EX-99.1 2 aht2019q3earningsrelea.htm EXHIBIT 99.1 Exhibit
EXHIBIT 99.1

hosptrustleft300dpia05.jpg
NEWS RELEASE

Contact:
Deric Eubanks
Jordan Jennings
Joe Calabrese
 
Chief Financial Officer
Investor Relations
Financial Relations Board
 
(972) 490-9600
(972) 778-9487
(212) 827-3772


ASHFORD TRUST REPORTS THIRD QUARTER 2019 RESULTS
Actual RevPAR Increased 3.5% for all Hotels
Comparable RevPAR Increased 1.7% for all Hotels Not Under Renovation
Net Loss Attributable to Common Stockholders was $41.8 Million in the 3rd Quarter
Adjusted EBITDAre Increased 4.9% in the 3rd Quarter
Announced Plan to Dispose of Ashford Inc. Shares
Entered into New Franchise Agreement for the Hilton Alexandria Old Town
Announced Plan to Convert the Key West La Concha to Marriott’s Autograph Collection
Announced Sales of Three Hotels for $71.8 Million
Announced the Sale of Parking Lot Adjacent to the Hilton St. Petersburg for $17.5 Million

DALLAS, October 29, 2019 - Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 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 September 30, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2019 with the third quarter ended September 30, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW
•
Opportunistic focus on 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 $41.8 million or $0.42 per diluted share for the quarter.
•
Actual RevPAR for all hotels increased 3.5% to $129.47 during the quarter.


AHT Reports Third Quarter Results
Page 2
October 29, 2019


•
Comparable RevPAR for all hotels increased 1.4% to $129.64 during the quarter.
•
Comparable RevPAR for all hotels not under renovation increased 1.7% to $128.76 during the quarter.
•
Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
•
Adjusted EBITDAre was $103.1 million for the quarter, an increase of 1.3% over the prior-year quarter.
•
Adjusted funds from operations (AFFO) was $0.28 per diluted share.
•
Based on the closing stock price on October 28, 2019, the Company’s common stock is trading at an approximate 9.2% dividend yield.
•
During the quarter, the Company completed the sale of the Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million.
•
During the quarter, the Company completed the sales of the Courtyard Savannah Downtown in Savannah, Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for a combined $37.8 million.
•
Subsequent to quarter end, the Company announced the sale of 393,077 shares of Ashford Inc. (NYSE American: AINC) (“Ashford”) to Ashford for net proceeds of approximately $11.8 million and a plan to distribute its remaining shares of Ashford to its shareholders and unitholders.
•
Subsequent to quarter end, 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 Lodging.
•
Subsequent to quarter end, the Company entered into a new franchise agreement with Marriott International to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property.
•
Subsequent to quarter end, the Company announced it had sold the parking lot adjacent to the Hilton St. Petersburg in St. Petersburg, Florida for $17.5 million.
•
Capex invested during the quarter was $40.2 million.

ASSET SALES
On August 5, 2019, the Company announced the sale of the 251-room Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million ($135,500 per key). The sales price, inclusive of the buyer’s estimated anticipated capex of $21.3 million, represented a trailing twelve-month cap rate of 4.9% on net operating income and a 17.1x Hotel EBITDA multiple as of June 30, 2019.

On August 15, 2019, the Company announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers’ estimated anticipated capex of $8.2 million, represented a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019.

CAPITAL STRUCTURE
At September 30, 2019, the Company had total mortgage loans of $4.1 billion with a blended average interest rate of 5.3% and a weighted average maturity of 5.0 years assuming full extension of the loans.

On October 2, 2019, the Company announced a stock purchase agreement with Ashford Inc. under which Ashford Inc. 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 Inc. common stock on October 1, 2019. Due to the parameters


AHT Reports Third Quarter Results
Page 3
October 29, 2019


of the private letter ruling from the Internal Revenue Service received by the Company, Ashford Inc. was only able to acquire the shares held by the Company’s taxable REIT subsidiaries. Additionally, the Company announced that it would distribute the remaining 205,086 shares of Ashford Inc. common stock on a pro-rata basis to Ashford Trust common shareholders and unitholders. The pro-rata distribution of Ashford Inc. shares is expected to be completed on November 5, 2019 to shareholders of record as of October 29, 2019.

CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTY
On October 3, 2019, the Company announced that it had 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 Lodging. 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 Key West La Concha 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 theme and style for the hotel that is commensurate with the upper-upscale/luxury Autograph product. Post-conversion, Remington Lodging will continue to manage the property pursuant to the new franchise agreement. 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.

PORTFOLIO REVPAR
As of September 30, 2019, the portfolio consisted of 118 properties. During the third 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 118 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 1.4% to $129.64 for all hotels on a 1.4% increase in ADR and flat occupancy.


AHT Reports Third Quarter Results
Page 4
October 29, 2019


•
Comparable RevPAR increased 1.7% to $128.76 for all hotels not under renovation on a 1.5% increase in ADR and a 0.2% 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 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On September 12, 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 third quarter ending September 30, 2019, payable on October 15, 2019, to shareholders of record as of September 30, 2019.

“We are pleased with our third quarter operating results and believe that the Company remains well-positioned to capitalize on future opportunities,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “We continue to benefit from our diversified, high-quality portfolio of hotels and expect to see strong results from several of our recent acquisitions. We also have a proven track record of unlocking value in our assets and are excited about our recent announcement of the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium for franchised hotels. Also, the upbranding of the Key West La Concha Hotel to an Autograph Collection property should elevate the property into a more desirable niche in the very attractive, high-barrier-to-entry, high-RevPAR Key West market. Additionally, disciplined capital recycling remains an important component of our strategy and during the quarter we sold three non-core properties with RevPAR below our portfolio average, but at premium multiples to where we are currently trading. Looking ahead, we are committed to increasing 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, October 30, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 689-8573. A replay of the conference call will be available through Wednesday, November 6, 2019, by dialing (412) 317-6671 and entering the confirmation number, 13694100.

The Company will also provide an online simulcast and rebroadcast of its third 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, October 30, 2019, 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,


AHT Reports Third Quarter Results
Page 5
October 29, 2019


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 opportunistically in the hospitality industry 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)
 
September 30,
2019
 
December 31, 2018
ASSETS
 
 
 
Investments in hotel properties, net
$
4,172,030

 
$
4,105,219

Cash and cash equivalents
256,303

 
319,210

Restricted cash
148,826

 
120,602

Marketable securities
14,445

 
21,816

Accounts receivable, net of allowance of $596 and $485, respectively
53,786

 
37,060

Inventories
4,370

 
4,224

Investment in Ashford Inc.
—

 
1,896

Investment in OpenKey
2,928

 
2,593

Deferred costs, net
2,772

 
3,449

Prepaid expenses
29,863

 
19,982

Derivative assets, net
2,386

 
2,396

Operating lease right-of-use assets
40,807

 
—

Other assets
14,147

 
15,923

Intangible assets, net
797

 
9,824

Due from related party, net
2,743

 
—

Due from third-party hotel managers
22,848

 
21,760

Total assets
$
4,769,051

 
$
4,685,954

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
4,109,590

 
$
3,927,266

Accounts payable and accrued expenses
168,311

 
136,757

Dividends and distributions payable
20,641

 
26,794

Due to Ashford Inc., net
6,616

 
23,034

Due to related party, net
16

 
1,477

Due to third-party hotel managers
3,774

 
2,529

Intangible liabilities, net
2,357

 
15,483

Operating lease liabilities
43,536

 
—

Derivative liabilities, net
28

 
50

Other liabilities
26,100

 
18,716

Total liabilities
4,380,969

 
4,152,106

 
 
 
 
Redeemable noncontrolling interests in operating partnership
78,241

 
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 September 30, 2019 and December 31, 2018
24

 
24

Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
48

 
48

Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
62

 
62

Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
38

 
38

Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
54

 
54

Common stock, $0.01 par value, 400,000,000 shares authorized, 102,109,649 and 101,035,530 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
1,021

 
1,010

Additional paid-in capital
1,822,391

 
1,814,273

Accumulated deficit
(1,514,411
)
 
(1,363,020
)
Total shareholders' equity of the Company
309,227

 
452,489

Noncontrolling interests in consolidated entities
614

 
616

Total equity
309,841

 
453,105

Total liabilities and equity
$
4,769,051

 
$
4,685,954


6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
REVENUE
 
 
 
 
 
 
 
Rooms
$
301,704

 
$
288,016

 
$
910,337

 
$
868,090

Food and beverage
53,738

 
49,396

 
182,097

 
164,869

Other
17,751

 
17,309

 
52,430

 
51,358

Total hotel revenue
373,193

 
354,721

 
1,144,864

 
1,084,317

Other
1,044

 
1,209

 
3,239

 
2,984

Total revenue
374,237

 
355,930

 
1,148,103

 
1,087,301

EXPENSES
 
 
 
 
 
 
 
Hotel operating expenses
 
 
 
 
 
 
 
Rooms
66,434

 
64,197

 
195,260

 
187,497

Food and beverage
40,089

 
37,649

 
125,534

 
116,270

Other expenses
118,993

 
109,992

 
357,129

 
332,629

Management fees
13,393

 
13,198

 
41,165

 
40,306

Total hotel operating expenses
238,909

 
225,036

 
719,088

 
676,702

Property taxes, insurance and other
21,972

 
20,774

 
64,131

 
59,363

Depreciation and amortization
67,906

 
64,923

 
202,595

 
192,536

Impairment charges
—

 
(27
)
 
6,533

 
1,652

Transaction costs
—

 
—

 
2

 
11

Advisory services fee:
 
 
 
 
 
 
 
Base advisory fee
8,949

 
9,156

 
27,300

 
26,644

Reimbursable expenses
2,367

 
2,251

 
7,763

 
5,777

Non-cash stock/unit-based compensation
4,648

 
4,855

 
13,486

 
20,540

Incentive fee
—

 
(3,457
)
 
—

 
—

Corporate, general and administrative:
 
 
 
 
 
 
 
Non-cash stock/unit-based compensation
83

 
—

 
804

 
536

Other general and administrative
2,327

 
3,090

 
7,124

 
7,914

Total operating expenses
347,161

 
326,601

 
1,048,826

 
991,675

Gain (loss) on sale of assets and hotel properties
2,362

 
(9
)
 
2,923

 
394

OPERATING INCOME (LOSS)
29,438

 
29,320

 
102,200

 
96,020

Equity in earnings (loss) of unconsolidated entities
(278
)
 
310

 
(2,208
)
 
892

Interest income
836

 
1,150

 
2,402

 
2,779

Other income (expense), net
(328
)
 
(202
)
 
(982
)
 
80

Interest expense, net of premium amortization
(58,692
)
 
(54,057
)
 
(177,979
)
 
(159,063
)
Amortization of loan costs
(7,664
)
 
(6,674
)
 
(22,530
)
 
(14,617
)
Write-off of premiums, loan costs and exit fees
(426
)
 
(1,572
)
 
(2,578
)
 
(9,316
)
Unrealized gain (loss) on marketable securities
315

 
68

 
1,721

 
(758
)
Unrealized gain (loss) on derivatives
(2,536
)
 
(2,085
)
 
(4,054
)
 
(3,672
)
INCOME (LOSS) BEFORE INCOME TAXES
(39,335
)
 
(33,742
)
 
(104,008
)
 
(87,655
)
Income tax benefit (expense)
249

 
(519
)
 
(3,052
)
 
(2,606
)
NET INCOME (LOSS)
(39,086
)
 
(34,261
)
 
(107,060
)
 
(90,261
)
(Income) loss from consolidated entities attributable to noncontrolling interest
(10
)
 
(10
)
 
2

 
8

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
21,582

 
18,087

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(31,177
)
 
(27,589
)
 
(85,476
)
 
(72,166
)
Preferred dividends
(10,645
)
 
