DALLAS – May 6, 2025 – 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, 2025. 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, 2025 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, 2025 with the first quarter ended March 31, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 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.
FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 3.2% to $133 during the quarter on a 2.4% increase in Comparable ADR and a 0.8% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(27.8) million or $(4.91) per diluted share for the quarter.
•Adjusted EBITDAre was $61.7 million for the quarter, reflecting a growth rate of 3.7% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $(0.98) per diluted share for the quarter.
•Comparable Hotel EBITDA was $77.2 million for the quarter, reflecting a growth rate of 8.7% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $22.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net working capital at the end of the quarter was $156 million.
•Capex invested during the quarter was $19.9 million.
RECENT OPERATING HIGHLIGHTS
•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.
AHT Reports First Quarter Results
Page 2
May 6, 2025
•During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).
•During the quarter, the Company completed a refinancing of 16 hotels for $580 million.
•During the quarter, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.
•During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia.
•During the quarter, the Company closed the offering of its Series J and Series K non-traded preferred stock. During the offering period, the Company issued approximately $212 million in gross proceeds.
GRO AHT: EARLY RESULTS
During the quarter, the Company made several announcements regarding its “GRO AHT” initiative, and reported progress towards its goal of delivering $50 million in annual run-rate EBITDA improvement. Going forward, the Company expects fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA, with several additional initiatives underway. The success of “GRO AHT” reflects the firm commitment that Ashford Trust, along with its advisor and property managers, has made to optimizing financial performance while ensuring long-term sustainability.
CAPITAL STRUCTURE
As of March 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.
During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.
During the quarter, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.
During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and bears interest at a floating rate of SOFR + 2.75%.
AHT Reports First Quarter Results
Page 3
May 6, 2025
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2025. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
On March 31, 2025, the offering for the Company’s Series J and Series K non-traded preferred stock closed. During the offering period, the Company issued approximately $212 million in gross proceeds and currently has 7,679,765 of its Series J and 755,647 shares of its Series K non-traded preferred stock outstanding.
“I’m extremely pleased with Ashford Trust’s strong first quarter financial results, underscored by solid RevPAR growth of approximately 3.2%,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance reflects the success of the strategic decisions implemented over the past several quarters and the early positive impact of our initiatives to grow ancillary revenue streams.” Mr. Zsigray continued, “Notably, completely eliminating our corporate-level debt strengthens our balance sheet and, combined with the recently announced “GRO AHT” initiative, positions Ashford Trust for long-term success. We remain focused on maximizing the performance and value of our portfolio and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead. As we look to the remainder of 2025, we’re encouraged by sustained strength in group demand and remain focused on executing our “GRO AHT” strategy to drive outsized EBITDA growth. We’re excited about the opportunities ahead and look forward to beginning the next chapter for Ashford Trust.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 7, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, May 14, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9727869.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2025 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 7, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
AHT Reports First Quarter Results
Page 4
May 6, 2025
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
March 31, 2025
December 31, 2024
ASSETS
Investments in hotel properties, gross
$
3,334,874
$
3,350,086
Accumulated depreciation
(1,036,328)
(1,030,879)
Investments in hotel properties, net
2,298,546
2,319,207
Contract asset
376,717
366,671
Cash and cash equivalents
85,787
112,907
Restricted cash
139,190
99,695
Accounts receivable, net of allowance of $507 and $435 respectively
48,020
35,579
Inventories
3,684
3,631
Notes receivable, net
10,958
10,565
Investment in unconsolidated entities
7,159
7,590
Deferred costs, net
1,817
1,788
Prepaid expenses
19,553
11,667
Derivative assets, net
3,313
2,594
Operating lease right-of-use assets
43,706
43,780
Other assets
21,049
26,680
Intangible assets, net
797
797
Due from third-party hotel managers
22,125
21,206
Assets held for sale
—
96,628
Total assets
$
3,082,421
$
3,160,985
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
2,651,183
$
2,629,289
Indebtedness associated with hotels in receivership
314,640
314,640
Finance lease liability
17,903
17,992
Other finance liability
27,092
27,058
Accounts payable and accrued expenses
129,185
137,506
Accrued interest payable
17,658
10,212
Accrued interest associated with hotels in receivership
62,077
52,031
Dividends and distributions payable
4,125
3,952
Due to Ashford Inc., net
17,600
25,635
Due to related parties, net
4,532
2,850
Due to third-party hotel managers
1,421
1,145
Intangible liabilities, net
1,973
1,981
Operating lease liabilities
44,263
44,369
Other liabilities
4,899
4,972
Liabilities associated with assets held for sale
—
99,139
Total liabilities
3,298,551
3,372,771
Redeemable noncontrolling interests in operating partnership
22,262
22,509
Series J Redeemable Preferred Stock, $0.01 par value, 7,677,717 and 6,799,638 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
177,247
156,671
Series K Redeemable Preferred Stock, $0.01 par value, 759,086 and 601,175 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
18,779
14,869
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
11
11
Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
10
10
Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
15
15
Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
10
10
Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
11
11
Common stock, $0.01 par value, 395,000,000 shares authorized, 5,790,076 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
58
56
Additional paid-in capital
2,393,647
2,392,518
Accumulated deficit
(2,839,867)
(2,811,868)
Total stockholders' equity (deficit) of the Company
(446,105)
(419,237)
Noncontrolling interests in consolidated entities
11,687
13,402
Total equity (deficit)
(434,418)
(405,835)
Total liabilities and equity/deficit
$
3,082,421
$
3,160,985
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2025
2024
REVENUE
Rooms
$
206,301
$
229,207
Food and beverage
54,529
57,358
Other
16,220
16,692
Total hotel revenue
277,050
303,257
Other
309
639
Total revenue
277,359
303,896
EXPENSES
Hotel operating expenses
Rooms
47,790
54,680
Food and beverage
35,726
37,831
Other expenses
95,110
106,826
Management fees
9,848
11,550
Total hotel operating expenses
188,474
210,887
Property taxes, insurance and other
16,049
17,364
Depreciation and amortization
37,339
