8-K
ASHFORD HOSPITALITY TRUST INC (AHT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): May 6, 2025
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 001-31775 | 86-1062192 |
|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 14185 Dallas Parkway, Suite 1200 | ||
| Dallas | ||
| Texas | 75254 | |
| (Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (972) 490-9600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | AHT | New York Stock Exchange |
| Preferred Stock, Series D | AHT-PD | New York Stock Exchange |
| Preferred Stock, Series F | AHT-PF | New York Stock Exchange |
| Preferred Stock, Series G | AHT-PG | New York Stock Exchange |
| Preferred Stock, Series H | AHT-PH | New York Stock Exchange |
| Preferred Stock, Series I | AHT-PI | New York Stock Exchange |
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 6, 2025, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.
ITEM 8.01 OTHER EVENTS.
The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number Description
99.1 First Quarter 2025 Earnings Release of the Company, dated May 6, 2025
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASHFORD HOSPITALITY TRUST, INC. | ||
|---|---|---|
| Dated: May 6, 2025 | By: | /s/ Deric S. Eubanks |
| Deric S. Eubanks | ||
| Chief Financial Officer |
Document
EXHIBIT 99.1
NEWS RELEASE
| Contact: | Deric Eubanks | Joseph Calabrese |
|---|---|---|
| Chief Financial Officer | Financial Relations Board | |
| (972) 490-9600 | (212) 827-3772 |
ASHFORD TRUST REPORTS FIRST QUARTER 2025 RESULTS
DALLAS – May 6, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2025. 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, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2025 with the first quarter ended March 31, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 3.2% to $133 during the quarter on a 2.4% increase in Comparable ADR and a 0.8% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(27.8) million or $(4.91) per diluted share for the quarter.
•Adjusted EBITDAre was $61.7 million for the quarter, reflecting a growth rate of 3.7% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $(0.98) per diluted share for the quarter.
•Comparable Hotel EBITDA was $77.2 million for the quarter, reflecting a growth rate of 8.7% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $22.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net working capital at the end of the quarter was $156 million.
•Capex invested during the quarter was $19.9 million.
RECENT OPERATING HIGHLIGHTS
•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.
AHT Reports First Quarter Results
Page 2
May 6, 2025
•During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).
•During the quarter, the Company completed a refinancing of 16 hotels for $580 million.
•During the quarter, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.
•During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia.
•During the quarter, the Company closed the offering of its Series J and Series K non-traded preferred stock. During the offering period, the Company issued approximately $212 million in gross proceeds.
GRO AHT: EARLY RESULTS
During the quarter, the Company made several announcements regarding its “GRO AHT” initiative, and reported progress towards its goal of delivering $50 million in annual run-rate EBITDA improvement. Going forward, the Company expects fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA, with several additional initiatives underway. The success of “GRO AHT” reflects the firm commitment that Ashford Trust, along with its advisor and property managers, has made to optimizing financial performance while ensuring long-term sustainability.
CAPITAL STRUCTURE
As of March 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.
During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.
During the quarter, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.
During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and bears interest at a floating rate of SOFR + 2.75%.
AHT Reports First Quarter Results
Page 3
May 6, 2025
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2025. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
On March 31, 2025, the offering for the Company’s Series J and Series K non-traded preferred stock closed. During the offering period, the Company issued approximately $212 million in gross proceeds and currently has 7,679,765 of its Series J and 755,647 shares of its Series K non-traded preferred stock outstanding.
“I’m extremely pleased with Ashford Trust’s strong first quarter financial results, underscored by solid RevPAR growth of approximately 3.2%,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance reflects the success of the strategic decisions implemented over the past several quarters and the early positive impact of our initiatives to grow ancillary revenue streams.” Mr. Zsigray continued, “Notably, completely eliminating our corporate-level debt strengthens our balance sheet and, combined with the recently announced “GRO AHT” initiative, positions Ashford Trust for long-term success. We remain focused on maximizing the performance and value of our portfolio and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead. As we look to the remainder of 2025, we’re encouraged by sustained strength in group demand and remain focused on executing our “GRO AHT” strategy to drive outsized EBITDA growth. We’re excited about the opportunities ahead and look forward to beginning the next chapter for Ashford Trust.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 7, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, May 14, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9727869.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, May 7, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
AHT Reports First Quarter Results
Page 4
May 6, 2025
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
| December 31, 2024 | |||
|---|---|---|---|
| ASSETS | |||
| Investments in hotel properties, gross | 3,334,874 | $ | 3,350,086 |
| Accumulated depreciation | (1,030,879) | ||
| Investments in hotel properties, net | 2,319,207 | ||
| Contract asset | 366,671 | ||
| Cash and cash equivalents | 112,907 | ||
| Restricted cash | 99,695 | ||
| Accounts receivable, net of allowance of 507 and 435 respectively | 35,579 | ||
| Inventories | 3,631 | ||
| Notes receivable, net | 10,565 | ||
| Investment in unconsolidated entities | 7,590 | ||
| Deferred costs, net | 1,788 | ||
| Prepaid expenses | 11,667 | ||
| Derivative assets, net | 2,594 | ||
| Operating lease right-of-use assets | 43,780 | ||
| Other assets | 26,680 | ||
| Intangible assets, net | 797 | ||
| Due from third-party hotel managers | 21,206 | ||
| Assets held for sale | 96,628 | ||
| Total assets | 3,082,421 | $ | 3,160,985 |
| LIABILITIES AND EQUITY (DEFICIT) | |||
| Liabilities: | |||
| Indebtedness, net | 2,651,183 | $ | 2,629,289 |
| Indebtedness associated with hotels in receivership | 314,640 | ||
| Finance lease liability | 17,992 | ||
| Other finance liability | 27,058 | ||
| Accounts payable and accrued expenses | 137,506 | ||
| Accrued interest payable | 10,212 | ||
| Accrued interest associated with hotels in receivership | 52,031 | ||
| Dividends and distributions payable | 3,952 | ||
| Due to Ashford Inc., net | 25,635 | ||
| Due to related parties, net | 2,850 | ||
| Due to third-party hotel managers | 1,145 | ||
| Intangible liabilities, net | 1,981 | ||
| Operating lease liabilities | 44,369 | ||
| Other liabilities | 4,972 | ||
| Liabilities associated with assets held for sale | 99,139 | ||
| Total liabilities | 3,372,771 | ||
| Redeemable noncontrolling interests in operating partnership | 22,509 | ||
| Series J Redeemable Preferred Stock, 0.01 par value, 7,677,717 and 6,799,638 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 156,671 | ||
| Series K Redeemable Preferred Stock, 0.01 par value, 759,086 and 601,175 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 14,869 | ||
| Equity (deficit): | |||
| Preferred stock, 0.01 par value, 55,000,000 shares authorized : | |||
| Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 11 | ||
| Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 10 | ||
| Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 15 | ||
| Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 10 | ||
| Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 11 | ||
| Common stock, 0.01 par value, 395,000,000 shares authorized, 5,790,076 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 56 | ||
| Additional paid-in capital | 2,392,518 | ||
| Accumulated deficit | (2,811,868) | ||
| Total stockholders' equity (deficit) of the Company | (419,237) | ||
| Noncontrolling interests in consolidated entities | 13,402 | ||
| Total equity (deficit) | (405,835) | ||
| Total liabilities and equity/deficit | 3,082,421 | $ | 3,160,985 |
All values are in US Dollars.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2025 | 2024 | |||
| REVENUE | ||||
| Rooms | $ | 206,301 | $ | 229,207 |
| Food and beverage | 54,529 | 57,358 | ||
| Other | 16,220 | 16,692 | ||
| Total hotel revenue | 277,050 | 303,257 | ||
| Other | 309 | 639 | ||
| Total revenue | 277,359 | 303,896 | ||
| EXPENSES | ||||
| Hotel operating expenses | ||||
| Rooms | 47,790 | 54,680 | ||
| Food and beverage | 35,726 | 37,831 | ||
| Other expenses | 95,110 | 106,826 | ||
| Management fees | 9,848 | 11,550 | ||
| Total hotel operating expenses | 188,474 | 210,887 | ||
| Property taxes, insurance and other | 16,049 | 17,364 | ||
