Ashford Hospitality Trust : TRUST REPORTS SECOND QUARTER 2022 RESULTS - Form 8-K
August 02, 2022 at 04:43 pm
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ASHFORD TRUST REPORTS
SECOND QUARTER 2022 RESULTS
Net Loss Attributable to Common Stockholders was $(9.3) Million
Comparable Hotel EBITDA was $111.4 Million
Adjusted EBITDAre was $96.4 Million
Highest Adjusted EBITDAre Since Q3 of 2019
DALLAS - August 2, 2022 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2022 with the second quarter ended June 30, 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 73% to $135.08 during the quarter on a 34.2% increase in ADR and a 28.8% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 6% compared to the comparable period in 2019, which is the best quarterly performance compared to 2019 since the onset of the pandemic.
•Net loss attributable to common stockholders was $(9.3) million or $(0.27) per diluted share for the quarter.
•Adjusted EBITDAre was $96.4 million for the quarter, reflecting a growth rate of 207.4% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $1.23 per diluted share for the quarter, reflecting a growth rate of 2,975% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $538.4 million and restricted cash of $126.6 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 $24.7 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs. Net working capital at the end of the quarter was $615.5 million, which equates to approximately $17.02 per diluted share.
•Capex invested during the quarter was $20.1 million.
AHT Reports Second Quarter Results
Page 2
August 2, 2022
CAPITAL STRUCTURE
At June 30, 2022, the Company had total loans of $3.9 billion with a blended average interest rate of 5.6%. All of the Company's loans are current and in good standing with the respective lenders. At the end of the quarter, approximately 85% of the Company's hotels were in cash traps under their respective loans, which is a decrease from 90% in the first quarter. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes.
In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors previously announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 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 first quarter of 2022, 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 registration statement is now effective, and the Company expects to commence issuing limited amounts of the Non-Traded Preferred Equity in the third quarter of 2022. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
"We are extremely pleased with Ashford Trust's improving second quarter performance, as our high-quality, geographically diverse portfolio benefited from increased demand and notable rate increases in many key markets," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Further, we have a significantly de-levered balance sheet and continue to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. In March, we announced the filing of an S-3 for the future offering of non-traded preferred equity and expect to commence issuing limited amounts of non-traded preferred equity beginning in the third quarter of 2022. 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. While the macro-economic outlook is uncertain, we continue to be pleased with how our portfolio is performing and believe we are well-positioned for any economic scenario."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, August 3, 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, August 10, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13730710.
The Company will also provide an online simulcast and rebroadcast of its second 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, August 3, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
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
AHT Reports Second Quarter Results
Page 3
August 2, 2022
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)
June 30, 2022
December 31, 2021
ASSETS
Investments in hotel properties, net
$
3,137,388
$
3,230,710
Cash and cash equivalents
537,822
592,110
Restricted cash
125,995
99,534
Accounts receivable, net of allowance of $489 and $455, respectively
57,165
37,720
Inventories
3,538
3,291
Notes receivable, net
4,889
8,723
Investment in unconsolidated entities
10,949
11,253
Deferred costs, net
3,829
5,001
Prepaid expenses
11,354
13,384
Derivative assets, net
11,132
501
Operating lease right-of-use assets
44,218
44,575
Other assets
13,639
16,150
Intangible assets, net
797
797
Due from Ashford Inc., net
-
25
Due from related parties, net
6,232
7,473
Due from third-party hotel managers
24,684
26,896
Assets held for sale
36,535
-
Total assets
$
4,030,166
$
4,098,143
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,843,543
$
3,887,822
Accounts payable and accrued expenses
132,060
117,650
Accrued interest payable
10,995
15,432
Dividends and distributions payable
3,104
3,104
Due to Ashford Inc., net
1,123
-
Due to related parties, net
-
728
Due to third-party hotel managers
1,498
1,204
Intangible liabilities, net
2,137
2,177
Operating lease liabilities
44,874
45,106
Other liabilities
4,579
4,832
Liabilities associated with assets held for sale
30,688
-
Total liabilities
4,074,601
4,078,055
Redeemable noncontrolling interests in operating partnership
21,308
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 June 30, 2022 and December 31, 2021
12
12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at June 30, 2022 and December 31, 2021
12
12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at June 30, 2022 and December 31, 2021
15
15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at June 30, 2022 and December 31, 2021
13
13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at June 30, 2022 and December 31, 2021
13
13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,487,370 and 34,490,381 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
345
345
Additional paid-in capital
2,382,197
2,379,906
Accumulated deficit
(2,448,350)
(2,382,970)
Total equity (deficit)
(65,743)
(2,654)
Total liabilities and equity/deficit
$
4,030,166
$
4,098,143
4
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
REVENUE
Rooms
$
275,528
$
160,031
$
470,858
$
257,145
Food and beverage
54,316
19,840
91,076
27,743
Other
17,423
12,986
31,859
23,414
Total hotel revenue
347,267
192,857
593,793
308,302
Other
828
555
1,440
940
Total revenue
348,095
193,412
595,233
309,242
EXPENSES
Hotel operating expenses
Rooms
59,782
37,621
107,786
61,494
Food and beverage
37,610
13,298
64,782
19,676
Other expenses
111,452
76,072
203,500
131,841
Management fees
12,312
7,441
21,866
12,968
Total hotel operating expenses
221,156
134,432
397,934
225,979
Property taxes, insurance and other
17,289
17,128
33,748
34,599
Depreciation and amortization
50,896
55,595
103,016
113,222
Advisory services fee:
Base advisory fee
8,613
9,006
17,348
17,741
Reimbursable expenses
2,364
1,621
4,935
3,212
Stock/unit-based compensation
1,451
2,455
3,380
4,290
Incentive fee
(151)
6,472
-
6,472
Corporate, general and administrative:
Stock/unit-based compensation
578
610
631
636
Other general and administrative
3,932
2,092
6,983
9,063
Total operating expenses
306,128
229,411
567,975
415,214
Gain (loss) on disposition of assets and hotel properties
181
361
284
292
OPERATING INCOME (LOSS)
42,148
(35,638)
27,542
(105,680)
Equity in earnings (loss) of unconsolidated entities
(151)
(141)
(304)
(278)
Interest income
526
-
577
13
Other income (expense), net
84
245
185
474
Interest expense, net of discount amortization
