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): July 30, 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 July 30, 2024, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 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 Second Quarter 2024 Earnings Release of the Company, dated July 30, 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: July 30, 2024	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Joe Calabrese
	Chief Financial Officer	Financial Relations Board
	(972) 490-9600	(212) 827-3772

ASHFORD TRUST REPORTS SECOND QUARTER 2024 RESULTS

DALLAS – July 30, 2024 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 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 June 30, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2024 with the second quarter ended June 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 1.6% to $150 during the quarter on a 2.6% increase in Comparable ADR and a 0.9% decrease in Comparable Occupancy.

•Net income attributable to common stockholders was $44.3 million or $0.25 per diluted share for the quarter.

•Adjusted EBITDAre was $78.7 million for the quarter.

•Adjusted funds from operations (AFFO) was $0.27 per diluted share for the quarter.

•Comparable Hotel EBITDA was $92.7 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $121.8 million and restricted cash of $124.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $22.2 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 $187.4 million.

•Capex invested during the quarter was $29.4 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company 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.

•During the quarter, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million.

•During the quarter, the Company closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million.

AHT Reports Second Quarter Results

Page 2

July 30, 2024

•During the quarter, the Company closed on the refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date in March 2026.

•During the quarter, the Company closed on the sale of the 90-room Courtyard located in Manchester, Connecticut for $8.0 million.

•During the quarter, the Company closed on the sale of the 90-room SpringHill Suites and the 86-room Fairfield Inn located in Kennesaw, Georgia for $17.5 million.

•During the quarter, the Company closed on the sale of the 193-room One Ocean Resort located in Atlantic Beach, Florida for $87 million.

•To date, the Company has issued approximately $147 million of its non-traded preferred stock.

CAPITAL STRUCTURE

As of June 30, 2024, the Company had total loans of $2.7 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR and the corresponding interest rate caps, approximately 100% of the Company’s debt is effectively fixed.

During the quarter, the Company announced that it closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million ($438,000 per key). All of the proceeds from the sale were used for debt reduction including approximately $68 million to pay down the Company’s strategic financing.

During the quarter, the Company announced that it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million ($95,300 per key). The sale price represented a 6.0% capitalization rate on trailing 12-month net operating income through March 2024.

During the quarter, the Company announced that it closed on the refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date in March 2026.

The new, non-recourse loan totals $267.2 million, and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 3.98%. The previous loan totaled $240.0 million and included the 296-room Westin Hotel in Princeton, New Jersey. As part of this refinancing, the Westin Princeton is now unencumbered and the Company has listed this property for sale.

During the quarter, the Company announced that it closed on the sale of the 90-room Courtyard located in Manchester, Connecticut for $8.0 million. The property was encumbered with a mortgage loan that had an outstanding balance of approximately $5.5 million.

During the quarter, the Company announced that it closed on the sale of the 90-room SpringHill Suites and the 86-room Fairfield Inn located in Kennesaw, Georgia for $17.5 million. The sale price represented a 4.8% capitalization rate on trailing 12-month net operating income through April 2024. The hotels were encumbered with a mortgage loan that had an outstanding balance of approximately $10.8 million.

During the quarter, the Company closed on the sale of the 193-room One Ocean Resort located in Atlantic Beach, Florida for $87 million. The Company continues to have additional assets in the market at various stages of the sales process.

The Company did not pay a dividend on its common stock and common units for the second quarter ended June 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.

AHT Reports Second Quarter Results

Page 3

July 30, 2024

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 5,470,610 shares of its Series J and 403,903 shares of its Series K non-traded preferred stock raising approximately $147 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.

“Our second quarter operating performance was solid, as we continue to benefit from increased corporate and group demand,” commented Stephen Zsigray, Ashford Trust’s President and Chief Executive Officer. “We continue to successfully execute against our operating strategy, and I’m very pleased with the progress we have made in paying off our strategic financing. The outstanding loan balance is down almost 53% from the original balance and, between the excess proceeds from additional planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year. As we look to the second half of 2024, 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, July 31, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 968-2525. A replay of the conference call will be available through Wednesday, August 7, 2024, by dialing (609) 800-9909 and entering the confirmation number, 9895209.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2024 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, July 31, 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

AHT Reports Second Quarter Results

Page 4

July 30, 2024

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, net	2,503,091	$	2,951,932
Contract asset		—
Cash and cash equivalents		165,231
Restricted cash		146,079
Accounts receivable, net of allowance of 898 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	3,346,428	$	3,462,281
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	2,758,649	$	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, 5,206,397 and 3,475,318 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		79,975
Series K Redeemable Preferred Stock, 0.01 par value, 357,934 and 194,193 shares issued and outstanding at June 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, 1,159,927 and 1,159,927 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		12
Series F Cumulative Preferred Stock, 1,095,244 and 1,175,344 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		11
Series G Cumulative Preferred Stock, 1,503,296 and 1,531,996 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		15
Series H Cumulative Preferred Stock, 1,090,190 and 1,170,325 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		12
Series I Cumulative Preferred Stock, 1,104,023 and 1,160,923 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		12
Common stock, 0.01 par value, 400,000,000 shares authorized, 46,757,956 and 37,422,056 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		374
Additional paid-in capital		2,382,975
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	3,346,428	$	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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
REVENUE
Rooms	$	243,605	$	293,915	$	472,812	$	546,870
Food and beverage	55,260		61,747		112,618		120,738
Other	16,934		19,316		33,626		35,598
Total hotel revenue	315,799		374,978		619,056		703,206
Other	683		771		1,322		1,429
Total revenue	316,482		375,749		620,378		704,635
EXPENSES
Hotel operating expenses
Rooms	54,073		66,035		108,753		125,238
Food and beverage	37,508		41,910		75,339		81,700
Other expenses	104,680		118,959		211,506		232,838
Management fees	11,184		13,773		22,734		26,019
Total hotel operating expenses	207,445		240,677		418,332		465,795
Property taxes, insurance and other	16,846		18,998		34,273		35,535
Depreciation and amortization	37,187		47,154		77,731		95,009
Advisory services fee:
Base advisory fee	8,180		8,249		16,400		16,718
Reimbursable expenses	2,787		3,065		9,232		6,292
Stock/unit-based compensation	507		955		1,043		2,245
Corporate, general and administrative:
Stock/unit-based compensation	216		593		244		629
Other general and administrative	6,978		4,311		15,159		6,887
Total operating expenses	280,146		324,002		572,414		629,110
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	87,441		1,077		94,397		1,053
Gain (loss) on derecognition of assets	11,725		—		145,634		—
OPERATING INCOME (LOSS)	135,502		52,824		287,995		76,578
Equity in earnings (loss) of unconsolidated entities	(162)		(181)		(695)		(577)
Interest income	1,688		2,310		3,672		4,867
Other income (expense), net	37		109		72		243
Interest expense, net of discount amortization	(65,078)		(77,483)		(136,831)		(149,080)
Interest expense associated with hotels in receivership	(11,944)		(8,493)		(24,042)		(15,640)
Amortization of loan costs	(3,338)		(3,614)		(5,546)		(6,385)
Write-off of premiums, loan costs and exit fees	(3,796)		(950)		(3,814)		(1,370)
Gain (loss) on extinguishment of debt	—		—		45		—
Realized and unrealized gain (loss) on derivatives	1,357		12,583		6,118		7,168
INCOME (LOSS) BEFORE INCOME TAXES	54,266		(22,895)		126,974		(84,196)
Income tax benefit (expense)	(3,455)		(2,062)		(3,758)		(2,283)
NET INCOME (LOSS)	50,811		(24,957)		123,216		(86,479)
(Income) loss attributable to noncontrolling interest in consolidated entities	8		—		17		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(565)		349		(1,418)		949
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	50,254		(24,608)		121,815		(85,530)
Preferred dividends	(5,468)		(3,752)		(10,479)		(6,995)
Deemed dividends on redeemable preferred stock	(669)		(826)		(1,351)		(1,233)
Gain (loss) on extinguishment of preferred stock	211		—		1,784		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	44,328	$	(29,186)	$	111,769	$	(93,758)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	1.02	$	(0.85)	$	2.72	$	(2.73)
Weighted average common shares outstanding – basic	43,243		34,429		40,850		34,385
Diluted:
Net income (loss) attributable to common stockholders	$	0.25	$	(0.85)	$	0.77	$	(2.73)
Weighted average common shares outstanding – diluted	189,364		34,429		153,046		34,385
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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income (loss)	$	50,811	$	(24,957)	$	123,216	$	(86,479)
Interest expense and amortization of discounts and loan costs, net	68,416		81,097		142,377		155,465
Interest expense associated with hotels in receivership	11,944		8,493		24,042		15,640
Depreciation and amortization	37,187		47,154		77,731		95,009
Income tax expense (benefit)	3,455		2,062		3,758		2,283
Equity in (earnings) loss of unconsolidated entities	162		181		695		577
Company's portion of EBITDA of unconsolidated entities	215		157		49		88
EBITDA	172,190		114,187		371,868		182,583
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(87,441)		(1,077)		(94,397)		(1,053)
(Gain) loss on derecognition of assets	(11,725)		—		(145,634)		—
EBITDAre	73,024		113,110		131,837		181,530
Amortization of unfavorable contract liabilities	(30)		18		(61)		47
Transaction and conversion costs	2,109		1,033		7,231		1,152
Write-off of premiums, loan costs and exit fees	3,796		950		3,814		1,370
Realized and unrealized (gain) loss on derivatives	(1,357)		(12,583)		(6,118)		(7,168)
Stock/unit-based compensation	723		1,550		1,287		2,883
Legal, advisory and settlement costs	273		—		273		—
Other (income) expense, net	(36)		(123)		(71)		(243)
(Gain) loss on extinguishment of debt	—		—		(45)		—
Severance	150		—		150		—
Company's portion of adjustments to EBITDAre of unconsolidated entities	6		—		6		1
Adjusted EBITDAre	$	78,658	$	103,955	$	138,303	$	179,572

