Document

EX-99.1 2 aht2023q4earningsrelease.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 2023 RESULTS

DALLAS – February 28, 2024 – 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, 2023. 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, 2023 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, 2023 with the fourth quarter and year ended December 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 1.6% to $120.25 during the quarter on a 3.4% increase in Comparable ADR and a 1.8% decrease in Comparable Occupancy.

•Net loss attributable to common stockholders was $(31.3) million or $(0.90) per diluted share for the quarter.

•Adjusted EBITDAre was $62.5 million for the quarter.

•Adjusted funds from operations (AFFO) was $(0.36) per diluted share for the quarter.

•Comparable Hotel EBITDA was $74.5 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $165.2 million and restricted cash of $146.1 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 $21.7 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 $209 million.

•Capex invested during the quarter was $37.9 million.

FULL YEAR 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 9.5% over the prior year to $130.85 on a 4.5% increase in Comparable ADR and a 4.8% increase in Comparable Occupancy.

•For the year, net loss attributable to common stockholders was $(193.7) million or $(5.61) per diluted share.

•Adjusted EBITDAre was $324.5 million for the year, which reflected a growth rate of 13% over the prior year.

AHT Reports Fourth Quarter Results

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February 28, 2024

•For the year, AFFO was $0.72 per diluted share.

•Capex invested during the year was $137.4 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company completed the transfer of ownership of the hotels that secured the KEYS F loan pool to the lender. The Company continues to work with the lender of the KEYS A and KEYS B loan pools on a consensual transfer of ownership of those hotels to the lender.

•To date, the Company has issued approximately $105 million of its non-traded preferred stock.

•Subsequent to quarter end, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising.

•Subsequent to quarter end, the Company announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million.

CAPITAL STRUCTURE

As of December 31, 2023, the Company had total loans of $3.3 billion with a blended average interest rate of 8.0%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of SOFR and the corresponding interest rate caps, approximately 92% of the Company’s debt is effectively fixed and approximately 8% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.

Subsequent to quarter end, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. As detailed in a January 31, 2024, announcement the Company currently has several assets at various stages of the sales process. The Company is unlikely to sell all of these assets, but plans to determine which assets are capturing the most attractive valuations and resulting in the largest impact to its deleveraging effort.

Subsequent to quarter end, the Company announced it is working with lenders to refinance its loan secured by the Renaissance Nashville in Nashville, Tennessee, its Morgan Stanley Pool Loan with 17 hotels located in several states, its loan secured by the Marriott Gateway in Arlington, Virginia, and its loan secured by the Indigo Atlanta in Atlanta, Georgia. The Company believes there could be substantial excess proceeds from the refinancing of the Renaissance Nashville loan which can be used to pay down the Company’s strategic financing.

Subsequent to quarter end, the Company announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million. The sale is expected to be completed in early March and is subject to normal closing conditions. The Company provides no assurances that the sale will be completed on these terms or at all. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represents a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale are expected to be used to pay down debt.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2023. 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

AHT Reports Fourth Quarter Results

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February 28, 2024

preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 3,952,573 shares of its Series J and 234,329 shares of its Series K non-traded preferred stock raising approximately $105 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,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “Reflecting continued growth in RevPAR, we believe that this solid performance reflects our high-quality, geographically diverse portfolio. As we enter 2024, we are focused on paying off our strategic corporate financing. Between the excess proceeds from planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 29, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0375. A replay of the conference call will be available through Thursday, March 7, 2024, by dialing (647) 362-9199 and entering the confirmation number, 8812029.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2023 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 Thursday, February 29, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

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, including its plans to raise sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising and to pay off its strategic financing. 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

AHT Reports Fourth Quarter Results

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February 28, 2024

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, 2023		December 31, 2022
ASSETS
Investments in hotel properties, net	$	2,951,932	$	3,118,331
Cash and cash equivalents	165,231		417,064
Restricted cash	146,079		141,962

Accounts receivable, net of allowance of $1,214 and $501, respectively	45,521		49,809
Inventories	3,679		3,856
Notes receivable, net	7,369		5,062


Investment in unconsolidated entities	9,960		19,576
Deferred costs, net	1,808		2,665
Prepaid expenses	12,806		15,981
Derivative assets, net	13,696		47,182
Operating lease right-of-use assets	44,047		43,921
Other assets	25,309		21,653
Intangible assets, net	797		797

Due from Ashford Inc., net	—		486
Due from related parties, net	—		6,570
Due from third-party hotel managers	21,664		22,462
Assets held for sale	12,383		—
Total assets	$	3,462,281	$	3,917,377

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,396,071	$	3,838,543
Finance lease liability	18,469		18,847
Other finance liability	26,858		—
Accounts payable and accrued expenses	129,323		115,970
Accrued interest payable	27,009		15,287
Dividends and distributions payable	3,566		3,118

Due to Ashford Inc., net	13,261		—

Due to related parties, net	5,874		—
Due to third-party hotel managers	1,193		1,319
Intangible liabilities, net	2,017		2,097
Operating lease liabilities	44,765		44,661

Other liabilities	3,499		4,326
Liabilities associated with assets held for sale	14,653		—
Total liabilities	3,686,558		4,044,168

Redeemable noncontrolling interests in operating partnership	22,007		21,550
Series J Redeemable Preferred Stock, $0.01 par value, 3,475,318 and 87,115 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	79,975		2,004
Series K Redeemable Preferred Stock, $0.01 par value, 194,193 and 1,800 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	4,783		44
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,159,927 and 1,174,427 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	12		12
Series F Cumulative Preferred Stock, 1,175,344 and 1,251,044 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	11		12
Series G Cumulative Preferred Stock, 1,531,996 and 1,531,996 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	15		15
Series H Cumulative Preferred Stock, 1,170,325 and 1,308,415 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	12		13
Series I Cumulative Preferred Stock, 1,160,923 and 1,252,923 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	12		13
Common stock, $0.01 par value, 400,000,000 shares authorized, 37,422,056 and 34,495,185 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	374		345
Additional paid-in capital	2,382,975		2,383,244
Accumulated deficit	(2,729,312)		(2,534,043)
Total stockholders' equity (deficit) of the Company	(345,901)		(150,389)
Noncontrolling interests in consolidated entities	14,859		—
Total equity (deficit)	(331,042)		(150,389)
Total liabilities and equity/deficit	$	3,462,281	$	3,917,377

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,
	2023		2022		2023		2022
REVENUE
Rooms	$	241,678	$	242,528	$	1,059,155	$	974,002
Food and beverage	59,886		56,954		232,829		196,663
Other	17,613		17,268		72,748		67,310
Total hotel revenue	319,177		316,750		1,364,732		1,237,975
Other	707		720		2,801		2,884
Total revenue	319,884		317,470		1,367,533		1,240,859
EXPENSES
Hotel operating expenses
Rooms	59,393		59,865		249,434		229,115
Food and beverage	40,089		39,794		161,300		140,775
Other expenses	115,595		110,649		464,058		421,056
Management fees	11,939		11,495		50,645		45,047
Total hotel operating expenses	227,016		221,803		925,437		835,993
Property taxes, insurance and other	17,346		16,049		70,226		67,338
Depreciation and amortization	46,844		49,353		187,807		201,797



