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Ashford Trust Reports Second Quarter 2019 Results

Actual RevPAR Increased 2.8% for all Hotels

Comparable RevPAR Increased 1.6% for all Hotels Not Under Renovation

Net Loss Attributable to Common Stockholders was $26.9 Million in the 2nd Quarter

Adjusted EBITDAre Increased 5.8% in the 2nd Quarter

DALLAS, Aug. 1, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the second quarter ended June 30, 2019 with the second quarter ended June 30, 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
  • 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 $26.9 million or $0.27 per diluted share for the quarter.
  • Actual RevPAR for all hotels increased 2.8% to $140.58 during the quarter.
  • Comparable RevPAR for all hotels increased 1.4% to $140.58 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 1.6% to $138.84 during the quarter.
  • Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
  • Adjusted EBITDAre was $132.1 million for the quarter, an increase of 5.8% over the prior-year quarter.
  • Adjusted funds from operations (AFFO) was $0.47 per diluted share for the quarter.
  • As of August 1, 2019, the Company's common stock is trading at an approximate 9.4% dividend yield.
  • Capex invested during the quarter was $43.6 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.

CAPITAL STRUCTURE
At June 30, 2019, the Company had total mortgage loans of $4.2 billion with a blended average interest rate of 5.7% and a weighted average maturity of 5.3 years assuming full extension of the loans.

During the quarter, the Company completed the refinancing of the loan on the Ashton Hotel.  The new loan has an $8.9 million balance, bears interest at a rate of LIBOR + 2.00%, and has a five-year term.  The Company does not have any more final loan maturities during 2019, and the next final loan maturity for the Company is in June of 2020.

PORTFOLIO REVPAR
As of June 30, 2019, the portfolio consisted of 121 properties.  During the second quarter of 2019, 117 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 (117 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 1.4% to $140.58 for all hotels on a 1.5% increase in ADR and relatively flat occupancy.
  • Comparable RevPAR increased 1.6% to $138.84 for all hotels not under renovation on a 1.3% increase in ADR and a 0.3% increase 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.  To help investors better understand the seasonality in the Company's portfolio, 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 June 14, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per diluted share for the Company's common stock for the second quarter ending June 30, 2019, payable on July 15, 2019, to shareholders of record as of June 28, 2019.

"We are pleased with the operational results for the recent quarter and believe that the Company remains well positioned," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We have seen strong results from several of our recent acquisitions and continue to benefit from our diversified, high-quality collection of hotels.  Our current focus is on value added initiatives, and looking ahead we're committed to increasing the performance of our portfolio to generate superior shareholder returns."

The Company plans to host an Investor Day on October 3, 2019 at the St. Regis Hotel in New York City.  More information will be forthcoming about this event.

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 2, 2019, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (323) 794-2093.  A replay of the conference call will be available through Friday, August 9, 2019, by dialing (719) 457-0820 and entering the confirmation number, 1285939.

The Company will also provide an online simulcast and rebroadcast of its second 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, August 2, 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 closest GAAP measures are provided below and provide further details of our results for the period being reported.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing 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 and per share amounts)

(unaudited)



June 30,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,235,263



$

4,105,219


Cash and cash equivalents

235,936



319,210


Restricted cash

162,746



120,602


Marketable securities

14,263



21,816


Accounts receivable, net of allowance of $746 and $485, respectively

65,223



37,060


Inventories

4,454



4,224


Investment in Ashford Inc.

182



1,896


Investment in OpenKey

2,676



2,593


Deferred costs, net

3,087



3,449


Prepaid expenses

32,826



19,982


Derivative assets, net

2,535



2,396


Operating lease right-of-use assets

41,114




Other assets

13,620



15,923


Intangible assets, net

797



9,824


Due from related party, net

2,297




Due from third-party hotel managers

19,642



21,760


Assets held for sale

33,336




Total assets

$

4,869,997



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,143,957



$

3,927,266


Accounts payable and accrued expenses

158,200



136,757


Dividends and distributions payable

20,435



26,794


Due to Ashford Inc., net

6,171



23,034


Due to related party, net



1,477


Due to third-party hotel managers

3,539



2,529


Intangible liabilities, net

2,377



15,483


Operating lease liabilities

43,758




Derivative liabilities, net

171



50


Other liabilities

26,253



18,716


Liabilities associated with assets held for sale

24,690




Total liabilities

4,429,551



4,152,106






Redeemable noncontrolling interests in operating partnership

73,242



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 June 30, 2019 and December 31, 2018

