(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
99.1 |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
ASHFORD HOSPITALITY TRUST, INC. | ||
By: | /s/ DERIC S. EUBANKS | |
Deric S. Eubanks | ||
Chief Financial Officer |
Contact: | Deric Eubanks | Jordan Jennings | Joe Calabrese |
Chief Financial Officer | Investor Relations | Financial Relations Board | |
(972) 490-9600 | (972) 778-9487 | (212) 827-3772 |
• | Net loss attributable to common stockholders was $109.0 million or $9.26 per diluted share for the quarter. |
• | Comparable RevPAR for all hotels decreased 72.1% to $36.63 during the quarter. |
• | Adjusted EBITDAre was negative $22.7 million for the quarter. |
• | Adjusted funds from operations (AFFO) was negative $4.57 per diluted share for the quarter. |
• | The Company ended the quarter with cash and cash equivalents of $120.9 million and restricted cash of $89.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. At the end of the quarter, there was also $13.2 million in due from third-party hotel managers, which is the Company’s cash held by one of its property managers and is also available to fund hotel operating costs. |
• | During the quarter, the Company transferred ownership of thirteen hotels to lenders. |
• | Subsequent to quarter end, the Company announced that it signed forbearance agreements on its KEYS Loan Pools representing 34 hotels and approximately $1.2 billion of debt. |
• | Subsequent to quarter end, the Company signed a forbearance agreement on its $97 million Hilton Boston Back Bay mortgage loan. |
• | Capex invested during the quarter was $11.8 million. |
• | Comparable RevPAR decreased 72.1% to $36.63 for all hotels on a 29.9% decrease in ADR and a 60.1% decrease in occupancy. |
September 30, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Investments in hotel properties, net | $ | 3,484,019 | $ | 4,108,443 | |||
Cash and cash equivalents | 120,916 | 262,636 | |||||
Restricted cash | 89,495 | 135,571 | |||||
Marketable securities | 1,741 | 14,591 | |||||
Accounts receivable, net of allowance of $757 and $698, respectively | 19,379 | 39,638 | |||||
Inventories | 2,753 | 4,346 | |||||
Notes receivable, net | 8,121 | 7,709 | |||||
Investment in OpenKey | 2,980 | 2,829 | |||||
Deferred costs, net | 1,902 | 2,897 | |||||
Prepaid expenses | 20,099 | 21,886 | |||||
Derivative assets, net | 1,680 | 1,691 | |||||
Operating lease right-of-use assets | 45,250 | 49,995 | |||||
Other assets | 25,942 | 17,932 | |||||
Intangible assets, net | 797 | 797 | |||||
Due from related parties, net | 6,015 | 3,019 | |||||
Due from third-party hotel managers | 13,187 | 17,368 | |||||
Total assets | $ | 3,844,276 | $ | 4,691,348 | |||
LIABILITIES AND EQUITY (DEFICIT) | |||||||
Liabilities: | |||||||
Indebtedness, net | $ | 3,703,838 | $ | 4,106,518 | |||
Accounts payable and accrued expenses | 100,110 | 124,226 | |||||
Accrued interest payable | 91,274 | 10,115 | |||||
Dividends and distributions payable | 868 | 20,849 | |||||
Due to Ashford Inc., net | 4,885 | 6,570 | |||||
Due to third-party hotel managers | 344 | 2,509 | |||||
Intangible liabilities, net | 2,277 | 2,337 | |||||
Operating lease liabilities | 45,456 | 53,270 | |||||
Derivative liabilities, net | — | 42 | |||||
Other liabilities | 5,462 | 25,776 | |||||
Total liabilities | 3,954,514 | 4,352,212 | |||||
Redeemable noncontrolling interests in operating partnership | 20,666 | 69,870 | |||||
Equity (deficit): | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized : | |||||||
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 24 | 24 | |||||
