DALLAS – February 21, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2022 with the fourth quarter and year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 24.9% to $118 during the quarter on an 11.7% increase in ADR and an 11.8% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 1.1% compared to the comparable period in 2019, which is the best quarterly performance compared to 2019 since the onset of the pandemic.
•Net loss attributable to common stockholders was $(60.2) million or $(1.75) per diluted share for the quarter.
•Adjusted EBITDAre was $69.1 million for the quarter, reflecting a growth rate of 69.7% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter, compared to $(0.09) for the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $417.1 million and restricted cash of $142.0 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 $22.5 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 $519.1 million, which equates to approximately $14.35 per diluted share.
•Capex invested during the quarter was $35.7 million.
AHT Reports Fourth Quarter Results
Page 2
February 21, 2023
FULL YEAR 2022 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 49.4% over the prior year to $119 on a 23.1% increase in ADR and a 21.4% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 8.4% compared to 2019.
•For the year, net loss attributable to common stockholders was $(153.2) million or $(4.46) per diluted share.
•Adjusted EBITDAre for the year was $287.3 million, which reflected a growth rate of 153% over the prior year.
•For the year, AFFO per diluted share was $1.85 compared to $(1.23) in the prior year.
•Capex invested during the year was $103.8 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana.
•During the quarter, the Company successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia.
•Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotels loan with a paydown of $50 million.
•To date, the Company has issued approximately $4 million of its non-traded preferred stock.
CAPITAL STRUCTURE
At December 31, 2022, the Company had total loans of $3.8 billion with a blended average interest rate of 7.2%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 100% of the Company’s debt is effectively fixed and approximately 0% is effectively floating. At the end of the quarter, approximately 79% of the Company’s hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes.
During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana which had an initial maturity date of January 2023. The new, non-recourse loan totals $37.0 million, the same loan amount as the previous loan, and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%. During the quarter, the Company also successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia which had an initial maturity date of December 2022. As part of this extension, the Company made an $810,000 paydown of the loan and the interest rate was modified from LIBOR + 2.25% to SOFR + 2.85%.
Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotel mortgage loan which had a maturity extension date in February 2023. As part of this extension, the Company made a $50 million principal paydown of the loan and also was able to reduce the 2024 debt yield extension test from 9.25% to 8.50%, giving the Company significantly more flexibility for the next extension test for this loan.
The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2022. 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.
AHT Reports Fourth Quarter Results
Page 3
February 21, 2023
During the first quarter of 2022, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) for its Series J and Series K Redeemable Preferred Stock (“Non-Traded Preferred Equity”). The registration statement provides for the issuance of Non-Traded Preferred Equity in a primary offering over the course of up to three years from the effective date. The Series J and Series K Redeemable Preferred Stock have initial annual dividend yields of 8.0% and 8.2% respectively, and the Company offers a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The registration statement is now effective, and the Company commenced the offering of the Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 167,321 shares of its Series J and 4,600 shares of its Series K non-traded preferred stock raising approximately $4 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.
“Our portfolio delivered strong operating performance during the fourth quarter and, bolstered by increased demand and notable rate increases in many key markets, we’re extremely encouraged by the Company’s improved hotel performance versus 2019,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “That improvement has continued into the first quarter, reflecting our high-quality, geographically diverse portfolio. Further, we continue to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. In addition, we recently commenced the process of raising our non-traded preferred equity and believe this offering will provide an attractive cost of capital and allow us to accretively grow our portfolio over time, subject to future market conditions. As we begin 2023, we continue to be pleased with how our portfolio is performing and believe we are well-positioned for any economic scenario.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, February 22, 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, March 1, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734833.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2022 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, February 22, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
AHT Reports Fourth Quarter Results
Page 4
February 21, 2023
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.
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)
December 31, 2022
December 31, 2021
ASSETS
Investments in hotel properties, net
$
3,118,331
$
3,230,710
Cash and cash equivalents
417,064
592,110
Restricted cash
141,962
99,534
Accounts receivable, net of allowance of $501 and $455, respectively
49,809
37,720
Inventories
3,856
3,291
Notes receivable, net
5,062
8,723
Investment in unconsolidated entities
19,576
11,253
Deferred costs, net
2,665
5,001
Prepaid expenses
15,981
13,384
Derivative assets, net
47,182
501
Operating lease right-of-use assets
43,921
44,575
Other assets
21,653
16,150
Intangible assets, net
797
797
Due from Ashford Inc., net
486
25
Due from related parties, net
6,570
7,473
Due from third-party hotel managers
22,462
26,896
Total assets
$
3,917,377
$
4,098,143
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,838,543
$
3,887,822
Finance lease liability
18,847
—
Accounts payable and accrued expenses
115,970
117,650
Accrued interest payable
15,287
15,432
Dividends and distributions payable
3,118
3,104
Due to related parties, net
—
728
Due to third-party hotel managers
1,319
1,204
Intangible liabilities, net
2,097
2,177
Operating lease liabilities
44,661
45,106
Other liabilities
4,326
4,832
Total liabilities
4,044,168
4,078,055
Redeemable noncontrolling interests in operating partnership
21,550
22,742
Series J Redeemable Preferred Stock, $0.01 par value, 87,115 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
2,004
—
Series K Redeemable Preferred Stock, $0.01 par value, 1,800 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
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 December 31, 2022 and December 31, 2021
12
12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at December 31, 2022 and December 31, 2021
12
12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at December 31, 2022 and December 31, 2021
15
15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at December 31, 2022 and December 31, 2021
13
13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at December 31, 2022 and December 31, 2021
13
13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,495,185 and 34,490,381 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
345
345
Additional paid-in capital
2,383,244
2,379,906
Accumulated deficit
(2,534,043)
(2,382,970)
Total equity (deficit)
(150,389)
(2,654)
Total liabilities and equity/deficit
$
3,917,377
$
4,098,143
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
REVENUE
Rooms
$
242,528
$
195,857
$
974,002
$
655,121
Food and beverage
56,954
37,424
196,663
94,911
Other
17,268
14,754
67,310
53,112
Total hotel revenue
316,750
248,035
1,237,975
803,144
Other
720
700
2,884
2,267
Total revenue
317,470
248,735
1,240,859
805,411
EXPENSES
Hotel operating expenses
Rooms
59,865
49,475
229,115
159,547
Food and beverage
39,794
27,724
140,775
69,608
Other expenses
110,649
92,216
421,056
316,638
Management fees
11,495
9,070
45,047
31,014
Total hotel operating expenses
221,803
178,485
835,993
576,806
Property taxes, insurance and other
16,049
16,083
67,338
67,904
Depreciation and amortization
49,353
