Ashford Hospitality Trust : TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS - Form 8-K
February 23, 2022 at 09:31 pm
Share
ASHFORD TRUST REPORTS FOURTH QUARTER AND
FULL YEAR 2021 RESULTS
Fourth Quarter Net Loss Attributable to Common Stockholders was $(59.3) Million
Fourth Quarter Comparable Hotel EBITDA was $55.4 Million
Fourth Quarter Adjusted EBITDAre was $40.7 Million
Fourth Quarter AFFO Per Diluted Share was $(0.09)
DALLAS - February 23, 2022 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2021 with the fourth quarter and year ended December 31, 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 164% to $94.87 during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy. Comparable RevPAR for all hotels decreased 21% compared to the comparable period in 2019.
•Net loss attributable to common stockholders was $(59.3) million or $(1.75) per diluted share for the quarter. For the full year of 2021, net loss attributable to common stockholders was $(267.9) million or $(12.43) per diluted share.
•Adjusted EBITDAre was $40.7 million for the quarter. Adjusted EBITDAre for the full year of 2021 was $113.6 million.
•Adjusted funds from operations (AFFO) was $(0.09) per diluted share for the quarter. For the full year of 2021, AFFO per diluted share was $(1.23).
•The Company ended the quarter with cash and cash equivalents of $592.1 million and restricted cash of $99.5 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 $26.9 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.Net working capital at the end of the quarter was $639.5 million, which equates to approximately $18.33 per diluted share.
•During the quarter, the Company completed the refinancing of the Marriott Gateway Crystal City.
•Capex invested during the quarter was $17.7 million and $36.7 million for the full year.
AHT Reports Fourth Quarter Results
Page 2
February 23, 2022
CAPITAL STRUCTURE
At December 31, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%. At the end of the quarter, approximately 93% 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 16.1 million shares of its preferred stock, approximately 71% of its preferred shares prior to initiating the exchanges and representing approximately $401.8 million of liquidation value, into 11.9 million shares of common stock.
The Company opportunistically raised equity capital in 2021 to delever its balance sheet and improve its liquidity.For the full year, the Company raised approximately $564 million of gross proceeds at an average price of $28.17 per share.
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 fourth quarter ended December 31, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations.
During the quarter, the Company paid current the deferred interest on its corporate loan facility with Oaktree Capital Management, L.P. ("Oaktree").Also during the quarter, the Company announced that its Board of Directors declared cash dividends on the Company's Series D, Series F, Series G, Series H, and Series I cumulative preferred stock reflecting accrued and unpaid dividends for the quarters ending June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021.The Company paid a cash dividend of $3.1686 per Series D preferred share, $2.7654 per Series F preferred share, $2.7654 per Series G preferred share, $2.8125 per Series H preferred share, and $2.8125 per Series I preferred share.These preferred share dividends were paid on December 10, 2021 to holders of record as of December 1, 2021.With both the Oaktree loan and preferred dividends being current, the Company is now in a position to be S-3 eligible once it files its Form 10-K for 2021.
PORTFOLIO REVPAR
As of December 31, 2021, the portfolio consisted of 100 hotels.
•Comparable RevPAR increased 164% to $94.87 for all hotels during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy.
"We are pleased to report strong financial results and solid hotel performance for the fourth quarter," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "We had a strong finish to the year operationally. We continued to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. Ashford Trust enters 2022 with a significantly de-levered balance sheet, and we believe our attractive hotel portfolio, with its high exposure to transient leisure customers, is well-positioned to capitalize on the lodging industry recovery.We continue to be encouraged by the positive momentum in our portfolio.While we don't provide formal earnings guidance we do expect to achieve 2019 Comparable RevPAR levels by calendar year 2023 and expect to meet or exceed 2019 Comparable Hotel EBITDA by calendar year 2024."
AHT Reports Fourth Quarter Results
Page 3
February 23, 2022
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 24, 2022, at 11:00 a.m. ET.The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, March 3, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13725851.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2021 earnings release conference call.The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's website, www.ahtreit.com on Thursday, February 24, 2022, beginning at 11:00 a.m. ET.The online replay will follow shortly after the call and continue for approximately one year.
All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition 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; 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 Fourth Quarter Results
Page 4
February 23, 2022
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)
December 31, 2021
December 31, 2020
ASSETS
Investments in hotel properties, net
$
3,230,710
$
3,426,982
Cash and cash equivalents
592,110
92,905
Restricted cash
99,534
74,408
Accounts receivable, net of allowance of $455 and $441, respectively
37,720
21,760
Inventories
3,291
2,447
Notes receivable, net
8,723
8,263
Investments in unconsolidated entities
11,253
2,811
Deferred costs, net
5,001
1,851
Prepaid expenses
13,384
18,401
Derivative assets, net
501
263
Operating lease right-of-use assets
44,575
45,008
Other assets
16,150
23,303
