DALLAS, Aug. 1, 2012 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today reported the following
results and performance measures for the second quarter ended
June 30, 2012. 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 second quarter ended June 30, 2012, with the second quarter ended
June 30, 2011 (see discussion below).
The reconciliation of non-GAAP financial measures is included in
the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
- RevPAR increased 6.2% for all Legacy hotels in continuing
operations, driven by a 3.7% increase in ADR and a 182 basis point
increase in occupancy
- RevPAR increased 6.4% for all hotels in the Highland
Hospitality Portfolio, driven by a 3.1% increase in ADR and a 239
basis point increase in occupancy
- Hotel operating profit for all hotels, including Highland,
increased by $10.7 million, or
10.8%
- Hotel operating profit margin increased 159 basis points for
all Legacy hotels not under renovation in continuing
operations
- Hotel operating profit margin increased 221 basis points for
the 22 hotels in the Highland Hospitality Portfolio not under
renovation in continuing operations
- Net loss attributable to common shareholders was $13.3 million, or $0.20 per diluted share, compared with net loss
attributable to common shareholders of $29.1
million, or $0.49 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter as
compared with $0.65 from the
prior-year quarter; Interest Rate Derivative Income decreased by
$10.2 million as the benefits from
our Flooridor terminated in 2011, impacting AFFO per share by
$0.12; Increases in Income Taxes,
Interest Expense, Equity Based Compensation, and Preferred
Dividends impacted AFFO per share by an additional $0.07
- Fixed charge coverage ratio was 1.48x under the senior credit
facility covenant versus a required minimum of 1.35x
- During the second quarter 2012, Ashford sold 300,802 shares of
its Series A and Series D Cumulative Preferred Stock through its
At-the-Market program for total gross proceeds of $7.4 million
- At the end of the second quarter 2012, Ashford had cash and
cash equivalents of $139 million
CAPITAL ALLOCATION
- Capex invested in the quarter for the Legacy portfolio was
$20.8 million
- Capex invested in the quarter for the Highland Hospitality
Portfolio was $7.0 million
CAPITAL STRUCTURE
During the second quarter, Ashford successfully refinanced its
sole 2012 debt maturity. The
$167.2 million loan set to mature in
May 2012 was refinanced with a new
$135.0 million loan that matures in
May of 2014 and has three one-year extension options subject to
satisfaction of certain conditions. The new loan provides for
a floating interest rate of LIBOR + 6.50%, with no LIBOR
Floor. Additionally, the new loan is secured by nine hotels
as the Doubletree Guest Suites in Columbus, Ohio, was unencumbered as a result
of this refinancing. The Company is currently actively
marketing the Doubletree Columbus for sale.
Ashford is presently engaged in discussions regarding the
refinancing of its $101 million of
loans in the Highland Hospitality Portfolio set to mature in early
2013. The trailing 12-month debt yield on this high quality
portfolio is currently in excess of 16%. At this time, given
the potential loan proceeds, there is no anticipated pay down
required. The Company is well positioned for essentially all
upcoming debt maturities in 2013 and 2014.
During the second quarter, the Company took an impairment charge
of $4.1 million on the Hilton El
Conquistador Resort in Tucson, AZ. The Company is currently
in discussions with the lender on the property for a potential
deed-in-lieu or consensual foreclosure and receivership
transaction.
Additionally, in the second quarter 2012, the Company sold
48,575 shares of its 8.55% Series A Cumulative Preferred Stock at
$24.61 per share and sold 252,227
shares of its 8.45% Series D Cumulative Preferred Stock at
$24.49 per share through its
At-the-Market program for total gross proceeds of $7.4 million.
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality Portfolio experienced RevPAR growth of
6.4% during the second quarter of 2012, with RevPAR growth for
hotels not under renovation in continuing operations of 7.6%.
For all 28 hotels in the Highland Hospitality Portfolio, Hotel
EBITDA Margin increased 205 bps and Hotel EBITDA flow-through was
80%. For the 22 hotels not under renovation during the second
quarter 2012, Hotel EBITDA Margin increased 221 basis points and
Hotel EBITDA flow-through was 71%. Hotel EBITDA increased
11.3% in the second quarter for all hotels in the Highland
Hospitality Portfolio, and since the closing of the acquisition,
trailing 12-month EBITDA has increased 15.8%.
PORTFOLIO REVPAR
As of June 30, 2012, the Company's
Legacy portfolio consisted of direct hotel investments with 96
properties classified in continuing operations. During the
second quarter, 87 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 (87
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 $106.40 for all hotels in the Legacy portfolio on
a 3.7% increase in ADR and a 182 basis point increase in
occupancy
- Proforma RevPAR increased 7.3% to $105.06 for hotels not under renovation in the
Legacy portfolio on a 4.0% increase in ADR and a 237 basis point
increase in occupancy
- Proforma RevPAR increased 6.4% to $111.89 for all hotels in the Highland
Hospitality Portfolio on a 3.1% increase in ADR and a 239 basis
point increase in occupancy
- Proforma RevPAR increased 7.6% to $110.97 for hotels not under renovation in the
Highland Hospitality Portfolio on a 3.0% increase in ADR and a 328
basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for
all Legacy hotels increased 10.7% to $82.6
million. For the 87 hotels that were not under
renovation, Proforma Hotel EBITDA increased 12.4% to $72.9 million. Proforma Hotel EBITDA margin
(expressed as a percentage of Total Hotel Revenue) increased 159
basis points to 34.1% for the 87 Legacy hotels not under
renovation. For all 96 Legacy hotels included in continuing
operations, Proforma Hotel EBITDA margin increased 142 basis points
to 33.4%.
For the Company's 71.74% share of all hotels in the Highland
Hospitality Portfolio, Hotel operating profit (Hotel EBITDA)
increased 11.3% to $26.9
million. For the 22 hotels in the Highland Hospitality
Portfolio that were not under renovation, Proforma Hotel EBITDA
increased 13.5% to $21.4
million. Proforma Hotel EBITDA margin (expressed as a
percentage of Total Hotel Revenue) increased 221 basis points to
32.2% for the 22 Highland hotels not under renovation. For
all 28 Highland Hospitality hotels included in continuing
operations, Proforma Hotel EBITDA margin increased 205 basis points
to 33.2%.
Beginning with this quarterly release, the Company has added
additional disclosure information regarding property level trailing
12-month Hotel EBITDA by debt pool. The decision to add this
additional disclosure comes after the Company had received feedback
from multiple investors and analysts. The Company believes
this additional disclosure will assist the investment community in
analyzing Ashford and help analysts and investors see the benefits
of the non-recourse nature of its property level debt. Prior
to providing this information, the investment community could only
reference the Company's total EBITDA and total debt when applying a
valuation multiple. With this new disclosure, analysts and
investors can analyze the EBITDA of the Company by debt pool and
when using a valuation multiple approach, can see where the market
might be inadvertently implying negative equity value to certain
debt pools. Implied negative equity value in any debt pools
may underestimate the benefits of non-recourse debt, and all of the
Company's property level debt is non-recourse. Also, as a
result of the feedback received from analysts and investors, the
Company has added some additional performance tables to the release
while other tables have been removed.
Additionally, the Company has started adding back the non-cash
stock/unit-based amortization expense in its calculation of
Adjusted EBITDA. Since this is a non-cash item, the Company
believes this gives a better picture of true cash EBITDA and is
consistent with many industry peers. The Company will
continue to show the non-cash stock/unit-based amortization expense
as a deduct for AFFO purposes and the associated shares are
reflected in its fully diluted share count once the shares
vest.
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 Legacy 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 June 15, 2012, Ashford
announced that its Board of Directors had declared a quarterly cash
dividend of $0.11 per diluted share
for the Company's common stock for the second quarter ending
June 30, 2012, payable July 16, 2012, to shareholders of record as of
June 29, 2012.
Monty J. Bennett, Chief Executive
Officer, commented, "Our solid second quarter 2012 RevPAR
improvement for both our Legacy and Highland Hospitality portfolios
reflects the continuing, successful integration of Highland into
our overall portfolio, as the Highland hotels benefit from more
efficient property management and capital investments that we've
made to unlock the inherent value in these assets. At the
same time, U.S. lodging industry conditions have shown steady
improvement as a lack of new supply has helped the market. We
maintain that we are still in the early stages in this cycle and
see tremendous potential upside as market conditions gradually
strengthen. At Ashford, we remain conservative after what
we've seen during the prior industry down cycle. With today's
continuing economic concerns, we have been diligent in proactively
addressing upcoming debt maturities and ensuring the Company has
the necessary financial flexibility to weather any potential
short-term economic fluctuations, while positioning ourselves to
take advantage of opportunistic investments that meet our
risk-adjusted return criteria as hotel fundamentals continue to
improve."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday August 2, 2012, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (480) 629-9771. A
replay of the conference call will be available through
Thursday August 9, 2012, by dialing
(303) 590-3030 and entering the confirmation number, 4549835.