| Depreciation and amortization | 37,339 | 40,544 | ||
| Advisory services fee: | ||||
| Base advisory fee | 8,195 | 8,220 | ||
| Reimbursable expenses | 3,208 | 6,445 | ||
| Stock/unit-based compensation | (67) | 536 | ||
| Incentive fee | 93 | — | ||
| Stirling performance participation fee | 116 | — | ||
| Corporate, general and administrative: | ||||
| Stock/unit-based compensation | 13 | 28 | ||
| Other general and administrative | 4,319 | 8,244 | ||
| Total operating expenses | 257,739 | 292,268 | ||
| Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | 31,868 | 6,956 | ||
| Gain (loss) on derecognition of assets | 10,046 | 133,909 | ||
| OPERATING INCOME (LOSS) | 61,534 | 152,493 | ||
| Equity in earnings (loss) of unconsolidated entities | (431) | (534) | ||
| Interest income | 1,214 | 1,984 | ||
| Other income (expense), net | — | 36 | ||
| Interest expense, net of discount amortization | (61,602) | (71,753) | ||
| Interest expense associated with hotels in receivership | (10,046) | (12,098) | ||
| Amortization of loan costs | (5,200) | (2,208) | ||
| Write-off of premiums, loan costs and exit fees | (4,597) | (18) | ||
| Gain (loss) on extinguishment of debt | (13) | 45 | ||
| Realized and unrealized gain (loss) on derivatives | (2,740) | 4,761 | ||
| INCOME (LOSS) BEFORE INCOME TAXES | (21,881) | 72,708 | ||
| Income tax benefit (expense) | (317) | (303) | ||
| NET INCOME (LOSS) | (22,198) | 72,405 | ||
| (Income) loss attributable to noncontrolling interest in consolidated entities | 1,776 | 9 | ||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 451 | (853) | ||
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (19,971) | 71,561 | ||
| Preferred dividends | (6,729) | (5,011) | ||
| Deemed dividends on redeemable preferred stock | (1,057) | (682) | ||
| Gain (loss) on extinguishment of preferred stock | — | 1,573 | ||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (27,757) | $ | 67,441 |
| INCOME (LOSS) PER SHARE – BASIC AND DILUTED | ||||
| Basic: | ||||
| Net income (loss) attributable to common stockholders | $ | (4.91) | $ | 17.45 |
| Weighted average common shares outstanding – basic | 5,651 | 3,846 | ||
| Diluted: | ||||
| Net income (loss) attributable to common stockholders | $ | (4.91) | $ | 5.99 |
| Weighted average common shares outstanding – diluted | 5,651 | 11,673 | ||
| Dividends declared per common share | $ | — | $ | — |
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, | ||||
| 2025 | 2024 | |||
| Net income (loss) | $ | (22,198) | $ | 72,405 |
| Interest expense and amortization of discounts and loan costs, net | 66,802 | 73,961 | ||
| Interest expense associated with hotels in receivership | 10,046 | 12,098 | ||
| Depreciation and amortization | 37,339 | 40,544 | ||
| Income tax expense (benefit) | 317 | 303 | ||
| Equity in (earnings) loss of unconsolidated entities | 431 | 534 | ||
| Company's portion of EBITDA of unconsolidated entities | 120 | (166) | ||
| EBITDA | 92,857 | 199,679 | ||
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (31,868) | (6,956) | ||
| (Gain) loss on derecognition of assets | (10,046) | (133,909) | ||
| EBITDAre | 50,943 | 58,814 | ||
| Amortization of unfavorable contract liabilities | (31) | (31) | ||
| Transaction and conversion costs | 1,928 | 4,956 | ||
| Write-off of premiums, loan costs and exit fees | 4,597 | 18 | ||
| Realized and unrealized (gain) loss on derivatives | 2,740 | (4,761) | ||
| Stock/unit-based compensation | (54) | 564 | ||
| Legal, advisory and settlement costs | 797 | — | ||
| Other (income) expense, net | — | (35) | ||
| Incentive fee | 93 | — | ||
| Stirling performance participation fee | 116 | — | ||
| (Gain) loss on extinguishment of debt | 13 | (45) | ||
| Severance | 521 | — | ||
| Adjusted EBITDAre | $ | 61,663 | $ | 59,480 |
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, | ||||
| 2025 | 2024 | |||
| Net income (loss) | $ | (22,198) | $ | 72,405 |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 1,776 | 9 | ||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 451 | (853) | ||
| Preferred dividends | (6,729) | (5,011) | ||
| Deemed dividends on redeemable preferred stock | (1,057) | (682) | ||
| Gain (loss) on extinguishment of preferred stock | — | 1,573 | ||
| Net income (loss) attributable to common stockholders | (27,757) | 67,441 | ||
| Depreciation and amortization on real estate | 36,550 | 40,544 | ||
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (31,868) | (6,956) | ||
| (Gain) loss on derecognition of assets | (10,046) | (133,909) | ||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (451) | 853 | ||
| Equity in (earnings) loss of unconsolidated entities | 431 | 534 | ||
| Company's portion of FFO of unconsolidated entities | (233) | (407) | ||
| FFO available to common stockholders and OP unitholders | (33,374) | (31,900) | ||
| Deemed dividends on redeemable preferred stock | 1,057 | 682 | ||
| (Gain) loss on extinguishment of preferred stock | — | (1,573) | ||
| Transaction and conversion costs | 1,928 | 4,956 | ||
| Write-off of premiums, loan costs and exit fees | 4,597 | 18 | ||
| Unrealized (gain) loss on derivatives | 3,432 | 3,953 | ||
| Stock/unit-based compensation | (54) | 564 | ||
| Legal, advisory and settlement costs | 797 | — | ||
| Other (income) expense, net | — | (35) | ||
| Amortization of credit facility exit fee | — | 844 | ||
| Amortization of loan costs | 5,163 | 2,208 | ||
| Incentive fee | 93 | — | ||
| Stirling performance participation fee | 116 | — | ||
| (Gain) loss on extinguishment of debt | 13 | (45) | ||
| Interest expense associated with hotels in receivership | 10,046 | 6,551 | ||
| Severance | 521 | — | ||
| Company's portion of adjustments to FFO of unconsolidated entities | 40 | — | ||
| Adjusted FFO available to common stockholders and OP unitholders | $ | (5,625) | $ | (13,777) |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | (0.98) | $ | (3.54) |
| Weighted average diluted shares | 5,761 | 3,896 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2025
(dollars in thousands)
(unaudited)
| Indebtedness | Current Maturity | Final Maturity (13) | Interest Rate (12) | Fixed-Rate<br>Debt | Floating-Rate<br>Debt | Total<br>Debt | TTM Hotel Net Income | TTM Hotel Net Income Debt Yield | Comparable TTM Hotel EBITDA (14) | Comparable TTM Hotel EBITDA<br>Debt Yield | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | March 2025 | 4.66% | $ | 21,971 | $ | — | $ | 21,971 | (2) | $ | (1,452) | (6.6) | % | $ | 2,023 | 9.2 | % | |||
| Morgan Stanley Pool - 17 hotels | April 2025 | April 2025 | SOFR (1) + 3.39% | — | 409,750 | 409,750 | (3) | 18,574 | 4.5 | % | 43,371 | 10.6 | % | ||||||||
| BAML Highland Pool - 18 hotels | April 2025 | April 2025 | SOFR (1) + 3.70% | — | 743,625 | 743,625 | (4) | 86,140 | 11.6 | % | 87,148 | 11.7 | % | ||||||||
| Aareal Le Pavillon - 1 hotel | December 2025 | December 2027 | SOFR (1) + 4.00% | — | 37,000 | 37,000 | (5) | (8,031) | (21.7) | % | 1,341 | 3.6 | % | ||||||||
| JPMorgan Chase - 8 hotels | April 2025 | February 2026 | SOFR (1) + 3.28% | — | 325,000 | 325,000 | (6) | (56,663) | (17.4) | % | 24,453 | 7.5 | % | ||||||||
| BAML Indigo Atlanta - 1 hotel | February 2026 | February 2027 | SOFR (1) + 2.75% | — | 12,330 | 12,330 | (7) | (313) | (2.5) | % | 2,131 | 17.3 | % | ||||||||
| Aareal Alexandria/La Posada - 2 hotels | May 2026 | May 2028 | SOFR (1) + 4.00% | — | 98,450 | 98,450 | (8) | 5,519 | 5.6 | % | 10,492 | 10.7 | % | ||||||||
| BAML Nashville - 1 hotel | May 2026 | May 2029 | SOFR (1) + 3.98% | — | 267,200 | 267,200 | (9) | 26,802 | 10.0 | % | 36,519 | 13.7 | % | ||||||||
| BAML/Sculptor KEYS 16 Pool - 16 hotels | February 2027 | February 2030 | SOFR (1) + 4.37% | — | 580,000 | 580,000 | (9) | 37,338 | 6.4 | % | 69,201 | 11.9 | % | ||||||||
| Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% | — | 121,500 | 121,500 | (10) | 12,573 | 10.3 | % | 16,744 | 13.8 | % | ||||||||
| Unencumbered Hotel - 1 hotel | — | — | — | 1,564 | N/A | 4,094 | N/A | ||||||||||||||
| Total | $ | 21,971 | $ | 2,594,855 | $ | 2,616,826 | $ | 122,051 | 4.7 | % | $ | 297,517 | 11.4 | % | |||||||
| Percentage | 0.8 | % | 99.2 | % | 100.0 | % | |||||||||||||||
| Weighted average interest rate (11) (12) | 4.66 | % | 8.08 | % | 8.06 | % |
All indebtedness is non-recourse.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1) SOFR rate was 4.32% at March 31, 2025.
(2) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(3) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. On April 9, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included extending the current maturity date from April 2025 to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions.
(4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. On April 8,2025, this loan entered into 30 day forbearance period extending the maturity to May 8, 2025.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.
(6) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. In March 2025 and April 2025, the mortgage loan was amended to extend the current maturity to April 2025 and May 2025, respectively.
(7) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(9) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.
(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.
(11) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12) Interest rates do not include default or late payment rates in effect on some mortgage loans.
(13) The final maturity date assumes all available extension options will be exercised.
