DALLAS, May 3, 2018 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today reported financial results and performance
measures for the first quarter ended March
31, 2018. 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 March
31, 2018 were owned as of the beginning of each of the
periods presented. Unless otherwise stated, all reported
results compare the first quarter ended March 31, 2018 with the first quarter
March 31, 2017 (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 6.8%
- 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 $36.9 million or $0.39 per diluted share for the quarter
- Comparable RevPAR decreased 0.2% to $119.92 during the quarter
- Comparable RevPAR for all hotels not under renovation increased
2.5% to $119.18 during the
quarter
- Adjusted EBITDAre was $95.8
million for the quarter
- Adjusted funds from operations (AFFO) was $0.28 per diluted share for the quarter
- The Company's common stock is currently trading at an
approximate 6.8% dividend yield
- During the quarter, the Company refinanced a mortgage loan on 8
hotels
- Subsequent to quarter end, the Company announced that it had
refinanced a mortgage loan on 22 hotels
- Capex invested during the quarter was $64.0 million
CAPITAL STRUCTURE
At March 31, 2018, the Company had
total assets of $4.6 billion.
As of March 31, 2018, the Company had
$3.7 billion of mortgage debt. The
Company's total combined debt had a blended average interest rate
of 5.8%. After taking into account the recently announced
refinancing, the Company's total combined debt had a blended
average interest rate of 5.5%.
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 as
compared to the previous loan terms.
On April 9, 2018, the Company
announced that it had refinanced a mortgage loan, secured by 22
hotels, with an existing outstanding balance totaling approximately
$972 million. The previous mortgage
loan that was refinanced was the Highland Pool loan with a final
maturity date in April 2021. The new
loan totals $985 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 + 3.20%.
This refinancing is expected to result in annual interest savings
of approximately $11 million as
compared to the previous loan terms. The next hard debt maturity
for the Company is in February
2019.
During and subsequent to the quarter, the Company sold the
SpringHill Suites Glen Allen and the SpringHill Suites Centreville
for combined gross sales proceeds of $18.4
million.
PORTFOLIO REVPAR
As of March 31, 2018, the
portfolio consisted of 119 properties. During the first
quarter of 2018, 100 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 119 hotels) and
comparable not under renovation basis (100 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 decreased 0.2% to $119.92 for all hotels on a 1.0% increase in ADR
and a 1.2% decrease in occupancy
- Comparable RevPAR increased 2.5% to $119.18 for hotels not under renovation on a 0.9%
increase in ADR and a 1.6% 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 119 hotels are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On March 15, 2018, 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 first quarter ending
March 31, 2018, payable on
April 16, 2018, to shareholders of
record as of March 30, 2018.
"Year-to-date, we have completed two significant refinancings,
which are a continuation of our ongoing debt capital market
strategies to create shareholder value," commented Douglas A. Kessler, Ashford Trust's President
and Chief Executive Officer. "Additionally, 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 May 4, 2018, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719)
325-2312. A replay of the conference call will be available
through Friday, May 11, 2018, by
dialing (719) 457-0820 and entering the confirmation number,
7383959.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2018 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, May 4,
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 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, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.
FFO and EBITDAre are computed in accordance with our interpretation
of standards established by NAREIT, which may not be comparable to
how these measures reported by other REITs that do not define the
term in accordance with the current NAREIT definitions or that
interpret the NAREIT definitions differently than us. None of
FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, 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, EBITDAre, Adjusted EBITDAre, 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; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, 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. EBITDAre and Adjusted EBITDAre are non-GAAP
financial measures. The Company computes EBITDAre in accordance
with standards established by the National Association of Real
Estate Investment Trusts, or NAREIT, which may not be comparable to
EBITDAre reported by other REITs that do not compute EBITDAre
in accordance with the NAREIT definition, or that interpret the
NAREIT definition differently than the Company does. The White
Paper on EBITDAre approved by the Board of Governors of NAREIT in
September 2017 defines EBITDAre as
net income (loss) (computed in accordance with GAAP), plus interest
expense, plus income tax expense, plus depreciation and
amortization, plus (minus) losses and gains on the disposition of
depreciated property, plus impairment write-downs of depreciated
property and investments in unconsolidated joint ventures, plus
adjustments to reflect the entity's share of EBITDAre of
unconsolidated affiliates.
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)
|
|
|
March 31,
2018
|
|
December 31,
2017
|
|
ASSETS
|
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,034,591
|
|
|
$
|
4,035,915
|
|
|
Cash and cash
equivalents
|
277,686
|
|
|
354,805
|
|
|
Restricted
cash
|
137,145
|
|
|
116,787
|
|
|
Marketable
securities
|
35,976
|
|
|
26,926
|
|
|
Accounts receivable,
net of allowance of $746 and $770, respectively
|
54,578
|
|
|
44,257
|
|
|
Inventories
|
4,270
|
|
|
4,244
|
|
|
Investment in Ashford
Inc.
|
—
|
|
|
437
|
|
|
Investment in
OpenKey
|
3,034
|
|
|
2,518
|
|
|
Deferred costs,
net
|
2,784
|
|
|
2,777
|
|
|
Prepaid
expenses
|
29,267
|
|
|
19,269
|
|
|
Derivative
assets
|
2,388
|
|
|
2,010
|
|
|
Other
assets
|
16,685
|
|
|
14,152
|
|
|
Intangible asset,
net
|
9,913
|
|
|
9,943
|
|
|
Due from related
party, net
|
2,140
|
|
|
—
|
|
|
Due from third-party
hotel managers
|
19,335
|
|
|
17,387
|
|
|
Assets held for
sale
|
7,677
|
|
|
18,423
|
|
|
Total
assets
|
$
|
4,637,469
|
|
|
$
|
4,669,850
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness,
net
|
$
|
3,712,790
|
|
|
$
|
3,696,300
|
|
|
Accounts payable and
accrued expenses
|
143,163
|
|
|
132,401
|
|
|
Dividends and
distributions payable
|
26,824
|
|
|
25,045
|
|
|
Due to Ashford Inc.,
net
|
12,917
|
|
|
15,146
|
|
|
Due to related party,
net
|
—
|
|
|
1,067
|
|
|
Due to third-party
hotel managers
|
2,059
|
|
|
2,431
|
|
|
Intangible
liabilities, net
|
15,750
|
|
|
15,839
|
|
|
Other
liabilities
|
19,778
|
|
|
18,376
|
|
|
Liabilities
associated with assets held for sale
|
6,962
|
|
|
13,977
|
|
|
Total
liabilities
|
3,940,243
|
|
|
3,920,582
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
112,967
|
|
|
116,122
|
|
|
Equity:
|
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized :
|
|
|
|
|
Series D Cumulative
Preferred Stock 2,389,393 shares issued and outstanding at March
31, 2018 and December 31,
2017
|
24
|
|
|
24
|
|
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at March
31, 2018 and December 31,
2017
|
48
|
|
|
48
|
|
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at March
31, 2018 and December 31,
2017
|
62
|
|
|
62
|
|
|
Series H Cumulative
Preferred Stock 3,800,000 shares issued and outstanding at March
31, 2018 and December 31,
2017
|
38
|
|
|
38
|
|
|
Series I Cumulative
Preferred Stock 5,400,000 shares issued and outstanding at March
31, 2018 and December 31, 2017
|
54
|
|
|
54
|
|
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 98,654,148 and 97,409,113
shares issued and outstanding
at March 31, 2018 and December 31,
2017, respectively
|
987
|
|
|
974
|
|
|
Additional paid-in
capital
|
1,789,501
|
|
|
1,784,997
|
|
|
Accumulated
deficit
|
(1,207,063)
|
|
|
(1,153,697)
|
|
|
Total shareholders'
equity of the Company
|
583,651
|
|
|
632,500
|
|
|
Noncontrolling
interests in consolidated entities
|
608
|
|
|
646
|
|
|
Total
equity
|
584,259
|
|
|
633,146
|
|
|
Total liabilities and
equity
|
$
|
4,637,469
|
|
|
$
|
4,669,850
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share
amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2018
|
|
2017
|
|
REVENUE
|
|
|
|
|
Rooms
|
$
|
270,693
|
|
|
$
|
276,705
|
|
|
Food and
beverage
|
55,044
|
|
|
62,850
|
|
|
Other
|
15,491
|
|
|
13,766
|
|
|
Total hotel
revenue
|
341,228
|
|
|
353,321
|
|
|
Other
|
979
|
|
|
388
|
|
|
Total
revenue
|
342,207
|
|
|
353,709
|
|
|
EXPENSES
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
Rooms
|
59,086
|
|
|
59,873
|
|
|
Food and
beverage
|
38,465
|
|
|
42,170
|
|
|
Other
expenses
|
106,383
|
|
|
111,733
|
|
|
Management
fees
|
12,737
|
|
|
12,826
|
|
|
Total hotel operating
expenses
|
216,671
|
|
|
226,602
|
|
|
Property taxes,
insurance and other
|
18,359
|
|
|
18,333
|
|
|
Depreciation and
amortization
|
63,047
|
|
|
64,698
|
|
|
Impairment
charges
|
1,660
|
|
|
—
|
|
|
Transaction
costs
|
2
|
|
|
3
|
|
|
Advisory services
fee:
|
|
|
|
|
Base advisory
fee
|
8,615
|
|
|
8,716
|
|
|
Reimbursable
expenses
|
1,529
|
|
|
1,522
|
|
|
Non-cash
stock/unit-based compensation
|
6,746
|
|
|
403
|
|
|
Incentive
fee
|
187
|
|
|
—
|
|
|
Corporate, general
and administrative:
|
|
|
|
|
Other general and
administrative
|
2,129
|
|
|
5,170
|
|
|
Total operating
expenses
|
318,945
|
|
|
325,447
|
|
|
OPERATING INCOME
(LOSS)
|
23,262
|
|
|
28,262
|
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(588)
|
|
|
(763)
|
|
|
Interest
income
|
746
|
|
|
208
|
|
|
Gain (loss) on sale
of hotel properties
|
(9)
|
|
|
(83)
|
|
|
Other income
(expense), net
|
76
|
|
|
(3,120)
|
|
|
Interest expense, net
of premium amortization
|
(52,290)
|
|
|
(49,959)
|
|
|
Amortization of loan
costs
|
(2,453)
|
|
|
(5,346)
|
|
|
Write-off of
premiums, loan costs and exit fees
|
(2,050)
|
|
|
(54)
|
|
|
Unrealized gain
(loss) on marketable securities
|
(558)
|
|
|
(3,346)
|
|
|
Unrealized gain
(loss) on derivatives
|
329
|
|
|
1,418
|
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(33,535)
|
|
|
(32,783)
|
|
|
Income tax benefit
(expense)
|
886
|
|
|
846
|
|
|
NET INCOME
(LOSS)
|
(32,649)
|
|
|
(31,937)
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
38
|
|
|
31
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
6,340
|
|
|
6,493
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(26,271)
|
|
|
(25,413)
|
|
|
Preferred
dividends
|
(10,644)
|
|
|
(10,956)
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(36,915)
|
|
|
$
|
(36,369)
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
Basic:
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.39)
|
|
|
$
|
(0.39)
|
|
|
Weighted average
common shares outstanding – basic
|
95,367
|
|
|
94,840
|
|
|
Diluted:
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.39)
|
|
|
$
|
(0.39)
|
|
|
Weighted average
common shares outstanding – diluted
|
95,367
|
|
|
94,840
|
|
|
Dividends declared
per common share:
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED
EBITDAre
(in
thousands)
(unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2018
|
|
2017
|
|
Net income
(loss)
|
$
|
(32,649)
|
|
|
$
|
(31,937)
|
|
|
Interest
income
|
(746)
|
|
|
(208)
|
|
|
Interest expense and
amortization of premiums and loan costs, net
|
54,743
|
|
|
55,305
|
|
|
Depreciation and
amortization
|
63,047
|
|
|
64,698
|
|
|
Income tax expense
(benefit)
|
(886)
|
|
|
(846)
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
588
|
|
|
815
|
|
|
Company's portion of
EBITDA of Ashford Inc.
