Document

EX-99.1 2 aht2022q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

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 2022 RESULTS

Net Loss Attributable to Common Stockholders was $(25.2) Million

Comparable Hotel EBITDA was $94.1 Million

Adjusted EBITDAre was $82.1 Million

Best Quarterly RevPAR Performance to Date Relative to 2019

September 2022 RevPAR Exceeded September 2019 RevPAR

DALLAS – November 1, 2022 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2022 with the third quarter ended September 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

•Comparable RevPAR for all hotels increased 29% to $127 during the quarter on a 14.5% increase in ADR and a 12.9% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 4% compared to the comparable period in 2019, which is the best quarterly performance compared to 2019 since the onset of the pandemic.

•Net loss attributable to common stockholders was $(25.2) million or $(0.73) per diluted share for the quarter.

•Adjusted EBITDAre was $82.1 million for the quarter, reflecting a growth rate of 75.2% over the prior year quarter.

•Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter, reflecting a growth rate of 373% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $505.5 million and restricted cash of $132.1 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $27.4 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

AHT Reports Third Quarter Results

Page 2

November 1, 2022

•During the quarter, the Company recorded a credit of $3.9 million that is included in general and administrative expense related to the true-up associated with the contribution agreement for Ashford Securities, which the Company expects to occur during 2023.

•Net working capital at the end of the quarter was $601.9 million, which equates to approximately $16.64 per diluted share.

•Capex invested during the quarter was $25.3 million.

DISPOSITION ACTIVITY

Capital recycling remains an important component of the Company’s strategy and Ashford Trust is pursuing opportunities to sell certain non-core assets. On September 1, 2022, the Company completed the sale of the Sheraton Ann Arbor in Michigan for $34.5 million in cash and a $1.5 million interest-free receivable. All of the cash proceeds from the sale were used to pay down debt.

CAPITAL STRUCTURE

At September 30, 2022, the Company had total loans of $3.8 billion with a blended average interest rate of 6.7%. The Company has interest rate caps in place for all of its floating rate debt. Taking into account the current level of LIBOR and the corresponding interest rate caps, approximately 59% of the Company’s debt is effectively fixed and approximately 41% is effectively floating. All of the Company’s loans are current and in good standing with the respective lenders. At the end of the quarter, approximately 85% of the Company’s hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2022. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay those current going forward.

During the first quarter of 2022, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) for its Series J and Series K Redeemable Preferred Stock (“Non-Traded Preferred Equity”). The registration statement provides for the issuance of Non-Traded Preferred Equity in a primary offering over the course of up to three years from the effective date. The Series J and Series K Redeemable Preferred Stock are expected to have an initial annual dividend yield of 8% and 8.2% respectively, and the Company will also offer a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The registration statement is now effective, and the Company commenced the offering of the Non-Traded Preferred Equity during the third quarter of 2022. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

“We are extremely pleased with our strong third quarter operating performance and, bolstered by increased demand and notable rate increases in many key markets, we’re extremely encouraged that Ashford Trust’s RevPAR performance in September represents the first positive month we’ve had versus 2019 thus far,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “That improvement has continued into the fourth quarter, reflecting our high-quality, geographically diverse portfolio and its high exposure to transient leisure customers. Further, we have significantly de-levered our balance sheet, and we continue to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. In addition, we recently commenced the process of raising our non-traded preferred equity and believe this offering will provide an attractive cost of capital and allow us to accretively grow our portfolio over time, subject to future market conditions.

AHT Reports Third Quarter Results

Page 3

November 1, 2022

Looking ahead to the remainder of 2022 and into 2023, we continue to be pleased with how our portfolio is performing and believe we are well-positioned for any economic scenario.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 2, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, November 9, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13732686.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2022 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Wednesday, November 2, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance

AHT Reports Third Quarter Results

Page 4

November 1, 2022

on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	September 30, 2022		December 31, 2021
ASSETS
Investments in hotel properties, net	$	3,114,528	$	3,230,710
Cash and cash equivalents	505,533		592,110
Restricted cash	132,055		99,534

Accounts receivable, net of allowance of $634 and $455, respectively	58,601		37,720
Inventories	3,788		3,291
Notes receivable, net	4,975		8,723


Investment in unconsolidated entities	10,802		11,253
Deferred costs, net	3,247		5,001
Prepaid expenses	19,797		13,384
Derivative assets, net	20,187		501
Operating lease right-of-use assets	44,082		44,575
Other assets	17,559		16,150
Intangible assets, net	797		797

Due from Ashford Inc., net	1,761		25
Due from related parties, net	6,597		7,473
Due from third-party hotel managers	27,361		26,896

Total assets	$	3,971,670	$	4,098,143

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,838,697	$	3,887,822
Accounts payable and accrued expenses	135,967		117,650
Accrued interest payable	10,577		15,432
Dividends and distributions payable	3,103		3,104



Due to related parties, net	—		728
Due to third-party hotel managers	727		1,204
Intangible liabilities, net	2,117		2,177
Operating lease liabilities	44,781		45,106

Other liabilities	4,452		4,832

Total liabilities	4,040,421		4,078,055

Redeemable noncontrolling interests in operating partnership	21,988		22,742
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at September 30, 2022 and December 31, 2021	12		12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2022 and December 31, 2021	12		12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2022 and December 31, 2021	15		15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2022 and December 31, 2021	13		13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2022 and December 31, 2021	13		13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,498,993 and 34,490,381 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	345		345
Additional paid-in capital	2,382,863		2,379,906
Accumulated deficit	(2,474,012)		(2,382,970)


Total equity (deficit)	(90,739)		(2,654)
Total liabilities and equity/deficit	$	3,971,670	$	4,098,143

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
REVENUE
Rooms	$	260,616	$	202,119	$	731,474	$	459,264
Food and beverage	48,633		29,744		139,709		57,487
Other	18,183		14,944		50,042		38,358
Total hotel revenue	327,432		246,807		921,225		555,109
Other	724		627		2,164		1,567
Total revenue	328,156		247,434		923,389		556,676
EXPENSES
Hotel operating expenses
Rooms	61,464		48,579		169,250		110,072
Food and beverage	36,199		22,206		100,981		41,883
Other expenses	106,907		92,581		310,407		224,422
Management fees	11,686		8,976		33,552		21,944
Total hotel operating expenses	216,256		172,342		614,190		398,321
Property taxes, insurance and other	17,541		17,222		51,289		51,821
Depreciation and amortization	49,428		53,069		152,444		166,291



Advisory services fee:
Base advisory fee	8,854		9,476		26,202		27,217
Reimbursable expenses	2,430		1,979		7,365		5,191
Stock/unit-based compensation	1,229		2,412		4,609		6,702
Incentive fee	—		(6,472)		—		—
Corporate, general and administrative:
Stock/unit-based compensation	37		39		668		675
Other general and administrative	(921)		2,375		6,062		11,438
Total operating expenses	294,854		252,442		862,829		667,656
Gain (loss) on disposition of assets and hotel properties	(11)		103		273		395
OPERATING INCOME (LOSS)	33,291		(4,905)		60,833		(110,585)
Equity in earnings (loss) of unconsolidated entities	(147)		(145)		(451)		(423)
Interest income	1,576		124		2,153		137
Other income (expense), net	241		208		426		682
Interest expense, net of discount amortization	(58,511)		(40,797)		(145,661)		(102,033)
Amortization of loan costs	(2,512)		(2,206)		(7,314)		(9,970)
Write-off of premiums, loan costs and exit fees	(1,378)		(1,034)		(3,076)		(5,200)
Gain (loss) on extinguishment of debt	—		1,292		—		11,896

