DALLAS, July 31, 2013 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford
Trust") today reported the following results and performance
measures for the second quarter ended June
30, 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 second quarter
ended June 30, 2013, with the second
quarter ended June 30, 2012 (see
discussion below). The reconciliation of non-GAAP financial
measures is included in the financial tables accompanying this
press release.
FINANCIAL AND OPERATING HIGHLIGHTS
- Board of Directors reiterates quarterly dividend policy of
$0.12 per share post spin-off of
Ashford Prime
- RevPAR increased 4.5% for all hotels in the Highland
Hospitality portfolio, driven by a 4.7% increase in ADR
- RevPAR increased 4.1% for all Legacy hotels, including the
eight Ashford Prime hotels, driven by a 3.8% increase in ADR and a
24 basis point increase in occupancy
- RevPAR for all hotels, including Ashford Prime and the Highland
Hospitality portfolio, increased 4.2% during the quarter
- Adjusted EBITDA increased $10.4
million or 11% during the second quarter
- Hotel EBITDA flow-through was 54% for all hotels, including the
Highland Hospitality portfolio
- Hotel operating profit for all hotels, including the Highland
Hospitality portfolio, increased by $6.0
million, or 5.3%
- Net loss attributable to common shareholders was $1.4 million, or $0.02 per diluted share, compared with net loss
attributable to common shareholders of $13.3
million, or $0.20 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) was $0.55 per diluted share for the quarter as
compared with $0.52 from the
prior-year quarter; the prior year quarter included $8.0 million of income from derivatives
- AFFO per share of $0.55 for the
quarter is a record quarter for the Company when excluding income
from derivatives in prior years
- During the quarter, the Company completed its follow-on public
offering of 11,000,000 shares of common stock at a price of
$12.00 per share; subsequent to the
end of the quarter, the underwriters exercised in part their option
to purchase 1,250,782 shares of common stock at a gross price of
$12.00 per share
- At the end of the second quarter 2013, Ashford had cash, cash
equivalents, and net marketable securities of $273 million
CAPITAL EXPENDITURES
- Capex invested in the quarter for the Legacy portfolio was
$24.8 million
- Ashford's pro rata share of capex invested in the quarter for
the Highland Hospitality portfolio was $11.4
million
- Capex invested in the quarter for the Ashford Prime portfolio
was $8.5 million
ASHFORD PRIME FINANCIAL AND OPERATING HIGHLIGHTS
- During the quarter, Ashford's Board of Directors approved a
plan to spin-off an 80% ownership interest in an eight-hotel
portfolio to holders of Ashford Trust common stock in the form of a
taxable special distribution expected to be comprised of common
stock in Ashford Hospitality Prime, Inc. ("Ashford Prime")
- RevPAR increased 7.9% to $164.35
for all hotels in the Ashford Prime portfolio on a 5.4% increase in
ADR and a 198 basis point increase in occupancy
- Hotel EBITDA Flow-Through for all Ashford Prime hotels was
70%
- Hotel operating profit margin increased 193 basis points for
all Ashford Prime hotels
- Ashford Prime will have an initial cash balance of at least
$140.0 million upon spin-off
- Ashford Prime is expected to have an initial annual dividend
policy of a minimum of $0.04 per
Ashford Trust share equivalent
- No debt maturities until 2017; all debt is non-recourse
- Anticipate acquisition of the Pier House Resort & Spa
during the fourth quarter of 2013
The Company announced on June 17,
2013, that its Board of Directors approved a plan to
spin-off an 80% ownership interest in an 8-hotel portfolio,
totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford
Trust common stock in the form of a taxable special
distribution. The distribution is expected to be comprised of
common stock in Ashford Hospitality Prime, Inc. ("Ashford Prime"),
a newly formed company to which Ashford Trust plans to transfer the
portfolio interests. This distribution will be made on a pro
rata basis to holders of Ashford Trust common stock as of the
distribution record date. The distribution is expected to
take place toward the end of the third quarter. Ashford Prime
is expected to qualify as a real estate investment trust ("REIT")
for federal income tax purposes, and intends to file an application
to list its shares of common stock on the New York Stock Exchange,
under the symbol "AHP." More information can be found in the
information statement for Ashford Hospitality Prime that has been
filed with the SEC.
For the eight-hotel portfolio that will comprise Ashford Prime,
hotel operating profit (Hotel EBITDA) increased 11.7% to
$24.0 million. For all eight
Ashford Prime hotels that will be initially included in continuing
operations, Hotel EBITDA Margin increased 193 basis points to
37.8%. RevPAR growth for the Pier House Resort & Spa was
2.7% for the quarter with Hotel EBITDA margin up 502 basis
points. Hotel EBITDA increased 17.6% for the Pier House
Resort & Spa during the quarter.
CAPITAL STRUCTURE
At June 30,
2013, Ashford had total assets of $3.6 billion in continuing operations, and
$4.5 billion overall including the
Highland Hospitality portfolio which is not consolidated. As
of June 30, 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 3.4 years.
On April 10, 2013, Ashford
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.
On May 14, 2013, the Company
announced it had completed the acquisition of the 142-room Pier
House Resort and Spa in Key West,
FL for total consideration of $90.0
million in cash ($634,000 per
key). The purchase price represents a trailing 12-month cap
rate of 6.2% on net operating income and an EBITDA multiple of
14.3x. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily
Rate of $333.
Ashford closed its follow-on public offering of 12,250,782
shares of common stock at a gross price of $12.00 per share. Ashford intends to use
the net proceeds of the offering to effect the planned spin-off of
Ashford Prime. If the spin-off is not effected, Ashford
intends to use the net proceeds of the offering for other general
corporate purposes, including, without limitation, financing future
hotel-related investments, capital expenditures, working capital
and repayment of debt or other obligations.
"We are excited about the planned spin-off of Ashford Prime and
believe this transaction will help unlock the relative imbedded
value in this portfolio of high RevPAR hotels located predominantly
in domestic and international gateway markets. Further, since
the cash from our recently completed follow-on offering will be
contributed to Ashford Prime, it has put us much closer to our
target net debt plus preferred equity to EBITDA ratio of 5.0x or
less for this platform than we were prior to the offering.
For example, if an annual base management fee of $5.0 million is used as an estimate, and if
incremental annual G&A costs are $4.0
million, the trailing 12-month net debt plus preferred
equity to EBITDA ratio as of the end of the second quarter for the
Ashford Prime portfolio was around 6.5x," commented Monty J. Bennett, Ashford's Chairman and Chief
Executive Officer. "We are very optimistic regarding Ashford
Prime's prospects given its high-quality portfolio, well-defined
investment strategy, low leverage capital structure, and our
management team's proven track record of delivering asset growth
and superior shareholder returns. Ultimately, we believe this
spin-off will offer us an exceptional high-growth platform with
enhanced access to the capital markets and will serve the best
interests of our shareholders as both Ashford Prime and Ashford
Trust continue to capitalize on the attractive lodging industry
fundamentals we expect to persist for the next several years."
PORTFOLIO REVPAR
As of June
30, 2013, the Company's Legacy portfolio consisted of direct
hotel investments with 95 properties classified in continuing
operations. During the second quarter of 2013, 88 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 95 hotels) and
proforma not under renovation basis (88 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 4.1% to $112.48 for all hotels in the Legacy portfolio on
a 3.8% increase in ADR and a 24 basis point increase in
occupancy
- Proforma RevPAR increased 3.8% to $112.64 for hotels not under renovation in the
Legacy portfolio on a 3.7% increase in ADR and a 8 basis point
increase in occupancy
- Proforma RevPAR increased 4.5% to $116.89 for all hotels in the Highland
Hospitality portfolio on a 4.7% increase in ADR and a 18 basis
point decrease in occupancy
- Proforma RevPAR increased 6.0% to $111.46 for hotels not under renovation in the
Highland Hospitality portfolio on a 5.3% increase in ADR and a 47
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 5.9% to $91.5 million. For the 88 hotels that were
not under renovation, Hotel EBITDA increased 5.6% to $84.6 million. Hotel EBITDA Margin
(expressed as a percentage of Total Hotel Revenue) increased 76
basis points to 35.6% for the 88 Legacy hotels not under
renovation. For all 95 Legacy hotels included in continuing
operations, Hotel EBITDA Margin increased 82 basis points to
35.2%. The Legacy hotels had significant insurance and
property tax savings in the prior year quarter. Excluding
these increases, margin improvement would have been 162 basis
points.
For the Company's 71.74% share of all hotels in the Highland
Hospitality portfolio, Hotel operating profit (Hotel EBITDA)
increased 3.4% to $28.3
million. For the 23 hotels in the Highland Hospitality
portfolio that were not under renovation, Hotel EBITDA increased
4.8% to $21.8 million. Hotel
EBITDA margin (expressed as a percentage of Total Hotel Revenue)
increased 25 basis points to 31.9% for the 23 Highland Hospitality
hotels not under renovation. For all 28 Highland Hospitality
hotels included in continuing operations, Hotel EBITDA margin
increased 12 basis points to 33.4%. The Highland Portfolio
had significant insurance and property tax savings in the prior
year quarter. Excluding these increases, margin improvement
would have been 101 basis points.
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, the eight-hotel Ashford
Prime portfolio, and 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 38 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.
ASSET MANAGEMENT
As part of Ashford's ongoing
asset management initiatives, during the second quarter the Company
converted eight hotels from brand management to franchises.
These include the SpringHill Suites Richmond; Residence Inn Phoenix
Airport; Residence Inn Newark, CA;
Courtyard Oakland Airport, Courtyard by Marriott Newark, CA; Marriott Suites Market Center
Dallas; Courtyard Palm Desert and Residence Inn Palm Desert.
In addition, subsequent to the end of the quarter, the Company
entered into an agreement to convert the Beverly Hills Crowne Plaza
Hotel to the Marriott brand after the expiration of the existing
license agreement in March of 2015.
