Ashford Hospitality Trust Results

Ashford Trust Reports First Quarter 2017 Results

Comparable RevPAR for all Hotels Increased 3.4% - Comparable RevPAR for all Hotels Not Under Renovation Increased 4.5% - Comparable Hotel EBITDA Margin for all Hotels Not Under Renovation Increased 91 bps - Comparable Hotel EBITDA Flow-Through for all Hotels Not Under Renovation was 61%

Ashford Hospitality Trust

Ashford Hospitality Trust, Inc. (NYSE:  AHT) last week reported financial results and performance measures for the first quarter ended March 31, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of March 31, 2017 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the first quarter ended March 31, 2017, with the first quarter ended March 31, 2016 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW 

  • Opportunistic focus on upper-upscale, full-service hotels 
  • Targets moderate debt levels of approximately 55 - 60% net debt/gross assets 
  • Highly-aligned management team and advisory structure 
  • One of the highest long-term total shareholder returns in the industry 
  • Attractive dividend yield of approximately 7.5% 
  • Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of: 
    • working capital needs at property and corporate levels 
    • hedging against a downturn in the economy or hotel fundamentals 
    • being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders was $33.2 million or $0.35 per diluted share for the quarter 
  • Comparable RevPAR for all hotels increased 3.4% during the quarter 
  • Comparable RevPAR for all hotels not under renovation increased 4.5% during the quarter 
  • Comparable Hotel EBITDA Margin for all hotels not under renovation increased 91 basis points for the quarter 
  • Comparable Hotel EBITDA flow-through for all hotels not under renovation was 61% for the quarter 
  • Adjusted EBITDA was $100.8 million for the quarter 
  • Adjusted funds from operations (AFFO) was $0.32 per diluted share for the quarter 
  • The Company's common stock is currently trading at an approximate 7.5% dividend yield 
  • Appointed Douglas A. Kessler as President and Chief Executive Officer 
  • Capex invested in the quarter was $57 million

UPDATE ON PUBLIC OFFER TO ACQUIRE FELCOR LODGING TRUST

On May 3, 2017, the Company announced that it is no longer seeking to merge with FelCor Lodging Trust Inc. (NYSE:  FCH) ("FelCor").  In addition, the Company commented that it has withdrawn its preliminary proxy and proposed slate consisting of seven independent directors for election to FelCor's Board of Directors.

APPOINTMENT OF DOUGLAS A. KESSLER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER 

On February 21, 2017, the Company announced that its Board of Directors had appointed Douglas A. Kessler as President and Chief Executive Officer of the Company. Monty J. Bennett, the Company's previous Chief Executive Officer, remains Chairman of the Board of Ashford Trust.  In order to provide greater focus to the Company, on April 27, 2017, Mr. Kessler resigned from the Board of Directors of Ashford Hospitality Prime (NYSE:  AHP) ("Ashford Prime") and no longer is President of Ashford Prime.

CAPITAL STRUCTURE 

At March 31, 2017, the Company had total assets of $4.8 billion.  As of March 31, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.6%.  

PORTFOLIO REVPAR 

As of March 31, 2017, the portfolio consisted of 121 properties.  During the first quarter of 2017, 107 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 121 hotels) and comparable not under renovation basis (107 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 3.4% to $119.23 for all hotels on a 2.4% increase in ADR and a 1.0% increase in occupancy 
  • Comparable RevPAR increased 4.5% to $120.96 for hotels not under renovation on a 2.3% increase in ADR and a 2.1% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 121 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND 

On March 14, 2017, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the first quarter ending March 31, 2017, payable on April 17, 2017, to shareholders of record as of March 31, 2017.

"While we are disappointed that a transaction with FelCor did not materialize, we hope our shareholders appreciate the financial and strategic discipline that we showed during this process," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We are solely focused on creating value for our shareholders and are not interested in pursuing transactions simply for the sake of growth.  Operationally, we delivered strong performance during the first quarter -- which continues to highlight the quality and diversity of our portfolio and our exceptional asset management capabilities. Looking ahead, we remain highly aligned with our shareholders and believe we are well positioned to capitalize on future opportunities."

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)

March 31,

December 31,

2017

2016

ASSETS

Investments in hotel properties, net

$             4,152,741

$             4,160,563

Cash and cash equivalents

306,670

347,091

Restricted cash

165,262

144,014

Marketable securities

50,382

53,185

Accounts receivable, net of allowance of $586 and $690, respectively

59,740

44,629

Inventories

4,494

4,530

Investment in securities investment fund

-

50,890

Investment in Ashford Inc.

5,165

5,873

Investment in OpenKey

2,559

2,016

Deferred costs, net

2,834

2,846

Prepaid expenses

24,668

17,578

Derivative assets

1,884

3,614

Other assets

13,627

11,718

Intangible asset, net

10,032

10,061

Due from Ashford Prime OP, net

6

-

Due from related party, net

1,392

-

Due from AQUA U.S. Fund

2,579

-

Due from third-party hotel managers

18,583

13,348

Assets held for sale

-

19,588

Total assets

$             4,822,618

$             4,891,544

LIABILITIES AND EQUITY

Liabilities:

Indebtedness

$             3,720,040

$             3,723,559

Accounts payable and accrued expenses

152,695

126,986

Dividends payable

25,786

24,765

Unfavorable management contract liabilities

1,035

1,380

Due to Ashford Inc., net

15,750

15,716

Due to Ashford Prime OP, net

-

488

Due to related party, net

-

1,001

Due to third-party hotel managers

2,667

2,714

Intangible liabilities, net

16,106

16,195

Derivative liabilities, net

198

-

Other liabilities

17,439

16,548

Liabilities associated with assets held for sale

-

37,047

Total liabilities

3,951,716

3,966,399

Redeemable noncontrolling interests in operating partnership

111,320

132,768

Equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized -

Series A Cumulative Preferred Stock 1,657,206 shares issued and outstanding at

March 31, 2017 and December 31, 2016

17

17

Series D Cumulative Preferred Stock 9,468,706 shares issued and outstanding at

March 31, 2017 and December 31, 2016

95

95

Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at

March 31, 2017 and December 31, 2016

48

48

Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at

March 31, 2017 and December 31, 2016

62

62

Common stock, $0.01 par value, 200,000,000 shares authorized, 97,019,295 and 96,376,827

shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 

970

964

Additional paid-in capital

1,763,675

1,764,450

Accumulated deficit

(1,006,010)

(974,015)

Total shareholders' equity of the Company

758,857

791,621

Noncontrolling interests in consolidated entities

725

756

Total equity

759,582

792,377

Total liabilities and equity

$             4,822,618

$             4,891,544

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 Three Months Ended 

 March 31, 

2017

2016

REVENUE

Rooms

$    276,705

$    290,615

Food and beverage

62,850

63,055

Other

13,766

13,709

Total hotel revenue

353,321

367,379

Other

388

393

Total revenue

353,709

367,772

EXPENSES

Hotel operating expenses

Rooms

59,873

63,102

Food and beverage

42,170

43,101

Other expenses

108,040

113,137

Management fees 

12,826

13,695

Total hotel operating expenses

222,909

233,035

Property taxes, insurance and other

18,333

18,612

Depreciation and amortization

64,698

62,162

Impairment charges

-

(111)

Transaction costs

3

95

Advisory services fee:

Base advisory fee

8,716

8,540

Reimbursable expenses

1,522

1,463

Non-cash stock/unit-based compensation

403

900

Corporate, general and administrative:

Other general and administrative

5,170

1,673

Total operating expenses

321,754

326,369

OPERATING INCOME (LOSS)

31,955

41,403

Equity in earnings (loss) of unconsolidated entities

(763)

(3,585)

Interest income

208

63

Gain (loss) on sale of hotel properties

(83)

(114)

Other income (expense), net

(3,120)

(252)

Interest expense, net of premium amortization

(49,959)

(49,765)

Amortization of loan costs

(5,346)

(6,178)

Write-off of loan costs and exit fees

(54)

-

Unrealized gain (loss) on marketable securities

(3,346)

-

Unrealized gain (loss) on derivatives

1,418

6,918

INCOME (LOSS) BEFORE INCOME TAXES

(29,090)

(11,510)

Income tax benefit (expense)

846

(629)

NET INCOME (LOSS)

(28,244)

(12,139)

(Income) loss from consolidated entities attributable to noncontrolling interest

31

38

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

5,924

2,112

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(22,289)

(9,989)

Preferred dividends

(10,956)

(8,490)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$    (33,245)

$    (18,479)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Net income (loss) attributable to common stockholders

$        (0.35)

$        (0.20)

Weighted average common shares outstanding – basic

94,840

94,136

Diluted:

Net income (loss) attributable to common stockholders

$        (0.35)

$        (0.20)

Weighted average common shares outstanding – diluted

94,840

94,136

Dividends declared per common share:

$          0.12

$          0.12

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

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

 (in thousands) 

 (unaudited) 

 Three Months Ended 

 March 31, 

2017

2016

 Net income (loss) 

$      (28,244)

$      (12,139)

 (Income) loss from consolidated entities attributable to noncontrolling interest 

31

38

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

5,924

2,112

 Net income (loss) attributable to the Company 

(22,289)

(9,989)

Interest income

(208)

(63)

Interest expense and amortization of premiums and loan costs, net

55,276

55,913

Depreciation and amortization 

64,635

62,101

Income tax expense (benefit)

(848)

629

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

(5,924)

(2,112)

Equity in (earnings) loss of unconsolidated entities

815

519

Company's portion of EBITDA of Ashford Inc.