(45,990)
(32,866)
(87,150)
(61,236)
Amortization of loan costs
(2,403)
(2,870)
(4,802)
(7,764)
Write-off of premiums, loan costs and exit fees
(971)
(787)
(1,698)
(4,166)
Gain (loss) on extinguishment of debt
-
10,604
-
10,604
Unrealized gain (loss) on derivatives
6,074
(3,236)
9,285
(2,317)
INCOME (LOSS) BEFORE INCOME TAXES
(683)
(64,689)
(56,365)
(170,350)
Income tax benefit (expense)
(5,563)
(572)
(5,683)
(301)
NET INCOME (LOSS)
(6,246)
(65,261)
(62,048)
(170,651)
(Income) loss attributable to noncontrolling interest in consolidated entities
-
13
-
94
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
76
956
448
3,227
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(6,170)
(64,292)
(61,600)
(167,330)
Preferred dividends
(3,104)
2,709
(6,207)
3,527
Gain (loss) on extinguishment of preferred stock
-
(7,887)
-
2,748
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(9,274)
$
(69,470)
$
(67,807)
$
(161,055)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.27)
$
(4.35)
$
(1.98)
$
(13.21)
Weighted average common shares outstanding - basic
34,330
15,957
34,300
12,178
Diluted:
Net income (loss) attributable to common stockholders
$
(0.27)
$
(4.35)
$
(1.98)
$
(13.21)
Weighted average common shares outstanding - diluted
34,330
15,957
34,300
12,178
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
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income (loss)
$
(6,246)
$
(65,261)
$
(62,048)
$
(170,651)
Interest expense and amortization of discounts and loan costs, net
48,393
35,736
91,952
69,000
Depreciation and amortization
50,896
55,595
103,016
113,222
Income tax expense (benefit)
5,563
572
5,683
301
Equity in (earnings) loss of unconsolidated entities
151
141
304
278
Company's portion of EBITDA of unconsolidated entities
(151)
(140)
(304)
(275)
EBITDA
98,606
26,643
138,603
11,875
(Gain) loss on disposition of assets and hotel properties
(181)
(361)
(284)
(292)
EBITDAre
98,425
26,282
138,319
11,583
Amortization of unfavorable contract liabilities
42
53
95
106
Write-off of premiums, loan costs and exit fees
971
787
1,698
4,166
(Gain) loss on extinguishment of debt
-
(10,604)
-
(10,604)
Other (income) expense, net
(84)
(245)
(185)
(474)
Transaction and conversion costs
914
413
1,573
1,922
Legal, advisory and settlement costs
12
1,849
37
4,496
Unrealized (gain) loss on derivatives
(6,074)
3,236
(9,285)
2,317
Dead deal costs
280
-
280
689
Uninsured remediation costs
-
-
-
374
Stock/unit-based compensation
2,038
3,105
4,049
5,049
Advisory services incentive fee
(151)
6,472
-
6,472
Company's portion of adjustments to EBITDAre of unconsolidated entities
(1)
2
11
12
Adjusted EBITDAre
$
96,372
$
31,350
$
136,592
$
26,108
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income (loss)
$
(6,246)
$
(65,261)
$
(62,048)
$
(170,651)
(Income) loss attributable to noncontrolling interest in consolidated entities
-
13
-
94
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
76
956
448
3,227
Preferred dividends
(3,104)
2,709
(6,207)
3,527
Gain (loss) on extinguishment of preferred stock
-
(7,887)
-
2,748
Net income (loss) attributable to common stockholders
(9,274)
(69,470)
(67,807)
(161,055)
Depreciation and amortization on real estate
50,896
55,559
103,016
113,149
(Gain) loss on disposition of assets and hotel properties
(181)
(361)
(284)
(292)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(76)
(956)
(448)
(3,227)
Equity in (earnings) loss of unconsolidated entities
151
141
304
278
Company's portion of FFO of unconsolidated entities
(151)
(140)
(304)
(276)
FFO available to common stockholders and OP unitholders
41,365
(15,227)
34,477
(51,423)
(Gain) loss on extinguishment of preferred stock
-
7,887
-
(2,748)
Write-off of premiums, loan costs and exit fees
971
787
1,698
4,166
(Gain) loss on extinguishment of debt
-
(10,604)
-
(10,604)
Other (income) expense, net
(84)
(245)
(185)
(474)
Transaction and conversion costs
914
413
1,573
2,296
Legal, advisory and settlement costs
12
1,849
37
4,496
Unrealized (gain) loss on derivatives
(6,074)
3,236
(9,285)
2,317
Dead deal costs
280
-
280
689
Uninsured remediation costs
-
-
-
374
Stock/unit-based compensation
2,038
3,105
4,049
5,049
Amortization of term loan exit fee
2,896
211
5,577
2,660
Amortization of loan costs
2,403
2,866
4,802
7,757
Advisory services incentive fee
(151)
6,472
-
6,472
Company's portion of adjustments to FFO of unconsolidated entities
(1)
2
11
12
Adjusted FFO available to common stockholders and OP unitholders
$
44,569
$
752
$
43,034
$
(28,961)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
1.23
$
0.04
$
1.19
$
(2.06)
Weighted average diluted shares
36,356
18,059
36,304
14,057
6
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2022
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (14)
Interest Rate
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA (15)
Comparable TTM EBITDA
Debt Yield
JPMorgan Chase La Posada - 1 hotel
November 2022
November 2023
LIBOR + 2.70%
$
-
$
25,000
$
25,000
(1)
$
5,172
20.7
%
Morgan Stanley Pool - 17 hotels
November 2022
November 2024
LIBOR + 3.00%
-
415,000
415,000
(2)
33,136
8.0
%
BAML Indigo Atlanta - 1 hotel
December 2022
December 2024
LIBOR + 2.25%
-
16,100
16,100
(3)
1,294
8.0
%
Morgan Stanley Ann Arbor - 1 hotel
December 2022
December 2022
LIBOR + 4.40%
-
30,000
30,000
(4)
1,197
4.0
%
Aareal Le Pavillon - 1 hotel
January 2023
January 2025
LIBOR + 3.40%
-
37,000
37,000
(5)
1,441
3.9
%
JPMorgan Chase - 8 hotels
February 2023
February 2025
LIBOR + 3.07%
-
395,000
395,000
(6)
22,797
5.8
%
BAML Princeton/Nashville - 2 hotels
March 2023
March 2026
LIBOR + 2.75%
-
240,000
240,000
(7)
32,010
13.3
%
BAML Highland Pool - 19 hotels
April 2023
April 2025
LIBOR + 3.20%
-
907,030
907,030
(8)
67,479
7.4
%
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR + 2.45%
-
73,450
73,450
2,951
4.0
%
KEYS Pool A - 7 hotels
June 2023
June 2025
LIBOR + 3.65%
-
180,720
180,720
(9)
11,946
6.6
%
KEYS Pool B - 7 hotels
June 2023
June 2025
LIBOR + 3.39%
-
174,400
174,400
(9)
4,792
2.7
%
KEYS Pool C - 5 hotels
June 2023
June 2025
LIBOR + 3.73%
-
221,040
221,040
(9)
16,128
7.3
%
KEYS Pool D - 5 hotels
June 2023
June 2025
LIBOR + 4.02%
-
262,640
262,640
(9)
22,765
8.7
%
KEYS Pool E - 5 hotels
June 2023
June 2025
LIBOR + 2.73%
-
160,000
160,000
(9)
14,607
9.1
%
KEYS Pool F - 5 hotels
June 2023
June 2025
LIBOR + 3.68%
-
215,120
215,120
(9)
11,752
5.5
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,419
-
6,419
1,143
17.8
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,368
-
9,368
1,428
15.2
%
Oaktree Capital Term Loan
January 2024
January 2026
16.00%
200,000
-
200,000
(10)
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
5,941
-
5,941
945
15.9
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
LIBOR + 2.00%
-
8,881
8,881
593
6.7
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,310
-
11,310
945
8.4
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,622
-
22,622
2,494
11.0
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
LIBOR + 4.65%
-
84,000
84,000
(11)
8,141
9.7
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
50,098
-
50,098
(12)
6,994
14.0
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,606
-
23,606
2,347
9.9
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
LIBOR + 3.80%
-
98,000
98,000
(13)
9,906
10.1
%
Total
$
329,364
$
3,543,381
$
3,872,745
$
284,403
7.3
%
Percentage
8.5
%
91.5
%
100.0
%
Weighted average interest rate (12)
11.58
%
5.09
%
5.64
%
All indebtedness is non-recourse with the exception of the term loan.
