Net Loss Attributable to Common Stockholders was $(25.2) Million
Comparable Hotel EBITDA was $94.1 Million
Adjusted EBITDAre was $82.1 Million
Best Quarterly RevPAR Performance to Date Relative to 2019
September 2022 RevPAR Exceeded September 2019 RevPAR
DALLAS – November 1, 2022 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 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 September 30, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2022 with the third quarter ended September 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
•Comparable RevPAR for all hotels increased 29% to $127 during the quarter on a 14.5% increase in ADR and a 12.9% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 4% 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 $(25.2) million or $(0.73) per diluted share for the quarter.
•Adjusted EBITDAre was $82.1 million for the quarter, reflecting a growth rate of 75.2% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter, reflecting a growth rate of 373% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $505.5 million and restricted cash of $132.1 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 $27.4 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.
AHT Reports Third Quarter Results
Page 2
November 1, 2022
•During the quarter, the Company recorded a credit of $3.9 million that is included in general and administrative expense related to the true-up associated with the contribution agreement for Ashford Securities, which the Company expects to occur during 2023.
•Net working capital at the end of the quarter was $601.9 million, which equates to approximately $16.64 per diluted share.
•Capex invested during the quarter was $25.3 million.
DISPOSITION ACTIVITY
Capital recycling remains an important component of the Company’s strategy and Ashford Trust is pursuing opportunities to sell certain non-core assets. On September 1, 2022, the Company completed the sale of the Sheraton Ann Arbor in Michigan for $34.5 million in cash and a $1.5 million interest-free receivable. All of the cash proceeds from the sale were used to pay down debt.
CAPITAL STRUCTURE
At September 30, 2022, the Company had total loans of $3.8 billion with a blended average interest rate of 6.7%. The Company has interest rate caps in place for all of its floating rate debt. Taking into account the current level of LIBOR and the corresponding interest rate caps, approximately 59% of the Company’s debt is effectively fixed and approximately 41% is effectively floating. All of the Company’s loans are current and in good standing with the respective lenders. At the end of the quarter, approximately 85% 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.
The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 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 those current going forward.
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 are expected to have an initial annual dividend yield of 8% and 8.2% respectively, and the Company will also offer 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. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
“We are extremely pleased with our strong third quarter operating performance and, bolstered by increased demand and notable rate increases in many key markets, we’re extremely encouraged that Ashford Trust’s RevPAR performance in September represents the first positive month we’ve had versus 2019 thus far,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “That improvement has continued into the fourth quarter, reflecting our high-quality, geographically diverse portfolio and its high exposure to transient leisure customers. Further, we have significantly de-levered our balance sheet, and 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.
AHT Reports Third Quarter Results
Page 3
November 1, 2022
Looking ahead to the remainder of 2022 and into 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, November 2, 2022, 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, November 9, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13732686.
The Company will also provide an online simulcast and rebroadcast of its third 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, November 2, 2022, 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.
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; 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
AHT Reports Third Quarter Results
Page 4
November 1, 2022
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)
September 30, 2022
December 31, 2021
ASSETS
Investments in hotel properties, net
$
3,114,528
$
3,230,710
Cash and cash equivalents
505,533
592,110
Restricted cash
132,055
99,534
Accounts receivable, net of allowance of $634 and $455, respectively
58,601
37,720
Inventories
3,788
3,291
Notes receivable, net
4,975
8,723
Investment in unconsolidated entities
10,802
11,253
Deferred costs, net
3,247
5,001
Prepaid expenses
19,797
13,384
Derivative assets, net
20,187
501
Operating lease right-of-use assets
44,082
44,575
Other assets
17,559
16,150
Intangible assets, net
797
797
Due from Ashford Inc., net
1,761
25
Due from related parties, net
6,597
7,473
Due from third-party hotel managers
27,361
26,896
Total assets
$
3,971,670
$
4,098,143
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,838,697
$
3,887,822
Accounts payable and accrued expenses
135,967
117,650
Accrued interest payable
10,577
15,432
Dividends and distributions payable
3,103
3,104
Due to related parties, net
—
728
Due to third-party hotel managers
727
1,204
Intangible liabilities, net
2,117
2,177
Operating lease liabilities
44,781
45,106
Other liabilities
4,452
4,832
Total liabilities
4,040,421
4,078,055
Redeemable noncontrolling interests in operating partnership
21,988
22,742
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 September 30, 2022 and December 31, 2021
12
12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2022 and December 31, 2021
12
12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2022 and December 31, 2021
15
15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2022 and December 31, 2021
13
13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2022 and December 31, 2021
13
13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,498,993 and 34,490,381 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
345
345
Additional paid-in capital
2,382,863
2,379,906
Accumulated deficit
(2,474,012)
(2,382,970)
Total equity (deficit)
(90,739)
(2,654)
Total liabilities and equity/deficit
$
3,971,670
$
4,098,143
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
REVENUE
Rooms
$
260,616
$
202,119
$
731,474
$
459,264
Food and beverage
48,633
29,744
139,709
57,487
Other
18,183
14,944
50,042
38,358
Total hotel revenue
327,432
246,807
921,225
555,109
Other
724
627
2,164
1,567
Total revenue
328,156
247,434
923,389
556,676
EXPENSES
Hotel operating expenses
Rooms
61,464
48,579
169,250
110,072
Food and beverage
36,199
22,206
100,981
41,883
Other expenses
106,907
92,581
310,407
224,422
Management fees
11,686
8,976
33,552
21,944
Total hotel operating expenses
216,256
172,342
614,190
398,321
Property taxes, insurance and other
17,541
17,222
51,289
51,821
Depreciation and amortization
49,428
53,069
152,444
166,291
Advisory services fee:
Base advisory fee
8,854
9,476
26,202
27,217
Reimbursable expenses
2,430
1,979
7,365
5,191
Stock/unit-based compensation
1,229
2,412
4,609
6,702
Incentive fee
—
(6,472)
—
—
Corporate, general and administrative:
Stock/unit-based compensation
37
39
668
675
Other general and administrative
(921)
2,375
6,062
11,438
Total operating expenses
294,854
252,442
862,829
667,656
Gain (loss) on disposition of assets and hotel properties
(11)
103
273
395
OPERATING INCOME (LOSS)
33,291
(4,905)
60,833
(110,585)
Equity in earnings (loss) of unconsolidated entities
(147)
(145)
(451)
(423)
Interest income
1,576
124
2,153
137
Other income (expense), net
241
208
426
682
Interest expense, net of discount amortization
(58,511)
(40,797)
(145,661)
(102,033)
Amortization of loan costs
(2,512)
(2,206)
(7,314)
(9,970)
