0001232582false00012325822021-07-282021-07-280001232582us-gaap:CommonStockMember2021-07-282021-07-280001232582us-gaap:SeriesDPreferredStockMember2021-07-282021-07-280001232582us-gaap:SeriesFPreferredStockMember2021-07-282021-07-280001232582us-gaap:SeriesGPreferredStockMember2021-07-282021-07-280001232582us-gaap:SeriesHPreferredStockMember2021-07-282021-07-280001232582aht:SeriesIPreferredStockMember2021-07-282021-07-28

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): July 28, 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 1200
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 July 28, 2021, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2021. 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 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    Second Quarter 2021 Earnings Release of the Company, dated July 28, 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: July 28, 2021

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


EXHIBIT 99.1
HOSPTRUSTLEFT300DPIA14.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 SECOND QUARTER 2021 RESULTS
Second Quarter Net Loss Attributable to Common Stockholders was $69.5 Million
Second Quarter Comparable Hotel EBITDA was $45.6 Million
Second Quarter Adjusted EBITDAre was $31.4 Million
Second Quarter AFFO Per Diluted Share was $0.04

DALLAS – July 28, 2021 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2021. 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 June 30, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021 with the second quarter ended June 30, 2020 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS
•Comparable RevPAR for all hotels increased 372% to $78.13 during the quarter on a 21.8% increase in ADR and a 287.5% increase in occupancy.
•Net loss attributable to common stockholders was $(69.5) million or $(4.35) per diluted share for the quarter.
•Adjusted EBITDAre was $31.4 million for the quarter.
•Adjusted funds from operations (AFFO) was $0.04 per diluted share for the quarter.
•The Company ended the quarter with cash and cash equivalents of $520.4 million and restricted cash of $70.1 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $15.9 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 a modification agreement improving the loan extension terms on its $240 million Renaissance Nashville/Westin Princeton Pool representing 2 hotels.
•Capex invested during the quarter was $4.5 million.



AHT Reports Second Quarter Results
Page 2
July 28, 2021

ASHFORD TRUST JOINS RUSSELL 2000®, RUSSELL 3000® AND RUSSELL MICROCAP® INDEXES
Ashford Trust was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index, as part of the Russell Indexes annual reconstitution. The additions were effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

CAPITAL STRUCTURE
At June 30, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%. At the end of the quarter, approximately 98% of the Company’s hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes. The Company expects many of these hotels to remain in cash traps for the foreseeable future.

The Company has been actively exchanging its preferred stock for common stock. To date, the Company has exchanged 15.2 million shares of its preferred stock, approximately 67% of its preferred shares prior to initiating the exchanges and representing approximately $379 million of liquidation value, into 10.2 million shares of common stock.

The Company has also been opportunistically raising equity capital to delever its balance sheet and improve its liquidity. During the second quarter, and subsequent to the end of the quarter, the Company issued approximately 12.5 million common shares raising approximately $431.6 million in gross proceeds. This brings the total gross proceeds for the year to $477.5 million from the sale of its common stock.

Subsequent to quarter end, the Company announced that its Board of Directors unanimously approved a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on July 16, 2021, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on July 19, 2021, on the split-adjusted basis.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors previously announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the second quarter ending June 30, 2021. 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 second quarter ending June 30, 2021.

PORTFOLIO REVPAR
As of June 30, 2021, the portfolio consisted of 100 hotels.

•Comparable RevPAR increased 372% to $78.13 for all hotels on a 21.8% increase in ADR and a 287.5% increase in occupancy.

“I’m pleased to report that our portfolio generated positive Hotel EBITDA in the second quarter driven by pent-up leisure demand,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer.


AHT Reports Second Quarter Results
Page 3
July 28, 2021

“We remain committed to maximizing value for shareholders and, in addition to our strong hotel performance this quarter, we continue to take decisive actions to enhance our liquidity and deleverage our balance sheet. We’ve enhanced our operational and financial flexibility by securing forbearance agreements on $3.6 billion of loans and exchanging approximately $379 million of our preferred equity for common equity. Additionally, earlier this year we announced a long-term capital agreement for up to $450 million and, year-to-date we have raised approximately $478 million from the sale of our common stock. We have substantial access to capital, ample liquidity for multiple years and believe our attractive hotel portfolio is well-positioned to capitalize on the industry recovery we are already seeing. Further, we’ve materially reduced our monthly cash utilization, handed back uneconomic assets to lenders, significantly delevered our balance sheet, and have no significant debt maturities until 2024-2025, assuming extensions are exercised.”

Hays added, “We were also pleased to become a member of the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index. We’re committed to making owning Ashford Trust’s common stock as shareholder friendly as possible and believe our inclusion in the Russell indexes will provide increased visibility within the investment community and improve the liquidity of our stock. The lodging industry is showing clear signs of improvement and, looking ahead, our geographically diverse portfolio is well-positioned with high exposure to transient leisure customers, and we believe our improved liquidity profile and ongoing deleveraging initiatives position us to capitalize on this recovery.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, July 29, 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, August 5, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13720454.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 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, July 29, 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.

Follow CEO Rob Hays on Twitter at https://twitter.com/aht_rob or @aht_rob.



AHT Reports Second Quarter Results
Page 4
July 28, 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 timing and outcome of the Securities and Exchange Commission’s investigation; 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)
June 30, 2021 December 31, 2020
ASSETS
Investments in hotel properties, net $ 3,303,131  $ 3,426,982 
Cash and cash equivalents 520,387  92,905 
Restricted cash 70,090  74,408 
Accounts receivable, net of allowance of $465 and $441, respectively 37,242  21,760 
Inventories 2,631  2,447 
Notes receivable, net 8,555  8,263 
Investment in OpenKey 2,533  2,811 
Deferred costs, net 6,223  1,851 
Prepaid expenses 15,752  18,401 
Derivative assets, net 128  263 
Operating lease right-of-use assets 44,640  45,008 
Other assets 22,587  23,303 
Intangible assets, net 797  797 
Due from related parties, net 7,407  5,801 
Due from third-party hotel managers 15,917  9,383 
Total assets $ 4,058,020  $ 3,734,383 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 3,923,006  $ 3,728,911 
Accounts payable and accrued expenses 110,761  99,954 
Accrued interest payable 19,328  98,685 
Dividends and distributions payable 236  868 
Due to Ashford Inc., net 4,844  13,383 
Due to related parties, net 800  — 
Due to third-party hotel managers 889  184 
Intangible liabilities, net 2,217  2,257 
Operating lease liabilities 45,065  45,309 
Other liabilities 5,085  5,336 
Total liabilities 4,112,231  3,994,887 
Redeemable noncontrolling interests in operating partnership 28,906  22,951 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,316,231 and 1,791,461 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 13  18 
Series F Cumulative Preferred Stock, 1,470,944 and 2,891,440 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 15  29 
Series G Cumulative Preferred Stock, 1,909,670 and 4,422,623 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 19  44 
Series H Cumulative Preferred Stock, 1,457,815 and 2,668,637 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 14  27 
Series I Cumulative Preferred Stock, 1,392,123 and 3,391,349 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 14  34 
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,320,857 and 6,436,250 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 223  64 
Additional paid-in capital 2,181,467  1,809,455 
Accumulated deficit (2,264,954) (2,093,292)
Total shareholders' equity (deficit) of the Company (83,189) (283,621)
Noncontrolling interests in consolidated entities 72  166 
Total equity (deficit) (83,117) (283,455)
Total liabilities and equity/deficit $ 4,058,020  $ 3,734,383 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
REVENUE
Rooms $ 160,031  $ 37,439  $ 257,145  $ 253,246 
Food and beverage 19,840  1,197  27,743  49,147 
Other 12,986  4,153  23,414  21,501 
Total hotel revenue 192,857  42,789  308,302  323,894 
Other 555  276  940  1,048 
Total revenue 193,412  43,065  309,242  324,942 
EXPENSES
Hotel operating expenses
Rooms 37,336  12,642  61,060  65,108 
Food and beverage 13,583  3,463  20,110  38,364 
Other expenses 76,072  46,061  131,841  149,855 
Management fees 7,441  4,389  12,968  14,938 
Total hotel operating expenses 134,432  66,555  225,979  268,265 
Property taxes, insurance and other 17,128  20,700  34,599  41,172 
Depreciation and amortization 55,595  65,016  113,222  131,366 
Impairment charges —  27,605  —  55,218 
Advisory services fee:
Base advisory fee 9,006  8,557  17,741  17,474 
Reimbursable expenses 1,621  1,567  3,212  3,398 
Non-cash stock/unit-based compensation 2,455  92  4,290  4,643 
Incentive fee 6,472  —  6,472  — 
Corporate, general and administrative:
Non-cash stock/unit-based compensation 610  597  636  739 
Other general and administrative 2,092  4,111  9,063  7,461 
Total operating expenses 229,411  194,800  415,214  529,736 
Gain (loss) on disposition of assets and hotel properties 361  (6) 292  3,617 
OPERATING INCOME (LOSS) (35,638) (151,741) (105,680) (201,177)
Equity in earnings (loss) of unconsolidated entities (141) (79) (278) (158)
Interest income —  41  13  652 
Other income (expense), net 245  (3,149) 474  (1,627)
Interest expense, net of discount amortization (32,866) (84,544) (61,236) (135,047)
Amortization of loan costs (2,870) (3,538) (7,764) (10,120)
Write-off of premiums, loan costs and exit fees (787) (1,935) (4,166) (2,030)
Gain (loss) on extinguishment of debt 10,604  —  10,604  — 
Unrealized gain (loss) on marketable securities —  479  —  (998)
Unrealized gain (loss) on derivatives (3,236) 192  (2,317) 4,614 
INCOME (LOSS) BEFORE INCOME TAXES (64,689) (244,274) (170,350) (345,891)
Income tax benefit (expense) (572) 2,188  (301) 1,885 
NET INCOME (LOSS) (65,261) (242,086) (170,651) (344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities 13  120  94  168 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 956  37,350  3,227  55,021 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (64,292) (204,616) (167,330) (288,817)
Preferred dividends 2,709  (10,644) 3,527  (21,288)
Gain (loss) on extinguishment of preferred stock (7,887) —  2,748  — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (69,470) $ (215,260) $ (161,055) $ (310,105)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (4.35) $ (208.53) $ (13.21) $ (304.58)
Weighted average common shares outstanding – basic 15,957  1,031  12,178  1,016 
Diluted:
Net income (loss) attributable to common stockholders $ (4.35) $ (208.53) $ (13.21) $ (304.58)
Weighted average common shares outstanding – diluted 15,957  1,031  12,178  1,016 
Dividends declared per common share: $ —  $ —  $ —  $ — 
6

