DALLAS, March 1, 2018 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today reported financial results and performance
measures for the fourth quarter ended December 31, 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
December 31, 2017, were owned as of
the beginning of each of the periods presented. Unless
otherwise stated, all reported results compare the fourth quarter
ended December 31, 2017, with the
fourth quarter December 31, 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
- Attractive dividend yield of approximately 8.6%
- 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 $47.7 million or $0.50 per diluted share for the quarter. For the
full year of 2017, net loss attributable to common stockholders was
$122.6 million or $1.30 per diluted share.
- Comparable RevPAR increased 3.9% to $115.04 during the quarter
- Comparable RevPAR for all hotels not under renovation increased
5.8% to $115.10 during the
quarter
- Adjusted EBITDA was $92.4 million
for the quarter, reflecting 10% growth over the prior year quarter.
Adjusted EBITDA for the full year of 2017 was $419.2 million.
- Adjusted funds from operations (AFFO) was $0.24 per diluted share for the quarter compared
with $0.16 for the prior year
quarter, an increase of 50% over the prior year quarter. For the
full year of 2017, AFFO per diluted share was $1.37.
- Comparable Hotel EBITDA Margin for all hotels not under
renovation increased 144 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under
renovation was 57% for the quarter
- The Company's common stock is currently trading at an
approximate 8.6% dividend yield
- During the quarter, the Company completed a $135 million offering of its 7.50% Series I
Cumulative Preferred Stock
- During the quarter, the Company completed the partial
redemption of 5,514,960 shares of its 8.45% Series D Cumulative
Preferred Stock
- During the quarter, the Company announced that it had
refinanced its mortgage loan on the Hilton Boston Back Bay
- During the quarter, the Company announced that it had
refinanced a mortgage loan on 17 hotels
- Subsequent to quarter end, the Company announced that it had
refinanced a mortgage loan on 8 hotels
- Subsequent to quarter end, the Company sold the SpringHill
Suites Glen Allen in Glen Allen,
VA for $10.9 million
- Capex invested during the quarter was $57.9 million
CAPITAL STRUCTURE
At December
31, 2017, the Company had total assets of $4.7 billion. As of December 31, 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%. After taking into account the recently announced
refinancing, the Company's total combined debt had a blended
average interest rate of 5.5%.
On November 8, 2017, the Company
announced that it had priced an underwritten public offering of
5,400,000 shares of 7.50% Series I Cumulative Preferred Stock at
$25.00 per share. Dividends on the
Preferred Stock will accrue at a rate of 7.5% per annum on the
liquidation preference of $25.00 per
share.
On October 4, 2017, the Company
redeemed 379,036 shares of its 8.45% Series D Cumulative Preferred
Stock and on December 8, 2017, the
Company redeemed an additional 5,135,924 shares of its 8.45% Series
D Cumulative Preferred Stock.
During 2017, the Company redeemed a total of 7,079,313 shares of
its 8.45% Series D Cumulative Preferred Stock. Following the
redemption of all of the Company's Series A Preferred Stock and a
partial redemption of the Company's Series D Preferred stock, the
annual preferred dividend savings are expected to be approximately
$1.2 million.
On October 30, 2017, the Company
announced it had refinanced a mortgage loan, secured by the Hilton
Boston Back Bay, with an existing outstanding balance totaling
approximately $95 million. The new
loan totals $97 million and has a
5-year term. The loan is interest only and provides for a
floating interest rate of LIBOR + 2.00%. This refinancing is
expected to result in annual interest expense and principal
payments savings of approximately $2.8
million.
On October 31, 2017, the Company
announced it had refinanced a mortgage loan, secured by seventeen
hotels, with an existing outstanding balance totaling approximately
$413 million. The new loan totals
$427 million with a two-year initial
term and five one-year extension options subject to the
satisfaction of certain conditions. The loan is interest
only, provides for a floating interest rate of LIBOR + 3.00%, and
contains flexible release provisions for the potential sale of
assets. This refinancing is expected to result in annual
interest expense savings of approximately $9.8 million.
Subsequent to quarter end, on January 17,
2018, the Company announced that it had refinanced a
mortgage loan, secured by eight hotels, with an existing
outstanding balance of approximately $377
million. The new loan totals $395
million and has a two-year initial term and five one-year
extension options, subject to the satisfaction of certain
conditions. The loan is interest only and provides for a floating
interest rate of LIBOR + 2.92%. This refinancing is expected to
result in annual interest savings of approximately $6.8 million. The next hard maturity for
the Company is in February 2019.
PORTFOLIO REVPAR
As of December 31, 2017, the portfolio consisted of 120
properties. During the fourth quarter of 2017, 99 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 (99 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 3.9% to $115.04 for all hotels on a 2.3% increase in ADR
and a 1.6% increase in occupancy
- Comparable RevPAR increased 5.8% to $115.10 for hotels not under renovation on a 2.1%
increase in ADR and a 3.6% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS
The Company believes year-over-year Comparable Hotel
EBITDA and Comparable Hotel EBITDA Margin comparisons are more
meaningful to gauge the performance of the Company's hotels than
sequential quarter-over-quarter comparisons. Given the
substantial seasonality in the Company's portfolio and its active
capital recycling, to help investors better understand this
seasonality, the Company provides quarterly detail on its
Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the
current and certain prior-year periods based upon the number of
hotels in the Company's portfolio as of the end of the current
period. As the Company's portfolio mix changes from time to
time so will the seasonality for Comparable Hotel EBITDA and
Comparable Hotel EBITDA Margin. The details of the quarterly
calculations for the previous four quarters for the 120 hotels are
provided in the table attached to this release.
COMMON STOCK DIVIDEND
On December 11, 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 fourth quarter ending December 31, 2017, payable on January 16, 2018, to shareholders of record as of
December 29, 2017.
The Board also approved the Company's dividend policy for 2018.
The Company expects to pay a quarterly cash dividend of
$0.12 per share for 2018, or
$0.48 per share on an annualized
basis. The Board will continue to review its dividend policy on a
quarter-to-quarter basis. The adoption of a dividend policy does
not commit the Board of Directors to declare future dividends or
the amount thereof.
"During the fourth quarter, we continued to see the operational
and value-added benefits from our high quality, diverse portfolio
and are pleased with our operating results," commented Douglas A. Kessler, Ashford Trust's President
and Chief Executive Officer. "In 2017, we completed several
capital markets transactions that we believe strengthened our
balance sheet. These transactions are expected to result in
approximately $21 million of annual
savings. Looking ahead, we believe we are well positioned to
capitalize on future opportunities and remain committed to
maximizing value for our shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Friday March 2, 2018, at 11:00 a.m. ET. The number to call for this
interactive teleconference is (719) 325-4794. A replay
of the conference call will be available through Friday, March 9, 2018, by dialing (719) 457-0820
and entering the confirmation number, 7721389.
The Company will also provide an online simulcast and
rebroadcast of its fourth 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, March
2, 2018, 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 may 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)
|
|
|
December 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,035,915
|
|
|
$
|
4,160,563
|
|
Cash and cash
equivalents
|
354,805
|
|
|
347,091
|
|
Restricted
cash
|
116,787
|
|
|
144,014
|
|
Marketable
securities
|
26,926
|
|
|
53,185
|
|
Accounts receivable,
net of allowance of $770 and $690, respectively
|
44,257
|
|
|
44,629
|
|
Inventories
|
4,244
|
|
|
4,530
|
|
Investment in
securities investment fund
|
—
|
|
|
50,890
|
|
Investment in Ashford
Inc.
|
437
|
|
|
5,873
|
|
Investment in
OpenKey
|
2,518
|
|
|
2,016
|
|
Deferred costs,
net
|
2,777
|
|
|
2,846
|
|
Prepaid
expenses
|
19,269
|
|
|
17,578
|
|
Derivative
assets
|
2,010
|
|
|
3,614
|
|
Other
assets
|
14,152
|
|
|
11,718
|
|
Intangible asset,
net
|
9,943
|
|
|
10,061
|
|
Due from third-party
hotel managers
|
17,387
|
|
|
13,348
|
|
Assets held for
sale
|
18,423
|
|
|
19,588
|
|
Total
assets
|
$
|
4,669,850
|
|
|
$
|
4,891,544
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
3,696,300
|
|
|
$
|
3,723,559
|
|
Accounts payable and
accrued expenses
|
132,401
|
|
|
126,986
|
|
Dividends and
distributions payable
|
25,045
|
|
|
24,765
|
|
Unfavorable
management contract liabilities
|
—
|
|
|
1,380
|
|
Due to Ashford Inc.,
net
|
15,146
|
|
|
15,716
|
|
Due to Ashford Prime
OP, net
|
—
|
|
|
488
|
|
Due to related party,
net
|
1,067
|
|
|
1,001
|
|
Due to third-party
hotel managers
|
2,431
