First Quarter Net Loss Attributable to Common Stockholders was $(91.6) Million
Completed $200 Million Strategic Corporate Financing with Option to Upsize to $450 Million
Company Had Positive Comparable Hotel EBITDA of $6.0 Million in the First Quarter
DALLAS – May 4, 2021 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2021. 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 March 31, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2021 with the first quarter ended March 31, 2020 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed in 2020 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
•Net loss attributable to common stockholders was $(91.6) million or $(1.10) per diluted share for the quarter.
•Comparable RevPAR for all hotels decreased 50.9% to $47.51 during the quarter.
•Adjusted EBITDAre was $(5.2) million for the quarter, the best performing quarter since the first quarter of 2020.
•Adjusted funds from operations (AFFO) was $(0.30) per diluted share for the quarter.
•The Company ended the quarter with cash and cash equivalents of $225.4 million and restricted cash of $67.7 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 $11.8 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.
•During the quarter, the Company completed a $200 million corporate financing with the ability to upsize to $450 million.
•During the quarter, the Company announced that it signed a modification agreement improving loan extension terms on its $395 million JP Morgan 8 Loan Pool representing 8 hotels.
•During the quarter, the Company announced that it signed a modification agreement improving loan extension terms on its $419 million MS 17 Loan Pool representing 17 hotels.
AHT Reports First Quarter Results
Page 2
May 4, 2021
•Subsequent to quarter end, the Company announced that it signed a modification agreement improving loan extension terms on its $240 million Renaissance Nashville/Westin Princeton Pool representing 2 hotels.
•Subsequent to quarter end, the Company published an updated investor presentation that can be found on the Investor page of its website at www.ahtreit.com.
•Capex invested during the quarter was $9.1 million.
STRATEGIC FINANCING
On January 15, 2021, the Company announced that it completed the previously announced strategic financing (“Loan”). The Company drew down $200 million on the Loan at that time and has the option to draw down an additional $250 million, if needed. At this time, the Company believes it may not need to draw down any additional proceeds.
The Loan has a 3-year term with two, 1-year extension options subject to certain fees and tests. The Loan also allows the Company the option to accrue (and not pay in cash) the interest expense for up to two years, and the lender will be eligible to receive an exit fee that may be paid by the Company in either cash or warrants. For reporting purposes, the warrants associated with this exit fee are included in the Company’s fully diluted share count.
CAPITAL STRUCTURE
At March 31, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%.
The Company has been actively exchanging its preferred stock for common stock. To date, the Company has exchanged 13.0 million shares of its preferred stock, approximately 58% of its preferred shares prior to initiating the exchanges and representing approximately $325 million of par value, into 85.0 million shares of common stock.
The Company has also been opportunistically raising equity capital to delever its balance sheet. During the fourth quarter of 2020 and into the first quarter of 2021, the Company issued approximately 10.4 million shares of common stock under its first equity line raising approximately $25.1 million in proceeds. During the first quarter, the Company also issued 13.7 million shares of common stock under its Standby Equity Distribution Agreement, or SEDA, for approximately $40.6 million in proceeds. The Company recently completed its second equity line issuing 20.5 million shares of common stock for approximately $43.6 million in proceeds. In total, the Company has raised approximately $89 million this year from the sale of its common stock, providing significant liquidity.
In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the first quarter ending March 31, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company also did not pay a dividend on its preferred stock for the first quarter ending March 31, 2021.
PORTFOLIO REVPAR
As of March 31, 2021, the portfolio consisted of 102 hotels.
•Comparable RevPAR decreased 50.9% to $47.51 for all hotels on a 31.4% decrease in ADR and a 28.4% decrease in occupancy.
AHT Reports First Quarter Results
Page 3
May 4, 2021
“I’m pleased to report that our portfolio generated positive Hotel EBITDA in the first quarter,” commented J. Robison Hays, Ashford Trust’s President and Chief Executive Officer. “We’ve taken decisive actions to enhance our liquidity and deleverage our balance sheet, and we believe our attractive hotel portfolio is well-positioned to capitalize on the industry recovery we are already seeing. We’ve enhanced our operational and financial flexibility by securing forbearance agreements on $3.6 billion of loans and exchanging approximately $325 million of our preferred equity for common equity. We have also ensured substantial access to capital and ample liquidity for multiple years via a long-term capital agreement for up to $450 million. Further, we’ve materially reduced our monthly cash utilization, handed back uneconomic assets to lenders, significantly delevered our balance sheet, and have no significant debt maturities until 2024-2025, assuming extensions are exercised. Looking ahead, the lodging industry is showing clear signs of improvement, our geographically diverse portfolio is well-positioned with high exposure to transient leisure customers, and we believe our improved liquidity profile and ongoing deleveraging initiatives position us to capitalize on this recovery.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 5, 2021, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Wednesday, May 12, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13717718.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2021 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, May 5, 2021, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing 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: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to meet the NYSE continued listing standards; our ability to regain S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or
