DALLAS, Aug. 3, 2017 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today reported financial results and performance
measures for the second quarter ended June
30, 2017. The performance measurements for Occupancy,
Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and
Hotel EBITDA are comparable assuming each of the hotel properties
in the Company's hotel portfolio as of June
30, 2017 were owned as of the beginning of each of the
periods presented. Unless otherwise stated, all reported
results compare the second quarter ended June 30, 2017, with the second quarter ended
June 30, 2016 (see discussion
below). The reconciliation of non-GAAP financial measures is
included in the financial tables accompanying this press
release.
STRATEGIC OVERVIEW
- Opportunistic focus on upper-upscale, full-service hotels
- Targets moderate debt levels of approximately 55 - 60% net
debt/gross assets
- Highly-aligned management team and advisory structure
- One of the highest long-term total shareholder returns in the
industry
- Attractive dividend yield of approximately 7.7%
- Targets cash and cash equivalents at a level of 25 - 35% of
total equity market capitalization for the purposes of:
-
- working capital needs at property and corporate levels
- hedging against a downturn in the economy or hotel
fundamentals
- being prepared to pursue accretive investments or stock
buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $0.8 million or $0.01 per diluted share for the quarter
- Comparable RevPAR for all hotels increased 0.5% to $134.11 during the quarter
- Comparable RevPAR for all hotels not under renovation increased
1.4% to $134.59 during the
quarter
- Comparable Hotel EBITDA Margin for all hotels not under
renovation increased 11 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under
renovation was 52% for the quarter
- Adjusted EBITDA was $125.5
million for the quarter
- Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter
- The Company's common stock is currently trading at an
approximate 7.7% dividend yield
- During the quarter, the Company announced that it had
refinanced a mortgage loan on the Renaissance Nashville and Westin
Princeton with an existing outstanding balance totaling
approximately $104 million with a new
loan totaling up to $181 million
- During the quarter, the Company announced the details of the
redevelopment and acquisition of the meeting space at the
Renaissance Nashville hotel. In connection with the redevelopment
of the Nashville Convention
Center, the Company entered into an agreement with the developers
to acquire a permanent fee interest in the reconfigured facility
which will contain all spaces currently used by the hotel as well
as some additional meeting space
- During the quarter, the Company announced that it had
refinanced a mortgage loan on the Hotel Indigo Atlanta with an
existing outstanding balance totaling approximately $15.6 million with a new loan totaling
$16.1 million
- During the quarter, the Company completed the conversion of the
Marriott DFW Airport in Irving,
Texas from brand-managed to franchised, with Remington
Lodging taking over property management
- During the quarter, the Company announced the sale of the
495-room Crowne Plaza Ravinia in Atlanta,
Georgia for $88.7 million
($179,000 per key)
- Capex invested during the quarter was $53.3 million
TRANSACTION HIGHLIGHTS
On May 10, 2017, the Company
announced details for the redevelopment and acquisition of the
meeting space at its Renaissance Nashville hotel. In connection
with the redevelopment of the Nashville Convention Center ("NCC"), the
Company entered into an agreement with the developers to acquire a
permanent fee interest in the reconfigured facility which will
contain all spaces currently used by the hotel in the existing NCC
under the current 99-year lease as well as the additional meeting
space that is under the current 30-year lease. The hotel currently
has approximately 13,000 square feet of meeting space that is owned
fee simple and approximately 48,000 square feet of meeting space
that is subject to ground leases. This redevelopment will
eventually bring the total meeting space available in the hotel to
approximately 75,000 square feet, all of which will be owned fee
simple by the Company. The Company plans to spend
approximately $20 million to renovate
the new meeting space.
During the quarter, the Company completed the conversion of the
Marriott DFW Airport in Irving,
Texas from brand-managed to franchised, with Remington
Lodging taking over property management. Remington will operate the
property under a new long-term management agreement with a total
term of 35 years including extension options. The hotel will
continue to operate as a Marriott pursuant to a long-term franchise
agreement with Marriott International Inc. In connection with
the transfer, Remington will also take over operations of a laundry
facility which services several area hotels.
On June 29, 2017, the Company
announced the sale of the 495-room Crowne Plaza Ravinia in
Atlanta, Georgia for $88.7 million ($179,000 per key). The sales price represents a
trailing 12-month cap rate of 5.6% on net operating income and a
trailing 15.3x EBITDA multiple.
CAPITAL STRUCTURE
At June 30, 2017, the Company had
total assets of $4.8 billion.
As of June 30, 2017, the Company had
$3.7 billion of mortgage debt. The
Company's total combined debt had a blended average interest rate
of 5.7%.
On May 10, 2017, the Company
announced that it had refinanced a mortgage loan, secured by the
Westin Princeton and Renaissance Nashville hotels, with an existing
outstanding balance totaling approximately $104 million. The new loan totals $181 million consisting of an initial advance of
$165 million with future advances
totaling up to $16 million as
reimbursement for capital expenditures. The loan has a
five-year term and provides for a floating interest rate of LIBOR +
3.00%. The loan is interest only until July 2020 with $750,000 quarterly amortization thereafter.
After closing costs, reserves, and the full funding of the loan,
the Company expects to realize excess proceeds of approximately
$70 million from the refinancing.
On May 24, 2017, the Company
announced that it had refinanced a mortgage loan, secured by the
Hotel Indigo Atlanta Midtown, with an existing outstanding balance
totaling approximately $15.6
million. The new loan totals $16.1 million with a three-year term and two,
one-year extension options subject to the satisfaction of certain
conditions. The loan, which is interest only for the first
two years with a 30-year amortization schedule based on a 6%
interest rate starting in the third year, provides for an interest
rate of LIBOR + 2.90%. The next hard maturity for the Company
is in January 2018.
PORTFOLIO REVPAR
As of June 30, 2017, the portfolio
consisted of 120 properties. During the second quarter of
2017, 107 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 120 hotels) and comparable not under
renovation basis (107 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 0.5% to $134.11 for all hotels on a 1.2% increase in ADR
and a 0.7% decrease in occupancy
- Comparable RevPAR increased 1.4% to $134.59 for hotels not under renovation on a 1.5%
increase in ADR and a 0.1% decrease 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 120 hotels are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On June 14, 2017, 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 second quarter ending
June 30, 2017, payable on
July 17, 2017, to shareholders of
record as of June 30, 2017.
"We continue to see the operational and value-added benefits
from our high quality, diverse portfolio," commented Douglas A. Kessler, Ashford Trust's President
and Chief Executive Officer. "During the quarter, we were
able to finalize value-enhancing transactions at two of our larger
assets, with the meeting space redevelopment and acquisition at the
Renaissance Nashville as well as the franchise conversion and
installation of Remington as manager at the DFW Marriott, both of
which we believe should drive significant additional value in those
assets. Additionally, completing the two financings this
quarter better positions our balance sheet and we have no
additional maturities in 2017. Looking ahead, we remain
committed to maximizing value for our shareholders as we focus on
generating superior operating performance and executing on our
corporate strategy."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Friday, August 4, 2017, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719) 325-2496. A
replay of the conference call will be available through
Friday, August 11, 2017, by dialing
(719) 457-0820 and entering the confirmation number, 9274617.
The Company will also provide an online simulcast and
rebroadcast of its second quarter 2017 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, August
4, 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. None of FFO, AFFO, EBITDA, or 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.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. 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; and the degree and nature of our competition. These and
other risk factors are more fully discussed in Ashford Trust's
filings with the Securities and Exchange Commission. EBITDA
is defined as net income before interest, taxes, depreciation and
amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. A capitalization
rate is determined by dividing the property's annual net operating
income by the purchase price. Net operating income is the
property's funds from operations minus a capital expense reserve of
either 4% or 5% of gross revenues. Hotel EBITDA flow-through
is the change in Hotel EBITDA divided by the change in total
revenues. Hotel EBITDA Margin is Hotel EBITDA divided by
total revenues. Funds from operations ("FFO"), as defined by
the White Paper on FFO approved by the Board of Governors of the
National Association of Real Estate Investment Trusts ("NAREIT") in
April 2002, represents net income
(loss) computed in accordance with generally accepted accounting
principles ("GAAP"), excluding gains (or losses) from sales of
properties and extraordinary items as defined by GAAP, plus
depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to
unconsolidated entities and joint ventures.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts)
|
(unaudited)
|
|
|
June
30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,069,152
|
|
|
$
|
4,160,563
|
|
Cash and cash
equivalents
|
404,435
|
|
|
347,091
|
|
Restricted
cash
|
150,502
|
|
|
144,014
|
|
Marketable
securities
|
19,270
|
|
|
53,185
|
|
Accounts receivable,
net of allowance of $740 and $690, respectively
|
56,755
|
|
|
44,629
|
|
Inventories
|
4,413
|
|
|
4,530
|
|
Investment in
securities investment fund
|
—
|
|
|
50,890
|
|
Investment in Ashford
Inc.
|
3,150
|
|
|
5,873
|
|
Investment in
OpenKey
|
2,436
|
|
|
2,016
|
|
Deferred costs,
net
|
2,913
|
|
|
2,846
|
|
Prepaid
expenses
|
24,131
|
|
|
17,578
|
|
Derivative
assets
|
1,607
|
|
|
3,614
|
|
Other
assets
|
12,769
|
|
|
11,718
|
|
Intangible asset,
net
|
10,002
|
|
|
10,061
|
|
Due from Ashford
Prime OP, net
|
1
|
|
|
—
|
|
Due from third-party
hotel managers
|
19,279
|
|
|
13,348
|
|
Assets held for
sale
|
—
|
|
|
19,588
|
|
Total
assets
|
$
|
4,780,815
|
|
|
$
|
4,891,544
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
3,698,433
|
|
|
$
|
3,723,559
|
|
Accounts payable and
accrued expenses
|
147,025
|
|
|
126,986
|
|
Dividends and
distributions payable
|
26,185
|
|
|
24,765
|
|
Unfavorable
management contract liabilities
|
690
|
|
|
1,380
|
|
Due to Ashford Inc.,
net
|
13,593
|
|
|
15,716
|
|
Due to Ashford Prime
OP, net
|
—
|
|
|
488
|
|
Due to related party,
net
|
1,927
|
|
|
1,001
|
|
Due to third-party
hotel managers
|
2,366
|
|
|
2,714
|
|
Intangible
liabilities, net
|
16,017
|
|
|
16,195
|
|
Derivative
liabilities, net
|
59
|
|
|
—
|
|
Other
liabilities
|
18,468
|
|
|
16,548
|
|
Liabilities
associated with assets held for sale
|
—
|
|
|
37,047
|
|
Total
liabilities
|
3,924,763
|
|
|
3,966,399
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
107,722
|
|
|
132,768
|
|
Equity:
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized -
|
|
|
|
Series A Cumulative
Preferred Stock 1,657,206 shares issued and outstanding at June 30,
2017 and December 31, 2016
|
17
|
|
|
17
|
|
Series D Cumulative
Preferred Stock 9,468,706 shares issued and outstanding at June 30,
2017 and December 31, 2016
|
95
|
|
|
95
|
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at June 30,
2017 and December 31, 2016
|
48
|
|
|
48
|
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at June 30,
2017 and December 31, 2016
|
62
|
|
|
62
|
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 97,430,297 and 96,376,827
shares issued and outstanding at June 30, 2017 and December 31,
2016, respectively
|
974
|
|
|
964
|
|
Additional paid-in
capital
|
1,765,660
|
|
|
1,764,450
|
|
Accumulated
deficit
|
(1,019,264)
|
|
|
(974,015)
|
|
Total shareholders'
equity of the Company
|
747,592
|
|
|
791,621
|
|
Noncontrolling
interests in consolidated entities
|
738
|
|
|
756
|
|
Total
equity
|
748,330
|
|
|
792,377
|
|
Total liabilities and
equity
|
$
|
4,780,815
|
|
|
$
|
4,891,544
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
311,205
|
|
|
$
|
325,906
|
|
|
$
|
587,910
|
|
|
$
|
616,521
|
|
Food and
beverage
|
63,842
|
|
|
69,206
|
|
|
126,692
|
|
|
132,261
|
|
Other
|
14,948
|
|
|
15,115
|
|
|
28,714
|
|
|
28,824
|
|
Total hotel
revenue
|
389,995
|
|
|
410,227
|
|
|
743,316
|
|
|
777,606
|
|
Other
|
675
|
|
|
443
|
|
|
1,063
|
|
|
836
|
|
Total
revenue
|
390,670
|
|
|
410,670
|
|
|
744,379
|
|
|
778,442
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
65,034
|
|
|
67,193
|
|
|
124,907
|
|
|
130,295
|
|
Food and
beverage
|
42,276
|
|
|
45,419
|
|
|
84,446
|
|
|
88,520
|
|
Other
expenses
|
113,824
|
|
|
119,612
|
|
|
225,557
|
|
|
232,749
|
|
Management
fees
|
14,247
|
|
|
14,880
|
|
|
27,073
|
|
|
28,575
|
|
Total hotel operating
expenses
|
235,381
|
|
|
247,104
|
|
|
461,983
|
|
|
480,139
|
|
Property taxes,
insurance and other
|
18,766
|
|
|
19,293
|
|
|
37,099
|
|
|
37,905
|
|
Depreciation and
amortization
|
60,547
|
|
|
60,079
|
|
|
125,245
|
|
|
122,241
|
|
Impairment
charges
|
—
|
|
|
(116)
|
|
|
—
|
|
|
(227)
|
|
Transaction
costs
|
8
|
|
|
(18)
|
|
|
11
|
|
|
77
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,639
|
|
|
8,726
|
|
|
17,355
|
|
|
17,266
|
|
Reimbursable
expenses
|
2,637
|
|
|
1,602
|
|
|
4,159
|
|
|
3,065
|
|
Non-cash
stock/unit-based compensation
|
2,953
|
|
|
1,748
|
|
|
3,356
|
|
|
2,648
|
|
Corporate general and
administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
565
|
|
|
537
|
|
|
565
|
|
|
537
|
|
Other general and
administrative
|
2,689
|
|
|
2,248
|
|
|
7,859
|
|
|
3,921
|
|
Total operating
expenses
|
332,185
|
|
|
341,203
|
|
|
657,632
|
|
|
667,572
|
|
OPERATING INCOME
(LOSS)
|
58,485
|
|
|
69,467
|
|
|
86,747
|
|
|
110,870
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(2,138)
|
|
|
(287)
|
|
|
(2,901)
|
|
|
(3,872)
|
|
Interest
income
|
546
|
|
|
74
|
|
|
754
|
|
|
137
|
|
Gain (loss) on sale
of hotel properties
|
14,092
|
|
|
23,094
|
|
|
14,009
|
|
|
22,980
|
|
Other income
(expense), net
|
(146)
|
|
|
(3,085)
|
|
|
(3,266)
|
|
|
(3,337)
|
|
Interest expense, net
of premium amortization
|
(51,931)
|
|
|
(50,289)
|
|
|
(101,890)
|
|
|
(100,054)
|
|
Amortization of loan
costs
|
(3,025)
|
|
|
(6,173)
|
|
|
(8,371)
|
|
|
(12,351)
|
|
Write-off of
premiums, loan costs and exit fees
|
(1,575)
|
|
|
(3,941)
|
|
|
(1,629)
|
|
|
(3,941)
|
|
Unrealized gain
(loss) on marketable securities
|
(531)
|
|
|
—
|
|
|
(3,877)
|
|
|
—
|
|
Unrealized gain
(loss) on derivatives
|
(1,743)
|
|
|
6,878
|
|
|
(325)
|
|
|
13,796
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
12,034
|
|
|
35,738
|
|
|
(20,749)
|
|
|
24,228
|
|
Income tax benefit
(expense)
|
(1,606)
|
|
|
(603)
|
|
|
(760)
|
|
|
(1,232)
|
|
NET INCOME
(LOSS)
|
10,428
|
|
|
35,135
|
|
|
(21,509)
|
|
|
22,996
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(13)
|
|
|
(6)
|
|
|
18
|
|
|
32
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(231)
|
|
|
(4,376)
|
|
|
6,262
|
|
|
(2,264)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
10,184
|
|
|
30,753
|
|
|
(15,229)
|
|
|
20,764
|
|
Preferred
dividends
|
(10,956)
|
|
|
(8,491)
|
|
|
(21,912)
|
|
|
(16,981)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(772)
|
|
|
$
|
22,262
|
|
|
$
|
(37,141)
|
|
|
$
|
3,783
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.01)
|
|
|
$
|
0.23
|
|
|
$
|
(0.40)
|
|
|
$
|
0.04
|
|
Weighted average
common shares outstanding – basic
|
95,320
|
|
|
94,474
|
|
|
95,086
|
|
|
94,309
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.01)
|
|
|
$
|
0.23
|
|
|
$
|
(0.40)
|
|
|
$
|
0.04
|
|
Weighted average
common shares outstanding – diluted
|
95,320
|
|
|
94,474
|
|
|
95,086
|
|
|
94,309
|
|
Dividends declared
per common share:
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
10,428
|
|
|
$
|
35,135
|
|
|
$
|
(21,509)
|
|
|
$
|
22,996
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(13)
|
|
|
(6)
|
|
|
18
|
|
|
32
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(231)
|
|
|
(4,376)
|
|
|
6,262
|
|
|
(2,264)
|
|
Net income (loss)
attributable to the Company
|
10,184
|
|
|
30,753
|
|
|
(15,229)
|
|
|
20,764
|
|
Interest
income
|
(546)
|
|
|
(74)
|
|
|
(754)
|
|
|
(137)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
54,928
|
|
|
56,434
|
|
|
110,204
|
|
|
112,347
|
|
Depreciation and
amortization
|
60,487
|
|
|
60,018
|
|
|
125,122
|
|
|
122,119
|
|
Income tax expense
(benefit)
|
1,604
|
|
|
603
|
|
|
756
|
|
|
1,232
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
231
|
|
|
4,376
|
|
|
(6,262)
|
|
|
2,264
|
|
Equity in (earnings)
loss of unconsolidated entities
|
2,138
|
|
|
355
|
|
|
2,953
|
|
|
874
|
|
Company's portion of
EBITDA of Ashford Inc.