The Company will also provide an online simulcast and
rebroadcast of its second quarter 2012 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 August
2, 2012, beginning at 11:00 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December 31,
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Investment
in hotel properties, net
|
$
2,929,113
|
|
$
2,957,899
|
|
Cash and
cash equivalents
|
139,466
|
|
167,609
|
|
Restricted
cash
|
76,558
|
|
84,069
|
|
Accounts
receivable, net of allowance of $246 and $212,
respectively
|
41,167
|
|
28,623
|
|
Inventories
|
2,366
|
|
2,371
|
|
Notes
receivable
|
11,262
|
|
11,199
|
|
Investment
in unconsolidated joint ventures
|
169,246
|
|
179,527
|
|
Investments in securities and other
|
30,739
|
|
21,374
|
|
Deferred
costs, net
|
18,265
|
|
17,421
|
|
Prepaid
expenses
|
13,897
|
|
11,308
|
|
Derivative
assets
|
22,253
|
|
37,918
|
|
Other
assets
|
5,467
|
|
4,851
|
|
Intangible
asset, net
|
2,765
|
|
2,810
|
|
Due from
third-party hotel managers
|
62,115
|
|
62,747
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
3,524,679
|
|
$
3,589,726
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
2,318,943
|
|
$
2,362,458
|
|
Accounts
payable and accrued expenses
|
94,232
|
|
82,282
|
|
Dividends
payable
|
18,260
|
|
16,941
|
|
Unfavorable management contract
liabilities
|
12,482
|
|
13,611
|
|
Due to
related party, net
|
2,330
|
|
2,569
|
|
Due to
third-party hotel managers
|
2,146
|
|
1,602
|
|
Liabilities associated with investments in securities
and other
|
9,953
|
|
2,246
|
|
Other
liabilities
|
5,435
|
|
5,400
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,463,781
|
|
2,487,109
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
126,466
|
|
112,796
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Preferred
stock, $0.01 par value, 50,000,000 shares authorized:
|
|
|
|
|
|
|
Series A
Cumulative Preferred Stock, 1,657,206 shares issued and outstanding
at
|
|
|
|
|
|
|
|
June 30,
2012 and 1,487,900 shares issued and outstanding at December 31,
2011
|
17
|
|
15
|
|
|
|
Series D
Cumulative Preferred Stock, 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
June 30,
2012 and 8,966,797 shares issued and outstanding at December 31,
2011
|
95
|
|
90
|
|
|
|
Series E
Cumulative Preferred Stock, 4,630,000 shares issued and
outstanding
|
46
|
|
46
|
|
|
Common
stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued,
68,163,909 and 68,032,289 shares outstanding,
respectively
|
1,249
|
|
1,249
|
|
|
Additional
paid-in capital
|
1,761,158
|
|
1,746,259
|
|
|
Accumulated other comprehensive loss
|
(261)
|
|
(184)
|
|
|
Accumulated deficit
|
(679,533)
|
|
(609,272)
|
|
|
Treasury
stock, at cost (56,732,856 shares and 56,864,476 shares,
respectively)
|
(164,829)
|
|
(164,796)
|
|
|
|
Total
shareholders' equity of the Company
|
917,942
|
|
973,407
|
|
Noncontrolling interests in consolidated joint
ventures
|
16,490
|
|
16,414
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
934,432
|
|
989,821
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
$
3,524,679
|
|
$
3,589,726
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
194,188
|
|
$
177,040
|
|
$
368,736
|
|
$
339,789
|
|
Food and
beverage
|
44,415
|
|
41,242
|
|
86,117
|
|
79,649
|
|
Rental
income from operating leases
|
-
|
|
1,484
|
|
-
|
|
2,704
|
|
Other
|
10,453
|
|
10,253
|
|
20,015
|
|
19,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
hotel revenue
|
249,056
|
|
230,019
|
|
474,868
|
|
441,741
|
|
Asset
management fees and other
|
77
|
|
80
|
|
152
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
249,133
|
|
230,099
|
|
475,020
|
|
441,889
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel
operating expenses
|
|
|
|
|
|
|
|
|
|
Rooms
|
42,852
|
|
39,205
|
|
82,590
|
|
76,251
|
|
|
Food and
beverage
|
28,758
|
|
27,121
|
|
57,401
|
|
53,602
|
|
|
Other
expenses
|
75,715
|
|
68,928
|
|
145,061
|
|
134,402
|
|
|
Management
fees
|
10,047
|
|
9,184
|
|
19,198
|
|
18,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
hotel operating expenses
|
157,372
|
|
144,438
|
|
304,250
|
|
282,298
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
taxes, insurance, and other
|
10,525
|
|
11,769
|
|
22,680
|
|
22,656
|
|
Depreciation and amortization
|
34,184
|
|
33,027
|
|
68,539
|
|
65,804
|
|
Impairment
charges
|
4,025
|
|
(4,316)
|
|
3,933
|
|
(4,656)
|
|
Gain on
insurance settlement
|
-
|
|
(1,905)
|
|
-
|
|
(1,905)
|
|
Transaction acquisition costs
|
-
|
|
406
|
|
-
|
|
(818)
|
|
Corporate,
general, and administrative:
|
|
|
|
|
|
|
|
|
|
Stock/unit-based compensation
|
4,223
|
|
3,546
|
|
9,369
|
|
5,360
|
|
|
Other
general and administrative
|
7,707
|
|
7,459
|
|
12,807
|
|
19,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Operating Expenses
|
218,036
|
|
194,424
|
|
421,578
|
|
388,267
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
31,097
|
|
35,675
|
|
53,442
|
|
53,622
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in
earnings (loss) of unconsolidated joint ventures
|
23
|
|
(2,301)
|
|
(10,281)
|
|
25,824
|
|
Interest
income
|
22
|
|
23
|
|
54
|
|
59
|
|
Other
income
|
6,703
|
|
18,157
|
|
14,317
|
|
66,160
|
|
Interest
expense
|
(35,123)
|
|
(33,520)
|
|
(69,116)
|
|
(67,019)
|
|
Amortization of loan costs
|
(1,466)
|
|
(1,288)
|
|
(2,678)
|
|
(2,367)
|
|
Unrealized
gain on investments
|
1,628
|
|
39
|
|
3,413
|
|
39
|
|
Unrealized
loss on derivatives
|
(7,458)
|
|
(17,733)
|
|
(17,399)
|
|
(34,550)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES
|
(4,574)
|
|
(948)
|
|
(28,248)
|
|
41,768
|
|
Income tax
expense
|
(1,366)
|
|
(285)
|
|
(2,245)
|
|
(1,329)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) FROM CONTINUING OPERATIONS
|
(5,940)
|
|
(1,233)
|
|
(30,493)
|
|
40,439
|
Loss
from discontinued operations
|
-
|
|
(6,029)
|
|
-
|
|
(3,819)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
(5,940)
|
|
(7,262)
|
|
(30,493)
|
|
36,620
|
(Income)
loss from consolidated joint ventures attributable to
noncontrolling interests
|
(54)
|
|
(438)
|
|
224
|
|
(1,369)
|
Net
(income) loss attributable to redeemable noncontrolling interests
in operating partnership
|
1,180
|
|
3,389
|
|
4,238
|
|
(1,729)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
|
(4,814)
|
|
(4,311)
|
|
(26,031)
|
|
33,522
|
Preferred
dividends
|
(8,490)
|
|
(24,771)
|
|
(16,822)
|
|
(31,326)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
(13,304)
|
|
$
(29,082)
|
|
$
(42,853)
|
|
$
2,196
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
PER SHARE – BASIC AND DILUTED:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations attributable to common
shareholders
|
$
(0.20)
|
|
$
(0.40)
|
|
$
(0.64)
|
|
$
0.11
|
|
|
Loss from
discontinued operations attributable to common
shareholders
|
-
|
|
(0.09)
|
|
-
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to common shareholders
|
$
(0.20)
|
|
$
(0.49)
|
|
$
(0.64)
