Ashford Trust Reports Second Quarter 2019 Results

DALLAS, Aug. 1, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 2019. 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 June 30, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2019 with the second quarter ended June 30, 2018 (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
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 $26.9 million or $0.27 per diluted share for the quarter.
Actual RevPAR for all hotels increased 2.8% to $140.58 during the quarter.
Comparable RevPAR for all hotels increased 1.4% to $140.58 during the quarter.
Comparable RevPAR for all hotels not under renovation increased 1.6% to $138.84 during the quarter.
Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
Adjusted EBITDAre was $132.1 million for the quarter, an increase of 5.8% over the prior-year quarter.
Adjusted funds from operations (AFFO) was $0.47 per diluted share for the quarter.
As of August 1, 2019, the Company's common stock is trading at an approximate 9.4% dividend yield.
Capex invested during the quarter was $43.6 million.

ENHANCED RETURN FUNDING PROGRAM
On June 26, 2018, the Company announced that it 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's 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 intended to improve returns 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 $50 million of ERFP funding from Ashford Inc.

CAPITAL STRUCTURE
At June 30, 2019, the Company had total mortgage loans of $4.2 billion with a blended average interest rate of 5.7% and a weighted average maturity of 5.3 years assuming full extension of the loans.

During the quarter, the Company completed the refinancing of the loan on the Ashton Hotel. The new loan has an $8.9 million balance, bears interest at a rate of LIBOR + 2.00%, and has a five-year term. The Company does not have any more final loan maturities during 2019, and the next final loan maturity for the Company is in June of 2020.

PORTFOLIO REVPAR
As of June 30, 2019, the portfolio consisted of 121 properties. During the second quarter of 2019, 117 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 121 hotels), and comparable not under renovation basis (117 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

Comparable RevPAR increased 1.4% to $140.58 for all hotels on a 1.5% increase in ADR and relatively flat occupancy.
Comparable RevPAR increased 1.6% to $138.84 for all hotels not under renovation on a 1.3% increase in ADR and a 0.3% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. To help investors better understand the seasonality in the Company's portfolio, 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 121 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On June 14, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per diluted share for the Company's common stock for the second quarter ending June 30, 2019, payable on July 15, 2019, to shareholders of record as of June 28, 2019.

"We are pleased with the operational results for the recent quarter and believe that the Company remains well positioned," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We have seen strong results from several of our recent acquisitions and continue to benefit from our diversified, high-quality collection of hotels. Our current focus is on value added initiatives, and looking ahead we're committed to increasing the performance of our portfolio to generate superior shareholder returns."

The Company plans to host an Investor Day on October 3, 2019 at the St. Regis Hotel in New York City. More information will be forthcoming about this event.

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 2, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2093. A replay of the conference call will be available through Friday, August 9, 2019, by dialing (719) 457-0820 and entering the confirmation number, 1285939.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2019 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, August 2, 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. 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 reconciliations of non-GAAP measures to the closest 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 and per share amounts)
(unaudited)

	June 30, 2019		December 31, 2018
ASSETS
Investments in hotel properties, net	$	4,235,263	$	4,105,219
Cash and cash equivalents	235,936		319,210
Restricted cash	162,746		120,602
Marketable securities	14,263		21,816
Accounts receivable, net of allowance of $746 and $485, respectively	65,223		37,060
Inventories	4,454		4,224
Investment in Ashford Inc.	182		1,896
Investment in OpenKey	2,676		2,593
Deferred costs, net	3,087		3,449
Prepaid expenses	32,826		19,982
Derivative assets, net	2,535		2,396
Operating lease right-of-use assets	41,114		—
Other assets	13,620		15,923
Intangible assets, net	797		9,824
Due from related party, net	2,297		—
Due from third-party hotel managers	19,642		21,760
Assets held for sale	33,336		—
Total assets	$	4,869,997	$	4,685,954

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	4,143,957	$	3,927,266
Accounts payable and accrued expenses	158,200		136,757
Dividends and distributions payable	20,435		26,794
Due to Ashford Inc., net	6,171		23,034
Due to related party, net	—		1,477
Due to third-party hotel managers	3,539		2,529
Intangible liabilities, net	2,377		15,483
Operating lease liabilities	43,758		—
Derivative liabilities, net	171		50
Other liabilities	26,253		18,716
Liabilities associated with assets held for sale	24,690		—
Total liabilities	4,429,551		4,152,106

Redeemable noncontrolling interests in operating partnership	73,242		80,743
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 June 30, 2019 and December 31, 2018	24		24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2019 and December 31, 2018	62		62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018	38		38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018	54		54
Common stock, $0.01 par value, 400,000,000 shares authorized, 102,130,683 and 101,035,530 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	1,021		1,010
Additional paid-in capital	1,819,177		1,814,273
Accumulated deficit	(1,453,824)		(1,363,020)
Total shareholders' equity of the Company	366,600		452,489
Noncontrolling interests in consolidated entities	604		616
Total equity	367,204		453,105
Total liabilities and equity	$	4,869,997	$	4,685,954

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
REVENUE
Rooms	$	328,252	$	309,381	$	608,633	$	580,074
Food and beverage	67,298		60,429		128,359		115,473
Other	18,475		18,558		34,679		34,049
Total hotel revenue	414,025		388,368		771,671		729,596
Other	1,123		796		2,195		1,775
Total revenue	415,148		389,164		773,866		731,371
EXPENSES
Hotel operating expenses
Rooms	68,179		64,214		128,826		123,300
Food and beverage	44,122		40,156		85,445		78,621
Other expenses	124,609		116,254		238,136		222,637
Management fees	14,783		14,371		27,772		27,108
Total hotel operating expenses	251,693		234,995		480,179		451,666
Property taxes, insurance and other	21,762		20,230		42,159		38,589
Depreciation and amortization	67,511		64,566		134,689		127,613
Impairment charges	6,533		19		6,533		1,679
Transaction costs	2		9		2		11
Advisory services fee:
Base advisory fee	9,362		8,873		18,351		17,488
Reimbursable expenses	3,006		1,997		5,396		3,526
Non-cash stock/unit-based compensation	4,549		8,939		8,838		15,685
Incentive fee	(636)		3,270		—		3,457
Corporate, general and administrative:
Non-cash stock/unit-based compensation	622		536		721		536
Other general and administrative	2,295		2,695		4,797		4,824
Total operating expenses	366,699		346,129		701,665		665,074
Gain (loss) on sale of assets and hotel properties	328		412		561		403
OPERATING INCOME (LOSS)	48,777		43,447		72,762		66,700
Equity in earnings (loss) of unconsolidated entities	(867)		1,170		(1,930)		582
Interest income	785		883		1,566		1,629
Other income (expense), net	(338)		206		(654)		282
Interest expense, net of premium amortization	(60,379)		(52,716)		(119,287)		(105,006)
Amortization of loan costs	(7,608)		(5,490)		(14,866)		(7,943)
Write-off of premiums, loan costs and exit fees	(90)		(5,694)		(2,152)		(7,744)
Unrealized gain (loss) on marketable securities	598		(268)		1,406		(826)
Unrealized gain (loss) on derivatives	1,476		(1,916)		(1,518)		(1,587)
INCOME (LOSS) BEFORE INCOME TAXES	(17,646)		(20,378)		(64,673)		(53,913)
Income tax benefit (expense)	(3,706)		(2,973)		(3,301)		(2,087)
NET INCOME (LOSS)	(21,352)		(23,351)		(67,974)		(56,000)
(Income) loss from consolidated entities attributable to noncontrolling interest	(14)		(20)		12		18
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,084		5,065		13,663		11,405
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(16,282)		(18,306)		(54,299)		(44,577)
Preferred dividends	(10,644)		(10,644)		(21,288)		(21,288)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(26,926)	$	(28,950)	$	(75,587)	$	(65,865)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.27)	$	(0.30)	$	(0.77)	$	(0.69)
Weighted average common shares outstanding – basic	99,942		96,889		99,685		96,137
Diluted:
Net income (loss) attributable to common stockholders	$	(0.27)	$	(0.30)	$	(0.77)	$	(0.69)
Weighted average common shares outstanding – diluted	99,942		96,889		99,685		96,137
Dividends declared per common share:	$	0.06	$	0.12	$	0.18	$	0.24