|
720
|
|
|
(487)
|
|
|
336
|
|
|
(372)
|
|
Company's portion of
EBITDA of OpenKey
|
(124)
|
|
|
—
|
|
|
(248)
|
|
|
—
|
|
EBITDA available
to the Company and OP unitholders
|
129,622
|
|
|
151,978
|
|
|
216,878
|
|
|
259,091
|
|
Amortization of
unfavorable contract liabilities
|
(404)
|
|
|
(494)
|
|
|
(788)
|
|
|
(988)
|
|
Impairment
charges
|
—
|
|
|
(116)
|
|
|
—
|
|
|
(227)
|
|
(Gain) loss on sale
of hotel properties
|
(14,092)
|
|
|
(23,094)
|
|
|
(14,009)
|
|
|
(22,980)
|
|
Write-off of
premiums, loan costs and exit fees
|
1,575
|
|
|
3,941
|
|
|
1,629
|
|
|
3,941
|
|
Other (income)
expense, net
|
146
|
|
|
3,085
|
|
|
3,266
|
|
|
3,337
|
|
Transaction,
acquisition and management conversion costs
|
892
|
|
|
427
|
|
|
3,568
|
|
|
645
|
|
Legal judgment and
related legal costs
|
263
|
|
|
24
|
|
|
4,064
|
|
|
48
|
|
Unrealized (gain)
loss on marketable securities
|
531
|
|
|
—
|
|
|
3,877
|
|
|
—
|
|
Unrealized (gain)
loss on derivatives
|
1,743
|
|
|
(6,878)
|
|
|
325
|
|
|
(13,796)
|
|
Dead deal
costs
|
—
|
|
|
304
|
|
|
4
|
|
|
301
|
|
Software
implementation costs
|
1,034
|
|
|
—
|
|
|
1,034
|
|
|
—
|
|
Non-cash
stock/unit-based compensation
|
3,710
|
|
|
2,342
|
|
|
4,138
|
|
|
3,326
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
(68)
|
|
|
(52)
|
|
|
2,998
|
|
Company's portion of
adjustments to EBITDA of Ashford Inc.
|
504
|
|
|
1,388
|
|
|
2,387
|
|
|
2,136
|
|
Company's portion of
adjustments to EBITDA of OpenKey
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Adjusted EBITDA
available to the Company and OP unitholders
|
$
|
125,525
|
|
|
$
|
132,839
|
|
|
$
|
226,323
|
|
|
$
|
237,832
|
|
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
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
10,428
|
|
|
$
|
35,135
|
|
|
$
|
(21,509)
|
|
|
$
|
22,996
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(13)
|
|
|
(6)
|
|
|
18
|
|
|
32
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(231)
|
|
|
(4,376)
|
|
|
6,262
|
|
|
(2,264)
|
|
Preferred
dividends
|
(10,956)
|
|
|
(8,491)
|
|
|
(21,912)
|
|
|
(16,981)
|
|
Net income (loss)
attributable to common stockholders
|
(772)
|
|
|
22,262
|
|
|
(37,141)
|
|
|
3,783
|
|
Depreciation and
amortization on real estate
|
60,487
|
|
|
60,018
|
|
|
125,122
|
|
|
122,119
|
|
(Gain) loss on sale
of hotel properties
|
(14,092)
|
|
|
(23,094)
|
|
|
(14,009)
|
|
|
(22,980)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
231
|
|
|
4,376
|
|
|
(6,262)
|
|
|
2,264
|
|
Equity in (earnings)
loss of unconsolidated entities
|
2,138
|
|
|
355
|
|
|
2,953
|
|
|
874
|
|
Company's portion of
FFO of Ashford Inc.
|
(2,014)
|
|
|
(357)
|
|
|
(2,723)
|
|
|
(512)
|
|
Company's portion of
FFO of OpenKey
|
(125)
|
|
|
—
|
|
|
(250)
|
|
|
—
|
|
FFO available to
common stockholders and OP unitholders
|
45,853
|
|
|
63,560
|
|
|
67,690
|
|
|
105,548
|
|
Write-off of
premiums, loan costs and exit fees
|
1,575
|
|
|
3,941
|
|
|
1,629
|
|
|
3,941
|
|
Other impairment
charges
|
—
|
|
|
(116)
|
|
|
—
|
|
|
(227)
|
|
Other (income)
expense, net
|
146
|
|
|
3,085
|
|
|
3,266
|
|
|
3,337
|
|
Transaction,
acquisition and management conversion costs
|
892
|
|
|
427
|
|
|
3,568
|
|
|
645
|
|
Legal judgment and
related legal costs
|
263
|
|
|
24
|
|
|
4,064
|
|
|
48
|
|
Unrealized (gain)
loss on marketable securities
|
531
|
|
|
—
|
|
|
3,877
|
|
|
—
|
|
Unrealized (gain)
loss on derivatives
|
1,743
|
|
|
(6,878)
|
|
|
325
|
|
|
(13,796)
|
|
Dead deal
costs
|
—
|
|
|
304
|
|
|
4
|
|
|
301
|
|
Software
implementation costs
|
1,034
|
|
|
—
|
|
|
1,034
|
|
|
—
|
|
Non-cash
stock/unit-based compensation
|
3,710
|
|
|
2,342
|
|
|
4,138
|
|
|
3,326
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
(68)
|
|
|
(52)
|
|
|
2,998
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
3,002
|
|
|
1,388
|
|
|
4,885
|
|
|
2,136
|
|
Company's portion of
adjustments to FFO of OpenKey
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
58,750
|
|
|
$
|
68,009
|
|
|
$
|
94,430
|
|
|
$
|
108,257
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.52
|
|
|
$
|
0.60
|
|
|
$
|
0.84
|
|
|
$
|
0.95
|
|
Weighted average
diluted shares
|
113,257
|
|
|
113,744
|
|
|
112,915
|
|
|
113,529
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
SUMMARY OF
INDEBTEDNESS
|
JUNE 30,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-Rate
Debt
|
|
Floating-Rate
Debt
|
|
Total
Debt
|
|
Comparable TTM
Hotel EBITDA (14)
|
|
Comparable TTM
EBITDA Debt Yield
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2017
|
|
LIBOR +
4.15%
|
|
$
|
—
|
|
|
$
|
35,200
|
|
(1)
|
$
|
35,200
|
|
|
$
|
3,786
|
|
|
10.8
|
%
|
BAML W Atlanta - 1
hotel
|
|
July 2017
|
|
LIBOR +
5.10%
|
|
—
|
|
|
40,500
|
|
(1)
|
40,500
|
|
|
5,184
|
|
|
12.8
|
%
|
Morgan Stanley - 8
hotels
|
|
July 2017
|
|
LIBOR +
4.09%
|
|
—
|
|
|
144,000
|
|
(1)
|
144,000
|
|
|
11,512
|
|
|
8.0
|
%
|
Morgan Stanley Pool B
- 4 hotels
|
|
August
2017
|
|
LIBOR +
4.38%
|
|
—
|
|
|
52,530
|
|
(2)
|
52,530
|
|
|
7,365
|
|
|
14.0
|
%
|
Morgan Stanley Pool A
- 6 hotels
|
|
August
2017
|
|
LIBOR +
4.35%
|
|
—
|
|
|
280,421
|
|
(2)(3)
|
280,421
|
|
|
36,394
|
|
|
13.0
|
%
|
BAML Pool - 17
hotels
|
|
December
2017
|
|
LIBOR +
5.52%
|
|
—
|
|
|
412,500
|
|
(4)
|
412,500
|
|
|
50,781
|
|
|
12.3
|
%
|
Morgan Stanley Boston
Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
95,202
|
|
|
—
|
|
|
95,202
|
|
|
15,124
|
|
|
15.9
|
%
|
BAML Pool 1 & 2 -
8 hotels
|
|
January
2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
376,800
|
|
(5)
|
376,800
|
|
|
46,486
|
|
|
12.3
|
%
|
Morgan Stanley MIP -
5 hotels
|
|
February
2018
|
|
LIBOR +
4.75%
|
|
—
|
|
|
200,000
|
|
(6)
|
200,000
|
|
|
23,023
|
|
|
11.5
|
%
|
Cantor Commercial
Real Estate Memphis - 1 hotel
|
|
April 2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
33,300
|
|
(7)
|
33,300
|
|
|
3,943
|
|
|
11.8
|
%
|
Column Financial - 22
hotels
|
|
April 2018
|
|
LIBOR +
4.39%
|
|
—
|
|
|
971,654
|
|
(8)(9)(10)
|
971,654
|
|
|
107,698
|
|
|
11.1
|
%
|
JPM Lakeway - 1
hotel
|
|
May 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
25,100
|
|
(11)
|
25,100
|
|
|
3,258
|
|
|
13.0
|
%
|
BAML Le Pavillon - 1
hotel
|
|
June 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
43,750
|
|
(12)
|
43,750
|
|
|
2,234
|
|
|
5.1
|
%
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
August
2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
12,000
|
|
(13)
|
12,000
|
|
|
1,453
|
|
|
12.1
|
%
|
JPMorgan Chase - 18
hotels
|
|
October
2018
|
|
LIBOR +
4.55%
|
|
—
|
|
|
450,000
|
|
(4)
|
450,000
|
|
|
63,428
|
|
|
14.1
|
%
|
Omni American Bank
Ashton - 1 hotel
|
|
July 2019
|
|
4.00%
|
|
5,386
|
|
|
—
|
|
|
5,386
|
|
|
1,085
|
|
|
20.1
|
%
|
BAML Indigo Atlanta -
1 hotel
|
|
May 2020
|
|
LIBOR +
2.90%
|
|
—
|
|
|
16,100
|
|
(13)
|
16,100
|
|
|
2,297
|
|
|
14.3
|
%
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
96,045
|
|
|
—
|
|
|
96,045
|
|
|
14,754
|
|
|
15.4
|
%
|
Aareal
Princeton/Nashville - 2 hotels
|
|
June 2022
|
|
LIBOR +
3.00%
|
|
—
|
|
|
164,700
|
|
|
164,700
|
|
|
30,306
|
|
|
18.4
|
%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
54,239
|
|
|
—
|
|
|
54,239
|
|
|
6,806
|
|
|
12.5
|
%
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
7,055
|
|
|
—
|
|
|
7,055
|
|
|
1,406
|
|
|
19.9
|
%
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,297
|
|
|
—
|
|
|
10,297
|
|
|
1,808
|
|
|
17.6
|
%
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,586
|
|
|
—
|
|
|
6,586
|
|
|
996
|
|
|
15.1
|
%
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,333
|
|
|
—
|
|
|
12,333
|
|
|
2,212
|
|
|
17.9
|
%
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,651
|
|
|
—
|
|
|
24,651
|
|
|
3,569
|
|
|
14.5
|
%
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
66,681
|
|
|
—
|
|
|
66,681
|
|
|
7,809
|
|
|
11.7
|
%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
20,393
|
|
|
—
|
|
|
20,393
|
|
|
2,832
|
|
|
13.9
|
%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
52,748
|
|
|
—
|
|
|
52,748
|
|
|
8,763
|
|
|
16.6
|
%
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,094
|
|
|
N/A
|
|
Total
|
|
|
|
|
|
$
|
451,616
|
|
|
$
|
3,258,555
|
|
|
$
|
3,710,171
|
|
|
$
|
468,406
|
|
|
12.6
|
%
|
Percentage
|
|
|
|
|
|
12.2
|
%
|
|
87.8
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.13
|
%
|
|
5.80
|
%
|
|
5.72
|
%
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
|
(1)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
July 2017.
|
(2)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
August 2016.
|
(3)
|
This mortgage loan
had a $20.6 million pay down of principal related to the sale of
the Embassy Suites Syracuse on March 6, 2017.
|
(4)
|
This mortgage loan
has four one-year extension options subject to satisfaction of
certain conditions.
|
(5)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
January 2017.
|
(6)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions and a LIBOR floor of 0.20%. The second one-year
extension period began in February 2017.
|
(7)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
April 2017.
|
(8)
|
This mortgage loan
has four one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
April 2017.
|
(9)
|
This mortgage loan
had a $20.2 million pay down of principal related to the sale of
the Renaissance Portsmouth on February 1, 2017.
|
(10)
|
This mortgage loan
had a $78.7 million pay down of principal related to the Crowne
Plaza Ravinia that was sold on June 29, 2017.
