DALLAS, Oct. 29, 2019 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today reported financial results and performance
measures for the third quarter ended September 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 September 30, 2019 were owned as of the beginning
of each of the periods presented. Unless otherwise stated,
all reported results compare the third quarter ended September 30, 2019 with the third quarter ended
September 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 $41.8 million or $0.42 per diluted share for the quarter.
- Actual RevPAR for all hotels increased 3.5% to $129.47 during the quarter.
- Comparable RevPAR for all hotels increased 1.4% to $129.64 during the quarter.
- Comparable RevPAR for all hotels not under renovation increased
1.7% to $128.76 during the
quarter.
- Comparable Total RevPAR for all hotels increased 1.9% during
the quarter.
- Adjusted EBITDAre was $103.1
million for the quarter, an increase of 1.3% over the
prior-year quarter.
- Adjusted funds from operations (AFFO) was $0.28 per diluted share.
- Based on the closing stock price on October 28, 2019, the Company's common stock is
trading at an approximate 9.2% dividend yield.
- During the quarter, the Company completed the sale of the
Marriott Plaza San Antonio in San
Antonio, Texas for $34.0
million.
- During the quarter, the Company completed the sales of the
Courtyard Savannah Downtown in Savannah,
Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for a combined
$37.8 million.
- Subsequent to quarter end, the Company announced the sale of
393,077 shares of Ashford Inc. (NYSE American: AINC) ("Ashford") to
Ashford for net proceeds of approximately $11.8 million and a plan to distribute its
remaining shares of Ashford to its shareholders and
unitholders.
- Subsequent to quarter end, the Company entered into a new
franchise agreement for the Hilton Alexandria Old Town in
Alexandria, Virginia that
transitioned the hotel from being Hilton-managed to being managed
by Remington Lodging.
- Subsequent to quarter end, the Company entered into a new
franchise agreement with Marriott International to convert the
Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection
property.
- Subsequent to quarter end, the Company announced it had sold
the parking lot adjacent to the Hilton St. Petersburg in
St. Petersburg, Florida for
$17.5 million.
- Capex invested during the quarter was $40.2 million.
ASSET SALES
On August 5,
2019, the Company announced the sale of the 251-room
Marriott Plaza San Antonio in San
Antonio, Texas for $34.0
million ($135,500 per key).
The sales price, inclusive of the buyer's estimated anticipated
capex of $21.3 million, represented a
trailing twelve-month cap rate of 4.9% on net operating income and
a 17.1x Hotel EBITDA multiple as of June 30,
2019.
On August 15, 2019, the Company
announced the sales of the 156-room Courtyard Savannah Downtown in
Savannah, Georgia and the 128-room
Hilton Garden Inn in Wisconsin Dells,
Wisconsin for $37.8 million.
The combined sales price, inclusive of the buyers' estimated
anticipated capex of $8.2 million,
represented a trailing twelve-month cap rate of 5.3% on net
operating income and a 16.2x Hotel EBITDA multiple as of
June 30, 2019.
CAPITAL STRUCTURE
At September
30, 2019, the Company had total mortgage loans of
$4.1 billion with a blended average
interest rate of 5.3% and a weighted average maturity of 5.0 years
assuming full extension of the loans.
On October 2, 2019, the Company
announced a stock purchase agreement with Ashford Inc. under which
Ashford Inc. purchased 393,077 shares of its common stock for
$30 per share, resulting in total
proceeds of approximately $11.8
million to the Company. The purchase price reflected a
premium of approximately 20% based on the closing price of Ashford
Inc. common stock on October 1,
2019. Due to the parameters of the private letter ruling from
the Internal Revenue Service received by the Company, Ashford Inc.
was only able to acquire the shares held by the Company's taxable
REIT subsidiaries. Additionally, the Company announced that
it would distribute the remaining 205,086 shares of Ashford Inc.
common stock on a pro-rata basis to Ashford Trust common
shareholders and unitholders. The pro-rata distribution of Ashford
Inc. shares is expected to be completed on November 5, 2019 to shareholders of record as of
October 29, 2019.
CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTY
On
October 3, 2019, the Company
announced that it had entered into a new franchise agreement for
the 252-room Hilton Alexandria Old Town in Alexandria, Virginia that it acquired in June
2018. Under the new franchise agreement, the hotel
transitioned from being Hilton-managed to being managed by
Remington Lodging. The management conversion was effective on
October 1, 2019 and did not require a
Property Improvement Plan ("PIP").
CONVERSION OF CROWNE PLAZA KEY
WEST TO AUTOGRAPH COLLECTION
On October 3, 2019, the Company announced it entered
into a new franchise agreement with Marriott International
("Marriott") to convert the Crowne Plaza Key West La Concha Hotel
in Key West, Florida to an
Autograph Collection property. The 160-room hotel is ideally
located on Duval Street in the heart of Old Town Key West within
walking distance of major attractions, shopping, entertainment, and
nightlife.
The agreement with Marriott calls for the hotel to be converted
to an Autograph Collection property by July
1, 2022, pursuant to a conversion PIP that is currently
estimated to be $13.7 million,
approximately $7.8 million of which
is incremental. The PIP includes updates to the exterior,
guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge,
pool, and meeting space. The conversion will create a distinctive
theme and style for the hotel that is commensurate with the
upper-upscale/luxury Autograph product. Post-conversion,
Remington Lodging will continue to manage the property pursuant to
the new franchise agreement. The Company believes that
post-conversion, the new Autograph property should realize a RevPAR
premium to the current hotel and that its incremental investment
should yield an approximate 19% unlevered internal rate of
return.
SALE OF PARKING LOT AT HILTON ST.
PETERSBURG
On October 15,
2019, the Company announced the sale of a 1.65-acre (72,068
square foot) parking lot adjacent to the Hilton St. Petersburg
Bayfront Hotel in St. Petersburg,
Florida for total consideration of $17.5 million to be paid over time. The lot was
sold to a Florida-based company
and will be developed into a 35-story condominium tower and parking
garage. As part of the agreement, following project
completion, the Company will have ownership rights to 205 covered
parking spaces in the new parking garage for use by Hilton St.
Petersburg Bayfront guests. The first payment tranche
resulted in approximately $8.0
million of debt paydown.
PORTFOLIO REVPAR
As of September 30, 2019, the portfolio consisted of
118 properties. During the third quarter of 2019, 113 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 118 hotels), and comparable not under renovation
basis (113 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 $129.64 for all hotels on a 1.4% increase in ADR
and flat occupancy.
- Comparable RevPAR increased 1.7% to $128.76 for all hotels not under renovation on a
1.5% increase in ADR and a 0.2% 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 118 hotels are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On September 12, 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 third quarter ending September 30, 2019, payable on October 15, 2019, to shareholders of record as of
September 30, 2019.
"We are pleased with our third quarter operating results and
believe that the Company remains well-positioned to capitalize on
future opportunities," commented Douglas A.
Kessler, Ashford Trust's President and Chief Executive
Officer. "We continue to benefit from our diversified, high-quality
portfolio of hotels and expect to see strong results from several
of our recent acquisitions. We also have a proven track
record of unlocking value in our assets and are excited about our
recent announcement of the conversion of the Hilton Alexandria to a
franchised property as we believe that there is a valuation premium
for franchised hotels. Also, the upbranding of the Key West La
Concha Hotel to an Autograph Collection property should elevate the
property into a more desirable niche in the very attractive,
high-barrier-to-entry, high-RevPAR Key West market. Additionally,
disciplined capital recycling remains an important component of our
strategy and during the quarter we sold three non-core properties
with RevPAR below our portfolio average, but at premium multiples
to where we are currently trading. Looking ahead, we are committed
to increasing the performance of our portfolio and pursuing
value-added initiatives that we believe will enhance returns for
our shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Wednesday, October 30, 2019, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (201) 689-8573. A
replay of the conference call will be available through
Wednesday, November 6, 2019, by
dialing (412) 317-6671 and entering the confirmation number,
13694100.
The Company will also provide an online simulcast and
rebroadcast of its third 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 Wednesday,
October 30, 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)
|
|
|
September 30,
2019
|
|
December 31,
2018
|
ASSETS
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,172,030
|
|
|
$
|
4,105,219
|
|
Cash and cash
equivalents
|
256,303
|
|
|
319,210
|
|
Restricted
cash
|
148,826
|
|
|
120,602
|
|
Marketable
securities
|
14,445
|
|
|
21,816
|
|
Accounts receivable,
net of allowance of $596 and $485, respectively
|
53,786
|
|
|
37,060
|
|
Inventories
|
4,370
|
|
|
4,224
|
|
Investment in Ashford
Inc.
|
—
|
|
|
1,896
|
|
Investment in
OpenKey
|
2,928
|
|
|
2,593
|
|
Deferred costs,
net
|
2,772
|
|
|
3,449
|
|
Prepaid
expenses
|
29,863
|
|
|
19,982
|
|
Derivative assets,
net
|
2,386
|
|
|
2,396
|
|
Operating lease
right-of-use assets
|
40,807
|
|
|
—
|
|
Other
assets
|
14,147
|
|
|
15,923
|
|
Intangible assets,
net
|
797
|
|
|
9,824
|
|
Due from related
party, net
|
2,743
|
|
|
—
|
|
Due from third-party
hotel managers
|
22,848
|
|
|
21,760
|
|
Total
assets
|
$
|
4,769,051
|
|
|
$
|
4,685,954
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
4,109,590
|
|
|
$
|
3,927,266
|
|
Accounts payable and
accrued expenses
|
168,311
|
|
|
136,757
|
|
Dividends and
distributions payable
|
20,641
|
|
|
26,794
|
|
Due to Ashford Inc.,
net
|
6,616
|
|
|
23,034
|
|
Due to related party,
net
|
16
|
|
|
1,477
|
|
Due to third-party
hotel managers
|
3,774
|
|
|
2,529
|
|
Intangible
liabilities, net
|
2,357
|
|
|
15,483
|
|
Operating lease
liabilities
|
43,536
|
|
|
—
|
|
Derivative
liabilities, net
|
28
|
|
|
50
|
|
Other
liabilities
|
26,100
|
|
|
18,716
|
|
Total
liabilities
|
4,380,969
|
|
|
4,152,106
