EX-99.1 2 aht2024q1earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14a.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 FIRST QUARTER 2024 RESULTS
DALLAS – May 7, 2024 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2024. 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 March 31, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2024 with the first quarter ended March 31, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS
Comparable RevPAR for all hotels decreased 0.9% to $128.55 during the quarter on a 1.6% increase in Comparable ADR and a 2.4% decrease in Comparable Occupancy.
Net income attributable to common stockholders was $67.4 million or $0.60 per diluted share for the quarter.
Adjusted EBITDAre was $59.5 million for the quarter.
Adjusted funds from operations (AFFO) was $(0.35) per diluted share for the quarter.
Comparable Hotel EBITDA was $74.3 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $112.7 million and restricted cash of $135.7 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 $23.5 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 $183 million.
Capex invested during the quarter was $33.9 million.
RECENT OPERATING HIGHLIGHTS
During the quarter, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising.
During the quarter, the Company closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million.
Subsequent to quarter end, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million.



AHT Reports First Quarter Results
Page 2
May 7, 2024

Subsequent to quarter end, the Company closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million.
To date, the Company has issued approximately $122 million of its non-traded preferred stock.
CAPITAL STRUCTURE
As of March 31, 2024, the Company had total loans of $2.9 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR and the corresponding interest rate caps, approximately 92% of the Company’s debt is effectively fixed and approximately 8% is effectively floating.
During the quarter, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. As detailed in a January 31, 2024 announcement, the Company currently has several assets at various stages of the sales process. The Company is unlikely to sell all of these assets, but plans to determine which assets are capturing the most attractive valuations and resulting in the largest impact to its deleveraging effort. The outstanding balance on the strategic financing is currently $107 million.
During the quarter, the Company announced that it closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million. When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represented a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale were used to pay down debt.
Subsequent to quarter end, the Company announced that it closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million ($438,000 per key). All of the proceeds from the sale were used for debt reduction including approximately $68 million to pay down the Company’s strategic financing.
Subsequent to quarter end, the Company announced that it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million ($95,300 per key). The sale price represented a 6.0% capitalization rate on trailing 12-month net operating income through March 2024.
Subsequent to quarter end, the Company also announced the transfer of the Company’s possession and control of the hotel properties securing the $180.7 million KEYS A Loan Pool and the $174.4 million KEYS B Loan Pool to a court-appointed receiver. The Company has been fully cooperating with the servicer for a consensual foreclosure or deed in lieu of foreclosure on these properties since July 2023. As a result of the transfer, the Company has no further economic interest in the operations of these hotels.
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2024. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 4,560,502 shares of its Series J and 309,657 shares of its Series K non-traded preferred stock raising approximately $122 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.



AHT Reports First Quarter Results
Page 3
May 7, 2024

“I’m very pleased with the progress we have made in paying off our strategic financing,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “The outstanding loan balance is down almost 50% from the original balance. Our first quarter operating performance was negatively impacted by a soft March due to the Easter Holiday shift, but we have seen a marked improvement for April.” Mr. Hays added, “Between the excess proceeds from additional planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year. As we look to the remainder of 2024, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 8, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, May 15, 2024, by dialing (609) 800-9909 and entering the confirmation number, 6109805.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2024 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 Wednesday, May 8, 2024, 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
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, including its plans to raise sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising and to pay off its strategic financing. 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: 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



AHT Reports First Quarter Results
Page 4
May 7, 2024

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 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)
March 31, 2024December 31, 2023
ASSETS
Investments in hotel properties, net$2,538,470 $2,951,932 
Contract asset378,160 — 
Cash and cash equivalents111,065 165,231 
Restricted cash132,949 146,079 
Accounts receivable, net of allowance of $1,302 and $1,214, respectively56,041 45,521 
Inventories3,754 3,679 
Notes receivable, net9,642 7,369 
Investment in unconsolidated entities9,426 9,960 
Deferred costs, net1,750 1,808 
Prepaid expenses22,133 12,806 
Derivative assets, net12,398 13,696 
Operating lease right-of-use assets43,975 44,047 
Other assets18,948 25,309 
Intangible assets, net797 797 
Due from third-party hotel managers23,531 21,664 
Assets held for sale176,178 12,383 
Total assets$3,539,217 $3,462,281 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net$2,934,894 $3,040,951 
Indebtedness associated with hotels in receivership355,120 355,120 
Finance lease liability18,387 18,469 
Other finance liability26,908 26,858 
Accounts payable and accrued expenses130,613 129,323 
Accrued interest payable12,511 12,985 
Accrued interest associated with hotels in receivership23,040 14,024 
Dividends and distributions payable3,651 3,566 
Due to Ashford Inc., net9,732 13,261 
Due to related parties, net2,003 5,874 
Due to third-party hotel managers1,487 1,193 
Intangible liabilities, net2,005 2,017 
Operating lease liabilities44,661 44,765 
Other liabilities3,443 3,499 
Liabilities associated with assets held for sale101,720 14,653 
Total liabilities3,670,175 3,686,558 
Redeemable noncontrolling interests in operating partnership22,300 22,007 
Series J Redeemable Preferred Stock, $0.01 par value, 4,353,135 and 3,475,318 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively100,192 79,975 
Series K Redeemable Preferred Stock, $0.01 par value, 262,060 and 194,193 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively6,434 4,783 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,159,927 and 1,159,927 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively12 12 
Series F Cumulative Preferred Stock, 1,104,344 and 1,175,344 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively11 11 
Series G Cumulative Preferred Stock, 1,531,996 and 1,531,996 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively15 15 
Series H Cumulative Preferred Stock, 1,099,325 and 1,170,325 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively11 12 
Series I Cumulative Preferred Stock, 1,143,923 and 1,160,923 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively11 12 
Common stock, $0.01 par value, 400,000,000 shares authorized, 40,167,334 and 37,422,056 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively402 374 
Additional paid-in capital2,383,814 2,382,975 
Accumulated deficit(2,661,080)(2,729,312)
Total stockholders' equity (deficit) of the Company(276,804)(345,901)
Noncontrolling interests in consolidated entities16,920 14,859 
Total equity (deficit)(259,884)(331,042)
Total liabilities and equity/deficit$3,539,217 $3,462,281 
5