Mr. Bennett commented, "Our asset management team is constantly
exploring ways to maximize the value of our assets and generate
enhanced revenues and additional cost savings. We expect
these newly franchised hotels and repositioning of our Beverly Hills asset will produce long-term
value creation through higher revenue and EBITDA growth."
COMMON STOCK DIVIDEND
On June
14, 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 second quarter ending June 30,
2013, payable on July 15,
2013, to shareholders of record as of June 28, 2013.
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Thursday, August 1, 2013, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (480) 629-9866. A
replay of the conference call will be available through
Thursday August 8, 2013, by dialing
(303) 590-3030 and entering the confirmation number, 4628631.
The Company will also provide an online simulcast and
rebroadcast of its second 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 August
1, 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 Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within the United
States.
Ashford Hospitality Prime will be a conservatively capitalized
real estate investment trust (REIT) focused on investing in high
RevPAR full-service and urban select-service hotels located
predominantly in domestic and international gateway markets.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
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 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; the degree and nature of our competition; and the
satisfaction of the condition to the completion of the spin-off
. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
250,464
|
|
$
185,935
|
|
Marketable
securities
|
24,521
|
|
23,620
|
|
|
Total cash, cash
equivalents and marketable securities
|
274,985
|
|
209,555
|
|
Investment in hotel
properties, net
|
2,938,552
|
|
2,872,304
|
|
Restricted
cash
|
77,954
|
|
84,786
|
|
Accounts receivable,
net of allowance of $364 and $265, respectively
|
37,540
|
|
35,116
|
|
Inventories
|
2,296
|
|
2,111
|
|
Notes receivable, net
of allowance of $8,138 and $8,333, respectively
|
11,404
|
|
11,331
|
|
Investment in
unconsolidated joint ventures
|
154,173
|
|
158,694
|
|
Deferred costs,
net
|
14,186
|
|
17,194
|
|
Prepaid
expenses
|
15,277
|
|
10,145
|
|
Derivative assets,
net
|
26
|
|
6,391
|
|
Other
assets
|
5,565
|
|
4,594
|
|
Intangible asset,
net
|
2,676
|
|
2,721
|
|
Due from
affiliates
|
2,369
|
|
1,168
|
|
Due from third-party
hotel managers
|
55,155
|
|
48,619
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
3,592,158
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
2,381,932
|
|
$
2,339,410
|
|
Accounts payable and
accrued expenses
|
96,898
|
|
84,293
|
|
Dividends
payable
|
20,585
|
|
18,258
|
|
Unfavorable
management contract liabilities
|
8,847
|
|
11,165
|
|
Due to related party,
net
|
782
|
|
3,725
|
|
Due to third-party
hotel managers
|
2,038
|
|
1,410
|
|
Liabilities
associated with marketable securities and other
|
1,666
|
|
1,641
|
|
Other
liabilities
|
6,083
|
|
6,348
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,518,831
|
|
2,466,250
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
182,289
|
|
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
|
|
|
|
|
|
|
|
June 30, 2013 and
December 31, 2012
|
17
|
|
17
|
|
|
|
Series D Cumulative
Preferred Stock, 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
June 30, 2013 and
December 31, 2012
|
95
|
|
95
|
|
|
|
Series E Cumulative
Preferred Stock, 4,630,000 shares issued and outstanding
at
|
|
|
|
|
|
|
|
June 30, 2013 and
December 31, 2012
|
46
|
|
46
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued, 79,316,147
and 68,150,617 shares outstanding, respectively
|
1,249
|
|
1,249
|
|
|
Additional paid-in
capital
|
1,866,293
|
|
1,766,168
|
|
|
Accumulated other
comprehensive loss
|
(263)
|
|
(282)
|
|
|
Accumulated
deficit
|
(835,308)
|
|
(770,467)
|
|
|
Treasury stock, at
cost (45,580,618 shares and 56,746,148 shares,
respectively)
|
(142,245)
|
|
(164,884)
|
|
|
|
Total shareholders'
equity of the Company
|
889,884
|
|
831,942
|
|
Noncontrolling
interests in consolidated entities
|
1,154
|
|
15,358
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
891,038
|
|
847,300
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
3,592,158
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
205,740
|
|
$
189,829
|
|
$
389,209
|
|
$
359,288
|
|
Food and
beverage
|
43,234
|
|
41,943
|
|
82,884
|
|
81,650
|
|
Other
|
9,429
|
|
8,929
|
|
18,145
|
|
16,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
258,403
|
|
240,701
|
|
490,238
|
|
457,681
|
|
Other
|
136
|
|
77
|
|
243
|
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
258,539
|
|
240,778
|
|
490,481
|
|
457,833
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
Rooms
|
45,075
|
|
41,802
|
|
87,231
|
|
80,402
|
|
|
Food and
beverage
|
27,616
|
|
26,950
|
|
54,791
|
|
53,951
|
|
|
Other
expenses
|
73,356
|
|
71,171
|
|
141,648
|
|
136,265
|
|
|
Management
fees
|
10,686
|
|
9,892
|
|
20,579
|
|
18,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
156,733
|
|
149,815
|
|
304,249
|
|
289,499
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes,
insurance, and other
|
11,663
|
|
10,138
|
|
23,911
|
|
21,850
|
|
Depreciation and
amortization
|
32,842
|
|
33,477
|
|
65,322
|
|
67,133
|
|
Impairment
charges
|
(99)
|
|
(95)
|
|
(195)
|
|
(187)
|
|
Transaction
acquisition costs
|
1,170
|
|
—
|
|
1,170
|
|
—
|
|
Corporate, general,
and administrative:
|
|
|
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
4,550
|
|
4,223
|
|
12,893
|
|
9,369
|
|
|
Other general and
administrative
|
10,149
|
|
7,707
|
|
16,322
|
|
12,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
217,008
|
|
205,265
|
|
423,672
|
|
400,471
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
41,531
|
|
35,513
|
|
66,809
|
|
57,362
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
2,367
|
|
23
|
|
(4,521)
|
|
(10,281)
|
|
Interest
income
|
13
|
|
22
|
|
49
|
|
54
|
|
Other
income
|
310
|
|
6,703
|
|
6,132
|
|
14,317
|
|
Interest
expense
|
(34,174)
|
|
(34,833)
|
|
(67,622)
|
|
(68,514)
|
|
Amortization of loan
costs
|
(1,852)
|
|
(1,451)
|
|
(3,784)
|
|
(2,646)
|
|
Write-off of deferred
loan costs and exit fees
|
—
|
|
—
|
|
(1,971)
|
|
—
|
|
Unrealized gain
(loss) on marketable securities
|
(919)
|
|
1,628
|
|
1,782
|
|
3,413
|
|
Unrealized gain
(loss) on derivatives
|
789
|
|
(7,458)
|
|
(6,360)
|
|
(17,399)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
8,065
|
|
147
|
|
(9,486)
|
|
(23,694)
|
|
Income tax
expense
|
(465)
|
|
(1,366)
|
|
(1,069)
|
|
(2,245)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS
|
7,600
|
|
(1,219)
|
|
(10,555)
|
|
(25,939)
|
Loss from
discontinued operations
|
—
|
|
(4,721)
|
|
—
|
|
(4,554)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
7,600
|
|
(5,940)
|
|
(10,555)
|
|
(30,493)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
8
|
|
(54)
|
|
715
|
|
224
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(502)
|
|
1,180
|
|
2,260
|
|
4,238
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
7,106
|
|
(4,814)
|
|
(7,580)
|
|
(26,031)
|
Preferred
dividends
|
(8,491)
|
|
(8,490)
|
|
(16,981)
|
|
(16,822)
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
(1,385)
|
|
$
(13,304)
|
|
$
(24,561)
|
|
$
(42,853)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common shareholders
|
$
(0.02)
|
|
$
(0.14)
|
|
$
(0.36)
|
|
$
(0.58)
|
|
|
Loss from
discontinued operations attributable to common
shareholders
|
—
|
|
(0.06)
|
|
—
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders
|
$
(0.02)
|
|
$
(0.20)
|
|
$
(0.36)
|
|
$
(0.64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
68,489
|
|
67,639
|
|
68,088
|
|
67,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common shareholders
|
$
(0.02)
|
|
$
(0.14)
|
|
$
(0.36)
|
|
$
(0.58)
|
|
|
Loss from
discontinued operations attributable to common
shareholders
|
—
|
|
$
(0.06)
|
|
—
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders
|
$
(0.02)
|
|
$
(0.20)
|
|
$
(0.36)
|
|
$
(0.64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – diluted
|
68,489
|
|
67,639
|
|
68,088
|
|
67,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
$
0.12
|
|
$
0.11
|
|
$
0.44
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to common shareholders:
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
7,106
|
|
$
(678)
|
|
$
(7,580)
|
|
$
(22,043)
