ASHFORD TRUST REPORTS THIRD QUARTER 2021 RESULTS - Form 8-K
October 26, 2021 at 09:17 pm
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ASHFORD TRUST REPORTS THIRD QUARTER 2021 RESULTS
Third Quarter Net Loss Attributable to Common Stockholders was $47.5 Million
Third Quarter Comparable Hotel EBITDA was $62.0 Million
Third Quarter Adjusted EBITDAre was $46.8 Million
Third Quarter AFFO Per Diluted Share was $0.11
DALLAS - October 26, 2021 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 30, 2021. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of September 30, 2021 was owned as of the beginning of each of the periods presented.Unless otherwise stated, all reported results compare the third quarter ended September 30, 2021 with the third quarter ended September 30, 2020 (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 166% to $97.99 during the quarter on a 32.9% increase in ADR and a 100.0% increase in occupancy. Comparable RevPAR for all hotels decreased 25.6% compared to the comparable period in 2019.
•Net loss attributable to common stockholders was $(47.5) million or $(1.70) per diluted share for the quarter.
•Adjusted EBITDAre was $46.8 million for the quarter, which is the highest result since the first quarter of 2020 and a 49% increase compared to the second quarter of 2021.
•Adjusted funds from operations (AFFO) was $0.11 per diluted share for the quarter.
•The Company ended the quarter with cash and cash equivalents of $673.0 million and restricted cash of $85.0 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 $24.1 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 $707.3 million, which equates to approximately $21.40 per diluted share.
•During the quarter, the Company announced it successfully refinanced its mortgage loan for the 390-room Hilton Boston Back Bay in Boston, Massachusetts which had a final maturity date in November 2022.
•Capex invested during the quarter was $10.2 million.
AHT Reports Third Quarter Results
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October 26, 2021
CAPITAL STRUCTURE
At September 30, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.2%. At the end of the quarter, approximately 97% of the Company's hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes. The Company expects many of these hotels to remain in cash traps for the foreseeable future.
The Company has been selectively exchanging its preferred stock for common stock. To date, the Company has exchanged 15.9 million shares of its preferred stock, approximately 70.2% of its preferred shares prior to initiating the exchanges and representing approximately $396.5 million of liquidation value, into 11.5 million shares of common stock.
The Company has also been opportunistically raising equity capital to delever its balance sheet and improve its liquidity. During the third quarter, the Company issued approximately 8.6 million common shares as adjusted for the reverse stock split completed in July 2021, raising approximately $148.8 million in gross proceeds.
During the quarter, the Company announced that its Board of Directors unanimously approved a reverse split of the Company's common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on July 16, 2021, at which time each share of the Company's issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company's common stock. The common stock commenced trading on the New York Stock Exchange on July 19, 2021, on the split-adjusted basis.
During the quarter, the Company successfully refinanced its mortgage loan for the 390-room Hilton Boston Back Bay in Boston, Massachusetts which had a final maturity date in November 2022.The new, non-recourse loan totals $98.0 million and has a four-year initial term with a one-year extension option, subject to the satisfaction of certain conditions.
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 third quarter ending September 30, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations.The Company also did not pay a dividend on its preferred stock for the third quarter ending September 30, 2021.
PORTFOLIO REVPAR
As of September 30, 2021, the portfolio consisted of 100 hotels.
•Comparable RevPAR increased 166% to $97.99 for all hotels on a 32.9% increase in ADR and a 100.0% increase in occupancy.
"There have been numerous positive developments for both our Company and the hospitality industry over the past several months and we're pleased to report strong operating results for the third quarter driven by continued strength in weekend leisure demand at our properties," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "In addition to our improving hotel performance this quarter, we continue to take decisive actions to improve our liquidity, build our cash balance and
AHT Reports Third Quarter Results
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October 26, 2021
enhance our operational and financial flexibility. We have significantly de-levered our balance sheet and believe our attractive hotel portfolio is well-positioned to capitalize on the industry recovery we continue to see."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, October 27, 2021, at 11:00 a.m. ET.The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Wednesday, November 3, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13722819.
The Company will also provide an online simulcast and rebroadcast of its third quarter 2021 earnings release conference call.The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's website, www.ahtreit.com on Wednesday, October 27, 2021, 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 to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
*****
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Follow CEO Rob Hays on Twitter at https://twitter.com/aht_rob or @aht_rob.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission's investigation; our ability to regain S-3 eligibility; our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our
AHT Reports Third Quarter Results
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October 26, 2021
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)
September 30, 2021
December 31, 2020
ASSETS
Investments in hotel properties, net
$
3,259,168
$
3,426,982
Cash and cash equivalents
672,961
92,905
Restricted cash
84,985
74,408
Accounts receivable, net of allowance of $521 and $441, respectively
38,284
21,760
Inventories
2,958
2,447
Notes receivable, net
8,642
8,263
Investment in OpenKey
2,638
2,811
Deferred costs, net
5,735
1,851
Prepaid expenses
15,554
18,401
Derivative assets, net
71
263
Operating lease right-of-use assets
44,471
45,008
Other assets
20,245
23,303
Intangible assets, net
797
797
Due from Ashford Inc., net
1,264
-
Due from related parties, net
7,319
5,801
Due from third-party hotel managers
24,077
9,383
Total assets
$
4,189,169
$
3,734,383
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,918,639
$
3,728,911
Accounts payable and accrued expenses
118,267
99,954
Accrued interest payable
16,964
98,685
Dividends and distributions payable
236
868
Due to Ashford Inc., net
-
13,383
Due to related parties, net
800
-
Due to third-party hotel managers
958
184
Intangible liabilities, net
2,197
2,257
Operating lease liabilities
44,948
45,309
Other liabilities
4,958
5,336
Total liabilities
4,107,967
3,994,887
Redeemable noncontrolling interests in operating partnership
23,133
22,951
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,271,231 and 1,791,461 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
13
18
Series F Cumulative Preferred Stock, 1,379,044 and 2,891,440 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
14
29
Series G Cumulative Preferred Stock, 1,721,170 and 4,422,623 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
17
44
Series H Cumulative Preferred Stock, 1,353,415 and 2,668,637 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
13
27
Series I Cumulative Preferred Stock, 1,271,923 and 3,391,349 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
13
34
Common stock, $0.01 par value, 400,000,000 shares authorized, 32,557,527 and 6,436,250 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
326
64
Additional paid-in capital
2,362,080
1,809,455
Accumulated deficit
(2,304,489)
(2,093,292)
Total shareholders' equity (deficit) of the Company
57,987
(283,621)
Noncontrolling interests in consolidated entities
82
166
Total equity (deficit)
58,069
(283,455)
Total liabilities and equity/deficit
$
4,189,169
$
3,734,383
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
REVENUE
Rooms
$
202,119
$
79,599
$
459,264
$
332,845
Food and beverage
29,744
5,000
57,487
54,147
Other
14,944
8,111
38,358
29,612
Total hotel revenue
246,807
92,710
555,109
416,604
Other
627
333
1,567
1,381
Total revenue
247,434
93,043
556,676
417,985
EXPENSES
Hotel operating expenses
Rooms
48,035
19,752
109,095
84,860
Food and beverage
22,750
4,904
42,860
43,268
Other expenses
92,581
53,424
224,422
203,279
Management fees
8,976
5,070
21,944
20,008
