DALLAS, Feb. 25, 2020 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today
reported financial results and performance measures for the fourth
quarter and full year ended December 31,
2019. The comparable performance measurements for Occupancy,
Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and
Hotel EBITDA assume each of the hotel properties in the Company's
hotel portfolio as of December 31,
2019 were owned as of the beginning of each of the periods
presented. Unless otherwise stated, all reported results
compare the fourth quarter ended December
31, 2019 with the fourth quarter ended December 31, 2018 (see discussion below).
The reconciliation of non-GAAP financial measures is included in
the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Invests predominantly in upper upscale, full-service
hotels
- Targets moderate leverage levels to enhance equity returns
- Highly-aligned management team and advisory structure
- Targets cash and cash equivalents at a level of 25 - 35% of
total equity market capitalization for the purposes of:
-
- working capital needs at property and corporate levels;
- providing a hedge in the event of uncertain economic times;
and
- being prepared to pursue accretive investments or stock
buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $38.8 million or $0.39 per diluted share for the quarter. For the
full year of 2019, net loss attributable to common stockholders was
$156.2 million or $1.58 per diluted share.
- Comparable RevPAR for all hotels increased 0.7% to $119.04 during the quarter.
- Comparable RevPAR for all hotels not under renovation increased
1.2% to $118.97 during the
quarter.
- Comparable Total RevPAR for all hotels increased 1.3% during
the quarter.
- Adjusted EBITDAre was $89.1
million for the quarter. Adjusted EBITDAre for the
full year of 2019 was $425.0
million.
- Adjusted funds from operations (AFFO) was $0.22 per diluted share for the quarter, an
increase of 22% over the prior-year quarter. For the full year of
2019, AFFO per diluted share was $1.22.
- During the quarter, the Company sold 393,077 shares of Ashford
Inc. (NYSE American: AINC) ("Ashford") common stock to
Ashford for proceeds of approximately $11.8
million. Additionally, during the quarter, the Company
distributed its remaining 205,086 shares of Ashford common stock on
a pro-rata basis to its common shareholders and unitholders.
- During the quarter, the Company entered into a new franchise
agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the
hotel from being Hilton-managed to being managed by Remington
Hotels.
- During the quarter, the Company entered into a new franchise
agreement with Marriott International to convert the Crowne Plaza
La Concha Key West Hotel in Key West,
Florida to an Autograph Collection property.
- During the quarter, the Company announced it had sold the
parking lot adjacent to the Hilton St. Petersburg Bayfront Hotel in
St. Petersburg, Florida for
$17.5 million to be paid over
time.
- During the quarter, the Company announced the sale of the
102-room SpringHill Suites Jacksonville in Jacksonville, Florida for $11.2 million ($109,000 per key).
- During the quarter, the Company amended and extended its
mortgage loan for the 140-room Hotel Indigo Atlanta in Atlanta, Georgia.
- Subsequent to quarter end, the Company refinanced its mortgage
loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana.
- Capex invested during the quarter was $37.5 million, bringing the total capex invested
for the full year to $159.2
million.
CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTY
On
October 3, 2019, the Company
announced that it entered into a new franchise agreement for the
252-room Hilton Alexandria Old Town in Alexandria, Virginia that it acquired in June
2018. Under the new franchise agreement, the hotel
transitioned from being Hilton-managed to being managed by
Remington Hotels. The management conversion was effective on
October 1, 2019 and did not require a
Property Improvement Plan ("PIP").
CONVERSION OF CROWNE PLAZA KEY
WEST TO AUTOGRAPH COLLECTION
On October 3, 2019, the Company announced it entered
into a new franchise agreement with Marriott International
("Marriott") to convert the Crowne Plaza La Concha Key West Hotel
in Key West, Florida to an
Autograph Collection property. The 160-room hotel is ideally
located on Duval Street in the heart of Old Town Key West within
walking distance of major attractions, shopping, entertainment, and
nightlife.
The agreement with Marriott calls for the hotel to be converted
to an Autograph Collection property by July
1, 2022, pursuant to a conversion PIP that is currently
estimated to be $13.7 million,
approximately $7.8 million of which
is incremental. The PIP includes updates to the exterior,
guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge,
pool, and meeting space. The conversion will create a distinctive
style for the hotel that is commensurate with the upper
upscale/luxury Autograph product. Post-conversion, Remington
Hotels will continue to manage the property. The Company believes
that post-conversion, the new Autograph property should realize a
RevPAR premium to the current hotel and that its incremental
investment should yield an approximate 19% unlevered internal rate
of return.
SALE OF PARKING LOT AT HILTON ST.
PETERSBURG
On October 15,
2019, the Company announced the sale of a 1.65-acre (72,068
square foot) parking lot adjacent to the Hilton St. Petersburg
Bayfront Hotel in St. Petersburg,
Florida for total consideration of $17.5 million to be paid over time. The lot was
sold to a Florida-based company
and will be developed into a 35-story condominium tower and parking
garage. As part of the agreement, following project
completion, the Company will have ownership rights to 205 covered
parking spaces in the new parking garage for use by Hilton St.
Petersburg Bayfront guests. The first payment tranche resulted in
approximately $8.0 million of debt
paydown.
SALE OF SPRINGHILL SUITES
JACKSONVILLE
On
December 4, 2019, the Company
announced the sale of the 102-room SpringHill Suites Jacksonville
in Jacksonville, Florida for
$11.2 million ($109,000 per key). The sales price, inclusive of
buyer's estimated capex of $2.5
million, represents a trailing twelve-month cap rate of 5.9%
on net operating income and a 14.3x Hotel EBITDA multiple as of
October 31, 2019.
CAPITAL STRUCTURE
At December
31, 2019, the Company had total mortgage loans of
$4.1 billion with a blended average
interest rate of 5.1% and a weighted average maturity of 4.8 years
assuming full extension of the loans.
On October 2, 2019, the Company
announced a stock purchase agreement with Ashford under which
Ashford purchased 393,077 shares of its common stock for
$30 per share, resulting in total
proceeds of approximately $11.8
million to the Company. The purchase price reflected a
premium of approximately 20% based on the closing price of Ashford
common stock on October 1,
2019. Due to the parameters of the private letter ruling from
the Internal Revenue Service received by the Company, Ashford was
only able to acquire the shares held by the Company's taxable REIT
subsidiaries. Additionally, on November 5, 2019, the Company distributed its
remaining 205,086 shares of Ashford common stock to its common
shareholders and unitholders through a pro-rata, taxable
dividend.
During the quarter, the Company amended and extended its
mortgage loan for the 140-room Hotel Indigo Atlanta in Atlanta, Georgia, which had an existing
outstanding balance of $16.0 million,
a floating interest rate of LIBOR + 2.90%, and a final maturity
date in May 2022. The amended, non-recourse loan totals
$16.1 million and has a three-year
initial term with two one-year extension options, subject to the
satisfaction of certain conditions. The loan is interest only for
the initial term with 1% annual amortization payments during the
extension periods. The loan provides for a floating interest
rate of LIBOR + 2.25%.
Subsequent to quarter end, the Company refinanced its mortgage
loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana, which had an existing
outstanding balance of approximately $43.8
million, a floating interest rate of LIBOR + 5.10%, and a
final maturity date in June 2020. The new, non-recourse loan
totals $37 million and has a
three-year initial term with two one-year extension options,
subject to the satisfaction of certain conditions. The loan
provides for a floating interest rate of LIBOR + 3.40%.
PORTFOLIO REVPAR
As of December 31, 2019, the portfolio consisted of 117
hotels. During the fourth quarter of 2019, 113 of the
Company's hotels were not under renovation. The Company believes
reporting its operating metrics for its hotels on a comparable
total basis (all 117 hotels), and comparable not under renovation
basis (113 hotels), is a measure that reflects a meaningful and
focused comparison of the operating results in its portfolio.
Details of each category are provided in the tables attached to
this release.
- Comparable RevPAR increased 0.7 % to $119.04 for all hotels on a 0.9% increase in ADR
and a 0.1% decrease in occupancy.
- Comparable RevPAR increased 1.2% to $118.97 for all hotels not under renovation on a
1.0% increase in ADR and a 0.1% increase in occupancy.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and
Comparable Hotel EBITDA Margin comparisons are more meaningful to
gauge the performance of the Company's hotels than sequential
quarter-over-quarter comparisons. To help investors better
understand the seasonality in the Company's portfolio, the Company
provides quarterly detail on its Comparable Hotel EBITDA and
Comparable Hotel EBITDA Margin for the current and certain
prior-year periods based upon the number of hotels in the Company's
portfolio as of the end of the current period. As the
Company's portfolio mix changes from time to time, so will the
seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA
Margin. The details of the quarterly calculations for the
previous four quarters for the 117 hotels are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On December 5, 2019, the Company announced that its
Board of Directors had declared a quarterly cash dividend of
$0.06 per diluted share for the
Company's common stock for the fourth quarter ending December 31, 2019, payable on January 15, 2020, to shareholders of record as of
December 31, 2019.
"During 2019, we continued to benefit from the operational and
financial advantages of our high-quality, well-diversified
portfolio of hotels," commented Douglas A.
Kessler, Ashford Trust's President and Chief Executive
Officer. "We remain focused on maximizing the value of our assets
and continue to pursue proactive, value-added initiatives that we
believe will enhance shareholder returns. Consistent with our
strategy, during the quarter, we announced the planned conversion
of the Hilton Alexandria to a franchised property and the
upbranding of the Crowne Plaza La Concha Key West Hotel to an
Autograph Collection property. Both transactions are excellent
examples of how we unlock embedded value in our portfolio.
Additionally, disciplined capital recycling remains an important
component of our strategy. In the quarter, we sold the SpringHill
Suites Jacksonville at a very attractive cap rate compared to our
current market valuation and also completed a strategic land parcel
sale that allowed us to lower our leverage while simultaneously
improve the parking facilities at the Hilton St. Petersburg
Bayfront Hotel. Looking ahead, we are committed to optimizing
the performance of our portfolio and pursuing value-added
initiatives that we believe will enhance returns for our
shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Wednesday, February 26, 2020, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (201) 493-6725. A
replay of the conference call will be available through
Wednesday, March 4, 2020, by dialing
(412) 317-6671 and entering the confirmation number, 13697610.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2019 earnings release conference
call. The live broadcast of Ashford Hospitality Trust's
quarterly conference call will be available online at the Company's
web site, www.ahtreit.com on Wednesday,
February 26, 2020, 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.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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 federal
securities regulations. Forward-looking statements in this
press release may include, among others, statements about the
Company's strategy and future plans. 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: general conditions of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, 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. 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.
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (in thousands, except share and per share
amounts) (unaudited)
|
|
|
December 31,
2019
|
|
December 31,
2018
|
ASSETS
|
|
|
|
Investments in hotel
properties, net
|
$
|
4,108,443
|
|
|
$
|
4,105,219
|
|
Cash and cash
equivalents
|
262,636
|
|
|
319,210
|
|
Restricted
cash
|
135,571
|
|
|
120,602
|
|
Marketable
securities
|
14,591
|
|
|
21,816
|
|
Accounts receivable,
net of allowance of $698 and $485, respectively
|
39,638
|
|
|
37,060
|
|
Inventories
|
4,346
|
|
|
4,224
|
|
Notes
receivable
|
7,709
|
|
|
—
|
|
Investment in Ashford
Inc.