(1) 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%.
(2) 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.
(3) 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%.
(4) This mortgage loan has a LIBOR floor of 0.25%.
(5) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(6) 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.
(7) 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.
(8) 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.
(9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022.
(10) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) 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%.
(12) As of June 30, 2022, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations. On July 1, 2022, this mortgage loan was brought current and was no longer in default.
(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
June 30, 2022
(dollars in thousands)
(unaudited)
2022
2023
2024
2025
2026
Thereafter
Total
Morgan Stanley Ann Arbor - 1 hotel
$
30,000
$
-
$
-
$
-
$
-
$
-
$
30,000
Aareal Hilton Alexandria - 1 hotel
-
73,450
-
-
-
-
73,450
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
30,000
98,450
492,846
2,620,380
620,000
-
3,861,676
Scheduled amortization payments remaining
2,274
3,288
3,206
801
1,500
-
11,069
Total indebtedness
$
32,274
$
101,738
$
496,052
$
2,621,181
$
621,500
$
-
$
3,872,745
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
274,286
$
-
$
274,286
$
158,954
$
(310)
$
158,644
72.56
%
72.89
%
RevPAR
$
135.08
$
-
$
135.08
$
78.01
$
43.30
$
78.13
73.17
%
72.89
%
Occupancy
73.31
%
-
%
73.31
%
56.91
%
58.29
%
56.90
%
28.82
%
28.83
%
ADR
$
184.26
$
-
$
184.26
$
137.08
$
74.29
$
137.31
34.42
%
34.20
%
ALL HOTELS:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
468,463
$
-
$
468,463
$
255,439
$
(1,089)
$
254,350
83.40
%
84.18
%
RevPAR
$
115.99
$
-
$
115.99
$
62.77
$
34.74
$
62.98
84.80
%
84.17
%
Occupancy
65.82
%
-
%
65.82
%
49.55
%
51.81
%
49.53
%
32.84
%
32.89
%
ADR
$
176.22
$
-
$
176.22
$
126.67
$
67.05
$
127.16
39.11
%
38.58
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
271,566
$
-
$
271,566
$
157,524
$
(310)
$
157,214
72.40
%
72.74
%
RevPAR
$
135.92
$
-
$
135.92
$
78.56
$
43.30
$
78.69
73.02
%
72.74
%
Occupancy
73.58
%
-
%
73.58
%
57.11
%
58.29
%
57.11
%
28.84
%
28.83
%
ADR
$
184.74
$
-
$
184.74
$
137.55
$
74.29
$
137.78
34.30
%
34.08
%
ALL HOTELS
NOT UNDER RENOVATION:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
464,044
$
-
$
464,044
$
253,291
$
(1,089)
$
252,202
83.21
%
84.00
%
RevPAR
$
116.77
$
-
$
116.77
$
63.24
$
34.74
$
63.47
84.64
%
83.98
%
Occupancy
66.10
%
-
%
66.10
%
49.81
%
51.81
%
49.80
%
32.70
%
32.74
%
ADR
$
176.64
$
-
$
176.64
$
126.96
$
67.05
$
127.45
39.14
%
38.60
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company's operations at June 30, 2022, and not under renovation during the three months ended June 30, 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 Silicon Valley
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
345,651
$
191,472
80.52
%
$
590,640
$
306,093
92.96
%
Non-comparable adjustments
-
(345)
-
(1,160)
Comparable total hotel revenue
$
345,651
$
191,127
80.85
%
$
590,640
$
304,933
93.70
%
Hotel EBITDA
$
111,375
$
45,649
143.98
%
$
166,937
$
51,468
224.35
%
Non-comparable adjustments
-
(22)
-
249
Comparable hotel EBITDA
$
111,375
$
45,627
144.10
%
$
166,937
$
51,717
222.79
%
Hotel EBITDA margin
32.22
%
23.84
%
8.38
%
28.26
%
16.81
%
11.45
%
Comparable hotel EBITDA margin
32.22
%
23.87
%
8.35
%
28.26
%
16.96
%
11.30
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
-
$
58
(100.00)
%
$
-
$
57
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
111,375
$
45,591
144.29
%
$
166,937
$
51,411
224.71
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
111,375
$
45,569
144.41
%
$
166,937
$
51,660
223.15
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
Six Months Ended
June 30,
June 30,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
342,237
$
189,866
80.25
%
$
584,934
$
303,199
92.92
%
Non-comparable adjustments
-
(345)
-
(1,160)
Comparable total hotel revenue
$
342,237
$
189,521
80.58
%
$
584,934
$
302,039
93.66
%
Hotel EBITDA
$
110,811
$
45,622
142.89
%
$
166,339
$
51,330
224.06
%
Non-comparable adjustments
-
(22)
-
249
Comparable hotel EBITDA
$
110,811
$
45,600
143.01
%
$
166,339
$
51,579
222.49
%
Hotel EBITDA margin
32.38
%
24.03
%
8.35
%
28.44
%
16.93
%
11.51
%
Comparable hotel EBITDA margin
32.38
%
24.06
%
8.32
%
28.44
%
17.08
%
11.36
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
-
$
58
(100.00)
%
$
-
$
57
(100.00)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
110,811
$
45,564
143.20
%
$
166,339
$
51,273
224.42
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