|
|
|
2,714
|
|
Intangible
liabilities, net
|
15,839
|
|
|
16,195
|
|
Other
liabilities
|
18,376
|
|
|
16,548
|
|
Liabilities
associated with assets held for sale
|
13,977
|
|
|
37,047
|
|
Total
liabilities
|
3,920,582
|
|
|
3,966,399
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
116,122
|
|
|
132,768
|
|
Equity:
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized :
|
|
|
|
Series A Cumulative
Preferred Stock 0 and 1,657,206 shares issued and outstanding at
December 31, 2017 and
December 31, 2016, respectively
|
—
|
|
|
17
|
|
Series D Cumulative
Preferred Stock 2,389,393 and 9,468,706 shares issued and
outstanding at December 31, 2017 and
December 31, 2016, respectively
|
24
|
|
|
95
|
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at December
31, 2017 and December 31,
2016
|
48
|
|
|
48
|
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at December
31, 2017 and December 31,
2016
|
62
|
|
|
62
|
|
Series H Cumulative
Preferred Stock 3,800,000 and 0 shares issued and outstanding at
December 31, 2017 and
December 31, 2016, respectively
|
38
|
|
|
—
|
|
Series I Cumulative
Preferred Stock 5,400,000 and 0 shares issued and outstanding at
December 31, 2017 and December
31, 2016, respectively
|
54
|
|
|
—
|
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 97,409,113 and 96,376,827
shares issued and
outstanding at December 31, 2017 and December
31, 2016, respectively
|
974
|
|
|
964
|
|
Additional paid-in
capital
|
1,784,997
|
|
|
1,764,450
|
|
Accumulated
deficit
|
(1,153,697)
|
|
|
(974,015)
|
|
Total shareholders'
equity of the Company
|
632,500
|
|
|
791,621
|
|
Noncontrolling
interests in consolidated entities
|
646
|
|
|
756
|
|
Total
equity
|
633,146
|
|
|
792,377
|
|
Total liabilities and
equity
|
$
|
4,669,850
|
|
|
$
|
4,891,544
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
266,208
|
|
|
$
|
262,803
|
|
|
$
|
1,143,135
|
|
|
$
|
1,180,199
|
|
Food and
beverage
|
59,772
|
|
|
64,744
|
|
|
234,777
|
|
|
253,211
|
|
Other
|
14,484
|
|
|
13,678
|
|
|
58,204
|
|
|
56,891
|
|
Total hotel
revenue
|
340,464
|
|
|
341,225
|
|
|
1,436,116
|
|
|
1,490,301
|
|
Other
|
1,102
|
|
|
445
|
|
|
3,154
|
|
|
1,742
|
|
Total
revenue
|
341,566
|
|
|
341,670
|
|
|
1,439,270
|
|
|
1,492,043
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
59,786
|
|
|
59,548
|
|
|
248,643
|
|
|
255,317
|
|
Food and
beverage
|
40,064
|
|
|
42,924
|
|
|
161,683
|
|
|
172,530
|
|
Other
expenses
|
106,344
|
|
|
108,692
|
|
|
444,322
|
|
|
455,818
|
|
Management
fees
|
12,553
|
|
|
12,543
|
|
|
52,653
|
|
|
54,734
|
|
Total hotel operating
expenses
|
218,747
|
|
|
223,707
|
|
|
907,301
|
|
|
938,399
|
|
Property taxes,
insurance and other
|
18,286
|
|
|
18,380
|
|
|
73,579
|
|
|
73,457
|
|
Depreciation and
amortization
|
61,351
|
|
|
61,452
|
|
|
246,731
|
|
|
243,863
|
|
Impairment
charges
|
8,368
|
|
|
13,121
|
|
|
10,153
|
|
|
17,816
|
|
Transaction
costs
|
3
|
|
|
(124)
|
|
|
14
|
|
|
77
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,716
|
|
|
8,747
|
|
|
34,650
|
|
|
34,589
|
|
Reimbursable
expenses
|
1,672
|
|
|
1,367
|
|
|
7,472
|
|
|
5,917
|
|
Non-cash
stock/unit-based compensation
|
3,329
|
|
|
3,894
|
|
|
11,077
|
|
|
8,429
|
|
Incentive
fee
|
—
|
|
|
5,426
|
|
|
—
|
|
|
5,426
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
—
|
|
|
—
|
|
|
565
|
|
|
604
|
|
Other general and
administrative
|
2,452
|
|
|
1,940
|
|
|
12,723
|
|
|
7,762
|
|
Total operating
expenses
|
322,924
|
|
|
337,910
|
|
|
1,304,265
|
|
|
1,336,339
|
|
OPERATING INCOME
(LOSS)
|
18,642
|
|
|
3,760
|
|
|
135,005
|
|
|
155,704
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(2,286)
|
|
|
(1,678)
|
|
|
(5,866)
|
|
|
(6,110)
|
|
Interest
income
|
742
|
|
|
102
|
|
|
2,202
|
|
|
331
|
|
Gain (loss) on sale
of hotel properties
|
6
|
|
|
7,171
|
|
|
14,030
|
|
|
31,599
|
|
Other income
(expense), net
|
117
|
|
|
(254)
|
|
|
(3,422)
|
|
|
(4,517)
|
|
Interest expense, net
of premium amortization
|
(53,109)
|
|
|
(49,703)
|
|
|
(209,412)
|
|
|
(199,870)
|
|
Amortization of loan
costs
|
(2,298)
|
|
|
(6,097)
|
|
|
(13,219)
|
|
|
(24,097)
|
|
Write-off of
premiums, loan costs and exit fees
|
(1,216)
|
|
|
(7,789)
|
|
|
(2,845)
|
|
|
(12,702)
|
|
Unrealized gain
(loss) on marketable securities
|
164
|
|
|
4,946
|
|
|
(4,649)
|
|
|
4,946
|
|
Unrealized gain
(loss) on derivatives
|
(998)
|
|
|
(6,782)
|
|
|
(2,802)
|
|
|
(2,534)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(40,236)
|
|
|
(56,324)
|
|
|
(90,978)
|
|
|
(57,250)
|
|
Income tax benefit
(expense)
|
1,711
|
|
|
(316)
|
|
|
2,218
|
|
|
(1,532)
|
|
NET INCOME
(LOSS)
|
(38,525)
|
|
|
(56,640)
|
|
|
(88,760)
|
|
|
(58,782)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
114
|
|
|
(2)
|
|
|
110
|
|
|
14
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
8,440
|
|
|
9,738
|
|
|
21,642
|
|
|
12,483
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(29,971)
|
|
|
(46,904)
|
|
|
(67,008)
|
|
|
(46,285)
|
|
Preferred
dividends
|
(11,409)
|
|
|
(10,416)
|
|
|
(44,761)
|
|
|
(36,272)
|
|
Extinguishment of issuance
costs upon redemption of preferred stock
|
(6,292)
|
|
|
—
|
|
|
(10,799)
|
|
|
(6,124)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(47,672)
|
|
|
$
|
(57,320)
|
|
|
$
|
(122,568)
|
|
|
$
|
(88,681)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.50)
|
|
|
$
|
(0.61)
|
|
|
$
|
(1.30)
|
|
|
$
|
(0.95)
|
|
Weighted average
common shares outstanding – basic
|
95,328
|
|
|
94,585
|
|
|
95,207
|
|
|
94,426
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.50)
|
|
|
$
|
(0.61)
|
|
|
$
|
(1.30)
|
|
|
$
|
(0.95)
|
|
Weighted average
common shares outstanding – diluted
|
95,328
|
|
|
94,585
|
|
|
95,207
|
|
|
94,426
|
|
Dividends declared
per common share:
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
|
$
|
0.48
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
(38,525)
|
|
|
$
|
(56,640)
|
|
|
$
|
(88,760)
|
|
|
$
|
(58,782)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
114
|
|
|
(2)
|
|
|
110
|
|
|
14
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
8,440
|
|
|
9,738
|
|
|
21,642
|
|
|
12,483
|
|
Net income (loss)
attributable to the Company
|
(29,971)
|
|
|
(46,904)
|
|
|
(67,008)
|
|
|
(46,285)
|
|
Interest
income
|
(742)
|
|
|
(102)
|
|
|
(2,202)
|
|
|
(331)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
55,378
|
|
|
55,772
|
|
|
222,516
|
|
|
223,850
|
|
Depreciation and
amortization
|
61,293
|
|
|
61,390
|
|
|
246,490
|
|
|
243,617
|
|
Income tax expense
(benefit)
|
(1,726)
|
|
|
316
|
|
|
(2,241)
|
|
|
1,532
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(8,440)
|
|
|
(9,738)
|
|
|
(21,642)
|
|
|
(12,483)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
2,286
|
|
|
(107)
|
|
|
5,918
|
|
|
1,048
|
|
Company's portion of
EBITDA of Ashford Inc.
|
(1,646)
|
|
|
387
|
|
|
(1,666)
|
|
|
180
|
|
Company's portion of
EBITDA of OpenKey
|
(137)
|
|
|
(109)
|
|
|
(498)
|
|
|
(303)
|
|
EBITDA available
to the Company and OP unitholders
|
76,295
|
|
|
60,905
|
|
|
379,667
|
|
|
410,825
|
|
Amortization of
unfavorable contract liabilities
|
(384)
|
|
|
(472)
|
|
|
(1,535)
|
|
|
(2,101)
|
|
Impairment and
uninsured hurricane related costs
|
7,486
|
|
|
13,121
|
|
|
12,982
|
|
|
17,816
|
|
(Gain) loss on sale
of hotel properties
|
(6)
|
|
|
(7,171)
|
|
|
(14,030)
|
|
|
(31,599)
|
|
(Gain) loss on
insurance settlements
|
(192)
|
|
|
(456)
|
|
|
(192)
|
|
|
(456)
|
|
Write-off of
premiums, loan costs and exit fees
|
1,216
|
|
|
7,789
|
|
|
2,845
|
|
|
12,702
|
|
Other (income)
expense, net
|
(117)
|
|
|
254
|
|
|
3,422
|
|
|
4,517
|
|
Transaction,
acquisition and management conversion costs
|
529
|
|
|
355
|
|
|
4,299
|
|
|
1,778
|
|
Legal judgment and
related legal costs
|
108
|
|
|
1,105
|
|
|
4,199
|
|
|
1,176
|
|
Unrealized (gain)
loss on marketable securities
|
(164)
|
|
|
(4,946)
|
|
|
4,649
|
|
|
(4,946)
|
|
Unrealized (gain)
loss on derivatives
|
998
|
|
|
6,782
|
|
|
2,802
|
|
|
2,534
|
|
Dead deal
costs
|
—
|
|
|
60
|
|
|
9
|
|
|
391
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
1,034
|
|
|
—
|
|
Non-cash
stock/unit-based compensation
|
3,536
|
|
|
4,161
|
|
|
12,287
|
|
|
9,672
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
1,785
|
|
|
(52)
|
|
|
5,062
|
|
Company's portion of
adjustments to EBITDA of Ashford Inc.
|
3,038
|
|
|
800
|
|
|
6,790
|
|
|
3,729
|
|
Company's portion of
adjustments to EBITDA of OpenKey
|
9
|
|
|
8
|
|
|
13
|
|
|
8
|
|
Adjusted EBITDA
available to the Company and OP unitholders
|
$
|
92,352
|
|
|
$
|
84,080
|
|
|
$
|
419,189
|
|
|
$
|
431,108
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED
FFO
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
(38,525)
|
|
|
$
|
(56,640)
|
|
|
$
|
(88,760)
|
|
|
$
|
(58,782)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
114
|
|
|
(2)
|
|
|
110
|
|
|
14
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
8,440
|
|
|
9,738
|
|
|
21,642
|
|
|
12,483
|
|
Preferred
dividends
|
(11,409)
|
|
|
(10,416)
|
|
|
(44,761)
|
|
|
(36,272)
|
|
Extinguishment of
issuance cost upon redemption of preferred stock
|
(6,292)
|
|
|
—
|
|
|
(10,799)
|
|
|
(6,124)
|
|
Net income (loss)
attributable to common stockholders
|
(47,672)
|
|
|
(57,320)
|
|
|
(122,568)
|
|
|
(88,681)
|
|
Depreciation and
amortization on real estate
|
61,293
|
|
|
61,390
|
|
|
246,490
|
|
|
243,617
|
|
(Gain) loss on sale
of hotel properties
|
(6)
|
|
|
(7,171)
|
|
|
(14,030)
|
|
|
(31,599)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(8,440)
|
|
|
(9,738)
|
|
|
(21,642)
|
|
|
(12,483)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
2,286
|
|
|
(107)
|
|
|
5,918
|
|
|
1,048
|
|
Impairment charges on
real estate
|
8,368
|
|
|
13,277
|
|
|
10,153
|
|
|
18,316
|
|
Company's portion of
FFO of Ashford Inc.
