DALLAS, Feb. 28, 2019 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today reported financial results and performance
measures for the fourth quarter and full year ended December 31, 2018. The comparable performance
measurements for Occupancy, Average Daily Rate (ADR), Revenue Per
Available Room (RevPAR), and Hotel EBITDA assume each of the hotel
properties in the Company's hotel portfolio as of December 31, 2018 were owned as of the beginning
of each of the periods presented. Unless otherwise stated,
all reported results compare the fourth quarter ended December 31, 2018 with the fourth quarter ended
December 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 leverage levels to enhance equity returns
- Highly-aligned management team and advisory structure
- Attractive dividend yield of approximately 8.8%
- 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;
- providing a hedge in the event of uncertain economic times;
and
- being prepared to pursue accretive investments or stock
buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $65.4 million or $0.66 per diluted share for the quarter. For the
full year of 2018, net loss attributable to common stockholders was
$169.5 million or $1.75 per diluted share.
- Comparable RevPAR for all hotels decreased 0.6% to $115.54 during the quarter.
- Comparable RevPAR for all hotels not under renovation increased
0.6% to $112.36 during the
quarter.
- Adjusted EBITDAre was $89.8
million for the quarter. Adjusted EBITDAre for the full year
of 2018 was $411.5 million.
- Adjusted funds from operations (AFFO) was $0.18 per diluted share for the quarter. For the
full year of 2018, AFFO per diluted share was $1.26.
- As of February 28, 2019, the
Company's common stock is trading at an approximate 8.8% dividend
yield.
- During the quarter, the Company completed the acquisition of
the 157-room La Posada de Santa Fe
in Santa Fe, New Mexico for
$50 million.
- Subsequent to quarter end, the Company completed the
acquisition of the 310-room Embassy Suites New York Midtown
Manhattan in New York, New York
for $195 million.
- Subsequent to quarter end, the Company completed the
acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.
- Capex invested during the quarter was $42.6 million, bringing the total capex invested
for the full year to $207.3
million.
ENHANCED RETURN FUNDING PROGRAM
On
June 26, 2018, the Company announced
that it had entered into an Enhanced Return Funding Program
("ERFP") with Ashford Inc. (NYSE American: AINC). Subject to the
terms of the two-year programmatic agreement, Ashford Inc. has
committed to effectively fund amounts equal to 10% of the purchase
price of Ashford Trust hotel acquisitions, up to an amount of
$50 million in aggregate
funding. The Program has the potential to be upsized to
$100 million based upon mutual
agreement. The Program is structured to significantly
improve the 5-year internal rate of return for new hotel
acquisitions at Ashford Trust. To date, the Company has completed
four acquisitions totaling $406
million under the ERFP, which amounts to approximately 80%
committed utilization of the pledged $50
million of ERFP funding from Ashford Inc.
LA POSADA DE SANTA FE
ACQUISITION
On October 31,
2018, the Company completed the acquisition of the 157-room
La Posada de Santa Fe in
Santa Fe, New Mexico ("La Posada")
for $50 million ($318,000 per key). In connection with this
transaction, on November 13, 2018,
the Company announced that it had entered into a $25 million non-recourse mortgage loan on the
property. The loan has a two-year initial term with three one-year
extension options, subject to the satisfaction of certain
conditions. The loan is interest only and bears interest at a rate
of LIBOR + 2.55%. As part of this transaction, the Company received
an ERFP commitment of $5 million from
Ashford Inc. Remington Lodging took over management of the property
following the acquisition.
EMBASSY SUITES BY HILTON NEW
YORK MIDTOWN MANHATTAN
ACQUISITION
On January 23,
2019, the Company announced it had completed the acquisition
of the 310-room Embassy Suites New York Midtown Manhattan in
New York, New York for
$195 million ($629,000 per key). In connection with this
transaction, the Company entered into a $145
million non-recourse mortgage loan. The loan has a
three-year initial term with two one-year extension options,
subject to the satisfaction of certain conditions. The loan is
interest only and bears interest at a rate of LIBOR + 3.90%. As
part of this transaction, the Company received an ERFP commitment
of $19.5 million from Ashford Inc.
Remington Lodging took over management of the property following
the acquisition.
HILTON SANTA CRUZ/SCOTTS
VALLEY ACQUISITION
On February
26, 2019, the Company completed the acquisition of the
178-room Hilton Santa Cruz/Scotts
Valley in Santa Cruz,
California for $50 million
($281,000 per key). In connection
with this transaction, the Company assumed a $25.3 million non-recourse mortgage loan. The
loan has a maturity date in March
2025 and bears interest at a fixed rate of 4.7%. The
acquisition was partially funded by the issuance of approximately
1.5 million limited partnership common units in the Company's
operating partnership ("OP Units"). The OP Units were issued
at a price of $7.00 per unit, which
reflects an approximate 31% premium to yesterday's stock
price. As part of this transaction, the Company also received
an ERFP commitment of $5 million from
Ashford Inc. Remington Lodging took over management of the
property following the acquisition.
CAPITAL STRUCTURE
At December
31, 2018, the Company had total mortgage loans of
$4.0 billion with a blended average
interest rate of 5.8%.
PORTFOLIO REVPAR
As of December 31, 2018, the portfolio consisted of 119
properties. During the fourth quarter of 2018, 109 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 (109 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 0.6% to $115.54 for all hotels on a 1.1% increase in ADR
and a 1.6% decrease in occupancy
- Comparable RevPAR increased 0.6% to $112.36 for hotels not under renovation on a 1.6%
increase in ADR and a 1.0% decrease in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS
The Company believes year-over-year Comparable Hotel
EBITDA and Comparable Hotel EBITDA Margin comparisons are more
meaningful to gauge the performance of the Company's hotels than
sequential quarter-over-quarter comparisons. Given the
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 December 10, 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 fourth quarter ending December 31, 2018, payable on January 15, 2019, to shareholders of record as of
December 31, 2018.
"During 2018, we continued to see the advantages from our
high-quality, well-diversified portfolio and remained focused on
proactive asset management initiatives as well as accretive
transactions," commented Douglas A.
Kessler, Ashford Trust's President and Chief Executive
Officer. "Over the last several months, we have diligently executed
on several acquisitions that have benefitted from our ERFP
initiative with Ashford Inc. We remain excited about the
opportunity the ERFP provides us, and, looking ahead, we are
committed to maximizing value for our shareholders as we focus on
generating solid operating performance, continuing to identify
opportunities to accretively grow our platform and efficiently
managing our balance sheet."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Friday, March 1, 2019, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (323)
794-2423. A replay of the conference call will be available
through Friday, March 8, 2019, by
dialing (719) 457-0820 and entering the confirmation number,
5558707.
The Company will also provide an online simulcast and
rebroadcast of its fourth 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,
March 1, 2019, beginning at 11:00
a.m. ET. The online replay will follow shortly after
the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required
GAAP presentations, as we believe these measures improve the
understanding of our operational results and make comparisons of
operating results among peer real estate investment trusts more
meaningful. The non-GAAP financial measures, which should not be
relied upon as a substitute for GAAP measures, used in this press
release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and
Hotel EBITDA. Please refer to our most recently filed Annual
Report on Form 10-K for a more detailed description of how these
non-GAAP measures are calculated. The reconciliation of
non-GAAP measures to the closing GAAP measures are provided below
and provide further details of our results for the period being
reported.
* * * * *
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 federal
securities regulations. Forward looking statements in this
press release may include, among others, statements about the
Company's strategy and future plans. 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 conditions 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.
The forward-looking statements included in this press release
are only made as of the date of this press release. The
Company can give no assurance that these forward-looking statements
will be attained or that any deviation will not occur. We are
not obligated to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or circumstances, changes in expectations or otherwise.
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(in thousands,
except share amounts)
(unaudited)
|
|
|
December 31,
2018
|
|
December 31,
2017
|
ASSETS
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,105,219
|
|
|
$
|
4,035,915
|
|
Cash and cash
equivalents
|
319,210
|
|
|
354,805
|
|
Restricted
cash
|
120,602
|
|
|
116,787
|
|
Marketable
securities
|
21,816
|
|
|
26,926
|
|
Accounts receivable,
net of allowance of $485 and $770, respectively
|
37,060
|
|
|
44,257
|
|
Inventories