52,560
201,797
218,851
Advisory services fee:
Base advisory fee
8,600
9,022
34,802
36,239
Reimbursable expenses
2,486
1,743
9,851
6,934
Stock/unit-based compensation
635
2,438
5,244
9,140
Incentive fee
—
—
—
—
Corporate, general and administrative:
Stock/unit-based compensation
30
81
698
756
Other general and administrative
3,119
3,959
9,181
15,397
Total operating expenses
302,075
264,371
1,164,904
932,027
Gain (loss) on disposition of assets and hotel properties
27
1,054
300
1,449
OPERATING INCOME (LOSS)
15,422
(14,582)
76,255
(125,167)
Equity in earnings (loss) of unconsolidated entities
(353)
(135)
(804)
(558)
Interest income
2,624
70
4,777
207
Other income (expense), net
4,374
78
4,800
760
Interest expense, net of discount amortization
(71,662)
(41,475)
(217,323)
(143,508)
Amortization of loan costs
(2,358)
(2,641)
(9,672)
(12,611)
Write-off of premiums, loan costs and exit fees
(460)
(5,412)
(3,536)
(10,612)
Gain (loss) on extinguishment of debt
—
—
—
11,896
Unrealized gain (loss) on derivatives
(8,278)
10,781
10,781
14,493
INCOME (LOSS) BEFORE INCOME TAXES
(60,691)
(53,316)
(134,722)
(265,100)
Income tax benefit (expense)
4,004
(3,032)
(6,336)
(5,948)
NET INCOME (LOSS)
(56,687)
(56,348)
(141,058)
(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities
—
(11)
—
73
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
554
376
1,233
3,970
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(56,133)
(55,983)
(139,825)
(267,005)
Preferred dividends
(3,122)
(1,740)
(12,433)
(252)
Deemed dividends on redeemable preferred stock
(946)
—
(946)
—
Gain (loss) on extinguishment of preferred stock
—
(1,566)
—
(607)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(60,201)
$
(59,289)
$
(153,204)
$
(267,864)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(1.75)
$
(1.75)
$
(4.46)
$
(12.37)
Weighted average common shares outstanding – basic
34,374
33,802
34,339
21,625
Diluted:
Net income (loss) attributable to common stockholders
$
(1.75)
$
(1.75)
$
(4.46)
$
(12.43)
Weighted average common shares outstanding – diluted
34,374
33,802
34,339
21,844
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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income (loss)
$
(56,687)
$
(56,348)
$
(141,058)
$
(271,048)
Interest expense and amortization of discounts and loan costs, net
74,020
44,116
226,995
156,119
Depreciation and amortization
49,353
52,560
201,797
218,851
Income tax expense (benefit)
(4,004)
3,032
6,336
5,948
Equity in (earnings) loss of unconsolidated entities
353
135
804
558
Company's portion of EBITDA of unconsolidated entities
(222)
(135)
(674)
(554)
EBITDA
62,813
43,360
294,200
109,874
(Gain) loss on disposition of assets and hotel properties
(27)
(54)
(300)
(449)
EBITDAre
62,786
43,306
293,900
109,425
Amortization of unfavorable contract liabilities
43
53
181
211
(Gain) loss on insurance settlements
(342)
—
(342)
—
Write-off of premiums, loan costs and exit fees
460
5,412
3,536
10,612
(Gain) loss on extinguishment of debt
—
—
—
(11,896)
Other (income) expense, net
(4,371)
(1,078)
(4,797)
(1,760)
Transaction and conversion costs
(472)
779
(2,300)
3,033
Legal, advisory and settlement costs
1,995
439
1,936
7,371
Unrealized (gain) loss on derivatives
8,278
(10,781)
(10,781)
(14,493)
Dead deal costs
—
—
—
689
Uninsured remediation costs
—
—
—
341
Stock/unit-based compensation
674
2,556
5,998
10,095
Advisory services incentive fee
—
—
—
—
Company's portion of adjustments to EBITDAre of unconsolidated entities
4
2
16
16
Adjusted EBITDAre
$
69,055
$
40,688
$
287,347
$
113,644
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income (loss)
$
(56,687)
$
(56,348)
$
(141,058)
$
(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities
—
(11)
—
73
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
554
376
1,233
3,970
Preferred dividends
(3,122)
(1,740)
(12,433)
(252)
Deemed dividends on redeemable preferred stock
(946)
—
(946)
—
Gain (loss) on extinguishment of preferred stock
—
(1,566)
—
(607)
Net income (loss) attributable to common stockholders
(60,201)
(59,289)
(153,204)
(267,864)
Depreciation and amortization on real estate
49,353
52,526
201,797
218,708
(Gain) loss on disposition of assets and hotel properties
(27)
(54)
(300)
(449)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(554)
(376)
(1,233)
(3,970)
Equity in (earnings) loss of unconsolidated entities
353
135
804
558
Company's portion of FFO of unconsolidated entities
(319)
(135)
(771)
(556)
FFO available to common stockholders and OP unitholders
(11,395)
(7,193)
47,093
(53,573)
Deemed dividends on redeemable preferred stock
946
—
946
—
(Gain) loss on extinguishment of preferred stock
—
1,566
—
607
Write-off of premiums, loan costs and exit fees
460
5,412
3,536
10,612
(Gain) loss on extinguishment of debt
—
—
—
(11,896)
(Gain) loss on insurance settlements
(342)
—
(342)
—
Other (income) expense, net
(119)
(1,078)
(412)
(1,760)
Transaction and conversion costs
(472)
779
(2,300)
3,407
Legal, advisory and settlement costs
1,995
439
1,936
7,371
Unrealized (gain) loss on derivatives
8,278
(10,781)
(10,781)
(14,493)
Dead deal costs
—
—
—
689
Uninsured remediation costs
—
—
—
341
Stock/unit-based compensation
674
2,556
5,998
10,095
Amortization of term loan exit fee
3,279
2,520
11,948
7,076
Amortization of loan costs
2,358
2,637
9,672
12,597
Advisory services incentive fee
—
—
—
—
Company's portion of adjustments to FFO of unconsolidated entities
4
2
16
16
Adjusted FFO available to common stockholders and OP unitholders
$
5,666
$
(3,141)
$
67,310
$
(28,911)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.16
$
(0.09)
$
1.85
$
(1.23)
Weighted average diluted shares
36,437
35,764
36,372
23,545
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2022
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (16)
Interest Rate
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
Comparable TTM Hotel Net Income
Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (17)
Comparable TTM EBITDA Debt Yield
JPMorgan Chase - 8 hotels
February 2023
February 2025
LIBOR (1) + 3.07%
$
—
$
395,000
$
395,000
(3)
$
12,293
3.1
%
$
30,271
7.7
%
BAML Princeton/Nashville - 2 hotels
March 2023
March 2026
LIBOR (1) + 2.75%
—
240,000
240,000
(4)
21,589
9.0
%
34,891
14.5
%
BAML Highland Pool - 19 hotels
April 2023
April 2025
LIBOR (1) + 3.20%
—
907,030
907,030
(5)
28,866
3.2
%
86,270
9.5
%
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR (1) + 2.45%
—
73,450
73,450
(2,190)
(3.0)
%
4,088
5.6
%
KEYS Pool A - 7 hotels
June 2023
June 2025
LIBOR (1) + 3.65%
—
180,720
180,720
(6)
4,904
2.7
%
11,331
6.3
%
KEYS Pool B - 7 hotels
June 2023
June 2025
LIBOR (1) + 3.39%
—
174,400
174,400
(6)
685
0.4
%
6,969
4.0
%
KEYS Pool C - 5 hotels
June 2023
June 2025
LIBOR (1) + 3.73%
—
221,040
221,040
(6)
5,203
2.4
%
18,690
8.5
%
KEYS Pool D - 5 hotels
June 2023
June 2025
LIBOR (1) + 4.02%
—
262,640
262,640
(6)
16,153
6.2
%
24,794
9.4
%
KEYS Pool E - 5 hotels
June 2023
June 2025
LIBOR (1) + 2.73%
—
160,000
160,000
(6)
3,921
2.5
%
17,346
10.8
%
KEYS Pool F - 5 hotels
June 2023
June 2025
LIBOR (1) + 3.68%
—
215,120
215,120
(6)
1,622
0.8
%
16,834
7.8
%
JPMorgan Chase La Posada - 1 hotel
November 2023
November 2023
SOFR (2) + 2.80%
—
25,000
25,000
(7)
2,551
10.2
%
5,773
23.1
%
Morgan Stanley Pool - 17 hotels
November 2023
November 2024
LIBOR (1) + 3.13%
—
415,000
415,000
(8)
19,779
4.8
%
40,003
9.6
%
BAML Indigo Atlanta - 1 hotel
December 2023
December 2024
SOFR (2) + 2.85%
—
15,290
15,290
(9)
(688)
(4.5)
%
1,599
10.5
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,345
—
6,345
653
10.3
%
1,262
19.9
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,261
—
9,261
(405)
(4.4)
%
1,395
15.1
%
Oaktree Capital Term Loan
January 2024
January 2026
16.00%
195,959
—
195,959
(10)
N/A
N/A
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
5,819
—
5,819
574
9.9
%
1,041
17.9
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
SOFR (2) + 2.00%
—
8,881
8,881
(11)
302
3.4
%
700
7.9
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,172
—
11,172
163
1.5
%
1,137
10.2
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,349
—
22,349
1,123
5.0
%
2,785
12.5
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
LIBOR (1) + 4.65%
—
85,552
85,552
(12)
5,258
6.1
%
13,156
15.4
%
Aareal Le Pavillon - 1 hotel
December 2024
December 2027
SOFR (2) + 4.00%
—
37,000
37,000
(13)
(4,208)
(11.4)
%
1,987
5.4
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
46,918
—
46,918
2,341
5.0
%
7,525
16.0
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,326
—
23,326
(447)
(1.9)
%
2,506
10.7
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
SOFR (2) + 3.91%
—
98,000
98,000
(14)
2,196
2.2
%
13,234
13.5
%
Total
$
321,149
$
3,514,123
$
3,835,272
$
122,238
3.2
%
$
345,587
9.0
%
Percentage
8.4
%
91.6
%
100.0
%
Weighted average interest rate (15)
11.62
%
6.75
%
7.15
%
All indebtedness is non-recourse with the exception of the term loan.