|
(2,145)
|
|
|
217
|
|
|
(5,410)
|
|
|
(380)
|
|
Company's portion of
FFO of OpenKey
|
(139)
|
|
|
(110)
|
|
|
(505)
|
|
|
(306)
|
|
FFO available to
common stockholders and OP unitholders
|
13,545
|
|
|
438
|
|
|
98,406
|
|
|
129,532
|
|
Extinguishment of
issuance cost upon redemption of preferred stock
|
6,292
|
|
|
—
|
|
|
10,799
|
|
|
6,124
|
|
Write-off of
premiums, loan costs and exit fees
|
1,216
|
|
|
7,789
|
|
|
2,845
|
|
|
12,702
|
|
(Gain) loss on
insurance settlements
|
(192)
|
|
|
(456)
|
|
|
(192)
|
|
|
(456)
|
|
Other impairment
charges
|
—
|
|
|
(156)
|
|
|
—
|
|
|
(500)
|
|
Uninsured hurricane
related costs
|
(882)
|
|
|
—
|
|
|
2,829
|
|
|
—
|
|
Other (income)
expense, net
|
(117)
|
|
|
254
|
|
|
3,422
|
|
|
4,517
|
|
Transaction,
acquisition and management conversion costs
|
529
|
|
|
355
|
|
|
4,299
|
|
|
1,778
|
|
Legal judgment and
related legal costs
|
108
|
|
|
1,105
|
|
|
4,199
|
|
|
1,176
|
|
Unrealized (gain)
loss on marketable securities
|
(164)
|
|
|
(4,946)
|
|
|
4,649
|
|
|
(4,946)
|
|
Unrealized (gain)
loss on derivatives
|
998
|
|
|
6,782
|
|
|
2,802
|
|
|
2,534
|
|
Dead deal
costs
|
—
|
|
|
60
|
|
|
9
|
|
|
391
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
1,034
|
|
|
—
|
|
Non-cash
stock/unit-based compensation
|
3,536
|
|
|
4,161
|
|
|
12,287
|
|
|
9,672
|
|
Tax reform
|
(1,080)
|
|
|
—
|
|
|
(1,080)
|
|
|
—
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
1,785
|
|
|
(52)
|
|
|
5,062
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
3,244
|
|
|
800
|
|
|
9,374
|
|
|
3,729
|
|
Company's portion of
adjustments to FFO of OpenKey
|
9
|
|
|
8
|
|
|
13
|
|
|
8
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
27,042
|
|
|
$
|
17,979
|
|
|
$
|
155,643
|
|
|
$
|
171,323
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.24
|
|
|
$
|
0.16
|
|
|
$
|
1.37
|
|
|
$
|
1.51
|
|
Weighted average
diluted shares
|
113,989
|
|
|
113,180
|
|
|
113,398
|
|
|
113,627
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
SUMMARY OF
INDEBTEDNESS
|
DECEMBER 31,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (15)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
BAML Pool 1 & 2 -
8 hotels
|
|
January
2018
|
|
LIBOR +
4.95%
|
|
$
|
—
|
|
|
$
|
376,800
|
|
(2)
|
$
|
376,800
|
|
|
$
|
46,501
|
|
|
12.3
|
%
|
Morgan Stanley MIP -
5 hotels
|
|
February
2018
|
|
LIBOR +
4.75%
|
|
—
|
|
|
200,000
|
|
(3)
|
200,000
|
|
|
21,986
|
|
|
11.0
|
%
|
Cantor Commercial
Real Estate Memphis - 1 hotel
|
|
April 2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
33,300
|
|
(4)
|
33,300
|
|
|
4,217
|
|
|
12.7
|
%
|
Column Financial - 22
hotels
|
|
April 2018
|
|
LIBOR +
4.39%
|
|
—
|
|
|
971,654
|
|
(5)(6)(7)
|
971,654
|
|
|
107,084
|
|
|
11.0
|
%
|
JPM Lakeway - 1
hotel
|
|
May 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
25,100
|
|
(8)
|
25,100
|
|
|
3,258
|
|
|
13.0
|
%
|
BAML Le Pavillon - 1
hotel
|
|
June 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
43,750
|
|
(9)
|
43,750
|
|
|
2,329
|
|
|
5.3
|
%
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2018
|
|
LIBOR +
4.15%
|
|
—
|
|
|
35,200
|
|
(10)
|
35,200
|
|
|
3,858
|
|
|
11.0
|
%
|
BAML W Atlanta - 1
hotel
|
|
July 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
40,500
|
|
(10)
|
40,500
|
|
|
4,851
|
|
|
12.0
|
%
|
Morgan Stanley - 8
hotels
|
|
July 2018
|
|
LIBOR +
4.09%
|
|
—
|
|
|
144,000
|
|
(10)
|
144,000
|
|
|
11,137
|
|
|
7.7
|
%
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
August
2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
12,000
|
|
(11)
|
12,000
|
|
|
1,111
|
|
|
9.3
|
%
|
Morgan Stanley Pool B
- 4 hotels
|
|
August
2018
|
|
LIBOR +
4.38%
|
|
—
|
|
|
52,530
|
|
(12)
|
52,530
|
|
|
7,643
|
|
|
14.5
|
%
|
Morgan Stanley Pool A
- 6 hotels
|
|
August
2018
|
|
LIBOR +
4.35%
|
|
—
|
|
|
280,421
|
|
(12)(13)
|
280,421
|
|
|
38,052
|
|
|
13.6
|
%
|
JPMorgan Chase - 18
hotels
|
|
October
2018
|
|
LIBOR +
4.55%
|
|
—
|
|
|
450,000
|
|
(1)
|
450,000
|
|
|
64,748
|
|
|
14.4
|
%
|
Omni American Bank
Ashton - 1 hotel
|
|
July 2019
|
|
4.00%
|
|
5,336
|
|
|
—
|
|
|
5,336
|
|
|
1,094
|
|
|
20.5
|
%
|
Morgan Stanley Pool -
17 hotels
|
|
November
2019
|
|
LIBOR +
3.00%
|
|
—
|
|
|
427,000
|
|
(14)
|
427,000
|
|
|
51,440
|
|
|
12.0
|
%
|
BAML Indigo Atlanta -
1 hotel
|
|
May 2020
|
|
LIBOR +
2.90%
|
|
—
|
|
|
16,100
|
|
(11)
|
16,100
|
|
|
2,249
|
|
|
14.0
|
%
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
95,207
|
|
|
—
|
|
|
95,207
|
|
|
15,754
|
|
|
16.5
|
%
|
Aareal
Princeton/Nashville - 2 hotels
|
|
June 2022
|
|
LIBOR +
3.00%
|
|
—
|
|
|
164,700
|
|
|
164,700
|
|
|
29,876
|
|
|
18.1
|
%
|
Prudential Boston
Back Bay - 1 hotel
|
|
November
2022
|
|
LIBOR +
2.00%
|
|
—
|
|
|
97,000
|
|
|
97,000
|
|
|
14,636
|
|
|
15.1
|
%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
53,789
|
|
|
—
|
|
|
53,789
|
|
|
5,924
|
|
|
11.0
|
%
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
7,000
|
|
|
—
|
|
|
7,000
|
|
|
1,366
|
|
|
19.5
|
%
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,216
|
|
|
—
|
|
|
10,216
|
|
|
2,041
|
|
|
20.0
|
%
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,530
|
|
|
—
|
|
|
6,530
|
|
|
1,090
|
|
|
16.7
|
%
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,242
|
|
|
—
|
|
|
12,242
|
|
|
1,986
|
|
|
16.2
|
%
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,471
|
|
|
—
|
|
|
24,471
|
|
|
3,618
|
|
|
14.8
|
%
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
66,224
|
|
|
—
|
|
|
66,224
|
|
|
8,504
|
|
|
12.8
|
%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
20,214
|
|
|
—
|
|
|
20,214
|
|
|
2,760
|
|
|
13.7
|
%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
52,284
|
|
|
—
|
|
|
52,284
|
|
|
8,378
|
|
|
16.0
|
%
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,088
|
|
|
N/A
|
Total
|
|
|
|
|
|
$
|
353,513
|
|
|
$
|
3,370,055
|
|
|
$
|
3,723,568
|
|
|
$
|
469,579
|
|
|
12.6
|
%
|
Percentage
|
|
|
|
|
|
9.5
|
%
|
|
90.5
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.33
|
%
|
|
5.75
|
%
|
|
5.71
|
%
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
|
(1)
|
This mortgage loan
has four one-year extension options, subject to satisfaction of
certain conditions.
|
(2)
|
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.
|
(3)
|
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.
|
(4)
|
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.
|
(5)
|
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.
|
(6)
|
This mortgage loan
had a $20.2 million pay down of principal related to the sale of
the Renaissance Portsmouth on February 1, 2017.
|
(7)
|
This mortgage loan
had a $78.7 million pay down of principal related to the sale of
the Crowne Plaza Ravinia on June 29, 2017.
|
(8)
|
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.
|
(9)
|
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.
|
(10)
|
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.
|
(11)
|
This mortgage loan
has two one-year extension options, subject to satisfaction of
certain conditions.
|
(12)
|
This mortgage loan
has three one-year extension options, subject to satisfaction of
certain conditions. The second one-year extension period began in
August 2017.
|
(13)
|
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.
|
(14)
|
This mortgage loan
has five one-year extension options, subject to satisfaction of
certain conditions.
|
(15)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
|
DECEMBER 31,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
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
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97,000
|
|
|
—
|
|
|
97,000
|
|
BAML Indigo Atlanta -
1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,470
|
|
|
—
|
|
|
15,470
|
|
Aareal
Princeton/Nashville - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158,700
|
|
|
—
|
|
|
158,700
|
|
JPMorgan Chase - 18
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
450,000
|
|
|
—
|
|
|
450,000
|
|
Morgan Stanley Pool -
17 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427,000
|
|
|
427,000
|
|
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,413
|
|
|
44,413
|
|
BAML Pool 5 - 2
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,073
|
|
|
17,073
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,182
|
|
|
48,182
|
|
Principal due in
future periods
|
|
$
|
—
|
|
|
$
|
538,119
|
|
|
$
|
800,536
|
|
|
$
|
971,654
|
|
|
$
|
721,170
|
|
|
$
|
648,455
|
|
|
$
|
3,679,934
|
|
Scheduled
amortization payments remaining
|
|
5,930
|
|
|
6,554
|
|
|
8,035
|
|
|
8,170
|
|
|
6,805
|
|
|
8,140
|
|
|
43,634
|
|
Total
indebtedness
|
|
$
|
5,930
|
|
|
$
|
544,673
|
|
|
$
|
808,571
|
|
|
$
|
979,824
|
|
|
$
|
727,975
|
|
|
$
|
656,595
|
|
|
$
|
3,723,568
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
KEY PERFORMANCE
INDICATORS
|
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
265,196
|
|
|
$
|
—
|
|
|
$
|
265,196
|
|
|
$
|
261,797
|
|
|
$
|
(6,521)
|
|
|
$
|
255,276
|
|
|
1.30
|
%
|
|
3.89
|
%
|
|
RevPAR
|
$
|
115.04
|
|
|
$
|
—
|
|
|
$
|
115.04
|
|
|
$
|
109.32
|
|
|
$
|
(72.52)
|
|
|
$
|
110.75
|
|
|
5.23
|
%
|
|
3.87
|
%
|
|
Occupancy
|
73.96
|
%
|
|
—
|
%
|
|
73.96
|
%
|
|
72.49
|
%
|
|
(63.98)
|
%
|
|
72.82
|
%
|
|
2.03
|
%
|
|
1.57
|
%
|
|
ADR
|
$
|
155.53
|
|
|
$
|
—
|
|
|
$
|
155.53
|
|
|
$
|
150.80
|
|
|
$
|
(113.35)
|
|
|
$
|
152.08
|
|
|
3.14
|
%
|
|
2.27
|
%
|
|
|
ALL
HOTELS:
|
|
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
1,138,188
|
|
|
$
|
(9,031)
|
|
|
$
|
1,129,157
|
|
|
$
|
1,175,160
|
|
|
$
|
(63,325)
|
|
|
$
|
1,111,835
|
|
|
(3.15)
|
%
|
|
1.56
|
%
|
|
RevPAR
|
$
|
122.98
|
|
|
$
|
(82.03)
|
|
|
$
|
123.47
|
|
|
$
|
118.87
|
|
|
$
|
(88.38)
|
|
|
$
|
121.25
|
|
|
3.46
|
%
|
|
1.83
|
%
|
|
Occupancy
|
77.42
|
%
|
|
(68.65)
|
%
|
|
77.53
|
%
|
|
77.05
|
%
|
|
(75.15)
|
%
|
|
77.20
|
%
|
|
0.48
|
%
|