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Net income (loss) $ (65,261) $ (242,086) $ (170,651) $ (344,006)
Interest expense and amortization of discounts and loan costs, net 35,736  88,082  69,000  145,167 
Depreciation and amortization 55,595  65,016  113,222  131,366 
Income tax expense (benefit) 572  (2,188) 301  (1,885)
Equity in (earnings) loss of unconsolidated entities 141  79  278  158 
Company's portion of EBITDA of OpenKey (140) (78) (275) (156)
EBITDA 26,643  (91,175) 11,875  (69,356)
Impairment charges on real estate —  27,605  —  55,218 
(Gain) loss on disposition of assets and hotel properties (361) 6  (292) (3,617)
EBITDAre 26,282  (63,564) 11,583  (17,755)
Amortization of unfavorable contract liabilities 53  59  106  108 
(Gain) loss on insurance settlements —  (148) —  (148)
Write-off of premiums, loan costs and exit fees 787  1,935  4,166  2,030 
(Gain) loss on extinguishment of debt (10,604) —  (10,604) — 
Other (income) expense, net (245) 3,150  (474) 1,659 
Transaction and conversion costs 413  1,794  1,922  2,535 
Legal, advisory and settlement costs 1,849  40  4,496  185 
Unrealized (gain) loss on marketable securities —  (479) —  998 
Unrealized (gain) loss on derivatives 3,236  (192) 2,317  (4,614)
Dead deal costs —  16  689  117 
Uninsured remediation costs —  —  374  — 
Non-cash stock/unit-based compensation 3,105  841  5,049  5,747 
Advisory services incentive fee 6,472  —  6,472  — 
Company's portion of adjustments to EBITDAre of OpenKey 2  3  12  9 
Adjusted EBITDAre $ 31,350  $ (56,545) $ 26,108  $ (9,129)
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 Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Net income (loss) $ (65,261) $ (242,086) $ (170,651) $ (344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities 13  120  94  168 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 956  37,350  3,227  55,021 
Preferred dividends 2,709  (10,644) 3,527  (21,288)
Gain (loss) on extinguishment of preferred stock (7,887) —  2,748  — 
Net income (loss) attributable to common stockholders (69,470) (215,260) (161,055) (310,105)
Depreciation and amortization on real estate 55,559  64,970  113,149  131,268 
(Gain) loss on disposition of assets and hotel properties (361) 6  (292) (3,617)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (956) (37,350) (3,227) (55,021)
Equity in (earnings) loss of unconsolidated entities 141  79  278  158 
Impairment charges on real estate —  27,605  —  55,218 
Company's portion of FFO of OpenKey (140) (79) (276) (158)
FFO available to common stockholders and OP unitholders (15,227) (160,029) (51,423) (182,257)
(Gain) loss on extinguishment of preferred stock 7,887  —  (2,748) — 
Write-off of premiums, loan costs and exit fees 787  1,935  4,166  2,030 
(Gain) loss on extinguishment of debt (10,604) —  (10,604) — 
(Gain) loss on insurance settlements —  (148) —  (148)
Other (income) expense, net (245) 3,150  (474) 1,659 
Transaction and conversion costs 413  1,794  2,296  2,535 
Legal, advisory and settlement costs 1,849  40  4,496  185 
Unrealized (gain) loss on marketable securities —  (479) —  998 
Unrealized (gain) loss on derivatives 3,236  (192) 2,317  (4,614)
Dead deal costs —  16  689  117 
Uninsured remediation costs —  —  374  — 
Non-cash stock/unit-based compensation 3,105  841  5,049  5,747 
Amortization of term loan exit fee 211  —  2,660  — 
Amortization of loan costs 2,866  3,536  7,757  10,116 
Advisory services incentive fee 6,472  —  6,472  — 
Company's portion of adjustments to FFO of OpenKey 2  3  12  9 
Adjusted FFO available to common stockholders and OP unitholders $ 752  $ (149,533) $ (28,961) $ (163,623)
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.04  $ (123.22) $ (2.06) $ (135.74)
Weighted average diluted shares 18,059  1,214  14,057  1,205 

7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2021
(dollars in thousands)
(unaudited)

