8-K - AHT - Equibles

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): November 5, 2024

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 November 5, 2024, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. 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 Third Quarter 2024 Earnings Release of the Company, dated November 5, 2024

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: November 5, 2024	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Laken Avonne Rapier	Joseph Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	LRapier@ashfordinc.com	(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2024 RESULTS

DALLAS – November 5, 2024 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2024. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2024 with the third quarter ended September 30, 2023 (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.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 1.4% to $133 during the quarter on a 1.7% increase in Comparable ADR and a 3.0% decrease in Comparable Occupancy.

•Net loss attributable to common stockholders was $63.2 million or $12.39 per diluted share for the quarter.

•Adjusted EBITDAre was $52.4 million for the quarter.

•Adjusted funds from operations (AFFO) was $(1.71) per diluted share for the quarter.

•Comparable Hotel EBITDA was $70.4 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $119.7 million and restricted cash of $114.3 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 $26.7 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 $160.0 million.

•Capex invested during the quarter was $22.6 million.

RECENT OPERATING HIGHLIGHTS

•Over the last several months the Company has provided several updates on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising.

•The Company’s Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property by the end of 2024 at which time it will be rebranded to Autograph La Concha.

AHT Reports Third Quarter Results

Page 2

November 5, 2024

•The Company’s Le Pavillon Hotel in New Orleans, Louisiana is on track to convert to a Marriott Tribute Portfolio property by the end of 2024.

•To date, the Company has issued approximately $173 million of its non-traded preferred stock.

CAPITAL STRUCTURE

As of September 30, 2024, the Company had total loans of $2.7 billion with a blended average interest rate of 8.0%, 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 83% of the Company’s consolidated debt is effectively fixed and approximately 17% is effectively floating.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2024. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. As of September 30, 2024 the Company had 6,158,835 shares of its Series J and 526,708 shares of its Series K non-traded preferred stock outstanding and has raised approximately $173 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

Subsequent to quarter end, the Company announced that its Board of Directors approved a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on October 25, 2024, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on October 28, 2024, on the split-adjusted basis.

“I’m very pleased with the progress we have made related to our plan announced earlier this year to pay off our strategic financing,” commented Stephen Zsigray, Ashford Trust’s President and Chief Executive Officer. “Since that announcement, we have sold over $310 million of hotels, completed a refinancing of our Renaissance Nashville that generated excess proceeds, and continue to raise substantial capital through the sale of our non-traded preferred stock. The outstanding loan balance on our strategic financing is now approximately $82 million, which is down almost 60% from the original balance, and we still believe that we have a viable path to pay off this financing before the end of the year.” Mr. Zsigray added, “Operationally, we remain focused on maximizing the value of our assets and look forward to realizing enhanced financial performance from the upcoming conversions of La Concha and Le Pavillon later this year. As we look to the remainder of 2024 and into 2025, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 6, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, November 13, 2024, by dialing (609) 800-9909 and entering the confirmation number, 4669395.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2024 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be

AHT Reports Third Quarter Results

Page 3

November 5, 2024

available online at the Company’s website, www.ahtreit.com, on Wednesday, November 6, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans, including its plans to raise sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising and to pay off its strategic financing. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our 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, 2023
ASSETS
Investments in hotel properties, gross	3,603,062	$	4,245,264
Accumulated depreciation		(1,293,332)
Investments in hotel properties, net		2,951,932
Contract asset		—
Cash and cash equivalents		165,231
Restricted cash		146,079
Accounts receivable, net of allowance of 539 and 1,214, respectively		45,521
Inventories		3,679
Notes receivable, net		7,369
Investment in unconsolidated entities		9,960
Deferred costs, net		1,808
Prepaid expenses		12,806
Derivative assets, net		13,696
Operating lease right-of-use assets		44,047
Other assets		25,309
Intangible assets, net		797
Due from related parties, net		—
Due from third-party hotel managers		21,664
Assets held for sale		12,383
Total assets	3,269,407	$	3,462,281
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	2,734,537	$	3,040,951
Indebtedness associated with hotels in receivership		355,120
Finance lease liability		18,469
Other finance liability		26,858
Accounts payable and accrued expenses		129,323
Accrued interest payable		12,985
Accrued interest associated with hotels in receivership		14,024
Dividends and distributions payable		3,566
Due to Ashford Inc., net		13,261
Due to related parties, net		5,874
Due to third-party hotel managers		1,193
Intangible liabilities, net		2,017
Operating lease liabilities		44,765
Other liabilities		3,499
Liabilities associated with assets held for sale		14,653
Total liabilities		3,686,558
Redeemable noncontrolling interests in operating partnership		22,007
Series J Redeemable Preferred Stock, 0.01 par value, 6,158,835 and 3,475,318 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		79,975
Series K Redeemable Preferred Stock, 0.01 par value, 526,708 and 194,193 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		4,783
Equity (deficit):
Preferred stock, 0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,159,927 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		12
Series F Cumulative Preferred Stock, 1,037,044 and 1,175,344 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		11
Series G Cumulative Preferred Stock, 1,472,948 and 1,531,996 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		15
Series H Cumulative Preferred Stock, 1,040,956 and 1,170,325 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		12
Series I Cumulative Preferred Stock, 1,034,303 and 1,160,923 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		12
Common stock, 0.01 par value, 400,000,000 shares authorized, 5,443,905 and 3,742,205 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		37
Additional paid-in capital		2,383,312
Accumulated deficit		(2,729,312)
Total stockholders' equity (deficit) of the Company		(345,901)
Noncontrolling interests in consolidated entities		14,859
Total equity (deficit)		(331,042)
Total liabilities and equity/deficit	3,269,407	$	3,462,281

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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
REVENUE
Rooms	$	212,962	$	270,607	$	685,774	$	817,477
Food and beverage	46,384		52,205		159,002		172,943
Other	16,672		19,537		50,298		55,135
Total hotel revenue	276,018		342,349		895,074		1,045,555
Other	582		665		1,904		2,094
Total revenue	276,600		343,014		896,978		1,047,649
EXPENSES
Hotel operating expenses
Rooms	50,929		64,803		159,682		190,041
Food and beverage	33,908		39,511		109,247		121,211
Other expenses	100,090		115,625		311,596		348,463
Management fees	9,907		12,687		32,641		38,706
Total hotel operating expenses	194,834		232,626		613,166		698,421
Property taxes, insurance and other	18,062		17,345		52,335		52,880
Depreciation and amortization	37,740		45,954		115,471		140,963
Advisory services fee:
Base advisory fee	8,197		8,121		24,375		24,839
Reimbursable expenses	3,330		2,884		12,562		9,176
Stock/unit-based compensation	218		1,390		1,261		3,635
Stirling performance participation fee	111		—		333		—
Corporate, general and administrative:
Stock/unit-based compensation	26		99		270		728
Other general and administrative	5,033		3,772		20,192		10,659
Total operating expenses	267,551		312,191		839,965		941,301
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	9		6,390		94,406		7,443
Gain (loss) on derecognition of assets	11,114		—		156,748		—
OPERATING INCOME (LOSS)	20,172		37,213		308,167		113,791
Equity in earnings (loss) of unconsolidated entities	(133)		(138)		(828)		(715)
Interest income	1,771		1,888		5,443		6,755
Other income (expense), net	36		34		108		277
Interest expense, net of discount amortization	(63,252)		(84,382)		(200,083)		(233,462)
Interest expense associated with hotels in receivership	(11,120)		(11,749)		(35,162)		(27,389)
Amortization of loan costs	(3,573)		(3,249)		(9,119)		(9,634)
Write-off of premiums, loan costs and exit fees	(17)		(1,263)		(3,831)		(2,633)
Gain (loss) on extinguishment of debt	2,745		—		2,790		—
Realized and unrealized gain (loss) on derivatives	(6,202)		(2,678)		(84)		4,490
INCOME (LOSS) BEFORE INCOME TAXES	(59,573)		(64,324)		67,401		(148,520)
Income tax benefit (expense)	445		(127)		(3,313)		(2,410)
NET INCOME (LOSS)	(59,128)		(64,451)		64,088		(150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities	477		—		494		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	746		889		(672)		1,838
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(57,905)		(63,562)		63,910		(149,092)
Preferred dividends	(5,900)		(4,295)		(16,379)		(11,290)
Deemed dividends on redeemable preferred stock	(902)		(760)		(2,253)		(1,993)
Gain (loss) on extinguishment of preferred stock	1,556		—		3,340		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(63,151)	$	(68,617)	$	48,618	$	(162,375)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(12.39)	$	(19.91)	$	10.94	$	(47.21)
Weighted average common shares outstanding – basic	5,096		3,446		4,425		3,440
Diluted:
Net income (loss) attributable to common stockholders	$	(12.39)	$	(19.91)	$	3.12	$	(47.21)
Weighted average common shares outstanding – diluted	5,096		3,446		18,768		3,440
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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net income (loss)	$	(59,128)	$	(64,451)	$	64,088	$	(150,930)
Interest expense and amortization of discounts and loan costs, net	66,825		87,631		209,202		243,096
Interest expense associated with hotels in receivership	11,120		11,749		35,162		27,389
Depreciation and amortization	37,740		45,954		115,471		140,963
Income tax expense (benefit)	(445)		127		3,313		2,410
Equity in (earnings) loss of unconsolidated entities	133		138		828		715
Company's portion of EBITDA of unconsolidated entities	257		217		306		305
EBITDA	56,502		81,365		428,370		263,948
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(9)		(6,390)		(94,406)		(7,443)
(Gain) loss on derecognition of assets	(11,114)		—		(156,748)		—
EBITDAre	45,379		74,975		177,216		256,505
Amortization of unfavorable contract liabilities	(31)		(31)		(92)		16
Transaction and conversion costs	1,979		1,219		9,210		2,371
Write-off of premiums, loan costs and exit fees	17		1,263		3,831		2,633
Realized and unrealized (gain) loss on derivatives	6,202		2,678		84		(4,490)
Stock/unit-based compensation	244		1,491		1,531		4,374
Legal, advisory and settlement costs	896		911		1,169		911
Other (income) expense, net	(36)		(33)		(108)		(276)
Stirling performance participation fee	111		—		333		—
(Gain) loss on extinguishment of debt	(2,745)		—		(2,790)		—
Severance	394		—		544		—
Company's portion of adjustments to EBITDAre of unconsolidated entities	—		—		6		1
Adjusted EBITDAre	$	52,410	$	82,473	$	190,934	$	262,045

