DALLAS, Feb. 26, 2015 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today
reported financial results and performance measures for the fourth
quarter ended December 31,
2014. The performance measurements for Occupancy, Average
Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel
Operating Profit (or Hotel EBITDA) are pro forma. Unless
otherwise stated, all reported results compare the fourth quarter
ended December 31, 2014, with the
fourth quarter ended December 31,
2013 (see discussion below). The reconciliation of
non-GAAP financial measures is included in the financial tables
accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
- During the quarter, the Company completed the spin-off of
Ashford Inc., which started trading under the ticker symbol "AINC"
on November 13, 2014, on the NYSE MKT
Exchange
- RevPAR for all Ashford Trust hotels increased 11.3% during the
quarter
- RevPAR for all Ashford Trust hotels not under renovation
increased 12.6% during the quarter
- Hotel EBITDA increased 17.6% for all Ashford Trust hotels
- Hotel EBITDA Margin increased 194 basis points for all Ashford
Trust hotels
- Hotel EBITDA flow-through was 49% for all Ashford Trust
hotels
- Net loss attributable to common stockholders for the Company
was $22.4 million, or $0.25 per diluted share, compared with net loss
attributable to common stockholders of $25.9
million, or $0.32 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) for the Company was
$0.17 per diluted share for the
quarter as compared with $0.14 from
the prior-year quarter
- The prior year results include the operations of the Ashford
Prime Portfolio prior to its spin-off from Ashford Trust completed
on November 19, 2013
- On December 19, 2014, the Company
announced a definitive agreement in which Ashford Trust will
acquire the remaining 28.26% ownership interest of the Highland
Hospitality Portfolio from its joint venture partner, Prudential
Real Estate Investors
- Subsequent to the quarter end, on January 5, 2015 the Company announced it had
refinanced two mortgage loans with an outstanding balance of
approximately $354 million with new
loans totaling $478 million resulting
in over $100 million of excess
proceeds after closing costs and reserves
- On January 29, 2014, the Company
announced a plan to form Ashford Hospitality Select ("Ashford
Select"), dedicated to investing primarily in premium-branded
select-service hotels, including extended stay hotels in the
U.S.
- On January 30, 2015 the Company
priced a follow-on public offering of 9,500,000 shares of common
stock at $10.65 per share. The
underwriter subsequently exercised its option in part and purchased
an additional 1,029,450 shares from the Company. In total,
the Company issued 10,529,450 shares of common stock at
$10.65 per share for net proceeds of
$111.1 million.
- On February 9, 2015, the Company
closed on the acquisition of the 168-room Lakeway Resort & Spa
in Austin, TX for a total
consideration of $33.5 million
($199,000 per key)
- On February 25, 2015, Ashford
Trust closed on the acquisition of the 232-room Marriott Memphis
East hotel for total consideration of $43.5
million in cash ($187,500 per
key)
CAPITAL EXPENDITURES
- Capex invested in the quarter for the Ashford Trust Portfolio
was $28.6 million, bringing the
full-year total to $120.1
million
CAPITAL STRUCTURE
At December 31, 2014, the Company
had total assets of $2.8 billion in
continuing operations, and $3.6
billion overall including the Highland Hospitality Portfolio
which is not consolidated. As of December 31, 2014, the Company had $2.0 billion of mortgage debt in continuing
operations and $2.8 billion overall
including the Highland Hospitality Portfolio. Ashford Trust's
total combined debt had a blended average interest rate of
5.3%.
On November 12, 2014, the Company
completed the sale of the 86-room Homewood Suites Mobile for total
consideration of $7.4 million
($86,000 per key). The sale,
including anticipated capital expenditures, represented a trailing
12-month cap rate of 7.4% on net operating income and a trailing
11.8x EBITDA multiple.
On December 19, 2014, the Company
announced the acquisition of the remaining 28.26% ownership
interest of the Highland Hospitality Portfolio from its joint
venture partner. The 28-hotel Highland Hospitality Portfolio
includes 19 full-service hotels and 9 select-service hotels with a
concentration in major brands such as Hilton, Marriott, Hyatt and
Starwood. The total transaction value is valued at
$1.735 billion ($215,000 per key) and the purchase price
represents a forward 12-month cap rate of 7.5% on net operating
income and an 11.6x forward EBITDA multiple. The closing of
the acquisition is contingent on a refinancing of the portfolio,
and it's expected to close sometime during the first quarter of
2015.
On January 5, 2015, the Company
announced it had successfully refinanced two mortgage loans with an
existing outstanding balance of approximately $354 million. The two previous mortgage
loans that were refinanced include: a $211
million Goldman Sachs Floater loan with a final maturity
date in November 2017; and a
$143 million Merrill Lynch 1 loan
with a final maturity date in July 2015. The new loans total
$478 million and resulted in excess
net proceeds of over $100 million
after closing costs and reserves.
On January 30, 2015, the Company
announced it had priced a follow-on public offering of 9,500,000
shares of common stock at $10.65 per
share. Settlement of the offering occurred on February 4, 2015, generating total net proceeds
of $100.2 million. The
underwriter subsequently exercised its option in part and purchased
an additional 1,029,450 shares from the Company. In total,
the Company issued 10,529,450 shares of common stock at
$10.65 per share for net proceeds of
$111.1 million.
On February 9, 2015, the Company
announced it had closed on the acquisition of the 168-room Lakeway
Resort & Spa for a total consideration of $33.5 million ($199,000 per key). Located in the thriving
Austin, TX market, the hotel
features approximately 24,000 square feet of meeting space.
Upon closing, the property will be managed by Remington
Lodging. The purchase price of $33.5
million represents a forward 12-month cap rate of 8.7% on
net operating income, which equates to an estimated 9.5x forward
EBITDA multiple.
On February 25, 2015, the Company
closed on the acquisition of the 232-room Marriott Memphis East
hotel for total consideration of $43.5
million in cash ($187,500 per
key). Located in the heart of East
Memphis just minutes away from nearby attractions such as
Elvis' Graceland, Beale Street and
Historic Downtown Memphis, the
hotel has 6 meeting rooms with approximately 8,960 square feet of
meeting space. Upon closing, the property will be managed by
Remington Lodging. The purchase price of $43.5 million represents a forward 12-month cap
rate of 8.6% on net operating income and an estimated 10.3x forward
EBITDA multiple.
PORTFOLIO REVPAR
As of December 31, 2014, the
Ashford Trust Portfolio consisted of direct hotel investments with
115 properties classified in continuing operations. During
the fourth quarter of 2014, 103 of the Ashford Trust Portfolio
hotels included in continuing operations were not under renovation.
The Company believes reporting its operating metrics for the
Ashford Trust Portfolio hotels in continuing operations on a pro
forma total basis (all 115 hotels) and pro forma not under
renovation basis (103 hotels) is a measure that reflects a
meaningful and focused comparison of the operating results in its
portfolio. Details of each category are provided in the
tables attached to this release.
- Pro forma RevPAR increased 11.3% to $97.61 for all hotels in the Ashford Trust
Portfolio on a 6.5% increase in ADR and a 4.5% increase in
occupancy
- Pro forma RevPAR increased 12.6% to $97.95 for hotels not under renovation in the
Ashford Trust Portfolio on a 6.5% increase in ADR and a 5.7%
increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company 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 Ashford Trust Portfolio, including
its pro-rata share of the Highland Hospitality Portfolio as of the
end of the current period. As the Company's portfolio mix
changes from time to time so will the seasonality for Pro forma
Hotel EBITDA and Pro forma Hotel EBITDA margin. The details
of the quarterly calculations for the previous four quarters for
the 115 Ashford Trust hotels are provided in the table attached to
this release.
ASHFORD, INC. SPIN-OFF
On November 12, 2014, the Company
completed the previously announced spin-off of Ashford Inc. (NYSE
MKT: AINC) ("Ashford Inc."). Starting November 13, 2014, Ashford Inc. began trading on
the NYSE MKT under the ticker symbol "AINC." Following the
spin-off, Ashford Inc. is now an independent publicly traded asset
management company focused on managing real estate, hospitality,
and securities platforms both domestically and
internationally. Ashford Inc. currently advises Ashford Trust
and Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime").
