March 31, 2010.
|
|
(2) Each of these loans has a one-year
extension option remaining.
|
|
(3) Based on the debt-to-assets ratio
defined in the loan agreement, interest rate on this debt was at
LIBOR plus 3% as of March 31, 2010.
|
|
(4) We are currently working with the
loan servicer for an extension or a restructure of the
loan.
|
|
(5) This loan was modified effective
April 1, 2010, to its fully extended maturity of August 2013
without any extension tests.
|
|
(6) We are currently working with the
lender for a deed-in-lieu of foreclosure.
|
|
(7) These rates are calculated
assuming LIBOR rate stays at the March 31, 2010, level.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
DEBT BY MATURITY
ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE
EXERCISED
|
|
MARCH 31,
2010
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan secured by 10 hotel
properties, Wachovia Floater
|
$
-
|
|
$
-
|
|
$
167,202
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
167,202
|
|
Mortgage loan secured by five hotel
properties
|
-
|
|
203,400
|
|
-
|
|
-
|
|
-
|
|
-
|
|
203,400
|
|
Mortgage loan secured by Manchester
Courtyard
|
-
|
|
5,787
|
(1)
|
-
|
|
-
|
|
-
|
|
-
|
|
5,787
|
|
Secured credit facility
|
-
|
|
$
250,000
|
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
250,000
|
|
Mortgage loan secured by JW Marriott
San Francisco
|
-
|
|
-
|
|
52,500
|
(2)
|
-
|
|
-
|
|
-
|
|
52,500
|
|
Mortgage loan secured by two hotel
properties
|
-
|
|
-
|
|
-
|
|
156,200
|
|
-
|
|
-
|
|
156,200
|
|
Mortgage loan secured by Arlington
Marriott
|
-
|
|
-
|
|
-
|
|
-
|
|
60,800
|
|
-
|
|
60,800
|
|
Mortgage loan secured by El
Conquistador Hilton
|
-
|
|
-
|
|
-
|
|
-
|
|
19,740
|
|
-
|
|
19,740
|
|
Mortgage loan secured by eight hotel
properties, UBS Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
110,398
|
|
-
|
|
110,398
|
|
Mortgage loan secured by 10 hotel
properties, Merrill Lynch Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
160,490
|
|
160,490
|
|
Mortgage loan secured by eight hotel
properties, UBS Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,576
|
|
100,576
|
|
Mortgage loan secured by five hotel
properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
141,973
|
|
141,973
|
|
Mortgage loan secured by five hotel
properties, Merrill Lynch Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115,645
|
|
115,645
|
|
Mortgage loan secured by five hotel
properties, Merrill Lynch Pool 3
|
|
|
|
|
|
|
|
|
-
|
|
95,905
|
|
95,905
|
|
Mortgage loan secured by five hotel
properties, Merrill Lynch Pool 7
|
|
|
|
|
|
|
|
|
-
|
|
83,075
|
|
83,075
|
|
Mortgage loan secured by Westin
O'Hare
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
101,000
|
(3)
|
101,000
|
|
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 Houston
Hampton Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,201
|
|
4,201
|
|
Mortgage loan secured by Jacksonville
Residence Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,887
|
|
6,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
459,187
|
|
$
219,702
|
|
$
156,200
|
|
$
190,938
|
|
$
1,746,158
|
|
$
2,772,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
These maturities assume no event of
default would occur.
|
|
(1)
|
We are currently working with the loan
servicer for an extension or a restructure of the loan.
|
|
(2)
|
Extensions available but certain
coverage tests have to be met.
|
|
(3)
|
We are currently working with the
lender for a deed-in-lieu of foreclosure.
|
|
*
|
Mortgage loan of $29.1 million secured
by the Hyatt Regency Dearborn hotel property was deconsolidated as
the hotel property was placed in receivership effective December 3,
2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
KEY PERFORMANCE
INDICATORS - PRO FORMA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS INCLUDED
IN
|
|
|
|
|
|
|
|
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
166,926
|
|
$
174,110
|
|
-4.13%
|
|
|
|
RevPAR
|
$
84.94
|
|
$
88.60
|
|
-4.13%
|
|
|
|
Occupancy
|
66.89%
|
|
63.18%
|
|
3.71%
|
|
|
|
ADR
|
$
126.99
|
|
$
140.23
|
|
-9.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
ALL 97 HOTELS NOT UNDER
RENOVATION
|
|
|
|
|
|
|
|
INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
149,557
|
|
$
153,625
|
|
-2.65%
|
|
|
|
RevPAR
|
$
82.86
|
|
$
85.11
|
|
-2.64%
|
|
|
|
Occupancy
|
67.16%
|
|
62.48%
|
|
4.68%
|
|
|
|
ADR
|
$
123.37
|
|
$
136.22
|
|
-9.43%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The above pro forma table assumes the
97 hotel properties owned and included in continuing operations at
March 31, 2010, but not under renovation for the three months ended
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
(2)
|
Excluded Hotels Under Renovation:
Hilton Torrey Pines, Hilton Nassau Bay, Marriott Bridgewater,
Embassy Suites Portland, and Capital Hilton
|
|
|
|
|
(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 table, all room revenues related to
this hotel are reflected, which is consistent with the Company's
other hotels.