|
—
|
|
|
1,896
|
|
Investment in
OpenKey
|
2,829
|
|
|
2,593
|
|
Deferred costs,
net
|
2,897
|
|
|
3,449
|
|
Prepaid
expenses
|
21,886
|
|
|
19,982
|
|
Derivative assets,
net
|
1,691
|
|
|
2,396
|
|
Operating lease
right-of-use assets
|
49,995
|
|
|
—
|
|
Other
assets
|
17,932
|
|
|
15,923
|
|
Intangible assets,
net
|
797
|
|
|
9,824
|
|
Due from related
parties, net
|
3,019
|
|
|
—
|
|
Due from third-party
hotel managers
|
17,368
|
|
|
21,760
|
|
Total
assets
|
$
|
4,691,348
|
|
|
$
|
4,685,954
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
4,106,518
|
|
|
$
|
3,927,266
|
|
Accounts payable and
accrued expenses
|
134,341
|
|
|
136,757
|
|
Dividends and
distributions payable
|
20,849
|
|
|
26,794
|
|
Due to Ashford Inc.,
net
|
6,570
|
|
|
23,034
|
|
Due to related
parties, net
|
—
|
|
|
1,477
|
|
Due to third-party
hotel managers
|
2,509
|
|
|
2,529
|
|
Intangible
liabilities, net
|
2,337
|
|
|
15,483
|
|
Operating lease
liabilities
|
53,270
|
|
|
—
|
|
Derivative
liabilities, net
|
42
|
|
|
50
|
|
Other
liabilities
|
25,776
|
|
|
18,716
|
Total
liabilities
|
4,352,212
|
|
|
4,152,106
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
69,870
|
|
|
80,743
|
Equity:
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized :
|
|
|
|
Series D Cumulative
Preferred Stock 2,389,393 shares issued and outstanding at December
31, 2019 and 2018
|
24
|
|
24
|
Series F Cumulative
Preferred Stock 4,800,000 shares issued and outstanding at December
31, 2019 and 2018
|
48
|
|
48
|
Series G Cumulative
Preferred Stock 6,200,000 shares issued and outstanding at December
31, 2019 and 2018
|
62
|
|
62
|
Series H Cumulative
Preferred Stock 3,800,000 shares issued and outstanding at December
31, 2019 and 2018
|
38
|
|
38
|
Series I Cumulative
Preferred Stock 5,400,000 shares issued and outstanding at December
31, 2019 and 2018
|
54
|
|
54
|
Common stock, $0.01
par value, 400,000,000 shares authorized, 102,103,602 and
101,035,530 shares issued and outstanding
at December 31, 2019 and 2018, respectively
|
1,021
|
|
1,010
|
Additional paid-in
capital
|
1,825,553
|
|
1,814,273
|
Accumulated
deficit
|
(1,558,038)
|
|
(1,363,020)
|
Total shareholders'
equity of the Company
|
268,762
|
|
452,489
|
Noncontrolling
interests in consolidated entities
|
504
|
|
616
|
Total
equity
|
269,266
|
|
453,105
|
Total liabilities and
equity
|
$
|
4,691,348
|
|
|
$
|
4,685,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
274,650
|
|
|
$
|
266,597
|
|
|
$
|
1,184,987
|
|
|
$
|
1,134,687
|
|
Food and
beverage
|
61,820
|
|
|
59,442
|
|
|
243,917
|
|
|
224,311
|
|
Other
|
17,223
|
|
|
16,424
|
|
|
69,653
|
|
|
67,782
|
|
Total hotel
revenue
|
353,693
|
|
|
342,463
|
|
|
1,498,557
|
|
|
1,426,780
|
|
Other
|
963
|
|
|
1,025
|
|
|
4,202
|
|
|
4,009
|
|
Total
revenue
|
354,656
|
|
|
343,488
|
|
|
1,502,759
|
|
|
1,430,789
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
63,186
|
|
|
60,642
|
|
|
258,446
|
|
|
248,139
|
|
Food and
beverage
|
42,411
|
|
|
40,632
|
|
|
167,945
|
|
|
156,902
|
|
Other
expenses
|
115,308
|
|
|
109,834
|
|
|
472,437
|
|
|
442,463
|
|
Management
fees
|
12,681
|
|
|
12,772
|
|
|
53,846
|
|
|
53,078
|
|
Total hotel operating
expenses
|
233,586
|
|
|
223,880
|
|
|
952,674
|
|
|
900,582
|
|
Property taxes,
insurance and other
|
19,979
|
|
|
18,992
|
|
|
84,110
|
|
|
78,355
|
|
Depreciation and
amortization
|
66,408
|
|
|
65,922
|
|
|
269,003
|
|
|
258,458
|
|
Impairment
charges
|
27,095
|
|
|
21,739
|
|
|
33,628
|
|
|
23,391
|
|
Transaction
costs
|
—
|
|
|
—
|
|
|
2
|
|
|
11
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
8,969
|
|
|
8,882
|
|
|
36,269
|
|
|
35,526
|
|
Reimbursable
expenses
|
1,537
|
|
|
2,574
|
|
|
9,300
|
|
|
8,351
|
|
Non-cash
stock/unit-based compensation
|
4,577
|
|
|
4,705
|
|
|
18,063
|
|
|
25,245
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
82
|
|
|
—
|
|
|
886
|
|
|
536
|
|
Other general and
administrative
|
3,097
|
|
|
2,481
|
|
|
10,221
|
|
|
10,395
|
|
Total operating
expenses
|
365,330
|
|
|
349,175
|
|
|
1,414,156
|
|
|
1,340,850
|
|
Gain (loss) on sale
of assets and hotel properties
|
23,203
|
|
|
81
|
|
|
26,126
|
|
|
475
|
|
OPERATING INCOME
(LOSS)
|
12,529
|
|
|
(5,606)
|
|
|
114,729
|
|
|
90,414
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(99)
|
|
|
(25)
|
|
|
(2,307)
|
|
|
867
|
|
Interest
income
|
665
|
|
|
1,173
|
|
|
3,067
|
|
|
3,952
|
|
Other income
(expense), net
|
11,472
|
|
|
(16)
|
|
|
10,490
|
|
|
64
|
|
Interest expense, net
of premium amortization
|
(54,478)
|
|
|
(56,281)
|
|
|
(232,457)
|
|
|
(215,344)
|
|
Amortization of loan
costs
|
(7,014)
|
|
|
(6,825)
|
|
|
(29,544)
|
|
|
(21,442)
|
|
Write-off of
premiums, loan costs and exit fees
|
(263)
|
|
|
469
|
|
|
(2,841)
|
|
|
(8,847)
|
|
Unrealized gain
(loss) on marketable securities
|
175
|
|
|
(255)
|
|
|
1,896
|
|
|
(1,013)
|
|
Unrealized gain
(loss) on derivatives
|
(440)
|
|
|
1,494
|
|
|
(4,494)
|
|
|
(2,178)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(37,453)
|
|
|
(65,872)
|
|
|
(141,461)
|
|
|
(153,527)
|
|
Income tax benefit
(expense)
|
1,834
|
|
|
(176)
|
|
|
(1,218)
|
|
|
(2,782)
|
|
NET INCOME
(LOSS)
|
(35,619)
|
|
|
(66,048)
|
|
|
(142,679)
|
|
|
(156,309)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
110
|
|
|
22
|
|
|
112
|
|
|
30
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
7,350
|
|
|
11,226
|
|
|
28,932
|
|
|
29,313
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(28,159)
|
|
|
(54,800)
|
|
|
(113,635)
|
|
|
(126,966)
|
|
Preferred
dividends
|
(10,644)
|
|
|
(10,644)
|
|
|
(42,577)
|
|
|
(42,577)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(38,803)
|
|
|
$
|
(65,444)
|
|
|
$
|
(156,212)
|
|
|
$
|
(169,543)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.39)
|
|
|
$
|
(0.66)
|
|
|
$
|
(1.58)
|
|
|
$
|
(1.75)
|
|
Weighted average
common shares outstanding – basic
|
99,968
|
|
|
99,324
|
|
|
99,837
|
|
|
97,282
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.39)
|
|
|
$
|
(0.66)
|
|
|
$
|
(1.58)
|
|
|
$
|
(1.75)
|
|
Weighted average
common shares outstanding – diluted
|
99,968
|
|
|
99,324
|
|
|
99,837
|
|
|
97,282
|
|
Dividends declared
per common share:
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
0.30
|
|
|
$
|
0.48
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND
ADJUSTED EBITDAre
(in thousands)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
(35,619)
|
|
|
$
|
(66,048)
|
|
|
$
|
(142,679)
|
|
|
$
|
(156,309)
|
|
Interest expense and
amortization of premiums and loan costs, net
|
61,492
|
|
|
63,106
|
|
|
262,001
|
|
|
236,786
|
|
Depreciation and
amortization
|
66,408
|
|
|
65,922
|
|
|
269,003
|
|
|
258,458
|
|
Income tax expense
(benefit)
|
(1,834)
|
|
|
176
|
|
|
1,218
|
|
|
2,782
|
|
Equity in (earnings)
loss of unconsolidated entities
|
99
|
|
|
25
|
|
|
2,307
|
|
|
(867)
|
|
Company's portion of
EBITDA of Ashford Inc.
|
(26)
|
|
|
2,486
|
|
|
4,336
|
|
|
3,445
|
|
Company's portion of
EBITDA of OpenKey
|
(95)
|
|
|
(153)
|
|
|
(403)
|
|
|
(572)
|
|
EBITDA
|
90,425
|
|
|
65,514
|
|
|
395,783
|
|
|
343,723
|
|
Impairment charges on
real estate
|
27,095
|
|
|
21,739
|
|
|
33,628
|
|
|
23,391
|
|
(Gain) loss on sale
of assets and hotel properties
|
(23,203)
|
|
|
(81)
|
|
|
(26,126)
|
|
|
(475)
|
|
EBITDAre
|
94,317
|
|
|
87,172
|
|
|
403,285
|
|
|
366,639
|
|
Amortization of
unfavorable contract liabilities
|
16
|
|
|
(38)
|
|
|
176
|
|
|
(155)
|
|
Uninsured hurricane
related costs
|
—
|
|
|
(20)
|
|
|
—
|
|
|
(291)
|
|
(Gain) loss on
insurance settlements
|
(407)
|
|
|
(928)
|
|
|
(450)
|
|
|
(928)
|
|
Write-off of
premiums, loan costs and exit fees
|
263
|
|
|
(469)
|
|
|
2,841
|
|
|
8,847
|
|
Other (income)
expense, net
|
(11,392)
|
|
|
194
|
|
|
(10,219)
|
|
|
539
|
|
Transaction
and conversion costs
|
1,268
|
|
|
267
|
|
|
2,329
|
|
|
863
|
|
Legal, advisory and
settlement costs
|
(406)
|
|
|
156
|
|
|
1,660
|
|
|
1,084
|
|
Unrealized (gain)
loss on marketable securities
|
(175)
|
|
|
255
|
|
|
(1,896)
|
|
|
1,013
|
|
Unrealized (gain)
loss on derivatives
|
440
|
|
|
(1,494)
|
|
|
4,494
|
|
|
2,178
|
|
Dead deal
costs
|
28
|
|
|
236
|
|
|
78
|
|
|
291
|
|
Non-cash
stock/unit-based compensation
|
4,854
|
|
|
4,993
|
|
|
19,717
|
|
|
26,939
|
|
Company's portion of
adjustments to EBITDAre of Ashford Inc.
|
262
|
|
|
(495)
|
|
|
2,941
|
|
|
4,479
|
|
Company's portion of
adjustments to EBITDAre of OpenKey
|
6
|
|
|
16
|
|
|
49
|
|
|
17
|
|
Adjusted
EBITDAre
|
$
|
89,074
|
|
|
$
|
89,845
|
|
|
$
|
425,005
|
|
|
$
|
411,515
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS
("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
(35,619)
|
|
|
$
|
(66,048)
|
|
|
$
|
(142,679)
|
|
|
$
|
(156,309)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
110
|
|
|
22
|
|
|
112
|
|
|
30
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
7,350
|
|
|
11,226
|
|
|
28,932
|
|
|
29,313
|
|
Preferred
dividends
|
(10,644)
|
|
|
(10,644)
|
|
|
(42,577)
|
|
|
(42,577)
|
|
Net income (loss)
attributable to common stockholders
|
(38,803)
|
|
|
(65,444)
|
|
|
(156,212)
|
|
|
(169,543)
|
|
Depreciation and
amortization on real estate
|
66,354
|
|
|
65,864
|
|
|
268,778
|
|
|
258,227
|
|
(Gain) loss on sale
of assets and hotel properties
|
(23,203)
|
|
|
(81)
|
|
|
(26,126)
|
|
|
(475)
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(7,350)
|
|
|
(11,226)
|
|
|
(28,932)
|
|
|
(29,313)
|
|
Equity in (earnings)
loss of unconsolidated entities
|
99
|
|
|
25
|
|
|
2,307
|
|
|
(867)
|
|
Impairment charges on
real estate
|
27,095
|
|
|
21,739
|
|
|
33,628
|
|
|
23,391
|
|
Company's portion of
FFO of Ashford Inc.
|
(440)
|
|
|
134
|
|
|
(4,030)
|
|
|
1,524
|
|
Company's portion of
FFO of OpenKey
|
(99)
|
|
|
(155)
|
|
|
(396)
|
|
|
(581)
|
|
FFO available to
common stockholders and OP unitholders
|
23,653
|
|
|
10,856
|
|
|
89,017
|
|
|
82,363
|
|
Write-off of
premiums, loan costs and exit fees
|
263
|
|
|
(469)
|
|
|
2,841
|
|
|
8,847
|
|
(Gain) loss on
insurance settlements
|
(407)
|
|
|
(928)
|
|
|
(450)
|
|
|
(928)
|
|
Uninsured hurricane
related costs
|
—
|
|
|
(20)
|
|
|
—
|
|
|
(291)
|
|
Other (income)
expense, net
|
(11,392)
|
|
|
194
|
|
|
(10,219)
|
|
|
539
|
|
Transaction
and conversion costs
|
1,268
|
|
|
267
|
|
|
2,329
|
|
|
863
|
|
Legal, advisory and
settlement costs
|
(406)
|
|
|
156
|
|
|
1,660
|
|
|
1,084
|
|
Unrealized (gain)
loss on marketable securities
|
(175)
|
|
|
255
|
|
|
(1,896)
|
|
|
1,013
|
|
Unrealized (gain)
loss on derivatives
|
440
|
|
|
(1,494)
|
|
|
4,494
|
|
|
2,178
|
|
Dead deal
costs
|
28
|
|
|
236
|
|
|
78
|
|
|
291
|
|
Non-cash
stock/unit-based compensation
|
4,854
|
|
|
4,993
|
|
|
19,717
|
|
|
26,939
|
|
Amortization of loan
costs
|
7,012
|
|
|
6,823
|
|
|
29,537
|
|
|
21,435
|
|
Company's portion of
adjustments to FFO of Ashford Inc.