(384)

115

Company's portion of EBITDA of OpenKey

(124)

-

 EBITDA available to the Company and OP unitholders 

90,949

107,113

Amortization of unfavorable contract liabilities

(384)

(494)

Impairment charges

-

(111)

(Gain) loss on sale of hotel properties

83

114

Write-off of loan costs and exit fees

54

-

Other (income) expense, net 

3,120

252

Transaction, acquisition and management conversion costs

2,676

218

Legal judgment and related legal costs

108

24

Unrealized (gain) loss on marketable securities

3,346

-

Unrealized (gain) loss on derivatives

(1,418)

(6,918)

Dead deal costs

4

(3)

Non-cash stock/unit-based compensation

428

984

Company's portion of (gain) loss of investment in securities investment fund

(52)

3,066

Company's portion of adjustments to EBITDA of Ashford Inc.

1,883

748

Company's portion of adjustments to EBITDA of OpenKey

1

-

 Adjusted EBITDA available to the Company and OP unitholders 

$      100,798

$      104,993

 

 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 

 March 31, 

2017

2016

 Net income (loss) 

$      (28,244)

$      (12,139)

 (Income) loss from consolidated entities attributable to noncontrolling interest 

31

38

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

5,924

2,112

 Preferred dividends 

(10,956)

(8,490)

 Net income (loss) attributable to common stockholders 

(33,245)

(18,479)

Depreciation and amortization on real estate

64,635

62,101

(Gain) loss on sale of hotel properties

83

114

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

(5,924)

(2,112)

Equity in (earnings) loss of unconsolidated entities

815

519

Company's portion of FFO of Ashford Inc.

(709)

(155)

Company's portion of FFO of OpenKey

(125)

-

 FFO available to common stockholders and OP unitholders 

25,530

41,988

Write-off of loan costs and exit fees

54

-

Other impairment charges

-

(111)

Other (income) expense, net 

3,120

252

Transaction, acquisition and management conversion costs

2,676

218

Legal judgment and related legal costs

108

24

Unrealized (gain) loss on marketable securities

3,346

-

Unrealized (gain) loss on derivatives

(1,418)

(6,918)

Dead deal costs

4

(3)

Non-cash stock/unit-based compensation

428

984

Company's portion of (gain) loss of investment in securities investment fund

(52)

3,066

Company's portion of adjustments to FFO of Ashford Inc.

1,883

748

Company's portion of adjustments to FFO of OpenKey

1

-

 Adjusted FFO available to common stockholders and OP unitholders 

$        35,680

$        40,248

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

$            0.32

$            0.36

 Weighted average diluted shares 

112,562

113,306

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2017

(dollars in thousands)

(unaudited)

 Comparable 

 Comparable 

 Fixed-Rate 

 Floating-Rate 

 Total 

 TTM Hotel 

 TTM EBITDA 

Indebtedness

Maturity

Interest Rate

 Debt 

 Debt 

 Debt 

EBITDA(11)

 Debt Yield 

 Cantor Commercial Real Estate Memphis - 1 hotel 

April 2017

LIBOR + 4.95%

$                      -

$              33,300

(1)

$              33,300

$                   3,366

10.1%

 Column Financial - 23 hotels 

April 2017

LIBOR + 4.39%

-

1,050,374

(2)(3)

1,050,374

115,456

11.0%

 JPM Lakeway - 1 hotel 

May 2017

LIBOR + 5.10%

-

25,100

(4)

25,100

3,269

13.0%

 BAML Le Pavillon - 1 hotel 

June 2017

LIBOR + 5.10%

-

43,750

(4)

43,750

2,406

5.5%

 US Bank Indigo Atlanta - 1 hotel 

June 2017

5.98%

15,654

-

15,654

2,316

14.8%

 Morgan Stanley - 8 hotels 

July 2017

LIBOR + 4.09%

-

144,000

(4)

144,000

11,948

8.3%

 Morgan Stanley Ann Arbor - 1 hotel 

July 2017

LIBOR + 4.15%

-

35,200

(4)

35,200

3,726

10.6%

 BAML W Atlanta - 1 hotel 

July 2017

LIBOR + 5.10%

-

40,500

(4)

40,500

5,230

12.9%

 Morgan Stanley Pool A - 6 hotels 

August 2017

LIBOR + 4.35%

-

280,421

(5)(6)

280,421

36,180

12.9%

 Morgan Stanley Pool B - 4 hotels 

August 2017

LIBOR + 4.38%

-

52,530

(5)

52,530

7,189

13.7%

 BAML Pool - 17 hotels 

December 2017

LIBOR + 5.52%

-

412,500

(7)

412,500

50,364

12.2%

 Morgan Stanley Boston Back Bay - 1 hotel 

January 2018

4.38%

95,677

-

95,677

14,622

15.3%

 Morgan Stanley Princeton/Nashville - 2 hotels 

January 2018

4.44%

104,511

-

104,511

30,737

29.4%

 BAML Pool 1 & 2 - 8 hotels 

January 2018

LIBOR + 4.95%

-

376,800

(8)

376,800

46,268

12.3%

 Morgan Stanley MIP - 5 hotels 

February 2018

LIBOR + 4.75%

-

200,000

(9)

200,000

23,097

11.5%

 NorthStar HGI Wisconsin Dells - 1 hotel 

August 2018

LIBOR + 4.95%

-

12,000

(10)

12,000

1,520

12.7%

 JPMorgan Chase - 18 hotels 

October 2018

LIBOR + 4.55% 

-

450,000

(7)

450,000

63,439

14.1%

 Omni American Bank Ashton - 1 hotel 

July 2019

4.00%

5,411

-

5,411

1,055

19.5%

 GACC Gateway - 1 hotel 

November 2020

6.26%

96,446

-

96,446

14,844

15.4%

 Deutsche Bank W Minneapolis - 1 hotel 

May 2023

5.46%

54,455

-

54,455

6,917

12.7%

 GACC Jacksonville RI - 1 hotel 

January 2024

5.49%

10,336

-

10,336

1,768

17.1%

 GACC Manchester RI - 1 hotel 

January 2024

5.49%

7,082

-

7,082

1,404

19.8%

 Key Bank Manchester CY - 1 hotel 

May 2024

4.99%

6,613

-

6,613

970

14.7%

 Morgan Stanley Pool C1 - 3 hotels 

August 2024

5.20%

66,915

-

66,915

7,867

11.8%

 Morgan Stanley Pool C2 - 2 hotels 

August 2024

4.85%

12,380

-

12,380

2,262

18.3%

 Morgan Stanley Pool C3 - 3 hotels 

August 2024

4.90%

24,742

-

24,742

3,676

14.9%

 BAML Pool 3 - 3 hotels 

February 2025

4.45%

52,982

-

52,982

8,553

16.1%

 BAML Pool 5 - 2 hotels 

February 2025

4.45%

20,484

-

20,484

2,939

14.3%

 Unencumbered hotels 

-

-

-

2,121

N/A

$            573,688

$         3,156,475

$         3,730,163

$               475,509

12.7%

 Percentage 

15.4%

84.6%

100.0%

 Weighted average interest rate 

5.03%

5.65%

5.55%

All indebtedness is non-recourse.

(1) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.

(2) This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.

(3)This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017. 

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

(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2016.

(6)This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017.

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

(8)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2017.

(9)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20%.  The second one-year extension period began in February 2017.

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

(11)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 

 March 31, 2017 

 (in thousands) 

 (unaudited) 

2017

2018

2019

2020

2021

 Thereafter 

 Total 

 US Bank Indigo Atlanta - 1 hotel 

$         15,583

$                 -

$                 -

$                 -

$                   -

$                    -

$             15,583

 Morgan Stanley Boston Back Bay - 1 hotel 

-

94,226

-

-

-

-

94,226

 Morgan Stanley Princeton/Nashville - 2 hotels 

-

103,106

-

-

-

-

103,106

 Omni American Bank Ashton - 1 hotel 

-

-

5,168

-

-

-

5,168

 Morgan Stanley MIP - 5 hotels 

-

-

200,000

-

-

-

200,000

 Morgan Stanley Pool A - 6 hotels 

-

-

280,421

-

-

-

280,421

 Morgan Stanley Pool B - 4 hotels 

-

-

52,530

-

-

-

52,530

 GACC Gateway - 1 hotel 

-

-

-

89,886

-

-

89,886

 BAML Pool 1 & 2 - 8 hotels 

-

-

-

376,800

-

-

376,800

 Cantor Commercial Real Estate Memphis - 1 hotel 

-

-

-

33,300

-

-

33,300

 JPM Lakeway - 1 hotel 

-

-

-

25,100

-

-

25,100

 BAML Le Pavillon - 1 hotel 

-

-

-

43,750

-

-

43,750

 Morgan Stanley - 8 hotels 

-

-

-

144,000

-

-

144,000

 Morgan Stanley Ann Arbor - 1 hotel 

-

-

-

35,200

-

-

35,200

 BAML W Atlanta - 1 hotel 

-

-

-

40,500

-

-

40,500

 NorthStar HGI Wisconsin Dells - 1 hotel 

-

-

-

12,000

-

-

12,000

 Column Financial - 23 hotels 

-

-

-

-

1,050,374

-

1,050,374

 BAML Pool - 17 hotels 

-

-

-

-

412,500

-

412,500

 GACC Jacksonville RI - 1 hotel 

-

-

-

-

-

9,036

9,036

 GACC Manchester RI - 1 hotel 

-

-

-

-

-

6,191

6,191

 Key Bank Manchester CY - 1 hotel 

-

-

-

-

-

5,671

5,671

 Morgan Stanley Pool C - 8 hotels 

-

-

-

-

-

90,889

90,889

 BAML Pool 3 - 3 hotels 

-

-

-

-

-

44,160

44,160

 BAML Pool 5 - 2 hotels 

-

-

-

-

-

17,073

17,073

 Deutsche Bank W Minneapolis - 1 hotel 

-

-

-

-

-

47,711

47,711

 JPMorgan Chase - 18 hotels 

-

-

-

-

-

450,000

450,000

 Principal due in future periods 

$         15,583

$       197,332

$       538,119

$       800,536

$       1,462,874

$          670,731

$        3,685,175

 Scheduled amortization payments remaining 

7,054

6,136

6,442

6,331

4,953

14,072

44,988

 Total indebtedness 

$         22,637

$       203,468

$       544,561

$       806,867

$       1,467,827

$          684,803

$        3,730,163

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS 

(unaudited)

ALL HOTELS:

Three Months Ended

March 31,

Actual

Non-comparable

 adjustments

Comparable

Actual

Non-comparable

 adjustments

Comparable

Actual

Comparable

2017

2017

2017

2016

2016

2016

% Variance

% Variance

Rooms revenue (in thousands)

$       275,387

$                (1,218)

$       274,169

$       289,094

$               (21,042)

$       268,052

(4.74%)

2.28%

RevPAR

$        118.65

$                (56.72)

$        119.23

$        113.55

$                 (95.28)

$        115.29

4.49%

3.42%

Occupancy

74.56%

(53.22%)

74.75%

74.38%

(78.47%)

73.99%

0.24%

1.03%

ADR

$        159.15

$              (106.57)

$        159.50

$        152.67

$               (121.41)

$        155.82

4.24%

2.36%

NOTES:

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. 