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Net income (loss)	$	(21,352)	$	(23,351)	$	(67,974)	$	(56,000)
Interest expense and amortization of premiums and loan costs, net	67,987		58,206		134,153		112,949
Depreciation and amortization	67,511		64,566		134,689		127,613
Income tax expense (benefit)	3,706		2,973		3,301		2,087
Equity in (earnings) loss of unconsolidated entities	867		(1,170)		1,930		(582)
Company's portion of EBITDA of Ashford Inc.	1,703		3,551		3,577		2,566
Company's portion of EBITDA of OpenKey	(94)		(122)		(209)		(261)
EBITDA	120,328		104,653		209,467		188,372
Impairment charges on real estate	6,533		19		6,533		1,679
(Gain) loss on sale of assets and hotel properties	(328)		(412)		(561)		(403)
EBITDAre	126,533		104,260		215,439		189,648
Amortization of unfavorable contract liabilities	117		(39)		78		(78)
Uninsured hurricane related costs	—		(17)		—		(228)
(Gain) loss on insurance settlements	—		—		(36)		—
Write-off of premiums, loan costs and exit fees	90		5,694		2,152		7,744
Other (income) expense, net	413		(206)		775		(282)
Transaction, acquisition and management conversion costs	240		121		686		205
Legal judgment and related legal costs	1,399		161		1,816		927
Unrealized (gain) loss on marketable securities	(598)		268		(1,406)		826
Unrealized (gain) loss on derivatives	(1,476)		1,916		1,518		1,587
Dead deal costs	18		3		50		3
Non-cash stock/unit-based compensation	5,368		9,801		9,958		16,803
Advisory services incentive fee	(636)		3,270		—		3,457
Company's portion of adjustments to EBITDAre of Ashford Inc.	618		(344)		1,531		2,183
Company's portion of adjustments to EBITDAre of OpenKey	14		3		35		8
Adjusted EBITDAre	$	132,100	$	124,891	$	232,596	$	222,803

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Net income (loss)	$	(21,352)	$	(23,351)	$	(67,974)	$	(56,000)
(Income) loss from consolidated entities attributable to noncontrolling interest	(14)		(20)		12		18
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,084		5,065		13,663		11,405
Preferred dividends	(10,644)		(10,644)		(21,288)		(21,288)
Net income (loss) attributable to common stockholders	(26,926)		(28,950)		(75,587)		(65,865)
Depreciation and amortization on real estate	67,452		64,509		134,573		127,498
(Gain) loss on sale of assets and hotel properties	(328)		(412)		(561)		(403)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(5,084)		(5,065)		(13,663)		(11,405)
Equity in (earnings) loss of unconsolidated entities	867		(1,170)		1,930		(582)
Impairment charges on real estate	6,533		19		6,533		1,679
Company's portion of FFO of Ashford Inc.	(767)		2,552		(1,402)		921
Company's portion of FFO of OpenKey	(96)		(125)		(196)		(266)
FFO available to common stockholders and OP unitholders	41,651		31,358		51,627		51,577
Write-off of premiums, loan costs and exit fees	90		5,694		2,152		7,744
(Gain) loss on insurance settlements	—		—		(36)		—
Uninsured hurricane related costs	—		(17)		—		(228)
Other (income) expense, net	413		(206)		775		(282)
Transaction, acquisition and management conversion costs	240		121		686		205
Legal judgment and related legal costs	1,399		161		1,816		927
Unrealized (gain) loss on marketable securities	(598)		268		(1,406)		826
Unrealized (gain) loss on derivatives	(1,476)		1,916		1,518		1,587
Dead deal costs	18		3		50		3
Non-cash stock/unit-based compensation	5,368		9,801		9,958		16,803
Amortization of loan costs	7,606		5,488		14,862		7,939
Advisory services incentive fee	(636)		3,270		—		3,457
Company's portion of adjustments to FFO of Ashford Inc.	2,198		(344)		4,640		2,183
Company's portion of adjustments to FFO of OpenKey	15		3		37		8
Adjusted FFO available to common stockholders and OP unitholders	$	56,288	$	57,516	$	86,679	$	92,749
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.47	$	0.50	$	0.73	$	0.81
Weighted average diluted shares	119,249		115,754		118,778		114,849

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
JUNE 30, 2019
(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
Morgan Stanley Ann Arbor - 1 hotel	July 2019	LIBOR + 4.15%	$	—		$	35,200		(1)	$	35,200		$	3,403	9.7	%
Morgan Stanley - 8 hotels	July 2019	LIBOR + 4.09%	—			144,000			(1)	144,000			11,243		7.8	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2019	LIBOR + 4.95%	—			7,778			(2)	7,778			818		10.5	%
Secured credit facility - various	September 2019	Base Rate(3) + 1.65% or LIBOR + 2.65%	—			—				—				N/A	N/A
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(4)	427,000			48,834		11.4	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(4)	395,000			41,942		10.6	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(4)	962,575			108,203		11.2	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(5)	16,100			2,485		15.4	%
BAML Le Pavillon - 1 hotel	June 2020	LIBOR + 5.10%	—			43,750			(6)	43,750			2,506		5.7	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(4)	180,720			21,025		11.6	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(4)	174,400			21,202		12.2	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(4)	221,040			21,745		9.8	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(4)	262,640			27,952		10.6	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(4)	160,000			25,343		15.8	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(4)	215,120			24,307		11.3	%
GACC Gateway - 1 hotel	November 2020	6.26%	92,494			—				92,494			12,654		13.7	%
JPMorgan Chase La Posada - 1 hotel	November 2020	LIBOR + 2.55%	—			25,000			(7)	25,000			3,578		14.3	%
BAML Princeton/Nashville - 2 hotels	March 2021	LIBOR + 2.75%	—			240,000			(4)	240,000			33,858		14.1	%
SPT Embassy Suites New York Manhattan Times Square - 1 hotel	February 2022	LIBOR + 3.90%	—			145,000			(5)	145,000			8,458		5.8	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			14,892		15.4	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	52,346			—				52,346			5,455		10.4	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,255		11.2	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,821			—				6,821			1,167		17.1	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	9,956			—				9,956			1,667		16.7	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,353			—				6,353			1,023		16.1	%
Southside Bank Ashton - 1 hotel	June 2024	LIBOR + 2.00%	—			8,881				8,881			904		10.2	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	64,808			—				64,808			6,870		10.6	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	11,964			—				11,964			1,361		11.4	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	23,917			—				23,917			3,283		13.7	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,669			—				19,669			2,702		13.7	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	50,875			—				50,875			8,526		16.8	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	4.66%	25,162			—				25,162			3,689		14.7	%
Unencumbered hotels			—			—				—			1,812		N/A
Total			$	364,365		$	3,834,654			$	4,199,019		$	481,162	11.5	%
Percentage			8.7		%	91.3		%		100.0		%
Weighted average interest rate			5.30		%	5.68		%		5.65		%

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 third one-year extension period began in July 2019.

⁽²⁾ 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.

⁽³⁾ 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%.

⁽⁴⁾ This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.

⁽⁵⁾ This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

⁽⁶⁾ This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.

⁽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
JUNE 30, 2019
(dollars in thousands)
(unaudited)

	2019		2020		2021		2022		2023		Thereafter		Total
Secured credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
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
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
SPT Embassy Suites New York Manhattan Times Square - 1 hotel	—		—		—		—		—		145,000		145,000
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Southside Bank Ashton - 1 hotel	—		—		—		—		—		8,881		8,881
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
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		—		—		—		22,030		22,030
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
BAML Princeton/Nashville - 2 hotels	—		—		—		—		—		240,000		240,000
Principal due in future periods	—		320,614		—		112,470		146,632		3,587,679		4,167,395
Scheduled amortization payments remaining	3,586		7,039		5,702		5,862		5,242		4,193		31,624
Total indebtedness	$	3,586	$	327,653	$	5,702	$	118,332	$	151,874	$	3,591,872	$	4,199,019

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	327,234		$	—		$	327,234		$	308,199		$	14,253		$	322,452		6.18	%	1.48	%
	RevPAR	$	140.58		$	—		$	140.58		$	136.73		$	196.16		$	138.58		2.82	%	1.44	%
	Occupancy	80.90		%	—		%	80.90		%	80.77		%	85.40		%	80.91		%	0.16	%	(0.02)	%
	ADR	$	173.78		$	—		$	173.78		$	169.29		$	229.71		$	171.28		2.65	%	1.46	%

ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	606,430		$	1,867		$	608,297		$	577,500		$	20,284		$	597,784		5.01	%	1.76	%
	RevPAR	$	131.46		$	113.3		$	131.39		$	128.22		$	169.63		$	129.29		2.52	%	1.62	%
	Occupancy	76.91		%	71.19		%	76.89		%	77.36		%	77.08		%	77.35		%	(0.58)	%	(0.60)	%
	ADR	$	170.93		$	159.15		$	170.89		$	165.75		$	220.07		$	167.15		3.12	%	2.24	%

NOTES:

(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 2019, 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:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	305,389		$	—		$	305,389		$	286,233		$	14,253		$	300,486		6.69	%	1.63	%
	RevPAR	$	138.84		$	—		$	138.84		$	134.63		$	196.16		$	136.67		3.12	%	1.59	%
	Occupancy	80.82		%	—		%	80.82		%	80.40		%	85.40		%	80.57		%	0.52	%	0.31	%
	ADR	$	171.79		$	—		$	171.79		$	167.45		$	229.71		$	169.64		2.59	%	1.27	%

ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	565,894		$	1,867		$	567,761		$	537,485		$	20,284		$	557,769		5.29	%	1.79	%
	RevPAR	$	129.84		$	113.30		$	129.78		$	126.49		$	169.63		$	127.68		2.65	%	1.65	%
	Occupancy	76.81		%	71.19		%	76.79		%	77.01		%	77.08		%	77.01		%	(0.26)	%	(0.28)	%
	ADR	$	169.04		$	159.15		$	169.00		$	164.26		$	220.07		$	165.79		2.91	%	1.94	%

NOTES:

(1) The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 2019, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)

ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019			2018			% Variance		2019			2018			% Variance
Total hotel revenue	$	412,671		$	386,834		6.68	%	$	768,723		$	726,298		5.84	%
Non-comparable adjustments	—			17,988					2,187			26,640
Comparable total hotel revenue	$	412,671		$	404,822		1.94	%	$	770,910		$	752,938		2.39	%

Hotel EBITDA	$	145,327		$	136,792		6.24	%	$	257,236		$	245,406		4.82	%
Non-comparable adjustments	6			6,823					290			8,105
Comparable hotel EBITDA	$	145,333		$	143,615		1.20	%	$	257,526		$	253,511		1.58	%
Hotel EBITDA margin	35.22		%	35.36		%	(0.14)	%	33.46		%	33.79		%	(0.33)	%
Comparable hotel EBITDA margin	35.22		%	35.48		%	(0.26)	%	33.41		%	33.67		%	(0.26)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	105		$	108		(2.78)	%	$	165		$	157		5.10	%
Hotel EBITDA attributable to the Company and OP unitholders	$	145,222		$	136,684		6.25	%	$	257,071		$	245,249		4.82	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	145,228		$	143,507		1.20	%	$	257,361		$	253,354		1.58	%

NOTES:

(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								Six Months Ended
ALL HOTELS NOT UNDER RENOVATION:	June 30,								June 30,
	2019			2018			% Variance		2019			2018			% Variance
Total hotel revenue	$	381,690		$	358,620		6.43	%	$	710,411		$	674,350		5.35	%
Non-comparable adjustments	—			17,988					2,187			26,640
Comparable total hotel revenue	$	381,690		$	376,608		1.35	%	$	712,598		$	700,990		1.66	%

Hotel EBITDA	$	132,438		$	125,736		5.33	%	$	233,936		$	226,406		3.33	%
Non-comparable adjustments	6			6,791					290			8,041
Comparable hotel EBITDA	$	132,444		$	132,527		(0.06)	%	$	234,226		$	234,447		(0.09)	%
Hotel EBITDA margin	34.70		%	35.06		%	(0.36)	%	32.93		%	33.57		%	(0.64)	%
Comparable hotel EBITDA margin	34.70		%	35.19		%	(0.49)	%	32.87		%	33.45		%	(0.58)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	105		$	108		(2.78)	%	$	165		$	157		5.10	%
Hotel EBITDA attributable to the Company and OP unitholders	$	132,333		$	125,628		5.34	%	$	233,771		$	226,249		3.32	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	132,339		$	132,419		(0.06)	%	$	234,061		$	234,290		(0.10)	%

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

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
	2019			2019		2019			2019			2019		2019			2018			2018		2018			2018			2018		2018
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	412,671		$	—	$	412,671		$	356,052		$	2,187	$	358,239		$	341,229		$	11,889	$	353,118		$	353,504		$	14,880	$	368,384
Hotel EBITDA	$	145,327		$	6	$	145,333		$	111,909		$	284	$	112,193		$	102,549		$	4,222	$	106,771		$	111,389		$	5,476	$	116,865
Hotel EBITDA margin	35.22		%			35.22		%	31.43		%			31.32		%	30.05		%			30.24		%	31.51		%			31.72		%

EBITDA % of total TTM	30.8		%			30.2		%	23.8		%			23.3		%	21.8		%			22.2		%	23.6		%			24.3		%

JV interests in EBITDA	$	105		$	—	$	105		$	60		$	—	$	60		$	63		$	—	$	63		$	101		$	—	$	101

	Actual			Non-comparable Adjustments		Comparable
	2019			2019		2019
	TTM			TTM		TTM
Total hotel revenue	$	1,463,456		$	28,956	$	1,492,412
Hotel EBITDA	$	471,174		$	9,988	$	481,162
Hotel EBITDA margin	32.20		%			32.24		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	329		$	—	$	329

NOTES:

(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 June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2019		2019		2019		2018		2018		2018		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	138.72	$	—	$	138.72	$	131.32	$	—	$	131.32	5.6	%	5.6	%
Boston, MA Area	3	915	226.75		—		226.75		211.45		—		211.45		7.2	%	7.2	%
Dallas / Ft. Worth, TX Area	7	1,518	115.73		—		115.73		119.69		—		119.69		(3.3)	%	(3.3)	%
Houston, TX Area	3	692	110.19		—		110.19		115.12		—		115.12		(4.3)	%	(4.3)	%
Los Angeles, CA Metro Area	6	1,619	137.66		—		137.66		135.72		—		135.72		1.4	%	1.4	%
Miami, FL Metro Area	3	588	127.30		—		127.30		130.07		—		130.07		(2.1)	%	(2.1)	%
Minneapolis - St. Paul, MN-WI Area	4	809	124.93		—		124.93		128.42		—		128.42		(2.7)	%	(2.7)	%
Nashville, TN Area	1	673	237.40		—		237.40		233.80		—		233.80		1.5	%	1.5	%
New York / New Jersey Metro Area	7	2,051	146.76		—		146.76		130.73		197.13		140.77		12.3	%	4.3	%
Orlando, FL Area	3	734	113.74		—		113.74		107.49		—		107.49		5.8	%	5.8	%
Philadelphia, PA Area	3	648	119.34		—		119.34		115.02		—		115.02		3.8	%	3.8	%
San Diego, CA Area	2	410	126.89		—		126.89		129.27		—		129.27		(1.8)	%	(1.8)	%
San Francisco - Oakland, CA Metro Area	7	1,547	172.18		—		172.18		171.79		165.23		171.03		0.2	%	0.7	%
Tampa, FL Area	2	571	123.08		—		123.08		108.22		(139.64)		105.65		13.7	%	16.5	%
Washington D.C. - MD - VA Area	9	2,426	179.42		—		179.42		175.53		236.99		180.62		2.2	%	(0.7)	%
Other Areas	52	8,952	122.26		—		122.26		120.77		160.47		121.46		1.2	%	0.7	%
Total Portfolio	121	25,579	$	140.58	$	—	$	140.58	$	136.73	$	196.16	$	138.58	2.8	%	1.4	%

NOTES:

(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 June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2019		2019		2019		% of Total		2018		2018		2018		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	6,640	$	—	$	6,640	4.6	%	$	6,073	$	(30)	$	6,043	4.2	%	9.3	%	9.9	%
Boston, MA Area	3	915	9,596		—		9,596		6.6	%	8,478		34		8,512		5.9	%	13.2	%	12.7	%
Dallas / Ft. Worth, TX Area	7	1,518	6,691		—		6,691		4.6	%	7,327		62		7,389		5.1	%	(8.7)	%	(9.4)	%
Houston, TX Area	3	692	2,764		—		2,764		1.9	%	3,114		29		3,143		2.2	%	(11.2)	%	(12.1)	%
Los Angeles, CA Metro Area	6	1,619	8,788		—		8,788		6.0	%	8,570		(36)		8,534		5.9	%	2.5	%	3.0	%
Miami, FL Metro Area	3	588	2,760		—		2,760		1.9	%	2,989		(3)		2,986		2.1	%	(7.7)	%	(7.6)	%
Minneapolis - St. Paul, MN-WI Area	4	809	3,752		—		3,752		2.6	%	4,042		16		4,058		2.8	%	(7.2)	%	(7.5)	%
Nashville, TN Area	1	673	9,672		—		9,672		6.7	%	7,552		—		7,552		5.3	%	28.1	%	28.1	%
New York / New Jersey Metro Area	7	2,051	12,339		—		12,339		8.5	%	9,772		1,816		11,588		8.1	%	26.3	%	6.5	%
Orlando, FL Area	3	734	2,650		—		2,650		1.8	%	2,491		(5)		2,486		1.7	%	6.4	%	6.6	%
Philadelphia, PA Area	3	648	2,803		—		2,803		1.9	%	2,741		(31)		2,710		1.9	%	2.3	%	3.4	%
San Diego, CA Area	2	410	1,879		—		1,879		1.3	%	2,042		(7)		2,035		1.4	%	(8.0)	%	(7.7)	%
San Francisco - Oakland, CA Metro Area	7	1,547	10,780		—		10,780		7.4	%	9,856		1,204		11,060		7.7	%	9.4	%	(2.5)	%
Tampa, FL Area	2	571	2,425		2		2,427		1.7	%	2,314		(221)		2,093		1.5	%	4.8	%	16.0	%
Washington D.C. - MD - VA Area	9	2,426	18,878		—		18,878		13.0	%	15,816		3,005		18,821		13.1	%	19.4	%	0.3	%
Other Areas	52	8,952	42,910		4		42,914		29.5	%	43,615		990		44,605		31.1	%	(1.6)	%	(3.8)	%
Total Portfolio	121	25,579	$	145,327	$	6	$	145,333	100.0	%	$	136,792	$	6,823	$	143,615	100.0	%	6.2	%	1.2	%

NOTES:

(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)

			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2019		2019		2019		2018		2018		2018		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	148.30	$	—	$	148.30	$	132.94	$	—	$	132.94	11.6	%	11.6	%
Boston, MA Area	3	915	171.18		—		171.18		161.65		—		161.65		5.9	%	5.9	%
Dallas / Ft. Worth, TX Area	7	1,518	116.07		—		116.07		120.16		—		120.16		(3.4)	%	(3.4)	%
Houston, TX Area	3	692	108.42		—		108.42		113.54		—		113.54		(4.5)	%	(4.5)	%
Los Angeles, CA Metro Area	6	1,619	139.32		—		139.32		138.47		—		138.47		0.6	%	0.6	%
Miami, FL Metro Area	3	588	147.80		—		147.80		159.46		—		159.46		(7.3)	%	(7.3)	%
Minneapolis - St. Paul, MN-WI Area	4	809	106.30		—		106.30		124.96		—		124.96		(14.9)	%	(14.9)	%
Nashville, TN Area	1	673	218.54		—		218.54		207.67		—		207.67		5.2	%	5.2	%
New York / New Jersey Metro Area	7	2,051	126.86		118.67		126.72		117.53		154.15		122.64		7.9	%	3.3	%
Orlando, FL Area	3	734	124.82		—		124.82		116.82		—		116.82		6.8	%	6.8	%
Philadelphia, PA Area	3	648	99.79		—		99.79		99.66		—		99.66		0.1	%	0.1	%
San Diego, CA Area	2	410	122.13		—		122.13		121.22		—		121.22		0.8	%	0.8	%
San Francisco - Oakland, CA Metro Area	7	1,547	169.84		109.80		167.70		161.03		140.51		158.67		5.5	%	5.7	%
Tampa, FL Area	2	571	140.58		—		140.58		129.00		(154.79)		125.49		9.0	%	12.0	%
Washington D.C. - MD - VA Area	9	2,426	148.91		—		148.91		145.88		235.98		151.77		2.1	%	(1.9)	%
Other Areas	52	8,952	114.93		—		114.93		112.64		152.06		113.16		2.0	%	1.6	%
Total Portfolio	121	25,579	$	131.46	$	113.30	$	131.39	$	128.22	$	169.63	$	129.29	2.5	%	1.6	%

NOTES:

(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)

			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2019		2019		2019		% of Total		2018		2018		2018		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	16,495	$	8	$	16,503	6.4	%	$	12,509	$	3	$	12,512	4.9	%	31.8	%	31.9	%
Boston, MA Area	3	915	11,214		—		11,214		4.4	%	10,161		67		10,228		4.0	%	10.4	%	9.6	%
Dallas / Ft. Worth, TX Area	7	1,518	14,531		—		14,531		5.6	%	15,177		123		15,300		6.0	%	(4.3)	%	(5.0)	%
Houston, TX Area	3	692	5,719		—		5,719		2.2	%	6,637		57		6,694		2.6	%	(13.8)	%	(14.6)	%
Los Angeles, CA Metro Area	6	1,619	17,826		—		17,826		6.9	%	18,329		(72)		18,257		7.2	%	(2.7)	%	(2.4)	%
Miami, FL Metro Area	3	588	7,271		—		7,271		2.8	%	8,345		(6)		8,339		3.3	%	(12.9)	%	(12.8)	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,537		—		4,537		1.8	%	7,360		32		7,392		2.9	%	(38.4)	%	(38.6)	%
Nashville, TN Area	1	673	16,792		—		16,792		6.5	%	12,090		—		12,090		4.8	%	38.9	%	38.9	%
New York / New Jersey Metro Area	7	2,051	17,991		69		18,060		7.0	%	15,458		1,602		17,060		6.7	%	16.4	%	5.9	%
Orlando, FL Area	3	734	6,390		—		6,390		2.5	%	5,832		(10)		5,822		2.3	%	9.6	%	9.8	%
Philadelphia, PA Area	3	648	3,730		—		3,730		1.4	%	4,117		(60)		4,057		1.6	%	(9.4)	%	(8.1)	%
San Diego, CA Area	2	410	3,510		—		3,510		1.4	%	3,594		(15)		3,579		1.4	%	(2.3)	%	(1.9)	%
San Francisco - Oakland, CA Metro Area	7	1,547	20,503		218		20,721		8.0	%	18,039		1,696		19,735		7.8	%	13.7	%	5.0	%
Tampa, FL Area	2	571	7,475		—		7,475		2.9	%	7,783		(1,073)		6,710		2.6	%	(4.0)	%	11.4	%
Washington D.C. - MD - VA Area	9	2,426	27,394		—		27,394		10.6	%	23,345		4,723		28,068		11.1	%	17.3	%	(2.3)	%
Other Areas	52	8,952	75,858		(5)		75,853		29.6	%	76,630		1,038		77,668		30.8	%	(1.0)	%	(2.3)	%
Total Portfolio	121	25,579	$	257,236	$	290	$	257,526	100.0	%	$	245,406	$	8,105	$	253,511	100.0	%	4.8	%	1.6	%

NOTES:

(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
JUNE 30, 2019
(in thousands, except share price)
(unaudited)

	June 30, 2019
Common stock shares outstanding	102,131
Partnership units outstanding	21,942
Combined common stock shares and partnership units outstanding	124,073
Common stock price	$	2.97
Market capitalization	$	368,497
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	$	4,199,019
Joint venture partner's share of consolidated indebtedness	$	(1,976)
Net working capital (see below)	$	(366,596)
Total enterprise value (TEV)	$	4,763,679

Ashford Inc. Investment:
Common stock shares owned	598
Common stock price	$	31.79
Market value of Ashford Inc. investment	$	19,016

Cash and cash equivalents	$	237,035
Restricted cash	$	163,035
Accounts receivable, net	$	65,812
Prepaid expenses	$	32,951
Investment in securities	$	14,263
Due from third-party hotel managers, net	$	16,106
Market value of Ashford Inc. investment	$	19,016
Total current assets	$	548,218

Accounts payable, net & accrued expenses	$	157,254
Dividends and distributions payable	$	20,435
Due to affiliates, net	$	3,933
Total current liabilities	$	181,622

Net working capital*	$	366,596

* 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)

		2019
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Estimated	Estimated
Courtyard Louisville Airport	150	x
Embassy Suites Crystal City	269	x
Fairfield Inn and Suites Kennesaw	86		x	x
Hampton Inn Buford Mall of Georgia	92	x
Hampton Inn Suites Columbus Easton	145	x
Hilton Garden Inn BWI Airport	158	x	x
Hilton Fort Worth	294			x	x
Hyatt Regency Coral Gables	254	x
Marriott Bridgewater	347				x
Marriott Crystal Gateway	701	x
Marriott DFW Airport	491	x	x	x
Marriott RTP	225			x	x
One Ocean Resort	193	x
Renaissance Nashville	673	x	x	x
Ritz-Carlton Atlanta	444				x
W Minneapolis Hotel - The Foshay	229				x
Westin Princeton	296	x
Total		11	4	5	5
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 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)