Write-off of premiums, loan costs and exit fees
(1,378)
(1,034)
(3,076)
(5,200)
Gain (loss) on extinguishment of debt
—
1,292
—
11,896
Unrealized gain (loss) on derivatives
9,774
6,029
19,059
3,712
INCOME (LOSS) BEFORE INCOME TAXES
(17,666)
(41,434)
(74,031)
(211,784)
Income tax benefit (expense)
(4,657)
(2,615)
(10,340)
(2,916)
NET INCOME (LOSS)
(22,323)
(44,049)
(84,371)
(214,700)
(Income) loss attributable to noncontrolling interest in consolidated entities
—
(10)
—
84
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
231
367
679
3,594
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(22,092)
(43,692)
(83,692)
(211,022)
Preferred dividends
(3,104)
(2,039)
(9,311)
1,488
Gain (loss) on extinguishment of preferred stock
—
(1,789)
—
959
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(25,196)
$
(47,520)
$
(93,003)
$
(208,575)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.73)
$
(1.70)
$
(2.71)
$
(11.89)
Weighted average common shares outstanding – basic
34,371
28,033
34,324
17,520
Diluted:
Net income (loss) attributable to common stockholders
$
(0.73)
$
(1.70)
$
(2.71)
$
(11.89)
Weighted average common shares outstanding – diluted
34,371
28,033
34,324
17,520
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
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net income (loss)
$
(22,323)
$
(44,049)
$
(84,371)
$
(214,700)
Interest expense and amortization of discounts and loan costs, net
61,023
43,003
152,975
112,003
Depreciation and amortization
49,428
53,069
152,444
166,291
Income tax expense (benefit)
4,657
2,615
10,340
2,916
Equity in (earnings) loss of unconsolidated entities
147
145
451
423
Company's portion of EBITDA of unconsolidated entities
(148)
(144)
(452)
(419)
EBITDA
92,784
54,639
231,387
66,514
(Gain) loss on disposition of assets and hotel properties
11
(103)
(273)
(395)
EBITDAre
92,795
54,536
231,114
66,119
Amortization of unfavorable contract liabilities
43
52
138
158
Write-off of premiums, loan costs and exit fees
1,378
1,034
3,076
5,200
(Gain) loss on extinguishment of debt
—
(1,292)
—
(11,896)
Other (income) expense, net
(241)
(209)
(426)
(683)
Transaction and conversion costs
(3,401)
332
(1,828)
2,254
Legal, advisory and settlement costs
(96)
2,435
(59)
6,932
Unrealized (gain) loss on derivatives
(9,774)
(6,029)
(19,059)
(3,712)
Dead deal costs
76
—
356
689
Uninsured remediation costs
—
(33)
—
341
Stock/unit-based compensation
1,275
2,490
5,324
7,539
Advisory services incentive fee
—
(6,472)
—
—
Company's portion of adjustments to EBITDAre of unconsolidated entities
1
2
12
14
Adjusted EBITDAre
$
82,056
$
46,846
$
218,648
$
72,955
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net income (loss)
$
(22,323)
$
(44,049)
$
(84,371)
$
(214,700)
(Income) loss attributable to noncontrolling interest in consolidated entities
—
(10)
—
84
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
231
367
679
3,594
Preferred dividends
(3,104)
(2,039)
(9,311)
1,488
Gain (loss) on extinguishment of preferred stock
—
(1,789)
—
959
Net income (loss) attributable to common stockholders
(25,196)
(47,520)
(93,003)
(208,575)
Depreciation and amortization on real estate
49,428
53,033
152,444
166,182
(Gain) loss on disposition of assets and hotel properties
11
(103)
(273)
(395)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(231)
(367)
(679)
(3,594)
Equity in (earnings) loss of unconsolidated entities
147
145
451
423
Company's portion of FFO of unconsolidated entities
(148)
(145)
(452)
(421)
FFO available to common stockholders and OP unitholders
24,011
5,043
58,488
(46,380)
(Gain) loss on extinguishment of preferred stock
—
1,789
—
(959)
Write-off of premiums, loan costs and exit fees
1,378
1,034
3,076
5,200
(Gain) loss on extinguishment of debt
—
(1,292)
—
(11,896)
Other (income) expense, net
(108)
(209)
(293)
(683)
Transaction and conversion costs
(3,401)
332
(1,828)
2,628
Legal, advisory and settlement costs
(96)
2,435
(59)
6,932
Unrealized (gain) loss on derivatives
(9,774)
(6,029)
(19,059)
(3,712)
Dead deal costs
76
—
356
689
Uninsured remediation costs
—
(33)
—
341
Stock/unit-based compensation
1,275
2,490
5,324
7,539
Amortization of term loan exit fee
3,092
1,896
8,669
4,556
Amortization of loan costs
2,512
2,203
7,314
9,960
Advisory services incentive fee
—
(6,472)
—
—
Company's portion of adjustments to FFO of unconsolidated entities
1
2
12
14
Adjusted FFO available to common stockholders and OP unitholders
$
18,966
$
3,189
$
62,000
$
(25,771)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.52
$
0.11
$
1.71
$
(1.33)
Weighted average diluted shares
36,433
29,994
36,347
19,426
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2022
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (12)
Interest Rate
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
Comparable TTM Hotel EBITDA (13)
Comparable TTM EBITDA Debt Yield
JPMorgan Chase La Posada - 1 hotel
November 2022
November 2023
LIBOR + 2.70%
$
—
$
25,000
$
25,000
(1)
$
5,604
22.4
%
Morgan Stanley Pool - 17 hotels
November 2022
November 2024
LIBOR + 3.00%
—
415,000
415,000
(2)
36,909
8.9
%
BAML Indigo Atlanta - 1 hotel
December 2022
December 2024
LIBOR + 2.25%
—
16,100
16,100
(3)
1,412
8.8
%
Aareal Le Pavillon - 1 hotel
January 2023
January 2025
LIBOR + 3.40%
—
37,000
37,000
(4)
1,248
3.4
%
JPMorgan Chase - 8 hotels
February 2023
February 2025
LIBOR + 3.07%
—
395,000
395,000
(5)
26,341
6.7
%
BAML Princeton/Nashville - 2 hotels
March 2023
March 2026
LIBOR + 2.75%
—
240,000
240,000
(6)
33,707
14.0
%
BAML Highland Pool - 19 hotels
April 2023
April 2025
LIBOR + 3.20%
—
907,030
907,030
(7)
76,301
8.4
%
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR + 2.45%
—
73,450
73,450
3,584
4.9
%
KEYS Pool A - 7 hotels
June 2023
June 2025
LIBOR + 3.65%
—
180,720
180,720
(8)
11,946
6.6
%
KEYS Pool B - 7 hotels
June 2023
June 2025
LIBOR + 3.39%
—
174,400
174,400
(8)
6,022
3.5
%
KEYS Pool C - 5 hotels
June 2023
June 2025
LIBOR + 3.73%
—
221,040
221,040
(8)
17,380
7.9
%
KEYS Pool D - 5 hotels
June 2023
June 2025
LIBOR + 4.02%
—
262,640
262,640
(8)
23,901
9.1
%
KEYS Pool E - 5 hotels
June 2023
June 2025
LIBOR + 2.73%
—
160,000
160,000
(8)
17,473
10.9
%
KEYS Pool F - 5 hotels
June 2023
June 2025
LIBOR + 3.68%
—
215,120
215,120
(8)
14,172
6.6
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,383
—
6,383
1,285
20.1
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,316
—
9,316
1,398
15.0
%
Oaktree Capital Term Loan
January 2024
January 2026
16.00%
195,959
—
195,959
(9)
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
5,881
—
5,881
1,071
18.2
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
LIBOR + 2.00%
—
8,881
8,881
623
7.0
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,231
—
11,231
986
8.8
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,466
—
22,466
2,762
12.3
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
LIBOR + 4.65%
—
85,552
85,552
(10)
10,744
12.6
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
47,212
—
47,212
7,022
14.9
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,468
—
23,468
2,185
9.3
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
LIBOR + 3.80%
—
98,000
98,000
(11)
12,142
12.4
%
Total
$
321,916
$
3,514,933
$
3,836,849
$
316,218
8.2
%
Percentage
8.4
%
91.6
%
100.0
%
Weighted average interest rate
11.60
%
6.26
%
6.71
%
All indebtedness is non-recourse with the exception of the term loan.
(1) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021. This mortgage loan has a LIBOR floor of 1.25%.
(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.
(3) 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%.
(4) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.
(6) 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.
(7) 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.
(8) 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.
(9) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(10) 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%.
(11) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(12) The final maturity date assumes all available extension options will be exercised.