Ashford Trust completed the spin-off by distributing a pro-rata
taxable dividend of Ashford Inc. common stock to Ashford Trust
common stockholders of record as of the close of business of the
NYSE on November 11, 2014 (the
"Record Date"). The distribution was based on a distribution
ratio of one share of Ashford Inc. common stock for every 87 shares
of Ashford Trust common stock held by such stockholder on the
Record Date. An information statement concerning the details
regarding the distribution of Ashford Inc. common stock and its
business following the spin-off was mailed to Ashford Trust
stockholders on the distribution date.
COMMON STOCK DIVIDEND
On December 15, 2014, the Company
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 fourth quarter ending
December 31, 2014, payable on
January 15, 2015, to shareholders of
record as of December 31, 2014.
The Board also approved the Company's dividend policy for
2015. The Company expects to pay a quarterly cash dividend of
$0.12 per share for 2015, or
$0.48 per share on an annualized
basis. The Board will continue to review its dividend policy
on a quarter-to-quarter basis. The adoption of a dividend
policy does not commit the Board of Directors to declare future
dividends or the amount thereof.
"During the fourth quarter we continued to display superior
RevPAR and EBITDA growth, driven largely by the initiatives we
began to implement in 2013 to improve RevPAR performance.
These initiatives began to show results during the third and fourth
quarters and we expect to see further improvement over time,"
commented Monty J. Bennett, Ashford
Trust's Chairman and Chief Executive Officer. "In 2015, we
continue to pursue attractive investment opportunities as well as
alternative ways to invest in accretive growth. Our recent
formation of Ashford Select is one of these avenues as we look to
benefit from attractive dynamics of the select service space.
Additionally, improving economic trends continue to drive growth in
the lodging sector which is benefitting our overall
portfolio. We also plan to take advantage of the favorable
capital markets conditions to proactively address our debt
maturities and generate excess cash to strengthen our balance sheet
and shore up liquidity for attractive asset acquisition
opportunities. Going forward, you can expect us to keep
pursuing these strategies with the goal of balancing risk
mitigation while seeking to generate attractive returns for our
shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Friday, February 27, 2015, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (785) 830-7991. A
replay of the conference call will be available through
Friday, March 6, 2015, by dialing
(719) 457-0820 and entering the confirmation number, 6219218.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2014 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 Friday,
February 27, 2015, 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.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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 Trust'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 conditions to, or the completion of, the proposed
launch of Ashford Select. These and other risk factors are
more fully discussed in Ashford Trust'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)
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
215,063
|
|
$
128,780
|
|
Marketable
securities
|
63,217
|
|
29,601
|
|
|
Total cash, cash
equivalents and marketable securities
|
278,280
|
|
158,381
|
|
Investments in hotel
properties, net
|
2,128,611
|
|
2,164,389
|
|
Restricted
cash
|
85,830
|
|
61,498
|
|
Accounts receivable,
net of allowance of $241 and $242, respectively
|
22,399
|
|
21,791
|
|
Inventories
|
2,104
|
|
1,946
|
|
Notes receivable, net
of allowance of $7,522 and $7,937, respectively
|
3,553
|
|
3,384
|
|
Investment in
Highland Hospitality
|
144,784
|
|
139,302
|
|
Investment in Ashford
Prime
|
54,907
|
|
56,243
|
|
Investment in Ashford
Inc.
|
7,099
|
|
-
|
|
Deferred costs,
net
|
12,588
|
|
10,155
|
|
Prepaid
expenses
|
7,017
|
|
7,519
|
|
Derivative
assets
|
182
|
|
19
|
|
Other
assets
|
17,116
|
|
4,303
|
|
Due from Ashford
Prime, net
|
896
|
|
13,042
|
|
Due from
affiliates
|
3,473
|
|
1,302
|
|
Due from third-party
hotel managers
|
12,241
|
|
33,728
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
2,781,080
|
|
$
2,677,002
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
1,954,103
|
|
$
1,818,929
|
|
Capital leases
payable
|
-
|
|
28
|
|
Accounts payable and
accrued expenses
|
71,118
|
|
70,683
|
|
Dividends
payable
|
21,889
|
|
20,735
|
|
Unfavorable
management contract liabilities
|
5,330
|
|
7,306
|
|
Due to Ashford Inc.,
net
|
8,202
|
|
-
|
|
Due to related party,
net
|
1,867
|
|
270
|
|
Due to third-party
hotel managers
|
1,640
|
|
958
|
|
Liabilities
associated with marketable securities and other
|
6,201
|
|
3,764
|
|
Other
liabilities
|
1,233
|
|
1,286
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,071,583
|
|
1,923,959
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
177,064
|
|
134,206
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
December 31, 2014 and
December 31, 2013, respectively
|
17
|
|
17
|
|
|
|
Series D Cumulative
Preferred Stock, 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2014 and
December 31, 2013, respectively
|
95
|
|
95
|
|
|
|
Series E Cumulative
Preferred Stock, 4,630,000 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2014 and
December 31, 2013, respectively
|
46
|
|
46
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued, 89,439,624
and 80,565,563 shares outstanding at December 31, 2014 and 2013,
respectively
|
1,249
|
|
1,249
|
|
|
Additional paid-in
capital
|
1,706,274
|
|
1,652,743
|
|
|
Accumulated other
comprehensive loss
|
-
|
|
(197)
|
|
|
Accumulated
deficit
|
(1,050,323)
|
|
(896,110)
|
|
|
Treasury stock, at
cost, 35,457,141 shares and 44,331,202 shares,
respectively
|
(125,725)
|
|
(140,054)
|
|
|
|
Total stockholders'
equity of the Company
|
531,633
|
|
617,789
|
|
Noncontrolling
interests in consolidated entities
|
800
|
|
1,048
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
532,433
|
|
618,837
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
2,781,080
|
|
$
2,677,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$ 150,898
|
|
$ 162,393
|
|
$ 640,325
|
|
$ 746,576
|
|
Food and
beverage
|
30,180
|
|
36,274
|
|
112,701
|
|
153,602
|
|
Other
|
6,904
|
|
9,297
|
|
26,958
|
|
37,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
187,982
|
|
207,964
|
|
779,984
|
|
937,954
|
|
Advisory services
revenue
|
1,458
|
|
1,047
|
|
10,724
|
|
1,047
|
|
Other
|
928
|
|
134
|
|
4,141
|
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
190,368
|
|
209,145
|
|
794,849
|
|
939,527
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
Rooms
|
35,599
|
|
38,549
|
|
143,751
|
|
170,393
|
|
|
Food and
beverage
|
20,323
|
|
23,885
|
|
77,653
|
|
104,536
|
|
|
Other
expenses
|
59,816
|
|
65,662
|
|
254,495
|
|
280,801
|
|
|
Management
fees
|
7,507
|
|
8,439
|
|
31,125
|
|
38,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
123,245
|
|
136,535
|
|
507,024
|
|
594,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes,
insurance and other
|
9,541
|
|
10,659
|
|
38,499
|
|
46,945
|
|
Depreciation and
amortization
|
29,631
|
|
29,815
|
|
110,653
|
|
127,684
|
|
Impairment
charges
|
(105)
|
|
(100)
|
|
(415)
|
|
(396)
|
|
Gain on insurance
settlements
|
(5)
|
|
(270)
|
|
(5)
|
|
(270)
|
|
Transaction
costs
|
9
|
|
28
|
|
625
|
|
1,324
|
