Ashford Hospitality Trust : TRUST REPORTS FIRST QUARTER 2023 RESULTS - Form 8-K
May 01, 2023 at 09:42 pm
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ASHFORD TRUST REPORTS FIRST QUARTER 2023 RESULTS
DALLAS - May 1, 2023 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of March 31, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2023 with the first quarter ended March 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 29.5% to $125.44 during the quarter on a 10.5% increase in Comparable ADR and a 17.2% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(64.6) million or $(1.88) per diluted share for the quarter.
•Adjusted EBITDAre was $75.6 million for the quarter, reflecting a growth rate of 88% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $0.19 per diluted share for the quarter, compared to $(0.04) for the prior year quarter.
•Comparable Hotel EBITDA was $90.8 million for the quarter, reflecting a growth rate of 61% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $344.9 million and restricted cash of $143.8 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 $20.6 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 $442.1 million.
•Capex invested during the quarter was $29.3 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company successfully extended its JP Morgan Chase - 8 Hotels loan with a paydown of $50 million.
•To date, the Company has issued approximately $21.5 million of its non-traded preferred stock.
•Subsequent to quarter end, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.
AHT Reports First Quarter Results
Page 2
May 1, 2023
CAPITAL STRUCTURE
As of March 31, 2023, the Company had total loans of $3.8 billion with a blended average interest rate of 7.1%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 93% of the Company's debt is effectively fixed and approximately 7% is effectively floating. As of the end of the first quarter, approximately 40% of the Company's hotels were in cash traps under their respective loans compared to 79% at the end of the fourth quarter of 2022. The hotels that are currently out of cash traps generated approximately 70% of the Company's full-year 2022 Hotel EBITDA. Any excess cash flow generated by hotels in cash traps will be held by the lender and will not be available for corporate purposes.
During the quarter, the Company successfully extended its JP Morgan Chase - 8 Hotel mortgage loan which had a maturity extension date in February 2023. As part of this extension, the Company made a $50 million principal paydown of the loan and also was able to reduce the 2024 debt yield extension test from 9.25% to 8.50%, giving the Company significantly more flexibility for the next extension test for this loan.
Subsequent to quarter end, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million. The Company is also working with a lender on the refinancing of the La Posada de Santa Fe and the Hilton Alexandria loans, which are the Company's only final debt maturities in 2023. As part of this expected refinancing, the Company does not anticipate paying down either of the outstanding loan amounts.
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2023. 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 dividends on its outstanding preferred stock on a current basis 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 have initial annual dividend yields of 8.0% and 8.2% respectively, and the Company offers a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The registration statement is now effective, and the Company commenced the offering of the Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 813,802 shares of its Series J and 45,352 shares of its Series K non-traded preferred stock raising approximately $21.5 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
"During the first quarter, our portfolio delivered strong operating results," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "We've been extremely encouraged with the strong growth in both occupancy and ADR that we've been able to achieve and believe that strong performance reflects our high-quality, geographically diverse portfolio. Further, we're encouraged that the majority of our hotels are now out of their respective cash traps compared to only 21% at the end of the fourth quarter of 2022." Mr. Hays added, "We've also made progress with the extension tests under some of our loans and the continued ramp up of our non-traded preferred capital raise significantly enhances our financial flexibility. Looking forward, we believe our portfolio is well-positioned, and we will continue to focus on driving strong operating results and prudent capital management."
AHT Reports First Quarter Results
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May 1, 2023
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Tuesday, May 2, 2023, 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 Tuesday, May 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13737038.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2023 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 Tuesday, May 2, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
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: 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
AHT Reports First Quarter Results
Page 4
May 1, 2023
on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
March 31, 2023
December 31, 2022
ASSETS
Investments in hotel properties, net
$
3,099,605
$
3,118,331
Cash and cash equivalents
344,935
417,064
Restricted cash
143,821
141,962
Accounts receivable, net of allowance of $427 and $501, respectively
62,049
49,809
Inventories
3,976
3,856
Notes receivable, net
5,151
5,062
Investment in unconsolidated entities
19,180
19,576
Deferred costs, net
2,234
2,665
Prepaid expenses
20,534
15,981
Derivative assets, net
37,348
47,182
Operating lease right-of-use assets
44,339
43,921
Other assets
21,492
21,653
Intangible assets, net
797
797
Due from Ashford Inc., net
-
486
Due from related parties, net
3,353
6,570
Due from third-party hotel managers
20,596
22,462
Total assets
$
3,829,410
$
3,917,377
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,786,065
$
3,838,543
Finance lease liability
18,765
18,847
Accounts payable and accrued expenses
127,892
115,970
Accrued interest payable
14,306
15,287
Dividends and distributions payable
3,193
3,118
Due to Ashford Inc., net
6,480
-
Due to third-party hotel managers
1,701
1,319
Intangible liabilities, net
2,077
2,097
Operating lease liabilities
45,109
44,661
Other liabilities
4,200
4,326
Total liabilities
4,009,788
4,044,168
Redeemable noncontrolling interests in operating partnership
21,617
21,550
Series J Redeemable Preferred Stock, $0.01 par value, 501,864 and 87,115 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
11,543
2,004
Series K Redeemable Preferred Stock, $0.01 par value, 34,250 and 1,800 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
843
44
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at March 31, 2023 and December 31, 2022
12
12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2023 and December 31, 2022
12
12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2023 and December 31, 2022
15
15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2023 and December 31, 2022
13
13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2023 and December 31, 2022
13
13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,478,064 and 34,495,185 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
345
345
Additional paid-in capital
2,384,000
2,383,244
Accumulated deficit
(2,598,791)
(2,534,043)
Total equity (deficit)
(214,381)
(150,389)
Total liabilities and equity/deficit