(14) 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, 2025
(dollars in thousands)
(unaudited)
| 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | $ | 21,971 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21,971 |
| Morgan Stanley Pool - 17 hotels (1) | 409,750 | — | — | — | — | — | 409,750 | |||||||
| BAML Highland Pool - 18 hotels | 743,625 | — | — | — | — | — | 743,625 | |||||||
| JPMorgan Chase - 8 hotels | — | 325,000 | — | — | — | — | 325,000 | |||||||
| BAML Indigo Atlanta - 1 hotel | — | — | 12,330 | — | — | — | 12,330 | |||||||
| Aareal Le Pavillon - 1 hotel | — | — | 35,000 | — | — | — | 35,000 | |||||||
| Aareal Alexandria/La Posada - 2 hotels | — | — | — | 98,450 | — | — | 98,450 | |||||||
| BAML Nashville - 1 hotel | — | — | — | — | 267,200 | — | 267,200 | |||||||
| Torchlight Marriott Gateway - 1 hotel | — | — | — | — | 121,500 | — | 121,500 | |||||||
| BAML/Sculptor KEYS 16 Pool - 16 hotels | — | — | — | — | — | 580,000 | 580,000 | |||||||
| Principal due in future periods | 1,175,346 | 325,000 | 47,330 | 98,450 | 388,700 | 580,000 | 2,614,826 | |||||||
| Scheduled amortization payments remaining | — | 1,000 | 1,000 | — | — | — | 2,000 | |||||||
| Total indebtedness | $ | 1,175,346 | $ | 326,000 | $ | 48,330 | $ | 98,450 | $ | 388,700 | $ | 580,000 | $ | 2,616,826 |
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1) This mortgage loan was amended in April 2025. Terms of the amendment included extending the final maturity from April 2025 to March 2028.
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 | ||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | % Variance | % Variance | ||||||||||||||||
| Rooms revenue (in thousands) | $ | 206,302 | $ | (4,161) | $ | 202,141 | $ | 229,208 | $ | (33,384) | $ | 195,824 | (9.99) | % | 3.23 | % | |||||||
| RevPAR | $ | 132.04 | $ | (105.91) | $ | 132.71 | $ | 125.30 | $ | (108.88) | $ | 128.60 | 5.38 | % | 3.19 | % | |||||||
| Occupancy | 67.98 | % | (75.55) | % | 67.78 | % | 66.90 | % | (65.16) | % | 67.25 | % | 1.61 | % | 0.79 | % | |||||||
| ADR | $ | 194.24 | $ | (140.17) | $ | 195.80 | $ | 187.30 | $ | (167.10) | $ | 191.24 | 3.71 | % | 2.38 | % |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
| ALL HOTELS<br> NOT UNDER RENOVATION: | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended March 31, | ||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | % Variance | % Variance | |||||||||||||||||
| Rooms revenue (in thousands) | $ | 201,382 | $ | (4,161) | $ | 197,221 | $ | 223,943 | $ | (33,384) | $ | 190,559 | (10.07) | % | 3.50 | % | ||||||||
| RevPAR | $ | 132.67 | $ | (105.91) | $ | 133.38 | $ | 125.51 | $ | (108.88) | $ | 128.96 | 5.71 | % | 3.43 | % | ||||||||
| Occupancy | 68.25 | % | (75.55) | % | 68.05 | % | 66.96 | % | (65.16) | % | 67.33 | % | 1.93 | % | 1.07 | % | ||||||||
| ADR | $ | 194.40 | $ | (140.17) | $ | 196.00 | $ | 187.44 | $ | (167.10) | $ | 191.52 | 3.72 | % | 2.34 | % |
NOTES:
(1) The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
| ALL HOTELS: | Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31, | ||||||||
| 2025 | 2024 | % Variance | ||||||
| Total hotel revenue | $ | 277,051 | $ | 303,258 | (8.64) | % | ||
| Non-comparable adjustments | (4,280) | (40,008) | ||||||
| Comparable total hotel revenue | $ | 272,771 | $ | 263,250 | 3.62 | % | ||
| Hotel net income (loss) | $ | 69,126 | $ | 30,435 | 127.13 | % | ||
| Non-comparable adjustments | (32,862) | 2,259 | ||||||
| Comparable hotel net income (loss) | $ | 36,264 | $ | 32,694 | 10.92 | % | ||
| Hotel net income (loss) margin | 24.95 | % | 10.04 | % | 14.91 | % | ||
| Comparable hotel net income margin | 13.29 | % | 12.42 | % | 0.87 | % | ||
| Hotel EBITDA | $ | 78,473 | $ | 78,312 | 0.21 | % | ||
| Non-comparable adjustments | (1,323) | (7,304) | ||||||
| Comparable hotel EBITDA | $ | 77,150 | $ | 71,008 | 8.65 | % | ||
| Hotel EBITDA margin | 28.32 | % | 25.82 | % | 2.50 | % | ||
| Comparable hotel EBITDA margin | 28.28 | % | 26.97 | % | 1.31 | % |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
| ALL HOTELS<br> NOT UNDER RENOVATION: | Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, | |||||||||
| 2025 | 2024 | % Variance | |||||||
| Total hotel revenue | $ | 271,662 | $ | 297,584 | (8.71) | % | |||
| Non-comparable adjustments | (4,280) | (40,008) | |||||||
| Comparable total hotel revenue | $ | 267,382 | $ | 257,576 | 3.81 | % | |||
| Hotel net income (loss) | $ | 69,225 | $ | 29,747 | 132.71 | % | |||
| Non-comparable adjustments | (32,862) | 2,258 | |||||||
| Comparable hotel net income (loss) | $ | 36,363 | $ | 32,005 | 13.62 | % | |||
| Hotel net income (loss) margin | 25.48 | % | 10.00 | % | 15.48 | % | |||
| Comparable hotel net income margin | 13.60 | % | 12.43 | % | 1.17 | % | |||
| Hotel EBITDA | $ | 76,842 | $ | 76,751 | 0.12 | % | |||
| Non-comparable adjustments | (1,323) | (7,304) | |||||||
| Comparable hotel EBITDA | $ | 75,519 | $ | 69,447 | 8.74 | % | |||
| Hotel EBITDA margin | 28.29 | % | 25.79 | % | 2.50 | % | |||
| Comparable hotel EBITDA margin | 28.24 | % | 26.96 | % | 1.28 | % |
NOTES:
(1) The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(3) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & 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 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||||||||
| 1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | 3rd Quarter | 3rd Quarter | 3rd Quarter | 2nd Quarter | 2nd Quarter | 2nd Quarter | |||||||||||||||||||||
| Total hotel revenue | $ | 277,051 | $ | (4,280) | $ | 272,771 | $ | 275,060 | $ | (11,728) | $ | 263,332 | $ | 276,019 | $ | (13,321) | $ | 262,698 | $ | 315,797 | $ | (22,455) | $ | 293,342 | ||||||||
| Hotel net income (loss) | $ | 69,126 | $ | (32,862) | $ | 36,264 | $ | (37,125) | $ | (1,813) | $ | (38,938) | $ | 32,678 | $ | (5,539) | $ | 27,139 | $ | 140,679 | $ | (89,600) | $ | 51,079 | ||||||||
| Hotel net income (loss) margin | 24.95 | % | 13.29 | % | (13.50) | % | (14.79) | % | 11.84 | % | 10.33 | % | 44.55 | % | 17.41 | % | ||||||||||||||||
| Hotel EBITDA | $ | 78,473 | $ | (1,323) | $ | 77,150 | $ | 69,415 | $ | (3,897) | $ | 65,518 | $ | 71,833 | $ | (5,170) | $ | 66,663 | $ | 95,134 | $ | (6,424) | $ | 88,710 | ||||||||
| Hotel EBITDA margin | 28.32 | % | 28.28 | % | 25.24 | % | 24.88 | % | 26.02 | % | 25.38 | % | 30.13 | % | 30.24 | % | ||||||||||||||||
| Hotel net income (loss) % of total TTM | 33.7 | % | 48.0 | % | (18.1) | % | (51.5) | % | 15.9 | % | 35.9 | % | 68.5 | % | 67.6 | % | ||||||||||||||||
| EBITDA % of total TTM | 24.9 | % | 25.9 | % | 22.0 | % | 22.0 | % | 22.8 | % | 22.4 | % | 30.2 | % | 29.8 | % | ||||||||||||||||
| JV interests in Hotel net income (loss) | $ | (1,544) | $ | (1,544) | $ | (2,771) | $ | (2,771) | $ | (414) | $ | (414) | $ | — | $ | — | ||||||||||||||||
| JV interests in EBITDA | $ | 321 | $ | 321 | $ | (63) | $ | (63) | $ | 113 | $ | 113 | $ | — | $ | — | ||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | ||||||||||||||||||||||||||||||
| 2025 | 2025 | 2025 | ||||||||||||||||||||||||||||||
| TTM | TTM | TTM | ||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 1,143,927 | $ | (51,784) | $ | 1,092,143 | ||||||||||||||||||||||||||
| Hotel net income (loss) | $ | 205,358 | $ | (129,814) | $ | 75,544 | ||||||||||||||||||||||||||
| Hotel net income (loss) margin | 17.95 | % | 6.92 | % | ||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 314,855 | $ | (16,814) | $ | 298,041 | ||||||||||||||||||||||||||
| Hotel EBITDA margin | 27.52 | % | 27.29 | % | ||||||||||||||||||||||||||||
| Hotel net income (loss) % of total TTM | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||
