FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $57.3 million or $0.61 per diluted share for the quarter. For the
full year of 2016, net loss attributable to common stockholders was
$88.7 million or $0.95 per diluted share.
- Comparable RevPAR for all hotels not under renovation increased
3.2% during the quarter
- Comparable Hotel EBITDA Margin for all hotels not under
renovation increased 46 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under
renovation was 51% for the quarter
- Adjusted EBITDA was $84.1 million
for the quarter. Adjusted EBITDA for the full year of 2016 was
$431.1 million, which reflected a 6%
growth rate over 2015.
- Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter. For the
full year of 2016, AFFO per diluted share was $1.51 compared with $1.44 for the full year of 2015, an increase of
5% over the prior year.
- The Company's common stock is currently trading at an
approximate 6.4% dividend yield
- Capex invested in the quarter was $66.1
million
TRANSACTION HIGHLIGHTS
- Completed the sale of the 162-room SpringHill Suites
Gaithersburg in Gaithersburg, MD
for approximately $13.2 million
($81,000 per key)
- Completed the sale of the two-hotel portfolio comprised of the
151-room Courtyard Palm Desert and the 130-room Residence Inn Palm
Desert for $36 million ($128,000 per key)
- Refinanced four mortgage loans with existing outstanding
balances totaling approximately $415
million with a new loan totaling $450
million
- Priced an underwritten public offering of 6,200,000 shares of
7.375% Series G Cumulative Preferred Stock at $25.00 per share
MAKES PUBLIC OFFER TO ACQUIRE FELCOR LODGING TRUST
On February 21, 2017, the Company
announced that it had submitted a non-binding proposal to acquire
FelCor Lodging Trust Incorporated (NYSE: FCH) ("FelCor") for
$9.27 per share comprised of 1.192
shares of Ashford Trust in exchange for each share of FelCor and
securities in Ashford Inc. The Company believes the proposed
combination has compelling strategic, operational, and financial
merit, presenting shareholders of FelCor and Ashford Trust with a
substantial value creation opportunity. The combined company
would be the largest pure-play publicly traded lodging REIT by
number of hotels, second-largest by room count, and third-largest
by enterprise value. Ashford Trust has attempted to conduct
good faith discussions with FelCor for the last several
months. However, even with a fully-executed non-disclosure
agreement in place, FelCor has failed to meaningfully engage and
has refused to provide customary information to allow Ashford Trust
to fully evaluate this significant opportunity to unlock value for
shareholders of both companies. As a result, Ashford Trust decided
to make the proposal public in order to inform FelCor's
shareholders of its intent.
In a letter to FelCor's Board of Directors dated February 21, 2017 and in an investor presentation
presented that same day, Ashford Trust detailed the potential
strategic and financial benefits of the proposed combination,
including:
- Significant value creation potential for both sets of
shareholders;
- Significant margin enhancements and G&A and operating
synergies opportunities with the potential for material value
creation;
- Creation of the third largest pure-play lodging REIT by
enterprise value with a larger and more diversified portfolio of
159 properties and 36,657 keys, limiting exposure to market
specific volatility;
- Enhanced size and scale of combined platform should enable a
larger equity float and trading volume, expanded growth
opportunities, and broad-based access to multiple sources of
capital;
- Strong balance sheet with flexibility;
- Leading management team at Ashford Trust with proven track
record of delivering significant shareholder returns; and
- Strong alignment of interest with management through high
insider ownership, backed by shareholder friendly corporate
governance with further enhancements.
The Company also submitted to FelCor a proposed slate of
director nominees to stand for election at FelCor's next annual
shareholder's meeting.
APPOINTS DOUGLAS A. KESSLER AS CHIEF EXECUTIVE
OFFICER
On February 21, 2017, the Company
announced that its Board of Directors had appointed Douglas A. Kessler as the Chief Executive
Officer of the Company, effective immediately. Monty J. Bennett, the Company's previous Chief
Executive Officer, remains Chairman of the Board of Ashford
Trust. Mr. Kessler was previously President of the
Company.
CAPITAL STRUCTURE
At December 31, 2016, the Company
had total assets of $4.9
billion. As of December 31,
2016, the Company had $3.8
billion of mortgage debt. The Company's total combined debt
had a blended average interest rate of 5.4%.
On October 10, 2016, the Company
announced it had refinanced four mortgage loans with existing
outstanding balances totaling approximately $415 million. The previous mortgage loans
that were refinanced had final maturity dates in April 2017, and the JP Morgan Chase Marriott
Fremont loan had a final maturity date in August 2019. The
mortgage loans were refinanced through one new mortgage loan,
totaling $450 million, with a
two-year initial term and four one-year extension options, subject
to the satisfaction of certain conditions. The new loan
is interest only, provides for a floating interest rate of LIBOR +
4.55%, and contains flexible release provisions for the potential
sale of assets. The next non-extendable debt maturity for the
Company is a $16 million loan that
matures in June 2017.
On October 13, 2016, the Company
announced that it had priced an underwritten public offering of
6,200,000 shares of 7.375% Series G Cumulative Preferred Stock at
$25.00 per share. Dividends on the
Series G Preferred Stock will accrue at a rate of 7.375% per annum
on the liquidation preference of $25.00 per share.
SELECT-SERVICE HOTEL PORTFOLIO SALES PROCESS
During the quarter, the Company closed on the sales of the
162-room SpringHill Suites Gaithersburg in Gaithersburg, MD for approximately
$13.2 million ($81,000 per key) and the two-hotel portfolio
comprised of the 151-room Courtyard Palm Desert and the 130-room
Residence Inn Palm Desert for $36
million ($128,000 per
key). The Company will continue to pursue the opportunistic
sales of its non-core, select-service hotels over time. Since the
announcement of the strategy, the Company has sold nine hotels for
approximately $218 million resulting
in the paydown of approximately $153
million of associated debt.
PORTFOLIO REVPAR
As of December 31, 2016, the
portfolio consisted of direct hotel investments with 123
properties. During the fourth quarter of 2016, 105 of the
Company's hotels were not under renovation. The Company believes
reporting its operating metrics for its hotels on a comparable
total basis (all 123 hotels) and comparable not under renovation
basis (105 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.
- Comparable RevPAR increased 1.6% to $109.35 for all hotels on a 1.5% increase in ADR
and a 0.1% increase in occupancy
- Comparable RevPAR increased 3.2% to $109.95 for hotels not under renovation on a 1.9%
increase in ADR and a 1.3% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and
Comparable 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 Comparable Hotel
EBITDA and Comparable Hotel EBITDA Margin for the current and
certain prior-year periods based upon the number of hotels in the
Company's 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 Comparable Hotel EBITDA and Comparable Hotel EBITDA
Margin. The details of the quarterly calculations for the
previous four quarters for the 123 hotels are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On December 12, 2016, 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, 2016, payable on
January 17, 2017, to shareholders of
record as of December 30, 2016.
The Board also approved the Company's dividend policy for 2017.
The Company expects to pay a quarterly cash dividend of
$0.12 per share for 2017, 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.
"We are hopeful that the FelCor Board of Directors will engage
with us pertaining to a combination that we believe will result in
significant value creation for both of our shareholders," commented
Douglas A. Kessler, Ashford Trust's
Chief Executive Officer. "As it relates to our quarterly
performance, we are pleased with the fourth quarter, which
highlights the quality of our portfolio, our diverse market
exposure and our exceptional asset management capabilities. Looking
ahead, we are well positioned to capitalize on improving business
sentiment and positive economic trends and remain committed to
maximizing value for our shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Friday, February 24, 2017, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719) 325-4819. A
replay of the conference call will be available through
Friday, March 3, 2017, by dialing
(719) 457-0820 and entering the confirmation number, 3774749.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2016 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 24, 2017, 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 EBITDA. 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
EBITDA 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 EBITDA 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 in upper upscale, full-service hotels.
Follow Chairman 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."
Forward Looking Statements
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. Forward looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. 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; risks
that Ashford Trust will ultimately not pursue a transaction with
FelCor or FelCor will reject engaging in any transaction with
Ashford Trust; if a transaction is negotiated between Ashford Trust
and FelCor, risks related to Ashford Trust's ability to complete
the acquisition on the proposed terms; the possibility that
competing offers will be made; risks associated with business
combination transactions, such as the risk that the businesses will
not be integrated successfully, that such integration may be more
difficult, time-consuming or costly than expected or that the
expected benefits of the acquisition will not be realized; risks
related to future opportunities and plans for the combined company,
including uncertainty of the expected financial performance and
results of the combined company following completion of the
proposed acquisition; disruption from the proposed acquisition,
making it more difficult to conduct business as usual or maintain
relationships with customers, employees, managers or franchisors;
and the possibility that if the combined company does not achieve
the perceived benefits of the proposed acquisition as rapidly or to
the extent anticipated by financial analysts or investors, the
market price of Ashford Trust's shares could decline. 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.
Additional Information
This communication does not constitute an offer to buy or
solicitation of any offer to sell securities. This communication
relates to a proposal which Ashford Trust has made for a business
combination transaction with FelCor. In furtherance of this
proposal and subject to future developments, Ashford Trust (and, if
a negotiated transaction is agreed, FelCor) may file one or more
registration statements, prospectuses, proxy statements or other
documents with the SEC. This communication is not a substitute for
any registration statement, prospectus, proxy statement or other
document Ashford Trust or FelCor may file with the SEC in
connection with the proposed transaction. INVESTORS AND SECURITY
HOLDERS OF ASHFORD TRUST AND FELCOR ARE URGED TO READ CAREFULLY THE
REGISTRATION STATEMENT(S), PROSPECTUS(ES), PROXY STATEMENT(S) AND
OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT ASHFORD TRUST, FELCOR AND THE PROPOSED TRANSACTION. Investors
and security holders may obtain free copies of these documents (if
and when they become available) and other related documents filed
with the SEC at the SEC's web site at www.sec.gov or by directing a
request to Ashford Trust's Investor Relations department at Ashford
Hospitality Trust, Inc., Attention: Investor Relations, 14185
Dallas Parkway, Suite 1100, Dallas,
Texas 75254 or by calling Ashford Trust's Investor Relations
department at (972) 490-9600. Investors and security holders may
obtain free copies of the documents filed with the SEC on Ashford
Trust's website at www.ahtreit.com under the "Investor" link, at
the "SEC Filings" tab.
Certain Information Regarding Participants
Ashford Trust and Ashford Inc. and their respective directors
and executive officers may be deemed participants in the
solicitation of proxies in connection with the proposed
transaction. You can find information about Ashford Trust's
directors and executive officers in Ashford Trust's definitive
proxy statement for its most recent annual meeting filed with the
SEC on April 25, 2016. You can find
information about Ashford Inc.'s directors and executive officers
in Ashford Inc.'s definitive proxy statements for its most recent
annual meeting and special meeting filed with the SEC on
April 28, 2016 and October 7, 2016, respectively. You can find
information about FelCor's directors and executive officers in
FelCor's definitive proxy statement for its most recent annual
meeting filed with the SEC on April 14,
2016. These documents are available free of charge at the
SEC's web site at www.sec.gov and (with respect to documents and
information relating to Ashford Trust) from Investor Relations at
Ashford Trust, as described above. Additional information regarding
the interests of such potential participants will be included in
one or more registration statements, proxy statements, tender offer
statements or other related documents filed with the SEC if and
when they become available.