	2019		2019		2018		2018		June 30, 2019
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	63,002	$	38,235	$	10,820	$	42,925	$	154,982
Non-property adjustments	6,205		(268)		20,730		(17)		26,650
Interest income	(76)		(76)		(90)		(73)		(315)
Interest expense	5,165		4,423		2,355		2,096		14,039
Amortization of loan costs	440		424		210		149		1,223
Depreciation and amortization	67,303		66,987		65,737		64,745		264,772
Income tax expense (benefit)	63		43		109		14		229
Non-hotel EBITDA ownership expense	3,225		2,141		2,678		1,550		9,594
Hotel EBITDA including amounts attributable to noncontrolling interest	145,327		111,909		102,549		111,389		471,174
Non-comparable adjustments	6		284		4,222		5,476		9,988
Comparable hotel EBITDA	$	145,333	$	112,193	$	106,771	$	116,865	$	481,162

NOTES:

(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 June 30, 2019
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	55,129	$	7,873	$	63,002	$	50	$	(84,404)	$	(21,352)
Non-property adjustments	6,205		—		6,205		—		(6,205)		—
Interest income	(76)		—		(76)		—		76		—
Interest expense	5,165		—		5,165		—		55,214		60,379
Amortization of loan cost	440		—		440		—		7,168		7,608
Depreciation and amortization	62,530		4,773		67,303		159		49		67,511
Income tax expense (benefit)	15		48		63		—		3,643		3,706
Non-hotel EBITDA ownership expense	3,030		195		3,225		7		(3,232)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	132,438		12,889		145,327		216		(27,691)		117,852
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(105)		—		(105)		—		105		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		867		867
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		1,703		1,703
Company's portion of EBITDA of OpenKey	—		—		—		—		(94)		(94)
Hotel EBITDA attributable to the Company and OP unitholders	$	132,333	$	12,889	$	145,222	$	216	$	(25,110)	$	120,328
Non-comparable adjustments	6		—		6
Comparable hotel EBITDA	$	132,444	$	12,889	$	145,333

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended March 31, 2019
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	32,523	$	5,712	$	38,235	$	269	$	(85,126)	$	(46,622)
Non-property adjustments	(268)		—		(268)		—		268		—
Interest income	(76)		—		(76)		—		76		—
Interest expense	4,423		—		4,423		—		54,485		58,908
Amortization of loan cost	424		—		424		—		6,834		7,258
Depreciation and amortization	62,474		4,513		66,987		142		49		67,178
Income tax expense (benefit)	3		40		43		—		(448)		(405)
Non-hotel EBITDA ownership expense	1,995		146		2,141		9		(2,150)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	101,498		10,411		111,909		420		(26,012)		86,317
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(60)		—		(60)		—		60		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,063		1,063
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		1,874		1,874
Company's portion of EBITDA of OpenKey	—		—		—		—		(115)		(115)
Hotel EBITDA attributable to the Company and OP unitholders	$	101,438	$	10,411	$	111,849	$	420	$	(23,130)	$	89,139
Non-comparable adjustments	284		—		284
Comparable hotel EBITDA	$	101,782	$	10,411	$	112,193

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

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)	$	6,328	$	4,492	$	10,820	$	25	$	(76,893)	$	(66,048)
Non-property adjustments	20,729		1		20,730		—		(20,730)		—
Interest income	(91)		1		(90)		—		90		—
Interest expense	2,355		—		2,355		—		53,926		56,281
Amortization of loan cost	210		—		210		—		6,615		6,825
Depreciation and amortization	61,628		4,109		65,737		138		47		65,922
Income tax expense (benefit)	(20)		129		109		—		67		176
Non-hotel EBITDA ownership expense	2,612		66		2,678		13		(2,691)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	93,751		8,798		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	$	93,814	$	8,798	$	102,612	$	176	$	(37,274)	$	65,514
Non-comparable adjustments	4,193		29		4,222
Comparable hotel EBITDA	$	97,944	$	8,827	$	106,771

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended September 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	37,110	$	5,815	$	42,925	$	91	$	(77,277)	$	(34,261)
Non-property adjustments	(17)		—		(17)		—		17		—
Interest income	(73)		—		(73)		—		73		—
Interest expense	2,096		—		2,096		—		51,961		54,057
Amortization of loan cost	149		—		149		—		6,525		6,674
Depreciation and amortization	61,177		3,568		64,745		128		50		64,923
Income tax expense (benefit)	14		—		14		—		505		519
Non-hotel EBITDA ownership expense	1,498		52		1,550		9		(1,559)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	101,954		9,435		111,389		228		(19,705)		91,912
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(101)		—		(101)		—		101		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(310)		(310)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,607)		(1,607)
Company's portion of EBITDA of OpenKey	—		—		—		—		(158)		(158)
Hotel EBITDA attributable to the Company and OP unitholders	$	101,853	$	9,435	$	111,288	$	228	$	(21,679)	$	89,837
Non-comparable adjustments	5,441		35		5,476
Comparable hotel EBITDA	$	107,395	$	9,470	$	116,865

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended June 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	61,267	$	7,595	$	68,862	$	244	$	(92,457)	$	(23,351)
Non-property adjustments	(394)		—		(394)		—		394		—
Interest income	(57)		(1)		(58)		—		58		—
Interest expense	1,634		—		1,634		—		51,082		52,716
Amortization of loan cost	178		—		178		—		5,312		5,490
Depreciation and amortization	60,992		3,393		64,385		132		49		64,566
Income tax expense (benefit)	9		—		9		—		2,964		2,973
Non-hotel EBITDA ownership expense	2,107		69		2,176		21		(2,197)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	125,736		11,056		136,792		397		(34,795)		102,394
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(108)		—		(108)		—		108		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(1,170)		(1,170)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		3,551		3,551
Company's portion of EBITDA of OpenKey	—		—		—		—		(122)		(122)
Hotel EBITDA attributable to the Company and OP unitholders	$	125,628	$	11,056	$	136,684	$	397	$	(32,428)	$	104,653
Non-comparable adjustments	6,791		32		6,823
Comparable hotel EBITDA	$	132,527	$	11,088	$	143,615

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Six Months Ended June 30, 2019
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	87,651	$	13,586	$	101,237	$	319	$	(169,530)	$	(67,974)
Non-property adjustments	5,937		—		5,937		—		(5,937)		—
Interest income	(152)		—		(152)		—		152		—
Interest expense	9,588		—		9,588		—		109,699		119,287
Amortization of loan cost	864		—		864		—		14,002		14,866
Depreciation and amortization	125,004		9,286		134,290		301		98		134,689
Income tax expense (benefit)	18		88		106		—		3,195		3,301
Non-hotel EBITDA ownership expense	5,026		340		5,366		16		(5,382)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	233,936		23,300		257,236		636		(53,703)		204,169
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(165)		—		(165)		—		165		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,930		1,930
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		3,577		3,577
Company's portion of EBITDA of OpenKey	—		—		—		—		(209)		(209)
Hotel EBITDA attributable to the Company and OP unitholders	$	233,771	$	23,300	$	257,071	$	636	$	(48,240)	$	209,467
Non-comparable adjustments	290		—		290
Comparable hotel EBITDA	$	234,226	$	23,300	$	257,526

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Six Months Ended June 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	96,839	$	12,334	$	109,173	$	727	$	(165,900)	$	(56,000)
Non-property adjustments	1,276		(1)		1,275		—		(1,275)		—
Interest income	(87)		(1)		(88)		—		88		—
Interest expense	3,234		—		3,234		—		101,772		105,006
Amortization of loan cost	290		—		290		—		7,653		7,943
Depreciation and amortization	120,713		6,541		127,254		262		97		127,613
Income tax expense (benefit)	9		—		9		—		2,078		2,087
Non-hotel EBITDA ownership expense	4,132		127		4,259		10		(4,269)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	226,406		19,000		245,406		999		(59,756)		186,649
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(157)		—		(157)		—		157		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(582)		(582)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		2,566		2,566
Company's portion of EBITDA of OpenKey	—		—		—		—		(261)		(261)
Hotel EBITDA attributable to the Company and OP unitholders	$	226,249	$	19,000	$	245,249	$	999	$	(57,876)	$	188,372
Non-comparable adjustments	8,041		64		8,105
Comparable hotel EBITDA	$	234,447	$	19,064	$	253,511

