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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): February 24, 2021

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192
(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1100
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock AHT New York Stock Exchange
Preferred Stock, Series D AHT-PD New York Stock Exchange
Preferred Stock, Series F AHT-PF New York Stock Exchange
Preferred Stock, Series G AHT-PG New York Stock Exchange
Preferred Stock, Series H AHT-PH New York Stock Exchange
Preferred Stock, Series I AHT-PI New York Stock Exchange



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 24, 2021, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2020. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    Fourth Quarter 2020 Earnings Release of the Company, dated February 24, 2021
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 24, 2021

    
ASHFORD HOSPITALITY TRUST, INC.
By: /s/ DERIC S. EUBANKS
Deric S. Eubanks
Chief Financial Officer


EXHIBIT 99.1
HOSPTRUSTLEFT300DPIA141A.JPG
NEWS RELEASE

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


ASHFORD TRUST REPORTS FOURTH QUARTER AND
YEAR END 2020 RESULTS
Closed on $200 Million Strategic Corporate Financing with Option to Upsize to $450 Million
Completed Forbearance Agreements on 98% of Outstanding Mortgage Loans

DALLAS – February 24, 2021 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2020. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2020 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2020 with the fourth quarter and year ended December 31, 2019 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS
Net loss attributable to common stockholders was $70.5 million or $2.29 per diluted share for the quarter. For the full year of 2020, net loss attributable to common stockholders was $520.5 million or $33.00 per diluted share.
Comparable RevPAR for all hotels decreased 70.1% to $35.70 during the quarter.
Adjusted EBITDAre was $(23.1) million for the quarter. Adjusted EBITDAre for the full year of 2020 was $(54.9) million.
Adjusted funds from operations (AFFO) was $(1.67) per diluted share for the quarter. For the full year of 2020, AFFO per diluted share was $(17.93).
The Company ended the quarter with cash and cash equivalents of $92.9 million and restricted cash of $74.4 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $9.4 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
During the quarter, the Company announced that it signed forbearance agreements on its KEYS Loan Pools, representing 34 hotels and approximately $1.2 billion of debt.
During the quarter, the Company signed a forbearance agreement on its $98 million Hilton Boston Back Bay mortgage loan.



AHT Reports Fourth Quarter Results
Page 2
February 24, 2021

During the quarter, the Company extended its $85 million loan on the Marriott Gateway. The final maturity date is now November 2021.
During the quarter, the Company signed forbearance agreements on four mortgage loans representing 7 hotels and approximately $52 million of debt.
Subsequent to quarter end, the Company closed on a $200 million corporate financing with the ability to upsize to $450 million.
Subsequent to quarter end, the Company announced that it signed a modification agreement on its JP Morgan 8 Loan Pool representing 8 hotels and $395 million of debt.
Subsequent to quarter end, the Company announced that it signed a modification agreement on its MS 17 Loan Pool representing 17 hotels and $419 million of debt.
Capex invested during the quarter was $4.6 million.

STRATEGIC FINANCING
On January 15, 2021, the Company announced that it closed on the previously announced strategic financing (“Loan”). The Company drew down $200 million on the Loan at closing and has the option to draw down an additional $250 million, if needed.

The Loan has a 3-year term with two, 1-year extension options subject to certain fees and tests. The Loan also allows the Company the option to accrue (and not pay in cash) the interest expense for up to two years, and the lender will be eligible to receive an exit fee that may be paid by the Company in either cash or warrants.

CAPITAL STRUCTURE
At December 31, 2020, the Company had total mortgage loans of $3.7 billion with a blended average interest rate of 3.5%. This average interest rate does not take into account any default rates.

During the quarter, the Company announced the closing of its previously commenced offers to exchange shares of common stock for all outstanding shares of each series of its preferred stock. Approximately 30% of the Preferred Stock participated in the exchange offers and the transaction resulted in the issuance of approximately 38,388,760 new shares of the Company’s Common Stock. Each holder of Preferred Stock who tendered their shares into the Exchange Offers received 5.58 shares of newly issued Common Stock for each share of Preferred Stock. Additionally, from December 8, 2020 through February 23, 2021, the Company entered into privately negotiated exchange agreements with certain holders of its preferred stock and has issued 13,104,032 new shares of the Company’s Common Stock in exchange for 2,318,413 shares of Preferred Stock.

During the quarter, the Company entered into an Equity Line with Lincoln Park Capital. During the quarter and subsequent to the end of the quarter, the Company issued Lincoln Park Capital 10,598,099 shares of common stock raising approximately $25.1 million in net proceeds.

Subsequent to quarter end, on January 22, 2021, the Company entered into a Standby Equity Distribution Agreement (“SEDA”) with Yorkville Advisors, pursuant to which the Company will be able to sell up to 13,718,319 shares of its common stock at the Company’s request any time during a 36-month commitment period. The Company intends to use the net proceeds from any sale of the shares for working capital purposes, including the repayment of outstanding debt. Since entering into the SEDA, the company has issued 7,470,000 shares of common stock for net proceeds of approximately $22.0 million.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its previously announced 2020 common



AHT Reports Fourth Quarter Results
Page 3
February 24, 2021

stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the fourth quarter ending December 31, 2020. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company also did not pay a dividend on its preferred stock for the fourth quarter ending December 31, 2020.

PORTFOLIO REVPAR
As of December 31, 2020, the portfolio consisted of 103 hotels.

Comparable RevPAR decreased 70.1% to $35.70 for all hotels on a 33.2% decrease in ADR and a 55.3% decrease in occupancy.

“While the COVID-19 pandemic continues to impact the economy and the hospitality industry, we are encouraged by the progress regarding vaccine rollout and the gradual easing of COVID-related restrictions,” commented J. Robison Hays, Ashford Trust’s President and Chief Executive Officer. “We continue to take decisive actions to enhance our operational and financial flexibility by focusing on strengthening our balance sheet, reducing our cash utilization and continuing to have success in our forbearance efforts. To that end, our strategic financing provides the Company with substantial access to capital and ample liquidity to position our Company to capitalize on the anticipated recovery in the hospitality industry.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 25, 2021, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, March 4, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13714378.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2020 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Thursday, February 25, 2021, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

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

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”





AHT Reports Fourth Quarter Results
Page 4
February 24, 2021

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

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the ability of the Company’s advisor, Ashford Inc., to continue as a going concern; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to meet the NYSE continued listing standards; our ability to regain S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

