DALLAS, May 8, 2013 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) today reported the following results and
performance measures for the first quarter ended March 31, 2013. 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
first quarter ended March 31, 2013,
with the first quarter ended March 31,
2012 (see discussion below). The reconciliation of non-GAAP
financial measures is included in the financial tables accompanying
this press release.
FINANCIAL HIGHLIGHTS
- Adjusted EBITDA increased $7.3
million or 10% during the first quarter
- RevPAR for all hotels in continuing operations, including the
Highland Hospitality portfolio, increased 4.3% during the
quarter
- RevPAR increased 7.7% for all hotels in the Highland
Hospitality portfolio, driven by a 6% increase in ADR and a 110
basis point increase in occupancy
- RevPAR increased 3.4% for all Legacy hotels in continuing
operations, driven by a 3.3% increase in ADR
- Hotel EBITDA flow-through was 53% for all hotels, including the
Highland Hospitality portfolio
- Hotel operating profit margin increased 77 basis points for all
Legacy hotels not under renovation in continuing operations
- Hotel operating profit margin increased 221 basis points for
all Highland Hospitality hotels not under renovation in continuing
operations
- Net loss attributable to common shareholders was $23.2 million, or $0.34 per diluted share, compared with net loss
attributable to common shareholders of $29.5
million, or $0.44 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) was $0.35 per diluted share for the quarter as
compared with $0.28 from the
prior-year quarter
- At the end of the first quarter 2013, Ashford had cash, cash
equivalents, and marketable securities of $238 million
CAPITAL ALLOCATION
- Capex invested in the quarter for the Legacy portfolio was
$20.0 million
- Ashford's pro rata share of capex invested in the quarter for
the Highland Hospitality portfolio was $11.9
million
CAPITAL STRUCTURE
At March 31, 2013, Ashford had
total assets of $3.5 billion in
continuing operations, and $4.4
billion overall including the Highland Hospitality portfolio
which is not consolidated. As of March 31,
2013, the Company had $2.4
billion of mortgage debt in continuing operations and
$3.2 billion overall including the
Highland Hospitality portfolio. Ashford's total combined debt had a
blended average interest rate of 5.3%, with a weighted average debt
maturity of 3.6 years.
On February 26, 2013, Ashford
refinanced its sole remaining 2013 debt maturity, which was set to
mature in August 2013. The prior
$141 million loan was refinanced with
a new $200 million loan that matures
in February 2018. The new loan
provides for a floating interest rate of LIBOR + 3.50%, with no
LIBOR floor and continues to be secured by the Capital Hilton in
Washington, DC and the Hilton La
Jolla Torrey Pines in La Jolla,
CA. Ashford has a 75% ownership interest in the properties,
with Hilton holding the remaining 25%. The excess loan proceeds
above closing costs and reserves were distributed to the partners
on a pro rata basis. Ashford's share of the excess loan proceeds
was approximately $40.5 million,
which was added to the Company's unrestricted cash balance. As a
result, the refinancing was neutral to Ashford on a net debt
basis.
Subsequent to the end of the first quarter, the Company
announced that, along with its joint venture partner, it had
entered into a series of agreements with the City of Nashville and Davidson County relating to the 673-room
Renaissance Nashville Hotel. The hotel is part of Ashford's
Highland Hospitality portfolio of which Ashford has a 71.74%
ownership interest. The Agreements include converting the joint
venture's leasehold interest in the hotel, which was set to expire
in 2087, to fee simple ownership, extending the current lease term
of some adjacent facilities to 2112, and entering into a new,
30-year lease for 80,000 square feet of meeting space and
pre-function space located at the existing Nashville Convention Center, which is adjacent
to the hotel, all at no cost to the joint venture. By entering into
the lease for the additional meeting space, the hotel will now be
able to offer over 110,000 square feet of self-contained meeting
and pre-function space to accommodate larger groups. Previously,
the hotel offered 30,000 square feet of self-contained meeting
space and had access to the newly leased space on an "as available"
basis and paid additional rent for the use of that space.
On May 7, 2013, the Company
announced that it had signed a definitive agreement to acquire the
142-room Pier House Resort and Spa in Key
West, FL for $90 million. The
purchase price equates to a trailing 12-month cap rate of 6.2% and
a trailing 12-month EBITDA yield of 7.0%. On a forward 12-month
basis, the purchase price represents a cap rate of 7.6% and an
EBITDA yield of 8.5%, which equates to an 11.8x forward EBITDA
multiple. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily
Rate of $333. The Company intends to
fund the entire purchase price with cash on hand and the
acquisition is expected to close by May 20,
2013.
PORTFOLIO REVPAR
As of March 31, 2013, the
Company's Legacy portfolio consisted of direct hotel investments
with 94 properties classified in continuing operations. During the
first quarter of 2013, 84 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 94 hotels) and proforma not under
renovation basis (84 hotels) is a measure that reflects a
meaningful and focused comparison of the operating results in its
direct hotel portfolio. Details of each category are provided in
the tables attached to this release.
- Proforma RevPAR increased 3.4% to $99.48 for all hotels in the Legacy portfolio on
a 3.3% increase in ADR and a 7 basis point increase in
occupancy
- Proforma RevPAR increased 4.0% to $101.06 for hotels not under renovation in the
Legacy portfolio on a 3.5% increase in ADR and a 31 basis point
increase in occupancy
- Proforma RevPAR increased 7.7% to $98.41 for all hotels in the Highland Hospitality
portfolio on a 6.0% increase in ADR and a 110 basis point increase
in occupancy
- Proforma RevPAR increased 8.7% to $95.12 for hotels not under renovation in the
Highland Hospitality portfolio on a 5.3% increase in ADR and a 216
basis point increase in occupancy
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality portfolio experienced RevPAR growth of
7.7% during the first quarter of 2013, with RevPAR growth for
hotels not under renovation in continuing operations of 8.7%. The
Highland Hospitality portfolio continued to experience strong
EBITDA flow-through during the first quarter as a result of
improved RevPAR growth, solid property management and previously
completed capital expenditures. For all 28 hotels in the Highland
Hospitality portfolio, Hotel EBITDA Margin increased 185 bps and
Hotel EBITDA flow-through was 53%. For the 21 hotels not under
renovation during the first quarter 2013, Hotel EBITDA Margin
increased 221 basis points and Hotel EBITDA flow-through was 52%.
Hotel EBITDA increased 15.1% in the first quarter for all hotels in
the Highland Hospitality portfolio.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for
all Legacy hotels increased 3.9% to $72.5
million. For the 84 hotels that were not under renovation,
Hotel EBITDA increased 5.7% to $67.1
million. Hotel EBITDA Margin (expressed as a percentage of
Total Hotel Revenue) increased 77 basis points to 32.5% for the 84
Legacy hotels not under renovation. For all 94 Legacy hotels
included in continuing operations, Hotel EBITDA Margin increased 48
basis points to 31.5%.
