Document

EX-99.1 2 aht2022q4earningsrelease.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 FOURTH QUARTER AND

FULL YEAR 2022 RESULTS

DALLAS – February 21, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2022 with the fourth quarter and year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 24.9% to $118 during the quarter on an 11.7% increase in ADR and an 11.8% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 1.1% 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 $(60.2) million or $(1.75) per diluted share for the quarter.

•Adjusted EBITDAre was $69.1 million for the quarter, reflecting a growth rate of 69.7% over the prior year quarter.

•Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter, compared to $(0.09) for the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $417.1 million and restricted cash of $142.0 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $22.5 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $519.1 million, which equates to approximately $14.35 per diluted share.

•Capex invested during the quarter was $35.7 million.

AHT Reports Fourth Quarter Results

Page 2

February 21, 2023

FULL YEAR 2022 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 49.4% over the prior year to $119 on a 23.1% increase in ADR and a 21.4% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 8.4% compared to 2019.

•For the year, net loss attributable to common stockholders was $(153.2) million or $(4.46) per diluted share.

•Adjusted EBITDAre for the year was $287.3 million, which reflected a growth rate of 153% over the prior year.

•For the year, AFFO per diluted share was $1.85 compared to $(1.23) in the prior year.

•Capex invested during the year was $103.8 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana.

•During the quarter, the Company successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia.

•Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotels loan with a paydown of $50 million.

•To date, the Company has issued approximately $4 million of its non-traded preferred stock.

CAPITAL STRUCTURE

At December 31, 2022, the Company had total loans of $3.8 billion with a blended average interest rate of 7.2%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 100% of the Company’s debt is effectively fixed and approximately 0% is effectively floating. At the end of the quarter, approximately 79% 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.

During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana which had an initial maturity date of January 2023. The new, non-recourse loan totals $37.0 million, the same loan amount as the previous loan, and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%. During the quarter, the Company also successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia which had an initial maturity date of December 2022. As part of this extension, the Company made an $810,000 paydown of the loan and the interest rate was modified from LIBOR + 2.25% to SOFR + 2.85%.

Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotel mortgage loan which had a maturity extension date in February 2023. As part of this extension, the Company made a $50 million principal paydown of the loan and also was able to reduce the 2024 debt yield extension test from 9.25% to 8.50%, giving the Company significantly more flexibility for the next extension test for this loan.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 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 dividends on its outstanding preferred stock on a current basis going forward.

AHT Reports Fourth Quarter Results

Page 3

February 21, 2023

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 have initial annual dividend yields of 8.0% and 8.2% respectively, and the Company offers 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. To date, the Company has issued 167,321 shares of its Series J and 4,600 shares of its Series K non-traded preferred stock raising approximately $4 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

“Our portfolio delivered strong operating performance during the fourth quarter and, bolstered by increased demand and notable rate increases in many key markets, we’re extremely encouraged by the Company’s improved hotel performance versus 2019,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “That improvement has continued into the first quarter, reflecting our high-quality, geographically diverse portfolio. Further, 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. As we begin 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, February 22, 2023, 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, March 1, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734833.

The Company will also provide an online simulcast and rebroadcast of its fourth 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, February 22, 2023, 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.

AHT Reports Fourth Quarter Results

Page 4

February 21, 2023

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

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

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	December 31, 2022		December 31, 2021
ASSETS
Investments in hotel properties, net	$	3,118,331	$	3,230,710
Cash and cash equivalents	417,064		592,110
Restricted cash	141,962		99,534

Accounts receivable, net of allowance of $501 and $455, respectively	49,809		37,720
Inventories	3,856		3,291
Notes receivable, net	5,062		8,723


Investment in unconsolidated entities	19,576		11,253
Deferred costs, net	2,665		5,001
Prepaid expenses	15,981		13,384
Derivative assets, net	47,182		501
Operating lease right-of-use assets	43,921		44,575
Other assets	21,653		16,150
Intangible assets, net	797		797

Due from Ashford Inc., net	486		25
Due from related parties, net	6,570		7,473
Due from third-party hotel managers	22,462		26,896

Total assets	$	3,917,377	$	4,098,143

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,838,543	$	3,887,822
Finance lease liability	18,847		—
Accounts payable and accrued expenses	115,970		117,650
Accrued interest payable	15,287		15,432
Dividends and distributions payable	3,118		3,104



Due to related parties, net	—		728
Due to third-party hotel managers	1,319		1,204
Intangible liabilities, net	2,097		2,177
Operating lease liabilities	44,661		45,106

Other liabilities	4,326		4,832

Total liabilities	4,044,168		4,078,055

Redeemable noncontrolling interests in operating partnership	21,550		22,742
Series J Redeemable Preferred Stock, $0.01 par value, 87,115 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	2,004		—
Series K Redeemable Preferred Stock, $0.01 par value, 1,800 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	44		—
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 December 31, 2022 and December 31, 2021	12		12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at December 31, 2022 and December 31, 2021	12		12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at December 31, 2022 and December 31, 2021	15		15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at December 31, 2022 and December 31, 2021	13		13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at December 31, 2022 and December 31, 2021	13		13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,495,185 and 34,490,381 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	345		345
Additional paid-in capital	2,383,244		2,379,906
Accumulated deficit	(2,534,043)		(2,382,970)


Total equity (deficit)	(150,389)		(2,654)
Total liabilities and equity/deficit	$	3,917,377	$	4,098,143

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
REVENUE
Rooms	$	242,528	$	195,857	$	974,002	$	655,121
Food and beverage	56,954		37,424		196,663		94,911
Other	17,268		14,754		67,310		53,112
Total hotel revenue	316,750		248,035		1,237,975		803,144
Other	720		700		2,884		2,267
Total revenue	317,470		248,735		1,240,859		805,411
EXPENSES
Hotel operating expenses
Rooms	59,865		49,475		229,115		159,547
Food and beverage	39,794		27,724		140,775		69,608
Other expenses	110,649		92,216		421,056		316,638
Management fees	11,495		9,070		45,047		31,014
Total hotel operating expenses	221,803		178,485		835,993		576,806
Property taxes, insurance and other	16,049		16,083		67,338		67,904
Depreciation and amortization	49,353		52,560		201,797		218,851



Advisory services fee:
Base advisory fee	8,600		9,022		34,802		36,239
Reimbursable expenses	2,486		1,743		9,851		6,934
Stock/unit-based compensation	635		2,438		5,244		9,140
Incentive fee	—		—		—		—
Corporate, general and administrative:
Stock/unit-based compensation	30		81		698		756
Other general and administrative	3,119		3,959		9,181		15,397
Total operating expenses	302,075		264,371		1,164,904		932,027
Gain (loss) on disposition of assets and hotel properties	27		1,054		300		1,449
OPERATING INCOME (LOSS)	15,422		(14,582)		76,255		(125,167)
Equity in earnings (loss) of unconsolidated entities	(353)		(135)		(804)		(558)
Interest income	2,624		70		4,777		207
Other income (expense), net	4,374		78		4,800		760
Interest expense, net of discount amortization	(71,662)		(41,475)		(217,323)		(143,508)
Amortization of loan costs	(2,358)		(2,641)		(9,672)		(12,611)
Write-off of premiums, loan costs and exit fees	(460)		(5,412)		(3,536)		(10,612)
Gain (loss) on extinguishment of debt	—		—		—		11,896