Intangible assets, net
797
797
Due from Ashford Inc., net
25
-
Due from related parties, net
7,473
5,801
Due from third-party hotel managers
26,896
9,383
Total assets
$
4,098,143
$
3,734,383
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net
$
3,887,822
$
3,728,911
Accounts payable and accrued expenses
117,650
99,954
Accrued interest payable
15,432
98,685
Dividends and distributions payable
3,104
868
Due to Ashford Inc., net
-
13,383
Due to related parties, net
728
-
Due to third-party hotel managers
1,204
184
Intangible liabilities, net
2,177
2,257
Operating lease liabilities
45,106
45,309
Other liabilities
4,832
5,336
Total liabilities
4,078,055
3,994,887
Redeemable noncontrolling interests in operating partnership
22,742
22,951
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 and 1,791,461 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
12
18
Series F Cumulative Preferred Stock, 1,251,044 and 2,891,440 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
12
29
Series G Cumulative Preferred Stock, 1,531,996 and 4,422,623 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
15
44
Series H Cumulative Preferred Stock, 1,308,415 and 2,668,637 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
13
27
Series I Cumulative Preferred Stock, 1,252,923 and 3,391,349 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
13
34
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,490,381 and 6,436,250 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
345
64
Additional paid-in capital
2,379,906
1,809,455
Accumulated deficit
(2,382,970)
(2,093,292)
Total shareholders' equity (deficit) of the Company
(2,654)
(283,621)
Noncontrolling interests in consolidated entities
-
166
Total equity (deficit)
(2,654)
(283,455)
Total liabilities and equity/deficit
$
4,098,143
$
3,734,383
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
REVENUE
Rooms
$
195,857
$
74,647
$
655,121
$
407,492
Food and beverage
37,424
7,010
94,911
61,157
Other
14,754
8,244
53,112
37,856
Total hotel revenue
248,035
89,901
803,144
506,505
Other
700
352
2,267
1,733
Total revenue
248,735
90,253
805,411
508,238
EXPENSES
Hotel operating expenses
Rooms
48,887
21,648
157,982
106,508
Food and beverage
28,312
5,955
71,172
49,223
Other expenses
92,216
50,718
316,638
253,997
Management fees
9,070
4,936
31,014
24,944
Total hotel operating expenses
178,485
83,257
576,806
434,672
Property taxes, insurance and other
16,083
17,621
67,904
79,669
Depreciation and amortization
52,560
58,490
218,851
252,765
Impairment charges
-
6,577
-
91,721
Advisory services fee:
Base advisory fee
9,022
8,617
36,239
34,745
Reimbursable expenses
1,743
1,481
6,934
6,436
Non-cash stock/unit-based compensation
2,438
2,104
9,140
8,869
Corporate, general and administrative:
Non-cash stock/unit-based compensation
81
179
756
1,260
Other general and administrative
3,959
11,665
15,397
26,788
Total operating expenses
264,371
189,991
932,027
936,925
Gain (loss) on disposition of assets and hotel properties
1,054
73
1,449
(36,680)
OPERATING INCOME (LOSS)
(14,582)
(99,665)
(125,167)
(465,367)
Equity in earnings (loss) of unconsolidated entities
(135)
(169)
(558)
(448)
Interest income
70
8
207
672
Other income (expense), net
78
(9,192)
760
(16,998)
Interest expense, net of discount amortization
(41,475)
(31,299)
(143,508)
(230,856)
Amortization of loan costs
(2,641)
(3,921)
(12,611)
(16,525)
Write-off of premiums, loan costs and exit fees
(5,412)
(2,368)
(10,612)
(13,867)
Gain (loss) on extinguishment of debt
-
24
11,896
90,349
Unrealized gain (loss) on marketable securities
-
289
-
(1,467)
Unrealized gain (loss) on derivatives
10,781
8,887
14,493
19,950
INCOME (LOSS) BEFORE INCOME TAXES
(53,316)
(137,406)
(265,100)
(634,557)
Income tax benefit (expense)
(3,032)
(184)
(5,948)
1,335
NET INCOME (LOSS)
(56,348)
(137,590)
(271,048)
(633,222)
(Income) loss attributable to noncontrolling interest in consolidated entities
(11)
98
73
338
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
376
11,714
3,970
89,008
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(55,983)
(125,778)
(267,005)
(543,876)
Preferred dividends
(1,740)
(185)
(252)
(32,117)
Gain (loss) on extinguishment of preferred stock
(1,566)
55,477
(607)
55,477
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(59,289)
$
(70,486)
$
(267,864)
$
(520,516)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(1.75)
$
(22.92)
$
(12.37)
$
(329.97)
Weighted average common shares outstanding - basic
33,802
3,075
21,625
1,576
Diluted:
Net income (loss) attributable to common stockholders
$
(1.75)
$
(22.92)
$
(12.43)
$
(329.97)
Weighted average common shares outstanding - diluted
33,802
3,075
21,844
1,576
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
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income (loss)
$
(56,348)
$
(137,590)
$
(271,048)
$
(633,222)
Interest expense and amortization of discounts and loan costs, net
44,116
35,220
156,119
247,381
Depreciation and amortization
52,560
58,490
218,851
252,765
Income tax expense (benefit)
3,032
184
5,948
(1,335)
Equity in (earnings) loss of unconsolidated entities
135
169
558
448
Company's portion of EBITDA of unconsolidated entities
(135)
(169)
(554)
(446)
EBITDA
43,360
(43,696)
109,874
(134,409)
Impairment charges on real estate
-
6,577
-
91,721
(Gain) loss on disposition of assets and hotel properties
(54)
(73)
(449)
36,680
EBITDAre
43,306
(37,192)
109,425
(6,008)
Amortization of unfavorable contract liabilities
53
62
211
227
(Gain) loss on insurance settlements
-
(477)
-
(625)
Write-off of premiums, loan costs and exit fees
5,412
2,368
10,612
13,867
(Gain) loss on extinguishment of debt
-
(24)
(11,896)
(90,349)
Other (income) expense, net
(1,078)
9,192
(1,760)
17,029
Transaction and conversion costs
779
7,980
3,033
16,309
Legal, advisory and settlement costs
439
997
7,371
1,409
Unrealized (gain) loss on marketable securities
-
(289)
-
1,467
Unrealized (gain) loss on derivatives
(10,781)
(8,887)
(14,493)
(19,950)
Dead deal costs
-
779
689
923
Uninsured remediation costs
-
-
341
-
Non-cash stock/unit-based compensation