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts)
|
(unaudited)
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Investments in hotel
properties, net
|
$
4,160,563
|
|
$
4,419,684
|
|
Cash and cash
equivalents
|
347,091
|
|
215,078
|
|
Restricted
cash
|
144,014
|
|
153,680
|
|
Marketable
securities
|
53,185
|
|
-
|
|
Accounts receivable,
net of allowance of $690 and $715, respectively
|
44,629
|
|
40,438
|
|
Inventories
|
4,530
|
|
4,810
|
|
Note receivable, net
of allowance of $0 and $7,083, respectively
|
-
|
|
3,746
|
|
Investment in
securities investment fund
|
50,890
|
|
55,952
|
|
Investment in Ashford
Inc.
|
5,873
|
|
6,616
|
|
Investment in
OpenKey
|
2,016
|
|
-
|
|
Deferred costs,
net
|
2,846
|
|
3,847
|
|
Prepaid
expenses
|
17,578
|
|
12,458
|
|
Derivative
assets
|
3,614
|
|
3,435
|
|
Other
assets
|
11,718
|
|
10,647
|
|
Intangible asset,
net
|
10,061
|
|
11,343
|
|
Due from Ashford
Prime OP, net
|
-
|
|
528
|
|
Due from third-party
hotel managers
|
13,348
|
|
22,869
|
|
Assets held for
sale
|
19,588
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
4,891,544
|
|
$
4,965,131
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
3,723,559
|
|
$
3,840,617
|
|
Accounts payable and
accrued expenses
|
126,986
|
|
123,444
|
|
Dividends
payable
|
24,765
|
|
22,678
|
|
Unfavorable
management contract liabilities
|
1,380
|
|
3,355
|
|
Due to Ashford
Inc.
|
15,716
|
|
9,856
|
|
Due to Ashford Prime
OP, net
|
488
|
|
-
|
|
Due to related party,
net
|
1,001
|
|
1,339
|
|
Due to third-party
hotel managers
|
2,714
|
|
2,504
|
|
Intangible
liabilities, net
|
16,195
|
|
16,494
|
|
Other
liabilities
|
16,548
|
|
14,539
|
|
Liabilities
associated with assets held for sale
|
37,047
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
3,966,399
|
|
4,034,826
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
132,768
|
|
118,449
|
|
|
|
|
|
|
|
|
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, 2016 and
2015
|
17
|
|
17
|
|
|
|
Series D Cumulative
Preferred Stock 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2016 and
2015
|
95
|
|
95
|
|
|
|
Series E Cumulative
Preferred Stock, 0 and 4,630,000 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2016 and
2015, respectively
|
-
|
|
46
|
|
|
|
Series F Cumulative
Preferred Stock 4,800,000 and 0 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2016 and
2015, respectively
|
48
|
|
-
|
|
|
|
Series G Cumulative
Preferred Stock 6,200,000 and 0 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2016 and
2015, respectively
|
62
|
|
-
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 96,376,827 and
95,470,903
|
|
|
|
|
|
|
shares issued and
outstanding at December 31, 2016 and 2015,
respectively
|
964
|
|
955
|
|
|
Additional paid-in
capital
|
1,764,450
|
|
1,597,194
|
|
|
Accumulated
deficit
|
(974,015)
|
|
(787,221)
|
|
|
|
Total shareholders'
equity of the Company
|
791,621
|
|
811,086
|
|
Noncontrolling
interests in consolidated entities
|
756
|
|
770
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
792,377
|
|
811,856
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
4,891,544
|
|
$
4,965,131
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
262,803
|
|
$
271,584
|
|
$
1,180,199
|
|
$
1,059,012
|
|
Food and
beverage
|
64,744
|
|
67,571
|
|
253,211
|
|
227,099
|
|
Other
|
13,678
|
|
13,297
|
|
56,891
|
|
48,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
341,225
|
|
352,452
|
|
1,490,301
|
|
1,334,810
|
|
Other
|
445
|
|
425
|
|
1,742
|
|
2,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
341,670
|
|
352,877
|
|
1,492,043
|
|
1,336,966
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
Rooms
|
59,548
|
|
62,324
|
|
255,317
|
|
231,614
|
|
|
Food and
beverage
|
42,924
|
|
44,449
|
|
172,530
|
|
153,340
|
|
|
Other
expenses
|
108,692
|
|
109,960
|
|
455,818
|
|
405,896
|
|
|
Management
fees
|
12,543
|
|
13,028
|
|
54,734
|
|
49,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
223,707
|
|
229,761
|
|
938,399
|
|
840,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes,
insurance and other
|
18,836
|
|
18,134
|
|
73,913
|
|
65,301
|
|
Depreciation and
amortization
|
61,452
|
|
61,189
|
|
243,863
|
|
210,410
|
|
Gain on insurance
settlement
|
(456)
|
|
-
|
|
(456)
|
|
-
|
|
Impairment
charges
|
13,121
|
|
(112)
|
|
17,816
|
|
19,511
|
|
Transaction
costs
|
(124)
|
|
402
|
|
77
|
|
6,252
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,747
|
|
8,616
|
|
34,589
|
|
33,833
|
|
|
Reimbursable
expenses
|
1,367
|
|
1,651
|
|
5,917
|
|
6,471
|
|
|
Non-cash
stock/unit-based compensation
|
3,894
|
|
929
|
|
8,429
|
|
2,719
|
|
|
Incentive
fee
|
5,426
|
|
-
|
|
5,426
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
-
|
|
-
|
|
604
|
|
538
|
|
|
Other general and
administrative
|
1,940
|
|
2,578
|
|
7,762
|
|
13,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
337,910
|
|
323,148
|
|
1,336,339
|
|
1,199,051
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
3,760
|
|
29,729
|
|
155,704
|
|
137,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income
(loss) of unconsolidated entities
|
(1,678)
|
|
2,253
|
|
(6,110)
|
|
(6,831)
|
|
Interest
income
|
102
|
|
23
|
|
331
|
|
90
|
|
Gain on acquisition
of Highland JV and sale of hotel properties
|
7,171
|
|
47
|
|
31,599
|
|
380,752
|
|
Other expense,
net
|
(254)
|
|
(2,597)
|
|
(4,517)
|
|
(864)
|
|
Interest expense, net
of premiums
|
(49,703)
|
|
(47,752)
|
|
(199,870)
|
|
(168,834)
|
|
Amortization of loan
costs
|
(6,097)
|
|
(5,773)
|
|
(24,097)
|
|
(18,680)
|
|
Write-off of loan
costs and exit fees
|
(7,789)
|
|
(983)
|
|
(12,702)
|
|
(5,750)
|
|
Unrealized gain on
marketable securities
|
4,946
|
|
-
|
|
4,946
|
|
127
|
|
Unrealized loss on
derivatives
|
(6,782)
|
|
(999)
|
|
(2,534)
|
|
(7,402)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(56,324)
|
|
(26,052)
|
|
(57,250)
|
|
310,523
|
|
Income tax
expense
|
(316)
|
|
(75)
|
|
(1,532)
|
|
(4,710)
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS
|
(56,640)
|
|
(26,127)
|
|
(58,782)
|
|
305,813
|
|
Gain on sale of hotel
property, net of tax
|
-
|
|
-
|
|
-
|
|
599
|
NET INCOME
(LOSS)
|
(56,640)
|
|
(26,127)
|
|
(58,782)
|
|
306,412
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(2)
|
|
22
|
|
14
|
|
30
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
9,738
|
|
4,113
|
|
12,483
|
|
(35,503)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(46,904)
|
|
(21,992)
|
|
(46,285)
|
|
270,939
|
Preferred
dividends
|
(10,416)
|
|
(8,491)
|
|
(36,272)
|
|
(33,962)
|
Extinguishment of
issuance costs upon redemption of Series E preferred
stock
|
-
|
|
-
|
|
(6,124)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
(57,320)
|
|
$
(30,483)
|
|
$
(88,681)
|
|
$
236,977
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
(0.61)
|
|
$
(0.33)
|
|
$
(0.95)
|
|
$
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
94,585
|
|
94,012
|
|
94,426
|
|
96,290
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
(0.61)
|
|
$
(0.33)
|
|
$
(0.95)
|
|
$
2.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – diluted
|
94,585
|
|
94,012
|
|
94,426
|
|
114,881
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
$
0.12
|
|
$
0.12
|
|
$
0.48
|
|
$
0.48
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO
EBITDA AND ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(56,640)
|
|
$
(26,127)
|
|
$
(58,782)
|
|
$
306,412
|
(Income) loss
from consolidated entities attributable to noncontrolling
interest
|
(2)
|
|
22
|
|
14
|
|
30
|
Net (income)
loss attributable to redeemable noncontrolling interests in
operating partnership
|
9,738
|
|
4,113
|
|
12,483
|
|
(35,503)
|
Net income
(loss) attributable to the Company
|
(46,904)
|
|
(21,992)
|
|
(46,285)
|
|
270,939
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(102)
|
|
(23)
|
|
(331)
|
|
(90)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
55,772
|
|
53,496
|
|
223,850
|
|
187,396
|
|
Depreciation and
amortization
|
61,390
|
|
61,129
|
|
243,617
|
|
210,197
|
|
Income tax
expense
|
316
|
|
75
|
|
1,532
|
|
4,710
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(9,738)
|
|
(4,113)
|
|
(12,483)
|
|
35,503
|
|
Equity in (income)
loss of unconsolidated entities
|
(107)
|
|
(759)
|
|
1,048
|
|
3,445
|
|
Company's portion of
EBITDA of Ashford Inc.
|
387
|
|
846
|
|
180
|
|
828
|
|
Company's portion of
EBITDA of OpenKey
|
(109)
|
|
-
|
|
(303)
|
|
-
|
|
Company's portion of
EBITDA of Ashford Prime
|
-
|
|
-
|
|
-
|
|
7,640
|
|
Company's portion of
EBITDA of Highland JV
|
-
|
|
-
|
|
-
|
|
11,982
|
|
|
|
|
|
|
|
|
|
EBITDA
available to the Company and OP unitholders
|
60,905
|
|
88,659
|
|
410,825
|
|
732,550
|
|
|
|
|
|
|
|
|
|
|
Amortization of
unfavorable contract liabilities
|
(472)
|
|
(494)
|
|
(2,101)
|
|
(1,975)
|
|
Impairment
charges
|
13,121
|
|
(112)
|
|
17,816
|
|
19,511
|
|
Gain on acquisition
of Highland JV and sale of hotel properties
|
(7,171)
|
|
(47)
|
|
(31,599)
|
|
(381,351)
|
|
Gain on insurance
settlements
|
(456)
|
|
-
|
|
(456)
|
|
-
|
|
Write-off of loan
costs and exit fees
|
7,789
|
|
983
|
|
12,702
|
|
5,750
|
|
Other expense,
net
|
254
|
|
2,597
|
|
4,517
|
|
864
|
|
Transaction,
acquisition and management conversion costs
|
355
|
|
796
|
|
1,778
|
|
12,348
|
|
Legal judgment and
related legal costs
|
1,105
|
|
24
|
|
1,176
|
|
95
|
|
Unrealized gain on
marketable securities
|
(4,946)
|
|
-
|
|
(4,946)
|
|
(127)
|
|
Unrealized loss on
derivatives
|
6,782
|
|
999
|
|
2,534
|
|
7,402
|
|
Dead deal
costs
|
60
|
|
203
|
|
391
|
|
769
|
|
Non-cash
stock/unit-based compensation
|
4,161
|
|
1,142
|
|
9,672
|
|
3,470
|
|
Company's portion of
unrealized loss of investment in securities investment
fund
|
1,785
|
|
(1,494)
|
|
5,062
|
|
3,386
|
|
Company's portion of
adjustments to EBITDA of Ashford Inc.
|
800
|
|
468
|
|
3,729
|
|
3,652
|
|
Company's portion of
adjustments to EBITDA of OpenKey
|
8
|
|
-
|
|
8
|
|
-
|
|
Company's portion of
adjustments to EBITDA of Ashford Prime
|
-
|
|
-
|
|
-
|
|
738
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA available to the Company and OP
unitholders
|
$
84,080
|
|
$
93,724
|
|
$
431,108
|
|
$
407,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (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,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(56,640)
|
|
$
(26,127)
|
|
$
(58,782)
|
|
$
306,412
|
(Income) loss
from consolidated entities attributable to noncontrolling
interest
|
(2)
|
|
22
|
|
14
|
|
30
|
Net (income)
loss attributable to redeemable noncontrolling interests in
operating partnership
|
9,738
|
|
4,113
|
|
12,483
|
|
(35,503)
|
Preferred
dividends
|
(10,416)
|
|
(8,491)
|
|
(36,272)
|
|
(33,962)
|
Extinguishment
of issuance costs upon redemption of Series E preferred
stock
|
-
|
|
-
|
|
(6,124)
|
|
-
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to common stockholders
|
(57,320)
|
|
(30,483)
|
|
(88,681)
|
|
236,977
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization on real estate
|
61,390
|
|
61,129
|
|
243,617
|
|
210,197
|
|
Gain on acquisition
of Highland JV and sale of hotel properties
|
(7,171)
|
|
(47)
|
|
(31,599)
|
|
(381,351)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(9,738)
|
|
(4,113)
|
|
(12,483)
|
|
35,503
|
|
Equity in (income)
loss of unconsolidated entities
|
(107)
|
|
(759)
|
|
1,048
|
|
3,445
|
|
Impairment charges on
real estate
|
13,277
|
|
-
|
|
18,316
|
|
19,949
|
|
Company's portion of
FFO of Ashford Inc.