For the Company's 71.74% share of all hotels in the Highland
Hospitality portfolio, Hotel operating profit (Hotel EBITDA)
increased 15.1% to $18.9 million. For
the 21 hotels in the Highland Hospitality portfolio that were not
under renovation, Hotel EBITDA increased 18.5% to $13.6 million. Hotel EBITDA margin (expressed as
a percentage of Total Hotel Revenue) increased 221 basis points to
25.2% for the 21 Highland Hospitality hotels not under renovation.
For all 28 Highland Hospitality hotels included in continuing
operations, Hotel EBITDA margin increased 185 basis points to
25.8%.
Starting with its second quarter 2012 financial results, the
Company added additional disclosure information regarding property
level trailing 12-month Hotel EBITDA by debt pool. 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.
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 Hotel EBITDA and Hotel EBITDA Margin for the current
and certain prior-year periods based upon the number of hotels in
the Legacy portfolio as well as its pro-rata share of the Highland
Hospitality 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 94 Legacy hotels
included in continuing operations together with Ashford's pro-rata
share of the Highland Hospitality portfolio are provided in the
table attached to this release.
In addition, in 2013, Marriott Hotels and Resorts converted to a
monthly reporting calendar as opposed to its traditional
thirteen-period reporting calendar. Historically, Ashford has
recorded four of its Marriott-managed hotels' accounting periods in
the fourth quarter and three in each of the other quarters during
the year. Presently, Marriott manages 46 hotels for Ashford making
it one of the Company's largest property managers. Accordingly,
this year Ashford has converted its 2012 numbers on a proforma
basis to calendar months, consistent with the new Marriott monthly
reporting calendar, to provide necessary consistency in
period-to-period comparisons.
COMMON STOCK DIVIDEND
On March 15, 2013, Ashford
announced that its Board of Directors had declared a quarterly cash
dividend of $0.12 per diluted share
for the Company's common stock for the first quarter ending
March 31, 2013, payable on
April 15, 2013, to shareholders of
record as of March 28, 2013.
"We are very pleased with our first quarter results which
continue to demonstrate substantial improvement in the operating
performance of our Highland Hospitality portfolio due to the
management changes and cost controls we have implemented as well as
the capital expenditures we continue to make at the hotels,"
commented Monty J. Bennett,
Ashford's Chairman and Chief Executive Officer. "Additionally, our
capital market strategies have essentially addressed all of our
near-term debt maturities, with our next significant debt maturity
not until November 2014. Our efforts
have been extremely successful and have put Ashford in a
significantly enhanced position both from a cash and liquidity
perspective. We believe we have more than sufficient resources to
insulate us from any unexpected market fluctuations and the
financial flexibility to take advantage of accretive investments
opportunities that may arise."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, May 9, 2013, at
11:00 a.m. ET. The number to call for
this interactive teleconference is (480) 629-9692. A replay of the
conference call will be available through Thursday May 16, 2013, by dialing (303) 590-3030
and entering the confirmation number, 4613572.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2013 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 May 9,
2013, 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.
Hotel EBITDA flow-through is the change in Hotel EBITDA divided by
the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA
divided by total 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Cash and
cash equivalents
|
$
209,982
|
|
$
185,935
|
|
Marketable
securities
|
27,769
|
|
23,620
|
|
|
Total
cash, cash equivalents and marketable securities
|
237,751
|
|
209,555
|
|
Investment
in hotel properties, net
|
2,857,538
|
|
2,872,304
|
|
Restricted
cash
|
78,896
|
|
84,786
|
|
Accounts
receivable, net of allowance of $290 and $265,
respectively
|
34,627
|
|
35,116
|
|
Inventories
|
2,141
|
|
2,111
|
|
Notes
receivable, net of allowance of $8,237 and $8,333,
respectively
|
11,367
|
|
11,331
|
|
Investment
in unconsolidated joint ventures
|
151,806
|
|
158,694
|
|
Deferred
costs, net
|
16,073
|
|
17,194
|
|
Prepaid
expenses
|
11,884
|
|
10,145
|
|
Derivative
assets, net
|
237
|
|
6,391
|
|
Other
assets
|
7,118
|
|
4,594
|
|
Intangible
asset, net
|
2,698
|
|
2,721
|
|
Due from
affiliates
|
1,884
|
|
1,168
|
|
Due from
third-party hotel managers
|
57,670
|
|
48,619
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
3,471,690
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
2,390,725
|
|
$
2,339,410
|
|
Accounts
payable and accrued expenses
|
81,573
|
|
84,293
|
|
Dividends
payable
|
19,250
|
|
18,258
|
|
Unfavorable management contract
liabilities
|
10,553
|
|
11,165
|
|
Due to
related party, net
|
1,373
|
|
3,725
|
|
Due to
third-party hotel managers
|
2,058
|
|
1,410
|
|
Liabilities associated with marketable
securities
|
3,511
|
|
1,641
|
|
Other
liabilities
|
6,408
|
|
6,348
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,515,451
|
|
2,466,250
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
196,468
|
|
151,179
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
March 31,
2013 and December 31, 2012
|
17
|
|
17
|
|
|
|
Series D
Cumulative Preferred Stock, 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
March 31,
2013 and December 31, 2012
|
95
|
|
95
|
|
|
|
Series E
Cumulative Preferred Stock, 4,630,000 shares issued and outstanding
at
|
|
|
|
|
|
|
|
March 31,
2013 and December 31, 2012
|
46
|
|
46
|
|
|
Common
stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued,
68,332,627 and 68,150,617 shares outstanding,
respectively
|
1,249
|
|
1,249
|
|
|
Additional
paid-in capital
|
1,759,037
|
|
1,766,168
|
|
|
Accumulated other comprehensive loss
|
(277)
|
|
(282)
|
|
|
Accumulated deficit
|
(837,169)
|
|
(770,467)
|
|
|
Treasury
stock, at cost (56,564,138 shares and 56,746,148 shares,
respectively)
|
(164,389)
|
|
(164,884)
|
|
|
|
Total
shareholders' equity of the Company
|
758,609
|
|
831,942
|
|
Noncontrolling interests in consolidated
entities
|
1,162
|
|
15,358
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
759,771
|
|
847,300
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