| EBITDA % of total TTM | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||
| JV interests in Hotel net income (loss) | $ | (4,729) | $ | (4,729) | ||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | 371 | $ | 371 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | ||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | % Variance | % Variance | ||||||||||||||||||
| Atlanta, GA Area | 4 | 939 | $ | 143.67 | $ | (104.79) | $ | 151.50 | $ | 119.52 | $ | (84.57) | $ | 136.26 | 20.2 | % | 11.2 | % | |||||||
| Boston, MA Area | — | — | 38.81 | (38.81) | — | 142.10 | (142.10) | — | (72.7) | % | — | % | |||||||||||||
| Dallas / Ft. Worth, TX Area | 5 | 1,396 | 126.14 | — | 126.14 | 114.00 | (76.18) | 120.97 | 10.6 | % | 4.3 | % | |||||||||||||
| Houston, TX Area | 3 | 695 | 111.58 | — | 111.58 | 97.24 | — | 97.24 | 14.7 | % | 14.7 | % | |||||||||||||
| Los Angeles, CA Metro Area | 4 | 1,312 | 155.67 | — | 155.67 | 148.74 | (84.48) | 158.65 | 4.7 | % | (1.9) | % | |||||||||||||
| Miami, FL Metro Area | 2 | 414 | 248.44 | — | 248.44 | 244.66 | — | 244.66 | 1.5 | % | 1.5 | % | |||||||||||||
| Minneapolis - St. Paul, MN Area | 2 | 520 | 51.31 | — | 51.31 | 53.87 | — | 53.87 | (4.8) | % | (4.8) | % | |||||||||||||
| Nashville, TN Area | 1 | 674 | 227.55 | — | 227.55 | 220.63 | — | 220.63 | 3.1 | % | 3.1 | % | |||||||||||||
| New York / New Jersey Metro Area | 4 | 1,159 | 80.78 | — | 80.78 | 75.02 | (55.84) | 77.59 | 7.7 | % | 4.1 | % | |||||||||||||
| Orlando, FL Area | 2 | 524 | 147.41 | — | 147.41 | 145.63 | — | 145.63 | 1.2 | % | 1.2 | % | |||||||||||||
| Philadelphia, PA Area | 1 | 263 | 91.89 | — | 91.89 | 72.76 | (28.18) | 94.99 | 26.3 | % | (3.3) | % | |||||||||||||
| San Diego, CA Area | 2 | 410 | 136.74 | — | 136.74 | 139.59 | — | 139.59 | (2.0) | % | (2.0) | % | |||||||||||||
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 125.52 | — | 125.52 | 112.90 | (85.16) | 124.55 | 11.2 | % | 0.8 | % | |||||||||||||
| Tampa, FL Area | 2 | 571 | 199.33 | — | 199.33 | 185.40 | — | 185.40 | 7.5 | % | 7.5 | % | |||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,428 | 141.03 | — | 141.03 | 134.99 | — | 134.99 | 4.5 | % | 4.5 | % | |||||||||||||
| Other Areas | 24 | 4,826 | 115.29 | (116.67) | 115.23 | 116.31 | (131.50) | 112.63 | (0.9) | % | 2.3 | % | |||||||||||||
| Total Portfolio | 68 | 16,924 | $ | 132.04 | $ | (105.91) | $ | 132.71 | $ | 125.30 | $ | (108.88) | $ | 128.60 | 5.4 | % | 3.2 | % |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
| Three Months Ended March 31, | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Comparable | |||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | % Variance | % Variance | |||||||||||||||||||||
| Atlanta, GA Area | 4 | 939 | $ | 2,631 | $ | (93) | $ | 2,538 | 7.0 | % | $ | 1,193 | $ | 158 | $ | 1,351 | 4.1 | % | 120.5 | % | 87.9 | % | ||||||
| Boston, MA Area | — | — | 31,828 | (31,828) | — | — | % | (3,059) | 3,059 | — | — | % | 1,140.5 | % | — | % | ||||||||||||
| Dallas / Ft. Worth, TX Area | 5 | 1,396 | 2,244 | — | 2,244 | 6.2 | % | 2,398 | 1,016 | 3,414 | 10.4 | % | (6.4) | % | (34.3) | % | ||||||||||||
| Houston, TX Area | 3 | 695 | 712 | — | 712 | 2.0 | % | 102 | — | 102 | 0.3 | % | 598.0 | % | 598.0 | % | ||||||||||||
| Los Angeles, CA Metro Area | 4 | 1,312 | 4,573 | — | 4,573 | 12.6 | % | 1,431 | 3,015 | 4,446 | 13.6 | % | 219.6 | % | 2.9 | % | ||||||||||||
| Miami, FL Metro Area | 2 | 414 | 4,101 | — | 4,101 | 11.3 | % | 4,121 | — | 4,121 | 12.6 | % | (0.5) | % | (0.5) | % | ||||||||||||
| Minneapolis - St. Paul, MN Area | 2 | 520 | (1,095) | — | (1,095) | (3.0) | % | (1,289) | — | (1,289) | (3.9) | % | 15.1 | % | 15.1 | % | ||||||||||||
| Nashville, TN Area | 1 | 674 | 7,023 | — | 7,023 | 19.4 | % | 5,811 | — | 5,811 | 17.8 | % | 20.9 | % | 20.9 | % | ||||||||||||
| New York / New Jersey Metro Area | 4 | 1,159 | (638) | — | (638) | (1.8) | % | (1,823) | 876 | (947) | (2.9) | % | 65.0 | % | 32.6 | % | ||||||||||||
| Orlando, FL Area | 2 | 524 | 2,070 | — | 2,070 | 5.7 | % | 1,752 | — | 1,752 | 5.4 | % | 18.2 | % | 18.2 | % | ||||||||||||
| Philadelphia, PA Area | 1 | 263 | (27) | (2) | (29) | (0.1) | % | (979) | 830 | (149) | (0.5) | % | 97.2 | % | 80.5 | % | ||||||||||||
| San Diego, CA Area | 2 | 410 | 932 | — | 932 | 2.6 | % | 1,101 | — | 1,101 | 3.4 | % | (15.3) | % | (15.3) | % | ||||||||||||
| San Francisco - Oakland, CA Metro Area | 3 | 793 | (86) | 212 | 126 | 0.3 | % | 11 | 208 | 219 | 0.7 | % | (881.8) | % | (42.5) | % | ||||||||||||
| Tampa, FL Area | 2 | 571 | 5,293 | — | 5,293 | 14.6 | % | 4,522 | — | 4,522 | 13.8 | % | 17.0 | % | 17.0 | % | ||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,428 | 7,075 | — | 7,075 | 19.5 | % | 5,840 | — | 5,840 | 17.9 | % | 21.1 | % | 21.1 | % | ||||||||||||
| Other Areas | 24 | 4,826 | 2,490 | (1,151) | 1,339 | 3.7 | % | 9,303 | (6,903) | 2,400 | 7.3 | % | (73.2) | % | (44.2) | % | ||||||||||||
| Total Portfolio | 68 | 16,924 | $ | 69,126 | $ | (32,862) | $ | 36,264 | 100.0 | % | $ | 30,435 | $ | 2,259 | $ | 32,694 | 100.0 | % | 127.1 | % | 10.9 | % |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
| Three Months Ended March 31, | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Comparable | |||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | % Variance | % Variance | |||||||||||||||||||||
| Atlanta, GA Area | 4 | 939 | $ | 5,558 | $ | (514) | $ | 5,044 | 6.5 | % | $ | 4,617 | $ | (645) | $ | 3,972 | 5.6 | % | 20.4 | % | 27.0 | % | ||||||
| Boston, MA Area | — | — | 12 | (12) | — | — | % | 884 | (884) | — | — | % | (98.6) | % | — | % | ||||||||||||
| Dallas / Ft. Worth, TX Area | 5 | 1,396 | 7,889 | — | 7,889 | 10.2 | % | 6,868 | (393) | 6,475 | 9.1 | % | 14.9 | % | 21.8 | % | ||||||||||||
| Houston, TX Area | 3 | 695 | 2,380 | — | 2,380 | 3.1 | % | 1,767 | 2 | 1,769 | 2.5 | % | 34.7 | % | 34.5 | % | ||||||||||||
| Los Angeles, CA Metro Area | 4 | 1,312 | 6,822 | — | 6,822 | 8.8 | % | 6,802 | (181) | 6,621 | 9.3 | % | 0.3 | % | 3.0 | % | ||||||||||||
| Miami, FL Metro Area | 2 | 414 | 5,558 | — | 5,558 | 7.2 | % | 5,203 | — | 5,203 | 7.3 | % | 6.8 | % | 6.8 | % | ||||||||||||
| Minneapolis - St. Paul, MN Area | 2 | 520 | (363) | — | (363) | (0.5) | % | (506) | 2 | (504) | (0.7) | % | 28.3 | % | 28.0 | % | ||||||||||||
| Nashville, TN Area | 1 | 674 | 9,476 | — | 9,476 | 12.3 | % | 8,284 | — | 8,284 | 11.7 | % | 14.4 | % | 14.4 | % | ||||||||||||
| New York / New Jersey Metro Area | 4 | 1,159 | 1,413 | — | 1,413 | 1.8 | % | 1,347 | (110) | 1,237 | 1.7 | % | 4.9 | % | 14.2 | % | ||||||||||||
| Orlando, FL Area | 2 | 524 | 2,935 | — | 2,935 | 3.8 | % | 2,720 | — | 2,720 | 3.8 | % | 7.9 | % | 7.9 | % | ||||||||||||
| Philadelphia, PA Area | 1 | 263 | 346 | (2) | 344 | 0.4 | % | (28) | 267 | 239 | 0.3 | % | 1,335.7 | % | 43.9 | % | ||||||||||||
| San Diego, CA Area | 2 | 410 | 1,683 | — | 1,683 | 2.2 | % | 1,681 | — | 1,681 | 2.4 | % | 0.1 | % | 0.1 | % | ||||||||||||
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 2,718 | — | 2,718 | 3.5 | % | 3,044 | (226) | 2,818 | 4.0 | % | (10.7) | % | (3.5) | % | ||||||||||||
| Tampa, FL Area | 2 | 571 | 5,998 | — | 5,998 | 7.8 | % | 5,360 | 2 | 5,362 | 7.6 | % | 11.9 | % | 11.9 | % | ||||||||||||
| Washington D.C. - MD - VA Area | 9 | 2,428 | 11,240 | — | 11,240 | 14.6 | % | 10,627 | 3 | 10,630 | 15.0 | % | 5.8 | % | 5.7 | % | ||||||||||||
| Other Areas | 24 | 4,826 | 14,808 | (795) | 14,013 | 18.3 | % | 19,642 | (5,141) | 14,501 | 20.4 | % | (24.6) | % | (3.4) | % | ||||||||||||
| Total Portfolio | 68 | 16,924 | $ | 78,473 | $ | (1,323) | $ | 77,150 | 100.0 | % | $ | 78,312 | $ | (7,304) | $ | 71,008 | 100.0 | % | 0.2 | % | 8.6 | % |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2025