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 48 | 48 | |||||
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 62 | 62 | |||||
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 38 | 38 | |||||
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 54 | 54 | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 14,628,248 and 10,210,360 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 146 | 102 | |||||
Additional paid-in capital | 1,842,470 | 1,826,472 | |||||
Accumulated deficit | (1,974,010 | ) | (1,558,038 | ) | |||
Total shareholders' equity (deficit) of the Company | (131,168 | ) | 268,762 | ||||
Noncontrolling interests in consolidated entities | 264 | 504 | |||||
Total equity (deficit) | (130,904 | ) | 269,266 | ||||
Total liabilities and equity/deficit | $ | 3,844,276 | $ | 4,691,348 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
REVENUE | |||||||||||||||
Rooms | $ | 79,599 | $ | 301,704 | $ | 332,845 | $ | 910,337 | |||||||
Food and beverage | 5,000 | 53,738 | 54,147 | 182,097 | |||||||||||
Other | 8,111 | 17,751 | 29,612 | 52,430 | |||||||||||
Total hotel revenue | 92,710 | 373,193 | 416,604 | 1,144,864 | |||||||||||
Other | 333 | 1,044 | 1,381 | 3,239 | |||||||||||
Total revenue | 93,043 | 374,237 | 417,985 | 1,148,103 | |||||||||||
EXPENSES | |||||||||||||||
Hotel operating expenses | |||||||||||||||
Rooms | 19,752 | 66,434 | 84,860 | 195,260 | |||||||||||
Food and beverage | 4,904 | 40,089 | 43,268 | 125,534 | |||||||||||
Other expenses | 53,424 | 118,993 | 203,279 | 357,129 | |||||||||||
Management fees | 5,070 | 13,393 | 20,008 | 41,165 | |||||||||||
Total hotel operating expenses | 83,150 | 238,909 | 351,415 | 719,088 | |||||||||||
Property taxes, insurance and other | 20,876 | 21,972 | 62,048 | 64,131 | |||||||||||
Depreciation and amortization | 62,909 | 67,906 | 194,275 | 202,595 | |||||||||||
Impairment charges | 29,926 | — | 85,144 | 6,533 | |||||||||||
Transaction costs | — | — | — | 2 | |||||||||||
Advisory services fee: | |||||||||||||||
Base advisory fee | 8,654 | 8,949 | 26,128 | 27,300 | |||||||||||
Reimbursable expenses | 1,557 | 2,367 | 4,955 | 7,763 | |||||||||||
Non-cash stock/unit-based compensation | 2,122 | 4,648 | 6,765 | 13,486 | |||||||||||
Incentive fee | — | — | — | — | |||||||||||
Corporate, general and administrative: | |||||||||||||||
Non-cash stock/unit-based compensation | 342 | 83 | 1,081 | 804 | |||||||||||
Other general and administrative | 7,662 | 2,327 | 15,123 | 7,124 | |||||||||||
Total operating expenses | 217,198 | 347,161 | 746,934 | 1,048,826 | |||||||||||
Gain (loss) on sale of assets and hotel properties | (40,370 | ) | 2,362 | (36,753 | ) | 2,923 | |||||||||
OPERATING INCOME (LOSS) | (164,525 | ) | 29,438 | (365,702 | ) | 102,200 | |||||||||
Equity in earnings (loss) of unconsolidated entities | (121 | ) | (278 | ) | (279 | ) | (2,208 | ) | |||||||
Interest income | 12 | 836 | 664 | 2,402 | |||||||||||
Other income (expense), net | (6,179 | ) | (328 | ) | (7,806 | ) | (982 | ) | |||||||
Interest expense, net of premium amortization | (28,611 | ) | (58,692 | ) | (163,658 | ) | (177,979 | ) | |||||||
Amortization of loan costs | (2,484 | ) | (7,664 | ) | (12,604 | ) | (22,530 | ) | |||||||
Write-off of premiums, loan costs and exit fees | (9,469 | ) | (426 | ) | (11,499 | ) | (2,578 | ) | |||||||
Gain (loss) on extinguishment of debt | 90,325 | — | 90,325 | — | |||||||||||
Unrealized gain (loss) on marketable securities | (758 | ) | 315 | (1,756 | ) | 1,721 | |||||||||
Unrealized gain (loss) on derivatives | 6,449 | (2,536 | ) | 11,063 | (4,054 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (115,361 | ) | (39,335 | ) | (461,252 | ) | (104,008 | ) | |||||||