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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net income (loss)	$	(59,128)	$	(64,451)	$	64,088	$	(150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities	477		—		494		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	746		889		(672)		1,838
Preferred dividends	(5,900)		(4,295)		(16,379)		(11,290)
Deemed dividends on redeemable preferred stock	(902)		(760)		(2,253)		(1,993)
Gain (loss) on extinguishment of preferred stock	1,556		—		3,340		—
Net income (loss) attributable to common stockholders	(63,151)		(68,617)		48,618		(162,375)
Depreciation and amortization on real estate	37,740		45,954		115,471		140,963
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(9)		(6,390)		(94,406)		(7,443)
(Gain) loss on derecognition of assets	(11,114)		—		(156,748)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(746)		(889)		672		(1,838)
Equity in (earnings) loss of unconsolidated entities	133		138		828		715
Impairment charges on real estate	—		—		—		—
Company's portion of FFO of unconsolidated entities	(3)		(10)		(457)		(364)
FFO available to common stockholders and OP unitholders	(37,150)		(29,814)		(86,022)		(30,342)
Deemed dividends on redeemable preferred stock	902		760		2,253		1,993
(Gain) loss on extinguishment of preferred stock	(1,556)		—		(3,340)		—
Transaction and conversion costs	1,979		1,219		9,210		2,371
Write-off of premiums, loan costs and exit fees	17		1,263		3,831		2,633
Unrealized (gain) loss on derivatives	13,458		12,908		23,413		27,233
Stock/unit-based compensation	244		1,491		1,531		4,374
Legal, advisory and settlement costs	896		911		1,169		911
Other (income) expense, net	(36)		(33)		(108)		(276)
Amortization of credit facility exit fee	—		5,015		844		13,811
Amortization of loan costs	3,573		3,249		9,119		9,634
Stirling performance participation fee	111		—		333		—
(Gain) loss on extinguishment of debt	(2,745)		—		(2,790)		—
Dead deal costs	—		—		—		—
Interest expense associated with hotels in receivership	11,120		—		29,615		—
Severance	394		—		544		—
Default interest and late fees	—		5,995		—		7,326
Company's portion of adjustments to FFO of unconsolidated entities	—		—		6		1
Adjusted FFO available to common stockholders and OP unitholders	$	(8,793)	$	2,964	$	(10,392)	$	39,669
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(1.71)	$	0.81	$	(2.32)	$	10.86
Weighted average diluted shares	5,156		3,665		4,480		3,653

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2024

(dollars in thousands)

(unaudited)

Indebtedness	Current Maturity	Final Maturity (12)	Interest Rate	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 (13)		Comparable TTM Hotel EBITDA<br>Debt Yield
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	SOFR (1) + 4.76%	$	—		$	86,000		$	86,000		(2)	$	11,494	13.4	%	$	16,353	19.0	%
Morgan Stanley Pool - 17 hotels	November 2024	November 2024	SOFR (1) + 3.39%	—			409,750			409,750			(3)	21,016		5.1	%	43,428		10.6	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(4)	(9,325)		(25.2)	%	(498)		(1.3)	%
BAML Indigo Atlanta - 1 hotel	December 2024	December 2024	SOFR (1) + 2.85%	—			13,644			13,644			(5)	(754)		(5.5)	%	1,727		12.7	%
BAML Pool 3 - 2 hotels	February 2025	February 2025	4.45%	26,134			—			26,134				8,993		34.4	%	5,531		21.2	%
JPMorgan Chase - 8 hotels	February 2025	February 2026	SOFR (1) + 3.28%	—			335,000			335,000			(6)	4,556		1.4	%	25,042		7.5	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	22,289			—			22,289				(1,367)		(6.1)	%	2,044		9.2	%
BAML Highland Pool - 19 hotels	April 2025	April 2025	SOFR (1) + 3.51%	—			862,027			862,027			(7)	49,043		5.7	%	95,128		11.0	%
KEYS Pool C - 4 hotels	June 2025	June 2025	SOFR (1) + 4.03%	—			143,877			143,877			(8)	13,464		9.4	%	19,940		13.9	%
KEYS Pool D - 4 hotels	June 2025	June 2025	SOFR (1) + 4.29%	—			159,424			159,424			(8)	88,305		55.4	%	18,467		11.6	%
KEYS Pool E - 5 hotels	June 2025	June 2025	SOFR (1) + 3.02%	—			109,473			109,473			(8)	4,930		4.5	%	17,012		15.5	%
Oaktree Capital Term Loan	January 2026	January 2026	14.00%	84,386			—			84,386				N/A		N/A		N/A		N/A
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(9)	5,053		5.1	%	10,339		10.5	%
BAML Nashville - 1 hotel	May 2026	May 2029	SOFR (1) + 3.98%	—			267,200			267,200			(10)	24,454		9.2	%	34,418		12.9	%
Unencumbered Hotels - 2 hotels				—			—			—				4,085		N/A		9,141		N/A
Total				$	132,809		$	2,521,845		$	2,654,654			$	223,947	8.4	%	$	298,072	11.2	%
Percentage				5.0		%	95.0		%	100.0		%
Weighted average interest rate (11)				10.55		%	7.87		%	8.00		%

All indebtedness is non-recourse with the exception of the term loan.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.

(1) SOFR rate was 4.85% at September 30, 2024.

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

(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023.

(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(5) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023.

(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.

(7) 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.

(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024.

(9) 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%.

(10) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

(11) The weighted average interest rates are adjusted for in-the-money interest rate caps.

(12) The final maturity date assumes all available extension options will be exercised.

(13) 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

September 30, 2024

(dollars in thousands)

(unaudited)

	2024		2025		2026		2027		2028		Thereafter		Total
Morgan Stanley Pool - 17 hotels	$	409,750	$	—	$	—	$	—	$	—	$	—	$	409,750
BAML Indigo Atlanta - 1 hotel	13,623		—		—		—		—		—		13,623
BAML Pool 3 - 2 hotels	—		25,906		—		—		—		—		25,906
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		22,030		—		—		—		—		22,030
BAML Highland Pool - 19 hotels	—		862,027		—		—		—		—		862,027
KEYS Pool C - 4 hotels	—		143,877		—		—		—		—		143,877
KEYS Pool D - 4 hotels	—		159,424		—		—		—		—		159,424
KEYS Pool E - 5 hotels	—		109,473		—		—		—		—		109,473
Oaktree Capital Term Loan	—		—		84,387		—		—		—		84,387
JPMorgan Chase - 8 hotels	—		—		325,000		—		—		—		325,000
Torchlight Marriott Gateway - 1 hotel	—		—		86,000		—		—		—		86,000
Aareal Le Pavillon - 1 hotel	—		—		—		35,000		—		—		35,000
Aareal Alexandria/La Posada	—		—		—		—		98,450		—		98,450
BAML Nashville - 1 hotel	—		—		—		—		—		267,200		267,200
Principal due in future periods	423,373		1,322,737		495,387		35,000		98,450		267,200		2,642,147
Scheduled amortization payments remaining	10,344		164		1,000		1,000		—		—		12,508
Total indebtedness	$	433,717	$	1,322,901	$	496,387	$	36,000	$	98,450	$	267,200	$	2,654,655

