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): May 4, 2017
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland |
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001-31775 |
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86-1062192 |
(State or other jurisdiction of |
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(Commission |
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(IRS employer |
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14185 Dallas Parkway, Suite 1100 |
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Dallas, Texas |
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75254 |
(Address of principal executive offices) |
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(Zip code) |
Registrants 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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 4, 2017, Ashford Hospitality Trust, Inc. (the Company) issued a press release announcing its financial results for the first quarter ended March 31, 2017. 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 |
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Description |
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99.1 |
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First Quarter 2017 Earnings Press Release of the Company, dated May 4, 2017. |
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: May 4, 2017 |
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ASHFORD HOSPITALITY TRUST, INC. | |
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By: |
/s/ Deric S. Eubanks |
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Deric S. Eubanks | |
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Chief Financial Officer |
Exhibit 99.1
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NEWS RELEASE
|
Contact: |
Deric Eubanks |
Jordan Jennings |
Joe Calabrese |
|
Chief Financial Officer |
Investor Relations |
Financial Relations Board |
|
(972) 490-9600 |
(972) 778-9487 |
(212) 827-3772 |
ASHFORD TRUST REPORTS FIRST QUARTER 2017 RESULTS
Comparable RevPAR for all Hotels Increased 3.4%
Comparable RevPAR for all Hotels Not Under Renovation Increased 4.5%
Comparable Hotel EBITDA Margin for all Hotels Not Under Renovation Increased 91 bps
Comparable Hotel EBITDA Flow-Through for all Hotels Not Under Renovation was 61%
DALLAS, May 4, 2017 Ashford Hospitality Trust, Inc. (NYSE: AHT) (Ashford Trust or the Company) today reported financial results and performance measures for the first quarter ended March 31, 2017. 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 Companys hotel portfolio as of March 31, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2017, with the first quarter ended March 31, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
STRATEGIC 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 7.5%
· Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:
· working capital needs at property and corporate levels
· hedging against a downturn in the economy or hotel fundamentals
· being prepared to pursue accretive investments or stock buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
· Net loss attributable to common stockholders was $33.2 million or $0.35 per diluted share for the quarter
· Comparable RevPAR for all hotels increased 3.4% during the quarter
· Comparable RevPAR for all hotels not under renovation increased 4.5% during the quarter
· Comparable Hotel EBITDA Margin for all hotels not under renovation increased 91 basis points for the quarter
· Comparable Hotel EBITDA flow-through for all hotels not under renovation was 61% for the quarter
· Adjusted EBITDA was $100.8 million for the quarter
· Adjusted funds from operations (AFFO) was $0.32 per diluted share for the quarter
· The Companys common stock is currently trading at an approximate 7.5% dividend yield
· Appointed Douglas A. Kessler as President and Chief Executive Officer
· Capex invested in the quarter was $57 million
AHT Reports First Quarter Results
Page 2
May 4, 2017
UPDATE ON PUBLIC OFFER TO ACQUIRE FELCOR LODGING TRUST
On May 3, 2017, the Company announced that it is no longer seeking to merge with FelCor Lodging Trust Inc. (NYSE: FCH) (FelCor). In addition, the Company commented that it has withdrawn its preliminary proxy and proposed slate consisting of seven independent directors for election to FelCors Board of Directors.
APPOINTMENT OF DOUGLAS A. KESSLER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
On February 21, 2017, the Company announced that its Board of Directors had appointed Douglas A. Kessler as President and Chief Executive Officer of the Company. Monty J. Bennett, the Companys previous Chief Executive Officer, remains Chairman of the Board of Ashford Trust. In order to provide greater focus to the Company, on April 27, 2017, Mr. Kessler resigned from the Board of Directors of Ashford Hospitality Prime (NYSE: AHP) (Ashford Prime) and no longer is President of Ashford Prime.
CAPITAL STRUCTURE
At March 31, 2017, the Company had total assets of $4.8 billion. As of March 31, 2017, the Company had $3.7 billion of mortgage debt. The Companys total combined debt had a blended average interest rate of 5.6%.
PORTFOLIO REVPAR
As of March 31, 2017, the portfolio consisted of 121 properties. During the first quarter of 2017, 107 of the Companys hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 121 hotels) and comparable not under renovation basis (107 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 3.4% to $119.23 for all hotels on a 2.4% increase in ADR and a 1.0% increase in occupancy
· Comparable RevPAR increased 4.5% to $120.96 for hotels not under renovation on a 2.3% increase in ADR and a 2.1% 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 Companys hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Companys 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 Companys portfolio as of the end of the current period. As the Companys 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 121 hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On March 14, 2017, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Companys common stock for the first quarter ending March 31, 2017, payable on April 17, 2017, to shareholders of record as of March 31, 2017.
While we are disappointed that a transaction with FelCor did not materialize, we hope our shareholders appreciate the financial and strategic discipline that we showed during this process, commented Douglas A. Kessler, Ashford Trusts President and Chief Executive Officer. We are solely focused on creating value for our shareholders and are not interested in pursuing transactions simply for the sake of growth. Operationally,
AHT Reports First Quarter Results
Page 3
May 4, 2017
we delivered strong performance during the first quarter which continues to highlight the quality and diversity of our portfolio and our exceptional asset management capabilities. Looking ahead, we remain highly aligned with our shareholders and believe we are well positioned to capitalize on future opportunities.
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 5, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2272. A replay of the conference call will be available through Friday, May 12, 2017, by dialing (719) 457-0820 and entering the confirmation number, 7816805.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2017 earnings release conference call. The live broadcast of Ashford Hospitality Trusts quarterly conference call will be available online at the Companys web site, www.ahtreit.com on Friday, May 5, 2017, 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 companys 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 REITs 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.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apples App Store and the Google Play Store by searching Ashford.
Forward Looking Statements
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 Companys 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 Trusts 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 Trusts filings with the Securities and
AHT Reports First Quarter Results
Page 4
May 4, 2017
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 propertys annual net operating income by the purchase price. Net operating income is the propertys 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.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
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March 31, |
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December 31, |
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2017 |
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2016 |
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ASSETS |
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Investments in hotel properties, net |
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$ |
4,152,741 |
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$ |
4,160,563 |
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Cash and cash equivalents |
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306,670 |
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347,091 |
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Restricted cash |
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165,262 |
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144,014 |
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Marketable securities |
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50,382 |
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53,185 |
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Accounts receivable, net of allowance of $586 and $690, respectively |
|
59,740 |
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44,629 |
| ||
Inventories |
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4,494 |
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4,530 |
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Investment in securities investment fund |
|
|
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50,890 |
| ||
Investment in Ashford Inc. |
|
5,165 |
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5,873 |
| ||
Investment in OpenKey |
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2,559 |
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2,016 |
| ||
Deferred costs, net |
|
2,834 |
|
2,846 |
| ||
Prepaid expenses |
|
24,668 |
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17,578 |
| ||
Derivative assets |
|
1,884 |
|
3,614 |
| ||
Other assets |
|
13,627 |
|
11,718 |
| ||
Intangible asset, net |
|
10,032 |
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10,061 |
| ||
Due from Ashford Prime OP, net |
|
6 |
|
|
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Due from related party, net |
|
1,392 |
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|
| ||
Due from AQUA U.S. Fund |
|
2,579 |
|
|
| ||
Due from third-party hotel managers |
|
18,583 |
|
13,348 |
| ||
Assets held for sale |
|
|
|
19,588 |
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|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,822,618 |
|
$ |
4,891,544 |
|
|
|
|
|
|
| ||
LIABILITIES AND EQUITY |
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|
|
|
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Liabilities: |
|
|
|
|
| ||
Indebtedness |
|
$ |
3,720,040 |
|
$ |
3,723,559 |
|
Accounts payable and accrued expenses |
|
152,695 |
|
126,986 |
| ||
Dividends payable |
|
25,786 |
|
24,765 |
| ||
Unfavorable management contract liabilities |
|
1,035 |
|
1,380 |
| ||
Due to Ashford Inc., net |
|
15,750 |
|
15,716 |
| ||
Due to Ashford Prime OP, net |
|
|
|
488 |
| ||
Due to related party, net |
|
|
|
1,001 |
| ||
Due to third-party hotel managers |
|
2,667 |
|
2,714 |
| ||
Intangible liabilities, net |
|
16,106 |
|
16,195 |
| ||
Derivative liabilities, net |
|
198 |
|
|
| ||
Other liabilities |
|
17,439 |
|
16,548 |
| ||
Liabilities associated with assets held for sale |
|
|
|
37,047 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
3,951,716 |
|
3,966,399 |
| ||
|
|
|
|
|
| ||
Redeemable noncontrolling interests in operating partnership |
|
111,320 |
|
132,768 |
| ||
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 March 31, 2017 and December 31, 2016 |
|
17 |
|
17 |
| ||
Series D Cumulative Preferred Stock 9,468,706 shares issued and outstanding at March 31, 2017 and December 31, 2016 |
|
95 |
|
95 |
| ||
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at March 31, 2017 and December 31, 2016 |
|
48 |
|