|
0.43
|
%
|
|
ADR
|
$
|
158.84
|
|
|
$
|
(119.49)
|
|
|
$
|
159.26
|
|
|
$
|
154.27
|
|
|
$
|
(117.60)
|
|
|
$
|
157.06
|
|
|
2.96
|
%
|
|
1.40
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
207,940
|
|
|
$
|
—
|
|
|
$
|
207,940
|
|
|
$
|
203,054
|
|
|
$
|
(6,519)
|
|
|
$
|
196,535
|
|
|
2.41
|
%
|
|
5.80
|
%
|
|
RevPAR
|
$
|
115.10
|
|
|
$
|
—
|
|
|
$
|
115.10
|
|
|
$
|
107.09
|
|
|
$
|
(72.52)
|
|
|
$
|
108.81
|
|
|
7.48
|
%
|
|
5.78
|
%
|
|
Occupancy
|
74.89
|
%
|
|
—
|
%
|
|
74.89
|
%
|
|
71.88
|
%
|
|
(63.98)
|
%
|
|
72.27
|
%
|
|
4.19
|
%
|
|
3.63
|
%
|
|
ADR
|
$
|
153.69
|
|
|
$
|
—
|
|
|
$
|
153.69
|
|
|
$
|
148.98
|
|
|
$
|
(113.35)
|
|
|
$
|
150.55
|
|
|
3.16
|
%
|
|
2.09
|
%
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
883,291
|
|
|
$
|
(9,031)
|
|
|
$
|
874,260
|
|
|
$
|
919,753
|
|
|
$
|
(63,325)
|
|
|
$
|
856,428
|
|
|
(3.96)
|
%
|
|
2.08
|
%
|
|
RevPAR
|
$
|
121.39
|
|
|
$
|
(82.03)
|
|
|
$
|
121.99
|
|
|
$
|
116.39
|
|
|
$
|
(88.38)
|
|
|
$
|
119.18
|
|
|
4.30
|
%
|
|
2.36
|
%
|
|
Occupancy
|
77.48
|
%
|
|
(68.65)
|
%
|
|
77.62
|
%
|
|
76.64
|
%
|
|
(75.15)
|
%
|
|
76.78
|
%
|
|
1.10
|
%
|
|
1.09
|
%
|
|
ADR
|
$
|
156.66
|
|
|
$
|
(119.49)
|
|
|
$
|
157.16
|
|
|
$
|
151.87
|
|
|
$
|
(117.60)
|
|
|
$
|
155.22
|
|
|
3.15
|
%
|
|
1.25
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 99 hotel properties owned and included in
the Company's operations at December 31, 2017, and not under
renovation during the three months ended December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
HOTEL
EBITDA
|
(dollars in
thousands)
|
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
Total hotel
revenue
|
$
|
339,160
|
|
|
$
|
339,937
|
|
|
(0.23)
|
%
|
|
$
|
1,429,763
|
|
|
$
|
1,483,907
|
|
|
(3.65)
|
%
|
Non-comparable
adjustments
|
—
|
|
|
(10,137)
|
|
|
|
|
(12,481)
|
|
|
(77,941)
|
|
|
|
Comparable total
hotel revenue
|
$
|
339,160
|
|
|
$
|
329,800
|
|
|
2.84
|
%
|
|
$
|
1,417,282
|
|
|
$
|
1,405,966
|
|
|
0.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
106,630
|
|
|
$
|
103,480
|
|
|
3.04
|
%
|
|
$
|
471,882
|
|
|
$
|
487,854
|
|
|
(3.27)
|
%
|
Non-comparable
adjustments
|
39
|
|
|
(2,458)
|
|
|
|
|
(2,303)
|
|
|
(23,011)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
106,669
|
|
|
$
|
101,022
|
|
|
5.59
|
%
|
|
$
|
469,579
|
|
|
$
|
464,843
|
|
|
1.02
|
%
|
Hotel EBITDA
margin
|
31.44
|
%
|
|
30.44
|
%
|
|
1.00
|
%
|
|
33.00
|
%
|
|
32.88
|
%
|
|
0.12
|
%
|
Comparable hotel
EBITDA margin
|
31.45
|
%
|
|
30.63
|
%
|
|
0.82
|
%
|
|
33.13
|
%
|
|
33.06
|
%
|
|
0.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
85
|
|
|
$
|
79
|
|
|
7.59
|
%
|
|
$
|
368
|
|
|
$
|
349
|
|
|
5.44
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
106,545
|
|
|
$
|
103,401
|
|
|
3.04
|
%
|
|
$
|
471,514
|
|
|
$
|
487,505
|
|
|
(3.28)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
106,584
|
|
|
$
|
100,943
|
|
|
5.59
|
%
|
|
$
|
469,211
|
|
|
$
|
464,494
|
|
|
1.02
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
|
|
Year
Ended
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
Total hotel
revenue
|
$
|
269,076
|
|
|
$
|
264,606
|
|
|
1.69
|
%
|
|
$
|
1,115,591
|
|
|
$
|
1,164,387
|
|
|
(4.19)
|
%
|
Non-comparable
adjustments
|
—
|
|
|
(10,137)
|
|
|
|
|
(12,481)
|
|
|
(77,941)
|
|
|
|
Comparable total
hotel revenue
|
$
|
269,076
|
|
|
$
|
254,469
|
|
|
5.74
|
%
|
|
$
|
1,103,110
|
|
|
$
|
1,086,446
|
|
|
1.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
85,665
|
|
|
$
|
79,836
|
|
|
7.30
|
%
|
|
$
|
365,279
|
|
|
$
|
379,349
|
|
|
(3.71)
|
%
|
Non-comparable
adjustments
|
39
|
|
|
(2,458)
|
|
|
|
|
(2,303)
|
|
|
(23,011)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
85,704
|
|
|
$
|
77,378
|
|
|
10.76
|
%
|
|
$
|
362,976
|
|
|
$
|
356,338
|
|
|
1.86
|
%
|
Hotel EBITDA
margin
|
31.84
|
%
|
|
30.17
|
%
|
|
1.67
|
%
|
|
32.74
|
%
|
|
32.58
|
%
|
|
0.16
|
%
|
Comparable hotel
EBITDA margin
|
31.85
|
%
|
|
30.41
|
%
|
|
1.44
|
%
|
|
32.90
|
%
|
|
32.80
|
%
|
|
0.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
85
|
|
|
$
|
79
|
|
|
7.59
|
%
|
|
$
|
368
|
|
|
$
|
349
|
|
|
5.44
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
85,580
|
|
|
$
|
79,757
|
|
|
7.30
|
%
|
|
$
|
364,911
|
|
|
$
|
379,000
|
|
|
(3.72)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
85,619
|
|
|
$
|
77,299
|
|
|
10.76
|
%
|
|
$
|
362,608
|
|
|
$
|
355,989
|
|
|
1.86
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 99 hotel properties owned and included in
the Company's operations at December 31, 2017, and not under
renovation during the three months ended December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
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
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
Total hotel
revenue
|
$
|
339,160
|
|
|
$
|
—
|
|
|
$
|
339,160
|
|
|
$
|
350,958
|
|
|
$
|
(5)
|
|
|
$
|
350,953
|
|
|
$
|
388,047
|
|
|
$
|
(5,101)
|
|
|
$
|
382,946
|
|
|
$
|
351,598
|
|
|
$
|
(7,375)
|
|
|
$
|
344,223
|
|
Hotel
EBITDA
|
$
|
106,630
|
|
|
$
|
39
|
|
|
$
|
106,669
|
|
|
$
|
113,302
|
|
|
$
|
307
|
|
|
$
|
113,609
|
|
|
$
|
138,477
|
|
|
$
|
(1,315)
|
|
|
$
|
137,162
|
|
|
$
|
113,473
|
|
|
$
|
(1,334)
|
|
|
$
|
112,139
|
|
Hotel EBITDA
margin
|
31.44
|
%
|
|
|
|
31.45
|
%
|
|
32.28
|
%
|
|
|
|
32.37
|
%
|
|
35.69
|
%
|
|
|
|
35.82
|
%
|
|
32.27
|
%
|
|
|
|
32.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
22.7
|
%
|
|
|
|
22.7
|
%
|
|
24.0
|
%
|
|
|
|
24.2
|
%
|
|
29.3
|
%
|
|
|
|
29.2
|
%
|
|
24.0
|
%
|
|
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
|
1,429,763
|
|
|
$
|
(12,481)
|
|
|
$
|
1,417,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
471,882
|
|
|
$
|
(2,303)
|
|
|
$
|
469,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
33.00
|
%
|
|
|
|
33.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
368
|
|
|
$
|
—
|
|
|
$
|
368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
December 31,
|
|
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
|
|
|
$
|
126.50
|
|
|
$
|
—
|
|
|
$
|
126.50
|
|
|
$
|
107.22
|
|
|
$
|
(76.81)
|
|
|
$
|
117.78
|
|
|
18.0
|
%
|
|
7.4
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
167.28
|
|
|
—
|
|
|
167.28
|
|
|
157.58
|
|
|
—
|
|
|
157.58
|
|
|
6.2
|
%
|
|
6.2
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
106.56
|
|
|
—
|
|
|
106.56
|
|
|
100.18
|
|
|
—
|
|
|
100.18
|
|
|
6.4
|
%
|
|
6.4
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
108.59
|
|
|
—
|
|
|
108.59
|
|
|
90.37
|
|
|
—
|
|
|
90.37
|
|
|
20.2
|
%
|
|
20.2
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
121.48
|
|
|
—
|
|
|
121.48
|
|
|
118.94
|
|
|
(63.48)
|
|
|
119.57
|
|
|
2.1
|
%
|
|
1.6
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
140.31
|
|
|
—
|
|
|
140.31
|
|
|
120.70
|
|
|
—
|
|
|
120.70
|
|
|
16.2
|
%
|
|
16.2
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
110.44
|
|
|
—
|
|
|
110.44
|
|
|
125.51
|
|
|
—
|
|
|
125.51
|
|
|
(12.0)
|
%
|
|
(12.0)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
191.28
|
|
|
—
|
|
|
191.28
|
|
|
182.58
|
|
|
—
|
|
|
182.58
|
|
|
4.8
|
%
|
|
4.8
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
110.73
|
|
|
—
|
|
|
110.73
|
|
|
105.08
|
|
|
—
|
|
|
105.08
|
|
|
5.4
|
%
|
|
5.4
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
107.04
|
|
|
—
|
|
|
107.04
|
|
|
99.44
|
|
|
—
|
|
|
99.44
|
|
|
7.6
|
%
|
|
7.6
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
89.78
|
|
|
—
|
|
|
89.78
|
|
|
88.50
|
|
|
—
|
|
|
88.50
|
|
|
1.4
|
%
|
|
1.4
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
104.51
|
|
|
—
|
|
|
104.51
|
|
|
103.91
|
|
|
—
|
|
|
103.91
|
|
|
0.6
|
%
|
|
0.6
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
147.05
|
|
|
—
|
|
|
147.05
|
|
|
141.88
|
|
|
—
|
|
|
141.88
|
|
|
3.6
|
%
|
|
3.6
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
107.92
|
|
|
—
|
|
|
107.92
|
|
|
100.27
|
|
|
—
|
|
|
100.27
|
|
|
7.6
|
%
|
|
7.6
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
122.17
|
|
|
—
|
|
|
122.17
|
|
|
117.17
|
|
|
—
|
|
|
117.17
|
|
|
4.3
|
%
|
|
4.3
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
99.24
|
|
|
—
|
|
|
99.24
|
|
|
96.10
|
|
|
(68.29)
|
|
|
97.54
|
|
|
3.3
|
%
|
|
1.7
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
115.04
|
|
|
$
|
—
|
|
|
$
|
115.04
|
|
|
$
|
109.32
|
|
|
$
|
(72.52)
|
|
|
$
|
110.75
|
|
|
5.2
|
%
|
|
3.9
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
December 31,
|
|
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
|
|
|
$
|
6,328
|
|
|
$
|
31
|
|
|
$
|
6,359
|
|
|
6.0
|
%
|
|
$
|
7,380
|
|
|
$
|
(1,537)
|
|
|
$
|
5,843
|
|
|
5.9
|
%
|
|
(14.3)
|
%
|
|
8.8
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
5,900
|
|
|
—
|
|
|
5,900
|
|
|
5.5
|
%
|
|
5,954
|
|
|
—
|
|
|
5,954
|
|
|
5.9
|
%
|
|
(0.9)
|
%
|
|
(0.9)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
6,487
|
|
|
—
|
|
|
6,487
|
|
|
6.1
|
%
|
|
5,952
|
|
|
(33)
|
|
|
5,919
|
|
|
5.9
|
%
|
|
9.0
|
%
|
|
9.6
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
3,197
|
|
|
—
|
|
|
3,197
|
|
|
3.0
|
%
|
|
2,444
|
|
|
—
|
|
|
2,444
|
|
|
2.4
|
%
|
|
30.8
|
%
|
|
30.8
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
7,785
|
|
|
—
|
|
|
7,785
|
|
|
7.3
|
%
|
|
7,702
|
|
|
17
|
|
|
7,719
|
|
|
7.6
|
%
|
|
1.1
|
%
|
|
0.9
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
3,521
|
|
|
—
|
|
|
3,521
|
|
|
3.3
|
%
|
|
2,346
|
|
|
(1)
|
|
|
2,345
|
|
|
2.3
|
%
|
|
50.1
|
%
|
|
50.1
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
2,861
|
|
|
—
|
|
|
2,861
|
|
|
2.7
|
%
|
|
3,929
|
|
|
—
|
|
|
3,929
|
|
|
3.9
|
%
|
|
(27.2)
|
%
|
|
(27.2)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
5,100
|
|
|
—
|
|
|
5,100
|
|
|
4.8
|
%
|
|
5,800
|
|
|
—
|
|
|
5,800
|
|
|
5.7
|
%
|
|
(12.1)
|
%
|
|
(12.1)
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
8,018
|
|
|
—
|
|
|
8,018