Total hotel operating expenses
172,342
83,150
398,321
351,415
Property taxes, insurance and other
17,222
20,876
51,821
62,048
Depreciation and amortization
53,069
62,909
166,291
194,275
Impairment charges
-
29,926
-
85,144
Advisory services fee:
Base advisory fee
9,476
8,654
27,217
26,128
Reimbursable expenses
1,979
1,557
5,191
4,955
Non-cash stock/unit-based compensation
2,412
2,122
6,702
6,765
Incentive fee
(6,472)
-
-
-
Corporate, general and administrative:
Non-cash stock/unit-based compensation
39
342
675
1,081
Other general and administrative
2,375
7,662
11,438
15,123
Total operating expenses
252,442
217,198
667,656
746,934
Gain (loss) on disposition of assets and hotel properties
103
(40,370)
395
(36,753)
OPERATING INCOME (LOSS)
(4,905)
(164,525)
(110,585)
(365,702)
Equity in earnings (loss) of unconsolidated entities
(145)
(121)
(423)
(279)
Interest income
124
12
137
664
Other income (expense), net
208
(6,179)
682
(7,806)
Interest expense, net of discount amortization
(40,797)
(64,510)
(102,033)
(199,557)
Amortization of loan costs
(2,206)
(2,484)
(9,970)
(12,604)
Write-off of premiums, loan costs and exit fees
(1,034)
(9,469)
(5,200)
(11,499)
Gain (loss) on extinguishment of debt
1,292
90,325
11,896
90,325
Unrealized gain (loss) on marketable securities
-
(758)
-
(1,756)
Unrealized gain (loss) on derivatives
6,029
6,449
3,712
11,063
INCOME (LOSS) BEFORE INCOME TAXES
(41,434)
(151,260)
(211,784)
(497,151)
Income tax benefit (expense)
(2,615)
(366)
(2,916)
1,519
NET INCOME (LOSS)
(44,049)
(151,626)
(214,700)
(495,632)
(Income) loss attributable to noncontrolling interest in consolidated entities
(10)
72
84
240
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
367
22,273
3,594
77,294
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(43,692)
(129,281)
(211,022)
(418,098)
Preferred dividends
(2,039)
(10,644)
1,488
(31,932)
Gain (loss) on extinguishment of preferred stock
(1,789)
-
959
-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(47,520)
$
(139,925)
$
(208,575)
$
(450,030)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(1.70)
$
(118.91)
$
(11.89)
$
(419.19)
Weighted average common shares outstanding - basic
28,033
1,177
17,520
1,072
Diluted:
Net income (loss) attributable to common stockholders
$
(1.70)
$
(118.91)
$
(11.89)
$
(419.19)
Weighted average common shares outstanding - diluted
28,033
1,177
17,520
1,072
Dividends declared per common share:
$
-
$
-
$
-
$
-
6
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Net income (loss)
$
(44,049)
$
(151,626)
$
(214,700)
$
(495,632)
Interest expense and amortization of discounts and loan costs, net
43,003
66,994
112,003
212,161
Depreciation and amortization
53,069
62,909
166,291
194,275
Income tax expense (benefit)
2,615
366
2,916
(1,519)
Equity in (earnings) loss of unconsolidated entities
145
121
423
279
Company's portion of EBITDA of OpenKey
(144)
(121)
(419)
(277)
EBITDA
54,639
(21,357)
66,514
(90,713)
Impairment charges on real estate
-
29,926
-
85,144
(Gain) loss on disposition of assets and hotel properties
(103)
40,370
(395)
36,753
EBITDAre
54,536
48,939
66,119
31,184
Amortization of unfavorable contract liabilities
52
57
158
165
(Gain) loss on insurance settlements
-
-
-
(148)
Write-off of premiums, loan costs and exit fees
1,034
9,469
5,200
11,499
(Gain) loss on extinguishment of debt
(1,292)
(90,325)
(11,896)
(90,325)
Other (income) expense, net
(209)
6,179
(683)
7,838
Transaction and conversion costs
332
5,795
2,254
8,330
Legal, advisory and settlement costs
2,435
226
6,932
411
Unrealized (gain) loss on marketable securities
-
758
-
1,756
Unrealized (gain) loss on derivatives
(6,029)
(6,449)
(3,712)
(11,063)
Dead deal costs
-
28
689
144
Uninsured remediation costs
(33)
-
341
-
Non-cash stock/unit-based compensation
2,490
2,593
7,539
8,340
Advisory services incentive fee
(6,472)
-
-
-
Company's portion of adjustments to EBITDAre of OpenKey
2
3
14
12
Adjusted EBITDAre
$
46,846
$
(22,727)
$
72,955
$
(31,857)
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
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Net income (loss)
$
(44,049)
$
(151,626)
$
(214,700)
$
(495,632)
(Income) loss attributable to noncontrolling interest in consolidated entities
(10)
72
84
240
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
367
22,273
3,594
77,294
Preferred dividends
(2,039)
(10,644)
1,488
(31,932)
Gain (loss) on extinguishment of preferred stock
(1,789)
-
959
-
Net income (loss) attributable to common stockholders
(47,520)
(139,925)
(208,575)
(450,030)
Depreciation and amortization on real estate
53,033
62,870
166,182
194,138
(Gain) loss on disposition of assets and hotel properties
(103)
40,370
(395)
36,753
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(367)
(22,273)
(3,594)
(77,294)
Equity in (earnings) loss of unconsolidated entities
145
121
423
279
Impairment charges on real estate
-
29,926
-
85,144
Company's portion of FFO of OpenKey
(145)
(122)
(421)
(280)
FFO available to common stockholders and OP unitholders
5,043
(29,033)
(46,380)
(211,290)
(Gain) loss on extinguishment of preferred stock
1,789
-
(959)
-
Write-off of premiums, loan costs and exit fees
1,034
9,469
5,200
11,499
(Gain) loss on extinguishment of debt
(1,292)
(90,325)
(11,896)
(90,325)
(Gain) loss on insurance settlements
-
-
-
(148)
Other (income) expense, net
(209)
6,179
(683)
7,838
Transaction and conversion costs
332
5,795
2,628
8,330
Legal, advisory and settlement costs
2,435
226
6,932
411
Unrealized (gain) loss on marketable securities
-
758
-
1,756
Unrealized (gain) loss on derivatives
(6,029)
(6,449)
(3,712)
(11,063)
Dead deal costs
-
28
689
144
Uninsured remediation costs
(33)
-
341
-
Non-cash stock/unit-based compensation
2,490
2,593
7,539
8,340
Amortization of term loan exit fee
1,896
-
4,556
-
Amortization of loan costs
2,203
2,482
9,960
12,598
Advisory services incentive fee
(6,472)
-
-
-
Company's portion of adjustments to FFO of OpenKey
2
3
14
12
Adjusted FFO available to common stockholders and OP unitholders
$
3,189
$
(98,274)
$
(25,771)
$
(261,898)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.11
$
(72.00)
$
(1.33)
$
(207.69)
Weighted average diluted shares
29,994
1,365
19,426
1,261
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2021
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (13)
Interest Rate (1)
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA (14)
Comparable TTM EBITDA
Debt Yield
GACC Gateway - 1 hotel
November 2021
November 2021
6.26%
$
78,614
$
-
$
78,614
$
616
0.8
%
Morgan Stanley Pool - 17 hotels
November 2021
November 2024
LIBOR + 3.00%
-
419,000
419,000
(2)
12,700
3.0
%
JPMorgan Chase La Posada - 1 hotel
November 2021
November 2023
LIBOR + 2.55%
-
25,000
25,000
(3)
2,599
10.4
%
JPMorgan Chase - 8 hotels
February 2022
February 2025
LIBOR + 3.07%
-
395,000
395,000
(4)
7,684
1.9
%
BAML Princeton/Nashville - 2 hotels
March 2022
March 2026
LIBOR + 2.75%
-
240,000
240,000
(5)
8,489
3.5
%
BAML Highland Pool - 19 hotels
April 2022
April 2025
LIBOR + 3.20%
-
914,281
914,281
(6)
20,936
2.3
%
KEYS Pool A - 7 hotels
June 2022
June 2025
LIBOR + 3.65%
-
180,720
180,720
(7)
6,712
3.7
%
KEYS Pool B - 7 hotels
June 2022
June 2025
LIBOR + 3.39%
-
174,400
174,400
(7)
1,776
1.0
%
KEYS Pool C - 5 hotels
June 2022
June 2025
LIBOR + 3.73%
-
221,040
221,040
(7)
5,333
2.4
%
KEYS Pool D - 5 hotels
June 2022
June 2025
LIBOR + 4.02%
-
262,640
262,640
(7)
14,401
5.5
%
KEYS Pool E - 5 hotels
June 2022
June 2025
LIBOR + 2.73%
-
160,000
160,000
(7)
8,747
5.5
%
KEYS Pool F - 5 hotels
June 2022
June 2025
LIBOR + 3.68%
-
215,120
215,120
(7)
2,376
1.1
%
Morgan Stanley Ann Arbor - 1 hotel
July 2022
July 2023
LIBOR + 3.95%
-
33,200
33,200
(8)
(217)
(0.7)
%
BAML Indigo Atlanta - 1 hotel
December 2022
December 2024
LIBOR + 2.25%
-
16,100
16,100
(9)
588
3.7
%
Aareal Le Pavillon - 1 hotel
January 2023
January 2025
LIBOR + 3.40%
-
37,000
37,000
(10)
(337)
(0.9)
%
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR + 2.45%
-
73,450
73,450
192
0.3
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,527
-
6,527
633
9.7
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,526
-
9,526
1,230
12.9
%
Oaktree Capital Term Loan
January 2024
January 2026
16.00%
223,574
-
223,574
(11)
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
6,260
-
6,260
306
4.9
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
LIBOR + 2.00%
-
8,881
8,881
187
2.1
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,551
-
11,551
951
8.2
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
23,100
-
23,100
1,910
8.3
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
50,098
-
50,098
3,790
7.6
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
24,019
-
24,019
3,363
14.0
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
LIBOR + 3.80%
-
98,000
98,000
(12)
(150)
(0.2)
%
Total
$
433,269
$
3,473,832
$
3,907,101
$
104,815
2.7
%
Percentage
11.1
%
88.9
%
100.0
%
Weighted average interest rate (1)
10.83
%
3.36
%
4.19
%
All indebtedness is non-recourse with the exception of the term loan.
