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| 8-K - 8-K - ASHFORD HOSPITALITY TRUST INC | aht-20210504.htm |
EXHIBIT 99.1
NEWS RELEASE
| Contact: | Deric Eubanks | Jordan Jennings | Joe Calabrese | ||||||||
| Chief Financial Officer | Investor Relations | Financial Relations Board | |||||||||
| (972) 490-9600 | (972) 778-9487 | (212) 827-3772 | |||||||||
ASHFORD TRUST REPORTS FIRST QUARTER 2021 RESULTS
First Quarter Net Loss Attributable to Common Stockholders was $(91.6) Million
Completed $200 Million Strategic Corporate Financing with Option to Upsize to $450 Million
Company Had Positive Comparable Hotel EBITDA of $6.0 Million in the First Quarter
DALLAS – May 4, 2021 – 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, 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 March 31, 2021 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, 2021 with the first quarter ended March 31, 2020 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed in 2020 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
•Net loss attributable to common stockholders was $(91.6) million or $(1.10) per diluted share for the quarter.
•Comparable RevPAR for all hotels decreased 50.9% to $47.51 during the quarter.
•Adjusted EBITDAre was $(5.2) million for the quarter, the best performing quarter since the first quarter of 2020.
•Adjusted funds from operations (AFFO) was $(0.30) per diluted share for the quarter.
•The Company ended the quarter with cash and cash equivalents of $225.4 million and restricted cash of $67.7 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 $11.8 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.
•During the quarter, the Company completed a $200 million corporate financing with the ability to upsize to $450 million.
•During the quarter, the Company announced that it signed a modification agreement improving loan extension terms on its $395 million JP Morgan 8 Loan Pool representing 8 hotels.
•During the quarter, the Company announced that it signed a modification agreement improving loan extension terms on its $419 million MS 17 Loan Pool representing 17 hotels.
AHT Reports First Quarter Results
Page 2
May 4, 2021
•Subsequent to quarter end, the Company announced that it signed a modification agreement improving loan extension terms on its $240 million Renaissance Nashville/Westin Princeton Pool representing 2 hotels.
•Subsequent to quarter end, the Company published an updated investor presentation that can be found on the Investor page of its website at www.ahtreit.com.
•Capex invested during the quarter was $9.1 million.
STRATEGIC FINANCING
On January 15, 2021, the Company announced that it completed the previously announced strategic financing (“Loan”). The Company drew down $200 million on the Loan at that time and has the option to draw down an additional $250 million, if needed. At this time, the Company believes it may not need to draw down any additional proceeds.
The Loan has a 3-year term with two, 1-year extension options subject to certain fees and tests. The Loan also allows the Company the option to accrue (and not pay in cash) the interest expense for up to two years, and the lender will be eligible to receive an exit fee that may be paid by the Company in either cash or warrants. For reporting purposes, the warrants associated with this exit fee are included in the Company’s fully diluted share count.
CAPITAL STRUCTURE
At March 31, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%.
The Company has been actively exchanging its preferred stock for common stock. To date, the Company has exchanged 13.0 million shares of its preferred stock, approximately 58% of its preferred shares prior to initiating the exchanges and representing approximately $325 million of par value, into 85.0 million shares of common stock.
The Company has also been opportunistically raising equity capital to delever its balance sheet. During the fourth quarter of 2020 and into the first quarter of 2021, the Company issued approximately 10.4 million shares of common stock under its first equity line raising approximately $25.1 million in proceeds. During the first quarter, the Company also issued 13.7 million shares of common stock under its Standby Equity Distribution Agreement, or SEDA, for approximately $40.6 million in proceeds. The Company recently completed its second equity line issuing 20.5 million shares of common stock for approximately $43.6 million in proceeds. In total, the Company has raised approximately $89 million this year from the sale of its common stock, providing significant liquidity.
In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the first quarter ending March 31, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company also did not pay a dividend on its preferred stock for the first quarter ending March 31, 2021.
PORTFOLIO REVPAR
As of March 31, 2021, the portfolio consisted of 102 hotels.
•Comparable RevPAR decreased 50.9% to $47.51 for all hotels on a 31.4% decrease in ADR and a 28.4% decrease in occupancy.
AHT Reports First Quarter Results
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May 4, 2021
“I’m pleased to report that our portfolio generated positive Hotel EBITDA in the first quarter,” commented J. Robison Hays, Ashford Trust’s President and Chief Executive Officer. “We’ve taken decisive actions to enhance our liquidity and deleverage our balance sheet, and we believe our attractive hotel portfolio is well-positioned to capitalize on the industry recovery we are already seeing. We’ve enhanced our operational and financial flexibility by securing forbearance agreements on $3.6 billion of loans and exchanging approximately $325 million of our preferred equity for common equity. We have also ensured substantial access to capital and ample liquidity for multiple years via a long-term capital agreement for up to $450 million. Further, we’ve materially reduced our monthly cash utilization, handed back uneconomic assets to lenders, significantly delevered our balance sheet, and have no significant debt maturities until 2024-2025, assuming extensions are exercised. Looking ahead, the lodging industry is showing clear signs of improvement, our geographically diverse portfolio is well-positioned with high exposure to transient leisure customers, and we believe our improved liquidity profile and ongoing deleveraging initiatives position us to capitalize on this recovery.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 5, 2021, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Wednesday, May 12, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13717718.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2021 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Wednesday, May 5, 2021, beginning at 12:00 p.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.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to meet the NYSE continued listing standards; our ability to regain S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or
AHT Reports First Quarter Results
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May 4, 2021
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 this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
