Ashford Trust Reports Second Quarter 2017 Results
Comparable RevPAR for all Hotels Not Under Renovation Increased 1.4%
Completed Refinancing of Renaissance Nashville and Westin Princeton Mortgage Loan
Announced Redevelopment and Acquisition of Meeting Space at Renaissance Nashville
Completed the Transfer of Management of the Marriott DFW to Remington
Sold Crowne Plaza Ravinia
DALLAS, Aug. 3, 2017 /PRNewswire/ -- 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, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of June 30, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2017, with the second quarter ended June 30, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Opportunistic focus on upper-upscale, full-service hotels
- Targets moderate debt levels of approximately 55 - 60% net debt/gross assets
- Highly-aligned management team and advisory structure
- One of the highest long-term total shareholder returns in the industry
- Attractive dividend yield of approximately 7.7%
- Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:
- working capital needs at property and corporate levels
- hedging against a downturn in the economy or hotel fundamentals
- being prepared to pursue accretive investments or stock buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $0.8 million or $0.01 per diluted share for the quarter
- Comparable RevPAR for all hotels increased 0.5% to $134.11 during the quarter
- Comparable RevPAR for all hotels not under renovation increased 1.4% to $134.59 during the quarter
- Comparable Hotel EBITDA Margin for all hotels not under renovation increased 11 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under renovation was 52% for the quarter
- Adjusted EBITDA was $125.5 million for the quarter
- Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter
- The Company's common stock is currently trading at an approximate 7.7% dividend yield
- During the quarter, the Company announced that it had refinanced a mortgage loan on the Renaissance Nashville and Westin Princeton with an existing outstanding balance totaling approximately $104 million with a new loan totaling up to $181 million
- During the quarter, the Company announced the details of the redevelopment and acquisition of the meeting space at the Renaissance Nashville hotel. In connection with the redevelopment of the Nashville Convention Center, the Company entered into an agreement with the developers to acquire a permanent fee interest in the reconfigured facility which will contain all spaces currently used by the hotel as well as some additional meeting space
- During the quarter, the Company announced that it had refinanced a mortgage loan on the Hotel Indigo Atlanta with an existing outstanding balance totaling approximately $15.6 million with a new loan totaling $16.1 million
- During the quarter, the Company completed the conversion of the Marriott DFW Airport in Irving, Texas from brand-managed to franchised, with Remington Lodging taking over property management
- During the quarter, the Company announced the sale of the 495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 million ($179,000 per key)
- Capex invested during the quarter was $53.3 million
TRANSACTION HIGHLIGHTS
On May 10, 2017, the Company announced details for the redevelopment and acquisition of the meeting space at its Renaissance Nashville hotel. In connection with the redevelopment of the Nashville Convention Center ("NCC"), the Company entered into an agreement with the developers to acquire a permanent fee interest in the reconfigured facility which will contain all spaces currently used by the hotel in the existing NCC under the current 99-year lease as well as the additional meeting space that is under the current 30-year lease. The hotel currently has approximately 13,000 square feet of meeting space that is owned fee simple and approximately 48,000 square feet of meeting space that is subject to ground leases. This redevelopment will eventually bring the total meeting space available in the hotel to approximately 75,000 square feet, all of which will be owned fee simple by the Company. The Company plans to spend approximately $20 million to renovate the new meeting space.
During the quarter, the Company completed the conversion of the Marriott DFW Airport in Irving, Texas from brand-managed to franchised, with Remington Lodging taking over property management. Remington will operate the property under a new long-term management agreement with a total term of 35 years including extension options. The hotel will continue to operate as a Marriott pursuant to a long-term franchise agreement with Marriott International Inc. In connection with the transfer, Remington will also take over operations of a laundry facility which services several area hotels.
On June 29, 2017, the Company announced the sale of the 495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 million ($179,000 per key). The sales price represents a trailing 12-month cap rate of 5.6% on net operating income and a trailing 15.3x EBITDA multiple.
CAPITAL STRUCTURE
At June 30, 2017, the Company had total assets of $4.8 billion. As of June 30, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.7%.
On May 10, 2017, the Company announced that it had refinanced a mortgage loan, secured by the Westin Princeton and Renaissance Nashville hotels, with an existing outstanding balance totaling approximately $104 million. The new loan totals $181 million consisting of an initial advance of $165 million with future advances totaling up to $16 million as reimbursement for capital expenditures. The loan has a five-year term and provides for a floating interest rate of LIBOR + 3.00%. The loan is interest only until July 2020 with $750,000 quarterly amortization thereafter. After closing costs, reserves, and the full funding of the loan, the Company expects to realize excess proceeds of approximately $70 million from the refinancing.
On May 24, 2017, the Company announced that it had refinanced a mortgage loan, secured by the Hotel Indigo Atlanta Midtown, with an existing outstanding balance totaling approximately $15.6 million. The new loan totals $16.1 million with a three-year term and two, one-year extension options subject to the satisfaction of certain conditions. The loan, which is interest only for the first two years with a 30-year amortization schedule based on a 6% interest rate starting in the third year, provides for an interest rate of LIBOR + 2.90%. The next hard maturity for the Company is in January 2018.
PORTFOLIO REVPAR
As of June 30, 2017, the portfolio consisted of 120 properties. During the second quarter of 2017, 107 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 120 hotels) and comparable not under renovation basis (107 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
- Comparable RevPAR increased 0.5% to $134.11 for all hotels on a 1.2% increase in ADR and a 0.7% decrease in occupancy
- Comparable RevPAR increased 1.4% to $134.59 for hotels not under renovation on a 1.5% increase in ADR and a 0.1% decrease in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 120 hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On June 14, 2017, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the second quarter ending June 30, 2017, payable on July 17, 2017, to shareholders of record as of June 30, 2017.