(2)

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

ALL HOTELS

Three Months Ended

NOT UNDER RENOVATION:

March 31,

Actual

Non-comparable

 adjustments

Comparable

Actual

Non-comparable

 adjustments

Comparable

Actual

Comparable

2017

2017

2017

2016

2016

2016

% Variance

% Variance

Rooms revenue (in thousands)

$       242,272

$                (1,218)

$       241,054

$       254,392

$               (21,042)

$       233,350

(4.76%)

3.30%

RevPAR

$        120.27

$                (56.72)

$        120.96

$        113.77

$                 (95.28)

$        115.80

5.71%

4.46%

Occupancy

75.75%

(53.22%)

75.99%

74.85%

(78.47%)

74.46%

1.20%

2.05%

ADR

$        158.77

$              (106.57)

$        159.17

$        152.00

$               (121.41)

$        155.53

4.45%

2.34%

NOTES:

(1)

The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at March 31, 2017, and not under renovation during the three months ended March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2)

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

(3)

Excluded Hotels Under Renovation: 

Courtyard Columbus Tipton Lakes, Hampton Inn Pittsburgh Meadow Lands, Residence Inn Lake Buena Vista, Courtyard Basking Ridge, Hampton Inn Parsippany, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Suites Market Center, Residence Inn Stillwater, Hilton Boston Back Bay, Marriott Crystal Gateway, Marriott Omaha, Hilton Garden Inn Wisconsin Dells

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 HOTEL EBITDA 

 (dollars in thousands) 

 (unaudited) 

 ALL HOTELS: 

 Three Months Ended 

March 31,

2017

2016

 % Variance 

 Total hotel revenue 

$       351,598

$     365,517

(3.81%)

 Non-comparable adjustments 

(1,592)

(23,630)

 Comparable total hotel revenue 

$       350,006

$     341,887

2.37%

 Hotel EBITDA 

$       113,473

$     117,096

(3.09%)

 Non-comparable adjustments 

91

(8,066)

 Comparable Hotel EBITDA 

$       113,564

$     109,030

4.16%

 Hotel EBITDA Margin 

32.27%

32.04%

0.23%

 Comparable Hotel EBITDA Margin 

32.45%

31.89%

0.56%

 Hotel EBITDA adjustments attributable to consolidated noncontrolling interests 

$                63

$              56

12.50%

 Hotel EBITDA attributable to the Company and OP unitholders 

$       113,410

$     117,040

(3.10%)

 Comparable Hotel EBITDA attributable to the Company and OP unitholders 

$       113,501

$     108,974

4.15%

 NOTES: 

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. 

(2)

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

(3)

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

 ALL HOTELS 

 Three Months Ended 

 NOT UNDER RENOVATION: 

March 31,

2017

2016

 % Variance 

 Total hotel revenue 

$       308,023

$     320,208

(3.81%)

 Non-comparable adjustments 

(1,592)

(23,630)

 Comparable total hotel revenue 

$       306,431

$     296,578

3.32%

 Hotel EBITDA 

$       101,408

$     103,592

(2.11%)

 Non-comparable adjustments 

91

(8,066)

 Comparable Hotel EBITDA 

$       101,499

$       95,526

6.25%

 Hotel EBITDA Margin 

32.92%

32.35%

0.57%

 Comparable Hotel EBITDA Margin 

33.12%

32.21%

0.91%

 Hotel EBITDA adjustments attributable to consolidated noncontrolling interests 

$                63

$              56

12.50%

 Hotel EBITDA attributable to the Company and OP unitholders 

$       101,345

$     103,536

(2.12%)

 Comparable Hotel EBITDA attributable to the Company and OP unitholders 

$       101,436

$       95,470

6.25%

 NOTES: 

(1)

The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at March 31, 2017, and not under renovation during the three months ended March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2)

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

(3)

Excluded Hotels Under Renovation:

Courtyard Columbus Tipton Lakes, Hampton Inn Pittsburgh Meadow Lands, Residence Inn Lake Buena Vista, Courtyard Basking Ridge, Hampton Inn Parsippany, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Suites Market Center, Residence Inn Stillwater, Hilton Boston Back Bay, Marriott Crystal Gateway, Marriott Omaha, Hilton Garden Inn Wisconsin Dells

(4)

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

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

THE FOLLOWING SEASONALITY TABLE REFLECTS THE 121 HOTEL PROPERTIES INCLUDED IN THE COMPANY'S OPERATIONS AT MARCH 31, 2017:

Actual

Non-

comparable

 adjustments

Comparable

Actual

Non-

comparable

 adjustments

Comparable

Actual

Non-

comparable

 adjustments

Comparable

Actual

Non-

comparable

 adjustments

Comparable

2017

2017

2017

2016

2016

2016

2016

2016

2016

2016

2016

2016

1st Quarter

1st Quarter

1st Quarter

4th Quarter

4th Quarter

4th Quarter

3rd Quarter

3rd Quarter

3rd Quarter

2nd Quarter

2nd Quarter

2nd Quarter

Total Hotel Revenue

$            351,598

$             (1,592)

$            350,006

$            339,937

$             (4,559)

$            335,378

$            369,943

$             (9,014)

$            360,929

$            408,510

$          (18,456)

$            390,054

Hotel EBITDA

$            113,473

$                     91

$            113,564

$            103,480

$                (887)

$            102,593

$            121,975

$             (2,423)

$            119,552

$            145,303

$            (5,503)

$            139,800

Hotel EBITDA Margin

32.27%

32.45%

30.44%

30.59%

32.97%

33.12%

35.57%

35.84%

EBITDA % of Total TTM

23.4%

23.9%

21.4%

21.6%

25.2%

25.1%

30.0%

29.4%

JV Interests in EBITDA

$                     63

$                    -

$                     63

$                     79

$                    -

$                     79

$                   114

$                     -

$                   114

$                   100

$                   -

$                   100

Actual

Non-

comparable

 adjustments

Comparable

2017

2017

2017

TTM

TTM

TTM

Total Hotel Revenue

$         1,469,988

$           (33,621)

$         1,436,367

Hotel EBITDA

$            484,231

$             (8,722)

$            475,509

Hotel EBITDA Margin

32.94%

33.10%

EBITDA % of Total TTM

100.0%

100.0%

JV Interests in EBITDA

$                   356

$                      -

$                   356

NOTES:

 

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. 

 

(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 March 31,

Number of

 Hotels

Number of

 Rooms

Actual

Non-comparable

 adjustments

Comparable

Actual

Non-comparable

 adjustments

Comparable

Actual

Comparable

Region

2017

2017

2017

2016

2016

2016

% Variance

% Variance

Atlanta, GA Area

10

1,920

$         122.01

$                      -

$         122.01

$         116.50

$                (98.23)

$              117.93

4.7%

3.5%

Boston, MA Area

3

915

107.68

-

107.68

109.78

-

109.78

(1.9%)

(1.9%)

Dallas / Ft. Worth Area

7

1,518

114.83

-

114.83

115.98

-

115.98

(1.0%)

(1.0%)

Houston, TX Area

3

692

114.43

-

114.43

107.46

-

107.46

6.5%

6.5%

Los Angeles, CA Metro Area

6

1,619

139.88

-

139.88

137.58

(138.60)

137.40

1.7%

1.8%

Miami, FL Metro Area

3

587

177.35

-

177.35

185.00

-

185.00

(4.1%)

(4.1%)

Minneapolis - St. Paul, MN-WI Area

4

809

108.20

-

108.20

105.39

-

105.39

2.7%

2.7%

Nashville, TN Area

1

673

194.77

-

194.77

172.99

-

172.99

12.6%

12.6%

New York / New Jersey Metro Area

6

1,741

99.92

-

99.92

93.12

(75.14)

94.63

7.3%

5.6%

Orlando, FL Area

3

734

126.73

-

126.73

112.41

(102.31)

127.53

12.7%

(0.6%)

Philadelphia, PA Area

3

648

80.30

-

80.30

83.28

-

83.28

(3.6%)

(3.6%)

San Diego, CA Area

2

410

112.69

-

112.69

110.91

-

110.91

1.6%

1.6%

San Francisco - Oakland, CA Metro Area

6

1,368

148.55

-

148.55

146.37

-

146.37

1.5%

1.5%

Tampa, FL Area

3

680

152.23

-

152.23

140.09

-

140.09

8.7%

8.7%

Washington DC - MD - VA Area

9

2,308

132.59

-

132.59

111.01

(48.30)

115.42

19.4%

14.9%

Other Areas

52

8,931

103.26

(56.72)

104.51

101.11

(78.59)

102.59

2.1%

1.9%

Total Portfolio

121

25,553

$         118.65

$               (56.72)

$         119.23

$         113.55

$                (95.28)

$              115.29

4.5%

3.4%

NOTES:

 

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. 

