8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported):  February 25, 2016

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-31775	86-1062192
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS employer identification number)

14185 Dallas Parkway, Suite 1100
Dallas, Texas	75254
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code (972) 490-9600

Check the appropriated box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 25, 2016, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2015.  A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(d)Exhibits

Exhibit Number	Description
99.1	Fourth Quarter 2015 Earnings Press Release of the Company, dated February 25, 2016.

2

SIGNATURE

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  February 25, 2016

ASHFORD HOSPITALITY TRUST, INC.
By:	/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer

3

EX-99.1

Exhibit 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Jordan Jennings	Stacy Feit
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(213) 486-6549

ASHFORD TRUST REPORTS FOURTH QUARTER AND YEAR END 2015 RESULTS

6.8% RevPAR Increase for All Hotels for the Fourth Quarter

Adjusted EBITDA Increased 31%

Adjusted Funds From Operations per Share Increased 53%

Hotel EBITDA Margin Increased 112 bps

DALLAS, February 25, 2016 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“the Company” or “Ashford Trust”) today reported financial results and performance measures for the fourth quarter ended December 31, 2015. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company’s hotel portfolio as of December 31, 2015 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2015, with the fourth quarter ended December 31, 2014 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

OVERVIEW

·Opportunistic focus on upper-upscale, full-service hotels

·Targets moderate debt levels of approximately 55 – 60% net debt/gross assets

·Highly-aligned management team and advisory structure

·One of the highest long-term total shareholder returns in the industry

·Attractive dividend yield of approximately 9%

FINANCIAL AND OPERATING HIGHLIGHTS

·RevPAR for all hotels increased 6.8% during the quarter

·RevPAR for all hotels not under renovation increased 7.3% during the quarter

·Adjusted EBITDA increased $22.0 million or 31%

·Hotel EBITDA Margin increased 112 basis points

·Adjusted funds from operations (AFFO) was $0.26 per diluted share for the quarter as compared with $0.17 from the prior-year quarter representing an increase of 53%

·The Company’s common stock is currently trading at an approximate 9% dividend yield

·Subsequent to year-end, on January 25, 2016, the Company announced that it completed the refinancing of three mortgage loans with existing balances of approximately $268 million with a new loan totaling $375 million, resulting in excess proceeds of approximately $81 million after closing costs and reserves

·Capex invested in the quarter was $60.2 million, bringing the full-year total to $175.2 million

CAPITAL STRUCTURE

At December 31, 2015, the Company had total assets of $5.0 billion in continuing operations.  As of December 31, 2015, the Company had $3.9 billion of mortgage debt in continuing operations. Ashford Trust’s total combined debt had a blended average interest rate of 5.1%.

AHT Reports Fourth Quarter Results

Page 2

February 25, 2016

Subsequent to year-end, on January 25, 2016, the Company announced that it completed the refinancing of three mortgage loans with existing balances of approximately $268 million. The previous loans that were refinanced included: the $91 million UBS 2 loan, the $103 million Merrill 2 loan and the $74 million Merrill 7 loan. The new loan totals $375 million and resulted in excess proceeds of approximately $81 million after closing costs and reserves. The new loan is interest only and provides for a floating interest rate of LIBOR + 4.87%.  The next hard debt maturity for the Company is in April 2017.

PORTFOLIO REVPAR

As of December 31, 2015, the Ashford Trust portfolio consisted of direct hotel investments with 132 properties classified in continuing operations.  During the fourth quarter of 2015, 119 of the Company’s hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the hotels in continuing operations on a comparable total basis (all 132 hotels) and comparable not under renovation basis (119 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

·Comparable RevPAR increased 6.8% to $105.94 for all hotels on a 4.2% increase in ADR and a 2.5% increase in occupancy

·Comparable RevPAR increased 7.3% to $107.21 for hotels not under renovation on a 4.2% increase in ADR and a 3.0% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons.  Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period.  As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 132 hotels are provided in the table attached to this release.

REFINED SALES PROCESS FOR SELECT-SERVICE HOTEL PORTFOLIO

On January 25, 2016, the Company announced that it is no longer marketing the 24-hotel select-service portfolio as a single portfolio, but will instead pursue the sale of these assets in smaller groups and individually. Further, the Company will pursue the opportunistic sales of its other 38 non-core, select-service hotels over time.  The refined sales process in the form of smaller portfolios and/or individual assets is expected to garner higher values in the current market environment.

STRATEGY REFINEMENTS

Ashford Trust is reaffirming its previously announced strategy refinements as follows:

·The Company will focus on acquiring and owning upper-upscale, full-service hotels

·The Company is not planning nor expects any future platform spinoffs

·The Company will continue to target a net debt to gross assets ratio of 55% - 60%

·The Company will continue to target cash and cash equivalents at a level of 25% - 35% of its total equity market capitalization for the purposes of:

·property-level and corporate-level working capital needs

·as a hedge against a downturn in the economy or hotel fundamentals

·to be prepared to pursue accretive investments or stock buybacks as those opportunities arise

AHT Reports Fourth Quarter Results

Page 3

February 25, 2016

COMMON STOCK DIVIDEND

On December 10, 2015, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2015, payable on January 15, 2016, to shareholders of record as of December 31, 2015. The Board also approved the dividend policy for 2016, during which the Company expects to pay a quarterly cash dividend of $0.12 per share, or $0.48 per share on an annualized basis, subject to quarterly review.

“Driven by the continued success of our revenue initiatives, we posted robust RevPAR growth during the fourth quarter which outperformed the broader industry and supported another quarter of strong EBITDA and AFFO performance,” commented Monty J. Bennett, Ashford Trust’s Chairman and Chief Executive Officer. “Closing on our recent refinancing increased our financial flexibility and improved our liquidity position as we continue to execute on our more simplified and distinct strategy of focusing on upper-upscale, full-service hotels to maximize value for our shareholders. We enter 2016 with a backdrop of favorable industry fundamentals and we will continue to focus on generating strong operating performance across our platform.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, February 26, 2016, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (719) 325-2308.  A replay of the conference call will be available through Friday, March 4, 2016, by dialing (719) 457-0820 and entering the confirmation number, 4881188.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2015 earnings release conference call.  The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com on Friday, February 26, 2016, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate.  Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA.  FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us.  Neither FFO, AFFO, EBITDA, nor Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions.  However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

AHT Reports Fourth Quarter Results

Page 4

February 25, 2016

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

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:  general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market 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.  EBITDA is defined as net income before interest, taxes, depreciation and amortization.  EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price.  A capitalization rate is determined by dividing the property’s annual net operating income by the purchase price.  Net operating income is the property’s funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues.  Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.  Hotel EBITDA Margin is Hotel EBITDA divided by total revenues.  Funds from operations (“FFO”), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  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.

AHT Reports Fourth Quarter Results

Page 5

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)

	December 31,			December 31,
	2015			2014
ASSETS
Cash and cash equivalents	$	215,078		$	215,063
Marketable securities	—			63,217
Total cash, cash equivalents and marketable securities	215,078			278,280
Investments in hotel properties, net	4,419,684			2,128,611
Restricted cash	153,680			85,830
Accounts receivable, net of allowance of $715 and $241, respectively	40,438			22,399
Inventories	4,810			2,104
Note receivable, net of allowance of $7,083 and $7,522, respectively	3,746			3,553
Investment in Highland JV	—			144,784
Investment in Ashford Prime	—			54,907
Investment in Ashford Inc.	6,616			7,099
Investment in AIM REHE Fund	55,952			—
Deferred costs, net	3,847			1,618
Prepaid expenses	12,458			7,017
Derivative assets, net	3,435			182
Other assets	10,647			17,116
Intangible assets, net	11,343			—
Due from Ashford Prime, net	528			896
Due from affiliates	—			3,473
Due from third-party hotel managers	22,869			12,241
Total assets	$	4,965,131		$	2,770,110
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,840,617		$	1,943,133
Accounts payable and accrued expenses	123,444			71,118
Dividends payable	22,678			21,889
Unfavorable management contract liabilities	3,355			5,330
Due to Ashford Inc., net	9,856			8,202
Due to related party, net	1,339			1,867
Due to third-party hotel managers	2,504			1,640
Intangible liabilities, net	16,494			—
Liabilities associated with marketable securities and other	—			6,201
Other liabilities	14,539			1,233
Total liabilities	4,034,826			2,060,613
Redeemable noncontrolling interests in operating partnership	118,449			177,064
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at December 31, 2015 and December 31, 2014	17			17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at December 31, 2015 and December 31, 2014	95			95
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at December 31, 2015 and December 31, 2014	46			46
Common stock, $0.01 par value, 200,000,000 shares authorized, 95,470,903 and 89,439,624 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	955			894
Additional paid-in capital	1,597,194			1,580,904
Accumulated deficit	(787,221		)	(1,050,323		)
Total stockholders’ equity of the Company	811,086			531,633
Noncontrolling interest in consolidated entities	770			800
Total equity	811,856			532,433
Total liabilities and equity	$	4,965,131		$	2,770,110