2,556
2,406
10,095
10,746
Company's portion of adjustments to EBITDAre of unconsolidated entities
2
16
16
28
Adjusted EBITDAre
$
40,688
$
(23,069)
$
113,644
$
(54,927)
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
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income (loss)
$
(56,348)
$
(137,590)
$
(271,048)
$
(633,222)
(Income) loss attributable to noncontrolling interest in consolidated entities
(11)
98
73
338
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
376
11,714
3,970
89,008
Preferred dividends
(1,740)
(185)
(252)
(32,117)
Gain (loss) on extinguishment of preferred stock
(1,566)
55,477
(607)
55,477
Net income (loss) attributable to common stockholders
(59,289)
(70,486)
(267,864)
(520,516)
Depreciation and amortization on real estate
52,526
58,452
218,708
252,590
(Gain) loss on disposition of assets and hotel properties
(54)
(73)
(449)
36,680
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(376)
(11,714)
(3,970)
(89,008)
Equity in (earnings) loss of unconsolidated entities
135
169
558
448
Impairment charges on real estate
-
6,577
-
91,721
Company's portion of FFO of unconsolidated entities
(135)
(169)
(556)
(449)
FFO available to common stockholders and OP unitholders
(7,193)
(17,244)
(53,573)
(228,534)
(Gain) loss on extinguishment of preferred stock
1,566
(55,477)
607
(55,477)
Write-off of premiums, loan costs and exit fees
5,412
2,368
10,612
13,867
(Gain) loss on extinguishment of debt
-
(24)
(11,896)
(90,349)
(Gain) loss on insurance settlements
-
(477)
-
(625)
Other (income) expense, net
(1,078)
9,192
(1,760)
17,029
Transaction and conversion costs
779
7,980
3,407
16,309
Legal, advisory and settlement costs
439
997
7,371
1,409
Unrealized (gain) loss on marketable securities
-
(289)
-
1,467
Unrealized (gain) loss on derivatives
(10,781)
(8,887)
(14,493)
(19,950)
Dead deal costs
-
779
689
923
Uninsured remediation costs
-
-
341
-
Non-cash stock/unit-based compensation
2,556
2,406
10,095
10,746
Amortization of term loan exit fee
2,520
-
7,076
-
Amortization of loan costs
2,637
3,919
12,597
16,517
Company's portion of adjustments to FFO of unconsolidated entities
2
5
16
17
Adjusted FFO available to common stockholders and OP unitholders
$
(3,141)
$
(54,752)
$
(28,911)
$
(316,651)
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
(0.09)
$
(16.74)
$
(1.23)
$
(179.30)
Weighted average diluted shares
35,764
3,271
23,545
1,766
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2021
(dollars in thousands)
(unaudited)
Indebtedness
Current Maturity
Final Maturity (14)
Interest Rate (1)
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA (15)
Comparable TTM EBITDA
Debt Yield
JPMorgan Chase - 8 hotels
February 2022
February 2025
LIBOR + 3.07%
$
-
$
395,000
$
395,000
(2)
$
13,265
3.4
%
BAML Princeton/Nashville - 2 hotels
March 2022
March 2026
LIBOR + 2.75%
-
240,000
240,000
(3)
16,631
6.9
%
BAML Highland Pool - 19 hotels
April 2022
April 2025
LIBOR + 3.20%
-
910,694
910,694
(4)
36,386
4.0
%
KEYS Pool A - 7 hotels
June 2022
June 2025
LIBOR + 3.65%
-
180,720
180,720
(5)
9,280
5.1
%
KEYS Pool B - 7 hotels
June 2022
June 2025
LIBOR + 3.39%
-
174,400
174,400
(5)
3,061
1.8
%
KEYS Pool C - 5 hotels
June 2022
June 2025
LIBOR + 3.73%
-
221,040
221,040
(5)
9,156
4.1
%
KEYS Pool D - 5 hotels
June 2022
June 2025
LIBOR + 4.02%
-
262,640
262,640
(5)
17,610
6.7
%
KEYS Pool E - 5 hotels
June 2022
June 2025
LIBOR + 2.73%
-
160,000
160,000
(5)
11,886
7.4
%
KEYS Pool F - 5 hotels
June 2022
June 2025
LIBOR + 3.68%
-
215,120
215,120
(5)
5,136
2.4
%
Morgan Stanley Ann Arbor - 1 hotel
July 2022
July 2023
LIBOR + 3.95%
-
33,200
33,200
(6)
475
1.4
%
Morgan Stanley Pool - 17 hotels
November 2022
November 2024
LIBOR + 3.00%
-
419,000
419,000
(7)
20,687
4.9
%
JPMorgan Chase La Posada - 1 hotel
November 2022
November 2023
LIBOR + 2.70%
-
25,000
25,000
(8)
3,998
16.0
%
BAML Indigo Atlanta - 1 hotel
December 2022
December 2024
LIBOR + 2.25%
-
16,100
16,100
(9)
876
5.4
%
Aareal Le Pavillon - 1 hotel
January 2023
January 2025
LIBOR + 3.40%
-
37,000
37,000
(10)
126
0.3
%
Aareal Hilton Alexandria - 1 hotel
June 2023
June 2023
LIBOR + 2.45%
-
73,450
73,450
1,110
1.5
%
GACC Manchester RI - 1 hotel
January 2024
January 2024
5.49%
6,492
-
6,492
897
13.8
%
GACC Jacksonville RI - 1 hotel
January 2024
January 2024
5.49%
9,474
-
9,474
1,404
14.8
%
Oaktree Capital Term Loan
January 2024
January 2026
16.00%
200,000
-
200,000
(11)
N/A
N/A
Key Bank Manchester CY - 1 hotel
May 2024
May 2024
4.99%
6,150
-
6,150
612
10.0
%
Southside Bank Ashton - 1 hotel
June 2024
June 2024
LIBOR + 2.00%
-
8,881
8,881
378
4.3
%
Morgan Stanley Pool C2 - 2 hotels
August 2024
August 2024
4.85%
11,427
-
11,427
953
8.3
%
Morgan Stanley Pool C3 - 3 hotels
August 2024
August 2024
4.90%
22,853
-
22,853
2,175
9.5
%
Torchlight Marriott Gateway - 1 hotel
November 2024
November 2026
LIBOR + 4.65%
-
84,000
84,000
(12)
2,218
2.6
%
BAML Pool 3 - 3 hotels
February 2025
February 2025
4.45%
50,098
-
50,098
4,995
10.0
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
March 2025
March 2025
4.66%
23,883
-
23,883
2,913
12.2
%
Aareal Boston Back Bay - 1 hotel
August 2025
August 2026
LIBOR + 3.80%
-
98,000
98,000
(13)
2,955
3.0
%
Total
$
330,377
$
3,554,245
$
3,884,622
$
169,183
4.4
%
Percentage
8.5
%
91.5
%
100.0
%
Weighted average interest rate (1)
11.56
%
3.41
%
4.10
%
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 February 2021.
(3) 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.
(4) 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.
(5) 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.
(6) 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%.
(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.
(8) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021.This mortgage loan has a LIBOR floor of 1.25%.
(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 two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(13) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(14) The final maturity date assumes all available extension options will be exercised.