Unrealized gain (loss) on derivatives	9,774		6,029		19,059		3,712
INCOME (LOSS) BEFORE INCOME TAXES	(17,666)		(41,434)		(74,031)		(211,784)
Income tax benefit (expense)	(4,657)		(2,615)		(10,340)		(2,916)
NET INCOME (LOSS)	(22,323)		(44,049)		(84,371)		(214,700)
(Income) loss attributable to noncontrolling interest in consolidated entities	—		(10)		—		84
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	231		367		679		3,594
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(22,092)		(43,692)		(83,692)		(211,022)
Preferred dividends	(3,104)		(2,039)		(9,311)		1,488
Gain (loss) on extinguishment of preferred stock	—		(1,789)		—		959
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(25,196)	$	(47,520)	$	(93,003)	$	(208,575)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.73)	$	(1.70)	$	(2.71)	$	(11.89)
Weighted average common shares outstanding – basic	34,371		28,033		34,324		17,520
Diluted:
Net income (loss) attributable to common stockholders	$	(0.73)	$	(1.70)	$	(2.71)	$	(11.89)
Weighted average common shares outstanding – diluted	34,371		28,033		34,324		17,520
Dividends declared per common share:	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income (loss)	$	(22,323)	$	(44,049)	$	(84,371)	$	(214,700)
Interest expense and amortization of discounts and loan costs, net	61,023		43,003		152,975		112,003
Depreciation and amortization	49,428		53,069		152,444		166,291
Income tax expense (benefit)	4,657		2,615		10,340		2,916
Equity in (earnings) loss of unconsolidated entities	147		145		451		423

Company's portion of EBITDA of unconsolidated entities	(148)		(144)		(452)		(419)
EBITDA	92,784		54,639		231,387		66,514

(Gain) loss on disposition of assets and hotel properties	11		(103)		(273)		(395)


EBITDAre	92,795		54,536		231,114		66,119
Amortization of unfavorable contract liabilities	43		52		138		158


Write-off of premiums, loan costs and exit fees	1,378		1,034		3,076		5,200
(Gain) loss on extinguishment of debt	—		(1,292)		—		(11,896)
Other (income) expense, net	(241)		(209)		(426)		(683)
Transaction and conversion costs	(3,401)		332		(1,828)		2,254
Legal, advisory and settlement costs	(96)		2,435		(59)		6,932

Unrealized (gain) loss on derivatives	(9,774)		(6,029)		(19,059)		(3,712)
Dead deal costs	76		—		356		689
Uninsured remediation costs	—		(33)		—		341
Stock/unit-based compensation	1,275		2,490		5,324		7,539
Advisory services incentive fee	—		(6,472)		—		—

Company's portion of adjustments to EBITDAre of unconsolidated entities	1		2		12		14
Adjusted EBITDAre	$	82,056	$	46,846	$	218,648	$	72,955

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income (loss)	$	(22,323)	$	(44,049)	$	(84,371)	$	(214,700)
(Income) loss attributable to noncontrolling interest in consolidated entities	—		(10)		—		84
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	231		367		679		3,594
Preferred dividends	(3,104)		(2,039)		(9,311)		1,488
Gain (loss) on extinguishment of preferred stock	—		(1,789)		—		959
Net income (loss) attributable to common stockholders	(25,196)		(47,520)		(93,003)		(208,575)
Depreciation and amortization on real estate	49,428		53,033		152,444		166,182
(Gain) loss on disposition of assets and hotel properties	11		(103)		(273)		(395)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(231)		(367)		(679)		(3,594)
Equity in (earnings) loss of unconsolidated entities	147		145		451		423


Company's portion of FFO of unconsolidated entities	(148)		(145)		(452)		(421)
FFO available to common stockholders and OP unitholders	24,011		5,043		58,488		(46,380)
(Gain) loss on extinguishment of preferred stock	—		1,789		—		(959)
Write-off of premiums, loan costs and exit fees	1,378		1,034		3,076		5,200
(Gain) loss on extinguishment of debt	—		(1,292)		—		(11,896)



Other (income) expense, net	(108)		(209)		(293)		(683)
Transaction and conversion costs	(3,401)		332		(1,828)		2,628
Legal, advisory and settlement costs	(96)		2,435		(59)		6,932

Unrealized (gain) loss on derivatives	(9,774)		(6,029)		(19,059)		(3,712)
Dead deal costs	76		—		356		689
Uninsured remediation costs	—		(33)		—		341
Stock/unit-based compensation	1,275		2,490		5,324		7,539
Amortization of term loan exit fee	3,092		1,896		8,669		4,556
Amortization of loan costs	2,512		2,203		7,314		9,960
Advisory services incentive fee	—		(6,472)		—		—


Company's portion of adjustments to FFO of unconsolidated entities	1		2		12		14
Adjusted FFO available to common stockholders and OP unitholders	$	18,966	$	3,189	$	62,000	$	(25,771)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.52	$	0.11	$	1.71	$	(1.33)
Weighted average diluted shares	36,433		29,994		36,347		19,426

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2022

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (12)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel EBITDA (13)		Comparable TTM EBITDA Debt Yield
JPMorgan Chase La Posada - 1 hotel	November 2022	November 2023	LIBOR + 2.70%	$	—		$	25,000		$	25,000		(1)	$	5,604	22.4	%
Morgan Stanley Pool - 17 hotels	November 2022	November 2024	LIBOR + 3.00%	—			415,000			415,000			(2)	36,909		8.9	%
BAML Indigo Atlanta - 1 hotel	December 2022	December 2024	LIBOR + 2.25%	—			16,100			16,100			(3)	1,412		8.8	%
Aareal Le Pavillon - 1 hotel	January 2023	January 2025	LIBOR + 3.40%	—			37,000			37,000			(4)	1,248		3.4	%
JPMorgan Chase - 8 hotels	February 2023	February 2025	LIBOR + 3.07%	—			395,000			395,000			(5)	26,341		6.7	%
BAML Princeton/Nashville - 2 hotels	March 2023	March 2026	LIBOR + 2.75%	—			240,000			240,000			(6)	33,707		14.0	%
BAML Highland Pool - 19 hotels	April 2023	April 2025	LIBOR + 3.20%	—			907,030			907,030			(7)	76,301		8.4	%
Aareal Hilton Alexandria - 1 hotel	June 2023	June 2023	LIBOR + 2.45%	—			73,450			73,450				3,584		4.9	%
KEYS Pool A - 7 hotels	June 2023	June 2025	LIBOR + 3.65%	—			180,720			180,720			(8)	11,946		6.6	%
KEYS Pool B - 7 hotels	June 2023	June 2025	LIBOR + 3.39%	—			174,400			174,400			(8)	6,022		3.5	%
KEYS Pool C - 5 hotels	June 2023	June 2025	LIBOR + 3.73%	—			221,040			221,040			(8)	17,380		7.9	%
KEYS Pool D - 5 hotels	June 2023	June 2025	LIBOR + 4.02%	—			262,640			262,640			(8)	23,901		9.1	%
KEYS Pool E - 5 hotels	June 2023	June 2025	LIBOR + 2.73%	—			160,000			160,000			(8)	17,473		10.9	%
KEYS Pool F - 5 hotels	June 2023	June 2025	LIBOR + 3.68%	—			215,120			215,120			(8)	14,172		6.6	%
GACC Manchester RI - 1 hotel	January 2024	January 2024	5.49%	6,383			—			6,383				1,285		20.1	%
GACC Jacksonville RI - 1 hotel	January 2024	January 2024	5.49%	9,316			—			9,316				1,398		15.0	%
Oaktree Capital Term Loan	January 2024	January 2026	16.00%	195,959			—			195,959			(9)	N/A		N/A
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	5,881			—			5,881				1,071		18.2	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	LIBOR + 2.00%	—			8,881			8,881				623		7.0	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	11,231			—			11,231				986		8.8	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	August 2024	4.90%	22,466			—			22,466				2,762		12.3	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	LIBOR + 4.65%	—			85,552			85,552			(10)	10,744		12.6	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	47,212			—			47,212				7,022		14.9	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	23,468			—			23,468				2,185		9.3	%
Aareal Boston Back Bay - 1 hotel	August 2025	August 2026	LIBOR + 3.80%	—			98,000			98,000			(11)	12,142		12.4	%








Total				$	321,916		$	3,514,933		$	3,836,849			$	316,218	8.2	%
Percentage				8.4		%	91.6		%	100.0		%
Weighted average interest rate				11.60		%	6.26		%	6.71		%

All indebtedness is non-recourse with the exception of the term loan.

(1) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021. This mortgage loan has a LIBOR floor of 1.25%.

(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.

(3) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.

(4) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.

(6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.

(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.

(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022.

(9) This term loan has two one-year extension options, subject to satisfaction of certain conditions.

(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.

(11) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

(12) The final maturity date assumes all available extension options will be exercised.