48 |
| ||
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at March 31, 2017 and December 31, 2016 |
|
62 |
|
62 |
| ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 97,019,295 and 96,376,827 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively |
|
970 |
|
964 |
| ||
Additional paid-in capital |
|
1,763,675 |
|
1,764,450 |
| ||
Accumulated deficit |
|
(1,006,010 |
) |
(974,015 |
) | ||
Total shareholders equity of the Company |
|
758,857 |
|
791,621 |
| ||
Noncontrolling interests in consolidated entities |
|
725 |
|
756 |
| ||
|
|
|
|
|
| ||
Total equity |
|
759,582 |
|
792,377 |
| ||
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
4,822,618 |
|
$ |
4,891,544 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended |
| ||||
|
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March 31, |
| ||||
|
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2017 |
|
2016 |
| ||
REVENUE |
|
|
|
|
| ||
Rooms |
|
$ |
276,705 |
|
$ |
290,615 |
|
Food and beverage |
|
62,850 |
|
63,055 |
| ||
Other |
|
13,766 |
|
13,709 |
| ||
Total hotel revenue |
|
353,321 |
|
367,379 |
| ||
Other |
|
388 |
|
393 |
| ||
Total revenue |
|
353,709 |
|
367,772 |
| ||
|
|
|
|
|
| ||
EXPENSES |
|
|
|
|
| ||
Hotel operating expenses |
|
|
|
|
| ||
Rooms |
|
59,873 |
|
63,102 |
| ||
Food and beverage |
|
42,170 |
|
43,101 |
| ||
Other expenses |
|
108,040 |
|
113,137 |
| ||
Management fees |
|
12,826 |
|
13,695 |
| ||
Total hotel operating expenses |
|
222,909 |
|
233,035 |
| ||
|
|
|
|
|
| ||
Property taxes, insurance and other |
|
18,333 |
|
18,612 |
| ||
Depreciation and amortization |
|
64,698 |
|
62,162 |
| ||
Impairment charges |
|
|
|
(111 |
) | ||
Transaction costs |
|
3 |
|
95 |
| ||
Advisory services fee: |
|
|
|
|
| ||
Base advisory fee |
|
8,716 |
|
8,540 |
| ||
Reimbursable expenses |
|
1,522 |
|
1,463 |
| ||
Non-cash stock/unit-based compensation |
|
403 |
|
900 |
| ||
|
|
|
|
|
| ||
Corporate, general and administrative: |
|
|
|
|
| ||
Other general and administrative |
|
5,170 |
|
1,673 |
| ||
|
|
|
|
|
| ||
Total operating expenses |
|
321,754 |
|
326,369 |
| ||
|
|
|
|
|
| ||
OPERATING INCOME (LOSS) |
|
31,955 |
|
41,403 |
| ||
|
|
|
|
|
| ||
Equity in earnings (loss) of unconsolidated entities |
|
(763 |
) |
(3,585 |
) | ||
Interest income |
|
208 |
|
63 |
| ||
Gain (loss) on sale of hotel properties |
|
(83 |
) |
(114 |
) | ||
Other income (expense), net |
|
(3,120 |
) |
(252 |
) | ||
Interest expense, net of premium amortization |
|
(49,959 |
) |
(49,765 |
) | ||
Amortization of loan costs |
|
(5,346 |
) |
(6,178 |
) | ||
Write-off of loan costs and exit fees |
|
(54 |
) |
|
| ||
Unrealized gain (loss) on marketable securities |
|
(3,346 |
) |
|
| ||
Unrealized gain (loss) on derivatives |
|
1,418 |
|
6,918 |
| ||
|
|
|
|
|
| ||
INCOME (LOSS) BEFORE INCOME TAXES |
|
(29,090 |
) |
(11,510 |
) | ||
Income tax benefit (expense) |
|
846 |
|
(629 |
) | ||
NET INCOME (LOSS) |
|
(28,244 |
) |
(12,139 |
) | ||
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
31 |
|
38 |
| ||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
5,924 |
|
2,112 |
| ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
|
(22,289 |
) |
(9,989 |
) | ||
Preferred dividends |
|
(10,956 |
) |
(8,490 |
) | ||
|
|
|
|
|
| ||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
$ |
(33,245 |
) |
$ |
(18,479 |
) |
|
|
|
|
|
| ||
INCOME (LOSS) PER SHARE BASIC AND DILUTED |
|
|
|
|
| ||
Basic: |
|
|
|
|
| ||
Net income (loss) attributable to common stockholders |
|
$ |
(0.35 |
) |
$ |
(0.20 |
) |
|
|
|
|
|
| ||
Weighted average common shares outstanding basic |
|
94,840 |
|
94,136 |
| ||
|
|
|
|
|
| ||
Diluted: |
|
|
|
|
| ||
Net income (loss) attributable to common stockholders |
|
$ |
(0.35 |
) |
$ |
(0.20 |
) |
|
|
|
|
|
| ||
Weighted average common shares outstanding diluted |
|
94,840 |
|
94,136 |
| ||
|
|
|
|
|
| ||
Dividends declared per common share: |
|
$ |
0.12 |
|
$ |
0.12 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
| ||||
|
|
2017 |
|
2016 |
| ||
|
|
|
|
|
| ||
Net income (loss) |
|
$ |
(28,244 |
) |
$ |
(12,139 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
31 |
|
38 |
| ||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
5,924 |
|
2,112 |
| ||
Net income (loss) attributable to the Company |
|
(22,289 |
) |
(9,989 |
) | ||
|
|
|
|
|
| ||
Interest income |
|
(208 |
) |
(63 |
) | ||
Interest expense and amortization of premiums and loan costs, net |
|
55,276 |
|
55,913 |
| ||
Depreciation and amortization |
|
64,635 |
|
62,101 |
| ||
Income tax expense (benefit) |
|
(848 |
) |
629 |
| ||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
|
(5,924 |
) |
(2,112 |
) | ||
Equity in (earnings) loss of unconsolidated entities |
|
815 |
|
519 |
| ||
Companys portion of EBITDA of Ashford Inc. |
|
(384 |
) |
115 |
| ||
Companys portion of EBITDA of OpenKey |
|
(124 |
) |
|
| ||
|
|
|
|
|
| ||
EBITDA available to the Company and OP unitholders |
|
90,949 |
|
107,113 |
| ||
|
|
|
|
|
| ||
Amortization of unfavorable contract liabilities |
|
(384 |
) |
(494 |
) | ||
Impairment charges |
|
|
|
(111 |
) | ||
(Gain) loss on sale of hotel properties |
|
83 |
|
114 |
| ||
Write-off of loan costs and exit fees |
|
54 |
|
|
| ||
Other (income) expense, net |
|
3,120 |
|
252 |
| ||
Transaction, acquisition and management conversion costs |
|
2,676 |
|
218 |
| ||
Legal judgment and related legal costs |
|
108 |
|
24 |
| ||
Unrealized (gain) loss on marketable securities |
|
3,346 |
|
|
| ||
Unrealized (gain) loss on derivatives |
|
(1,418 |
) |
(6,918 |
) | ||
Dead deal costs |
|
4 |
|
(3 |
) | ||
Non-cash stock/unit-based compensation |
|
428 |
|
984 |
| ||
Companys portion of (gain) loss of investment in securities investment fund |
|
(52 |
) |
3,066 |
| ||
Companys portion of adjustments to EBITDA of Ashford Inc. |
|
1,883 |
|
748 |
| ||
Companys portion of adjustments to EBITDA of OpenKey |
|
1 |
|
|
| ||
|
|
|
|
|
| ||
Adjusted EBITDA available to the Company and OP unitholders |
|
$ |
100,798 |
|
$ |
104,993 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (FFO) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
| ||||
|
|
2017 |
|
2016 |
| ||
|
|
|
|
|
| ||
Net income (loss) |
|
$ |
(28,244 |
) |
$ |
(12,139 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
31 |
|
38 |
| ||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
5,924 |
|
2,112 |
| ||
Preferred dividends |
|
(10,956 |
) |
(8,490 |
) | ||
Net income (loss) attributable to common stockholders |
|
(33,245 |
) |
(18,479 |
) | ||
|
|
|
|
|
| ||
Depreciation and amortization on real estate |
|
64,635 |
|
62,101 |
| ||
(Gain) loss on sale of hotel properties |
|
83 |
|
114 |
| ||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
|
|
(5,924 |
) |
(2,112 |
) | ||
Equity in (earnings) loss of unconsolidated entities |
|
815 |
|
519 |
| ||
Companys portion of FFO of Ashford Inc. |
|
(709 |
) |
(155 |
) | ||
Companys portion of FFO of OpenKey |
|
(125 |
) |
|
| ||
|
|
|
|
|
| ||
FFO available to common stockholders and OP unitholders |
|
25,530 |
|
41,988 |
| ||
|
|
|
|
|
| ||
Write-off of loan costs and exit fees |
|
54 |
|
|
| ||
Other impairment charges |
|
|
|
(111 |
) | ||
Other (income) expense, net |
|
3,120 |
|
252 |
| ||
Transaction, acquisition and management conversion costs |
|
2,676 |
|
218 |
| ||
Legal judgment and related legal costs |
|
108 |
|
24 |
| ||
Unrealized (gain) loss on marketable securities |
|
3,346 |
|
|
| ||
Unrealized (gain) loss on derivatives |
|
(1,418 |
) |
(6,918 |
) | ||
Dead deal costs |
|
4 |
|
(3 |
) | ||
Non-cash stock/unit-based compensation |
|
428 |
|
984 |
| ||
Companys portion of (gain) loss of investment in securities investment fund |
|
(52 |
) |
3,066 |
| ||
Companys portion of adjustments to FFO of Ashford Inc. |
|
1,883 |
|
748 |
| ||
Companys portion of adjustments to FFO of OpenKey |
|
1 |
|
|
| ||
|
|
|
|
|
| ||
Adjusted FFO available to common stockholders and OP unitholders |
|
$ |
35,680 |
|
$ |
40,248 |
|
|
|
|
|
|
| ||
Adjusted FFO per diluted share available to common stockholders and OP unitholders |
|
$ |
0.32 |
|
$ |
0.36 |
|
|
|
|
|
|
| ||
Weighted average diluted shares |
|
112,562 |
|
113,306 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2017
(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 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cantor Commercial Real Estate Memphis - 1 hotel |
|
April 2017 |
|
LIBOR + 4.95% |
|
$ |
|
|
$ |
33,300 |
(1) |
$ |
33,300 |
|
$ |
3,366 |
|
10.1 |
% |
Column Financial - 23 hotels |
|
April 2017 |
|
LIBOR + 4.39% |
|
|
|
1,050,374 |
(2)(3) |
1,050,374 |
|
115,456 |
|
11.0 |
% | ||||
JPM Lakeway - 1 hotel |
|
May 2017 |
|
LIBOR + 5.10% |
|
|
|
25,100 |
(4) |
25,100 |
|
3,269 |
|
13.0 |
% | ||||
BAML Le Pavillon - 1 hotel |
|
June 2017 |
|
LIBOR + 5.10% |
|
|
|
43,750 |
(4) |
43,750 |
|
2,406 |
|
5.5 |
% | ||||
US Bank Indigo Atlanta - 1 hotel |
|
June 2017 |
|
5.98% |
|
15,654 |
|
|
|
15,654 |
|
2,316 |
|
14.8 |
% | ||||
Morgan Stanley - 8 hotels |
|
July 2017 |
|
LIBOR + 4.09% |
|
|
|
144,000 |
(4) |
144,000 |
|
11,948 |
|
8.3 |
% | ||||
Morgan Stanley Ann Arbor - 1 hotel |
|
July 2017 |
|
LIBOR + 4.15% |
|
|
|
35,200 |
(4) |
35,200 |
|
3,726 |
|
10.6 |
% | ||||
BAML W Atlanta - 1 hotel |
|
July 2017 |
|
LIBOR + 5.10% |
|
|
|
40,500 |
(4) |
40,500 |
|
5,230 |
|
12.9 |
% | ||||
Morgan Stanley Pool A - 6 hotels |
|
August 2017 |
|
LIBOR + 4.35% |
|
|
|
280,421 |
(5)(6) |
280,421 |
|
36,180 |
|
12.9 |
% | ||||
Morgan Stanley Pool B - 4 hotels |
|
August 2017 |
|
LIBOR + 4.38% |
|
|
|
52,530 |
(5) |
52,530 |
|
7,189 |
|
13.7 |
% | ||||
BAML Pool - 17 hotels |
|
December 2017 |
|
LIBOR + 5.52% |
|
|
|
412,500 |
(7) |
412,500 |
|
50,364 |
|
12.2 |
% | ||||
Morgan Stanley Boston Back Bay - 1 hotel |
|
January 2018 |
|
4.38% |
|
95,677 |
|
|
|
95,677 |
|
14,622 |
|
15.3 |
% | ||||
Morgan Stanley Princeton/Nashville - 2 hotels |
|
January 2018 |
|
4.44% |
|
104,511 |
|
|
|
104,511 |
|
30,737 |
|
29.4 |
% | ||||
BAML Pool 1 & 2 - 8 hotels |
|
January 2018 |
|
LIBOR + 4.95% |
|
|
|
376,800 |
(8) |
376,800 |
|
46,268 |
|
12.3 |
% | ||||
Morgan Stanley MIP - 5 hotels |
|
February 2018 |
|
LIBOR + 4.75% |
|
|
|
200,000 |
(9) |
200,000 |
|
23,097 |
|
11.5 |
% | ||||
NorthStar HGI Wisconsin Dells - 1 hotel |
|
August 2018 |
|
LIBOR + 4.95% |
|
|
|
12,000 |
(10) |
12,000 |
|
1,520 |
|
12.7 |
% | ||||
JPMorgan Chase - 18 hotels |
|
October 2018 |
|
LIBOR + 4.55% |
|
|
|
450,000 |
(7) |
450,000 |
|
63,439 |
|
14.1 |
% | ||||
Omni American Bank Ashton - 1 hotel |
|
July 2019 |
|
4.00% |
|
5,411 |
|
|
|
5,411 |
|
1,055 |
|
19.5 |
% | ||||
GACC Gateway - 1 hotel |
|
November 2020 |
|
6.26% |
|
96,446 |
|
|
|
96,446 |
|
14,844 |
|
15.4 |
% | ||||
Deutsche Bank W Minneapolis - 1 hotel |
|
May 2023 |
|
5.46% |
|
54,455 |
|
|
|
54,455 |
|
6,917 |
|
12.7 |
% | ||||
GACC Jacksonville RI - 1 hotel |
|
January 2024 |
|
5.49% |
|
10,336 |
|
|
|
10,336 |
|
1,768 |
|
17.1 |
% | ||||
GACC Manchester RI - 1 hotel |
|
January 2024 |
|
5.49% |
|
7,082 |
|
|
|
7,082 |
|
1,404 |
|
19.8 |
% | ||||
Key Bank Manchester CY - 1 hotel |
|
May 2024 |
|
4.99% |
|
6,613 |
|
|
|
6,613 |
|
970 |
|
14.7 |
% | ||||
Morgan Stanley Pool C1 - 3 hotels |
|
August 2024 |
|
5.20% |
|
66,915 |
|
|
|
66,915 |
|
7,867 |
|
11.8 |
% | ||||
Morgan Stanley Pool C2 - 2 hotels |
|
August 2024 |
|
4.85% |
|
12,380 |
|
|
|
12,380 |
|
2,262 |
|
18.3 |
% | ||||
Morgan Stanley Pool C3 - 3 hotels |
|
August 2024 |
|
4.90% |
|
24,742 |
|
|
|
24,742 |
|
3,676 |
|
14.9 |
% | ||||
BAML Pool 3 - 3 hotels |
|
February 2025 |
|
4.45% |
|
52,982 |
|
|
|
52,982 |
|
8,553 |
|
16.1 |
% | ||||
BAML Pool 5 - 2 hotels |
|
February 2025 |
|
4.45% |
|
20,484 |
|
|
|
20,484 |
|
2,939 |
|
14.3 |
% | ||||
Unencumbered hotels |
|
|
|
|
|
|
|
|
|
|
|
2,121 |
|
N/A |
| ||||
|
|
|
|
|
|
$ |
573,688 |
|
$ |
3,156,475 |
|
$ |
3,730,163 |
|
$ |
475,509 |
|
12.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Percentage |
|
|
|
|
|
15.4 |
% |
84.6 |
% |
100.0 |
% |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average interest rate |
|
|
|
|
|
5.03 |
% |
5.65 |
% |
5.55 |
% |
|
|
|
|
All indebtedness is non-recourse.
(1) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
(2) This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
(3) This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2016.
(6) This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017.
(7) This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions.
(8) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2017.
(9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017.