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
78,241
|
|
|
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
September 30, 2019 and December 31, 2018
|
24
|
|
|
24
|
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at
September 30, 2019 and December 31, 2018
|
48
|
|
|
48
|
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at
September 30, 2019 and December 31, 2018
|
62
|
|
|
62
|
|
Series H Cumulative
Preferred Stock 3,800,000 shares issued and outstanding at
September 30, 2019 and December 31, 2018
|
38
|
|
|
38
|
|
Series I Cumulative
Preferred Stock 5,400,000 shares issued and outstanding at
September 30, 2019 and December 31, 2018
|
54
|
|
|
54
|
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 102,109,649 and
101,035,530 shares issued and outstanding
at September 30, 2019 and December
31, 2018, respectively
|
1,021
|
|
|
1,010
|
|
Additional paid-in
capital
|
1,822,391
|
|
|
1,814,273
|
|
Accumulated
deficit
|
(1,514,411)
|
|
|
(1,363,020)
|
|
Total shareholders'
equity of the Company
|
309,227
|
|
|
452,489
|
|
Noncontrolling
interests in consolidated entities
|
614
|
|
|
616
|
|
Total
equity
|
309,841
|
|
|
453,105
|
|
Total liabilities and
equity
|
$
|
4,769,051
|
|
|
$
|
4,685,954
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except per share amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
301,704
|
|
|
$
|
288,016
|
|
|
$
|
910,337
|
|
|
$
|
868,090
|
|
Food and
beverage
|
53,738
|
|
|
49,396
|
|
|
182,097
|
|
|
164,869
|
|
Other
|
17,751
|
|
|
17,309
|
|
|
52,430
|
|
|
51,358
|
|
Total hotel
revenue
|
373,193
|
|
|
354,721
|
|
|
1,144,864
|
|
|
1,084,317
|
|
Other
|
1,044
|
|
|
1,209
|
|
|
3,239
|
|
|
2,984
|
|
Total
revenue
|
374,237
|
|
|
355,930
|
|
|
1,148,103
|
|
|
1,087,301
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
66,434
|
|
|
64,197
|
|
|
195,260
|
|
|
187,497
|
|
Food and
beverage
|
40,089
|
|
|
37,649
|
|
|
125,534
|
|
|
116,270
|
|
Other
expenses
|
118,993
|
|
|
109,992
|
|
|
357,129
|
|
|
332,629
|
|
Management
fees
|
13,393
|
|
|
13,198
|
|
|
41,165
|
|
|
40,306
|
|
Total hotel operating
expenses
|
238,909
|
|
|
225,036
|
|
|
719,088
|
|
|
676,702
|
|
Property taxes,
insurance and other
|
21,972
|
|
|
20,774
|
|
|
64,131
|
|
|
59,363
|
|
Depreciation and
amortization
|
67,906
|
|
|
64,923
|
|
|
202,595
|
|
|
192,536
|
|
Impairment
charges
|
—
|
|
|
(27)
|
|
|
6,533
|
|
|
1,652
|
|
Transaction
costs
|
—
|
|
|
—
|
|
|
2
|
|
|
11
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,949
|
|
|
9,156
|
|
|
27,300
|
|
|
26,644
|
|
Reimbursable
expenses
|
2,367
|
|
|
2,251
|
|
|
7,763
|
|
|
5,777
|
|
Non-cash
stock/unit-based compensation
|
4,648
|
|
|
4,855
|
|
|
13,486
|
|
|
20,540
|
|
Incentive
fee
|
—
|
|
|
(3,457)
|
|
|
—
|
|
|
—
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
83
|
|
|
—
|
|
|
804
|
|
|
536
|
|
Other general and
administrative
|
2,327
|
|
|
3,090
|
|
|
7,124
|
|
|
7,914
|
|
Total operating
expenses
|
347,161
|
|
|
326,601
|
|
|
1,048,826
|
|
|
991,675
|
|
Gain (loss) on sale
of assets and hotel properties
|
2,362
|
|
|
(9)
|
|
|
2,923
|
|
|
394
|
|
OPERATING INCOME
(LOSS)
|
29,438
|
|
|
29,320
|
|
|
102,200
|
|
|
96,020
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(278)
|
|
|
310
|
|
|
(2,208)
|
|
|
892
|
|
Interest
income
|
836
|
|
|
1,150
|
|
|
2,402
|
|
|
2,779
|
|
Other income
(expense), net
|
(328)
|
|
|
(202)
|
|
|
(982)
|
|
|
80
|
|
Interest expense, net
of premium amortization
|
(58,692)
|
|
|
(54,057)
|
|
|
(177,979)
|
|
|
(159,063)
|
|
Amortization of loan
costs
|
(7,664)
|
|
|
(6,674)
|
|
|
(22,530)
|
|
|
(14,617)
|
|
Write-off of
premiums, loan costs and exit fees
|
(426)
|
|
|
(1,572)
|
|
|
(2,578)
|
|
|
(9,316)
|
|
Unrealized gain
(loss) on marketable securities
|
315
|
|
|
68
|
|
|
1,721
|
|
|
(758)
|
|
Unrealized gain
(loss) on derivatives
|
(2,536)
|
|
|
(2,085)
|
|
|
(4,054)
|
|
|
(3,672)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(39,335)
|
|
|
(33,742)
|
|
|
(104,008)
|
|
|
(87,655)
|
|
Income tax benefit
(expense)
|
249
|
|
|
(519)
|
|
|
(3,052)
|
|
|
(2,606)
|
|
NET INCOME
(LOSS)
|
(39,086)
|
|
|
(34,261)
|
|
|
(107,060)
|
|
|
(90,261)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(10)
|
|
|
(10)
|
|
|
2
|
|
|
8
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
7,919
|
|
|
6,682
|
|
|
21,582
|
|
|
18,087
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(31,177)
|
|
|
(27,589)
|
|
|
(85,476)
|
|
|
(72,166)
|
|
Preferred
dividends
|
(10,645)
|
|
|
(10,645)
|
|
|
(31,933)
|
|
|
(31,933)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(41,822)
|
|
|
$
|
(38,234)
|
|
|
$
|
(117,409)
|
|
|
$
|
(104,099)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.42)
|
|
|
$
|
(0.40)
|
|
|
$
|
(1.19)
|
|
|
$
|
(1.09)
|
|
Weighted average
common shares outstanding – basic
|
99,971
|
|
|
97,647
|
|
|
99,790
|
|
|
96,591
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.42)
|
|
|
$
|
(0.40)
|
|
|
$
|
(1.19)
|
|
|
$
|
(1.09)
|
|
Weighted average
common shares outstanding – diluted
|
99,971
|
|
|
97,467
|
|
|
99,790
|
|
|
96,591
|
|
Dividends declared
per common share:
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.36
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED
EBITDAre
(in
thousands)
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
(39,086)
|
|
|
$
|
(34,261)
|
|
|
$
|
(107,060)
|
|
|
$
|
(90,261)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
66,356
|
|
|
60,731
|
|
|
200,509
|
|
|
173,680
|
|
Depreciation and
amortization
|
67,906
|
|
|
64,923
|
|
|
202,595
|
|
|
192,536
|
|
Income tax expense
(benefit)
|
(249)
|
|
|
519
|
|
|
3,052
|
|
|
2,606
|
|
Equity in (earnings)
loss of unconsolidated entities
|
278
|
|
|
(310)
|
|
|
2,208
|
|
|
(892)
|
|
Company's portion of
EBITDA of Ashford Inc.
|
785
|
|
|
(1,607)
|
|
|
4,362
|
|
|
959
|
|
Company's portion of
EBITDA of OpenKey
|
(99)
|
|
|
(158)
|
|
|
(308)
|
|
|
(419)
|
|
EBITDA
|
95,891
|
|
|
89,837
|
|
|
305,358
|
|
|
278,209
|
|
Impairment charges on
real estate
|
—
|
|
|
(27)
|
|
|
6,533
|
|
|
1,652
|
|
(Gain) loss on sale
of assets and hotel properties
|
(2,362)
|
|
|
9
|
|
|
(2,923)
|
|
|
(394)
|
|
EBITDAre
|
93,529
|
|
|
89,819
|
|
|
308,968
|
|
|
279,467
|
|
Amortization of
unfavorable contract liabilities
|
82
|
|
|
(39)
|
|
|
160
|
|
|
(117)
|
|
Uninsured hurricane
related costs
|
—
|
|
|
(43)
|
|
|
—
|
|
|
(271)
|
|
(Gain) loss on
insurance settlements
|
(7)
|
|
|
—
|
|
|
(43)
|
|
|
—
|
|
Write-off of
premiums, loan costs and exit fees
|
426
|
|
|
1,572
|
|
|
2,578
|
|
|
9,316
|
|
Other (income)
expense, net
|
398
|
|
|
10
|
|
|
1,173
|
|
|
(80)
|
|
Transaction,
acquisition and management conversion costs
|
375
|
|
|
391
|
|
|
1,061
|
|
|
596
|
|
Legal judgment and
related legal costs
|
6
|
|
|
1
|
|
|
1,822
|
|
|
928
|
|
Unrealized (gain)
loss on marketable securities
|
(315)
|
|
|
(68)
|
|
|
(1,721)
|
|
|
758
|
|
Unrealized (gain)
loss on derivatives
|
2,536
|
|
|
2,085
|
|
|
4,054
|
|
|
3,672
|
|
Dead deal
costs
|
—
|
|
|
52
|
|
|
50
|
|
|
55
|
|
Non-cash
stock/unit-based compensation
|
4,905
|
|
|
5,143
|
|
|
14,863
|
|
|
21,946
|
|
Company's portion of
adjustments to EBITDAre of Ashford Inc.
|
1,148
|
|
|
2,814
|
|
|
2,679
|
|
|
4,997
|
|
Company's portion of
adjustments to EBITDAre of OpenKey
|
8
|
|
|
4
|
|
|
43
|
|
|
12
|
|
Adjusted
EBITDAre
|
$
|
103,091
|
|
|
$
|
101,741
|
|
|
$
|
335,687
|
|
|
$
|
321,279
|
|
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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
(39,086)
|
|
|
$
|
(34,261)
|
|
|
$
|
(107,060)
|
|
|
$
|
(90,261)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(10)
|
|
|
(10)
|
|
|
2
|
|
|
8
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
7,919
|
|
|
6,682
|
|
|
21,582
|
|
|
18,087
|
|
Preferred
dividends
|
(10,645)
|
|
|
(10,645)
|
|
|
(31,933)
|
|
|
(31,933)
|
|
Net income (loss)
attributable to common stockholders
|
(41,822)
|
|
|
(38,234)
|
|
|
(117,409)
|
|
|
(104,099)
|
|
Depreciation and
amortization on real estate
|
67,851
|
|
|
64,865
|
|
|
202,424
|
|
|
192,363
|
|
(Gain) loss on sale
of assets and hotel properties
|
(2,362)
|
|
|
9
|
|
|
(2,923)
|
|
|
(394)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(7,919)
|
|
|
(6,682)
|
|
|
(21,582)
|
|
|
(18,087)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
278
|
|
|
(310)
|
|
|
2,208
|
|
|
(892)
|
|
Impairment charges on
real estate
|
—
|
|
|
(27)
|
|
|
6,533
|
|
|
1,652
|
|
Company's portion of
FFO of Ashford Inc.
|
(2,188)
|
|
|
470
|
|
|
(3,590)
|
|
|
1,391
|
|
Company's portion of
FFO of OpenKey
|
(101)
|
|
|
(160)
|
|
|
(297)
|
|
|
(426)
|
|
FFO available to
common stockholders and OP unitholders
|
13,737
|
|
|
19,931
|
|
|
65,364
|
|
|
71,508
|
|
Write-off of
premiums, loan costs and exit fees
|
426
|
|
|
1,572
|
|
|
2,578
|
|
|
9,316
|
|
(Gain) loss on
insurance settlements
|
(7)
|
|
|
—
|
|
|
(43)
|
|
|
—
|
|
Uninsured hurricane
related costs
|
—
|
|
|
(43)
|
|
|
—
|
|
|
(271)
|
|
Other (income)
expense, net
|
398
|
|
|
10
|
|
|
1,173
|
|
|
(80)
|
|
Transaction,
acquisition and management conversion costs
|
375
|
|
|
391
|
|
|
1,061
|
|
|
596
|
|
Legal judgment and
related legal costs
|
6
|
|
|
1
|
|
|
1,822
|
|
|
928
|
|
Unrealized (gain)
loss on marketable securities
|
(315)
|
|
|
(68)
|
|
|
(1,721)
|
|
|
758
|
|
Unrealized (gain)
loss on derivatives
|
2,536
|
|
|
2,085
|
|
|
4,054
|
|
|
3,672
|
|
Dead deal
costs
|
—
|
|
|
52
|
|
|
50
|
|
|
55
|
|
Non-cash
stock/unit-based compensation
|
4,905
|
|
|
5,143
|
|
|
14,863
|
|
|
21,946
|
|
Amortization of loan
costs
|
7,663
|
|
|
6,673
|
|
|
22,525
|
|
|
14,612
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
3,122
|
|
|
(1,453)
|
|
|
7,762
|
|
|
730
|
|
Company's portion of
adjustments to FFO of OpenKey
|
9
|
|
|
4
|
|
|
46
|
|
|
12
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
32,855
|
|
|
$
|
34,298
|
|
|
$
|
119,534
|
|
|
$
|
123,782
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.28
|
|
|
$
|
0.30
|
|
|
$
|
1.00
|
|
|
$
|
1.08
|
|
Weighted average
diluted shares
|
119,312
|
|
|
115,318
|
|
|
118,966
|
|
|
115,016
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF
INDEBTEDNESS
SEPTEMBER 30,
2019
(dollars in
thousands)
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-Rate
Debt
|
|
Floating-Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (6)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
Morgan Stanley Pool -
17 hotels
|
|
November
2019
|
|
LIBOR +
3.00%
|
|
—
|
|
|
427,000
|
|
(1)
|
427,000
|
|
|
48,620
|
|
|
11.4
|
%
|
JPMorgan Chase - 8
hotels
|
|
February
2020
|
|
LIBOR +
2.92%
|
|
—
|
|
|
395,000
|
|
(1)
|
395,000
|
|
|
41,435
|
|
|
10.5
|
%
|
BAML Highland Pool -
19 hotels
|
|
April 2020
|
|
LIBOR +
3.20%
|
|
—
|
|
|
907,030
|
|
(1)
|
907,030
|
|
|
105,021
|
|
|
11.6
|
%
|
BAML Indigo Atlanta -
1 hotel
|
|
May 2020
|
|
LIBOR +
2.90%
|
|
—
|
|
|
16,035
|
|
(2)
|
16,035
|
|
|
2,509
|
|
|
15.6
|
%
|
BAML Le Pavillon - 1
hotel
|
|
June 2020
|
|
LIBOR +
5.10%
|
|
—
|
|
|
43,750
|
|
(3)
|
43,750
|
|
|
2,756
|
|
|
6.3
|
%
|
KEYS Pool A - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.65%
|
|
—
|
|
|
180,720