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	212,961		$	(4,266)		$	208,695		$	270,325		$	(59,604)		$	210,721		(21.22)	%	(0.96)	%
	RevPAR	$	132.05		$	(112.62)		$	132.51		$	131.67		$	(122.91)		$	134.38		0.29	%	(1.39)	%
	Occupancy	70.82		%	(79.71)		%	70.61		%	72.22		%	(70.34)		%	72.81		%	(1.94)	%	(3.02)	%
	ADR	$	186.44		$	(141.28)		$	187.67		$	182.31		$	(174.75)		$	184.56		2.27	%	1.68	%
ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	685,774		$	(44,387)		$	641,387		$	815,218		$	(177,170)		$	638,048		(15.88)	%	0.52	%
	RevPAR	$	135.17		$	(112.19)		$	137.12		$	133.81		$	(123.12)		$	137.12		1.02	%	—	%
	Occupancy	70.71		%	(68.16)		%	70.92		%	72.04		%	(71.02)		%	72.36		%	(1.85)	%	(1.98)	%
	ADR	$	191.17		$	(164.59)		$	193.34		$	185.74		$	(173.37)		$	189.50		2.92	%	2.02	%

NOTES:

(1) The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

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

ALL HOTELS<br> NOT UNDER RENOVATION:
	Three Months Ended September 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	204,294		$	(4,266)		$	200,028		$	261,296		$	(59,604)		$	201,692		(27.90)	%	(0.83)	%
		RevPAR	$	131.11		$	(112.62)		$	131.58		$	130.75		$	(122.91)		$	133.26		0.28	%	(1.28)	%
		Occupancy	71.17		%	(79.71)		%	70.96		%	72.42		%	(70.34)		%	73.09		%	(1.76)	%	(3.01)	%
		ADR	$	184.22		$	(141.28)		$	185.43		$	180.53		$	(174.75)		$	182.32		2.00	%	1.68	%	ALL HOTELS<br> NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Nine Months Ended September 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	659,040		$	(44,387)		$	614,653		$	787,669		$	(177,170)		$	610,499		(19.52)	%	0.68	%
		RevPAR	$	134.21		$	(112.19)		$	136.14		$	132.82		$	(123.12)		$	135.93		1.03	%	0.15	%
		Occupancy	70.96		%	(68.16)		%	71.20		%	72.18		%	(71.02)		%	72.56		%	(1.72)	%	(1.90)	%
		ADR	$	189.14		$	(164.59)		$	191.20		$	184.01		$	(173.37)		$	187.35		2.71	%	2.01	%

NOTES:

(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

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

(3) Excluded hotels under renovation:

Embassy Suites Dallas

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2024			2023			% Variance		2024			2023			% Variance
Total hotel revenue	$	276,019		$	341,999		(19.29)	%	$	895,074		$	1,042,613		(14.15)	%
Non-comparable adjustments	(4,342)			(70,566)					(53,235)			(210,550)
Comparable total hotel revenue	$	271,677		$	271,433		0.09	%	$	841,839		$	832,063		1.17	%
Hotel net income (loss)	$	32,678		$	44,644		(26.80)	%	$	203,792		$	143,479		42.04	%
Non-comparable adjustments	(2,446)			(7,339)					(87,168)			(21,686)
Comparable hotel net income (loss)	$	30,232		$	37,305		(18.96)	%	$	116,624		$	121,793		(4.24)	%
Hotel net income (loss) margin	11.84		%	13.05		%	(1.21)	%	22.77		%	13.76		%	9.01	%
Comparable hotel net income margin	11.13		%	13.74		%	(2.61)	%	13.85		%	14.64		%	(0.79)	%
Hotel EBITDA	$	71,833		$	97,466		(26.30)	%	$	245,279		$	305,703		(19.77)	%
Non-comparable adjustments	(1,413)			(19,807)					(11,107)			(59,501)
Comparable hotel EBITDA	$	70,420		$	77,659		(9.32)	%	$	234,172		$	246,202		(4.89)	%
Hotel EBITDA margin	26.02		%	28.50		%	(2.48)	%	27.40		%	29.32		%	(1.92)	%
Comparable hotel EBITDA margin	25.92		%	28.61		%	(2.69)	%	27.82		%	29.59		%	(1.77)	%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS<br> NOT UNDER RENOVATION:		Three Months Ended									Nine Months Ended
	September 30,									September 30,
		2024			2023			% Variance			2024			2023			% Variance
Total hotel revenue		$	264,263		$	329,876		(19.89)	%		$	857,875		$	1,004,200		(14.57)	%
Non-comparable adjustments		(4,342)			(70,566)						(53,235)			(210,550)
Comparable total hotel revenue		$	259,921		$	259,310		0.24	%		$	804,640		$	793,650		1.38	%
Hotel net income (loss)		$	32,888		$	43,559		(24.50)	%		$	202,274		$	139,111		45.40	%
Non-comparable adjustments		(2,446)			(7,339)						(87,168)			(21,686)
Comparable hotel net income (loss)		$	30,442		$	36,220		(15.95)	%		$	115,106		$	117,425		(1.97)	%
Hotel net income (loss) margin		12.45		%	13.20		%	(0.75)	%		23.58		%	13.85		%	9.73	%
Comparable hotel net income margin		11.71		%	13.97		%	(2.26)	%		14.31		%	14.80		%	(0.49)	%
Hotel EBITDA		$	69,932		$	94,710		(26.16)	%		$	238,235		$	296,147		(19.56)	%
Non-comparable adjustments		(1,413)			(19,807)						(11,107)			(59,501)
Comparable hotel EBITDA		$	68,519		$	74,903		(8.52)	%		$	227,128		$	236,646		(4.02)	%
Hotel EBITDA margin		26.46		%	28.71		%	(2.25)	%		27.77		%	29.49		%	(1.72)	%
Comparable hotel EBITDA margin		26.36		%	28.89		%	(2.53)	%		28.23		%	29.82		%	(1.59)	%

NOTES:

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

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

(4) Excluded hotels under renovation:

Embassy Suites Dallas

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
	2024			2024		2024			2024			2024		2024			2024			2024		2024			2023			2023		2023
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	276,019		$	(4,342)	$	271,677		$	315,797		$	(13,371)	$	302,426		$	303,258		$	(35,522)	$	267,736		$	319,177		$	(60,307)	$	258,870
Hotel net income (loss)	$	32,678		$	(2,446)	$	30,232		$	140,679		$	(86,395)	$	54,284		$	30,435		$	1,673	$	32,108		$	(130,905)		$	153,526	$	22,621
Hotel net income (loss) margin	11.84		%			11.13		%	44.55		%			17.95		%	10.04		%			11.99		%	(41.01)		%			8.74		%
Hotel EBITDA	$	71,833		$	(1,413)	$	70,420		$	95,134		$	(2,533)	$	92,601		$	78,312		$	(7,161)	$	71,151		$	78,605		$	(14,546)	$	64,059
Hotel EBITDA margin	26.02		%			25.92		%	30.13		%			30.62		%	25.82		%			26.58		%	24.63		%			24.75		%
Hotel net income (loss) % of total TTM	44.8		%			21.7		%	193.0		%			39.0		%	41.8		%			23.1		%	(179.6)		%			16.2		%
EBITDA % of total TTM	22.2		%			23.6		%	29.4		%			31.1		%	24.2		%			23.9		%	24.2		%			21.4		%
	Actual			Non-comparable Adjustments		Comparable
	2024			2024		2024
	TTM			TTM		TTM
Total hotel revenue	$	1,214,251		$	(113,542)	$	1,100,709
Hotel net income (loss)	$	72,887		$	66,358	$	139,245
Hotel net income (loss) margin	6.00		%			12.65		%
Hotel EBITDA	$	323,884		$	(25,653)	$	298,231
Hotel EBITDA margin	26.67		%			27.09		%
Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Three Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
Atlanta, GA Area	4	939		$	132.52		$	(112.62)		$	136.53		$	134.20		$	(121.37)		$	143.59		(1.3)	%	(4.9)	%
Boston, MA Area	1	315		274.46			—			274.46			286.97			(315.15)			252.09			(4.4)	%	8.9	%
Dallas / Ft. Worth, TX Area	5	1,396		102.56			(69.96)			102.73			97.79			(61.05)			107.46			4.9	%	(4.4)	%
Houston, TX Area	3	695		112.92			—			112.92			103.47			—			103.47			9.1	%	9.1	%
Los Angeles, CA Metro Area	4	1,312		138.06			—			138.06			138.83			(129.81)			140.94			(0.6)	%	(2.0)	%
Miami, FL Metro Area	2	414		112.35			—			112.35			113.52			—			113.52			(1.0)	%	(1.0)	%
Minneapolis - St. Paul, MN Area	2	520		94.59			—			94.59			96.77			—			96.77			(2.3)	%	(2.3)	%
Nashville, TN Area	1	674		203.17			—			203.17			238.28			—			238.28			(14.7)	%	(14.7)	%
New York / New Jersey Metro Area	4	1,159		105.56			—			105.56			115.85			(123.36)			112.07			(8.9)	%	(5.8)	%
Orlando, FL Area	2	524		95.09			—			95.09			99.14			—			99.14			(4.1)	%	(4.1)	%
Philadelphia, PA Area	1	263		118.04			—			118.04			101.60			(79.64)			133.76			16.2	%	(11.8)	%
San Diego, CA Area	2	410		180.15			—			180.15			169.71			—			169.71			6.2	%	6.2	%
San Francisco - Oakland, CA Metro Area	3	793		142.20			—			142.20			126.30			(117.34)			134.81			12.6	%	5.5	%
Tampa, FL Area	2	571		105.33			—			105.33			113.09			—			113.09			(6.9)	%	(6.9)	%
Washington D.C. - MD - VA Area	9	2,428		141.50			—			141.50			139.21			—			139.21			1.6	%	1.6	%
Other Areas	24	4,826		131.21			(113.96)			131.98			124.01			(103.54)			131.84			5.8	%	0.1	%
Total Portfolio	69	17,239		$	132.05		$	(112.62)		$	132.51		$	131.67		$	(122.91)		$	134.38		0.3	%	(1.4)	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Nine Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
Atlanta, GA Area	4	939		$	127.79		$	(95.79)		$	138.95		$	137.16		$	(124.35)		$	146.53		(6.8)	%	(5.2)	%
Boston, MA Area	1	315		206.13			(162.27)			225.75			241.72			(267.08)			210.33			(14.7)	%	7.3	%
Dallas / Ft. Worth, TX Area	5	1,396		115.17			(83.82)			117.45			110.15			(75.38)			119.31			4.6	%	(1.6)	%
Houston, TX Area	3	695		106.58			—			106.58			108.91			—			108.91			(2.1)	%	(2.1)	%
Los Angeles, CA Metro Area	4	1,312		145.73			(84.48)			148.87			144.86			(117.89)			151.17			0.6	%	(1.5)	%
Miami, FL Metro Area	2	414		170.98			—			170.98			168.58			—			168.58			1.4	%	1.4	%
Minneapolis - St. Paul, MN Area	2	520		77.01			—			77.01			77.38			—			77.38			(0.5)	%	(0.5)	%
Nashville, TN Area	1	674		228.15			—			228.15			235.79			—			235.79			(3.2)	%	(3.2)	%
New York / New Jersey Metro Area	4	1,159		95.57			(55.84)			97.33			100.74			(106.32)			97.93			(5.1)	%	(0.6)	%
Orlando, FL Area	2	524		119.20			—			119.20			125.93			—			125.93			(5.3)	%	(5.3)	%
Philadelphia, PA Area	1	263		108.29			(28.18)			121.56			96.27			(74.76)			127.76			12.5	%	(4.9)	%
San Diego, CA Area	2	410		161.66			—			161.66			149.57			—			149.57			8.1	%	8.1	%
San Francisco - Oakland, CA Metro Area	3	793		128.79			(85.16)			134.87			122.87			(119.12)			126.43			4.8	%	6.7	%
Tampa, FL Area	2	571		142.08			—			142.08			149.36			—			149.36			(4.9)	%	(4.9)	%
Washington D.C. - MD - VA Area	9	2,428		154.09			—			154.09			148.78			—			148.78			3.6	%	3.6	%
Other Areas	24	4,826		129.84			(132.17)			129.55			126.55			(118.39)			129.67			2.6	%	(0.1)	%
Total Portfolio	69	17,239		$	135.17		$	(112.19)		$	137.12		$	133.81		$	(123.12)		$	137.12		1.0	%	—	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Three Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	1,027		$	(114)		$	913		3.0	%	$	1,932	$	(545)	$	1,387		3.7	%		(46.8)	%	(34.2)	%
Boston, MA Area	1	315		3,200			(109)			3,091			10.2	%	4,568		(2,162)		2,406			6.4	%		(29.9)	%	28.5	%
Dallas / Ft. Worth, TX Area	5	1,396		3,029			(2,690)			339			1.1	%	1,435		334		1,769			4.7	%		111.1	%	(80.8)	%
Houston, TX Area	3	695		82			—			82			0.3	%	1,014		—		1,014			2.7	%		(91.9)	%	(91.9)	%
Los Angeles, CA Metro Area	4	1,312		2,504			—			2,504			8.3	%	3,911		(905)		3,006			8.1	%		(36.0)	%	(16.7)	%
Miami, FL Metro Area	2	414		(1,361)			—			(1,361)			(4.5)	%	(639)		—		(639)			(1.7)	%		(113.0)	%	(113.0)	%
Minneapolis - St. Paul, MN Area	2	520		456			—			456			1.5	%	678		—		678			1.8	%		(32.7)	%	(32.7)	%
Nashville, TN Area	1	674		4,950			—			4,950			16.4	%	6,252		—		6,252			16.8	%		(20.8)	%	(20.8)	%
New York / New Jersey Metro Area	4	1,159		715			—			715			2.4	%	2,717		(1,107)		1,610			4.3	%		(73.7)	%	(55.6)	%
Orlando, FL Area	2	524		(212)			—			(212)			(0.7)	%	(91)		—		(91)			(0.2)	%		(133.0)	%	(133.0)	%
Philadelphia, PA Area	1	263		353			(47)			306			1.0	%	463		(209)		254			0.7	%		(23.8)	%	20.5	%
San Diego, CA Area	2	410		2,258			—			2,258			7.5	%	1,860		—		1,860			5.0	%		21.4	%	21.4	%
San Francisco - Oakland, CA Metro Area	3	793		1,085			(2)			1,083			3.6	%	1,526		(626)		900			2.4	%		(28.9)	%	20.3	%
Tampa, FL Area	2	571		483			—			483			1.6	%	724		—		724			1.9	%		(33.3)	%	(33.3)	%
Washington D.C. - MD - VA Area	9	2,428		7,246			—			7,246			24.0	%	5,876		—		5,876			15.8	%		23.3	%	23.3	%
Other Areas	24	4,826		6,863			516			7,379			24.3	%	12,418		(2,119)		10,299			27.6	%		(44.7)	%	(28.4)	%
Total Portfolio	69	17,239		$	32,678		$	(2,446)		$	30,232		100.0	%	$	44,644	$	(7,339)	$	37,305		100.0	%		(26.8)	%	(19.0)	%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Nine Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	18,009		$	(14,350)		$	3,659		3.1	%	$	7,078	$	(1,380)	$	5,698		4.7	%		154.4	%	(35.8)	%
Boston, MA Area	1	315		2,361			3,350			5,711			4.9	%	7,036		(2,555)		4,481			3.7	%		(66.4)	%	27.4	%
Dallas / Ft. Worth, TX Area	5	1,396		9,028			(1,730)			7,298			6.3	%	8,199		(48)		8,151			6.7	%		10.1	%	(10.5)	%
Houston, TX Area	3	695		412			—			412			0.4	%	3,329		—		3,329			2.7	%		(87.6)	%	(87.6)	%
Los Angeles, CA Metro Area	4	1,312		6,227			3,375			9,602			8.2	%	15,188		(1,867)		13,321			10.9	%		(59.0)	%	(27.9)	%
Miami, FL Metro Area	2	414		3,860			—			3,860			3.3	%	3,523		—		3,523			2.9	%		9.6	%	9.6	%
Minneapolis - St. Paul, MN Area	2	520		(779)			—			(779)			(0.7)	%	(249)		—		(249)			(0.2)	%		(212.9)	%	(212.9)	%
Nashville, TN Area	1	674		19,400			—			19,400			16.6	%	18,114		—		18,114			14.9	%		7.1	%	7.1	%
New York / New Jersey Metro Area	4	1,159		(107)			882			775			0.7	%	3,315		(567)		2,748			2.3	%		(103.2)	%	(71.8)	%
Orlando, FL Area	2	524		2,229			—			2,229			1.9	%	2,755		—		2,755			2.3	%		(19.1)	%	(19.1)	%
Philadelphia, PA Area	1	263		370			802			1,172			1.0	%	322		(90)		232			0.2	%		14.9	%	405.2	%
San Diego, CA Area	2	410		5,126			—			5,126			4.4	%	4,079		—		4,079			3.3	%		25.7	%	25.7	%
San Francisco - Oakland, CA Metro Area	3	793		1,565			243			1,808			1.6	%	2,796		(2,672)		124			0.1	%		(44.0)	%	1,358.1	%
Tampa, FL Area	2	571		6,908			—			6,908			5.9	%	7,126		—		7,126			5.9	%		(3.1)	%	(3.1)	%
Washington D.C. - MD - VA Area	9	2,428		27,014			—			27,014			23.2	%	19,980		—		19,980			16.4	%		35.2	%	35.2	%
Other Areas	24	4,826		102,169			(79,740)			22,429			19.2	%	40,888		(12,507)		28,381			23.2	%		149.9	%	(21.0)	%
Total Portfolio	69	17,239		$	203,792		$	(87,168)		$	116,624		100.0	%	$	143,479	$	(21,686)	$	121,793		100.0	%		42.0	%	(4.2)	%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Three Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	4,142		$	(643)		$	3,499		5.0	%	$	6,242	$	(2,032)	$	4,210		5.4	%		(33.6)	%	(16.9)	%
Boston, MA Area	1	315		3,897			(139)			3,758			5.3	%	9,050		(5,865)		3,185			4.1	%		(56.9)	%	18.0	%
Dallas / Ft. Worth, TX Area	5	1,396		4,251			(25)			4,226			6.0	%	5,315		(201)		5,114			6.6	%		(20.0)	%	(17.4)	%
Houston, TX Area	3	695		2,351			—			2,351			3.3	%	2,393		—		2,393			3.1	%		(1.8)	%	(1.8)	%
Los Angeles, CA Metro Area	4	1,312		4,370			—			4,370			6.2	%	7,599		(1,268)		6,331			8.2	%		(42.5)	%	(31.0)	%
Miami, FL Metro Area	2	414		729			—			729			1.0	%	726		—		726			0.9	%		0.4	%	0.4	%
Minneapolis - St. Paul, MN Area	2	520		1,209			—			1,209			1.7	%	1,474		—		1,474			1.9	%		(18.0)	%	(18.0)	%
Nashville, TN Area	1	674		7,470			—			7,470			10.6	%	8,649		—		8,649			11.1	%		(13.6)	%	(13.6)	%
New York / New Jersey Metro Area	4	1,159		2,737			—			2,737			3.9	%	6,646		(2,914)		3,732			4.8	%		(58.8)	%	(26.7)	%
Orlando, FL Area	2	524		712			—			712			1.0	%	967		—		967			1.2	%		(26.4)	%	(26.4)	%
Philadelphia, PA Area	1	263		733			(47)			686			1.0	%	1,206		(493)		713			0.9	%		(39.2)	%	(3.8)	%
San Diego, CA Area	2	410		2,779			—			2,779			3.9	%	2,465		—		2,465			3.2	%		12.7	%	12.7	%
San Francisco - Oakland, CA Metro Area	3	793		3,491			(2)			3,489			5.0	%	5,131		(1,818)		3,313			4.3	%		(32.0)	%	5.3	%
Tampa, FL Area	2	571		1,205			—			1,205			1.7	%	1,632		—		1,632			2.1	%		(26.2)	%	(26.2)	%
Washington D.C. - MD - VA Area	9	2,428		11,659			—			11,659			16.6	%	11,317		—		11,317			14.6	%		3.0	%	3.0	%
Other Areas	24	4,826		20,098			(557)			19,541			27.8	%	26,654		(5,216)		21,438			27.6	%		(24.6)	%	(8.8)	%
Total Portfolio	69	17,239		$	71,833		$	(1,413)		$	70,420		100.0	%	$	97,466	$	(19,807)	$	77,659		100.0	%		(26.3)	%	(9.3)	%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Nine Months Ended September 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	13,434		$	(1,961)		$	11,473		4.9	%	$	20,459	$	(6,049)	$	14,410		5.9	%		(34.3)	%	(20.4)	%
Boston, MA Area	1	315		8,485			(653)			7,832			3.3	%	20,175		(13,208)		6,967			2.8	%		(57.9)	%	12.4	%
Dallas / Ft. Worth, TX Area	5	1,396		17,749			(568)			17,181			7.3	%	19,867		(1,490)		18,377			7.5	%		(10.7)	%	(6.5)	%
Houston, TX Area	3	695		6,134			—			6,134			2.6	%	7,782		—		7,782			3.2	%		(21.2)	%	(21.2)	%
Los Angeles, CA Metro Area	4	1,312		15,699			151			15,850			6.8	%	23,698		(3,020)		20,678			8.4	%		(33.8)	%	(23.3)	%
Miami, FL Metro Area	2	414		8,176			—			8,176			3.5	%	7,740		—		7,740			3.1	%		5.6	%	5.6	%
Minneapolis - St. Paul, MN Area	2	520		1,585			—			1,585			0.7	%	2,192		—		2,192			0.9	%		(27.7)	%	(27.7)	%
Nashville, TN Area	1	674		26,812			—			26,812			11.4	%	25,666		—		25,666			10.4	%		4.5	%	4.5	%
New York / New Jersey Metro Area	4	1,159		7,222			(112)			7,110			3.0	%	15,512		(6,057)		9,455			3.8	%		(53.4)	%	(24.8)	%
Orlando, FL Area	2	524		5,064			—			5,064			2.2	%	5,918		—		5,918			2.4	%		(14.4)	%	(14.4)	%
Philadelphia, PA Area	1	263		2,100			232			2,332			1.0	%	3,382		(1,251)		2,131			0.9	%		(37.9)	%	9.4	%
San Diego, CA Area	2	410		6,812			—			6,812			2.9	%	5,947		—		5,947			2.4	%		14.5	%	14.5	%
San Francisco - Oakland, CA Metro Area	3	793		9,590			(230)			9,360			4.0	%	14,598		(6,243)		8,355			3.4	%		(34.3)	%	12.0	%
Tampa, FL Area	2	571		9,305			—			9,305			4.0	%	9,946		—		9,946			4.0	%		(6.4)	%	(6.4)	%
Washington D.C. - MD - VA Area	9	2,428		40,746			—			40,746			17.4	%	39,053		—		39,053			15.9	%		4.3	%	4.3	%
Other Areas	24	4,826		66,366			(7,966)			58,400			25.0	%	83,768		(22,183)		61,585			25.0	%		(20.8)	%	(5.2)	%
Total Portfolio	69	17,239		$	245,279		$	(11,107)		$	234,172		100.0	%	$	305,703	$	(59,501)	$	246,202		100.0	%		(19.8)	%	(4.9)	%