Income tax benefit (expense) | (366 | ) | 249 | 1,519 | (3,052 | ) | |||||||||
NET INCOME (LOSS) | (115,727 | ) | (39,086 | ) | (459,733 | ) | (107,060 | ) | |||||||
(Income) loss attributable to noncontrolling interest in consolidated entities | 72 | (10 | ) | 240 | 2 | ||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 17,344 | 7,919 | 72,365 | 21,582 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (98,311 | ) | (31,177 | ) | (387,128 | ) | (85,476 | ) | |||||||
Preferred dividends | (10,644 | ) | (10,645 | ) | (31,932 | ) | (31,933 | ) | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (108,955 | ) | $ | (41,822 | ) | $ | (419,060 | ) | $ | (117,409 | ) | |||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||||||
Basic: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (9.26 | ) | $ | (4.21 | ) | $ | (39.03 | ) | $ | (11.87 | ) | |||
Weighted average common shares outstanding – basic | 11,767 | 9,997 | 10,721 | 9,979 | |||||||||||
Diluted: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (9.26 | ) | $ | (4.21 | ) | $ | (39.03 | ) | $ | (11.87 | ) | |||
Weighted average common shares outstanding – diluted | 11,767 | 9,997 | 10,721 | 9,979 | |||||||||||
Dividends declared per common share: | $ | — | $ | 0.60 | $ | — | $ | 2.40 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | (115,727 | ) | $ | (39,086 | ) | $ | (459,733 | ) | $ | (107,060 | ) | |||
Interest expense and amortization of premiums and loan costs, net | 31,095 | 66,356 | 176,262 | 200,509 | |||||||||||
Depreciation and amortization | 62,909 | 67,906 | 194,275 | 202,595 | |||||||||||
Income tax expense (benefit) | 366 | (249 | ) | (1,519 | ) | 3,052 | |||||||||
Equity in (earnings) loss of unconsolidated entities | 121 | 278 | 279 | 2,208 | |||||||||||
Company's portion of EBITDA of Ashford Inc. | — | 785 | — | 4,362 | |||||||||||
Company's portion of EBITDA of OpenKey | (121 | ) | (99 | ) | (277 | ) | (308 | ) | |||||||
EBITDA | (21,357 | ) | 95,891 | (90,713 | ) | 305,358 | |||||||||
Impairment charges on real estate | 29,926 | — | 85,144 | 6,533 | |||||||||||
(Gain) loss on sale of assets and hotel properties | 40,370 | (2,362 | ) | 36,753 | (2,923 | ) | |||||||||
EBITDAre | 48,939 | 93,529 | 31,184 | 308,968 | |||||||||||
Amortization of unfavorable contract liabilities | 57 | 82 | 165 | 160 | |||||||||||
(Gain) loss on insurance settlements | — | (7 | ) | (148 | ) | (43 | ) | ||||||||
Write-off of premiums, loan costs and exit fees | 9,469 | 426 | 11,499 | 2,578 | |||||||||||
(Gain) loss on extinguishment of debt | (90,325 | ) | — | (90,325 | ) | — | |||||||||
Other (income) expense, net | 6,179 | 398 | 7,838 | 1,173 | |||||||||||
Transaction and conversion costs | 5,795 | 375 | 8,330 | 1,061 | |||||||||||
Legal, advisory and settlement costs | 226 | 6 | 411 | 1,822 | |||||||||||
Unrealized (gain) loss on marketable securities | 758 | (315 | ) | 1,756 | (1,721 | ) | |||||||||
Unrealized (gain) loss on derivatives | (6,449 | ) | 2,536 | (11,063 | ) | 4,054 | |||||||||
Dead deal costs | 28 | — | 144 | 50 | |||||||||||
Non-cash stock/unit-based compensation | 2,593 | 4,905 | 8,340 | 14,863 | |||||||||||
Company's portion of adjustments to EBITDAre of Ashford Inc. | — | 1,148 | — | 2,679 | |||||||||||
Company's portion of adjustments to EBITDAre of OpenKey | 3 | 8 | 12 | 43 | |||||||||||
Adjusted EBITDAre | $ | (22,727 | ) | $ | 103,091 | $ | (31,857 | ) | $ | 335,687 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | (115,727 | ) | $ | (39,086 | ) | $ | (459,733 | ) | $ | (107,060 | ) | |||
