EX-12 2 aht2018q310-qxex12.htm EXHIBIT 12 Exhibit



EXHIBIT 12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)

 
Nine Months Ended
 
Year Ended December 31,
 
September 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
 Earnings
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests
$
(87,655
)
 
$
(90,978
)
 
$
(57,250
)
 
$
310,523

 
$
(40,465
)
 
$
(46,949
)
 Amount recorded for equity in (earnings) loss of unconsolidated entities
(892
)
 
5,866

 
6,110

 
6,831

 
(2,495
)
 
23,404

 Add:
 
 
 
 
 
 
 
 
 
 
 
Distributions of earnings from unconsolidated entities
—

 
—

 
—

 
996

 
995

 
—

Interest on indebtedness, net of premiums
159,063

 
209,412

 
199,870

 
168,834

 
107,598

 
133,697

Amortization of loan costs
14,617

 
13,219

 
24,097

 
18,680

 
7,237

 
7,772

Interest component of operating leases
181

 
267

 
343

 
288

 
115

 
341

 
$
85,314

 
$
137,786

 
$
173,170

 
$
506,152

 
$
72,985

 
$
118,265

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 Interest on indebtedness, net of premiums
$
159,063

 
$
209,412

 
$
199,870

 
$
168,834

 
$
107,598

 
$
133,697

 Amortization of loan costs
14,617

 
13,219

 
24,097

 
18,680

 
7,237

 
7,772

 Interest component of operating leases
181

 
267

 
343

 
288

 
115

 
341

 Dividends to Class B unit holders
—

 
—

 
2,110

 
2,813

 
2,879

 
2,943

 
$
173,861

 
$
222,898

 
$
226,420

 
$
190,615

 
$
117,829

 
$
144,753

 Preferred stock dividends
 
 
 
 
 
 
 
 
 
 
 
 Preferred Series A
$
—

 
$
2,539

 
$
3,542

 
$
3,542

 
$
3,542

 
$
3,542

 Preferred Series D
3,785

 
18,211

 
20,002

 
20,002

 
20,002

 
20,002

 Preferred Series E
—

 
—

 
6,280

 
10,418

 
10,418

 
10,418

 Preferred Series F
6,637

 
8,849

 
4,130

 
—

 
—

 
—

 Preferred Series G
8,573

 
11,430

 
2,318

 
—

 
—

 
—

 Preferred Series H
5,344

 
2,494

 
—

 
—

 
—

 
—

 Preferred Series I
7,594

 
1,238

 
—

 
—

 
—

 
—

 
$
31,933

 
$
44,761

 
$
36,272

 
$
33,962

 
$
33,962

 
$
33,962

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges and preferred stock dividends
$
205,794

 
$
267,659

 
$
262,692

 
$
224,577

 
$
151,791

 
$
178,715

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
 

 

 
2.66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges and preferred stock dividends
 
 

 

 
2.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Deficit (Fixed charges)
$
88,547

 
$
85,112

 
$
53,250

 


 
$
44,844

 
$
26,488

 
 
 
 
 
 
 
 
 
 
 
 
 Deficit (Combined fixed charges and preferred stock dividends)
$
120,480

 
$
129,873

 
$
89,522

 


 
$
78,806

 
$
60,450