|
(964)
|
|
|
(384)
|
|
|
Company's portion of
EBITDA of OpenKey
|
(139)
|
|
|
(124)
|
|
|
EBITDA
|
82,994
|
|
|
87,319
|
|
|
Impairment charges on
real estate
|
1,660
|
|
|
—
|
|
|
(Gain) loss on sale
of hotel properties
|
9
|
|
|
83
|
|
|
EBITDAre
|
84,663
|
|
|
87,402
|
|
|
Amortization of
unfavorable contract liabilities
|
(39)
|
|
|
(384)
|
|
|
Uninsured hurricane
related costs
|
(211)
|
|
|
—
|
|
|
Write-off of
premiums, loan costs and exit fees
|
2,050
|
|
|
54
|
|
|
Other (income)
expense, net
|
(76)
|
|
|
3,120
|
|
|
Transaction,
acquisition and management conversion costs
|
84
|
|
|
2,676
|
|
|
Legal judgment and
related legal costs
|
(419)
|
|
|
3,801
|
|
|
Unrealized (gain)
loss on marketable securities
|
558
|
|
|
3,346
|
|
|
Unrealized (gain)
loss on derivatives
|
(329)
|
|
|
(1,418)
|
|
|
Dead deal
costs
|
—
|
|
|
4
|
|
|
Non-cash
stock/unit-based compensation
|
7,002
|
|
|
428
|
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
(52)
|
|
|
Company's portion of
adjustments to EBITDA of Ashford Inc.
|
2,493
|
|
|
1,883
|
|
|
Company's portion of
adjustments to EBITDA of OpenKey
|
5
|
|
|
1
|
|
|
Adjusted
EBITDAre
|
$
|
95,781
|
|
|
$
|
100,861
|
|
|
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
|
|
March
31,
|
|
2018
|
|
2017
|
|
Net income
(loss)
|
$
|
(32,649)
|
|
|
$
|
(31,937)
|
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
38
|
|
|
31
|
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
6,340
|
|
|
6,493
|
|
|
Preferred
dividends
|
(10,644)
|
|
|
(10,956)
|
|
|
Net income (loss)
attributable to common stockholders
|
(36,915)
|
|
|
(36,369)
|
|
|
Depreciation and
amortization on real estate
|
62,989
|
|
|
64,635
|
|
|
Gain (loss) on sale
of hotel properties
|
9
|
|
|
83
|
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(6,340)
|
|
|
(6,493)
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
588
|
|
|
815
|
|
|
Impairment charges on
real estate
|
1,660
|
|
|
—
|
|
|
Company's portion of
FFO of Ashford Inc.
|
(1,632)
|
|
|
(709)
|
|
|
Company's portion of
FFO of OpenKey
|
(141)
|
|
|
(125)
|
|
|
FFO available to
common stockholders and OP unitholders
|
20,218
|
|
|
21,837
|
|
|
Write-off of
premiums, loan costs and exit fees
|
2,050
|
|
|
54
|
|
|
Uninsured hurricane
related costs
|
(211)
|
|
|
—
|
|
|
Other (income)
expense, net
|
(76)
|
|
|
3,120
|
|
|
Transaction,
acquisition and management conversion costs
|
84
|
|
|
2,676
|
|
|
Legal judgment and
related legal costs
|
(419)
|
|
|
3,801
|
|
|
Unrealized (gain)
loss on marketable securities
|
558
|
|
|
3,346
|
|
|
Unrealized (gain)
loss on derivatives
|
(329)
|
|
|
(1,418)
|
|
|
Dead deal
costs
|
—
|
|
|
4
|
|
|
Non-cash
stock/unit-based compensation
|
7,002
|
|
|
428
|
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
(52)
|
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
2,493
|
|
|
1,883
|
|
|
Company's portion of
adjustments to FFO of OpenKey
|
5
|
|
|
1
|
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
31,375
|
|
|
$
|
35,680
|
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.28
|
|
|
$
|
0.32
|
|
|
Weighted average
diluted shares
|
113,923
|
|
|
112,562
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF
INDEBTEDNESS
MARCH 31, 2018
(dollars in
thousands)
(unaudited)
|
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (13)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
|
Cantor Commercial
Real Estate Memphis - 1 hotel
|
|
April 2018
|
|
LIBOR +
4.95%
|
|
$
|
—
|
|
|
$
|
33,300
|
|
(1)
|
$
|
33,300
|
|
|
$
|
4,085
|
|
|
12.3
|
%
|
|
Column Financial - 22
hotels
|
|
April 2018
|
|
LIBOR +
4.39%
|
|
—
|
|
|
971,654
|
|
(2)
|
971,654
|
|
|
106,322
|
|
|
10.9
|
%
|
|
JPM Lakeway - 1
hotel
|
|
May 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
25,100
|
|
(3)
|
25,100
|
|
|
3,226
|
|
|
12.9
|
%
|
|
BAML Le Pavillon - 1
hotel
|
|
June 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
43,750
|
|
(4)
|
43,750
|
|
|
2,297
|
|
|
5.3
|
%
|
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2018
|
|
LIBOR +
4.15%
|
|
—
|
|
|
35,200
|
|
(5)
|
35,200
|
|
|
3,719
|
|
|
10.6
|
%
|
|
BAML W Atlanta - 1
hotel
|
|
July 2018
|
|
LIBOR +
5.10%
|
|
—
|
|
|
40,500
|
|
(5)
|
40,500
|
|
|
4,832
|
|
|
11.9
|
%
|
|
Morgan Stanley - 8
hotels
|
|
July 2018
|
|
LIBOR +
4.09%
|
|
—
|
|
|
144,000
|
|
(5)
|
144,000
|
|
|
11,513
|
|
|
8.0
|
%
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
August
2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
12,000
|
|
(6)
|
12,000
|
|
|
1,146
|
|
|
9.6
|
%
|
|
Morgan Stanley Pool B
- 4 hotels
|
|
August
2018
|
|
LIBOR +
4.35%
|
|
—
|
|
|
52,530
|
|
(7)
|
52,530
|
|
|
7,868
|
|
|
15.0
|
%
|
|
Morgan Stanley Pool A
- 6 hotels
|
|
August
2018
|
|
LIBOR +
4.35%
|
|
—
|
|
|
280,421
|
|
(7)
|
280,421
|
|
|
39,289
|
|
|
14.0
|
%
|
|
JPMorgan Chase - 17
hotels
|
|
October
2018
|
|
LIBOR +
4.55%
|
|
—
|
|
|
442,359
|
|
(8) (9)
|
442,359
|
|
|
64,663
|
|
|
14.6
|
%
|
|
Morgan Stanley MIP -
5 hotels
|
|
February
2019
|
|
LIBOR +
4.75%
|
|
—
|
|
|
200,000
|
|
(10)
|
200,000
|
|
|
22,451
|
|
|
11.2
|
%
|
|
Omni American Bank
Ashton - 1 hotel
|
|
July 2019
|
|
4.00%
|
|
5,310
|
|
|
—
|
|
|
5,310
|
|
|
1,138
|
|
|
21.4
|
%
|
|
Morgan Stanley Pool -
17 hotels
|
|
November
2019
|
|
LIBOR +
3.00%
|
|
—
|
|
|
427,000
|
|
(11)
|
427,000
|
|
|
50,932
|
|
|
11.9
|
%
|
|
JPMorgan Chase - 8
hotels
|
|
February
2020
|
|
LIBOR +
2.92%
|
|
—
|
|
|
395,000
|
|
(12)
|
395,000
|
|
|
45,069
|
|
|
11.4
|
%
|
|
BAML Indigo Atlanta -
1 hotel
|
|
May 2020
|
|
LIBOR +
2.90%
|
|
—
|
|
|
16,100
|
|
(6)
|
16,100
|
|
|
2,158
|
|
|
13.4
|
%
|
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
94,754
|
|
|
—
|
|
|
94,754
|
|
|
15,023
|
|
|
15.9
|
%
|
|
Aareal
Princeton/Nashville - 2 hotels
|
|
June 2022
|
|
LIBOR +
3.00%
|
|
—
|
|
|
171,228
|
|
|
171,228
|
|
|
27,559
|
|
|
16.1
|
%
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
November
2022
|
|
LIBOR +
2.00%
|
|
—
|
|
|
97,000
|
|
|
97,000
|
|
|
14,231
|
|
|
14.7
|
%
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
53,548
|
|
|
—
|
|
|
53,548
|
|
|
6,403
|
|
|
12.0
|
%
|
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
6,970
|
|
|
—
|
|
|
6,970
|
|
|
1,295
|
|
|
18.6
|
%
|
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,172
|
|
|
—
|
|
|
10,172
|
|
|
1,599
|
|
|
15.7
|
%
|
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,501
|
|
|
—
|
|
|
6,501
|
|
|
1,062
|
|
|
16.3
|
%
|
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,193
|
|
|
—
|
|
|
12,193
|
|
|
1,985
|
|
|
16.3
|
%
|
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,372
|
|
|
—
|
|
|
24,372
|
|
|
3,571
|
|
|
14.7
|
%
|
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
65,971
|
|
|
—
|
|
|
65,971
|
|
|
8,828
|
|
|
13.4
|
%
|
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
20,117
|
|
|
—
|
|
|
20,117
|
|
|
2,675
|
|
|
13.3
|
%
|
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
52,035
|
|
|
—
|
|
|
52,035
|
|
|
7,857
|
|
|
15.1
|
%
|
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,219
|
|
|
N/A
|
|
|
Total
|
|
|
|
|
|
$
|
351,943
|
|
|
$
|
3,387,142
|
|
|
$
|
3,739,085
|
|
|
$
|
465,015
|
|
|
12.4
|
%
|
|
Percentage
|
|
|
|
|
|
9.4
|
%
|
|
90.6
|
%
|
|
100.0
|
%
|
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.33
|
%
|
|
5.83
|
%
|
|
5.79
|
%
|
|
|
|
|
|
|
All indebtedness is
non-recourse.