NOTES:

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2024

(in thousands, except share price)

(unaudited)

	September 30, 2024
Common stock shares outstanding	5,444
Partnership units outstanding	208
Combined common stock shares and partnership units outstanding	5,652
Common stock price	$	7.50
Market capitalization	$	42,387
Series D cumulative preferred stock	$	27,778
Series F cumulative preferred stock	$	25,926
Series G cumulative preferred stock	$	36,824
Series H cumulative preferred stock	$	26,024
Series I cumulative preferred stock	$	25,858
Series J redeemable preferred stock	$	153,971
Series K redeemable preferred stock	$	13,168
Indebtedness	$	2,654,654
Net working capital (see below)	$	(160,047)
Total enterprise value (TEV)	$	2,846,543
Cash and cash equivalents	$	114,114
Restricted cash	$	109,711
Accounts receivable, net	$	49,611
Prepaid expenses	$	13,399
Due from third-party hotel managers, net	$	25,561
Due from affiliates, net	$	608
Total current assets	$	313,004
Accounts payable, net & accrued expenses	$	149,124
Dividends and distributions payable	$	3,833
Total current liabilities	$	152,957
Net working capital	$	160,047

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2024
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Estimated
Courtyard Bloomington	117				x
La Concha Key West	160	x	x
Embassy Suites Dallas	150		x	x	x
Embassy Suites Palm Beach	160				x
Le Pavillon New Orleans	226	x
Marriott Sugar Land	300	x	x
Residence Inn Evansville	78				x
Total		3	3	1	4

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2024		2024		2024		2023		September 30, 2024
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	32,678	$	140,679	$	30,435	$	(130,905)	$	72,887
Non-property adjustments	(2,771)		(85,986)		1,970		155,688		68,901
Interest income	(482)		(420)		(410)		(421)		(1,733)
Interest expense	2,206		2,086		4,155		4,231		12,678
Amortization of loan costs	77		76		219		222		594
Depreciation and amortization	37,691		37,139		40,220		46,617		161,667
Income tax expense (benefit)	26		29		35		42		132
Non-hotel EBITDA ownership expense	2,408		1,531		1,688		3,131		8,758
Hotel EBITDA including amounts attributable to noncontrolling interest	71,833		95,134		78,312		78,605		323,884
Non-comparable adjustments	(1,413)		(2,533)		(7,161)		(14,546)		(25,653)
Comparable hotel EBITDA	$	70,420	$	92,601	$	71,151	$	64,059	$	298,231

NOTES:

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

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 Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	32,888	$	(210)	$	32,678	$	(2)	$	(91,804)	$	(59,128)
Non-property adjustments	(2,771)		—		(2,771)		—		2,771		—
Interest income	(437)		(45)		(482)		—		482		—
Interest expense	2,206		—		2,206		—		72,167		74,373
Amortization of loan cost	77		—		77		—		3,495		3,572
Depreciation and amortization	35,591		2,100		37,691		—		49		37,740
Income tax expense (benefit)	26		—		26		—		(471)		(445)
Non-hotel EBITDA ownership expense	2,352		56		2,408		—		(2,408)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	69,932		1,901		71,833		(2)		(15,719)		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	$	69,932	$	1,901	$	71,833	$	(2)	$	(15,329)	$	56,502
Non-comparable adjustments	(1,413)		—		(1,413)
Comparable hotel EBITDA	$	68,519	$	1,901	$	70,420

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas

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		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	140,679	$	(5)	$	(89,863)	$	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		(5)		76,684		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	$	(5)	$	77,061	$	172,190
Non-comparable adjustments	(2,533)
Comparable hotel EBITDA	$	92,601

NOTES:

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 Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	30,435	$	(1)	$	41,971	$	72,405
Non-property adjustments	1,970		—		(1,970)		—
Interest income	(410)		—		410		—
Interest expense	4,155		—		79,696		83,851
Amortization of loan cost	219		—		1,989		2,208
Depreciation and amortization	40,220		—		324		40,544
Income tax expense (benefit)	35		—		268		303
Non-hotel EBITDA ownership expense	1,688		—		(1,688)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	78,312		(1)		121,000		199,311
Equity in (earnings) loss of unconsolidated entities	—		—		533		533
Company's portion of EBITDA of unconsolidated entities	—		—		(166)		(166)
Hotel EBITDA attributable to the Company and OP unitholders	$	78,312	$	(1)	$	121,367	$	199,678
Non-comparable adjustments	(7,161)
Comparable hotel EBITDA	$	71,151