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding – basic
|
67,639
|
|
59,482
|
|
67,396
|
|
58,157
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations attributable to common
shareholders
|
$
(0.20)
|
|
$
(0.40)
|
|
$
(0.64)
|
|
$
0.11
|
|
|
Loss from
discontinued operations attributable to common
shareholders
|
-
|
|
(0.09)
|
|
-
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to common shareholders
|
$
(0.20)
|
|
$
(0.49)
|
|
$
(0.64)
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding – diluted
|
67,639
|
|
59,482
|
|
67,396
|
|
58,157
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common
share:
|
$
0.11
|
|
$
0.10
|
|
$
0.22
|
|
$
0.20
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to common shareholders:
|
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations, net of tax
|
$
(4,814)
|
|
$
969
|
|
$
(26,031)
|
|
$
37,768
|
|
Loss from
discontinued operations, net of tax
|
-
|
|
(5,280)
|
|
-
|
|
(4,246)
|
|
Preferred
dividends
|
(8,490)
|
|
(24,771)
|
|
(16,822)
|
|
(31,326)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (income) attributable to common shareholders
|
$
(13,304)
|
|
$
(29,082)
|
|
$
(42,853)
|
|
$
2,196
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO
EBITDA
|
(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
$
(5,940)
|
|
$
(7,262)
|
|
$
(30,493)
|
|
$
36,620
|
(Income) loss from consolidated joint ventures
attributable to noncontrolling interests
|
(54)
|
|
(438)
|
|
224
|
|
(1,369)
|
Net
(income) loss attributable to redeemable noncontrolling interests
in operating partnership
|
1,180
|
|
3,389
|
|
4,238
|
|
(1,729)
|
Net
income (loss) attributable to the Company
|
(4,814)
|
|
(4,311)
|
|
(26,031)
|
|
33,522
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
(22)
|
|
(23)
|
|
(54)
|
|
(59)
|
|
Interest expense and amortization of loan
costs
|
36,239
|
|
34,346
|
|
71,090
|
|
69,162
|
|
Depreciation and
amortization
|
33,434
|
|
32,402
|
|
67,017
|
|
64,563
|
|
Impairment charges
|
4,025
|
|
1,921
|
|
3,933
|
|
1,581
|
|
Income tax expense
|
1,366
|
|
285
|
|
2,245
|
|
1,414
|
|
Net
income (loss) attributable to redeemable noncontrolling interests
in operating partnership
|
(1,180)
|
|
(3,389)
|
|
(4,238)
|
|
1,729
|
|
Equity in (earnings) loss of unconsolidated
joint ventures
|
(23)
|
|
2,301
|
|
10,281
|
|
(25,824)
|
|
Company's portion of EBITDA of unconsolidated
joint ventures
|
25,116
|
|
21,864
|
|
39,680
|
|
67,909
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
94,141
|
|
85,396
|
|
163,923
|
|
213,997
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unfavorable management contract
liabilities
|
(565)
|
|
(565)
|
|
(1,129)
|
|
(1,129)
|
|
Gain
on sale/disposition of properties
|
-
|
|
(158)
|
|
-
|
|
(2,961)
|
|
Non-cash gain on insurance
settlements
|
-
|
|
(1,157)
|
|
-
|
|
(1,157)
|
|
Write-off of loan costs, premiums, and exit
fees, net
|
-
|
|
-
|
|
-
|
|
948
|
|
Other income (1)
|
(6,703)
|
|
(18,157)
|
|
(14,317)
|
|
(66,160)
|
|
Transaction acquisition costs
|
-
|
|
406
|
|
-
|
|
(818)
|
|
Legal costs related to litigation settlements
(2)
|
1,467
|
|
1,375
|
|
1,707
|
|
6,875
|
|
Unrealized gain on investments
|
(1,628)
|
|
(39)
|
|
(3,413)
|
|
(39)
|
|
Unrealized loss on derivatives
|
7,458
|
|
17,733
|
|
17,399
|
|
34,550
|
|
Equity-based compensation
|
4,223
|
|
3,546
|
|
9,369
|
|
5,360
|
|
Company's portion of adjustments to EBITDA of
unconsolidated joint ventures
|
49
|
|
1,217
|
|
144
|
|
(39,794)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
98,442
|
|
$
89,597
|
|
$
173,683
|
|
$
149,672
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other
income primarily consisting of income from interest rate
derivatives in both periods, net realized loss
on investments in securities and other in 2012,
and a $30 million litigation settlement in 2011 are excluded
from Adjusted EBITDA.
|
(2)
|
Legal
costs associated with litigation settlements are excluded from
Adjusted EBITDA.
|
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS
FROM OPERATIONS ("FFO")
|
(in thousands, except per share
amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
$
(5,940)
|
|
$
(7,262)
|
|
$
(30,493)
|
|
$
36,620
|
(Income) loss from consolidated joint ventures
attributable to noncontrolling interests
|
(54)
|
|
(438)
|
|
224
|
|
(1,369)
|
Net
(income) loss attributable to redeemable noncontrolling interests
in operating partnership
|
1,180
|
|
3,389
|
|
4,238
|
|
(1,729)
|
Preferred dividends
|
(8,490)
|
|
(24,771)
|
|
(16,822)
|
|
(31,326)
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to common shareholders
|
(13,304)
|
|
(29,082)
|
|
(42,853)
|
|
2,196
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization on real
estate
|
33,374
|
|
32,340
|
|
66,892
|
|
64,439
|
|
Impairment charges
|
4,025
|
|
1,921
|
|
3,933
|
|
1,581
|
|
Gain
on sale/dispoistion of properties
|
-
|
|
(158)
|
|
-
|
|
(2,961)
|
|
Non-cash gain on insurance
settlements
|
-
|
|
(1,157)
|
|
-
|
|
(1,157)
|
|
Net
income (loss) attributable to redeemable noncontrolling interests
in operating partnership
|
(1,180)
|
|
(3,389)
|
|
(4,238)
|
|
1,729
|
|
Equity in (earnings) loss of unconsolidated
joint ventures
|
(23)
|
|
2,301
|
|
10,281
|
|
(25,824)
|
|
Company's portion of FFO of unconsolidated
joint ventures
|
12,955
|
|
9,974
|
|
15,410
|
|
(999)
|
|
|
|
|
|
|
|
|
|
|
FFO
available to common shareholders
|
35,847
|
|
12,750
|
|
49,425
|
|
39,004
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on convertible preferred
stock
|
-
|
|
350
|
|
-
|
|
1,374
|
|
Write-off of loan costs, premiums, and exit
fees, net
|
-
|
|
-
|
|
-
|
|
948
|
|
Transaction acquisition costs
|
-
|
|
406
|
|
-
|
|
(818)
|
|
Legal costs related to litigation settlements
(2)
|
1,467
|
|
1,375
|
|
1,707
|
|
6,875
|
|
Other income (1)
|
1,303
|
|
-
|
|
1,681
|
|
(30,000)
|
|
Unrealized gain on investments
|
(1,628)
|
|
(39)
|
|
(3,413)
|
|
(39)
|
|
Unrealized loss on derivatives
|
7,458
|
|
17,733
|
|
17,399
|
|
34,550
|
|
Non-cash dividends on Series B-1 preferred
stock
|
-
|
|
17,363
|
|
-
|
|
17,363
|
|
Equity-based compensation adjustment related to
modified employment terms
|
(511)
|
|
-
|
|
480
|
|
-
|
|
Company's portion of adjustments to FFO of
unconsolidated joint ventures
|
49
|
|
1,217
|
|
144
|
|
14,278
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common
shareholders
|
$
43,985
|
|
$
51,155
|
|
$
67,423
|
|
$
83,535
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per diluted share available to
common shareholders
|
$
0.52
|
|
$
0.65
|
|
$
0.80
|
|
$
1.06
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares
|
85,317
|
|
78,435
|
|
84,791
|
|
78,828
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other
income in 2012 primarily represents net realized loss on
investments in securities and other
which is excluded from Adjusted FFO. Other
income in 2011 represents a gain from a litigation
settlement which is excluded from Adjusted FFO.