|
4,224
|
|
|
4,244
|
|
Investment in Ashford
Inc.
|
1,896
|
|
|
437
|
|
Investment in
OpenKey
|
2,593
|
|
|
2,518
|
|
Deferred costs,
net
|
3,449
|
|
|
2,777
|
|
Prepaid
expenses
|
19,982
|
|
|
19,269
|
|
Derivative assets,
net
|
2,396
|
|
|
2,010
|
|
Other
assets
|
15,923
|
|
|
14,152
|
|
Intangible asset,
net
|
9,824
|
|
|
9,943
|
|
Due from third-party
hotel managers
|
21,760
|
|
|
17,387
|
|
Assets held for
sale
|
—
|
|
|
18,423
|
|
Total
assets
|
$
|
4,685,954
|
|
|
$
|
4,669,850
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
3,927,266
|
|
|
$
|
3,696,300
|
|
Accounts payable and
accrued expenses
|
136,757
|
|
|
132,401
|
|
Dividends and
distributions payable
|
26,794
|
|
|
25,045
|
|
Due to Ashford Inc.,
net
|
23,034
|
|
|
15,146
|
|
Due to related party,
net
|
1,477
|
|
|
1,067
|
|
Due to third-party
hotel managers
|
2,529
|
|
|
2,431
|
|
Intangible
liabilities, net
|
15,483
|
|
|
15,839
|
|
Derivative
liabilities, net
|
50
|
|
|
—
|
|
Other
liabilities
|
18,716
|
|
|
18,376
|
|
Liabilities
associated with assets held for sale
|
—
|
|
|
13,977
|
|
Total
liabilities
|
4,152,106
|
|
|
3,920,582
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
80,743
|
|
|
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 December
31, 2018 and 2017
|
24
|
|
|
24
|
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at December
31, 2018 and 2017
|
48
|
|
|
48
|
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at December
31, 2018 and 2017
|
62
|
|
|
62
|
|
Series H Cumulative
Preferred Stock 3,800,000 shares issued and outstanding at December
31, 2018 and 2017
|
38
|
|
|
38
|
|
Series I Cumulative
Preferred Stock 5,400,000 shares issued and outstanding at December
31, 2018 and 2017
|
54
|
|
|
54
|
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 101,035,530 and
97,409,113 shares issued and outstanding at
December 31, 2018 and 2017, respectively
|
1,010
|
|
|
974
|
|
Additional paid-in
capital
|
1,814,273
|
|
|
1,784,997
|
|
Accumulated
deficit
|
(1,363,020)
|
|
|
(1,153,697)
|
|
Total shareholders'
equity of the Company
|
452,489
|
|
|
632,500
|
|
Noncontrolling
interests in consolidated entities
|
616
|
|
|
646
|
|
Total
equity
|
453,105
|
|
|
633,146
|
|
Total liabilities and
equity
|
$
|
4,685,954
|
|
|
$
|
4,669,850
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except per share amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
266,597
|
|
|
$
|
266,208
|
|
|
$
|
1,134,687
|
|
|
$
|
1,143,135
|
|
Food and
beverage
|
59,442
|
|
|
59,772
|
|
|
224,311
|
|
|
234,777
|
|
Other
|
16,424
|
|
|
14,484
|
|
|
67,782
|
|
|
58,204
|
|
Total hotel
revenue
|
342,463
|
|
|
340,464
|
|
|
1,426,780
|
|
|
1,436,116
|
|
Other
|
1,025
|
|
|
1,102
|
|
|
4,009
|
|
|
3,154
|
|
Total
revenue
|
343,488
|
|
|
341,566
|
|
|
1,430,789
|
|
|
1,439,270
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
60,642
|
|
|
59,786
|
|
|
248,139
|
|
|
248,643
|
|
Food and
beverage
|
40,632
|
|
|
40,064
|
|
|
156,902
|
|
|
161,683
|
|
Other
expenses
|
109,834
|
|
|
106,344
|
|
|
442,463
|
|
|
444,322
|
|
Management
fees
|
12,772
|
|
|
12,553
|
|
|
53,078
|
|
|
52,653
|
|
Total hotel operating
expenses
|
223,880
|
|
|
218,747
|
|
|
900,582
|
|
|
907,301
|
|
Property taxes,
insurance and other
|
18,992
|
|
|
18,286
|
|
|
78,355
|
|
|
73,579
|
|
Depreciation and
amortization
|
65,922
|
|
|
61,351
|
|
|
258,458
|
|
|
246,731
|
|
Impairment
charges
|
21,739
|
|
|
8,368
|
|
|
23,391
|
|
|
10,153
|
|
Transaction
costs
|
—
|
|
|
3
|
|
|
11
|
|
|
14
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,882
|
|
|
8,716
|
|
|
35,526
|
|
|
34,650
|
|
Reimbursable
expenses
|
2,574
|
|
|
1,672
|
|
|
8,351
|
|
|
7,472
|
|
Non-cash
stock/unit-based compensation
|
4,705
|
|
|
3,329
|
|
|
25,245
|
|
|
11,077
|
|
Incentive
fee
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
—
|
|
|
—
|
|
|
536
|
|
|
565
|
|
Other general and
administrative
|
2,481
|
|
|
2,452
|
|
|
10,395
|
|
|
12,723
|
|
Total operating
expenses
|
349,175
|
|
|
322,924
|
|
|
1,340,850
|
|
|
1,304,265
|
|
Gain (loss) on sale
of hotel properties
|
81
|
|
|
6
|
|
|
475
|
|
|
14,030
|
|
OPERATING INCOME
(LOSS)
|
(5,606)
|
|
|
18,648
|
|
|
90,414
|
|
|
149,035
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(25)
|
|
|
(2,286)
|
|
|
867
|
|
|
(5,866)
|
|
Interest
income
|
1,173
|
|
|
742
|
|
|
3,952
|
|
|
2,202
|
|
Other income
(expense), net
|
(16)
|
|
|
117
|
|
|
64
|
|
|
(3,422)
|
|
Interest expense, net
of premium amortization
|
(56,281)
|
|
|
(53,109)
|
|
|
(215,344)
|
|
|
(209,412)
|
|
Amortization of loan
costs
|
(6,825)
|
|
|
(2,298)
|
|
|
(21,442)
|
|
|
(13,219)
|
|
Write-off of
premiums, loan costs and exit fees
|
469
|
|
|
(1,216)
|
|
|
(8,847)
|
|
|
(2,845)
|
|
Unrealized gain
(loss) on marketable securities
|
(255)
|
|
|
164
|
|
|
(1,013)
|
|
|
(4,649)
|
|
Unrealized gain
(loss) on derivatives
|
1,494
|
|
|
(998)
|
|
|
(2,178)
|
|
|
(2,802)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(65,872)
|
|
|
(40,236)
|
|
|
(153,527)
|
|
|
(90,978)
|
|
Income tax benefit
(expense)
|
(176)
|
|
|
1,711
|
|
|
(2,782)
|
|
|
2,218
|
|
NET INCOME
(LOSS)
|
(66,048)
|
|
|
(38,525)
|
|
|
(156,309)
|
|
|
(88,760)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
22
|
|
|
114
|
|
|
30
|
|
|
110
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
11,226
|
|
|
8,440
|
|
|
29,313
|
|
|
21,642
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(54,800)
|
|
|
(29,971)
|
|
|
(126,966)
|
|
|
(67,008)
|
|
Preferred
dividends
|
(10,644)
|
|
|
(11,409)
|
|
|
(42,577)
|
|
|
(44,761)
|
|
Extinguishment of
issuance costs upon redemption of preferred stock
|
—
|
|
|
(6,292)
|
|
|
—
|
|
|
(10,799)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(65,444)
|
|
|
$
|
(47,672)
|
|
|
$
|
(169,543)
|
|
|
$
|
(122,568)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.66)
|
|
|
$
|
(0.50)
|
|
|
$
|
(1.75)
|
|
|
$
|
(1.30)
|
|
Weighted average
common shares outstanding – basic
|
99,324
|
|
|
95,328
|
|
|
97,282
|
|
|
95,207
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.66)
|
|
|
$
|
(0.50)
|
|
|
$
|
(1.75)
|
|
|
$
|
(1.30)
|
|
Weighted average
common shares outstanding – diluted
|
99,324
|
|
|
95,328
|
|
|
97,282
|
|
|
95,207
|
|
Dividends declared
per common share:
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
|
$
|
0.48
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED
EBITDAre
(in
thousands)
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
(loss)
|
$
|
(66,048)
|
|
|
$
|
(38,525)
|
|
|
$
|
(156,309)
|
|
|
$
|
(88,760)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
63,106
|
|
|
55,407
|
|
|
236,786
|
|
|
222,631
|
|
Depreciation and
amortization
|
65,922
|
|
|
61,351
|
|
|
258,458
|
|
|
246,731
|
|
Income tax expense
(benefit)
|
176
|
|
|
(1,711)
|
|
|
2,782
|
|
|
(2,218)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
25
|
|
|
2,286
|
|
|
(867)
|
|
|
5,918
|
|
Company's portion of
EBITDA of Ashford Inc.
|
2,486
|
|
|
(1,646)
|
|
|
3,445
|
|
|
(1,666)
|
|
Company's portion of
EBITDA of OpenKey
|
(153)
|
|
|
(137)
|
|
|
(572)
|
|
|
(498)
|
|
EBITDA
|
65,514
|
|
|
77,025
|
|
|
343,723
|
|
|
382,138
|
|
Impairment charges on
real estate
|
21,739
|
|
|
8,368
|
|
|
23,391
|
|
|
10,153
|
|
(Gain) loss on sale
of hotel properties
|
(81)
|
|
|
(6)
|
|
|
(475)
|
|
|
(14,030)
|
|
EBITDAre
|
87,172
|
|
|
85,387
|
|
|
366,639
|
|
|
378,261
|
|
Amortization of
unfavorable contract liabilities
|
(38)
|
|
|
(384)
|
|
|
(155)
|
|
|
(1,535)
|
|
Uninsured hurricane
related costs
|
(20)
|
|
|
(882)
|
|
|
(291)
|
|
|
2,829
|
|
(Gain) loss on
insurance settlements
|
(928)
|
|
|
(192)
|
|
|
(928)
|
|
|
(192)
|
|
Write-off of
premiums, loan costs and exit fees
|
(469)
|
|
|
1,216
|
|
|
8,847
|
|
|
2,845
|
|
Other (income)
expense, net
|
194
|
|
|
(117)
|
|
|
539
|
|
|
3,422
|
|
Transaction,
acquisition and management conversion costs
|
267
|
|
|
529
|
|
|
863
|
|
|
4,299
|
|
Legal judgment and
related legal costs
|
156
|
|
|
108
|
|
|
1,084
|
|
|
4,199
|
|
Unrealized (gain)
loss on marketable securities
|
255
|
|
|
(164)
|
|
|
1,013
|
|
|
4,649
|
|
Unrealized (gain)
loss on derivatives
|
(1,494)
|
|
|
998
|
|
|
2,178
|
|
|
2,802
|
|
Dead deal
costs
|
236
|
|
|
—
|
|
|
291
|
|
|
9
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1,034
|
|
Non-cash
stock/unit-based compensation
|
4,993
|
|
|
3,536
|
|
|
26,939
|
|
|
12,287
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
—
|
|
|
—
|
|
|
(52)
|
|
Company's portion of
adjustments to EBITDAre of Ashford Inc.
|
(495)
|
|
|
3,038
|
|
|
4,479
|
|
|
6,790
|
|
Company's portion of
adjustments to EBITDAre of OpenKey
|
16
|
|
|
9
|
|
|
17
|
|
|
13
|
|
Adjusted
EBITDAre
|
$
|
89,845
|
|
|
$
|
93,082
|
|
|
$
|
411,515
|
|
|
$
|
421,660
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED
FFO
(in thousands,
except per share amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
(loss)
|
$
|
(66,048)
|
|
|
$
|
(38,525)
|
|
|
$
|
(156,309)
|
|
|
$
|
(88,760)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
22
|
|
|
114
|
|
|
30
|
|
|
110
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
11,226
|
|
|
8,440
|
|
|
29,313
|
|
|
21,642
|
|
Preferred
dividends
|
(10,644)
|
|
|
(11,409)
|
|
|
(42,577)
|
|
|
(44,761)
|
|
Extinguishment of
issuance costs upon redemption of preferred stock
|
—
|
|
|
(6,292)
|
|
|
—
|
|
|
(10,799)
|
|
Net income (loss)
attributable to common stockholders
|
(65,444)
|
|
|
(47,672)
|
|
|
(169,543)
|
|
|
(122,568)
|
|
Depreciation and
amortization on real estate
|
65,864
|
|
|
61,293
|
|
|
258,227
|
|
|
246,490
|
|
Gain (loss) on sale
of hotel properties
|
(81)
|
|
|
(6)
|
|
|
(475)
|
|
|
(14,030)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(11,226)
|
|
|
(8,440)
|
|
|
(29,313)
|
|
|
(21,642)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
25
|
|
|
2,286
|
|
|
(867)
|
|
|
5,918
|
|
Impairment charges on
real estate
|
21,739
|
|
|
8,368
|
|
|
23,391
|
|
|
10,153
|
|
Company's portion of
FFO of Ashford Inc.