(13) 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
September 30, 2022
(dollars in thousands)
(unaudited)
2022
2023
2024
2025
2026
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
—
—
5,680
—
—
—
5,680
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
—
—
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
—
—
—
44,413
—
—
44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
—
—
—
22,030
—
—
22,030
BAML Highland Pool - 19 hotels
—
—
—
906,810
—
—
906,810
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
Principal due in future periods
—
98,450
492,846
2,618,373
617,511
—
3,827,180
Scheduled amortization payments remaining
874
3,288
3,206
801
1,500
—
9,669
Total indebtedness
$
874
$
101,738
$
496,052
$
2,619,174
$
619,011
$
—
$
3,836,849
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
259,547
$
(1,714)
$
257,833
$
201,144
$
(1,785)
$
199,359
29.04
%
29.33
%
RevPAR
$
126.80
$
(140.35)
$
126.72
$
97.99
$
98.48
$
97.98
29.41
%
29.33
%
Occupancy
70.95
%
(68.99)
%
70.96
%
62.80
%
59.18
%
62.84
%
12.98
%
12.93
%
ADR
$
178.72
$
(203.42)
$
178.57
$
156.02
$
166.42
$
155.93
14.55
%
14.52
%
ALL HOTELS:
Nine Months Ended September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
728,011
$
(4,401)
$
723,610
$
456,584
$
(3,893)
$
452,691
59.45
%
59.85
%
RevPAR
$
119.63
$
(91.92)
$
119.85
$
74.57
$
45.73
$
74.98
60.42
%
59.84
%
Occupancy
67.55
%
(54.49)
%
67.65
%
53.99
%
42.19
%
54.16
%
25.12
%
24.91
%
ADR
$
177.10
$
(168.68)
$
177.16
$
138.12
$
108.38
$
138.44
28.23
%
27.96
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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 September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
255,373
$
(1,714)
$
253,659
$
197,165
$
(1,785)
$
195,380
29.52
%
29.83
%
RevPAR
$
127.36
$
(140.35)
$
127.28
$
98.04
$
98.48
$
98.04
29.90
%
29.83
%
Occupancy
71.14
%
(68.99)
%
71.15
%
62.65
%
59.18
%
62.68
%
13.55
%
13.52
%
ADR
$
179.04
$
(203.42)
$
178.89
$
156.50
$
166.42
$
156.42
14.40
%
14.37
%
ALL HOTELS NOT UNDER RENOVATION:
Nine Months Ended September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
711,271
$
(4,401)
$
706,870
$
444,727
$
(3,893)
$
440,834
59.93
%
60.35
%
RevPAR
$
119.31
$
(91.92)
$
119.53
$
74.14
$
45.73
$
74.55
60.93
%
60.34
%
Occupancy
67.46
%
(54.49)
%
67.56
%
53.60
%
42.19
%
53.76
%
25.86
%
25.67
%
ADR
$
176.86
$
(168.68)
$
176.92
$
138.32
$
108.38
$
138.66
27.86
%
27.59
%
NOTES:
(1) The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2022, and not under renovation during the three months ended September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
326,065
$
245,578
32.77
%
$
916,705
$
551,671
66.17
%
Non-comparable adjustments
(2,088)
(2,091)
(5,544)
(4,365)
Comparable total hotel revenue
$
323,977
$
243,487
33.06
%
$
911,161
$
547,306
66.48
%
Hotel EBITDA
$
94,892
$
62,034
52.97
%
$
261,829
$
113,502
130.68
%
Non-comparable adjustments
(841)
(617)
(775)
144
Comparable hotel EBITDA
$
94,051
$
61,417
53.14
%
$
261,054
$
113,646
129.71
%
Hotel EBITDA margin
29.10
%
25.26
%
3.84
%
28.56
%
20.57
%
7.99
%
Comparable hotel EBITDA margin
29.03
%
25.22
%
3.81
%
28.65
%
20.76
%
7.89
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
—
$
87
(100.00)
%
$
—
$
144
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
94,892
$
61,947
53.18
%
$
261,829
$
113,358
130.98
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
94,051
$
61,330
53.35
%
$
261,054
$
113,502
130.00
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
320,265
$
240,287
33.28
%
$
893,934
$
537,007
66.47
%
Non-comparable adjustments
(2,088)
(2,091)
(5,544)
(4,365)
Comparable total hotel revenue
$
318,177
$
238,196
33.58
%
$
888,390
$
532,642
66.79
%
Hotel EBITDA
$
94,206
$
60,976
54.50
%
$
255,478
$
110,049
132.15
%
Non-comparable adjustments
(841)
(617)
(775)
144
Comparable hotel EBITDA
$
93,365
$
60,359
54.68
%
$
254,703
$
110,193
131.14
%
Hotel EBITDA margin
29.42
%
25.38
%
4.04
%
28.58
%
20.49
%
8.09
%
Comparable hotel EBITDA margin
29.34
%
25.34
%
4.00
%
28.67
%
20.69
%
7.98
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
—
$
87
(100.00)
%
$
—
$
144
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
94,206
$
60,889
54.72
%
$
255,478
$
109,905
132.45
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
93,365
$
60,272
54.91
%
$
254,703
$
110,049
131.45
%
NOTES:
(1) The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2022, and not under renovation during the three months ended September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
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
2022
2022
2022
2022
2022
2022
2022
2022
2022
2021
2021
2021
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
Total hotel revenue
$
326,065
$
(2,088)
$
323,977
$
345,651
$
(2,089)
$
343,562
$
244,989
$
(1,367)
$
243,622
$
246,649
$
(1,873)
$
244,776
Hotel EBITDA
$
94,892
$
(841)
$
94,051
$
111,375
$
(154)
$
111,221
$
55,562
$
220
$
55,782
$
55,471
$
(307)
$
55,164
Hotel EBITDA margin
29.10
%
29.03
%
32.22
%
32.37
%
22.68
%
22.90
%
22.49
%
22.54
%
EBITDA % of total TTM
29.9
%
29.7
%
35.1
%
35.2
%
17.5
%
17.6
%
17.5
%
17.5
%
JV interests in EBITDA
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
82
$
—
$
82
Actual
Non-comparable Adjustments
Comparable
2022
2022
2022
TTM
TTM
TTM
Total hotel revenue
$
1,163,354
$
(7,417)
$
1,155,937
Hotel EBITDA
$
317,300
$
(1,082)
$
316,218
Hotel EBITDA margin
27.27
%
27.36
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in EBITDA
$
82
$
—
$
82
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
12
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
135.99
$
—
$
135.99
$
108.49
$
—
$
108.49
25.3
%
25.3
%
Boston, MA Area
2
705
239.92
—
239.92
164.22
—
164.22
46.1
%
46.1
%
Dallas / Ft. Worth, TX Area
7
1,526
91.65
—
91.65
67.12
—
67.12
36.5
%
36.5
%
Houston, TX Area
3
692
93.59
—
93.59
85.81
—
85.81
9.1
%
9.1
%
Los Angeles, CA Metro Area
6
1,619
131.02
—
131.02
107.99
—
107.99
21.3
%
21.3
%
Miami, FL Metro Area
2
414
126.43
—
126.43
117.92
—
117.92
7.2
%
7.2
%
Minneapolis - St. Paul, MN Area
2
520
91.16
—
91.16
56.73
—
56.73
60.7
%
60.7
%
Nashville, TN Area
1
673
221.35
—
221.35
191.67
—
191.67
15.5
%
15.5
%
New York / New Jersey Metro Area
6
1,743
101.75
—
101.75
74.56
—
74.56
36.5
%
36.5
%
Orlando, FL Area
2
524
103.34
—
103.34
88.29
—
88.29
17.0
%
17.0
%
Philadelphia, PA Area
3
648
102.64
—
102.64
97.39
—
97.39
5.4
%
5.4
%
San Diego, CA Area
2
410
162.45
—
162.45
111.57
—
111.57
45.6
%
45.6
%
San Francisco - Oakland, CA Metro Area