|
|
(1)
|
This mortgage loan
has three one-year extension options, subject to satisfaction of
certain conditions. The second one-year extension period began in
April 2018.
|
|
(2)
|
This mortgage loan
has four one-year extension options, subject to satisfaction of
certain conditions. The second one-year extension period began in
April 2018.
|
|
(3)
|
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.
|
|
(4)
|
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.
|
|
(5)
|
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.
|
|
(6)
|
This mortgage loan
has two one-year extension options, subject to satisfaction of
certain conditions.
|
|
(7)
|
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.
|
|
(8)
|
This mortgage loan
has four one-year extension options, subject to satisfaction of
certain conditions.
|
|
(9)
|
This mortgage loan
had a $7.6 million pay down of principal related to the sale of the
SpringHill Suites Glen Allen on February 20, 2018.
|
|
(10)
|
This mortgage loan
has three one-year extension options, subject to satisfaction of
certain conditions and a LIBOR floor of 0.20%. The third
one-year extension period began in February 2018.
|
|
(11)
|
This mortgage loan
has five one-year extension options, subject to satisfaction of
certain conditions.
|
|
(12)
|
This mortgage loan
has five one-year extension options, subject to satisfaction of
certain conditions.
|
|
(13)
|
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
MARCH 31, 2018
(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
|
|
|
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165,228
|
|
|
—
|
|
|
165,228
|
|
|
JPMorgan Chase - 17
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
442,359
|
|
|
—
|
|
|
442,359
|
|
|
JPMorgan Chase - 8
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395,000
|
|
|
395,000
|
|
|
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
|
|
|
$
|
423,736
|
|
|
$
|
971,654
|
|
|
$
|
720,057
|
|
|
$
|
1,043,455
|
|
|
$
|
3,697,021
|
|
|
Scheduled
amortization payments remaining
|
|
4,360
|
|
|
6,554
|
|
|
8,035
|
|
|
8,170
|
|
|
6,805
|
|
|
8,140
|
|
|
42,064
|
|
|
Total
indebtedness
|
|
$
|
4,360
|
|
|
$
|
544,673
|
|
|
$
|
431,771
|
|
|
$
|
979,824
|
|
|
$
|
726,862
|
|
|
$
|
1,051,595
|
|
|
$
|
3,739,085
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE
INDICATORS
(unaudited)
|
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
March 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
269,302
|
|
|
$
|
(327)
|
|
|
$
|
268,975
|
|
|
$
|
275,387
|
|
|
$
|
(5,832)
|
|
|
$
|
269,555
|
|
|
(2.21)
|
%
|
|
(0.22)
|
%
|
|
RevPAR
|
$
|
119.70
|
|
|
$
|
(48.05)
|
|
|
$
|
119.92
|
|
|
$
|
118.65
|
|
|
$
|
(74.52)
|
|
|
$
|
120.19
|
|
|
0.88
|
%
|
|
(0.22)
|
%
|
|
Occupancy
|
73.95
|
%
|
|
(52.31)
|
%
|
|
74.01
|
%
|
|
74.56
|
%
|
|
(64.72)
|
%
|
|
74.90
|
%
|
|
(0.82)
|
%
|
|
(1.19)
|
%
|
|
ADR
|
$
|
161.87
|
|
|
$
|
(91.86)
|
|
|
$
|
162.02
|
|
|
$
|
159.15
|
|
|
$
|
(115.15)
|
|
|
$
|
160.47
|
|
|
1.71
|
%
|
|
0.97
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
March 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
207,424
|
|
|
$
|
(327)
|
|
|
$
|
207,097
|
|
|
$
|
207,841
|
|
|
$
|
(5,832)
|
|
|
$
|
202,009
|
|
|
(0.20)
|
%
|
|
2.52
|
%
|
|
RevPAR
|
$
|
118.90
|
|
|
$
|
(48.05)
|
|
|
$
|
119.18
|
|
|
$
|
114.45
|
|
|
$
|
(74.52)
|
|
|
$
|
116.25
|
|
|
3.89
|
%
|
|
2.52
|
%
|
|
Occupancy
|
75.59
|
%
|
|
(52.31)
|
%
|
|
75.68
|
%
|
|
74.04
|
%
|
|
(64.72)
|
%
|
|
74.46
|
%
|
|
2.09
|
%
|
|
1.64
|
%
|
|
ADR
|
$
|
157.29
|
|
|
$
|
(91.86)
|
|
|
$
|
157.47
|
|
|
$
|
154.58
|
|
|
$
|
(115.15)
|
|
|
$
|
156.12
|
|
|
1.75
|
%
|
|
0.86
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 100 hotel properties owned and included in
the Company's operations at March 31, 2018, and not under
renovation during the three months ended March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL
EBITDA
(dollars in
thousands)
(unaudited)
|
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
March
31,
|
|
2018
|
|
2017
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
339,465
|
|
|
$
|
351,598
|
|
|
(3.45)
|
%
|
|
Non-comparable
adjustments
|
(333)
|
|
|
(8,076)
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
339,132
|
|
|
$
|
343,522
|
|
|
(1.28)
|
%
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
108,614
|
|
|
$
|
113,473
|
|
|
(4.28)
|
%
|
|
Non-comparable
adjustments
|
108
|
|
|
(1,232)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
108,722
|
|
|
$
|
112,241
|
|
|
(3.14)
|
%
|
|
Hotel EBITDA
margin
|
32.00
|
%
|
|
32.27
|
%
|
|
(0.27)
|
%
|
|
Comparable hotel
EBITDA margin
|
32.06
|
%
|
|
32.67
|
%
|
|
(0.61)
|
%
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
49
|
|
|
$
|
63
|
|
|
(22.22)
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
108,565
|
|
|
$
|
113,410
|
|
|
(4.27)
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
108,673
|
|
|
$
|
112,178
|
|
|
(3.12)
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
|
|
March
31,
|
|
2018
|
|
2017
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
258,155
|
|
|
$
|
259,979
|
|
|
(0.70)
|
%
|
|
Non-comparable
adjustments
|
(333)
|
|
|
(8,076)
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
257,822
|
|
|
$
|
251,903
|
|
|
2.35
|
%
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
85,647
|
|
|
$
|
84,310
|
|
|
1.59
|
%
|
|
Non-comparable
adjustments
|
108
|
|
|
(1,264)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
85,755
|
|
|
$
|
83,046
|
|
|
3.26
|
%
|
|
Hotel EBITDA
margin
|
33.18
|
%
|
|
32.43
|
%
|
|
0.75
|
%
|
|
Comparable hotel
EBITDA margin
|
33.26
|
%
|
|
32.97
|
%
|
|
0.29
|
%
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
49
|
|
|
$
|
63
|
|
|
(22.22)
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
85,598
|
|
|
$
|
84,247
|
|
|
1.60
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
85,706
|
|
|
$
|
82,983
|
|
|
3.28
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 100 hotel properties owned and included in
the Company's operations at March 31, 2018, and not under
renovation during the three months ended March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
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
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
Total hotel
revenue
|
$
|
339,465
|
|
|
$
|
(333)
|
|
|
$
|
339,132
|
|
|
$
|
339,160
|
|
|
$
|
(871)
|
|
|
$
|
338,289
|
|
|
$
|
350,958
|
|
|
$
|
(1,029)
|
|
|
$
|
349,929
|
|
|
$
|
388,047
|
|
|
$
|
(6,085)
|
|
|
$
|
381,962
|
|
|
Hotel
EBITDA
|
$
|
108,614
|
|
|
$
|
108
|
|
|
$
|
108,722
|
|
|
$
|
106,630
|
|
|
$
|
(1,094)
|
|
|
$
|
105,536
|
|
|
$
|
113,302
|
|
|
$
|
258
|
|
|
$
|
113,560
|
|
|
$
|
138,477
|
|
|
$
|
(1,280)
|
|
|
$
|
137,197
|
|
|
Hotel EBITDA
margin
|
32.00
|
%
|
|
|
|
32.06
|
%
|
|
31.44
|
%
|
|
|
|
31.20
|
%
|
|
32.28
|
%
|
|
|
|
32.45
|
%
|
|
35.69
|
%
|
|
|
|
35.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
23.2
|
%
|
|
|
|
23.4
|
%
|
|
22.8
|
%
|
|
|
|
22.7
|
%
|
|
24.3
|
%
|
|
|
|
24.4
|
%
|
|
29.7
|
%
|
|
|
|
29.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
|
1,417,630
|
|
|
$
|
(8,318)
|
|
|
$
|
1,409,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
467,023
|
|
|
$
|
(2,008)
|
|
|
$
|
465,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
32.94
|
%
|
|
|
|
33.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
354
|
|
|
$
|
—
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
March 31,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
134.57
|
|
|
$
|
—
|
|
|
$
|
134.57
|
|
|
$
|
122.01
|
|
|
$
|
(88.06)
|
|
|
$
|
133.80
|
|
|
