EX-99.1 2 aht2017q1earningsrelease.htm EXHIBIT 99.1 Exhibit
EXHIBIT 99.1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
 
March 31, 2017
 
December 31, 2016
ASSETS
 
Investments in hotel properties, net
$
4,152,741

 
$
4,160,563

Cash and cash equivalents
306,670

 
347,091

Restricted cash
165,262

 
144,014

Marketable securities
50,382

 
53,185

Accounts receivable, net of allowance of $586 and $690, respectively
59,740

 
44,629

Inventories
4,494

 
4,530

Investment in securities investment fund
—

 
50,890

Investment in Ashford Inc.
5,165

 
5,873

Investment in OpenKey
2,559

 
2,016

Deferred costs, net
2,834

 
2,846

Prepaid expenses
24,668

 
17,578

Derivative assets
1,884

 
3,614

Other assets
13,627

 
11,718

Intangible asset, net
10,032

 
10,061

Due from Ashford Prime OP, net
6

 
—

Due from related party, net
1,392

 
—

Due from AQUA U.S. Fund
2,579

 
—

Due from third-party hotel managers
18,583

 
13,348

Assets held for sale
—

 
19,588

Total assets
$
4,822,618

 
$
4,891,544

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness
$
3,720,040

 
$
3,723,559

Accounts payable and accrued expenses
156,388

 
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
3,955,409

 
3,966,399

 
 
 
 
Redeemable noncontrolling interests in operating partnership
111,273

 
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
(1,009,656
)
 
(974,015
)
Total shareholders’ equity of the Company
755,211

 
791,621

Noncontrolling interests in consolidated entities
725

 
756

Total equity
755,936

 
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 March 31,
 
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
111,733

 
113,137

Management fees
12,826

 
13,695

Total hotel operating expenses
226,602

 
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
325,447

 
326,369

OPERATING INCOME (LOSS)
28,262

 
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
(32,783
)
 
(11,510
)
Income tax benefit (expense)
846

 
(629
)
NET INCOME (LOSS)
(31,937
)
 
(12,139
)
(Income) loss from consolidated entities attributable to noncontrolling interest
31

 
38

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
6,493

 
2,112

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(25,413
)
 
(9,989
)
Preferred dividends
(10,956
)
 
(8,490
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(36,369
)
 
$
(18,479
)
 
 
 
 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
 
 
 
Basic:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.39
)
 
$
(0.20
)
Weighted average common shares outstanding – basic
94,840

 
94,136

Diluted:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.39
)
 
$
(0.20
)
Weighted average common shares outstanding – diluted
94,840

 
94,136

 
 
 
 
Dividends declared per common share:
$
0.12

 
$
0.12


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