"We continue to see the operational and value-added benefits from our high quality, diverse portfolio," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "During the quarter, we were able to finalize value-enhancing transactions at two of our larger assets, with the meeting space redevelopment and acquisition at the Renaissance Nashville as well as the franchise conversion and installation of Remington as manager at the DFW Marriott, both of which we believe should drive significant additional value in those assets. Additionally, completing the two financings this quarter better positions our balance sheet and we have no additional maturities in 2017. Looking ahead, we remain committed to maximizing value for our shareholders as we focus on generating superior operating performance and executing on our corporate strategy."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 4, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2496. A replay of the conference call will be available through Friday, August 11, 2017, by dialing (719) 457-0820 and entering the confirmation number, 9274617.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2017 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, August 4, 2017, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. None of FFO, AFFO, EBITDA, or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; 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. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except share amounts) |
|||||||
(unaudited) |
|||||||
June 30, 2017 |
December 31, |
||||||
ASSETS |
|||||||
Investments in hotel properties, net |
$ |
4,069,152 |
$ |
4,160,563 |
|||
Cash and cash equivalents |
404,435 |
347,091 |
|||||
Restricted cash |
150,502 |
144,014 |
|||||
Marketable securities |
19,270 |
53,185 |
|||||
Accounts receivable, net of allowance of $740 and $690, respectively |
56,755 |
44,629 |
|||||
Inventories |
4,413 |
4,530 |
|||||
Investment in securities investment fund |
— |
50,890 |
|||||
Investment in Ashford Inc. |
3,150 |
5,873 |
|||||
Investment in OpenKey |
2,436 |
2,016 |
|||||
Deferred costs, net |
2,913 |
2,846 |
|||||
Prepaid expenses |
24,131 |
17,578 |
|||||
Derivative assets |
1,607 |
3,614 |
|||||
Other assets |
12,769 |
11,718 |
|||||
Intangible asset, net |
10,002 |
10,061 |
|||||
Due from Ashford Prime OP, net |
1 |
— |
|||||
Due from third-party hotel managers |
19,279 |
13,348 |
|||||
Assets held for sale |
— |
19,588 |
|||||
Total assets |
$ |
4,780,815 |
$ |
4,891,544 |
|||
LIABILITIES AND EQUITY |
|||||||
Liabilities: |
|||||||
Indebtedness, net |
$ |
3,698,433 |
$ |
3,723,559 |
|||
Accounts payable and accrued expenses |
147,025 |
126,986 |
|||||
Dividends and distributions payable |
26,185 |
24,765 |
|||||
Unfavorable management contract liabilities |
690 |
1,380 |
|||||
Due to Ashford Inc., net |
13,593 |
15,716 |
|||||
Due to Ashford Prime OP, net |
— |
488 |
|||||
Due to related party, net |
1,927 |
1,001 |
|||||
Due to third-party hotel managers |
2,366 |
2,714 |
|||||
Intangible liabilities, net |
16,017 |
16,195 |
|||||
Derivative liabilities, net |
59 |
— |
|||||
Other liabilities |
18,468 |
16,548 |
|||||
Liabilities associated with assets held for sale |
— |
37,047 |
|||||
Total liabilities |
3,924,763 |
3,966,399 |
|||||
Redeemable noncontrolling interests in operating partnership |
107,722 |
132,768 |
|||||
Equity: |
|||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized - |
|||||||
Series A Cumulative Preferred Stock 1,657,206 shares issued and outstanding at June 30, 2017 and December 31, 2016 |
17 |
17 |
|||||
Series D Cumulative Preferred Stock 9,468,706 shares issued and outstanding at June 30, 2017 and December 31, 2016 |
95 |
95 |
|||||
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2017 and December 31, 2016 |
48 |
48 |
|||||
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2017 and December 31, 2016 |
62 |
62 |
|||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,430,297 and 96,376,827 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
974 |
964 |
|||||
Additional paid-in capital |
1,765,660 |
1,764,450 |
|||||
Accumulated deficit |
(1,019,264) |
(974,015) |
|||||
Total shareholders' equity of the Company |
747,592 |
791,621 |
|||||
Noncontrolling interests in consolidated entities |
738 |
756 |
|||||
Total equity |
748,330 |
792,377 |
|||||
Total liabilities and equity |
$ |
4,780,815 |
$ |
4,891,544 |
|||
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, |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
REVENUE |
|||||||||||||||
Rooms |
$ |
311,205 |
$ |
325,906 |
$ |
587,910 |
$ |
616,521 |
|||||||
Food and beverage |
63,842 |
69,206 |
126,692 |
132,261 |
|||||||||||
Other |
14,948 |
15,115 |
28,714 |
28,824 |
|||||||||||
Total hotel revenue |
389,995 |
410,227 |
743,316 |
777,606 |
|||||||||||
Other |
675 |
443 |
1,063 |
836 |
|||||||||||
Total revenue |
390,670 |
410,670 |
744,379 |
778,442 |
|||||||||||
EXPENSES |
|||||||||||||||
Hotel operating expenses |
|||||||||||||||
Rooms |
65,034 |
67,193 |
124,907 |
130,295 |
|||||||||||
Food and beverage |
42,276 |
45,419 |
84,446 |
88,520 |
|||||||||||
Other expenses |
113,824 |
119,612 |
225,557 |
232,749 |
|||||||||||
Management fees |
14,247 |