(1) LIBOR rate was 4.392% at December 31, 2022.
(2) SOFR rate was 4.358% at December 31, 2022.
(3) 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.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.
(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.
(6) 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.
(7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022.
(8) 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.
(9) 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.
(10) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) This mortgage loan has a SOFR floor of 2.0%.
(12) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(13) 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%.
(14) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(15) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(16) The final maturity date assumes all available extension options will be exercised.
(17) 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
December 31, 2022
(dollars in thousands)
(unaudited)
2023
2024
2025
2026
2027
Thereafter
Total
Aareal Hilton Alexandria - 1 hotel
$
73,450
$
—
$
—
$
—
$
—
$
—
$
73,450
JPMorgan Chase La Posada - 1 hotel
25,000
—
—
—
—
—
25,000
GACC Jacksonville RI - 1 hotel
—
9,036
—
—
—
—
9,036
GACC Manchester RI - 1 hotel
—
6,191
—
—
—
—
6,191
Key Bank Manchester CY - 1 hotel
—
5,580
—
—
—
—
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
—
—
395,000
—
—
—
395,000
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
—
—
907,030
—
—
—
907,030
KEYS Pool A - 7 hotels
—
—
180,720
—
—
—
180,720
KEYS Pool B - 7 hotels
—
—
174,400
—
—
—
174,400
KEYS Pool C - 5 hotels
—
—
221,040
—
—
—
221,040
KEYS Pool D - 5 hotels
—
—
262,640
—
—
—
262,640
KEYS Pool E - 5 hotels
—
—
160,000
—
—
—
160,000
KEYS Pool F - 5 hotels
—
—
215,120
—
—
—
215,120
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
—
—
—
85,552
—
—
85,552
Aareal Le Pavillon - 1 hotel
—
—
—
—
35,000
—
35,000
Principal due in future periods
98,450
491,952
2,582,393
617,511
35,000
—
3,825,306
Scheduled amortization payments remaining
3,176
2,582
708
2,500
1,000
—
9,966
Total indebtedness
$
101,626
$
494,534
$
2,583,101
$
620,011
$
36,000
$
—
$
3,835,272
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
241,491
$
1,713
$
243,204
$
194,744
$
(86)
$
194,658
24.00
%
24.94
%
RevPAR
$
118.50
$
112.66
$
118.46
$
94.87
$
(399.20)
$
94.82
24.91
%
24.94
%
Occupancy
67.47
%
72.57
%
67.51
%
60.31
%
680.37
%
60.38
%
11.87
%
11.81
%
ADR
$
175.63
$
155.23
$
175.47
$
157.29
$
(58.67)
$
157.04
11.66
%
11.74
%
ALL HOTELS:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
969,502
$
2,731
$
972,233
$
651,327
$
(454)
$
650,873
48.85
%
49.37
%
RevPAR
$
119.35
$
124.52
$
119.36
$
79.67
$
(14.70)
$
79.92
49.80
%
49.36
%
Occupancy
67.53
%
94.29
%
67.60
%
55.58
%
(22.15)
%
55.71
%
21.50
%
21.35
%
ADR
$
176.73
$
132.07
$
176.57
$
143.34
$
(66.38)
$
143.46
23.30
%
23.08
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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 December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
234,543
$
1,713
$
236,256
$
188,677
$
(86)
$
188,591
24.31
%
25.27
%
RevPAR
$
118.80
$
112.66
$
118.75
$
94.85
$
(399.20)
$
94.80
25.25
%
25.27
%
Occupancy
67.63
%
72.57
%
67.66
%
60.06
%
680.37
%
60.13
%
12.60
%
12.53
%
ADR
$
175.67
$
155.23
$
175.50
$
157.92
$
(58.67)
$
157.66
11.24
%
11.32
%
ALL HOTELS NOT UNDER RENOVATION:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
940,703
$
2,731
$
943,434
$
629,602
$
(454)
$
629,148
49.41
%
49.95
%
RevPAR
$
119.51
$
124.52
$
119.53
$
79.46
$
(14.70)
$
79.72
50.40
%
49.94
%
Occupancy
67.51
%
94.29
%
67.59
%
55.18
%
(22.15)
%
55.31
%
22.35
%
22.21
%
ADR
$
177.02
$
132.07
$
176.85
$
144.02
$
(66.38)
$
144.14
22.92
%
22.69
%
NOTES:
(1) The above comparable information assumes the 96 hotel properties owned and included in the Company’s operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
315,419
$
246,649
27.88
%
$
1,232,124
$
798,320
54.34
%
Non-comparable adjustments
2,494
95
4,219
97
Comparable total hotel revenue
$
317,913
$
246,744
28.84
%
$
1,236,343
$
798,417
54.85
%
Hotel net income (loss)
$
25,332
$
(1,105)
2,392.49
%
$
121,911
$
(53,858)
326.36
%
Non-comparable adjustments
80
(30)
358
(9,539)
Comparable hotel net income (loss)
$
25,412
$
(1,135)
2,338.94
%
$
122,269
$
(63,397)
292.86
%
Hotel net income (loss) margin
8.03
%
(0.45)
%
8.48
%
9.89
%
(6.75)
%
16.64
%
Comparable hotel net income margin
7.99
%
(0.46)
%
8.45
%
9.89
%
(7.94)
%
17.83
%
Hotel EBITDA
$
84,631
$
55,471
52.57
%
$
346,460
$
168,973
105.04
%
Non-comparable adjustments
900
333
2,739
2,174
Comparable hotel EBITDA
$
85,531
$
55,804
53.27
%
$
349,199
$
171,147
104.03
%
Hotel EBITDA margin
26.83
%
22.49
%
4.34
%
28.12
%
21.17
%
6.95
%
Comparable hotel EBITDA margin
26.90
%
22.62
%
4.28
%
28.24
%
21.44
%
6.80
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
—
$
44
(100.00)
%
$
—
$
56