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
OPERATING PROFIT
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
166,926
|
|
$
174,110
|
|
-4.1%
|
|
|
Food and beverage
|
42,339
|
|
46,154
|
|
-8.3%
|
|
|
Other
|
10,468
|
|
11,504
|
|
-9.0%
|
|
|
|
Total hotel revenue
|
219,733
|
|
231,768
|
|
-5.2%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms
|
39,373
|
|
38,903
|
|
1.2%
|
|
|
Food and beverage
|
30,348
|
|
32,551
|
|
-6.8%
|
|
|
Other direct
|
5,752
|
|
6,166
|
|
-6.7%
|
|
|
Indirect
|
64,707
|
|
67,901
|
|
-4.7%
|
|
|
Management fees, includes base and
incentive fees
|
9,056
|
|
9,136
|
|
-0.9%
|
|
|
|
Total hotel operating
expenses
|
149,236
|
|
154,657
|
|
-3.5%
|
|
|
Property taxes, insurance, and
other
|
15,230
|
|
14,178
|
|
7.4%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
55,267
|
|
62,933
|
|
-12.2%
|
|
|
Hotel EBITDA Margin
|
25.15%
|
|
27.15%
|
|
-2.00%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,157
|
|
1,570
|
|
-26.3%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
54,110
|
|
$
61,363
|
|
-11.8%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above pro forma table assumes the
102 hotel properties owned and included in continuing operations at
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
Rooms (1)
|
$
149,557
|
|
$
153,625
|
|
-2.6%
|
|
|
Food and beverage
|
34,734
|
|
37,806
|
|
-8.1%
|
|
|
Other
|
8,778
|
|
9,700
|
|
-9.5%
|
|
|
|
Total hotel revenue
|
193,069
|
|
201,131
|
|
-4.0%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms (1)
|
35,096
|
|
34,348
|
|
2.2%
|
|
|
Food and beverage
|
25,281
|
|
26,896
|
|
-6.0%
|
|
|
Other direct
|
4,806
|
|
5,188
|
|
-7.4%
|
|
|
Indirect
|
57,182
|
|
59,964
|
|
-4.6%
|
|
|
Management fees, includes base and
incentive fees
|
8,289
|
|
8,251
|
|
0.5%
|
|
|
|
Total hotel operating
expenses
|
130,654
|
|
134,647
|
|
-3.0%
|
|
|
Property taxes, insurance, and
other
|
13,436
|
|
12,545
|
|
7.1%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
48,979
|
|
53,939
|
|
-9.2%
|
|
|
Hotel EBITDA Margin
|
25.37%
|
|
26.82%
|
|
-1.45%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,157
|
|
1,570
|
|
-26.3%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
47,822
|
|
$
52,369
|
|
-8.7%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The above pro forma table assumes the
97 hotel properties owned and included in continuing operations at
March 31, 2010, but not under renovation for the three months ended
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under Renovation:
Hilton Torrey Pines, Hilton Nassau Bay, Marriott Bridgewater,
Embassy Suites Portland, and Capital Hilton.
|
|
|
|
|
|
|
(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 table, all room revenues related to this
hotel are reflected, which is consistent with the Company's other
hotels.