110,811
$
45,542
143.32
%
$
166,339
$
51,522
222.85
%
NOTES:
(1) The above comparable information assumes the 99 hotel properties owned and included in the Company's operations at June 30, 2022, and not under renovation during the three months ended June 30, 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 Silicon Valley
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
2022
2022
2022
2021
2021
2021
2021
2021
2021
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
Total hotel revenue
$
345,651
$
-
$
345,651
$
244,989
$
-
$
244,989
$
246,649
$
-
$
246,649
$
245,578
$
-
$
245,578
Hotel EBITDA
$
111,375
$
-
$
111,375
$
55,562
$
-
$
55,562
$
55,471
$
(49)
$
55,422
$
62,034
$
10
$
62,044
Hotel EBITDA margin
32.22
%
32.22
%
22.68
%
22.68
%
22.49
%
22.47
%
25.26
%
25.26
%
EBITDA % of total TTM
39.2
%
39.2
%
19.5
%
19.5
%
19.5
%
19.5
%
21.8
%
21.8
%
JV interests in EBITDA
$
-
$
-
$
-
$
-
$
-
$
-
$
82
$
-
$
82
$
87
$
-
$
87
Actual
Non-comparable Adjustments
Comparable
2022
2022
2022
TTM
TTM
TTM
Total hotel revenue
$
1,082,867
$
$
1,082,867
Hotel EBITDA
$
284,442
$
(39)
$
284,403
Hotel EBITDA margin
26.27
%
26.26
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in EBITDA
$
169
$
-
$
169
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 June 30,
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
$
135.32
$
-
$
135.32
$
82.94
$
-
$
82.94
63.2
%
63.2
%
Boston, MA Area
2
705
249.00
-
249.00
67.00
-
67.00
271.6
%
271.6
%
Dallas / Ft. Worth, TX Area
7
1,526
106.29
-
106.29
68.44
-
68.44
55.3
%
55.3
%
Houston, TX Area
3
692
98.71
-
98.71
83.34
-
83.34
18.4
%
18.4
%
Los Angeles, CA Metro Area
6
1,619
141.15
-
141.15
86.00
-
86.00
64.1
%
64.1
%
Miami, FL Metro Area
2
414
173.36
-
173.36
140.58
-
140.58
23.3
%
23.3
%
Minneapolis - St. Paul, MN Area
2
520
66.13
-
66.13
39.51
-
39.51
67.4
%
67.4
%
Nashville, TN Area
1
673
252.13
-
252.13
112.23
-
112.23
124.7
%
124.7
%
New York / New Jersey Metro Area
6
1,743
96.14
-
96.14
46.29
-
46.29
107.7
%
107.7
%
Orlando, FL Area
2
524
120.76
-
120.76
93.56
-
93.56
29.1
%
29.1
%
Philadelphia, PA Area
3
648
109.22
-
109.22
68.07
-
68.07
60.5
%
60.5
%
San Diego, CA Area
2
410
149.97
-
149.97
78.15
-
78.15
91.9
%
91.9
%
San Francisco - Oakland, CA Metro Area
7
1,547
120.66
-
120.66
71.04
-
71.04
69.8
%
69.8
%
Tampa, FL Area
2
571
126.77
-
126.77
110.53
-
110.53
14.7
%
14.7
%
Washington D.C. - MD - VA Area
9
2,426
159.06
-
159.06
47.13
-
47.13
237.5
%
237.5
%
Other Areas
37
6,869
131.42
-
131.42
91.02
(43.30)
91.57
44.4
%
43.5
%
Total Portfolio
100
22,313
$
135.08
$
-
$
135.08
$
78.01
$
(43.30)
$
78.13
73.2
%
72.9
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 June 30,
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
$
5,705
$
-
$
5,705
5.1
%
$
2,841
$
-
$
2,841
6.2
%
100.8
%
100.8
%
Boston, MA Area
2
705
7,940
-
7,940
7.1
%
(388)
-
(388)
(0.9)
%
2,146.4
%
2,146.4
%
Dallas / Ft. Worth, TX Area
7
1,526
6,410
-
6,410
5.8
%
3,266
-
3,266
7.2
%
96.3
%
96.3
%
Houston, TX Area
3
692
1,935
-
1,935
1.7
%
1,717
-
1,717
3.8
%
12.7
%
12.7
%
Los Angeles, CA Metro Area
6
1,619
8,087
-
8,087
7.3
%
4,107
-
4,107
9.0
%
96.9
%
96.9
%
Miami, FL Metro Area
2
414
2,759
-
2,759
2.5
%
1,860
-
1,860
4.1
%
48.3
%
48.3
%
Minneapolis - St. Paul, MN Area
2
520
257
-
257
0.2
%
(93)
-
(93)
(0.2)
%
376.3
%
376.3
%
Nashville, TN Area
1
673
9,731
-
9,731
8.7
%
3,177
-
3,177
7.0
%
206.3
%
206.3
%
New York / New Jersey Metro Area
6
1,743
4,748
-
4,748
4.3
%
600
(3)
597
1.3
%
691.3
%
695.3
%
Orlando, FL Area
2
524
2,010
-
2,010
1.8
%
1,350
(1)
1,349
3.0
%
48.9
%
49.0
%
Philadelphia, PA Area
3
648
1,807
-
1,807
1.6
%
1,042
-
1,042
2.3
%
73.4
%
73.4
%
San Diego, CA Area
2
410
2,204
-
2,204
2.0
%
1,064
-
1,064
2.3
%
107.1
%
107.1
%
San Francisco - Oakland, CA Metro Area
7
1,547
5,314
-
5,314
4.8
%
1,737
-
1,737
3.8
%
205.9
%
205.9
%
Tampa, FL Area
2
571
2,520
-
2,520
2.3
%
1,965
-
1,965
4.3
%
28.2
%
28.2
%
Washington D.C. - MD - VA Area
9
2,426
16,326
-
16,326
14.7
%
644
-
644
1.4
%
2,435.1
%
2,435.1
%
Other Areas
37
6,869
33,622
-
33,622
30.1
%
20,760
(18)
20,742
45.4
%
62.0
%
62.1
%
Total Portfolio
100
22,313
$
111,375
$
-
$
111,375
100.0
%
$
45,649
$
(22)
$
45,627
100.0
%
144.0
%
144.1
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
HOTEL REVPAR BY MARKET
(unaudited)
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
120.90
$
-
$
120.90
$
71.92
$
-
$
71.92
68.1
%
68.1
%
Boston, MA Area
2
705
171.92
-
171.92
46.53
-
46.53
269.5
%
269.5
%
Dallas / Ft. Worth, TX Area
7
1,526
98.76
-
98.76
56.76
-
56.76
74.0
%
74.0
%
Houston, TX Area
3
692
94.07
-
94.07
67.41
-
67.41
39.5
%
39.5
%
Los Angeles, CA Metro Area
6
1,619
131.38
-
131.38
72.49
-
72.49
81.2
%
81.2
%
Miami, FL Metro Area
2
414
186.90
-