(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
March 31, 2017
(in thousands)
(unaudited)
|
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
2021 |
|
Thereafter |
|
Total |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
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 - 6 hotels |
|
|
|
|
|
280,421 |
|
|
|
|
|
|
|
280,421 |
| |||||||
Morgan Stanley Pool B - 4 hotels |
|
|
|
|
|
52,530 |
|
|
|
|
|
|
|
52,530 |
| |||||||
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 |
| |||||||
BAML W Atlanta - 1 hotel |
|
|
|
|
|
|
|
40,500 |
|
|
|
|
|
40,500 |
| |||||||
NorthStar HGI Wisconsin Dells - 1 hotel |
|
|
|
|
|
|
|
12,000 |
|
|
|
|
|
12,000 |
| |||||||
Column Financial - 23 hotels |
|
|
|
|
|
|
|
|
|
1,050,374 |
|
|
|
1,050,374 |
| |||||||
BAML Pool - 17 hotels |
|
|
|
|
|
|
|
|
|
412,500 |
|
|
|
412,500 |
| |||||||
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 5 - 2 hotels |
|
|
|
|
|
|
|
|
|
|
|
17,073 |
|
17,073 |
| |||||||
Deutsche Bank W Minneapolis - 1 hotel |
|
|
|
|
|
|
|
|
|
|
|
47,711 |
|
47,711 |
| |||||||
JPMorgan Chase - 18 hotels |
|
|
|
|
|
|
|
|
|
|
|
450,000 |
|
450,000 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Principal due in future periods |
|
$ |
15,583 |
|
$ |
197,332 |
|
$ |
538,119 |
|
$ |
800,536 |
|
$ |
1,462,874 |
|
$ |
670,731 |
|
$ |
3,685,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Scheduled amortization payments remaining |
|
7,054 |
|
6,136 |
|
6,442 |
|
6,331 |
|
4,953 |
|
14,072 |
|
44,988 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total indebtedness |
|
$ |
22,637 |
|
$ |
203,468 |
|
$ |
544,561 |
|
$ |
806,867 |
|
$ |
1,467,827 |
|
$ |
684,803 |
|
$ |
3,730,163 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
|
|
Three Months Ended |
| ||||||||||||||||||||
|
|
March 31, |
| ||||||||||||||||||||
|
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Comparable |
| ||||||
|
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
% Variance |
|
% Variance |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
ALL HOTELS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms revenue (in thousands) |
|
$ |
275,387 |
|
$ |
(1,218 |
) |
$ |
274,169 |
|
$ |
289,094 |
|
$ |
(21,042 |
) |
$ |
268,052 |
|
(4.74 |
)% |
2.28 |
% |
RevPAR |
|
$ |
118.65 |
|
$ |
(56.72 |
) |
$ |
119.23 |
|
$ |
113.55 |
|
$ |
(95.28 |
) |
$ |
115.29 |
|
4.49 |
% |
3.42 |
% |
Occupancy |
|
74.56 |
% |
(53.22 |
)% |
74.75 |
% |
74.38 |
% |
(78.47 |
)% |
73.99 |
% |
0.24 |
% |
1.03 |
% | ||||||
ADR |
|
$ |
159.15 |
|
$ |
(106.57 |
) |
$ |
159.50 |
|
$ |
152.67 |
|
$ |
(121.41 |
) |
$ |
155.82 |
|
4.24 |
% |
2.36 |
% |
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
|
|
Three Months Ended |
| ||||||||||||||||||||
|
|
March 31, |
| ||||||||||||||||||||
|
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Comparable |
| ||||||
|
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
% Variance |
|
% Variance |
| ||||||
ALL HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
NOT UNDER RENOVATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Rooms revenue (in thousands) |
|
$ |
242,272 |
|
$ |
(1,218 |
) |
$ |
241,054 |
|
$ |
254,392 |
|
$ |
(21,042 |
) |
$ |
233,350 |
|
(4.76 |
)% |
3.30 |
% |
RevPAR |
|
$ |
120.27 |
|
$ |
(56.72 |
) |
$ |
120.96 |
|
$ |
113.77 |
|
$ |
(95.28 |
) |
$ |
115.80 |
|
5.71 |
% |
4.46 |
% |
Occupancy |
|
75.75 |
% |
(53.22 |
)% |
75.99 |
% |
74.85 |
% |
(78.47 |
)% |
74.46 |
% |
1.20 |
% |
2.05 |
% | ||||||
ADR |
|
$ |
158.77 |
|
$ |
(106.57 |
) |
$ |
159.17 |
|
$ |
152.00 |
|
$ |
(121.41 |
) |
$ |
155.53 |
|
4.45 |
% |
2.34 |
% |
NOTES:
(1) The above comparable information assumes the 107 hotel properties owned and included in the Companys operations at March 31, 2017, and not under renovation during the three months ended March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) Excluded Hotels Under Renovation:
Courtyard Columbus Tipton Lakes, Hampton Inn Pittsburgh Meadow Lands, Residence Inn Lake Buena Vista, Courtyard Basking Ridge, Hampton Inn Parsippany, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Suites Market Center, Residence Inn Stillwater, Hilton Boston Back Bay, Marriott Crystal Gateway, Marriott Omaha, Hilton Garden Inn Wisconsin Dells
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
|
|
Three Months Ended |
| ||||||
|
|
March 31, |
| ||||||
|
|
2017 |
|
2016 |
|
% Variance |
| ||
|
|
|
|
|
|
|
| ||
ALL HOTELS: |
|
|
|
|
|
|
| ||
Total hotel revenue |
|
$ |
351,598 |
|
$ |
365,517 |
|
(3.81 |
)% |
Non-comparable adjustments |
|
(1,592 |
) |
(23,630 |
) |
|
| ||
Comparable total hotel revenue |
|
$ |
350,006 |
|
$ |
341,887 |
|
2.37 |
% |
|
|
|
|
|
|
|
| ||
Hotel EBITDA |
|
$ |
113,473 |
|
$ |
117,096 |
|
(3.09 |
)% |
Non-comparable adjustments |
|
91 |
|
(8,066 |
) |
|
| ||
Comparable Hotel EBITDA |
|
$ |
113,564 |
|
$ |
109,030 |
|
4.16 |
% |
Hotel EBITDA Margin |
|
32.27 |
% |
32.04 |
% |
0.23 |
% | ||
Comparable Hotel EBITDA Margin |
|
32.45 |
% |
31.89 |
% |
0.56 |
% | ||
|
|
|
|
|
|
|
| ||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
|
$ |
63 |
|
$ |
56 |
|
12.50 |
% |
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
113,410 |
|
$ |
117,040 |
|
(3.10 |
)% |
Comparable Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
113,501 |
|
$ |
108,974 |
|
4.15 |
% |
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
|
Three Months Ended |
| ||||||
|
|
March 31, |
| ||||||
|
|
2017 |
|
2016 |
|
% Variance |
| ||
|
|
|
|
|
|
|
| ||
ALL HOTELS |
|
|
|
|
|
|
| ||
NOT UNDER RENOVATION: |
|
|
|
|
|
|
| ||
Total hotel revenue |
|
$ |
308,023 |
|
$ |
320,208 |
|
(3.81 |
)% |
Non-comparable adjustments |
|
(1,592 |
) |
(23,630 |
) |
|
| ||
Comparable total hotel revenue |
|
$ |
306,431 |
|
$ |
296,578 |
|
3.32 |
% |
|
|
|
|
|
|
|
| ||
Hotel EBITDA |
|
$ |
101,408 |
|
$ |
103,592 |
|
(2.11 |
)% |
Non-comparable adjustments |
|
91 |
|
(8,066 |
) |
|
| ||
Comparable Hotel EBITDA |
|
$ |
101,499 |
|
$ |
95,526 |
|
6.25 |
% |
Hotel EBITDA Margin |
|
32.92 |
% |
32.35 |
% |
0.57 |
% | ||
Comparable Hotel EBITDA Margin |
|
33.12 |
% |
32.21 |
% |
0.91 |
% | ||
|
|
|
|
|
|
|
| ||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
|
$ |
63 |
|
$ |
56 |
|
12.50 |
% |
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
101,345 |
|
$ |
103,536 |
|
(2.12 |
)% |
Comparable Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
101,436 |
|
$ |
95,470 |
|
6.25 |
% |
NOTES:
(1) The above comparable information assumes the 107 hotel properties owned and included in the Companys operations at March 31, 2017, and not under renovation during the three months ended March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) Excluded Hotels Under Renovation:
Courtyard Columbus Tipton Lakes, Hampton Inn Pittsburgh Meadow Lands, Residence Inn Lake Buena Vista, Courtyard Basking Ridge, Hampton Inn Parsippany, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Suites Market Center, Residence Inn Stillwater, Hilton Boston Back Bay, Marriott Crystal Gateway, Marriott Omaha, Hilton Garden Inn Wisconsin Dells
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
THE FOLLOWING SEASONALITY TABLE REFLECTS THE 121 HOTEL PROPERTIES INCLUDED IN THE COMPANYS OPERATIONS AT MARCH 31, 2017:
|
|
Actual |
|
Non- |
|
Comparable |
|
Actual |
|
Non- |
|
Comparable |
|
Actual |
|
Non- |
|
Comparable |
|
Actual |
|
Non- |
|
Comparable |
| ||||||||||||
|
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
| ||||||||||||
|
|
1st Quarter |
|
1st Quarter |
|
1st Quarter |
|
4th Quarter |
|
4th Quarter |
|
4th Quarter |
|
3rd Quarter |
|
3rd Quarter |
|
3rd Quarter |
|
2nd Quarter |
|
2nd Quarter |
|
2nd Quarter |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Hotel Revenue |
|
$ |
351,598 |
|
$ |
(1,592 |
) |
$ |
350,006 |
|
$ |
339,937 |
|
$ |
(4,559 |
) |
$ |
335,378 |
|
$ |
369,943 |
|
$ |
(9,014 |
) |
$ |
360,929 |
|
$ |
408,510 |
|
$ |
(18,456 |
) |
$ |
390,054 |
|
Hotel EBITDA |
|
$ |
113,473 |
|
$ |
91 |
|
$ |
113,564 |
|
$ |
103,480 |
|
$ |
(887 |
) |
$ |
102,593 |
|
$ |
121,975 |
|
$ |
(2,423 |
) |
$ |
119,552 |
|
$ |
145,303 |
|
$ |
(5,503 |
) |
$ |
139,800 |
|
Hotel EBITDA Margin |
|
32.27 |
% |
|
|
32.45 |
% |
30.44 |
% |
|
|
30.59 |
% |
32.97 |
% |
|
|
33.12 |
% |
35.57 |
% |
|
|
35.84 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
EBITDA % of Total TTM |
|
23.4 |
% |
|
|
23.9 |
% |
21.4 |
% |
|
|
21.6 |
% |
