DALLAS – August 1, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2023 with the second quarter ended June 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 6.7% to $144.25 during the quarter on a 3.8% increase in Comparable ADR and a 2.8% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(30.3) million or $(0.88) per diluted share for the quarter.
•Adjusted EBITDAre was $104.0 million for the quarter, reflecting a growth rate of 8% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $0.78 per diluted share for the quarter.
•Comparable Hotel EBITDA was $117.5 million for the quarter, reflecting a growth rate of 5% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $254.1 million and restricted cash of $150.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $19.0 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net working capital at the end of the quarter was $344.0 million.
•Capex invested during the quarter was $34.0 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.
•During the quarter, the Company refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company’s only final debt maturities in 2023.
•To date, the Company has issued approximately $51 million of its non-traded preferred stock.
AHT Reports Second Quarter Results
Page 2
August 1, 2023
•During the quarter, the Company extended its KEYS Pool C loan. Subsequent to quarter end, the Company extended its KEYS Pool D loan and its KEYS Pool E loan. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, its KEYS Pool B loan and its KEYS Pool F loan.
CAPITAL STRUCTURE
As of June 30, 2023, the Company had total loans of $3.7 billion with a blended average interest rate of 7.8%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 95% of the Company’s debt is effectively fixed and approximately 5% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.
During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.
Also, during the quarter, the Company successfully refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company's only final debt maturities in 2023. The new, non-recourse loan totals $98.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%.
During the quarter, the Company extended its KEYS Pool C loan – secured by five hotels with a paydown of approximately $62 million. Subsequent to quarter end, the Company extended its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million, and its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels. The Company noted that proactively choosing not to extend three of these loan pools improves its balance sheet by lowering leverage and materially improves future cash flows. The combination of the paydowns and the removal of the debt associated with the pools the Company did not extend will lower the Company’s debt by approximately $700 million.
The Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2023. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 1,935,377 shares of its Series J and 90,323 shares of its Series K non-traded preferred stock raising approximately $50.6 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
“During the second quarter, our portfolio delivered strong operating results,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We’ve been extremely encouraged with the growth in both occupancy and ADR that we’ve been able to achieve and believe that strong performance reflects our high-quality, geographically diverse portfolio. Further, we’re encouraged that the vast majority of our hotels are now out of their cash traps.” Mr. Hays added, “On the capital management
AHT Reports Second Quarter Results
Page 3
August 1, 2023
front, proactively choosing not to extend three of the KEYS loan pools improves our balance sheet by lowering leverage and materially improves our future cash flows. Looking ahead, our portfolio remains well positioned to outperform and, from a capital structure and balance sheet perspective, we will continue to focus on paying off our corporate financing and raising capital through our non-traded preferred stock.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, August 2, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13739435.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2023 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, August 2, 2023, 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
AHT Reports Second Quarter Results
Page 4
August 1, 2023
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. 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, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
June 30, 2023
December 31, 2022
ASSETS
Investments in hotel properties, net
$
3,146,937
$
3,118,331
Cash and cash equivalents
251,547
417,064
Restricted cash
167,473
141,962
Accounts receivable, net of allowance of $439 and $501, respectively
57,384
49,809
Inventories
3,918
3,856
Notes receivable, net
5,241
5,062
Investment in unconsolidated entities
10,517
19,576
Deferred costs, net
1,747
2,665
Prepaid expenses
19,612
15,981
Derivative assets, net
36,532
47,182
Operating lease right-of-use assets
44,210
43,921
Other assets
20,861
21,653
Intangible assets, net
797
797
Due from Ashford Inc., net
—
486
Due from related parties, net
2,731
6,570
Due from third-party hotel managers
19,035
22,462
Assets held for sale
11,653
—
Total assets
$
3,800,195
$
3,917,377
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,715,780
$
3,838,543
Finance lease liability
48,186
18,847
Accounts payable and accrued expenses
134,040
115,970
Accrued interest payable
16,321
15,287
Dividends and distributions payable
3,378
3,118
Due to Ashford Inc., net
8,032
—
Due to third-party hotel managers
1,459
1,319
Intangible liabilities, net
2,057
2,097
Operating lease liabilities
44,993
44,661
Other liabilities
4,073
4,326
Liabilities associated with assets held for sale
608
—
Total liabilities
3,978,927
4,044,168
Redeemable noncontrolling interests in operating partnership
22,409
21,550
Series J Redeemable Preferred Stock, $0.01 par value, 1,574,414 and 87,115 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
36,224
2,004
Series K Redeemable Preferred Stock, $0.01 par value, 71,719 and 1,800 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
1,766
44
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at June 30, 2023 and December 31, 2022
12
12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at June 30, 2023 and December 31, 2022
12
12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at June 30, 2023 and December 31, 2022
15
15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at June 30, 2023 and December 31, 2022
13
13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at June 30, 2023 and December 31, 2022
13
13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,493,344 and 34,495,185 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
345
345
Additional paid-in capital
2,384,805
2,383,244
Accumulated deficit
(2,629,447)
(2,534,043)
Total stockholders' equity (deficit) of the Company
(244,232)
(150,389)
Noncontrolling interests in consolidated entities
5,101
—
Total equity (deficit)
(239,131)
(150,389)
Total liabilities and equity/deficit
$
3,800,195
$
3,917,377
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
REVENUE
Rooms
$
293,915
$
275,528
$
546,870
$
470,858
Food and beverage
61,747
54,316
120,738
91,076
Other
19,316
17,423
35,598
31,859
Total hotel revenue
374,978
347,267
703,206
593,793
Other
771
828
1,429
1,440
Total revenue
375,749
348,095
704,635
595,233
EXPENSES
Hotel operating expenses
Rooms
66,035
59,782
125,238
107,786
Food and beverage
41,910
37,610
81,700
64,782
Other expenses
118,959
111,452
232,838
203,500
Management fees
13,773
12,312
26,019
21,866
Total hotel operating expenses
240,677
221,156
465,795
397,934
Property taxes, insurance and other
18,998
17,289
35,535
33,748
Depreciation and amortization
47,154
50,896
95,009
103,016
Advisory services fee:
Base advisory fee
8,249
8,613
16,718
17,348
Reimbursable expenses
3,065
2,364
6,292
4,935
Stock/unit-based compensation
955
1,451
2,245
3,380
Incentive fee
—
(151)
—
—
Corporate, general and administrative:
Stock/unit-based compensation
593
578
629
631
Other general and administrative
4,311
3,932
6,887
6,983
Total operating expenses
324,002
306,128
629,110
567,975
Gain (loss) on disposition of assets and hotel properties
—
181
(24)
284
OPERATING INCOME (LOSS)
51,747
42,148
75,501
27,542
Equity in earnings (loss) of unconsolidated entities
(181)
(151)
(577)
(304)
Interest income
2,310
526
4,867
577
Other income (expense), net
109
84
243
185
Interest expense, net of discount amortization
(85,976)
(45,990)
(164,720)
(87,150)
Amortization of loan costs
(3,614)
(2,403)
(6,385)
(4,802)
Write-off of premiums, loan costs and exit fees
(950)
(971)
(1,370)
(1,698)
Realized and unrealized gain (loss) on derivatives
12,583
6,074
7,168
9,285
INCOME (LOSS) BEFORE INCOME TAXES
(23,972)
(683)
(85,273)
(56,365)
Income tax benefit (expense)
(2,062)
(5,563)
(2,283)
(5,683)
NET INCOME (LOSS)
(26,034)
(6,246)
(87,556)
(62,048)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
349
76
949
448
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(25,685)
(6,170)
(86,607)
(61,600)
Preferred dividends
(3,752)
(3,104)
(6,995)
(6,207)
Deemed dividends on redeemable preferred stock
(826)
—
(1,233)
—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(30,263)
$
(9,274)
$