Unrealized gain (loss) on derivatives	(8,278)		10,781		10,781		14,493
INCOME (LOSS) BEFORE INCOME TAXES	(60,691)		(53,316)		(134,722)		(265,100)
Income tax benefit (expense)	4,004		(3,032)		(6,336)		(5,948)
NET INCOME (LOSS)	(56,687)		(56,348)		(141,058)		(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities	—		(11)		—		73
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	554		376		1,233		3,970
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(56,133)		(55,983)		(139,825)		(267,005)
Preferred dividends	(3,122)		(1,740)		(12,433)		(252)
Deemed dividends on redeemable preferred stock	(946)		—		(946)		—
Gain (loss) on extinguishment of preferred stock	—		(1,566)		—		(607)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(60,201)	$	(59,289)	$	(153,204)	$	(267,864)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(1.75)	$	(1.75)	$	(4.46)	$	(12.37)
Weighted average common shares outstanding – basic	34,374		33,802		34,339		21,625
Diluted:
Net income (loss) attributable to common stockholders	$	(1.75)	$	(1.75)	$	(4.46)	$	(12.43)
Weighted average common shares outstanding – diluted	34,374		33,802		34,339		21,844
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				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Net income (loss)	$	(56,687)	$	(56,348)	$	(141,058)	$	(271,048)
Interest expense and amortization of discounts and loan costs, net	74,020		44,116		226,995		156,119
Depreciation and amortization	49,353		52,560		201,797		218,851
Income tax expense (benefit)	(4,004)		3,032		6,336		5,948
Equity in (earnings) loss of unconsolidated entities	353		135		804		558

Company's portion of EBITDA of unconsolidated entities	(222)		(135)		(674)		(554)
EBITDA	62,813		43,360		294,200		109,874

(Gain) loss on disposition of assets and hotel properties	(27)		(54)		(300)		(449)


EBITDAre	62,786		43,306		293,900		109,425
Amortization of unfavorable contract liabilities	43		53		181		211

(Gain) loss on insurance settlements	(342)		—		(342)		—
Write-off of premiums, loan costs and exit fees	460		5,412		3,536		10,612
(Gain) loss on extinguishment of debt	—		—		—		(11,896)
Other (income) expense, net	(4,371)		(1,078)		(4,797)		(1,760)
Transaction and conversion costs	(472)		779		(2,300)		3,033
Legal, advisory and settlement costs	1,995		439		1,936		7,371

Unrealized (gain) loss on derivatives	8,278		(10,781)		(10,781)		(14,493)
Dead deal costs	—		—		—		689
Uninsured remediation costs	—		—		—		341
Stock/unit-based compensation	674		2,556		5,998		10,095
Advisory services incentive fee	—		—		—		—

Company's portion of adjustments to EBITDAre of unconsolidated entities	4		2		16		16
Adjusted EBITDAre	$	69,055	$	40,688	$	287,347	$	113,644

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Net income (loss)	$	(56,687)	$	(56,348)	$	(141,058)	$	(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities	—		(11)		—		73
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	554		376		1,233		3,970
Preferred dividends	(3,122)		(1,740)		(12,433)		(252)
Deemed dividends on redeemable preferred stock	(946)		—		(946)		—
Gain (loss) on extinguishment of preferred stock	—		(1,566)		—		(607)
Net income (loss) attributable to common stockholders	(60,201)		(59,289)		(153,204)		(267,864)
Depreciation and amortization on real estate	49,353		52,526		201,797		218,708
(Gain) loss on disposition of assets and hotel properties	(27)		(54)		(300)		(449)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(554)		(376)		(1,233)		(3,970)
Equity in (earnings) loss of unconsolidated entities	353		135		804		558


Company's portion of FFO of unconsolidated entities	(319)		(135)		(771)		(556)
FFO available to common stockholders and OP unitholders	(11,395)		(7,193)		47,093		(53,573)
Deemed dividends on redeemable preferred stock	946		—		946		—
(Gain) loss on extinguishment of preferred stock	—		1,566		—		607
Write-off of premiums, loan costs and exit fees	460		5,412		3,536		10,612
(Gain) loss on extinguishment of debt	—		—		—		(11,896)
(Gain) loss on insurance settlements	(342)		—		(342)		—


Other (income) expense, net	(119)		(1,078)		(412)		(1,760)
Transaction and conversion costs	(472)		779		(2,300)		3,407
Legal, advisory and settlement costs	1,995		439		1,936		7,371

Unrealized (gain) loss on derivatives	8,278		(10,781)		(10,781)		(14,493)
Dead deal costs	—		—		—		689
Uninsured remediation costs	—		—		—		341
Stock/unit-based compensation	674		2,556		5,998		10,095
Amortization of term loan exit fee	3,279		2,520		11,948		7,076
Amortization of loan costs	2,358		2,637		9,672		12,597
Advisory services incentive fee	—		—		—		—


Company's portion of adjustments to FFO of unconsolidated entities	4		2		16		16
Adjusted FFO available to common stockholders and OP unitholders	$	5,666	$	(3,141)	$	67,310	$	(28,911)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.16	$	(0.09)	$	1.85	$	(1.23)
Weighted average diluted shares	36,437		35,764		36,372		23,545

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2022

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (16)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel Net Income		Comparable TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (17)		Comparable TTM EBITDA Debt Yield
JPMorgan Chase - 8 hotels	February 2023	February 2025	LIBOR (1) + 3.07%	$	—		$	395,000		$	395,000		(3)	$	12,293	3.1	%	$	30,271	7.7	%
BAML Princeton/Nashville - 2 hotels	March 2023	March 2026	LIBOR (1) + 2.75%	—			240,000			240,000			(4)	21,589		9.0	%	34,891		14.5	%
BAML Highland Pool - 19 hotels	April 2023	April 2025	LIBOR (1) + 3.20%	—			907,030			907,030			(5)	28,866		3.2	%	86,270		9.5	%
Aareal Hilton Alexandria - 1 hotel	June 2023	June 2023	LIBOR (1) + 2.45%	—			73,450			73,450				(2,190)		(3.0)	%	4,088		5.6	%
KEYS Pool A - 7 hotels	June 2023	June 2025	LIBOR (1) + 3.65%	—			180,720			180,720			(6)	4,904		2.7	%	11,331		6.3	%
KEYS Pool B - 7 hotels	June 2023	June 2025	LIBOR (1) + 3.39%	—			174,400			174,400			(6)	685		0.4	%	6,969		4.0	%
KEYS Pool C - 5 hotels	June 2023	June 2025	LIBOR (1) + 3.73%	—			221,040			221,040			(6)	5,203		2.4	%	18,690		8.5	%
KEYS Pool D - 5 hotels	June 2023	June 2025	LIBOR (1) + 4.02%	—			262,640			262,640			(6)	16,153		6.2	%	24,794		9.4	%
KEYS Pool E - 5 hotels	June 2023	June 2025	LIBOR (1) + 2.73%	—			160,000			160,000			(6)	3,921		2.5	%	17,346		10.8	%
KEYS Pool F - 5 hotels	June 2023	June 2025	LIBOR (1) + 3.68%	—			215,120			215,120			(6)	1,622		0.8	%	16,834		7.8	%
JPMorgan Chase La Posada - 1 hotel	November 2023	November 2023	SOFR (2) + 2.80%	—			25,000			25,000			(7)	2,551		10.2	%	5,773		23.1	%
Morgan Stanley Pool - 17 hotels	November 2023	November 2024	LIBOR (1) + 3.13%	—			415,000			415,000			(8)	19,779		4.8	%	40,003		9.6	%
BAML Indigo Atlanta - 1 hotel	December 2023	December 2024	SOFR (2) + 2.85%	—			15,290			15,290			(9)	(688)		(4.5)	%	1,599		10.5	%
GACC Manchester RI - 1 hotel	January 2024	January 2024	5.49%	6,345			—			6,345				653		10.3	%	1,262		19.9	%
GACC Jacksonville RI - 1 hotel	January 2024	January 2024	5.49%	9,261			—			9,261				(405)		(4.4)	%	1,395		15.1	%
Oaktree Capital Term Loan	January 2024	January 2026	16.00%	195,959			—			195,959			(10)	N/A		N/A		N/A		N/A
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	5,819			—			5,819				574		9.9	%	1,041		17.9	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	SOFR (2) + 2.00%	—			8,881			8,881			(11)	302		3.4	%	700		7.9	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	11,172			—			11,172				163		1.5	%	1,137		10.2	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	August 2024	4.90%	22,349			—			22,349				1,123		5.0	%	2,785		12.5	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	LIBOR (1) + 4.65%	—			85,552			85,552			(12)	5,258		6.1	%	13,156		15.4	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (2) + 4.00%	—			37,000			37,000			(13)	(4,208)		(11.4)	%	1,987		5.4	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	46,918			—			46,918				2,341		5.0	%	7,525		16.0	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	23,326			—			23,326				(447)		(1.9)	%	2,506		10.7	%
Aareal Boston Back Bay - 1 hotel	August 2025	August 2026	SOFR (2) + 3.91%	—			98,000			98,000			(14)	2,196		2.2	%	13,234		13.5	%