|
557
|
|
|
199
|
|
|
8,319
|
|
|
907
|
|
Company's portion of
adjustments to FFO of OpenKey
|
9
|
|
|
17
|
|
|
55
|
|
|
21
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
25,704
|
|
|
$
|
21,085
|
|
|
$
|
145,482
|
|
|
$
|
145,261
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.22
|
|
|
$
|
0.18
|
|
|
$
|
1.22
|
|
|
$
|
1.26
|
|
Weighted average
diluted shares
|
119,340
|
|
|
116,786
|
|
|
119,062
|
|
|
115,466
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF
INDEBTEDNESS DECEMBER 31, 2019 (dollars in
thousands) (unaudited)
|
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (7)
|
|
Comparable TTM
EBITDA
Debt Yield
|
JPMorgan Chase - 8
hotels
|
|
February
2020
|
|
LIBOR +
2.92%
|
|
$
|
—
|
|
|
$
|
395,000
|
|
(1)
|
$
|
395,000
|
|
|
$
|
40,665
|
|
|
10.3
|
%
|
BAML Highland Pool -
19 hotels
|
|
April 2020
|
|
LIBOR +
3.20%
|
|
—
|
|
|
907,030
|
|
(1)
|
907,030
|
|
|
105,297
|
|
|
11.6
|
%
|
BAML Le Pavillon - 1
hotel
|
|
June 2020
|
|
LIBOR +
5.10%
|
|
—
|
|
|
43,750
|
|
(3)
|
43,750
|
|
|
2,742
|
|
|
6.3
|
%
|
KEYS Pool A - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.65%
|
|
—
|
|
|
180,720
|
|
(1)
|
180,720
|
|
|
20,886
|
|
|
11.6
|
%
|
KEYS Pool B - 7
hotels
|
|
June 2020
|
|
LIBOR +
3.39%
|
|
—
|
|
|
174,400
|
|
(1)
|
174,400
|
|
|
20,840
|
|
|
11.9
|
%
|
KEYS Pool C - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.73%
|
|
—
|
|
|
221,040
|
|
(1)
|
221,040
|
|
|
20,481
|
|
|
9.3
|
%
|
KEYS Pool D - 5
hotels
|
|
June 2020
|
|
LIBOR +
4.02%
|
|
—
|
|
|
262,640
|
|
(1)
|
262,640
|
|
|
27,719
|
|
|
10.6
|
%
|
KEYS Pool E - 5
hotels
|
|
June 2020
|
|
LIBOR +
2.73%
|
|
—
|
|
|
160,000
|
|
(1)
|
160,000
|
|
|
24,361
|
|
|
15.2
|
%
|
KEYS Pool F - 5
hotels
|
|
June 2020
|
|
LIBOR +
3.68%
|
|
—
|
|
|
215,120
|
|
(1)
|
215,120
|
|
|
24,138
|
|
|
11.2
|
%
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
July 2020
|
|
LIBOR +
4.40%
|
|
—
|
|
|
35,200
|
|
(4)
|
35,200
|
|
|
3,199
|
|
|
9.1
|
%
|
Morgan Stanley - 8
hotels
|
|
July 2020
|
|
LIBOR +
4.33%
|
|
—
|
|
|
144,000
|
|
(4)
|
144,000
|
|
|
10,635
|
|
|
7.4
|
%
|
GACC Gateway - 1
hotel
|
|
November
2020
|
|
6.26%
|
|
91,542
|
|
|
—
|
|
|
91,542
|
|
|
13,164
|
|
|
14.4
|
%
|
JPMorgan Chase La
Posada - 1 hotel
|
|
November
2020
|
|
LIBOR +
2.55%
|
|
—
|
|
|
25,000
|
|
(5)
|
25,000
|
|
|
4,143
|
|
|
16.6
|
%
|
Morgan Stanley Pool -
17 hotels
|
|
November
2020
|
|
LIBOR +
3.00%
|
|
—
|
|
|
419,000
|
|
(6)
|
419,000
|
|
|
48,565
|
|
|
11.6
|
%
|
BAML
Princeton/Nashville - 2 hotels
|
|
March 2021
|
|
LIBOR +
2.75%
|
|
—
|
|
|
240,000
|
|
(1)
|
240,000
|
|
|
35,394
|
|
|
14.7
|
%
|
SPT Embassy Suites
New York Manhattan Times
Square - 1 hotel
|
|
February
2022
|
|
LIBOR +
3.90%
|
|
—
|
|
|
145,000
|
|
(2)
|
145,000
|
|
|
8,609
|
|
|
5.9
|
%
|
Prudential Boston
Back Bay - 1 hotel
|
|
November
2022
|
|
LIBOR +
2.00%
|
|
—
|
|
|
97,000
|
|
|
97,000
|
|
|
14,822
|
|
|
15.3
|
%
|
BAML Indigo Atlanta -
1 hotel
|
|
December
2022
|
|
LIBOR +
2.25%
|
|
—
|
|
|
16,100
|
|
(2)
|
16,100
|
|
|
2,660
|
|
|
15.7
|
%
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
May 2023
|
|
5.46%
|
|
51,843
|
|
|
—
|
|
|
51,843
|
|
|
4,843
|
|
|
9.3
|
%
|
Aareal Hilton
Alexandria - 1 hotel
|
|
June 2023
|
|
LIBOR +
2.45%
|
|
—
|
|
|
73,450
|
|
|
73,450
|
|
|
7,853
|
|
|
10.7
|
%
|
GACC Manchester RI -
1 hotel
|
|
January
2024
|
|
5.49%
|
|
6,759
|
|
|
—
|
|
|
6,759
|
|
|
1,152
|
|
|
17.0
|
%
|
GACC Jacksonville RI
- 1 hotel
|
|
January
2024
|
|
5.49%
|
|
9,865
|
|
|
—
|
|
|
9,865
|
|
|
1,944
|
|
|
19.7
|
%
|
Key Bank Manchester
CY - 1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,292
|
|
|
—
|
|
|
6,292
|
|
|
1,060
|
|
|
16.8
|
%
|
Southside Bank Ashton
- 1 hotel
|
|
June 2024
|
|
LIBOR +
2.00%
|
|
—
|
|
|
8,881
|
|
|
8,881
|
|
|
900
|
|
|
10.1
|
%
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
August
2024
|
|
5.20%
|
|
64,207
|
|
|
—
|
|
|
64,207
|
|
|
6,807
|
|
|
10.6
|
%
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
August
2024
|
|
4.85%
|
|
11,845
|
|
|
—
|
|
|
11,845
|
|
|
1,373
|
|
|
11.6
|
%
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
August
2024
|
|
4.90%
|
|
23,683
|
|
|
—
|
|
|
23,683
|
|
|
2,844
|
|
|
12.0
|
%
|
BAML Pool 5 - 2
hotels
|
|
February
2025
|
|
4.45%
|
|
19,438
|
|
|
—
|
|
|
19,438
|
|
|
2,409
|
|
|
12.4
|
%
|
BAML Pool 3 - 3
hotels
|
|
February
2025
|
|
4.45%
|
|
50,279
|
|
|
—
|
|
|
50,279
|
|
|
8,937
|
|
|
17.8
|
%
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
March 2025
|
|
4.66%
|
|
24,919
|
|
|
—
|
|
|
24,919
|
|
|
2,342
|
|
|
9.4
|
%
|
Unencumbered
hotels
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
951
|
|
|
N/A
|
Total
|
|
|
|
|
|
$
|
360,672
|
|
|
$
|
3,763,331
|
|
|
$
|
4,124,003
|
|
|
$
|
471,735
|
|
|
11.4
|
%
|
Percentage
|
|
|
|
|
|
8.7
|
%
|
|
91.3
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
5.30
|
%
|
|
5.06
|
%
|
|
5.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse. (1) This
mortgage loan has five one-year extension options, subject to
satisfaction of certain conditions.
(2) This mortgage loan has
two one-year extension options, subject to satisfaction of certain
conditions.
(3) This mortgage loan has
three one-year extension options, subject to satisfaction of
certain conditions. The third one-year extension period began in
June 2019.
(4) This mortgage loan has
three one-year extension options, subject to satisfaction of
certain conditions. The third one-year extension period began in
July 2019.
(5) This mortgage loan has
three one-year extension options, subject to satisfaction of
certain conditions.
(6) This mortgage loan has
five one-year extension options, subject to satisfaction of certain
conditions. The first one-year extension period began in November
2019.
(7) See Exhibit 1 for
reconciliation of net income (loss) to hotel
EBITDA.
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)
|
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
BAML Le Pavillon - 1
hotel
|
|
$
|
43,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,750
|
|
Morgan Stanley - 8
hotels
|
|
144,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,000
|
|
Morgan Stanley Ann
Arbor - 1 hotel
|
|
35,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,200
|
|
GACC Gateway - 1
hotel
|
|
89,886
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,886
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
—
|
|
|
—
|
|
|
97,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97,000
|
|
Deutsche Bank W
Minneapolis - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,182
|
|
|
—
|
|
|
—
|
|
|
48,182
|
|
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
|
|
SPT Embassy Suites
New York Manhattan Times Square - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
145,000
|
|
|
—
|
|
|
145,000
|
|
Key Bank Manchester
CY - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,671
|
|
|
—
|
|
|
5,671
|
|
Southside Bank Ashton
- 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,881
|
|
|
—
|
|
|
8,881
|
|
Morgan Stanley Pool
C1 - 3 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,612
|
|
|
—
|
|
|
58,612
|
|
Morgan Stanley Pool
C2 - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,755
|
|
|
—
|
|
|
10,755
|
|
Morgan Stanley Pool
C3 - 3 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,522
|
|
|
—
|
|
|
21,522
|
|
Morgan Stanley Pool -
17 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
419,000
|
|
|
—
|
|
|
419,000
|
|
BAML Indigo Atlanta -
1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,781
|
|
|
—
|
|
|
15,781
|
|
JPMorgan Chase - 8
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395,000
|
|
|
395,000
|
|
BAML Pool 3 - 3
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,413
|
|
|
44,413
|
|
BAML Pool 5 - 2
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,073
|
|
|
17,073
|
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,030
|
|
|
22,030
|
|
BAML Highland Pool -
19 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
907,030
|
|
|
907,030
|
|
KEYS Pool A - 7
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180,720
|
|
|
180,720
|
|
KEYS Pool B - 7
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,400
|
|
|
174,400
|
|
KEYS Pool C - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221,040
|
|
|
221,040
|
|
KEYS Pool D - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,640
|
|
|
262,640
|
|
KEYS Pool E - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160,000
|
|
|
160,000
|
|
KEYS Pool F - 5
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215,120
|
|
|
215,120
|
|
BAML
Princeton/Nashville - 2 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
240,000
|
|
|
240,000
|
|
Principal due in
future periods
|
|
312,836
|
|
|
—
|
|
|
97,000
|
|
|
146,632
|
|
|
700,449
|
|
|
2,839,466
|
|
|
4,096,383
|
|
Scheduled
amortization payments remaining
|
|
6,614
|
|
|
5,485
|
|
|
5,767
|
|
|
5,402
|
|
|
4,250
|
|
|
102
|
|
|
27,620
|
|
Total
indebtedness
|
|
$
|
319,450
|
|
|
$
|
5,485
|
|
|
$
|
102,767
|
|
|
$
|
152,034
|
|
|
$
|
704,699
|
|
|
$
|
2,839,568
|
|
|
$
|
4,124,003
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
|
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
273,660
|
|
|
$
|
(499)
|
|
|
$
|
273,161
|
|
|
$
|
265,654
|
|
|
$
|
5,529
|
|
|
$
|
271,183
|
|
|
3.01
|
%
|
|
0.73
|
%
|
|
RevPAR
|
$
|
118.92
|
|
|
$
|
(77.53)
|
|
|
$
|
119.04
|
|
|
$
|
115.34
|
|
|
$
|
(614.56)
|
|
|
$
|
118.20
|
|
|
3.11
|
%
|
|
0.71
|
%
|
|
Occupancy
|
73.16
|
%
|
|
(73.03)
|
%
|
|
73.16
|
%
|
|
72.88
|
%
|
|
(23.44)
|
%
|
|
73.26
|
%
|
|
0.38
|
%
|
|
(0.14)
|
%
|
|
ADR
|
$
|
162.55
|
|
|
$
|
(106.16)
|
|
|
$
|
162.71
|
|
|
$
|
158.25
|
|
|
$
|
2,622.02
|
|
|
$
|
161.34
|
|
|
2.72
|
%
|
|
0.85
|
%
|
|
|
ALL
HOTELS:
|
|
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
1,180,922
|
|
|
$
|
(13,245)
|