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
20242023
REVENUE
Rooms$229,207 $252,955 
Food and beverage57,358 58,991 
Other16,692 16,282 
Total hotel revenue303,257 328,228 
Other639 658 
Total revenue303,896 328,886 
EXPENSES
Hotel operating expenses
Rooms54,680 59,203 
Food and beverage37,831 39,790 
Other expenses106,826 113,879 
Management fees 11,550 12,246 
Total hotel operating expenses210,887 225,118 
Property taxes, insurance and other17,364 16,537 
Depreciation and amortization40,544 47,855 
Advisory services fee:
Base advisory fee8,220 8,469 
Reimbursable expenses6,445 3,227 
Stock/unit-based compensation536 1,290 
Corporate, general and administrative:
Stock/unit-based compensation28 36 
Other general and administrative8,244 2,576 
Total operating expenses292,268 305,108 
Gain (loss) on disposition of assets and hotel properties6,956 (24)
Gain (loss) on derecognition of assets133,909 — 
OPERATING INCOME (LOSS)152,493 23,754 
Equity in earnings (loss) of unconsolidated entities(534)(396)
Interest income1,984 2,557 
Other income (expense), net36 134 
Interest expense, net of discount amortization(71,753)(71,597)
Interest expense associated with hotels in receivership(12,098)(7,147)
Amortization of loan costs(2,208)(2,771)
Write-off of premiums, loan costs and exit fees(18)(420)
Gain (loss) on extinguishment of debt45 — 
Realized and unrealized gain (loss) on derivatives4,761 (5,415)
INCOME (LOSS) BEFORE INCOME TAXES72,708 (61,301)
Income tax benefit (expense)(303)(221)
NET INCOME (LOSS)72,405 (61,522)
(Income) loss attributable to noncontrolling interest in consolidated entities— 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(853)600 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY71,561 (60,922)
Preferred dividends(5,011)(3,243)
Deemed dividends on redeemable preferred stock(682)(407)
Gain (loss) on extinguishment of preferred stock1,573 — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$67,441 $(64,572)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$1.74 $(1.88)
Weighted average common shares outstanding – basic38,458 34,381 
Diluted:
Net income (loss) attributable to common stockholders$0.60 $(1.88)
Weighted average common shares outstanding – diluted116,729 34,381 
Dividends declared per common share$— $— 
6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
March 31,
20242023
Net income (loss)$72,405 $(61,522)
Interest expense and amortization of discounts and loan costs, net73,961 74,368 
Interest expense associated with hotels in receivership12,098 7,147 
Depreciation and amortization 40,544 47,855 
Income tax expense (benefit)303 221 
Equity in (earnings) loss of unconsolidated entities534 396 
Company's portion of EBITDA of unconsolidated entities(166)(69)
EBITDA199,679 68,396 
(Gain) loss on disposition of assets and hotel properties(6,956)24 
(Gain) loss on derecognition of assets(133,909)— 
EBITDAre58,814 68,420 
Amortization of unfavorable contract liabilities(31)29 
Transaction and conversion costs4,956 119 
Write-off of premiums, loan costs and exit fees18 420 
Realized and unrealized (gain) loss on derivatives(4,761)5,415 
Stock/unit-based compensation564 1,333 
Other (income) expense, net (35)(120)
(Gain) loss on extinguishment of debt(45)— 
Company's portion of adjustments to EBITDAre of unconsolidated entities— 
Adjusted EBITDAre$59,480 $75,617 
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
March 31,
20242023
Net income (loss)$72,405 $(61,522)
(Income) loss attributable to noncontrolling interest in consolidated entities— 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(853)600 
Preferred dividends(5,011)(3,243)
Deemed dividends on redeemable preferred stock(682)(407)
Gain (loss) on extinguishment of preferred stock1,573 — 
Net income (loss) attributable to common stockholders67,441 (64,572)
Depreciation and amortization on real estate40,544 47,855 
(Gain) loss on disposition of assets and hotel properties(6,956)24 
(Gain) loss on derecognition of assets(133,909)— 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership853 (600)
Equity in (earnings) loss of unconsolidated entities534 396 
Company's portion of FFO of unconsolidated entities(407)(287)
FFO available to common stockholders and OP unitholders(31,900)(17,184)
Deemed dividends on redeemable preferred stock682 407 
(Gain) loss on extinguishment of preferred stock(1,573)— 
Transaction and conversion costs4,956 119 
Write-off of premiums, loan costs and exit fees18 420 
Unrealized (gain) loss on derivatives3,953 14,942 
Stock/unit-based compensation564 1,333 
Other (income) expense, net (35)(120)
Amortization of credit facility exit fee844 4,156 
Amortization of loan costs2,208 2,771 
(Gain) loss on extinguishment of debt(45)— 
Interest expense associated with hotels in receivership6,551 — 
Company's portion of adjustments to FFO of unconsolidated entities— 
Adjusted FFO available to common stockholders and OP unitholders$(13,777)$6,845 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.35)$0.19 
Weighted average diluted shares38,958 36,461 
7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2024
(dollars in thousands)
(unaudited)
IndebtednessCurrent Maturity
Final Maturity (15)
Interest RateFixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM Hotel Net IncomeComparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (16)
Comparable TTM Hotel EBITDA
Debt Yield
BAML Highland Pool - 19 hotelsApril 2024April 2025SOFR (1) + 3.51%$— $862,027 $862,027 (2)$50,325 5.8 %$99,249 11.5 %
Key Bank Manchester CY - 1 hotelMay 2024May 20244.99%5,572 — 5,572 618 11.1 %1,026 18.4 %
Southside Bank Ashton - 1 hotelJune 2024June 2024SOFR (1) + 2.00%— 8,881 8,881 (3)(53)(0.6)%313 3.5 %
KEYS Pool C - 4 hotelsJune 2024June 2025SOFR (1) + 3.90%— 143,877 143,877 (4)12,431 8.6 %19,254 13.4 %
KEYS Pool D - 5 hotelsJune 2024June 2025SOFR (1) + 4.17%— 237,061 237,061 (4)21,505 9.1 %27,333 11.5 %
KEYS Pool E - 5 hotelsJune 2024June 2025SOFR (1) + 2.90%— 119,003 119,003 (4)5,369 4.5 %17,784 14.9 %
Morgan Stanley Pool C2 - 2 hotelsAugust 2024August 20244.85%10,882 — 10,882 51 0.5 %1,020 9.4 %
Torchlight Marriott Gateway - 1 hotelNovember 2024November 2026SOFR (1) + 4.76%— 86,000 86,000 (5)9,381 10.9 %15,129 17.6 %
Morgan Stanley Pool - 17 hotelsNovember 2024November 2024SOFR (1) + 3.39%— 409,750 409,750 (6)24,350 5.9 %44,617 10.9 %
Aareal Le Pavillon - 1 hotelDecember 2024December 2027SOFR (1) + 4.00%— 37,000 37,000 (7)(8,692)(23.5)%(681)(1.8)%
BAML Indigo Atlanta - 1 hotelDecember 2024December 2024SOFR (1) + 2.85%— 13,721 13,721 (8)(765)(5.6)%1,760 12.8 %
BAML Pool 3 - 2 hotelsFebruary 2025February 20254.45%26,501 — 26,501 9,442 35.6 %6,056 22.9 %
JPMorgan Chase - 8 hotelsFebruary 2025February 2025SOFR (1) + 3.28%— 345,000 345,000 (9)9,589 2.8 %29,051 8.4 %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotelMarch 2025March 20254.66%22,591 — 22,591 (1,208)(5.3)%2,188 9.7 %
BAML Princeton/Nashville - 2 hotelsMarch 2025March 2026SOFR (1) + 2.80%— 240,000 240,000 (10)27,331 11.4 %39,964 16.7 %
Aareal Boston Back Bay - 1 hotelAugust 2025August 2026SOFR (1) + 3.91%— 98,000 98,000 (11)2,013 2.1 %16,197 16.5 %
Oaktree Capital Term LoanJanuary 2026January 202614.00%180,561 — 180,561 (12) N/A N/A N/A N/A
Aareal Alexandria/La Posada - 2 hotelsMay 2026May 2028SOFR (1) + 4.00%— 98,450 98,450 (13)2,782 2.8 %9,301 9.4 %
Unencumbered hotel - 1 hotel— — — 759 N/A3,923 N/A
Total$246,107 $2,698,770 $2,944,877 $165,228 5.6 %$333,484 11.3 %
Percentage8.4 %91.6 %100.0 %
Weighted average interest rate (14)
11.51 %7.80 %8.11 %
All indebtedness is non-recourse with the exception of the term loan.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    SOFR rate was 5.33% at March 31, 2024.
(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024.
(3)    This mortgage loan has a SOFR floor of 2.00%.
(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023.
(5)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023.
(7)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(8)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023.
(9)    This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added an additional one-year extension option, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in March 2024.
(11)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(12)    This term loan was amended in March 2024. Terms of the amendment extended the current maturity date to January 2026.
(13)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(14)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(15)    The final maturity date assumes all available extension options will be exercised, excluding loans in default.
(16)    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
March 31, 2024
(dollars in thousands)
(unaudited)
20242025202620272028ThereafterTotal
Key Bank Manchester CY - 1 hotel$5,571 $— $— $— $— $— $5,571 
Southside Bank Ashton - 1 hotel8,881 — — — — — 8,881 
Morgan Stanley Pool C2 - 2 hotels10,710 — — — — — 10,710 
Morgan Stanley Pool - 17 hotels409,750 — — — — — 409,750 
BAML Indigo Atlanta - 1 hotel13,623 — — — — — 13,623 
JPMorgan Chase - 8 hotels (1)— 345,000 — — — — 345,000 
BAML Pool 3 - 2 hotels— 25,906 — — — — 25,906 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel— 22,030 — — — — 22,030 
BAML Highland Pool - 19 hotels— 862,027 — — — — 862,027 
KEYS Pool C - 4 hotels— 143,877 — — — — 143,877 
KEYS Pool D - 5 hotels— 237,061 — — — — 237,061 
KEYS Pool E - 5 hotels— 119,003 — — — — 119,003 
Oaktree Capital Term Loan— — 180,561 — — — 180,561 
BAML Princeton/Nashville - 2 hotels— — 240,000 — — — 240,000 
Aareal Boston Back Bay - 1 hotel— — 96,000 — — — 96,000 
Torchlight Marriott Gateway - 1 hotel— — 86,000 — — — 86,000 
Aareal Le Pavillon - 1 hotel— — — 35,000 — — 35,000 
Aareal Alexandria/La Posada— — — — 98,450 — 98,450 
Principal due in future periods448,535 1,754,904 602,561 35,000 98,450 — 2,939,450 
Scheduled amortization payments remaining1,263 664 2,500 1,000 — — 5,427 
Total indebtedness$449,798 $1,755,568 $605,061 $36,000 $98,450 $— $2,944,877 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added an additional one-year extension option, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
9