(15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2021
(dollars in thousands)
(unaudited)
2022
2023
2024
2025
2026
Thereafter
Total
Aareal Hilton Alexandria - 1 hotel
$
-
$
73,450
$
-
$
-
$
-
$
-
$
73,450
Morgan Stanley Ann Arbor - 1 hotel
-
33,200
-
-
-
-
33,200
JPMorgan Chase La Posada - 1 hotel
-
25,000
-
-
-
-
25,000
GACC Jacksonville RI - 1 hotel
-
-
9,036
-
-
-
9,036
GACC Manchester RI - 1 hotel
-
-
6,191
-
-
-
6,191
Key Bank Manchester CY - 1 hotel
-
-
5,680
-
-
-
5,680
Southside Bank Ashton - 1 hotel
-
-
8,881
-
-
-
8,881
Morgan Stanley Pool C2 - 2 hotels
-
-
10,755
-
-
-
10,755
Morgan Stanley Pool C3 - 3 hotels
-
-
21,522
-
-
-
21,522
Morgan Stanley Pool - 17 hotels
-
-
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
-
-
-
46,420
-
-
46,420
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
-
-
-
-
200,000
-
200,000
BAML Princeton/Nashville - 2 hotels
-
-
-
-
240,000
-
240,000
Aareal Boston Back Bay - 1 hotel
-
-
-
-
96,000
-
96,000
Torchlight Marriott Gateway - 1 hotel
-
-
-
-
84,000
-
84,000
Principal due in future periods
-
131,650
496,846
2,620,600
620,000
-
3,869,096
Scheduled amortization payments remaining
6,731
3,288
3,206
801
1,500
-
15,526
Total indebtedness
$
6,731
$
134,938
$
500,052
$
2,621,401
$
621,500
$
-
$
3,884,622
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Rooms revenue (in thousands)
$
194,744
$
-
$
194,744
$
74,291
$
(643)
$
73,648
162.14
%
164.42
%
RevPAR
$
94.87
$
-
$
94.87
$
35.70
$
22.12
$
35.89
165.75
%
164.32
%
Occupancy
60.31
%
-
%
60.31
%
32.81
%
36.41
%
32.76
%
83.82
%
84.10
%
ADR
$
157.29
$
-
$
157.29
$
108.79
$
60.77
$
109.55
44.58
%
43.58
%
ALL HOTELS:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2021
2021
2021
2020
2020
2020
% Variance
% Variance
Rooms revenue (in thousands)
$
651,327
$
(1,089)
$
650,238
$
405,922
$
(25,725)
$
380,197
60.46
%
71.03
%
RevPAR
$
79.67
$
(34.74)
$
79.84
$
46.09
$
39.93
$
46.58
72.86
%
71.43
%
Occupancy
55.58
%
(51.81)
%
55.60
%
34.37
%
33.35
%
34.45
%
61.71
%
61.38
%
ADR
$
143.34
$
(67.05)
$
143.62
$
134.10
$
119.74
$
135.20
6.89
%
6.23
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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
Year Ended
December 31,
December 31,
2021
2020
% Variance
2021
2020
% Variance
Total hotel revenue
$
246,649
$
89,432
175.80
%
$
798,320
$
504,363
58.28
%
Non-comparable adjustments
-
(678)
(1,160)
(28,908)
Comparable total hotel revenue
$
246,649
$
88,754
177.90
%
$
797,160
$
475,455
67.66
%
Hotel EBITDA
$
55,471
$
(9,260)
699.04
%
$
168,973
$
3,425
4,833.52
%
Non-comparable adjustments
(49)
314
210
2,977
Comparable hotel EBITDA
$
55,422
$
(8,946)
719.52
%
$
169,183
$
6,402
2,542.66
%
Hotel EBITDA margin
22.49
%
(10.35)
%
32.84
%
21.17
%
0.68
%
20.49
%
Comparable hotel EBITDA margin
22.47
%
(10.08)
%
32.55
%
21.22
%
1.35
%
19.87
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
82
$
(3)
2,833.33
%
$
226
$
39
479.49
%
Hotel EBITDA attributable to the Company and OP unitholders
$
55,389
$
(9,257)
698.35
%
$
168,747
$
3,386
4,883.67
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
55,340
$
(8,943)
718.81
%
$
168,957
$
6,363
2,555.30
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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
2021
2021
2021
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
Total hotel revenue
$
246,649
$
-
$
246,649
$
245,578
$
-
$
245,578
$
191,472
$
(345)
$
191,127
$
114,621
$
(815)
$
113,806
Hotel EBITDA
$
55,471
$
(49)
$
55,422
$
62,034
$
10
$
62,044
$
45,649
$
(22)
$
45,627
$
5,819
$
271
$
6,090
Hotel EBITDA margin
22.49
%
22.47
%
25.26
%
25.26
%
23.84
%
23.87
%
5.08
%
5.35
%
EBITDA % of total TTM
32.8
%
32.8
%
36.7
%
36.7
%
27.0
%
27.0
%
3.5
%
3.5
%
JV interests in EBITDA
$
82
$
-
$
82
$
87
$
-
$
87
$
58
$
-
$
58
$
(1)
$
-
$
(1)
Actual
Non-comparable Adjustments
Comparable
2021
2021
2021
TTM
TTM
TTM
Total hotel revenue
$
798,320
$
(1,160)
$
797,160
Hotel EBITDA
$
168,973
$
210
$
169,183
Hotel EBITDA margin
21.17
%
21.22
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in EBITDA
$
226
$
-
$
226
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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 December 31,
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
$
109.19
$
-
$
109.19
$
54.07
$
-
$
54.07
101.9
%
101.9
%
Boston, MA Area
2
705
136.25
-
136.25
22.73
-
22.73
499.4
%
499.4
%
Dallas / Ft. Worth, TX Area
7
1,526
78.96
-
78.96
32.43
-
32.43
143.5
%
143.5
%
Houston, TX Area
3
692
82.67
-
82.67
40.13
-
40.13
106.0
%
106.0
%
Los Angeles, CA Metro Area
6
1,619
115.73
-
115.73
49.60
-
49.60
133.3
%
133.3
%
Miami, FL Metro Area
2
414
139.33
-
139.33
36.44
-
36.44
282.4
%
282.4
%
Minneapolis - St. Paul, MN-WI Area
2
520
38.18
-
38.18
9.20
-
10.26
315.0
%
272.1
%
Nashville, TN Area
1
673
193.30
-
193.30
25.10
-
25.10
670.1
%
670.1
%
New York / New Jersey Metro Area
6
1,743
68.10
-
68.10
16.95
-
16.95
301.8
%
301.8
%