|
|
Loss from
discontinued operations
|
—
|
|
(4,136)
|
|
—
|
|
(3,988)
|
|
Preferred
dividends
|
(8,491)
|
|
(8,490)
|
|
(16,981)
|
|
(16,822)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
$
(1,385)
|
|
$
(13,304)
|
|
$
(24,561)
|
|
$
(42,853)
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
7,600
|
|
$
(5,940)
|
|
$
(10,555)
|
|
$
(30,493)
|
(Income) loss
from consolidated entities attributable to noncontrolling
interests
|
8
|
|
(54)
|
|
715
|
|
224
|
Net income
(loss) attributable to redeemable noncontrolling interests in
operating partnership
|
(502)
|
|
1,180
|
|
2,260
|
|
4,238
|
Net income
(loss) attributable to the Company
|
7,106
|
|
(4,814)
|
|
(7,580)
|
|
(26,031)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(13)
|
|
(22)
|
|
(49)
|
|
(54)
|
|
Interest
expense and amortization of loan costs
|
35,529
|
|
36,239
|
|
70,501
|
|
71,090
|
|
Depreciation
and amortization
|
32,005
|
|
33,434
|
|
63,665
|
|
67,017
|
|
Impairment
charges
|
(99)
|
|
4,025
|
|
(195)
|
|
3,933
|
|
Income tax
expense
|
465
|
|
1,366
|
|
1,069
|
|
2,245
|
|
Net income
(loss) attributable to redeemable noncontrolling interests in
operating partnership
|
502
|
|
(1,180)
|
|
(2,260)
|
|
(4,238)
|
|
Equity in
(earnings) loss of unconsolidated joint ventures
|
(2,367)
|
|
(23)
|
|
4,521
|
|
10,281
|
|
Company's
portion of EBITDA of unconsolidated joint ventures
|
26,747
|
|
25,116
|
|
44,136
|
|
39,680
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
99,875
|
|
94,141
|
|
173,808
|
|
163,923
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
unfavorable management contract liabilities
|
(586)
|
|
(565)
|
|
(1,197)
|
|
(1,129)
|
|
Gain on
sale/disposition of properties
|
-
|
|
-
|
|
-
|
|
-
|
|
Write-off of
loan costs and exit fees
|
-
|
|
-
|
|
1,971
|
|
-
|
|
Other income
(1)
|
(310)
|
|
(6,703)
|
|
(6,132)
|
|
(14,317)
|
|
Transaction
acquisition and management conversion costs
|
1,300
|
|
-
|
|
1,300
|
|
-
|
|
Transaction
costs related to proposed spin-off
|
3,856
|
|
-
|
|
3,856
|
|
-
|
|
Legal costs
related to litigation settlements (2)
|
-
|
|
1,467
|
|
-
|
|
1,707
|
|
Unrealized
(gain) loss on marketable securities
|
919
|
|
(1,628)
|
|
(1,782)
|
|
(3,413)
|
|
Unrealized
(gain) loss on derivatives
|
(789)
|
|
7,458
|
|
6,360
|
|
17,399
|
|
Equity-based
compensation
|
4,550
|
|
4,223
|
|
12,893
|
|
9,369
|
|
Company's
portion of adjustments to EBITDA of unconsolidated joint
ventures
|
3
|
|
49
|
|
22
|
|
144
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
108,818
|
|
$
98,442
|
|
$
191,099
|
|
$
173,683
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(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,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
7,600
|
|
$
(5,940)
|
|
$
(10,555)
|
|
$
(30,493)
|
(Income) loss
from consolidated entities attributable to noncontrolling
interests
|
8
|
|
(54)
|
|
715
|
|
224
|
Net income
(loss) attributable to redeemable noncontrolling interests in
operating partnership
|
(502)
|
|
1,180
|
|
2,260
|
|
4,238
|
Preferred
dividends
|
(8,491)
|
|
(8,490)
|
|
(16,981)
|
|
(16,822)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
(1,385)
|
|
(13,304)
|
|
(24,561)
|
|
(42,853)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization on real estate
|
31,900
|
|
33,374
|
|
63,462
|
|
66,892
|
|
Impairment
charges
|
(99)
|
|
4,025
|
|
(195)
|
|
3,933
|
|
Net income
(loss) attributable to redeemable noncontrolling interests in
operating partnership
|
502
|
|
(1,180)
|
|
(2,260)
|
|
(4,238)
|
|
Equity in
(earnings) loss of unconsolidated joint ventures
|
(2,367)
|
|
(23)
|
|
4,521
|
|
10,281
|
|
Company's
portion of FFO of unconsolidated joint ventures
|
14,617
|
|
12,955
|
|
20,253
|
|
15,410
|
|
|
|
|
|
|
|
|
|
|
FFO
available to common shareholders
|
43,168
|
|
35,847
|
|
61,220
|
|
49,425
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of
loan costs and exit fees
|
-
|
|
-
|
|
1,971
|
|
-
|
|
Other income
(1)
|
(310)
|
|
1,303
|
|
83
|
|
1,681
|
|
Legal costs
related to litigation settlements (2)
|
-
|
|
1,467
|
|
-
|
|
1,707
|
|
Transaction
acquisition and management conversion costs
|
1,300
|
|
-
|
|
1,300
|
|
-
|
|
Transaction
costs related to proposed spin-off
|
3,856
|
|
-
|
|
3,856
|
|
-
|
|
Unrealized
(gain) loss on marketable securities
|
919
|
|
(1,628)
|
|
(1,782)
|
|
(3,413)
|
|
Unrealized
(gain) loss on derivatives
|
(789)
|
|
7,458
|
|
6,360
|
|
17,399
|
|
Equity-based
compensation adjustment related to modified employment
terms
|
-
|
|
(511)
|
|
4,678
|
|
480
|
|
Company's
portion of adjustments to FFO of unconsolidated joint
ventures
|
3
|
|
49
|
|
22
|
|
144
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
available to common shareholders
|
$
48,147
|
|
$
43,985
|
|
$
77,708
|
|
$
67,423
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
per diluted share available to common shareholders
|
$
0.55
|
|
$
0.52
|
|
$
0.90
|
|
$
0.80
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
87,488
|
|
85,317
|
|
86,644
|
|
84,791
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other income,
primarily consisting of net realized loss on marketable securities
in both periods, is excluded from Adjusted
FFO.
|
(2)
|
Legal costs
associated with litigation settlements are excluded from Adjusted
FFO
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY PORTFOLIO
ONLY
|
SUMMARY OF
INDEBTEDNESS OF CONTINUING OPERATIONS
|
JUNE 30,
2013
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proforma
|
|
Proforma
|
|
|
|
|
|
|
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%
|
|
$
-
|
|
$
170,682
|
(1)
|
$
170,682
|
|
$
18,402
|
|
10.8%
|
JPM Floater - 9
hotels
|
|
May 2014
|
|
LIBOR +
6.50%
|
|
-
|
|
135,000
|
(2)
|
135,000
|
|
17,262
|
|
12.8%
|
GEMSA
Manchester - 1 hotel
|
|
May 2014
|
|
8.32%
|
|
5,198
|
|
-
|
|
5,198
|
|
579
|
|
11.1%
|
Senior credit
facility - Various
|
|
September
2014
|
|
LIBOR + 2.75% to
3.5%
|
|
-
|
|
-
|
|
-
|
|
N/A
|
|
N/A
|
Goldman Sachs -
5 hotels
|
|
November
2014
|
|
Greater of 6.40% or
LIBOR + 6.15%
|
|
-
|
|
211,000
|
(3)
|
211,000
|
|
23,751
|
|
11.3%
|
UBS 1 - 8
hotels
|
|
December
2014
|
|
5.75%
|
|
103,523
|
|
-
|
|
103,523
|
|
11,910
|
|
11.5%
|
Merrill 1 - 10
hotels
|
|
July 2015
|
|
5.22%
|
|
151,044
|
|
-
|
|
151,044
|
|
21,515
|
|
14.2%
|
UBS 2 - 8
hotels
|
|
December
2015
|
|
5.70%
|
|
95,910
|
|
-
|
|
95,910
|
|
11,244
|
|
11.7%
|
Merrill 2 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
109,154
|
|
-
|
|
109,154
|
|
17,217
|
|
15.8%
|
Merrill 3 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
90,522
|
|
-
|
|
90,522
|
|
15,635
|
|
17.3%
|
Merrill 7 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
78,412
|
|
-
|
|
78,412
|
|
13,154
|
|
16.8%
|
Wachovia Philly
CY - 1 hotel
|
|
April 2017
|
|
5.91%
|
|
34,523
|
|
-
|
|
34,523
|
|
10,259
|
|
29.7%
|
Wachovia 3 - 2
hotels
|
|
April 2017
|
|
5.95%
|
|
126,519
|
|
-
|
|
126,519
|
|
16,508
|
|
13.0%
|
Wachovia 7 - 3
hotels
|
|
April 2017
|
|
5.95%
|
|
257,455
|
|
-
|
|
257,455
|
|
25,223
|
|
9.8%
|
Wachovia 1 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
114,039
|
|
-
|
|
114,039
|
|
12,264
|
|
10.8%
|
Wachovia 5 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
102,503
|
|
-
|
|
102,503
|
|
10,503
|
|
10.2%
|
Wachovia 6 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
155,970
|
|
-
|
|
155,970
|
|
16,769
|
|
10.8%
|
Wachovia 2 - 7
hotels
|
|
April 2017
|
|
5.95%
|
|
124,758
|
|
-
|
|
124,758
|
|
12,732
|
|
10.2%
|
Aareal - 2
hotels
|
|
February
2018
|
|
LIBOR +
3.50%
|
|
-
|
|
199,275
|
|
199,275
|
|
24,579
|
|
12.3%
|
TIF Philly CY -
1 hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
N/A
|
|
N/A
|
GACC Gateway -
1 hotel
|
|
November
2020
|
|
6.26%
|
|
101,916
|
|
-
|
|
101,916
|
|
15,674
|
|
15.4%
|
Zion
Jacksonville RI - 1 hotel
|
|
April 2034
|
|
Greater of 6% or
Prime + 1%
|
|
-
|
|
6,431
|
|
6,431
|
|
1,253
|
|
19.5%
|
Unencumbered
hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
7,514
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
1,659,544
|
|
$
722,388
|
|
$
2,381,932
|
|
$
303,947
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
69.7%
|
|
30.3%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.85%
|
|
5.30%
|
|
5.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate
swaps
|
|
5.47%
|
(4)
|
5.30%
|
(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 June 30,
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
|
JUNE 30,
2013
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proforma