AHT Reports First Quarter Results
Page 4
May 4, 2021
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 this risk 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)
March 31, 2021
December 31, 2020
ASSETS
Investments in hotel properties, net
$
3,364,584
$
3,426,982
Cash and cash equivalents
225,357
92,905
Restricted cash
67,734
74,408
Accounts receivable, net of allowance of $271 and $441, respectively
33,320
21,760
Inventories
2,340
2,447
Notes receivable, net
8,408
8,263
Investment in OpenKey
2,674
2,811
Deferred costs, net
6,805
1,851
Prepaid expenses
17,884
18,401
Derivative assets, net
195
263
Operating lease right-of-use assets
44,808
45,008
Other assets
20,394
23,303
Intangible assets, net
797
797
Due from Ashford Inc., net
1,506
—
Due from related parties, net
8,177
5,801
Due from third-party hotel managers
11,847
9,383
Total assets
$
3,816,830
$
3,734,383
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,899,091
$
3,728,911
Accounts payable and accrued expenses
95,647
99,954
Accrued interest payable
43,630
98,685
Dividends and distributions payable
236
868
Due to Ashford Inc., net
—
13,383
Due to third-party hotel managers
436
184
Intangible liabilities, net
2,237
2,257
Operating lease liabilities
45,184
45,309
Derivative liabilities
42,402
—
Other liabilities
5,210
5,336
Total liabilities
4,134,073
3,994,887
Redeemable noncontrolling interests in operating partnership
24,683
22,951
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,678,772 and 1,791,461 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
17
18
Series F Cumulative Preferred Stock, 2,037,824 and 2,891,440 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
20
29
Series G Cumulative Preferred Stock, 3,172,279 and 4,422,623 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
32
44
Series H Cumulative Preferred Stock, 2,002,137 and 2,668,637 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
20
27
Series I Cumulative Preferred Stock, 1,999,575 and 3,391,349 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
20
34
Common stock, $0.01 par value, 400,000,000 shares authorized, 110,140,224 and 64,362,505 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
1,101
644
Additional paid-in capital
1,845,180
1,808,875
Accumulated deficit
(2,188,401)
(2,093,292)
Total shareholders' equity (deficit) of the Company
(342,011)
(283,621)
Noncontrolling interests in consolidated entities
85
166
Total equity (deficit)
(341,926)
(283,455)
Total liabilities and equity/deficit
$
3,816,830
$
3,734,383
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2021
2020
REVENUE
Rooms
$
97,114
$
215,807
Food and beverage
7,903
47,950
Other
10,428
17,348
Total hotel revenue
115,445
281,105
Other
385
772
Total revenue
115,830
281,877
EXPENSES
Hotel operating expenses
Rooms
23,724
52,466
Food and beverage
6,527
34,901
Other expenses
55,769
103,794
Management fees
5,527
10,549
Total hotel operating expenses
91,547
201,710
Property taxes, insurance and other
17,471
20,472
Depreciation and amortization
57,627
66,350
Impairment charges
—
27,613
Advisory services fee:
Base advisory fee
8,735
8,917
Reimbursable expenses
1,591
1,831
Non-cash stock/unit-based compensation
1,835
4,551
Corporate, general and administrative:
Non-cash stock/unit-based compensation
26
142
Other general and administrative
6,971
3,350
Total operating expenses
185,803
334,936
Gain (loss) on disposition of assets and hotel properties
(69)
3,623
OPERATING INCOME (LOSS)
(70,042)
(49,436)
Equity in earnings (loss) of unconsolidated entities
(137)
(79)
Interest income
13
611
Other income (expense), net
229
1,522
Interest expense, net of discount amortization
(28,370)
(50,503)
Amortization of loan costs
(4,894)
(6,582)
Write-off of premiums, loan costs and exit fees
(3,379)
(95)
Unrealized gain (loss) on marketable securities
—
(1,477)
Unrealized gain (loss) on derivatives
919
4,422
INCOME (LOSS) BEFORE INCOME TAXES
(105,661)
(101,617)
Income tax benefit (expense)
271
(303)
NET INCOME (LOSS)
(105,390)
(101,920)
(Income) loss attributable to noncontrolling interest in consolidated entities
81
48
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
2,271
17,671
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(103,038)
(84,201)
Preferred dividends
818
(10,644)
Gain (loss) on extinguishment of preferred stock
10,635
—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(91,585)
$
(94,845)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(1.10)
$
(9.40)
Weighted average common shares outstanding – basic
83,046
10,047
Diluted:
Net income (loss) attributable to common stockholders
$
(1.10)
$
(9.40)
Weighted average common shares outstanding – diluted
83,046
10,047
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
March 31,
2021
2020
Net income (loss)
$
(105,390)
$
(101,920)
Interest expense and amortization of discounts and loan costs, net
33,264
57,085
Depreciation and amortization
57,627
66,350
Income tax expense (benefit)
(271)
303
Equity in (earnings) loss of unconsolidated entities
137
79
Company's portion of EBITDA of OpenKey
(135)
(78)
EBITDA
(14,768)
21,819
Impairment charges on real estate
—
27,613
(Gain) loss on disposition of assets and hotel properties
69
(3,623)
EBITDAre
(14,699)
45,809
Amortization of unfavorable contract liabilities
53
49
Write-off of premiums, loan costs and exit fees
3,379
95
Other (income) expense, net
(229)
(1,491)
Transaction and conversion costs
1,509
741
Legal, advisory and settlement costs
2,647
145
Unrealized (gain) loss on marketable securities
—
1,477
Unrealized (gain) loss on derivatives
(919)
(4,422)
Dead deal costs
689
101
Uninsured remediation costs
374
—
Non-cash stock/unit-based compensation
1,944
4,906
Company's portion of adjustments to EBITDAre of OpenKey
10
6
Adjusted EBITDAre
$
(5,242)
$
47,416
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