7
1,547
137.57
—
137.57
91.59
—
91.59
50.2
%
50.2
%
Tampa, FL Area
2
571
102.59
—
102.59
80.54
—
80.54
27.4
%
27.4
%
Washington D.C. - MD - VA Area
9
2,426
127.38
—
127.38
73.01
—
73.01
74.5
%
74.5
%
Other Areas
36
6,672
124.56
(140.35)
124.25
105.11
(98.48)
105.31
18.5
%
18.0
%
Total Portfolio
99
22,116
$
126.80
$
(140.35)
$
126.72
$
97.99
$
(98.48)
$
97.98
29.4
%
29.3
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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 EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
6,031
$
—
$
6,031
6.4
%
$
4,444
$
—
$
4,444
7.2
%
35.7
%
35.7
%
Boston, MA Area
2
705
7,067
—
7,067
7.5
%
3,857
—
3,857
6.3
%
83.2
%
83.2
%
Dallas / Ft. Worth, TX Area
7
1,526
5,400
—
5,400
5.7
%
2,428
—
2,428
4.0
%
122.4
%
122.4
%
Houston, TX Area
3
692
1,767
—
1,767
1.9
%
1,324
—
1,324
2.2
%
33.5
%
33.5
%
Los Angeles, CA Metro Area
6
1,619
5,281
—
5,281
5.6
%
4,951
—
4,951
8.1
%
6.7
%
6.7
%
Miami, FL Metro Area
2
414
1,014
—
1,014
1.1
%
1,139
—
1,139
1.9
%
(11.0)
%
(11.0)
%
Minneapolis - St. Paul, MN Area
2
520
1,393
—
1,393
1.5
%
688
(1)
687
1.1
%
102.5
%
102.8
%
Nashville, TN Area
1
673
7,489
—
7,489
8.0
%
6,763
—
6,763
11.0
%
10.7
%
10.7
%
New York / New Jersey Metro Area
6
1,743
5,115
—
5,115
5.4
%
2,536
3
2,539
4.1
%
101.7
%
101.5
%
Orlando, FL Area
2
524
1,144
—
1,144
1.2
%
1,101
—
1,101
1.8
%
3.9
%
3.9
%
Philadelphia, PA Area
3
648
1,466
—
1,466
1.6
%
1,901
—
1,901
3.1
%
(22.9)
%
(22.9)
%
San Diego, CA Area
2
410
2,467
—
2,467
2.6
%
1,566
—
1,566
2.5
%
57.5
%
57.5
%
San Francisco - Oakland, CA Metro Area
7
1,547
6,587
—
6,587
7.0
%
3,146
—
3,146
5.1
%
109.4
%
109.4
%
Tampa, FL Area
2
571
1,532
—
1,532
1.6
%
254
—
254
0.4
%
503.1
%
503.1
%
Washington D.C. - MD - VA Area
9
2,426
10,925
219
11,144
11.8
%
3,162
(3)
3,159
5.1
%
245.5
%
252.8
%
Other Areas
36
6,672
30,214
(1,060)
29,154
31.1
%
22,774
(616)
22,158
36.1
%
32.7
%
31.6
%
Total Portfolio
99
22,116
$
94,892
$
(841)
$
94,051
100.0
%
$
62,034
$
(617)
$
61,417
100.0
%
53.0
%
53.1
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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)
Nine Months Ended September 30,
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
9
1,426
$
125.99
$
—
$
125.99
$
84.24
$
—
$
84.24
49.6
%
49.6
%
Boston, MA Area
2
705
194.84
—
194.84
86.19
—
86.19
126.1
%
126.1
%
Dallas / Ft. Worth, TX Area
7
1,526
96.36
—
96.36
60.26
—
60.26
59.9
%
59.9
%
Houston, TX Area
3
692
93.91
—
93.91
73.61
—
73.61
27.6
%
27.6
%
Los Angeles, CA Metro Area
6
1,619
131.26
—
131.26
84.45
—
84.45
55.4
%
55.4
%
Miami, FL Metro Area
2
414
166.52
—
166.52
117.25
—
117.25
42.0
%
42.0
%
Minneapolis - St. Paul, MN Area
2
520
65.53
—
65.53
37.52
(6.17)
37.77
74.7
%
73.5
%
Nashville, TN Area
1
673
217.94
—
217.94
113.24
—
113.24
92.5
%
92.5
%
New York / New Jersey Metro Area
6
1,743
83.29
—
83.29
45.93
—
45.93
81.3
%
81.3
%
Orlando, FL Area
2
524
115.74
—
115.74
79.57
—
79.57
45.5
%
45.5
%
Philadelphia, PA Area
3
648
92.67
—
92.67
67.53
—
67.53
37.2
%
37.2
%
San Diego, CA Area
2
410
137.44
—
137.44
79.68
—
79.68
72.5
%
72.5
%
San Francisco - Oakland, CA Metro Area
7
1,547
111.10
—
111.10
70.05
—
70.05
58.6
%
58.6
%
Tampa, FL Area
2
571
125.74
—
125.74
94.98
—
94.98
32.4
%
32.4
%
Washington D.C. - MD - VA Area
9
2,426
121.19
—
121.19
53.57
—
53.57
126.2
%
126.2
%
Other Areas
36
6,672
119.10
(91.92)
119.82
82.65
(46.26)
84.33
44.1
%
42.1
%
Total Portfolio
99
22,116
$
119.63
$
(91.92)
$
119.85
$
74.57
$
(45.73)
$
74.98
60.4
%
59.8
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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 EBITDA BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
15,614
$
—
$
15,614
6.0
%
$
8,060
$
—
$
8,060
7.1
%
93.7
%
93.7
%
Boston, MA Area
2
705
15,196
—
15,196
5.8
%
1,505
—
1,505
1.3
%
909.7
%
909.7
%
Dallas / Ft. Worth, TX Area
7
1,526
16,962
—
16,962
6.5
%
6,407
—
6,407
5.6
%
164.7
%
164.7
%
Houston, TX Area
3
692
5,427
—
5,427
2.1
%
3,399
—
3,399
3.0
%
59.7
%
59.7
%
Los Angeles, CA Metro Area
6
1,619
19,084
—
19,084
7.3
%
10,505
—
10,505
9.2
%
81.7
%
81.7
%
Miami, FL Metro Area
2
414
7,576
—
7,576
2.9
%
3,779
—
3,779
3.3
%
100.5
%
100.5
%
Minneapolis - St. Paul, MN Area
2
520
1,060
—
1,060
0.4
%
(451)
186
(265)
(0.2)
%
335.0
%
500.0
%
Nashville, TN Area
1
673
23,379
—
23,379
9.0
%
9,465
—
9,465
8.3
%
147.0
%
147.0
%
New York / New Jersey Metro Area
6
1,743
9,286
—
9,286
3.6
%
352
—
352
0.3
%
2,538.1
%
2,538.1
%
Orlando, FL Area
2
524
5,392
—
5,392
2.1
%
3,005
(1)
3,004
2.6
%
79.4
%
79.5
%
Philadelphia, PA Area
3
648
3,470
—
3,470
1.3
%
2,762
—
2,762
2.4
%
25.6
%
25.6
%
San Diego, CA Area
2
410
5,824
—
5,824
2.2
%
2,982
—
2,982
2.6
%
95.3
%
95.3
%
San Francisco - Oakland, CA Metro Area
7
1,547
12,687
—
12,687
4.9
%
5,493
—
5,493
4.8
%
131.0
%
131.0
%
Tampa, FL Area
2
571
7,468
—
7,468
2.9
%
4,066
—
4,066
3.6
%
83.7
%
83.7
%
Washington D.C. - MD - VA Area
9
2,426
30,186
218
30,404
11.6
%
3,703
(9)
3,694
3.3
%
715.2
%
723.1
%
Other Areas
36
6,672
83,218
(993)
82,225
31.4
%
48,470
(32)
48,438
42.8
%
71.7
%
69.8
%
Total Portfolio
99
22,116
$
261,829
$
(775)
$
261,054
100.0
%
$
113,502
$
144
$
113,646
100.0
%
130.7
%
129.7
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2022
(in thousands, except share price)
(unaudited)
September 30, 2022
Common stock shares outstanding
34,499
Partnership units outstanding
1,671
Combined common stock shares and partnership units outstanding
36,170
Common stock price
$
6.81
Market capitalization
$
246,318
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
Indebtedness
$
3,836,849
Net working capital (see below)
$
(601,933)
Total enterprise value (TEV)
$
3,644,204
Cash and cash equivalents
$
505,533
Restricted cash
$
132,055
Accounts receivable, net
$
58,601
Prepaid expenses
$
19,797
Due from third-party hotel managers, net
$
26,633
Due from affiliates, net
$
8,357
Total current assets
$
750,976
Accounts payable, net & accrued expenses
$
145,939
Dividends and distributions payable
$
3,104
Total current liabilities
$
149,043
Net working capital
$
601,933
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2022
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Actual
Estimated
Embassy Suites Santa Clara Silicon Valley
258
x
Hampton Inn Evansville
140
x
Hyatt Regency Coral Gables
253
x
x
Marriott Fremont Silicon Valley
357
x
x
Residence Inn Phoenix Airport
200
x
x
SpringHill Suites Buford Mall of Georgia
97
x
Total
1
1
2
5
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.