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2023
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(130,905)	$	60	$	101,041	$	(29,804)
Non-property adjustments	155,688		(22)		(155,666)		—
Interest income	(421)		—		421		—
Interest expense	4,231		—		88,331		92,562
Amortization of loan cost	222		—		2,879		3,101
Depreciation and amortization	46,617		—		227		46,844
Income tax expense (benefit)	42		—		(1,552)		(1,510)
Non-hotel EBITDA ownership expense	3,131		1		(3,132)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	78,605		39		32,549		111,193
Equity in (earnings) loss of unconsolidated entities	—		—		419		419
Company's portion of EBITDA of unconsolidated entities	—		—		(74)		(74)
Hotel EBITDA attributable to the Company and OP unitholders	$	78,605	$	39	$	32,894	$	111,538
Non-comparable adjustments	(14,546)
Comparable hotel EBITDA	$	64,059

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	43,559	$	1,085	$	44,644	$	5,130	$	(114,225)	$	(64,451)
Non-property adjustments	(33)		—		(33)		(6,389)		6,422		—
Interest income	(357)		(26)		(383)		—		383		—
Interest expense	4,234		—		4,234		—		91,897		96,131
Amortization of loan cost	219		—		219		—		3,030		3,249
Depreciation and amortization	44,244		1,661		45,905		—		49		45,954
Income tax expense (benefit)	89		—		89		—		38		127
Non-hotel EBITDA ownership expense	2,755		36		2,791		3		(2,794)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	94,710		2,756		97,466		(1,256)		(15,200)		81,010
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		138		138
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		217		217
Hotel EBITDA attributable to the Company and OP unitholders	$	94,710	$	2,756	$	97,466	$	(1,256)	$	(14,845)	$	81,365
Non-comparable adjustments	(19,807)		—		(19,807)
Comparable hotel EBITDA	$	74,903	$	2,756	$	77,659

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	202,274	$	1,518	$	203,792	$	(8)	$	(139,696)	$	64,088
Non-property adjustments	(86,787)		—		(86,787)		—		86,787		—
Interest income	(1,200)		(112)		(1,312)		—		1,312		—
Interest expense	8,447		—		8,447		—		226,799		235,246
Amortization of loan cost	372		—		372		—		8,746		9,118
Depreciation and amortization	109,510		5,540		115,050		—		421		115,471
Income tax expense (benefit)	90		—		90		—		3,223		3,313
Non-hotel EBITDA ownership expense	5,529		98		5,627		—		(5,627)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	238,235		7,044		245,279		(8)		181,965		427,236
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		828		828
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		306		306
Hotel EBITDA attributable to the Company and OP unitholders	$	238,235	$	7,044	$	245,279	$	(8)	$	183,099	$	428,370
Non-comparable adjustments	(11,107)		—		(11,107)
Comparable hotel EBITDA	$	227,128	$	7,044	$	234,172

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	139,111	$	4,368	$	143,479	$	5,130	$	(299,539)	$	(150,930)
Non-property adjustments	(50)		—		(50)		(6,389)		6,439		—
Interest income	(679)		(52)		(731)		—		731		—
Interest expense	14,951		—		14,951		—		245,900		260,851
Amortization of loan cost	763		—		763		—		8,871		9,634
Depreciation and amortization	135,549		5,105		140,654		164		145		140,963
Income tax expense (benefit)	177		—		177		—		2,233		2,410
Non-hotel EBITDA ownership expense	6,325		135		6,460		18		(6,478)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	296,147		9,556		305,703		(1,077)		(41,698)		262,928
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		715		715
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		305		305
Hotel EBITDA attributable to the Company and OP unitholders	$	296,147	$	9,556	$	305,703	$	(1,077)	$	(40,678)	$	263,948
Non-comparable adjustments	(59,501)		—		(59,501)
Comparable hotel EBITDA	$	236,646	$	9,556	$	246,202

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas

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
	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)	$	1,027	$	3,200	$	3,029	$	82	$	2,504	$	(1,361)	$	456	$	4,950	$	715
Non-property adjustments	—		(12)		(2,675)		—		—		—		—		—		—
Interest income	(53)		(82)		—		—		(15)		(12)		—		(29)		—
Interest expense	777		—		337		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,321		744		3,473		1,709		2,043		1,143		729		2,407		1,994
Income tax expense (benefit)	—		—		—		—		—		—		—		21		—
Non-hotel EBITDA ownership expense	70		47		87		560		(162)		959		24		121		28
Hotel EBITDA including amounts attributable to noncontrolling interest	4,142		3,897		4,251		2,351		4,370		729		1,209		7,470		2,737
Non-comparable adjustments	(643)		(139)		(25)		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,499	$	3,758	$	4,226	$	2,351	$	4,370	$	729	$	1,209	$	7,470	$	2,737
	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)	$	(212)	$	353	$	2,258	$	1,085	$	483	$	7,246	$	6,863	$	32,678
Non-property adjustments	—		—		—		—		—		—		(84)		(2,771)
Interest income	(31)		—		(27)		(17)		—		(174)		(42)		(482)
Interest expense	—		—		—		212		—		—		880		2,206
Amortization of loan costs	—		—		—		40		—		—		37		77
Depreciation and amortization	959		375		597		2,158		794		4,528		11,717		37,691
Income tax expense (benefit)	—		—		—		—		—		—		5		26
Non-hotel EBITDA ownership expense	(4)		5		(49)		13		(72)		59		722		2,408
Hotel EBITDA including amounts attributable to noncontrolling interest	712		733		2,779		3,491		1,205		11,659		20,098		71,833
Non-comparable adjustments	—		(47)		—		(2)		—		—		(557)		(1,413)
Comparable hotel EBITDA	$	712	$	686	$	2,779	$	3,489	$	1,205	$	11,659	$	19,541	$	70,420

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2023
	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)	$	1,932	$	4,568	$	1,435	$	1,014	$	3,911	$	(639)	$	678	$	6,252	$	2,717
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(37)		(52)		(5)		—		(37)		(10)		—		(14)		(16)
Interest expense	818		2,321		—		—		—		—		—		—		—
Amortization of loan costs	6		141		—		—		—		—		—		—		—
Depreciation and amortization	3,456		2,016		3,755		1,286		2,491		1,270		754		2,432		3,819
Income tax expense (benefit)	—		—		—		—		—		—		—		26		—
Non-hotel EBITDA ownership expense	67		56		130		93		1,234		105		42		(47)		126
Hotel EBITDA including amounts attributable to noncontrolling interest	6,242		9,050		5,315		2,393		7,599		726		1,474		8,649		6,646
Non-comparable adjustments	(2,032)		(5,865)		(201)		—		(1,268)		—		—		—		(2,914)
Comparable hotel EBITDA	$	4,210	$	3,185	$	5,114	$	2,393	$	6,331	$	726	$	1,474	$	8,649	$	3,732
	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)	$	(91)	$	463	$	1,860	$	1,526	$	724	$	5,876	$	12,418	$	44,644
Non-property adjustments	—		—		—		—		—		—		(33)		(33)
Interest income	(19)		(8)		(17)		(11)		—		(116)		(41)		(383)
Interest expense	—		—		—		220		—		—		875		4,234
Amortization of loan costs	—		—		—		39		—		—		33		219
Depreciation and amortization	1,033		743		590		3,298		905		5,460		12,597		45,905
Income tax expense (benefit)	—		—		—		—		—		—		63		89
Non-hotel EBITDA ownership expense	44		8		32		59		3		97		742		2,791
Hotel EBITDA including amounts attributable to noncontrolling interest	967		1,206		2,465		5,131		1,632		11,317		26,654		97,466
Non-comparable adjustments	—		(493)		—		(1,818)		—		—		(5,216)		(19,807)
Comparable hotel EBITDA	$	967	$	713	$	2,465	$	3,313	$	1,632	$	11,317	$	21,438	$	77,659