(Income) loss attributable to noncontrolling interest in consolidated entities | 72 | (10 | ) | 240 | 2 | ||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 17,344 | 7,919 | 72,365 | 21,582 | |||||||||||
Preferred dividends | (10,644 | ) | (10,645 | ) | (31,932 | ) | (31,933 | ) | |||||||
Net income (loss) attributable to common stockholders | (108,955 | ) | (41,822 | ) | (419,060 | ) | (117,409 | ) | |||||||
Depreciation and amortization on real estate | 62,870 | 67,851 | 194,138 | 202,424 | |||||||||||
(Gain) loss on sale of assets and hotel properties | 40,370 | (2,362 | ) | 36,753 | (2,923 | ) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (17,344 | ) | (7,919 | ) | (72,365 | ) | (21,582 | ) | |||||||
Equity in (earnings) loss of unconsolidated entities | 121 | 278 | 279 | 2,208 | |||||||||||
Impairment charges on real estate | 29,926 | — | 85,144 | 6,533 | |||||||||||
Company's portion of FFO of Ashford Inc. | — | (2,188 | ) | — | (3,590 | ) | |||||||||
Company's portion of FFO of OpenKey | (122 | ) | (101 | ) | (280 | ) | (297 | ) | |||||||
FFO available to common stockholders and OP unitholders | 6,866 | 13,737 | (175,391 | ) | 65,364 | ||||||||||
Write-off of premiums, loan costs and exit fees | 9,469 | 426 | 11,499 | 2,578 | |||||||||||
(Gain) loss on extinguishment of debt | (90,325 | ) | — | (90,325 | ) | — | |||||||||
(Gain) loss on insurance settlements | — | (7 | ) | (148 | ) | (43 | ) | ||||||||
Other (income) expense, net | 6,179 | 398 | 7,838 | 1,173 | |||||||||||
Transaction and conversion costs | 5,795 | 375 | 8,330 | 1,061 | |||||||||||
Legal, advisory and settlement costs | 226 | 6 | 411 | 1,822 | |||||||||||
Unrealized (gain) loss on marketable securities | 758 | (315 | ) | 1,756 | (1,721 | ) | |||||||||
Unrealized (gain) loss on derivatives | (6,449 | ) | 2,536 | (11,063 | ) | 4,054 | |||||||||
Dead deal costs | 28 | — | 144 | 50 | |||||||||||
Non-cash stock/unit-based compensation | 2,593 | 4,905 | 8,340 | 14,863 | |||||||||||
Amortization of loan costs | 2,482 | 7,663 | 12,598 | 22,525 | |||||||||||
Company's portion of adjustments to FFO of Ashford Inc. | — | 3,122 | — | 7,762 | |||||||||||
Company's portion of adjustments to FFO of OpenKey | 3 | 9 | 12 | 46 | |||||||||||
Adjusted FFO available to common stockholders and OP unitholders | $ | (62,375 | ) | $ | 32,855 | $ | (225,999 | ) | $ | 119,534 | |||||
Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | (4.57 | ) | $ | 2.75 | $ | (17.92 | ) | $ | 10.05 | |||||
Weighted average diluted shares | 13,654 | 11,931 | 12,612 | 11,897 |
Indebtedness | Maturity | Interest Rate (1) | Fixed-Rate Debt | Floating-Rate Debt | Total Debt | |||||||||||
GACC Gateway - 1 hotel | November 2020 | 6.26% | $ | 90,063 | $ | — | $ | 90,063 | ||||||||
JPMorgan Chase La Posada - 1 hotel | November 2020 | LIBOR + 2.55% | — | 25,000 | (2) | 25,000 | ||||||||||
Morgan Stanley Pool - 17 hotels | November 2020 | LIBOR + 3.00% | — | 419,000 | (3) | 419,000 | ||||||||||
JPMorgan Chase - 8 hotels | February 2021 | LIBOR + 2.92% | — | 395,000 | (4) | 395,000 | ||||||||||
BAML Princeton/Nashville - 2 hotels | March 2021 | LIBOR + 2.75% | — | 240,000 | (5) | 240,000 | ||||||||||
BAML Highland Pool - 19 hotels | April 2021 | LIBOR + 3.20% | — | 913,093 | (6) | 913,093 | ||||||||||
KEYS Pool A - 7 hotels | June 2021 | LIBOR + 3.65% | — | 180,720 | (7) | 180,720 | ||||||||||
KEYS Pool B - 7 hotels | June 2021 | LIBOR + 3.39% | — | 174,400 | (7) | 174,400 | ||||||||||
KEYS Pool C - 5 hotels | June 2021 | LIBOR + 3.73% | — | 221,040 | (7) | 221,040 | ||||||||||
KEYS Pool D - 5 hotels | June 2021 | LIBOR + 4.02% | — | 262,640 | (7) | 262,640 | ||||||||||