25.2 |
% |
|
|
25.1 |
% |
30.0 |
% |
|
|
29.4 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
JV Interests in EBITDA |
|
$ |
63 |
|
$ |
|
|
$ |
63 |
|
$ |
79 |
|
$ |
|
|
$ |
79 |
|
$ |
114 |
|
$ |
|
|
$ |
114 |
|
$ |
100 |
|
$ |
|
|
$ |
100 |
|
|
|
Actual |
|
Non- |
|
Comparable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
2017 |
|
2017 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
TTM |
|
TTM |
|
TTM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Hotel Revenue |
|
$ |
1,469,988 |
|
$ |
(33,621 |
) |
$ |
1,436,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA |
|
$ |
484,231 |
|
$ |
(8,722 |
) |
$ |
475,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin |
|
32.94 |
% |
|
|
33.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
EBITDA % of Total TTM |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
JV Interests in EBITDA |
|
$ |
356 |
|
$ |
|
|
$ |
356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
| ||||||||||||||||||||
|
|
Number of |
|
Number of |
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Non-comparable |
|
Comparable |
|
Actual |
|
Comparable |
|
|
|
|
| ||||||
Region |
|
Hotels |
|
Rooms |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
% Variance |
|
% Variance |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Atlanta, GA Area |
|
10 |
|
1,920 |
|
$ |
122.01 |
|
$ |
|
|
$ |
122.01 |
|
$ |
116.50 |
|
$ |
(98.23 |
) |
$ |
117.93 |
|
4.7 |
% |
3.5 |
% |
|
|
|
|
Boston, MA Area |
|
3 |
|
915 |
|
107.68 |
|
|
|
107.68 |
|
109.78 |
|
|
|
109.78 |
|
(1.9 |
)% |
(1.9 |
)% |
|
|
|
| ||||||
Dallas / Ft. Worth Area |
|
7 |
|
1,518 |
|
114.83 |
|
|
|
114.83 |
|
115.98 |
|
|
|
115.98 |
|
(1.0 |
)% |
(1.0 |
)% |
|
|
|
| ||||||
Houston, TX Area |
|
3 |
|
692 |
|
114.43 |
|
|
|
114.43 |
|
107.46 |
|
|
|
107.46 |
|
6.5 |
% |
6.5 |
% |
|
|
|
| ||||||
Los Angeles, CA Metro Area |
|
6 |
|
1,619 |
|
139.88 |
|
|
|
139.88 |
|
137.58 |
|
(138.60 |
) |
137.40 |
|
1.7 |
% |
1.8 |
% |
|
|
|
| ||||||
Miami, FL Metro Area |
|
3 |
|
587 |
|
177.35 |
|
|
|
177.35 |
|
185.00 |
|
|
|
185.00 |
|
(4.1 |
)% |
(4.1 |
)% |
|
|
|
| ||||||
Minneapolis - St. Paul, MN-WI Area |
|
4 |
|
809 |
|
108.20 |
|
|
|
108.20 |
|
105.39 |
|
|
|
105.39 |
|
2.7 |
% |
2.7 |
% |
|
|
|
| ||||||
Nashville, TN Area |
|
1 |
|
673 |
|
194.77 |
|
|
|
194.77 |
|
172.99 |
|
|
|
172.99 |
|
12.6 |
% |
12.6 |
% |
|
|
|
| ||||||
New York / New Jersey Metro Area |
|
6 |
|
1,741 |
|
99.92 |
|
|
|
99.92 |
|
93.12 |
|
(75.14 |
) |
94.63 |
|
7.3 |
% |
5.6 |
% |
|
|
|
| ||||||
Orlando, FL Area |
|
3 |
|
734 |
|
126.73 |
|
|
|
126.73 |
|
112.41 |
|
(102.31 |
) |
127.53 |
|
12.7 |
% |
(0.6 |
)% |
|
|
|
| ||||||
Philadelphia, PA Area |
|
3 |
|
648 |
|
80.30 |
|
|
|
80.30 |
|
83.28 |
|
|
|
83.28 |
|
(3.6 |
)% |
(3.6 |
)% |
|
|
|
| ||||||
San Diego, CA Area |
|
2 |
|
410 |
|
112.69 |
|
|
|
112.69 |
|
110.91 |
|
|
|
110.91 |
|
1.6 |
% |
1.6 |
% |
|
|
|
| ||||||
San Francisco - Oakland, CA Metro Area |
|
6 |
|
1,368 |
|
148.55 |
|
|
|
148.55 |
|
146.37 |
|
|
|
146.37 |
|
1.5 |
% |
1.5 |
% |
|
|
|
| ||||||
Tampa, FL Area |
|
3 |
|
680 |
|
152.23 |
|
|
|
152.23 |
|
140.09 |
|
|
|
140.09 |
|
8.7 |
% |
8.7 |
% |
|
|
|
| ||||||
Washington DC - MD - VA Area |
|
9 |
|
2,308 |
|
132.59 |
|
|
|
132.59 |
|
111.01 |
|
(48.30 |
) |
115.42 |
|
19.4 |
% |
14.9 |
% |
|
|
|
| ||||||
Other Areas |
|
52 |
|
8,931 |
|
103.26 |
|
(56.72 |
) |
104.51 |
|
101.11 |
|
(78.59 |
) |
102.59 |
|
2.1 |
% |
1.9 |
% |
|
|
|
| ||||||
Total Portfolio |
|
121 |
|
25,553 |
|
$ |
118.65 |
|
$ |
(56.72 |
) |
$ |
119.23 |
|
$ |
113.55 |
|
$ |
(95.28 |
) |
$ |
115.29 |
|
4.5 |
% |
3.4 |
% |
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(unaudited)
|
|
|
|
|
|
Three Months Ended March 31, |
| ||||||||||||||||||||||||
|
|
Number of |
|
Number of |
|
Actual |
|
Non-comparable |
|
Comparable |
|
|
|
Actual |
|
Non-comparable |
|
Comparable |
|
|
|
Actual |
|
Comparable |
| ||||||
Region |
|
Hotels |
|
Rooms |
|
2017 |
|
2017 |
|
2017 |
|
% of Total |
|
2016 |
|
2016 |
|
2016 |
|
% of Total |
|
% Variance |
|
% Variance |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Atlanta, GA Area |
|
10 |
|
1,920 |
|
$ |
8,240 |
|
$ |
|
|
$ |
8,240 |
|
7.3 |
% |
$ |
8,151 |
|
$ |
(513 |
) |
$ |
7,638 |
|
7.0 |
% |
1.1 |
% |
7.9 |
% |
Boston, MA Area |
|
3 |
|
915 |
|
2,346 |
|
|
|
2,346 |
|
2.1 |
% |
2,391 |
|
|
|
2,391 |
|
2.2 |
% |
(1.9 |
)% |
(1.9 |
)% | ||||||
Dallas / Ft. Worth Area |
|
7 |
|
1,518 |
|
7,008 |
|
|
|
7,008 |
|
6.2 |
% |
7,445 |
|
|
|
7,445 |
|
6.8 |
% |
(5.9 |
)% |
(5.9 |
)% | ||||||
Houston, TX Area |
|
3 |
|
692 |
|
3,428 |
|
|
|
3,428 |
|
3.0 |
% |
3,288 |
|
|
|
3,288 |
|
3.0 |
% |
4.3 |
% |
4.3 |
% | ||||||
Los Angeles, CA Metro Area |
|
6 |
|
1,619 |
|
9,888 |
|
(14 |
) |
9,874 |
|
8.7 |
% |
11,356 |
|
(1,793 |
) |
9,563 |
|
8.8 |
% |
(12.9 |
)% |
3.3 |
% | ||||||
Miami, FL Metro Area |
|
3 |
|
587 |
|
4,776 |
|
|
|
4,776 |
|
4.2 |
% |
5,260 |
|
|
|
5,260 |
|
4.8 |
% |
(9.2 |
)% |
(9.2 |
)% | ||||||
Minneapolis - St. Paul, MN-WI Area |
|
4 |
|
809 |
|
2,297 |
|
|
|
2,297 |
|
2.0 |
% |
2,368 |
|
|
|
2,368 |
|
2.2 |
% |
(3.0 |
)% |
(3.0 |
)% | ||||||
Nashville, TN Area |
|
1 |
|
673 |
|
6,696 |
|
|
|
6,696 |
|
5.9 |
% |
5,488 |
|
|
|
5,488 |
|
5.0 |
% |
22.0 |
% |
22.0 |
% | ||||||
New York / New Jersey Metro Area |
|
6 |
|
1,741 |
|
5,761 |
|
1 |
|
5,762 |
|
5.1 |
% |
5,551 |
|
(318 |
) |
5,233 |
|
4.8 |
% |
3.8 |
% |
10.1 |
% | ||||||
Orlando, FL Area |
|
3 |
|
734 |
|
3,559 |
|
|
|
3,559 |
|
3.1 |
% |
7,853 |
|
(4,323 |
) |
3,530 |
|
3.2 |
% |
(54.7 |
)% |
0.8 |
% | ||||||
Philadelphia, PA Area |
|
3 |
|
648 |
|
974 |
|
|
|
974 |
|
0.9 |
% |
1,103 |
|
|
|
1,103 |
|
1.0 |
% |
(11.7 |
)% |
(11.7 |
)% | ||||||
San Diego, CA Area |
|
2 |
|
410 |
|
1,520 |
|
|
|
1,520 |
|
1.3 |
% |
1,659 |
|
|
|
1,659 |
|
1.5 |
% |
(8.4 |
)% |
(8.4 |
)% | ||||||
San Francisco - Oakland, CA Metro Area |
|
6 |
|
1,368 |
|
8,043 |
|
|
|
8,043 |
|
7.1 |
% |
8,059 |
|
|
|
8,059 |
|
7.4 |
% |
(0.2 |
)% |
(0.2 |
)% | ||||||
Tampa, FL Area |
|
3 |
|
680 |
|
5,101 |
|
|
|
5,101 |
|
4.5 |
% |
4,555 |
|
|
|
4,555 |
|
4.2 |
% |
12.0 |
% |
12.0 |
% | ||||||
Washington DC - MD - VA Area |
|
9 |
|
2,308 |
|
10,561 |
|
(1 |
) |
10,560 |
|
9.3 |
% |
8,646 |
|
(15 |
) |
8,631 |
|
7.9 |
% |
22.1 |
% |
22.3 |
% | ||||||
Other Areas |
|
52 |
|
8,931 |
|
33,275 |
|
105 |
|
33,380 |
|
29.3 |
% |
33,923 |
|
(1,104 |
) |
32,819 |
|
30.2 |
% |
(1.9 |
)% |
1.7 |
% | ||||||
Total Portfolio |
|
121 |
|
25,553 |
|
$ |
113,473 |
|
$ |
91 |
|
$ |
113,564 |
|
100.0 |
% |
$ |
117,096 |
|
$ |
(8,066 |
) |
$ |
109,030 |
|
100.0 |
% |
(3.1 |
)% |
4.2 |
% |
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2017
(in thousands except share price)
(unaudited)
|
|
March 31, |
| |
|
|
2017 |
| |
End of quarter common shares outstanding |
|
97,019 |
| |
Partnership units outstanding (common share equivalents)* |
|
20,113 |
| |
Combined common shares and partnership units outstanding |
|
117,132 |
| |
Common stock price at quarter end |
|
$ |
6.37 |
|
Market capitalization at quarter end |
|
$ |
746,133 |
|
Series A preferred stock |
|
$ |
41,430 |
|
Series D preferred stock |
|
$ |
236,718 |
|
Series F preferred stock |
|
$ |
120,000 |
|
Series G preferred stock |
|
$ |
155,000 |
|
Debt on balance sheet date |
|
$ |
3,730,163 |
|
Joint venture partners share of consolidated debt |
|
$ |
(2,054 |
) |
Net working capital (see below) |
|
$ |
(467,502 |
) |
Total enterprise value (TEV) |
|
$ |
4,559,888 |
|
|
|
|
| |
Ashford Inc. Investment: |
|
|
| |
Common stock owned at end of quarter |
|
598 |
| |
Common stock price at quarter end |
|
$ |
59.00 |
|
Market value of Ashford Inc. investment |
|
$ |
35,292 |
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
306,577 |
|
Restricted cash |
|
$ |
165,127 |
|
Accounts receivable, net |
|
$ |
59,720 |
|
Prepaid expenses |
|
$ |
24,644 |
|
Investment in securities |
|
$ |
50,382 |
|
Due from affiliates, net |
|
$ |
(11,773 |
) |
Due from third-party hotel managers, net |
|
$ |
15,925 |
|
Market value of Ashford Inc. investment |
|
$ |
35,292 |
|
Total current assets |
|
$ |
645,894 |
|
|
|
|
| |
Accounts payable, net & accrued expenses |
|
$ |
152,606 |
|
Dividends payable |
|
$ |
25,786 |
|
Total current liabilities |
|
$ |
178,392 |
|
|
|
|
| |
Net working capital** |
|
$ |
467,502 |
|
* Total units outstanding = 21.2 million; impacted by current conversion factor.