14,880 |
27,073 |
28,575 |
|||||||||||
Total hotel operating expenses |
235,381 |
247,104 |
461,983 |
480,139 |
|||||||||||
Property taxes, insurance and other |
18,766 |
19,293 |
37,099 |
37,905 |
|||||||||||
Depreciation and amortization |
60,547 |
60,079 |
125,245 |
122,241 |
|||||||||||
Impairment charges |
— |
(116) |
— |
(227) |
|||||||||||
Transaction costs |
8 |
(18) |
11 |
77 |
|||||||||||
Advisory services fee: |
|||||||||||||||
Base advisory fee |
8,639 |
8,726 |
17,355 |
17,266 |
|||||||||||
Reimbursable expenses |
2,637 |
1,602 |
4,159 |
3,065 |
|||||||||||
Non-cash stock/unit-based compensation |
2,953 |
1,748 |
3,356 |
2,648 |
|||||||||||
Corporate general and administrative: |
|||||||||||||||
Non-cash stock/unit-based compensation |
565 |
537 |
565 |
537 |
|||||||||||
Other general and administrative |
2,689 |
2,248 |
7,859 |
3,921 |
|||||||||||
Total operating expenses |
332,185 |
341,203 |
657,632 |
667,572 |
|||||||||||
OPERATING INCOME (LOSS) |
58,485 |
69,467 |
86,747 |
110,870 |
|||||||||||
Equity in earnings (loss) of unconsolidated entities |
(2,138) |
(287) |
(2,901) |
(3,872) |
|||||||||||
Interest income |
546 |
74 |
754 |
137 |
|||||||||||
Gain (loss) on sale of hotel properties |
14,092 |
23,094 |
14,009 |
22,980 |
|||||||||||
Other income (expense), net |
(146) |
(3,085) |
(3,266) |
(3,337) |
|||||||||||
Interest expense, net of premium amortization |
(51,931) |
(50,289) |
(101,890) |
(100,054) |
|||||||||||
Amortization of loan costs |
(3,025) |
(6,173) |
(8,371) |
(12,351) |
|||||||||||
Write-off of premiums, loan costs and exit fees |
(1,575) |
(3,941) |
(1,629) |
(3,941) |
|||||||||||
Unrealized gain (loss) on marketable securities |
(531) |
— |
(3,877) |
— |
|||||||||||
Unrealized gain (loss) on derivatives |
(1,743) |
6,878 |
(325) |
13,796 |
|||||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
12,034 |
35,738 |
(20,749) |
24,228 |
|||||||||||
Income tax benefit (expense) |
(1,606) |
(603) |
(760) |
(1,232) |
|||||||||||
NET INCOME (LOSS) |
10,428 |
35,135 |
(21,509) |
22,996 |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(13) |
(6) |
18 |
32 |
|||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
(231) |
(4,376) |
6,262 |
(2,264) |
|||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
10,184 |
30,753 |
(15,229) |
20,764 |
|||||||||||
Preferred dividends |
(10,956) |
(8,491) |
(21,912) |
(16,981) |
|||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(772) |
$ |
22,262 |
$ |
(37,141) |
$ |
3,783 |
|||||||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED |
|||||||||||||||
Basic: |
|||||||||||||||
Net income (loss) attributable to common stockholders |
$ |
(0.01) |
$ |
0.23 |
$ |
(0.40) |
$ |
0.04 |
|||||||
Weighted average common shares outstanding – basic |
95,320 |
94,474 |
95,086 |
94,309 |
|||||||||||
Diluted: |
|||||||||||||||
Net income (loss) attributable to common stockholders |
$ |
(0.01) |
$ |
0.23 |
$ |
(0.40) |
$ |
0.04 |
|||||||
Weighted average common shares outstanding – diluted |
95,320 |
94,474 |
95,086 |
94,309 |
|||||||||||
Dividends declared per common share: |
$ |
0.12 |
$ |
0.12 |
$ |
0.24 |
$ |
0.24 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA |
|||||||||||||||
(in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
June 30, |
June 30, |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Net income (loss) |
$ |
10,428 |
$ |
35,135 |
$ |
(21,509) |
$ |
22,996 |
|||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(13) |
(6) |
18 |
32 |
|||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
(231) |
(4,376) |
6,262 |
(2,264) |
|||||||||||
Net income (loss) attributable to the Company |
10,184 |
30,753 |
(15,229) |
20,764 |
|||||||||||
Interest income |
(546) |
(74) |
(754) |
(137) |
|||||||||||
Interest expense and amortization of premiums and loan costs, net |
54,928 |
56,434 |
110,204 |
112,347 |
|||||||||||
Depreciation and amortization |
60,487 |
60,018 |
125,122 |
122,119 |
|||||||||||
Income tax expense (benefit) |
1,604 |
603 |
756 |
1,232 |
|||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
231 |
4,376 |
(6,262) |
2,264 |
|||||||||||
Equity in (earnings) loss of unconsolidated entities |
2,138 |
355 |
2,953 |
874 |
|||||||||||
Company's portion of EBITDA of Ashford Inc. |
720 |
(487) |
336 |
(372) |
|||||||||||
Company's portion of EBITDA of OpenKey |
(124) |
— |
(248) |
— |
|||||||||||
EBITDA available to the Company and OP unitholders |
129,622 |
151,978 |
216,878 |
259,091 |
|||||||||||
Amortization of unfavorable contract liabilities |
(404) |
(494) |
(788) |
(988) |
|||||||||||
Impairment charges |
— |
(116) |
— |
(227) |
|||||||||||
(Gain) loss on sale of hotel properties |
(14,092) |
(23,094) |
(14,009) |
(22,980) |
|||||||||||
Write-off of premiums, loan costs and exit fees |
1,575 |
3,941 |
1,629 |
3,941 |
|||||||||||
Other (income) expense, net |
146 |
3,085 |
3,266 |
3,337 |
|||||||||||
Transaction, acquisition and management conversion costs |
892 |
427 |
3,568 |
645 |
|||||||||||
Legal judgment and related legal costs |
263 |
24 |
4,064 |
48 |
|||||||||||
Unrealized (gain) loss on marketable securities |
531 |
— |
3,877 |
— |
|||||||||||
Unrealized (gain) loss on derivatives |
1,743 |
(6,878) |
325 |
(13,796) |
|||||||||||
