EXHIBIT 99.1
NEWS RELEASE
| Contact: | Deric Eubanks | Jordan Jennings | Joe Calabrese | ||||||||
| Chief Financial Officer | Investor Relations | Financial Relations Board | |||||||||
| (972) 490-9600 | (972) 778-9487 | (212) 827-3772 | |||||||||
ASHFORD TRUST REPORTS
FIRST QUARTER 2022 RESULTS
Net Loss Attributable to Common Stockholders was $(58.5) Million
Comparable Hotel EBITDA was $55.6 Million
Adjusted EBITDAre was $40.2 Million
Filed Preliminary Form S-3 for Non-Traded Preferred Stock
DALLAS – May 3, 2022 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2022 with the first quarter ended March 31, 2021 (see discussion below). 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 103% to $96.69 during the quarter on a 46.5% increase in ADR and a 38.4% increase in Occupancy. Comparable RevPAR for all hotels decreased 23% compared to the comparable period in 2019.
•Net loss attributable to common stockholders was $(58.5) million or $(1.71) per diluted share for the quarter.
•Adjusted EBITDAre was $40.2 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 $548.6 million and restricted cash of $102.3 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $21.9 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. Net working capital at the end of the quarter was $609.2 million, which equates to approximately $17.47 per diluted share.
•Capex invested during the quarter was $22.7 million.
CAPITAL STRUCTURE
At March 31, 2022, the Company had total loans of $3.9 billion with a blended average interest rate of 4.4%. At the end of the quarter, approximately 90% 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
AHT Reports First Quarter Results
Page 2
May 3, 2022
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.
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 first quarter ended March 31, 2022. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay those current going forward.
During the quarter, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) for its Series J and Series K Redeemable Preferred Stock (“Non-Traded Preferred Equity”). The registration statement provides for the issuance of Non-Traded Preferred Equity in a primary offering over the course of up to three years from the effective date. The Series J and Series K Redeemable Preferred Stock are expected to have an initial annual dividend yield of 8% and 8.2% respectively, and the Company will also offer a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The Company expects to commence issuing limited amounts of the Non-Traded Preferred Equity beginning in the third quarter of 2022, subject to satisfying certain customary conditions.
PORTFOLIO REVPAR
As of March 31, 2022, the portfolio consisted of 100 hotels.
•Comparable RevPAR increased 103% to $96.69 for all hotels during the quarter on a 46.5% increase in ADR and a 38.4% increase in Occupancy.
“We saw sequential improvement as we went through the first quarter and that improvement has continued into the second quarter,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We entered 2022 with a significantly de-levered balance sheet and continued to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. Demonstrating Ashford Trust’s strategic pivot from defense to offense, we recently announced the filing of an S-3 for the future offering of non-traded preferred equity. We believe this offering will provide an attractive cost of capital and allow us to accretively grow our portfolio over time, subject to future market conditions. Additionally, we have structured this security to have various equity-like terms and features, providing capital that can be used not only for accretive acquisitions for our common stockholders but also to accomplish long-term goals of improving our balance sheet.”
Mr. Hays added, “Looking ahead, the industry is poised for a solid recovery in 2022, and we believe our attractive hotel portfolio, with its high exposure to transient leisure customers, is well-positioned to capitalize on that recovery.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 4, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, May 11, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13727683.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2022 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Wednesday, May 4, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
AHT Reports First Quarter Results
Page 3
May 3, 2022
All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
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; our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
| March 31, 2022 | December 31, 2021 | ||||||||||
| ASSETS | |||||||||||
| Investments in hotel properties, net | $ | 3,199,962 | $ | 3,230,710 | |||||||
| Cash and cash equivalents | 548,592 | 592,110 | |||||||||
| Restricted cash | 102,312 | 99,534 | |||||||||
| Accounts receivable, net of allowance of $470 and $455, respectively | 51,692 | 37,720 | |||||||||
| Inventories | 3,255 | 3,291 | |||||||||
| Notes receivable, net | 4,805 | 8,723 | |||||||||
| Investment in unconsolidated entities | 11,100 | 11,253 | |||||||||
| Deferred costs, net | 4,467 | 5,001 | |||||||||
| Prepaid expenses | 17,591 | 13,384 | |||||||||
| Derivative assets, net | 3,636 | 501 | |||||||||
| Operating lease right-of-use assets | 44,335 | 44,575 | |||||||||
| Other assets | 16,604 | 16,150 | |||||||||
| Intangible assets, net | 797 | 797 | |||||||||
| Due from Ashford Inc., net | — | 25 | |||||||||
| Due from related parties, net | 7,167 | 7,473 | |||||||||
| Due from third-party hotel managers | 21,879 | 26,896 | |||||||||
| Total assets | $ | 4,038,194 | $ | 4,098,143 | |||||||
| LIABILITIES AND EQUITY (DEFICIT) | |||||||||||
| Liabilities: | |||||||||||
| Indebtedness, net | $ | 3,883,012 | $ | 3,887,822 | |||||||
| Accounts payable and accrued expenses | 122,281 | 117,650 | |||||||||
| Accrued interest payable | 12,514 | 15,432 | |||||||||
| Dividends and distributions payable | 3,103 | 3,104 | |||||||||
| Due to Ashford Inc., net | 946 | — | |||||||||
| Due to related parties, net | — | 728 | |||||||||
| Due to third-party hotel managers | 1,606 | 1,204 | |||||||||
| Intangible liabilities, net | 2,157 | 2,177 | |||||||||
| Operating lease liabilities | 44,985 | 45,106 | |||||||||
| Other liabilities | 4,704 | 4,832 | |||||||||
| Total liabilities | 4,075,308 | 4,078,055 | |||||||||
| Redeemable noncontrolling interests in operating partnership | 23,249 | 22,742 | |||||||||
| Equity (deficit): | |||||||||||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized : | |||||||||||
| Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 12 | 12 | |||||||||
| Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 12 | 12 | |||||||||
| Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 15 | 15 | |||||||||
| Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 13 | 13 | |||||||||
| Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 13 | 13 | |||||||||
| Common stock, $0.01 par value, 400,000,000 shares authorized, 34,479,057 and 34,490,381 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 345 | 345 | |||||||||
| Additional paid-in capital | 2,381,191 | 2,379,906 | |||||||||
| Accumulated deficit | (2,441,964) | (2,382,970) | |||||||||
| Total equity (deficit) | (60,363) | (2,654) | |||||||||
| Total liabilities and equity/deficit | $ | 4,038,194 | $ | 4,098,143 | |||||||
4
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| REVENUE | |||||||||||
| Rooms | $ | 195,330 | $ | 97,114 | |||||||
| Food and beverage | 36,760 | 7,903 | |||||||||
| Other | 14,436 | 10,428 | |||||||||
| Total hotel revenue | 246,526 | 115,445 | |||||||||
| Other | 612 | 385 | |||||||||
| Total revenue | 247,138 | 115,830 | |||||||||
| EXPENSES | |||||||||||
| Hotel operating expenses | |||||||||||
| Rooms | 47,406 | 23,724 | |||||||||
| Food and beverage | 27,770 | 6,527 | |||||||||
| Other expenses | 92,048 | 55,769 | |||||||||
| Management fees | 9,554 | 5,527 | |||||||||
| Total hotel operating expenses | 176,778 | 91,547 | |||||||||
| Property taxes, insurance and other | 16,459 | 17,471 | |||||||||
| Depreciation and amortization | 52,120 | 57,627 | |||||||||
| Advisory services fee: | |||||||||||
| Base advisory fee | 8,735 | 8,735 | |||||||||
| Reimbursable expenses | 2,571 | 1,591 | |||||||||
| Stock/unit-based compensation | 1,929 | 1,835 | |||||||||
| Incentive fee | 151 | — | |||||||||
| Corporate, general and administrative: | |||||||||||
| Stock/unit-based compensation | 53 | 26 | |||||||||
| Other general and administrative | 3,051 | 6,971 | |||||||||
| Total operating expenses | 261,847 | 185,803 | |||||||||
| Gain (loss) on disposition of assets and hotel properties | 103 | (69) | |||||||||
| OPERATING INCOME (LOSS) | (14,606) | (70,042) | |||||||||
| Equity in earnings (loss) of unconsolidated entities | (153) | (137) | |||||||||
| Interest income | 51 | 13 | |||||||||
| Other income (expense), net | 101 | 229 | |||||||||
| Interest expense, net of discount amortization | (41,160) | (28,370) | |||||||||
| Amortization of loan costs | (2,399) | (4,894) | |||||||||
| Write-off of premiums, loan costs and exit fees | (727) | (3,379) | |||||||||
| Unrealized gain (loss) on derivatives | 3,211 | 919 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (55,682) | (105,661) | |||||||||
| Income tax benefit (expense) | (120) | 271 | |||||||||
| NET INCOME (LOSS) | (55,802) | (105,390) | |||||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | — | 81 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 372 | 2,271 | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (55,430) | (103,038) | |||||||||
| Preferred dividends | (3,103) | 818 | |||||||||
| Gain (loss) on extinguishment of preferred stock | — | 10,635 | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (58,533) | $ | (91,585) | |||||||
| INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||
| Basic: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (1.71) | $ | (11.01) | |||||||
| Weighted average common shares outstanding – basic | 34,269 | 8,305 | |||||||||
| Diluted: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (1.71) | $ | (11.01) | |||||||
| Weighted average common shares outstanding – diluted | 34,269 | 8,305 | |||||||||
| Dividends declared per common share: | $ | — | $ | — | |||||||
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net income (loss) | $ | (55,802) | $ | (105,390) | |||||||
| Interest expense and amortization of discounts and loan costs, net | 43,559 | 33,264 | |||||||||
| Depreciation and amortization | 52,120 | 57,627 | |||||||||
| Income tax expense (benefit) | 120 | (271) | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 153 | 137 | |||||||||
| Company's portion of EBITDA of unconsolidated entities | (153) | (135) | |||||||||
| EBITDA | 39,997 | (14,768) | |||||||||
| (Gain) loss on disposition of assets and hotel properties | (103) | 69 | |||||||||
| EBITDAre | 39,894 | (14,699) | |||||||||
| Amortization of unfavorable contract liabilities | 53 | 53 | |||||||||
| Write-off of premiums, loan costs and exit fees | 727 | 3,379 | |||||||||
| Other (income) expense, net | (101) | (229) | |||||||||
| Transaction and conversion costs | 659 | 1,509 | |||||||||
| Legal, advisory and settlement costs | 25 | 2,647 | |||||||||
| Unrealized (gain) loss on derivatives | (3,211) | (919) | |||||||||
| Dead deal costs | — | 689 | |||||||||
| Uninsured remediation costs | — | 374 | |||||||||
| Stock/unit-based compensation | 2,011 | 1,944 | |||||||||
| Advisory services incentive fee | 151 | — | |||||||||
| Company's portion of adjustments to EBITDAre of unconsolidated entities | 12 | 10 | |||||||||
| Adjusted EBITDAre | $ | 40,220 | $ | (5,242) | |||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net income (loss) | $ | (55,802) | $ | (105,390) | |||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | — | 81 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 372 | 2,271 | |||||||||
| Preferred dividends | (3,103) | 818 | |||||||||
| Gain (loss) on extinguishment of preferred stock | — | 10,635 | |||||||||
| Net income (loss) attributable to common stockholders | (58,533) | (91,585) | |||||||||
| Depreciation and amortization on real estate | 52,120 | 57,590 | |||||||||
| (Gain) loss on disposition of assets and hotel properties | (103) | 69 | |||||||||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (372) | (2,271) | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 153 | 137 | |||||||||
| Company's portion of FFO of unconsolidated entities | (153) | (136) | |||||||||
| FFO available to common stockholders and OP unitholders | (6,888) | (36,196) | |||||||||
| (Gain) loss on extinguishment of preferred stock | — | (10,635) | |||||||||
| Write-off of premiums, loan costs and exit fees | 727 | 3,379 | |||||||||
| Other (income) expense, net | (101) | (229) | |||||||||
| Transaction and conversion costs | 659 | 1,883 | |||||||||
| Legal, advisory and settlement costs | 25 | 2,647 | |||||||||
| Unrealized (gain) loss on derivatives | (3,211) | (919) | |||||||||
| Dead deal costs | — | 689 | |||||||||
| Uninsured remediation costs | — | 374 | |||||||||
| Stock/unit-based compensation | 2,011 | 1,944 | |||||||||
| Amortization of term loan exit fee | 2,681 | 2,449 | |||||||||
| Amortization of loan costs | 2,399 | 4,891 | |||||||||
| Advisory services incentive fee | 151 | — | |||||||||
| Company's portion of adjustments to FFO of unconsolidated entities | 12 | 10 | |||||||||
| Adjusted FFO available to common stockholders and OP unitholders | $ | (1,535) | $ | (29,713) | |||||||
