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Ashford Trust Reports First Quarter 2019 Results

Comparable RevPAR Increased 1.9% for all Hotels

Comparable RevPAR Increased 2.7% for all Hotels Not Under Renovation

Completed Acquisition of the Embassy Suites New York Midtown Manhattan

Completed Acquisition of the Hilton Santa Cruz/Scotts Valley

Completed Refinancing of 2-Hotel Portfolio

DALLAS, May 2, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2019. 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, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the first quarter ended March 31, 2019 with the first quarter ended March 31, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Opportunistic focus on upper upscale, full-service hotels
  • Targets moderate leverage levels to enhance equity returns
  • Highly-aligned management team and advisory structure
  • Attractive dividend yield of approximately 8.5%
  • Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders was $48.7 million or $0.49 per diluted share for the quarter.
  • Comparable RevPAR for all hotels increased 1.9% to $122.10 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 2.7% to $119.90 during the quarter.
  • Adjusted EBITDAre was $100.5 million for the quarter.
  • Adjusted funds from operations (AFFO) was $0.26 per diluted share for the quarter.
  • As of May 2, 2019, the Company's common stock is trading at an approximate 8.5% dividend yield.
  • During the quarter, the Company completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million.
  • During the quarter, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.
  • During the quarter, the Company refinanced a mortgage loan on two hotels for $240 million.
  • Capex invested during the quarter was $38.0 million.

ENHANCED RETURN FUNDING PROGRAM  
On June 26, 2018, the Company announced that it entered into an Enhanced Return Funding Program ("ERFP") with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust's hotel acquisitions, up to an amount of $50 million in aggregate funding.  The Program has the potential to be upsized to $100 million based upon mutual agreement.   The Program is intended to improve returns for new hotel acquisitions at Ashford Trust. To date, the Company has completed four acquisitions totaling $406 million under the ERFP, which amounts to approximately 80% committed utilization of the $50 million of ERFP funding from Ashford Inc.

EMBASSY SUITES NEW YORK MIDTOWN MANHATTAN ACQUISITION
On January 23, 2019, the Company announced it had completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million ($629,000 per key). In connection with this transaction, the Company entered into a $145 million non-recourse mortgage loan. The loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 3.90%.  As part of this transaction, the Company received an ERFP commitment of $19.5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

HILTON SANTA CRUZ/SCOTTS VALLEY ACQUISITION
On February 26, 2019, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million ($281,000 per key). In connection with this transaction, the Company assumed a $25.3 million non-recourse mortgage loan. The loan has a maturity date in March 2025 and bears interest at a fixed rate of 4.7%. The acquisition was partially funded by the issuance of approximately 1.5 million limited partnership common units in the Company's operating partnership ("OP Units").  The OP Units were issued at a price of $7.00 per unit.  As part of this transaction, Ashford Inc. funded a $5 million ERFP commitment to the Company.  Remington Lodging took over management of the property following the acquisition.

CAPITAL STRUCTURE
At March 31, 2019, the Company had total mortgage loans of $4.2 billion with a blended average interest rate of 5.7%.

On March 5, 2019, the Company announced that it had refinanced its Aareal Capital Nashville/Princeton mortgage loan with an existing outstanding balance totaling approximately $178 million and a final maturity date in June 2022.  The new loan totals $240 million and has a two-year initial term with five one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 2.75%.  The loan remains secured by the same two hotels: the Renaissance Nashville in Nashville, TN and the Westin Princeton in Princeton, NJ.

PORTFOLIO REVPAR
As of March 31, 2019, the portfolio consisted of 121 properties.  During the first quarter of 2019, 110 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 121 hotels), and comparable not under renovation basis (110 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 1.9% to $122.10 for all hotels on a 3.1% increase in ADR and a 1.2% decrease in occupancy
  • Comparable RevPAR increased 2.7% to $119.90 for hotels not under renovation on a 2.8% increase in ADR and a 0.2% decrease in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 121 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On March 13, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the first quarter ending March 31, 2019, payable on April 15, 2019, to shareholders of record as of March 29, 2019.