|
217
|
|
604
|
|
(380)
|
|
(19)
|
|
Company's portion of
FFO of OpenKey
|
(110)
|
|
-
|
|
(306)
|
|
-
|
|
Company's portion of
FFO of Ashford Prime
|
-
|
|
-
|
|
-
|
|
4,371
|
|
Company's portion of
FFO of Highland JV
|
-
|
|
-
|
|
-
|
|
3,791
|
|
|
|
|
|
|
|
|
|
FFO
available to common stockholders and OP
unitholders
|
438
|
|
26,331
|
|
129,532
|
|
132,863
|
|
|
|
|
|
|
|
|
|
|
Extinguishment of
issuance costs upon redemption of Series E preferred
stock
|
-
|
|
-
|
|
6,124
|
|
-
|
|
Write-off of loan
costs and exit fees
|
7,789
|
|
983
|
|
12,702
|
|
5,750
|
|
Gain on insurance
settlements
|
(456)
|
|
-
|
|
(456)
|
|
-
|
|
Other impairment
charges
|
(156)
|
|
(112)
|
|
(500)
|
|
(438)
|
|
Other expense,
net
|
254
|
|
2,597
|
|
4,517
|
|
864
|
|
Transaction,
acquisition and management conversion costs
|
355
|
|
796
|
|
1,778
|
|
12,348
|
|
Legal judgment and
related legal costs
|
1,105
|
|
24
|
|
1,176
|
|
95
|
|
Unrealized gain on
marketable securities
|
(4,946)
|
|
-
|
|
(4,946)
|
|
(127)
|
|
Unrealized loss on
derivatives
|
6,782
|
|
999
|
|
2,534
|
|
7,402
|
|
Dead deal
costs
|
60
|
|
203
|
|
391
|
|
769
|
|
Non-cash
stock/unit-based compensation
|
4,161
|
|
1,142
|
|
9,672
|
|
3,470
|
|
Company's portion of
unrealized loss of investment in securities investment
fund
|
1,785
|
|
(1,494)
|
|
5,062
|
|
3,386
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
800
|
|
(534)
|
|
3,729
|
|
(1,032)
|
|
Company's portion of
adjustments to FFO of OpenKey
|
8
|
|
-
|
|
8
|
|
-
|
|
Company's portion of
adjustments to FFO of Ashford Prime
|
-
|
|
-
|
|
-
|
|
593
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders and OP
unitholders
|
$
17,979
|
|
$
30,935
|
|
$
171,323
|
|
$
165,943
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
per diluted share available to common stockholders and OP
unitholders
|
$
0.16
|
|
$
0.27
|
|
$
1.51
|
|
$
1.44
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
113,180
|
|
113,498
|
|
113,627
|
|
115,366
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
SUMMARY OF
INDEBTEDNESS
|
December 31,
2016
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
|
|
Comparable
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA(7)
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
January
2017
|
|
LIBOR +
4.95%
|
|
$
-
|
|
$
376,800
|
(2)
|
$
376,800
|
|
$
45,330
|
|
12.0%
|
Morgan Stanley
MIP - 5 hotels
|
|
February
2017
|
|
LIBOR +
4.75%
|
|
-
|
|
200,000
|
(1)
|
200,000
|
|
23,593
|
|
11.8%
|
Cantor
Commercial Real Estate Memphis - 1 hotel
|
|
April 2017
|
|
LIBOR +
4.95%
|
|
-
|
|
33,300
|
(2)
|
33,300
|
|
3,554
|
|
10.7%
|
Column
Financial - 24 hotels
|
|
April 2017
|
|
LIBOR +
4.39%
|
|
-
|
|
1,070,560
|
(3)
|
1,070,560
|
|
116,632
|
|
10.9%
|
JPM Lakeway - 1
hotel
|
|
May 2017
|
|
LIBOR +
5.10%
|
|
-
|
|
25,100
|
(2)
|
25,100
|
|
2,481
|
|
9.9%
|
BAML Le
Pavillon - 1 hotel
|
|
June 2017
|
|
LIBOR +
5.10%
|
|
-
|
|
43,750
|
(2)
|
43,750
|
|
2,592
|
|
5.9%
|
US Bank Indigo
Atlanta - 1 hotel
|
|
June 2017
|
|
5.98%
|
|
15,729
|
|
-
|
|
15,729
|
|
2,217
|
|
14.1%
|
Morgan Stanley
- 8 hotels
|
|
July 2017
|
|
LIBOR +
4.09%
|
|
-
|
|
144,000
|
(2)
|
144,000
|
|
12,174
|
|
8.5%
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
July 2017
|
|
LIBOR +
4.15%
|
|
-
|
|
35,200
|
(2)
|
35,200
|
|
3,833
|
|
10.9%
|
BAML W Atlanta
- 1 hotel
|
|
July 2017
|
|
LIBOR +
5.10%
|
|
-
|
|
40,500
|
(2)
|
40,500
|
|
5,055
|
|
12.5%
|
Morgan Stanley
Pool A - 7 hotels
|
|
August
2017
|
|
LIBOR +
4.35%
|
|
-
|
|
301,000
|
(6)
|
301,000
|
|
38,429
|
|
12.8%
|
Morgan Stanley
Pool B - 4 hotels
|
|
August
2017
|
|
LIBOR +
4.38%
|
|
-
|
|
52,530
|
(5)(6)
|
52,530
|
|
6,900
|
|
13.1%
|
BAML Pool - 17
hotels
|
|
December
2017
|
|
LIBOR +
5.52%
|
|
-
|
|
412,500
|
(3)
|
412,500
|
|
48,739
|
|
11.8%
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
96,169
|
|
-
|
|
96,169
|
|
14,686
|
|
15.3%
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
105,047
|
|
-
|
|
105,047
|
|
29,438
|
|
28.0%
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
August
2018
|
|
LIBOR +
4.95%
|
|
-
|
|
12,000
|
(4)
|
12,000
|
|
1,616
|
|
13.5%
|
JPMorgan - 18
hotels
|
|
October
2018
|
|
LIBOR +
4.55%
|
|
-
|
|
450,000
|
(3)
|
450,000
|
|
63,912
|
|
14.2%
|
Omni American
Bank Ashton - 1 hotel
|
|
July 2019
|
|
4.00%
|
|
5,436
|
|
-
|
|
5,436
|
|
1,057
|
|
19.4%
|
GACC Gateway -
1 hotel
|
|
November
2020
|
|
6.26%
|
|
96,873
|
|
-
|
|
96,873
|
|
14,634
|
|
15.1%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
54,685
|
|
-
|
|
54,685
|
|
6,926
|
|
12.7%
|
GACC
Jacksonville RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,378
|
|
-
|
|
10,378
|
|
1,765
|
|
17.0%
|
GACC Manchester
RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
7,111
|
|
-
|
|
7,111
|
|
1,378
|
|
19.4%
|
Key Bank
Manchester CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,641
|
|
-
|
|
6,641
|
|
949
|
|
14.3%
|
Morgan Stanley
Pool C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
67,164
|
|
-
|
|
67,164
|
|
8,167
|
|
12.2%
|
Morgan Stanley
Pool C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,427
|
|
-
|
|
12,427
|
|
2,329
|
|
18.7%
|
Morgan Stanley
Pool C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,836
|
|
-
|
|
24,836
|
|
3,727
|
|
15.0%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
53,293
|
|
-
|
|
53,293
|
|
8,487
|
|
15.9%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
20,575
|
|
-
|
|
20,575
|
|
3,037
|
|
14.8%
|
Unencumbered
hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
1,987
|
|
N/A
|
|
|
|
|
|
|
$
576,364
|
|
$
3,197,240
|
|
$
3,773,604
|
|
$
475,624
|
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
15.3%
|
|
84.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.03%
|
|
5.43%
|
|
5.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)This
mortgage loan has three one-year extension options, subject to
satisfaction of certain conditions and a LIBOR floor of
0.20%. The first one-year extension period began in February
2016.
|
(2) This
mortgage loan has three one-year extension options, subject to
satisfaction of certain conditions.
|
(3) This
mortgage loan has four one-year extension options, subject to
satisfaction of certain conditions.
|
(4) This
mortgage loan has two one-year extension options, subject to
satisfaction of certain conditions.
|
(5)This
loan had a $10.4 million pay down of principal related to the
Springhill Suites Gaithersburg.
|
(6) This
mortgage loan has three one-year extension options, subject to
satisfaction of certain conditions, of which the first was
exercised in August 2016.
|
(7)See
Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
December 31,
2016
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Bank Indigo
Atlanta - 1 hotel
|
$
15,583
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
$
-
|
|
$
15,583
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
-
|
|
94,226
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
94,226
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
-
|
|
103,106
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
103,106
|
Omni American
Bank Ashton - 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 - 4 hotels
|
-
|
|
-
|
|
52,530
|
|
-
|
|
-
|
|
|
-
|
|
52,530
|
GACC Gateway -
1 hotel
|
-
|
|
-
|
|
-
|
|
89,886
|
|
-
|
|
|
-
|
|
89,886
|
BAML Pool 1
& 2 - 8 hotels
|
-
|
|
-
|
|
-
|
|
376,800
|
|
-
|
|
|
-
|
|
376,800
|
Cantor
Commercial Real Estate Memphis - 1 hotel
|
-
|
|
-
|
|
-
|
|
33,300
|
|
-
|
|
|
-
|
|
33,300
|
JPM Lakeway - 1
hotel
|
-
|
|
-
|
|
-
|
|
25,100
|
|
-
|
|
|
-
|
|
25,100
|
BAML Le
Pavillon - 1 hotel
|
-
|
|
-
|
|
-
|
|
43,750
|
|
-
|
|
|
-
|
|
43,750
|
Morgan Stanley
- 8 hotels
|
-
|
|
-
|
|
-
|
|
144,000
|
|
-
|
|
|
-
|
|
144,000
|
Morgan Stanley
Ann Arbor - 1 hotel
|
-
|
|
-
|
|
-
|
|
35,200
|
|
-
|
|
|
-
|
|
35,200
|
BAML W Atlanta
- 1 hotel
|
-
|
|
-
|
|
-
|
|
40,500
|
|
-
|
|
|
-
|
|
40,500
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
-
|
|
-
|
|
-
|
|
12,000
|
|
-
|
|
|
-
|
|
12,000
|
Column
Financial - 24 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
1,070,560
|
|
|
-
|
|
1,070,560
|
BAML Pool - 17
hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
412,500
|
|
|
-
|
|
412,500
|
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
|
BAML Pool 3 - 3
hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
44,160
|
|
44,160
|
BAML Pool 5 - 2
hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
17,073
|
|
17,073
|
Deutsche Bank W
Minneapolis - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
47,711
|
|
47,711
|
JPMorgan Chase
- 18 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
450,000
|
|
450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due
in future periods
|
$
15,583
|
|
$
197,332
|
|
$
558,698
|
|
$
800,536
|
|
$
1,483,060
|
|
|
$
670,731
|
|
$
3,725,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
9,730
|
|
6,136
|
|
6,442
|
|
6,331
|
|
4,953
|
|
|
14,072
|
|
47,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness
|
$
25,313
|
|
$
203,468
|
|
$
565,140
|
|
$
806,867
|
|
$
1,488,013
|
|
|
$
684,803
|
|
$
3,773,604
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
KEY PERFORMANCE
INDICATORS
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
|
|
December
31,
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$
261,797
|
|
$
(107)
|
|
$
261,690
|
|
$
270,519
|
|
$
(12,952)
|
|
$
257,567
|
|
(3.22%)
|
|
1.60%
|
|
|
RevPAR
|
$
109.32
|
|
$
(63.48)
|
|
$
109.35
|
|
$
105.56
|
|
$
(76.43)
|
|
$
107.62
|
|
3.56%
|
|
1.60%
|
|
|
Occupancy
|
72.49%
|
|
(69.22%)
|
|
72.49%
|
|
72.66%
|
|
(75.80%)
|
|
72.44%
|
|
(0.24%)
|
|
0.07%
|
|
|
ADR
|
$
150.80
|
|
$
(91.71)
|
|
$
150.84
|
|
$
145.27
|
|
$
(100.83)
|
|
$
148.56
|
|
3.81%
|
|
1.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS:
|
Year
Ended
|
|
|
|
December
31,
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$
1,175,160
|
|
$
(34,273)
|
|
$
1,140,887
|
|
$
1,053,933
|
|
$
48,515
|
|
$
1,102,448
|
|
11.50%
|
|
3.49%
|
|
|
RevPAR
|
$
118.87
|
|
$
(93.77)
|
|
$
119.83
|
|
$
114.19
|
|
$
185.33
|
|
$
116.15
|
|
4.10%
|
|
3.17%
|
|
|
Occupancy
|
77.05%
|
|
(78.49%)
|
|
76.99%
|
|
77.25%
|
|
59.67%
|
|
76.76%
|
|
(0.25%)
|
|
0.30%
|
|
|
ADR
|
$
154.27
|
|
$
(119.46)
|
|
$
155.63
|
|
$
147.82
|
|
$
310.58
|
|
$
151.31
|
|
4.36%
|
|
2.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS
|
Three Months
Ended
|
|
NOT UNDER
RENOVATION:
|
December
31,
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$
218,240
|
|
$
(107)
|
|
$
218,133
|
|
$
224,299
|
|
$
(12,952)
|
|
$
211,347
|
|
(2.70%)
|
|
3.21%
|
|
|
RevPAR
|
$
109.91
|
|
$
(63.48)
|
|
$
109.95
|
|
$
104.15
|
|
$
(76.43)
|
|
$
106.52
|
|
5.53%
|
|
3.22%
|
|
|
Occupancy
|
73.40%
|
|
(69.22%)
|
|
73.41%
|
|
72.71%
|
|
(75.80%)
|
|
72.44%
|
|
0.95%
|
|
1.33%
|
|
|
ADR
|
$
149.73
|
|
$
(91.71)
|
|
$
149.78
|
|
$
143.25
|
|
$
(100.83)
|
|
$
147.04
|
|
4.53%
|
|
1.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS
|
Year
Ended
|
|
NOT UNDER
RENOVATION:
|
December
31,
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in
thousands)
|
$
977,413
|
|
$
(34,273)
|
|
$
943,140
|
|
$
868,371
|
|
$
33,392
|
|
$
901,763
|
|
12.56%
|
|
4.59%
|
|
|
RevPAR
|
$
118.35
|
|
$
(93.77)
|
|
$
119.49
|
|
$
111.98
|
|
$
285.74
|
|
$
114.56
|
|
5.69%
|
|
4.31%
|
|
|
Occupancy
|
77.46%
|
|
(78.49%)
|
|
77.41%
|
|
77.08%
|
|
46.70%
|
|
76.63%
|
|
0.49%
|
|
1.02%
|
|
|
ADR
|
$
152.80
|
|
$
(119.46)
|
|
$
154.37
|
|
$
145.27
|
|
$
611.91
|
|
$
149.49
|
|
5.18%
|
|
3.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 105 hotel properties owned and included in
the Company's operations at December 31, 2016, and not under
renovation during the three months ended December 31, 2016, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels acquired during the period offset by results from hotels
sold during the period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
|
Embassy Suites
Houston, The Churchill, Embassy Suites Las Vegas, Hyatt Regency
Coral Gables, Marriott Dallas Market Center, Courtyard Ft.