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

ALL HOTELS:
Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$229,208 $(18,393)$210,815 $251,937 $(41,553)$210,384 (9.02)%0.20 %
RevPAR$125.30 $(97.11)$128.55 $125.44 $107.42 $129.74 (0.11)%(0.91)%
Occupancy66.90 %(62.60)%67.39 %68.41 %65.62 %69.08 %(2.21)%(2.44)%
ADR$187.30 $(155.13)$190.75 $183.35 $(163.69)$187.81 2.15 %1.57 %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$212,387 $(18,393)$193,994 $233,589 $(41,553)$192,036 9.98 %(1.01)%
RevPAR$123.02 $(97.11)$126.21 $122.51 $107.42 $126.35 (0.41)%0.11 %
Occupancy67.22 %(62.60)%67.79 %68.39 %65.62 %69.10 %1.74 %1.92 %
ADR$183.00 $(155.13)$186.17 $179.13 $(163.69)$182.86 (2.12)%(1.78)%
NOTES:
(1)    The above comparable information assumes the 72 hotel properties owned and included in the Company’s operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
10


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months Ended
March 31,
20242023% Variance
Total hotel revenue$303,258 $326,865 (7.22)%
Non-comparable adjustments(19,376)(47,207)
Comparable total hotel revenue$283,882 $279,658 1.51 %
Hotel net income (loss)$30,435 $33,999 (10.48)%
Non-comparable adjustments833 (3,294)
Comparable hotel net income (loss)$31,268 $30,705 1.83 %
Hotel net income (loss) margin10.04 %10.40 %(0.36)%
Comparable hotel net income margin11.01 %10.98 %0.03 %
Hotel EBITDA$78,312 $90,760 (13.72)%
Non-comparable adjustments(4,056)(11,416)
Comparable hotel EBITDA$74,256 $79,344 (6.41)%
Hotel EBITDA margin25.82 %27.77 %(1.95)%
Comparable hotel EBITDA margin26.16 %28.37 %(2.21)%
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended
March 31,
20242023% Variance
Total hotel revenue$279,862 $301,573 (7.20)%
Non-comparable adjustments(19,376)(47,207)
Comparable total hotel revenue$260,486 $254,366 2.41 %
Hotel net income (loss)$30,536 $29,306 4.20 %
Non-comparable adjustments833 (3,294)
Comparable hotel net income (loss)$31,369 $26,012 20.59 %
Hotel net income (loss) margin10.91 %9.72 %1.19 %
Comparable hotel net income margin12.04 %10.23 %1.81 %
Hotel EBITDA$72,208 $81,573 (11.48)%
Non-comparable adjustments(4,056)(11,416)
Comparable hotel EBITDA$68,152 $70,157 (2.86)%
Hotel EBITDA margin25.80 %27.05 %(1.25)%
Comparable hotel EBITDA margin26.16 %27.58 %(1.42)%
NOTES:
(1)    The above comparable information assumes the 72 hotel properties owned and included in the Company’s operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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.
(4)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
11