Total				$	321,149		$	3,514,123		$	3,835,272			$	122,238	3.2	%	$	345,587	9.0	%
Percentage				8.4		%	91.6		%	100.0		%
Weighted average interest rate (15)				11.62		%	6.75		%	7.15		%

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

(1) LIBOR rate was 4.392% at December 31, 2022.

(2) SOFR rate was 4.358% at December 31, 2022.

(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.

(4) 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.

(5) 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.

(6) 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.

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

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

(9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.

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

(11) This mortgage loan has a SOFR floor of 2.0%.

(12) 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%.

(13) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

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

(15) The weighted average interest rates are adjusted for in-the-money interest rate caps.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2022

(dollars in thousands)

(unaudited)


	2023		2024		2025		2026		2027		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	—		5,580		—		—		—		—		5,580
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	—		14,987		—		—		—		—		14,987
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	—		—		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
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
Aareal Le Pavillon - 1 hotel	—		—		—		—		35,000		—		35,000







Principal due in future periods	98,450		491,952		2,582,393		617,511		35,000		—		3,825,306
Scheduled amortization payments remaining	3,176		2,582		708		2,500		1,000		—		9,966
Total indebtedness	$	101,626	$	494,534	$	2,583,101	$	620,011	$	36,000	$	—	$	3,835,272

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	241,491		$	1,713		$	243,204		$	194,744		$	(86)		$	194,658		24.00	%	24.94	%
	RevPAR	$	118.50		$	112.66		$	118.46		$	94.87		$	(399.20)		$	94.82		24.91	%	24.94	%
	Occupancy	67.47		%	72.57		%	67.51		%	60.31		%	680.37		%	60.38		%	11.87	%	11.81	%
	ADR	$	175.63		$	155.23		$	175.47		$	157.29		$	(58.67)		$	157.04		11.66	%	11.74	%


ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	969,502		$	2,731		$	972,233		$	651,327		$	(454)		$	650,873		48.85	%	49.37	%
	RevPAR	$	119.35		$	124.52		$	119.36		$	79.67		$	(14.70)		$	79.92		49.80	%	49.36	%
	Occupancy	67.53		%	94.29		%	67.60		%	55.58		%	(22.15)		%	55.71		%	21.50	%	21.35	%
	ADR	$	176.73		$	132.07		$	176.57		$	143.34		$	(66.38)		$	143.46		23.30	%	23.08	%

NOTES:

(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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 December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	234,543		$	1,713		$	236,256		$	188,677		$	(86)		$	188,591		24.31	%	25.27	%
	RevPAR	$	118.80		$	112.66		$	118.75		$	94.85		$	(399.20)		$	94.80		25.25	%	25.27	%
	Occupancy	67.63		%	72.57		%	67.66		%	60.06		%	680.37		%	60.13		%	12.60	%	12.53	%
	ADR	$	175.67		$	155.23		$	175.50		$	157.92		$	(58.67)		$	157.66		11.24	%	11.32	%


ALL HOTELS NOT UNDER RENOVATION:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	940,703		$	2,731		$	943,434		$	629,602		$	(454)		$	629,148		49.41	%	49.95	%
	RevPAR	$	119.51		$	124.52		$	119.53		$	79.46		$	(14.70)		$	79.72		50.40	%	49.94	%
	Occupancy	67.51		%	94.29		%	67.59		%	55.18		%	(22.15)		%	55.31		%	22.35	%	22.21	%
	ADR	$	177.02		$	132.07		$	176.85		$	144.02		$	(66.38)		$	144.14		22.92	%	22.69	%

NOTES:

(1) The above comparable information assumes the 96 hotel properties owned and included in the Company’s operations at December 31, 2022, and not under renovation during the three months ended December 31, 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:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Year Ended
	December 31,								December 31,
	2022			2021			% Variance		2022			2021			% Variance
Total hotel revenue	$	315,419		$	246,649		27.88	%	$	1,232,124		$	798,320		54.34	%
Non-comparable adjustments	2,494			95					4,219			97
Comparable total hotel revenue	$	317,913		$	246,744		28.84	%	$	1,236,343		$	798,417		54.85	%

Hotel net income (loss)	$	25,332		$	(1,105)		2,392.49	%	$	121,911		$	(53,858)		326.36	%
Non-comparable adjustments	80			(30)					358			(9,539)
Comparable hotel net income (loss)	$	25,412		$	(1,135)		2,338.94	%	$	122,269		$	(63,397)		292.86	%
Hotel net income (loss) margin	8.03		%	(0.45)		%	8.48	%	9.89		%	(6.75)		%	16.64	%
Comparable hotel net income margin	7.99		%	(0.46)		%	8.45	%	9.89		%	(7.94)		%	17.83	%

Hotel EBITDA	$	84,631		$	55,471		52.57	%	$	346,460		$	168,973		105.04	%
Non-comparable adjustments	900			333					2,739			2,174
Comparable hotel EBITDA	$	85,531		$	55,804		53.27	%	$	349,199		$	171,147		104.03	%
Hotel EBITDA margin	26.83		%	22.49		%	4.34	%	28.12		%	21.17		%	6.95	%
Comparable hotel EBITDA margin	26.90		%	22.62		%	4.28	%	28.24		%	21.44		%	6.80	%

Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	—		$	44		(100.00)	%	$	—		$	56		(100.00)	%
Hotel net income (loss) attributable to the Company and OP unitholders	$	25,332		$	(1,149)		2,304.70	%	$	121,911		$	(53,914)		326.12	%
Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	25,412		$	(1,179)		2,255.39	%	$	122,269		$	(63,453)		292.69	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	82		(100.00)	%	$	—		$	226		(100.00)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	84,631		$	55,389		52.79	%	$	346,460		$	168,747		105.31	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	85,531		$	55,722		53.50	%	$	349,199		$	170,921		104.30	%