AHT Reports Fourth Quarter Results

Page 6

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2015			2014			2015			2014
REVENUE
Rooms	$	271,584		$	150,898		$	1,059,012		$	640,325
Food and beverage	67,571			30,180			227,099			112,701
Other	13,297			6,904			48,699			26,958
Total hotel revenue	352,452			187,982			1,334,810			779,984
Advisory services revenue	—			1,458			—			10,724
Other	425			928			2,156			4,141
Total revenue	352,877			190,368			1,336,966			794,849
EXPENSES
Hotel operating expenses
Rooms	62,324			35,599			231,614			143,751
Food and beverage	44,449			20,323			153,340			77,653
Other expenses	109,960			59,816			405,896			254,495
Management fees	13,028			7,507			49,394			31,125
Total hotel operating expenses	229,761			123,245			840,244			507,024
Property taxes, insurance and other	18,134			9,541			65,301			38,499
Depreciation and amortization	61,189			29,631			210,410			110,653
Impairment charges	(112		)	(105		)	19,511			(415		)
Gain on insurance settlements	—			(5		)	—			(5		)
Transaction costs	402			9			6,252			625
Advisory services fee:
Base advisory fee	8,616			3,999			33,833			3,999
Reimbursable expenses	1,651			534			6,471			534
Non-cash stock/unit-based compensation	929			—			2,719			—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	—			2,191			538			19,155
Other general and administrative	2,578			7,762			13,772			38,088
Total operating expenses	323,148			176,802			1,199,051			718,157
OPERATING INCOME	29,729			13,566			137,915			76,692
Equity in earnings (loss) of unconsolidated entities	2,253			(4,299		)	(6,831		)	2,495
Interest income	23			17			90			62
Gain on acquisition of Highland JV and sale of hotel properties	47			—			380,752			—
Other income (expense)	(2,597		)	732			(864		)	6,573
Interest expense, net of premiums	(47,752		)	(27,250		)	(168,834		)	(107,300		)
Amortization of loan costs	(5,773		)	(1,689		)	(18,680		)	(7,202		)
Write-off of loan costs and exit fees	(983		)	—			(5,750		)	(10,353		)
Unrealized gain (loss) on marketable securities	—			3,486			127			(332		)
Unrealized loss on derivatives	(999		)	(420		)	(7,402		)	(1,100		)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(26,052		)	(15,857		)	310,523			(40,465		)
Income tax expense	(75		)	(446		)	(4,710		)	(1,266		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	(26,127		)	(16,303		)	305,813			(41,731		)
Income (loss) from discontinued operations	—			(55		)	—			33
Gain on sale of hotel properties, net of tax	—			—			599			3,491
NET INCOME (LOSS)	(26,127		)	(16,358		)	306,412			(38,207		)
Loss from consolidated entities attributable to noncontrolling interest	22			260			30			406
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	4,113			2,166			(35,503		)	6,400
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(21,992		)	(13,932		)	270,939			(31,401		)
Preferred dividends	(8,491		)	(8,491		)	(33,962		)	(33,962		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(30,483	)	$	(22,423	)	$	236,977		$	(65,363	)
INCOME (LOSS) PER SHARE — BASIC AND DILUTED
Basic:
Income (loss) from continuing operations attributable to common stockholders	$	(0.33	)	$	(0.25	)	$	2.43		$	(0.75	)
Income from discontinued operations attributable to common stockholders	—			—			—			—
Net income (loss) attributable to common stockholders	$	(0.33	)	$	(0.25	)	$	2.43		$	(0.75	)
Weighted average common shares outstanding — basic	94,012			89,589			96,290			87,622
Diluted:
Income (loss) from continuing operations attributable to common stockholders	$	(0.33	)	$	(0.25	)	$	2.35		$	(0.75	)
Income from discontinued operations attributable to common stockholders	—			—			—			—
Net income (loss) attributable to common stockholders	$	(0.33	)	$	(0.25	)	$	2.35		$	(0.75	)
Weighted average common shares outstanding — diluted	94,012			89,589			114,881			87,622
Dividends declared per common share:	$	0.12		$	0.12		$	0.48		$	0.48
Amounts attributable to common stockholders:
Net income (loss) attributable to the Company	$	(21,992	)	$	(13,884	)	$	270,939		$	(31,430	)
Income from discontinued operations, net of tax	—			(48		)	—			29
Preferred dividends	(8,491		)	(8,491		)	(33,962		)	(33,962		)
Net income (loss) attributable to common stockholders	$	(30,483	)	$	(22,423	)	$	236,977		$	(65,363	)

AHT Reports Fourth Quarter Results

Page 7

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

(in thousands)

(unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2015			2014			2015			2014
Net income (loss)	$	(26,127	)	$	(16,358	)	$	306,412		$	(38,207	)
Loss from consolidated entities attributable to noncontrolling interest	22			260			30			406
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	4,113			2,166			(35,503		)	6,400
Net income (loss) attributable to the Company	(21,992		)	(13,932		)	270,939			(31,401		)
Interest income	(23		)	(18		)	(90		)	(63		)
Interest expense and amortization of premiums and loan costs, net	53,496			28,908			187,396			114,709
Depreciation and amortization	61,129			29,626			210,197			110,770
Income tax expense	75			446			4,710			1,278
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(4,113		)	(2,166		)	35,503			(6,400		)
Equity in (earnings) loss of unconsolidated entities	(759		)	4,299			3,445			(2,495		)
Company’s portion of EBITDA of Ashford Inc.	846			(3,016		)	828			(3,016		)
Company’s portion of EBITDA of Ashford Prime	—			2,494			7,640			11,643
Company’s portion of EBITDA of Highland JV	—			21,803			11,982			95,444
EBITDA available to the Company and OP unitholders	88,659			68,444			732,550			290,469
Amortization of unfavorable management contract liabilities	(494		)	(494		)	(1,975		)	(1,975		)
Impairment charges	(112		)	(105		)	19,511			(415		)
Gain on acquisition of Highland JV and sale of hotel properties	(47		)	—			(381,351		)	(3,503		)
Non-cash gain on insurance settlements	—			(5		)	—			(5		)
Write-off of loan costs and exit fees	983			—			5,750			10,353
Other (income) expense (1)	2,597			(732		)	864			(6,573		)
Transaction, acquisition and management conversion costs	796			1,683			12,348			4,856
Software implementation costs	—			45			—			320
Legal judgment and related legal costs	24			424			95			11,907
Unrealized (gain) loss on marketable securities	—			(3,486		)	(127		)	332
Unrealized loss on derivatives	999			420			7,402			1,100
Dead deal costs	203			—			770			—
Compensation adjustment related to modified employment terms	—			—			—			2,997
Non-cash stock/unit-based compensation	1,142			2,191			3,470			16,918
Company’s portion of unrealized loss of AIM REHE Fund	(1,494		)	—			3,386			—
Company’s portion of adjustments to EBITDA of Ashford Inc.	468			3,427			3,652			3,427
Company’s portion of adjustments to EBITDA of Ashford Prime	—			80			738			634
Company’s portion of adjustments to EBITDA of Highland JV	—			(156		)	—			(669		)
Adjusted EBITDA available to the Company and OP unitholders	$	93,724		$	71,736		$	407,083		$	330,173

NOTES:

(1)Other (income) expense, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2015			2014			2015			2014
Net income (loss)	$	(26,127	)	$	(16,358	)	$	306,412		$	(38,207	)
Loss from consolidated entities attributable to noncontrolling interest	22			260			30			406
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	4,113			2,166			(35,503		)	6,400
Preferred dividends	(8,491		)	(8,491		)	(33,962		)	(33,962		)
Net income (loss) attributable to common stockholders	(30,483		)	(22,423		)	236,977			(65,363		)
Depreciation and amortization on real estate	61,129			29,579			210,197			110,465
Gain on acquisition of Highland JV and sale of hotel properties	(47		)	—			(381,351		)	(3,503		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(4,113		)	(2,166		)	35,503			(6,400		)
Equity in (earnings) loss of unconsolidated entities	(759		)	4,299			3,445			(2,495		)
Impairment charges on real estate	—			—			19,949			—
Company’s portion of FFO of Ashford Inc.	604			(3,252		)	(19		)	(3,252		)
Company’s portion of FFO of Ashford Prime	—			1,033			4,371			5,897
Company’s portion of FFO of Highland JV	—			10,310			3,791			49,748
FFO available to common stockholders and OP unitholders	26,331			17,380			132,863			85,097
Write-off of loan costs and exit fees	983			—			5,750			10,353
Other impairment charges	(112		)	(105		)	(438		)	(415		)
Non-cash gain on insurance settlements	—			(5		)	—			(5		)
Other (income) expense (1)	2,597			(732		)	864			(6,573		)
Legal judgment and related legal costs	24			424			95			11,907
Transaction, acquisition and management conversion costs	796			1,683			12,348			4,856
Unrealized (gain) loss on marketable securities	—			(3,486		)	(127		)	332
Unrealized loss on derivatives	999			420			7,402			1,100
Software implementation costs	—			45			—			320
Dead deal costs	203			—			770			—
Compensation adjustment related to modified employment terms	—			—			—			2,997
Company’s portion of unrealized loss of AIM REHE Fund	(1,494		)	—			3,386			—
Company’s portion of adjustments to FFO of Ashford Inc.	(534		)	2,558			(1,032		)	2,558
Company’s portion of adjustments to FFO of Ashford Prime	—			4			593			398
Company’s portion of adjustments to FFO of Highland JV	—			(156		)	—			(669		)
Adjusted FFO available to common stockholders and OP unitholders	$	29,793		$	18,030		$	162,474		$	112,256
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.26		$	0.17		$	1.41		$	1.05
Weighted average diluted shares	113,498			108,562			115,366			107,243

NOTES:

(1)Other (income) expense, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted FFO.