** Includes the Companys pro rata share of net working capital in joint ventures.
Ashford Hospitality Trust, Inc. and Subsidiaries
Anticipated Capital Expenditures Calendar (a)
|
|
|
|
2017 |
| ||||||
|
|
|
|
1st Quarter |
|
2nd Quarter |
|
3rd Quarter |
|
4th Quarter |
|
|
|
Rooms |
|
Actual |
|
Estimated |
|
Estimated |
|
Estimated |
|
Courtyard Columbus Tipton Lakes |
|
90 |
|
x |
|
|
|
|
|
|
|
Hampton Inn Pittsburgh Meadow Lands |
|
103 |
|
x |
|
|
|
|
|
|
|
Residence Inn Lake Buena Vista |
|
210 |
|
x |
|
|
|
|
|
|
|
Courtyard Basking Ridge |
|
235 |
|
x |
|
x |
|
|
|
|
|
Hampton Inn Parsippany |
|
152 |
|
x |
|
x |
|
|
|
|
|
Homewood Suites Pittsburgh Southpointe |
|
148 |
|
x |
|
x |
|
|
|
|
|
Hyatt Regency Savannah |
|
351 |
|
x |
|
x |
|
|
|
|
|
Le Pavillon Hotel |
|
226 |
|
x |
|
x |
|
|
|
|
|
Marriott Suites Market Center |
|
265 |
|
x |
|
x |
|
|
|
|
|
Residence Inn Stillwater |
|
101 |
|
x |
|
x |
|
|
|
|
|
Marriott DFW Airport |
|
491 |
|
|
|
|
|
x |
|
|
|
Courtyard Crystal City Reagan Airport |
|
272 |
|
|
|
|
|
|
|
x |
|
Courtyard Denver Airport |
|
202 |
|
|
|
|
|
|
|
x |
|
Courtyard Gaithersburg |
|
210 |
|
|
|
|
|
|
|
x |
|
Embassy Suites Philadelphia Airport |
|
263 |
|
|
|
|
|
|
|
x |
|
Embassy Suites Santa Clara Silicon Valley |
|
257 |
|
|
|
|
|
|
|
x |
|
Le Meridien Chambers Minneapolis |
|
60 |
|
|
|
|
|
|
|
x |
|
Residence Inn Jacksonville |
|
120 |
|
|
|
|
|
|
|
x |
|
Ritz-Carlton Atlanta |
|
444 |
|
|
|
|
|
|
|
x |
|
Sheraton Anchorage |
|
370 |
|
|
|
|
|
|
|
x |
|
SpringHill Suites Centreville |
|
136 |
|
|
|
|
|
|
|
x |
|
Hilton Boston Back Bay |
|
390 |
|
x |
|
|
|
|
|
x |
|
Embassy Suites Orlando Airport |
|
174 |
|
|
|
|
|
x |
|
x |
|
Hilton Garden Inn Jacksonville |
|
119 |
|
|
|
|
|
x |
|
x |
|
Residence Inn Tampa Downtown |
|
109 |
|
|
|
|
|
x |
|
x |
|
Sheraton City Center - Indianapolis |
|
378 |
|
|
|
|
|
x |
|
x |
|
SpringHill Suites Kennesaw |
|
90 |
|
|
|
|
|
x |
|
x |
|
Marriott RTP |
|
225 |
|
|
|
x |
|
x |
|
x |
|
Marriott Crystal Gateway |
|
701 |
|
x |
|
x |
|
x |
|
x |
|
Marriott Omaha |
|
300 |
|
x |
|
x |
|
x |
|
x |
|
Embassy Suites Walnut Creek |
|
249 |
|
|
|
x |
|
x |
|
x |
|
Hilton Tampa Westshore |
|
238 |
|
|
|
|
|
x |
|
x |
|
Renaissance Nashville |
|
673 |
|
|
|
|
|
x |
|
x |
|
Renaissance Palm Springs |
|
410 |
|
|
|
|
|
x |
|
x |
|
Residence Inn Orlando Sea World |
|
350 |
|
|
|
|
|
x |
|
x |
|
Marriott San Antonio Plaza |
|
251 |
|
|
|
|
|
x |
|
|
|
Hilton Garden Inn Wisconsin Dells |
|
128 |
|
x |
|
x |
|
|
|
|
|
Hampton Inn Suites Columbus Easton |
|
145 |
|
|
|
x |
|
|
|
|
|
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
March 31, 2017 |
| |||||
|
|
1st Quarter |
|
4th Quarter |
|
3rd Quarter |
|
2nd Quarter |
|
TTM |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
|
$ |
48,795 |
|
$ |
31,581 |
|
$ |
55,743 |
|
$ |
106,459 |
|
$ |
242,578 |
|
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
2 |
|
(32 |
) |
(45 |
) |
(35 |
) |
(110 |
) | |||||
Net income (loss) attributable to the Company |
|
48,797 |
|
31,549 |
|
55,698 |
|
106,424 |
|
242,468 |
| |||||
Non-property adjustments
|
|
83 |
|
5,650 |
|
3,591 |
|
(23,094 |
) |
(13,770 |
) | |||||
Interest income |
|
(32 |
) |
(23 |
) |
(11 |
) |
(12 |
) |
(78 |
) | |||||
Interest expense
|
|
482 |
|
484 |
|
479 |
|
469 |
|
1,914 |
| |||||
Amortization of loan costs |
|
126 |
|
124 |
|
121 |
|
119 |
|
490 |
| |||||
Depreciation and amortization |
|
62,509 |
|
61,294 |
|
60,020 |
|
59,922 |
|
243,745 |
| |||||
Income tax expense (benefit) |
|
17 |
|
25 |
|
15 |
|
19 |
|
76 |
| |||||
Non-Hotel EBITDA ownership expense |
|
1,493 |
|
4,345 |
|
2,017 |
|
1,421 |
|
9,276 |
| |||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
(2 |
) |
32 |
|
45 |
|
35 |
|
110 |
| |||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
113,473 |
|
103,480 |
|
121,975 |
|
145,303 |
|
484,231 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-comparable adjustments |
|
91 |
|
(887 |
) |
(2,423 |
) |
(5,503 |
) |
(8,722 |
) | |||||
Comparable Hotel EBITDA |
|
$ |
113,564 |
|
$ |
102,593 |
|
$ |
119,552 |
|
$ |
139,800 |
|
$ |
475,509 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended March 31, 2017 |
| ||||||||||||||||
|
|
Hotel |
|
Hotel |
|
Hotel Total |
|
Orlando |
|
Corporate / |
|
Ashford |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) |
|
$ |
47,242 |
|
$ |
1,553 |
|
$ |
48,795 |
|
$ |
409 |
|
$ |
(77,448 |
) |
$ |
(28,244 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
2 |
|
|
|
2 |
|
|
|
29 |
|
31 |
| ||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
5,924 |
|
5,924 |
| ||||||
Net income (loss) attributable to the Company |
|
47,244 |
|
1,553 |
|
48,797 |
|
409 |
|
(71,495 |
) |
(22,289 |
) | ||||||
Non-property adjustments |
|
83 |
|
|
|
83 |
|
|
|
(83 |
) |
|
| ||||||
Interest income |
|
(32 |
) |
|
|
(32 |
) |
|
|
(176 |
) |
(208 |
) | ||||||
Interest expense |
|
482 |
|
|
|
482 |
|
|
|
49,477 |
|
49,959 |
| ||||||
Amortization of loan costs |
|
126 |
|
|
|
126 |
|
|
|
5,220 |
|
5,346 |
| ||||||
Depreciation and amortization |
|
52,028 |
|
10,481 |
|
62,509 |
|
113 |
|
2,076 |
|
64,698 |
| ||||||
Income tax expense (benefit) |
|
17 |
|
|
|
17 |
|
|
|
(863 |
) |
(846 |
) | ||||||
Non-Hotel EBITDA ownership expense |
|
1,462 |
|
31 |
|
1,493 |
|
5 |
|
(1,498 |
) |
|
| ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
(2 |
) |
|
|
(2 |
) |
|
|
2 |
|
|
| ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
101,408 |
|
12,065 |
|
113,473 |
|
527 |
|
(17,340 |
) |
96,660 |
| ||||||
Less: EBITDA adjustments attributable to non-controlling interest |
|
(65 |
) |
|
|
(65 |
) |
|
|
(29 |
) |
(94 |
) | ||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
2 |
|
|
|
2 |
|
|
|
(2 |
) |
|
| ||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
|
|
|
|
|
|
|
|
|
(5,924 |
) |
(5,924 |
) | ||||||
Equity in (earnings) loss of unconsolidated entities |
|
|
|
|
|
|
|
|
|
815 |
|
815 |
| ||||||
Companys portion of EBITDA of Ashford Inc. |
|
|
|
|
|
|
|
|
|
(384 |
) |
(384 |
) | ||||||
Companys portion of EBITDA of OpenKey |
|
|
|
|
|
|
|
|
|
(124 |
) |
(124 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
101,345 |
|
$ |
12,065 |
|
$ |
113,410 |
|
$ |
527 |
|
$ |
(22,988 |
) |
$ |
90,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-comparable adjustments |
|
91 |
|
|
|
91 |
|
|
|
|
|
|
| ||||||
Comparable Hotel EBITDA |
|
$ |
101,499 |
|
$ |
12,065 |
|
$ |
113,564 |
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended December 31, 2016 |
| ||||||||||||||||
|
|
Hotel |
|
Hotel |
|
Hotel Total |
|
Orlando |
|
Corporate / |
|
Ashford |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) |
|
$ |
28,452 |
|
$ |
3,129 |
|
$ |
31,581 |
|
$ |
162 |
|
$ |
(88,383 |
) |
$ |
(56,640 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(32 |
) |
|
|
(32 |
) |
|
|
30 |
|
(2 |
) | ||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
9,738 |
|
9,738 |
| ||||||
Net income (loss) attributable to the Company |
|
28,420 |
|
3,129 |
|
31,549 |
|
162 |
|
(78,615 |
) |
(46,904 |
) | ||||||
Non-property adjustments |
|
5,745 |
|
(95 |
) |
5,650 |
|
|
|
(5,650 |
) |
|
| ||||||
Interest income |
|
(23 |
) |
|
|
(23 |
) |
|
|
(79 |
) |
(102 |
) | ||||||
Interest expense |
|
484 |
|
|
|
484 |
|
|
|
49,219 |
|
49,703 |
| ||||||
Amortization of loan costs |
|
124 |
|
|
|
124 |
|
|
|
5,973 |
|
6,097 |
| ||||||
Depreciation and amortization |
|
51,396 |
|
9,898 |
|
61,294 |
|
109 |
|
49 |
|
61,452 |
| ||||||
Income tax expense (benefit) |
|
(49 |
) |
74 |
|
25 |
|
|
|
291 |
|
316 |
| ||||||
Non-Hotel EBITDA ownership expense |
|
4,021 |
|
324 |
|
4,345 |
|
(7 |
) |
(4,338 |
) |
|
| ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
32 |
|
|
|
32 |
|
|
|
(32 |
) |
|
| ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
90,150 |
|
13,330 |
|
103,480 |
|
264 |
|
(33,182 |
) |
70,562 |
| ||||||
Less: EBITDA adjustments attributable to non-controlling interest |
|
(47 |
) |
|
|
(47 |
) |
|
|
(43 |
) |
(90 |
) | ||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(32 |
) |
|
|
(32 |
) |
|
|
32 |
|
|
| ||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
|
|
|
|
|
|
|
|
|
(9,738 |
) |
(9,738 |
) | ||||||
Equity in (earnings) loss of unconsolidated entities |
|
|
|
|
|
|
|
|
|
(107 |
) |
(107 |
) | ||||||
Companys portion of EBITDA of Ashford Inc. |
|
|
|
|
|
|
|
|
|
387 |
|
387 |
| ||||||
Companys portion of EBITDA of OpenKey |
|
|
|
|
|
|
|
|
|
(109 |
) |
(109 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
90,071 |
|
$ |
13,330 |
|
$ |
103,401 |
|
$ |
264 |
|
$ |
(42,760 |
) |
$ |
60,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-comparable adjustments |
|
(887 |
) |
|
|
(887 |
) |
|
|
|
|
|
| ||||||
Comparable Hotel EBITDA |
|
$ |
89,263 |
|
$ |
13,330 |
|
$ |
102,593 |
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended September 30, 2016 |
| ||||||||||||||||
|
|
Hotel |
|
Hotel |
|
Hotel Total |
|
Orlando |
|
Corporate / |
|
Ashford |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) |
|
$ |
49,197 |
|
$ |
6,546 |
|
$ |
55,743 |
|
$ |
241 |
|
$ |
(81,122 |
) |
$ |
(25,138 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(45 |
) |
|
|
(45 |
) |
|
|
29 |
|
(16 |
) | ||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
4,151 |
|
4,151 |
| ||||||
Net income (loss) attributable to the Company |
|
49,152 |
|
6,546 |
|
55,698 |
|
241 |
|
(76,942 |
) |
(21,003 |
) | ||||||
Non-property adjustments |
|
3,591 |
|
|
|
3,591 |
|
|
|
(3,591 |
) |
|
| ||||||
Interest income |
|
(11 |
) |
|
|
(11 |
) |
|
|
(81 |
) |
(92 |
) | ||||||
Interest expense |
|
479 |
|
|
|
479 |
|
|
|
49,634 |
|
50,113 |
| ||||||
Amortization of loan costs |
|
121 |
|
|
|
121 |
|
|
|
5,528 |
|
5,649 |
| ||||||
Depreciation and amortization |
|
51,073 |
|
8,947 |
|
60,020 |
|
101 |
|
49 |
|
60,170 |
| ||||||
Income tax expense (benefit) |
|
15 |
|
|
|
15 |
|
|
|
(31 |
) |
(16 |
) | ||||||
Non-Hotel EBITDA ownership expense |
|
1,876 |
|
141 |
|
2,017 |
|
51 |
|
(2,068 |
) |
|
| ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
45 |
|
|
|
45 |
|
|
|
(45 |
) |
|
| ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
106,341 |
|
15,634 |
|
121,975 |
|
393 |
|
(27,547 |
) |
94,821 |
| ||||||
Less: EBITDA adjustments attributable to non-controlling interest |
|
(69 |
) |
|
|
(69 |
) |
|
|
(23 |
) |
(92 |
) | ||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(45 |
) |
|
|
(45 |
) |
|
|
45 |
|
|
| ||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
|
|
|
|
|
|
|
|
|
(4,151 |
) |
(4,151 |
) | ||||||
Equity in (earnings) loss of unconsolidated entities |
|
|
|
|
|
|
|
|
|
85 |
|
85 |
| ||||||
Companys portion of EBITDA of Ashford Inc. |
|
|
|
|
|
|
|
|
|
165 |
|
165 |