Lauderdale, Crowne Plaza Annapolis, Embassy Suites Dulles, Le
Pavillon New Orleans, Marriott Crystal Gateway, Courtyard Basking
Ridge, Hampton Inn Parsippany, Hilton Boston Back Bay, Hilton
Garden Inn Virginia Beach, Hilton St. Petersburg, Homewood Suites
Pittsburgh Southpointe, Marriott Omaha, Residence Inn Lake Buena
Vista
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL
EBITDA
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
%
Variance
|
|
2016
|
|
2015
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
339,937
|
|
$
351,103
|
|
(3.18%)
|
|
$
1,483,907
|
|
$
1,328,387
|
|
11.71%
|
|
Non-comparable
adjustments
|
(111)
|
|
(13,584)
|
|
|
|
(36,985)
|
|
82,050
|
|
|
|
Comparable
total hotel revenue
|
$
339,826
|
|
$
337,519
|
|
0.68%
|
|
$
1,446,922
|
|
$
1,410,437
|
|
2.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
103,720
|
|
$
106,891
|
|
(2.97%)
|
|
$
488,094
|
|
$
434,458
|
|
12.35%
|
|
Non-comparable
adjustments
|
30
|
|
(4,166)
|
|
|
|
(12,470)
|
|
20,801
|
|
|
|
Comparable
Hotel EBITDA
|
$
103,750
|
|
$
102,725
|
|
1.00%
|
|
$
475,624
|
|
$
455,259
|
|
4.47%
|
|
|
Hotel EBITDA
Margin
|
30.51%
|
|
30.44%
|
|
0.07%
|
|
32.89%
|
|
32.71%
|
|
0.19%
|
|
|
Comparable
Hotel EBITDA Margin
|
30.53%
|
|
30.44%
|
|
0.10%
|
|
32.87%
|
|
32.28%
|
|
0.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
79
|
|
$
73
|
|
8.22%
|
|
$
349
|
|
$
319
|
|
9.40%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
103,641
|
|
$
106,818
|
|
(2.97%)
|
|
$
487,745
|
|
$
434,139
|
|
12.35%
|
|
Comparable
Hotel EBITDA attributable to the Company and OP
unitholders
|
$
103,671
|
|
$
102,652
|
|
0.99%
|
|
$
475,275
|
|
$
454,940
|
|
4.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS
|
Three Months
Ended
|
|
Year
Ended
|
|
NOT UNDER
RENOVATION:
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
%
Variance
|
|
2016
|
|
2015
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
283,433
|
|
$
290,519
|
|
(2.44%)
|
|
$
1,234,440
|
|
$
1,091,490
|
|
13.10%
|
|
Non-comparable
adjustments
|
(111)
|
|
(13,584)
|
|
|
|
(36,985)
|
|
63,196
|
|
|
|
Comparable
total hotel revenue
|
$
283,322
|
|
$
276,935
|
|
2.31%
|
|
$
1,197,455
|
|
$
1,154,686
|
|
3.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
86,885
|
|
$
87,849
|
|
(1.10%)
|
|
$
406,828
|
|
$
355,264
|
|
14.51%
|
|
Non-comparable
adjustments
|
30
|
|
(4,166)
|
|
|
|
(12,470)
|
|
15,137
|
|
|
|
Comparable
Hotel EBITDA
|
$
86,915
|
|
$
83,683
|
|
3.86%
|
|
$
394,358
|
|
$
370,401
|
|
6.47%
|
|
|
Hotel EBITDA
Margin
|
30.65%
|
|
30.24%
|
|
0.42%
|
|
32.96%
|
|
32.55%
|
|
0.41%
|
|
|
Comparable
Hotel EBITDA Margin
|
30.68%
|
|
30.22%
|
|
0.46%
|
|
32.93%
|
|
32.08%
|
|
0.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
79
|
|
$
73
|
|
8.22%
|
|
$
349
|
|
$
319
|
|
9.40%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
86,806
|
|
$
87,776
|
|
(1.11%)
|
|
$
406,479
|
|
$
354,945
|
|
14.52%
|
|
Comparable
Hotel EBITDA attributable to the Company and OP
unitholders
|
$
86,836
|
|
$
83,610
|
|
3.86%
|
|
$
394,009
|
|
$
370,082
|
|
6.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 105 hotel properties owned and included in
the Company's operations at December 31, 2016, and not under
renovation during the three months ended December 31, 2016, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels acquired during the period offset by results from hotels
sold during the period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
|
Embassy Suites
Houston, The Churchill, Embassy Suites Las Vegas, Hyatt Regency
Coral Gables, Marriott Dallas Market Center, Courtyard Ft.
Lauderdale, Crowne Plaza Annapolis, Embassy Suites Dulles, Le
Pavillon New Orleans, Marriott Crystal Gateway, Courtyard Basking
Ridge, Hampton Inn Parsippany, Hilton Boston Back Bay, Hilton
Garden Inn Virginia Beach, Hilton St. Petersburg, Homewood Suites
Pittsburgh Southpointe, Marriott Omaha, Residence Inn Lake Buena
Vista
|
|
|
|
(5)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL REVENUE
& EBITDA FOR TRAILING TWELVE MONTHS
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING
SEASONALITY TABLE REFLECTS THE 123 HOTEL PROPERTIES INCLUDED IN THE
COMPANY'S OPERATIONS AT DECEMBER 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
339,937
|
|
$
(111)
|
|
$
339,826
|
|
$
369,943
|
|
$
(3,763)
|
|
$
366,180
|
|
$
408,510
|
|
$
(13,236)
|
|
$
395,274
|
|
$
365,517
|
|
$
(19,875)
|
|
$
345,642
|
Hotel
EBITDA
|
$
103,720
|
|
$
30
|
|
$
103,750
|
|
$
121,975
|
|
$
(893)
|
|
$
121,082
|
|
$
145,303
|
|
$
(3,987)
|
|
$
141,316
|
|
$
117,096
|
|
$
(7,620)
|
|
$
109,476
|
Hotel EBITDA
Margin
|
30.51%
|
|
(27.03%)
|
|
30.53%
|
|
32.97%
|
|
23.73%
|
|
33.07%
|
|
35.57%
|
|
30.12%
|
|
35.75%
|
|
32.04%
|
|
38.34%
|
|
31.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
21.2%
|
|
(0.2%)
|
|
21.8%
|
|
25.0%
|
|
7.1%
|
|
25.5%
|
|
29.8%
|
|
32.0%
|
|
29.7%
|
|
24.0%
|
|
61.1%
|
|
23.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
79
|
|
$
-
|
|
$
79
|
|
$
114
|
|
$
-
|
|
$
114
|
|
$
100
|
|
$
-
|
|
$
100
|
|
$
56
|
|
$
-
|
|
$
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
1,483,907
|
|
$
(36,985)
|
|
$
1,446,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
488,094
|
|
$
(12,470)
|
|
$
475,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
32.89%
|
|
33.72%
|
|
32.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
349
|
|
$
-
|
|
$
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
|
HOTEL REVPAR BY
MARKET
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
|
Region
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
10
|
|
1,920
|
|
$
107.22
|
|
$
-
|
|
$
107.22
|
|
$
102.98
|
|
$
(90.53)
|
|
$
103.82
|
|
4.1%
|
|
3.3%
|
|
|
|
|
Boston, MA
Area
|
|
3
|
|
915
|
|
157.58
|
|
-
|
|
157.58
|
|
154.59
|
|
-
|
|
154.59
|
|
1.9%
|
|
1.9%
|
|
|
|
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,518
|
|
100.18
|
|
-
|
|
100.18
|
|
104.40
|
|
-
|
|
104.40
|
|
(4.0%)
|
|
(4.0%)
|
|
|
|
|
Houston, TX
Area
|
|
3
|
|
692
|
|
90.37
|
|
-
|
|
90.37
|
|
106.40
|
|
-
|
|
106.40
|
|
(15.1%)
|
|
(15.1%)
|
|
|
|
|
Los Angeles, CA Metro
Area
|
|
6
|
|
1,619
|
|
118.94
|
|
(63.48)
|
|
119.57
|
|
102.89
|
|
(74.83)
|
|
107.76
|
|
15.6%
|
|
11.0%
|
|
|
|
|
Miami, FL Metro
Area
|
|
3
|
|
587
|
|
120.70
|
|
-
|
|
120.70
|
|
120.58
|
|
-
|
|
120.58
|
|
0.1%
|
|
0.1%
|
|
|
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
4
|
|
809
|
|
125.51
|
|
-
|
|
125.51
|
|
108.54
|
|
210.50
|
|
121.09
|
|
15.6%
|
|
3.7%
|
|
|
|
|
Nashville, TN
Area
|
|
1
|
|
673
|
|
182.58
|
|
-
|
|
182.58
|
|
160.76
|
|
-
|
|
160.76
|
|
13.6%
|
|
13.6%
|
|
|
|
|
New York / New Jersey
Metro Area
|
|
6
|
|
1,741
|
|
105.08
|
|
-
|
|
105.08
|
|
100.32
|
|
(88.69)
|
|
101.29
|
|
4.7%
|
|
3.7%
|
|
|
|
|
Orlando, FL
Area
|
|
3
|
|
734
|
|
99.44
|
|
-
|
|
99.44
|
|
87.90
|
|
(80.42)
|
|
99.12
|
|
13.1%
|
|
0.3%
|
|
|
|
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
88.50
|
|
-
|
|
88.50
|
|
90.51
|
|
-
|
|
90.51
|
|
(2.2%)
|
|
(2.2%)
|
|
|
|
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
103.91
|
|
-
|
|
103.91
|
|
98.18
|
|
-
|
|
98.18
|
|
5.8%
|
|
5.8%
|
|
|
|
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
141.88
|
|
-
|
|
141.88
|
|
137.33
|
|
-
|
|
137.33
|
|
3.3%
|
|
3.3%
|
|
|
|
|
Tampa, FL
Area
|
|
3
|
|
680
|
|
100.27
|
|
-
|
|
100.27
|
|
98.89
|
|
-
|
|
98.89
|
|
1.4%
|
|
1.4%
|
|
|
|
|
Washington DC - MD -
VA Area
|
|
9
|
|
2,304
|
|
117.17
|
|
-
|
|
117.17
|
|
112.95
|
|
(66.80)
|
|
116.20
|
|
3.7%
|
|
0.8%
|
|
|
|
|
Other
Areas
|
|
54
|
|
9,395
|
|
96.10
|
|
-
|
|
96.10
|
|
96.78
|
|
(135.78)
|
|
96.26
|
|
(0.7%)
|
|
(0.2%)
|
|
|
|
|
Total
Portfolio
|
|
123
|
|
26,013
|
|
$
109.32
|
|
$
(63.48)
|
|
$
109.35
|
|
$
105.56
|
|
$
(76.43)
|
|
$
107.62
|
|
3.6%
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
|
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
|
HOTEL EBITDA BY
MARKET
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
Region
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
2015
|
|
2015
|
|
2015
|
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
10
|
|
1,920
|
|
$
7,380
|
|
$
1
|
|
$
7,381
|
|
7.1%
|
|
$
7,059
|
|
$
(317)
|
|
$
6,742
|
|
6.6%
|
|
4.5%
|
|
9.5%
|
Boston, MA
Area
|
|
3
|
|
915
|
|
5,954
|
|
-
|
|
5,954
|
|
5.7%
|
|
5,632
|
|
-
|
|
5,632
|
|
5.5%
|
|
5.7%
|
|
5.7%
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,518
|
|
5,952
|
|
-
|
|
5,952
|
|
5.7%
|
|
6,133
|
|
-
|
|
6,133
|
|
6.0%
|
|
(3.0%)
|
|
(3.0%)
|
Houston, TX
Area
|
|
3
|
|
692
|
|
2,444
|
|
-
|
|
2,444
|
|
2.4%
|
|
3,934
|
|
-
|
|
3,934
|
|
3.8%
|
|
(37.9%)
|
|
(37.9%)
|
Los Angeles, CA Metro
Area
|
|
6
|
|
1,619
|
|
7,702
|
|
17
|
|
7,719
|
|
7.4%
|
|
6,979
|
|
(547)
|
|
6,432
|
|
6.3%
|
|
10.4%
|
|
20.0%
|
Miami, FL Metro
Area
|
|
3
|
|
587
|
|
2,586
|
|
-
|
|
2,586
|
|
2.5%
|
|
2,540
|
|
-
|
|
2,540
|
|
2.5%
|
|
1.8%
|
|
1.8%
|
Minneapolis - St.