16
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2022
2022
2022
2021
September 30, 2022
3rd Quarter
2nd Quarter
1st Quarter
4th Quarter
TTM
Net income (loss)
$
40,944
$
55,848
$
(213)
$
(1,105)
$
95,474
Non-property adjustments
1
2
11
(47)
(33)
Interest income
(47)
(48)
(7)
(6)
(108)
Interest expense
3,556
2,643
2,272
2,252
10,723
Amortization of loan costs
447
443
439
435
1,764
Depreciation and amortization
49,256
50,723
51,941
52,377
204,297
Income tax expense (benefit)
116
84
15
11
226
Non-hotel EBITDA ownership expense
619
1,680
1,104
1,554
4,957
Hotel EBITDA including amounts attributable to noncontrolling interest
94,892
111,375
55,562
55,471
317,300
Non-comparable adjustments
(841)
(154)
220
(307)
(1,082)
Comparable hotel EBITDA
$
94,051
$
111,221
$
55,782
$
55,164
$
316,218
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
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, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
41,858
$
(914)
$
40,944
$
(30)
$
(63,237)
$
(22,323)
Non-property adjustments
1
—
1
—
(1)
—
Interest income
(47)
—
(47)
—
47
—
Interest expense
3,556
—
3,556
—
54,955
58,511
Amortization of loan cost
447
—
447
—
2,065
2,512
Depreciation and amortization
47,665
1,591
49,256
122
50
49,428
Income tax expense (benefit)
116
—
116
—
4,541
4,657
Non-hotel EBITDA ownership expense
610
9
619
9
(628)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
94,206
686
94,892
101
(2,208)
92,785
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
147
147
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(148)
(148)
Hotel EBITDA attributable to the Company and OP unitholders
$
94,206
$
686
$
94,892
$
101
$
(2,209)
$
92,784
Non-comparable adjustments
(841)
—
(841)
Comparable hotel EBITDA
$
93,365
$
686
$
94,051
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
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, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
55,848
$
459
$
(62,553)
$
(6,246)
Non-property adjustments
2
(151)
149
—
Interest income
(48)
(1)
49
—
Interest expense
2,643
—
43,347
45,990
Amortization of loan cost
443
—
1,960
2,403
Depreciation and amortization
50,723
124
49
50,896
Income tax expense (benefit)
84
—
5,479
5,563
Non-hotel EBITDA ownership expense
1,680
17
(1,697)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
111,375
448
(13,217)
98,606
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
151
151
Company's portion of EBITDA of unconsolidated entities
—
—
(151)
(151)
Hotel EBITDA attributable to the Company and OP unitholders
$
111,375
$
448
$
(13,217)
$
98,606
Non-comparable adjustments
(154)
Comparable hotel EBITDA
$
111,221
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
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, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(213)
$
267
$
(55,856)
$
(55,802)
Non-property adjustments
11
(122)
111
—
Interest income
(7)
—
7
—
Interest expense
2,272
—
38,888
41,160
Amortization of loan cost
439
—
1,960
2,399
Depreciation and amortization
51,941
131
48
52,120
Income tax expense (benefit)
15
—
105
120
Non-hotel EBITDA ownership expense
1,104
20
(1,124)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
55,562
296
(15,861)
39,997
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
153
153
Company's portion of EBITDA of unconsolidated entities
—
—
(153)
(153)
Hotel EBITDA attributable to the Company and OP unitholders
$
55,562
$
296
$
(15,861)
$
39,997
Non-comparable adjustments
220
Comparable hotel EBITDA
$
55,782
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
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 Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(1,105)
$
207
$
(55,450)
$
(56,348)
Non-property adjustments
(47)
(140)
187
—
Interest income
(6)
—
6
—
Interest expense
2,252
—
39,223
41,475
Amortization of loan cost
435
—
2,206
2,641
Depreciation and amortization
52,377
135
48
52,560
Income tax expense (benefit)
11
—
3,021
3,032
Non-hotel EBITDA ownership expense
1,554
19
(1,573)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
55,471
221
(12,332)
43,360
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(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
$
55,388
$
221
$
(12,249)
$
43,360
Non-comparable adjustments
(307)
Comparable hotel EBITDA
$
55,164
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
21
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
4,329
$
(468)
$
3,861
$
(173)
$
(47,737)
$
(44,049)
Non-property adjustments
(890)
—
(890)
(81)
971
—
Interest income
(6)
—
(6)
—
6
—
Interest expense
1,824
—
1,824
—
38,973
40,797
Amortization of loan cost
341
—
341
—
1,865
2,206
Depreciation and amortization
51,359
1,518
52,877
144
48
53,069
Income tax expense (benefit)
99
—
99
—
2,516
2,615
Non-hotel EBITDA ownership expense
3,920
8
3,928
12
(3,940)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
60,976
1,058
62,034
(98)
(7,298)
54,638
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(87)
—
(87)
—
87
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
145
145
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(144)
(144)
Hotel EBITDA attributable to the Company and OP unitholders
$
60,889
$
1,058
$
61,947
$
(98)
$
(7,210)
$
54,639
Non-comparable adjustments
(617)
—
(617)
Comparable hotel EBITDA
$
60,359
$
1,058
$
61,417
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
94,867
$
1,712
$
96,579
$
696
$
(181,646)
$
(84,371)
Non-property adjustments
14
—
14
(273)
259
—
Interest income
(102)
—
(102)
(1)
103
—
Interest expense
8,471
—
8,471
—
137,190
145,661
Amortization of loan cost
1,329
—
1,329
—
5,985
7,314
Depreciation and amortization
147,301
4,619
151,920
377
147
152,444
Income tax expense (benefit)
215
—
215
—
10,125
10,340
Non-hotel EBITDA ownership expense
3,383
20
3,403
46
(3,449)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
255,478
6,351
261,829
845
(31,286)
231,388
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
—
—
—
—
—
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
451
451
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(452)
(452)
Hotel EBITDA attributable to the Company and OP unitholders
$
255,478
$
6,351
$
261,829
$
845
$
(31,287)
$
231,387
Non-comparable adjustments
(775)
—
(775)
Comparable hotel EBITDA
$
254,703
$
6,351
$
261,054
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
23
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(51,323)
$
(1,430)
$
(52,753)
$
(422)
$
(161,525)
$
(214,700)
Non-property adjustments
(11,786)
—
(11,786)
(81)
11,867
—
Interest income
(18)
—
(18)
—
18
—
Interest expense
4,726
—
4,726
—
97,307
102,033