|
Advisory service
fee:
|
|
|
|
|
|
|
|
|
|
Base advisory
fee
|
3,999
|
|
-
|
|
3,999
|
|
-
|
|
|
Advisory service fee
- other services
|
534
|
|
-
|
|
534
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
2,191
|
|
8,490
|
|
19,155
|
|
25,539
|
|
|
Other general and
administrative
|
7,762
|
|
1,651
|
|
38,088
|
|
27,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
176,802
|
|
186,808
|
|
718,157
|
|
822,630
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
13,566
|
|
22,337
|
|
76,692
|
|
116,897
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(4,299)
|
|
(8,778)
|
|
2,495
|
|
(23,404)
|
|
Interest
income
|
17
|
|
10
|
|
62
|
|
71
|
|
Other income
(loss)
|
732
|
|
(796)
|
|
6,573
|
|
5,650
|
|
Interest
expense
|
(27,250)
|
|
(31,269)
|
|
(107,300)
|
|
(133,192)
|
|
Amortization of loan
costs
|
(1,689)
|
|
(2,017)
|
|
(7,202)
|
|
(7,673)
|
|
Write-off of loan
costs and exit fees
|
-
|
|
(127)
|
|
(10,353)
|
|
(2,098)
|
|
Unrealized gain
(loss) on marketable securities
|
3,486
|
|
3,076
|
|
(332)
|
|
5,115
|
|
Unrealized loss on
derivatives
|
(420)
|
|
(1,138)
|
|
(1,100)
|
|
(8,315)
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(15,857)
|
|
(18,702)
|
|
(40,465)
|
|
(46,949)
|
|
Income tax (expense)
benefit
|
(446)
|
|
177
|
|
(1,266)
|
|
(1,511)
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
CONTINUING OPERATIONS
|
(16,303)
|
|
(18,525)
|
|
(41,731)
|
|
(48,460)
|
|
Income (loss) from
discontinued operations
|
(55)
|
|
(76)
|
|
33
|
|
(98)
|
|
Gain on sale of hotel
properties, net of tax
|
-
|
|
-
|
|
3,491
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
(16,358)
|
|
(18,601)
|
|
(38,207)
|
|
(48,558)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
260
|
|
(1,798)
|
|
406
|
|
(908)
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
2,166
|
|
3,031
|
|
6,400
|
|
8,183
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO THE COMPANY
|
(13,932)
|
|
(17,368)
|
|
(31,401)
|
|
(41,283)
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,962)
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ (22,423)
|
|
$ (25,859)
|
|
$ (65,363)
|
|
$ (75,245)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common stockholders
|
$ (0.25)
|
|
$ (0.32)
|
|
$ (0.75)
|
|
$ (1.00)
|
|
|
Income (loss) from
discontinued operations attributable to common
stockholders
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
$ (0.25)
|
|
$ (0.32)
|
|
$ (0.75)
|
|
$ (1.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
89,589
|
|
81,383
|
|
87,622
|
|
75,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common stockholders
|
$ (0.25)
|
|
$ (0.32)
|
|
$ (0.75)
|
|
$ (1.00)
|
|
|
Income (loss) from
discontinued operations attributable to common
stockholders
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
$ (0.25)
|
|
$ (0.32)
|
|
$ (0.75)
|
|
$ (1.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – diluted
|
89,589
|
|
81,383
|
|
87,622
|
|
75,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
$
0.12
|
|
$
0.12
|
|
$
0.48
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
Net loss attributable
to the Company
|
$ (13,884)
|
|
$ (17,302)
|
|
$ (31,430)
|
|
$ (41,197)
|
|
Income (loss) from
discontinued operations, net of tax
|
(48)
|
|
(66)
|
|
29
|
|
(86)
|
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,962)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common stockholders
|
$ (22,423)
|
|
$ (25,859)
|
|
$ (65,363)
|
|
$ (75,245)
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET LOSS TO EBITDA AND
ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$ (16,358)
|
|
$ (18,601)
|
|
$ (38,207)
|
|
$ (48,558)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
260
|
|
(1,798)
|
|
406
|
|
(908)
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,166
|
|
3,031
|
|
6,400
|
|
8,183
|
Net loss
attributable to the Company
|
(13,932)
|
|
(17,368)
|
|
(31,401)
|
|
(41,283)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(18)
|
|
(10)
|
|
(63)
|
|
(70)
|
|
Interest
expense and amortization of loan costs
|
28,908
|
|
33,161
|
|
114,709
|
|
139,782
|
|
Depreciation
and amortization
|
29,626
|
|
29,424
|
|
110,770
|
|
125,041
|
|
Income tax
expense (benefit)
|
446
|
|
(177)
|
|
1,278
|
|
1,511
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,166)
|
|
(3,031)
|
|
(6,400)
|
|
(8,183)
|
|
Equity in
(earnings) loss of unconsolidated entities
|
4,299
|
|
8,778
|
|
(2,495)
|
|
23,404
|
|
Company's
portion of EBITDA of Ashford Inc.
|
(3,016)
|
|
-
|
|
(3,016)
|
|
-
|
|
Company's
portion of EBITDA of Ashford Prime
|
2,494
|
|
(2,577)
|
|
11,643
|
|
(2,577)
|
|
Company's
portion of EBITDA of Highland JV
|
21,803
|
|
17,625
|
|
95,444
|
|
76,901
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
68,444
|
|
65,825
|
|
290,469
|
|
314,526
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
unfavorable management contract liabilities
|
(494)
|
|
(515)
|
|
(1,975)
|
|
(2,245)
|
|
Impairment
charges
|
(105)
|
|
(100)
|
|
(415)
|
|
(396)
|
|
Gain on sale of
hotel property
|
-
|
|
-
|
|
(3,503)
|
|
-
|
|
Non-cash gain
on insurance settlements
|
(5)
|
|
(270)
|
|
(5)
|
|
(270)
|
|
Write-off of
loan costs and exit fees
|
-
|
|
127
|
|
10,353
|
|
2,098
|
|
Other income
(1)
|
(732)
|
|
796
|
|
(6,573)
|
|
(5,650)
|
|
Transaction,
acquisition and management conversion costs
|
9
|
|
31
|
|
625
|
|
1,657
|
|
Transaction
costs related to spin-offs
|
1,674
|
|
(4,894)
|
|
4,231
|
|
1,548
|
|
Software
implementation costs
|
45
|
|
-
|
|
320
|
|
-
|
|
Legal
judgment
|
424
|
|
-
|
|
11,907
|
|
-
|
|
Unrealized
(gain) loss on marketable securities
|
(3,486)
|
|
(3,076)
|
|
332
|
|
(5,115)
|
|
Unrealized loss
on derivatives
|
420
|
|
1,138
|
|
1,100
|
|
8,315
|
|
Modification of
rent terms
|
-
|
|
539
|
|
-
|
|
539
|
|
Compensation
adjustment related to modified employment terms
|
-
|
|
-
|
|
2,997
|
|
-
|
|
Non-cash
stock/unit-based compensation
|
2,191
|
|
8,490
|
|
16,918
|
|
25,539
|
|
Company's
portion of adjustments to EBITDA of Ashford Inc.
|
3,427
|
|
-
|
|
3,427
|
|
-
|
|
Company's
portion of adjustments to EBITDA of Ashford Prime
|
80
|
|
2,781
|
|
634
|
|
2,781
|
|
Company's
portion of adjustments to EBITDA of Highland JV
|
(156)
|
|
296
|
|
(669)
|
|
4,442
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 71,736
|
|
$ 71,168
|
|
$ 330,173
|
|
$ 347,769
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other income,
primarily consisting of income from interest rate derivatives and
net realized gain/loss on marketable securities in both periods, is
excluded from Adjusted EBITDA.
|
|
|
|
|
|
RECONCILIATION OF NET LOSS TO FUNDS FROM
OPERATIONS ("FFO") AND ADJUSTED FFO
|
(in
thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$ (16,358)
|
|
$ (18,601)
|
|
$ (38,207)
|
|
$ (48,558)
|
(Income) loss
from consolidated entities attributable to noncontrolling
interests
|
260
|
|
(1,798)
|
|
406
|
|
(908)
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,166
|
|
3,031
|
|
6,400
|
|
8,183
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,962)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common stockholders
|
(22,423)
|
|
(25,859)
|
|
(65,363)
|
|
(75,245)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization on real estate
|
29,579
|
|
29,308
|
|
110,465
|
|
124,611
|
|
Gain on sale of
hotel property
|
-
|
|
-
|
|
(3,503)
|
|
-
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,166)
|
|
(3,031)
|
|
(6,400)
|
|
(8,183)
|
|
Equity in
(earnings) loss of unconsolidated entities
|
4,299
|
|
8,778
|
|
(2,495)
|
|
23,404
|
|
Company's
portion of FFO of Ashford Inc.