Advisory services fee:
Base advisory fee	8,337		8,600		33,176		34,802
Reimbursable expenses	3,307		2,486		12,483		9,851
Stock/unit-based compensation	(367)		635		3,268		5,244

Corporate, general and administrative:
Stock/unit-based compensation	22		30		750		698
Other general and administrative	4,772		3,119		15,431		9,181
Total operating expenses	307,277		302,075		1,248,578		1,164,904
Gain (loss) on disposition of assets and hotel properties	4,045		27		11,488		300
OPERATING INCOME (LOSS)	16,652		15,422		130,443		76,255
Equity in earnings (loss) of unconsolidated entities	(419)		(353)		(1,134)		(804)
Interest income	2,223		2,624		8,978		4,777
Other income (expense), net	33		(11)		310		415
Interest expense, net of discount amortization	(92,562)		(71,662)		(353,413)		(217,323)
Amortization of loan costs	(3,101)		(2,358)		(12,735)		(9,672)
Write-off of premiums, loan costs and exit fees	(836)		(460)		(3,469)		(3,536)
Gain (loss) on extinguishment of debt	53,386		—		53,386		—

Realized and unrealized gain (loss) on derivatives	(6,690)		(3,893)		(2,200)		15,166
INCOME (LOSS) BEFORE INCOME TAXES	(31,314)		(60,691)		(179,834)		(134,722)
Income tax benefit (expense)	1,510		4,004		(900)		(6,336)
NET INCOME (LOSS)	(29,804)		(56,687)		(180,734)		(141,058)
(Income) loss attributable to noncontrolling interest in consolidated entities	6		—		6		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	401		554		2,239		1,233
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(29,397)		(56,133)		(178,489)		(139,825)
Preferred dividends	(4,631)		(3,122)		(15,921)		(12,433)
Deemed dividends on redeemable preferred stock	(680)		(946)		(2,673)		(946)
Gain (loss) on extinguishment of preferred stock	3,390		—		3,390		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(31,318)	$	(60,201)	$	(193,693)	$	(153,204)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.90)	$	(1.75)	$	(5.61)	$	(4.46)
Weighted average common shares outstanding – basic	34,818		34,374		34,523		34,339
Diluted:
Net income (loss) attributable to common stockholders	$	(0.90)	$	(1.75)	$	(5.61)	$	(4.46)
Weighted average common shares outstanding – diluted	34,818		34,374		34,523		34,339
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,
	2023		2022		2023		2022
Net income (loss)	$	(29,804)	$	(56,687)	$	(180,734)	$	(141,058)
Interest expense and amortization of discounts and loan costs, net	95,663		74,020		366,148		226,995
Depreciation and amortization	46,844		49,353		187,807		201,797
Income tax expense (benefit)	(1,510)		(4,004)		900		6,336
Equity in (earnings) loss of unconsolidated entities	419		353		1,134		804
Company's portion of EBITDA of unconsolidated entities	(74)		(222)		231		(674)
EBITDA	111,538		62,813		375,486		294,200

(Gain) loss on disposition of assets and hotel properties	(4,045)		(27)		(11,488)		(300)

EBITDAre	107,493		62,786		363,998		293,900
Amortization of unfavorable contract liabilities	(31)		43		(15)		181
Transaction and conversion costs	1,485		(472)		3,856		(2,300)
Write-off of premiums, loan costs and exit fees	836		460		3,469		3,536
Realized and unrealized (gain) loss on derivatives	6,690		8,278		2,200		(10,781)
Stock/unit-based compensation	(347)		674		4,027		5,998
Legal, advisory and settlement costs	270		1,995		1,181		1,936
Other (income) expense, net	(34)		(4,371)		(310)		(4,797)

(Gain) loss on insurance settlements	(505)		(342)		(505)		(342)

(Gain) loss on extinguishment of debt	(53,386)		—		(53,386)		—




Company's portion of adjustments to EBITDAre of unconsolidated entities	—		4		2		16
Adjusted EBITDAre	$	62,471	$	69,055	$	324,517	$	287,347

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,
	2023		2022		2023		2022
Net income (loss)	$	(29,804)	$	(56,687)	$	(180,734)	$	(141,058)
(Income) loss attributable to noncontrolling interest in consolidated entities	6		—		6		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	401		554		2,239		1,233
Preferred dividends	(4,631)		(3,122)		(15,921)		(12,433)
Deemed dividends on redeemable preferred stock	(680)		(946)		(2,673)		(946)
Gain (loss) on extinguishment of preferred stock	3,390		—		3,390		—
Net income (loss) attributable to common stockholders	(31,318)		(60,201)		(193,693)		(153,204)
Depreciation and amortization on real estate	46,844		49,353		187,807		201,797
(Gain) loss on disposition of assets and hotel properties	(4,045)		(27)		(11,488)		(300)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(401)		(554)		(2,239)		(1,233)
Equity in (earnings) loss of unconsolidated entities	419		353		1,134		804

Company's portion of FFO of unconsolidated entities	(307)		(319)		(668)		(771)
FFO available to common stockholders and OP unitholders	11,192		(11,395)		(19,147)		47,093
Deemed dividends on redeemable preferred stock	680		946		2,673		946
(Gain) loss on extinguishment of preferred stock	(3,390)		—		(3,390)		—
Transaction and conversion costs	1,485		(472)		3,856		(2,300)
Write-off of premiums, loan costs and exit fees	836		460		3,469		3,536
Unrealized (gain) loss on derivatives	16,808		8,278		44,041		(10,781)
Stock/unit-based compensation	(347)		674		4,027		5,998
Legal, advisory and settlement costs	270		1,995		1,181		1,936
Other (income) expense, net	(34)		(119)		(310)		(412)
Amortization of credit facility exit fee	4,805		3,279		18,616		11,948
Amortization of loan costs	3,101		2,358		12,735		9,672

(Gain) loss on insurance settlements	(505)		(342)		(505)		(342)
(Gain) loss on extinguishment of debt	(53,386)		—		(53,386)		—

Default interest and late fess	5,227		—		12,553		—





Company's portion of adjustments to FFO of unconsolidated entities	—		4		2		16
Adjusted FFO available to common stockholders and OP unitholders	$	(13,258)	$	5,666	$	26,415	$	67,310
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.36)	$	0.16	$	0.72	$	1.85
Weighted average diluted shares	37,046		36,437		36,685		36,372