10.3
|
%
|
|
0.6
|
%
|
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
111.31
|
|
|
—
|
|
|
111.31
|
|
|
107.68
|
|
|
—
|
|
|
107.68
|
|
|
3.4
|
%
|
|
3.4
|
%
|
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
120.64
|
|
|
—
|
|
|
120.64
|
|
|
114.83
|
|
|
—
|
|
|
114.83
|
|
|
5.1
|
%
|
|
5.1
|
%
|
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
111.94
|
|
|
—
|
|
|
111.94
|
|
|
114.43
|
|
|
—
|
|
|
114.43
|
|
|
(2.2)
|
%
|
|
(2.2)
|
%
|
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
141.25
|
|
|
—
|
|
|
141.25
|
|
|
139.88
|
|
|
—
|
|
|
139.88
|
|
|
1.0
|
%
|
|
1.0
|
%
|
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
189.18
|
|
|
—
|
|
|
189.18
|
|
|
177.35
|
|
|
—
|
|
|
177.35
|
|
|
6.7
|
%
|
|
6.7
|
%
|
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
121.46
|
|
|
—
|
|
|
121.46
|
|
|
108.20
|
|
|
—
|
|
|
108.20
|
|
|
12.3
|
%
|
|
12.3
|
%
|
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
181.25
|
|
|
—
|
|
|
181.25
|
|
|
194.77
|
|
|
—
|
|
|
194.77
|
|
|
(6.9)
|
%
|
|
(6.9)
|
%
|
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
104.17
|
|
|
—
|
|
|
104.17
|
|
|
99.92
|
|
|
—
|
|
|
99.92
|
|
|
4.3
|
%
|
|
4.3
|
%
|
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
126.27
|
|
|
—
|
|
|
126.27
|
|
|
126.73
|
|
|
—
|
|
|
126.73
|
|
|
(0.4)
|
%
|
|
(0.4)
|
|
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
84.14
|
|
|
—
|
|
|
84.14
|
|
|
80.30
|
|
|
—
|
|
|
80.30
|
|
|
4.8
|
%
|
|
4.8
|
%
|
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
113.08
|
|
|
—
|
|
|
113.08
|
|
|
112.69
|
|
|
—
|
|
|
112.69
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
150.15
|
|
|
—
|
|
|
150.15
|
|
|
148.55
|
|
|
—
|
|
|
148.55
|
|
|
1.1
|
%
|
|
1.1
|
%
|
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
148.10
|
|
|
—
|
|
|
148.10
|
|
|
152.23
|
|
|
—
|
|
|
152.23
|
|
|
(2.7)
|
%
|
|
(2.7)
|
%
|
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
117.05
|
|
|
—
|
|
|
117.05
|
|
|
132.59
|
|
|
—
|
|
|
132.59
|
|
|
(11.7)
|
%
|
|
(11.7)
|
%
|
|
Other
Areas
|
51
|
|
|
8,795
|
|
|
104.49
|
|
|
(48.05)
|
|
|
104.97
|
|
|
103.26
|
|
|
(56.64)
|
|
|
105.25
|
|
|
1.2
|
%
|
|
(0.3)
|
%
|
|
Total
Portfolio
|
119
|
|
|
24,922
|
|
|
$
|
119.70
|
|
|
$
|
(48.05)
|
|
|
$
|
119.92
|
|
|
$
|
118.65
|
|
|
$
|
(74.52)
|
|
|
$
|
120.19
|
|
|
0.9
|
%
|
|
(0.2)
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
March 31,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
%
Variance
|
|
%
Variance
|
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
6,436
|
|
|
$
|
38
|
|
|
$
|
6,474
|
|
|
6.0
|
%
|
|
$
|
8,240
|
|
|
$
|
(1,390)
|
|
|
$
|
6,850
|
|
|
6.2
|
%
|
|
(21.9)
|
%
|
|
(5.5)
|
%
|
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
1,682
|
|
|
—
|
|
|
1,682
|
|
|
1.5
|
%
|
|
2,346
|
|
|
7
|
|
|
2,353
|
|
|
2.1
|
%
|
|
(28.3)
|
%
|
|
(28.5)
|
%
|
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
7,850
|
|
|
—
|
|
|
7,850
|
|
|
7.2
|
%
|
|
7,008
|
|
|
(10)
|
|
|
6,998
|
|
|
6.2
|
%
|
|
12.0
|
%
|
|
12.2
|
%
|
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
3,523
|
|
|
—
|
|
|
3,523
|
|
|
3.2
|
%
|
|
3,428
|
|
|
9
|
|
|
3,437
|
|
|
3.1
|
%
|
|
2.8
|
%
|
|
2.5
|
%
|
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
9,759
|
|
|
—
|
|
|
9,759
|
|
|
9.0
|
%
|
|
9,888
|
|
|
9
|
|
|
9,897
|
|
|
8.8
|
%
|
|
(1.3)
|
%
|
|
(1.4)
|
%
|
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
5,357
|
|
|
—
|
|
|
5,357
|
|
|
4.9
|
%
|
|
4,776
|
|
|
6
|
|
|
4,782
|
|
|
4.3
|
%
|
|
12.2
|
%
|
|
12.0
|
%
|
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
3,318
|
|
|
—
|
|
|
3,318
|
|
|
3.1
|
%
|
|
2,297
|
|
|
10
|
|
|
2,307
|
|
|
2.1
|
%
|
|
44.4
|
%
|
|
43.8
|
%
|
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
4,537
|
|
|
—
|
|
|
4,537
|
|
|
4.2
|
%
|
|
6,696
|
|
|
—
|
|
|
6,696
|
|
|
6.0
|
%
|
|
(32.2)
|
%
|
|
(32.2)
|
%
|
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
5,686
|
|
|
—
|
|
|
5,686
|
|
|
5.2
|
%
|
|
5,761
|
|
|
21
|
|
|
5,782
|
|
|
5.2
|
%
|
|
(1.3)
|
%
|
|
(1.7)
|
%
|
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
3,340
|
|
|
—
|
|
|
3,340
|
|
|
3.1
|
%
|
|
3,559
|
|
|
2
|
|
|
3,561
|
|
|
3.3
|
%
|
|
(6.2)
|
%
|
|
(6.2)
|
%
|
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
1,376
|
|
|
—
|
|
|
1,376
|
|
|
1.3
|
%
|
|
974
|
|
|
3
|
|
|
977
|
|
|
1.0
|
%
|
|
41.3
|
%
|
|
40.8
|
%
|
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
1,552
|
|
|
—
|
|
|
1,552
|
|
|
1.4
|
%
|
|
1,520
|
|
|
1
|
|
|
1,521
|
|
|
1.4
|
%
|
|
2.1
|
%
|
|
2.0
|
%
|
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,368
|
|
|
8,183
|
|
|
—
|
|
|
8,183
|
|
|
7.5
|
%
|
|
8,043
|
|
|
16
|
|
|
8,059
|
|
|
7.2
|
%
|
|
1.7
|
%
|
|
1.5
|
%
|
|
Tampa, FL
Area
|
3
|
|
|
680
|
|
|
5,469
|
|
|
—
|
|
|
5,469
|
|
|
5.0
|
%
|
|
5,101
|
|
|
25
|
|
|
5,126
|
|
|
4.6
|
%
|
|
7.2
|
%
|
|
6.7
|
%
|
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,308
|
|
|
7,528
|
|
|
—
|
|
|
7,528
|
|
|
6.9
|
%
|
|
10,561
|
|
|
—
|
|
|
10,561
|
|
|
9.4
|
%
|
|
(28.7)
|
%
|
|
(28.7)
|
%
|
|
Other
Areas
|
51
|
|
|
8,795
|
|
|
33,018
|
|
|
70
|
|
|
33,088
|
|
|
30.5
|
%
|
|
33,275
|
|
|
59
|
|
|
33,334
|
|
|
29.1
|
%
|
|
(0.8)
|
%
|
|
(0.7)
|
%
|
|
Total
Portfolio
|
119
|
|
|
24,922
|
|
|
$
|
108,614
|
|
|
$
|
108
|
|
|
$
|
108,722
|
|
|
100.0
|
%
|
|
$
|
113,473
|
|
|
$
|
(1,232)
|
|
|
$
|
112,241
|
|
|
100.0
|
%
|
|
(4.3)
|
%
|
|
(3.1)
|
%
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
MARCH 31, 2018
(in thousands, except
share price)
(unaudited)
|
|
|
March 31,
2018
|
|
End of quarter common
shares outstanding
|
98,654
|
|
|
Partnership units
outstanding
|
20,583
|
|
|
Combined common
shares and partnership units outstanding
|
119,237
|
|
|
Common stock price at
quarter end
|
$
|
6.46
|
|
|
Market
capitalization at quarter end
|
$
|
770,271
|
|
|
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
|
$
|
3,739,085
|
|
|
Joint venture
partner's share of consolidated debt
|
$
|
(2,021)
|
|
|
Net working capital
(see below)
|
$
|
(427,569)
|
|
|
Total enterprise
value (TEV)
|
$
|
4,644,501
|
|
|
|
|
Ashford Inc.
Investment:
|
|
|
Common stock owned at
end of quarter
|
598
|
|
|
Common stock price at
quarter end
|
$
|
95.71
|
|
|
Market value of
Ashford Inc. investment
|
$
|
57,250
|
|
|
|
|
Cash and cash
equivalents
|
$
|
277,595
|
|
|
Restricted
cash
|
$
|
137,177
|
|
|
Accounts receivable,
net
|
$
|
54,648
|
|
|
Prepaid
expenses
|
$
|
29,250
|
|
|
Investment in
securities
|
$
|
35,976
|
|
|
Due from third-party
hotel managers, net
|
$
|
17,414
|
|
|
Market value of
Ashford Inc. investment
|
$
|
57,250
|
|
|
Total current
assets
|
$
|
609,310
|
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
144,140
|
|
|
Dividends and
distributions payable
|
$
|
26,824
|
|
|
Due to affiliates,
net
|
$
|
10,777
|
|
|
Total current
liabilities
|
$
|
181,741
|
|
|
|
|
Net working
capital*
|
$
|
427,569
|
|
|
|
* 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)
|
|
|
|
2018
|
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
Rooms
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
Courtyard Crystal
City Reagan Airport
|
272
|
|
x
|
|
|
|
|
Courtyard Denver
Airport
|
202
|
|
x
|
|
|
|
|
Courtyard
Gaithersburg
|
210
|
|
x
|
x
|
|
|
|
Courtyard
Louisville Airport
|
150
|
|
|
|
|
x
|
|
Embassy Suites
Crystal City
|
267
|
|
|
|
|
x
|
|
Embassy Suites
Philadelphia Airport
|
263
|
|
x
|
x
|
|
|
|
Embassy Suites
Santa Clara Silicon Valley
|
257
|
|
x
|
x
|
|
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
|
|
|
x
|
|
Hampton Inn Suites
Phoenix Airport
|
106
|
|
|
x
|
x
|
|
|
Hilton St.