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 NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Year Ended
	December 31,								December 31,
	2022			2021			% Variance		2022			2021			% Variance
Total hotel revenue	$	306,015		$	239,054		28.01	%	$	1,194,758		$	772,172		54.73	%
Non-comparable adjustments	2,494			95					4,219			97
Comparable total hotel revenue	$	308,509		$	239,149		29.00	%	$	1,198,977		$	772,269		55.25	%

Hotel net income (loss)	$	25,201		$	(1,217)		2,170.75	%	$	119,384		$	(53,046)		325.06	%
Non-comparable adjustments	80			(30)					358			(9,539)
Comparable hotel net income (loss)	$	25,281		$	(1,247)		2,127.35	%	$	119,741		$	(62,585)		291.33	%
Hotel net income (loss) margin	8.24		%	(0.51)		%	8.75	%	9.99		%	(6.87)		%	16.86	%
Comparable hotel net income margin	8.19		%	(0.52)		%	8.71	%	9.99		%	(8.10)		%	18.09	%

Hotel EBITDA	$	82,392		$	53,655		53.56	%	$	336,618		$	162,817		106.75	%
Non-comparable adjustments	900			333					2,739			2,174
Comparable hotel EBITDA	$	83,292		$	53,988		54.28	%	$	339,357		$	164,991		105.68	%
Hotel EBITDA margin	26.92		%	22.44		%	4.48	%	28.17		%	21.09		%	7.08	%
Comparable hotel EBITDA margin	27.00		%	22.58		%	4.42	%	28.30		%	21.36		%	6.94	%

Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	—		$	44		(100.00)	%	$	—		$	56		(100.00)	%
Hotel net income (loss) attributable to the Company and OP unitholders	$	—		$	(44)		100.00	%	$	—		$	(56)		100.00	%
Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	80		$	(74)		208.11	%	$	358		$	(9,595)		103.73	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	82		(100.00)	%	$	—		$	226		(100.00)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	82,392		$	53,573		53.79	%	$	336,618		$	162,591		107.03	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	83,292		$	53,906		54.51	%	$	339,357		$	164,765		105.96	%

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:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022			2022			2022		2022			2022			2022		2022			2022			2022		2022
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	315,419		$	2,494	$	317,913		$	326,065		$	621	$	326,686		$	345,651		$	681	$	346,332		$	244,989		$	423	$	245,412
Hotel net income (loss)	$	25,332		$	80	$	25,412		$	40,944		$	(782)	$	40,162		$	55,848		$	528	$	56,376		$	(213)		$	532	$	319
Hotel net income (loss) margin	8.03		%			7.99		%	12.56		%			12.29		%	16.16		%			16.28		%	(0.09)		%			0.13		%
Hotel EBITDA	$	84,631		$	900	$	85,531		$	94,892		$	132	$	95,024		$	111,375		$	869	$	112,244		$	55,562		$	838	$	56,400
Hotel EBITDA margin	26.83		%			26.90		%	29.10		%			29.09		%	32.22		%			32.41		%	22.68		%			22.98		%

Hotel net income (loss) % of total TTM	20.8		%			20.8		%	33.6		%			32.8		%	45.8		%			46.1		%	(0.2)		%			0.3		%
EBITDA % of total TTM	24.4		%			24.5		%	27.4		%			27.2		%	32.1		%			32.1		%	16.1		%			16.2		%




	Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022
	TTM			TTM		TTM
Total hotel revenue	$	1,232,124		$	4,219	$	1,236,343
Hotel net income (loss)	$	121,911		$	358	$	122,269
Hotel net income (loss) margin	9.89		%			9.89		%
Hotel EBITDA	$	346,460		$	2,739	$	349,199
Hotel EBITDA margin	28.12		%			28.24		%

Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

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 December 31,
	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	10	1,626	$	123.30	$	112.66	$	122.22	$	109.19	$	76.22	$	105.15	12.9	%	16.2	%
Boston, MA Area	2	705	189.22		—		189.22		136.25		—		136.25		38.9	%	38.9	%
Dallas / Ft. Worth, TX Area	7	1,526	97.49		—		97.49		78.96		—		78.96		23.5	%	23.5	%
Houston, TX Area	3	692	96.17		—		96.17		82.67		—		82.67		16.3	%	16.3	%
Los Angeles, CA Metro Area	6	1,619	124.79		—		124.79		115.73		—		115.73		7.8	%	7.8	%
Miami, FL Metro Area	2	414	172.41		—		172.41		139.33		—		139.33		23.7	%	23.7	%
Minneapolis - St. Paul, MN Area	2	520	59.31		—		59.31		38.18		—		38.18		55.3	%	55.3	%
Nashville, TN Area	1	673	205.84		—		205.84		193.30		—		193.30		6.5	%	6.5	%
New York / New Jersey Metro Area	6	1,743	91.46		—		91.46		68.10		—		68.10		34.3	%	34.3	%
Orlando, FL Area	2	524	129.73		—		129.73		92.51		—		92.51		40.2	%	40.2	%
Philadelphia, PA Area	3	648	94.96		—		94.96		82.39		—		82.39		15.3	%	15.3	%
San Diego, CA Area	2	410	113.55		—		113.55		92.09		—		92.09		23.3	%	23.3	%
San Francisco - Oakland, CA Metro Area	7	1,547	113.38		—		113.38		76.71		—		76.71		47.8	%	47.8	%
Tampa, FL Area	2	571	125.29		—		125.29		94.58		—		94.58		32.5	%	32.5	%
Washington D.C. - MD - VA Area	9	2,426	124.81		—		124.81		72.31		—		72.31		72.6	%	72.6	%
Other Areas	36	6,672	115.12		—		115.12		99.85		(81.84)		100.39		15.3	%	14.7	%
Total Portfolio	100	22,316	$	118.50	$	112.66	$	118.46	$	94.87	$	(399.20)	$	94.82	24.9	%	24.9	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2022		2022		2022		2021		2021		2021		% Variance		% Variance
Atlanta, GA Area	10	1,626	$	125.30	$	102.16	$	122.58	$	90.53	$	67.99	$	87.78	38.4	%	39.6	%
Boston, MA Area	2	705	193.42		—		193.42		98.81		—		98.81		95.7	%	95.7	%
Dallas / Ft. Worth, TX Area	7	1,526	96.65		—		96.65		64.97		—		64.97		48.8	%	48.8	%
Houston, TX Area	3	692	94.48		—		94.48		75.89		—		75.89		24.5	%	24.5	%
Los Angeles, CA Metro Area	6	1,619	129.63		—		129.63		92.34		—		92.34		40.4	%	40.4	%
Miami, FL Metro Area	2	414	168.00		—		168.00		122.82		—		122.82		36.8	%	36.8	%
Minneapolis - St. Paul, MN Area	2	520	63.96		—		63.96		37.68		(6.17)		37.87		69.7	%	68.9	%
Nashville, TN Area	1	673	214.89		—		214.89		133.42		—		133.42		61.1	%	61.1	%
New York / New Jersey Metro Area	6	1,743	85.35		—		85.35		51.52		—		51.52		65.7	%	65.7	%
Orlando, FL Area	2	524	119.27		—		119.27		82.83		—		82.83		44.0	%	44.0	%
Philadelphia, PA Area	3	648	93.25		—		93.25		71.28		—		71.28		30.8	%	30.8	%
San Diego, CA Area	2	410	131.42		—		131.42		82.81		—		82.81		58.7	%	58.7	%
San Francisco - Oakland, CA Metro Area	7	1,547	111.68		—		111.68		71.73		—		71.73		55.7	%	55.7	%
Tampa, FL Area	2	571	125.62		—		125.62		94.88		—		94.88		32.4	%	32.4	%
Washington D.C. - MD - VA Area	9	2,426	122.10		—		122.10		58.29		—		58.29		109.5	%	109.5	%
Other Areas	36	6,672	118.12		(91.92)		118.63		86.93		(52.58)		88.38		35.9	%	34.2	%
Total Portfolio	100	22,316	$	119.35	$	124.52	$	119.36	$	79.67	$	(14.70)	$	79.92	49.8	%	49.4	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Three Months Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	1,792	$	91	$	1,883	7.4	%	$	631	$	(306)	$	325	(28.6)	%	184.0	%	479.4	%
Boston, MA Area	2	705	569		—		569		2.2	%	(1,143)		—		(1,143)		100.7	%	149.8	%	149.8	%
Dallas / Ft. Worth, TX Area	7	1,526	1,467		—		1,467		5.8	%	67		—		67		(5.9)	%	2,089.6	%	2,089.6	%
Houston, TX Area	3	692	787		—		787		3.1	%	62		—		62		(5.5)	%	1,169.4	%	1,169.4	%
Los Angeles, CA Metro Area	6	1,619	2,526		—		2,526		9.9	%	2,443		—		2,443		(215.2)	%	3.4	%	3.4	%
Miami, FL Metro Area	2	414	1,254		—		1,254		4.9	%	312		—		312		(27.5)	%	301.9	%	301.9	%
Minneapolis - St. Paul, MN Area	2	520	(466)		—		(466)		(1.8)	%	(1,414)		(34)		(1,448)		127.6	%	67.0	%	67.8	%
Nashville, TN Area	1	673	4,871		—		4,871		19.2	%	4,174		—		4,174		(367.8)	%	16.7	%	16.7	%
New York / New Jersey Metro Area	6	1,743	(2,216)		—		(2,216)		(8.7)	%	(2,983)		—		(2,983)		262.8	%	25.7	%	25.7	%
Orlando, FL Area	2	524	1,379		—		1,379		5.4	%	(93)		—		(93)		8.2	%	1,582.8	%	1,582.8	%
Philadelphia, PA Area	3	648	198		—		198		0.8	%	(331)		—		(331)		29.2	%	159.8	%	159.8	%
San Diego, CA Area	2	410	(215)		—		(215)		(0.8)	%	252		—		252		(22.2)	%	(185.3)	%	(185.3)	%
San Francisco - Oakland, CA Metro Area	7	1,547	80		—		80		0.3	%	(3,196)		—		(3,196)		281.6	%	102.5	%	102.5	%
Tampa, FL Area	2	571	1,628		—		1,628		6.4	%	(197)		—		(197)		17.4	%	926.4	%	926.4	%
Washington D.C. - MD - VA Area	9	2,426	2,588		—		2,588		10.2	%	(4,563)		(3)		(4,566)		402.3	%	156.7	%	156.7	%
Other Areas	36	6,672	9,090		(11)		9,079		35.7	%	4,874		313		5,187		(457.1)	%	86.5	%	75.0	%
Total Portfolio	100	22,316	$	25,332	$	80	$	25,412	100.0	%	$	(1,105)	$	(30)	$	(1,135)	100.0	%	2,392.5	%	2,338.9	%