(13) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2022

(dollars in thousands)

(unaudited)


	2022		2023		2024		2025		2026		Thereafter		Total
Aareal Hilton Alexandria - 1 hotel	$	—	$	73,450	$	—	$	—	$	—	$	—	$	73,450
JPMorgan Chase La Posada - 1 hotel	—		25,000		—		—		—		—		25,000
GACC Jacksonville RI - 1 hotel	—		—		9,036		—		—		—		9,036
GACC Manchester RI - 1 hotel	—		—		6,191		—		—		—		6,191
Key Bank Manchester CY - 1 hotel	—		—		5,680		—		—		—		5,680
Southside Bank Ashton - 1 hotel	—		—		8,881		—		—		—		8,881
Morgan Stanley Pool C2 - 2 hotels	—		—		10,755		—		—		—		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		21,522		—		—		—		21,522
Morgan Stanley Pool - 17 hotels	—		—		415,000		—		—		—		415,000
BAML Indigo Atlanta - 1 hotel	—		—		15,781		—		—		—		15,781
Aareal Le Pavillon - 1 hotel	—		—		—		36,200		—		—		36,200
JPMorgan Chase - 8 hotels	—		—		—		395,000		—		—		395,000
BAML Pool 3 - 3 hotels	—		—		—		44,413		—		—		44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		—		22,030		—		—		22,030
BAML Highland Pool - 19 hotels	—		—		—		906,810		—		—		906,810
KEYS Pool A - 7 hotels	—		—		—		180,720		—		—		180,720
KEYS Pool B - 7 hotels	—		—		—		174,400		—		—		174,400
KEYS Pool C - 5 hotels	—		—		—		221,040		—		—		221,040
KEYS Pool D - 5 hotels	—		—		—		262,640		—		—		262,640
KEYS Pool E - 5 hotels	—		—		—		160,000		—		—		160,000
KEYS Pool F - 5 hotels	—		—		—		215,120		—		—		215,120
Oaktree Capital Term Loan	—		—		—		—		195,959		—		195,959
BAML Princeton/Nashville - 2 hotels	—		—		—		—		240,000		—		240,000
Aareal Boston Back Bay - 1 hotel	—		—		—		—		96,000		—		96,000
Torchlight Marriott Gateway - 1 hotel	—		—		—		—		85,552		—		85,552







Principal due in future periods	—		98,450		492,846		2,618,373		617,511		—		3,827,180
Scheduled amortization payments remaining	874		3,288		3,206		801		1,500		—		9,669
Total indebtedness	$	874	$	101,738	$	496,052	$	2,619,174	$	619,011	$	—	$	3,836,849

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	259,547		$	(1,714)		$	257,833		$	201,144		$	(1,785)		$	199,359		29.04	%	29.33	%
	RevPAR	$	126.80		$	(140.35)		$	126.72		$	97.99		$	98.48		$	97.98		29.41	%	29.33	%
	Occupancy	70.95		%	(68.99)		%	70.96		%	62.80		%	59.18		%	62.84		%	12.98	%	12.93	%
	ADR	$	178.72		$	(203.42)		$	178.57		$	156.02		$	166.42		$	155.93		14.55	%	14.52	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	728,011		$	(4,401)		$	723,610		$	456,584		$	(3,893)		$	452,691		59.45	%	59.85	%
	RevPAR	$	119.63		$	(91.92)		$	119.85		$	74.57		$	45.73		$	74.98		60.42	%	59.84	%
	Occupancy	67.55		%	(54.49)		%	67.65		%	53.99		%	42.19		%	54.16		%	25.12	%	24.91	%
	ADR	$	177.10		$	(168.68)		$	177.16		$	138.12		$	108.38		$	138.44		28.23	%	27.96	%

NOTES:

(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	255,373		$	(1,714)		$	253,659		$	197,165		$	(1,785)		$	195,380		29.52	%	29.83	%
	RevPAR	$	127.36		$	(140.35)		$	127.28		$	98.04		$	98.48		$	98.04		29.90	%	29.83	%
	Occupancy	71.14		%	(68.99)		%	71.15		%	62.65		%	59.18		%	62.68		%	13.55	%	13.52	%
	ADR	$	179.04		$	(203.42)		$	178.89		$	156.50		$	166.42		$	156.42		14.40	%	14.37	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	711,271		$	(4,401)		$	706,870		$	444,727		$	(3,893)		$	440,834		59.93	%	60.35	%
	RevPAR	$	119.31		$	(91.92)		$	119.53		$	74.14		$	45.73		$	74.55		60.93	%	60.34	%
	Occupancy	67.46		%	(54.49)		%	67.56		%	53.60		%	42.19		%	53.76		%	25.86	%	25.67	%
	ADR	$	176.86		$	(168.68)		$	176.92		$	138.32		$	108.38		$	138.66		27.86	%	27.59	%

NOTES:

(1) The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2022, and not under renovation during the three months ended September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2022			2021			% Variance		2022			2021			% Variance
Total hotel revenue	$	326,065		$	245,578		32.77	%	$	916,705		$	551,671		66.17	%
Non-comparable adjustments	(2,088)			(2,091)					(5,544)			(4,365)
Comparable total hotel revenue	$	323,977		$	243,487		33.06	%	$	911,161		$	547,306		66.48	%

Hotel EBITDA	$	94,892		$	62,034		52.97	%	$	261,829		$	113,502		130.68	%
Non-comparable adjustments	(841)			(617)					(775)			144
Comparable hotel EBITDA	$	94,051		$	61,417		53.14	%	$	261,054		$	113,646		129.71	%
Hotel EBITDA margin	29.10		%	25.26		%	3.84	%	28.56		%	20.57		%	7.99	%
Comparable hotel EBITDA margin	29.03		%	25.22		%	3.81	%	28.65		%	20.76		%	7.89	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	87		(100.00)	%	$	—		$	144		(100.00)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	94,892		$	61,947		53.18	%	$	261,829		$	113,358		130.98	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	94,051		$	61,330		53.35	%	$	261,054		$	113,502		130.00	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2022			2021			% Variance		2022			2021			% Variance
Total hotel revenue	$	320,265		$	240,287		33.28	%	$	893,934		$	537,007		66.47	%
Non-comparable adjustments	(2,088)			(2,091)					(5,544)			(4,365)
Comparable total hotel revenue	$	318,177		$	238,196		33.58	%	$	888,390		$	532,642		66.79	%

Hotel EBITDA	$	94,206		$	60,976		54.50	%	$	255,478		$	110,049		132.15	%
Non-comparable adjustments	(841)			(617)					(775)			144
Comparable hotel EBITDA	$	93,365		$	60,359		54.68	%	$	254,703		$	110,193		131.14	%
Hotel EBITDA margin	29.42		%	25.38		%	4.04	%	28.58		%	20.49		%	8.09	%
Comparable hotel EBITDA margin	29.34		%	25.34		%	4.00	%	28.67		%	20.69		%	7.98	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	87		(100.00)	%	$	—		$	144		(100.00)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	94,206		$	60,889		54.72	%	$	255,478		$	109,905		132.45	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	93,365		$	60,272		54.91	%	$	254,703		$	110,049		131.45	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022			2022			2022		2022			2022			2022		2022			2021			2021		2021
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	326,065		$	(2,088)	$	323,977		$	345,651		$	(2,089)	$	343,562		$	244,989		$	(1,367)	$	243,622		$	246,649		$	(1,873)	$	244,776
Hotel EBITDA	$	94,892		$	(841)	$	94,051		$	111,375		$	(154)	$	111,221		$	55,562		$	220	$	55,782		$	55,471		$	(307)	$	55,164
Hotel EBITDA margin	29.10		%			29.03		%	32.22		%			32.37		%	22.68		%			22.90		%	22.49		%			22.54		%

EBITDA % of total TTM	29.9		%			29.7		%	35.1		%			35.2		%	17.5		%			17.6		%	17.5		%			17.5		%

JV interests in EBITDA	$	—		$	—	$	—		$	—		$	—	$	—		$	—		$	—	$	—		$	82		$	—	$	82

	Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022
	TTM			TTM		TTM
Total hotel revenue	$	1,163,354		$	(7,417)	$	1,155,937
Hotel EBITDA	$	317,300		$	(1,082)	$	316,218
Hotel EBITDA margin	27.27		%			27.36		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	82		$	—	$	82