AHT Reports Fourth Quarter Results

Page 8

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

DECEMBER 31, 2015

(dollars in thousands)

(unaudited)

												Comparable		Comparable
			Fixed-Rate			Floating-Rate			Total			TTM Hotel		TTM EBITDA
Indebtedness	Maturity	Interest Rate	Debt			Debt			Debt			EBITDA (11)		Debt Yield
Morgan Stanley MIP - 5 hotels	February 2016	LIBOR + 4.75%	$	—		$	200,000	(1) (2)	$	200,000		$	23,395	11.7	%
Morgan Stanley Pool A - 7 hotels	August 2016	LIBOR + 4.35%	—			301,000		(2)	301,000			33,517		11.1	%
Morgan Stanley Pool B - 5 hotels	August 2016	LIBOR + 4.38%	—			62,900		(2)	62,900			6,986		11.1	%
JPM Chase Marriott Fremont - 1 hotel	August 2016	LIBOR + 4.20%	—			37,500		(2)	37,500			7,417		19.8	%
Secured revolving credit facility - various	October 2016	Base Rate (10) + 2.00% or LIBOR + 3.00%	—			—		(9)	—			N/A		N/A
BAML Pool 1 & 2 - 8 hotels	January 2017	LIBOR + 4.95%	—			376,800		(2) (3)	376,800			43,843		11.6	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2017	LIBOR + 4.95%	—			33,300		(2)	33,300			4,127		12.4	%
Column Financial - 24 hotels	April 2017	LIBOR + 4.39%	—			1,070,560		(4)	1,070,560			111,619		10.4	%
Wachovia 1 - 5 hotels	April 2017	5.95%	110,302			—			110,302			16,899		15.3	%
Wachovia 2 - 7 hotels	April 2017	5.95%	120,671			—			120,671			17,152		14.2	%
Wachovia 5 - 5 hotels	April 2017	5.95%	99,144			—			99,144			14,446		14.6	%
Wachovia 6 - 5 hotels	April 2017	5.95%	150,860			—			150,860			17,857		11.8	%
JPM Lakeway - 1 hotel	May 2017	LIBOR + 5.10%	—			25,100		(2)	25,100			1,420		5.7	%
BAML Le Pavillon - 1 hotel	June 2017	LIBOR + 5.10%	—			43,750		(2)	43,750			4,060		9.3	%
US Bank Indigo Atlanta - 1 hotel	June 2017	5.98%	16,002			—			16,002			2,294		14.3	%
Morgan Stanley - 8 hotels	July 2017	LIBOR + 4.09%	—			144,000		(2)	144,000			14,118		9.8	%
Morgan Stanley Ann Arbor - 1 hotel	July 2017	LIBOR + 4.15%	—			35,200		(2)	35,200			3,762		10.7	%
BAML W Atlanta - 1 hotel	July 2017	LIBOR + 5.10%	—			40,500		(2)	40,500			3,974		9.8	%
BAML Pool - 17 hotels	December 2017	LIBOR + 4.87%	—			375,000		(7) (8)	375,000			48,208		12.9	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	98,016			—			98,016			14,794		15.1	%
Morgan Stanley Princeton/Nashville - 2 hotels	January 2018	4.44%	107,054			—			107,054			25,976		24.3	%
NorthStar Gainesville - 1 hotel	July 2018	LIBOR + 4.50%	—			21,200		(6)	21,200			2,539		12.0	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000		(6)	12,000			1,908		15.9	%
Omni American Bank Ashton - 1 hotel	July 2019	LIBOR + 3.75% (5)	—			5,524			5,524			1,051		19.0	%
GACC Gateway - 1 hotel	November 2020	6.26%	98,420			—			98,420			16,331		16.6	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	55,524			—			55,524			6,042		10.9	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,529			—			10,529			1,431		13.6	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,214			—			7,214			1,150		15.9	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,745			—			6,745			978		14.5	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	67,520			—			67,520			8,598		12.7	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,500			—			12,500			2,232		17.9	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,980			—			24,980			3,418		13.7	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	54,110		(3)	—			54,110			8,569		15.8	%
BAML Pool 4 - 2 hotels	February 2025	4.45%	24,147		(3)	—			24,147			3,116		12.9	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,919		(3)	—			20,919			3,062		14.6	%
Unencumbered hotels			—			—			—			2,439		N/A
			$	1,084,657		$	2,784,334		$	3,868,991		$	478,728	12.4	%
Percentage			28.0		%	72.0		%	100.0		%
Weighted average interest rate			5.43		%	5.00		%	5.12		%

All indebtedness is non-recourse with the exception of the secured revolving credit facility.

(1) The interest rate on this mortgage loan is subject to a LIBOR floor of 0.20%.

(2) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

(3) On January 2, 2015, we refinanced our $145.3 million loan due July 2015 and our $211.0 million loan due November 2015 with a $376.8 million loan due January 2017 with an interest rate of LIBOR + 4.95%, a $54.8 million loan due February 2025 with a fixed interest rate of 4.45%, a $24.5 million loan due February 2025 with a fixed interest rate of 4.45%, and a $21.2 million loan due February 2025 with a fixed interest rate of 4.45%.

(4) On March 6, 2015, we refinanced our $907.5 million loan due March 2015 with a $1,070.6 million loan due April 2017 with four one-year extension options.  The new loan provides for an interest rate of LIBOR + 4.39%.

(5) The interest rate on this mortgage loan which closed in July 2014 is subject to a LIBOR floor of 0.25% and changes to a 4.00% fixed rate after 18 months.

(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(7) This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions.

(8) On December 2, 2015, we refinanced our $91.1 million loan due December 2015, our $103.4 million loan due February 2016 and our $74.3 million loan due in February 2016 with a $375.0 million loan with a variable interest rate of LIBOR + 4.87%.

(9) Our borrowing capacity under our secured revolving credit facility is $100.0 million.

(10) Base rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

(11) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 9

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

DECEMBER 31, 2015

(in thousands)

(unaudited)

	2016		2017		2018		2019		2020		Thereafter		Total
Secured revolving credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Wachovia 1 - 5 hotels	—		107,351		—		—		—		—		107,351
Wachovia 2 - 7 hotels	—		117,441		—		—		—		—		117,441
Wachovia 5 - 5 hotels	—		96,491		—		—		—		—		96,491
Wachovia 6 - 5 hotels	—		146,823		—		—		—		—		146,823
US Bank Indigo Atlanta - 1 hotel	—		15,583		—		—		—				15,583
Morgan Stanley Boston Back Bay - 1 hotel	—		—		94,226		—		—		—		94,226
Morgan Stanley Princeton/Nashville - 2 hotels	—		—		103,106		—		—		—		103,106
Omni American Bank Ashton - 1 hotel	—		—		—		5,168		—		—		5,168
Morgan Stanley MIP - 5 hotels	—		—		—		200,000		—		—		200,000
Morgan Stanley Pool A - 7 hotels	—		—		—		301,000		—		—		301,000
Morgan Stanley Pool B - 5 hotels	—		—		—		62,900		—		—		62,900
JPM Chase Marriott Fremont - 1 hotel	—		—		—		37,500		—		—		37,500
GACC Gateway - 1 hotel	—		—		—		—		89,886		—		89,886
BAML Pool 1 & 2 - 8 hotels	—		—		—		—		376,800		—		376,800
Cantor Commercial Real Estate Memphis - 1 hotel	—		—		—		—		33,300		—		33,300
JPM Lakeway - 1 hotel	—		—		—		—		25,100		—		25,100
BAML Le Pavillon - 1 hotel	—		—		—		—		43,750		—		43,750
Morgan Stanley - 8 hotels	—		—		—		—		144,000		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		—		—		35,200		—		35,200
NorthStar Gainesville - 1 hotel	—		—		—		—		21,200		—		21,200
BAML W Atlanta - 1 hotel	—		—		—		—		40,500		—		40,500
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		—		—		12,000		—		12,000
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C - 8 hotels	—		—		—		—		—		90,889		90,889
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,160		44,160
BAML Pool 4 - 2 hotels	—		—		—		—		—		19,707		19,707
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
Column Financial - 24 hotels	—		—		—		—		—		1,070,560		1,070,560
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		47,711		47,711
BAML Pool - 17 hotels	—		—		—		—		—		375,000		375,000
Principal due in future periods	$	—	$	483,689	$	197,332	$	606,568	$	821,736	$	1,685,998	$	3,795,323
Scheduled amortization payments remaining	16,138		16,196		6,644		6,970		6,914		20,806		73,668
Total indebtedness	$	16,138	$	499,885	$	203,976	$	613,538	$	828,650	$	1,706,804	$	3,868,991

AHT Reports Fourth Quarter Results

Page 10

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

	Three Months Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
ALL HOTELS:
Rooms revenue (in thousands)	$	270,519		$	2,158		$	272,677		$	148,904		$	106,115		$	255,019		6.92	%
RevPAR	$	105.56		$	194.05		$	105.94		$	94.69		$	106.30		$	99.20		6.80	%
Occupancy	72.66		%	91.65		%	72.75		%	72.13		%	69.10		%	70.95		%	2.53	%
ADR	$	145.27		$	211.72		$	145.63		$	131.28		$	153.83		$	139.81		4.16	%
	Year Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
ALL HOTELS:
Rooms revenue (in thousands)	$	1,053,576		$	110,947		$	1,164,523		$	628,451		$	463,715		$	1,092,166		6.63	%
RevPAR	$	114.25		$	112.52		$	114.08		$	102.30		$	114.62		$	107.08		6.54	%
Occupancy	77.27		%	72.66		%	76.82		%	76.25		%	74.46		%	75.56		%	1.67	%
ADR	$	147.85		$	154.87		$	148.49		$	134.16		$	153.94		$	141.71		4.79	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