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



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
December 31, 2020 December 31, 2019
ASSETS
Investments in hotel properties, net $ 3,426,982  $ 4,108,443 
Cash and cash equivalents 92,905  262,636 
Restricted cash 74,408  135,571 
Marketable securities —  14,591 
Accounts receivable, net of allowance of $441 and $698, respectively 21,760  39,638 
Inventories 2,447  4,346 
Notes receivable, net 8,263  7,709 
Investment in OpenKey 2,811  2,829 
Deferred costs, net 1,851  2,897 
Prepaid expenses 18,401  21,886 
Derivative assets, net 263  1,691 
Operating lease right-of-use assets 45,008  49,995 
Other assets 23,303  17,932 
Intangible assets, net 797  797 
Due from related parties, net 5,801  3,019 
Due from third-party hotel managers 9,383  17,368 
Total assets $ 3,734,383  $ 4,691,348 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 3,728,911  $ 4,106,518 
Accounts payable and accrued expenses 99,954  124,226 
Accrued interest payable 98,685  10,115 
Dividends and distributions payable 868  20,849 
Due to Ashford Inc., net 13,383  6,570 
Due to third-party hotel managers 184  2,509 
Intangible liabilities, net 2,257  2,337 
Operating lease liabilities 45,309  53,270 
Derivative liabilities, net —  42 
Other liabilities 5,336  25,776 
Total liabilities 3,994,887  4,352,212 
Redeemable noncontrolling interests in operating partnership 22,951  69,870 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,791,461 and 2,389,393 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 18  24 
Series F Cumulative Preferred Stock, 2,891,440 and 4,800,000 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 29  48 
Series G Cumulative Preferred Stock, 4,422,623 and 6,200,000 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 44  62 
Series H Cumulative Preferred Stock, 2,668,637 and 3,800,000 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 27  38 
Series I Cumulative Preferred Stock, 3,391,349 and 5,400,000 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 34  54 
Common stock, $0.01 par value, 400,000,000 shares authorized, 64,362,505 and 10,210,360 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 644  102 
Additional paid-in capital 1,808,875  1,826,472 
Accumulated deficit (2,093,292) (1,558,038)
Total shareholders' equity (deficit) of the Company (283,621) 268,762 
Noncontrolling interests in consolidated entities 166  504 
Total equity (deficit) (283,455) 269,266 
Total liabilities and equity/deficit $ 3,734,383  $ 4,691,348 
5


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2020 2019 2020 2019
REVENUE
Rooms $ 74,647  $ 274,650  $ 407,492  $ 1,184,987 
Food and beverage 7,010  61,820  61,157  243,917 
Other 8,244  17,223  37,856  69,653 
Total hotel revenue 89,901  353,693  506,505  1,498,557 
Other 352  963  1,733  4,202 
Total revenue 90,253  354,656  508,238  1,502,759 
EXPENSES
Hotel operating expenses
Rooms 21,648  63,186  106,508  258,446 
Food and beverage 5,955  42,411  49,223  167,945 
Other expenses 50,718  115,308  253,997  472,437 
Management fees 4,936  12,681  24,944  53,846 
Total hotel operating expenses 83,257  233,586  434,672  952,674 
Property taxes, insurance and other 17,621  19,979  79,669  84,110 
Depreciation and amortization 58,490  66,408  252,765  269,003 
Impairment charges 6,577  27,095  91,721  33,628 
Transaction costs —  —  — 
Advisory services fee:
Base advisory fee 8,617  8,969  34,745  36,269 
Reimbursable expenses 1,481  1,537  6,436  9,300 
Non-cash stock/unit-based compensation 2,104  4,577  8,869  18,063 
Corporate, general and administrative:
Non-cash stock/unit-based compensation 179  82  1,260  886 
Other general and administrative 11,665  3,097  26,788  10,221 
Total operating expenses 189,991  365,330  936,925  1,414,156 
Gain (loss) on disposition of assets and hotel properties 73  23,203  (36,680) 26,126 
OPERATING INCOME (LOSS) (99,665) 12,529  (465,367) 114,729 
Equity in earnings (loss) of unconsolidated entities (169) (99) (448) (2,307)
Interest income 665  672  3,067 
Other income (expense), net (9,192) 11,472  (16,998) 10,490 
Interest expense, net of premium amortization (31,299) (54,478) (230,856) (232,457)
Amortization of loan costs (3,921) (7,014) (16,525) (29,544)
Write-off of premiums, loan costs and exit fees (2,368) (263) (13,867) (2,841)
Gain (loss) on extinguishment of debt 24  —  90,349  — 
Unrealized gain (loss) on marketable securities 289  175  (1,467) 1,896 
Unrealized gain (loss) on derivatives 8,887  (440) 19,950  (4,494)
INCOME (LOSS) BEFORE INCOME TAXES (137,406) (37,453) (634,557) (141,461)
Income tax benefit (expense) (184) 1,834  1,335  (1,218)
NET INCOME (LOSS) (137,590) (35,619) (633,222) (142,679)
(Income) loss attributable to noncontrolling interest in consolidated entities 98  110  338  112 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 11,714  7,350  89,008  28,932 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (125,778) (28,159) (543,876) (113,635)
Preferred dividends (185) (10,644) (32,117) (42,577)
Gain (loss) on extinguishment of preferred stock 55,477  —  55,477  — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (70,486) $ (38,803) $ (520,516) $ (156,212)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (2.29) $ (3.90) $ (33.00) $ (15.77)
Weighted average common shares outstanding – basic 30,751  9,997  15,756  9,984 
Diluted:
Net income (loss) attributable to common stockholders $ (2.29) $ (3.90) $ (33.00) $ (15.77)
Weighted average common shares outstanding – diluted 30,751  9,997  15,756  9,984 
Dividends declared per common share: $ —  $ 0.60  $ —  $ 3.00 
6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2020 2019 2020 2019
Net income (loss) $ (137,590) $ (35,619) $ (633,222) $ (142,679)
Interest expense and amortization of premiums and loan costs, net 35,220  61,492  247,381  262,001 
Depreciation and amortization 58,490  66,408  252,765  269,003 
Income tax expense (benefit) 184  (1,834) (1,335) 1,218 
Equity in (earnings) loss of unconsolidated entities 169  99  448  2,307 
Company's portion of EBITDA of Ashford Inc. —  (26) —  4,336 
Company's portion of EBITDA of OpenKey (169) (95) (446) (403)
EBITDA (43,696) 90,425  (134,409) 395,783 
Impairment charges on real estate 6,577  27,095  91,721  33,628 
(Gain) loss on disposition of assets and hotel properties (73) (23,203) 36,680  (26,126)
EBITDAre (37,192) 94,317  (6,008) 403,285 
Amortization of unfavorable contract liabilities 62  16  227  176 
(Gain) loss on insurance settlements (477) (407) (625) (450)
Write-off of premiums, loan costs and exit fees 2,368  263  13,867  2,841 
(Gain) loss on extinguishment of debt (24) —  (90,349) — 
Other (income) expense, net 9,192  (11,392) 17,029  (10,219)
Transaction and conversion costs 7,980  1,268  16,309  2,329 
Legal, advisory and settlement costs 997  (406) 1,409  1,660 
Unrealized (gain) loss on marketable securities (289) (175) 1,467  (1,896)
Unrealized (gain) loss on derivatives (8,887) 440  (19,950) 4,494 
Dead deal costs 779  28  923  78 
Non-cash stock/unit-based compensation 2,406  4,854  10,746  19,717 
Company's portion of adjustments to EBITDAre of Ashford Inc. —  262  —  2,941 
Company's portion of adjustments to EBITDAre of OpenKey 16  28  49 
Adjusted EBITDAre $ (23,069) $ 89,074  $ (54,927) $ 425,005 
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2020 2019 2020 2019
Net income (loss) $ (137,590) $ (35,619) $ (633,222) $ (142,679)
(Income) loss attributable to noncontrolling interest in consolidated entities 98  110  338  112 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 11,714  7,350  89,008  28,932 
Preferred dividends (185) (10,644) (32,117) (42,577)
Gain (loss) on extinguishment of preferred stock 55,477  —  55,477  — 
Net income (loss) attributable to common stockholders (70,486) (38,803) (520,516) (156,212)
Depreciation and amortization on real estate 58,452  66,354  252,590  268,778 
(Gain) loss on disposition of assets and hotel properties (73) (23,203) 36,680  (26,126)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (11,714) (7,350) (89,008) (28,932)
Equity in (earnings) loss of unconsolidated entities 169  99  448  2,307 
Impairment charges on real estate 6,577  27,095  91,721  33,628 
Company's portion of FFO of Ashford Inc. —  (440) —  (4,030)
Company's portion of FFO of OpenKey (169) (99) (449) (396)
FFO available to common stockholders and OP unitholders (17,244) 23,653  (228,534) 89,017 
(Gain) loss on extinguishment of preferred stock (55,477) —  (55,477) — 
Write-off of premiums, loan costs and exit fees 2,368  263  13,867  2,841 
(Gain) loss on extinguishment of debt (24) —  (90,349) — 
(Gain) loss on insurance settlements (477) (407) (625) (450)
Other (income) expense, net 9,192  (11,392) 17,029  (10,219)
Transaction and conversion costs 7,980  1,268  16,309  2,329 
Legal, advisory and settlement costs 997  (406) 1,409  1,660 
Unrealized (gain) loss on marketable securities (289) (175) 1,467  (1,896)
Unrealized (gain) loss on derivatives (8,887) 440  (19,950) 4,494 
Dead deal costs 779  28  923  78 
Non-cash stock/unit-based compensation 2,406  4,854  10,746  19,717 
Amortization of loan costs 3,919  7,012  16,517  29,537 
Company's portion of adjustments to FFO of Ashford Inc. —  557  —  8,319 
Company's portion of adjustments to FFO of OpenKey 17  55 
Adjusted FFO available to common stockholders and OP unitholders $ (54,752) $ 25,704  $ (316,651) $ 145,482 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (1.67) $ 2.15  $ (17.93) $ 12.22 
Weighted average diluted shares 32,705  11,934  17,663  11,906 