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
REVPAR BY REGION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS OWNED AND INCLUDED IN
CONTINUING OPERATIONS AS OF MARCH 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
21
|
|
5,205
|
|
$ 88.32
|
|
$ 85.54
|
|
3.2%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
84.56
|
|
95.63
|
|
-11.6%
|
|
West North Central (3)
|
|
3
|
|
690
|
|
68.63
|
|
63.03
|
|
8.9%
|
|
West South Central (4)
|
|
10
|
|
2,086
|
|
87.39
|
|
92.63
|
|
-5.7%
|
|
East North Central (5)
|
|
9
|
|
1,852
|
|
54.72
|
|
55.48
|
|
-1.4%
|
|
East South Central (6)
|
|
2
|
|
236
|
|
78.06
|
|
78.61
|
|
-0.7%
|
|
Middle Atlantic (7)
|
|
9
|
|
2,481
|
|
78.12
|
|
77.36
|
|
1.0%
|
|
South Atlantic (8)
|
|
38
|
|
7,728
|
|
93.71
|
|
103.04
|
|
-9.1%
|
|
New England (9)
|
|
2
|
|
159
|
|
69.26
|
|
59.75
|
|
15.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
102
|
|
22,141
|
|
$
84.94
|
|
$
88.60
|
|
-4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, Michigan, Illinois,
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 Massachusetts and
Connecticut
|
|
|
|
|
NOTES:
|
|
|
(1)
|
The above pro forma table assumes the
102 hotel properties owned and included in continuing operations at
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
REVPAR BY BRAND
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS OWNED AND INCLUDED IN
CONTINUING OPERATIONS AS OF MARCH 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
Brand
|
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton
|
34
|
|
7,513
|
|
$ 89.47
|
|
$ 95.87
|
|
-6.7%
|
|
Hyatt
|
1
|
|
242
|
|
157.33
|
|
143.69
|
|
9.5%
|
|
InterContinental
|
2
|
|
420
|
|
151.06
|
|
136.59
|
|
10.6%
|
|
Independent
|
2
|
|
317
|
|
66.34
|
|
62.59
|
|
6.0%
|
|
Marriott
|
57
|
|
11,714
|
|
83.71
|
|
87.37
|
|
-4.2%
|
|
Starwood
|
6
|
|
1,935
|
|
53.33
|
|
53.31
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
102
|
|
22,141
|
|
$
84.94
|
|
$
88.60
|
|
-4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma table assumes the
102 hotel properties owned and included in continuing
operations
at March 31, 2010, were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
OPERATING PROFIT BY REGION
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS OWNED AND INCLUDED IN
CONTINUING OPERATIONS AS OF MARCH 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2010
|
%
Total
|
|
2009
|
%
Total
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
21
|
|
5,205
|
|
$
12,858
|
23.3%
|
|
$
12,893
|
20.5%
|
|
-0.3%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
4,757
|
8.6%
|
|
6,962
|
11.1%
|
|
-31.7%
|
|
West North Central (3)
|
|
3
|
|
690
|
|
1,427
|
2.6%
|
|
1,110
|
1.8%
|
|
28.6%
|
|
West South Central (4)
|
|
10
|
|
2,086
|
|
6,211
|
11.2%
|
|
7,127
|
11.3%
|
|
-12.9%
|
|
East North Central (5)
|
|
9
|
|
1,852
|
|
1,257
|
2.3%
|
|
1,445
|
2.3%
|
|
-13.0%
|
|
East South Central (6)
|
|
2
|
|
236
|
|
709
|
1.3%
|
|
694
|
1.1%
|
|
2.2%
|
|
Middle Atlantic (7)
|
|
9
|
|
2,481
|
|
3,450
|
6.2%
|
|
3,326
|
5.3%
|
|
3.7%
|
|
South Atlantic (8)
|
|
38
|
|
7,728
|
|
24,321
|
44.0%
|
|
29,250
|
46.4%
|
|
-16.9%
|
|
New England (9)
|
|
2
|
|
159
|
|
277
|
0.5%
|
|
126
|
0.2%
|
|
119.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
102
|
|
22,141
|
|
$
55,267
|
100.0%
|
|
$
62,933
|
100.0%
|
|
-12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, Michigan, Illinois,
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 Massachusetts and
Connecticut
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma table assumes the
102 hotel properties owned and included in continuing operations at
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
OPERATING PROFIT MARGIN
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