(1) Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(3) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2020.This mortgage loan has a LIBOR floor of 1.25%.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021.
(6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021.
(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021.
(8) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(12) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(13) The final maturity date assumes all available extension options will be exercised.
(14) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2021
(dollars in thousands)
(unaudited)
2021
2022
2023
2024
2025
Thereafter
Total
GACC Gateway - 1 hotel
$
78,430
$
-
$
-
$
-
$
-
$
-
$
78,430
Aareal Hilton Alexandria - 1 hotel
-
-
73,450
-
-
-
73,450
Morgan Stanley Ann Arbor - 1 hotel
-
-
33,200
-
-
-
33,200
JPMorgan Chase La Posada - 1 hotel
-
-
25,000
-
-
-
25,000
GACC Jacksonville RI - 1 hotel
-
-
-
9,036
-
-
9,036
GACC Manchester RI - 1 hotel
-
-
-
6,191
-
-
6,191
Key Bank Manchester CY - 1 hotel
-
-
-
5,767
-
-
5,767
Southside Bank Ashton - 1 hotel
-
-
-
8,881
-
-
8,881
Morgan Stanley Pool C2 - 2 hotels
-
-
-
10,755
-
-
10,755
Morgan Stanley Pool C3 - 3 hotels
-
-
-
21,522
-
-
21,522
Morgan Stanley Pool - 17 hotels
-
-
-
419,000
-
-
419,000
BAML Indigo Atlanta - 1 hotel
-
-
-
15,781
-
-
15,781
Aareal Le Pavillon - 1 hotel
-
-
-
-
36,200
-
36,200
JPMorgan Chase - 8 hotels
-
-
-
-
395,000
-
395,000
BAML Pool 3 - 3 hotels
-
-
-
-
45,298
-
45,298
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
-
-
-
-
22,030
-
22,030
BAML Highland Pool - 19 hotels
-
-
-
-
907,030
-
907,030
KEYS Pool A - 7 hotels
-
-
-
-
180,720
-
180,720
KEYS Pool B - 7 hotels
-
-
-
-
174,400
-
174,400
KEYS Pool C - 5 hotels
-
-
-
-
221,040
-
221,040
KEYS Pool D - 5 hotels
-
-
-
-
262,640
-
262,640
KEYS Pool E - 5 hotels
-
-
-
-
160,000
-
160,000
KEYS Pool F - 5 hotels
-
-
-
-
215,120
-
215,120
Oaktree Capital Term Loan
-
-
-
-
-
223,574
223,574
BAML Princeton/Nashville - 2 hotels
-
-
-
-
-
240,000
240,000
Aareal Boston Back Bay - 1 hotel
-
-
-
-
-
96,000
96,000
Principal due in future periods
78,430
-
131,650
496,933
2,619,478
559,574
3,886,065
Scheduled amortization payments remaining
9,345
2,933
3,237
3,220
801
1,500
21,036
Total indebtedness
$
87,775
$
2,933
$
134,887
$
500,153
$
2,620,279
$
561,074
$
3,907,101
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Rooms revenue (in thousands)
$
201,144
$
-
$
201,144
$
79,467
$
(3,810)
$
75,657
153.12
%
165.86
%
RevPAR
$
97.99
$
-
$
97.99
$
35.97
$
24.25
$
36.87
172.38
%
165.74
%
Occupancy
62.80
%
-
%
62.80
%
30.98
%
25.49
%
31.40
%
102.71
%
100.03
%
ADR
$
156.02
$
-
$
156.02
$
116.13
$
95.13
$
117.44
34.35
%
32.85
%
ALL HOTELS:
Nine Months Ended September 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Rooms revenue (in thousands)
$
456,584
$
(1,089)
$
455,495
$
331,631
$
(25,082)
$
306,549
37.68
%
48.59
%
RevPAR
$
74.57
$
(34.74)
$
74.78
$
49.30
$
40.77
$
50.16
51.25
%
49.07
%
Occupancy
53.99
%
(51.81)
%
54.01
%
34.85
%
33.20
%
35.02
%
54.92
%
54.23
%
ADR
$
138.12
$
(67.05)
$
138.47
$
141.47
$
122.79
$
143.26
(2.37)
%
(3.34)
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
% Variance
2021
2020
% Variance
Total hotel revenue
$
245,578
$
92,519
165.44
%
$
551,671
$
414,932
32.95
%
Non-comparable adjustments
-
(4,306)
(1,160)
(28,231)
Comparable total hotel revenue
$
245,578
$
88,213
178.39
%
$
550,511
$
386,701
42.36
%
Hotel EBITDA
$
62,034
$
(9,632)
744.04
%
$
113,502
$
12,684
794.84
%
Non-comparable adjustments
10
1,067
259
2,663
Comparable hotel EBITDA
$
62,044
$
(8,565)
824.39
%
$
113,761
$
15,347
641.26
%
Hotel EBITDA margin
25.26
%
(10.41)
%
35.67
%
20.57
%
3.06
%
17.51
%
Comparable hotel EBITDA margin
25.26
%
(9.71)
%
34.97
%
20.66
%
3.97
%
16.69
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
87
$
27
222.22
%
$
144
$
42
242.86
%
Hotel EBITDA attributable to the Company and OP unitholders
$
61,947
$
(9,659)
741.34
%
$
113,358
$
12,642
796.68
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
61,957
$
(8,592)
821.10
%
$
113,617
$
15,305
642.35
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2021
2021
2021
2021
2021
2021
2021
2021
2021
2020
2020
2020
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
Total hotel revenue
$
245,578
$
-
$
245,578
$
191,472
$
(345)
$
191,127
$
114,621
$
(815)
$
113,806
$
89,432
$
(678)
$
88,754
Hotel EBITDA
$
62,034
$
10
$
62,044
$
45,649
$
(22)
$
45,627
$
5,819
$
271
$
6,090
$
(9,260)
$
314
$
(8,946)
Hotel EBITDA margin
25.26
%
25.26
%
23.84
%
23.87
%
5.08
%
5.35
%
(10.35)
%
(10.08)
%
EBITDA % of total TTM
59.5
%
59.2
%
43.8
%
43.5
%
5.6
%
5.8
%
(8.9)
%
(8.5)
%
JV interests in EBITDA
$
87
$
-
$
87
$
58
$
-
$
58
$
(1)
$
-
$
(1)
$
(3)
$
-
$
(3)
Actual
Non-comparable Adjustments
Comparable
2021
2021
2021
TTM
TTM
TTM
Total hotel revenue
$
641,103
$
(1,838)
$
639,265
Hotel EBITDA
$
104,242
$
573
$
104,815
Hotel EBITDA margin
16.26
%
16.40
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in EBITDA
$
141
$
-
$
141
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
108.49
$
-
$
108.49
$
44.23
$
-
$
44.23
145.3
%
145.3
%
Boston, MA Area
2
705
164.22
-
164.22
24.24
(12.67)
26.07
577.5
%
529.9
%
Dallas / Ft. Worth, TX Area
7
1,526
67.12
-
67.12
22.94
-
22.94
192.6
%
192.6
%
Houston, TX Area
3
692
85.81
-
85.81
40.71
-
40.71
110.8
%
110.8
%
Los Angeles, CA Metro Area
6
1,619
107.99
-
107.99
48.37
-
48.37
123.3
%
123.3
%
Miami, FL Metro Area
2
414
117.92
-
117.92
17.09
(17.94)
16.77
590.0
%
603.2
%
Minneapolis - St. Paul, MN-WI Area
2
520
56.73
-
56.73
13.79
(12.18)
14.57
311.4
%
289.4
%
Nashville, TN Area
1
673
191.67
-
191.67
13.58
-
13.58
1,311.4
%
1,311.4
%
New York / New Jersey Metro Area
6
1,743
74.56
-
74.56
26.19
(18.55)
26.92
184.7
%
177.0
%
Orlando, FL Area
2
524
88.29
-
88.29
20.80
(19.78)
21.17
324.5
%
317.1
%
Philadelphia, PA Area
3
648
97.39
-
97.39
48.72
-
48.72
99.9
%
99.9
%
San Diego, CA Area
2
410
111.57
-
111.57
41.04
-
41.04
171.9
%
171.9
%
San Francisco - Oakland, CA Metro Area
7
1,547
91.59
-
91.59
55.61
-
55.61
64.7
%
64.7
%
Tampa, FL Area
2
571
80.54
-
80.54
29.12
-
29.12
176.6
%
176.6
%
Washington D.C. - MD - VA Area