40,544
Advisory services fee:
Base advisory fee
8,195
8,220
Reimbursable expenses
3,208
6,445
Stock/unit-based compensation
(67)
536
Incentive fee
93
—
Stirling performance participation fee
116
—
Corporate, general and administrative:
Stock/unit-based compensation
13
28
Other general and administrative
4,319
8,244
Total operating expenses
257,739
292,268
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties
31,868
6,956
Gain (loss) on derecognition of assets
10,046
133,909
OPERATING INCOME (LOSS)
61,534
152,493
Equity in earnings (loss) of unconsolidated entities
(431)
(534)
Interest income
1,214
1,984
Other income (expense), net
—
36
Interest expense, net of discount amortization
(61,602)
(71,753)
Interest expense associated with hotels in receivership
(10,046)
(12,098)
Amortization of loan costs
(5,200)
(2,208)
Write-off of premiums, loan costs and exit fees
(4,597)
(18)
Gain (loss) on extinguishment of debt
(13)
45
Realized and unrealized gain (loss) on derivatives
(2,740)
4,761
INCOME (LOSS) BEFORE INCOME TAXES
(21,881)
72,708
Income tax benefit (expense)
(317)
(303)
NET INCOME (LOSS)
(22,198)
72,405
(Income) loss attributable to noncontrolling interest in consolidated entities
1,776
9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
451
(853)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(19,971)
71,561
Preferred dividends
(6,729)
(5,011)
Deemed dividends on redeemable preferred stock
(1,057)
(682)
Gain (loss) on extinguishment of preferred stock
—
1,573
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(27,757)
$
67,441
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(4.91)
$
17.45
Weighted average common shares outstanding – basic
5,651
3,846
Diluted:
Net income (loss) attributable to common stockholders
$
(4.91)
$
5.99
Weighted average common shares outstanding – diluted
5,651
11,673
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,
2025
2024
Net income (loss)
$
(22,198)
$
72,405
Interest expense and amortization of discounts and loan costs, net
66,802
73,961
Interest expense associated with hotels in receivership
10,046
12,098
Depreciation and amortization
37,339
40,544
Income tax expense (benefit)
317
303
Equity in (earnings) loss of unconsolidated entities
431
534
Company's portion of EBITDA of unconsolidated entities
120
(166)
EBITDA
92,857
199,679
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties
(31,868)
(6,956)
(Gain) loss on derecognition of assets
(10,046)
(133,909)
EBITDAre
50,943
58,814
Amortization of unfavorable contract liabilities
(31)
(31)
Transaction and conversion costs
1,928
4,956
Write-off of premiums, loan costs and exit fees
4,597
18
Realized and unrealized (gain) loss on derivatives
2,740
(4,761)
Stock/unit-based compensation
(54)
564
Legal, advisory and settlement costs
797
—
Other (income) expense, net
—
(35)
Incentive fee
93
—
Stirling performance participation fee
116
—
(Gain) loss on extinguishment of debt
13
(45)
Severance
521
—
Adjusted EBITDAre
$
61,663
$
59,480
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,
2025
2024
Net income (loss)
$
(22,198)
$
72,405
(Income) loss attributable to noncontrolling interest in consolidated entities
1,776
9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
451
(853)
Preferred dividends
(6,729)
(5,011)
Deemed dividends on redeemable preferred stock
(1,057)
(682)
Gain (loss) on extinguishment of preferred stock
—
1,573
Net income (loss) attributable to common stockholders
(27,757)
67,441
Depreciation and amortization on real estate
36,550
40,544
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties
(31,868)
(6,956)
(Gain) loss on derecognition of assets
(10,046)
(133,909)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(451)
853
Equity in (earnings) loss of unconsolidated entities
431
534
Company's portion of FFO of unconsolidated entities
(233)
(407)
FFO available to common stockholders and OP unitholders
(33,374)
(31,900)
Deemed dividends on redeemable preferred stock
1,057
682
(Gain) loss on extinguishment of preferred stock
—
(1,573)
Transaction and conversion costs
1,928
4,956
Write-off of premiums, loan costs and exit fees
4,597
18
Unrealized (gain) loss on derivatives
3,432
3,953
Stock/unit-based compensation
(54)
564
Legal, advisory and settlement costs
797
—
Other (income) expense, net
—
(35)
Amortization of credit facility exit fee
—
844
Amortization of loan costs
5,163
2,208
Incentive fee
93
—
Stirling performance participation fee
116
—
(Gain) loss on extinguishment of debt
13
(45)
Interest expense associated with hotels in receivership
10,046
6,551
Severance
521
—
Company's portion of adjustments to FFO of unconsolidated entities
40
—
Adjusted FFO available to common stockholders and OP unitholders
$
(5,625)
$
(13,777)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
(0.98)
$
(3.54)
Weighted average diluted shares
5,761
3,896
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2025
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (13)
Interest Rate (12)
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
TTM Hotel Net Income
TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (14)
Comparable TTM Hotel EBITDA Debt Yield
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
$
21,971
$
—
$
21,971
(2)
$
(1,452)
(6.6)
%
$
2,023
9.2
%
Morgan Stanley Pool - 17 hotels
April 2025
April 2025
SOFR (1) + 3.39%
—
409,750
409,750
(3)
18,574
4.5
%
43,371
10.6
%
BAML Highland Pool - 18 hotels
April 2025
April 2025
SOFR (1) + 3.70%
—
743,625
743,625
(4)
86,140
11.6
%
87,148
11.7
%
Aareal Le Pavillon - 1 hotel
December 2025
December 2027
SOFR (1) + 4.00%
—
37,000
37,000
(5)
(8,031)
(21.7)
%
1,341
3.6
%
JPMorgan Chase - 8 hotels
April 2025
February 2026
SOFR (1) + 3.28%
—
325,000
325,000
(6)
(56,663)
(17.4)
%
24,453
7.5
%
BAML Indigo Atlanta - 1 hotel
February 2026
February 2027
SOFR (1) + 2.75%
—
12,330
12,330
(7)
(313)
(2.5)
%
2,131
17.3
%
Aareal Alexandria/La Posada - 2 hotels
May 2026
May 2028
SOFR (1) + 4.00%
—
98,450
98,450
(8)
5,519
5.6
%
10,492
10.7
%
BAML Nashville - 1 hotel
May 2026
May 2029
SOFR (1) + 3.98%
—
267,200
267,200
(9)
26,802
10.0
%
36,519
13.7
%
BAML/Sculptor KEYS 16 Pool - 16 hotels
February 2027
February 2030
SOFR (1) + 4.37%
—
580,000
580,000
(9)
37,338
6.4
%
69,201
11.9
%
Torchlight Marriott Crystal Gateway - 1 hotel
November 2027
November 2029
SOFR (1) + 4.75%
—
121,500
121,500
(10)
12,573
10.3
%
16,744
13.8
%
Unencumbered Hotel - 1 hotel
—
—
—
1,564
N/A
4,094
N/A
Total
$
21,971
$
2,594,855
$
2,616,826
$
122,051
4.7
%
$
297,517
11.4
%
Percentage
0.8
%
99.2
%
100.0
%
Weighted average interest rate (11) (12)
4.66
%
8.08
%
8.06
%
All indebtedness is non-recourse.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1) SOFR rate was 4.32% at March 31, 2025.
(2) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(3) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. On April 9, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included extending the current maturity date from April 2025 to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. On April 8,2025, this loan entered into 30 day forbearance period extending the maturity to May 8, 2025.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.
(6) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. In March 2025 and April 2025, the mortgage loan was amended to extend the current maturity to April 2025 and May 2025, respectively.
(7) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(9) This mortgage loan has three one-year extension option, 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 SOFR floor of 2.75%.
(11) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12) Interest rates do not include default or late payment rates in effect on some mortgage loans.
(13) The final maturity date assumes all available extension options will be exercised.