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 102,130,683 and 101,035,530 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

1,021



1,010


Additional paid-in capital

1,819,177



1,814,273


Accumulated deficit

(1,453,824)



(1,363,020)


Total shareholders' equity of the Company

366,600



452,489


Noncontrolling interests in consolidated entities

604



616


Total equity

367,204



453,105


Total liabilities and equity

$

4,869,997



$

4,685,954


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

REVENUE








Rooms

$

328,252



$

309,381



$

608,633



$

580,074


Food and beverage

67,298



60,429



128,359



115,473


Other

18,475



18,558



34,679



34,049


Total hotel revenue

414,025



388,368



771,671



729,596


Other

1,123



796



2,195



1,775


Total revenue

415,148



389,164



773,866



731,371


EXPENSES








Hotel operating expenses








Rooms

68,179



64,214



128,826



123,300


Food and beverage

44,122



40,156



85,445



78,621


Other expenses

124,609



116,254



238,136



222,637


Management fees

14,783



14,371



27,772



27,108


Total hotel operating expenses

251,693



234,995



480,179



451,666


Property taxes, insurance and other

21,762



20,230



42,159



38,589


Depreciation and amortization

67,511



64,566



134,689



127,613


Impairment charges

6,533



19



6,533



1,679


Transaction costs

2



9



2



11


Advisory services fee:








Base advisory fee

9,362



8,873



18,351



17,488


Reimbursable expenses

3,006



1,997



5,396



3,526


Non-cash stock/unit-based compensation

4,549



8,939



8,838



15,685


Incentive fee

(636)



3,270





3,457


Corporate, general and administrative:








Non-cash stock/unit-based compensation

622



536



721



536


Other general and administrative

2,295



2,695



4,797



4,824


Total operating expenses

366,699



346,129



701,665



665,074


Gain (loss) on sale of assets and hotel properties

328



412



561



403


OPERATING INCOME (LOSS)

48,777



43,447



72,762



66,700


Equity in earnings (loss) of unconsolidated entities

(867)



1,170



(1,930)



582


Interest income

785



883



1,566



1,629


Other income (expense), net

(338)



206



(654)



282


Interest expense, net of premium amortization

(60,379)



(52,716)



(119,287)



(105,006)


Amortization of loan costs

(7,608)



(5,490)



(14,866)



(7,943)


Write-off of premiums, loan costs and exit fees

(90)



(5,694)



(2,152)



(7,744)


Unrealized gain (loss) on marketable securities

598



(268)



1,406



(826)


Unrealized gain (loss) on derivatives

1,476



(1,916)



(1,518)



(1,587)


INCOME (LOSS) BEFORE INCOME TAXES

(17,646)



(20,378)



(64,673)



(53,913)


Income tax benefit (expense)

(3,706)



(2,973)



(3,301)



(2,087)


NET INCOME (LOSS)

(21,352)



(23,351)



(67,974)



(56,000)


(Income) loss from consolidated entities attributable to noncontrolling interest

(14)



(20)



12



18


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

5,084



5,065



13,663



11,405


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(16,282)



(18,306)



(54,299)



(44,577)


Preferred dividends

(10,644)



(10,644)



(21,288)



(21,288)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(26,926)



$

(28,950)



$

(75,587)



$

(65,865)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.27)



$

(0.30)



$

(0.77)



$

(0.69)


Weighted average common shares outstanding – basic

99,942



96,889



99,685



96,137


Diluted:








Net income (loss) attributable to common stockholders

$

(0.27)



$

(0.30)



$

(0.77)



$

(0.69)


Weighted average common shares outstanding – diluted

99,942



96,889



99,685



96,137


Dividends declared per common share:

$

0.06



$

0.12



$

0.18



$

0.24



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

Net income (loss)

$

(21,352)



$

(23,351)



$

(67,974)



$

(56,000)


Interest expense and amortization of premiums and loan costs, net

67,987



58,206



134,153



112,949


Depreciation and amortization

67,511



64,566



134,689



127,613


Income tax expense (benefit)

3,706



2,973



3,301



2,087


Equity in (earnings) loss of unconsolidated entities

867



(1,170)



1,930



(582)


Company's portion of EBITDA of Ashford Inc.