|
134
|
|
|
(2,145)
|
|
|
1,524
|
|
|
(5,410)
|
|
Company's portion of
FFO of OpenKey
|
(155)
|
|
|
(139)
|
|
|
(581)
|
|
|
(505)
|
|
FFO available to
common stockholders and OP unitholders
|
10,856
|
|
|
13,545
|
|
|
82,363
|
|
|
98,406
|
|
Extinguishment of
issuance costs upon redemption of preferred stock
|
—
|
|
|
6,292
|
|
|
—
|
|
|
10,799
|
|
Write-off of
premiums, loan costs and exit fees
|
(469)
|
|
|
1,216
|
|
|
8,847
|
|
|
2,845
|
|
(Gain) loss on
insurance settlements
|
(928)
|
|
|
(192)
|
|
|
(928)
|
|
|
(192)
|
|
Uninsured hurricane
related costs
|
(20)
|
|
|
(882)
|
|
|
(291)
|
|
|
2,829
|
|
Other (income)
expense, net
|
194
|
|
|
(117)
|
|
|
539
|
|
|
3,422
|
|
Transaction,
acquisition and management conversion costs
|
267
|
|
|
529
|
|
|
863
|
|
|
4,299
|
|
Legal judgment and
related legal costs
|
156
|
|
|
108
|
|
|
1,084
|
|
|
4,199
|
|
Unrealized (gain)
loss on marketable securities
|
255
|
|
|
(164)
|
|
|
1,013
|
|
|
4,649
|
|
Unrealized (gain)
loss on derivatives
|
(1,494)
|
|
|
998
|
|
|
2,178
|
|
|
2,802
|
|
Dead deal
costs
|
236
|
|
|
—
|
|
|
291
|
|
|
9
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1,034
|
|
Non-cash
stock/unit-based compensation
|
4,993
|
|
|
3,536
|
|
|
26,939
|
|
|
12,287
|
|
Tax reform
|
—
|
|
|
(1,080)
|
|
|
—
|
|
|
(1,080)
|
|
Amortization of loan
costs
|
6,823
|
|
|
2,297
|
|
|
21,435
|
|
|
13,213
|
|
Company's portion of
(gain) loss of investment in securities investment fund
|
—
|
|
|
—
|
|
|
—
|
|
|
(52)
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
199
|
|
|
3,244
|
|
|
907
|
|
|
9,374
|
|
Company's portion of
adjustments to FFO of OpenKey
|
17
|
|
|
9
|
|
|
21
|
|
|
13
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
21,085
|
|
|
$
|
29,339
|
|
|
$
|
145,261
|
|
|
$
|
168,856
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
$
|
1.26
|
|
|
$
|
1.49
|
|
Weighted average
diluted shares
|
116,786
|
|
|
113,989
|
|
|
115,466
|
|
|
113,398
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF
INDEBTEDNESS
DECEMBER 31,
2018
(dollars in
thousands)
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (8)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
BAML Le Pavillon - 1
hotel
|
|
June 2019
|
|
LIBOR +
5.10%
|
|
$
|
—
|
|
|
$
|
43,750
|
|
(1)
|
$
|
43,750
|
|
|
$
|
2,326
|
|
|
5.3
|
%
|
Omni American Bank
Ashton - 1 hotel
|
|
July 2019
|
|
4.00%
|
|
5,232
|
|
|
—
|
|
|
5,232
|
|
|
1,089
|
|
|
20.8
|
%
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2019
|
|
LIBOR +
4.15%
|
|
—
|
|
|
35,200
|
|
(2)
|
35,200
|
|
|
3,504
|
|
|
10.0
|
%
|
Morgan Stanley - 8
hotels
|
|
July 2019
|
|
LIBOR +
4.09%
|
|
—
|
|
|
144,000
|
|
(2)
|
144,000
|
|
|
12,066
|
|
|
8.4
|
%
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
August
2019
|
|
LIBOR +
4.95%
|
|
—
|
|
|
7,778
|
|
(3)
|
7,778
|
|
|
916
|
|
|
11.8
|
%
|
Secured credit
facility - various
|
|
September
2019
|
|
Base Rate(4) + 1.65%
or LIBOR + 2.65%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
N/A
|
|
Morgan Stanley Pool -
17 hotels
|
|
November
2019
|
|
LIBOR +
3.00%
|
|
—
|
|
|
427,000
|
|
(5)
|
427,000
|
|
|
49,951
|
|
|
11.7
|
%
|
JPMorgan Chase - 8
hotels
|
|
February
2020
|
|
LIBOR +
2.92%
|
|
—
|
|
|
395,000
|
|
(5)
|
395,000
|
|
|
43,978
|
|
|
11.1
|
%
|
BAML Highland Pool -
21 hotels
|
|
April 2020
|
|
LIBOR +
3.20%
|
|
—
|
|
|
962,575
|
|
(5)
|
962,575
|
|
|
104,290
|
|
|
10.8
|
%
|
BAML Indigo Atlanta -
1 hotel
|
|
May 2020
|
|
LIBOR +
2.90%
|
|
—
|
|
|
16,100
|
|
(6)
|
16,100
|
|
|
2,096
|
|
|
13.0
|
%
|
KEYS Pool A - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.65%
|
|
—
|
|
|
180,720
|
|
(5)
|
180,720
|
|
|
21,505
|
|
|
11.9
|
%
|
KEYS Pool B - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.39%
|
|
—
|
|
|
174,400
|
|
(5)
|
174,400
|
|
|
21,348
|
|
|
12.2
|
%
|
KEYS Pool C - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.73%
|
|
—
|
|
|
221,040
|
|
(5)
|
221,040
|
|
|
24,353
|
|
|
11.0
|
%
|
KEYS Pool D - 5
hotels
|
|
June 2020
|
|
LIBOR +
4.02%
|
|
—
|
|
|
262,640
|
|
(5)
|
262,640
|
|
|
28,131
|
|
|
10.7
|
%
|
KEYS Pool E - 5
hotels
|
|
June 2020
|
|
LIBOR +
2.73%
|
|
—
|
|
|
160,000
|
|
(5)
|
160,000
|
|
|
24,832
|
|
|
15.5
|
%
|
KEYS Pool F - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.68%
|
|
—
|
|
|
215,120
|
|
(5)
|
215,120
|
|
|
23,945
|
|
|
11.1
|
%
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
93,433
|
|
|
—
|
|
|
93,433
|
|
|
12,667
|
|
|
13.6
|
%
|
JPMorgan Chase La
Posada - 1 hotel
|
|
November
2020
|
|
LIBOR +
2.55%
|
|
—
|
|
|
25,000
|
|
(7)
|
25,000
|
|
|
3,293
|
|
|
13.2
|
%
|
Aareal
Princeton/Nashville - 2 hotels
|
|
June 2022
|
|
LIBOR +
3.00%
|
|
—
|
|
|
178,099
|
|
|
178,099
|
|
|
28,962
|
|
|
16.3
|
%
|
Prudential Boston
Back Bay - 1 hotel
|
|
November
2022
|
|
LIBOR +
2.00%
|
|
—
|
|
|
97,000
|
|
|
97,000
|
|
|
13,790
|
|
|
14.2
|
%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
52,843
|
|
|
—
|
|
|
52,843
|
|
|
6,523
|
|
|
12.3
|
%
|
Aareal Hilton
Alexandria - 1 hotel
|
|
June 2023
|
|
LIBOR +
2.45%
|
|
—
|
|
|
73,450
|
|
|
73,450
|
|
|
8,535
|
|
|
11.6
|
%
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
6,883
|
|
|
—
|
|
|
6,883
|
|
|
1,251
|
|
|
18.2
|
%
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,045
|
|
|
—
|
|
|
10,045
|
|
|
264
|
|
|
2.6
|
%
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,414
|
|
|
—
|
|
|
6,414
|
|
|
890
|
|
|
13.9
|
%
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
65,242
|
|
|
—
|
|
|
65,242
|
|
|
8,164
|
|
|
12.5
|
%
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
12,048
|
|
|
—
|
|
|
12,048
|
|
|
1,761
|
|
|
14.6
|
%
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
24,086
|
|
|
—
|
|
|
24,086
|
|
|
3,569
|
|
|
14.8
|
%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
19,835
|
|
|
—
|
|
|
19,835
|
|
|
2,615
|
|
|
13.2
|
%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
51,304
|
|
|
—
|
|
|
51,304
|
|
|
7,093
|
|
|
13.8
|
%
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,175
|
|
|
N/A
|
|
Total
|
|
|
|
|
|
$
|
347,365
|
|
|
$
|
3,618,872
|
|
|
$
|
3,966,237
|
|
|
$
|
465,882
|
|
|
11.7
|
%
|
Percentage
|
|
|
|
|
|
8.8
|
%
|
|
91.2
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.33
|
%
|
|
5.79
|
%
|
|
5.75
|
%
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured credit
facility.
|
(1)
|
This mortgage loan
has three one-year extension options, subject to satisfaction of
certain conditions. The second one-year extension period began in
June 2018.
|
(2)
|
This mortgage loan
has three one-year extension options, subject to satisfaction of
certain conditions. The second one-year extension period began in
July 2018.
|
(3)
|
This mortgage loan
has two one-year extension options, subject to satisfaction of
certain conditions. The first one-year extension period began in
August 2018.
|
(4)
|
Base Rate, as defined
in the secured credit facility agreement, is the greater of (i) the
prime rate set by Bank of America, or (ii) federal funds rate +
0.5%, or (iii) LIBOR + 1.0%.
|
(5)
|
This mortgage loan
has five one-year extension options, subject to satisfaction of
certain conditions.
|
(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.
|
(8)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
DECEMBER 31,
2018
(dollars in
thousands)
(unaudited)
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
Secured credit
facility - various
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Omni American Bank
Ashton - 1 hotel
|
|
5,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,168
|
|
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
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
—
|
|
|
7,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,778
|
|
GACC Gateway - 1
hotel
|
|
—
|
|
|
89,886
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,886
|
|
BAML Indigo Atlanta -
1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,470
|
|
|
—
|
|
|
—
|
|
|
15,470
|
|
Aareal
Princeton/Nashville - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172,099
|
|
|
—
|
|
|
—
|
|
|
172,099
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97,000
|
|
|
—
|
|
|
—
|
|
|
97,000
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,182
|
|
|
—
|
|
|
48,182
|
|
Aareal Hilton
Alexandria - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,450
|
|
|
—
|
|
|
73,450
|
|
JPMorgan Chase La
Posada - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
|
25,000
|
|
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
C1 - 3 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,612
|
|
|
58,612
|
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,755
|
|
|
10,755
|
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,522
|
|
|
21,522
|
|
Morgan Stanley Pool -
17 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427,000
|
|
|
427,000
|
|
JPMorgan Chase - 8
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395,000
|
|
|
395,000
|
|
BAML Pool 3 - 3
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,413
|
|
|
44,413
|
|
BAML Pool 5 - 2
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,073
|
|
|
17,073
|
|
BAML Highland Pool -
21 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
962,575
|
|
|
962,575
|
|
KEYS Pool A - 7
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180,720
|
|
|
180,720
|
|
KEYS Pool B - 7
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,400
|
|
|
174,400
|
|
KEYS Pool C - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221,040
|
|
|
221,040
|
|
KEYS Pool D - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,640
|
|
|
262,640
|
|
KEYS Pool E - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160,000
|
|
|
160,000
|
|
KEYS Pool F - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215,120
|
|
|
215,120
|
|
Principal due in
future periods
|
|
5,168
|
|
|
320,614
|
|
|
—
|
|
|
284,569
|
|
|
146,632
|
|
|
3,171,768
|
|
|
3,928,751
|
|
Scheduled
amortization payments remaining
|
|
6,337
|
|
|
8,035
|
|
|
8,170
|
|
|
6,805
|
|
|
4,658
|
|
|
3,481
|
|
|
37,486
|
|
Total
indebtedness
|
|
$
|
11,505
|
|
|
$
|
328,649
|
|
|
$
|
8,170
|
|
|
$
|
291,374
|
|
|
$
|
151,290
|
|
|
$
|
3,175,249
|
|
|
$
|
3,966,237
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE
INDICATORS
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
265,654
|
|
|
$
|
1,015
|
|
|
$
|
266,669
|
|
|
$
|
265,196
|
|
|
$
|
2,968
|
|
|
$
|
268,164
|
|
|
0.17
|
%
|
|
(0.56)
|
%
|
|
RevPAR
|
$
|
115.34
|
|
|
$
|
215.54
|
|
|
$
|
115.54
|
|
|
$
|
115.04
|
|
|
$
|
1,152.19
|
|
|
$
|
116.19
|
|
|
0.26
|
%
|
|
(0.56)
|
%
|
|
Occupancy
|
72.88
|
%
|
|
84.73
|
%
|
|
72.91
|
%
|
|
73.96
|
%
|
|
191.61
|
%
|
|
74.10
|
%
|
|
(1.46)
|
%
|
|
(1.61)
|
%
|
|
ADR
|
$