|
(3,252)
|
|
-
|
|
(3,252)
|
|
-
|
|
Company's
portion of FFO of Ashford Prime
|
1,033
|
|
(3,339)
|
|
5,897
|
|
(3,339)
|
|
Company's
portion of FFO of Highland JV
|
10,310
|
|
7,031
|
|
49,748
|
|
34,275
|
|
|
|
|
|
|
|
|
|
|
FFO
available to common stockholders
|
17,380
|
|
12,888
|
|
85,097
|
|
95,523
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of
loan costs and exit fees
|
-
|
|
127
|
|
10,353
|
|
2,098
|
|
Impairment
charges
|
(105)
|
|
(100)
|
|
(415)
|
|
(396)
|
|
Non-cash gain
on insurance settlements
|
(5)
|
|
(270)
|
|
(5)
|
|
(270)
|
|
Other income
(1)
|
(732)
|
|
796
|
|
(6,573)
|
|
565
|
|
Legal
judgment
|
424
|
|
-
|
|
11,907
|
|
-
|
|
Transaction,
acquisition and management conversion costs
|
9
|
|
31
|
|
625
|
|
1,657
|
|
Transaction
costs related to spin-offs
|
1,674
|
|
(4,894)
|
|
4,231
|
|
1,548
|
|
Unrealized
(gain) loss on marketable securities
|
(3,486)
|
|
(3,076)
|
|
332
|
|
(5,115)
|
|
Unrealized loss
on derivatives
|
420
|
|
1,138
|
|
1,100
|
|
8,315
|
|
Software
implementation costs
|
45
|
|
-
|
|
320
|
|
-
|
|
Modification of
rent terms
|
-
|
|
539
|
|
-
|
|
539
|
|
Compensation
adjustment related modified employment terms
|
-
|
|
-
|
|
2,997
|
|
-
|
|
Equity-based
compensation adjustment related to modified employment
terms
|
-
|
|
-
|
|
-
|
|
4,678
|
|
Equity-based
compensation adjustment related to spin-off deferred
compensation
|
-
|
|
4,313
|
|
-
|
|
4,313
|
|
Company's
portion of adjustments to FFO of Ashford Inc.
|
2,558
|
|
-
|
|
2,558
|
|
-
|
|
Company's
portion of adjustments to FFO of Ashford Prime
|
4
|
|
2,716
|
|
398
|
|
2,716
|
|
Company's
portion of adjustments to FFO of Highland JV
|
(156)
|
|
-
|
|
(669)
|
|
24
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders
|
$ 18,030
|
|
$ 14,208
|
|
$ 112,256
|
|
$ 116,195
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
per diluted share available to common stockholders
|
$
0.17
|
|
$
0.14
|
|
$
1.05
|
|
$
1.24
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
108,562
|
|
100,497
|
|
107,243
|
|
93,982
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other income,
primarily consisting of net realized gain/loss on marketable
securities in both periods, is excluded from Adjusted
FFO.
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY
PORTFOLIO)
|
SUMMARY OF
INDEBTEDNESS
|
DECEMBER 31,
2014
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-Rate
Debt
|
|
Floating-Rate
Debt
|
|
Total
Debt
|
|
Proforma
TTM
Hotel
EBITDA
|
|
Proforma
TTM
EBITDA
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Senior -
25 hotels
|
|
March 2015
|
|
LIBOR +
3.00%
|
|
$
-
|
|
$
380,222
|
(1)
|
$
380,222
|
|
$
75,598
|
|
19.9%
|
Mezz 1 - 28
hotels
|
|
March 2015
|
|
Greater of 7.00% or
LIBOR + 6.00%
|
|
-
|
|
93,091
|
(1)
|
93,091
|
|
101,677
|
|
16.3%
|
Mezz 2 - 28
hotels
|
|
March 2015
|
|
Greater of 8.00% or
LIBOR + 7.00%
|
|
-
|
|
88,621
|
(1)
|
88,621
|
|
101,677
|
|
14.3%
|
Mezz 3 - 28
hotels
|
|
March 2015
|
|
Greater of 10.50% or
LIBOR + 9.50%
|
|
-
|
|
75,961
|
(1)
|
75,961
|
|
101,677
|
|
12.9%
|
Mezz 4 - 28
hotels
|
|
March 2015
|
|
LIBOR +
2.00%
|
|
-
|
|
13,218
|
(1)
|
13,218
|
|
101,677
|
|
12.7%
|
Merrill 1 - 10
hotels
|
|
July 2015
|
|
5.22%
|
|
145,278
|
(6)
|
-
|
|
145,278
|
|
23,331
|
|
16.1%
|
Goldman Sachs -
5 hotels
|
|
November
2015
|
|
Greater of 6.40% or
LIBOR + 6.15%
|
|
-
|
|
211,000
|
(2) (6)
|
211,000
|
|
28,236
|
|
13.4%
|
UBS 2 - 8
hotels
|
|
December
2015
|
|
5.70%
|
|
92,772
|
|
-
|
|
92,772
|
|
13,162
|
|
14.2%
|
Merrill 2 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
105,164
|
|
-
|
|
105,164
|
|
18,809
|
|
17.9%
|
Merrill 7 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
75,546
|
|
-
|
|
75,546
|
|
13,241
|
|
17.5%
|
Morgan Stanley
MIP - 5 hotels
|
|
February
2016
|
|
LIBOR +
4.75%
|
|
-
|
|
200,000
|
(3)
|
200,000
|
|
20,925
|
|
10.5%
|
Morgan Stanley
Pool A - 7 hotels
|
|
August
2016
|
|
LIBOR +
4.35%
|
|
-
|
|
301,000
|
(4)
|
301,000
|
|
30,759
|
|
10.2%
|
Morgan Stanley
Pool B - 5 hotels
|
|
August
2016
|
|
LIBOR +
4.38%
|
|
-
|
|
62,900
|
(4)
|
62,900
|
|
6,823
|
|
10.8%
|
JPM Chase - 1
hotel
|
|
August
2016
|
|
LIBOR +
4.20%
|
|
-
|
|
37,500
|
(4)
|
37,500
|
|
4,869
|
|
13.0%
|
Wachovia 1 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
111,869
|
|
-
|
|
111,869
|
|
14,876
|
|
13.3%
|
Wachovia 2 - 7
hotels
|
|
April 2017
|
|
5.95%
|
|
122,384
|
|
-
|
|
122,384
|
|
14,656
|
|
12.0%
|
Wachovia 5 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
100,552
|
|
-
|
|
100,552
|
|
12,665
|
|
12.6%
|
Wachovia 6 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
153,002
|
|
-
|
|
153,002
|
|
17,187
|
|
11.2%
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
71,593
|
|
-
|
|
71,593
|
|
10,296
|
|
14.4%
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
78,187
|
|
-
|
|
78,187
|
|
15,782
|
|
20.2%
|
Omni American
Bank - 1 hotel
|
|
July 2019
|
|
LIBOR + 3.75%
(5)
|
|
-
|
|
5,525
|
|
5,525
|
|
772
|
|
14.0%
|
GACC Gateway -
1 hotel
|
|
November
2020
|
|
6.26%
|
|
99,780
|
|
-
|
|
99,780
|
|
15,287
|
|
15.3%
|
GACC
Jacksonville RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,673
|
|
-
|
|
10,673
|
|
1,468
|
|
13.8%
|
GACC Manchester
RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
7,313
|
|
-
|
|
7,313
|
|
1,090
|
|
14.9%
|
Key Bank
Manchester CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,845
|
|
-
|
|
6,845
|
|
912
|
|
13.3%
|
Morgan Stanley
Pool C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
67,520
|
|
-
|
|
67,520
|
|
8,138
|
|
12.1%
|
Morgan Stanley
Pool C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,500
|
|
-
|
|
12,500
|
|
1,829
|
|
14.6%
|
Morgan Stanley
Pool C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,980
|
|
-
|
|
24,980
|
|
3,072
|
|
12.3%
|
Unencumbered
hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
729
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$ 1,285,958
|
|
$
1,469,038
|
|
$
2,754,996
|
|
$
354,513
|
|
12.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
46.7%
|
|
53.3%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.55%
|
|
5.15%
|
|
5.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse.