(14) 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, 2025
(dollars in thousands)
(unaudited)
2025
2026
2027
2028
2029
Thereafter
Total
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
$
21,971
$
—
$
—
$
—
$
—
$
—
$
21,971
Morgan Stanley Pool - 17 hotels (1)
409,750
—
—
—
—
—
409,750
BAML Highland Pool - 18 hotels
743,625
—
—
—
—
—
743,625
JPMorgan Chase - 8 hotels
—
325,000
—
—
—
—
325,000
BAML Indigo Atlanta - 1 hotel
—
—
12,330
—
—
—
12,330
Aareal Le Pavillon - 1 hotel
—
—
35,000
—
—
—
35,000
Aareal Alexandria/La Posada - 2 hotels
—
—
—
98,450
—
—
98,450
BAML Nashville - 1 hotel
—
—
—
—
267,200
—
267,200
Torchlight Marriott Gateway - 1 hotel
—
—
—
—
121,500
—
121,500
BAML/Sculptor KEYS 16 Pool - 16 hotels
—
—
—
—
—
580,000
580,000
Principal due in future periods
1,175,346
325,000
47,330
98,450
388,700
580,000
2,614,826
Scheduled amortization payments remaining
—
1,000
1,000
—
—
—
2,000
Total indebtedness
$
1,175,346
$
326,000
$
48,330
$
98,450
$
388,700
$
580,000
$
2,616,826
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1) This mortgage loan was amended in April 2025. Terms of the amendment included extending the final maturity from April 2025 to March 2028.
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
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
206,302
$
(4,161)
$
202,141
$
229,208
$
(33,384)
$
195,824
(9.99)
%
3.23
%
RevPAR
$
132.04
$
(105.91)
$
132.71
$
125.30
$
(108.88)
$
128.60
5.38
%
3.19
%
Occupancy
67.98
%
(75.55)
%
67.78
%
66.90
%
(65.16)
%
67.25
%
1.61
%
0.79
%
ADR
$
194.24
$
(140.17)
$
195.80
$
187.30
$
(167.10)
$
191.24
3.71
%
2.38
%
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended March 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
201,382
$
(4,161)
$
197,221
$
223,943
$
(33,384)
$
190,559
(10.07)
%
3.50
%
RevPAR
$
132.67
$
(105.91)
$
133.38
$
125.51
$
(108.88)
$
128.96
5.71
%
3.43
%
Occupancy
68.25
%
(75.55)
%
68.05
%
66.96
%
(65.16)
%
67.33
%
1.93
%
1.07
%
ADR
$
194.40
$
(140.17)
$
196.00
$
187.44
$
(167.10)
$
191.52
3.72
%
2.34
%
NOTES:
(1) The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
March 31,
2025
2024
% Variance
Total hotel revenue
$
277,051
$
303,258
(8.64)
%
Non-comparable adjustments
(4,280)
(40,008)
Comparable total hotel revenue
$
272,771
$
263,250
3.62
%
Hotel net income (loss)
$
69,126
$
30,435
127.13
%
Non-comparable adjustments
(32,862)
2,259
Comparable hotel net income (loss)
$
36,264
$
32,694
10.92
%
Hotel net income (loss) margin
24.95
%
10.04
%
14.91
%
Comparable hotel net income margin
13.29
%
12.42
%
0.87
%
Hotel EBITDA
$
78,473
$
78,312
0.21
%
Non-comparable adjustments
(1,323)
(7,304)
Comparable hotel EBITDA
$
77,150
$
71,008
8.65
%
Hotel EBITDA margin
28.32
%
25.82
%
2.50
%
Comparable hotel EBITDA margin
28.28
%
26.97
%
1.31
%
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
March 31,
2025
2024
% Variance
Total hotel revenue
$
271,662
$
297,584
(8.71)
%
Non-comparable adjustments
(4,280)
(40,008)
Comparable total hotel revenue
$
267,382
$
257,576
3.81
%
Hotel net income (loss)
$
69,225
$
29,747
132.71
%
Non-comparable adjustments
(32,862)
2,258
Comparable hotel net income (loss)
$
36,363
$
32,005
13.62
%
Hotel net income (loss) margin
25.48
%
10.00
%
15.48
%
Comparable hotel net income margin
13.60
%
12.43
%
1.17
%
Hotel EBITDA
$
76,842
$
76,751
0.12
%
Non-comparable adjustments
(1,323)
(7,304)
Comparable hotel EBITDA
$
75,519
$
69,447
8.74
%
Hotel EBITDA margin
28.29
%
25.79
%
2.50
%
Comparable hotel EBITDA margin
28.24
%
26.96
%
1.28
%
NOTES:
(1) The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(3) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2025
2025
2025
2024
2024
2024
2024
2024
2024
2024
2024
2024
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
$
277,051
$
(4,280)
$
272,771
$
275,060
$
(11,728)
$
263,332
$
276,019
$
(13,321)
$
262,698
$
315,797
$
(22,455)
$
293,342
Hotel net income (loss)
$
69,126
$
(32,862)
$
36,264
$
(37,125)
$
(1,813)
$
(38,938)
$
32,678
$
(5,539)
$
27,139
$
140,679
$
(89,600)
$
51,079
Hotel net income (loss) margin
24.95
%
13.29
%
(13.50)
%
(14.79)
%
11.84
%
10.33
%
44.55
%
17.41
%
Hotel EBITDA
$
78,473
$
(1,323)
$
77,150
$
69,415
$
(3,897)
$
65,518
$
71,833
$
(5,170)
$
66,663
$
95,134
$
(6,424)
$
88,710
Hotel EBITDA margin
28.32
%
28.28
%
25.24
%
24.88
%
26.02
%
25.38
%
30.13
%
30.24
%
Hotel net income (loss) % of total TTM
33.7
%
48.0
%
(18.1)
%
(51.5)
%
15.9
%
35.9
%
68.5
%
67.6
%
EBITDA % of total TTM
24.9
%
25.9
%
22.0
%
22.0
%
22.8
%
22.4
%
30.2
%
29.8
%
JV interests in Hotel net income (loss)
$
(1,544)
$
(1,544)
$
(2,771)
$
(2,771)
$
(414)
$
(414)
$
—
$
—
JV interests in EBITDA
$
321
$
321
$
(63)
$
(63)
$
113
$
113
$
—
$
—
Actual
Non-comparable Adjustments
Comparable
2025
2025
2025
TTM
TTM
TTM
Total hotel revenue
$
1,143,927
$
(51,784)
$
1,092,143
Hotel net income (loss)
$
205,358
$
(129,814)
$
75,544
Hotel net income (loss) margin
17.95
%
6.92
%
Hotel EBITDA
$
314,855
$
(16,814)
$
298,041
Hotel EBITDA margin
27.52
%
27.29
%
Hotel net income (loss) % of total TTM
100.0
%
100.0
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in Hotel net income (loss)
$
(4,729)
$
(4,729)
JV interests in EBITDA
$
371
$
371
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) 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
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Atlanta, GA Area
4
939
$
143.67
$
(104.79)
$
151.50
$
119.52
$
(84.57)
$
136.26
20.2
%
11.2
%
Boston, MA Area
—
—
38.81
(38.81)
—
142.10
(142.10)
—
(72.7)
%
—
%
Dallas / Ft. Worth, TX Area
5
1,396
126.14
—
126.14
114.00
(76.18)
120.97
10.6
%
4.3
%
Houston, TX Area
3
695