186.90
116.91
-
116.91
59.9
%
59.9
%
Minneapolis - St. Paul, MN Area
2
520
52.50
-
52.50
27.87
(6.17)
28.13
88.4
%
86.6
%
Nashville, TN Area
1
673
216.20
-
216.20
73.37
-
73.37
194.7
%
194.7
%
New York / New Jersey Metro Area
6
1,743
73.91
-
73.91
31.38
-
31.38
135.5
%
135.5
%
Orlando, FL Area
2
524
122.05
-
122.05
75.14
-
75.14
62.4
%
62.4
%
Philadelphia, PA Area
3
648
87.60
-
87.60
52.35
-
52.35
67.3
%
67.3
%
San Diego, CA Area
2
410
124.74
-
124.74
63.46
-
63.46
96.6
%
96.6
%
San Francisco - Oakland, CA Metro Area
7
1,547
97.65
-
97.65
59.11
-
59.11
65.2
%
65.2
%
Tampa, FL Area
2
571
137.50
-
137.50
102.32
-
102.32
34.4
%
34.4
%
Washington D.C. - MD - VA Area
9
2,426
118.04
-
118.04
43.68
-
43.68
170.2
%
170.2
%
Other Areas
37
6,869
116.35
-
116.35
71.50
(35.82)
72.37
62.7
%
60.8
%
Total Portfolio
100
22,313
$
115.99
$
-
$
115.99
$
62.77
$
(34.74)
$
62.98
84.8
%
84.2
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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)
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
9,583
$
-
$
9,583
5.7
%
$
3,616
$
-
$
3,616
7.0
%
165.0
%
165.0
%
Boston, MA Area
2
705
8,129
-
8,129
4.9
%
(2,351)
-
(2,351)
(4.5)
%
445.8
%
445.8
%
Dallas / Ft. Worth, TX Area
7
1,526
11,562
-
11,562
6.9
%
3,978
-
3,978
7.7
%
190.6
%
190.6
%
Houston, TX Area
3
692
3,660
-
3,660
2.2
%
2,075
-
2,075
4.0
%
76.4
%
76.4
%
Los Angeles, CA Metro Area
6
1,619
13,803
-
13,803
8.3
%
5,554
-
5,554
10.7
%
148.5
%
148.5
%
Miami, FL Metro Area
2
414
6,562
-
6,562
3.9
%
2,640
-
2,640
5.1
%
148.6
%
148.6
%
Minneapolis - St. Paul, MN Area
2
520
(333)
-
(333)
(0.2)
%
(1,139)
187
(952)
(1.8)
%
70.8
%
65.0
%
Nashville, TN Area
1
673
15,890
-
15,890
9.5
%
2,702
-
2,702
5.2
%
488.1
%
488.1
%
New York / New Jersey Metro Area
6
1,743
4,171
-
4,171
2.5
%
(2,184)
(3)
(2,187)
(4.2)
%
291.0
%
290.7
%
Orlando, FL Area
2
524
4,248
-
4,248
2.5
%
1,904
(1)
1,903
3.7
%
123.1
%
123.2
%
Philadelphia, PA Area
3
648
2,005
-
2,005
1.2
%
861
-
861
1.7
%
132.9
%
132.9
%
San Diego, CA Area
2
410
3,356
-
3,356
2.0
%
1,417
-
1,417
2.7
%
136.8
%
136.8
%
San Francisco - Oakland, CA Metro Area
7
1,547
6,101
-
6,101
3.7
%
2,347
-
2,347
4.5
%
159.9
%
159.9
%
Tampa, FL Area
2
571
5,936
-
5,936
3.6
%
3,811
-
3,811
7.4
%
55.8
%
55.8
%
Washington D.C. - MD - VA Area
9
2,426
19,260
-
19,260
11.5
%
541
-
541
1.0
%
3,460.1
%
3,460.1
%
Other Areas
37
6,869
53,004
-
53,004
31.8
%
25,696
66
25,762
49.8
%
106.3
%
105.7
%
Total Portfolio
100
22,313
$
166,937
$
-
$
166,937
100.0
%
$
51,468
$
249
$
51,717
100.0
%
224.4
%
222.8
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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.
13
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2022
(in thousands, except share price)
(unaudited)
June 30, 2022
Common stock shares outstanding
34,487
Partnership units outstanding
1,673
Combined common stock shares and partnership units outstanding
36,160
Common stock price
$
5.98
Market capitalization
$
216,237
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
$
3,872,745
Net working capital (see below)
$
(615,485)
Total enterprise value (TEV)
$
3,636,467
Cash and cash equivalents
$
538,406
Restricted cash
$
126,555
Accounts receivable, net
$
57,206
Prepaid expenses
$
11,421
Due from third-party hotel managers, net
$
23,187
Due from affiliates, net
$
5,097
Total current assets
$
761,872
Accounts payable, net & accrued expenses
$
143,283
Dividends and distributions payable
$
3,104
Total current liabilities
$
146,387
Net working capital
$
615,485
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2022
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Estimated
Estimated
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
SpringHill Suites Buford Mall of Georgia
97
x
Total
1
1
2
7
(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.
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2022
2022
2021
2021
June 30, 2022
2nd Quarter
1st Quarter
4th Quarter
3rd Quarter
TTM
Net income (loss)
$
55,848
$
(213)
$
(1,105)
$
3,861
$
58,391
Non-property adjustments
2
11
(47)
(890)
(924)
Interest income
(48)
(7)
(6)
(6)
(67)
Interest expense
2,643
2,272
2,252
1,824
8,991
Amortization of loan costs
443
439
435
341
1,658
Depreciation and amortization
50,723
51,941
52,377
52,877
207,918
Income tax expense (benefit)
84
15
11
99
209
Non-hotel EBITDA ownership expense
1,680
1,104
1,554
3,928
8,266
Hotel EBITDA including amounts attributable to noncontrolling interest
111,375
55,562
55,471
62,034
284,442
Non-comparable adjustments
-
-
(49)
10
(39)
Comparable hotel EBITDA
$
111,375
$
55,562
$
55,422
$
62,044
$
284,403
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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.