| March 31, 2021 | December 31, 2020 | ||||||||||
| ASSETS | |||||||||||
| Investments in hotel properties, net | $ | 3,364,584 | $ | 3,426,982 | |||||||
| Cash and cash equivalents | 225,357 | 92,905 | |||||||||
| Restricted cash | 67,734 | 74,408 | |||||||||
| Accounts receivable, net of allowance of $271 and $441, respectively | 33,320 | 21,760 | |||||||||
| Inventories | 2,340 | 2,447 | |||||||||
| Notes receivable, net | 8,408 | 8,263 | |||||||||
| Investment in OpenKey | 2,674 | 2,811 | |||||||||
| Deferred costs, net | 6,805 | 1,851 | |||||||||
| Prepaid expenses | 17,884 | 18,401 | |||||||||
| Derivative assets, net | 195 | 263 | |||||||||
| Operating lease right-of-use assets | 44,808 | 45,008 | |||||||||
| Other assets | 20,394 | 23,303 | |||||||||
| Intangible assets, net | 797 | 797 | |||||||||
| Due from Ashford Inc., net | 1,506 | — | |||||||||
| Due from related parties, net | 8,177 | 5,801 | |||||||||
| Due from third-party hotel managers | 11,847 | 9,383 | |||||||||
| Total assets | $ | 3,816,830 | $ | 3,734,383 | |||||||
| LIABILITIES AND EQUITY (DEFICIT) | |||||||||||
| Liabilities: | |||||||||||
| Indebtedness, net | $ | 3,899,091 | $ | 3,728,911 | |||||||
| Accounts payable and accrued expenses | 95,647 | 99,954 | |||||||||
| Accrued interest payable | 43,630 | 98,685 | |||||||||
| Dividends and distributions payable | 236 | 868 | |||||||||
| Due to Ashford Inc., net | — | 13,383 | |||||||||
| Due to third-party hotel managers | 436 | 184 | |||||||||
| Intangible liabilities, net | 2,237 | 2,257 | |||||||||
| Operating lease liabilities | 45,184 | 45,309 | |||||||||
| Derivative liabilities | 42,402 | — | |||||||||
| Other liabilities | 5,210 | 5,336 | |||||||||
| Total liabilities | 4,134,073 | 3,994,887 | |||||||||
| Redeemable noncontrolling interests in operating partnership | 24,683 | 22,951 | |||||||||
| Equity (deficit): | |||||||||||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized : | |||||||||||
| Series D Cumulative Preferred Stock, 1,678,772 and 1,791,461 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 17 | 18 | |||||||||
| Series F Cumulative Preferred Stock, 2,037,824 and 2,891,440 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 20 | 29 | |||||||||
| Series G Cumulative Preferred Stock, 3,172,279 and 4,422,623 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 32 | 44 | |||||||||
| Series H Cumulative Preferred Stock, 2,002,137 and 2,668,637 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 20 | 27 | |||||||||
| Series I Cumulative Preferred Stock, 1,999,575 and 3,391,349 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 20 | 34 | |||||||||
| Common stock, $0.01 par value, 400,000,000 shares authorized, 110,140,224 and 64,362,505 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 1,101 | 644 | |||||||||
| Additional paid-in capital | 1,845,180 | 1,808,875 | |||||||||
| Accumulated deficit | (2,188,401) | (2,093,292) | |||||||||
| Total shareholders' equity (deficit) of the Company | (342,011) | (283,621) | |||||||||
| Noncontrolling interests in consolidated entities | 85 | 166 | |||||||||
| Total equity (deficit) | (341,926) | (283,455) | |||||||||
| Total liabilities and equity/deficit | $ | 3,816,830 | $ | 3,734,383 | |||||||
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| REVENUE | |||||||||||
| Rooms | $ | 97,114 | $ | 215,807 | |||||||
| Food and beverage | 7,903 | 47,950 | |||||||||
| Other | 10,428 | 17,348 | |||||||||
| Total hotel revenue | 115,445 | 281,105 | |||||||||
| Other | 385 | 772 | |||||||||
| Total revenue | 115,830 | 281,877 | |||||||||
| EXPENSES | |||||||||||
| Hotel operating expenses | |||||||||||
| Rooms | 23,724 | 52,466 | |||||||||
| Food and beverage | 6,527 | 34,901 | |||||||||
| Other expenses | 55,769 | 103,794 | |||||||||
| Management fees | 5,527 | 10,549 | |||||||||
| Total hotel operating expenses | 91,547 | 201,710 | |||||||||
| Property taxes, insurance and other | 17,471 | 20,472 | |||||||||
| Depreciation and amortization | 57,627 | 66,350 | |||||||||
| Impairment charges | — | 27,613 | |||||||||
| Advisory services fee: | |||||||||||
| Base advisory fee | 8,735 | 8,917 | |||||||||
| Reimbursable expenses | 1,591 | 1,831 | |||||||||
| Non-cash stock/unit-based compensation | 1,835 | 4,551 | |||||||||
| Corporate, general and administrative: | |||||||||||
| Non-cash stock/unit-based compensation | 26 | 142 | |||||||||
| Other general and administrative | 6,971 | 3,350 | |||||||||
| Total operating expenses | 185,803 | 334,936 | |||||||||
| Gain (loss) on disposition of assets and hotel properties | (69) | 3,623 | |||||||||
| OPERATING INCOME (LOSS) | (70,042) | (49,436) | |||||||||
| Equity in earnings (loss) of unconsolidated entities | (137) | (79) | |||||||||
| Interest income | 13 | 611 | |||||||||
| Other income (expense), net | 229 | 1,522 | |||||||||
| Interest expense, net of discount amortization | (28,370) | (50,503) | |||||||||
| Amortization of loan costs | (4,894) | (6,582) | |||||||||
| Write-off of premiums, loan costs and exit fees | (3,379) | (95) | |||||||||
| Unrealized gain (loss) on marketable securities | — | (1,477) | |||||||||
| Unrealized gain (loss) on derivatives | 919 | 4,422 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (105,661) | (101,617) | |||||||||
| Income tax benefit (expense) | 271 | (303) | |||||||||
| NET INCOME (LOSS) | (105,390) | (101,920) | |||||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | 81 | 48 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 2,271 | 17,671 | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (103,038) | (84,201) | |||||||||
| Preferred dividends | 818 | (10,644) | |||||||||
| Gain (loss) on extinguishment of preferred stock | 10,635 | — | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (91,585) | $ | (94,845) | |||||||
| INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||
| Basic: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (1.10) | $ | (9.40) | |||||||
| Weighted average common shares outstanding – basic | 83,046 | 10,047 | |||||||||
| Diluted: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (1.10) | $ | (9.40) | |||||||
| Weighted average common shares outstanding – diluted | 83,046 | 10,047 | |||||||||
| 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, | |||||||||||
| 2021 | 2020 | ||||||||||
| Net income (loss) | $ | (105,390) | $ | (101,920) | |||||||
| Interest expense and amortization of discounts and loan costs, net | 33,264 | 57,085 | |||||||||
| Depreciation and amortization | 57,627 | 66,350 | |||||||||
| Income tax expense (benefit) | (271) | 303 | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 137 | 79 | |||||||||
| Company's portion of EBITDA of OpenKey | (135) | (78) | |||||||||
| EBITDA | (14,768) | 21,819 | |||||||||
| Impairment charges on real estate | — | 27,613 | |||||||||
| (Gain) loss on disposition of assets and hotel properties | 69 | (3,623) | |||||||||
| EBITDAre | (14,699) | 45,809 | |||||||||
| Amortization of unfavorable contract liabilities | 53 | 49 | |||||||||
| Write-off of premiums, loan costs and exit fees | 3,379 | 95 | |||||||||
| Other (income) expense, net | (229) | (1,491) | |||||||||
| Transaction and conversion costs | 1,509 | 741 | |||||||||
| Legal, advisory and settlement costs | 2,647 | 145 | |||||||||