|
|
|
|
|
|
|
|
|
|
|
|
(1)Each of
these loans has a one-year extension option beginning March
2015.
|
|
|
|
|
|
|
|
(2)This
mortgage loan has three one-year extension options beginning
November 2014, subject to satisfaction of certain conditions. The
first extension period began November 2014.
|
(3)This
mortgage loan has three one-year extension options beginning
February 2016, subject to satisfaction of certain
conditions.
|
|
|
|
|
(4) This
mortgage loan has three one-year extension options beginning August
2016, subject to satisfaction of certain conditions.
|
|
|
|
|
(5) The
interest rate on this mortgage loan which closed in July 2014
changes to a 4% fixed rate after 18 months.
|
|
|
|
|
|
(6) The
Merrill 1 and Goldman Sachs loans were refinanced in January 2015
with a $376.8 million mortgage loan due January 2017 with a rate of
LIBOR + 4.95% and a $100.6 million mortgage loan due February 2025
with a fixed rate of 4.45%. The new loans provide for three
one-year extension options subject to the satisfaction of certain
conditions.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY
PORTFOLIO)
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
DECEMBER 31,
2014
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrill 1 - 10
hotels
|
|
$ 142,922
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
142,922
|
UBS 2 - 8
hotels
|
|
|
90,680
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
90,680
|
Merrill 2 - 5
hotels
|
|
-
|
|
101,741
|
|
-
|
|
-
|
|
-
|
|
-
|
|
101,741
|
Merrill 7 - 5
hotels
|
|
-
|
|
73,086
|
|
-
|
|
-
|
|
-
|
|
-
|
|
73,086
|
Wells Senior -
25 hotels
|
|
-
|
|
380,222
|
|
-
|
|
-
|
|
-
|
|
-
|
|
380,222
|
Mezz 1 - 28
hotels
|
|
-
|
|
93,091
|
|
-
|
|
-
|
|
-
|
|
-
|
|
93,091
|
Mezz 2 - 28
hotels
|
|
-
|
|
88,621
|
|
-
|
|
-
|
|
-
|
|
-
|
|
88,621
|
Mezz 3 - 28
hotels
|
|
-
|
|
75,961
|
|
-
|
|
-
|
|
-
|
|
-
|
|
75,961
|
Mezz 4 - 28
hotels
|
|
-
|
|
13,218
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,218
|
Wachovia 1 - 5
hotels
|
|
-
|
|
-
|
|
107,351
|
|
-
|
|
-
|
|
-
|
|
107,351
|
Wachovia 2 - 7
hotels
|
|
-
|
|
-
|
|
117,441
|
|
-
|
|
-
|
|
-
|
|
117,441
|
Wachovia 5 - 5
hotels
|
|
-
|
|
-
|
|
96,491
|
|
-
|
|
-
|
|
-
|
|
96,491
|
Wachovia 6 - 5
hotels
|
|
-
|
|
-
|
|
146,823
|
|
-
|
|
-
|
|
-
|
|
146,823
|
Goldman Sachs -
5 hotels
|
|
-
|
|
-
|
|
211,000
|
|
-
|
|
-
|
|
-
|
|
211,000
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
-
|
|
-
|
|
-
|
|
67,358
|
|
-
|
|
-
|
|
67,358
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
-
|
|
-
|
|
-
|
|
73,703
|
|
-
|
|
-
|
|
73,703
|
Omni American
Bank - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,168
|
|
-
|
|
5,168
|
Morgan Stanley
MIP - 5 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
200,000
|
|
-
|
|
200,000
|
Morgan Stanley
Pool A - 7 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
301,000
|
|
-
|
|
301,000
|
Morgan Stanley
Pool B - 5 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
62,900
|
|
-
|
|
62,900
|
GACC Gateway -
1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
89,886
|
|
89,886
|
GACC
Jacksonville RI - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,036
|
|
9,036
|
GACC Manchester
RI - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,191
|
|
6,191
|
Key Bank
Manchester CY - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,671
|
|
5,671
|
Morgan Stanley
Pool C - 8 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
90,889
|
|
90,889
|
JPM Chase - 1
hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
37,500
|
|
37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due
in future periods
|
|
$ 233,602
|
|
$ 825,940
|
|
$ 679,106
|
|
$ 141,061
|
|
$ 569,068
|
|
$ 239,173
|
|
$ 2,687,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
19,834
|
|
13,985
|
|
12,752
|
|
3,854
|
|
4,041
|
|
12,580
|
|
67,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness
|
|
$ 253,436
|
|
$ 839,925
|
|
$ 691,858
|
|
$ 144,915
|
|
$ 573,109
|
|
$ 251,753
|
|
$ 2,754,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES (INCLUDING 71.74% PRO RATA
SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)
|
KEY PERFORMANCE
INDICATORS - PRO FORMA
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
%
Variance
|
|
2014
|
|
2013
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN ASHFORD TRUST PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$ 206,585
|
|
$ 185,594
|
|
11.31%
|
|
$ 884,922
|
|
$ 807,970
|
|
9.52%
|
|
|
RevPAR
|
$
97.61
|
|
$
87.70
|
|
11.30%
|
|
$ 105.39
|
|
$
95.94
|
|
9.85%
|
|
|
Occupancy
|
71.25%
|
|
68.16%
|
|
4.53%
|
|
75.71%
|
|
72.49%
|
|
4.44%
|
|
|
ADR
|
$ 137.00
|
|
$ 128.67
|
|
6.47%
|
|
$ 139.20
|
|
$ 132.35
|
|
5.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 87 hotel properties included in the Company's
operations and the 28 hotel properties included in the
Highland Hospitality Portfolio
(PIM Highland Holding LLC) were owned as of the beginning of each
of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION INCLUDED
|
|
|
|
|
|
|
|
|
|
|
|
|
IN ASHFORD TRUST
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$ 181,232
|
|
$ 160,983
|
|
12.58%
|
|
$ 771,021
|
|
$ 701,800
|
|
9.86%
|
|
|
RevPAR
|
$
97.95
|
|
$
87.01
|
|
12.57%
|
|
$ 105.03
|
|
$
95.32
|
|
10.19%
|
|
|
Occupancy
|
71.99%
|
|
68.12%
|
|
5.68%
|
|
75.99%
|
|
72.46%
|
|
4.87%
|
|
|
ADR
|
$ 136.06
|
|
$ 127.72
|
|
6.53%
|
|
$ 138.23
|
|
$ 131.55
|
|
5.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 79 hotel properties included in the Company's
operations and the 24 hotel properties included in the Highland Hospitality Portfolio (PIM
Highland Holding LLC) at December 31, 2014, but not under
renovation for the three months ended
December 31, 2014, were owned as of the beginning of each of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Crowne Plaza Beverly Hills, Residence Inn Phoenix
Airport, SpringHill Suites Orlando LBV, Hilton Tampa, Courtyard
Newark/Silicon Valley, Embassy Suites Flagstaff, Hilton
Minneapolis, Hilton Parsippany, Hyatt Regency Savannah, Marriott
Bridgewater, Sheraton Bucks County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 pro forma tables
reflect an extra 3 days in
Marriott-managed properties for the year ended December 31,
2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
PRO FORMA HOTEL
OPERATING PROFIT MARGIN
|
(unaudited)
|
|
|
THE FOLLOWING PRO
FORMA EBITDA MARGIN TABLE REFLECTS THE 87 HOTELS INCLUDED IN THE
COMPANY'S OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS INCLUDED IN THE HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC), AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE
FIRST COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115
Trust
|
|
|
|
|
Properties
|
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
4th Quarter
2014
|
29.86%
|
|
|
4th Quarter
2013
|
27.92%