|
|
(1)
|
180,720
|
|
|
21,023
|
|
|
11.6
|
%
|
KEYS Pool B - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.39%
|
|
—
|
|
|
174,400
|
|
(1)
|
174,400
|
|
|
21,150
|
|
|
12.1
|
%
|
KEYS Pool C - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.73%
|
|
—
|
|
|
221,040
|
|
(1)
|
221,040
|
|
|
21,568
|
|
|
9.8
|
%
|
KEYS Pool D - 5
hotels
|
|
June 2020
|
|
LIBOR +
4.02%
|
|
—
|
|
|
262,640
|
|
(1)
|
262,640
|
|
|
28,054
|
|
|
10.7
|
%
|
KEYS Pool E - 5
hotels
|
|
June 2020
|
|
LIBOR +
2.73%
|
|
—
|
|
|
160,000
|
|
(1)
|
160,000
|
|
|
25,109
|
|
|
15.7
|
%
|
KEYS Pool F - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.68%
|
|
—
|
|
|
215,120
|
|
(1)
|
215,120
|
|
|
23,538
|
|
|
10.9
|
%
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2020
|
|
LIBOR +
4.40%
|
|
—
|
|
|
35,200
|
|
(4)
|
35,200
|
|
|
3,191
|
|
|
9.1
|
%
|
Morgan Stanley - 8
hotels
|
|
July 2020
|
|
LIBOR +
4.33%
|
|
—
|
|
|
144,000
|
|
(4)
|
144,000
|
|
|
10,966
|
|
|
7.6
|
%
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
92,030
|
|
|
—
|
|
|
92,030
|
|
|
12,830
|
|
|
13.9
|
%
|
JPMorgan Chase La
Posada - 1 hotel
|
|
November
2020
|
|
LIBOR +
2.55%
|
|
—
|
|
|
25,000
|
|
(5)
|
25,000
|
|
|
3,934
|
|
|
15.7
|
%
|
BAML
Princeton/Nashville - 2 hotels
|
|
March 2021
|
|
LIBOR +
2.75%
|
|
—
|
|
|
240,000
|
|
(1)
|
240,000
|
|
|
34,162
|
|
|
14.2
|
%
|
SPT Embassy Suites
New York Manhattan Times
Square - 1 hotel
|
|
February
2022
|
|
LIBOR +
3.90%
|
|
—
|
|
|
145,000
|
|
(2)
|
145,000
|
|
|
8,593
|
|
|
5.9
|
%
|
Prudential Boston
Back Bay - 1 hotel
|
|
November
2022
|
|
LIBOR +
2.00%
|
|
—
|
|
|
97,000
|
|
|
97,000
|
|
|
14,689
|
|
|
15.1
|
%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
52,100
|
|
|
—
|
|
|
52,100
|
|
|
5,254
|
|
|
10.1
|
%
|
Aareal Hilton
Alexandria - 1 hotel
|
|
June 2023
|
|
LIBOR +
2.45%
|
|
—
|
|
|
73,450
|
|
|
73,450
|
|
|
8,150
|
|
|
11.1
|
%
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
6,791
|
|
|
—
|
|
|
6,791
|
|
|
1,087
|
|
|
16.0
|
%
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
9,911
|
|
|
—
|
|
|
9,911
|
|
|
1,922
|
|
|
19.4
|
%
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,323
|
|
|
—
|
|
|
6,323
|
|
|
1,083
|
|
|
17.1
|
%
|
Southside Bank Ashton
- 1 hotel
|
|
June 2024
|
|
LIBOR +
2.00%
|
|
—
|
|
|
8,881
|
|
|
8,881
|
|
|
861
|
|
|
9.7
|
%
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
64,555
|
|
|
—
|
|
|
64,555
|
|
|
6,818
|
|
|
10.6
|
%
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
11,914
|
|
|
—
|
|
|
11,914
|
|
|
1,324
|
|
|
11.1
|
%
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
23,819
|
|
|
—
|
|
|
23,819
|
|
|
3,064
|
|
|
12.9
|
%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
19,572
|
|
|
—
|
|
|
19,572
|
|
|
2,585
|
|
|
13.2
|
%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
50,623
|
|
|
—
|
|
|
50,623
|
|
|
8,623
|
|
|
17.0
|
%
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
March 2025
|
|
4.66%
|
|
25,043
|
|
|
—
|
|
|
25,043
|
|
|
3,043
|
|
|
12.2
|
%
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,934
|
|
|
N/A
|
|
Total
|
|
|
|
|
|
$
|
362,681
|
|
|
$
|
3,771,266
|
|
|
$
|
4,133,947
|
|
|
$
|
474,896
|
|
|
11.5
|
%
|
Percentage
|
|
|
|
|
|
8.8
|
%
|
|
91.2
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.30
|
%
|
|
5.31
|
%
|
|
5.31
|
%
|
|
|
|
|
|
All indebtedness is
non-recourse.
|
(1) This
mortgage loan has five one-year extension options, subject to
satisfaction of certain conditions.
|
(2) This
mortgage loan has two one-year extension options, subject to
satisfaction of certain conditions.
|
(3) 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.
|
(4) 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.
|
(5) This
mortgage loan has three one-year extension options, subject to
satisfaction of certain conditions.
|
(6) 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
SEPTEMBER 30,
2019
(dollars in
thousands)
(unaudited)
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
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
|
|
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 -
19 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
907,030
|
|
|
907,030
|
|
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
|
|
—
|
|
|
312,836
|
|
|
—
|
|
|
112,470
|
|
|
146,632
|
|
|
3,532,134
|
|
|
4,104,072
|
|
Scheduled
amortization payments remaining
|
|
1,837
|
|
|
7,039
|
|
|
5,702
|
|
|
5,862
|
|
|
5,242
|
|
|
4,193
|
|
|
29,875
|
|
Total
indebtedness
|
|
$
|
1,837
|
|
|
$
|
319,875
|
|
|
$
|
5,702
|
|
|
$
|
118,332
|
|
|
$
|
151,874
|
|
|
$
|
3,536,327
|
|
|
$
|
4,133,947
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE
INDICATORS
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
September 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)
|
$
|
300,832
|
|
|
$
|
(2,146)
|
|
|
$
|
298,686
|
|
|
$
|
287,104
|
|
|
$
|
7,568
|
|
|
$
|
294,672
|
|
|
4.78
|
%
|
|
1.36
|
%
|
|
RevPAR
|
$
|
129.47
|
|
|
$
|
(110.04)
|
|
|
$
|
129.64
|
|
|
$
|
125.15
|
|
|
$
|
747.89
|
|
|
$
|
127.89
|
|
|
3.45
|
%
|
|
1.37
|
%
|
|
Occupancy
|
78.40
|
%
|
|
(81.47)
|
%
|
|
78.37
|
%
|
|
78.04
|
%
|
|
152.39
|
%
|
|
78.37
|
%
|
|
0.46
|
%
|
|
—
|
%
|
|
ADR
|
$
|
165.15
|
|
|
$
|
(135.08)
|
|
|
$
|
165.41
|
|
|
$
|
160.36
|
|
|
$
|
490.77
|
|
|
$
|
163.18
|
|
|
2.99
|
%
|
|
1.37
|
%
|
|
|
ALL
HOTELS:
|
|
|
|
Nine Months Ended
September 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)
|
$
|
907,262
|
|
|
$
|
(9,967)
|
|
|
$
|
897,295
|
|
|
$
|
864,604
|
|
|
$
|
17,516
|
|
|
$
|
882,120
|
|
|
4.93
|
%
|
|
1.72
|
%
|
|
RevPAR
|
$
|
130.79
|
|
|
$
|
(99.81)
|
|
|
$
|
131.24
|
|
|
$
|
127.19
|
|
|
$
|
533.03
|
|
|
$
|
129.14
|
|
|
2.84
|
%
|
|
1.63
|
%
|
|
Occupancy
|
77.41
|
%
|
|
(76.94)
|
%
|
|
77.41
|
%
|
|
77.59
|
%
|
|
102.57
|
%
|
|
77.71
|
%
|
|
(0.23)
|
%
|
|
(0.38)
|
%
|
|
ADR
|
$
|
168.97
|
|
|
$
|
(129.72)
|
|
|
$
|
169.54
|
|
|
$
|
163.92
|
|
|
$
|
519.69
|
|
|
$
|
166.18
|
|
|
3.08
|
%
|
|
2.02
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 118 hotel properties owned and included in
the Company's operations at September 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:
|
Three Months Ended
September 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)
|
$
|
277,856
|
|
|
$
|
(2,146)
|
|
|
$
|
275,710
|
|
|
$
|
263,632
|
|
|
$
|
7,568
|
|
|
$
|
271,200
|
|
|
5.40
|
%
|
|
1.66
|
%
|
|
RevPAR
|
$
|
128.59
|
|
|
$
|
(110.04)
|
|
|
$
|
128.76
|
|
|
$
|
123.69
|
|
|
$
|
747.89
|
|
|
$
|
126.64
|
|
|
3.96
|
%
|
|
1.67
|
%
|
|
Occupancy
|
78.54
|
%
|
|
(81.47)
|
%
|
|
78.51
|
%
|
|
78.01
|
%
|
|
152.39
|
%
|
|
78.36
|
%
|
|
0.68
|
%
|
|
0.19
|
%
|
|
ADR
|
$
|
163.73
|
|
|
$
|
(135.08)
|
|
|
$
|
164.00
|
|
|
$
|
158.56
|
|
|
$
|
490.77
|
|
|
$
|
161.61
|
|
|
3.26
|
%
|
|
1.48
|
%
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
|
|
Nine Months Ended
September 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)
|
$
|
834,322
|
|
|
$
|
(9,967)
|
|
|
$
|
824,355
|
|
|
$
|
792,138
|
|
|
$
|
17,516
|
|
|
$
|
809,654
|
|
|
5.33
|
%
|
|
1.82
|
%
|
|
RevPAR
|
$
|
129.28
|
|
|
$
|
(99.81)
|
|
|
$
|
129.74
|
|
|
$
|
125.44
|
|
|
$
|
533.03
|
|
|
$
|
127.55
|
|
|
3.06
|
%
|
|
1.72
|
%
|
|
Occupancy
|
77.35
|
%
|
|
(76.94)
|
%
|
|
77.35
|
%
|
|
77.35
|
%
|
|
102.57
|
%
|
|
77.48
|
%
|
|
—
|
%
|
|
(0.17)
|
%
|
|
ADR
|
$
|
167.14
|
|
|
$
|
(129.72)
|
|
|
$
|
167.73
|
|
|
$
|
162.17
|
|
|
$
|
519.69
|
|
|
$
|
164.62
|
|
|
3.07
|
%
|
|
1.89
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the 113 hotel properties owned and included in
the Company's operations at September 30, 2019, and not under
renovation during the three months ended September 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 Fort Worth, Marriott DFW Airport, Marriott
RTP, Renaissance Nashville
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL
EBITDA
(dollars in
thousands)
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
%
Variance
|
Total hotel
revenue
|
$
|
371,999
|
|
|
$
|
353,504
|
|
|
5.23
|
%
|
|
$
|
1,140,722
|
|
|
$
|
1,079,802
|
|
|
5.64
|
%
|
Non-comparable
adjustments
|
(2,468)
|
|
|
9,224
|
|
|
|
|
(12,576)
|
|
|
23,336
|
|
|
|
Comparable total
hotel revenue
|
$
|
369,531
|
|
|
$
|
362,728
|
|
|
1.88
|
%
|
|
$
|
1,128,146
|
|
|
$
|
1,103,138
|
|
|
2.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
115,796
|
|
|
$
|
111,389
|
|
|
3.96
|
%
|
|
$
|
373,032
|
|
|
$
|
356,795
|
|
|
4.55
|
%
|
Non-comparable
adjustments
|
(615)
|
|
|
4,085
|
|
|
|
|
(3,798)
|
|
|
8,064
|
|
|
|
Comparable hotel
EBITDA
|
$
|
115,181
|
|
|
$
|
115,474
|
|
|
(0.25)
|
%
|
|
$
|
369,234
|
|
|
$
|
364,859
|
|
|
1.20
|
%
|
Hotel EBITDA
margin
|
31.13
|
%
|
|
31.51
|
%
|
|
(0.38)
|
%
|
|
32.70
|
%
|
|
33.04
|
%
|
|
(0.34)
|
%
|
Comparable hotel
EBITDA margin
|
31.17
|
%
|
|
31.83
|
%
|
|
(0.66)
|
%
|
|
32.73
|
%
|
|
33.07
|
%
|
|
(0.34)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
98
|
|
|
$
|
101
|
|
|
(2.97)
|
%
|
|
$
|
263
|
|
|
$
|
258
|
|
|
1.94
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
115,698
|
|
|
$
|
111,288
|
|
|
3.96
|
%
|
|
$
|
372,769
|
|
|
$
|
356,537
|
|
|
4.55
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
115,083
|
|
|
$
|
115,373
|
|
|
(0.25)
|
%
|
|
$
|
368,971
|
|
|
$
|
364,601
|
|
|
1.20
|
%
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
(4) See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Nine Months
Ended
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
%
Variance
|
Total hotel
revenue
|
$
|
340,019
|
|
|
$
|
322,292
|
|
|
5.50
|
%
|
|
$
|
1,036,556
|
|
|
$
|
983,297
|
|
|
5.42
|
%
|
Non-comparable
adjustments
|
(2,468)
|
|
|
9,224
|
|
|
|
|
(12,576)
|
|
|
23,336
|
|
|
|
Comparable total
hotel revenue
|
$
|
337,551
|
|
|
$
|
331,516
|
|
|
1.82
|
%
|
|
$
|
1,023,980
|
|
|
$
|
1,006,633
|
|
|
1.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
104,748
|
|
|
$
|
100,360
|
|
|
4.37
|
%
|
|
$
|
333,651
|
|
|
$
|
321,875
|
|
|
3.66
|
%
|
Non-comparable
adjustments
|
(615)
|
|
|
4,040
|
|
|
|
|
(3,798)
|
|
|
7,935
|
|
|
|
Comparable hotel
EBITDA
|
$
|
104,133
|
|
|
$
|
104,400
|
|
|
(0.26)
|
%
|
|
$
|
329,853
|
|
|
$
|
329,810
|
|
|
0.01
|
%
|
Hotel EBITDA
margin
|
30.81
|
%
|
|
31.14
|
%
|
|
(0.33)
|
%
|
|
32.19
|
%
|
|
32.73
|
%
|
|
(0.54)
|
%
|
Comparable hotel
EBITDA margin
|
30.85
|
%
|
|
31.49
|
%
|
|
(0.64)
|
%
|
|
32.21
|
%
|
|
32.76
|
%
|
|
(0.55)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
98
|
|
|
$
|
101
|
|
|
(2.97)
|
%
|
|
$
|
263
|
|
|
$
|
258
|
|
|
1.94
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
104,650
|
|
|
$
|
100,259
|
|
|
4.38
|
%
|
|
$
|
333,388
|
|
|
$
|
321,617
|
|
|
3.66
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
104,035
|
|
|
$
|
104,299
|
|
|
(0.25)
|
%
|
|
$
|
329,590
|
|
|
$
|
329,552
|
|
|
0.01
|
%
|
|
NOTES:
|
(1) The above
comparable information assumes the 113 hotel properties owned and
included in the Company's operations at September 30, 2019,
and not under renovation during the three months ended
September 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) See Exhibit
1 for reconciliation of net income (loss) to hotel
EBITDA.
