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Ashford Trust Reports Fourth Quarter And Year End 2018 Results

Actual RevPAR Increased 1.0% for the Full Year

Comparable RevPAR Increased 0.6% for all Hotels Not Under Renovation in the 4th Quarter

Completed Acquisition of La Posada de Santa Fe

Completed Acquisition of the Embassy Suites New York Midtown Manhattan

Completed Acquisition of the Hilton Santa Cruz/Scotts Valley

DALLAS, Feb. 28, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2018. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2018 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2018 with the fourth quarter ended December 31, 2017 (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 8.8%
  • 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 $65.4 million or $0.66 per diluted share for the quarter. For the full year of 2018, net loss attributable to common stockholders was $169.5 million or $1.75 per diluted share.
  • Comparable RevPAR for all hotels decreased 0.6% to $115.54 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 0.6% to $112.36 during the quarter.
  • Adjusted EBITDAre was $89.8 million for the quarter. Adjusted EBITDAre for the full year of 2018 was $411.5 million.
  • Adjusted funds from operations (AFFO) was $0.18 per diluted share for the quarter. For the full year of 2018, AFFO per diluted share was $1.26.
  • As of February 28, 2019, the Company's common stock is trading at an approximate 8.8% dividend yield.
  • During the quarter, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico for $50 million.
  • Subsequent to quarter end, the Company completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million.
  • Subsequent to quarter end, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.
  • Capex invested during the quarter was $42.6 million, bringing the total capex invested for the full year to $207.3 million.

ENHANCED RETURN FUNDING PROGRAM  
On June 26, 2018, the Company announced that it had 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 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 structured to significantly improve the 5-year internal rate of return 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 pledged $50 million of ERFP funding from Ashford Inc.

LA POSADA DE SANTA FE ACQUISITION
On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ("La Posada") for $50 million ($318,000 per key).  In connection with this transaction, on November 13, 2018, the Company announced that it had entered into a $25 million non-recourse mortgage loan on the property. The loan has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 2.55%. As part of this transaction, the Company received an ERFP commitment of $5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

EMBASSY SUITES BY HILTON 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, which reflects an approximate 31% premium to yesterday's stock price.  As part of this transaction, the Company also received an ERFP commitment of $5 million from Ashford Inc.  Remington Lodging took over management of the property following the acquisition.

CAPITAL STRUCTURE
At December 31, 2018, the Company had total mortgage loans of $4.0 billion with a blended average interest rate of 5.8%.

PORTFOLIO REVPAR
As of December 31, 2018, the portfolio consisted of 119 properties.  During the fourth quarter of 2018, 109 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 119 hotels), and comparable not under renovation basis (109 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 decreased 0.6% to $115.54 for all hotels on a 1.1% increase in ADR and a 1.6% decrease in occupancy
  • Comparable RevPAR increased 0.6% to $112.36 for hotels not under renovation on a 1.6% increase in ADR and a 1.0% 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 119 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On December 10, 2018, 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 fourth quarter ending December 31, 2018, payable on January 15, 2019, to shareholders of record as of December 31, 2018.

"During 2018, we continued to see the advantages from our high-quality, well-diversified portfolio and remained focused on proactive asset management initiatives as well as accretive transactions," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "Over the last several months, we have diligently executed on several acquisitions that have benefitted from our ERFP initiative with Ashford Inc. We remain excited about the opportunity the ERFP provides us, and, looking ahead, we are committed to maximizing value for our shareholders as we focus on generating solid operating performance, continuing to identify opportunities to accretively grow our platform and efficiently managing our balance sheet."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, March 1, 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, March 8, 2019, by dialing (719) 457-0820 and entering the confirmation number, 5558707.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2018 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, March 1, 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. The 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 reconciliation 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)



December 31,
 2018


December 31,
 2017

ASSETS




Investments in hotel properties, net

$

4,105,219



$

4,035,915


Cash and cash equivalents

319,210



354,805


Restricted cash

120,602



116,787


Marketable securities

21,816



26,926


Accounts receivable, net of allowance of $485 and $770, respectively

37,060



44,257


Inventories

4,224



4,244


Investment in Ashford Inc.