|
|
|
7.5
|
%
|
|
6,844
|
|
|
10
|
|
|
6,854
|
|
|
6.8
|
%
|
|
17.2
|
%
|
|
17.0
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
2,363
|
|
|
—
|
|
|
2,363
|
|
|
2.2
|
%
|
|
2,144
|
|
|
2
|
|
|
2,146
|
|
|
2.2
|
%
|
|
10.2
|
%
|
|
10.1
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
1,590
|
|
|
—
|
|
|
1,590
|
|
|
1.5
|
%
|
|
1,677
|
|
|
—
|
|
|
1,677
|
|
|
1.8
|
%
|
|
(5.2)
|
%
|
|
(5.2)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
1,395
|
|
|
—
|
|
|
1,395
|
|
|
1.3
|
%
|
|
1,351
|
|
|
—
|
|
|
1,351
|
|
|
1.3
|
%
|
|
3.3
|
%
|
|
3.3
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
8,200
|
|
|
—
|
|
|
8,200
|
|
|
7.7
|
%
|
|
7,905
|
|
|
—
|
|
|
7,905
|
|
|
7.8
|
%
|
|
3.7
|
%
|
|
3.7
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
2,597
|
|
|
—
|
|
|
2,597
|
|
|
2.4
|
%
|
|
2,353
|
|
|
—
|
|
|
2,353
|
|
|
2.3
|
%
|
|
10.4
|
%
|
|
10.4
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
10,497
|
|
|
—
|
|
|
10,497
|
|
|
9.8
|
%
|
|
9,303
|
|
|
—
|
|
|
9,303
|
|
|
9.2
|
%
|
|
12.8
|
%
|
|
12.8
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
30,791
|
|
|
8
|
|
|
30,799
|
|
|
28.9
|
%
|
|
30,396
|
|
|
(916)
|
|
|
29,480
|
|
|
29.0
|
%
|
|
1.3
|
%
|
|
4.5
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
106,630
|
|
|
$
|
39
|
|
|
$
|
106,669
|
|
|
100.0
|
%
|
|
$
|
103,480
|
|
|
$
|
(2,458)
|
|
|
$
|
101,022
|
|
|
100.0
|
%
|
|
3.0
|
%
|
|
5.6
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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)
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
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
|
|
|
$
|
123.66
|
|
|
$
|
(88.18)
|
|
|
$
|
129.70
|
|
|
$
|
116.65
|
|
|
$
|
(86.59)
|
|
|
$
|
128.41
|
|
|
6.0
|
%
|
|
1.0
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
175.82
|
|
|
—
|
|
|
175.82
|
|
|
167.80
|
|
|
—
|
|
|
167.80
|
|
|
4.8
|
%
|
|
4.8
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
110.25
|
|
|
—
|
|
|
110.25
|
|
|
110.08
|
|
|
—
|
|
|
110.08
|
|
|
0.2
|
%
|
|
0.2
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
110.72
|
|
|
—
|
|
|
110.72
|
|
|
100.62
|
|
|
—
|
|
|
100.62
|
|
|
10.0
|
%
|
|
10.0
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
130.68
|
|
|
—
|
|
|
130.68
|
|
|
126.35
|
|
|
(97.02)
|
|
|
130.24
|
|
|
3.4
|
%
|
|
0.3
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
134.58
|
|
|
—
|
|
|
134.58
|
|
|
130.23
|
|
|
—
|
|
|
130.23
|
|
|
3.3
|
%
|
|
3.3
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
122.44
|
|
|
—
|
|
|
122.44
|
|
|
130.74
|
|
|
—
|
|
|
130.74
|
|
|
(6.3)
|
%
|
|
(6.3)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
205.71
|
|
|
—
|
|
|
205.71
|
|
|
197.61
|
|
|
—
|
|
|
197.61
|
|
|
4.1
|
%
|
|
4.1
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
115.93
|
|
|
—
|
|
|
115.93
|
|
|
111.53
|
|
|
(85.36)
|
|
|
112.44
|
|
|
3.9
|
%
|
|
3.1
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
112.17
|
|
|
—
|
|
|
112.17
|
|
|
99.63
|
|
|
(91.88)
|
|
|
104.46
|
|
|
12.6
|
%
|
|
7.4
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
99.08
|
|
|
—
|
|
|
99.08
|
|
|
102.34
|
|
|
—
|
|
|
102.34
|
|
|
(3.2)
|
%
|
|
(3.2)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
120.57
|
|
|
—
|
|
|
120.57
|
|
|
118.52
|
|
|
—
|
|
|
118.52
|
|
|
1.7
|
%
|
|
1.7
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
155.64
|
|
|
—
|
|
|
155.64
|
|
|
152.40
|
|
|
—
|
|
|
152.40
|
|
|
2.1
|
%
|
|
2.1
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
115.23
|
|
|
—
|
|
|
115.23
|
|
|
111.89
|
|
|
—
|
|
|
111.89
|
|
|
3.0
|
%
|
|
3.0
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
136.94
|
|
|
—
|
|
|
136.94
|
|
|
129.19
|
|
|
(74.36)
|
|
|
132.08
|
|
|
6.0
|
%
|
|
3.7
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
108.38
|
|
|
(56.72)
|
|
|
108.72
|
|
|
106.56
|
|
|
(87.33)
|
|
|
107.74
|
|
|
1.7
|
%
|
|
0.9
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
122.98
|
|
|
$
|
(82.03)
|
|
|
$
|
123.47
|
|
|
$
|
118.87
|
|
|
$
|
(88.38)
|
|
|
$
|
121.25
|
|
|
3.5
|
%
|
|
1.8
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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)
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Number
of Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
28,157
|
|
|
$
|
(2,232)
|
|
|
$
|
25,925
|
|
|
5.5
|
%
|
|
$
|
32,776
|
|
|
$
|
(6,644)
|
|
|
$
|
26,132
|
|
|
5.6
|
%
|
|
(14.2)
|
%
|
|
(0.8)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
26,423
|
|
|
—
|
|
|
26,423
|
|
|
5.6
|
%
|
|
25,665
|
|
|
—
|
|
|
25,665
|
|
|
5.5
|
%
|
|
3.0
|
%
|
|
3.0
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
25,723
|
|
|
(33)
|
|
|
25,690
|
|
|
5.5
|
%
|
|
26,180
|
|
|
(133)
|
|
|
26,047
|
|
|
5.6
|
%
|
|
(1.7)
|
%
|
|
(1.4)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
12,530
|
|
|
—
|
|
|
12,530
|
|
|
2.7
|
%
|
|
11,282
|
|
|
—
|
|
|
11,282
|
|
|
2.4
|
%
|
|
11.1
|
%
|
|
11.1
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
34,060
|
|
|
(23)
|
|
|
34,037
|
|
|
7.2
|
%
|
|
36,135
|
|
|
(2,971)
|
|
|
33,164
|
|
|
7.1
|
%
|
|
(5.7)
|
%
|
|
2.6
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
12,457
|
|
|
—
|
|
|
12,457
|
|
|
2.7
|
%
|
|
11,680
|
|
|
(1)
|
|
|
11,679
|
|
|
2.5
|
%
|
|
6.7
|
%
|
|
6.7
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
14,610
|
|
|
—
|
|
|
14,610
|
|
|
3.1
|
%
|
|
16,975
|
|
|
—
|
|
|
16,975
|
|
|
3.7
|
%
|
|
(13.9)
|
%
|
|
(13.9)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
26,035
|
|
|
—
|
|
|
26,035
|
|
|
5.5
|
%
|
|
25,527
|
|
|
—
|
|
|
25,527
|
|
|
5.5
|
%
|
|
2.0
|
%
|
|
2.0
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
31,400
|
|
|
—
|
|
|
31,400
|
|
|
6.7
|
%
|
|
30,652
|
|
|
(747)
|
|
|
29,905
|
|
|
6.4
|
%
|
|
2.4
|
%
|
|
5.0
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
10,487
|
|
|
—
|
|
|
10,487
|
|
|
2.2
|
%
|
|
15,181
|
|
|
(5,623)
|
|
|
9,558
|
|
|
2.1
|
%
|
|
(30.9)
|
%
|
|
9.7
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
7,637
|
|
|
—
|
|
|
7,637
|
|
|
1.6
|
%
|
|
8,192
|
|
|
—
|
|
|
8,192
|
|
|
1.8
|
%
|
|
(6.8)
|
%
|
|
(6.8)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
7,235
|
|
|
—
|
|
|
7,235
|
|
|
1.5
|
%
|
|
7,219
|
|
|
—
|
|
|
7,219
|
|
|
1.6
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
35,024
|
|
|
—
|
|
|
35,024
|
|
|
7.5
|
%
|
|
34,559
|
|
|
—
|
|
|
34,559
|
|
|
7.4
|
%
|
|
1.3
|
%
|
|
1.3
|
%
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
12,013
|
|
|
—
|
|
|
12,013
|
|
|
2.6
|
%
|
|
11,595
|
|
|
—
|
|
|
11,595
|
|
|
2.5
|
%
|
|
3.6
|
%
|
|
3.6
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
46,600
|
|
|
(1)
|
|
|
46,599
|
|
|
9.9
|
%
|
|
46,134
|
|
|
(926)
|
|
|
45,208
|
|
|
9.7
|
%
|
|
1.0
|
%
|
|
3.2
|
%
|
Other
Areas
|
52
|
|
|
8,931
|
|
|
141,491
|
|
|
(14)
|
|
|
141,477
|
|
|
30.2
|
%
|
|
148,102
|
|
|
(5,966)
|
|
|
142,136
|
|
|
30.6
|
%
|
|
(4.5)
|
%
|
|
(0.5
|
%
|
Total
Portfolio
|
120
|
|
|
25,058
|
|
|
$
|
471,882
|
|
|
$
|
(2,303)
|
|
|
$
|
469,579
|
|
|
100.0
|
%
|
|
$
|
487,854
|
|
|
$
|
(23,011)
|
|
|
$
|
464,843
|
|
|
100.0
|
%
|
|
(3.3)
|
%
|
|
1.0
|
%
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
|
DECEMBER 31,
2017
|
(in thousands,
except share price)
|
(unaudited)
|
|
|
|
|
December 31,
2017
|
End of quarter common
shares outstanding
|
97,409
|
|
Partnership units
outstanding
|
19,602
|
|
Combined common
shares and partnership units outstanding
|
117,011
|
|
Common stock price at
quarter end
|
$
|
6.73
|
|
Market
capitalization at quarter end
|
$
|
787,484
|
|
Series D preferred
stock
|
$
|
59,735
|
|
Series F preferred
stock
|
$
|
120,000
|
|
Series G preferred
stock
|
$
|
155,000
|
|
Series H preferred
stock
|
$
|
95,000
|
|
Series I preferred
stock
|
$
|
135,000
|
|
Debt on balance sheet
date
|
$
|
3,723,568
|
|
Joint venture
partner's share of consolidated debt
|
$
|
(2,030)
|
|
Net working capital
(see below)
|
$
|
(458,682)
|
|
Total enterprise
value (TEV)
|
$
|
4,615,075
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
598
|
|
Common stock price at
quarter end
|
$
|
93.00
|
|
Market value of
Ashford Inc. investment
|
$
|
55,629
|
|
|
|
Cash and cash
equivalents
|
$
|
354,716
|
|
Restricted
cash
|
$
|
117,015
|
|
Accounts receivable,
net
|
$
|
44,368
|
|
Prepaid
expenses
|
$
|
19,287
|
|
Investment in
securities
|
$
|
26,926
|
|
Due from third-party
hotel managers, net
|
$
|
14,981
|
|
Market value of
Ashford Inc. investment
|
$
|
55,629
|
|
Total current
assets
|
$
|
632,922
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
132,889
|
|
Dividends and
distributions payable
|
$
|
25,045
|
|
Due to affiliates,
net
|
$
|
16,306
|
|
Total current
liabilities
|
$
|
174,240
|
|
|
|
Net working
capital*
|
$
|
458,682
|
|
|
* 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
|
2018
|
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
Property
|
Rooms
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Courtyard Basking
Ridge
|
235
|
|
x
|
x
|
|
|
|
|
|
|
Courtyard Columbus
Tipton Lakes
|
90
|
|
x
|
|
|
|
|
|
|
|
Courtyard Crystal
City Reagan Airport
|
272
|
|
|
|
|
x
|
x
|
|
|
|
Courtyard Denver
Airport
|
202
|
|
|
|
|
x
|
x
|
|
|
|
Courtyard
Gaithersburg
|
210
|
|
|
|
|
x
|
x
|
x
|
|
|
Courtyard
Louisville Airport
|
150
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Crystal City
|
267
|
|
|
|
|
|
|
|
|
x
|
Embassy Suites
Philadelphia Airport
|
263
|
|
|
|
|
x
|
x
|
x
|
|
|
Embassy Suites
Santa Clara Silicon Valley
|
257
|
|
|
|
|
x
|
x
|
x
|
|
|
Embassy Suites
Walnut Creek
|
249
|
|
|
x
|
x
|
x
|
x
|
x
|
|
|
Hampton Inn
Parsippany
|
152
|
|
x
|
x
|
|
|
|
|
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
|
x
|
|
|
|
|
|
x
|
Hampton Inn Suites
Phoenix Airport
|
106
|
|
|
|
|
|
|
x
|
x
|
|
Hampton Inn Suites
Pittsburgh Washington
|
103
|
|
x
|
|
|
|
|
|
|
|
Hilton Boston Back
Bay
|
390
|
|
x
|
|
|
x
|
x
|
|
|
|
Hilton St.