|
(5) Excluded
Hotels Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
Total hotel
revenue
|
$
|
371,999
|
|
|
$
|
(2,468)
|
|
|
$
|
369,531
|
|
|
$
|
412,671
|
|
|
$
|
(6,102)
|
|
|
$
|
406,569
|
|
|
$
|
356,052
|
|
|
$
|
(4,007)
|
|
|
$
|
352,045
|
|
|
$
|
341,229
|
|
|
$
|
6,795
|
|
|
$
|
348,024
|
|
Hotel
EBITDA
|
$
|
115,796
|
|
|
$
|
(615)
|
|
|
$
|
115,181
|
|
|
$
|
145,327
|
|
|
$
|
(1,631)
|
|
|
$
|
143,696
|
|
|
$
|
111,909
|
|
|
$
|
(1,552)
|
|
|
$
|
110,357
|
|
|
$
|
102,549
|
|
|
$
|
3,113
|
|
|
$
|
105,662
|
|
Hotel EBITDA
margin
|
31.13
|
%
|
|
|
|
31.17
|
%
|
|
35.22
|
%
|
|
|
|
35.34
|
%
|
|
31.43
|
%
|
|
|
|
31.35
|
%
|
|
30.05
|
%
|
|
|
|
30.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
24.3
|
%
|
|
|
|
24.3
|
%
|
|
30.6
|
%
|
|
|
|
30.3
|
%
|
|
23.5
|
%
|
|
|
|
23.2
|
%
|
|
21.6
|
%
|
|
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
105
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
|
1,481,951
|
|
|
$
|
(5,782)
|
|
|
$
|
1,476,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
475,581
|
|
|
$
|
(685)
|
|
|
$
|
474,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
32.09
|
%
|
|
|
|
32.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
326
|
|
|
$
|
—
|
|
|
$
|
326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
(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
September 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
131.62
|
|
|
$
|
—
|
|
|
$
|
131.62
|
|
|
$
|
128.47
|
|
|
$
|
—
|
|
|
$
|
128.47
|
|
|
2.5
|
%
|
|
2.5
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
220.28
|
|
|
—
|
|
|
220.28
|
|
|
217.08
|
|
|
—
|
|
|
217.08
|
|
|
1.5
|
%
|
|
1.5
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
97.52
|
|
|
—
|
|
|
97.52
|
|
|
103.19
|
|
|
—
|
|
|
103.19
|
|
|
(5.5)
|
%
|
|
(5.5)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
98.68
|
|
|
—
|
|
|
98.68
|
|
|
100.18
|
|
|
—
|
|
|
100.18
|
|
|
(1.5)
|
%
|
|
(1.5)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
134.56
|
|
|
—
|
|
|
134.56
|
|
|
129.81
|
|
|
—
|
|
|
129.81
|
|
|
3.7
|
%
|
|
3.7
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
95.78
|
|
|
—
|
|
|
95.78
|
|
|
93.92
|
|
|
—
|
|
|
93.92
|
|
|
2.0
|
%
|
|
2.0
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
127.53
|
|
|
—
|
|
|
127.53
|
|
|
133.42
|
|
|
—
|
|
|
133.42
|
|
|
(4.4)
|
%
|
|
(4.4)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
205.28
|
|
|
—
|
|
|
205.28
|
|
|
207.60
|
|
|
—
|
|
|
207.60
|
|
|
(1.1)
|
%
|
|
(1.1)
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
144.90
|
|
|
—
|
|
|
144.90
|
|
|
122.75
|
|
|
208.20
|
|
|
135.66
|
|
|
18.0
|
%
|
|
6.8
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
91.68
|
|
|
—
|
|
|
91.68
|
|
|
92.44
|
|
|
—
|
|
|
92.44
|
|
|
(0.8)
|
%
|
|
(0.8)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
113.40
|
|
|
—
|
|
|
113.40
|
|
|
115.70
|
|
|
—
|
|
|
115.70
|
|
|
(2.0)
|
%
|
|
(2.0)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
135.57
|
|
|
—
|
|
|
135.57
|
|
|
138.61
|
|
|
—
|
|
|
138.61
|
|
|
(2.2)
|
%
|
|
(2.2)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
171.36
|
|
|
—
|
|
|
171.36
|
|
|
172.17
|
|
|
204.78
|
|
|
175.92
|
|
|
(0.5)
|
%
|
|
(2.6)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
96.33
|
|
|
—
|
|
|
96.33
|
|
|
87.28
|
|
|
—
|
|
|
87.28
|
|
|
10.4
|
%
|
|
10.4
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
134.72
|
|
|
—
|
|
|
134.72
|
|
|
126.23
|
|
|
—
|
|
|
126.23
|
|
|
6.7
|
%
|
|
6.7
|
%
|
Other
Areas
|
49
|
|
|
8,417
|
|
|
116.86
|
|
|
(110.04)
|
|
|
117.03
|
|
|
113.08
|
|
|
(49.54)
|
|
|
115.93
|
|
|
3.3
|
%
|
|
0.9
|
%
|
Total
Portfolio
|
118
|
|
|
25,044
|
|
|
$
|
129.47
|
|
|
$
|
(110.04)
|
|
|
$
|
129.64
|
|
|
$
|
125.15
|
|
|
$
|
747.89
|
|
|
$
|
127.89
|
|
|
3.5
|
%
|
|
1.4
|
%
|
|
NOTES:
|
(1)
The above comparable information assumes the 118 hotel properties
owned and included in the Company's operations at
September 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.
|
(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
September 30,
|
|
Number
of Hotels
|
|
Number
of Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
5,557
|
|
|
$
|
—
|
|
|
$
|
5,557
|
|
|
4.8
|
%
|
|
$
|
6,135
|
|
|
$
|
13
|
|
|
$
|
6,148
|
|
|
5.3
|
%
|
|
(9.4)
|
%
|
|
(9.6)
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
8,821
|
|
|
—
|
|
|
8,821
|
|
|
7.7
|
%
|
|
9,110
|
|
|
33
|
|
|
9,143
|
|
|
7.9
|
%
|
|
(3.2)
|
%
|
|
(3.5)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
5,122
|
|
|
—
|
|
|
5,122
|
|
|
4.4
|
%
|
|
5,449
|
|
|
62
|
|
|
5,511
|
|
|
4.8
|
%
|
|
(6.0)
|
%
|
|
(7.1)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
2,223
|
|
|
—
|
|
|
2,223
|
|
|
1.9
|
%
|
|
2,371
|
|
|
28
|
|
|
2,399
|
|
|
2.1
|
%
|
|
(6.2)
|
%
|
|
(7.3)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
7,818
|
|
|
—
|
|
|
7,818
|
|
|
6.8
|
%
|
|
7,388
|
|
|
(36)
|
|
|
7,352
|
|
|
6.4
|
%
|
|
5.8
|
%
|
|
6.3
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
938
|
|
|
—
|
|
|
938
|
|
|
0.8
|
%
|
|
1,027
|
|
|
(3)
|
|
|
1,024
|
|
|
0.9
|
%
|
|
(8.7)
|
%
|
|
(8.4)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
3,648
|
|
|
—
|
|
|
3,648
|
|
|
3.2
|
%
|
|
4,159
|
|
|
16
|
|
|
4,175
|
|
|
3.6
|
%
|
|
(12.3)
|
%
|
|
(12.6)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
6,719
|
|
|
—
|
|
|
6,719
|
|
|
5.8
|
%
|
|
6,577
|
|
|
(1.00)
|
|
|
6,576
|
|
|
5.7
|
%
|
|
2.2
|
%
|
|
2.2
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
10,204
|
|
|
—
|
|
|
10,204
|
|
|
8.9
|
%
|
|
7,527
|
|
|
2,126
|
|
|
9,653
|
|
|
8.4
|
%
|
|
35.6
|
%
|
|
5.7
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
1,258
|
|
|
—
|
|
|
1,258
|
|
|
1.1
|
%
|
|
1,350
|
|
|
(5)
|
|
|
1,345
|
|
|
1.2
|
%
|
|
(6.8)
|
%
|
|
(6.5)
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
2,417
|
|
|
—
|
|
|
2,417
|
|
|
2.1
|
%
|
|
2,437
|
|
|
(30)
|
|
|
2,407
|
|
|
2.1
|
%
|
|
(0.8)
|
%
|
|
0.4
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
2,041
|
|
|
—
|
|
|
2,041
|
|
|
1.8
|
%
|
|
2,180
|
|
|
(7)
|
|
|
2,173
|
|
|
1.9
|
%
|
|
(6.4)
|
%
|
|
(6.1)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
10,683
|
|
|
—
|
|
|
10,683
|
|
|
9.3
|
%
|
|
10,038
|
|
|
1,693
|
|
|
11,731
|
|
|
10.2
|
%
|
|
6.4
|
%
|
|
(8.9)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
|
1.1
|
%
|
|
1,185
|
|
|
(87)
|
|
|
1,098
|
|
|
1.0
|
%
|
|
4.1
|
%
|
|
12.4
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
10,796
|
|
|
—
|
|
|
10,796
|
|
|
9.4
|
%
|
|
9,743
|
|
|
12
|
|
|
9,755
|
|
|
8.4
|
%
|
|
10.8
|
%
|
|
10.7
|
%
|
Other
Areas
|
49
|
|
|
8,417
|
|
|
36,317
|
|
|
(615)
|
|
|
35,702
|
|
|
30.9
|
%
|
|
34,713
|
|
|
271
|
|
|
34,984
|
|
|
30.1
|
%
|
|
4.6
|
%
|
|
2.1
|
%
|
Total
Portfolio
|
118
|
|
|
25,044
|
|
|
$
|
115,796
|
|
|
$
|
(615)
|
|
|
$
|
115,181
|
|
|
100.0
|
%
|
|
$
|
111,389
|
|
|
$
|
4,085
|
|
|
$
|
115,474
|
|
|
100.0
|
%
|
|
4.0
|
%
|
|
(0.3)
|
%
|
|
NOTES:
|
(1)
The above comparable information assumes the 118 hotel properties
owned and included in the Company's operations at
September 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.