7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2020
(dollars in thousands)
(unaudited)

Indebtedness Maturity
Interest Rate (1)
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA
(11)
Comparable TTM EBITDA
Debt Yield
BAML Princeton/Nashville - 2 hotels March 2021 LIBOR + 2.75% $ —  $ 240,000  (2) $ 240,000  $ (1,355) (0.6) %
BAML Highland Pool - 19 hotels April 2021 LIBOR + 3.20% —  914,281  (3) 914,281  (4,237) (0.5) %
KEYS Pool A - 7 hotels June 2021 LIBOR + 3.65% —  180,720  (4) 180,720  6,384  3.5  %
KEYS Pool B - 7 hotels June 2021 LIBOR + 3.39% —  174,400  (4) 174,400  402  0.2  %
KEYS Pool C - 5 hotels June 2021 LIBOR + 3.73% —  221,040  (4) 221,040  (1,488) (0.7) %
KEYS Pool D - 5 hotels June 2021 LIBOR + 4.02% —  262,640  (4) 262,640  7,318  2.8  %
KEYS Pool E - 5 hotels June 2021 LIBOR + 2.73% —  160,000  (4) 160,000  2,918  1.8  %
KEYS Pool F - 5 hotels June 2021 LIBOR + 3.68% —  215,120  (4) 215,120  (591) (0.3) %
Morgan Stanley Pool - 17 hotels November 2021 LIBOR + 3.00% —  419,000  (5) 419,000  2,772  0.7  %
GACC Gateway - 1 hotel November 2021 6.26% 84,544  —  84,544  (3,142) (3.7) %
JPMorgan Chase La Posada - 1 hotel November 2021 LIBOR + 2.55% —  25,000  (6) 25,000  (496) (2.0) %
JPMorgan Chase - 8 hotels February 2022 LIBOR + 2.92% —  395,000  (7) 395,000  (826) (0.2) %
Morgan Stanley Ann Arbor - 1 hotel July 2022 LIBOR + 3.95% —  34,200  (8) 34,200  (1,009) (3.0) %
Prudential Boston Back Bay - 1 hotel November 2022 LIBOR + 2.00% —  98,259  98,259  (3,786) (3.9) %
BAML Indigo Atlanta - 1 hotel December 2022 LIBOR + 2.25% —  16,100  (9) 16,100  639  4.0  %
Aareal Le Pavillon - 1 hotel January 2023 LIBOR + 3.40% —  37,000  (10) 37,000  (859) (2.3) %
Aareal Hilton Alexandria - 1 hotel June 2023 LIBOR + 2.45% —  73,450  73,450  (888) (1.2) %
GACC Manchester RI - 1 hotel January 2024 5.49% 6,706  —  6,706  364  5.4  %
GACC Jacksonville RI - 1 hotel January 2024 5.49% 9,786  —  9,786  986  10.1  %
Key Bank Manchester CY - 1 hotel May 2024 4.99% 6,260  —  6,260  (104) (1.7) %
Southside Bank Ashton - 1 hotel June 2024 LIBOR + 2.00% —  8,881  8,881  12  0.1  %
Morgan Stanley Pool C2 - 2 hotels August 2024 4.85% 11,774  —  11,774  310  2.6  %
Morgan Stanley Pool C3 - 3 hotels August 2024 4.90% 23,542  —  23,542  404  1.7  %
BAML Pool 5 - 2 hotels February 2025 4.45% 19,369  —  19,369  (218) (1.1) %
BAML Pool 3 - 3 hotels February 2025 4.45% 50,098  —  50,098  1,635  3.3  %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 4.66% 24,415  —  24,415  1,038  4.3  %
Unencumbered hotels —  —  —  (1,388) N/A
Total $ 236,494  $ 3,475,091  $ 3,711,585  $ 4,795  0.1  %
Percentage 6.4  % 93.6  % 100.0  %
Weighted average interest rate (1)
5.27  % 3.35  % 3.47  %
All indebtedness is non-recourse.
(1)    Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020.
(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(5)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(6)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(8)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%
(9)    This mortgage loan has a LIBOR floor of 0.25%.
(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.    
8