$
3,471,690
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
(Unaudited)
|
REVENUE
|
|
|
|
|
Rooms
|
$
183,469
|
|
$
169,459
|
|
Food and
beverage
|
39,650
|
|
39,707
|
|
Other
|
8,716
|
|
7,814
|
|
|
|
|
|
|
|
|
|
Total
hotel revenue
|
231,835
|
|
216,980
|
|
Other
|
107
|
|
75
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
231,942
|
|
217,055
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
Hotel
operating expenses
|
|
|
|
|
|
Rooms
|
42,156
|
|
38,601
|
|
|
Food and
beverage
|
27,175
|
|
27,001
|
|
|
Other
expenses
|
68,292
|
|
65,094
|
|
|
Management
fees
|
9,893
|
|
8,989
|
|
|
|
|
|
|
|
|
|
|
Total
hotel operating expenses
|
147,516
|
|
139,685
|
|
|
|
|
|
|
|
|
Property
taxes, insurance, and other
|
12,248
|
|
11,709
|
|
Depreciation and amortization
|
32,480
|
|
33,656
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
Corporate,
general, and administrative:
|
|
|
|
|
|
Stock/unit-based compensation
|
8,342
|
|
5,146
|
|
|
Other
general and administrative
|
6,174
|
|
5,101
|
|
|
|
|
|
|
|
|
|
|
Total
Operating Expenses
|
206,664
|
|
195,205
|
|
|
|
|
|
|
|
OPERATING INCOME
|
25,278
|
|
21,850
|
|
|
|
|
|
|
|
|
Equity in
loss of unconsolidated joint ventures
|
(6,888)
|
|
(10,304)
|
|
Interest
income
|
36
|
|
32
|
|
Other
income
|
5,822
|
|
7,613
|
|
Interest
expense
|
(33,448)
|
|
(33,663)
|
|
Amortization of loan costs
|
(1,932)
|
|
(1,212)
|
|
Write-off
of deferred loan costs and exit fees
|
(1,971)
|
|
â€"
|
|
Unrealized
gain on marketable securities
|
2,701
|
|
1,785
|
|
Unrealized
loss on derivatives
|
(7,149)
|
|
(9,941)
|
|
|
|
|
|
|
|
LOSS
FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(17,551)
|
|
(23,840)
|
|
Income tax
expense
|
(604)
|
|
(879)
|
|
|
|
|
|
|
|
LOSS
FROM CONTINUING OPERATIONS
|
(18,155)
|
|
(24,719)
|
Income
from discontinued operations
|
-
|
|
166
|
|
|
|
|
|
|
|
NET
LOSS
|
(18,155)
|
|
(24,553)
|
Loss from
consolidated entities attributable to noncontrolling
interests
|
707
|
|
278
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
|
|
|
|
|
|
NET
LOSS ATTRIBUTABLE TO THE COMPANY
|
(14,686)
|
|
(21,218)
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
NET
LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
(23,176)
|
|
$
(29,549)
|
|
|
|
|
|
|
|
INCOME
(LOSS) PER SHARE â€" BASIC AND DILUTED
|
|
|
|
|
Basic:
|
|
|
|
|
|
Loss from
continuing operations attributable to common
shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
Income
from discontinued operations attributable to common
shareholders
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding â€" basic
|
67,682
|
|
67,152
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Loss from
continuing operations attributable to common
shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
Income
from discontinued operations attributable to common
shareholders
|
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding â€" diluted
|
67,682
|
|
67,152
|
|
|
|
|
|
|
|
|
Dividends declared per common
share:
|
$
0.12
|
|
$
0.11
|
|
|
|
|
|
|
|
Amounts
attributable to common shareholders:
|
|
|
|
|
Loss from
continuing operations
|
$
(14,686)
|
|
$
(21,365)
|
|
Income
from discontinued operations
|
-
|
|
147
|
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
$
(23,176)
|
|
$
(29,549)
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET LOSS TO
EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(18,155)
|
|
$
(24,553)
|
|
Loss from
consolidated entities attributable to noncontrolling
interests
|
707
|
|
278
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
Net loss
attributable to the Company
|
(14,686)
|
|
(21,218)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(36)
|
|
(32)
|
|
|
Interest
expense and amortization of loan costs
|
34,972
|
|
34,851
|
|
|
Depreciation and amortization
|
31,661
|
|
33,583
|
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
|
Income tax
expense
|
604
|
|
879
|
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,762)
|
|
(3,057)
|
|
|
Equity in
loss of unconsolidated joint ventures
|
6,888
|
|
10,304
|
|
|
Company's
portion of EBITDA of unconsolidated joint ventures
|
17,389
|
|
14,564
|
|
|
|
|
|
|
|
|
EBITDA
|
|
73,934
|
|
69,782
|
|
|
|
|
|
|
|
|
|
Amortization of unfavorable management contract
liabilities
|
(612)
|
|
(565)
|
|
|
Write-off
of loan costs, premiums, and exit fees, net
|
1,971
|
|
-
|
|
|
Other
income (1)
|
(5,822)
|
|
(7,613)
|
|
|
Unrealized
gain on investments
|
(2,701)
|
|
(1,785)
|
|
|
Unrealized
loss on derivatives
|
7,149
|
|
9,941
|
|
|
Equity-based compensation
|
8,342
|
|
5,146
|
|
|
Company's
portion of adjustments to EBITDA of unconsolidated joint
ventures
|
19
|
|
95
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
82,280
|
|
$
75,001
|
|
|
|
|
|
|
|
|
(1)
|
Other
income, primarily consisting of income from interest rate
derivatives in both periods and net realized loss on marketable
securities in both periods, is excluded from Adjusted
EBITDA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET LOSS TO FUNDS FROM
OPERATIONS ("FFO")
|
(in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(18,155)
|
|
$
(24,553)
|
|
Loss from
consolidated entities attributable to noncontrolling
interests
|
707
|
|
278
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
(23,176)
|
|
(29,549)
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization on real
estate
|
31,615
|
|
33,517
|
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,762)
|
|
(3,057)
|
|
|
Equity in
loss of unconsolidated joint ventures
|
6,888
|
|
10,304
|
|
|
Company's
portion of FFO of unconsolidated joint ventures
|
5,636
|
|
2,455
|
|
|
|
|
|
|
|
|
FFO
available to common shareholders
|
18,105
|
|
13,578
|
|
|
|
|
|
|
|
|
|
Write-off
of loan costs, premiums, and exit fees, net
|
1,971
|
|
-
|
|
|
Other
income (1)
|
393
|
|
356
|
|
|
Unrealized
gain on investments
|
(2,701)
|
|
(1,785)
|
|
|
Unrealized
loss on derivatives
|
7,149
|
|
9,941
|
|
|
Equity-based compensation adjustment related to
modified employment terms
|
4,678
|
|
991
|
|
|
Company's
portion of adjustments to FFO of unconsolidated joint
ventures
|
19
|
|
95
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common
shareholders
|
$
29,614
|
|
$
23,176
|
|
|
|
|
|
|
|
|
Adjusted
FFO per diluted share available to common shareholders
|
$
0.35
|
|
$
0.28
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
85,794
|
|
84,265
|
|
|
|
|
|
|
|
|
(1)
|
Other
income, primarily consisting of net realized loss on marketable
securities in both periods, is excluded from Adjusted
FFO.