(10,645
)
 
(31,933
)
 
(31,933
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(41,822
)
 
$
(38,234
)
 
$
(117,409
)
 
$
(104,099
)
 
 
 
 
 
 
 
 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)
Weighted average common shares outstanding – basic
99,971

 
97,647

 
99,790

 
96,591

Diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)
Weighted average common shares outstanding – diluted
99,971

 
97,467

 
99,790

 
96,591

Dividends declared per common share:
$
0.06

 
$
0.12

 
$
0.24

 
$
0.36


7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(39,086
)
 
$
(34,261
)
 
$
(107,060
)
 
$
(90,261
)
Interest expense and amortization of premiums and loan costs, net
66,356

 
60,731

 
200,509

 
173,680

Depreciation and amortization
67,906

 
64,923

 
202,595

 
192,536

Income tax expense (benefit)
(249
)
 
519

 
3,052

 
2,606

Equity in (earnings) loss of unconsolidated entities
278

 
(310
)
 
2,208

 
(892
)
Company's portion of EBITDA of Ashford Inc.
785

 
(1,607
)
 
4,362

 
959

Company's portion of EBITDA of OpenKey
(99
)
 
(158
)
 
(308
)
 
(419
)
EBITDA
95,891

 
89,837

 
305,358

 
278,209

Impairment charges on real estate
—

 
(27
)
 
6,533

 
1,652

(Gain) loss on sale of assets and hotel properties
(2,362
)
 
9

 
(2,923
)
 
(394
)
EBITDAre
93,529

 
89,819

 
308,968

 
279,467

Amortization of unfavorable contract liabilities
82

 
(39
)
 
160

 
(117
)
Uninsured hurricane related costs
—

 
(43
)
 
—

 
(271
)
(Gain) loss on insurance settlements
(7
)
 
—

 
(43
)
 
—

Write-off of premiums, loan costs and exit fees
426

 
1,572

 
2,578

 
9,316

Other (income) expense, net
398

 
10

 
1,173

 
(80
)
Transaction, acquisition and management conversion costs
375

 
391

 
1,061

 
596

Legal judgment and related legal costs
6

 
1

 
1,822

 
928

Unrealized (gain) loss on marketable securities
(315
)
 
(68
)
 
(1,721
)
 
758

Unrealized (gain) loss on derivatives
2,536

 
2,085

 
4,054

 
3,672

Dead deal costs
—

 
52

 
50

 
55

Non-cash stock/unit-based compensation
4,905

 
5,143

 
14,863

 
21,946

Company's portion of adjustments to EBITDAre of Ashford Inc.
1,148

 
2,814

 
2,679

 
4,997

Company's portion of adjustments to EBITDAre of OpenKey
8

 
4

 
43

 
12

Adjusted EBITDAre
$
103,091

 
$
101,741

 
$
335,687

 
$
321,279

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(39,086
)
 
$
(34,261
)
 
$
(107,060
)
 
$
(90,261
)
(Income) loss from consolidated entities attributable to noncontrolling interest
(10
)
 
(10
)
 
2

 
8

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
21,582

 
18,087

Preferred dividends
(10,645
)
 
(10,645
)
 
(31,933
)
 
(31,933
)
Net income (loss) attributable to common stockholders
(41,822
)
 
(38,234
)
 
(117,409
)
 
(104,099
)
Depreciation and amortization on real estate
67,851

 
64,865

 
202,424

 
192,363

(Gain) loss on sale of assets and hotel properties
(2,362
)
 
9

 
(2,923
)
 
(394
)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(7,919
)
 
(6,682
)
 
(21,582
)
 
(18,087
)
Equity in (earnings) loss of unconsolidated entities
278

 
(310
)
 
2,208

 
(892
)
Impairment charges on real estate
—

 
(27
)
 
6,533

 
1,652

Company's portion of FFO of Ashford Inc.
(2,188
)
 
470

 
(3,590
)
 
1,391

Company's portion of FFO of OpenKey
(101
)
 
(160
)
 
(297
)
 
(426
)
FFO available to common stockholders and OP unitholders
13,737

 
19,931

 
65,364

 
71,508

Write-off of premiums, loan costs and exit fees
426

 
1,572

 
2,578

 
9,316

(Gain) loss on insurance settlements
(7
)
 
—

 
(43
)
 
—

Uninsured hurricane related costs
—

 
(43
)
 
—

 
(271
)
Other (income) expense, net
398

 
10

 
1,173

 
(80
)
Transaction, acquisition and management conversion costs
375

 
391

 
1,061

 
596

Legal judgment and related legal costs
6

 
1

 
1,822

 
928

Unrealized (gain) loss on marketable securities
(315
)
 
(68
)
 
(1,721
)
 
758

Unrealized (gain) loss on derivatives
2,536

 
2,085

 
4,054

 
3,672

Dead deal costs
—

 
52

 
50

 
55

Non-cash stock/unit-based compensation
4,905

 
5,143

 
14,863

 
21,946

Amortization of loan costs
7,663

 
6,673

 
22,525

 
14,612

Company's portion of adjustments to FFO of Ashford Inc.
3,122

 
(1,453
)
 
7,762

 
730

Company's portion of adjustments to FFO of OpenKey
9

 
4

 
46

 
12

Adjusted FFO available to common stockholders and OP unitholders
$
32,855

 
$
34,298

 
$
119,534

 
$
123,782

Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.28

 
$
0.30

 
$
1.00

 
$
1.08

Weighted average diluted shares
119,312

 
115,318

 
118,966

 
115,016


8


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
SEPTEMBER 30, 2019
(dollars in thousands)
(unaudited)

Indebtedness
 
Maturity
 
Interest Rate
 
Fixed-Rate
Debt
 
Floating-Rate
Debt
 
Total
Debt
 
Comparable TTM
Hotel EBITDA (6)
 
Comparable TTM EBITDA
Debt Yield
Morgan Stanley Pool - 17 hotels
 
November 2019
 
LIBOR + 3.00%
 
—

 
427,000

(1)
427,000

 
48,620

 
11.4
%
JPMorgan Chase - 8 hotels
 
February 2020
 
LIBOR + 2.92%
 
—

 
395,000

(1)
395,000

 
41,435

 
10.5
%
BAML Highland Pool - 19 hotels
 
April 2020
 
LIBOR + 3.20%
 
—

 
907,030

(1)
907,030

 
105,021

 
11.6
%
BAML Indigo Atlanta - 1 hotel
 
May 2020
 
LIBOR + 2.90%
 
—

 
16,035

(2)
16,035

 
2,509

 
15.6
%
BAML Le Pavillon - 1 hotel
 
June 2020
 
LIBOR + 5.10%
 
—

 
43,750

(3)
43,750

 
2,756

 
6.3
%
KEYS Pool A - 7 hotels
 
June 2020
 
LIBOR + 3.65%
 
—

 
180,720

(1)
180,720

 
21,023

 
11.6
%
KEYS Pool B - 7 hotels
 
June 2020
 
LIBOR + 3.39%
 
—

 
174,400

(1)
174,400

 
21,150

 
12.1
%
KEYS Pool C - 5 hotels
 
June 2020
 
LIBOR + 3.73%
 
—

 
221,040

(1)
221,040

 
21,568

 
9.8
%
KEYS Pool D - 5 hotels
 
June 2020
 
LIBOR + 4.02%
 
—

 
262,640

(1)
262,640

 
28,054

 
10.7
%
KEYS Pool E - 5 hotels
 
June 2020
 
LIBOR + 2.73%
 
—

 
160,000

(1)
160,000

 
25,109

 
15.7
%
KEYS Pool F - 5 hotels
 
June 2020
 
LIBOR + 3.68%
 
—

 
215,120

(1)
215,120

 
23,538

 
10.9
%
Morgan Stanley Ann Arbor - 1 hotel
 
July 2020
 
LIBOR + 4.40%
 
—

 
35,200

(4)
35,200

 
3,191

 
9.1
%
Morgan Stanley - 8 hotels
 
July 2020
 
LIBOR + 4.33%
 
—

 
144,000

(4)
144,000

 
10,966

 
7.6
%
GACC Gateway - 1 hotel
 
November 2020
 
6.26%
 
92,030

 
—


92,030

 
12,830

 
13.9
%
JPMorgan Chase La Posada - 1 hotel
 
November 2020
 
LIBOR + 2.55%
 
—

 
25,000

(5)
25,000

 
3,934

 
15.7
%
BAML Princeton/Nashville - 2 hotels
 
March 2021
 
LIBOR + 2.75%
 
—

 
240,000

(1)
240,000

 
34,162

 
14.2
%
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
 
February 2022
 
LIBOR + 3.90%
 
—

 
145,000

(2)
145,000

 
8,593

 
5.9
%
Prudential Boston Back Bay - 1 hotel
 
November 2022
 
LIBOR + 2.00%
 
—

 
97,000


97,000

 
14,689

 
15.1
%
Deutsche Bank W Minneapolis - 1 hotel
 
May 2023
 
5.46%
 
52,100

 
—


52,100

 
5,254

 
10.1
%
Aareal Hilton Alexandria - 1 hotel
 
June 2023
 
LIBOR + 2.45%
 
—

 
73,450


73,450

 
8,150

 
11.1
%
GACC Manchester RI - 1 hotel
 
January 2024
 
5.49%
 
6,791

 
—


6,791

 
1,087

 
16.0
%
GACC Jacksonville RI - 1 hotel
 
January 2024
 
5.49%
 
9,911

 
—


9,911

 
1,922

 
19.4
%
Key Bank Manchester CY - 1 hotel
 
May 2024
 
4.99%
 
6,323

 
—


6,323

 
1,083

 
17.1
%
Southside Bank Ashton - 1 hotel
 
June 2024
 
LIBOR + 2.00%
 
—

 
8,881


8,881

 
861

 
9.7
%
Morgan Stanley Pool C1 - 3 hotels
 
August 2024
 
5.20%
 
64,555

 
—


64,555

 
6,818

 
10.6
%
Morgan Stanley Pool C2 - 2 hotels
 
August 2024
 
4.85%
 
11,914

 
—


11,914

 
1,324

 
11.1
%
Morgan Stanley Pool C3 - 3 hotels
 
August 2024
 
4.90%
 
23,819

 
—


23,819

 
3,064

 
12.9
%
BAML Pool 5 - 2 hotels
 
February 2025
 
4.45%
 
19,572

 
—


19,572

 
2,585

 
13.2
%
BAML Pool 3 - 3 hotels
 
February 2025
 
4.45%
 
50,623

 
—


50,623

 
8,623

 
17.0
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
March 2025
 
4.66%
 
25,043

 
—


25,043

 
3,043

 
12.2
%
Unencumbered hotels
 
 
 
 
 
—

 
—


—

 
1,934

 
N/A

Total
 
 
 
 
 
$
362,681

 
$
3,771,266

 
$
4,133,947

 
$
474,896

 
11.5
%
Percentage
 
 
 
 
 
8.8
%
 
91.2
%
 
100.0
%
 
 
 
 
Weighted average interest rate
 
 
 
 
 
5.30
%
 
5.31
%
 
5.31
%
 
 
 
 
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) 
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.     