Dead deal costs |
— |
304 |
4 |
301 |
|||||||||||
Software implementation costs |
1,034 |
— |
1,034 |
— |
|||||||||||
Non-cash stock/unit-based compensation |
3,710 |
2,342 |
4,138 |
3,326 |
|||||||||||
Company's portion of (gain) loss of investment in securities investment fund |
— |
(68) |
(52) |
2,998 |
|||||||||||
Company's portion of adjustments to EBITDA of Ashford Inc. |
504 |
1,388 |
2,387 |
2,136 |
|||||||||||
Company's portion of adjustments to EBITDA of OpenKey |
1 |
— |
2 |
— |
|||||||||||
Adjusted EBITDA available to the Company and OP unitholders |
$ |
125,525 |
$ |
132,839 |
$ |
226,323 |
$ |
237,832 |
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, |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Net income (loss) |
$ |
10,428 |
$ |
35,135 |
$ |
(21,509) |
$ |
22,996 |
|||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(13) |
(6) |
18 |
32 |
|||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
(231) |
(4,376) |
6,262 |
(2,264) |
|||||||||||
Preferred dividends |
(10,956) |
(8,491) |
(21,912) |
(16,981) |
|||||||||||
Net income (loss) attributable to common stockholders |
(772) |
22,262 |
(37,141) |
3,783 |
|||||||||||
Depreciation and amortization on real estate |
60,487 |
60,018 |
125,122 |
122,119 |
|||||||||||
(Gain) loss on sale of hotel properties |
(14,092) |
(23,094) |
(14,009) |
(22,980) |
|||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
231 |
4,376 |
(6,262) |
2,264 |
|||||||||||
Equity in (earnings) loss of unconsolidated entities |
2,138 |
355 |
2,953 |
874 |
|||||||||||
Company's portion of FFO of Ashford Inc. |
(2,014) |
(357) |
(2,723) |
(512) |
|||||||||||
Company's portion of FFO of OpenKey |
(125) |
— |
(250) |
— |
|||||||||||
FFO available to common stockholders and OP unitholders |
45,853 |
63,560 |
67,690 |
105,548 |
|||||||||||
Write-off of premiums, loan costs and exit fees |
1,575 |
3,941 |
1,629 |
3,941 |
|||||||||||
Other impairment charges |
— |
(116) |
— |
(227) |
|||||||||||
Other (income) expense, net |
146 |
3,085 |
3,266 |
3,337 |
|||||||||||
Transaction, acquisition and management conversion costs |
892 |
427 |
3,568 |
645 |
|||||||||||
Legal judgment and related legal costs |
263 |
24 |
4,064 |
48 |
|||||||||||
Unrealized (gain) loss on marketable securities |
531 |
— |
3,877 |
— |
|||||||||||
Unrealized (gain) loss on derivatives |
1,743 |
(6,878) |
325 |
(13,796) |
|||||||||||
Dead deal costs |
— |
304 |
4 |
301 |
|||||||||||
Software implementation costs |
1,034 |
— |
1,034 |
— |
|||||||||||
Non-cash stock/unit-based compensation |
3,710 |
2,342 |
4,138 |
3,326 |
|||||||||||
Company's portion of (gain) loss of investment in securities investment fund |
— |
(68) |
(52) |
2,998 |
|||||||||||
Company's portion of adjustments to FFO of Ashford Inc. |
3,002 |
1,388 |
4,885 |
2,136 |
|||||||||||
Company's portion of adjustments to FFO of OpenKey |
1 |
— |
2 |
— |
|||||||||||
Adjusted FFO available to common stockholders and OP unitholders |
$ |
58,750 |
$ |
68,009 |
$ |
94,430 |
$ |
108,257 |
|||||||
Adjusted FFO per diluted share available to common stockholders and OP unitholders |
$ |
0.52 |
$ |
0.60 |
$ |
0.84 |
$ |
0.95 |
|||||||
Weighted average diluted shares |
113,257 |
113,744 |
112,915 |
113,529 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
SUMMARY OF INDEBTEDNESS |
|||||||||||||||||||||||
JUNE 30, 2017 |
|||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Indebtedness |
Maturity |
Interest Rate |
Fixed-Rate Debt |
Floating-Rate Debt |
Total Debt |
Comparable TTM Hotel EBITDA (14) |
Comparable TTM EBITDA Debt Yield |
||||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel |
July 2017 |
LIBOR + 4.15% |
$ |
— |
$ |
35,200 |
(1) |
$ |
35,200 |
$ |
3,786 |
10.8 |
% |
||||||||||
BAML W Atlanta - 1 hotel |
July 2017 |
LIBOR + 5.10% |
— |
40,500 |
(1) |
40,500 |
5,184 |
12.8 |
% |
||||||||||||||
Morgan Stanley - 8 hotels |
July 2017 |
LIBOR + 4.09% |
— |
144,000 |
(1) |
144,000 |
11,512 |
8.0 |
% |
||||||||||||||
Morgan Stanley Pool B - 4 hotels |
August 2017 |
LIBOR + 4.38% |
— |
52,530 |
(2) |
52,530 |
7,365 |
14.0 |
% |
||||||||||||||
Morgan Stanley Pool A - 6 hotels |
August 2017 |
LIBOR + 4.35% |
— |
280,421 |
(2)(3) |
280,421 |
36,394 |
13.0 |
% |
||||||||||||||
BAML Pool - 17 hotels |
December 2017 |
LIBOR + 5.52% |
— |
412,500 |
(4) |
412,500 |
50,781 |
12.3 |
% |
||||||||||||||
Morgan Stanley Boston Back Bay - 1 hotel |
January 2018 |
4.38% |
95,202 |
— |
95,202 |
15,124 |
15.9 |
% |
|||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
January 2018 |
LIBOR + 4.95% |
— |
376,800 |
(5) |
376,800 |
46,486 |
12.3 |
% |
||||||||||||||
Morgan Stanley MIP - 5 hotels |
February 2018 |
LIBOR + 4.75% |
— |
200,000 |
(6) |
200,000 |
23,023 |
11.5 |
% |
||||||||||||||
Cantor Commercial Real Estate Memphis - 1 hotel |
April 2018 |
LIBOR + 4.95% |
— |
33,300 |
(7) |
33,300 |
3,943 |
11.8 |
% |
||||||||||||||
Column Financial - 22 hotels |
April 2018 |
LIBOR + 4.39% |
— |
971,654 |
(8)(9)(10) |
971,654 |
107,698 |
11.1 |
% |
||||||||||||||
JPM Lakeway - 1 hotel |
May 2018 |
LIBOR + 5.10% |
— |
25,100 |
(11) |
25,100 |
3,258 |
13.0 |
% |
||||||||||||||
BAML Le Pavillon - 1 hotel |
June 2018 |
LIBOR + 5.10% |
— |
43,750 |
(12) |
43,750 |
2,234 |
5.1 |
% |