(in thousands, except share price)
(unaudited)
| March 31, 2025 | ||
|---|---|---|
| Common stock shares outstanding | 5,790 | |
| Partnership units outstanding | 121 | |
| Combined common stock shares and partnership units outstanding | 5,911 | |
| Common stock price | $ | 7.17 |
| Market capitalization | $ | 42,382 |
| Series D cumulative preferred stock | $ | 27,778 |
| Series F cumulative preferred stock | $ | 25,926 |
| Series G cumulative preferred stock | $ | 36,774 |
| Series H cumulative preferred stock | $ | 25,949 |
| Series I cumulative preferred stock | $ | 25,858 |
| Series J redeemable preferred stock | $ | 191,943 |
| Series K redeemable preferred stock | $ | 18,977 |
| Indebtedness | $ | 2,616,826 |
| Net working capital (see below) | $ | (156,089) |
| Total enterprise value (TEV) | $ | 2,856,324 |
| Cash and cash equivalents | $ | 80,656 |
| Restricted cash | $ | 135,780 |
| Accounts receivable, net | $ | 47,658 |
| Prepaid expenses | $ | 19,110 |
| Due from third-party hotel managers, net | $ | 20,728 |
| Total current assets | $ | 303,932 |
| Accounts payable, net & accrued expenses | $ | 127,106 |
| Dividends and distributions payable | $ | 4,124 |
| Due to affiliates, net | $ | 16,613 |
| Total current liabilities | $ | 147,843 |
| Net working capital | $ | 156,089 |
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
| 2025 | |||||
|---|---|---|---|---|---|
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||
| Rooms | Actual | Estimated | Estimated | Estimated | |
| Courtyard Bloomington | 117 | x | x | x | |
| Embassy Suites Palm Beach | 160 | x | |||
| Hampton Inn Evansville | 140 | x | x | ||
| Hilton Garden Inn Austin Downton | 254 | x | x | ||
| Hilton Garden Inn Virginia Beach | 176 | x | |||
| Residence Inn Evansville | 78 | x | x | x | |
| Sheraton Anchorage | 370 | x | |||
| Sheraton Misson Valley | 260 | x | |||
| Westin Princeton | 296 | x | |||
| Total | 4 | 4 | 1 | 6 |
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 2025 | 2024 | 2024 | 2024 | March 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | ||||||
| Net income (loss) | $ | 69,126 | $ | (37,125) | $ | 32,678 | $ | 140,679 | $ | 205,358 |
| Non-property adjustments | (31,855) | 59,274 | (2,771) | (85,986) | (61,338) | |||||
| Interest income | (346) | (408) | (482) | (420) | (1,656) | |||||
| Interest expense | 3,065 | 3,181 | 2,206 | 2,086 | 10,538 | |||||
| Amortization of loan costs | 106 | 118 | 77 | 76 | 377 | |||||
| Depreciation and amortization | 37,290 | 37,256 | 37,691 | 37,139 | 149,376 | |||||
| Income tax expense (benefit) | — | (22) | 26 | 29 | 33 | |||||
| Non-hotel EBITDA ownership expense | 1,087 | 7,141 | 2,408 | 1,531 | 12,167 | |||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 78,473 | 69,415 | 71,833 | 95,134 | 314,855 | |||||
| Non-comparable adjustments | (1,323) | (3,897) | (5,170) | (6,424) | (16,814) | |||||
| Comparable hotel EBITDA | $ | 77,150 | $ | 65,518 | $ | 66,663 | $ | 88,710 | $ | 298,041 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||
| Net income (loss) | $ | 69,225 | $ | (99) | $ | 69,126 | $ | (91,324) | $ | (22,198) |
| Non-property adjustments | (31,855) | — | (31,855) | 31,855 | — | |||||
| Interest income | (346) | — | (346) | 346 | — | |||||
| Interest expense | 3,065 | — | 3,065 | 68,583 | 71,648 | |||||
| Amortization of loan cost | 106 | — | 106 | 5,094 | 5,200 | |||||
| Depreciation and amortization | 35,578 | 1,712 | 37,290 | 49 | 37,339 | |||||
| Income tax expense (benefit) | — | — | — | 317 | 317 | |||||
| Non-hotel EBITDA ownership expense | 1,069 | 18 | 1,087 | (1,087) | — | |||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 76,842 | 1,631 | 78,473 | 13,833 | 92,306 | |||||
| Equity in (earnings) loss of unconsolidated entities | — | — | — | 431 | 431 | |||||
| Company's portion of EBITDA of unconsolidated entities | — | — | — | 120 | 120 | |||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 76,842 | $ | 1,631 | $ | 78,473 | $ | 14,384 | $ | 92,857 |
| Non-comparable adjustments | (1,323) | — | (1,323) | |||||||
| Comparable hotel EBITDA | $ | 75,519 | $ | 1,631 | $ | 77,150 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||
| Net income (loss) | $ | (37,125) | $ | (91,974) | $ | (129,099) |
| Non-property adjustments | 59,274 | (59,274) | — | |||
| Interest income | (408) | 408 | — | |||
| Interest expense | 3,181 | 66,934 | 70,115 | |||
| Amortization of loan cost | 118 | 4,354 | 4,472 | |||
| Depreciation and amortization | 37,256 | 49 | 37,305 | |||
| Income tax expense (benefit) | (22) | (2,294) | (2,316) | |||
| Non-hotel EBITDA ownership expense | 7,141 | (7,141) | — | |||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 69,415 | (88,938) | (19,523) | |||
| Equity in (earnings) loss of unconsolidated entities | — | 1,542 | 1,542 | |||
| Company's portion of EBITDA of unconsolidated entities | — | 130 | 130 | |||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 69,415 | $ | (87,266) | $ | (17,851) |
| Non-comparable adjustments | (3,897) | |||||
| Comparable hotel EBITDA | $ | 65,518 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||
| Net income (loss) | $ | 32,678 | $ | (91,806) | $ | (59,128) |
| Non-property adjustments | (2,771) | 2,771 | — | |||
| Interest income | (482) | 482 | — | |||
| Interest expense | 2,206 | 72,167 | 74,373 | |||
| Amortization of loan cost | 77 | 3,495 | 3,572 | |||
| Depreciation and amortization | 37,691 | 49 | 37,740 | |||
| Income tax expense (benefit) | 26 | (471) | (445) | |||
| Non-hotel EBITDA ownership expense | 2,408 | (2,408) | — | |||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 71,833 | (15,721) | 56,112 | |||
| Equity in (earnings) loss of unconsolidated entities | — | 133 | 133 | |||
| Company's portion of EBITDA of unconsolidated entities | — | 257 | 257 | |||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 71,833 | $ | (15,331) | $ | 56,502 |
| Non-comparable adjustments | (5,170) | |||||
| Comparable hotel EBITDA | $ | 66,663 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended June 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||
| Net income (loss) | $ | 140,679 | $ | (89,868) | $ | 50,811 |
| Non-property adjustments | (85,986) | 85,986 | — | |||
| Interest income | (420) | 420 | — | |||
| Interest expense | 2,086 | 74,936 | 77,022 | |||
| Amortization of loan cost | 76 | 3,262 | 3,338 | |||
| Depreciation and amortization | 37,139 | 48 | 37,187 | |||
| Income tax expense (benefit) | 29 | 3,426 | 3,455 | |||
| Non-hotel EBITDA ownership expense | 1,531 | (1,531) | — | |||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 95,134 | 76,679 | 171,813 | |||
| Equity in (earnings) loss of unconsolidated entities | — | 162 | 162 | |||
| Company's portion of EBITDA of unconsolidated entities | — | 215 | 215 | |||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 95,134 | $ | 77,056 | $ | 172,190 |
| Non-comparable adjustments | (6,424) | |||||
| Comparable hotel EBITDA | $ | 88,710 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||
| Net income (loss) | $ | 29,747 | $ | 688 | $ | 30,435 | $ | 41,970 | $ | 72,405 |
| Non-property adjustments | 1,970 | — | 1,970 | (1,970) | — | |||||
| Interest income | (410) | — | (410) | 410 | — | |||||
| Interest expense | 4,155 | — | 4,155 | 79,696 | 83,851 | |||||
| Amortization of loan cost | 219 | — | 219 | 1,989 | 2,208 | |||||
| Depreciation and amortization | 39,349 | 871 | 40,220 | 324 | 40,544 | |||||
| Income tax expense (benefit) | 35 | — | 35 | 268 | 303 | |||||