|
(4)
See Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY
MARKET
(unaudited)
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
142.68
|
|
|
$
|
—
|
|
|
$
|
142.68
|
|
|
$
|
131.43
|
|
|
$
|
—
|
|
|
$
|
131.43
|
|
|
8.6
|
%
|
|
8.6
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
187.73
|
|
|
—
|
|
|
187.73
|
|
|
180.33
|
|
|
—
|
|
|
180.33
|
|
|
4.1
|
%
|
|
4.1
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
109.82
|
|
|
—
|
|
|
109.82
|
|
|
114.44
|
|
|
—
|
|
|
114.44
|
|
|
(4.0)
|
%
|
|
(4.0)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
105.14
|
|
|
—
|
|
|
105.14
|
|
|
109.04
|
|
|
—
|
|
|
109.04
|
|
|
(3.6)
|
%
|
|
(3.6)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
137.71
|
|
|
—
|
|
|
137.71
|
|
|
135.55
|
|
|
—
|
|
|
135.55
|
|
|
1.6
|
%
|
|
1.6
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
130.26
|
|
|
—
|
|
|
130.26
|
|
|
137.37
|
|
|
—
|
|
|
137.37
|
|
|
(5.2)
|
%
|
|
(5.2)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
113.46
|
|
|
—
|
|
|
113.46
|
|
|
127.81
|
|
|
—
|
|
|
127.81
|
|
|
(11.2)
|
%
|
|
(11.2)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
214.07
|
|
|
—
|
|
|
214.07
|
|
|
207.65
|
|
|
—
|
|
|
207.65
|
|
|
3.1
|
%
|
|
3.1
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
133.01
|
|
|
118.67
|
|
|
132.85
|
|
|
119.29
|
|
|
173.50
|
|
|
127.07
|
|
|
11.5
|
%
|
|
4.5
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
113.65
|
|
|
—
|
|
|
113.65
|
|
|
108.61
|
|
|
—
|
|
|
108.61
|
|
|
4.6
|
%
|
|
4.6
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
104.38
|
|
|
—
|
|
|
104.38
|
|
|
105.07
|
|
|
—
|
|
|
105.07
|
|
|
(0.7)
|
%
|
|
(0.7)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
126.66
|
|
|
—
|
|
|
126.66
|
|
|
127.08
|
|
|
—
|
|
|
127.08
|
|
|
(0.3)
|
%
|
|
(0.3)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
170.37
|
|
|
109.80
|
|
|
168.94
|
|
|
164.78
|
|
|
162.17
|
|
|
164.48
|
|
|
3.4
|
%
|
|
2.7
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
125.67
|
|
|
—
|
|
|
125.67
|
|
|
116.11
|
|
|
(154.79)
|
|
|
112.62
|
|
|
8.2
|
%
|
|
11.6
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
144.13
|
|
|
—
|
|
|
144.13
|
|
|
138.94
|
|
|
235.98
|
|
|
143.14
|
|
|
3.7
|
%
|
|
0.7
|
%
|
Other
Areas
|
49
|
|
|
8,417
|
|
|
115.56
|
|
|
(101.72)
|
|
|
116.26
|
|
|
112.79
|
|
|
(79.75)
|
|
|
114.37
|
|
|
2.5
|
%
|
|
1.7
|
%
|
Total
Portfolio
|
118
|
|
|
25,044
|
|
|
$
|
130.79
|
|
|
$
|
(99.81)
|
|
|
$
|
131.24
|
|
|
$
|
127.19
|
|
|
$
|
533.03
|
|
|
$
|
129.14
|
|
|
2.8
|
%
|
|
1.6
|
%
|
|
NOTES:
|
(1)
The above comparable information assumes the 118 hotel properties
owned and included in the Company's operations at
September 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.
|
(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)
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Number
of Hotels
|
|
Number
of Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
22,051
|
|
|
$
|
8
|
|
|
$
|
22,059
|
|
|
6.0
|
%
|
|
$
|
18,644
|
|
|
$
|
16
|
|
|
$
|
18,660
|
|
|
5.1
|
%
|
|
18.2
|
%
|
|
18.2
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
20,035
|
|
|
—
|
|
|
20,035
|
|
|
5.4
|
%
|
|
19,270
|
|
|
101
|
|
|
19,371
|
|
|
5.3
|
%
|
|
4.0
|
%
|
|
3.4
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
19,653
|
|
|
—
|
|
|
19,653
|
|
|
5.3
|
%
|
|
20,626
|
|
|
185
|
|
|
20,811
|
|
|
5.7
|
%
|
|
(4.7)
|
%
|
|
(5.6)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
7,942
|
|
|
—
|
|
|
7,942
|
|
|
2.2
|
%
|
|
9,008
|
|
|
85
|
|
|
9,093
|
|
|
2.5
|
%
|
|
(11.8)
|
%
|
|
(12.7)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
25,644
|
|
|
—
|
|
|
25,644
|
|
|
6.9
|
%
|
|
25,717
|
|
|
(108)
|
|
|
25,609
|
|
|
7.0
|
%
|
|
(0.3)
|
%
|
|
0.1
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
8,209
|
|
|
—
|
|
|
8,209
|
|
|
2.2
|
%
|
|
9,373
|
|
|
(9)
|
|
|
9,364
|
|
|
2.6
|
%
|
|
(12.4)
|
%
|
|
(12.3)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
8,185
|
|
|
—
|
|
|
8,185
|
|
|
2.2
|
%
|
|
11,519
|
|
|
47
|
|
|
11,566
|
|
|
3.2
|
%
|
|
(28.9)
|
%
|
|
(29.2)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
23,512
|
|
|
—
|
|
|
23,512
|
|
|
6.4
|
%
|
|
18,666
|
|
|
—
|
|
|
18,666
|
|
|
5.1
|
%
|
|
26.0
|
%
|
|
26.0
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
28,195
|
|
|
69
|
|
|
28,264
|
|
|
7.7
|
%
|
|
22,985
|
|
|
3,728
|
|
|
26,713
|
|
|
7.3
|
%
|
|
22.7
|
%
|
|
5.8
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
7,647
|
|
|
—
|
|
|
7,647
|
|
|
2.1
|
%
|
|
7,181
|
|
|
(14)
|
|
|
7,167
|
|
|
2.0
|
%
|
|
6.5
|
%
|
|
6.7
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
6,148
|
|
|
—
|
|
|
6,148
|
|
|
1.7
|
%
|
|
6,554
|
|
|
(91)
|
|
|
6,463
|
|
|
1.8
|
%
|
|
(6.2)
|
%
|
|
(4.9)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
5,551
|
|
|
—
|
|
|
5,551
|
|
|
1.5
|
%
|
|
5,774
|
|
|
(22)
|
|
|
5,752
|
|
|
1.6
|
%
|
|
(3.9)
|
%
|
|
(3.5)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
31,187
|
|
|
218
|
|
|
31,405
|
|
|
8.5
|
%
|
|
28,077
|
|
|
3,389
|
|
|
31,466
|
|
|
8.6
|
%
|
|
11.1
|
%
|
|
(0.2)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
8,707
|
|
|
—
|
|
|
8,707
|
|
|
2.4
|
%
|
|
8,968
|
|
|
(1,160)
|
|
|
7,808
|
|
|
2.1
|
%
|
|
(2.9)
|
%
|
|
11.5
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
38,190
|
|
|
—
|
|
|
38,190
|
|
|
10.3
|
%
|
|
33,087
|
|
|
4,736
|
|
|
37,823
|
|
|
10.4
|
%
|
|
15.4
|
%
|
|
1.1
|
%
|
Other
Areas
|
49
|
|
|
8,417
|
|
|
112,176
|
|
|
(4,093)
|
|
|
108,083
|
|
|
29.2
|
%
|
|
111,346
|
|
|
(2,819)
|
|
|
108,527
|
|
|
29.7
|
%
|
|
0.7
|
%
|
|
(0.4)
|
%
|
Total
Portfolio
|
118
|
|
|
25,044
|
|
|
$
|
373,032
|
|
|
$
|
(3,798)
|
|
|
$
|
369,234
|
|
|
100.0
|
%
|
|
$
|
356,795
|
|
|
$
|
8,064
|
|
|
$
|
364,859
|
|
|
100.0
|
%
|
|
4.6
|
%
|
|
1.2
|
%
|
|
NOTES:
|
(1)
The above comparable information assumes the 118 hotel properties
owned and included in the Company's operations at
September 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.
|
(4)
See Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE
VALUE
SEPTEMBER 30,
2019
(in thousands,
except share price)
(unaudited)
|
|
|
|
September 30,
2019
|
Common stock shares
outstanding
|
102,110
|
|
Partnership units
outstanding
|
21,941
|
|
Combined common stock
shares and partnership units outstanding
|
124,051
|
|
Common stock
price
|
$
|
3.31
|
|
Market
capitalization
|
$
|
410,609
|
|
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
|
$
|
4,133,947
|
|
Joint venture
partner's share of consolidated indebtedness
|
$
|
(1,967)
|
|
Net working capital
(see below)
|
$
|
(345,801)
|
|
Total enterprise
value (TEV)
|
$
|
4,761,523
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock shares
owned
|
598
|
|
Common stock
price
|
$
|
24.24
|
|
Market value of
Ashford Inc. investment
|
$
|
14,499
|
|
|
|
Cash and cash
equivalents
|
$
|
256,132
|
|
Restricted
cash
|
$
|
148,611
|
|
Accounts receivable,
net
|
$
|
53,764
|
|
Prepaid
expenses
|
$
|
29,841
|
|
Investment in
securities
|
$
|
14,445
|
|
Due from third-party
hotel managers, net
|
$
|
19,076
|
|
Market value of
Ashford Inc. investment
|
$
|
14,499
|
|
Total current
assets
|
$
|
536,368
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
166,035
|
|
Dividends and
distributions payable
|
$
|
20,641
|
|
Due to affiliates,
net
|
$
|
3,891
|
|
Total current
liabilities
|
$
|
190,567
|
|
|
|
Net working
capital*
|
$
|
345,801
|
|
|
* 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
|
Actual
|
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
|
|
W Minneapolis
Hotel - The Foshay
|
229
|
|
|
|
|
x
|
Westin
Princeton
|
296
|
|
x
|
|
|
|
Total
|
|
11
|
4
|
5
|
4
|
(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
|
|
2019
|
|
2018
|
|
September 30,
2019
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
42,625
|
|
|
$
|
63,002
|
|
|
$
|
38,235
|
|
|
$
|
10,820
|
|
|
$
|
154,682
|
|
Non-property
adjustments
|
(2,274)
|
|
|
6,205
|
|
|
(268)
|
|
|
20,730
|
|
|
24,393
|
|
Interest
income
|
(103)
|
|
|
(76)
|
|
|
(76)
|
|
|
(90)
|
|
|
(345)
|
|
Interest
expense
|
5,004
|
|
|
5,165
|
|
|
4,423
|
|
|
2,355
|
|
|
16,947
|
|
Amortization of loan
costs
|
447
|
|
|
440
|
|
|
424
|
|
|
210
|
|
|
1,521
|
|
Depreciation and
amortization
|
67,681
|
|
|
67,303
|
|
|
66,987
|
|
|
65,737
|
|
|
267,708
|
|
Income tax expense
(benefit)
|
44
|
|
|
63
|
|
|
43
|
|
|
109
|
|
|
259
|
|
Non-hotel EBITDA
ownership expense
|
2,372
|
|
|
3,225
|
|
|
2,141
|
|
|
2,678
|
|
|
10,416
|
|
Hotel EBITDA
including amounts attributable to
noncontrolling interest
|
115,796
|
|
|
145,327
|
|
|
111,909
|
|
|
102,549
|
|
|
475,581
|
|
Non-comparable
adjustments
|
(615)
|
|
|
(1,631)
|
|
|
(1,552)
|
|
|
3,113
|
|
|
(685)
|
|
Comparable hotel
EBITDA
|
$
|
115,181
|
|
|
$
|
143,696
|
|
|
$
|
110,357
|
|
|
$
|
105,662
|
|
|
$
|
474,896
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
September 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)
|
$
|
38,386
|
|
|
$
|
4,239
|
|
|
$
|
42,625
|
|
|
$
|
(13)
|
|
|
$
|
(81,698)
|
|
|
$
|
(39,086)
|
|
Non-property
adjustments
|
(2,274)
|
|
|
—
|
|
|
(2,274)
|
|
|
(70)
|
|
|
2,344
|
|
|
—
|
|
Interest
income
|
(103)
|
|
|
—
|
|
|
(103)
|
|
|
—
|
|
|
103
|
|
|
—
|
|
Interest
expense
|
5,004
|
|
|
—
|
|
|
5,004
|
|
|
—
|
|
|
53,688
|
|
|
58,692
|
|
Amortization of loan
cost
|
447
|
|
|
—
|
|
|
447
|
|
|
—
|
|
|
7,217
|
|
|
7,664
|
|
Depreciation and
amortization
|
61,328
|
|
|
6,353
|
|
|
67,681
|
|
|
176
|
|
|
49
|
|
|
67,906
|
|
Income tax expense
(benefit)
|
8
|
|
|
36
|
|
|
44
|
|
|
—
|
|
|
(293)
|
|
|
(249)
|
|
Non-hotel EBITDA
ownership expense
|
1,952
|
|
|
420
|
|
|
2,372
|
|
|
9
|
|
|
(2,381)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
104,748
|
|
|
11,048
|
|
|
115,796
|
|
|
102
|
|
|
(20,971)
|
|
|
94,927
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(98)
|
|
|
—
|
|
|
(98)
|
|
|
—
|
|
|
98
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
278
|
|
|
278
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
785
|
|
|
785
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99)
|
|
|
(99)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
104,650
|
|
|
$
|
11,048
|
|
|
$
|
115,698
|
|
|
$
|
102
|
|
|
$
|
(19,909)
|
|
|
$
|
95,891
|
|
Non-comparable
adjustments
|
(615)
|
|
|
—
|
|
|
(615)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
104,133
|
|
|
$
|
11,048
|
|
|
$
|
115,181
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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
|
|
Hotel
Properties
Not Under
Renovation
|
|
Hotel
Properties
Under
Renovation
|
|
Hotel
Total
|
|
Orlando
WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality
Trust, Inc.