Orlando, FL Area
2
524
92.51
-
92.51
36.91
-
36.91
150.6
%
150.6
%
Philadelphia, PA Area
3
648
82.39
-
82.39
39.13
-
39.13
110.6
%
110.6
%
San Diego, CA Area
2
410
92.09
-
92.09
38.68
-
38.68
138.1
%
138.1
%
San Francisco - Oakland, CA Metro Area
7
1,547
76.71
-
76.71
45.08
-
45.08
70.2
%
70.2
%
Tampa, FL Area
2
571
94.58
-
94.58
45.31
-
45.31
108.7
%
108.7
%
Washington D.C. - MD - VA Area
9
2,426
72.31
-
72.31
21.60
-
21.60
234.8
%
234.8
%
Other Areas
37
6,869
99.85
-
99.85
39.53
(27.31)
39.99
152.6
%
149.7
%
Total Portfolio
100
22,313
$
94.87
$
-
$
94.87
$
35.70
$
22.12
$
35.89
165.7
%
164.3
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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 December 31,
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
$
4,590
$
-
$
4,590
8.3
%
$
1,034
$
-
$
1,034
(11.6)
%
343.9
%
343.9
%
Boston, MA Area
2
705
1,870
-
1,870
3.4
%
(1,999)
-
(1,999)
22.3
%
193.5
%
193.5
%
Dallas / Ft. Worth, TX Area
7
1,526
4,006
-
4,006
7.2
%
(324)
-
(324)
3.6
%
1,336.4
%
1,336.4
%
Houston, TX Area
3
692
1,464
-
1,464
2.6
%
39
-
39
(0.4)
%
3,653.8
%
3,653.8
%
Los Angeles, CA Metro Area
6
1,619
5,855
-
5,855
10.6
%
336
-
336
(3.8)
%
1,642.6
%
1,642.6
%
Miami, FL Metro Area
2
414
1,995
-
1,995
3.6
%
(767)
-
(767)
8.6
%
360.1
%
360.1
%
Minneapolis - St. Paul, MN-WI Area
2
520
(514)
(49)
(563)
(1.0)
%
(1,412)
255
(1,157)
12.9
%
63.6
%
51.3
%
Nashville, TN Area
1
673
6,668
-
6,668
12.0
%
97
-
97
(1.1)
%
6,774.2
%
6,774.2
%
New York / New Jersey Metro Area
6
1,743
1,206
-
1,206
2.2
%
(2,818)
(14)
(2,832)
31.7
%
142.8
%
142.6
%
Orlando, FL Area
2
524
1,313
-
1,313
2.4
%
85
(7)
78
(0.9)
%
1,444.7
%
1,583.3
%
Philadelphia, PA Area
3
648
953
-
953
1.7
%
127
-
127
(1.4)
%
650.4
%
650.4
%
San Diego, CA Area
2
410
979
-
979
1.8
%
78
-
78
(0.9)
%
1,155.1
%
1,155.1
%
San Francisco - Oakland, CA Metro Area
7
1,547
1,135
-
1,135
2.0
%
(165)
-
(165)
1.8
%
787.9
%
787.9
%
Tampa, FL Area
2
571
1,110
-
1,110
2.0
%
(87)
-
(87)
1.0
%
1,375.9
%
1,375.9
%
Washington D.C. - MD - VA Area
9
2,426
2,685
-
2,685
4.8
%
(2,757)
-
(2,757)
30.8
%
197.4
%
197.4
%
Other Areas
37
6,869
20,156
-
20,156
36.4
%
(727)
80
(647)
7.4
%
2,872.5
%
3,215.3
%
Total Portfolio
100
22,313
$
55,471
$
(49)
$
55,422
100.0
%
$
(9,260)
$
314
$
(8,946)
100.0
%
699.0
%
719.5
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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)
Year Ended December 31,
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
$
90.53
$
-
$
90.53
$
53.74
$
-
$
53.74
68.5
%
68.5
%
Boston, MA Area
2
705
98.81
-
98.81
35.53
(25.69)
37.38
178.1
%
164.3
%
Dallas / Ft. Worth, TX Area
7
1,526
64.97
-
64.97
40.48
-
40.48
60.5
%
60.5
%
Houston, TX Area
3
692
75.89
-
75.89
45.08
-
45.08
68.3
%
68.3
%
Los Angeles, CA Metro Area
6
1,619
92.34
-
92.34
57.69
-
57.69
60.1
%
60.1
%
Miami, FL Metro Area
2
414
122.82
-
122.82
55.14
(48.86)
57.04
122.7
%
115.3
%
Minneapolis - St. Paul, MN-WI Area
2
520
37.68
(6.17)
37.87
23.56
(30.37)
20.66
59.9
%
83.3
%
Nashville, TN Area
1
673
133.42
-
133.42
49.15
-
49.15
171.5
%
171.5
%
New York / New Jersey Metro Area
6
1,743
51.52
-
51.52
34.71
(62.51)
31.59
48.4
%
63.1
%
Orlando, FL Area
2
524
82.83
-
82.83
43.24
(41.03)
43.88
91.6
%
88.8
%
Philadelphia, PA Area
3
648
71.28
-
71.28
41.69
-
41.69
71.0
%
71.0
%
San Diego, CA Area
2
410
82.81
-
82.81
46.64
-
46.64
77.6
%
77.6
%
San Francisco - Oakland, CA Metro Area
7
1,547
71.73
-
71.73
59.85
-
59.85
19.8
%
19.8
%
Tampa, FL Area
2
571
94.88
-
94.88
54.19
-
54.19
75.1
%
75.1
%
Washington D.C. - MD - VA Area
9
2,426
58.29
-
58.29
35.42
-
35.42
64.6
%
64.6
%
Other Areas
37
6,869
86.93
(35.82)
87.55
49.26
(38.11)
50.77
76.5
%
72.4
%
Total Portfolio
100
22,313
$
79.67
$
(34.74)
$
79.84
$
46.09
$
39.93
$
46.58
72.9
%
71.4
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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)
Year Ended December 31,
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
$
12,650
$
-
$
12,650
7.5
%
$
1,476
$
-
$
1,476
23.1
%
757.0
%
757.0
%
Boston, MA Area
2
705
3,376
-
3,376
2.0
%
(6,621)
497
(6,124)
(95.7)
%
151.0
%
155.1
%
Dallas / Ft. Worth, TX Area
7
1,526
10,413
-
10,413
6.2
%
1,734
-
1,734
27.1
%
500.5
%
500.5
%
Houston, TX Area
3
692
4,863
-
4,863
2.9
%
745
-
745
11.6
%
552.8
%
552.8
%
Los Angeles, CA Metro Area
6
1,619
16,360
-
16,360
9.7
%
5,130
-
5,130
80.1
%
218.9
%
218.9
%
Miami, FL Metro Area
2
414
5,774
-
5,774
3.4
%
(4)
(439)
(443)
(6.9)
%
144,450.0
%
1,403.4
%
Minneapolis - St. Paul, MN-WI Area
2
520
(965)
138
(827)
(0.5)
%
(7,019)
3,408
(3,611)
(56.4)
%
86.3
%
77.1
%
Nashville, TN Area
1
673
16,134
-
16,134
9.5
%
620
-
620
9.7
%
2,502.3
%
2,502.3
%
New York / New Jersey Metro Area
6
1,743
1,558
1
1,559
0.9
%
(7,658)
420
(7,238)
(113.1)
%
120.3
%
121.5
%
Orlando, FL Area
2
524
4,318
(1)
4,317
2.6
%
1,078
(141)
937
14.6
%
300.6
%
360.7
%
Philadelphia, PA Area
3
648
3,715
-
3,715
2.2
%
737
-