| Non-hotel EBITDA ownership expense | 1,686 | 2 | 1,688 | (1,688) | — | |||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 76,751 | 1,561 | 78,312 | 120,999 | 199,311 | |||||
| Equity in (earnings) loss of unconsolidated entities | — | — | — | 534 | 534 | |||||
| Company's portion of EBITDA of unconsolidated entities | — | — | — | (166) | (166) | |||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 76,751 | $ | 1,561 | $ | 78,312 | $ | 121,367 | $ | 199,679 |
| Non-comparable adjustments | (7,304) | — | (7,304) | |||||||
| Comparable hotel EBITDA | $ | 69,447 | $ | 1,561 | $ | 71,008 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2) Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2025 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - <br>St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | ||||||||||
| Net income (loss) | $ | 2,631 | $ | 31,828 | $ | 2,244 | $ | 712 | $ | 4,573 | $ | 4,101 | $ | (1,095) | $ | 7,023 | $ | (638) |
| Non-property adjustments | — | (31,868) | — | — | — | — | — | — | — | |||||||||
| Interest income | (55) | — | — | — | (14) | (2) | — | (25) | — | |||||||||
| Interest expense | 702 | — | 1,289 | — | — | — | — | — | — | |||||||||
| Amortization of loan costs | 4 | — | 53 | — | — | — | — | — | — | |||||||||
| Depreciation and amortization | 2,109 | — | 3,834 | 1,755 | 1,919 | 1,446 | 698 | 2,473 | 1,882 | |||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | |||||||||
| Non-hotel EBITDA ownership expense | 167 | 52 | 469 | (87) | 344 | 13 | 34 | 5 | 169 | |||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5,558 | 12 | 7,889 | 2,380 | 6,822 | 5,558 | (363) | 9,476 | 1,413 | |||||||||
| Non-comparable adjustments | (514) | (12) | — | — | — | — | — | — | — | |||||||||
| Comparable hotel EBITDA | $ | 5,044 | $ | — | $ | 7,889 | $ | 2,380 | $ | 6,822 | $ | 5,558 | $ | (363) | $ | 9,476 | $ | 1,413 |
| Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | |||||||||||
| Net income (loss) | $ | 2,070 | $ | (27) | $ | 932 | $ | (86) | $ | 5,293 | $ | 7,075 | $ | 2,490 | $ | 69,126 | ||
| Non-property adjustments | — | — | — | — | — | — | 13 | (31,855) | ||||||||||
| Interest income | (29) | — | (24) | (12) | — | (152) | (33) | (346) | ||||||||||
| Interest expense | — | — | — | 303 | — | — | 771 | 3,065 | ||||||||||
| Amortization of loan costs | — | — | — | 27 | — | — | 22 | 106 | ||||||||||
| Depreciation and amortization | 880 | 359 | 614 | 2,038 | 692 | 4,250 | 12,341 | 37,290 | ||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | ||||||||||
| Non-hotel EBITDA ownership expense | 14 | 14 | 161 | 448 | 13 | 67 | (796) | 1,087 | ||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,935 | 346 | 1,683 | 2,718 | 5,998 | 11,240 | 14,808 | 78,473 | ||||||||||
| Non-comparable adjustments | — | (2) | — | — | — | — | (795) | (1,323) | ||||||||||
| Comparable hotel EBITDA | $ | 2,935 | $ | 344 | $ | 1,683 | $ | 2,718 | $ | 5,998 | $ | 11,240 | $ | 14,013 | $ | 77,150 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2024 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | ||||||||||
| Net income (loss) | $ | 1,193 | $ | (3,059) | $ | 2,398 | $ | 102 | $ | 1,431 | $ | 4,121 | $ | (1,289) | $ | 5,811 | $ | (1,823) |
| Non-property adjustments | — | — | 1,084 | — | 2,975 | — | — | — | 727 | |||||||||
| Interest income | (38) | (58) | (4) | — | (29) | (13) | — | (26) | (4) | |||||||||
| Interest expense | 777 | 2,291 | — | — | — | — | — | — | — | |||||||||
| Amortization of loan costs | — | 144 | — | — | — | — | — | — | — | |||||||||
| Depreciation and amortization | 2,636 | 1,533 | 3,271 | 1,565 | 2,295 | 1,080 | 760 | 2,466 | 2,241 | |||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | 26 | — | |||||||||
| Non-hotel EBITDA ownership expense | 49 | 33 | 119 | 100 | 130 | 15 | 23 | 7 | 206 | |||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4,617 | 884 | 6,868 | 1,767 | 6,802 | 5,203 | (506) | 8,284 | 1,347 | |||||||||
| Non-comparable adjustments | (645) | (884) | (393) | 2 | (181) | — | 2 | — | (110) | |||||||||
| Comparable hotel EBITDA | $ | 3,972 | $ | — | $ | 6,475 | $ | 1,769 | $ | 6,621 | $ | 5,203 | $ | (504) | $ | 8,284 | $ | 1,237 |
| Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | |||||||||||
| Net income (loss) | $ | 1,752 | $ | (979) | $ | 1,101 | $ | 11 | $ | 4,522 | $ | 5,840 | $ | 9,303 | $ | 30,435 | ||
| Non-property adjustments | — | 420 | — | 189 | — | — | (3,425) | 1,970 | ||||||||||
| Interest income | (24) | (4) | (19) | (17) | — | (137) | (37) | (410) | ||||||||||
| Interest expense | — | — | — | 213 | — | — | 874 | 4,155 | ||||||||||
| Amortization of loan costs | — | — | — | 39 | — | — | 36 | 219 | ||||||||||
| Depreciation and amortization | 970 | 531 | 587 | 2,535 | 854 | 4,763 | 12,133 | 40,220 | ||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | 9 | 35 | ||||||||||
| Non-hotel EBITDA ownership expense | 22 | 4 | 12 | 74 | (16) | 161 | 749 | 1,688 | ||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,720 | (28) | 1,681 | 3,044 | 5,360 | 10,627 | 19,642 | 78,312 | ||||||||||
| Non-comparable adjustments | — | 267 | — | (226) | 2 | 3 | (5,141) | (7,304) | ||||||||||
| Comparable hotel EBITDA | $ | 2,720 | $ | 239 | $ | 1,681 | $ | 2,818 | $ | 5,362 | $ | 10,630 | $ | 14,501 | $ | 71,008 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| TTM Ended March 31, 2025 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Nashville -1 hotel | Hilton Alexandria / La Posada - 2 hotels | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | ||||||||||||
| Net income (loss) | $ | 37,338 | $ | 86,140 | $ | 18,574 | $ | (56,663) | $ | 9,506 | $ | 26,802 | $ | 5,519 | $ | 2,738 | $ | (313) | $ | (886) | $ | 12,573 |
| Non-property adjustments | — | (31,941) | — | 59,331 | (9,598) | — | — | (2,659) | — | 665 | — | |||||||||||
| Interest income | (129) | (514) | (273) | (213) | — | (107) | — | — | (5) | — | (415) | |||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 1,045 | 226 | — | |||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | 4 | — | — | |||||||||||
| Depreciation and amortization | 28,955 | 41,950 | 21,961 | 20,417 | 144 | 9,681 | 4,895 | 86 | 1,244 | — | 4,560 | |||||||||||
| Income tax expense (benefit) | (1) | — | — | — | — | (25) | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 3,045 | 1,702 | 3,114 | 1,253 | 71 | 168 | 80 | 8 | 156 | (83) | 29 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 69,208 | 97,337 | 43,376 | 24,125 | 123 | 36,519 | 10,494 | 173 | 2,131 | (78) | 16,747 | |||||||||||
| Non-comparable adjustments | (7) | (10,189) | (5) | 328 | (123) | — | (2) | (173) | — | 78 | (3) | |||||||||||
| Comparable hotel EBITDA | $ | 69,201 | $ | 87,148 | $ | 43,371 | $ | 24,453 | $ | — | $ | 36,519 | $ | 10,492 | $ | — | $ | 2,131 | $ | — | $ | 16,744 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Aareal Le Pavillon - 1 hotel | Ft Worth Le Meridien - 1 hotel | Key Bank Manchester CY - 1 hotel | KEYS Pool F - 5 hotels | KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | Morgan Stanley Pool C3 - 3 hotels | Morgan Stanley Ann Arbor - 1 hotel | BAML - 4 Pack - Stirling | Disposed Hotels | ||||||||||||
| Net income (loss) | $ | (1,452) | $ | (8,031) | $ | (6,687) | $ | 1,535 | $ | (94) | $ | (335) | $ | (334) | $ | 4,669 | $ | 59 | $ | 434 | $ | 72,702 |
| Non-property adjustments | — | — | — | (1,579) | (83) | 203 | 41 | (4,764) | (73) | — | (70,881) | |||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest expense | 936 | 3,343 | 3,025 | — | — | — | — | — | — | — | — | |||||||||||
| Amortization of loan costs | 188 | 132 | 53 | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 2,119 | 5,520 | 2,643 | 53 | — | — | — | — | — | 4,386 | 221 | |||||||||||