KEYS Pool E - 5 hotels | June 2021 | LIBOR + 2.73% | — | 160,000 | (7) | 160,000 | ||||||||||
KEYS Pool F - 5 hotels | June 2021 | LIBOR + 3.68% | — | 215,120 | (7) | 215,120 | ||||||||||
Morgan Stanley Ann Arbor - 1 hotel | July 2022 | LIBOR + 3.95% | — | 34,200 | (8) | 34,200 | ||||||||||
Prudential Boston Back Bay - 1 hotel | November 2022 | LIBOR + 2.00% | — | 97,000 | 97,000 | |||||||||||
BAML Indigo Atlanta - 1 hotel | December 2022 | LIBOR + 2.25% | — | 16,100 | (9) | 16,100 | ||||||||||
Aareal Le Pavillon - 1 hotel | January 2023 | LIBOR + 3.40% | — | 37,000 | (10) | 37,000 | ||||||||||
Aareal Hilton Alexandria - 1 hotel | June 2023 | LIBOR + 2.45% | — | 73,450 | 73,450 | |||||||||||
GACC Manchester RI - 1 hotel | January 2024 | 5.49% | 6,727 | — | 6,727 | |||||||||||
GACC Jacksonville RI - 1 hotel | January 2024 | 5.49% | 9,818 | — | 9,818 | |||||||||||
Key Bank Manchester CY - 1 hotel | May 2024 | 4.99% | 6,260 | — | 6,260 | |||||||||||
Southside Bank Ashton - 1 hotel | June 2024 | LIBOR + 2.00% | — | 8,881 | 8,881 | |||||||||||
Morgan Stanley Pool C2 - 2 hotels | August 2024 | 4.85% | 11,792 | — | 11,792 | |||||||||||
Morgan Stanley Pool C3 - 3 hotels | August 2024 | 4.90% | 23,578 | — | 23,578 | |||||||||||
BAML Pool 5 - 2 hotels | February 2025 | 4.45% | 19,369 | — | 19,369 | |||||||||||
BAML Pool 3 - 3 hotels | February 2025 | 4.45% | 50,098 | — | 50,098 | |||||||||||
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | 4.66% | 24,794 | — | 24,794 | |||||||||||
Total | $ | 242,499 | $ | 3,472,644 | $ | 3,715,143 | ||||||||||
Percentage | 6.5 | % | 93.5 | % | 100.0 | % | ||||||||||
Weighted average interest rate (1) | 5.29 | % | 3.36 | % | 3.48 | % |
(1) | Interest rates do not include default or late payment rates in effect on some mortgage loans. |
(2) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.25%. |
(3) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019. |
(4) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020. |
(5) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. |
(6) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020. |
(7) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. |
(8) | This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25% |
(9) | This mortgage loan has a LIBOR floor of 0.25%. |
(10) | This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. |
ALL HOTELS: | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2020 | 2020 | 2020 | 2019 | 2019 | 2019 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 79,467 | $ | (3,251 | ) | $ | 76,216 | $ | 300,832 | $ | (27,909 | ) | $ | 272,923 | (73.58 | )% | (72.07 | )% | ||||||||||||
RevPAR | $ | 35.97 | $ | (25.39 | ) | $ | 36.63 | $ | 129.47 | $ | 115.04 | $ | 131.15 | (72.21 | )% | (72.07 | )% | |||||||||||||
Occupancy | 30.98 | % | (24.96 | )% | 31.35 | % | 78.40 | % | 76.29 | % | 78.64 | % | (60.48 | )% | (60.14 | )% | ||||||||||||||
ADR | $ | 116.13 | $ | (101.70 | ) | $ | 116.84 | $ | 165.15 | $ | 150.79 | $ | 166.77 | (29.68 | )% | (29.94 | )% |
ALL HOTELS: | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2020 | 2020 | 2020 | 2019 | 2019 | 2019 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 331,631 | $ | (22,572 | ) | $ | 309,059 | $ | 907,262 | $ | (84,040 | ) | $ | 823,222 | (63.45 | )% | (62.46 | )% | ||||||||||||
RevPAR | $ | 49.3 | $ | (42.7 | ) | $ | 49.87 | $ | 130.79 | $ | 110.3 | $ | 133.32 | (62.30 | )% | (62.60 | )% | |||||||||||||
Occupancy | 34.85 | % | (33.96 | )% | 34.93 | % | 77.41 | % | 72.93 | % | 77.88 | % | (54.98 | )% | (55.15 | )% | ||||||||||||||