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | (0.04) | $ | (2.98) | |||||||
| Weighted average diluted shares | 36,250 | 9,960 | |||||||||
6
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2022
(dollars in thousands)
(unaudited)
| Indebtedness | Current Maturity | Final Maturity (14) | Interest Rate (1) | Fixed-Rate Debt | Floating-Rate Debt | Total Debt | Comparable TTM Hotel EBITDA (15) | Comparable TTM EBITDA Debt Yield | ||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | June 2022 | June 2025 | LIBOR + 3.65% | $ | — | $ | 180,720 | $ | 180,720 | (2) | $ | 11,160 | 6.2 | % | ||||||||||||||||||||||||||||||||||||
| KEYS Pool B - 7 hotels | June 2022 | June 2025 | LIBOR + 3.39% | — | 174,400 | 174,400 | (2) | 3,293 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||
| KEYS Pool C - 5 hotels | June 2022 | June 2025 | LIBOR + 3.73% | — | 221,040 | 221,040 | (2) | 13,385 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||
| KEYS Pool D - 5 hotels | June 2022 | June 2025 | LIBOR + 4.02% | — | 262,640 | 262,640 | (2) | 20,069 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||
| KEYS Pool E - 5 hotels | June 2022 | June 2025 | LIBOR + 2.73% | — | 160,000 | 160,000 | (2) | 13,033 | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||
| KEYS Pool F - 5 hotels | June 2022 | June 2025 | LIBOR + 3.68% | — | 215,120 | 215,120 | (2) | 7,854 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Ann Arbor - 1 hotel | July 2022 | July 2023 | LIBOR + 3.95% | — | 33,200 | 33,200 | (3) | 735 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool - 17 hotels | November 2022 | November 2024 | LIBOR + 3.00% | — | 415,000 | 415,000 | (4) | 26,887 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase La Posada - 1 hotel | November 2022 | November 2023 | LIBOR + 2.70% | — | 25,000 | 25,000 | (5) | 4,493 | 18.0 | % | ||||||||||||||||||||||||||||||||||||||||
| BAML Indigo Atlanta - 1 hotel | December 2022 | December 2024 | LIBOR + 2.25% | — | 16,100 | 16,100 | (6) | 1,088 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | January 2023 | January 2025 | LIBOR + 3.40% | — | 37,000 | 37,000 | (7) | 874 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase - 8 hotels | February 2023 | February 2025 | LIBOR + 3.07% | — | 395,000 | 395,000 | (8) | 17,201 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||
| BAML Princeton/Nashville - 2 hotels | March 2023 | March 2026 | LIBOR + 2.75% | — | 240,000 | 240,000 | (9) | 24,008 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||
| BAML Highland Pool - 19 hotels | April 2023 | April 2025 | LIBOR + 3.20% | — | 910,475 | 910,475 | (10) | 49,260 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||
| Aareal Hilton Alexandria - 1 hotel | June 2023 | June 2023 | LIBOR + 2.45% | — | 73,450 | 73,450 | 1,177 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||
| GACC Manchester RI - 1 hotel | January 2024 | January 2024 | 5.49% | 6,454 | — | 6,454 | 1,049 | 16.3 | % | |||||||||||||||||||||||||||||||||||||||||
| GACC Jacksonville RI - 1 hotel | January 2024 | January 2024 | 5.49% | 9,420 | — | 9,420 | 1,481 | 15.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Oaktree Capital Term Loan | January 2024 | January 2026 | 16.00% | 200,000 | — | 200,000 | (11) | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | May 2024 | May 2024 | 4.99% | 6,115 | — | 6,115 | 744 | 12.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Southside Bank Ashton - 1 hotel | June 2024 | June 2024 | LIBOR + 2.00% | — | 8,881 | 8,881 | 520 | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | August 2024 | August 2024 | 4.85% | 11,367 | — | 11,367 | 952 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C3 - 3 hotels | August 2024 | August 2024 | 4.90% | 22,735 | — | 22,735 | 2,329 | 10.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Torchlight Marriott Gateway - 1 hotel | November 2024 | November 2026 | LIBOR + 4.65% | — | 84,000 | 84,000 | (12) | 3,901 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||
| BAML Pool 3 - 3 hotels | February 2025 | February 2025 | 4.45% | 50,098 | — | 50,098 | 6,318 | 12.6 | % | |||||||||||||||||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | March 2025 | 4.66% | 23,743 | — | 23,743 | 2,394 | 10.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Aareal Boston Back Bay - 1 hotel | August 2025 | August 2026 | LIBOR + 3.80% | — | 98,000 | 98,000 | (13) | 4,450 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Total | $ | 329,932 | $ | 3,550,026 | $ | 3,879,958 | $ | 218,655 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Percentage | 8.5 | % | 91.5 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (1) | 11.57 | % | 3.76 | % | 4.42 | % | ||||||||||||||||||||||||||||||||||||||||||||
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 one mortgage loan.
(2) 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.
(3) 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%.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021.This mortgage loan has a LIBOR floor of 1.25%.
(6) 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%.
(7) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.
(9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.
(10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.
(11) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(12) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(13) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(14) The final maturity date assumes all available extension options will be exercised.
(15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
March 31, 2022
(dollars in thousands)
(unaudited)
| 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
| 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 | — | — | 5,680 | — | — | — | 5,680 | |||||||||||||||||||||||||||||||||||||
| Southside Bank Ashton - 1 hotel | — | — | 8,881 | — | — | — | 8,881 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | — | — | 10,755 | — | — | — | 10,755 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C3 - 3 hotels | — | — | 21,522 | — | — | — | 21,522 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool - 17 hotels | — | — | 415,000 | — | — | — | 415,000 | |||||||||||||||||||||||||||||||||||||
| BAML Indigo Atlanta - 1 hotel | — | — | 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 | — | — | — | 46,420 | — | — | 46,420 | |||||||||||||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | — | — | — | 22,030 | — | — | 22,030 | |||||||||||||||||||||||||||||||||||||
| BAML Highland Pool - 19 hotels | — | — | — | 906,810 | — | — | 906,810 | |||||||||||||||||||||||||||||||||||||
| 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 | — | — | — | — | 200,000 | — | 200,000 | |||||||||||||||||||||||||||||||||||||