|
(2)
|
Legal
costs associated with litigation settlements are excluded from
Adjusted FFO.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGAGY
PORTFOLIO ONLY
|
SUMMARY
OF INDEBTEDNESS OF CONTINUING OPERATIONS
|
JUNE
30, 2012
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-Rate
Debt
|
|
Floating-Rate
Debt
|
|
Total
Debt
|
|
TTM
Hotel
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aareal - 2 hotels
|
|
August
2013
|
|
LIBOR +
2.75%
|
|
$
-
|
|
$
143,667
|
|
$
143,667
|
|
$
23,418
|
BoA
MIP - 5 hotels
|
|
March
2014
|
|
LIBOR +
4.50%
|
|
-
|
|
176,400
|
(1)
|
176,400
|
|
18,242
|
JPM
Floater - 9 hotels
|
|
May
2014
|
|
LIBOR +
6.50%
|
|
-
|
|
135,000
|
|
135,000
|
|
15,469
|
GEMSA Manchester - 1 hotel
|
|
May
2014
|
|
8.32%
|
|
5,381
|
|
-
|
|
5,381
|
|
585
|
Senior credit facility -
Various
|
|
September
2014
|
|
LIBOR +
2.75% to 3.5%
|
|
-
|
|
-
|
|
-
|
|
N/A
|
Met
Life El Con - 1 hotel
|
|
December
2014
|
|
Greater of
5.5% or LIBOR + 3.5%
|
|
-
|
|
19,740
|
|
19,740
|
|
(1,362)
|
UBS
1 - 8 hotels
|
|
December
2014
|
|
5.75%
|
|
105,787
|
|
-
|
|
105,787
|
|
12,443
|
Merrill 1 - 10 hotels
|
|
July
2015
|
|
5.22%
|
|
154,172
|
|
-
|
|
154,172
|
|
18,508
|
UBS
2 - 8 hotels
|
|
December
2015
|
|
5.70%
|
|
97,860
|
|
-
|
|
97,860
|
|
13,548
|
Prudential/Wheelock - 5 hotels
|
|
December
2015
|
|
12.72%
|
|
152,929
|
|
-
|
|
152,929
|
|
23,727
|
Merrill 2 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
111,310
|
|
-
|
|
111,310
|
|
16,204
|
Merrill 3 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
92,310
|
|
-
|
|
92,310
|
|
14,933
|
Merrill 7 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
79,961
|
|
-
|
|
79,961
|
|
12,490
|
Wachovia Philly CY - 1 hotel
|
|
April
2017
|
|
5.91%
|
|
34,935
|
|
-
|
|
34,935
|
|
9,092
|
Wachovia 3 - 2 hotels
|
|
April
2017
|
|
5.95%
|
|
128,014
|
|
-
|
|
128,014
|
|
13,281
|
Wachovia 7 - 3 hotels
|
|
April
2017
|
|
5.95%
|
|
260,497
|
|
-
|
|
260,497
|
|
22,491
|
Wachovia 1 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
115,386
|
|
-
|
|
115,386
|
|
9,942
|
Wachovia 5 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
103,714
|
|
-
|
|
103,714
|
|
8,516
|
Wachovia 6 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
157,813
|
|
-
|
|
157,813
|
|
14,624
|
Wachovia 2 - 7 hotels
|
|
April
2017
|
|
5.95%
|
|
126,232
|
|
-
|
|
126,232
|
|
10,776
|
TIF
Philly CY - 1 hotel
|
|
June
2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
N/A
|
GACC
Gateway - 1 hotel
|
|
November
2020
|
|
6.26%
|
|
103,170
|
|
-
|
|
103,170
|
|
16,215
|
Zion
Jacksonville RI - 1 hotel
|
|
April
2034
|
|
Greater of
6% or Prime + 1%
|
|
-
|
|
6,568
|
|
6,568
|
|
1,015
|
Unencumbered hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
2,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
1,837,569
|
|
$
481,375
|
|
$
2,318,943
|
|
$
277,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
79.2%
|
|
20.8%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
|
|
6.43%
|
|
4.83%
|
|
6.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness with effect of interest rate
swaps
|
|
$
1,837,569
|
|
$
481,375
|
|
$
2,318,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of interest rate
swaps
|
|
79.2%
|
|
20.8%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate with the effect
of interest rate swaps
|
|
4.71%
|
(2)
|
4.83%
|
(2)
|
4.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
indebtedness is non-recourse with the exception of the credit
facility.
|
(1) This mortgage loan has a one-year
extension option beginning March 2014, subject to satisfaction
of
certain conditions.
|
(2) These rates are calculated assuming
the LIBOR rate stays at the March 31, 2012 level and with the
effect of our interest rate derivatives.
|
HIGHLAND HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
SUMMARY
OF INDEBTEDNESS
|
ASHFORD'S PRO RATA 71.74% SHARE
|
JUNE
30, 2012
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-Rate
Debt
|
|
Floating-Rate
Debt
|
|
Total
Debt
|
|
TTM
Hotel
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIGNA Boston Back Bay - 1
hotel
|
|
January
2013
|
|
5.96%
|
|
$
45,634
|
|
$
-
|
|
$
45,634
|
|
$
8,720
|
CIGNA Westin Princeton - 1
hotel
|
|
February
2013
|
|
5.97%
|
|
23,185
|
|
|
|
23,185
|
|
3,403
|
CIGNA Nashville Renaissance - 1
hotel
|
|
April
2013
|
|
6.11%
|
|
32,563
|
|
|
|
32,563
|
|
7,880
|
Wells Senior - 25 hotels
|
|
March
2014
|
|
LIBOR +
2.75%
|
|
-
|
|
380,222
|
(1)
|
380,222
|
|
59,202
|
Mezz
1 - 28 hotels
|
|
March
2014
|
|
Greater of
7.00% or LIBOR + 6.00%
|
|
-
|
|
103,642
|
(1)
|
103,642
|
|
79,205
|
Mezz
2 - 28 hotels
|
|
March
2014
|
|
Greater of
8.00% or LIBOR + 7.00%
|
|
-
|
|
98,665
|
(1)
|
98,665
|
|
79,205
|
Mezz
3 - 28 hotels
|
|
March
2014
|
|
Greater of
10.50% or LIBOR + 9.50%
|
|
-
|
|
84,570
|
(1)
|
84,570
|
|
79,205
|
Mezz
4 - 28 hotels
|
|
March
2014
|
|
LIBOR +
2.00%
|
|
|
|
13,218
|
(1)
|
13,218
|
|
79,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (Ashford's 71.74% share
only)
|
|
$
101,382
|
|
$
680,316
|
|
$
781,698
|
|
$
79,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
13.0%
|
|
87.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
|
|
6.01%
|
|
5.25%
|
|
5.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of interest rate
swaps
|
|
13.0%
|
|
87.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ashford plus Ashford's 71.74% share of
PIM Highland Holding LLC
|
|
$
1,938,951
|
|
$
1,161,691
|
|
$
3,100,641
|
|
$
356,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of interest rate
swaps
|
|
62.5%
|
|
37.5%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate with the effect
of interest rate swaps
|
|
4.78%
|
|
5.08%
|
|
4.89%
|
|
|
(1) Each of these loans has two one-year
extension options beginning March 2014.
|
|
ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES
|
LEGAGY PORTFOLIO ONLY
|
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION
OPTIONS ARE EXERCISED
|
JUNE 30, 2012
|
(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aareal - 2 hotels
|
|
$
-
|
|
$
140,167
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
140,167
|
GEMSA Manchester - 1 hotel
|
|
-
|
|
-
|
|
5,004
|
|
-
|
|
-
|
|
-
|
|
5,004
|
Senior credit facility -
Various
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Met
Life El Con - 1 hotel
|
|
-
|
|
-
|
|
19,740
|
|
-
|
|
-
|
|
-
|
|
19,740
|
UBS
1 - 8 hotels
|
|
-
|
|
-
|
|
100,119
|
|
-
|
|
-
|
|
-
|
|
100,119
|
BoA
MIP - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
176,400
|
|
-
|
|
-
|
|
176,400
|
Merrill 1 - 10 hotels
|
|
-
|
|
-
|
|
-
|
|
142,922
|
|
-
|
|
-
|
|
142,922
|
UBS
2 - 8 hotels
|
|
-
|
|
-
|
|
-
|
|
90,680
|
|
-
|
|
-
|
|
90,680
|
Prudential/Wheelock - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
146,415
|
|
-
|
|
-
|
|
146,415
|
Merrill 2 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
101,740
|
|
-
|
|
101,740
|
Merrill 3 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
84,374
|
|
-
|
|
84,374
|
Merrill 7 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
73,086
|
|
-
|
|
73,086
|
JPM
Floater - 9 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
135,000
|
|
135,000
|
Wachovia Philly CY - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32,532
|
|
32,532
|
Wachovia 3 - 2 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
119,245
|
|
119,245
|
Wachovia 7 - 3 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
242,201
|
|
242,201
|
Wachovia 1 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,351
|
|
107,351
|
Wachovia 5 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
96,491
|
|
96,491
|
Wachovia 6 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
146,823
|
|
146,823
|
Wachovia 2 - 7 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
117,441
|
|
117,441
|
TIF
Philly CY - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,098
|
|
8,098
|
GACC
Gateway - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
89,886
|
|
89,886
|
Zion
Jacksonville RI - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due in future
periods
|
|
$
-
|
|
$
140,167
|
|
$
124,863
|
|
$
556,417
|
|
$
259,200
|
|
$
1,095,068
|
|
$
2,175,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled amortization payments
remaining
|
|
18,510
|
|
31,030
|
|
30,978
|
|
28,230
|
|
16,723
|
|
17,757
|
|
143,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of continuing
operations
|
|
$
18,510
|
|
$
171,197
|
|
$
155,841
|
|
$
584,647
|
|
$
275,923
|
|
$
1,112,825
|
|
$
2,318,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: These maturities assume no event of
default would occur.