|
|
Proforma
|
|
|
|
|
|
|
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
|
|
$
65,847
|
|
17.3%
|
Mezz 1 - 28
hotels
|
|
March 2014
|
|
Greater of 7.00% or
LIBOR + 6.00%
|
|
-
|
|
93,666
|
(1)
|
93,666
|
|
87,959
|
|
14.0%
|
Mezz 2 - 28
hotels
|
|
March 2014
|
|
Greater of 8.00% or
LIBOR + 7.00%
|
|
-
|
|
89,167
|
(1)
|
89,167
|
|
87,959
|
|
12.3%
|
Mezz 3 - 28
hotels
|
|
March 2014
|
|
Greater of 10.50% or
LIBOR + 9.50%
|
|
-
|
|
76,429
|
(1)
|
76,429
|
|
87,959
|
|
11.1%
|
Mezz 4 - 28
hotels
|
|
March 2014
|
|
LIBOR +
2.00%
|
|
|
|
13,218
|
(1)
|
13,218
|
|
87,959
|
|
10.9%
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
73,400
|
|
-
|
|
73,400
|
|
9,258
|
|
12.6%
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
80,247
|
|
-
|
|
80,247
|
|
12,854
|
|
16.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
(Ashford's 71.74% share only)
|
|
|
|
|
|
$
153,647
|
|
$
652,702
|
|
$
806,349
|
|
$
87,959
|
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
19.1%
|
|
80.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
4.41%
|
|
5.23%
|
|
5.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ashford
plus Ashford's 71.74% share of PIM Highland Holding
LLC
|
|
$
1,813,191
|
|
$
1,375,090
|
|
$
3,188,281
|
|
$
391,906
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
56.9%
|
|
43.1%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate
swaps
|
|
5.38%
|
|
5.27%
|
|
5.33%
|
|
|
|
|
(1)Each of
these loans has two one-year extension options beginning March
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE ASHFORD
HOSPITALITY PRIME HOTELS
|
SUMMARY OF
INDEBTEDNESS OF CONTINUING OPERATIONS
|
JUNE 30,
2013
|
(dollars in
thousands)
|
(Unaudited)
|
(Included in
Ashford Hospitality Trust, Inc. and Subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proforma
|
|
Proforma
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wachovia Philly
CY - 1 hotel
|
|
April 2017
|
|
5.91%
|
|
$
34,523
|
|
$
-
|
|
$
34,523
|
|
10,259
|
|
29.7%
|
Wachovia 3 - 2
hotels
|
|
April 2017
|
|
5.95%
|
|
126,519
|
|
-
|
|
126,519
|
|
16,508
|
|
13.0%
|
Wachovia 7 - 3
hotels
|
|
April 2017
|
|
5.95%
|
|
257,455
|
|
-
|
|
257,455
|
|
25,223
|
|
9.8%
|
Aareal - 2
hotels
|
|
February
2018
|
|
LIBOR +
3.50%
|
|
-
|
|
199,275
|
|
199,275
|
|
24,579
|
|
12.3%
|
TIF Philly CY -
1 hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
426,595
|
|
$
199,275
|
|
$
625,870
|
|
$
76,569
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
68.2%
|
|
31.8%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
6.08%
|
|
3.69%
|
|
5.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY PORTFOLIO
ONLY
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
JUNE 30,
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
|
|
-
|
|
-
|
|
170,682
|
|
-
|
|
-
|
|
-
|
|
170,682
|
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
|
|
$
404,284
|
|
$
259,200
|
|
$
1,208,084
|
|
$
284,243
|
|
$
2,260,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
18,791
|
|
30,731
|
|
29,361
|
|
19,617
|
|
18,327
|
|
4,171
|
|
120,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
|
$
18,791
|
|
$
135,854
|
|
$
433,645
|
|
$
278,817
|
|
$
1,226,411
|
|
$
288,414
|
|
$
2,381,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2013
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Senior -
25 hotels
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
380,222
|
|
$
-
|
|
$
-
|
|
$
380,222
|
Mezz 1 - 28
hotels
|
|
-
|
|
-
|
|
-
|
|
93,665
|
|
-
|
|
-
|
|
93,665
|
Mezz 2 - 28
hotels
|
|
-
|
|
-
|
|
-
|
|
89,167
|
|
-
|
|
-
|
|
89,167
|
Mezz 3 - 28
hotels
|
|
-
|
|
-
|
|
-
|
|
76,429
|
|
-
|
|
-
|
|
76,429
|
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
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
652,701
|
|
$
-
|
|
$
141,060
|
|
$
793,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
1,296
|
|
2,639
|
|
2,758
|
|
2,882
|
|
3,012
|
|
-
|
|
12,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations (Ashford's 71.74% share
only)
|
$
1,296
|
|
$
2,639
|
|
$
2,758
|
|
$
655,583
|
|
$
3,012
|
|
$
141,060
|
|
$
806,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations plus
Ashford's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% share of PIM Highland
Holding LLC
|
$
20,087
|
|
$
138,493
|
|
$
436,403
|
|
$
934,400
|
|
$
1,229,423
|
|
$
429,474
|
|
$
3,188,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE ASHFORD
HOSPITALITY PRIME HOTELS
|
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
|
JUNE 30,
2013
|
|
(in
thousands)
|
|
(Unaudited)
|
|
(Included in
Ashford Hospitality Trust, Inc. and Subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Aareal - 2
hotels
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
186,259
|
|
186,259
|
|
TIF Philly CY -
1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,098
|
|
8,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due
in future periods
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
393,978
|
|
$
194,357
|
|
$
588,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
4,871
|
|
8,403
|
|
8,917
|
|
9,464
|
|
5,350
|
|
530
|
|
37,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
|
$
4,871
|
|
$
8,403
|
|
$
8,917
|
|
$
9,464
|
|
$
399,328
|
|
$
194,887
|
|
$
625,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: These
maturities assume no event of default would occur.
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
206,569
|
|
$
198,394
|
|
4.12%
|
|
$
393,513
|
|
$
379,066
|
|
3.81%
|
|
|
RevPAR
|
$
112.48
|
|
$
108.02
|
|
4.13%
|
|
$
106.90
|
|
$
102.93
|
|
3.86%
|
|
|
Occupancy
|
78.68%
|
|
78.44%
|
|
0.24%
|
|
75.09%
|
|
74.94%
|
|
0.15%
|
|
|
ADR
|
$
142.96
|
|
$
137.71
|
|
3.81%
|
|
$
142.36
|
|
$
137.36
|
|
3.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 95 hotel properties owned and included in
continuing operations at June 30, 2013 were owned as of
the
|
|
|
|
beginning of the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION
|
|
|
|
|
|
|
|
|
|
|
|
|
INCLUDED IN
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
191,095
|
|
$
184,111
|
|
3.79%
|
|
$
363,956
|
|
$
351,079
|
|
3.67%
|
|
|
RevPAR
|
$
112.64
|
|
$
108.52
|
|
3.80%
|
|
$
107.01
|
|
$
103.20
|
|
3.69%
|
|
|
Occupancy
|
78.98%
|
|
78.90%
|
|
0.08%
|
|
75.43%
|
|
75.29%
|
|
0.14%
|
|
|
ADR
|
$
142.61
|
|
$
137.55
|
|
3.68%
|
|
$
141.86
|
|
$
137.07
|
|
3.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 88 hotel properties owned and included in
continuing operations at June 30, 2013, but not under renovation
for
|
|
|
three and six months
ended June 30, 2013 were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Sante Fe,
Hilton La Jolla Torrey Pines, Hampton Inn Buford, Hampton Inn Terre
Haute
|
|
|
|
|
|
|
|
|
Marriott Dallas Plano
Legacy, Embassy Suites Walnut Creek, Residence Inn Palm
Desert
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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
|
(dollars in
thousands)
|
(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
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% PRO-RATA
SHARE OF ALL HOTELS INCLUDED IN
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
61,681
|
|
$
59,045
|
|
4.46%
|
|
$
113,441
|
|
$
107,397
|
|
5.63%
|
|
|
RevPAR
|
$
116.89
|
|
$
111.89
|
|
4.47%
|
|
$
107.67
|
|
$
101.63
|
|
5.94%
|
|
|
Occupancy
|
76.39%
|
|
76.57%
|
|
-0.18%
|
|
72.95%
|
|
72.48%
|
|
0.47%
|
|
|
ADR
|
$
153.02
|
|
$
146.13
|
|
4.71%
|
|
$
147.59
|
|
$
140.22
|
|
5.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The above pro forma
table assumes the 28 hotel properties owned and included in
continuing operations at June 30, 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)
|
$
48,652
|
|
$
45,903
|
|
5.99%
|
|
$
92,229
|
|
$
86,250
|
|
6.93%
|
|
|
RevPAR
|
$
111.46
|
|
$
105.16
|
|
5.99%
|
|
$
105.82
|
|
$
98.67
|
|
7.25%
|
|
|
Occupancy
|
75.69%
|
|
75.22%
|
|
0.47%
|
|
72.84%
|
|
71.85%
|
|
0.99%
|
|
|
ADR
|
$
147.27
|
|
$
139.82
|
|
5.33%
|
|
$
145.27
|
|
$
137.34
|
|
5.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 23 hotel properties owned and included in
continuing operations at June 30, 2013 but not under renovation
for
|
|
|
the three and six
months ended June 30, 2013, were owned as of the beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Hyatt Regency Wind Watch, Hilton Garden Inn Virginia
Beach, Hilton Garden Inn BWI,
|
|
|
Hilton Boston Back
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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.