March 31,
2021
2020
Net income (loss)
$
(105,390)
$
(101,920)
(Income) loss attributable to noncontrolling interest in consolidated entities
81
48
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
2,271
17,671
Preferred dividends
818
(10,644)
Gain (loss) on extinguishment of preferred stock
10,635
—
Net income (loss) attributable to common stockholders
(91,585)
(94,845)
Depreciation and amortization on real estate
57,590
66,298
(Gain) loss on disposition of assets and hotel properties
69
(3,623)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(2,271)
(17,671)
Equity in (earnings) loss of unconsolidated entities
137
79
Impairment charges on real estate
—
27,613
Company's portion of FFO of OpenKey
(136)
(79)
FFO available to common stockholders and OP unitholders
(36,196)
(22,228)
(Gain) loss on extinguishment of preferred stock
(10,635)
—
Write-off of premiums, loan costs and exit fees
3,379
95
Other (income) expense, net
(229)
(1,491)
Transaction and conversion costs
1,883
741
Legal, advisory and settlement costs
2,647
145
Unrealized (gain) loss on marketable securities
—
1,477
Unrealized (gain) loss on derivatives
(919)
(4,422)
Dead deal costs
689
101
Uninsured remediation costs
374
—
Non-cash stock/unit-based compensation
1,944
4,906
Amortization of credit facility exit fee
2,449
—
Amortization of loan costs
4,891
6,580
Company's portion of adjustments to FFO of OpenKey
10
6
Adjusted FFO available to common stockholders and OP unitholders
$
(29,713)
$
(14,090)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
(0.30)
$
(1.17)
Weighted average diluted shares
99,600
12,010
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2021
(dollars in thousands)
(unaudited)
Indebtedness
Maturity
Interest Rate (1)
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
Comparable TTM Hotel EBITDA (12)
Comparable TTM EBITDA Debt Yield
KEYS Pool A - 7 hotels
June 2021
LIBOR + 3.65%
$
—
$
180,720
$
180,720
(2)
$
3,008
1.7
%
KEYS Pool B - 7 hotels
June 2021
LIBOR + 3.39%
—
174,400
174,400
(2)
(1,940)
(1.1)
%
KEYS Pool C - 5 hotels
June 2021
LIBOR + 3.73%
—
221,040
221,040
(2)
(6,127)
(2.8)
%
KEYS Pool D - 5 hotels
June 2021
LIBOR + 4.02%
—
262,640
262,640
(2)
4,962
1.9
%
KEYS Pool E - 5 hotels
June 2021
LIBOR + 2.73%
—
160,000
160,000
(2)
768
0.5
%
KEYS Pool F - 5 hotels
June 2021
LIBOR + 3.68%
—
215,120
215,120
(2)
(3,640)
(1.7)
%
Morgan Stanley Pool - 17 hotels
November 2021
LIBOR + 3.00%
—
419,000
419,000
(3)
(4,365)
(1.0)
%
GACC Gateway - 1 hotel
November 2021
6.26%
81,896
—
81,896
(4,626)
(5.6)
%
JPMorgan Chase La Posada - 1 hotel
November 2021
LIBOR + 2.55%
—
25,000
25,000
(4)
(381)
(1.5)
%
JPMorgan Chase - 8 hotels
February 2022
LIBOR + 3.07%
—
395,000
395,000
(5)
(6,461)
(1.6)
%
BAML Princeton/Nashville - 2 hotels
March 2022
LIBOR + 2.75%
—
240,000
240,000
(6)
(7,557)
(3.1)
%
BAML Highland Pool - 19 hotels
April 2022
LIBOR + 3.20%
—
914,281
914,281
(7)
(18,058)
(2.0)
%
Morgan Stanley Ann Arbor - 1 hotel
July 2022
LIBOR + 3.95%
—
33,200
33,200
(8)
(1,344)
(4.0)
%
Prudential Boston Back Bay - 1 hotel
November 2022
LIBOR + 2.00%
—
97,944
97,944
(5,144)
(5.3)
%
BAML Indigo Atlanta - 1 hotel
December 2022
LIBOR + 2.25%
—
16,100
16,100
(9)
58
0.4
%
Aareal Le Pavillon - 1 hotel
January 2023
LIBOR + 3.40%
—
37,000
37,000
(10)
(1,843)
(5.0)
%
Aareal Hilton Alexandria - 1 hotel
June 2023
LIBOR + 2.45%
—
73,450
73,450
(1,468)
(2.0)
%
GACC Manchester RI - 1 hotel
January 2024
5.49%
6,674
—
6,674
260
3.9
%
GACC Jacksonville RI - 1 hotel
January 2024
5.49%
9,740
—
9,740
844
8.7
%
Oaktree Capital Term Loan
January 2024
16.00%
206,663
—
206,663
(11)
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
4.99%
6,260
—
6,260
(252)
(4.0)
%
Southside Bank Ashton - 1 hotel
June 2024
LIBOR + 2.00%
—
8,881
8,881
(173)
(1.9)
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
4.85%
11,721
—
11,721
165
1.4
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
4.90%
23,438
—
23,438
375
1.6
%
BAML Pool 5 - 2 hotels
February 2025
4.45%
19,369
—
19,369
(480)
(2.5)
%
BAML Pool 3 - 3 hotels
February 2025
4.45%
50,098
—
50,098
489
1.0
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
4.66
24,281
—
24,281
1,685
6.9
%
Total
$
440,140
$
3,473,776
$
3,913,916
$
(51,245)
(1.3)
%
Percentage
11.2
%
88.8
%
100.0
%
Weighted average interest rate (1)
10.30
%
3.34
%
4.12
%
All indebtedness is non-recourse.
(1) Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021.
(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021.
(8) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(12) 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
March 31, 2021
(dollars in thousands)
(unaudited)
2021
2022
2023
2024
2025
Thereafter
Total
GACC Gateway - 1 hotel
$
78,430
$
—
$
—
$
—
$
—
$
—
$
78,430
Prudential Boston Back Bay - 1 hotel
—
97,000
—
—
—
—
97,000
Aareal Hilton Alexandria - 1 hotel
—
—
73,450
—
—
—
73,450
Morgan Stanley Ann Arbor - 1 hotel
—
—
33,200
—
—
—
33,200
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
—
—
—
5,767
—
—
5,767
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
—
—
—
419,000
—
—
419,000
BAML Indigo Atlanta - 1 hotel
—
—
—
15,781
—
—
15,781
Aareal Le Pavillon - 1 hotel
—
—
—
—
36,200
—
36,200
JPMorgan Chase - 8 hotels
—
—
—
—
395,000
—
395,000
BAML Pool 3 - 3 hotels
—
—
—
—
45,298
—
45,298
BAML Pool 5 - 2 hotels
—
—
—
—
17,421
—
17,421
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
—
—
—
—
—
206,663
206,663
BAML Princeton/Nashville - 2 hotels
—
—
—
—
—
240,000
240,000
Principal due in future periods
78,430
97,000
131,650
496,933
2,636,899
446,663
3,887,575
Scheduled amortization payments remaining
15,136
3,387
3,712
3,805
301
—
26,341
Total indebtedness
$
93,566
$
100,387
$
135,362
$
500,738
$
2,637,200
$
446,663
$
3,913,916
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended March 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Rooms revenue (in thousands)
$
96,485
$
(7)
$
96,478
$
214,776
$
(16,197)
$
198,579
(55.08)
%
(51.42)
%
RevPAR
$
47.48
$
(6.17)
$
47.51
$
94.81
$
76.25
$
96.73
(49.92)
%
(50.89)
%
Occupancy
42.17
%
—
%
42.19
%
58.45
%
54.06
%
58.90
%
(27.85)
%
(28.36)
%
ADR
$
112.59
$
—
$
112.59
$
162.21
$
141.04
$
164.22
(30.59)
%
(31.44)
%
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