9


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30, 2019
(dollars in thousands)
(unaudited)
 
 
2019
 
2020
 
2021
 
2022
 
2023
 
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

BAML Indigo Atlanta - 1 hotel
 
—

 
—

 
—

 
15,470

 
—

 
—

 
15,470

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
 
—

 
—

 
—

 
—

 
—

 
427,000

 
427,000

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

 
—

 
112,470

 
146,632

 
3,532,134

 
4,104,072

Scheduled amortization payments remaining
 
1,837

 
7,039

 
5,702

 
5,862

 
5,242

 
4,193

 
29,875

Total indebtedness
 
$
1,837

 
$
319,875

 
$
5,702

 
$
118,332

 
$
151,874

 
$
3,536,327

 
$
4,133,947



10


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
 
 
 
Three Months Ended September 30,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
300,832

 
$
(2,146
)
 
$
298,686

 
$
287,104

 
$
7,568

 
$
294,672

 
4.78
%
 
1.36
%
 
RevPAR
$
129.47

 
$
(110.04
)
 
$
129.64

 
$
125.15

 
$
747.89

 
$
127.89

 
3.45
%
 
1.37
%
 
Occupancy
78.40
%
 
(81.47
)%
 
78.37
%
 
78.04
%
 
152.39
%
 
78.37
%
 
0.46
%
 
—
%
 
ADR
$
165.15

 
$
(135.08
)
 
$
165.41

 
$
160.36

 
$
490.77

 
$
163.18

 
2.99
%
 
1.37
%
ALL HOTELS:
 
 
 
Nine Months Ended September 30,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
907,262

 
$
(9,967
)
 
$
897,295

 
$
864,604

 
$
17,516

 
$
882,120

 
4.93
 %
 
1.72
 %
 
RevPAR
$
130.79

 
$
(99.81
)
 
$
131.24

 
$
127.19

 
$
533.03

 
$
129.14

 
2.84
 %
 
1.63
 %
 
Occupancy
77.41
%
 
(76.94
)%
 
77.41
%
 
77.59
%
 
102.57
%
 
77.71
%
 
(0.23
)%
 
(0.38
)%
 
ADR
$
168.97

 
$
(129.72
)
 
$
169.54

 
$
163.92

 
$
519.69

 
$
166.18

 
3.08
 %
 
2.02
 %
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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 September 30,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
277,856

 
$
(2,146
)
 
$
275,710

 
$
263,632

 
$
7,568

 
$
271,200

 
5.40
%
 
1.66
%
 
RevPAR
$
128.59

 
$
(110.04
)
 
$
128.76

 
$
123.69

 
$
747.89

 
$
126.64

 
3.96
%
 
1.67
%
 
Occupancy
78.54
%
 
(81.47
)%
 
78.51
%
 
78.01
%
 
152.39
%
 
78.36
%
 
0.68
%
 
0.19
%
 
ADR
$
163.73

 
$
(135.08
)
 
$
164.00

 
$
158.56

 
$
490.77

 
$
161.61

 
3.26
%
 
1.48
%
ALL HOTELS
NOT UNDER RENOVATION:
 
Nine Months Ended September 30,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
834,322

 
$
(9,967
)
 
$
824,355

 
$
792,138

 
$
17,516

 
$
809,654

 
5.33
%
 
1.82
 %
 
RevPAR
$
129.28

 
$
(99.81
)
 
$
129.74

 
$
125.44

 
$
533.03

 
$
127.55

 
3.06
%
 
1.72
 %
 
Occupancy
77.35
%
 
(76.94
)%
 
77.35
%
 
77.35
%
 
102.57
%
 
77.48
%
 
—
%
 
(0.17
)%
 
ADR
$
167.14

 
$
(129.72
)
 
$
167.73

 
$
162.17

 
$
519.69

 
$
164.62

 
3.07
%
 
1.89
 %
NOTES:
(1)
The above comparable information assumes the 113 hotel properties owned and included in the Company’s operations at September 30, 2019, and not under renovation during the three months ended September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

11


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
% Variance
 
2019
 
2018
 
% Variance
Total hotel revenue
$
371,999

 
$
353,504

 
5.23
 %
 
$
1,140,722

 
$
1,079,802

 
5.64
 %
Non-comparable adjustments
(2,468
)
 
9,224

 
 
 
(12,576
)
 
23,336

 
 
Comparable total hotel revenue
$
369,531

 
$
362,728

 
1.88
 %
 
$
1,128,146

 
$
1,103,138

 
2.27
 %
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA
$
115,796

 
$
111,389

 
3.96
 %
 
$
373,032

 
$
356,795

 
4.55
 %
Non-comparable adjustments
(615
)
 
4,085

 
 
 
(3,798
)
 
8,064

 
 
Comparable hotel EBITDA
$
115,181

 
$
115,474

 
(0.25
)%
 
$
369,234

 
$
364,859

 
1.20
 %
Hotel EBITDA margin
31.13
%
 
31.51
%
 
(0.38
)%
 
32.70
%
 
33.04
%
 
(0.34
)%
Comparable hotel EBITDA margin
31.17
%
 
31.83
%
 
(0.66
)%
 
32.73
%
 
33.07
%
 
(0.34
)%
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
98

 
$
101

 
(2.97
)%
 
$
263

 
$
258

 
1.94
 %
Hotel EBITDA attributable to the Company and OP unitholders
$
115,698

 
$
111,288

 
3.96
 %
 
$
372,769

 
$
356,537

 
4.55
 %
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
115,083

 
$
115,373

 
(0.25
)%
 
$
368,971

 
$
364,601

 
1.20
 %
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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
 
Nine Months Ended
September 30,
 
September 30,
 
2019
 
2018
 
% Variance
 
2019
 
2018
 
% Variance
Total hotel revenue
$
340,019

 
$
322,292

 
5.50
 %
 
$
1,036,556

 
$
983,297

 
5.42
 %
Non-comparable adjustments
(2,468
)
 
9,224

 
 
 
(12,576
)
 
23,336

 
 
Comparable total hotel revenue
$
337,551

 
$
331,516

 
1.82
 %
 
$
1,023,980

 
$
1,006,633

 
1.72
 %
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA
$
104,748

 
$
100,360

 
4.37
 %
 
$
333,651

 
$
321,875

 
3.66
 %
Non-comparable adjustments
(615
)
 
4,040

 
 
 
(3,798
)
 
7,935

 
 
Comparable hotel EBITDA
$
104,133

 
$
104,400

 
(0.26
)%
 
$
329,853

 
$
329,810

 
0.01
 %
Hotel EBITDA margin
30.81
%
 
31.14
%
 
(0.33
)%
 
32.19
%
 
32.73
%
 
(0.54
)%
Comparable hotel EBITDA margin
30.85
%
 
31.49
%
 
(0.64
)%
 
32.21
%
 
32.76
%
 
(0.55
)%
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
98

 
$
101

 
(2.97
)%
 
$
263

 
$
258

 
1.94
 %
Hotel EBITDA attributable to the Company and OP unitholders
$
104,650

 
$
100,259

 
4.38
 %
 
$
333,388

 
$
321,617

 
3.66
 %
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
104,035

 
$
104,299

 
(0.25
)%
 
$
329,590

 
$
329,552

 
0.01
 %
NOTES:
(1)
The above comparable information assumes the 113 hotel properties owned and included in the Company’s operations at September 30, 2019, and not under renovation during the three months ended September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville


12


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
 
2018
 
2018
 
2018
 
3rd Quarter
 
3rd Quarter
 
3rd Quarter
 
2nd Quarter
 
2nd Quarter
 
2nd Quarter
 
1st Quarter
 
1st Quarter
 
1st Quarter
 
4th Quarter
 
4th Quarter
 
4th Quarter
Total hotel revenue
$
371,999

 
$
(2,468
)
 
$
369,531

 
$
412,671

 
$
(6,102
)
 
$
406,569

 
$
356,052

 
$
(4,007
)
 
$
352,045

 
$
341,229

 
$
6,795

 
$
348,024

Hotel EBITDA
$
115,796

 
$
(615
)
 
$
115,181

 
$
145,327

 
$
(1,631
)
 
$
143,696

 
$
111,909

 
$
(1,552
)
 
$
110,357

 
$
102,549

 
$
3,113

 
$
105,662

Hotel EBITDA margin
31.13
%
 
 
 
31.17
%
 
35.22
%
 
 
 
35.34
%
 
31.43
%
 
 
 
31.35
%
 
30.05
%
 
 
 
30.36
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA % of total TTM
24.3
%
 
 
 
24.3
%
 
30.6
%
 
 
 
30.3
%
 
23.5
%
 
 
 
23.2
%
 
21.6
%
 
 
 
22.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JV interests in EBITDA
$
98

 
$
—

 
$
98

 
$
105

 
$
—

 
$
105

 
$
60

 
$
—

 
$
60

 
$
63

 
$
—

 
$
63

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2019
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TTM
 
TTM
 
TTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total hotel revenue
$
1,481,951

 
$
(5,782
)
 
$
1,476,169

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA
$
475,581

 
$
(685
)
 
$
474,896

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA margin
32.09
%
 
 
 
32.17
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA % of total TTM
100.0
%
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JV interests in EBITDA
$
326

 
$
—

 
$
326

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.


13


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
 
 
 
 
 
Three Months Ended September 30,
 
Number of Hotels
 
Number of Rooms
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
Atlanta, GA Area
9

 
1,426

 
$
131.62

 
$
—

 
$
131.62

 
$
128.47

 
$
—

 
$
128.47

 
2.5
 %
 
2.5
 %
Boston, MA Area
3

 
915

 
220.28

 
—

 
220.28

 
217.08

 
—

 
217.08

 
1.5
 %
 
1.5
 %
Dallas / Ft. Worth, TX Area
7

 
1,518

 
97.52

 
—

 
97.52

 
103.19

 
—

 
103.19

 
(5.5
)%
 
(5.5
)%
Houston, TX Area
3

 
692

 
98.68

 
—

 
98.68

 
100.18

 
—

 
100.18

 
(1.5
)%
 
(1.5
)%
Los Angeles, CA Metro Area
6

 
1,619

 
134.56

 
—

 
134.56

 
129.81

 
—

 
129.81

 
3.7
 %
 
3.7
 %
Miami, FL Metro Area
3

 
588

 
95.78

 
—

 
95.78

 
93.92

 
—

 
93.92

 
2.0
 %
 
2.0
 %
Minneapolis - St. Paul, MN-WI Area
4

 
809

 
127.53

 
—

 
127.53

 
133.42

 
—

 
133.42

 
(4.4
)%
 
(4.4
)%
Nashville, TN Area
1

 
673

 
205.28

 
—

 
205.28

 
207.60

 
—

 
207.60

 
(1.1
)%
 
(1.1
)%
New York / New Jersey Metro Area
7

 
2,051

 
144.90

 
—

 
144.90

 
122.75

 
208.20

 
135.66

 
18.0
 %
 
6.8
 %
Orlando, FL Area
3

 
734

 
91.68

 
—

 
91.68

 
92.44

 
—

 
92.44

 
(0.8
)%
 
(0.8
)%
Philadelphia, PA Area
3

 
648

 
113.40

 
—

 
113.40

 
115.70

 
—

 
115.70

 
(2.0
)%
 
(2.0
)%
San Diego, CA Area
2

 
410

 
135.57

 
—

 
135.57

 
138.61

 
—

 
138.61

 
(2.2
)%
 
(2.2
)%
San Francisco - Oakland, CA Metro Area
7

 
1,547

 
171.36

 
—

 
171.36

 
172.17

 
204.78

 
175.92

 
(0.5
)%
 
(2.6
)%
Tampa, FL Area
2

 
571

 
96.33

 
—

 
96.33

 
87.28

 
—

 
87.28

 
10.4
 %
 
10.4
 %
Washington D.C. - MD - VA Area
9

 
2,426

 
134.72

 
—

 
134.72

 
126.23

 
—

 
126.23

 
6.7
 %
 
6.7
 %
Other Areas
49

 
8,417

 
116.86

 
(110.04
)
 
117.03

 
113.08

 
(49.54
)
 
115.93

 
3.3
 %
 
0.9
 %
Total Portfolio
118

 
25,044

 
$
129.47

 
$
(110.04
)
 
$
129.64

 
$
125.15

 
$
747.89

 
$
127.89

 
3.5
 %
 
1.4
 %
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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 September 30,
 