737
11.5
%
404.1
%
404.1
%
San Diego, CA Area
2
410
3,961
-
3,961
2.3
%
792
-
792
12.4
%
400.1
%
400.1
%
San Francisco - Oakland, CA Metro Area
7
1,547
6,628
-
6,628
3.9
%
4,050
-
4,050
63.3
%
63.7
%
63.7
%
Tampa, FL Area
2
571
5,176
-
5,176
3.1
%
1,679
-
1,679
26.2
%
208.3
%
208.3
%
Washington D.C. - MD - VA Area
9
2,426
6,388
-
6,388
3.8
%
(8,549)
-
(8,549)
(133.5)
%
174.7
%
174.7
%
Other Areas
37
6,869
68,624
72
68,696
40.5
%
15,235
(768)
14,467
226.0
%
350.4
%
374.8
%
Total Portfolio
100
22,313
$
168,973
$
210
$
169,183
100.0
%
$
3,425
$
2,977
$
6,402
100.0
%
4,833.5
%
2,542.7
%
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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
December 31, 2021
(in thousands, except share price)
(unaudited)
December 31, 2021
Common stock shares outstanding
34,490
Partnership units outstanding
400
Combined common stock shares and partnership units outstanding
34,890
Common stock price
$
9.60
Market capitalization
$
334,948
Series D cumulative preferred stock
$
29,361
Series F cumulative preferred stock
$
31,276
Series G cumulative preferred stock
$
38,300
Series H cumulative preferred stock
$
32,710
Series I cumulative preferred stock
$
31,323
Indebtedness
$
3,884,622
Net working capital (see below)
$
(639,491)
Total enterprise value (TEV)
$
3,743,049
Cash and cash equivalents
$
592,110
Restricted cash
$
99,534
Accounts receivable, net
$
37,720
Prepaid expenses
$
13,385
Due from third-party hotel managers, net
$
25,692
Due from affiliates, net
$
6,756
Total current assets
$
775,197
Accounts payable, net & accrued expenses
$
132,602
Dividends and distributions payable
$
3,104
Total current liabilities
$
135,706
Net working capital
$
639,491
15
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2021
2021
2021
2021
December 31, 2021
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
TTM
Net income (loss)
$
(1,105)
$
3,861
$
(4,261)
$
(52,353)
$
(53,858)
Non-property adjustments
(47)
(890)
(10,965)
69
(11,833)
Interest income
(6)
(6)
(6)
(6)
(24)
Interest expense
2,252
1,824
1,535
1,367
6,978
Amortization of loan costs
435
341
275
272
1,323
Depreciation and amortization
52,377
52,877
55,397
57,426
218,077
Income tax expense (benefit)
11
99
59
-
169
Non-hotel EBITDA ownership expense
1,554
3,928
3,615
(956)
8,141
Hotel EBITDA including amounts attributable to noncontrolling interest
55,471
62,034
45,649
5,819
168,973
Non-comparable adjustments
(49)
10
(22)
271
210
Comparable hotel EBITDA
$
55,422
$
62,044
$
45,627
$
6,090
$
169,183
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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 December 31, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(1,105)
$
207
$
(55,450)
$
(56,348)
Non-property adjustments
(47)
(140)
187
-
Interest income
(6)
-
6
-
Interest expense
2,252
-
39,223
41,475
Amortization of loan cost
435
-
2,206
2,641
Depreciation and amortization
52,377
135
48
52,560
Income tax expense (benefit)
11
-
3,021
3,032
Non-hotel EBITDA ownership expense
1,554
19
(1,573)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
55,471
221
(12,332)
43,360
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(83)
-
83
-
Equity in (earnings) loss of unconsolidated entities
-
-
135
135
Company's portion of EBITDA of unconsolidated entities
-
-
(135)
(135)
Hotel EBITDA attributable to the Company and OP unitholders
$
55,388
$
221
$
(12,249)
$
43,360
Non-comparable adjustments
(49)
Comparable hotel EBITDA
$
55,422
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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 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 unconsolidated entities
-
-
(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 December 31, 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)
Year Ended December 31, 2021
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(53,858)
$
(215)
$
(216,975)
$
(271,048)
Non-property adjustments
(11,833)
(221)
12,054
-
Interest income
(24)
-
24
-
Interest expense
6,978
-
136,530
143,508
Amortization of loan cost
1,323
-
11,288
12,611
Depreciation and amortization
218,077
580
194
218,851
Income tax expense (benefit)
169
-
5,779
5,948
Non-hotel EBITDA ownership expense
8,141
187
(8,328)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
168,973
331
(59,434)
109,870
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(226)
-
226
-
Equity in (earnings) loss of unconsolidated entities
-
-
558
558
Company's portion of EBITDA of unconsolidated entities
-
-
(554)
(554)
Hotel EBITDA attributable to the Company and OP unitholders
$
168,747
$
331
$
(59,204)
$
109,874
Non-comparable adjustments
210
Comparable hotel EBITDA
$
169,183
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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)
Year Ended December 31, 2020
Hotel Total
Orlando WorldQuest Resort
Corporate / Allocated
Ashford Hospitality Trust, Inc.