Paul, MN-WI Area
|
|
4
|
|
809
|
|
3,929
|
|
-
|
|
3,929
|
|
3.8%
|
|
2,905
|
|
822
|
|
3,727
|
|
3.6%
|
|
35.2%
|
|
5.4%
|
Nashville, TN
Area
|
|
1
|
|
673
|
|
5,800
|
|
-
|
|
5,800
|
|
5.6%
|
|
4,730
|
|
-
|
|
4,730
|
|
4.6%
|
|
22.6%
|
|
22.6%
|
New York / New Jersey
Metro Area
|
|
6
|
|
1,741
|
|
6,844
|
|
10
|
|
6,854
|
|
6.6%
|
|
7,406
|
|
(455)
|
|
6,951
|
|
6.8%
|
|
(7.6%)
|
|
(1.4%)
|
Orlando, FL
Area
|
|
3
|
|
734
|
|
2,144
|
|
2
|
|
2,146
|
|
2.1%
|
|
4,914
|
|
(2,714)
|
|
2,200
|
|
2.1%
|
|
(56.4%)
|
|
(2.5%)
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
1,677
|
|
-
|
|
1,677
|
|
1.6%
|
|
1,695
|
|
-
|
|
1,695
|
|
1.7%
|
|
(1.1%)
|
|
(1.1%)
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
1,351
|
|
-
|
|
1,351
|
|
1.3%
|
|
1,343
|
|
-
|
|
1,343
|
|
1.3%
|
|
0.6%
|
|
0.6%
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
7,905
|
|
-
|
|
7,905
|
|
7.6%
|
|
7,180
|
|
-
|
|
7,180
|
|
7.0%
|
|
10.1%
|
|
10.1%
|
Tampa, FL
Area
|
|
3
|
|
680
|
|
2,353
|
|
-
|
|
2,353
|
|
2.3%
|
|
2,312
|
|
-
|
|
2,312
|
|
2.3%
|
|
1.8%
|
|
1.8%
|
Washington DC - MD -
VA Area
|
|
9
|
|
2,304
|
|
9,303
|
|
-
|
|
9,303
|
|
9.0%
|
|
9,971
|
|
(238)
|
|
9,733
|
|
9.5%
|
|
(6.7%)
|
|
(4.4%)
|
Other
Areas
|
|
54
|
|
9,395
|
|
30,396
|
|
-
|
|
30,396
|
|
29.3%
|
|
32,158
|
|
(717)
|
|
31,441
|
|
30.4%
|
|
(5.5%)
|
|
(3.3%)
|
Total
Portfolio
|
|
123
|
|
26,013
|
|
$
103,720
|
|
$
30
|
|
$
103,750
|
|
100.0%
|
|
$
106,891
|
|
$
(4,166)
|
|
$
102,725
|
|
100.0%
|
|
(3.0%)
|
|
1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
|
HOTEL REVPAR BY
MARKET
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
Region
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
10
|
|
1,920
|
|
$
116.65
|
|
$
(98.79)
|
|
$
117.23
|
|
$
108.61
|
|
$
144.33
|
|
$
113.11
|
|
7.4%
|
|
3.6%
|
|
|
|
|
Boston, MA
Area
|
|
3
|
|
915
|
|
167.80
|
|
-
|
|
167.80
|
|
186.61
|
|
101.12
|
|
166.08
|
|
(10.1%)
|
|
1.0%
|
|
|
|
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,518
|
|
110.08
|
|
-
|
|
110.08
|
|
108.33
|
|
115.68
|
|
108.75
|
|
1.6%
|
|
1.2%
|
|
|
|
|
Houston, TX
Area
|
|
3
|
|
692
|
|
100.62
|
|
-
|
|
100.62
|
|
113.01
|
|
115.98
|
|
113.23
|
|
(11.0%)
|
|
(11.1%)
|
|
|
|
|
Los Angeles, CA Metro
Area
|
|
6
|
|
1,619
|
|
126.35
|
|
(97.02)
|
|
130.24
|
|
107.68
|
|
(73.84)
|
|
112.04
|
|
17.3%
|
|
16.2%
|
|
|
|
|
Miami, FL Metro
Area
|
|
3
|
|
587
|
|
130.23
|
|
-
|
|
130.23
|
|
127.33
|
|
-
|
|
127.33
|
|
2.3%
|
|
2.3%
|
|
|
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
4
|
|
809
|
|
130.74
|
|
-
|
|
130.74
|
|
107.32
|
|
173.81
|
|
126.20
|
|
21.8%
|
|
3.6%
|
|
|
|
|
Nashville, TN
Area
|
|
1
|
|
673
|
|
197.61
|
|
-
|
|
197.61
|
|
177.93
|
|
149.75
|
|
172.99
|
|
11.1%
|
|
14.2%
|
|
|
|
|
New York / New Jersey
Metro Area
|
|
6
|
|
1,741
|
|
111.53
|
|
(85.36)
|
|
112.44
|
|
110.39
|
|
49.63
|
|
108.39
|
|
1.0%
|
|
3.7%
|
|
|
|
|
Orlando, FL
Area
|
|
3
|
|
734
|
|
99.63
|
|
(91.88)
|
|
104.46
|
|
91.01
|
|
(80.91)
|
|
106.13
|
|
9.5%
|
|
(1.6%)
|
|
|
|
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
102.34
|
|
-
|
|
102.34
|
|
94.84
|
|
-
|
|
94.84
|
|
7.9%
|
|
7.9%
|
|
|
|
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
118.52
|
|
-
|
|
118.52
|
|
112.33
|
|
-
|
|
112.33
|
|
5.5%
|
|
5.5%
|
|
|
|
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
152.40
|
|
-
|
|
152.40
|
|
146.54
|
|
-
|
|
146.54
|
|
4.0%
|
|
4.0%
|
|
|
|
|
Tampa, FL
Area
|
|
3
|
|
680
|
|
111.89
|
|
-
|
|
111.89
|
|
102.04
|
|
122.12
|
|
103.83
|
|
9.7%
|
|
7.8%
|
|
|
|
|
Washington DC - MD -
VA Area
|
|
9
|
|
2,304
|
|
129.19
|
|
(74.36)
|
|
132.08
|
|
127.99
|
|
(39.46)
|
|
130.02
|
|
0.9%
|
|
1.6%
|
|
|
|
|
Other
Areas
|
|
54
|
|
9,395
|
|
106.56
|
|
(126.59)
|
|
106.39
|
|
106.30
|
|
97.11
|
|
105.31
|
|
0.2%
|
|
1.0%
|
|
|
|
|
Total
Portfolio
|
|
123
|
|
26,013
|
|
$
118.87
|
|
$
(93.77)
|
|
$
119.83
|
|
$
114.19
|
|
$
185.33
|
|
$
116.15
|
|
4.1%
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
|
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
|
HOTEL EBITDA BY
MARKET
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-comparable
adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
Region
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
2015
|
|
2015
|
|
2015
|
|
|
%
Variance
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
10
|
|
1,920
|
|
$
32,776
|
|
$
(645)
|
|
$
32,131
|
|
6.8%
|
|
$
24,278
|
|
$
4,359
|
|
$
28,637
|
|
6.3%
|
|
35.0%
|
|
12.2%
|
Boston, MA
Area
|
|
3
|
|
915
|
|
25,665
|
|
-
|
|
25,665
|
|
5.4%
|
|
23,004
|
|
2,445
|
|
25,449
|
|
5.6%
|
|
11.6%
|
|
0.8%
|
Dallas / Ft. Worth
Area
|
|
7
|
|
1,518
|
|
26,180
|
|
-
|
|
26,180
|
|
5.5%
|
|
24,011
|
|
1,946
|
|
25,957
|
|
5.7%
|
|
9.0%
|
|
0.9%
|
Houston, TX
Area
|
|
3
|
|
692
|
|
11,282
|
|
-
|
|
11,282
|
|
2.4%
|
|
13,075
|
|
1,403
|
|
14,478
|
|
3.2%
|
|
(13.7%)
|
|
(22.1%)
|
Los Angeles, CA Metro
Area
|
|
6
|
|
1,619
|
|
36,135
|
|
(2,972)
|
|
33,163
|
|
7.0%
|
|
28,519
|
|
(1,690)
|
|
26,829
|
|
5.9%
|
|
26.7%
|
|
23.6%
|
Miami, FL Metro
Area
|
|
3
|
|
587
|
|
11,920
|
|
-
|
|
11,920
|
|
2.5%
|
|
11,445
|
|
-
|
|
11,445
|
|
2.5%
|
|
4.2%
|
|
4.2%
|
Minneapolis - St.
Paul, MN-WI Area
|
|
4
|
|
809
|
|
16,975
|
|
-
|
|
16,975
|
|
3.6%
|
|
10,010
|
|
5,858
|
|
15,868
|
|
3.5%
|
|
69.6%
|
|
7.0%
|
Nashville, TN
Area
|
|
1
|
|
673
|
|
25,527
|
|
-
|
|
25,527
|
|
5.4%
|
|
17,793
|
|
2,975
|
|
20,768
|
|
4.6%
|
|
43.5%
|
|
22.9%
|
New York / New Jersey
Metro Area
|
|
6
|
|
1,741
|
|
30,652
|
|
(747)
|
|
29,905
|
|
6.3%
|
|
29,912
|
|
(295)
|
|
29,617
|
|
6.5%
|
|
2.5%
|
|
1.0%
|
Orlando, FL
Area
|
|
3
|
|
734
|
|
15,181
|
|
(5,622)
|
|
9,559
|
|
2.0%
|
|
20,357
|
|
(10,312)
|
|
10,045
|
|
2.2%
|
|
(25.4%)
|
|
(4.8%)
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
8,192
|
|
-
|
|
8,192
|
|
1.7%
|
|
7,011
|
|
-
|
|
7,011
|
|
1.5%
|
|
16.8%
|
|
16.8%
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
7,219
|
|
-
|
|
7,219
|
|
1.5%
|
|
6,631
|
|
-
|
|
6,631
|
|
1.5%
|
|
8.9%
|
|
8.9%
|
San Francisco -
Oakland, CA Metro Area
|
|
6
|
|
1,368
|
|
34,559
|
|
-
|
|
34,559
|
|
7.3%
|
|
32,058
|
|
-
|
|
32,058
|
|
7.0%
|
|
7.8%
|
|
7.8%
|
Tampa, FL
Area
|
|
3
|
|
680
|
|
11,595
|
|
-
|
|
11,595
|
|
2.4%
|
|
8,983
|
|
1,262
|
|
10,245
|
|
2.3%
|
|
29.1%
|
|
13.2%
|
Washington DC - MD -
VA Area
|
|
9
|
|
2,304
|
|
46,134
|
|
(927)
|
|
45,207
|
|
9.5%
|
|
44,458
|
|
(200)
|
|
44,258
|
|
9.7%
|
|
3.8%
|
|
2.1%
|
Other
Areas
|
|
54
|
|
9,395
|
|
148,102
|
|
(1,557)
|
|
146,545
|
|
30.8%
|
|
132,913
|
|
13,050
|
|
145,963
|
|
32.0%
|
|
11.4%
|
|
0.4%
|
Total
Portfolio
|
|
123
|
|
26,013
|
|
$
488,094
|
|
$
(12,470)
|
|
$
475,624
|
|
100.0%
|
|
$
434,458
|
|
$
20,801
|
|
$
455,259
|
|
100.0%
|
|
12.3%
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the 123 hotel properties owned and included in
the Company's operations at December 31, 2016, were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotels acquired
during the period offset by results from hotels sold during the
period.
|
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL
ENTERPRISE VALUE
|
December 31,
2016
|
(in
thousands except share price)
|
(unaudited)
|
|
|
|
|
|
December
31,
|
|
2016
|
End of quarter
common shares outstanding
|
96,377
|
Partnership
units outstanding (common share equivalents)*
|
18,755
|
Combined common
shares and partnership units outstanding
|
115,132
|
Common stock
price at quarter end
|
$
7.76
|
Market
capitalization at quarter end
|
$
893,425
|
Series A
preferred stock
|
$
41,430
|
Series D
preferred stock
|
$
236,718
|
Series F
preferred stock
|
$
120,000
|
Series G
preferred stock
|
$
155,000
|
Debt on balance
sheet date
|
$
3,773,604
|
Joint venture
partner's share of consolidated debt
|
$
(2,063)
|
Net working
capital (see below)
|
$
(525,290)
|
Total enterprise
value (TEV)
|
4,692,824
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
598
|
Common stock price at
quarter end
|
$
43.14
|
Market value of
Ashford Inc. investment
|
$
25,805
|
|
|
Cash and cash
equivalents
|
$
347,984
|
Restricted
cash
|
$
144,239
|
Accounts receivable,
net
|
$
44,922
|
Prepaid
expenses
|
$
17,878
|
Investment in
securities
|
$
104,075
|
Due from affiliates,
net
|
$
(17,250)
|
Due from third-party
hotel managers, net
|
$
10,641
|
Market value of
Ashford Inc. investment
|
$
25,805
|
Total current
assets
|
$
678,294
|
|
|
Accounts payable, net
& accrued expenses
|
$
128,239
|
Dividends
payable
|
$
24,765
|
Total current
liabilities
|
$
153,004
|
|
|
Net working
capital**
|
$
525,290
|
|
|
|
|
* Total units
outstanding = 19.4 million; impacted by current conversion
factor.