NOTES:

(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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended June 30, 2019
	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)	$	2,556	$	5,248	$	2,548	$	1,081	$	4,039	$	492	$	1,506	$	6,896	$	4,468
Non-property adjustments	—		—		(3)		—		—		—		—		—		(326)
Interest income	(1)		—		(2)		—		(3)		(1)		—		—		(11)
Interest expense	219		1,094		—		—		—		—		—		—		2,322
Amortization of loan costs	40		57		—		—		—		—		—		—		179
Depreciation and amortization	3,739		3,119		4,031		1,426		4,440		2,219		2,054		2,609		5,044
Income tax expense (benefit)	—		—		—		—		—		—		—		48		—
Non-hotel EBITDA ownership expense	87		78		117		257		312		50		192		119		663
Hotel EBITDA including amounts attributable to noncontrolling interest	6,640		9,596		6,691		2,764		8,788		2,760		3,752		9,672		12,339
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,640	$	9,596	$	6,691	$	2,764	$	8,788	$	2,760	$	3,752	$	9,672	$	12,339

	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)	$	398	$	1,161	$	1,051	$	6,991	$	746	$	9,862	$	13,959	$	63,002
Non-property adjustments	—		—		—		—		—		—		6,534		6,205
Interest income	(4)		(1)		(2)		(11)		—		(22)		(18)		(76)
Interest expense	—		—		—		297		—		915		318		5,165
Amortization of loan costs	—		—		—		15		—		56		93		440
Depreciation and amortization	2,184		1,629		818		3,357		1,655		7,898		21,081		67,303
Income tax expense (benefit)	—		—		—		—		—		—		15		63
Non-hotel EBITDA ownership expense	72		14		12		131		24		169		928		3,225
Hotel EBITDA including amounts attributable to noncontrolling interest	2,650		2,803		1,879		10,780		2,425		18,878		42,910		145,327
Non-comparable adjustments	—		—		—		—		2		—		4		6
Comparable hotel EBITDA	$	2,650	$	2,803	$	1,879	$	10,780	$	2,427	$	18,878	$	42,914	$	145,333

NOTES:

(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 June 30, 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)	$	2,596	$	3,540	$	3,636	$	1,643	$	3,979	$	1,036	$	1,399	$	5,357	$	5,384
Non-property adjustments	—		—		—		13		—		—		—		—		—
Interest income	(2)		—		(2)		—		(2)		(1)		(13)		—		(8)
Interest expense	196		961		—		—		—		—		—		—		—
Amortization of loan costs	38		55		—		—		—		—		—		—		—
Depreciation and amortization	3,079		3,896		3,481		1,376		4,596		1,892		2,565		2,187		4,074
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	166		26		212		82		(3)		62		91		8		322
Hotel EBITDA including amounts attributable to noncontrolling interest	6,073		8,478		7,327		3,114		8,570		2,989		4,042		7,552		9,772
Non-comparable adjustments	(30)		34		62		29		(36)		(3)		16		—		1,816
Comparable hotel EBITDA	$	6,043	$	8,512	$	7,389	$	3,143	$	8,534	$	2,986	$	4,058	$	7,552	$	11,588

	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)	$	497	$	1,002	$	1,125	$	6,526	$	985	$	9,045	$	21,112	$	68,862
Non-property adjustments	—		—		—		—		(367)		(17)		(23)		(394)
Interest income	(2)		(1)		(1)		(6)		—		(7)		(13)		(58)
Interest expense	—		—		—		—		—		—		477		1,634
Amortization of loan costs	—		—		—		—		—		—		85		178
Depreciation and amortization	1,963		1,652		892		3,197		1,638		6,723		21,174		64,385
Income tax expense (benefit)	—		—		—		—		—		—		9		9
Non-hotel EBITDA ownership expense	33		88		26		139		58		72		794		2,176
Hotel EBITDA including amounts attributable to noncontrolling interest	2,491		2,741		2,042		9,856		2,314		15,816		43,615		136,792
Non-comparable adjustments	(5)		(31)		(7)		1,204		(221)		3,005		990		6,823
Comparable hotel EBITDA	$	2,486	$	2,710	$	2,035	$	11,060	$	2,093	$	18,821	$	44,605	$	143,615

NOTES:

(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)

	Six Months Ended June 30, 2019
	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)	$	7,964	$	2,499	$	6,321	$	2,514	$	8,449	$	2,704	$	124	$	11,558	$	3,220
Non-property adjustments	—		—		—		(36)		—		—		(47)		—		(326)
Interest income	(2)		—		(5)		—		(6)		(2)		(13)		—		(22)
Interest expense	437		2,184		—		—		—		—		—		—		4,098
Amortization of loan costs	80		114		—		—		—		—		—		—		355
Depreciation and amortization	7,388		6,244		8,028		2,947		8,993		4,452		4,246		5,000		9,629
Income tax expense (benefit)	—		—		—		—		—		—		—		88		—
Non-hotel EBITDA ownership expense	628		173		187		294		390		117		227		146		1,037
Hotel EBITDA including amounts attributable to noncontrolling interest	16,495		11,214		14,531		5,719		17,826		7,271		4,537		16,792		17,991
Non-comparable adjustments	8		—		—		—		—		—		—		—		69
Comparable hotel EBITDA	$	16,503	$	11,214	$	14,531	$	5,719	$	17,826	$	7,271	$	4,537	$	16,792	$	18,060

	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)	$	1,948	$	395	$	1,870	$	13,221	$	4,267	$	9,374	$	24,809	$	101,237
Non-property adjustments	—		—		—		(71)		—		—		6,417		5,937
Interest income	(8)		(2)		(4)		(19)		—		(37)		(32)		(152)
Interest expense	—		—		—		408		—		1,825		636		9,588
Amortization of loan costs	—		—		—		20		—		112		183		864
Depreciation and amortization	4,344		3,266		1,622		6,578		3,172		15,895		42,486		134,290
Income tax expense (benefit)	—		—		—		—		—		—		18		106
Non-hotel EBITDA ownership expense	106		71		22		366		36		225		1,341		5,366
Hotel EBITDA including amounts attributable to noncontrolling interest	6,390		3,730		3,510		20,503		7,475		27,394		75,858		257,236
Non-comparable adjustments	—		—		—		218		—		—		(5)		290
Comparable hotel EBITDA	$	6,390	$	3,730	$	3,510	$	20,721	$	7,475	$	27,394	$	75,853	$	257,526

NOTES:

(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)

	Six Months Ended June 30, 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)	$	5,822	$	416	$	8,030	$	3,877	$	9,212	$	4,581	$	2,211	$	7,901	$	7,089
Non-property adjustments	—		—		—		(134)		—		(99)		—		—		—
Interest income	(2)		—		(3)		—		(3)		(1)		(23)		—		(10)
Interest expense	377		1,831		—		—		—		—		—		—		—
Amortization of loan costs	76		110		—		—		—		—		—		—		—
Depreciation and amortization	5,913		7,569		6,888		2,716		9,136		3,717		5,072		4,155		8,308
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	323		235		262		178		(16)		147		100		34		71
Hotel EBITDA including amounts attributable to noncontrolling interest	12,509		10,161		15,177		6,637		18,329		8,345		7,360		12,090		15,458
Non-comparable adjustments	3		67		123		57		(72)		(6)		32		—		1,602
Comparable hotel EBITDA	$	12,512	$	10,228	$	15,300	$	6,694	$	18,257	$	8,339	$	7,392	$	12,090	$	17,060

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	2,041	$	743	$	1,345	$	11,669	$	4,559	$	7,974	$	31,703	$	109,173
Non-property adjustments	(40)		—		—		—		(394)		1,945		(3)		1,275
Interest income	(5)		(1)		(1)		(8)		—		(11)		(20)		(88)
Interest expense	—		—		—		—		—		—		1,026		3,234
Amortization of loan costs	—		—		—		—		—		—		104		290
Depreciation and amortization	3,809		3,241		1,807		6,148		3,488		13,181		42,106		127,254
Income tax expense (benefit)	—		—		—		—		—		—		9		9
Non-hotel EBITDA ownership expense	27		134		443		230		130		256		1,705		4,259
Hotel EBITDA including amounts attributable to noncontrolling interest	5,832		4,117		3,594		18,039		7,783		23,345		76,630		245,406
Non-comparable adjustments	(10)		(60)		(15)		1,696		(1,073)		4,723		1,038		8,105
Comparable hotel EBITDA	$	5,822	$	4,057	$	3,579	$	19,735	$	6,710	$	28,068	$	77,668	$	253,511