|
(11)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
May 2017.
|
(12)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions. The first one-year extension period began in
June 2017.
|
(13)
|
This mortgage loan
has two one-year extension options subject to satisfaction of
certain conditions.
|
(14)
|
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
|
JUNE 30,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
Morgan Stanley Boston
Back Bay - 1 hotel
|
|
$
|
—
|
|
|
$
|
94,226
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94,226
|
|
Omni American Bank
Ashton - 1 hotel
|
|
—
|
|
|
—
|
|
|
5,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,168
|
|
Morgan Stanley MIP -
5 hotels
|
|
—
|
|
|
—
|
|
|
200,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200,000
|
|
Morgan Stanley Pool B
- 4 hotels
|
|
—
|
|
|
—
|
|
|
52,530
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,530
|
|
Morgan Stanley Pool A
- 6 hotels
|
|
—
|
|
|
—
|
|
|
280,421
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
280,421
|
|
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 - 22
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
971,654
|
|
|
—
|
|
|
971,654
|
|
BAML Pool - 17
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412,500
|
|
|
—
|
|
|
412,500
|
|
BAML Indigo Atlanta -
1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,439
|
|
|
14,439
|
|
Aareal
Princeton/Nashville - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158,700
|
|
|
158,700
|
|
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
|
|
$
|
—
|
|
|
$
|
94,226
|
|
|
$
|
538,119
|
|
|
$
|
800,536
|
|
|
$
|
1,384,154
|
|
|
$
|
843,870
|
|
|
$
|
3,660,905
|
|
Scheduled
amortization payments remaining
|
|
3,671
|
|
|
6,136
|
|
|
6,748
|
|
|
8,376
|
|
|
8,519
|
|
|
15,816
|
|
|
49,266
|
|
Total
indebtedness
|
|
$
|
3,671
|
|
|
$
|
100,362
|
|
|
$
|
544,867
|
|
|
$
|
808,912
|
|
|
$
|
1,392,673
|
|
|
$
|
859,686
|
|
|
$
|
3,710,171
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
KEY PERFORMANCE
INDICATORS
|
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
June 30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
309,651
|
|
|
$
|
(3,889)
|
|
|
$
|
305,762
|
|
|
$
|
324,590
|
|
|
$
|
(20,210)
|
|
|
$
|
304,380
|
|
|
(4.60)
|
%
|
|
0.45
|
%
|
|
RevPAR
|
$
|
133.24
|
|
|
$
|
(88.28)
|
|
|
$
|
134.11
|
|
|
$
|
129.63
|
|
|
$
|
(90.21)
|
|
|
$
|
133.50
|
|
|
2.78
|
%
|
|
0.46
|
%
|
|
Occupancy
|
81.47
|
%
|
|
(72.85)
|
%
|
|
81.63
|
%
|
|
81.78
|
%
|
|
(77.22)
|
%
|
|
82.23
|
%
|
|
(0.38)
|
%
|
|
(0.73)
|
%
|
|
ADR
|
$
|
163.55
|
|
|
$
|
(121.17)
|
|
|
$
|
164.28
|
|
|
$
|
158.51
|
|
|
$
|
(116.83)
|
|
|
$
|
162.36
|
|
|
3.18
|
%
|
|
1.18
|
%
|
|
|
ALL
HOTELS:
|
|
|
|
Six Months Ended
June 30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
585,038
|
|
|
$
|
(9,030)
|
|
|
$
|
576,008
|
|
|
$
|
613,683
|
|
|
$
|
(45,185)
|
|
|
$
|
568,498
|
|
|
(4.67)
|
%
|
|
1.32
|
%
|
|
RevPAR
|
$
|
125.95
|
|
|
$
|
(82.03)
|
|
|
$
|
127.02
|
|
|
$
|
121.52
|
|
|
$
|
(92.23)
|
|
|
$
|
124.67
|
|
|
3.65
|
%
|
|
1.88
|
%
|
|
Occupancy
|
78.01
|
%
|
|
(68.65)
|
%
|
|
78.24
|
%
|
|
78.05
|
%
|
|
(77.36)
|
%
|
|
78.12
|
%
|
|
(0.05)
|
%
|
|
0.15
|
%
|
|
ADR
|
$
|
161.45
|
|
|
$
|
(119.48)
|
|
|
$
|
162.34
|
|
|
$
|
155.70
|
|
|
$
|
(119.22)
|
|
|
$
|
159.59
|
|
|
3.69
|
%
|
|
1.72
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
Three Months Ended
June 30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
269,930
|
|
|
$
|
(3,889)
|
|
|
$
|
266,041
|
|
|
$
|
282,557
|
|
|
$
|
(20,210)
|
|
|
$
|
262,347
|
|
|
(4.47)
|
%
|
|
1.41
|
%
|
|
RevPAR
|
$
|
133.58
|
|
|
$
|
(88.28)
|
|
|
$
|
134.59
|
|
|
$
|
128.39
|
|
|
$
|
(90.21)
|
|
|
$
|
132.71
|
|
|
4.04
|
%
|
|
1.42
|
%
|
|
Occupancy
|
81.94
|
%
|
|
(72.85)
|
%
|
|
82.15
|
%
|
|
81.73
|
%
|
|
(77.22)
|
%
|
|
82.24
|
%
|
|
0.26
|
%
|
|
(0.11)
|
%
|
|
ADR
|
$
|
163.01
|
|
|
$
|
(121.17)
|
|
|
$
|
163.84
|
|
|
$
|
157.09
|
|
|
$
|
(116.83)
|
|
|
$
|
161.37
|
|
|
3.77
|
%
|
|
1.53
|
%
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
Six Months Ended
June 30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
511,258
|
|
|
$
|
(9,030)
|
|
|
$
|
502,228
|
|
|
$
|
536,630
|
|
|
$
|
(45,185)
|
|
|
$
|
491,445
|
|
|
(4.73)
|
%
|
|
2.19
|
%
|
|
RevPAR
|
$
|
126.49
|
|
|
$
|
(82.03)
|
|
|
$
|
127.74
|
|
|
$
|
120.77
|
|
|
$
|
(92.23)
|
|
|
$
|
124.30
|
|
|
4.74
|
%
|
|
2.77
|
%
|
|
Occupancy
|
78.61
|
%
|
|
(68.65)
|
%
|
|
78.89
|
%
|
|
78.19
|
%
|
|
(77.36)
|
%
|
|
78.29
|
%
|
|
0.54
|
%
|
|
0.77
|
%
|
|
ADR
|
$
|
160.90
|
|
|
$
|
(119.48)
|
|
|
$
|
161.91
|
|
|
$
|
154.46
|
|
|
$
|
(119.22)
|
|
|
$
|
158.77
|
|
|
4.17
|
%
|
|
1.98
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 107 hotel properties owned and included in
the Company's operations at June 30, 2017, and not under
renovation during the three months ended June 30, 2017, were
owned as of the beginning of the periods presented. Non-comparable
adjustments include results from the hotel properties sold during
the period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL
EBITDA
|
(dollars in
thousands)
|
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
Total hotel
revenue
|
$
|
388,047
|
|
|
$
|
408,510
|
|
|
(5.01)
|
%
|
|
$
|
739,645
|
|
|
$
|
774,027
|
|
|
(4.44)
|
%
|
Non-comparable
adjustments
|
(5,101)
|
|
|
(24,326)
|
|
|
|
|
(12,476)
|
|
|
(53,477)
|
|
|
|
Comparable total
hotel revenue
|
$
|
382,946
|
|
|
$
|
384,184
|
|
|
(0.32)
|
%
|
|
$
|
727,169
|
|
|
$
|
720,550
|
|
|
0.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
138,477
|
|
|
$
|
145,303
|
|
|
(4.70)
|
%
|
|
$
|
251,950
|
|
|
$
|
262,399
|
|
|
(3.98)
|
%
|
Non-comparable
adjustments
|
(1,315)
|
|
|
(7,355)
|
|
|
|
|
(2,649)
|
|
|
(16,661)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
137,162
|
|
|
$
|
137,948
|
|
|
(0.57)
|
%
|
|
$
|
249,301
|
|
|
$
|
245,738
|
|
|
1.45
|
%
|
Hotel EBITDA
margin
|
35.69
|
%
|
|
35.57
|
%
|
|
0.12
|
%
|
|
34.06
|
%
|
|
33.90
|
%
|
|
0.16
|
%
|
Comparable hotel
EBITDA margin
|
35.82
|
%
|
|
35.91
|
%
|
|
(0.09)
|
%
|
|
34.28
|
%
|
|
34.10
|
%
|
|
0.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
104
|
|
|
$
|
100
|
|
|
4.00
|
%
|
|
$
|
168
|
|
|
$
|
157
|
|
|
7.01
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
138,373
|
|
|
$
|
145,203
|
|
|
(4.70)
|
%
|
|
$
|
251,782
|
|
|
$
|
262,242
|
|
|
(3.99)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
137,058
|
|
|
$
|
137,848
|
|
|
(0.57)
|
%
|
|
$
|
249,133
|
|
|
$
|
245,581
|
|
|
1.45
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Six Months
Ended
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
Total hotel
revenue
|
$
|
336,633
|
|
|
$
|
353,427
|
|
|
(4.75)
|
%
|
|
$
|
643,584
|
|
|
$
|
672,604
|
|
|
(4.31)
|
%
|
Non-comparable
adjustments
|
(5,101)
|
|
|
(24,326)
|
|
|
|
|
(12,442)
|
|
|
(53,477)
|
|
|
|
Comparable total
hotel revenue
|
$
|
331,532
|
|
|
$
|
329,101
|
|
|
0.74
|
%
|
|
$
|
631,142
|
|
|
$
|
619,127
|
|
|
1.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
122,061
|
|
|
$
|
126,843
|
|
|
(3.77)
|
%
|
|
$
|
222,531
|
|
|
$
|
229,601
|
|
|
(3.08)
|
%
|
Non-comparable
adjustments
|
(1,315)
|
|
|
(7,358)
|
|
|
|
|
(2,649)
|
|
|
(16,664)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
120,746
|
|
|
$
|
119,485
|
|
|
1.06
|
%
|
|
$
|
219,882
|
|
|
$
|
212,937
|
|
|
3.26
|
%
|
Hotel EBITDA
margin
|
36.26
|
%
|
|
35.89
|
%
|
|
0.37
|
%
|
|
34.58
|
%
|
|
34.14
|
%
|
|
0.44
|
%
|
Comparable hotel
EBITDA margin
|
36.42
|
%
|
|
36.31
|
%
|
|
0.11
|
%
|
|
34.84
|
%
|
|
34.39
|
%
|
|
0.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
104
|
|
|
$
|
100
|
|
|
4.00
|
%
|
|
$
|
168
|
|
|
$
|
157
|
|
|
7.01
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
121,957
|
|
|
$
|
126,743
|
|
|
(3.78)
|
%
|
|
$
|
222,363
|
|
|
$
|
229,444
|
|
|
(3.09)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
120,642
|
|
|
$
|
119,385
|
|
|
1.05
|
%
|
|
$
|
219,714
|
|
|
$
|
212,780
|
|
|
3.26
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 107 hotel properties owned and included in
the Company's operations at June 30, 2017, and not under
renovation during the three months ended June 30, 2017, were
owned as of the beginning of the periods presented. Non-comparable
adjustments include results from the hotel properties sold during
the period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL REVENUE
& EBITDA FOR TRAILING TWELVE MONTHS
|
(dollars in
thousands)
|
(unaudited)
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
Total hotel
Revenue
|
$
|
388,047
|
|
|
$
|
(5,101)
|
|
|
$
|
382,946
|
|
|
$
|
351,598
|
|
|
$
|
(7,375)
|
|
|
$
|
344,223
|
|
|
$
|
339,937
|
|
|
$
|
(10,137)
|
|
|
$
|
329,800
|
|
|
$
|
369,943
|
|
|
$
|
(14,327)
|
|
|
$
|
355,616
|
|
Hotel
EBITDA
|
$
|
138,477
|
|
|
$
|
(1,315)
|
|
|
$
|
137,162
|
|
|
$
|
113,473
|
|
|
$
|
(1,334)
|
|
|
$
|
112,139
|
|
|
$
|
103,480
|
|
|
$
|
(2,458)
|
|
|
$
|
101,022
|
|
|
$
|
121,975
|
|
|
$
|
(3,892)
|
|
|
$
|
118,083
|
|
Hotel EBITDA
margin
|
35.69
|
%
|
|
|
|
35.82
|
%
|
|
32.27
|
%
|
|
|
|
32.58
|
%
|
|
30.44
|
%
|
|
|
|
30.63
|
%
|
|
32.97
|
%
|
|
|
|
33.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
29.0
|
%
|
|
|
|
29.3
|
%
|
|
23.8
|
%
|
|
|
|
23.9
|
%
|
|
21.7
|
%
|
|
|
|
21.6
|
%
|
|
25.5
|
%
|
|
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
79
|
|
|
$
|
114
|
|
|
$
|
—
|
|
|
$
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
Revenue
|
$
|
1,449,525
|
|
|
$
|
(36,940)
|
|
|
$
|
1,412,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
477,405
|
|
|
$
|
(8,999)
|
|
|
$
|
468,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
32.94
|
%
|
|
|
|
33.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
360
|
|
|
$
|
—
|
|
|
$
|
360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
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
June 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
119.59
|
|
|
$
|
(88.28)
|
|
|
$
|
130.23
|
|
|
$
|
121.00
|
|
|
$
|
(92.66)
|
|
|
$
|
132.85
|
|
|
(1.2)
|
%
|
|
(2.0)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
220.29
|
|
|
—
|
|
|
220.29
|
|
|
198.10
|
|
|
—
|
|
|
198.10
|
|
|
11.2
|
%
|
|
11.2
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
113.59
|
|
|
—
|
|
|
113.59
|
|
|
117.76
|
|
|
—
|
|
|
117.76
|
|
|
(3.5)
|
%
|
|
(3.5)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
111.54
|
|
|
—
|
|
|
111.54
|
|
|
114.49
|
|
|
—
|
|
|
114.49
|
|
|
(2.6)
|
%
|
|
(2.6)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
133.54
|
|
|
—
|
|
|
133.54
|
|
|
124.80
|
|
|
(99.38)
|
|
|
129.21
|
|
|
7.0
|
%
|
|
3.4
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
121.75
|
|
|
—
|
|
|
121.75
|
|
|
121.80
|
|
|
—
|
|
|
121.80
|
|
|
—
|
%
|
|
—
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
131.08
|
|
|
—
|
|
|
131.08
|
|
|
137.86
|
|
|
—
|
|
|
137.86
|
|
|
(4.9)
|
%
|
|
(4.9)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
229.74
|
|
|
—
|
|
|
229.74
|
|
|
234.73
|
|
|
—
|
|
|
234.73
|
|
|
(2.1)
|
%
|
|
(2.1)
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
126.10
|
|
|
—
|
|
|
126.10
|
|
|
124.23
|
|
|
(100.55)
|
|
|
125.56
|
|
|
1.5
|
%
|
|
0.4
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
115.42
|
|
|
—
|
|
|
115.42
|
|
|
88.35
|
|
|
(76.30)
|
|
|
100.44
|
|
|
30.6
|
%
|
|
14.9
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
115.27
|
|
|
—
|
|
|
115.27
|
|
|
114.98
|
|
|
—
|
|
|
114.98
|
|
|
0.3
|
%
|
|
0.3
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
128.79
|
|
|
—
|
|
|
128.79
|
|
|
123.06
|
|
|
—
|
|
|
123.06
|
|
|
4.7
|
%
|
|
4.7
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
161.48
|
|
|
—
|
|
|
161.48
|
|
|
161.81
|
|
|
—
|
|
|
161.81
|
|
|
(0.2)
|
%
|
|
(0.2)
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
110.87
|
|
|
—
|
|
|
110.87
|
|
|
116.92
|
|
|
—
|
|
|
116.92
|
|
|
(5.2)
|
%
|
|
(5.2)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
169.43
|
|
|
—
|
|
|
169.43
|
|
|
163.74
|
|
|
(88.73)
|
|
|
169.01
|
|
|
3.5
|
%
|
|
0.2
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
118.28
|
|
|
—
|
|
|
118.28
|
|
|
117.34
|
|
|
(99.49)
|
|
|
118.51
|
|
|
0.8
|
%
|
|
(0.2)