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Three Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2022		2022		2022		2021		2021		2021		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	135.99	$	—	$	135.99	$	108.49	$	—	$	108.49	25.3	%	25.3	%
Boston, MA Area	2	705	239.92		—		239.92		164.22		—		164.22		46.1	%	46.1	%
Dallas / Ft. Worth, TX Area	7	1,526	91.65		—		91.65		67.12		—		67.12		36.5	%	36.5	%
Houston, TX Area	3	692	93.59		—		93.59		85.81		—		85.81		9.1	%	9.1	%
Los Angeles, CA Metro Area	6	1,619	131.02		—		131.02		107.99		—		107.99		21.3	%	21.3	%
Miami, FL Metro Area	2	414	126.43		—		126.43		117.92		—		117.92		7.2	%	7.2	%
Minneapolis - St. Paul, MN Area	2	520	91.16		—		91.16		56.73		—		56.73		60.7	%	60.7	%
Nashville, TN Area	1	673	221.35		—		221.35		191.67		—		191.67		15.5	%	15.5	%
New York / New Jersey Metro Area	6	1,743	101.75		—		101.75		74.56		—		74.56		36.5	%	36.5	%
Orlando, FL Area	2	524	103.34		—		103.34		88.29		—		88.29		17.0	%	17.0	%
Philadelphia, PA Area	3	648	102.64		—		102.64		97.39		—		97.39		5.4	%	5.4	%
San Diego, CA Area	2	410	162.45		—		162.45		111.57		—		111.57		45.6	%	45.6	%
San Francisco - Oakland, CA Metro Area	7	1,547	137.57		—		137.57		91.59		—		91.59		50.2	%	50.2	%
Tampa, FL Area	2	571	102.59		—		102.59		80.54		—		80.54		27.4	%	27.4	%
Washington D.C. - MD - VA Area	9	2,426	127.38		—		127.38		73.01		—		73.01		74.5	%	74.5	%
Other Areas	36	6,672	124.56		(140.35)		124.25		105.11		(98.48)		105.31		18.5	%	18.0	%
Total Portfolio	99	22,116	$	126.80	$	(140.35)	$	126.72	$	97.99	$	(98.48)	$	97.98	29.4	%	29.3	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	9	1,426	$	6,031	$	—	$	6,031	6.4	%	$	4,444	$	—	$	4,444	7.2	%	35.7	%	35.7	%
Boston, MA Area	2	705	7,067		—		7,067		7.5	%	3,857		—		3,857		6.3	%	83.2	%	83.2	%
Dallas / Ft. Worth, TX Area	7	1,526	5,400		—		5,400		5.7	%	2,428		—		2,428		4.0	%	122.4	%	122.4	%
Houston, TX Area	3	692	1,767		—		1,767		1.9	%	1,324		—		1,324		2.2	%	33.5	%	33.5	%
Los Angeles, CA Metro Area	6	1,619	5,281		—		5,281		5.6	%	4,951		—		4,951		8.1	%	6.7	%	6.7	%
Miami, FL Metro Area	2	414	1,014		—		1,014		1.1	%	1,139		—		1,139		1.9	%	(11.0)	%	(11.0)	%
Minneapolis - St. Paul, MN Area	2	520	1,393		—		1,393		1.5	%	688		(1)		687		1.1	%	102.5	%	102.8	%
Nashville, TN Area	1	673	7,489		—		7,489		8.0	%	6,763		—		6,763		11.0	%	10.7	%	10.7	%
New York / New Jersey Metro Area	6	1,743	5,115		—		5,115		5.4	%	2,536		3		2,539		4.1	%	101.7	%	101.5	%
Orlando, FL Area	2	524	1,144		—		1,144		1.2	%	1,101		—		1,101		1.8	%	3.9	%	3.9	%
Philadelphia, PA Area	3	648	1,466		—		1,466		1.6	%	1,901		—		1,901		3.1	%	(22.9)	%	(22.9)	%
San Diego, CA Area	2	410	2,467		—		2,467		2.6	%	1,566		—		1,566		2.5	%	57.5	%	57.5	%
San Francisco - Oakland, CA Metro Area	7	1,547	6,587		—		6,587		7.0	%	3,146		—		3,146		5.1	%	109.4	%	109.4	%
Tampa, FL Area	2	571	1,532		—		1,532		1.6	%	254		—		254		0.4	%	503.1	%	503.1	%
Washington D.C. - MD - VA Area	9	2,426	10,925		219		11,144		11.8	%	3,162		(3)		3,159		5.1	%	245.5	%	252.8	%
Other Areas	36	6,672	30,214		(1,060)		29,154		31.1	%	22,774		(616)		22,158		36.1	%	32.7	%	31.6	%
Total Portfolio	99	22,116	$	94,892	$	(841)	$	94,051	100.0	%	$	62,034	$	(617)	$	61,417	100.0	%	53.0	%	53.1	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2022		2022		2022		2021		2021		2021		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	125.99	$	—	$	125.99	$	84.24	$	—	$	84.24	49.6	%	49.6	%
Boston, MA Area	2	705	194.84		—		194.84		86.19		—		86.19		126.1	%	126.1	%
Dallas / Ft. Worth, TX Area	7	1,526	96.36		—		96.36		60.26		—		60.26		59.9	%	59.9	%
Houston, TX Area	3	692	93.91		—		93.91		73.61		—		73.61		27.6	%	27.6	%
Los Angeles, CA Metro Area	6	1,619	131.26		—		131.26		84.45		—		84.45		55.4	%	55.4	%
Miami, FL Metro Area	2	414	166.52		—		166.52		117.25		—		117.25		42.0	%	42.0	%
Minneapolis - St. Paul, MN Area	2	520	65.53		—		65.53		37.52		(6.17)		37.77		74.7	%	73.5	%
Nashville, TN Area	1	673	217.94		—		217.94		113.24		—		113.24		92.5	%	92.5	%
New York / New Jersey Metro Area	6	1,743	83.29		—		83.29		45.93		—		45.93		81.3	%	81.3	%
Orlando, FL Area	2	524	115.74		—		115.74		79.57		—		79.57		45.5	%	45.5	%
Philadelphia, PA Area	3	648	92.67		—		92.67		67.53		—		67.53		37.2	%	37.2	%
San Diego, CA Area	2	410	137.44		—		137.44		79.68		—		79.68		72.5	%	72.5	%
San Francisco - Oakland, CA Metro Area	7	1,547	111.10		—		111.10		70.05		—		70.05		58.6	%	58.6	%
Tampa, FL Area	2	571	125.74		—		125.74		94.98		—		94.98		32.4	%	32.4	%
Washington D.C. - MD - VA Area	9	2,426	121.19		—		121.19		53.57		—		53.57		126.2	%	126.2	%
Other Areas	36	6,672	119.10		(91.92)		119.82		82.65		(46.26)		84.33		44.1	%	42.1	%
Total Portfolio	99	22,116	$	119.63	$	(91.92)	$	119.85	$	74.57	$	(45.73)	$	74.98	60.4	%	59.8	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	9	1,426	$	15,614	$	—	$	15,614	6.0	%	$	8,060	$	—	$	8,060	7.1	%	93.7	%	93.7	%
Boston, MA Area	2	705	15,196		—		15,196		5.8	%	1,505		—		1,505		1.3	%	909.7	%	909.7	%
Dallas / Ft. Worth, TX Area	7	1,526	16,962		—		16,962		6.5	%	6,407		—		6,407		5.6	%	164.7	%	164.7	%
Houston, TX Area	3	692	5,427		—		5,427		2.1	%	3,399		—		3,399		3.0	%	59.7	%	59.7	%
Los Angeles, CA Metro Area	6	1,619	19,084		—		19,084		7.3	%	10,505		—		10,505		9.2	%	81.7	%	81.7	%
Miami, FL Metro Area	2	414	7,576		—		7,576		2.9	%	3,779		—		3,779		3.3	%	100.5	%	100.5	%
Minneapolis - St. Paul, MN Area	2	520	1,060		—		1,060		0.4	%	(451)		186		(265)		(0.2)	%	335.0	%	500.0	%
Nashville, TN Area	1	673	23,379		—		23,379		9.0	%	9,465		—		9,465		8.3	%	147.0	%	147.0	%
New York / New Jersey Metro Area	6	1,743	9,286		—		9,286		3.6	%	352		—		352		0.3	%	2,538.1	%	2,538.1	%
Orlando, FL Area	2	524	5,392		—		5,392		2.1	%	3,005		(1)		3,004		2.6	%	79.4	%	79.5	%
Philadelphia, PA Area	3	648	3,470		—		3,470		1.3	%	2,762		—		2,762		2.4	%	25.6	%	25.6	%
San Diego, CA Area	2	410	5,824		—		5,824		2.2	%	2,982		—		2,982		2.6	%	95.3	%	95.3	%
San Francisco - Oakland, CA Metro Area	7	1,547	12,687		—		12,687		4.9	%	5,493		—		5,493		4.8	%	131.0	%	131.0	%
Tampa, FL Area	2	571	7,468		—		7,468		2.9	%	4,066		—		4,066		3.6	%	83.7	%	83.7	%
Washington D.C. - MD - VA Area	9	2,426	30,186		218		30,404		11.6	%	3,703		(9)		3,694		3.3	%	715.2	%	723.1	%
Other Areas	36	6,672	83,218		(993)		82,225		31.4	%	48,470		(32)		48,438		42.8	%	71.7	%	69.8	%
Total Portfolio	99	22,116	$	261,829	$	(775)	$	261,054	100.0	%	$	113,502	$	144	$	113,646	100.0	%	130.7	%	129.7	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2022