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income (loss)	$	50,811	$	(24,957)	$	123,216	$	(86,479)
(Income) loss attributable to noncontrolling interest in consolidated entities	8		—		17		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(565)		349		(1,418)		949
Preferred dividends	(5,468)		(3,752)		(10,479)		(6,995)
Deemed dividends on redeemable preferred stock	(669)		(826)		(1,351)		(1,233)
Gain (loss) on extinguishment of preferred stock	211		—		1,784		—
Net income (loss) attributable to common stockholders	44,328		(29,186)		111,769		(93,758)
Depreciation and amortization on real estate	37,187		47,154		77,731		95,009
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(87,441)		(1,077)		(94,397)		(1,053)
(Gain) loss on derecognition of assets	(11,725)		—		(145,634)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	565		(349)		1,418		(949)
Equity in (earnings) loss of unconsolidated entities	162		181		695		577
Company's portion of FFO of unconsolidated entities	(47)		(67)		(454)		(354)
FFO available to common stockholders and OP unitholders	(16,971)		16,656		(48,872)		(528)
Deemed dividends on redeemable preferred stock	669		826		1,351		1,233
(Gain) loss on extinguishment of preferred stock	(211)		—		(1,784)		—
Transaction and conversion costs	2,109		1,033		7,231		1,152
Write-off of premiums, loan costs and exit fees	3,796		950		3,814		1,370
Unrealized (gain) loss on derivatives	6,002		(617)		9,955		14,325
Stock/unit-based compensation	723		1,550		1,287		2,883
Legal, advisory and settlement costs	273		—		273		—
Other (income) expense, net	(36)		(123)		(71)		(243)
Amortization of credit facility exit fee	—		4,640		844		8,796
Amortization of loan costs	3,338		3,614		5,546		6,385
(Gain) loss on extinguishment of debt	—		—		(45)		—
Interest expense associated with hotels in receivership	11,944		—		18,495		—
Severance	150		—		150		—
Company's portion of adjustments to FFO of unconsolidated entities	6		—		6		1
Adjusted FFO available to common stockholders and OP unitholders	$	11,792	$	28,529	$	(1,820)	$	35,374
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.27	$	0.78	$	(0.04)	$	0.97
Weighted average diluted shares	43,796		36,575		41,377		36,497

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2024

(dollars in thousands)

(unaudited)

Indebtedness	Current Maturity	Final Maturity (13)	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 (14)		Comparable TTM Hotel EBITDA<br>Debt Yield
Southside Bank Ashton - 1 hotel	June 2024	June 2024	SOFR (1) + 2.00%	$	—		$	8,881		$	8,881		(2)	$	(110)	(1.2)	%	$	251	2.8	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	SOFR (1) + 4.76%	—			86,000			86,000			(3)	10,224		11.9	%	15,509		18.0	%
Morgan Stanley Pool - 17 hotels	November 2024	November 2024	SOFR (1) + 3.39%	—			409,750			409,750			(4)	24,268		5.9	%	44,753		10.9	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(5)	(9,306)		(25.2)	%	(849)		(2.3)	%
BAML Indigo Atlanta - 1 hotel	December 2024	December 2024	SOFR (1) + 2.85%	—			13,682			13,682			(6)	(854)		(6.2)	%	1,681		12.3	%
BAML Pool 3 - 2 hotels	February 2025	February 2025	4.45%	26,319			—			26,319				9,122		34.7	%	5,740		21.8	%
JPMorgan Chase - 8 hotels	February 2025	February 2026	SOFR (1) + 3.28%	—			335,000			335,000			(7)	5,912		1.8	%	26,481		7.9	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	22,441			—			22,441				(1,303)		(5.8)	%	2,111		9.4	%
BAML Highland Pool - 19 hotels	April 2025	April 2025	SOFR (1) + 3.51%	—			862,027			862,027			(8)	49,425		5.7	%	97,336		11.3	%
KEYS Pool C - 4 hotels	June 2025	June 2025	SOFR (1) + 4.03%	—			143,877			143,877			(9)	13,394		9.3	%	20,097		14.0	%
KEYS Pool D - 4 hotels	June 2025	June 2025	SOFR (1) + 4.29%	—			159,424			159,424			(9)	91,578		57.4	%	20,175		12.7	%
KEYS Pool E - 5 hotels	June 2025	June 2025	SOFR (1) + 3.02%	—			109,473			109,473			(9)	5,809		5.3	%	18,013		16.5	%
Oaktree Capital Term Loan	January 2026	January 2026	14.00%	98,212			—			98,212				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			(10)	4,154		4.2	%	9,552		9.7	%
BAML Nashville - 1 hotel	May 2026	May 2029	SOFR (1) + 3.98%	—			267,200			267,200			(11)	25,756		9.6	%	35,597		13.3	%
Unencumbered hotels - 2 hotels				—			—			—				4,164		N/A		9,273		N/A
Total				$	146,972		$	2,530,764		$	2,677,736			$	232,233	8.7	%	$	305,720	11.4	%
Percentage				5.5		%	94.5		%	100.0		%
Weighted average interest rate (12)				10.86		%	7.89		%	8.05		%

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, Stirling REIT OP, LP and debt associated with hotels in receivership.

(1) SOFR rate was 5.34% at June 30, 2024.

(2) This mortgage loan is in default as of June 30, 2024. The interest rate does not include the default or late payment rate in effect as of June 30, 2024. This mortgage loan has a SOFR floor of 2.0%. On July 16, 2024, we disposed of the asset securing this mortgage loan.

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

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

(5) 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%.

(6) 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.

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

(9) 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.

(10) 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%.

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

(12) The weighted average interest rates are adjusted for in-the-money interest rate caps, and are not adjusted for default or late payment rates in effect on the default mortgage loan as of June 30, 2024..