1,896



437


Investment in OpenKey

2,593



2,518


Deferred costs, net

3,449



2,777


Prepaid expenses

19,982



19,269


Derivative assets, net

2,396



2,010


Other assets

15,923



14,152


Intangible asset, net

9,824



9,943


Due from third-party hotel managers

21,760



17,387


Assets held for sale



18,423


Total assets

$

4,685,954



$

4,669,850






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

3,927,266



$

3,696,300


Accounts payable and accrued expenses

136,757



132,401


Dividends and distributions payable

26,794



25,045


Due to Ashford Inc., net

23,034



15,146


Due to related party, net

1,477



1,067


Due to third-party hotel managers

2,529



2,431


Intangible liabilities, net

15,483



15,839


Derivative liabilities, net

50




Other liabilities

18,716



18,376


Liabilities associated with assets held for sale



13,977


Total liabilities

4,152,106



3,920,582






Redeemable noncontrolling interests in operating partnership

80,743



116,122


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 December 31, 2018 and 2017

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at December 31, 2018 and 2017

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at December 31, 2018 and 2017

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at December 31, 2018 and 2017

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at December 31, 2018 and 2017

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 101,035,530 and 97,409,113 shares issued and outstanding at
   December 31, 2018 and 2017, respectively

1,010



974


Additional paid-in capital

1,814,273



1,784,997


Accumulated deficit

(1,363,020)



(1,153,697)


Total shareholders' equity of the Company

452,489



632,500


Noncontrolling interests in consolidated entities

616



646


Total equity

453,105



633,146


Total liabilities and equity

$

4,685,954



$

4,669,850



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Year Ended


December 31,


December 31,


2018


2017


2018


2017

REVENUE








Rooms

$

266,597



$

266,208



$

1,134,687



$

1,143,135


Food and beverage

59,442



59,772



224,311



234,777


Other

16,424



14,484



67,782



58,204


Total hotel revenue

342,463



340,464



1,426,780



1,436,116


Other

1,025



1,102



4,009



3,154


Total revenue

343,488



341,566



1,430,789



1,439,270


EXPENSES








Hotel operating expenses








Rooms

60,642



59,786



248,139



248,643


Food and beverage

40,632



40,064



156,902



161,683


Other expenses

109,834



106,344



442,463



444,322


Management fees

12,772



12,553



53,078



52,653


Total hotel operating expenses

223,880



218,747



900,582



907,301


Property taxes, insurance and other

18,992



18,286



78,355



73,579


Depreciation and amortization

65,922



61,351



258,458



246,731


Impairment charges

21,739



8,368



23,391



10,153


Transaction costs



3



11



14


Advisory services fee:








Base advisory fee

8,882



8,716



35,526



34,650


Reimbursable expenses

2,574



1,672



8,351



7,472


Non-cash stock/unit-based compensation

4,705



3,329



25,245



11,077


Incentive fee








Corporate, general and administrative:








Non-cash stock/unit-based compensation





536



565


Other general and administrative

2,481



2,452



10,395



12,723


Total operating expenses

349,175



322,924



1,340,850



1,304,265


Gain (loss) on sale of hotel properties

81



6



475



14,030


OPERATING INCOME (LOSS)

(5,606)



18,648



90,414



149,035


Equity in earnings (loss) of unconsolidated entities

(25)



(2,286)



867



(5,866)


Interest income

1,173



742



3,952



2,202


Other income (expense), net

(16)



117



64



(3,422)


Interest expense, net of premium amortization

(56,281)



(53,109)



(215,344)



(209,412)


Amortization of loan costs

(6,825)



(2,298)



(21,442)



(13,219)


Write-off of premiums, loan costs and exit fees

469



(1,216)



(8,847)



(2,845)


Unrealized gain (loss) on marketable securities

(255)



164



(1,013)



(4,649)


Unrealized gain (loss) on derivatives

1,494



(998)



(2,178)



(2,802)


INCOME (LOSS) BEFORE INCOME TAXES

(65,872)



(40,236)



(153,527)



(90,978)


Income tax benefit (expense)

(176)



1,711



(2,782)



2,218


NET INCOME (LOSS)

(66,048)