(in thousands, except share price)

(unaudited)



	September 30, 2022
Common stock shares outstanding	34,499
Partnership units outstanding	1,671
Combined common stock shares and partnership units outstanding	36,170
Common stock price	$	6.81
Market capitalization	$	246,318
Series D cumulative preferred stock	$	29,361
Series F cumulative preferred stock	$	31,276
Series G cumulative preferred stock	$	38,300
Series H cumulative preferred stock	$	32,710
Series I cumulative preferred stock	$	31,323
Indebtedness	$	3,836,849

Net working capital (see below)	$	(601,933)
Total enterprise value (TEV)	$	3,644,204






Cash and cash equivalents	$	505,533
Restricted cash	$	132,055
Accounts receivable, net	$	58,601
Prepaid expenses	$	19,797

Due from third-party hotel managers, net	$	26,633
Due from affiliates, net	$	8,357
Total current assets	$	750,976

Accounts payable, net & accrued expenses	$	145,939
Dividends and distributions payable	$	3,104

Total current liabilities	$	149,043

Net working capital	$	601,933

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2022

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Embassy Suites Santa Clara Silicon Valley

258

Hampton Inn Evansville

140

Hyatt Regency Coral Gables

253

Marriott Fremont Silicon Valley

357

Residence Inn Phoenix Airport

200

SpringHill Suites Buford Mall of Georgia

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2022		2022		2022		2021		September 30, 2022
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	40,944	$	55,848	$	(213)	$	(1,105)	$	95,474
Non-property adjustments	1		2		11		(47)		(33)
Interest income	(47)		(48)		(7)		(6)		(108)
Interest expense	3,556		2,643		2,272		2,252		10,723
Amortization of loan costs	447		443		439		435		1,764
Depreciation and amortization	49,256		50,723		51,941		52,377		204,297
Income tax expense (benefit)	116		84		15		11		226
Non-hotel EBITDA ownership expense	619		1,680		1,104		1,554		4,957
Hotel EBITDA including amounts attributable to noncontrolling interest	94,892		111,375		55,562		55,471		317,300
Non-comparable adjustments	(841)		(154)		220		(307)		(1,082)
Comparable hotel EBITDA	$	94,051	$	111,221	$	55,782	$	55,164	$	316,218

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	41,858	$	(914)	$	40,944	$	(30)	$	(63,237)	$	(22,323)



Non-property adjustments	1		—		1		—		(1)		—
Interest income	(47)		—		(47)		—		47		—
Interest expense	3,556		—		3,556		—		54,955		58,511
Amortization of loan cost	447		—		447		—		2,065		2,512
Depreciation and amortization	47,665		1,591		49,256		122		50		49,428
Income tax expense (benefit)	116		—		116		—		4,541		4,657
Non-hotel EBITDA ownership expense	610		9		619		9		(628)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	94,206		686		94,892		101		(2,208)		92,785
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—


Equity in (earnings) loss of unconsolidated entities	—		—		—		—		147		147

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(148)		(148)
Hotel EBITDA attributable to the Company and OP unitholders	$	94,206	$	686	$	94,892	$	101	$	(2,209)	$	92,784
Non-comparable adjustments	(841)		—		(841)
Comparable hotel EBITDA	$	93,365	$	686	$	94,051

NOTES:

(2) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	55,848	$	459	$	(62,553)	$	(6,246)



Non-property adjustments	2		(151)		149		—
Interest income	(48)		(1)		49		—
Interest expense	2,643		—		43,347		45,990
Amortization of loan cost	443		—		1,960		2,403
Depreciation and amortization	50,723		124		49		50,896
Income tax expense (benefit)	84		—		5,479		5,563
Non-hotel EBITDA ownership expense	1,680		17		(1,697)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	111,375		448		(13,217)		98,606
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—


Equity in (earnings) loss of unconsolidated entities	—		—		151		151

Company's portion of EBITDA of unconsolidated entities	—		—		(151)		(151)
Hotel EBITDA attributable to the Company and OP unitholders	$	111,375	$	448	$	(13,217)	$	98,606
Non-comparable adjustments	(154)
Comparable hotel EBITDA	$	111,221

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2022
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(213)	$	267	$	(55,856)	$	(55,802)



Non-property adjustments	11		(122)		111		—
Interest income	(7)		—		7		—
Interest expense	2,272		—		38,888		41,160
Amortization of loan cost	439		—		1,960		2,399
Depreciation and amortization	51,941		131		48		52,120
Income tax expense (benefit)	15		—		105		120
Non-hotel EBITDA ownership expense	1,104		20		(1,124)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	55,562		296		(15,861)		39,997
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—


Equity in (earnings) loss of unconsolidated entities	—		—		153		153

Company's portion of EBITDA of unconsolidated entities	—		—		(153)		(153)
Hotel EBITDA attributable to the Company and OP unitholders	$	55,562	$	296	$	(15,861)	$	39,997
Non-comparable adjustments	220
Comparable hotel EBITDA	$	55,782

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2021
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(1,105)	$	207	$	(55,450)	$	(56,348)



Non-property adjustments	(47)		(140)		187		—
Interest income	(6)		—		6		—
Interest expense	2,252		—		39,223		41,475
Amortization of loan cost	435		—		2,206		2,641
Depreciation and amortization	52,377		135		48		52,560
Income tax expense (benefit)	11		—		3,021		3,032
Non-hotel EBITDA ownership expense	1,554		19		(1,573)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	55,471		221		(12,332)		43,360
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(83)		—		83		—


Equity in (earnings) loss of unconsolidated entities	—		—		135		135

Company's portion of EBITDA of unconsolidated entities	—		—		(135)		(135)
Hotel EBITDA attributable to the Company and OP unitholders	$	55,388	$	221	$	(12,249)	$	43,360
Non-comparable adjustments	(307)
Comparable hotel EBITDA	$	55,164

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2021
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	4,329	$	(468)	$	3,861	$	(173)	$	(47,737)	$	(44,049)



Non-property adjustments	(890)		—		(890)		(81)		971		—
Interest income	(6)		—		(6)		—		6		—
Interest expense	1,824		—		1,824		—		38,973		40,797
Amortization of loan cost	341		—		341		—		1,865		2,206
Depreciation and amortization	51,359		1,518		52,877		144		48		53,069
Income tax expense (benefit)	99		—		99		—		2,516		2,615
Non-hotel EBITDA ownership expense	3,920		8		3,928		12		(3,940)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	60,976		1,058		62,034		(98)		(7,298)		54,638
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(87)		—		(87)		—		87		—


Equity in (earnings) loss of unconsolidated entities	—		—		—		—		145		145

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(144)		(144)
Hotel EBITDA attributable to the Company and OP unitholders	$	60,889	$	1,058	$	61,947	$	(98)	$	(7,210)	$	54,639
Non-comparable adjustments	(617)		—		(617)
Comparable hotel EBITDA	$	60,359	$	1,058	$	61,417