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

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202420242024202320232023202320232023202320232023
1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter
Total hotel revenue$303,258 $(19,376)$283,882 $319,177 $(40,593)$278,584 $341,999 $(48,373)$293,626 $373,749 $(51,017)$322,732 
Hotel net income (loss)$30,435 $833 $31,268 $(130,905)$154,401 $23,495 $44,644 $(3,604)$41,041 $64,836 $(5,817)$59,019 
Hotel net income (loss) margin10.04 %11.01 %(41.01)%8.43 %13.05 %13.98 %17.35 %18.29 %
Hotel EBITDA$78,312 $(4,056)$74,256 $78,605 $(9,014)$69,591 $97,466 $(11,496)$85,970 $117,477 $(13,810)$103,667 
Hotel EBITDA margin25.82 %26.16 %24.63 %24.98 %28.50 %29.28 %31.43 %32.12 %
Hotel net income (loss) % of total TTM337.8 %20.2 %(1,452.9)%15.2 %495.5 %26.5 %719.6 %38.1 %
EBITDA % of total TTM21.1 %22.3 %21.1 %20.9 %26.2 %25.8 %31.6 %31.0 %
ActualNon-comparable AdjustmentsComparable
202420242024
TTMTTMTTM
Total hotel revenue$1,338,183 $(159,359)$1,178,824 
Hotel net income (loss)$9,010 $145,813 $154,823 
Hotel net income (loss) margin0.67 %13.13 %
Hotel EBITDA$371,860 $(38,376)$333,484 
Hotel EBITDA margin27.79 %28.29 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 March 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area1,200 $119.52 $(97.32)$123.01 $135.14 $(132.73)$135.99 (11.6)%(9.5)%
Boston, MA Area705 142.10 — 142.10 135.84 — 135.84 4.6 %4.6 %
Dallas / Ft. Worth, TX Area1,247 114.00 (69.40)120.57 118.49 (73.97)128.45 (3.8)%(6.1)%
Houston, TX Area692 97.24 — 97.24 109.42 — 109.42 (11.1)%(11.1)%
Los Angeles, CA Metro Area1,312 148.74 (84.48)158.65 148.26 (104.40)158.52 0.3 %0.1 %
Miami, FL Metro Area414 244.66 — 244.66 231.61 — 231.61 5.6 %5.6 %
Minneapolis - St. Paul, MN Area520 53.87 — 53.87 51.18 — 51.18 5.3 %5.3 %
Nashville, TN Area674 220.63 — 220.63 218.21 — 218.21 1.1 %1.1 %
New York / New Jersey Metro Area1,159 75.02 (55.84)77.59 77.01 (79.28)75.87 (2.6)%2.3 %
Orlando, FL Area524 145.63 — 145.63 146.85 — 146.85 (0.8)%(0.8)%
Philadelphia, PA Area263 72.76 (28.18)94.99 78.22 (59.15)106.14 (7.0)%(10.5)%
San Diego, CA Area410 139.59 — 139.59 127.74 — 127.74 9.3 %9.3 %
San Francisco - Oakland, CA Metro Area793 112.90 (85.16)124.55 115.28 (116.84)113.80 (2.1)%9.4 %
Tampa, FL Area571 185.40 — 185.40 191.62 — 191.62 (3.2)%(3.2)%
Washington D.C. - MD - VA Area2,428 134.99 — 134.99 128.33 — 128.33 5.2 %5.2 %
Other Areas26 5,109 116.31 (127.59)114.35 120.58 (124.95)119.25 (3.5)%(4.1)%
Total Portfolio75 18,021 $125.30 $(97.11)$128.55 $125.44 $(107.42)$129.74 (0.1)%(0.9)%
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area1,200 $1,193 $85 $1,278 4.1 %$2,883 $(30)$2,853 9.3 %(58.6)%(55.2)%
Boston, MA Area705 (3,059)— (3,059)(9.8)%(3,200)— (3,200)(10.4)%4.4 %4.4 %
Dallas / Ft. Worth, TX Area1,247 2,398 1,004 3,402 10.9 %4,746 (62)4,684 15.3 %(49.5)%(27.4)%
Houston, TX Area692 102 — 102 0.3 %983 — 983 3.2 %(89.6)%(89.6)%
Los Angeles, CA Metro Area1,312 1,431 3,125 4,556 14.6 %5,305 (156)5,149 16.8 %(73.0)%(11.5)%
Miami, FL Metro Area414 4,121 — 4,121 13.2 %3,080 — 3,080 10.0 %33.8 %33.8 %
Minneapolis - St. Paul, MN Area520 (1,289)— (1,289)(4.1)%(1,118)— (1,118)(3.6)%(15.3)%(15.3)%
Nashville, TN Area674 5,811 — 5,811 18.6 %4,859 — 4,859 15.8 %19.6 %19.6 %
New York / New Jersey Metro Area1,159 (1,823)876 (947)(3.0)%(1,769)1,092 (677)(2.2)%(3.1)%(39.9)%
Orlando, FL Area524 1,752 — 1,752 5.6 %1,532 — 1,532 5.0 %14.4 %14.4 %
Philadelphia, PA Area263 (979)830 (149)(0.5)%(1,261)571 (690)(2.2)%22.4 %78.4 %
San Diego, CA Area410 1,101 — 1,101 3.5 %680 — 680 2.2 %61.9 %61.9 %
San Francisco - Oakland, CA Metro Area793 11 208 219 0.7 %226 (858)(632)(2.1)%(95.1)%134.7 %
Tampa, FL Area571 4,522 — 4,522 14.5 %4,528 — 4,528 14.7 %(0.1)%(0.1)%
Washington D.C. - MD - VA Area2,428 5,840 — 5,840 18.7 %2,398 — 2,398 7.8 %143.5 %143.5 %
Other Areas26 5,109 9,303 (5,295)4,008 12.7 %10,127 (3,851)6,276 20.4 %(8.1)%(36.1)%
Total Portfolio75 18,021 $30,435 $833 $31,268 100.0 %$33,999 $(3,294)$30,705 100.0 %(10.5)%1.8 %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area1,200 $4,617 $(429)$4,188 5.6 %$7,634 $(1,166)$6,468 8.2 %(39.5)%(35.3)%
Boston, MA Area705 884 — 884 1.2 %1,076 — 1,076 1.4 %(17.8)%(17.8)%
Dallas / Ft. Worth, TX Area1,247 6,868 (323)6,545 8.8 %8,675 (454)8,221 10.4 %(20.8)%(20.4)%
Houston, TX Area692 1,767 — 1,767 2.4 %2,780 — 2,780 3.5 %(36.4)%(36.4)%
Los Angeles, CA Metro Area1,312 6,802 (73)6,729 9.1 %7,936 (551)7,385 9.3 %(14.3)%(8.9)%
Miami, FL Metro Area414 5,203 — 5,203 7.0 %4,548 — 4,548 5.7 %14.4 %14.4 %
Minneapolis - St. Paul, MN Area520 (506)— (506)(0.7)%(323)— (323)(0.4)%(56.7)%(56.7)%
Nashville, TN Area674 8,284 — 8,284 11.2 %7,486 — 7,486 9.4 %10.7 %10.7 %
New York / New Jersey Metro Area1,159 1,347 (112)1,235 1.7 %2,427 (750)1,677 2.1 %(44.5)%(26.4)%
Orlando, FL Area524 2,720 — 2,720 3.7 %2,648 — 2,648 3.3 %2.7 %2.7 %
Philadelphia, PA Area263 (28)266 238 0.3 %101 154 255 0.3 %(127.7)%(6.7)%
San Diego, CA Area410 1,681 — 1,681 2.3 %1,335 — 1,335 1.7 %25.9 %25.9 %
San Francisco - Oakland, CA Metro Area793 3,044 (228)2,816 3.8 %4,463 (2,088)2,375 3.0 %(31.8)%18.6 %
Tampa, FL Area571 5,360 — 5,360 7.2 %5,500 — 5,500 6.9 %(2.5)%(2.5)%
Washington D.C. - MD - VA Area2,428 10,627 — 10,627 14.3 %9,630 — 9,630 12.1 %10.4 %10.4 %
Other Areas26 5,109 19,642 (3,157)16,485 22.1 %24,844 (6,561)18,283 23.1 %(20.9)%(9.8)%
Total Portfolio75 18,021 $78,312 $(4,056)$74,256 100.0 %$90,760 $(11,416)$79,344 100.0 %(13.7)%(6.4)%
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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
March 31, 2024
(in thousands, except share price)
(unaudited)
March 31, 2024
Common stock shares outstanding40,167 
Partnership units outstanding 1,977 
Combined common stock shares and partnership units outstanding42,144 
Common stock price$1.37 
Market capitalization $57,737 
Series D cumulative preferred stock$28,998 
Series F cumulative preferred stock$27,609 
Series G cumulative preferred stock$38,300 
Series H cumulative preferred stock$27,483 
Series I cumulative preferred stock$28,598 
Series J redeemable preferred stock$108,828 
Series K redeemable preferred stock$6,552 
Indebtedness$2,944,877 
Net working capital (see below)$(182,599)
Total enterprise value (TEV)$3,086,383 
Cash and cash equivalents$108,982 
Restricted cash$126,148 
Accounts receivable, net$57,357 
Prepaid expenses$21,973 
Due from third-party hotel managers, net$22,167 
Total current assets$336,627 
Accounts payable, net & accrued expenses$141,963 
Dividends and distributions payable$3,650 
Due to affiliates, net$8,415 
Total current liabilities$154,028 
Net working capital$182,599 
Amounts include assets held for sale and liabilities associated with assets held for sale.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, Stirling REIT OP, LP and debt associated with hotels in receivership.
15