111.58
—
111.58
97.24
—
97.24
14.7
%
14.7
%
Los Angeles, CA Metro Area
4
1,312
155.67
—
155.67
148.74
(84.48)
158.65
4.7
%
(1.9)
%
Miami, FL Metro Area
2
414
248.44
—
248.44
244.66
—
244.66
1.5
%
1.5
%
Minneapolis - St. Paul, MN Area
2
520
51.31
—
51.31
53.87
—
53.87
(4.8)
%
(4.8)
%
Nashville, TN Area
1
674
227.55
—
227.55
220.63
—
220.63
3.1
%
3.1
%
New York / New Jersey Metro Area
4
1,159
80.78
—
80.78
75.02
(55.84)
77.59
7.7
%
4.1
%
Orlando, FL Area
2
524
147.41
—
147.41
145.63
—
145.63
1.2
%
1.2
%
Philadelphia, PA Area
1
263
91.89
—
91.89
72.76
(28.18)
94.99
26.3
%
(3.3)
%
San Diego, CA Area
2
410
136.74
—
136.74
139.59
—
139.59
(2.0)
%
(2.0)
%
San Francisco - Oakland, CA Metro Area
3
793
125.52
—
125.52
112.90
(85.16)
124.55
11.2
%
0.8
%
Tampa, FL Area
2
571
199.33
—
199.33
185.40
—
185.40
7.5
%
7.5
%
Washington D.C. - MD - VA Area
9
2,428
141.03
—
141.03
134.99
—
134.99
4.5
%
4.5
%
Other Areas
24
4,826
115.29
(116.67)
115.23
116.31
(131.50)
112.63
(0.9)
%
2.3
%
Total Portfolio
68
16,924
$
132.04
$
(105.91)
$
132.71
$
125.30
$
(108.88)
$
128.60
5.4
%
3.2
%
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) 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
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Atlanta, GA Area
4
939
$
2,631
$
(93)
$
2,538
7.0
%
$
1,193
$
158
$
1,351
4.1
%
120.5
%
87.9
%
Boston, MA Area
—
—
31,828
(31,828)
—
—
%
(3,059)
3,059
—
—
%
1,140.5
%
—
%
Dallas / Ft. Worth, TX Area
5
1,396
2,244
—
2,244
6.2
%
2,398
1,016
3,414
10.4
%
(6.4)
%
(34.3)
%
Houston, TX Area
3
695
712
—
712
2.0
%
102
—
102
0.3
%
598.0
%
598.0
%
Los Angeles, CA Metro Area
4
1,312
4,573
—
4,573
12.6
%
1,431
3,015
4,446
13.6
%
219.6
%
2.9
%
Miami, FL Metro Area
2
414
4,101
—
4,101
11.3
%
4,121
—
4,121
12.6
%
(0.5)
%
(0.5)
%
Minneapolis - St. Paul, MN Area
2
520
(1,095)
—
(1,095)
(3.0)
%
(1,289)
—
(1,289)
(3.9)
%
15.1
%
15.1
%
Nashville, TN Area
1
674
7,023
—
7,023
19.4
%
5,811
—
5,811
17.8
%
20.9
%
20.9
%
New York / New Jersey Metro Area
4
1,159
(638)
—
(638)
(1.8)
%
(1,823)
876
(947)
(2.9)
%
65.0
%
32.6
%
Orlando, FL Area
2
524
2,070
—
2,070
5.7
%
1,752
—
1,752
5.4
%
18.2
%
18.2
%
Philadelphia, PA Area
1
263
(27)
(2)
(29)
(0.1)
%
(979)
830
(149)
(0.5)
%
97.2
%
80.5
%
San Diego, CA Area
2
410
932
—
932
2.6
%
1,101
—
1,101
3.4
%
(15.3)
%
(15.3)
%
San Francisco - Oakland, CA Metro Area
3
793
(86)
212
126
0.3
%
11
208
219
0.7
%
(881.8)
%
(42.5)
%
Tampa, FL Area
2
571
5,293
—
5,293
14.6
%
4,522
—
4,522
13.8
%
17.0
%
17.0
%
Washington D.C. - MD - VA Area
9
2,428
7,075
—
7,075
19.5
%
5,840
—
5,840
17.9
%
21.1
%
21.1
%
Other Areas
24
4,826
2,490
(1,151)
1,339
3.7
%
9,303
(6,903)
2,400
7.3
%
(73.2)
%
(44.2)
%
Total Portfolio
68
16,924
$
69,126
$
(32,862)
$
36,264
100.0
%
$
30,435
$
2,259
$
32,694
100.0
%
127.1
%
10.9
%
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13
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
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Atlanta, GA Area
4
939
$
5,558
$
(514)
$
5,044
6.5
%
$
4,617
$
(645)
$
3,972
5.6
%
20.4
%
27.0
%
Boston, MA Area
—
—
12
(12)
—
—
%
884
(884)
—
—
%
(98.6)
%
—
%
Dallas / Ft. Worth, TX Area
5
1,396
7,889
—
7,889
10.2
%
6,868
(393)
6,475
9.1
%
14.9
%
21.8
%
Houston, TX Area
3
695
2,380
—
2,380
3.1
%
1,767
2
1,769
2.5
%
34.7
%
34.5
%
Los Angeles, CA Metro Area
4
1,312
6,822
—
6,822
8.8
%
6,802
(181)
6,621
9.3
%
0.3
%
3.0
%
Miami, FL Metro Area
2
414
5,558
—
5,558
7.2
%
5,203
—
5,203
7.3
%
6.8
%
6.8
%
Minneapolis - St. Paul, MN Area
2
520
(363)
—
(363)
(0.5)
%
(506)
2
(504)
(0.7)
%
28.3
%
28.0
%
Nashville, TN Area
1
674
9,476
—
9,476
12.3
%
8,284
—
8,284
11.7
%
14.4
%
14.4
%
New York / New Jersey Metro Area
4
1,159
1,413
—
1,413
1.8
%
1,347
(110)
1,237
1.7
%
4.9
%
14.2
%
Orlando, FL Area
2
524
2,935
—
2,935
3.8
%
2,720
—
2,720
3.8
%
7.9
%
7.9
%
Philadelphia, PA Area
1
263
346
(2)
344
0.4
%
(28)
267
239
0.3
%
1,335.7
%
43.9
%
San Diego, CA Area
2
410
1,683
—
1,683
2.2
%
1,681
—
1,681
2.4
%
0.1
%
0.1
%
San Francisco - Oakland, CA Metro Area
3
793
2,718
—
2,718
3.5
%
3,044
(226)
2,818
4.0
%
(10.7)
%
(3.5)
%
Tampa, FL Area
2
571
5,998
—
5,998
7.8
%
5,360
2
5,362
7.6
%
11.9
%
11.9
%
Washington D.C. - MD - VA Area
9
2,428
11,240
—
11,240
14.6
%
10,627
3
10,630
15.0
%
5.8
%
5.7
%
Other Areas
24
4,826
14,808
(795)
14,013
18.3
%
19,642
(5,141)
14,501
20.4
%
(24.6)
%
(3.4)
%
Total Portfolio
68
16,924
$
78,473
$
(1,323)
$
77,150
100.0
%
$
78,312
$
(7,304)
$
71,008
100.0
%
0.2
%
8.6
%
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2025
(in thousands, except share price)
(unaudited)
March 31, 2025
Common stock shares outstanding
5,790
Partnership units outstanding
121
Combined common stock shares and partnership units outstanding
5,911
Common stock price
$
7.17
Market capitalization
$
42,382
Series D cumulative preferred stock
$
27,778
Series F cumulative preferred stock
$
25,926
Series G cumulative preferred stock
$
36,774
Series H cumulative preferred stock
$
25,949
Series I cumulative preferred stock
$
25,858
Series J redeemable preferred stock
$
191,943
Series K redeemable preferred stock
$
18,977
Indebtedness
$
2,616,826
Net working capital (see below)
$
(156,089)
Total enterprise value (TEV)
$
2,856,324
Cash and cash equivalents
$
80,656
Restricted cash
$
135,780
Accounts receivable, net
$
47,658
Prepaid expenses
$
19,110
Due from third-party hotel managers, net
$
20,728
Total current assets
$
303,932
Accounts payable, net & accrued expenses
$
127,106
Dividends and distributions payable
$
4,124
Due to affiliates, net
$
16,613
Total current liabilities
$
147,843
Net working capital
$
156,089
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2025