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
133.24
|
|
|
$
|
(88.28)
|
|
|
$
|
134.11
|
|
|
$
|
129.63
|
|
|
$
|
(90.21)
|
|
|
$
|
133.50
|
|
|
2.8
|
%
|
|
0.5
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL EBITDA BY
MARKET
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
7,733
|
|
|
$
|
(1,160)
|
|
|
$
|
6,573
|
|
|
4.8
|
%
|
|
$
|
8,557
|
|
|
$
|
(1,960)
|
|
|
$
|
6,597
|
|
|
4.8
|
%
|
|
(9.6)
|
%
|
|
(0.4)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
9,750
|
|
|
—
|
|
|
9,750
|
|
|
7.1
|
%
|
|
8,769
|
|
|
—
|
|
|
8,769
|
|
|
6.4
|
%
|
|
11.2
|
%
|
|
11.2
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
6,776
|
|
|
—
|
|
|
6,776
|
|
|
4.9
|
%
|
|
6,964
|
|
|
(33)
|
|
|
6,931
|
|
|
5.0
|
%
|
|
(2.7)
|
%
|
|
(2.2)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
3,264
|
|
|
—
|
|
|
3,264
|
|
|
2.4
|
%
|
|
3,272
|
|
|
—
|
|
|
3,272
|
|
|
2.4
|
%
|
|
(0.2)
|
%
|
|
(0.2)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
8,645
|
|
|
(9)
|
|
|
8,636
|
|
|
6.3
|
%
|
|
8,864
|
|
|
(1,021)
|
|
|
7,843
|
|
|
5.7
|
%
|
|
(2.5)
|
%
|
|
10.1
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
2,891
|
|
|
—
|
|
|
2,891
|
|
|
2.1
|
%
|
|
2,971
|
|
|
—
|
|
|
2,971
|
|
|
2.2
|
%
|
|
(2.7)
|
%
|
|
(2.7)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
4,580
|
|
|
—
|
|
|
4,580
|
|
|
3.3
|
%
|
|
4,798
|
|
|
—
|
|
|
4,798
|
|
|
3.5
|
%
|
|
(4.5)
|
%
|
|
(4.5)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
7,945
|
|
|
—
|
|
|
7,945
|
|
|
5.8
|
%
|
|
8,102
|
|
|
—
|
|
|
8,102
|
|
|
5.9
|
%
|
|
(1.9)
|
%
|
|
(1.9)
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
9,792
|
|
|
(1)
|
|
|
9,791
|
|
|
7.1
|
%
|
|
10,328
|
|
|
(441)
|
|
|
9,887
|
|
|
7.2
|
%
|
|
(5.2)
|
%
|
|
(1.0)
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
2,735
|
|
|
—
|
|
|
2,735
|
|
|
2.0
|
%
|
|
3,592
|
|
|
(1,301)
|
|
|
2,291
|
|
|
1.7
|
%
|
|
(23.9)
|
%
|
|
19.4
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
2,691
|
|
|
—
|
|
|
2,691
|
|
|
2.0
|
%
|
|
2,767
|
|
|
—
|
|
|
2,767
|
|
|
2.0
|
%
|
|
(2.7)
|
%
|
|
(2.7)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
2,057
|
|
|
—
|
|
|
2,057
|
|
|
1.5
|
%
|
|
2,051
|
|
|
—
|
|
|
2,051
|
|
|
1.5
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
9,403
|
|
|
—
|
|
|
9,403
|
|
|
6.9
|
%
|
|
9,241
|
|
|
—
|
|
|
9,241
|
|
|
6.7
|
%
|
|
1.8
|
%
|
|
1.8
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
2,751
|
|
|
—
|
|
|
2,751
|
|
|
2.0
|
%
|
|
2,925
|
|
|
—
|
|
|
2,925
|
|
|
2.1
|
%
|
|
(5.9)
|
%
|
|
(5.9)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
16,222
|
|
|
—
|
|
|
16,222
|
|
|
11.8
|
%
|
|
17,475
|
|
|
(470)
|
|
|
17,005
|
|
|
12.3
|
%
|
|
(7.2)
|
%
|
|
(4.6)
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
41,242
|
|
|
(145)
|
|
|
41,097
|
|
|
30.0
|
%
|
|
44,627
|
|
|
(2,129)
|
|
|
42,498
|
|
|
30.6
|
%
|
|
(7.6)
|
%
|
|
(3.3)
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
138,477
|
|
|
$
|
(1,315)
|
|
|
$
|
137,162
|
|
|
100.0
|
%
|
|
$
|
145,303
|
|
|
$
|
(7,355)
|
|
|
$
|
137,948
|
|
|
100.0
|
%
|
|
(4.7)
|
%
|
|
(0.6)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL REVPAR BY
MARKET
|
(unaudited)
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
120.79
|
|
|
$
|
(88.17)
|
|
|
$
|
132.00
|
|
|
$
|
118.72
|
|
|
$
|
(91.19)
|
|
|
$
|
130.71
|
|
|
1.7
|
%
|
|
1.0
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
164.29
|
|
|
—
|
|
|
164.29
|
|
|
153.94
|
|
|
—
|
|
|
153.94
|
|
|
6.7
|
%
|
|
6.7
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
114.20
|
|
|
—
|
|
|
114.20
|
|
|
116.87
|
|
|
—
|
|
|
116.87
|
|
|
(2.3)
|
%
|
|
(2.3)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
112.97
|
|
|
—
|
|
|
112.97
|
|
|
110.98
|
|
|
—
|
|
|
110.98
|
|
|
1.8
|
%
|
|
1.8
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
136.69
|
|
|
—
|
|
|
136.69
|
|
|
131.19
|
|
|
(118.99)
|
|
|
133.31
|
|
|
4.2
|
%
|
|
2.5
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
149.40
|
|
|
—
|
|
|
149.40
|
|
|
153.40
|
|
|
—
|
|
|
153.40
|
|
|
(2.6)
|
%
|
|
(2.6)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
119.71
|
|
|
—
|
|
|
119.71
|
|
|
121.62
|
|
|
—
|
|
|
121.62
|
|
|
(1.6)
|
%
|
|
(1.6)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
212.35
|
|
|
—
|
|
|
212.35
|
|
|
203.86
|
|
|
—
|
|
|
203.86
|
|
|
4.2
|
%
|
|
4.2
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
113.08
|
|
|
—
|
|
|
113.08
|
|
|
108.47
|
|
|
(85.34)
|
|
|
110.09
|
|
|
4.3
|
%
|
|
2.7
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
121.04
|
|
|
—
|
|
|
121.04
|
|
|
101.70
|
|
|
(91.88)
|
|
|
113.99
|
|
|
19.0
|
%
|
|
6.2
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
97.88
|
|
|
—
|
|
|
97.88
|
|
|
99.13
|
|
|
—
|
|
|
99.13
|
|
|
(1.3)
|
%
|
|
(1.3)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
120.78
|
|
|
—
|
|
|
120.78
|
|
|
116.98
|
|
|
—
|
|
|
116.98
|
|
|
3.3
|
%
|
|
3.3
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
155.05
|
|
|
—
|
|
|
155.05
|
|
|
154.09
|
|
|
—
|
|
|
154.09
|
|
|
0.6
|
%
|
|
0.6
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
131.43
|
|
|
—
|
|
|
131.43
|
|
|
128.50
|
|
|
—
|
|
|
128.50
|
|
|
2.3
|
%
|
|
2.3
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
151.12
|
|
|
—
|
|
|
151.12
|
|
|
137.38
|
|
|
(68.52)
|
|
|
142.22
|
|
|
10.0
|
%
|
|
6.3
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
110.71
|
|
|
(56.72)
|
|
|
111.43
|
|
|
109.22
|
|
|
(89.04)
|
|
|
110.55
|
|
|
1.4
|
%
|
|
0.8
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
125.95
|
|
|
$
|
(82.03)
|
|
|
$
|
127.02
|
|
|
$
|
121.52
|
|
|
$
|
(92.23)
|
|
|
$
|
124.67
|
|
|
3.6
|
%
|
|
1.9
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL EBITDA BY
MARKET
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
15,972
|
|
|
$
|
(2,550)
|
|
|
$
|
13,422
|
|
|
5.4
|
%
|
|
$
|
16,709
|
|
|
$
|
(3,680)
|
|
|
$
|
13,029
|
|
|
5.3
|
%
|
|
(4.4)
|
%
|
|
3.0
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
12,096
|
|
|
—
|
|
|
12,096
|
|
|
4.9
|
%
|
|
11,160
|
|
|
—
|
|
|
11,160
|
|
|
4.5
|
%
|
|
8.4
|
%
|
|
8.4
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
13,783
|
|
|
(33)
|
|
|
13,750
|
|
|
5.5
|
%
|
|
14,409
|
|
|
(66)
|
|
|
14,343
|
|
|
5.8
|
%
|
|
(4.3)
|
%
|
|
(4.1)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
6,692
|
|
|
—
|
|
|
6,692
|
|
|
2.7
|
%
|
|
6,560
|
|
|
—
|
|
|
6,560
|
|
|
2.7
|
%
|
|
2.0
|
%
|
|
2.0
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
18,533
|
|
|
(23)
|
|
|
18,510
|
|
|
7.4
|
%
|
|
20,218
|
|
|
(2,813)
|
|
|
17,405
|
|
|
7.1
|
%
|
|
(8.3)
|
%
|
|
6.4
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
7,667
|
|
|
—
|
|
|
7,667
|
|
|
3.1
|
%
|
|
8,231
|
|
|
—
|
|
|
8,231
|
|
|
3.4
|
%
|
|
(6.9)
|
%
|
|
(6.9)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
6,877
|
|
|
—
|
|
|
6,877
|
|
|
2.8
|
%
|
|
7,166
|
|
|
—
|
|
|
7,166
|
|
|
2.9
|
%
|
|
(4.0)
|
%
|
|
(4.0)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
14,641
|
|
|
—
|
|
|
14,641
|
|
|
5.9
|
%
|
|
13,590
|
|
|
—
|
|
|
13,590
|
|
|
5.5
|
%
|
|
7.7
|
%
|
|
7.7
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
15,553
|
|
|
1
|
|
|
15,554
|
|
|
6.2
|
%
|
|
15,879
|
|
|
(759)
|
|
|
15,120
|
|
|
6.2
|
%
|
|
(2.1)
|
%
|
|
2.9
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
6,294
|
|
|
—
|
|
|
6,294
|
|
|
2.5
|
%
|
|
11,445
|
|
|
(5,624)
|
|
|
5,821
|
|
|
2.4
|
%
|
|
(45.0)
|
%
|
|
8.1
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
3,664
|
|
|
—
|
|
|
3,664
|
|
|
1.5
|
%
|
|
3,870
|
|
|
—
|
|
|
3,870
|
|
|
1.6
|
%
|
|
(5.3)
|
%
|
|
(5.3)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
3,576
|
|
|
—
|
|
|
3,576
|
|
|
1.4
|
%
|
|
3,710
|
|
|
—
|
|
|
3,710
|
|
|
1.5
|
%
|
|
(3.6)
|
%
|
|
(3.6)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
17,446
|
|
|
—
|
|
|
17,446
|
|
|
7.0
|
%
|
|
17,301
|
|
|
—
|
|
|
17,301
|
|
|
7.0
|
%
|
|
0.8
|
%
|
|
0.8
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
7,852
|
|
|
—
|
|
|
7,852
|
|
|
3.2
|
%
|
|
7,480
|
|
|
—
|
|
|
7,480
|
|
|
3.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
26,783
|
|
|
(2)
|
|
|
26,781
|
|
|
10.7
|
%
|
|
26,121
|
|
|
(485)
|
|
|
25,636
|
|
|
10.4
|
%
|
|
2.5
|
%
|
|
4.5
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
74,521
|
|
|
(42)
|
|
|
74,479
|
|
|
29.9
|
%
|
|
78,550
|
|
|
(3,234)
|
|
|
75,316
|
|
|
30.7
|
%
|
|
(5.1)
|
%
|
|
(1.1)
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
251,950
|
|
|
$
|
(2,649)
|
|
|
$
|
249,301
|
|
|
100.0
|
%
|
|
$
|
262,399
|
|
|
$
|
(16,661)
|
|
|
$
|
245,738
|
|
|
100.0
|
%
|
|
(4.0)
|
%
|
|
1.5
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL ENTERPRISE
VALUE
|
JUNE 30,
2017
|
(in thousands,
except share price)
|
(unaudited)
|
|
|
|
June 30,
2017
|
End of quarter common
shares outstanding
|
97,430
|
|
Partnership units
outstanding (common share equivalents)*
|
20,163
|
|
Combined common
shares and partnership units outstanding
|
117,593
|
|
Common stock price at
quarter end
|
$
|
6.08
|
|
Market
capitalization at quarter end
|
$
|
714,964
|
|
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
|
$
|
3,710,171
|
|
Joint venture
partner's share of consolidated debt
|
$
|
(2,046)
|
|
Net working capital
(see below)
|
$
|
(513,526)
|
|
Total enterprise
value (TEV)
|
$
|
4,462,711
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
598
|
|
Common stock price at
quarter end
|
$
|
50.98
|
|
Market value of
Ashford Inc. investment
|
$
|
30,494
|
|
|
|
Cash and cash
equivalents
|
$
|
404,312
|
|
Restricted
cash
|
$
|
150,339
|
|
Accounts receivable,
net
|
$
|
56,738
|
|
Prepaid
expenses
|
$
|
24,122
|
|
Investment in
securities
|
$
|
19,270
|
|
Due from affiliates,
net
|
$
|
(15,519)
|
|
Due from third-party
hotel managers, net
|
$
|
16,910
|
|
Market value of
Ashford Inc. investment
|
$
|
30,494
|
|
Total current
assets
|
$
|
686,666
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
146,955
|
|
Dividends and
distributions payable
|
$
|
26,185
|
|
Total current
liabilities
|
$
|
173,140
|
|
|
|
Net working
capital**
|
$
|
513,526
|
|
|
|
* Total units
outstanding = 21.3 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)
|
|
|
|
2017
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Courtyard Basking
Ridge
|
235
|
|
x
|
x
|
|
|
Courtyard Columbus
Tipton Lakes
|
90
|
|
x
|
|
|
|
Courtyard Crystal
City Reagan Airport
|
272
|
|
|
|
|
x
|
Courtyard Denver
Airport
|
202
|
|
|
|
|
x
|
Courtyard
Gaithersburg
|
210
|
|
|
|
|
x
|
Embassy Suites
Orlando Airport
|
174
|
|
|
|
x
|
x
|
Embassy Suites
Philadelphia Airport
|
263
|
|
|
|
|
x
|
Embassy Suites
Santa Clara Silicon Valley
|
257
|
|
|
|
|
x
|
Embassy Suites
Walnut Creek
|
249
|
|
|
x
|
x
|
x
|
Hampton Inn
Parsippany
|
152
|
|
x
|
x
|
|
|
Hampton Inn
Pittsburgh Meadow Lands
|
103
|
|
x
|
|
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
|
x
|
|
|
Hilton Boston Back
Bay
|
390
|
|
x
|
|
|
x
|
Hilton Garden Inn
Jacksonville
|
119
|
|
|
|
x
|
x
|
Hilton Garden Inn
Wisconsin Dells
|
128
|
|
x
|
|
|
|
Hilton Tampa
Westshore
|
238
|
|
|
x
|
x
|
x
|
Homewood Suites
Pittsburgh Southpointe
|
148
|
|
x
|
x
|
|
|
Hyatt Regency
Savannah
|
351
|
|
x
|
x
|
|
|
Le Meridien
Chambers Minneapolis
|
60
|
|
|
|
|
x
|
Le Pavillon
Hotel
|
226
|
|
x
|
x
|
|
|
Marriott Crystal
Gateway
|
698
|
|
x
|
x
|
x
|
x
|
Marriott DFW
Airport
|
491
|
|
|
|
x
|
|
Marriott
Omaha
|
300
|
|
x
|
x
|
x
|
x
|
Marriott
RTP
|
225
|
|
|
x
|
x
|
x
|
Marriott San
Antonio Plaza
|
251
|
|
|
|
x
|
|
Marriott Suites
Market Center
|
265
|
|
x
|
x
|
x
|
|
Renaissance
Nashville
|
673
|
|
|
|
x
|
x
|
Renaissance Palm
Springs
|
410
|
|
|
|
x
|
x
|
Residence Inn
Jacksonville
|
120
|
|
|
|
|
x
|
Residence Inn Lake
Buena Vista
|
210
|
|
x
|
|
|
|
Residence Inn
Orlando Sea World
|
350
|
|
|
|
x
|
x
|
Residence Inn
Stillwater
|
101
|
|
x
|
x
|
|
|
Residence Inn
Tampa Downtown
|
109
|
|
|
|
x
|
x
|
Ritz Carlton
Atlanta
|
444
|
|
|
|
|
x
|
Sheraton
Anchorage
|
370
|
|
|
|
|
x
|
Sheraton City
Center - Indianapolis
|
378
|
|
|
|
x
|
x
|
SpringHill Suites
Centreville
|
136
|
|
|
|
|
x
|
SpringHill Suites
Kennesaw
|
90
|
|
|
|
x
|
x
|
|
|
(a)
|
Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 2017 are included in this
table.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