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2023

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (16)	Interest Rate (17)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel Net Income		Comparable TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (18)		Comparable TTM Hotel EBITDA Debt Yield
KEYS Pool A - 7 hotels	June 2023	June 2023	SOFR (1) + 3.70%	$	—		$	180,720		$	180,720		(2)	$	6,926	3.8	%	$	14,120	7.8	%
KEYS Pool B - 7 hotels	June 2023	June 2023	SOFR (1) + 3.44%	—			174,400			174,400			(2)	1,748		1.0	%	8,263		4.7	%
Oaktree Capital Term Loan	January 2024	January 2026	14.00%	183,082			—			183,082			(3)	N/A		N/A		N/A		N/A
JPMorgan Chase - 8 hotels	February 2024	February 2025	SOFR (1) + 3.28%	—			345,000			345,000			(4)	10,925		3.2	%	29,670		8.6	%
BAML Princeton/Nashville - 2 hotels	March 2024	March 2026	SOFR (1) + 2.80%	—			240,000			240,000			(5)	26,403		11.0	%	39,313		16.4	%
BAML Highland Pool - 19 hotels	April 2024	April 2025	SOFR (1) + 3.51%	—			862,027			862,027			(6)	52,545		6.1	%	102,898		11.9	%
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	5,613			—			5,613				667		11.9	%	1,074		19.1	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	SOFR (1) + 2.00%	—			8,881			8,881			(7)	(20)		(0.2)	%	350		3.9	%
KEYS Pool C - 4 hotels	June 2024	June 2025	SOFR (1) + 3.90%	—			143,877			143,877			(8)	11,575		8.0	%	19,008		13.2	%
KEYS Pool D - 5 hotels	June 2024	June 2025	SOFR (1) + 4.17%	—			237,061			237,061			(8)	21,178		8.9	%	27,507		11.6	%
KEYS Pool E - 5 hotels	June 2024	June 2025	SOFR (1) + 2.90%	—			119,003			119,003			(8)	4,408		3.7	%	17,701		14.9	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	10,945			—			10,945				431		3.9	%	1,615		14.8	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	SOFR (1) + 4.76%	—			86,000			86,000			(9)	9,026		10.5	%	15,208		17.7	%
Morgan Stanley Pool - 17 hotels	November 2024	November 2024	SOFR (1) + 3.39%	—			409,750			409,750			(10)	23,797		5.8	%	44,313		10.8	%
BAML Indigo Atlanta - 1 hotel	December 2024	December 2024	SOFR (1) + 2.85%	—			13,759			13,759			(11)	(800)		(5.8)	%	1,854		13.5	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(12)	(8,207)		(22.2)	%	(496)		(1.3)	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	45,792			—			45,792				3,077		6.7	%	7,341		16.0	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	22,742			—			22,742				(941)		(4.1)	%	2,447		10.8	%
Aareal Boston Back Bay - 1 hotel	August 2025	August 2026	SOFR (1) + 3.91%	—			98,000			98,000			(13)	2,292		2.3	%	16,710		17.1	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(14)	906		0.9	%	9,148		9.3	%
Unencumbered Hotel - 1 hotel				—			—			—				987		N/A		4,282		N/A












Total				$	268,174		$	3,053,928		$	3,322,102			$	166,923	5.0	%	$	362,326	10.9	%
Percentage				8.1		%	91.9		%	100.0		%
Weighted average interest rate (15) (17)				11.02		%	7.69		%	7.96		%

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

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC and Stirling REIT OP, LP.

(1) SOFR rate was 5.35% at December 31, 2023.

(2) 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. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

(3) This term loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2024.

(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.

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

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

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

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

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

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

(11) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023.

(12) 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%.

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

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

(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, excluding loans in default.

(17) Interest rates do not include default or late payment rates in effect on some mortgage loans.

(18) 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, 2023

(dollars in thousands)

(unaudited)


	2024		2025		2026		2027		2028		Thereafter		Total
KEYS Pool A - 7 hotels	$	180,720	$	—	$	—	$	—	$	—	$	—	$	180,720
KEYS Pool B - 7 hotels	174,400		—		—		—		—		—		174,400
Key Bank Manchester CY - 1 hotel	5,571		—		—		—		—		—		5,571
Southside Bank Ashton - 1 hotel	8,881		—		—		—		—		—		8,881
Morgan Stanley Pool C2 - 2 hotels	10,774		—		—		—		—		—		10,774
Morgan Stanley Pool - 17 hotels	409,750		—		—		—		—		—		409,750
BAML Indigo Atlanta - 1 hotel	13,623		—		—		—		—		—		13,623
JPMorgan Chase - 8 hotels	—		345,000		—		—		—		—		345,000
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	—		862,027		—		—		—		—		862,027
KEYS Pool C - 4 hotels	—		143,877		—		—		—		—		143,877
KEYS Pool D - 5 hotels	—		237,061		—		—		—		—		237,061
KEYS Pool E - 5 hotels	—		119,003		—		—		—		—		119,003
Oaktree Capital Term Loan	—		—		183,082		—		—		—		183,082
BAML Princeton/Nashville - 2 hotels	—		—		240,000		—		—		—		240,000
Aareal Boston Back Bay - 1 hotel	—		—		96,000		—		—		—		96,000
Torchlight Marriott Gateway - 1 hotel	—		—		86,000		—		—		—		86,000
Aareal Le Pavillon - 1 hotel	—		—		—		35,000		—		—		35,000
Aareal Alexandria/La Posada - 2 hotels	—		—		—		—		98,450		—		98,450












Principal due in future periods	803,719		1,773,411		605,082		35,000		98,450		—		3,315,662
Scheduled amortization payments remaining	2,232		708		2,500		1,000		—		—		6,440
Total indebtedness	$	805,951	$	1,774,119	$	607,582	$	36,000	$	98,450	$	—	$	3,322,102

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC and Stirling REIT OP, LP.

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
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	241,679		$	(14,347)		$	227,332		$	241,491		$	(17,698)		$	223,793		0.08	%	1.58	%
	RevPAR	$	120.49		$	(124.48)		$	120.25		$	118.50		$	(119.87)		$	118.39		1.68	%	1.57	%
	Occupancy	66.33		%	(70.83)		%	66.06		%	67.47		%	(69.92)		%	67.28		%	(1.69)	%	(1.81)	%
	ADR	$	181.64		$	(175.74)		$	182.03		$	175.63		$	(171.44)		$	175.97		3.42	%	3.44	%


ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	1,056,897		$	(75,583)		$	981,314		$	969,502		$	(72,964)		$	896,538		9.01	%	9.46	%
	RevPAR	$	130.51		$	(126.29)		$	130.85		$	119.35		$	(116.91)		$	119.55		9.35	%	9.45	%
	Occupancy	70.63		%	(71.03)		%	70.59		%	67.53		%	(69.49)		%	67.37		%	4.59	%	4.79	%
	ADR	$	184.79		$	(177.80)		$	185.35		$	176.73		$	(168.24)		$	177.46		4.56	%	4.45	%

NOTES:

(1) The above comparable information assumes the 90 hotel properties owned and included in the Company’s operations at December 31, 2023, 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 and the four Stirling REIT OP, LP hotel properties.

(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
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	229,632		$	(14,347)		$	215,285		$	227,869		$	(17,698)		$	210,171		0.77	%	2.43	%
	RevPAR	$	119.02		$	(124.48)		$	118.67		$	116.17		$	(119.87)		$	115.87		2.45	%	2.42	%
	Occupancy	66.67		%	(70.83)		%	66.40		%	67.68		%	(69.92)		%	67.50		%	(1.49)	%	(1.62)	%
	ADR	$	178.52		$	(175.74)		$	178.71		$	171.65		$	(171.44)		$	171.67		4.00	%	4.10	%


ALL HOTELS NOT UNDER RENOVATION:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	1,005,481		$	(75,583)		$	929,898		$	916,741		$	(72,964)		$	843,777		9.68	%	10.21	%
	RevPAR	$	128.99		$	(126.29)		$	129.21		$	117.22		$	(116.91)		$	117.25		10.04	%	10.20	%
	Occupancy	71.00		%	(71.03)		%	71.00		%	67.83		%	(69.49)		%	67.68		%	4.67	%	4.90	%
	ADR	$	181.66		$	(177.80)		$	181.99		$	172.82		$	(168.24)		$	173.23		5.12	%	5.05	%

NOTES:

(1) The above comparable information assumes the 88 hotel properties owned and included in the Company’s operations at December 31, 2023, and not under renovation during the three months ended December 31, 2023, 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 and the four Stirling REIT OP, LP hotel properties.