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY
PORTFOLIO ONLY
|
SUMMARY
OF INDEBTEDNESS OF CONTINUING OPERATIONS
|
MARCH
31, 2013
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BoA MIP -
5 hotels
|
|
March
2014
|
|
LIBOR +
4.50%
|
|
$
-
|
|
$
172,416
|
(1)
|
$
172,416
|
|
$
18,210
|
|
10.6%
|
JPM
Floater - 9 hotels
|
|
May
2014
|
|
LIBOR +
6.50%
|
|
-
|
|
135,000
|
(2)
|
135,000
|
|
17,312
|
|
12.8%
|
GEMSA
Manchester - 1 hotel
|
|
May
2014
|
|
8.32%
|
|
5,249
|
|
-
|
|
5,249
|
|
529
|
|
10.1%
|
Senior
credit facility - Various
|
|
September
2014
|
|
LIBOR +
2.75% to 3.5%
|
|
-
|
|
-
|
|
-
|
|
-
|
|
N/A
|
Goldman
Sachs - 5 hotels
|
|
November
2014
|
|
Greater of
6.40% or LIBOR + 6.15%
|
|
-
|
|
211,000
|
(3)
|
211,000
|
|
24,034
|
|
11.4%
|
UBS 1 - 8
hotels
|
|
December
2014
|
|
5.75%
|
|
104,089
|
|
-
|
|
104,089
|
|
11,942
|
|
11.5%
|
Merrill 1
- 10 hotels
|
|
July
2015
|
|
5.22%
|
|
151,899
|
|
-
|
|
151,899
|
|
20,939
|
|
13.8%
|
UBS 2 - 8
hotels
|
|
December
2015
|
|
5.70%
|
|
96,397
|
|
-
|
|
96,397
|
|
11,204
|
|
11.6%
|
Merrill 2
- 5 hotels
|
|
February
2016
|
|
5.53%
|
|
109,743
|
|
-
|
|
109,743
|
|
17,042
|
|
15.5%
|
Merrill 3
- 5 hotels
|
|
February
2016
|
|
5.53%
|
|
91,010
|
|
-
|
|
91,010
|
|
15,284
|
|
16.8%
|
Merrill 7
- 5 hotels
|
|
February
2016
|
|
5.53%
|
|
78,834
|
|
-
|
|
78,834
|
|
12,856
|
|
16.3%
|
Wachovia
Philly CY - 1 hotel
|
|
April
2017
|
|
5.91%
|
|
34,624
|
|
-
|
|
34,624
|
|
9,807
|
|
28.3%
|
Wachovia 3
- 2 hotels
|
|
April
2017
|
|
5.95%
|
|
126,886
|
|
-
|
|
126,886
|
|
15,279
|
|
12.0%
|
Wachovia 7
- 3 hotels
|
|
April
2017
|
|
5.95%
|
|
258,202
|
|
-
|
|
258,202
|
|
24,589
|
|
9.5%
|
Wachovia 1
- 5 hotels
|
|
April
2017
|
|
5.95%
|
|
114,369
|
|
-
|
|
114,369
|
|
11,719
|
|
10.2%
|
Wachovia 5
- 5 hotels
|
|
April
2017
|
|
5.95%
|
|
102,800
|
|
-
|
|
102,800
|
|
10,524
|
|
10.2%
|
Wachovia 6
- 5 hotels
|
|
April
2017
|
|
5.95%
|
|
156,422
|
|
-
|
|
156,422
|
|
16,439
|
|
10.5%
|
Wachovia 2
- 7 hotels
|
|
April
2017
|
|
5.95%
|
|
125,120
|
|
-
|
|
125,120
|
|
12,573
|
|
10.0%
|
Aareal - 2
hotels
|
|
February
2018
|
|
LIBOR +
3.50%
|
|
-
|
|
199,875
|
|
199,875
|
|
24,389
|
|
12.2%
|
TIF Philly
CY - 1 hotel
|
|
June
2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
|
|
N/A
|
GACC
Gateway - 1 hotel
|
|
November
2020
|
|
6.26%
|
|
102,224
|
|
-
|
|
102,224
|
|
15,817
|
|
15.5%
|
Zion
Jacksonville RI - 1 hotel
|
|
April
2034
|
|
Greater of
6% or Prime + 1%
|
|
-
|
|
6,468
|
|
6,468
|
|
1,241
|
|
19.2%
|
Unencumbered hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
885
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
1,665,966
|
|
$
724,759
|
|
$
2,390,725
|
|
$
292,614
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
69.7%
|
|
30.3%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.85%
|
|
5.31%
|
|
5.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate
swaps
|
|
|
|
5.47%
|
(4)
|
5.31%
|
(4)
|
5.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
indebtedness is non-recourse with the exception of the senior
credit facility.
|
|
|
|
|
|
|
|
|
|
|
(1)This mortgage loan has a one-year
extension option beginning March 2014, subject to satisfaction of
certain conditions.
|
|
(2)This mortgage loan has three one-year
extension options beginning May 2014, subject to satisfaction of
certain conditions.
|
|
(3)This mortgage loan has three one-year
extension options beginning November 2014, subject to satisfaction
of certain conditions.