Petersburg Bayfront
|
333
|
|
x
|
x
|
|
|
|
Hilton Tampa
Westshore
|
238
|
|
|
x
|
x
|
|
|
Hilton Garden Inn
BWI Airport
|
158
|
|
|
|
|
x
|
|
Hilton Garden Inn
Jacksonville
|
119
|
|
x
|
|
|
|
|
Hotel Indigo
Atlanta Midtown
|
140
|
|
|
x
|
x
|
|
|
Hyatt Regency
Coral Gables
|
253
|
|
|
|
x
|
x
|
|
Le Meridien
Chambers Minneapolis
|
60
|
|
x
|
|
|
|
|
Le Pavillon
Hotel
|
226
|
|
|
|
x
|
|
|
Marriott Crystal
Gateway
|
704
|
|
x
|
x
|
x
|
x
|
|
Marriott
Omaha
|
300
|
|
|
|
x
|
x
|
|
Marriott
RTP
|
225
|
|
x
|
|
|
|
|
Renaissance
Nashville
|
673
|
|
x
|
x
|
x
|
x
|
|
Renaissance Palm
Springs
|
410
|
|
x
|
|
|
|
|
Residence Inn
Jacksonville
|
120
|
|
x
|
x
|
|
|
|
Residence Inn
Orlando Sea World
|
350
|
|
x
|
x
|
x
|
x
|
|
Ritz-Carlton
Atlanta
|
444
|
|
x
|
x
|
x
|
x
|
|
Sheraton
Anchorage
|
370
|
|
x
|
|
|
|
|
SpringHill Suites
Centreville
|
136
|
|
x
|
|
|
|
|
The
Churchill
|
173
|
|
x
|
|
|
|
|
Westin
Princeton
|
296
|
|
x
|
x
|
|
|
|
Total
|
|
19
|
13
|
10
|
10
|
|
|
|
(a)
|
Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 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)
|
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
March 31,
2018
|
|
1st
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
TTM
|
|
Net income
(loss)
|
$
|
40,311
|
|
|
$
|
33,102
|
|
|
$
|
45,901
|
|
|
$
|
89,279
|
|
|
$
|
208,593
|
|
|
Non-property
adjustments
|
1,669
|
|
|
8,246
|
|
|
1,770
|
|
|
(14,092)
|
|
|
(2,407)
|
|
|
Interest
income
|
(30)
|
|
|
(28)
|
|
|
(28)
|
|
|
(38)
|
|
|
(124)
|
|
|
Interest
expense
|
1,600
|
|
|
1,258
|
|
|
698
|
|
|
572
|
|
|
4,128
|
|
|
Amortization of loan
costs
|
112
|
|
|
73
|
|
|
37
|
|
|
54
|
|
|
276
|
|
|
Depreciation and
amortization
|
62,869
|
|
|
61,182
|
|
|
59,966
|
|
|
60,383
|
|
|
244,400
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
173
|
|
|
33
|
|
|
6
|
|
|
212
|
|
|
Non-hotel EBITDA
ownership expense
|
2,083
|
|
|
2,624
|
|
|
4,925
|
|
|
2,313
|
|
|
11,945
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
108,614
|
|
|
106,630
|
|
|
113,302
|
|
|
138,477
|
|
|
467,023
|
|
|
Non-comparable
adjustments
|
108
|
|
|
(1,094)
|
|
|
258
|
|
|
(1,280)
|
|
|
(2,008)
|
|
|
Comparable hotel
EBITDA
|
$
|
108,722
|
|
|
$
|
105,536
|
|
|
$
|
113,560
|
|
|
$
|
137,197
|
|
|
$
|
465,015
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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
March 31, 2018
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
|
Net income
(loss)
|
$
|
35,420
|
|
|
$
|
4,891
|
|
|
$
|
40,311
|
|
|
$
|
483
|
|
|
$
|
(73,443)
|
|
|
$
|
(32,649)
|
|
|
Non-property
adjustments
|
(236)
|
|
|
1,905
|
|
|
1,669
|
|
|
—
|
|
|
(1,669)
|
|
|
—
|
|
|
Interest
income
|
(27)
|
|
|
(3)
|
|
|
(30)
|
|
|
—
|
|
|
(716)
|
|
|
(746)
|
|
|
Interest
expense
|
1,600
|
|
|
—
|
|
|
1,600
|
|
|
—
|
|
|
50,690
|
|
|
52,290
|
|
|
Amortization of loan
cost
|
112
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
2,341
|
|
|
2,453
|
|
|
Depreciation and
amortization
|
46,752
|
|
|
16,117
|
|
|
62,869
|
|
|
130
|
|
|
48
|
|
|
63,047
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(886)
|
|
|
(886)
|
|
|
Non-hotel EBITDA
ownership expense
|
2,026
|
|
|
57
|
|
|
2,083
|
|
|
(11)
|
|
|
(2,072)
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
85,647
|
|
|
22,967
|
|
|
108,614
|
|
|
602
|
|
|
(25,707)
|
|
|
83,509
|
|
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(49)
|
|
|
—
|
|
|
(49)
|
|
|
—
|
|
|
49
|
|
|
—
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
588
|
|
|
588
|
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(964)
|
|
|
(964)
|
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(139)
|
|
|
(139)
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
85,598
|
|
|
$
|
22,967
|
|
|
$
|
108,565
|
|
|
$
|
602
|
|
|
$
|
(26,173)
|
|
|
$
|
82,994
|
|
|
Non-comparable
adjustments
|
108
|
|
|
—
|
|
|
108
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
85,755
|
|
|
$
|
22,967
|
|
|
$
|
108,722
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
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)
|
$
|
28,859
|
|
|
$
|
4,243
|
|
|
$
|
33,102
|
|
|
$
|
230
|
|
|
$
|
(71,857)
|
|
|
$
|
(38,525)
|
|
|
Non-property
adjustments
|
3,513
|
|
|
4,733
|
|
|
8,246
|
|
|
(75)
|
|
|
(8,171)
|
|
|
—
|
|
|
Interest
income
|
(24)
|
|
|
(4)
|
|
|
(28)
|
|
|
—
|
|
|
(714)
|
|
|
(742)
|
|
|
Interest
expense
|
1,258
|
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|
51,851
|
|
|
53,109
|
|
|
Amortization of loan
cost
|
73
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
2,225
|
|
|
2,298
|
|
|
Depreciation and
amortization
|
46,521
|
|
|
14,661
|
|
|
61,182
|
|
|
123
|
|
|
46
|
|
|
61,351
|
|
|
Income tax expense
(benefit)
|
173
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
(1,884)
|
|
|
(1,711)
|
|
|
Non-hotel EBITDA
ownership expense
|
2,412
|
|
|
212
|
|
|
2,624
|
|
|
25
|
|
|
(2,649)
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
82,785
|
|
|
23,845
|
|
|
106,630
|
|
|
303
|
|
|
(31,153)
|
|
|
75,780
|
|
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(85)
|
|
|
—
|
|
|
(85)
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
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
|
$
|
82,700
|
|
|
$
|
23,845
|
|
|
$
|
106,545
|
|
|
$
|
303
|
|
|
$
|
(30,565)
|
|
|
$
|
76,283
|
|
|
Non-comparable
adjustments
|
(1,239)
|
|
|
145
|
|
|
(1,094)
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
81,546
|
|
|
$
|
23,990
|
|
|
$
|
105,536
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
September 30, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
|
Net income
(loss)
|
$
|
34,096
|
|
|
$
|
11,805
|
|
|
$
|
45,901
|
|
|
$
|
69
|
|
|
$
|
(74,696)
|
|
|
$
|
(28,726)
|
|
|
Non-property
adjustments
|
1,644
|
|
|
126
|
|
|
1,770
|
|
|
—
|
|
|
(1,770)
|
|
|
—
|
|
|
Interest
income
|
(21)
|
|
|
(7)
|
|
|
(28)
|
|
|
—
|
|
|
(678)
|
|
|
(706)
|
|
|
Interest
expense
|
698
|
|
|
—
|
|
|
698
|
|
|
—
|
|
|
53,715
|
|
|
54,413
|
|
|
Amortization of loan
cost
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
2,513
|
|
|
2,550
|
|
|
Depreciation and
amortization
|
46,772
|
|
|
13,194
|
|
|
59,966
|
|
|
120
|
|
|
49
|
|
|
60,135
|
|
|
Income tax expense
(benefit)
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
(1,300)
|
|
|
(1,267)
|
|
|
Non-hotel EBITDA
ownership expense
|
4,947
|
|
|
(22)
|
|
|
4,925
|
|
|
7
|
|
|
(4,932)
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
88,206
|
|
|
25,096
|
|
|
113,302
|
|
|
196
|
|
|
(27,099)
|
|
|
86,399
|
|
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(116)
|
|
|
—
|
|
|
(116)
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
679
|
|
|
679
|
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384)
|
|
|
(384)
|
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113)
|
|
|
(113)
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
88,090
|
|
|
$
|
25,096
|
|
|
$
|
113,186
|
|
|
$
|
196
|
|
|
$
|
(26,801)
|
|
|
$
|
86,581
|
|
|
Non-comparable
adjustments
|
303
|
|
|
(45)
|
|
|
258
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
88,509
|
|
|
$
|
25,051
|
|
|
$
|
113,560
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
June 30, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
|
Net income
(loss)
|
$
|
66,947
|
|
|
$
|
22,332
|
|
|
$
|
89,279
|
|
|
$
|
545
|
|
|
$
|
(79,396)
|
|
|
$
|
10,428
|
|
|
Non-property
adjustments
|
(14,092)
|
|
|
—
|
|
|
(14,092)
|
|
|
—
|
|
|
14,092
|
|
|
—
|
|
|
Interest
income
|
(31)
|
|
|
(7)
|
|
|
(38)
|
|
|
—
|
|
|
(508)
|
|
|
(546)
|
|
|
Interest
expense
|
572
|
|
|
—
|
|
|
572
|
|
|
—
|
|
|
51,359
|
|
|
51,931
|
|
|
Amortization of loan
cost
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
2,971
|
|
|
3,025
|
|
|
Depreciation and
amortization
|
48,528
|
|
|
11,855
|
|
|
60,383
|
|
|
117
|
|
|
47
|
|
|
60,547
|
|
|
Income tax expense
(benefit)
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
1,600
|
|
|
1,606
|
|
|
Non-hotel EBITDA
ownership expense
|
2,629
|
|
|
(316)
|
|
|
2,313
|
|
|
(18)
|
|
|
(2,295)
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
104,613
|
|
|
33,864
|
|
|
138,477
|
|
|
644
|
|
|
(12,130)
|
|
|
126,991
|
|
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(104)
|
|
|
—
|
|
|
(104)
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,138
|
|
|
2,138
|
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
720
|
|
|
720
|
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124)
|
|
|
(124)
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
104,509
|
|
|
$
|
33,864
|
|
|
$
|
138,373
|
|
|
$
|
644
|
|
|
$
|
(9,292)
|
|
|
$
|
129,725
|
|
|
Non-comparable
adjustments
|
(1,211)
|
|
|
(69)
|
|
|
(1,280)
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
103,402
|
|
|
$
|
33,795
|
|
|
$
|
137,197
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
March 31, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
|
Net income
(loss)
|
$
|
28,007
|
|
|
$
|
17,095
|
|
|
$
|
45,102
|
|
|
$
|
409
|
|
|
$
|
(77,448)
|
|
|
$
|
(31,937)
|
|
|
Non-property
adjustments
|
83
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
(83)
|
|
|
—
|
|
|
Interest
income
|
(26)