|
KEY PERFORMANCE
INDICATORS - PRO FORMA
|
PRIME PORTFOLIO
ONLY
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EIGHT HOTELS
INCLUDED IN ASHFORD HOSPITALITY PRIME OPERATIONS (currently
included in Legacy Portfolio):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
47,050
|
|
$
43,608
|
|
7.89%
|
|
$
85,668
|
|
$
80,096
|
|
6.96%
|
|
|
RevPAR
|
$
164.35
|
|
$
152.32
|
|
7.90%
|
|
$
148.72
|
|
$
139.35
|
|
6.72%
|
|
|
Occupancy
|
83.39%
|
|
81.41%
|
|
1.98%
|
|
78.36%
|
|
77.19%
|
|
1.17%
|
|
|
ADR
|
$
197.09
|
|
$
187.09
|
|
5.35%
|
|
$
189.79
|
|
$
180.52
|
|
5.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the eight hotel properties included in the Prime
portfolio at June 30, 2013 were owned as of the
|
|
|
|
|
beginning of the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Prime portfolio
includes: Capital Hilton Washington DC, Hilton La Jolla
Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas
Plano Legacy,
|
|
|
Courtyard San
Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott
Seattle Waterfront, Renaissance Tampa International
Plaza
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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 95
HOTELS
|
INCLUDED IN THE
COMPANY'S CONTINUING OPERATIONS, THE EIGHT HOTELS INCLUDED
IN
|
ASHFORD
HOSPITALITY PRIME, 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
|
|
|
|
95
Legacy
|
|
8
Prime
|
|
Holding
LLC
|
|
|
|
Properties
|
|
Properties
(1)
|
|
28
Properties
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Quarter
2013
|
35.23%
|
|
37.81%
|
|
33.36%
|
|
1st Quarter
2012
|
34.41%
|
|
35.88%
|
|
33.24%
|
|
|
Variance
|
0.82%
|
|
1.93%
|
|
0.12%
|
|
|
|
|
|
|
|
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
-0.07%
|
|
-0.13%
|
|
0.28%
|
|
Food & Beverage
and Other Departmental
|
0.60%
|
|
0.98%
|
|
0.51%
|
|
Administrative &
General
|
0.09%
|
|
0.21%
|
|
0.19%
|
|
Sales &
Marketing
|
0.23%
|
|
0.29%
|
|
-0.12%
|
|
Hospitality
|
-0.06%
|
|
0.00%
|
|
-0.02%
|
|
Repair &
Maintenance
|
0.08%
|
|
0.30%
|
|
0.08%
|
|
Energy
|
0.20%
|
|
0.34%
|
|
0.35%
|
|
Franchise
Fee
|
-0.13%
|
|
0.00%
|
|
-0.09%
|
|
Management
Fee
|
-0.02%
|
|
-0.07%
|
|
0.01%
|
|
Incentive Management
Fee
|
0.20%
|
|
-0.24%
|
|
0.20%
|
|
Insurance
|
-0.25%
|
|
0.04%
|
|
-0.91%
|
|
Property
Taxes
|
-0.05%
|
|
0.16%
|
|
-0.46%
|
|
Other
Taxes
|
-0.02%
|
|
-0.03%
|
|
0.00%
|
|
Leases/Other
|
0.02%
|
|
0.08%
|
|
0.08%
|
|
|
Total
|
0.82%
|
|
1.93%
|
|
0.12%
|
|
|
|
|
|
|
|
|
NOTE:
|
|
|
|
|
|
|
|
On January 1, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The eight Prime
properties are also included in the Legacy portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Pro Forma
Financial and Operating Information by Property
|
(in thousands,
except operating information)
|
The following tables
present selected financial and operating information by property
for the eight properties included in Ashford Hospitality Prime,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
TTM
|
|
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
2013
|
2012
|
% Variance
|
|
2013
|
2012
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL HILTON
WASHINGTON DC
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
11,041
|
$
10,660
|
3.57%
|
|
$
19,868
|
$
18,618
|
6.71%
|
|
$
36,310
|
|
Total
Revenue
|
|
$
15,346
|
$
14,526
|
5.65%
|
|
$
27,945
|
$
26,063
|
7.22%
|
|
$
51,044
|
|
EBITDA
|
|
$
6,079
|
$
5,684
|
6.95%
|
|
$
9,789
|
$
8,756
|
11.80%
|
|
$
6,318
|
|
EBITDA
Margin
|
|
39.61%
|
39.13%
|
1.23%
|
|
35.03%
|
33.60%
|
4.27%
|
|
31.97%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
223.03
|
$
215.34
|
3.57%
|
|
$
201.78
|
$
188.04
|
7.31%
|
|
$
182.86
|
|
Occupancy
|
|
93.25%
|
91.03%
|
2.44%
|
|
84.92%
|
82.28%
|
3.21%
|
|
83.62%
|
|
ADR
|
|
$
239.17
|
$
236.57
|
1.10%
|
|
$
237.60
|
$
228.54
|
3.97%
|
|
$
218.69
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
4,462
|
$
4,612
|
-3.25%
|
|
$
8,529
|
$
9,038
|
-5.63%
|
|
$
17,689
|
|
Total
Revenue
|
|
$
7,747
|
$
8,099
|
-4.35%
|
|
$
14,763
|
$
15,749
|
-6.26%
|
|
$
29,948
|
|
EBITDA
|
|
$
2,145
|
$
2,350
|
-8.72%
|
|
$
3,862
|
$
4,499
|
-14.16%
|
|
$
8,262
|
|
EBITDA
Margin
|
|
27.69%
|
29.02%
|
-4.58%
|
|
26.16%
|
28.57%
|
-8.43%
|
|
27.59%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
124.45
|
$
128.63
|
-3.25%
|
|
$
119.60
|
$
126.04
|
-5.11%
|
|
$
123.00
|
|
Occupancy
|
|
75.38%
|
79.43%
|
-5.11%
|
|
70.52%
|
76.65%
|
-7.99%
|
|
72.79%
|
|
ADR
|
|
$
165.10
|
$
161.93
|
1.96%
|
|
$
169.59
|
$
164.44
|
3.13%
|
|
$
168.97
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
7,311
|
$
6,844
|
6.82%
|
|
$
12,351
|
$
11,832
|
4.39%
|
|
$
23,279
|
|
Total
Revenue
|
|
$
8,778
|
$
8,139
|
7.85%
|
|
$
14,806
|
$
14,203
|
4.25%
|
|
$
28,078
|
|
EBITDA
|
|
$
3,735
|
$
3,282
|
13.80%
|
|
$
5,667
|
$
5,213
|
8.71%
|
|
$
10,259
|
|
EBITDA
Margin
|
|
42.55%
|
40.32%
|
5.52%
|
|
38.28%
|
36.70%
|
4.28%
|
|
36.54%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
161.33
|
$
151.02
|
6.83%
|
|
$
134.78
|
$
129.83
|
3.81%
|
|
$
128.07
|
|
Occupancy
|
|
87.66%
|
85.44%
|
2.60%
|
|
79.39%
|
79.81%
|
-0.52%
|
|
77.69%
|
|
ADR
|
|
$
184.03
|
$
176.74
|
4.13%
|
|
$
169.77
|
$
162.68
|
4.36%
|
|
$
164.85
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
4,505
|
$
3,926
|
14.75%
|
|
$
8,939
|
$
7,936
|
12.64%
|
|
$
16,872
|
|
Total
Revenue
|
|
$
6,840
|
$
6,369
|
7.40%
|
|
$
13,994
|
$
12,939
|
8.15%
|
|
$
26,385
|
|
EBITDA
|
|
$
2,375
|
$
2,129
|
11.55%
|
|
$
4,856
|
$
4,329
|
12.17%
|
|
$
8,918
|
|
EBITDA
Margin
|
|
34.72%
|
33.43%
|
3.87%
|
|
34.70%
|
33.46%
|
3.72%
|
|
33.80%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
122.54
|
$
106.78
|
14.76%
|
|
$
120.25
|
$
107.35
|
12.02%
|
|
$
114.42
|
|
Occupancy
|
|
71.73%
|
64.76%
|
10.75%
|
|
70.41%
|
66.31%
|
6.19%
|
|
68.44%
|
|
ADR
|
|
$
170.85
|
$
164.87
|
3.63%
|
|
$
170.79
|
$
161.90
|
5.49%
|
|
$
167.17
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
7,805
|
$
6,536
|
19.42%
|
|
$
14,202
|
$
12,399
|
14.54%
|
|
$
27,847
|
|
Total
Revenue
|
|
$
8,863
|
$
7,571
|
17.07%
|
|
$
16,384
|
$
14,505
|
12.95%
|
|
$
32,112
|
|
EBITDA
|
|
$
3,510
|
$
2,481
|
41.48%
|
|
$
5,789
|
$
4,563
|
26.87%
|
|
$
11,361
|
|
EBITDA
Margin
|
|
39.60%
|
32.77%
|
20.85%
|
|
35.33%
|
31.46%
|
12.32%
|
|
35.38%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
211.77
|
$
177.35
|
19.41%
|
|
$
190.59
|
$
167.30
|
13.92%
|
|
$
188.38
|
|
Occupancy
|
|
93.49%
|
87.15%
|
7.28%
|
|
88.79%
|
84.05%
|
5.64%
|
|
87.75%
|
|
ADR
|
|
$
226.51
|
$
203.50
|
11.31%
|
|
$
214.66
|
$
199.05
|
7.84%
|
|
$
214.68
|
SEATTLE COURTYARD
DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
2,937
|
$
2,561
|
14.68%
|
|
$
4,829
|
$
4,208
|
14.76%
|
|
$
10,360
|
|
Total
Revenue
|
|
$
3,405
|
$
2,999
|
13.54%
|
|
$
5,688
|
$
4,995
|
13.87%
|
|
$
12,115
|
|
EBITDA
|
|
$
1,673
|
$
1,473
|
13.58%
|
|
$
2,472
|
$
2,184
|
13.19%
|
|
$
5,147
|
|
EBITDA
Margin
|
|
49.13%
|
49.12%
|
0.04%
|
|
43.46%
|
43.72%
|
-0.60%
|
|
42.48%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
129.09
|
$
112.58
|
14.67%
|
|
$
104.97
|
$
91.98
|
14.12%
|
|
$
113.53
|
|
Occupancy
|
|
78.32%
|
76.13%
|
2.88%
|
|
71.89%
|