|
|
$
|
1,167,677
|
|
|
$
|
1,130,258
|
|
|
$
|
20,124
|
|
|
$
|
1,150,382
|
|
|
4.48
|
%
|
|
1.50
|
%
|
|
RevPAR
|
$
|
127.84
|
|
|
$
|
(98.74)
|
|
|
$
|
128.26
|
|
|
$
|
124.19
|
|
|
$
|
(5,052.74)
|
|
|
$
|
126.45
|
|
|
2.94
|
%
|
|
1.43
|
%
|
|
Occupancy
|
76.35
|
%
|
|
(77.74)
|
%
|
|
76.33
|
%
|
|
76.40
|
%
|
|
(292.39)
|
%
|
|
76.56
|
%
|
|
(0.07)
|
%
|
|
(0.30)
|
%
|
|
ADR
|
$
|
167.44
|
|
|
$
|
(127.01)
|
|
|
$
|
168.04
|
|
|
$
|
162.55
|
|
|
$
|
1,728.07
|
|
|
$
|
165.17
|
|
|
3.01
|
%
|
|
1.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented. Non-comparable
adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by results from hotel properties sold during the
period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
261,518
|
|
|
$
|
(499)
|
|
|
$
|
261,019
|
|
|
$
|
252,448
|
|
|
$
|
5,529
|
|
|
$
|
257,977
|
|
|
3.59
|
%
|
|
1.18
|
%
|
|
RevPAR
|
$
|
118.85
|
|
|
$
|
(77.53)
|
|
|
$
|
118.97
|
|
|
$
|
114.62
|
|
|
$
|
(614.56)
|
|
|
$
|
117.61
|
|
|
3.69
|
%
|
|
1.16
|
%
|
|
Occupancy
|
73.42
|
%
|
|
(73.03)
|
%
|
|
73.42
|
%
|
|
72.92
|
%
|
|
(23.44)
|
%
|
|
73.32
|
%
|
|
0.69
|
%
|
|
0.14
|
%
|
|
ADR
|
$
|
161.88
|
|
|
$
|
(106.16)
|
|
|
$
|
162.04
|
|
|
$
|
157.17
|
|
|
$
|
2,622.02
|
|
|
$
|
160.40
|
|
|
2.99
|
%
|
|
1.02
|
%
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
1,128,899
|
|
|
$
|
(13,245)
|
|
|
$
|
1,115,654
|
|
|
$
|
1,074,592
|
|
|
$
|
20,124
|
|
|
$
|
1,094,716
|
|
|
5.05
|
%
|
|
1.91
|
%
|
|
RevPAR
|
$
|
127.73
|
|
|
$
|
(98.74)
|
|
|
$
|
128.18
|
|
|
$
|
123.49
|
|
|
$
|
(5,052.74)
|
|
|
$
|
125.86
|
|
|
3.43
|
%
|
|
1.84
|
%
|
|
Occupancy
|
76.61
|
%
|
|
(77.74)
|
%
|
|
76.59
|
%
|
|
76.48
|
%
|
|
(292.39)
|
%
|
|
76.65
|
%
|
|
0.17
|
%
|
|
(0.08)
|
%
|
|
ADR
|
$
|
166.73
|
|
|
$
|
(127.01)
|
|
|
$
|
167.35
|
|
|
$
|
161.47
|
|
|
$
|
1,728.07
|
|
|
$
|
164.21
|
|
|
3.26
|
%
|
|
1.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 113 hotel
properties owned and included in the Company's operations at
December 31, 2019, and not under renovation during the three
months ended December 31, 2019, were
owned as of the beginning of
the periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by results from hotel properties sold during the
period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
(4) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
|
|
|
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
%
Variance
|
Total hotel
revenue
|
$
|
352,335
|
|
|
$
|
341,229
|
|
|
3.25
|
%
|
|
$
|
1,493,057
|
|
|
$
|
1,421,032
|
|
|
5.07
|
%
|
Non-comparable
adjustments
|
(541)
|
|
|
5,981
|
|
|
|
|
(15,923)
|
|
|
26,375
|
|
|
|
Comparable total
hotel revenue
|
$
|
351,794
|
|
|
$
|
347,210
|
|
|
1.32
|
%
|
|
$
|
1,477,134
|
|
|
$
|
1,447,407
|
|
|
2.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
103,346
|
|
|
$
|
102,549
|
|
|
0.78
|
%
|
|
$
|
476,378
|
|
|
$
|
459,344
|
|
|
3.71
|
%
|
Non-comparable
adjustments
|
(140)
|
|
|
2,963
|
|
|
|
|
(4,643)
|
|
|
10,035
|
|
|
|
Comparable hotel
EBITDA
|
$
|
103,206
|
|
|
$
|
105,512
|
|
|
(2.19)
|
%
|
|
$
|
471,735
|
|
|
$
|
469,379
|
|
|
0.50
|
%
|
Hotel EBITDA
margin
|
29.33
|
%
|
|
30.05
|
%
|
|
(0.72)
|
%
|
|
31.91
|
%
|
|
32.32
|
%
|
|
(0.41)
|
%
|
Comparable hotel
EBITDA margin
|
29.34
|
%
|
|
30.39
|
%
|
|
(1.05)
|
%
|
|
31.94
|
%
|
|
32.43
|
%
|
|
(0.49)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
69
|
|
|
$
|
63
|
|
|
9.52
|
%
|
|
$
|
332
|
|
|
$
|
321
|
|
|
3.43
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
103,277
|
|
|
$
|
102,486
|
|
|
0.77
|
%
|
|
$
|
476,046
|
|
|
$
|
459,023
|
|
|
3.71
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
103,137
|
|
|
$
|
105,449
|
|
|
(2.19)
|
%
|
|
$
|
471,403
|
|
|
$
|
469,058
|
|
|
0.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the
periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
|
|
|
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Year
Ended
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
%
Variance
|
Total hotel
revenue
|
$
|
335,340
|
|
|
$
|
322,219
|
|
|
4.07
|
%
|
|
$
|
1,420,298
|
|
|
$
|
1,342,827
|
|
|
5.77
|
%
|
Non-comparable
adjustments
|
(541)
|
|
|
5,981
|
|
|
|
|
(15,923)
|
|
|
26,375
|
|
|
|
Comparable total
hotel revenue
|
$
|
334,799
|
|
|
$
|
328,200
|
|
|
2.01
|
%
|
|
$
|
1,404,375
|
|
|
$
|
1,369,202
|
|
|
2.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
98,158
|
|
|
$
|
96,376
|
|
|
1.85
|
%
|
|
$
|
452,752
|
|
|
$
|
432,594
|
|
|
4.66
|
%
|
Non-comparable
adjustments
|
(140)
|
|
|
2,948
|
|
|
|
|
(4,643)
|
|
|
9,974
|
|
|
|
Comparable hotel
EBITDA
|
$
|
98,018
|
|
|
$
|
99,324
|
|
|
(1.31)
|
%
|
|
$
|
448,109
|
|
|
$
|
442,568
|
|
|
1.25
|
%
|
Hotel EBITDA
margin
|
29.27
|
%
|
|
29.91
|
%
|
|
(0.64)
|
%
|
|
31.88
|
%
|
|
32.22
|
%
|
|
(0.34)
|
%
|
Comparable hotel
EBITDA margin
|
29.28
|
%
|
|
30.26
|
%
|
|
(0.98)
|
%
|
|
31.91
|
%
|
|
32.32
|
%
|
|
(0.41)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
69
|
|
|
$
|
63
|
|
|
9.52
|
%
|
|
$
|
332
|
|
|
$
|
321
|
|
|
3.43
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
98,089
|
|
|
$
|
96,313
|
|
|
1.84
|
%
|
|
$
|
452,420
|
|
|
$
|
432,273
|
|
|
4.66
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
97,949
|
|
|
$
|
99,261
|
|
|
(1.32)
|
%
|
|
$
|
447,777
|
|
|
$
|
442,247
|
|
|
1.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 113 hotel
properties owned and included in the Company's operations at
December 31, 2019, and not under renovation during the
three
months ended
December 31, 2019, were owned as of the beginning of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset
by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to
hotel EBITDA.
(5) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
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
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
Total hotel
revenue
|
$
|
352,335
|
|
|
$
|
(541)
|
|
|
$
|
351,794
|
|
|
$
|
371,999
|
|
|
$
|
(3,272)
|
|
|
$
|
368,727
|
|
|
$
|
412,671
|
|
|
$
|
(7,109)
|
|
|
$
|
405,562
|
|
|
$
|
356,052
|
|
|
$
|
(5,001)
|
|
|
$
|
351,051
|
|
Hotel
EBITDA
|
$
|
103,346
|
|
|
$
|
(140)
|
|
|
$
|
103,206
|
|
|
$
|
115,796
|
|
|
$
|
(754)
|
|
|
$
|
115,042
|
|
|
$
|
145,327
|
|
|
$
|
(1,866)
|
|
|
$
|
143,461
|
|
|
$
|
111,909
|
|
|
$
|
(1,883)
|
|
|
$
|
110,026
|
|
Hotel EBITDA
margin
|
29.33
|
%
|
|
|
|
29.34
|
%
|
|
31.13
|
%
|
|
|
|
31.20
|
%
|
|
35.22
|
%
|
|
|
|
35.37
|
%
|
|
31.43
|
%
|
|
|
|
31.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
21.7
|
%
|
|
|
|
21.9
|
%
|
|
24.3
|
%
|
|
|
|
24.4
|
%
|
|
30.5
|
%
|
|
|
|
30.4
|
%
|
|
23.7
|
%
|
|
|
|
22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
69
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
105
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
$
|
1,493,057
|
|
|
$
|
(15,923)
|
|
|
$
|
1,477,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
476,378
|
|
|
$
|
(4,643)
|
|
|
$
|
471,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
margin
|
31.91
|
%
|
|
|
|
31.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV interests in
EBITDA
|
$
|
332
|
|
|
$
|
—
|
|
|
$
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented.
Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to
hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Number of
Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
129.79
|
|
|
$
|
—
|
|
|
$
|
129.79
|
|
|
$
|
118.67
|
|
|
$
|
—
|
|
|
$
|
118.67
|
|
|
9.4
|
%
|
|
9.4
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
170.20
|
|
|
—
|
|
|
170.20
|
|
|
180.40
|
|
|
—
|
|
|
180.40
|
|
|
(5.7)
|
%
|
|
(5.7)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
103.23
|
|
|
—
|
|
|
103.23
|
|
|
103.71
|
|
|
—
|
|
|
103.71
|
|
|
(0.5)
|
%
|
|
(0.5)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
97.00
|
|
|
—
|
|
|
97.00
|
|
|
97.14
|
|
|
—
|
|
|
97.14
|
|
|
(0.1)
|
%
|
|
(0.1)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
119.65
|
|
|
—
|
|
|
119.65
|
|
|
121.28
|
|
|
—
|
|
|
121.28
|
|
|
(1.3)
|
%
|
|
(1.3)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
128.56
|
|
|
—
|
|
|
128.56
|
|
|
117.61
|
|
|
—
|
|
|
117.61
|
|
|
9.3
|
%
|
|
9.3
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
94.26
|
|
|
—
|
|
|
94.26
|
|
|
106.27
|
|
|
—
|
|
|
106.27
|
|
|
(11.3)
|
%
|
|
(11.3)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
198.59
|
|
|
—
|
|
|
198.59
|
|
|
193.32
|
|
|
—
|
|
|
193.32
|
|
|
2.7
|
%
|
|
2.7
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
134.35
|
|
|
—
|
|
|
134.35
|
|
|
110.79
|
|
|
253.52
|
|
|
132.36
|
|
|
21.3
|
%
|
|
1.5
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
112.93
|
|
|
—
|
|
|
112.93
|
|
|
106.67
|
|
|
—
|
|
|
106.67
|
|
|
5.9
|
%
|
|
5.9
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
100.72
|
|
|
—
|
|
|
100.72
|
|
|
97.27
|
|
|
—
|
|
|
97.27
|
|
|
3.5
|
%
|
|
3.5
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
97.06
|
|
|
—
|
|
|
97.06
|
|
|
110.50
|
|
|
—
|
|
|
110.50
|
|
|
(12.2)
|
%
|
|
(12.2)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
146.35
|
|
|
—
|
|
|
146.35
|
|
|
157.23
|
|
|
146.81
|
|
|
156.03
|
|
|
(6.9)
|
%
|
|
(6.2)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
106.56
|
|
|
—
|
|
|
106.56
|
|
|
101.67
|
|
|
—
|
|
|
101.67
|
|
|
4.8
|
%
|
|
4.8
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
128.25
|
|
|
—
|
|
|
128.25
|
|
|
120.87
|
|
|
—
|
|
|
120.87
|
|
|
6.1
|
%
|
|
6.1
|
%
|
Other
Areas
|
48
|
|
|
8,315
|
|
|
103.61
|
|
|
(77.53)
|
|
|
103.83
|
|
|
101.28
|
|
|
(76.16)
|
|
|
103.05
|
|
|
2.3
|
%
|
|
0.8
|
%
|
Total
Portfolio
|
117
|
|
|
24,942
|
|
|
$
|
118.92
|
|
|
$
|
(77.53)
|
|
|
$
|
119.04
|
|
|
$
|
115.34
|
|
|
$
|
(614.56)
|
|
|
$
|
118.20
|
|
|
3.1
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117
hotel properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented.
Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from
the prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the
operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income
(loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Number
of Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
6,787
|
|
|
$
|
(41)
|
|
|
$
|
6,746
|
|
|
6.5
|
%
|
|
$
|
5,395
|
|
|
$
|
(30)
|
|
|
$
|
5,365
|
|
|
5.1
|
%
|
|
25.8
|
%
|
|
25.7
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
5,854
|
|
|
—
|
|
|
5,854
|
|
|
5.7
|
%
|
|
6,507
|
|
|
34
|
|
|
6,541
|
|
|
6.2
|
%
|
|
(10.0)
|
%
|
|
(10.5)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
6,041
|
|
|
—
|
|
|
6,041
|
|
|
5.9
|
%
|
|
6,213
|
|
|
61
|
|
|
6,274
|
|
|
5.9
|
%
|
|
(2.8)
|
%
|
|
(3.7)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
2,362
|
|
|
—
|
|
|
2,362
|
|
|
2.3
|
%
|
|
2,352
|
|
|
29
|
|
|
2,381
|
|
|
2.3
|
%
|
|
0.4
|
%
|
|
(0.8)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
6,408
|
|
|
(1)
|
|
|
6,407
|
|
|
6.2
|
%
|
|
7,392
|
|
|
(36)
|
|
|
7,356
|
|
|
7.0
|
%
|
|
(13.3)
|
%
|
|
(12.9)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
2,794
|
|
|
—
|
|
|
2,794
|
|
|
2.7
|
%
|
|
2,593
|
|
|
(3)
|
|
|
2,590
|
|
|
2.5
|
%
|
|
7.8
|
%
|
|
7.9
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
1,333
|
|
|
—
|
|
|
1,333
|
|
|
1.3
|
%
|
|
2,737
|
|
|
15
|
|
|
2,752
|
|
|
2.6
|
%
|
|
(51.3)
|
%
|
|
(51.6)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
7,692
|
|
|
—
|
|
|
7,692
|
|
|
7.5
|
%
|
|
5,989
|
|
|
1.00
|
|
|
5,990
|
|
|
5.7
|
%
|
|
28.4
|
%
|
|
28.4
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
9,491
|
|
|
297
|
|
|
9,788
|
|
|
9.5
|
%
|
|
7,503
|
|
|
2,747
|
|
|
10,250
|
|
|
9.7
|
%
|
|
26.5
|
%
|
|
(4.5)
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
2,600
|
|
|
—
|
|
|
2,600
|
|
|
2.5
|
%
|
|
2,301
|
|
|
(5)
|
|
|
2,296
|
|
|
2.2
|
%
|
|
13.0
|
%
|
|
13.2
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
2,100
|
|
|
—
|
|
|
2,100
|
|
|
2.0
|
%
|
|
1,887
|
|
|
(30)
|
|
|
1,857
|
|
|
1.8
|
%
|
|
11.3
|
%
|
|
13.1
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
1,040
|
|
|
—
|
|
|
1,040
|
|
|
1.0
|
%
|
|
1,498
|
|
|
(7)
|
|
|
1,491
|
|
|
1.4
|
%
|
|
(30.6)
|
%
|
|
(30.2)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
7,964
|
|
|
—
|
|
|
7,964
|
|
|
7.7
|
%
|
|
8,815
|
|
|
837
|
|
|
9,652
|
|
|
9.1
|
%
|
|
(9.7)
|
%
|
|
(17.5)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
2,172
|
|
|
(7)
|
|
|
2,165
|
|
|
2.1
|
%
|
|
1,885
|
|
|
4
|
|
|
1,889
|
|
|
1.8
|
%
|
|
15.2
|
%
|
|
14.6
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
10,295
|
|
|
(184)
|
|
|
10,111
|
|
|
9.8
|
%
|
|
9,837
|
|
|
86
|
|
|
9,923
|
|
|
9.4
|
%
|
|
4.7
|
%
|
|
1.9
|
%
|
Other
Areas
|
48
|
|
|
8,315
|
|
|
28,413
|
|
|
(204)
|
|
|
28,209
|
|
|
27.3
|
%
|
|
29,645
|
|
|
(740)
|
|
|
28,905
|
|
|
27.3
|
%
|
|
(4.2)
|
%
|
|
(2.4)
|
%
|
Total
Portfolio
|
117
|
|
|
24,942
|
|
|
$
|
103,346
|
|
|
$
|
(140)
|
|
|
$
|
103,206
|
|
|
100.0
|
%
|
|
$
|
102,549
|
|
|
$
|
2,963
|
|
|
$
|
105,512
|
|
|
100.0
|
%
|
|
0.8
|
%
|
|
(2.2)
|
%
|
|
NOTES:
(1) The above comparable information assumes the 117
hotel properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented.
Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from
the prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the
operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income
(loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Number
of Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
139.43
|
|
|
$
|
—
|
|
|
$
|
139.43
|
|
|
$
|
128.22
|
|
|
$
|
—
|
|
|
$
|
128.22
|
|
|
8.7
|
%
|
|
8.7
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
183.31
|
|
|
—
|
|
|
183.31
|
|
|
180.35
|
|
|
—
|
|
|
180.35
|
|
|
1.6
|
%
|
|
1.6
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
108.16
|
|
|
—
|
|
|
108.16
|
|
|
111.74
|
|
|
—
|
|
|
111.74
|
|
|
(3.2)
|
%
|
|
(3.2)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
103.09
|
|
|
—
|
|
|
103.09
|
|
|
106.04
|
|
|
—
|
|
|
106.04
|
|
|
(2.8)
|
%
|
|
(2.8)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
133.16
|
|
|
—
|
|
|
133.16
|
|
|
131.95
|
|
|
—
|
|
|
131.95
|
|
|
0.9
|
%
|
|
0.9
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
129.83
|
|
|
—
|
|
|
129.83
|
|
|
132.39
|
|
|
—
|
|
|
132.39
|
|
|
(1.9)
|
%
|
|
(1.9)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
108.62
|
|
|
—
|
|
|
108.62
|
|
|
122.38
|
|
|
—
|
|
|
122.38
|
|
|
(11.2)
|
%
|
|
(11.2)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
210.17
|
|
|
—
|
|
|
210.17
|
|
|
204.04
|
|
|
—
|
|
|
204.04
|
|
|
3.0
|
%
|
|
3.0
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
133.35
|
|
|
118.67
|
|
|
133.22
|
|
|
117.14
|
|
|
194.59
|
|
|
128.41
|
|
|
13.8
|
%
|
|
3.7
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
113.47
|
|
|
—
|
|
|
113.47
|
|
|
108.12
|
|
|
—
|
|
|
108.12
|
|
|
4.9
|
%
|
|
4.9
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
103.45
|
|
|
—
|
|
|
103.45
|
|
|
103.10
|
|
|
—
|
|
|
103.10
|
|
|
0.3
|
%
|
|
0.3
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
119.20
|
|
|
—
|
|
|
119.20
|
|
|
122.90
|
|
|
—
|
|
|
122.90
|
|
|
(3.0)
|
%
|
|
(3.0)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
164.20
|
|
|
109.80
|
|
|
163.24
|
|
|
162.88
|
|
|
158.30
|
|
|
162.35
|
|
|
0.8
|
%
|
|
0.5
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
120.85
|
|
|
—
|
|
|
120.85
|
|
|
112.70
|
|
|
(154.79)
|
|
|
109.86
|
|
|
7.2
|
%
|
|
10.0
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
140.12
|
|
|
—
|
|
|
140.12
|
|
|
134.23
|
|
|
235.98
|
|
|
137.53
|
|
|
4.4
|
%
|
|
1.9
|
%
|
Other
Areas
|
48
|
|
|
8,315
|
|
|
112.67
|
|
|
(100.33)
|
|
|
113.28
|
|
|
109.87
|
|
|
(82.39)
|
|
|
111.60
|
|
|
2.5
|
%
|
|
1.5
|
%
|
Total
Portfolio
|
117
|
|
|
24,942
|
|
|
$
|
127.84
|
|
|
$
|
(98.74)
|
|
|
$
|
128.26
|
|
|
$
|
124.19
|
|
|
$
|
(5,052.74)
|
|
|
$
|
126.45
|
|
|
2.9
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117
hotel properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented.
Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from
the prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the
operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income
(loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Number
of Hotels
|
|
Number of
Rooms
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Non-
comparable A
djustments
|
|
Comparable
|
|
% of
Total
|
|
Actual
|
|
Comparable
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
%
Variance
|
|
%
Variance
|
Atlanta, GA
Area
|
9
|
|
|
1,426
|
|
|
$
|
28,838
|
|
|
$
|
(33)
|
|
|
$
|
28,805
|
|
|
6.1
|
%
|
|
$
|
24,039
|
|
|
$
|
(14)
|
|
|
$
|
24,025
|
|
|
5.1
|
%
|
|
19.9
|
%
|
|
19.9
|
%
|
Boston, MA
Area
|
3
|
|
|
915
|
|
|
25,890
|
|
|
—
|
|
|
25,890
|
|
|
5.5
|
%
|
|
25,777
|
|
|
134
|
|
|
25,911
|
|
|
5.5
|
%
|
|
0.4
|
%
|
|
(0.1)
|
%
|
Dallas / Ft. Worth,
TX Area
|
7
|
|
|
1,518
|
|
|
25,694
|
|
|
—
|
|
|
25,694
|
|
|
5.4
|
%
|
|
26,839
|
|
|
247
|
|
|
27,086
|
|
|
5.8
|
%
|
|
(4.3)
|
%
|
|
(5.1)
|
%
|
Houston, TX
Area
|
3
|
|
|
692
|
|
|
10,304
|
|
|
—
|
|
|
10,304
|
|
|
2.2
|
%
|
|
11,360
|
|
|
114
|
|
|
11,474
|
|
|
2.4
|
%
|
|
(9.3)
|
%
|
|
(10.2)
|
%
|
Los Angeles, CA Metro
Area
|
6
|
|
|
1,619
|
|
|
32,052
|
|
|
(1)
|
|
|
32,051
|
|
|
6.8
|
%
|
|
33,109
|
|
|
(143)
|
|
|
32,966
|
|
|
7.0
|
%
|
|
(3.2)
|
%
|
|
(2.8)
|
%
|
Miami, FL Metro
Area
|
3
|
|
|
588
|
|
|
11,003
|
|
|
—
|
|
|
11,003
|
|
|
2.3
|
%
|
|
11,966
|
|
|
(12)
|
|
|
11,954
|
|
|
2.5
|
%
|
|
(8.0)
|
%
|
|
(8.0)
|
%
|
Minneapolis - St.
Paul, MN-WI Area
|
4
|
|
|
809
|
|
|
9,518
|
|
|
—
|
|
|
9,518
|
|
|
2.0
|
%
|
|
14,256
|
|
|
63
|
|
|
14,319
|
|
|
3.1
|
%
|
|
(33.2)
|
%
|
|
(33.5)
|
%
|
Nashville, TN
Area
|
1
|
|
|
673
|
|
|
31,204
|
|
|
—
|
|
|
31,204
|
|
|
6.6
|
%
|
|
24,655
|
|
|
—
|
|
|
24,655
|
|
|
5.3
|
%
|
|
26.6
|
%
|
|
26.6
|
%
|
New York / New Jersey
Metro Area
|
7
|
|
|
2,051
|
|
|
37,686
|
|
|
315
|
|
|
38,001
|
|
|
8.1
|
%
|
|
30,488
|
|
|
6,408
|
|
|
36,896
|
|
|
7.9
|
%
|
|
23.6
|
%
|
|
3.0
|
%
|
Orlando, FL
Area
|
3
|
|
|
734
|
|
|
10,247
|
|
|
—
|
|
|
10,247
|
|
|
2.2
|
%
|
|
9,482
|
|
|
(19)
|
|
|
9,463
|
|
|
2.0
|
%
|
|
8.1
|
%
|
|
8.3
|
%
|
Philadelphia, PA
Area
|
3
|
|
|
648
|
|
|
8,248
|
|
|
—
|
|
|
8,248
|
|
|
1.7
|
%
|
|
8,441
|
|
|
(121)
|
|
|
8,320
|
|
|
1.8
|
%
|
|
(2.3)
|
%
|
|
(0.9)
|
%
|
San Diego, CA
Area
|
2
|
|
|
410
|
|
|
6,591
|
|
|
—
|
|
|
6,591
|
|
|
1.4
|
%
|
|
7,272
|
|
|
(29)
|
|
|
7,243
|
|
|
1.5
|
%
|
|
(9.4)
|
%
|
|
(9.0)
|
%
|
San Francisco -
Oakland, CA Metro Area
|
7
|
|
|
1,547
|
|
|
39,151
|
|
|
218
|
|
|
39,369
|
|
|
8.3
|
%
|
|
36,892
|
|
|
4,226
|
|
|
41,118
|
|
|
8.8
|
%
|
|
6.1
|
%
|
|
(4.3)
|
%
|
Tampa, FL
Area
|
2
|
|
|
571
|
|
|
10,879
|
|
|
(7)
|
|
|
10,872
|
|
|
2.3
|
%
|
|
10,853
|
|
|
(1,156)
|
|
|
9,697
|
|
|
2.1
|
%
|
|
0.2
|
%
|
|
12.1
|
%
|
Washington D.C. - MD
- VA Area
|
9
|
|
|
2,426
|
|
|
48,486
|
|
|
(73)
|
|
|
48,413
|
|
|
10.3
|
%
|
|
42,924
|
|
|
4,822
|
|
|
47,746
|
|
|
10.2
|
%
|
|
13.0
|
%
|
|
1.5
|
%
|
Other
Areas
|
48
|
|
|
8,315
|
|
|
140,587
|
|
|
(5,062)
|
|
|
135,525
|
|
|
28.8
|
%
|
|
140,991
|
|
|
(4,485)
|
|
|
136,506
|
|
|
29.0
|
%
|
|
(0.3)
|
%
|
|
(0.7)
|
%
|
Total
Portfolio
|
117
|
|
|
24,942
|
|
|
$
|
476,378
|
|
|
$
|
(4,643)
|
|
|
$
|
471,735
|
|
|
100.0
|
%
|
|
$
|
459,344
|
|
|
$
|
10,035
|
|
|
$
|
469,379
|
|
|
100.0
|
%
|
|
3.7
|
%
|
|
0.5
|
%
|
|
NOTES:
(1) The above comparable information assumes the 117
hotel properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented.
Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from
the prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the
operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income
(loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
DECEMBER 31, 2019
(in thousands, except share price)
(unaudited)
|
|
|
|
December 31,
2019
|
Common stock shares
outstanding
|
102,104
|
|
Partnership units
outstanding
|
21,941
|
|
Combined common stock
shares and partnership units outstanding
|
124,045
|
|
Common stock
price
|
$
|
2.79
|
|
Market
capitalization
|
$
|
346,086
|
|
Series D cumulative
preferred stock
|
$
|
59,735
|
|
Series F cumulative
preferred stock
|
$
|
120,000
|
|
Series G cumulative
preferred stock
|
$
|
155,000
|
|
Series H cumulative
preferred stock
|
$
|
95,000
|
|
Series I cumulative
preferred stock
|
$
|
135,000
|
|
Indebtedness
|
$
|
4,124,003
|
|
Joint venture
partner's share of consolidated indebtedness
|
$
|
(1,958)
|
|
Net working capital
(see below)
|
$
|
(331,273)
|
|
Total enterprise
value (TEV)
|
$
|
4,701,593
|
|
|
|
Cash and cash
equivalents
|
$
|
262,414
|
|
Restricted
cash
|
$
|
135,363
|
|
Accounts receivable,
net
|
$
|
39,630
|
|
Prepaid
expenses
|
$
|
21,882
|
|
Investment in
securities
|
$
|
14,591
|
|
Due from third-party
hotel managers, net
|
$
|
14,857
|
|
Total current
assets
|
$
|
488,737
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
133,069
|
|
Dividends and
distributions payable
|
$
|
20,849
|
|
Due to affiliates,
net
|
$
|
3,546
|
|
Total current
liabilities
|
$
|
157,464
|
|
|
|
Net working
capital*
|
$
|
331,273
|
|
|
* Includes the
Company's pro rata share of net working capital in joint
ventures.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
|
|
|
|
|
|
|
2019
|
2020
|
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
Rooms
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Courtyard Crystal
City Reagan Airport
|
272
|
|
|
|
|
|
|
|
|
x
|
Courtyard
Louisville Airport
|
150
|
|
x
|
|
|
|
|
|
|
|
Embassy Suites
Crystal City
|
269
|
|
x
|
|
|
|
|
|
|
x
|
Fairfield Inn and
Suites Kennesaw
|
86
|
|
|
x
|
x
|
|
|
|
|
|
Hampton Inn Buford
Mall of Georgia
|
92
|
|
x
|
|
|
|
|
|
|
|
Hampton Inn Suites
Columbus Easton
|
145
|
|
x
|
|
|
|
|
|
|
|
Hilton Alexandria
Old Town
|
252
|
|
|
|
|
|
|
|
|
x
|
Hilton Fort
Worth
|
294
|
|
|
|
x
|
x
|
x
|
|
|
|
Hilton Garden Inn
BWI Airport
|
158
|
|
x
|
x
|
|
|
|
|
|
|
Hilton Santa Cruz
Scotts Valley
|
178
|
|
|
|
|
|
|
|
x
|
x
|
Hyatt Regency
Coral Gables
|
254
|
|
x
|
|
|
|
|
|
|
|
Hyatt Regency
Savannah
|
351
|
|
|
|
|
|
|
|
x
|
x
|
Hyatt Regency
Windwatch
|
358
|
|
|
|
|
|
x
|
|
|
|
Marriott
Bridgewater
|
347
|
|
|
|
|
x
|
x
|
x
|
|
|
Marriott Crystal
Gateway
|
701
|
|
x
|
|
|
|
|
|
|
|
Marriott DFW
Airport
|
491
|
|
x
|
x
|
x
|
|
|
|
|
|
Marriott Fremont
Silicon Valley
|
357
|
|
|
|
|
|
x
|
x
|
x
|
x
|
Marriott
Omaha
|
300
|
|
|
|
|
|
|
|
x
|
x
|
Marriott
RTP
|
225
|
|
|
|
x
|
x
|
|
|
|
|
One Ocean
Resort
|
193
|
|
x
|
|
|
|
|
|
|
|
Renaissance
Nashville
|
673
|
|
x
|
x
|
x
|
|
|
|
|
|
Ritz-Carlton
Atlanta
|
444
|
|
|
|
|
|
|
|
x
|
|
Sheraton Ann
Arbor
|
197
|
|
|
|
|
|
x
|
x
|
|
|
W Atlanta
Downtown
|
237
|
|
|
|
|
|
|
|
|
x
|
W Minneapolis
Hotel - The Foshay
|
229
|
|
|
|
|
x
|
x
|
|
|
|
Westin
Princeton
|
296
|
|
x
|
|
|
|
|
|
|
|
Total
|
|
11
|
4
|
5
|
4
|
6
|
3
|
5
|
8
|
|
(a) Only hotels
which have had or are expected to have significant capital
expenditures that could result in displacement in 2019 or 2020 are
included in this table.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
December 31,
2019
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
24,896
|
|
|
$
|
42,625
|
|
|
$
|
63,002
|
|
|
$
|
38,235
|
|
|
$
|
168,758
|
|
Non-property
adjustments
|
3,678
|
|
|
(2,274)
|
|
|
6,205
|
|
|
(268)
|
|
|
7,341
|
|
Interest
income
|
(51)
|
|
|
(103)
|
|
|
(76)
|
|
|
(76)
|
|
|
(306)
|
|
Interest
expense
|
4,616
|
|
|
5,004
|
|
|
5,165
|
|
|
4,423
|
|
|
19,208
|
|
Amortization of loan
costs
|
452
|
|
|
447
|
|
|
440
|
|
|
424
|
|
|
1,763
|
|
Depreciation and
amortization
|
66,925
|
|
|
67,681
|
|
|
67,303
|
|
|
66,987
|
|
|
268,896
|
|
Income tax expense
(benefit)
|
174
|
|
|
44
|
|
|
63
|
|
|
43
|
|
|
324
|
|
Non-hotel EBITDA
ownership expense
|
2,656
|
|
|
2,372
|
|
|
3,225
|
|
|
2,141
|
|
|
10,394
|
|
Hotel EBITDA
including amounts attributable to
noncontrolling interest
|
103,346
|
|
|
115,796
|
|
|
145,327
|
|
|
111,909
|
|
|
476,378
|
|
Non-comparable
adjustments
|
(140)
|
|
|
(754)
|
|
|
(1,866)
|
|
|
(1,883)
|
|
|
(4,643)
|
|
Comparable hotel
EBITDA
|
$
|
103,206
|
|
|
$
|
115,042
|
|
|
$
|
143,461
|
|
|
$
|
110,026
|
|
|
$
|
471,735
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019,
were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel
properties
acquired during the period offset by results from hotel
properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its
analysis of the
acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Three Months Ended
December 31, 2019
|
|
Hotel
Properties
Not Under Renovation
|
|
Hotel
Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality
Trust, Inc.
|
Net income
(loss)
|
$
|
23,789
|
|
|
$
|
1,107
|
|
|
$
|
24,896
|
|
|
$
|
52
|
|
|
$
|
(60,567)
|
|
|
$
|
(35,619)
|
|
Non-property
adjustments
|
3,678
|
|
|
—
|
|
|
3,678
|
|
|
—
|
|
|
(3,678)
|
|
|
—
|
|
Interest
income
|
(43)
|
|
|
(8)
|
|
|
(51)
|
|
|
—
|
|
|
51
|
|
|
—
|
|
Interest
expense
|
4,616
|
|
|
—
|
|
|
4,616
|
|
|
—
|
|
|
49,862
|
|
|
54,478
|
|
Amortization of loan
cost
|
452
|
|
|
—
|
|
|
452
|
|
|
—
|
|
|
6,562
|
|
|
7,014
|
|
Depreciation and
amortization
|
63,361
|
|
|
3,564
|
|
|
66,925
|
|
|
166
|
|
|
(683)
|
|
|
66,408
|
|
Income tax expense
(benefit)
|
173
|
|
|
1
|
|
|
174
|
|
|
—
|
|
|
(2,008)
|
|
|
(1,834)
|
|
Non-hotel EBITDA
ownership expense
|
2,132
|
|
|
524
|
|
|
2,656
|
|
|
7
|
|
|
(2,663)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
98,158
|
|
|
5,188
|
|
|
103,346
|
|
|
225
|
|
|
(13,124)
|
|
|
90,447
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(69)
|
|
|
—
|
|
|
(69)
|
|
|
—
|
|
|
69
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
99
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26)
|
|
|
(26)
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95)
|
|
|
(95)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
98,089
|
|
|
$
|
5,188
|
|
|
$
|
103,277
|
|
|
$
|
225
|
|
|
$
|
(13,077)
|
|
|
$
|
90,425
|
|
Non-comparable
adjustments
|
(140)
|
|
|
—
|
|
|
(140)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
98,018
|
|
|
$
|
5,188
|
|
|
$
|
103,206
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel
properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Three Months Ended
December 31, 2018
|
|
Hotel
Properties
Not Under Renovation
|
|
Hotel
Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality
Trust, Inc.
|
Net income
(loss)
|
$
|
7,516
|
|
|
$
|
3,304
|
|
|
$
|
10,820
|
|
|
$
|
25
|
|
|
$
|
(76,893)
|
|
|
$
|
(66,048)
|
|
Non-property
adjustments
|
20,729
|
|
|
1
|
|
|
20,730
|
|
|
—
|
|
|
(20,730)
|
|
|
—
|
|
Interest
income
|
(63)
|
|
|
(27)
|
|
|
(90)
|
|
|
—
|
|
|
90
|
|
|
—
|
|
Interest
expense
|
2,355
|
|
|
—
|
|
|
2,355
|
|
|
—
|
|
|
53,926
|
|
|
56,281
|
|
Amortization of loan
cost
|
210
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
6,615
|
|
|
6,825
|
|
Depreciation and
amortization
|
62,897
|
|
|
2,840
|
|
|
65,737
|
|
|
138
|
|
|
47
|
|
|
65,922
|
|
Income tax expense
(benefit)
|
109
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
67
|
|
|
176
|
|
Non-hotel EBITDA
ownership expense
|
2,623
|
|
|
55
|
|
|
2,678
|
|
|
13
|
|
|
(2,691)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
96,376
|
|
|
6,173
|
|
|
102,549
|
|
|
176
|
|
|
(39,569)
|
|
|
63,156
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
(63)
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
2,486
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(153)
|
|
|
(153)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
96,439
|
|
|
$
|
6,173
|
|
|
$
|
102,612
|
|
|
$
|
176
|
|
|
$
|
(37,274)
|
|
|
$
|
65,514
|
|
Non-comparable
adjustments
|
2,948
|
|
|
15
|
|
|
2,963
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
99,324
|
|
|
$
|
6,188
|
|
|
$
|
105,512
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel
properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Year Ended
December 31, 2019
|
|
Hotel Properties
Not Under Renovation
|
|
Hotel Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
157,978
|
|
|
$
|
10,780
|
|
|
$
|
168,758
|
|
|
$
|
358
|
|
|
$
|
(311,795)
|
|
|
$
|
(142,679)
|
|
Non-property
adjustments
|
7,341
|
|
|
—
|
|
|
7,341
|
|
|
(70)
|
|
|
(7,271)
|
|
|
—
|
|
Interest
income
|
(223)
|
|
|
(83)
|
|
|
(306)
|
|
|
—
|
|
|
306
|
|
|
—
|
|
Interest
expense
|
19,208
|
|
|
—
|
|
|
19,208
|
|
|
—
|
|
|
213,249
|
|
|
232,457
|
|
Amortization of loan
cost
|
1,763
|
|
|
—
|
|
|
1,763
|
|
|
—
|
|
|
27,781
|
|
|
29,544
|
|
Depreciation and
amortization
|
256,532
|
|
|
12,364
|
|
|
268,896
|
|
|
644
|
|
|
(537)
|
|
|
269,003
|
|
Income tax expense
(benefit)
|
324
|
|
|
—
|
|
|
324
|
|
|
—
|
|
|
894
|
|
|
1,218
|
|
Non-hotel EBITDA
ownership expense
|
9,829
|
|
|
565
|
|
|
10,394
|
|
|
33
|
|
|
(10,427)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
452,752
|
|
|
23,626
|
|
|
476,378
|
|
|
965
|
|
|
(87,800)
|
|
|
389,543
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(332)
|
|
|
—
|
|
|
(332)
|
|
|
—
|
|
|
332
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,307
|
|
|
2,307
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,336
|
|
|
4,336
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(403)
|
|
|
(403)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
452,420
|
|
|
$
|
23,626
|
|
|
$
|
476,046
|
|
|
$
|
965
|
|
|
$
|
(81,228)
|
|
|
$
|
395,783
|
|
Non-comparable
adjustments
|
(4,643)
|
|
|
—
|
|
|
(4,643)
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
448,109
|
|
|
$
|
23,626
|
|
|
$
|
471,735
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel
properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Year Ended
December 31, 2018
|
|
Hotel
Properties
Not Under Renovation
|
|
Hotel
Properties
Under Renovation
|
|
Hotel
Total
|
|
Orlando WorldQuest
Resort
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Trust, Inc.