| BAML Princeton/Nashville - 2 hotels | — | — | — | — | 240,000 | — | 240,000 | |||||||||||||||||||||||||||||||||||||
| Aareal Boston Back Bay - 1 hotel | — | — | — | — | 96,000 | — | 96,000 | |||||||||||||||||||||||||||||||||||||
| Torchlight Marriott Gateway - 1 hotel | — | — | — | — | 84,000 | — | 84,000 | |||||||||||||||||||||||||||||||||||||
| Principal due in future periods | — | 131,650 | 492,846 | 2,620,380 | 620,000 | — | 3,864,876 | |||||||||||||||||||||||||||||||||||||
| Scheduled amortization payments remaining | 6,287 | 3,288 | 3,206 | 801 | 1,500 | — | 15,082 | |||||||||||||||||||||||||||||||||||||
| Total indebtedness | $ | 6,287 | $ | 134,938 | $ | 496,052 | $ | 2,621,181 | $ | 621,500 | $ | — | $ | 3,879,958 | ||||||||||||||||||||||||||||||
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
| ALL HOTELS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | % Variance | % Variance | |||||||||||||||||||||||||||||||||||||||||||
| Rooms revenue (in thousands) | $ | 194,178 | $ | — | $ | 194,178 | $ | 96,485 | $ | (779) | $ | 95,706 | 101.25 | % | 102.89 | % | ||||||||||||||||||||||||||||||||||
| RevPAR | $ | 96.69 | $ | — | $ | 96.69 | $ | 47.48 | $ | 32.20 | $ | 47.67 | 103.64 | % | 102.86 | % | ||||||||||||||||||||||||||||||||||
| Occupancy | 58.25 | % | — | % | 58.25 | % | 42.17 | % | 49.89 | % | 42.08 | % | 38.13 | % | 38.44 | % | ||||||||||||||||||||||||||||||||||
| ADR | $ | 165.99 | $ | — | $ | 165.99 | $ | 112.59 | $ | 64.55 | $ | 113.28 | 47.42 | % | 46.53 | % | ||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
| ALL HOTELS NOT UNDER RENOVATION: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | % Variance | % Variance | |||||||||||||||||||||||||||||||||||||||||||
| Rooms revenue (in thousands) | $ | 192,478 | $ | — | $ | 192,478 | $ | 95,767 | $ | (779) | $ | 94,988 | 100.99 | % | 102.63 | % | ||||||||||||||||||||||||||||||||||
| RevPAR | $ | 97.41 | $ | — | $ | 97.41 | $ | 47.89 | $ | 32.20 | $ | 48.08 | 103.41 | % | 102.60 | % | ||||||||||||||||||||||||||||||||||
| Occupancy | 58.55 | % | — | % | 58.55 | % | 42.50 | % | 49.89 | % | 42.41 | % | 37.76 | % | 38.07 | % | ||||||||||||||||||||||||||||||||||
| ADR | $ | 166.36 | $ | — | $ | 166.36 | $ | 112.68 | $ | 64.55 | $ | 113.37 | 47.64 | % | 46.74 | % | ||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at March 31, 2022, and not under renovation during the three months ended March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) Excluded hotels under renovation:
Marriott Fremont SiliconValley
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
| ALL HOTELS: | Three Months Ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2022 | 2021 | % Variance | |||||||||||||||
| Total hotel revenue | $ | 244,989 | $ | 114,621 | 113.74 | % | |||||||||||
| Non-comparable adjustments | — | (815) | |||||||||||||||
| Comparable total hotel revenue | $ | 244,989 | $ | 113,806 | 115.27 | % | |||||||||||
| Hotel EBITDA | $ | 55,562 | $ | 5,819 | 854.84 | % | |||||||||||
| Non-comparable adjustments | — | 271 | |||||||||||||||
| Comparable hotel EBITDA | $ | 55,562 | $ | 6,090 | 812.35 | % | |||||||||||
| Hotel EBITDA margin | 22.68 | % | 5.08 | % | 17.60 | % | |||||||||||
| Comparable hotel EBITDA margin | 22.68 | % | 5.35 | % | 17.33 | % | |||||||||||
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | — | $ | (1) | 100.00 | % | |||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 55,562 | $ | 5,820 | 854.67 | % | |||||||||||
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 55,562 | $ | 6,091 | 812.20 | % | |||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
| ALL HOTELS NOT UNDER RENOVATION: | Three Months Ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2022 | 2021 | % Variance | |||||||||||||||
| Total hotel revenue | $ | 242,697 | $ | 113,334 | 114.14 | % | |||||||||||
| Non-comparable adjustments | — | (815) | |||||||||||||||
| Comparable total hotel revenue | $ | 242,697 | $ | 112,519 | 115.69 | % | |||||||||||
| Hotel EBITDA | $ | 55,528 | $ | 5,707 | 872.98 | % | |||||||||||
| Non-comparable adjustments | — | 272 | |||||||||||||||
| Comparable hotel EBITDA | $ | 55,528 | $ | 5,979 | 828.72 | % | |||||||||||
| Hotel EBITDA margin | 22.88 | % | 5.04 | % | 17.84 | % | |||||||||||
| Comparable hotel EBITDA margin | 22.88 | % | 5.31 | % | 17.57 | % | |||||||||||
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | — | $ | (1) | (100.00) | % | |||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 55,528 | $ | 5,708 | 872.81 | % | |||||||||||
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 55,528 | $ | 5,980 | 828.56 | % | |||||||||||
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at March 31, 2022, and not under renovation during the three months ended March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4) Excluded hotels under renovation:
Marriott Fremont SiliconValley
10
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | 3rd Quarter | 3rd Quarter | 3rd Quarter | 2nd Quarter | 2nd Quarter | 2nd Quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 244,989 | $ | — | $ | 244,989 | $ | 246,649 | $ | — | $ | 246,649 | $ | 245,578 | $ | — | $ | 245,578 | $ | 191,472 | $ | (345) | $ | 191,127 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 55,562 | $ | — | $ | 55,562 | $ | 55,471 | $ | (49) | $ | 55,422 | $ | 62,034 | $ | 10 | $ | 62,044 | $ | 45,649 | $ | (22) | $ | 45,627 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | 22.68 | % | 22.68 | % | 22.49 | % | 22.47 | % | 25.26 | % | 25.26 | % | 23.84 | % | 23.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA % of total TTM | 25.4 | % | 25.4 | % | 25.4 | % | 25.3 | % | 28.4 | % | 28.4 | % | 20.8 | % | 20.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | — | $ | — | $ | — | $ | 82 | $ | — | $ | 82 | $ | 87 | $ | — | $ | 87 | $ | 58 | $ | — | $ | 58 | |||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 928,688 | $ | (345) | $ | 928,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 218,716 | $ | (61) | $ | 218,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | 23.55 | % | 23.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA % of total TTM | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | 227 | $ | — | $ | 227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | % Variance | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | 9 | 1,426 | $ | 106.33 | $ | — | $ | 106.33 | $ | 60.77 | $ | — | $ | 60.77 | 75.0 | % | 75.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Boston, MA Area | 2 | 705 | 94.00 | — | 94.00 | 25.83 | — | 25.83 | 263.9 | % | 263.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Dallas / Ft. Worth, TX Area | 7 | 1,526 | 91.15 | — | 91.15 | 44.93 | — | 44.93 | 102.9 | % | 102.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Houston, TX Area | 3 | 692 | 89.38 | — | 89.38 | 51.31 | — | 51.31 | 74.2 | % | 74.