Indebtedness Current Maturity
Final Maturity (12)
Interest Rate (1)
Fixed-Rate
Debt 		Floating-Rate
Debt 		Total
Debt
Comparable TTM
Hotel EBITDA (13)
Comparable TTM EBITDA
Debt Yield
Morgan Stanley Pool - 17 hotels November 2021 November 2024 LIBOR + 3.00% $ —  $ 419,000  $ 419,000  (2) $ 6,023  1.4  %
GACC Gateway - 1 hotel November 2021 November 2021 6.26% 81,262  —  81,262  (1,810) (2.2) %
JPMorgan Chase La Posada - 1 hotel November 2021 November 2023 LIBOR + 2.55% —  25,000  25,000  (3) 921  3.7  %
JPMorgan Chase - 8 hotels February 2022 February 2025 LIBOR + 3.07% —  395,000  395,000  (4) 1,467  0.4  %
BAML Princeton/Nashville - 2 hotels March 2022 March 2026 LIBOR + 2.75% —  240,000  240,000  (5) (830) (0.3) %
BAML Highland Pool - 19 hotels April 2022 April 2025 LIBOR + 3.20% —  914,281  914,281  (6) 3,947  0.4  %
KEYS Pool A - 7 hotels June 2022 June 2025 LIBOR + 3.65% —  180,720  180,720  (7) 5,467  3.0  %
KEYS Pool B - 7 hotels June 2022 June 2025 LIBOR + 3.39% —  174,400  174,400  (7) 166  0.1  %
KEYS Pool C - 5 hotels June 2022 June 2025 LIBOR + 3.73% —  221,040  221,040  (7) (105) —  %
KEYS Pool D - 5 hotels June 2022 June 2025 LIBOR + 4.02% —  262,640  262,640  (7) 10,272  3.9  %
KEYS Pool E - 5 hotels June 2022 June 2025 LIBOR + 2.73% —  160,000  160,000  (7) 6,352  4.0  %
KEYS Pool F - 5 hotels June 2022 June 2025 LIBOR + 3.68% —  215,120  215,120  (7) (888) (0.4) %
Morgan Stanley Ann Arbor - 1 hotel July 2022 July 2023 LIBOR + 3.95% —  33,200  33,200  (8) (1,074) (3.2) %
Prudential Boston Back Bay - 1 hotel November 2022  November 2022 LIBOR + 2.00% —  97,629  97,629  (3,702) (3.8) %
BAML Indigo Atlanta - 1 hotel December 2022 December 2024 LIBOR + 2.25% —  16,100  16,100  (9) 392  2.4  %
Aareal Le Pavillon - 1 hotel January 2023  January 2025 LIBOR + 3.40% —  37,000  37,000  (10) (963) (2.6) %
Aareal Hilton Alexandria - 1 hotel June 2023 June 2023 LIBOR + 2.45% —  73,450  73,450  (612) (0.8) %
GACC Manchester RI - 1 hotel January 2024 January 2024 5.49% 6,587  —  6,587  492  7.5  %
GACC Jacksonville RI - 1 hotel January 2024 January 2024 5.49% 9,615  —  9,615  1,192  12.4  %
Oaktree Capital Term Loan January 2024 Janaury 2026 16.00% 214,907  —  214,907  (11)  N/A N/A
Key Bank Manchester CY - 1 hotel May 2024 May 2024 4.99% 6,260  —  6,260  50  0.8  %
Southside Bank Ashton - 1 hotel June 2024 June 2024 LIBOR + 2.00% —  8,881  8,881  35  0.4  %
Morgan Stanley Pool C2 - 2 hotels August 2024 August 2024 4.85% 11,668  —  11,668  702  6.0  %
Morgan Stanley Pool C3 - 3 hotels August 2024 August 2024 4.90% 23,332  —  23,332  1,370  5.9  %
BAML Pool 3 - 3 hotels February 2025 February 2025 4.45% 50,098  —  50,098  2,368  4.7  %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 March 2025 4.66% 24,151  —  24,151  2,974  12.3  %
Total $ 427,880  $ 3,473,461  $ 3,901,341  $ 34,206  0.9  %
Percentage 11.0  % 89.0  % 100.0  %
Weighted average interest rate (1)
10.69  % 3.33  % 4.13  %
All indebtedness is non-recourse with the exception of the term loan.
(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. The second one-year extension period began in November 2020.
(3)    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%.
(4)    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.
(5)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021.
(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 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 two one-year extension options, subject to satisfaction of certain conditions. 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)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(12)    The final maturity date assumes all available extension options will be exercised.    
(13)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.    
8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2021
(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 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel —  —  —  —  22,030  —  22,030 
BAML Highland Pool - 19 hotels —  —  —  —  907,030  —  907,030 
KEYS Pool A - 7 hotels —  —  —  —  180,720  —  180,720 
KEYS Pool B - 7 hotels —  —  —  —  174,400  —  174,400 
KEYS Pool C - 5 hotels —  —  —  —  221,040  —  221,040 
KEYS Pool D - 5 hotels —  —  —  —  262,640  —  262,640 
KEYS Pool E - 5 hotels —  —  —  —  160,000  —  160,000 
KEYS Pool F - 5 hotels —  —  —  —  215,120  —  215,120 
Oaktree Capital Term Loan —  —  —  —  —  214,907  214,907 
BAML Princeton/Nashville - 2 hotels —  —  —  —  —  240,000  240,000 
Principal due in future periods 78,430  97,000  131,650  496,933  2,619,478  454,907  3,878,398 
Scheduled amortization payments remaining 13,252  2,933  3,237  3,220  301  —  22,943 
Total indebtedness $ 91,682  $ 99,933  $ 134,887  $ 500,153  $ 2,619,779  $ 454,907  $ 3,901,341 