"We are pleased with our recent value-added strategy accomplishments," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer.  "The successful continued utilization of the ERFP benefits our portfolio via the acquisition of higher quality, higher RevPAR hotels at very attractive returns.  During the quarter, the refinancing furthered our prior achievements to improve debt terms and enhance our balance sheet; while asset management's unwavering efforts concentrated on maximizing cash flow and unlocking embedded value.  Looking ahead, we are focused on generating superior long term shareholder returns."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 3, 2019, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (323) 794-2423.  A replay of the conference call will be available through Friday, May 10, 2019, by dialing (719) 457-0820 and entering the confirmation number, 2702349.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2019 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, May 3, 2019, 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 closing 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 opportunistically in the hospitality industry in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

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 federal securities regulations.  Forward-looking statements in this press release may include, among others, statements about the Company's strategy and future plans.  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:  general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, 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.  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.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)



March 31,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,309,127



$

4,105,219


Cash and cash equivalents

242,561



319,210


Restricted cash

152,151



120,602


Marketable securities

11,550



21,816


Accounts receivable, net of allowance of $478 and $485, respectively

65,579



37,060


Inventories

4,514



4,224


Investment in Ashford Inc.

949



1,896


Investment in OpenKey

2,776



2,593


Deferred costs, net

3,369



3,449


Prepaid expenses

27,143



19,982


Derivative assets, net

2,196



2,396


Operating lease right-of-use assets

40,680




Other assets

15,411



15,923


Intangible assets, net

797



9,824


Due from related party, net

1,166




Due from third-party hotel managers

25,181



21,760


Total assets

$

4,905,150



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,157,767



$

3,927,266


Accounts payable and accrued expenses

162,060



136,757


Dividends and distributions payable

27,552



26,794


Due to Ashford Inc., net

7,795



23,034


Due to related party, net



1,477


Due to third-party hotel managers

2,480



2,529


Intangible liabilities, net

2,418



15,483


Operating lease liabilities

43,795




Derivative liabilities, net

36



50


Other liabilities

26,619



18,716


Total liabilities

4,430,522



4,152,106






Redeemable noncontrolling interests in operating partnership

101,980



80,743


Equity:




Preferred stock, $0.01 par value, 50,000,000 shares authorized :




Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at March 31, 2019 and December 31, 2018

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at March 31, 2019 and December 31, 2018

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at March 31, 2019 and December 31, 2018

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at March 31, 2019 and December 31, 2018

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at March 31, 2019 and December 31, 2018

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 102,165,662 and 101,035,530 shares issued and outstanding
     at March 31, 2019 and December 31, 2018, respectively

1,022



1,010


Additional paid-in capital

1,815,946



1,814,273


Accumulated deficit

(1,445,136)



(1,363,020)


Total shareholders' equity of the Company

372,058



452,489


Noncontrolling interests in consolidated entities

590



616


Total equity

372,648



453,105


Total liabilities and equity

$

4,905,150



$

4,685,954


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


March 31,


2019


2018

REVENUE




Rooms

$

280,381



$

270,693


Food and beverage

61,061



55,044


Other

16,204



15,491


Total hotel revenue

357,646



341,228


Other

1,072



979


Total revenue

358,718



342,207


EXPENSES




Hotel operating expenses




Rooms

60,647



59,086


Food and beverage

41,323



38,465


Other expenses

113,527



106,383


Management fees

12,989



12,737


Total hotel operating expenses

228,486



216,671


Property taxes, insurance and other

20,397



18,359


Depreciation and amortization

67,178



63,047


Impairment charges



1,660


Transaction costs



2


Advisory services fee:




Base advisory fee

8,989



8,615


Reimbursable expenses

2,390



1,529


Non-cash stock/unit-based compensation

4,289



6,746


Incentive fee

636



187


Corporate, general and administrative:




Non-cash stock/unit-based compensation

99




Other general and administrative

2,502



2,129


Total operating expenses

334,966



318,945


Gain (loss) on sale of assets and hotel properties

233



(9)


OPERATING INCOME (LOSS)