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 NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	5,869	$	(121)	$	5,748	4.7	%	$	(2,983)	$	(1,462)	$	(4,445)	7.0	%	296.7	%	229.3	%
Boston, MA Area	2	705	5,137		—		5,137		4.2	%	(6,772)		—		(6,772)		10.7	%	175.9	%	175.9	%
Dallas / Ft. Worth, TX Area	7	1,526	6,348		—		6,348		5.2	%	(6,738)		—		(6,738)		10.6	%	194.2	%	194.2	%
Houston, TX Area	3	692	2,207		—		2,207		1.8	%	(631)		—		(631)		1.0	%	449.8	%	449.8	%
Los Angeles, CA Metro Area	6	1,619	12,418		—		12,418		10.2	%	2,186		—		2,186		(3.4)	%	468.1	%	468.1	%
Miami, FL Metro Area	2	414	4,065		—		4,065		3.3	%	(1,135)		—		(1,135)		1.8	%	458.1	%	458.1	%
Minneapolis - St. Paul, MN Area	2	520	(1,936)		(1)		(1,937)		(1.6)	%	(4,497)		320		(4,177)		6.6	%	56.9	%	53.6	%
Nashville, TN Area	1	673	20,645		—		20,645		16.9	%	6,296		—		6,296		(9.9)	%	227.9	%	227.9	%
New York / New Jersey Metro Area	6	1,743	(5,768)		—		(5,768)		(4.7)	%	(19,044)		(327)		(19,371)		30.6	%	69.7	%	70.2	%
Orlando, FL Area	2	524	2,599		—		2,599		2.1	%	(1,799)		—		(1,799)		2.8	%	244.5	%	244.5	%
Philadelphia, PA Area	3	648	496		—		496		0.4	%	(1,409)		—		(1,409)		2.2	%	135.2	%	135.2	%
San Diego, CA Area	2	410	3,639		—		3,639		3.0	%	1,013		—		1,013		(1.6)	%	259.2	%	259.2	%
San Francisco - Oakland, CA Metro Area	7	1,547	610		—		610		0.5	%	(9,349)		—		(9,349)		14.7	%	106.5	%	106.5	%
Tampa, FL Area	2	571	5,471		—		5,471		4.5	%	(33)		—		(33)		0.1	%	16,678.8	%	16,678.8	%
Washington D.C. - MD - VA Area	9	2,426	11,668		218		11,886		9.7	%	(24,220)		(12)		(24,232)		38.2	%	148.2	%	149.1	%
Other Areas	36	6,672	48,443		262		48,705		39.8	%	15,257		(8,058)		7,199		(11.4)	%	217.5	%	576.6	%
Total Portfolio	100	22,316	$	121,911	$	358	$	122,269	100.0	%	$	(53,858)	$	(9,539)	$	(63,397)	100.0	%	326.4	%	292.9	%

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 EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	5,920	$	871	$	6,791	7.9	%	$	4,590	$	640	$	5,230	9.4	%	29.0	%	29.8	%
Boston, MA Area	2	705	4,625		—		4,625		5.4	%	1,870		—		1,870		3.4	%	147.3	%	147.3	%
Dallas / Ft. Worth, TX Area	7	1,526	5,492		—		5,492		6.4	%	4,006		—		4,006		7.2	%	37.1	%	37.1	%
Houston, TX Area	3	692	2,198		—		2,198		2.6	%	1,464		—		1,464		2.6	%	50.1	%	50.1	%
Los Angeles, CA Metro Area	6	1,619	5,419		—		5,419		6.3	%	5,855		—		5,855		10.5	%	(7.4)	%	(7.4)	%
Miami, FL Metro Area	2	414	2,835		—		2,835		3.3	%	1,995		—		1,995		3.6	%	42.1	%	42.1	%
Minneapolis - St. Paul, MN Area	2	520	340		—		340		0.4	%	(514)		(49)		(563)		(1.0)	%	166.1	%	160.4	%
Nashville, TN Area	1	673	7,483		—		7,483		8.7	%	6,668		—		6,668		11.9	%	12.2	%	12.2	%
New York / New Jersey Metro Area	6	1,743	4,845		—		4,845		5.7	%	1,206		—		1,206		2.2	%	301.7	%	301.7	%
Orlando, FL Area	2	524	2,558		—		2,558		3.0	%	1,313		—		1,313		2.4	%	94.8	%	94.8	%
Philadelphia, PA Area	3	648	1,295		—		1,295		1.5	%	953		—		953		1.7	%	35.9	%	35.9	%
San Diego, CA Area	2	410	472		—		472		0.6	%	979		—		979		1.8	%	(51.8)	%	(51.8)	%
San Francisco - Oakland, CA Metro Area	7	1,547	4,074		—		4,074		4.8	%	1,135		—		1,135		2.0	%	258.9	%	258.9	%
Tampa, FL Area	2	571	2,704		—		2,704		3.2	%	1,110		—		1,110		2.0	%	143.6	%	143.6	%
Washington D.C. - MD - VA Area	9	2,426	9,908		—		9,908		11.6	%	2,685		(3)		2,682		4.8	%	269.0	%	269.4	%
Other Areas	36	6,672	24,463		29		24,492		28.6	%	20,156		(255)		19,901		35.5	%	21.4	%	23.1	%
Total Portfolio	100	22,316	$	84,631	$	900	$	85,531	100.0	%	$	55,471	$	333	$	55,804	100.0	%	52.6	%	53.3	%