|
|
|
(6)
|
|
|
(32)
|
|
|
—
|
|
|
(176)
|
|
|
(208)
|
|
|
Interest
expense
|
482
|
|
|
—
|
|
|
482
|
|
|
—
|
|
|
49,477
|
|
|
49,959
|
|
|
Amortization of loan
cost
|
126
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
5,220
|
|
|
5,346
|
|
|
Depreciation and
amortization
|
50,293
|
|
|
12,216
|
|
|
62,509
|
|
|
113
|
|
|
2,076
|
|
|
64,698
|
|
|
Income tax expense
(benefit)
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
(863)
|
|
|
(846)
|
|
|
Non-hotel EBITDA
ownership expense
|
5,328
|
|
|
(142)
|
|
|
5,186
|
|
|
5
|
|
|
(5,191)
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
84,310
|
|
|
29,163
|
|
|
113,473
|
|
|
527
|
|
|
(26,988)
|
|
|
87,012
|
|
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(63)
|
|
|
—
|
|
|
(63)
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
815
|
|
|
815
|
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384)
|
|
|
(384)
|
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124)
|
|
|
(124)
|
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
84,247
|
|
|
$
|
29,163
|
|
|
$
|
113,410
|
|
|
$
|
527
|
|
|
$
|
(26,618)
|
|
|
$
|
87,319
|
|
|
Non-comparable
adjustments
|
(1,264)
|
|
|
32
|
|
|
(1,232)
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
83,046
|
|
|
$
|
29,195
|
|
|
$
|
112,241
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 Airport, Embassy Suites
Santa Clara Silicon Valley, Hilton St. Petersburg Bayfront, Hilton
Garden Inn Jacksonville, Le Meridien Chambers Minneapolis, Marriott
Crystal Gateway, Marriott RTP, Renaissance Nashville, Renaissance
Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea
World, Ritz-Carlton Atlanta, Sheraton Anchorage, SpringHill Suites
Centreville, The Churchill, Westin Princeton
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
March 31, 2018
|
|
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)
|
$
|
3,226
|
|
|
$
|
(3,124)
|
|
|
$
|
4,394
|
|
|
$
|
2,234
|
|
|
$
|
5,233
|
|
|
$
|
3,545
|
|
|
$
|
812
|
|
|
$
|
2,544
|
|
|
$
|
1,705
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(148)
|
|
|
—
|
|
|
(99)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(10)
|
|
|
—
|
|
|
(3)
|
|
|
Interest
expense
|
181
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
38
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
2,834
|
|
|
3,673
|
|
|
3,407
|
|
|
1,340
|
|
|
4,539
|
|
|
1,824
|
|
|
2,507
|
|
|
1,968
|
|
|
4,234
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
157
|
|
|
207
|
|
|
50
|
|
|
97
|
|
|
(12)
|
|
|
87
|
|
|
9
|
|
|
25
|
|
|
(250)
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
6,436
|
|
|
1,682
|
|
|
7,850
|
|
|
3,523
|
|
|
9,759
|
|
|
5,357
|
|
|
3,318
|
|
|
4,537
|
|
|
5,686
|
|
|
Non-comparable
adjustments
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Comparable hotel
EBITDA
|
$
|
6,474
|
|
|
$
|
1,682
|
|
|
$
|
7,850
|
|
|
$
|
3,523
|
|
|
$
|
9,759
|
|
|
$
|
5,357
|
|
|
$
|
3,318
|
|
|
$
|
4,537
|
|
|
$
|
5,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
|
Net income
(loss)
|
$
|
1,544
|
|
|
$
|
(260)
|
|
|
$
|
219
|
|
|
$
|
5,143
|
|
|
$
|
3,574
|
|
|
$
|
(1,070)
|
|
|
$
|
10,592
|
|
|
$
|
40,311
|
|
|
|
|
Non-property
adjustments
|
(40)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
1,962
|
|
|
21
|
|
|
1,669
|
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(4)
|
|
|
(6)
|
|
|
(30)
|
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
548
|
|
|
1,600
|
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
112
|
|
|
|
|
Depreciation and
amortization
|
1,845
|
|
|
1,589
|
|
|
915
|
|
|
2,952
|
|
|
1,850
|
|
|
6,458
|
|
|
20,934
|
|
|
62,869
|
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Non-hotel EBITDA
ownership expense
|
(7)
|
|
|
47
|
|
|
418
|
|
|
91
|
|
|
72
|
|
|
182
|
|
|
910
|
|
|
2,083
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
3,340
|
|
|
1,376
|
|
|
1,552
|
|
|
8,183
|
|
|
5,469
|
|
|
7,528
|
|
|
33,018
|
|
|
108,614
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
108
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
3,340
|
|
|
$
|
1,376
|
|
|
$
|
1,552
|
|
|
$
|
8,183
|
|
|
$
|
5,469
|
|
|
$
|
7,528
|
|
|
$
|
33,088
|
|
|
$
|
108,722
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
March 31, 2017
|
|
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)
|
$
|
4,354
|
|
|
$
|
(1,030)
|
|
|
$
|
3,897
|
|
|
$
|
1,638
|
|
|
$
|
5,639
|
|
|
$
|
(1,080)
|
|
|
$
|
(392)
|
|
|
$
|
4,479
|
|
|
$
|
1,313
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(2)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
3,824
|
|
|
3,340
|
|
|
3,048
|
|
|
1,809
|
|
|
4,239
|
|
|
1,750
|
|
|
2,679
|
|
|
2,207
|
|
|
4,437
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
62
|
|
|
36
|
|
|
64
|
|
|
(19)
|
|
|
11
|
|
|
4,106
|
|
|
27
|
|
|
10
|
|
|
13
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
8,240
|
|
|
2,346
|
|
|
7,008
|
|
|
3,428
|
|
|
9,888
|
|
|
4,776
|
|
|
2,297
|
|
|
6,696
|
|
|
5,761
|
|
|
Non-comparable
adjustments
|
(1,390)
|
|
|
7
|
|
|
(10)
|
|
|
9
|
|
|
9
|
|
|
6
|
|
|
10
|
|
|
—
|
|
|
21
|
|
|
Comparable hotel
EBITDA
|
$
|
6,850
|
|
|
$
|
2,353
|
|
|
$
|
6,998
|
|
|
$
|
3,437
|
|
|
$
|
9,897
|
|
|
$
|
4,782
|
|
|
$
|
2,307
|
|
|
$
|
6,696
|
|
|
$
|
5,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
2,150
|
|
|
$
|
(460)
|
|
|
$
|
487
|
|
|
$
|
5,758
|
|
|
$
|
3,756
|
|
|
$
|
4,619
|
|
|
$
|
9,974
|
|
|
$
|
45,102
|
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
83
|
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(3)
|
|
|
(2)
|
|
|
(32)
|
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
482
|
|
|
482
|
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
126
|
|
|
|
|
Depreciation and
amortization
|
1,409
|
|
|
1,384
|
|
|
1,028
|
|
|
2,251
|
|
|
1,343
|
|
|
6,125
|
|
|
21,636
|
|
|
62,509
|
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
|
|
Non-hotel EBITDA
ownership expense
|
2
|
|
|
50
|
|
|
5
|
|
|
38
|
|
|
2
|
|
|
(180)
|
|
|
959
|
|
|
5,186
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
3,559
|
|
|
974
|
|
|
1,520
|
|
|
8,043
|
|
|
5,101
|
|
|
10,561
|
|
|
33,275
|
|
|
113,473
|
|
|
|
|
Non-comparable
adjustments
|
2
|
|
|
3
|
|
|
1
|
|
|
16
|
|
|
25
|
|
|
—
|
|
|
59
|
|
|
(1,232)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
3,561
|
|
|
$
|
977
|
|
|
$
|
1,521
|
|
|
$
|
8,059
|
|
|
$
|
5,126
|
|
|
$
|
10,561
|
|
|
$
|
33,334
|
|
|
$
|
112,241
|
|
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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 March
31, 2018
|
|
JP Morgan - 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)
|
$
|
21,875
|
|
|
$
|
6,436
|
|
|
$
|
(161)
|
|
|
$
|
58,461
|
|
|
$
|
423
|
|
|
$
|
(1,274)
|
|
|
$
|
137
|
|
|
$
|
202
|
|
|
$
|
2,396
|
|
|
$
|
2,703
|
|
|
$
|
20,569
|
|
|
Non-property
adjustments
|
261
|
|
|
—
|
|
|
—
|
|
|
(13,851)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
553
|
|
|
Interest
income
|
(56)
|
|
|
(1)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
Interest
expense
|
2
|
|
|
—
|
|
|
2,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
590
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
21,552
|
|
|
14,674
|
|
|
1,937
|
|
|
58,779
|
|
|
2,559
|
|
|
2,877
|
|
|
1,209
|
|
|
10,904
|
|
|
1,301
|
|
|
2,112
|
|
|
17,860
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
1,450
|
|
|
1,356
|
|
|
146
|
|
|
3,833
|
|
|
266
|
|
|
703
|
|
|
100
|
|
|
401
|
|
|
23
|
|
|
17
|
|
|
436
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
45,084
|
|
|
22,465
|
|
|
4,085
|
|
|
107,210
|
|
|
3,248
|
|
|
2,306
|
|
|
2,160
|
|
|
11,519
|
|
|
3,720
|
|
|
4,832
|
|
|
39,417
|
|
|
Non-comparable
adjustments
|
(15)
|
|
|
(14)
|
|
|
—
|
|
|
(888)
|
|
|
(22)
|
|
|
(9)
|
|
|
(2)
|
|
|
(6)
|
|
|
(1)
|
|
|
—
|
|
|
(128)
|
|
|
Comparable hotel
EBITDA
|
$
|
45,069
|
|
|
$
|
22,451
|
|
|
$
|
4,085
|
|
|
$
|
106,322
|
|
|
$
|
3,226
|
|
|
$
|
2,297
|
|
|
$
|
2,158
|
|
|
$
|
11,513
|
|
|
$
|
3,719
|
|
|
$
|
4,832
|
|
|
$
|
39,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 17
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)
|
$
|
(3,270)
|
|
|
$
|
20,005
|
|
|
$
|
6,525
|
|
|
$
|
18,542
|
|
|
$
|
189
|
|
|
$
|
33,593
|
|
|
$
|
620
|
|
|
$
|
5,494
|
|
|
$
|
3,025
|
|
|
$
|
405
|
|
|
$
|
310
|
|
|
Non-property
adjustments
|
6,620
|
|
|
355
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
Interest
income
|
(2)
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
—
|
|
|
—
|
|
|
(28)
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
1,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
4,234
|
|
|
28,389
|
|
|
5,990
|
|
|
9,265
|
|
|
922
|
|
|
27,714
|
|
|
509
|
|
|
10,516
|
|
|
3,389
|
|
|
1,070
|
|
|
938
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
Non-hotel EBITDA
ownership expense
|
300
|
|
|
2,237
|
|
|
209
|
|
|
(247)
|
|
|
35
|
|
|
682
|
|
|
9
|
|
|
(987)
|
|
|
17
|
|
|
95
|
|
|
8
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
7,882
|
|
|
50,981
|
|
|
14,237
|
|
|
27,560
|
|
|
1,146
|
|
|
65,507
|
|
|
1,138
|
|
|
15,023
|
|
|
6,403
|
|
|
1,599
|
|
|
1,295
|
|
|
Non-comparable
adjustments
|
(14)
|
|
|
(49)
|
|
|