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Estimated
Estimated
Estimated
Courtyard Bloomington
117
x
x
x
Embassy Suites Palm Beach
160
x
Hampton Inn Evansville
140
x
x
Hilton Garden Inn Austin Downton
254
x
x
Hilton Garden Inn Virginia Beach
176
x
Residence Inn Evansville
78
x
x
x
Sheraton Anchorage
370
x
Sheraton Misson Valley
260
x
Westin Princeton
296
x
Total
4
4
1
6
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 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)
2025
2024
2024
2024
March 31, 2025
1st Quarter
4th Quarter
3rd Quarter
2nd Quarter
TTM
Net income (loss)
$
69,126
$
(37,125)
$
32,678
$
140,679
$
205,358
Non-property adjustments
(31,855)
59,274
(2,771)
(85,986)
(61,338)
Interest income
(346)
(408)
(482)
(420)
(1,656)
Interest expense
3,065
3,181
2,206
2,086
10,538
Amortization of loan costs
106
118
77
76
377
Depreciation and amortization
37,290
37,256
37,691
37,139
149,376
Income tax expense (benefit)
—
(22)
26
29
33
Non-hotel EBITDA ownership expense
1,087
7,141
2,408
1,531
12,167
Hotel EBITDA including amounts attributable to noncontrolling interest
78,473
69,415
71,833
95,134
314,855
Non-comparable adjustments
(1,323)
(3,897)
(5,170)
(6,424)
(16,814)
Comparable hotel EBITDA
$
77,150
$
65,518
$
66,663
$
88,710
$
298,041
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
69,225
$
(99)
$
69,126
$
(91,324)
$
(22,198)
Non-property adjustments
(31,855)
—
(31,855)
31,855
—
Interest income
(346)
—
(346)
346
—
Interest expense
3,065
—
3,065
68,583
71,648
Amortization of loan cost
106
—
106
5,094
5,200
Depreciation and amortization
35,578
1,712
37,290
49
37,339
Income tax expense (benefit)
—
—
—
317
317
Non-hotel EBITDA ownership expense
1,069
18
1,087
(1,087)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
76,842
1,631
78,473
13,833
92,306
Equity in (earnings) loss of unconsolidated entities
—
—
—
431
431
Company's portion of EBITDA of unconsolidated entities
—
—
—
120
120
Hotel EBITDA attributable to the Company and OP unitholders
$
76,842
$
1,631
$
78,473
$
14,384
$
92,857
Non-comparable adjustments
(1,323)
—
(1,323)
Comparable hotel EBITDA
$
75,519
$
1,631
$
77,150
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
18
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
Hotel Total
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(37,125)
$
(91,974)
$
(129,099)
Non-property adjustments
59,274
(59,274)
—
Interest income
(408)
408
—
Interest expense
3,181
66,934
70,115
Amortization of loan cost
118
4,354
4,472
Depreciation and amortization
37,256
49
37,305
Income tax expense (benefit)
(22)
(2,294)
(2,316)
Non-hotel EBITDA ownership expense
7,141
(7,141)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
69,415
(88,938)
(19,523)
Equity in (earnings) loss of unconsolidated entities
—
1,542
1,542
Company's portion of EBITDA of unconsolidated entities
—
130
130
Hotel EBITDA attributable to the Company and OP unitholders
$
69,415
$
(87,266)
$
(17,851)
Non-comparable adjustments
(3,897)
Comparable hotel EBITDA
$
65,518
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
19
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
Hotel Total
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
32,678
$
(91,806)
$
(59,128)
Non-property adjustments
(2,771)
2,771
—
Interest income
(482)
482
—
Interest expense
2,206
72,167
74,373
Amortization of loan cost
77
3,495
3,572
Depreciation and amortization
37,691
49
37,740
Income tax expense (benefit)
26
(471)
(445)
Non-hotel EBITDA ownership expense
2,408
(2,408)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
71,833
(15,721)
56,112
Equity in (earnings) loss of unconsolidated entities
—
133
133
Company's portion of EBITDA of unconsolidated entities
—
257
257
Hotel EBITDA attributable to the Company and OP unitholders
$
71,833
$
(15,331)
$
56,502
Non-comparable adjustments
(5,170)
Comparable hotel EBITDA
$
66,663
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
Hotel Total
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
140,679
$
(89,868)
$
50,811
Non-property adjustments
(85,986)
85,986
—
Interest income
(420)
420
—
Interest expense
2,086
74,936
77,022
Amortization of loan cost
76
3,262
3,338
Depreciation and amortization
37,139
48
37,187
Income tax expense (benefit)
29
3,426
3,455
Non-hotel EBITDA ownership expense
1,531
(1,531)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
95,134
76,679
171,813
Equity in (earnings) loss of unconsolidated entities
—
162
162
Company's portion of EBITDA of unconsolidated entities
—
215
215
Hotel EBITDA attributable to the Company and OP unitholders
$
95,134
$
77,056
$
172,190
Non-comparable adjustments
(6,424)
Comparable hotel EBITDA
$
88,710
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
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, 2024
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
29,747
$
688
$
30,435
$
41,970
$
72,405
Non-property adjustments
1,970
—
1,970
(1,970)
—
Interest income
(410)
—
(410)
410
—
Interest expense
4,155
—
4,155
79,696
83,851
Amortization of loan cost
219
—
219
1,989
2,208
Depreciation and amortization
39,349
871
40,220
324
40,544
Income tax expense (benefit)
35
—
35
268
303
Non-hotel EBITDA ownership expense
1,686
2
1,688
(1,688)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
76,751
1,561
78,312
120,999
199,311
Equity in (earnings) loss of unconsolidated entities
—
—
—
534
534
Company's portion of EBITDA of unconsolidated entities
—
—
—
(166)
(166)
Hotel EBITDA attributable to the Company and OP unitholders
$
76,751
$
1,561
$
78,312
$
121,367
$
199,679
Non-comparable adjustments
(7,304)