|
(4)These rates are calculated assuming the
LIBOR rate stays at the March 31, 2013 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
|
MARCH
31, 2013
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells
Senior - 25 hotels
|
|
March
2014
|
|
LIBOR +
3.00%
|
|
$
-
|
|
$
380,222
|
(1)
|
$
380,222
|
|
$
65,481
|
|
17.2%
|
Mezz 1 -
28 hotels
|
|
March
2014
|
|
Greater of
7.00% or LIBOR + 6.00%
|
|
-
|
|
93,756
|
(1)
|
93,756
|
|
87,029
|
|
13.9%
|
Mezz 2 -
28 hotels
|
|
March
2014
|
|
Greater of
8.00% or LIBOR + 7.00%
|
|
-
|
|
89,254
|
(1)
|
89,254
|
|
87,029
|
|
12.1%
|
Mezz 3 -
28 hotels
|
|
March
2014
|
|
Greater of
10.50% or LIBOR + 9.50%
|
|
-
|
|
76,503
|
(1)
|
76,503
|
|
87,029
|
|
11.0%
|
Mezz 4 -
28 hotels
|
|
March
2014
|
|
LIBOR +
2.00%
|
|
|
|
13,218
|
(1)
|
13,218
|
|
87,029
|
|
10.8%
|
Morgan
Stanley Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
73,684
|
|
-
|
|
73,684
|
|
9,067
|
|
12.3%
|
Morgan
Stanley Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
80,554
|
|
-
|
|
80,554
|
|
12,481
|
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
(Ashford's 71.74% share only)
|
|
|
|
|
|
$
154,238
|
|
$
652,953
|
|
$
807,191
|
|
$
87,029
|
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
19.1%
|
|
80.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
4.41%
|
|
5.24%
|
|
5.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Ashford plus Ashford's 71.74% share of PIM Highland Holding
LLC
|
|
$
1,820,204
|
|
$
1,377,712
|
|
$
3,197,916
|
|
$
379,643
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
56.9%
|
|
43.1%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate
swaps
|
|
5.38%
|
|
5.27%
|
|
5.34%
|
|
|
|
|
(1)Each of these loans has two one-year
extension options beginning March 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY
PORTFOLIO ONLY
|
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION
OPTIONS ARE EXERCISED
|
MARCH
31, 2013
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEMSA
Manchester - 1 hotel
|
|
$
-
|
|
$
5,004
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
5,004
|
Senior
credit facility - Various
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
UBS 1 - 8
hotels
|
|
-
|
|
100,119
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,119
|
BoA MIP -
5 hotels
|
|
-
|
|
-
|
|
172,416
|
|
-
|
|
-
|
|
-
|
|
172,416
|
Merrill 1
- 10 hotels
|
|
-
|
|
-
|
|
142,922
|
|
-
|
|
-
|
|
-
|
|
142,922
|
UBS 2 - 8
hotels
|
|
-
|
|
-
|
|
90,680
|
|
-
|
|
-
|
|
-
|
|
90,680
|
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
|
Goldman
Sachs - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
211,000
|
|
-
|
|
211,000
|
Aareal - 2
hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
186,259
|
|
186,259
|
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
|
|
$
-
|
|
$
105,123
|
|
$
406,018
|
|
$
259,200
|
|
$
1,208,084
|
|
$
284,243
|
|
$
2,262,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
25,850
|
|
30,731
|
|
29,361
|
|
19,617
|
|
18,327
|
|
4,171
|
|
128,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
|
$
25,850
|
|
$
135,854
|
|
$
435,379
|
|
$
278,817
|
|
$
1,226,411
|
|
$
288,414
|
|
$
2,390,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
MARCH
31, 2013
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells
Senior - 25 hotels
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
380,222
|
|
$
-
|
|
$
-
|
|
$
380,222
|
Mezz 1 -
28 hotels
|
|
-
|
|
-
|
|
-
|
|
93,756
|
|
-
|
|
-
|
|
93,756
|
Mezz 2 -
28 hotels
|
|
-
|
|
-
|
|
-
|
|
89,254
|
|
-
|
|
-
|
|
89,254
|
Mezz 3 -
28 hotels
|
|
-
|
|
-
|
|
-
|
|
76,503
|
|
-
|
|
-
|
|
76,503
|
Mezz 4 -
28 hotels
|
|
-
|
|
-
|
|
-
|
|
13,218
|
|
-
|
|
-
|
|
13,218
|
Morgan
Stanley Boston Back Bay - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
67,358
|
|
67,358
|
Morgan
Stanley Princeton/Nashville - 2 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
73,703
|
|
73,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
due in future periods
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
652,953
|
|
$
-
|
|
$
141,060
|
|
$
794,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
1,886
|
|
2,639
|
|
2,758
|
|
2,882
|
|
3,012
|
|
-
|
|
13,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
(Ashford's 71.74% share only)
|
$
1,886
|
|
$
2,639
|
|
$
2,758
|
|
$
655,835
|
|
$
3,012
|
|
$
141,060
|
|
$
807,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations plus Ashford's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
share of PIM Highland Holding LLC
|
$
27,736
|
|
$
138,493
|
|
$
438,137
|
|
$
934,652
|
|
$
1,229,423
|
|
$
429,474
|
|
$
3,197,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
LEGACY
PORTFOLIO ONLY
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
Room
revenues (in thousands)
|
$
182,241
|
|
$
176,308
|
|
3.37%
|
|
|
|
RevPAR
|
$
99.48
|
|
$
96.18
|
|
3.43%
|
|
|
|
Occupancy
|
71.42%
|
|
71.35%
|
|
0.07%
|
|
|
|
ADR
|
$
139.29
|
|
$
134.80
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 94 hotel properties owned and included
in continuing operations at March 31, 2013 were owned as of the
beginning of the period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS NOT UNDER RENOVATION
|
|
|
|
|
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
Room
revenues (in thousands)
|
$
165,073
|
|
$
158,679
|
|
4.03%
|
|
|
|
RevPAR
|
$
101.06
|
|
$
97.18
|
|
3.99%
|
|
|
|
Occupancy
|
71.78%
|
|
71.47%
|
|
0.31%
|
|
|
|
ADR
|
$
140.78
|
|
$
135.98
|
|
3.53%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 84 hotel properties owned and included
in continuing operations at March 31, 2013, but not under
renovation for the three months ended March 31, 2013 were owned as
of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
Hilton
Costa Mesa, Sheraton San Diego Mission Valley, Hilton Sante Fe,
Hilton La Jolla Torrey Pines,
|
|
|
Courtyard
Dallas Plano Legacy Park, Embassy Suites Dulles, Embassy Suites
East Syracuse,
|
|
|
|
Courtyard
Hartford Manchester, Hampton Inn Lawrenceville, Residence Inn Lake
Buena Vista,
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
HIGHLAND HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND
HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING
LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN
|
|
|
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
51,760
|
|
$
48,352
|
|
7.05%
|
|
|
|
RevPAR
|
$
98.41
|
|
$
91.39
|
|
7.68%
|
|
|
|
Occupancy
|
69.50%
|
|
68.40%
|
|
1.10%
|
|
|
|
ADR
|
$
141.60
|
|
$
133.61
|
|
5.98%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above
pro forma table assumes the 28 hotel properties owned and included
in continuing operations at March 31, 2013 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)
|
$
37,664
|
|
$
34,832
|
|
8.13%
|
|
|
|
RevPAR
|
$
95.12
|
|
$
87.51
|
|
8.70%
|
|
|
|
Occupancy
|
68.79%
|
|
66.63%
|
|
2.16%
|
|
|
|
ADR
|
$
138.29
|
|
$
131.34
|
|
5.29%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 21 hotel properties owned and included
in continuing operations at March 31, 2013 but not under renovation