$
3,829,410
$
3,917,377
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2023
2022
REVENUE
Rooms
$
252,955
$
195,330
Food and beverage
58,991
36,760
Other
16,282
14,436
Total hotel revenue
328,228
246,526
Other
658
612
Total revenue
328,886
247,138
EXPENSES
Hotel operating expenses
Rooms
59,203
47,406
Food and beverage
39,790
27,770
Other expenses
113,879
92,048
Management fees
12,246
9,554
Total hotel operating expenses
225,118
176,778
Property taxes, insurance and other
16,537
16,459
Depreciation and amortization
47,855
52,120
Advisory services fee:
Base advisory fee
8,469
8,735
Reimbursable expenses
3,227
2,571
Stock/unit-based compensation
1,290
1,929
Incentive fee
-
151
Corporate, general and administrative:
Stock/unit-based compensation
36
53
Other general and administrative
2,576
3,051
Total operating expenses
305,108
261,847
Gain (loss) on disposition of assets and hotel properties
(24)
103
OPERATING INCOME (LOSS)
23,754
(14,606)
Equity in earnings (loss) of unconsolidated entities
(396)
(153)
Interest income
2,557
51
Other income (expense), net
134
101
Interest expense, net of discount amortization
(78,744)
(41,160)
Amortization of loan costs
(2,771)
(2,399)
Write-off of premiums, loan costs and exit fees
(420)
(727)
Realized and unrealized gain (loss) on derivatives
(5,415)
3,211
INCOME (LOSS) BEFORE INCOME TAXES
(61,301)
(55,682)
Income tax benefit (expense)
(221)
(120)
NET INCOME (LOSS)
(61,522)
(55,802)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
600
372
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(60,922)
(55,430)
Preferred dividends
(3,243)
(3,103)
Deemed dividends on redeemable preferred stock
(407)
-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(64,572)
$
(58,533)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(1.88)
$
(1.71)
Weighted average common shares outstanding - basic
34,381
34,269
Diluted:
Net income (loss) attributable to common stockholders
$
(1.88)
$
(1.71)
Weighted average common shares outstanding - diluted
34,381
34,269
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
March 31,
2023
2022
Net income (loss)
$
(61,522)
$
(55,802)
Interest expense and amortization of discounts and loan costs, net
81,515
43,559
Depreciation and amortization
47,855
52,120
Income tax expense (benefit)
221
120
Equity in (earnings) loss of unconsolidated entities
396
153
Company's portion of EBITDA of unconsolidated entities
(69)
(153)
EBITDA
68,396
39,997
(Gain) loss on disposition of assets and hotel properties
24
(103)
EBITDAre
68,420
39,894
Amortization of unfavorable contract liabilities
29
53
Transaction and conversion costs
119
659
Write-off of premiums, loan costs and exit fees
420
727
Realized and unrealized (gain) loss on derivatives
5,415
(3,211)
Stock/unit-based compensation
1,333
2,011
Legal, advisory and settlement costs
-
25
Other (income) expense, net
(120)
(101)
Advisory services incentive fee
-
151
Company's portion of adjustments to EBITDAre of unconsolidated entities
1
12
Adjusted EBITDAre
$
75,617
$
40,220
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2023
2022
Net income (loss)
$
(61,522)
$
(55,802)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
600
372
Preferred dividends
(3,243)
(3,103)
Deemed dividends on redeemable preferred stock
(407)
-
Net income (loss) attributable to common stockholders
(64,572)
(58,533)
Depreciation and amortization on real estate
47,855
52,120
(Gain) loss on disposition of assets and hotel properties
24
(103)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(600)
(372)
Equity in (earnings) loss of unconsolidated entities
396
153
Company's portion of FFO of unconsolidated entities
(287)
(153)
FFO available to common stockholders and OP unitholders
(17,184)
(6,888)
Deemed dividends on redeemable preferred stock
407
-
Transaction and conversion costs
119
659
Write-off of premiums, loan costs and exit fees
420
727
Unrealized (gain) loss on derivatives
14,942
(3,211)
Stock/unit-based compensation
1,333
2,011
Legal, advisory and settlement costs
-
25
Other (income) expense, net
(120)
(101)
Amortization of credit facility exit fee
4,156
2,681
Amortization of loan costs
2,771
2,399
Advisory services incentive fee
-
151
Company's portion of adjustments to FFO of unconsolidated entities
1
12
Adjusted FFO available to common stockholders and OP unitholders
$
6,845
$
(1,535)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.19
$
(0.04)
Weighted average diluted shares
36,461
36,250
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2023
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (16)
Interest Rate
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM Hotel Net Income
Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (17)
Comparable TTM Hotel EBITDA
Debt Yield
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR (1) + 2.45%
$
-
$
73,450
$
73,450
$
(2,404)
(3.3)
%
$
4,734
6.4
%
KEYS Pool A - 7 hotels
June 2023
June 2025
LIBOR (1) + 3.65%
-
180,720
180,720
(3)
5,681
3.1
%
12,356
6.8
%
KEYS Pool B - 7 hotels
June 2023
June 2025
LIBOR (1) + 3.39%
-
174,400
174,400
(3)
1,879
1.1
%
8,221
4.7
%
KEYS Pool C - 5 hotels
June 2023
June 2025
LIBOR (1) + 3.73%
-
221,040
221,040
(3)
7,362
3.3
%
20,578
9.3
%
KEYS Pool D - 5 hotels
June 2023
June 2025
LIBOR (1) + 4.02%
-
262,640
262,640
(3)
18,056
6.9
%
26,418
10.1
%
KEYS Pool E - 5 hotels
June 2023
June 2025
LIBOR (1) + 2.73%
-
160,000
160,000
(3)
4,267
2.7
%
18,176
11.4
%
KEYS Pool F - 5 hotels
June 2023
June 2025
LIBOR (1) + 3.68%
-
215,120
215,120
(3)
3,911
1.8
%
18,550
8.6
%
JPMorgan Chase La Posada - 1 hotel
November 2023
November 2023
SOFR (2) + 2.80%
-
25,000
25,000
(4)
2,304
9.2
%
5,697
22.8
%
Morgan Stanley Pool - 17 hotels
November 2023
November 2024
LIBOR (1) + 3.13%
-
415,000
415,000
(5)
23,032
5.5
%
43,531
10.5
%
BAML Indigo Atlanta - 1 hotel
December 2023
December 2024
SOFR (2) + 2.85%
-
15,252
15,252
(6)
(657)
(4.3)
%
1,857
12.2
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,307
-
6,307
708
11.2
%
1,282
20.3
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
0.0549
9,204
-
9,204
(223)
(2.4)
%
1,429
15.5
%
Oaktree Capital Term Loan
January 2024
January 2026
0.14
195,959
-
195,959
(7)
N/A
N/A
N/A
N/A
JPMorgan Chase - 8 hotels
February 2024
February 2025
LIBOR (1) + 3.17%
-
345,000
345,000
(8)
15,617
4.5
%
33,346
9.7
%
BAML Princeton/Nashville - 2 hotels
March 2024
March 2026
LIBOR (1) + 2.75%
-
240,000
240,000
(9)
23,783
9.9
%
37,235
15.5
%
BAML Highland Pool - 19 hotels
April 2024
April 2025
LIBOR (1) + 3.20%
-
907,030
907,030
(10)
41,859
4.6
%
97,882
10.8
%
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
5,755
-
5,755
653
11.3
%
1,119
19.4
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
SOFR (2) + 2.00%
-
8,881
8,881
(11)
274
3.1
%
656
7.4
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,109
-
11,109
670
6.0
%
1,772
16.0
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,224
-
22,224
1,181
5.3
%
3,037
13.7
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
LIBOR (1) + 4.65%
-
86,000
86,000
(12)
7,505
8.7
%
15,051
17.5
%
Aareal Le Pavillon - 1 hotel
December 2024
December 2027
SOFR (2) + 4.00%
-
37,000
37,000
(13)
(4,707)
(12.7)
%
1,922
5.2
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
46,609
-
46,609
2,972
6.4
%
7,967
17.1
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,179
-
23,179
(292)
(1.3)
%
2,798
12.1
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
SOFR (2) + 3.91%
-
98,000
98,000
(14)
1,961
2.0
%
14,017
14.3
%
Total
$
320,346
$
3,464,533
$
3,784,879
$
155,392
4.1
%
$
379,631
10.0
%
Percentage
8.5
%
91.5
%
100.0
%
Weighted average interest rate (15)
10.41
%
6.81
%
7.12
%
All indebtedness is non-recourse with the exception of the term loan.