|
|
|
|
Variance
|
1.94%
|
|
|
|
|
|
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
Rooms
|
0.18%
|
|
|
Food & Beverage
and Other Departmental
|
0.89%
|
|
|
Administrative &
General
|
-0.17%
|
|
|
Sales &
Marketing
|
0.28%
|
|
|
Hospitality
|
0.00%
|
|
|
Repair &
Maintenance
|
0.39%
|
|
|
Energy
|
0.20%
|
|
|
Franchise
Fee
|
-0.03%
|
|
|
Management
Fee
|
0.00%
|
|
|
Incentive Management
Fee
|
-0.11%
|
|
|
Insurance
|
-0.12%
|
|
|
Property
Taxes
|
0.06%
|
|
|
Other
Taxes
|
0.21%
|
|
|
Leases/Other
|
0.16%
|
|
|
|
Total
|
1.94%
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES (INCLUDING 71.74% PRO RATA
SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)
|
PRO FORMA
HOTEL OPERATING PROFIT
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN ASHFORD TRUST PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
%
Variance
|
|
2014
|
|
2013
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 206,585
|
|
$
185,594
|
|
11.3%
|
|
$ 884,922
|
|
$
807,970
|
|
9.5%
|
|
Food and
beverage
|
51,481
|
|
48,254
|
|
6.7%
|
|
194,920
|
|
186,503
|
|
4.5%
|
|
Other
|
9,549
|
|
9,630
|
|
-0.8%
|
|
37,897
|
|
37,367
|
|
1.4%
|
|
|
Total hotel
revenue
|
267,615
|
|
243,478
|
|
9.9%
|
|
1,117,739
|
|
1,031,840
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
48,247
|
|
44,347
|
|
8.8%
|
|
197,257
|
|
184,466
|
|
6.9%
|
|
Food and
beverage
|
33,584
|
|
32,158
|
|
4.4%
|
|
131,568
|
|
127,264
|
|
3.4%
|
|
Other
direct
|
4,704
|
|
4,837
|
|
-2.7%
|
|
19,685
|
|
19,889
|
|
-1.0%
|
|
Indirect
|
75,691
|
|
70,870
|
|
6.8%
|
|
308,120
|
|
290,692
|
|
6.0%
|
|
Management
fees, includes base and incentive fees
|
11,744
|
|
10,433
|
|
12.6%
|
|
51,217
|
|
43,982
|
|
16.4%
|
|
|
Total hotel
operating expenses
|
173,970
|
|
162,645
|
|
7.0%
|
|
707,847
|
|
666,293
|
|
6.2%
|
|
Property taxes,
insurance and other
|
13,729
|
|
12,863
|
|
6.7%
|
|
55,379
|
|
52,781
|
|
4.9%
|
HOTEL OPERATING
PROFIT (Hotel EBITDA)
|
79,916
|
|
67,970
|
|
17.6%
|
|
354,513
|
|
312,766
|
|
13.3%
|
|
|
Hotel EBITDA
Margin
|
29.86%
|
|
27.92%
|
|
1.94%
|
|
31.72%
|
|
30.31%
|
|
1.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
74
|
|
73
|
|
1.4%
|
|
300
|
|
265
|
|
13.2%
|
HOTEL OPERATING
PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
79,842
|
|
$
67,897
|
|
17.6%
|
|
$ 354,213
|
|
$
312,501
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 87 hotel properties included in the Company's
operations and the 28 hotel properties included in the Highland
Hospitality Portfolio (PIM Highland
Holding LLC) were owned as of the beginning of each 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 pro forma tables
reflects an extra 3 days in
Marriott-managed properties for the year ended December 31,
2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN ASHFORD TRUST PORTFOLIO NOT UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
%
Variance
|
|
2014
|
|
2013
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 181,232
|
|
$
160,983
|
|
12.6%
|
|
$ 771,021
|
|
$
701,800
|
|
9.9%
|
|
Food and
beverage
|
44,135
|
|
41,170
|
|
7.2%
|
|
165,319
|
|
157,881
|
|
4.7%
|
|
Other
|
8,267
|
|
8,326
|
|
-0.7%
|
|
32,869
|
|
32,741
|
|
0.4%
|
|
|
Total hotel
revenue
|
233,634
|
|
210,479
|
|
11.0%
|
|
969,209
|
|
892,422
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
42,202
|
|
38,655
|
|
9.2%
|
|
171,840
|
|
160,633
|
|
7.0%
|
|
Food and
beverage
|
28,764
|
|
27,411
|
|
4.9%
|
|
111,998
|
|
108,322
|
|
3.4%
|
|
Other
direct
|
4,292
|
|
4,428
|
|
-3.1%
|
|
17,965
|
|
18,280
|
|
-1.7%
|
|
Indirect
|
66,092
|
|
61,511
|
|
7.4%
|
|
268,050
|
|
252,691
|
|
6.1%
|
|
Management
fees, includes base and incentive fees
|
10,603
|
|
9,098
|
|
16.5%
|
|
44,808
|
|
38,143
|
|
17.5%
|
|
|
Total hotel
operating expenses
|
151,953
|
|
141,103
|
|
7.7%
|
|
614,661
|
|
578,069
|
|
6.3%
|
|
Property taxes,
insurance and other
|
11,840
|
|
11,007
|
|
7.6%
|
|
48,058
|
|
45,949
|
|
4.6%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
69,841
|
|
58,369
|
|
19.7%
|
|
306,490
|
|
268,404
|
|
14.2%
|
|
|
Hotel EBITDA
Margin
|
29.89%
|
|
27.73%
|
|
2.17%
|
|
31.62%
|
|
30.08%
|
|
1.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
74
|
|
73
|
|
1.4%
|
|
300
|
|
265
|
|
13.2%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
69,767
|
|
$
58,296
|
|
19.7%
|
|
$ 306,190
|
|
$
268,139
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 79 hotel properties included in the Company's
operations and the 24 hotel properties included in the Highland Hospitality Portfolio
(PIM Highland Holding LLC) at December 31, 2014, but not
under renovation for the three months ended December 31, 2014, were owned as of the
beginning of each of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Crowne Plaza Beverly Hills, Residence Inn Phoenix
Airport, SpringHill Suites Orlando LBV, Hilton Tampa, Courtyard
Newark/Silicon Valley, Embassy Suites Flagstaff, Hilton
Minneapolis, Hilton Parsippany, Hyatt Regency Savannah, Marriott
Bridgewater, Sheraton Bucks County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 pro forma tables
reflect an extra 3 days in
Marriott-managed properties for the year ended December 31,
2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
%
Variance
|
|
2014
|
|
2013
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
56,986
|
|
$ 50,626
|
|
12.6%
|
|
$ 243,585
|
|
$ 219,457
|
|
11.0%
|
|
Food and
beverage
|
21,325
|
|
19,551
|
|
9.1%
|
|
79,490
|
|
75,536
|
|
5.2%
|
|
Other
|
2,772
|
|
2,918
|
|
-5.0%
|
|
11,425
|
|
10,895
|
|
4.9%
|
|
|
Total hotel
revenue
|
81,083
|
|
73,095
|
|
10.9%
|
|
334,500
|
|
305,888
|
|
9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
13,088
|
|
11,507
|
|
13.7%
|
|
52,962
|
|
48,730
|
|
8.7%
|
|
Food and
beverage
|
13,277
|
|
12,562
|
|
5.7%
|
|
51,379
|
|
49,859
|
|
3.0%
|
|
Other
direct
|
986
|
|
1,183
|
|
-16.7%
|
|
4,508
|
|
4,937
|
|
-8.7%
|
|
Indirect
|
22,859
|
|
21,451
|
|
6.6%
|
|
92,925
|
|
86,920
|
|
6.9%
|
|
Management
fees, includes base and incentive fees
|
3,299
|
|
2,792
|
|
18.2%
|
|
14,020
|
|
11,326
|
|
23.8%
|
|
|
Total hotel
operating expenses
|
53,509
|
|
49,495
|
|
8.1%
|
|
215,794
|
|
201,772
|
|
6.9%
|
|
Property taxes,
insurance and other
|
4,184
|
|
4,029
|
|
3.8%
|
|
17,029
|
|
16,399
|
|
3.8%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
23,390
|
|
$ 19,571
|
|
19.5%
|
|
$ 101,677
|
|
$ 87,717
|
|
15.9%
|
|
|
Hotel EBITDA
Margin
|
28.85%
|
|
26.77%
|
|
2.07%
|
|
30.40%
|
|
28.68%
|
|
1.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 28 hotel properties included in the Highland
Hospitality Portfolio (PIM Highland Holding LLC) at December 31,
2014, were owned as of the beginning of each 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 pro forma tables
reflects an extra 3 days in
Marriott-managed properties for the year ended December 31,
2013.