	Three Months Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
ALL HOTELS
NOT UNDER RENOVATION:
Rooms revenue (in thousands)	$	247,088		$	2,158		$	249,246		$	134,001		$	97,972		$	231,973		7.45	%
RevPAR	$	106.79		$	194.05		$	107.21		$	94.53		$	108.33		$	99.91		7.31	%
Occupancy	73.30		%	91.65		%	73.38		%	72.18		%	69.72		%	71.22		%	3.03	%
ADR	$	145.69		$	211.72		$	146.09		$	130.96		$	155.38		$	140.27		4.15	%
	Year Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
ALL HOTELS
NOT UNDER RENOVATION:
Rooms revenue (in thousands)	$	958,164		$	104,966		$	1,063,130		$	567,555		$	426,712		$	994,267		6.93	%
RevPAR	$	115.45		$	114.01		$	115.30		$	102.30		$	116.42		$	107.93		6.83	%
Occupancy	77.69		%	73.07		%	77.23		%	76.43		%	74.98		%	75.85		%	1.82	%
ADR	$	148.59		$	156.04		$	149.29		$	133.86		$	155.27		$	142.30		4.92	%

NOTES:

(1)The above comparable information assumes the 119 hotel properties owned and included in the Company’s operations at December 31, 2015, and not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)Excluded Hotels Under Renovation:

Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill

AHT Reports Fourth Quarter Results

Page 11

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:

	Three Months Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
REVENUE
Rooms	$	270,519		$	2,158		$	272,677		$	148,904		$	106,115		$	255,019		6.9	%
Food and beverage	67,547			374			67,921			30,157			37,610			67,767			0.2	%
Other	13,037			311			13,348			6,769			6,547			13,316			0.2	%
Total hotel revenue	351,103			2,843			353,946			185,830			150,272			336,102			5.3	%
EXPENSES
Rooms	$	61,873		$	428		$	62,301		$	35,003		$	24,312		$	59,315		5.0	%
Food and beverage	44,429			233			44,662			20,307			24,072			44,379			0.6	%
Other direct	5,386			87			5,473			3,704			1,650			5,354			2.2	%
Other indirect	98,713			856			99,568			52,575			43,574			96,149			3.6	%
Management fees, includes base and incentive fees	15,553			136			15,689			8,378			6,093			14,471			8.4	%
Total hotel operating expenses	225,954			1,740			227,693			119,967			99,701			219,668			3.7	%
Property taxes, insurance, and other	17,749			183			17,933			9,546			7,819			17,365			3.3	%
HOTEL EBITDA	107,400			920			108,320			56,317			42,752			99,069			9.3	%
Hotel EBITDA Margin	30.59		%	32.36		%	30.60		%	29.86		%	28.45		%	29.48		%	1.12	%
Minority interest in earnings of consolidated joint ventures	73			—			73			74			—			74			-1.4	%
HOTEL EBITDA
excluding minority interest in joint ventures	$	107,327		$	920		$	108,247		$	56,243		$	42,752		$	98,995		9.3	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS:

	Year Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
REVENUE
Rooms	$	1,053,576		$	110,947		$	1,164,523		$	628,451		$	463,715		$	1,092,166		6.6	%
Food and beverage	226,937			31,276			258,213			111,937			144,304			256,241			0.8	%
Other	47,513			7,450			54,963			26,178			26,397			52,575			4.5	%
Total hotel revenue	1,328,026			149,673			1,477,699			766,566			634,416			1,400,982			5.5	%
EXPENSES
Rooms	$	229,615		$	24,771		$	254,386		$	140,996		$	101,448		$	242,444		4.9	%
Food and beverage	153,247			21,436			174,683			77,109			96,477			173,586			0.6	%
Other direct	20,221			2,731			22,952			14,964			7,033			21,997			4.3	%
Other indirect	363,554			44,171			407,725			210,236			181,172			391,408			4.2	%
Management fees, includes base and incentive fees	60,703			5,545			66,248			36,567			25,709			62,276			6.4	%
Total hotel operating expenses	827,340			98,654			925,994			479,872			411,839			891,711			3.8	%
Property taxes, insurance, and other	64,201			8,776			72,977			37,612			32,576			70,188			4.0	%
HOTEL EBITDA	436,485			42,243			478,728			249,082			190,001			439,083			9.0	%
Hotel EBITDA Margin	32.87		%	28.22		%	32.40		%	32.49		%	29.95		%	31.34		%	1.06	%
Minority interest in earnings of consolidated joint ventures	319			—			319			300			—			300			6.3	%
HOTEL EBITDA
excluding minority interest in joint ventures	$	436,166		$	42,243		$	478,409		$	248,782		$	190,001		$	438,783		9.0	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 12

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:

NOT UNDER RENOVATION:

	Three Months Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
REVENUE
Rooms	$	247,088		$	2,158		$	249,246		$	134,001		$	97,972		$	231,973		7.4	%
Food and beverage	60,928			374			61,302			26,787			34,245			61,032			0.4	%
Other	11,690			311			12,001			5,815			6,092			11,907			0.8	%
Total hotel revenue	319,706			2,843			322,549			166,603			138,309			304,912			5.8	%
EXPENSES
Rooms	$	56,509		$	428		$	56,937		$	31,685		$	22,381		$	54,066		5.3	%
Food and beverage	40,492			233			40,724			18,238			21,901			40,138			1.5	%
Other direct	4,904			87			4,991			3,346			1,609			4,956			0.7	%
Other indirect	89,446			856			90,302			46,875			40,077			86,952			3.9	%
Management fees, includes base and incentive fees	14,337			136			14,474			7,464			5,628			13,092			10.6	%
Total hotel operating expenses	205,688			1,740			207,428			107,608			91,596			199,204			4.1	%
Property taxes, insurance, and other	16,240			183			16,423			8,641			7,213			15,854			3.6	%
HOTEL EBITDA	97,778			920			98,698			50,354			39,500			89,854			9.8	%
Hotel EBITDA Margin	30.58		%	32.36		%	30.60		%	29.77		%	28.56		%	29.47		%	1.13	%
Minority interest in earnings of consolidated joint ventures	73			—			73			74			—			74			-1.4	%
HOTEL EBITDA
excluding minority interest in joint ventures	$	97,705		$	920		$	98,625		$	50,280		$	39,500		$	89,780		9.9	%

NOTES:

(1)The above comparable information assumes the 119 hotel properties owned and included in the Company’s operations at December 31, 2015, but not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)Excluded Hotels Under Renovation:

Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill

(5)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS:

NOT UNDER RENOVATION:

	Year Ended
	December 31,
	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Comparable
	2015			2015			2015			2014			2014			2014			% Variance
REVENUE
Rooms	$	958,164		$	104,966		$	1,063,130		$	567,555		$	426,712		$	994,267		6.9	%
Food and beverage	204,163			28,988			233,151			99,556			130,496			230,052			1.3	%
Other	42,703			7,259			49,962			22,916			24,815			47,731			4.7	%
Total hotel revenue	1,205,030			141,213			1,346,243			690,027			582,023			1,272,050			5.8	%
EXPENSES
Rooms	$	208,557		$	23,485		$	232,042		$	127,604		$	93,185		$	220,789		5.1	%
Food and beverage	138,865			19,842			158,707			69,264			87,793			157,057			1.1	%
Other direct	18,376			2,670			21,046			13,579			6,858			20,437			3.0	%
Other indirect	327,904			41,575			369,479			187,608			166,187			353,795			4.4	%
Management fees, includes base and incentive fees	55,827			5,292			61,119			33,091			23,618			56,709			7.8	%
Total hotel operating expenses	749,529			92,864			842,393			431,146			377,641			808,787			4.2	%
Property taxes, insurance, and other	58,270			8,305			66,575			33,944			29,732			63,676			4.6	%
HOTEL EBITDA	397,231			40,044			437,275			224,937			174,650			399,587			9.4	%
Hotel EBITDA Margin	32.96		%	28.36		%	32.48		%	32.60		%	30.01		%	31.41		%	1.07	%
Minority interest in earnings of consolidated joint ventures	319			—			319			300			—			300			6.3	%
HOTEL EBITDA
excluding minority interest in joint ventures	$	396,912		$	40,044		$	436,956		$	224,637		$	174,650		$	399,287		9.4	%

NOTES:

(1)The above comparable information assumes the 119 hotel properties owned and included in the Company’s operations at December 31, 2015, but not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)Excluded Hotels Under Renovation:

Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill

(5)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 13

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

THE FOLLOWING SEASONALITY TABLE REFLECTS THE 132 HOTELS INCLUDED IN THE COMPANY’S OPERATIONS AT DECEMBER 31, 2015:

	Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable
	2015			2015			2015			2015			2015			2015			2015			2015			2015			2015			2015			2015
	4th Quarter			4th Quarter			4th Quarter			3rd Quarter			3rd Quarter			3rd Quarter			2nd Quarter			2nd Quarter			2nd Quarter			1st Quarter			1st Quarter			1st Quarter
Total Hotel Revenue	$	351,103		$	2,843		$	353,946		$	362,511		$	8,193		$	370,704		$	367,186		$	29,375		$	396,561		$	247,226		$	109,262		$	356,488
Hotel EBITDA	$	107,400		$	920		$	108,320		$	116,444		$	3,029		$	119,473		$	128,076		$	9,685		$	137,761		$	84,565		$	28,609		$	113,174
Hotel EBITDA Margin	30.59		%	32.36		%	30.60		%	32.12		%	36.97		%	32.23		%	34.88		%	32.97		%	34.74		%	34.21		%	26.18		%	31.75		%
EBITDA % of Total TTM	24.6		%	2.2		%	22.6		%	26.7		%	7.2		%	25.0		%	29.3		%	22.9		%	28.8		%	19.4		%	67.7		%	23.6		%
JV Interests in EBITDA	$	73		$	—		$	73		$	102		$	—		$	102		$	89		$	—		$	89		$	55		$	—		$	55
	Actual			Pre-acquisition			Comparable
	2015			2015			2015
	TTM			TTM			TTM
Total Hotel Revenue	$	1,328,026		$	149,673		$	1,477,699
Hotel EBITDA	$	436,485		$	42,243		$	478,728
Hotel EBITDA Margin	32.87		%	28.22		%	32.40		%
EBITDA % of Total TTM	100.0		%	100.0		%	100.0		%
JV Interests in EBITDA	$	319		$	—		$	319

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015 were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 14

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

			Three Months Ended December 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable		Actual		Pre-acquisition		Comparable		Comparable
Region	Hotels	Rooms	2015		2015		2015		2014		2014		2014		% Variance
Atlanta, GA Area	11	2,070	$	102.98	$	117.18	$	103.13	$	79.32	$	103.48	$	94.68	8.9	%
Boston, MA Area	3	915	154.59		—		154.59		—		157.60		157.60		-1.9	%
Dallas / Ft. Worth Area	7	1,518	104.40		—		104.40		96.10		92.64		94.98		9.9	%
Houston, TX Area	3	692	106.40		—		106.40		101.11		125.02		111.47		-4.6	%
Los Angeles, CA Metro Area	8	1,901	102.89		—		102.89		91.63		81.87		89.52		14.9	%
Miami, FL Metro Area	3	587	120.58		—		120.58		117.79		—		117.79		2.4	%
Minneapolis - St. Paul, MN-WI Area	4	809	108.54		210.50		121.09		82.59		148.35		106.08		14.1	%
Nashville, TN Area	1	673	160.76		—		160.76		—		140.15		140.15		14.7	%
New York / New Jersey Metro Area	7	1,887	100.32		—		100.32		116.38		88.56		99.29		1.0	%
Orlando, FL Area	6	1,834	87.90		—		87.90		82.00		—		82.00		7.2	%
Philadelphia, PA Area	3	648	90.51		—		90.51		77.98		—		77.98		16.1	%
San Diego, CA Area	2	410	98.18		—		98.18		87.74		—		87.74		11.9	%
San Francisco - Oakland, CA Metro Area	6	1,368	137.33		—		137.33		120.46		—		120.46		14.0	%
Tampa, FL Area	3	680	98.89		—		98.89		87.24		79.55		83.31		18.7	%
Washington DC - MD - VA Area	10	2,466	112.95		—		112.95		103.80		119.02		107.65		4.9	%
Other Areas	55	9,519	96.78		—		96.78		90.15		95.86		92.76		4.3	%
Total Portfolio	132	27,977	$	105.56	$	194.05	$	105.94	$	94.69	$	106.30	$	99.20	6.8	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(unaudited)

			Three Months Ended December 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable				Actual		Pre-acquisition		Comparable				Comparable
Region	Hotels	Rooms	2015		2015		2015		% of Total		2014		2014		2014		% of Total		% Variance
Atlanta, GA Area	11	2,070	$	7,043	$	99	$	7,142	6.6	%	$	1,972	$	3,817	$	5,789	5.8	%	23.4	%
Boston, MA Area	3	915	5,632		—		5,632		5.2	%	—		5,741		5,741		5.8	%	-1.9	%
Dallas / Ft. Worth Area	7	1,518	6,155		—		6,155		5.7	%	3,498		2,099		5,597		5.6	%	10.0	%
Houston, TX Area	3	692	3,919		—		3,919		3.6	%	1,475		2,673		4,148		4.2	%	-5.5	%
Los Angeles, CA Metro Area	8	1,901	7,072		—		7,072		6.5	%	4,778		974		5,752		5.8	%	22.9	%
Miami, FL Metro Area	3	587	2,540		—		2,540		2.3	%	2,510		—		2,510		2.5	%	1.2	%
Minneapolis - St. Paul, MN-WI Area	4	809	2,905		821		3,726		3.4	%	1,913		1,388		3,301		3.3	%	12.9	%
Nashville, TN Area	1	673	4,727		—		4,727		4.4	%	—		3,700		3,700		3.7	%	27.8	%
New York / New Jersey Metro Area	7	1,887	7,436		—		7,436		6.9	%	3,618		3,626		7,244		7.3	%	2.7	%
Orlando, FL Area	6	1,834	4,913		—		4,913		4.5	%	4,516		—		4,516		4.6	%	8.8	%
Philadelphia, PA Area	3	648	1,709		—		1,709		1.6	%	1,382		—		1,382		1.4	%	23.7	%
San Diego, CA Area	2	410	1,342		—		1,342		1.2	%	1,160		—		1,160		1.2	%	15.7	%
San Francisco - Oakland, CA Metro Area	6	1,368	7,180		—		7,180		6.6	%	6,230		—		6,230		6.3	%	15.2	%
Tampa, FL Area	3	680	2,312		—		2,312		2.1	%	1,091		759		1,850		1.9	%	25.0	%
Washington DC - MD - VA Area	10	2,466	10,314		—		10,314		9.5	%	6,508		2,738		9,246		9.3	%	11.6	%
Other Areas	55	9,519	32,201		—		32,201		29.8	%	15,666		15,237		30,903		31.0	%	4.2	%
Total Portfolio	132	27,977	$	107,400	$	920	$	108,320	100.0	%	$	56,317	$	42,752	$	99,069	100.0	%	9.3	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 15

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

			Year Ended December 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable		Actual		Pre-acquisition		Comparable		Comparable
Region	Hotels	Rooms	2015		2015		2015		2014		2014		2014		% Variance
Atlanta, GA Area	11	2,070	$	108.61	$	129.52	$	112.57	$	83.24	$	114.18	$	102.91	9.4	%
Boston, MA Area	3	915	186.61		101.12		166.08		—		161.10		161.10		3.1	%
Dallas / Ft. Worth Area	7	1,518	108.33		115.68		108.75		99.14		100.56		99.62		9.2	%
Houston, TX Area	3	692	113.01		115.98		113.23		107.81		119.70		112.97		0.2	%
Los Angeles, CA Metro Area	8	1,901	107.68		119.82		108.14		105.04		95.10		102.89		5.1	%
Miami, FL Metro Area	3	587	127.33		—		127.33		120.26		—		120.26		5.9	%
Minneapolis - St. Paul, MN-WI Area	4	809	107.32		173.81		126.20		95.07		164.73		119.95		5.2	%
Nashville, TN Area	1	673	177.93		149.75		172.99		—		152.78		152.78		13.2	%
New York / New Jersey Metro Area	7	1,887	110.39		80.38		107.16		122.18		96.42		106.36		0.8	%
Orlando, FL Area	6	1,834	91.01		—		91.01		83.38		—		83.38		9.1	%
Philadelphia, PA Area	3	648	94.84		—		94.84		90.02		—		90.02		5.3	%
San Diego, CA Area	2	410	112.33		—		112.33		101.60		—		101.60		10.6	%
San Francisco - Oakland, CA Metro Area	6	1,368	146.54		—		146.54		125.68		—		124.02		18.2	%
Tampa, FL Area	3	680	102.04		122.12		103.83		97.02		91.72		94.32		10.1	%
Washington DC - MD - VA Area	10	2,466	127.99		91.86		126.39		117.39		126.00		119.57		5.7	%
Other Areas	55	9,519	106.45		99.21		105.57		98.03		103.86		100.59		5.0	%
Total Portfolio	132	27,977	$	114.25	$	112.52	$	114.08	$	102.30	$	114.62	$	107.08	6.5	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(unaudited)