(1) LIBOR rate was 4.86% at March 31, 2023.
(2) SOFR rate was 4.80% at March 31, 2023.
(3) 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.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022.
(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.
(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.
(7) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.
(9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.
(10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023.
(11) This mortgage loan has a SOFR floor of 2.0%.
(12) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(13) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(14) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(15) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(16) The final maturity date assumes all available extension options will be exercised.
(17) 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
March 31, 2023
(dollars in thousands)
(unaudited)
2023
2024
2025
2026
2027
Thereafter
Total
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
-
5,580
-
-
-
-
5,580
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
-
14,987
-
-
-
-
14,987
JPMorgan Chase - 8 hotels
-
-
345,000
-
-
-
345,000
BAML Pool 3 - 3 hotels
-
-
44,413
-
-
-
44,413
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
-
-
-
195,959
-
-
195,959
BAML Princeton/Nashville - 2 hotels
-
-
-
240,000
-
-
240,000
Aareal Boston Back Bay - 1 hotel
-
-
-
96,000
-
-
96,000
Torchlight Marriott Gateway - 1 hotel
-
-
-
86,000
-
-
86,000
Aareal Le Pavillon - 1 hotel
-
-
-
-
35,000
-
35,000
Principal due in future periods
98,450
491,952
2,532,393
617,959
35,000
-
3,775,754
Scheduled amortization payments remaining
2,335
2,582
708
2,500
1,000
-
9,125
Total indebtedness
$
100,785
$
494,534
$
2,533,101
$
620,459
$
36,000
$
-
$
3,784,879
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended March 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
251,937
$
-
$
251,937
$
194,178
$
318
$
194,496
29.75
%
29.53
%
RevPAR
$
125.44
$
-
$
125.44
$
96.69
$
1,178.96
$
96.84
29.73
%
29.53
%
Occupancy
68.41
%
-
%
68.41
%
58.25
%
828.15
%
58.36
%
17.44
%
17.23
%
ADR
$
183.35
$
-
$
183.35
$
165.99
$
142.36
$
165.94
10.46
%
10.49
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended March 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
248,686
$
-
$
248,686
$
190,987
$
318
$
191,305
30.21
%
29.99
%
RevPAR
$
126.29
$
-
$
126.29
$
97.00
$
1,178.96
$
97.15
30.19
%
29.99
%
Occupancy
68.70
%
-
%
68.70
%
58.15
%
828.15
%
58.26
%
18.14
%
17.94
%
ADR
$
183.82
$
-
$
183.82
$
166.82
$
142.36
$
166.77
10.19
%
10.22
%
NOTES:
(1) The above comparable information assumes the 97 hotel properties owned and included in the Company's operations at March 31, 2023, and not under renovation during the three months ended March 31, 2023, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
March 31,
2023
2022
% Variance
Total hotel revenue
$
326,865
$
244,989
33.42
%
Non-comparable adjustments
-
423
Comparable total hotel revenue
$
326,865
$
245,412
33.19
%
Hotel net income (loss)
$
33,999
$
(213)
16,061.97
%
Non-comparable adjustments
(7)
532
Comparable hotel net income (loss)
$
33,992
$
319
10,555.80
%
Hotel net income (loss) margin
10.40
%
(0.09)
%
10.49
%
Comparable hotel net income margin
10.40
%
0.13
%
10.27
%
Hotel EBITDA
$
90,760
$
55,562
63.35
%
Non-comparable adjustments
19
838
Comparable hotel EBITDA
$
90,779
$
56,400
60.96
%
Hotel EBITDA margin
27.77
%
22.68
%
5.09
%
Comparable hotel EBITDA margin
27.77
%
22.98
%
4.79
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended
March 31,
2023
2022
% Variance
Total hotel revenue
$
323,564
$
241,742
33.85
%
Non-comparable adjustments
-
423
Comparable total hotel revenue
$
323,564
$
242,165
33.61
%
Hotel net income (loss)
$
34,220
$
(636)
5,480.50
%
Non-comparable adjustments
(7)
532
Comparable hotel net income (loss)
$
34,213
$
(104)
32,997.12
%
Hotel net income (loss) margin
10.58
%
(0.26)
%
10.84
%
Comparable hotel net income margin
10.57
%
(0.04)
%
10.61
%
Hotel EBITDA
$
89,969
$
54,719
64.42
%
Non-comparable adjustments
19
838
Comparable hotel EBITDA
$
89,988
$
55,557
61.97
%
Hotel EBITDA margin
27.81
%
22.64
%
5.17
%
Comparable hotel EBITDA margin
27.81
%
22.94
%
4.87
%
NOTES:
(1) The above comparable information assumes the 97 hotel properties owned and included in the Company's operations at March 31, 2023, and not under renovation during the three months ended March 31, 2023, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & 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