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 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)	$	18,009	$	2,361	$	9,028	$	412	$	6,227	$	3,860	$	(779)	$	19,400	$	(107)
Non-property adjustments	(14,362)		665		(1,585)		—		3,001		—		—		—		733
Interest income	(133)		(205)		(4)		—		(56)		(38)		—		(83)		(4)
Interest expense	2,329		2,518		337		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	7,378		3,041		9,662		4,989		6,360		3,335		2,256		7,270		6,262
Income tax expense (benefit)	—		—		—		—		—		—		—		70		—
Non-hotel EBITDA ownership expense	213		(39)		311		733		167		1,019		108		155		338
Hotel EBITDA including amounts attributable to noncontrolling interest	13,434		8,485		17,749		6,134		15,699		8,176		1,585		26,812		7,222
Non-comparable adjustments	(1,961)		(653)		(568)		—		151		—		—		—		(112)
Comparable hotel EBITDA	$	11,473	$	7,832	$	17,181	$	6,134	$	15,850	$	8,176	$	1,585	$	26,812	$	7,110
	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)	$	2,229	$	370	$	5,126	$	1,565	$	6,908	$	27,014	$	102,169	$	203,792
Non-property adjustments	—		425		—		228		—		—		(75,892)		(86,787)
Interest income	(83)		(4)		(68)		(52)		—		(471)		(111)		(1,312)
Interest expense	—		—		—		636		—		—		2,627		8,447
Amortization of loan costs	—		—		—		118		—		—		110		372
Depreciation and amortization	2,896		1,289		1,777		6,983		2,463		13,915		35,174		115,050
Income tax expense (benefit)	—		—		—		—		—		—		20		90
Non-hotel EBITDA ownership expense	22		20		(23)		112		(66)		288		2,269		5,627
Hotel EBITDA including amounts attributable to noncontrolling interest	5,064		2,100		6,812		9,590		9,305		40,746		66,366		245,279
Non-comparable adjustments	—		232		—		(230)		—		—		(7,966)		(11,107)
Comparable hotel EBITDA	$	5,064	$	2,332	$	6,812	$	9,360	$	9,305	$	40,746	$	58,400	$	234,172

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2023
	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)	$	7,078	$	7,036	$	8,199	$	3,329	$	15,188	$	3,523	$	(249)	$	18,114	$	3,315
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(76)		(95)		(12)		—		(78)		(18)		—		(14)		(32)
Interest expense	2,407		6,577		—		—		—		—		—		—		—
Amortization of loan costs	17		417		—		—		—		—		—		—		—
Depreciation and amortization	10,678		6,093		11,463		3,790		7,633		4,100		2,298		7,468		11,808
Income tax expense (benefit)	—		—		—		—		—		—		—		74		—
Non-hotel EBITDA ownership expense	355		147		217		663		955		135		143		24		421
Hotel EBITDA including amounts attributable to noncontrolling interest	20,459		20,175		19,867		7,782		23,698		7,740		2,192		25,666		15,512
Non-comparable adjustments	(6,049)		(13,208)		(1,490)		—		(3,020)		—		—		—		(6,057)
Comparable hotel EBITDA	$	14,410	$	6,967	$	18,377	$	7,782	$	20,678	$	7,740	$	2,192	$	25,666	$	9,455
	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)	$	2,755	$	322	$	4,079	$	2,796	$	7,126	$	19,980	$	40,888	$	143,479
Non-property adjustments	—		—		—		—		—		23		(73)		(50)
Interest income	(52)		(17)		(37)		(39)		—		(174)		(87)		(731)
Interest expense	—		—		—		656		—		1,943		3,368		14,951
Amortization of loan costs	—		—		—		115		—		114		100		763
Depreciation and amortization	3,228		2,606		1,775		10,107		2,775		16,939		37,893		140,654
Income tax expense (benefit)	—		—		—		—		—		—		103		177
Non-hotel EBITDA ownership expense	(13)		471		130		963		45		228		1,576		6,460
Hotel EBITDA including amounts attributable to noncontrolling interest	5,918		3,382		5,947		14,598		9,946		39,053		83,768		305,703
Non-comparable adjustments	—		(1,251)		—		(6,243)		—		—		(22,183)		(59,501)
Comparable hotel EBITDA	$	5,918	$	2,131	$	5,947	$	8,355	$	9,946	$	39,053	$	61,585	$	246,202

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	TTM Ended September 30, 2024
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	13,464	$	88,305	$	4,930	$	49,043	$	21,016	$	4,556	$	8,993	$	9,229	$	24,454	$	5,053	$	2,806
Non-property adjustments	(3,869)		(70,921)		(45)		—		—		—		(6,913)		(9,598)		(460)		—		(2,675)
Interest income	(52)		—		—		(508)		(233)		(208)		(109)		—		(108)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	9,734		4,813		11,404		45,438		20,352		19,655		3,477		613		9,790		5,163		254
Income tax expense (benefit)	—		—		5		—		—		—		—		—		95		—		—
Non-hotel EBITDA ownership expense	375		1,048		718		1,155		2,293		874		202		89		647		123		23
Hotel EBITDA including amounts attributable to noncontrolling interest	19,652		23,245		17,012		95,128		43,428		24,877		5,650		333		34,418		10,339		408
Non-comparable adjustments	288		(4,778)		—		—		—		165		(119)		(333)		—		—		(408)
Comparable hotel EBITDA	$	19,940	$	18,467	$	17,012	$	95,128	$	43,428	$	25,042	$	5,531	$	—	$	34,418	$	10,339	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		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
Net income (loss)	$	(754)	$	(3,613)	$	11,494	$	(1,367)	$	(9,325)	$	(586)	$	1,740	$	(158,917)	$	(3,164)	$	(3,578)	$	4,904
Non-property adjustments	—		665		—		—		—		—		(1,579)		159,966		6,134		3,101		(4,764)
Interest income	—		—		(403)		—		—		—		—		(11)		(68)		(33)		—
Interest expense	1,164		4,831		—		854		3,506		337		—		—		—		—		—
Amortization of loan costs	6		286		—		159		143		—		—		—		—		—		—
Depreciation and amortization	1,262		1,893		5,211		2,303		4,993		408		228		2,144		2,843		2,463		477
Income tax expense (benefit)	—		—		—		—		—		—		9		—		—		—		—
Non-hotel EBITDA ownership expense	49		92		54		95		185		—		49		81		193		206		45
Hotel EBITDA including amounts attributable to noncontrolling interest	1,727		4,154		16,356		2,044		(498)		159		447		3,263		5,938		2,159		662
Non-comparable adjustments	—		(4,154)		(3)		—		—		—		(447)		(3,263)		(5,938)		(2,159)		(662)
Comparable hotel EBITDA	$	1,727	$	—	$	16,353	$	2,044	$	(498)	$	159	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	105	$	(140)	$	176	$	(22)	$	4,085	$	72,887
Non-property adjustments	(141)		—		—		—		—		68,901
Interest income	—		—		—		—		—		(1,733)
Interest expense	—		—		—		—		1,986		12,678
Amortization of loan costs	—		—		—		—		—		594
Depreciation and amortization	—		199		71		3,511		2,968		161,667
Income tax expense (benefit)	—		—		23		—		—		132
Non-hotel EBITDA ownership expense	5		6		2		50		99		8,758
Hotel EBITDA including amounts attributable to noncontrolling interest	(31)		65		272		3,539		9,138		323,884
Non-comparable adjustments	31		(65)		(272)		(3,539)		3		(25,653)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	9,141	$	298,231

NOTES:

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

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
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	1,735	$	3,502	$	3,233	$	11,478	$	1,784	$	351	$	21	$	(15)	$	4,949	$	1,953	$	2,690
Non-property adjustments	—		2		—		—		—		—		40		—		—		—		(2,675)
Interest income	(12)		—		—		(160)		(75)		(60)		(35)		—		(29)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,291		971		2,689		10,912		5,602		5,152		747		—		2,407		1,237		6
Income tax expense (benefit)	—		—		1		—		—		—		—		—		22		—		—
Non-hotel EBITDA ownership expense	(12)		529		152		(182)		1,567		49		(8)		5		121		21		4
Hotel EBITDA including amounts attributable to noncontrolling interest	4,002		5,004		6,075		22,048		8,878		5,492		765		(10)		7,470		3,211		25
Non-comparable adjustments	(48)		42		—		—		—		—		—		10		—		—		(25)
Comparable hotel EBITDA	$	3,954	$	5,046	$	6,075	$	22,048	$	8,878	$	5,492	$	765	$	—	$	7,470	$	3,211	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		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
Net income (loss)	$	(258)	$	109	$	2,850	$	419	$	(2,682)	$	(586)	$	(7)	$	99	$	(7)	$	—	$	(4)
Non-property adjustments	—		(12)		—		—		—		—		—		(96)		7		—		—
Interest income	—		—		(111)		—		—		—		—		—		—		—		—
Interest expense	284		—		—		212		879		337		—		—		—		—		—
Amortization of loan costs	—		—		—		41		36		—		—		—		—		—		—
Depreciation and amortization	312		—		1,168		513		1,387		408		—		—		—		—		—
Income tax expense (benefit)	—		—		—		—		—		—		3		—		—		—		—
Non-hotel EBITDA ownership expense	25		42		6		47		—		—		18		—		—		—		3
Hotel EBITDA including amounts attributable to noncontrolling interest	363		139		3,913		1,232		(380)		159		14		3		—		—		(1)
Non-comparable adjustments	—		(139)		(3)		—		—		—		(14)		(3)		—		—		1
Comparable hotel EBITDA	$	363	$	—	$	3,910	$	1,232	$	(380)	$	159	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	37	$	—	$	—	$	55	$	972	$	32,678
Non-property adjustments	(37)		—		—		—		—		(2,771)
Interest income	—		—		—		—		—		(482)
Interest expense	—		—		—		—		494		2,206
Amortization of loan costs	—		—		—		—		—		77
Depreciation and amortization	—		—		—		1,158		731		37,691
Income tax expense (benefit)	—		—		—		—		—		26
Non-hotel EBITDA ownership expense	—		—		—		24		(3)		2,408
Hotel EBITDA including amounts attributable to noncontrolling interest	—		—		—		1,237		2,194		71,833
Non-comparable adjustments	—		—		—		(1,237)		3		(1,413)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	2,197	$	70,420