			Year Ended December 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable				Actual		Pre-acquisition		Comparable		% of		Comparable
Region	Hotels	Rooms	2015		2015		2015		% of Total		2014		2014		2014		Total		% Variance
Atlanta, GA Area	11	2,070	$	24,230	$	6,586	$	30,816	6.4	%	$	8,803	$	18,762	$	27,565	6.3	%	11.8	%
Boston, MA Area	3	915	23,004		2,445		25,449		5.3	%	—		24,397		24,397		5.6	%	4.3	%
Dallas / Ft. Worth Area	7	1,518	24,101		1,946		26,047		5.4	%	14,128		8,639		22,767		5.2	%	14.4	%
Houston, TX Area	3	692	13,025		1,403		14,428		3.0	%	6,300		8,185		14,485		3.3	%	-0.4	%
Los Angeles, CA Metro Area	8	1,901	28,872		1,427		30,299		6.3	%	24,030		5,191		29,221		6.7	%	3.7	%
Miami, FL Metro Area	3	587	11,444		—		11,444		2.4	%	10,411		—		10,411		2.4	%	9.9	%
Minneapolis - St. Paul, MN-WI Area	4	809	10,010		5,858		15,868		3.3	%	8,125		6,529		14,654		3.3	%	8.3	%
Nashville, TN Area	1	673	17,789		2,975		20,764		4.3	%	—		17,111		17,111		3.9	%	21.3	%
New York / New Jersey Metro Area	7	1,887	30,005		1,613		31,618		6.6	%	15,521		16,106		31,627		7.2	%	0.0	%
Orlando, FL Area	6	1,834	20,354		—		20,354		4.3	%	17,911		—		17,911		4.1	%	13.6	%
Philadelphia, PA Area	3	648	7,065		—		7,065		1.5	%	7,051		—		7,051		1.6	%	0.2	%
San Diego, CA Area	2	410	6,631		—		6,631		1.4	%	5,634		—		5,634		1.3	%	17.7	%
San Francisco - Oakland, CA Metro Area	6	1,368	32,058		—		32,058		6.7	%	22,166		2,628		24,794		5.6	%	29.3	%
Tampa, FL Area	3	680	8,983		1,262		10,245		2.1	%	4,998		3,958		8,956		2.0	%	14.4	%
Washington DC - MD - VA Area	10	2,466	45,832		1,122		46,954		9.8	%	31,145		12,370		43,515		9.9	%	7.9	%
Other Areas	55	9,519	133,082		15,606		148,688		31.2	%	72,859		66,125		138,984		31.5	%	7.0	%
Total Portfolio	132	27,977	$	436,485	$	42,243	$	478,728	100.0	%	$	249,082	$	190,001	$	439,083	100.0	%	9.0	%

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

(3)The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

AHT Reports Fourth Quarter Results

Page 16

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

DECEMBER 31, 2015

(in thousands except share price)

(unaudited)

	December 31,
	2015
End of quarter diluted shares outstanding	95,471
Partnership units outstanding (common share equivalents)*	19,309
Combined diluted shares and partnership units outstanding	114,780
Common stock price at quarter end	$	6.31
Market capitalization at quarter end	$	724,262
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series E preferred stock	$	115,750
Debt on balance sheet date	$	3,868,991
Joint venture partner’s share of consolidated debt	$	(2,094	)
Net working capital (see below)	$	(373,036	)
Total enterprise value (TEV)	$	4,612,021
Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	53.25
Market value of Ashford Inc. investment	$	31,852
Cash and cash equivalents	$	215,023
Restricted cash	153,535
Accounts receivable, net	40,422
Prepaid expenses	12,455
Investment in AIM REHE, LP	55,952
Due from affiliates, net	(10,516		)
Due from third-party hotel managers, net	20,369
Market value of Ashford Inc. investment	31,852
Total current assets	$	519,092
Accounts payable, net & accrued expenses	$	123,378
Dividends payable	22,678
Total current liabilities	$	146,056
Net working capital**	$	373,036

* Total units outstanding = 20.39 million; impacted by current conversion factor.

** Includes the Company’s pro rata share of net working capital in joint ventures.

AHT Reports Fourth Quarter Results

Page 17

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

Anticipated Capital Expenditures Calendar (a)

		2015				Proposed 2016
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Hilton Parsippany	354	x	x	x	x
Courtyard Boston Downtown	315	x	x	x
Marriott Beverly Hills	260	x	x	x
Embassy Suites Flagstaff	119	x	x
Hilton Minneapolis	300	x	x
Hyatt Regency Savannah	351	x						x	x
Marriott Bridgewater	347	x
Sheraton Bucks County	186	x
Westin Princeton	296	x				x
Courtyard Palm Desert	151		x	x
Courtyard Scottsdale	180		x	x
Hilton St. Petersburg	333		x	x				x
Residence Inn Hartford	96		x	x
Residence Inn Las Vegas	256		x	x
SpringHill Suites BWI	133		x	x
Hampton Inn Parsippany	152		x					x	x
Sheraton Minnetonka	220		x
Courtyard Alpharetta	154			x	x
Fairfield Inn Lake Buena Vista	388			x	x
Historic Inns of Annapolis	124			x	x
Residence Inn Evansville	78			x	x
Courtyard Overland Park	168			x
Embassy Suites Palm Beach Gardens	160			x
Crowne Plaza Ravinia	495				x
Embassy Suites Austin	150				x	x	x	x
Embassy Suites Dulles	150				x	x	x
Embassy Suites Houston	150				x	x		x	x
Hilton Fort Worth	294				x
Hilton Santa Fe	158				x	x
The Ashton	39				x	x
The Churchill	173				x	x
Hilton Garden Inn Austin	254					x	x	x
SpringHill Suites Jacksonville	102					x	x	x
Courtyard Boston Billerica	210					x	x
Courtyard Irvine Foothill Ranch	156					x	x
Embassy Suites Philadelphia	263					x	x
Residence Inn Fairfax	159					x	x
SpringHill Suites Gaithersburg	162					x	x
Towneplace Suites Manhattan Beach	144					x	x
Renaissance Nashville	673					x		x	x
Courtyard Oakland Airport	156					x
Hilton Nassau Bay	242					x
Embassy Suites Las Vegas	220						x	x	x
Embassy Suites Orlando	174						x	x	x
Marriott Dallas Market Center	265						x	x	x
Courtyard Bloomington	117						x	x
Embassy Suites Dallas	150						x	x
Hampton Inn Lawrenceville	85						x	x
Residence Inn Orlando Sea World	350						x	x
Courtyard Ft. Lauderdale	174							x	x
Crowne Plaza Annapolis	196							x	x
Hilton Garden Inn Virginia Beach	176							x	x
Hyatt Regency Coral Gables	250							x	x
Le Pavillon New Orleans	226							x	x
Marriott Crystal Gateway	697							x	x
Marriott San Antonio Plaza	251							x	x
Courtyard Basking Ridge	235								x
Hampton Inn Gainesville	105								x
Hilton Boston Back Bay	390								x
Marriott Omaha	300								x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2015-2016 are included in this table.

Exhibit 1

AHT Reports Fourth Quarter Results

Page 18

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust Inc.
Net income (loss)	$	39,904		$	3,401		$	43,305		$	108	$	(69,540	)	$	(26,127	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(8		)	—			(8		)	—		30			22
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		4,113			4,113
Net income (loss) attributable to the Company	39,896			3,401			43,297			108		(65,397		)	(21,992		)
Non-property adjustments	—			(8		)	(8		)	—		8			—
Interest income	(9		)	—			(9		)	—		(14		)	(23		)
Interest expense	456			—			456			—		47,296			47,752
Amortization of loan cost	116			—			116			—		5,657			5,773
Depreciation and amortization	54,822			6,174			60,996			145		48			61,189
Income tax expense	111			7			118			—		(43		)	75
Non-Hotel EBITDA ownership expense	2,378			48			2,426			1		(2,427		)	—
(Income) loss from consolidated entities attributable to noncontrolling interest	8			—			8			—		(8		)	—
EBITDA including amounts attributable to noncontrolling interest	97,778			9,622			107,400			254		(14,880		)	92,774
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(61		)	—			(61		)	—		(28		)	(89		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(4,113		)	(4,113		)
Equity in earnings of unconsolidated entities	—			—			—			—		(759		)	(759		)
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		846			846
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		—			—
Company’s portion of EBITDA of Highland JV	—			—			—			—		—			—
EBITDA attributable to the Company and OP unitholders	$	97,717		$	9,622		$	107,339		$	254	$	(18,934	)	$	88,659
Pre-acquisition Hotel EBITDA	920			—			920
Comparable Hotel EBITDA	$	98,698		$	9,622		$	108,320

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 19

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2014
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Sold Properties		Corporate / Allocated			Ashford Hospitality Trust Inc.
Net income (loss)	$	22,666		$	3,271		$	25,937		$	233	$	1	$	(42,529	)	$	(16,358	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(29		)	—			(29		)	—		—		289			260
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		2,166			2,166
Net income (loss) attributable to the Company	22,637			3,271			25,908			233		1		(40,074		)	(13,932		)
Non-property adjustments	(4		)	—			(4		)	—		—		4			—
Interest income	(7		)	(1		)	(8		)	—		—		(9		)	(17		)
Interest expense	1			—			1			—		—		27,249			27,250
Amortization of loan cost	—			—			—			—		—		1,689			1,689
Depreciation and amortization	26,608			2,590			29,198			137		198		136			29,669
Income tax expense	126			—			126			—		—		320			446
Non-Hotel EBITDA ownership expense	964			103			1,067			1		10		(1,078		)	—
(Income) loss from consolidated entities attributable to noncontrolling interest	29			—			29			—		—		(29		)	—
EBITDA including amounts attributable to noncontrolling interest	50,354			5,963			56,317			371		209		(11,792		)	45,105
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(43		)	—			(43		)	—				(32		)	(75		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		(2,166		)	(2,166		)
Equity in loss of unconsolidated entities	—			—			—			—		—		4,299			4,299
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		—		(3,016		)	(3,016		)
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		—		2,494			2,494
Company’s portion of EBITDA of Highland JV	—			—			—			—		—		21,803			21,803
EBITDA attributable to the Company and OP unitholders	$	50,311		$	5,963		$	56,274		$	371	$	209	$	11,590		$	68,444
Pre-acquisition Hotel EBITDA	39,500			3,252			42,752
Comparable Hotel EBITDA	$	89,854		$	9,215		$	99,069