9
2,426
73.01
-
73.01
20.28
-
20.28
260.0
%
260.0
%
Other Areas
37
6,869
105.11
-
105.11
44.78
(32.65)
46.26
134.7
%
127.2
%
Total Portfolio
100
22,313
$
97.99
$
-
$
97.99
$
35.97
$
24.25
$
36.87
172.4
%
165.8
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
4,444
$
-
$
4,444
7.2
%
$
(318)
$
-
$
(318)
3.7
%
1,497.5
%
1,497.5
%
Boston, MA Area
2
705
3,857
-
3,857
6.2
%
(1,732)
84
(1,648)
19.2
%
322.7
%
334.0
%
Dallas / Ft. Worth, TX Area
7
1,526
2,428
-
2,428
3.9
%
(1,183)
-
(1,183)
13.8
%
305.2
%
305.2
%
Houston, TX Area
3
692
1,324
-
1,324
2.1
%
101
-
101
(1.2)
%
1,210.9
%
1,210.9
%
Los Angeles, CA Metro Area
6
1,619
4,951
-
4,951
8.0
%
475
-
475
(5.5)
%
942.3
%
942.3
%
Miami, FL Metro Area
2
414
1,139
-
1,139
1.8
%
(1,360)
198
(1,162)
13.6
%
183.8
%
198.0
%
Minneapolis - St. Paul, MN-WI Area
2
520
688
(1)
687
1.1
%
(1,974)
1,071
(903)
10.5
%
134.9
%
176.1
%
Nashville, TN Area
1
673
6,763
-
6,763
10.9
%
(2,016)
-
(2,016)
23.5
%
435.5
%
435.5
%
New York / New Jersey Metro Area
6
1,743
2,536
3
2,539
4.1
%
(2,080)
250
(1,830)
21.4
%
221.9
%
238.7
%
Orlando, FL Area
2
524
1,101
-
1,101
1.8
%
(590)
125
(465)
5.4
%
286.6
%
336.8
%
Philadelphia, PA Area
3
648
1,901
-
1,901
3.1
%
958
-
958
(11.2)
%
98.4
%
98.4
%
San Diego, CA Area
2
410
1,566
-
1,566
2.5
%
292
-
292
(3.4)
%
436.3
%
436.3
%
San Francisco - Oakland, CA Metro Area
7
1,547
3,146
-
3,146
5.1
%
937
-
937
(10.9)
%
235.8
%
235.8
%
Tampa, FL Area
2
571
254
-
254
0.4
%
(494)
-
(494)
5.8
%
151.4
%
151.4
%
Washington D.C. - MD - VA Area
9
2,426
3,162
-
3,162
5.1
%
(3,916)
-
(3,916)
45.7
%
180.7
%
180.7
%
Other Areas
37
6,869
22,774
8
22,782
36.7
%
3,268
(661)
2,607
(30.4)
%
596.9
%
773.9
%
Total Portfolio
100
22,313
$
62,034
$
10
$
62,044
100.0
%
$
(9,632)
$
1,067
$
(8,565)
100.0
%
744.0
%
824.4
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Nine Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
84.24
$
-
$
84.24
$
53.63
$
-
$
53.63
57.1
%
57.1
%
Boston, MA Area
2
705
86.19
-
86.19
38.97
(25.69)
42.30
121.2
%
103.8
%
Dallas / Ft. Worth, TX Area
7
1,526
60.26
-
60.26
43.19
-
43.19
39.5
%
39.5
%
Houston, TX Area
3
692
73.61
-
73.61
46.74
-
46.74
57.5
%
57.5
%
Los Angeles, CA Metro Area
6
1,619
84.45
-
84.45
60.40
-
60.40
39.8
%
39.8
%
Miami, FL Metro Area
2
414
117.25
-
117.25
59.60
(48.86)
63.96
96.7
%
83.3
%
Minneapolis - St. Paul, MN-WI Area
2
520
37.52
(6.17)
37.77
27.07
(32.59)
24.15
38.6
%
56.4
%
Nashville, TN Area
1
673
113.24
-
113.24
57.22
-
57.22
97.9
%
97.9
%
New York / New Jersey Metro Area
6
1,743
45.93
-
45.93
39.90
(62.51)
36.50
15.1
%
25.8
%
Orlando, FL Area
2
524
79.57
-
79.57
44.77
(41.03)
46.22
77.7
%
72.2
%
Philadelphia, PA Area
3
648
67.53
-
67.53
42.55
-
42.55
58.7
%
58.7
%
San Diego, CA Area
2
410
79.68
-
79.68
49.31
-
49.31
61.6
%
61.6
%
San Francisco - Oakland, CA Metro Area
7
1,547
70.05
-
70.05
64.81
-
64.81
8.1
%
8.1
%
Tampa, FL Area
2
571
94.98
-
94.98
57.17
-
57.17
66.1
%
66.1
%
Washington D.C. - MD - VA Area
9
2,426
53.57
-
53.57
40.05
-
40.05
33.8
%
33.8
%
Other Areas
37
6,869
82.65
(35.82)
83.40
52.15
(38.91)
54.39
58.5
%
53.3
%
Total Portfolio
100
22,313
$
74.57
$
(34.74)
$
74.78
$
49.30
$
40.77
$
50.16
51.3
%
49.1
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Atlanta, GA Area
9
1,426
$
8,060
$
-
$
8,060
7.1
%
$
442
$
-
$
442
2.9
%
1,723.5
%
1,723.5
%
Boston, MA Area
2
705
1,505
-
1,505
1.3
%
(4,621)
497
(4,124)
(26.9)
%
132.6
%
136.5
%
Dallas / Ft. Worth, TX Area
7
1,526
6,407
-
6,407
5.6
%
2,058
-
2,058
13.4
%
211.3
%
211.3
%
Houston, TX Area
3
692
3,399
-
3,399
3.0
%
706
-
706
4.6
%
381.4
%
381.4
%
Los Angeles, CA Metro Area
6
1,619
10,505
-
10,505
9.2
%
4,793
-
4,793
31.2
%
119.2
%
119.2
%
Miami, FL Metro Area
2
414
3,779
-
3,779
3.3
%
763
(439)
324
2.1
%
395.3
%
1,066.4
%
Minneapolis - St. Paul, MN-WI Area
2
520
(451)
186
(265)
(0.2)
%
(5,606)
3,153
(2,453)
(16.0)
%
92.0
%
89.2
%
Nashville, TN Area
1
673
9,465
-
9,465
8.3
%
523
-
523
3.4
%
1,709.8
%
1,709.8
%
New York / New Jersey Metro Area
6
1,743
352
-
352
0.3
%
(4,841)
434
(4,407)
(28.7)
%
107.3
%
108.0
%
Orlando, FL Area
2
524
3,005
(1)
3,004
2.6
%
993
(134)
859
5.6
%
202.6
%
249.7
%
Philadelphia, PA Area
3
648
2,762
-
2,762
2.4
%
610
-
610
4.0
%
352.8
%
352.8
%
San Diego, CA Area
2
410
2,982
-
2,982
2.6
%
714
-
714
4.7
%
317.6
%
317.6
%
San Francisco - Oakland, CA Metro Area
7
1,547
5,493
-
5,493
4.8
%
4,215
-
4,215
27.5
%
30.3
%
30.3
%
Tampa, FL Area
2
571
4,066
-
4,066
3.6
%
1,765
-
1,765
11.5
%
130.4
%
130.4
%
Washington D.C. - MD - VA Area
9
2,426
3,703
-
3,703
3.3
%
(5,792)
-
(5,792)
(37.7)
%
163.9
%
163.9
%
Other Areas
37
6,869
48,470
74
48,544
42.8
%
15,962
(848)
15,114
98.4
%
203.7
%
221.2
%
Total Portfolio
100
22,313
$
113,502
$
259
$
113,761
100.0
%
$
12,684
$
2,663
$
15,347
100.0
%
794.8
%
641.3
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2021
(in thousands, except share price)
(unaudited)
September 30, 2021
Common stock shares outstanding
32,558
Partnership units outstanding
402
Combined common stock shares and partnership units outstanding
32,960
Common stock price
$
14.72
Market capitalization
$
485,167
Series D cumulative preferred stock
$
31,781
Series F cumulative preferred stock
$
34,476
Series G cumulative preferred stock
$
43,029
Series H cumulative preferred stock
$
33,835
Series I cumulative preferred stock
$
31,798
Indebtedness
$
3,907,101
Joint venture partner's share of consolidated indebtedness
$
(1,918)
Net working capital (see below)
$
(707,320)
Total enterprise value (TEV)
$
3,857,949
Cash and cash equivalents
$
672,865
Restricted cash
$
84,792
Accounts receivable, net
$
38,259
Prepaid expenses
$
15,519
Due from third-party hotel managers, net
$
23,122
Due from affiliates, net
$
7,779
Total current assets
$
842,336
Accounts payable, net & accrued expenses
$
134,780
Dividends and distributions payable
$
236
Total current liabilities
$
135,016
Net working capital*
$
707,320
* Includes the Company's pro rata share of net working capital in joint ventures.
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2021
2021
2021
2020
September 30, 2021
3rd Quarter
2nd Quarter
1st Quarter
4th Quarter
TTM
Net income (loss)
$
3,861
$
(4,261)
$
(52,353)