 

(2)

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

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(unaudited)

Three Months Ended March 31,

Number of

 Hotels

Number of

 Rooms

Actual

Non-comparable

 adjustments

Comparable

% of Total

Actual

Non-comparable

 adjustments

Comparable

% of Total

Actual

Comparable

Region

2017

2017

2017

2016

2016

2016

% Variance

% Variance

Atlanta, GA Area

10

1,920

$            8,240

$                        -

$            8,240

7.3%

$                  8,151

$                  (513)

$            7,638

7.0%

1.1%

7.9%

Boston, MA Area

3

915

2,346

-

2,346

2.1%

2,391

-

2,391

2.2%

(1.9%)

(1.9%)

Dallas / Ft. Worth Area

7

1,518

7,008

-

7,008

6.2%

7,445

-

7,445

6.8%

(5.9%)

(5.9%)

Houston, TX Area

3

692

3,428

-

3,428

3.0%

3,288

-

3,288

3.0%

4.3%

4.3%

Los Angeles, CA Metro Area

6

1,619

9,888

(14)

9,874

8.7%

11,356

(1,793)

9,563

8.8%

(12.9%)

3.3%

Miami, FL Metro Area

3

587

4,776

-

4,776

4.2%

5,260

-

5,260

4.8%

(9.2%)

(9.2%)

Minneapolis - St. Paul, MN-WI Area

4

809

2,297

-

2,297

2.0%

2,368

2,368

2.2%

(3.0%)

(3.0%)

Nashville, TN Area

1

673

6,696

-

6,696

5.9%

5,488

-

5,488

5.0%

22.0%

22.0%

New York / New Jersey Metro Area

6

1,741

5,761

1

5,762

5.1%

5,551

(318)

5,233

4.8%

3.8%

10.1%

Orlando, FL Area

3

734

3,559

-

3,559

3.1%

7,853

(4,323)

3,530

3.2%

(54.7%)

0.8%

Philadelphia, PA Area

3

648

974

-

974

0.9%

1,103

-

1,103

1.0%

(11.7%)

(11.7%)

San Diego, CA Area

2

410

1,520

-

1,520

1.3%

1,659

-

1,659

1.5%

(8.4%)

(8.4%)

San Francisco - Oakland, CA Metro Area

6

1,368

8,043

-

8,043

7.1%

8,059

-

8,059

7.4%

(0.2%)

(0.2%)

Tampa, FL Area

3

680

5,101

-

5,101

4.5%

4,555

-

4,555

4.2%

12.0%

12.0%

Washington DC - MD - VA Area

9

2,308

10,561

(1)

10,560

9.3%

8,646

(15)

8,631

7.9%

22.1%

22.3%

Other Areas

52

8,931

33,275

105

33,380

29.3%

33,923

(1,104)

32,819

30.2%

(1.9%)

1.7%

Total Portfolio

121

25,553

$        113,473

$                      91

$        113,564

100.0%

$              117,096

$               (8,066)

$        109,030

100.0%

(3.1%)

4.2%

$

$

$

$

$

$

NOTES:

        (1)      The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. 

        (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 

March 31, 2017

 (in thousands except share price) 

 (unaudited) 

 March 31, 

2017

 End of quarter common shares outstanding 

97,019

 Partnership units outstanding (common share equivalents)* 

20,113

 Combined common shares and partnership units outstanding 

117,132

 Common stock price at quarter end 

$                                    6.37

 Market capitalization at quarter end 

$                              746,133

 Series A preferred stock 

$                                41,430

 Series D preferred stock 

$                              236,718

 Series F preferred stock 

$                              120,000

 Series G preferred stock 

$                              155,000

 Debt on balance sheet date 

$                           3,730,163

 Joint venture partner's share of consolidated debt 

$                                (2,054)

 Net working capital (see below) 

$                            (467,502)

Total enterprise value (TEV)

$                           4,559,888

Ashford Inc. Investment:

Common stock owned at end of quarter

598

Common stock price at quarter end

$                                  59.00

Market value of Ashford Inc. investment

$                                35,292

Cash and cash equivalents

$                              306,577

Restricted cash

$                              165,127

Accounts receivable, net

$                                59,720

Prepaid expenses

$                                24,644

Investment in securities 

$                                50,382

Due from affiliates, net

$                              (11,773)

Due from third-party hotel managers, net

$                                15,925

Market value of Ashford Inc. investment

$                                35,292

Total current assets

$                              645,894

Accounts payable, net & accrued expenses

$                              152,606

Dividends payable

$                                25,786

Total current liabilities

$                              178,392

Net working capital**

$                              467,502

 * Total units outstanding = 21.2 million; impacted by current conversion factor. 

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

 

Ashford Hospitality Trust, Inc. and Subsidiaries

Anticipated Capital Expenditures Calendar (a)

2017

Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Actual

Estimated

Estimated

Estimated

Courtyard Columbus Tipton Lakes

90

x

Hampton Inn Pittsburgh Meadow Lands

103

x

Residence Inn Lake Buena Vista

210

x

Courtyard Basking Ridge

235

x

x

Hampton Inn Parsippany

152

x

x

Homewood Suites Pittsburgh Southpointe

148

x

x

Hyatt Regency Savannah

351

x

x

Le Pavillon Hotel

226

x

x

Marriott Suites Market Center

265

x

x

Residence Inn Stillwater

101

x

x

Marriott DFW Airport

491

x

Courtyard Crystal City Reagan Airport

272

x

Courtyard Denver Airport

202

x

Courtyard Gaithersburg

210

x

Embassy Suites Philadelphia Airport

263

x

Embassy Suites Santa Clara Silicon Valley

257

x

Le Meridien Chambers Minneapolis

60

x

Residence Inn Jacksonville

120

x

Ritz-Carlton Atlanta

444

x

Sheraton Anchorage

370

x

SpringHill Suites Centreville

136

x

Hilton Boston Back Bay

390

x

x

Embassy Suites Orlando Airport

174

x

x

Hilton Garden Inn Jacksonville

119

x

x

Residence Inn Tampa Downtown

109

x

x

Sheraton City Center - Indianapolis

378

x

x

SpringHill Suites Kennesaw

90

x

x

Marriott RTP

225

x

x

x

Marriott Crystal Gateway

701

x

x

x

x

Marriott Omaha

300

x

x

x

x

Embassy Suites Walnut Creek

249

x

x

x

Hilton Tampa Westshore

238

x

x

Renaissance Nashville

673

x

x

Renaissance Palm Springs

410

x

x

Residence Inn Orlando Sea World

350

x

x

Marriott San Antonio Plaza

251

x

Hilton Garden Inn Wisconsin Dells

128

x

x

Hampton Inn Suites Columbus Easton

145

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

2017

2016

2016

2016

March 31, 2017

1st Quarter

4th Quarter

3rd Quarter

2nd Quarter

TTM

Net income (loss)

$      48,795

$     31,581

$     55,743

$    106,459

$             242,578

(Income) loss from consolidated entities attributable to noncontrolling

interests

2

(32)

(45)

(35)

(110)

Net income (loss) attributable to the Company

48,797

31,549

55,698

106,424

242,468

Non-property adjustments

83

5,650

3,591

(23,094)

(13,770)

Interest income

(32)

(23)

(11)

(12)

(78)

Interest expense

482

484

479

469

1,914

Amortization of loan costs

126

124

121

119

490

Depreciation and amortization

62,509

61,294

60,020

59,922

243,745

Income tax expense (benefit)

17

25

15

19

76

Non-Hotel EBITDA ownership expense

1,493

4,345

2,017

1,421

9,276

Income (loss) from consolidated entities attributable to noncontrolling

interests

(2)

32

45

35

110

Hotel EBITDA including amounts attributable to noncontrolling interest

113,473

103,480

121,975

145,303

484,231

Non-comparable adjustments

91

(887)

(2,423)

(5,503)

(8,722)

Comparable Hotel EBITDA

$     113,564

$   102,593

$   119,552

$    139,800

$             475,509

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

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

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three months Ended March 31, 2017

Hotel

 Properties

 Not Under

 Renovation

Hotel

 Properties

 Under

 Renovation

Hotel

 Total

Orlando

 WorldQuest

 Resort

Corporate /

 Allocated

Ashford

 Hospitality

 Trust Inc.

Net income (loss)

$      47,242

$        1,553

$     48,795

$            409

$     (77,448)

$       (28,244)

(Income) loss from consolidated entities

attributable to noncontrolling interests

2

-

2

-

29

31

Net (income) loss attributable to redeemable

noncontrolling interests in operating partnership

-

-

-

-

5,924

5,924

Net income (loss) attributable to the Company

47,244

1,553

48,797

409

(71,495)

(22,289)

Non-property adjustments

83

-

83

-

(83)

-

Interest income

(32)

-

(32)

-

(176)

(208)

Interest expense

482

-

482

-

49,477

49,959

Amortization of loan costs

126

-

126

-

5,220

5,346

Depreciation and amortization

52,028

10,481

62,509

113

2,076

64,698

Income tax expense (benefit)

17

-

17

-

(863)

(846)

Non-Hotel EBITDA ownership expense

1,462

31

1,493

5

(1,498)

-

Income (loss) from consolidated entities attributable to

noncontrolling interests

(2)

-

(2)

-

2

-

Hotel EBITDA including amounts attributable to

noncontrolling interest

101,408

12,065

113,473

527

(17,340)

96,660

Less: EBITDA adjustments attributable to non-

controlling interest

(65)

-

(65)

-

(29)

(94)

(Income) loss from consolidated entities

attributable to noncontrolling interests

2

-

2

-

(2)

-

Net income (loss) attributable to redeemable

noncontrolling interest in operating partnership

-

-

-

-

(5,924)

(5,924)

Equity in (earnings) loss of unconsolidated entities

-

-

-

-

815

815

Company's portion of EBITDA of Ashford Inc.