97 HOTELS NOT UNDER RENOVATION AND
INCLUDED IN CONTINUING OPERATIONS
|
|
AT MARCH 31, 2010, AS IF SUCH HOTELS
WERE OWNED AS OF THE BEGINNING OF
|
|
THE PERIODS PRESENTED:
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL EBITDA)
MARGIN:
|
|
|
|
|
|
|
|
1st Quarter 2010
|
25.37%
|
|
|
1st Quarter 2009
|
26.82%
|
|
|
|
Variance
|
-1.45%
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL EBITDA)
MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
Rooms
|
-1.03%
|
|
|
Food & Beverage and Other
Departmental
|
0.37%
|
|
|
Administrative &
General
|
0.18%
|
|
|
Sales & Marketing
|
0.23%
|
|
|
Hospitality
|
-0.07%
|
|
|
Repair & Maintenance
|
-0.07%
|
|
|
Energy
|
0.05%
|
|
|
Franchise Fee
|
-0.15%
|
|
|
Management Fee
|
-0.09%
|
|
|
Incentive Management Fee
|
-0.10%
|
|
|
Insurance
|
-0.42%
|
|
|
Property Taxes
|
-0.32%
|
|
|
Other Taxes
|
0.01%
|
|
|
Leases/Other
|
-0.04%
|
|
|
|
Total
|
-1.45%
|
|
|
|
|
|
|
|
|
|
|
|
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 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL 102 HOTELS OWNED AND INCLUDED IN
CONTINUING OPERATIONS AS OF MARCH 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
|
|
|
|
|
1st
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
$
219,733
|
|
$
239,488
|
|
$
216,433
|
|
$
233,947
|
|
$
909,601
|
|
Hotel EBITDA
|
$
55,267
|
|
$
55,789
|
|
$
50,049
|
|
$
61,126
|
|
$
222,231
|
|
Hotel EBITDA Margin
|
25.2%
|
|
23.3%
|
|
23.1%
|
|
26.1%
|
|
24.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
24.9%
|
|
25.1%
|
|
22.5%
|
|
27.5%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in EBITDA
|
$
1,157
|
|
$
1,483
|
|
$
1,139
|
|
$
1,839
|
|
$
5,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma table assumes the
102 hotel properties owned and included in continuing operations at
March 31, 2010, were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
Capital
Expenditures Calendar
|
|
102 Core Hotels
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
2010
|
|
|
|
Actual
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
|
Rooms
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton Anchorage
|
370
|
x
|
|
|
|
|
|
x
|
|
|
Marriott Legacy Center
|
404
|
x
|
|
|
|
|
|
|
x
|
|
Hilton Rye Town
|
446
|
x
|
x
|
x
|
|
|
|
|
|
|
Hilton Nassau Bay - Clear
Lake
|
243
|
x
|
x
|
x
|
x
|
x
|
x
|
|
|
|
Residence Inn Orlando Sea
World
|
350
|
|
|
x
|
x
|
|
|
|
|
|
Courtyard Edison
|
146
|
|
|
x
|
x
|
|
|
|
x
|
|
Embassy Suites Orlando
Airport
|
174
|
|
|
x
|
x
|
|
|
|
|
|
Embassy Suites Portland -
Downtown
|
276
|
|
|
|
x
|
x
|
|
|
|
|
Hilton La Jolla Torrey
Pines
|
296
|
|
|
|
x
|
x
|
|
|
|
|
Marriott Bridgewater
|
347
|
|
|
|
x
|
x
|
|
|
|
|
Capital Hilton
|
408
|
|
|
|
|
x
|
x
|
x
|
|
|
Sheraton City Center -
Indianapolis
|
371
|
|
|
|
|
|
x
|
x
|
|
|
Embassy Suites Austin
Arboretum
|
150
|
|
|
|
|
|
|
x
|
|
|
Embassy Suites Philadelphia
Airport
|
263
|
|
|
|
|
|
|
x
|
x
|
|
Hilton Costa Mesa
|
486
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Las Vegas
Airport
|
220
|
|
|
|
|
|
|
x
|
x
|
|
Hilton Tucson El Conquistador Golf
Resort
|
428
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Santa Clara - Silicon
Valley
|
257
|
|
|
|
|
|
|
x
|
x
|
|
Sheraton Minneapolis
West
|
222
|
|
|
|
|
|
|
|
x
|
|
Crowne Plaza Beverly
Hills
|
260
|
|
|
|
|
|
|
|
x
|
|
Embassy Suites Crystal City - Reagan
Airport
|
267
|
|
|
|
|
|
|
|
x
|
|
Hilton Minneapolis
Airport
|
300
|
|
|
|
|
|
|
|
x
|
|
Marriott Seattle
Waterfront
|
358
|
|
|
|
|
|
|
|
x
|
|
Renaissance Tampa
|
293
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels which have had or are
expected to have significant capital expenditures that could result
in displacement during 2009 and 2010 are included in this
table.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.