June 30,
2017
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
89,279
|
|
|
$
|
45,102
|
|
|
$
|
31,581
|
|
|
$
|
55,743
|
|
|
$
|
221,705
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(42)
|
|
|
2
|
|
|
(32)
|
|
|
(45)
|
|
|
(117)
|
|
Net income (loss)
attributable to the Company
|
89,237
|
|
|
45,104
|
|
|
31,549
|
|
|
55,698
|
|
|
221,588
|
|
Non-property
adjustments
|
(14,092)
|
|
|
83
|
|
|
5,650
|
|
|
3,591
|
|
|
(4,768)
|
|
Interest
income
|
(38)
|
|
|
(32)
|
|
|
(23)
|
|
|
(11)
|
|
|
(104)
|
|
Interest
expense
|
572
|
|
|
482
|
|
|
484
|
|
|
479
|
|
|
2,017
|
|
Amortization of loan
costs
|
54
|
|
|
126
|
|
|
124
|
|
|
121
|
|
|
425
|
|
Depreciation and
amortization
|
60,383
|
|
|
62,509
|
|
|
61,294
|
|
|
60,020
|
|
|
244,206
|
|
Income tax expense
(benefit)
|
6
|
|
|
17
|
|
|
25
|
|
|
15
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
2,313
|
|
|
5,186
|
|
|
4,345
|
|
|
2,017
|
|
|
13,861
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
42
|
|
|
(2)
|
|
|
32
|
|
|
45
|
|
|
117
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
138,477
|
|
|
113,473
|
|
|
103,480
|
|
|
121,975
|
|
|
477,405
|
|
Non-comparable
adjustments
|
(1,315)
|
|
|
(1,334)
|
|
|
(2,458)
|
|
|
(3,892)
|
|
|
(8,999)
|
|
Comparable hotel
EBITDA
|
$
|
137,162
|
|
|
$
|
112,139
|
|
|
$
|
101,022
|
|
|
$
|
118,083
|
|
|
$
|
468,406
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
82,334
|
|
|
$
|
6,945
|
|
|
$
|
89,279
|
|
|
$
|
545
|
|
|
$
|
(79,396)
|
|
|
$
|
10,428
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(42)
|
|
|
—
|
|
|
(42)
|
|
|
—
|
|
|
29
|
|
|
(13)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(231)
|
|
|
(231)
|
|
Net income (loss)
attributable to the Company
|
82,292
|
|
|
6,945
|
|
|
89,237
|
|
|
545
|
|
|
(79,598)
|
|
|
10,184
|
|
Non-property
adjustments
|
(14,092)
|
|
|
—
|
|
|
(14,092)
|
|
|
—
|
|
|
14,092
|
|
|
—
|
|
Interest
income
|
(38)
|
|
|
—
|
|
|
(38)
|
|
|
—
|
|
|
(508)
|
|
|
(546)
|
|
Interest
expense
|
572
|
|
|
—
|
|
|
572
|
|
|
—
|
|
|
51,359
|
|
|
51,931
|
|
Amortization of loan
cost
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
2,971
|
|
|
3,025
|
|
Depreciation and
amortization
|
50,965
|
|
|
9,418
|
|
|
60,383
|
|
|
117
|
|
|
47
|
|
|
60,547
|
|
Income tax expense
(benefit)
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
1,598
|
|
|
1,604
|
|
Non-hotel EBITDA
ownership expense
|
2,260
|
|
|
53
|
|
|
2,313
|
|
|
(18)
|
|
|
(2,295)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
42
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
(42)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
122,061
|
|
|
16,416
|
|
|
138,477
|
|
|
644
|
|
|
(12,376)
|
|
|
126,745
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(62)
|
|
|
—
|
|
|
(62)
|
|
|
—
|
|
|
(26)
|
|
|
(88)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(42)
|
|
|
—
|
|
|
(42)
|
|
|
—
|
|
|
42
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
231
|
|
|
231
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,138
|
|
|
2,138
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
720
|
|
|
720
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124)
|
|
|
(124)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
121,957
|
|
|
$
|
16,416
|
|
|
$
|
138,373
|
|
|
$
|
644
|
|
|
$
|
(9,395)
|
|
|
$
|
129,622
|
|
Non-comparable
adjustments
|
(1,315)
|
|
|
—
|
|
|
(1,315)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
120,746
|
|
|
$
|
16,416
|
|
|
$
|
137,162
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
41,894
|
|
|
$
|
3,208
|
|
|
$
|
45,102
|
|
|
$
|
409
|
|
|
$
|
(77,448)
|
|
|
$
|
(31,937)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
29
|
|
|
31
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,493
|
|
|
6,493
|
|
Net income (loss)
attributable to the Company
|
41,896
|
|
|
3,208
|
|
|
45,104
|
|
|
409
|
|
|
(70,926)
|
|
|
(25,413)
|
|
Non-property
adjustments
|
83
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
(83)
|
|
|
—
|
|
Interest
income
|
(32)
|
|
|
—
|
|
|
(32)
|
|
|
—
|
|
|
(176)
|
|
|
(208)
|
|
Interest
expense
|
482
|
|
|
—
|
|
|
482
|
|
|
—
|
|
|
49,477
|
|
|
49,959
|
|
Amortization of loan
cost
|
126
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
5,220
|
|
|
5,346
|
|
Depreciation and
amortization
|
52,719
|
|
|
9,790
|
|
|
62,509
|
|
|
113
|
|
|
2,076
|
|
|
64,698
|
|
Income tax expense
(benefit)
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
(865)
|
|
|
(848)
|
|
Non-hotel EBITDA
ownership expense
|
5,181
|
|
|
5
|
|
|
5,186
|
|
|
5
|
|
|
(5,191)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
100,470
|
|
|
13,003
|
|
|
113,473
|
|
|
527
|
|
|
(20,466)
|
|
|
93,534
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(65)
|
|
|
—
|
|
|
(65)
|
|
|
—
|
|
|
(27)
|
|
|
(92)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,493)
|
|
|
(6,493)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
815
|
|
|
815
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384)
|
|
|
(384)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124)
|
|
|
(124)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
100,407
|
|
|
$
|
13,003
|
|
|
$
|
113,410
|
|
|
$
|
527
|
|
|
$
|
(26,681)
|
|
|
$
|
87,256
|
|
Non-comparable
adjustments
|
(1,334)
|
|
|
—
|
|
|
(1,334)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
99,136
|
|
|
$
|
13,003
|
|
|
$
|
112,139
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
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)
|
$
|
28,846
|
|
|
$
|
2,735
|
|
|
$
|
31,581
|
|
|
$
|
162
|
|
|
$
|
(88,383)
|
|
|
$
|
(56,640)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(32)
|
|
|
—
|
|
|
(32)
|
|
|
—
|
|
|
30
|
|
|
(2)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,738
|
|
|
9,738
|
|
Net income (loss)
attributable to the Company
|
28,814
|
|
|
2,735
|
|
|
31,549
|
|
|
162
|
|
|
(78,615)
|
|
|
(46,904)
|
|
Non-property
adjustments
|
5,745
|
|
|
(95)
|
|
|
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
|
52,113
|
|
|
9,181
|
|
|
61,294
|
|
|
109
|
|
|
49
|
|
|
61,452
|
|
Income tax expense
(benefit)
|
(49)
|
|
|
74
|
|
|
25
|
|
|
—
|
|
|
291
|
|
|
316
|
|
Non-hotel EBITDA
ownership expense
|
4,187
|
|
|
158
|
|
|
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
|
91,427
|
|
|
12,053
|
|
|
103,480
|
|
|
264
|
|
|
(33,182)
|
|
|
70,562
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(47)
|
|
|
—
|
|
|
(47)
|
|
|
—
|
|
|
(43)
|
|
|
(90)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(32)
|
|
|
—
|
|
|
(32)
|
|
|
—
|
|
|
32
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,738)
|
|
|
(9,738)
|
|
Equity in (earnings)
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
|
$
|
91,348
|
|
|
$
|
12,053
|
|
|
$
|
103,401
|
|
|
$
|
264
|
|
|
$
|
(42,760)
|
|
|
$
|
60,905
|
|
Non-comparable
adjustments
|
(2,458)
|
|
|
—
|
|
|
(2,458)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
88,969
|
|
|
$
|
12,053
|
|
|
$
|
101,022
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
September 30, 2016
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
51,461
|
|
|
$
|
4,282
|
|
|
$
|
55,743
|
|
|
$
|
241
|
|
|
$
|
(81,122)
|
|
|
$
|
(25,138)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(45)
|
|
|
—
|
|
|
(45)
|
|
|
—
|
|
|
29
|
|
|
(16)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,151
|
|
|
4,151
|
|
Net income (loss)
attributable to the Company
|
51,416
|
|
|
4,282
|
|
|
55,698
|
|
|
241
|
|
|
(76,942)
|
|
|
(21,003)
|
|
Non-property
adjustments
|
3,591
|
|
|
—
|
|
|
3,591
|
|
|
—
|
|
|
(3,591)
|
|
|
—
|
|
Interest
income
|
(11)
|
|
|
—
|
|
|
(11)
|
|
|
—
|
|
|
(81)
|
|
|
(92)
|
|
Interest
expense
|
479
|
|
|
—
|
|
|
479
|
|
|
—
|
|
|
49,634
|
|
|
50,113
|
|
Amortization of loan
cost
|
121
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
5,528
|
|
|
5,649
|
|
Depreciation and
amortization
|
52,051
|
|
|
7,969
|
|
|
60,020
|
|
|
101
|
|
|
49
|
|
|
60,170
|
|
Income tax expense
(benefit)
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
(31)
|
|
|
(16)
|
|
Non-hotel EBITDA
ownership expense
|
1,888
|
|
|
129
|
|
|
2,017
|
|
|
51
|
|
|
(2,068)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
45
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
(45)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
109,595
|
|
|
12,380
|
|
|
121,975
|
|
|
393
|
|
|
(27,547)
|
|
|
94,821
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(69)
|
|
|
—
|
|
|
(69)
|
|
|
—
|
|
|
(23)
|
|
|
(92)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(45)
|
|
|
—
|
|
|
(45)
|
|
|
—
|
|
|
45
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,151)
|
|
|
(4,151)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
85
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165
|
|
|
165
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
109,481
|
|
|
$
|
12,380
|
|
|
$
|
121,861
|
|
|
$
|
393
|
|
|
$
|
(31,426)
|
|
|
$
|
90,828
|
|
Non-comparable
adjustments
|
(3,892)
|
|
|
|
|
(3,892)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
105,703
|
|
|
$
|
12,380
|
|
|
$
|
118,083
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2016
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
95,277
|
|
|
$
|
11,182
|
|
|
$
|
106,459
|
|
|
$
|
383
|
|
|
$
|
(71,707)
|
|
|
$
|
35,135
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(35)
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
|
29
|
|
|
(6)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,376)
|
|
|
(4,376)
|
|
Net income (loss)
attributable to the Company
|
95,242
|
|
|
11,182
|
|
|
106,424
|
|
|
383
|
|
|
(76,054)
|
|
|
30,753
|
|
Non-property
adjustments
|
(23,094)
|
|
|
—
|
|
|
(23,094)
|
|
|
—
|
|
|
23,094
|
|
|
—
|
|
Interest
income
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
(62)
|
|
|
(74)
|
|
Interest
expense
|
469
|
|
|
—
|
|
|
469
|
|
|
—
|
|
|
49,820
|
|
|
50,289
|
|
Amortization of loan
cost
|
119
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
6,054
|
|
|
6,173
|
|
Depreciation and
amortization
|
52,547
|
|
|
7,375
|
|
|
59,922
|
|
|
109
|
|
|
48
|
|
|
60,079
|
|
Income tax expense
(benefit)
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
584
|
|
|
603
|
|
Non-hotel EBITDA
ownership expense
|
1,518
|
|
|
(97)
|
|
|
1,421
|
|
|
2
|
|
|
(1,423)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
35
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
126,843
|
|
|
18,460
|
|
|
145,303
|
|
|
494
|
|
|
2,026
|
|
|
147,823
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(65)
|
|
|
—
|
|
|
(65)
|
|
|
—
|
|
|
(28)
|
|
|
(93)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(35)
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
|
39
|
|
|
4
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,376
|
|
|
4,376
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
355
|
|
|
355
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(487)
|
|
|
(487)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
126,743
|
|
|
$
|
18,460
|
|
|
$
|
145,203
|
|
|
$
|
494
|
|
|
$
|
6,281
|
|
|
$
|
151,978
|
|
Non-comparable
adjustments
|
(7,358)
|
|
|
3
|
|
|
(7,355)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
119,485
|
|
|
$
|
18,463
|
|
|
$
|
137,948
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
124,228
|
|
|
$
|
10,153
|
|
|
$
|
134,381
|
|
|
$
|
954
|
|
|
$
|
(156,844)
|
|
|
$
|
(21,509)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(40)
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
58
|
|
|
18
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,262
|
|
|
6,262
|
|
Net income (loss)
attributable to the Company
|
124,188
|
|
|
10,153
|
|
|
134,341
|
|
|
954
|
|
|
(150,524)
|
|
|
(15,229)
|
|
Non-property
adjustments
|
(14,009)
|
|
|
—
|
|
|
(14,009)
|
|
|
—
|
|
|
14,009
|
|
|
—
|
|
Interest
income
|
(70)
|
|
|
—
|
|
|
(70)
|
|
|
—
|
|
|
(684)
|
|
|
(754)
|
|
Interest
expense
|
1,054
|
|
|
—
|
|
|
1,054
|
|
|
—
|
|
|
100,836
|
|
|
101,890
|
|
Amortization of loan
cost
|
180
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
8,191
|
|
|
8,371
|
|
Depreciation and
amortization
|
103,684
|
|
|
19,208
|
|
|
122,892
|
|
|
230
|
|
|
2,123
|
|
|
125,245
|
|
Income tax expense
(benefit)