9

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

ALL HOTELS:
Three Months Ended June 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Rooms revenue (in thousands) $ 158,954  $ (310) $ 158,644  $ 37,388  $ (3,802) $ 33,586  325.15  % 372.35  %
RevPAR $ 78.01  $ (43.30) $ 78.13  $ 16.60  $ 17.10  $ 16.55  369.85  % 372.15  %
Occupancy 56.91  % (58.29) % 56.90  % 14.91  % 16.99  % 14.68  % 281.69  % 287.51  %
ADR $ 137.08  $ (74.29) $ 137.31  $ 111.34  $ 100.66  $ 112.69  23.12  % 21.84  %
ALL HOTELS:
Six Months Ended June 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Rooms revenue (in thousands) $ 255,439  $ (1,089) $ 254,350  $ 252,164  $ (21,272) $ 230,892  1.30  % 10.16  %
RevPAR $ 62.77  $ (34.74) $ 62.98  $ 55.82  $ 46.44  $ 56.88  12.44  % 10.73  %
Occupancy 49.55  % (51.81) % 49.53  % 36.74  % 35.85  % 36.85  % 34.87  % 34.43  %
ADR $ 126.67  $ (67.05) $ 127.16  $ 151.92  $ 129.54  $ 154.38  (16.62) % (17.63) %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 % Variance 2021 2020 % Variance
Total hotel revenue $ 191,472  $ 42,709  348.32  % $ 306,093  $ 322,412  (5.06) %
Non-comparable adjustments (345) (4,143) (1,160) (23,924)
Comparable total hotel revenue $ 191,127  $ 38,566  395.58  % $ 304,933  $ 298,488  2.16  %
Hotel EBITDA $ 45,649  $ (43,473) 205.01  % $ 51,468  $ 22,317  130.62  %
Non-comparable adjustments (22) 4,128  249  1,596 
Comparable hotel EBITDA $ 45,627  $ (39,345) 215.97  % $ 51,717  $ 23,913  116.27  %
Hotel EBITDA margin 23.84  % (101.79) % 125.63  % 16.81  % 6.92  % 9.89  %
Comparable hotel EBITDA margin 23.87  % (102.02) % 125.89  % 16.96  % 8.01  % 8.95  %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 58  $ (22) 363.64  % $ 57  $ 15  280.00  %
Hotel EBITDA attributable to the Company and OP unitholders $ 45,591  $ (43,451) 204.93  % $ 51,411  $ 22,302  130.52  %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 45,569  $ (39,323) 215.88  % $ 51,660  $ 23,898  116.17  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    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
2021 2021 2021 2021 2021 2021 2020 2020 2020 2020 2020 2020
2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter
Total hotel revenue $ 191,472  $ (345) $ 191,127  $ 114,621  $ (815) $ 113,806  $ 89,432  $ (678) $ 88,754  $ 92,519  $ (4,306) $ 88,213 
Hotel EBITDA $ 45,649  $ (22) $ 45,627  $ 5,819  $ 271  $ 6,090  $ (9,260) $ 314  $ (8,946) $ (9,632) $ 1,067  $ (8,565)
Hotel EBITDA margin 23.84  % 23.87  % 5.08  % 5.35  % (10.35) % (10.08) % (10.41) % (9.71) %
EBITDA % of total TTM 140.1  % 133.4  % 17.9  % 17.8  % (28.4) % (26.2) % (29.6) % (25.0) %
JV interests in EBITDA $ 58  $ —  $ 58  $ (1) $ —  $ (1) $ (3) $ —  $ (3) $ 27  $ —  $ 27 
Actual Non-comparable Adjustments Comparable
2021 2021 2021
TTM TTM TTM
Total hotel revenue $ 488,044  $ (6,144) $ 481,900 
Hotel EBITDA $ 32,576  $ 1,630  $ 34,206 
Hotel EBITDA margin 6.67  % 7.10  %
EBITDA % of total TTM 100.0  % 100.0  %
JV interests in EBITDA $ 81  $ —  $ 81 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    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 June 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Atlanta, GA Area 9  1,426  $ 82.94  $ —  $ 82.94  $ 8.43  $ —  $ 8.43  883.9  % 883.9  %
Boston, MA Area 2  705  67.00  —  67.00  9.69  (5.78) 10.86  591.4  % 516.9  %
Dallas / Ft. Worth, TX Area 7  1,526  68.44  —  68.44  11.81  —  11.81  479.5  % 479.5  %
Houston, TX Area 3  692  83.34  —  83.34  18.51  —  18.51  350.2  % 350.2  %
Los Angeles, CA Metro Area 6  1,619  86.00  —  86.00  22.92  —  22.92  275.2  % 275.2  %
Miami, FL Metro Area 2  414  140.58  —  140.58  8.68  (11.45) 7.51  1,519.6  % 1,771.9  %
Minneapolis - St. Paul, MN-WI Area 2  520  39.51  —  39.51  4.83  (0.49) 7.25  718.0  % 445.0  %
Nashville, TN Area 1  673  112.23  —  112.23  2.81  —  2.81  3,894.0  % 3,894.0  %
New York / New Jersey Metro Area 6  1,743  46.29  —  46.29  15.86  (48.36) 10.08  191.9  % 359.2  %
Orlando, FL Area 2  524  93.56  —  93.56  9.54  (8.05) 10.14  880.7  % 822.7  %
Philadelphia, PA Area 3  648  68.07  —  68.07  16.34  —  16.34  316.6  % 316.6  %
San Diego, CA Area 2  410  78.15  —  78.15  17.35  —  17.35  350.4  % 350.4  %
San Francisco - Oakland, CA Metro Area 7  1,547  71.04  —  71.04  24.62  —  24.62  188.5  % 188.5  %
Tampa, FL Area 2  571  110.53  —  110.53  15.50  —  15.50  613.1  % 613.1  %
Washington D.C. - MD - VA Area 9  2,426  47.13  —  47.13  7.48  —  7.48  530.1  % 530.1  %
Other Areas 37  6,869  91.02  (43.30) 91.57  23.27  (17.40) 24.33  291.1  % 276.4  %
Total Portfolio 100  22,313  $ 78.01  $ (43.30) $ 78.13  $ 16.60  $ 17.10  $ 16.55  369.9  % 372.1  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended June 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Atlanta, GA Area 9  1,426  $ 2,841  $ —  $ 2,841  6.2  % $ (3,595) $ —  $ (3,595) 9.1  % 179.0  % 179.0  %
Boston, MA Area 2  705  (388) —  (388) (0.9) % (2,888) 387  (2,501) 6.4  % 86.6  % 84.5  %
Dallas / Ft. Worth, TX Area 7  1,526  3,266  —  3,266  7.2  % (2,564) —  (2,564) 6.5  % 227.4  % 227.4  %
Houston, TX Area 3  692  1,717  —  1,717  3.8  % (1,411) —  (1,411) 3.6  % 221.7  % 221.7  %
Los Angeles, CA Metro Area 6  1,619  4,107  —  4,107  9.0  % (1,379) —  (1,379) 3.5  % 397.8  % 397.8  %
Miami, FL Metro Area 2  414  1,860  —  1,860  4.1  % (1,870) 244  (1,626) 4.1  % 199.5  % 214.4  %
Minneapolis - St. Paul, MN-WI Area 2  520  (93) —  (93) (0.2) % (2,902) 1,701  (1,201) 3.1  % 96.8  % 92.3  %
Nashville, TN Area 1  673  3,177  —  3,177  7.0  % (2,535) —  (2,535) 6.4  % 225.3  % 225.3  %
New York / New Jersey Metro Area 6  1,743  600  (3) 597  1.3  % (4,090) 248  (3,842) 9.8  % 114.7  % 115.5  %
Orlando, FL Area 2  524  1,350  (1) 1,349  3.0  % (982) 331  (651) 1.7  % 237.5  % 307.2  %
Philadelphia, PA Area 3  648  1,042  —  1,042  2.3  % (703) —  (703) 1.8  % 248.2  % 248.2  %
San Diego, CA Area 2  410  1,064  —  1,064  2.3  % (542) —  (542) 1.4  % 296.3  % 296.3  %
San Francisco - Oakland, CA Metro Area 7  1,547  1,737  —  1,737  3.8  % (1,906) —  (1,906) 4.8  % 191.1  % 191.1  %
Tampa, FL Area 2  571  1,965  —  1,965  4.3  % (1,312) —  (1,312) 3.3  % 249.8  % 249.8  %
Washington D.C. - MD - VA Area 9  2,426  644  —  644  1.4  % (6,416) —  (6,416) 16.3  % 110.0  % 110.0  %
Other Areas 37  6,869  20,760  (18) 20,742  45.4  % (8,378) 1,217  (7,161) 18.2  % 347.8  % 389.7  %
Total Portfolio 100  22,313  $ 45,649  $ (22) $ 45,627  100.0  % $ (43,473) $ 4,128  $ (39,345) 100.0  % 205.0  % 216.0  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Six Months Ended June 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Atlanta, GA Area 9  1,426  $ 71.92  $ —  $ 71.92  $ 58.38  $ —  $ 58.38  23.2  % 23.2  %
Boston, MA Area 2  705  46.53  —  46.53  45.61  (29.20) 50.50  2.0  % (7.9) %
Dallas / Ft. Worth, TX Area 7  1,526  56.76  —  56.76  53.42  —  53.42  6.3  % 6.3  %
Houston, TX Area 3  692  67.41  —  67.41  49.79  —  49.79  35.4  % 35.4  %
Los Angeles, CA Metro Area 6  1,619  72.49  —  72.49  66.48  —  66.48  9.0  % 9.0  %
Miami, FL Metro Area 2  414  116.91  —  116.91  80.42  (62.83) 87.81  45.4  % 33.1  %
Minneapolis - St. Paul, MN-WI Area 2  520  27.87  (6.17) 28.13  33.46  (41.48) 29.00  (16.7) % (3.0) %
Nashville, TN Area 1  673  73.37  —  73.37  79.28  —  79.28  (7.5) % (7.5) %
New York / New Jersey Metro Area 6  1,743  31.38  —  31.38  46.33  (74.34) 41.35  (32.3) % (24.1) %
Orlando, FL Area 2  524  75.14  —  75.14  56.52  (50.61) 58.88  32.9  % 27.6  %
Philadelphia, PA Area 3  648  52.35  —  52.35  39.43  —  39.43  32.8  % 32.8  %
San Diego, CA Area 2  410  63.46  —  63.46  53.49  —  53.49  18.6  % 18.6  %
San Francisco - Oakland, CA Metro Area 7  1,547  59.11  —  59.11  69.46  —  69.46  (14.9) % (14.9) %
Tampa, FL Area 2  571  102.32  —  102.32  71.35  —  71.35  43.4  % 43.4  %
Washington D.C. - MD - VA Area 9  2,426  43.68  —  43.68  50.05  —  50.05  (12.7) % (12.7) %
Other Areas 37  6,869  71.50  (35.82) 72.37  55.66  (40.92) 58.51  28.5  % 23.7  %
Total Portfolio 100  22,313  $ 62.77  $ (34.74) $ 62.98  $ 55.82  $ 46.44  $ 56.88  12.5  % 10.7  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Six Months Ended June 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Atlanta, GA Area 9  1,426  $ 3,616  $ —  $ 3,616  7.0  % $ 759  $ —  $ 759  3.2  % 376.4  % 376.4  %
Boston, MA Area 2  705  (2,351) —  (2,351) (4.5) % (2,889) 414  (2,475) (10.4) % 18.6  % 5.0  %
Dallas / Ft. Worth, TX Area 7  1,526  3,978  —  3,978  7.7  % 3,242  —  3,242  13.6  % 22.7  % 22.7  %
Houston, TX Area 3  692  2,075  —  2,075  4.0  % 605  —  605  2.5  % 243.0  % 243.0  %
Los Angeles, CA Metro Area 6  1,619  5,554  —  5,554  10.7  % 4,318  —  4,318  18.1  % 28.6  % 28.6  %
Miami, FL Metro Area 2  414  2,640  —  2,640  5.1  % 2,123  (637) 1,486  6.2  % 24.4  % 77.7  %
Minneapolis - St. Paul, MN-WI Area 2  520  (1,139) 187  (952) (1.8) % (3,632) 2,082  (1,550) (6.5) % 68.6  % 38.6  %
Nashville, TN Area 1  673  2,702  —  2,702  5.2  % 2,540  —  2,540  10.6  % 6.4  % 6.4  %
New York / New Jersey Metro Area 6  1,743  (2,184) (3) (2,187) (4.2) % (2,760) 183  (2,577) (10.8) % 20.9  % 15.1  %
Orlando, FL Area 2  524  1,904  (1) 1,903  3.7  % 1,583  (259) 1,324  5.5  % 20.3  % 43.7  %
Philadelphia, PA Area 3  648  861  —  861  1.7  % (349) —  (349) (1.5) % 346.7  % 346.7  %
San Diego, CA Area 2  410  1,417  —  1,417  2.7  % 422  —  422  1.8  % 235.8  % 235.8  %
San Francisco - Oakland, CA Metro Area 7  1,547  2,347  —  2,347  4.5  % 3,278  —  3,278  13.7  % (28.4) % (28.4) %
Tampa, FL Area 2  571  3,811  —  3,811  7.4  % 2,259  —  2,259  9.4  % 68.7  % 68.7  %
Washington D.C. - MD - VA Area 9  2,426  541  —  541  1.0  % (1,876) —  (1,876) (7.8) % 128.8  % 128.8  %
Other Areas 37  6,869  25,696  66  25,762  49.8  % 12,694  (187) 12,507  52.4  % 102.4  % 106.0  %
Total Portfolio 100  22,313  $ 51,468  $ 249  $ 51,717  100.0  % $ 22,317  $ 1,596  $ 23,913  100.0  % 130.6  % 116.3  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2021
(in thousands, except share price)
(unaudited)