Amortization of loan cost
888
—
888
—
9,082
9,970
Depreciation and amortization
160,933
4,767
165,700
445
146
166,291
Income tax expense (benefit)
158
—
158
—
2,758
2,916
Non-hotel EBITDA ownership expense
6,471
116
6,587
168
(6,755)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
110,049
3,453
113,502
110
(47,102)
66,510
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(144)
—
(144)
—
144
—
Equity in (earnings) loss of unconsolidated entities
—
—
—
—
423
423
Company's portion of EBITDA of unconsolidated entities
—
—
—
—
(419)
(419)
Hotel EBITDA attributable to the Company and OP unitholders
$
109,905
$
3,453
$
113,358
$
110
$
(46,954)
$
66,514
Non-comparable adjustments
144
—
144
Comparable hotel EBITDA
$
110,193
$
3,453
$
113,646
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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:
Hyatt Regency Coral Gables, Residence Inn Phoenix Airport
24
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
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)
$
2,153
$
3,241
$
1,436
$
523
$
2,633
$
(641)
$
584
$
5,386
$
948
Non-property adjustments
—
—
—
—
—
—
—
(18)
—
Interest income
(1)
—
(1)
—
(4)
—
—
—
(1)
Interest expense
184
1,506
—
—
—
—
—
—
—
Amortization of loan costs
8
134
—
—
—
—
—
—
—
Depreciation and amortization
3,627
2,168
3,880
1,190
2,891
1,552
793
2,522
4,044
Income tax expense (benefit)
—
—
—
—
—
—
—
20
—
Non-hotel EBITDA ownership expense
60
18
85
54
(239)
103
16
(421)
124
Hotel EBITDA including amounts attributable to noncontrolling interest
6,031
7,067
5,400
1,767
5,281
1,014
1,393
7,489
5,115
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,031
$
7,067
$
5,400
$
1,767
$
5,281
$
1,014
$
1,393
$
7,489
$
5,115
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)
$
(315)
$
350
$
1,823
$
2,546
$
402
$
3,711
$
16,164
$
40,944
Non-property adjustments
—
—
—
—
—
—
19
1
Interest income
(5)
(1)
(2)
(13)
—
(9)
(10)
(47)
Interest expense
—
—
—
227
—
839
800
3,556
Amortization of loan costs
—
—
—
38
—
67
200
447
Depreciation and amortization
1,260
1,091
614
3,634
1,057
6,167
12,766
49,256
Income tax expense (benefit)
—
—
—
—
—
—
96
116
Non-hotel EBITDA ownership expense
204
26
32
155
73
150
179
619
Hotel EBITDA including amounts attributable to noncontrolling interest
1,144
1,466
2,467
6,587
1,532
10,925
30,214
94,892
Non-comparable adjustments
—
—
—
—
—
219
(1,060)
(841)
Comparable hotel EBITDA
$
1,144
$
1,466
$
2,467
$
6,587
$
1,532
$
11,144
$
29,154
$
94,051
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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)
Three Months Ended September 30, 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)
$
596
$
1,890
$
(1,787)
$
(7)
$
1,467
$
(492)
$
(232)
$
4,058
$
(4,001)
Non-property adjustments
—
(1,033)
(2)
—
—
—
38
—
—
Interest income
—
—
(1)
—
(1)
—
—
—
(1)
Interest expense
103
506
—
—
—
—
—
—
—
Amortization of loan costs
8
133
—
—
—
—
—
—
—
Depreciation and amortization
3,747
2,321
3,985
1,240
3,501
1,573
841
2,436
4,149
Income tax expense (benefit)
—
—
—
—
—
—
—
6
—
Non-hotel EBITDA ownership expense
(10)
40
233
91
(16)
58
41
263
2,389
Hotel EBITDA including amounts attributable to noncontrolling interest
4,444
3,857
2,428
1,324
4,951
1,139
688
6,763
2,536
Non-comparable adjustments
—
—
—
—
—
—
(1)
—
3
Comparable hotel EBITDA
$
4,444
$
3,857
$
2,428
$
1,324
$
4,951
$
1,139
$
687
$
6,763
$
2,539
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)
$
(372)
$
652
$
891
$
(803)
$
(1,140)
$
(4,223)
$
7,364
$
3,861
Non-property adjustments
—
—
—
20
—
—
87
(890)
Interest income
—
—
(1)
—
—
(1)
(1)
(6)
Interest expense
—
—
—
274
—
480
461
1,824
Amortization of loan costs
—
—
—
37
—
63
100
341
Depreciation and amortization
1,432
1,242
643
3,441
1,338
6,746
14,242
52,877
Income tax expense (benefit)
—
—
—
—
—
—
93
99
Non-hotel EBITDA ownership expense
41
7
33
177
56
97
428
3,928
Hotel EBITDA including amounts attributable to noncontrolling interest
1,101
1,901
1,566
3,146
254
3,162
22,774
62,034
Non-comparable adjustments
—
—
—
—
—
(3)
(616)
(617)
Comparable hotel EBITDA
$
1,101
$
1,901
$
1,566
$
3,146
$
254
$
3,159
$
22,158
$
61,417
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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)
Nine Months Ended September 30, 2022
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
4,078
$
4,568
$
4,881
$
1,420
$
9,892
$
2,811
$
(1,469)
$
15,775
$
(3,552)
Non-property adjustments
—
—
—
—
—
—
—
(18)
—
Interest income
(1)
(10)
(2)
—
(11)
—
—
—
(11)
Interest expense
407
3,605
—
—
—
—
—
—
—
Amortization of loan costs
24
399
—
—
—
—
—
—
—
Depreciation and amortization
11,146
6,601
11,814
3,548
9,146
4,592
2,466
7,540
12,200
Income tax expense (benefit)
—
—
—
—
—
—
—
42
—
Non-hotel EBITDA ownership expense
(40)
33
269
459
57
173
63
40
649
Hotel EBITDA including amounts attributable to noncontrolling interest
15,614
15,196
16,962
5,427
19,084
7,576
1,060
23,379
9,286
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
15,614
$
15,196
$
16,962
$
5,427
$
19,084
$
7,576
$
1,060
$
23,379
$
9,286
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)
$
1,219
$
298
$
3,855
$
529
$
3,844
$
9,080
$
39,350
$
96,579
Non-property adjustments
—
—
—
—
—
—
32
14
Interest income
(8)
(1)
(3)
(17)
—
(18)
(20)
(102)
Interest expense
—
—
—
677
—
1,846
1,936
8,471
Amortization of loan costs
—
—
—
113
—
197
596
1,329
Depreciation and amortization
3,964
3,485
1,882
10,989
3,473
18,893
40,181
151,920
Income tax expense (benefit)
—
—
—
—
—
—
173
215
Non-hotel EBITDA ownership expense
217
(312)
90
396
151
188
970
3,403
Hotel EBITDA including amounts attributable to noncontrolling interest
5,392
3,470
5,824
12,687
7,468
30,186
83,218
261,829
Non-comparable adjustments
—
—
—
—
—
218
(993)
(775)
Comparable hotel EBITDA
$
5,392
$
3,470
$
5,824
$
12,687
$
7,468
$
30,404
$
82,225
$
261,054
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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)
Nine Months Ended September 30, 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)
$
(3,615)
$
(5,629)
$
(6,805)
$
(693)
$
(257)
$
(1,447)
$
(3,084)
$
2,122
$
(16,061)
Non-property adjustments
—
(1,033)
(2)
—
—
—
127
—
(327)
Interest income
(1)
—
(2)
—
(3)
—
—
—
(2)
Interest expense
305
939
—
—
—
—
—
—
—
Amortization of loan costs
23
272
—
—
—
—
—
—
—
Depreciation and amortization
11,458
7,365
12,495
3,865
10,794
4,984
2,616
7,492
13,035
Income tax expense (benefit)
—
—
—
—
—
—
—
6
—
Non-hotel EBITDA ownership expense
(110)
(409)
721
227
(29)
242
(110)
(155)
3,707
Hotel EBITDA including amounts attributable to noncontrolling interest
8,060
1,505
6,407
3,399