(100.00)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
25,332
$
(1,149)
2,304.70
%
$
121,911
$
(53,914)
326.12
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
25,412
$
(1,179)
2,255.39
%
$
122,269
$
(63,453)
292.69
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
—
$
82
(100.00)
%
$
—
$
226
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
84,631
$
55,389
52.79
%
$
346,460
$
168,747
105.31
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
85,531
$
55,722
53.50
%
$
349,199
$
170,921
104.30
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
306,015
$
239,054
28.01
%
$
1,194,758
$
772,172
54.73
%
Non-comparable adjustments
2,494
95
4,219
97
Comparable total hotel revenue
$
308,509
$
239,149
29.00
%
$
1,198,977
$
772,269
55.25
%
Hotel net income (loss)
$
25,201
$
(1,217)
2,170.75
%
$
119,384
$
(53,046)
325.06
%
Non-comparable adjustments
80
(30)
358
(9,539)
Comparable hotel net income (loss)
$
25,281
$
(1,247)
2,127.35
%
$
119,741
$
(62,585)
291.33
%
Hotel net income (loss) margin
8.24
%
(0.51)
%
8.75
%
9.99
%
(6.87)
%
16.86
%
Comparable hotel net income margin
8.19
%
(0.52)
%
8.71
%
9.99
%
(8.10)
%
18.09
%
Hotel EBITDA
$
82,392
$
53,655
53.56
%
$
336,618
$
162,817
106.75
%
Non-comparable adjustments
900
333
2,739
2,174
Comparable hotel EBITDA
$
83,292
$
53,988
54.28
%
$
339,357
$
164,991
105.68
%
Hotel EBITDA margin
26.92
%
22.44
%
4.48
%
28.17
%
21.09
%
7.08
%
Comparable hotel EBITDA margin
27.00
%
22.58
%
4.42
%
28.30
%
21.36
%
6.94
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
—
$
44
(100.00)
%
$
—
$
56
(100.00)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
—
$
(44)
100.00
%
$
—
$
(56)
100.00
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
80
$
(74)
208.11
%
$
358
$
(9,595)
103.73
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
—
$
82
(100.00)
%
$
—
$
226
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
82,392
$
53,573
53.79
%
$
336,618
$
162,591
107.03
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
83,292
$
53,906
54.51
%
$
339,357
$
164,765
105.96
%
NOTES:
(1) The above comparable information assumes the 96 hotel properties owned and included in the Company’s operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
12
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
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
Total hotel revenue
$
315,419
$
2,494
$
317,913
$
326,065
$
621
$
326,686
$
345,651
$
681
$
346,332
$
244,989
$
423
$
245,412
Hotel net income (loss)
$
25,332
$
80
$
25,412
$
40,944
$
(782)
$
40,162
$
55,848
$
528
$
56,376
$
(213)
$
532
$
319
Hotel net income (loss) margin
8.03
%
7.99
%
12.56
%
12.29
%
16.16
%
16.28
%
(0.09)
%
0.13
%
Hotel EBITDA
$
84,631
$
900
$
85,531
$
94,892
$
132
$
95,024
$
111,375
$
869
$
112,244
$
55,562
$
838
$
56,400
Hotel EBITDA margin
26.83
%
26.90
%
29.10
%
29.09
%
32.22
%
32.41
%
22.68
%
22.98
%
Hotel net income (loss) % of total TTM
20.8
%
20.8
%
33.6
%
32.8
%
45.8
%
46.1
%
(0.2)
%
0.3
%
EBITDA % of total TTM
24.4
%
24.5
%
27.4
%
27.2
%
32.1
%
32.1
%
16.1
%
16.2
%
Actual
Non-comparable Adjustments
Comparable
2022
2022
2022
TTM
TTM
TTM
Total hotel revenue
$
1,232,124
$
4,219
$
1,236,343
Hotel net income (loss)
$
121,911
$
358
$
122,269
Hotel net income (loss) margin
9.89
%
9.89
%
Hotel EBITDA
$
346,460
$
2,739
$
349,199
Hotel EBITDA margin
28.12
%
28.24
%
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 December 31, 2022, 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.
13
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
123.30
$
112.66
$
122.22
$
109.19
$
76.22
$
105.15
12.9
%
16.2
%
Boston, MA Area
2
705
189.22
—
189.22
136.25
—
136.25
38.9
%
38.9
%
Dallas / Ft. Worth, TX Area
7
1,526
97.49
—
97.49
78.96
—
78.96
23.5
%
23.5
%
Houston, TX Area
3
692
96.17
—
96.17
82.67
—
82.67
16.3
%
16.3
%
Los Angeles, CA Metro Area
6
1,619
124.79
—
124.79
115.73
—
115.73
7.8
%
7.8
%
Miami, FL Metro Area
2
414
172.41
—
172.41
139.33
—
139.33
23.7
%
23.7
%
Minneapolis - St. Paul, MN Area
2
520
59.31
—
59.31
38.18
—
38.18
55.3
%
55.3
%
Nashville, TN Area
1
673
205.84
—
205.84
193.30
—
193.30
6.5
%
6.5
%
New York / New Jersey Metro Area
6
1,743
91.46
—
91.46
68.10
—
68.10
34.3
%
34.3
%
Orlando, FL Area
2
524
129.73
—
129.73
92.51
—
92.51
40.2
%
40.2
%
Philadelphia, PA Area
3
648
94.96
—
94.96
82.39
—
82.39
15.3
%
15.3
%
San Diego, CA Area
2
410
113.55
—
113.55
92.09
—
92.09
23.3
%
23.3
%
San Francisco - Oakland, CA Metro Area
7
1,547
113.38
—
113.38
76.71
—
76.71
47.8
%
47.8
%
Tampa, FL Area
2
571
125.29
—
125.29
94.58
—
94.58
32.5
%
32.5
%
Washington D.C. - MD - VA Area
9
2,426
124.81
—
124.81
72.31
—
72.31
72.6
%
72.6
%
Other Areas
36
6,672
115.12
—
115.12
99.85
(81.84)
100.39
15.3
%
14.7
%
Total Portfolio
100
22,316
$
118.50
$
112.66
$
118.46
$
94.87
$
(399.20)
$
94.82
24.9
%
24.9
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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)
Year Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