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 EBITDA BY MARKET

(in thousands)

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2022		2022		2022				2021		2021		2021				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	21,534	$	3,485	$	25,019	7.2	%	$	12,650	$	2,337	$	14,987	8.8	%	70.2	%	66.9	%
Boston, MA Area	2	705	19,822		—		19,822		5.7	%	3,376		—		3,376		2.0	%	487.1	%	487.1	%
Dallas / Ft. Worth, TX Area	7	1,526	22,454		—		22,454		6.4	%	10,413		—		10,413		6.1	%	115.6	%	115.6	%
Houston, TX Area	3	692	7,625		—		7,625		2.2	%	4,863		—		4,863		2.8	%	56.8	%	56.8	%
Los Angeles, CA Metro Area	6	1,619	24,503		—		24,503		7.0	%	16,360		—		16,360		9.6	%	49.8	%	49.8	%
Miami, FL Metro Area	2	414	10,411		—		10,411		3.0	%	5,774		—		5,774		3.4	%	80.3	%	80.3	%
Minneapolis - St. Paul, MN Area	2	520	1,400		—		1,400		0.4	%	(965)		138		(827)		(0.5)	%	245.1	%	269.3	%
Nashville, TN Area	1	673	30,862		—		30,862		8.8	%	16,134		1.00		16,135		9.4	%	91.3	%	91.3	%
New York / New Jersey Metro Area	6	1,743	14,132		—		14,132		4.0	%	1,558		1		1,559		0.9	%	807.1	%	806.5	%
Orlando, FL Area	2	524	7,950		—		7,950		2.3	%	4,318		(1)		4,317		2.5	%	84.1	%	84.2	%
Philadelphia, PA Area	3	648	4,765		—		4,765		1.4	%	3,715		—		3,715		2.2	%	28.3	%	28.3	%
San Diego, CA Area	2	410	6,295		—		6,295		1.8	%	3,961		—		3,961		2.3	%	58.9	%	58.9	%
San Francisco - Oakland, CA Metro Area	7	1,547	16,761		—		16,761		4.8	%	6,628		—		6,628		3.9	%	152.9	%	152.9	%
Tampa, FL Area	2	571	10,172		—		10,172		2.9	%	5,176		—		5,176		3.0	%	96.5	%	96.5	%
Washington D.C. - MD - VA Area	9	2,426	40,094		218		40,312		11.5	%	6,388		(12)		6,376		3.7	%	527.6	%	532.2	%
Other Areas	36	6,672	107,680		(964)		106,716		30.6	%	68,624		(290)		68,334		39.9	%	56.9	%	56.2	%
Total Portfolio	100	22,316	$	346,460	$	2,739	$	349,199	100.0	%	$	168,973	$	2,174	$	171,147	100.0	%	105.0	%	104.0	%

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

December 31, 2022

(in thousands, except share price)

(unaudited)



	December 31, 2022
Common stock shares outstanding	34,495
Partnership units outstanding	1,669
Combined common stock shares and partnership units outstanding	36,164
Common stock price	$	4.47
Market capitalization	$	161,653
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
Series J redeemable preferred stock	$	2,178
Series K redeemable preferred stock	$	45
Indebtedness	$	3,835,272

Net working capital (see below)	$	(519,053)
Total enterprise value (TEV)	$	3,643,065






Cash and cash equivalents	$	417,064
Restricted cash	$	141,962
Accounts receivable, net	$	49,809
Prepaid expenses	$	15,982

Due from third-party hotel managers, net	$	21,143
Due from affiliates, net	$	7,042
Total current assets	$	653,002

Accounts payable, net & accrued expenses	$	130,831
Dividends and distributions payable	$	3,118

Total current liabilities	$	133,949

Net working capital	$	519,053

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2022

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Courtyard Crystal City Reagan

272

Crowne Plaza La Concha Key West

160

Embassy Suites Austin

150

Embassy Suites Crystal City

267

Embassy Suites Dallas

150

Embassy Suites Flagstaff

119

Embassy Suites Houston

150

Embassy Suites Portland Downtown

276

Hampton Inn Evansville

140

Hyatt Regency Coral Gables

253

La Posada

157

Le Pavillon New Orleans

226

Marriott Bridgewater

349

Marriott Fremont Silicon Valley

200

Marriott Memphis

232

Marriott Sugar Land

300

Residence Inn Hartford Manchester

Residence Inn Phoenix Airport

200

Ritz-Carlton Atlanta

444

SpringHill Suites Buford Mall of Georgia

SpringHill Suites Manhattan Beach Hawthorne

164

SpringHill Suites Philadelphia Plymouth Meeting

199

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 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		2022		December 31, 2022
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	25,332	$	40,944	$	55,848	$	(213)	$	121,911
Non-property adjustments	(127)		1		2		11		(113)
Interest income	(97)		(47)		(48)		(7)		(199)
Interest expense	4,559		3,556		2,643		2,272		13,030
Amortization of loan costs	358		447		443		439		1,687
Depreciation and amortization	49,181		49,256		50,723		51,941		201,101
Income tax expense (benefit)	53		116		84		15		268
Non-hotel EBITDA ownership expense	5,372		619		1,680		1,104		8,775
Hotel EBITDA including amounts attributable to noncontrolling interest	84,631		94,892		111,375		55,562		346,460
Non-comparable adjustments	900		132		869		838		2,739
Comparable hotel EBITDA	$	85,531	$	95,024	$	112,244	$	56,400	$	349,199

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, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	25,201	$	131	$	25,332	$	(5)	$	(82,014)	$	(56,687)



Non-property adjustments	(127)		—		(127)		—		127		—
Interest income	(96)		(1)		(97)		—		97		—
Interest expense	4,559		—		4,559		—		67,103		71,662
Amortization of loan cost	358		—		358		—		2,000		2,358
Depreciation and amortization	47,091		2,090		49,181		124		48		49,353
Income tax expense (benefit)	53		—		53		—		(4,057)		(4,004)
Non-hotel EBITDA ownership expense	5,353		19		5,372		22		(5,394)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	82,392		2,239		84,631		141		(22,090)		62,682
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(75)		—		(75)		—		75		—