| Unrealized (gain) loss on marketable securities | — | 1,477 | |||||||||
| Unrealized (gain) loss on derivatives | (919) | (4,422) | |||||||||
| Dead deal costs | 689 | 101 | |||||||||
| Uninsured remediation costs | 374 | — | |||||||||
| Non-cash stock/unit-based compensation | 1,944 | 4,906 | |||||||||
| Company's portion of adjustments to EBITDAre of OpenKey | 10 | 6 | |||||||||
| Adjusted EBITDAre | $ | (5,242) | $ | 47,416 | |||||||
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, | |||||||||||
| 2021 | 2020 | ||||||||||
| Net income (loss) | $ | (105,390) | $ | (101,920) | |||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | 81 | 48 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 2,271 | 17,671 | |||||||||
| Preferred dividends | 818 | (10,644) | |||||||||
| Gain (loss) on extinguishment of preferred stock | 10,635 | — | |||||||||
| Net income (loss) attributable to common stockholders | (91,585) | (94,845) | |||||||||
| Depreciation and amortization on real estate | 57,590 | 66,298 | |||||||||
| (Gain) loss on disposition of assets and hotel properties | 69 | (3,623) | |||||||||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (2,271) | (17,671) | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 137 | 79 | |||||||||
| Impairment charges on real estate | — | 27,613 | |||||||||
| Company's portion of FFO of OpenKey | (136) | (79) | |||||||||
| FFO available to common stockholders and OP unitholders | (36,196) | (22,228) | |||||||||
| (Gain) loss on extinguishment of preferred stock | (10,635) | — | |||||||||
| Write-off of premiums, loan costs and exit fees | 3,379 | 95 | |||||||||
| Other (income) expense, net | (229) | (1,491) | |||||||||
| Transaction and conversion costs | 1,883 | 741 | |||||||||
| Legal, advisory and settlement costs | 2,647 | 145 | |||||||||
| Unrealized (gain) loss on marketable securities | — | 1,477 | |||||||||
| Unrealized (gain) loss on derivatives | (919) | (4,422) | |||||||||
| Dead deal costs | 689 | 101 | |||||||||
| Uninsured remediation costs | 374 | — | |||||||||
| Non-cash stock/unit-based compensation | 1,944 | 4,906 | |||||||||
| Amortization of credit facility exit fee | 2,449 | — | |||||||||
| Amortization of loan costs | 4,891 | 6,580 | |||||||||
| Company's portion of adjustments to FFO of OpenKey | 10 | 6 | |||||||||
| Adjusted FFO available to common stockholders and OP unitholders | $ | (29,713) | $ | (14,090) | |||||||
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | (0.30) | $ | (1.17) | |||||||
| Weighted average diluted shares | 99,600 | 12,010 | |||||||||
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2021
(dollars in thousands)
(unaudited)
| Indebtedness | Maturity | Interest Rate (1) | Fixed-Rate Debt | Floating-Rate Debt | Total Debt | Comparable TTM Hotel EBITDA (12) | Comparable TTM EBITDA Debt Yield | |||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | June 2021 | LIBOR + 3.65% | $ | — | $ | 180,720 | $ | 180,720 | (2) | $ | 3,008 | 1.7 | % | |||||||||||||||||||||||||||||||
| KEYS Pool B - 7 hotels | June 2021 | LIBOR + 3.39% | — | 174,400 | 174,400 | (2) | (1,940) | (1.1) | % | |||||||||||||||||||||||||||||||||||
| KEYS Pool C - 5 hotels | June 2021 | LIBOR + 3.73% | — | 221,040 | 221,040 | (2) | (6,127) | (2.8) | % | |||||||||||||||||||||||||||||||||||
| KEYS Pool D - 5 hotels | June 2021 | LIBOR + 4.02% | — | 262,640 | 262,640 | (2) | 4,962 | 1.9 | % | |||||||||||||||||||||||||||||||||||
| KEYS Pool E - 5 hotels | June 2021 | LIBOR + 2.73% | — | 160,000 | 160,000 | (2) | 768 | 0.5 | % | |||||||||||||||||||||||||||||||||||
| KEYS Pool F - 5 hotels | June 2021 | LIBOR + 3.68% | — | 215,120 | 215,120 | (2) | (3,640) | (1.7) | % | |||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool - 17 hotels | November 2021 | LIBOR + 3.00% | — | 419,000 | 419,000 | (3) | (4,365) | (1.0) | % | |||||||||||||||||||||||||||||||||||
| GACC Gateway - 1 hotel | November 2021 | 6.26% | 81,896 | — | 81,896 | (4,626) | (5.6) | % | ||||||||||||||||||||||||||||||||||||
| JPMorgan Chase La Posada - 1 hotel | November 2021 | LIBOR + 2.55% | — | 25,000 | 25,000 | (4) | (381) | (1.5) | % | |||||||||||||||||||||||||||||||||||
| JPMorgan Chase - 8 hotels | February 2022 | LIBOR + 3.07% | — | 395,000 | 395,000 | (5) | (6,461) | (1.6) | % | |||||||||||||||||||||||||||||||||||
| BAML Princeton/Nashville - 2 hotels | March 2022 | LIBOR + 2.75% | — | 240,000 | 240,000 | (6) | (7,557) | (3.1) | % | |||||||||||||||||||||||||||||||||||
| BAML Highland Pool - 19 hotels | April 2022 | LIBOR + 3.20% | — | 914,281 | 914,281 | (7) | (18,058) | (2.0) | % | |||||||||||||||||||||||||||||||||||
| Morgan Stanley Ann Arbor - 1 hotel | July 2022 | LIBOR + 3.95% | — | 33,200 | 33,200 | (8) | (1,344) | (4.0) | % | |||||||||||||||||||||||||||||||||||
| Prudential Boston Back Bay - 1 hotel | November 2022 | LIBOR + 2.00% | — | 97,944 | 97,944 | (5,144) | (5.3) | % | ||||||||||||||||||||||||||||||||||||
| BAML Indigo Atlanta - 1 hotel | December 2022 | LIBOR + 2.25% | — | 16,100 | 16,100 | (9) | 58 | 0.4 | % | |||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | January 2023 | LIBOR + 3.40% | — | 37,000 | 37,000 | (10) | (1,843) | (5.0) | % | |||||||||||||||||||||||||||||||||||
| Aareal Hilton Alexandria - 1 hotel | June 2023 | LIBOR + 2.45% | — | 73,450 | 73,450 | (1,468) | (2.0) | % | ||||||||||||||||||||||||||||||||||||
| GACC Manchester RI - 1 hotel | January 2024 | 5.49% | 6,674 | — | 6,674 | 260 | 3.9 | % | ||||||||||||||||||||||||||||||||||||
| GACC Jacksonville RI - 1 hotel | January 2024 | 5.49% | 9,740 | — | 9,740 | 844 | 8.7 | % | ||||||||||||||||||||||||||||||||||||
| Oaktree Capital Term Loan | January 2024 | 16.00% | 206,663 | — | 206,663 | (11) | N/A | N/A | ||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | May 2024 | 4.99% | 6,260 | — | 6,260 | (252) | (4.0) | % | ||||||||||||||||||||||||||||||||||||
| Southside Bank Ashton - 1 hotel | June 2024 | LIBOR + 2.00% | — | 8,881 | 8,881 | (173) | (1.9) | % | ||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | August 2024 | 4.85% | 11,721 | — | 11,721 | 165 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C3 - 3 hotels | August 2024 | 4.90% | 23,438 | — | 23,438 | 375 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | February 2025 | 4.45% | 19,369 | — | 19,369 | (480) | (2.5) | % | ||||||||||||||||||||||||||||||||||||
| BAML Pool 3 - 3 hotels | February 2025 | 4.45% | 50,098 | — | 50,098 | 489 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | 4.66 | 24,281 | — | 24,281 | 1,685 | 6.9 | % | ||||||||||||||||||||||||||||||||||||
| Total | $ | 440,140 | $ | 3,473,776 | $ | 3,913,916 | $ | (51,245) | (1.3) | % | ||||||||||||||||||||||||||||||||||
| Percentage | 11.2 | % | 88.8 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (1) | 10.30 | % | 3.34 | % | 4.12 | % | ||||||||||||||||||||||||||||||||||||||
All indebtedness is non-recourse.
(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 first one-year extension period began in June 2020.
(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(5) 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.
(6) 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.
(7) 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.