-

-

-

-

(384)

(384)

Company's portion of EBITDA of OpenKey

-

-

-

-

(124)

(124)

Hotel EBITDA attributable to the Company and

OP unitholders

$    101,345

$      12,065

$   113,410

$            527

$     (22,988)

$        90,949

Non-comparable adjustments

91

-

91

Comparable Hotel EBITDA

$    101,499

$      12,065

$   113,564

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three months Ended December 31, 2016

Hotel

 Properties

 Not Under

 Renovation

Hotel

 Properties

 Under

 Renovation

Hotel

 Total

Orlando

 WorldQuest

 Resort

Corporate /

 Allocated

Ashford

 Hospitality

 Trust Inc.

Net income (loss)

$      28,452

$        3,129

$     31,581

$            162

$     (88,383)

$       (56,640)

(Income) loss from consolidated entities

attributable to noncontrolling interests

(32)

-

(32)

-

30

(2)

Net (income) loss attributable to redeemable

noncontrolling interests in operating partnership

-

-

-

-

9,738

9,738

Net income (loss) attributable to the Company

28,420

3,129

31,549

162

(78,615)

(46,904)

Non-property adjustments

5,745

(95)

5,650

-

(5,650)

-

Interest income

(23)

-

(23)

-

(79)

(102)

Interest expense

484

-

484

-

49,219

49,703

Amortization of loan costs

124

-

124

-

5,973

6,097

Depreciation and amortization

51,396

9,898

61,294

109

49

61,452

Income tax expense (benefit)

(49)

74

25

-

291

316

Non-Hotel EBITDA ownership expense

4,021

324

4,345

(7)

(4,338)

-

Income (loss) from consolidated entities

attributable to noncontrolling interests

32

-

32

-

(32)

-

Hotel EBITDA including amounts attributable to

noncontrolling interest

90,150

13,330

103,480

264

(33,182)

70,562

Less: EBITDA adjustments attributable to non-

controlling interest

(47)

-

(47)

-

(43)

(90)

(Income) loss from consolidated entities

attributable to noncontrolling interests

(32)

-

(32)

-

32

-

Net income (loss) attributable to redeemable

noncontrolling interest in operating partnership

-

-

-

-

(9,738)

(9,738)

Equity in (earnings) loss of unconsolidated entities

-

-

-

-

(107)

(107)

Company's portion of EBITDA of Ashford Inc.

-

-

-

-

387

387

Company's portion of EBITDA of OpenKey

-

-

-

-

(109)

(109)

-

Hotel EBITDA attributable to the Company and

OP unitholders

$      90,071

$      13,330

$   103,401

$            264

$     (42,760)

$        60,905

Non-comparable adjustments

(887)

-

(887)

Comparable Hotel EBITDA

$      89,263

$      13,330

$   102,593

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three months Ended September 30, 2016

Hotel

 Properties

 Not Under

 Renovation

Hotel

 Properties

 Under

 Renovation

Hotel

 Total

Orlando

 WorldQuest

 Resort

Corporate /

 Allocated

Ashford

 Hospitality

 Trust Inc.

Net income (loss)

$      49,197

$        6,546

$     55,743

$            241

$     (81,122)

$       (25,138)

(Income) loss from consolidated entities

attributable to noncontrolling interests

(45)

-

(45)

-

29

(16)

Net (income) loss attributable to redeemable

noncontrolling interests in operating partnership

-

-

-

-

4,151

4,151

Net income (loss) attributable to the Company

49,152

6,546

55,698

241

(76,942)

(21,003)

Non-property adjustments

3,591

-

3,591

-

(3,591)

-

Interest income

(11)

-

(11)

-

(81)

(92)

Interest expense

479

-

479

-

49,634

50,113

Amortization of loan costs

121

-

121

-

5,528

5,649

Depreciation and amortization

51,073

8,947

60,020

101

49

60,170

Income tax expense (benefit)

15

-

15

-

(31)

(16)

Non-Hotel EBITDA ownership expense

1,876

141

2,017

51

(2,068)

-

Income (loss) from consolidated entities

attributable to noncontrolling interests

45

-

45

-

(45)

-

Hotel EBITDA including amounts attributable to

noncontrolling interest

106,341

15,634

121,975

393

(27,547)

94,821

Less: EBITDA adjustments attributable to non-

controlling interest

(69)

-

(69)

-

(23)

(92)

(Income) loss from consolidated entities

attributable to noncontrolling interests

(45)

-

(45)

-

45

-

Net income (loss) attributable to redeemable

noncontrolling interest in operating partnership

-

-

-

-

(4,151)

(4,151)

Equity in (earnings) loss of unconsolidated entities

-

-

-

-

85

85

Company's portion of EBITDA of Ashford Inc.

-

-

-

-

165

165

Company's portion of EBITDA of OpenKey

-

-

-

-

-

-

-

-

-

Hotel EBITDA attributable to the Company and

OP unitholders

$    106,227

$      15,634

$   121,861

$            393

$     (31,426)

$        90,828

Non-comparable adjustments

(2,423)

(2,423)

Comparable Hotel EBITDA

$    103,918

$      15,634

$   119,552

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three months Ended June 30, 2016

Hotel

 Properties

 Not Under

 Renovation

Hotel

 Properties

 Under

 Renovation

Hotel

 Total

Orlando

 WorldQuest

 Resort

Corporate /

 Allocated

Ashford

 Hospitality

 Trust Inc.

Net income (loss)

$      93,798

$      12,661

$   106,459

$            383

$     (71,707)

$        35,135

(Income) loss from consolidated entities

attributable to noncontrolling interests

(35)

-

(35)

-

29

(6)

Net (income) loss attributable to redeemable

noncontrolling interests in operating partnership

-

-

-

-

(4,376)

(4,376)

Net income (loss) attributable to the Company

93,763

12,661

106,424

383

(76,054)

30,753

Non-property adjustments

(23,094)

-

(23,094)

-

23,094

-

Interest income

(12)

-

(12)

-

(62)

(74)

Interest expense

469

-

469

-

49,820

50,289

Amortization of loan costs

119

-

119

-

6,054

6,173

Depreciation and amortization

51,540

8,382

59,922

109

48

60,079

Income tax expense (benefit)

19

-

19

-

584

603

Non-Hotel EBITDA ownership expense

1,465

(44)

1,421

2

(1,423)

-

Income (loss) from consolidated entities

attributable to noncontrolling interests

35

-

35

-

(35)

-

Hotel EBITDA including amounts attributable to

noncontrolling interest

124,304

20,999

145,303

494

2,026

147,823

Less: EBITDA adjustments attributable to non-

controlling interest

(65)

-

(65)

-

(28)

(93)

(Income) loss from consolidated entities

attributable to noncontrolling interests

(35)

-

(35)

-

39

4

Net income (loss) attributable to redeemable

noncontrolling interest in operating partnership

-

-

-

-

4,376

4,376

Equity in (earnings) loss of unconsolidated entities

-

-

-

-

355

355

Company's portion of EBITDA of Ashford Inc.

-

-

-

-

(487)

(487)

Company's portion of EBITDA of OpenKey

-

-

-

-

-

-

-

Hotel EBITDA attributable to the Company and

OP unitholders

$    124,204

$      20,999

$   145,203

$            494

$        6,281

$      151,978

Non-comparable adjustments

(5,503)

-

(5,503)

Comparable Hotel EBITDA

$    118,801

$      20,999

$   139,800

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three months Ended March 31, 2016

Hotel

 Properties

 Not Under

 Renovation

Hotel

 Properties

 Under

 Renovation

Hotel

 Total

Orlando

 WorldQuest

 Resort

Corporate /

 Allocated

Ashford

 Hospitality

 Trust Inc.

Net income (loss)

$      47,745

$        5,272

$     53,017

$            447

$     (65,603)

$       (12,139)

(Income) loss from consolidated entities

attributable to noncontrolling interests

9

-

9

-

29

38

Net (income) loss attributable to redeemable

noncontrolling interests in operating partnership

-

-

-

-

2,112

2,112

Net income (loss) attributable to the Company

47,754

5,272

53,026

447

(63,462)

(9,989)

Non-property adjustments

-

114

114

-

(114)

-

Interest income

(10)

(1)

(11)

-

(52)

(63)

Interest expense

467

-

467

-

49,298

49,765

Amortization of loan costs

118

-

118

-

6,060

6,178

Depreciation and amortization

53,733

8,245

61,978

135

49

62,162

Income tax expense (benefit)

26

-

26

-

603

629

Non-Hotel EBITDA ownership expense

1,513

(126)

1,387

(1)

(1,386)

-

Income (loss) from consolidated entities

attributable to noncontrolling interests

(9)

-

(9)

-

9

-

Hotel EBITDA including amounts attributable to

noncontrolling interest

103,592

13,504

117,096

581

(8,995)

108,682

Less: EBITDA adjustments attributable to non-

controlling interest

(65)

-

(65)

-

(30)

(95)

(Income) loss from consolidated entities

attributable to noncontrolling interests

9

-

9

-

(5)

4

Net income (loss) attributable to redeemable

noncontrolling interest in operating partnership

-

-

-

-

(2,112)

(2,112)

Equity in (earnings) loss of unconsolidated entities

-

-

-

-

519

519

Company's portion of EBITDA of Ashford Inc.

-

-

-

-

115

115

Company's portion of EBITDA of OpenKey

-

-

-

-

-

-

-

Hotel EBITDA attributable to the Company and

OP unitholders

$    103,536

$      13,504

$   117,040

$            581

$     (10,508)

$      107,113

Non-comparable adjustments

(8,066)

-

(8,066)

Comparable Hotel EBITDA

$      95,526

$      13,504

$   109,030

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of 

        the beginning of each of the periods presented.  Non-comparable adjustments include results from hotel properties sold during the period.

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2017

Atlanta, GA

 Area

Boston,

 MA Area

Dallas / Ft.