(94,835)
$
(67,807)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.88)
$
(0.27)
$
(2.76)
$
(1.98)
Weighted average common shares outstanding – basic
34,429
34,330
34,385
34,300
Diluted:
Net income (loss) attributable to common stockholders
$
(0.88)
$
(0.27)
$
(2.76)
$
(1.98)
Weighted average common shares outstanding – diluted
34,429
34,330
34,385
34,300
Dividends declared per common share:
$
—
$
—
$
—
$
—
6
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net income (loss)
$
(26,034)
$
(6,246)
$
(87,556)
$
(62,048)
Interest expense and amortization of discounts and loan costs, net
89,590
48,393
171,105
91,952
Depreciation and amortization
47,154
50,896
95,009
103,016
Income tax expense (benefit)
2,062
5,563
2,283
5,683
Equity in (earnings) loss of unconsolidated entities
181
151
577
304
Company's portion of EBITDA of unconsolidated entities
157
(151)
88
(304)
EBITDA
113,110
98,606
181,506
138,603
(Gain) loss on disposition of assets and hotel properties
—
(181)
24
(284)
EBITDAre
113,110
98,425
181,530
138,319
Amortization of unfavorable contract liabilities
18
42
47
95
Transaction and conversion costs
1,033
914
1,152
1,573
Write-off of premiums, loan costs and exit fees
950
971
1,370
1,698
Realized and unrealized (gain) loss on derivatives
(12,583)
(6,074)
(7,168)
(9,285)
Stock/unit-based compensation
1,550
2,038
2,883
4,049
Legal, advisory and settlement costs
—
12
—
37
Other (income) expense, net
(123)
(84)
(243)
(185)
Advisory services incentive fee
—
(151)
—
—
Dead deal costs
—
280
—
280
Company's portion of adjustments to EBITDAre of unconsolidated entities
—
(1)
1
11
Adjusted EBITDAre
$
103,955
$
96,372
$
179,572
$
136,592
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net income (loss)
$
(26,034)
$
(6,246)
$
(87,556)
$
(62,048)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
349
76
949
448
Preferred dividends
(3,752)
(3,104)
(6,995)
(6,207)
Deemed dividends on redeemable preferred stock
(826)
—
(1,233)
—
Net income (loss) attributable to common stockholders
(30,263)
(9,274)
(94,835)
(67,807)
Depreciation and amortization on real estate
47,154
50,896
95,009
103,016
(Gain) loss on disposition of assets and hotel properties
—
(181)
24
(284)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(349)
(76)
(949)
(448)
Equity in (earnings) loss of unconsolidated entities
181
151
577
304
Company's portion of FFO of unconsolidated entities
(67)
(151)
(354)
(304)
FFO available to common stockholders and OP unitholders
16,656
41,365
(528)
34,477
Deemed dividends on redeemable preferred stock
826
—
1,233
—
Transaction and conversion costs
1,033
914
1,152
1,573
Write-off of premiums, loan costs and exit fees
950
971
1,370
1,698
Unrealized (gain) loss on derivatives
(617)
(6,074)
14,325
(9,285)
Stock/unit-based compensation
1,550
2,038
2,883
4,049
Legal, advisory and settlement costs
—
12
—
37
Other (income) expense, net
(123)
(84)
(243)
(185)
Amortization of credit facility exit fee
4,640
2,896
8,796
5,577
Amortization of loan costs
3,614
2,403
6,385
4,802
Advisory services incentive fee
—
(151)
—
—
Dead deal costs
—
280
—
280
Company's portion of adjustments to FFO of unconsolidated entities
—
(1)
1
11
Adjusted FFO available to common stockholders and OP unitholders
$
28,529
$
44,569
$
35,374
$
43,034
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.78
$
1.23
$
0.97
$
1.19
Weighted average diluted shares
36,575
36,356
36,497
36,304
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2023
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (19)
Interest Rate (20)
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
Comparable TTM Hotel Net Income
Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (21)
Comparable TTM Hotel EBITDA Debt Yield
KEYS Pool A - 7 hotels
June 2023
June 2023
LIBOR (1) + 3.65%
$
—
$
180,720
$
180,720
(3)
$
6,169
3.4
%
$
13,094
7.2
%
KEYS Pool B - 7 hotels
June 2023
June 2023
LIBOR (1) + 3.39%
—
174,400
174,400
(3)
2,333
1.3
%
8,622
4.9
%
KEYS Pool F - 5 hotels
June 2023
June 2023
LIBOR (1) + 3.68%
—
215,120
215,120
(3)
4,267
2.0
%
18,392
8.5
%
Morgan Stanley Pool - 17 hotels
November 2023
November 2024
LIBOR (1) + 3.13%
—
415,000
415,000
(4)
23,553
5.7
%
43,705
10.5
%
BAML Indigo Atlanta - 1 hotel
December 2023
December 2024
SOFR (2) + 2.85%
—
15,214
15,214
(5)
(490)
(3.2)
%
2,117
13.9
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,269
—
6,269
789
12.6
%
1,319
21.0
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,149
—
9,149
(80)
(0.9)
%
1,411
15.4
%
Oaktree Capital Term Loan
January 2024
January 2026
14.00%
195,959
—
195,959
(6)
N/A
N/A
N/A
N/A
JPMorgan Chase - 8 hotels
February 2024
February 2025
LIBOR (1) + 3.17%
—
345,000
345,000
(7)
15,856
4.6
%
32,739
9.5
%
BAML Princeton/Nashville - 2 hotels
March 2024
March 2026
LIBOR (1) + 2.75%
—
240,000
240,000
(8)
24,430
10.2
%
37,351
15.6
%
BAML Highland Pool - 19 hotels
April 2024
April 2025
LIBOR (1) + 3.47%
—
862,027
862,027
(9)
46,381
5.4
%
101,126
11.7
%
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
5,691
—
5,691
687
12.1
%
1,131
19.9
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
SOFR (2) + 2.00%
—
8,881
8,881
(10)
392
4.4
%
768
8.6
%
KEYS Pool C - 5 hotels
June 2024
June 2025
LIBOR (1) + 3.86%
—
158,689
158,689
(11)
7,652
4.8
%
20,595
13.0
%
KEYS Pool D - 5 hotels
June 2024
June 2025
LIBOR (1) + 4.15%
—
262,640
262,640
(12)
18,454
7.0
%
26,114
9.9
%
KEYS Pool E - 5 hotels
June 2024
June 2025
LIBOR (1) + 2.85%
—
160,000
160,000
(13)
5,490
3.4
%
19,216
12.0
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,048
—
11,048
469
4.2
%
1,708
15.5
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,101
—
22,101
989
4.5
%
3,087
14.0
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
SOFR (2) + 4.76%
—
86,000
86,000
(14)
8,109
9.4
%
15,312
17.8
%
Aareal Le Pavillon - 1 hotel
December 2024
December 2027
SOFR (2) + 4.00%
—
37,000
37,000
(15)
(5,697)
(15.4)
%
1,341
3.6
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
46,303
—
46,303
3,550
7.7
%
8,275
17.9
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,036
—
23,036
(597)
(2.6)
%
2,579
11.2
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
SOFR (2) + 3.91%
—
98,000
98,000
(16)
1,796
1.8
%
14,879
15.2
%
Aareal Alexandria/La Posada - 2 hotels
May 2026
May 2028
SOFR (2) + 4.00%
—
98,450
98,450
(17)
(710)
(0.7)
%
10,089
10.2
%
Total
$
319,556
$
3,357,141
$
3,676,697
$
163,792
4.5
%
$
384,970
10.5
%
Percentage
8.7
%
91.3
%
100.0
%
Weighted average interest rate (18) (20)
10.43
%
7.75
%
7.98
%
All indebtedness is non-recourse with the exception of the term loan.
The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.
(1) LIBOR rate was 5.22% at June 30, 2023.
(2) SOFR rate was 5.14% at June 30, 2023.
(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.
(5) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.
(6) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.
(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.
(9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023.
(10) This mortgage loan has a SOFR floor of 2.0%.
(11) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023.
(12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.
(13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.
(14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(15) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(16) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(17) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(18) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(19) The final maturity date assumes all available extension options will be exercised.
(20) Interest rates do not include default or late payment rates in effect on some mortgage loans.
(21) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2023
(dollars in thousands)
(unaudited)
2023
2024
2025
2026
2027
Thereafter
Total
KEYS Pool A - 7 hotels (1)
$
180,720
$
—
$
—
$
—
$
—
$
—
$
180,720
KEYS Pool B - 7 hotels (1)
174,400
—
—
—
—
—
174,400
KEYS Pool F - 5 hotels (1)
215,120
—
—
—
—
—
215,120
GACC Jacksonville RI - 1 hotel
—
9,036
—
—
—
—
9,036
GACC Manchester RI - 1 hotel
—
6,191
—
—
—
—
6,191
Key Bank Manchester CY - 1 hotel
—
5,580
—
—
—
—
5,580
Southside Bank Ashton - 1 hotel
—
8,881
—
—
—
—
8,881
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
—
415,000
—
—
—
—
415,000
BAML Indigo Atlanta - 1 hotel
—
14,987
—
—
—
—
14,987
JPMorgan Chase - 8 hotels
—
—
345,000
—
—
—
345,000
BAML Pool 3 - 3 hotels
—
—
44,413
—
—
—
44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
—
—
22,030
—
—
—
22,030
BAML Highland Pool - 19 hotels
—
—
862,027
—
—
—
862,027
KEYS Pool C - 5 hotels
—
—
158,689
—
—
—
158,689
KEYS Pool D - 5 hotels (2)
—
—
262,640
—
—
—
262,640
KEYS Pool E - 5 hotels (3)
—
—
160,000
—
—
—
160,000
Oaktree Capital Term Loan
—
—
—
195,959
—
—
195,959
BAML Princeton/Nashville - 2 hotels
—
—
—
240,000
—
—
240,000
Aareal Boston Back Bay - 1 hotel
—
—
—
96,000
—
—
96,000
Torchlight Marriott Gateway - 1 hotel
—
—
—
86,000
—
—
86,000
Aareal Le Pavillon - 1 hotel
—
—
—
—
35,000
—
35,000
Aareal Alexandria/La Posada
—
—
—
—
—
98,450
98,450
Principal due in future periods
570,240
491,952
1,854,799
617,959
35,000
98,450
3,668,400
Scheduled amortization payments remaining
1,507
2,582
708
2,500
1,000
—
8,297
Total indebtedness
$
571,747
$
494,534
$
1,855,507
$
620,459
$
36,000
$
98,450
$
3,676,697
The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.