|
|
|
|
|
|
|
HIGHLAND HOSPITALITY
PORTFOLIO
|
(PIM HIGHLAND HOLDING
LLC)
|
INDEBTEDNESS BY
MATURITY
|
ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
ASHFORD'S PRO RATA 71.74%
SHARE
|
JUNE 30, 2012
|
(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIGNA Boston Back Bay - 1
hotel
|
|
$
-
|
|
$
45,215
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
45,215
|
CIGNA Westin Princeton - 1
hotel
|
|
-
|
|
22,939
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22,939
|
CIGNA Nashville Renaissance - 1
hotel
|
|
-
|
|
31,774
|
|
-
|
|
-
|
|
-
|
|
-
|
|
31,774
|
Wells Senior - 25 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
380,222
|
|
-
|
|
380,222
|
Mezz
1 - 28 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,642
|
|
-
|
|
103,642
|
Mezz
2 - 28 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
98,665
|
|
-
|
|
98,665
|
Mezz
3 - 28 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
84,570
|
|
-
|
|
84,570
|
Mezz
4 - 28 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,218
|
|
-
|
|
13,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due in future
periods
|
|
$
-
|
|
$
99,928
|
|
$
-
|
|
$
-
|
|
$
680,316
|
|
$
-
|
|
$
780,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled amortization payments
remaining
|
|
992
|
|
462
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of continuing operations
(Ashford's 71.74% share only)
|
|
$
992
|
|
$
100,390
|
|
$
-
|
|
$
-
|
|
$
680,316
|
|
$
-
|
|
$
781,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness of continuing operations
plus Ashford's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% share of PIM Highland
Holding LLC
|
|
$
19,502
|
|
$
271,587
|
|
$
155,841
|
|
$
584,647
|
|
$
956,239
|
|
$
1,112,825
|
|
$
3,100,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
LEGACY
PORTFOLIO ONLY
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
193,002
|
|
$
181,795
|
|
6.16%
|
|
$
366,434
|
|
$
348,234
|
|
5.23%
|
|
|
RevPAR
|
$
106.40
|
|
$
100.22
|
|
6.17%
|
|
$
101.01
|
|
$
96.28
|
|
4.91%
|
|
|
Occupancy
|
78.16%
|
|
76.34%
|
|
1.82%
|
|
74.57%
|
|
73.11%
|
|
1.46%
|
|
|
ADR
|
$
136.13
|
|
$
131.29
|
|
3.69%
|
|
$
135.46
|
|
$
131.69
|
|
2.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 96 hotel properties owned and included
in continuing operations at June 30, 2012 were owned as of the
beginning of the period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS NOT UNDER RENOVATION
|
|
|
|
|
|
|
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
169,337
|
|
$
157,892
|
|
7.25%
|
|
$
321,341
|
|
$
303,119
|
|
6.01%
|
|
|
RevPAR
|
$
105.06
|
|
$
97.95
|
|
7.26%
|
|
$
99.68
|
|
$
94.29
|
|
5.72%
|
|
|
Occupancy
|
78.66%
|
|
76.29%
|
|
2.37%
|
|
75.14%
|
|
73.23%
|
|
1.91%
|
|
|
ADR
|
$
133.56
|
|
$
128.39
|
|
4.03%
|
|
$
132.67
|
|
$
128.77
|
|
3.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 87 hotel properties owned and included
in continuing operations at June 30, 2012 but not under renovation
for three and six months ended June 30, 2012 were owned
as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
|
Capital
Hilton, Crowne Plaza La Concha - Key West, Embassy Suites
Flagstaff, Hilton Santa Fe, Hilton Tucson El Conquistador Golf
Resort, SpringHill Suites Manhattan Beach, Hampton Inn
Evansville, Sheraton Indy City Center, Courtyard Atlanta
Alpharetta
|
|
|
|
|
HIGHLAND HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND
HOSPITALITY PORTFOLIO (IN PIM HIGHLAND HOLDING
LLC) AS IF THEY WERE OWNED AS OF THE BEGINNING OF THE FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN
|
|
|
|
|
|
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
57,980
|
|
$
54,495
|
|
6.40%
|
|
$
105,074
|
|
$
100,575
|
|
4.47%
|
|
|
RevPAR
|
$
111.89
|
|
$
105.16
|
|
6.40%
|
|
$
101.39
|
|
$
97.46
|
|
4.03%
|
|
|
Occupancy
|
76.55%
|
|
74.16%
|
|
2.39%
|
|
72.36%
|
|
70.94%
|
|
1.42%
|
|
|
ADR
|
$
146.17
|
|
$
141.80
|
|
3.08%
|
|
$
140.11
|
|
$
137.38
|
|
1.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 28 hotel properties owned and included
in continuing operations at
June 30, 2012 were owned as of the beginning
of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS NOT UNDER RENOVATION
|
|
|
|
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
Room
revenues (in thousands)
|
$
46,841
|
|
$
43,515
|
|
7.64%
|
|
$
86,623
|
|
$
82,072
|
|
5.55%
|
|
|
RevPAR
|
$
110.97
|
|
$
103.09
|
|
7.64%
|
|
$
102.61
|
|
$
97.63
|
|
5.10%
|
|
|
Occupancy
|
75.92%
|
|
72.64%
|
|
3.28%
|
|
72.55%
|
|
69.93%
|
|
2.62%
|
|
|
ADR
|
$
146.16
|
|
$
141.92
|
|
2.99%
|
|
$
141.44
|
|
$
139.60
|
|
1.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 22 hotel properties owned and included
in continuing operations at
June 30, 2012 but not under renovation for the three
and six months ended June 30, 2012 were owned as
of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
|
|
|
|
Marriott
San Antonio Plaza, The Melrose, Courtyard Boston Tremont, Courtyard
Savannah, Hilton Garden Inn Virginia Beach, Hyatt Regency Wind
Watch
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
193,002
|
|
$
181,795
|
|
6.2%
|
|
$
366,434
|
|
$
348,234
|
|
5.2%
|
|
Food
and beverage
|
44,371
|
|
42,015
|
|
5.6%
|
|
86,046
|
|
80,953
|
|
6.3%
|
|
Other
|
10,161
|
|
9,800
|
|
3.7%
|
|
19,447
|
|
19,018
|
|
2.3%
|
|
|
Total hotel revenue
|
247,534
|
|
233,610
|
|
6.0%
|
|
471,927
|
|
448,205
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
42,498
|
|
40,031
|
|
6.2%
|
|
81,879
|
|
77,975
|
|
5.0%
|
|
Food
and beverage
|
28,733
|
|
27,667
|
|
3.9%
|
|
57,358
|
|
54,588
|
|
5.1%
|
|
Other direct
|
6,199
|
|
6,147
|
|
0.8%
|
|
11,995
|
|
11,597
|
|
3.4%
|
|
Indirect
|
64,032
|
|
61,774
|
|
3.7%
|
|
126,088
|
|
122,981
|
|
2.5%
|
|
Management fees, includes base and incentive
fees
|
13,091
|
|
11,453
|
|
14.3%
|
|
22,544
|
|
20,717
|
|
8.8%
|
|
|
Total hotel operating expenses
|
154,553
|
|
147,072
|
|
5.1%
|
|
299,864
|
|
287,858
|
|
4.2%
|
|
Property taxes, insurance, and
other
|
10,397
|
|
11,917
|
|
-12.8%
|
|
22,446
|
|
23,240
|
|
-3.4%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
82,584
|
|
74,621
|
|
10.7%
|
|
149,617
|
|
137,107
|
|
9.1%
|
|
|
Hotel EBITDA Margin
|
33.36%
|
|
31.94%
|
|
1.42%
|
|
31.70%
|
|
30.59%
|
|
1.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of consolidated
joint ventures
|
2,069
|
|
1,969
|
|
5.1%
|
|
3,409
|
|
3,454
|
|
-1.3%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
80,515
|
|
$
72,652
|
|
10.8%
|
|
$
146,208
|
|
$
133,653
|
|
9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 96 hotel properties owned and included
in continuing operations at
were owned as of the beginning
of the period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
169,337
|
|
$
157,892
|
|
7.2%
|
|
$
321,341
|
|
$
303,119
|
|
6.0%
|
|
Food
and beverage
|
36,762
|
|
34,270
|
|
7.3%
|
|
70,835
|
|
66,169
|
|
7.1%
|
|
Other
|
7,852
|
|
7,467
|
|
5.2%
|
|
14,625
|
|
14,084
|
|
3.8%
|
|
|
Total hotel revenue
|
213,951
|
|
199,629
|
|
7.2%
|
|
406,801
|
|
383,372
|
|
6.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