|
** Includes the
Company's pro rata share of net working capital in joint
ventures.
|
Ashford
Hospitality Trust, Inc. and Subsidiaries
|
Anticipated
Capital Expenditures Calendar (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
|
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
|
Embassy Suites
Austin
|
150
|
x
|
x
|
x
|
|
|
|
|
|
|
Hilton Garden Inn
Austin
|
254
|
x
|
x
|
x
|
|
|
|
|
|
|
SpringHill Suites
Jacksonville
|
102
|
x
|
x
|
x
|
|
|
|
|
|
|
Courtyard Boston
Billerica
|
210
|
x
|
x
|
|
|
|
|
|
|
|
Courtyard Irvine
Foothill Ranch
|
156
|
x
|
x
|
|
|
|
|
|
|
|
Residence Inn
Fairfax
|
159
|
x
|
x
|
|
|
|
|
|
|
|
SpringHill Suites
Gaithersburg
|
162
|
x
|
x
|
|
|
|
|
|
|
|
The
Ashton
|
39
|
x
|
x
|
|
|
|
|
|
|
|
Towneplace Suites
Manhattan Beach
|
144
|
x
|
x
|
|
|
|
|
|
|
|
Embassy Suites
Houston
|
150
|
x
|
|
x
|
x
|
|
|
|
|
|
The
Churchill
|
173
|
x
|
|
x
|
x
|
|
|
|
|
|
Courtyard Oakland
Airport
|
156
|
x
|
|
|
|
|
|
|
|
|
Hilton Santa
Fe
|
158
|
x
|
|
|
|
|
|
|
|
|
Renaissance
Nashville
|
673
|
x
|
|
|
|
|
|
|
|
x
|
Westin
Princeton
|
296
|
x
|
|
|
|
|
|
|
|
x
|
Embassy Suites Las
Vegas
|
220
|
|
x
|
x
|
x
|
|
|
|
|
|
Hyatt Regency
Coral Gables
|
253
|
|
x
|
x
|
x
|
|
|
|
|
|
Marriott Dallas
Market Center
|
265
|
|
x
|
x
|
x
|
|
x
|
|
|
|
Courtyard
Bloomington
|
117
|
|
x
|
x
|
|
|
|
|
|
|
Embassy Suites
Dallas
|
150
|
|
x
|
x
|
|
|
|
|
|
|
Embassy Suites
Orlando
|
174
|
|
x
|
x
|
|
|
|
|
x
|
x
|
Hampton Inn
Lawrenceville
|
85
|
|
x
|
x
|
|
|
|
|
|
|
Embassy Suites
Philadelphia
|
263
|
|
x
|
|
|
|
|
|
|
x
|
Courtyard Ft.
Lauderdale
|
174
|
|
|
x
|
x
|
|
|
|
|
|
Crowne Plaza
Annapolis
|
196
|
|
|
x
|
x
|
|
x
|
|
|
|
Embassy Suites
Dulles
|
150
|
|
|
x
|
x
|
|
|
|
|
|
Le Pavillon New
Orleans
|
226
|
|
|
x
|
x
|
|
x
|
|
|
|
Marriott Crystal
Gateway
|
697
|
|
|
x
|
x
|
|
x
|
x
|
x
|
x
|
Marriott San
Antonio Plaza
|
251
|
|
|
x
|
|
|
|
x
|
x
|
x
|
Courtyard Basking
Ridge
|
235
|
|
|
|
x
|
|
x
|
x
|
|
|
Hampton Inn
Parsippany
|
152
|
|
|
|
x
|
|
x
|
x
|
|
|
Hilton Boston Back
Bay
|
390
|
|
|
|
x
|
|
x
|
|
|
|
Hilton Garden Inn
Virginia Beach
|
176
|
|
|
|
x
|
|
|
|
|
|
Hilton St.
Petersburg
|
333
|
|
|
|
x
|
|
|
|
|
|
Homewood Suites
Pittsburgh Southpointe
|
148
|
|
|
|
x
|
|
x
|
x
|
|
|
Marriott
Omaha
|
300
|
|
|
|
x
|
|
x
|
|
|
|
Residence Inn Lake
Buena Vista
|
210
|
|
|
|
x
|
|
x
|
|
|
|
Courtyard Columbus
Tipton Lakes
|
90
|
|
|
|
|
|
x
|
|
|
|
Hampton Inn
Pittsburgh Washington
|
103
|
|
|
|
|
|
x
|
|
|
|
Hyatt Regency
Savannah
|
351
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Stillwater
|
101
|
|
|
|
|
|
x
|
x
|
|
|
Marriott DFW
Airport
|
491
|
|
|
|
|
|
|
|
x
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
|
|
|
|
x
|
x
|
x
|
x
|
Hilton Garden Inn
Wisconsin Dells
|
128
|
|
|
|
|
|
x
|
x
|
x
|
x
|
Hilton Tampa
Westshore
|
238
|
|
|
|
|
|
|
x
|
x
|
x
|
Marriott
RTP
|
225
|
|
|
|
|
|
|
x
|
x
|
x
|
Residence Inn
Orlando Sea World
|
350
|
|
|
|
|
|
|
x
|
x
|
x
|
Hilton Garden Inn
Jacksonville
|
119
|
|
|
|
|
|
|
|
x
|
x
|
Residence Inn
Tampa Downtown
|
109
|
|
|
|
|
|
|
|
x
|
x
|
Sheraton Indy City
Center
|
378
|
|
|
|
|
|
|
|
x
|
x
|
SpringHill Suites
Kennesaw
|
90
|
|
|
|
|
|
|
|
x
|
x
|
Courtyard Crystal
City Reagan
|
272
|
|
|
|
|
|
|
|
|
x
|
Courtyard Denver
Airport
|
202
|
|
|
|
|
|
|
|
|
x
|
Courtyard
Gaithersburg
|
210
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Santa Clara Silicon Valley
|
257
|
|
|
|
|
|
|
|
|
x
|
Residence Inn
Jacksonville
|
120
|
|
|
|
|
|
|
|
|
x
|
Ritz Carlton
Atlanta
|
444
|
|
|
|
|
|
|
|
|
x
|
Sheraton
Anchorage
|
370
|
|
|
|
|
|
|
|
|
x
|
SpringHill Suites
Centreville
|
136
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Walnut Creek
|
249
|
|
|
|
|
|
|
x
|
x
|
x
|
Renaissance Palm
Springs
|
410
|
|
|
|
|
|
|
x
|
x
|
x
|
(a) Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 2016-2017 are included in
these tables.
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
31,821
|
|
$
55,743
|
|
$
106,459
|
|
$
53,017
|
|
$
247,040
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(32)
|
|
(45)
|
|
(35)
|
|
9
|
|
(103)
|
Net income
attributable to the Company
|
31,789
|
|
55,698
|
|
106,424
|
|
53,026
|
|
246,937
|
Non-property
adjustments
|
5,650
|
|
3,591
|
|
(23,094)
|
|
114
|
|
(13,739)
|
Interest
Income
|
(23)
|
|
(11)
|
|
(12)
|
|
(11)
|
|
(57)
|
Interest
expense
|
484
|
|
479
|
|
469
|
|
467
|
|
1,899
|
Amortization of loan
cost
|
124
|
|
121
|
|
119
|
|
118
|
|
482
|
Depreciation and
amortization
|
61,294
|
|
60,020
|
|
59,922
|
|
61,978
|
|
243,214
|
Income tax
expense
|
25
|
|
15
|
|
19
|
|
26
|
|
85
|
Non-Hotel EBITDA
ownership expense
|
4,345
|
|
2,017
|
|
1,421
|
|
1,387
|
|
9,170
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
32
|
|
45
|
|
35
|
|
(9)
|
|
103
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
103,720
|
|
121,975
|
|
145,303
|
|
117,096
|
|
488,094
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
30
|
|
(893)
|
|
(3,987)
|
|
(7,620)
|
|
(12,470)
|
Comparable Hotel
EBITDA
|
$
103,750
|
|
$
121,082
|
|
$
141,316
|
|
$
109,476
|
|
$
475,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have
been made to the pre-acquisition results as indicated
below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months Ended
December 31, 2016
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
27,445
|
|
$
4,376
|
|
$
31,821
|
|
$
162
|
|
$
(88,623)
|
|
$
(56,640)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(32)
|
|
-
|
|
(32)
|
|
-
|
|
30
|
|
(2)
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
9,738
|
|
9,738
|
Net income (loss)
attributable to the Company
|
27,413
|
|
4,376
|
|
31,789
|
|
162
|
|
(78,855)
|
|
(46,904)
|
Non-property
adjustments
|
5,777
|
|
(127)
|
|
5,650
|
|
-
|
|
(5,650)
|
|
-
|
Interest
income
|
(23)
|
|
-
|
|
(23)
|
|
-
|
|
(79)
|
|
(102)
|
Interest
expense
|
484
|
|
-
|
|
484
|
|
-
|
|
49,219
|
|
49,703
|
Amortization of loan
cost
|
124
|
|
-
|
|
124
|
|
-
|
|
5,973
|
|
6,097
|
Depreciation and
amortization
|
49,455
|
|
11,839
|
|
61,294
|
|
109
|
|
49
|
|
61,452
|
Income tax expense
(benefit)
|
(49)
|
|
74
|
|
25
|
|
-
|
|
291
|
|
316
|
Non-Hotel EBITDA
ownership expense
|
3,672
|
|
673
|
|
4,345
|
|
(7)
|
|
(4,338)
|
|
-
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
32
|
|
-
|
|
32
|
|
-
|
|
(32)
|
|
-
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
86,885
|
|
16,835
|
|
103,720
|
|
264
|
|
(33,422)
|
|
70,562
|
Less: EBITDA
adjustments attributable to non-controlling interest
|
(47)
|
|
-
|
|
(47)
|
|
-
|
|
(43)
|
|
(90)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(32)
|
|
-
|
|
(32)
|
|
-
|
|
32
|
|
-
|
Net income (loss)
attributable to redeemable noncontrolling interest in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,738)
|
|
(9,738)
|
Equity in loss of
unconsolidated entities
|
-
|
|
-
|
|
-
|
|
-
|
|
(107)
|
|
(107)
|
Company's portion of
EBITDA of Ashford Inc.
|
-
|
|
-
|
|
-
|
|
-
|
|
387
|
|
387
|
Company's portion of
EBITDA of OpenKey
|
-
|
|
-
|
|
-
|
|
-
|
|
(109)
|
|
(109)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
86,806
|
|
$
16,835
|
|
$
103,641
|
|
$
264
|
|
$
(43,000)
|
|
$
60,905
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
30
|
|
-
|
|
30
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
86,915
|
|
$
16,835
|
|
$
103,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the
|
acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months Ended
December 31, 2015
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
33,546
|
|
$
9,759
|
|
$
43,305
|
|
$
108
|
|
$
(69,540)
|
|
$
(26,127)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(8)
|
|
-
|
|
(8)
|
|
-
|
|
30
|
|
22
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
4,113
|
|
4,113
|
Net income (loss)
attributable to the Company
|
33,538
|
|
9,759
|
|
43,297
|
|
108
|
|
(65,397)
|
|
(21,992)
|
Non-property
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Interest
income
|
(7)
|
|
(2)
|
|
(9)
|
|
-
|
|
(14)
|
|
(23)
|
Interest
expense
|
456
|
|
-
|
|
456
|
|
-
|
|
47,296
|
|
47,752
|
Amortization of loan
cost
|
116
|
|
-
|
|
116
|
|
-
|
|
5,657
|
|
5,773
|
Depreciation and
amortization
|
51,757
|
|
9,239
|
|
60,996
|
|
145
|
|
48
|
|
61,189
|
Income tax expense
(benefit)
|
59
|
|
59
|
|
118
|
|
-
|
|
(43)
|
|
75
|
Non-Hotel EBITDA
ownership expense
|
1,922
|
|
(13)
|
|
1,909
|
|
(1)
|
|
(1,908)
|
|
-
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
8
|
|
-
|
|
8
|
|
-
|
|
(8)
|
|
-
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
87,849
|
|
19,042
|
|
106,891
|
|
252
|
|
(14,369)
|
|
92,774
|
Less: EBITDA
adjustments attributable to non-controlling interest
|
(65)
|
|
-
|
|
(65)
|
|
-
|
|
(24)
|
|
(89)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(8)
|
|
-
|
|
(8)
|
|
-
|
|
8
|
|
-
|
Net income (loss)
attributable to redeemable noncontrolling interest in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
(4,113)
|
|
(4,113)
|
Equity in loss of
unconsolidated entities
|
-
|
|
-
|
|
-
|
|
-
|
|
(759)
|
|
(759)
|
Company's portion of
EBITDA of Ashford Inc.