Net income (loss)
$
(316,348)
$
(1,507)
$
(315,367)
$
(633,222)
Non-property adjustments
37,670
-
(37,670)
-
Interest income
(64)
-
64
-
Interest expense
20,259
-
210,597
230,856
Amortization of loan cost
1,894
-
14,631
16,525
Depreciation and amortization
251,945
625
195
252,765
Income tax expense (benefit)
111
-
(1,446)
(1,335)
Non-hotel EBITDA ownership expense
7,958
29
(7,987)
-
Hotel EBITDA including amounts attributable to noncontrolling interest
3,425
(853)
(136,983)
(134,411)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(39)
-
39
-
Equity in (earnings) loss of unconsolidated entities
-
-
448
448
Company's portion of EBITDA of unconsolidated entities
-
-
(446)
(446)
Hotel EBITDA attributable to the Company and OP unitholders
$
3,386
$
(853)
$
(136,942)
$
(134,409)
Non-comparable adjustments
2,977
Comparable hotel EBITDA
$
6,402
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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 December 31, 2021
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis -
St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
631
$
(1,143)
$
67
$
62
$
2,443
$
312
$
(1,414)
$
4,174
$
(2,983)
Non-property adjustments
(52)
-
-
-
-
-
-
-
-
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
103
974
-
-
-
-
-
-
-
Amortization of loan costs
8
130
-
-
-
-
-
-
-
Depreciation and amortization
3,793
2,282
3,962
1,223
3,420
1,535
831
2,454
4,118
Income tax expense (benefit)
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
107
(373)
(22)
179
(7)
148
69
40
72
Hotel EBITDA including amounts attributable to noncontrolling interest
4,590
1,870
4,006
1,464
5,855
1,995
(514)
6,668
1,206
Non-comparable adjustments
-
-
-
-
-
-
(49)
-
-
Comparable hotel EBITDA
$
4,590
$
1,870
$
4,006
$
1,464
$
5,855
$
1,995
$
(563)
$
6,668
$
1,206
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)
$
(93)
$
(331)
$
252
$
(3,196)
$
(197)
$
(4,563)
$
4,874
$
(1,105)
Non-property adjustments
-
-
-
-
-
-
5
(47)
Interest income
-
-
(1)
-
-
(1)
(1)
(6)
Interest expense
-
-
-
232
-
446
497
2,252
Amortization of loan costs
-
-
-
37
-
64
196
435
Depreciation and amortization
1,403
1,234
693
3,547
1,294
6,565
14,023
52,377
Income tax expense (benefit)
-
(3)
-
-
-
-
14
11
Non-hotel EBITDA ownership expense
3
53
35
515
13
174
548
1,554
Hotel EBITDA including amounts attributable to noncontrolling interest
1,313
953
979
1,135
1,110
2,685
20,156
55,471
Non-comparable adjustments
-
-
-
-
-
-
-
(49)
Comparable hotel EBITDA
$
1,313
$
953
$
979
$
1,135
$
1,110
$
2,685
$
20,156
$
55,422
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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.
21
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 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)
$
(3,037)
$
(5,171)
$
(4,741)
$
(1,549)
$
(3,913)
$
(2,525)
$
(9,173)
$
(2,702)
$
(7,363)
Non-property adjustments
-
243
-
-
-
-
6,567
-
-
Interest income
-
-
(1)
-
(1)
-
-
-
(1)
Interest expense
103
245
-
-
-
-
-
-
-
Amortization of loan costs
8
69
-
-
-
-
-
-
-
Depreciation and amortization
3,928
2,609
4,411
1,387
3,780
1,723
1,101
2,592
4,346
Income tax expense (benefit)
33
-
-
-
-
-
-
-
58
Non-hotel EBITDA ownership expense
(1)
6
7
201
470
35
93
207
142
Hotel EBITDA including amounts attributable to noncontrolling interest
1,034
(1,999)
(324)
39
336
(767)
(1,412)
97
(2,818)
Non-comparable adjustments
-
-
-
-
-
-
255
-
(14)
Comparable hotel EBITDA
$
1,034
$
(1,999)
$
(324)
$
39
$
336
$
(767)
$
(1,157)
$
97
$
(2,832)
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)
$
(1,508)
$
(1,296)
$
(634)
$
(4,506)
$
(1,805)
$
(10,476)
$
(16,479)
$
(76,878)
Non-property adjustments
1
-
-
-
-
(125)
(440)
6,246
Interest income
-
-
-
-
-
(1)
(3)
(7)
Interest expense
-
-
-
420
-
405
106
1,279
Amortization of loan costs
-
-
-
22
-
61
145
305
Depreciation and amortization
1,669
1,342
714
3,611
1,451
7,754
15,868
58,286
Income tax expense (benefit)
-
21
-
-
-
5
(6)
111
Non-hotel EBITDA ownership expense
(77)
60
(2)
288
267
(380)
82
1,398
Hotel EBITDA including amounts attributable to noncontrolling interest
85
127
78
(165)
(87)
(2,757)
(727)
(9,260)
Non-comparable adjustments
(7)
-
-
-
-
-
80
314
Comparable hotel EBITDA
$
78
$
127
$
78
$
(165)
$
(87)
$
(2,757)
$
(647)
$
(8,946)
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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.
22
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2021
Atlanta, GA Area
Boston, MA Area
Dallas / Ft. Worth, TX Area
Houston, TX Area
Los Angeles, CA Metro Area
Miami, FL Metro Area
Minneapolis - St. Paul, MN - WI Area
Nashville, TN Area
New York / New Jersey Metro Area
Net income (loss)
$
(2,983)
$
(6,772)
$
(6,738)
$
(631)
$
2,186
$
(1,135)
$
(4,497)
$
6,296
$
(19,044)
Non-property adjustments
(52)
(1,033)
(2)
-
-
-
127
-
(327)
Interest income
(2)
-
(3)
-
(5)
-
-
-
(2)
Interest expense
408
1,914
-
-
-
-
-
-
-
Amortization of loan costs
31
402
-
-
-
-
-
-
-
Depreciation and amortization
15,251
9,647
16,456
5,088
14,215
6,519
3,446
9,945
17,153
Income tax expense (benefit)
-
-
-
-
-
-
-
6
-
Non-hotel EBITDA ownership expense
(3)
(782)
700
406
(36)
390
(41)
(114)
3,778
Hotel EBITDA including amounts attributable to noncontrolling interest
12,650
3,376
10,413
4,863
16,360
5,774
(965)
16,133
1,558
Non-comparable adjustments
-
-
-
-
-
-
138
1
1
Comparable hotel EBITDA
$
12,650
$
3,376
$
10,413
$
4,863
$
16,360
$
5,774
$
(827)
$
16,134
$
1,559
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)
$
(1,799)
$
(1,409)
$
1,013
$
(9,349)
$
(33)
$
(24,220)
$
15,257
$
(53,858)
Non-property adjustments
-
-
-
19
(55)
-
(10,510)
(11,833)
Interest income
(1)
(1)
(2)
-
-
(3)
(5)
(24)
Interest expense
-
-
-
972
-
1,808
1,876
6,978
Amortization of loan costs
-
-
-
147
-
252
491
1,323
Depreciation and amortization
5,995
5,090
2,718
14,113
5,468
28,028
58,945
218,077
Income tax expense (benefit)
-
(3)
-
-
-
-
166
169
Non-hotel EBITDA ownership expense
123
38
232
726
(204)
523
2,405
8,141
Hotel EBITDA including amounts attributable to noncontrolling interest
4,318
3,715
3,961
6,628
5,176
6,388
68,625
168,973
Non-comparable adjustments
(1)
-
-
-
-
-
71
210
Comparable hotel EBITDA
$
4,317
$
3,715
$
3,961
$
6,628
$
5,176
$
6,388
$
68,696
$
169,183
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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.