|
158.25
|
|
|
$
|
254.38
|
|
|
$
|
158.48
|
|
|
$
|
155.53
|
|
|
$
|
601.31
|
|
|
$
|
156.81
|
|
|
1.75
|
%
|
|
1.06
|
%
|
|
ALL
HOTELS:
|
|
|
|
Year Ended
December 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)
|
$
|
1,130,258
|
|
|
$
|
12,065
|
|
|
$
|
1,142,323
|
|
|
$
|
1,138,188
|
|
|
$
|
2,979
|
|
|
$
|
1,141,167
|
|
|
(0.70)
|
%
|
|
0.10
|
%
|
|
RevPAR
|
$
|
124.19
|
|
|
$
|
217.93
|
|
|
$
|
124.75
|
|
|
$
|
122.98
|
|
|
$
|
(29.83)
|
|
|
$
|
124.64
|
|
|
0.99
|
%
|
|
0.09
|
%
|
|
Occupancy
|
76.40
|
%
|
|
88.38
|
%
|
|
76.47
|
%
|
|
77.42
|
%
|
|
(53.66)
|
%
|
|
77.68
|
%
|
|
(1.32)
|
%
|
|
(1.56)
|
%
|
|
ADR
|
$
|
162.55
|
|
|
$
|
246.57
|
|
|
$
|
163.14
|
|
|
$
|
158.84
|
|
|
$
|
(55.58)
|
|
|
$
|
160.46
|
|
|
2.34
|
%
|
|
1.67
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
ALL
HOTELS
|
|
NOT
UNDER RENOVATION:
|
Three Months Ended
December 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)
|
$
|
225,555
|
|
|
$
|
1,015
|
|
|
$
|
226,570
|
|
|
$
|
222,294
|
|
|
$
|
2,968
|
|
|
$
|
225,262
|
|
|
1.47
|
%
|
|
0.58
|
%
|
|
RevPAR
|
$
|
112.12
|
|
|
$
|
215.54
|
|
|
$
|
112.36
|
|
|
$
|
110.39
|
|
|
$
|
1,152.19
|
|
|
$
|
111.72
|
|
|
1.57
|
%
|
|
0.58
|
%
|
|
Occupancy
|
73.03
|
%
|
|
84.73
|
%
|
|
73.06
|
%
|
|
73.63
|
%
|
|
191.61
|
%
|
|
73.78
|
%
|
|
(0.81)
|
%
|
|
(0.98)
|
%
|
|
ADR
|
$
|
153.52
|
|
|
$
|
254.38
|
|
|
$
|
153.80
|
|
|
$
|
149.92
|
|
|
$
|
601.31
|
|
|
$
|
151.42
|
|
|
2.40
|
%
|
|
1.57
|
%
|
|
ALL
HOTELS
|
|
NOT
UNDER RENOVATION:
|
Year Ended
December 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)
|
$
|
954,004
|
|
|
$
|
12,065
|
|
|
$
|
966,069
|
|
|
$
|
958,731
|
|
|
$
|
2,979
|
|
|
$
|
961,710
|
|
|
(0.49)
|
%
|
|
0.45
|
%
|
|
RevPAR
|
$
|
120.08
|
|
|
$
|
217.93
|
|
|
$
|
120.76
|
|
|
$
|
118.37
|
|
|
$
|
(29.83)
|
|
|
$
|
120.22
|
|
|
1.45
|
%
|
|
0.45
|
%
|
|
Occupancy
|
76.09
|
%
|
|
88.38
|
%
|
|
76.17
|
%
|
|
76.91
|
%
|
|
(53.66)
|
%
|
|
77.20
|
%
|
|
(1.07)
|
%
|
|
(1.33)
|
%
|
|
ADR
|
$
|
157.82
|
|
|
$
|
246.57
|
|
|
$
|
158.53
|
|
|
$
|
153.90
|
|
|
$
|
(55.58)
|
|
|
$
|
155.72
|
|
|
2.55
|
%
|
|
1.81
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 109 hotel properties owned and included in
the Company's operations at December 31, 2018, and not under
renovation during the three months ended December 31, 2018,
were owned as of the beginning of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL
EBITDA
(dollars in
thousands)
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
%
Variance
|
|
2018
|
|
2017
|
|
%
Variance
|
Total hotel
revenue
|
$
|
341,229
|
|
|
$
|
339,160
|
|
|
0.61
|
%
|
|
$
|
1,421,032
|
|
|
$
|
1,429,763
|
|
|
(0.61)
|
%
|
Non-comparable
adjustments
|
1,519
|
|
|
5,786
|
|
|
|
|
19,170
|
|
|
10,558
|
|
|
|
Comparable total
hotel revenue
|
$
|
342,748
|
|
|
$
|
344,946
|
|
|
(0.64)
|
%
|
|
$
|
1,440,202
|
|
|
$
|
1,440,321
|
|
|
(0.01)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
102,549
|
|
|
$
|
106,630
|
|
|
(3.83)
|
%
|
|
$
|
459,344
|
|
|
$
|
471,882
|
|
|
(2.66)
|
%
|
Non-comparable
adjustments
|
490
|
|
|
1,271
|
|
|
|
|
6,538
|
|
|
6,504
|
|
|
|
Comparable hotel
EBITDA
|
$
|
103,039
|
|
|
$
|
107,901
|
|
|
(4.51)
|
%
|
|
$
|
465,882
|
|
|
$
|
478,386
|
|
|
(2.61)
|
%
|
Hotel EBITDA
margin
|
30.05
|
%
|
|
31.44
|
%
|
|
(1.39)
|
%
|
|
32.32
|
%
|
|
33.00
|
%
|
|
(0.68)
|
%
|
Comparable hotel
EBITDA margin
|
30.06
|
%
|
|
31.28
|
%
|
|
(1.22)
|
%
|
|
32.35
|
%
|
|
33.21
|
%
|
|
(0.86)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
63
|
|
|
$
|
85
|
|
|
(25.88)
|
%
|
|
$
|
321
|
|
|
$
|
368
|
|
|
(12.77)
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
102,486
|
|
|
$
|
106,545
|
|
|
(3.81)
|
%
|
|
$
|
459,023
|
|
|
$
|
471,514
|
|
|
(2.65)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
102,976
|
|
|
$
|
107,816
|
|
|
(4.49)
|
%
|
|
$
|
465,561
|
|
|
$
|
478,018
|
|
|
(2.61)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Year
Ended
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
%
Variance
|
|
2018
|
|
2017
|
|
%
Variance
|
Total hotel
revenue
|
$
|
284,387
|
|
|
$
|
279,756
|
|
|
1.66
|
%
|
|
$
|
1,181,365
|
|
|
$
|
1,182,553
|
|
|
(0.10)
|
%
|
Non-comparable
adjustments
|
1,519
|
|
|
5,786
|
|
|
|
|
19,170
|
|
|
10,558
|
|
|
|
Comparable total
hotel revenue
|
$
|
285,906
|
|
|
$
|
285,542
|
|
|
0.13
|
%
|
|
$
|
1,200,535
|
|
|
$
|
1,193,111
|
|
|
0.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
86,931
|
|
|
$
|
88,691
|
|
|
(1.98)
|
%
|
|
$
|
388,695
|
|
|
$
|
394,695
|
|
|
(1.52)
|
%
|
Non-comparable
adjustments
|
490
|
|
|
1,329
|
|
|
|
|
6,538
|
|
|
6,537
|
|
|
|
Comparable hotel
EBITDA
|
$
|
87,421
|
|
|
$
|
90,020
|
|
|
(2.89)
|
%
|
|
$
|
395,233
|
|
|
$
|
401,232
|
|
|
(1.50)
|
%
|
Hotel EBITDA
margin
|
30.57
|
%
|
|
31.70
|
%
|
|
(1.13)
|
%
|
|
32.90
|
%
|
|
33.38
|
%
|
|
(0.48)
|
%
|
Comparable hotel
EBITDA margin
|
30.58
|
%
|
|
31.53
|
%
|
|
(0.95)
|
%
|
|
32.92
|
%
|
|
33.63
|
%
|
|
(0.71)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
63
|
|
|
$
|
85
|
|
|
(25.88)
|
%
|
|
$
|
321
|
|
|
$
|
368
|
|
|
(12.77)
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
86,868
|
|
|
$
|
88,606
|
|
|
(1.96)
|
%
|
|
$
|
388,374
|
|
|
$
|
394,327
|
|
|
(1.51)
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
87,358
|
|
|
$
|
89,935
|
|
|
(2.87)
|
%
|
|
$
|
394,912
|
|
|
$
|
400,864
|
|
|
(1.48)
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 109 hotel properties owned and included in
the Company's operations at December 31, 2018, and not under
renovation during the three months ended December 31, 2018,
were owned as of the beginning of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(5)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
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
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
Total hotel
revenue
|
$
|
341,229
|
|
|
$
|
1,519
|
|
|
$
|
342,748
|
|
|
$
|
353,504
|
|
|
$
|
4,656
|
|
|
$
|
358,160
|
|
|
$
|
386,834
|
|
|
$
|
9,031
|
|
|
$
|
395,865
|
|
|
$
|
339,465
|
|
|
$
|
3,964
|
|
|
$
|
343,429
|
|
Hotel
EBITDA
|
$
|
102,549
|
|
|
$
|
490
|
|
|
$
|
103,039
|
|
|
$
|
111,389
|
|
|
$
|
1,518
|
|
|
$
|
112,907
|
|
|
$
|
136,792
|
|
|
$
|
3,664
|
|
|
$
|
140,456
|
|
|
$
|
108,614
|
|
|
$
|
866
|
|
|
$
|
109,480
|
|
Hotel EBITDA
margin
|
30.05
|
%
|
|
|
|
30.06
|
%
|
|
31.51
|
%
|
|
|
|
31.52
|
%
|
|
35.36
|
%
|
|
|
|
35.48
|
%
|
|
32.00
|
%
|
|
|
|
31.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
22.4
|
%
|
|
|
|
22.2
|
%
|
|
24.2
|
%
|
|
|
|
24.2
|
%
|
|
29.8
|
%
|
|
|
|
30.1
|
%
|
|
23.6
|
%
|
|
|
|
23.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
108
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
|
1,421,032
|
|
|
$
|
19,170
|
|
|
$
|
1,440,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
459,344
|
|
|
$
|
6,538
|
|
|
$
|
465,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
32.32
|
%
|
|
|
|
32.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
321
|
|
|
$
|
—
|
|
|
$
|
321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY
MARKET
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Number
of
|
|
Number
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
Hotels
|
|
Rooms
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
118.67
|
|
|
$
|
—
|
|
|
$
|
118.67
|
|
|
$
|
126.50
|
|
|
$
|
—
|
|
|
$
|
126.50
|
|
|
(6.2)
|
%
|
|
(6.2)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
180.40
|
|
|
—
|
|
|
180.40
|
|
|
167.28
|
|
|
—
|
|
|
167.28
|
|
|
7.8
|
%
|
|
7.8
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
103.71
|
|
|
—
|
|
|
103.71
|
|
|
106.56
|
|
|
—
|
|
|
106.56
|
|
|
(2.7)
|
%
|
|
(2.7)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
97.14
|
|
|
—
|
|
|
97.14
|
|
|
108.59
|
|
|
—
|
|
|
108.59
|
|
|
(10.5)
|
%
|
|
(10.5)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
121.28
|
|
|
—
|
|
|
121.28
|
|
|
121.48
|
|
|
—
|
|
|
121.48
|
|
|
(0.2)
|
%
|
|
(0.2)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
117.61
|
|
|
—
|
|
|
117.61
|
|
|
140.31
|
|
|
—
|
|
|
140.31
|
|
|
(16.2)
|
%
|
|
(16.2)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
106.27
|
|
|
—
|
|
|
106.27
|
|
|
110.44
|
|
|
—
|
|
|
110.44
|
|
|
(3.8)
|
%
|
|
(3.8)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
193.32
|
|
|
—
|
|
|
193.32
|
|
|
191.28
|
|
|
—
|
|
|
191.28
|
|
|
1.1
|
%
|
|
1.1
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
110.79
|
|
|
—
|
|
|
110.79
|
|
|
110.73
|
|
|
—
|
|
|
110.73
|
|
|
0.1
|
%
|
|
0.1
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
106.67
|
|
|
—
|
|
|
106.67
|
|
|
107.04
|
|
|
—
|
|
|
107.04
|
|
|
(0.3)
|
%
|
|
(0.3)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
97.27
|
|
|
—
|
|
|
97.27
|
|
|
89.78
|
|
|
—
|
|
|
89.78
|
|
|
8.3
|
%
|
|
8.3
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
110.50
|
|
|
—
|
|
|
110.50
|
|
|
104.51
|
|
|
—
|
|
|
104.51
|
|
|
5.7
|
%
|
|
5.7
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,369
|
|
|
157.23
|
|
|
—
|
|
|
157.23
|
|
|
147.05
|
|
|
—
|
|
|
147.05
|
|
|
6.9
|
%
|
|
6.9
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
101.67
|
|
|
—
|
|
|
101.67
|
|
|
107.92
|
|
|
(114.60)
|
|
|
106.65
|
|
|
(5.8)
|
%
|
|
(4.7)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,424
|
|
|
120.87
|
|
|
—
|
|
|
120.87
|
|
|
122.17
|
|
|
257.63
|
|
|
128.65
|
|
|
(1.1)
|
%
|
|
(6.0)
|
%
|
Other
Areas
|
52
|
|
|
8,952
|
|
|
101.28
|
|
|
215.54
|
|
|
101.93
|
|
|
99.24
|
|
|
707.98
|
|
|
100.67
|
|
|
2.1
|
%
|
|
1.3
|
%
|
Total
Portfolio
|
119
|
|
|
25,087
|
|
|
$
|
115.34
|
|
|
$
|
215.54
|
|
|
$
|
115.54
|
|
|
$
|
115.04
|
|
|
$
|
1,152.19
|
|
|
$
|
116.19
|
|
|
0.3
|
%
|
|
(0.6)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY
MARKET
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Number
|
|
Number
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
%
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
%
of
|
|
Actual
|
|
Comparable
|
|
of
Hotels
|
|
Rooms
|
|
2018
|
|
2018
|
|
2018
|
|
Total
|
|
2017
|
|
2017
|
|
2017
|
|
Total
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
5,395
|
|
|
$
|
(25)
|
|
|
$
|
5,370
|
|
|
5.2
|
%
|
|
$
|
6,328
|
|
|
$
|
22
|
|
|
$
|
6,350
|
|
|
5.9
|
%
|
|
(14.7)
|
%
|
|
(15.4)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
6,507
|
|
|
—
|
|
|
6,507
|
|
|
6.3
|
%
|
|
5,900
|
|
|
(24)
|
|
|
5,876
|
|
|
5.4
|
%
|
|
10.3
|
%
|
|
10.7
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
6,213
|
|
|
—
|
|
|
6,213
|
|
|
6.0
|
%
|
|
6,487
|
|
|
(58)
|
|
|
6,429
|
|
|
6.0
|
%
|
|
(4.2)
|
%
|
|
(3.4)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
2,352
|
|
|
—
|
|
|
2,352
|
|
|
2.3
|
%
|
|
3,197
|
|
|
(39)
|
|
|
3,158
|
|
|
2.9
|
%
|