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2024
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualEstimatedEstimatedEstimated
Courtyard Bloomington117 x
La Concha Key West160 xx
Embassy Suites Dallas150 xxx
Embassy Suites Palm Beach160 xx
Le Pavillon New Orleans226 x
Marriott Sugar Land300 xx
Residence Inn Evansville78 x
Total3423
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.
16


Exhibit 1

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

2024202320232023March 31, 2024
1st Quarter4th Quarter3rd Quarter2nd QuarterTTM
Net income (loss)$30,435 $(130,905)$44,644 $64,836 $9,010 
Non-property adjustments1,970 155,688 (33)(9)157,616 
Interest income(410)(421)(383)(248)(1,462)
Interest expense4,155 4,231 4,234 5,137 17,757 
Amortization of loan costs219 222 219 262 922 
Depreciation and amortization40,220 46,617 45,905 47,065 179,807 
Income tax expense (benefit)35 42 89 66 232 
Non-hotel EBITDA ownership expense1,688 3,131 2,791 368 7,978 
Hotel EBITDA including amounts attributable to noncontrolling interest78,312 78,605 97,466 117,477 371,860 
Non-comparable adjustments(4,056)(9,014)(11,496)(13,810)(38,376)
Comparable hotel EBITDA$74,256 $69,591 $85,970 $103,667 $333,484 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
17


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$30,536 $(101)$30,435 $(1)$41,971 $72,405 
Non-property adjustments1,970 — 1,970 — (1,970)— 
Interest income(379)(31)(410)— 410 — 
Interest expense3,282 873 4,155 — 79,696 83,851 
Amortization of loan cost183 36 219 — 1,989 2,208 
Depreciation and amortization35,158 5,062 40,220 — 324 40,544 
Income tax expense (benefit)35 — 35 — 268 303 
Non-hotel EBITDA ownership expense1,423 265 1,688 — (1,688)— 
Hotel EBITDA including amounts attributable to noncontrolling interest72,208 6,104 78,312 (1)121,000 199,311 
Equity in (earnings) loss of unconsolidated entities— — — — 534 534 
Company's portion of EBITDA of unconsolidated entities— — — — (166)(166)
Hotel EBITDA attributable to the Company and OP unitholders$72,208 $6,104 $78,312 $(1)$121,368 $199,679 
Non-comparable adjustments(4,056)— (4,056)
Comparable hotel EBITDA$68,152 $6,104 $74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(130,905)$60 $101,041 $(29,804)
Non-property adjustments155,688 (22)(155,666)— 
Interest income(421)— 421 — 
Interest expense4,231 — 88,331 92,562 
Amortization of loan cost222 — 2,879 3,101 
Depreciation and amortization46,617 — 227 46,844 
Income tax expense (benefit)42 — (1,552)(1,510)
Non-hotel EBITDA ownership expense3,131 (3,132)— 
Hotel EBITDA including amounts attributable to noncontrolling interest78,605 39 32,549 111,193 
Equity in (earnings) loss of unconsolidated entities— — 419 419 
Company's portion of EBITDA of unconsolidated entities— — (74)(74)
Hotel EBITDA attributable to the Company and OP unitholders$78,605 $39 $32,894 $111,538 
Non-comparable adjustments(9,014)
Comparable hotel EBITDA$69,591 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
19