Equity in (earnings) loss of unconsolidated entities	—		—		—		—		353		353

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(222)		(222)
Hotel EBITDA attributable to the Company and OP unitholders	$	82,317	$	2,239	$	84,556	$	141	$	(21,884)	$	62,813
Non-comparable adjustments	900		—		900
Comparable hotel EBITDA	$	83,292	$	2,239	$	85,531

NOTES:

(2) Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

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 Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(1,217)	$	112	$	(1,105)	$	207	$	(55,450)	$	(56,348)



Non-property adjustments	(47)		—		(47)		(140)		187		—
Interest income	(6)		—		(6)		—		6		—
Interest expense	2,252		—		2,252		—		39,223		41,475
Amortization of loan cost	435		—		435		—		2,206		2,641
Depreciation and amortization	50,736		1,641		52,377		135		48		52,560
Income tax expense (benefit)	11		—		11		—		3,021		3,032
Non-hotel EBITDA ownership expense	1,491		63		1,554		19		(1,573)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	53,655		1,816		55,471		221		(12,332)		43,360
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(83)		—		(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	$	53,572	$	1,816	$	55,388	$	221	$	(12,249)	$	43,360
Non-comparable adjustments	333		—		333
Comparable hotel EBITDA	$	53,988	$	1,816	$	55,804

NOTES:

(2) Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Year Ended December 31, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	119,384	$	2,527	$	121,911	$	691	$	(263,660)	$	(141,058)
Non-property adjustments	(113)		—		(113)		(273)		386		—
Interest income	(198)		(1)		(199)		(1)		200		—
Interest expense	13,030		—		13,030		—		204,293		217,323
Amortization of loan cost	1,687		—		1,687		—		7,985		9,672
Depreciation and amortization	193,882		7,219		201,101		501		195		201,797
Income tax expense (benefit)	268		—		268		—		6,068		6,336
Non-hotel EBITDA ownership expense	8,678		97		8,775		68		(8,843)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	336,618		9,842		346,460		986		(53,376)		294,070
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(75)		—		(75)		—		75		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		804		804

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(674)		(674)
Hotel EBITDA attributable to the Company and OP unitholders	$	336,543	$	9,842	$	346,385	$	986	$	(53,171)	$	294,200
Non-comparable adjustments	2,739		—		2,739
Comparable hotel EBITDA	$	339,357	$	9,842	$	349,199

NOTES:

(2) Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Year Ended December 31, 2021
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(53,046)	$	(812)	$	(53,858)	$	(215)	$	(216,975)	$	(271,048)
Non-property adjustments	(11,833)		—		(11,833)		(221)		12,054		—
Interest income	(24)		—		(24)		—		24		—
Interest expense	6,978		—		6,978		—		136,530		143,508
Amortization of loan cost	1,323		—		1,323		—		11,288		12,611
Depreciation and amortization	211,233		6,844		218,077		580		194		218,851
Income tax expense (benefit)	169		—		169		—		5,779		5,948
Non-hotel EBITDA ownership expense	8,019		122		8,141		187		(8,328)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	162,819		6,154		168,973		331		(59,434)		109,870
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(226)		—		(226)		—		226		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		558		558

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(554)		(554)
Hotel EBITDA attributable to the Company and OP unitholders	$	162,593	$	6,154	$	168,747	$	331	$	(59,204)	$	109,874
Non-comparable adjustments	2,174		—		2,174
Comparable hotel EBITDA	$	164,993	$	6,154	$	171,147

NOTES:

(2) Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 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)	$	1,792	$	569	$	1,467	$	787	$	2,526	$	1,254	$	(466)	$	4,871	$	(2,216)



Non-property adjustments	—		(72)		(116)		—		—		—		—		(6)		—
Interest income	(2)		—		(3)		—		(12)		(1)		—		—		(6)
Interest expense	317		1,868		—		—		—		—		—		—		—
Amortization of loan costs	8		136		—		—		—		—		—		—		—
Depreciation and amortization	3,631		2,131		3,874		1,352		2,739		1,544		783		2,519		4,096
Income tax expense (benefit)	—		—		—		—		—		—		—		15		—
Non-hotel EBITDA ownership expense	174		(7)		270		59		166		38		23		84		2,971

Hotel EBITDA including amounts attributable to noncontrolling interest	5,920		4,625		5,492		2,198		5,419		2,835		340		7,483		4,845
Non-comparable adjustments	871		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,791	$	4,625	$	5,492	$	2,198	$	5,419	$	2,835	$	340	$	7,483	$	4,845

	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)	$	1,379	$	198	$	(215)	$	80	$	1,628	$	2,588	$	9,090	$	25,332



Non-property adjustments	—		—		—		—		—		(3)		70		(127)
Interest income	(12)		(3)		(6)		(21)		—		(14)		(17)		(97)
Interest expense	—		—		—		225		—		1,110		1,039		4,559
Amortization of loan costs	—		—		—		38		—		67		109		358
Depreciation and amortization	1,106		1,049		603		3,693		1,022		6,043		12,996		49,181
Income tax expense (benefit)	—		—		—		—		—		—		38		53
Non-hotel EBITDA ownership expense	85		51		90		59		54		117		1,138		5,372

Hotel EBITDA including amounts attributable to noncontrolling interest	2,558		1,295		472		4,074		2,704		9,908		24,463		84,631
Non-comparable adjustments	—		—		—		—		—		—		29		900
Comparable hotel EBITDA	$	2,558	$	1,295	$	472	$	4,074	$	2,704	$	9,908	$	24,492	$	85,531

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
	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)	$	631	$	(1,143)	$	67	$	62	$	2,443	$	312	$	(1,414)	$	4,174	$	(2,983)



Non-property adjustments	(52)		—		—		—		—		—		—		—		—
Interest income	—		—		(1)		—		(1)		—		—		—		(1)
Interest expense	103		974		—		—		—		—		—		—		—
Amortization of loan costs	8		130		—		—		—		—		—		—		—
Depreciation and amortization	3,793		2,282		3,962		1,223		3,420		1,535		831		2,454		4,118
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	107		(373)		(22)		179		(7)		148		69		40		72

Hotel EBITDA including amounts attributable to noncontrolling interest	4,590		1,870		4,006		1,464		5,855		1,995		(514)		6,668		1,206
Non-comparable adjustments	640		—		—		—		—		—		(49)		—		—
Comparable hotel EBITDA	$	5,230	$	1,870	$	4,006	$	1,464	$	5,855	$	1,995	$	(563)	$	6,668	$	1,206

	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)	$	(93)	$	(331)	$	252	$	(3,196)	$	(197)	$	(4,563)	$	4,874	$	(1,105)



Non-property adjustments	—		—		—		—		—		—		5		(47)
Interest income	—		—		(1)		—		—		(1)		(1)		(6)
Interest expense	—		—		—		232		—		446		497		2,252
Amortization of loan costs	—		—		—		37		—		64		196		435
Depreciation and amortization	1,403		1,234		693		3,547		1,294		6,565		14,023		52,377
Income tax expense (benefit)	—		(3)		—		—		—		—		14		11
Non-hotel EBITDA ownership expense	3		53		35		515		13		174		548		1,554

Hotel EBITDA including amounts attributable to noncontrolling interest	1,313		953		979		1,135		1,110		2,685		20,156		55,471
Non-comparable adjustments	—		—		—		—		—		(3)		(255)		333
Comparable hotel EBITDA	$	1,313	$	953	$	979	$	1,135	$	1,110	$	2,682	$	19,901	$	55,804

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)