| ||||||
Companys portion of EBITDA of OpenKey |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
106,227 |
|
$ |
15,634 |
|
$ |
121,861 |
|
$ |
393 |
|
$ |
(31,426 |
) |
$ |
90,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-comparable adjustments |
|
(2,423 |
) |
|
|
(2,423 |
) |
|
|
|
|
|
| ||||||
Comparable Hotel EBITDA |
|
$ |
103,918 |
|
$ |
15,634 |
|
$ |
119,552 |
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended June 30, 2016 |
| ||||||||||||||||
|
|
Hotel |
|
Hotel |
|
Hotel Total |
|
Orlando |
|
Corporate / |
|
Ashford |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) |
|
$ |
93,798 |
|
$ |
12,661 |
|
$ |
106,459 |
|
$ |
383 |
|
$ |
(71,707 |
) |
$ |
35,135 |
|
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(35 |
) |
|
|
(35 |
) |
|
|
29 |
|
(6 |
) | ||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
(4,376 |
) |
(4,376 |
) | ||||||
Net income (loss) attributable to the Company |
|
93,763 |
|
12,661 |
|
106,424 |
|
383 |
|
(76,054 |
) |
30,753 |
| ||||||
Non-property adjustments |
|
(23,094 |
) |
|
|
(23,094 |
) |
|
|
23,094 |
|
|
| ||||||
Interest income |
|
(12 |
) |
|
|
(12 |
) |
|
|
(62 |
) |
(74 |
) | ||||||
Interest expense |
|
469 |
|
|
|
469 |
|
|
|
49,820 |
|
50,289 |
| ||||||
Amortization of loan costs |
|
119 |
|
|
|
119 |
|
|
|
6,054 |
|
6,173 |
| ||||||
Depreciation and amortization |
|
51,540 |
|
8,382 |
|
59,922 |
|
109 |
|
48 |
|
60,079 |
| ||||||
Income tax expense (benefit) |
|
19 |
|
|
|
19 |
|
|
|
584 |
|
603 |
| ||||||
Non-Hotel EBITDA ownership expense |
|
1,465 |
|
(44 |
) |
1,421 |
|
2 |
|
(1,423 |
) |
|
| ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
35 |
|
|
|
35 |
|
|
|
(35 |
) |
|
| ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
124,304 |
|
20,999 |
|
145,303 |
|
494 |
|
2,026 |
|
147,823 |
| ||||||
Less: EBITDA adjustments attributable to non-controlling interest |
|
(65 |
) |
|
|
(65 |
) |
|
|
(28 |
) |
(93 |
) | ||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
(35 |
) |
|
|
(35 |
) |
|
|
39 |
|
4 |
| ||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
|
|
|
|
|
|
|
|
|
4,376 |
|
4,376 |
| ||||||
Equity in (earnings) loss of unconsolidated entities |
|
|
|
|
|
|
|
|
|
355 |
|
355 |
| ||||||
Companys portion of EBITDA of Ashford Inc. |
|
|
|
|
|
|
|
|
|
(487 |
) |
(487 |
) | ||||||
Companys portion of EBITDA of OpenKey |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
124,204 |
|
$ |
20,999 |
|
$ |
145,203 |
|
$ |
494 |
|
$ |
6,281 |
|
$ |
151,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-comparable adjustments |
|
(5,503 |
) |
|
|
(5,503 |
) |
|
|
|
|
|
| ||||||
Comparable Hotel EBITDA |
|
$ |
118,801 |
|
$ |
20,999 |
|
$ |
139,800 |
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
Exhibit 1
ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended March 31, 2016 |
| ||||||||||||||||
|
|
Hotel |
|
Hotel |
|
Hotel Total |
|
Orlando |
|
Corporate / |
|
Ashford |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) |
|
$ |
47,745 |
|
$ |
5,272 |
|
$ |
53,017 |
|
$ |
447 |
|
$ |
(65,603 |
) |
$ |
(12,139 |
) |
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
9 |
|
|
|
9 |
|
|
|
29 |
|
38 |
| ||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
2,112 |
|
2,112 |
| ||||||
Net income (loss) attributable to the Company |
|
47,754 |
|
5,272 |
|
53,026 |
|
447 |
|
(63,462 |
) |
(9,989 |
) | ||||||
Non-property adjustments |
|
|
|
114 |
|
114 |
|
|
|
(114 |
) |
|
| ||||||
Interest income |
|
(10 |
) |
(1 |
) |
(11 |
) |
|
|
(52 |
) |
(63 |
) | ||||||
Interest expense |
|
467 |
|
|
|
467 |
|
|
|
49,298 |
|
49,765 |
| ||||||
Amortization of loan costs |
|
118 |
|
|
|
118 |
|
|
|
6,060 |
|
6,178 |
| ||||||
Depreciation and amortization |
|
53,733 |
|
8,245 |
|
61,978 |
|
135 |
|
49 |
|
62,162 |
| ||||||
Income tax expense (benefit) |
|
26 |
|
|
|
26 |
|
|
|
603 |
|
629 |
| ||||||
Non-Hotel EBITDA ownership expense |
|
1,513 |
|
(126 |
) |
1,387 |
|
(1 |
) |
(1,386 |
) |
|
| ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
|
(9 |
) |
|
|
(9 |
) |
|
|
9 |
|
|
| ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
103,592 |
|
13,504 |
|
117,096 |
|
581 |
|
(8,995 |
) |
108,682 |
| ||||||
Less: EBITDA adjustments attributable to non-controlling interest |
|
(65 |
) |
|
|
(65 |
) |
|
|
(30 |
) |
(95 |
) | ||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
|
9 |
|
|
|
9 |
|
|
|
(5 |
) |
4 |
| ||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
|
|
|
|
|
|
|
|
|
(2,112 |
) |
(2,112 |
) | ||||||
Equity in (earnings) loss of unconsolidated entities |
|
|
|
|
|
|
|
|
|
519 |
|
519 |
| ||||||
Companys portion of EBITDA of Ashford Inc. |
|
|
|
|
|
|
|
|
|
115 |
|
115 |
| ||||||
Companys portion of EBITDA of OpenKey |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Hotel EBITDA attributable to the Company and OP unitholders |
|
$ |
103,536 |
|
$ |
13,504 |
|
$ |
117,040 |
|
$ |
581 |
|
$ |
(10,508 |
) |
$ |
107,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-comparable adjustments |
|
(8,066 |
) |
|
|
(8,066 |
) |
|
|
|
|
|
| ||||||
Comparable Hotel EBITDA |
|
$ |
95,526 |
|
$ |
13,504 |
|
$ |
109,030 |
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 |
| |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Atlanta, |
|
Boston, |
|
Dallas / Ft. |
|
Houston, |
|
Los |
|
Miami, FL |
|
Minneapolis - |
|
Nashville, |
|
New York / |
|
Orlando, |
|
Philadelphia, |
|
San Diego, |
|
San |
|
Tampa, FL |
|
Washington |
|
Other Areas |
|
Total |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
4,354 |
|
$ |
(1,030 |
) |
$ |
3,897 |
|
$ |
1,638 |
|
$ |
5,639 |
|
$ |
2,613 |
|
$ |
(392 |
) |
$ |
4,479 |
|
$ |
1,313 |
|
$ |
2,150 |
|
$ |
(460 |
) |
$ |
487 |
|
$ |
5,758 |
|
$ |
3,756 |
|
$ |
4,619 |
|
$ |
9,974 |
|
$ |
48,795 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
2 |
| |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
4,354 |
|
(1,030 |
) |
3,897 |
|
1,638 |
|
5,639 |
|
2,613 |
|
(392 |
) |
4,479 |
|
1,313 |
|
2,150 |
|
(460 |
) |
487 |
|
5,758 |
|
3,756 |
|
4,619 |
|
9,976 |
|
48,797 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83 |
|
83 |
| |||||||||||||||||
Interest income |
|
|
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(17 |
) |
|
|
(2 |
) |
(2 |
) |
|
|
|
|
(4 |
) |
|
|
(3 |
) |
(2 |
) |
(32 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
482 |
|
482 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126 |
|
126 |
| |||||||||||||||||
Depreciation and amortization |
|
3,824 |
|
3,340 |
|
3,048 |
|
1,809 |
|
4,239 |
|
1,750 |
|
2,679 |
|
2,207 |
|
4,437 |
|
1,409 |
|
1,384 |
|
1,028 |
|
2,251 |
|
1,343 |
|
6,125 |
|
21,636 |
|
62,509 |
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
17 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
62 |
|
36 |
|
64 |
|
(19 |
) |
11 |
|
413 |
|
27 |
|
10 |
|
13 |
|
2 |
|
50 |
|
5 |
|
38 |
|
2 |
|
(180 |
) |
959 |
|
1,493 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
(2 |
) | |||||||||||||||||
EBITDA including amounts attributable to noncontrolling interest |
|
8,240 |
|
2,346 |
|
7,008 |
|
3,428 |
|
9,888 |
|
4,776 |
|
2,297 |
|
6,696 |
|
5,761 |
|
3,559 |
|
974 |
|
1,520 |
|
8,043 |
|
5,101 |
|
10,561 |
|
33,275 |
|
113,473 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
(14 |
) |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
105 |
|
91 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
8,240 |
|
$ |
2,346 |
|
$ |
7,008 |
|
$ |
3,428 |
|
$ |
9,874 |
|
$ |
4,776 |
|
$ |
2,297 |
|
$ |
6,696 |
|
$ |
5,762 |
|
$ |
3,559 |
|
$ |
974 |
|
$ |
1,520 |
|
$ |
8,043 |
|
$ |
5,101 |
|
$ |
10,560 |
|
$ |
33,380 |
|
$ |
113,564 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
| |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Atlanta, |
|
Boston, |
|
Dallas / Ft. |
|
Houston, |
|
Los |
|
Miami, FL |
|
Minneapolis - |
|
Nashville, |
|
New York / |
|
Orlando, |
|
Philadelphia, |
|
San Diego, |
|
San |
|
Tampa, FL |
|
Washington |
|
Other Areas |
|
Total |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
4,182 |
|
$ |
(862 |
) |
$ |
4,414 |
|
$ |
1,550 |
|
$ |
6,484 |
|
$ |
3,881 |
|
$ |
(72 |
) |
$ |
3,251 |
|
$ |
773 |
|
$ |
5,471 |
|
$ |
(226 |
) |
$ |
588 |
|
$ |
5,462 |
|
$ |
3,139 |
|
$ |
3,730 |
|
$ |
11,252 |
|
$ |
53,017 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
9 |
| |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
4,182 |
|
(862 |
) |
4,414 |
|
1,550 |
|
6,484 |
|
3,881 |
|
(72 |
) |
3,251 |
|
773 |
|
5,471 |
|
(226 |
) |
588 |
|
5,462 |
|
3,139 |
|
3,730 |
|
11,261 |
|
53,026 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114 |
|
114 |
| |||||||||||||||||
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
(2 |
) |
|
|
|
|
(1 |
) |
|
|
(4 |
) |
(2 |
) |
(11 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
467 |
|
467 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118 |
|
118 |
| |||||||||||||||||
Depreciation and amortization |
|
3,848 |
|
3,112 |
|
3,022 |
|
1,736 |
|
4,885 |
|
1,329 |
|
2,425 |
|
2,243 |
|
4,699 |
|
2,303 |
|
1,326 |
|
1,049 |
|
2,455 |
|
1,365 |
|
5,160 |
|
21,021 |
|
61,978 |
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
26 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
121 |
|
141 |
|
9 |
|
2 |
|
(13 |
) |
50 |
|
15 |
|
(6 |
) |
81 |
|
81 |
|
3 |
|
22 |
|
143 |
|
51 |
|
(240 |
) |
927 |
|
1,387 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9 |
) |
(9 |
) | |||||||||||||||||
EBITDA including amounts attributable to noncontrolling interest |
|
8,151 |
|
2,391 |
|
7,445 |
|
3,288 |
|
11,356 |
|
5,260 |
|
2,368 |
|
5,488 |
|
5,551 |
|
7,853 |
|
1,103 |
|
1,659 |
|
8,059 |
|
4,555 |
|
8,646 |
|
33,923 |
|
117,096 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
(513 |
) |
|
|
|
|
|
|
(1,793 |
) |
|
|
|
|
|
|
(318 |
) |
(4,323 |
) |
|
|
|
|
|
|
|
|
(15 |
) |
(1,104 |
) |
(8,066 |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
7,638 |
|
$ |
2,391 |
|
$ |
7,445 |
|
$ |
3,288 |
|
$ |
9,563 |
|
$ |
5,260 |
|
$ |
2,368 |
|
$ |
5,488 |
|
$ |
5,233 |
|
$ |
3,530 |
|
$ |
1,103 |
|
$ |
1,659 |
|
$ |
8,059 |
|
$ |
4,555 |
|
$ |
8,631 |
|
$ |
32,819 |
|
$ |
109,030 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Twelve Months Ended March 31,2017 |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|
BAML Pool |
|
Morgan |
|
Cantor |
|
Column |
|
JPM |
|
BAML Le |
|
US Bank |
|
Morgan |
|
Morgan |
|
BAML W |
|
Morgan |
|
Morgan |
|
BAML Pool - |
|
Morgan |
|
Morgan |
|
NorthStar HGI |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
25,251 |
|
$ |
10,197 |
|
$ |
(871 |
) |
$ |
41,818 |
|
$ |
796 |
|
$ |
(1,028 |
) |
$ |
862 |
|
$ |
724 |
|
$ |
1,837 |
|
$ |
2,227 |
|
$ |
13,439 |
|
$ |
(1,851 |
) |
$ |
21,844 |
|
$ |
8,909 |
|
$ |
19,479 |
|
$ |
602 |
|
|
| |