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
733
|
|
|
756
|
|
Non-hotel EBITDA
ownership expense
|
7,441
|
|
|
58
|
|
|
7,499
|
|
|
(13)
|
|
|
(7,486)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
40
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
222,531
|
|
|
29,419
|
|
|
251,950
|
|
|
1,171
|
|
|
(32,842)
|
|
|
220,279
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(127)
|
|
|
—
|
|
|
(127)
|
|
|
—
|
|
|
(53)
|
|
|
(180)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(40)
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
40
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,262)
|
|
|
(6,262)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,953
|
|
|
2,953
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
336
|
|
|
336
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(248)
|
|
|
(248)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
222,364
|
|
|
$
|
29,419
|
|
|
$
|
251,783
|
|
|
$
|
1,171
|
|
|
$
|
(36,076)
|
|
|
$
|
216,878
|
|
Non-comparable
adjustments
|
(2,649)
|
|
|
—
|
|
|
(2,649)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
219,882
|
|
|
$
|
29,419
|
|
|
$
|
249,301
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30, 2016
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
141,417
|
|
|
$
|
18,058
|
|
|
$
|
159,475
|
|
|
$
|
830
|
|
|
$
|
(137,309)
|
|
|
$
|
22,996
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(26)
|
|
|
—
|
|
|
(26)
|
|
|
—
|
|
|
58
|
|
|
32
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,264)
|
|
|
(2,264)
|
|
Net income (loss)
attributable to the Company
|
141,391
|
|
|
18,058
|
|
|
159,449
|
|
|
830
|
|
|
(139,515)
|
|
|
20,764
|
|
Non-property
adjustments
|
(23,094)
|
|
|
114
|
|
|
(22,980)
|
|
|
—
|
|
|
22,980
|
|
|
—
|
|
Interest
income
|
(22)
|
|
|
(1)
|
|
|
(23)
|
|
|
—
|
|
|
(114)
|
|
|
(137)
|
|
Interest
expense
|
936
|
|
|
—
|
|
|
936
|
|
|
—
|
|
|
99,118
|
|
|
100,054
|
|
Amortization of loan
cost
|
237
|
|
|
—
|
|
|
237
|
|
|
—
|
|
|
12,114
|
|
|
12,351
|
|
Depreciation and
amortization
|
106,940
|
|
|
14,958
|
|
|
121,898
|
|
|
244
|
|
|
99
|
|
|
122,241
|
|
Income tax expense
(benefit)
|
45
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
1,187
|
|
|
1,232
|
|
Non-hotel EBITDA
ownership expense
|
3,142
|
|
|
(331)
|
|
|
2,811
|
|
|
1
|
|
|
(2,812)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
26
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
(26)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
229,601
|
|
|
32,798
|
|
|
262,399
|
|
|
1,075
|
|
|
(6,969)
|
|
|
256,505
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(130)
|
|
|
—
|
|
|
(130)
|
|
|
—
|
|
|
(58)
|
|
|
(188)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(26)
|
|
|
—
|
|
|
(26)
|
|
|
—
|
|
|
34
|
|
|
8
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,264
|
|
|
2,264
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
874
|
|
|
874
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(372)
|
|
|
(372)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
229,445
|
|
|
$
|
32,798
|
|
|
$
|
262,243
|
|
|
$
|
1,075
|
|
|
$
|
(4,227)
|
|
|
$
|
259,091
|
|
Non-comparable
adjustments
|
(16,664)
|
|
|
3
|
|
|
(16,661)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
212,937
|
|
|
$
|
32,801
|
|
|
$
|
245,738
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Basking
Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton
Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood
Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon
Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP,
Marriott Suites Market Center, Residence Inn Stillwater
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2017
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX 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
|
Net income
(loss)
|
$
|
17,824
|
|
|
$
|
6,274
|
|
|
$
|
3,000
|
|
|
$
|
1,396
|
|
|
$
|
4,302
|
|
|
$
|
801
|
|
|
$
|
2,147
|
|
|
$
|
6,476
|
|
|
$
|
5,437
|
|
(Income) loss 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
|
17,824
|
|
|
6,274
|
|
|
3,000
|
|
|
1,396
|
|
|
4,302
|
|
|
801
|
|
|
2,147
|
|
|
6,476
|
|
|
5,437
|
|
Non-property
adjustments
|
(14,093)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(12)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(2)
|
|
Interest
expense
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,779
|
|
|
3,521
|
|
|
3,099
|
|
|
1,779
|
|
|
4,238
|
|
|
1,725
|
|
|
2,425
|
|
|
1,444
|
|
|
3,992
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
156
|
|
|
(45)
|
|
|
678
|
|
|
89
|
|
|
106
|
|
|
365
|
|
|
15
|
|
|
25
|
|
|
365
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
7,733
|
|
|
9,750
|
|
|
6,776
|
|
|
3,264
|
|
|
8,645
|
|
|
2,891
|
|
|
4,580
|
|
|
7,945
|
|
|
9,792
|
|
Non-comparable
adjustments
|
(1,160)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
Comparable hotel
EBITDA
|
$
|
6,573
|
|
|
$
|
9,750
|
|
|
$
|
6,776
|
|
|
$
|
3,264
|
|
|
$
|
8,636
|
|
|
$
|
2,891
|
|
|
$
|
4,580
|
|
|
$
|
7,945
|
|
|
$
|
9,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
1,260
|
|
|
$
|
1,237
|
|
|
$
|
1,026
|
|
|
$
|
7,000
|
|
|
$
|
1,428
|
|
|
$
|
10,317
|
|
|
$
|
19,354
|
|
|
$
|
89,279
|
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42)
|
|
|
(42)
|
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
1,260
|
|
|
1,237
|
|
|
1,026
|
|
|
7,000
|
|
|
1,428
|
|
|
10,317
|
|
|
19,312
|
|
|
89,237
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(14,092)
|
|
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(5)
|
|
|
(4)
|
|
|
(38)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
572
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
54
|
|
|
|
Depreciation and
amortization
|
1,466
|
|
|
1,432
|
|
|
999
|
|
|
2,340
|
|
|
1,370
|
|
|
6,243
|
|
|
20,531
|
|
|
60,383
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
|
Non-hotel EBITDA
ownership expense
|
10
|
|
|
22
|
|
|
32
|
|
|
68
|
|
|
(47)
|
|
|
(333)
|
|
|
807
|
|
|
2,313
|
|
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
42
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,735
|
|
|
2,691
|
|
|
2,057
|
|
|
9,403
|
|
|
2,751
|
|
|
16,222
|
|
|
41,242
|
|
|
138,477
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(145)
|
|
|
(1,315)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,735
|
|
|
$
|
2,691
|
|
|
$
|
2,057
|
|
|
$
|
9,403
|
|
|
$
|
2,751
|
|
|
$
|
16,222
|
|
|
$
|
41,097
|
|
|
$
|
137,162
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2016
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX 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
|
Net income
(loss)
|
$
|
8,768
|
|
|
$
|
5,337
|
|
|
$
|
4,281
|
|
|
$
|
1,477
|
|
|
$
|
4,158
|
|
|
$
|
1,302
|
|
|
$
|
2,347
|
|
|
$
|
5,785
|
|
|
$
|
11,361
|
|
(Income) loss 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
|
8,768
|
|
|
5,337
|
|
|
4,281
|
|
|
1,477
|
|
|
4,158
|
|
|
1,302
|
|
|
2,347
|
|
|
5,785
|
|
|
11,361
|
|
Non-property
adjustments
|
(4,015)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,482)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,636
|
|
|
3,403
|
|
|
2,641
|
|
|
1,730
|
|
|
4,740
|
|
|
1,380
|
|
|
2,443
|
|
|
2,312
|
|
|
4,345
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
168
|
|
|
29
|
|
|
42
|
|
|
65
|
|
|
(34)
|
|
|
289
|
|
|
9
|
|
|
5
|
|
|
106
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
8,557
|
|
|
8,769
|
|
|
6,964
|
|
|
3,272
|
|
|
8,864
|
|
|
2,971
|
|
|
4,798
|
|
|
8,102
|
|
|
10,328
|
|
Non-comparable
adjustments
|
(1,960)
|
|
|
—
|
|
|
(33)
|
|
|
—
|
|
|
(1,021)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(441)
|
|
Comparable hotel
EBITDA
|
$
|
6,597
|
|
|
$
|
8,769
|
|
|
$
|
6,931
|
|
|
$
|
3,272
|
|
|
$
|
7,843
|
|
|
$
|
2,971
|
|
|
$
|
4,798
|
|
|
$
|
8,102
|
|
|
$
|
9,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
15,726
|
|
|
$
|
1,386
|
|
|
$
|
997
|
|
|
$
|
6,723
|
|
|
$
|
1,823
|
|
|
$
|
12,522
|
|
|
$
|
22,466
|
|
|
$
|
106,459
|
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35)
|
|
|
(35)
|
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
15,726
|
|
|
1,386
|
|
|
997
|
|
|
6,723
|
|
|
1,823
|
|
|
12,522
|
|
|
22,431
|
|
|
106,424
|
|
|
|
Non-property
adjustments
|
(13,597)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,094)
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(3)
|
|
|
(2)
|
|
|
(12)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
469
|
|
|
469
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
119
|
|
|
|
Depreciation and
amortization
|
1,205
|
|
|
1,372
|
|
|
1,051
|
|
|
2,507
|
|
|
1,066
|
|
|
5,188
|
|
|
20,903
|
|
|
59,922
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
|
|
Non-hotel EBITDA
ownership expense
|
260
|
|
|
9
|
|
|
3
|
|
|
13
|
|
|
36
|
|
|
(232)
|
|
|
653
|
|
|
1,421
|
|
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
3,592
|
|
|
2,767
|
|
|
2,051
|
|
|
9,241
|
|
|
2,925
|
|
|
17,475
|
|
|
44,627
|
|
|
145,303
|
|
|
|
Non-comparable
adjustments
|
(1,301)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(470)
|
|
|
(2,129)
|
|
|
(7,355)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,291
|
|
|
$
|
2,767
|
|
|
$
|
2,051
|
|
|
$
|
9,241
|
|
|
$
|
2,925
|
|
|
$
|
17,005
|
|
|
$
|
42,498
|
|
|
$
|
137,948
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30, 2017
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX 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
|
Net income
(loss)
|
$
|
22,178
|
|
|
$
|
5,244
|
|
|
$
|
6,897
|
|
|
$
|
3,034
|
|
|
$
|
9,941
|
|
|
$
|
(279)
|
|
|
$
|
1,755
|
|
|
$
|
10,955
|
|
|
$
|
6,750
|
|
(Income) loss 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
|
22,178
|
|
|
5,244
|
|
|
6,897
|
|
|
3,034
|
|
|
9,941
|
|
|
(279)
|
|
|
1,755
|
|
|
10,955
|
|
|
6,750
|
|
Non-property
adjustments
|
(14,093)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(12)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(24)
|
|
|
—
|
|
|
(4)
|
|
Interest
expense
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
7,603
|
|
|
6,861
|
|
|
6,147
|
|
|
3,588
|
|
|
8,477
|
|
|
3,475
|
|
|
5,104
|
|
|
3,651
|
|
|
8,429
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
217
|
|
|
(9)
|
|
|
741
|
|
|
70
|
|
|
117
|
|
|
4,471
|
|
|
42
|
|
|
35
|
|
|
378
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
15,972
|
|
|
12,096
|
|
|
13,783
|
|
|
6,692
|
|
|
18,533
|
|
|
7,667
|
|
|
6,877
|
|
|
14,641
|
|
|
15,553
|
|
Non-comparable
adjustments
|
(2,550)
|
|
|
—
|
|
|
(33)
|
|
|
—
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
13,422
|
|
|
$
|
12,096
|
|
|
$
|
13,750
|
|
|
$
|
6,692
|
|
|
$
|
18,510
|
|
|
$
|
7,667
|
|
|
$
|
6,877
|
|
|
$
|
14,641
|
|
|
$
|
15,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
3,410
|
|
|
$
|
777
|
|
|
$
|
1,513
|
|
|
$
|
12,758
|
|
|
$
|
5,184
|
|
|
$
|
14,936
|
|
|
$
|
29,328
|
|
|
$
|
134,381
|
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40)
|
|
|
(40)
|
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
3,410
|
|
|
777
|
|
|
1,513
|
|
|
12,758
|
|
|
5,184
|
|
|
14,936
|
|
|
29,288
|
|
|
134,341
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
(14,009)
|
|
|
|
Interest
income
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
(8)
|
|
|
(6)
|
|
|
(70)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
987
|
|
|
1,054
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
|
180
|
|
|
|
Depreciation and
amortization
|
2,875
|
|
|
2,816
|
|
|
2,027
|
|
|
4,591
|
|
|
2,713
|
|
|
12,368
|
|
|
42,167
|
|
|
122,892
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
|
|
Non-hotel EBITDA
ownership expense
|
12
|
|
|
71
|
|
|
36
|
|
|
106
|
|
|
(45)
|
|
|
(513)
|
|
|
1,770
|
|
|
7,499
|
|
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
6,294
|
|
|
3,664
|
|
|
3,576
|
|
|
17,446
|
|
|
7,852
|
|
|
26,783
|
|
|
74,521
|
|
|
251,950
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(42)
|
|
|
(2,649)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
6,294
|
|
|
$
|
3,664
|
|
|
$
|
3,576
|
|
|
$
|
17,446
|
|
|
$
|
7,852
|
|
|
$
|
26,781
|
|
|
$
|
74,479
|
|
|
$
|
249,301
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30, 2016
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX 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