NOTES:

(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 June 30, 2019
	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)	$	12,202	$	12,565	$	5,253	$	14,172	$	11,332	$	10,297	$	29,531	$	19,417	$	2,442	$	17,928	$	2,387
Non-property adjustments	(80)		—		(21)		(404)		—		—		15,075		(523)		—		—		—
Interest income	(21)		(16)		(2)		(1)		—		(39)		—		(16)		—		(111)		(8)
Interest expense	—		—		—		—		2		—		—		—		8		3		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	8,592		8,506		15,833		14,279		13,235		13,301		61,262		29,026		8,371		23,599		6,084
Income tax expense (benefit)	9		(4)		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	340		171		667		(98)		805		767		2,444		864		425		527		62
Hotel EBITDA including amounts attributable to noncontrolling interest	21,042		21,222		21,730		27,948		25,374		24,326		108,312		48,768		11,246		41,946		8,525
Non-comparable adjustments	(17)		(20)		15		4		(31)		(19)		(109)		66		(3)		(4)		1
Comparable hotel EBITDA	$	21,025	$	21,202	$	21,745	$	27,952	$	25,343	$	24,307	$	108,203	$	48,834	$	11,243	$	41,942	$	8,526

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	2,112	$	1,756	$	2,014	$	288	$	20,072	$	1,597	$	2,016	$	344	$	(103)	$	3,332	$	1,132
Non-property adjustments	1		—		—		—		—		—		—		—		—		—		—
Interest income	(1)		—		(8)		—		—		(43)		—		—		—		—		—
Interest expense	—		—		—		—		—		3,589		—		—		851		4,266		—
Amortization of loan costs	—		—		—		—		—		222		—		—		158		226		—
Depreciation and amortization	4,660		1,436		620		1,025		13,252		2,786		1,337		550		1,563		6,722		11,478
Income tax expense (benefit)	—		—		—		—		217		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	100		97		76		53		337		106		26		6		17		291		43
Hotel EBITDA including amounts attributable to noncontrolling interest	6,872		3,289		2,702		1,366		33,878		8,257		3,379		900		2,486		14,837		12,653
Non-comparable adjustments	(2)		(6)		—		(5)		(20)		(2)		24		4		(1)		55		1
Comparable hotel EBITDA	$	6,870	$	3,283	$	2,702	$	1,361	$	33,858	$	8,255	$	3,403	$	904	$	2,485	$	14,892	$	12,654

	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		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		US Bank Hilton Scotts Valley- 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(480)	$	(688)	$	(1,325)	$	472	$	189	$	2,824	$	(3,078)	$	(80)	$	(6,534)	$	(8,405)	$	154,982
Non-property adjustments	—		(117)		—		—		—		—		(326)		(71)		6,515		6,601		26,650
Interest income	—		(2)		—		—		—		(47)		—		—		—		—		(315)
Interest expense	—		815		—		—		—		—		4,098		408		—		(1)		14,039
Amortization of loan costs	—		243		—		—		—		—		354		20		—		—		1,223
Depreciation and amortization	2,042		899		3,496		524		955		2,700		1,890		422		805		3,522		264,772
Income tax expense (benefit)	—		—		—		3		3		—		—		—		—		1		229
Non-hotel EBITDA ownership expense	108		351		338		25		22		(24)		360		173		37		78		9,594
Hotel EBITDA including amounts attributable to noncontrolling interest	1,670		1,501		2,509		1,024		1,169		5,453		3,298		872		823		1,796		471,174
Non-comparable adjustments	(3)		2,077		(3)		(1)		(2)		2		5,160		2,817		(5)		16		9,988
Comparable hotel EBITDA	$	1,667	$	3,578	$	2,506	$	1,023	$	1,167	$	5,455	$	8,458	$	3,689	$	818	$	1,812	$	481,162

NOTES:

(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 June 30, 2019
	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)	$	3,401	$	3,759	$	1,755	$	4,947	$	4,302	$	2,843	$	12,446	$	5,868	$	1,087	$	6,038	$	969
Non-property adjustments	—		—		—		—		—		—		5,148		(3)		—		—		—
Interest income	(6)		(4)		(1)		—		—		(10)		—		(5)		—		(34)		(2)
Interest expense	—		—		—		—		—		—		—		—		2		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,077		2,073		3,958		3,530		3,315		3,509		15,818		7,047		2,110		5,793		1,524
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(29)		63		194		49		356		79		941		360		104		276		24
Hotel EBITDA including amounts attributable to noncontrolling interest	5,443		5,891		5,906		8,526		7,973		6,421		34,353		13,267		3,303		12,074		2,515
Non-comparable adjustments	—		—		—		—		—		—		5		1		—		—		—
Comparable hotel EBITDA	$	5,443	$	5,891	$	5,906	$	8,526	$	7,973	$	6,421	$	34,358	$	13,268	$	3,303	$	12,074	$	2,515

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	333	$	472	$	607	$	34	$	7,836	$	1,371	$	657	$	24	$	(66)	$	2,466	$	2,173
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(13)		—		—		—		—		—
Interest expense	—		—		—		—		—		915		—		—		219		1,094		—
Amortization of loan costs	—		—		—		—		—		56		—		—		40		57		—
Depreciation and amortization	1,238		404		161		270		3,351		659		353		139		375		1,581		2,877
Income tax expense (benefit)	—		—		—		—		48		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	77		34		4		19		172		22		6		1		33		57		5
Hotel EBITDA including amounts attributable to noncontrolling interest	1,648		910		770		323		11,407		3,010		1,016		164		601		5,255		5,055
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,648	$	910	$	770	$	323	$	11,407	$	3,010	$	1,016	$	164	$	601	$	5,255	$	5,055

	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		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		US Bank Hilton Scotts Valley- 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(57)	$	145	$	(199)	$	178	$	127	$	1,248	$	(707)	$	157	$	(1,312)	$	100	$	63,002
Non-property adjustments	—		—		—		—		—		—		(326)		—		1,385		1		6,205
Interest income	—		—		—		—		—		—		—		—		—		1		(76)
Interest expense	—		316		—		—		—		—		2,322		297		—		(1)		5,165
Amortization of loan costs	—		92		—		—		—		—		179		15		—		1		440
Depreciation and amortization	513		300		926		133		241		606		1,141		259		189		833		67,303
Income tax expense (benefit)	—		—		—		9		5		—		—		—		—		1		63
Non-hotel EBITDA ownership expense	50		138		7		2		3		2		113		49		5		9		3,225
Hotel EBITDA including amounts attributable to noncontrolling interest	506		991		734		322		376		1,856		2,722		777		267		945		145,327
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		6
Comparable hotel EBITDA	$	506	$	991	$	734	$	322	$	376	$	1,856	$	2,722	$	777	$	267	$	945	$	145,333

NOTES:

(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 March 31, 2019
	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)	$	4,045	$	2,614	$	1,721	$	2,949	$	1,366	$	2,446	$	10,675	$	6,728	$	(378)	$	4,058	$	1,549
Non-property adjustments	—		—		—		—		—		—		—		(33)		—		—		—
Interest income	(5)		(4)		—		—		—		(10)		—		(4)		—		(26)		(2)
Interest expense	—		—		—		—		—		—		—		—		2		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,148		2,118		4,051		3,652		3,294		3,314		15,624		7,259		2,241		6,022		1,498
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	113		73		81		34		100		431		352		162		29		161		13
Hotel EBITDA including amounts attributable to noncontrolling interest	6,301		4,801		5,853		6,635		4,760		6,181		26,651		14,112		1,894		10,216		3,058
Non-comparable adjustments	(12)		(1)		—		—		(1)		—		6		(1)		—		(1)		1
Comparable hotel EBITDA	$	6,289	$	4,800	$	5,853	$	6,635	$	4,759	$	6,181	$	26,657	$	14,111	$	1,894	$	10,215	$	3,059