NOTES:

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

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
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	3,400	$	76,409	$	3,926	$	18,143	$	7,716	$	1,446	$	936	$	9,432	$	8,639	$	2,109	$	63
Non-property adjustments	—		(70,923)		—		—		—		—		—		(9,598)		—		—		—
Interest income	(14)		—		—		(128)		(60)		(59)		(27)		—		(28)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,410		1,204		2,806		11,130		4,852		4,784		763		144		2,397		1,287		80
Income tax expense (benefit)	—		—		2		—		—		—		—		—		23		—		—
Non-hotel EBITDA ownership expense	129		317		78		267		164		348		67		61		27		19		4
Hotel EBITDA including amounts attributable to noncontrolling interest	5,925		7,007		6,812		29,412		12,672		6,519		1,739		39		11,058		3,415		147
Non-comparable adjustments	14		(1,589)		—		—		—		330		—		(39)		—		—		(147)
Comparable hotel EBITDA	$	5,939	$	5,418	$	6,812	$	29,412	$	12,672	$	6,849	$	1,739	$	—	$	11,058	$	3,415	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		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
Net income (loss)	$	(144)	$	(985)	$	4,196	$	(142)	$	(2,276)	$	—	$	1,617	$	—	$	(204)	$	(41)	$	4,732
Non-property adjustments	—		677		—		—		—		—		(1,579)		—		196		41		(4,764)
Interest income	—		—		(104)		—		—		—		—		—		—		—		—
Interest expense	283		226		—		211		872		—		—		—		—		—		—
Amortization of loan costs	—		—		—		40		36		—		—		—		—		—		—
Depreciation and amortization	308		—		1,233		548		1,237		—		53		—		—		—		—
Income tax expense (benefit)	—		—		—		—		—		—		4		—		—		—		—
Non-hotel EBITDA ownership expense	9		(118)		7		7		102		—		15		—		7		—		1
Hotel EBITDA including amounts attributable to noncontrolling interest	456		(200)		5,332		664		(29)		—		110		—		(1)		—		(31)
Non-comparable adjustments	—		200		—		—		—		—		(110)		—		1		—		31
Comparable hotel EBITDA	$	456	$	—	$	5,332	$	664	$	(29)	$	—	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	22	$	—	$	—	$	74	$	1,611	$	140,679
Non-property adjustments	(36)		—		—		—		—		(85,986)
Interest income	—		—		—		—		—		(420)
Interest expense	—		—		—		—		494		2,086
Amortization of loan costs	—		—		—		—		—		76
Depreciation and amortization	—		—		—		1,167		736		37,139
Income tax expense (benefit)	—		—		—		—		—		29
Non-hotel EBITDA ownership expense	—		—		—		(3)		23		1,531
Hotel EBITDA including amounts attributable to noncontrolling interest	(14)		—		—		1,238		2,864		95,134
Non-comparable adjustments	14		—		—		(1,238)		—		(2,533)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	2,864	$	92,601

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2024
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	3,424	$	4,663	$	(565)	$	9,668	$	7,472	$	2,161	$	7,913	$	(69)	$	5,811	$	(12)	$	(12)
Non-property adjustments	—		—		—		—		—		—		(6,953)		—		—		—		—
Interest income	(13)		—		—		(112)		(51)		(46)		(24)		—		(26)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,444		1,277		2,840		11,182		4,799		4,995		914		226		2,466		1,293		81
Income tax expense (benefit)	—		—		2		—		—		—		—		—		26		—		—
Non-hotel EBITDA ownership expense	104		113		124		576		225		249		96		4		7		18		3
Hotel EBITDA including amounts attributable to noncontrolling interest	5,959		6,053		2,401		21,314		12,445		7,359		1,946		161		8,284		1,299		72
Non-comparable adjustments	50		(1,862)		—		—		—		(109)		(107)		(161)		—		—		(72)
Comparable hotel EBITDA	$	6,009	$	4,191	$	2,401	$	21,314	$	12,445	$	7,250	$	1,839	$	—	$	8,284	$	1,299	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		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
Net income (loss)	$	(181)	$	(2,474)	$	2,282	$	(711)	$	(1,851)	$	—	$	38	$	35	$	(4,209)	$	(3,396)	$	(4)
Non-property adjustments	—		—		—		—		—		—		—		(34)		5,931		3,060		—
Interest income	—		—		(97)		—		—		—		—		—		(28)		(13)		—
Interest expense	284		2,291		—		213		873		—		—		—		—		—		—
Amortization of loan costs	—		144		—		39		36		—		—		—		—		—		—
Depreciation and amortization	311		745		1,300		551		1,132		—		85		—		973		856		48
Income tax expense (benefit)	—		—		—		—		—		—		7		—		—		—		—
Non-hotel EBITDA ownership expense	3		7		29		35		20		—		1		—		4		4		13
Hotel EBITDA including amounts attributable to noncontrolling interest	417		713		3,514		127		210		—		131		1		2,671		511		57
Non-comparable adjustments	—		(713)		—		—		—		—		(131)		(1)		(2,671)		(511)		(57)
Comparable hotel EBITDA	$	417	$	—	$	3,514	$	127	$	210	$	—	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	24	$	—	$	—	$	(154)	$	582	$	30,435
Non-property adjustments	(34)		—		—		—		—		1,970
Interest income	—		—		—		—		—		(410)
Interest expense	—		—		—		—		494		4,155
Amortization of loan costs	—		—		—		—		—		219
Depreciation and amortization	—		—		—		952		750		40,220
Income tax expense (benefit)	—		—		—		—		—		35
Non-hotel EBITDA ownership expense	—		—		—		28		25		1,688
Hotel EBITDA including amounts attributable to noncontrolling interest	(10)		—		—		826		1,851		78,312
Non-comparable adjustments	10		—		—		(826)		—		(7,161)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	1,851	$	71,151

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2023
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	4,905	$	3,731	$	(1,664)	$	9,754	$	4,044	$	598	$	123	$	(119)	$	5,055	$	1,003	$	65
Non-property adjustments	(3,869)		—		(45)		—		—		—		—		—		(460)		—		—
Interest income	(13)		—		—		(108)		(47)		(43)		(23)		—		(25)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,589		1,361		3,069		12,214		5,099		4,724		1,053		243		2,520		1,346		87
Income tax expense (benefit)	—		—		—		—		—		—		—		—		24		—		—
Non-hotel EBITDA ownership expense	154		89		364		494		337		228		47		19		492		65		12
Hotel EBITDA including amounts attributable to noncontrolling interest	3,766		5,181		1,724		22,354		9,433		5,507		1,200		143		7,606		2,414		164
Non-comparable adjustments	272		(1,369)		—		—		—		(56)		(12)		(143)		—		—		(164)
Comparable hotel EBITDA	$	4,038	$	3,812	$	1,724	$	22,354	$	9,433	$	5,451	$	1,188	$	—	$	7,606	$	2,414	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		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
Net income (loss)	$	(171)	$	(263)	$	2,166	$	(933)	$	(2,516)	$	—	$	92	$	(159,051)	$	1,256	$	(141)	$	180
Non-property adjustments	—		—		—		—		—		—		—		160,096		—		—		—
Interest income	—		—		(91)		—		—		—		—		(11)		(40)		(20)		—
Interest expense	313		2,314		—		218		882		—		—		—		—		—		—
Amortization of loan costs	6		142		—		39		35		—		—		—		—		—		—
Depreciation and amortization	331		1,148		1,510		691		1,237		—		90		2,144		1,870		1,607		429
Income tax expense (benefit)	—		—		—		—		—		—		(5)		—		—		—		—
Non-hotel EBITDA ownership expense	12		161		12		6		63		—		15		81		182		202		28
Hotel EBITDA including amounts attributable to noncontrolling interest	491		3,502		3,597		21		(299)		—		192		3,259		3,268		1,648		637
Non-comparable adjustments	—		(3,502)		—		—		—		—		(192)		(3,259)		(3,268)		(1,648)		(637)
Comparable hotel EBITDA	$	491	$	—	$	3,597	$	21	$	(299)	$	—	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	22	$	(140)	$	176	$	3	$	920	$	(130,905)
Non-property adjustments	(34)		—		—		—		—		155,688
Interest income	—		—		—		—		—		(421)
Interest expense	—		—		—		—		504		4,231
Amortization of loan costs	—		—		—		—		—		222
Depreciation and amortization	—		199		71		234		751		46,617
Income tax expense (benefit)	—		—		23		—		—		42
Non-hotel EBITDA ownership expense	5		6		2		1		54		3,131
Hotel EBITDA including amounts attributable to noncontrolling interest	(7)		65		272		238		2,229		78,605
Non-comparable adjustments	7		(65)		(272)		(238)		—		(14,546)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	2,229	$	64,059

NOTES:

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