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area | 6 | 1,619 | 121.51 | — | 121.51 | 58.82 | — | 58.82 | 106.6 | % | 106.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Miami, FL Metro Area | 2 | 414 | 200.59 | — | 200.59 | 92.98 | — | 92.98 | 115.7 | % | 115.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area | 2 | 520 | 38.73 | — | 38.73 | 16.37 | (6.17) | 16.62 | 136.6 | % | 133.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Nashville, TN Area | 1 | 673 | 179.88 | — | 179.88 | 34.09 | — | 34.09 | 427.7 | % | 427.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area | 6 | 1,743 | 51.43 | — | 51.43 | 16.30 | — | 16.30 | 215.5 | % | 215.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Orlando, FL Area | 2 | 524 | 123.35 | — | 123.35 | 56.52 | — | 56.52 | 118.2 | % | 118.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia, PA Area | 3 | 648 | 65.74 | — | 65.74 | 36.46 | — | 36.46 | 80.3 | % | 80.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Diego, CA Area | 2 | 410 | 99.22 | — | 99.22 | 48.62 | — | 48.62 | 104.1 | % | 104.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area | 7 | 1,547 | 74.39 | — | 74.39 | 47.04 | — | 47.04 | 58.1 | % | 58.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Tampa, FL Area | 2 | 571 | 148.35 | — | 148.35 | 94.02 | — | 94.02 | 57.8 | % | 57.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,426 | 76.57 | — | 76.57 | 40.19 | — | 40.19 | 90.5 | % | 90.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Other Areas | 37 | 6,869 | 101.12 | — | 101.12 | 52.26 | (33.49) | 52.96 | 93.5 | % | 90.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 100 | 22,313 | $ | 96.69 | $ | — | $ | 96.69 | $ | 47.48 | $ | 32.20 | $ | 47.67 | 103.6 | % | 102.8 | % | |||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Comparable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | % Variance | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | 9 | 1,426 | $ | 3,878 | $ | — | $ | 3,878 | 7.0 | % | $ | 776 | $ | — | $ | 776 | 12.7 | % | 399.7 | % | 399.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Boston, MA Area | 2 | 705 | 189 | — | 189 | 0.3 | % | (1,963) | — | (1,963) | (32.2) | % | 109.6 | % | 109.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas / Ft. Worth, TX Area | 7 | 1,526 | 5,151 | — | 5,151 | 9.3 | % | 712 | — | 712 | 11.7 | % | 623.5 | % | 623.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston, TX Area | 3 | 692 | 1,725 | — | 1,725 | 3.1 | % | 358 | — | 358 | 5.9 | % | 381.8 | % | 381.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area | 6 | 1,619 | 5,715 | — | 5,715 | 10.3 | % | 1,447 | — | 1,447 | 23.8 | % | 295.0 | % | 295.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miami, FL Metro Area | 2 | 414 | 3,803 | — | 3,803 | 6.8 | % | 780 | — | 780 | 12.8 | % | 387.6 | % | 387.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area | 2 | 520 | (590) | — | (590) | (1.1) | % | (1,046) | 187 | (859) | (14.1) | % | 43.6 | % | 31.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nashville, TN Area | 1 | 673 | 6,160 | — | 6,160 | 11.1 | % | (475) | — | (475) | (7.8) | % | 1,396.8 | % | 1,396.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area | 6 | 1,743 | (577) | — | (577) | (1.0) | % | (2,786) | — | (2,786) | (45.7) | % | 79.3 | % | 79.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando, FL Area | 2 | 524 | 2,238 | — | 2,238 | 4.0 | % | 554 | — | 554 | 9.1 | % | 304.0 | % | 304.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia, PA Area | 3 | 648 | 198 | — | 198 | 0.4 | % | (181) | — | (181) | (3.0) | % | 209.4 | % | 209.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| San Diego, CA Area | 2 | 410 | 1,152 | — | 1,152 | 2.1 | % | 353 | — | 353 | 5.8 | % | 226.3 | % | 226.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area | 7 | 1,547 | 786 | — | 786 | 1.4 | % | 610 | — | 610 | 10.0 | % | 28.9 | % | 28.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa, FL Area | 2 | 571 | 3,416 | — | 3,416 | 6.1 | % | 1,846 | — | 1,846 | 30.3 | % | 85.0 | % | 85.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,426 | 2,934 | — | 2,934 | 5.3 | % | (103) | — | (103) | (1.7) | % | 2,948.5 | % | 2,948.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Areas | 37 | 6,869 | 19,384 | — | 19,384 | 34.9 | % | 4,937 | 84 | 5,021 | 82.4 | % | 292.6 | % | 286.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 100 | 22,313 | $ | 55,562 | $ | — | $ | 55,562 | 100.0 | % | $ | 5,819 | $ | 271 | $ | 6,090 | 100.0 | % | 854.8 | % | 812.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2022
(in thousands, except share price)
(unaudited)
| March 31, 2022 | |||||
| Common stock shares outstanding | 34,479 | ||||
| Partnership units outstanding | 397 | ||||
| Combined common stock shares and partnership units outstanding | 34,876 | ||||
| Common stock price | $ | 10.20 | |||
| Market capitalization | $ | 355,736 | |||
| Series D cumulative preferred stock | $ | 29,361 | |||
| Series F cumulative preferred stock | $ | 31,276 | |||
| Series G cumulative preferred stock | $ | 38,300 | |||
| Series H cumulative preferred stock | $ | 32,710 | |||
| Series I cumulative preferred stock | $ | 31,323 | |||
| Indebtedness | $ | 3,879,958 | |||
| Net working capital (see below) | $ | (609,180) | |||
| Total enterprise value (TEV) | $ | 3,789,484 | |||
| Cash and cash equivalents | $ | 548,592 | |||
| Restricted cash | $ | 102,312 | |||
| Accounts receivable, net | $ | 51,692 | |||
| Prepaid expenses | $ | 17,591 | |||
| Due from third-party hotel managers, net | $ | 20,273 | |||
| Due from affiliates, net | $ | 6,221 | |||
| Total current assets | $ | 746,681 | |||
| Accounts payable, net & accrued expenses | $ | 134,397 | |||
| Dividends and distributions payable | $ | 3,103 | |||
| Total current liabilities | $ | 137,500 | |||
| Net working capital | $ | 609,181 | |||
13
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
| 2022 | |||||||||||||||||
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
| Rooms | Actual | Estimated | Estimated | Estimated | |||||||||||||
| Courtyard Crystal City Reagan Airport | 272 | x | |||||||||||||||
| Embassy Suites Crystal City | 267 | x | |||||||||||||||
| Embassy Suites Santa Clara Silicon Valley | 258 | x | |||||||||||||||
| Hampton Inn Evansville | 140 | x | |||||||||||||||
| Hyatt Regency Coral Gables | 253 | x | x | ||||||||||||||
| Marriott Fremont Silicon Valley | 357 | x | x | ||||||||||||||
| Residence Inn Phoenix Airport | 200 | x | x | ||||||||||||||
| Ritz-Carlton Atlanta | 444 | x | x | ||||||||||||||
| SpringHill Suites Buford Mall of Georgia | 97 | x | |||||||||||||||
| Total | 1 | 1 | 3 | 8 | |||||||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.