(6)
|
|
|
(1)
|
|
|
—
|
|
|
(844)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Comparable hotel
EBITDA
|
$
|
7,868
|
|
|
$
|
50,932
|
|
|
$
|
14,231
|
|
|
$
|
27,559
|
|
|
$
|
1,146
|
|
|
$
|
64,663
|
|
|
$
|
1,138
|
|
|
$
|
15,023
|
|
|
$
|
6,403
|
|
|
$
|
1,599
|
|
|
$
|
1,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
386
|
|
|
$
|
4,109
|
|
|
$
|
1,198
|
|
|
$
|
2,217
|
|
|
$
|
2,911
|
|
|
$
|
2,045
|
|
|
$
|
(4)
|
|
|
$
|
(18)
|
|
|
$
|
(41)
|
|
|
$
|
(1,415)
|
|
|
$
|
208,593
|
|
|
Non-property
adjustments
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
(2,407)
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(124)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,128
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
Depreciation and
amortization
|
573
|
|
|
4,239
|
|
|
739
|
|
|
1,284
|
|
|
4,864
|
|
|
573
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,428
|
|
|
244,400
|
|
|
Income tax expense
(benefit)
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
212
|
|
|
Non-hotel EBITDA
ownership expense
|
7
|
|
|
396
|
|
|
48
|
|
|
70
|
|
|
84
|
|
|
59
|
|
|
12
|
|
|
10
|
|
|
43
|
|
|
127
|
|
|
11,945
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
1,062
|
|
|
8,830
|
|
|
1,985
|
|
|
3,571
|
|
|
7,857
|
|
|
2,675
|
|
|
8
|
|
|
(8)
|
|
|
2
|
|
|
2,224
|
|
|
467,023
|
|
|
Non-comparable
adjustments
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
8
|
|
|
(2)
|
|
|
(5)
|
|
|
(2,008)
|
|
|
Comparable hotel
EBITDA
|
$
|
1,062
|
|
|
$
|
8,828
|
|
|
$
|
1,985
|
|
|
$
|
3,571
|
|
|
$
|
7,857
|
|
|
$
|
2,675
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,219
|
|
|
$
|
465,015
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
March 31, 2018
|
|
JP Morgan - 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)
|
$
|
4,834
|
|
|
$
|
(812)
|
|
|
$
|
(289)
|
|
|
$
|
9,898
|
|
|
$
|
34
|
|
|
$
|
16
|
|
|
$
|
63
|
|
|
$
|
(248)
|
|
|
$
|
125
|
|
|
$
|
812
|
|
|
$
|
6,565
|
|
|
Non-property
adjustments
|
(20)
|
|
|
—
|
|
|
—
|
|
|
(39)
|
|
|
(6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
Interest
income
|
(14)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
5,615
|
|
|
3,966
|
|
|
488
|
|
|
14,917
|
|
|
653
|
|
|
719
|
|
|
222
|
|
|
2,690
|
|
|
288
|
|
|
462
|
|
|
4,516
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
32
|
|
|
824
|
|
|
39
|
|
|
460
|
|
|
2
|
|
|
167
|
|
|
85
|
|
|
100
|
|
|
6
|
|
|
3
|
|
|
1
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
10,447
|
|
|
3,978
|
|
|
802
|
|
|
25,236
|
|
|
683
|
|
|
902
|
|
|
589
|
|
|
2,545
|
|
|
419
|
|
|
1,277
|
|
|
11,089
|
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
10,447
|
|
|
$
|
3,978
|
|
|
$
|
802
|
|
|
$
|
25,274
|
|
|
$
|
683
|
|
|
$
|
902
|
|
|
$
|
589
|
|
|
$
|
2,545
|
|
|
$
|
419
|
|
|
$
|
1,277
|
|
|
$
|
11,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 17
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)
|
$
|
(930)
|
|
|
$
|
6,597
|
|
|
$
|
(1,564)
|
|
|
$
|
2,582
|
|
|
$
|
(51)
|
|
|
$
|
9,143
|
|
|
$
|
173
|
|
|
$
|
32
|
|
|
$
|
413
|
|
|
$
|
(256)
|
|
|
$
|
(53)
|
|
|
Non-property
adjustments
|
1,962
|
|
|
(146)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
Interest
income
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
961
|
|
|
7,348
|
|
|
1,567
|
|
|
2,813
|
|
|
216
|
|
|
6,917
|
|
|
128
|
|
|
2,774
|
|
|
850
|
|
|
368
|
|
|
238
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
123
|
|
|
500
|
|
|
58
|
|
|
(388)
|
|
|
4
|
|
|
191
|
|
|
2
|
|
|
5
|
|
|
10
|
|
|
(21)
|
|
|
1
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,116
|
|
|
14,298
|
|
|
987
|
|
|
5,007
|
|
|
169
|
|
|
16,255
|
|
|
303
|
|
|
2,811
|
|
|
1,263
|
|
|
51
|
|
|
186
|
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,116
|
|
|
$
|
14,298
|
|
|
$
|
987
|
|
|
$
|
5,007
|
|
|
$
|
169
|
|
|
$
|
16,325
|
|
|
$
|
303
|
|
|
$
|
2,811
|
|
|
$
|
1,263
|
|
|
$
|
51
|
|
|
$
|
186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
7
|
|
|
$
|
2,002
|
|
|
$
|
209
|
|
|
$
|
384
|
|
|
$
|
883
|
|
|
$
|
374
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(632)
|
|
|
$
|
40,311
|
|
|
Non-property
adjustments
|
—
|
|
|
(41)
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,669
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,600
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112
|
|
|
Depreciation and
amortization
|
130
|
|
|
1,056
|
|
|
258
|
|
|
314
|
|
|
1,342
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
909
|
|
|
62,869
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
1
|
|
|
(136)
|
|
|
8
|
|
|
25
|
|
|
(14)
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49)
|
|
|
2,083
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
138
|
|
|
2,881
|
|
|
475
|
|
|
723
|
|
|
2,194
|
|
|
562
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
228
|
|
|
108,614
|
|
|
Non-comparable
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108
|
|
|
Comparable hotel
EBITDA
|
$
|
138
|
|
|
$
|
2,881
|
|
|
$
|
475
|
|
|
$
|
723
|
|
|
$
|
2,194
|
|
|
$
|
562
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
228
|
|
|
$
|
108,722
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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, 2017
|
|
JP Morgan - 8
hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
|
Net income
(loss)
|
$
|
5,264
|
|
|
$
|
(400)
|
|
|
$
|
(176)
|
|
|
$
|
9,736
|
|
|
$
|
(249)
|
|
|
$
|
(12)
|
|
|
$
|
166
|
|
|
$
|
(313)
|
|
|
$
|
684
|
|
|
$
|
679
|
|
|
$
|
4,421
|
|
|
Non-property
adjustments
|
(9)
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
Interest
income
|
(14)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
Interest
expense
|
1
|
|
|
—
|
|
|
530
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
5,386
|
|
|
3,727
|
|
|
488
|
|
|
14,543
|
|
|
645
|
|
|
698
|
|
|
240
|
|
|
2,658
|
|
|
285
|
|
|
457
|
|
|
4,424
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
307
|
|
|
450
|
|
|
15
|
|
|
1,080
|
|
|
42
|
|
|
179
|
|
|
9
|
|
|
169
|
|
|
14
|
|
|
3
|
|
|
(67)
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
10,935
|
|
|
3,777
|
|
|
857
|
|
|
25,460
|
|
|
438
|
|
|
865
|
|
|
625
|
|
|
2,517
|
|
|
983
|
|
|
1,139
|
|
|
8,808
|
|
|
Non-comparable
adjustments
|
(81)
|
|
|
(39)
|
|
|
(16)
|
|
|
(135)
|
|
|
(37)
|
|
|
(37)
|
|
|
(2)
|
|
|
(14)
|
|
|
(10)
|
|
|
—
|
|
|
(78)
|
|
|
Comparable hotel
EBITDA
|
$
|
10,854
|
|
|
$
|
3,738
|
|
|
$
|
841
|
|
|
$
|
25,325
|
|
|
$
|
401
|
|
|
$
|
828
|
|
|
$
|
623
|
|
|
$
|
2,503
|
|
|
$
|
973
|
|
|
$
|
1,139
|
|
|
$
|
8,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 17
hotels
|
|
Omni American
Bank - 1 hotel
|
|
GACC Gateway -
1 hotel
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
GACC
Jacksonville RI - 1 hotel
|
|
GACC Manchester
RI - 1 hotel
|
|
Net income
(loss)
|
$
|
(4,259)
|
|
|
$
|
4,239
|
|
|
$
|
992
|
|
|
$
|
3,737
|
|
|
$
|
(225)
|
|
|
$
|
4,460
|
|
|
$
|
217
|
|
|
$
|
1,803
|
|
|
$
|
198
|
|
|
$
|
116
|
|
|
$
|
8
|
|
|
Non-property
adjustments
|
4,658
|
|
|
(27)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
1,123
|
|
|
7,197
|
|
|
1,505
|
|
|
2,360
|
|
|
214
|
|
|
7,033
|
|
|
127
|
|
|
2,701
|
|
|
852
|
|
|
285
|
|
|
234
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
Non-hotel EBITDA
ownership expense
|
99
|
|
|
(66)
|
|
|
91
|
|
|
34
|
|
|
47
|
|
|
312
|
|
|
3
|
|
|
(327)
|
|
|
3
|
|
|
63
|
|
|
2
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
1,619
|
|
|
11,343
|
|
|
3,175
|
|
|
6,131
|
|
|
36
|
|
|
15,327
|
|
|
347
|
|
|
4,177
|
|
|
1,045
|
|
|
464
|
|
|
283
|
|
|
Non-comparable
adjustments
|
(24)
|
|
|
(142)
|
|
|
(21)
|
|
|
(30)
|
|
|
(1)
|
|
|
(370)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Comparable hotel
EBITDA
|
$
|
1,595
|
|
|
$
|
11,201
|
|
|
$
|
3,154
|
|
|
$
|
6,101
|
|
|
$
|
35
|
|
|
$
|
14,957
|
|
|
$
|
344
|
|
|
$
|
4,177
|
|
|
$
|
1,045
|
|
|
$
|
464
|
|
|
$
|
283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
88
|
|
|
$
|
1,080
|
|
|
$
|
86
|
|
|
$
|
564
|
|
|
$
|
69
|
|
|
$
|
497
|
|
|
$
|
(13)
|
|
|
$
|
(10)
|
|
|
$
|
(43)
|
|
|
$
|
(302)
|
|
|
$
|
33,102
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
8,246
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(28)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,258
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
Depreciation and
amortization
|
137
|
|
|
1,067
|
|
|
178
|
|
|
320
|
|
|
1,313
|
|
|
141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
61,182
|
|
|
Income tax expense
(benefit)
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
173
|
|
|
Non-hotel EBITDA
ownership expense
|
2
|
|
|
85
|
|
|
19
|
|
|
21
|
|
|
49
|
|
|
4
|
|
|
12
|
|
|
10
|
|
|
43
|
|
|
(83)
|
|
|
2,624
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
284
|
|
|
2,232
|
|
|
283
|
|
|
905
|
|
|
1,432
|
|
|
640
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
504
|
|
|
106,630
|
|
|
Non-comparable
adjustments
|
—
|
|
|
(16)
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(32)
|
|
|
(1,094)
|
|
|
Comparable hotel
EBITDA
|
$
|
284
|
|
|
$
|
2,216
|
|
|
$
|
276
|
|
|
$
|
905
|
|
|
$
|
1,432
|
|