16
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
56,356
$
(508)
$
55,848
$
459
$
(62,553)
$
(6,246)
Non-property adjustments
2
-
2
(151)
149
-
Interest income
(48)
-
(48)
(1)
49
-
Interest expense
2,643
-
2,643
-
43,347
45,990
Amortization of loan cost
443
-
443
-
1,960
2,403
Depreciation and amortization
49,668
1,055
50,723
124
49
50,896
Income tax expense (benefit)
84
-
84
-
5,479
5,563
Non-hotel EBITDA ownership expense
1,663
17
1,680
17
(1,697)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
110,811
564
111,375
448
(13,217)
98,606
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
-
-
-
-
-
-
Equity in (earnings) loss of unconsolidated entities
-
-
-
-
151
151
Company's portion of EBITDA of unconsolidated entities
-
-
-
-
(151)
(151)
Hotel EBITDA attributable to the Company and OP unitholders
$
110,811
$
564
$
111,375
$
448
$
(13,217)
$
98,606
Non-comparable adjustments
-
-
-
Comparable hotel EBITDA
$
110,811
$
564
$
111,375
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 Silicon Valley
17
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(213)
$
267
$
(55,856)
$
(55,802)
Non-property adjustments
11
(122)
111
-
Interest income
(7)
-
7
-
Interest expense
2,272
-
38,888
41,160
Amortization of loan cost
439
-
1,960
2,399
Depreciation and amortization
51,941
131
48
52,120
Income tax expense (benefit)
15
-
105
120
Non-hotel EBITDA ownership expense
1,104
20
(1,124)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
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
$
55,562
$
296
$
(15,861)
$
39,997
Non-comparable adjustments
-
Comparable hotel EBITDA
$
55,562
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
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 June 30, 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
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 June 30, 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.
20
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(3,454)
$
(807)
$
(4,261)
$
(44)
$
(60,956)
$
(65,261)
Non-property adjustments
(10,965)
-
(10,965)
-
10,965
-
Interest income
(6)
-
(6)
-
6
-
Interest expense
1,535
-
1,535
-
31,331
32,866
Amortization of loan cost
275
-
275
-
2,595
2,870
Depreciation and amortization
54,631
766
55,397
149
49
55,595
Income tax expense (benefit)
59
-
59
-
513
572
Non-hotel EBITDA ownership expense
3,547
68
3,615
143
(3,758)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
45,622
27
45,649
248
(19,255)
26,642
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(58)
-
(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
$
45,564
$
27
$
45,591
$
248
$
(19,196)
$
26,643
Non-comparable adjustments
(22)
-
(22)
Comparable hotel EBITDA
$
45,600
$
27
$
45,627
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 Silicon Valley
21
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
57,139
$
(1,504)
$
55,635
$
726
$
(118,409)
$
(62,048)
Non-property adjustments
13
-
13
(273)
260
-
Interest income
(55)
-
(55)
(1)
56
-
Interest expense
4,915
-
4,915
-
82,235
87,150
Amortization of loan cost
882
-
882
-
3,920
4,802
Depreciation and amortization
100,593
2,071
102,664
255
97
103,016
Income tax expense (benefit)
99
-
99
-
5,584
5,683
Non-hotel EBITDA ownership expense
2,753
31
2,784
37
(2,821)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
166,339
598
166,937
744
(29,078)
138,603
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
-
-
-
-
-
-
Equity in (earnings) loss of unconsolidated entities
-
-
-
-
304
304
Company's portion of EBITDA of unconsolidated entities
-
-
-
-
(304)
(304)
Hotel EBITDA attributable to the Company and OP unitholders
$
166,339
$
598
$
166,937
$
744
$
(29,078)
$
138,603
Non-comparable adjustments
-
-
-
Comparable hotel EBITDA
$
166,339
$
598
$
166,937
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 Silicon Valley
22
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2021
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(55,289)
$
(1,325)
$
(56,614)
$
(249)
$
(113,788)
$
(170,651)
Non-property adjustments
(10,896)
-
(10,896)
-
10,896
-
Interest income
(12)
-
(12)
-
12
-
Interest expense
2,902
-
2,902
-
58,334
61,236
Amortization of loan cost
547
-
547
-
7,217
7,764
Depreciation and amortization
111,302
1,521
112,823
301
98
113,222
Income tax expense (benefit)
59
-
59
-
242
301
Non-hotel EBITDA ownership expense
2,717
(58)
2,659
156
(2,815)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
51,330
138
51,468
208
(39,804)
11,872
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(57)
-
(57)
-
57
-
Equity in (earnings) loss of unconsolidated entities
-
-
-
-
278
278
Company's portion of EBITDA of unconsolidated entities
-
-
-
-
(275)
(275)
Hotel EBITDA attributable to the Company and OP unitholders
$
51,273
$
138
$
51,411
$
208
$
(39,744)
$
11,875
Non-comparable adjustments
249
-
249
Comparable hotel EBITDA
$
51,579
$
138
$
51,717
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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 Silicon Valley
23
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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)
$
2,042
$
4,522
$
2,328
$
677
$
4,780
$
1,198
$
(601)
$
6,686
$
367
Non-property adjustments
-
-
-
-
-
-
-
-
-
Interest income
-
(10)
(1)
-
(6)
-
-
-
(9)
Interest expense
123
1,132
-
-
-
-
-
-
-
Amortization of loan costs
8
133
-
-
-
-
-
-
-
Depreciation and amortization
3,726
2,164
3,944
1,175
3,018
1,519
827
2,559
4,020
Income tax expense (benefit)
-
-
-
-
-
-
-
17
-
Non-hotel EBITDA ownership expense
(194)
(1)
139
83
295
42
31
469
370
Hotel EBITDA including amounts attributable to noncontrolling interest
5,705
7,940
6,410
1,935
8,087
2,759