(38,525)



(156,309)



(88,760)


(Income) loss from consolidated entities attributable to noncontrolling interest

22



114



30



110


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

11,226



8,440



29,313



21,642


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(54,800)



(29,971)



(126,966)



(67,008)


Preferred dividends

(10,644)



(11,409)



(42,577)



(44,761)


Extinguishment of issuance costs upon redemption of preferred stock



(6,292)





(10,799)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(65,444)



$

(47,672)



$

(169,543)



$

(122,568)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.66)



$

(0.50)



$

(1.75)



$

(1.30)


Weighted average common shares outstanding – basic

99,324



95,328



97,282



95,207


Diluted:








Net income (loss) attributable to common stockholders

$

(0.66)



$

(0.50)



$

(1.75)



$

(1.30)


Weighted average common shares outstanding – diluted

99,324



95,328



97,282



95,207


Dividends declared per common share:

$

0.12



$

0.12



$

0.48



$

0.48



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



Three Months Ended


Year Ended


December 31,


December 31,


2018


2017


2018


2017

Net income (loss)

$

(66,048)



$

(38,525)



$

(156,309)



$

(88,760)


Interest expense and amortization of premiums and loan costs, net

63,106



55,407



236,786



222,631


Depreciation and amortization

65,922



61,351



258,458



246,731


Income tax expense (benefit)

176



(1,711)



2,782



(2,218)


Equity in (earnings) loss of unconsolidated entities

25



2,286



(867)



5,918


Company's portion of EBITDA of Ashford Inc.

2,486



(1,646)



3,445



(1,666)


Company's portion of EBITDA of OpenKey

(153)



(137)



(572)



(498)


EBITDA

65,514



77,025



343,723



382,138


Impairment charges on real estate

21,739



8,368



23,391



10,153


(Gain) loss on sale of hotel properties

(81)



(6)



(475)



(14,030)


EBITDAre

87,172



85,387



366,639



378,261


Amortization of unfavorable contract liabilities

(38)



(384)



(155)



(1,535)


Uninsured hurricane related costs

(20)



(882)



(291)



2,829


(Gain) loss on insurance settlements

(928)



(192)



(928)



(192)


Write-off of premiums, loan costs and exit fees

(469)



1,216



8,847



2,845


Other (income) expense, net

194



(117)



539



3,422


Transaction, acquisition and management conversion costs

267



529



863



4,299


Legal judgment and related legal costs

156



108



1,084



4,199


Unrealized (gain) loss on marketable securities

255



(164)



1,013



4,649


Unrealized (gain) loss on derivatives

(1,494)



998



2,178



2,802


Dead deal costs

236





291



9


Software implementation costs







1,034


Non-cash stock/unit-based compensation

4,993



3,536



26,939



12,287


Company's portion of (gain) loss of investment in securities investment fund







(52)


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

(495)



3,038



4,479



6,790


Company's portion of adjustments to EBITDAre of OpenKey

16



9



17



13


Adjusted EBITDAre

$

89,845



$

93,082



$

411,515



$

421,660


 

 

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


Year Ended


December 31,


December 31,


2018


2017


2018


2017

Net income (loss)

$

(66,048)



$

(38,525)



$

(156,309)



$

(88,760)


(Income) loss from consolidated entities attributable to noncontrolling interest

22



114



30



110


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

11,226



8,440



29,313



21,642


Preferred dividends

(10,644)



(11,409)



(42,577)



(44,761)


Extinguishment of issuance costs upon redemption of preferred stock



(6,292)





(10,799)


Net income (loss) attributable to common stockholders

(65,444)



(47,672)



(169,543)



(122,568)


Depreciation and amortization on real estate

65,864



61,293



258,227



246,490


Gain (loss) on sale of hotel properties

(81)



(6)



(475)



(14,030)


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

(11,226)



(8,440)



(29,313)



(21,642)


Equity in (earnings) loss of unconsolidated entities

25



2,286



(867)



5,918


Impairment charges on real estate

21,739



8,368



23,391



10,153


Company's portion of FFO of Ashford Inc.