$
(76,878)
$
(129,631)
Non-property adjustments
(890)
(10,965)
69
6,246
(5,540)
Interest income
(6)
(6)
(6)
(7)
(25)
Interest expense
1,824
1,535
1,367
1,279
6,005
Amortization of loan costs
341
275
272
305
1,193
Depreciation and amortization
52,877
55,397
57,426
58,286
223,986
Income tax expense (benefit)
99
59
-
111
269
Non-hotel EBITDA ownership expense
3,928
3,615
(956)
1,398
7,985
Hotel EBITDA including amounts attributable to noncontrolling interest
62,034
45,649
5,819
(9,260)
104,242
Non-comparable adjustments
10
(22)
271
314
573
Comparable hotel EBITDA
$
62,044
$
45,627
$
6,090
$
(8,946)
$
104,815
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
16
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 OpenKey
-
-
(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 September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
17
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(4,261)
$
(44)
$
(60,956)
$
(65,261)
Non-property adjustments
(10,965)
-
10,965
-
Interest income
(6)
-
6
-
Interest expense
1,535
-
31,331
32,866
Amortization of loan cost
275
-
2,595
2,870
Depreciation and amortization
55,397
149
49
55,595
Income tax expense (benefit)
59
-
513
572
Non-hotel EBITDA ownership expense
3,615
143
(3,758)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
45,649
248
(19,255)
26,642
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(58)
-
58
-
Equity in (earnings) loss of unconsolidated entities
-
-
141
141
Company's portion of EBITDA of OpenKey
-
-
(140)
(140)
Hotel EBITDA attributable to the Company and OP unitholders
$
45,591
$
248
$
(19,196)
$
26,643
Non-comparable adjustments
(22)
Comparable hotel EBITDA
$
45,627
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
18
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(52,353)
$
(205)
$
(52,832)
$
(105,390)
Non-property adjustments
69
-
(69)
-
Interest income
(6)
-
6
-
Interest expense
1,367
-
27,003
28,370
Amortization of loan cost
272
-
4,622
4,894
Depreciation and amortization
57,426
152
49
57,627
Income tax expense (benefit)
-
-
(271)
(271)
Non-hotel EBITDA ownership expense
(956)
13
943
-
Hotel EBITDA including amounts attributable to noncontrolling interest
5,819
(40)
(20,549)
(14,770)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
1
-
(1)
-
Equity in (earnings) loss of unconsolidated entities
-
-
137
137
Company's portion of EBITDA of OpenKey
-
-
(135)
(135)
Hotel EBITDA attributable to the Company and OP unitholders
$
5,820
$
(40)
$
(20,548)
$
(14,768)
Non-comparable adjustments
271
Comparable hotel EBITDA
$
6,090
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
19
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(76,878)
$
(419)
$
(60,293)
$
(137,590)
Non-property adjustments
6,246
-
(6,246)
-
Interest income
(7)
-
7
-
Interest expense
1,279
-
30,020
31,299
Amortization of loan cost
305
-
3,616
3,921
Depreciation and amortization
58,286
155
49
58,490
Income tax expense (benefit)
111
-
73
184
Non-hotel EBITDA ownership expense
1,398
6
(1,404)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
(9,260)
(258)
(34,178)
(43,696)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
3
-
(3)
-
Equity in (earnings) loss of unconsolidated entities
-
-
169
169
Company's portion of EBITDA of OpenKey
-
-
(169)
(169)
Hotel EBITDA attributable to the Company and OP unitholders
$
(9,257)
$
(258)
$
(34,181)
$
(43,696)
Non-comparable adjustments
314
Comparable hotel EBITDA
$
(8,946)
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
20
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(59,307)
$
(530)
$
(91,789)
$
(151,626)
Non-property adjustments
(20,029)
-
20,029
-
Interest income
(6)
-
6
-
Interest expense
6,012
-
58,498
64,510
Amortization of loan cost
489
-
1,995
2,484
Depreciation and amortization
62,708
153
48
62,909
Income tax expense (benefit)
-
-
366
366
Non-hotel EBITDA ownership expense
501
4
(505)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
(9,632)
(373)
(11,352)
(21,357)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(27)
-
27
-
Equity in (earnings) loss of unconsolidated entities
-
-
121
121
Company's portion of EBITDA of OpenKey
-
-
(121)
(121)
Hotel EBITDA attributable to the Company and OP unitholders
$
(9,659)
$
(373)
$
(11,325)
$
(21,357)
Non-comparable adjustments
1,067
Comparable hotel EBITDA
$
(8,565)
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
21
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(52,753)
$
(422)
$
(161,524)
$
(214,699)
Non-property adjustments
(11,786)
(81)
11,867
-
Interest income
(18)
-
18
-
Interest expense
4,726
-
97,307
102,033
Amortization of loan cost
888
-
9,082
9,970
Depreciation and amortization
165,700
445
146
166,291
Income tax expense (benefit)
158
-
2,758
2,916
Non-hotel EBITDA ownership expense
6,587
168
(6,755)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
113,502
110
(47,101)
66,511
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(144)
-
144
-
Equity in (earnings) loss of unconsolidated entities
-
-
423
423
Company's portion of EBITDA of OpenKey
-
-
(419)
(419)
Hotel EBITDA attributable to the Company and OP unitholders
$
113,358
$
110
$
(46,953)
$
66,515
Non-comparable adjustments
259
Comparable hotel EBITDA
$
113,761
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
22
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(239,470)
$
(1,088)
$
(255,074)
$
(495,632)
Non-property adjustments
31,424
-
(31,424)
-
Interest income
(57)
-
57
-
Interest expense
18,979
-
180,577
199,556
Amortization of loan cost
1,590
-
11,015
12,605
Depreciation and amortization
193,658
471
146
194,275
Income tax expense (benefit)
-
-
(1,519)
(1,519)
Non-hotel EBITDA ownership expense
6,560
23
(6,583)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
12,684
(594)
(102,805)
(90,715)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(42)
-
42
-
Equity in (earnings) loss of unconsolidated entities
-
-
279
279
Company's portion of EBITDA of OpenKey
-
-
(277)
(277)
Hotel EBITDA attributable to the Company and OP unitholders
$
12,642
$
(594)
$
(102,761)
$
(90,713)
Non-comparable adjustments
2,663
Comparable hotel EBITDA
$
15,347
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