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

 
$
5,557

 
$
—

 
$
5,557

 
4.8
%
 
$
6,135

 
$
13

 
$
6,148

 
5.3
%
 
(9.4
)%
 
(9.6
)%
Boston, MA Area
3

 
915

 
8,821

 
—

 
8,821

 
7.7
%
 
9,110

 
33

 
9,143

 
7.9
%
 
(3.2
)%
 
(3.5
)%
Dallas / Ft. Worth, TX Area
7

 
1,518

 
5,122

 
—

 
5,122

 
4.4
%
 
5,449

 
62

 
5,511

 
4.8
%
 
(6.0
)%
 
(7.1
)%
Houston, TX Area
3

 
692

 
2,223

 
—

 
2,223

 
1.9
%
 
2,371

 
28

 
2,399

 
2.1
%
 
(6.2
)%
 
(7.3
)%
Los Angeles, CA Metro Area
6

 
1,619

 
7,818

 
—

 
7,818

 
6.8
%
 
7,388

 
(36
)
 
7,352

 
6.4
%
 
5.8
 %
 
6.3
 %
Miami, FL Metro Area
3

 
588

 
938

 
—

 
938

 
0.8
%
 
1,027

 
(3
)
 
1,024

 
0.9
%
 
(8.7
)%
 
(8.4
)%
Minneapolis - St. Paul, MN-WI Area
4

 
809

 
3,648

 
—

 
3,648

 
3.2
%
 
4,159

 
16

 
4,175

 
3.6
%
 
(12.3
)%
 
(12.6
)%
Nashville, TN Area
1

 
673

 
6,719

 
—

 
6,719

 
5.8
%
 
6,577

 
(1.00
)
 
6,576

 
5.7
%
 
2.2
 %
 
2.2
 %
New York / New Jersey Metro Area
7

 
2,051

 
10,204

 
—

 
10,204

 
8.9
%
 
7,527

 
2,126

 
9,653

 
8.4
%
 
35.6
 %
 
5.7
 %
Orlando, FL Area
3

 
734

 
1,258

 
—

 
1,258

 
1.1
%
 
1,350

 
(5
)
 
1,345

 
1.2
%
 
(6.8
)%
 
(6.5
)%
Philadelphia, PA Area
3

 
648

 
2,417

 
—

 
2,417

 
2.1
%
 
2,437

 
(30
)
 
2,407

 
2.1
%
 
(0.8
)%
 
0.4
 %
San Diego, CA Area
2

 
410

 
2,041

 
—

 
2,041

 
1.8
%
 
2,180

 
(7
)
 
2,173

 
1.9
%
 
(6.4
)%
 
(6.1
)%
San Francisco - Oakland, CA Metro Area
7

 
1,547

 
10,683

 
—

 
10,683

 
9.3
%
 
10,038

 
1,693

 
11,731

 
10.2
%
 
6.4
 %
 
(8.9
)%
Tampa, FL Area
2

 
571

 
1,234

 
—

 
1,234

 
1.1
%
 
1,185

 
(87
)
 
1,098

 
1.0
%
 
4.1
 %
 
12.4
 %
Washington D.C. - MD - VA Area
9

 
2,426

 
10,796

 
—

 
10,796

 
9.4
%
 
9,743

 
12

 
9,755

 
8.4
%
 
10.8
 %
 
10.7
 %
Other Areas
49

 
8,417

 
36,317

 
(615
)
 
35,702

 
30.9
%
 
34,713

 
271

 
34,984

 
30.1
%
 
4.6
 %
 
2.1
 %
Total Portfolio
118

 
25,044

 
$
115,796

 
$
(615
)
 
$
115,181

 
100.0
%
 
$
111,389

 
$
4,085

 
$
115,474

 
100.0
%
 
4.0
 %
 
(0.3
)%
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

14


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
 
 
 
 
 
Nine Months Ended September 30,
 
Number of Hotels
 
Number of Rooms
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
Atlanta, GA Area
9

 
1,426

 
$
142.68

 
$
—

 
$
142.68

 
$
131.43

 
$
—

 
$
131.43

 
8.6
 %
 
8.6
 %
Boston, MA Area
3

 
915

 
187.73

 
—

 
187.73

 
180.33

 
—

 
180.33

 
4.1
 %
 
4.1
 %
Dallas / Ft. Worth, TX Area
7

 
1,518

 
109.82

 
—

 
109.82

 
114.44

 
—

 
114.44

 
(4.0
)%
 
(4.0
)%
Houston, TX Area
3

 
692

 
105.14

 
—

 
105.14

 
109.04

 
—

 
109.04

 
(3.6
)%
 
(3.6
)%
Los Angeles, CA Metro Area
6

 
1,619

 
137.71

 
—

 
137.71

 
135.55

 
—

 
135.55

 
1.6
 %
 
1.6
 %
Miami, FL Metro Area
3

 
588

 
130.26

 
—

 
130.26

 
137.37

 
—

 
137.37

 
(5.2
)%
 
(5.2
)%
Minneapolis - St. Paul, MN-WI Area
4

 
809

 
113.46

 
—

 
113.46

 
127.81

 
—

 
127.81

 
(11.2
)%
 
(11.2
)%
Nashville, TN Area
1

 
673

 
214.07

 
—

 
214.07

 
207.65

 
—

 
207.65

 
3.1
 %
 
3.1
 %
New York / New Jersey Metro Area
7

 
2,051

 
133.01

 
118.67

 
132.85

 
119.29

 
173.50

 
127.07

 
11.5
 %
 
4.5
 %
Orlando, FL Area
3

 
734

 
113.65

 
—

 
113.65

 
108.61

 
—

 
108.61

 
4.6
 %
 
4.6
 %
Philadelphia, PA Area
3

 
648

 
104.38

 
—

 
104.38

 
105.07

 
—

 
105.07

 
(0.7
)%
 
(0.7
)%
San Diego, CA Area
2

 
410

 
126.66

 
—

 
126.66

 
127.08

 
—

 
127.08

 
(0.3
)%
 
(0.3
)%
San Francisco - Oakland, CA Metro Area
7

 
1,547

 
170.37

 
109.80

 
168.94

 
164.78

 
162.17

 
164.48

 
3.4
 %
 
2.7
 %
Tampa, FL Area
2

 
571

 
125.67

 
—

 
125.67

 
116.11

 
(154.79
)
 
112.62

 
8.2
 %
 
11.6
 %
Washington D.C. - MD - VA Area
9

 
2,426

 
144.13

 
—

 
144.13

 
138.94

 
235.98

 
143.14

 
3.7
 %
 
0.7
 %
Other Areas
49

 
8,417

 
115.56

 
(101.72
)
 
116.26

 
112.79

 
(79.75
)
 
114.37

 
2.5
 %
 
1.7
 %
Total Portfolio
118

 
25,044

 
$
130.79

 
$
(99.81
)
 
$
131.24

 
$
127.19

 
$
533.03

 
$
129.14

 
2.8
 %
 
1.6
 %
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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)
 
 
 
 
 
Nine Months Ended September 30,
 
Number of Hotels
 
Number of Rooms
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
% of Total
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
% of Total
 
Actual
 
Comparable
 
 
 
2019
 
2019
 
2019
 
 
2018
 
2018
 
2018
 
 
% Variance
 
% Variance
Atlanta, GA Area
9

 
1,426

 
$
22,051

 
$
8

 
$
22,059

 
6.0
%
 
$
18,644

 
$
16

 
$
18,660

 
5.1
%
 
18.2
 %
 
18.2
 %
Boston, MA Area
3

 
915

 
20,035

 
—

 
20,035

 
5.4
%
 
19,270

 
101

 
19,371

 
5.3
%
 
4.0
 %
 
3.4
 %
Dallas / Ft. Worth, TX Area
7

 
1,518

 
19,653

 
—

 
19,653

 
5.3
%
 
20,626

 
185

 
20,811

 
5.7
%
 
(4.7
)%
 
(5.6
)%
Houston, TX Area
3

 
692

 
7,942

 
—

 
7,942

 
2.2
%
 
9,008

 
85

 
9,093

 
2.5
%
 
(11.8
)%
 
(12.7
)%
Los Angeles, CA Metro Area
6

 
1,619

 
25,644

 
—

 
25,644

 
6.9
%
 
25,717

 
(108
)
 
25,609

 
7.0
%
 
(0.3
)%
 
0.1
 %
Miami, FL Metro Area
3

 
588

 
8,209

 
—

 
8,209

 
2.2
%
 
9,373

 
(9
)
 
9,364

 
2.6
%
 
(12.4
)%
 
(12.3
)%
Minneapolis - St. Paul, MN-WI Area
4

 
809

 
8,185

 
—

 
8,185

 
2.2
%
 
11,519

 
47

 
11,566

 
3.2
%
 
(28.9
)%
 
(29.2
)%
Nashville, TN Area
1

 
673

 
23,512

 
—

 
23,512

 
6.4
%
 
18,666

 
—

 
18,666

 
5.1
%
 
26.0
 %
 
26.0
 %
New York / New Jersey Metro Area
7

 
2,051

 
28,195

 
69

 
28,264

 
7.7
%
 
22,985

 
3,728

 
26,713

 
7.3
%
 
22.7
 %
 
5.8
 %
Orlando, FL Area
3

 
734

 
7,647

 
—

 
7,647

 
2.1
%
 
7,181

 
(14
)
 
7,167

 
2.0
%
 
6.5
 %
 
6.7
 %
Philadelphia, PA Area
3

 
648

 
6,148

 
—

 
6,148

 
1.7
%
 
6,554

 
(91
)
 
6,463

 
1.8
%
 
(6.2
)%
 
(4.9
)%
San Diego, CA Area
2

 
410

 
5,551

 
—

 
5,551

 
1.5
%
 
5,774

 
(22
)
 
5,752

 
1.6
%
 
(3.9
)%
 
(3.5
)%
San Francisco - Oakland, CA Metro Area
7

 
1,547

 
31,187

 
218

 
31,405

 
8.5
%
 
28,077

 
3,389

 
31,466

 
8.6
%
 
11.1
 %
 
(0.2
)%
Tampa, FL Area
2

 
571

 
8,707

 
—

 
8,707

 
2.4
%
 
8,968

 
(1,160
)
 
7,808

 
2.1
%
 
(2.9
)%
 
11.5
 %
Washington D.C. - MD - VA Area
9

 
2,426

 
38,190

 
—

 
38,190

 
10.3
%
 
33,087

 
4,736

 
37,823

 
10.4
%
 
15.4
 %
 
1.1
 %
Other Areas
49

 
8,417

 
112,176

 
(4,093
)
 
108,083

 
29.2
%
 
111,346

 
(2,819
)
 
108,527

 
29.7
%
 
0.7
 %
 
(0.4
)%
Total Portfolio
118

 
25,044

 
$
373,032

 
$
(3,798
)
 
$
369,234

 
100.0
%
 
$
356,795

 
$
8,064

 
$
364,859

 
100.0
%
 
4.6
 %
 
1.2
 %
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

15


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
SEPTEMBER 30, 2019
(in thousands, except share price)
(unaudited)

 
 
 
September 30, 2019
Common stock shares outstanding
102,110

Partnership units outstanding
21,941

Combined common stock shares and partnership units outstanding
124,051

Common stock price
$
3.31

Market capitalization
$
410,609

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
$
4,133,947

Joint venture partner's share of consolidated indebtedness
$
(1,967
)
Net working capital (see below)
$
(345,801
)
Total enterprise value (TEV)
$
4,761,523

 
 
Ashford Inc. Investment:
 
Common stock shares owned
598

Common stock price
$
24.24

Market value of Ashford Inc. investment
$
14,499

 
 
Cash and cash equivalents
$
256,132

Restricted cash
$
148,611

Accounts receivable, net
$
53,764

Prepaid expenses
$
29,841

Investment in securities
$
14,445

Due from third-party hotel managers, net
$
19,076

Market value of Ashford Inc. investment
$
14,499

Total current assets
$
536,368




Accounts payable, net & accrued expenses
$
166,035

Dividends and distributions payable
$
20,641

Due to affiliates, net
$
3,891

Total current liabilities
$
190,567

 
 
Net working capital*
$
345,801

* Includes the Company’s pro rata share of net working capital in joint ventures.