—
(7,304)
Comparable hotel EBITDA
$
69,447
$
1,561
$
71,008
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
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)
$
2,631
$
31,828
$
2,244
$
712
$
4,573
$
4,101
$
(1,095)
$
7,023
$
(638)
Non-property adjustments
—
(31,868)
—
—
—
—
—
—
—
Interest income
(55)
—
—
—
(14)
(2)
—
(25)
—
Interest expense
702
—
1,289
—
—
—
—
—
—
Amortization of loan costs
4
—
53
—
—
—
—
—
—
Depreciation and amortization
2,109
—
3,834
1,755
1,919
1,446
698
2,473
1,882
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
167
52
469
(87)
344
13
34
5
169
Hotel EBITDA including amounts attributable to noncontrolling interest
5,558
12
7,889
2,380
6,822
5,558
(363)
9,476
1,413
Non-comparable adjustments
(514)
(12)
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
5,044
$
—
$
7,889
$
2,380
$
6,822
$
5,558
$
(363)
$
9,476
$
1,413
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
2,070
$
(27)
$
932
$
(86)
$
5,293
$
7,075
$
2,490
$
69,126
Non-property adjustments
—
—
—
—
—
—
13
(31,855)
Interest income
(29)
—
(24)
(12)
—
(152)
(33)
(346)
Interest expense
—
—
—
303
—
—
771
3,065
Amortization of loan costs
—
—
—
27
—
—
22
106
Depreciation and amortization
880
359
614
2,038
692
4,250
12,341
37,290
Income tax expense (benefit)
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
14
14
161
448
13
67
(796)
1,087
Hotel EBITDA including amounts attributable to noncontrolling interest
2,935
346
1,683
2,718
5,998
11,240
14,808
78,473
Non-comparable adjustments
—
(2)
—
—
—
—
(795)
(1,323)
Comparable hotel EBITDA
$
2,935
$
344
$
1,683
$
2,718
$
5,998
$
11,240
$
14,013
$
77,150
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
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, 2024
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
1,193
$
(3,059)
$
2,398
$
102
$
1,431
$
4,121
$
(1,289)
$
5,811
$
(1,823)
Non-property adjustments
—
—
1,084
—
2,975
—
—
—
727
Interest income
(38)
(58)
(4)
—
(29)
(13)
—
(26)
(4)
Interest expense
777
2,291
—
—
—
—
—
—
—
Amortization of loan costs
—
144
—
—
—
—
—
—
—
Depreciation and amortization
2,636
1,533
3,271
1,565
2,295
1,080
760
2,466
2,241
Income tax expense (benefit)
—
—
—
—
—
—
—
26
—
Non-hotel EBITDA ownership expense
49
33
119
100
130
15
23
7
206
Hotel EBITDA including amounts attributable to noncontrolling interest
4,617
884
6,868
1,767
6,802
5,203
(506)
8,284
1,347
Non-comparable adjustments
(645)
(884)
(393)
2
(181)
—
2
—
(110)
Comparable hotel EBITDA
$
3,972
$
—
$
6,475
$
1,769
$
6,621
$
5,203
$
(504)
$
8,284
$
1,237
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)
$
1,752
$
(979)
$
1,101
$
11
$
4,522
$
5,840
$
9,303
$
30,435
Non-property adjustments
—
420
—
189
—
—
(3,425)
1,970
Interest income
(24)
(4)
(19)
(17)
—
(137)
(37)
(410)
Interest expense
—
—
—
213
—
—
874
4,155
Amortization of loan costs
—
—
—
39
—
—
36
219
Depreciation and amortization
970
531
587
2,535
854
4,763
12,133
40,220
Income tax expense (benefit)
—
—
—
—
—
—
9
35
Non-hotel EBITDA ownership expense
22
4
12
74
(16)
161
749
1,688
Hotel EBITDA including amounts attributable to noncontrolling interest
2,720
(28)
1,681
3,044
5,360
10,627
19,642
78,312
Non-comparable adjustments
—
267
—
(226)
2
3
(5,141)
(7,304)
Comparable hotel EBITDA
$
2,720
$
239
$
1,681
$
2,818
$
5,362
$
10,630
$
14,501
$
71,008
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
24
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended March 31, 2025
BAML/Sculptor KEYS Pool - 16 hotels
BAML Highland Pool - 18 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Nashville -1 hotel
Hilton Alexandria / La Posada - 2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
Net income (loss)
$
37,338
$
86,140
$
18,574
$
(56,663)
$
9,506
$
26,802
$
5,519
$
2,738
$
(313)
$
(886)
$
12,573
Non-property adjustments
—
(31,941)
—
59,331
(9,598)
—
—
(2,659)
—
665
—
Interest income
(129)
(514)
(273)
(213)
—
(107)
—
—
(5)
—
(415)
Interest expense
—
—
—
—
—
—
—
—
1,045
226
—
Amortization of loan costs
—
—
—
—
—
—
—
—
4
—
—
Depreciation and amortization
28,955
41,950
21,961
20,417
144
9,681
4,895
86
1,244
—
4,560
Income tax expense (benefit)
(1)
—
—
—
—
(25)
—
—
—
—
—
Non-hotel EBITDA ownership expense
3,045
1,702
3,114
1,253
71
168
80
8
156
(83)
29
Hotel EBITDA including amounts attributable to noncontrolling interest
69,208
97,337
43,376
24,125
123
36,519
10,494
173
2,131
(78)
16,747
Non-comparable adjustments
(7)
(10,189)
(5)
328
(123)
—
(2)
(173)
—
78
(3)
Comparable hotel EBITDA
$
69,201
$
87,148
$
43,371
$
24,453
$
—
$
36,519
$
10,492
$
—
$
2,131
$
—
$
16,744
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Aareal Le Pavillon - 1 hotel
Ft Worth Le Meridien - 1 hotel
Key Bank Manchester CY - 1 hotel
KEYS Pool F - 5 hotels
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
Morgan Stanley Pool C3 - 3 hotels
Morgan Stanley Ann Arbor - 1 hotel
BAML - 4 Pack - Stirling
Disposed Hotels
Net income (loss)
$
(1,452)
$
(8,031)
$
(6,687)
$
1,535
$
(94)
$
(335)
$
(334)
$
4,669
$
59
$
434
$
72,702
Non-property adjustments
—
—
—
(1,579)
(83)
203
41
(4,764)
(73)
—
(70,881)
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
936
3,343
3,025
—
—
—
—
—
—
—
—
Amortization of loan costs
188
132
53
—
—
—
—
—
—
—
—
Depreciation and amortization
2,119
5,520
2,643
53
—
—
—
—
—
4,386
221
Income tax expense (benefit)
—
—
—
67
—
—
—
—
—
(8)
—
Non-hotel EBITDA ownership expense
232
378
1,490
33
177
131
293
5
—
92
(233)
Hotel EBITDA including amounts attributable to noncontrolling interest
2,023
1,342
524
109
—
(1)
—
(90)
(14)
4,904
1,809
Non-comparable adjustments
—
(1)
—
(109)
—
1
—
90
14
(4,904)
(1,809)