23,985



23,253


Equity in earnings (loss) of unconsolidated entities

(1,063)



(588)


Interest income

781



746


Other income (expense), net

(316)



76


Interest expense, net of premium amortization

(58,908)



(52,290)


Amortization of loan costs

(7,258)



(2,453)


Write-off of premiums, loan costs and exit fees

(2,062)



(2,050)


Unrealized gain (loss) on marketable securities

808



(558)


Unrealized gain (loss) on derivatives

(2,994)



329


INCOME (LOSS) BEFORE INCOME TAXES

(47,027)



(33,535)


Income tax benefit (expense)

405



886


NET INCOME (LOSS)

(46,622)



(32,649)


(Income) loss from consolidated entities attributable to noncontrolling interest

26



38


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

8,579



6,340


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(38,017)



(26,271)


Preferred dividends

(10,644)



(10,644)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(48,661)



$

(36,915)






INCOME (LOSS) PER SHARE – BASIC AND DILUTED




Basic:




Net income (loss) attributable to common stockholders

$

(0.49)



$

(0.39)


Weighted average common shares outstanding – basic

99,407



95,367


Diluted:




Net income (loss) attributable to common stockholders

$

(0.49)



$

(0.39)


Weighted average common shares outstanding – diluted

99,407



95,367


Dividends declared per common share:

$

0.12



$

0.12


 

 

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,


2019


2018

Net income (loss)

$

(46,622)



$

(32,649)


Interest expense and amortization of premiums and loan costs, net

66,166



54,743


Depreciation and amortization

67,178



63,047


Income tax expense (benefit)

(405)



(886)


Equity in (earnings) loss of unconsolidated entities

1,063



588


Company's portion of EBITDA of Ashford Inc.

1,874



(964)


Company's portion of EBITDA of OpenKey

(115)



(139)


EBITDA

89,139



83,740


Impairment charges on real estate



1,660


(Gain) loss on sale of assets and hotel properties

(233)



9


EBITDAre

88,906



85,409


Amortization of unfavorable contract liabilities

(39)



(39)


Uninsured hurricane related costs



(211)


(Gain) loss on insurance settlements

(36)




Write-off of premiums, loan costs and exit fees

2,062



2,050


Other (income) expense, net

362



(76)


Transaction, acquisition and management conversion costs

446



84


Legal judgment and related legal costs

417



(419)


Unrealized (gain) loss on marketable securities

(808)



558


Unrealized (gain) loss on derivatives

2,994



(329)


Dead deal costs

32




Non-cash stock/unit-based compensation

4,590



7,002


Advisory services incentive fee

636



187


Company's portion of adjustments to EBITDAre of Ashford Inc.

913



2,493


Company's portion of adjustments to EBITDAre of OpenKey

21



5


Adjusted EBITDAre

$

100,496



$

96,714


 

 

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,


2019


2018

Net income (loss)

$

(46,622)



$

(32,649)


(Income) loss from consolidated entities attributable to noncontrolling interest

26



38


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

8,579



6,340


Preferred dividends

(10,644)



(10,644)


Net income (loss) attributable to common stockholders

(48,661)



(36,915)


Depreciation and amortization on real estate

67,121



62,989


(Gain) loss on sale of assets and hotel properties

(233)



9


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(8,579)



(6,340)


Equity in (earnings) loss of unconsolidated entities

1,063



588


Impairment charges on real estate



1,660


Company's portion of FFO of Ashford Inc.

(635)



(1,632)


Company's portion of FFO of OpenKey

(100)



(141)


FFO available to common stockholders and OP unitholders

9,976



20,218


Write-off of premiums, loan costs and exit fees

2,062



2,050


(Gain) loss on insurance settlements

(36)




Uninsured hurricane related costs



(211)


Other (income) expense, net

362



(76)


Transaction, acquisition and management conversion costs

446



84


Legal judgment and related legal costs

417



(419)


Unrealized (gain) loss on marketable securities

(808)



558


Unrealized (gain) loss on derivatives

2,994



(329)


Dead deal costs

32




Non-cash stock/unit-based compensation

4,590



7,002


Amortization of loan costs

7,256



2,451


Advisory services incentive fee

636



187


Company's portion of adjustments to FFO of Ashford Inc.