16


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)



2019


1st Quarter
2nd Quarter
3rd Quarter
4th Quarter

Rooms
Actual
Actual
Actual
Estimated
Courtyard Louisville Airport
150

x



Embassy Suites Crystal City
269

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 Garden Inn BWI Airport
158

x
x


Hilton Fort Worth
294



x
x
Hyatt Regency Coral Gables
254

x



Marriott Bridgewater
347




x
Marriott Crystal Gateway
701

x



Marriott DFW Airport
491

x
x
x

Marriott RTP
225



x
x
One Ocean Resort
193

x



Renaissance Nashville
673

x
x
x

W Minneapolis Hotel - The Foshay
229




x
Westin Princeton
296

x



Total


11
4
5
4
(a)
Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 are included in this table.

17

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

 
2019
 
2019
 
2019
 
2018
 
September 30, 2019
 
3rd Quarter
 
2nd Quarter
 
1st Quarter
 
4th Quarter
 
TTM
Net income (loss)
$
42,625

 
$
63,002

 
$
38,235

 
$
10,820

 
$
154,682

Non-property adjustments
(2,274
)
 
6,205

 
(268
)
 
20,730

 
24,393

Interest income
(103
)
 
(76
)
 
(76
)
 
(90
)
 
(345
)
Interest expense
5,004

 
5,165

 
4,423

 
2,355

 
16,947

Amortization of loan costs
447

 
440

 
424

 
210

 
1,521

Depreciation and amortization
67,681

 
67,303

 
66,987

 
65,737

 
267,708

Income tax expense (benefit)
44

 
63

 
43

 
109

 
259

Non-hotel EBITDA ownership expense
2,372

 
3,225

 
2,141

 
2,678

 
10,416

Hotel EBITDA including amounts attributable to noncontrolling interest
115,796

 
145,327

 
111,909

 
102,549

 
475,581

Non-comparable adjustments
(615
)
 
(1,631
)
 
(1,552
)
 
3,113

 
(685
)
Comparable hotel EBITDA
$
115,181

 
$
143,696

 
$
110,357

 
$
105,662

 
$
474,896

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

18

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended September 30, 2019
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
38,386

 
$
4,239

 
$
42,625

 
$
(13
)
 
$
(81,698
)
 
$
(39,086
)
Non-property adjustments
(2,274
)
 
—

 
(2,274
)
 
(70
)
 
2,344

 
—

Interest income
(103
)
 
—

 
(103
)
 
—

 
103

 
—

Interest expense
5,004

 
—

 
5,004

 
—

 
53,688

 
58,692

Amortization of loan cost
447

 
—

 
447

 
—

 
7,217

 
7,664

Depreciation and amortization
61,328

 
6,353

 
67,681

 
176

 
49

 
67,906

Income tax expense (benefit)
8

 
36

 
44

 
—

 
(293
)
 
(249
)
Non-hotel EBITDA ownership expense
1,952

 
420

 
2,372

 
9

 
(2,381
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
104,748

 
11,048

 
115,796

 
102

 
(20,971
)
 
94,927

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(98
)
 
—

 
(98
)
 
—

 
98

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
278

 
278

Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
785

 
785

Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(99
)
 
(99
)
Hotel EBITDA attributable to the Company and OP unitholders
$
104,650

 
$
11,048

 
$
115,698

 
$
102

 
$
(19,909
)
 
$
95,891

Non-comparable adjustments
(615
)
 
—

 
(615
)
 
 
 
 
 
 
Comparable hotel EBITDA
$
104,133

 
$
11,048

 
$
115,181

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville


19

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended June 30, 2019
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
54,140

 
$
8,862

 
$
63,002

 
$
50

 
$
(84,404
)
 
$
(21,352
)
Non-property adjustments
6,205

 
—

 
6,205

 
—

 
(6,205
)
 
—

Interest income
(76
)
 
—

 
(76
)
 
—

 
76

 
—

Interest expense
5,165

 
—

 
5,165

 
—

 
55,214

 
60,379

Amortization of loan cost
440

 
—

 
440

 
—

 
7,168

 
7,608

Depreciation and amortization
61,457

 
5,846

 
67,303

 
159

 
49

 
67,511

Income tax expense (benefit)
15

 
48

 
63

 
—

 
3,643

 
3,706

Non-hotel EBITDA ownership expense
3,046

 
179

 
3,225

 
7

 
(3,232
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
130,392

 
14,935

 
145,327

 
216

 
(27,691
)
 
117,852

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(105
)
 
—

 
(105
)
 
—

 
105

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
867

 
867

Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
1,703

 
1,703

Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(94
)
 
(94
)
Hotel EBITDA attributable to the Company and OP unitholders
$
130,287

 
$
14,935

 
$
145,222

 
$
216

 
$
(25,110
)
 
$
120,328

Non-comparable adjustments
(1,631
)
 
—

 
(1,631
)
 
 
 
 
 
 
Comparable hotel EBITDA
$
128,761

 
$
14,935

 
$
143,696

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

20

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended March 31, 2019
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
30,462

 
$
7,773

 
$
38,235

 
$
269

 
$
(85,126
)
 
$
(46,622
)
Non-property adjustments
(268
)
 
—

 
(268
)
 
—

 
268

 
—

Interest income
(76
)
 
—

 
(76
)
 
—

 
76

 
—

Interest expense
4,423

 
—

 
4,423

 
—

 
54,485

 
58,908

Amortization of loan cost
424

 
—

 
424

 
—

 
6,834

 
7,258

Depreciation and amortization
61,483

 
5,504

 
66,987

 
142

 
49

 
67,178

Income tax expense (benefit)
3

 
40

 
43

 
—

 
(448
)
 
(405
)
Non-hotel EBITDA ownership expense
2,060

 
81

 
2,141

 
9

 
(2,150
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
98,511

 
13,398

 
111,909

 
420

 
(26,012
)
 
86,317

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(60
)
 
—

 
(60
)
 
—

 
60

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
1,063

 
1,063

Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
1,874

 
1,874

Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(115
)
 
(115
)
Hotel EBITDA attributable to the Company and OP unitholders
$
98,451

 
$
13,398

 
$
111,849

 
$
420

 
$
(23,130
)
 
$
89,139

Non-comparable adjustments
(1,552
)
 
—

 
(1,552
)
 
 
 
 
 
 
Comparable hotel EBITDA
$
96,959

 
$
13,398

 
$
110,357

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

21

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)
$
5,193

 
$
5,627

 
$
10,820

 
$
25

 
$
(76,893
)
 
$
(66,048
)
Non-property adjustments
20,729

 
1

 
20,730

 
—

 
(20,730
)
 
—

Interest income
(91
)
 
1

 
(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
60,490

 
5,247

 
65,737

 
138

 
47

 
65,922

Income tax expense (benefit)
(20
)
 
129

 
109

 
—

 
67

 
176

Non-hotel EBITDA ownership expense
2,553

 
125

 
2,678

 
13

 
(2,691
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
91,419

 
11,130

 
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
$
91,482

 
$
11,130

 
$
102,612

 
$
176

 
$
(37,274
)
 
$
65,514

Non-comparable adjustments
3,070

 
43

 
3,113

 
 
 
 
 
 
Comparable hotel EBITDA
$
94,489

 
$
11,173

 
$
105,662

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

22

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended September 30, 2018
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
36,914

 
$
6,011

 
$
42,925

 
$
91

 
$
(77,277
)
 
$
(34,261
)
Non-property adjustments
(17
)
 
—

 
(17
)
 
—

 
17

 
—

Interest income
(73
)
 
—

 
(73
)
 
—

 
73

 
—

Interest expense
2,096

 
—

 
2,096

 
—

 
51,961

 
54,057

Amortization of loan cost
149

 
—

 
149

 
—

 
6,525

 
6,674

Depreciation and amortization
59,874

 
4,871

 
64,745

 
128

 
50

 
64,923

Income tax expense (benefit)
14

 
—

 
14

 
—

 
505

 
519

Non-hotel EBITDA ownership expense
1,403

 
147

 
1,550

 
9

 
(1,559
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
100,360

 
11,029

 
111,389

 
228

 
(19,705
)
 
91,912

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(101
)
 
—

 
(101
)
 
—

 
101

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
(310
)
 
(310
)
Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
(1,607
)
 
(1,607
)
Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(158
)
 
(158
)
Hotel EBITDA attributable to the Company and OP unitholders
$
100,259

 
$
11,029

 
$
111,288

 
$
228

 
$
(21,679
)
 
$
89,837

Non-comparable adjustments
4,040

 
45

 
4,085

 
 
 
 
 
 
Comparable hotel EBITDA
$
104,400

 
$
11,074

 
$
115,474

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

23

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Nine Months Ended September 30, 2019
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
122,988

 
$
20,874

 
$
143,862

 
$
306

 
$
(251,228
)
 
$
(107,060
)
Non-property adjustments
3,663

 
—

 
3,663

 
(70
)
 
(3,593
)
 
—

Interest income
(255
)
 
—

 
(255
)
 
—

 
255

 
—

Interest expense
14,592

 
—

 
14,592

 
—

 
163,387

 
177,979

Amortization of loan cost
1,311

 
—

 
1,311

 
—

 
21,219

 
22,530

Depreciation and amortization
184,268

 
17,704

 
201,972

 
477

 
146

 
202,595

Income tax expense (benefit)
26

 
124

 
150

 
—

 
2,902

 
3,052

Non-hotel EBITDA ownership expense
7,058

 
679

 
7,737

 
26

 
(7,763
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
333,651

 
39,381

 
373,032

 
739

 
(74,675
)
 
299,096

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(263
)
 
—

 
(263
)
 
—

 
263

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
2,208

 
2,208

Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
4,362

 
4,362

Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(308
)
 
(308
)
Hotel EBITDA attributable to the Company and OP unitholders
$
333,388

 
$
39,381

 
$
372,769

 
$
739

 
$
(68,150
)
 
$
305,358

Non-comparable adjustments
(3,798
)
 
—

 
(3,798
)
 
 
 
 
 
 
Comparable hotel EBITDA
$
329,853

 
$
39,381

 
$
369,234

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

24

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Nine Months Ended September 30, 2018
 
Hotel Properties Not Under Renovation
 
Hotel Properties Under Renovation
 
Hotel Total
 
Orlando WorldQuest Resort
 
Corporate / Allocated
 
Ashford Hospitality Trust, Inc.
Net income (loss)
$
131,423

 
$
20,675

 
$
152,098

 
$
818

 
$
(243,177
)
 
$
(90,261
)
Non-property adjustments
1,259

 
(1
)
 
1,258

 
—

 
(1,258
)
 
—

Interest income
(160
)
 
(1
)
 
(161
)
 
—

 
161

 
—

Interest expense
5,330

 
—

 
5,330

 
—

 
153,733

 
159,063

Amortization of loan cost
439

 
—

 
439

 
—

 
14,178

 
14,617

Depreciation and amortization
178,123

 
13,876

 
191,999

 
390

 
147

 
192,536

Income tax expense (benefit)
23

 
—

 
23

 
—

 
2,583

 
2,606

Non-hotel EBITDA ownership expense
5,438

 
371

 
5,809

 
19

 
(5,828
)
 
—

Hotel EBITDA including amounts attributable to noncontrolling interest
321,875

 
34,920

 
356,795

 
1,227

 
(79,461
)
 
