Document

EX-99.1 2 aht2021q2earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

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 SECOND QUARTER 2021 RESULTS

Second Quarter Net Loss Attributable to Common Stockholders was $69.5 Million

Second Quarter Comparable Hotel EBITDA was $45.6 Million

Second Quarter Adjusted EBITDAre was $31.4 Million

Second Quarter AFFO Per Diluted Share was $0.04

DALLAS – July 28, 2021 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2021. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021 with the second quarter ended June 30, 2020 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

•Comparable RevPAR for all hotels increased 372% to $78.13 during the quarter on a 21.8% increase in ADR and a 287.5% increase in occupancy.

•Net loss attributable to common stockholders was $(69.5) million or $(4.35) per diluted share for the quarter.

•Adjusted EBITDAre was $31.4 million for the quarter.

•Adjusted funds from operations (AFFO) was $0.04 per diluted share for the quarter.

•The Company ended the quarter with cash and cash equivalents of $520.4 million and restricted cash of $70.1 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $15.9 million in due from third-party hotel managers, which is primarily 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 announced that it signed a modification agreement improving the loan extension terms on its $240 million Renaissance Nashville/Westin Princeton Pool representing 2 hotels.

•Capex invested during the quarter was $4.5 million.

AHT Reports Second Quarter Results

Page 2

July 28, 2021

ASHFORD TRUST JOINS RUSSELL 2000®, RUSSELL 3000® AND RUSSELL MICROCAP® INDEXES

Ashford Trust was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index, as part of the Russell Indexes annual reconstitution. The additions were effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

CAPITAL STRUCTURE

At June 30, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%. At the end of the quarter, approximately 98% of the Company’s hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes. The Company expects many of these hotels to remain in cash traps for the foreseeable future.

The Company has been actively exchanging its preferred stock for common stock. To date, the Company has exchanged 15.2 million shares of its preferred stock, approximately 67% of its preferred shares prior to initiating the exchanges and representing approximately $379 million of liquidation value, into 10.2 million shares of common stock.

The Company has also been opportunistically raising equity capital to delever its balance sheet and improve its liquidity. During the second quarter, and subsequent to the end of the quarter, the Company issued approximately 12.5 million common shares raising approximately $431.6 million in gross proceeds. This brings the total gross proceeds for the year to $477.5 million from the sale of its common stock.

Subsequent to quarter end, the Company announced that its Board of Directors unanimously approved a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on July 16, 2021, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on July 19, 2021, on the split-adjusted basis.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors previously announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the second quarter ending June 30, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company also did not pay a dividend on its preferred stock for the second quarter ending June 30, 2021.

PORTFOLIO REVPAR

As of June 30, 2021, the portfolio consisted of 100 hotels.

•Comparable RevPAR increased 372% to $78.13 for all hotels on a 21.8% increase in ADR and a 287.5% increase in occupancy.

“I’m pleased to report that our portfolio generated positive Hotel EBITDA in the second quarter driven by pent-up leisure demand,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer.

AHT Reports Second Quarter Results

Page 3

July 28, 2021

“We remain committed to maximizing value for shareholders and, in addition to our strong hotel performance this quarter, we continue to take decisive actions to enhance our liquidity and deleverage our balance sheet. We’ve enhanced our operational and financial flexibility by securing forbearance agreements on $3.6 billion of loans and exchanging approximately $379 million of our preferred equity for common equity. Additionally, earlier this year we announced a long-term capital agreement for up to $450 million and, year-to-date we have raised approximately $478 million from the sale of our common stock. We have substantial access to capital, ample liquidity for multiple years and believe our attractive hotel portfolio is well-positioned to capitalize on the industry recovery we are already seeing. Further, we’ve materially reduced our monthly cash utilization, handed back uneconomic assets to lenders, significantly delevered our balance sheet, and have no significant debt maturities until 2024-2025, assuming extensions are exercised.”

Hays added, “We were also pleased to become a member of the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index. We’re committed to making owning Ashford Trust’s common stock as shareholder friendly as possible and believe our inclusion in the Russell indexes will provide increased visibility within the investment community and improve the liquidity of our stock. The lodging industry is showing clear signs of improvement and, looking ahead, our geographically diverse portfolio is well-positioned with high exposure to transient leisure customers, and we believe our improved liquidity profile and ongoing deleveraging initiatives position us to capitalize on this recovery.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, July 29, 2021, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, August 5, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13720454.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Thursday, July 29, 2021, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

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

Follow CEO Rob Hays on Twitter at https://twitter.com/aht_rob or @aht_rob.

AHT Reports Second Quarter Results

Page 4

July 28, 2021

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to regain S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. 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, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	June 30, 2021		December 31, 2020
ASSETS
Investments in hotel properties, net	$	3,303,131	$	3,426,982
Cash and cash equivalents	520,387		92,905
Restricted cash	70,090		74,408

Accounts receivable, net of allowance of $465 and $441, respectively	37,242		21,760
Inventories	2,631		2,447
Notes receivable, net	8,555		8,263


Investment in OpenKey	2,533		2,811
Deferred costs, net	6,223		1,851
Prepaid expenses	15,752		18,401
Derivative assets, net	128		263
Operating lease right-of-use assets	44,640		45,008
Other assets	22,587		23,303
Intangible assets, net	797		797


Due from related parties, net	7,407		5,801
Due from third-party hotel managers	15,917		9,383

Total assets	$	4,058,020	$	3,734,383

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,923,006	$	3,728,911
Accounts payable and accrued expenses	110,761		99,954
Accrued interest payable	19,328		98,685
Dividends and distributions payable	236		868

Due to Ashford Inc., net	4,844		13,383

Due to related parties, net	800		—
Due to third-party hotel managers	889		184
Intangible liabilities, net	2,217		2,257
Operating lease liabilities	45,065		45,309

Other liabilities	5,085		5,336

Total liabilities	4,112,231		3,994,887

Redeemable noncontrolling interests in operating partnership	28,906		22,951
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,316,231 and 1,791,461 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	13		18
Series F Cumulative Preferred Stock, 1,470,944 and 2,891,440 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	15		29
Series G Cumulative Preferred Stock, 1,909,670 and 4,422,623 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	19		44
Series H Cumulative Preferred Stock, 1,457,815 and 2,668,637 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	14		27
Series I Cumulative Preferred Stock, 1,392,123 and 3,391,349 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	14		34
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,320,857 and 6,436,250 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	223		64
Additional paid-in capital	2,181,467		1,809,455
Accumulated deficit	(2,264,954)		(2,093,292)
Total shareholders' equity (deficit) of the Company	(83,189)		(283,621)
Noncontrolling interests in consolidated entities	72		166
Total equity (deficit)	(83,117)		(283,455)
Total liabilities and equity/deficit	$	4,058,020	$	3,734,383

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
REVENUE
Rooms	$	160,031	$	37,439	$	257,145	$	253,246
Food and beverage	19,840		1,197		27,743		49,147
Other	12,986		4,153		23,414		21,501
Total hotel revenue	192,857		42,789		308,302		323,894
Other	555		276		940		1,048
Total revenue	193,412		43,065		309,242		324,942
EXPENSES
Hotel operating expenses
Rooms	37,336		12,642		61,060		65,108
Food and beverage	13,583		3,463		20,110		38,364
Other expenses	76,072		46,061		131,841		149,855
Management fees	7,441		4,389		12,968		14,938
Total hotel operating expenses	134,432		66,555		225,979		268,265
Property taxes, insurance and other	17,128		20,700		34,599		41,172
Depreciation and amortization	55,595		65,016		113,222		131,366

Impairment charges	—		27,605		—		55,218

Advisory services fee:
Base advisory fee	9,006		8,557		17,741		17,474
Reimbursable expenses	1,621		1,567		3,212		3,398
Non-cash stock/unit-based compensation	2,455		92		4,290		4,643
Incentive fee	6,472		—		6,472		—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	610		597		636		739
Other general and administrative	2,092		4,111		9,063		7,461
Total operating expenses	229,411		194,800		415,214		529,736
Gain (loss) on disposition of assets and hotel properties	361		(6)		292		3,617
OPERATING INCOME (LOSS)	(35,638)		(151,741)		(105,680)		(201,177)
Equity in earnings (loss) of unconsolidated entities	(141)		(79)		(278)		(158)
Interest income	—		41		13		652
Other income (expense), net	245		(3,149)		474		(1,627)
Interest expense, net of discount amortization	(32,866)		(84,544)		(61,236)		(135,047)
Amortization of loan costs	(2,870)		(3,538)		(7,764)		(10,120)
Write-off of premiums, loan costs and exit fees	(787)		(1,935)		(4,166)		(2,030)
Gain (loss) on extinguishment of debt	10,604		—		10,604		—
Unrealized gain (loss) on marketable securities	—		479		—		(998)
Unrealized gain (loss) on derivatives	(3,236)		192		(2,317)		4,614
INCOME (LOSS) BEFORE INCOME TAXES	(64,689)		(244,274)		(170,350)		(345,891)
Income tax benefit (expense)	(572)		2,188		(301)		1,885
NET INCOME (LOSS)	(65,261)		(242,086)		(170,651)		(344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities	13		120		94		168
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	956		37,350		3,227		55,021
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(64,292)		(204,616)		(167,330)		(288,817)
Preferred dividends	2,709		(10,644)		3,527		(21,288)
Gain (loss) on extinguishment of preferred stock	(7,887)		—		2,748		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(69,470)	$	(215,260)	$	(161,055)	$	(310,105)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(4.35)	$	(208.53)	$	(13.21)	$	(304.58)
Weighted average common shares outstanding – basic	15,957		1,031		12,178		1,016
Diluted:
Net income (loss) attributable to common stockholders	$	(4.35)	$	(208.53)	$	(13.21)	$	(304.58)
Weighted average common shares outstanding – diluted	15,957		1,031		12,178		1,016
Dividends declared per common share:	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	(65,261)	$	(242,086)	$	(170,651)	$	(344,006)
Interest expense and amortization of discounts and loan costs, net	35,736		88,082		69,000		145,167
Depreciation and amortization	55,595		65,016		113,222		131,366
Income tax expense (benefit)	572		(2,188)		301		(1,885)
Equity in (earnings) loss of unconsolidated entities	141		79		278		158

Company's portion of EBITDA of OpenKey	(140)		(78)		(275)		(156)
EBITDA	26,643		(91,175)		11,875		(69,356)
Impairment charges on real estate	—		27,605		—		55,218
(Gain) loss on disposition of assets and hotel properties	(361)		6		(292)		(3,617)


EBITDAre	26,282		(63,564)		11,583		(17,755)
Amortization of unfavorable contract liabilities	53		59		106		108

(Gain) loss on insurance settlements	—		(148)		—		(148)
Write-off of premiums, loan costs and exit fees	787		1,935		4,166		2,030
(Gain) loss on extinguishment of debt	(10,604)		—		(10,604)		—
Other (income) expense, net	(245)		3,150		(474)		1,659
Transaction and conversion costs	413		1,794		1,922		2,535
Legal, advisory and settlement costs	1,849		40		4,496		185
Unrealized (gain) loss on marketable securities	—		(479)		—		998
Unrealized (gain) loss on derivatives	3,236		(192)		2,317		(4,614)
Dead deal costs	—		16		689		117
Uninsured remediation costs	—		—		374		—
Non-cash stock/unit-based compensation	3,105		841		5,049		5,747
Advisory services incentive fee	6,472		—		6,472		—

Company's portion of adjustments to EBITDAre of OpenKey	2		3		12		9
Adjusted EBITDAre	$	31,350	$	(56,545)	$	26,108	$	(9,129)

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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	(65,261)	$	(242,086)	$	(170,651)	$	(344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities	13		120		94		168
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	956		37,350		3,227		55,021
Preferred dividends	2,709		(10,644)		3,527		(21,288)
Gain (loss) on extinguishment of preferred stock	(7,887)		—		2,748		—
Net income (loss) attributable to common stockholders	(69,470)		(215,260)		(161,055)		(310,105)
Depreciation and amortization on real estate	55,559		64,970		113,149		131,268
(Gain) loss on disposition of assets and hotel properties	(361)		6		(292)		(3,617)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(956)		(37,350)		(3,227)		(55,021)
Equity in (earnings) loss of unconsolidated entities	141		79		278		158
Impairment charges on real estate	—		27,605		—		55,218

Company's portion of FFO of OpenKey	(140)		(79)		(276)		(158)
FFO available to common stockholders and OP unitholders	(15,227)		(160,029)		(51,423)		(182,257)
(Gain) loss on extinguishment of preferred stock	7,887		—		(2,748)		—
Write-off of premiums, loan costs and exit fees	787		1,935		4,166		2,030
(Gain) loss on extinguishment of debt	(10,604)		—		(10,604)		—
(Gain) loss on insurance settlements	—		(148)		—		(148)


Other (income) expense, net	(245)		3,150		(474)		1,659
Transaction and conversion costs	413		1,794		2,296		2,535
Legal, advisory and settlement costs	1,849		40		4,496		185
Unrealized (gain) loss on marketable securities	—		(479)		—		998
Unrealized (gain) loss on derivatives	3,236		(192)		2,317		(4,614)
Dead deal costs	—		16		689		117
Uninsured remediation costs	—		—		374		—
Non-cash stock/unit-based compensation	3,105		841		5,049		5,747
Amortization of term loan exit fee	211		—		2,660		—
Amortization of loan costs	2,866		3,536		7,757		10,116
Advisory services incentive fee	6,472		—		6,472		—


Company's portion of adjustments to FFO of OpenKey	2		3		12		9
Adjusted FFO available to common stockholders and OP unitholders	$	752	$	(149,533)	$	(28,961)	$	(163,623)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.04	$	(123.22)	$	(2.06)	$	(135.74)
Weighted average diluted shares	18,059		1,214		14,057		1,205

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2021

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (12)	Interest Rate (1)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel EBITDA (13)		Comparable TTM EBITDA Debt Yield
Morgan Stanley Pool - 17 hotels	November 2021	November 2024	LIBOR + 3.00%	$	—		$	419,000		$	419,000		(2)	$	6,023	1.4	%
GACC Gateway - 1 hotel	November 2021	November 2021	6.26%	81,262			—			81,262				(1,810)		(2.2)	%
JPMorgan Chase La Posada - 1 hotel	November 2021	November 2023	LIBOR + 2.55%	—			25,000			25,000			(3)	921		3.7	%
JPMorgan Chase - 8 hotels	February 2022	February 2025	LIBOR + 3.07%	—			395,000			395,000			(4)	1,467		0.4	%
BAML Princeton/Nashville - 2 hotels	March 2022	March 2026	LIBOR + 2.75%	—			240,000			240,000			(5)	(830)		(0.3)	%
BAML Highland Pool - 19 hotels	April 2022	April 2025	LIBOR + 3.20%	—			914,281			914,281			(6)	3,947		0.4	%
KEYS Pool A - 7 hotels	June 2022	June 2025	LIBOR + 3.65%	—			180,720			180,720			(7)	5,467		3.0	%
KEYS Pool B - 7 hotels	June 2022	June 2025	LIBOR + 3.39%	—			174,400			174,400			(7)	166		0.1	%
KEYS Pool C - 5 hotels	June 2022	June 2025	LIBOR + 3.73%	—			221,040			221,040			(7)	(105)		—	%
KEYS Pool D - 5 hotels	June 2022	June 2025	LIBOR + 4.02%	—			262,640			262,640			(7)	10,272		3.9	%
KEYS Pool E - 5 hotels	June 2022	June 2025	LIBOR + 2.73%	—			160,000			160,000			(7)	6,352		4.0	%
KEYS Pool F - 5 hotels	June 2022	June 2025	LIBOR + 3.68%	—			215,120			215,120			(7)	(888)		(0.4)	%
Morgan Stanley Ann Arbor - 1 hotel	July 2022	July 2023	LIBOR + 3.95%	—			33,200			33,200			(8)	(1,074)		(3.2)	%
Prudential Boston Back Bay - 1 hotel	November 2022	November 2022	LIBOR + 2.00%	—			97,629			97,629				(3,702)		(3.8)	%
BAML Indigo Atlanta - 1 hotel	December 2022	December 2024	LIBOR + 2.25%	—			16,100			16,100			(9)	392		2.4	%
Aareal Le Pavillon - 1 hotel	January 2023	January 2025	LIBOR + 3.40%	—			37,000			37,000			(10)	(963)		(2.6)	%
Aareal Hilton Alexandria - 1 hotel	June 2023	June 2023	LIBOR + 2.45%	—			73,450			73,450				(612)		(0.8)	%
GACC Manchester RI - 1 hotel	January 2024	January 2024	5.49%	6,587			—			6,587				492		7.5	%
GACC Jacksonville RI - 1 hotel	January 2024	January 2024	5.49%	9,615			—			9,615				1,192		12.4	%
Oaktree Capital Term Loan	January 2024	Janaury 2026	16.00%	214,907			—			214,907			(11)	N/A		N/A
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	6,260			—			6,260				50		0.8	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	LIBOR + 2.00%	—			8,881			8,881				35		0.4	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	11,668			—			11,668				702		6.0	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	August 2024	4.90%	23,332			—			23,332				1,370		5.9	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	50,098			—			50,098				2,368		4.7	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	24,151			—			24,151				2,974		12.3	%







Total				$	427,880		$	3,473,461		$	3,901,341			$	34,206	0.9	%
Percentage				11.0		%	89.0		%	100.0		%
Weighted average interest rate (1)				10.69		%	3.33		%	4.13		%

All indebtedness is non-recourse with the exception of the term loan.

(1) Interest rates do not include default or late payment rates in effect on some mortgage loans.

(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.

(3) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2020.This mortgage loan has a LIBOR floor of 1.25%.

(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.

(5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021.

(6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021.

(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021.

(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 two one-year extension options, subject to satisfaction of certain conditions. 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.

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

(12) The final maturity date assumes all available extension options will be exercised.

(13) 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

June 30, 2021

(dollars in thousands)

(unaudited)


	2021		2022		2023		2024		2025		Thereafter		Total
GACC Gateway - 1 hotel	$	78,430	$	—	$	—	$	—	$	—	$	—	$	78,430
Prudential Boston Back Bay - 1 hotel	—		97,000		—		—		—		—		97,000
Aareal Hilton Alexandria - 1 hotel	—		—		73,450		—		—		—		73,450
Morgan Stanley Ann Arbor - 1 hotel	—		—		33,200		—		—		—		33,200
JPMorgan Chase La Posada - 1 hotel	—		—		25,000		—		—		—		25,000
GACC Jacksonville RI - 1 hotel	—		—		—		9,036		—		—		9,036
GACC Manchester RI - 1 hotel	—		—		—		6,191		—		—		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		5,767		—		—		5,767
Southside Bank Ashton - 1 hotel	—		—		—		8,881		—		—		8,881
Morgan Stanley Pool C2 - 2 hotels	—		—		—		10,755		—		—		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		—		21,522		—		—		21,522
Morgan Stanley Pool - 17 hotels	—		—		—		419,000		—		—		419,000
BAML Indigo Atlanta - 1 hotel	—		—		—		15,781		—		—		15,781
Aareal Le Pavillon - 1 hotel	—		—		—		—		36,200		—		36,200
JPMorgan Chase - 8 hotels	—		—		—		—		395,000		—		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		45,298		—		45,298
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		—		—		22,030		—		22,030
BAML Highland Pool - 19 hotels	—		—		—		—		907,030		—		907,030
KEYS Pool A - 7 hotels	—		—		—		—		180,720		—		180,720
KEYS Pool B - 7 hotels	—		—		—		—		174,400		—		174,400
KEYS Pool C - 5 hotels	—		—		—		—		221,040		—		221,040
KEYS Pool D - 5 hotels	—		—		—		—		262,640		—		262,640
KEYS Pool E - 5 hotels	—		—		—		—		160,000		—		160,000
KEYS Pool F - 5 hotels	—		—		—		—		215,120		—		215,120
Oaktree Capital Term Loan	—		—		—		—		—		214,907		214,907
BAML Princeton/Nashville - 2 hotels	—		—		—		—		—		240,000		240,000






Principal due in future periods	78,430		97,000		131,650		496,933		2,619,478		454,907		3,878,398
Scheduled amortization payments remaining	13,252		2,933		3,237		3,220		301		—		22,943
Total indebtedness	$	91,682	$	99,933	$	134,887	$	500,153	$	2,619,779	$	454,907	$	3,901,341

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
	Rooms revenue (in thousands)	$	158,954		$	(310)		$	158,644		$	37,388		$	(3,802)		$	33,586		325.15	%	372.35	%
	RevPAR	$	78.01		$	(43.30)		$	78.13		$	16.60		$	17.10		$	16.55		369.85	%	372.15	%
	Occupancy	56.91		%	(58.29)		%	56.90		%	14.91		%	16.99		%	14.68		%	281.69	%	287.51	%
	ADR	$	137.08		$	(74.29)		$	137.31		$	111.34		$	100.66		$	112.69		23.12	%	21.84	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
	Rooms revenue (in thousands)	$	255,439		$	(1,089)		$	254,350		$	252,164		$	(21,272)		$	230,892		1.30	%	10.16	%
	RevPAR	$	62.77		$	(34.74)		$	62.98		$	55.82		$	46.44		$	56.88		12.44	%	10.73	%
	Occupancy	49.55		%	(51.81)		%	49.53		%	36.74		%	35.85		%	36.85		%	34.87	%	34.43	%
	ADR	$	126.67		$	(67.05)		$	127.16		$	151.92		$	129.54		$	154.38		(16.62)	%	(17.63)	%

NOTES:

(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2021			2020			% Variance		2021			2020			% Variance
Total hotel revenue	$	191,472		$	42,709		348.32	%	$	306,093		$	322,412		(5.06)	%
Non-comparable adjustments	(345)			(4,143)					(1,160)			(23,924)
Comparable total hotel revenue	$	191,127		$	38,566		395.58	%	$	304,933		$	298,488		2.16	%

Hotel EBITDA	$	45,649		$	(43,473)		205.01	%	$	51,468		$	22,317		130.62	%
Non-comparable adjustments	(22)			4,128					249			1,596
Comparable hotel EBITDA	$	45,627		$	(39,345)		215.97	%	$	51,717		$	23,913		116.27	%
Hotel EBITDA margin	23.84		%	(101.79)		%	125.63	%	16.81		%	6.92		%	9.89	%
Comparable hotel EBITDA margin	23.87		%	(102.02)		%	125.89	%	16.96		%	8.01		%	8.95	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	58		$	(22)		363.64	%	$	57		$	15		280.00	%
Hotel EBITDA attributable to the Company and OP unitholders	$	45,591		$	(43,451)		204.93	%	$	51,411		$	22,302		130.52	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	45,569		$	(39,323)		215.88	%	$	51,660		$	23,898		116.17	%

NOTES:

(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 REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2021			2021		2021			2021			2021		2021			2020			2020		2020			2020			2020		2020
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	191,472		$	(345)	$	191,127		$	114,621		$	(815)	$	113,806		$	89,432		$	(678)	$	88,754		$	92,519		$	(4,306)	$	88,213
Hotel EBITDA	$	45,649		$	(22)	$	45,627		$	5,819		$	271	$	6,090		$	(9,260)		$	314	$	(8,946)		$	(9,632)		$	1,067	$	(8,565)
Hotel EBITDA margin	23.84		%			23.87		%	5.08		%			5.35		%	(10.35)		%			(10.08)		%	(10.41)		%			(9.71)		%

EBITDA % of total TTM	140.1		%			133.4		%	17.9		%			17.8		%	(28.4)		%			(26.2)		%	(29.6)		%			(25.0)		%

JV interests in EBITDA	$	58		$	—	$	58		$	(1)		$	—	$	(1)		$	(3)		$	—	$	(3)		$	27		$	—	$	27

	Actual			Non-comparable Adjustments		Comparable
	2021			2021		2021
	TTM			TTM		TTM
Total hotel revenue	$	488,044		$	(6,144)	$	481,900
Hotel EBITDA	$	32,576		$	1,630	$	34,206
Hotel EBITDA margin	6.67		%			7.10		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	81		$	—	$	81

NOTES:

(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 June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2021		2021		2021		2020		2020		2020		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	82.94	$	—	$	82.94	$	8.43	$	—	$	8.43	883.9	%	883.9	%
Boston, MA Area	2	705	67.00		—		67.00		9.69		(5.78)		10.86		591.4	%	516.9	%
Dallas / Ft. Worth, TX Area	7	1,526	68.44		—		68.44		11.81		—		11.81		479.5	%	479.5	%
Houston, TX Area	3	692	83.34		—		83.34		18.51		—		18.51		350.2	%	350.2	%
Los Angeles, CA Metro Area	6	1,619	86.00		—		86.00		22.92		—		22.92		275.2	%	275.2	%
Miami, FL Metro Area	2	414	140.58		—		140.58		8.68		(11.45)		7.51		1,519.6	%	1,771.9	%
Minneapolis - St. Paul, MN-WI Area	2	520	39.51		—		39.51		4.83		(0.49)		7.25		718.0	%	445.0	%
Nashville, TN Area	1	673	112.23		—		112.23		2.81		—		2.81		3,894.0	%	3,894.0	%
New York / New Jersey Metro Area	6	1,743	46.29		—		46.29		15.86		(48.36)		10.08		191.9	%	359.2	%
Orlando, FL Area	2	524	93.56		—		93.56		9.54		(8.05)		10.14		880.7	%	822.7	%
Philadelphia, PA Area	3	648	68.07		—		68.07		16.34		—		16.34		316.6	%	316.6	%
San Diego, CA Area	2	410	78.15		—		78.15		17.35		—		17.35		350.4	%	350.4	%
San Francisco - Oakland, CA Metro Area	7	1,547	71.04		—		71.04		24.62		—		24.62		188.5	%	188.5	%
Tampa, FL Area	2	571	110.53		—		110.53		15.50		—		15.50		613.1	%	613.1	%
Washington D.C. - MD - VA Area	9	2,426	47.13		—		47.13		7.48		—		7.48		530.1	%	530.1	%
Other Areas	37	6,869	91.02		(43.30)		91.57		23.27		(17.40)		24.33		291.1	%	276.4	%
Total Portfolio	100	22,313	$	78.01	$	(43.30)	$	78.13	$	16.60	$	17.10	$	16.55	369.9	%	372.1	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2021		2021		2021				2020		2020		2020				% Variance		% Variance
Atlanta, GA Area	9	1,426	$	2,841	$	—	$	2,841	6.2	%	$	(3,595)	$	—	$	(3,595)	9.1	%	179.0	%	179.0	%
Boston, MA Area	2	705	(388)		—		(388)		(0.9)	%	(2,888)		387		(2,501)		6.4	%	86.6	%	84.5	%
Dallas / Ft. Worth, TX Area	7	1,526	3,266		—		3,266		7.2	%	(2,564)		—		(2,564)		6.5	%	227.4	%	227.4	%
Houston, TX Area	3	692	1,717		—		1,717		3.8	%	(1,411)		—		(1,411)		3.6	%	221.7	%	221.7	%
Los Angeles, CA Metro Area	6	1,619	4,107		—		4,107		9.0	%	(1,379)		—		(1,379)		3.5	%	397.8	%	397.8	%
Miami, FL Metro Area	2	414	1,860		—		1,860		4.1	%	(1,870)		244		(1,626)		4.1	%	199.5	%	214.4	%
Minneapolis - St. Paul, MN-WI Area	2	520	(93)		—		(93)		(0.2)	%	(2,902)		1,701		(1,201)		3.1	%	96.8	%	92.3	%
Nashville, TN Area	1	673	3,177		—		3,177		7.0	%	(2,535)		—		(2,535)		6.4	%	225.3	%	225.3	%
New York / New Jersey Metro Area	6	1,743	600		(3)		597		1.3	%	(4,090)		248		(3,842)		9.8	%	114.7	%	115.5	%
Orlando, FL Area	2	524	1,350		(1)		1,349		3.0	%	(982)		331		(651)		1.7	%	237.5	%	307.2	%
Philadelphia, PA Area	3	648	1,042		—		1,042		2.3	%	(703)		—		(703)		1.8	%	248.2	%	248.2	%
San Diego, CA Area	2	410	1,064		—		1,064		2.3	%	(542)		—		(542)		1.4	%	296.3	%	296.3	%
San Francisco - Oakland, CA Metro Area	7	1,547	1,737		—		1,737		3.8	%	(1,906)		—		(1,906)		4.8	%	191.1	%	191.1	%
Tampa, FL Area	2	571	1,965		—		1,965		4.3	%	(1,312)		—		(1,312)		3.3	%	249.8	%	249.8	%
Washington D.C. - MD - VA Area	9	2,426	644		—		644		1.4	%	(6,416)		—		(6,416)		16.3	%	110.0	%	110.0	%
Other Areas	37	6,869	20,760		(18)		20,742		45.4	%	(8,378)		1,217		(7,161)		18.2	%	347.8	%	389.7	%
Total Portfolio	100	22,313	$	45,649	$	(22)	$	45,627	100.0	%	$	(43,473)	$	4,128	$	(39,345)	100.0	%	205.0	%	216.0	%

NOTES:

(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)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2021		2021		2021		2020		2020		2020		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	71.92	$	—	$	71.92	$	58.38	$	—	$	58.38	23.2	%	23.2	%
Boston, MA Area	2	705	46.53		—		46.53		45.61		(29.20)		50.50		2.0	%	(7.9)	%
Dallas / Ft. Worth, TX Area	7	1,526	56.76		—		56.76		53.42		—		53.42		6.3	%	6.3	%
Houston, TX Area	3	692	67.41		—		67.41		49.79		—		49.79		35.4	%	35.4	%
Los Angeles, CA Metro Area	6	1,619	72.49		—		72.49		66.48		—		66.48		9.0	%	9.0	%
Miami, FL Metro Area	2	414	116.91		—		116.91		80.42		(62.83)		87.81		45.4	%	33.1	%
Minneapolis - St. Paul, MN-WI Area	2	520	27.87		(6.17)		28.13		33.46		(41.48)		29.00		(16.7)	%	(3.0)	%
Nashville, TN Area	1	673	73.37		—		73.37		79.28		—		79.28		(7.5)	%	(7.5)	%
New York / New Jersey Metro Area	6	1,743	31.38		—		31.38		46.33		(74.34)		41.35		(32.3)	%	(24.1)	%
Orlando, FL Area	2	524	75.14		—		75.14		56.52		(50.61)		58.88		32.9	%	27.6	%
Philadelphia, PA Area	3	648	52.35		—		52.35		39.43		—		39.43		32.8	%	32.8	%
San Diego, CA Area	2	410	63.46		—		63.46		53.49		—		53.49		18.6	%	18.6	%
San Francisco - Oakland, CA Metro Area	7	1,547	59.11		—		59.11		69.46		—		69.46		(14.9)	%	(14.9)	%
Tampa, FL Area	2	571	102.32		—		102.32		71.35		—		71.35		43.4	%	43.4	%
Washington D.C. - MD - VA Area	9	2,426	43.68		—		43.68		50.05		—		50.05		(12.7)	%	(12.7)	%
Other Areas	37	6,869	71.50		(35.82)		72.37		55.66		(40.92)		58.51		28.5	%	23.7	%
Total Portfolio	100	22,313	$	62.77	$	(34.74)	$	62.98	$	55.82	$	46.44	$	56.88	12.5	%	10.7	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2021		2021		2021				2020		2020		2020				% Variance		% Variance
Atlanta, GA Area	9	1,426	$	3,616	$	—	$	3,616	7.0	%	$	759	$	—	$	759	3.2	%	376.4	%	376.4	%
Boston, MA Area	2	705	(2,351)		—		(2,351)		(4.5)	%	(2,889)		414		(2,475)		(10.4)	%	18.6	%	5.0	%
Dallas / Ft. Worth, TX Area	7	1,526	3,978		—		3,978		7.7	%	3,242		—		3,242		13.6	%	22.7	%	22.7	%
Houston, TX Area	3	692	2,075		—		2,075		4.0	%	605		—		605		2.5	%	243.0	%	243.0	%
Los Angeles, CA Metro Area	6	1,619	5,554		—		5,554		10.7	%	4,318		—		4,318		18.1	%	28.6	%	28.6	%
Miami, FL Metro Area	2	414	2,640		—		2,640		5.1	%	2,123		(637)		1,486		6.2	%	24.4	%	77.7	%
Minneapolis - St. Paul, MN-WI Area	2	520	(1,139)		187		(952)		(1.8)	%	(3,632)		2,082		(1,550)		(6.5)	%	68.6	%	38.6	%
Nashville, TN Area	1	673	2,702		—		2,702		5.2	%	2,540		—		2,540		10.6	%	6.4	%	6.4	%
New York / New Jersey Metro Area	6	1,743	(2,184)		(3)		(2,187)		(4.2)	%	(2,760)		183		(2,577)		(10.8)	%	20.9	%	15.1	%
Orlando, FL Area	2	524	1,904		(1)		1,903		3.7	%	1,583		(259)		1,324		5.5	%	20.3	%	43.7	%
Philadelphia, PA Area	3	648	861		—		861		1.7	%	(349)		—		(349)		(1.5)	%	346.7	%	346.7	%
San Diego, CA Area	2	410	1,417		—		1,417		2.7	%	422		—		422		1.8	%	235.8	%	235.8	%
San Francisco - Oakland, CA Metro Area	7	1,547	2,347		—		2,347		4.5	%	3,278		—		3,278		13.7	%	(28.4)	%	(28.4)	%
Tampa, FL Area	2	571	3,811		—		3,811		7.4	%	2,259		—		2,259		9.4	%	68.7	%	68.7	%
Washington D.C. - MD - VA Area	9	2,426	541		—		541		1.0	%	(1,876)		—		(1,876)		(7.8)	%	128.8	%	128.8	%
Other Areas	37	6,869	25,696		66		25,762		49.8	%	12,694		(187)		12,507		52.4	%	102.4	%	106.0	%
Total Portfolio	100	22,313	$	51,468	$	249	$	51,717	100.0	%	$	22,317	$	1,596	$	23,913	100.0	%	130.6	%	116.3	%

NOTES:

(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

June 30, 2021

(in thousands, except share price)

(unaudited)



	June 30, 2021
Common stock shares outstanding	22,321
Partnership units outstanding	402
Combined common stock shares and partnership units outstanding	22,723
Common stock price	$	45.60
Market capitalization	$	1,036,172
Series D cumulative preferred stock	$	32,906
Series F cumulative preferred stock	$	36,774
Series G cumulative preferred stock	$	47,742
Series H cumulative preferred stock	$	36,445
Series I cumulative preferred stock	$	34,803
Indebtedness	$	3,901,341
Joint venture partner's share of consolidated indebtedness	$	(1,927)
Net working capital (see below)	$	(530,573)
Total enterprise value (TEV)	$	4,593,683






Cash and cash equivalents	$	520,340
Restricted cash	$	69,895
Accounts receivable, net	$	37,225
Prepaid expenses	$	15,742

Due from third-party hotel managers, net	$	15,032
Due from affiliates, net	$	1,725
Total current assets	$	659,959

Accounts payable, net & accrued expenses	$	129,150
Dividends and distributions payable	$	236

Total current liabilities	$	129,386

Net working capital*	$	530,573

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2021		2021		2020		2020		June 30, 2021
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	(4,261)	$	(52,353)	$	(76,878)	$	(59,307)	$	(192,799)
Non-property adjustments	(10,965)		69		6,246		(20,029)		(24,679)
Interest income	(6)		(6)		(7)		(6)		(25)
Interest expense	1,535		1,367		1,279		6,012		10,193
Amortization of loan costs	275		272		305		489		1,341
Depreciation and amortization	55,397		57,426		58,286		62,708		233,817
Income tax expense (benefit)	59		—		111		—		170
Non-hotel EBITDA ownership expense	3,615		(956)		1,398		501		4,558
Hotel EBITDA including amounts attributable to noncontrolling interest	45,649		5,819		(9,260)		(9,632)		32,576
Non-comparable adjustments	(22)		271		314		1,067		1,630
Comparable hotel EBITDA	$	45,627	$	6,090	$	(8,946)	$	(8,565)	$	34,206

NOTES:

(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, 2021
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(4,261)	$	(44)	$	(60,956)	$	(65,261)



Non-property adjustments	(10,965)		—		10,965		—
Interest income	(6)		—		6		—
Interest expense	1,535		—		31,331		32,866
Amortization of loan cost	275		—		2,595		2,870
Depreciation and amortization	55,397		149		49		55,595
Income tax expense (benefit)	59		—		513		572
Non-hotel EBITDA ownership expense	3,615		143		(3,758)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	45,649		248		(19,255)		26,642
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(58)		—		58		—


Equity in (earnings) loss of unconsolidated entities	—		—		141		141

Company's portion of EBITDA of OpenKey	—		—		(140)		(140)
Hotel EBITDA attributable to the Company and OP unitholders	$	45,591	$	248	$	(19,196)	$	26,643
Non-comparable adjustments	(22)
Comparable hotel EBITDA	$	45,627

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2021
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(52,353)	$	(205)	$	(52,832)	$	(105,390)



Non-property adjustments	69		—		(69)		—
Interest income	(6)		—		6		—
Interest expense	1,367		—		27,003		28,370
Amortization of loan cost	272		—		4,622		4,894
Depreciation and amortization	57,426		152		49		57,627
Income tax expense (benefit)	—		—		(271)		(271)
Non-hotel EBITDA ownership expense	(956)		13		943		—

Hotel EBITDA including amounts attributable to noncontrolling interest	5,819		(40)		(20,549)		(14,770)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	1		—		(1)		—


Equity in (earnings) loss of unconsolidated entities	—		—		137		137

Company's portion of EBITDA of OpenKey	—		—		(135)		(135)
Hotel EBITDA attributable to the Company and OP unitholders	$	5,820	$	(40)	$	(20,548)	$	(14,768)
Non-comparable adjustments	271
Comparable hotel EBITDA	$	6,090

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2020
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(76,878)	$	(419)	$	(60,293)	$	(137,590)



Non-property adjustments	6,246		—		(6,246)		—
Interest income	(7)		—		7		—
Interest expense	1,279		—		30,020		31,299
Amortization of loan cost	305		—		3,616		3,921
Depreciation and amortization	58,286		155		49		58,490
Income tax expense (benefit)	111		—		73		184
Non-hotel EBITDA ownership expense	1,398		6		(1,404)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	(9,260)		(258)		(34,178)		(43,696)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	3		—		(3)		—


Equity in (earnings) loss of unconsolidated entities	—		—		169		169

Company's portion of EBITDA of OpenKey	—		—		(169)		(169)
Hotel EBITDA attributable to the Company and OP unitholders	$	(9,257)	$	(258)	$	(34,181)	$	(43,696)
Non-comparable adjustments	314
Comparable hotel EBITDA	$	(8,946)

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2020
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(59,307)	$	(530)	$	(91,789)	$	(151,626)



Non-property adjustments	(20,029)		—		20,029		—
Interest income	(6)		—		6		—
Interest expense	6,012		—		58,498		64,510
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	1,067
Comparable hotel EBITDA	$	(8,565)

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2020
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(144,344)	$	(678)	$	(97,064)	$	(242,086)



Non-property adjustments	27,463		—		(27,463)		—
Interest income	(14)		—		14		—
Interest expense	8,125		—		76,419		84,544
Amortization of loan cost	547		—		2,991		3,538
Depreciation and amortization	64,812		156		48		65,016
Income tax expense (benefit)	(19)		—		(2,169)		(2,188)
Non-hotel EBITDA ownership expense	(43)		2		41		—

Hotel EBITDA including amounts attributable to noncontrolling interest	(43,473)		(520)		(47,183)		(91,176)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	22		—		(22)		—


Equity in (earnings) loss of unconsolidated entities	—		—		79		79

Company's portion of EBITDA of OpenKey	—		—		(78)		(78)
Hotel EBITDA attributable to the Company and OP unitholders	$	(43,451)	$	(520)	$	(47,204)	$	(91,175)
Non-comparable adjustments	4,128
Comparable hotel EBITDA	$	(39,345)

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2021
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(56,614)	$	(249)	$	(113,788)	$	(170,651)
Non-property adjustments	(10,896)		—		10,896		—
Interest income	(12)		—		12		—
Interest expense	2,902		—		58,334		61,236
Amortization of loan cost	547		—		7,217		7,764
Depreciation and amortization	112,823		301		98		113,222
Income tax expense (benefit)	59		—		242		301
Non-hotel EBITDA ownership expense	2,659		156		(2,815)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	51,468		208		(39,804)		11,872
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(57)		—		57		—
Equity in (earnings) loss of unconsolidated entities	—		—		278		278

Company's portion of EBITDA of OpenKey	—		—		(275)		(275)
Hotel EBITDA attributable to the Company and OP unitholders	$	51,411	$	208	$	(39,744)	$	11,875
Non-comparable adjustments	249
Comparable hotel EBITDA	$	51,717

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2020
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(180,163)	$	(558)	$	(163,285)	$	(344,006)
Non-property adjustments	51,453		—		(51,453)		—
Interest income	(51)		—		51		—
Interest expense	12,968		—		122,079		135,047
Amortization of loan cost	1,100		—		9,020		10,120
Depreciation and amortization	130,951		318		97		131,366
Income tax expense (benefit)	—		—		(1,885)		(1,885)
Non-hotel EBITDA ownership expense	6,059		19		(6,078)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	22,317		(221)		(91,454)		(69,358)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(15)		—		15		—
Equity in (earnings) loss of unconsolidated entities	—		—		158		158

Company's portion of EBITDA of OpenKey	—		—		(156)		(156)
Hotel EBITDA attributable to the Company and OP unitholders	$	22,302	$	(221)	$	(91,437)	$	(69,356)
Non-comparable adjustments	1,596
Comparable hotel EBITDA	$	23,913

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2021
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(1,194)	$	(2,888)	$	(1,296)	$	297	$	430	$	57	$	(770)	$	789	$	(4,866)



Non-property adjustments	—		—		—		—		—		—		(34)		—		(327)
Interest income	—		—		(1)		—		(1)		—		—		—		(1)
Interest expense	199		215		—		—		—		—		—		—		—
Amortization of loan costs	8		70		—		—		—		—		—		—		—
Depreciation and amortization	3,841		2,462		4,214		1,278		3,596		1,673		860		2,504		4,248
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(13)		(247)		349		142		82		130		(149)		(116)		1,546

Hotel EBITDA including amounts attributable to noncontrolling interest	2,841		(388)		3,266		1,717		4,107		1,860		(93)		3,177		600
Non-comparable adjustments	—		—		—		—		—		—		—		—		(3)
Comparable hotel EBITDA	$	2,841	$	(388)	$	3,266	$	1,717	$	4,107	$	1,860	$	(93)	$	3,177	$	597

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(254)	$	(221)	$	222	$	(1,891)	$	811	$	(7,948)	$	14,461	$	(4,261)



Non-property adjustments	—		—		—		—		—		—		(10,604)		(10,965)
Interest income	—		—		(1)		—		—		(1)		(1)		(6)
Interest expense	—		—		—		224		—		439		458		1,535
Amortization of loan costs	—		—		—		37		—		63		97		275
Depreciation and amortization	1,554		1,291		677		3,526		1,400		7,260		15,013		55,397
Income tax expense (benefit)	—		—		—		—		—		—		59		59
Non-hotel EBITDA ownership expense	50		(28)		166		(159)		(246)		831		1,277		3,615

Hotel EBITDA including amounts attributable to noncontrolling interest	1,350		1,042		1,064		1,737		1,965		644		20,760		45,649
Non-comparable adjustments	(1)		—		—		—		—		—		(18)		(22)
Comparable hotel EBITDA	$	1,349	$	1,042	$	1,064	$	1,737	$	1,965	$	644	$	20,742	$	45,627

NOTES:

(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, 2020
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(7,739)	$	(17,300)	$	(7,320)	$	(2,843)	$	(5,258)	$	(4,069)	$	(5,019)	$	(4,670)	$	(13,191)



Non-property adjustments	—		9,323		—		—		—		—		—		—		—
Interest income	(1)		—		(1)		—		(1)		—		—		—		(1)
Interest expense	114		1,883		—		—		—		—		—		—		4,000
Amortization of loan costs	35		59		—		—		—		—		—		—		192
Depreciation and amortization	3,974		3,136		4,681		1,412		4,005		2,195		2,084		2,606		4,852
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	22		11		76		20		(125)		4		33		(471)		58

Hotel EBITDA including amounts attributable to noncontrolling interest	(3,595)		(2,888)		(2,564)		(1,411)		(1,379)		(1,870)		(2,902)		(2,535)		(4,090)
Non-comparable adjustments	—		387		—		—		—		244		1,701		—		248
Comparable hotel EBITDA	$	(3,595)	$	(2,501)	$	(2,564)	$	(1,411)	$	(1,379)	$	(1,626)	$	(1,201)	$	(2,535)	$	(3,842)

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(3,195)	$	(2,086)	$	(1,284)	$	(6,288)	$	(2,811)	$	(15,246)	$	(46,025)	$	(144,344)



Non-property adjustments	—		—		—		—		—		—		18,140		27,463
Interest income	—		—		(1)		(1)		—		(1)		(7)		(14)
Interest expense	—		—		—		647		—		541		940		8,125
Amortization of loan costs	—		—		—		15		—		59		187		547
Depreciation and amortization	2,241		1,390		744		3,636		1,524		7,950		18,382		64,812
Income tax expense (benefit)	—		—		—		—		—		—		(19)		(19)
Non-hotel EBITDA ownership expense	(28)		(7)		(1)		85		(25)		281		24		(43)

Hotel EBITDA including amounts attributable to noncontrolling interest	(982)		(703)		(542)		(1,906)		(1,312)		(6,416)		(8,378)		(43,473)
Non-comparable adjustments	331		—		—		—		—		—		1,217		4,128
Comparable hotel EBITDA	$	(651)	$	(703)	$	(542)	$	(1,906)	$	(1,312)	$	(6,416)	$	(7,161)	$	(39,345)

NOTES:

(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)


	Six Months Ended June 30, 2021
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(4,211)	$	(7,519)	$	(5,018)	$	(686)	$	(1,724)	$	(955)	$	(2,851)	$	(1,936)	$	(12,060)
Non-property adjustments	—		—		—		—		—		—		90		—		(327)
Interest income	(1)		—		(1)		—		(2)		—		—		—		(1)
Interest expense	202		433		—		—		—		—		—		—		—
Amortization of loan costs	15		139		—		—		—		—		—		—		—
Depreciation and amortization	7,711		5,044		8,510		2,625		7,294		3,411		1,775		5,055		8,887
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(100)		(448)		487		136		(14)		184		(153)		(417)		1,317
Hotel EBITDA including amounts attributable to noncontrolling interest	3,616		(2,351)		3,978		2,075		5,554		2,640		(1,139)		2,702		(2,184)
Non-comparable adjustments	—		—		—		—		—		—		187		—		(3)
Comparable hotel EBITDA	$	3,616	$	(2,351)	$	3,978	$	2,075	$	5,554	$	2,640	$	(952)	$	2,702	$	(2,187)

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(1,334)	$	(1,731)	$	(130)	$	(5,351)	$	1,304	$	(15,434)	$	3,022	$	(56,614)
Non-property adjustments	—		—		—		—		(55)		—		(10,604)		(10,896)
Interest income	—		(1)		(1)		—		—		(1)		(4)		(12)
Interest expense	—		—		—		466		—		882		919		2,902
Amortization of loan costs	—		—		—		73		—		124		196		547
Depreciation and amortization	3,160		2,615		1,383		7,125		2,837		14,718		30,673		112,823
Income tax expense (benefit)	—		—		—		—		—		—		59		59
Non-hotel EBITDA ownership expense	78		(22)		165		34		(275)		252		1,435		2,659
Hotel EBITDA including amounts attributable to noncontrolling interest	1,904		861		1,417		2,347		3,811		541		25,696		51,468
Non-comparable adjustments	(1)		—		—		—		—		—		66		249
Comparable hotel EBITDA	$	1,903	$	861	$	1,417	$	2,347	$	3,811	$	541	$	25,762	$	51,717

NOTES:

(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)


	Six Months Ended June 30, 2020
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(8,344)	$	(21,738)	$	(6,282)	$	(2,367)	$	(3,860)	$	(2,465)	$	(8,129)	$	(3,006)	$	(19,469)
Non-property adjustments	—		9,323		—		—		—		—		—		—		—
Interest income	(1)		—		(3)		—		(4)		(1)		(4)		—		(3)
Interest expense	272		2,768		—		—		—		—		—		—		6,056
Amortization of loan costs	84		118		—		—		—		—		—		—		381
Depreciation and amortization	7,942		6,283		9,281		2,852		8,158		4,431		4,175		5,260		9,662
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	806		357		246		120		24		158		326		286		613
Hotel EBITDA including amounts attributable to noncontrolling interest	759		(2,889)		3,242		605		4,318		2,123		(3,632)		2,540		(2,760)
Non-comparable adjustments	—		414		—		—		—		(637)		2,082		—		183
Comparable hotel EBITDA	$	759	$	(2,475)	$	3,242	$	605	$	4,318	$	1,486	$	(1,550)	$	2,540	$	(2,577)

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(3,022)	$	(3,263)	$	(1,136)	$	(5,232)	$	(888)	$	(20,498)	$	(70,464)	$	(180,163)
Non-property adjustments	—		—		—		—		—		—		42,130		51,453
Interest income	(2)		(1)		(1)		(7)		—		(7)		(17)		(51)
Interest expense	—		—		—		940		—		1,307		1,625		12,968
Amortization of loan costs	—		—		—		31		—		118		368		1,100
Depreciation and amortization	4,486		2,836		1,529		7,192		3,073		15,943		37,848		130,951
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	121		79		30		354		74		1,261		1,204		6,059
Hotel EBITDA including amounts attributable to noncontrolling interest	1,583		(349)		422		3,278		2,259		(1,876)		12,694		22,317
Non-comparable adjustments	(259)		—		—		—		—		—		(187)		1,596
Comparable hotel EBITDA	$	1,324	$	(349)	$	422	$	3,278	$	2,259	$	(1,876)	$	12,507	$	23,913

NOTES:

(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)


	TTM Ended June 30, 2021
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	(733)	$	(7,109)	$	(15,207)	$	(1,791)	$	(6,751)	$	(17,858)	$	(59,172)	$	(17,290)	$	(19,525)	$	(3,492)	$	(312)
Non-property adjustments	—		—		—		—		—		—		(55)		(352)		—		—		—
Interest income	(10)		(4)		—		—		—		—		—		(9)		(2)		—		—
Interest expense	—		—		—		—		—		—		—		—		2		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	6,051		6,944		14,383		10,786		13,119		16,985		60,628		24,369		20,541		5,817		1,708
Income tax expense (benefit)	25		58		—		—		—		—		—		33		—		—		—
Non-hotel EBITDA ownership expense	134		277		719		1,277		(16)		(15)		2,541		(728)		451		43		(26)
Hotel EBITDA including amounts attributable to noncontrolling interest	5,467		166		(105)		10,272		6,352		(888)		3,942		6,023		1,467		2,368		1,370
Non-comparable adjustments	—		—		—		—		—		—		5		—		—		—		—
Comparable hotel EBITDA	$	5,467	$	166	$	(105)	$	10,272	$	6,352	$	(888)	$	3,947	$	6,023	$	1,467	$	2,368	$	1,370

	BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel
Net income (loss)	$	9,931	$	(756)	$	(13,849)	$	(5,970)	$	(3,749)	$	(477)	$	(1,725)	$	(12,728)	$	(12,158)	$	(835)	$	(1,693)
Non-property adjustments	(10,605)		—		—		(125)		—		—		—		243		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		—		2,230		—		—		408		2,495		—		—		682
Amortization of loan costs	—		—		—		245		—		—		31		268		—		—		196
Depreciation and amortization	425		1,294		13,290		3,007		2,564		439		1,557		6,220		10,868		2,030		1,579
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	41		164		(271)		1		111		73		121		(200)		(520)		(3)		157
Hotel EBITDA including amounts attributable to noncontrolling interest	(208)		702		(830)		(612)		(1,074)		35		392		(3,702)		(1,810)		1,192		921
Non-comparable adjustments	208		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	702	$	(830)	$	(612)	$	(1,074)	$	35	$	392	$	(3,702)	$	(1,810)	$	1,192	$	921

	Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(6,195)	$	(357)	$	(130)	$	(66)	$	64,786	$	18,294	$	(30,196)	$	(37,896)	$	(7,790)	$	(192,799)
Non-property adjustments	—		—		—		—		(65,223)		(19,675)		28,778		35,750		6,585		(24,679)
Interest income	—		—		—		—		—		—		—		—		—		(25)
Interest expense	1,188		—		—		1,583		1		—		—		1,604		—		10,193
Amortization of loan costs	386		—		—		110		—		—		—		105		—		1,341
Depreciation and amortization	3,633		382		567		1,200		881		1,058		761		284		447		233,817
Income tax expense (benefit)	—		7		47		—		—		—		—		—		—		170
Non-hotel EBITDA ownership expense	25		18		8		147		76		41		(25)		(80)		17		4,558
Hotel EBITDA including amounts attributable to noncontrolling interest	(963)		50		492		2,974		521		(282)		(682)		(233)		(741)		32,576
Non-comparable adjustments	—		—		—		—		(521)		282		682		233		741		1,630
Comparable hotel EBITDA	$	(963)	$	50	$	492	$	2,974	$	—	$	—	$	—	$	—	$	—	$	34,206

NOTES:

(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, 2021
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	737	$	(750)	$	(1,285)	$	1,750	$	1,150	$	(2,888)	$	(7,456)	$	1,151	$	(1,361)	$	(203)	$	421
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(3)		(1)		—		—		—		—		—		(2)		—		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,479		1,586		3,482		2,553		3,186		4,142		14,791		5,608		4,948		1,436		398
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	51		84		562		1,126		(256)		(32)		2,527		(644)		456		52		(87)
Hotel EBITDA including amounts attributable to noncontrolling interest	2,264		919		2,759		5,429		4,080		1,222		9,862		6,113		4,043		1,285		732
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,264	$	919	$	2,759	$	5,429	$	4,080	$	1,222	$	9,862	$	6,113	$	4,043	$	1,285	$	732

	BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel
Net income (loss)	$	10,498	$	(33)	$	305	$	(1,213)	$	(847)	$	(111)	$	(508)	$	(1,714)	$	(2,104)	$	(32)	$	348
Non-property adjustments	(10,605)		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		—		440		—		—		199		215		—		—		168
Amortization of loan costs	—		—		—		61		—		—		8		70		—		—		—
Depreciation and amortization	41		320		3,247		745		612		92		384		1,495		2,551		504		371
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	63		77		(236)		14		93		43		(14)		(267)		4		(32)		119
Hotel EBITDA including amounts attributable to noncontrolling interest	(3)		364		3,316		47		(142)		24		69		(201)		451		440		1,006
Non-comparable adjustments	3		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	364	$	3,316	$	47	$	(142)	$	24	$	69	$	(201)	$	451	$	440	$	1,006

	Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,010)	$	15	$	81	$	413	$	—	$	23	$	—	$	330	$	32	$	(4,261)
Non-property adjustments	—		—		—		—		—		—		—		(327)		(33)		(10,965)
Interest income	—		—		—		—		—		—		—		—		—		(6)
Interest expense	289		—		—		224		—		—		—		—		—		1,535
Amortization of loan costs	99		—		—		37		—		—		—		—		—		275
Depreciation and amortization	895		93		135		303		—		—		—		—		—		55,397
Income tax expense (benefit)	—		7		52		—		—		—		—		—		—		59
Non-hotel EBITDA ownership expense	(120)		(2)		4		30		—		—		—		—		—		3,615
Hotel EBITDA including amounts attributable to noncontrolling interest	153		113		272		1,007		—		23		—		3		(1)		45,649
Non-comparable adjustments	—		—		—		—		—		(23)		—		(3)		1		(22)
Comparable hotel EBITDA	$	153	$	113	$	272	$	1,007	$	—	$	—	$	—	$	—	$	—	$	45,627

NOTES:

(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, 2021
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	(791)	$	(2,422)	$	(4,763)	$	(1,397)	$	(4,014)	$	(4,617)	$	(18,366)	$	(7,625)	$	(6,914)	$	(1,103)	$	(211)
Non-property adjustments	—		—		—		—		—		—		—		(352)		—		—		—
Interest income	(2)		(1)		—		—		—		—		—		(2)		(2)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,534		1,793		3,579		2,737		3,286		4,147		15,209		6,260		5,202		1,451		444
Income tax expense (benefit)	25		58		—		—		—		—		—		33		—		—		—
Non-hotel EBITDA ownership expense	(25)		35		112		104		330		61		87		134		111		(64)		45
Hotel EBITDA including amounts attributable to noncontrolling interest	741		(537)		(1,072)		1,444		(398)		(409)		(3,070)		(1,552)		(1,603)		284		278
Non-comparable adjustments	—		—		—		—		—		—		5		—		—		—		—
Comparable hotel EBITDA	$	741	$	(537)	$	(1,072)	$	1,444	$	(398)	$	(409)	$	(3,065)	$	(1,552)	$	(1,603)	$	284	$	278

	BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel
Net income (loss)	$	(173)	$	(214)	$	(4,388)	$	(1,584)	$	(967)	$	(66)	$	(360)	$	(3,603)	$	(3,373)	$	(423)	$	(443)
Non-property adjustments	—		—		—		(125)		—		—		—		243		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		—		406		—		—		103		245		—		—		(154)
Amortization of loan costs	—		—		—		61		—		—		8		69		—		—		49
Depreciation and amortization	133		325		3,356		743		634		118		392		1,573		2,832		509		374
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(28)		19		317		(16)		9		12		14		23		(68)		40		13
Hotel EBITDA including amounts attributable to noncontrolling interest	(68)		130		(715)		(515)		(324)		64		157		(1,450)		(609)		126		(161)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(68)	$	130	$	(715)	$	(515)	$	(324)	$	64	$	157	$	(1,450)	$	(609)	$	126	$	(161)

	Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,618)	$	(162)	$	(108)	$	(219)	$	—	$	27	$	10	$	11	$	(356)	$	(52,353)
Non-property adjustments	—		—		—		—		—		(15)		(10)		—		124		69
Interest income	—		—		—		—		—		—		—		—		—		(6)
Interest expense	259		—		—		420		—		—		—		—		—		1,367
Amortization of loan costs	96		—		—		22		—		—		—		—		—		272
Depreciation and amortization	910		95		144		298		—		—		—		—		31		57,426
Income tax expense (benefit)	—		—		(5)		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	74		18		—		16		—		—		—		3		1		(956)
Hotel EBITDA including amounts attributable to noncontrolling interest	(279)		(49)		31		537		—		12		—		14		(200)		5,819
Non-comparable adjustments	—		—		—		—		—		(12)		—		(14)		200		271
Comparable hotel EBITDA	$	(279)	$	(49)	$	31	$	537	$	—	$	—	$	—	$	—	$	—	$	6,090

NOTES:

(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, 2020
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	(791)	$	(2,422)	$	(4,763)	$	(1,397)	$	(4,014)	$	(4,617)	$	(18,366)	$	(7,625)	$	(6,914)	$	(1,103)	$	(211)
Non-property adjustments	—		—		—		—		—		—		—		(352)		—		—		—
Interest income	(2)		(1)		—		—		—		—		—		(2)		(2)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,534		1,793		3,579		2,737		3,286		4,147		15,209		6,260		5,202		1,451		444
Income tax expense (benefit)	25		58		—		—		—		—		—		33		—		—		—
Non-hotel EBITDA ownership expense	(25)		35		112		104		330		61		87		134		111		(64)		45
Hotel EBITDA including amounts attributable to noncontrolling interest	741		(537)		(1,072)		1,444		(398)		(409)		(3,070)		(1,552)		(1,603)		284		278
Non-comparable adjustments	—		—		—		—		—		—		5		—		—		—		—
Comparable hotel EBITDA	$	741	$	(537)	$	(1,072)	$	1,444	$	(398)	$	(409)	$	(3,065)	$	(1,552)	$	(1,603)	$	284	$	278

	BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel
Net income (loss)	$	(173)	$	(214)	$	(4,388)	$	(1,584)	$	(967)	$	(66)	$	(360)	$	(3,603)	$	(3,373)	$	(423)	$	(443)
Non-property adjustments	—		—		—		(125)		—		—		—		243		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		—		406		—		—		103		245		—		—		(154)
Amortization of loan costs	—		—		—		61		—		—		8		69		—		—		49
Depreciation and amortization	133		325		3,356		743		634		118		392		1,573		2,832		509		374
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(28)		19		317		(16)		9		12		14		23		(68)		40		13
Hotel EBITDA including amounts attributable to noncontrolling interest	(68)		130		(715)		(515)		(324)		64		157		(1,450)		(609)		126		(161)
Non-comparable adjustments	68		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	130	$	(715)	$	(515)	$	(324)	$	64	$	157	$	(1,450)	$	(609)	$	126	$	(161)

	Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,618)	$	(162)	$	(108)	$	(219)	$	—	$	27	$	10	$	11	$	(7,002)	$	(76,878)
Non-property adjustments	—		—		—		—		—		(15)		(10)		—		6,505		6,246
Interest income	—		—		—		—		—		—		—		—		—		(7)
Interest expense	259		—		—		420		—		—		—		—		—		1,279
Amortization of loan costs	96		—		—		22		—		—		—		—		—		305
Depreciation and amortization	910		95		144		298		—		—		—		—		208		58,286
Income tax expense (benefit)	—		—		(5)		—		—		—		—		—		—		111
Non-hotel EBITDA ownership expense	74		18		—		16		—		—		—		3		22		1,398
Hotel EBITDA including amounts attributable to noncontrolling interest	(279)		(49)		31		537		—		12		—		14		(267)		(9,260)
Non-comparable adjustments	—		—		—		—		—		(12)		—		(14)		267		314
Comparable hotel EBITDA	$	(279)	$	(49)	$	31	$	537	$	—	$	—	$	—	$	—	$	—	$	(8,946)

NOTES:

(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, 2020
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	(770)	$	(1,980)	$	(5,084)	$	(1,637)	$	(1,056)	$	(5,191)	$	(19,062)	$	(7,483)	$	(7,026)	$	(1,589)	$	(390)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(3)		(1)		—		—		—		—		—		(2)		—		—		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,548		1,848		3,720		2,881		3,326		4,255		15,524		6,561		5,310		1,485		447
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	51		15		(40)		10		(20)		247		211		(27)		(122)		13		14
Hotel EBITDA including amounts attributable to noncontrolling interest	826		(118)		(1,404)		1,254		2,250		(689)		(3,327)		(951)		(1,837)		(91)		71
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	826	$	(118)	$	(1,404)	$	1,254	$	2,250	$	(689)	$	(3,327)	$	(951)	$	(1,837)	$	(91)	$	71

	BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel
Net income (loss)	$	(177)	$	(244)	$	(5,793)	$	(1,960)	$	(935)	$	(205)	$	(383)	$	(4,566)	$	(4,587)	$	(188)	$	(923)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		—		941		—		—		103		1,818		—		—		501
Amortization of loan costs	—		—		—		61		—		—		7		60		—		—		147
Depreciation and amortization	118		327		3,382		768		695		131		391		1,583		2,882		511		375
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(6)		3		(66)		(4)		8		9		7		107		38		(11)		12
Hotel EBITDA including amounts attributable to noncontrolling interest	(65)		86		(2,477)		(194)		(232)		(65)		125		(998)		(1,667)		312		112
Non-comparable adjustments	65		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	86	$	(2,477)	$	(194)	$	(232)	$	(65)	$	125	$	(998)	$	(1,667)	$	312	$	112

	Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Pool C1 - 3 hotels		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York Manhattan Times Square - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,931)	$	(81)	$	15	$	(203)	$	64,786	$	18,244	$	(30,207)	$	(38,237)	$	(464)	$	(59,307)
Non-property adjustments	—		—		—		—		(65,223)		(19,660)		28,788		36,077		(11)		(20,029)
Interest income	—		—		—		—		—		—		—		—		—		(6)
Interest expense	345		—		—		698		1		—		—		1,604		—		6,012
Amortization of loan costs	94		—		—		15		—		—		—		105		—		489
Depreciation and amortization	909		100		148		291		881		1,058		761		284		208		62,708
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	34		(2)		1		16		76		41		(25)		(83)		(6)		501
Hotel EBITDA including amounts attributable to noncontrolling interest	(549)		17		164		817		521		(317)		(683)		(250)		(273)		(9,632)
Non-comparable adjustments	—		—		—		—		(521)		317		683		250		273		1,067
Comparable hotel EBITDA	$	(549)	$	17	$	164	$	817	$	—	$	—	$	—	$	—	$	—	$	(8,565)

NOTES:

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