1,703



3,551



3,577



2,566


Company's portion of EBITDA of OpenKey

(94)



(122)



(209)



(261)


EBITDA

120,328



104,653



209,467



188,372


Impairment charges on real estate

6,533



19



6,533



1,679


(Gain) loss on sale of assets and hotel properties

(328)



(412)



(561)



(403)


EBITDAre

126,533



104,260



215,439



189,648


Amortization of unfavorable contract liabilities

117



(39)



78



(78)


Uninsured hurricane related costs



(17)





(228)


(Gain) loss on insurance settlements





(36)




Write-off of premiums, loan costs and exit fees

90



5,694



2,152



7,744


Other (income) expense, net

413



(206)



775



(282)


Transaction, acquisition and management conversion costs

240



121



686



205


Legal judgment and related legal costs

1,399



161



1,816



927


Unrealized (gain) loss on marketable securities

(598)



268



(1,406)



826


Unrealized (gain) loss on derivatives

(1,476)



1,916



1,518



1,587


Dead deal costs

18



3



50



3


Non-cash stock/unit-based compensation

5,368



9,801



9,958



16,803


Advisory services incentive fee

(636)



3,270





3,457


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

618



(344)



1,531



2,183


Company's portion of adjustments to EBITDAre of OpenKey

14



3



35



8


Adjusted EBITDAre

$

132,100



$

124,891



$

232,596



$

222,803


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


2019


2018

Net income (loss)

$

(21,352)



$

(23,351)



$

(67,974)



$

(56,000)


(Income) loss from consolidated entities attributable to noncontrolling interest

(14)



(20)



12



18


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

5,084



5,065



13,663



11,405


Preferred dividends

(10,644)



(10,644)



(21,288)



(21,288)


Net income (loss) attributable to common stockholders

(26,926)



(28,950)



(75,587)



(65,865)


Depreciation and amortization on real estate

67,452



64,509



134,573



127,498


(Gain) loss on sale of assets and hotel properties

(328)



(412)



(561)



(403)


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

(5,084)



(5,065)



(13,663)



(11,405)


Equity in (earnings) loss of unconsolidated entities

867



(1,170)



1,930



(582)


Impairment charges on real estate

6,533



19



6,533



1,679


Company's portion of FFO of Ashford Inc.

(767)



2,552



(1,402)



921


Company's portion of FFO of OpenKey

(96)



(125)



(196)



(266)


FFO available to common stockholders and OP unitholders

41,651



31,358



51,627



51,577


Write-off of premiums, loan costs and exit fees

90



5,694



2,152



7,744


(Gain) loss on insurance settlements





(36)




Uninsured hurricane related costs



(17)





(228)


Other (income) expense, net

413



(206)



775



(282)


Transaction, acquisition and management conversion costs

240



121



686



205


Legal judgment and related legal costs

1,399



161



1,816



927


Unrealized (gain) loss on marketable securities

(598)



268



(1,406)



826


Unrealized (gain) loss on derivatives

(1,476)



1,916



1,518



1,587


Dead deal costs

18



3



50



3


Non-cash stock/unit-based compensation

5,368



9,801



9,958



16,803


Amortization of loan costs

7,606



5,488



14,862



7,939


Advisory services incentive fee

(636)



3,270





3,457


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

2,198



(344)



4,640



2,183


Company's portion of adjustments to FFO of OpenKey

15



3



37



8


Adjusted FFO available to common stockholders and OP unitholders

$

56,288



$

57,516



$

86,679



$

92,749


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

$

0.47



$

0.50



$

0.73



$

0.81


Weighted average diluted shares

119,249



115,754



118,778



114,849



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

JUNE 30, 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

Morgan Stanley Ann Arbor - 1 hotel


July 2019


LIBOR + 4.15%


$



$

35,200


(1)