March 31,
2021
2020
% Variance
Total hotel revenue
$
114,621
$
279,703
(59.02)
%
Non-comparable adjustments
(8)
(18,455)
Comparable total hotel revenue
$
114,613
$
261,248
(56.13)
%
Hotel EBITDA
$
5,819
$
65,790
(91.16)
%
Non-comparable adjustments
199
(2,344)
Comparable hotel EBITDA
$
6,018
$
63,446
(90.51)
%
Hotel EBITDA margin
5.08
%
23.52
%
(18.44)
%
Comparable hotel EBITDA margin
5.25
%
24.29
%
(19.04)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
(1)
$
37
(102.70)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
5,820
$
65,753
(91.15)
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
6,019
$
63,409
(90.51)
%
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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 REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2021
2021
2021
2020
2020
2020
2020
2020
2020
2020
2020
2020
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
Total hotel revenue
$
114,621
$
(8)
$
114,613
$
89,432
$
(8)
$
89,424
$
92,519
$
(3,650)
$
88,869
$
42,709
$
(3,938)
$
38,771
Hotel EBITDA
$
5,819
$
199
$
6,018
$
(9,260)
$
246
$
(9,014)
$
(9,632)
$
1,002
$
(8,630)
$
(43,473)
$
3,854
$
(39,619)
Hotel EBITDA margin
5.08
%
5.25
%
(10.35)
%
(10.08)
%
(10.41)
%
(9.71)
%
(101.79)
%
(102.19)
%
EBITDA % of total TTM
(10.3)
%
(11.7)
%
16.4
%
17.6
%
17.0
%
16.8
%
76.9
%
77.3
%
JV interests in EBITDA
$
(1)
$
—
$
(1)
$
(3)
$
—
$
(3)
$
27
$
—
$
27
$
(22)
$
—
$
(22)
Actual
Non-comparable Adjustments
Comparable
2021
2021
2021
TTM
TTM
TTM
Total hotel revenue
$
339,281
$
(7,604)
$
331,677
Hotel EBITDA
$
(56,546)
$
5,301
$
(51,245)
Hotel EBITDA margin
(16.67)
%
(15.45)
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in EBITDA
$
1
$
—
$
1
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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 March 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
60.77
$
—
$
60.77
$
108.33
$
—
$
108.33
(43.9)
%
(43.9)
%
Boston, MA Area
2
705
25.83
—
25.83
81.53
(52.62)
90.14
(68.3)
%
(71.3)
%
Dallas / Ft. Worth, TX Area
7
1,526
44.93
—
44.93
95.04
—
95.04
(52.7)
%
(52.7)
%
Houston, TX Area
3
692
51.31
—
51.31
81.08
—
81.08
(36.7)
%
(36.7)
%
Los Angeles, CA Metro Area
6
1,619
58.82
—
58.82
110.04
—
110.04
(46.5)
%
(46.5)
%
Miami, FL Metro Area
2
414
92.98
—
92.98
152.16
(114.20)
168.11
(38.9)
%
(44.7)
%
Minneapolis - St. Paul, MN-WI Area
2
520
16.37
(6.17)
16.62
62.08
(82.47)
50.74
(73.6)
%
(67.2)
%
Nashville, TN Area
1
673
34.09
—
34.09
155.74
—
155.74
(78.1)
%
(78.1)
%
New York / New Jersey Metro Area
6
1,743
16.30
—
16.30
76.81
(100.32)
72.62
(78.8)
%
(77.6)
%
Orlando, FL Area
2
524
56.52
—
56.52
103.49
(93.17)
107.63
(45.4)
%
(47.5)
%
Philadelphia, PA Area
3
648
36.46
—
36.46
62.53
—
62.53
(41.7)
%
(41.7)
%
San Diego, CA Area
2
410
48.62
—
48.62
89.63
—
89.63
(45.8)
%
(45.8)
%
San Francisco - Oakland, CA Metro Area
7
1,547
47.04
—
47.04
114.31
—
114.31
(58.8)
%
(58.8)
%
Tampa, FL Area
2
571
94.02
—
94.02
127.19
—
127.19
(26.1)
%
(26.1)
%
Washington D.C. - MD - VA Area
9
2,426
40.19
—
40.19
92.62
—
92.62
(56.6)
%
(56.6)
%
Other Areas
39
7,125
52.26
—
52.26
87.49
(63.59)
91.31
(40.3)
%
(42.8)
%
Total Portfolio
102
22,569
$
47.48
$
(6.17)
$
47.51
$
94.81
$
76.25
$
96.73
(49.9)
%
(50.9)
%
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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 EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
776
$
—
$
776
12.9
%
$
4,354
$
—
$
4,354
6.9
%
(82.2)
%
(82.2)
%
Boston, MA Area
2
705
(1,963)
—
(1,963)
(32.6)
%
(1)
27
26
—
%
(196,200.0)
%
(7,650.0)
%
Dallas / Ft. Worth, TX Area
7
1,526
712
—
712
11.8
%
5,806
—
5,806
9.2
%
(87.7)
%
(87.7)
%
Houston, TX Area
3
692
358
—
358
5.9
%
2,017
—
2,017
3.2
%
(82.3)
%
(82.3)
%
Los Angeles, CA Metro Area
6
1,619
1,447
—
1,447
24.0
%
5,697
—
5,697
9.0
%
(74.6)
%
(74.6)
%
Miami, FL Metro Area
2
414
780
—
780
13.0
%
3,993
(881)
3,112
4.9
%
(80.5)
%
(74.9)
%
Minneapolis - St. Paul, MN-WI Area
2
520
(1,046)
187
(859)
(14.3)
%
(730)
381
(349)
(0.6)
%
(43.3)
%
(146.1)
%
Nashville, TN Area
1
673
(475)
—
(475)
(7.9)
%
5,074
—
5,074
8.0
%
(109.4)
%
(109.4)
%
New York / New Jersey Metro Area
6
1,743
(2,786)
—
(2,786)
(46.3)
%
1,330
(66)
1,264
2.0
%
(309.5)
%
(320.4)
%
Orlando, FL Area
2
524
554
—
554
9.2
%
2,566
(590)
1,976
3.1
%
(78.4)
%
(72.0)
%
Philadelphia, PA Area
3
648
(181)
—
(181)
(3.0)
%
354
—
354
0.6
%
(151.1)
%
(151.1)
%
San Diego, CA Area
2
410
353
—
353
5.9
%
964
—
964
1.5
%
(63.4)
%
(63.4)
%
San Francisco - Oakland, CA Metro Area
7
1,547
610
—
610
10.1
%
5,184
—
5,184
8.2
%
(88.2)
%
(88.2)
%
Tampa, FL Area
2
571
1,846
—
1,846
30.7
%
3,571
—
3,571
5.6
%
(48.3)
%
(48.3)
%
Washington D.C. - MD - VA Area
9
2,426
(103)
—
(103)
(1.7)
%
4,540
—
4,540
7.2
%
(102.3)
%
(102.3)
%
Other Areas
39
7,125
4,937
12
4,949
82.3
%
21,071
(1,215)
19,856
31.2
%
(76.6)
%
(75.1)
%
Total Portfolio
102
22,569
$
5,819
$
199
$
6,018
100.0
%
$
65,790
$
(2,344)
$
63,446
100.0
%
(91.2)
%
(90.5)
%
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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
TOTAL ENTERPRISE VALUE
March 31, 2021
(in thousands, except share price)
(unaudited)
March 31, 2021
Common stock shares outstanding
110,140
Partnership units outstanding
2,113
Combined common stock shares and partnership units outstanding
112,253
Common stock price
$
2.95
Market capitalization
$
331,146
Series D cumulative preferred stock
$
41,969
Series F cumulative preferred stock
$
50,946
Series G cumulative preferred stock
$
79,307
Series H cumulative preferred stock
$
50,053
Series I cumulative preferred stock
$
49,989
Indebtedness
$
3,913,916
Joint venture partner's share of consolidated indebtedness
$
(1,940)
Net working capital (see below)
$
(223,163)
Total enterprise value (TEV)
$
4,292,223
Cash and cash equivalents
$
225,321
Restricted cash
$
67,555
Accounts receivable, net
$
33,308
Prepaid expenses
$
17,874
Due from third-party hotel managers, net
$
11,414
Due from affiliates, net
$
9,581
Total current assets
$
365,053
Accounts payable, net & accrued expenses
$
141,654
Dividends and distributions payable
$
236
Total current liabilities
$
141,890
Net working capital*
$
223,163
* Includes the Company’s pro rata share of net working capital in joint ventures.