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
PRO FORMA HOTEL
REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING PRO
FORMA SEASONALITY TABLE REFLECTS THE 87 HOTELS INCLUDED
IN
|
THE
COMPANY'S OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS
|
INCLUDED IN THE
HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING
LLC)
|
AS IF THESE HOTELS
WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING
PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
2014
|
2014
|
2014
|
|
|
|
|
|
4th
Quarter
|
3rd
Quarter
|
2nd
Quarter
|
1st
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
Ashford Trust
Portfolio
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
267,615
|
$
283,086
|
$
297,878
|
$
269,160
|
|
$ 1,117,739
|
Hotel
EBITDA
|
$
79,916
|
$
88,838
|
$
102,139
|
$
83,620
|
|
$ 354,513
|
Hotel EBITDA
Margin
|
29.9%
|
31.38%
|
34.29%
|
31.07%
|
|
31.72%
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
22.5%
|
25.1%
|
28.8%
|
23.6%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
74
|
$
105
|
$
83
|
$
38
|
|
$
300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% of PIM
Highland Holding LLC Portfolio (included in Ashford Trust
above)
|
|
|
|
Total Hotel
Revenue
|
$
81,083
|
$
85,058
|
$
90,417
|
$
77,942
|
|
$ 334,500
|
Hotel
EBITDA
|
$
23,390
|
$
26,217
|
$
30,539
|
$
21,531
|
|
$ 101,677
|
Hotel EBITDA
Margin
|
28.85%
|
30.82%
|
33.78%
|
27.62%
|
|
30.40%
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
23.0%
|
25.8%
|
30.0%
|
21.2%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
INCLUDING 71.74%
PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC)
|
PRO FORMA HOTEL
REVPAR BY MARKET
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
December
31,
|
|
December
31,
|
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2014
|
2013
|
%
Change
|
|
2014
|
|
2013
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,428
|
|
$ 89.97
|
$ 78.76
|
14.2%
|
|
$ 95.77
|
|
$
85.62
|
11.8%
|
|
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
$ 178.94
|
$ 155.25
|
15.3%
|
|
$ 181.37
|
|
$
161.39
|
12.4%
|
|
|
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,379
|
|
$ 95.22
|
$ 91.26
|
4.3%
|
|
$ 99.82
|
|
$
91.42
|
9.2%
|
|
|
|
Houston, TX
Area
|
|
3
|
|
607
|
|
$ 109.58
|
$ 101.59
|
7.9%
|
|
$ 112.03
|
|
$
107.29
|
4.4%
|
|
|
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,783
|
|
$ 90.02
|
$ 82.72
|
8.8%
|
|
$ 103.40
|
|
$
92.71
|
11.5%
|
|
|
|
Miami, FL Metro
Area
|
|
3
|
|
584
|
|
$ 117.79
|
$ 105.47
|
11.7%
|
|
$ 120.26
|
|
$
108.93
|
10.4%
|
|
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
520
|
|
$ 82.59
|
$ 85.26
|
-3.1%
|
|
$ 95.07
|
|
$
91.04
|
4.4%
|
|
|
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,559
|
|
$ 101.55
|
$ 94.91
|
7.0%
|
|
$ 108.44
|
|
$
101.87
|
6.4%
|
|
|
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
$ 82.00
|
$ 73.50
|
11.6%
|
|
$ 83.38
|
|
$
78.12
|
6.7%
|
|
|
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
$ 77.98
|
$ 78.04
|
-0.1%
|
|
$ 90.02
|
|
$
86.00
|
4.7%
|
|
|
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
$ 87.74
|
$ 78.70
|
11.5%
|
|
$ 101.60
|
|
$
91.56
|
11.0%
|
|
|
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
$ 120.46
|
$ 103.22
|
16.7%
|
|
$ 124.02
|
|
$
107.88
|
15.0%
|
|
|
|
Tampa, FL
Area
|
|
3
|
|
582
|
|
$ 83.95
|
$ 73.72
|
13.9%
|
|
$ 94.76
|
|
$
85.66
|
10.6%
|
|
|
|
Washington DC - MD -
VA Area
|
|
10
|
|
2,290
|
|
$ 106.77
|
$ 93.29
|
14.4%
|
|
$ 119.07
|
|
$
110.03
|
8.2%
|
|
|
|
Other
Areas
|
|
44
|
|
7,506
|
|
$ 93.66
|
$ 82.87
|
13.0%
|
|
$ 102.15
|
|
$
92.23
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
115
|
|
23,004
|
|
$ 97.61
|
$ 87.70
|
11.3%
|
|
$ 105.39
|
|
$
95.94
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 87 hotel properties included in the Company's
operations and the 28 hotel properties included in the Highland
Hospitality Portfolio (PIM Highland Holding
LLC) as if these hotels were
owned as of the beginning of each 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 pro forma tables reflects an
extra 3 days in Marriott-managed properties for the year ended
December 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
INCLUDING 71.74%
PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC)
|
PRO FORMA HOTEL
OPERATING PROFIT (HOTEL EBITDA) BY MARKET
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
Region
|
|
Number
of
Hotels
|
|
Number
of
Rooms
|
|
2014
|
%
of
Total
|
2013
|
%
of
Total
|
%
Change
|
|
2014
|
%
of
Total
|
2013
|
% of
Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,428
|
|
$ 3,773
|
4.7%
|
$ 3,496
|
5.1%
|
7.9%
|
|
$
18,059
|
5.1%
|
$
15,253
|
4.9%
|
18.4%
|
Boston, MA
Area
|
|
2
|
|
506
|
|
3,770
|
4.7%
|
3,030
|
4.5%
|
24.4%
|
|
15,457
|
4.4%
|
13,461
|
4.3%
|
14.8%
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,379
|
|
5,004
|
6.3%
|
4,388
|
6.5%
|
14.0%
|
|
20,438
|
5.8%
|
17,944
|
5.7%
|
13.9%
|
Houston, TX
Area
|
|
3
|
|
607
|
|
3,393
|
4.2%
|
3,039
|
4.5%
|
11.6%
|
|
12,172
|
3.4%
|
11,346
|
3.6%
|
7.3%
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,783
|
|
5,477
|
6.9%
|
5,011
|
7.4%
|
9.3%
|
|
27,754
|
7.8%
|
24,013
|
7.7%
|
15.6%
|
Miami, FL Metro
Area
|
|
3
|
|
584
|
|
2,510
|
3.1%
|
2,395
|
3.5%
|
4.8%
|
|
10,411
|
2.9%
|
8,966
|
2.9%
|
16.1%
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
520
|
|
1,913
|
2.4%
|
1,902
|
2.8%
|
0.6%
|
|
8,125
|
2.3%
|
7,870
|
2.5%
|
3.2%
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,559
|
|
6,219
|
7.8%
|
5,827
|
8.6%
|
6.7%
|
|
27,075
|
7.6%
|
25,505
|
8.2%
|
6.2%
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
4,516
|
5.7%
|
3,564
|
5.2%
|
26.7%
|
|
17,911
|
5.1%
|
16,321
|
5.2%
|
9.7%
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
1,382
|
1.7%
|
1,576
|
2.3%
|
-12.3%
|
|
7,051
|
2.0%
|
6,560
|
2.1%
|
7.5%
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
1,160
|
1.5%
|
998
|
1.5%
|
16.2%
|
|
5,634
|
1.6%
|
5,125
|
1.6%
|
9.9%
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
6,230
|
7.8%
|
4,784
|
7.0%
|
30.2%
|
|
24,794
|
7.0%
|
19,887
|
6.4%
|
24.7%
|
Tampa, FL
Area
|
|
3
|
|
582
|
|
1,636
|
2.0%
|
1,401
|
2.1%
|
16.8%
|
|
7,838
|
2.2%
|
7,064
|
2.3%
|
11.0%
|
Washington DC - MD -
VA Area
|
|
10
|
|
2,290
|
|
8,472
|
10.6%
|
6,956
|
10.2%
|
21.8%
|
|
40,018
|
11.3%
|
36,005
|
11.5%
|
11.1%
|
Other
Areas
|
|
44
|
|
7,506
|
|
24,461
|
30.6%
|
19,604
|
28.8%
|
24.8%
|
|
111,776
|
31.5%
|
97,446
|
31.2%
|
14.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
115
|
|
23,004
|
|
$ 79,916
|
100.0%
|
$ 67,970
|
100.0%
|
17.6%
|
|
$
354,513
|
100.0%
|
$
312,766
|
100.0%
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 87 hotel properties included in the Company's
operations and the 28 hotel properties included in the Highland
Hospitality Portfolio (PIM Highland Holding LLC) as if these
hotels were owned as of the beginning of each of the periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The above pro forma
table includes hotel operating profit for 100% of the 87 hotel
properties included in the Company's continuing operations and the
Company's 71.74% share of the 28 hotels included in the
Highland Hospitality Portfolio (PIM
Highland Holding LLC) as if these hotels were owned as of the
beginning of each 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 pro forma tables reflects an extra 3 days
in Marriott-managed properties for the year ended December 31,
2013.