10,505
3,779
(451)
9,465
352
Non-comparable adjustments
—
—
—
—
—
—
186
—
—
Comparable hotel EBITDA
$
8,060
$
1,505
$
6,407
$
3,399
$
10,505
$
3,779
$
(265)
$
9,465
$
352
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)
$
(1,706)
$
(1,079)
$
761
$
(6,153)
$
164
$
(19,657)
$
10,386
$
(52,753)
Non-property adjustments
—
—
—
19
(55)
—
(10,515)
(11,786)
Interest income
—
(1)
(2)
—
—
(2)
(5)
(18)
Interest expense
—
—
—
739
—
1,362
1,381
4,726
Amortization of loan costs
—
—
—
110
—
188
295
888
Depreciation and amortization
4,592
3,857
2,025
10,567
4,175
21,464
44,916
165,700
Income tax expense (benefit)
—
—
—
—
—
—
152
158
Non-hotel EBITDA ownership expense
119
(15)
198
211
(218)
348
1,860
6,587
Hotel EBITDA including amounts attributable to noncontrolling interest
3,005
2,762
2,982
5,493
4,066
3,703
48,470
113,502
Non-comparable adjustments
(1)
—
—
—
—
(9)
(32)
144
Comparable hotel EBITDA
$
3,004
$
2,762
$
2,982
$
5,493
$
4,066
$
3,694
$
48,438
$
113,646
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
28
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended September 30, 2022
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
5,851
$
(76)
$
3,939
$
15,035
$
3,646
$
(1,404)
$
20,624
$
16,606
$
7,958
$
1,707
$
1,206
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(10)
(6)
—
—
(5)
(1)
(8)
(11)
(49)
(4)
—
Interest expense
—
—
—
—
—
—
—
—
4
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
5,981
5,943
13,217
8,299
13,317
15,141
54,872
19,467
18,065
5,124
1,498
Income tax expense (benefit)
(3)
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
127
161
224
567
515
436
813
847
366
195
58
Hotel EBITDA including amounts attributable to noncontrolling interest
11,946
6,022
17,380
23,901
17,473
14,172
76,301
36,909
26,344
7,022
2,762
Non-comparable adjustments
—
—
—
—
—
—
—
—
(3)
—
—
Comparable hotel EBITDA
$
11,946
$
6,022
$
17,380
$
23,901
$
17,473
$
14,172
$
76,301
$
36,909
$
26,341
$
7,022
$
2,762
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)
$
8
$
20,538
$
(1,977)
$
(604)
$
221
$
(691)
$
1,887
$
2,551
$
(502)
$
2,552
$
(4,367)
Non-property adjustments
(51)
(17)
—
18
—
—
—
—
—
—
—
Interest income
—
—
(4)
—
—
—
(10)
—
—
—
—
Interest expense
—
—
2,291
—
—
511
4,579
—
—
1,005
1,425
Amortization of loan costs
—
—
261
—
—
32
529
—
—
376
417
Depreciation and amortization
1,196
12,941
2,959
1,794
383
1,520
5,076
7,897
1,888
1,610
3,673
Income tax expense (benefit)
—
41
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(167)
204
54
40
19
40
81
80
12
61
100
Hotel EBITDA including amounts attributable to noncontrolling interest
986
33,707
3,584
1,248
623
1,412
12,142
10,528
1,398
5,604
1,248
Non-comparable adjustments
—
—
—
(1,248)
—
—
—
216
—
—
—
Comparable hotel EBITDA
$
986
$
33,707
$
3,584
$
—
$
623
$
1,412
$
12,142
$
10,744
$
1,398
$
5,604
$
1,248
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
BAML Pool 5 - 2 hotels
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
648
$
648
$
(585)
$
31
$
—
$
(11)
$
(2)
$
37
$
95,474
Non-property adjustments
—
—
—
4
—
11
2
—
(33)
Interest income
—
—
—
—
—
—
—
—
(108)
Interest expense
—
—
908
—
—
—
—
—
10,723
Amortization of loan costs
—
—
149
—
—
—
—
—
1,764
Depreciation and amortization
383
487
1,566
—
—
—
—
—
204,297
Income tax expense (benefit)
38
150
—
—
—
—
—
—
226
Non-hotel EBITDA ownership expense
2
—
147
(37)
—
—
—
12
4,957
Hotel EBITDA including amounts attributable to noncontrolling interest
1,071
1,285
2,185
(2)
—
—
—
49
317,300
Non-comparable adjustments
—
—
—
2
—
—
—
(49)
(1,082)
Comparable hotel EBITDA
$
1,071
$
1,285
$
2,185
$
—
$
—
$
—
$
—
$
—
$
316,218
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
29
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
504
$
1,205
$
1,957
$
4,314
$
4,405
$
1,390
$
9,001
$
4,640
$
3,655
$
(37)
$
485
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(4)
(3)
—
—
—
(1)
—
(5)
(33)
(1)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,551
1,493
3,249
1,912
3,357
3,554
13,203
4,648
4,404
1,214
386
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
20
27
80
293
(251)
52
280
216
(100)
183
8
Hotel EBITDA including amounts attributable to noncontrolling interest
2,071
2,722
5,286
6,519
7,511
4,995
22,484
9,499
7,927
1,359
879
Non-comparable adjustments
—
—
—
—
—
—
—
—
(383)
—
—
Comparable hotel EBITDA
$
2,071
$
2,722
$
5,286
$
6,519
$
7,511
$
4,995
$
22,484
$
9,499
$
7,544
$
1,359
$
879
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
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)
$
77
$
5,670
$
(424)
$
649
$
14
$
(148)
$
1,907
$
1,218
$
(123)
$
1,387
$
(1,647)
Non-property adjustments
—
(17)
—
18
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
839
—
—
184
1,506
—
—
311
489
Amortization of loan costs
—
—
67
—
—
8
134
—
—
94
107
Depreciation and amortization
277
3,262
746
—
94
384
1,224
1,859
440
425
930
Income tax expense (benefit)
—
20
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
22
(396)
15
7
9
11
19
69
3
5
5
Hotel EBITDA including amounts attributable to noncontrolling interest
376
8,539
1,243
674
117
439
4,790
3,146
320
2,222
(116)
Non-comparable adjustments
—
—
—
(674)
—
—
—
216
—
—
—
Comparable hotel EBITDA
$
376
$
8,539
$
1,243
$
—
$
117
$
439
$
4,790
$
3,362
$
320
$
2,222
$
(116)
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
BAML Pool 5 - 2 hotels
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
260
$
275
$
310
$
—
$
—
$
—
$
—
$
—
$
40,944
Non-property adjustments
—
—
—
—
—
—
—
—
1
Interest income
—
—
—
—
—
—
—
—
(47)
Interest expense
—
—
226
—
—
—
—
—
3,556
Amortization of loan costs
—
—
37
—
—
—
—
—
447
Depreciation and amortization
98
118
428
—
—
—
—
—
49,256
Income tax expense (benefit)
42
54
—
—
—
—
—
—
116
Non-hotel EBITDA ownership expense
(1)
—
43
—
—
—
—
—
619
Hotel EBITDA including amounts attributable to noncontrolling interest
399
447
1,044
—
—
—
—
—
94,892
Non-comparable adjustments
—
—
—
—
—
—
—
—
(841)
Comparable hotel EBITDA
$
399
$
447
$
1,044
$
—
$
—
$
—
$
—
$
—
$
94,051
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
30
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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)
$
1,540
$
874
$
2,147
$
5,938
$
2,263
$
1,187
$
14,521
$
7,277
$
4,884
$
678
$
511
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(2)
(1)
—
—
(5)
—
(8)
(2)
(15)
(1)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,463
1,465
3,302
2,013
3,325
3,687
13,509
4,852
4,460
1,282
377
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
49
80
53
174
71
246
59
235
309
2
9
Hotel EBITDA including amounts attributable to noncontrolling interest
3,050
2,418