2023
2023
2023
2022
2022
2022
2022
2022
2022
2022
2022
2022
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
Total hotel revenue
$
326,865
$
-
$
326,865
$
315,419
$
2,494
$
317,913
$
326,065
$
621
$
326,686
$
345,651
$
681
$
346,332
Hotel net income (loss)
$
33,999
$
(7)
$
33,992
$
25,332
$
80
$
25,412
$
40,944
$
(782)
$
40,162
$
55,848
$
528
$
56,376
Hotel net income (loss) margin
10.40
%
10.40
%
8.03
%
7.99
%
12.56
%
12.29
%
16.16
%
16.28
%
Hotel EBITDA
$
90,760
$
19
$
90,779
$
84,631
$
900
$
85,531
$
94,892
$
132
$
95,024
$
111,375
$
869
$
112,244
Hotel EBITDA margin
27.77
%
27.77
%
26.83
%
26.90
%
29.10
%
29.09
%
32.22
%
32.41
%
Hotel net income (loss) % of total TTM
21.8
%
21.8
%
16.2
%
16.3
%
26.2
%
25.8
%
35.8
%
36.1
%
EBITDA % of total TTM
23.8
%
23.7
%
22.2
%
22.3
%
24.9
%
24.8
%
29.1
%
29.2
%
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
TTM
TTM
TTM
Total hotel revenue
$
1,314,000
$
3,796
$
1,317,796
Hotel net income (loss)
$
156,123
$
(181)
$
155,942
Hotel net income (loss) margin
11.88
%
11.83
%
Hotel EBITDA
$
381,658
$
1,920
$
383,578
Hotel EBITDA margin
29.05
%
29.11
%
Hotel net income (loss) % of total TTM
100.0
%
100.0
%
EBITDA % of total TTM
100.0
%
100.0
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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 March 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
135.14
$
-
$
135.14
$
106.33
$
71.37
$
102.03
27.1
%
32.5
%
Boston, MA Area
2
705
135.84
-
135.84
94.00
-
94.00
44.5
%
44.5
%
Dallas / Ft. Worth, TX Area
7
1,526
118.49
-
118.49
91.15
-
91.15
30.0
%
30.0
%
Houston, TX Area
3
692
109.42
-
109.42
89.38
-
89.38
22.4
%
22.4
%
Los Angeles, CA Metro Area
6
1,619
148.26
-
148.26
121.51
-
121.51
22.0
%
22.0
%
Miami, FL Metro Area
2
414
231.61
-
231.61
200.59
-
200.59
15.5
%
15.5
%
Minneapolis - St. Paul, MN Area
2
520
51.18
-
51.18
38.73
-
38.73
32.1
%
32.1
%
Nashville, TN Area
1
673
218.21
-
218.21
179.88
-
179.88
21.3
%
21.3
%
New York / New Jersey Metro Area
6
1,743
77.01
-
77.01
51.43
-
51.43
49.7
%
49.7
%
Orlando, FL Area
2
524
146.85
-
146.85
123.35
-
123.35
19.1
%
19.1
%
Philadelphia, PA Area
3
648
78.22
-
78.22
65.74
-
65.74
19.0
%
19.0
%
San Diego, CA Area
2
410
127.74
-
127.74
99.22
-
99.22
28.7
%
28.7
%
San Francisco - Oakland, CA Metro Area
7
1,547
115.28
-
115.28
74.39
-
74.39
55.0
%
55.0
%
Tampa, FL Area
2
571
191.62
-
191.62
148.35
-
148.35
29.2
%
29.2
%
Washington D.C. - MD - VA Area
9
2,426
128.33
-
128.33
76.57
-
76.57
67.6
%
67.6
%
Other Areas
36
6,672
120.58
-
120.58
101.12
(54.50)
102.50
19.2
%
17.6
%
Total Portfolio
100
22,316
$
125.44
$
-
$
125.44
$
96.69
$
1,178.96
$
96.84
29.7
%
29.5
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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 NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
2,883
$
-
$
2,883
8.5
%
$
(117)
$
(325)
$
(442)
(138.6)
%
2,564.1
%
752.3
%
Boston, MA Area
2
705
(3,200)
-
(3,200)
(9.4)
%
(3,195)
-
(3,195)
(1,001.6)
%
(0.2)
%
(0.2)
%
Dallas / Ft. Worth, TX Area
7
1,526
4,746
-
4,746
14.0
%
1,117
-
1,117
350.2
%
324.9
%
324.9
%
Houston, TX Area
3
692
983
-
983
2.9
%
220
-
220
69.0
%
346.8
%
346.8
%
Los Angeles, CA Metro Area
6
1,619
5,305
-
5,305
15.6
%
2,479
-
2,479
777.1
%
114.0
%
114.0
%
Miami, FL Metro Area
2
414
3,080
-
3,080
9.1
%
2,254
-
2,254
706.6
%
36.6
%
36.6
%
Minneapolis - St. Paul, MN Area
2
520
(1,118)
-
(1,118)
(3.3)
%
(1,452)
-
(1,452)
(455.2)
%
23.0
%
23.0
%
Nashville, TN Area
1
673
4,859
-
4,859
14.3
%
3,702
-
3,702
1,160.5
%
31.3
%
31.3
%
New York / New Jersey Metro Area
6
1,743
(1,769)
-
(1,769)
(5.2)
%
(4,867)
-
(4,867)
(1,525.7)
%
63.7
%
63.7
%
Orlando, FL Area
2
524
1,532
-
1,532
4.5
%
875
-
875
274.3
%
75.1
%
75.1
%
Philadelphia, PA Area
3
648
(1,261)
-
(1,261)
(3.7)
%
(1,052)
-
(1,052)
(329.8)
%
(19.9)
%
(19.9)
%
San Diego, CA Area
2
410
680
-
680
2.0
%
472
-
472
148.0
%
44.1
%
44.1
%
San Francisco - Oakland, CA Metro Area
7
1,547
226
-
226
0.7
%
(3,326)
-
(3,326)
(1,042.6)
%
106.8
%
106.8
%
Tampa, FL Area
2
571
4,528
-
4,528
13.3
%
2,165
-
2,165
678.7
%
109.1
%
109.1
%
Washington D.C. - MD - VA Area
9
2,426
2,398
-
2,398
7.1
%
(3,973)
-
(3,973)
(1,245.5)
%
160.4
%
160.4
%
Other Areas
36
6,672
10,127
(7)
10,120
29.6
%
4,485
857
5,342
1,674.6
%
125.8
%
89.4
%
Total Portfolio
100
22,316
$
33,999
$
(7)
$
33,992
100.0
%
$
(213)
$
532
$
319
100.0
%
16,062.0
%
10,555.8
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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 EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels
Number of Rooms
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Non-comparable Adjustments
Comparable
% of Total
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Atlanta, GA Area
10
1,626
$
7,634
$
-
$
7,634
8.4
%
$
3,878
$
619
$
4,497
8.0
%
96.9
%
69.8
%
Boston, MA Area
2
705
1,076
-
1,076
1.2
%
189
-
189
0.3
%
469.3
%
469.3
%
Dallas / Ft. Worth, TX Area
7
1,526
8,675
-
8,675
9.6
%
5,151
-
5,151
9.1
%
68.4
%
68.4
%
Houston, TX Area
3
692
2,780
-
2,780
3.1
%
1,725
-
1,725
3.1
%
61.2
%
61.2
%
Los Angeles, CA Metro Area
6
1,619
7,936
-
7,936
8.7
%
5,715
-
5,715
10.1
%
38.9
%
38.9
%
Miami, FL Metro Area
2
414
4,548
-
4,548
5.0
%
3,803
-
3,803
6.7
%
19.6
%
19.6
%
Minneapolis - St. Paul, MN Area
2
520
(323)
-
(323)
(0.4)
%
(590)
-
(590)
(1.0)
%
45.3
%
45.3
%
Nashville, TN Area
1
673
7,486
-
7,486
8.2
%
6,160
-
6,160
10.9
%
21.5
%
21.5
%
New York / New Jersey Metro Area
6
1,743
2,427
-
2,427
2.7
%
(577)
-
(577)
(1.0)
%
520.6
%
520.6
%
Orlando, FL Area
2
524
2,648
-
2,648
2.9
%
2,238
-
2,238
4.0
%
18.3
%
18.3
%
Philadelphia, PA Area
3
648
101
-
101
0.1
%
198
-
198
0.4
%
(49.0)
%
(49.0)
%
San Diego, CA Area
2
410
1,335
-
1,335
1.5
%
1,152
-
1,152
2.0
%
15.9
%
15.9
%
San Francisco - Oakland, CA Metro Area
7
1,547
4,463
-
4,463
4.9
%
786
-
786
1.4
%
467.8
%
467.8
%
Tampa, FL Area
2
571
5,500
-
5,500
6.1
%
3,416
-
3,416
6.1
%
61.0
%
61.0
%
Washington D.C. - MD - VA Area
9
2,426
9,630
-
9,630
10.6
%
2,934
-
2,934
5.2
%
228.2
%
228.2
%
Other Areas
36
6,672
24,844
19
24,863
27.4
%
19,384
219
19,603
34.7
%
28.2
%
26.8
%
Total Portfolio
100
22,316
$
90,760
$
19
$
90,779
100.0
%
$
55,562
$
838
$
56,400
100.0
%
63.3
%
61.0
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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
March 31, 2023
(in thousands, except share price)
(unaudited)
March 31, 2023
Common stock shares outstanding
34,478
Partnership units outstanding
1,669
Combined common stock shares and partnership units outstanding
36,147
Common stock price
$
3.21
Market capitalization
$
116,032
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
Series J redeemable preferred stock
$
12,547
Series K redeemable preferred stock
$
856
Indebtedness
$
3,784,879
Net working capital (see below)
$
(442,145)
Total enterprise value (TEV)
$
3,635,139
Cash and cash equivalents
$
344,935
Restricted cash
$
143,821
Accounts receivable, net
$
62,050
Prepaid expenses
$
20,534
Due from third-party hotel managers, net
$
18,895
Total current assets
$
590,235
Accounts payable, net & accrued expenses
$
141,770
Dividends and distributions payable
$
3,193
Due to affiliates, net
$
3,127
Total current liabilities
$
148,090
Net working capital
$
442,145
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2023
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Estimated
Estimated
Estimated
Courtyard Crystal City Reagan
272
x
x
Crowne Plaza La Concha Key West
160
x
x
x
Embassy Suites Austin
150
x
x
Embassy Suites Crystal City
269
x
x
Embassy Suites Dallas
150
x
x
Embassy Suites Flagstaff
119
x
Embassy Suites Houston
150
x
Embassy Suites Portland Downtown
276
x
Embassy Suites Santa Clara Silicon Valley
258
x
Hampton Inn Evansville
140
x
La Posada
157
x
Le Pavillon New Orleans
226
x
x
Marriott Bridgewater
349
x
Marriott Memphis
232
x
Marriott Sugar Land
300
x
Residence Inn Hartford Manchester
96
x
Residence Inn Phoenix Airport
200
x
Ritz-Carlton Atlanta
444
x
SpringHill Suites Buford Mall of Georgia
97
x
SpringHill Suites Manhattan Beach Hawthorne
164
x
SpringHill Suites Philadelphia Plymouth Meeting
199
x
Total
3
3
7
15
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.
16
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2023
2022
2022
2022
March 31, 2023
1st Quarter
4th Quarter
3rd Quarter
2nd Quarter
TTM
Net income (loss)
$
33,999
$
25,332
$
40,944
$
55,848
$
156,123
Non-property adjustments
(8)
(127)
1
2
(132)
Interest income
(100)
(97)
(47)
(48)
(292)
Interest expense
5,580
4,559
3,556
2,643
16,338
Amortization of loan costs
282
358
447
443
1,530
Depreciation and amortization
47,684
49,181
49,256
50,723
196,844
Income tax expense (benefit)
22
53
116
84
275
Non-hotel EBITDA ownership expense
3,301
5,372
619
1,680
10,972
Hotel EBITDA including amounts attributable to noncontrolling interest
90,760
84,631
94,892
111,375
381,658
Non-comparable adjustments
19
900
132
869
1,920
Comparable hotel EBITDA
$
90,779
$
85,531
$
95,024
$
112,244
$
383,578
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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.