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL
ENTERPRISE VALUE
|
DECEMBER 31,
2014
|
(in
thousands except share price)
|
(unaudited)
|
|
|
|
|
|
December
31,
|
|
2014
|
End of quarter
diluted common shares outstanding
|
89,440
|
Partnership units
outstanding (common stock equivalents)***
|
18,646
|
Combined diluted
stocks and partnership units outstanding
|
108,086
|
Common stock price at
quarter end
|
$
10.48
|
Market
capitalization at quarter end
|
$
1,132,737
|
Series A preferred
stock
|
$
41,430
|
Series D preferred
stock
|
$
236,718
|
Series E preferred
stock
|
$
115,750
|
Debt on balance sheet
date*
|
$
2,754,996
|
Joint venture
partners' share of consolidated debt
|
$
(2,124)
|
Net working capital
(see below)
|
$
(542,386)
|
Total enterprise
value (TEV)*
|
$
3,737,121
|
|
|
Ashford Prime
Investment:
|
|
Partnership units
owned at end of quarter
|
4,978
|
Common stock price at
quarter end
|
$
17.16
|
Market value of
Ashford Prime investment
|
$
85,420
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
598
|
Common stock price at
quarter end
|
$
94.00
|
Market value of
Ashford Inc. investment
|
$
56,227
|
|
|
Cash & cash
equivalents*
|
$
235,902
|
Marketable
securities, net
|
57,016
|
Restricted
cash*
|
167,184
|
Accounts receivable,
net*
|
31,579
|
Prepaid
expenses*
|
12,833
|
Due from affiliates,
net*
|
(9,055)
|
Due from third-party
hotel managers, net*
|
24,565
|
Market value of
Ashford Prime investment
|
85,420
|
Market value of
Ashford Inc. investment
|
56,227
|
Total current
assets
|
$
661,671
|
|
|
Accounts payable, net
& accrued expenses*
|
$
97,396
|
Dividends
payable
|
21,889
|
Total current
liabilities
|
$
119,285
|
|
|
Net working
capital**
|
$
542,386
|
|
|
* Includes the
Company's 71.74% interest in the Highland portfolio.
|
|
** Calculation only
includes the Company's 85% interest in the Interstate joint
venture.
|
*** Total units
outstanding = 19.84 million, impacted by current conversion
factor.
|
Ashford
Hospitality Trust, Inc. and Subsidiaries and Highland Hospitality
Portfolio (PIM Highland Holding LLC)
|
Anticipated
Capital Expenditures Calendar (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
Proposed
2015
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Actual
|
Actual
|
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Hilton
Minneapolis
|
300
|
|
|
|
x
|
|
x
|
x
|
x
|
|
Courtyard Boston
Downtown
|
315
|
x
|
x
|
|
x
|
|
x
|
x
|
|
|
Crowne Plaza
Beverly Hills
|
258
|
|
|
x
|
x
|
|
x
|
x
|
|
|
Embassy Suites
Flagstaff
|
119
|
|
|
|
x
|
|
x
|
x
|
|
|
Hilton
Parsippany
|
354
|
|
|
|
x
|
|
x
|
x
|
|
|
Hyatt Regency
Savannah
|
351
|
|
|
|
x
|
|
x
|
x
|
|
|
Courtyard
Newark/Silicon Valley
|
181
|
|
|
|
x
|
|
x
|
|
|
|
Marriott
Bridgewater
|
347
|
|
|
|
x
|
|
x
|
|
|
|
Sheraton Bucks
County
|
186
|
|
|
|
x
|
|
x
|
|
|
|
Hilton
Tampa
|
238
|
|
|
x
|
x
|
|
|
|
x
|
|
Residence Inn
Phoenix Airport
|
200
|
|
|
x
|
x
|
|
|
|
|
|
SpringHill Suites
Orlando LBV
|
400
|
|
|
x
|
x
|
|
|
|
|
|
Westin
Princeton
|
296
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Las
Vegas
|
256
|
|
|
|
|
|
|
x
|
x
|
x
|
Courtyard Palm
Desert
|
151
|
|
|
|
|
|
|
x
|
x
|
|
Courtyard
Scottsdale
|
180
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites
Palm Beach Gardens
|
160
|
|
|
|
|
|
|
x
|
x
|
|
Hampton Inn
Parsippany
|
152
|
|
|
|
|
|
|
x
|
x
|
|
Hilton Santa
Fe
|
158
|
|
|
|
|
|
|
x
|
x
|
|
Hilton St
Petersburg
|
333
|
|
|
|
|
|
|
x
|
x
|
|
Historic Inns of
Annapolis
|
124
|
|
|
|
|
|
|
x
|
x
|
|
Residence Inn
Hartford
|
96
|
x
|
|
|
|
|
|
x
|
x
|
|
Sheraton
Minnetonka
|
220
|
|
x
|
x
|
|
|
|
x
|
x
|
|
SpringHill Suites
BWI
|
133
|
|
|
|
|
|
|
x
|
x
|
|
Courtyard
Alpharetta
|
154
|
|
|
|
|
|
|
|
x
|
x
|
Courtyard Overland
Park
|
168
|
x
|
x
|
|
|
|
|
|
x
|
x
|
Fairfield Inn Lake
Buena Vista
|
388
|
|
|
|
|
|
|
|
x
|
x
|
Residence Inn
Evansville
|
78
|
x
|
|
|
|
|
|
|
x
|
x
|
Courtyard Foothill
Ranch Irvine
|
156
|
|
|
|
|
|
|
|
|
x
|
Courtyard Oakland
Airport
|
156
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Dulles
|
150
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Houston
|
150
|
|
|
|
|
|
|
|
|
x
|
Hilton Fort
Worth
|
294
|
|
x
|
x
|
|
|
|
|
|
x
|
Renaissance
Nashville
|
673
|
x
|
|
|
|
|
|
|
|
x
|
Residence Inn
Fairfax
|
159
|
|
|
|
|
|
|
|
|
x
|
SpringHill Suites
Gaithersburg
|
162
|
|
|
|
|
|
|
|
|
x
|
The
Churchill
|
173
|
|
|
|
|
|
|
|
|
x
|
(a) Only hotels
which have had or are expected to have significant capital
expenditures that could result in displacement in 2014-2015 are
included in this table.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2014-results-300042393.html
SOURCE Ashford Hospitality Trust, Inc.