125.30
$
102.16
$
122.58
$
90.53
$
67.99
$
87.78
38.4
%
39.6
%
Boston, MA Area
2
705
193.42
—
193.42
98.81
—
98.81
95.7
%
95.7
%
Dallas / Ft. Worth, TX Area
7
1,526
96.65
—
96.65
64.97
—
64.97
48.8
%
48.8
%
Houston, TX Area
3
692
94.48
—
94.48
75.89
—
75.89
24.5
%
24.5
%
Los Angeles, CA Metro Area
6
1,619
129.63
—
129.63
92.34
—
92.34
40.4
%
40.4
%
Miami, FL Metro Area
2
414
168.00
—
168.00
122.82
—
122.82
36.8
%
36.8
%
Minneapolis - St. Paul, MN Area
2
520
63.96
—
63.96
37.68
(6.17)
37.87
69.7
%
68.9
%
Nashville, TN Area
1
673
214.89
—
214.89
133.42
—
133.42
61.1
%
61.1
%
New York / New Jersey Metro Area
6
1,743
85.35
—
85.35
51.52
—
51.52
65.7
%
65.7
%
Orlando, FL Area
2
524
119.27
—
119.27
82.83
—
82.83
44.0
%
44.0
%
Philadelphia, PA Area
3
648
93.25
—
93.25
71.28
—
71.28
30.8
%
30.8
%
San Diego, CA Area
2
410
131.42
—
131.42
82.81
—
82.81
58.7
%
58.7
%
San Francisco - Oakland, CA Metro Area
7
1,547
111.68
—
111.68
71.73
—
71.73
55.7
%
55.7
%
Tampa, FL Area
2
571
125.62
—
125.62
94.88
—
94.88
32.4
%
32.4
%
Washington D.C. - MD - VA Area
9
2,426
122.10
—
122.10
58.29
—
58.29
109.5
%
109.5
%
Other Areas
36
6,672
118.12
(91.92)
118.63
86.93
(52.58)
88.38
35.9
%
34.2
%
Total Portfolio
100
22,316
$
119.35
$
124.52
$
119.36
$
79.67
$
(14.70)
$
79.92
49.8
%
49.4
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
1,792
$
91
$
1,883
7.4
%
$
631
$
(306)
$
325
(28.6)
%
184.0
%
479.4
%
Boston, MA Area
2
705
569
—
569
2.2
%
(1,143)
—
(1,143)
100.7
%
149.8
%
149.8
%
Dallas / Ft. Worth, TX Area
7
1,526
1,467
—
1,467
5.8
%
67
—
67
(5.9)
%
2,089.6
%
2,089.6
%
Houston, TX Area
3
692
787
—
787
3.1
%
62
—
62
(5.5)
%
1,169.4
%
1,169.4
%
Los Angeles, CA Metro Area
6
1,619
2,526
—
2,526
9.9
%
2,443
—
2,443
(215.2)
%
3.4
%
3.4
%
Miami, FL Metro Area
2
414
1,254
—
1,254
4.9
%
312
—
312
(27.5)
%
301.9
%
301.9
%
Minneapolis - St. Paul, MN Area
2
520
(466)
—
(466)
(1.8)
%
(1,414)
(34)
(1,448)
127.6
%
67.0
%
67.8
%
Nashville, TN Area
1
673
4,871
—
4,871
19.2
%
4,174
—
4,174
(367.8)
%
16.7
%
16.7
%
New York / New Jersey Metro Area
6
1,743
(2,216)
—
(2,216)
(8.7)
%
(2,983)
—
(2,983)
262.8
%
25.7
%
25.7
%
Orlando, FL Area
2
524
1,379
—
1,379
5.4
%
(93)
—
(93)
8.2
%
1,582.8
%
1,582.8
%
Philadelphia, PA Area
3
648
198
—
198
0.8
%
(331)
—
(331)
29.2
%
159.8
%
159.8
%
San Diego, CA Area
2
410
(215)
—
(215)
(0.8)
%
252
—
252
(22.2)
%
(185.3)
%
(185.3)
%
San Francisco - Oakland, CA Metro Area
7
1,547
80
—
80
0.3
%
(3,196)
—
(3,196)
281.6
%
102.5
%
102.5
%
Tampa, FL Area
2
571
1,628
—
1,628
6.4
%
(197)
—
(197)
17.4
%
926.4
%
926.4
%
Washington D.C. - MD - VA Area
9
2,426
2,588
—
2,588
10.2
%
(4,563)
(3)
(4,566)
402.3
%
156.7
%
156.7
%
Other Areas
36
6,672
9,090
(11)
9,079
35.7
%
4,874
313
5,187
(457.1)
%
86.5
%
75.0
%
Total Portfolio
100
22,316
$
25,332
$
80
$
25,412
100.0
%
$
(1,105)
$
(30)
$
(1,135)
100.0
%
2,392.5
%
2,338.9
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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)
Year Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
5,869
$
(121)
$
5,748
4.7
%
$
(2,983)
$
(1,462)
$
(4,445)
7.0
%
296.7
%
229.3
%
Boston, MA Area
2
705
5,137
—
5,137
4.2
%
(6,772)
—
(6,772)
10.7
%
175.9
%
175.9
%
Dallas / Ft. Worth, TX Area
7
1,526
6,348
—
6,348
5.2
%
(6,738)
—
(6,738)
10.6
%
194.2
%
194.2
%
Houston, TX Area
3
692
2,207
—
2,207
1.8
%
(631)
—
(631)
1.0
%
449.8
%
449.8
%
Los Angeles, CA Metro Area
6
1,619
12,418
—
12,418
10.2
%
2,186
—
2,186
(3.4)
%
468.1
%
468.1
%
Miami, FL Metro Area
2
414
4,065
—
4,065
3.3
%
(1,135)
—
(1,135)
1.8
%
458.1
%
458.1
%
Minneapolis - St. Paul, MN Area
2
520
(1,936)
(1)
(1,937)
(1.6)
%
(4,497)
320
(4,177)
6.6
%
56.9
%
53.6
%
Nashville, TN Area
1
673
20,645
—
20,645
16.9
%
6,296
—
6,296
(9.9)
%
227.9
%
227.9
%
New York / New Jersey Metro Area
6
1,743
(5,768)
—
(5,768)
(4.7)
%
(19,044)
(327)
(19,371)
30.6
%
69.7
%
70.2
%
Orlando, FL Area
2
524
2,599
—
2,599
2.1
%
(1,799)
—
(1,799)
2.8
%
244.5
%
244.5
%
Philadelphia, PA Area
3
648
496
—
496
0.4
%
(1,409)
—
(1,409)
2.2
%
135.2
%
135.2
%
San Diego, CA Area
2
410
3,639
—
3,639
3.0
%
1,013
—
1,013
(1.6)
%
259.2
%
259.2
%
San Francisco - Oakland, CA Metro Area
7
1,547
610
—
610
0.5
%
(9,349)
—
(9,349)
14.7
%
106.5
%
106.5
%
Tampa, FL Area
2
571
5,471
—
5,471
4.5
%
(33)
—
(33)
0.1
%
16,678.8
%
16,678.8
%
Washington D.C. - MD - VA Area
9
2,426
11,668
218
11,886
9.7
%
(24,220)
(12)
(24,232)
38.2
%
148.2
%
149.1
%
Other Areas
36
6,672
48,443
262
48,705
39.8
%
15,257
(8,058)
7,199
(11.4)
%
217.5
%
576.6
%
Total Portfolio
100
22,316
$
121,911
$
358
$
122,269
100.0
%
$
(53,858)
$
(9,539)
$
(63,397)
100.0
%
326.4
%
292.9
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
5,920
$
871
$
6,791
7.9
%
$
4,590
$
640
$
5,230
9.4
%
29.0
%
29.8
%
Boston, MA Area
2
705
4,625
—
4,625
5.4
%
1,870
—
1,870
3.4
%
147.3
%
147.3
%
Dallas / Ft. Worth, TX Area
7
1,526
5,492
—
5,492
6.4
%
4,006
—
4,006
7.2
%
37.1
%
37.1
%
Houston, TX Area
3
692