66.02%
|
8.89%
|
|
74.97%
|
|
ADR
|
|
$
164.83
|
$
147.88
|
11.46%
|
|
$
146.02
|
$
139.32
|
4.81%
|
|
$
151.43
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
5,898
|
$
5,241
|
12.54%
|
|
$
9,834
|
$
8,976
|
9.56%
|
|
$
21,141
|
|
Total
Revenue
|
|
$
7,720
|
$
7,262
|
6.31%
|
|
$
13,355
|
$
12,410
|
7.61%
|
|
$
28,140
|
|
EBITDA
|
|
$
3,310
|
$
2,866
|
15.49%
|
|
$
4,955
|
$
4,326
|
14.54%
|
|
$
11,150
|
|
EBITDA
Margin
|
|
42.88%
|
39.47%
|
8.64%
|
|
37.10%
|
34.86%
|
6.44%
|
|
39.62%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
181.04
|
$
160.88
|
12.53%
|
|
$
149.30
|
$
137.00
|
8.98%
|
|
$
161.79
|
|
Occupancy
|
|
82.37%
|
81.68%
|
0.85%
|
|
76.04%
|
75.40%
|
0.85%
|
|
78.01%
|
|
ADR
|
|
$
219.78
|
$
196.96
|
11.59%
|
|
$
196.34
|
$
181.70
|
8.06%
|
|
$
207.41
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
3,091
|
$
3,228
|
-4.24%
|
|
$
7,116
|
$
7,089
|
0.38%
|
|
$
12,887
|
|
Total
Revenue
|
|
$
4,642
|
$
4,809
|
-3.47%
|
|
$
10,493
|
$
10,610
|
-1.10%
|
|
$
19,318
|
|
EBITDA
|
|
$
1,123
|
$
1,180
|
-4.83%
|
|
$
3,109
|
$
3,099
|
0.32%
|
|
$
5,154
|
|
EBITDA
Margin
|
|
24.19%
|
24.54%
|
-1.41%
|
|
29.63%
|
29.21%
|
1.44%
|
|
26.68%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
115.94
|
$
121.07
|
-4.24%
|
|
$
131.99
|
$
132.21
|
-0.17%
|
|
$
120.50
|
|
Occupancy
|
|
76.26%
|
78.61%
|
-2.99%
|
|
79.89%
|
81.36%
|
-1.81%
|
|
77.22%
|
|
ADR
|
|
$
152.04
|
$
154.02
|
-1.29%
|
|
$
165.23
|
$
162.51
|
1.67%
|
|
$
156.05
|
PRIME PROPERTIES
TOTAL (8)
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Room
Revenue
|
|
$
47,050
|
$
43,608
|
7.89%
|
|
$
85,668
|
$
80,096
|
6.96%
|
|
$
166,383
|
|
Total
Revenue
|
|
$
63,341
|
$
59,775
|
5.97%
|
|
$
117,427
|
$
111,475
|
5.34%
|
|
$
227,141
|
|
EBITDA
|
|
$
23,952
|
$
21,446
|
11.69%
|
|
$
40,500
|
$
36,969
|
9.55%
|
|
$
76,570
|
|
EBITDA
Margin
|
|
37.81%
|
35.88%
|
5.40%
|
|
34.49%
|
33.16%
|
4.00%
|
|
33.71%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
164.35
|
$
152.32
|
7.90%
|
|
$
148.72
|
$
139.35
|
6.72%
|
|
$
144.90
|
|
Occupancy
|
|
83.39%
|
81.41%
|
2.42%
|
|
78.36%
|
77.19%
|
1.51%
|
|
77.99%
|
|
ADR
|
|
$
197.09
|
$
187.09
|
5.34%
|
|
$
189.79
|
$
180.52
|
5.13%
|
|
$
185.80
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
206,569
|
|
$
198,394
|
|
4.1%
|
|
$
393,513
|
|
$
379,066
|
|
3.8%
|
|
Food and
beverage
|
43,664
|
|
43,462
|
|
0.5%
|
|
84,146
|
|
85,319
|
|
-1.4%
|
|
Other
|
9,375
|
|
9,217
|
|
1.7%
|
|
18,184
|
|
17,412
|
|
4.4%
|
|
|
Total hotel
revenue
|
259,608
|
|
251,073
|
|
3.4%
|
|
495,843
|
|
481,797
|
|
2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
44,934
|
|
43,471
|
|
3.4%
|
|
87,199
|
|
84,054
|
|
3.7%
|
|
Food and
beverage
|
27,949
|
|
28,214
|
|
-0.9%
|
|
55,786
|
|
56,777
|
|
-1.7%
|
|
Other
direct
|
4,990
|
|
4,922
|
|
1.4%
|
|
9,767
|
|
9,830
|
|
-0.6%
|
|
Indirect
|
65,240
|
|
64,241
|
|
1.6%
|
|
128,634
|
|
126,889
|
|
1.4%
|
|
Management
fees, includes base and incentive fees
|
13,240
|
|
13,384
|
|
-1.1%
|
|
23,739
|
|
23,319
|
|
1.8%
|
|
|
Total hotel
operating expenses
|
156,353
|
|
154,232
|
|
1.4%
|
|
305,125
|
|
300,869
|
|
1.4%
|
|
Property taxes,
insurance, and other
|
11,794
|
|
10,443
|
|
12.9%
|
|
24,111
|
|
22,455
|
|
7.4%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
91,461
|
|
86,398
|
|
5.9%
|
|
166,607
|
|
158,473
|
|
5.1%
|
|
|
Hotel EBITDA
Margin
|
35.23%
|
|
34.41%
|
|
0.82%
|
|
33.60%
|
|
32.89%
|
|
0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
2,131
|
|
2,069
|
|
3.0%
|
|
3,525
|
|
3,409
|
|
3.4%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
89,330
|
|
$
84,329
|
|
5.9%
|
|
$
163,082
|
|
$
155,064
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 95 hotel properties owned and included in
continuing operations at June 30, 2013 were owned as of
the
|
|
|
|
beginning of the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
On January 1, 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
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
191,095
|
|
$
184,111
|
|
3.8%
|
|
$
363,956
|
|
$
351,079
|
|
3.7%
|
|
Food and
beverage
|
38,261
|
|
37,724
|
|
1.4%
|
|
73,035
|
|
73,609
|
|
-0.8%
|
|
Other
|
8,133
|
|
8,012
|
|
1.5%
|
|
15,792
|
|
15,027
|
|
5.1%
|
|
|
Total hotel
revenue
|
237,489
|
|
229,847
|
|
3.3%
|
|
452,783
|
|
439,715
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
41,778
|
|
40,399
|
|
3.4%
|
|
80,934
|
|
77,973
|
|
3.8%
|
|
Food and
beverage
|
24,760
|
|
25,013
|
|
-1.0%
|
|
49,264
|
|
50,219
|
|
-1.9%
|
|
Other
direct
|
4,471
|
|
4,401
|
|
1.6%
|
|
8,729
|
|
8,754
|
|
-0.3%
|
|
Indirect
|
59,026
|
|
58,183
|
|
1.4%
|
|
116,625
|
|
114,932
|
|
1.5%
|
|
Management
fees, includes base and incentive fees
|
12,192
|
|
12,419
|
|
-1.8%
|
|
21,659
|
|
21,473
|
|
0.9%
|
|
|
Total hotel
operating expenses
|
142,227
|
|
140,415
|
|
1.3%
|
|
277,211
|
|
273,351
|
|
1.4%
|
|
Property taxes,
insurance, and other
|
10,659
|
|
9,291
|
|
14.7%
|
|
21,794
|
|
20,146
|
|
8.2%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
84,603
|
|
80,141
|
|
5.6%
|
|
153,778
|
|
146,218
|
|
5.2%
|
|
|
Hotel EBITDA
Margin
|
35.62%
|
|
34.87%
|
|
0.76%
|
|
33.96%
|
|
33.25%
|
|
0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
1,595
|
|
1,482
|
|
7.6%
|
|
2,559
|
|
2,284
|
|
12.0%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
83,008
|
|
$
78,659
|
|
5.5%
|
|
$
151,219
|
|
$
143,934
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 88 hotel properties owned and included in
continuing operations at June 30, 2013 but not under renovation
for
|
|
|
three and six months
ended June 30, 2013 were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Sante Fe,
Hilton La Jolla Torrey Pines, Hampton Inn Buford, Hampton Inn Terre
Haute
|
|
|
|
|
|
|
|
|
Marriott Dallas Plano
Legacy, Embassy Suites Walnut Creek, Residence Inn Palm
Desert
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
61,681
|
|
$
59,045
|
|
4.5%
|
|
$
113,441
|
|
$
107,397
|
|
5.6%
|
|
Food and
beverage
|
20,475
|
|
20,417
|
|
0.3%
|
|
39,455
|
|
38,080
|
|
3.6%
|
|
Other
|
2,607
|
|
2,812
|
|
-7.3%
|
|
5,187
|
|
5,423
|
|
-4.4%
|
|
|
Total hotel
revenue
|
84,763
|
|
82,274
|
|
3.0%
|
|
158,083
|
|
150,900
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
12,514
|
|
12,363
|
|
1.2%
|
|
24,821
|
|
23,888
|
|
3.9%
|
|
Food and
beverage
|
12,929
|
|
12,893
|
|
0.3%
|
|
25,513
|
|
24,989
|
|
2.1%
|
|
Other
direct
|
1,287
|
|
1,324
|
|
-2.8%
|
|
2,488
|
|
2,627
|
|
-5.3%
|
|
Indirect
|
22,133
|
|
21,914
|
|
1.0%
|
|
43,870
|
|
43,374
|
|
1.1%
|
|
Management
fees, includes base and incentive fees
|
3,297
|
|
3,366
|
|
-2.0%
|
|
5,873
|
|
5,581
|
|
5.2%
|
|
|
Total hotel
operating expenses
|
52,160
|
|
51,860
|
|
0.6%
|
|
102,565
|
|
100,459
|
|
2.1%
|
|
Property taxes,
insurance, and other
|
4,326
|
|
3,067
|
|
41.0%
|
|
8,325
|
|
6,661
|
|
25.0%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
28,277
|
|
$
27,347
|
|
3.4%
|
|
$
47,193
|
|
$
43,780
|
|
7.8%
|
|
|
Hotel EBITDA
Margin
|
33.36%
|
|
33.24%
|
|
0.12%
|
|
29.85%
|
|
29.01%
|
|
0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 28 hotel properties owned and included in