(13) The final maturity date assumes all available extension options will be exercised, excluding loans in default.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2024

(dollars in thousands)

(unaudited)

	2024		2025		2026		2027		2028		Thereafter		Total
Southside Bank Ashton - 1 hotel	$	8,881	$	—	$	—	$	—	$	—	$	—	$	8,881
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	—		—		98,212		—		—		—		98,212
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	432,254		1,322,737		509,212		35,000		98,450		267,200		2,664,853
Scheduled amortization payments remaining	10,719		164		1,000		1,000		—		—		12,883
Total indebtedness	$	442,973	$	1,322,901	$	510,212	$	36,000	$	98,450	$	267,200	$	2,677,736

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	243,605		$	(9,833)		$	233,772		$	292,956		$	(62,975)		$	229,981		(16.85)	%	1.65	%
	RevPAR	$	149.34		$	(128.93)		$	150.34		$	144.25		$	(132.27)		$	147.92		3.53	%	1.64	%
	Occupancy	74.87		%	(73.10)		%	74.95		%	75.44		%	(74.74)		%	75.65		%	(0.76)	%	(0.93)	%
	ADR	$	199.48		$	(176.37)		$	200.59		$	191.22		$	(176.98)		$	195.53		4.32	%	2.59	%
ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Six Months Ended June 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)	$	472,812		$	(39,275)		$	433,537		$	544,893		$	(116,672)		$	428,221		(13.23)	%	1.24	%
	RevPAR	$	136.63		$	(112.00)		$	139.41		$	134.90		$	(123.20)		$	138.48		1.28	%	0.67	%
	Occupancy	70.65		%	(67.03)		%	71.06		%	71.95		%	(71.39)		%	72.12		%	(1.81)	%	(1.46)	%
	ADR	$	193.39		$	(167.11)		$	196.18		$	187.50		$	(172.58)		$	192.02		3.14	%	2.16	%

NOTES:

(1) The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at June 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 June 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)	$	228,358		$	(9,833)		$	218,525		$	276,410		$	(62,975)		$	213,435		21.04	%	(2.33)	%
		RevPAR	$	148.74		$	(128.93)		$	149.78		$	142.85		$	(132.27)		$	146.31		(3.96)	%	(2.32)	%
		Occupancy	75.35		%	(73.10)		%	75.46		%	75.50		%	(74.74)		%	75.75		%	0.20	%	0.38	%
		ADR	$	197.41		$	(176.37)		$	198.48		$	189.20		$	(176.98)		$	193.14		(4.16)	%	(2.69)	%	ALL HOTELS<br> NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Six Months Ended June 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)	$	441,313		$	(39,275)		$	402,038		$	510,482		$	(116,672)		$	393,810		15.67	%	(2.05)	%
		RevPAR	$	135.01		$	(112.00)		$	137.78		$	132.64		$	(123.20)		$	135.73		(1.75)	%	(1.49)	%
		Occupancy	70.97		%	(67.03)		%	71.44		%	71.83		%	(71.39)		%	71.98		%	1.21	%	0.75	%
		ADR	$	190.25		$	(167.11)		$	192.86		$	184.66		$	(172.58)		$	188.57		(2.94)	%	(2.23)	%

NOTES:

(1) The above comparable information assumes the 66 hotel properties owned and included in the Company’s operations at June 30, 2024, and not under renovation during the three months ended June 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, La Concha Key West, Marriott Sugar Land

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024			2023			% Variance		2024			2023			% Variance
Total hotel revenue	$	315,797		$	373,749		(15.51)	%	$	619,056		$	700,614		(11.64)	%
Non-comparable adjustments	(12,747)			(74,924)					(47,714)			(138,765)
Comparable total hotel revenue	$	303,050		$	298,825		1.41	%	$	571,342		$	561,849		1.69	%
Hotel net income (loss)	$	140,679		$	64,836		116.98	%	$	171,114		$	98,835		73.13	%
Non-comparable adjustments	(86,332)			(11,151)					(84,671)			(14,206)
Comparable hotel net income (loss)	$	54,347		$	53,685		1.23	%	$	86,443		$	84,629		2.14	%
Hotel net income (loss) margin	44.55		%	17.35		%	27.20	%	27.64		%	14.11		%	13.53	%
Comparable hotel net income margin	17.93		%	17.97		%	(0.04)	%	15.13		%	15.06		%	0.07	%
Hotel EBITDA	$	95,134		$	117,477		(19.02)	%	$	173,446		$	208,237		(16.71)	%
Non-comparable adjustments	(2,386)			(23,428)					(9,475)			(39,375)
Comparable hotel EBITDA	$	92,748		$	94,049		(1.38)	%	$	163,971		$	168,862		(2.90)	%
Hotel EBITDA margin	30.13		%	31.43		%	(1.30)	%	28.02		%	29.72		%	(1.70)	%
Comparable hotel EBITDA margin	30.60		%	31.47		%	(0.87)	%	28.70		%	30.05		%	(1.35)	%

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									Six Months Ended
	June 30,									June 30,
		2024			2023			% Variance			2024			2023			% Variance
Total hotel revenue		$	294,467		$	350,454		(15.98)	%		$	575,248		$	652,793		(11.88)	%
Non-comparable adjustments		(12,747)			(74,924)						(47,714)			(138,765)
Comparable total hotel revenue		$	281,720		$	275,530		2.25	%		$	527,534		$	514,028		2.63	%
Hotel net income (loss)		$	140,818		$	61,654		128.40	%		$	169,786		$	89,661		89.36	%
Non-comparable adjustments		(86,332)			(11,151)						(84,671)			(14,206)
Comparable hotel net income (loss)		$	54,486		$	50,503		7.89	%		$	85,115		$	75,455		12.80	%
Hotel net income (loss) margin		47.82		%	17.59		%	30.23	%		29.52		%	13.73		%	15.79	%
Comparable hotel net income margin		19.34		%	18.33		%	1.01	%		16.13		%	14.68		%	1.45	%
Hotel EBITDA		$	90,809		$	111,302		(18.41)	%		$	163,065		$	193,079		(15.54)	%
Non-comparable adjustments		(2,386)			(23,428)						(9,475)			(39,375)
Comparable hotel EBITDA		$	88,423		$	87,874		0.62	%		$	153,590		$	153,704		(0.07)	%
Hotel EBITDA margin		30.84		%	31.76		%	(0.92)	%		28.35		%	29.58		%	(1.23)	%
Comparable hotel EBITDA margin		31.39		%	31.89		%	(0.50)	%		29.11		%	29.90		%	(0.79)	%

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, La Concha Key West, Marriott Sugar Land