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

(3) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

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,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	319,177		$	315,419		1.19	%	$	1,361,790		$	1,232,124		10.52	%
Non-comparable adjustments	(18,235)			(22,258)					(93,923)			(89,281)
Comparable total hotel revenue	$	300,942		$	293,161		2.65	%	$	1,267,867		$	1,142,843		10.94	%

Hotel net income (loss)	$	(130,905)		$	25,332		(616.76)	%	$	12,574		$	121,911		(89.69)	%
Non-comparable adjustments	155,287			(1,521)					150,825			(2,791)
Comparable hotel net income (loss)	$	24,382		$	23,811		2.40	%	$	163,399		$	119,120		37.17	%
Hotel net income (loss) margin	(41.01)		%	8.03		%	(49.04)	%	0.92		%	9.89		%	(8.97)	%
Comparable hotel net income margin	8.10		%	8.12		%	(0.02)	%	12.89		%	10.42		%	2.47	%

Hotel EBITDA	$	78,605		$	84,631		(7.12)	%	$	384,308		$	346,460		10.92	%
Non-comparable adjustments	(4,086)			(5,530)					(21,982)			(20,346)
Comparable hotel EBITDA	$	74,519		$	79,101		(5.79)	%	$	362,326		$	326,114		11.10	%
Hotel EBITDA margin	24.63		%	26.83		%	(2.20)	%	28.22		%	28.12		%	0.10	%
Comparable hotel EBITDA margin	24.76		%	26.98		%	(2.22)	%	28.58		%	28.54		%	0.04	%

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,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	302,322		$	296,700		1.89	%	$	1,291,883		$	1,160,890		11.28	%
Non-comparable adjustments	(18,235)			(22,258)					(93,923)			(89,281)
Comparable total hotel revenue	$	284,087		$	274,442		3.51	%	$	1,197,960		$	1,071,609		11.79	%

Hotel net income (loss)	$	(129,866)		$	23,352		(656.12)	%	$	10,758		$	114,757		(90.63)	%
Non-comparable adjustments	155,287			(1,521)					150,825			(2,791)
Comparable hotel net income (loss)	$	25,421		$	21,831		16.44	%	$	161,583		$	111,966		44.31	%
Hotel net income (loss) margin	(42.96)		%	7.87		%	(50.83)	%	0.83		%	9.89		%	(9.06)	%
Comparable hotel net income margin	8.95		%	7.95		%	1.00	%	13.49		%	10.45		%	3.04	%

Hotel EBITDA	$	74,615		$	78,603		(5.07)	%	$	365,933		$	324,121		12.90	%
Non-comparable adjustments	(4,086)			(5,530)					(21,982)			(20,346)
Comparable hotel EBITDA	$	70,529		$	73,073		(3.48)	%	$	343,951		$	303,775		13.23	%
Hotel EBITDA margin	24.68		%	26.49		%	(1.81)	%	28.33		%	27.92		%	0.41	%
Comparable hotel EBITDA margin	24.83		%	26.63		%	(1.80)	%	28.71		%	28.35		%	0.36	%

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:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

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
	2023			2023		2023			2023			2023		2023			2023			2023		2023			2023			2023		2023
	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	$	319,177		$	(18,235)	$	300,942		$	341,999		$	(26,092)	$	315,907		$	373,749		$	(26,849)	$	346,900		$	326,865		$	(22,747)	$	304,118
Hotel net income (loss)	$	(130,905)		$	155,287	$	24,382		$	44,644		$	(1,950)	$	42,694		$	64,836		$	(2,468)	$	62,368		$	33,999		$	(44)	$	33,955
Hotel net income (loss) margin	(41.01)		%			8.10		%	13.05		%			13.51		%	17.35		%			17.98		%	10.40		%			11.17		%
Hotel EBITDA	$	78,605		$	(4,086)	$	74,519		$	97,466		$	(6,317)	$	91,149		$	117,477		$	(6,989)	$	110,488		$	90,760		$	(4,590)	$	86,170
Hotel EBITDA margin	24.63		%			24.76		%	28.50		%			28.85		%	31.43		%			31.85		%	27.77		%			28.33		%

Hotel net income (loss) % of total TTM	(1,041.1)		%			14.9		%	355.1		%			26.1		%	515.6		%			38.2		%	270.4		%			20.8		%
EBITDA % of total TTM	20.5		%			20.6		%	25.4		%			25.2		%	30.6		%			30.5		%	23.5		%			23.7		%




	Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023
	TTM			TTM		TTM
Total hotel revenue	$	1,361,790		$	(93,923)	$	1,267,867
Hotel net income (loss)	$	12,574		$	150,825	$	163,399
Hotel net income (loss) margin	0.92		%			12.89		%
Hotel EBITDA	$	384,308		$	(21,982)	$	362,326
Hotel EBITDA margin	28.22		%			28.58		%

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
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	7	1,200	$	125.52	$	(136.94)	$	122.25	$	123.30	$	(272.91)	$	121.81	1.8	%	0.4	%
Boston, MA Area	2	705	235.01		—		235.01		189.22		—		189.22		24.2	%	24.2	%
Dallas / Ft. Worth, TX Area	7	1,526	100.49		—		100.49		97.49		—		97.49		3.1	%	3.1	%
Houston, TX Area	3	692	102.21		—		102.21		96.17		—		96.17		6.3	%	6.3	%
Los Angeles, CA Metro Area	6	1,619	130.85		—		130.85		124.79		—		124.79		4.9	%	4.9	%
Miami, FL Metro Area	2	414	154.01		—		154.01		172.41		—		172.41		(10.7)	%	(10.7)	%
Minneapolis - St. Paul, MN Area	2	520	63.53		—		63.53		59.31		—		59.31		7.1	%	7.1	%
Nashville, TN Area	1	673	214.14		—		214.14		205.84		—		205.84		4.0	%	4.0	%
New York / New Jersey Metro Area	5	1,394	97.00		(132.64)		91.19		91.46		(118.33)		84.73		6.1	%	7.6	%
Orlando, FL Area	2	524	106.90		—		106.90		129.73		—		129.73		(17.6)	%	(17.6)	%
Philadelphia, PA Area	2	462	79.55		(87.87)		78.13		94.96		(97.70)		93.86		(16.2)	%	(16.8)	%
San Diego, CA Area	2	410	126.43		—		126.43		113.55		—		113.55		11.3	%	11.3	%
San Francisco - Oakland, CA Metro Area	6	1,298	108.74		(140.26)		104.80		113.38		(144.75)		107.36		(4.1)	%	(2.4)	%
Tampa, FL Area	2	571	119.70		—		119.70		125.29		—		125.29		(4.5)	%	(4.5)	%
Washington D.C. - MD - VA Area	9	2,426	132.11		—		132.11		124.81		—		124.81		5.8	%	5.8	%
Other Areas	32	6,112	112.08		(111.28)		112.13		115.12		(112.35)		115.38		(2.6)	%	(2.8)	%
Total Portfolio	90	20,546	$	120.49	$	(124.48)	$	120.25	$	118.50	$	(119.87)	$	118.39	1.7	%	1.6	%