for the three months ended March 31, 2013, were owned as of the
beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Courtyard
Boston Tremont, Courtyard Savannah, The Melrose Washington DC,
Marriott San Antonio Plaza, Marriott
Sugarland, Hilton Boston Back Bay, Hyatt Regency
Savannah
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
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
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
182,241
|
|
$
176,308
|
|
3.4%
|
|
|
Food and
beverage
|
39,626
|
|
41,079
|
|
-3.5%
|
|
|
Other
|
8,419
|
|
7,802
|
|
7.9%
|
|
|
|
Total
hotel revenue
|
230,286
|
|
225,189
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms
|
41,758
|
|
40,099
|
|
4.1%
|
|
|
Food and
beverage
|
27,160
|
|
27,926
|
|
-2.7%
|
|
|
Other
direct
|
4,538
|
|
4,657
|
|
-2.6%
|
|
|
Indirect
|
62,071
|
|
61,261
|
|
1.3%
|
|
|
Management
fees, includes base and incentive fees
|
10,319
|
|
9,770
|
|
5.6%
|
|
|
|
Total
hotel operating expenses
|
145,846
|
|
143,713
|
|
1.5%
|
|
|
Property
taxes, insurance, and other
|
11,892
|
|
11,633
|
|
2.2%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
72,548
|
|
69,843
|
|
3.9%
|
|
|
|
Hotel
EBITDA Margin
|
31.50%
|
|
31.02%
|
|
0.48%
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint ventures
|
1,394
|
|
1,340
|
|
4.0%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
71,154
|
|
$
68,503
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 94 hotel properties owned and included
in continuing operations at March 31, 2013 were owned as of the
beginning of the period presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
165,073
|
|
$
158,679
|
|
4.0%
|
|
|
Food and
beverage
|
34,257
|
|
34,880
|
|
-1.8%
|
|
|
Other
|
7,209
|
|
6,583
|
|
9.5%
|
|
|
|
Total
hotel revenue
|
206,539
|
|
200,142
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms
|
37,408
|
|
35,857
|
|
4.3%
|
|
|
Food and
beverage
|
23,433
|
|
23,901
|
|
-2.0%
|
|
|
Other
direct
|
3,988
|
|
4,055
|
|
-1.7%
|
|
|
Indirect
|
54,691
|
|
53,768
|
|
1.7%
|
|
|
Management
fees, includes base and incentive fees
|
9,495
|
|
8,889
|
|
6.8%
|
|
|
|
Total
hotel operating expenses
|
129,015
|
|
126,470
|
|
2.0%
|
|
|
Property
taxes, insurance, and other
|
10,409
|
|
10,172
|
|
2.3%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
67,115
|
|
63,500
|
|
5.7%
|
|
|
|
Hotel
EBITDA Margin
|
32.50%
|
|
31.73%
|
|
0.77%
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint ventures
|
949
|
|
796
|
|
19.2%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
excluding minority interest in joint
ventures
|
$
66,166
|
|
$
62,704
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 84 hotel properties owned and included
in continuing operations at March 31, 2013 but not under renovation
for the three months ended March 31, 2013 were owned as of the
beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Hilton
Costa Mesa, Sheraton San Diego Mission Valley, Hilton Sante Fe,
Hilton La Jolla Torrey Pines,
|
|
|
Courtyard
Dallas Plano Legacy Park, Embassy Suites Dulles, Embassy Suites
East Syracuse,
|
|
|
|
Courtyard
Hartford Manchester, Hampton Inn Lawrenceville, Residence Inn Lake
Buena Vista,
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
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
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
51,760
|
|
$
48,352
|
|
7.0%
|
|
|
|
Food and
beverage
|
18,979
|
|
17,663
|
|
7.5%
|
|
|
|
Other
|
2,582
|
|
2,612
|
|
-1.1%
|
|
|
|
|
Total
hotel revenue
|
73,321
|
|
68,627
|
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Rooms
|
12,307
|
|
11,525
|
|
6.8%
|
|
|
|
Food and
beverage
|
12,584
|
|
12,096
|
|
4.0%
|
|
|
|
Other
direct
|
1,201
|
|
1,303
|
|
-7.8%
|
|
|
|
Indirect
|
21,738
|
|
21,461
|
|
1.3%
|
|
|
|
Management
fees, includes base and incentive fees
|
2,576
|
|
2,215
|
|
16.3%
|
|
|
|
|
Total
hotel operating expenses
|
50,406
|
|
48,600
|
|
3.7%
|
|
|
|
Property
taxes, insurance, and other
|
3,999
|
|
3,594
|
|
11.3%
|
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
18,916
|
|
$
16,433
|
|
15.1%
|
|
|
|
|
Hotel
EBITDA Margin
|
25.80%
|
|
23.95%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 28 hotel properties owned and included
in continuing operations at March 31, 2013 were owned as of the
beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN PIM HIGHLAND PORTFOLIO
CONTINUING OPERATIONS NOT UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
37,664
|
|
$
34,832
|
|
8.1%
|
|
|
|
Food and
beverage
|
14,840
|
|
13,703
|
|
8.3%
|
|
|
|
Other
|
1,597
|
|
1,495
|
|
6.8%
|
|
|
|
|
Total
hotel revenue
|
54,101
|
|
50,030
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Rooms
|
8,949
|
|
8,350
|
|
7.2%
|
|
|
|
Food and
beverage
|
9,821
|
|
9,281
|
|
5.8%
|
|
|
|
Other
direct
|
994
|
|
1,048
|
|
-5.2%
|
|
|
|
Indirect
|
16,203
|
|
15,948
|
|
1.6%
|
|
|
|
Management
fees, includes base and incentive fees
|
1,829
|
|
1,531
|
|
19.5%
|
|
|
|
|
Total
hotel operating expenses
|
37,796
|
|
36,158
|
|
4.5%
|
|
|
|
Property
taxes, insurance, and other
|
2,665
|
|
2,364
|
|
12.7%
|
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
13,640
|
|
$
11,508
|
|
18.5%
|
|
|
|
|
Hotel
EBITDA Margin
|
25.21%
|
|
23.00%
|
|
2.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table assumes the 21 hotel properties owned and included
in continuing operations at March 31, 2013 but not under renovation
for the three months ended March 31, 2013 were owned as of the
beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Courtyard
Boston Tremont, Courtyard Savannah, The Melrose Washington DC,
Marriott San Antonio Plaza, Marriott Sugarland, Hilton Boston Back
Bay, Hyatt Regency Savannah
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO
FORMA HOTEL OPERATING PROFIT MARGIN
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 94
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
FIRST COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM
Highland
|
|
|
|
|
94
Legacy
|
|
Holding
LLC
|
|
|
|
|
Properties
|
|
28
Properties
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Quarter 2013
|
31.50%
|
|
25.80%
|
|
|
1st
Quarter 2012
|
31.02%
|
|
23.95%
|
|
|
|
Variance
|
0.48%
|
|
1.85%
|
|
|
|
|
|
|
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE
BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
Rooms
|
-0.34%
|
|
0.05%
|
|
|
Food &
Beverage and Other Departmental
|
0.70%
|
|
0.72%
|
|
|
Administrative & General
|
-0.04%
|
|
0.73%
|
|
|
Sales
& Marketing
|
0.06%
|
|
0.26%
|
|
|
Hospitality
|
0.01%
|
|
-0.04%
|
|
|
Repair
& Maintenance
|
0.13%
|
|
0.29%
|
|
|
Energy
|
0.13%
|
|
0.21%
|
|
|
Franchise
Fee
|
0.09%
|
|
0.01%
|
|
|
Management
Fee
|
-0.07%
|
|
-0.01%
|
|
|
Incentive
Management Fee
|
-0.07%
|
|
-0.27%
|
|
|
Insurance
|
0.13%
|
|
0.36%
|
|
|
Property
Taxes
|
-0.09%
|
|
-0.56%
|
|
|
Other
Taxes
|
-0.04%
|
|
-0.01%
|
|
|
Leases/Other
|
-0.12%
|
|
0.11%
|
|
|
|
Total
|
0.48%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
NOTE:
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and
16 weeks in the fourth quarter of the year to calendar quarters.