 Worth 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

Orlando, FL

 Area

Philadelphia,

 PA Area

San Diego,

 CA Area

San

 Francisco -

 Oakland,

 CA Metro

 Area

Tampa, FL

 Area

Washington

 DC - MD -

 VA Area

Other Areas

Total

 Portfolio

Net income (loss)

$        4,354

$      (1,030)

$          3,897

$       1,638

$          5,639

$       2,613

$            (392)

$        4,479

$         1,313

$        2,150

$           (460)

$          487

$        5,758

$       3,756

$          4,619

$         9,974

$         48,795

(Income) loss from consolidated entities attributable to noncontrolling

interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

2

Net (income) loss attributable to redeemable noncontrolling interests in

operating partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

4,354

(1,030)

3,897

1,638

5,639

2,613

(392)

4,479

1,313

2,150

(460)

487

5,758

3,756

4,619

9,976

48,797

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

83

83

Interest income

-

-

(1)

-

(1)

-

(17)

-

(2)

(2)

-

-

(4)

-

(3)

(2)

(32)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

482

482

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

126

126

Depreciation and amortization

3,824

3,340

3,048

1,809

4,239

1,750

2,679

2,207

4,437

1,409

1,384

1,028

2,251

1,343

6,125

21,636

62,509

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17

17

Non-Hotel EBITDA ownership expense

62

36

64

(19)

11

413

27

10

13

2

50

5

38

2

(180)

959

1,493

Income (loss) from consolidated entities attributable to noncontrolling

interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(2)

(2)

EBITDA including amounts attributable to noncontrolling interest

8,240

2,346

7,008

3,428

9,888

4,776

2,297

6,696

5,761

3,559

974

1,520

8,043

5,101

10,561

33,275

113,473

Non-comparable adjustments

-

-

-

-

(14)

-

-

-

1

-

-

-

-

-

(1)

105

91

Comparable Hotel EBITDA

$        8,240

$       2,346

$          7,008

$       3,428

$          9,874

$       4,776

$           2,297

$        6,696

$         5,762

$        3,559

$            974

$       1,520

$        8,043

$       5,101

$        10,560

$       33,380

$       113,564

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2016

Atlanta, GA

 Area

Boston,

 MA Area

Dallas / Ft.

 Worth 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

Orlando, FL

 Area

Philadelphia,

 PA Area

San Diego,

 CA Area

San

 Francisco -

 Oakland,

 CA Metro

 Area

Tampa, FL

 Area

Washington DC

 - MD -

 VA Area

Other Areas

Total

 Portfolio

Net income (loss)

$        4,182

$         (862)

$          4,414

$       1,550

$          6,484

$       3,881

$              (72)

$        3,251

$            773

$        5,471

$           (226)

$          588

$        5,462

$       3,139

$          3,730

$       11,252

$         53,017

(Income) loss from consolidated entities attributable to noncontrolling

interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

9

Net (income) loss attributable to redeemable noncontrolling interests in

operating partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

4,182

(862)

4,414

1,550

6,484

3,881

(72)

3,251

773

5,471

(226)

588

5,462

3,139

3,730

11,261

53,026

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

114

114

Interest income

-

-

-

-

-

-

-

-

(2)

(2)

-

-

(1)

-

(4)

(2)

(11)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

467

467

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

118

118

Depreciation and amortization

3,848

3,112

3,022

1,736

4,885

1,329

2,425

2,243

4,699

2,303

1,326

1,049

2,455

1,365

5,160

21,021

61,978

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26

26

Non-Hotel EBITDA ownership expense

121

141

9

2

(13)

50

15

(6)

81

81

3

22

143

51

(240)

927

1,387

Income (loss) from consolidated entities attributable to noncontrolling

interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(9)

(9)

EBITDA including amounts attributable to noncontrolling interest

8,151

2,391

7,445

3,288

11,356

5,260

2,368

5,488

5,551

7,853

1,103

1,659

8,059

4,555

8,646

33,923

117,096

Non-comparable adjustments

(513)

-

-

-

(1,793)

-

-

-

(318)

(4,323)

-

-

-

-

(15)

(1,104)

(8,066)

Comparable Hotel EBITDA

$        7,638

$       2,391

$          7,445

$       3,288

$          9,563

$       5,260

$           2,368

$        5,488

$         5,233

$        3,530

$         1,103

$       1,659

$        8,059

$       4,555

$          8,631

$       32,819

$       109,030

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(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)

Twelve Months Ended March 31,2017

 BAML Pool 1

 & 2 - 8 hotels 

 Morgan

 Stanley MIP

 - 5 hotels 

 Cantor

 Commercial

 Real Estate -

 1 hotel 

 Column

 Financial - 23

 hotels 

 JPM Lakeway

 - 1 hotel 

 BAML Le

 Pavillon - 1

 hotel 

 US Bank

 Indigo

 Atlanta - 1

 hotel 

 Morgan

 Stanley - 8

 hotels 

 Morgan

 Stanley Ann

 Arbor - 1

 hotel 

 BAML W

 Atlanta - 1

 hotel 

 Morgan

 Stanley Pool

 A - 6 hotels 

 Morgan

 Stanley Pool

 B - 4 hotels 

 BAML Pool -

 17 hotels 

 Morgan

 Stanley Boston

 Back Bay - 1

 hotel 

 Morgan

 Stanley

 Princeton/

 Nashville -

 2 hotels 

 NorthStar HGI

 Wisconsin

 Dells - 1 hotel 

Net income (loss)

$          25,251

$       10,197

$          (871)

$           41,818

$                796

$       (1,028)

$            862

$            724

$           1,837

$           2,227

$         13,439

$          (1,851)

$         21,844

$               8,909

$        19,479

$                  602

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

25,251

10,197

(871)

41,818

796

(1,028)

862

724

1,837

2,227

13,439

(1,851)

21,844

8,909

19,479

602

Non-property adjustments

(225)

-

-

9,127

-

-

-

-

-

-

4,135

5,262

(135)

-

-

-

Interest income

(26)

(11)

-

-

-

-

-

-

-

-

-

-

(7)

-

-

-

Interest expense

2

-

1,863

-

-

-

-

49

-

-

-

-

-

-

-

-

Amortization of loan costs

-

-

490

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

20,881

12,614

1,868

64,158

2,389

2,978

1,417

10,834

1,871

2,948

18,536

4,531

25,991

5,406

11,202

797

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Hotel EBITDA ownership expense

385

297

16

2,381

84

456

37

341

18

55

1,899

159

2,671

307

56

121

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hotel EBITDA including amounts attributable to noncontrolling interest

46,268

23,097

3,366

117,484

3,269

2,406

2,316

11,948

3,726

5,230

38,009

8,101

50,364

14,622

30,737

1,520

Non-comparable adjustments

-

-

-

(2,028)

-

-

-

-

-

-

(1,829)

(912)

-

-

-

-

Comparable Hotel EBITDA

$          46,268

$       23,097

$         3,366

$         115,456

$             3,269

$         2,406

$         2,316

$       11,948

$           3,726

$           5,230

$         36,180

$           7,189

$         50,364

$             14,622

$        30,737

$               1,520

 JP Morgan -

 18 hotels 

 Omni

 American

 Bank - 1

 hotel 

 GACC

 Gateway - 1

 hotel 

 Deutsche

 Bank W

 Minneapolis -

 1 hotel 

 GACC

 Jacksonville

 RI - 1 hotel 

 GACC

 Manchester

 RI - 1 hotel 

 Key Bank

 Manchester

 CY - 1 hotel 

 Morgan

 Stanley Pool

 C1 - 3 hotels 

 Morgan

 Stanley Pool

 C2 - 2 hotels 

 Morgan

 Stanley Pool

 C3 - 3 hotels 

 BAML Pool

 3 - 3 hotels 

 BAML Pool

 5 - 2 hotels 

 BAML Pool

 4 - 2 hotels 

 NorthStar

 Gainesville - 1

 hotel 

 Wachovia 5 -

5  hotels 

 Unencumbered

 hotels 

 Total Portfolio 

Net income (loss)

$          35,659

$            585

$         7,970

$             3,598

$                776

$            531

$            274

$         4,570

$           1,782

$           2,303

$           4,589

$           2,076

$           8,378

$               2,124

$        24,025

$                 (897)

$           242,578

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

(76)

(34)

-

-

-

-

-

-

-

-

-

(110)

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

35,659

585

7,970

3,598

776

455

240

4,570

1,782

2,303

4,589

2,076

8,378

2,124

24,025

(897)

242,468

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(7,506)

(1,590)

(22,838)

-

(13,770)

Interest income

(13)

-

-

(14)

-

-

-

-

-

-

(4)

-

-

-

-

(3)

(78)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,914

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

490

Depreciation and amortization

27,329

460

8,019

3,322

881

900

679

3,229

444

1,328

3,941

846

321

348

380

2,897

243,745

Income tax expense (benefit)

104

-

-

-

-

(36)

8

-

-

-

-

-

-

-

-

-

76

Non-Hotel EBITDA ownership expense

360

10

(1,145)

11

111

9

9

68

36

45

27

17

2

20

289

124

9,276

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

76

34

-

-

-

-

-

-

-

-

-

110

Hotel EBITDA including amounts attributable to noncontrolling interest

63,439

1,055

14,844

6,917

1,768

1,404

970

7,867

2,262

3,676

8,553

2,939

1,195

902

1,856

2,121

484,231

Non-comparable adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(1,195)

(902)

(1,856)

-

(8,722)

Comparable Hotel EBITDA

$          63,439

$         1,055

$       14,844

$             6,917

$             1,768

$         1,404

$            970

$         7,867

$           2,262

$           3,676

$           8,553

$           2,939

$                 -

$                     -

$                -

$               2,121

$           475,509

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2017

 BAML Pool 1

 & 2 - 8 hotels 

 Morgan

 Stanley MIP

 - 5 hotels 

 Cantor

 Commercial

 Real Estate -

 1 hotel 

 Column

 Financial - 23

 hotels 

 JPM Lakeway

 - 1 hotel 

 BAML Le

 Pavillon - 1

 hotel 

 US Bank

 Indigo

 Atlanta - 1

 hotel 

 Morgan

 Stanley - 8

 hotels 

 Morgan

 Stanley Ann

 Arbor - 1

 hotel 

 BAML W

 Atlanta - 1

 hotel 

 Morgan

 Stanley Pool

 A - 6 hotels 

 Morgan

 Stanley Pool

 B - 4 hotels 

 BAML Pool -

 17 hotels 

 Morgan

 Stanley Boston

 Back Bay - 1

 hotel 

 Morgan

 Stanley

 Princeton/

 Nashville - 2

 hotels 

 NorthStar HGI

 Wisconsin

 Dells - 1 hotel 

Net income (loss)