NOTES:

(2) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	94,867	$	1,712	$	96,579	$	696	$	(181,646)	$	(84,371)
Non-property adjustments	14		—		14		(273)		259		—
Interest income	(102)		—		(102)		(1)		103		—
Interest expense	8,471		—		8,471		—		137,190		145,661
Amortization of loan cost	1,329		—		1,329		—		5,985		7,314
Depreciation and amortization	147,301		4,619		151,920		377		147		152,444
Income tax expense (benefit)	215		—		215		—		10,125		10,340
Non-hotel EBITDA ownership expense	3,383		20		3,403		46		(3,449)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	255,478		6,351		261,829		845		(31,286)		231,388
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		451		451

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(452)		(452)
Hotel EBITDA attributable to the Company and OP unitholders	$	255,478	$	6,351	$	261,829	$	845	$	(31,287)	$	231,387
Non-comparable adjustments	(775)		—		(775)
Comparable hotel EBITDA	$	254,703	$	6,351	$	261,054

NOTES:

(2) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2021
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(51,323)	$	(1,430)	$	(52,753)	$	(422)	$	(161,525)	$	(214,700)
Non-property adjustments	(11,786)		—		(11,786)		(81)		11,867		—
Interest income	(18)		—		(18)		—		18		—
Interest expense	4,726		—		4,726		—		97,307		102,033
Amortization of loan cost	888		—		888		—		9,082		9,970
Depreciation and amortization	160,933		4,767		165,700		445		146		166,291
Income tax expense (benefit)	158		—		158		—		2,758		2,916
Non-hotel EBITDA ownership expense	6,471		116		6,587		168		(6,755)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	110,049		3,453		113,502		110		(47,102)		66,510
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(144)		—		(144)		—		144		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		423		423

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(419)		(419)
Hotel EBITDA attributable to the Company and OP unitholders	$	109,905	$	3,453	$	113,358	$	110	$	(46,954)	$	66,514
Non-comparable adjustments	144		—		144
Comparable hotel EBITDA	$	110,193	$	3,453	$	113,646

NOTES:

(2) Excluded hotels under renovation:

Hyatt Regency Coral Gables, Residence Inn Phoenix Airport

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,153	$	3,241	$	1,436	$	523	$	2,633	$	(641)	$	584	$	5,386	$	948



Non-property adjustments	—		—		—		—		—		—		—		(18)		—
Interest income	(1)		—		(1)		—		(4)		—		—		—		(1)
Interest expense	184		1,506		—		—		—		—		—		—		—
Amortization of loan costs	8		134		—		—		—		—		—		—		—
Depreciation and amortization	3,627		2,168		3,880		1,190		2,891		1,552		793		2,522		4,044
Income tax expense (benefit)	—		—		—		—		—		—		—		20		—
Non-hotel EBITDA ownership expense	60		18		85		54		(239)		103		16		(421)		124

Hotel EBITDA including amounts attributable to noncontrolling interest	6,031		7,067		5,400		1,767		5,281		1,014		1,393		7,489		5,115
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,031	$	7,067	$	5,400	$	1,767	$	5,281	$	1,014	$	1,393	$	7,489	$	5,115

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(315)	$	350	$	1,823	$	2,546	$	402	$	3,711	$	16,164	$	40,944



Non-property adjustments	—		—		—		—		—		—		19		1
Interest income	(5)		(1)		(2)		(13)		—		(9)		(10)		(47)
Interest expense	—		—		—		227		—		839		800		3,556
Amortization of loan costs	—		—		—		38		—		67		200		447
Depreciation and amortization	1,260		1,091		614		3,634		1,057		6,167		12,766		49,256
Income tax expense (benefit)	—		—		—		—		—		—		96		116
Non-hotel EBITDA ownership expense	204		26		32		155		73		150		179		619

Hotel EBITDA including amounts attributable to noncontrolling interest	1,144		1,466		2,467		6,587		1,532		10,925		30,214		94,892
Non-comparable adjustments	—		—		—		—		—		219		(1,060)		(841)
Comparable hotel EBITDA	$	1,144	$	1,466	$	2,467	$	6,587	$	1,532	$	11,144	$	29,154	$	94,051

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2021
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	596	$	1,890	$	(1,787)	$	(7)	$	1,467	$	(492)	$	(232)	$	4,058	$	(4,001)



Non-property adjustments	—		(1,033)		(2)		—		—		—		38		—		—
Interest income	—		—		(1)		—		(1)		—		—		—		(1)
Interest expense	103		506		—		—		—		—		—		—		—
Amortization of loan costs	8		133		—		—		—		—		—		—		—
Depreciation and amortization	3,747		2,321		3,985		1,240		3,501		1,573		841		2,436		4,149
Income tax expense (benefit)	—		—		—		—		—		—		—		6		—
Non-hotel EBITDA ownership expense	(10)		40		233		91		(16)		58		41		263		2,389

Hotel EBITDA including amounts attributable to noncontrolling interest	4,444		3,857		2,428		1,324		4,951		1,139		688		6,763		2,536
Non-comparable adjustments	—		—		—		—		—		—		(1)		—		3
Comparable hotel EBITDA	$	4,444	$	3,857	$	2,428	$	1,324	$	4,951	$	1,139	$	687	$	6,763	$	2,539

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(372)	$	652	$	891	$	(803)	$	(1,140)	$	(4,223)	$	7,364	$	3,861



Non-property adjustments	—		—		—		20		—		—		87		(890)
Interest income	—		—		(1)		—		—		(1)		(1)		(6)
Interest expense	—		—		—		274		—		480		461		1,824
Amortization of loan costs	—		—		—		37		—		63		100		341
Depreciation and amortization	1,432		1,242		643		3,441		1,338		6,746		14,242		52,877
Income tax expense (benefit)	—		—		—		—		—		—		93		99
Non-hotel EBITDA ownership expense	41		7		33		177		56		97		428		3,928

Hotel EBITDA including amounts attributable to noncontrolling interest	1,101		1,901		1,566		3,146		254		3,162		22,774		62,034
Non-comparable adjustments	—		—		—		—		—		(3)		(616)		(617)
Comparable hotel EBITDA	$	1,101	$	1,901	$	1,566	$	3,146	$	254	$	3,159	$	22,158	$	61,417

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	4,078	$	4,568	$	4,881	$	1,420	$	9,892	$	2,811	$	(1,469)	$	15,775	$	(3,552)
Non-property adjustments	—		—		—		—		—		—		—		(18)		—
Interest income	(1)		(10)		(2)		—		(11)		—		—		—		(11)
Interest expense	407		3,605		—		—		—		—		—		—		—
Amortization of loan costs	24		399		—		—		—		—		—		—		—
Depreciation and amortization	11,146		6,601		11,814		3,548		9,146		4,592		2,466		7,540		12,200
Income tax expense (benefit)	—		—		—		—		—		—		—		42		—
Non-hotel EBITDA ownership expense	(40)		33		269		459		57		173		63		40		649
Hotel EBITDA including amounts attributable to noncontrolling interest	15,614		15,196		16,962		5,427		19,084		7,576		1,060		23,379		9,286
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	15,614	$	15,196	$	16,962	$	5,427	$	19,084	$	7,576	$	1,060	$	23,379	$	9,286

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,219	$	298	$	3,855	$	529	$	3,844	$	9,080	$	39,350	$	96,579
Non-property adjustments	—		—		—		—		—		—		32		14
Interest income	(8)		(1)		(3)		(17)		—		(18)		(20)		(102)
Interest expense	—		—		—		677		—		1,846		1,936		8,471
Amortization of loan costs	—		—		—		113		—		197		596		1,329
Depreciation and amortization	3,964		3,485		1,882		10,989		3,473		18,893		40,181		151,920
Income tax expense (benefit)	—		—		—		—		—		—		173		215
Non-hotel EBITDA ownership expense	217		(312)		90		396		151		188		970		3,403
Hotel EBITDA including amounts attributable to noncontrolling interest	5,392		3,470		5,824		12,687		7,468		30,186		83,218		261,829
Non-comparable adjustments	—		—		—		—		—		218		(993)		(775)
Comparable hotel EBITDA	$	5,392	$	3,470	$	5,824	$	12,687	$	7,468	$	30,404	$	82,225	$	261,054