|
$
|
640
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
472
|
|
|
$
|
105,536
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
September 30, 2017
|
|
JP Morgan - 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)
|
$
|
4,968
|
|
|
$
|
4,050
|
|
|
$
|
(144)
|
|
|
$
|
7,600
|
|
|
$
|
418
|
|
|
$
|
(923)
|
|
|
$
|
(120)
|
|
|
$
|
407
|
|
|
$
|
877
|
|
|
$
|
690
|
|
|
$
|
3,043
|
|
|
Non-property
adjustments
|
290
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
514
|
|
|
Interest
income
|
(14)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
1
|
|
|
—
|
|
|
525
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
169
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
5,327
|
|
|
3,581
|
|
|
483
|
|
|
14,429
|
|
|
634
|
|
|
639
|
|
|
379
|
|
|
2,642
|
|
|
284
|
|
|
436
|
|
|
4,446
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
890
|
|
|
31
|
|
|
47
|
|
|
1,163
|
|
|
58
|
|
|
191
|
|
|
2
|
|
|
58
|
|
|
(2)
|
|
|
6
|
|
|
502
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
11,462
|
|
|
7,662
|
|
|
911
|
|
|
23,372
|
|
|
1,116
|
|
|
(93)
|
|
|
467
|
|
|
3,110
|
|
|
1,159
|
|
|
1,132
|
|
|
8,505
|
|
|
Non-comparable
adjustments
|
36
|
|
|
14
|
|
|
7
|
|
|
349
|
|
|
11
|
|
|
14
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
26
|
|
|
Comparable hotel
EBITDA
|
$
|
11,498
|
|
|
$
|
7,676
|
|
|
$
|
918
|
|
|
$
|
23,721
|
|
|
$
|
1,127
|
|
|
$
|
(79)
|
|
|
$
|
467
|
|
|
$
|
3,116
|
|
|
$
|
1,161
|
|
|
$
|
1,132
|
|
|
$
|
8,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
JP Morgan - 17
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)
|
$
|
826
|
|
|
$
|
2,085
|
|
|
$
|
3,162
|
|
|
$
|
4,811
|
|
|
$
|
380
|
|
|
$
|
9,440
|
|
|
$
|
47
|
|
|
$
|
705
|
|
|
$
|
1,359
|
|
|
$
|
222
|
|
|
$
|
208
|
|
|
Non-property
adjustments
|
—
|
|
|
528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
(6)
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
1,088
|
|
|
7,000
|
|
|
1,462
|
|
|
2,155
|
|
|
230
|
|
|
6,954
|
|
|
127
|
|
|
2,560
|
|
|
847
|
|
|
220
|
|
|
233
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
70
|
|
|
1,401
|
|
|
56
|
|
|
2
|
|
|
(3)
|
|
|
87
|
|
|
1
|
|
|
(339)
|
|
|
1
|
|
|
49
|
|
|
2
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
1,984
|
|
|
11,012
|
|
|
4,680
|
|
|
6,968
|
|
|
607
|
|
|
16,477
|
|
|
175
|
|
|
2,926
|
|
|
2,201
|
|
|
560
|
|
|
443
|
|
|
Non-comparable
adjustments
|
2
|
|
|
46
|
|
|
10
|
|
|
3
|
|
|
—
|
|
|
(296)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Comparable hotel
EBITDA
|
$
|
1,986
|
|
|
$
|
11,058
|
|
|
$
|
4,690
|
|
|
$
|
6,971
|
|
|
$
|
607
|
|
|
$
|
16,181
|
|
|
$
|
175
|
|
|
$
|
2,926
|
|
|
$
|
2,201
|
|
|
$
|
560
|
|
|
$
|
443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
144
|
|
|
$
|
(24)
|
|
|
$
|
405
|
|
|
$
|
644
|
|
|
$
|
642
|
|
|
$
|
529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(550)
|
|
|
$
|
45,901
|
|
|
Non-property
adjustments
|
—
|
|
|
127
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
1,770
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
698
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
Depreciation and
amortization
|
148
|
|
|
1,052
|
|
|
163
|
|
|
323
|
|
|
1,156
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
826
|
|
|
59,966
|
|
|
Income tax expense
(benefit)
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
Non-hotel EBITDA
ownership expense
|
1
|
|
|
392
|
|
|
11
|
|
|
14
|
|
|
40
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|
4,925
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
326
|
|
|
1,547
|
|
|
579
|
|
|
981
|
|
|
1,853
|
|
|
675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
113,302
|
|
|
Non-comparable
adjustments
|
—
|
|
|
11
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
258
|
|
|
Comparable hotel
EBITDA
|
$
|
326
|
|
|
$
|
1,558
|
|
|
$
|
582
|
|
|
$
|
981
|
|
|
$
|
1,853
|
|
|
$
|
675
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
519
|
|
|
$
|
113,560
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, were owned as of
the beginning of each of the periods presented. Non-comparable
adjustments include results from hotel properties sold during the
period.
|
|
(2)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
June 30, 2017
|
|
JP Morgan - 8
hotels
|
|
Morgan Stanley
MIP - 5 hotels
|
|
Cantor
Commercial Real Estate - 1 hotel
|
|
Column
Financial - 22 hotels
|
|
JPM Lakeway - 1
hotel
|
|
BAML Le
Pavillon - 1 hotel
|
|
BAML Indigo
Atlanta - 1 hotel
|
|
Morgan Stanley
- 8 hotels
|
|
Morgan Stanley
Ann Arbor - 1 hotel
|
|
BAML W Atlanta
- 1 hotel
|
|
Morgan Stanley
Pool A - 6 hotels
|
|
Net income
(loss)
|
$
|
6,809
|
|
|
$
|
3,598
|
|
|
$
|
448
|
|
|
$
|
31,227
|
|
|
$
|
220
|
|
|
$
|
(355)
|
|
|
$
|
28
|
|
|
$
|
356
|
|
|
$
|
710
|
|
|
$
|
522
|
|
|
$
|
6,540
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,093)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Interest
income
|
(14)
|
|
|
(1)
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
5,224
|
|
|
3,400
|
|
|
478
|
|
|
14,890
|
|
|
627
|
|
|
821
|
|
|
368
|
|
|
2,914
|
|
|
444
|
|
|
757
|
|
|
4,474
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
221
|
|
|
51
|
|
|
45
|
|
|
1,130
|
|
|
164
|
|
|
166
|
|
|
4
|
|
|
74
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
12,240
|
|
|
7,048
|
|
|
1,515
|
|
|
33,142
|
|
|
1,011
|
|
|
632
|
|
|
479
|
|
|
3,347
|
|
|
1,159
|
|
|
1,284
|
|
|
11,015
|
|
|
Non-comparable
adjustments
|
30
|
|
|
11
|
|
|
9
|
|
|
(1,140)
|
|
|
4
|
|
|
14
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
—
|
|
|
(76)
|
|
|
Comparable hotel
EBITDA
|
$
|
12,270
|
|
|
$
|
7,059
|
|
|
$
|
1,524
|
|
|
$
|
32,002
|
|
|
$
|
1,015
|
|
|
$
|
646
|
|
|
$
|
479
|
|
|
$
|
3,349
|
|
|
$
|
1,166
|
|
|
$
|
1,284
|
|
|
$
|
10,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley
Pool B - 4 hotels
|
|
BAML Pool - 17
hotels
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
Aareal
Princeton/ Nashville - 2 hotels
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
JP Morgan - 17
hotels
|
|
Omni American
Bank - 1 hotel
|
|
GACC Gateway -
1 hotel
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
GACC
Jacksonville RI - 1 hotel
|
|
GACC Manchester
RI - 1 hotel
|
|
Net income
(loss)
|
$
|
1,093
|
|
|
$
|
7,084
|
|
|
$
|
3,935
|
|
|
$
|
7,412
|
|
|
$
|
85
|
|
|
$
|
10,550
|
|
|
$
|
183
|
|
|
$
|
2,954
|
|
|
$
|
1,055
|
|
|
$
|
323
|
|
|
$
|
147
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Depreciation and
amortization
|
1,062
|
|
|
6,844
|
|
|
1,456
|
|
|
1,937
|
|
|
262
|
|
|
6,810
|
|
|
127
|
|
|
2,481
|
|
|
840
|
|
|
197
|
|
|
233
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-hotel EBITDA
ownership expense
|
8
|
|
|
402
|
|
|
4
|
|
|
105
|
|
|
(13)
|
|
|
92
|
|
|
3
|
|
|
(326)
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,163
|
|
|
14,328
|
|
|
5,395
|
|
|
9,454
|
|
|
334
|
|
|
17,448
|
|
|
313
|
|
|
5,109
|
|
|
1,894
|
|
|
524
|
|
|
383
|
|
|
Non-comparable
adjustments
|
8
|
|
|
47
|
|
|
5
|
|
|
26
|
|
|
1
|
|
|
(248)
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Comparable hotel
EBITDA
|
$
|
2,171
|
|
|
$
|
14,375
|
|
|
$
|
5,400
|
|
|
$
|
9,480
|
|
|
$
|
335
|
|
|
$
|
17,200
|
|
|
$
|
316
|
|
|
$
|
5,109
|
|
|
$
|
1,894
|
|
|
$
|
524
|
|
|
$
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Bank
Manchester CY - 1 hotel
|
|
Morgan Stanley
Pool C1 - 3 hotels
|
|
Morgan Stanley
Pool C2 - 2 hotels
|
|
Morgan Stanley
Pool C3 - 3 hotels
|
|
BAML Pool 3 - 3
hotels
|
|
BAML Pool 5 - 2
hotels
|
|
BAML Pool 4 - 2
hotels
|
|
NorthStar
Gainesville - 1 hotel
|
|
Wachovia 5 -
5 hotels
|
|
Unencumbered
Hotels
|
|
Total
Portfolio
|
|
Net income
(loss)
|
$
|
147
|
|
|
$
|
1,051
|
|
|
$
|
498
|
|
|
$
|
625
|
|
|
$
|
1,317
|
|
|
$
|
645
|
|
|
$
|
9
|
|
|
$
|
(8)
|
|
|
$
|
2
|
|
|
$
|
69
|
|
|
$
|
89,279
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,092)
|
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38)
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
572
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
Depreciation and
amortization
|
158
|
|
|
1,064
|
|
|
140
|
|
|
327
|
|
|
1,053
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
60,383
|
|
|
Income tax expense
(benefit)
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
Non-hotel EBITDA
ownership expense
|
3
|
|
|
55
|
|
|
10
|
|
|
10
|
|
|
9
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
2,313
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
314
|
|
|
2,170
|
|
|
648
|
|
|
962
|
|
|
2,378
|
|
|
798
|
|
|
9
|
|
|
(8)
|
|
|
2
|
|
|
987
|
|
|
138,477
|
|
|
Non-comparable
adjustments
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
8
|
|
|
(2)
|
|
|
13
|
|
|
(1,280)
|
|
|
Comparable hotel
EBITDA
|
$
|
314
|
|
|
$
|
2,173
|
|
|
$
|
652
|
|
|
$
|
962
|
|
|
$
|
2,378
|
|
|
$
|
798
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
$
|
137,197
|
|
|
|
NOTES:
|
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at March 31, 2018, 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-first-quarter-2018-results-300642462.html
SOURCE Ashford Hospitality Trust, Inc.