17
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
34,220
$
(221)
$
33,999
$
46
$
(95,567)
$
(61,522)
Non-property adjustments
(8)
-
(8)
-
8
-
Interest income
(100)
-
(100)
-
100
-
Interest expense
5,580
-
5,580
-
73,164
78,744
Amortization of loan cost
282
-
282
-
2,489
2,771
Depreciation and amortization
46,695
989
47,684
123
48
47,855
Income tax expense (benefit)
22
-
22
-
199
221
Non-hotel EBITDA ownership expense
3,278
23
3,301
9
(3,310)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
89,969
791
90,760
178
(22,869)
68,069
Equity in (earnings) loss of unconsolidated entities
-
-
-
-
396
396
Company's portion of EBITDA of unconsolidated entities
-
-
-
-
(69)
(69)
Hotel EBITDA attributable to the Company and OP unitholders
$
89,969
$
791
$
90,760
$
178
$
(22,542)
$
68,396
Non-comparable adjustments
19
-
19
Comparable hotel EBITDA
$
89,988
$
791
$
90,779
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia
18
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
25,332
$
(5)
$
(82,014)
$
(56,687)
Non-property adjustments
(127)
-
127
-
Interest income
(97)
-
97
-
Interest expense
4,559
-
67,103
71,662
Amortization of loan cost
358
-
2,000
2,358
Depreciation and amortization
49,181
124
48
49,353
Income tax expense (benefit)
53
-
(4,057)
(4,004)
Non-hotel EBITDA ownership expense
5,372
22
(5,394)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
84,631
141
(22,090)
62,682
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
-
-
-
-
Equity in (earnings) loss of unconsolidated entities
-
-
353
353
Company's portion of EBITDA of unconsolidated entities
-
-
(222)
(222)
Hotel EBITDA attributable to the Company and OP unitholders
$
84,631
$
141
$
(21,959)
$
62,813
Non-comparable adjustments
900
Comparable hotel EBITDA
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
40,944
$
(30)
$
(63,237)
$
(22,323)
Non-property adjustments
1
-
(1)
-
Interest income
(47)
-
47
-
Interest expense
3,556
-
54,955
58,511
Amortization of loan cost
447
-
2,065
2,512
Depreciation and amortization
49,256
122
50
49,428
Income tax expense (benefit)
116
-
4,541
4,657
Non-hotel EBITDA ownership expense
619
9
(628)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
94,892
101
(2,208)
92,785
Equity in (earnings) loss of unconsolidated entities
-
-
147
147
Company's portion of EBITDA of unconsolidated entities
-
-
(148)
(148)
Hotel EBITDA attributable to the Company and OP unitholders
$
94,892
$
101
$
(2,209)
$
92,784
Non-comparable adjustments
132
Comparable hotel EBITDA
$
95,024
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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, 2022
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
55,848
$
459
$
(62,553)
$
(6,246)
Non-property adjustments
2
(151)
149
-
Interest income
(48)
(1)
49
-
Interest expense
2,643
-
43,347
45,990
Amortization of loan cost
443
-
1,960
2,403
Depreciation and amortization
50,723
124
49
50,896
Income tax expense (benefit)
84
-
5,479
5,563
Non-hotel EBITDA ownership expense
1,680
17
(1,697)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
111,375
448
(13,217)
98,606
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
$
111,375
$
448
$
(13,217)
$
98,606
Non-comparable adjustments
869
Comparable hotel EBITDA
$
112,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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)
Three Months Ended March 31, 2022
Hotel Properties Not Under Renovation
Hotel Properties Under Renovation
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(636)
$
423
$
(213)
$
267
$
(55,856)
$
(55,802)
Non-property adjustments
11
-
11
(122)
111
-
Interest income
(7)
-
(7)
-
7
-
Interest expense
2,272
-
2,272
-
38,888
41,160
Amortization of loan cost
439
-
439
-
1,960
2,399
Depreciation and amortization
51,531
410
51,941
131
48
52,120
Income tax expense (benefit)
15
-
15
-
105
120
Non-hotel EBITDA ownership expense
1,094
10
1,104
20
(1,124)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
54,719
843
55,562
296
(15,861)
39,997
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
$
54,719
$
843
$
55,562
$
296
$
(15,861)
$
39,997
Non-comparable adjustments
838
-
838
Comparable hotel EBITDA
$
55,557
$
843
$
56,400
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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:
Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia
22
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
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)
$
2,883
$
(3,200)
$
4,746
$
983
$
5,305
$
3,080
$
(1,118)
$
4,859
$
(1,769)
Non-property adjustments
-
-
-
-
-
-
-
-
-
Interest income
(3)
-
(3)
-
(15)
(2)
-
-
(6)
Interest expense
784
2,075
-
-
-
-
-
-
-
Amortization of loan costs
6
137
-
-
-
-
-
-
-
Depreciation and amortization
3,603
2,046
3,847
1,234
2,586
1,442
776
2,531
4,034
Income tax expense (benefit)
-
-
-
-
-
-
-
22
-
Non-hotel EBITDA ownership expense
361
18
85
563
60
28
19
74
168
Hotel EBITDA including amounts attributable to noncontrolling interest
7,634
1,076
8,675
2,780
7,936
4,548
(323)
7,486
2,427
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
7,634
$
1,076
$
8,675
$
2,780
$
7,936
$
4,548
$
(323)
$
7,486
$
2,427
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)
$
1,532
$
(1,261)
$
680
$
226
$
4,528
$
2,398
$
10,127
$
33,999
Non-property adjustments
-
-
-
-
-
-
(8)
(8)
Interest income
(16)
(3)
(7)
(15)
-
(14)
(16)
(100)
Interest expense
-
-
-
217
-
1,246
1,258
5,580
Amortization of loan costs
-
-
-
38
-
68
33
282
Depreciation and amortization
1,122
964
593
3,445
938
5,813
12,710
47,684
Income tax expense (benefit)
-
-
-
-
-
-
-
22
Non-hotel EBITDA ownership expense
10
401
69
552
34
119
740
3,301
Hotel EBITDA including amounts attributable to noncontrolling interest
2,648
101
1,335
4,463
5,500
9,630
24,844
90,760
Non-comparable adjustments
-
-
-
-
-
-
19
19
Comparable hotel EBITDA
$
2,648
$
101
$
1,335
$
4,463
$
5,500
$
9,630
$
24,863
$
90,779
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
23
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(117)
$
(3,195)
$
1,117
$
220
$
2,479
$
2,254
$
(1,452)
$
3,702
$
(4,867)
Non-property adjustments
-
-
-
-
-
-
-
-
-
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
101
967
-
-
-
-
-
-
-
Amortization of loan costs
8
132
-
-
-
-
-
-
-
Depreciation and amortization
3,792
2,269
3,990
1,183
3,237
1,522
845
2,459
4,136
Income tax expense (benefit)
-
-
-
-
-
-
-
5
-
Non-hotel EBITDA ownership expense
94
16
45
322
-
27
17
(6)
155
Hotel EBITDA including amounts attributable to noncontrolling interest
3,878
189
5,151
1,725
5,715
3,803
(590)
6,160
(577)
Non-comparable adjustments
619
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
4,497
$
189
$
5,151
$
1,725
$
5,715
$
3,803
$
(590)
$
6,160
$
(577)
Orlando, FL Area
Philadelphia, PA Area
San Diego, CA Area
San Francisco - Oakland, CA Metro Area
Tampa, FL Area
Washington D.C. - MD - VA Area
Other Areas
Total Portfolio
Net income (loss)
$
875
$
(1,052)
$
472
$
(3,326)
$
2,165
$
(3,973)
$
4,485
$
(213)
Non-property adjustments
-
-
-
-
-
-
11
11
Interest income
-
-
(1)
-
-
(1)
(2)
(7)
Interest expense
-
-
-
224
-
444
536
2,272
Amortization of loan costs
-
-
-
37
-
65
197
439
Depreciation and amortization
1,362
1,237
639
3,705
1,232
6,443
13,890
51,941
Income tax expense (benefit)
-
-
-
-
-
-
10
15
Non-hotel EBITDA ownership expense
1
13
42
146
19
(44)
257
1,104
Hotel EBITDA including amounts attributable to noncontrolling interest
2,238
198
1,152
786
3,416
2,934
19,384
55,562
Non-comparable adjustments
-
-
-
-
-
-
219
838
Comparable hotel EBITDA
$
2,238
$
198
$
1,152
$
786
$
3,416
$
2,934
$
19,603
$
56,400
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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)
TTM Ended March 31, 2023
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)
$
5,681
$
1,879
$
7,362
$
18,056
$
4,267
$
3,911
$
41,859
$
23,032
$
15,617
$
2,972
$
1,181
Non-property adjustments
-
-
(76)
-
-
(25)
(203)
(32)
-
-
-
Interest income
(38)
(22)
(3)
-
(5)
(7)
(8)
(42)
(136)
(17)
-
Interest expense
-
-
-
-
-
-
-
-
4
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
6,412
6,056
12,900
7,595
13,073
14,139
51,946
18,906
17,577
4,730
1,813
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
301
308
395
767
841
532
4,288
1,667
501
282
43
Hotel EBITDA including amounts attributable to noncontrolling interest
12,356
8,221
20,578
26,418
18,176
18,550
97,882
43,531
33,563
7,967
3,037
Non-comparable adjustments
-
-
-
-
-
-
-
-
(217)
-
-
Comparable hotel EBITDA
$
12,356
$
8,221
$
20,578
$
26,418
$
18,176
$
18,550
$
97,882
$
43,531
$
33,346
$
7,967
$
3,037
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 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
Key Bank Manchester CY - 1 hotel
Net income (loss)
$
670
$
23,783
$
(2,404)
$
274
$
(657)
$
1,961
$
7,505
$
(223)
$
2,304
$
(4,707)
$
653
Non-property adjustments
-
(23)
-
-
-
-
-
-
-
272
-
Interest income
-
-
(4)
-
-
(10)
-
-
-
-
-
Interest expense
-
-
3,757
-
835
6,581
-
-
1,427
2,265
-
Amortization of loan costs
-
-
267
-
30
540
-
-
188
354
-
Depreciation and amortization
1,060
13,077
3,060
368
1,540
4,864
7,214
1,638
1,714
3,690
383
Income tax expense (benefit)
-
73
-
-
-
-
-
-
-
-
79
Non-hotel EBITDA ownership expense
42
325
58
14
109
81
116
14
64
48
4
Hotel EBITDA including amounts attributable to noncontrolling interest
1,772
37,235
4,734
656
1,857
14,017
14,835
1,429
5,697
1,922
1,119
Non-comparable adjustments
-
-
-
-
-
-
216
-
-
-
-
Comparable hotel EBITDA
$
1,772
$
37,235
$
4,734
$
656
$
1,857
$
14,017
$
15,051
$
1,429
$
5,697
$
1,922
$
1,119
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
708
$
(292)
$
389
$
(2)
$
344
$
156,123
Non-property adjustments
-
-
(48)
2
1
(132)
Interest income
-
-
-
-
-
(292)
Interest expense
-
894
-
-
575
16,338
Amortization of loan costs
-
151
-
-
-
1,530
Depreciation and amortization
449
1,888
591
-
161
196,844
Income tax expense (benefit)
123
-
-
-
-
275
Non-hotel EBITDA ownership expense
2
157
14
-
(1)
10,972
Hotel EBITDA including amounts attributable to noncontrolling interest
1,282
2,798
946
-
1,080
381,658
Non-comparable adjustments
-
-
(946)
-
2,867
1,920
Comparable hotel EBITDA
$
1,282
$
2,798
$
-
$
-
$
3,947
$
383,578
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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)
Three Months Ended March 31, 2023
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)
$
2,807
$
(231)
$
2,568
$
4,336
$
(1,526)
$
(34)
$
11,888
$
6,919
$
3,497
$
1,548
$
122
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
(18)
(9)
(2)
-
-
(3)
-
(19)
(41)
(8)
-
Interest expense
-
-
-
-
-
-
-
-
1
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,697
1,533
3,119
1,834
3,127
3,389
12,376
4,527
4,310
1,104
560
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
55
93
44
58
796
70
699
714
212
11
13
Hotel EBITDA including amounts attributable to noncontrolling interest
4,541
1,386
5,729
6,228
2,397
3,422
24,963
12,141
7,979
2,655
695
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
4,541
$
1,386
$
5,729
$
6,228
$
2,397
$
3,422
$
24,963
$
12,141
$
7,979
$
2,655
$
695
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 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
Key Bank Manchester CY - 1 hotel
Net income (loss)
$
311
$
5,381
$
(1,355)
$
21
$
(216)
$
(2,195)
$
1,927
$
84
$
(533)
$
(1,366)
$
87
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
1,246
-
281
2,075
-
-
459
796
-
Amortization of loan costs
-
-
68
-
6
137
-
-
-
33
-
Depreciation and amortization
229
3,247
796
87
390
1,189
1,652
338
449
910
89
Income tax expense (benefit)
-
22
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
216
117
8
2
50
19
14
3
8
22
3
Hotel EBITDA including amounts attributable to noncontrolling interest
756
8,767
763
110
511
1,225
3,593
425
383
395
179
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
756
$
8,767
$
763
$
110
$
511
$
1,225
$
3,593
$
425
$
383
$
395
$
179
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
100
$
(444)
$
(9)
$
-
$
312
$
33,999
Non-property adjustments
-
-
(8)
-
-
(8)
Interest income
-
-
-
-
-
(100)
Interest expense
-
217
-
-
505
5,580
Amortization of loan costs
-
38
-
-
-
282
Depreciation and amortization
94
507
(5)
-
136
47,684
Income tax expense (benefit)
-
-
-
-
-
22
Non-hotel EBITDA ownership expense
3
68
3
-
-
3,301
Hotel EBITDA including amounts attributable to noncontrolling interest
197
386
(19)
-
953
90,760
Non-comparable adjustments
-
-
19
-
-
19
Comparable hotel EBITDA
$
197
$
386
$
-
$
-
$
953
$
90,779
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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)
Three Months Ended December 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)
$
830
$
31
$
690
$
3,468
$
(875)
$
1,368
$
6,449
$
4,196
$
3,581
$
783
$
63