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$44,644 $5,130 $(114,225)$(64,451)
Non-property adjustments(33)(6,389)6,422 — 
Interest income(383)— 383 — 
Interest expense4,234 — 91,897 96,131 
Amortization of loan cost219 — 3,030 3,249 
Depreciation and amortization45,905 — 49 45,954 
Income tax expense (benefit)89 — 38 127 
Non-hotel EBITDA ownership expense2,791 (2,794)— 
Hotel EBITDA including amounts attributable to noncontrolling interest97,466 (1,256)(15,200)81,010 
Equity in (earnings) loss of unconsolidated entities— — 138 138 
Company's portion of EBITDA of unconsolidated entities— — 217 217 
Hotel EBITDA attributable to the Company and OP unitholders$97,466 $(1,256)$(14,845)$81,365 
Non-comparable adjustments(11,496)
Comparable hotel EBITDA$85,970 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
20


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$64,836 $(46)$(89,745)$(24,955)
Non-property adjustments(9)— — 
Interest income(248)— 248 — 
Interest expense5,137 — 80,839 85,976 
Amortization of loan cost262 — 3,352 3,614 
Depreciation and amortization47,065 41 48 47,154 
Income tax expense (benefit)66 — 1,996 2,062 
Non-hotel EBITDA ownership expense368 (374)— 
Hotel EBITDA including amounts attributable to noncontrolling interest117,477 (3,627)113,851 
Equity in (earnings) loss of unconsolidated entities— — 181 181 
Company's portion of EBITDA of unconsolidated entities— — 157 157 
Hotel EBITDA attributable to the Company and OP unitholders$117,477 $$(3,289)$114,189 
Non-comparable adjustments(13,810)
Comparable hotel EBITDA$103,667 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
21


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$29,306 $4,693 $33,999 $46 $(95,567)$(61,522)
Non-property adjustments(8)— (8)— — 
Interest income(100)— (100)— 100 — 
Interest expense4,784 796 5,580 — 73,164 78,744 
Amortization of loan cost249 33 282 — 2,489 2,771 
Depreciation and amortization44,161 3,523 47,684 123 48 47,855 
Income tax expense (benefit)22 — 22 — 199 221 
Non-hotel EBITDA ownership expense3,159 142 3,301 (3,310)— 
Hotel EBITDA including amounts attributable to noncontrolling interest81,573 9,187 90,760 178 (22,869)68,069 
Equity in (earnings) loss of unconsolidated entities— — — — 396 396 
Company's portion of EBITDA of unconsolidated entities— — — — (69)(69)
Hotel EBITDA attributable to the Company and OP unitholders$81,573 $9,187 $90,760 $178 $(22,542)$68,396 
Non-comparable adjustments(11,416)— (11,416)
Comparable hotel EBITDA$70,157 $9,187 $79,344 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
22


Exhibit 1

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

Three Months Ended March 31, 2024
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)$1,193 $(3,059)$2,398 $102 $1,431 $4,121 $(1,289)$5,811 $(1,823)
Non-property adjustments— — 1,084 — 2,975 — — — 727 
Interest income(38)(58)(4)— (29)(13)— (26)(4)
Interest expense777 2,291 — — — — — — — 
Amortization of loan costs— 144 — — — — — — — 
Depreciation and amortization2,636 1,533 3,271 1,565 2,295 1,080 760 2,466 2,241 
Income tax expense (benefit)— — — — — — — 26 — 
Non-hotel EBITDA ownership expense49 33 119 100 130 15 23 206 
Hotel EBITDA including amounts attributable to noncontrolling interest4,617 884 6,868 1,767 6,802 5,203 (506)8,284 1,347 
Non-comparable adjustments(429)— (323)— (73)— — — (112)
Comparable hotel EBITDA$4,188 $884 $6,545 $1,767 $6,729 $5,203 $(506)$8,284 $1,235 
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)$1,752 $(979)$1,101 $11 $4,522 $5,840 $9,303 $30,435 
Non-property adjustments— 420 — 189 — — (3,425)1,970 
Interest income(24)(4)(19)(17)— (137)(37)(410)
Interest expense— — — 213 — — 874 4,155 
Amortization of loan costs— — — 39 — — 36 219 
Depreciation and amortization970 531 587 2,535 854 4,763 12,133 40,220 
Income tax expense (benefit)— — — — — — 35 
Non-hotel EBITDA ownership expense22 12 74 (16)161 749 1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest2,720 (28)1,681 3,044 5,360 10,627 19,642 78,312 
Non-comparable adjustments— 266 — (228)— — (3,157)(4,056)
Comparable hotel EBITDA$2,720 $238 $1,681 $2,816 $5,360 $10,627 $16,485 $74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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)