(1) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.
(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.
(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
292,956
$
—
$
292,956
$
274,286
$
301
$
274,587
6.81
%
6.69
%
RevPAR
$
144.25
$
—
$
144.25
$
135.08
$
1,103.15
$
135.21
6.79
%
6.69
%
Occupancy
75.44
%
—
%
75.44
%
73.31
%
834.43
%
73.41
%
2.91
%
2.76
%
ADR
$
191.22
$
—
$
191.22
$
184.26
$
132.20
$
184.18
3.77
%
3.82
%
ALL HOTELS:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
544,893
$
—
$
544,893
$
468,463
$
620
$
469,083
16.32
%
16.16
%
RevPAR
$
134.90
$
—
$
134.90
$
115.99
$
1,140.85
$
116.13
16.30
%
16.16
%
Occupancy
71.95
%
—
%
71.95
%
65.82
%
831.31
%
65.93
%
9.31
%
9.13
%
ADR
$
187.50
$
—
$
187.50
$
176.22
$
137.24
$
176.15
6.40
%
6.44
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
281,143
$
—
$
281,143
$
262,454
$
301
$
262,755
7.12
%
7.00
%
RevPAR
$
142.29
$
—
$
142.29
$
132.85
$
1,103.15
$
132.99
7.10
%
6.99
%
Occupancy
75.58
%
—
%
75.58
%
73.45
%
834.43
%
73.55
%
2.90
%
2.75
%
ADR
$
188.26
$
—
$
188.26
$
180.88
$
132.20
$
180.80
4.08
%
4.13
%
ALL HOTELS NOT UNDER RENOVATION:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
519,938
$
—
$
519,938
$
444,448
$
620
$
445,068
16.99
%
16.82
%
RevPAR
$
132.30
$
—
$
132.30
$
113.11
$
1,140.85
$
113.25
16.97
%
16.82
%
Occupancy
71.97
%
—
%
71.97
%
65.83
%
831.31
%
65.93
%
9.33
%
9.16
%
ADR
$
183.82
$
—
$
183.82
$
171.83
$
137.24
$
171.77
6.98
%
7.02
%
NOTES:
(1) The above comparable information assumes the 98 hotel properties owned and included in the Company’s operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
373,749
$
345,651
8.13
%
$
700,614
$
590,640
18.62
%
Non-comparable adjustments
—
681
—
1,104
Comparable total hotel revenue
$
373,749
$
346,332
7.92
%
$
700,614
$
591,744
18.40
%
Hotel net income (loss)
$
64,836
$
55,848
16.09
%
$
98,835
$
55,635
77.65
%
Non-comparable adjustments
(50)
527
(57)
1,059
Comparable hotel net income (loss)
$
64,786
$
56,375
14.92
%
$
98,778
$
56,694
74.23
%
Hotel net income (loss) margin
17.35
%
16.16
%
1.19
%
14.11
%
9.42
%
4.69
%
Comparable hotel net income margin
17.33
%
16.28
%
1.05
%
14.10
%
9.58
%
4.52
%
Hotel EBITDA
$
117,477
$
111,375
5.48
%
$
208,237
$
166,937
24.74
%
Non-comparable adjustments
(12)
869
7
1,707
Comparable hotel EBITDA
$
117,465
$
112,244
4.65
%
$
208,244
$
168,644
23.48
%
Hotel EBITDA margin
31.43
%
32.22
%
(0.79)
%
29.72
%
28.26
%
1.46
%
Comparable hotel EBITDA margin
31.43
%
32.41
%
(0.98)
%
29.72
%
28.50
%
1.22
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
357,262
$
329,464
8.44
%
$
666,594
$
558,498
19.35
%
Non-comparable adjustments
—
681
—
1,104
Comparable total hotel revenue
$
357,262
$
330,145
8.21
%
$
666,594
$
559,602
19.12
%
Hotel net income (loss)
$
62,129
$
53,137
16.92
%
$
91,286
$
49,072
86.02
%
Non-comparable adjustments
(50)
527
(57)
1,059
Comparable hotel net income (loss)
$
62,079
$
53,664
15.68
%
$
91,229
$
50,131
81.98
%
Hotel net income (loss) margin
17.39
%
16.13
%
1.26
%
13.69
%
8.79
%
4.90
%
Comparable hotel net income margin
17.38
%
16.25
%
1.13
%
13.69
%
8.96
%
4.73
%
Hotel EBITDA
$
112,780
$
106,391
6.01
%
$
196,702
$
155,658
26.37
%
Non-comparable adjustments
(12)
869
7
1,707
Comparable hotel EBITDA
$
112,768
$
107,260
5.14
%
$
196,709
$
157,365
25.00
%
Hotel EBITDA margin
31.57
%
32.29
%
(0.72)
%
29.51
%
27.87
%
1.64
%
Comparable hotel EBITDA margin
31.56
%
32.49
%
(0.93)
%
29.51
%
28.12
%
1.39
%
NOTES:
(1) The above comparable information assumes the 98 hotel properties owned and included in the Company’s operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & 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
2023
2023
2023
2023
2023
2023
2022
2022
2022
2022
2022
2022
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
Total hotel revenue
$
373,749
$
—
$
373,749
$
326,865
$
—
$
326,865
$
315,419
$
2,494
$
317,913
$
326,065
$
621
$
326,686
Hotel net income (loss)
$
64,836
$
(50)
$
64,786
$
33,999
$
(7)
$
33,992
$
25,332
$
80
$
25,412
$
40,944
$
(782)
$
40,162
Hotel net income (loss) margin
17.35
%
17.33
%
10.40
%
10.40
%
8.03
%
7.99
%
12.56
%
12.29
%
Hotel EBITDA
$
117,477
$
(12)
$
117,465
$
90,760
$
19
$
90,779
$
84,631
$
900
$
85,531
$
94,892
$
132
$
95,024
Hotel EBITDA margin
31.43
%
31.43
%
27.77
%
27.77
%
26.83
%
26.90
%
29.10
%
29.09
%
Hotel net income (loss) % of total TTM
39.3
%
39.4
%
20.6
%
20.7
%
15.3
%
15.5
%
24.8
%
24.4
%
EBITDA % of total TTM
30.3
%
30.2
%
23.4
%
23.3
%
21.8
%
22.0
%
24.5
%
24.5
%
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
TTM
TTM
TTM
Total hotel revenue
$
1,342,098
$
3,115
$
1,345,213
Hotel net income (loss)
$
165,111
$
(759)
$
164,352
Hotel net income (loss) margin
12.30
%
12.22
%
Hotel EBITDA
$
387,760
$
1,039
$
388,799
Hotel EBITDA margin
28.89
%
28.90
%
Hotel net income (loss) % of total TTM
100.0
%
100.0
%
EBITDA % of total TTM
100.0
%
100.0
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
142.15
$
—
$
142.15
$
135.32
$
111.04
$
132.33
5.0
%
7.4