continuing operations at June 30, 2013 were owned as of
the
|
|
|
|
|
beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
On January 1, 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
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
48,652
|
|
$
45,903
|
|
6.0%
|
|
$
92,229
|
|
$
86,250
|
|
6.9%
|
|
Food and
beverage
|
17,783
|
|
17,760
|
|
0.1%
|
|
34,968
|
|
33,442
|
|
4.6%
|
|
Other
|
2,065
|
|
2,194
|
|
-5.9%
|
|
4,046
|
|
4,137
|
|
-2.2%
|
|
|
Total hotel
revenue
|
68,500
|
|
65,857
|
|
4.0%
|
|
131,243
|
|
123,829
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
10,123
|
|
9,785
|
|
3.5%
|
|
20,257
|
|
19,175
|
|
5.6%
|
|
Food and
beverage
|
11,285
|
|
11,171
|
|
1.0%
|
|
22,475
|
|
21,753
|
|
3.3%
|
|
Other
direct
|
1,164
|
|
1,214
|
|
-4.1%
|
|
2,253
|
|
2,385
|
|
-5.5%
|
|
Indirect
|
18,115
|
|
17,949
|
|
0.9%
|
|
36,208
|
|
35,762
|
|
1.2%
|
|
Management
fees, includes base and incentive fees
|
2,624
|
|
2,649
|
|
-0.9%
|
|
4,830
|
|
4,483
|
|
7.7%
|
|
|
Total hotel
operating expenses
|
43,311
|
|
42,768
|
|
1.3%
|
|
86,023
|
|
83,558
|
|
3.0%
|
|
Property taxes,
insurance, and other
|
3,346
|
|
2,253
|
|
48.5%
|
|
6,374
|
|
5,242
|
|
21.6%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
21,843
|
|
$
20,836
|
|
4.8%
|
|
$
38,846
|
|
$
35,029
|
|
10.9%
|
|
|
Hotel EBITDA
Margin
|
31.89%
|
|
31.64%
|
|
0.25%
|
|
29.60%
|
|
28.29%
|
|
1.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 23 hotel properties owned and included in
continuing operations at June 30, 2013 but not under renovation
for
|
|
|
the three and six
months ended June 30, 2013 were owned as of the beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels
Under Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Hyatt Regency Wind Watch, Hilton Garden Inn Virginia
Beach, Hilton Garden Inn BWI,
|
|
|
Hilton Boston Back
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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
|
PRIME PORTFOLIO
ONLY
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EIGHT HOTELS
INCLUDED IN ASHFORD HOSPITALITY PRIME OPERATIONS (currently
included in Legacy Portfolio):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
47,050
|
|
$
43,608
|
|
7.9%
|
|
$
85,668
|
|
$
80,096
|
|
7.0%
|
|
Food and
beverage
|
13,691
|
|
13,737
|
|
-0.3%
|
|
26,785
|
|
26,762
|
|
0.1%
|
|
Other
|
2,602
|
|
2,430
|
|
7.1%
|
|
4,975
|
|
4,617
|
|
7.8%
|
|
|
Total hotel
revenue
|
63,343
|
|
59,775
|
|
6.0%
|
|
117,428
|
|
111,475
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
10,347
|
|
9,684
|
|
6.8%
|
|
19,853
|
|
18,518
|
|
7.2%
|
|
Food and
beverage
|
8,541
|
|
8,587
|
|
-0.5%
|
|
17,278
|
|
17,083
|
|
1.1%
|
|
Other
direct
|
1,021
|
|
1,022
|
|
-0.1%
|
|
2,026
|
|
2,057
|
|
-1.5%
|
|
Indirect
|
13,544
|
|
13,519
|
|
0.2%
|
|
26,447
|
|
26,491
|
|
-0.2%
|
|
Management
fees, includes base and incentive fees
|
3,346
|
|
2,977
|
|
12.4%
|
|
5,866
|
|
5,250
|
|
11.7%
|
|
|
Total hotel
operating expenses
|
36,799
|
|
35,789
|
|
2.8%
|
|
71,470
|
|
69,399
|
|
3.0%
|
|
Property taxes,
insurance, and other
|
2,592
|
|
2,540
|
|
2.0%
|
|
5,458
|
|
5,107
|
|
6.9%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
23,952
|
|
21,446
|
|
11.7%
|
|
40,500
|
|
36,969
|
|
9.6%
|
|
|
Hotel EBITDA
Margin
|
37.81%
|
|
35.88%
|
|
1.93%
|
|
34.49%
|
|
33.16%
|
|
1.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
2,056
|
|
2,009
|
|
2.3%
|
|
3,413
|
|
3,314
|
|
3.0%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
21,896
|
|
$
19,437
|
|
12.7%
|
|
$
37,087
|
|
$
33,655
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the eight hotel properties owned and included in
continuing operations at June 30, 2013 were owned as of
the
|
|
|
|
beginning of the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Prime portfolio
includes: Capital Hilton Washington DC, Hilton La Jolla
Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas
Plano Legacy,
|
|
|
Courtyard San
Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott
Seattle Waterfront, Renaissance Tampa International
Plaza
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 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 95 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
|
2013
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
2nd
Quarter
|
1st
Quarter
|
4th
Quarter
|
3rd
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
Portfolio
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
259,608
|
$
236,238
|
$
215,790
|
$
237,819
|
|
$
949,455
|
|
|
|
|
Hotel
EBITDA
|
$
91,461
|
$
75,145
|
$
61,218
|
$
76,123
|
|
$
303,947
|
|
|
|
|
Hotel EBITDA
Margin
|
35.2%
|
31.8%
|
28.4%
|
32.0%
|
|
32.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
30.1%
|
24.7%
|
20.1%
|
25.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
2,131
|
$
1,394
|
$
1,272
|
$
1,575
|
|
$
6,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM Highland
Holding LLC Portfolio
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
84,763
|
$
73,321
|
$
73,767
|
$
74,232
|
|
$
306,084
|
|
|
|
|
Hotel
EBITDA
|
$
28,277
|
$
18,916
|
$
20,087
|
$
20,679
|
|
$
87,959
|
|
|
|
|
Hotel EBITDA
Margin
|
33.4%
|
25.8%
|
27.2%
|
27.9%
|
|
28.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
32.1%
|
21.5%
|
22.8%
|
23.5%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy and PIM
Highland Holding LLC Combined
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
344,371
|
$
309,559
|
$
289,557
|
$
312,051
|
|
$
1,255,539
|
|
|
|
|
Hotel
EBITDA
|
$
119,738
|
$
94,061
|
$
81,305
|
$
96,802
|
|
$
391,906
|
|
|
|
|
Hotel EBITDA
Margin
|
34.8%
|
30.4%
|
28.1%
|
31.0%
|
|
31.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
30.6%
|
24.0%
|
20.7%
|
24.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
2,131
|
$
1,394
|
$
1,272
|
$
1,575
|
|
$
6,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
|
|
|
|
|
|
|
|
|
|
|
|
On January 1, 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
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
June
30,
|
|
June
30,
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
2012
|
%
Change
|
|
2013
|
|
2012
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,429
|
|
$
90.87
|
$
82.65
|
9.9%
|
|
$
87.94
|
|
$
81.58
|
7.8%
|
|
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
$
196.29
|
$
196.80
|
-0.3%
|
|
$
152.42
|
|
$
154.96
|
-1.6%
|
|
|
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,745
|
|
$
101.57
|
$
92.91
|
9.3%
|
|
$
99.64
|
|
$
94.30
|
5.7%
|
|
|
|
Houston, TX
Area
|
|
3
|
|
608
|
|
$
117.17
|
$
108.71
|
7.8%
|
|
$
111.10
|
|
$
105.26
|
5.6%
|
|
|
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,785
|
|
$
98.05
|
$
93.78
|
4.6%
|
|
$
97.64
|
|
$
92.02
|
6.1%
|
|
|
|
Miami, FL Metro
Area
|
|
3
|
|
576
|
|
$
101.16
|
$
97.31
|
4.0%
|
|
$
126.75
|
|
$
118.79
|
6.7%
|
|
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
522
|
|
$
96.27
|
$
92.61
|
3.9%
|
|
$
88.66
|
|
$
85.88
|
3.2%
|
|
|
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,560
|
|
$
109.22
|
$
105.16
|
3.9%
|
|
$
102.54
|
|
$
95.62
|
7.2%
|
|
|
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
$
78.46
|
$
80.34
|
-2.3%
|
|
$
85.98
|
|
$
82.76
|
3.9%
|
|
|
|