14
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 2022 | 2021 | 2021 | 2021 | March 31, 2022 | |||||||||||||||||||||||||
| 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | |||||||||||||||||||||||||
| Net income (loss) | $ | (213) | $ | (1,105) | $ | 3,861 | $ | (4,261) | $ | (1,718) | |||||||||||||||||||
| Non-property adjustments | 11 | (47) | (890) | (10,965) | (11,891) | ||||||||||||||||||||||||
| Interest income | (7) | (6) | (6) | (6) | (25) | ||||||||||||||||||||||||
| Interest expense | 2,272 | 2,252 | 1,824 | 1,535 | 7,883 | ||||||||||||||||||||||||
| Amortization of loan costs | 439 | 435 | 341 | 275 | 1,490 | ||||||||||||||||||||||||
| Depreciation and amortization | 51,941 | 52,377 | 52,877 | 55,397 | 212,592 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 15 | 11 | 99 | 59 | 184 | ||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1,104 | 1,554 | 3,928 | 3,615 | 10,201 | ||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 55,562 | 55,471 | 62,034 | 45,649 | 218,716 | ||||||||||||||||||||||||
| Non-comparable adjustments | — | (49) | 10 | (22) | (61) | ||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 55,562 | $ | 55,422 | $ | 62,044 | $ | 45,627 | $ | 218,655 | |||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
15
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | 783 | $ | (996) | $ | (213) | $ | 267 | $ | (55,856) | $ | (55,802) | |||||||||||||||||||||||
| Non-property adjustments | 11 | — | 11 | (122) | 111 | — | |||||||||||||||||||||||||||||
| Interest income | (7) | — | (7) | — | 7 | — | |||||||||||||||||||||||||||||
| Interest expense | 2,272 | — | 2,272 | — | 38,888 | 41,160 | |||||||||||||||||||||||||||||
| Amortization of loan cost | 439 | — | 439 | — | 1,960 | 2,399 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 50,925 | 1,016 | 51,941 | 131 | 48 | 52,120 | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | 15 | — | 15 | — | 105 | 120 | |||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1,090 | 14 | 1,104 | 20 | (1,124) | — | |||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 55,528 | 34 | 55,562 | 296 | (15,861) | 39,997 | |||||||||||||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 153 | 153 | |||||||||||||||||||||||||||||
| Company's portion of EBITDA of unconsolidated entities | — | — | — | — | (153) | (153) | |||||||||||||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 55,528 | $ | 34 | $ | 55,562 | $ | 296 | $ | (15,861) | $ | 39,997 | |||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | ||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 55,528 | $ | 34 | $ | 55,562 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Marriott Fremont SiliconValley
16
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | (1,105) | $ | 207 | $ | (55,450) | $ | (56,348) | |||||||||||||||
| Non-property adjustments | (47) | (140) | 187 | — | |||||||||||||||||||
| Interest income | (6) | — | 6 | — | |||||||||||||||||||
| Interest expense | 2,252 | — | 39,223 | 41,475 | |||||||||||||||||||
| Amortization of loan cost | 435 | — | 2,206 | 2,641 | |||||||||||||||||||
| Depreciation and amortization | 52,377 | 135 | 48 | 52,560 | |||||||||||||||||||
| Income tax expense (benefit) | 11 | — | 3,021 | 3,032 | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1,554 | 19 | (1,573) | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 55,471 | 221 | (12,332) | 43,360 | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (83) | — | 83 | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 135 | 135 | |||||||||||||||||||
| Company's portion of EBITDA of unconsolidated entities | — | — | (135) | (135) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 55,388 | $ | 221 | $ | (12,249) | $ | 43,360 | |||||||||||||||
| Non-comparable adjustments | (49) | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 55,422 | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2021 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | 3,861 | $ | (173) | $ | (47,736) | $ | (44,048) | |||||||||||||||
| Non-property adjustments | (890) | (81) | 971 | — | |||||||||||||||||||
| Interest income | (6) | — | 6 | — | |||||||||||||||||||
| Interest expense | 1,824 | — | 38,973 | 40,797 | |||||||||||||||||||
| Amortization of loan cost | 341 | — | 1,865 | 2,206 | |||||||||||||||||||
| Depreciation and amortization | 52,877 | 144 | 48 | 53,069 | |||||||||||||||||||
| Income tax expense (benefit) | 99 | — | 2,516 | 2,615 | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | 3,928 | 12 | (3,940) | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 62,034 | (98) | (7,297) | 54,639 | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (87) | — | 87 | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 145 | 145 | |||||||||||||||||||
| Company's portion of EBITDA of unconsolidated entities | — | — | (144) | (144) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 61,947 | $ | (98) | $ | (7,209) | $ | 54,640 | |||||||||||||||
| Non-comparable adjustments | 10 | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 62,044 | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
18
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 unconsolidated entities | — | — | (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 March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
19
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 Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | (47,824) | $ | (4,529) | $ | (52,353) | $ | (205) | $ | (52,832) | $ | (105,390) | |||||||||||||||||||||||
| Non-property adjustments | 69 | — | 69 | — | (69) | — | |||||||||||||||||||||||||||||
| Interest income | (6) | — | (6) | — | 6 | — | |||||||||||||||||||||||||||||
| Interest expense | 1,367 | — | 1,367 | — | 27,003 | 28,370 | |||||||||||||||||||||||||||||
| Amortization of loan cost | 272 | — | 272 | — | 4,622 | 4,894 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 53,993 | 3,433 | 57,426 | 152 | 49 | 57,627 | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | (271) | (271) | |||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (823) | (133) | (956) | 13 | 943 | — | |||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 7,048 | (1,229) | 5,819 | (40) | (20,549) | (14,770) | |||||||||||||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 1 | — | 1 | — | (1) | — | |||||||||||||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 137 | 137 | |||||||||||||||||||||||||||||
| Company's portion of EBITDA of unconsolidated entities | — | — | — | — | (135) | (135) | |||||||||||||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 7,049 | $ | (1,229) | $ | 5,820 | $ | (40) | $ | (20,548) | $ | (14,768) | |||||||||||||||||||||||
| Non-comparable adjustments | 271 | — | 271 | ||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 7,319 | $ | (1,229) | $ | 6,090 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) Excluded hotels under renovation:
Marriott Fremont SiliconValley
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (117) | $ | (3,195) | $ | 1,117 | $ | 220 | $ | 2,479 | $ | 2,254 | $ | (1,452) | $ | 3,702 | $ | (4,867) | |||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | (1) | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 101 | 967 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 8 | 132 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,792 | 2,269 | 3,990 | 1,183 | 3,237 | 1,522 | 845 | 2,459 | 4,136 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 94 | 16 | 45 | 322 | — | 27 | 17 | (6) | 155 | ||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3,878 | 189 | 5,151 | 1,725 | 5,715 | 3,803 | (590) | 6,160 | (577) | ||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 3,878 | $ | 189 | $ | 5,151 | $ | 1,725 | $ | 5,715 | $ | 3,803 | $ | (590) | $ | 6,160 | $ | (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) | $ | 875 | $ | (1,052) | $ | 472 | $ | (3,326) | $ | 2,165 | $ | (3,973) | $ | 4,485 | $ | (213) | |||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | (1) | — | — | (1) | (2) | (7) | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 224 | — | 444 | 536 | 2,272 | |||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 37 | — | 65 | 197 | 439 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,362 | 1,237 | 639 | 3,705 | 1,232 | 6,443 | 13,890 | 51,941 | |||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | 10 | 15 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1 | 13 | 42 | 146 | 19 | (44) | 257 | 1,104 | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,238 | 198 | 1,152 | 786 | 3,416 | 2,934 | 19,384 | 55,562 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 2,238 | $ | 198 | $ | 1,152 | $ | 786 | $ | 3,416 | $ | 2,934 | $ | 19,384 | $ | 55,562 | |||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