2,198
—
2,198
2.6
%
1,464
—
1,464
2.6
%
50.1
%
50.1
%
Los Angeles, CA Metro Area
6
1,619
5,419
—
5,419
6.3
%
5,855
—
5,855
10.5
%
(7.4)
%
(7.4)
%
Miami, FL Metro Area
2
414
2,835
—
2,835
3.3
%
1,995
—
1,995
3.6
%
42.1
%
42.1
%
Minneapolis - St. Paul, MN Area
2
520
340
—
340
0.4
%
(514)
(49)
(563)
(1.0)
%
166.1
%
160.4
%
Nashville, TN Area
1
673
7,483
—
7,483
8.7
%
6,668
—
6,668
11.9
%
12.2
%
12.2
%
New York / New Jersey Metro Area
6
1,743
4,845
—
4,845
5.7
%
1,206
—
1,206
2.2
%
301.7
%
301.7
%
Orlando, FL Area
2
524
2,558
—
2,558
3.0
%
1,313
—
1,313
2.4
%
94.8
%
94.8
%
Philadelphia, PA Area
3
648
1,295
—
1,295
1.5
%
953
—
953
1.7
%
35.9
%
35.9
%
San Diego, CA Area
2
410
472
—
472
0.6
%
979
—
979
1.8
%
(51.8)
%
(51.8)
%
San Francisco - Oakland, CA Metro Area
7
1,547
4,074
—
4,074
4.8
%
1,135
—
1,135
2.0
%
258.9
%
258.9
%
Tampa, FL Area
2
571
2,704
—
2,704
3.2
%
1,110
—
1,110
2.0
%
143.6
%
143.6
%
Washington D.C. - MD - VA Area
9
2,426
9,908
—
9,908
11.6
%
2,685
(3)
2,682
4.8
%
269.0
%
269.4
%
Other Areas
36
6,672
24,463
29
24,492
28.6
%
20,156
(255)
19,901
35.5
%
21.4
%
23.1
%
Total Portfolio
100
22,316
$
84,631
$
900
$
85,531
100.0
%
$
55,471
$
333
$
55,804
100.0
%
52.6
%
53.3
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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)
Year Ended December 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
21,534
$
3,485
$
25,019
7.2
%
$
12,650
$
2,337
$
14,987
8.8
%
70.2
%
66.9
%
Boston, MA Area
2
705
19,822
—
19,822
5.7
%
3,376
—
3,376
2.0
%
487.1
%
487.1
%
Dallas / Ft. Worth, TX Area
7
1,526
22,454
—
22,454
6.4
%
10,413
—
10,413
6.1
%
115.6
%
115.6
%
Houston, TX Area
3
692
7,625
—
7,625
2.2
%
4,863
—
4,863
2.8
%
56.8
%
56.8
%
Los Angeles, CA Metro Area
6
1,619
24,503
—
24,503
7.0
%
16,360
—
16,360
9.6
%
49.8
%
49.8
%
Miami, FL Metro Area
2
414
10,411
—
10,411
3.0
%
5,774
—
5,774
3.4
%
80.3
%
80.3
%
Minneapolis - St. Paul, MN Area
2
520
1,400
—
1,400
0.4
%
(965)
138
(827)
(0.5)
%
245.1
%
269.3
%
Nashville, TN Area
1
673
30,862
—
30,862
8.8
%
16,134
1.00
16,135
9.4
%
91.3
%
91.3
%
New York / New Jersey Metro Area
6
1,743
14,132
—
14,132
4.0
%
1,558
1
1,559
0.9
%
807.1
%
806.5
%
Orlando, FL Area
2
524
7,950
—
7,950
2.3
%
4,318
(1)
4,317
2.5
%
84.1
%
84.2
%
Philadelphia, PA Area
3
648
4,765
—
4,765
1.4
%
3,715
—
3,715
2.2
%
28.3
%
28.3
%
San Diego, CA Area
2
410
6,295
—
6,295
1.8
%
3,961
—
3,961
2.3
%
58.9
%
58.9
%
San Francisco - Oakland, CA Metro Area
7
1,547
16,761
—
16,761
4.8
%
6,628
—
6,628
3.9
%
152.9
%
152.9
%
Tampa, FL Area
2
571
10,172
—
10,172
2.9
%
5,176
—
5,176
3.0
%
96.5
%
96.5
%
Washington D.C. - MD - VA Area
9
2,426
40,094
218
40,312
11.5
%
6,388
(12)
6,376
3.7
%
527.6
%
532.2
%
Other Areas
36
6,672
107,680
(964)
106,716
30.6
%
68,624
(290)
68,334
39.9
%
56.9
%
56.2
%
Total Portfolio
100
22,316
$
346,460
$
2,739
$
349,199
100.0
%
$
168,973
$
2,174
$
171,147
100.0
%
105.0
%
104.0
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
16
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2022
(in thousands, except share price)
(unaudited)
December 31, 2022
Common stock shares outstanding
34,495
Partnership units outstanding
1,669
Combined common stock shares and partnership units outstanding
36,164
Common stock price
$
4.47
Market capitalization
$
161,653
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
$
2,178
Series K redeemable preferred stock
$
45
Indebtedness
$
3,835,272
Net working capital (see below)
$
(519,053)
Total enterprise value (TEV)
$
3,643,065
Cash and cash equivalents
$
417,064
Restricted cash
$
141,962
Accounts receivable, net
$
49,809
Prepaid expenses
$
15,982
Due from third-party hotel managers, net
$
21,143
Due from affiliates, net
$
7,042
Total current assets
$
653,002
Accounts payable, net & accrued expenses
$
130,831
Dividends and distributions payable
$
3,118
Total current liabilities
$
133,949
Net working capital
$
519,053
17
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2022
2023
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Actual
Actual
Estimated
Estimated
Estimated
Estimated
Courtyard Crystal City Reagan
272
x
x
Crowne Plaza La Concha Key West
160
x
x
x
Embassy Suites Austin
150
x
x
Embassy Suites Crystal City
267
x
Embassy Suites Dallas
150
x
x
Embassy Suites Flagstaff
119
x
Embassy Suites Houston
150
x
Embassy Suites Portland Downtown
276
x
Hampton Inn Evansville
140
x
x
Hyatt Regency Coral Gables
253
x
x
La Posada
157
x
Le Pavillon New Orleans
226
x
x
Marriott Bridgewater
349
x
Marriott Fremont Silicon Valley
200
x
x
Marriott Memphis
232
x
Marriott Sugar Land
300
x
Residence Inn Hartford Manchester
96
x
Residence Inn Phoenix Airport
200
x
x
Ritz-Carlton Atlanta
444
x
x
x
SpringHill Suites Buford Mall of Georgia
97
x
x
SpringHill Suites Manhattan Beach Hawthorne
164
x
SpringHill Suites Philadelphia Plymouth Meeting
199
x
Total
1
1
2
4
4
2
6
15
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 are included in this table.