||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel |
August 2018 |
LIBOR + 4.95% |
— |
12,000 |
(13) |
12,000 |
1,453 |
12.1 |
% |
||||||||||||||
JPMorgan Chase - 18 hotels |
October 2018 |
LIBOR + 4.55% |
— |
450,000 |
(4) |
450,000 |
63,428 |
14.1 |
% |
||||||||||||||
Omni American Bank Ashton - 1 hotel |
July 2019 |
4.00% |
5,386 |
— |
5,386 |
1,085 |
20.1 |
% |
|||||||||||||||
BAML Indigo Atlanta - 1 hotel |
May 2020 |
LIBOR + 2.90% |
— |
16,100 |
(13) |
16,100 |
2,297 |
14.3 |
% |
||||||||||||||
GACC Gateway - 1 hotel |
November 2020 |
6.26% |
96,045 |
— |
96,045 |
14,754 |
15.4 |
% |
|||||||||||||||
Aareal Princeton/Nashville - 2 hotels |
June 2022 |
LIBOR + 3.00% |
— |
164,700 |
164,700 |
30,306 |
18.4 |
% |
|||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel |
May 2023 |
5.46% |
54,239 |
— |
54,239 |
6,806 |
12.5 |
% |
|||||||||||||||
GACC Manchester RI - 1 hotel |
January 2024 |
5.49% |
7,055 |
— |
7,055 |
1,406 |
19.9 |
% |
|||||||||||||||
GACC Jacksonville RI - 1 hotel |
January 2024 |
5.49% |
10,297 |
— |
10,297 |
1,808 |
17.6 |
% |
|||||||||||||||
Key Bank Manchester CY - 1 hotel |
May 2024 |
4.99% |
6,586 |
— |
6,586 |
996 |
15.1 |
% |
|||||||||||||||
Morgan Stanley Pool C2 - 2 hotels |
August 2024 |
4.85% |
12,333 |
— |
12,333 |
2,212 |
17.9 |
% |
|||||||||||||||
Morgan Stanley Pool C3 - 3 hotels |
August 2024 |
4.90% |
24,651 |
— |
24,651 |
3,569 |
14.5 |
% |
|||||||||||||||
Morgan Stanley Pool C1 - 3 hotels |
August 2024 |
5.20% |
66,681 |
— |
66,681 |
7,809 |
11.7 |
% |
|||||||||||||||
BAML Pool 5 - 2 hotels |
February 2025 |
4.45% |
20,393 |
— |
20,393 |
2,832 |
13.9 |
% |
|||||||||||||||
BAML Pool 3 - 3 hotels |
February 2025 |
4.45% |
52,748 |
— |
52,748 |
8,763 |
16.6 |
% |
|||||||||||||||
Unencumbered hotels |
— |
— |
— |
2,094 |
N/A |
||||||||||||||||||
Total |
$ |
451,616 |
$ |
3,258,555 |
$ |
3,710,171 |
$ |
468,406 |
12.6 |
% |
|||||||||||||
Percentage |
12.2 |
% |
87.8 |
% |
100.0 |
% |
|||||||||||||||||
Weighted average interest rate |
5.13 |
% |
5.80 |
% |
5.72 |
% |
All indebtedness is non-recourse with the exception of the secured revolving credit facility. |
|
(1) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in July 2017. |
(2) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in August 2016. |
(3) |
This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017. |
(4) |
This mortgage loan has four one-year extension options subject to satisfaction of certain conditions. |
(5) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in January 2017. |
(6) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017. |
(7) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in April 2017. |
(8) |
This mortgage loan has four one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in April 2017. |
(9) |
This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017. |
(10) |
This mortgage loan had a $78.7 million pay down of principal related to the Crowne Plaza Ravinia that was sold on June 29, 2017. |
(11) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in May 2017. |
(12) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in June 2017. |
(13) |
This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. |
(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, 2017 |
||||||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||
2017 |
2018 |
2019 |
2020 |
2021 |
Thereafter |
Total |
||||||||||||||||||||||
Morgan Stanley Boston Back Bay - 1 hotel |
$ |
— |
$ |
94,226 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
94,226 |
||||||||||||||
Omni American Bank Ashton - 1 hotel |
— |
— |
5,168 |
— |
— |
— |
5,168 |
|||||||||||||||||||||
Morgan Stanley MIP - 5 hotels |
— |
— |
200,000 |
— |
— |
— |
200,000 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
— |
— |
52,530 |
— |
— |
— |
52,530 |
|||||||||||||||||||||
Morgan Stanley Pool A - 6 hotels |
— |
— |
280,421 |
— |
— |
— |
280,421 |
|||||||||||||||||||||
GACC Gateway - 1 hotel |
— |
— |
— |
89,886 |
— |
— |
89,886 |
|||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
— |
— |
— |
376,800 |
— |
— |
376,800 |
|||||||||||||||||||||
Cantor Commercial Real Estate Memphis - 1 hotel |
— |
— |
— |
33,300 |
— |
— |
33,300 |
|||||||||||||||||||||
JPM Lakeway - 1 hotel |
— |
— |
— |
25,100 |
— |
— |
25,100 |
|||||||||||||||||||||
BAML Le Pavillon - 1 hotel |
— |
— |
— |
43,750 |
— |
— |
43,750 |
|||||||||||||||||||||
Morgan Stanley - 8 hotels |
— |
— |
— |
144,000 |
— |
— |
144,000 |
|||||||||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel |
— |
— |
— |
35,200 |
— |
— |
35,200 |
|||||||||||||||||||||
BAML W Atlanta - 1 hotel |
— |
— |
— |
40,500 |
— |
— |
40,500 |
|||||||||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel |
— |
— |
— |
12,000 |
— |
— |
12,000 |
|||||||||||||||||||||
Column Financial - 22 hotels |
— |
— |
— |
— |
971,654 |
— |
971,654 |
|||||||||||||||||||||
BAML Pool - 17 hotels |
— |
— |
— |
— |
412,500 |
— |
412,500 |
|||||||||||||||||||||
BAML Indigo Atlanta - 1 hotel |
— |
— |
— |
— |
— |
14,439 |
14,439 |
|||||||||||||||||||||
Aareal Princeton/Nashville - 2 hotels |
— |
— |
— |
— |
— |
158,700 |
158,700 |
|||||||||||||||||||||
GACC Jacksonville RI - 1 hotel |
— |
— |
— |
— |
— |
9,036 |
9,036 |
|||||||||||||||||||||