23
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 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)
$
596
$
1,890
$
(1,787)
$
(7)
$
1,467
$
(492)
$
(232)
$
4,058
$
(4,001)
Non-property adjustments
-
(1,033)
(2)
-
-
-
38
-
-
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
103
506
-
-
-
-
-
-
-
Amortization of loan costs
8
133
-
-
-
-
-
-
-
Depreciation and amortization
3,747
2,321
3,985
1,240
3,501
1,573
841
2,436
4,149
Income tax expense (benefit)
-
-
-
-
-
-
-
6
-
Non-hotel EBITDA ownership expense
(10)
40
233
91
(16)
58
41
263
2,389
Hotel EBITDA including amounts attributable to noncontrolling interest
4,444
3,857
2,428
1,324
4,951
1,139
688
6,763
2,536
Non-comparable adjustments
-
-
-
-
-
-
(1)
-
3
Comparable hotel EBITDA
$
4,444
$
3,857
$
2,428
$
1,324
$
4,951
$
1,139
$
687
$
6,763
$
2,539
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)
$
(372)
$
652
$
891
$
(803)
$
(1,140)
$
(4,223)
$
7,362
$
3,859
Non-property adjustments
-
-
-
20
-
-
87
(890)
Interest income
-
-
(1)
-
-
(1)
(1)
(6)
Interest expense
-
-
-
274
-
480
461
1,824
Amortization of loan costs
-
-
-
37
-
63
100
341
Depreciation and amortization
1,432
1,242
643
3,441
1,338
6,746
14,243
52,878
Income tax expense (benefit)
-
-
-
-
-
-
93
99
Non-hotel EBITDA ownership expense
41
7
33
177
56
97
429
3,929
Hotel EBITDA including amounts attributable to noncontrolling interest
1,101
1,901
1,566
3,146
254
3,162
22,774
62,034
Non-comparable adjustments
-
-
-
-
-
-
8
10
Comparable hotel EBITDA
$
1,101
$
1,901
$
1,566
$
3,146
$
254
$
3,162
$
22,782
$
62,044
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
24
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(4,274)
$
5,967
$
(5,809)
$
(1,314)
$
(3,321)
$
1,376
$
(32,563)
$
(4,562)
$
(44,771)
Non-property adjustments
-
(12,609)
-
-
-
(4,841)
28,788
-
36,077
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
103
1,818
-
-
-
-
-
-
1,604
Amortization of loan costs
7
60
-
-
-
-
-
-
105
Depreciation and amortization
3,955
2,913
4,583
1,402
3,881
2,101
1,886
2,617
4,783
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(109)
119
44
13
(84)
4
(85)
(71)
123
Hotel EBITDA including amounts attributable to noncontrolling interest
(318)
(1,732)
(1,183)
101
475
(1,360)
(1,974)
(2,016)
(2,080)
Non-comparable adjustments
-
84
-
-
-
198
1,071
-
250
Comparable hotel EBITDA
$
(318)
$
(1,648)
$
(1,183)
$
101
$
475
$
(1,162)
$
(903)
$
(2,016)
$
(1,830)
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)
$
4,863
$
(373)
$
(458)
$
(3,857)
$
(1,947)
$
(12,897)
$
44,633
$
(59,307)
Non-property adjustments
(7,632)
-
-
-
-
-
(59,812)
(20,029)
Interest income
-
-
-
-
-
(1)
(2)
(6)
Interest expense
-
-
-
698
-
941
848
6,012
Amortization of loan costs
-
-
-
15
-
60
242
489
Depreciation and amortization
2,158
1,353
723
3,636
1,482
7,985
17,250
62,708
Income tax expense (benefit)
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
21
(22)
27
445
(29)
(4)
109
501
Hotel EBITDA including amounts attributable to noncontrolling interest
(590)
958
292
937
(494)
(3,916)
3,268
(9,632)
Non-comparable adjustments
125
-
-
-
-
-
(661)
1,067
Comparable hotel EBITDA
$
(465)
$
958
$
292
$
937
$
(494)
$
(3,916)
$
2,607
$
(8,565)
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
25
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 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)
$
(3,615)
$
(5,629)
$
(6,805)
$
(693)
$
(257)
$
(1,447)
$
(3,084)
$
2,122
$
(16,061)
Non-property adjustments
-
(1,033)
(2)
-
-
-
127
-
(327)
Interest income
(1)
-
(2)
-
(3)
-
-
-
(2)
Interest expense
305
939
-
-
-
-
-
-
-
Amortization of loan costs
23
272
-
-
-
-
-
-
-
Depreciation and amortization
11,458
7,365
12,495
3,865
10,794
4,984
2,616
7,492
13,035
Income tax expense (benefit)
-
-
-
-
-
-
-
6
-
Non-hotel EBITDA ownership expense
(110)
(409)
721
227
(29)
242
(110)
(155)
3,707
Hotel EBITDA including amounts attributable to noncontrolling interest
8,060
1,505
6,407
3,399
10,505
3,779
(451)
9,465
352
Non-comparable adjustments
-
-
-
-
-
-
186
-
-
Comparable hotel EBITDA
$
8,060
$
1,505
$
6,407
$
3,399
$
10,505
$
3,779
$
(265)
$
9,465
$
352
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)
$
(1,706)
$
(1,079)
$
761
$
(6,153)
$
164
$
(19,657)
$
10,383
$
(52,756)
Non-property adjustments
-
-
-
19
(55)
-
(10,515)
(11,786)
Interest income
-
(1)
(2)
-
-
(2)
(5)
(18)
Interest expense
-
-
-
739
-
1,362
1,381
4,726
Amortization of loan costs
-
-
-
110
-
188
295
888
Depreciation and amortization
4,592
3,857
2,025
10,567
4,175
21,464
44,918
165,702
Income tax expense (benefit)
-
-
-
-
-
-
152
158
Non-hotel EBITDA ownership expense
119
(15)
198
211
(218)
348
1,861
6,588
Hotel EBITDA including amounts attributable to noncontrolling interest
3,005
2,762
2,982
5,493
4,066
3,703
48,470
113,502
Non-comparable adjustments
(1)
-
-
-
-
-
74
259
Comparable hotel EBITDA
$
3,004
$
2,762
$
2,982
$
5,493
$
4,066
$
3,703
$
48,544
$
113,761
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
26
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2020
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(12,618)
$
(15,771)
$
(12,091)
$
(3,681)
$
(7,180)
$
(1,089)
$
(40,692)
$
(7,567)
$
(64,239)
Non-property adjustments
-
(3,286)
-
-
-
(4,841)
28,788
-
36,077
Interest income
(2)
-
(4)
-
(5)
(1)
(4)
-
(3)
Interest expense
375
4,586
-
-
-
-
-
-
7,660
Amortization of loan costs
91
177
-
-
-
-
-
-
486
Depreciation and amortization
11,897
9,196
13,864
4,254
12,038
6,531
6,062
7,877
14,444
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
699
477
289
133
(60)
163
240
213
734
Hotel EBITDA including amounts attributable to noncontrolling interest
442
(4,621)
2,058
706
4,793
763
(5,606)
523
(4,841)
Non-comparable adjustments
-
497
-
-
-
(439)
3,153
-
434
Comparable hotel EBITDA
$
442
$
(4,124)
$
2,058
$
706
$
4,793
$
324
$
(2,453)
$
523
$
(4,407)
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)
$
1,841
$
(3,635)
$
(1,594)
$
(9,089)
$
(2,835)
$
(33,395)
$
(25,835)
$
(239,470)
Non-property adjustments
(7,632)
-
-
-
-
-
(17,682)
31,424
Interest income
(2)
(1)
(2)
(8)
-
(7)
(18)
(57)
Interest expense
-
-
-
1,638
-
2,248
2,472
18,979
Amortization of loan costs
-
-
-
46
-
178
612