18
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2022
2022
2022
2022
December 31, 2022
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
TTM
Net income (loss)
$
25,332
$
40,944
$
55,848
$
(213)
$
121,911
Non-property adjustments
(127)
1
2
11
(113)
Interest income
(97)
(47)
(48)
(7)
(199)
Interest expense
4,559
3,556
2,643
2,272
13,030
Amortization of loan costs
358
447
443
439
1,687
Depreciation and amortization
49,181
49,256
50,723
51,941
201,101
Income tax expense (benefit)
53
116
84
15
268
Non-hotel EBITDA ownership expense
5,372
619
1,680
1,104
8,775
Hotel EBITDA including amounts attributable to noncontrolling interest
84,631
94,892
111,375
55,562
346,460
Non-comparable adjustments
900
132
869
838
2,739
Comparable hotel EBITDA
$
85,531
$
95,024
$
112,244
$
56,400
$
349,199
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
19
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 Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
25,201
$
131
$
25,332
$
(5)
$
(82,014)
$
(56,687)
Non-property adjustments
(127)
—
(127)
—
127
—
Interest income
(96)
(1)
(97)
—
97
—
Interest expense
4,559
—
4,559
—
67,103
71,662
Amortization of loan cost
358
—
358
—
2,000
2,358
Depreciation and amortization
47,091
2,090
49,181
124
48
49,353
Income tax expense (benefit)
53
—
53
—
(4,057)
(4,004)
Non-hotel EBITDA ownership expense
5,353
19
5,372
22
(5,394)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
82,392
2,239
84,631
141
(22,090)
62,682
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(75)
—
(75)
—
75
—
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
$
82,317
$
2,239
$
84,556
$
141
$
(21,884)
$
62,813
Non-comparable adjustments
900
—
900
Comparable hotel EBITDA
$
83,292
$
2,239
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
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, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(1,217)
$
112
$
(1,105)
$
207
$
(55,450)
$
(56,348)
Non-property adjustments
(47)
—
(47)
(140)
187
—
Interest income
(6)
—
(6)
—
6
—
Interest expense
2,252
—
2,252
—
39,223
41,475
Amortization of loan cost
435
—
435
—
2,206
2,641
Depreciation and amortization
50,736
1,641
52,377
135
48
52,560
Income tax expense (benefit)
11
—
11
—
3,021
3,032
Non-hotel EBITDA ownership expense
1,491
63
1,554
19
(1,573)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
53,655
1,816
55,471
221
(12,332)
43,360
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(83)
—
(83)
—
83
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
135
135
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(135)
(135)
Hotel EBITDA attributable to the Company and OP unitholders
$
53,572
$
1,816
$
55,388
$
221
$
(12,249)
$
43,360
Non-comparable adjustments
333
—
333
Comparable hotel EBITDA
$
53,988
$
1,816
$
55,804
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
21
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
119,384
$
2,527
$
121,911
$
691
$
(263,660)
$
(141,058)
Non-property adjustments
(113)
—
(113)
(273)
386
—
Interest income
(198)
(1)
(199)
(1)
200
—
Interest expense
13,030
—
13,030
—
204,293
217,323
Amortization of loan cost
1,687
—
1,687
—
7,985
9,672
Depreciation and amortization
193,882
7,219
201,101
501
195
201,797
Income tax expense (benefit)
268
—
268
—
6,068
6,336
Non-hotel EBITDA ownership expense
8,678
97
8,775
68
(8,843)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
336,618
9,842
346,460
986
(53,376)
294,070
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(75)
—
(75)
—
75
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
804
804
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(674)
(674)
Hotel EBITDA attributable to the Company and OP unitholders
$
336,543
$
9,842
$
346,385
$
986
$
(53,171)
$
294,200
Non-comparable adjustments
2,739
—
2,739
Comparable hotel EBITDA
$
339,357
$
9,842
$
349,199
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(53,046)
$
(812)
$
(53,858)
$
(215)
$
(216,975)
$
(271,048)
Non-property adjustments
(11,833)
—
(11,833)
(221)
12,054
—
Interest income
(24)
—
(24)
—
24
—
Interest expense
6,978
—
6,978
—
136,530
143,508
Amortization of loan cost
1,323
—
1,323
—
11,288
12,611
Depreciation and amortization
211,233
6,844
218,077
580
194
218,851
Income tax expense (benefit)
169
—
169
—
5,779
5,948
Non-hotel EBITDA ownership expense
8,019
122
8,141
187
(8,328)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
162,819
6,154
168,973
331
(59,434)
109,870
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(226)
—
(226)
—
226
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
558
558
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(554)
(554)
Hotel EBITDA attributable to the Company and OP unitholders
$
162,593
$
6,154
$
168,747
$
331
$
(59,204)
$
109,874
Non-comparable adjustments
2,174
—
2,174
Comparable hotel EBITDA
$
164,993
$
6,154
$
171,147
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables
23
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
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
1,792
$
569
$
1,467
$
787
$
2,526
$
1,254
$
(466)
$
4,871
$
(2,216)
Non-property adjustments
—
(72)
(116)
—
—
—
—
(6)
—
Interest income
(2)
—
(3)
—
(12)
(1)
—
—
(6)
Interest expense
317
1,868
—
—
—
—
—
—
—
Amortization of loan costs
8
136
—
—
—
—
—
—
—
Depreciation and amortization
3,631
2,131
3,874
1,352
2,739
1,544
783
2,519
4,096
Income tax expense (benefit)
—
—
—
—
—
—
—
15
—
Non-hotel EBITDA ownership expense
174
(7)
270
59
166
38
23
84
2,971
Hotel EBITDA including amounts attributable to noncontrolling interest
5,920
4,625
5,492
2,198
5,419
2,835
340
7,483
4,845
Non-comparable adjustments
871
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,791
$
4,625
$
5,492
$
2,198
$
5,419
$
2,835
$
340
$
7,483
$
4,845
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)
$
1,379
$
198
$
(215)
$
80
$
1,628
$
2,588
$
9,090
$
25,332
Non-property adjustments
—
—
—
—
—
(3)
70
(127)
Interest income
(12)
(3)
(6)
(21)
—
(14)
(17)
(97)
Interest expense
—
—
—
225
—
1,110
1,039
4,559
Amortization of loan costs
—
—
—
38
—
67
109
358
Depreciation and amortization
1,106
1,049
603
3,693
1,022
6,043
12,996
49,181
Income tax expense (benefit)
—
—
—
—
—
—
38
53
Non-hotel EBITDA ownership expense
85
51
90
59
54
117
1,138
5,372
Hotel EBITDA including amounts attributable to noncontrolling interest
2,558
1,295
472
4,074
2,704
9,908
24,463
84,631
Non-comparable adjustments
—
—
—
—
—
—
29
900
Comparable hotel EBITDA
$
2,558
$
1,295
$
472
$
4,074
$
2,704
$
9,908
$
24,492
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
24
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
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)
$
631
$
(1,143)
$
67
$
62
$
2,443
$
312
$
(1,414)
$
4,174
$
(2,983)
Non-property adjustments
(52)
—
—
—
—
—
—
—
—
Interest income
—
—
(1)
—
(1)
—
—
—
(1)
Interest expense
103
974
—
—
—
—
—
—
—
Amortization of loan costs
8
130
—
—
—
—
—
—
—
Depreciation and amortization
3,793
2,282
3,962
1,223
3,420
1,535
831
2,454
4,118
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
107
(373)
(22)
179
(7)
148
69
40
72
Hotel EBITDA including amounts attributable to noncontrolling interest