2,441



2,493


Company's portion of adjustments to FFO of OpenKey

22



5


Adjusted FFO available to common stockholders and OP unitholders

$

30,390



$

34,013


Adjusted FFO per diluted share available to common stockholders and OP unitholders

$

0.26



$

0.30


Weighted average diluted shares

118,287



113,989


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

MARCH 31, 2019

(dollars in thousands)

(unaudited)


Indebtedness


Maturity


Interest Rate


Fixed-Rate
Debt


Floating-Rate
Debt


Total
Debt


Comparable TTM
Hotel EBITDA (8)


Comparable TTM EBITDA
Debt Yield

BAML Le Pavillon - 1 hotel


June 2019


LIBOR + 5.10%


$



$

43,750


(1)

$

43,750



$

2,579



5.9

%

Omni American Bank Ashton - 1 hotel


July 2019


4.00%


5,213





5,213



1,053



20.2

%

Morgan Stanley Ann Arbor - 1 hotel


July 2019


LIBOR + 4.15%




35,200


(2)

35,200



3,429



9.7

%

Morgan Stanley - 8 hotels


July 2019


LIBOR + 4.09%




144,000


(2)

144,000



11,410



7.9

%

NorthStar HGI Wisconsin Dells - 1 hotel


August 2019


LIBOR + 4.95%




7,778


(3)

7,778



786



10.1

%

Secured credit facility - various


September 2019


Base Rate(4) + 1.65% or
LIBOR + 2.65%








 N/A



N/A


Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(5)

427,000



49,863



11.7

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(5)

395,000



43,741



11.1

%

BAML Highland Pool - 21 hotels


April 2020


LIBOR + 3.20%




962,575


(5)

962,575



106,441



11.1

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,100


(6)

16,100



2,552



15.9

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(5)

180,720



20,980



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(5)

174,400



21,252



12.2

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(5)

221,040



22,774



10.3

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(5)

262,640



27,742



10.6

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(5)

160,000



25,193



15.7

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(5)

215,120



24,399



11.3

%

GACC Gateway - 1 hotel


November 2020


6.26%


92,951





92,951



12,245



13.2

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(7)

25,000



3,456



13.8

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(5)

240,000



31,544



13.1

%

SPT Embassy Suites New York - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(6)

145,000



7,655



5.3

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,193



14.6

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,588





52,588



5,570



10.6

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,338



11.4

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,852





6,852



1,240



18.1

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,999





9,999



823



8.2

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,383





6,383



974



15.3

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


65,056





65,056



7,431



11.4

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


12,013





12,013



1,634



13.6

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


24,015





24,015



3,438



14.3

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,765





19,765



2,645



13.4

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


51,124





51,124



7,958



15.6

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


25,280





25,280



4,150



16.4

%

Unencumbered hotels












1,956



N/A


Total






$

371,239



$

3,825,773



$

4,197,012



$

479,444



11.4

%

Percentage






8.8

%


91.2

%


100.0

%





Weighted average interest rate






5.29

%


5.78

%


5.74

%





 

All indebtedness is non-recourse with the exception of the secured credit facility.

(1)

This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018.

(2) 

This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018.

(3) 

This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018.

(4) 

Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

(5) 

This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.

(6) 

This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(7) 

This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

(8) 

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

MARCH 31, 2019

(dollars in thousands)

(unaudited)