June 30, 2021
Common stock shares outstanding 22,321 
Partnership units outstanding 402 
Combined common stock shares and partnership units outstanding 22,723 
Common stock price $ 45.60 
Market capitalization $ 1,036,172 
Series D cumulative preferred stock $ 32,906 
Series F cumulative preferred stock $ 36,774 
Series G cumulative preferred stock $ 47,742 
Series H cumulative preferred stock $ 36,445 
Series I cumulative preferred stock $ 34,803 
Indebtedness $ 3,901,341 
Joint venture partner's share of consolidated indebtedness $ (1,927)
Net working capital (see below) $ (530,573)
Total enterprise value (TEV) $ 4,593,683 
Cash and cash equivalents $ 520,340 
Restricted cash $ 69,895 
Accounts receivable, net $ 37,225 
Prepaid expenses $ 15,742 
Due from third-party hotel managers, net $ 15,032 
Due from affiliates, net $ 1,725 
Total current assets $ 659,959 
Accounts payable, net & accrued expenses $ 129,150 
Dividends and distributions payable $ 236 
Total current liabilities $ 129,386 
Net working capital* $ 530,573 
* 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)

2021 2021 2020 2020 June 30, 2021
2nd Quarter 1st Quarter 4th Quarter 3rd Quarter TTM
Net income (loss) $ (4,261) $ (52,353) $ (76,878) $ (59,307) $ (192,799)
Non-property adjustments (10,965) 69  6,246  (20,029) (24,679)
Interest income (6) (6) (7) (6) (25)
Interest expense 1,535  1,367  1,279  6,012  10,193 
Amortization of loan costs 275  272  305  489  1,341 
Depreciation and amortization 55,397  57,426  58,286  62,708  233,817 
Income tax expense (benefit) 59  —  111  —  170 
Non-hotel EBITDA ownership expense 3,615  (956) 1,398  501  4,558 
Hotel EBITDA including amounts attributable to noncontrolling interest 45,649  5,819  (9,260) (9,632) 32,576 
Non-comparable adjustments (22) 271  314  1,067  1,630 
Comparable hotel EBITDA $ 45,627  $ 6,090  $ (8,946) $ (8,565) $ 34,206 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

16

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (4,261) $ (44) $ (60,956) $ (65,261)
Non-property adjustments (10,965) —  10,965  — 
Interest income (6) —  6  — 
Interest expense 1,535  —  31,331  32,866 
Amortization of loan cost 275  —  2,595  2,870 
Depreciation and amortization 55,397  149  49  55,595 
Income tax expense (benefit) 59  —  513  572 
Non-hotel EBITDA ownership expense 3,615  143  (3,758) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 45,649  248  (19,255) 26,642 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (58) —  58  — 
Equity in (earnings) loss of unconsolidated entities —  —  141  141 
Company's portion of EBITDA of OpenKey —  —  (140) (140)
Hotel EBITDA attributable to the Company and OP unitholders $ 45,591  $ 248  $ (19,196) $ 26,643 
Non-comparable adjustments (22)
Comparable hotel EBITDA $ 45,627 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.



17

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (52,353) $ (205) $ (52,832) $ (105,390)
Non-property adjustments 69  —  (69) — 
Interest income (6) —  6  — 
Interest expense 1,367  —  27,003  28,370 
Amortization of loan cost 272  —  4,622  4,894 
Depreciation and amortization 57,426  152  49  57,627 
Income tax expense (benefit) —  —  (271) (271)
Non-hotel EBITDA ownership expense (956) 13  943  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,819  (40) (20,549) (14,770)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 1  —  (1) — 
Equity in (earnings) loss of unconsolidated entities —  —  137  137 
Company's portion of EBITDA of OpenKey —  —  (135) (135)
Hotel EBITDA attributable to the Company and OP unitholders $ 5,820  $ (40) $ (20,548) $ (14,768)
Non-comparable adjustments 271 
Comparable hotel EBITDA $ 6,090 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.


18

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) —  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  6  (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  —  (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 314 
Comparable hotel EBITDA $ (8,946)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.



19

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (59,307) $ (530) $ (91,789) $ (151,626)
Non-property adjustments (20,029) —  20,029  — 
Interest income (6) —  6  — 
Interest expense 6,012  —  58,498  64,510 
Amortization of loan cost 489  —  1,995  2,484 
Depreciation and amortization 62,708  153  48  62,909 
Income tax expense (benefit) —  —  366  366 
Non-hotel EBITDA ownership expense 501  4  (505) — 
Hotel EBITDA including amounts attributable to noncontrolling interest (9,632) (373) (11,352) (21,357)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (27) —  27  — 
Equity in (earnings) loss of unconsolidated entities —  —  121  121 
Company's portion of EBITDA of OpenKey —  —  (121) (121)
Hotel EBITDA attributable to the Company and OP unitholders $ (9,659) $ (373) $ (11,325) $ (21,357)
Non-comparable adjustments 1,067 
Comparable hotel EBITDA $ (8,565)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.



20

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2020
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (144,344) $ (678) $ (97,064) $ (242,086)
Non-property adjustments 27,463  —  (27,463) — 
Interest income (14) —  14  — 
Interest expense 8,125  —  76,419  84,544 
Amortization of loan cost 547  —  2,991  3,538 
Depreciation and amortization 64,812  156  48  65,016 
Income tax expense (benefit) (19) —  (2,169) (2,188)
Non-hotel EBITDA ownership expense (43) 2  41  — 
Hotel EBITDA including amounts attributable to noncontrolling interest (43,473) (520) (47,183) (91,176)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 22  —  (22) — 
Equity in (earnings) loss of unconsolidated entities —  —  79  79 
Company's portion of EBITDA of OpenKey —  —  (78) (78)
Hotel EBITDA attributable to the Company and OP unitholders $ (43,451) $ (520) $ (47,204) $ (91,175)
Non-comparable adjustments 4,128 
Comparable hotel EBITDA $ (39,345)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.


21

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2021
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (56,614) $ (249) $ (113,788) $ (170,651)
Non-property adjustments (10,896) —  10,896  — 
Interest income (12) —  12  — 
Interest expense 2,902  —  58,334  61,236 
Amortization of loan cost 547  —  7,217  7,764 
Depreciation and amortization 112,823  301  98  113,222 
Income tax expense (benefit) 59  —  242  301 
Non-hotel EBITDA ownership expense 2,659  156  (2,815) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 51,468  208  (39,804) 11,872 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (57) —  57  — 
Equity in (earnings) loss of unconsolidated entities —  —  278  278 
Company's portion of EBITDA of OpenKey —  —  (275) (275)
Hotel EBITDA attributable to the Company and OP unitholders $ 51,411  $ 208  $ (39,744) $ 11,875 
Non-comparable adjustments 249 
Comparable hotel EBITDA $ 51,717 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.