$            6,449

$              87

$          (146)

$           10,724

$                  49

$          (165)

$            304

$          (749)

$                82

$              532

$           4,645

$              805

$           7,667

$                    76

$          4,614

$                   (96)

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

6,449

87

(146)

10,724

49

(165)

304

(749)

82

532

4,645

805

7,667

76

4,614

(96)

Non-property adjustments

-

-

-

43

-

-

-

-

-

-

40

-

-

-

-

-

Interest income

(10)

(11)

-

-

-

-

-

-

-

-

-

-

(2)

-

-

-

Interest expense

1

-

478

-

-

-

-

3

-

-

-

-

-

-

-

-

Amortization of loan costs

-

-

126

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

5,387

3,354

473

16,294

624

923

364

2,872

473

750

4,508

1,044

6,827

1,288

2,688

215

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Hotel EBITDA ownership expense

37

69

3

154

20

167

10

37

2

14

711

29

265

22

21

15

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hotel EBITDA including amounts attributable to noncontrolling interest

11,864

3,499

934

27,215

693

925

678

2,163

557

1,296

9,904

1,878

14,757

1,386

7,323

134

Non-comparable adjustments

-

-

-

182

-

-

-

-

-

-

(76)

-

-

-

-

-

Comparable Hotel EBITDA

$          11,864

$         3,499

$            934

$           27,397

$                693

$            925

$            678

$         2,163

$              557

$           1,296

$           9,828

$           1,878

$         14,757

$               1,386

$          7,323

$                  134

 JP Morgan -

 18 hotels 

 Omni

 American

 Bank - 1

 hotel 

 GACC

 Gateway - 1

 hotel 

 Deutsche

 Bank W

 Minneapolis -

 1 hotel 

 GACC

 Jacksonville

 RI - 1 hotel 

 GACC

 Manchester

 RI - 1 hotel 

 Key Bank

 Manchester

 CY - 1 hotel 

 Morgan

 Stanley Pool

 C1 - 3 hotels 

 Morgan

 Stanley Pool

 C2 - 2 hotels 

 Morgan

 Stanley Pool

 C3 - 3 hotels 

 BAML Pool

 3 - 3 hotels 

 BAML Pool

 5 - 2 hotels 

 BAML Pool

 4 - 2 hotels 

 NorthStar

 Gainesville - 1

 hotel 

 Wachovia 5 -

5  hotels 

 Unencumbered

 hotels 

 Total Portfolio 

Net income (loss)

$            8,554

$            135

$         1,319

$                (51)

$                282

$              24

$             (21)

$         1,496

$              357

$              421

$           1,649

$              484

$                14

$                      1

$                 4

$                 (751)

$             48,795

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

(3)

5

-

-

-

-

-

-

-

-

-

2

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

8,554

135

1,319

(51)

282

21

(16)

1,496

357

421

1,649

484

14

1

4

(751)

48,797

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

83

Interest income

(3)

-

-

(3)

-

-

-

-

-

-

(1)

-

-

-

-

(2)

(32)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

482

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

126

Depreciation and amortization

6,822

123

2,458

837

207

231

168

1,057

114

342

1,060

159

-

-

-

847

62,509

Income tax expense (benefit)

-

-

-

-

-

-

17

-

-

-

-

-

-

-

-

-

17

Non-Hotel EBITDA ownership expense

123

1

(235)

1

4

2

2

2

5

7

7

4

1

1

(6)

(2)

1,493

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

3

(5)

-

-

-

-

-

-

-

-

-

(2)

Hotel EBITDA including amounts attributable to noncontrolling interest

15,496

259

3,542

784

493

257

166

2,555

476

770

2,715

647

15

2

(2)

92

113,473

Non-comparable adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(15)

(2)

2

-

91

Comparable Hotel EBITDA

$          15,496

$            259

$         3,542

$                784

$                493

$            257

$            166

$         2,555

$              476

$              770

$           2,715

$              647

$                 -

$                     -

$                -

$                    92

$           113,564

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(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, 2016

 BAML Pool 1

 & 2 - 8 hotels 

 Morgan

 Stanley MIP

 - 5 hotels 

 Cantor

 Commercial

 Real Estate -

 1 hotel 

 Column

 Financial -

 23 hotels 

 JPM Lakeway

 - 1 hotel 

 BAML Le

 Pavillon - 1

 hotel 

 US Bank

 Indigo

 Atlanta - 1

 hotel 

 Morgan

 Stanley - 8

 hotels 

 Morgan

 Stanley Ann

 Arbor - 1

 hotel 

 BAML W

 Atlanta - 1

 hotel 

 Morgan

 Stanley Pool

 A - 6 hotels 

 Morgan

 Stanley Pool

 B - 4 hotels 

 BAML Pool -

 17 hotels 

 Morgan

 Stanley Boston

 Back Bay - 1

 hotel 

 Morgan

 Stanley

 Princeton/

 Nashville - 2

 hotels 

 NorthStar HGI

 Wisconsin

 Dells - 1 hotel 

Net income (loss)

$            5,264

$         1,068

$          (359)

$                  50

$              (233)

$          (157)

$            167

$          (363)

$              357

$              440

$          (2,552)

$              204

$           2,375

$               2,116

$          3,741

$                    56

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

5,264

1,068

(359)

50

(233)

(157)

167

(363)

357

440

(2,552)

204

2,375

2,116

3,741

56

Non-property adjustments

(225)

-

-

9,084

-

-

-

-

-

-

4,095

223

(135)

-

-

-

Interest income

(6)

-

-

-

-

-

-

-

-

-

-

-

(2)

-

-

-

Interest expense

-

-

469

-

-

-

-

15

-

-

-

-

-

-

-

-

Amortization of loan costs

-

-

124

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

5,219

3,196

467

16,448

604

760

358

2,733

470

749

4,763

1,000

6,606

1,168

2,903

205

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Hotel EBITDA ownership expense

248

92

3

587

29

113

17

132

2

(19)

1,114

135

1,667

148

(27)

(2)

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hotel EBITDA including amounts attributable to noncontrolling interest

10,500

4,356

704

26,169

400

716

542

2,517

829

1,170

7,420

1,562

10,511

3,432

6,617

259

Non-comparable adjustments

-

-

-

(605)

-

-

-

-

-

-

(311)

-

-

-

-

-

Comparable Hotel EBITDA

$          10,500

$         4,356

$            704

$           25,564

$                400

$            716

$            542

$         2,517

$              829

$           1,170

$           7,109

$           1,562

$         10,511

$               3,432

$          6,617

$                  259

 JP Morgan -

 18 hotels 

 Omni

 American

 Bank - 1

 hotel 

 GACC

 Gateway - 1

 hotel 

 Deutsche

 Bank W

 Minneapolis -

 1 hotel 

 GACC

 Jacksonville

 RI - 1 hotel 

 GACC

 Manchester

 RI - 1 hotel 

 Key Bank

 Manchester

 CY - 1 hotel 

 Morgan

 Stanley Pool

 C1 - 3 hotels 

 Morgan

 Stanley Pool

 C2 - 2 hotels 

 Morgan

 Stanley Pool

 C3 - 3 hotels 

 BAML Pool

 3 - 3 hotels 

 BAML Pool

 5 - 2 hotels 

 BAML Pool

 4 - 2 hotels 

 NorthStar

 Gainesville - 1

 hotel 

 Wachovia 5 -

5  hotels 

 Unencumbered

 hotels 

 Total Portfolio 

Net income (loss)

$            7,177

$            206

$         1,127

$                825

$                176

$            158

$              70

$            741

$              272

$              455

$              844

$              487

$           7,490

$                  (34)

$              (83)

$                 (504)

$             31,581

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

(23)

(9)

-

-

-

-

-

-

-

-

-

(32)

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

7,177

206

1,127

825

176

135

61

741

272

455

844

487

7,490

(34)

(83)

(504)

31,549

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(7,506)

32

82

-

5,650

Interest income

(3)

-

-

(11)

-

-

-

-

-

-

(1)

-

-

-

-

-

(23)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

484

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124

Depreciation and amortization

6,740

115

2,111

835

214

225

169

834

109

347

987

192

-

-

-

767

61,294

Income tax expense (benefit)

104

-

-

-

-

(36)

(43)

-

-

-

-

-

-

-

-

-

25

Non-Hotel EBITDA ownership expense

160

1

(247)

4

37

(23)

3

17

6

7

7

3

-

1

(11)

141

4,345

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

23

9

-

-

-

-

-

-

-

-

-

32

Hotel EBITDA including amounts attributable to noncontrolling interest

14,178

322

2,991

1,653

427

324

199

1,592

387

809

1,837

682

(16)

(1)

(12)

404

103,480

Non-comparable adjustments

-

-

-

-

-

-

-

-

-

-

-

-

16

1

12

-

(887)