Non-property adjustments
-
-
(76)
-
-
(25)
(203)
(32)
-
-
-
Interest income
(14)
(9)
(1)
-
-
(3)
-
(16)
(47)
(7)
-
Interest expense
-
-
-
-
-
-
-
-
1
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,701
1,565
3,230
1,836
3,264
3,509
12,858
4,879
4,403
1,130
490
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
177
108
218
242
225
164
3,250
502
80
86
13
Hotel EBITDA including amounts attributable to noncontrolling interest
2,694
1,695
4,061
5,546
2,614
5,013
22,354
9,529
8,018
1,992
566
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
2,694
$
1,695
$
4,061
$
5,546
$
2,614
$
5,013
$
22,354
$
9,529
$
8,018
$
1,992
$
566
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 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
Key Bank Manchester CY - 1 hotel
Net income (loss)
$
14
$
5,220
$
(1,070)
$
237
$
(71)
$
(504)
$
1,611
$
(102)
$
548
$
(1,022)
$
115
Non-property adjustments
-
(6)
-
-
-
-
-
-
-
272
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
1,110
-
247
1,868
-
-
407
631
-
Amortization of loan costs
-
-
67
-
8
136
-
-
-
109
-
Depreciation and amortization
261
3,273
776
93
387
1,229
1,765
395
440
917
97
Income tax expense (benefit)
-
15
-
-
-
-
-
-
-
-
13
Non-hotel EBITDA ownership expense
8
109
24
2
61
18
29
4
12
16
2
Hotel EBITDA including amounts attributable to noncontrolling interest
283
8,611
907
332
632
2,747
3,405
297
1,407
923
227
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
283
$
8,611
$
907
$
332
$
632
$
2,747
$
3,405
$
297
$
1,407
$
923
$
227
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
131
$
(416)
$
27
$
-
$
30
$
25,332
Non-property adjustments
-
-
(58)
-
1
(127)
Interest income
-
-
-
-
-
(97)
Interest expense
-
225
-
-
70
4,559
Amortization of loan costs
-
38
-
-
-
358
Depreciation and amortization
116
540
2
-
25
49,181
Income tax expense (benefit)
25
-
-
-
-
53
Non-hotel EBITDA ownership expense
-
21
-
-
1
5,372
Hotel EBITDA including amounts attributable to noncontrolling interest
272
408
(29)
-
127
84,631
Non-comparable adjustments
-
-
29
-
871
900
Comparable hotel EBITDA
$
272
$
408
$
-
$
-
$
998
$
85,531
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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)
Three Months Ended September 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)
$
504
$
1,205
$
1,957
$
4,314
$
4,405
$
1,390
$
9,001
$
4,640
$
3,655
$
(37)
$
485
Non-property adjustments
-
-
-
-
-
-
-
-
-
-
-
Interest income
(4)
(3)
-
-
-
(1)
-
(5)
(33)
(1)
-
Interest expense
-
-
-
-
-
-
-
-
1
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
1,551
1,493
3,249
1,912
3,357
3,554
13,203
4,648
4,404
1,214
386
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
20
27
80
293
(251)
52
280
216
(100)
183
8
Hotel EBITDA including amounts attributable to noncontrolling interest
2,071
2,722
5,286
6,519
7,511
4,995
22,484
9,499
7,927
1,359
879
Non-comparable adjustments
-
-
-
-
-
-
-
-
(383)
-
-
Comparable hotel EBITDA
$
2,071
$
2,722
$
5,286
$
6,519
$
7,511
$
4,995
$
22,484
$
9,499
$
7,544
$
1,359
$
879
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 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
Key Bank Manchester CY - 1 hotel
Net income (loss)
$
77
$
5,670
$
(424)
$
14
$
(148)
$
1,907
$
1,218
$
(123)
$
1,387
$
(1,647)
$
260
Non-property adjustments
-
(17)
-
-
-
-
-
-
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
839
-
184
1,506
-
-
311
489
-
Amortization of loan costs
-
-
67
-
8
134
-
-
94
107
-
Depreciation and amortization
277
3,262
746
94
384
1,224
1,859
440
425
930
98
Income tax expense (benefit)
-
20
-
-
-
-
-
-
-
-
42
Non-hotel EBITDA ownership expense
22
(396)
15
9
11
19
69
3
5
5
(1)
Hotel EBITDA including amounts attributable to noncontrolling interest
376
8,539
1,243
117
439
4,790
3,146
320
2,222
(116)
399
Non-comparable adjustments
-
-
-
-
-
-
216
-
-
-
-
Comparable hotel EBITDA
$
376
$
8,539
$
1,243
$
117
$
439
$
4,790
$
3,362
$
320
$
2,222
$
(116)
$
399
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
275
$
310
$
649
$
-
$
-
$
40,944
Non-property adjustments
-
-
18
-
-
1
Interest income
-
-
-
-
-
(47)
Interest expense
-
226
-
-
-
3,556
Amortization of loan costs
-
37
-
-
-
447
Depreciation and amortization
118
428
-
-
-
49,256
Income tax expense (benefit)
54
-
-
-
-
116
Non-hotel EBITDA ownership expense
-
43
7
-
-
619
Hotel EBITDA including amounts attributable to noncontrolling interest
447
1,044
674
-
-
94,892
Non-comparable adjustments
-
-
(674)
-
973
132
Comparable hotel EBITDA
$
447
$
1,044
$
-
$
-
$
973
$
95,024
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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
-
-
-
-
-
-
-
-
166
-
-
Comparable hotel EBITDA
$
3,050
$
2,418
$
5,502
$
8,125
$
5,654
$
5,120
$
28,081
$
12,362
$
9,805
$
1,961
$
897
Morgan Stanley Pool C2 - 2 hotels
BAML Princeton/ Nashville - 2 hotels
Aareal Hilton Alexandria - 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
Key Bank Manchester CY - 1 hotel
Net income (loss)
$
268
$
7,512
$
445
$
2
$
(222)
$
2,753
$
2,749
$
(82)
$
902
$
(672)
$
191
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
94
379
1,222
1,938
465
400
933
99
Income tax expense (benefit)
-
16
-
-
-
-
-
-
-
-
24
Non-hotel EBITDA ownership expense
(204)
495
11
1
(13)
25
4
4
39
5
-
Hotel EBITDA including amounts attributable to noncontrolling interest
357
11,318
1,821
97
275
5,255
4,691
387
1,685
720
314
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
357
$
11,318
$
1,821
$
97
$
275
$
5,255
$
4,691
$
387
$
1,685
$
720
$
314
GACC Manchester RI - 1 hotel
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
Morgan Stanley Ann Arbor - 1 hotel
Morgan Stanley Pool C1 - 3 hotels
Unencumbered hotels
Total Portfolio
Net income (loss)
$
202
$
258
$
(278)
$
(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
121
413
594
-
-
50,723
Income tax expense (benefit)
44
-
-
-
-
84
Non-hotel EBITDA ownership expense
(1)
25
4
-
(2)
1,680
Hotel EBITDA including amounts attributable to noncontrolling interest
366
960
320
-
-
111,375
Non-comparable adjustments
-
-
(320)
-
1,023
869
Comparable hotel EBITDA
$
366
$
960
$
-
$
-
$
1,023
$
112,244
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at March 31, 2023, 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. published this content on 01 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 20:41:38 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.