22

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2020
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (180,163) $ (558) $ (163,285) $ (344,006)
Non-property adjustments 51,453  —  (51,453) — 
Interest income (51) —  51  — 
Interest expense 12,968  —  122,079  135,047 
Amortization of loan cost 1,100  —  9,020  10,120 
Depreciation and amortization 130,951  318  97  131,366 
Income tax expense (benefit) —  —  (1,885) (1,885)
Non-hotel EBITDA ownership expense 6,059  19  (6,078) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 22,317  (221) (91,454) (69,358)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (15) —  15  — 
Equity in (earnings) loss of unconsolidated entities —  —  158  158 
Company's portion of EBITDA of OpenKey —  —  (156) (156)
Hotel EBITDA attributable to the Company and OP unitholders $ 22,302  $ (221) $ (91,437) $ (69,356)
Non-comparable adjustments 1,596 
Comparable hotel EBITDA $ 23,913 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.


23

Exhibit 1

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

Three Months Ended June 30, 2021
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis -
St. Paul, MN - WI Area 		Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ (1,194) $ (2,888) $ (1,296) $ 297  $ 430  $ 57  $ (770) $ 789  $ (4,866)
Non-property adjustments —  —  —  —  —  —  (34) —  (327)
Interest income —  —  (1) —  (1) —  —  —  (1)
Interest expense 199  215  —  —  —  —  —  —  — 
Amortization of loan costs 8  70  —  —  —  —  —  —  — 
Depreciation and amortization 3,841  2,462  4,214  1,278  3,596  1,673  860  2,504  4,248 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (13) (247) 349  142  82  130  (149) (116) 1,546 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,841  (388) 3,266  1,717  4,107  1,860  (93) 3,177  600 
Non-comparable adjustments —  —  —  —  —  —  —  —  (3)
Comparable hotel EBITDA $ 2,841  $ (388) $ 3,266  $ 1,717  $ 4,107  $ 1,860  $ (93) $ 3,177  $ 597 
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) $ (254) $ (221) $ 222  $ (1,891) $ 811  $ (7,948) $ 14,461  $ (4,261)
Non-property adjustments —  —  —  —  —  —  (10,604) (10,965)
Interest income —  —  (1) —  —  (1) (1) (6)
Interest expense —  —  —  224  —  439  458  1,535 
Amortization of loan costs —  —  —  37  —  63  97  275 
Depreciation and amortization 1,554  1,291  677  3,526  1,400  7,260  15,013  55,397 
Income tax expense (benefit) —  —  —  —  —  —  59  59 
Non-hotel EBITDA ownership expense 50  (28) 166  (159) (246) 831  1,277  3,615 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,350  1,042  1,064  1,737  1,965  644  20,760  45,649 
Non-comparable adjustments (1) —  —  —  —  —  (18) (22)
Comparable hotel EBITDA $ 1,349  $ 1,042  $ 1,064  $ 1,737  $ 1,965  $ 644  $ 20,742  $ 45,627 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

24

Exhibit 1

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

Three Months Ended June 30, 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) $ (7,739) $ (17,300) $ (7,320) $ (2,843) $ (5,258) $ (4,069) $ (5,019) $ (4,670) $ (13,191)
Non-property adjustments —  9,323  —  —  —  —  —  —  — 
Interest income (1) —  (1) —  (1) —  —  —  (1)
Interest expense 114  1,883  —  —  —  —  —  —  4,000 
Amortization of loan costs 35  59  —  —  —  —  —  —  192 
Depreciation and amortization 3,974  3,136  4,681  1,412  4,005  2,195  2,084  2,606  4,852 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 22  11  76  20  (125) 4  33  (471) 58 
Hotel EBITDA including amounts attributable to noncontrolling interest (3,595) (2,888) (2,564) (1,411) (1,379) (1,870) (2,902) (2,535) (4,090)
Non-comparable adjustments —  387  —  —  —  244  1,701  —  248 
Comparable hotel EBITDA $ (3,595) $ (2,501) $ (2,564) $ (1,411) $ (1,379) $ (1,626) $ (1,201) $ (2,535) $ (3,842)
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ (3,195) $ (2,086) $ (1,284) $ (6,288) $ (2,811) $ (15,246) $ (46,025) $ (144,344)
Non-property adjustments —  —  —  —  —  —  18,140  27,463 
Interest income —  —  (1) (1) —  (1) (7) (14)
Interest expense —  —  —  647  —  541  940  8,125 
Amortization of loan costs —  —  —  15  —  59  187  547 
Depreciation and amortization 2,241  1,390  744  3,636  1,524  7,950  18,382  64,812 
Income tax expense (benefit) —  —  —  —  —  —  (19) (19)
Non-hotel EBITDA ownership expense (28) (7) (1) 85  (25) 281  24  (43)
Hotel EBITDA including amounts attributable to noncontrolling interest (982) (703) (542) (1,906) (1,312) (6,416) (8,378) (43,473)
Non-comparable adjustments 331  —  —  —  —  —  1,217  4,128 
Comparable hotel EBITDA $ (651) $ (703) $ (542) $ (1,906) $ (1,312) $ (6,416) $ (7,161) $ (39,345)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

25

Exhibit 1

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

Six Months Ended June 30, 2021
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ (4,211) $ (7,519) $ (5,018) $ (686) $ (1,724) $ (955) $ (2,851) $ (1,936) $ (12,060)
Non-property adjustments —  —  —  —  —  —  90  —  (327)
Interest income (1) —  (1) —  (2) —  —  —  (1)
Interest expense 202  433  —  —  —  —  —  —  — 
Amortization of loan costs 15  139  —  —  —  —  —  —  — 
Depreciation and amortization 7,711  5,044  8,510  2,625  7,294  3,411  1,775  5,055  8,887 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (100) (448) 487  136  (14) 184  (153) (417) 1,317 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,616  (2,351) 3,978  2,075  5,554  2,640  (1,139) 2,702  (2,184)
Non-comparable adjustments —  —  —  —  —  —  187  —  (3)
Comparable hotel EBITDA $ 3,616  $ (2,351) $ 3,978  $ 2,075  $ 5,554  $ 2,640  $ (952) $ 2,702  $ (2,187)
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) $ (1,334) $ (1,731) $ (130) $ (5,351) $ 1,304  $ (15,434) $ 3,022  $ (56,614)
Non-property adjustments —  —  —  —  (55) —  (10,604) (10,896)
Interest income —  (1) (1) —  —  (1) (4) (12)
Interest expense —  —  —  466  —  882  919  2,902 
Amortization of loan costs —  —  —  73  —  124  196  547 
Depreciation and amortization 3,160  2,615  1,383  7,125  2,837  14,718  30,673  112,823 
Income tax expense (benefit) —  —  —  —  —  —  59  59 
Non-hotel EBITDA ownership expense 78  (22) 165  34  (275) 252  1,435  2,659 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,904  861  1,417  2,347  3,811  541  25,696  51,468 
Non-comparable adjustments (1) —  —  —  —  —  66  249 
Comparable hotel EBITDA $ 1,903  $ 861  $ 1,417  $ 2,347  $ 3,811  $ 541  $ 25,762  $ 51,717 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