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
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	7	1,200	$	134.34	$	(140.04)	$	132.41	$	125.30	$	(322.55)	$	119.27	7.2	%	11.0	%
Boston, MA Area	2	705	240.03		—		240.03		193.42		—		193.42		24.1	%	24.1	%
Dallas / Ft. Worth, TX Area	7	1,526	107.72		—		107.72		96.65		—		96.65		11.5	%	11.5	%
Houston, TX Area	3	692	107.22		—		107.22		94.48		—		94.48		13.5	%	13.5	%
Los Angeles, CA Metro Area	6	1,619	141.33		—		141.33		129.63		—		129.63		9.0	%	9.0	%
Miami, FL Metro Area	2	414	164.91		—		164.91		168.00		—		168.00		(1.8)	%	(1.8)	%
Minneapolis - St. Paul, MN Area	2	520	73.89		—		73.89		63.96		—		63.96		15.5	%	15.5	%
Nashville, TN Area	1	673	230.33		—		230.33		214.89		—		214.89		7.2	%	7.2	%
New York / New Jersey Metro Area	5	1,394	99.85		(124.84)		94.14		85.35		(106.40)		80.08		17.0	%	17.6	%
Orlando, FL Area	2	524	121.14		—		121.14		119.27		—		119.27		1.6	%	1.6	%
Philadelphia, PA Area	2	462	92.60		(92.99)		92.46		93.25		(92.35)		93.61		(0.7)	%	(1.2)	%
San Diego, CA Area	2	410	143.74		—		143.74		131.42		—		131.42		9.4	%	9.4	%
San Francisco - Oakland, CA Metro Area	6	1,298	119.46		(146.37)		114.75		111.68		(140.73)		106.11		7.0	%	8.1	%
Tampa, FL Area	2	571	141.88		—		141.88		125.62		—		125.62		12.9	%	12.9	%
Washington D.C. - MD - VA Area	9	2,426	144.58		—		144.58		122.10		—		122.10		18.4	%	18.4	%
Other Areas	32	6,112	122.95		(118.05)		123.37		118.12		(106.92)		119.39		4.1	%	3.3	%
Total Portfolio	90	20,546	$	130.51	$	(126.29)	$	130.85	$	119.35	$	(116.91)	$	119.55	9.4	%	9.5	%

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
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	7	1,200	$	(44,447)	$	46,275	$	1,828	7.5	%	$	1,792	$	(219)	$	1,573	6.6	%	(2,580.3)	%	16.2	%
Boston, MA Area	2	705	1,110		—		1,110		4.6	%	569		—		569		2.4	%	95.1	%	95.1	%
Dallas / Ft. Worth, TX Area	7	1,526	1,528		—		1,528		6.3	%	1,467		—		1,467		6.2	%	4.2	%	4.2	%
Houston, TX Area	3	692	737		—		737		3.0	%	787		—		787		3.3	%	(6.4)	%	(6.4)	%
Los Angeles, CA Metro Area	6	1,619	2,542		—		2,542		10.4	%	2,526		—		2,526		10.6	%	0.6	%	0.6	%
Miami, FL Metro Area	2	414	1,127		—		1,127		4.6	%	1,254		—		1,254		5.3	%	(10.1)	%	(10.1)	%
Minneapolis - St. Paul, MN Area	2	520	(358)		—		(358)		(1.5)	%	(466)		—		(466)		(2.0)	%	23.2	%	23.2	%
Nashville, TN Area	1	673	5,055		—		5,055		20.7	%	4,871		—		4,871		20.5	%	3.8	%	3.8	%
New York / New Jersey Metro Area	5	1,394	(62,230)		62,852		622		2.6	%	(2,216)		(162)		(2,378)		(10.0)	%	(2,708.2)	%	126.2	%
Orlando, FL Area	2	524	489		—		489		2.0	%	1,379		—		1,379		5.8	%	(64.5)	%	(64.5)	%
Philadelphia, PA Area	2	462	3,080		(3,537)		(457)		(1.9)	%	198		(221)		(23)		(0.1)	%	1,455.6	%	(1,887.0)	%
San Diego, CA Area	2	410	620		—		620		2.5	%	(215)		—		(215)		(0.9)	%	388.4	%	388.4	%
San Francisco - Oakland, CA Metro Area	6	1,298	(25,257)		24,452		(805)		(3.3)	%	80		(415)		(335)		(1.4)	%	(31,671.3)	%	(140.3)	%
Tampa, FL Area	2	571	1,227		—		1,227		5.0	%	1,628		—		1,628		6.8	%	(24.6)	%	(24.6)	%
Washington D.C. - MD - VA Area	9	2,426	5,248		—		5,248		21.5	%	2,588		—		2,588		10.9	%	102.8	%	102.8	%
Other Areas	32	6,112	(21,376)		25,245		3,869		16.0	%	9,090		(504)		8,586		36.0	%	(335.2)	%	(54.9)	%
Total Portfolio	90	20,546	$	(130,905)	$	155,287	$	24,382	100.0	%	$	25,332	$	(1,521)	$	23,811	100.0	%	(616.8)	%	2.4	%

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
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	7	1,200	$	(37,369)	$	45,783	$	8,414	5.1	%	$	5,869	$	(1,930)	$	3,939	3.3	%	(736.7)	%	113.6	%
Boston, MA Area	2	705	8,145		—		8,145		5.0	%	5,137		—		5,137		4.3	%	58.6	%	58.6	%
Dallas / Ft. Worth, TX Area	7	1,526	9,727		—		9,727		6.0	%	6,348		—		6,348		5.3	%	53.2	%	53.2	%
Houston, TX Area	3	692	4,066		—		4,066		2.5	%	2,207		—		2,207		1.9	%	84.2	%	84.2	%
Los Angeles, CA Metro Area	6	1,619	17,730		—		17,730		10.9	%	12,418		—		12,418		10.4	%	42.8	%	42.8	%
Miami, FL Metro Area	2	414	4,650		—		4,650		2.8	%	4,065		—		4,065		3.4	%	14.4	%	14.4	%
Minneapolis - St. Paul, MN Area	2	520	(607)		—		(607)		(0.4)	%	(1,936)		(1)		(1,937)		(1.6)	%	68.6	%	68.7	%
Nashville, TN Area	1	673	23,169		—		23,169		14.2	%	20,645		—		20,645		17.3	%	12.2	%	12.2	%
New York / New Jersey Metro Area	5	1,394	(58,915)		62,928		4,013		2.5	%	(5,768)		1,355		(4,413)		(3.7)	%	(921.4)	%	190.9	%
Orlando, FL Area	2	524	3,244		—		3,244		2.0	%	2,599		—		2,599		2.2	%	24.8	%	24.8	%
Philadelphia, PA Area	2	462	3,402		(3,858)		(456)		(0.3)	%	496		(547)		(51)		—	%	585.9	%	(794.1)	%
San Diego, CA Area	2	410	4,699		—		4,699		2.9	%	3,639		—		3,639		3.1	%	29.1	%	29.1	%
San Francisco - Oakland, CA Metro Area	6	1,298	(22,461)		23,080		619		0.4	%	610		(1,016)		(406)		(0.3)	%	(3,782.1)	%	252.5	%
Tampa, FL Area	2	571	8,353		—		8,353		5.1	%	5,471		—		5,471		4.6	%	52.7	%	52.7	%
Washington D.C. - MD - VA Area	9	2,426	25,228		—		25,228		15.4	%	11,668		218		11,886		10.0	%	116.2	%	112.2	%
Other Areas	32	6,112	19,513		22,892		42,405		25.9	%	48,443		(870)		47,573		39.8	%	(59.7)	%	(10.9)	%
Total Portfolio	90	20,546	$	12,574	$	150,825	$	163,399	100.0	%	$	121,911	$	(2,791)	$	119,120	100.0	%	(89.7)	%	37.2	%