(Income) loss 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 |
|
25,251 |
|
10,197 |
|
(871 |
) |
41,818 |
|
796 |
|
(1,028 |
) |
862 |
|
724 |
|
1,837 |
|
2,227 |
|
13,439 |
|
(1,851 |
) |
21,844 |
|
8,909 |
|
19,479 |
|
602 |
|
|
| |||||||||||||||||
Non-property adjustments |
|
(225 |
) |
|
|
|
|
9,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,135 |
|
5,262 |
|
(135 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest income |
|
(26 |
) |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense |
|
2 |
|
|
|
1,863 |
|
|
|
|
|
|
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Depreciation and amortization |
|
20,881 |
|
12,614 |
|
1,868 |
|
64,158 |
|
2,389 |
|
2,978 |
|
1,417 |
|
10,834 |
|
1,871 |
|
2,948 |
|
18,536 |
|
4,531 |
|
25,991 |
|
5,406 |
|
11,202 |
|
797 |
|
|
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
385 |
|
297 |
|
16 |
|
2,381 |
|
84 |
|
456 |
|
37 |
|
341 |
|
18 |
|
55 |
|
1,899 |
|
159 |
|
2,671 |
|
307 |
|
56 |
|
121 |
|
|
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
46,268 |
|
23,097 |
|
3,366 |
|
117,484 |
|
3,269 |
|
2,406 |
|
2,316 |
|
11,948 |
|
3,726 |
|
5,230 |
|
38,009 |
|
8,101 |
|
50,364 |
|
14,622 |
|
30,737 |
|
1,520 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
(2,028 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1,829 |
) |
(912 |
) |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
46,268 |
|
$ |
23,097 |
|
$ |
3,366 |
|
$ |
115,456 |
|
$ |
3,269 |
|
$ |
2,406 |
|
$ |
2,316 |
|
$ |
11,948 |
|
$ |
3,726 |
|
$ |
5,230 |
|
$ |
36,180 |
|
$ |
7,189 |
|
$ |
50,364 |
|
$ |
14,622 |
|
$ |
30,737 |
|
$ |
1,520 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
JP Morgan - |
|
Omni |
|
GACC |
|
Deutsche |
|
GACC |
|
GACC |
|
Key Bank |
|
Morgan |
|
Morgan |
|
Morgan |
|
BAML Pool |
|
BAML Pool |
|
BAML Pool |
|
NorthStar |
|
Wachovia 5 - |
|
Unencumbered |
|
Total Portfolio |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
35,659 |
|
$ |
585 |
|
$ |
7,970 |
|
$ |
3,598 |
|
$ |
776 |
|
$ |
531 |
|
$ |
274 |
|
$ |
4,570 |
|
$ |
1,782 |
|
$ |
2,303 |
|
$ |
4,589 |
|
$ |
2,076 |
|
$ |
8,378 |
|
$ |
2,124 |
|
$ |
24,025 |
|
$ |
(897 |
) |
$ |
242,578 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(76 |
) |
(34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(110 |
) | |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
35,659 |
|
585 |
|
7,970 |
|
3,598 |
|
776 |
|
455 |
|
240 |
|
4,570 |
|
1,782 |
|
2,303 |
|
4,589 |
|
2,076 |
|
8,378 |
|
2,124 |
|
24,025 |
|
(897 |
) |
242,468 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,506 |
) |
(1,590 |
) |
(22,838 |
) |
|
|
(13,770 |
) | |||||||||||||||||
Interest income |
|
(13 |
) |
|
|
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|
|
|
|
|
|
|
|
(3 |
) |
(78 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,914 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
490 |
| |||||||||||||||||
Depreciation and amortization |
|
27,329 |
|
460 |
|
8,019 |
|
3,322 |
|
881 |
|
900 |
|
679 |
|
3,229 |
|
444 |
|
1,328 |
|
3,941 |
|
846 |
|
321 |
|
348 |
|
380 |
|
2,897 |
|
243,745 |
| |||||||||||||||||
Income tax expense (benefit) |
|
104 |
|
|
|
|
|
|
|
|
|
(36 |
) |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
360 |
|
10 |
|
(1,145 |
) |
11 |
|
111 |
|
9 |
|
9 |
|
68 |
|
36 |
|
45 |
|
27 |
|
17 |
|
2 |
|
20 |
|
289 |
|
124 |
|
9,276 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
76 |
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110 |
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
63,439 |
|
1,055 |
|
14,844 |
|
6,917 |
|
1,768 |
|
1,404 |
|
970 |
|
7,867 |
|
2,262 |
|
3,676 |
|
8,553 |
|
2,939 |
|
1,195 |
|
902 |
|
1,856 |
|
2,121 |
|
484,231 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,195 |
) |
(902 |
) |
(1,856 |
) |
|
|
(8,722 |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
63,439 |
|
$ |
1,055 |
|
$ |
14,844 |
|
$ |
6,917 |
|
$ |
1,768 |
|
$ |
1,404 |
|
$ |
970 |
|
$ |
7,867 |
|
$ |
2,262 |
|
$ |
3,676 |
|
$ |
8,553 |
|
$ |
2,939 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
2,121 |
|
$ |
475,509 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended March 31, 2017 |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|
BAML Pool |
|
Morgan |
|
Cantor |
|
Column |
|
JPM |
|
BAML Le |
|
US Bank |
|
Morgan |
|
Morgan |
|
BAML W |
|
Morgan |
|
Morgan |
|
BAML Pool - |
|
Morgan |
|
Morgan |
|
NorthStar HGI |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
6,449 |
|
$ |
87 |
|
$ |
(146 |
) |
$ |
10,724 |
|
$ |
49 |
|
$ |
(165 |
) |
$ |
304 |
|
$ |
(749 |
) |
$ |
82 |
|
$ |
532 |
|
$ |
4,645 |
|
$ |
805 |
|
$ |
7,667 |
|
$ |
76 |
|
$ |
4,614 |
|
$ |
(96 |
) |
|
| |
(Income) loss 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 |
|
6,449 |
|
87 |
|
(146 |
) |
10,724 |
|
49 |
|
(165 |
) |
304 |
|
(749 |
) |
82 |
|
532 |
|
4,645 |
|
805 |
|
7,667 |
|
76 |
|
4,614 |
|
(96 |
) |
|
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Interest income |
|
(10 |
) |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense |
|
1 |
|
|
|
478 |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Depreciation and amortization |
|
5,387 |
|
3,354 |
|
473 |
|
16,294 |
|
624 |
|
923 |
|
364 |
|
2,872 |
|
473 |
|
750 |
|
4,508 |
|
1,044 |
|
6,827 |
|
1,288 |
|
2,688 |
|
215 |
|
|
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
37 |
|
69 |
|
3 |
|
154 |
|
20 |
|
167 |
|
10 |
|
37 |
|
2 |
|
14 |
|
711 |
|
29 |
|
265 |
|
22 |
|
21 |
|
15 |
|
|
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
11,864 |
|
3,499 |
|
934 |
|
27,215 |
|
693 |
|
925 |
|
678 |
|
2,163 |
|
557 |
|
1,296 |
|
9,904 |
|
1,878 |
|
14,757 |
|
1,386 |
|
7,323 |
|
134 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(76 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
11,864 |
|
$ |
3,499 |
|
$ |
934 |
|
$ |
27,397 |
|
$ |
693 |
|
$ |
925 |
|
$ |
678 |
|
$ |
2,163 |
|
$ |
557 |
|
$ |
1,296 |
|
$ |
9,828 |
|
$ |
1,878 |
|
$ |
14,757 |
|
$ |
1,386 |
|
$ |
7,323 |
|
$ |
134 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
JP Morgan - |
|
Omni |
|
GACC |
|
Deutsche |
|
GACC |
|
GACC |
|
Key Bank |
|
Morgan |
|
Morgan |
|
Morgan |
|
BAML Pool |
|
BAML Pool |
|
BAML Pool |
|
NorthStar |
|
Wachovia 5 - |
|
Unencumbered |
|
Total Portfolio |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
8,554 |
|
$ |
135 |
|
$ |
1,319 |
|
$ |
(51 |
) |
$ |
282 |
|
$ |
24 |
|
$ |
(21 |
) |
$ |
1,496 |
|
$ |
357 |
|
$ |
421 |
|
$ |
1,649 |
|
$ |
484 |
|
$ |
14 |
|
$ |
1 |
|
$ |
4 |
|
$ |
(751 |
) |
$ |
48,795 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
| |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
8,554 |
|
135 |
|
1,319 |
|
(51 |
) |
282 |
|
21 |
|
(16 |
) |
1,496 |
|
357 |
|
421 |
|
1,649 |
|
484 |
|
14 |
|
1 |
|
4 |
|
(751 |
) |
48,797 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83 |
| |||||||||||||||||
Interest income |
|
(3 |
) |
|
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
(2 |
) |
(32 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
482 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126 |
| |||||||||||||||||
Depreciation and amortization |
|
6,822 |
|
123 |
|
2,458 |
|
837 |
|
207 |
|
231 |
|
168 |
|
1,057 |
|
114 |
|
342 |
|
1,060 |
|
159 |
|
|
|
|
|
|
|
847 |
|
62,509 |
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
123 |
|
1 |
|
(235 |
) |
1 |
|
4 |
|
2 |
|
2 |
|
2 |
|
5 |
|
7 |
|
7 |
|
4 |
|
1 |
|
1 |
|
(6 |
) |
(2 |
) |
1,493 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) | |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
15,496 |
|
259 |
|
3,542 |
|
784 |
|
493 |
|
257 |
|
166 |
|
2,555 |
|
476 |
|
770 |
|
2,715 |
|
647 |
|
15 |
|
2 |
|
(2 |
) |
92 |
|
113,473 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15 |
) |
(2 |
) |
2 |
|
|
|
91 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
15,496 |
|
$ |
259 |
|
$ |
3,542 |
|
$ |
784 |
|
$ |
493 |
|
$ |
257 |
|
$ |
166 |
|
$ |
2,555 |
|
$ |
476 |
|
$ |
770 |
|
$ |
2,715 |
|
$ |
647 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
92 |
|
$ |
113,564 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended December 31, 2016 |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|
BAML Pool |
|
Morgan |
|
Cantor |
|
Column |
|
JPM |
|
BAML Le |
|
US Bank |
|
Morgan |
|
Morgan |
|
BAML W |
|
Morgan |
|
Morgan |
|
BAML Pool - |
|
Morgan |
|
Morgan |
|
NorthStar HGI |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
5,264 |
|
$ |
1,068 |
|
$ |
(359 |
) |
$ |
50 |
|
$ |
(233 |
) |
$ |
(157 |
) |
$ |
167 |
|
$ |
(363 |
) |
$ |
357 |
|
$ |
440 |
|
$ |
(2,552 |
) |
$ |
204 |
|
$ |
2,375 |
|
$ |
2,116 |
|
$ |
3,741 |
|
$ |
56 |
|
|
| |
(Income) loss 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 |
|
5,264 |
|
1,068 |
|
(359 |
) |
50 |
|
(233 |
) |
(157 |
) |
167 |
|
(363 |
) |
357 |
|
440 |
|
(2,552 |
) |
204 |
|
2,375 |
|
2,116 |
|
3,741 |
|
56 |
|
|
| |||||||||||||||||
Non-property adjustments |
|
(225 |
) |
|
|
|
|
9,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,095 |
|
223 |
|
(135 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest income |
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense |
|
|
|
|
|
469 |
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Depreciation and amortization |
|
5,219 |
|
3,196 |
|
467 |
|
16,448 |
|
604 |
|
760 |
|
358 |
|
2,733 |
|
470 |
|
749 |
|
4,763 |
|
1,000 |
|
6,606 |
|
1,168 |
|
2,903 |
|
205 |
|
|
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
248 |
|
92 |
|
3 |
|
587 |
|
29 |
|
113 |
|
17 |
|
132 |
|
2 |
|
(19 |
) |
1,114 |
|
135 |
|
1,667 |
|
148 |
|
(27 |
) |
(2 |
) |
|
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
10,500 |
|
4,356 |
|
704 |
|
26,169 |
|
400 |
|
716 |
|
542 |
|
2,517 |
|
829 |
|
1,170 |
|
7,420 |
|
1,562 |
|
10,511 |
|
3,432 |
|
6,617 |
|
259 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
(605 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(311 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
10,500 |
|
$ |
4,356 |
|
$ |
704 |
|
$ |
25,564 |
|
$ |
400 |
|
$ |
716 |
|
$ |
542 |
|
$ |
2,517 |
|
$ |
829 |
|
$ |
1,170 |
|
$ |
7,109 |
|
$ |
1,562 |
|
$ |
10,511 |
|
$ |
3,432 |
|
$ |
6,617 |
|
$ |
259 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
JP Morgan - |
|
Omni |
|
GACC |
|
Deutsche |
|
GACC |
|
GACC |
|
Key Bank |
|
Morgan |
|
Morgan |
|
Morgan |
|
BAML Pool |
|
BAML Pool |
|
BAML Pool |
|
NorthStar |
|
Wachovia 5 - |
|
Unencumbered |
|
Total Portfolio |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
7,177 |
|
$ |
206 |
|
$ |
1,127 |
|
$ |
825 |
|
$ |
176 |
|
$ |
158 |
|
$ |
70 |
|
$ |
741 |
|
$ |
272 |
|
$ |
455 |
|
$ |
844 |
|
$ |
487 |
|
$ |
7,490 |
|
$ |
(34 |
) |
$ |
(83 |
) |
$ |
(504 |
) |
$ |
31,581 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(23 |