134



(2,145)



1,524



(5,410)


Company's portion of FFO of OpenKey

(155)



(139)



(581)



(505)


FFO available to common stockholders and OP unitholders

10,856



13,545



82,363



98,406


Extinguishment of issuance costs upon redemption of preferred stock



6,292





10,799


Write-off of premiums, loan costs and exit fees

(469)



1,216



8,847



2,845


(Gain) loss on insurance settlements

(928)



(192)



(928)



(192)


Uninsured hurricane related costs

(20)



(882)



(291)



2,829


Other (income) expense, net

194



(117)



539



3,422


Transaction, acquisition and management conversion costs

267



529



863



4,299


Legal judgment and related legal costs

156



108



1,084



4,199


Unrealized (gain) loss on marketable securities

255



(164)



1,013



4,649


Unrealized (gain) loss on derivatives

(1,494)



998



2,178



2,802


Dead deal costs

236





291



9


Software implementation costs







1,034


Non-cash stock/unit-based compensation

4,993



3,536



26,939



12,287


Tax reform



(1,080)





(1,080)


Amortization of loan costs

6,823



2,297



21,435



13,213


Company's portion of (gain) loss of investment in securities investment fund







(52)


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

199



3,244



907



9,374


Company's portion of adjustments to FFO of OpenKey

17



9



21



13


Adjusted FFO available to common stockholders and OP unitholders

$

21,085



$

29,339



$

145,261



$

168,856


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

$

0.18



$

0.26



$

1.26



$

1.49


Weighted average diluted shares

116,786



113,989



115,466



113,398



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

DECEMBER 31, 2018

(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



$

2,326



5.3

%

Omni American Bank Ashton - 1 hotel


July 2019


4.00%


5,232





5,232



1,089



20.8

%

Morgan Stanley Ann Arbor - 1 hotel


July 2019


LIBOR + 4.15%




35,200


(2)

35,200



3,504



10.0

%

Morgan Stanley - 8 hotels


July 2019


LIBOR + 4.09%




144,000


(2)

144,000



12,066



8.4

%

NorthStar HGI Wisconsin Dells - 1 hotel


August 2019


LIBOR + 4.95%




7,778


(3)

7,778



916



11.8

%

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



49,951



11.7

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(5)

395,000



43,978



11.1

%

BAML Highland Pool - 21 hotels


April 2020


LIBOR + 3.20%




962,575


(5)

962,575



104,290



10.8

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,100


(6)

16,100



2,096



13.0

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(5)

180,720



21,505



11.9

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(5)

174,400



21,348



12.2

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(5)

221,040



24,353



11.0

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(5)

262,640



28,131



10.7

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(5)

160,000



24,832



15.5

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(5)

215,120



23,945



11.1

%

GACC Gateway - 1 hotel


November 2020


6.26%


93,433





93,433



12,667



13.6

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(7)

25,000



3,293



13.2

%

Aareal Princeton/Nashville - 2 hotels


June 2022


LIBOR + 3.00%




178,099



178,099



28,962



16.3

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



13,790



14.2

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,843





52,843



6,523



12.3

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,535



11.6

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,883





6,883



1,251



18.2

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


10,045





10,045



264



2.6

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,414





6,414



890



13.9

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


65,242





65,242



8,164



12.5

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


12,048





12,048



1,761



14.6

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


24,086





24,086



3,569



14.8

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,835





19,835



2,615



13.2

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


51,304





51,304



7,093



13.8

%

Unencumbered hotels












2,175



N/A


Total






$

347,365



$

3,618,872



$

3,966,237



$

465,882



11.7

%

Percentage






8.8

%


91.2

%


100.0

%





Weighted average interest rate






5.33

%


5.79

%


5.75

%






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

DECEMBER 31, 2018

(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


Aareal Princeton/Nashville - 2 hotels








172,099







172,099


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


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


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


Principal due in future periods


5,168



320,614





284,569



146,632



3,171,768



3,928,751


Scheduled amortization payments remaining


6,337



8,035



8,170



6,805



4,658



3,481



37,486


Total indebtedness


$

11,505



$

328,649



$

8,170



$

291,374



$

151,290



$

3,175,249



$

3,966,237


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2018


2018


2018


2017


2017


2017


% Variance


...