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2021
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(3,615)	$	(5,629)	$	(6,805)	$	(693)	$	(257)	$	(1,447)	$	(3,084)	$	2,122	$	(16,061)
Non-property adjustments	—		(1,033)		(2)		—		—		—		127		—		(327)
Interest income	(1)		—		(2)		—		(3)		—		—		—		(2)
Interest expense	305		939		—		—		—		—		—		—		—
Amortization of loan costs	23		272		—		—		—		—		—		—		—
Depreciation and amortization	11,458		7,365		12,495		3,865		10,794		4,984		2,616		7,492		13,035
Income tax expense (benefit)	—		—		—		—		—		—		—		6		—
Non-hotel EBITDA ownership expense	(110)		(409)		721		227		(29)		242		(110)		(155)		3,707
Hotel EBITDA including amounts attributable to noncontrolling interest	8,060		1,505		6,407		3,399		10,505		3,779		(451)		9,465		352
Non-comparable adjustments	—		—		—		—		—		—		186		—		—
Comparable hotel EBITDA	$	8,060	$	1,505	$	6,407	$	3,399	$	10,505	$	3,779	$	(265)	$	9,465	$	352

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(1,706)	$	(1,079)	$	761	$	(6,153)	$	164	$	(19,657)	$	10,386	$	(52,753)
Non-property adjustments	—		—		—		19		(55)		—		(10,515)		(11,786)
Interest income	—		(1)		(2)		—		—		(2)		(5)		(18)
Interest expense	—		—		—		739		—		1,362		1,381		4,726
Amortization of loan costs	—		—		—		110		—		188		295		888
Depreciation and amortization	4,592		3,857		2,025		10,567		4,175		21,464		44,916		165,700
Income tax expense (benefit)	—		—		—		—		—		—		152		158
Non-hotel EBITDA ownership expense	119		(15)		198		211		(218)		348		1,860		6,587
Hotel EBITDA including amounts attributable to noncontrolling interest	3,005		2,762		2,982		5,493		4,066		3,703		48,470		113,502
Non-comparable adjustments	(1)		—		—		—		—		(9)		(32)		144
Comparable hotel EBITDA	$	3,004	$	2,762	$	2,982	$	5,493	$	4,066	$	3,694	$	48,438	$	113,646

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	TTM Ended September 30, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	5,851	$	(76)	$	3,939	$	15,035	$	3,646	$	(1,404)	$	20,624	$	16,606	$	7,958	$	1,707	$	1,206
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(10)		(6)		—		—		(5)		(1)		(8)		(11)		(49)		(4)		—
Interest expense	—		—		—		—		—		—		—		—		4		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	5,981		5,943		13,217		8,299		13,317		15,141		54,872		19,467		18,065		5,124		1,498
Income tax expense (benefit)	(3)		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	127		161		224		567		515		436		813		847		366		195		58
Hotel EBITDA including amounts attributable to noncontrolling interest	11,946		6,022		17,380		23,901		17,473		14,172		76,301		36,909		26,344		7,022		2,762
Non-comparable adjustments	—		—		—		—		—		—		—		—		(3)		—		—
Comparable hotel EBITDA	$	11,946	$	6,022	$	17,380	$	23,901	$	17,473	$	14,172	$	76,301	$	36,909	$	26,341	$	7,022	$	2,762

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		Aareal Le Pavillon - 1 hotel
Net income (loss)	$	8	$	20,538	$	(1,977)	$	(604)	$	221	$	(691)	$	1,887	$	2,551	$	(502)	$	2,552	$	(4,367)
Non-property adjustments	(51)		(17)		—		18		—		—		—		—		—		—		—
Interest income	—		—		(4)		—		—		—		(10)		—		—		—		—
Interest expense	—		—		2,291		—		—		511		4,579		—		—		1,005		1,425
Amortization of loan costs	—		—		261		—		—		32		529		—		—		376		417
Depreciation and amortization	1,196		12,941		2,959		1,794		383		1,520		5,076		7,897		1,888		1,610		3,673
Income tax expense (benefit)	—		41		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(167)		204		54		40		19		40		81		80		12		61		100
Hotel EBITDA including amounts attributable to noncontrolling interest	986		33,707		3,584		1,248		623		1,412		12,142		10,528		1,398		5,604		1,248
Non-comparable adjustments	—		—		—		(1,248)		—		—		—		216		—		—		—
Comparable hotel EBITDA	$	986	$	33,707	$	3,584	$	—	$	623	$	1,412	$	12,142	$	10,744	$	1,398	$	5,604	$	1,248

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		BAML Pool 5 - 2 hotels		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	648	$	648	$	(585)	$	31	$	—	$	(11)	$	(2)	$	37	$	95,474
Non-property adjustments	—		—		—		4		—		11		2		—		(33)
Interest income	—		—		—		—		—		—		—		—		(108)
Interest expense	—		—		908		—		—		—		—		—		10,723
Amortization of loan costs	—		—		149		—		—		—		—		—		1,764
Depreciation and amortization	383		487		1,566		—		—		—		—		—		204,297
Income tax expense (benefit)	38		150		—		—		—		—		—		—		226
Non-hotel EBITDA ownership expense	2		—		147		(37)		—		—		—		12		4,957
Hotel EBITDA including amounts attributable to noncontrolling interest	1,071		1,285		2,185		(2)		—		—		—		49		317,300
Non-comparable adjustments	—		—		—		2		—		—		—		(49)		(1,082)
Comparable hotel EBITDA	$	1,071	$	1,285	$	2,185	$	—	$	—	$	—	$	—	$	—	$	316,218

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	504	$	1,205	$	1,957	$	4,314	$	4,405	$	1,390	$	9,001	$	4,640	$	3,655	$	(37)	$	485
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(4)		(3)		—		—		—		(1)		—		(5)		(33)		(1)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,551		1,493		3,249		1,912		3,357		3,554		13,203		4,648		4,404		1,214		386
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	20		27		80		293		(251)		52		280		216		(100)		183		8
Hotel EBITDA including amounts attributable to noncontrolling interest	2,071		2,722		5,286		6,519		7,511		4,995		22,484		9,499		7,927		1,359		879
Non-comparable adjustments	—		—		—		—		—		—		—		—		(383)		—		—
Comparable hotel EBITDA	$	2,071	$	2,722	$	5,286	$	6,519	$	7,511	$	4,995	$	22,484	$	9,499	$	7,544	$	1,359	$	879

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		Aareal Le Pavillon - 1 hotel
Net income (loss)	$	77	$	5,670	$	(424)	$	649	$	14	$	(148)	$	1,907	$	1,218	$	(123)	$	1,387	$	(1,647)
Non-property adjustments	—		(17)		—		18		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		839		—		—		184		1,506		—		—		311		489
Amortization of loan costs	—		—		67		—		—		8		134		—		—		94		107
Depreciation and amortization	277		3,262		746		—		94		384		1,224		1,859		440		425		930
Income tax expense (benefit)	—		20		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	22		(396)		15		7		9		11		19		69		3		5		5
Hotel EBITDA including amounts attributable to noncontrolling interest	376		8,539		1,243		674		117		439		4,790		3,146		320		2,222		(116)
Non-comparable adjustments	—		—		—		(674)		—		—		—		216		—		—		—
Comparable hotel EBITDA	$	376	$	8,539	$	1,243	$	—	$	117	$	439	$	4,790	$	3,362	$	320	$	2,222	$	(116)

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		BAML Pool 5 - 2 hotels		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	260	$	275	$	310	$	—	$	—	$	—	$	—	$	—	$	40,944
Non-property adjustments	—		—		—		—		—		—		—		—		1
Interest income	—		—		—		—		—		—		—		—		(47)
Interest expense	—		—		226		—		—		—		—		—		3,556
Amortization of loan costs	—		—		37		—		—		—		—		—		447
Depreciation and amortization	98		118		428		—		—		—		—		—		49,256
Income tax expense (benefit)	42		54		—		—		—		—		—		—		116
Non-hotel EBITDA ownership expense	(1)		—		43		—		—		—		—		—		619
Hotel EBITDA including amounts attributable to noncontrolling interest	399		447		1,044		—		—		—		—		—		94,892
Non-comparable adjustments	—		—		—		—		—		—		—		—		(841)
Comparable hotel EBITDA	$	399	$	447	$	1,044	$	—	$	—	$	—	$	—	$	—	$	94,051