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	918	$	177	$	436	$	97	$	4,438	$	(65)	$	22	$	118	$	417	$	(1,465)	$	(636)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(9)		—		—		—		—		—
Interest expense	—		—		—		—		—		910		—		—		218		1,090		—
Amortization of loan costs	—		—		—		—		—		56		—		—		40		57		—
Depreciation and amortization	1,218		400		155		249		3,100		642		340		143		364		1,580		3,023
Income tax expense (benefit)	—		—		—		—		40		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	16		24		3		9		40		30		(54)		1		8		47		1
Hotel EBITDA including amounts attributable to noncontrolling interest	2,152		601		592		355		7,618		1,564		308		262		1,047		1,309		2,388
Non-comparable adjustments	1		(1)		—		(1)		—		(1)		(1)		—		(1)		2		1
Comparable hotel EBITDA	$	2,153	$	600	$	592	$	354	$	7,618	$	1,563	$	307	$	262	$	1,046	$	1,311	$	2,389

	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		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		US Bank Hilton Scotts Valley- 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	121	$	(669)	$	225	$	87	$	(62)	$	(203)	$	(2,371)	$	(237)	$	(132)	$	(754)	$	38,235
Non-property adjustments	—		(117)		—		—		—		—		—		(71)		—		(47)		(268)
Interest income	—		—		—		—		—		(14)		—		—		—		—		(76)
Interest expense	—		315		—		—		—		—		1,776		111		—		—		4,423
Amortization of loan costs	—		91		—		—		—		—		175		5		—		—		424
Depreciation and amortization	505		357		877		131		236		552		749		163		172		810		66,987
Income tax expense (benefit)	—		—		—		3		—		—		—		—		—		—		43
Non-hotel EBITDA ownership expense	(11)		82		58		2		2		(26)		247		124		5		(16)		2,141
Hotel EBITDA including amounts attributable to noncontrolling interest	615		59		1,160		223		176		309		576		95		45		(7)		111,909
Non-comparable adjustments	(1)		—		—		(1)		(1)		1		71		220		—		5		284
Comparable hotel EBITDA	$	614	$	59	$	1,160	$	222	$	175	$	310	$	647	$	315	$	45	$	(2)	$	112,193

NOTES:

(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, 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)	$	2,759	$	2,545	$	855	$	2,585	$	1,017	$	2,000	$	(1,676)	$	3,423	$	518	$	3,418	$	18
Non-property adjustments	(75)		—		—		(404)		—		—		9,913		(485)		—		—		—
Interest income	(5)		(4)		(1)		(1)		—		(9)		—		(3)		—		(28)		(2)
Interest expense	—		—		—		—		2		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,178		2,151		3,953		3,527		3,274		3,240		14,979		7,277		2,058		6,094		1,602
Income tax expense (benefit)	9		(4)		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	51		(6)		344		122		218		117		564		338		207		(30)		20
Hotel EBITDA including amounts attributable to noncontrolling interest	4,917		4,682		5,151		5,829		4,511		5,348		23,780		10,550		2,784		9,454		1,638
Non-comparable adjustments	2		(9)		5		(1)		(14)		(9)		(37)		33		(2)		(3)		—
Comparable hotel EBITDA	$	4,919	$	4,673	$	5,156	$	5,828	$	4,497	$	5,339	$	23,743	$	10,583	$	2,782	$	9,451	$	1,638

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	599	$	504	$	506	$	(55)	$	4,014	$	97	$	359	$	164	$	(292)	$	129	$	(174)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(1)		—		(2)		—		—		(13)		—		—		—		—		—
Interest expense	—		—		—		—		—		892		—		—		209		1,067		—
Amortization of loan costs	—		—		—		—		—		56		—		—		39		56		—
Depreciation and amortization	1,126		325		151		242		3,431		751		328		135		459		1,806		2,793
Income tax expense (benefit)	—		—		—		—		129		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(30)		22		16		18		58		49		59		2		(25)		138		31
Hotel EBITDA including amounts attributable to noncontrolling interest	1,694		851		671		205		7,632		1,832		746		301		390		3,196		2,650
Non-comparable adjustments	(2)		(2)		—		(2)		(9)		(1)		13		3		—		26		—
Comparable hotel EBITDA	$	1,692	$	849	$	671	$	203	$	7,623	$	1,831	$	759	$	304	$	390	$	3,222	$	2,650

	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		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		US Bank Hilton Scotts Valley- 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(184)	$	(164)	$	(260)	$	110	$	(46)	$	711	$	—	$	—	$	(5,374)	$	(7,287)	$	10,820
Non-property adjustments	—		—		—		—		—		—		—		—		5,130		6,651		20,730
Interest income	—		(2)		—		—		—		(18)		—		—		—		(1)		(90)
Interest expense	—		184		—		—		—		—		—		—		—		—		2,355
Amortization of loan costs	—		60		—		—		—		—		—		—		—		(1)		210
Depreciation and amortization	540		242		867		129		238		676		—		—		223		942		65,737
Income tax expense (benefit)	—		—		—		(6)		(19)		—		—		—		—		—		109
Non-hotel EBITDA ownership expense	55		131		113		3		12		(8)		—		—		14		76		2,678
Hotel EBITDA including amounts attributable to noncontrolling interest	411		451		720		236		185		1,361		—		—		(7)		380		102,549
Non-comparable adjustments	(1)		499		(1)		—		(1)		1		2,861		872		(3)		4		4,222
Comparable hotel EBITDA	$	410	$	950	$	719	$	236	$	184	$	1,362	$	2,861	$	872	$	(10)	$	384	$	106,771

NOTES:

(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 September 30, 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)	$	1,997	$	3,647	$	922	$	3,691	$	4,647	$	3,008	$	8,086	$	3,398	$	1,215	$	4,414	$	(149)
Non-property adjustments	(5)		—		(21)		—		—		—		14		(2)		—		—		—
Interest income	(5)		(4)		—		—		—		(10)		—		(4)		—		(23)		(2)
Interest expense	—		—		—		—		—		—		—		—		3		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,189		2,164		3,871		3,570		3,352		3,238		14,841		7,443		1,962		5,690		1,460
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	205		41		48		(303)		131		140		587		4		85		120		5
Hotel EBITDA including amounts attributable to noncontrolling interest	4,381		5,848		4,820		6,958		8,130		6,376		23,528		10,839		3,265		10,202		1,314
Non-comparable adjustments	(7)		(10)		10		5		(16)		(10)		(83)		33		(1)		—		—
Comparable hotel EBITDA	$	4,374	$	5,838	$	4,830	$	6,963	$	8,114	$	6,366	$	23,445	$	10,872	$	3,264	$	10,202	$	1,314

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	262	$	603	$	465	$	212	$	3,784	$	194	$	978	$	38	$	(162)	$	2,202	$	(231)
Non-property adjustments	1		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(8)		—		—		—		—		—
Interest expense	—		—		—		—		—		872		—		—		205		1,015		—
Amortization of loan costs	—		—		—		—		—		54		—		—		39		56		—
Depreciation and amortization	1,078		307		153		264		3,370		734		316		133		365		1,755		2,785
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	37		17		53		7		67		5		15		2		1		49		6
Hotel EBITDA including amounts attributable to noncontrolling interest	1,378		927		669		483		7,221		1,851		1,309		173		448		5,077		2,560
Non-comparable adjustments	(1)		(3)		—		(2)		(11)		—		12		1		—		27		—
Comparable hotel EBITDA	$	1,377	$	924	$	669	$	481	$	7,210	$	1,851	$	1,321	$	174	$	448	$	5,104	$	2,560

	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		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		US Bank Hilton Scotts Valley- 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(360)	$	—	$	(1,091)	$	97	$	170	$	1,068	$	—	$	—	$	284	$	(464)	$	42,925
Non-property adjustments	—		—		—		—		—		—		—		—		—		(4)		(17)
Interest income	—		—		—		—		—		(15)		—		—		—		—		(73)
Interest expense	—		—		—		—		—		—		—		—		—		—		2,096
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		149
Depreciation and amortization	484		—		826		131		240		866		—		—		221		937		64,745
Income tax expense (benefit)	—		—		—		(3)		17		—		—		—		—		—		14
Non-hotel EBITDA ownership expense	14		—		160		18		5		8		—		—		13		9		1,550
Hotel EBITDA including amounts attributable to noncontrolling interest	138		—		(105)		243		432		1,927		—		—		518		478		111,389
Non-comparable adjustments	(1)		1,578		(2)		—		—		—		2,228		1,725		(2)		7		5,476
Comparable hotel EBITDA	$	137	$	1,578	$	(107)	$	243	$	432	$	1,927	$	2,228	$	1,725	$	516	$	485	$	116,865

NOTES:

(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-second-quarter-2019-results-300895315.html