21
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (3,017) | $ | (4,631) | $ | (3,722) | $ | (983) | $ | (2,154) | $ | (1,012) | $ | (2,081) | $ | (2,725) | $ | (7,194) | |||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | 124 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | (1) | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 3 | 217 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 8 | 69 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,871 | 2,582 | 4,296 | 1,347 | 3,698 | 1,738 | 915 | 2,551 | 4,639 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (89) | (200) | 139 | (6) | (96) | 54 | (4) | (301) | (230) | ||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 776 | (1,963) | 712 | 358 | 1,447 | 780 | (1,046) | (475) | (2,786) | ||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 187 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 776 | $ | (1,963) | $ | 712 | $ | 358 | $ | 1,447 | $ | 780 | $ | (859) | $ | (475) | $ | (2,786) | |||||||||||||||||||||||||||||||||||
| 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) | $ | (1,080) | $ | (1,510) | $ | (352) | $ | (3,460) | $ | 493 | $ | (7,485) | $ | (11,440) | $ | (52,353) | |||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | (55) | — | — | 69 | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | (1) | (2) | (6) | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 241 | — | 443 | 463 | 1,367 | |||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 36 | — | 62 | 97 | 272 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,605 | 1,324 | 706 | 3,599 | 1,437 | 7,458 | 15,660 | 57,426 | |||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 29 | 5 | (1) | 194 | (29) | (580) | 159 | (956) | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 554 | (181) | 353 | 610 | 1,846 | (103) | 4,937 | 5,819 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 84 | 271 | |||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 554 | $ | (181) | $ | 353 | $ | 610 | $ | 1,846 | $ | (103) | $ | 5,021 | $ | 6,090 | |||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| TTM Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 5,167 | $ | (2,957) | $ | (1,034) | $ | 9,495 | $ | (544) | $ | (8,389) | $ | (13,378) | $ | 6,199 | $ | (2,420) | $ | 801 | $ | 873 | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | (2) | — | — | (9) | — | (11) | — | (1) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (9) | (4) | — | — | — | — | — | (8) | (1) | (3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 5,894 | 6,094 | 13,479 | 9,277 | 12,979 | 16,067 | 57,252 | 20,671 | 18,856 | 5,439 | 1,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | (3) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 111 | 162 | 940 | 1,297 | 607 | 176 | 5,397 | 25 | 764 | 81 | (41) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 11,160 | 3,293 | 13,385 | 20,069 | 13,033 | 7,854 | 49,260 | 26,887 | 17,201 | 6,318 | 2,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 11,160 | $ | 3,293 | $ | 13,385 | $ | 20,069 | $ | 13,033 | $ | 7,854 | $ | 49,260 | $ | 26,887 | $ | 17,201 | $ | 6,318 | $ | 2,329 | |||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (362) | $ | 11,011 | $ | (3,930) | $ | (1,795) | $ | 78 | $ | (1,009) | $ | (2,945) | $ | (4,986) | $ | (483) | $ | 1,848 | $ | (4,265) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | (51) | — | — | — | — | — | (1,033) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 1,810 | — | — | 506 | 2,662 | — | — | 781 | 1,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 253 | — | — | 32 | 465 | — | — | 188 | 404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,263 | 12,808 | 2,970 | 2,402 | 381 | 1,522 | 5,509 | 8,857 | 1,985 | 1,534 | 3,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | 11 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 102 | 178 | 74 | 128 | 61 | 37 | (208) | 30 | (21) | 142 | (30) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 952 | 24,008 | 1,177 | 735 | 520 | 1,088 | 4,450 | 3,901 | 1,481 | 4,493 | 874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 952 | $ | 24,008 | $ | 1,177 | $ | 735 | $ | 520 | $ | 1,088 | $ | 4,450 | $ | 3,901 | $ | 1,481 | $ | 4,493 | $ | 874 | |||||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | BAML Pool 5 - 2 hotels | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 357 | $ | 369 | $ | (217) | $ | 10,535 | $ | 327 | $ | (109) | $ | 23 | $ | 22 | $ | (1,718) | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | 28 | (10,601) | (327) | 109 | — | 7 | (11,891) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 954 | — | — | — | — | — | 7,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 148 | — | — | — | — | — | 1,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 372 | 513 | 1,332 | 41 | — | — | — | — | 212,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 19 | 157 | — | — | — | — | — | — | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (4) | 10 | 149 | 20 | — | — | — | 14 | 10,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 744 | 1,049 | 2,394 | (5) | — | — | 23 | 43 | 218,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | 5 | — | — | (23) | (43) | (61) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 744 | $ | 1,049 | $ | 2,394 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 218,655 | |||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
23
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 2,030 | $ | (1,425) | $ | 409 | $ | 2,433 | $ | (1,872) | $ | (2,323) | $ | (1,105) | $ | 3,666 | $ | 173 | $ | 917 | $ | 64 | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (1) | — | — | — | — | — | (2) | (1) | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,477 | 1,483 | 3,355 | 2,126 | 3,398 | 3,938 | 13,958 | 4,942 | 4,558 | 1,295 | 370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 11 | 77 | 77 | 45 | 41 | 91 | 498 | 7 | 69 | 2 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3,516 | 134 | 3,841 | 4,604 | 1,567 | 1,706 | 13,351 | 8,613 | 4,800 | 2,213 | 443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 3,516 | $ | 134 | $ | 3,841 | $ | 4,604 | $ | 1,567 | $ | 1,706 | $ | 13,351 | $ | 8,613 | $ | 4,800 | $ | 2,213 | $ | 443 | |||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (196) | $ | 3,187 | $ | (1,141) | $ | (744) | $ | 49 | $ | (247) | $ | (1,960) | $ | (320) | $ | (98) | $ | (286) | $ | (867) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 444 | — | — | 101 | 967 | — | — | 247 | 288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 65 | — | — | 8 | 132 | — | — | 94 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 311 | 3,192 | 735 | 610 | 97 | 378 | 1,285 | 2,015 | 486 | 397 | 929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 6 | 39 | 14 | 18 | 8 | 13 | 18 | 3 | 3 | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 121 | 6,423 | 117 | (116) | 154 | 253 | 442 | 1,698 | 391 | 459 | 460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 121 | $ | 6,423 | $ | 117 | $ | (116) | $ | 154 | $ | 253 | $ | 442 | $ | 1,698 | $ | 391 | $ | 459 | $ | 460 | |||||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | BAML Pool 5 - 2 hotels | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 8 | $ | 45 | $ | (599) | $ | — | $ | — | $ | (11) | $ | — | $ | — | $ | (213) | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 224 | — | — | — | — | — | 2,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 37 | — | — | — | — | — | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 93 | 122 | 391 | — | — | — | — | — | 51,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | 10 | — | — | — | — | — | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | — | — | 41 | — | — | — | — | — | 1,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 101 | 177 | 94 | — | — | — | — | — | 55,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 101 | $ | 177 | $ | 94 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 55,562 | |||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