|
Net income
(loss)
|
$
|
12,950
|
|
|
$
|
4,475
|
|
|
$
|
8,695
|
|
|
$
|
3,027
|
|
|
$
|
10,642
|
|
|
$
|
5,183
|
|
|
$
|
2,275
|
|
|
$
|
9,036
|
|
|
$
|
12,134
|
|
(Income) loss 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
|
12,950
|
|
|
4,475
|
|
|
8,695
|
|
|
3,027
|
|
|
10,642
|
|
|
5,183
|
|
|
2,275
|
|
|
9,036
|
|
|
12,134
|
|
Non-property
adjustments
|
(4,015)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,482)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(4)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
7,484
|
|
|
6,515
|
|
|
5,663
|
|
|
3,466
|
|
|
9,625
|
|
|
2,709
|
|
|
4,868
|
|
|
4,555
|
|
|
9,044
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
290
|
|
|
170
|
|
|
51
|
|
|
67
|
|
|
(49)
|
|
|
339
|
|
|
24
|
|
|
(1)
|
|
|
187
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
16,709
|
|
|
11,160
|
|
|
14,409
|
|
|
6,560
|
|
|
20,218
|
|
|
8,231
|
|
|
7,166
|
|
|
13,590
|
|
|
15,879
|
|
Non-comparable
adjustments
|
(3,680)
|
|
|
—
|
|
|
(66)
|
|
|
—
|
|
|
(2,813)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(759)
|
|
Comparable hotel
EBITDA
|
$
|
13,029
|
|
|
$
|
11,160
|
|
|
$
|
14,343
|
|
|
$
|
6,560
|
|
|
$
|
17,405
|
|
|
$
|
8,231
|
|
|
$
|
7,166
|
|
|
$
|
13,590
|
|
|
$
|
15,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
21,197
|
|
|
$
|
1,160
|
|
|
$
|
1,585
|
|
|
$
|
12,185
|
|
|
$
|
4,962
|
|
|
$
|
16,252
|
|
|
$
|
33,717
|
|
|
$
|
159,475
|
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26)
|
|
|
(26)
|
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
21,197
|
|
|
1,160
|
|
|
1,585
|
|
|
12,185
|
|
|
4,962
|
|
|
16,252
|
|
|
33,691
|
|
|
159,449
|
|
|
|
Non-property
adjustments
|
(13,597)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
114
|
|
|
(22,980)
|
|
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(7)
|
|
|
(4)
|
|
|
(23)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
936
|
|
|
936
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
237
|
|
|
237
|
|
|
|
Depreciation and
amortization
|
3,508
|
|
|
2,698
|
|
|
2,100
|
|
|
4,962
|
|
|
2,431
|
|
|
10,348
|
|
|
41,922
|
|
|
121,898
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
|
|
Non-hotel EBITDA
ownership expense
|
341
|
|
|
12
|
|
|
25
|
|
|
157
|
|
|
87
|
|
|
(472)
|
|
|
1,583
|
|
|
2,811
|
|
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
11,445
|
|
|
3,870
|
|
|
3,710
|
|
|
17,301
|
|
|
7,480
|
|
|
26,121
|
|
|
78,550
|
|
|
262,399
|
|
|
|
Non-comparable
adjustments
|
(5,624)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(485)
|
|
|
(3,234)
|
|
|
(16,661)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
5,821
|
|
|
$
|
3,870
|
|
|
$
|
3,710
|
|
|
$
|
17,301
|
|
|
$
|
7,480
|
|
|
$
|
25,636
|
|
|
$
|
75,316
|
|
|
$
|
245,738
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
TTM Ended June 30,
2017
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
Net income
(loss)
|
$
|
25,201
|
|
|
$
|
9,729
|
|
|
$
|
(322)
|
|
|
$
|
52,834
|
|
|
$
|
588
|
|
|
$
|
(1,400)
|
|
|
$
|
746
|
|
|
$
|
(40)
|
|
|
$
|
1,910
|
|
|
$
|
2,169
|
|
|
$
|
13,208
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
25,201
|
|
|
9,729
|
|
|
(322)
|
|
|
52,834
|
|
|
588
|
|
|
(1,400)
|
|
|
746
|
|
|
(40)
|
|
|
1,910
|
|
|
2,169
|
|
|
13,208
|
|
Non-property
adjustments
|
(225)
|
|
|
—
|
|
|
—
|
|
|
(4,962)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,136
|
|
Interest
income
|
(34)
|
|
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
1
|
|
|
—
|
|
|
1,912
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
20,996
|
|
|
13,000
|
|
|
1,884
|
|
|
63,463
|
|
|
2,438
|
|
|
3,186
|
|
|
1,438
|
|
|
11,183
|
|
|
1,855
|
|
|
2,981
|
|
|
18,429
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
547
|
|
|
306
|
|
|
56
|
|
|
3,269
|
|
|
232
|
|
|
448
|
|
|
34
|
|
|
332
|
|
|
21
|
|
|
34
|
|
|
1,845
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
46,486
|
|
|
23,023
|
|
|
3,943
|
|
|
114,592
|
|
|
3,258
|
|
|
2,234
|
|
|
2,297
|
|
|
11,512
|
|
|
3,786
|
|
|
5,184
|
|
|
37,618
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,894)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,224)
|
|
Comparable hotel
EBITDA
|
$
|
46,486
|
|
|
$
|
23,023
|
|
|
$
|
3,943
|
|
|
$
|
107,698
|
|
|
$
|
3,258
|
|
|
$
|
2,234
|
|
|
$
|
2,297
|
|
|
$
|
11,512
|
|
|
$
|
3,786
|
|
|
$
|
5,184
|
|
|
$
|
36,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
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
|
Net income
(loss)
|
$
|
(1,968)
|
|
|
$
|
17,975
|
|
|
$
|
9,483
|
|
|
$
|
19,782
|
|
|
$
|
542
|
|
|
$
|
35,706
|
|
|
$
|
593
|
|
|
$
|
7,012
|
|
|
$
|
3,470
|
|
|
$
|
863
|
|
|
$
|
520
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75)
|
|
Net income (loss)
attributable to the Company
|
(1,968)
|
|
|
17,975
|
|
|
9,483
|
|
|
19,782
|
|
|
542
|
|
|
35,706
|
|
|
593
|
|
|
7,012
|
|
|
3,470
|
|
|
863
|
|
|
445
|
|
Non-property
adjustments
|
5,262
|
|
|
(135)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14)
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
4,323
|
|
|
26,656
|
|
|
5,353
|
|
|
10,371
|
|
|
881
|
|
|
27,161
|
|
|
478
|
|
|
8,882
|
|
|
3,343
|
|
|
846
|
|
|
912
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
Non-hotel EBITDA
ownership expense
|
190
|
|
|
6,293
|
|
|
288
|
|
|
153
|
|
|
30
|
|
|
471
|
|
|
14
|
|
|
(1,140)
|
|
|
11
|
|
|
99
|
|
|
10
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
7,807
|
|
|
50,781
|
|
|
15,124
|
|
|
30,306
|
|
|
1,453
|
|
|
63,428
|
|
|
1,085
|
|
|
14,754
|
|
|
6,806
|
|
|
1,808
|
|
|
1,406
|
|
Non-comparable
adjustments
|
(442)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
7,365
|
|
|
$
|
50,781
|
|
|
$
|
15,124
|
|
|
$
|
30,306
|
|
|
$
|
1,453
|
|
|
$
|
63,428
|
|
|
$
|
1,085
|
|
|
$
|
14,754
|
|
|
$
|
6,806
|
|
|
$
|
1,808
|
|
|
$
|
1,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
325
|
|
|
$
|
4,086
|
|
|
$
|
1,713
|
|
|
$
|
2,182
|
|
|
$
|
4,685
|
|
|
$
|
2,078
|
|
|
$
|
7,705
|
|
|
$
|
1,802
|
|
|
$
|
(197)
|
|
|
$
|
(1,275)
|
|
|
$
|
221,705
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(42)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117)
|
|
Net income (loss)
attributable to the Company
|
283
|
|
|
4,086
|
|
|
1,713
|
|
|
2,182
|
|
|
4,685
|
|
|
2,078
|
|
|
7,705
|
|
|
1,802
|
|
|
(197)
|
|
|
(1,275)
|
|
|
221,588
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,506)
|
|
|
(1,590)
|
|
|
256
|
|
|
(4)
|
|
|
(4,768)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(104)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,017
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
425
|
|
Depreciation and
amortization
|
666
|
|
|
3,639
|
|
|
472
|
|
|
1,348
|
|
|
4,053
|
|
|
735
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
3,173
|
|
|
244,206
|
|
Income tax expense
(benefit)
|
(5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
10
|
|
|
84
|
|
|
27
|
|
|
39
|
|
|
29
|
|
|
19
|
|
|
(16)
|
|
|
7
|
|
|
(83)
|
|
|
202
|
|
|
13,861
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
996
|
|
|
7,809
|
|
|
2,212
|
|
|
3,569
|
|
|
8,763
|
|
|
2,832
|
|
|
183
|
|
|
280
|
|
|
(24)
|
|
|
2,094
|
|
|
477,405
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(183)
|
|
|
(280)
|
|
|
24
|
|
|
—
|
|
|
(8,999)
|
|
Comparable hotel
EBITDA
|
$
|
996
|
|
|
$
|
7,809
|
|
|
$
|
2,212
|
|
|
$
|
3,569
|
|
|
$
|
8,763
|
|
|
$
|
2,832
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,094
|
|
|
$
|
468,406
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2017
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
Net income
(loss)
|
$
|
6,809
|
|
|
$
|
3,598
|
|
|
$
|
448
|
|
|
$
|
31,227
|
|
|
$
|
220
|
|
|
$
|
(355)
|
|
|
$
|
28
|
|
|
$
|
356
|
|
|
$
|
710
|
|
|
$
|
522
|
|
|
$
|
6,540
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
6,809
|
|
|
3,598
|
|
|
448
|
|
|
31,227
|
|
|
220
|
|
|
(355)
|
|
|
28
|
|
|
356
|
|
|
710
|
|
|
522
|
|
|
6,540
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,093)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Interest
income
|
(14)
|
|
|
(1)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
5,224
|
|
|
3,400
|
|
|
478
|
|
|
14,890
|
|
|
627
|
|
|
821
|
|
|
368
|
|
|
2,914
|
|
|
444
|
|
|
757
|
|
|
4,474
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
221
|
|
|
51
|
|
|
45
|
|
|
1,130
|
|
|
164
|
|
|
166
|
|
|
4
|
|
|
74
|
|
|
5
|
|
|
5
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
12,240
|
|
|
7,048
|
|
|
1,515
|
|
|
33,142
|
|
|
1,011
|
|
|
632
|
|
|
479
|
|
|
3,347
|
|
|
1,159
|
|
|
1,284
|
|
|
11,015
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,180)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(132)
|
|
Comparable hotel
EBITDA
|
$
|
12,240
|
|
|
$
|
7,048
|
|
|
$
|
1,515
|
|
|
$
|
31,962
|
|
|
$
|
1,011
|
|
|
$
|
632
|
|
|
$
|
479
|
|
|
$
|
3,347
|
|
|
$
|
1,159
|
|
|
$
|
1,284
|
|
|
$
|
10,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
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
|
Net income
(loss)
|
$
|
1,093
|
|
|
$
|
7,084
|
|
|
$
|
3,935
|
|
|
$
|
7,412
|
|
|
$
|
85
|
|
|
$
|
10,550
|
|
|
$
|
183
|
|
|
$
|
2,954
|
|
|
$
|
1,055
|
|
|
$
|
323
|
|
|
$
|
147
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21)
|
|
Net income (loss)
attributable to the Company
|
1,093
|
|
|
7,084
|
|
|
3,935
|
|
|
7,412
|
|
|
85
|
|
|
10,550
|
|
|
183
|
|
|
2,954
|
|
|
1,055
|
|
|
323
|
|
|
126
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
1,062
|
|
|
6,844
|
|
|
1,456
|
|
|
1,937
|
|
|
262
|
|
|
6,810
|
|
|
127
|
|
|
2,481
|
|
|
840
|
|
|
197
|
|
|
233
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
8
|
|
|
402
|
|
|
4
|
|
|
105
|
|
|
(13)
|
|
|
92
|
|
|
3
|
|
|
(326)
|
|
|
3
|
|
|
4
|
|
|
3
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,163
|
|
|
14,328
|
|
|
5,395
|
|
|
9,454
|
|
|
334
|
|
|
17,448
|
|
|
313
|
|
|
5,109
|
|
|
1,894
|
|
|
524
|
|
|
383
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
2,163
|
|
|
$
|
14,328
|
|
|
$
|
5,395
|
|
|
$
|
9,454
|
|
|
$
|
334
|
|
|
$
|
17,448
|
|
|
$
|
313
|
|
|
$
|
5,109
|
|
|
$
|
1,894
|
|
|
$
|
524
|
|
|
$
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
147
|
|
|
$
|
1,051
|
|
|
$
|
498
|
|
|
$
|
625
|
|
|
$
|
1,317
|
|
|
$
|
645
|
|
|
$
|
9
|
|
|
$
|
(8)
|
|
|
$
|
2
|
|
|
$
|
69
|
|
|
$
|
89,279
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(21)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42)
|
|
Net income (loss)
attributable to the Company
|
126
|
|
|
1,051
|
|
|
498
|
|
|
625
|
|
|
1,317
|
|
|
645
|
|
|
9
|
|
|
(8)
|
|
|
2
|
|
|
69
|
|
|
89,237
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,092)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
572
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
Depreciation and
amortization
|
158
|
|
|
1,064
|
|
|
140
|
|
|
327
|
|
|
1,053
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
60,383
|
|
Income tax expense
(benefit)
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
Non-hotel EBITDA
ownership expense
|
3
|
|
|
55
|
|
|
10
|
|
|
10
|
|
|
9
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
2,313
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
314
|
|
|
2,170
|
|
|
648
|
|
|
962
|
|
|
2,378
|
|
|
798
|
|
|
9
|
|
|
(8)
|
|
|
2
|
|
|
987
|
|
|
138,477
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
8
|
|
|
(2)
|
|
|
—
|
|
|
(1,315)
|
|
Comparable hotel
EBITDA
|
$
|
314
|
|
|
$
|
2,170
|
|
|
$
|
648
|
|
|
$
|
962
|
|
|
$
|
2,378
|
|
|
$
|
798
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
987
|
|
|
$
|
137,162
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2017
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
Net income
(loss)
|
$
|
6,449
|
|
|
$
|
87
|
|
|
$
|
(146)
|
|
|
$
|
10,724
|
|
|
$
|
49
|
|
|
$
|
(165)
|
|
|
$
|
304
|
|
|
$
|
(749)
|
|
|
$
|
82
|
|
|
$
|
532
|
|
|
$
|
4,645
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
6,449
|
|
|
87
|
|
|
(146)
|
|
|
10,724
|
|
|
49
|
|
|
(165)
|
|
|
304
|
|
|
(749)
|
|
|
82
|
|
|
532
|
|
|
4,645
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
Interest
income
|
(10)
|
|
|
(11)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
1
|
|
|
—