%
Boston, MA Area
2
705
300.70
—
300.70
249.00
—
249.00
20.8
%
20.8
%
Dallas / Ft. Worth, TX Area
7
1,526
114.40
—
114.40
106.29
—
106.29
7.6
%
7.6
%
Houston, TX Area
3
692
113.91
—
113.91
98.71
—
98.71
15.4
%
15.4
%
Los Angeles, CA Metro Area
6
1,619
147.60
—
147.60
141.15
—
141.15
4.6
%
4.6
%
Miami, FL Metro Area
2
414
161.91
—
161.91
173.36
—
173.36
(6.6)
%
(6.6)
%
Minneapolis - St. Paul, MN Area
2
520
83.69
—
83.69
66.13
—
66.13
26.6
%
26.6
%
Nashville, TN Area
1
673
250.63
—
250.63
252.13
—
252.13
(0.6)
%
(0.6)
%
New York / New Jersey Metro Area
6
1,743
108.94
—
108.94
96.14
—
96.14
13.3
%
13.3
%
Orlando, FL Area
2
524
132.33
—
132.33
120.76
—
120.76
9.6
%
9.6
%
Philadelphia, PA Area
3
648
108.71
—
108.71
109.22
—
109.22
(0.5)
%
(0.5)
%
San Diego, CA Area
2
410
150.79
—
150.79
149.97
—
149.97
0.5
%
0.5
%
San Francisco - Oakland, CA Metro Area
7
1,547
126.90
—
126.90
120.66
—
120.66
5.2
%
5.2
%
Tampa, FL Area
2
571
144.22
—
144.22
126.77
—
126.77
13.8
%
13.8
%
Washington D.C. - MD - VA Area
9
2,426
178.68
—
178.68
159.06
—
159.06
12.3
%
12.3
%
Other Areas
36
6,672
135.00
—
135.00
131.42
(95.93)
132.47
2.7
%
1.9
%
Total Portfolio
100
22,316
$
144.25
$
—
$
144.25
$
135.08
$
1,103.15
$
135.21
6.8
%
6.7
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
138.66
$
—
$
138.66
$
120.90
$
91.31
$
117.26
14.7
%
18.3
%
Boston, MA Area
2
705
218.72
—
218.72
171.92
—
171.92
27.2
%
27.2
%
Dallas / Ft. Worth, TX Area
7
1,526
116.43
—
116.43
98.76
—
98.76
17.9
%
17.9
%
Houston, TX Area
3
692
111.68
—
111.68
94.07
—
94.07
18.7
%
18.7
%
Los Angeles, CA Metro Area
6
1,619
147.93
—
147.93
131.38
—
131.38
12.6
%
12.6
%
Miami, FL Metro Area
2
414
196.57
—
196.57
186.90
—
186.90
5.2
%
5.2
%
Minneapolis - St. Paul, MN Area
2
520
67.52
—
67.52
52.50
—
52.50
28.6
%
28.6
%
Nashville, TN Area
1
673
234.52
—
234.52
216.20
—
216.20
8.5
%
8.5
%
New York / New Jersey Metro Area
6
1,743
93.06
—
93.06
73.91
—
73.91
25.9
%
25.9
%
Orlando, FL Area
2
524
139.55
—
139.55
122.05
—
122.05
14.3
%
14.3
%
Philadelphia, PA Area
3
648
93.55
—
93.55
87.60
—
87.60
6.8
%
6.8
%
San Diego, CA Area
2
410
139.33
—
139.33
124.74
—
124.74
11.7
%
11.7
%
San Francisco - Oakland, CA Metro Area
7
1,547
121.12
—
121.12
97.65
—
97.65
24.0
%
24.0
%
Tampa, FL Area
2
571
167.79
—
167.79
137.50
—
137.50
22.0
%
22.0
%
Washington D.C. - MD - VA Area
9
2,426
153.65
—
153.65
118.04
—
118.04
30.2
%
30.2
%
Other Areas
36
6,672
127.83
—
127.83
116.35
(75.33)
117.57
9.9
%
8.7
%
Total Portfolio
100
22,316
$
134.90
$
—
$
134.90
$
115.99
$
1,140.85
$
116.13
16.3
%
16.2
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
13
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
2,264
$
—
$
2,264
3.5
%
$
2,042
$
82
$
2,124
3.8
%
10.9
%
6.6
%
Boston, MA Area
2
705
5,668
—
5,668
8.7
%
4,522
—
4,522
8.0
%
25.3
%
25.3
%
Dallas / Ft. Worth, TX Area
7
1,526
2,018
—
2,018
3.1
%
2,328
—
2,328
4.1
%
(13.3)
%
(13.3)
%
Houston, TX Area
3
692
1,332
—
1,332
2.1
%
677
—
677
1.2
%
96.8
%
96.8
%
Los Angeles, CA Metro Area
6
1,619
5,973
—
5,973
9.2
%
4,780
—
4,780
8.5
%
25.0
%
25.0
%
Miami, FL Metro Area
2
414
1,082
—
1,082
1.7
%
1,198
—
1,198
2.1
%
(9.7)
%
(9.7)
%
Minneapolis - St. Paul, MN Area
2
520
192
—
192
0.3
%
(601)
(2)
(603)
(1.1)
%
131.9
%
131.8
%
Nashville, TN Area
1
673
7,002
—
7,002
10.8
%
6,686
—
6,686
11.9
%
4.7
%
4.7
%
New York / New Jersey Metro Area
6
1,743
2,367
—
2,367
3.7
%
367
—
367
0.7
%
545.0
%
545.0
%
Orlando, FL Area
2
524
1,314
—
1,314
2.0
%
659
—
659
1.2
%
99.4
%
99.4
%
Philadelphia, PA Area
3
648
1,119
—
1,119
1.7
%
1,000
—
1,000
1.8
%
11.9
%
11.9
%
San Diego, CA Area
2
410
1,539
—
1,539
2.4
%
1,560
—
1,560
2.8
%
(1.3)
%
(1.3)
%
San Francisco - Oakland, CA Metro Area
7
1,547
1,044
—
1,044
1.6
%
1,309
—
1,309
2.3
%
(20.2)
%
(20.2)
%
Tampa, FL Area
2
571
1,874
—
1,874
2.9
%
1,277
—
1,277
2.3
%
46.8
%
46.8
%
Washington D.C. - MD - VA Area
9
2,426
11,706
—
11,706
18.1
%
9,341
—
9,341
16.6
%
25.3
%
25.3
%
Other Areas
36
6,672
18,342
(50)
18,292
28.2
%
18,703
447
19,150
33.8
%
(1.9)
%
(4.5)
%
Total Portfolio
100
22,316
$
64,836
$
(50)
$
64,786
100.0
%
$
55,848
$
527
$
56,375
100.0
%
16.1
%
14.9
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
5,146
$
—
$
5,146
5.2
%
$
1,925
$
(245)
$
1,680
3.0
%
167.3
%
206.3
%
Boston, MA Area
2
705
2,468
—
2,468
2.5
%
1,327
—
1,327
2.3
%
86.0
%
86.0
%
Dallas / Ft. Worth, TX Area
7
1,526
6,764
—
6,764
6.8
%
3,445
—
3,445
6.1
%
96.3
%
96.3
%
Houston, TX Area
3
692
2,315
—
2,315
2.3
%
897
—
897
1.6
%
158.1
%
158.1
%
Los Angeles, CA Metro Area
6
1,619
11,277
—
11,277
11.4
%
7,258
—
7,258
12.8
%
55.4
%
55.4
%
Miami, FL Metro Area
2
414
4,162
—
4,162
4.2
%
3,452
—
3,452
6.1
%
20.6
%
20.6
%
Minneapolis - St. Paul, MN Area
2
520
(927)
—
(927)
(0.9)
%
(2,053)
—
(2,053)
(3.6)
%
54.8
%
54.8
%
Nashville, TN Area
1
673
11,863
—
11,863
12.0
%
10,389
—
10,389
18.3
%
14.2
%
14.2
%
New York / New Jersey Metro Area
6
1,743
597
—
597
0.6
%
(4,500)
—
(4,500)
(7.9)
%
113.3
%
113.3
%
Orlando, FL Area
2
524
2,846
—
2,846
2.9
%
1,534
—
1,534