) |
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32 |
) | |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
7,177 |
|
206 |
|
1,127 |
|
825 |
|
176 |
|
135 |
|
61 |
|
741 |
|
272 |
|
455 |
|
844 |
|
487 |
|
7,490 |
|
(34 |
) |
(83 |
) |
(504 |
) |
31,549 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,506 |
) |
32 |
|
82 |
|
|
|
5,650 |
| |||||||||||||||||
Interest income |
|
(3 |
) |
|
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
(23 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
484 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124 |
| |||||||||||||||||
Depreciation and amortization |
|
6,740 |
|
115 |
|
2,111 |
|
835 |
|
214 |
|
225 |
|
169 |
|
834 |
|
109 |
|
347 |
|
987 |
|
192 |
|
|
|
|
|
|
|
767 |
|
61,294 |
| |||||||||||||||||
Income tax expense (benefit) |
|
104 |
|
|
|
|
|
|
|
|
|
(36 |
) |
(43 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
160 |
|
1 |
|
(247 |
) |
4 |
|
37 |
|
(23 |
) |
3 |
|
17 |
|
6 |
|
7 |
|
7 |
|
3 |
|
|
|
1 |
|
(11 |
) |
141 |
|
4,345 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
23 |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
14,178 |
|
322 |
|
2,991 |
|
1,653 |
|
427 |
|
324 |
|
199 |
|
1,592 |
|
387 |
|
809 |
|
1,837 |
|
682 |
|
(16 |
) |
(1 |
) |
(12 |
) |
404 |
|
103,480 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
1 |
|
12 |
|
|
|
(887 |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
14,178 |
|
$ |
322 |
|
$ |
2,991 |
|
$ |
1,653 |
|
$ |
427 |
|
$ |
324 |
|
$ |
199 |
|
$ |
1,592 |
|
$ |
387 |
|
$ |
809 |
|
$ |
1,837 |
|
$ |
682 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
404 |
|
$ |
102,593 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended September 30, 2016 |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|
BAML Pool |
|
Morgan |
|
Cantor |
|
Column |
|
JPM |
|
BAML Le |
|
US Bank |
|
Morgan |
|
Morgan |
|
BAML W |
|
Morgan |
|
Morgan |
|
BAML Pool - |
|
Morgan |
|
Morgan |
|
NorthStar HGI |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
6,679 |
|
$ |
4,976 |
|
$ |
(265 |
) |
$ |
10,833 |
|
$ |
552 |
|
$ |
(723 |
) |
$ |
247 |
|
$ |
716 |
|
$ |
761 |
|
$ |
675 |
|
$ |
4,575 |
|
$ |
(4,070 |
) |
$ |
4,542 |
|
$ |
3,356 |
|
$ |
4,015 |
|
$ |
497 |
|
|
| |
(Income) loss 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 |
|
6,679 |
|
4,976 |
|
(265 |
) |
10,833 |
|
552 |
|
(723 |
) |
247 |
|
716 |
|
761 |
|
675 |
|
4,575 |
|
(4,070 |
) |
4,542 |
|
3,356 |
|
4,015 |
|
497 |
|
|
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,039 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Interest income |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense |
|
|
|
|
|
463 |
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Depreciation and amortization |
|
5,166 |
|
3,050 |
|
466 |
|
15,831 |
|
583 |
|
682 |
|
348 |
|
2,664 |
|
468 |
|
725 |
|
4,684 |
|
1,217 |
|
6,379 |
|
1,441 |
|
2,843 |
|
199 |
|
|
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
41 |
|
94 |
|
5 |
|
1,396 |
|
19 |
|
2 |
|
3 |
|
89 |
|
12 |
|
34 |
|
20 |
|
18 |
|
266 |
|
114 |
|
54 |
|
30 |
|
|
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
11,882 |
|
8,120 |
|
790 |
|
28,060 |
|
1,154 |
|
(39 |
) |
598 |
|
3,485 |
|
1,241 |
|
1,434 |
|
9,279 |
|
2,204 |
|
11,185 |
|
4,911 |
|
6,912 |
|
726 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
(826 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(705 |
) |
(442 |
) |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
11,882 |
|
$ |
8,120 |
|
$ |
790 |
|
$ |
27,234 |
|
$ |
1,154 |
|
$ |
(39 |
) |
$ |
598 |
|
$ |
3,485 |
|
$ |
1,241 |
|
$ |
1,434 |
|
$ |
8,574 |
|
$ |
1,762 |
|
$ |
11,185 |
|
$ |
4,911 |
|
$ |
6,912 |
|
$ |
726 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
JP Morgan - |
|
Omni |
|
GACC |
|
Deutsche |
|
GACC |
|
GACC |
|
Key Bank |
|
Morgan |
|
Morgan |
|
Morgan |
|
BAML Pool |
|
BAML Pool |
|
BAML Pool |
|
NorthStar |
|
Wachovia 5 - |
|
Unencumbered |
|
Total Portfolio |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
9,425 |
|
$ |
69 |
|
$ |
1,612 |
|
$ |
1,641 |
|
$ |
82 |
|
$ |
191 |
|
$ |
129 |
|
$ |
798 |
|
$ |
586 |
|
$ |
681 |
|
$ |
875 |
|
$ |
462 |
|
$ |
192 |
|
$ |
1,843 |
|
$ |
(120 |
) |
$ |
(89 |
) |
$ |
55,743 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(28 |
) |
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45 |
) | |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
9,425 |
|
69 |
|
1,612 |
|
1,641 |
|
82 |
|
163 |
|
112 |
|
798 |
|
586 |
|
681 |
|
875 |
|
462 |
|
192 |
|
1,843 |
|
(120 |
) |
(89 |
) |
55,698 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,622 |
) |
174 |
|
|
|
3,591 |
| |||||||||||||||||
Interest income |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
(11 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
479 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121 |
| |||||||||||||||||
Depreciation and amortization |
|
6,789 |
|
113 |
|
1,832 |
|
831 |
|
228 |
|
223 |
|
171 |
|
684 |
|
109 |
|
332 |
|
953 |
|
238 |
|
|
|
61 |
|
|
|
710 |
|
60,020 |
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
96 |
|
9 |
|
(332 |
) |
3 |
|
54 |
|
28 |
|
2 |
|
10 |
|
6 |
|
15 |
|
6 |
|
5 |
|
(17 |
) |
5 |
|
(66 |
) |
(4 |
) |
2,017 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
28 |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 |
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
16,306 |
|
191 |
|
3,112 |
|
2,475 |
|
364 |
|
442 |
|
317 |
|
1,492 |
|
701 |
|
1,028 |
|
1,833 |
|
705 |
|
175 |
|
287 |
|
(12 |
) |
617 |
|
121,975 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(175 |
) |
(287 |
) |
12 |
|
|
|
(2,423 |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
16,306 |
|
$ |
191 |
|
$ |
3,112 |
|
$ |
2,475 |
|
$ |
364 |
|
$ |
442 |
|
$ |
317 |
|
$ |
1,492 |
|
$ |
701 |
|
$ |
1,028 |
|
$ |
1,833 |
|
$ |
705 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
617 |
|
$ |
119,552 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended June 30, 2016 |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|
BAML Pool |
|
Morgan |
|
Cantor |
|
Column |
|
JPM |
|
BAML Le |
|
US Bank |
|
Morgan |
|
Morgan |
|
BAML W |
|
Morgan |
|
Morgan |
|
BAML Pool - |
|
Morgan |
|
Morgan |
|
NorthStar HGI |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
6,859 |
|
$ |
4,066 |
|
$ |
(101 |
) |
$ |
20,211 |
|
$ |
428 |
|
$ |
17 |
|
$ |
144 |
|
$ |
1,120 |
|
$ |
637 |
|
$ |
580 |
|
$ |
6,771 |
|
$ |
1,210 |
|
$ |
7,260 |
|
$ |
3,361 |
|
$ |
7,109 |
|
$ |
145 |
|
|
| |
(Income) loss 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 |
|
6,859 |
|
4,066 |
|
(101 |
) |
20,211 |
|
428 |
|
17 |
|
144 |
|
1,120 |
|
637 |
|
580 |
|
6,771 |
|
1,210 |
|
7,260 |
|
3,361 |
|
7,109 |
|
145 |
|
|
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Interest income |
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense |
|
1 |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Depreciation and amortization |
|
5,109 |
|
3,014 |
|
462 |
|
15,585 |
|
578 |
|
613 |
|
347 |
|
2,565 |
|
460 |
|
724 |
|
4,581 |
|
1,270 |
|
6,179 |
|
1,509 |
|
2,768 |
|
178 |
|
|
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
59 |
|
42 |
|
5 |
|
244 |
|
16 |
|
174 |
|
7 |
|
83 |
|
2 |
|
26 |
|
54 |
|
(23 |
) |
473 |
|
23 |
|
8 |
|
78 |
|
|
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
12,022 |
|
7,122 |
|
938 |
|
36,040 |
|
1,022 |
|
804 |
|
498 |
|
3,783 |
|
1,099 |
|
1,330 |
|
11,406 |
|
2,457 |
|
13,911 |
|
4,893 |
|
9,885 |
|
401 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
(779 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(737 |
) |
(470 |
) |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
12,022 |
|
$ |
7,122 |
|
$ |
938 |
|
$ |
35,261 |
|
$ |
1,022 |
|
$ |
804 |
|
$ |
498 |
|
$ |
3,783 |
|
$ |
1,099 |
|
$ |
1,330 |
|
$ |
10,669 |
|
$ |
1,987 |
|
$ |
13,911 |
|
$ |
4,893 |
|
$ |
9,885 |
|
$ |
401 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
JP Morgan - |
|
Omni |
|
GACC |
|
Deutsche |
|
GACC |
|
GACC |
|
Key Bank |
|
Morgan |
|
Morgan |
|
Morgan |
|
BAML Pool |
|
BAML Pool |
|
BAML Pool |
|
NorthStar |
|
Wachovia 5 - |
|
Unencumbered |
|
Total Portfolio |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) |
|
$ |
10,503 |
|
$ |
175 |
|
$ |
3,912 |
|
$ |
1,183 |
|
$ |
236 |
|
$ |
158 |
|
$ |
96 |
|
$ |
1,535 |
|
$ |
567 |
|
$ |
746 |
|
$ |
1,221 |
|
$ |
643 |
|
$ |
682 |
|
$ |
314 |
|
$ |
24,224 |
|
$ |
447 |
|
$ |
106,459 |
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(22 |
) |
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35 |
) | |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net income (loss) attributable to the Company |
|
10,503 |
|
175 |
|
3,912 |
|
1,183 |
|
236 |
|
136 |
|
83 |
|
1,535 |
|
567 |
|
746 |
|
1,221 |
|
643 |
|
682 |
|
314 |
|
24,224 |
|
447 |
|
106,424 |
| |||||||||||||||||
Non-property adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,094 |
) |
|
|
(23,094 |
) | |||||||||||||||||
Interest income |
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
(1 |
) |
(12 |
) | |||||||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
469 |
| |||||||||||||||||
Amortization of loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119 |
| |||||||||||||||||
Depreciation and amortization |
|
6,978 |
|
109 |
|
1,618 |
|
819 |
|
232 |
|
221 |
|
171 |
|
654 |
|
112 |
|
307 |
|
941 |
|
257 |
|
321 |
|
287 |
|
380 |
|
573 |
|
59,922 |
| |||||||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
| |||||||||||||||||
Non-Hotel EBITDA ownership expense |
|
(19 |
) |
(1 |
) |
(331 |
) |
3 |
|
16 |
|
2 |
|
2 |
|
39 |
|
19 |
|
16 |
|
7 |
|
5 |
|
18 |
|
13 |
|
372 |
|
(11 |
) |
1,421 |
| |||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
22 |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
| |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
|
17,459 |
|
283 |
|
5,199 |
|
2,005 |
|
484 |
|
381 |
|
288 |
|
2,228 |
|
698 |
|
1,069 |
|
2,168 |
|
905 |
|
1,021 |
|
614 |
|
1,882 |
|
1,008 |
|
145,303 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Non-comparable adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,021 |
) |
(614 |
) |
(1,882 |
) |
|
|
(5,503 |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Comparable Hotel EBITDA |
|
$ |
17,459 |
|
$ |
283 |
|
$ |
5,199 |
|
$ |
2,005 |
|
$ |
484 |
|
$ |
381 |
|
$ |
288 |
|
$ |
2,228 |
|
$ |
698 |
|
$ |
1,069 |
|
$ |
2,168 |
|
$ |
905 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
1,008 |
|
$ |
139,800 |
|
NOTES:
(1) The above comparable information assumes the 121 hotel properties owned and included in the Companys operations at March 31, 2017, were owned as of the beginning of each periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.
W'A.\.EZL)#IY