GACC Manchester RI - 1 hotel |
— |
— |
— |
— |
— |
6,191 |
6,191 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
— |
— |
— |
— |
— |
5,671 |
5,671 |
|||||||||||||||||||||
Morgan Stanley Pool C - 8 hotels |
— |
— |
— |
— |
— |
90,889 |
90,889 |
|||||||||||||||||||||
BAML Pool 3 - 3 hotels |
— |
— |
— |
— |
— |
44,160 |
44,160 |
|||||||||||||||||||||
BAML Pool 5 - 2 hotels |
— |
— |
— |
— |
— |
17,073 |
17,073 |
|||||||||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel |
— |
— |
— |
— |
— |
47,711 |
47,711 |
|||||||||||||||||||||
JPMorgan Chase - 18 hotels |
— |
— |
— |
— |
— |
450,000 |
450,000 |
|||||||||||||||||||||
Principal due in future periods |
$ |
— |
$ |
94,226 |
$ |
538,119 |
$ |
800,536 |
$ |
1,384,154 |
$ |
843,870 |
$ |
3,660,905 |
||||||||||||||
Scheduled amortization payments remaining |
3,671 |
6,136 |
6,748 |
8,376 |
8,519 |
15,816 |
49,266 |
|||||||||||||||||||||
Total indebtedness |
$ |
3,671 |
$ |
100,362 |
$ |
544,867 |
$ |
808,912 |
$ |
1,392,673 |
$ |
859,686 |
$ |
3,710,171 |
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 |
|||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
|||||||||||||||||||||||
Rooms revenue (in thousands) |
$ |
309,651 |
$ |
(3,889) |
$ |
305,762 |
$ |
324,590 |
$ |
(20,210) |
$ |
304,380 |
(4.60) |
% |
0.45 |
% |
||||||||||||||
RevPAR |
$ |
133.24 |
$ |
(88.28) |
$ |
134.11 |
$ |
129.63 |
$ |
(90.21) |
$ |
133.50 |
2.78 |
% |
0.46 |
% |
||||||||||||||
Occupancy |
81.47 |
% |
(72.85) |
% |
81.63 |
% |
81.78 |
% |
(77.22) |
% |
82.23 |
% |
(0.38) |
% |
(0.73) |
% |
||||||||||||||
ADR |
$ |
163.55 |
$ |
(121.17) |
$ |
164.28 |
$ |
158.51 |
$ |
(116.83) |
$ |
162.36 |
3.18 |
% |
1.18 |
% |
||||||||||||||
ALL HOTELS: |
||||||||||||||||||||||||||||||
Six Months Ended June 30, |
||||||||||||||||||||||||||||||
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Comparable |
|||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
|||||||||||||||||||||||
Rooms revenue (in thousands) |
$ |
585,038 |
$ |
(9,030) |
$ |
576,008 |
$ |
613,683 |
$ |
(45,185) |
$ |
568,498 |
(4.67) |
% |
1.32 |
% |
||||||||||||||
RevPAR |
$ |
125.95 |
$ |
(82.03) |
$ |
127.02 |
$ |
121.52 |
$ |
(92.23) |
$ |
124.67 |
3.65 |
% |
1.88 |
% |
||||||||||||||
Occupancy |
78.01 |
% |
(68.65) |
% |
78.24 |
% |
78.05 |
% |
(77.36) |
% |
78.12 |
% |
(0.05) |
% |
0.15 |
% |
||||||||||||||
ADR |
$ |
161.45 |
$ |
(119.48) |
$ |
162.34 |
$ |
155.70 |
$ |
(119.22) |
$ |
159.59 |
3.69 |
% |
1.72 |
% |
||||||||||||||
NOTES: |
||||||||||||||||||||||||||||||
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
|||||||||||||||||||||||||||||
(2) |
The above information does not reflect the operations of Orlando WorldQuest Resort. |
|||||||||||||||||||||||||||||
ALL HOTELS |
||||||||||||||||||||||||||||||
Three Months Ended June 30, |
||||||||||||||||||||||||||||||
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Comparable |
|||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
|||||||||||||||||||||||
Rooms revenue (in thousands) |
$ |
269,930 |
$ |
(3,889) |
$ |
266,041 |
$ |
282,557 |
$ |
(20,210) |
$ |
262,347 |
(4.47) |
% |
1.41 |
% |
||||||||||||||
RevPAR |
$ |
133.58 |
$ |
(88.28) |
$ |
134.59 |
$ |
128.39 |
$ |
(90.21) |
$ |
132.71 |
4.04 |
% |
1.42 |
% |
||||||||||||||
Occupancy |
81.94 |
% |
(72.85) |
% |
82.15 |
% |
81.73 |
% |
(77.22) |
% |
82.24 |
% |
0.26 |
% |
(0.11) |
% |
||||||||||||||
ADR |
$ |
163.01 |
$ |
(121.17) |
$ |
163.84 |
$ |
157.09 |
$ |
(116.83) |
$ |
161.37 |
3.77 |
% |
1.53 |
% |
||||||||||||||
ALL HOTELS |
||||||||||||||||||||||||||||||
Six Months Ended June 30, |
||||||||||||||||||||||||||||||
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Comparable |
|||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
|||||||||||||||||||||||
Rooms revenue (in thousands) |
$ |
511,258 |
$ |
(9,030) |
$ |
502,228 |
$ |
536,630 |
$ |
(45,185) |
$ |
491,445 |
(4.73) |
% |
2.19 |
% |
||||||||||||||
RevPAR |
$ |
126.49 |
$ |
(82.03) |
$ |
127.74 |
$ |
120.77 |
$ |
(92.23) |
$ |
124.30 |
4.74 |
% |
2.77 |
% |
||||||||||||||
Occupancy |
78.61 |
% |
(68.65) |
% |
78.89 |
% |
78.19 |
% |
(77.36) |
% |
78.29 |
% |
0.54 |
% |
0.77 |
% |
||||||||||||||
ADR |
$ |
160.90 |
$ |
(119.48) |
$ |
161.91 |
$ |
154.46 |
$ |
(119.22) |
$ |
158.77 |
4.17 |
% |
1.98 |
% |
||||||||||||||
NOTES: |
||||||||||||||||||||||||||||||
(1) |
The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period. |
|||||||||||||||||||||||||||||
(2) |
The above information does not reflect the operations of Orlando WorldQuest Resort. |
|||||||||||||||||||||||||||||
(3) |
Excluded Hotels Under Renovation: |
|||||||||||||||||||||||||||||
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||
HOTEL EBITDA |
|||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||
ALL HOTELS: |
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
June 30, |
June 30, |
||||||||||||||||||||
2017 |
2016 |
% Variance |
2017 |
2016 |
% Variance |
||||||||||||||||
Total hotel revenue |
$ |
388,047 |
$ |
408,510 |
(5.01) |
% |
$ |
739,645 |
$ |
774,027 |
(4.44) |
% |
|||||||||
Non-comparable adjustments |
(5,101) |
(24,326) |
(12,476) |
(53,477) |
|||||||||||||||||
Comparable total hotel revenue |
$ |
382,946 |
$ |
384,184 |
(0.32) |
% |
$ |
727,169 |
$ |
720,550 |