	Year Ended December 31, 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)	$	5,869	$	5,137	$	6,348	$	2,207	$	12,418	$	4,065	$	(1,936)	$	20,645	$	(5,768)
Non-property adjustments	—		(72)		(116)		—		—		—		—		(24)		—
Interest income	(4)		(10)		(5)		—		(23)		(1)		—		—		(17)
Interest expense	724		5,473		—		—		—		—		—		—		—
Amortization of loan costs	32		535		—		—		—		—		—		—		—
Depreciation and amortization	14,777		8,732		15,688		4,900		11,886		6,136		3,249		10,059		16,297
Income tax expense (benefit)	—		—		—		—		—		—		—		58		—
Non-hotel EBITDA ownership expense	136		27		539		518		222		211		87		124		3,620
Hotel EBITDA including amounts attributable to noncontrolling interest	21,534		19,822		22,454		7,625		24,503		10,411		1,400		30,862		14,132
Non-comparable adjustments	3,485		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	25,019	$	19,822	$	22,454	$	7,625	$	24,503	$	10,411	$	1,400	$	30,862	$	14,132

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	2,599	$	496	$	3,639	$	610	$	5,471	$	11,668	$	48,443	$	121,911
Non-property adjustments	—		—		—		—		—		(3)		101		(114)
Interest income	(20)		(4)		(9)		(38)		—		(31)		(37)		(199)
Interest expense	—		—		—		902		—		2,955		2,976		13,030
Amortization of loan costs	—		—		—		151		—		264		705		1,687
Depreciation and amortization	5,069		4,534		2,485		14,682		4,495		24,936		53,176		201,101
Income tax expense (benefit)	—		—		—		—		—		—		210		268
Non-hotel EBITDA ownership expense	302		(261)		180		454		206		305		2,106		8,776
Hotel EBITDA including amounts attributable to noncontrolling interest	7,950		4,765		6,295		16,761		10,172		40,094		107,680		346,460
Non-comparable adjustments	—		—		—		—		—		218		(964)		2,739
Comparable hotel EBITDA	$	7,950	$	4,765	$	6,295	$	16,761	$	10,172	$	40,312	$	106,716	$	349,199

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)


	Year Ended December 31, 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)	$	(2,983)	$	(6,772)	$	(6,738)	$	(631)	$	2,186	$	(1,135)	$	(4,497)	$	6,296	$	(19,044)
Non-property adjustments	(52)		(1,033)		(2)		—		—		—		127		—		(327)
Interest income	(2)		—		(3)		—		(5)		—		—		—		(2)
Interest expense	408		1,914		—		—		—		—		—		—		—
Amortization of loan costs	31		402		—		—		—		—		—		—		—
Depreciation and amortization	15,251		9,647		16,456		5,088		14,215		6,519		3,446		9,945		17,153
Income tax expense (benefit)	—		—		—		—		—		—		—		6		—
Non-hotel EBITDA ownership expense	(3)		(782)		700		406		(36)		390		(41)		(113)		3,778
Hotel EBITDA including amounts attributable to noncontrolling interest	12,650		3,376		10,413		4,863		16,360		5,774		(965)		16,134		1,558
Non-comparable adjustments	2,337		—		—		—		—		—		138		1		1
Comparable hotel EBITDA	$	14,987	$	3,376	$	10,413	$	4,863	$	16,360	$	5,774	$	(827)	$	16,135	$	1,559

	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)	$	(1,799)	$	(1,409)	$	1,013	$	(9,349)	$	(33)	$	(24,220)	$	15,257	$	(53,858)
Non-property adjustments	—		—		—		19		(55)		—		(10,510)		(11,833)
Interest income	(1)		(1)		(2)		—		—		(3)		(5)		(24)
Interest expense	—		—		—		972		—		1,808		1,876		6,978
Amortization of loan costs	—		—		—		147		—		252		491		1,323
Depreciation and amortization	5,995		5,090		2,718		14,113		5,468		28,028		58,945		218,077
Income tax expense (benefit)	—		(3)		—		—		—		—		166		169
Non-hotel EBITDA ownership expense	123		38		232		726		(204)		523		2,404		8,141
Hotel EBITDA including amounts attributable to noncontrolling interest	4,318		3,715		3,961		6,628		5,176		6,388		68,624		168,973
Non-comparable adjustments	(1)		—		—		—		—		(12)		(290)		2,174
Comparable hotel EBITDA	$	4,317	$	3,715	$	3,961	$	6,628	$	5,176	$	6,376	$	68,334	$	171,147

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 December 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)	$	4,904	$	685	$	5,203	$	16,153	$	3,921	$	1,622	$	28,866	$	19,779	$	12,293	$	2,341	$	1,123
Non-property adjustments	—		—		(76)		—		—		(25)		(203)		(32)		—		—		—
Interest income	(22)		(14)		(1)		—		(5)		(4)		(8)		(25)		(96)		(10)		—
Interest expense	—		—		—		—		—		—		—		—		4		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	6,192		6,006		13,136		7,887		13,344		14,688		53,528		19,321		17,825		4,921		1,623
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	257		292		428		754		86		553		4,087		960		358		273		39
Hotel EBITDA including amounts attributable to noncontrolling interest	11,331		6,969		18,690		24,794		17,346		16,834		86,270		40,003		30,384		7,525		2,785
Non-comparable adjustments	—		—		—		—		—		—		—		—		(113)		—		—
Comparable hotel EBITDA	$	11,331	$	6,969	$	18,690	$	24,794	$	17,346	$	16,834	$	86,270	$	40,003	$	30,271	$	7,525	$	2,785

	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)	$	163	$	21,589	$	(2,190)	$	(346)	$	302	$	(688)	$	2,196	$	5,258	$	(405)	$	2,551	$	(4,208)
Non-property adjustments	—		(23)		—		(40)		—		—		—		—		—		—		272
Interest income	—		—		(4)		—		—		—		(10)		—		—		—		—
Interest expense	—		—		2,955		—		—		655		5,473		—		—		1,215		1,757
Amortization of loan costs	—		—		264		—		—		32		535		—		—		282		424
Depreciation and amortization	1,142		13,022		2,999		1,206		378		1,528		4,960		7,577		1,786		1,662		3,709
Income tax expense (benefit)	—		56		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(168)		247		64		29		20		72		80		105		14		63		33
Hotel EBITDA including amounts attributable to noncontrolling interest	1,137		34,891		4,088		849		700		1,599		13,234		12,940		1,395		5,773		1,987
Non-comparable adjustments	—		—		—		(849)		—		—		—		216		—		—		—
Comparable hotel EBITDA	$	1,137	$	34,891	$	4,088	$	—	$	700	$	1,599	$	13,234	$	13,156	$	1,395	$	5,773	$	1,987

	Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	574	$	653	$	(447)	$	(11)	$	(2)	$	32	$	121,911
Non-property adjustments	—		—		—		11		2		—		(114)
Interest income	—		—		—		—		—		—		(199)
Interest expense	—		—		901		—		—		70		13,030
Amortization of loan costs	—		—		150		—		—		—		1,687
Depreciation and amortization	387		477		1,772		—		—		25		201,101
Income tax expense (benefit)	79		133		—		—		—		—		268
Non-hotel EBITDA ownership expense	1		(1)		130		—		—		—		8,776
Hotel EBITDA including amounts attributable to noncontrolling interest	1,041		1,262		2,506		—		—		127		346,460
Non-comparable adjustments	—		—		—		—		—		3,485		2,739
Comparable hotel EBITDA	$	1,041	$	1,262	$	2,506	$	—	$	—	$	3,612	$	349,199

NOTES:

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