(8) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(12) 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, 2021
(dollars in thousands)
(unaudited)
| 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
| GACC Gateway - 1 hotel | $ | 78,430 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 78,430 | ||||||||||||||||||||||||||||||
| Prudential Boston Back Bay - 1 hotel | — | 97,000 | — | — | — | — | 97,000 | |||||||||||||||||||||||||||||||||||||
| Aareal Hilton Alexandria - 1 hotel | — | — | 73,450 | — | — | — | 73,450 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Ann Arbor - 1 hotel | — | — | 33,200 | — | — | — | 33,200 | |||||||||||||||||||||||||||||||||||||
| JPMorgan Chase La Posada - 1 hotel | — | — | 25,000 | — | — | — | 25,000 | |||||||||||||||||||||||||||||||||||||
| GACC Jacksonville RI - 1 hotel | — | — | — | 9,036 | — | — | 9,036 | |||||||||||||||||||||||||||||||||||||
| GACC Manchester RI - 1 hotel | — | — | — | 6,191 | — | — | 6,191 | |||||||||||||||||||||||||||||||||||||
| Key Bank Manchester CY - 1 hotel | — | — | — | 5,767 | — | — | 5,767 | |||||||||||||||||||||||||||||||||||||
| Southside Bank Ashton - 1 hotel | — | — | — | 8,881 | — | — | 8,881 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C2 - 2 hotels | — | — | — | 10,755 | — | — | 10,755 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool C3 - 3 hotels | — | — | — | 21,522 | — | — | 21,522 | |||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool - 17 hotels | — | — | — | 419,000 | — | — | 419,000 | |||||||||||||||||||||||||||||||||||||
| BAML Indigo Atlanta - 1 hotel | — | — | — | 15,781 | — | — | 15,781 | |||||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | — | — | — | — | 36,200 | — | 36,200 | |||||||||||||||||||||||||||||||||||||
| JPMorgan Chase - 8 hotels | — | — | — | — | 395,000 | — | 395,000 | |||||||||||||||||||||||||||||||||||||
| BAML Pool 3 - 3 hotels | — | — | — | — | 45,298 | — | 45,298 | |||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | — | — | — | — | 17,421 | — | 17,421 | |||||||||||||||||||||||||||||||||||||
| 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 | — | — | — | — | — | 206,663 | 206,663 | |||||||||||||||||||||||||||||||||||||
| BAML Princeton/Nashville - 2 hotels | — | — | — | — | — | 240,000 | 240,000 | |||||||||||||||||||||||||||||||||||||
| Principal due in future periods | 78,430 | 97,000 | 131,650 | 496,933 | 2,636,899 | 446,663 | 3,887,575 | |||||||||||||||||||||||||||||||||||||
| Scheduled amortization payments remaining | 15,136 | 3,387 | 3,712 | 3,805 | 301 | — | 26,341 | |||||||||||||||||||||||||||||||||||||
| Total indebtedness | $ | 93,566 | $ | 100,387 | $ | 135,362 | $ | 500,738 | $ | 2,637,200 | $ | 446,663 | $ | 3,913,916 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | % Variance | % Variance | |||||||||||||||||||||||||||||||||||||||||||
| Rooms revenue (in thousands) | $ | 96,485 | $ | (7) | $ | 96,478 | $ | 214,776 | $ | (16,197) | $ | 198,579 | (55.08) | % | (51.42) | % | ||||||||||||||||||||||||||||||||||
| RevPAR | $ | 47.48 | $ | (6.17) | $ | 47.51 | $ | 94.81 | $ | 76.25 | $ | 96.73 | (49.92) | % | (50.89) | % | ||||||||||||||||||||||||||||||||||
| Occupancy | 42.17 | % | — | % | 42.19 | % | 58.45 | % | 54.06 | % | 58.90 | % | (27.85) | % | (28.36) | % | ||||||||||||||||||||||||||||||||||
| ADR | $ | 112.59 | $ | — | $ | 112.59 | $ | 162.21 | $ | 141.04 | $ | 164.22 | (30.59) | % | (31.44) | % | ||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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 | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2021 | 2020 | % Variance | |||||||||||||||
| Total hotel revenue | $ | 114,621 | $ | 279,703 | (59.02) | % | |||||||||||
| Non-comparable adjustments | (8) | (18,455) | |||||||||||||||
| Comparable total hotel revenue | $ | 114,613 | $ | 261,248 | (56.13) | % | |||||||||||
| Hotel EBITDA | $ | 5,819 | $ | 65,790 | (91.16) | % | |||||||||||
| Non-comparable adjustments | 199 | (2,344) | |||||||||||||||
| Comparable hotel EBITDA | $ | 6,018 | $ | 63,446 | (90.51) | % | |||||||||||
| Hotel EBITDA margin | 5.08 | % | 23.52 | % | (18.44) | % | |||||||||||
| Comparable hotel EBITDA margin | 5.25 | % | 24.29 | % | (19.04) | % | |||||||||||
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | (1) | $ | 37 | (102.70) | % | |||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 5,820 | $ | 65,753 | (91.15) | % | |||||||||||
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 6,019 | $ | 63,409 | (90.51) | % | |||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 114,621 | $ | (8) | $ | 114,613 | $ | 89,432 | $ | (8) | $ | 89,424 | $ | 92,519 | $ | (3,650) | $ | 88,869 | $ | 42,709 | $ | (3,938) | $ | 38,771 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 5,819 | $ | 199 | $ | 6,018 | $ | (9,260) | $ | 246 | $ | (9,014) | $ | (9,632) | $ | 1,002 | $ | (8,630) | $ | (43,473) | $ | 3,854 | $ | (39,619) | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | 5.08 | % | 5.25 | % | (10.35) | % | (10.08) | % | (10.41) | % | (9.71) | % | (101.79) | % | (102.19) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA % of total TTM | (10.3) | % | (11.7) | % | 16.4 | % | 17.6 | % | 17.0 | % | 16.8 | % | 76.9 | % | 77.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | (1) | $ | — | $ | (1) | $ | (3) | $ | — | $ | (3) | $ | 27 | $ | — | $ | 27 | $ | (22) | $ | — | $ | (22) | |||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 339,281 | $ | (7,604) | $ | 331,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | (56,546) | $ | 5,301 | $ | (51,245) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | (16.67) | % | (15.45) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA % of total TTM | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | 1 | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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 March 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 | $ | 60.77 | $ | — | $ | 60.77 | $ | 108.33 | $ | — | $ | 108.33 | (43.9) | % | (43.9) | % | |||||||||||||||||||||||||||||||||||||||||