Petersburg Bayfront
|
333
|
|
|
|
|
|
x
|
|
|
|
Hilton Tampa
Westshore
|
238
|
|
|
x
|
x
|
x
|
|
|
|
|
Hilton Garden Inn
BWI Airport
|
158
|
|
|
|
|
|
|
|
|
x
|
Hilton Garden Inn
Jacksonville
|
119
|
|
|
|
x
|
x
|
|
|
|
|
Hilton Garden Inn
Wisconsin Dells
|
128
|
|
x
|
|
|
|
|
|
|
|
Homewood Suites
Pittsburgh Southpointe
|
148
|
|
x
|
x
|
|
|
|
|
|
|
Hotel Indigo
Atlanta Midtown
|
140
|
|
|
|
|
|
|
x
|
x
|
|
Hyatt Regency
Coral Gables
|
253
|
|
|
|
|
|
|
|
x
|
x
|
Hyatt Regency
Savannah
|
351
|
|
x
|
x
|
|
|
|
|
|
|
Le Meridien
Chambers Minneapolis
|
60
|
|
|
|
|
x
|
x
|
|
|
|
Le Pavillon
Hotel
|
226
|
|
x
|
x
|
|
|
|
|
x
|
|
Marriott Crystal
Gateway
|
704
|
|
x
|
x
|
x
|
|
x
|
x
|
x
|
x
|
Marriott DFW
Airport
|
491
|
|
|
|
x
|
|
|
|
|
|
Marriott
Omaha
|
300
|
|
x
|
x
|
x
|
x
|
|
|
x
|
x
|
Marriott
RTP
|
225
|
|
|
x
|
x
|
x
|
x
|
|
|
|
Marriott San
Antonio Plaza
|
251
|
|
|
|
x
|
|
|
|
|
|
Marriott Suites
Market Center
|
265
|
|
x
|
x
|
|
|
|
|
|
|
Renaissance
Nashville
|
673
|
|
|
|
x
|
x
|
x
|
x
|
x
|
x
|
Renaissance Palm
Springs
|
410
|
|
|
|
x
|
x
|
x
|
|
|
|
Residence Inn
Jacksonville
|
120
|
|
|
|
|
x
|
x
|
|
|
|
Residence Inn Lake
Buena Vista
|
210
|
|
x
|
|
|
|
|
|
|
|
Residence Inn
Orlando Sea World
|
350
|
|
|
|
x
|
x
|
x
|
x
|
x
|
x
|
Residence Inn
Stillwater
|
101
|
|
x
|
x
|
|
|
|
|
|
|
Residence Inn
Tampa Downtown
|
109
|
|
|
|
x
|
x
|
|
|
|
|
Ritz Carlton
Atlanta
|
444
|
|
|
|
|
|
x
|
x
|
x
|
x
|
Sheraton
Anchorage
|
370
|
|
|
|
|
x
|
x
|
|
|
|
Sheraton City
Center - Indianapolis
|
378
|
|
|
|
|
x
|
|
|
|
|
SpringHill Suites
Centreville
|
136
|
|
|
|
|
x
|
x
|
|
|
|
SpringHill Suites
Kennesaw
|
90
|
|
|
|
x
|
x
|
|
|
|
|
The
Churchill
|
173
|
|
|
|
|
|
x
|
|
|
|
Westin
Princeton
|
296
|
|
|
|
|
|
x
|
x
|
|
|
Total
|
|
14
|
13
|
13
|
21
|
20
|
11
|
9
|
10
|
(a)
|
Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 2017-2018 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
|
|
2017
|
|
2017
|
|
December 31,
2017
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
33,102
|
|
|
$
|
45,901
|
|
|
$
|
89,279
|
|
|
$
|
45,102
|
|
|
$
|
213,384
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(12)
|
|
|
(50)
|
|
|
(42)
|
|
|
2
|
|
|
(102)
|
|
Net income (loss)
attributable to the Company
|
33,090
|
|
|
45,851
|
|
|
89,237
|
|
|
45,104
|
|
|
213,282
|
|
Non-property
adjustments
|
8,246
|
|
|
1,770
|
|
|
(14,092)
|
|
|
83
|
|
|
(3,993)
|
|
Interest
income
|
(28)
|
|
|
(28)
|
|
|
(38)
|
|
|
(32)
|
|
|
(126)
|
|
Interest
expense
|
1,258
|
|
|
698
|
|
|
572
|
|
|
482
|
|
|
3,010
|
|
Amortization of loan
costs
|
73
|
|
|
37
|
|
|
54
|
|
|
126
|
|
|
290
|
|
Depreciation and
amortization
|
61,182
|
|
|
59,966
|
|
|
60,383
|
|
|
62,509
|
|
|
244,040
|
|
Income tax expense
(benefit)
|
173
|
|
|
33
|
|
|
6
|
|
|
17
|
|
|
229
|
|
Non-hotel EBITDA
ownership expense
|
2,624
|
|
|
4,925
|
|
|
2,313
|
|
|
5,186
|
|
|
15,048
|
|
Income (loss) from
consolidated entities attributable to
noncontrolling interests
|
12
|
|
|
50
|
|
|
42
|
|
|
(2)
|
|
|
102
|
|
Hotel EBITDA
including amounts attributable to
noncontrolling interest
|
106,630
|
|
|
113,302
|
|
|
138,477
|
|
|
113,473
|
|
|
471,882
|
|
Non-comparable
adjustments
|
39
|
|
|
307
|
|
|
(1,315)
|
|
|
(1,334)
|
|
|
(2,303)
|
|
Comparable hotel
EBITDA
|
$
|
106,669
|
|
|
$
|
113,609
|
|
|
$
|
137,162
|
|
|
$
|
112,139
|
|
|
$
|
469,579
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
December 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)
|
$
|
31,995
|
|
|
$
|
1,107
|
|
|
$
|
33,102
|
|
|
$
|
230
|
|
|
$
|
(71,857)
|
|
|
$
|
(38,525)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
126
|
|
|
114
|
|
Net (income) loss
attributable to redeemable noncontrolling
interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,440
|
|
|
8,440
|
|
Net income (loss)
attributable to the Company
|
31,983
|
|
|
1,107
|
|
|
33,090
|
|
|
230
|
|
|
(63,291)
|
|
|
(29,971)
|
|
Non-property
adjustments
|
3,513
|
|
|
4,733
|
|
|
8,246
|
|
|
(75)
|
|
|
(8,171)
|
|
|
—
|
|
Interest
income
|
(24)
|
|
|
(4)
|
|
|
(28)
|
|
|
—
|
|
|
(714)
|
|
|
(742)
|
|
Interest
expense
|
707
|
|
|
551
|
|
|
1,258
|
|
|
—
|
|
|
51,851
|
|
|
53,109
|
|
Amortization of loan
cost
|
37
|
|
|
36
|
|
|
73
|
|
|
—
|
|
|
2,225
|
|
|
2,298
|
|
Depreciation and
amortization
|
47,345
|
|
|
13,837
|
|
|
61,182
|
|
|
123
|
|
|
46
|
|
|
61,351
|
|
Income tax expense
(benefit)
|
173
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
(1,884)
|
|
|
(1,711)
|
|
Non-hotel EBITDA
ownership expense
|
1,919
|
|
|
705
|
|
|
2,624
|
|
|
25
|
|
|
(2,649)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to
noncontrolling interests
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
85,665
|
|
|
20,965
|
|
|
106,630
|
|
|
303
|
|
|
(22,599)
|
|
|
84,334
|
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(73)
|
|
|
—
|
|
|
(73)
|
|
|
—
|
|
|
(29)
|
|
|
(102)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
12
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling
interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,440)
|
|
|
(8,440)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,286
|
|
|
2,286
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,646)
|
|
|
(1,646)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(137)
|
|
|
(137)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
85,580
|
|
|
$
|
20,965
|
|
|
$
|
106,545
|
|
|
$
|
303
|
|
|
$
|
(30,553)
|
|
|
$
|
76,295
|
|
Non-comparable
adjustments
|
39
|
|
|
—
|
|
|
39
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
85,704
|
|
|
$
|
20,965
|
|
|
$
|
106,669
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
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)
|
$
|
19,350
|
|
|
$
|
12,231
|
|
|
$
|
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
|
19,318
|
|
|
12,231
|
|
|
31,549
|
|
|
162
|
|
|
(78,615)
|
|
|
(46,904)
|
|
Non-property
adjustments
|
5,658
|
|
|
(8)
|
|
|
5,650
|
|
|
—
|
|
|
(5,650)
|
|
|
—
|
|
Interest
income
|
(17)
|
|
|
(6)
|
|
|
(23)
|
|
|
—
|
|
|
(79)
|
|
|
(102)
|
|
Interest
expense
|
484
|
|
|
—
|
|
|
484
|
|
|
—
|
|
|
49,219
|
|
|
49,703
|
|
Amortization of loan
cost
|
124
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
5,973
|
|
|
6,097
|
|
Depreciation and
amortization
|
50,294
|
|
|
11,000
|
|
|
61,294
|
|
|
109
|
|
|
49
|
|
|
61,452
|
|
Income tax expense
(benefit)
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
291
|
|
|
316
|
|
Non-hotel EBITDA
ownership expense
|
3,918
|
|
|
427
|
|
|
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
|
79,836
|
|
|
23,644
|
|
|
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
|
$
|
79,757
|
|
|
$
|
23,644
|
|
|
$
|
103,401
|
|
|
$
|
264
|
|
|
$
|
(42,760)
|
|
|
$
|
60,905
|
|
Non-comparable
adjustments
|
(2,458)
|
|
|
—
|
|
|
(2,458)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
77,378
|
|
|
$
|
23,644
|
|
|
$
|
101,022
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Year Ended
December 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)
|
$
|
162,347
|
|
|
$
|
51,037
|
|
|
$
|
213,384
|
|
|
$
|
1,253
|
|
|
$
|
(303,397)
|
|
|
$
|
(88,760)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(102)
|
|
|
—
|
|
|
(102)
|
|
|
—
|
|
|
212
|
|
|
110
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,642
|
|
|
21,642
|
|
Net income (loss)
attributable to the Company
|
162,245
|
|
|
51,037
|
|
|
213,282
|
|
|
1,253
|
|
|
(281,543)
|
|
|
(67,008)
|
|
Non-property
adjustments
|
(8,861)
|
|
|
4,868
|
|
|
(3,993)
|
|
|
(75)
|
|
|
4,068
|
|
|
—
|
|
Interest
income
|
(102)
|
|
|
(24)
|
|
|
(126)
|
|
|
—
|
|
|
(2,076)
|
|
|
(2,202)
|
|
Interest
expense
|
2,459
|
|
|
551
|
|
|
3,010
|
|
|
—
|
|
|
206,402
|
|
|
209,412
|
|
Amortization of loan
cost
|
254
|
|
|
36
|
|
|
290
|
|
|
—
|
|
|
12,929
|
|
|
13,219
|
|
Depreciation and
amortization
|
195,128
|
|
|
48,912
|
|
|
244,040
|
|
|
473
|
|
|
2,218
|
|
|
246,731
|
|
Income tax expense
(benefit)
|
229
|
|
|
—
|
|
|
229
|
|
|
—
|
|
|
(2,447)
|
|
|
(2,218)
|
|
Non-hotel EBITDA
ownership expense
|
13,825
|
|
|
1,223
|
|
|
15,048
|
|
|
19
|
|
|
(15,067)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to
noncontrolling interests
|
102
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
(102)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
365,279
|
|
|
106,603
|
|
|
471,882
|
|
|
1,670
|
|
|
(75,618)
|
|
|
397,934
|
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(266)
|
|
|
—
|
|
|
(266)
|
|
|
—
|
|
|
(113)
|
|
|
(379)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(102)
|
|
|
—
|
|
|
(102)
|
|
|
—
|
|
|
102
|
|
|
—
|
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,642)
|
|
|
(21,642)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,918
|
|
|
5,918
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,666)
|
|
|
(1,666)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(498)
|
|
|
(498)
|
|
Hotel EBITDA
attributable to the Company and OP
unitholders
|
$
|
364,911
|
|
|
$
|
106,603
|
|
|
$
|
471,514
|
|
|
$
|
1,670
|
|
|
$
|
(93,517)
|
|
|
$
|
379,667
|
|
Non-comparable
adjustments
|
(2,303)
|
|
|
—
|
|
|
(2,303)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
362,976
|
|
|
$
|
106,603
|
|
|
$
|
469,579
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Year Ended
December 31, 2016
|
|
Hotel
Properties
Not Under
Renovation
|
|
Hotel
Properties
Under
Renovation
|
|
Hotel
Total
|
|
Orlando
WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality
Trust, Inc.