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2020
(dollars in thousands)
(unaudited)
2021 2022 2023 2024 2025 Thereafter Total
GACC Gateway - 1 hotel $ 78,430  $ —  $ —  $ —  $ —  $ —  $ 78,430 
Prudential Boston Back Bay - 1 hotel —  97,000  —  —  —  —  97,000 
Aareal Hilton Alexandria - 1 hotel —  —  73,450  —  —  —  73,450 
Morgan Stanley Ann Arbor - 1 hotel —  —  33,200  —  —  —  33,200 
JPMorgan Chase La Posada - 1 hotel —  —  25,000  —  —  —  25,000 
GACC Jacksonville RI - 1 hotel —  —  —  9,036  —  —  9,036 
GACC Manchester RI - 1 hotel —  —  —  6,191  —  —  6,191 
Key Bank Manchester CY - 1 hotel —  —  —  5,767  —  —  5,767 
Southside Bank Ashton - 1 hotel —  —  —  8,881  —  —  8,881 
Morgan Stanley Pool C2 - 2 hotels —  —  —  10,755  —  —  10,755 
Morgan Stanley Pool C3 - 3 hotels —  —  —  21,522  —  —  21,522 
Morgan Stanley Pool - 17 hotels —  —  —  419,000  —  —  419,000 
BAML Indigo Atlanta - 1 hotel —  —  —  15,781  —  —  15,781 
Aareal Le Pavillon - 1 hotel —  —  —  —  36,200  —  36,200 
JPMorgan Chase - 8 hotels —  —  —  —  395,000  —  395,000 
BAML Pool 3 - 3 hotels —  —  —  —  45,298  —  45,298 
BAML Pool 5 - 2 hotels —  —  —  —  17,421  —  17,421 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel —  —  —  —  22,030  —  22,030 
BAML Highland Pool - 19 hotels —  —  —  —  907,030  —  907,030 
KEYS Pool A - 7 hotels —  —  —  —  180,720  —  180,720 
KEYS Pool B - 7 hotels —  —  —  —  174,400  —  174,400 
KEYS Pool C - 5 hotels —  —  —  —  221,040  —  221,040 
KEYS Pool D - 5 hotels —  —  —  —  262,640  —  262,640 
KEYS Pool E - 5 hotels —  —  —  —  160,000  —  160,000 
KEYS Pool F - 5 hotels —  —  —  —  215,120  —  215,120 
BAML Princeton/Nashville - 2 hotels —  —  —  —  —  240,000  240,000 
Principal due in future periods 78,430  97,000  131,650  496,933  2,636,899  240,000  3,680,912 
Scheduled amortization payments remaining 19,468  3,387  3,712  3,805  301  —  30,673 
Total indebtedness $ 97,898  $ 100,387  $ 135,362  $ 500,738  $ 2,637,200  $ 240,000  $ 3,711,585 

9


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

ALL HOTELS:
Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Rooms revenue (in thousands) $ 74,291  $ —  $ 74,291  $ 273,660  $ (25,089) $ 248,571  (72.85) % (70.11) %
RevPAR $ 35.70  $ —  $ 35.70  $ 118.92  $ 113.93  $ 119.45  (69.98) % (70.11) %
Occupancy 32.81  % —  % 32.81  % 73.16  % 71.53  % 73.33  % (55.15) % (55.25) %
ADR $ 108.79  $ —  $ 108.79  $ 162.55  $ 159.27  $ 162.89  (33.07) % (33.21) %
ALL HOTELS:
Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Rooms revenue (in thousands) $ 405,922  $ (22,572) $ 383,350  $ 1,180,922  $ (109,128) $ 1,071,794  (65.63) % (64.23) %
RevPAR $ 46.09  $ (42.7) $ 46.31  $ 127.84  $ 111.12  $ 129.82  (63.95) % (64.33) %
Occupancy 34.37  % (33.96) % 34.40  % 76.35  % 72.62  % 76.73  % (54.98) % (55.18) %
ADR $ 134.10  $ (125.75) $ 134.63  $ 167.44  $ 153.02  $ 169.19  (19.91) % (20.43) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.

10


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Year Ended
December 31, December 31,
2020 2019 % Variance 2020 2019 % Variance
Total hotel revenue $ 89,432  $ 352,335  (74.62) % $ 504,363  $ 1,493,057  (66.22) %
Non-comparable adjustments —  (27,714) (25,499) (122,800)
Comparable total hotel revenue $ 89,432  $ 324,621  (72.45) % $ 478,864  $ 1,370,257  (65.05) %
Hotel EBITDA $ (9,260) $ 103,346  (108.96) % $ 3,425  $ 476,378  (99.28) %
Non-comparable adjustments (10) (8,222) 1,370  (36,153)
Comparable hotel EBITDA $ (9,270) $ 95,124  (109.75) % $ 4,795  $ 440,225  (98.91) %
Hotel EBITDA margin (10.35) % 29.33  % (39.68) % 0.68  % 31.91  % (31.23) %
Comparable hotel EBITDA margin (10.37) % 29.30  % (39.67) % 1.00  % 32.13  % (31.13) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ (3) $ 69  (104.35) % $ 39  $ 332  (88.25) %
Hotel EBITDA attributable to the Company and OP unitholders $ (9,257) $ 103,277  (108.96) % $ 3,386  $ 476,046  (99.29) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ (9,267) $ 95,055  (109.75) % $ 4,756  $ 439,893  (98.92) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



11


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020
4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter
Total hotel revenue $ 89,432  $ —  $ 89,432  $ 92,519  $ (3,646) $ 88,873  $ 42,709  $ (3,934) $ 38,775  $ 279,703  $ (17,919) $ 261,784 
Hotel EBITDA $ (9,260) $ (10) $ (9,270) $ (9,632) $ 615  $ (9,017) $ (43,473) $ 3,274  $ (40,199) $ 65,790  $ (2,509) $ 63,281 
Hotel EBITDA margin (10.35) % (10.37) % (10.41) % (10.15) % (101.79) % (103.67) % 23.52  % 24.17  %
EBITDA % of total TTM (270.4) % (193.3) % (281.2) % (188.1) % (1,269.3) % (838.4) % 1,920.9  % 1,319.8  %
JV interests in EBITDA $ (3) $ —  $ (3) $ 27  $ —  $ 27  $ (22) $ —  $ (22) $ 37  $ —  $ 37 
Actual Non-comparable Adjustments Comparable
2020 2020 2020
TTM TTM TTM
Total hotel revenue $ 504,363  $ (25,499) $ 478,864 
Hotel EBITDA $ 3,425  $ 1,370  $ 4,795 
Hotel EBITDA margin 0.68  % 1.00  %
EBITDA % of total TTM 100.0  % 100.0  %
JV interests in EBITDA $ 39   $ $ 39 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