37,122
|
|
34,801
|
|
6.7%
|
|
71,340
|
|
67,781
|
|
5.3%
|
|
Food
and beverage
|
23,308
|
|
22,414
|
|
4.0%
|
|
46,279
|
|
44,159
|
|
4.8%
|
|
Other direct
|
4,350
|
|
4,265
|
|
2.0%
|
|
8,610
|
|
8,196
|
|
5.1%
|
|
Indirect
|
55,239
|
|
53,017
|
|
4.2%
|
|
108,578
|
|
105,571
|
|
2.8%
|
|
Management fees, includes base and incentive
fees
|
12,017
|
|
10,236
|
|
17.4%
|
|
20,543
|
|
18,478
|
|
11.2%
|
|
|
Total hotel operating expenses
|
132,036
|
|
124,733
|
|
5.9%
|
|
255,350
|
|
244,185
|
|
4.6%
|
|
Property taxes, insurance, and
other
|
9,056
|
|
10,079
|
|
-10.1%
|
|
19,552
|
|
20,001
|
|
-2.2%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
72,859
|
|
64,817
|
|
12.4%
|
|
131,899
|
|
119,186
|
|
10.7%
|
|
|
Hotel EBITDA Margin
|
34.05%
|
|
32.47%
|
|
1.59%
|
|
32.42%
|
|
31.09%
|
|
1.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of consolidated
joint ventures
|
648
|
|
662
|
|
-2.1%
|
|
1,220
|
|
1,241
|
|
-1.7%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
72,211
|
|
$
64,155
|
|
12.6%
|
|
$
130,679
|
|
$
117,945
|
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 87 hotel properties owned and included
in continuing operations at June 30, 2012 but not under renovation
for three and six months ended June 30, 2012 were owned
as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
Capital
Hilton, Crowne Plaza La Concha - Key West, Embassy Suites
Flagstaff, Hilton Santa Fe, Hilton Tucson El Conquistador Golf
Resort, SpringHill Suites Manhattan Beach, Hampton Inn
Evansville, Sheraton Indy City Center, Courtyard Atlanta
Alpharetta
|
|
|
|
|
HIGHLAND HOSPITALITY PORTFOLIO
|
(PIM
Highland Holding LLC)
|
PRO FORMA HOTEL OPERATING
PROFIT
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY
PORTFOLIO CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
57,980
|
|
$
54,495
|
|
6.4%
|
|
$
105,074
|
|
$
100,575
|
|
4.5%
|
|
Food
and beverage
|
20,164
|
|
19,838
|
|
1.6%
|
|
37,350
|
|
36,871
|
|
1.3%
|
|
Other
|
2,734
|
|
3,142
|
|
-13.0%
|
|
5,305
|
|
5,888
|
|
-9.9%
|
|
|
Total hotel revenue
|
80,878
|
|
77,475
|
|
4.4%
|
|
147,729
|
|
143,334
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
12,137
|
|
11,546
|
|
5.1%
|
|
23,372
|
|
23,571
|
|
-0.8%
|
|
Food
and beverage
|
12,687
|
|
12,887
|
|
-1.6%
|
|
24,483
|
|
25,299
|
|
-3.2%
|
|
Other direct
|
1,299
|
|
1,331
|
|
-2.4%
|
|
2,572
|
|
2,687
|
|
-4.3%
|
|
Indirect
|
21,529
|
|
20,658
|
|
4.2%
|
|
42,574
|
|
41,061
|
|
3.7%
|
|
Management fees, includes base and incentive
fees
|
3,307
|
|
2,756
|
|
20.0%
|
|
5,451
|
|
4,735
|
|
15.1%
|
|
|
Total hotel operating expenses
|
50,959
|
|
49,178
|
|
3.6%
|
|
98,452
|
|
97,353
|
|
1.1%
|
|
Property taxes, insurance, and
other
|
3,063
|
|
4,157
|
|
-26.3%
|
|
6,652
|
|
8,201
|
|
-18.9%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
$
26,856
|
|
$
24,140
|
|
11.3%
|
|
$
42,625
|
|
$
37,780
|
|
12.8%
|
|
|
Hotel EBITDA Margin
|
33.21%
|
|
31.16%
|
|
2.05%
|
|
28.85%
|
|
26.36%
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 28 hotel properties owned and included
in continuing operations at June 30, 2012 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY
PORTFOLIO CONTINUING
|
|
|
OPERATIONS NOT UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
2012
|
|
2011
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
46,841
|
|
$
43,515
|
|
7.6%
|
|
$
86,623
|
|
$
82,072
|
|
5.5%
|
|
Food
and beverage
|
17,697
|
|
17,070
|
|
3.7%
|
|
33,052
|
|
32,145
|
|
2.8%
|
|
Other
|
2,165
|
|
2,515
|
|
-13.9%
|
|
4,227
|
|
4,726
|
|
-10.6%
|
|
|
Total hotel revenue
|
66,703
|
|
63,100
|
|
5.7%
|
|
123,902
|
|
118,943
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
9,868
|
|
9,289
|
|
6.2%
|
|
19,195
|
|
19,230
|
|
-0.2%
|
|
Food
and beverage
|
11,055
|
|
11,135
|
|
-0.7%
|
|
21,420
|
|
21,987
|
|
-2.6%
|
|
Other direct
|
1,166
|
|
1,178
|
|
-1.0%
|
|
2,313
|
|
2,378
|
|
-2.7%
|
|
Indirect
|
17,975
|
|
17,144
|
|
4.8%
|
|
35,580
|
|
34,260
|
|
3.9%
|
|
Management fees, includes base and incentive
fees
|
2,780
|
|
2,245
|
|
23.8%
|
|
4,580
|
|
3,899
|
|
17.5%
|
|
|
Total hotel operating expenses
|
42,844
|
|
40,991
|
|
4.5%
|
|
83,088
|
|
81,754
|
|
1.6%
|
|
Property taxes, insurance, and
other
|
2,412
|
|
3,212
|
|
-24.9%
|
|
5,547
|
|
6,223
|
|
-10.9%
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
$
21,447
|
|
$
18,897
|
|
13.5%
|
|
$
35,267
|
|
$
30,966
|
|
13.9%
|
|
|
Hotel EBITDA Margin
|
32.15%
|
|
29.95%
|
|
2.21%
|
|
28.46%
|
|
26.03%
|
|
2.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 22 hotel properties owned and included
in continuing operations at
June 30, 2012 but not under renovation for the three
and six months ended June 30, 2012 were owned as
of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
|
|
|
|
|
Marriott
San Antonio Plaza, The Melrose, Courtyard Boston Tremont, Courtyard
Savannah, Hilton Garden Inn Virginia Beach, Hyatt Regency Wind
Watch
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
|
PRO
FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE
MONTHS
|
|
|
(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 HIGHLAND HOSPITALITY
PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (III)
THE COMBINED PORTFOLIO,
AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE
FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
2012
|
2011
|
2011
|
|
|
|
|
|
|
2nd
Quarter
|
1st
Quarter
|
4th
Quarter
|
3rd
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
Portfolio
|
|
|
|
|
|
|
|
Total
Hotel Revenue
|
$
247,534
|
$
224,394
|
$
236,898
|
$
217,033
|
|
$
925,859
|
|
Hotel
EBITDA
|
$
82,584
|
$
67,034
|
$
67,050
|
$
60,353
|
|
$
277,021
|
|
Hotel
EBITDA Margin
|
33.4%
|
29.9%
|
28.3%
|
27.8%
|
|
29.9%
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
29.8%
|
24.2%
|
24.2%
|
21.8%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$
2,069
|
$
1,340
|
$
1,366
|
$
1,313
|
|
$
6,088
|
|
|
|
|
|
|
|
|
|
|
|
Highland Hospitality Portfolio
|
(PIM
Highland Holding LLC)
|
|
|
|
|
Total
Hotel Revenue
|
$
80,878
|
$
66,852
|
$
74,859
|
$
69,845
|
|
$
292,434
|
|
Hotel
EBITDA
|
$
26,856
|
$
15,770
|
$
19,042
|
$
17,537
|
|
$
79,205
|
|
Hotel
EBITDA Margin
|
33.2%
|
23.6%
|
25.4%
|
25.1%
|
|
27.1%
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
33.9%
|
19.9%
|
24.0%
|
22.1%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
and Highland Hospitality Portfolio (PIM Highland Holding LLC)
Combined
|
|
|
|
Total
Hotel Revenue
|
$
328,412
|
$
291,246
|
$
311,757
|
$
286,878
|
|
$
1,200,965
|
|
Hotel
EBITDA
|
$
109,440
|
$
82,804
|
$
86,092
|
$
77,890
|
|
$
356,226
|
|
Hotel
EBITDA Margin
|
33.3%
|
28.4%
|
27.6%
|
27.2%
|
|
29.7%
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
30.7%
|
23.2%
|
24.2%
|
21.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$
2,069
|
$
1,340
|
$
1,366
|
$
1,313
|
|
$
6,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
For
comparative purposes, data in the tables above for Highland
Hospitality Portfolio (PIM Highland LLC) properties have been
adjusted to eliminate one-time real estate tax refunds received by
prior owner.