|
Net income
(loss)
|
$
|
184,328
|
|
|
$
|
62,472
|
|
|
$
|
246,800
|
|
|
$
|
1,233
|
|
|
$
|
(306,815)
|
|
|
$
|
(58,782)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(103)
|
|
|
—
|
|
|
(103)
|
|
|
—
|
|
|
117
|
|
|
14
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,483
|
|
|
12,483
|
|
Net income (loss)
attributable to the Company
|
184,225
|
|
|
62,472
|
|
|
246,697
|
|
|
1,233
|
|
|
(294,215)
|
|
|
(46,285)
|
|
Non-property
adjustments
|
(13,731)
|
|
|
(8)
|
|
|
(13,739)
|
|
|
—
|
|
|
13,739
|
|
|
—
|
|
Interest
income
|
(37)
|
|
|
(20)
|
|
|
(57)
|
|
|
—
|
|
|
(274)
|
|
|
(331)
|
|
Interest
expense
|
1,899
|
|
|
—
|
|
|
1,899
|
|
|
—
|
|
|
197,971
|
|
|
199,870
|
|
Amortization of loan
cost
|
482
|
|
|
—
|
|
|
482
|
|
|
—
|
|
|
23,615
|
|
|
24,097
|
|
Depreciation and
amortization
|
198,377
|
|
|
44,837
|
|
|
243,214
|
|
|
455
|
|
|
194
|
|
|
243,863
|
|
Income tax expense
(benefit)
|
85
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
1,447
|
|
|
1,532
|
|
Non-hotel EBITDA
ownership expense
|
7,946
|
|
|
1,224
|
|
|
9,170
|
|
|
53
|
|
|
(9,223)
|
|
|
—
|
|
Income (loss) from
consolidated entities attributable to
noncontrolling interests
|
103
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
(103)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to
noncontrolling interest
|
379,349
|
|
|
108,505
|
|
|
487,854
|
|
|
1,741
|
|
|
(66,849)
|
|
|
422,746
|
|
Less: EBITDA
adjustments attributable to noncontrolling
interest
|
(246)
|
|
|
—
|
|
|
(246)
|
|
|
—
|
|
|
(117)
|
|
|
(363)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interest
|
(103)
|
|
|
—
|
|
|
(103)
|
|
|
—
|
|
|
103
|
|
|
—
|
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,483)
|
|
|
(12,483)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|
1,048
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
180
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(303)
|
|
|
(303)
|
|
Hotel EBITDA
attributable to the Company and OP
unitholders
|
$
|
379,000
|
|
|
$
|
108,505
|
|
|
$
|
487,505
|
|
|
$
|
1,741
|
|
|
$
|
(78,421)
|
|
|
$
|
410,825
|
|
Non-comparable
adjustments
|
(23,011)
|
|
|
—
|
|
|
(23,011)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
356,338
|
|
|
$
|
108,505
|
|
|
$
|
464,843
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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 Crystal
City Reagan Airport, Courtyard Denver Airport, Courtyard
Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa
Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston
Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore,
Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP,
Renaissance Nashville, Renaissance Palm Springs, Residence Inn
Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa
Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis,
SpringHill Suites Centreville, SpringHill Suites
Kennesaw
|
Exhibit
1
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
December 31, 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)
|
$
|
3,363
|
|
|
$
|
1,475
|
|
|
$
|
3,006
|
|
|
$
|
2,148
|
|
|
$
|
3,181
|
|
|
$
|
1,628
|
|
|
$
|
327
|
|
|
$
|
3,395
|
|
|
$
|
2,989
|
|
(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
|
3,363
|
|
|
1,475
|
|
|
3,006
|
|
|
2,148
|
|
|
3,181
|
|
|
1,628
|
|
|
327
|
|
|
3,395
|
|
|
2,989
|
|
Non-property
adjustments
|
(6)
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(3)
|
|
Interest
expense
|
172
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
37
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
2,553
|
|
|
3,604
|
|
|
3,359
|
|
|
1,326
|
|
|
4,416
|
|
|
1,753
|
|
|
2,422
|
|
|
1,698
|
|
|
4,226
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
209
|
|
|
234
|
|
|
123
|
|
|
(327)
|
|
|
189
|
|
|
140
|
|
|
119
|
|
|
7
|
|
|
743
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
6,328
|
|
|
5,900
|
|
|
6,487
|
|
|
3,197
|
|
|
7,785
|
|
|
3,521
|
|
|
2,861
|
|
|
5,100
|
|
|
8,018
|
|
Non-comparable
adjustments
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
6,359
|
|
|
$
|
5,900
|
|
|
$
|
6,487
|
|
|
$
|
3,197
|
|
|
$
|
7,785
|
|
|
$
|
3,521
|
|
|
$
|
2,861
|
|
|
$
|
5,100
|
|
|
$
|
8,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
432
|
|
|
$
|
(139)
|
|
|
$
|
374
|
|
|
$
|
5,443
|
|
|
$
|
714
|
|
|
$
|
(406)
|
|
|
$
|
5,172
|
|
|
$
|
33,102
|
|
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
(12)
|
|
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
432
|
|
|
(139)
|
|
|
374
|
|
|
5,443
|
|
|
714
|
|
|
(406)
|
|
|
5,160
|
|
|
33,090
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(13)
|
|
|
—
|
|
|
4,726
|
|
|
3,489
|
|
|
8,246
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(4)
|
|
|
(7)
|
|
|
(28)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
535
|
|
|
1,258
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
|
Depreciation and
amortization
|
1,819
|
|
|
1,535
|
|
|
924
|
|
|
2,690
|
|
|
1,751
|
|
|
6,390
|
|
|
20,716
|
|
|
61,182
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
173
|
|
|
|
Non-hotel EBITDA
ownership expense
|
114
|
|
|
180
|
|
|
97
|
|
|
83
|
|
|
132
|
|
|
(209)
|
|
|
790
|
|
|
2,624
|
|
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,363
|
|
|
1,590
|
|
|
1,395
|
|
|
8,200
|
|
|
2,597
|
|
|
10,497
|
|
|
30,791
|
|
|
106,630
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
39
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,363
|
|
|
$
|
1,590
|
|
|
$
|
1,395
|
|
|
$
|
8,200
|
|
|
$
|
2,597
|
|
|
$
|
10,497
|
|
|
$
|
30,799
|
|
|
$
|
106,669
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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
|
|
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)
|
$
|
3,546
|
|
|
$
|
2,467
|
|
|
$
|
2,856
|
|
|
$
|
686
|
|
|
$
|
11,284
|
|
|
$
|
(228)
|
|
|
$
|
1,357
|
|
|
$
|
3,405
|
|
|
$
|
2,259
|
|
(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
|
3,546
|
|
|
2,467
|
|
|
2,856
|
|
|
686
|
|
|
11,284
|
|
|
(228)
|
|
|
1,357
|
|
|
3,405
|
|
|
2,259
|
|
Non-property
adjustments
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,506)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
(2)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,768
|
|
|
3,182
|
|
|
2,910
|
|
|
1,703
|
|
|
3,987
|
|
|
1,629
|
|
|
2,541
|
|
|
2,435
|
|
|
4,485
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
Non-hotel EBITDA
ownership expense
|
44
|
|
|
305
|
|
|
187
|
|
|
55
|
|
|
(62)
|
|
|
945
|
|
|
40
|
|
|
(40)
|
|
|
28
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
7,380
|
|
|
5,954
|
|
|
5,952
|
|
|
2,444
|
|
|
7,702
|
|
|
2,346
|
|
|
3,929
|
|
|
5,800
|
|
|
6,844
|
|
Non-comparable
adjustments
|
(1,537)
|
|
|
—
|
|
|
(33)
|
|
|
—
|
|
|
17
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
10
|
|
Comparable hotel
EBITDA
|
$
|
5,843
|
|
|
$
|
5,954
|
|
|
$
|
5,919
|
|
|
$
|
2,444
|
|
|
$
|
7,719
|
|
|
$
|
2,345
|
|
|
$
|
3,929
|
|
|
$
|
5,800
|
|
|
$
|
6,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
875
|
|
|
$
|
132
|
|
|
$
|
297
|
|
|
$
|
5,785
|
|
|
$
|
1,044
|
|
|
$
|
3,524
|
|
|
$
|
(7,468)
|
|
|
$
|
31,821
|
|
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32)
|
|
|
(32)
|
|
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
875
|
|
|
132
|
|
|
297
|
|
|
5,785
|
|
|
1,044
|
|
|
3,524
|
|
|
(7,500)
|
|
|
31,789
|
|
|
|
Non-property
adjustments
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|
12,853
|
|
|
5,650
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(3)
|
|
|
(2)
|
|
|
(23)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|
484
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
124
|
|
|
|
Depreciation and
amortization
|
1,209
|
|
|
1,403
|
|
|
1,049
|
|
|
2,174
|
|
|
1,147
|
|
|
5,624
|
|
|
22,048
|
|
|
61,294
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78)
|
|
|
25
|
|
|
|
Non-hotel EBITDA
ownership expense
|
4
|
|
|
113
|
|
|
5
|
|
|
(51)
|
|
|
162
|
|
|
(65)
|
|
|
2,435
|
|
|
4,105
|
|
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,144
|
|
|
1,677
|
|
|
1,351
|
|
|
7,905
|
|
|
2,353
|
|
|
9,303
|
|
|
30,396
|
|
|
103,480
|
|
|
|
Non-comparable
adjustments
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(916)
|
|
|
(2,458)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,146
|
|
|
$
|
1,677
|
|
|
$
|
1,351
|
|
|
$
|
7,905
|
|
|
$
|
2,353
|
|
|
$
|
9,303
|
|
|
$
|
29,480
|
|
|
$
|
101,022
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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)
|
|
|
Year Ended
December 31, 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)
|
$
|
28,667
|
|
|
$
|
11,543
|
|
|
$
|
11,976
|
|
|
$
|
4,562
|
|
|
$
|
16,318
|
|
|
$
|
178
|
|
|
$
|
4,479
|
|
|
$
|
19,111
|
|
|
$
|
13,343
|
|
(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
|
28,667
|
|
|
11,543
|
|
|
11,976
|
|
|
4,562
|
|
|
16,318
|
|
|
178
|
|
|
4,479
|
|
|
19,111
|
|
|
13,343
|
|
Non-property
adjustments
|
(14,115)
|
|
|
—
|
|
|
—
|
|
|
501
|
|
|
—
|
|
|
266
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(12)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(37)
|
|
|
—
|
|
|
(9)
|
|
Interest
expense
|
409
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
86
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
12,675
|
|
|
14,008
|
|
|
12,721
|
|
|
6,559
|
|
|
17,248
|
|
|
6,958
|
|
|
9,984
|
|
|
6,872
|
|
|
16,840
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
447
|
|
|
285
|
|
|
1,030
|
|
|
908
|
|
|
498
|
|
|
5,055
|
|
|
184
|
|
|
52
|
|
|
1,163
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
28,157
|
|
|
26,423
|
|
|
25,723
|
|
|
12,530
|
|
|
34,060
|
|
|
12,457
|
|
|
14,610
|
|
|
26,035
|
|
|
31,400
|
|
Non-comparable
adjustments
|
(2,232)
|
|
|
—
|
|
|
(33)
|
|
|
—
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
25,925
|
|
|
$
|
26,423
|
|
|
$
|
25,690
|
|
|
$
|
12,530
|
|
|
$
|
34,037
|
|
|
$
|
12,457
|
|
|
$
|
14,610
|
|
|
$
|
26,035
|
|
|
$
|
31,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
3,941
|
|
|
$
|
1,542
|
|