|
Net income
(loss)
|
$
|
54,140
|
|
|
$
|
8,862
|
|
|
$
|
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
|
61,457
|
|
|
5,846
|
|
|
67,303
|
|
|
159
|
|
|
49
|
|
|
67,511
|
|
Income tax expense
(benefit)
|
15
|
|
|
48
|
|
|
63
|
|
|
—
|
|
|
3,643
|
|
|
3,706
|
|
Non-hotel EBITDA
ownership expense
|
3,046
|
|
|
179
|
|
|
3,225
|
|
|
7
|
|
|
(3,232)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
130,392
|
|
|
14,935
|
|
|
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
|
$
|
130,287
|
|
|
$
|
14,935
|
|
|
$
|
145,222
|
|
|
$
|
216
|
|
|
$
|
(25,110)
|
|
|
$
|
120,328
|
|
Non-comparable
adjustments
|
(1,631)
|
|
|
—
|
|
|
(1,631)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
128,761
|
|
|
$
|
14,935
|
|
|
$
|
143,696
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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)
|
$
|
30,462
|
|
|
$
|
7,773
|
|
|
$
|
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
|
61,483
|
|
|
5,504
|
|
|
66,987
|
|
|
142
|
|
|
49
|
|
|
67,178
|
|
Income tax expense
(benefit)
|
3
|
|
|
40
|
|
|
43
|
|
|
—
|
|
|
(448)
|
|
|
(405)
|
|
Non-hotel EBITDA
ownership expense
|
2,060
|
|
|
81
|
|
|
2,141
|
|
|
9
|
|
|
(2,150)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
98,511
|
|
|
13,398
|
|
|
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
|
$
|
98,451
|
|
|
$
|
13,398
|
|
|
$
|
111,849
|
|
|
$
|
420
|
|
|
$
|
(23,130)
|
|
|
$
|
89,139
|
|
Non-comparable
adjustments
|
(1,552)
|
|
|
—
|
|
|
(1,552)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
96,959
|
|
|
$
|
13,398
|
|
|
$
|
110,357
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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)
|
$
|
5,193
|
|
|
$
|
5,627
|
|
|
$
|
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
|
60,490
|
|
|
5,247
|
|
|
65,737
|
|
|
138
|
|
|
47
|
|
|
65,922
|
|
Income tax expense
(benefit)
|
(20)
|
|
|
129
|
|
|
109
|
|
|
—
|
|
|
67
|
|
|
176
|
|
Non-hotel EBITDA
ownership expense
|
2,553
|
|
|
125
|
|
|
2,678
|
|
|
13
|
|
|
(2,691)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
91,419
|
|
|
11,130
|
|
|
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
|
$
|
91,482
|
|
|
$
|
11,130
|
|
|
$
|
102,612
|
|
|
$
|
176
|
|
|
$
|
(37,274)
|
|
|
$
|
65,514
|
|
Non-comparable
adjustments
|
3,070
|
|
|
43
|
|
|
3,113
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
94,489
|
|
|
$
|
11,173
|
|
|
$
|
105,662
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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)
|
$
|
36,914
|
|
|
$
|
6,011
|
|
|
$
|
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
|
59,874
|
|
|
4,871
|
|
|
64,745
|
|
|
128
|
|
|
50
|
|
|
64,923
|
|
Income tax expense
(benefit)
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
505
|
|
|
519
|
|
Non-hotel EBITDA
ownership expense
|
1,403
|
|
|
147
|
|
|
1,550
|
|
|
9
|
|
|
(1,559)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
100,360
|
|
|
11,029
|
|
|
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
|
$
|
100,259
|
|
|
$
|
11,029
|
|
|
$
|
111,288
|
|
|
$
|
228
|
|
|
$
|
(21,679)
|
|
|
$
|
89,837
|
|
Non-comparable
adjustments
|
4,040
|
|
|
45
|
|
|
4,085
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
104,400
|
|
|
$
|
11,074
|
|
|
$
|
115,474
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, Renaissance Nashville
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Nine Months Ended
September 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)
|
$
|
122,988
|
|
|
$
|
20,874
|
|
|
$
|
143,862
|
|
|
$
|
306
|
|
|
$
|
(251,228)
|
|
|
$
|
(107,060)
|
|
Non-property
adjustments
|
3,663
|
|
|
—
|
|
|
3,663
|
|
|
(70)
|
|
|
(3,593)
|
|
|
—
|
|
Interest
income
|
(255)
|
|
|
—
|
|
|
(255)
|
|
|
—
|
|
|
255
|
|
|
—
|
|
Interest
expense
|
14,592
|
|
|
—
|
|
|
14,592
|
|
|
—
|
|
|
163,387
|
|
|
177,979
|
|
Amortization of loan
cost
|
1,311
|
|
|
—
|
|
|
1,311
|
|
|
—
|
|
|
21,219
|
|
|
22,530
|
|
Depreciation and
amortization
|
184,268
|
|
|
17,704
|
|
|
201,972
|
|
|
477
|
|
|
146
|
|
|
202,595
|
|
Income tax expense
(benefit)
|
26
|
|
|
124
|
|
|
150
|
|
|
—
|
|
|
2,902
|
|
|
3,052
|
|
Non-hotel EBITDA
ownership expense
|
7,058
|
|
|
679
|
|
|
7,737
|
|
|
26
|
|
|
(7,763)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
333,651
|
|
|
39,381
|
|
|
373,032
|
|
|
739
|
|
|
(74,675)
|
|
|
299,096
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(263)
|
|
|
—
|
|
|
(263)
|
|
|
—
|
|
|
263
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,208
|
|
|
2,208
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,362
|
|
|
4,362
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(308)
|
|
|
(308)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
333,388
|
|
|
$
|
39,381
|
|
|
$
|
372,769
|
|
|
$
|
739
|
|
|
$
|
(68,150)
|
|
|
$
|
305,358
|
|
Non-comparable
adjustments
|
(3,798)
|
|
|
—
|
|
|
(3,798)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
329,853
|
|
|
$
|
39,381
|
|
|
$
|
369,234
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, Renaissance Nashville
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Nine 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)
|
$
|
131,423
|
|
|
$
|
20,675
|
|
|
$
|
152,098
|
|
|
$
|
818
|
|
|
$
|
(243,177)
|
|
|
$
|
(90,261)
|
|
Non-property
adjustments
|
1,259
|
|
|
(1)
|
|
|
1,258
|
|
|
—
|
|
|
(1,258)
|
|
|
—
|
|
Interest
income
|
(160)
|
|
|
(1)
|
|
|
(161)
|
|
|
—
|
|
|
161
|
|
|
—
|
|
Interest
expense
|
5,330
|
|
|
—
|
|
|
5,330
|
|
|
—
|
|
|
153,733
|
|
|
159,063
|
|
Amortization of loan
cost
|
439
|
|
|
—
|
|
|
439
|
|
|
—
|
|
|
14,178
|
|
|
14,617
|
|
Depreciation and
amortization
|
178,123
|
|
|
13,876
|
|
|
191,999
|
|
|
390
|
|
|
147
|
|
|
192,536
|
|
Income tax expense
(benefit)
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
2,583
|
|
|
2,606
|
|
Non-hotel EBITDA
ownership expense
|
5,438
|
|
|
371
|
|
|
5,809
|
|
|
19
|
|
|
(5,828)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
321,875
|
|
|
34,920
|
|
|
356,795
|
|
|
1,227
|
|
|
(79,461)
|
|
|
278,561
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(258)
|
|
|
—
|
|
|
(258)
|
|
|
—
|
|
|
258
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(892)
|
|
|
(892)
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
959
|
|
|
959
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(419)
|
|
|
(419)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
321,617
|
|
|
$
|
34,920
|
|
|
$
|
356,537
|
|
|
$
|
1,227
|
|
|
$
|
(79,555)
|
|
|
$
|
278,209
|
|
Non-comparable
adjustments
|
7,935
|
|
|
129
|
|
|
8,064
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
329,810
|
|
|
$
|
35,049
|
|
|
$
|
364,859
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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) Excluded Hotels
Under Renovation:
|
Fairfield Inn and
Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott
RTP, 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, 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)
|
$
|
901
|
|
|
$
|
4,472
|
|
|
$
|
577
|
|
|
$
|
775
|
|
|
$
|
3,447
|
|
|
$
|
(1,469)
|
|
|
$
|
1,597
|
|
|
$
|
3,806
|
|
|
$
|
3,143
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(3)
|
|
|
(1)
|
|
|
(36)
|
|
|
—
|
|
|
(9)
|
|
Interest
expense
|
206
|
|
|
1,054
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,255
|
|
Amortization of loan
costs
|
41
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
Depreciation and
amortization
|
4,312
|
|
|
3,187
|
|
|
4,452
|
|
|
1,406
|
|
|
4,357
|
|
|
2,373
|
|
|
2,089
|
|
|
2,550
|
|
|
4,325
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
98
|
|
|
50
|
|
|
95
|
|
|
49
|
|
|
17
|
|
|
35
|
|
|
(2)
|
|
|
328
|
|
|
308
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
5,557
|
|
|
8,821
|
|
|
5,122
|
|
|
2,223
|
|
|
7,818
|
|
|
938
|
|
|
3,648
|
|
|
6,719
|
|
|
10,204
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
5,557
|
|
|
$
|
8,821
|
|
|
$
|
5,122
|
|
|
$
|
2,223
|
|
|
$
|
7,818
|
|
|
$
|
938
|
|
|
$
|
3,648
|
|
|
$
|
6,719
|
|
|
$
|
10,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(1,071)
|
|
|
$
|
705
|
|
|
$
|
1,232
|
|
|
$
|
6,402
|
|
|
$
|
(432)
|
|
|
$
|
1,577
|
|
|
$
|
16,963
|
|
|
$
|
42,625
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,267)
|
|
|
(2,274)
|
|
|
|
Interest
income
|
(4)
|
|
|
(1)
|
|
|
(2)
|
|
|
(11)
|
|
|
—
|
|
|
(16)
|
|
|
(17)
|
|
|
(103)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
881
|
|
|
309
|
|
|
5,004
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
57
|
|
|
94
|
|
|
447
|
|
|
|
Depreciation and
amortization
|
2,268
|
|
|
1,617
|
|
|
798
|
|
|
3,379
|
|
|
1,583
|
|
|
8,172
|
|
|
20,813
|
|
|
67,681
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
44
|
|
|
|
Non-hotel EBITDA
ownership expense
|
65
|
|
|
96
|
|
|
13
|
|
|
599
|
|
|
83
|
|
|
125
|
|
|
413
|
|
|
2,372
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
1,258
|
|
|
2,417
|
|
|
2,041
|
|
|
10,683
|
|
|
1,234
|
|
|
10,796
|
|
|
36,317
|
|
|
115,796
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(615)
|
|
|
(615)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
1,258
|
|
|
$
|
2,417
|
|
|
$
|
2,041
|
|
|
$
|
10,683
|
|
|
$
|
1,234
|
|
|
$
|
10,796
|
|
|
$
|
35,702
|
|
|
$
|
115,181
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
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
|
|
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)
|
$
|
2,514
|
|
|
$
|
4,363
|
|
|
$
|
2,042
|
|
|
$
|
814
|
|
|
$
|
2,524
|
|
|
$
|
(923)
|
|
|
$
|
1,558
|
|
|
$
|
4,194
|
|
|
$
|
3,270
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(21)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(4)
|
|
|
(1)
|
|
|
(15)
|
|
|
—
|
|
|
(10)
|
|
Interest
expense
|
206
|
|
|
1,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
39
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,318
|
|
|
3,607
|
|
|
3,392
|
|
|
1,386
|
|
|
4,623
|
|
|
2,000
|
|
|
2,567
|
|
|
2,371
|
|
|
4,079
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
59
|
|
|
71
|
|
|
17
|
|
|
170
|
|
|
245
|
|
|
(28)
|
|
|
49
|
|
|
12
|
|
|
188
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
6,135
|
|
|
9,110
|
|
|
5,449
|
|
|
2,371
|
|
|
7,388
|
|
|
1,027
|
|
|
4,159
|
|
|
6,577
|
|
|
7,527
|
|
Non-comparable
adjustments
|
13
|
|
|
33
|
|
|
62
|
|
|
28
|
|
|
(36)
|
|
|
(3)
|
|
|
16
|
|
|
(1)
|
|
|
2,126
|
|
Comparable hotel
EBITDA
|
$
|
6,148
|
|
|
$
|
9,143
|
|
|
$
|
5,511
|
|
|
$
|
2,399
|
|
|
$
|
7,352
|
|
|
$
|
1,024
|
|
|
$
|
4,175
|
|
|
$
|
6,576
|
|
|
$
|
9,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(684)
|
|
|
$
|
731
|
|
|
$
|
1,274
|
|
|
$
|
6,828
|
|
|
$
|
(443)
|
|
|
$
|
1,376
|
|
|
$
|
13,487
|
|
|
$
|
42,925
|
|
|
|
Non-property
adjustments
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
(4)
|
|
|
(14)
|
|
|
(17)
|
|
|
|
Interest
income
|
(3)
|
|
|
(1)
|
|
|
(2)
|
|
|
(6)
|
|
|
—
|
|
|
(12)
|
|
|
(18)
|
|
|
(75)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
4
|
|
|
2,096
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
148
|
|
|
|