14
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2021
2020
2020
2020
March 31, 2021
1st Quarter
4th Quarter
3rd Quarter
2nd Quarter
TTM
Net income (loss)
$
(52,353)
$
(76,878)
$
(59,307)
$
(144,344)
$
(332,882)
Non-property adjustments
69
6,246
(20,029)
27,463
13,749
Interest income
(6)
(7)
(6)
(14)
(33)
Interest expense
1,367
1,279
6,012
8,125
16,783
Amortization of loan costs
272
305
489
547
1,613
Depreciation and amortization
57,426
58,286
62,708
64,812
243,232
Income tax expense (benefit)
—
111
—
(19)
92
Non-hotel EBITDA ownership expense
(956)
1,398
501
(43)
900
Hotel EBITDA including amounts attributable to noncontrolling interest
5,819
(9,260)
(9,632)
(43,473)
(56,546)
Non-comparable adjustments
199
246
1,002
3,854
5,301
Comparable hotel EBITDA
$
6,018
$
(9,014)
$
(8,630)
$
(39,619)
$
(51,245)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
15
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(52,353)
$
(205)
$
(52,832)
$
(105,390)
Non-property adjustments
69
—
(69)
—
Interest income
(6)
—
6
—
Interest expense
1,367
—
27,003
28,370
Amortization of loan cost
272
—
4,622
4,894
Depreciation and amortization
57,426
152
49
57,627
Income tax expense (benefit)
—
—
(271)
(271)
Non-hotel EBITDA ownership expense
(956)
13
943
—
Hotel EBITDA including amounts attributable to noncontrolling interest
5,819
(40)
(20,549)
(14,770)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
1
—
(1)
—
Equity in (earnings) loss of unconsolidated entities
—
—
137
137
Company's portion of EBITDA of OpenKey
—
—
(135)
(135)
Hotel EBITDA attributable to the Company and OP unitholders
$
5,820
$
(40)
$
(20,548)
$
(14,768)
Non-comparable adjustments
199
Comparable hotel EBITDA
$
6,018
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
16
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(76,878)
$
(419)
$
(60,293)
$
(137,590)
Non-property adjustments
6,246
—
(6,246)
—
Interest income
(7)
—
7
—
Interest expense
1,279
—
30,020
31,299
Amortization of loan cost
305
—
3,616
3,921
Depreciation and amortization
58,286
155
49
58,490
Income tax expense (benefit)
111
—
73
184
Non-hotel EBITDA ownership expense
1,398
6
(1,404)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
(9,260)
(258)
(34,178)
(43,696)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
3
—
(3)
—
Equity in (earnings) loss of unconsolidated entities
—
—
169
169
Company's portion of EBITDA of Ashford Inc.
—
—
—
Company's portion of EBITDA of OpenKey
—
—
(169)
(169)
Hotel EBITDA attributable to the Company and OP unitholders
$
(9,257)
$
(258)
$
(34,181)
$
(43,696)
Non-comparable adjustments
246
Comparable hotel EBITDA
$
(9,014)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(59,307)
$
(530)
$
(91,789)
$
(151,626)
Non-property adjustments
(20,029)
—
20,029
—
Interest income
(6)
—
6
—
Interest expense
6,012
—
58,498
64,510
Amortization of loan cost
489
—
1,995
2,484
Depreciation and amortization
62,708
153
48
62,909
Income tax expense (benefit)
—
—
366
366
Non-hotel EBITDA ownership expense
501
4
(505)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
(9,632)
(373)
(11,352)
(21,357)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(27)
—
27
—
Equity in (earnings) loss of unconsolidated entities
—
—
121
121
Company's portion of EBITDA of Ashford Inc.
—
—
—
Company's portion of EBITDA of OpenKey
—
—
(121)
(121)
Hotel EBITDA attributable to the Company and OP unitholders
$
(9,659)
$
(373)
$
(11,325)
$
(21,357)
Non-comparable adjustments
1,002
Comparable hotel EBITDA
$
(8,630)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(144,344)
$
(678)
$
(97,064)
$
(242,086)
Non-property adjustments
27,463
—
(27,463)
—
Interest income
(14)
—
14
—
Interest expense
8,125
—
76,419
84,544
Amortization of loan cost
547
—
2,991
3,538
Depreciation and amortization
64,812
156
48
65,016
Income tax expense (benefit)
(19)
—
(2,169)
(2,188)
Non-hotel EBITDA ownership expense
(43)
2
41
—
Hotel EBITDA including amounts attributable to noncontrolling interest
(43,473)
(520)
(47,183)
(91,176)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
22
—
(22)
—
Equity in (earnings) loss of unconsolidated entities
—
—
79
79
Company's portion of EBITDA of Ashford Inc.
—
—
—
Company's portion of EBITDA of OpenKey
—
—
(78)
(78)
Hotel EBITDA attributable to the Company and OP unitholders
$
(43,451)
$
(520)
$
(47,204)
$
(91,175)
Non-comparable adjustments
3,854
Comparable hotel EBITDA
$
(39,619)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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 March 31, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(35,819)
$
120
$
(66,221)
$
(101,920)
Non-property adjustments
23,990
—
(23,990)
—
Interest income
(37)
—
37
—
Interest expense
4,843
—
45,660
50,503
Amortization of loan cost
553
—
6,029
6,582
Depreciation and amortization
66,139
162
49
66,350
Income tax expense (benefit)
19
—
284
303
Non-hotel EBITDA ownership expense
6,102
17
(6,119)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
65,790
299
(44,271)
21,818
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(37)
—
37
—
Equity in (earnings) loss of unconsolidated entities
—
—
79
79
Company's portion of EBITDA of Ashford Inc.