|
Net income
(loss)
|
$
|
148,510
|
|
|
$
|
14,408
|
|
|
$
|
162,918
|
|
|
$
|
843
|
|
|
$
|
(320,070)
|
|
|
$
|
(156,309)
|
|
Non-property
adjustments
|
21,988
|
|
|
—
|
|
|
21,988
|
|
|
—
|
|
|
(21,988)
|
|
|
—
|
|
Interest
income
|
(167)
|
|
|
(84)
|
|
|
(251)
|
|
|
—
|
|
|
251
|
|
|
—
|
|
Interest
expense
|
7,685
|
|
|
—
|
|
|
7,685
|
|
|
—
|
|
|
207,659
|
|
|
215,344
|
|
Amortization of loan
cost
|
649
|
|
|
—
|
|
|
649
|
|
|
—
|
|
|
20,793
|
|
|
21,442
|
|
Depreciation and
amortization
|
245,707
|
|
|
12,029
|
|
|
257,736
|
|
|
528
|
|
|
194
|
|
|
258,458
|
|
Income tax expense
(benefit)
|
132
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
2,650
|
|
|
2,782
|
|
Non-hotel EBITDA
ownership expense
|
8,090
|
|
|
397
|
|
|
8,487
|
|
|
32
|
|
|
(8,519)
|
|
|
—
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
432,594
|
|
|
26,750
|
|
|
459,344
|
|
|
1,403
|
|
|
(119,030)
|
|
|
341,717
|
|
Less: EBITDA
adjustments attributable to consolidated
noncontrolling interest
|
(321)
|
|
|
—
|
|
|
(321)
|
|
|
—
|
|
|
321
|
|
|
—
|
|
Equity in (earnings)
loss of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(867)
|
|
|
(867)
|
|
Company's portion of
EBITDA of Ashford Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,445
|
|
|
3,445
|
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(572)
|
|
|
(572)
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
432,273
|
|
|
$
|
26,750
|
|
|
$
|
459,023
|
|
|
$
|
1,403
|
|
|
$
|
(116,703)
|
|
|
$
|
343,723
|
|
Non-comparable
adjustments
|
9,974
|
|
|
61
|
|
|
10,035
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
442,568
|
|
|
$
|
26,811
|
|
|
$
|
469,379
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel
properties sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Hilton Fort Worth, Marriott
Bridgewater, Marriott RTP, W Minneapolis Hotel - The
Foshay
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Three Months Ended
December 31, 2019
|
|
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)
|
$
|
2,293
|
|
|
$
|
1,557
|
|
|
$
|
1,313
|
|
|
$
|
861
|
|
|
$
|
2,294
|
|
|
$
|
468
|
|
|
$
|
(1,149)
|
|
|
$
|
4,798
|
|
|
$
|
2,229
|
|
Non-property
adjustments
|
193
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
(1)
|
|
|
(5)
|
|
|
—
|
|
|
(4)
|
|
Interest
expense
|
198
|
|
|
953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,078
|
|
Amortization of loan
costs
|
41
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
Depreciation and
amortization
|
3,984
|
|
|
3,175
|
|
|
4,625
|
|
|
1,454
|
|
|
4,230
|
|
|
2,270
|
|
|
2,110
|
|
|
2,596
|
|
|
4,626
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
62
|
|
Non-hotel EBITDA
ownership expense
|
79
|
|
|
111
|
|
|
105
|
|
|
47
|
|
|
(22)
|
|
|
57
|
|
|
377
|
|
|
232
|
|
|
315
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
6,787
|
|
|
5,854
|
|
|
6,041
|
|
|
2,362
|
|
|
6,408
|
|
|
2,794
|
|
|
1,333
|
|
|
7,692
|
|
|
9,491
|
|
Non-comparable
adjustments
|
(41)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
297
|
|
Comparable hotel
EBITDA
|
$
|
6,746
|
|
|
$
|
5,854
|
|
|
$
|
6,041
|
|
|
$
|
2,362
|
|
|
$
|
6,407
|
|
|
$
|
2,794
|
|
|
$
|
1,333
|
|
|
$
|
7,692
|
|
|
$
|
9,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
394
|
|
|
$
|
534
|
|
|
$
|
289
|
|
|
$
|
3,929
|
|
|
$
|
20,069
|
|
|
$
|
1,170
|
|
|
$
|
(16,153)
|
|
|
$
|
24,896
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,418)
|
|
|
—
|
|
|
22,995
|
|
|
3,678
|
|
|
|
Interest
income
|
(3)
|
|
|
(1)
|
|
|
(1)
|
|
|
(9)
|
|
|
—
|
|
|
(11)
|
|
|
(11)
|
|
|
(51)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
297
|
|
|
—
|
|
|
806
|
|
|
284
|
|
|
4,616
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
58
|
|
|
95
|
|
|
452
|
|
|
|
Depreciation and
amortization
|
2,248
|
|
|
1,558
|
|
|
793
|
|
|
3,442
|
|
|
1,580
|
|
|
8,062
|
|
|
20,172
|
|
|
66,925
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
174
|
|
|
|
Non-hotel EBITDA
ownership expense
|
(39)
|
|
|
(6)
|
|
|
(41)
|
|
|
290
|
|
|
(59)
|
|
|
210
|
|
|
1,000
|
|
|
2,656
|
|
|
|
Hotel EBITDA
including amounts attributable t
o noncontrolling interest
|
2,600
|
|
|
2,100
|
|
|
1,040
|
|
|
7,964
|
|
|
2,172
|
|
|
10,295
|
|
|
28,413
|
|
|
103,346
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
(184)
|
|
|
(204)
|
|
|
(140)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,600
|
|
|
$
|
2,100
|
|
|
$
|
1,040
|
|
|
$
|
7,964
|
|
|
$
|
2,165
|
|
|
$
|
10,111
|
|
|
$
|
28,209
|
|
|
$
|
103,206
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel properties
sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Three Months Ended
December 31, 2018
|
|
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)
|
$
|
1,672
|
|
|
$
|
1,590
|
|
|
$
|
2,359
|
|
|
$
|
1,381
|
|
|
$
|
2,770
|
|
|
$
|
294
|
|
|
$
|
362
|
|
|
$
|
3,382
|
|
|
$
|
3,301
|
|
Non-property
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(485)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
(11)
|
|
Interest
expense
|
208
|
|
|
1,068
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
39
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
3,463
|
|
|
3,329
|
|
|
3,724
|
|
|
1,365
|
|
|
4,567
|
|
|
2,151
|
|
|
2,363
|
|
|
2,446
|
|
|
4,080
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
(4)
|
|
Non-hotel EBITDA
ownership expense
|
15
|
|
|
463
|
|
|
133
|
|
|
91
|
|
|
58
|
|
|
148
|
|
|
31
|
|
|
32
|
|
|
137
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
5,395
|
|
|
6,507
|
|
|
6,213
|
|
|
2,352
|
|
|
7,392
|
|
|
2,593
|
|
|
2,737
|
|
|
5,989
|
|
|
7,503
|
|
Non-comparable
adjustments
|
(30)
|
|
|
34
|
|
|
61
|
|
|
29
|
|
|
(36)
|
|
|
(3)
|
|
|
15
|
|
|
1
|
|
|
2,747
|
|
Comparable hotel
EBITDA
|
$
|
5,365
|
|
|
$
|
6,541
|
|
|
$
|
6,274
|
|
|
$
|
2,381
|
|
|
$
|
7,356
|
|
|
$
|
2,590
|
|
|
$
|
2,752
|
|
|
$
|
5,990
|
|
|
$
|
10,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
(19)
|
|
|
$
|
133
|
|
|
$
|
528
|
|
|
$
|
5,500
|
|
|
$
|
240
|
|
|
$
|
1,080
|
|
|
$
|
(13,753)
|
|
|
$
|
10,820
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(77)
|
|
|
21,297
|
|
|
20,730
|
|
|
|
Interest
income
|
(3)
|
|
|
(1)
|
|
|
(1)
|
|
|
(8)
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
|
(90)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
892
|
|
|
187
|
|
|
2,355
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
58
|
|
|
210
|
|
|
|
Depreciation and
amortization
|
2,243
|
|
|
1,623
|
|
|
834
|
|
|
3,191
|
|
|
1,547
|
|
|
7,801
|
|
|
21,010
|
|
|
65,737
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
109
|
|
|
|
Non-hotel EBITDA
ownership expense
|
80
|
|
|
124
|
|
|
137
|
|
|
132
|
|
|
102
|
|
|
105
|
|
|
890
|
|
|
2,678
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,301
|
|
|
1,887
|
|
|
1,498
|
|
|
8,815
|
|
|
1,885
|
|
|
9,837
|
|
|
29,645
|
|
|
102,549
|
|
|
|
Non-comparable
adjustments
|
(5)
|
|
|
(30)
|
|
|
(7)
|
|
|
837
|
|
|
4
|
|
|
86
|
|
|
(740)
|
|
|
2,963
|
|
|
|
Comparable hotel
EBITDA
|
$
|
2,296
|
|
|
$
|
1,857
|
|
|
$
|
1,491
|
|
|
$
|
9,652
|
|
|
$
|
1,889
|
|
|
$
|
9,923
|
|
|
$
|
28,905
|
|
|
$
|
105,512
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel properties
sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Year Ended
December 31, 2019
|
|
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)
|
$
|
11,157
|
|
|
$
|
8,527
|
|
|
$
|
8,211
|
|
|
$
|
4,149
|
|
|
$
|
14,190
|
|
|
$
|
1,703
|
|
|
$
|
572
|
|
|
$
|
20,162
|
|
|
$
|
8,591
|
|
Non-property
adjustments
|
193
|
|
|
—
|
|
|
—
|
|
|
(43)
|
|
|
(92)
|
|
|
—
|
|
|
(47)
|
|
|
—
|
|
|
(326)
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
(9)
|
|
|
—
|
|
|
(12)
|
|
|
(4)
|
|
|
(54)
|
|
|
—
|
|
|
(35)
|
|
Interest
expense
|
841
|
|
|
4,191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,432
|
|
Amortization of loan
costs
|
162
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
722
|
|
Depreciation and
amortization
|
15,684
|
|
|
12,606
|
|
|
17,105
|
|
|
5,807
|
|
|
17,581
|
|
|
9,095
|
|
|
8,445
|
|
|
10,146
|
|
|
18,581
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|
62
|
|
Non-hotel EBITDA
ownership expense
|
805
|
|
|
336
|
|
|
387
|
|
|
391
|
|
|
385
|
|
|
209
|
|
|
602
|
|
|
706
|
|
|
1,659
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
28,838
|
|
|
25,890
|
|
|
25,694
|
|
|
10,304
|
|
|
32,052
|
|
|
11,003
|
|
|
9,518
|
|
|
31,204
|
|
|
37,686
|
|
Non-comparable
adjustments
|
(33)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
315
|
|
Comparable hotel
EBITDA
|
$
|
28,805
|
|
|
$
|
25,890
|
|
|
$
|
25,694
|
|
|
$
|
10,304
|
|
|
$
|
32,051
|
|
|
$
|
11,003
|
|
|
$
|
9,518
|
|
|
$
|
31,204
|
|
|
$
|
38,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
1,270
|
|
|
$
|
1,634
|
|
|
$
|
3,391
|
|
|
$
|
23,552
|
|
|
$
|
23,904
|
|
|
$
|
12,121
|
|
|
$
|
25,624
|
|
|
$
|
168,758
|
|
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(71)
|
|
|
(19,419)
|
|
|
—
|
|
|
27,146
|
|
|
7,341
|
|
|
|
Interest
income
|
(15)
|
|
|
(4)
|
|
|
(6)
|
|
|
(39)
|
|
|
—
|
|
|
(63)
|
|
|
(61)
|
|
|
(306)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
1,005
|
|
|
—
|
|
|
3,511
|
|
|
1,228
|
|
|
19,208
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
227
|
|
|
372
|
|
|
1,763
|
|
|
|
Depreciation and
amortization
|
8,859
|
|
|
6,440
|
|
|
3,213
|
|
|
13,399
|
|
|
6,335
|
|
|
32,129
|
|
|
83,471
|
|
|
268,896
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
324
|
|
|
|
Non-hotel EBITDA
ownership expense
|
133
|
|
|
163
|
|
|
(7)
|
|
|
1,255
|
|
|
59
|
|
|
561
|
|
|
2,750
|
|
|
10,394
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
10,247
|
|
|
8,248
|
|
|
6,591
|
|
|
39,151
|
|
|
10,879
|
|
|
48,486
|
|
|
140,587
|
|
|
476,378
|
|
|
|
Non-comparable
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