2.7
%
85.5
%
85.5
%
Philadelphia, PA Area
3
648
(142)
—
(142)
(0.1)
%
(52)
—
(52)
(0.1)
%
(173.1)
%
(173.1)
%
San Diego, CA Area
2
410
2,218
—
2,218
2.2
%
2,031
—
2,031
3.6
%
9.2
%
9.2
%
San Francisco - Oakland, CA Metro Area
7
1,547
1,270
—
1,270
1.3
%
(2,017)
—
(2,017)
(3.6)
%
163.0
%
163.0
%
Tampa, FL Area
2
571
6,402
—
6,402
6.5
%
3,442
—
3,442
6.1
%
86.0
%
86.0
%
Washington D.C. - MD - VA Area
9
2,426
14,105
—
14,105
14.3
%
5,369
—
5,369
9.5
%
162.7
%
162.7
%
Other Areas
36
6,672
28,471
(57)
28,414
28.8
%
23,188
1,304
24,492
43.1
%
22.8
%
16.0
%
Total Portfolio
100
22,316
$
98,835
$
(57)
$
98,778
100.0
%
$
55,635
$
1,059
$
56,694
100.0
%
77.6
%
74.2
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
6,583
$
—
$
6,583
5.6
%
$
5,705
$
1,023
$
6,728
6.0
%
15.4
%
(2.2)
%
Boston, MA Area
2
705
10,048
—
10,048
8.6
%
7,940
—
7,940
7.1
%
26.5
%
26.5
%
Dallas / Ft. Worth, TX Area
7
1,526
5,876
—
5,876
5.0
%
6,410
—
6,410
5.7
%
(8.3)
%
(8.3)
%
Houston, TX Area
3
692
2,609
—
2,609
2.2
%
1,935
—
1,935
1.7
%
34.8
%
34.8
%
Los Angeles, CA Metro Area
6
1,619
8,164
—
8,164
7.0
%
8,087
—
8,087
7.2
%
1.0
%
1.0
%
Miami, FL Metro Area
2
414
2,466
—
2,466
2.1
%
2,759
—
2,759
2.5
%
(10.6)
%
(10.6)
%
Minneapolis - St. Paul, MN Area
2
520
1,041
—
1,041
0.9
%
257
—
257
0.2
%
305.1
%
305.1
%
Nashville, TN Area
1
673
9,532
—
9,532
8.1
%
9,731
—
9,731
8.7
%
(2.0)
%
(2.0)
%
New York / New Jersey Metro Area
6
1,743
6,439
—
6,439
5.5
%
4,748
—
4,748
4.2
%
35.6
%
35.6
%
Orlando, FL Area
2
524
2,303
—
2,303
2.0
%
2,010
—
2,010
1.8
%
14.6
%
14.6
%
Philadelphia, PA Area
3
648
2,074
—
2,074
1.8
%
1,807
—
1,807
1.6
%
14.8
%
14.8
%
San Diego, CA Area
2
410
2,147
—
2,147
1.8
%
2,204
—
2,204
2.0
%
(2.6)
%
(2.6)
%
San Francisco - Oakland, CA Metro Area
7
1,547
5,004
—
5,004
4.3
%
5,314
—
5,314
4.7
%
(5.8)
%
(5.8)
%
Tampa, FL Area
2
571
2,814
—
2,814
2.4
%
2,520
—
2,520
2.2
%
11.7
%
11.7
%
Washington D.C. - MD - VA Area
9
2,426
18,106
—
18,106
15.4
%
16,326
—
16,326
14.5
%
10.9
%
10.9
%
Other Areas
36
6,672
32,271
(12)
32,259
27.3
%
33,622
(154)
33,468
29.9
%
(4.0)
%
(3.6)
%
Total Portfolio
100
22,316
$
117,477
$
(12)
$
117,465
100.0
%
$
111,375
$
869
$
112,244
100.0
%
5.5
%
4.7
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
14,217
$
—
$
14,217
6.8
%
$
9,583
$
1,642
$
11,225
6.7
%
48.4
%
26.7
%
Boston, MA Area
2
705
11,125
—
11,125
5.3
%
8,129
—
8,129
4.8
%
36.9
%
36.9
%
Dallas / Ft. Worth, TX Area
7
1,526
14,552
—
14,552
7.0
%
11,562
—
11,562
6.9
%
25.9
%
25.9
%
Houston, TX Area
3
692
5,389
—
5,389
2.6
%
3,660
—
3,660
2.2
%
47.2
%
47.2
%
Los Angeles, CA Metro Area
6
1,619
16,100
—
16,100
7.7
%
13,803
—
13,803
8.2
%
16.6
%
16.6
%
Miami, FL Metro Area
2
414
7,014
—
7,014
3.4
%
6,562
—
6,562
3.9
%
6.9
%
6.9
%
Minneapolis - St. Paul, MN Area
2
520
717
—
717
0.3
%
(333)
—
(333)
(0.2)
%
315.3
%
315.3
%
Nashville, TN Area
1
673
17,018
—
17,018
8.2
%
15,890
—
15,890
9.4
%
7.1
%
7.1
%
New York / New Jersey Metro Area
6
1,743
8,866
—
8,866
4.3
%
4,171
—
4,171
2.5
%
112.6
%
112.6
%
Orlando, FL Area
2
524
4,951
—
4,951
2.4
%
4,248
—
4,248
2.5
%
16.5
%
16.5
%
Philadelphia, PA Area
3
648
2,175
—
2,175
1.0
%
2,005
—
2,005
1.2
%
8.5
%
8.5
%
San Diego, CA Area
2
410
3,482
—
3,482
1.7
%
3,356
—
3,356
2.0
%
3.8
%
3.8
%
San Francisco - Oakland, CA Metro Area
7
1,547
9,467
—
9,467
4.5
%
6,101
—
6,101
3.6
%
55.2
%
55.2
%
Tampa, FL Area
2
571
8,314
—
8,314
4.0
%
5,936
—
5,936
3.5
%
40.1
%
40.1
%
Washington D.C. - MD - VA Area
9
2,426
27,737
—
27,737
13.3
%
19,260
—
19,260
11.4
%
44.0
%
44.0
%
Other Areas
36
6,672
57,113
7
57,120
27.5
%
53,004
65
53,069
31.4
%
7.8
%
7.6
%
Total Portfolio
100
22,316
$
208,237
$
7
$
208,244
100.0
%
$
166,937
$
1,707
$
168,644
100.0
%
24.7
%
23.5
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2023
(in thousands, except share price)
(unaudited)
June 30, 2023
Common stock shares outstanding
34,493
Partnership units outstanding
2,063
Combined common stock shares and partnership units outstanding
36,556
Common stock price
$
3.73
Market capitalization
$
136,354
Series D cumulative preferred stock
$
29,361
Series F cumulative preferred stock
$
31,276
Series G cumulative preferred stock
$
38,300
Series H cumulative preferred stock
$
32,710
Series I cumulative preferred stock
$
31,323
Series J redeemable preferred stock
$
39,368
Series K redeemable preferred stock
$
1,793
Indebtedness
$
3,676,697
Net working capital (see below)
$
(344,011)
Total enterprise value (TEV)
$
3,673,171
Cash and cash equivalents
$
254,060
Restricted cash
$
150,450
Accounts receivable, net
$
58,382
Prepaid expenses
$
19,711
Due from third-party hotel managers, net
$
17,577
Total current assets
$
500,180
Accounts payable, net & accrued expenses
$
147,478
Dividends and distributions payable
$
3,378
Due to affiliates, net
$
5,313
Total current liabilities
$
156,169
Net working capital
$
344,011
Amounts include assets held for sale and liabilities associated with assets held for sale.
The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.