278,561

Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(258
)
 
—

 
(258
)
 
—

 
258

 
—

Equity in (earnings) loss of unconsolidated entities
—

 
—

 
—

 
—

 
(892
)
 
(892
)
Company's portion of EBITDA of Ashford Inc.
—

 
—

 
—

 
—

 
959

 
959

Company's portion of EBITDA of OpenKey
—

 
—

 
—

 
—

 
(419
)
 
(419
)
Hotel EBITDA attributable to the Company and OP unitholders
$
321,617

 
$
34,920

 
$
356,537

 
$
1,227

 
$
(79,555
)
 
$
278,209

Non-comparable adjustments
7,935

 
129

 
8,064

 
 
 
 
 
 
Comparable hotel EBITDA
$
329,810

 
$
35,049

 
$
364,859

 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

25

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

 
Three Months Ended September 30, 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)
$
901

 
$
4,472

 
$
577

 
$
775

 
$
3,447

 
$
(1,469
)
 
$
1,597

 
$
3,806

 
$
3,143

Non-property adjustments
—

 
—

 
—

 
(7
)
 
—

 
—

 
—

 
—

 
—

Interest income
(1
)
 
—

 
(2
)
 
—

 
(3
)
 
(1
)
 
(36
)
 
—

 
(9
)
Interest expense
206

 
1,054

 
—

 
—

 
—

 
—

 
—

 
—

 
2,255

Amortization of loan costs
41

 
58

 
—

 
—

 
—

 
—

 
—

 
—

 
182

Depreciation and amortization
4,312

 
3,187

 
4,452

 
1,406

 
4,357

 
2,373

 
2,089

 
2,550

 
4,325

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
35

 
—

Non-hotel EBITDA ownership expense
98

 
50

 
95

 
49

 
17

 
35

 
(2
)
 
328

 
308

Hotel EBITDA including amounts attributable to noncontrolling interest
5,557

 
8,821

 
5,122

 
2,223

 
7,818

 
938

 
3,648

 
6,719

 
10,204

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Comparable hotel EBITDA
$
5,557

 
$
8,821

 
$
5,122

 
$
2,223

 
$
7,818

 
$
938

 
$
3,648

 
$
6,719

 
$
10,204

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
(1,071
)
 
$
705

 
$
1,232

 
$
6,402

 
$
(432
)
 
$
1,577

 
$
16,963

 
$
42,625

 
 
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(2,267
)
 
(2,274
)
 
 
Interest income
(4
)
 
(1
)
 
(2
)
 
(11
)
 
—

 
(16
)
 
(17
)
 
(103
)
 
 
Interest expense
—

 
—

 
—

 
299

 
—

 
881

 
309

 
5,004

 
 
Amortization of loan costs
—

 
—

 
—

 
15

 
—

 
57

 
94

 
447

 
 
Depreciation and amortization
2,268

 
1,617

 
798

 
3,379

 
1,583

 
8,172

 
20,813

 
67,681

 
 
Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
9

 
44

 
 
Non-hotel EBITDA ownership expense
65

 
96

 
13

 
599

 
83

 
125

 
413

 
2,372

 
 
Hotel EBITDA including amounts attributable to noncontrolling interest
1,258

 
2,417

 
2,041

 
10,683

 
1,234

 
10,796

 
36,317

 
115,796

 
 
Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(615
)
 
(615
)
 
 
Comparable hotel EBITDA
$
1,258

 
$
2,417

 
$
2,041

 
$
10,683

 
$
1,234

 
$
10,796

 
$
35,702

 
$
115,181

 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

26

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

 
Three Months Ended September 30, 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)
$
2,514

 
$
4,363

 
$
2,042

 
$
814

 
$
2,524

 
$
(923
)
 
$
1,558

 
$
4,194

 
$
3,270

Non-property adjustments
—

 
—

 
—

 
1

 
—

 
(21
)
 
—

 
—

 
—

Interest income
(1
)
 
—

 
(2
)
 
—

 
(4
)
 
(1
)
 
(15
)
 
—

 
(10
)
Interest expense
206

 
1,014

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Amortization of loan costs
39

 
55

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
3,318

 
3,607

 
3,392

 
1,386

 
4,623

 
2,000

 
2,567

 
2,371

 
4,079

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
59

 
71

 
17

 
170

 
245

 
(28
)
 
49

 
12

 
188

Hotel EBITDA including amounts attributable to noncontrolling interest
6,135

 
9,110

 
5,449

 
2,371

 
7,388

 
1,027

 
4,159

 
6,577

 
7,527

Non-comparable adjustments
13

 
33

 
62

 
28

 
(36
)
 
(3
)
 
16

 
(1
)
 
2,126

Comparable hotel EBITDA
$
6,148

 
$
9,143

 
$
5,511

 
$
2,399

 
$
7,352

 
$
1,024

 
$
4,175

 
$
6,576

 
$
9,653

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
(684
)
 
$
731

 
$
1,274

 
$
6,828

 
$
(443
)
 
$
1,376

 
$
13,487

 
$
42,925

 
 
Non-property adjustments
1

 
—

 
—

 
—

 
20

 
(4
)
 
(14
)
 
(17
)
 
 
Interest income
(3
)
 
(1
)
 
(2
)
 
(6
)
 
—

 
(12
)
 
(18
)
 
(75
)
 
 
Interest expense
—

 
—

 
—

 
—

 
—

 
872

 
4

 
2,096

 
 
Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
54

 
—

 
148

 
 
Depreciation and amortization
2,008

 
1,653

 
884

 
3,138

 
1,580

 
7,417

 
20,723

 
64,746

 
 
Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
14

 
14

 
 
Non-hotel EBITDA ownership expense
28

 
54

 
24

 
78

 
28

 
40

 
517

 
1,552

 
 
Hotel EBITDA including amounts attributable to noncontrolling interest
1,350

 
2,437

 
2,180

 
10,038

 
1,185

 
9,743

 
34,713

 
111,389

 
 
Non-comparable adjustments
(5
)
 
(30
)
 
(7
)
 
1,693

 
(87
)
 
12

 
271

 
4,085

 
 
Comparable hotel EBITDA
$
1,345

 
$
2,407

 
$
2,173

 
$
11,731

 
$
1,098

 
$
9,755

 
$
34,984

 
$
115,474

 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

27

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

 
Nine Months Ended September 30, 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)
$
8,864

 
$
6,971

 
$
6,898

 
$
3,289

 
$
11,895

 
$
1,235

 
$
1,722

 
$
15,364

 
$
6,362

Non-property adjustments
—

 
—

 
—

 
(43
)
 
—

 
—

 
(47
)
 
—

 
(326
)
Interest income
(4
)
 
—

 
(7
)
 
—

 
(9
)
 
(3
)
 
(49
)
 
—

 
(31
)
Interest expense
643

 
3,238

 
—

 
—

 
—

 
—

 
—

 
—

 
6,354

Amortization of loan costs
121

 
171

 
—

 
—

 
—

 
—

 
—

 
—

 
537

Depreciation and amortization
11,700

 
9,431

 
12,480

 
4,353

 
13,351

 
6,825

 
6,335

 
7,551

 
13,955

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
124

 
—

Non-hotel EBITDA ownership expense
727

 
224

 
282

 
343

 
407

 
152

 
224

 
473

 
1,344

Hotel EBITDA including amounts attributable to noncontrolling interest
22,051

 
20,035

 
19,653

 
7,942

 
25,644

 
8,209

 
8,185

 
23,512

 
28,195

Non-comparable adjustments
8

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
69

Comparable hotel EBITDA
$
22,059

 
$
20,035

 
$
19,653

 
$
7,942

 
$
25,644

 
$
8,209

 
$
8,185

 
$
23,512

 
$
28,264

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL Area
 
Philadelphia, PA Area
 
San Diego, CA Area
 
San Francisco - Oakland, CA Metro Area
 
Tampa, FL Area
 
Washington D.C. - MD - VA Area
 
Other Areas
 
Total Portfolio
 
 
Net income (loss)
$
876

 
$
1,100

 
$
3,102

 
$
19,623

 
$
3,835

 
$
10,951

 
$
41,775

 
$
143,862

 
 
Non-property adjustments
—

 
—

 
—

 
(71
)
 
—

 
—

 
4,150

 
3,663

 
 
Interest income
(12
)
 
(3
)
 
(5
)
 
(30
)
 
—

 
(52
)
 
(50
)
 
(255
)
 
 
Interest expense
—

 
—

 
—

 
707

 
—

 
2,706

 
944

 
14,592

 
 
Amortization of loan costs
—

 
—

 
—

 
35

 
—

 
169

 
278

 
1,311

 
 
Depreciation and amortization
6,611

 
4,883

 
2,420

 
9,957

 
4,754

 
24,067

 
63,298

 
201,971

 
 
Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
26

 
150

 
 
Non-hotel EBITDA ownership expense
172

 
168

 
34

 
966

 
118

 
349

 
1,755

 
7,738

 
 
Hotel EBITDA including amounts attributable to noncontrolling interest
7,647

 
6,148

 
5,551

 
31,187

 
8,707

 
38,190

 
112,176

 
373,032

 
 
Non-comparable adjustments
—

 
—

 
—

 
218

 
—

 
—

 
(4,093
)
 
(3,798
)
 
 
Comparable hotel EBITDA
$
7,647

 
$
6,148

 
$
5,551

 
$
31,405

 
$
8,707

 
$
38,190

 
$
108,083

 
$
369,234

 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

28

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

 
Nine Months Ended September 30, 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)
$
8,336

 
$
4,779

 
$
10,072

 
$
4,691

 
$
11,736

 
$
3,658

 
$
3,769

 
$
12,095

 
$
10,359

Non-property adjustments
—

 
—

 
—

 
(134
)
 
—

 
(120
)
 
—

 
—

 
—

Interest income
(3
)
 
—

 
(5
)
 
—

 
(7
)
 
(2
)
 
(38
)
 
—

 
(21
)
Interest expense
583

 
2,846

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Amortization of loan costs
115

 
165

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
9,231

 
11,176

 
10,280

 
4,102

 
13,758

 
5,716

 
7,639

 
6,526

 
12,387

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
382

 
304

 
279

 
349

 
230

 
121

 
149

 
45

 
260

Hotel EBITDA including amounts attributable to noncontrolling interest
18,644

 
19,270

 
20,626

 
9,008

 
25,717

 
9,373

 
11,519

 
18,666

 
22,985

Non-comparable adjustments
16

 
101

 
185

 
85

 
(108
)
 
(9
)
 
47

 
—

 
3,728

Comparable hotel EBITDA
$
18,660

 
$
19,371

 
$
20,811

 
$
9,093

 
$
25,609

 
$
9,364

 
$
11,566

 
$
18,666

 
$
26,713

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
1,357

 
$
1,473

 
$
2,618

 
$
18,497

 
$
4,116

 
$
9,351

 
$
45,191

 
$
152,098

 
 
Non-property adjustments
(39
)
 
—

 
—

 
—

 
(374
)
 
1,941

 
(16
)
 
1,258

 
 
Interest income
(7
)
 
(2
)
 
(3
)
 
(15
)
 
—

 
(23
)
 
(37
)
 
(163
)
 
 
Interest expense
—

 
—

 
—

 
—

 
—

 
872

 
1,029

 
5,330

 
 
Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
54

 
104

 
438

 
 
Depreciation and amortization
5,816

 
4,894

 
2,691

 
9,287

 
5,068

 
20,598

 
62,831

 
192,000

 
 
Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
23

 
23

 
 
Non-hotel EBITDA ownership expense
54

 
189

 
468

 
308

 
158

 
294

 
2,221

 
5,811

 
 
Hotel EBITDA including amounts attributable to noncontrolling interest
7,181

 
6,554

 
5,774

 
28,077

 
8,968

 
33,087

 
111,346

 
356,795

 
 
Non-comparable adjustments
(14
)
 
(91
)
 
(22
)
 
3,389

 
(1,160
)
 
4,736

 
(2,819
)
 
8,064

 
 
Comparable hotel EBITDA
$
7,167

 
$
6,463

 
$
5,752

 
$
31,466

 
$
7,808

 
$
37,823

 
$
108,527

 
$
364,859

 
 
NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.