Comparable hotel EBITDA
$
2,023
$
1,341
$
524
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Unencumbered Hotels
Total Portfolio
Net income (loss)
$
1,564
$
205,358
Non-property adjustments
—
(61,338)
Interest income
—
(1,656)
Interest expense
1,963
10,538
Amortization of loan costs
—
377
Depreciation and amortization
541
149,376
Income tax expense (benefit)
—
33
Non-hotel EBITDA ownership expense
26
12,167
Hotel EBITDA including amounts attributable to noncontrolling interest
4,094
314,855
Non-comparable adjustments
—
(16,814)
Comparable hotel EBITDA
$
4,094
$
298,041
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
25
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
BAML/Sculptor KEYS Pool - 16 hotels
BAML Highland Pool - 18 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Nashville -1 hotel
Hilton Alexandria / La Posada - 2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
Net income (loss)
$
8,064
$
44,926
$
6,147
$
1,611
$
3
$
7,023
$
618
$
—
$
263
$
(16)
$
3,105
Non-property adjustments
—
(31,868)
—
—
—
—
—
—
—
—
—
Interest income
(32)
(75)
(68)
(44)
—
(25)
—
—
(5)
—
(97)
Interest expense
—
—
—
—
—
—
—
—
221
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
4
—
—
Depreciation and amortization
6,959
9,614
5,988
5,392
—
2,473
1,165
—
310
—
1,048
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
1,073
(153)
399
234
—
5
11
—
4
2
11
Hotel EBITDA including amounts attributable to noncontrolling interest
16,064
22,444
12,466
7,193
3
9,476
1,794
—
797
(14)
4,067
Non-comparable adjustments
—
(26)
—
—
(3)
—
—
—
—
14
—
Comparable hotel EBITDA
$
16,064
$
22,418
$
12,466
$
7,193
$
—
$
9,476
$
1,794
$
—
$
797
$
—
$
4,067
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Aareal Le Pavillon - 1 hotel
Ft Worth Le Meridien - 1 hotel
Key Bank Manchester CY - 1 hotel
KEYS Pool F - 5 hotels
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
Morgan Stanley Pool C3 - 3 hotels
Morgan Stanley Ann Arbor - 1 hotel
BAML - 4 Pack - Stirling
Disposed Hotels
Net income (loss)
$
(808)
$
(1,122)
$
(2,183)
$
—
$
(52)
$
(61)
$
(113)
$
—
$
—
$
124
$
1,135
Non-property adjustments
—
—
—
—
13
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
303
770
1,290
—
—
—
—
—
—
—
—
Amortization of loan costs
27
22
53
—
—
—
—
—
—
—
—
Depreciation and amortization
525
1,554
1,117
—
—
—
—
—
—
1,010
—
Income tax expense (benefit)
—
—
—
—
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
17
51
177
—
39
61
113
—
—
7
(968)
Hotel EBITDA including amounts attributable to noncontrolling interest
64
1,275
454
—
—
—
—
—
—
1,141
167
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
(1,141)
(167)
Comparable hotel EBITDA
$
64
$
1,275
$
454
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Unencumbered Hotels
Total Portfolio
Net income (loss)
$
462
$
69,126
Non-property adjustments
—
(31,855)
Interest income
—
(346)
Interest expense
481
3,065
Amortization of loan costs
—
106
Depreciation and amortization
135
37,290
Income tax expense (benefit)
—
—
Non-hotel EBITDA ownership expense
4
1,087
Hotel EBITDA including amounts attributable to noncontrolling interest
1,082
78,473
Non-comparable adjustments
—
(1,323)
Comparable hotel EBITDA
$
1,082
$
77,150
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
26
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
BAML/Sculptor KEYS Pool - 16 hotels
BAML Highland Pool - 18 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Nashville -1 hotel
Hilton Alexandria / La Posada - 2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
Net income (loss)
$
5,672
$
11,593
$
2,927
$
(60,071)
$
86
$
6,191
$
839
$
(15)
$
(174)
$
6
$
2,422
Non-property adjustments
—
(73)
—
59,331
—
—
—
16
—
—
—
Interest income
(9)
(151)
(70)
(50)
—
(25)
—
—
—
—
(103)
Interest expense
—
—
—
—
—
—
—
—
257
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
7,140
10,294
5,519
5,089
—
2,404
1,206
—
314
—
1,111
Income tax expense (benefit)
(4)
—
—
—
—
(70)
—
—
—
—
—
Non-hotel EBITDA ownership expense
1,441
1,770
984
622
5
15
29
—
118
(9)
5
Hotel EBITDA including amounts attributable to noncontrolling interest
14,240
23,433
9,360
4,921
91
8,515
2,074
1
515
(3)
3,435
Non-comparable adjustments
(14)
(2,506)
(9)
(3)
(91)
—
(2)
(1)
—
3
—
Comparable hotel EBITDA
$
14,226
$
20,927
$
9,351
$
4,918
$
—
$
8,515
$
2,072
$
—
$
515
$
—
$
3,435
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Aareal Le Pavillon - 1 hotel
Ft Worth Le Meridien - 1 hotel
Key Bank Manchester CY - 1 hotel
KEYS Pool F - 5 hotels
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
Morgan Stanley Pool C3 - 3 hotels
Morgan Stanley Ann Arbor - 1 hotel
BAML - 4 Pack - Stirling
Disposed Hotels
Net income (loss)
$
(921)
$
(1,951)
$
(3,918)
$
(75)
$
(141)
$
(63)
$
(180)
$
(59)
$
—
$
181
$
60
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
210
822
1,398
—
—
—
—
—
—
—
—
Amortization of loan costs
80
38
—
—
—
—
—
—
—
—
—
Depreciation and amortization
533
1,342
1,118
—
—
—
—
—
—
1,051
—
Income tax expense (benefit)
—
—
—
60
—
—
—
—
—
(8)
—
Non-hotel EBITDA ownership expense
161
225
1,313
—
138
63
180
1
—
64
—
Hotel EBITDA including amounts attributable to noncontrolling interest
63
476
(89)
(15)
(3)
—
—
(58)
—
1,288
60
Non-comparable adjustments
(1)
(1)
—
15
3
—
—
58
—
(1,288)
(60)
Comparable hotel EBITDA
$
62
$
475
$
(89)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Unencumbered Hotels
Total Portfolio
Net income (loss)
$
466
$
(37,125)
Non-property adjustments
—
59,274
Interest income
—
(408)
Interest expense
494
3,181
Amortization of loan costs
—
118
Depreciation and amortization
135
37,256
Income tax expense (benefit)
—
(22)