2019


2020


2021


2022


2023


Thereafter


Total

Secured credit facility - various


$



$



$



$



$



$



$


Omni American Bank Ashton - 1 hotel


5,168













5,168


BAML Le Pavillon - 1 hotel




43,750











43,750


Morgan Stanley - 8 hotels




144,000











144,000


Morgan Stanley Ann Arbor - 1 hotel




35,200











35,200


NorthStar HGI Wisconsin Dells - 1 hotel




7,778











7,778


GACC Gateway - 1 hotel




89,886











89,886


BAML Indigo Atlanta - 1 hotel








15,470







15,470


Prudential Boston Back Bay - 1 hotel








97,000







97,000


Deutsche Bank W Minneapolis - 1 hotel










48,182





48,182


Aareal Hilton Alexandria - 1 hotel










73,450





73,450


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


SPT Embassy Suites New York - 1 hotel












145,000



145,000


Key Bank Manchester CY - 1 hotel












5,671



5,671


Morgan Stanley Pool C1 - 3 hotels












58,612



58,612


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












427,000



427,000


JPMorgan Chase - 8 hotels












395,000



395,000


BAML Pool 3 - 3 hotels












44,413



44,413


BAML Pool 5 - 2 hotels












17,073



17,073


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel












22,030



22,030


BAML Highland Pool - 21 hotels












962,575



962,575


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


BAML Princeton/Nashville - 2 hotels












240,000



240,000


Principal due in future periods


5,168



320,614





112,470



146,632



3,578,798



4,163,682


Scheduled amortization payments remaining


5,292



7,039



5,702



5,862



5,242



4,193



33,330


Total indebtedness


$

10,460



$

327,653



$

5,702



$

118,332



$

151,874



$

3,582,991



$

4,197,012


 

 


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended March 31,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

279,196



$

1,867



$

281,063



$

269,302



$

6,031



$

275,333



3.67

%


2.08

%


RevPAR

$

122.16



$

113.30



$

122.10



$

119.70



$

128.54



$

119.88



2.06

%


1.85

%


Occupancy

72.85

%


71.19

%


72.84

%


73.95

%


64.20

%


73.75

%


(1.49)

%


(1.24)

%


ADR

$

167.70



$

159.15



$

167.64



$

161.87



$

200.22



$

162.56



3.60

%


3.13

%

 

NOTES:

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

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



 

 

ALL HOTELS


   NOT UNDER RENOVATION:

Three Months Ended March 31,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

237,234



$

1,867



$

239,101



$

226,255



$

6,031



$

232,286



4.85

%


2.93

%


RevPAR

$

119.96



$

113.30



$

119.90



$

116.50



$

128.54



$

116.79



2.97

%


2.67

%


Occupancy

73.27

%


71.19

%


73.26

%


73.60

%


64.20

%


73.38

%


(0.45)

%


(0.16)

%


ADR

$

163.71



$

159.15



$

163.68



$

158.30



$

200.22



$

159.16



3.42

%


2.84

%

 

NOTES:

(1)

The above comparable information assumes the 110 hotel properties owned and included in the Company's operations at March 31, 2019, and not under renovation during the three months ended March 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

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

(4)

Excluded Hotels Under Renovation:


Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Buford Mall of Georgia, Hampton Inn Suites Columbus Easton, Hilton Garden Inn BWI Airport, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Marriott DFW Airport, One Ocean Resort, Renaissance Nashville, Westin Princeton

 

 


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:

Three Months Ended


March 31,


2019


2018


% Variance

Total hotel revenue

$

356,052



$

339,465



4.89

%

Non-comparable adjustments

2,187



8,652




Comparable total hotel revenue

$

358,239



$

348,117



2.91

%







Hotel EBITDA

$

111,909



$

108,614



3.03

%

Non-comparable adjustments

284



1,282




Comparable hotel EBITDA

$

112,193



$

109,896



2.09

%

Hotel EBITDA margin

31.43

%


32.00

%


(0.57)

%

Comparable hotel EBITDA margin

31.32

%


31.57

%


(0.25)

%







Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

60



$

49



22.45

%

Hotel EBITDA attributable to the Company and OP unitholders

$

111,849



$

108,565



3.02

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

112,133



$

109,847



2.08

%

 

NOTES:

(1)

The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

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

(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ALL HOTELS

Three Months Ended

     NOT UNDER RENOVATION:

March 31,


2019


2018


% Variance

Total hotel revenue

$

295,061



$

279,163



5.69

%

Non-comparable adjustments

2,187



8,652




Comparable total hotel revenue

$

297,248



$

287,815



3.28

%







Hotel EBITDA

$

93,190



$

...