24
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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) | $ | 1,777 | $ | (730) | $ | (574) | $ | 2,350 | $ | (1,150) | $ | (1,658) | $ | (1,793) | $ | 1,023 | $ | (754) | $ | 149 | $ | 146 | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (1) | — | — | — | — | — | (2) | — | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,490 | 1,502 | 3,311 | 2,248 | 3,237 | 3,962 | 14,202 | 5,025 | 4,643 | 1,333 | 365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | (3) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 47 | (23) | 14 | 55 | 654 | 47 | (24) | 389 | 88 | 8 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3,309 | 748 | 2,751 | 4,653 | 2,741 | 2,351 | 12,385 | 6,435 | 3,978 | 1,489 | 543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 3,309 | $ | 748 | $ | 2,751 | $ | 4,653 | $ | 2,741 | $ | 2,351 | $ | 12,385 | $ | 6,435 | $ | 3,978 | $ | 1,489 | $ | 543 | |||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (141) | $ | 4,169 | $ | (857) | $ | (231) | $ | 156 | $ | (74) | $ | (813) | $ | (1,096) | $ | (199) | $ | 549 | $ | (1,181) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | (51) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 446 | — | — | 103 | 974 | — | — | 197 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 64 | — | — | 8 | 130 | — | — | 94 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 315 | 3,192 | 736 | 590 | 98 | 379 | 1,345 | 2,085 | 497 | 388 | 881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 9 | 66 | 14 | 11 | 1 | 29 | 19 | 4 | 2 | 10 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 132 | 7,427 | 403 | 370 | 255 | 445 | 1,655 | 993 | 300 | 1,238 | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (2) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 132 | $ | 7,427 | $ | 403 | $ | 368 | $ | 255 | $ | 445 | $ | 1,655 | $ | 993 | $ | 300 | $ | 1,238 | $ | 184 | |||||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | BAML Pool 5 - 2 hotels | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 189 | $ | 126 | $ | (554) | $ | 31 | $ | — | $ | — | $ | — | $ | 35 | $ | (1,105) | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | 4 | — | — | — | — | (47) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 232 | — | — | — | — | — | 2,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 37 | — | — | — | — | — | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 93 | 126 | 334 | — | — | — | — | — | 52,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | (28) | 42 | — | — | — | — | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 3 | 1 | 38 | (37) | — | — | — | 14 | 1,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 257 | 295 | 87 | (2) | — | — | — | 49 | 55,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | 2 | — | — | — | (49) | (49) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 257 | $ | 295 | $ | 87 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 55,422 | |||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
25
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 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) | $ | 623 | $ | (52) | $ | 416 | $ | 2,962 | $ | 1,328 | $ | (1,520) | $ | (3,024) | $ | 359 | $ | (478) | $ | (62) | $ | 242 | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | (2) | — | — | (9) | — | (11) | — | (1) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (1) | — | — | — | — | — | (2) | — | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,448 | 1,523 | 3,331 | 2,350 | 3,158 | 4,025 | 14,301 | 5,096 | 4,707 | 1,375 | 364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 2 | 24 | 287 | 71 | 168 | 70 | 2,396 | 273 | 151 | 19 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,071 | 1,492 | 4,034 | 5,383 | 4,645 | 2,575 | 13,662 | 5,726 | 4,380 | 1,331 | 611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 2,071 | $ | 1,492 | $ | 4,034 | $ | 5,383 | $ | 4,645 | $ | 2,575 | $ | 13,662 | $ | 5,726 | $ | 4,380 | $ | 1,331 | $ | 611 | |||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 8 | $ | 3,350 | $ | (719) | $ | 27 | $ | (16) | $ | (180) | $ | 1,542 | $ | (1,466) | $ | (154) | $ | 1,237 | $ | (1,207) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | (1,033) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 480 | — | — | 103 | 506 | — | — | 169 | 291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 63 | — | — | 8 | 133 | — | — | — | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 317 | 3,177 | 754 | 590 | 94 | 381 | 1,384 | 2,206 | 498 | 378 | 893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 10 | 309 | 32 | 6 | 9 | 9 | 22 | 19 | 6 | 6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 335 | 6,842 | 610 | 623 | 87 | 321 | 2,554 | 759 | 350 | 1,790 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 335 | $ | 6,842 | $ | 610 | $ | 625 | $ | 87 | $ | 321 | $ | 2,554 | $ | 759 | $ | 350 | $ | 1,790 | $ | 77 | |||||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | BAML Pool 5 - 2 hotels | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 145 | $ | 117 | $ | 523 | $ | 6 | $ | (3) | $ | (98) | $ | — | $ | (45) | $ | 3,861 | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | 28 | — | — | 98 | — | 40 | (890) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 274 | — | — | — | — | — | 1,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 37 | — | — | — | — | — | 341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 93 | 130 | 304 | — | — | — | — | — | 52,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 40 | 53 | — | — | — | — | — | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (5) | 5 | 40 | (6) | — | — | — | — | 3,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 273 | 305 | 1,206 | — | (3) | — | — | (5) | 62,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | 3 | — | — | 5 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 273 | $ | 305 | $ | 1,206 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 62,044 | |||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
26
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 | |||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (33) | $ | 305 | $ | (1,213) | $ | (847) | $ | (111) | $ | (508) | $ | (1,714) | $ | (2,104) | $ | (32) | $ | 348 | $ | (1,010) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 440 | — | — | 199 | 215 | — | — | 168 | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 61 | — | — | 8 | 70 | — | — | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 320 | 3,247 | 745 | 612 | 92 | 384 | 1,495 | 2,551 | 504 | 371 | 895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 77 | (236) | 14 | 93 | 43 | (14) | (267) | 4 | (32) | 119 | (120) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 364 | 3,316 | 47 | (142) | 24 | 69 | (201) | 451 | 440 | 1,006 | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 364 | $ | 3,316 | $ | 47 | $ | (142) | $ | 24 | $ | 69 | $ | (201) | $ | 451 | $ | 440 | $ | 1,006 | $ | 153 | |||||||||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | BAML Pool 5 - 2 hotels | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 15 | $ | 81 | $ | 413 | $ | 10,498 | $ | 330 | $ | — | $ | 23 | $ | 32 | $ | (4,261) | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | (10,605) | (327) | — | — | (33) | (10,965) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 224 | — | — | — | — | — | 1,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | 37 | — | — | — | — | — | 275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 93 | 135 | 303 | 41 | — | — | — | — | 55,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 7 | 52 | — | — | — | — | — | — | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (2) | 4 | 30 | 63 | — | — | — | — | 3,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 113 | 272 | 1,007 | (3) | 3 | — | 23 | (1) | 45,649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | 3 | (3) | — | (23) | 1 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 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 March 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
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