16
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2023
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Estimated
Estimated
Crowne Plaza La Concha Key West
160
x
x
x
Embassy Suites Crystal City
269
x
Embassy Suites Dallas
150
x
x
Hampton Inn Evansville
140
x
Le Pavillon New Orleans
226
x
x
Marriott Sugar Land
300
x
Residence Inn Hartford Manchester
96
x
Residence Inn Phoenix Airport
200
x
Ritz-Carlton Atlanta
444
x
SpringHill Suites Buford Mall of Georgia
97
x
Total
3
2
4
5
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2023
2023
2022
2022
June 30, 2023
2nd Quarter
1st Quarter
4th Quarter
3rd Quarter
TTM
Net income (loss)
$
64,836
$
33,999
$
25,332
$
40,944
$
165,111
Non-property adjustments
(9)
(8)
(127)
1
(143)
Interest income
(248)
(100)
(97)
(47)
(492)
Interest expense
5,137
5,580
4,559
3,556
18,832
Amortization of loan costs
262
282
358
447
1,349
Depreciation and amortization
47,065
47,684
49,181
49,256
193,186
Income tax expense (benefit)
66
22
53
116
257
Non-hotel EBITDA ownership expense
368
3,301
5,372
619
9,660
Hotel EBITDA including amounts attributable to noncontrolling interest
117,477
90,760
84,631
94,892
387,760
Non-comparable adjustments
(12)
19
900
132
1,039
Comparable hotel EBITDA
$
117,465
$
90,779
$
85,531
$
95,024
$
388,799
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
18
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
62,129
$
2,707
$
64,836
$
(46)
$
(90,824)
$
(26,034)
Non-property adjustments
(9)
—
(9)
—
9
—
Interest income
(222)
(26)
(248)
—
248
—
Interest expense
5,137
—
5,137
—
80,839
85,976
Amortization of loan cost
262
—
262
—
3,352
3,614
Depreciation and amortization
45,082
1,983
47,065
41
48
47,154
Income tax expense (benefit)
66
—
66
—
1,996
2,062
Non-hotel EBITDA ownership expense
335
33
368
6
(374)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
112,780
4,697
117,477
1
(4,706)
112,772
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
181
181
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
157
157
Hotel EBITDA attributable to the Company and OP unitholders
$
112,780
$
4,697
$
117,477
$
1
$
(4,368)
$
113,110
Non-comparable adjustments
(12)
—
(12)
Comparable hotel EBITDA
$
112,768
$
4,697
$
117,465
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
19
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
33,999
$
46
$
(95,567)
$
(61,522)
Non-property adjustments
(8)
—
8
—
Interest income
(100)
—
100
—
Interest expense
5,580
—
73,164
78,744
Amortization of loan cost
282
—
2,489
2,771
Depreciation and amortization
47,684
123
48
47,855
Income tax expense (benefit)
22
—
199
221
Non-hotel EBITDA ownership expense
3,301
9
(3,310)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
90,760
178
(22,869)
68,069
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
396
396
Company's portion of EBITDA of unconsolidated entities
—
—
(69)
(69)
Hotel EBITDA attributable to the Company and OP unitholders
$
90,760
$
178
$
(22,542)
$
68,396
Non-comparable adjustments
19
Comparable hotel EBITDA
$
90,779
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
25,332
$
(5)
$
(82,014)
$
(56,687)
Non-property adjustments
(127)
—
127
—
Interest income
(97)
—
97
—
Interest expense
4,559
—
67,103
71,662
Amortization of loan cost
358
—
2,000
2,358
Depreciation and amortization
49,181
124
48
49,353
Income tax expense (benefit)
53
—
(4,057)
(4,004)
Non-hotel EBITDA ownership expense
5,372
22
(5,394)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
84,631
141
(22,090)
62,682
Equity in (earnings) loss of unconsolidated entities
—
—
353
353
Company's portion of EBITDA of unconsolidated entities
—
—
(222)
(222)
Hotel EBITDA attributable to the Company and OP unitholders
$
84,631
$
141
$
(21,959)
$
62,813
Non-comparable adjustments
900
Comparable hotel EBITDA
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
21
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
40,944
$
(30)
$
(63,237)
$
(22,323)
Non-property adjustments
1
—
(1)
—
Interest income
(47)
—
47
—
Interest expense
3,556
—
54,955
58,511
Amortization of loan cost
447
—
2,065
2,512
Depreciation and amortization
49,256
122
50
49,428
Income tax expense (benefit)
116
—
4,541
4,657
Non-hotel EBITDA ownership expense
619
9
(628)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
94,892
101
(2,208)
92,785
Equity in (earnings) loss of unconsolidated entities
—
—
147
147
Company's portion of EBITDA of unconsolidated entities
—
—
(148)
(148)
Hotel EBITDA attributable to the Company and OP unitholders
$
94,892
$
101
$
(2,209)
$
92,784
Non-comparable adjustments
132
Comparable hotel EBITDA
$
95,024
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
53,137
$
2,711
$
55,848
$
459
$
(62,553)
$
(6,246)
Non-property adjustments
2
—
2
(151)
149
—
Interest income
(48)
—
(48)
(1)
49
—
Interest expense
2,643
—
2,643
—
43,347
45,990
Amortization of loan cost
443
—
443
—
1,960
2,403
Depreciation and amortization
48,490
2,233
50,723
124
49
50,896
Income tax expense (benefit)
84
—
84
—
5,479
5,563
Non-hotel EBITDA ownership expense
1,640
40
1,680
17
(1,697)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
106,391
4,984
111,375
448
(13,217)
98,606
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
151
151
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(151)
(151)
Hotel EBITDA attributable to the Company and OP unitholders
$
106,391
$
4,984
$
111,375
$
448
$
(13,217)
$
98,606
Non-comparable adjustments
869
—
869
Comparable hotel EBITDA
$
107,260
$
4,984
$
112,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
23
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2023
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
91,285
$
7,550
$
98,835
$
—
$
(186,391)
$
(87,556)
Non-property adjustments
(17)
—
(17)
—
17
—
Interest income
(322)
(26)
(348)
—
348
—
Interest expense
10,717
—
10,717
—
154,003
164,720
Amortization of loan cost
544
—
544
—
5,841
6,385
Depreciation and amortization
90,866
3,883
94,749
164
96
95,009
Income tax expense (benefit)
88
—
88
—
2,195
2,283
Non-hotel EBITDA ownership expense
3,541
128
3,669
15
(3,684)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
196,702
11,535
208,237
179
(27,575)
180,841
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
577
577
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
88
88
Hotel EBITDA attributable to the Company and OP unitholders
$
196,702
$
11,535
$
208,237
$
179
$
(26,910)
$
181,506
Non-comparable adjustments
7
—
7
Comparable hotel EBITDA
$
196,709
$
11,535
$
208,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
24
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
49,072
$
6,563
$
55,635
$
726
$
(118,409)
$
(62,048)
Non-property adjustments
13
—
13
(273)
260
—
Interest income
(55)
—
(55)
(1)
56
—
Interest expense
4,915
—
4,915
—
82,235
87,150
Amortization of loan cost
882
—
882
—
3,920
4,802
Depreciation and amortization
98,087
4,577
102,664
255
97
103,016
Income tax expense (benefit)
99
—
99
—
5,584
5,683
Non-hotel EBITDA ownership expense
2,645
139
2,784
37
(2,821)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
155,658
11,279
166,937
744
(29,078)
138,603
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
304
304
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(304)
(304)
Hotel EBITDA attributable to the Company and OP unitholders
$
155,658
$
11,279
$
166,937
$
744
$
(29,078)
$
138,603
Non-comparable adjustments
1,707
—
1,707
Comparable hotel EBITDA
$
157,365
$
11,279
$
168,644
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta
25
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
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)
$
2,264
$
5,668
$
2,018
$
1,332
$
5,973
$
1,082
$
192
$
7,002
$
2,367
Non-property adjustments
—
—
—
—
—
—
—
—
—
Interest income
(36)
(44)
(4)
—
(26)
(6)
—
—
(10)
Interest expense
805
2,181
—
—
—
—
—
—
—
Amortization of loan costs
6
139
—
—
—
—
—
—
—
Depreciation and amortization
3,620
2,031
3,861
1,271
2,556
1,388
768
2,506
3,955
Income tax expense (benefit)
—
—
—
—
—
—
—
27
—
Non-hotel EBITDA ownership expense
(76)
73
1
6
(339)
2
81
(3)
127
Hotel EBITDA including amounts attributable to noncontrolling interest
6,583
10,048
5,876
2,609
8,164
2,466
1,041
9,532
6,439
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,583
$
10,048
$
5,876
$
2,609
$
8,164
$
2,466
$
1,041
$
9,532
$
6,439
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)
$
1,314
$
1,119
$
1,539
$
1,044
$
1,874
$
11,706
$
18,342
$
64,836
Non-property adjustments
—
—
—
—
—
23
(32)
(9)
Interest income
(17)
(6)
(13)
(13)
—
(43)
(30)
(248)
Interest expense
—
—
—
219
—
697
1,235
5,137