ADR | $ | 141.47 | $ | (125.75 | ) | $ | 142.78 | $ | 168.97 | $ | 151.24 | $ | 171.19 | (16.27 | )% | (16.60 | )% | |||||||||||||
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
(3) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
ALL HOTELS: | Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2020 | 2019 | % Variance | 2020 | 2019 | % Variance | ||||||||||||||||
Total hotel revenue | $ | 92,519 | $ | 371,999 | (75.13 | )% | $ | 414,932 | $ | 1,140,722 | (63.63 | )% | |||||||||
Non-comparable adjustments | (3,646 | ) | (31,210 | ) | (25,499 | ) | (95,084 | ) | |||||||||||||
Comparable total hotel revenue | $ | 88,873 | $ | 340,789 | (73.92 | )% | $ | 389,433 | $ | 1,045,638 | (62.76 | )% | |||||||||
Hotel EBITDA | $ | (9,632 | ) | $ | 115,796 | (108.32 | )% | $ | 12,684 | $ | 373,032 | (96.60 | )% | ||||||||
Non-comparable adjustments | 615 | (9,427 | ) | 1,380 | (27,931 | ) | |||||||||||||||
Comparable hotel EBITDA | $ | (9,017 | ) | $ | 106,369 | (108.48 | )% | $ | 14,064 | $ | 345,101 | (95.92 | )% | ||||||||
Hotel EBITDA margin | (10.41 | )% | 31.13 | % | (41.54 | )% | 3.06 | % | 32.70 | % | (29.64 | )% | |||||||||
Comparable hotel EBITDA margin | (10.15 | )% | 31.21 | % | (41.36 | )% | 3.61 | % | 33.00 | % | (29.39 | )% | |||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 27 | $ | 98 | (72.45 | )% | $ | 42 | $ | 263 | (84.03 | )% | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | (9,659 | ) | $ | 115,698 | (108.35 | )% | $ | 12,642 | $ | 372,769 | (96.61 | )% | ||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | (9,044 | ) | $ | 106,271 | (108.51 | )% | $ | 14,022 | $ | 344,838 | (95.93 | )% |
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
(3) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(4) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
Three Months Ended September 30, 2020 | |||||||||||||||
Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||
Net income (loss) | $ | (58,135 | ) | $ | (530 | ) | $ | (57,062 | ) | $ | (115,727 | ) | |||
Non-property adjustments | (20,029 | ) | — | 20,029 | — | ||||||||||
Interest income | (6 | ) | — | 6 | — | ||||||||||
Interest expense | 4,840 | — | 23,771 | 28,611 | |||||||||||
Amortization of loan cost | 489 | — | 1,995 | 2,484 | |||||||||||
Depreciation and amortization | 62,708 | 153 | 48 | 62,909 | |||||||||||
Income tax expense (benefit) | — | — | 366 | 366 | |||||||||||
Non-hotel EBITDA ownership expense | 501 | 4 | (505 | ) | — | ||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | (9,632 | ) | (373 | ) | (11,352 | ) | (21,357 | ) | |||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (27 | ) | — | 27 | — | ||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | 121 | 121 | |||||||||||
Company's portion of EBITDA of OpenKey | — | — | (121 | ) | (121 | ) | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | (9,659 | ) | $ | (373 | ) | $ | (11,325 | ) | $ | (21,357 | ) | |||
Non-comparable adjustments | 615 | ||||||||||||||
Comparable hotel EBITDA | $ | (9,017 | ) |
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Three Months Ended September 30, 2019 | |||||||||||||||
Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||
Net income (loss) | $ | 42,625 | $ | (13 | ) | $ | (81,698 | ) | $ | (39,086 | ) | ||||
Non-property adjustments | (2,274 | ) | (70 | ) | 2,344 | — | |||||||||
Interest income | (103 | ) | — | 103 | — | ||||||||||
Interest expense | 5,004 | — | 53,688 | 58,692 | |||||||||||
Amortization of loan cost | 447 | — | 7,217 | 7,664 | |||||||||||
Depreciation and amortization | 67,681 | 176 | 49 | 67,906 | |||||||||||
Income tax expense (benefit) | 44 | — | (293 | ) | (249 | ) | |||||||||
Non-hotel EBITDA ownership expense | 2,372 | 9 | (2,381 | ) | — | ||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 115,796 | 102 | (20,971 | ) | 94,927 | ||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (98 | ) | — | 98 | — | ||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | 278 | 278 | |||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | 785 | 785 | |||||||||||
Company's portion of EBITDA of OpenKey | — | — | (99 | ) | (99 | ) | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 115,698 | $ | 102 | $ | (19,909 | ) | $ | 95,891 | ||||||
Non-comparable adjustments | (9,427 | ) | |||||||||||||
Comparable hotel EBITDA | $ | 106,369 |
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Nine Months Ended September 30, 2020 | |||||||||||||||
Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||
Net income (loss) | $ | (238,299 | ) | $ | (1,088 | ) | $ | (220,346 | ) | $ | (459,733 | ) | |||
Non-property adjustments | 31,424 | — | (31,424 | ) | — | ||||||||||
Interest income | (57 | ) | — | 57 | — | ||||||||||
Interest expense | 17,808 | — | 145,850 | 163,658 | |||||||||||
Amortization of loan cost | 1,590 | — | 11,014 | 12,604 | |||||||||||
Depreciation and amortization | 193,658 | 471 | 146 | 194,275 | |||||||||||
Income tax expense (benefit) | — | — | (1,519 | ) | (1,519 | ) | |||||||||
Non-hotel EBITDA ownership expense | 6,560 | 23 | (6,583 | ) | — | ||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 12,684 | (594 | ) | (102,805 | ) | (90,715 | ) | ||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (42 | ) | — | 42 | — | ||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | 279 | 279 | |||||||||||
Company's portion of EBITDA of OpenKey | — | — | (277 | ) | (277 | ) | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 12,642 | $ | (594 | ) | $ | (102,761 | ) | $ | (90,713 | ) | ||||
Non-comparable adjustments | 1,380 | ||||||||||||||
Comparable hotel EBITDA | $ | 14,064 |
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Nine Months Ended September 30, 2019 | |||||||||||||||
Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||
Net income (loss) | $ | 143,862 | $ | 306 | $ | (251,228 | ) | $ | (107,060 | ) | |||||
Non-property adjustments | 3,663 | (70 | ) | (3,593 | ) | — | |||||||||
Interest income | (255 | ) | — | 255 | — | ||||||||||
Interest expense | 14,592 | — | 163,387 | 177,979 | |||||||||||
Amortization of loan cost | 1,311 | — | 21,219 | 22,530 | |||||||||||
Depreciation and amortization | 201,972 | 477 | 146 | 202,595 | |||||||||||
Income tax expense (benefit) | 150 | — | 2,902 | 3,052 | |||||||||||
Non-hotel EBITDA ownership expense | 7,737 | 26 | (7,763 | ) | — | ||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 373,032 | 739 | (74,675 | ) | 299,096 | ||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (263 | ) | — | 263 | — | ||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | 2,208 | 2,208 | |||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | 4,362 | 4,362 | |||||||||||
Company's portion of EBITDA of OpenKey | — | — | (308 | ) | (308 | ) | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 372,769 | $ | 739 | $ | (68,150 | ) | $ | 305,358 | ||||||
Non-comparable adjustments | (27,931 | ) | |||||||||||||
Comparable hotel EBITDA | $ | 345,101 |
(1) | The above comparable information assumes the 103 hotel properties owned and included in the Company’s operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties disposed of during the period. |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
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