Philadelphia, PA
Area
|
|
4
|
|
1,147
|
|
$
128.26
|
$
123.58
|
3.8%
|
|
$
108.49
|
|
$
105.45
|
2.9%
|
|
|
|
San Diego, CA
Area
|
|
3
|
|
706
|
|
$
108.52
|
$
111.48
|
-2.7%
|
|
$
104.48
|
|
$
109.35
|
-4.4%
|
|
|
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,416
|
|
$
141.34
|
$
122.98
|
14.9%
|
|
$
130.93
|
|
$
117.13
|
11.8%
|
|
|
|
Seattle, WA
Area
|
|
2
|
|
608
|
|
$
159.68
|
$
141.02
|
13.2%
|
|
$
131.07
|
|
$
118.49
|
10.6%
|
|
|
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
$
96.46
|
$
100.53
|
-4.0%
|
|
$
112.19
|
|
$
110.92
|
1.1%
|
|
|
|
Washington DC - MD -
VA Area
|
|
11
|
|
2,698
|
|
$
156.23
|
$
158.05
|
-1.1%
|
|
$
138.01
|
|
$
137.39
|
0.4%
|
|
|
|
Other
Areas
|
|
46
|
|
7,700
|
|
$
105.23
|
$
99.95
|
5.3%
|
|
$
98.64
|
|
$
94.57
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
123
|
|
25,715
|
|
$
113.46
|
$
108.89
|
4.2%
|
|
$
107.07
|
|
$
102.64
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 95 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
|
|
Six Months
Ended
|
|
|
|
|
Number
of
|
|
Number
of
|
|
June
30,
|
|
June
30,
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
% of
Total
|
2012
|
% of
Total
|
%
Change
|
|
2013
|
% of
Total
|
2012
|
% of
Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,429
|
|
$
4,124
|
3.4%
|
$
3,382
|
3.0%
|
21.9%
|
|
$
7,794
|
3.6%
|
$
6,712
|
3.3%
|
16.1%
|
Boston, MA
Area
|
|
2
|
|
506
|
|
4,773
|
4.0%
|
4,632
|
4.1%
|
3.0%
|
|
6,082
|
2.8%
|
6,177
|
3.1%
|
-1.5%
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,745
|
|
7,358
|
6.1%
|
6,439
|
5.7%
|
14.3%
|
|
14,669
|
6.9%
|
13,340
|
6.6%
|
10.0%
|
Houston, TX
Area
|
|
3
|
|
608
|
|
3,119
|
2.6%
|
3,052
|
2.7%
|
2.2%
|
|
5,719
|
2.7%
|
5,844
|
2.9%
|
-2.1%
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,785
|
|
7,151
|
6.0%
|
6,949
|
6.1%
|
2.9%
|
|
13,740
|
6.4%
|
12,837
|
6.3%
|
7.0%
|
Miami, FL Metro
Area
|
|
3
|
|
576
|
|
1,872
|
1.6%
|
1,784
|
1.6%
|
4.9%
|
|
6,045
|
2.8%
|
5,315
|
2.6%
|
13.7%
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
522
|
|
2,244
|
1.9%
|
2,180
|
1.9%
|
2.9%
|
|
3,622
|
1.7%
|
3,620
|
1.8%
|
0.1%
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,560
|
|
7,809
|
6.5%
|
7,526
|
6.6%
|
3.8%
|
|
13,385
|
6.3%
|
11,564
|
5.7%
|
15.7%
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
4,215
|
3.5%
|
4,378
|
3.8%
|
-3.7%
|
|
10,323
|
4.8%
|
9,270
|
4.6%
|
11.4%
|
Philadelphia, PA
Area
|
|
4
|
|
1,147
|
|
5,978
|
5.0%
|
5,734
|
5.0%
|
4.3%
|
|
8,925
|
4.2%
|
8,524
|
4.2%
|
4.7%
|
San Diego, CA
Area
|
|
3
|
|
706
|
|
3,487
|
2.9%
|
3,853
|
3.4%
|
-9.5%
|
|
6,317
|
3.0%
|
7,354
|
3.6%
|
-14.1%
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,416
|
|
8,214
|
6.9%
|
6,236
|
5.5%
|
31.7%
|
|
14,112
|
6.6%
|
11,471
|
5.7%
|
23.0%
|
Seattle, WA
Area
|
|
2
|
|
608
|
|
4,983
|
4.2%
|
4,339
|
3.8%
|
14.8%
|
|
7,427
|
3.5%
|
6,510
|
3.2%
|
14.1%
|
Tampa, FL
Area
|
|
4
|
|
875
|
|
2,951
|
2.5%
|
3,126
|
2.7%
|
-5.6%
|
|
7,987
|
3.7%
|
7,801
|
3.9%
|
2.4%
|
Washington DC - MD -
VA Area
|
|
11
|
|
2,698
|
|
19,248
|
16.1%
|
20,024
|
17.6%
|
-3.9%
|
|
31,238
|
14.6%
|
31,479
|
15.6%
|
-0.8%
|
Other
Areas
|
|
46
|
|
7,700
|
|
32,213
|
26.9%
|
30,112
|
26.5%
|
7.0%
|
|
56,414
|
26.4%
|
54,436
|
26.9%
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
123
|
|
25,715
|
|
$
119,739
|
100.0%
|
$
113,746
|
100.0%
|
5.3%
|
|
$
213,800
|
100.0%
|
$
202,253
|
100.0%
|
5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 95 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 95 hotel
properties included in the Company's continuing 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)
|
On January 1, 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
|
JUNE 30,
2013
|
(in
thousands except share price)
|
(Unaudited)
|
|
|
|
|
|
June
30,
|
|
2013
|
End of quarter
common shares outstanding
|
79,316
|
Partnership
units outstanding (common share equivalents)
|
18,991
|
Combined common
shares and partnership units outstanding
|
98,307
|
Common stock
price at quarter end
|
$
11.45
|
Market
capitalization at quarter end
|
$
1,125,615
|
|
|
Series A
preferred stock
|
$
41,430
|
Series D
preferred stock
|
$
236,718
|
Series E
preferred stock
|
$
115,750
|
Consolidated
debt on balance sheet date
|
$
2,381,932
|
Joint venture
partners' share of consolidated debt
|
$
(50,598)
|
Ashford's share
of Highland portfolio debt
|
$
806,349
|
Cash, cash
equivalents and marketable securities, net
|
$
(273,319)
|
Total enterprise
value (TEV) as of June 30, 2013
|
$
4,383,877
|
|
|
Ashford
Hospitality Trust, Inc.
|
Anticipated
Capital Expenditures Calendar
|
Legacy Hotels
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Hilton La Jolla
Torrey Pines (b)
|
296
|
x
|
x
|
|
|
Hilton Santa
Fe
|
157
|
x
|
x
|
|
|
Hilton Costa
Mesa
|
486
|
x
|
|
|
x
|
Courtyard Dallas
Plano in Legacy Park
|
153
|
x
|
|
|
|
Courtyard Hartford
Manchester
|
90
|
x
|
|
|
|
Embassy Suites
Dulles
|
150
|
x
|
|
|
|
Embassy Suites
East Syracuse
|
215
|
x
|
|
|
|
Hampton Inn
Lawrenceville
|
86
|
x
|
|
|
|
Residence Inn Lake
Buena Vista
|
210
|
x
|
|
|
|
Sheraton San Diego
Mission Valley
|
260
|
x
|
|
|
|
Hampton Inn
Buford
|
92
|
|
x
|
x
|
|
Hampton Inn Terre
Haute
|
112
|
|
x
|
x
|
|
Marriott Dallas
Plano Legacy(b)
|
404
|
|
x
|
x
|
|
Embassy Suites
Walnut Creek
|
249
|
|
x
|
|
|
Residence Inn Palm
Desert
|
130
|
|
x
|
|
|
Courtyard Marriott
Village at LBV
|
312
|
|
|
x
|
x
|
Crowne Plaza Key
West
|
160
|
|
|
x
|
x
|
Embassy Suites
Palm Beach Garden
|
160
|
|
|
x
|
x
|
Hilton Garden Inn
Jacksonville
|
119
|
|
|
x
|
x
|
Hilton St
Petersburg
|
333
|
|
|
x
|
x
|
Residence Inn
Atlanta Buckhead Lenox Park
|
150
|
|
|
x
|
x
|
Hyatt Coral
Gables
|
242
|
|
|
x
|
|
Marriott Crystal
Gateway
|
697
|
|
|
x
|
|
Courtyard
Bloomington
|
117
|
|
|
|
x
|
Courtyard
Philadelphia Downtown
|
498
|
|
|
|
x
|
Embassy Suites
Dallas
|
150
|
|
|
|
x
|
Embassy Suites
Orlando
|
174
|
|
|
|
x
|
Embassy Suites
Portland Downtown
|
276
|
|
|
|
x
|
Marriott Seattle
Waterfront
|
358
|
|
|
|
x
|
Residence Inn
Hartford
|
96
|
|
|
|
x
|
Residence Inn
Newark
|
168
|
|
|
|
x
|
Residence Inn Salt
Lake City
|
144
|
|
|
|
x
|
Residence Inn San
Diego Sorrento Mesa
|
150
|
|
|
|
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.
|
|
(b) Part of
Ashford Hospitality Prime.
|
|
|
|
|
|
|
|
|
|
PIM Highland
Holding LLC
|
Anticipated
Capital Expenditures Calendar
|
Highland Hotels
(a)
|
|
|
|
|
|
|
|
|
2013
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Courtyard Boston
Downtown
|
315
|
x
|
x
|
x
|
x
|
Hilton Boston Back
Bay
|
390
|
x
|
x
|
|
|
Marriott
Sugarland
|
300
|
x
|
|
|
x
|
Courtyard
Savannah
|
156
|
x
|
|
|
|
Hyatt Regency
Savannah
|
351
|
x
|
|
|
|
Marriott San
Antonio Plaza
|
251
|
x
|
|
|
|
The
Melrose
|
240
|
x
|
|
|
|
Hyatt Regency Wind
Watch
|
358
|
|
x
|
x
|
x
|
Hilton Garden Inn
Virginia Beach
|
176
|
|
x
|
|
|
Hilton Garden Inn
BWI
|
158
|
|
x
|
|
|
Silversmith
|
143
|
|
|
x
|
x
|
Renaissance
Nashville
|
673
|
|
|
x
|
x
|
Hilton
Parsippany
|
354
|
|
|
x
|
|
Marriott
DFW
|
491
|
|
|
x
|
|
Hilton Garden Inn
Austin
|
254
|
|
|
x
|
|
Crowne Plaza
Ravinia
|
495
|
|
|
|
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.