| Income tax expense (benefit) | — | — | — | 67 | — | — | — | — | — | (8) | — | |||||||||||
| Non-hotel EBITDA ownership expense | 232 | 378 | 1,490 | 33 | 177 | 131 | 293 | 5 | — | 92 | (233) | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,023 | 1,342 | 524 | 109 | — | (1) | — | (90) | (14) | 4,904 | 1,809 | |||||||||||
| Non-comparable adjustments | — | (1) | — | (109) | — | 1 | — | 90 | 14 | (4,904) | (1,809) | |||||||||||
| Comparable hotel EBITDA | $ | 2,023 | $ | 1,341 | $ | 524 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Unencumbered Hotels | Total Portfolio | |||||||||||||||||||||
| Net income (loss) | $ | 1,564 | $ | 205,358 | ||||||||||||||||||
| Non-property adjustments | — | (61,338) | ||||||||||||||||||||
| Interest income | — | (1,656) | ||||||||||||||||||||
| Interest expense | 1,963 | 10,538 | ||||||||||||||||||||
| Amortization of loan costs | — | 377 | ||||||||||||||||||||
| Depreciation and amortization | 541 | 149,376 | ||||||||||||||||||||
| Income tax expense (benefit) | — | 33 | ||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 26 | 12,167 | ||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4,094 | 314,855 | ||||||||||||||||||||
| Non-comparable adjustments | — | (16,814) | ||||||||||||||||||||
| Comparable hotel EBITDA | $ | 4,094 | $ | 298,041 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2025 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Nashville -1 hotel | Hilton Alexandria / La Posada - 2 hotels | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | ||||||||||||
| Net income (loss) | $ | 8,064 | $ | 44,926 | $ | 6,147 | $ | 1,611 | $ | 3 | $ | 7,023 | $ | 618 | $ | — | $ | 263 | $ | (16) | $ | 3,105 |
| Non-property adjustments | — | (31,868) | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest income | (32) | (75) | (68) | (44) | — | (25) | — | — | (5) | — | (97) | |||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 221 | — | — | |||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | 4 | — | — | |||||||||||
| Depreciation and amortization | 6,959 | 9,614 | 5,988 | 5,392 | — | 2,473 | 1,165 | — | 310 | — | 1,048 | |||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 1,073 | (153) | 399 | 234 | — | 5 | 11 | — | 4 | 2 | 11 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 16,064 | 22,444 | 12,466 | 7,193 | 3 | 9,476 | 1,794 | — | 797 | (14) | 4,067 | |||||||||||
| Non-comparable adjustments | — | (26) | — | — | (3) | — | — | — | — | 14 | — | |||||||||||
| Comparable hotel EBITDA | $ | 16,064 | $ | 22,418 | $ | 12,466 | $ | 7,193 | $ | — | $ | 9,476 | $ | 1,794 | $ | — | $ | 797 | $ | — | $ | 4,067 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Aareal Le Pavillon - 1 hotel | Ft Worth Le Meridien - 1 hotel | Key Bank Manchester CY - 1 hotel | KEYS Pool F - 5 hotels | KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | Morgan Stanley Pool C3 - 3 hotels | Morgan Stanley Ann Arbor - 1 hotel | BAML - 4 Pack - Stirling | Disposed Hotels | ||||||||||||
| Net income (loss) | $ | (808) | $ | (1,122) | $ | (2,183) | $ | — | $ | (52) | $ | (61) | $ | (113) | $ | — | $ | — | $ | 124 | $ | 1,135 |
| Non-property adjustments | — | — | — | — | 13 | — | — | — | — | — | — | |||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest expense | 303 | 770 | 1,290 | — | — | — | — | — | — | — | — | |||||||||||
| Amortization of loan costs | 27 | 22 | 53 | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 525 | 1,554 | 1,117 | — | — | — | — | — | — | 1,010 | — | |||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 17 | 51 | 177 | — | 39 | 61 | 113 | — | — | 7 | (968) | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 64 | 1,275 | 454 | — | — | — | — | — | — | 1,141 | 167 | |||||||||||
| Non-comparable adjustments | — | — | — | — | — | — | — | — | — | (1,141) | (167) | |||||||||||
| Comparable hotel EBITDA | $ | 64 | $ | 1,275 | $ | 454 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Unencumbered Hotels | Total Portfolio | |||||||||||||||||||||
| Net income (loss) | $ | 462 | $ | 69,126 | ||||||||||||||||||
| Non-property adjustments | — | (31,855) | ||||||||||||||||||||
| Interest income | — | (346) | ||||||||||||||||||||
| Interest expense | 481 | 3,065 | ||||||||||||||||||||
| Amortization of loan costs | — | 106 | ||||||||||||||||||||
| Depreciation and amortization | 135 | 37,290 | ||||||||||||||||||||
| Income tax expense (benefit) | — | — | ||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 4 | 1,087 | ||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1,082 | 78,473 | ||||||||||||||||||||
| Non-comparable adjustments | — | (1,323) | ||||||||||||||||||||
| Comparable hotel EBITDA | $ | 1,082 | $ | 77,150 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Nashville -1 hotel | Hilton Alexandria / La Posada - 2 hotels | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | ||||||||||||
| Net income (loss) | $ | 5,672 | $ | 11,593 | $ | 2,927 | $ | (60,071) | $ | 86 | $ | 6,191 | $ | 839 | $ | (15) | $ | (174) | $ | 6 | $ | 2,422 |
| Non-property adjustments | — | (73) | — | 59,331 | — | — | — | 16 | — | — | — | |||||||||||
| Interest income | (9) | (151) | (70) | (50) | — | (25) | — | — | — | — | (103) | |||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 257 | — | — | |||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 7,140 | 10,294 | 5,519 | 5,089 | — | 2,404 | 1,206 | — | 314 | — | 1,111 | |||||||||||
| Income tax expense (benefit) | (4) | — | — | — | — | (70) | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 1,441 | 1,770 | 984 | 622 | 5 | 15 | 29 | — | 118 | (9) | 5 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 14,240 | 23,433 | 9,360 | 4,921 | 91 | 8,515 | 2,074 | 1 | 515 | (3) | 3,435 | |||||||||||
| Non-comparable adjustments | (14) | (2,506) | (9) | (3) | (91) | — | (2) | (1) | — | 3 | — | |||||||||||
| Comparable hotel EBITDA | $ | 14,226 | $ | 20,927 | $ | 9,351 | $ | 4,918 | $ | — | $ | 8,515 | $ | 2,072 | $ | — | $ | 515 | $ | — | $ | 3,435 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Aareal Le Pavillon - 1 hotel | Ft Worth Le Meridien - 1 hotel | Key Bank Manchester CY - 1 hotel | KEYS Pool F - 5 hotels | KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | Morgan Stanley Pool C3 - 3 hotels | Morgan Stanley Ann Arbor - 1 hotel | BAML - 4 Pack - Stirling | Disposed Hotels | ||||||||||||
| Net income (loss) | $ | (921) | $ | (1,951) | $ | (3,918) | $ | (75) | $ | (141) | $ | (63) | $ | (180) | $ | (59) | $ | — | $ | 181 | $ | 60 |
| Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest expense | 210 | 822 | 1,398 | — | — | — | — | — | — | — | — | |||||||||||
| Amortization of loan costs | 80 | 38 | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 533 | 1,342 | 1,118 | — | — | — | — | — | — | 1,051 | — | |||||||||||
| Income tax expense (benefit) | — | — | — | 60 | — | — | — | — | — | (8) | — | |||||||||||
| Non-hotel EBITDA ownership expense | 161 | 225 | 1,313 | — | 138 | 63 | 180 | 1 | — | 64 | — | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 63 | 476 | (89) | (15) | (3) | — | — | (58) | — | 1,288 | 60 | |||||||||||
| Non-comparable adjustments | (1) | (1) | — | 15 | 3 | — | — | 58 | — | (1,288) | (60) | |||||||||||
| Comparable hotel EBITDA | $ | 62 | $ | 475 | $ | (89) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Unencumbered Hotels | Total Portfolio | |||||||||||||||||||||
| Net income (loss) | $ | 466 | $ | (37,125) | ||||||||||||||||||
| Non-property adjustments | — | 59,274 | ||||||||||||||||||||
| Interest income | — | (408) | ||||||||||||||||||||
| Interest expense | 494 | 3,181 | ||||||||||||||||||||
| Amortization of loan costs | — | 118 | ||||||||||||||||||||