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
LEGACY
AND ASHFORD'S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM
HIGHLAND HOLDING LLC)
|
PRO
FORMA HOTEL REVPAR BY MARKET
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
June
30,
|
|
June
30,
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2012
|
2011
|
%
Change
|
|
2012
|
|
2011
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$
82.68
|
$
74.06
|
11.6%
|
|
$
81.71
|
|
$
74.81
|
9.2%
|
|
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
$
198.75
|
$
183.60
|
8.3%
|
|
$
155.21
|
|
$
141.08
|
10.0%
|
|
|
|
Dallas /
Ft. Worth Area
|
|
7
|
|
1,745
|
|
$
94.23
|
$
91.75
|
2.7%
|
|
$
95.01
|
|
$
95.88
|
-0.9%
|
|
|
|
Houston,
TX Area
|
|
3
|
|
608
|
|
$
108.71
|
$
97.99
|
10.9%
|
|
$
105.26
|
|
$
95.01
|
10.8%
|
|
|
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
$
95.20
|
$
85.06
|
11.9%
|
|
$
92.69
|
|
$
87.54
|
5.9%
|
|
|
|
Miami, FL
Metro Area
|
|
3
|
|
576
|
|
$
99.30
|
$
93.74
|
5.9%
|
|
$
120.48
|
|
$
114.14
|
5.6%
|
|
|
|
Minneapolis - St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
$
92.61
|
$
90.91
|
1.9%
|
|
$
85.88
|
|
$
85.66
|
0.3%
|
|
|
|
New York /
New Jersey Metro Area
|
|
7
|
|
1,560
|
|
$
104.79
|
$
100.07
|
4.7%
|
|
$
95.03
|
|
$
92.74
|
2.5%
|
|
|
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
$
81.71
|
$
77.69
|
5.2%
|
|
$
83.24
|
|
$
81.44
|
2.2%
|
|
|
|
Philadelphia, PA Area
|
|
4
|
|
1,147
|
|
$
125.43
|
$
110.23
|
13.8%
|
|
$
105.28
|
|
$
96.55
|
9.0%
|
|
|
|
San Diego,
CA Area
|
|
3
|
|
706
|
|
$
110.33
|
$
96.81
|
14.0%
|
|
$
108.61
|
|
$
97.88
|
11.0%
|
|
|
|
San
Francisco - Oakland, CA Metro Area
|
|
6
|
|
1,416
|
|
$
122.60
|
$
109.93
|
11.5%
|
|
$
116.92
|
|
$
106.21
|
10.1%
|
|
|
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
$
133.52
|
$
129.83
|
2.8%
|
|
$
113.92
|
|
$
105.62
|
7.9%
|
|
|
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
$
102.10
|
$
86.25
|
18.4%
|
|
$
111.45
|
|
$
98.12
|
13.6%
|
|
|
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
$
159.99
|
$
159.54
|
0.3%
|
|
$
138.02
|
|
$
139.51
|
-1.1%
|
|
|
|
Other
Areas
|
|
47
|
|
8,180
|
|
$
95.39
|
$
91.10
|
4.7%
|
|
$
90.14
|
|
$
86.21
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
124
|
|
26,195
|
|
$
107.62
|
$
101.32
|
6.2%
|
|
$
101.09
|
|
$
96.54
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table presents the 96 hotel properties included in
Company's continuing operations and the 28 hotel properties
included in Highland Hospitality Portfolio (PIM Highland Holding
LLC) as if these hotels were owned as of the beginning of the
periods presented.
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
LEGACY
AND ASHFORD'S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM
HIGHLAND HOLDING LLC)
|
PRO
FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY
MARKET
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
Number
of
|
|
Number
of
|
|
June
30,
|
|
June
30,
|
Region
|
|
Hotels
|
|
Rooms
|
|
2012
|
%
of Total
|
2011
|
%
of Total
|
%
Change
|
|
2012
|
%
of Total
|
2011
|
%
of Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$
3,343
|
3.1%
|
$
2,651
|
2.7%
|
26.1%
|
|
$
6,647
|
3.5%
|
$
5,320
|
3.0%
|
24.9%
|
Boston, MA
Area
|
|
2
|
|
506
|
|
4,513
|
4.1%
|
4,259
|
4.3%
|
6.0%
|
|
5,919
|
3.1%
|
5,142
|
2.9%
|
15.1%
|
Dallas /
Ft. Worth Area
|
|
7
|
|
1,745
|
|
6,219
|
5.7%
|
5,654
|
5.7%
|
10.0%
|
|
12,599
|
6.6%
|
12,443
|
7.1%
|
1.3%
|
Houston,
TX Area
|
|
3
|
|
608
|
|
3,052
|
2.8%
|
2,466
|
2.5%
|
23.8%
|
|
5,844
|
3.0%
|
4,541
|
2.6%
|
28.7%
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
6,888
|
6.3%
|
5,457
|
5.5%
|
26.2%
|
|
12,490
|
6.5%
|
10,576
|
6.0%
|
18.1%
|
Miami, FL
Metro Area
|
|
3
|
|
576
|
|
1,785
|
1.6%
|
1,506
|
1.5%
|
18.5%
|
|
5,259
|
2.7%
|
4,532
|
2.6%
|
16.0%
|
Minneapolis - St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
2,180
|
2.0%
|
2,124
|
2.2%
|
2.6%
|
|
3,620
|
1.9%
|
3,620
|
2.1%
|
0.0%
|
New York /
New Jersey Metro Area
|
|
7
|
|
1,560
|
|
7,272
|
6.6%
|
6,724
|
6.8%
|
8.1%
|
|
11,035
|
5.7%
|
10,080
|
5.8%
|
9.5%
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
4,278
|
3.9%
|
3,726
|
3.8%
|
14.8%
|
|
8,705
|
4.5%
|
8,531
|
4.9%
|
2.0%
|
Philadelphia, PA Area
|
|
4
|
|
1,147
|
|
5,567
|
5.1%
|
4,318
|
4.4%
|
28.9%
|
|
8,014
|
4.2%
|
6,186
|
3.5%
|
29.6%
|
San Diego,
CA Area
|
|
3
|
|
706
|
|
3,706
|
3.4%
|
3,490
|
3.5%
|
6.2%
|
|
7,108
|
3.7%
|
6,610
|
3.8%
|
7.5%
|
San
Francisco - Oakland, CA Metro Area
|
|
6
|
|
1,416
|
|
5,834
|
5.3%
|
4,864
|
4.9%
|
19.9%
|
|
10,755
|
5.6%
|
9,606
|
5.5%
|
12.0%
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
3,717
|
3.4%
|
3,606
|
3.7%
|
3.1%
|
|
5,584
|
2.9%
|
5,076
|
2.9%
|
10.0%
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
3,196
|
2.9%
|
2,180
|
2.2%
|
46.6%
|
|
7,698
|
4.0%
|
6,143
|
3.5%
|
25.3%
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
19,353
|
17.7%
|
19,410
|
19.7%
|
-0.3%
|
|
29,838
|
15.5%
|
30,703
|
17.6%
|
-2.8%
|
Other
Areas
|
|
47
|
|
8,180
|
|
28,536
|
26.1%
|
26,324
|
26.7%
|
8.4%
|
|
51,128
|
26.6%
|
45,778
|
26.2%
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
124
|
|
26,195
|
|
$
109,439
|
100.0%
|
$
98,761
|
100.0%
|
10.8%
|
|
$
192,243
|
100.0%
|
$
174,887
|
100.0%
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table presents the 96 hotel properties included in
Company's continuing operations and the 28 hotel properties
included in Highland Hospitality Portfolio (PIM Highland Holding
LLC) as if these hotels were owned as of the beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The above
pro forma table includes hotel operating profit for 100% of the 96
hotel properties included in the Company's continuting operations
and the Company's 71.74% share of the 28 hotels included in
Highland Hospitality Portfolio (PIM Highland Holding LLC) as if
these hotels were owned as of the beginning of the periods
presented.