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 20

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation		Hotel Total			Orlando WorldQuest Resort		Sold Properties			Corporate / Allocated			Ashford Hospitality Trust Inc.
Net income (loss)	$	180,170		$	18,223	$	198,393		$	1,114	$	(1,303	)	$	108,208		$	306,412
(Income) loss from consolidated entities attributable to noncontrolling interest	(90		)	—		(90		)	—		—			120			30
Net income attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		—			(35,503		)	(35,503		)
Net income (loss) attributable to the Company	180,080			18,223		198,303			1,114		(1,303		)	72,825			270,939
Non-property adjustments	19,950			—		19,950			—		—			(19,950		)	—
Interest income	(34		)	—		(34		)	—		—			(56		)	(90		)
Interest expense	1,380			—		1,380			—		—			167,454			168,834
Amortization of loan cost	341			—		341			—		—			18,339			18,680
Depreciation and amortization	188,839			20,646		209,485			564		164			197			210,410
Income tax expense	171			7		178			—		—			4,532			4,710
Non-Hotel EBITDA ownership expense	6,414			378		6,792			11		4			(6,807		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	90			—		90			—		—			(90		)	—
EBITDA including amounts attributable to noncontrolling interest	397,231			39,254		436,485			1,689		(1,135		)	236,444			673,483
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(213		)	—		(213		)	—		—			(118		)	(331		)
Net income attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		—			35,503			35,503
Equity in loss of unconsolidated entities				—		—			—		—			3,445			3,445
Company’s portion of EBITDA of Ashford Inc.	—			—		—			—		—			828			828
Company’s portion of EBITDA of Ashford Prime	—			—		—			—		—			7,640			7,640
Company’s portion of EBITDA of Highland JV	—			—		—			—		—			11,982			11,982
EBITDA attributable to the Company and OP unitholders	$	397,018		$	39,254	$	436,272		$	1,689	$	(1,135	)	$	295,724		$	732,550
Pre-acquisition Hotel EBITDA	40,044			2,199		42,243
Comparable Hotel EBITDA	$	437,275		$	41,453	$	478,728

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 21

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2014
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Sold Properties		Corporate / Allocated			Ashford Hospitality Trust Inc.
Net income (loss)	$	110,571		$	14,403		$	124,974		$	1,263	$	5,097	$	(169,541	)	$	(38,207	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(135		)	—			(135		)	—		—		541			406
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		6,400			6,400
Net income (loss) attributable to the Company	110,436			14,403			124,839			1,263		5,097		(162,600		)	(31,401		)
Non-property adjustments	(8		)	—			(8		)	—		—		8			—
Interest income	(33		)	(1		)	(34		)	—		—		(28		)	(62		)
Interest expense	4			—			4			—		—		107,594			107,598
Amortization of loan cost	—			—			—			—		—		7,237			7,237
Depreciation and amortization	99,070			9,455			108,525			547		1,068		791			110,931
Income tax expense	126			2			128			—		—		1,150			1,278
Non-Hotel EBITDA ownership expense	15,207			286			15,493			45		6		(15,544		)	—
(Income) loss from consolidated entities attributable to noncontrolling interest	135			—			135			—		—		(135		)	—
EBITDA including amounts attributable to noncontrolling interest	224,937			24,145			249,082			1,855		6,171		(61,527		)	195,581
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(161		)	—			(161		)	—		—		(127		)	(288		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		(6,400		)	(6,400		)
Equity in earnings of unconsolidated entities	—			—			—			—		—		(2,495		)	(2,495		)
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		—		(3,016		)	(3,016		)
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		—		11,643			11,643
Company’s portion of EBITDA of Highland JV	—			—			—			—		—		95,444			95,444
EBITDA attributable to the Company and OP unitholders	$	224,776		$	24,145		$	248,921		$	1,855	$	6,171	$	33,522		$	290,469
Pre-acquisition Hotel EBITDA	174,650			15,351			190,001
Comparable Hotel EBITDA	$	399,587		$	39,496		$	439,083

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 22

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	2015			2015			2015			2015			2015
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			TTM
Net income	$	46,041		$	53,932		$	55,115		$	43,305		$	198,393
Income from consolidated entities attributable to noncontrolling interest	(4		)	(45		)	(33		)	(8		)	(90		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—
Net income attributable to the Company	46,037			53,887			55,082			43,297			198,303
Non-property adjustments	—			19,950			8			(8		)	19,950
Interest income	(7		)	(8		)	(10		)	(9		)	(34		)
Interest expense	1			468			455			456			1,380
Amortization of loan cost	—			111			114			116			341
Depreciation and amortization	37,510			52,426			58,553			60,996			209,485
Income tax expense	—			—			60			118			178
Non-Hotel EBITDA ownership expense	1,020			1,197			2,149			2,426			6,792
Income from consolidated entities attributable to noncontrolling interest	4			45			33			8			90
EBITDA including amounts attributable to noncontrolling interest	84,565			128,076			116,444			107,400			436,485
Pre-acquisition Hotel EBITDA	28,609			9,685			3,029			920			42,243
Comparable Hotel EBITDA	$	113,174		$	137,761		$	119,473		$	108,320		$	478,728

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 23

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2015
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth 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			Orlando, FL Area			Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area			Tampa, FL Area		Washington DC - MD - VA Area			Other Areas			Total Portfolio
Net income	$	2,715	$	2,555	$	3,058	$	2,054	$	2,237		$	822		$	777	$	2,553		$	2,719		$	2,672		$	240	$	275	$	4,597		$	792	$	5,055		$	10,184		$	43,305
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			(8		)	(8		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			—			—
Net income attributable to the Company	2,715		2,555		3,058		2,054		2,237			822			777		2,553			2,719			2,672			240		275		4,597			792		5,055			10,176			43,297
Non-property adjustments	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			(8		)	(8		)
Interest income	—		—		—		—		(1		)	(1		)	—		—			(2		)	(1		)	—		—		(1		)	—		(2		)	(1		)	(9		)
Interest expense	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			456			456
Amortization of loan cost	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			116			116
Depreciation and amortization	4,128		3,049		3,048		1,687		4,747			1,300			2,081		2,155			4,725			2,190			1,294		1,050		2,394			1,488		5,011			20,649			60,996
Income tax expense	7		—		—		—		—			—			—		(4		)	59			—			24		—		—			—		9			23			118
Non-Hotel EBITDA ownership expense	193		28		49		178		89			419			47		23			(65		)	52			151		17		190			32		241			782			2,426
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—			—		—			—			—			—		—		—			—		—			8			8
EBITDA including amounts attributable to noncontrolling interest	7,043		5,632		6,155		3,919		7,072			2,540			2,905		4,727			7,436			4,913			1,709		1,342		7,180			2,312		10,314			32,201			107,400
																																									—
Pre-acquisition Hotel EBITDA	99		—		—		—		—			—			821		—			—			—			—		—		—			—		—						920
Comparable Hotel EBITDA	$	7,142	$	5,632	$	6,155	$	3,919	$	7,072		$	2,540		$	3,726	$	4,727		$	7,436		$	4,913		$	1,709	$	1,342	$	7,180		$	2,312	$	10,314		$	32,201		$	108,320

NOTES:

(1)     The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)     All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 24

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2014
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth 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			Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington DC - MD - VA Area			Other Areas			Total Portfolio
Net income	$	1,041	$	—	$	1,613	$	684	$	1,681		$	960	$	683	$	—	$	2,173		$	2,598		$	348		$	134	$	3,938	$	527	$	3,367		$	6,190		$	25,937
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			(29		)	(29		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			—			—
Net income attributable to the Company	1,041		—		1,613		684		1,681			960		683		—		2,173			2,598			348			134		3,938		527		3,367			6,161			25,908
Non-property adjustments	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			(4		)	(4		)
Interest income	—		—		—		—		(1		)	—		—		—		(2		)	(2		)	—			—		—		—		(2		)	(1		)	(8		)
Interest expense	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			1			1
Amortization of loan cost	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			—			—
Depreciation and amortization	887		—		1,832		727		3,075			1,088		1,214		—		1,348			1,864			1,035			1,023		2,251		548		3,039			9,267			29,198
Income tax expense	—		—		—		—		—			—		—		—		71			—			30			—		—		—		24			1			126
Non-Hotel EBITDA ownership expense	44		—		53		64		23			462		16		—		28			56			(31		)	3		41		16		80			212			1,067
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—		—		—			—			—			—		—		—		—			29			29
EBITDA including amounts attributable to noncontrolling interest	1,972		—		3,498		1,475		4,778			2,510		1,913		—		3,618			4,516			1,382			1,160		6,230		1,091		6,508			15,666			56,317
																																							—
Pre-acquisition Hotel EBITDA	3,817		5,741		2,099		2,673		974			—		1,388		3,700		3,626			—			—			—		—		759		2,738			15,237			42,752
Comparable Hotel EBITDA	$	5,789	$	5,741	$	5,597	$	4,148	$	5,752		$	2,510	$	3,301	$	3,700	$	7,244		$	4,516		$	1,382		$	1,160	$	6,230	$	1,850	$	9,246		$	30,903		$	99,069