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			2023			2023		2023			2023			2023		2023
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	315,797		$	(12,747)	$	303,050		$	303,258		$	(34,967)	$	268,291		$	319,177		$	(59,704)	$	259,473		$	341,999		$	(70,231)	$	271,768
Hotel net income (loss)	$	140,679		$	(86,332)	$	54,347		$	30,435		$	1,661	$	32,096		$	(130,905)		$	153,591	$	22,686		$	44,644		$	(7,565)	$	37,080
Hotel net income (loss) margin	44.55		%			17.93		%	10.04		%			11.96		%	(41.01)		%			8.74		%	13.05		%			13.64		%
Hotel EBITDA	$	95,134		$	(2,386)	$	92,748		$	78,312		$	(7,089)	$	71,223		$	78,605		$	(14,382)	$	64,223		$	97,466		$	(19,940)	$	77,526
Hotel EBITDA margin	30.13		%			30.60		%	25.82		%			26.55		%	24.63		%			24.75		%	28.50		%			28.53		%
Hotel net income (loss) % of total TTM	165.8		%			37.2		%	35.9		%			22.0		%	(154.3)		%			15.5		%	52.6		%			25.3		%
EBITDA % of total TTM	27.2		%			30.3		%	22.4		%			23.3		%	22.5		%			21.0		%	27.9		%			25.4		%
	Actual			Non-comparable Adjustments		Comparable
	2024			2024		2024
	TTM			TTM		TTM
Total hotel revenue	$	1,280,231		$	(177,649)	$	1,102,582
Hotel net income (loss)	$	84,853		$	61,355	$	146,209
Hotel net income (loss) margin	6.63		%			13.26		%
Hotel EBITDA	$	349,517		$	(43,797)	$	305,720
Hotel EBITDA margin	27.30		%			27.73		%
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 June 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		$	132.53		$	(101.11)		$	144.07		$	142.15		$	(129.36)		$	151.50		(6.8)	%	(4.9)	%
Boston, MA Area	1	315		273.08			(226.41)			278.16			300.70			(325.87)			269.54			(9.2)	%	3.2	%
Dallas / Ft. Worth, TX Area	5	1,247		129.63			—			129.63			114.40			(79.03)			122.32			13.3	%	6.0	%
Houston, TX Area	3	692		109.49			—			109.49			113.91			—			113.91			(3.9)	%	(3.9)	%
Los Angeles, CA Metro Area	4	1,312		150.03			—			150.03			147.60			(119.19)			154.24			1.6	%	(2.7)	%
Miami, FL Metro Area	2	414		156.58			—			156.58			161.91			—			161.91			(3.3)	%	(3.3)	%
Minneapolis - St. Paul, MN Area	2	520		82.37			—			82.37			83.69			—			83.69			(1.6)	%	(1.6)	%
Nashville, TN Area	1	674		260.93			—			260.93			250.63			—			250.63			4.1	%	4.1	%
New York / New Jersey Metro Area	4	1,159		108.76			—			108.76			108.94			(115.83)			105.46			(0.2)	%	3.1	%
Orlando, FL Area	2	524		117.15			—			117.15			132.33			—			132.33			(11.5)	%	(11.5)	%
Philadelphia, PA Area	1	263		151.69			—			151.69			108.71			(85.25)			143.06			39.5	%	6.0	%
San Diego, CA Area	2	410		165.04			—			165.04			150.79			—			150.79			9.5	%	9.5	%
San Francisco - Oakland, CA Metro Area	3	793		137.79			—			137.79			126.90			(123.16)			130.46			8.6	%	5.6	%
Tampa, FL Area	2	571		135.91			—			135.91			144.22			—			144.22			(5.8)	%	(5.8)	%
Washington D.C. - MD - VA Area	9	2,428		185.91			—			185.91			178.68			—			178.68			4.0	%	4.0	%
Other Areas	24	4,826		143.88			(142.55)			144.01			135.00			(121.40)			140.21			6.6	%	2.7	%
Total Portfolio	69	17,087		$	149.34		$	(128.93)		$	150.34		$	144.25		$	(132.27)		$	147.92		3.5	%	1.6	%

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)

				Six Months Ended June 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		$	125.77		$	(91.75)		$	140.17		$	138.66		$	(125.86)		$	148.03		(9.3)	%	(5.3)	%
Boston, MA Area	1	315		185.49			(162.27)			201.13			218.72			(242.64)			189.11			(15.2)	%	6.4	%
Dallas / Ft. Worth, TX Area	5	1,247		121.28			(69.40)			125.10			116.43			(76.52)			125.37			4.2	%	(0.2)	%
Houston, TX Area	3	692		103.37			—			103.37			111.68			—			111.68			(7.4)	%	(7.4)	%
Los Angeles, CA Metro Area	4	1,312		149.33			(84.48)			154.34			147.93			(111.84)			156.37			0.9	%	(1.3)	%
Miami, FL Metro Area	2	414		200.62			—			200.62			196.57			—			196.57			2.1	%	2.1	%
Minneapolis - St. Paul, MN Area	2	520		68.12			—			68.12			67.52			—			67.52			0.9	%	0.9	%
Nashville, TN Area	1	674		240.78			—			240.78			234.52			—			234.52			2.7	%	2.7	%
New York / New Jersey Metro Area	4	1,159		90.83			(55.84)			93.17			93.06			(97.65)			90.75			(2.4)	%	2.7	%
Orlando, FL Area	2	524		131.39			—			131.39			139.55			—			139.55			(5.8)	%	(5.8)	%
Philadelphia, PA Area	1	263		104.34			(28.18)			123.34			93.55			(72.27)			124.70			11.5	%	(1.1)	%
San Diego, CA Area	2	410		152.32			—			152.32			139.33			—			139.33			9.3	%	9.3	%
San Francisco - Oakland, CA Metro Area	3	793		123.18			(85.16)			131.17			121.12			(120.02)			122.17			1.7	%	7.4	%
Tampa, FL Area	2	571		160.66			—			160.66			167.79			—			167.79			(4.2)	%	(4.2)	%
Washington D.C. - MD - VA Area	9	2,428		160.45			—			160.45			153.65			—			153.65			4.4	%	4.4	%
Other Areas	24	4,826		129.23			(134.61)			128.32			127.83			(125.93)			128.56			1.1	%	(0.2)	%
Total Portfolio	69	17,087		$	136.63		$	(112.00)		$	139.41		$	134.90		$	(123.20)		$	138.48		1.3	%	0.7	%

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 June 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		$	15,788		$	(14,394)		$	1,394		2.6	%	$	2,264	$	(412)	$	1,852		3.4	%		597.3	%	(24.7)	%
Boston, MA Area	1	315		2,220			985			3,205			5.9	%	5,668		(2,588)		3,080			5.7	%		(60.8)	%	4.1	%
Dallas / Ft. Worth, TX Area	5	1,247		3,600			7			3,607			6.6	%	2,018		(177)		1,841			3.4	%		78.4	%	95.9	%
Houston, TX Area	3	692		229			—			229			0.4	%	1,332		—		1,332			2.5	%		(82.8)	%	(82.8)	%
Los Angeles, CA Metro Area	4	1,312		2,291			360			2,651			4.9	%	5,973		(748)		5,225			9.7	%		(61.6)	%	(49.3)	%
Miami, FL Metro Area	2	414		1,100			—			1,100			2.0	%	1,082		—		1,082			2.0	%		1.7	%	1.7	%
Minneapolis - St. Paul, MN Area	2	520		53			—			53			0.1	%	192		—		192			0.4	%		(72.4)	%	(72.4)	%
Nashville, TN Area	1	674		8,640			—			8,640			15.9	%	7,002		—		7,002			13.0	%		23.4	%	23.4	%
New York / New Jersey Metro Area	4	1,159		1,000			7			1,007			1.9	%	2,367		(553)		1,814			3.4	%		(57.8)	%	(44.5)	%
Orlando, FL Area	2	524		689			—			689			1.3	%	1,314		—		1,314			2.4	%		(47.6)	%	(47.6)	%
Philadelphia, PA Area	1	263		996			19			1,015			1.9	%	1,119		(453)		666			1.2	%		(11.0)	%	52.4	%
San Diego, CA Area	2	410		1,767			—			1,767			3.3	%	1,539		—		1,539			2.9	%		14.8	%	14.8	%
San Francisco - Oakland, CA Metro Area	3	793		469			38			507			0.9	%	1,044		(1,188)		(144)			(0.3)	%		(55.1)	%	452.1	%
Tampa, FL Area	2	571		1,903			—			1,903			3.5	%	1,874		—		1,874			3.5	%		1.5	%	1.5	%
Washington D.C. - MD - VA Area	9	2,428		13,927			—			13,927			25.6	%	11,706		—		11,706			21.8	%		19.0	%	19.0	%
Other Areas	24	4,826		86,007			(73,354)			12,653			23.2	%	18,342		(5,032)		13,310			25.0	%		368.9	%	(4.9)	%
Total Portfolio	69	17,087		$	140,679		$	(86,332)		$	54,347		100.0	%	$	64,836	$	(11,151)	$	53,685		100.0	%		117.0	%	1.2	%