The above proforma table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 94 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
2012
|
2012
|
2012
|
|
|
|
|
|
1st
Quarter
|
4th
Quarter
|
3rd
Quarter
|
2nd
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
Legacy
Portfolio
|
|
|
|
|
Total
Hotel Revenue
|
$
230,286
|
$
211,281
|
$
234,171
|
$
246,109
|
|
$
921,847
|
Hotel
EBITDA
|
$
72,548
|
$
59,970
|
$
75,437
|
$
84,659
|
|
$
292,614
|
Hotel
EBITDA Margin
|
31.5%
|
28.4%
|
32.2%
|
34.4%
|
|
31.7%
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
24.8%
|
20.5%
|
25.8%
|
28.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$
1,394
|
$
1,272
|
$
1,575
|
$
2,069
|
|
$
6,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM
Highland Holding LLC Portfolio
|
|
|
|
Total
Hotel Revenue
|
$
73,321
|
$
73,767
|
$
74,232
|
$
82,274
|
|
$
303,595
|
Hotel
EBITDA
|
$
18,916
|
$
20,087
|
$
20,679
|
$
27,347
|
|
$
87,029
|
Hotel
EBITDA Margin
|
25.8%
|
27.2%
|
27.9%
|
33.2%
|
|
28.7%
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
21.7%
|
23.1%
|
23.8%
|
31.4%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
and PIM Highland Holding LLC Combined
|
|
|
|
Total
Hotel Revenue
|
$
303,607
|
$
285,048
|
$
308,403
|
$
328,383
|
|
$
1,225,442
|
Hotel
EBITDA
|
$
91,464
|
$
80,057
|
$
96,116
|
$
112,006
|
|
$
379,643
|
Hotel
EBITDA Margin
|
30.1%
|
28.1%
|
31.2%
|
34.1%
|
|
31.0%
|
|
|
|
|
|
|
|
|
|
EBITDA %
of Total TTM
|
24.1%
|
21.1%
|
25.3%
|
29.5%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$
1,394
|
$
1,272
|
$
1,575
|
$
2,069
|
|
$
6,310
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and
16 weeks in the fourth quarter of the year to calendar quarters.
The above proforma table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
2012
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$
84.98
|
$
80.50
|
5.6%
|
|
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
$
108.72
|
$
113.31
|
-4.1%
|
|
|
|
Dallas /
Ft. Worth Area
|
|
7
|
|
1,745
|
|
$
97.73
|
$
95.68
|
2.2%
|
|
|
|
Houston,
TX Area
|
|
3
|
|
608
|
|
$
104.97
|
$
101.81
|
3.1%
|
|
|
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
$
97.23
|
$
90.28
|
7.7%
|
|
|
|
Miami, FL
Metro Area
|
|
3
|
|
576
|
|
$
152.38
|
$
140.20
|
8.7%
|
|
|
|
Minneapolis - St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
$
80.96
|
$
79.15
|
2.3%
|
|
|
|
New York /
New Jersey Metro Area
|
|
7
|
|
1,560
|
|
$
95.87
|
$
86.13
|
11.3%
|
|
|
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
$
93.40
|
$
85.17
|
9.7%
|
|
|
|
Philadelphia, PA Area
|
|
4
|
|
1,147
|
|
$
88.89
|
$
87.45
|
1.6%
|
|
|
|
San Diego,
CA Area
|
|
3
|
|
706
|
|
$
100.42
|
$
107.22
|
-6.3%
|
|
|
|
San
Francisco - Oakland, CA Metro Area
|
6
|
|
1,416
|
|
$
120.63
|
$
111.32
|
8.4%
|
|
|
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
$
103.08
|
$
96.21
|
7.1%
|
|
|
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
$
127.92
|
$
121.27
|
5.5%
|
|
|
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
$
119.92
|
$
116.86
|
2.6%
|
|
|
|
Other
Areas
|
|
45
|
|
7,558
|
|
$
86.92
|
$
84.57
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
122
|
|
25,573
|
|
$
99.24
|
$
95.11
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
|
The above
pro forma table presents the 94 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 PIM HIGHLAND HOLDING
LLC
|
|
PRO
FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY
MARKET
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
%
of
Total
|
2012
|
%
of
Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$
3,670
|
4.0%
|
$
3,330
|
3.9%
|
10.2%
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
1,310
|
1.4%
|
1,545
|
1.8%
|
-15.2%
|
|
Dallas /
Ft. Worth Area
|
|
7
|
|
1,745
|
|
7,310
|
8.0%
|
6,901
|
8.0%
|
5.9%
|
|
Houston,
TX Area
|
|
3
|
|
608
|
|
2,600
|
2.8%
|
2,792
|
3.2%
|
-6.9%
|
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
6,589
|
7.2%
|
5,888
|
6.8%
|
11.9%
|
|
Miami, FL
Metro Area
|
|
3
|
|
576
|
|
4,173
|
4.6%
|
3,530
|
4.1%
|
18.2%
|
|
Minneapolis - St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
1,379
|
1.5%
|
1,440
|
1.7%
|
-4.2%
|
|
New York /
New Jersey Metro Area
|
|
7
|
|
1,560
|
|
5,576
|
6.1%
|
4,037
|
4.7%
|
38.1%
|
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
6,108
|
6.7%
|
4,892
|
5.7%
|
24.9%
|
|
Philadelphia, PA Area
|
|
4
|
|
1,147
|
|
2,948
|
3.2%
|
2,790
|
3.2%
|
5.7%
|
|
San Diego,
CA Area
|
|
3
|
|
706
|
|
2,830
|