Three Months Ended March 31, 2023
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)$2,883 $(3,200)$4,746 $983 $5,305 $3,080 $(1,118)$4,859 $(1,769)
Non-property adjustments— — — — — — — — — 
Interest income(3)— (3)— (15)(2)— — (6)
Interest expense784 2,075 — — — — — — — 
Amortization of loan costs137 — — — — — — — 
Depreciation and amortization3,603 2,046 3,847 1,234 2,586 1,442 776 2,531 4,034 
Income tax expense (benefit)— — — — — — — 22 — 
Non-hotel EBITDA ownership expense361 18 85 563 60 28 19 74 168 
Hotel EBITDA including amounts attributable to noncontrolling interest7,634 1,076 8,675 2,780 7,936 4,548 (323)7,486 2,427 
Non-comparable adjustments(1,166)— (454)— (551)— — — (750)
Comparable hotel EBITDA$6,468 $1,076 $8,221 $2,780 $7,385 $4,548 $(323)$7,486 $1,677 
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)$1,532 $(1,261)$680 $226 $4,528 $2,398 $10,127 $33,999 
Non-property adjustments— — — — — — (8)(8)
Interest income(16)(3)(7)(15)— (14)(16)(100)
Interest expense— — — 217 — 1,246 1,258 5,580 
Amortization of loan costs— — — 38 — 68 33 282 
Depreciation and amortization1,122 964 593 3,445 938 5,813 12,710 47,684 
Income tax expense (benefit)— — — — — — — 22 
Non-hotel EBITDA ownership expense10 401 69 552 34 119 740 3,301 
Hotel EBITDA including amounts attributable to noncontrolling interest2,648 101 1,335 4,463 5,500 9,630 24,844 90,760 
Non-comparable adjustments— 154 — (2,088)— — (6,561)(11,416)
Comparable hotel EBITDA$2,648 $255 $1,335 $2,375 $5,500 $9,630 $18,283 $79,344 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 March 31, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton / Nashville - 2 hotelsHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$12,431 $21,505 $5,369 $50,325 $24,350 $9,589 $9,442 $51 $27,331 $2,782 $(53)
Non-property adjustments(3,869)— (45)— — — (6,953)— (460)24 — 
Interest income(42)— — (403)(178)(203)(84)— (65)— — 
Interest expense— — — — — — — — 1,101 — 
Amortization of loan costs— — — — — — — — — 46 — 
Depreciation and amortization10,798 5,431 11,836 47,477 19,257 18,396 4,097 939 12,491 5,235 337 
Income tax expense (benefit)— — — — — — — 103 — — 
Non-hotel EBITDA ownership expense409 397 543 1,850 1,188 1,268 132 30 564 113 29 
Hotel EBITDA including amounts attributable to noncontrolling interest19,727 27,333 17,706 99,249 44,617 29,051 6,634 1,020 39,964 9,301 313 
Non-comparable adjustments(473)— 78 — — — (578)— — — — 
Comparable hotel EBITDA$19,254 $27,333 $17,784 $99,249 $44,617 $29,051 $6,056 $1,020 $39,964 $9,301 $313 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotelsMorgan Stanley Ann Arbor - 1 hotel
Net income (loss)$(765)$2,013 $9,381 $(1,208)$(8,692)$618 $(156,123)$(90)$(1,417)$830 $126 
Non-property adjustments— — — — — — 160,062 5,931 3,060 — (134)
Interest income— — (251)— — — (37)(136)(63)— — 
Interest expense1,214 9,107 — 870 3,461 — — — — — — 
Amortization of loan costs18 565 — 155 138 — — — — — — 
Depreciation and amortization1,377 4,245 5,947 2,305 4,264 356 8,796 6,284 5,495 1,682 — 
Income tax expense (benefit)— — — — — 36 — — — — — 
Non-hotel EBITDA ownership expense(84)267 52 66 148 16 274 261 313 66 — 
Hotel EBITDA including amounts attributable to noncontrolling interest1,760 16,197 15,129 2,188 (681)1,026 12,972 12,250 7,388 2,578 (8)
Non-comparable adjustments— — — — — — (12,972)(12,250)(7,388)(2,578)
Comparable hotel EBITDA$1,760 $16,197 $15,129 $2,188 $(681)$1,026 $— $— $— $— $— 
GACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered hotelsTotal Portfolio
Net income (loss)$(153)$760 $(151)$759 $9,010 
Non-property adjustments— — — — 157,616 
Interest income— — — — (1,462)
Interest expense— — — 2,003 17,757 
Amortization of loan costs— — — — 922 
Depreciation and amortization785 258 1,186 533 179,807 
Income tax expense (benefit)— 90 — — 232 
Non-hotel EBITDA ownership expense15 29 29 7,978 
Hotel EBITDA including amounts attributable to noncontrolling interest647 1,111 1,064 3,324 371,860 
Non-comparable adjustments(647)(1,111)(1,064)599 (38,376)
Comparable hotel EBITDA$— $— $— $3,923 $333,484 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
25


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton / Nashville - 2 hotelsHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$3,424 $4,663 $(565)$9,668 $7,472 $2,161 $7,913 $(69)$6,309 $(12)$(12)
Non-property adjustments— — — — — — (6,953)— — — — 
Interest income(13)— — (112)(51)(46)(24)— (26)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,444 1,277 2,840 11,182 4,799 4,995 914 226 3,083 1,293 81 
Income tax expense (benefit)— — — — — — — 26 — — 
Non-hotel EBITDA ownership expense104 113 124 576 225 249 96 26 18 
Hotel EBITDA including amounts attributable to noncontrolling interest5,959 6,053 2,401 21,314 12,445 7,359 1,946 161 9,418 1,299 72 
Non-comparable adjustments50 — — — — — (107)— — — — 
Comparable hotel EBITDA$6,009 $6,053 $2,401 $21,314 $12,445 $7,359 $1,839 $161 $9,418 $1,299 $72 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotelsMorgan Stanley Ann Arbor - 1 hotel
Net income (loss)$(181)$(2,474)$2,282 $(711)$(1,851)$38 $35 $(4,209)$(3,396)$(4)$24 
Non-property adjustments— — — — — — (34)5,931 3,060 — (34)
Interest income— — (97)— — — — (28)(13)— — 
Interest expense284 2,291 — 213 873 — — — — — — 
Amortization of loan costs— 144 — 39 36 — — — — — — 
Depreciation and amortization311 745 1,300 551 1,132 85 — 973 856 48 — 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense29 35 20 — 13 — 
Hotel EBITDA including amounts attributable to noncontrolling interest417 713 3,514 127 210 131 2,671 511 57 (10)
Non-comparable adjustments— — — — — — (1)(2,671)(511)(57)10 
Comparable hotel EBITDA$417 $713 $3,514 $127 $210 $131 $— $— $— $— $— 
GACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered hotelsTotal Portfolio
Net income (loss)$— $— $(154)$84 $30,435 
Non-property adjustments— — — — 1,970 
Interest income— — — — (410)
Interest expense— — — 494 4,155 
Amortization of loan costs— — — — 219 
Depreciation and amortization— — 952 133 40,220 
Income tax expense (benefit)— — — — 35 
Non-hotel EBITDA ownership expense— — 28 1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest— — 826 717 78,312 
Non-comparable adjustments— — (826)57 (4,056)
Comparable hotel EBITDA$— $— $— $774 $74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
26


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton / Nashville - 2 hotelsHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$4,905 $3,731 $(1,664)$9,754 $4,044 $598 $123 $(119)$5,902 $1,003 $65 
Non-property adjustments(3,869)— (45)— — — — — (460)— — 
Interest income(13)— — (108)(47)(43)(23)— (25)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,589 1,361 3,069 12,214 5,099 4,724 1,053 243 3,136 1,346 87 
Income tax expense (benefit)— — — — — — — — 24 — — 
Non-hotel EBITDA ownership expense154 89 364 494 337 228 47 19 545 65 12 
Hotel EBITDA including amounts attributable to noncontrolling interest3,766 5,181 1,724 22,354 9,433 5,507 1,200 143 9,122 2,414 164 
Non-comparable adjustments272 — — — — — (12)— — — — 
Comparable hotel EBITDA$4,038 $5,181 $1,724 $22,354 $9,433 $5,507 $1,188 $143 $9,122 $2,414 $164 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotelsMorgan Stanley Ann Arbor - 1 hotel
Net income (loss)$(171)$(263)$2,166 $(933)$(2,516)$92 $(159,051)$1,256 $(141)$180 $22 
Non-property adjustments— — — — — — 160,096 — — — (34)
Interest income— — (91)— — — (11)(40)(20)— — 
Interest expense313 2,314 — 218 882 — — — — — — 
Amortization of loan costs142 — 39 35 — — — — — — 
Depreciation and amortization331 1,148 1,510 691 1,237 90 2,144 1,870 1,607 429 — 
Income tax expense (benefit)— — — — — (5)— — — — — 
Non-hotel EBITDA ownership expense12 161 12 63 15 81 182 202 28 
Hotel EBITDA including amounts attributable to noncontrolling interest491 3,502 3,597 21 (299)192 3,259 3,268 1,648 637 (7)
Non-comparable adjustments— — — — — — (3,259)(3,268)(1,648)(637)
Comparable hotel EBITDA$491 $3,502 $3,597 $21 $(299)$192 $— $— $— $— $— 
GACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered hotelsTotal Portfolio
Net income (loss)$(140)$176 $$73 $(130,905)
Non-property adjustments— — — — 155,688 
Interest income— — — — (421)
Interest expense— — — 504 4,231 
Amortization of loan costs— — — — 222 
Depreciation and amortization199 71 234 135 46,617 
Income tax expense (benefit)— 23 — — 42 
Non-hotel EBITDA ownership expense3,131 
Hotel EBITDA including amounts attributable to noncontrolling interest65 272 238 713 78,605 
Non-comparable adjustments(65)(272)(238)106 (9,014)
Comparable hotel EBITDA$— $— $— $819 $69,591 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
27