Comparable Hotel EBITDA

$          14,178

$            322

$         2,991

$             1,653

$                427

$            324

$            199

$         1,592

$              387

$              809

$           1,837

$              682

$                 -

$                     -

$                -

$                  404

$           102,593

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended  September 30, 2016

 BAML Pool 1

 & 2 - 8 hotels 

 Morgan

 Stanley MIP

 - 5 hotels 

 Cantor

 Commercial

 Real Estate -

 1 hotel 

 Column

 Financial - 23

 hotels 

 JPM Lakeway

 - 1 hotel 

 BAML Le

 Pavillon - 1

 hotel 

 US Bank

 Indigo

 Atlanta - 1

 hotel 

 Morgan

 Stanley - 8

 hotels 

 Morgan

 Stanley Ann

 Arbor - 1

 hotel 

 BAML W

 Atlanta - 1

 hotel 

 Morgan

 Stanley Pool

 A - 6 hotels 

 Morgan

 Stanley Pool

 B - 4 hotels 

 BAML Pool -

 17 hotels 

 Morgan

 Stanley Boston

 Back Bay - 1

 hotel 

 Morgan

 Stanley

 Princeton/

 Nashville - 2

 hotels 

 NorthStar HGI

 Wisconsin

 Dells - 1 hotel 

Net income (loss)

$            6,679

$         4,976

$          (265)

$           10,833

$                552

$          (723)

$            247

$            716

$              761

$              675

$           4,575

$          (4,070)

$           4,542

$               3,356

$          4,015

$                  497

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

6,679

4,976

(265)

10,833

552

(723)

247

716

761

675

4,575

(4,070)

4,542

3,356

4,015

497

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

5,039

-

-

-

-

Interest income

(4)

-

-

-

-

-

-

-

-

-

-

-

(2)

-

-

-

Interest expense

-

-

463

-

-

-

-

16

-

-

-

-

-

-

-

-

Amortization of loan costs

-

-

121

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

5,166

3,050

466

15,831

583

682

348

2,664

468

725

4,684

1,217

6,379

1,441

2,843

199

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Hotel EBITDA ownership expense

41

94

5

1,396

19

2

3

89

12

34

20

18

266

114

54

30

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hotel EBITDA including amounts attributable to noncontrolling interest

11,882

8,120

790

28,060

1,154

(39)

598

3,485

1,241

1,434

9,279

2,204

11,185

4,911

6,912

726

Non-comparable adjustments

-

-

-

(826)

-

-

-

-

-

-

(705)

(442)

-

-

-

-

Comparable Hotel EBITDA

$          11,882

$         8,120

$            790

$           27,234

$             1,154

$            (39)

$            598

$         3,485

$           1,241

$           1,434

$           8,574

$           1,762

$         11,185

$               4,911

$          6,912

$                  726

 JP Morgan -

 18 hotels 

 Omni

 American

 Bank - 1

 hotel 

 GACC

 Gateway - 1

 hotel 

 Deutsche

 Bank W

 Minneapolis -

 1 hotel 

 GACC

 Jacksonville

 RI - 1 hotel 

 GACC

 Manchester

 RI - 1 hotel 

 Key Bank

 Manchester

 CY - 1 hotel 

 Morgan

 Stanley Pool

 C1 - 3 hotels 

 Morgan

 Stanley Pool

 C2 - 2 hotels 

 Morgan

 Stanley Pool

 C3 - 3 hotels 

 BAML Pool

 3 - 3 hotels 

 BAML Pool

 5 - 2 hotels 

 BAML Pool

 4 - 2 hotels 

 NorthStar

 Gainesville - 1

 hotel 

 Wachovia 5 -

5  hotels 

 Unencumbered

 hotels 

 Total Portfolio 

Net income (loss)

$            9,425

$              69

$         1,612

$             1,641

$                  82

$            191

$            129

$            798

$              586

$              681

$              875

$              462

$              192

$               1,843

$            (120)

$                   (89)

$             55,743

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

(28)

(17)

-

-

-

-

-

-

-

-

-

(45)

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

9,425

69

1,612

1,641

82

163

112

798

586

681

875

462

192

1,843

(120)

(89)

55,698

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

(1,622)

174

-

3,591

Interest income

(4)

-

-

-

-

-

-

-

-

-

(1)

-

-

-

-

-

(11)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

479

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

121

Depreciation and amortization

6,789

113

1,832

831

228

223

171

684

109

332

953

238

-

61

-

710

60,020

Income tax expense (benefit)

-

-

-

-

-

-

15

-

-

-

-

-

-

-

-

-

15

Non-Hotel EBITDA ownership expense

96

9

(332)

3

54

28

2

10

6

15

6

5

(17)

5

(66)

(4)

2,017

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

28

17

-

-

-

-

-

-

-

-

-

45

Hotel EBITDA including amounts attributable to noncontrolling interest

16,306

191

3,112

2,475

364

442

317

1,492

701

1,028

1,833

705

175

287

(12)

617

121,975

Non-comparable adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(175)

(287)

12

-

(2,423)

Comparable Hotel EBITDA

$          16,306

$            191

$         3,112

$             2,475

$                364

$            442

$            317

$         1,492

$              701

$           1,028

$           1,833

$              705

$                 -

$                     -

$                -

$                  617

$           119,552

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

 

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2016

 BAML Pool 1

 & 2 - 8 hotels 

 Morgan

 Stanley MIP

 - 5 hotels 

 Cantor

 Commercial

 Real Estate -

 1 hotel 

 Column

 Financial - 23

 hotels 

 JPM Lakeway

 - 1 hotel 

 BAML Le

 Pavillon - 1

 hotel 

 US Bank

 Indigo

 Atlanta - 1

 hotel 

 Morgan

 Stanley - 8

 hotels 

 Morgan

 Stanley Ann

 Arbor - 1

 hotel 

 BAML W

 Atlanta - 1

 hotel 

 Morgan

 Stanley Pool

 A - 6 hotels 

 Morgan

 Stanley Pool

 B - 4 hotels 

 BAML Pool -

 17 hotels 

 Morgan

 Stanley Boston

 Back Bay - 1

 hotel 

 Morgan

 Stanley

 Princeton/

 Nashville - 2

 hotels 

 NorthStar HGI

 Wisconsin

 Dells - 1 hotel 

Net income (loss)

$            6,859

$         4,066

$          (101)

$           20,211

$                428

$              17

$            144

$         1,120

$              637

$              580

$           6,771

$           1,210

$           7,260

$               3,361

$          7,109

$                  145

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

6,859

4,066

(101)

20,211

428

17

144

1,120

637

580

6,771

1,210

7,260

3,361

7,109

145

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest income

(6)

-

-

-

-

-

-

-

-

-

-

-

(1)

-

-

-

Interest expense

1

-

453

-

-

-

-

15

-

-

-

-

-

-

-

-

Amortization of loan costs

-

-

119

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

5,109

3,014

462

15,585

578

613

347

2,565

460

724

4,581

1,270

6,179

1,509

2,768

178

Income tax expense (benefit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Hotel EBITDA ownership expense

59

42

5

244

16

174

7

83

2

26

54

(23)

473

23

8

78

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hotel EBITDA including amounts attributable to noncontrolling interest

12,022

7,122

938

36,040

1,022

804

498

3,783

1,099

1,330

11,406

2,457

13,911

4,893

9,885

401

Non-comparable adjustments

-

-

-

(779)

-

-

-

-

-

-

(737)

(470)

-

-

-

-

Comparable Hotel EBITDA

$          12,022

$         7,122

$            938

$           35,261

$             1,022

$            804

$            498

$         3,783

$           1,099

$           1,330

$         10,669

$           1,987

$         13,911

$               4,893

$          9,885

$                  401

 JP Morgan -

 18 hotels 

 Omni

 American

 Bank - 1

 hotel 

 GACC

 Gateway - 1

 hotel 

 Deutsche

 Bank W

 Minneapolis -

 1 hotel 

 GACC

 Jacksonville

 RI - 1 hotel 

 GACC

 Manchester

 RI - 1 hotel 

 Key Bank

 Manchester

 CY - 1 hotel 

 Morgan

 Stanley Pool

 C1 - 3 hotels 

 Morgan

 Stanley Pool

 C2 - 2 hotels 

 Morgan

 Stanley Pool

 C3 - 3 hotels 

 BAML Pool

 3 - 3 hotels 

 BAML Pool

 5 - 2 hotels 

 BAML Pool

 4 - 2 hotels 

 NorthStar

 Gainesville - 1

 hotel 

 Wachovia 5 -

5  hotels 

 Unencumbered

 hotels 

 Total Portfolio 

Net income (loss)

$          10,503

$            175

$         3,912

$             1,183

$                236

$            158

$              96

$         1,535

$              567

$              746

$           1,221

$              643

$              682

$                  314

$        24,224

$                  447

$           106,459

(Income) loss from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

(22)

(13)

-

-

-

-

-

-

-

-

-

(35)

Net (income) loss attributable to redeemable noncontrolling interests in operating

partnership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss) attributable to the Company

10,503

175

3,912

1,183

236

136

83

1,535

567

746

1,221

643

682

314

24,224

447

106,424

Non-property adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(23,094)

-

(23,094)

Interest income

(3)

-

-

-

-

-

-

-

-

-

(1)

-

-

-

-

(1)

(12)

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

469

Amortization of loan costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

119

Depreciation and amortization

6,978

109

1,618

819

232

221

171

654

112

307

941

257

321

287

380

573

59,922

Income tax expense (benefit)

-

-

-

-

-

-

19

-

-

-

-

-

-

-

-

-

19

Non-Hotel EBITDA ownership expense

(19)

(1)

(331)

3

16

2

2

39

19

16

7

5

18

13

372

(11)

1,421

Income (loss) from consolidated entities attributable to noncontrolling interest

-

-

-

-

-

22

13

-

-

-

-

-

-

-

-

-

35

Hotel EBITDA including amounts attributable to noncontrolling interest

17,459

283

5,199

2,005

484

381

288

2,228

698

1,069

2,168

905

1,021

614

1,882

1,008

145,303

Non-comparable adjustments

-

-

-

-

-

-

-

-

-

-

-

-

(1,021)

(614)

(1,882)

-

(5,503)

Comparable Hotel EBITDA

$          17,459

$            283

$         5,199

$             2,005

$                484

$            381

$            288

$         2,228

$              698

$           1,069

$           2,168

$              905

$                 -

$                     -

$                -

$               1,008

$           139,800

NOTES:

(1)   The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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



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