3.1%
|
3,501
|
4.1%
|
-19.2%
|
|
San
Francisco - Oakland, CA Metro Area
|
6
|
|
1,416
|
|
5,898
|
6.4%
|
5,235
|
6.1%
|
12.7%
|
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
2,444
|
2.7%
|
2,171
|
2.5%
|
12.6%
|
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
5,036
|
5.5%
|
4,675
|
5.4%
|
7.7%
|
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
11,990
|
13.1%
|
11,455
|
13.3%
|
4.7%
|
|
Other
Areas
|
|
45
|
|
7,558
|
|
21,603
|
23.6%
|
22,093
|
25.6%
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
122
|
|
25,573
|
|
$
91,464
|
100.0%
|
$
86,277
|
100.0%
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above
pro forma table presents the 94 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 94
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL
ENTERPRISE VALUE
|
MARCH
31, 2013
|
(in
thousands, except share price)
|
(Unaudited)
|
|
|
|
|
|
March
31,
|
|
2013
|
End of
quarter common shares outstanding
|
68,333
|
Partnership units outstanding (common share
equivalents)
|
18,849
|
Combined
common shares and partnership units outstanding
|
87,182
|
Common
stock price at quarter end
|
$
12.36
|
Market
capitalization at quarter end
|
$
1,077,570
|
|
|
Series A
preferred stock
|
$
41,430
|
Series D
preferred stock
|
$
236,718
|
Series E
preferred stock
|
$
115,750
|
Consolidated debt on balance sheet date
|
$
2,390,725
|
Joint
venture partners' share of consolidated debt
|
$
(50,756)
|
Ashford's
share of Highland portfolio debt
|
$
807,191
|
Cash, cash
equivalents and marketable securities, net
|
$
(234,240)
|
Total
enterprise value (TEV) as of March 31, 2013
|
$
4,384,387
|
|
|
Ashford
Hospitality Trust, Inc.
|
|
Anticipated Capital Expenditures
Calendar
|
|
Legacy
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
Hilton
Santa Fe
|
157
|
x
|
x
|
|
|
|
Crowne
Plaza Key West
|
160
|
|
|
x
|
x
|
|
Hilton
Costa Mesa
|
486
|
x
|
|
|
|
|
Sheraton San Diego Mission Valley
|
260
|
x
|
|
|
|
|
Courtyard Hartford Manchester
|
90
|
x
|
|
|
|
|
Embassy
Suites Walnut Creek
|
249
|
|
x
|
|
|
|
Embassy
Suites Portland Downtown
|
276
|
|
|
|
x
|
|
Courtyard Philadelphia Downtown
|
498
|
|
|
|
x
|
|
Residence Inn Palm Desert
|
130
|
|
x
|
|
|
|
Hilton
LaJolla Torrey Pines
|
296
|
x
|
x
|
|
|
|
Courtyard Dallas Plano in Legacy
Park
|
153
|
x
|
|
|
|
|
Embassy
Suites Dulles
|
150
|
x
|
|
|
|
|
Embassy
Suites East Syracuse
|
215
|
x
|
|
|
|
|
Residence Inn Lake Buena Vista
|
210
|
x
|
|
|
|
|
Hilton
Garden Inn Jacksonville
|
119
|
|
|
x
|
x
|
|
Residence Inn Atlanta Buckhead Lenox
Park
|
150
|
|
|
x
|
x
|
|
Hampton
Inn Lawrenceville
|
86
|
x
|
|
|
|
|
Marriott Dallas Plano Legacy
|
404
|
|
x
|
x
|
x
|
|
Embassy
Suites Palm Beach Garden
|
160
|
|
x
|
x
|
|
|
Hampton
Inn Terre Haute
|
112
|
|
x
|
x
|
|
|
Hampton
Inn Buford
|
92
|
|
x
|
x
|
|
|
Courtyard Marriott Village at LBV
|
312
|
|
|
x
|
x
|
|
Hilton
St Petersburg
|
333
|
|
|
x
|
x
|
|
Marriott Crystal Gateway
|
697
|
|
|
x
|
|
|
Hyatt
Coral Gables
|
242
|
|
|
x
|
|
|
Marriott Seattle Waterfront
|
358
|
|
|
|
x
|
|
Residence Inn San Diego Sorrento
Mesa
|
150
|
|
|
|
x
|
|
Residence Inn Newark
|
168
|
|
|
|
x
|
|
Courtyard Bloomington
|
117
|
|
|
|
x
|
|
Embassy
Suites Dallas
|
150
|
|
|
|
x
|
|
Embassy
Suites Orlando
|
174
|
|
|
|
x
|
|
Residence Inn Hartford
|
96
|
|
|
|
x
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant
capital expenditures that could result in displacement during 2013
are included in this table.
|
|
|
|
|
|
|
|
|
|
PIM
Highland Holding LLC
|
|
Anticipated Capital Expenditures
Calendar
|
|
Highland Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
Courtyard Boston Tremont
|
315
|
x
|
x
|
x
|
x
|
|
Courtyard Savannah
|
156
|
x
|
|
|
|
|
The
Melrose
|
240
|
x
|
|
|
|
|
Marriott San Antonio Plaza
|
251
|
x
|
|
|
|
|
Hilton
Garden Inn Virginia Beach
|
176
|
|
x
|
|
|
|
Hyatt
Regency Wind Watch
|
358
|
|
x
|
x
|
x
|
|
Marriott Sugarland
|
300
|
x
|
|
|
x
|
|
Hyatt
Regency Savannah
|
351
|
x
|
|
|
|
|
Hilton
Boston Back Bay
|
390
|
x
|
x
|
|
|
|
Hilton
Parsippany
|
354
|
|
x
|
x
|
x
|
|
Marriott DFW
|
491
|
|
x
|
x
|
|
|
Silversmith
|
143
|
|
x
|
x
|
|
|
Hilton
Garden Inn BWI
|
158
|
|
x
|
x
|
|
|
Hilton
Garden Inn Austin
|
254
|
|
x
|
|
|
|
Renaissance Nashville
|
673
|
|
|
x
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant
capital expenditures that could result in displacement during 2013
are included in this table.
|
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.