|
-
|
|
-
|
|
-
|
|
-
|
|
846
|
|
846
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
87,776
|
|
$
19,042
|
|
$
106,818
|
|
$
252
|
|
$
(18,411)
|
|
$
88,659
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
(4,166)
|
|
-
|
|
(4,166)
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
83,683
|
|
$
19,042
|
|
$
102,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the
|
acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
208,871
|
|
$
38,169
|
|
$
247,040
|
|
$
1,233
|
|
$
(307,055)
|
|
$
(58,782)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(103)
|
|
-
|
|
(103)
|
|
-
|
|
117
|
|
14
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
12,483
|
|
12,483
|
Net income (loss)
attributable to the Company
|
208,768
|
|
38,169
|
|
246,937
|
|
1,233
|
|
(294,455)
|
|
(46,285)
|
Non-property
adjustments
|
(13,726)
|
|
(13)
|
|
(13,739)
|
|
-
|
|
13,739
|
|
-
|
Interest
income
|
(55)
|
|
(2)
|
|
(57)
|
|
-
|
|
(274)
|
|
(331)
|
Interest
expense
|
1,899
|
|
-
|
|
1,899
|
|
-
|
|
197,971
|
|
199,870
|
Amortization of loan
cost
|
482
|
|
-
|
|
482
|
|
-
|
|
23,615
|
|
24,097
|
Depreciation and
amortization
|
200,680
|
|
42,534
|
|
243,214
|
|
455
|
|
194
|
|
243,863
|
Income tax expense
(benefit)
|
11
|
|
74
|
|
85
|
|
-
|
|
1,447
|
|
1,532
|
Non-Hotel EBITDA
ownership expense
|
8,666
|
|
504
|
|
9,170
|
|
53
|
|
(9,223)
|
|
-
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
103
|
|
-
|
|
103
|
|
-
|
|
(103)
|
|
-
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
406,828
|
|
81,266
|
|
488,094
|
|
1,741
|
|
(67,089)
|
|
422,746
|
Less: EBITDA
adjustments attributable to non-controlling interest
|
(246)
|
|
-
|
|
(246)
|
|
-
|
|
(117)
|
|
(363)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(103)
|
|
-
|
|
(103)
|
|
-
|
|
103
|
|
-
|
Net income (loss)
attributable to redeemable noncontrolling interest in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
(12,483)
|
|
(12,483)
|
Equity in loss of
unconsolidated entities
|
-
|
|
-
|
|
-
|
|
-
|
|
1,048
|
|
1,048
|
Company's portion of
EBITDA of Ashford Inc.
|
-
|
|
-
|
|
-
|
|
-
|
|
180
|
|
180
|
Company's portion of
EBITDA of OpenKey
|
-
|
|
-
|
|
-
|
|
-
|
|
(303)
|
|
(303)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
406,479
|
|
$
81,266
|
|
$
487,745
|
|
$
1,741
|
|
$
(78,661)
|
|
$
410,825
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
(12,470)
|
|
-
|
|
(12,470)
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
394,358
|
|
$
81,266
|
|
$
475,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the
|
acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
149,073
|
|
$
48,018
|
|
$
197,091
|
|
$
1,114
|
|
$
108,207
|
|
$
306,412
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(90)
|
|
-
|
|
(90)
|
|
-
|
|
120
|
|
30
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
(35,503)
|
|
(35,503)
|
Net income (loss)
attributable to the Company
|
148,983
|
|
48,018
|
|
197,001
|
|
1,114
|
|
72,824
|
|
270,939
|
Non-property
adjustments
|
21,080
|
|
(1)
|
|
21,079
|
|
-
|
|
(21,079)
|
|
-
|
Interest
income
|
(30)
|
|
(4)
|
|
(34)
|
|
-
|
|
(56)
|
|
(90)
|
Interest
expense
|
1,380
|
|
-
|
|
1,380
|
|
-
|
|
167,454
|
|
168,834
|
Amortization of loan
cost
|
342
|
|
-
|
|
342
|
|
-
|
|
18,338
|
|
18,680
|
Depreciation and
amortization
|
178,086
|
|
31,563
|
|
209,649
|
|
564
|
|
197
|
|
210,410
|
Income tax expense
(benefit)
|
119
|
|
59
|
|
178
|
|
-
|
|
4,532
|
|
4,710
|
Non-Hotel EBITDA
ownership expense
|
5,214
|
|
(441)
|
|
4,773
|
|
11
|
|
(4,784)
|
|
-
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
90
|
|
-
|
|
90
|
|
-
|
|
(90)
|
|
-
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
355,264
|
|
79,194
|
|
434,458
|
|
1,689
|
|
237,336
|
|
673,483
|
Less: EBITDA
adjustments attributable to non-controlling interest
|
(229)
|
|
-
|
|
(229)
|
|
-
|
|
(102)
|
|
(331)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(90)
|
|
-
|
|
(90)
|
|
-
|
|
90
|
|
-
|
Net income (loss)
attributable to redeemable noncontrolling interest in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
35,503
|
|
35,503
|
Equity in loss of
unconsolidated entities
|
-
|
|
-
|
|
-
|
|
-
|
|
3,445
|
|
3,445
|
Company's portion of
EBITDA of Ashford Inc.
|
-
|
|
-
|
|
-
|
|
-
|
|
828
|
|
828
|
Company's portion of
EBITDA of Ashford Prime
|
-
|
|
-
|
|
-
|
|
-
|
|
7,640
|
|
7,640
|
Company's portion of
EBITDA of Highland JV
|
|
|
|
|
|
|
-
|
|
11,982
|
|
11,982
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
354,945
|
|
$
79,194
|
|
$
434,139
|
|
$
1,689
|
|
$
296,722
|
|
$
732,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
15,137
|
|
5,664
|
|
20,801
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
370,401
|
|
$
84,858
|
|
$
455,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the
|
acquisition. Adjustments have been made to the
pre-acquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft. Worth
Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA Metro
Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
Nashville, TN
Area
|
|
New York / New Jersey
Metro Area
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington DC - MD -
VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
3,546
|
|
$
2,467
|
|
$
2,856
|
|
$
686
|
|
$
11,284
|
|
$
(228)
|
|
$
1,357
|
|
$
3,405
|
|
$
2,259
|
|
$
875
|
|
$
132
|
|
$
297
|
|
$
5,785
|
|
$
1,044
|
|
$
3,524
|
|
$
(7,468)
|
|
$
31,821
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(32)
|
|
(32)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income
attributable to the Company
|
3,546
|
|
2,467
|
|
2,856
|
|
686
|
|
11,284
|
|
(228)
|
|
1,357
|
|
3,405
|
|
2,259
|
|
875
|
|
132
|
|
297
|
|
5,785
|
|
1,044
|
|
3,524
|
|
(7,500)
|
|
31,789
|
Non-property
adjustments
|
22
|
|
-
|
|
-
|
|
-
|
|
(7,506)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
58
|
|
-
|
|
-
|
|
-
|
|
-
|
|
223
|
|
12,853
|
|
5,650
|
Interest
income
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(1)
|
|
-
|
|
(9)
|
|
-
|
|
(2)
|
|
(2)
|
|
-
|
|
-
|
|
(3)
|
|
-
|
|
(3)
|
|
(2)
|
|
(23)
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
484
|
|
484
|
Amortization of loan
cost
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
124
|
|
124
|
Depreciation and
amortization
|
3,768
|
|
3,182
|
|
2,910
|
|
1,703
|
|
3,987
|
|
1,629
|
|
2,541
|
|
2,435
|
|
4,485
|
|
1,209
|
|
1,403
|
|
1,049
|
|
2,174
|
|
1,147
|
|
5,624
|
|
22,048
|
|
61,294
|
Income tax
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
74
|
|
-
|
|
29
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(78)
|
|
25
|
Non-Hotel EBITDA
ownership expense
|
44
|
|
305
|
|
187
|
|
55
|
|
(62)
|
|
1,185
|
|
40
|
|
(40)
|
|
28
|
|
4
|
|
113
|
|
5
|
|
(51)
|
|
162
|
|
(65)
|
|
2,435
|
|
4,345
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32
|
|
32
|
EBITDA including
amounts attributable to noncontrolling interest
|
7,380
|
|
5,954
|
|
5,952
|
|
2,444
|
|
7,702
|
|
2,586
|
|
3,929
|
|
5,800
|
|
6,844
|
|
2,144
|
|
1,677
|
|
1,351
|
|
7,905
|
|
2,353
|
|
9,303
|
|
30,396
|
|
103,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
1
|
|
-
|
|
-
|
|
-
|
|
17
|
|
-
|
|
-
|
|
-
|
|
10
|
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
7,381
|
|
$
5,954
|
|
$
5,952
|
|
$
2,444
|
|
$
7,719
|
|
$
2,586
|
|
$
3,929
|
|
$
5,800
|
|
$
6,854
|
|
$
2,146
|
|
$
1,677
|
|
$
1,351
|
|
$
7,905
|
|
$
2,353
|
|
$
9,303
|
|
$
30,396
|
|
$
103,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its
|
analysis of the
acquisition. Adjustments have been made to the pre-acquisition
results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft. Worth
Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA Metro
Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
Nashville, TN
Area
|
|
New York / New Jersey
Metro Area
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington DC - MD -
VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
2,715
|
|
$
2,555
|
|
$
3,058
|
|
$
2,054
|
|
$
2,237
|
|
$
822
|
|
$
777
|
|
$
2,553
|
|
$
2,719
|
|
$
2,672
|
|
$
240
|
|
$
275
|
|
$
4,597
|
|
$
792
|
|
$
5,055
|
|
$
10,184
|
|
$
43,305
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(8)
|
|
(8)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income
attributable to the Company
|
2,715
|
|
2,555
|
|
3,058
|
|
2,054
|
|
2,237
|
|
822
|
|
777
|
|
2,553
|
|
2,719
|
|
2,672
|
|
240
|
|
275
|
|
4,597
|
|
792
|
|
5,055
|
|
10,176
|
|
43,297
|
Non-property
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Interest
income
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
-
|
|
-
|
|
(2)
|
|
(1)
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(2)
|
|
(1)
|
|
(9)
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
456
|
|
456
|
Amortization of loan
cost
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
116
|
|
116
|
Depreciation and
amortization
|
4,128
|
|
3,049
|
|
3,048
|
|
1,687
|
|
4,747
|
|
1,300
|
|
2,081
|
|
2,155
|
|
4,725
|
|
2,190
|
|
1,294
|
|
1,050
|
|
2,394
|
|
1,488
|
|
5,011
|
|
20,649
|
|
60,996
|
Income tax
expense
|
7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
59
|
|
-
|
|
24
|
|
-
|
|
-
|
|
-
|
|
9
|
|
23
|
|
118
|
Non-Hotel EBITDA
ownership expense
|
209
|
|
28
|
|
27
|
|
193
|
|
(4)
|
|
419
|
|
47
|
|
26
|
|
(95)
|
|
53
|
|
137
|
|
18
|
|
190
|
|
32
|
|
(102)
|
|
731
|
|
1,909
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
8
|
EBITDA including
amounts attributable to noncontrolling interest
|
7,059
|
|
5,632
|
|
6,133
|
|
3,934
|
|
6,979
|
|
2,540
|
|
2,905
|
|
4,730
|
|
7,406
|
|
4,914
|
|
1,695
|
|
1,343
|
|
7,180
|
|
2,312
|
|
9,971
|
|
32,158
|
|
106,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
(317)
|
|
-
|
|
-
|
|
-
|
|
(547)
|
|
-
|
|
822
|
|
-
|
|
(455)
|
|
(2,714)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(238)
|
|
(717)
|
|
(4,166)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
6,742
|
|
$
5,632
|
|
$
6,133
|
|
$
3,934
|
|
$
6,432
|
|
$
2,540
|
|
$
3,727
|
|
$
4,730
|
|
$
6,951
|
|
$
2,200
|
|
$
1,695
|
|
$
1,343
|
|
$
7,180
|
|
$
2,312
|
|
$
9,733
|
|
$
31,441
|
|
$
102,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its
|
analysis of the
acquisition. Adjustments have been made to the pre-acquisition
results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft. Worth
Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA Metro
Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
Nashville, TN
Area
|
|
New York / New Jersey
Metro Area
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington DC - MD -
VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
21,394
|
|
$
11,940
|
|
$
14,750
|
|
$
4,241
|
|
$
25,838
|
|
$
4,512
|
|
$
7,030
|
|
$
16,154
|
|
$
17,797
|
|
$
22,516
|
|
$
2,543
|
|
$
2,982
|
|
$
24,990
|
|
$
6,565
|
|
$
20,213
|
|
$
43,575
|
|
$
247,040
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(103)
|
|
(103)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income