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
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	7	1,200	$	6,202	$	(1,062)	$	5,140	6.9	%	$	5,920	$	(546)	$	5,374	6.8	%	4.8	%	(4.4)	%
Boston, MA Area	2	705	5,642		—		5,642		7.6	%	4,625		—		4,625		5.8	%	22.0	%	22.0	%
Dallas / Ft. Worth, TX Area	7	1,526	5,283		—		5,283		7.1	%	5,492		—		5,492		6.9	%	(3.8)	%	(3.8)	%
Houston, TX Area	3	692	2,496		—		2,496		3.3	%	2,198		—		2,198		2.8	%	13.6	%	13.6	%
Los Angeles, CA Metro Area	6	1,619	4,943		—		4,943		6.6	%	5,419		—		5,419		6.9	%	(8.8)	%	(8.8)	%
Miami, FL Metro Area	2	414	2,503		—		2,503		3.4	%	2,835		—		2,835		3.6	%	(11.7)	%	(11.7)	%
Minneapolis - St. Paul, MN Area	2	520	444		—		444		0.6	%	340		—		340		0.4	%	30.6	%	30.6	%
Nashville, TN Area	1	673	7,606		—		7,606		10.2	%	7,483		—		7,483		9.5	%	1.6	%	1.6	%
New York / New Jersey Metro Area	5	1,394	4,557		(1,268)		3,289		4.4	%	4,845		(1,563)		3,283		4.2	%	(5.9)	%	0.2	%
Orlando, FL Area	2	524	1,541		—		1,541		2.1	%	2,558		—		2,558		3.2	%	(39.8)	%	(39.8)	%
Philadelphia, PA Area	2	462	1		271		272		0.4	%	1,295		(458)		837		1.1	%	(99.9)	%	(67.5)	%
San Diego, CA Area	2	410	1,247		—		1,247		1.7	%	472		—		472		0.6	%	164.2	%	164.2	%
San Francisco - Oakland, CA Metro Area	6	1,298	3,538		(727)		2,811		3.8	%	4,074		(1,163)		2,910		3.7	%	(13.2)	%	(3.4)	%
Tampa, FL Area	2	571	2,187		—		2,187		2.9	%	2,704		—		2,704		3.4	%	(19.1)	%	(19.1)	%
Washington D.C. - MD - VA Area	9	2,426	10,491		—		10,491		14.1	%	9,908		—		9,908		12.5	%	5.9	%	5.9	%
Other Areas	32	6,112	19,924		(1,300)		18,624		24.9	%	24,463		(1,800)		22,663		28.6	%	(18.6)	%	(17.8)	%
Total Portfolio	90	20,546	$	78,605	$	(4,086)	$	74,519	100.0	%	$	84,631	$	(5,530)	$	79,101	100.0	%	(7.1)	%	(5.8)	%

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
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	7	1,200	$	26,661	$	(5,030)	$	21,631	6.0	%	$	21,534	$	(2,314)	$	19,220	5.9	%	23.8	%	12.5	%
Boston, MA Area	2	705	25,817		—		25,817		7.1	%	19,822		—		19,822		6.1	%	30.2	%	30.2	%
Dallas / Ft. Worth, TX Area	7	1,526	25,150		—		25,150		6.9	%	22,454		—		22,454		6.9	%	12.0	%	12.0	%
Houston, TX Area	3	692	10,278		—		10,278		2.8	%	7,625		—		7,625		2.3	%	34.8	%	34.8	%
Los Angeles, CA Metro Area	6	1,619	28,641		—		28,641		7.9	%	24,503		—		24,503		7.5	%	16.9	%	16.9	%
Miami, FL Metro Area	2	414	10,243		—		10,243		2.8	%	10,411		—		10,411		3.2	%	(1.6)	%	(1.6)	%
Minneapolis - St. Paul, MN Area	2	520	2,636		—		2,636		0.7	%	1,400		—		1,400		0.4	%	88.3	%	88.3	%
Nashville, TN Area	1	673	33,273		—		33,273		9.2	%	30,862		—		30,862		9.5	%	7.8	%	7.8	%
New York / New Jersey Metro Area	5	1,394	20,067		(5,388)		14,679		4.1	%	14,132		(4,515)		9,617		2.9	%	42.0	%	52.6	%
Orlando, FL Area	2	524	7,460		—		7,460		2.1	%	7,950		—		7,950		2.4	%	(6.2)	%	(6.2)	%
Philadelphia, PA Area	2	462	3,383		(490)		2,893		0.8	%	4,765		(1,538)		3,227		1.0	%	(29.0)	%	(10.4)	%
San Diego, CA Area	2	410	7,194		—		7,194		2.0	%	6,295		—		6,295		1.9	%	14.3	%	14.3	%
San Francisco - Oakland, CA Metro Area	6	1,298	18,136		(3,951)		14,185		3.9	%	16,761		(4,326)		12,435		3.8	%	8.2	%	14.1	%
Tampa, FL Area	2	571	12,132		—		12,132		3.3	%	10,172		—		10,172		3.1	%	19.3	%	19.3	%
Washington D.C. - MD - VA Area	9	2,426	49,544		—		49,544		13.7	%	40,094		218		40,312		12.4	%	23.6	%	22.9	%
Other Areas	32	6,112	103,693		(7,123)		96,570		26.7	%	107,680		(7,871)		99,809		30.7	%	(3.7)	%	(3.2)	%
Total Portfolio	90	20,546	$	384,308	$	(21,982)	$	362,326	100.0	%	$	346,460	$	(20,346)	$	326,114	100.0	%	10.9	%	11.1	%

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

TOTAL ENTERPRISE VALUE

December 31, 2023

(in thousands, except share price)

(unaudited)



	December 31, 2023
Common stock shares outstanding	37,422
Partnership units outstanding	1,977
Combined common stock shares and partnership units outstanding	39,399
Common stock price	$	1.94
Market capitalization	$	76,434
Series D cumulative preferred stock	$	28,998
Series F cumulative preferred stock	$	29,384
Series G cumulative preferred stock	$	38,300
Series H cumulative preferred stock	$	29,258
Series I cumulative preferred stock	$	29,023
Series J redeemable preferred stock	$	86,883
Series K redeemable preferred stock	$	4,855
Indebtedness	$	3,322,102