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 NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Six Months Ended June 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		$	16,982		$	(14,236)		$	2,746		3.2	%	$	5,146	$	(835)	$	4,311		5.1	%		230.0	%	(36.3)	%
Boston, MA Area	1	315		(839)			3,459			2,620			3.0	%	2,468		(393)		2,075			2.5	%		(134.0)	%	26.3	%
Dallas / Ft. Worth, TX Area	5	1,247		5,998			1,011			7,009			8.1	%	6,764		(241)		6,523			7.7	%		(11.3)	%	7.5	%
Houston, TX Area	3	692		331			—			331			0.4	%	2,315		—		2,315			2.7	%		(85.7)	%	(85.7)	%
Los Angeles, CA Metro Area	4	1,312		3,722			3,375			7,097			8.2	%	11,277		(961)		10,316			12.2	%		(67.0)	%	(31.2)	%
Miami, FL Metro Area	2	414		5,221			—			5,221			6.0	%	4,162		—		4,162			4.9	%		25.4	%	25.4	%
Minneapolis - St. Paul, MN Area	2	520		(1,235)			—			(1,235)			(1.4)	%	(927)		—		(927)			(1.1)	%		(33.2)	%	(33.2)	%
Nashville, TN Area	1	674		14,450			—			14,450			16.7	%	11,863		—		11,863			14.0	%		21.8	%	21.8	%
New York / New Jersey Metro Area	4	1,159		(822)			882			60			0.1	%	597		540		1,137			1.3	%		(237.7)	%	(94.7)	%
Orlando, FL Area	2	524		2,441			—			2,441			2.8	%	2,846		—		2,846			3.4	%		(14.2)	%	(14.2)	%
Philadelphia, PA Area	1	263		17			849			866			1.0	%	(142)		119		(23)			—	%		112.0	%	3,865.2	%
San Diego, CA Area	2	410		2,868			—			2,868			3.3	%	2,218		—		2,218			2.6	%		29.3	%	29.3	%
San Francisco - Oakland, CA Metro Area	3	793		480			246			726			0.8	%	1,270		(2,046)		(776)			(0.9)	%		(62.2)	%	193.6	%
Tampa, FL Area	2	571		6,425			—			6,425			7.4	%	6,402		—		6,402			7.6	%		0.4	%	0.4	%
Washington D.C. - MD - VA Area	9	2,428		19,767			—			19,767			22.9	%	14,105		—		14,105			16.7	%		40.1	%	40.1	%
Other Areas	24	4,826		95,308			(80,257)			15,051			17.5	%	28,471		(10,389)		18,082			21.3	%		234.8	%	(16.8)	%
Total Portfolio	69	17,087		$	171,114		$	(84,671)		$	86,443		100.0	%	$	98,835	$	(14,206)	$	84,629		100.0	%		73.1	%	2.1	%

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 June 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		$	4,674		$	(672)		$	4,002		4.3	%	$	6,583	$	(1,919)	$	4,664		5.0	%		(29.0)	%	(14.2)	%
Boston, MA Area	1	315		3,703			200			3,903			4.2	%	10,048		(6,118)		3,930			4.2	%		(63.1)	%	(0.7)	%
Dallas / Ft. Worth, TX Area	5	1,247		6,630			—			6,630			7.1	%	5,876		(514)		5,362			5.7	%		12.8	%	23.6	%
Houston, TX Area	3	692		2,016			—			2,016			2.2	%	2,609		—		2,609			2.8	%		(22.7)	%	(22.7)	%
Los Angeles, CA Metro Area	4	1,312		4,527			334			4,861			5.2	%	8,164		(1,146)		7,018			7.5	%		(44.5)	%	(30.7)	%
Miami, FL Metro Area	2	414		2,245			—			2,245			2.4	%	2,466		—		2,466			2.6	%		(9.0)	%	(9.0)	%
Minneapolis - St. Paul, MN Area	2	520		882			—			882			1.0	%	1,041		—		1,041			1.1	%		(15.3)	%	(15.3)	%
Nashville, TN Area	1	674		11,058			—			11,058			11.9	%	9,532		—		9,532			10.1	%		16.0	%	16.0	%
New York / New Jersey Metro Area	4	1,159		3,139			—			3,139			3.4	%	6,439		(2,393)		4,046			4.3	%		(51.3)	%	(22.4)	%
Orlando, FL Area	2	524		1,632			—			1,632			1.8	%	2,303		—		2,303			2.4	%		(29.1)	%	(29.1)	%
Philadelphia, PA Area	1	263		1,395			13			1,408			1.5	%	2,074		(911)		1,163			1.2	%		(32.7)	%	21.1	%
San Diego, CA Area	2	410		2,353			—			2,353			2.5	%	2,147		—		2,147			2.3	%		9.6	%	9.6	%
San Francisco - Oakland, CA Metro Area	3	793		3,055			—			3,055			3.3	%	5,004		(2,337)		2,667			2.8	%		(38.9)	%	14.5	%
Tampa, FL Area	2	571		2,740			—			2,740			3.0	%	2,814		—		2,814			3.0	%		(2.6)	%	(2.6)	%
Washington D.C. - MD - VA Area	9	2,428		18,460			—			18,460			19.9	%	18,106		—		18,106			19.3	%		2.0	%	2.0	%
Other Areas	24	4,826		26,625			(2,261)			24,364			26.3	%	32,271		(8,090)		24,181			25.7	%		(17.5)	%	0.8	%
Total Portfolio	69	17,087		$	95,134		$	(2,386)		$	92,748		100.0	%	$	117,477	$	(23,428)	$	94,049		100.0	%		(19.0)	%	(1.4)	%

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)

				Six Months Ended June 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		$	9,292		$	(1,318)		$	7,974		4.9	%	$	14,217	$	(4,017)	$	10,200		6.0	%		(34.6)	%	(21.8)	%
Boston, MA Area	1	315		4,587			(513)			4,074			2.5	%	11,125		(7,343)		3,782			2.2	%		(58.8)	%	7.7	%
Dallas / Ft. Worth, TX Area	5	1,247		13,498			(323)			13,175			8.0	%	14,552		(969)		13,583			8.0	%		(7.2)	%	(3.0)	%
Houston, TX Area	3	692		3,783			—			3,783			2.3	%	5,389		—		5,389			3.2	%		(29.8)	%	(29.8)	%
Los Angeles, CA Metro Area	4	1,312		11,330			151			11,481			7.0	%	16,100		(1,753)		14,347			8.5	%		(29.6)	%	(20.0)	%
Miami, FL Metro Area	2	414		7,447			—			7,447			4.5	%	7,014		—		7,014			4.2	%		6.2	%	6.2	%
Minneapolis - St. Paul, MN Area	2	520		376			—			376			0.2	%	717		—		717			0.4	%		(47.6)	%	(47.6)	%
Nashville, TN Area	1	674		19,342			—			19,342			11.8	%	17,018		—		17,018			10.1	%		13.7	%	13.7	%
New York / New Jersey Metro Area	4	1,159		4,485			(112)			4,373			2.7	%	8,866		(3,143)		5,723			3.4	%		(49.4)	%	(23.6)	%
Orlando, FL Area	2	524		4,352			—			4,352			2.7	%	4,951		—		4,951			2.9	%		(12.1)	%	(12.1)	%
Philadelphia, PA Area	1	263		1,367			279			1,646			1.0	%	2,175		(757)		1,418			0.8	%		(37.1)	%	16.1	%
San Diego, CA Area	2	410		4,033			—			4,033			2.5	%	3,482		—		3,482			2.1	%		15.8	%	15.8	%
San Francisco - Oakland, CA Metro Area	3	793		6,099			(228)			5,871			3.6	%	9,467		(4,425)		5,042			3.0	%		(35.6)	%	16.4	%
Tampa, FL Area	2	571		8,100			—			8,100			4.9	%	8,314		—		8,314			4.9	%		(2.6)	%	(2.6)	%
Washington D.C. - MD - VA Area	9	2,428		29,087			—			29,087			17.7	%	27,737		—		27,737			16.4	%		4.9	%	4.9	%
Other Areas	24	4,826		46,268			(7,411)			38,857			23.7	%	57,113		(16,968)		40,145			23.9	%		(19.0)	%	(3.2)	%
Total Portfolio	69	17,087		$	173,446		$	(9,475)		$	163,971		100.0	%	$	208,237	$	(39,375)	$	168,862		100.0	%		(16.7)	%	(2.9)	%

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

June 30, 2024

(in thousands, except share price)

(unaudited)

	June 30, 2024
Common stock shares outstanding	46,758
Partnership units outstanding	2,077
Combined common stock shares and partnership units outstanding	48,835
Common stock price	$	0.97
Market capitalization	$	47,370
Series D cumulative preferred stock	$	28,998
Series F cumulative preferred stock	$	27,381
Series G cumulative preferred stock	$	37,582
Series H cumulative preferred stock	$	27,255
Series I cumulative preferred stock	$	27,601
Series J redeemable preferred stock	$	130,160
Series K redeemable preferred stock	$	8,948
Indebtedness	$	2,677,736
Net working capital (see below)	$	(187,379)
Total enterprise value (TEV)	$	2,825,652
Cash and cash equivalents	$	117,928
Restricted cash	$	118,021
Accounts receivable, net	$	61,247
Prepaid expenses	$	14,530
Due from third-party hotel managers, net	$	21,019
Due from affiliates, net	$	976
Total current assets	$	333,721
Accounts payable, net & accrued expenses	$	142,576
Dividends and distributions payable	$	3,766
Total current liabilities	$	146,342
Net working capital	$	187,379