attributable to the Company
|
21,394
|
|
11,940
|
|
14,750
|
|
4,241
|
|
25,838
|
|
4,512
|
|
7,030
|
|
16,154
|
|
17,797
|
|
22,516
|
|
2,543
|
|
2,982
|
|
24,990
|
|
6,565
|
|
20,213
|
|
43,472
|
|
246,937
|
Non-property
adjustments
|
(3,978)
|
|
-
|
|
-
|
|
-
|
|
(7,506)
|
|
-
|
|
-
|
|
-
|
|
(5,482)
|
|
(13,379)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,262
|
|
11,344
|
|
(13,739)
|
Interest
income
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(2)
|
|
(1)
|
|
(11)
|
|
-
|
|
(8)
|
|
(7)
|
|
(1)
|
|
(1)
|
|
(8)
|
|
-
|
|
(10)
|
|
(7)
|
|
(57)
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,899
|
|
1,899
|
Amortization of loan
cost
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
482
|
|
482
|
Depreciation and
amortization
|
14,902
|
|
13,096
|
|
11,354
|
|
6,882
|
|
17,919
|
|
5,813
|
|
9,872
|
|
9,373
|
|
17,900
|
|
5,755
|
|
5,498
|
|
4,199
|
|
9,336
|
|
4,684
|
|
21,414
|
|
85,217
|
|
243,214
|
Income tax
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
74
|
|
-
|
|
29
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(18)
|
|
85
|
Non-Hotel EBITDA
ownership expense
|
458
|
|
629
|
|
77
|
|
159
|
|
(114)
|
|
1,596
|
|
84
|
|
-
|
|
371
|
|
296
|
|
123
|
|
39
|
|
241
|
|
346
|
|
(745)
|
|
5,610
|
|
9,170
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103
|
|
103
|
EBITDA including
amounts attributable to noncontrolling interest
|
32,776
|
|
25,665
|
|
26,180
|
|
11,282
|
|
36,135
|
|
11,920
|
|
16,975
|
|
25,527
|
|
30,652
|
|
15,181
|
|
8,192
|
|
7,219
|
|
34,559
|
|
11,595
|
|
46,134
|
|
148,102
|
|
488,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
(645)
|
|
-
|
|
-
|
|
-
|
|
(2,972)
|
|
-
|
|
-
|
|
-
|
|
(747)
|
|
(5,622)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(927)
|
|
(1,557)
|
|
(12,470)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
32,131
|
|
$
25,665
|
|
$
26,180
|
|
$
11,282
|
|
$
33,163
|
|
$
11,920
|
|
$
16,975
|
|
$
25,527
|
|
$
29,905
|
|
$
9,559
|
|
$
8,192
|
|
$
7,219
|
|
$
34,559
|
|
$
11,595
|
|
$
45,207
|
|
$
146,545
|
|
$
475,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its
|
analysis of the
acquisition. Adjustments have been made to the pre-acquisition
results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft. Worth
Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA Metro
Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
Nashville, TN
Area
|
|
New York / New Jersey
Metro Area
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington DC - MD -
VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
10,957
|
|
$
13,805
|
|
$
12,723
|
|
$
6,552
|
|
$
10,846
|
|
$
5,896
|
|
$
3,653
|
|
$
10,516
|
|
$
13,907
|
|
$
11,888
|
|
$
1,783
|
|
$
2,414
|
|
$
22,515
|
|
$
3,562
|
|
$
24,350
|
|
$
41,724
|
|
$
197,091
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(90)
|
|
(90)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income
attributable to the Company
|
10,957
|
|
13,805
|
|
12,723
|
|
6,552
|
|
10,846
|
|
5,896
|
|
3,653
|
|
10,516
|
|
13,907
|
|
11,888
|
|
1,783
|
|
2,414
|
|
22,515
|
|
3,562
|
|
24,350
|
|
41,634
|
|
197,001
|
Non-property
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,817
|
|
18,262
|
|
21,079
|
Interest
income
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(3)
|
|
(2)
|
|
-
|
|
-
|
|
(7)
|
|
(5)
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(11)
|
|
(4)
|
|
(34)
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,380
|
|
1,380
|
Amortization of loan
cost
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
342
|
|
342
|
Depreciation and
amortization
|
12,938
|
|
9,003
|
|
11,104
|
|
6,094
|
|
17,477
|
|
4,830
|
|
6,303
|
|
6,959
|
|
15,989
|
|
8,160
|
|
4,896
|
|
4,195
|
|
9,321
|
|
5,133
|
|
18,195
|
|
69,052
|
|
209,649
|
Income tax
expense
|
7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
59
|
|
-
|
|
24
|
|
-
|
|
-
|
|
-
|
|
9
|
|
83
|
|
178
|
Non-Hotel EBITDA
ownership expense
|
376
|
|
196
|
|
185
|
|
429
|
|
199
|
|
721
|
|
54
|
|
322
|
|
(36)
|
|
314
|
|
308
|
|
22
|
|
223
|
|
288
|
|
(902)
|
|
2,074
|
|
4,773
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
90
|
|
90
|
EBITDA including
amounts attributable to noncontrolling interest
|
24,278
|
|
23,004
|
|
24,011
|
|
13,075
|
|
28,519
|
|
11,445
|
|
10,010
|
|
17,793
|
|
29,912
|
|
20,357
|
|
7,011
|
|
6,631
|
|
32,058
|
|
8,983
|
|
44,458
|
|
132,913
|
|
434,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
4,359
|
|
2,445
|
|
1,946
|
|
1,403
|
|
(1,690)
|
|
-
|
|
5,858
|
|
2,975
|
|
(295)
|
|
(10,312)
|
|
-
|
|
-
|
|
-
|
|
1,262
|
|
(200)
|
|
13,050
|
|
20,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
28,637
|
|
$
25,449
|
|
$
25,957
|
|
$
14,478
|
|
$
26,829
|
|
$
11,445
|
|
$
15,868
|
|
$
20,768
|
|
$
29,617
|
|
$
10,045
|
|
$
7,011
|
|
$
6,631
|
|
$
32,058
|
|
$
10,245
|
|
$
44,258
|
|
$
145,963
|
|
$
455,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016,
|
were owned
as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotels
|
acquired
during the period offset by results from hotels sold during the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its
|
analysis of the
acquisition. Adjustments have been made to the pre-acquisition
results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 24 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
US Bank Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 7 hotels
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Morgan Stanley
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
24,394
|
|
$
11,096
|
|
$
(631)
|
|
$
40,837
|
|
$
105
|
|
$
(626)
|
|
$
747
|
|
$
1,290
|
|
$
1,967
|
|
$
2,099
|
|
$
14,384
|
|
$
(2,481)
|
|
$
20,869
|
|
$
8,791
|
|
$
17,971
|
|
$
751
|
|
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income (loss)
attributable to the Company
|
24,394
|
|
11,096
|
|
(631)
|
|
40,837
|
|
105
|
|
(626)
|
|
747
|
|
1,290
|
|
1,967
|
|
2,099
|
|
14,384
|
|
(2,481)
|
|
20,869
|
|
8,791
|
|
17,971
|
|
751
|
|
|
Non-property
adjustments
|
(225)
|
|
-
|
|
-
|
|
9,085
|
|
-
|
|
114
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,096
|
|
5,262
|
|
(135)
|
|
-
|
|
-
|
|
-
|
|
|
Interest
income
|
(19)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(6)
|
|
-
|
|
-
|
|
-
|
|
|
Interest
expense
|
3
|
|
-
|
|
1,838
|
|
-
|
|
-
|
|
-
|
|
-
|
|
58
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Amortization of loan
cost
|
-
|
|
-
|
|
482
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Depreciation and
amortization
|
20,571
|
|
12,232
|
|
1,852
|
|
64,341
|
|
2,314
|
|
2,744
|
|
1,396
|
|
10,441
|
|
1,849
|
|
2,911
|
|
18,550
|
|
4,836
|
|
25,178
|
|
5,496
|
|
11,439
|
|
759
|
|
|
Income tax
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Non-Hotel EBITDA
ownership expense
|
606
|
|
265
|
|
13
|
|
2,369
|
|
62
|
|
360
|
|
74
|
|
385
|
|
17
|
|
45
|
|
1,399
|
|
211
|
|
2,833
|
|
399
|
|
28
|
|
106
|
|
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
45,330
|
|
23,593
|
|
3,554
|
|
116,632
|
|
2,481
|
|
2,592
|
|
2,217
|
|
12,174
|
|
3,833
|
|
5,055
|
|
38,429
|
|
7,827
|
|
48,739
|
|
14,686
|
|
29,438
|
|
1,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(927)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
45,330
|
|
$
23,593
|
|
$
3,554
|
|
$
116,632
|
|
$
2,481
|
|
$
2,592
|
|
$
2,217
|
|
$
12,174
|
|
$
3,833
|
|
$
5,055
|
|
$
38,429
|
|
$
6,900
|
|
$
48,739
|
|
$
14,686
|
|
$
29,438
|
|
$
1,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JP Morgan - 18
hotels
|
|
Omni American
Bank - 1 hotel
|
|
GACC Gateway -
1 hotel
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
GACC
Jacksonville RI - 1 hotel
|
|
GACC Manchester
RI - 1 hotel
|
|
Key Bank
Manchester CY - 1 hotel
|
|
Morgan Stanley
Pool C1 - 3 hotels
|
|
Morgan Stanley
Pool C2 - 2 hotels
|
|
Morgan Stanley
Pool C3 - 3 hotels
|
|
BAML Pool 3 - 3
hotels
|
|
BAML Pool 5 - 2
hotels
|
|
BAML Pool 4 - 2
hotels
|
|
NorthStar
Gainesville - 1 hotel
|
|
Wachovia 5
-5 hotels
|
|
Unencumbered
hotels
|
|
Total
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
36,179
|
|
$
607
|
|
$
8,726
|
|
$
3,623
|
|
$
734
|
|
$
519
|
|
$
242
|
|
$
5,290
|
|
$
1,847
|
|
$
2,409
|
|
$
4,632
|
|
$
2,072
|
|
$
9,597
|
|
$
2,493
|
|
$
27,225
|
|
$
(718)
|
|
$
247,040
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(73)
|
|
(30)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(103)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income (loss)
attributable to the Company
|
36,179
|
|
607
|
|
8,726
|
|
3,623
|
|
734
|
|
446
|
|
212
|
|
5,290
|
|
1,847
|
|
2,409
|
|
4,632
|
|
2,072
|
|
9,597
|
|
2,493
|
|
27,225
|
|
(718)
|
|
246,937
|
Non-property
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(7,506)
|
|
(1,590)
|
|
(22,840)
|
|
-
|
|
(13,739)
|
Interest
income
|
(11)
|
|
-
|
|
(1)
|
|
(9)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5)
|
|
(1)
|
|
-
|
|
-
|
|
(1)
|
|
(3)
|
|
(57)
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,899
|
Amortization of loan
cost
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
482
|
Depreciation and
amortization
|
27,360
|
|
441
|
|
7,113
|
|
3,300
|
|
905
|
|
886
|
|
681
|
|
2,812
|
|
448
|
|
1,266
|
|
3,821
|
|
949
|
|
875
|
|
626
|
|
2,255
|
|
2,567
|
|
243,214
|
Income tax
expense
|
103
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(36)
|
|
18
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
85
|
Non-Hotel EBITDA
ownership expense
|
281
|
|
9
|
|
(1,204)
|
|
12
|
|
126
|
|
9
|
|
8
|
|
65
|
|
34
|
|
52
|
|
39
|
|
17
|
|
6
|
|
28
|
|
375
|
|
141
|
|
9,170
|
Income from
consolidated entities attributable to noncontrolling
interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
73
|
|
30
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
63,912
|
|
1,057
|
|
14,634
|
|
6,926
|
|
1,765
|
|
1,378
|
|
949
|
|
8,167
|
|
2,329
|
|
3,727
|
|
8,487
|
|
3,037
|
|
2,972
|
|
1,557
|
|
7,014
|
|
1,987
|
|
488,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,972)
|
|
(1,557)
|
|
(7,014)
|
|
-
|
|
(12,470)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotel
EBITDA
|
$
63,912
|
|
$
1,057
|
|
$
14,634
|
|
$
6,926
|
|
$
1,765
|
|
$
1,378
|
|
$
949
|
|
$
8,167
|
|
$
2,329
|
|
$
3,727
|
|
$
8,487
|
|
$
3,037
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
1,987
|
|
$
475,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
above comparable information assumes the 123 hotel properties owned
and included in the Company's operations at December 31,
2016, were owned as of the beginning of each of the periods
presented. Non-comparable adjustments
include
|
pre-acquisition results from hotels acquired during the period
offset by results from hotels sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition. Adjustments have been made
to the pre-acquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2016-results-300413000.html
SOURCE Ashford Hospitality Trust, Inc.