Net working capital (see below)	$	(209,039)
Total enterprise value (TEV)	$	3,436,198






Cash and cash equivalents	$	162,869
Restricted cash	$	128,956
Accounts receivable, net	$	45,422
Prepaid expenses	$	12,178

Due from third-party hotel managers, net	$	20,769

Total current assets	$	370,194

Accounts payable, net & accrued expenses	$	151,970
Dividends and distributions payable	$	3,566
Due to affiliates, net	$	5,619
Total current liabilities	$	161,155

Net working capital	$	209,039

Amounts include assets held for sale and liabilities associated with assets held for sale.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC and Stirling REIT OP, LP.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

2024

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Courtyard Bloomington

117

Crowne Plaza La Concha Key West

160

Embassy Suites Crystal City

269

Embassy Suites Dallas

150

Embassy Suites Palm Beach

160

Hampton Inn Evansville

140

Le Pavillon New Orleans

226

Marriott Sugar Land

300

Residence Inn Phoenix Airport

200

Ritz-Carlton Atlanta

444

Residence Inn Evansville

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 2023 and 2024 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2023		2023		2023		2023		December 31, 2023
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	(130,905)	$	44,644	$	64,836	$	33,999	$	12,574
Non-property adjustments	155,688		(33)		(9)		(8)		155,638
Interest income	(421)		(383)		(248)		(100)		(1,152)
Interest expense	4,231		4,234		5,137		5,580		19,182
Amortization of loan costs	222		219		262		282		985
Depreciation and amortization	46,617		45,905		47,065		47,684		187,271
Income tax expense (benefit)	42		89		66		22		219
Non-hotel EBITDA ownership expense	3,131		2,791		368		3,301		9,591
Hotel EBITDA including amounts attributable to noncontrolling interest	78,605		97,466		117,477		90,760		384,308
Non-comparable adjustments	(4,086)		(6,317)		(6,989)		(4,590)		(21,982)
Comparable hotel EBITDA	$	74,519	$	91,149	$	110,488	$	86,170	$	362,326

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, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(129,866)	$	(1,039)	$	(130,905)	$	60	$	101,041	$	(29,804)



Non-property adjustments	155,688		—		155,688		(22)		(155,666)		—
Interest income	(391)		(30)		(421)		—		421		—
Interest expense	3,349		882		4,231		—		88,331		92,562
Amortization of loan cost	187		35		222		—		2,879		3,101
Depreciation and amortization	42,798		3,819		46,617		—		227		46,844
Income tax expense (benefit)	42		—		42		—		(1,552)		(1,510)
Non-hotel EBITDA ownership expense	2,808		323		3,131		1		(3,132)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	74,615		3,990		78,605		39		32,549		111,193



Equity in (earnings) loss of unconsolidated entities	—		—		—		—		419		419

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(74)		(74)
Hotel EBITDA attributable to the Company and OP unitholders	$	74,615	$	3,990	$	78,605	$	39	$	32,894	$	111,538
Non-comparable adjustments	(4,086)		—		(4,086)
Comparable hotel EBITDA	$	70,529	$	3,990	$	74,519

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

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)	$	23,352	$	1,980	$	25,332	$	(5)	$	(82,014)	$	(56,687)



Non-property adjustments	(400)		273		(127)		—		127		—
Interest income	(97)		—		(97)		—		97		—
Interest expense	3,927		632		4,559		—		67,103		71,662
Amortization of loan cost	250		108		358		—		2,000		2,358
Depreciation and amortization	46,197		2,984		49,181		124		48		49,353
Income tax expense (benefit)	53		—		53		—		(4,057)		(4,004)
Non-hotel EBITDA ownership expense	5,321		51		5,372		22		(5,394)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	78,603		6,028		84,631		141		(22,090)		62,682



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	$	78,603	$	6,028	$	84,631	$	141	$	(21,959)	$	62,813
Non-comparable adjustments	(5,530)		—		(5,530)
Comparable hotel EBITDA	$	73,073	$	6,028	$	79,101

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Year Ended December 31, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	10,758	$	1,816	$	12,574	$	5,190	$	(198,498)	$	(180,734)
Non-property adjustments	155,638		—		155,638		(6,411)		(149,227)		—
Interest income	(1,070)		(82)		(1,152)		—		1,152		—
Interest expense	15,798		3,384		19,182		—		334,231		353,413
Amortization of loan cost	850		135		985		—		11,750		12,735
Depreciation and amortization	174,719		12,552		187,271		164		372		187,807
Income tax expense (benefit)	219		—		219		—		681		900
Non-hotel EBITDA ownership expense	9,021		570		9,591		19		(9,610)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	365,933		18,375		384,308		(1,038)		(9,149)		374,121

Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,134		1,134

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		231		231
Hotel EBITDA attributable to the Company and OP unitholders	$	365,933	$	18,375	$	384,308	$	(1,038)	$	(7,784)	$	375,486
Non-comparable adjustments	(21,982)		—		(21,982)
Comparable hotel EBITDA	$	343,951	$	18,375	$	362,326

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

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)	$	114,757	$	7,154	$	121,911	$	691	$	(263,660)	$	(141,058)
Non-property adjustments	(386)		273		(113)		(273)		386		—
Interest income	(199)		—		(199)		(1)		200		—
Interest expense	11,272		1,758		13,030		—		204,293		217,323
Amortization of loan cost	1,264		423		1,687		—		7,985		9,672
Depreciation and amortization	188,602		12,499		201,101		501		195		201,797
Income tax expense (benefit)	268		—		268		—		6,068		6,336
Non-hotel EBITDA ownership expense	8,543		232		8,775		68		(8,843)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	324,121		22,339		346,460		986		(53,376)		294,070

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	$	324,121	$	22,339	$	346,460	$	986	$	(53,246)	$	294,200
Non-comparable adjustments	(20,346)		—		(20,346)
Comparable hotel EBITDA	$	303,775	$	22,339	$	326,114

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2023
	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)	$	(44,447)	$	1,110	$	1,528	$	737	$	2,542	$	1,127	$	(358)	$	5,055	$	(62,230)



Non-property adjustments	46,396		—		—		—		—		—		—		(459)		63,234
Interest income	(41)		(57)		(6)		—		(38)		(13)		—		(24)		(12)
Interest expense	817		2,314		—		—		—		—		—		—		—
Amortization of loan costs	6		142		—		—		—		—		—		—		—
Depreciation and amortization	3,295		1,953		3,647		1,689		2,472		1,216		741		2,519		3,395
Income tax expense (benefit)	—		—		—		—		—		—		—		24		—
Non-hotel EBITDA ownership expense	176		180		114		70		(33)		173		61		491		170

Hotel EBITDA including amounts attributable to noncontrolling interest	6,202		5,642		5,283		2,496		4,943		2,503		444		7,606		4,557
Non-comparable adjustments	(1,062)		—		—		—		—		—		—		—		(1,268)
Comparable hotel EBITDA	$	5,140	$	5,642	$	5,283	$	2,496	$	4,943	$	2,503	$	444	$	7,606	$	3,289

	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)	$	489	$	3,080	$	620	$	(25,257)	$	1,227	$	5,248	$	(21,376)	$	(130,905)