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	1,540	$	874	$	2,147	$	5,938	$	2,263	$	1,187	$	14,521	$	7,277	$	4,884	$	678	$	511
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		(1)		—		—		(5)		—		(8)		(2)		(15)		(1)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,463		1,465		3,302		2,013		3,325		3,687		13,509		4,852		4,460		1,282		377
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	49		80		53		174		71		246		59		235		309		2		9
Hotel EBITDA including amounts attributable to noncontrolling interest	3,050		2,418		5,502		8,125		5,654		5,120		28,081		12,362		9,639		1,961		897
Non-comparable adjustments	—		—		—		—		—		—		—		—		166		—		—
Comparable hotel EBITDA	$	3,050	$	2,418	$	5,502	$	8,125	$	5,654	$	5,120	$	28,081	$	12,362	$	9,805	$	1,961	$	897

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		Aareal Le Pavillon - 1 hotel
Net income (loss)	$	268	$	7,512	$	445	$	(278)	$	2	$	(222)	$	2,753	$	2,749	$	(82)	$	902	$	(672)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(4)		—		—		—		(10)		—		—		—		—
Interest expense	—		—		562		—		—		123		1,132		—		—		250		349
Amortization of loan costs	—		—		65		—		—		8		133		—		—		94		105
Depreciation and amortization	293		3,295		742		594		94		379		1,222		1,938		465		400		933
Income tax expense (benefit)	—		16		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(204)		495		11		4		1		(13)		25		4		4		39		5
Hotel EBITDA including amounts attributable to noncontrolling interest	357		11,318		1,821		320		97		275		5,255		4,691		387		1,685		720
Non-comparable adjustments	—		—		—		(320)		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	357	$	11,318	$	1,821	$	—	$	97	$	275	$	5,255	$	4,691	$	387	$	1,685	$	720

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		BAML Pool 5 - 2 hotels		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	191	$	202	$	258	$	—	$	—	$	—	$	(2)	$	2	$	55,848
Non-property adjustments	—		—		—		—		—		—		2		—		2
Interest income	—		—		—		—		—		—		—		—		(48)
Interest expense	—		—		226		—		—		—		—		—		2,643
Amortization of loan costs	—		—		38		—		—		—		—		—		443
Depreciation and amortization	99		121		413		—		—		—		—		—		50,723
Income tax expense (benefit)	24		44		—		—		—		—		—		—		84
Non-hotel EBITDA ownership expense	—		(1)		25		—		—		—		—		(2)		1,680
Hotel EBITDA including amounts attributable to noncontrolling interest	314		366		960		—		—		—		—		—		111,375
Non-comparable adjustments	—		—		—		—		—		—		—		—		(154)
Comparable hotel EBITDA	$	314	$	366	$	960	$	—	$	—	$	—	$	—	$	—	$	111,221

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	2,030	$	(1,425)	$	409	$	2,433	$	(1,872)	$	(2,323)	$	(1,105)	$	3,666	$	173	$	917	$	64
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		(1)		—		—		—		—		—		(2)		(1)		(1)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,477		1,483		3,355		2,126		3,398		3,938		13,958		4,942		4,558		1,295		370
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	11		77		77		45		41		91		498		7		69		2		9
Hotel EBITDA including amounts attributable to noncontrolling interest	3,516		134		3,841		4,604		1,567		1,706		13,351		8,613		4,800		2,213		443
Non-comparable adjustments	—		—		—		—		—		—		—		—		104		—		—
Comparable hotel EBITDA	$	3,516	$	134	$	3,841	$	4,604	$	1,567	$	1,706	$	13,351	$	8,613	$	4,904	$	2,213	$	443

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		Aareal Le Pavillon - 1 hotel
Net income (loss)	$	(196)	$	3,187	$	(1,141)	$	(744)	$	49	$	(247)	$	(1,960)	$	(320)	$	(98)	$	(286)	$	(867)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		444		—		—		101		967		—		—		247		288
Amortization of loan costs	—		—		65		—		—		8		132		—		—		94		103
Depreciation and amortization	311		3,192		735		610		97		378		1,285		2,015		486		397		929
Income tax expense (benefit)	—		5		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	6		39		14		18		8		13		18		3		3		7		7
Hotel EBITDA including amounts attributable to noncontrolling interest	121		6,423		117		(116)		154		253		442		1,698		391		459		460
Non-comparable adjustments	—		—		—		116		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	121	$	6,423	$	117	$	—	$	154	$	253	$	442	$	1,698	$	391	$	459	$	460

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		BAML Pool 5 - 2 hotels		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	8	$	45	$	(599)	$	—	$	—	$	(11)	$	—	$	—	$	(213)
Non-property adjustments	—		—		—		—		—		11		—		—		11
Interest income	—		—		—		—		—		—		—		—		(7)
Interest expense	—		—		224		—		—		—		—		—		2,272
Amortization of loan costs	—		—		37		—		—		—		—		—		439
Depreciation and amortization	93		122		391		—		—		—		—		—		51,941
Income tax expense (benefit)	—		10		—		—		—		—		—		—		15
Non-hotel EBITDA ownership expense	—		—		41		—		—		—		—		—		1,104
Hotel EBITDA including amounts attributable to noncontrolling interest	101		177		94		—		—		—		—		—		55,562
Non-comparable adjustments	—		—		—		—		—		—		—		—		220
Comparable hotel EBITDA	$	101	$	177	$	94	$	—	$	—	$	—	$	—	$	—	$	55,782

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2021
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	1,777	$	(730)	$	(574)	$	2,350	$	(1,150)	$	(1,658)	$	(1,793)	$	1,023	$	(754)	$	149	$	146
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		(1)		—		—		—		—		—		(2)		—		(1)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,490		1,502		3,311		2,248		3,237		3,962		14,202		5,025		4,643		1,333		365
Income tax expense (benefit)	(3)		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	47		(23)		14		55		654		47		(24)		389		88		8		32
Hotel EBITDA including amounts attributable to noncontrolling interest	3,309		748		2,751		4,653		2,741		2,351		12,385		6,435		3,978		1,489		543
Non-comparable adjustments	—		—		—		—		—		—		—		—		110		—		—
Comparable hotel EBITDA	$	3,309	$	748	$	2,751	$	4,653	$	2,741	$	2,351	$	12,385	$	6,435	$	4,088	$	1,489	$	543

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		Aareal Le Pavillon - 1 hotel
Net income (loss)	$	(141)	$	4,169	$	(857)	$	(231)	$	156	$	(74)	$	(813)	$	(1,096)	$	(199)	$	549	$	(1,181)
Non-property adjustments	(51)		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		446		—		—		103		974		—		—		197		299
Amortization of loan costs	—		—		64		—		—		8		130		—		—		94		102
Depreciation and amortization	315		3,192		736		590		98		379		1,345		2,085		497		388		881
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	9		66		14		11		1		29		19		4		2		10		83
Hotel EBITDA including amounts attributable to noncontrolling interest	132		7,427		403		370		255		445		1,655		993		300		1,238		184
Non-comparable adjustments	—		—		—		(370)		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	132	$	7,427	$	403	$	—	$	255	$	445	$	1,655	$	993	$	300	$	1,238	$	184

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		BAML Pool 5 - 2 hotels		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	189	$	126	$	(554)	$	31	$	—	$	—	$	—	$	35	$	(1,105)
Non-property adjustments	—		—		—		4		—		—		—		—		(47)
Interest income	—		—		—		—		—		—		—		—		(6)
Interest expense	—		—		232		—		—		—		—		—		2,252
Amortization of loan costs	—		—		37		—		—		—		—		—		435
Depreciation and amortization	93		126		334		—		—		—		—		—		52,377
Income tax expense (benefit)	(28)		42		—		—		—		—		—		—		11
Non-hotel EBITDA ownership expense	3		1		38		(37)		—		—		—		14		1,554
Hotel EBITDA including amounts attributable to noncontrolling interest	257		295		87		(2)		—		—		—		49		55,471
Non-comparable adjustments	—		—		—		2		—		—		—		(49)		(307)
Comparable hotel EBITDA	$	257	$	295	$	87	$	—	$	—	$	—	$	—	$	—	$	55,164

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.