12


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended December 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Atlanta, GA Area 1,426  $ 54.07  $ —  $ 54.07  $ 129.79  $ —  $ 129.79  (58.3) % (58.3) %
Boston, MA Area 705  22.73  —  22.73  170.20  (88.25) 194.62  (86.6) % (88.3) %
Dallas / Ft. Worth, TX Area 1,518  32.43  —  32.43  103.23  —  103.23  (68.6) % (68.6) %
Houston, TX Area 692  40.13  —  40.13  97.00  —  97.00  (58.6) % (58.6) %
Los Angeles, CA Metro Area 1,619  49.60  —  49.60  119.65  —  119.65  (58.5) % (58.5) %
Miami, FL Metro Area 414  36.44  —  36.44  128.56  (101.80) 139.80  (71.7) % (73.9) %
Minneapolis - St. Paul, MN-WI Area 580  9.20  —  9.20  94.26  (136.16) 77.71  (90.2) % (88.2) %
Nashville, TN Area 673  25.10  —  25.10  198.59  —  198.59  (87.4) % (87.4) %
New York / New Jersey Metro Area 1,743  16.95  —  16.95  134.35  (262.80) 111.48  (87.4) % (84.8) %
Orlando, FL Area 524  36.91  —  36.91  112.93  (104.60) 116.27  (67.3) % (68.3) %
Philadelphia, PA Area 648  39.13  —  39.13  100.72  —  100.72  (61.1) % (61.1) %
San Diego, CA Area 410  38.68  —  38.68  97.06  —  97.06  (60.1) % (60.1) %
San Francisco - Oakland, CA Metro Area 1,547  45.08  —  45.08  146.35  —  146.35  (69.2) % (69.2) %
Tampa, FL Area 571  45.31  —  45.31  106.56  —  106.56  (57.5) % (57.5) %
Washington D.C. - MD - VA Area 2,426  21.60  —  21.60  128.25  —  128.25  (83.2) % (83.2) %
Other Areas 39  7,125  39.53  —  39.53  103.61  (80.79) 107.65  (61.8) % (63.3) %
Total Portfolio 103  22,621  $ 35.70  $ —  $ 35.70  $ 118.92  $ 113.93  $ 119.45  (70.0) % (70.1) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Atlanta, GA Area 1,426  $ 1,034  $ —  $ 1,034  (11.2) % $ 6,787  $ (41) $ 6,746  7.1  % (84.8) % (84.7) %
Boston, MA Area 705  (1,999) —  (1,999) 21.6  % 5,854  (518) 5,336  5.6  % (134.1) % (137.5) %
Dallas / Ft. Worth, TX Area 1,518  (324) —  (324) 3.5  % 6,041  —  6,041  6.4  % (105.4) % (105.4) %
Houston, TX Area 692  39  —  39  (0.4) % 2,362  —  2,362  2.5  % (98.3) % (98.3) %
Los Angeles, CA Metro Area 1,619  336  —  336  (3.6) % 6,408  (1) 6,407  6.7  % (94.8) % (94.8) %
Miami, FL Metro Area 414  (767) —  (767) 8.3  % 2,794  (714) 2,080  2.2  % (127.5) % (136.9) %
Minneapolis - St. Paul, MN-WI Area 580  (1,412) —  (1,412) 15.2  % 1,333  (948) 385  0.4  % (205.9) % (466.8) %
Nashville, TN Area 673  97  —  97  (1.0) % 7,692  —  7,692  8.1  % (98.7) % (98.7) %
New York / New Jersey Metro Area 1,743  (2,818) (15) (2,833) 30.6  % 9,491  (2,580) 6,911  7.3  % (129.7) % (141.0) %
Orlando, FL Area 524  85  (7) 78  (0.8) % 2,600  (599) 2,001  2.1  % (96.7) % (96.1) %
Philadelphia, PA Area 648  127  —  127  (1.4) % 2,100  —  2,100  2.2  % (94.0) % (94.0) %
San Diego, CA Area 410  78  —  78  (0.8) % 1,040  —  1,040  1.1  % (92.5) % (92.5) %
San Francisco - Oakland, CA Metro Area 1,547  (165) —  (165) 1.8  % 7,964  —  7,964  8.4  % (102.1) % (102.1) %
Tampa, FL Area 571  (87) —  (87) 0.9  % 2,172  (7) 2,165  2.3  % (104.0) % (104.0) %
Washington D.C. - MD - VA Area 2,426  (2,757) —  (2,757) 29.7  % 10,295  (184) 10,111  10.6  % (126.8) % (127.3) %
Other Areas 39  7,125  (727) 12  (715) 7.6  % 28,413  (2,630) 25,783  27.0  % (102.6) % (102.8) %
Total Portfolio 103  22,621  $ (9,260) $ (10) $ (9,270) 100.0  % $ 103,346  $ (8,222) $ 95,124  100.0  % (109.0) % (109.7) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Year Ended December 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Atlanta, GA Area 1,426  $ 53.74  $ —  $ 53.74  $ 139.43  $ —  $ 139.43  (61.5) % (61.5) %
Boston, MA Area 705  35.53  (25.69) 37.38  183.31  (90.61) 210.92  (80.6) % (82.3) %
Dallas / Ft. Worth, TX Area 1,518  40.48  —  40.48  108.16  —  108.16  (62.6) % (62.6) %
Houston, TX Area 692  45.08  —  45.08  103.09  —  103.09  (56.3) % (56.3) %
Los Angeles, CA Metro Area 1,619  57.69  —  57.69  133.16  —  133.16  (56.7) % (56.7) %
Miami, FL Metro Area 414  55.14  (48.86) 57.04  129.83  (102.37) 141.38  (57.5) % (59.7) %
Minneapolis - St. Paul, MN-WI Area 580  23.56  (33.44) 20.81  108.62  (144.69) 94.38  (78.3) % (78.0) %
Nashville, TN Area 673  49.15  —  49.15  210.17  —  210.17  (76.6) % (76.6) %
New York / New Jersey Metro Area 1,743  34.71  (62.51) 31.59  133.35  (233.37) 116.57  (74.0) % (72.9) %
Orlando, FL Area 524  43.24  (41.03) 43.88  113.47  (97.96) 119.69  (61.9) % (63.3) %
Philadelphia, PA Area 648  41.69  —  41.69  103.45  —  103.45  (59.7) % (59.7) %
San Diego, CA Area 410  46.64  —  46.64  119.20  —  119.20  (60.9) % (60.9) %
San Francisco - Oakland, CA Metro Area 1,547  59.85  —  59.85  164.20  109.80  163.24  (63.6) % (63.3) %
Tampa, FL Area 571  54.19  —  54.19  120.85  —  120.85  (55.2) % (55.2) %
Washington D.C. - MD - VA Area 2,426  35.42  —  35.42  140.12  —  140.12  (74.7) % (74.7) %
Other Areas 39  7,125  49.26  (41.75) 49.97  112.67  (89.37) 117.91  (56.3) % (57.6) %
Total Portfolio 103  22,621  $ 46.09  $ (42.70) $ 46.31  $ 127.84  $ 111.12  $ 129.82  (64.0) % (64.3) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Year Ended December 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2020 2020 2020 2019 2019 2019 % Variance % Variance
Atlanta, GA Area 1,426  $ 1,476  $ —  $ 1,476  30.8  % $ 28,838  $ (33) $ 28,805  6.5  % (95.0) % (94.9) %
Boston, MA Area 705  (6,621) 498  (6,123) (127.7) % 25,890  (1,985) 23,905  5.4  % (125.6) % (125.6) %
Dallas / Ft. Worth, TX Area 1,518  1,734  —  1,734  36.2  % 25,694  —  25,694  5.8  % (93.3) % (93.3) %
Houston, TX Area 692  745  —  745  15.5  % 10,304  —  10,304  2.3  % (92.8) % (92.8) %
Los Angeles, CA Metro Area 1,619  5,130  —  5,130  107.0  % 32,052  (1) 32,051  7.3  % (84.0) % (84.0) %
Miami, FL Metro Area 414  (4) (439) (443) (9.2) % 11,003  (2,828) 8,175  1.9  % (100.0) % (105.4) %
Minneapolis - St. Paul, MN-WI Area 580  (7,019) 2,020  (4,999) (104.3) % 9,518  (4,843) 4,675  1.1  % (173.7) % (206.9) %
Nashville, TN Area 673  620  —  620  12.9  % 31,204  —  31,204  7.1  % (98.0) % (98.0) %
New York / New Jersey Metro Area 1,743  (7,658) 419  (7,239) (151.0) % 37,686  (8,295) 29,391  6.7  % (120.3) % (124.6) %
Orlando, FL Area 524  1,078  (141) 937  19.5  % 10,247  (2,156) 8,091  1.8  % (89.5) % (88.4) %
Philadelphia, PA Area 648  737  —  737  15.4  % 8,248  —  8,248  1.9  % (91.1) % (91.1) %
San Diego, CA Area 410  792  —  792  16.5  % 6,591  —  6,591  1.5  % (88.0) % (88.0) %
San Francisco - Oakland, CA Metro Area 1,547  4,050  —  4,050  84.5  % 39,151  218  39,369  8.9  % (89.7) % (89.7) %
Tampa, FL Area 571  1,679  —  1,679  35.0  % 10,879  (7) 10,872  2.5  % (84.6) % (84.6) %
Washington D.C. - MD - VA Area 2,426  (8,549) —  (8,549) (178.3) % 48,486  (73) 48,413  11.0  % (117.6) % (117.6) %
Other Areas 39  7,125  15,235  (987) 14,248  297.2  % 140,587  (16,150) 124,437  28.3  % (89.2) % (88.6) %
Total Portfolio 103  22,621  $ 3,425  $ 1,370  $ 4,795  100.0  % $ 476,378  $ (36,153) $ 440,225  100.0  % (99.3) % (98.9) %
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2020
(in thousands, except share price)
(unaudited)