Non-hotel EBITDA ownership expense
16
7,141
Hotel EBITDA including amounts attributable to noncontrolling interest
1,111
69,415
Non-comparable adjustments
—
(3,897)
Comparable hotel EBITDA
$
1,111
$
65,518
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
27
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
BAML/Sculptor KEYS Pool - 16 hotels
BAML Highland Pool - 18 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Nashville -1 hotel
Hilton Alexandria / La Posada - 2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
Net income (loss)
$
9,609
$
11,478
$
1,784
$
351
$
(15)
$
4,949
$
1,953
$
2,690
$
(258)
$
109
$
2,850
Non-property adjustments
—
—
—
—
—
—
—
(2,675)
—
(12)
—
Interest income
(47)
(160)
(75)
(60)
—
(29)
—
—
—
—
(111)
Interest expense
—
—
—
—
—
—
—
—
284
—
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
7,294
10,912
5,602
5,152
—
2,407
1,237
6
312
—
1,168
Income tax expense (benefit)
1
—
—
—
—
22
—
—
—
—
—
Non-hotel EBITDA ownership expense
186
(182)
1,567
49
5
121
21
4
25
42
6
Hotel EBITDA including amounts attributable to noncontrolling interest
17,043
22,048
8,878
5,492
(10)
7,470
3,211
25
363
139
3,913
Non-comparable adjustments
2
(3,758)
—
—
10
—
—
(25)
—
(139)
(3)
Comparable hotel EBITDA
$
17,045
$
18,290
$
8,878
$
5,492
$
—
$
7,470
$
3,211
$
—
$
363
$
—
$
3,910
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Aareal Le Pavillon - 1 hotel
Ft Worth Le Meridien - 1 hotel
Key Bank Manchester CY - 1 hotel
KEYS Pool F - 5 hotels
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
Morgan Stanley Pool C3 - 3 hotels
Morgan Stanley Ann Arbor - 1 hotel
BAML - 4 Pack - Stirling
Disposed Hotels
Net income (loss)
$
419
$
(2,682)
$
(586)
$
(7)
$
99
$
(7)
$
—
$
(4)
$
37
$
55
$
(510)
Non-property adjustments
—
—
—
—
(96)
7
—
—
(37)
—
42
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
212
879
337
—
—
—
—
—
—
—
—
Amortization of loan costs
41
36
—
—
—
—
—
—
—
—
—
Depreciation and amortization
513
1,387
408
—
—
—
—
—
—
1,158
—
Income tax expense (benefit)
—
—
—
3
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
47
—
—
18
—
—
—
3
—
24
472
Hotel EBITDA including amounts attributable to noncontrolling interest
1,232
(380)
159
14
3
—
—
(1)
—
1,237
4
Non-comparable adjustments
—
—
—
(14)
(3)
—
—
1
—
(1,237)
(4)
Comparable hotel EBITDA
$
1,232
$
(380)
$
159
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Unencumbered Hotels
Total Portfolio
Net income (loss)
$
364
$
32,678
Non-property adjustments
—
(2,771)
Interest income
—
(482)
Interest expense
494
2,206
Amortization of loan costs
—
77
Depreciation and amortization
135
37,691
Income tax expense (benefit)
—
26
Non-hotel EBITDA ownership expense
—
2,408
Hotel EBITDA including amounts attributable to noncontrolling interest
993
71,833
Non-comparable adjustments
—
(5,170)
Comparable hotel EBITDA
$
993
$
66,663
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
28
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
BAML/Sculptor KEYS Pool - 16 hotels
BAML Highland Pool - 18 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Nashville -1 hotel
Hilton Alexandria / La Posada - 2 hotels
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
Net income (loss)
$
13,993
$
18,143
$
7,716
$
1,446
$
9,432
$
8,639
$
2,109
$
63
$
(144)
$
(985)
$
4,196
Non-property adjustments
—
—
—
—
(9,598)
—
—
—
—
677
—
Interest income
(41)
(128)
(60)
(59)
—
(28)
—
—
—
—
(104)
Interest expense
—
—
—
—
—
—
—
—
283
226
—
Amortization of loan costs
—
—
—
—
—
—
—
—
—
—
—
Depreciation and amortization
7,562
11,130
4,852
4,784
144
2,397
1,287
80
308
—
1,233
Income tax expense (benefit)
2
—
—
—
—
23
—
—
—
—
—
Non-hotel EBITDA ownership expense
345
267
164
348
61
27
19
4
9
(118)
7
Hotel EBITDA including amounts attributable to noncontrolling interest
21,861
29,412
12,672
6,519
39
11,058
3,415
147
456
(200)
5,332
Non-comparable adjustments
5
(3,899)
4
331
(39)
—
—
(147)
—
200
—
Comparable hotel EBITDA
$
21,866
$
25,513
$
12,676
$
6,850
$
—
$
11,058
$
3,415
$
—
$
456
$
—
$
5,332
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Aareal Le Pavillon - 1 hotel
Ft Worth Le Meridien - 1 hotel
Key Bank Manchester CY - 1 hotel
KEYS Pool F - 5 hotels
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
Morgan Stanley Pool C3 - 3 hotels
Morgan Stanley Ann Arbor - 1 hotel
BAML - 4 Pack - Stirling
Disposed Hotels
Net income (loss)
$
(142)
$
(2,276)
$
—
$
1,617
$
—
$
(204)
$
(41)
$
4,732
$
22
$
74
$
72,017
Non-property adjustments
—
—
—
(1,579)
—
196
41
(4,764)
(36)
—
(70,923)
Interest income
—
—
—
—
—
—
—
—
—
—
—
Interest expense
211
872
—
—
—
—
—
—
—
—
—
Amortization of loan costs
40
36
—
—
—
—
—
—
—
—
—
Depreciation and amortization
548
1,237
—
53
—
—
—
—
—
1,167
221
Income tax expense (benefit)
—
—
—
4
—
—
—
—
—
—
—
Non-hotel EBITDA ownership expense
7
102
—
15
—
7
—
1
—
(3)
263
Hotel EBITDA including amounts attributable to noncontrolling interest
664
(29)
—
110
—
(1)
—
(31)
(14)
1,238
1,578
Non-comparable adjustments
1
—
—
(110)
—
1
—
31
14
(1,238)
(1,578)
Comparable hotel EBITDA
$
665
$
(29)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Unencumbered Hotels
Total Portfolio
Net income (loss)
$
272
$
140,679
Non-property adjustments
—
(85,986)
Interest income
—
(420)
Interest expense
494
2,086
Amortization of loan costs
—
76
Depreciation and amortization
136
37,139
Income tax expense (benefit)
—
29
Non-hotel EBITDA ownership expense
6
1,531
Hotel EBITDA including amounts attributable to noncontrolling interest
908
95,134
Non-comparable adjustments
—
(6,424)
Comparable hotel EBITDA
$
908
$
88,710
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