26

Exhibit 1

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

Six Months Ended June 30, 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) $ (8,344) $ (21,738) $ (6,282) $ (2,367) $ (3,860) $ (2,465) $ (8,129) $ (3,006) $ (19,469)
Non-property adjustments —  9,323  —  —  —  —  —  —  — 
Interest income (1) —  (3) —  (4) (1) (4) —  (3)
Interest expense 272  2,768  —  —  —  —  —  —  6,056 
Amortization of loan costs 84  118  —  —  —  —  —  —  381 
Depreciation and amortization 7,942  6,283  9,281  2,852  8,158  4,431  4,175  5,260  9,662 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 806  357  246  120  24  158  326  286  613 
Hotel EBITDA including amounts attributable to noncontrolling interest 759  (2,889) 3,242  605  4,318  2,123  (3,632) 2,540  (2,760)
Non-comparable adjustments —  414  —  —  —  (637) 2,082  —  183 
Comparable hotel EBITDA $ 759  $ (2,475) $ 3,242  $ 605  $ 4,318  $ 1,486  $ (1,550) $ 2,540  $ (2,577)
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ (3,022) $ (3,263) $ (1,136) $ (5,232) $ (888) $ (20,498) $ (70,464) $ (180,163)
Non-property adjustments —  —  —  —  —  —  42,130  51,453 
Interest income (2) (1) (1) (7) —  (7) (17) (51)
Interest expense —  —  —  940  —  1,307  1,625  12,968 
Amortization of loan costs —  —  —  31  —  118  368  1,100 
Depreciation and amortization 4,486  2,836  1,529  7,192  3,073  15,943  37,848  130,951 
Income tax expense (benefit) —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 121  79  30  354  74  1,261  1,204  6,059 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,583  (349) 422  3,278  2,259  (1,876) 12,694  22,317 
Non-comparable adjustments (259) —  —  —  —  —  (187) 1,596 
Comparable hotel EBITDA $ 1,324  $ (349) $ 422  $ 3,278  $ 2,259  $ (1,876) $ 12,507  $ 23,913 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.


27

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended June 30, 2021
KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 5 hotels KEYS Pool F - 5 hotels BAML Highland Pool - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ (733) $ (7,109) $ (15,207) $ (1,791) $ (6,751) $ (17,858) $ (59,172) $ (17,290) $ (19,525) $ (3,492) $ (312)
Non-property adjustments —  —  —  —  —  —  (55) (352) —  —  — 
Interest income (10) (4) —  —  —  —  —  (9) (2) —  — 
Interest expense —  —  —  —  —  —  —  —  2  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 6,051  6,944  14,383  10,786  13,119  16,985  60,628  24,369  20,541  5,817  1,708 
Income tax expense (benefit) 25  58  —  —  —  —  —  33  —  —  — 
Non-hotel EBITDA ownership expense 134  277  719  1,277  (16) (15) 2,541  (728) 451  43  (26)
Hotel EBITDA including amounts attributable to noncontrolling interest 5,467  166  (105) 10,272  6,352  (888) 3,942  6,023  1,467  2,368  1,370 
Non-comparable adjustments —  —  —  —  —  —  5  —  —  —  — 
Comparable hotel EBITDA $ 5,467  $ 166  $ (105) $ 10,272  $ 6,352  $ (888) $ 3,947  $ 6,023  $ 1,467  $ 2,368  $ 1,370 
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) $ 9,931  $ (756) $ (13,849) $ (5,970) $ (3,749) $ (477) $ (1,725) $ (12,728) $ (12,158) $ (835) $ (1,693)
Non-property adjustments (10,605) —  —  (125) —  —  —  243  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  —  2,230  —  —  408  2,495  —  —  682 
Amortization of loan costs —  —  —  245  —  —  31  268  —  —  196 
Depreciation and amortization 425  1,294  13,290  3,007  2,564  439  1,557  6,220  10,868  2,030  1,579 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 41  164  (271) 1  111  73  121  (200) (520) (3) 157 
Hotel EBITDA including amounts attributable to noncontrolling interest (208) 702  (830) (612) (1,074) 35  392  (3,702) (1,810) 1,192  921 
Non-comparable adjustments 208  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 702  $ (830) $ (612) $ (1,074) $ 35  $ 392  $ (3,702) $ (1,810) $ 1,192  $ 921 
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 Unencumbered hotels Total Portfolio
Net income (loss) $ (6,195) $ (357) $ (130) $ (66) $ 64,786  $ 18,294  $ (30,196) $ (37,896) $ (7,790) $ (192,799)
Non-property adjustments —  —  —  —  (65,223) (19,675) 28,778  35,750  6,585  (24,679)
Interest income —  —  —  —  —  —  —  —  —  (25)
Interest expense 1,188  —  —  1,583  1  —  —  1,604  —  10,193 
Amortization of loan costs 386  —  —  110  —  —  —  105  —  1,341 
Depreciation and amortization 3,633  382  567  1,200  881  1,058  761  284  447  233,817 
Income tax expense (benefit) —  7  47  —  —  —  —  —  —  170 
Non-hotel EBITDA ownership expense 25  18  8  147  76  41  (25) (80) 17  4,558 
Hotel EBITDA including amounts attributable to noncontrolling interest (963) 50  492  2,974  521  (282) (682) (233) (741) 32,576 
Non-comparable adjustments —  —  —  —  (521) 282  682  233  741  1,630 
Comparable hotel EBITDA $ (963) $ 50  $ 492  $ 2,974  $ —  $ —  $ —  $ —  $ —  $ 34,206 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

28

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 5 hotels KEYS Pool F - 5 hotels BAML Highland Pool - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 737  $ (750) $ (1,285) $ 1,750  $ 1,150  $ (2,888) $ (7,456) $ 1,151  $ (1,361) $ (203) $ 421 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (3) (1) —  —  —  —  —  (2) —  —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,479  1,586  3,482  2,553  3,186  4,142  14,791  5,608  4,948  1,436  398 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 51  84  562  1,126  (256) (32) 2,527  (644) 456  52  (87)
Hotel EBITDA including amounts attributable to noncontrolling interest 2,264  919  2,759  5,429  4,080  1,222  9,862  6,113  4,043  1,285  732 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,264  $ 919  $ 2,759  $ 5,429  $ 4,080  $ 1,222  $ 9,862  $ 6,113  $ 4,043  $ 1,285  $ 732 
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) $ 10,498  $ (33) $ 305  $ (1,213) $ (847) $ (111) $ (508) $ (1,714) $ (2,104) $ (32) $ 348 
Non-property adjustments (10,605) —  —  —  —  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  —  440  —  —  199  215  —  —  168 
Amortization of loan costs —  —  —  61  —  —  8  70  —  —  — 
Depreciation and amortization 41  320  3,247  745  612  92  384  1,495  2,551  504  371 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 63  77  (236) 14  93  43  (14) (267) 4  (32) 119 
Hotel EBITDA including amounts attributable to noncontrolling interest (3) 364  3,316  47  (142) 24  69  (201) 451  440  1,006 
Non-comparable adjustments 3  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 364  $ 3,316  $ 47  $ (142) $ 24  $ 69  $ (201) $ 451  $ 440  $ 1,006 
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 Unencumbered hotels Total Portfolio
Net income (loss) $ (1,010) $ 15  $ 81  $ 413  $ —  $ 23  $ —  $ 330  $ 32  $ (4,261)
Non-property adjustments —  —  —  —  —  —  —  (327) (33) (10,965)
Interest income —  —  —  —  —  —  —  —  —  (6)
Interest expense 289  —  —  224  —  —  —  —  —  1,535 
Amortization of loan costs 99  —  —  37  —  —  —  —  —  275 
Depreciation and amortization 895  93  135  303  —  —  —  —  —  55,397 
Income tax expense (benefit) —  7  52  —  —  —  —  —  —  59 
Non-hotel EBITDA ownership expense (120) (2) 4  30  —  —  —  —  —  3,615 
Hotel EBITDA including amounts attributable to noncontrolling interest 153  113  272  1,007  —  23  —  3  (1) 45,649 
Non-comparable adjustments —  —  —  —  —  (23) —  (3) 1  (22)
Comparable hotel EBITDA $ 153  $ 113  $ 272  $ 1,007  $ —  $ —  $ —  $ —  $ —  $ 45,627 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