29

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
TTM Ended September 30, 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)
$
12,642

 
$
12,648

 
$
4,800

 
$
14,078

 
$
10,698

 
$
9,111

 
$
32,670

 
$
19,426

 
$
1,692

 
$
17,287

 
$
2,377

Non-property adjustments
(75
)
 
—

 
—

 
(404
)
 
—

 
—

 
12,534

 
(528
)
 
—

 
—

 
—

Interest income
(22
)
 
(16
)
 
(3
)
 
(1
)
 
—

 
(36
)
 
—

 
(17
)
 
—

 
(119
)
 
(8
)
Interest expense
—

 
—

 
—

 
—

 
2

 
—

 
—

 
—

 
7

 
3

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
8,322

 
8,377

 
16,092

 
14,146

 
13,372

 
13,720

 
62,313

 
28,621

 
8,864

 
23,804

 
6,155

Income tax expense (benefit)
9

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
156

 
155

 
673

 
235

 
1,052

 
752

 
2,257

 
1,083

 
406

 
464

 
100

Hotel EBITDA including amounts attributable to noncontrolling interest
21,032

 
21,160

 
21,562

 
28,054

 
25,124

 
23,547

 
109,774

 
48,585

 
10,969

 
41,439

 
8,624

Non-comparable adjustments
(9
)
 
(10
)
 
6

 
—

 
(15
)
 
(9
)
 
(4,753
)
 
35

 
(3
)
 
(4
)
 
(1
)
Comparable hotel EBITDA
$
21,023

 
$
21,150

 
$
21,568

 
$
28,054

 
$
25,109

 
$
23,538

 
$
105,021

 
$
48,620

 
$
10,966

 
$
41,435

 
$
8,623

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
1,814

 
$
1,302

 
$
1,974

 
$
138

 
$
20,090

 
$
1,475

 
$
1,741

 
$
278

 
$
(148
)
 
$
3,289

 
$
1,156

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
(2
)
 
—

 
(8
)
 
—

 
—

 
(44
)
 
—

 
—

 
—

 
—

 
—

Interest expense
—

 
—

 
—

 
—

 
—

 
3,598

 
—

 
—

 
852

 
4,305

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
225

 
—

 
—

 
160

 
228

 
—

Depreciation and amortization
4,906

 
1,665

 
638

 
1,131

 
13,183

 
2,738

 
1,420

 
560

 
1,628

 
6,562

 
11,630

Income tax expense (benefit)
—

 
—

 
—

 
—

 
252

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
101

 
100

 
(20
)
 
58

 
646

 
161

 
18

 
21

 
20

 
277

 
43

Hotel EBITDA including amounts attributable to noncontrolling interest
6,819

 
3,067

 
2,584

 
1,327

 
34,171

 
8,153

 
3,179

 
859

 
2,512

 
14,661

 
12,829

Non-comparable adjustments
(1
)
 
(3
)
 
1

 
(3
)
 
(9
)
 
(3
)
 
12

 
2

 
(3
)
 
28

 
1

Comparable hotel EBITDA
$
6,818

 
$
3,064

 
$
2,585

 
$
1,324

 
$
34,162

 
$
8,150

 
$
3,191

 
$
861

 
$
2,509

 
$
14,689

 
$
12,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 - 1 hotel
 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
NorthStar HGI Wisconsin Dells - 1 hotel
 
Unencumbered hotels
 
Total Portfolio
Net income (loss)
$
(239
)
 
$
514

 
$
(1,053
)
 
$
538

 
$
144

 
$
2,824

 
$
(3,645
)
 
$
171

 
$
(6,967
)
 
$
(8,144
)
 
$
154,682

Non-property adjustments
—

 
(117
)
 
—

 
—

 
—

 
—

 
(326
)
 
(71
)
 
6,774

 
6,606

 
24,393

Interest income
—

 
(2
)
 
—

 
—

 
—

 
(67
)
 
—

 
—

 
—

 
—

 
(345
)
Interest expense
—

 
1,121

 
—

 
—

 
—

 
—

 
6,353

 
707

 
—

 
(1
)
 
16,947

Amortization of loan costs
—

 
337

 
—

 
—

 
—

 
—

 
536

 
35

 
—

 
—

 
1,521

Depreciation and amortization
2,069

 
1,217

 
3,578

 
525

 
938

 
2,527

 
2,302

 
692

 
632

 
3,381

 
267,708

Income tax expense (benefit)
—

 
—

 
—

 
14

 
(12
)
 
—

 
—

 
—

 
—

 
—

 
259

Non-hotel EBITDA ownership expense
94

 
365

 
232

 
7

 
18

 
(30
)
 
442

 
419

 
32

 
80

 
10,416

Hotel EBITDA including amounts attributable to noncontrolling interest
1,924

 
3,435

 
2,757

 
1,084

 
1,088

 
5,254

 
5,662

 
1,953

 
471

 
1,922

 
475,581

Non-comparable adjustments
(2
)
 
499

 
(1
)
 
(1
)
 
(1
)
 
—

 
2,931

 
1,090

 
(471
)
 
12

 
(685
)
Comparable hotel EBITDA
$
1,922

 
$
3,934

 
$
2,756

 
$
1,083

 
$
1,087

 
$
5,254

 
$
8,593

 
$
3,043

 
$
—

 
$
1,934

 
$
474,896

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

30

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended September 30, 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)
$
2,437

 
$
3,730

 
$
469

 
$
3,597

 
$
4,013

 
$
1,822

 
$
11,225

 
$
3,407

 
$
465

 
$
3,773

 
$
(159
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(2,527
)
 
(7
)
 
—

 
—

 
—

Interest income
(6
)
 
(4
)
 
(1
)
 
—

 
—

 
(7
)
 
—

 
(5
)
 
—

 
(31
)
 
(2
)
Interest expense
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
1

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
1,919

 
2,035

 
4,130

 
3,437

 
3,489

 
3,657

 
15,892

 
7,038

 
2,455

 
5,895

 
1,531

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
21

 
25

 
54

 
30

 
378

 
125

 
400

 
223

 
66

 
57

 
43

Hotel EBITDA including amounts attributable to noncontrolling interest
4,371

 
5,786

 
4,652

 
7,064

 
7,880

 
5,597

 
24,990

 
10,656

 
2,988

 
9,695

 
1,413

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(449
)
 
—

 
—

 
—

 
—

Comparable hotel EBITDA
$
4,371

 
$
5,786

 
$
4,652

 
$
7,064

 
$
7,880

 
$
5,597

 
$
24,541

 
$
10,656

 
$
2,988

 
$
9,695

 
$
1,413

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
(36
)
 
$
149

 
$
425

 
$
62

 
$
3,802

 
$
72

 
$
703

 
$
(28
)
 
$
(207
)
 
$
2,159

 
$
(207
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
(1
)
 
—

 
(2
)
 
—

 
—

 
(9
)
 
—

 
—

 
—

 
—

 
—

Interest expense
—

 
—

 
—

 
—

 
—

 
881

 
—

 
—

 
206

 
1,054

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
57

 
—

 
—

 
41

 
58

 
—

Depreciation and amortization
1,324

 
536

 
171

 
370

 
3,301

 
686

 
399

 
143

 
430

 
1,595

 
2,937

Income tax expense (benefit)
—

 
—

 
—

 
—

 
35

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
38

 
20

 
(43
)
 
12

 
376

 
60

 
7

 
17

 
4

 
35

 
6

Hotel EBITDA including amounts attributable to noncontrolling interest
1,325

 
705

 
551

 
444

 
7,514

 
1,747

 
1,109

 
132

 
474

 
4,901

 
2,736

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Comparable hotel EBITDA
$
1,325

 
$
705

 
$
551

 
$
444

 
$
7,514

 
$
1,747

 
$
1,109

 
$
132

 
$
474

 
$
4,901

 
$
2,736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 - 1 hotel
 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
NorthStar HGI Wisconsin Dells - 1 hotel
 
Unencumbered hotels
 
Total Portfolio
Net income (loss)
$
(119
)
 
$
1,202

 
$
(819
)
 
$
163

 
$
125

 
$
1,068

 
$
(567
)
 
$
251

 
$
(149
)
 
$
(203
)
 
$
42,625

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
259

 
1

 
(2,274
)
Interest income
—

 
—

 
—

 
—

 
—

 
(35
)
 
—

 
—

 
—

 
—

 
(103
)
Interest expense
—

 
306

 
—

 
—

 
—

 
—

 
2,255

 
299

 
—

 
—

 
5,004

Amortization of loan costs
—

 
94

 
—

 
—

 
—

 
—

 
182

 
15

 
—

 
—

 
447

Depreciation and amortization
511

 
318

 
908

 
132

 
223

 
693

 
412

 
270

 
48

 
796

 
67,681

Income tax expense (benefit)
—

 
—

 
—

 
8

 
2

 
—

 
—

 
—

 
—

 
(1
)
 
44

Non-hotel EBITDA ownership expense
—

 
14

 
54

 
—

 
1

 
2

 
82

 
246

 
8

 
11

 
2,372

Hotel EBITDA including amounts attributable to noncontrolling interest
392

 
1,934

 
143

 
303

 
351

 
1,728

 
2,364

 
1,081

 
166

 
604

 
115,796

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(166
)
 
—

 
(615
)
Comparable hotel EBITDA
$
392

 
$
1,934

 
$
143

 
$
303

 
$
351

 
$
1,728

 
$
2,364

 
$
1,081

 
$
—

 
$
604

 
$
115,181

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

31

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended June 30, 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)
$
3,401

 
$
3,759

 
$
1,755

 
$
4,947

 
$
4,302

 
$
2,843

 
$
12,446

 
$
5,868

 
$
1,087

 
$
6,038

 
$
969

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
5,148

 
(3
)
 
—

 
—

 
—

Interest income
(6
)
 
(4
)
 
(1
)
 
—

 
—

 
(10
)
 
—

 
(5
)
 
—

 
(34
)
 
(2
)
Interest expense
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
1

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
2,077

 
2,073

 
3,958

 
3,530

 
3,315

 
3,509

 
15,818

 
7,047

 
2,110

 
5,793

 
1,524

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
(29
)
 
63

 
194

 
49

 
356

 
79

 
941

 
360

 
104

 
276

 
24

Hotel EBITDA including amounts attributable to noncontrolling interest
5,443

 
5,891

 
5,906

 
8,526

 
7,973

 
6,421

 
34,353

 
13,267

 
3,303

 
12,074

 
2,515

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(1,364
)
 
—

 
—

 
—

 
—

Comparable hotel EBITDA
$
5,443

 
$
5,891

 
$
5,906

 
$
8,526

 
$
7,973

 
$
6,421

 
$
32,989

 
$
13,267

 
$
3,303

 
$
12,074

 
$
2,515

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
333

 
$
472

 
$
607

 
$
34

 
$
7,836

 
$
1,371

 
$
657

 
$
24

 
$
(66
)
 
$
2,466

 
$
2,173

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
—

 
—

 
(2
)
 
—

 
—

 
(13
)
 