—
—
—
Company's portion of EBITDA of OpenKey
—
—
(78)
(78)
Hotel EBITDA attributable to the Company and OP unitholders
$
65,753
$
299
$
(44,233)
$
21,819
Non-comparable adjustments
(2,344)
Comparable hotel EBITDA
$
63,446
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 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)
$
(3,017)
$
(4,631)
$
(3,722)
$
(983)
$
(2,154)
$
(1,012)
$
(2,081)
$
(2,725)
$
(7,194)
Non-property adjustments
—
—
—
—
—
—
124
—
—
Interest income
—
—
(1)
—
(1)
—
—
—
(1)
Interest expense
3
217
—
—
—
—
—
—
—
Amortization of loan costs
8
69
—
—
—
—
—
—
—
Depreciation and amortization
3,871
2,582
4,296
1,347
3,698
1,738
915
2,551
4,639
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(89)
(200)
139
(6)
(96)
54
(4)
(301)
(230)
Hotel EBITDA including amounts attributable to noncontrolling interest
776
(1,963)
712
358
1,447
780
(1,046)
(475)
(2,786)
Non-comparable adjustments
—
—
—
—
—
—
187
—
—
Comparable hotel EBITDA
$
776
$
(1,963)
$
712
$
358
$
1,447
$
780
$
(859)
$
(475)
$
(2,786)
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)
$
(1,080)
$
(1,510)
$
(352)
$
(3,460)
$
493
$
(7,485)
$
(11,440)
$
(52,353)
Non-property adjustments
—
—
—
—
(55)
—
—
69
Interest income
—
—
—
—
—
(1)
(2)
(6)
Interest expense
—
—
—
241
—
443
463
1,367
Amortization of loan costs
—
—
—
36
—
62
97
272
Depreciation and amortization
1,605
1,324
706
3,599
1,437
7,458
15,660
57,426
Income tax expense (benefit)
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
29
5
(1)
194
(29)
(580)
159
(956)
Hotel EBITDA including amounts attributable to noncontrolling interest
554
(181)
353
610
1,846
(103)
4,937
5,819
Non-comparable adjustments
—
—
—
—
—
—
12
199
Comparable hotel EBITDA
$
554
$
(181)
$
353
$
610
$
1,846
$
(103)
$
4,949
$
6,018
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
21
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2020
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)
$
(605)
$
(4,438)
$
1,038
$
476
$
1,398
$
1,604
$
(3,109)
$
1,665
$
(6,278)
Non-property adjustments
—
—
—
—
—
—
—
—
—
Interest income
(1)
—
(2)
—
(3)
—
(4)
—
(2)
Interest expense
158
885
—
—
—
—
—
—
2,057
Amortization of loan costs
49
59
—
—
—
—
—
—
189
Depreciation and amortization
3,968
3,147
4,600
1,440
4,153
2,236
2,091
2,654
4,810
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
785
346
170
101
149
153
292
755
554
Hotel EBITDA including amounts attributable to noncontrolling interest
4,354
(1)
5,806
2,017
5,697
3,993
(730)
5,074
1,330
Non-comparable adjustments
—
27
—
—
—
(881)
381
—
(66)
Comparable hotel EBITDA
$
4,354
$
26
$
5,806
$
2,017
$
5,697
$
3,112
$
(349)
$
5,074
$
1,264
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
173
$
(1,176)
$
149
$
1,056
$
1,923
$
(5,252)
$
(24,443)
$
(35,819)
Non-property adjustments
—
—
—
—
—
—
23,990
23,990
Interest income
(2)
—
(1)
(7)
—
(6)
(9)
(37)
Interest expense
—
—
—
293
—
766
684
4,843
Amortization of loan costs
—
—
—
15
—
59
182
553
Depreciation and amortization
2,245
1,446
786
3,557
1,549
7,993
19,464
66,139
Income tax expense (benefit)
—
—
—
—
—
—
19
19
Non-hotel EBITDA ownership expense
150
84
30
270
99
980
1,184
6,102
Hotel EBITDA including amounts attributable to noncontrolling interest
2,566
354
964
5,184
3,571
4,540
21,071
65,790
Non-comparable adjustments
(590)
—
—
—
—
—
(1,215)
(2,344)
Comparable hotel EBITDA
$
1,976
$
354
$
964
$
5,184
$
3,571
$
4,540
$
19,856
$
63,446
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended March 31, 2021
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)
$
(3,372)
$
(9,471)
$
(20,919)
$
(6,508)
$
(12,719)
$
(20,621)
$
(79,194)
$
(29,739)
$
(27,563)
$
(5,429)
$
(1,448)
Non-property adjustments
—
—
—
—
—
—
(180)
(352)
—
—
—
Interest income
(9)
(5)
—
—
—
—
—
(9)
(4)
—
—
Interest expense
—
—
—
—
—
—
—
—
3
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
6,263
7,267
14,686
11,268
13,270
16,823
61,490
25,566
20,965
5,914
1,757
Income tax expense (benefit)
25
58
—
—
—
—
—
33
—
—
—
Non-hotel EBITDA ownership expense
101
211
106
202
217
158
(197)
136
138
4
66
Hotel EBITDA including amounts attributable to noncontrolling interest
3,008
(1,940)
(6,127)
4,962
768
(3,640)
(18,081)
(4,365)
(6,461)
489
375
Non-comparable adjustments
—
—
—
—
—
—
23
—
—
—
—
Comparable hotel EBITDA
$
3,008
$
(1,940)
$
(6,127)
$
4,962
$
768
$
(3,640)
$
(18,058)
$
(4,365)
$
(6,461)
$
489
$
375
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(1,004)
$
(1,224)
$
(20,481)
$
(6,875)
$
(3,953)
$
(698)
$
(2,035)
$
(16,141)
$
(15,312)
$
(1,225)
$
(2,993)
Non-property adjustments
—
—
—
(125)
—
—
—
220
—
—
—
Interest income
(1)
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
—
2,331
—
—
323
4,163
—
—
711
Amortization of loan costs
—
—
—
243
—
—
58
257
—
—
294
Depreciation and amortization
536
1,301
13,430
2,999
2,599
492
1,563
6,308
11,146
2,038
1,573
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(11)
88
(506)
(41)
10
33
149
49
(460)
31
34
Hotel EBITDA including amounts attributable to noncontrolling interest
(480)
165
(7,557)
(1,468)
(1,344)
(173)
58
(5,144)
(4,626)
844
(381)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
(480)
$
165
$
(7,557)
$
(1,468)
$
(1,344)
$
(173)
$
58
$
(5,144)
$
(4,626)
$
844
$
(381)
Aareal Le Pavillon - 1 hotel
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
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(7,665)
$
(654)
$
(339)
$
(1,724)
$
34,256
$
16,248
$
(32,243)
$