Amounts include assets held for sale and liabilities associated with assets held for sale.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2024
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Estimated	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		2023		2023		June 30, 2024
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	140,679	$	30,435	$	(130,905)	$	44,644	$	84,853
Non-property adjustments	(85,986)		1,970		155,688		(33)		71,639
Interest income	(420)		(410)		(421)		(383)		(1,634)
Interest expense	2,086		4,155		4,231		4,234		14,706
Amortization of loan costs	76		219		222		219		736
Depreciation and amortization	37,139		40,220		46,617		45,905		169,881
Income tax expense (benefit)	29		35		42		89		195
Non-hotel EBITDA ownership expense	1,531		1,688		3,131		2,791		9,141
Hotel EBITDA including amounts attributable to noncontrolling interest	95,134		78,312		78,605		97,466		349,517
Non-comparable adjustments	(2,386)		(7,089)		(14,382)		(19,940)		(43,797)
Comparable hotel EBITDA	$	92,748	$	71,223	$	64,223	$	77,526	$	305,720

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
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	140,818	$	(139)	$	140,679	$	(5)	$	(89,863)	$	50,811
Non-property adjustments	(85,986)		—		(85,986)		—		85,986		—
Interest income	(384)		(36)		(420)		—		420		—
Interest expense	2,086		—		2,086		—		74,936		77,022
Amortization of loan cost	76		—		76		—		3,262		3,338
Depreciation and amortization	32,770		4,369		37,139		—		48		37,187
Income tax expense (benefit)	29		—		29		—		3,426		3,455
Non-hotel EBITDA ownership expense	1,400		131		1,531		—		(1,531)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	90,809		4,325		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	$	90,809	$	4,325	$	95,134	$	(5)	$	77,061	$	172,190
Non-comparable adjustments	(2,386)		—		(2,386)
Comparable hotel EBITDA	$	88,423	$	4,325	$	92,748

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas, La Concha Key West, Marriott Sugar Land

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	(7,089)
Comparable hotel EBITDA	$	71,223

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	(14,382)
Comparable hotel EBITDA	$	64,223

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 Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	44,644	$	5,130	$	(114,225)	$	(64,451)
Non-property adjustments	(33)		(6,389)		6,422		—
Interest income	(383)		—		383		—
Interest expense	4,234		—		91,897		96,131
Amortization of loan cost	219		—		3,030		3,249
Depreciation and amortization	45,905		—		49		45,954
Income tax expense (benefit)	89		—		38		127
Non-hotel EBITDA ownership expense	2,791		3		(2,794)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	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	$	97,466	$	(1,256)	$	(14,845)	$	81,365
Non-comparable adjustments	(19,940)
Comparable hotel EBITDA	$	77,526

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 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)	$	61,654	$	3,182	$	64,836	$	(46)	$	(89,745)	$	(24,955)
Non-property adjustments	(9)		—		(9)		—		9		—
Interest income	(222)		(26)		(248)		—		248		—
Interest expense	5,137		—		5,137		—		80,839		85,976
Amortization of loan cost	262		—		262		—		3,352		3,614
Depreciation and amortization	44,058		3,007		47,065		41		48		47,154
Income tax expense (benefit)	66		—		66		—		1,996		2,062
Non-hotel EBITDA ownership expense	356		12		368		6		(374)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	111,302		6,175		117,477		1		(3,627)		113,851
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		181		181
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		157		157
Hotel EBITDA attributable to the Company and OP unitholders	$	111,302	$	6,175	$	117,477	$	1	$	(3,289)	$	114,189
Non-comparable adjustments	(23,428)		—		(23,428)
Comparable hotel EBITDA	$	87,874	$	6,175	$	94,049

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas, La Concha Key West, Marriott Sugar Land

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 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)	$	169,786	$	1,328	$	171,114	$	(6)	$	(47,892)	$	123,216
Non-property adjustments	(84,016)		—		(84,016)		—		84,016		—
Interest income	(763)		(67)		(830)		—		830		—
Interest expense	6,241		—		6,241		—		154,632		160,873
Amortization of loan cost	295		—		295		—		5,251		5,546
Depreciation and amortization	68,616		8,743		77,359		—		372		77,731
Income tax expense (benefit)	64		—		64		—		3,694		3,758
Non-hotel EBITDA ownership expense	2,842		377		3,219		—		(3,219)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	163,065		10,381		173,446		(6)		197,684		371,124
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		695		695
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		49		49
Hotel EBITDA attributable to the Company and OP unitholders	$	163,065	$	10,381	$	173,446	$	(6)	$	198,428	$	371,868
Non-comparable adjustments	(9,475)		—		(9,475)
Comparable hotel EBITDA	$	153,590	$	10,381	$	163,971

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas, La Concha Key West, Marriott Sugar Land

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 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)	$	89,661	$	9,174	$	98,835	$	—	$	(185,312)	$	(86,477)
Non-property adjustments	(17)		—		(17)		—		17		—
Interest income	(322)		(26)		(348)		—		348		—
Interest expense	10,717		—		10,717		—		154,003		164,720
Amortization of loan cost	544		—		544		—		5,841		6,385
Depreciation and amortization	88,890		5,859		94,749		164		96		95,009
Income tax expense (benefit)	88		—		88		—		2,195		2,283
Non-hotel EBITDA ownership expense	3,518		151		3,669		15		(3,684)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	193,079		15,158		208,237		179		(26,496)		181,920
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		577		577
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		88		88
Hotel EBITDA attributable to the Company and OP unitholders	$	193,079	$	15,158	$	208,237	$	179	$	(25,831)	$	182,585
Non-comparable adjustments	(39,375)		—		(39,375)
Comparable hotel EBITDA	$	153,704	$	15,158	$	168,862

NOTES:

(2) Excluded hotels under renovation:

Embassy Suites Dallas, La Concha Key West, Marriott Sugar Land

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
	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)	$	15,788	$	2,220	$	3,600	$	229	$	2,291	$	1,100	$	53	$	8,640	$	1,000
Non-property adjustments	(14,362)		677		7		—		26		—		—		—		7
Interest income	(43)		(65)		—		—		(12)		(14)		—		(28)		—
Interest expense	776		226		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,422		764		2,918		1,715		2,022		1,111		767		2,397		2,027
Income tax expense (benefit)	—		—		—		—		—		—		—		23		—
Non-hotel EBITDA ownership expense	93		(119)		105		72		200		48		62		26		105
Hotel EBITDA including amounts attributable to noncontrolling interest	4,674		3,703		6,630		2,016		4,527		2,245		882		11,058		3,139
Non-comparable adjustments	(672)		200		—		—		334		—		—		—		—
Comparable hotel EBITDA	$	4,002	$	3,903	$	6,630	$	2,016	$	4,861	$	2,245	$	882	$	11,058	$	3,139
	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)	$	689	$	996	$	1,767	$	469	$	1,903	$	13,927	$	86,007	$	140,679
Non-property adjustments	—		6		—		38		—		—		(72,385)		(85,986)
Interest income	(28)		—		(22)		(18)		—		(160)		(30)		(420)
Interest expense	—		—		—		211		—		—		873		2,086
Amortization of loan costs	—		—		—		39		—		—		37		76
Depreciation and amortization	967		382		593		2,290		815		4,624		11,325		37,139
Income tax expense (benefit)	—		—		—		—		—		—		6		29
Non-hotel EBITDA ownership expense	4		11		15		26		22		69		792		1,531
Hotel EBITDA including amounts attributable to noncontrolling interest	1,632		1,395		2,353		3,055		2,740		18,460		26,625		95,134
Non-comparable adjustments	—		13		—		—		—		—		(2,261)		(2,386)
Comparable hotel EBITDA	$	1,632	$	1,408	$	2,353	$	3,055	$	2,740	$	18,460	$	24,364	$	92,748