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 25

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2015
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth 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			Orlando, FL Area			Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area			Tampa, FL Area		Washington DC - MD - VA Area			Other Areas			Total Portfolio
Net income	$	10,957	$	13,805	$	12,723		$	6,552	$	10,846		$	5,896		$	3,653	$	10,515		$	13,907		$	11,888		$	1,783	$	2,414	$	22,515		$	3,562	$	24,351		$	43,026		$	198,393
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—		—			—			—			—		—		—			—		—			(90		)	(90		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—			—		—			—			—		—			—			—			—		—		—			—		—			—			—
Net income attributable to the Company	10,957		13,805		12,723			6,552		10,846			5,896			3,653		10,515			13,907			11,888			1,783		2,414		22,515			3,562		24,351			42,936			198,303
Non-property adjustments	—		—		—			—		—			—			—		—			—			—			—		—		—			—		2,817			17,133			19,950
Interest income	—		—		(1		)	—		(3		)	(2		)	—		—			(7		)	(5		)	—		—		(1		)	—		(11		)	(4		)	(34		)
Interest expense	—		—		—			—		—			—			—		—			—			—			—		—		—			—		—			1,380			1,380
Amortization of loan cost	—		—		—			—		—			—			—		—			—			—			—		—		—			—		—			341			341
Depreciation and amortization	12,938		9,003		11,104			6,094		17,477			4,830			6,303		6,959			15,989			8,160			4,896		4,195		9,321			5,133		18,195			68,888			209,485
Income tax expense	7		—		—			—		—			—			—		(4		)	59			—			24		—		—			—		9			83			178
Non-Hotel EBITDA ownership expense	328		196		275			379		552			720			54		319			57			311			362		22		223			288		471			2,235			6,792
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—		—			—			—			—		—		—			—		—			90			90
EBITDA including amounts attributable to noncontrolling interest	24,230		23,004		24,101			13,025		28,872			11,444			10,010		17,789			30,005			20,354			7,065		6,631		32,058			8,983		45,832			133,082			436,485
																																										—
Pre-acquisition Hotel EBITDA	6,586		2,445		1,946			1,403		1,427			—			5,858		2,975			1,613			—			—		—		—			1,262		1,122			15,606			42,243
Comparable Hotel EBITDA	$	30,816	$	25,449	$	26,047		$	14,428	$	30,299		$	11,444		$	15,868	$	20,764		$	31,618		$	20,354		$	7,065	$	6,631	$	32,058		$	10,245	$	46,954		$	148,688		$	478,728

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 26

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2014
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth 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			Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington DC - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	5,165	$	—	$	7,416	$	3,238	$	12,871		$	(6,175	)	$	4,027	$	—	$	9,906		$	10,972		$	2,647		$	1,555	$	15,048	$	2,780	$	18,998		$	36,526		$	124,974
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			(135		)	(135		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			—			—
Net income attributable to the Company	5,165		—		7,416		3,238		12,871			(6,175		)	4,027		—		9,906			10,972			2,647			1,555		15,048		2,780		18,998			36,391			124,839
Non-property adjustments	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			(8		)	(8		)
Interest income	—		—		—		—		(2		)	—			—		—		(5		)	(7		)	(1		)	—		—		—		(7		)	(12		)	(34		)
Interest expense	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			4			4
Amortization of loan cost	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			—			—
Depreciation and amortization	3,458		—		6,568		2,830		11,044			4,084			4,057		—		5,509			6,993			3,887			4,064		6,841		2,109		11,933			35,148			108,525
Income tax expense	2		—		—		—		—			—			—		—		71			—			30			—		—		—		24			1			128
Non-Hotel EBITDA ownership expense	178		—		144		232		117			12,502			41		—		40			(47		)	488			15		277		109		197			1,200			15,493
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—			—		—		—			—			—			—		—		—		—			135			135
EBITDA including amounts attributable to noncontrolling interest	8,803		—		14,128		6,300		24,030			10,411			8,125		—		15,521			17,911			7,051			5,634		22,166		4,998		31,145			72,859			249,082
																																								—
Pre-acquisition Hotel EBITDA	18,762		24,397		8,639		8,185		5,191			—			6,529		17,111		16,106			—			—			—		2,628		3,958		12,370			66,125			190,001
Comparable Hotel EBITDA	$	27,565	$	24,397	$	22,767	$	14,485	$	29,221		$	10,411		$	14,654	$	17,111	$	31,627		$	17,911		$	7,051		$	5,634	$	24,794	$	8,956	$	43,515		$	138,984		$	439,083

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

AHT Reports Fourth Quarter Results

Page 27

February 25, 2016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2015
	Morgan Stanley MIP - 5 hotels		Morgan Stanley Pool A - 7 hotels			Morgan Stanley Pool B - 5 hotels			JPM Chase - 1 hotel			BAML Pool 1 & 2 - 8 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 24 hotels			Wachovia 1 - 5 hotels			Wachovia 2 - 7 hotels			Wachovia 5 - 5 hotels			Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel
Net income (loss)	$	11,423	$	16,426		$	(17,529	)	$	4,273		$	24,195		$	305		$	40,713		$	10,647		$	9,101		$	7,332		$	8,711		$	(299	)
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—			—			—			—			—			—			—			—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—			—			—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	11,423		16,426			(17,529		)	4,273			24,195			305			40,713			10,647			9,101			7,332			8,711			(299		)
Non-property adjustments	—		—			19,949			—			—			—			—			—			—			—			—			—
Interest income	—		(1		)	(2		)	—			(3		)	—			(1		)	(2		)	(2		)	(1		)	(6		)	—
Interest expense	—		—			—			—			4			1,343			—			—			—			—			—			—
Amortization of loan cost	—		—			—			—			—			341			—			—			—			—			—			—
Depreciation and amortization	11,471		16,410			4,107			3,147			19,732			1,504			55,244			6,112			7,808			6,755			8,869			1,730
Income tax expense	—		—			9			—			—			—			—			59			24			—			—			—
Non-Hotel EBITDA ownership expense	501		682			452			(3		)	(85		)	74			600			83			221			360			283			175
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—			—			—			—			—			—			—			—
EBITDA including amounts attributable to noncontrolling interest	23,395		33,517			6,986			7,417			43,843			3,567			96,556			16,899			17,152			14,446			17,857			1,606
Pre-acquisition Hotel EBITDA	—		—			—			—			—			560			15,063			—			—			—			—			(186		)
Comparable Hotel EBITDA	$	23,395	$	33,517		$	6,986		$	7,417		$	43,843		$	4,127		$	111,619		$	16,899		$	17,152		$	14,446		$	17,857		$	1,420
	BAML Le Pavillon - 1 hotel		US Bank Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	73	$	(1	)	$	1,797		$	1,420		$	491		$	24,636		$	9,103		$	12,673		$	893		$	443		$	481		$	10,990
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—			—			—			—			—			—			—			—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—			—			—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	73		(1		)	1,797			1,420			491			24,636			9,103			12,673			893			443			481			10,990
Non-property adjustments	—		—			—			—			—			—			—			—			—			—			—			—
Interest income	—		—			—			—			—			(8		)	—			—			—			—			—			(2		)
Interest expense	—		—			32			—			—			—			—			—			—			—			—			—
Amortization of loan cost	—		—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	1,493		289			5,183			939			1,417			21,886			4,498			9,364			738			282			538			5,187
Income tax expense	—		—			—			—			—			7			—			(4		)	—			—			—			—
Non-Hotel EBITDA ownership expense	117		79			398			47			76			1,687			93			321			41			41			32			156
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—			—			—			—			—			—			—			—
EBITDA including amounts attributable to noncontrolling interest	1,683		367			7,410			2,406			1,984			48,208			13,694			22,354			1,672			766			1,051			16,331
Pre-acquisition Hotel EBITDA	2,377		1,927			6,708			1,356			1,990			—			1,100			3,622			867			1,142			—			—
Comparable Hotel EBITDA	$	4,060	$	2,294		$	14,118		$	3,762		$	3,974		$	48,208		$	14,794		$	25,976		$	2,539		$	1,908		$	1,051		$	16,331
	Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels			BAML Pool 5 - 2 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	178	$	418		$	429		$	243		$	6,050		$	1,627		$	2,360		$	4,908		$	1,153		$	2,023		$	707		$	198,393
Income from consolidated entities attributable to noncontrolling interest	—		—			(60		)	(30		)	—			—			—			—			—			—			—			(90		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—			—			—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	178		418			369			213			6,050			1,627			2,360			4,908			1,153			2,023			707			198,303
Non-property adjustments	—		—			—			—			—			—			—			—			—			—			1			19,950
Interest income	—		—			—			—			(1		)	—			—			(5		)	—			(1		)	1			(34		)
Interest expense	—		—			—			—			—			—			—			—			—			—			1			1,380
Amortization of loan cost	—		—			—			—			—			—			—			—			—			—			—			341
Depreciation and amortization	457		939			709			641			2,513			575			1,019			3,616			1,964			1,018			1,331			209,485
Income tax expense	—		—			—			83			—			—			—			—			—			—			—			178
Non-Hotel EBITDA ownership expense	1		74			12			11			36			30			39			50			(1		)	22			87			6,792
Income from consolidated entities attributable to noncontrolling interest	—		—			60			30			—			—			—			—			—			—			—			90
EBITDA including amounts attributable to noncontrolling interest	636		1,431			1,150			978			8,598			2,232			3,418			8,569			3,116			3,062			2,128			436,485
Pre-acquisition Hotel EBITDA	5,406		—			—			—			—			—			—			—			—			—			311			42,243
Comparable Hotel EBITDA	$	6,042	$	1,431		$	1,150		$	978		$	8,598		$	2,232		$	3,418		$	8,569		$	3,116		$	3,062		$	2,439		$	478,728

NOTES:

(1)The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at December 31, 2015, were owned as of the beginning of each of the periods presented.

(2)All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates