EX-99.1 2 aht2021q4earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14.jpg
NEWS RELEASE

Contact:Deric EubanksJordan JenningsJoe Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


ASHFORD TRUST REPORTS FOURTH QUARTER AND
FULL YEAR 2021 RESULTS
Fourth Quarter Net Loss Attributable to Common Stockholders was $(59.3) Million
Fourth Quarter Comparable Hotel EBITDA was $55.4 Million
Fourth Quarter Adjusted EBITDAre was $40.7 Million
Fourth Quarter AFFO Per Diluted Share was $(0.09)

DALLAS – February 23, 2022 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2021 with the fourth quarter and year ended December 31, 2020 (see discussion below). 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 164% to $94.87 during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy. Comparable RevPAR for all hotels decreased 21% compared to the comparable period in 2019.
Net loss attributable to common stockholders was $(59.3) million or $(1.75) per diluted share for the quarter. For the full year of 2021, net loss attributable to common stockholders was $(267.9) million or $(12.43) per diluted share.
Adjusted EBITDAre was $40.7 million for the quarter. Adjusted EBITDAre for the full year of 2021 was $113.6 million.
Adjusted funds from operations (AFFO) was $(0.09) per diluted share for the quarter. For the full year of 2021, AFFO per diluted share was $(1.23).
The Company ended the quarter with cash and cash equivalents of $592.1 million and restricted cash of $99.5 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 $26.9 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. Net working capital at the end of the quarter was $639.5 million, which equates to approximately $18.33 per diluted share.
During the quarter, the Company completed the refinancing of the Marriott Gateway Crystal City.
Capex invested during the quarter was $17.7 million and $36.7 million for the full year.



AHT Reports Fourth Quarter Results
Page 2
February 23, 2022

CAPITAL STRUCTURE
At December 31, 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 93% 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 selectively exchanging its preferred stock for common stock. To date, the Company has exchanged 16.1 million shares of its preferred stock, approximately 71% of its preferred shares prior to initiating the exchanges and representing approximately $401.8 million of liquidation value, into 11.9 million shares of common stock.

The Company opportunistically raised equity capital in 2021 to delever its balance sheet and improve its liquidity. For the full year, the Company raised approximately $564 million of gross proceeds at an average price of $28.17 per share.

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 fourth quarter ended December 31, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations.

During the quarter, the Company paid current the deferred interest on its corporate loan facility with Oaktree Capital Management, L.P. (“Oaktree”). Also during the quarter, the Company announced that its Board of Directors declared cash dividends on the Company’s Series D, Series F, Series G, Series H, and Series I cumulative preferred stock reflecting accrued and unpaid dividends for the quarters ending June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021. The Company paid a cash dividend of $3.1686 per Series D preferred share, $2.7654 per Series F preferred share, $2.7654 per Series G preferred share, $2.8125 per Series H preferred share, and $2.8125 per Series I preferred share. These preferred share dividends were paid on December 10, 2021 to holders of record as of December 1, 2021. With both the Oaktree loan and preferred dividends being current, the Company is now in a position to be S-3 eligible once it files its Form 10-K for 2021.


PORTFOLIO REVPAR
As of December 31, 2021, the portfolio consisted of 100 hotels.

Comparable RevPAR increased 164% to $94.87 for all hotels during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy.

“We are pleased to report strong financial results and solid hotel performance for the fourth quarter,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We had a strong finish to the year operationally. We continued to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. Ashford Trust enters 2022 with a significantly de-levered balance sheet, and we believe our attractive hotel portfolio, with its high exposure to transient leisure customers, is well-positioned to capitalize on the lodging industry recovery. We continue to be encouraged by the positive momentum in our portfolio. While we don’t provide formal earnings guidance we do expect to achieve 2019 Comparable RevPAR levels by calendar year 2023 and expect to meet or exceed 2019 Comparable Hotel EBITDA by calendar year 2024.”




AHT Reports Fourth Quarter Results
Page 3
February 23, 2022

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 24, 2022, 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, March 3, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13725851.

The Company will also provide an online simulcast and rebroadcast of its fourth 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, February 24, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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. 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.

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; 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 these risks when you make an investment decision concerning our securities. Investors should not place undue reliance



AHT Reports Fourth Quarter Results
Page 4
February 23, 2022

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)
December 31, 2021December 31, 2020
ASSETS
Investments in hotel properties, net$3,230,710 $3,426,982 
Cash and cash equivalents592,110 92,905 
Restricted cash99,534 74,408 
Accounts receivable, net of allowance of $455 and $441, respectively37,720 21,760 
Inventories3,291 2,447 
Notes receivable, net8,723 8,263 
Investments in unconsolidated entities11,253 2,811 
Deferred costs, net5,001 1,851 
Prepaid expenses13,384 18,401 
Derivative assets, net501 263 
Operating lease right-of-use assets44,575 45,008 
Other assets16,150 23,303 
Intangible assets, net797 797 
Due from Ashford Inc., net25 — 
Due from related parties, net7,473 5,801 
Due from third-party hotel managers26,896 9,383 
Total assets$4,098,143 $3,734,383 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net$3,887,822 $3,728,911 
Accounts payable and accrued expenses117,650 99,954 
Accrued interest payable15,432 98,685 
Dividends and distributions payable3,104 868 
Due to Ashford Inc., net— 13,383 
Due to related parties, net728 — 
Due to third-party hotel managers1,204 184 
Intangible liabilities, net2,177 2,257 
Operating lease liabilities45,106 45,309 
Other liabilities4,832 5,336 
Total liabilities4,078,055 3,994,887 
Redeemable noncontrolling interests in operating partnership22,742 22,951 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 and 1,791,461 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively12 18 
Series F Cumulative Preferred Stock, 1,251,044 and 2,891,440 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively12 29 
Series G Cumulative Preferred Stock, 1,531,996 and 4,422,623 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively15 44 
Series H Cumulative Preferred Stock, 1,308,415 and 2,668,637 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively13 27 
Series I Cumulative Preferred Stock, 1,252,923 and 3,391,349 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively13 34 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,490,381 and 6,436,250 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively345 64 
Additional paid-in capital2,379,906 1,809,455 
Accumulated deficit(2,382,970)(2,093,292)
Total shareholders' equity (deficit) of the Company(2,654)(283,621)
Noncontrolling interests in consolidated entities— 166 
Total equity (deficit)(2,654)(283,455)
Total liabilities and equity/deficit$4,098,143 $3,734,383 
5


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2021202020212020
REVENUE
Rooms$195,857 $74,647 $655,121 $407,492 
Food and beverage37,424 7,010 94,911 61,157 
Other14,754 8,244 53,112 37,856 
Total hotel revenue248,035 89,901 803,144 506,505 
Other700 352 2,267 1,733 
Total revenue248,735 90,253 805,411 508,238 
EXPENSES
Hotel operating expenses
Rooms48,887 21,648 157,982 106,508 
Food and beverage28,312 5,955 71,172 49,223 
Other expenses92,216 50,718 316,638 253,997 
Management fees 9,070 4,936 31,014 24,944 
Total hotel operating expenses178,485 83,257 576,806 434,672 
Property taxes, insurance and other16,083 17,621 67,904 79,669 
Depreciation and amortization52,560 58,490 218,851 252,765 
Impairment charges— 6,577 — 91,721 
Advisory services fee:
Base advisory fee9,022 8,617 36,239 34,745 
Reimbursable expenses1,743 1,481 6,934 6,436 
Non-cash stock/unit-based compensation2,438 2,104 9,140 8,869 
Corporate, general and administrative:
Non-cash stock/unit-based compensation81 179 756 1,260 
Other general and administrative3,959 11,665 15,397 26,788 
Total operating expenses264,371 189,991 932,027 936,925 
Gain (loss) on disposition of assets and hotel properties1,054 73 1,449 (36,680)
OPERATING INCOME (LOSS)(14,582)(99,665)(125,167)(465,367)
Equity in earnings (loss) of unconsolidated entities(135)(169)(558)(448)
Interest income70 207 672 
Other income (expense), net78 (9,192)760 (16,998)
Interest expense, net of discount amortization(41,475)(31,299)(143,508)(230,856)
Amortization of loan costs(2,641)(3,921)(12,611)(16,525)
Write-off of premiums, loan costs and exit fees(5,412)(2,368)(10,612)(13,867)
Gain (loss) on extinguishment of debt— 24 11,896 90,349 
Unrealized gain (loss) on marketable securities— 289 — (1,467)
Unrealized gain (loss) on derivatives10,781 8,887 14,493 19,950 
INCOME (LOSS) BEFORE INCOME TAXES(53,316)(137,406)(265,100)(634,557)
Income tax benefit (expense)(3,032)(184)(5,948)1,335 
NET INCOME (LOSS)(56,348)(137,590)(271,048)(633,222)
(Income) loss attributable to noncontrolling interest in consolidated entities(11)98 73 338 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership376 11,714 3,970 89,008 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(55,983)(125,778)(267,005)(543,876)
Preferred dividends(1,740)(185)(252)(32,117)
Gain (loss) on extinguishment of preferred stock(1,566)55,477 (607)55,477 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(59,289)$(70,486)$(267,864)$(520,516)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(1.75)$(22.92)$(12.37)$(329.97)
Weighted average common shares outstanding – basic33,802 3,075 21,625 1,576 
Diluted:
Net income (loss) attributable to common stockholders$(1.75)$(22.92)$(12.43)$(329.97)
Weighted average common shares outstanding – diluted33,802 3,075 21,844 1,576 
Dividends declared per common share:$— $— $— $— 
6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2021202020212020
Net income (loss)$(56,348)$(137,590)$(271,048)$(633,222)
Interest expense and amortization of discounts and loan costs, net44,116 35,220 156,119 247,381 
Depreciation and amortization 52,560 58,490 218,851 252,765 
Income tax expense (benefit)3,032 184 5,948 (1,335)
Equity in (earnings) loss of unconsolidated entities135 169 558 448 
Company's portion of EBITDA of unconsolidated entities(135)(169)(554)(446)
EBITDA43,360 (43,696)109,874 (134,409)
Impairment charges on real estate— 6,577 — 91,721 
(Gain) loss on disposition of assets and hotel properties(54)(73)(449)36,680 
EBITDAre43,306 (37,192)109,425 (6,008)
Amortization of unfavorable contract liabilities53 62 211 227 
(Gain) loss on insurance settlements— (477)— (625)
Write-off of premiums, loan costs and exit fees5,412 2,368 10,612 13,867 
(Gain) loss on extinguishment of debt— (24)(11,896)(90,349)
Other (income) expense, net (1,078)9,192 (1,760)17,029 
Transaction and conversion costs779 7,980 3,033 16,309 
Legal, advisory and settlement costs439 997 7,371 1,409 
Unrealized (gain) loss on marketable securities— (289)— 1,467 
Unrealized (gain) loss on derivatives(10,781)(8,887)(14,493)(19,950)
Dead deal costs— 779 689 923 
Uninsured remediation costs— — 341 — 
Non-cash stock/unit-based compensation2,556 2,406 10,095 10,746 
Company's portion of adjustments to EBITDAre of unconsolidated entities16 16 28 
Adjusted EBITDAre$40,688 $(23,069)$113,644 $(54,927)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2021202020212020
Net income (loss)$(56,348)$(137,590)$(271,048)$(633,222)
(Income) loss attributable to noncontrolling interest in consolidated entities(11)98 73 338 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership376 11,714 3,970 89,008 
Preferred dividends(1,740)(185)(252)(32,117)
Gain (loss) on extinguishment of preferred stock(1,566)55,477 (607)55,477 
Net income (loss) attributable to common stockholders(59,289)(70,486)(267,864)(520,516)
Depreciation and amortization on real estate52,526 58,452 218,708 252,590 
(Gain) loss on disposition of assets and hotel properties(54)(73)(449)36,680 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(376)(11,714)(3,970)(89,008)
Equity in (earnings) loss of unconsolidated entities135 169 558 448 
Impairment charges on real estate— 6,577 — 91,721 
Company's portion of FFO of unconsolidated entities(135)(169)(556)(449)
FFO available to common stockholders and OP unitholders(7,193)(17,244)(53,573)(228,534)
(Gain) loss on extinguishment of preferred stock1,566 (55,477)607 (55,477)
Write-off of premiums, loan costs and exit fees5,412 2,368 10,612 13,867 
(Gain) loss on extinguishment of debt— (24)(11,896)(90,349)
(Gain) loss on insurance settlements— (477)— (625)
Other (income) expense, net (1,078)9,192 (1,760)17,029 
Transaction and conversion costs779 7,980 3,407 16,309 
Legal, advisory and settlement costs439 997 7,371 1,409 
Unrealized (gain) loss on marketable securities— (289)— 1,467 
Unrealized (gain) loss on derivatives(10,781)(8,887)(14,493)(19,950)
Dead deal costs— 779 689 923 
Uninsured remediation costs— — 341 — 
Non-cash stock/unit-based compensation2,556 2,406 10,095 10,746 
Amortization of term loan exit fee2,520 — 7,076 — 
Amortization of loan costs2,637 3,919 12,597 16,517 
Company's portion of adjustments to FFO of unconsolidated entities16 17 
Adjusted FFO available to common stockholders and OP unitholders$(3,141)$(54,752)$(28,911)$(316,651)
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.09)$(16.74)$(1.23)$(179.30)
Weighted average diluted shares35,764 3,271 23,545 1,766 

7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2021
(dollars in thousands)
(unaudited)

IndebtednessCurrent Maturity
Final Maturity (14)
Interest Rate (1)
Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA
(15)
Comparable TTM EBITDA
Debt Yield
JPMorgan Chase - 8 hotelsFebruary 2022February 2025LIBOR + 3.07%$— $395,000 $395,000 (2)$13,265 3.4 %
BAML Princeton/Nashville - 2 hotelsMarch 2022March 2026LIBOR + 2.75%— 240,000 240,000 (3)16,631 6.9 %
BAML Highland Pool - 19 hotelsApril 2022April 2025LIBOR + 3.20%— 910,694 910,694 (4)36,386 4.0 %
KEYS Pool A - 7 hotelsJune 2022June 2025LIBOR + 3.65%— 180,720 180,720 (5)9,280 5.1 %
KEYS Pool B - 7 hotelsJune 2022June 2025LIBOR + 3.39%— 174,400 174,400 (5)3,061 1.8 %
KEYS Pool C - 5 hotelsJune 2022June 2025LIBOR + 3.73%— 221,040 221,040 (5)9,156 4.1 %
KEYS Pool D - 5 hotelsJune 2022June 2025LIBOR + 4.02%— 262,640 262,640 (5)17,610 6.7 %
KEYS Pool E - 5 hotelsJune 2022June 2025LIBOR + 2.73%— 160,000 160,000 (5)11,886 7.4 %
KEYS Pool F - 5 hotelsJune 2022June 2025LIBOR + 3.68%— 215,120 215,120 (5)5,136 2.4 %
Morgan Stanley Ann Arbor - 1 hotelJuly 2022July 2023LIBOR + 3.95%— 33,200 33,200 (6)475 1.4 %
Morgan Stanley Pool - 17 hotelsNovember 2022November 2024LIBOR + 3.00%— 419,000 419,000 (7)20,687 4.9 %
JPMorgan Chase La Posada - 1 hotelNovember 2022November 2023LIBOR + 2.70%— 25,000 25,000 (8)3,998 16.0 %
BAML Indigo Atlanta - 1 hotelDecember 2022December 2024LIBOR + 2.25%— 16,100 16,100 (9)876 5.4 %
Aareal Le Pavillon - 1 hotelJanuary 2023January 2025LIBOR + 3.40%— 37,000 37,000 (10)126 0.3 %
Aareal Hilton Alexandria - 1 hotelJune 2023June 2023LIBOR + 2.45%— 73,450 73,450 1,110 1.5 %
GACC Manchester RI - 1 hotelJanuary 2024January 20245.49%6,492 — 6,492 897 13.8 %
GACC Jacksonville RI - 1 hotelJanuary 2024January 20245.49%9,474 — 9,474 1,404 14.8 %
Oaktree Capital Term LoanJanuary 2024January 202616.00%200,000 — 200,000 (11) N/A N/A
Key Bank Manchester CY - 1 hotelMay 2024May 20244.99%6,150 — 6,150 612 10.0 %
Southside Bank Ashton - 1 hotelJune 2024June 2024LIBOR + 2.00%— 8,881 8,881 378 4.3 %
Morgan Stanley Pool C2 - 2 hotelsAugust 2024August 20244.85%11,427 — 11,427 953 8.3 %
Morgan Stanley Pool C3 - 3 hotelsAugust 2024August 20244.90%22,853 — 22,853 2,175 9.5 %
Torchlight Marriott Gateway - 1 hotelNovember 2024November 2026LIBOR + 4.65%— 84,000 84,000 (12)2,218 2.6 %
BAML Pool 3 - 3 hotelsFebruary 2025February 20254.45%50,098 — 50,098 4,995 10.0 %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotelMarch 2025March 20254.66%23,883 — 23,883 2,913 12.2 %
Aareal Boston Back Bay - 1 hotelAugust 2025August 2026LIBOR + 3.80%— 98,000 98,000 (13)2,955 3.0 %
Total$330,377 $3,554,245 $3,884,622 $169,183 4.4 %
Percentage8.5 %91.5 %100.0 %
Weighted average interest rate (1)11.56 %3.41 %4.10 %
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 February 2021.
(3)    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.
(4)    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.
(5)    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.
(6)    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%.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.
(8)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021.This mortgage loan has a LIBOR floor of 1.25%.
(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)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(13)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.    
(14)    The final maturity date assumes all available extension options will be exercised.    
(15)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
8


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2021
(dollars in thousands)
(unaudited)
20222023202420252026ThereafterTotal
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— — 5,680 — — — 5,680 
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— — — 46,420 — — 46,420 
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— — — — 200,000 — 200,000 
BAML Princeton/Nashville - 2 hotels— — — — 240,000 — 240,000 
Aareal Boston Back Bay - 1 hotel— — — — 96,000 — 96,000 
Torchlight Marriott Gateway - 1 hotel— — — — 84,000 — 84,000 
Principal due in future periods— 131,650 496,846 2,620,600 620,000 — 3,869,096 
Scheduled amortization payments remaining6,731 3,288 3,206 801 1,500 — 15,526 
Total indebtedness$6,731 $134,938 $500,052 $2,621,401 $621,500 $— $3,884,622 

9


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Rooms revenue (in thousands)$194,744 $— $194,744 $74,291 $(643)$73,648 162.14 %164.42 %
RevPAR$94.87 $— $94.87 $35.70 $22.12 $35.89 165.75 %164.32 %
Occupancy60.31 %— %60.31 %32.81 %36.41 %32.76 %83.82 %84.10 %
ADR$157.29 $— $157.29 $108.79 $60.77 $109.55 44.58 %43.58 %
ALL HOTELS:
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Rooms revenue (in thousands)$651,327 $(1,089)$650,238 $405,922 $(25,725)$380,197 60.46 %71.03 %
RevPAR$79.67 $(34.74)$79.84 $46.09 $39.93 $46.58 72.86 %71.43 %
Occupancy55.58 %(51.81)%55.60 %34.37 %33.35 %34.45 %61.71 %61.38 %
ADR$143.34 $(67.05)$143.62 $134.10 $119.74 $135.20 6.89 %6.23 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

10


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedYear Ended
December 31,December 31,
20212020% Variance20212020% Variance
Total hotel revenue$246,649 $89,432 175.80 %$798,320 $504,363 58.28 %
Non-comparable adjustments— (678)(1,160)(28,908)
Comparable total hotel revenue$246,649 $88,754 177.90 %$797,160 $475,455 67.66 %
Hotel EBITDA$55,471 $(9,260)699.04 %$168,973 $3,425 4,833.52 %
Non-comparable adjustments(49)314 210 2,977 
Comparable hotel EBITDA$55,422 $(8,946)719.52 %$169,183 $6,402 2,542.66 %
Hotel EBITDA margin22.49 %(10.35)%32.84 %21.17 %0.68 %20.49 %
Comparable hotel EBITDA margin22.47 %(10.08)%32.55 %21.22 %1.35 %19.87 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$82 $(3)2,833.33 %$226 $39 479.49 %
Hotel EBITDA attributable to the Company and OP unitholders$55,389 $(9,257)698.35 %$168,747 $3,386 4,883.67 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$55,340 $(8,943)718.81 %$168,957 $6,363 2,555.30 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



11


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202120212021202120212021202120212021202120212021
4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter
Total hotel revenue$246,649 $— $246,649 $245,578 $— $245,578 $191,472 $(345)$191,127 $114,621 $(815)$113,806 
Hotel EBITDA$55,471 $(49)$55,422 $62,034 $10 $62,044 $45,649 $(22)$45,627 $5,819 $271 $6,090 
Hotel EBITDA margin22.49 %22.47 %25.26 %25.26 %23.84 %23.87 %5.08 %5.35 %
EBITDA % of total TTM32.8 %32.8 %36.7 %36.7 %27.0 %27.0 %3.5 %3.5 %
JV interests in EBITDA$82 $— $82 $87 $— $87 $58 $— $58 $(1)$— $(1)
ActualNon-comparable AdjustmentsComparable
202120212021
TTMTTMTTM
Total hotel revenue$798,320 $(1,160)$797,160 
Hotel EBITDA$168,973 $210 $169,183 
Hotel EBITDA margin21.17 %21.22 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in EBITDA$226 $— $226 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

12


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended December 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Atlanta, GA Area1,426 $109.19 $— $109.19 $54.07 $— $54.07 101.9 %101.9 %
Boston, MA Area705 136.25 — 136.25 22.73 — 22.73 499.4 %499.4 %
Dallas / Ft. Worth, TX Area1,526 78.96 — 78.96 32.43 — 32.43 143.5 %143.5 %
Houston, TX Area692 82.67 — 82.67 40.13 — 40.13 106.0 %106.0 %
Los Angeles, CA Metro Area1,619 115.73 — 115.73 49.60 — 49.60 133.3 %133.3 %
Miami, FL Metro Area414 139.33 — 139.33 36.44 — 36.44 282.4 %282.4 %
Minneapolis - St. Paul, MN-WI Area520 38.18 — 38.18 9.20 — 10.26 315.0 %272.1 %
Nashville, TN Area673 193.30 — 193.30 25.10 — 25.10 670.1 %670.1 %
New York / New Jersey Metro Area1,743 68.10 — 68.10 16.95 — 16.95 301.8 %301.8 %
Orlando, FL Area524 92.51 — 92.51 36.91 — 36.91 150.6 %150.6 %
Philadelphia, PA Area648 82.39 — 82.39 39.13 — 39.13 110.6 %110.6 %
San Diego, CA Area410 92.09 — 92.09 38.68 — 38.68 138.1 %138.1 %
San Francisco - Oakland, CA Metro Area1,547 76.71 — 76.71 45.08 — 45.08 70.2 %70.2 %
Tampa, FL Area571 94.58 — 94.58 45.31 — 45.31 108.7 %108.7 %
Washington D.C. - MD - VA Area2,426 72.31 — 72.31 21.60 — 21.60 234.8 %234.8 %
Other Areas37 6,869 99.85 — 99.85 39.53 (27.31)39.99 152.6 %149.7 %
Total Portfolio100 22,313 $94.87 $— $94.87 $35.70 $22.12 $35.89 165.7 %164.3 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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 BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202120212021202020202020% Variance% Variance
Atlanta, GA Area1,426 $4,590 $— $4,590 8.3 %$1,034 $— $1,034 (11.6)%343.9 %343.9 %
Boston, MA Area705 1,870 — 1,870 3.4 %(1,999)— (1,999)22.3 %193.5 %193.5 %
Dallas / Ft. Worth, TX Area1,526 4,006 — 4,006 7.2 %(324)— (324)3.6 %1,336.4 %1,336.4 %
Houston, TX Area692 1,464 — 1,464 2.6 %39 — 39 (0.4)%3,653.8 %3,653.8 %
Los Angeles, CA Metro Area1,619 5,855 — 5,855 10.6 %336 — 336 (3.8)%1,642.6 %1,642.6 %
Miami, FL Metro Area414 1,995 — 1,995 3.6 %(767)— (767)8.6 %360.1 %360.1 %
Minneapolis - St. Paul, MN-WI Area520 (514)(49)(563)(1.0)%(1,412)255 (1,157)12.9 %63.6 %51.3 %
Nashville, TN Area673 6,668 — 6,668 12.0 %97 — 97 (1.1)%6,774.2 %6,774.2 %
New York / New Jersey Metro Area1,743 1,206 — 1,206 2.2 %(2,818)(14)(2,832)31.7 %142.8 %142.6 %
Orlando, FL Area524 1,313 — 1,313 2.4 %85 (7)78 (0.9)%1,444.7 %1,583.3 %
Philadelphia, PA Area648 953 — 953 1.7 %127 — 127 (1.4)%650.4 %650.4 %
San Diego, CA Area410 979 — 979 1.8 %78 — 78 (0.9)%1,155.1 %1,155.1 %
San Francisco - Oakland, CA Metro Area1,547 1,135 — 1,135 2.0 %(165)— (165)1.8 %787.9 %787.9 %
Tampa, FL Area571 1,110 — 1,110 2.0 %(87)— (87)1.0 %1,375.9 %1,375.9 %
Washington D.C. - MD - VA Area2,426 2,685 — 2,685 4.8 %(2,757)— (2,757)30.8 %197.4 %197.4 %
Other Areas37 6,869 20,156 — 20,156 36.4 %(727)80 (647)7.4 %2,872.5 %3,215.3 %
Total Portfolio100 22,313 $55,471 $(49)$55,422 100.0 %$(9,260)$314 $(8,946)100.0 %699.0 %719.5 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Year Ended December 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Atlanta, GA Area1,426 $90.53 $— $90.53 $53.74 $— $53.74 68.5 %68.5 %
Boston, MA Area705 98.81 — 98.81 35.53 (25.69)37.38 178.1 %164.3 %
Dallas / Ft. Worth, TX Area1,526 64.97 — 64.97 40.48 — 40.48 60.5 %60.5 %
Houston, TX Area692 75.89 — 75.89 45.08 — 45.08 68.3 %68.3 %
Los Angeles, CA Metro Area1,619 92.34 — 92.34 57.69 — 57.69 60.1 %60.1 %
Miami, FL Metro Area414 122.82 — 122.82 55.14 (48.86)57.04 122.7 %115.3 %
Minneapolis - St. Paul, MN-WI Area520 37.68 (6.17)37.87 23.56 (30.37)20.66 59.9 %83.3 %
Nashville, TN Area673 133.42 — 133.42 49.15 — 49.15 171.5 %171.5 %
New York / New Jersey Metro Area1,743 51.52 — 51.52 34.71 (62.51)31.59 48.4 %63.1 %
Orlando, FL Area524 82.83 — 82.83 43.24 (41.03)43.88 91.6 %88.8 %
Philadelphia, PA Area648 71.28 — 71.28 41.69 — 41.69 71.0 %71.0 %
San Diego, CA Area410 82.81 — 82.81 46.64 — 46.64 77.6 %77.6 %
San Francisco - Oakland, CA Metro Area1,547 71.73 — 71.73 59.85 — 59.85 19.8 %19.8 %
Tampa, FL Area571 94.88 — 94.88 54.19 — 54.19 75.1 %75.1 %
Washington D.C. - MD - VA Area2,426 58.29 — 58.29 35.42 — 35.42 64.6 %64.6 %
Other Areas37 6,869 86.93 (35.82)87.55 49.26 (38.11)50.77 76.5 %72.4 %
Total Portfolio100 22,313 $79.67 $(34.74)$79.84 $46.09 $39.93 $46.58 72.9 %71.4 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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 BY MARKET
(in thousands)
(unaudited)
Year Ended December 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202120212021202020202020% Variance% Variance
Atlanta, GA Area1,426 $12,650 $— $12,650 7.5 %$1,476 $— $1,476 23.1 %757.0 %757.0 %
Boston, MA Area705 3,376 — 3,376 2.0 %(6,621)497 (6,124)(95.7)%151.0 %155.1 %
Dallas / Ft. Worth, TX Area1,526 10,413 — 10,413 6.2 %1,734 — 1,734 27.1 %500.5 %500.5 %
Houston, TX Area692 4,863 — 4,863 2.9 %745 — 745 11.6 %552.8 %552.8 %
Los Angeles, CA Metro Area1,619 16,360 — 16,360 9.7 %5,130 — 5,130 80.1 %218.9 %218.9 %
Miami, FL Metro Area414 5,774 — 5,774 3.4 %(4)(439)(443)(6.9)%144,450.0 %1,403.4 %
Minneapolis - St. Paul, MN-WI Area520 (965)138 (827)(0.5)%(7,019)3,408 (3,611)(56.4)%86.3 %77.1 %
Nashville, TN Area673 16,134 — 16,134 9.5 %620 — 620 9.7 %2,502.3 %2,502.3 %
New York / New Jersey Metro Area1,743 1,558 1,559 0.9 %(7,658)420 (7,238)(113.1)%120.3 %121.5 %
Orlando, FL Area524 4,318 (1)4,317 2.6 %1,078 (141)937 14.6 %300.6 %360.7 %
Philadelphia, PA Area648 3,715 — 3,715 2.2 %737 — 737 11.5 %404.1 %404.1 %
San Diego, CA Area410 3,961 — 3,961 2.3 %792 — 792 12.4 %400.1 %400.1 %
San Francisco - Oakland, CA Metro Area1,547 6,628 — 6,628 3.9 %4,050 — 4,050 63.3 %63.7 %63.7 %
Tampa, FL Area571 5,176 — 5,176 3.1 %1,679 — 1,679 26.2 %208.3 %208.3 %
Washington D.C. - MD - VA Area2,426 6,388 — 6,388 3.8 %(8,549)— (8,549)(133.5)%174.7 %174.7 %
Other Areas37 6,869 68,624 72 68,696 40.5 %15,235 (768)14,467 226.0 %350.4 %374.8 %
Total Portfolio100 22,313 $168,973 $210 $169,183 100.0 %$3,425 $2,977 $6,402 100.0 %4,833.5 %2,542.7 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2021
(in thousands, except share price)
(unaudited)

December 31, 2021
Common stock shares outstanding34,490 
Partnership units outstanding 400 
Combined common stock shares and partnership units outstanding34,890 
Common stock price$9.60 
Market capitalization $334,948 
Series D cumulative preferred stock$29,361 
Series F cumulative preferred stock$31,276 
Series G cumulative preferred stock$38,300 
Series H cumulative preferred stock$32,710 
Series I cumulative preferred stock$31,323 
Indebtedness$3,884,622 
Net working capital (see below)$(639,491)
Total enterprise value (TEV)$3,743,049 
Cash and cash equivalents$592,110 
Restricted cash$99,534 
Accounts receivable, net$37,720 
Prepaid expenses$13,385 
Due from third-party hotel managers, net$25,692 
Due from affiliates, net$6,756 
Total current assets$775,197 
Accounts payable, net & accrued expenses$132,602 
Dividends and distributions payable$3,104 
Total current liabilities$135,706 
Net working capital$639,491 

15


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2021202120212021December 31, 2021
4th Quarter3rd Quarter2nd Quarter1st QuarterTTM
Net income (loss)$(1,105)$3,861 $(4,261)$(52,353)$(53,858)
Non-property adjustments(47)(890)(10,965)69 (11,833)
Interest income(6)(6)(6)(6)(24)
Interest expense2,252 1,824 1,535 1,367 6,978 
Amortization of loan costs435 341 275 272 1,323 
Depreciation and amortization52,377 52,877 55,397 57,426 218,077 
Income tax expense (benefit)11 99 59 — 169 
Non-hotel EBITDA ownership expense1,554 3,928 3,615 (956)8,141 
Hotel EBITDA including amounts attributable to noncontrolling interest55,471 62,034 45,649 5,819 168,973 
Non-comparable adjustments(49)10 (22)271 210 
Comparable hotel EBITDA$55,422 $62,044 $45,627 $6,090 $169,183 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

16


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(1,105)$207 $(55,450)$(56,348)
Non-property adjustments(47)(140)187 — 
Interest income(6)— — 
Interest expense2,252 — 39,223 41,475 
Amortization of loan cost435 — 2,206 2,641 
Depreciation and amortization52,377 135 48 52,560 
Income tax expense (benefit)11 — 3,021 3,032 
Non-hotel EBITDA ownership expense1,554 19 (1,573)— 
Hotel EBITDA including amounts attributable to noncontrolling interest55,471 221 (12,332)43,360 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(83)— 83 — 
Equity in (earnings) loss of unconsolidated entities— — 135 135 
Company's portion of EBITDA of unconsolidated entities— — (135)(135)
Hotel EBITDA attributable to the Company and OP unitholders$55,388 $221 $(12,249)$43,360 
Non-comparable adjustments(49)
Comparable hotel EBITDA$55,422 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.



17


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 TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(76,878)$(419)$(60,293)$(137,590)
Non-property adjustments6,246 — (6,246)— 
Interest income(7)— — 
Interest expense1,279 — 30,020 31,299 
Amortization of loan cost305 — 3,616 3,921 
Depreciation and amortization58,286 155 49 58,490 
Income tax expense (benefit)111 — 73 184 
Non-hotel EBITDA ownership expense1,398 (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)— 
Equity in (earnings) loss of unconsolidated entities— — 169 169 
Company's portion of EBITDA of unconsolidated entities— — (169)(169)
Hotel EBITDA attributable to the Company and OP unitholders$(9,257)$(258)$(34,181)$(43,696)
Non-comparable adjustments314 
Comparable hotel EBITDA$(8,946)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.


18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2021
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(53,858)$(215)$(216,975)$(271,048)
Non-property adjustments(11,833)(221)12,054 — 
Interest income(24)— 24 — 
Interest expense6,978 — 136,530 143,508 
Amortization of loan cost1,323 — 11,288 12,611 
Depreciation and amortization218,077 580 194 218,851 
Income tax expense (benefit)169 — 5,779 5,948 
Non-hotel EBITDA ownership expense8,141 187 (8,328)— 
Hotel EBITDA including amounts attributable to noncontrolling interest168,973 331 (59,434)109,870 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(226)— 226 — 
Equity in (earnings) loss of unconsolidated entities— — 558 558 
Company's portion of EBITDA of unconsolidated entities— — (554)(554)
Hotel EBITDA attributable to the Company and OP unitholders$168,747 $331 $(59,204)$109,874 
Non-comparable adjustments210 
Comparable hotel EBITDA$169,183 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.


19


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2020
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(316,348)$(1,507)$(315,367)$(633,222)
Non-property adjustments37,670 — (37,670)— 
Interest income(64)— 64 — 
Interest expense20,259 — 210,597 230,856 
Amortization of loan cost1,894 — 14,631 16,525 
Depreciation and amortization251,945 625 195 252,765 
Income tax expense (benefit)111 — (1,446)(1,335)
Non-hotel EBITDA ownership expense7,958 29 (7,987)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,425 (853)(136,983)(134,411)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(39)— 39 — 
Equity in (earnings) loss of unconsolidated entities— — 448 448 
Company's portion of EBITDA of unconsolidated entities— — (446)(446)
Hotel EBITDA attributable to the Company and OP unitholders$3,386 $(853)$(136,942)$(134,409)
Non-comparable adjustments2,977 
Comparable hotel EBITDA$6,402 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.


20


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended December 31, 2021
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis -
St. Paul, MN - WI Area
Nashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$631 $(1,143)$67 $62 $2,443 $312 $(1,414)$4,174 $(2,983)
Non-property adjustments(52)— — — — — — — — 
Interest income— — (1)— (1)— — — (1)
Interest expense103 974 — — — — — — — 
Amortization of loan costs130 — — — — — — — 
Depreciation and amortization3,793 2,282 3,962 1,223 3,420 1,535 831 2,454 4,118 
Income tax expense (benefit)— — — — — — — — — 
Non-hotel EBITDA ownership expense107 (373)(22)179 (7)148 69 40 72 
Hotel EBITDA including amounts attributable to noncontrolling interest4,590 1,870 4,006 1,464 5,855 1,995 (514)6,668 1,206 
Non-comparable adjustments— — — — — — (49)— — 
Comparable hotel EBITDA$4,590 $1,870 $4,006 $1,464 $5,855 $1,995 $(563)$6,668 $1,206 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(93)$(331)$252 $(3,196)$(197)$(4,563)$4,874 $(1,105)
Non-property adjustments— — — — — — (47)
Interest income— — (1)— — (1)(1)(6)
Interest expense— — — 232 — 446 497 2,252 
Amortization of loan costs— — — 37 — 64 196 435 
Depreciation and amortization1,403 1,234 693 3,547 1,294 6,565 14,023 52,377 
Income tax expense (benefit)— (3)— — — — 14 11 
Non-hotel EBITDA ownership expense53 35 515 13 174 548 1,554 
Hotel EBITDA including amounts attributable to noncontrolling interest1,313 953 979 1,135 1,110 2,685 20,156 55,471 
Non-comparable adjustments— — — — — — — (49)
Comparable hotel EBITDA$1,313 $953 $979 $1,135 $1,110 $2,685 $20,156 $55,422 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

21


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
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$(3,037)$(5,171)$(4,741)$(1,549)$(3,913)$(2,525)$(9,173)$(2,702)$(7,363)
Non-property adjustments— 243 — — — — 6,567 — — 
Interest income— — (1)— (1)— — — (1)
Interest expense103 245 — — — — — — — 
Amortization of loan costs69 — — — — — — — 
Depreciation and amortization3,928 2,609 4,411 1,387 3,780 1,723 1,101 2,592 4,346 
Income tax expense (benefit)33 — — — — — — — 58 
Non-hotel EBITDA ownership expense(1)201 470 35 93 207 142 
Hotel EBITDA including amounts attributable to noncontrolling interest1,034 (1,999)(324)39 336 (767)(1,412)97 (2,818)
Non-comparable adjustments— — — — — — 255 — (14)
Comparable hotel EBITDA$1,034 $(1,999)$(324)$39 $336 $(767)$(1,157)$97 $(2,832)
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(1,508)$(1,296)$(634)$(4,506)$(1,805)$(10,476)$(16,479)$(76,878)
Non-property adjustments— — — — (125)(440)6,246 
Interest income— — — — — (1)(3)(7)
Interest expense— — — 420 — 405 106 1,279 
Amortization of loan costs— — — 22 — 61 145 305 
Depreciation and amortization1,669 1,342 714 3,611 1,451 7,754 15,868 58,286 
Income tax expense (benefit)— 21 — — — (6)111 
Non-hotel EBITDA ownership expense(77)60 (2)288 267 (380)82 1,398 
Hotel EBITDA including amounts attributable to noncontrolling interest85 127 78 (165)(87)(2,757)(727)(9,260)
Non-comparable adjustments(7)— — — — — 80 314 
Comparable hotel EBITDA$78 $127 $78 $(165)$(87)$(2,757)$(647)$(8,946)
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

22


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Year Ended December 31, 2021
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$(2,983)$(6,772)$(6,738)$(631)$2,186 $(1,135)$(4,497)$6,296 $(19,044)
Non-property adjustments(52)(1,033)(2)— — — 127 — (327)
Interest income(2)— (3)— (5)— — — (2)
Interest expense408 1,914 — — — — — — — 
Amortization of loan costs31 402 — — — — — — — 
Depreciation and amortization15,251 9,647 16,456 5,088 14,215 6,519 3,446 9,945 17,153 
Income tax expense (benefit)— — — — — — — — 
Non-hotel EBITDA ownership expense(3)(782)700 406 (36)390 (41)(114)3,778 
Hotel EBITDA including amounts attributable to noncontrolling interest12,650 3,376 10,413 4,863 16,360 5,774 (965)16,133 1,558 
Non-comparable adjustments— — — — — — 138 
Comparable hotel EBITDA$12,650 $3,376 $10,413 $4,863 $16,360 $5,774 $(827)$16,134 $1,559 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(1,799)$(1,409)$1,013 $(9,349)$(33)$(24,220)$15,257 $(53,858)
Non-property adjustments— — — 19 (55)— (10,510)(11,833)
Interest income(1)(1)(2)— — (3)(5)(24)
Interest expense— — — 972 — 1,808 1,876 6,978 
Amortization of loan costs— — — 147 — 252 491 1,323 
Depreciation and amortization5,995 5,090 2,718 14,113 5,468 28,028 58,945 218,077 
Income tax expense (benefit)— (3)— — — — 166 169 
Non-hotel EBITDA ownership expense123 38 232 726 (204)523 2,405 8,141 
Hotel EBITDA including amounts attributable to noncontrolling interest4,318 3,715 3,961 6,628 5,176 6,388 68,625 168,973 
Non-comparable adjustments(1)— — — — — 71 210 
Comparable hotel EBITDA$4,317 $3,715 $3,961 $6,628 $5,176 $6,388 $68,696 $169,183 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

23


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Year Ended December 31, 2020
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$(15,655)$(20,942)$(16,832)$(5,230)$(11,093)$(3,614)$(49,865)$(10,270)$(71,602)
Non-property adjustments— (3,043)— — — (4,841)35,355 — 36,077 
Interest income(2)— (4)— (6)(1)(4)— (4)
Interest expense478 4,831 — — — — — — 7,660 
Amortization of loan costs99 246 — — — — — — 486 
Depreciation and amortization15,826 11,805 18,276 5,641 15,819 8,254 7,163 10,469 18,790 
Income tax expense (benefit)33 — — — — — — — 58 
Non-hotel EBITDA ownership expense697 482 294 334 410 198 332 421 877 
Hotel EBITDA including amounts attributable to noncontrolling interest1,476 (6,621)1,734 745 5,130 (4)(7,019)620 (7,658)
Non-comparable adjustments— 497 — — — (439)3,408 — 420 
Comparable hotel EBITDA$1,476 $(6,124)$1,734 $745 $5,130 $(443)$(3,611)$620 $(7,238)
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$333 $(4,931)$(2,227)$(13,595)$(4,640)$(43,871)$(42,314)$(316,348)
Non-property adjustments(7,632)— — — — (125)(18,121)37,670 
Interest income(2)(1)(2)(8)— (8)(22)(64)
Interest expense— — — 2,058 — 2,654 2,578 20,259 
Amortization of loan costs— — — 69 — 239 755 1,894 
Depreciation and amortization8,314 5,532 2,966 14,439 6,006 31,682 70,963 251,945 
Income tax expense (benefit)— 21 — — — (6)111 
Non-hotel EBITDA ownership expense65 116 55 1,087 313 875 1,402 7,958 
Hotel EBITDA including amounts attributable to noncontrolling interest1,078 737 792 4,050 1,679 (8,549)15,235 3,425 
Non-comparable adjustments(141)— — — — — (768)2,977 
Comparable hotel EBITDA$937 $737 $792 $4,050 $1,679 $(8,549)$14,467 $6,402 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.


24


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended December 31, 2021
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$3,228 $(3,489)$(5,518)$6,555 $(1,503)$(11,228)$(26,561)$(800)$(6,817)$(713)$677 
Non-property adjustments— (2)— — (9)— (66)— (1)— — 
Interest income(9)(4)— — — — — (9)— (2)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization5,907 6,328 13,726 9,766 12,902 16,570 58,398 21,669 19,379 5,589 1,546 
Income tax expense (benefit)(3)— — — — — — — — — — 
Non-hotel EBITDA ownership expense157 228 948 1,289 496 (206)4,615 (173)701 121 (48)
Hotel EBITDA including amounts attributable to noncontrolling interest9,280 3,061 9,156 17,610 11,886 5,136 36,386 20,687 13,265 4,995 2,175 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$9,280 $3,061 $9,156 $17,610 $11,886 $5,136 $36,386 $20,687 $13,265 $4,995 $2,175 
BAML Pool 5 - 2 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotel
Net income (loss)$10,318 $(431)$3,851 $(4,002)$(2,051)$(66)$(1,236)$(3,830)$(6,760)$(577)$1,459 
Non-property adjustments(10,601)(51)— — — — — (1,033)— — — 
Interest income— — — — — — — — — — — 
Interest expense— — — 1,809 — — 408 1,912 — — 701 
Amortization of loan costs— — — 250 — — 32 402 — — 94 
Depreciation and amortization174 1,274 12,921 2,986 2,415 382 1,534 5,793 9,445 2,005 1,596 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense32 161 (147)67 111 62 138 (289)(467)(24)148 
Hotel EBITDA including amounts attributable to noncontrolling interest(77)953 16,631 1,110 475 378 876 2,955 2,218 1,404 3,998 
Non-comparable adjustments77 — — — — — — — — — — 
Comparable hotel EBITDA$— $953 $16,631 $1,110 $475 $378 $876 $2,955 $2,218 $1,404 $3,998 
Aareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsDeutsche Bank W Minneapolis - 1 hotelSPT Embassy Suites New York Manhattan Times Square - 1 hotelUnencumbered hotelsTotal Portfolio
Net income (loss)$(5,034)$220 $206 $325 $(98)$23 $$327 $(334)$(53,858)
Non-property adjustments— — — 28 98 — — (327)131 (11,833)
Interest income— — — — — — — — — (24)
Interest expense1,174 — — 971 — — — — — 6,978 
Amortization of loan costs398 — — 147 — — — — — 1,323 
Depreciation and amortization3,588 373 531 1,249 — — — — 31 218,077 
Income tax expense (benefit)— 19 147 — — — — — — 169 
Non-hotel EBITDA ownership expense— — 13 193 — — — — 15 8,141 
Hotel EBITDA including amounts attributable to noncontrolling interest126 612 897 2,913 — 23 — (157)168,973 
Non-comparable adjustments— — — — — (23)(1)— 157 210 
Comparable hotel EBITDA$126 $612 $897 $2,913 $— $— $— $— $— $169,183 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at December 31, 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.

25