(43,214)
$
(8,623)
$
(332,882)
Non-property adjustments
—
—
—
—
(37,617)
(19,675)
28,778
36,077
6,623
13,749
Interest income
—
—
—
—
—
—
—
—
(5)
(33)
Interest expense
1,639
—
—
2,006
3
—
—
5,604
—
16,783
Amortization of loan costs
375
—
—
88
—
—
—
298
—
1,613
Depreciation and amortization
3,645
402
609
1,188
2,675
2,280
1,702
822
655
243,232
Income tax expense (benefit)
—
(10)
(14)
—
—
—
—
—
—
92
Non-hotel EBITDA ownership expense
163
10
4
127
108
50
(40)
(71)
31
900
Hotel EBITDA including amounts attributable to noncontrolling interest
(1,843)
(252)
260
1,685
(575)
(1,097)
(1,803)
(484)
(1,319)
(56,546)
Non-comparable adjustments
—
—
—
—
575
1,097
1,803
484
1,319
5,301
Comparable hotel EBITDA
$
(1,843)
$
(252)
$
260
$
1,685
$
—
$
—
$
—
$
—
$
—
$
(51,245)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
23
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
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)
$
91
$
(1,957)
$
(4,075)
$
(507)
$
(2,831)
$
(5,162)
$
(14,288)
$
(3,333)
$
(4,224)
$
(597)
$
(132)
Non-property adjustments
—
—
—
—
—
—
(55)
—
—
—
—
Interest income
(2)
(1)
—
—
—
—
—
(3)
—
—
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,490
1,717
3,602
2,615
3,321
4,441
15,104
5,940
5,081
1,445
419
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
57
143
85
37
(70)
(291)
(284)
(191)
6
42
2
Hotel EBITDA including amounts attributable to noncontrolling interest
1,636
(98)
(388)
2,145
420
(1,012)
477
2,413
864
890
289
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
1,636
$
(98)
$
(388)
$
2,145
$
420
$
(1,012)
$
477
$
2,413
$
864
$
890
$
289
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(217)
$
(265)
$
(3,973)
$
(1,213)
$
(1,000)
$
(95)
$
(474)
$
(2,845)
$
(2,094)
$
(192)
$
(675)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
—
443
—
—
3
217
—
—
167
Amortization of loan costs
—
—
—
62
—
—
8
69
—
—
—
Depreciation and amortization
133
322
3,305
751
623
98
390
1,569
2,603
506
459
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
12
65
(286)
7
1
9
114
(63)
(494)
—
13
Hotel EBITDA including amounts attributable to noncontrolling interest
(72)
122
(954)
50
(376)
12
41
(1,053)
15
314
(36)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
(72)
$
122
$
(954)
$
50
$
(376)
$
12
$
41
$
(1,053)
$
15
$
314
$
(36)
Aareal Le Pavillon - 1 hotel
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
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,636)
$
(129)
$
(118)
$
(57)
$
—
$
—
$
1
$
—
$
(356)
$
(52,353)
Non-property adjustments
—
—
—
—
—
—
—
—
124
69
Interest income
—
—
—
—
—
—
—
—
—
(6)
Interest expense
295
—
—
241
—
—
—
—
—
1,367
Amortization of loan costs
97
—
—
36
—
—
—
—
—
272
Depreciation and amortization
919
94
140
308
—
—
—
—
31
57,426
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
37
4
3
85
—
—
—
—
1
(956)
Hotel EBITDA including amounts attributable to noncontrolling interest
(288)
(31)
25
613
—
—
1
—
(200)
5,819
Non-comparable adjustments
—
—
—
—
—
—
(1)
—
200
199
Comparable hotel EBITDA
$
(288)
$
(31)
$
25
$
613
$
—
$
—
$
—
$
—
$
—
$
6,018
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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, 2020
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)
$
(791)
$
(2,422)
$
(4,763)
$
(1,397)
$
(4,014)
$
(4,617)
$
(18,366)
$
(7,625)
$
(6,914)
$
(1,103)
$
(211)
Non-property adjustments
—
—
—
—
—
—
—
(352)
—
—
—
Interest income
(2)
(1)
—
—
—
—
—
(2)
(2)
—
—
Interest expense
—
—
—
—
—
—
—
—
—
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,534
1,793
3,579
2,737
3,286
4,147
15,209
6,260
5,202
1,451
444
Income tax expense (benefit)
25
58
—
—
—
—
—
33
—
—
—
Non-hotel EBITDA ownership expense
(25)
35
112
104
330
61
87
134
111
(64)
45
Hotel EBITDA including amounts attributable to noncontrolling interest
741
(537)
(1,072)
1,444
(398)
(409)
(3,070)
(1,552)
(1,603)
284
278
Non-comparable adjustments
—
—
—
—
—
—
5
—
—
—
—
Comparable hotel EBITDA
$
741
$
(537)
$
(1,072)
$
1,444
$
(398)
$
(409)
$
(3,065)
$
(1,552)
$
(1,603)
$
284
$
278
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(173)
$
(214)
$
(4,388)
$
(1,584)
$
(967)
$
(66)
$
(360)
$
(3,603)
$
(3,373)
$
(423)
$
(443)
Non-property adjustments
—
—
—
(125)
—
—
—
243
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
—
406
—
—
103
245
—
—
(154)
Amortization of loan costs
—
—
—
61
—
—
8
69
—
—
49
Depreciation and amortization
133
325
3,356
743
634
118
392
1,573
2,832
509
374
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(28)
19
317
(16)
9
12
14
23
(68)
40
13
Hotel EBITDA including amounts attributable to noncontrolling interest
(68)
130
(715)
(515)
(324)
64
157
(1,450)
(609)
126
(161)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
(68)
$
130
$
(715)
$
(515)
$
(324)
$
64
$
157
$
(1,450)
$
(609)
$
126
$
(161)
Aareal Le Pavillon - 1 hotel
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
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,618)
$
(162)
$
(108)
$
(219)
$
—
$
27
$
10
$
11
$
(7,002)
$
(76,878)
Non-property adjustments
—
—
—
—
—
(15)
(10)
—
6,505
6,246
Interest income
—
—
—
—
—
—
—
—
—
(7)
Interest expense
259
—
—
420
—
—
—
—
—
1,279
Amortization of loan costs
96
—
—
22
—
—
—
—
—
305
Depreciation and amortization
910
95
144
298
—
—
—
—
208
58,286
Income tax expense (benefit)
—
—
(5)
—
—
—
—
—
—
111
Non-hotel EBITDA ownership expense
74
18
—
16
—
—
—
3
22
1,398
Hotel EBITDA including amounts attributable to noncontrolling interest