|
(26.4)
|
%
|
|
(25.5)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
7,392
|
|
|
—
|
|
|
7,392
|
|
|
7.2
|
%
|
|
7,785
|
|
|
(100)
|
|
|
7,685
|
|
|
7.1
|
%
|
|
(5.0)
|
%
|
|
(3.8)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
2,593
|
|
|
—
|
|
|
2,593
|
|
|
2.5
|
%
|
|
3,521
|
|
|
(10)
|
|
|
3,511
|
|
|
3.3
|
%
|
|
(26.4)
|
%
|
|
(26.1)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
2,737
|
|
|
—
|
|
|
2,737
|
|
|
2.7
|
%
|
|
2,861
|
|
|
(19)
|
|
|
2,842
|
|
|
2.6
|
%
|
|
(4.3)
|
%
|
|
(3.7)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
5,989
|
|
|
—
|
|
|
5,989
|
|
|
5.8
|
%
|
|
5,100
|
|
|
—
|
|
|
5,100
|
|
|
4.7
|
%
|
|
17.4
|
%
|
|
17.4
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
7,503
|
|
|
—
|
|
|
7,503
|
|
|
7.3
|
%
|
|
8,018
|
|
|
(60)
|
|
|
7,958
|
|
|
7.4
|
%
|
|
(6.4)
|
%
|
|
(5.7)
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
2,301
|
|
|
—
|
|
|
2,301
|
|
|
2.2
|
%
|
|
2,363
|
|
|
(8)
|
|
|
2,355
|
|
|
2.2
|
%
|
|
(2.6)
|
%
|
|
(2.3)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
1,887
|
|
|
—
|
|
|
1,887
|
|
|
1.8
|
%
|
|
1,590
|
|
|
(14)
|
|
|
1,576
|
|
|
1.5
|
%
|
|
18.7
|
%
|
|
19.7
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
1,498
|
|
|
—
|
|
|
1,498
|
|
|
1.5
|
%
|
|
1,395
|
|
|
(5)
|
|
|
1,390
|
|
|
1.3
|
%
|
|
7.4
|
%
|
|
7.8
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,369
|
|
|
8,815
|
|
|
—
|
|
|
8,815
|
|
|
8.6
|
%
|
|
8,200
|
|
|
(106)
|
|
|
8,094
|
|
|
7.5
|
%
|
|
7.5
|
%
|
|
8.9
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
1,885
|
|
|
13
|
|
|
1,898
|
|
|
1.8
|
%
|
|
2,597
|
|
|
(537)
|
|
|
2,060
|
|
|
1.9
|
%
|
|
(27.4)
|
%
|
|
(7.9)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,424
|
|
|
9,837
|
|
|
—
|
|
|
9,837
|
|
|
9.5
|
%
|
|
10,497
|
|
|
2,032
|
|
|
12,529
|
|
|
11.6
|
%
|
|
(6.3)
|
%
|
|
(21.5)
|
%
|
Other
Areas
|
52
|
|
|
8,952
|
|
|
29,645
|
|
|
502
|
|
|
30,147
|
|
|
29.3
|
%
|
|
30,791
|
|
|
197
|
|
|
30,988
|
|
|
28.7
|
%
|
|
(3.7)
|
%
|
|
(2.7)
|
%
|
Total
Portfolio
|
119
|
|
|
25,087
|
|
|
$
|
102,549
|
|
|
$
|
490
|
|
|
$
|
103,039
|
|
|
100.0
|
%
|
|
$
|
106,630
|
|
|
$
|
1,271
|
|
|
$
|
107,901
|
|
|
100.0
|
%
|
|
(3.8)
|
%
|
|
(4.5)
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY
MARKET
(unaudited)
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Number
of
|
|
Number
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
Hotels
|
|
Rooms
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
128.22
|
|
|
$
|
—
|
|
|
$
|
128.22
|
|
|
$
|
123.66
|
|
|
$
|
(88.18)
|
|
|
$
|
129.70
|
|
|
3.7
|
%
|
|
(1.1)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
180.35
|
|
|
—
|
|
|
180.35
|
|
|
175.82
|
|
|
—
|
|
|
175.82
|
|
|
2.6
|
%
|
|
2.6
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
111.74
|
|
|
—
|
|
|
111.74
|
|
|
110.25
|
|
|
—
|
|
|
110.25
|
|
|
1.4
|
%
|
|
1.4
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
106.04
|
|
|
—
|
|
|
106.04
|
|
|
110.72
|
|
|
—
|
|
|
110.72
|
|
|
(4.2)
|
%
|
|
(4.2)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
131.95
|
|
|
—
|
|
|
131.95
|
|
|
130.68
|
|
|
—
|
|
|
130.68
|
|
|
1.0
|
%
|
|
1.0
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
132.39
|
|
|
—
|
|
|
132.39
|
|
|
134.58
|
|
|
—
|
|
|
134.58
|
|
|
(1.6)
|
%
|
|
(1.6)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
122.38
|
|
|
—
|
|
|
122.38
|
|
|
122.44
|
|
|
—
|
|
|
122.44
|
|
|
—
|
%
|
|
—
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
204.04
|
|
|
—
|
|
|
204.04
|
|
|
205.71
|
|
|
—
|
|
|
205.71
|
|
|
(0.8)
|
%
|
|
(0.8)
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
117.14
|
|
|
—
|
|
|
117.14
|
|
|
115.93
|
|
|
—
|
|
|
115.93
|
|
|
1.0
|
%
|
|
1.0
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
108.12
|
|
|
—
|
|
|
108.12
|
|
|
112.17
|
|
|
—
|
|
|
112.17
|
|
|
(3.6)
|
%
|
|
(3.6)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
103.10
|
|
|
—
|
|
|
103.10
|
|
|
99.08
|
|
|
—
|
|
|
99.08
|
|
|
4.1
|
%
|
|
4.1
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
122.90
|
|
|
—
|
|
|
122.90
|
|
|
120.57
|
|
|
—
|
|
|
120.57
|
|
|
1.9
|
%
|
|
1.9
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,369
|
|
|
162.88
|
|
|
—
|
|
|
162.88
|
|
|
155.64
|
|
|
—
|
|
|
155.64
|
|
|
4.7
|
%
|
|
4.7
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
112.70
|
|
|
(154.79)
|
|
|
109.86
|
|
|
115.23
|
|
|
(121.31)
|
|
|
114.07
|
|
|
(2.2)
|
%
|
|
(3.7)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,424
|
|
|
134.23
|
|
|
235.98
|
|
|
137.53
|
|
|
136.94
|
|
|
274.19
|
|
|
143.51
|
|
|
(2.0)
|
%
|
|
(4.2)
|
%
|
Other
Areas
|
52
|
|
|
8,952
|
|
|
109.87
|
|
|
183.47
|
|
|
110.78
|
|
|
108.38
|
|
|
(290.21)
|
|
|
110.07
|
|
|
1.4
|
%
|
|
0.6
|
%
|
Total
Portfolio
|
119
|
|
|
25,087
|
|
|
$
|
124.19
|
|
|
$
|
217.93
|
|
|
$
|
124.75
|
|
|
$
|
122.98
|
|
|
$
|
29.83
|
|
|
$
|
124.64
|
|
|
1.0
|
%
|
|
0.1
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY
MARKET
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Number
|
|
Number
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
%
of
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
%
of
|
|
Actual
|
|
Comparable
|
|
of
Hotels
|
|
Rooms
|
|
2018
|
|
2018
|
|
2018
|
|
Total
|
|
2017
|
|
2017
|
|
2017
|
|
Total
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,425
|
|
|
$
|
24,039
|
|
|
$
|
6
|
|
|
$
|
24,045
|
|
|
5.2
|
%
|
|
$
|
28,157
|
|
|
$
|
(2,231)
|
|
|
$
|
25,926
|
|
|
5.4
|
%
|
|
(14.7)
|
%
|
|
(7.3)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
25,777
|
|
|
—
|
|
|
25,777
|
|
|
5.5
|
%
|
|
26,423
|
|
|
—
|
|
|
26,423
|
|
|
5.5
|
%
|
|
(2.4)
|
%
|
|
(2.4)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
26,839
|
|
|
—
|
|
|
26,839
|
|
|
5.8
|
%
|
|
25,723
|
|
|
(33)
|
|
|
25,690
|
|
|
5.4
|
%
|
|
4.3
|
%
|
|
4.5
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
11,360
|
|
|
—
|
|
|
11,360
|
|
|
2.4
|
%
|
|
12,530
|
|
|
1
|
|
|
12,531
|
|
|
2.6
|
%
|
|
(9.3)
|
%
|
|
(9.3)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
33,109
|
|
|
—
|
|
|
33,109
|
|
|
7.1
|
%
|
|
34,060
|
|
|
(23)
|
|
|
34,037
|
|
|
7.1
|
%
|
|
(2.8)
|
%
|
|
(2.7)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
587
|
|
|
11,966
|
|
|
—
|
|
|
11,966
|
|
|
2.6
|
%
|
|
12,457
|
|
|
—
|
|
|
12,457
|
|
|
2.6
|
%
|
|
(3.9)
|
%
|
|
(3.9)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
14,256
|
|
|
—
|
|
|
14,256
|
|
|
3.1
|
%
|
|
14,610
|
|
|
1
|
|
|
14,611
|
|
|
3.1
|
%
|
|
(2.4)
|
%
|
|
(2.4)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
24,655
|
|
|
—
|
|
|
24,655
|
|
|
5.3
|
%
|
|
26,035
|
|
|
—
|
|
|
26,035
|
|
|
5.4
|
%
|
|
(5.3)
|
%
|
|
(5.3)
|
%
|
New York / New Jersey
Metro Area
|
6
|
|
|
1,741
|
|
|
30,488
|
|
|
1
|
|
|
30,489
|
|
|
6.5
|
%
|
|
31,400
|
|
|
—
|
|
|
31,400
|
|
|
6.6
|
%
|
|
(2.9)
|
%
|
|
(2.9)
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
9,482
|
|
|
—
|
|
|
9,482
|
|
|
2.0
|
%
|
|
10,487
|
|
|
—
|
|
|
10,487
|
|
|
2.2
|
%
|
|
(9.6)
|
%
|
|
(9.6)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
8,441
|
|
|
—
|
|
|
8,441
|
|
|
1.8
|
%
|
|
7,637
|
|
|
—
|
|
|
7,637
|
|
|
1.6
|
%
|
|
10.5
|
%
|
|
10.5
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
7,272
|
|
|
—
|
|
|
7,272
|
|
|
1.6
|
%
|
|
7,235
|
|
|
1
|
|
|
7,236
|
|
|
1.5
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
San Francisco -
Oakland, CA Metro Area
|
6
|
|
|
1,369
|
|
|
36,892
|
|
|
—
|
|
|
36,892
|
|
|
7.9
|
%
|
|
35,024
|
|
|
—
|
|
|
35,024
|
|
|
7.3
|
%
|
|
5.3
|
%
|
|
5.3
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
10,853
|
|
|
(1,118)
|
|
|
9,735
|
|
|
2.1
|
%
|
|
12,013
|
|
|
(2,030)
|
|
|
9,983
|
|
|
2.1
|
%
|
|
(9.7)
|
%
|
|
(2.5)
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,424
|
|
|
42,924
|
|
|
4,697
|
|
|
47,621
|
|
|
10.2
|
%
|
|
46,600
|
|
|
8,636
|
|
|
55,236
|
|
|
11.5
|
%
|
|
(7.9)
|
%
|
|
(13.7)
|
%
|
Other
Areas
|
52
|
|
|
8,952
|
|
|
140,991
|
|
|
2,952
|
|
|
143,943
|
|
|
30.9
|
%
|
|
141,491
|
|
|
2,182
|
|
|
143,673
|
|
|
30.1
|
%
|
|
(0.4)
|
%
|
|
0.2
|
%
|
Total
Portfolio
|
119
|
|
|
25,087
|
|
|
$
|
459,344
|
|
|
$
|
6,538
|
|
|
$
|
465,882
|
|
|
100.0
|
%
|
|
$
|
471,882
|
|
|
$
|
6,504
|
|
|
$
|
478,386
|
|
|
100.0
|
%
|
|
(2.7)
|
%
|
|
(2.6)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
(4)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE
VALUE
DECEMBER 31,
2018
(in thousands,
except share price)
(unaudited)
|
|
|
|
|
December 31,
2018
|
Common stock shares
outstanding
|
101,035
|
|
Partnership units
outstanding
|
19,921
|
|
Combined common stock
shares and partnership units outstanding
|
120,956
|
|
Common stock
price
|
$
|
4.00
|
|
Market
capitalization
|
$
|
483,824
|
|
Series D cumulative
preferred stock
|
$
|
59,735
|
|
Series F cumulative
preferred stock
|
$
|
120,000
|
|
Series G cumulative
preferred stock
|
$
|
155,000
|
|
Series H cumulative
preferred stock
|
$
|
95,000
|
|
Series I cumulative
preferred stock
|
$
|
135,000
|
|
Indebtedness
|
$
|
3,966,237
|
|
Joint venture
partner's share of consolidated indebtedness
|
$
|
(1,995)
|
|
Net working capital
(see below)
|
$
|
(397,814)
|
|
Total enterprise
value (TEV)
|
$
|
4,614,987
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock
owned
|
598
|
|
Common stock
price
|
$
|
51.90
|
|
Market value of
Ashford Inc. investment
|
$
|
31,045
|
|
|
|
Cash and cash
equivalents
|
$
|
319,081
|
|
Restricted
cash
|
$
|
120,394
|
|
Accounts receivable,
net
|
$
|
37,046
|
|
Prepaid
expenses
|
$
|
19,971
|
|
Investment in
securities
|
$
|
21,816
|
|
Due from third-party
hotel managers, net
|
$
|
19,225
|
|
Market value of
Ashford Inc. investment
|
$
|
31,045
|
|
Total current
assets
|
$
|
568,578
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
135,408
|
|
Dividends and
distributions payable
|
$
|
26,794
|
|
Due to affiliates,
net
|
$
|
8,562
|
|
Total current
liabilities
|
$
|
170,764
|
|
|
|
Net working
capital*
|
$
|
397,814
|
|
|
* 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
|
2019
|
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
Rooms
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
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
|
x
|
|
|
|
Embassy Suites
Crystal City
|
267
|
|
|
|
|
x
|
x
|
|
|
|
Embassy Suites
Philadelphia Airport
|
263
|
|
x
|
x
|
|
|
|
|
|
|
Embassy Suites
Santa Clara Silicon Valley
|
258
|
|
x
|
x
|
|
|
|
|
|
|
Fairfield Inn and
Suites Kennesaw
|
86
|
|
|
|
|
|
|
x
|
x
|
|
Hampton Inn Buford
Mall of Georgia
|
92
|
|
|
|
|
|
x
|
|
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
|
|
|
x
|
x
|
|
|
|
Hampton Inn Suites
Phoenix Airport
|
106
|
|
|
x
|
x
|
|
|
|
|
|
Hilton Fort
Worth
|
294
|
|
|
|
|
|
|
|
x
|
x
|
Hilton St.