29

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 5 hotels KEYS Pool F - 5 hotels BAML Highland Pool - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ (791) $ (2,422) $ (4,763) $ (1,397) $ (4,014) $ (4,617) $ (18,366) $ (7,625) $ (6,914) $ (1,103) $ (211)
Non-property adjustments —  —  —  —  —  —  —  (352) —  —  — 
Interest income (2) (1) —  —  —  —  —  (2) (2) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,534  1,793  3,579  2,737  3,286  4,147  15,209  6,260  5,202  1,451  444 
Income tax expense (benefit) 25  58  —  —  —  —  —  33  —  —  — 
Non-hotel EBITDA ownership expense (25) 35  112  104  330  61  87  134  111  (64) 45 
Hotel EBITDA including amounts attributable to noncontrolling interest 741  (537) (1,072) 1,444  (398) (409) (3,070) (1,552) (1,603) 284  278 
Non-comparable adjustments —  —  —  —  —  —  5  —  —  —  — 
Comparable hotel EBITDA $ 741  $ (537) $ (1,072) $ 1,444  $ (398) $ (409) $ (3,065) $ (1,552) $ (1,603) $ 284  $ 278 
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) $ (173) $ (214) $ (4,388) $ (1,584) $ (967) $ (66) $ (360) $ (3,603) $ (3,373) $ (423) $ (443)
Non-property adjustments —  —  —  (125) —  —  —  243  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  —  406  —  —  103  245  —  —  (154)
Amortization of loan costs —  —  —  61  —  —  8  69  —  —  49 
Depreciation and amortization 133  325  3,356  743  634  118  392  1,573  2,832  509  374 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (28) 19  317  (16) 9  12  14  23  (68) 40  13 
Hotel EBITDA including amounts attributable to noncontrolling interest (68) 130  (715) (515) (324) 64  157  (1,450) (609) 126  (161)
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ (68) $ 130  $ (715) $ (515) $ (324) $ 64  $ 157  $ (1,450) $ (609) $ 126  $ (161)
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 Unencumbered hotels Total Portfolio
Net income (loss) $ (1,618) $ (162) $ (108) $ (219) $ —  $ 27  $ 10  $ 11  $ (356) $ (52,353)
Non-property adjustments —  —  —  —  —  (15) (10) —  124  69 
Interest income —  —  —  —  —  —  —  —  —  (6)
Interest expense 259  —  —  420  —  —  —  —  —  1,367 
Amortization of loan costs 96  —  —  22  —  —  —  —  —  272 
Depreciation and amortization 910  95  144  298  —  —  —  —  31  57,426 
Income tax expense (benefit) —  —  (5) —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 74  18  —  16  —  —  —  3  1  (956)
Hotel EBITDA including amounts attributable to noncontrolling interest (279) (49) 31  537  —  12  —  14  (200) 5,819 
Non-comparable adjustments —  —  —  —  —  (12) —  (14) 200  271 
Comparable hotel EBITDA $ (279) $ (49) $ 31  $ 537  $ —  $ —  $ —  $ —  $ —  $ 6,090 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

30

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
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) $ (791) $ (2,422) $ (4,763) $ (1,397) $ (4,014) $ (4,617) $ (18,366) $ (7,625) $ (6,914) $ (1,103) $ (211)
Non-property adjustments —  —  —  —  —  —  —  (352) —  —  — 
Interest income (2) (1) —  —  —  —  —  (2) (2) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,534  1,793  3,579  2,737  3,286  4,147  15,209  6,260  5,202  1,451  444 
Income tax expense (benefit) 25  58  —  —  —  —  —  33  —  —  — 
Non-hotel EBITDA ownership expense (25) 35  112  104  330  61  87  134  111  (64) 45 
Hotel EBITDA including amounts attributable to noncontrolling interest 741  (537) (1,072) 1,444  (398) (409) (3,070) (1,552) (1,603) 284  278 
Non-comparable adjustments —  —  —  —  —  —  5  —  —  —  — 
Comparable hotel EBITDA $ 741  $ (537) $ (1,072) $ 1,444  $ (398) $ (409) $ (3,065) $ (1,552) $ (1,603) $ 284  $ 278 
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) $ (173) $ (214) $ (4,388) $ (1,584) $ (967) $ (66) $ (360) $ (3,603) $ (3,373) $ (423) $ (443)
Non-property adjustments —  —  —  (125) —  —  —  243  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  —  406  —  —  103  245  —  —  (154)
Amortization of loan costs —  —  —  61  —  —  8  69  —  —  49 
Depreciation and amortization 133  325  3,356  743  634  118  392  1,573  2,832  509  374 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (28) 19  317  (16) 9  12  14  23  (68) 40  13 
Hotel EBITDA including amounts attributable to noncontrolling interest (68) 130  (715) (515) (324) 64  157  (1,450) (609) 126  (161)
Non-comparable adjustments 68  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 130  $ (715) $ (515) $ (324) $ 64  $ 157  $ (1,450) $ (609) $ 126  $ (161)
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 Unencumbered hotels Total Portfolio
Net income (loss) $ (1,618) $ (162) $ (108) $ (219) $ —  $ 27  $ 10  $ 11  $ (7,002) $ (76,878)
Non-property adjustments —  —  —  —  —  (15) (10) —  6,505  6,246 
Interest income —  —  —  —  —  —  —  —  —  (7)
Interest expense 259  —  —  420  —  —  —  —  —  1,279 
Amortization of loan costs 96  —  —  22  —  —  —  —  —  305 
Depreciation and amortization 910  95  144  298  —  —  —  —  208  58,286 
Income tax expense (benefit) —  —  (5) —  —  —  —  —  —  111 
Non-hotel EBITDA ownership expense 74  18  —  16  —  —  —  3  22  1,398 
Hotel EBITDA including amounts attributable to noncontrolling interest (279) (49) 31  537  —  12  —  14  (267) (9,260)
Non-comparable adjustments —  —  —  —  —  (12) —  (14) 267  314 
Comparable hotel EBITDA $ (279) $ (49) $ 31  $ 537  $ —  $ —  $ —  $ —  $ —  $ (8,946)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

31

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 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) $ (770) $ (1,980) $ (5,084) $ (1,637) $ (1,056) $ (5,191) $ (19,062) $ (7,483) $ (7,026) $ (1,589) $ (390)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (3) (1) —  —  —  —  —  (2) —  —  — 
Interest expense —  —  —  —  —  —  —  —  1  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,548  1,848  3,720  2,881  3,326  4,255  15,524  6,561  5,310  1,485  447 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 51  15  (40) 10  (20) 247  211  (27) (122) 13  14 
Hotel EBITDA including amounts attributable to noncontrolling interest 826  (118) (1,404) 1,254  2,250  (689) (3,327) (951) (1,837) (91) 71 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 826  $ (118) $ (1,404) $ 1,254  $ 2,250  $ (689) $ (3,327) $ (951) $ (1,837) $ (91) $ 71 
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) $ (177) $ (244) $ (5,793) $ (1,960) $ (935) $ (205) $ (383) $ (4,566) $ (4,587) $ (188) $ (923)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  —  941  —  —  103  1,818  —  —  501 
Amortization of loan costs —  —  —  61  —  —  7  60  —  —  147 
Depreciation and amortization 118  327  3,382  768  695  131  391  1,583  2,882  511  375 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (6) 3  (66) (4) 8  9  7  107  38  (11) 12 
Hotel EBITDA including amounts attributable to noncontrolling interest (65) 86  (2,477) (194) (232) (65) 125  (998) (1,667) 312  112 
Non-comparable adjustments 65  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 86  $ (2,477) $ (194) $ (232) $ (65) $ 125  $ (998) $ (1,667) $ 312  $ 112 
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 Unencumbered hotels Total Portfolio
Net income (loss) $ (1,931) $ (81) $ 15  $ (203) $ 64,786  $ 18,244  $ (30,207) $ (38,237) $ (464) $ (59,307)
Non-property adjustments —  —  —  —  (65,223) (19,660) 28,788  36,077  (11) (20,029)
Interest income —  —  —  —  —  —  —  —  —  (6)
Interest expense 345  —  —  698  1  —  —  1,604  —  6,012 
Amortization of loan costs 94  —  —  15  —  —  —  105  —  489 
Depreciation and amortization 909  100  148  291  881  1,058  761  284  208  62,708 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 34  (2) 1  16  76  41  (25) (83) (6) 501 
Hotel EBITDA including amounts attributable to noncontrolling interest (549) 17  164  817  521  (317) (683) (250) (273) (9,632)
Non-comparable adjustments —  —  —  —  (521) 317  683  250  273  1,067 
Comparable hotel EBITDA $ (549) $ 17  $ 164  $ 817  $ —  $ —  $ —  $ —  $ —  $ (8,565)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

32