257
9,731
4,748
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
5,705
$
7,940
$
6,410
$
1,935
$
8,087
$
2,759
$
257
$
9,731
$
4,748
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)
$
659
$
1,000
$
1,560
$
1,309
$
1,277
$
9,341
$
18,703
$
55,848
Non-property adjustments
-
-
-
-
-
-
2
2
Interest income
(2)
-
(1)
(4)
-
(8)
(7)
(48)
Interest expense
-
-
-
226
-
563
599
2,643
Amortization of loan costs
-
-
-
38
-
66
198
443
Depreciation and amortization
1,341
1,156
629
3,650
1,185
6,283
13,527
50,723
Income tax expense (benefit)
-
-
-
-
-
-
67
84
Non-hotel EBITDA ownership expense
12
(349)
16
95
58
81
533
1,680
Hotel EBITDA including amounts attributable to noncontrolling interest
2,010
1,807
2,204
5,314
2,520
16,326
33,622
111,375
Non-comparable adjustments
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
2,010
$
1,807
$
2,204
$
5,314
$
2,520
$
16,326
$
33,622
$
111,375
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(1,194)
$
(2,888)
$
(1,296)
$
297
$
430
$
57
$
(770)
$
789
$
(4,866)
Non-property adjustments
-
-
-
-
-
-
(34)
-
(327)
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
199
215
-
-
-
-
-
-
-
Amortization of loan costs
8
70
-
-
-
-
-
-
-
Depreciation and amortization
3,841
2,462
4,214
1,278
3,596
1,673
860
2,504
4,248
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(13)
(247)
349
142
82
130
(149)
(116)
1,546
Hotel EBITDA including amounts attributable to noncontrolling interest
2,841
(388)
3,266
1,717
4,107
1,860
(93)
3,177
600
Non-comparable adjustments
-
-
-
-
-
-
-
-
(3)
Comparable hotel EBITDA
$
2,841
$
(388)
$
3,266
$
1,717
$
4,107
$
1,860
$
(93)
$
3,177
$
597
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
(254)
$
(221)
$
222
$
(1,891)
$
811
$
(7,948)
$
14,461
$
(4,261)
Non-property adjustments
-
-
-
-
-
-
(10,604)
(10,965)
Interest income
-
-
(1)
-
-
(1)
(1)
(6)
Interest expense
-
-
-
224
-
439
458
1,535
Amortization of loan costs
-
-
-
37
-
63
97
275
Depreciation and amortization
1,554
1,291
677
3,526
1,400
7,260
15,013
55,397
Income tax expense (benefit)
-
-
-
-
-
-
59
59
Non-hotel EBITDA ownership expense
50
(28)
166
(159)
(246)
831
1,277
3,615
Hotel EBITDA including amounts attributable to noncontrolling interest
1,350
1,042
1,064
1,737
1,965
644
20,760
45,649
Non-comparable adjustments
(1)
-
-
-
-
-
(18)
(22)
Comparable hotel EBITDA
$
1,349
$
1,042
$
1,064
$
1,737
$
1,965
$
644
$
20,742
$
45,627
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
1,925
$
1,327
$
3,445
$
897
$
7,258
$
3,452
$
(2,053)
$
10,389
$
(4,500)
Non-property adjustments
-
-
-
-
-
-
-
-
-
Interest income
(1)
(10)
(1)
-
(7)
-
-
-
(10)
Interest expense
223
2,099
-
-
-
-
-
-
-
Amortization of loan costs
16
264
-
-
-
-
-
-
-
Depreciation and amortization
7,518
4,433
7,934
2,358
6,255
3,040
1,672
5,018
8,156
Income tax expense (benefit)
-
-
-
-
-
-
-
22
-
Non-hotel EBITDA ownership expense
(98)
16
184
405
297
70
48
461
525
Hotel EBITDA including amounts attributable to noncontrolling interest
9,583
8,129
11,562
3,660
13,803
6,562
(333)
15,890
4,171
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
9,583
$
8,129
$
11,562
$
3,660
$
13,803
$
6,562
$
(333)
$
15,890
$
4,171
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)
$
1,534
$
(52)
$
2,031
$
(2,017)
$
3,442
$
5,369
$
23,188
$
55,635
Non-property adjustments
-
-
-
-
-
-
13
13
Interest income
(2)
(1)
(1)
(4)
-
(8)
(10)
(55)
Interest expense
-
-
-
450
-
1,007
1,136
4,915
Amortization of loan costs
-
-
-
75
-
131
396
882
Depreciation and amortization
2,703
2,393
1,268
7,355
2,417
12,726
27,418
102,664
Income tax expense (benefit)
-
-
-
-
-
-
77
99
Non-hotel EBITDA ownership expense
13
(335)
58
242
77
35
786
2,784
Hotel EBITDA including amounts attributable to noncontrolling interest
4,248
2,005
3,356
6,101
5,936
19,260
53,004
166,937
Non-comparable adjustments
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
4,248
$
2,005
$
3,356
$
6,101
$
5,936
$
19,260
$
53,004
$
166,937
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2021
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(4,211)
$
(7,519)
$
(5,018)
$
(686)
$
(1,724)
$
(955)
$
(2,851)
$
(1,936)
$
(12,060)
Non-property adjustments
-
-
-
-
-
-
90
-
(327)
Interest income
(1)
-
(1)
-
(2)
-
-
-
(1)
Interest expense
202
433
-
-
-
-
-
-
-
Amortization of loan costs
15
139
-
-
-
-
-
-
-
Depreciation and amortization
7,711
5,044
8,510
2,625
7,294
3,411
1,775
5,055
8,887
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(100)
(448)
487
136
(14)
184
(153)
(417)
1,317
Hotel EBITDA including amounts attributable to noncontrolling interest
3,616
(2,351)
3,978
2,075
5,554
2,640
(1,139)
2,702
(2,184)
Non-comparable adjustments
-
-
-
-
-
-
187
-
(3)
Comparable hotel EBITDA
$
3,616
$
(2,351)
$
3,978
$
2,075
$
5,554
$
2,640
$
(952)
$
2,702
$
(2,187)
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
(1,334)
$
(1,731)
$
(130)
$
(5,351)
$
1,304
$
(15,434)
$
3,022
$
(56,614)
Non-property adjustments
-
-
-
-
(55)
-
(10,604)
(10,896)
Interest income
-
(1)
(1)
-
-
(1)
(4)
(12)
Interest expense
-
-
-
466
-
882
919
2,902
Amortization of loan costs
-
-
-
73
-
124
196
547
Depreciation and amortization
3,160
2,615
1,383
7,125
2,837
14,718
30,673
112,823
Income tax expense (benefit)
-
-
-
-
-
-
59
59
Non-hotel EBITDA ownership expense
78
(22)
165
34
(275)
252
1,435
2,659
Hotel EBITDA including amounts attributable to noncontrolling interest
1,904
861
1,417
2,347
3,811
541
25,696
51,468
Non-comparable adjustments
(1)
-
-
-
-
-
66
249
Comparable hotel EBITDA
$
1,903
$
861
$
1,417
$
2,347
$
3,811
$
541
$
25,762
$
51,717
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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.