Petersburg Bayfront
|
333
|
|
x
|
x
|
x
|
|
|
|
|
|
Hilton Tampa
Westshore
|
238
|
|
|
x
|
x
|
x
|
|
|
|
|
Hilton Garden Inn
BWI Airport
|
158
|
|
|
|
|
x
|
x
|
x
|
|
|
Hilton Garden Inn
Jacksonville
|
119
|
|
x
|
|
|
|
|
|
|
|
Hotel Indigo
Atlanta Midtown
|
140
|
|
|
x
|
x
|
x
|
|
|
|
|
Hyatt Regency
Coral Gables
|
253
|
|
|
|
x
|
x
|
x
|
|
|
|
Hyatt Regency
Windwatch
|
358
|
|
|
|
|
|
|
|
|
x
|
Le Meridien
Chambers Minneapolis
|
60
|
|
x
|
|
|
|
|
|
|
|
Le Pavillon
Hotel
|
226
|
|
|
|
x
|
|
|
|
|
|
Marriott
Bridgewater
|
347
|
|
|
|
|
|
|
|
|
x
|
Marriott Crystal
Gateway
|
701
|
|
x
|
x
|
x
|
x
|
x
|
|
|
|
Marriott DFW
Airport
|
491
|
|
|
|
|
|
x
|
x
|
x
|
|
Marriott
Omaha
|
300
|
|
|
|
x
|
|
|
|
|
|
Marriott
RTP
|
225
|
|
x
|
|
|
|
|
|
x
|
x
|
One Ocean
Resort
|
193
|
|
|
|
|
|
x
|
x
|
|
|
Renaissance
Nashville
|
673
|
|
x
|
x
|
x
|
x
|
x
|
x
|
x
|
|
Renaissance Palm
Springs
|
410
|
|
x
|
|
|
|
|
|
|
|
Residence Inn
Jacksonville
|
120
|
|
x
|
x
|
x
|
|
|
|
|
|
Residence Inn
Orlando Sea World
|
350
|
|
x
|
x
|
x
|
|
|
|
|
|
Ritz Carlton
Atlanta
|
444
|
|
x
|
x
|
x
|
x
|
|
|
|
x
|
Sheraton
Anchorage
|
370
|
|
x
|
|
|
|
|
|
|
|
Sheraton Ann
Arbor
|
197
|
|
|
|
|
|
|
|
|
x
|
The
Churchill
|
173
|
|
x
|
|
|
|
|
|
|
|
W Minneapolis
Hotel - The Foshay
|
229
|
|
|
|
|
|
|
|
|
x
|
Westin
Princeton
|
296
|
|
x
|
x
|
|
|
x
|
x
|
|
|
Total
|
|
18
|
13
|
12
|
10
|
11
|
6
|
5
|
7
|
|
|
(a)
|
Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 2018-2019 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
|
|
2018
|
|
2018
|
|
2018
|
|
December 31,
2018
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
10,820
|
|
|
$
|
42,925
|
|
|
$
|
68,862
|
|
|
$
|
40,311
|
|
|
$
|
162,918
|
|
Non-property
adjustments
|
20,730
|
|
|
(17)
|
|
|
(394)
|
|
|
1,669
|
|
|
21,988
|
|
Interest
income
|
(90)
|
|
|
(73)
|
|
|
(58)
|
|
|
(30)
|
|
|
(251)
|
|
Interest
expense
|
2,355
|
|
|
2,096
|
|
|
1,634
|
|
|
1,600
|
|
|
7,685
|
|
Amortization of loan
costs
|
210
|
|
|
149
|
|
|
178
|
|
|
112
|
|
|
649
|
|
Depreciation and
amortization
|
65,737
|
|
|
64,745
|
|
|
64,385
|
|
|
62,869
|
|
|
257,736
|
|
Income tax expense
(benefit)
|
109
|
|
|
14
|
|
|
9
|
|
|
—
|
|
|
132
|
|
Non-hotel EBITDA
ownership expense
|
2,678
|
|
|
1,550
|
|
|
2,176
|
|
|
2,083
|
|
|
8,487
|
|
Hotel EBITDA
including amounts attributable to
noncontrolling interest
|
102,549
|
|
|
111,389
|
|
|
136,792
|
|
|
108,614
|
|
|
459,344
|
|
Non-comparable
adjustments
|
490
|
|
|
1,518
|
|
|
3,664
|
|
|
866
|
|
|
6,538
|
|
Comparable hotel
EBITDA
|
$
|
103,039
|
|
|
$
|
112,907
|
|
|
$
|
140,456
|
|
|
$
|
109,480
|
|
|
$
|
465,882
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
December 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)
|
$
|
6,828
|
|
|
$
|
3,992
|
|
|
$
|
10,820
|
|
|
$
|
25
|
|
|
$
|
(76,893)
|
|
|
$
|
(66,048)
|
|
Non-property
adjustments
|
20,729
|
|
|
1
|
|
|
20,730
|
|
|
—
|
|
|
(20,730)
|
|
|
—
|
|
Interest
income
|
(84)
|
|
|
(6)
|
|
|
(90)
|
|
|
—
|
|
|
90
|
|
|
—
|
|
Interest
expense
|
2,148
|
|
|
207
|
|
|
2,355
|
|
|
—
|
|
|
53,926
|
|
|
56,281
|
|
Amortization of loan
cost
|
171
|
|
|
39
|
|
|
210
|
|
|
—
|
|
|
6,615
|
|
|
6,825
|
|
Depreciation and
amortization
|
54,660
|
|
|
11,077
|
|
|
65,737
|
|
|
138
|
|
|
47
|
|
|
65,922
|
|
Income tax expense
(benefit)
|
(20)
|
|
|
129
|
|
|
109
|
|
|
—
|
|
|
67
|
|
|
176
|
|
Non-hotel EBITDA
ownership expense
|
2,499
|
|
|
179
|
|
|
2,678
|
|
|
13
|
|
|
(2,691)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
86,931
|
|
|
15,618
|
|
|
102,549
|
|
|
176
|
|
|
(39,569)
|
|
|
63,156
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
(63)
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
2,486
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(153)
|
|
|
(153)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
86,994
|
|
|
$
|
15,618
|
|
|
$
|
102,612
|
|
|
$
|
176
|
|
|
$
|
(37,274)
|
|
|
$
|
65,514
|
|
Non-comparable
adjustments
|
490
|
|
|
—
|
|
|
490
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
87,421
|
|
|
$
|
15,618
|
|
|
$
|
103,039
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
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)
|
$
|
23,856
|
|
|
$
|
9,246
|
|
|
$
|
33,102
|
|
|
$
|
230
|
|
|
$
|
(71,857)
|
|
|
$
|
(38,525)
|
|
Non-property
adjustments
|
8,246
|
|
|
—
|
|
|
8,246
|
|
|
(75)
|
|
|
(8,171)
|
|
|
—
|
|
Interest
income
|
(24)
|
|
|
(4)
|
|
|
(28)
|
|
|
—
|
|
|
28
|
|
|
—
|
|
Interest
expense
|
1,086
|
|
|
172
|
|
|
1,258
|
|
|
—
|
|
|
51,851
|
|
|
53,109
|
|
Amortization of loan
cost
|
36
|
|
|
37
|
|
|
73
|
|
|
—
|
|
|
2,225
|
|
|
2,298
|
|
Depreciation and
amortization
|
52,543
|
|
|
8,639
|
|
|
61,182
|
|
|
123
|
|
|
46
|
|
|
61,351
|
|
Income tax expense
(benefit)
|
173
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
(1,884)
|
|
|
(1,711)
|
|
Non-hotel EBITDA
ownership expense
|
2,775
|
|
|
(151)
|
|
|
2,624
|
|
|
25
|
|
|
(2,649)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
88,691
|
|
|
17,939
|
|
|
106,630
|
|
|
303
|
|
|
(30,411)
|
|
|
76,522
|
|
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
|
$
|
88,606
|
|
|
$
|
17,939
|
|
|
$
|
106,545
|
|
|
$
|
303
|
|
|
$
|
(29,823)
|
|
|
$
|
77,025
|
|
Non-comparable
adjustments
|
1,329
|
|
|
(58)
|
|
|
1,271
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
90,020
|
|
|
$
|
17,881
|
|
|
$
|
107,901
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
Year Ended
December 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)
|
$
|
134,591
|
|
|
$
|
28,327
|
|
|
$
|
162,918
|
|
|
$
|
843
|
|
|
$
|
(320,070)
|
|
|
$
|
(156,309)
|
|
Non-property
adjustments
|
22,052
|
|
|
(64)
|
|
|
21,988
|
|
|
—
|
|
|
(21,988)
|
|
|
—
|
|
Interest
income
|
(230)
|
|
|
(21)
|
|
|
(251)
|
|
|
—
|
|
|
251
|
|
|
—
|
|
Interest
expense
|
6,894
|
|
|
791
|
|
|
7,685
|
|
|
—
|
|
|
207,659
|
|
|
215,344
|
|
Amortization of loan
cost
|
495
|
|
|
154
|
|
|
649
|
|
|
—
|
|
|
20,793
|
|
|
21,442
|
|
Depreciation and
amortization
|
217,180
|
|
|
40,556
|
|
|
257,736
|
|
|
528
|
|
|
194
|
|
|
258,458
|
|
Income tax expense
(benefit)
|
3
|
|
|
129
|
|
|
132
|
|
|
—
|
|
|
2,650
|
|
|
2,782
|
|
Non-hotel EBITDA
ownership expense
|
7,710
|
|
|
777
|
|
|
8,487
|
|
|
32
|
|
|
(8,519)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
388,695
|
|
|
70,649
|
|
|
459,344
|
|
|
1,403
|
|
|
(119,030)
|
|
|
341,717
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(321)
|
|
|
—
|
|
|
(321)
|
|
|
—
|
|
|
321
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(867)
|
|
|
(867)
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,445
|
|
|
3,445
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(572)
|
|
|
(572)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
388,374
|
|
|
$
|
70,649
|
|
|
$
|
459,023
|
|
|
$
|
1,403
|
|
|
$
|
(116,703)
|
|
|
$
|
343,723
|
|
Non-comparable
adjustments
|
6,538
|
|
|
—
|
|
|
6,538
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
395,233
|
|
|
$
|
70,649
|
|
|
$
|
465,882
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Year Ended
December 31, 2017
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
169,174
|
|
|
$
|
44,210
|
|
|
$
|
213,384
|
|
|
$
|
1,253
|
|
|
$
|
(303,397)
|
|
|
$
|
(88,760)
|
|
Non-property
adjustments
|
(4,101)
|
|
|
108
|
|
|
(3,993)
|
|
|
(75)
|
|
|
4,068
|
|
|
—
|
|
Interest
income
|
(112)
|
|
|
(14)
|
|
|
(126)
|
|
|
—
|
|
|
126
|
|
|
—
|
|
Interest
expense
|
2,601
|
|
|
409
|
|
|
3,010
|
|
|
—
|
|
|
206,402
|
|
|
209,412
|
|
Amortization of loan
cost
|
204
|
|
|
86
|
|
|
290
|
|
|
—
|
|
|
12,929
|
|
|
13,219
|
|
Depreciation and
amortization
|
211,225
|
|
|
32,815
|
|
|
244,040
|
|
|
473
|
|
|
2,218
|
|
|
246,731
|
|
Income tax expense
(benefit)
|
229
|
|
|
—
|
|
|
229
|
|
|
—
|
|
|
(2,447)
|
|
|
(2,218)
|
|
Non-hotel EBITDA
ownership expense
|
15,475
|
|
|
(427)
|
|
|
15,048
|
|
|
19
|
|
|
(15,067)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
394,695
|
|
|
77,187
|
|
|
471,882
|
|
|
1,670
|
|
|
(95,168)
|
|
|
378,384
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(368)
|
|
|
—
|
|
|
(368)
|
|
|
—
|
|
|
368
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,918
|
|
|
5,918
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,666)
|
|
|
(1,666)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(498)
|
|
|