Non-property adjustments	—		(3,869)		—		24,800		—		—		25,586		155,688
Interest income	(21)		(7)		(18)		(14)		—		(131)		(39)		(421)
Interest expense	—		—		—		218		—		—		882		4,231
Amortization of loan costs	—		—		—		39		—		—		35		222
Depreciation and amortization	1,040		678		602		3,472		894		5,296		13,708		46,617
Income tax expense (benefit)	—		—		—		—		—		—		18		42
Non-hotel EBITDA ownership expense	33		119		43		280		66		78		1,110		3,131

Hotel EBITDA including amounts attributable to noncontrolling interest	1,541		1		1,247		3,538		2,187		10,491		19,924		78,605
Non-comparable adjustments	—		271		—		(727)		—		—		(1,300)		(4,086)
Comparable hotel EBITDA	$	1,541	$	272	$	1,247	$	2,811	$	2,187	$	10,491	$	18,624	$	74,519

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
	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	(546)		—		—		—		—		—		—		—		(1,562)
Comparable hotel EBITDA	$	5,374	$	4,625	$	5,492	$	2,198	$	5,419	$	2,835	$	340	$	7,483	$	3,283

	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	—		(458)		—		(1,164)		—		—		(1,800)		(5,530)
Comparable hotel EBITDA	$	2,558	$	837	$	472	$	2,910	$	2,704	$	9,908	$	22,663	$	79,101

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, 2023
	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)	$	(52,723)	$	8,145	$	9,727	$	4,066	$	17,730	$	4,650	$	(607)	$	23,169	$	(58,915)
Non-property adjustments	61,806		—		—		—		—		—		—		(459)		63,234
Interest income	(117)		(152)		(17)		—		(116)		(32)		—		(38)		(44)
Interest expense	3,224		8,891		—		—		—		—		—		—		—
Amortization of loan costs	23		559		—		—		—		—		—		—		—
Depreciation and amortization	13,847		8,046		15,110		5,479		10,104		5,316		3,039		9,988		15,202
Income tax expense (benefit)	—		—		—		—		—		—		—		99		—
Non-hotel EBITDA ownership expense	530		328		330		733		923		309		204		514		590
Hotel EBITDA including amounts attributable to noncontrolling interest	26,590		25,817		25,150		10,278		28,641		10,243		2,636		33,273		20,067
Non-comparable adjustments	(4,959)		—		—		—		—		—		—		—		(5,388)
Comparable hotel EBITDA	$	21,631	$	25,817	$	25,150	$	10,278	$	28,641	$	10,243	$	2,636	$	33,273	$	14,679

	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)	$	3,244	$	3,402	$	4,699	$	(22,461)	$	8,353	$	25,228	$	(3,998)	$	(26,291)
Non-property adjustments	—		(3,869)		—		24,800		—		23		48,965		194,500
Interest income	(73)		(24)		(56)		(53)		—		(305)		(125)		(1,152)
Interest expense	—		—		—		873		—		1,943		4,251		19,182
Amortization of loan costs	—		—		—		154		—		114		135		985
Depreciation and amortization	4,268		3,284		2,378		13,579		3,669		22,235		51,493		187,037
Income tax expense (benefit)	—		—		—		—		—		—		120		219
Non-hotel EBITDA ownership expense	21		590		173		1,244		110		306		2,685		9,590
Hotel EBITDA including amounts attributable to noncontrolling interest	7,460		3,383		7,194		18,136		12,132		49,544		103,526		384,070
Non-comparable adjustments	—		(490)		—		(3,951)		—		—		(6,956)		(21,744)
Comparable hotel EBITDA	$	7,460	$	2,893	$	7,194	$	14,185	$	12,132	$	49,544	$	96,570	$	362,326

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	(2,314)		—		—		—		—		—		—		—		(4,515)
Comparable hotel EBITDA	$	19,220	$	19,822	$	22,454	$	7,625	$	24,503	$	10,411	$	1,400	$	30,862	$	9,617

	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	—		(1,538)		—		(4,326)		—		218		(7,871)		(20,346)
Comparable hotel EBITDA	$	7,950	$	3,227	$	6,295	$	12,435	$	10,172	$	40,312	$	99,809	$	326,114

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, 2023
	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)	$	6,926	$	1,748	$	11,575	$	21,178	$	4,408	$	(156,192)	$	52,545	$	23,797	$	10,925	$	3,077	$	956
Non-property adjustments	—		—		(3,869)		—		(45)		160,096		—		—		—		—		—
Interest income	(126)		(59)		(31)		—		—		(40)		(291)		(146)		(198)		(68)		—
Interest expense	—		—		—		—		—		—		—		—		2		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	7,008		6,172		11,473		5,988		12,123		12,185		48,671		18,985		17,711		4,287		2,194
Income tax expense (benefit)	—		—		—		—		1		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	312		402		351		341		1,214		344		1,973		1,677		1,230		45		66
Hotel EBITDA including amounts attributable to noncontrolling interest	14,120		8,263		19,499		27,507		17,701		16,393		102,898		44,313		29,670		7,341		3,216
Non-comparable adjustments	—		—		(491)		—		—		(16,393)		—		—		—		—		(3,216)
Comparable hotel EBITDA	$	14,120	$	8,263	$	19,008	$	27,507	$	17,701	$	—	$	102,898	$	44,313	$	29,670	$	7,341	$	—

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	431	$	26,403	$	906	$	(20)	$	(800)	$	2,292	$	9,026	$	(69)	$	(8,207)	$	667	$	860
Non-property adjustments	—		(460)		24		—		—		—		—		—		—		—		—
Interest income	—		(39)		—		—		—		—		(154)		—		—		—		—
Interest expense	—		—		2,806		—		1,211		8,891		—		—		3,384		—		—
Amortization of loan costs	—		—		114		—		24		558		—		—		135		—		—
Depreciation and amortization	942		12,655		5,187		343		1,456		4,689		6,299		1,123		4,042		360		352
Income tax expense (benefit)	—		99		—		—		—		—		—		—		—		29		90
Non-hotel EBITDA ownership expense	242		655		111		27		(37)		280		37		18		150		18		6
Hotel EBITDA including amounts attributable to noncontrolling interest	1,615		39,313		9,148		350		1,854		16,710		15,208		1,072		(496)		1,074		1,308
Non-comparable adjustments	—		—		—		—		—		—		—		(1,072)		—		—		(1,308)
Comparable hotel EBITDA	$	1,615	$	39,313	$	9,148	$	350	$	1,854	$	16,710	$	15,208	$	—	$	(496)	$	1,074	$	—

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		BAML - 4 Pack-Stirling		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(941)	$	93	$	3	$	987	$	12,574
Non-property adjustments	—		(108)		—		—		155,638
Interest income	—		—		—		—		(1,152)
Interest expense	874		—		—		2,014		19,182
Amortization of loan costs	154		—		—		—		985
Depreciation and amortization	2,261		(5)		234		536		187,271
Income tax expense (benefit)	—		—		—		—		219
Non-hotel EBITDA ownership expense	99		3		1		26		9,591
Hotel EBITDA including amounts attributable to noncontrolling interest	2,447		(17)		238		3,563		384,308
Non-comparable adjustments	—		17		(238)		719		(21,982)
Comparable hotel EBITDA	$	2,447	$	—	$	—	$	4,282	$	362,326

NOTES:

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