0.92 |
% |
|||||||||
Hotel EBITDA |
$ |
138,477 |
$ |
145,303 |
(4.70) |
% |
$ |
251,950 |
$ |
262,399 |
(3.98) |
% |
|||||||||
Non-comparable adjustments |
(1,315) |
(7,355) |
(2,649) |
(16,661) |
|||||||||||||||||
Comparable hotel EBITDA |
$ |
137,162 |
$ |
137,948 |
(0.57) |
% |
$ |
249,301 |
$ |
245,738 |
1.45 |
% |
|||||||||
Hotel EBITDA margin |
35.69 |
% |
35.57 |
% |
0.12 |
% |
34.06 |
% |
33.90 |
% |
0.16 |
% |
|||||||||
Comparable hotel EBITDA margin |
35.82 |
% |
35.91 |
% |
(0.09) |
% |
34.28 |
% |
34.10 |
% |
0.18 |
% |
|||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
104 |
$ |
100 |
4.00 |
% |
$ |
168 |
$ |
157 |
7.01 |
% |
|||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
138,373 |
$ |
145,203 |
(4.70) |
% |
$ |
251,782 |
$ |
262,242 |
(3.99) |
% |
|||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
137,058 |
$ |
137,848 |
(0.57) |
% |
$ |
249,133 |
$ |
245,581 |
1.45 |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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. |
ALL HOTELS |
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
June 30, |
June 30, |
||||||||||||||||||||
2017 |
2016 |
% Variance |
2017 |
2016 |
% Variance |
||||||||||||||||
Total hotel revenue |
$ |
336,633 |
$ |
353,427 |
(4.75) |
% |
$ |
643,584 |
$ |
672,604 |
(4.31) |
% |
|||||||||
Non-comparable adjustments |
(5,101) |
(24,326) |
(12,442) |
(53,477) |
|||||||||||||||||
Comparable total hotel revenue |
$ |
331,532 |
$ |
329,101 |
0.74 |
% |
$ |
631,142 |
$ |
619,127 |
1.94 |
% |
|||||||||
Hotel EBITDA |
$ |
122,061 |
$ |
126,843 |
(3.77) |
% |
$ |
222,531 |
$ |
229,601 |
(3.08) |
% |
|||||||||
Non-comparable adjustments |
(1,315) |
(7,358) |
(2,649) |
(16,664) |
|||||||||||||||||
Comparable hotel EBITDA |
$ |
120,746 |
$ |
119,485 |
1.06 |
% |
$ |
219,882 |
$ |
212,937 |
3.26 |
% |
|||||||||
Hotel EBITDA margin |
36.26 |
% |
35.89 |
% |
0.37 |
% |
34.58 |
% |
34.14 |
% |
0.44 |
% |
|||||||||
Comparable hotel EBITDA margin |
36.42 |
% |
36.31 |
% |
0.11 |
% |
34.84 |
% |
34.39 |
% |
0.45 |
% |
|||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
104 |
$ |
100 |
4.00 |
% |
$ |
168 |
$ |
157 |
7.01 |
% |
|||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
121,957 |
$ |
126,743 |
(3.78) |
% |
$ |
222,363 |
$ |
229,444 |
(3.09) |
% |
|||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
120,642 |
$ |
119,385 |
1.05 |
% |
$ |
219,714 |
$ |
212,780 |
3.26 |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period. |
(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: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||||||||||||||||||||
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS |
|||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||||||||||||||||||||
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
||||||||||||||||||||||||||||||||||||
2017 |
2017 |
2017 |
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
||||||||||||||||||||||||||||||||||||
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 |
$ |
388,047 |
$ |
(5,101) |
$ |
382,946 |
$ |
351,598 |
$ |
(7,375) |
$ |
344,223 |
$ |
339,937 |
$ |
(10,137) |
$ |
329,800 |
$ |
369,943 |
$ |
(14,327) |
$ |
355,616 |
|||||||||||||||||||||||
Hotel EBITDA |
$ |
138,477 |
$ |
(1,315) |
$ |
137,162 |
$ |
113,473 |
$ |
(1,334) |
$ |
112,139 |
$ |
103,480 |
$ |
(2,458) |
$ |
101,022 |
$ |
121,975 |
$ |
(3,892) |
$ |
118,083 |
|||||||||||||||||||||||
Hotel EBITDA margin |
35.69 |
% |
35.82 |
% |
32.27 |
% |
32.58 |
% |
30.44 |
% |
30.63 |
% |
32.97 |
% |
33.21 |
% |
|||||||||||||||||||||||||||||||
EBITDA % of Total TTM |
29.0 |
% |
29.3 |
% |
23.8 |
% |
23.9 |
% |
21.7 |
% |
21.6 |
% |
25.5 |
% |
25.2 |
% |
|||||||||||||||||||||||||||||||
JV Interests in EBITDA |
$ |
104 |
$ |
— |
$ |
104 |
$ |
63 |
$ |
— |
$ |
63 |
$ |
79 |
$ |
— |
$ |
79 |
$ |
114 |
$ |
— |
$ |
114 |
|||||||||||||||||||||||
Actual |
Non-comparable Adjustments |
Comparable |
|||||||||||||||||||||||||||||||||||||||||||||
2017 |
2017 |
2017 |
|||||||||||||||||||||||||||||||||||||||||||||
TTM |
TTM |
TTM |
|||||||||||||||||||||||||||||||||||||||||||||
Total hotel Revenue |
$ |
1,449,525 |
$ |
(36,940) |
$ |
1,412,585 |
|||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA |
$ |
477,405 |
$ |
(8,999) |
$ |
468,406 |
|||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA margin |
32.94 |
% |
33.16 |
% |
|||||||||||||||||||||||||||||||||||||||||||
EBITDA % of Total TTM |
100.0 |
% |
100.0 |
% |
|||||||||||||||||||||||||||||||||||||||||||
JV Interests in EBITDA |
$ |
360 |
$ |
— |
$ |
360 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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 |
||||||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
||||||||||||||||||||||||||||
Atlanta, GA Area |
9 |
1,425 |
$ |
119.59 |
$ |
(88.28) |
$ |
130.23 |
$ |
121.00 |
$ |
(92.66) |
$ |
132.85 |
(1.2) |
% |
(2.0) |
% |
|||||||||||||||||
Boston, MA Area |
3 |
915 |
220.29 |
— |
220.29 |
198.10 |
— |
198.10 |
11.2 |
% |
11.2 |
% |
|||||||||||||||||||||||
Dallas / Ft. Worth, TX Area |
7 |
1,518 |
113.59 |
— |
113.59 |
117.76 |
— |
117.76 |
(3.5) |
% |
(3.5) |
% |
|||||||||||||||||||||||
Houston, TX Area |
3 |
692 |
111.54 |
— |
111.54 |
114.49 |
— |
114.49 |
(2.6) |
% |
(2.6) |
% |
|||||||||||||||||||||||