4,590
1,870
4,006
1,464
5,855
1,995
(514)
6,668
1,206
Non-comparable adjustments
640
—
—
—
—
—
(49)
—
—
Comparable hotel EBITDA
$
5,230
$
1,870
$
4,006
$
1,464
$
5,855
$
1,995
$
(563)
$
6,668
$
1,206
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)
$
(93)
$
(331)
$
252
$
(3,196)
$
(197)
$
(4,563)
$
4,874
$
(1,105)
Non-property adjustments
—
—
—
—
—
—
5
(47)
Interest income
—
—
(1)
—
—
(1)
(1)
(6)
Interest expense
—
—
—
232
—
446
497
2,252
Amortization of loan costs
—
—
—
37
—
64
196
435
Depreciation and amortization
1,403
1,234
693
3,547
1,294
6,565
14,023
52,377
Income tax expense (benefit)
—
(3)
—
—
—
—
14
11
Non-hotel EBITDA ownership expense
3
53
35
515
13
174
548
1,554
Hotel EBITDA including amounts attributable to noncontrolling interest
1,313
953
979
1,135
1,110
2,685
20,156
55,471
Non-comparable adjustments
—
—
—
—
—
(3)
(255)
333
Comparable hotel EBITDA
$
1,313
$
953
$
979
$
1,135
$
1,110
$
2,682
$
19,901
$
55,804
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
25
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 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)
$
5,869
$
5,137
$
6,348
$
2,207
$
12,418
$
4,065
$
(1,936)
$
20,645
$
(5,768)
Non-property adjustments
—
(72)
(116)
—
—
—
—
(24)
—
Interest income
(4)
(10)
(5)
—
(23)
(1)
—
—
(17)
Interest expense
724
5,473
—
—
—
—
—
—
—
Amortization of loan costs
32
535
—
—
—
—
—
—
—
Depreciation and amortization
14,777
8,732
15,688
4,900
11,886
6,136
3,249
10,059
16,297
Income tax expense (benefit)
—
—
—
—
—
—
—
58
—
Non-hotel EBITDA ownership expense
136
27
539
518
222
211
87
124
3,620
Hotel EBITDA including amounts attributable to noncontrolling interest
21,534
19,822
22,454
7,625
24,503
10,411
1,400
30,862
14,132
Non-comparable adjustments
3,485
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
25,019
$
19,822
$
22,454
$
7,625
$
24,503
$
10,411
$
1,400
$
30,862
$
14,132
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)
$
2,599
$
496
$
3,639
$
610
$
5,471
$
11,668
$
48,443
$
121,911
Non-property adjustments
—
—
—
—
—
(3)
101
(114)
Interest income
(20)
(4)
(9)
(38)
—
(31)
(37)
(199)
Interest expense
—
—
—
902
—
2,955
2,976
13,030
Amortization of loan costs
—
—
—
151
—
264
705
1,687
Depreciation and amortization
5,069
4,534
2,485
14,682
4,495
24,936
53,176
201,101
Income tax expense (benefit)
—
—
—
—
—
—
210
268
Non-hotel EBITDA ownership expense
302
(261)
180
454
206
305
2,106
8,776
Hotel EBITDA including amounts attributable to noncontrolling interest
7,950
4,765
6,295
16,761
10,172
40,094
107,680
346,460
Non-comparable adjustments
—
—
—
—
—
218
(964)
2,739
Comparable hotel EBITDA
$
7,950
$
4,765
$
6,295
$
16,761
$
10,172
$
40,312
$
106,716
$
349,199
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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)
Year Ended December 31, 2021
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)
$
(2,983)
$
(6,772)
$
(6,738)
$
(631)
$
2,186
$
(1,135)
$
(4,497)
$
6,296
$
(19,044)
Non-property adjustments
(52)
(1,033)
(2)
—
—
—
127
—
(327)
Interest income
(2)
—
(3)
—
(5)
—
—
—
(2)
Interest expense
408
1,914
—
—
—
—
—
—
—
Amortization of loan costs
31
402
—
—
—
—
—
—
—
Depreciation and amortization
15,251
9,647
16,456
5,088
14,215
6,519
3,446
9,945
17,153
Income tax expense (benefit)
—
—
—
—
—
—
—
6
—
Non-hotel EBITDA ownership expense
(3)
(782)
700
406
(36)
390
(41)
(113)
3,778
Hotel EBITDA including amounts attributable to noncontrolling interest
12,650
3,376
10,413
4,863
16,360
5,774
(965)
16,134
1,558
Non-comparable adjustments
2,337
—
—
—
—
—
138
1
1
Comparable hotel EBITDA
$
14,987
$
3,376
$
10,413
$
4,863
$
16,360
$
5,774
$
(827)
$
16,135
$
1,559
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)
$
(1,799)
$
(1,409)
$
1,013
$
(9,349)
$
(33)
$
(24,220)
$
15,257
$
(53,858)
Non-property adjustments
—
—
—
19
(55)
—
(10,510)
(11,833)
Interest income
(1)
(1)
(2)
—
—
(3)
(5)
(24)
Interest expense
—
—
—
972
—
1,808
1,876
6,978
Amortization of loan costs
—
—
—
147
—
252
491
1,323
Depreciation and amortization
5,995
5,090
2,718
14,113
5,468
28,028
58,945
218,077
Income tax expense (benefit)
—
(3)
—
—
—
—
166
169
Non-hotel EBITDA ownership expense
123
38
232
726
(204)
523
2,404
8,141
Hotel EBITDA including amounts attributable to noncontrolling interest
4,318
3,715
3,961
6,628
5,176
6,388
68,624
168,973
Non-comparable adjustments
(1)
—
—
—
—
(12)
(290)
2,174
Comparable hotel EBITDA
$
4,317
$
3,715
$
3,961
$
6,628
$
5,176
$
6,376
$
68,334
$
171,147
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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)
TTM 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)
$
4,904
$
685
$
5,203
$
16,153
$
3,921
$
1,622
$
28,866
$
19,779
$
12,293
$
2,341
$
1,123
Non-property adjustments
—
—
(76)
—
—
(25)
(203)
(32)
—
—
—
Interest income
(22)
(14)
(1)
—
(5)
(4)
(8)
(25)
(96)
(10)
—
Interest expense
—
—
—
—
—
—
—
—
4
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
6,192
6,006
13,136
7,887
13,344
14,688
53,528
19,321
17,825
4,921
1,623
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
257
292
428
754
86
553
4,087
960
358
273
39
Hotel EBITDA including amounts attributable to noncontrolling interest
11,331
6,969
18,690
24,794
17,346
16,834
86,270
40,003
30,384
7,525
2,785
Non-comparable adjustments
—
—
—
—
—
—
—
—
(113)
—
—
Comparable hotel EBITDA
$
11,331
$
6,969
$
18,690
$
24,794
$
17,346
$
16,834
$
86,270
$
40,003
$
30,271
$
7,525
$
2,785
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Aareal Le Pavillon - 1 hotel
Net income (loss)
$
163
$
21,589
$
(2,190)
$
(346)
$
302
$
(688)
$
2,196
$
5,258
$
(405)
$
2,551
$
(4,208)
Non-property adjustments
—
(23)
—
(40)
—
—
—
—
—
—
272
Interest income
—
—
(4)
—
—
—
(10)
—
—
—
—
Interest expense
—
—
2,955
—
—
655
5,473
—
—
1,215
1,757
Amortization of loan costs
—
—
264
—
—
32
535
—
—
282
424
Depreciation and amortization
1,142
13,022
2,999
1,206
378
1,528
4,960
7,577
1,786
1,662
3,709
Income tax expense (benefit)
—
56
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(168)
247
64
29
20
72
80
105
14
63
33
Hotel EBITDA including amounts attributable to noncontrolling interest
1,137
34,891
4,088
849
700
1,599
13,234
12,940
1,395
5,773
1,987
Non-comparable adjustments
—
—
—
(849)
—
—
—
216
—
—
—
Comparable hotel EBITDA
$
1,137
$
34,891
$
4,088
$
—
$
700
$
1,599
$
13,234
$
13,156
$
1,395
$
5,773
$
1,987
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
574
$
653
$
(447)
$
(11)
$
(2)
$
32
$
121,911
Non-property adjustments
—
—
—
11
2
—
(114)
Interest income
—
—
—
—
—
—
(199)
Interest expense
—
—
901
—
—
70
13,030
Amortization of loan costs
—
—
150
—
—
—
1,687
Depreciation and amortization
387
477
1,772
—
—
25
201,101
Income tax expense (benefit)
79
133
—
—
—
—
268
Non-hotel EBITDA ownership expense
1
(1)
130
—
—
—
8,776
Hotel EBITDA including amounts attributable to noncontrolling interest
1,041
1,262
2,506
—
—
127
346,460
Non-comparable adjustments
—
—
—
—
—
3,485
2,739
Comparable hotel EBITDA
$
1,041
$
1,262
$
2,506
$
—
$
—
$
3,612
$
349,199
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 2022, 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.