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
5,387
|
|
|
3,354
|
|
|
473
|
|
|
16,294
|
|
|
624
|
|
|
923
|
|
|
364
|
|
|
2,872
|
|
|
473
|
|
|
750
|
|
|
4,508
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
37
|
|
|
69
|
|
|
3
|
|
|
154
|
|
|
20
|
|
|
167
|
|
|
10
|
|
|
37
|
|
|
2
|
|
|
14
|
|
|
711
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
11,864
|
|
|
3,499
|
|
|
934
|
|
|
27,215
|
|
|
693
|
|
|
925
|
|
|
678
|
|
|
2,163
|
|
|
557
|
|
|
1,296
|
|
|
9,904
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,243)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76)
|
|
Comparable hotel
EBITDA
|
$
|
11,864
|
|
|
$
|
3,499
|
|
|
$
|
934
|
|
|
$
|
25,972
|
|
|
$
|
693
|
|
|
$
|
925
|
|
|
$
|
678
|
|
|
$
|
2,163
|
|
|
$
|
557
|
|
|
$
|
1,296
|
|
|
$
|
9,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
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
|
Net income
(loss)
|
$
|
805
|
|
|
$
|
3,974
|
|
|
$
|
76
|
|
|
$
|
4,614
|
|
|
$
|
(96)
|
|
|
$
|
8,554
|
|
|
$
|
135
|
|
|
$
|
1,319
|
|
|
$
|
(51)
|
|
|
$
|
282
|
|
|
$
|
24
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
Net income (loss)
attributable to the Company
|
805
|
|
|
3,974
|
|
|
76
|
|
|
4,614
|
|
|
(96)
|
|
|
8,554
|
|
|
135
|
|
|
1,319
|
|
|
(51)
|
|
|
282
|
|
|
21
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
1,044
|
|
|
6,827
|
|
|
1,288
|
|
|
2,688
|
|
|
215
|
|
|
6,822
|
|
|
123
|
|
|
2,458
|
|
|
837
|
|
|
207
|
|
|
231
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
29
|
|
|
3,958
|
|
|
22
|
|
|
21
|
|
|
15
|
|
|
123
|
|
|
1
|
|
|
(235)
|
|
|
1
|
|
|
4
|
|
|
2
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
1,878
|
|
|
14,757
|
|
|
1,386
|
|
|
7,323
|
|
|
134
|
|
|
15,496
|
|
|
259
|
|
|
3,542
|
|
|
784
|
|
|
493
|
|
|
257
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
1,878
|
|
|
$
|
14,757
|
|
|
$
|
1,386
|
|
|
$
|
7,323
|
|
|
$
|
134
|
|
|
$
|
15,496
|
|
|
$
|
259
|
|
|
$
|
3,542
|
|
|
$
|
784
|
|
|
$
|
493
|
|
|
$
|
257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(21)
|
|
|
$
|
1,496
|
|
|
$
|
357
|
|
|
$
|
421
|
|
|
$
|
1,649
|
|
|
$
|
484
|
|
|
$
|
14
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
(751)
|
|
|
$
|
45,102
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Net income (loss)
attributable to the Company
|
(16)
|
|
|
1,496
|
|
|
357
|
|
|
421
|
|
|
1,649
|
|
|
484
|
|
|
14
|
|
|
1
|
|
|
4
|
|
|
(751)
|
|
|
45,104
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(32)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
482
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
Depreciation and
amortization
|
168
|
|
|
1,057
|
|
|
114
|
|
|
342
|
|
|
1,060
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
847
|
|
|
62,509
|
|
Income tax expense
(benefit)
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
Non-hotel EBITDA
ownership expense
|
2
|
|
|
2
|
|
|
5
|
|
|
7
|
|
|
7
|
|
|
4
|
|
|
1
|
|
|
1
|
|
|
(6)
|
|
|
(2)
|
|
|
5,186
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
(5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
166
|
|
|
2,555
|
|
|
476
|
|
|
770
|
|
|
2,715
|
|
|
647
|
|
|
15
|
|
|
2
|
|
|
(2)
|
|
|
92
|
|
|
113,473
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15)
|
|
|
(2)
|
|
|
2
|
|
|
—
|
|
|
(1,334)
|
|
Comparable hotel
EBITDA
|
$
|
166
|
|
|
$
|
2,555
|
|
|
$
|
476
|
|
|
$
|
770
|
|
|
$
|
2,715
|
|
|
$
|
647
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
92
|
|
|
$
|
112,139
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
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
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
Net income
(loss)
|
$
|
5,264
|
|
|
$
|
1,068
|
|
|
$
|
(359)
|
|
|
$
|
50
|
|
|
$
|
(233)
|
|
|
$
|
(157)
|
|
|
$
|
167
|
|
|
$
|
(363)
|
|
|
$
|
357
|
|
|
$
|
440
|
|
|
$
|
(2,552)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
5,264
|
|
|
1,068
|
|
|
(359)
|
|
|
50
|
|
|
(233)
|
|
|
(157)
|
|
|
167
|
|
|
(363)
|
|
|
357
|
|
|
440
|
|
|
(2,552)
|
|
Non-property
adjustments
|
(225)
|
|
|
—
|
|
|
—
|
|
|
9,088
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,095
|
|
Interest
income
|
(6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
5,219
|
|
|
3,196
|
|
|
467
|
|
|
16,448
|
|
|
604
|
|
|
760
|
|
|
358
|
|
|
2,733
|
|
|
470
|
|
|
749
|
|
|
4,763
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
248
|
|
|
92
|
|
|
3
|
|
|
589
|
|
|
29
|
|
|
113
|
|
|
17
|
|
|
132
|
|
|
2
|
|
|
(19)
|
|
|
1,114
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
10,500
|
|
|
4,356
|
|
|
704
|
|
|
26,175
|
|
|
400
|
|
|
716
|
|
|
542
|
|
|
2,517
|
|
|
829
|
|
|
1,170
|
|
|
7,420
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
(2,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(311)
|
|
Comparable hotel
EBITDA
|
$
|
10,500
|
|
|
$
|
4,356
|
|
|
$
|
704
|
|
|
$
|
23,999
|
|
|
$
|
400
|
|
|
$
|
716
|
|
|
$
|
542
|
|
|
$
|
2,517
|
|
|
$
|
829
|
|
|
$
|
1,170
|
|
|
$
|
7,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
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
|
Net income
(loss)
|
$
|
204
|
|
|
$
|
2,375
|
|
|
$
|
2,116
|
|
|
$
|
3,741
|
|
|
$
|
56
|
|
|
$
|
7,177
|
|
|
$
|
206
|
|
|
$
|
1,127
|
|
|
$
|
825
|
|
|
$
|
176
|
|
|
$
|
158
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
Net income (loss)
attributable to the Company
|
204
|
|
|
2,375
|
|
|
2,116
|
|
|
3,741
|
|
|
56
|
|
|
7,177
|
|
|
206
|
|
|
1,127
|
|
|
825
|
|
|
176
|
|
|
135
|
|
Non-property
adjustments
|
223
|
|
|
(135)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
1,000
|
|
|
6,606
|
|
|
1,168
|
|
|
2,903
|
|
|
205
|
|
|
6,740
|
|
|
115
|
|
|
2,111
|
|
|
835
|
|
|
214
|
|
|
225
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
Non-hotel EBITDA
ownership expense
|
135
|
|
|
1,667
|
|
|
148
|
|
|
(27)
|
|
|
(2)
|
|
|
160
|
|
|
1
|
|
|
(247)
|
|
|
4
|
|
|
37
|
|
|
(23)
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
1,562
|
|
|
10,511
|
|
|
3,432
|
|
|
6,617
|
|
|
259
|
|
|
14,178
|
|
|
322
|
|
|
2,991
|
|
|
1,653
|
|
|
427
|
|
|
324
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
1,562
|
|
|
$
|
10,511
|
|
|
$
|
3,432
|
|
|
$
|
6,617
|
|
|
$
|
259
|
|
|
$
|
14,178
|
|
|
$
|
322
|
|
|
$
|
2,991
|
|
|
$
|
1,653
|
|
|
$
|
427
|
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
70
|
|
|
$
|
741
|
|
|
$
|
272
|
|
|
$
|
455
|
|
|
$
|
844
|
|
|
$
|
487
|
|
|
$
|
7,490
|
|
|
$
|
(34)
|
|
|
$
|
(83)
|
|
|
$
|
(504)
|
|
|
$
|
31,581
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32)
|
|
Net income (loss)
attributable to the Company
|
61
|
|
|
741
|
|
|
272
|
|
|
455
|
|
|
844
|
|
|
487
|
|
|
7,490
|
|
|
(34)
|
|
|
(83)
|
|
|
(504)
|
|
|
31,549
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,506)
|
|
|
32
|
|
|
82
|
|
|
(4)
|
|
|
5,650
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
484
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
Depreciation and
amortization
|
169
|
|
|
834
|
|
|
109
|
|
|
347
|
|
|
987
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
767
|
|
|
61,294
|
|
Income tax expense
(benefit)
|
(43)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
Non-hotel EBITDA
ownership expense
|
3
|
|
|
17
|
|
|
6
|
|
|
7
|
|
|
7
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
(11)
|
|
|
139
|
|
|
4,345
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
199
|
|
|
1,592
|
|
|
387
|
|
|
809
|
|
|
1,837
|
|
|
682
|
|
|
(16)
|
|
|
(1)
|
|
|
(12)
|
|
|
398
|
|
|
103,480
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
1
|
|
|
12
|
|
|
|
|
(2,458)
|
|
Comparable hotel
EBITDA
|
$
|
199
|
|
|
$
|
1,592
|
|
|
$
|
387
|
|
|
$
|
809
|
|
|
$
|
1,837
|
|
|
$
|
682
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
398
|
|
|
$
|
101,022
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
September 30, 2016
|
|
BAML Pool 1
& 2 - 8 hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
Net income
(loss)
|
$
|
6,679
|
|
|
$
|
4,976
|
|
|
$
|
(265)
|
|
|
$
|
10,833
|
|
|
$
|
552
|
|
|
$
|
(723)
|
|
|
$
|
247
|
|
|
$
|
716
|
|
|
$
|
761
|
|
|
$
|
675
|
|
|
$
|
4,575
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
6,679
|
|
|
4,976
|
|
|
(265)
|
|
|
10,833
|
|
|
552
|
|
|
(723)
|
|
|
247
|
|
|
716
|
|
|
761
|
|
|
675
|
|
|
4,575
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
5,166
|
|
|
3,050
|
|
|
466
|
|
|
15,831
|
|
|
583
|
|
|
682
|
|
|
348
|
|
|
2,664
|
|
|
468
|
|
|
725
|
|
|
4,684
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
41
|
|
|
94
|
|
|
5
|
|
|
1,396
|
|
|
19
|
|
|
2
|
|
|
3
|
|
|
89
|
|
|
12
|
|
|
34
|
|
|
20
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
11,882
|
|
|
8,120
|
|
|
790
|
|
|
28,060
|
|
|
1,154
|
|
|
(39)
|
|
|
598
|
|
|
3,485
|
|
|
1,241
|
|
|
1,434
|
|
|
9,279
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
(2,295)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(705)
|
|
Comparable hotel
EBITDA
|
$
|
11,882
|
|
|
$
|
8,120
|
|
|
$
|
790
|
|
|
$
|
25,765
|
|
|
$
|
1,154
|
|
|
$
|
(39)
|
|
|
$
|
598
|
|
|
$
|
3,485
|
|
|
$
|
1,241
|
|
|
$
|
1,434
|
|
|
$
|
8,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
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
|
Net income
(loss)
|
$
|
(4,070)
|
|
|
$
|
4,542
|
|
|
$
|
3,356
|
|
|
$
|
4,015
|
|
|
$
|
497
|
|
|
$
|
9,425
|
|
|
$
|
69
|
|
|
$
|
1,612
|
|
|
$
|
1,641
|
|
|
$
|
82
|
|
|
$
|
191
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28)
|
|
Net income (loss)
attributable to the Company
|
(4,070)
|
|
|
4,542
|
|
|
3,356
|
|
|
4,015
|
|
|
497
|
|
|
9,425
|
|
|
69
|
|
|
1,612
|
|
|
1,641
|
|
|
82
|
|
|
163
|
|
Non-property
adjustments
|
5,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
1,217
|
|
|
6,379
|
|
|
1,441
|
|
|
2,843
|
|
|
199
|
|
|
6,789
|
|
|
113
|
|
|
1,832
|
|
|
831
|
|
|
228
|
|
|
223
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
18
|
|
|
266
|
|
|
114
|
|
|
54
|
|
|
30
|
|
|
96
|
|
|
9
|
|
|
(332)
|
|
|
3
|
|
|
54
|
|
|
28
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,204
|
|
|
11,185
|
|
|
4,911
|
|
|
6,912
|
|
|
726
|
|
|
16,306
|
|
|
191
|
|
|
3,112
|
|
|
2,475
|
|
|
364
|
|
|
442
|
|
Non-comparable
adjustments
|
(442)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
1,762
|
|
|
$
|
11,185
|
|
|
$
|
4,911
|
|
|
$
|
6,912
|
|
|
$
|
726
|
|
|
$
|
16,306
|
|
|
$
|
191
|
|
|
$
|
3,112
|
|
|
$
|
2,475
|
|
|
$
|
364
|
|
|
$
|
442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
129
|
|
|
$
|
798
|
|
|
$
|
586
|
|
|
$
|
681
|
|
|
$
|
875
|
|
|
$
|
462
|
|
|
$
|
192
|
|
|
$
|
1,843
|
|
|
$
|
(120)
|
|
|
$
|
(89)
|
|
|
$
|
55,743
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(17)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45)
|
|
Net income (loss)
attributable to the Company
|
112
|
|
|
798
|
|
|
586
|
|
|
681
|
|
|
875
|
|
|
462
|
|
|
192
|
|
|
1,843
|
|
|
(120)
|
|
|
(89)
|
|
|
55,698
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,622)
|
|
|
174
|
|
|
—
|
|
|
3,591
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
479
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
Depreciation and
amortization
|
171
|
|
|
684
|
|
|
109
|
|
|
332
|
|
|
953
|
|
|
238
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
710
|
|
|
60,020
|
|
Income tax expense
(benefit)
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
Non-hotel EBITDA
ownership expense
|
2
|
|
|
10
|
|
|
6
|
|
|
15
|
|
|
6
|
|
|
5
|
|
|
(17)
|
|
|
5
|
|
|
(66)
|
|
|
(4)
|
|
|
2,017
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interests
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
317
|
|
|
1,492
|
|
|
701
|
|
|
1,028
|
|
|
1,833
|
|
|
705
|
|
|
175
|
|
|
287
|
|
|
(12)
|
|
|
617
|
|
|
121,975
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
(175)
|
|
|
(287)
|
|
|
12
|
|
|
|
|
(3,892)
|
|
Comparable hotel
EBITDA
|
$
|
317
|
|
|
$
|
1,492
|
|
|
$
|
701
|
|
|
$
|
1,028
|
|
|
$
|
1,833
|
|
|
$
|
705
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
617
|
|
|
$
|
118,083
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at June 30, 2017, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
View original
content:http://www.prnewswire.com/news-releases/ashford-trust-reports-second-quarter-2017-results-300499416.html
SOURCE Ashford Hospitality Trust, Inc.