(7)
|
|
|
(73)
|
|
|
(5,062)
|
|
|
(4,643)
|
|
|
|
Comparable hotel
EBITDA
|
$
|
10,247
|
|
|
$
|
8,248
|
|
|
$
|
6,591
|
|
|
$
|
39,369
|
|
|
$
|
10,872
|
|
|
$
|
48,413
|
|
|
$
|
135,525
|
|
|
$
|
471,735
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel properties
sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
Year Ended
December 31, 2018
|
|
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)
|
$
|
10,008
|
|
|
$
|
6,369
|
|
|
$
|
12,431
|
|
|
$
|
6,072
|
|
|
$
|
14,506
|
|
|
$
|
3,952
|
|
|
$
|
4,131
|
|
|
$
|
15,477
|
|
|
$
|
13,660
|
|
Non-property
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(619)
|
|
|
—
|
|
|
(120)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(4)
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(10)
|
|
|
(2)
|
|
|
(57)
|
|
|
—
|
|
|
(32)
|
|
Interest
expense
|
791
|
|
|
3,914
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loan
costs
|
154
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
12,694
|
|
|
14,505
|
|
|
14,004
|
|
|
5,467
|
|
|
18,325
|
|
|
7,867
|
|
|
10,002
|
|
|
8,972
|
|
|
16,467
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
(4)
|
|
Non-hotel EBITDA
ownership expense
|
397
|
|
|
767
|
|
|
412
|
|
|
440
|
|
|
288
|
|
|
269
|
|
|
180
|
|
|
77
|
|
|
397
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
24,039
|
|
|
25,777
|
|
|
26,839
|
|
|
11,360
|
|
|
33,109
|
|
|
11,966
|
|
|
14,256
|
|
|
24,655
|
|
|
30,488
|
|
Non-comparable
adjustments
|
(14)
|
|
|
134
|
|
|
247
|
|
|
114
|
|
|
(143)
|
|
|
(12)
|
|
|
63
|
|
|
—
|
|
|
6,408
|
|
Comparable hotel
EBITDA
|
$
|
24,025
|
|
|
$
|
25,911
|
|
|
$
|
27,086
|
|
|
$
|
11,474
|
|
|
$
|
32,966
|
|
|
$
|
11,954
|
|
|
$
|
14,319
|
|
|
$
|
24,655
|
|
|
$
|
36,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
1,338
|
|
|
$
|
1,606
|
|
|
$
|
3,146
|
|
|
$
|
23,997
|
|
|
$
|
4,356
|
|
|
$
|
10,431
|
|
|
$
|
31,438
|
|
|
$
|
162,918
|
|
|
|
Non-property
adjustments
|
(39)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(378)
|
|
|
1,864
|
|
|
21,281
|
|
|
21,988
|
|
|
|
Interest
income
|
(10)
|
|
|
(3)
|
|
|
(4)
|
|
|
(23)
|
|
|
—
|
|
|
(43)
|
|
|
(55)
|
|
|
(251)
|
|
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,764
|
|
|
1,216
|
|
|
7,685
|
|
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
163
|
|
|
649
|
|
|
|
Depreciation and
amortization
|
8,059
|
|
|
6,517
|
|
|
3,525
|
|
|
12,478
|
|
|
6,615
|
|
|
28,399
|
|
|
83,840
|
|
|
257,736
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
132
|
|
|
|
Non-hotel EBITDA
ownership expense
|
134
|
|
|
313
|
|
|
605
|
|
|
440
|
|
|
260
|
|
|
399
|
|
|
3,109
|
|
|
8,487
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
9,482
|
|
|
8,441
|
|
|
7,272
|
|
|
36,892
|
|
|
10,853
|
|
|
42,924
|
|
|
140,991
|
|
|
459,344
|
|
|
|
Non-comparable
adjustments
|
(19)
|
|
|
(121)
|
|
|
(29)
|
|
|
4,226
|
|
|
(1,156)
|
|
|
4,822
|
|
|
(4,485)
|
|
|
10,035
|
|
|
|
Comparable hotel
EBITDA
|
$
|
9,463
|
|
|
$
|
8,320
|
|
|
$
|
7,243
|
|
|
$
|
41,118
|
|
|
$
|
9,697
|
|
|
$
|
47,746
|
|
|
$
|
136,506
|
|
|
$
|
469,379
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 117 hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the
beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by
results from hotel properties
sold during the period.
(2) All pre-acquisition information was obtained from the
prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of
Orlando WorldQuest Resort.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
TTM Ended December
31, 2019
|
|
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
|
|
Morgan
Stanley - 8
hotels
|
|
JP Morgan Chase -
8
hotels
|
|
BAML
Pool 3 - 3
hotels
|
Net income
(loss)
|
$
|
12,858
|
|
|
$
|
12,375
|
|
|
$
|
3,853
|
|
|
$
|
13,636
|
|
|
$
|
9,686
|
|
|
$
|
9,040
|
|
|
$
|
41,210
|
|
|
$
|
38,908
|
|
|
$
|
(25,862)
|
|
|
$
|
17,011
|
|
|
$
|
2,774
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,532
|
|
|
(19,553)
|
|
|
27,095
|
|
|
(223)
|
|
|
—
|
|
Interest
income
|
(21)
|
|
|
(15)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(30)
|
|
|
—
|
|
|
(18)
|
|
|
—
|
|
|
(114)
|
|
|
(7)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
4
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and
amortization
|
7,988
|
|
|
8,220
|
|
|
16,184
|
|
|
13,894
|
|
|
13,650
|
|
|
14,298
|
|
|
63,073
|
|
|
28,416
|
|
|
9,077
|
|
|
23,365
|
|
|
6,096
|
|
Income tax expense
(benefit)
|
15
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
96
|
|
|
199
|
|
|
446
|
|
|
189
|
|
|
1,015
|
|
|
830
|
|
|
2,168
|
|
|
813
|
|
|
317
|
|
|
623
|
|
|
73
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
20,936
|
|
|
20,841
|
|
|
20,481
|
|
|
27,719
|
|
|
24,362
|
|
|
24,138
|
|
|
108,983
|
|
|
48,566
|
|
|
10,635
|
|
|
40,666
|
|
|
8,936
|
|
Non-comparable
adjustments
|
(50)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(3,686)
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
20,886
|
|
|
$
|
20,840
|
|
|
$
|
20,481
|
|
|
$
|
27,719
|
|
|
$
|
24,361
|
|
|
$
|
24,138
|
|
|
$
|
105,297
|
|
|
$
|
48,565
|
|
|
$
|
10,635
|
|
|
$
|
40,665
|
|
|
$
|
8,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan
Stanley Pool
C1 - 3 hotels
|
|
Morgan
Stanley
Pool C3 - 3 hotels
|
|
BAML
Pool 5 - 2
hotels
|
|
Morgan
Stanley
Pool C2 - 2 hotels
|
|
BAML
Princeton/ Nashville - 2 hotels
|
|
Aareal Hilton
Alexandria - 1 hotel
|
|
Morgan
Stanley Ann Arbor - 1
hotel
|
|
Southside Bank
Ashton - 1
hotel
|
|
BAML
Indigo
Atlanta - 1
hotel
|
|
Prudential Boston
Back Bay - 1 hotel
|
|
GACC
Gateway -
1 hotel
|
Net income
(loss)
|
$
|
1,637
|
|
|
$
|
965
|
|
|
$
|
1,809
|
|
|
$
|
108
|
|
|
$
|
20,890
|
|
|
$
|
1,331
|
|
|
$
|
1,685
|
|
|
$
|
308
|
|
|
$
|
(204)
|
|
|
$
|
3,877
|
|
|
$
|
1,412
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
(6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193
|
|
|
—
|
|
|
—
|
|
Interest
income
|
(1)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,512
|
|
|
—
|
|
|
—
|
|
|
841
|
|
|
4,191
|
|
|
—
|
|
Amortization of loan
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
227
|
|
|
—
|
|
|
—
|
|
|
162
|
|
|
230
|
|
|
—
|
|
Depreciation and
amortization
|
5,033
|
|
|
1,790
|
|
|
640
|
|
|
1,217
|
|
|
13,117
|
|
|
2,688
|
|
|
1,547
|
|
|
572
|
|
|
1,556
|
|
|
6,353
|
|
|
11,735
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-hotel EBITDA
ownership expense
|
137
|
|
|
90
|
|
|
(27)
|
|
|
49
|
|
|
973
|
|
|
203
|
|
|
(32)
|
|
|
20
|
|
|
113
|
|
|
169
|
|
|
16
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
6,806
|
|
|
2,845
|
|
|
2,409
|
|
|
1,374
|
|
|
35,169
|
|
|
7,925
|
|
|
3,200
|
|
|
900
|
|
|
2,661
|
|
|
14,820
|
|
|
13,163
|
|
Non-comparable
adjustments
|
1
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
225
|
|
|
(72)
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
2
|
|
|
1
|
|
Comparable hotel
EBITDA
|
$
|
6,807
|
|
|
$
|
2,844
|
|
|
$
|
2,409
|
|
|
$
|
1,373
|
|
|
$
|
35,394
|
|
|
$
|
7,853
|
|
|
$
|
3,199
|
|
|
$
|
900
|
|
|
$
|
2,660
|
|
|
$
|
14,822
|
|
|
$
|
13,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Jacksonville
RI - 1 hotel
|
|
JPMorgan Chase La
Posada-1
hotel
|
|
BAML Le Pavillon -
1
hotel
|
|
Key Bank
Manchester
CY - 1
hotel
|
|
GACC Manchester
RI - 1 hotel
|
|
Deutsche
Bank W Minneapolis -
1 hotel
|
|
SPT Embassy Suites
New
York
Manhattan
Times Square -
1 hotel
|
|
US Bank Hilton Santa
Cruz/Scotts Valley - 1 hotel
|
|
NorthStar
HGI
Wisconsin
Dells - 1
hotel
|
|
Unencumbered
hotels
|
|
Total
Portfolio
|
Net income
(loss)
|
$
|
(341)
|
|
|
$
|
1,067
|
|
|
$
|
(990)
|
|
|
$
|
503
|
|
|
$
|
204
|
|
|
$
|
1,919
|
|
|
$
|
(3,549)
|
|
|
$
|
(347)
|
|
|
$
|
(1,637)
|
|
|
$
|
2,622
|
|
|
$
|
168,758
|
|
Non-property
adjustments
|
—
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(326)
|
|
|
(71)
|
|
|
1,677
|
|
|
(3,860)
|
|
|
7,341
|
|
Interest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(306)
|
|
Interest
expense
|
—
|
|
|
1,218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,431
|
|
|
1,004
|
|
|
—
|
|
|
(1)
|
|
|
19,208
|
|
Amortization of loan
costs
|
—
|
|
|
372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
721
|
|
|
50
|
|
|
—
|
|
|
1
|
|
|
1,763
|
|
Depreciation and
amortization
|
2,033
|
|
|
1,340
|
|
|
3,616
|
|
|
521
|
|
|
915
|
|
|
2,663
|
|
|
2,837
|
|
|
969
|
|
|
409
|
|
|
3,084
|
|
|
268,896
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
324
|
|
Non-hotel EBITDA
ownership expense
|
253
|
|
|
263
|
|
|
116
|
|
|
5
|
|
|
19
|
|
|
316
|
|
|
424
|
|
|
517
|
|
|
17
|
|
|
(16)
|
|
|
10,394
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
1,945
|
|
|
4,143
|
|
|
2,742
|
|
|
1,061
|
|
|
1,153
|
|
|
4,842
|
|
|
8,538
|
|
|
2,122
|
|
|
466
|
|
|
1,831
|
|
|
476,378
|
|
Non-comparable
adjustments
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
1
|
|
|
71
|
|
|
220
|
|
|
(466)
|
|
|
(880)
|
|
|
(4,643)
|
|
Comparable hotel
EBITDA
|
$
|
1,944
|
|
|
$
|
4,143
|
|
|
$
|
2,742
|
|
|
$
|
1,060
|
|
|
$
|
1,152
|
|
|
$
|
4,843
|
|
|
$
|
8,609
|
|
|
$
|
2,342
|
|
|
$
|
—
|
|
|
$
|
951
|
|
|
$
|
471,735
|
|
|
NOTES:
(1) The above comparable information assumes the 117
hotel properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods presented. Non-comparable adjustments
include pre-acquisition
results from hotel properties acquired during the period
offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from
the prior owner. The Company performed a limited review of the
information as part of its analysis of the acquisition.
(3) The above information does not reflect the
operations of Orlando WorldQuest Resort.
|
View original
content:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2019-results-301011122.html
SOURCE Ashford Hospitality Trust, Inc.