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton / Nashville - 2 hotelsHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$1,665 $6,775 $4,112 $11,860 $5,036 $1,707 $150 $172 $6,961 $1,054 $(226)
Non-property adjustments— — — — — — — — — — — 
Interest income(10)— — (97)(46)(58)(21)— (14)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,747 1,364 2,911 11,893 4,669 4,334 1,043 237 3,055 1,314 84 
Income tax expense (benefit)— — — — — — — — 26 — — 
Non-hotel EBITDA ownership expense81 139 (136)600 544 1,004 47 14 (38)56 10 
Hotel EBITDA including amounts attributable to noncontrolling interest4,483 8,278 6,887 24,256 10,203 6,987 1,219 423 9,990 2,424 (132)
Non-comparable adjustments(372)— 189 — — — (245)— — — — 
Comparable hotel EBITDA$4,111 $8,278 $7,076 $24,256 $10,203 $6,987 $974 $423 $9,990 $2,424 $(132)
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotelsMorgan Stanley Ann Arbor - 1 hotel
Net income (loss)$(358)$2,162 $1,580 $483 $(2,663)$263 $1,350 $835 $792 $335 $31 
Non-property adjustments— — — — — — — — — — (33)
Interest income— — (63)— — — (16)(40)(18)— — 
Interest expense315 2,321 — 220 875 — — — — — — 
Amortization of loan costs140 — 39 34 — — — — — — 
Depreciation and amortization352 1,177 1,545 532 968 91 3,286 1,700 1,504 586 — 
Income tax expense (benefit)— — — — — 25 — — — — — 
Non-hotel EBITDA ownership expense65 25 55 (2)130 28 132 16 — 
Hotel EBITDA including amounts attributable to noncontrolling interest317 5,865 3,066 1,299 (731)377 4,750 2,523 2,410 937 (2)
Non-comparable adjustments— — — — — — (4,750)(2,523)(2,410)(937)
Comparable hotel EBITDA$317 $5,865 $3,066 $1,299 $(731)$377 $— $— $— $— $— 
GACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered hotelsTotal Portfolio
Net income (loss)$(74)$301 $— $341 $44,644 
Non-property adjustments— — — — (33)
Interest income— — — — (383)
Interest expense— — — 503 4,234 
Amortization of loan costs— — — — 219 
Depreciation and amortization282 98 — 133 45,905 
Income tax expense (benefit)— 38 — — 89 
Non-hotel EBITDA ownership expense(1)— 11 2,791 
Hotel EBITDA including amounts attributable to noncontrolling interest213 436 — 988 97,466 
Non-comparable adjustments(213)(436)— 199 (11,496)
Comparable hotel EBITDA$— $— $— $1,187 $85,970 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
28


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Princeton / Nashville - 2 hotelsHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$2,437 $6,336 $3,486 $19,043 $7,798 $5,123 $1,256 $67 $8,159 $737 $120 
Non-property adjustments— — — — — — — — — 24 — 
Interest income(6)— — (86)(34)(56)(16)— — — — 
Interest expense— — — — — — — — 1,101 — 
Amortization of loan costs— — — — — — — — — 46 — 
Depreciation and amortization3,018 1,429 3,016 12,188 4,690 4,343 1,087 233 3,217 1,282 85 
Income tax expense (benefit)— — — — — — — 27 — — 
Non-hotel EBITDA ownership expense70 56 191 180 82 (213)(58)(7)31 (26)
Hotel EBITDA including amounts attributable to noncontrolling interest5,519 7,821 6,694 31,325 12,536 9,198 2,269 293 11,434 3,164 209 
Non-comparable adjustments(423)— (111)— — — (214)— — — — 
Comparable hotel EBITDA$5,096 $7,821 $6,583 $31,325 $12,536 $9,198 $2,055 $293 $11,434 $3,164 $209 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotelsMorgan Stanley Ann Arbor - 1 hotel
Net income (loss)$(55)$2,588 $3,353 $(47)$(1,662)$225 $1,543 $2,028 $1,328 $319 $49 
Non-property adjustments— — — — — — — — — — (33)
Interest income— — — — — — (10)(28)(12)— — 
Interest expense302 2,181 — 219 831 — — — — — — 
Amortization of loan costs139 — 38 33 — — — — — — 
Depreciation and amortization383 1,175 1,592 531 927 90 3,366 1,741 1,528 619 — 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense(101)34 — 10 63 47 (25)(5)
Hotel EBITDA including amounts attributable to noncontrolling interest535 6,117 4,952 741 139 326 4,962 3,788 2,819 947 11 
Non-comparable adjustments— — — — — — (4,962)(3,788)(2,819)(947)(11)
Comparable hotel EBITDA$535 $6,117 $4,952 $741 $139 $326 $— $— $— $— $— 
GACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered hotelsTotal Portfolio
Net income (loss)$61 $283 $— $261 $64,836 
Non-property adjustments— — — — (9)
Interest income— — — — (248)
Interest expense— — — 502 5,137 
Amortization of loan costs— — — — 262 
Depreciation and amortization304 89 — 132 47,065 
Income tax expense (benefit)— 29 — — 66 
Non-hotel EBITDA ownership expense— 11 368 
Hotel EBITDA including amounts attributable to noncontrolling interest369 403 — 906 117,477 
Non-comparable adjustments(369)(403)— 237 (13,810)
Comparable hotel EBITDA$— $— $— $1,143 $103,667 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
29