23
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 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)
$
(15,655)
$
(20,942)
$
(16,832)
$
(5,230)
$
(11,093)
$
(3,614)
$
(49,865)
$
(10,270)
$
(71,602)
Non-property adjustments
-
(3,043)
-
-
-
(4,841)
35,355
-
36,077
Interest income
(2)
-
(4)
-
(6)
(1)
(4)
-
(4)
Interest expense
478
4,831
-
-
-
-
-
-
7,660
Amortization of loan costs
99
246
-
-
-
-
-
-
486
Depreciation and amortization
15,826
11,805
18,276
5,641
15,819
8,254
7,163
10,469
18,790
Income tax expense (benefit)
33
-
-
-
-
-
-
-
58
Non-hotel EBITDA ownership expense
697
482
294
334
410
198
332
421
877
Hotel EBITDA including amounts attributable to noncontrolling interest
1,476
(6,621)
1,734
745
5,130
(4)
(7,019)
620
(7,658)
Non-comparable adjustments
-
497
-
-
-
(439)
3,408
-
420
Comparable hotel EBITDA
$
1,476
$
(6,124)
$
1,734
$
745
$
5,130
$
(443)
$
(3,611)
$
620
$
(7,238)
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)
$
333
$
(4,931)
$
(2,227)
$
(13,595)
$
(4,640)
$
(43,871)
$
(42,314)
$
(316,348)
Non-property adjustments
(7,632)
-
-
-
-
(125)
(18,121)
37,670
Interest income
(2)
(1)
(2)
(8)
-
(8)
(22)
(64)
Interest expense
-
-
-
2,058
-
2,654
2,578
20,259
Amortization of loan costs
-
-
-
69
-
239
755
1,894
Depreciation and amortization
8,314
5,532
2,966
14,439
6,006
31,682
70,963
251,945
Income tax expense (benefit)
-
21
-
-
-
5
(6)
111
Non-hotel EBITDA ownership expense
65
116
55
1,087
313
875
1,402
7,958
Hotel EBITDA including amounts attributable to noncontrolling interest
1,078
737
792
4,050
1,679
(8,549)
15,235
3,425
Non-comparable adjustments
(141)
-
-
-
-
-
(768)
2,977
Comparable hotel EBITDA
$
937
$
737
$
792
$
4,050
$
1,679
$
(8,549)
$
14,467
$
6,402
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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)
TTM Ended December 31, 2021
KEYS Pool A - 7 hotels
KEYS Pool B - 7 hotels
KEYS Pool C - 5 hotels
KEYS Pool D - 5 hotels
KEYS Pool E - 5 hotels
KEYS Pool F - 5 hotels
BAML Highland Pool - 19 hotels
Morgan Stanley Pool - 17 hotels
JP Morgan Chase - 8 hotels
BAML Pool 3 - 3 hotels
Morgan Stanley Pool C3 - 3 hotels
Net income (loss)
$
3,228
$
(3,489)
$
(5,518)
$
6,555
$
(1,503)
$
(11,228)
$
(26,561)
$
(800)
$
(6,817)
$
(713)
$
677
Non-property adjustments
-
(2)
-
-
(9)
-
(66)
-
(1)
-
-
Interest income
(9)
(4)
-
-
-
-
-
(9)
-
(2)
-
Interest expense
-
-
-
-
-
-
-
-
3
-
-
Amortization of loan costs
-
-
-
-
-
-
-
-
-
-
-
Depreciation and amortization
5,907
6,328
13,726
9,766
12,902
16,570
58,398
21,669
19,379
5,589
1,546
Income tax expense (benefit)
(3)
-
-
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
157
228
948
1,289
496
(206)
4,615
(173)
701
121
(48)
Hotel EBITDA including amounts attributable to noncontrolling interest
9,280
3,061
9,156
17,610
11,886
5,136
36,386
20,687
13,265
4,995
2,175
Non-comparable adjustments
-
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
9,280
$
3,061
$
9,156
$
17,610
$
11,886
$
5,136
$
36,386
$
20,687
$
13,265
$
4,995
$
2,175
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
Aareal Boston Back Bay - 1 hotel
Torchlight Marriott Gateway - 1 hotel
GACC Jacksonville RI - 1 hotel
JPMorgan Chase La Posada-1 hotel
Net income (loss)
$
10,318
$
(431)
$
3,851
$
(4,002)
$
(2,051)
$
(66)
$
(1,236)
$
(3,830)
$
(6,760)
$
(577)
$
1,459
Non-property adjustments
(10,601)
(51)
-
-
-
-
-
(1,033)
-
-
-
Interest income
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
1,809
-
-
408
1,912
-
-
701
Amortization of loan costs
-
-
-
250
-
-
32
402
-
-
94
Depreciation and amortization
174
1,274
12,921
2,986
2,415
382
1,534
5,793
9,445
2,005
1,596
Income tax expense (benefit)
-
-
6
-
-
-
-
-
-
-
-
Non-hotel EBITDA ownership expense
32
161
(147)
67
111
62
138
(289)
(467)
(24)
148
Hotel EBITDA including amounts attributable to noncontrolling interest
(77)
953
16,631
1,110
475
378
876
2,955
2,218
1,404
3,998
Non-comparable adjustments
77
-
-
-
-
-
-
-
-
-
-
Comparable hotel EBITDA
$
-
$
953
$
16,631
$
1,110
$
475
$
378
$
876
$
2,955
$
2,218
$
1,404
$
3,998
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)
$
(5,034)
$
220
$
206
$
325
$
(98)
$
23
$
1
$
327
$
(334)
$
(53,858)
Non-property adjustments
-
-
-
28
98
-
-
(327)
131
(11,833)
Interest income
-
-
-
-
-
-
-
-
-
(24)
Interest expense
1,174
-
-
971
-
-
-
-
-
6,978
Amortization of loan costs
398
-
-
147
-
-
-
-
-
1,323
Depreciation and amortization
3,588
373
531
1,249
-
-
-
-
31
218,077
Income tax expense (benefit)
-
19
147
-
-
-
-
-
-
169
Non-hotel EBITDA ownership expense
-
-
13
193
-
-
-
-
15
8,141
Hotel EBITDA including amounts attributable to noncontrolling interest
126
612
897
2,913
-
23
1
-
(157)
168,973
Non-comparable adjustments
-
-
-
-
-
(23)
(1)
-
157
210
Comparable hotel EBITDA
$
126
$
612
$
897
$
2,913
$
-
$
-
$
-
$
-
$
-
$
169,183
NOTES:
(1) The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 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
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Ashford Hospitality Trust Inc. published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 21:27:29 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.