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
|
|
PRO
FORMA HOTEL OPERATING PROFIT MARGIN
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 96
HOTELS
|
|
INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS
AND THE 28 HOTELS INCLUDED IN
|
|
HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC) AS IF THESE HOTELS WERE
|
|
OWNED
AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING
PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highland Hospitality Portfolio
|
|
|
|
|
96
Legacy
|
|
(PIM
Highland Holding LLC)
|
|
|
|
|
Properties
|
|
28
Properties
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
2nd
Quarter 2012
|
33.36%
|
|
33.21%
|
|
|
2nd
Quarter 2011
|
31.94%
|
|
31.16%
|
|
|
|
Variance
|
1.42%
|
|
2.05%
|
|
|
|
|
|
|
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE
BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
Rooms
|
-0.06%
|
|
-0.09%
|
|
|
Food &
Beverage and Other Departmental
|
0.36%
|
|
1.06%
|
|
|
Administrative & General
|
0.33%
|
|
0.33%
|
|
|
Sales
& Marketing
|
-0.01%
|
|
0.50%
|
|
|
Hospitality
|
0.03%
|
|
-0.01%
|
|
|
Repair
& Maintenance
|
0.00%
|
|
0.10%
|
|
|
Energy
|
0.26%
|
|
0.30%
|
|
|
Franchise
Fee
|
0.16%
|
|
-1.25%
|
|
|
Management
Fee
|
-0.13%
|
|
-0.03%
|
|
|
Incentive
Management Fee
|
-0.26%
|
|
-0.50%
|
|
|
Insurance
|
0.56%
|
|
0.94%
|
|
|
Property
Taxes
|
0.33%
|
|
0.62%
|
|
|
Other
Taxes
|
0.01%
|
|
0.03%
|
|
|
Leases/Other
|
-0.16%
|
|
0.05%
|
|
|
|
Total
|
1.42%
|
|
2.05%
|
|
|
|
|
|
|
|
|
|
NOTE:
|
For
comparative purposes, data in the table above for Highland
Hospitality
Portfolio (PIM Highland LLC) properties has
been adjusted to eliminate one-time
real estate tax refunds received by prior owner.
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES
|
TOTAL ENTERPRISE VALUE
|
JUNE
30, 2012
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
June 30,
|
|
2012
|
End
of quarter common shares outstanding
|
68,164
|
Partnership units outstanding (common share
equivalents)
|
17,610
|
Combined common shares and partnership units
outstanding
|
85,774
|
Common stock price at quarter
end
|
$
8.43
|
Market capitalization at quarter
end
|
$
723,078
|
|
|
Series A preferred stock
|
$
41,430
|
Series D preferred stock
|
$
236,718
|
Series E preferred stock
|
$
115,750
|
Consolidated debt on balance sheet
date
|
$
2,318,943
|
Joint venture partners' share of consolidated
debt
|
$
(36,724)
|
Ashford's share of Highland portfolio
debt
|
$
781,698
|
Cash
and cash equivalents
|
$
(139,466)
|
Total enterprise value (TEV) as of June 30,
2012
|
$
4,041,428
|
|
|
Ashford
Hospitality Trust, Inc.
|
|
Anticipated Capital Expenditures
Calendar
|
|
96
Legacy Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
|
Hilton
Santa Fe
|
157
|
x
|
x
|
x
|
x
|
|
Crowne
Plaza Key West
|
160
|
x
|
x
|
|
|
|
Embassy
Suites Flagstaff
|
119
|
x
|
x
|
|
|
|
Hilton
Capital
|
408
|
x
|
x
|
|
|
|
Hilton
Tucson El Conquistador Golf & Tennis Resort
|
428
|
x
|
x
|
|
|
|
SpringHill Suites Manhattan Beach
|
164
|
x
|
x
|
|
|
|
Hilton
Costa Mesa
|
486
|
x
|
|
x
|
x
|
|
Sheraton San Diego Mission Valley
|
260
|
x
|
|
x
|
x
|
|
Courtyard Hartford Manchester
|
90
|
x
|
|
|
x
|
|
Courtyard Seattle Downtown Lake
Union
|
250
|
x
|
|
|
x
|
|
Embassy
Suites Houston
|
150
|
x
|
|
|
x
|
|
Embassy
Suites Portland Downtown
|
276
|
x
|
|
|
x
|
|
Embassy
Suites Walnut Creek
|
249
|
x
|
|
|
x
|
|
Hilton
Nassau Bay
|
243
|
x
|
|
|
x
|
|
Courtyard Basking Ridge
|
235
|
x
|
|
|
|
|
Courtyard Oakland Airport
|
156
|
x
|
|
|
|
|
Courtyard Philadelphia Downtown
|
498
|
x
|
|
|
|
|
Embassy
Suites Santa Clara
|
257
|
x
|
|
|
|
|
Historic Inn Annapolis
|
124
|
x
|
|
|
|
|
Marriott Bridgewater
|
347
|
x
|
|
|
|
|
Residence Inn Jacksonville
|
120
|
x
|
|
|
|
|
Residence Inn Las Vegas
|
256
|
x
|
|
|
|
|
Springhill Suites Buford Mall of
Georgia
|
96
|
x
|
|
|
|
|
Springhill Suites Charlotte
|
136
|
x
|
|
|
|
|
Springhill Suites Philadelphia
|
199
|
x
|
|
|
|
|
Hampton
Inn Evansville
|
141
|
|
x
|
x
|
x
|
|
Sheraton Indy City Center
|
371
|
|
x
|
x
|
x
|
|
Courtyard Atlanta Alpharetta
|
154
|
|
x
|
|
|
|
Courtyard Ft.Lauderdale Weston
|
174
|
|
|
x
|
x
|
|
Courtyard Palm Desert
|
151
|
|
|
x
|
x
|
|
Residence Inn Dallas Plano
|
126
|
|
|
x
|
x
|
|
Residence Inn Palm Desert
|
130
|
|
|
x
|
x
|
|
Residence Inn Salt Lake City
|
144
|
|
|
x
|
x
|
|
Courtyard Dallas Plano in Legacy
Park
|
153
|
|
|
|
x
|
|
Embassy
Suites Austin
|
150
|
|
|
|
x
|
|
Embassy
Suites Crystal City
|
267
|
|
|
|
x
|
|
Embassy
Suites Dallas
|
150
|
|
|
|
x
|
|
Embassy
Suites Dulles
|
150
|
|
|
|
x
|
|
Embassy
Suites East Syracuse
|
215
|
|
|
|
x
|
|
Embassy
Suites Palm Beach Garden
|
160
|
|
|
|
x
|
|
Hampton
Inn Lawrenceville
|
86
|
|
|
|
x
|
|
Hilton
LaJolla Torrey Pines
|
296
|
|
|
|
x
|
|
Residence Inn Atlanta Buckhead Lenox
Park
|
150
|
|
|
|
x
|
|
Residence Inn Fairfax Merrifield
|
159
|
|
|
|
x
|
|
Residence Inn Lake Buena Vista
|
210
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant
capital expenditures that could result in displacement during 2012
are included in this table.
|
|
HIGHLAND HOSPITALITY PORTFOLIO
|
(PIM
Highland Holding LLC)
|
Anticipated Capital Expenditures
Calendar
|
28
Highland Hotels (a)
|
|
|
|
|
|
|
|
|
2012
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Courtyard Boston Tremont
|
315
|
x
|
x
|
x
|
x
|
Courtyard Savannah
|
156
|
x
|
x
|
|
x
|
Marriott San Antonio Plaza
|
251
|
x
|
x
|
|
x
|
The
Melrose
|
240
|
x
|
x
|
|
x
|
Hilton
Garden Inn Virginia Beach
|
176
|
x
|
x
|
|
|
Ritz-Carlton Atlanta
|
444
|
x
|
|
|
|
The
Churchill
|
173
|
x
|
|
|
|
Hyatt
Regency Wind Watch
|
358
|
|
x
|
x
|
x
|
Hyatt
Regency Savannah
|
351
|
|
|
x
|
x
|
Marriott Omaha
|
300
|
|
|
x
|
x
|
Hilton
Boston Back Bay
|
390
|
|
|
|
x
|
Hilton
Parsippany
|
354
|
|
|
|
x
|
Marriott Sugarland
|
300
|
|
|
|
x
|
Westin
Princeton
|
296
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant
capital expenditures that could result in displacement during 2012
are included in this table.
|
SOURCE Ashford Hospitality Trust, Inc.