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, 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)	$	2,264	$	5,668	$	2,018	$	1,332	$	5,973	$	1,082	$	192	$	7,002	$	2,367
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(36)		(44)		(4)		—		(26)		(6)		—		—		(10)
Interest expense	805		2,181		—		—		—		—		—		—		—
Amortization of loan costs	6		139		—		—		—		—		—		—		—
Depreciation and amortization	3,620		2,031		3,861		1,271		2,556		1,388		768		2,506		3,955
Income tax expense (benefit)	—		—		—		—		—		—		—		27		—
Non-hotel EBITDA ownership expense	(76)		73		1		6		(339)		2		81		(3)		127
Hotel EBITDA including amounts attributable to noncontrolling interest	6,583		10,048		5,876		2,609		8,164		2,466		1,041		9,532		6,439
Non-comparable adjustments	(1,919)		(6,118)		(514)		—		(1,146)		—		—		—		(2,393)
Comparable hotel EBITDA	$	4,664	$	3,930	$	5,362	$	2,609	$	7,018	$	2,466	$	1,041	$	9,532	$	4,046
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,314	$	1,119	$	1,539	$	1,044	$	1,874	$	11,706	$	18,342	$	64,836
Non-property adjustments	—		—		—		—		—		23		(32)		(9)
Interest income	(17)		(6)		(13)		(13)		—		(43)		(30)		(248)
Interest expense	—		—		—		219		—		697		1,235		5,137
Amortization of loan costs	—		—		—		38		—		46		33		262
Depreciation and amortization	1,073		899		592		3,364		932		5,665		12,584		47,065
Income tax expense (benefit)	—		—		—		—		—		—		39		66
Non-hotel EBITDA ownership expense	(67)		62		29		352		8		12		100		368
Hotel EBITDA including amounts attributable to noncontrolling interest	2,303		2,074		2,147		5,004		2,814		18,106		32,271		117,477
Non-comparable adjustments	—		(911)		—		(2,337)		—		—		(8,090)		(23,428)
Comparable hotel EBITDA	$	2,303	$	1,163	$	2,147	$	2,667	$	2,814	$	18,106	$	24,181	$	94,049

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)

	Six Months Ended June 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)	$	16,982	$	(839)	$	5,998	$	331	$	3,722	$	5,221	$	(1,235)	$	14,450	$	(822)
Non-property adjustments	(14,362)		677		1,090		—		3,001		—		—		—		733
Interest income	(81)		(123)		(4)		—		(41)		(26)		—		(54)		(4)
Interest expense	1,552		2,518		—		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	5,057		2,297		6,189		3,280		4,318		2,192		1,527		4,863		4,268
Income tax expense (benefit)	—		—		—		—		—		—		—		49		—
Non-hotel EBITDA ownership expense	144		(87)		225		172		330		60		84		34		310
Hotel EBITDA including amounts attributable to noncontrolling interest	9,292		4,587		13,498		3,783		11,330		7,447		376		19,342		4,485
Non-comparable adjustments	(1,318)		(513)		(323)		—		151		—		—		—		(112)
Comparable hotel EBITDA	$	7,974	$	4,074	$	13,175	$	3,783	$	11,481	$	7,447	$	376	$	19,342	$	4,373
	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)	$	2,441	$	17	$	2,868	$	480	$	6,425	$	19,767	$	95,308	$	171,114
Non-property adjustments	—		425		—		228		—		—		(75,808)		(84,016)
Interest income	(52)		(4)		(41)		(35)		—		(297)		(68)		(830)
Interest expense	—		—		—		424		—		—		1,747		6,241
Amortization of loan costs	—		—		—		79		—		—		72		295
Depreciation and amortization	1,937		913		1,180		4,825		1,669		9,387		23,457		77,359
Income tax expense (benefit)	—		—		—		—		—		—		15		64
Non-hotel EBITDA ownership expense	26		16		26		98		6		230		1,545		3,219
Hotel EBITDA including amounts attributable to noncontrolling interest	4,352		1,367		4,033		6,099		8,100		29,087		46,268		173,446
Non-comparable adjustments	—		279		—		(228)		—		—		(7,411)		(9,475)
Comparable hotel EBITDA	$	4,352	$	1,646	$	4,033	$	5,871	$	8,100	$	29,087	$	38,857	$	163,971

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)

	Six Months Ended June 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)	$	5,146	$	2,468	$	6,764	$	2,315	$	11,277	$	4,162	$	(927)	$	11,863	$	597
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(39)		(44)		(7)		—		(41)		(8)		—		—		(16)
Interest expense	1,589		4,256		—		—		—		—		—		—		—
Amortization of loan costs	11		276		—		—		—		—		—		—		—
Depreciation and amortization	7,223		4,077		7,708		2,505		5,142		2,830		1,545		5,037		7,989
Income tax expense (benefit)	—		—		—		—		—		—		—		48		—
Non-hotel EBITDA ownership expense	287		92		87		569		(278)		30		99		70		296
Hotel EBITDA including amounts attributable to noncontrolling interest	14,217		11,125		14,552		5,389		16,100		7,014		717		17,018		8,866
Non-comparable adjustments	(4,017)		(7,343)		(969)		—		(1,753)		—		—		—		(3,143)
Comparable hotel EBITDA	$	10,200	$	3,782	$	13,583	$	5,389	$	14,347	$	7,014	$	717	$	17,018	$	5,723
	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)	$	2,846	$	(142)	$	2,218	$	1,270	$	6,402	$	14,105	$	28,471	$	98,835
Non-property adjustments	—		—		—		—		—		23		(40)		(17)
Interest income	(33)		(9)		(20)		(28)		—		(57)		(46)		(348)
Interest expense	—		—		—		436		—		1,943		2,493		10,717
Amortization of loan costs	—		—		—		77		—		114		66		544
Depreciation and amortization	2,195		1,863		1,185		6,809		1,870		11,478		25,293		94,749
Income tax expense (benefit)	—		—		—		—		—		—		40		88
Non-hotel EBITDA ownership expense	(57)		463		99		903		42		131		836		3,669
Hotel EBITDA including amounts attributable to noncontrolling interest	4,951		2,175		3,482		9,467		8,314		27,737		57,113		208,237
Non-comparable adjustments	—		(757)		—		(4,425)		—		—		(16,968)		(39,375)
Comparable hotel EBITDA	$	4,951	$	1,418	$	3,482	$	5,042	$	8,314	$	27,737	$	40,145	$	168,862