27
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended June 30, 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)
$
5,970
$
(1,333)
$
2,398
$
13,683
$
569
$
(4,314)
$
8,599
$
12,325
$
3,825
$
1,682
$
963
Non-property adjustments
-
(2)
-
-
(9)
-
(11)
-
(1)
-
-
Interest income
(8)
(4)
-
-
(5)
-
(8)
(8)
(16)
(4)
-
Interest expense
-
-
-
-
-
-
-
-
4
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
5,878
5,973
13,299
8,737
13,118
15,612
55,970
19,915
18,368
5,285
1,476
Income tax expense (benefit)
(3)
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
109
158
431
345
934
454
2,929
904
617
31
55
Hotel EBITDA including amounts attributable to noncontrolling interest
11,946
4,792
16,128
22,765
14,607
11,752
67,479
33,136
22,797
6,994
2,494
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
11,946
$
4,792
$
16,128
$
22,765
$
14,607
$
11,752
$
67,479
$
33,136
$
22,797
$
6,994
$
2,494
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)
$
(61)
$
18,218
$
(2,272)
$
(1,226)
$
191
$
(723)
$
1,522
$
(133)
$
(533)
$
2,402
$
(3,927)
Non-property adjustments
(51)
-
-
-
-
-
(1,033)
-
-
-
-
Interest income
-
-
(4)
-
-
-
(10)
-
-
-
-
Interest expense
-
-
1,932
-
-
430
3,579
-
-
863
1,227
Amortization of loan costs
-
-
257
-
-
32
528
-
-
282
410
Depreciation and amortization
1,236
12,856
2,967
2,384
383
1,517
5,236
8,244
1,946
1,563
3,636
Income tax expense (benefit)
-
27
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(179)
909
71
39
19
38
84
30
15
62
95
Hotel EBITDA including amounts attributable to noncontrolling interest
945
32,010
2,951
1,197
593
1,294
9,906
8,141
1,428
5,172
1,441
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
945
$
32,010
$
2,951
$
1,197
$
593
$
1,294
$
9,906
$
8,141
$
1,428
$
5,172
$
1,441
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)
$
533
$
490
$
(372)
$
37
$
(3)
$
(109)
$
(2)
$
(8)
$
58,391
Non-property adjustments
-
-
28
4
-
109
2
40
(924)
Interest income
-
-
-
-
-
-
-
-
(67)
Interest expense
-
-
956
-
-
-
-
-
8,991
Amortization of loan costs
-
-
149
-
-
-
-
-
1,658
Depreciation and amortization
378
499
1,442
-
-
-
-
-
207,918
Income tax expense (benefit)
36
149
-
-
-
-
-
-
209
Non-hotel EBITDA ownership expense
(2)
5
144
(43)
-
-
-
12
8,266
Hotel EBITDA including amounts attributable to noncontrolling interest
945
1,143
2,347
(2)
(3)
-
-
44
284,442
Non-comparable adjustments
-
-
-
2
3
-
-
(44)
(39)
Comparable hotel EBITDA
$
945
$
1,143
$
2,347
$
-
$
-
$
-
$
-
$
-
$
284,403
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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.
28
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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)
$
1,540
$
874
$
2,147
$
5,938
$
2,263
$
1,187
$
14,521
$
7,277
$
4,884
$
678
$
511
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
(2)
(1)
-
-
(5)
-
(8)
(2)
(15)
(1)
-
Interest expense
-
-
-
-
-
-
-
-
1
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,463
1,465
3,302
2,013
3,325
3,687
13,509
4,852
4,460
1,282
377
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
49
80
53
174
71
246
59
235
309
2
9
Hotel EBITDA including amounts attributable to noncontrolling interest
3,050
2,418
5,502
8,125
5,654
5,120
28,081
12,362
9,639
1,961
897
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
3,050
$
2,418
$
5,502
$
8,125
$
5,654
$
5,120
$
28,081
$
12,362
$
9,639
$
1,961
$
897
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)
$
268
$
7,512
$
445
$
(278)
$
2
$
(222)
$
2,753
$
2,749
$
(82)
$
902
$
(672)
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
-
-
(4)
-
-
-
(10)
-
-
-
-
Interest expense
-
-
562
-
-
123
1,132
-
-
250
349
Amortization of loan costs
-
-
65
-
-
8
133
-
-
94
105
Depreciation and amortization
293
3,295
742
594
94
379
1,222
1,938
465
400
933
Income tax expense (benefit)
-
16
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(204)
495
11
4
1
(13)
25
4
4
39
5
Hotel EBITDA including amounts attributable to noncontrolling interest
357
11,318
1,821
320
97
275
5,255
4,691
387
1,685
720
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
357
$
11,318
$
1,821
$
320
$
97
$
275
$
5,255
$
4,691
$
387
$
1,685
$
720
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)
$
191
$
202
$
258
$
-
$
-
$
-
$
(2)
$
2
$
55,848
Non-property adjustments
-
-
-
-
-
-
2
-
2
Interest income
-
-
-
-
-
-
-
-
(48)
Interest expense
-
-
226
-
-
-
-
-
2,643
Amortization of loan costs
-
-
38
-
-
-
-
-
443
Depreciation and amortization
99
121
413
-
-
-
-
-
50,723
Income tax expense (benefit)
24
44
-
-
-
-
-
-
84
Non-hotel EBITDA ownership expense
-
(1)
25
-
-
-
-
(2)
1,680
Hotel EBITDA including amounts attributable to noncontrolling interest
314
366
960
-
-
-
-
-
111,375
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
314
$
366
$
960
$
-
$
-
$
-
$
-
$
-
$
111,375
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at June 30, 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.
29
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 June 30, 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.
30
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 June 30, 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.
31
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 June 30, 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.
32
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Ashford Hospitality Trust Inc. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 20:39:59 UTC.
Ashford Hospitality Trust, Inc. is a real estate investment trust (REIT). The Company's portfolio consists of upscale hotels and upper upscale full-service hotels. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership (Ashford Trust OP). The Company's hotel properties are primarily branded under the brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. The Company operates through one segment: direct hotel investments. The Companyâs portfolio consists of 90 hotels with 20,549 rooms. It owns a 15.1 % ownership in OpenKey, Inc. The Company owns four consolidated operating hotel properties, which represent 405 total rooms owned through a 99.4% ownership interest in Stirling REIT OP, LP (Stirling OP). The Company also has an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the Meritage Investment) in Napa, California.