(498)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
394,327
|
|
|
$
|
77,187
|
|
|
$
|
471,514
|
|
|
$
|
1,670
|
|
|
$
|
(91,046)
|
|
|
$
|
382,138
|
|
Non-comparable
adjustments
|
6,537
|
|
|
(33)
|
|
|
6,504
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
401,232
|
|
|
$
|
77,154
|
|
|
$
|
478,386
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Courtyard Louisville
Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus
Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport,
Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott
Crystal Gateway, Renaissance Nashville, Ritz-Carlton
Atlanta
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
December 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)
|
$
|
1,672
|
|
|
$
|
1,590
|
|
|
$
|
2,359
|
|
|
$
|
1,381
|
|
|
$
|
2,770
|
|
|
$
|
294
|
|
|
$
|
362
|
|
|
$
|
3,382
|
|
|
$
|
3,301
|
|
Non-property
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(485)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
(11)
|
|
Interest
expense
|
208
|
|
|
1,068
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
39
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,463
|
|
|
3,329
|
|
|
3,724
|
|
|
1,365
|
|
|
4,567
|
|
|
2,151
|
|
|
2,363
|
|
|
2,446
|
|
|
4,080
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
(4)
|
|
Non-hotel EBITDA
ownership expense
|
15
|
|
|
463
|
|
|
133
|
|
|
91
|
|
|
58
|
|
|
148
|
|
|
31
|
|
|
32
|
|
|
137
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
5,395
|
|
|
6,507
|
|
|
6,213
|
|
|
2,352
|
|
|
7,392
|
|
|
2,593
|
|
|
2,737
|
|
|
5,989
|
|
|
7,503
|
|
Non-comparable
adjustments
|
(25)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
5,370
|
|
|
$
|
6,507
|
|
|
$
|
6,213
|
|
|
$
|
2,352
|
|
|
$
|
7,392
|
|
|
$
|
2,593
|
|
|
$
|
2,737
|
|
|
$
|
5,989
|
|
|
$
|
7,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(19)
|
|
|
$
|
133
|
|
|
$
|
528
|
|
|
$
|
5,500
|
|
|
$
|
240
|
|
|
$
|
1,080
|
|
|
$
|
(13,753)
|
|
|
$
|
10,820
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(77)
|
|
|
21,297
|
|
|
20,730
|
|
|
|
Interest
income
|
(3)
|
|
|
(1)
|
|
|
(1)
|
|
|
(8)
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
|
(90)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
892
|
|
|
187
|
|
|
2,355
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
58
|
|
|
210
|
|
|
|
Depreciation and
amortization
|
2,243
|
|
|
1,623
|
|
|
834
|
|
|
3,191
|
|
|
1,547
|
|
|
7,801
|
|
|
21,010
|
|
|
65,737
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
109
|
|
|
|
Non-hotel EBITDA
ownership expense
|
80
|
|
|
124
|
|
|
137
|
|
|
132
|
|
|
102
|
|
|
105
|
|
|
890
|
|
|
2,678
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,301
|
|
|
1,887
|
|
|
1,498
|
|
|
8,815
|
|
|
1,885
|
|
|
9,837
|
|
|
29,645
|
|
|
102,549
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
502
|
|
|
490
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,301
|
|
|
$
|
1,887
|
|
|
$
|
1,498
|
|
|
$
|
8,815
|
|
|
$
|
1,898
|
|
|
$
|
9,837
|
|
|
$
|
30,147
|
|
|
$
|
103,039
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
December 31, 2017
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA
Metro Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN - WI Area
|
|
Nashville, TN
Area
|
|
New York / New
Jersey Metro Area
|
Net income
(loss)
|
$
|
3,363
|
|
|
$
|
1,475
|
|
|
$
|
3,006
|
|
|
$
|
2,148
|
|
|
$
|
3,181
|
|
|
$
|
1,628
|
|
|
$
|
327
|
|
|
$
|
3,395
|
|
|
$
|
2,989
|
|
Non-property
adjustments
|
(6)
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(3)
|
|
Interest
expense
|
172
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
37
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
2,553
|
|
|
3,604
|
|
|
3,359
|
|
|
1,326
|
|
|
4,416
|
|
|
1,753
|
|
|
2,422
|
|
|
1,698
|
|
|
4,226
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
209
|
|
|
234
|
|
|
123
|
|
|
(327)
|
|
|
189
|
|
|
140
|
|
|
119
|
|
|
7
|
|
|
743
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
6,328
|
|
|
5,900
|
|
|
6,487
|
|
|
3,197
|
|
|
7,785
|
|
|
3,521
|
|
|
2,861
|
|
|
5,100
|
|
|
8,018
|
|
Non-comparable
adjustments
|
22
|
|
|
(24)
|
|
|
(58)
|
|
|
(39)
|
|
|
(100)
|
|
|
(10)
|
|
|
(19)
|
|
|
—
|
|
|
(60)
|
|
Comparable hotel
EBITDA
|
$
|
6,350
|
|
|
$
|
5,876
|
|
|
$
|
6,429
|
|
|
$
|
3,158
|
|
|
$
|
7,685
|
|
|
$
|
3,511
|
|
|
$
|
2,842
|
|
|
$
|
5,100
|
|
|
$
|
7,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
432
|
|
|
$
|
(139)
|
|
|
$
|
374
|
|
|
$
|
5,443
|
|
|
$
|
714
|
|
|
$
|
(406)
|
|
|
$
|
5,172
|
|
|
$
|
33,102
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(13)
|
|
|
—
|
|
|
4,726
|
|
|
3,489
|
|
|
8,246
|
|
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(4)
|
|
|
(7)
|
|
|
(28)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
535
|
|
|
1,258
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
|
Depreciation and
amortization
|
1,819
|
|
|
1,535
|
|
|
924
|
|
|
2,690
|
|
|
1,751
|
|
|
6,390
|
|
|
20,716
|
|
|
61,182
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
173
|
|
|
|
Non-hotel EBITDA
ownership expense
|
114
|
|
|
180
|
|
|
97
|
|
|
83
|
|
|
132
|
|
|
(209)
|
|
|
790
|
|
|
2,624
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,363
|
|
|
1,590
|
|
|
1,395
|
|
|
8,200
|
|
|
2,597
|
|
|
10,497
|
|
|
30,791
|
|
|
106,630
|
|
|
|
Non-comparable
adjustments
|
(8)
|
|
|
(14)
|
|
|
(5)
|
|
|
(106)
|
|
|
(537)
|
|
|
2,032
|
|
|
197
|
|
|
1,271
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,355
|
|
|
$
|
1,576
|
|
|
$
|
1,390
|
|
|
$
|
8,094
|
|
|
$
|
2,060
|
|
|
$
|
12,529
|
|
|
$
|
30,988
|
|
|
$
|
107,901
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Year Ended
December 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)
|
$
|
10,008
|
|
|
$
|
6,369
|
|
|
$
|
12,431
|
|
|
$
|
6,072
|
|
|
$
|
14,506
|
|
|
$
|
3,952
|
|
|
$
|
4,131
|
|
|
$
|
15,477
|
|
|
$
|
13,660
|
|
Non-property
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(619)
|
|
|
—
|
|
|
(120)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(10)
|
|
|
(2)
|
|
|
(57)
|
|
|
—
|
|
|
(32)
|
|
Interest
expense
|
791
|
|
|
3,914
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
154
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
12,694
|
|
|
14,505
|
|
|
14,004
|
|
|
5,467
|
|
|
18,325
|
|
|
7,867
|
|
|
10,002
|
|
|
8,972
|
|
|
16,467
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
(4)
|
|
Non-hotel EBITDA
ownership expense
|
397
|
|
|
767
|
|
|
412
|
|
|
440
|
|
|
288
|
|
|
269
|
|
|
180
|
|
|
77
|
|
|
397
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
24,039
|
|
|
25,777
|
|
|
26,839
|
|
|
11,360
|
|
|
33,109
|
|
|
11,966
|
|
|
14,256
|
|
|
24,655
|
|
|
30,488
|
|
Non-comparable
adjustments
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
24,045
|
|
|
$
|
25,777
|
|
|
$
|
26,839
|
|
|
$
|
11,360
|
|
|
$
|
33,109
|
|
|
$
|
11,966
|
|
|
$
|
14,256
|
|
|
$
|
24,655
|
|
|
$
|
30,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
1,338
|
|
|
$
|
1,606
|
|
|
$
|
3,146
|
|
|
$
|
23,997
|
|
|
$
|
4,356
|
|
|
$
|
10,431
|
|
|
$
|
31,438
|
|
|
$
|
162,918
|
|
|
|
Non-property
adjustments
|
(39)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(378)
|
|
|
1,864
|
|
|
21,281
|
|
|
21,988
|
|
|
|
Interest
income
|
(10)
|
|
|
(3)
|
|
|
(4)
|
|
|
(23)
|
|
|
—
|
|
|
(43)
|
|
|
(55)
|
|
|
(251)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,764
|
|
|
1,216
|
|
|
7,685
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
163
|
|
|
649
|
|
|
|
Depreciation and
amortization
|
8,059
|
|
|
6,517
|
|
|
3,525
|
|
|
12,478
|
|
|
6,615
|
|
|
28,399
|
|
|
83,840
|
|
|
257,736
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
132
|
|
|
|
Non-hotel EBITDA
ownership expense
|
134
|
|
|
313
|
|
|
605
|
|
|
440
|
|
|
260
|
|
|
399
|
|
|
3,109
|
|
|
8,487
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
9,482
|
|
|
8,441
|
|
|
7,272
|
|
|
36,892
|
|
|
10,853
|
|
|
42,924
|
|
|
140,991
|
|
|
459,344
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,118)
|
|
|
4,697
|
|
|
2,952
|
|
|
6,538
|
|
|
|
Comparable hotel
EBITDA
|
$
|
9,482
|
|
|
$
|
8,441
|
|
|
$
|
7,272
|
|
|
$
|
36,892
|
|
|
$
|
9,735
|
|
|
$
|
47,621
|
|
|
$
|
143,943
|
|
|
$
|
465,882
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Year Ended
December 31, 2017
|
|
Atlanta, GA
Area
|
|
Boston, MA
Area
|
|
Dallas / Ft.