| Boston, MA Area | 2 | 705 | 25.83 | — | 25.83 | 81.53 | (52.62) | 90.14 | (68.3) | % | (71.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Dallas / Ft. Worth, TX Area | 7 | 1,526 | 44.93 | — | 44.93 | 95.04 | — | 95.04 | (52.7) | % | (52.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Houston, TX Area | 3 | 692 | 51.31 | — | 51.31 | 81.08 | — | 81.08 | (36.7) | % | (36.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area | 6 | 1,619 | 58.82 | — | 58.82 | 110.04 | — | 110.04 | (46.5) | % | (46.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Miami, FL Metro Area | 2 | 414 | 92.98 | — | 92.98 | 152.16 | (114.20) | 168.11 | (38.9) | % | (44.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area | 2 | 520 | 16.37 | (6.17) | 16.62 | 62.08 | (82.47) | 50.74 | (73.6) | % | (67.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Nashville, TN Area | 1 | 673 | 34.09 | — | 34.09 | 155.74 | — | 155.74 | (78.1) | % | (78.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area | 6 | 1,743 | 16.30 | — | 16.30 | 76.81 | (100.32) | 72.62 | (78.8) | % | (77.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Orlando, FL Area | 2 | 524 | 56.52 | — | 56.52 | 103.49 | (93.17) | 107.63 | (45.4) | % | (47.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia, PA Area | 3 | 648 | 36.46 | — | 36.46 | 62.53 | — | 62.53 | (41.7) | % | (41.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Diego, CA Area | 2 | 410 | 48.62 | — | 48.62 | 89.63 | — | 89.63 | (45.8) | % | (45.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area | 7 | 1,547 | 47.04 | — | 47.04 | 114.31 | — | 114.31 | (58.8) | % | (58.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Tampa, FL Area | 2 | 571 | 94.02 | — | 94.02 | 127.19 | — | 127.19 | (26.1) | % | (26.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,426 | 40.19 | — | 40.19 | 92.62 | — | 92.62 | (56.6) | % | (56.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Other Areas | 39 | 7,125 | 52.26 | — | 52.26 | 87.49 | (63.59) | 91.31 | (40.3) | % | (42.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 102 | 22,569 | $ | 47.48 | $ | (6.17) | $ | 47.51 | $ | 94.81 | $ | 76.25 | $ | 96.73 | (49.9) | % | (50.9) | % | |||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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 March 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 | $ | 776 | $ | — | $ | 776 | 12.9 | % | $ | 4,354 | $ | — | $ | 4,354 | 6.9 | % | (82.2) | % | (82.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Boston, MA Area | 2 | 705 | (1,963) | — | (1,963) | (32.6) | % | (1) | 27 | 26 | — | % | (196,200.0) | % | (7,650.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas / Ft. Worth, TX Area | 7 | 1,526 | 712 | — | 712 | 11.8 | % | 5,806 | — | 5,806 | 9.2 | % | (87.7) | % | (87.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston, TX Area | 3 | 692 | 358 | — | 358 | 5.9 | % | 2,017 | — | 2,017 | 3.2 | % | (82.3) | % | (82.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area | 6 | 1,619 | 1,447 | — | 1,447 | 24.0 | % | 5,697 | — | 5,697 | 9.0 | % | (74.6) | % | (74.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miami, FL Metro Area | 2 | 414 | 780 | — | 780 | 13.0 | % | 3,993 | (881) | 3,112 | 4.9 | % | (80.5) | % | (74.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area | 2 | 520 | (1,046) | 187 | (859) | (14.3) | % | (730) | 381 | (349) | (0.6) | % | (43.3) | % | (146.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nashville, TN Area | 1 | 673 | (475) | — | (475) | (7.9) | % | 5,074 | — | 5,074 | 8.0 | % | (109.4) | % | (109.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area | 6 | 1,743 | (2,786) | — | (2,786) | (46.3) | % | 1,330 | (66) | 1,264 | 2.0 | % | (309.5) | % | (320.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando, FL Area | 2 | 524 | 554 | — | 554 | 9.2 | % | 2,566 | (590) | 1,976 | 3.1 | % | (78.4) | % | (72.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia, PA Area | 3 | 648 | (181) | — | (181) | (3.0) | % | 354 | — | 354 | 0.6 | % | (151.1) | % | (151.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| San Diego, CA Area | 2 | 410 | 353 | — | 353 | 5.9 | % | 964 | — | 964 | 1.5 | % | (63.4) | % | (63.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area | 7 | 1,547 | 610 | — | 610 | 10.1 | % | 5,184 | — | 5,184 | 8.2 | % | (88.2) | % | (88.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa, FL Area | 2 | 571 | 1,846 | — | 1,846 | 30.7 | % | 3,571 | — | 3,571 | 5.6 | % | (48.3) | % | (48.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,426 | (103) | — | (103) | (1.7) | % | 4,540 | — | 4,540 | 7.2 | % | (102.3) | % | (102.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Areas | 39 | 7,125 | 4,937 | 12 | 4,949 | 82.3 | % | 21,071 | (1,215) | 19,856 | 31.2 | % | (76.6) | % | (75.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 102 | 22,569 | $ | 5,819 | $ | 199 | $ | 6,018 | 100.0 | % | $ | 65,790 | $ | (2,344) | $ | 63,446 | 100.0 | % | (91.2) | % | (90.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
TOTAL ENTERPRISE VALUE
March 31, 2021
(in thousands, except share price)
(unaudited)
| March 31, 2021 | |||||
| Common stock shares outstanding | 110,140 | ||||
| Partnership units outstanding | 2,113 | ||||
| Combined common stock shares and partnership units outstanding | 112,253 | ||||
| Common stock price | $ | 2.95 | |||
| Market capitalization | $ | 331,146 | |||
| Series D cumulative preferred stock | $ | 41,969 | |||
| Series F cumulative preferred stock | $ | 50,946 | |||
| Series G cumulative preferred stock | $ | 79,307 | |||
| Series H cumulative preferred stock | $ | 50,053 | |||
| Series I cumulative preferred stock | $ | 49,989 | |||
| Indebtedness | $ | 3,913,916 | |||
| Joint venture partner's share of consolidated indebtedness | $ | (1,940) | |||
| Net working capital (see below) | $ | (223,163) | |||
| Total enterprise value (TEV) | $ | 4,292,223 | |||
| Cash and cash equivalents | $ | 225,321 | |||
| Restricted cash | $ | 67,555 | |||
| Accounts receivable, net | $ | 33,308 | |||
| Prepaid expenses | $ | 17,874 | |||
| Due from third-party hotel managers, net | $ | 11,414 | |||
| Due from affiliates, net | $ | 9,581 | |||
| Total current assets | $ | 365,053 | |||
| Accounts payable, net & accrued expenses | $ | 141,654 | |||
| Dividends and distributions payable | $ | 236 | |||
| Total current liabilities | $ | 141,890 | |||
| Net working capital* | $ | 223,163 | |||
* Includes the Company’s pro rata share of net working capital in joint ventures.