$

35,200



$

3,403



9.7

%

Morgan Stanley - 8 hotels


July 2019


LIBOR + 4.09%




144,000


(1)

144,000



11,243



7.8

%

NorthStar HGI Wisconsin Dells - 1 hotel


August 2019


LIBOR + 4.95%




7,778


(2)

7,778



818



10.5

%

Secured credit facility - various


September 2019


Base Rate(3) + 1.65% or
LIBOR + 2.65%









N/A



N/A


Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(4)

427,000



48,834



11.4

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(4)

395,000



41,942



10.6

%

BAML Highland Pool - 21 hotels


April 2020


LIBOR + 3.20%




962,575


(4)

962,575



108,203



11.2

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,100


(5)

16,100



2,485



15.4

%

BAML Le Pavillon - 1 hotel


June 2020


LIBOR + 5.10%




43,750


(6)

43,750



2,506



5.7

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(4)

180,720



21,025



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(4)

174,400



21,202



12.2

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(4)

221,040



21,745



9.8

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(4)

262,640



27,952



10.6

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(4)

160,000



25,343



15.8

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(4)

215,120



24,307



11.3

%

GACC Gateway - 1 hotel


November 2020


6.26%


92,494





92,494



12,654



13.7

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(7)

25,000



3,578



14.3

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(4)

240,000



33,858



14.1

%

SPT Embassy Suites New York Manhattan Times Square - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(5)

145,000



8,458



5.8

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,892



15.4

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,346





52,346



5,455



10.4

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,255



11.2

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,821





6,821



1,167



17.1

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,956





9,956



1,667



16.7

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,353





6,353



1,023



16.1

%

Southside Bank Ashton - 1 hotel


June 2024


LIBOR + 2.00%




8,881



8,881



904



10.2

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


64,808





64,808



6,870



10.6

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


11,964





11,964



1,361



11.4

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


23,917





23,917



3,283



13.7

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,669





19,669



2,702



13.7

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


50,875





50,875



8,526



16.8

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


25,162





25,162



3,689



14.7

%

Unencumbered hotels












1,812



N/A


Total






$

364,365



$

3,834,654



$

4,199,019



$

481,162



11.5

%

Percentage






8.7

%


91.3

%


100.0

%





Weighted average interest rate






5.30

%


5.68

%


5.65

%





 

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 third one-year extension period began in July 2019.

(2)      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.

(3)      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%.

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

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

(6)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.

(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

JUNE 30, 2019

(dollars in thousands)

(unaudited)




2019


2020


2021


2022


2023


Thereafter


Total

Secured credit facility - various


$



$



$



$



$



$



$


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 Manhattan Times Square - 1 hotel












145,000



145,000


Key Bank Manchester CY - 1 hotel












5,671



5,671


Southside Bank Ashton - 1 hotel












8,881



8,881


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




320,614





112,470



146,632



3,587,679



4,167,395


Scheduled amortization payments remaining


3,586



7,039



5,702



5,862



5,242



4,193



31,624


Total indebtedness


$

3,586



$

327,653



$

5,702



$

118,332



$

151,874



$

3,591,872



$

4,199,019


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

327,234



$



$

327,234



$

308,199



$

14,253



$

322,452



6.18

%


1.48

%


RevPAR

$

140.58



$



$

140.58



$

136.73



$

196.16



$

138.58



2.82

%


1.44

%


Occupancy

80.90

%


%


80.90

%


80.77

%


85.40

%


80.91

%


0.16

%


(0.02)

%


ADR

$

173.78



$



$

173.78



$

169.29



$

229.71



$

171.28



2.65

%


1.46

%

 

ALL HOTELS:




Six Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

606,430



$

1,867



$

608,297



$

577,500



$

20,284



$

597,784



5.01

%


1.76

%


RevPAR

$

131.46



$

113.3



$

131.39



$

128.22



$

169.63



$

129.29



2.52

%


1.62

%


Occupancy

76.91

%


71.19

%


76.89

%


77.36

%


77.08

%


77.35

%


(0.58)

%


(0.60)

%


ADR

$

170.93



$

159.15



$

170.89



$

165.75



$

220.07



$

167.15



3.12

%


2.24

%

 

NOTES:

(1)  The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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 June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

305,389



$



$

305,389



$

286,233



$

14,253



$

300,486



6.69

%


1.63

%


RevPAR

$

138.84



$



$

138.84



$

134.63



$

196.16



$

136.67



3.12

%


1.59

%


Occupancy

80.82

%


%


80.82

%


80.40

%


85.40

%


80.57

%


0.52

%


0.31

%


ADR

$

171.79



$



$

171.79



$

167.45



$

229.71



$

169.64



2.59

%


1.27

%

 

ALL HOTELS
     NOT UNDER RENOVATION:


Six Months Ended June 30,



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

565,894



$

1,867



$

567,761



$

537,485



$

20,284



$

557,769



5.29

%


1.79

%


RevPAR

$

129.84



$

113.30



$

129.78



$

126.49



$

169.63



$

127.68



2.65

%


1.65

%


Occupancy

76.81

%


71.19

%


76.79

%


77.01

%


77.08

%


77.01

%


(0.26)

%


(0.28)

%


ADR

$

169.04



$

159.15



$

169.00



$

164.26



$

220.07



$

165.79



2.91

%


1.94

%

 

NOTES:

(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 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:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:

Three Months Ended


Six Months Ended


June 30,


June 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

412,671



$

386,834



6.68

%


$

768,723



$

726,298



5.84

%

Non-comparable adjustments



17,988





2,187



26,640




Comparable total hotel revenue

$

412,671



$

404,822



1.94

%


$

770,910



$

752,938



2.39

%













Hotel EBITDA

$

145,327



$

136,792



6.24

%


$

257,236



$

245,406



4.82

%

Non-comparable adjustments

6



6,823





290



8,105




Comparable hotel EBITDA

$

145,333



$

143,615



1.20

%


$

257,526



$

253,511



1.58

%

Hotel EBITDA margin

35.22

%


35.36

%


(0.14)

%


33.46

%


33.79

%


(0.33)

%

Comparable hotel EBITDA margin

35.22

%


35.48

%


(0.26)

%


33.41

%


33.67

%


(0.26)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

105



$

108



(2.78)

%


$

165



$

157



5.10

%

Hotel EBITDA attributable to the Company and OP unitholders

$

145,222



$

136,684



6.25

%


$

257,071



$

245,249



4.82

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

145,228



$

143,507



1.20

%


$

257,361



$

253,354



1.58

%

 

NOTES:

(1)  The above comparable information assumes the 121 hotel properties owned and included in the Company's operations at June 30, 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
     NOT UNDER RENOVATION:

Three Months Ended


Six Months Ended

June 30,


June 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

381,690



$

358,620



6.43

%


$

710,411



$

674,350



5.35

%

Non-comparable adjustments



17,988





2,187



26,640




Comparable total hotel revenue

$

381,690



$

376,608



1.35

%


$

712,598



$

700,990



1.66

%













Hotel EBITDA

$

132,438



$

125,736



5.33

%


$

233,936



$

226,406



3.33

%

Non-comparable adjustments

6



6,791





290



8,041




Comparable hotel EBITDA

$

132,444



$

132,527



(0.06)

%


$

234,226



$

234,447



(0.09)

%

Hotel EBITDA margin

34.70

%


35.06

%


(0.36)

%


32.93

%


33.57

%


(0.64)

%

Comparable hotel EBITDA margin

34.70

%


35.19

%


(0.49)

%


32.87

%


33.45

%


(0.58)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

105



$

108



(2.78)

%


$

165



$

157



5.10

%

Hotel EBITDA attributable to the Company and OP unitholders

$

132,333



$

125,628



5.34

%


$

233,771



$

226,249



3.32

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

132,339



$

132,419



(0.06)

%


$

234,061



$

234,290



(0.10)

%

 

NOTES:

(1)  The above comparable information assumes the 117 hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 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)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(5)  Excluded Hotels Under Renovation:

Fairfield Inn and Suites Kennesaw, Hilton Garden Inn BWI Airport, Marriott DFW Airport, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


Actual


Non-comparable Adjustments


Comparable


2019


2019


2019


2019


2019


2019


2018


2018


2018


2018


2018


2018


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter

...