Amortization of loan costs
—
—
—
38
—
46
33
262
Depreciation and amortization
1,073
899
592
3,364
932
5,665
12,584
47,065
Income tax expense (benefit)
—
—
—
—
—
—
39
66
Non-hotel EBITDA ownership expense
(67)
62
29
352
8
12
100
368
Hotel EBITDA including amounts attributable to noncontrolling interest
2,303
2,074
2,147
5,004
2,814
18,106
32,271
117,477
Non-comparable adjustments
—
—
—
—
—
—
(12)
(12)
Comparable hotel EBITDA
$
2,303
$
2,074
$
2,147
$
5,004
$
2,814
$
18,106
$
32,259
$
117,465
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
26
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
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)
$
2,042
$
4,522
$
2,328
$
677
$
4,780
$
1,198
$
(601)
$
6,686
$
367
Non-property adjustments
—
—
—
—
—
—
—
—
—
Interest income
—
(10)
(1)
—
(6)
—
—
—
(9)
Interest expense
123
1,132
—
—
—
—
—
—
—
Amortization of loan costs
8
133
—
—
—
—
—
—
—
Depreciation and amortization
3,726
2,164
3,944
1,175
3,018
1,519
827
2,559
4,020
Income tax expense (benefit)
—
—
—
—
—
—
—
17
—
Non-hotel EBITDA ownership expense
(194)
(1)
139
83
295
42
31
469
370
Hotel EBITDA including amounts attributable to noncontrolling interest
5,705
7,940
6,410
1,935
8,087
2,759
257
9,731
4,748
Non-comparable adjustments
1,023
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,728
$
7,940
$
6,410
$
1,935
$
8,087
$
2,759
$
257
$
9,731
$
4,748
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)
$
659
$
1,000
$
1,560
$
1,309
$
1,277
$
9,341
$
18,703
$
55,848
Non-property adjustments
—
—
—
—
—
—
2
2
Interest income
(2)
—
(1)
(4)
—
(8)
(7)
(48)
Interest expense
—
—
—
226
—
563
599
2,643
Amortization of loan costs
—
—
—
38
—
66
198
443
Depreciation and amortization
1,341
1,156
629
3,650
1,185
6,283
13,527
50,723
Income tax expense (benefit)
—
—
—
—
—
—
67
84
Non-hotel EBITDA ownership expense
12
(349)
16
95
58
81
533
1,680
Hotel EBITDA including amounts attributable to noncontrolling interest
2,010
1,807
2,204
5,314
2,520
16,326
33,622
111,375
Non-comparable adjustments
—
—
—
—
—
—
(154)
869
Comparable hotel EBITDA
$
2,010
$
1,807
$
2,204
$
5,314
$
2,520
$
16,326
$
33,468
$
112,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
27
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2023
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
5,253
$
2,386
$
7,054
$
2,489
$
11,388
$
4,162
$
(806)
$
11,863
$
842
Non-property adjustments
—
—
—
—
—
—
—
—
—
Interest income
(39)
(44)
(7)
—
(41)
(8)
—
—
(16)
Interest expense
1,589
4,256
—
—
—
—
—
—
—
Amortization of loan costs
11
276
—
—
—
—
—
—
—
Depreciation and amortization
7,223
4,077
7,708
2,505
5,142
2,830
1,545
5,037
7,989
Income tax expense (benefit)
—
—
—
—
—
—
—
48
—
Non-hotel EBITDA ownership expense
287
92
87
569
(279)
30
99
70
296
Hotel EBITDA including amounts attributable to noncontrolling interest
14,324
11,043
14,842
5,563
16,210
7,014
838
17,018
9,111
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
14,324
$
11,043
$
14,842
$
5,563
$
16,210
$
7,014
$
838
$
17,018
$
9,111
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
2,846
$
(138)
$
2,248
$
1,688
$
6,529
$
14,389
$
29,506
$
101,699
Non-property adjustments
—
—
—
—
—
23
(40)
(17)
Interest income
(33)
(9)
(20)
(28)
—
(57)
(46)
(348)
Interest expense
—
—
—
436
—
1,943
2,493
10,717
Amortization of loan costs
—
—
—
77
—
114
66
544
Depreciation and amortization
2,195
1,863
1,185
6,809
1,870
11,478
25,293
94,749
Income tax expense (benefit)
—
—
—
—
—
—
40
88
Non-hotel EBITDA ownership expense
(57)
463
99
903
42
131
838
3,670
Hotel EBITDA including amounts attributable to noncontrolling interest
4,951
2,179
3,512
9,885
8,441
28,021
58,150
211,102
Non-comparable adjustments
—
—
—
—
—
—
7
7
Comparable hotel EBITDA
$
4,951
$
2,179
$
3,512
$
9,885
$
8,441
$
28,021
$
58,157
$
211,109
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
28
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
5,146
$
2,468
$
6,764
$
2,315
$
11,277
$
4,162
$
(927)
$
11,863
$
597
Non-property adjustments
—
—
—
—
—
—
—
—
—
Interest income
(39)
(44)
(7)
—
(41)
(8)
—
—
(16)
Interest expense
1,589
4,256
—
—
—
—
—
—
—
Amortization of loan costs
11
276
—
—
—
—
—
—
—
Depreciation and amortization
7,223
4,077
7,708
2,505
5,142
2,830
1,545
5,037
7,989
Income tax expense (benefit)
—
—
—
—
—
—
—
48
—
Non-hotel EBITDA ownership expense
287
92
87
569
(278)
30
99
70
296
Hotel EBITDA including amounts attributable to noncontrolling interest
14,217
11,125
14,552
5,389
16,100
7,014
717
17,018
8,866
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
14,217
$
11,125
$
14,552
$
5,389
$
16,100
$
7,014
$
717
$
17,018
$
8,866
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
2,846
$
(142)
$
2,218
$
1,270
$
6,402
$
14,105
$
28,471
$
98,835
Non-property adjustments
—
—
—
—
—
23
(40)
(17)
Interest income
(33)
(9)
(20)
(28)
—
(57)
(46)
(348)
Interest expense
—
—
—
436
—
1,943
2,493
10,717
Amortization of loan costs
—
—
—
77
—
114
66
544
Depreciation and amortization
2,195
1,863
1,185
6,809
1,870
11,478
25,293
94,749
Income tax expense (benefit)
—
—
—
—
—
—
40
88
Non-hotel EBITDA ownership expense
(57)
463
99
903
42
131
836
3,669
Hotel EBITDA including amounts attributable to noncontrolling interest
4,951
2,175
3,482
9,467
8,314
27,737
57,113
208,237
Non-comparable adjustments
—
—
—
—
—
—
7
7
Comparable hotel EBITDA
$
4,951
$
2,175
$
3,482
$
9,467
$
8,314
$
27,737
$
57,120
$
208,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
29
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended June 30, 2023
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
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
6,169
$
2,333
$
7,652
$
18,454
$
5,490
$
4,267
$
46,381
$
23,553
$
15,856
$
3,550
$
989
Non-property adjustments
—
—
(76)
—
—
(25)
(203)
(32)
—
—
—
Interest income
(64)
(33)
(9)
—
—
(17)
(86)
(74)
(177)
(32)
—
Interest expense
—
—
—
—
—
—
—
—
4
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
6,690
6,119
12,616
7,011
12,764
13,818
50,625
18,744
17,460
4,535
2,055
Income tax expense (benefit)
—
—
—
—
1
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
299
203
412
649
961
349
4,409
1,514
(21)
222
43
Hotel EBITDA including amounts attributable to noncontrolling interest
13,094
8,622
20,595
26,114
19,216
18,392
101,126
43,705
33,122
8,275
3,087
Non-comparable adjustments
—
—
—
—
—
—
—
—
(383)
—
—
Comparable hotel EBITDA
$
13,094
$
8,622
$
20,595
$
26,114
$
19,216
$
18,392
$
101,126
$
43,705
$
32,739
$
8,275
$
3,087
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aaeral Hilton Alexandria/La Posada-2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
Net income (loss)
$
469
$
24,430
$
(710)
$
392
$
(490)
$
1,796
$
8,109
$
(80)
$
(5,697)
$
687
$
789
Non-property adjustments
—
(23)
24
—
—
—
—
—
272
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
5,473
—
1,014
7,630
—
—
2,747
—
—
Amortization of loan costs
—
—
342
—
28
546
—
—
282
—
—
Depreciation and amortization
1,000
12,999
4,914
359
1,544
4,817
6,868
1,477
3,684
374
417
Income tax expense (benefit)
—
84
—
—
—
—
—
—
—
64
108
Non-hotel EBITDA ownership expense
239
(139)
46
17
21
90
119
14
53
6
5
Hotel EBITDA including amounts attributable to noncontrolling interest
1,708
37,351
10,089
768
2,117
14,879
15,096
1,411
1,341
1,131
1,319
Non-comparable adjustments
—
—
—
—
—
—
216
—
—
—
—
Comparable hotel EBITDA
$
1,708
$
37,351
$
10,089
$
768
$
2,117
$
14,879
$
15,312
$
1,411
$
1,341
$
1,131
$
1,319
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(597)
$
716
$
603
$
165,111
Non-property adjustments
—
(81)
1
(143)
Interest income
—
—
—
(492)
Interest expense
887
—
1,077
18,832
Amortization of loan costs
151
—
—
1,349
Depreciation and amortization
2,006
(3)
293
193,186
Income tax expense (benefit)
—
—
—
257
Non-hotel EBITDA ownership expense
132
5
12
9,660
Hotel EBITDA including amounts attributable to noncontrolling interest
2,579
637
1,986
387,760
Non-comparable adjustments
—
(637)
1,843
1,039
Comparable hotel EBITDA
$
2,579
$
—
$
3,829
$
388,799
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
30
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
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
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
2,028
$
1,328
$
2,437
$
6,336
$
3,486
$
1,543
$
19,043
$
7,798
$
5,123
$
1,256
$
319
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(28)
(12)
(6)
—
—
(10)
(86)
(34)
(56)
(16)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,741
1,528
3,018
1,429
3,016
3,366
12,188
4,690
4,343
1,087
619
Income tax expense (benefit)
—
—
—
—
1
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
47