December 31, 2020
Common stock shares outstanding 64,363 
Partnership units outstanding 2,171 
Combined common stock shares and partnership units outstanding 66,534 
Common stock price $ 2.59 
Market capitalization $ 172,323 
Series D cumulative preferred stock $ 44,787 
Series F cumulative preferred stock $ 72,286 
Series G cumulative preferred stock $ 110,566 
Series H cumulative preferred stock $ 66,716 
Series I cumulative preferred stock $ 84,784 
Indebtedness $ 3,711,585 
Joint venture partner's share of consolidated indebtedness $ (1,945)
Net working capital (see below) $ (9,800)
Total enterprise value (TEV) $ 4,251,302 
Cash and cash equivalents $ 92,861 
Restricted cash $ 74,246 
Accounts receivable, net $ 21,747 
Prepaid expenses $ 18,399 
Due from third-party hotel managers, net $ 9,201 
Total current assets $ 216,454 
Accounts payable, net & accrued expenses $ 198,122 
Dividends and distributions payable $ 868 
Due to affiliates, net $ 7,664 
Total current liabilities $ 206,654 
Net working capital* $ 9,800 
* Includes the Company’s pro rata share of net working capital in joint ventures.
15


Exhibit 1

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

2020 2020 2020 2020 December 31, 2020
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter TTM
Net income (loss) $ (76,878) $ (59,307) $ (144,344) $ (35,819) $ (316,348)
Non-property adjustments 6,246  (20,029) 27,463  23,990  37,670 
Interest income (7) (6) (14) (37) (64)
Interest expense 1,279  6,012  8,125  4,843  20,259 
Amortization of loan costs 305  489  547  553  1,894 
Depreciation and amortization 58,286  62,708  64,812  66,139  251,945 
Income tax expense (benefit) 111  —  (19) 19  111 
Non-hotel EBITDA ownership expense 1,398  501  (43) 6,102  7,958 
Hotel EBITDA including amounts attributable to noncontrolling interest (9,260) (9,632) (43,473) 65,790  3,425 
Non-comparable adjustments (10) 615  3,274  (2,509) 1,370 
Comparable hotel EBITDA $ (9,270) $ (9,017) $ (40,199) $ 63,281  $ 4,795 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
16


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (76,878) $ (419) $ (60,293) $ (137,590)
Non-property adjustments 6,246  —  (6,246) — 
Interest income (7) —  — 
Interest expense 1,279  —  30,020  31,299 
Amortization of loan cost 305  —  3,616  3,921 
Depreciation and amortization 58,286  155  49  58,490 
Income tax expense (benefit) 111  —  73  184 
Non-hotel EBITDA ownership expense 1,398  (1,404) — 
Hotel EBITDA including amounts attributable to noncontrolling interest (9,260) (258) (34,178) (43,696)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest —  (3) — 
Equity in (earnings) loss of unconsolidated entities —  —  169  169 
Company's portion of EBITDA of OpenKey —  —  (169) (169)
Hotel EBITDA attributable to the Company and OP unitholders $ (9,257) $ (258) $ (34,181) $ (43,696)
Non-comparable adjustments (10)
Comparable hotel EBITDA $ (9,270)
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


17


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2019
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 24,896  $ 52  $ (60,567) $ (35,619)
Non-property adjustments 3,678  —  (3,678) — 
Interest income (51) —  51  — 
Interest expense 4,616  —  49,862  54,478 
Amortization of loan cost 452  —  6,562  7,014 
Depreciation and amortization 66,925  166  (683) 66,408 
Income tax expense (benefit) 174  —  (2,008) (1,834)
Non-hotel EBITDA ownership expense 2,656  (2,663) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 103,346  225  (13,124) 90,447 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (69) —  69  — 
Equity in (earnings) loss of unconsolidated entities —  —  99  99 
Company's portion of EBITDA of Ashford Inc. —  —  (26) (26)
Company's portion of EBITDA of OpenKey —  —  (95) (95)
Hotel EBITDA attributable to the Company and OP unitholders $ 103,277  $ 225  $ (13,077) $ 90,425 
Non-comparable adjustments (8,222)
Comparable hotel EBITDA $ 95,124 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2020
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (316,348) $ (1,507) $ (315,367) $ (633,222)
Non-property adjustments 37,670  —  (37,670) — 
Interest income (64) —  64  — 
Interest expense 20,259  —  210,597  230,856 
Amortization of loan cost 1,894  —  14,631  16,525 
Depreciation and amortization 251,945  625  195  252,765 
Income tax expense (benefit) 111  —  (1,446) (1,335)
Non-hotel EBITDA ownership expense 7,958  29  (7,987) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,425  (853) (136,983) (134,411)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (39) —  39  — 
Equity in (earnings) loss of unconsolidated entities —  —  448  448 
Company's portion of EBITDA of OpenKey —  —  (446) (446)
Hotel EBITDA attributable to the Company and OP unitholders $ 3,386  $ (853) $ (136,942) $ (134,409)
Non-comparable adjustments 1,370 
Comparable hotel EBITDA $ 4,795 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