5,502
8,125
5,654
5,120
28,081
12,362
9,639
1,961
897
Non-comparable adjustments
—
—
—
—
—
—
—
—
166
—
—
Comparable hotel EBITDA
$
3,050
$
2,418
$
5,502
$
8,125
$
5,654
$
5,120
$
28,081
$
12,362
$
9,805
$
1,961
$
897
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)
$
268
$
7,512
$
445
$
(278)
$
2
$
(222)
$
2,753
$
2,749
$
(82)
$
902
$
(672)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
(4)
—
—
—
(10)
—
—
—
—
Interest expense
—
—
562
—
—
123
1,132
—
—
250
349
Amortization of loan costs
—
—
65
—
—
8
133
—
—
94
105
Depreciation and amortization
293
3,295
742
594
94
379
1,222
1,938
465
400
933
Income tax expense (benefit)
—
16
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
(204)
495
11
4
1
(13)
25
4
4
39
5
Hotel EBITDA including amounts attributable to noncontrolling interest
357
11,318
1,821
320
97
275
5,255
4,691
387
1,685
720
Non-comparable adjustments
—
—
—
(320)
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
357
$
11,318
$
1,821
$
—
$
97
$
275
$
5,255
$
4,691
$
387
$
1,685
$
720
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
BAML Pool 5 - 2 hotels
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
191
$
202
$
258
$
—
$
—
$
—
$
(2)
$
2
$
55,848
Non-property adjustments
—
—
—
—
—
—
2
—
2
Interest income
—
—
—
—
—
—
—
—
(48)
Interest expense
—
—
226
—
—
—
—
—
2,643
Amortization of loan costs
—
—
38
—
—
—
—
—
443
Depreciation and amortization
99
121
413
—
—
—
—
—
50,723
Income tax expense (benefit)
24
44
—
—
—
—
—
—
84
Non-hotel EBITDA ownership expense
—
(1)
25
—
—
—
—
(2)
1,680
Hotel EBITDA including amounts attributable to noncontrolling interest
314
366
960
—
—
—
—
—
111,375
Non-comparable adjustments
—
—
—
—
—
—
—
—
(154)
Comparable hotel EBITDA
$
314
$
366
$
960
$
—
$
—
$
—
$
—
$
—
$
111,221
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
31
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 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)
$
2,030
$
(1,425)
$
409
$
2,433
$
(1,872)
$
(2,323)
$
(1,105)
$
3,666
$
173
$
917
$
64
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(2)
(1)
—
—
—
—
—
(2)
(1)
(1)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,477
1,483
3,355
2,126
3,398
3,938
13,958
4,942
4,558
1,295
370
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
11
77
77
45
41
91
498
7
69
2
9
Hotel EBITDA including amounts attributable to noncontrolling interest
3,516
134
3,841
4,604
1,567
1,706
13,351
8,613
4,800
2,213
443
Non-comparable adjustments
—
—
—
—
—
—
—
—
104
—
—
Comparable hotel EBITDA
$
3,516
$
134
$
3,841
$
4,604
$
1,567
$
1,706
$
13,351
$
8,613
$
4,904
$
2,213
$
443
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)
$
(196)
$
3,187
$
(1,141)
$
(744)
$
49
$
(247)
$
(1,960)
$
(320)
$
(98)
$
(286)
$
(867)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
444
—
—
101
967
—
—
247
288
Amortization of loan costs
—
—
65
—
—
8
132
—
—
94
103
Depreciation and amortization
311
3,192
735
610
97
378
1,285
2,015
486
397
929
Income tax expense (benefit)
—
5
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
6
39
14
18
8
13
18
3
3
7
7
Hotel EBITDA including amounts attributable to noncontrolling interest
121
6,423
117
(116)
154
253
442
1,698
391
459
460
Non-comparable adjustments
—
—
—
116
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
121
$
6,423
$
117
$
—
$
154
$
253
$
442
$
1,698
$
391
$
459
$
460
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
BAML Pool 5 - 2 hotels
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
8
$
45
$
(599)
$
—
$
—
$
(11)
$
—
$
—
$
(213)
Non-property adjustments
—
—
—
—
—
11
—
—
11
Interest income
—
—
—
—
—
—
—
—
(7)
Interest expense
—
—
224
—
—
—
—
—
2,272
Amortization of loan costs
—
—
37
—
—
—
—
—
439
Depreciation and amortization
93
122
391
—
—
—
—
—
51,941
Income tax expense (benefit)
—
10
—
—
—
—
—
—
15
Non-hotel EBITDA ownership expense
—
—
41
—
—
—
—
—
1,104
Hotel EBITDA including amounts attributable to noncontrolling interest
101
177
94
—
—
—
—
—
55,562
Non-comparable adjustments
—
—
—
—
—
—
—
—
220
Comparable hotel EBITDA
$
101
$
177
$
94
$
—
$
—
$
—
$
—
$
—
$
55,782
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
32
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 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)
$
1,777
$
(730)
$
(574)
$
2,350
$
(1,150)
$
(1,658)
$
(1,793)
$
1,023
$
(754)
$
149
$
146
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
(2)
(1)
—
—
—
—
—
(2)
—
(1)
—
Interest expense
—
—
—
—
—
—
—
—
1
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
1,490
1,502
3,311
2,248
3,237
3,962
14,202
5,025
4,643
1,333
365
Income tax expense (benefit)
(3)
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
47
(23)
14
55
654
47
(24)
389
88
8
32
Hotel EBITDA including amounts attributable to noncontrolling interest
3,309
748
2,751
4,653
2,741
2,351
12,385
6,435
3,978
1,489
543
Non-comparable adjustments
—
—
—
—
—
—
—
—
110
—
—
Comparable hotel EBITDA
$
3,309
$
748
$
2,751
$
4,653
$
2,741
$
2,351
$
12,385
$
6,435
$
4,088
$
1,489
$
543
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)
$
(141)
$
4,169
$
(857)
$
(231)
$
156
$
(74)
$
(813)
$
(1,096)
$
(199)
$
549
$
(1,181)
Non-property adjustments
(51)
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
—
—
446
—
—
103
974
—
—
197
299
Amortization of loan costs
—
—
64
—
—
8
130
—
—
94
102
Depreciation and amortization
315
3,192
736
590
98
379
1,345
2,085
497
388
881
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
9
66
14
11
1
29
19
4
2
10
83
Hotel EBITDA including amounts attributable to noncontrolling interest
132
7,427
403
370
255
445
1,655
993
300
1,238
184
Non-comparable adjustments
—
—
—
(370)
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
132
$
7,427
$
403
$
—
$
255
$
445
$
1,655
$
993
$
300
$
1,238
$
184
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
BAML Pool 5 - 2 hotels
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
189
$
126
$
(554)
$
31
$
—
$
—
$
—
$
35
$
(1,105)
Non-property adjustments
—
—
—
4
—
—
—
—
(47)
Interest income
—
—
—
—
—
—
—
—
(6)
Interest expense
—
—
232
—
—
—
—
—
2,252
Amortization of loan costs
—
—
37
—
—
—
—
—
435
Depreciation and amortization
93
126
334
—
—
—
—
—
52,377
Income tax expense (benefit)
(28)
42
—
—
—
—
—
—
11
Non-hotel EBITDA ownership expense
3
1
38
(37)
—
—
—
14
1,554
Hotel EBITDA including amounts attributable to noncontrolling interest
257
295
87
(2)
—
—
—
49
55,471
Non-comparable adjustments
—
—
—
2
—
—
—
(49)
(307)
Comparable hotel EBITDA
$
257
$
295
$
87
$
—
$
—
$
—
$
—
$
—
$
55,164
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 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.