(279)
(49)
31
537
—
12
—
14
(267)
(9,260)
Non-comparable adjustments
—
—
—
—
—
(12)
—
(14)
267
246
Comparable hotel EBITDA
$
(279)
$
(49)
$
31
$
537
$
—
$
—
$
—
$
—
$
—
$
(9,014)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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)
Three Months Ended September 30, 2020
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)
$
(770)
$
(1,980)
$
(5,084)
$
(1,637)
$
(1,056)
$
(5,191)
$
(19,062)
$
(7,483)
$
(7,026)
$
(1,589)
$
(390)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(3)
(1)
—
—
—
—
—
(2)
—
—
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,548
1,848
3,720
2,881
3,326
4,255
15,524
6,561
5,310
1,485
447
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
51
15
(40)
10
(20)
247
211
(27)
(122)
13
14
Hotel EBITDA including amounts attributable to noncontrolling interest
826
(118)
(1,404)
1,254
2,250
(689)
(3,327)
(951)
(1,837)
(91)
71
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
826
$
(118)
$
(1,404)
$
1,254
$
2,250
$
(689)
$
(3,327)
$
(951)
$
(1,837)
$
(91)
$
71
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(177)
$
(244)
$
(5,793)
$
(1,960)
$
(935)
$
(205)
$
(383)
$
(4,566)
$
(4,587)
$
(188)
$
(923)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
—
941
—
—
103
1,818
—
—
501
Amortization of loan costs
—
—
—
61
—
—
7
60
—
—
147
Depreciation and amortization
118
327
3,382
768
695
131
391
1,583
2,882
511
375
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(6)
3
(66)
(4)
8
9
7
107
38
(11)
12
Hotel EBITDA including amounts attributable to noncontrolling interest
(65)
86
(2,477)
(194)
(232)
(65)
125
(998)
(1,667)
312
112
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
(65)
$
86
$
(2,477)
$
(194)
$
(232)
$
(65)
$
125
$
(998)
$
(1,667)
$
312
$
112
Aareal Le Pavillon - 1 hotel
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
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,931)
$
(81)
$
15
$
(203)
$
64,786
$
18,244
$
(30,207)
$
(38,237)
$
(464)
$
(59,307)
Non-property adjustments
—
—
—
—
(65,223)
(19,660)
28,788
36,077
(11)
(20,029)
Interest income
—
—
—
—
—
—
—
—
—
(6)
Interest expense
345
—
—
698
1
—
—
1,604
—
6,012
Amortization of loan costs
94
—
—
15
—
—
—
105
—
489
Depreciation and amortization
909
100
148
291
881
1,058
761
284
208
62,708
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
34
(2)
1
16
76
41
(25)
(83)
(6)
501
Hotel EBITDA including amounts attributable to noncontrolling interest
(549)
17
164
817
521
(317)
(683)
(250)
(273)
(9,632)
Non-comparable adjustments
—
—
—
—
(521)
317
683
250
273
1,002
Comparable hotel EBITDA
$
(549)
$
17
$
164
$
817
$
—
$
—
$
—
$
—
$
—
$
(8,630)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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, 2020
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)
$
(1,902)
$
(3,112)
$
(6,997)
$
(2,967)
$
(4,818)
$
(5,651)
$
(27,478)
$
(11,298)
$
(9,399)
$
(2,140)
$
(715)
Non-property adjustments
—
—
—
—
—
—
(125)
—
—
—
—
Interest income
(2)
(2)
—
—
—
—
—
(2)
(2)
—
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,691
1,909
3,785
3,035
3,337
3,980
15,653
6,805
5,372
1,533
447
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
18
18
(51)
51
(23)
141
(211)
220
143
13
5
Hotel EBITDA including amounts attributable to noncontrolling interest
(195)
(1,187)
(3,263)
119
(1,504)
(1,530)
(12,161)
(4,275)
(3,885)
(594)
(263)
Non-comparable adjustments
—
—
—
—
—
—
18
—
—
—
—
Comparable hotel EBITDA
$
(195)
$
(1,187)
$
(3,263)
$
119
$
(1,504)
$
(1,530)
$
(12,143)
$
(4,275)
$
(3,885)
$
(594)
$
(263)
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(437)
$
(501)
$
(6,327)
$
(2,118)
$
(1,051)
$
(332)
$
(818)
$
(5,127)
$
(5,258)
$
(422)
$
(952)
Non-property adjustments
—
—
—
—
—
—
—
(23)
—
—
—
Interest income
(1)
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
—
541
—
—
114
1,883
—
—
197
Amortization of loan costs
—
—
—
59
—
—
35
59
—
—
98
Depreciation and amortization
152
327
3,387
737
647
145
390
1,583
2,829
512
365
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
11
1
(471)
(28)
(8)
3
14
(18)
64
2
(4)
Hotel EBITDA including amounts attributable to noncontrolling interest
(275)
(173)
(3,411)
(809)
(412)
(184)
(265)
(1,643)
(2,365)
92
(296)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
(275)
$
(173)
$
(3,411)
$
(809)
$
(412)
$
(184)
$
(265)
$
(1,643)
$
(2,365)
$
92
$
(296)
Aareal Le Pavillon - 1 hotel
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
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(2,480)
$
(282)
$
(128)
$
(1,245)
$
(30,530)
$
(2,023)
$
(2,047)
$
(4,988)
$
(801)
$
(144,344)
Non-property adjustments
—
—
—
—
27,606
—
—
—
5
27,463
Interest income
—
—
—
—
—
—
—
—
(5)
(14)
Interest expense
740
—
—
647
2
—
—
4,000
—
8,125
Amortization of loan costs
88
—
—
15
—
—
—
193
—
547
Depreciation and amortization
907
113
177
291
1,794
1,222
941
538
208
64,812
Income tax expense (benefit)
—
(10)
(9)
—
—
—
—
—
—
(19)
Non-hotel EBITDA ownership expense
18
(10)
—
10
32
9
(15)
9
14
(43)
Hotel EBITDA including amounts attributable to noncontrolling interest
(727)
(189)
40
(282)
(1,096)
(792)
(1,121)
(248)
(579)
(43,473)
Non-comparable adjustments
—
—
—
—
1,096
792
1,121
248
579
3,854
Comparable hotel EBITDA
$
(727)
$
(189)
$
40
$
(282)
$
—
$
—
$
—
$
—
$
—
$
(39,619)
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 31, 2021, 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.