1,590
Depreciation and amortization
6,644
4,189
2,252
10,828
4,555
23,928
55,099
193,658
Income tax expense (benefit)
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
142
57
58
800
45
1,256
1,314
6,560
Hotel EBITDA including amounts attributable to noncontrolling interest
993
610
714
4,215
1,765
(5,792)
15,962
12,684
Non-comparable adjustments
(134)
-
-
-
-
-
(848)
2,663
Comparable hotel EBITDA
$
859
$
610
$
714
$
4,215
$
1,765
$
(5,792)
$
15,114
$
15,347
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
27
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM 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)
$
660
$
(5,181)
$
(9,707)
$
2,808
$
(4,367)
$
(14,187)
$
(43,134)
$
(9,448)
$
(12,977)
$
(1,965)
$
320
Non-property adjustments
-
(2)
-
-
(9)
-
(66)
(352)
(1)
-
-
Interest income
(9)
(4)
-
-
-
-
-
(9)
(2)
(1)
-
Interest expense
-
-
-
-
-
-
-
-
2
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
5,951
6,619
13,994
10,255
12,951
16,755
59,405
22,904
19,938
5,707
1,625
Income tax expense (benefit)
25
58
-
-
-
-
-
33
-
-
-
Non-hotel EBITDA ownership expense
85
286
1,046
1,338
172
(192)
4,726
(428)
724
49
(35)
Hotel EBITDA including amounts attributable to noncontrolling interest
6,712
1,776
5,333
14,401
8,747
2,376
20,931
12,700
7,684
3,790
1,910
Non-comparable adjustments
-
-
-
-
-
-
5
-
-
-
-
Comparable hotel EBITDA
$
6,712
$
1,776
$
5,333
$
14,401
$
8,747
$
2,376
$
20,936
$
12,700
$
7,684
$
3,790
$
1,910
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
10,114
$
(504)
$
(4,706)
$
(4,729)
$
(2,787)
$
(288)
$
(1,522)
$
(6,620)
$
(9,037)
$
(801)
$
467
Non-property adjustments
(10,605)
-
-
(125)
-
-
-
(790)
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
1,769
-
-
408
1,183
-
-
350
Amortization of loan costs
-
-
-
247
-
-
32
341
-
-
49
Depreciation and amortization
307
1,284
13,085
2,993
2,459
402
1,547
6,021
10,192
2,017
1,582
Income tax expense (benefit)
-
-
6
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
41
171
104
37
109
73
123
(285)
(539)
14
151
Hotel EBITDA including amounts attributable to noncontrolling interest
(143)
951
8,489
192
(219)
187
588
(150)
616
1,230
2,599
Non-comparable adjustments
143
-
-
-
2
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
951
$
8,489
$
192
$
(217)
$
187
$
588
$
(150)
$
616
$
1,230
$
2,599
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(5,471)
$
(131)
$
(28)
$
661
$
(98)
$
50
$
11
$
338
$
(7,371)
$
(129,630)
Non-property adjustments
-
-
-
28
98
(15)
(10)
(327)
6,636
(5,540)
Interest income
-
-
-
-
-
-
-
-
-
(25)
Interest expense
1,134
-
-
1,159
-
-
-
-
-
6,005
Amortization of loan costs
392
-
-
132
-
-
-
-
-
1,193
Depreciation and amortization
3,617
375
549
1,210
-
-
-
-
239
223,983
Income tax expense (benefit)
-
47
100
-
-
-
-
-
-
269
Non-hotel EBITDA ownership expense
(9)
15
12
173
-
-
-
3
23
7,987
Hotel EBITDA including amounts attributable to noncontrolling interest
(337)
306
633
3,363
-
35
1
14
(473)
104,242
Non-comparable adjustments
-
-
-
-
-
(35)
(1)
(14)
473
573
Comparable hotel EBITDA
$
(337)
$
306
$
633
$
3,363
$
-
$
-
$
-
$
-
$
-
$
104,815
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
28
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
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
6
$
8
$
3,350
$
(719)
$
27
$
(16)
$
(180)
$
1,542
$
(1,466)
$
(154)
$
1,237
Non-property adjustments
-
-
-
-
-
-
-
(1,033)
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
480
-
-
103
506
-
-
169
Amortization of loan costs
-
-
-
63
-
-
8
133
-
-
-
Depreciation and amortization
-
317
3,177
754
590
94
381
1,384
2,206
498
378
Income tax expense (benefit)
-
-
6
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(6)
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
Non-comparable adjustments
-
-
-
-
2
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
335
$
6,842
$
610
$
625
$
87
$
321
$
2,554
$
759
$
350
$
1,790
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,207)
$
145
$
117
$
524
$
(98)
$
-
$
-
$
(3)
$
(45)
$
3,862
Non-property adjustments
-
-
-
28
98
-
-
-
40
(890)
Interest income
-
-
-
-
-
-
-
-
-
(6)
Interest expense
291
-
-
274
-
-
-
-
-
1,824
Amortization of loan costs
100
-
-
37
-
-
-
-
-
341
Depreciation and amortization
893
93
130
301
-
-
-
-
-
52,874
Income tax expense (benefit)
-
40
53
-
-
-
-
-
-
99
Non-hotel EBITDA ownership expense
-
(5)
5
42
-
-
-
-
-
3,930
Hotel EBITDA including amounts attributable to noncontrolling interest
77
273
305
1,206
-
-
-
(3)
(5)
62,034
Non-comparable adjustments
-
-
-
-
-
-
-
3
5
10
Comparable hotel EBITDA
$
77
$
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 September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
29
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
737
$
(750)
$
(1,285)
$
1,750
$
1,150
$
(2,888)
$
(7,456)
$
1,151
$
(1,361)
$
(203)
$
421
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
(3)
(1)
-
-
-
-
-
(2)
-
-
-
Interest expense
-
-
-
-
-
-
-
-
-
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,479
1,586
3,482
2,553
3,186
4,142
14,791
5,608
4,948
1,436
398
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
51
84
562
1,126
(256)
(32)
2,527
(644)
456
52
(87)
Hotel EBITDA including amounts attributable to noncontrolling interest
2,264
919
2,759
5,429
4,080
1,222
9,862
6,113
4,043
1,285
732
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
2,264
$
919
$
2,759
$
5,429
$
4,080
$
1,222
$
9,862
$
6,113
$
4,043
$
1,285
$
732
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
10,498
$
(33)
$
305
$
(1,213)
$
(847)
$
(111)
$
(508)
$
(1,714)
$
(2,104)
$
(32)
$
348
Non-property adjustments
(10,605)
-
-
-
-
-
-
-
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
440
-
-
199
215
-
-
168
Amortization of loan costs
-
-
-
61
-
-
8
70
-
-
-
Depreciation and amortization
41
320
3,247
745
612
92
384
1,495
2,551
504
371
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
63
77
(236)
14
93
43
(14)
(267)
4
(32)
119
Hotel EBITDA including amounts attributable to noncontrolling interest
(3)
364
3,316
47
(142)
24
69
(201)
451
440
1,006
Non-comparable adjustments
3
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
364
$
3,316
$
47
$
(142)
$
24
$
69
$
(201)
$