(25)
70
56
191
63
180
82
(213)
(58)
9
Hotel EBITDA including amounts attributable to noncontrolling interest
3,788
2,819
5,519
7,821
6,694
4,962
31,325
12,536
9,198
2,269
947
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
3,788
$
2,819
$
5,519
$
7,821
$
6,694
$
4,962
$
31,325
$
12,536
$
9,198
$
2,269
$
947
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aaeral Hilton Alexandria/La Posada-2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
Net income (loss)
$
67
$
8,159
$
737
$
120
$
(55)
$
2,588
$
3,353
$
61
$
(1,662)
$
225
$
283
Non-property adjustments
—
—
24
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
1,101
—
302
2,181
—
—
831
—
—
Amortization of loan costs
—
—
46
—
6
139
—
—
33
—
—
Depreciation and amortization
233
3,217
1,282
85
383
1,175
1,592
304
927
90
89
Income tax expense (benefit)
—
27
—
—
—
—
—
—
—
9
29
Non-hotel EBITDA ownership expense
(7)
31
(26)
4
(101)
34
7
4
10
2
2
Hotel EBITDA including amounts attributable to noncontrolling interest
293
11,434
3,164
209
535
6,117
4,952
369
139
326
403
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
293
$
11,434
$
3,164
$
209
$
535
$
6,117
$
4,952
$
369
$
139
$
326
$
403
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(47)
$
49
$
261
$
64,836
Non-property adjustments
—
(33)
—
(9)
Interest income
—
—
—
(248)
Interest expense
219
—
502
5,137
Amortization of loan costs
38
—
—
262
Depreciation and amortization
531
—
132
47,065
Income tax expense (benefit)
—
—
—
66
Non-hotel EBITDA ownership expense
—
(5)
11
368
Hotel EBITDA including amounts attributable to noncontrolling interest
741
11
906
117,477
Non-comparable adjustments
—
(11)
(1)
(12)
Comparable hotel EBITDA
$
741
$
—
$
905
$
117,465
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
31
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
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
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
2,807
$
(231)
$
2,568
$
4,336
$
(1,526)
$
(34)
$
11,888
$
6,919
$
3,497
$
1,548
$
122
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(18)
(9)
(2)
—
—
(3)
—
(19)
(41)
(8)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,697
1,533
3,119
1,834
3,127
3,389
12,376
4,527
4,310
1,104
560
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
55
93
44
58
796
70
699
714
212
11
13
Hotel EBITDA including amounts attributable to noncontrolling interest
4,541
1,386
5,729
6,228
2,397
3,422
24,963
12,141
7,979
2,655
695
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
4,541
$
1,386
$
5,729
$
6,228
$
2,397
$
3,422
$
24,963
$
12,141
$
7,979
$
2,655
$
695
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aaeral Hilton Alexandria/La Posada-2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
Net income (loss)
$
311
$
5,381
$
(1,888)
$
21
$
(216)
$
(2,195)
$
1,927
$
84
$
(1,366)
$
87
$
100
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
1,705
—
281
2,075
—
—
796
—
—
Amortization of loan costs
—
—
68
—
6
137
—
—
33
—
—
Depreciation and amortization
229
3,247
1,245
87
390
1,189
1,652
338
910
89
94
Income tax expense (benefit)
—
22
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
216
117
16
2
50
19
14
3
22
3
3
Hotel EBITDA including amounts attributable to noncontrolling interest
756
8,767
1,146
110
511
1,225
3,593
425
395
179
197
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
756
$
8,767
$
1,146
$
110
$
511
$
1,225
$
3,593
$
425
$
395
$
179
$
197
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(444)
$
(9)
$
312
$
33,999
Non-property adjustments
—
(8)
—
(8)
Interest income
—
—
—
(100)
Interest expense
217
—
505
5,580
Amortization of loan costs
38
—
—
282
Depreciation and amortization
507
(5)
136
47,684
Income tax expense (benefit)
—
—
—
22
Non-hotel EBITDA ownership expense
68
3
—
3,301
Hotel EBITDA including amounts attributable to noncontrolling interest
386
(19)
953
90,760
Non-comparable adjustments
—
19
—
19
Comparable hotel EBITDA
$
386
$
—
$
953
$
90,779
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
32
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
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
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
830
$
31
$
690
$
3,468
$
(875)
$
1,368
$
6,449
$
4,196
$
3,581
$
783
$
63
Non-property adjustments
—
—
(76)
—
—
(25)
(203)
(32)
—
—
—
Interest income
(14)
(9)
(1)
—
—
(3)
—
(16)
(47)
(7)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,701
1,565
3,230
1,836
3,264
3,509
12,858
4,879
4,403
1,130
490
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
177
108
218
242
225
164
3,250
502
80
86
13
Hotel EBITDA including amounts attributable to noncontrolling interest
2,694
1,695
4,061
5,546
2,614
5,013
22,354
9,529
8,018
1,992
566
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,694
$
1,695
$
4,061
$
5,546
$
2,614
$
5,013
$
22,354
$
9,529
$
8,018
$
1,992
$
566
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aaeral Hilton Alexandria/La Posada-2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
Net income (loss)
$
14
$
5,220
$
(522)
$
237
$
(71)
$
(504)
$
1,611
$
(102)
$
(1,022)
$
115
$
131
Non-property adjustments
—
(6)
—
—
—
—
—
—
272
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
1,517
—
247
1,868
—
—
631
—
—
Amortization of loan costs
—
—
67
—
8
136
—
—
109
—
—
Depreciation and amortization
261
3,273
1,216
93
387
1,229
1,765
395
917
97
116
Income tax expense (benefit)
—
15
—
—
—
—
—
—
—
13
25
Non-hotel EBITDA ownership expense
8
109
36
2
61
18
29
4
16
2
—
Hotel EBITDA including amounts attributable to noncontrolling interest
283
8,611
2,314
332
632
2,747
3,405
297
923
227
272
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
283
$
8,611
$
2,314
$
332
$
632
$
2,747
$
3,405
$
297
$
923
$
227
$
272
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(416)
$
27
$
30
$
25,332
Non-property adjustments
—
(58)
1
(127)
Interest income
—
—
—
(97)
Interest expense
225
—
70
4,559
Amortization of loan costs
38
—
—
358
Depreciation and amortization
540
2
25
49,181
Income tax expense (benefit)
—
—
—
53
Non-hotel EBITDA ownership expense
21
—
1
5,372
Hotel EBITDA including amounts attributable to noncontrolling interest
408
(29)
127
84,631
Non-comparable adjustments
—
29
871
900
Comparable hotel EBITDA
$
408
$
—
$
998
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
33
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
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
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
504
$
1,205
$
1,957
$
4,314
$
4,405
$
1,390
$
9,001
$
4,640
$
3,655
$
(37)
$
485
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(4)
(3)
—
—
—
(1)
—
(5)
(33)
(1)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,551
1,493
3,249
1,912
3,357
3,554
13,203
4,648
4,404
1,214
386
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
20
27
80
293
(251)
52
280
216
(100)
183
8
Hotel EBITDA including amounts attributable to noncontrolling interest
2,071
2,722
5,286
6,519
7,511
4,995
22,484
9,499
7,927
1,359
879
Non-comparable adjustments
—
—
—
—
—
—
—
—
(383)
—
—
Comparable hotel EBITDA
$
2,071
$
2,722
$
5,286
$
6,519
$
7,511
$
4,995
$
22,484
$
9,499
$
7,544
$
1,359
$
879
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aaeral Hilton Alexandria/La Posada-2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
Net income (loss)
$
77
$
5,670
$
963
$
14
$
(148)
$
1,907
$
1,218
$
(123)
$
(1,647)
$
260
$
275
Non-property adjustments
—
(17)
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
1,150
—
184
1,506
—
—
489
—
—
Amortization of loan costs
—
—
161
—
8
134
—
—
107
—
—
Depreciation and amortization
277
3,262
1,171
94
384
1,224
1,859
440
930
98
118
Income tax expense (benefit)
—
20
—
—
—
—
—
—
—
42
54
Non-hotel EBITDA ownership expense
22
(396)
20
9
11
19
69
3
5
(1)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
376
8,539
3,465
117
439
4,790
3,146
320
(116)
399
447
Non-comparable adjustments
—
—
—
—
—
—
216
—
—
—
—
Comparable hotel EBITDA
$
376
$
8,539
$
3,465
$
117
$
439
$
4,790
$
3,362
$
320
$
(116)
$
399
$
447
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
310
$
649
$
—
$
40,944
Non-property adjustments
—
18
—
1
Interest income
—
—
—
(47)
Interest expense
226
—
—
3,556
Amortization of loan costs
37
—
—
447
Depreciation and amortization
428
—
—
49,256
Income tax expense (benefit)
—
—
—
116
Non-hotel EBITDA ownership expense
43
7
—
619
Hotel EBITDA including amounts attributable to noncontrolling interest
1,044
674
—
94,892
Non-comparable adjustments
—
(674)
973
132
Comparable hotel EBITDA
$
1,044
$
—
$
973
$
95,024
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