Depreciation and
amortization
|
2,008
|
|
|
1,653
|
|
|
884
|
|
|
3,138
|
|
|
1,580
|
|
|
7,417
|
|
|
20,723
|
|
|
64,746
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|
|
Non-hotel EBITDA
ownership expense
|
28
|
|
|
54
|
|
|
24
|
|
|
78
|
|
|
28
|
|
|
40
|
|
|
517
|
|
|
1,552
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
1,350
|
|
|
2,437
|
|
|
2,180
|
|
|
10,038
|
|
|
1,185
|
|
|
9,743
|
|
|
34,713
|
|
|
111,389
|
|
|
|
Non-comparable
adjustments
|
(5)
|
|
|
(30)
|
|
|
(7)
|
|
|
1,693
|
|
|
(87)
|
|
|
12
|
|
|
271
|
|
|
4,085
|
|
|
|
Comparable hotel
EBITDA
|
$
|
1,345
|
|
|
$
|
2,407
|
|
|
$
|
2,173
|
|
|
$
|
11,731
|
|
|
$
|
1,098
|
|
|
$
|
9,755
|
|
|
$
|
34,984
|
|
|
$
|
115,474
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Nine Months Ended
September 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)
|
$
|
8,864
|
|
|
$
|
6,971
|
|
|
$
|
6,898
|
|
|
$
|
3,289
|
|
|
$
|
11,895
|
|
|
$
|
1,235
|
|
|
$
|
1,722
|
|
|
$
|
15,364
|
|
|
$
|
6,362
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(43)
|
|
|
—
|
|
|
—
|
|
|
(47)
|
|
|
—
|
|
|
(326)
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(9)
|
|
|
(3)
|
|
|
(49)
|
|
|
—
|
|
|
(31)
|
|
Interest
expense
|
643
|
|
|
3,238
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,354
|
|
Amortization of loan
costs
|
121
|
|
|
171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
537
|
|
Depreciation and
amortization
|
11,700
|
|
|
9,431
|
|
|
12,480
|
|
|
4,353
|
|
|
13,351
|
|
|
6,825
|
|
|
6,335
|
|
|
7,551
|
|
|
13,955
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
727
|
|
|
224
|
|
|
282
|
|
|
343
|
|
|
407
|
|
|
152
|
|
|
224
|
|
|
473
|
|
|
1,344
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
22,051
|
|
|
20,035
|
|
|
19,653
|
|
|
7,942
|
|
|
25,644
|
|
|
8,209
|
|
|
8,185
|
|
|
23,512
|
|
|
28,195
|
|
Non-comparable
adjustments
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
Comparable hotel
EBITDA
|
$
|
22,059
|
|
|
$
|
20,035
|
|
|
$
|
19,653
|
|
|
$
|
7,942
|
|
|
$
|
25,644
|
|
|
$
|
8,209
|
|
|
$
|
8,185
|
|
|
$
|
23,512
|
|
|
$
|
28,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
876
|
|
|
$
|
1,100
|
|
|
$
|
3,102
|
|
|
$
|
19,623
|
|
|
$
|
3,835
|
|
|
$
|
10,951
|
|
|
$
|
41,775
|
|
|
$
|
143,862
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(71)
|
|
|
—
|
|
|
—
|
|
|
4,150
|
|
|
3,663
|
|
|
|
Interest
income
|
(12)
|
|
|
(3)
|
|
|
(5)
|
|
|
(30)
|
|
|
—
|
|
|
(52)
|
|
|
(50)
|
|
|
(255)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
—
|
|
|
2,706
|
|
|
944
|
|
|
14,592
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
169
|
|
|
278
|
|
|
1,311
|
|
|
|
Depreciation and
amortization
|
6,611
|
|
|
4,883
|
|
|
2,420
|
|
|
9,957
|
|
|
4,754
|
|
|
24,067
|
|
|
63,298
|
|
|
201,971
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
150
|
|
|
|
Non-hotel EBITDA
ownership expense
|
172
|
|
|
168
|
|
|
34
|
|
|
966
|
|
|
118
|
|
|
349
|
|
|
1,755
|
|
|
7,738
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
7,647
|
|
|
6,148
|
|
|
5,551
|
|
|
31,187
|
|
|
8,707
|
|
|
38,190
|
|
|
112,176
|
|
|
373,032
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|
—
|
|
|
(4,093)
|
|
|
(3,798)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
7,647
|
|
|
$
|
6,148
|
|
|
$
|
5,551
|
|
|
$
|
31,405
|
|
|
$
|
8,707
|
|
|
$
|
38,190
|
|
|
$
|
108,083
|
|
|
$
|
369,234
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Nine Months Ended
September 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)
|
$
|
8,336
|
|
|
$
|
4,779
|
|
|
$
|
10,072
|
|
|
$
|
4,691
|
|
|
$
|
11,736
|
|
|
$
|
3,658
|
|
|
$
|
3,769
|
|
|
$
|
12,095
|
|
|
$
|
10,359
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(134)
|
|
|
—
|
|
|
(120)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(3)
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(7)
|
|
|
(2)
|
|
|
(38)
|
|
|
—
|
|
|
(21)
|
|
Interest
expense
|
583
|
|
|
2,846
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
115
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
9,231
|
|
|
11,176
|
|
|
10,280
|
|
|
4,102
|
|
|
13,758
|
|
|
5,716
|
|
|
7,639
|
|
|
6,526
|
|
|
12,387
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
382
|
|
|
304
|
|
|
279
|
|
|
349
|
|
|
230
|
|
|
121
|
|
|
149
|
|
|
45
|
|
|
260
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
18,644
|
|
|
19,270
|
|
|
20,626
|
|
|
9,008
|
|
|
25,717
|
|
|
9,373
|
|
|
11,519
|
|
|
18,666
|
|
|
22,985
|
|
Non-comparable
adjustments
|
16
|
|
|
101
|
|
|
185
|
|
|
85
|
|
|
(108)
|
|
|
(9)
|
|
|
47
|
|
|
—
|
|
|
3,728
|
|
Comparable hotel
EBITDA
|
$
|
18,660
|
|
|
$
|
19,371
|
|
|
$
|
20,811
|
|
|
$
|
9,093
|
|
|
$
|
25,609
|
|
|
$
|
9,364
|
|
|
$
|
11,566
|
|
|
$
|
18,666
|
|
|
$
|
26,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
1,357
|
|
|
$
|
1,473
|
|
|
$
|
2,618
|
|
|
$
|
18,497
|
|
|
$
|
4,116
|
|
|
$
|
9,351
|
|
|
$
|
45,191
|
|
|
$
|
152,098
|
|
|
|
Non-property
adjustments
|
(39)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(374)
|
|
|
1,941
|
|
|
(16)
|
|
|
1,258
|
|
|
|
Interest
income
|
(7)
|
|
|
(2)
|
|
|
(3)
|
|
|
(15)
|
|
|
—
|
|
|
(23)
|
|
|
(37)
|
|
|
(163)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
1,029
|
|
|
5,330
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
104
|
|
|
438
|
|
|
|
Depreciation and
amortization
|
5,816
|
|
|
4,894
|
|
|
2,691
|
|
|
9,287
|
|
|
5,068
|
|
|
20,598
|
|
|
62,831
|
|
|
192,000
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
|
|
Non-hotel EBITDA
ownership expense
|
54
|
|
|
189
|
|
|
468
|
|
|
308
|
|
|
158
|
|
|
294
|
|
|
2,221
|
|
|
5,811
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
7,181
|
|
|
6,554
|
|
|
5,774
|
|
|
28,077
|
|
|
8,968
|
|
|
33,087
|
|
|
111,346
|
|
|
356,795
|
|
|
|
Non-comparable
adjustments
|
(14)
|
|
|
(91)
|
|
|
(22)
|
|
|
3,389
|
|
|
(1,160)
|
|
|
4,736
|
|
|
(2,819)
|
|
|
8,064
|
|
|
|
Comparable hotel
EBITDA
|
$
|
7,167
|
|
|
$
|
6,463
|
|
|
$
|
5,752
|
|
|
$
|
31,466
|
|
|
$
|
7,808
|
|
|
$
|
37,823
|
|
|
$
|
108,527
|
|
|
$
|
364,859
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
TTM Ended
September 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 -
19 hotels
|
|
Morgan Stanley Pool -
17 hotels
|
|
Morgan Stanley - 8
hotels
|
|
JP Morgan Chase - 8
hotels
|
|
BAML Pool 3 - 3
hotels
|
Net income
(loss)
|
$
|
12,642
|
|
|
$
|
12,648
|
|
|
$
|
4,800
|
|
|
$
|
14,078
|
|
|
$
|
10,698
|
|
|
$
|
9,111
|
|
|
$
|
32,670
|
|
|
$
|
19,426
|
|
|
$
|
1,692
|
|
|
$
|
17,287
|
|
|
$
|
2,377
|
|
Non-property
adjustments
|
(75)
|
|
|
—
|
|
|
—
|
|
|
(404)
|
|
|
—
|
|
|
—
|
|
|
12,534
|
|
|
(528)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(22)
|
|
|
(16)
|
|
|
(3)
|
|
|
(1)
|
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(119)
|
|
|
(8)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
3
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
8,322
|
|
|
8,377
|
|
|
16,092
|
|
|
14,146
|
|
|
13,372
|
|
|
13,720
|
|
|
62,313
|
|
|
28,621
|
|
|
8,864
|
|
|
23,804
|
|
|
6,155
|
|
Income tax expense
(benefit)
|
9
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
156
|
|
|
155
|
|
|
673
|
|
|
235
|
|
|
1,052
|
|
|
752
|
|
|
2,257
|
|
|
1,083
|
|
|
406
|
|
|
464
|
|
|
100
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
21,032
|
|
|
21,160
|
|
|
21,562
|
|
|
28,054
|
|
|
25,124
|
|
|
23,547
|
|
|
109,774
|
|
|
48,585
|
|
|
10,969
|
|
|
41,439
|
|
|
8,624
|
|
Non-comparable
adjustments
|
(9)
|
|
|
(10)
|
|
|
6
|
|
|
—
|
|
|
(15)
|
|
|
(9)
|
|
|
(4,753)
|
|
|
35
|
|
|
(3)
|
|
|
(4)
|
|
|
(1)
|
|
Comparable hotel
EBITDA
|
$
|
21,023
|
|
|
$
|
21,150
|
|
|
$
|
21,568
|
|
|
$
|
28,054
|
|
|
$
|
25,109
|
|
|
$
|
23,538
|
|
|
$
|
105,021
|
|
|
$
|
48,620
|
|
|
$
|
10,966
|
|
|
$
|
41,435
|
|
|
$
|
8,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
1,814
|
|
|
$
|
1,302
|
|
|
$
|
1,974
|
|
|
$
|
138
|
|
|
$
|
20,090
|
|
|
$
|
1,475
|
|
|
$
|
1,741
|
|
|
$
|
278
|
|
|
$
|
(148)
|
|
|
$
|
3,289
|
|
|
$
|
1,156
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(2)
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,598
|
|
|
—
|
|
|
—
|
|
|
852
|
|
|
4,305
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
225
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|
228
|
|
|
—
|
|
Depreciation and
amortization
|
4,906
|
|
|
1,665
|
|
|
638
|
|
|
1,131
|
|
|
13,183
|
|
|
2,738
|
|
|
1,420
|
|
|
560
|
|
|
1,628
|
|
|
6,562
|
|
|
11,630
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
101
|
|
|
100
|
|
|
(20)
|
|
|
58
|
|
|
646
|
|
|
161
|
|
|
18
|
|
|
21
|
|
|
20
|
|
|
277
|
|
|
43
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
6,819
|
|
|
3,067
|
|
|
2,584
|
|
|
1,327
|
|
|
34,171
|
|
|
8,153
|
|
|
3,179
|
|
|
859
|
|
|
2,512
|
|
|
14,661
|
|
|
12,829
|
|
Non-comparable
adjustments
|
(1)
|
|
|
(3)
|
|
|
1
|
|
|
(3)
|
|
|
(9)
|
|
|
(3)
|
|
|
12
|
|
|
2
|
|
|
(3)
|
|
|
28
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
6,818
|
|
|
$
|
3,064
|
|
|
$
|
2,585
|
|
|
$
|
1,324
|
|
|
$
|
34,162
|
|
|
$
|
8,150
|
|
|
$
|
3,191
|
|
|
$
|
861
|
|
|
$
|
2,509
|
|
|
$
|
14,689
|
|
|
$
|
12,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 1 hotel
|
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
Unencumbered
hotels
|
|
Total
Portfolio
|
Net income
(loss)
|
$
|
(239)
|
|
|
$
|
514
|
|
|
$
|
(1,053)
|
|
|
$
|
538
|
|
|
$
|
144
|
|
|
$
|
2,824
|
|
|
$
|
(3,645)
|
|
|
$
|
171
|
|
|
$
|
(6,967)
|
|
|
$
|
(8,144)
|
|
|
$
|
154,682
|
|
Non-property
adjustments
|
—
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(326)
|
|
|
(71)
|
|
|
6,774
|
|
|
6,606
|
|
|
24,393
|
|
Interest
income
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(345)
|
|
Interest
expense
|
—
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,353
|
|
|
707
|
|
|
—
|
|
|
(1)
|
|
|
16,947
|
|
Amortization of loan
costs
|
—
|
|
|
337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
536
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
1,521
|
|
Depreciation and
amortization
|
2,069
|
|
|
1,217
|
|
|
3,578
|
|
|
525
|
|
|
938
|
|
|
2,527
|
|
|
2,302
|
|
|
692
|
|
|
632
|
|
|
3,381
|
|
|
267,708
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
Non-hotel EBITDA
ownership expense
|
94
|
|
|
365
|
|
|
232
|
|
|
7
|
|
|
18
|
|
|
(30)
|
|
|
442
|
|
|
419
|
|
|
32
|
|
|
80
|
|
|
10,416
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
1,924
|
|
|
3,435
|
|
|
2,757
|
|
|
1,084
|
|
|
1,088
|
|
|
5,254
|
|
|
5,662
|
|
|
1,953
|
|
|
471
|
|
|
1,922
|
|
|
475,581
|
|
Non-comparable
adjustments
|
(2)
|
|
|
499
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
2,931
|
|
|
1,090
|
|
|
(471)
|
|
|
12
|
|
|
(685)
|
|
Comparable hotel
EBITDA
|
$
|
1,922
|
|
|
$
|
3,934
|
|
|
$
|
2,756
|
|
|
$
|
1,083
|
|
|
$
|
1,087
|
|
|
$
|
5,254
|
|
|
$
|
8,593
|
|
|
$
|
3,043
|
|
|
$
|
—
|
|
|
$
|
1,934
|
|
|
$
|
474,896
|
|
|
NOTES:
|
(1)
The above comparable information assumes the 118 hotel properties
owned and included in the Company's operations at
September 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.