—

 
—

 
—

 
—

 
—

Interest expense
—

 
—

 
—

 
—

 
—

 
915

 
—

 
—

 
219

 
1,094

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
56

 
—

 
—

 
40

 
57

 
—

Depreciation and amortization
1,238

 
404

 
161

 
270

 
3,351

 
659

 
353

 
139

 
375

 
1,581

 
2,877

Income tax expense (benefit)
—

 
—

 
—

 
—

 
48

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
77

 
34

 
4

 
19

 
172

 
22

 
6

 
1

 
33

 
57

 
5

Hotel EBITDA including amounts attributable to noncontrolling interest
1,648

 
910

 
770

 
323

 
11,407

 
3,010

 
1,016

 
164

 
601

 
5,255

 
5,055

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Comparable hotel EBITDA
$
1,648

 
$
910

 
$
770

 
$
323

 
$
11,407

 
$
3,010

 
$
1,016

 
$
164

 
$
601

 
$
5,255

 
$
5,055

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 - 1 hotel
 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
NorthStar HGI Wisconsin Dells - 1 hotel
 
Unencumbered hotels
 
Total Portfolio
Net income (loss)
$
(57
)
 
$
145

 
$
(199
)
 
$
178

 
$
127

 
$
1,248

 
$
(707
)
 
$
157

 
$
(1,312
)
 
$
100

 
$
63,002

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
(326
)
 
—

 
1,385

 
1

 
6,205

Interest income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
(76
)
Interest expense
—

 
316

 
—

 
—

 
—

 
—

 
2,322

 
297

 
—

 
(1
)
 
5,165

Amortization of loan costs
—

 
92

 
—

 
—

 
—

 
—

 
179

 
15

 
—

 
1

 
440

Depreciation and amortization
513

 
300

 
926

 
133

 
241

 
606

 
1,141

 
259

 
189

 
833

 
67,303

Income tax expense (benefit)
—

 
—

 
—

 
9

 
5

 
—

 
—

 
—

 
—

 
1

 
63

Non-hotel EBITDA ownership expense
50

 
138

 
7

 
2

 
3

 
2

 
113

 
49

 
5

 
9

 
3,225

Hotel EBITDA including amounts attributable to noncontrolling interest
506

 
991

 
734

 
322

 
376

 
1,856

 
2,722

 
777

 
267

 
945

 
145,327

Non-comparable adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(267
)
 
—

 
(1,631
)
Comparable hotel EBITDA
$
506

 
$
991

 
$
734

 
$
322

 
$
376

 
$
1,856

 
$
2,722

 
$
777

 
$
—

 
$
945

 
$
143,696

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

32

Exhibit 1


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Three Months Ended March 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)
$
4,045

 
$
2,614

 
$
1,721

 
$
2,949

 
$
1,366

 
$
2,446

 
$
10,675

 
$
6,728

 
$
(378
)
 
$
4,058

 
$
1,549

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(33
)
 
—

 
—

 
—

Interest income
(5
)
 
(4
)
 
—

 
—

 
—

 
(10
)
 
—

 
(4
)
 
—

 
(26
)
 
(2
)
Interest expense
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
1

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
2,148

 
2,118

 
4,051

 
3,652

 
3,294

 
3,314

 
15,624

 
7,259

 
2,241

 
6,022

 
1,498

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
113

 
73

 
81

 
34

 
100

 
431

 
352

 
162

 
29

 
161

 
13

Hotel EBITDA including amounts attributable to noncontrolling interest
6,301

 
4,801

 
5,853

 
6,635

 
4,760

 
6,181

 
26,651

 
14,112

 
1,894

 
10,216

 
3,058

Non-comparable adjustments
(12
)
 
(1
)
 
—

 
—

 
(1
)
 
—

 
(1,785
)
 
(1
)
 
—

 
(1
)
 
1

Comparable hotel EBITDA
$
6,289

 
$
4,800

 
$
5,853

 
$
6,635

 
$
4,759

 
$
6,181

 
$
24,866

 
$
14,111

 
$
1,894

 
$
10,215

 
$
3,059

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
918

 
$
177

 
$
436

 
$
97

 
$
4,438

 
$
(65
)
 
$
22

 
$
118

 
$
417

 
$
(1,465
)
 
$
(636
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
—

 
—

 
(2
)
 
—

 
—

 
(9
)
 
—

 
—

 
—

 
—

 
—

Interest expense
—

 
—

 
—

 
—

 
—

 
910

 
—

 
—

 
218

 
1,090

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
56

 
—

 
—

 
40

 
57

 
—

Depreciation and amortization
1,218

 
400

 
155

 
249

 
3,100

 
642

 
340

 
143

 
364

 
1,580

 
3,023

Income tax expense (benefit)
—

 
—

 
—

 
—

 
40

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
16

 
24

 
3

 
9

 
40

 
30

 
(54
)
 
1

 
8

 
47

 
1

Hotel EBITDA including amounts attributable to noncontrolling interest
2,152

 
601

 
592

 
355

 
7,618

 
1,564

 
308

 
262

 
1,047

 
1,309

 
2,388

Non-comparable adjustments
1

 
(1
)
 
—

 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
2

 
1

Comparable hotel EBITDA
$
2,153

 
$
600

 
$
592

 
$
354

 
$
7,618

 
$
1,563

 
$
307

 
$
262

 
$
1,046

 
$
1,311

 
$
2,389

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 - 1 hotel
 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
NorthStar HGI Wisconsin Dells - 1 hotel
 
Unencumbered hotels
 
Total Portfolio
Net income (loss)
$
121

 
$
(669
)
 
$
225

 
$
87

 
$
(62
)
 
$
(203
)
 
$
(2,371
)
 
$
(237
)
 
$
(132
)
 
$
(754
)
 
$
38,235

Non-property adjustments
—

 
(117
)
 
—

 
—

 
—

 
—

 
—

 
(71
)
 
—

 
(47
)
 
(268
)
Interest income
—

 
—

 
—

 
—

 
—

 
(14
)
 
—

 
—

 
—

 
—

 
(76
)
Interest expense
—

 
315

 
—

 
—

 
—

 
—

 
1,776

 
111

 
—

 
—

 
4,423

Amortization of loan costs
—

 
91

 
—

 
—

 
—

 
—

 
175

 
5

 
—

 
—

 
424

Depreciation and amortization
505

 
357

 
877

 
131

 
236

 
552

 
749

 
163

 
172

 
810

 
66,987

Income tax expense (benefit)
—

 
—

 
—

 
3

 
—

 
—

 
—

 
—

 
—

 
—

 
43

Non-hotel EBITDA ownership expense
(11
)
 
82

 
58

 
2

 
2

 
(26
)
 
247

 
124

 
5

 
(16
)
 
2,141

Hotel EBITDA including amounts attributable to noncontrolling interest
615

 
59

 
1,160

 
223

 
176

 
309

 
576

 
95

 
45

 
(7
)
 
111,909

Non-comparable adjustments
(1
)
 
—

 
—

 
(1
)
 
(1
)
 
1

 
71

 
220

 
(45
)
 
5

 
(1,552
)
Comparable hotel EBITDA
$
614

 
$
59

 
$
1,160

 
$
222

 
$
175

 
$
310

 
$
647

 
$
315

 
$
—

 
$
(2
)
 
$
110,357

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

33

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
 
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)
$
2,759

 
$
2,545

 
$
855

 
$
2,585

 
$
1,017

 
$
2,000

 
$
(1,676
)
 
$
3,423

 
$
518

 
$
3,418

 
$
18

Non-property adjustments
(75
)
 
—

 
—

 
(404
)
 
—

 
—

 
9,913

 
(485
)
 
—

 
—

 
—

Interest income
(5
)
 
(4
)
 
(1
)
 
(1
)
 
—

 
(9
)
 
—

 
(3
)
 
—

 
(28
)
 
(2
)
Interest expense
—

 
—

 
—

 
—

 
2

 
—

 
—

 
—

 
1

 
—

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation and amortization
2,178

 
2,151

 
3,953

 
3,527

 
3,274

 
3,240

 
14,979

 
7,277

 
2,058

 
6,094

 
1,602

Income tax expense (benefit)
9

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
51

 
(6
)
 
344

 
122

 
218

 
117

 
564

 
338

 
207

 
(30
)
 
20

Hotel EBITDA including amounts attributable to noncontrolling interest
4,917

 
4,682

 
5,151

 
5,829

 
4,511

 
5,348

 
23,780

 
10,550

 
2,784

 
9,454

 
1,638

Non-comparable adjustments
3

 
(9
)
 
6

 
—

 
(14
)
 
(9
)
 
(1,155
)
 
36

 
(3
)
 
(3
)
 
(2
)
Comparable hotel EBITDA
$
4,920

 
$
4,673

 
$
5,157

 
$
5,829

 
$
4,497

 
$
5,339

 
$
22,625

 
$
10,586

 
$
2,781

 
$
9,451

 
$
1,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
$
599

 
$
504

 
$
506

 
$
(55
)
 
$
4,014

 
$
97

 
$
359

 
$
164

 
$
(292
)
 
$
129

 
$
(174
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
(1
)
 
—

 
(2
)
 
—

 
—

 
(13
)
 
—

 
—

 
—

 
—

 
—

Interest expense
—

 
—

 
—

 
—

 
—

 
892

 
—

 
—

 
209

 
1,067

 
—

Amortization of loan costs
—

 
—

 
—

 
—

 
—

 
56

 
—

 
—

 
39

 
56

 
—

Depreciation and amortization
1,126

 
325

 
151

 
242

 
3,431

 
751

 
328

 
135

 
459

 
1,806

 
2,793

Income tax expense (benefit)
—

 
—

 
—

 
—

 
129

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
(30
)
 
22

 
16

 
18

 
58

 
49

 
59

 
2

 
(25
)
 
138

 
31

Hotel EBITDA including amounts attributable to noncontrolling interest
1,694

 
851

 
671

 
205

 
7,632

 
1,832

 
746

 
301

 
390

 
3,196

 
2,650

Non-comparable adjustments
(2
)
 
(2
)
 
1

 
(2
)
 
(9
)
 
(2
)
 
13

 
2

 
(2
)
 
26

 
—

Comparable hotel EBITDA
$
1,692

 
$
849

 
$
672

 
$
203

 
$
7,623

 
$
1,830

 
$
759

 
$
303

 
$
388

 
$
3,222

 
$
2,650

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 - 1 hotel
 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
NorthStar HGI Wisconsin Dells - 1 hotel
 
Unencumbered hotels
 
Total Portfolio
Net income (loss)
$
(184
)
 
$
(164
)
 
$
(260
)
 
$
110

 
$
(46
)
 
$
711

 
$
—

 
$
—

 
$
(5,374
)
 
$
(7,287
)
 
$
10,820

Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
5,130

 
6,651

 
20,730

Interest income
—

 
(2
)
 
—

 
—

 
—

 
(18
)
 
—

 
—

 
—

 
(1
)
 
(90
)
Interest expense
—

 
184

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2,355

Amortization of loan costs
—

 
60

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
210

Depreciation and amortization
540

 
242

 
867

 
129

 
238

 
676

 
—

 
—

 
223

 
942

 
65,737

Income tax expense (benefit)
—

 
—

 
—

 
(6
)
 
(19
)
 
—

 
—

 
—

 
—

 
—

 
109

Non-hotel EBITDA ownership expense
55

 
131

 
113

 
3

 
12

 
(8
)
 
—

 
—

 
14

 
76

 
2,678

Hotel EBITDA including amounts attributable to noncontrolling interest
411

 
451

 
720

 
236

 
185

 
1,361

 
—

 
—

 
(7
)
 
380

 
102,549

Non-comparable adjustments
(1
)
 
499

 
(1
)
 
—

 
—

 
(1
)
 
2,860

 
870

 
7

 
7

 
3,113

Comparable hotel EBITDA
$
410

 
$
950

 
$
719

 
$
236

 
$
185

 
$
1,360

 
$
2,860

 
$
870

 
$
—

 
$
387

 
$
105,662

NOTES:
(1)
The above comparable information assumes the 118 hotel properties owned and included in the Company’s operations at September 30, 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.

34