Worth, TX Area
|
|
Houston, TX
Area
|
|
Los Angeles, CA
Metro Area
|
|
Miami, FL Metro
Area
|
|
Minneapolis - St.
Paul, MN - WI Area
|
|
Nashville, TN
Area
|
|
New York / New
Jersey Metro Area
|
Net income
(loss)
|
$
|
28,667
|
|
|
$
|
11,543
|
|
|
$
|
11,976
|
|
|
$
|
4,562
|
|
|
$
|
16,318
|
|
|
$
|
178
|
|
|
$
|
4,479
|
|
|
$
|
19,111
|
|
|
$
|
13,343
|
|
Non-property
adjustments
|
(14,115)
|
|
|
—
|
|
|
—
|
|
|
501
|
|
|
—
|
|
|
266
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(12)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(37)
|
|
|
—
|
|
|
(9)
|
|
Interest
expense
|
409
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
86
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
12,675
|
|
|
14,008
|
|
|
12,721
|
|
|
6,559
|
|
|
17,248
|
|
|
6,958
|
|
|
9,984
|
|
|
6,872
|
|
|
16,840
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
Non-hotel EBITDA
ownership expense
|
447
|
|
|
285
|
|
|
1,030
|
|
|
908
|
|
|
498
|
|
|
5,055
|
|
|
184
|
|
|
52
|
|
|
1,163
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
28,157
|
|
|
26,423
|
|
|
25,723
|
|
|
12,530
|
|
|
34,060
|
|
|
12,457
|
|
|
14,610
|
|
|
26,035
|
|
|
31,400
|
|
Non-comparable
adjustments
|
(2,231)
|
|
|
—
|
|
|
(33)
|
|
|
1
|
|
|
(23)
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
25,926
|
|
|
$
|
26,423
|
|
|
$
|
25,690
|
|
|
$
|
12,531
|
|
|
$
|
34,037
|
|
|
$
|
12,457
|
|
|
$
|
14,611
|
|
|
$
|
26,035
|
|
|
$
|
31,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
Area
|
|
Philadelphia, PA
Area
|
|
San Diego, CA
Area
|
|
San Francisco -
Oakland, CA Metro Area
|
|
Tampa, FL
Area
|
|
Washington D.C. -
MD - VA Area
|
|
Other
Areas
|
|
Total
Portfolio
|
|
|
Net income
(loss)
|
$
|
3,941
|
|
|
$
|
1,542
|
|
|
$
|
3,166
|
|
|
$
|
24,973
|
|
|
$
|
5,475
|
|
|
$
|
17,865
|
|
|
$
|
46,245
|
|
|
$
|
213,384
|
|
|
|
Non-property
adjustments
|
43
|
|
|
—
|
|
|
—
|
|
|
(13)
|
|
|
64
|
|
|
4,726
|
|
|
4,535
|
|
|
(3,993)
|
|
|
|
Interest
income
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(16)
|
|
|
(20)
|
|
|
(126)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,050
|
|
|
3,010
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
|
290
|
|
|
|
Depreciation and
amortization
|
6,289
|
|
|
5,810
|
|
|
3,906
|
|
|
9,860
|
|
|
6,125
|
|
|
25,062
|
|
|
83,123
|
|
|
244,040
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
229
|
|
|
|
Non-hotel EBITDA
ownership expense
|
221
|
|
|
271
|
|
|
163
|
|
|
221
|
|
|
349
|
|
|
(1,037)
|
|
|
5,238
|
|
|
15,048
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
10,487
|
|
|
7,637
|
|
|
7,235
|
|
|
35,024
|
|
|
12,013
|
|
|
46,600
|
|
|
141,491
|
|
|
471,882
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(2,030)
|
|
|
8,636
|
|
|
2,182
|
|
|
6,504
|
|
|
|
Comparable hotel
EBITDA
|
$
|
10,487
|
|
|
$
|
7,637
|
|
|
$
|
7,236
|
|
|
$
|
35,024
|
|
|
$
|
9,983
|
|
|
$
|
55,236
|
|
|
$
|
143,673
|
|
|
$
|
478,386
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
TTM Ended December
31, 2018
|
|
KEYS Pool A - 7
hotels
|
|
KEYS Pool B - 7
hotels
|
|
KEYS Pool C - 5
hotels
|
|
KEYS Pool D - 5
hotels
|
|
KEYS Pool E - 5
hotels
|
|
KEYS Pool F - 5
hotels
|
|
BAML Highland Pool -
21 hotels
|
|
Morgan Stanley Pool -
17 hotels
|
|
Morgan Stanley - 8
hotels
|
|
JP Morgan Chase - 8
hotels
|
|
BAML Pool 3 - 3
hotels
|
Net income
(loss)
|
$
|
10,560
|
|
|
$
|
12,407
|
|
|
$
|
8,011
|
|
|
$
|
14,064
|
|
|
$
|
9,490
|
|
|
$
|
11,098
|
|
|
$
|
34,416
|
|
|
$
|
19,909
|
|
|
$
|
2,303
|
|
|
$
|
20,582
|
|
|
$
|
1,253
|
|
Non-property
adjustments
|
1,878
|
|
|
—
|
|
|
(60)
|
|
|
(363)
|
|
|
(6)
|
|
|
—
|
|
|
9,467
|
|
|
(590)
|
|
|
—
|
|
|
(20)
|
|
|
(17)
|
|
Interest
income
|
(17)
|
|
|
(12)
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
(29)
|
|
|
—
|
|
|
(11)
|
|
|
—
|
|
|
(88)
|
|
|
(5)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,019
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
3
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
8,769
|
|
|
8,708
|
|
|
15,306
|
|
|
14,455
|
|
|
13,293
|
|
|
12,514
|
|
|
59,470
|
|
|
29,678
|
|
|
9,333
|
|
|
23,173
|
|
|
5,819
|
|
Income tax expense
(benefit)
|
8
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
355
|
|
|
249
|
|
|
1,097
|
|
|
(24)
|
|
|
932
|
|
|
362
|
|
|
2,050
|
|
|
965
|
|
|
420
|
|
|
328
|
|
|
43
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
21,553
|
|
|
21,348
|
|
|
24,353
|
|
|
28,131
|
|
|
24,832
|
|
|
23,945
|
|
|
105,403
|
|
|
49,951
|
|
|
12,066
|
|
|
43,978
|
|
|
7,093
|
|
Non-comparable
adjustments
|
(48)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,113)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
21,505
|
|
|
$
|
21,348
|
|
|
$
|
24,353
|
|
|
$
|
28,131
|
|
|
$
|
24,832
|
|
|
$
|
23,945
|
|
|
$
|
104,290
|
|
|
$
|
49,951
|
|
|
$
|
12,066
|
|
|
$
|
43,978
|
|
|
$
|
7,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
BAML Pool 5 - 2
hotels
|
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
Aareal Princeton /
Nashville - 2 hotels
|
|
Aareal Hilton
Alexandria - 1 hotel
|
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
Omni American Bank
Ashton - 1 hotel
|
|
BAML Indigo Atlanta -
1 hotel
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
GACC Gateway - 1
hotel
|
Net income
(loss)
|
$
|
3,981
|
|
|
$
|
2,211
|
|
|
$
|
1,923
|
|
|
$
|
712
|
|
|
$
|
16,089
|
|
|
$
|
291
|
|
|
$
|
2,175
|
|
|
$
|
549
|
|
|
$
|
(277)
|
|
|
$
|
2,492
|
|
|
$
|
1,477
|
|
Non-property
adjustments
|
(40)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(5)
|
|
|
(1)
|
|
|
—
|
|
|
(21)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,764
|
|
|
—
|
|
|
—
|
|
|
791
|
|
|
3,914
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|
222
|
|
|
—
|
|
Depreciation and
amortization
|
4,321
|
|
|
1,267
|
|
|
592
|
|
|
1,003
|
|
|
12,789
|
|
|
1,485
|
|
|
1,227
|
|
|
530
|
|
|
1,338
|
|
|
6,906
|
|
|
11,142
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
(97)
|
|
|
91
|
|
|
105
|
|
|
47
|
|
|
(45)
|
|
|
54
|
|
|
102
|
|
|
10
|
|
|
90
|
|
|
256
|
|
|
48
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
8,164
|
|
|
3,569
|
|
|
2,615
|
|
|
1,761
|
|
|
28,962
|
|
|
3,683
|
|
|
3,504
|
|
|
1,089
|
|
|
2,096
|
|
|
13,790
|
|
|
12,667
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,852
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
8,164
|
|
|
$
|
3,569
|
|
|
$
|
2,615
|
|
|
$
|
1,761
|
|
|
$
|
28,962
|
|
|
$
|
8,535
|
|
|
$
|
3,504
|
|
|
$
|
1,089
|
|
|
$
|
2,096
|
|
|
$
|
13,790
|
|
|
$
|
12,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Jacksonville RI
- 1 hotel
|
|
JPMorgan Chase La
Posada-1 hotel
|
|
BAML Le Pavillon - 1
hotel
|
|
Key Bank Manchester
CY - 1 hotel
|
|
GACC Manchester RI -
1 hotel
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
Unencumbered
hotels
|
|
Total
Portfolio
|
|
|
|
|
Net income
(loss)
|
$
|
(1,596)
|
|
|
$
|
(164)
|
|
|
$
|
(1,528)
|
|
|
$
|
352
|
|
|
$
|
273
|
|
|
$
|
3,250
|
|
|
$
|
(5,124)
|
|
|
$
|
(8,261)
|
|
|
$
|
162,918
|
|
|
|
|
|
Non-property
adjustments
|
(38)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,130
|
|
|
6,647
|
|
|
21,988
|
|
|
|
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56)
|
|
|
—
|
|
|
(1)
|
|
|
(251)
|
|
|
|
|
|
Interest
expense
|
—
|
|
|
184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,685
|
|
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
649
|
|
|
|
|
|
Depreciation and
amortization
|
1,851
|
|
|
242
|
|
|
3,188
|
|
|
520
|
|
|
955
|
|
|
3,245
|
|
|
876
|
|
|
3,741
|
|
|
257,736
|
|
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6)
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
|
|
|
Non-hotel EBITDA
ownership expense
|
47
|
|
|
131
|
|
|
666
|
|
|
24
|
|
|
18
|
|
|
84
|
|
|
34
|
|
|
45
|
|
|
8,487
|
|
|
|
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
264
|
|
|
451
|
|
|
2,326
|
|
|
890
|
|
|
1,251
|
|
|
6,523
|
|
|
916
|
|
|
2,170
|
|
|
459,344
|
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
2,842
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
6,538
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
264
|
|
|
$
|
3,293
|
|
|
$
|
2,326
|
|
|
$
|
890
|
|
|
$
|
1,251
|
|
|
$
|
6,523
|
|
|
$
|
916
|
|
|
$
|
2,175
|
|
|
$
|
465,882
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 119 hotel properties owned and included in
the Company's operations at December 31, 2018, were owned as
of the beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
The above information
does not reflect the operations of Orlando WorldQuest
Resort.
|
View original
content:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2018-results-300804537.html
SOURCE Ashford Hospitality Trust, Inc.