|
$
|
3,166
|
|
|
$
|
24,973
|
|
|
$
|
5,475
|
|
|
$
|
17,865
|
|
|
$
|
46,245
|
|
|
$
|
213,384
|
|
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(102)
|
|
|
(102)
|
|
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
3,941
|
|
|
1,542
|
|
|
3,166
|
|
|
24,973
|
|
|
5,475
|
|
|
17,865
|
|
|
46,143
|
|
|
213,282
|
|
|
|
Non-property
adjustments
|
43
|
|
|
—
|
|
|
—
|
|
|
(13)
|
|
|
64
|
|
|
4,726
|
|
|
4,535
|
|
|
(3,993)
|
|
|
|
Interest
income
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(16)
|
|
|
(20)
|
|
|
(126)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,050
|
|
|
3,010
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
|
290
|
|
|
|
Depreciation and
amortization
|
6,289
|
|
|
5,810
|
|
|
3,906
|
|
|
9,860
|
|
|
6,125
|
|
|
25,062
|
|
|
83,123
|
|
|
244,040
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
229
|
|
|
|
Non-hotel EBITDA
ownership expense
|
221
|
|
|
271
|
|
|
163
|
|
|
221
|
|
|
349
|
|
|
(1,037)
|
|
|
5,238
|
|
|
15,048
|
|
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|
102
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
10,487
|
|
|
7,637
|
|
|
7,235
|
|
|
35,024
|
|
|
12,013
|
|
|
46,600
|
|
|
141,491
|
|
|
471,882
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(14)
|
|
|
(2,303)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
10,487
|
|
|
$
|
7,637
|
|
|
$
|
7,235
|
|
|
$
|
35,024
|
|
|
$
|
12,013
|
|
|
$
|
46,599
|
|
|
$
|
141,477
|
|
|
$
|
469,579
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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)
|
|
|
Year Ended
December 31, 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)
|
$
|
21,394
|
|
|
$
|
11,940
|
|
|
$
|
14,750
|
|
|
$
|
4,241
|
|
|
$
|
25,838
|
|
|
$
|
4,512
|
|
|
$
|
7,030
|
|
|
$
|
16,154
|
|
|
$
|
17,797
|
|
(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
|
21,394
|
|
|
11,940
|
|
|
14,750
|
|
|
4,241
|
|
|
25,838
|
|
|
4,512
|
|
|
7,030
|
|
|
16,154
|
|
|
17,797
|
|
Non-property
adjustments
|
(3,978)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,506)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,482)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
(1)
|
|
|
(11)
|
|
|
—
|
|
|
(8)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
14,902
|
|
|
13,096
|
|
|
11,354
|
|
|
6,882
|
|
|
17,919
|
|
|
5,814
|
|
|
9,872
|
|
|
9,373
|
|
|
17,900
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
Non-hotel EBITDA
ownership expense
|
458
|
|
|
629
|
|
|
77
|
|
|
159
|
|
|
(114)
|
|
|
1,355
|
|
|
84
|
|
|
|
|
371
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
32,776
|
|
|
25,665
|
|
|
26,180
|
|
|
11,282
|
|
|
36,135
|
|
|
11,680
|
|
|
16,975
|
|
|
25,527
|
|
|
30,652
|
|
Non-comparable
adjustments
|
(6,644)
|
|
|
—
|
|
|
(133)
|
|
|
—
|
|
|
(2,971)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(747)
|
|
Comparable hotel
EBITDA
|
$
|
26,132
|
|
|
$
|
25,665
|
|
|
$
|
26,047
|
|
|
$
|
11,282
|
|
|
$
|
33,164
|
|
|
$
|
11,679
|
|
|
$
|
16,975
|
|
|
$
|
25,527
|
|
|
$
|
29,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
22,516
|
|
|
$
|
2,543
|
|
|
$
|
2,982
|
|
|
$
|
24,990
|
|
|
$
|
6,565
|
|
|
$
|
20,213
|
|
|
$
|
43,575
|
|
|
$
|
247,040
|
|
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103)
|
|
|
(103)
|
|
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Net income (loss)
attributable to the Company
|
22,516
|
|
|
2,543
|
|
|
2,982
|
|
|
24,990
|
|
|
6,565
|
|
|
20,213
|
|
|
43,472
|
|
|
246,937
|
|
|
|
Non-property
adjustments
|
(13,379)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,261
|
|
|
11,345
|
|
|
(13,739)
|
|
|
|
Interest
income
|
(7)
|
|
|
(1)
|
|
|
(1)
|
|
|
(8)
|
|
|
—
|
|
|
(10)
|
|
|
(7)
|
|
|
(57)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,899
|
|
|
1,899
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
482
|
|
|
482
|
|
|
|
Depreciation and
amortization
|
5,755
|
|
|
5,498
|
|
|
4,199
|
|
|
9,336
|
|
|
4,684
|
|
|
21,413
|
|
|
85,217
|
|
|
243,214
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
85
|
|
|
|
Non-hotel EBITDA
ownership expense
|
296
|
|
|
123
|
|
|
39
|
|
|
241
|
|
|
346
|
|
|
(743)
|
|
|
5,609
|
|
|
8,930
|
|
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
103
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
15,181
|
|
|
8,192
|
|
|
7,219
|
|
|
34,559
|
|
|
11,595
|
|
|
46,134
|
|
|
148,102
|
|
|
487,854
|
|
|
|
Non-comparable
adjustments
|
(5,623)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(926)
|
|
|
(5,966)
|
|
|
(23,011)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
9,558
|
|
|
$
|
8,192
|
|
|
$
|
7,219
|
|
|
$
|
34,559
|
|
|
$
|
11,595
|
|
|
$
|
45,208
|
|
|
$
|
142,136
|
|
|
$
|
464,843
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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 December
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)
|
$
|
23,490
|
|
|
$
|
7,335
|
|
|
$
|
(18)
|
|
|
$
|
59,287
|
|
|
$
|
438
|
|
|
$
|
(1,455)
|
|
|
$
|
378
|
|
|
$
|
(299)
|
|
|
$
|
2,353
|
|
|
$
|
2,423
|
|
|
$
|
18,649
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
attributable to the Company
|
23,490
|
|
|
7,335
|
|
|
(18)
|
|
|
59,287
|
|
|
438
|
|
|
(1,455)
|
|
|
378
|
|
|
(299)
|
|
|
2,353
|
|
|
2,423
|
|
|
18,649
|
|
Non-property
adjustments
|
281
|
|
|
—
|
|
|
—
|
|
|
(13,769)
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
586
|
|
Interest
income
|
(52)
|
|
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
Interest
expense
|
3
|
|
|
—
|
|
|
2,035
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
409
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
21,324
|
|
|
14,062
|
|
|
1,922
|
|
|
60,156
|
|
|
2,530
|
|
|
3,081
|
|
|
1,351
|
|
|
11,086
|
|
|
1,486
|
|
|
2,400
|
|
|
17,852
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
1,455
|
|
|
601
|
|
|
110
|
|
|
3,527
|
|
|
284
|
|
|
703
|
|
|
25
|
|
|
338
|
|
|
19
|
|
|
28
|
|
|
1,146
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
46,501
|
|
|
21,986
|
|
|
4,217
|
|
|
109,189
|
|
|
3,258
|
|
|
2,329
|
|
|
2,249
|
|
|
11,137
|
|
|
3,858
|
|
|
4,851
|
|
|
38,232
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,105)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180)
|
|
Comparable hotel
EBITDA
|
$
|
46,501
|
|
|
$
|
21,986
|
|
|
$
|
4,217
|
|
|
$
|
107,084
|
|
|
$
|
3,258
|
|
|
$
|
2,329
|
|
|
$
|
2,249
|
|
|
$
|
11,137
|
|
|
$
|
3,858
|
|
|
$
|
4,851
|
|
|
$
|
38,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan
Stanley Pool
B - 4 hotels
|
|
Morgan
Stanley
Pool – 17
hotels
|
|
Prudential
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)
|
$
|
(1,535)
|
|
|
$
|
17,382
|
|
|
$
|
8,165
|
|
|
$
|
20,574
|
|
|
$
|
144
|
|
|
$
|
33,004
|
|
|
$
|
582
|
|
|
$
|
6,781
|
|
|
$
|
2,561
|
|
|
$
|
943
|
|
|
$
|
387
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54)
|
|
Net income (loss)
attributable to the Company
|
(1,535)
|
|
|
17,382
|
|
|
8,165
|
|
|
20,574
|
|
|
144
|
|
|
33,004
|
|
|
582
|
|
|
6,781
|
|
|
2,561
|
|
|
943
|
|
|
333
|
|
Non-property
adjustments
|
4,658
|
|
|
501
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
—
|
|
Interest
income
|
(2)
|
|
|
(6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
(21)
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
4,317
|
|
|
27,868
|
|
|
5,711
|
|
|
9,140
|
|
|
921
|
|
|
27,619
|
|
|
504
|
|
|
10,200
|
|
|
3,376
|
|
|
909
|
|
|
931
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
Non-hotel EBITDA
ownership expense
|
206
|
|
|
5,695
|
|
|
173
|
|
|
162
|
|
|
46
|
|
|
614
|
|
|
8
|
|
|
(1,227)
|
|
|
8
|
|
|
120
|
|
|
9
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
7,644
|
|
|
51,440
|
|
|
14,636
|
|
|
29,876
|
|
|
1,111
|
|
|
64,748
|
|
|
1,094
|
|
|
15,754
|
|
|
5,924
|
|
|
2,041
|
|
|
1,366
|
|
Non-comparable
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
7,643
|
|
|
$
|
51,440
|
|
|
$
|
14,636
|
|
|
$
|
29,876
|
|
|
$
|
1,111
|
|
|
$
|
64,748
|
|
|
$
|
1,094
|
|
|
$
|
15,754
|
|
|
$
|
5,924
|
|
|
$
|
2,041
|
|
|
$
|
1,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
358
|
|
|
$
|
3,603
|
|
|
$
|
1,346
|
|
|
$
|
2,254
|
|
|
$
|
3,677
|
|
|
$
|
2,155
|
|
|
$
|
10
|
|
|
$
|
(17)
|
|
|
$
|
(37)
|
|
|
$
|
(1,534)
|
|
|
$
|
213,384
|
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(48)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(102)
|
|
Net income (loss)
attributable to the Company
|
310
|
|
|
3,603
|
|
|
1,346
|
|
|
2,254
|
|
|
3,677
|
|
|
2,155
|
|
|
10
|
|
|
(17)
|
|
|
(37)
|
|
|
(1,534)
|
|
|
213,282
|
|
Non-property
adjustments
|
—
|
|
|
127
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
(3,993)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(126)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,010
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290
|
|
Depreciation and
amortization
|
611
|
|
|
4,240
|
|
|
595
|
|
|
1,312
|
|
|
4,582
|
|
|
588
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,366
|
|
|
244,040
|
|
Income tax expense
(benefit)
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
229
|
|
Non-hotel EBITDA
ownership expense
|
8
|
|
|
534
|
|
|
45
|
|
|
52
|
|
|
105
|
|
|
19
|
|
|
13
|
|
|
11
|
|
|
37
|
|
|
174
|
|
|
15,048
|
|
Income (loss) from
consolidated entities
attributable to noncontrolling interests
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
1,090
|
|
|
8,504
|
|
|
1,986
|
|
|
3,618
|
|
|
8,378
|
|
|
2,760
|
|
|
23
|
|
|
(6)
|
|
|
—
|
|
|
2,088
|
|
|
471,882
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
(2,303)
|
|
Comparable hotel
EBITDA
|
$
|
1,090
|
|
|
$
|
8,504
|
|
|
$
|
1,986
|
|
|
$
|
3,618
|
|
|
$
|
8,378
|
|
|
$
|
2,760
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,088
|
|
|
$
|
469,579
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 120 hotel properties owned and included in
the Company's operations at December 31, 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-fourth-quarter-and-year-end-2017-results-300607140.html
SOURCE Ashford Hospitality Trust, Inc.