|
Exhibit
1
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
September 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 -
19 hotels
|
|
Morgan Stanley Pool -
17 hotels
|
|
Morgan Stanley - 8
hotels
|
|
JP Morgan Chase - 8
hotels
|
|
BAML Pool 3 - 3
hotels
|
Net income
(loss)
|
$
|
2,437
|
|
|
$
|
3,730
|
|
|
$
|
469
|
|
|
$
|
3,597
|
|
|
$
|
4,013
|
|
|
$
|
1,822
|
|
|
$
|
11,225
|
|
|
$
|
3,407
|
|
|
$
|
465
|
|
|
$
|
3,773
|
|
|
$
|
(159)
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,527)
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(6)
|
|
|
(4)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(31)
|
|
|
(2)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
1,919
|
|
|
2,035
|
|
|
4,130
|
|
|
3,437
|
|
|
3,489
|
|
|
3,657
|
|
|
15,892
|
|
|
7,038
|
|
|
2,455
|
|
|
5,895
|
|
|
1,531
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
21
|
|
|
25
|
|
|
54
|
|
|
30
|
|
|
378
|
|
|
125
|
|
|
400
|
|
|
223
|
|
|
66
|
|
|
57
|
|
|
43
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
4,371
|
|
|
5,786
|
|
|
4,652
|
|
|
7,064
|
|
|
7,880
|
|
|
5,597
|
|
|
24,990
|
|
|
10,656
|
|
|
2,988
|
|
|
9,695
|
|
|
1,413
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(449)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
4,371
|
|
|
$
|
5,786
|
|
|
$
|
4,652
|
|
|
$
|
7,064
|
|
|
$
|
7,880
|
|
|
$
|
5,597
|
|
|
$
|
24,541
|
|
|
$
|
10,656
|
|
|
$
|
2,988
|
|
|
$
|
9,695
|
|
|
$
|
1,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(36)
|
|
|
$
|
149
|
|
|
$
|
425
|
|
|
$
|
62
|
|
|
$
|
3,802
|
|
|
$
|
72
|
|
|
$
|
703
|
|
|
$
|
(28)
|
|
|
$
|
(207)
|
|
|
$
|
2,159
|
|
|
$
|
(207)
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
881
|
|
|
—
|
|
|
—
|
|
|
206
|
|
|
1,054
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
58
|
|
|
—
|
|
Depreciation and
amortization
|
1,324
|
|
|
536
|
|
|
171
|
|
|
370
|
|
|
3,301
|
|
|
686
|
|
|
399
|
|
|
143
|
|
|
430
|
|
|
1,595
|
|
|
2,937
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
38
|
|
|
20
|
|
|
(43)
|
|
|
12
|
|
|
376
|
|
|
60
|
|
|
7
|
|
|
17
|
|
|
4
|
|
|
35
|
|
|
6
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
1,325
|
|
|
705
|
|
|
551
|
|
|
444
|
|
|
7,514
|
|
|
1,747
|
|
|
1,109
|
|
|
132
|
|
|
474
|
|
|
4,901
|
|
|
2,736
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
1,325
|
|
|
$
|
705
|
|
|
$
|
551
|
|
|
$
|
444
|
|
|
$
|
7,514
|
|
|
$
|
1,747
|
|
|
$
|
1,109
|
|
|
$
|
132
|
|
|
$
|
474
|
|
|
$
|
4,901
|
|
|
$
|
2,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 1 hotel
|
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
NorthStar HGI
Wisconsin Dells - 1 hotel
|
|
Unencumbered
hotels
|
|
Total
Portfolio
|
Net income
(loss)
|
$
|
(119)
|
|
|
$
|
1,202
|
|
|
$
|
(819)
|
|
|
$
|
163
|
|
|
$
|
125
|
|
|
$
|
1,068
|
|
|
$
|
(567)
|
|
|
$
|
251
|
|
|
$
|
(149)
|
|
|
$
|
(203)
|
|
|
$
|
42,625
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
1
|
|
|
(2,274)
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103)
|
|
Interest
expense
|
—
|
|
|
306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,255
|
|
|
299
|
|
|
—
|
|
|
—
|
|
|
5,004
|
|
Amortization of loan
costs
|
—
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
447
|
|
Depreciation and
amortization
|
511
|
|
|
318
|
|
|
908
|
|
|
132
|
|
|
223
|
|
|
693
|
|
|
412
|
|
|
270
|
|
|
48
|
|
|
796
|
|
|
67,681
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
44
|
|
Non-hotel EBITDA
ownership expense
|
—
|
|
|
14
|
|
|
54
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
82
|
|
|
246
|
|
|
8
|
|
|
11
|
|
|
2,372
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
392
|
|
|
1,934
|
|
|
143
|
|
|
303
|
|
|
351
|
|
|
1,728
|
|
|
2,364
|
|
|
1,081
|
|
|
166
|
|
|
604
|
|
|
115,796
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(166)
|
|
|
—
|
|
|
(615)
|
|
Comparable hotel
EBITDA
|
$
|
392
|
|
|
$
|
1,934
|
|
|
$
|
143
|
|
|
$
|
303
|
|
|
$
|
351
|
|
|
$
|
1,728
|
|
|
$
|
2,364
|
|
|
$
|
1,081
|
|
|
$
|
—
|
|
|
$
|
604
|
|
|
$
|
115,181
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
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 -
19 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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,364)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
5,443
|
|
|
$
|
5,891
|
|
|
$
|
5,906
|
|
|
$
|
8,526
|
|
|
$
|
7,973
|
|
|
$
|
6,421
|
|
|
$
|
32,989
|
|
|
$
|
13,267
|
|
|
$
|
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 - 1 hotel
|
|
US Bank Hilton Santa
Cruz/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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(267)
|
|
|
—
|
|
|
(1,631)
|
|
Comparable hotel
EBITDA
|
$
|
506
|
|
|
$
|
991
|
|
|
$
|
734
|
|
|
$
|
322
|
|
|
$
|
376
|
|
|
$
|
1,856
|
|
|
$
|
2,722
|
|
|
$
|
777
|
|
|
$
|
—
|
|
|
$
|
945
|
|
|
$
|
143,696
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
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 -
19 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)
|
|
|
—
|
|
|
(1,785)
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
6,289
|
|
|
$
|
4,800
|
|
|
$
|
5,853
|
|
|
$
|
6,635
|
|
|
$
|
4,759
|
|
|
$
|
6,181
|
|
|
$
|
24,866
|
|
|
$
|
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 - 1 hotel
|
|
US Bank Hilton Santa
Cruz/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
|
|
|
(45)
|
|
|
5
|
|
|
(1,552)
|
|
Comparable hotel
EBITDA
|
$
|
614
|
|
|
$
|
59
|
|
|
$
|
1,160
|
|
|
$
|
222
|
|
|
$
|
175
|
|
|
$
|
310
|
|
|
$
|
647
|
|
|
$
|
315
|
|
|
$
|
—
|
|
|
$
|
(2)
|
|
|
$
|
110,357
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
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 -
19 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
|
3
|
|
|
(9)
|
|
|
6
|
|
|
—
|
|
|
(14)
|
|
|
(9)
|
|
|
(1,155)
|
|
|
36
|
|
|
(3)
|
|
|
(3)
|
|
|
(2)
|
|
Comparable hotel
EBITDA
|
$
|
4,920
|
|
|
$
|
4,673
|
|
|
$
|
5,157
|
|
|
$
|
5,829
|
|
|
$
|
4,497
|
|
|
$
|
5,339
|
|
|
$
|
22,625
|
|
|
$
|
10,586
|
|
|
$
|
2,781
|
|
|
$
|
9,451
|
|
|
$
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
1
|
|
|
(2)
|
|
|
(9)
|
|
|
(2)
|
|
|
13
|
|
|
2
|
|
|
(2)
|
|
|
26
|
|
|
—
|
|
Comparable hotel
EBITDA
|
$
|
1,692
|
|
|
$
|
849
|
|
|
$
|
672
|
|
|
$
|
203
|
|
|
$
|
7,623
|
|
|
$
|
1,830
|
|
|
$
|
759
|
|
|
$
|
303
|
|
|
$
|
388
|
|
|
$
|
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 - 1 hotel
|
|
US Bank Hilton Santa
Cruz/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)
|
|
|
2,860
|
|
|
870
|
|
|
7
|
|
|
7
|
|
|
3,113
|
|
Comparable hotel
EBITDA
|
$
|
410
|
|
|
$
|
950
|
|
|
$
|
719
|
|
|
$
|
236
|
|
|
$
|
185
|
|
|
$
|
1,360
|
|
|
$
|
2,860
|
|
|
$
|
870
|
|
|
$
|
—
|
|
|
$
|
387
|
|
|
$
|
105,662
|
|
|
NOTES:
|
(1) The above
comparable information assumes the 118 hotel properties owned and
included in the Company's operations at September 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.
|
View original
content:http://www.prnewswire.com/news-releases/ashford-trust-reports-third-quarter-2019-results-300947547.html
SOURCE Ashford Hospitality Trust, Inc.