19


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2019
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 168,758  $ 358  $ (311,795) $ (142,679)
Non-property adjustments 7,341  (70) (7,271) — 
Interest income (306) —  306  — 
Interest expense 19,208  —  213,249  232,457 
Amortization of loan cost 1,763  —  27,781  29,544 
Depreciation and amortization 268,896  644  (537) 269,003 
Income tax expense (benefit) 324  —  894  1,218 
Non-hotel EBITDA ownership expense 10,394  33  (10,427) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 476,378  965  (87,800) 389,543 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (332) —  332  — 
Equity in (earnings) loss of unconsolidated entities —  —  2,307  2,307 
Company's portion of EBITDA of Ashford Inc. —  —  4,336  4,336 
Company's portion of EBITDA of OpenKey —  —  (403) (403)
Hotel EBITDA attributable to the Company and OP unitholders $ 476,046  $ 965  $ (81,228) $ 395,783 
Non-comparable adjustments (36,153)
Comparable hotel EBITDA $ 440,225 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

20


Exhibit 1

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

Three Months Ended December 31, 2020
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis -
St. Paul, MN - WI Area
Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ (3,037) $ (5,171) $ (4,741) $ (1,549) $ (3,913) $ (2,525) $ (9,173) $ (2,702) $ (7,363)
Non-property adjustments —  243  —  —  —  —  6,567  —  — 
Interest income —  —  (1) —  (1) —  —  —  (1)
Interest expense 103  245  —  —  —  —  —  —  — 
Amortization of loan costs 69  —  —  —  —  —  —  — 
Depreciation and amortization 3,928  2,609  4,411  1,387  3,780  1,723  1,101  2,592  4,346 
Income tax expense (benefit) 33  —  —  —  —  —  —  —  58 
Non-hotel EBITDA ownership expense (1) 201  470  35  93  207  142 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,034  (1,999) (324) 39  336  (767) (1,412) 97  (2,818)
Non-comparable adjustments —  —  —  —  —  —  —  —  (15)
Comparable hotel EBITDA $ 1,034  $ (1,999) $ (324) $ 39  $ 336  $ (767) $ (1,412) $ 97  $ (2,833)
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ (1,508) $ (1,296) $ (634) $ (4,506) $ (1,805) $ (10,476) $ (16,479) $ (76,878)
Non-property adjustments —  —  —  —  (125) (440) 6,246 
Interest income —  —  —  —  —  (1) (3) (7)
Interest expense —  —  —  420  —  405  106  1,279 
Amortization of loan costs —  —  —  22  —  61  145  305 
Depreciation and amortization 1,669  1,342  714  3,611  1,451  7,754  15,868  58,286 
Income tax expense (benefit) —  21  —  —  —  (6) 111 
Non-hotel EBITDA ownership expense (77) 60  (2) 288  267  (380) 82  1,398 
Hotel EBITDA including amounts attributable to noncontrolling interest 85  127  78  (165) (87) (2,757) (727) (9,260)
Non-comparable adjustments (7) —  —  —  —  —  12  (10)
Comparable hotel EBITDA $ 78  $ 127  $ 78  $ (165) $ (87) $ (2,757) $ (715) $ (9,270)
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
21


Exhibit 1

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

Three Months Ended December 31, 2019
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 2,293  $ 1,557  $ 1,313  $ 861  $ 2,294  $ 468  $ (1,149) $ 4,798  $ 2,229 
Non-property adjustments 193  —  —  —  (92) —  —  —  — 
Interest income (1) —  (2) —  (2) (1) (5) —  (4)
Interest expense 198  953  —  —  —  —  —  —  2,078 
Amortization of loan costs 41  58  —  —  —  —  —  —  185 
Depreciation and amortization 3,984  3,175  4,625  1,454  4,230  2,270  2,110  2,596  4,626 
Income tax expense (benefit) —  —  —  —  —  —  —  66  62 
Non-hotel EBITDA ownership expense 79  111  105  47  (22) 57  377  232  315 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,787  5,854  6,041  2,362  6,408  2,794  1,333  7,692  9,491 
Non-comparable adjustments (41) (518) —  —  (1) (714) (948) —  (2,580)
Comparable hotel EBITDA $ 6,746  $ 5,336  $ 6,041  $ 2,362  $ 6,407  $ 2,080  $ 385  $ 7,692  $ 6,911 
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ 394  $ 534  $ 289  $ 3,929  $ 20,069  $ 1,170  $ (16,153) $ 24,896 
Non-property adjustments —  —  —  —  (19,418) —  22,995  3,678 
Interest income (3) (1) (1) (9) —  (11) (11) (51)
Interest expense —  —  —  297  —  806  284  4,616 
Amortization of loan costs —  —  —  15  —  58  95  452 
Depreciation and amortization 2,248  1,558  793  3,442  1,580  8,062  20,172  66,925 
Income tax expense (benefit) —  15  —  —  —  —  31  174 
Non-hotel EBITDA ownership expense (39) (6) (41) 290  (59) 210  1,000  2,656 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,600  2,100  1,040  7,964  2,172  10,295  28,413  103,346 
Non-comparable adjustments (599) —  —  —  (7) (184) (2,630) (8,222)
Comparable hotel EBITDA $ 2,001  $ 2,100  $ 1,040  $ 7,964  $ 2,165  $ 10,111  $ 25,783  $ 95,124 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
22


Exhibit 1

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

Year Ended December 31, 2020
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ (15,655) $ (20,942) $ (16,832) $ (5,230) $ (11,093) $ (3,614) $ (49,865) $ (10,270) $ (71,602)
Non-property adjustments —  (3,043) —  —  —  (4,841) 35,355  —  36,077 
Interest income (2) —  (4) —  (6) (1) (4) —  (4)
Interest expense 478  4,831  —  —  —  —  —  —  7,660 
Amortization of loan costs 99  246  —  —  —  —  —  —  486 
Depreciation and amortization 15,826  11,805  18,276  5,641  15,819  8,254  7,163  10,469  18,790 
Income tax expense (benefit) 33  —  —  —  —  —  —  —  58 
Non-hotel EBITDA ownership expense 697  482  294  334  410  198  332  421  877 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,476  (6,621) 1,734  745  5,130  (4) (7,019) 620  (7,658)
Non-comparable adjustments —  498  —  —  —  (439) 2,020  —  419 
Comparable hotel EBITDA $ 1,476  $ (6,123) $ 1,734  $ 745  $ 5,130  $ (443) $ (4,999) $ 620  $ (7,239)
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ 333  $ (4,931) $ (2,227) $ (13,595) $ (4,640) $ (43,871) $ (42,314) $ (316,348)
Non-property adjustments (7,632) —  —  —  —  (125) (18,121) 37,670 
Interest income (2) (1) (2) (8) —  (8) (22) (64)
Interest expense —  —  —  2,058  —  2,654  2,578  20,259 
Amortization of loan costs —  —  —  69  —  239  755  1,894 
Depreciation and amortization 8,314  5,532  2,966  14,439  6,006  31,682  70,963  251,945 
Income tax expense (benefit) —  21  —  —  —  (6) 111 
Non-hotel EBITDA ownership expense 65  116  55  1,087  313  875  1,402  7,958 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,078  737  792  4,050  1,679  (8,549) 15,235  3,425 
Non-comparable adjustments (141) —  —  —  —  —  (987) 1,370 
Comparable hotel EBITDA $ 937  $ 737  $ 792  $ 4,050  $ 1,679  $ (8,549) $ 14,248  $ 4,795 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
23