14
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 2021 | 2020 | 2020 | 2020 | March 31, 2021 | |||||||||||||||||||||||||
| 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | |||||||||||||||||||||||||
| Net income (loss) | $ | (52,353) | $ | (76,878) | $ | (59,307) | $ | (144,344) | $ | (332,882) | |||||||||||||||||||
| Non-property adjustments | 69 | 6,246 | (20,029) | 27,463 | 13,749 | ||||||||||||||||||||||||
| Interest income | (6) | (7) | (6) | (14) | (33) | ||||||||||||||||||||||||
| Interest expense | 1,367 | 1,279 | 6,012 | 8,125 | 16,783 | ||||||||||||||||||||||||
| Amortization of loan costs | 272 | 305 | 489 | 547 | 1,613 | ||||||||||||||||||||||||
| Depreciation and amortization | 57,426 | 58,286 | 62,708 | 64,812 | 243,232 | ||||||||||||||||||||||||
| Income tax expense (benefit) | — | 111 | — | (19) | 92 | ||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (956) | 1,398 | 501 | (43) | 900 | ||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5,819 | (9,260) | (9,632) | (43,473) | (56,546) | ||||||||||||||||||||||||
| Non-comparable adjustments | 199 | 246 | 1,002 | 3,854 | 5,301 | ||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 6,018 | $ | (9,014) | $ | (8,630) | $ | (39,619) | $ | (51,245) | |||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
15
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | (52,353) | $ | (205) | $ | (52,832) | $ | (105,390) | |||||||||||||||
| Non-property adjustments | 69 | — | (69) | — | |||||||||||||||||||
| Interest income | (6) | — | 6 | — | |||||||||||||||||||
| Interest expense | 1,367 | — | 27,003 | 28,370 | |||||||||||||||||||
| Amortization of loan cost | 272 | — | 4,622 | 4,894 | |||||||||||||||||||
| Depreciation and amortization | 57,426 | 152 | 49 | 57,627 | |||||||||||||||||||
| Income tax expense (benefit) | — | — | (271) | (271) | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | (956) | 13 | 943 | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5,819 | (40) | (20,549) | (14,770) | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 1 | — | (1) | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 137 | 137 | |||||||||||||||||||
| Company's portion of EBITDA of OpenKey | — | — | (135) | (135) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 5,820 | $ | (40) | $ | (20,548) | $ | (14,768) | |||||||||||||||
| Non-comparable adjustments | 199 | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 6,018 | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
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 Ashford Inc. | — | — | — | ||||||||||||||||||||
| Company's portion of EBITDA of OpenKey | — | — | (169) | (169) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (9,257) | $ | (258) | $ | (34,181) | $ | (43,696) | |||||||||||||||
| Non-comparable adjustments | 246 | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (9,014) | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2020 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | (59,307) | $ | (530) | $ | (91,789) | $ | (151,626) | |||||||||||||||
| Non-property adjustments | (20,029) | — | 20,029 | — | |||||||||||||||||||
| Interest income | (6) | — | 6 | — | |||||||||||||||||||
| Interest expense | 6,012 | — | 58,498 | 64,510 | |||||||||||||||||||
| Amortization of loan cost | 489 | — | 1,995 | 2,484 | |||||||||||||||||||
| Depreciation and amortization | 62,708 | 153 | 48 | 62,909 | |||||||||||||||||||
| Income tax expense (benefit) | — | — | 366 | 366 | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | 501 | 4 | (505) | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (9,632) | (373) | (11,352) | (21,357) | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (27) | — | 27 | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 121 | 121 | |||||||||||||||||||
| Company's portion of EBITDA of Ashford Inc. | — | — | — | ||||||||||||||||||||
| Company's portion of EBITDA of OpenKey | — | — | (121) | (121) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (9,659) | $ | (373) | $ | (11,325) | $ | (21,357) | |||||||||||||||
| Non-comparable adjustments | 1,002 | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (8,630) | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
18
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | (144,344) | $ | (678) | $ | (97,064) | $ | (242,086) | |||||||||||||||
| Non-property adjustments | 27,463 | — | (27,463) | — | |||||||||||||||||||
| Interest income | (14) | — | 14 | — | |||||||||||||||||||
| Interest expense | 8,125 | — | 76,419 | 84,544 | |||||||||||||||||||
| Amortization of loan cost | 547 | — | 2,991 | 3,538 | |||||||||||||||||||
| Depreciation and amortization | 64,812 | 156 | 48 | 65,016 | |||||||||||||||||||
| Income tax expense (benefit) | (19) | — | (2,169) | (2,188) | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | (43) | 2 | 41 | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (43,473) | (520) | (47,183) | (91,176) | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 22 | — | (22) | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 79 | 79 | |||||||||||||||||||
| Company's portion of EBITDA of Ashford Inc. | — | — | — | ||||||||||||||||||||
| Company's portion of EBITDA of OpenKey | — | — | (78) | (78) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (43,451) | $ | (520) | $ | (47,204) | $ | (91,175) | |||||||||||||||
| Non-comparable adjustments | 3,854 | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (39,619) | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
19
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2020 | |||||||||||||||||||||||
| Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||||
| Net income (loss) | $ | (35,819) | $ | 120 | $ | (66,221) | $ | (101,920) | |||||||||||||||
| Non-property adjustments | 23,990 | — | (23,990) | — | |||||||||||||||||||
| Interest income | (37) | — | 37 | — | |||||||||||||||||||
| Interest expense | 4,843 | — | 45,660 | 50,503 | |||||||||||||||||||
| Amortization of loan cost | 553 | — | 6,029 | 6,582 | |||||||||||||||||||
| Depreciation and amortization | 66,139 | 162 | 49 | 66,350 | |||||||||||||||||||
| Income tax expense (benefit) | 19 | — | 284 | 303 | |||||||||||||||||||
| Non-hotel EBITDA ownership expense | 6,102 | 17 | (6,119) | — | |||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 65,790 | 299 | (44,271) | 21,818 | |||||||||||||||||||
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (37) | — | 37 | — | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | — | 79 | 79 | |||||||||||||||||||
| Company's portion of EBITDA of Ashford Inc. | — | — | — | ||||||||||||||||||||
| Company's portion of EBITDA of OpenKey | — | — | (78) | (78) | |||||||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 65,753 | $ | 299 | $ | (44,233) | $ | 21,819 | |||||||||||||||
| Non-comparable adjustments | (2,344) | ||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 63,446 | |||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (3,017) | $ | (4,631) | $ | (3,722) | $ | (983) | $ | (2,154) | $ | (1,012) | $ | (2,081) | $ | (2,725) | $ | (7,194) | |||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | 124 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | (1) | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 3 | 217 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 8 | 69 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,871 | 2,582 | 4,296 | 1,347 | 3,698 | 1,738 | 915 | 2,551 | 4,639 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (89) | (200) | 139 | (6) | (96) | 54 | (4) | (301) | (230) | ||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 776 | (1,963) | 712 | 358 | 1,447 | 780 | (1,046) | (475) | (2,786) | ||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 187 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 776 | $ | (1,963) | $ | 712 | $ | 358 | $ | 1,447 | $ | 780 | $ | (859) | $ | (475) | $ | (2,786) | |||||||||||||||||||||||||||||||||||
| Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,080) | $ | (1,510) | $ | (352) | $ | (3,460) | $ | 493 | $ | (7,485) | $ | (11,440) | $ | (52,353) | |||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | (55) | — | — | 69 | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | (1) | (2) | (6) | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 241 | — | 443 | 463 | 1,367 | |||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 36 | — | 62 | 97 | 272 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,605 | 1,324 | 706 | 3,599 | 1,437 | 7,458 | 15,660 | 57,426 | |||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 29 | 5 | (1) | 194 | (29) | (580) | 159 | (956) | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 554 | (181) | 353 | 610 | 1,846 | (103) | 4,937 | 5,819 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 12 | 199 | |||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 554 | $ | (181) | $ | 353 | $ | 610 | $ | 1,846 | $ | (103) | $ | 4,949 | $ | 6,018 | |||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 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) | $ | (605) | $ | (4,438) | $ | 1,038 | $ | 476 | $ | 1,398 | $ | 1,604 | $ | (3,109) | $ | 1,665 | $ | (6,278) | |||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (1) | — | (2) | — | (3) | — | (4) | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 158 | 885 | — | — | — | — | — | — | 2,057 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 49 | 59 | — | — | — | — | — | — | 189 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,968 | 3,147 | 4,600 | 1,440 | 4,153 | 2,236 | 2,091 | 2,654 | 4,810 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 785 | 346 | 170 | 101 | 149 | 153 | 292 | 755 | 554 | ||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4,354 | (1) | 5,806 | 2,017 | 5,697 | 3,993 | (730) | 5,074 | 1,330 | ||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | 27 | — | — | — | (881) | 381 | — | (66) | ||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 4,354 | $ | 26 | $ | 5,806 | $ | 2,017 | $ | 5,697 | $ | 3,112 | $ | (349) | $ | 5,074 | $ | 1,264 | |||||||||||||||||||||||||||||||||||