| Depreciation and amortization | 135 | 37,256 | ||||||||||||||||||||
| Income tax expense (benefit) | — | (22) | ||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 16 | 7,141 | ||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1,111 | 69,415 | ||||||||||||||||||||
| Non-comparable adjustments | — | (3,897) | ||||||||||||||||||||
| Comparable hotel EBITDA | $ | 1,111 | $ | 65,518 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Nashville -1 hotel | Hilton Alexandria / La Posada - 2 hotels | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | ||||||||||||
| Net income (loss) | $ | 9,609 | $ | 11,478 | $ | 1,784 | $ | 351 | $ | (15) | $ | 4,949 | $ | 1,953 | $ | 2,690 | $ | (258) | $ | 109 | $ | 2,850 |
| Non-property adjustments | — | — | — | — | — | — | — | (2,675) | — | (12) | — | |||||||||||
| Interest income | (47) | (160) | (75) | (60) | — | (29) | — | — | — | — | (111) | |||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 284 | — | — | |||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 7,294 | 10,912 | 5,602 | 5,152 | — | 2,407 | 1,237 | 6 | 312 | — | 1,168 | |||||||||||
| Income tax expense (benefit) | 1 | — | — | — | — | 22 | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 186 | (182) | 1,567 | 49 | 5 | 121 | 21 | 4 | 25 | 42 | 6 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 17,043 | 22,048 | 8,878 | 5,492 | (10) | 7,470 | 3,211 | 25 | 363 | 139 | 3,913 | |||||||||||
| Non-comparable adjustments | 2 | (3,758) | — | — | 10 | — | — | (25) | — | (139) | (3) | |||||||||||
| Comparable hotel EBITDA | $ | 17,045 | $ | 18,290 | $ | 8,878 | $ | 5,492 | $ | — | $ | 7,470 | $ | 3,211 | $ | — | $ | 363 | $ | — | $ | 3,910 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Aareal Le Pavillon - 1 hotel | Ft Worth Le Meridien - 1 hotel | Key Bank Manchester CY - 1 hotel | KEYS Pool F - 5 hotels | KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | Morgan Stanley Pool C3 - 3 hotels | Morgan Stanley Ann Arbor - 1 hotel | BAML - 4 Pack - Stirling | Disposed Hotels | ||||||||||||
| Net income (loss) | $ | 419 | $ | (2,682) | $ | (586) | $ | (7) | $ | 99 | $ | (7) | $ | — | $ | (4) | $ | 37 | $ | 55 | $ | (510) |
| Non-property adjustments | — | — | — | — | (96) | 7 | — | — | (37) | — | 42 | |||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest expense | 212 | 879 | 337 | — | — | — | — | — | — | — | — | |||||||||||
| Amortization of loan costs | 41 | 36 | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 513 | 1,387 | 408 | — | — | — | — | — | — | 1,158 | — | |||||||||||
| Income tax expense (benefit) | — | — | — | 3 | — | — | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 47 | — | — | 18 | — | — | — | 3 | — | 24 | 472 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1,232 | (380) | 159 | 14 | 3 | — | — | (1) | — | 1,237 | 4 | |||||||||||
| Non-comparable adjustments | — | — | — | (14) | (3) | — | — | 1 | — | (1,237) | (4) | |||||||||||
| Comparable hotel EBITDA | $ | 1,232 | $ | (380) | $ | 159 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Unencumbered Hotels | Total Portfolio | |||||||||||||||||||||
| Net income (loss) | $ | 364 | $ | 32,678 | ||||||||||||||||||
| Non-property adjustments | — | (2,771) | ||||||||||||||||||||
| Interest income | — | (482) | ||||||||||||||||||||
| Interest expense | 494 | 2,206 | ||||||||||||||||||||
| Amortization of loan costs | — | 77 | ||||||||||||||||||||
| Depreciation and amortization | 135 | 37,691 | ||||||||||||||||||||
| Income tax expense (benefit) | — | 26 | ||||||||||||||||||||
| Non-hotel EBITDA ownership expense | — | 2,408 | ||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 993 | 71,833 | ||||||||||||||||||||
| Non-comparable adjustments | — | (5,170) | ||||||||||||||||||||
| Comparable hotel EBITDA | $ | 993 | $ | 66,663 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended June 30, 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 17 hotels | JP Morgan Chase - 8 hotels | Morgan Stanley Pool C2 - 2 hotels | BAML Nashville -1 hotel | Hilton Alexandria / La Posada - 2 hotels | Southside Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Aareal Boston Back Bay - 1 hotel | Torchlight Marriott Gateway - 1 hotel | ||||||||||||
| Net income (loss) | $ | 13,993 | $ | 18,143 | $ | 7,716 | $ | 1,446 | $ | 9,432 | $ | 8,639 | $ | 2,109 | $ | 63 | $ | (144) | $ | (985) | $ | 4,196 |
| Non-property adjustments | — | — | — | — | (9,598) | — | — | — | — | 677 | — | |||||||||||
| Interest income | (41) | (128) | (60) | (59) | — | (28) | — | — | — | — | (104) | |||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 283 | 226 | — | |||||||||||
| Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 7,562 | 11,130 | 4,852 | 4,784 | 144 | 2,397 | 1,287 | 80 | 308 | — | 1,233 | |||||||||||
| Income tax expense (benefit) | 2 | — | — | — | — | 23 | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 345 | 267 | 164 | 348 | 61 | 27 | 19 | 4 | 9 | (118) | 7 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 21,861 | 29,412 | 12,672 | 6,519 | 39 | 11,058 | 3,415 | 147 | 456 | (200) | 5,332 | |||||||||||
| Non-comparable adjustments | 5 | (3,899) | 4 | 331 | (39) | — | — | (147) | — | 200 | — | |||||||||||
| Comparable hotel EBITDA | $ | 21,866 | $ | 25,513 | $ | 12,676 | $ | 6,850 | $ | — | $ | 11,058 | $ | 3,415 | $ | — | $ | 456 | $ | — | $ | 5,332 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Aareal Le Pavillon - 1 hotel | Ft Worth Le Meridien - 1 hotel | Key Bank Manchester CY - 1 hotel | KEYS Pool F - 5 hotels | KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | Morgan Stanley Pool C3 - 3 hotels | Morgan Stanley Ann Arbor - 1 hotel | BAML - 4 Pack - Stirling | Disposed Hotels | ||||||||||||
| Net income (loss) | $ | (142) | $ | (2,276) | $ | — | $ | 1,617 | $ | — | $ | (204) | $ | (41) | $ | 4,732 | $ | 22 | $ | 74 | $ | 72,017 |
| Non-property adjustments | — | — | — | (1,579) | — | 196 | 41 | (4,764) | (36) | — | (70,923) | |||||||||||
| Interest income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Interest expense | 211 | 872 | — | — | — | — | — | — | — | — | — | |||||||||||
| Amortization of loan costs | 40 | 36 | — | — | — | — | — | — | — | — | — | |||||||||||
| Depreciation and amortization | 548 | 1,237 | — | 53 | — | — | — | — | — | 1,167 | 221 | |||||||||||
| Income tax expense (benefit) | — | — | — | 4 | — | — | — | — | — | — | — | |||||||||||
| Non-hotel EBITDA ownership expense | 7 | 102 | — | 15 | — | 7 | — | 1 | — | (3) | 263 | |||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 664 | (29) | — | 110 | — | (1) | — | (31) | (14) | 1,238 | 1,578 | |||||||||||
| Non-comparable adjustments | 1 | — | — | (110) | — | 1 | — | 31 | 14 | (1,238) | (1,578) | |||||||||||
| Comparable hotel EBITDA | $ | 665 | $ | (29) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Unencumbered Hotels | Total Portfolio | |||||||||||||||||||||
| Net income (loss) | $ | 272 | $ | 140,679 | ||||||||||||||||||
| Non-property adjustments | — | (85,986) | ||||||||||||||||||||
| Interest income | — | (420) | ||||||||||||||||||||
| Interest expense | 494 | 2,086 | ||||||||||||||||||||
| Amortization of loan costs | — | 76 | ||||||||||||||||||||
| Depreciation and amortization | 136 | 37,139 | ||||||||||||||||||||
| Income tax expense (benefit) | — | 29 | ||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 6 | 1,531 | ||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 908 | 95,134 | ||||||||||||||||||||
| Non-comparable adjustments | — | (6,424) | ||||||||||||||||||||
| Comparable hotel EBITDA | $ | 908 | $ | 88,710 |
NOTES:
(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
29