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 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)	$	13,394	$	91,578	$	5,809	$	49,425	$	24,268	$	5,912	$	9,122	$	9,416	$	25,756	$	4,154	$	(110)
Non-property adjustments	(3,869)		(70,923)		(45)		—		—		—		(6,953)		(9,598)		(460)		—		—
Interest income	(50)		—		—		(445)		(204)		(206)		(95)		—		(93)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	10,190		5,206		11,626		46,419		19,419		18,837		3,773		850		9,815		5,240		332
Income tax expense (benefit)	—		—		4		—		—		—		—		—		99		—		—
Non-hotel EBITDA ownership expense	468		658		430		1,937		1,270		1,829		257		98		480		158		29
Hotel EBITDA including amounts attributable to noncontrolling interest	20,133		26,519		17,824		97,336		44,753		26,372		6,104		766		35,597		9,552		251
Non-comparable adjustments	(36)		(6,344)		189		—		—		109		(364)		(766)		—		—		—
Comparable hotel EBITDA	$	20,097	$	20,175	$	18,013	$	97,336	$	44,753	$	26,481	$	5,740	$	—	$	35,597	$	9,552	$	251
	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		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels		Morgan Stanley Ann Arbor - 1 hotel
Net income (loss)	$	(854)	$	(1,560)	$	10,224	$	(1,303)	$	(9,306)	$	2,010	$	(157,666)	$	(2,322)	$	(2,786)	$	5,243	$	99
Non-property adjustments	—		677		—		—		—		(1,579)		160,062		6,127		3,101		(4,764)		(137)
Interest income	—		—		(355)		—		—		—		(27)		(108)		(51)		—		—
Interest expense	1,195		7,152		—		862		3,502		—		—		—		—		—		—
Amortization of loan costs	12		426		—		157		141		—		—		—		—		—		—
Depreciation and amortization	1,302		3,070		5,588		2,322		4,574		319		5,430		4,543		3,967		1,063		—
Income tax expense (benefit)	—		—		—		—		—		31		—		—		—		—		—
Non-hotel EBITDA ownership expense	26		115		52		73		240		29		211		221		338		58		5
Hotel EBITDA including amounts attributable to noncontrolling interest	1,681		9,880		15,509		2,111		(849)		810		8,010		8,461		4,569		1,600		(33)
Non-comparable adjustments	—		(9,880)		—		—		—		(810)		(8,010)		(8,461)		(4,569)		(1,600)		33
Comparable hotel EBITDA	$	1,681	$	—	$	15,509	$	2,111	$	(849)	$	—	$	—	$	—	$	—	$	—	$	—
	GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(214)	$	477	$	(77)	$	4,164	$	84,853
Non-property adjustments	—		—		—		—		71,639
Interest income	—		—		—		—		(1,634)
Interest expense	—		—		—		1,995		14,706
Amortization of loan costs	—		—		—		—		736
Depreciation and amortization	481		169		2,353		2,993		169,881
Income tax expense (benefit)	—		61		—		—		195
Non-hotel EBITDA ownership expense	11		1		26		121		9,141
Hotel EBITDA including amounts attributable to noncontrolling interest	278		708		2,302		9,273		349,517
Non-comparable adjustments	(278)		(708)		(2,302)		—		(43,797)
Comparable hotel EBITDA	$	—	$	—	$	—	$	9,273	$	305,720

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)		—		—		—
Comparable hotel EBITDA	$	5,939	$	5,418	$	6,812	$	29,412	$	12,672	$	6,849	$	1,739	$	—	$	11,058	$	3,415	$	147
	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		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels		Morgan Stanley Ann Arbor - 1 hotel
Net income (loss)	$	(144)	$	(985)	$	4,196	$	(142)	$	(2,276)	$	1,617	$	—	$	(204)	$	(41)	$	4,732	$	22
Non-property adjustments	—		677		—		—		—		(1,579)		—		196		41		(4,764)		(36)
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)		(14)
Non-comparable adjustments	—		200		—		—		—		(110)		—		1		—		31		14
Comparable hotel EBITDA	$	456	$	—	$	5,332	$	664	$	(29)	$	—	$	—	$	—	$	—	$	—	$	—
	GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	—	$	—	$	74	$	1,611	$	140,679
Non-property adjustments	—		—		—		—		(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	—		—		1,238		2,864		95,134
Non-comparable adjustments	—		—		(1,238)		—		(2,386)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,864	$	92,748

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)		—		—		—
Comparable hotel EBITDA	$	6,009	$	4,191	$	2,401	$	21,314	$	12,445	$	7,250	$	1,839	$	—	$	8,284	$	1,299	$	72
	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		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels		Morgan Stanley Ann Arbor - 1 hotel
Net income (loss)	$	(181)	$	(2,474)	$	2,282	$	(711)	$	(1,851)	$	38	$	35	$	(4,209)	$	(3,396)	$	(4)	$	24
Non-property adjustments	—		—		—		—		—		—		(34)		5,931		3,060		—		(34)
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		(10)
Non-comparable adjustments	—		(713)		—		—		—		(131)		(1)		(2,671)		(511)		(57)		10
Comparable hotel EBITDA	$	417	$	—	$	3,514	$	127	$	210	$	—	$	—	$	—	$	—	$	—	$	—
	GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	—	$	—	$	(154)	$	582	$	30,435
Non-property adjustments	—		—		—		—		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	—		—		826		1,851		78,312
Non-comparable adjustments	—		—		(826)		—		(7,089)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,851	$	71,223

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)		—		—		—
Comparable hotel EBITDA	$	4,038	$	3,812	$	1,724	$	22,354	$	9,433	$	5,451	$	1,188	$	—	$	7,606	$	2,414	$	164
	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		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels		Morgan Stanley Ann Arbor - 1 hotel
Net income (loss)	$	(171)	$	(263)	$	2,166	$	(933)	$	(2,516)	$	92	$	(159,051)	$	1,256	$	(141)	$	180	$	22
Non-property adjustments	—		—		—		—		—		—		160,096		—		—		—		(34)
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		5
Hotel EBITDA including amounts attributable to noncontrolling interest	491		3,502		3,597		21		(299)		192		3,259		3,268		1,648		637		(7)
Non-comparable adjustments	—		(3,502)		—		—		—		(192)		(3,259)		(3,268)		(1,648)		(637)		7
Comparable hotel EBITDA	$	491	$	—	$	3,597	$	21	$	(299)	$	—	$	—	$	—	$	—	$	—	$	—
	GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(140)	$	176	$	3	$	920	$	(130,905)
Non-property adjustments	—		—		—		—		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	6		2		1		54		3,131
Hotel EBITDA including amounts attributable to noncontrolling interest	65		272		238		2,229		78,605
Non-comparable adjustments	(65)		(272)		(238)		—		(14,382)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,229	$	64,223

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
	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)	$	1,665	$	6,775	$	4,112	$	11,860	$	5,036	$	1,707	$	150	$	172	$	6,251	$	1,054	$	(226)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(10)		—		—		(97)		(46)		(58)		(21)		—		(14)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,747		1,364		2,911		11,893		4,669		4,334		1,043		237		2,432		1,314		84
Income tax expense (benefit)	—		—		—		—		—		—		—		—		26		—		—
Non-hotel EBITDA ownership expense	81		139		(136)		600		544		1,004		47		14		(46)		56		10
Hotel EBITDA including amounts attributable to noncontrolling interest	4,483		8,278		6,887		24,256		10,203		6,987		1,219		423		8,649		2,424		(132)
Non-comparable adjustments	(372)		(1,524)		189		—		—		(56)		(245)		(423)		—		—		—
Comparable hotel EBITDA	$	4,111	$	6,754	$	7,076	$	24,256	$	10,203	$	6,931	$	974	$	—	$	8,649	$	2,424	$	(132)
	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		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels		Morgan Stanley Ann Arbor - 1 hotel
Net income (loss)	$	(358)	$	2,162	$	1,580	$	483	$	(2,663)	$	263	$	1,350	$	835	$	792	$	335	$	31
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		(33)
Interest income	—		—		(63)		—		—		—		(16)		(40)		(18)		—		—
Interest expense	315		2,321		—		220		875		—		—		—		—		—		—
Amortization of loan costs	6		140		—		39		34		—		—		—		—		—		—
Depreciation and amortization	352		1,177		1,545		532		968		91		3,286		1,700		1,504		586		—
Income tax expense (benefit)	—		—		—		—		—		25		—		—		—		—		—
Non-hotel EBITDA ownership expense	2		65		4		25		55		(2)		130		28		132		16		—
Hotel EBITDA including amounts attributable to noncontrolling interest	317		5,865		3,066		1,299		(731)		377		4,750		2,523		2,410		937		(2)
Non-comparable adjustments	—		(5,865)		—		—		—		(377)		(4,750)		(2,523)		(2,410)		(937)		2
Comparable hotel EBITDA	$	317	$	—	$	3,066	$	1,299	$	(731)	$	—	$	—	$	—	$	—	$	—	$	—
	GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(74)	$	301	$	—	$	1,051	$	44,644
Non-property adjustments	—		—		—		—		(33)
Interest income	—		—		—		—		(383)
Interest expense	—		—		—		503		4,234
Amortization of loan costs	—		—		—		—		219
Depreciation and amortization	282		98		—		756		45,905
Income tax expense (benefit)	—		38		—		—		89
Non-hotel EBITDA ownership expense	5		(1)		—		19		2,791
Hotel EBITDA including amounts attributable to noncontrolling interest	213		436		—		2,329		97,466
Non-comparable adjustments	(213)		(436)		—		—		(19,940)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,329	$	77,526

NOTES:

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