451
$
440
$
1,006
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,010)
$
15
$
81
$
413
$
-
$
23
$
-
$
330
$
32
$
(4,261)
Non-property adjustments
-
-
-
-
-
-
-
(327)
(33)
(10,965)
Interest income
-
-
-
-
-
-
-
-
-
(6)
Interest expense
289
-
-
224
-
-
-
-
-
1,535
Amortization of loan costs
99
-
-
37
-
-
-
-
-
275
Depreciation and amortization
895
93
135
303
-
-
-
-
-
55,397
Income tax expense (benefit)
-
7
52
-
-
-
-
-
-
59
Non-hotel EBITDA ownership expense
(120)
(2)
4
30
-
-
-
-
-
3,615
Hotel EBITDA including amounts attributable to noncontrolling interest
153
113
272
1,007
-
23
-
3
(1)
45,649
Non-comparable adjustments
-
-
-
-
-
(23)
-
(3)
1
(22)
Comparable hotel EBITDA
$
153
$
113
$
272
$
1,007
$
-
$
-
$
-
$
-
$
-
$
45,627
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
30
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
91
$
(1,957)
$
(4,075)
$
(507)
$
(2,831)
$
(5,162)
$
(14,288)
$
(3,333)
$
(4,224)
$
(597)
$
(132)
Non-property adjustments
-
-
-
-
-
-
(55)
-
-
-
-
Interest income
(2)
(1)
-
-
-
-
-
(3)
-
-
-
Interest expense
-
-
-
-
-
-
-
-
1
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,490
1,717
3,602
2,615
3,321
4,441
15,104
5,940
5,081
1,445
419
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
57
143
85
37
(70)
(291)
(284)
(191)
6
42
2
Hotel EBITDA including amounts attributable to noncontrolling interest
1,636
(98)
(388)
2,145
420
(1,012)
477
2,413
864
890
289
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
1,636
$
(98)
$
(388)
$
2,145
$
420
$
(1,012)
$
477
$
2,413
$
864
$
890
$
289
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(217)
$
(265)
$
(3,973)
$
(1,213)
$
(1,000)
$
(95)
$
(474)
$
(2,845)
$
(2,094)
$
(192)
$
(675)
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
443
-
-
3
217
-
-
167
Amortization of loan costs
-
-
-
62
-
-
8
69
-
-
-
Depreciation and amortization
133
322
3,305
751
623
98
390
1,569
2,603
506
459
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
12
65
(286)
7
1
9
114
(63)
(494)
-
13
Hotel EBITDA including amounts attributable to noncontrolling interest
(72)
122
(954)
50
(376)
12
41
(1,053)
15
314
(36)
Non-comparable adjustments
72
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
122
$
(954)
$
50
$
(376)
$
12
$
41
$
(1,053)
$
15
$
314
$
(36)
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,636)
$
(129)
$
(118)
$
(57)
$
-
$
-
$
1
$
-
$
(356)
$
(52,353)
Non-property adjustments
-
-
-
-
-
-
-
-
124
69
Interest income
-
-
-
-
-
-
-
-
-
(6)
Interest expense
295
-
-
241
-
-
-
-
-
1,367
Amortization of loan costs
97
-
-
36
-
-
-
-
-
272
Depreciation and amortization
919
94
140
308
-
-
-
-
31
57,426
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
37
4
3
85
-
-
-
-
1
(956)
Hotel EBITDA including amounts attributable to noncontrolling interest
(288)
(31)
25
613
-
-
1
-
(200)
5,819
Non-comparable adjustments
-
-
-
-
-
-
(1)
-
200
271
Comparable hotel EBITDA
$
(288)
$
(31)
$
25
$
613
$
-
$
-
$
-
$
-
$
-
$
6,090
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
31
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
(791)
$
(2,422)
$
(4,763)
$
(1,397)
$
(4,014)
$
(4,617)
$
(18,366)
$
(7,625)
$
(6,914)
$
(1,103)
$
(211)
Non-property adjustments
-
-
-
-
-
-
-
(352)
-
-
-
Interest income
(2)
(1)
-
-
-
-
-
(2)
(2)
-
-
Interest expense
-
-
-
-
-
-
-
-
-
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,534
1,793
3,579
2,737
3,286
4,147
15,209
6,260
5,202
1,451
444
Income tax expense (benefit)
25
58
-
-
-
-
-
33
-
-
-
Non-hotel EBITDA ownership expense
(25)
35
112
104
330
61
87
134
111
(64)
45
Hotel EBITDA including amounts attributable to noncontrolling interest
741
(537)
(1,072)
1,444
(398)
(409)
(3,070)
(1,552)
(1,603)
284
278
Non-comparable adjustments
-
-
-
-
-
-
5
-
-
-
-
Comparable hotel EBITDA
$
741
$
(537)
$
(1,072)
$
1,444
$
(398)
$
(409)
$
(3,065)
$
(1,552)
$
(1,603)
$
284
$
278
BAML Pool 5 - 2 hotels
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Southside Bank Ashton - 1 hotel
BAML Indigo Atlanta - 1 hotel
Prudential Boston Back Bay - 1 hotel
GACC Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
(173)
$
(214)
$
(4,388)
$
(1,584)
$
(967)
$
(66)
$
(360)
$
(3,603)
$
(3,373)
$
(423)
$
(443)
Non-property adjustments
-
-
-
(125)
-
-
-
243
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
406
-
-
103
245
-
-
(154)
Amortization of loan costs
-
-
-
61
-
-
8
69
-
-
49
Depreciation and amortization
133
325
3,356
743
634
118
392
1,573
2,832
509
374
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
(28)
19
317
(16)
9
12
14
23
(68)
40
13
Hotel EBITDA including amounts attributable to noncontrolling interest
(68)
130
(715)
(515)
(324)
64
157
(1,450)
(609)
126
(161)
Non-comparable adjustments
68
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
130
$
(715)
$
(515)
$
(324)
$
64
$
157
$
(1,450)
$
(609)
$
126
$
(161)
Aareal Le Pavillon - 1 hotel
Key Bank Manchester CY - 1 hotel
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley - 8 hotels
Morgan Stanley Pool C1 - 3 hotels
Deutsche Bank W Minneapolis - 1 hotel
SPT Embassy Suites New York Manhattan Times Square - 1 hotel
Unencumbered hotels
Total Portfolio
Net income (loss)
$
(1,618)
$
(162)
$
(108)
$
(219)
$
-
$
27
$
10
$
11
$
(7,002)
$
(76,878)
Non-property adjustments
-
-
-
-
-
(15)
(10)
-
6,505
6,246
Interest income
-
-
-
-
-
-
-
-
-
(7)
Interest expense
259
-
-
420
-
-
-
-
-
1,279
Amortization of loan costs
96
-
-
22
-
-
-
-
-
305
Depreciation and amortization
910
95
144
298
-
-
-
-
208
58,286
Income tax expense (benefit)
-
-
(5)
-
-
-
-
-
-
111
Non-hotel EBITDA ownership expense
74
18
-
16
-
-
-
3
22
1,398
Hotel EBITDA including amounts attributable to noncontrolling interest
(279)
(49)
31
537
-
12
-
14
(267)
(9,260)
Non-comparable adjustments
-
-
-
-
-
(12)
-
(14)
267
314
Comparable hotel EBITDA
$
(279)
$
(49)
$
31
$
537
$
-
$
-
$
-
$
-
$
-
$
(8,946)
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at September 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
32
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Disclaimer
Ashford Hospitality Trust Inc. published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 20:15:23 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.