| 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) | $ | 173 | $ | (1,176) | $ | 149 | $ | 1,056 | $ | 1,923 | $ | (5,252) | $ | (24,443) | $ | (35,819) | |||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | 23,990 | 23,990 | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | — | (1) | (7) | — | (6) | (9) | (37) | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 293 | — | 766 | 684 | 4,843 | |||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 15 | — | 59 | 182 | 553 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 2,245 | 1,446 | 786 | 3,557 | 1,549 | 7,993 | 19,464 | 66,139 | |||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | 19 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 150 | 84 | 30 | 270 | 99 | 980 | 1,184 | 6,102 | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,566 | 354 | 964 | 5,184 | 3,571 | 4,540 | 21,071 | 65,790 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | (590) | — | — | — | — | — | (1,215) | (2,344) | |||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 1,976 | $ | 354 | $ | 964 | $ | 5,184 | $ | 3,571 | $ | 4,540 | $ | 19,856 | $ | 63,446 | |||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| TTM Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (3,372) | $ | (9,471) | $ | (20,919) | $ | (6,508) | $ | (12,719) | $ | (20,621) | $ | (79,194) | $ | (29,739) | $ | (27,563) | $ | (5,429) | $ | (1,448) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | (180) | (352) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (9) | (5) | — | — | — | — | — | (9) | (4) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 6,263 | 7,267 | 14,686 | 11,268 | 13,270 | 16,823 | 61,490 | 25,566 | 20,965 | 5,914 | 1,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 25 | 58 | — | — | — | — | — | 33 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 101 | 211 | 106 | 202 | 217 | 158 | (197) | 136 | 138 | 4 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3,008 | (1,940) | (6,127) | 4,962 | 768 | (3,640) | (18,081) | (4,365) | (6,461) | 489 | 375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 23 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 3,008 | $ | (1,940) | $ | (6,127) | $ | 4,962 | $ | 768 | $ | (3,640) | $ | (18,058) | $ | (4,365) | $ | (6,461) | $ | 489 | $ | 375 | |||||||||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,004) | $ | (1,224) | $ | (20,481) | $ | (6,875) | $ | (3,953) | $ | (698) | $ | (2,035) | $ | (16,141) | $ | (15,312) | $ | (1,225) | $ | (2,993) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | (125) | — | — | — | 220 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (1) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 2,331 | — | — | 323 | 4,163 | — | — | 711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 243 | — | — | 58 | 257 | — | — | 294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 536 | 1,301 | 13,430 | 2,999 | 2,599 | 492 | 1,563 | 6,308 | 11,146 | 2,038 | 1,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (11) | 88 | (506) | (41) | 10 | 33 | 149 | 49 | (460) | 31 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (480) | 165 | (7,557) | (1,468) | (1,344) | (173) | 58 | (5,144) | (4,626) | 844 | (381) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (480) | $ | 165 | $ | (7,557) | $ | (1,468) | $ | (1,344) | $ | (173) | $ | 58 | $ | (5,144) | $ | (4,626) | $ | 844 | $ | (381) | |||||||||||||||||||||||||||||||||||||||||||
| 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) | $ | (7,665) | $ | (654) | $ | (339) | $ | (1,724) | $ | 34,256 | $ | 16,248 | $ | (32,243) | $ | (43,214) | $ | (8,623) | $ | (332,882) | |||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | (37,617) | (19,675) | 28,778 | 36,077 | 6,623 | 13,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (5) | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 1,639 | — | — | 2,006 | 3 | — | — | 5,604 | — | 16,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 375 | — | — | 88 | — | — | — | 298 | — | 1,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,645 | 402 | 609 | 1,188 | 2,675 | 2,280 | 1,702 | 822 | 655 | 243,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | (10) | (14) | — | — | — | — | — | — | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 163 | 10 | 4 | 127 | 108 | 50 | (40) | (71) | 31 | 900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (1,843) | (252) | 260 | 1,685 | (575) | (1,097) | (1,803) | (484) | (1,319) | (56,546) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | 575 | 1,097 | 1,803 | 484 | 1,319 | 5,301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (1,843) | $ | (252) | $ | 260 | $ | 1,685 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (51,245) | |||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 91 | $ | (1,957) | $ | (4,075) | $ | (507) | $ | (2,831) | $ | (5,162) | $ | (14,288) | $ | (3,333) | $ | (4,224) | $ | (597) | $ | (132) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | (55) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (1) | — | — | — | — | — | (3) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,490 | 1,717 | 3,602 | 2,615 | 3,321 | 4,441 | 15,104 | 5,940 | 5,081 | 1,445 | 419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 57 | 143 | 85 | 37 | (70) | (291) | (284) | (191) | 6 | 42 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1,636 | (98) | (388) | 2,145 | 420 | (1,012) | 477 | 2,413 | 864 | 890 | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 1,636 | $ | (98) | $ | (388) | $ | 2,145 | $ | 420 | $ | (1,012) | $ | 477 | $ | 2,413 | $ | 864 | $ | 890 | $ | 289 | |||||||||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (217) | $ | (265) | $ | (3,973) | $ | (1,213) | $ | (1,000) | $ | (95) | $ | (474) | $ | (2,845) | $ | (2,094) | $ | (192) | $ | (675) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 443 | — | — | 3 | 217 | — | — | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 62 | — | — | 8 | 69 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 133 | 322 | 3,305 | 751 | 623 | 98 | 390 | 1,569 | 2,603 | 506 | 459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 12 | 65 | (286) | 7 | 1 | 9 | 114 | (63) | (494) | — | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (72) | 122 | (954) | 50 | (376) | 12 | 41 | (1,053) | 15 | 314 | (36) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (72) | $ | 122 | $ | (954) | $ | 50 | $ | (376) | $ | 12 | $ | 41 | $ | (1,053) | $ | 15 | $ | 314 | $ | (36) | |||||||||||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Deutsche Bank W Minneapolis - 1 hotel | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Unencumbered hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,636) | $ | (129) | $ | (118) | $ | (57) | $ | — | $ | — | $ | 1 | $ | — | $ | (356) | $ | (52,353) | |||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | 124 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 295 | — | — | 241 | — | — | — | — | — | 1,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 97 | — | — | 36 | — | — | — | — | — | 272 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 919 | 94 | 140 | 308 | — | — | — | — | 31 | 57,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 37 | 4 | 3 | 85 | — | — | — | — | 1 | (956) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (288) | (31) | 25 | 613 | — | — | 1 | — | (200) | 5,819 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | (1) | — | 200 | 199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (288) | $ | (31) | $ | 25 | $ | 613 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,018 | |||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (791) | $ | (2,422) | $ | (4,763) | $ | (1,397) | $ | (4,014) | $ | (4,617) | $ | (18,366) | $ | (7,625) | $ | (6,914) | $ | (1,103) | $ | (211) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | (352) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (1) | — | — | — | — | — | (2) | (2) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,534 | 1,793 | 3,579 | 2,737 | 3,286 | 4,147 | 15,209 | 6,260 | 5,202 | 1,451 | 444 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 25 | 58 | — | — | — | — | — | 33 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (25) | 35 | 112 | 104 | 330 | 61 | 87 | 134 | 111 | (64) | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 741 | (537) | (1,072) | 1,444 | (398) | (409) | (3,070) | (1,552) | (1,603) | 284 | 278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 741 | $ | (537) | $ | (1,072) | $ | 1,444 | $ | (398) | $ | (409) | $ | (3,065) | $ | (1,552) | $ | (1,603) | $ | 284 | $ | 278 | |||||||||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (173) | $ | (214) | $ | (4,388) | $ | (1,584) | $ | (967) | $ | (66) | $ | (360) | $ | (3,603) | $ | (3,373) | $ | (423) | $ | (443) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | (125) | — | — | — | 243 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 406 | — | — | 103 | 245 | — | — | (154) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 61 | — | — | 8 | 69 | — | — | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 133 | 325 | 3,356 | 743 | 634 | 118 | 392 | 1,573 | 2,832 | 509 | 374 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (28) | 19 | 317 | (16) | 9 | 12 | 14 | 23 | (68) | 40 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (68) | 130 | (715) | (515) | (324) | 64 | 157 | (1,450) | (609) | 126 | (161) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (68) | $ | 130 | $ | (715) | $ | (515) | $ | (324) | $ | 64 | $ | 157 | $ | (1,450) | $ | (609) | $ | 126 | $ | (161) | |||||||||||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Deutsche Bank W Minneapolis - 1 hotel | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Unencumbered hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,618) | $ | (162) | $ | (108) | $ | (219) | $ | — | $ | 27 | $ | 10 | $ | 11 | $ | (7,002) | $ | (76,878) | |||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | (15) | (10) | — | 6,505 | 6,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 259 | — | — | 420 | — | — | — | — | — | 1,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 96 | — | — | 22 | — | — | — | — | — | 305 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 910 | 95 | 144 | 298 | — | — | — | — | 208 | 58,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | (5) | — | — | — | — | — | — | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 74 | 18 | — | 16 | — | — | — | 3 | 22 | 1,398 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (279) | (49) | 31 | 537 | — | 12 | — | 14 | (267) | (9,260) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | (12) | — | (14) | 267 | 246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (279) | $ | (49) | $ | 31 | $ | 537 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9,014) | |||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (770) | $ | (1,980) | $ | (5,084) | $ | (1,637) | $ | (1,056) | $ | (5,191) | $ | (19,062) | $ | (7,483) | $ | (7,026) | $ | (1,589) | $ | (390) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (3) | (1) | — | — | — | — | — | (2) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,548 | 1,848 | 3,720 | 2,881 | 3,326 | 4,255 | 15,524 | 6,561 | 5,310 | 1,485 | 447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 51 | 15 | (40) | 10 | (20) | 247 | 211 | (27) | (122) | 13 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 826 | (118) | (1,404) | 1,254 | 2,250 | (689) | (3,327) | (951) | (1,837) | (91) | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 826 | $ | (118) | $ | (1,404) | $ | 1,254 | $ | 2,250 | $ | (689) | $ | (3,327) | $ | (951) | $ | (1,837) | $ | (91) | $ | 71 | |||||||||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (177) | $ | (244) | $ | (5,793) | $ | (1,960) | $ | (935) | $ | (205) | $ | (383) | $ | (4,566) | $ | (4,587) | $ | (188) | $ | (923) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 941 | — | — | 103 | 1,818 | — | — | 501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 61 | — | — | 7 | 60 | — | — | 147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 118 | 327 | 3,382 | 768 | 695 | 131 | 391 | 1,583 | 2,882 | 511 | 375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (6) | 3 | (66) | (4) | 8 | 9 | 7 | 107 | 38 | (11) | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (65) | 86 | (2,477) | (194) | (232) | (65) | 125 | (998) | (1,667) | 312 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (65) | $ | 86 | $ | (2,477) | $ | (194) | $ | (232) | $ | (65) | $ | 125 | $ | (998) | $ | (1,667) | $ | 312 | $ | 112 | |||||||||||||||||||||||||||||||||||||||||||
| Aareal Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Deutsche Bank W Minneapolis - 1 hotel | SPT Embassy Suites New York Manhattan Times Square - 1 hotel | Unencumbered hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,931) | $ | (81) | $ | 15 | $ | (203) | $ | 64,786 | $ | 18,244 | $ | (30,207) | $ | (38,237) | $ | (464) | $ | (59,307) | |||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | (65,223) | (19,660) | 28,788 | 36,077 | (11) | (20,029) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 345 | — | — | 698 | 1 | — | — | 1,604 | — | 6,012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 94 | — | — | 15 | — | — | — | 105 | — | 489 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 909 | 100 | 148 | 291 | 881 | 1,058 | 761 | 284 | 208 | 62,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 34 | (2) | 1 | 16 | 76 | 41 | (25) | (83) | (6) | 501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (549) | 17 | 164 | 817 | 521 | (317) | (683) | (250) | (273) | (9,632) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | (521) | 317 | 683 | 250 | 273 | 1,002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (549) | $ | 17 | $ | 164 | $ | 817 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (8,630) | |||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
26
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 19 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,902) | $ | (3,112) | $ | (6,997) | $ | (2,967) | $ | (4,818) | $ | (5,651) | $ | (27,478) | $ | (11,298) | $ | (9,399) | $ | (2,140) | $ | (715) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | (125) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (2) | (2) | — | — | — | — | — | (2) | (2) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,691 | 1,909 | 3,785 | 3,035 | 3,337 | 3,980 | 15,653 | 6,805 | 5,372 | 1,533 | 447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 18 | 18 | (51) | 51 | (23) | 141 | (211) | 220 | 143 | 13 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (195) | (1,187) | (3,263) | 119 | (1,504) | (1,530) | (12,161) | (4,275) | (3,885) | (594) | (263) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | 18 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (195) | $ | (1,187) | $ | (3,263) | $ | 119 | $ | (1,504) | $ | (1,530) | $ | (12,143) | $ | (4,275) | $ | (3,885) | $ | (594) | $ | (263) | |||||||||||||||||||||||||||||||||||||||||||
| BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | GACC Jacksonville RI - 1 hotel | JPMorgan Chase La Posada-1 hotel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (437) | $ | (501) | $ | (6,327) | $ | (2,118) | $ | (1,051) | $ | (332) | $ | (818) | $ | (5,127) | $ | (5,258) | $ | (422) | $ | (952) | |||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | — | — | — | (23) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (1) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | 541 | — | — | 114 | 1,883 | — | — | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 59 | — | — | 35 | 59 | — | — | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 152 | 327 | 3,387 | 737 | 647 | 145 | 390 | 1,583 | 2,829 | 512 | 365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 11 | 1 | (471) | (28) | (8) | 3 | 14 | (18) | 64 | 2 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (275) | (173) | (3,411) | (809) | (412) | (184) | (265) | (1,643) | (2,365) | 92 | (296) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (275) | $ | (173) | $ | (3,411) | $ | (809) | $ | (412) | $ | (184) | $ | (265) | $ | (1,643) | $ | (2,365) | $ | 92 | $ | (296) | |||||||||||||||||||||||||||||||||||||||||||
| 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) | $ | (2,480) | $ | (282) | $ | (128) | $ | (1,245) | $ | (30,530) | $ | (2,023) | $ | (2,047) | $ | (4,988) | $ | (801) | $ | (144,344) | |||||||||||||||||||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | — | 27,606 | — | — | — | 5 | 27,463 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | — | — | — | (5) | (14) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 740 | — | — | 647 | 2 | — | — | 4,000 | — | 8,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of loan costs | 88 | — | — | 15 | — | — | — | 193 | — | 547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 907 | 113 | 177 | 291 | 1,794 | 1,222 | 941 | 538 | 208 | 64,812 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | (10) | (9) | — | — | — | — | — | — | (19) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 18 | (10) | — | 10 | 32 | 9 | (15) | 9 | 14 | (43) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | (727) | (189) | 40 | (282) | (1,096) | (792) | (1,121) | (248) | (579) | (43,473) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | — | 1,096 | 792 | 1,121 | 248 | 579 | 3,854 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | (727) | $ | (189) | $ | 40 | $ | (282) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (39,619) | |||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 102 hotel properties owned and included in the Company’s operations at March 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.
27