Exhibit 1

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

Year Ended December 31, 2019
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 11,157  $ 8,527  $ 8,211  $ 4,149  $ 14,190  $ 1,703  $ 572  $ 20,162  $ 8,591 
Non-property adjustments 193  —  —  (43) (92) —  (47) —  (326)
Interest income (4) —  (9) —  (12) (4) (54) —  (35)
Interest expense 841  4,191  —  —  —  —  —  —  8,432 
Amortization of loan costs 162  230  —  —  —  —  —  —  722 
Depreciation and amortization 15,684  12,606  17,105  5,807  17,581  9,095  8,445  10,146  18,581 
Income tax expense (benefit) —  —  —  —  —  —  —  190  62 
Non-hotel EBITDA ownership expense 805  336  387  391  385  209  602  706  1,659 
Hotel EBITDA including amounts attributable to noncontrolling interest 28,838  25,890  25,694  10,304  32,052  11,003  9,518  31,204  37,686 
Non-comparable adjustments (33) (1,985) —  —  (1) (2,828) (4,843) —  (8,295)
Comparable hotel EBITDA $ 28,805  $ 23,905  $ 25,694  $ 10,304  $ 32,051  $ 8,175  $ 4,675  $ 31,204  $ 29,391 
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ 1,270  $ 1,634  $ 3,391  $ 23,552  $ 23,904  $ 12,121  $ 25,624  $ 168,758 
Non-property adjustments —  —  —  (71) (19,419) —  27,146  7,341 
Interest income (15) (4) (6) (39) —  (63) (61) (306)
Interest expense —  —  —  1,005  —  3,511  1,228  19,208 
Amortization of loan costs —  —  —  50  —  227  372  1,763 
Depreciation and amortization 8,859  6,440  3,213  13,399  6,335  32,129  83,471  268,896 
Income tax expense (benefit) —  15  —  —  —  —  57  324 
Non-hotel EBITDA ownership expense 133  163  (7) 1,255  59  561  2,750  10,394 
Hotel EBITDA including amounts attributable to noncontrolling interest 10,247  8,248  6,591  39,151  10,879  48,486  140,587  476,378 
Non-comparable adjustments (2,156) —  —  218  (7) (73) (16,150) (36,153)
Comparable hotel EBITDA $ 8,091  $ 8,248  $ 6,591  $ 39,369  $ 10,872  $ 48,413  $ 124,437  $ 440,225 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.

24


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended December 31, 2020
KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 5 hotels KEYS Pool F - 5 hotels BAML Highland Pool - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ (325) $ (7,337) $ (16,720) $ (4,843) $ (10,992) $ (17,863) $ (67,737) $ (24,348) $ (22,823) $ (4,387) $ (1,485)
Non-property adjustments —  —  —  —  —  —  (125) (352) —  —  — 
Interest income (11) (9) —  —  —  —  —  (8) (20) (2) — 
Interest expense —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 6,549  7,520  14,989  11,827  13,438  16,279  62,163  26,595  21,403  6,007  1,787 
Income tax expense (benefit) 25  58  —  —  —  —  —  33  —  —  — 
Non-hotel EBITDA ownership expense 146  170  243  334  472  993  1,441  852  612  17  102 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,384  402  (1,488) 7,318  2,918  (591) (4,258) 2,772  (826) 1,635  404 
Non-comparable adjustments —  —  —  —  —  —  21  —  —  —  — 
Comparable hotel EBITDA $ 6,384  $ 402  $ (1,488) $ 7,318  $ 2,918  $ (591) $ (4,237) $ 2,772  $ (826) $ 1,635  $ 404 
BAML Pool 5 - 2 hotels Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aareal Hilton Alexandria - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Prudential Boston Back Bay - 1 hotel GACC Gateway - 1 hotel GACC Jacksonville RI - 1 hotel JPMorgan Chase La Posada-1 hotel
Net income (loss) $ (780) $ (1,034) $ (15,524) $ (6,668) $ (3,552) $ (559) $ (1,599) $ (15,656) $ (15,051) $ (1,112) $ (3,233)
Non-property adjustments —  —  —  (125) —  —  —  219  —  —  — 
Interest income (2) —  —  (2) —  —  —  —  —  —  — 
Interest expense —  —  —  2,654  —  —  478  4,831  —  —  808 
Amortization of loan costs —  —  —  239  —  —  99  246  —  —  392 
Depreciation and amortization 556  1,306  13,560  2,938  2,498  538  1,564  6,323  11,400  2,058  1,479 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 38  609  76  45  33  97  251  509  40  58 
Hotel EBITDA including amounts attributable to noncontrolling interest (218) 310  (1,355) (888) (1,009) 12  639  (3,786) (3,142) 986  (496)
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ (218) $ 310  $ (1,355) $ (888) $ (1,009) $ 12  $ 639  $ (3,786) $ (3,142) $ 986  $ (496)
Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley - 8 hotels Morgan Stanley Pool C1 - 3 hotels Deutsche Bank W Minneapolis - 1 hotel SPT Embassy Suites New York Manhattan Times Square - 1 hotel NorthStar HGI Wisconsin Dells - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ (6,796) $ (550) $ (313) $ (2,326) $ 5,748  $ 16,636  $ (33,511) $ (46,034) $ $ (5,580) $ (316,348)
Non-property adjustments —  —  —  —  (10,005) (19,675) 28,778  36,077  (6) 2,884  37,670 
Interest income —  —  —  —  —  (1) (4) —  —  (5) (64)
Interest expense 1,764  —  —  2,058  —  —  7,660  —  —  20,259 
Amortization of loan costs 364  —  —  68  —  —  —  486  —  —  1,894 
Depreciation and amortization 3,633  427  679  1,163  4,739  3,517  2,590  1,360  —  1,060  251,945 
Income tax expense (benefit) —  —  (5) —  —  —  —  —  —  —  111 
Non-hotel EBITDA ownership expense 176  19  75  193  82  127  35  —  102  7,958 
Hotel EBITDA including amounts attributable to noncontrolling interest (859) (104) 364  1,038  679  559  (2,020) (416) —  (1,539) 3,425 
Non-comparable adjustments —  —  —  —  (679) (559) 2,020  416  —  151  1,370 
Comparable hotel EBITDA $ (859) $ (104) $ 364  $ 1,038  $ —  $ —  $ —  $ —  $ —  $ (1,388) $ 4,795 
NOTES:
(1)    The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period.
(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
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