Los Angeles, CA Metro Area |
6 |
1,619 |
133.54 |
— |
133.54 |
124.80 |
(99.38) |
129.21 |
7.0 |
% |
3.4 |
% |
|||||||||||||||||||||||
Miami, FL Metro Area |
3 |
587 |
121.75 |
— |
121.75 |
121.80 |
— |
121.80 |
— |
% |
— |
% |
|||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area |
4 |
809 |
131.08 |
— |
131.08 |
137.86 |
— |
137.86 |
(4.9) |
% |
(4.9) |
% |
|||||||||||||||||||||||
Nashville, TN Area |
1 |
673 |
229.74 |
— |
229.74 |
234.73 |
— |
234.73 |
(2.1) |
% |
(2.1) |
% |
|||||||||||||||||||||||
New York / New Jersey Metro Area |
6 |
1,741 |
126.10 |
— |
126.10 |
124.23 |
(100.55) |
125.56 |
1.5 |
% |
0.4 |
% |
|||||||||||||||||||||||
Orlando, FL Area |
3 |
734 |
115.42 |
— |
115.42 |
88.35 |
(76.30) |
100.44 |
30.6 |
% |
14.9 |
% |
|||||||||||||||||||||||
Philadelphia, PA Area |
3 |
648 |
115.27 |
— |
115.27 |
114.98 |
— |
114.98 |
0.3 |
% |
0.3 |
% |
|||||||||||||||||||||||
San Diego, CA Area |
2 |
410 |
128.79 |
— |
128.79 |
123.06 |
— |
123.06 |
4.7 |
% |
4.7 |
% |
|||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area |
6 |
1,368 |
161.48 |
— |
161.48 |
161.81 |
— |
161.81 |
(0.2) |
% |
(0.2) |
% |
|||||||||||||||||||||||
Tampa, FL Area |
3 |
680 |
110.87 |
— |
110.87 |
116.92 |
— |
116.92 |
(5.2) |
% |
(5.2) |
% |
|||||||||||||||||||||||
Washington D.C. - MD - VA Area |
9 |
2,308 |
169.43 |
— |
169.43 |
163.74 |
(88.73) |
169.01 |
3.5 |
% |
0.2 |
% |
|||||||||||||||||||||||
Other Areas |
52 |
8,931 |
118.28 |
— |
118.28 |
117.34 |
(99.49) |
118.51 |
0.8 |
% |
(0.2) |
% |
|||||||||||||||||||||||
Total Portfolio |
120 |
25,058 |
$ |
133.24 |
$ |
(88.28) |
$ |
134.11 |
$ |
129.63 |
$ |
(90.21) |
$ |
133.50 |
2.8 |
% |
0.5 |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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 |
||||||||||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
||||||||||||||||||||||||||||||||||
Atlanta, GA Area |
9 |
1,425 |
$ |
7,733 |
$ |
(1,160) |
$ |
6,573 |
4.8 |
% |
$ |
8,557 |
$ |
(1,960) |
$ |
6,597 |
4.8 |
% |
(9.6) |
% |
(0.4) |
% |
|||||||||||||||||||
Boston, MA Area |
3 |
915 |
9,750 |
— |
9,750 |
7.1 |
% |
8,769 |
— |
8,769 |
6.4 |
% |
11.2 |
% |
11.2 |
% |
|||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area |
7 |
1,518 |
6,776 |
— |
6,776 |
4.9 |
% |
6,964 |
(33) |
6,931 |
5.0 |
% |
(2.7) |
% |
(2.2) |
% |
|||||||||||||||||||||||||
Houston, TX Area |
3 |
692 |
3,264 |
— |
3,264 |
2.4 |
% |
3,272 |
— |
3,272 |
2.4 |
% |
(0.2) |
% |
(0.2) |
% |
|||||||||||||||||||||||||
Los Angeles, CA Metro Area |
6 |
1,619 |
8,645 |
(9) |
8,636 |
6.3 |
% |
8,864 |
(1,021) |
7,843 |
5.7 |
% |
(2.5) |
% |
10.1 |
% |
|||||||||||||||||||||||||
Miami, FL Metro Area |
3 |
587 |
2,891 |
— |
2,891 |
2.1 |
% |
2,971 |
— |
2,971 |
2.2 |
% |
(2.7) |
% |
(2.7) |
% |
|||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area |
4 |
809 |
4,580 |
— |
4,580 |
3.3 |
% |
4,798 |
— |
4,798 |
3.5 |
% |
(4.5) |
% |
(4.5) |
% |
|||||||||||||||||||||||||
Nashville, TN Area |
1 |
673 |
7,945 |
— |
7,945 |
5.8 |
% |
8,102 |
— |
8,102 |
5.9 |
% |
(1.9) |
% |
(1.9) |
% |
|||||||||||||||||||||||||
New York / New Jersey Metro Area |
6 |
1,741 |
9,792 |
(1) |
9,791 |
7.1 |
% |
10,328 |
(441) |
9,887 |
7.2 |
% |
(5.2) |
% |
(1.0) |
% |
|||||||||||||||||||||||||
Orlando, FL Area |
3 |
734 |
2,735 |
— |
2,735 |
2.0 |
% |
3,592 |
(1,301) |
2,291 |
1.7 |
% |
(23.9) |
% |
19.4 |
% |
|||||||||||||||||||||||||
Philadelphia, PA Area |
3 |
648 |
2,691 |
— |
2,691 |
2.0 |
% |
2,767 |
— |
2,767 |
2.0 |
% |
(2.7) |
% |
(2.7) |
% |
|||||||||||||||||||||||||
San Diego, CA Area |
2 |
410 |
2,057 |
— |
2,057 |
1.5 |
% |
2,051 |
— |
2,051 |
1.5 |
% |
0.3 |
% |
0.3 |
% |
|||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area |
6 |
1,368 |
9,403 |
— |
9,403 |
6.9 |
% |
9,241 |
— |
9,241 |
6.7 |
% |
1.8 |
% |
1.8 |
% |
|||||||||||||||||||||||||
Tampa, FL Area |
3 |
680 |
2,751 |
— |
2,751 |
2.0 |
% |
2,925 |
— |
2,925 |
2.1 |
% |
(5.9) |
% |
(5.9) |
% |
|||||||||||||||||||||||||
Washington D.C. - MD - VA Area |
9 |
2,308 |
16,222 |
— |
16,222 |
11.8 |
% |
17,475 |
(470) |
17,005 |
12.3 |
% |
(7.2) |
% |
(4.6) |
% |
|||||||||||||||||||||||||
Other Areas |
52 |
8,931 |
41,242 |
(145) |
41,097 |
30.0 |
% |
44,627 |
(2,129) |
42,498 |
30.6 |
% |
(7.6) |
% |
(3.3) |
% |
|||||||||||||||||||||||||
Total Portfolio |
120 |
25,058 |
$ |
138,477 |
$ |
(1,315) |
$ |
137,162 |
100.0 |
% |
$ |
145,303 |
$ |
(7,355) |
$ |
137,948 |
100.0 |
% |
(4.7) |
% |
(0.6) |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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) |
|||||||||||||||||||||||||||||||||||
Six Months Ended June 30, |
|||||||||||||||||||||||||||||||||||
Number of Hotels |
Number of Rooms |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Non-comparable Adjustments |
Comparable |
Actual |
Comparable |
||||||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
||||||||||||||||||||||||||||
Atlanta, GA Area |
9 |
1,425 |
$ |
120.79 |
$ |
(88.17) |
$ |
132.00 |
$ |
118.72 |
$ |
(91.19) |
$ |
130.71 |
1.7 |
% |
1.0 |
% |
|||||||||||||||||
Boston, MA Area |
3 |
915 |
164.29 |
— |
164.29 |
153.94 |
— |
153.94 |
6.7 |
% |
6.7 |
% |
|||||||||||||||||||||||
Dallas / Ft. Worth, TX Area |
7 |
1,518 |
114.20 |
— |
114.20 |
116.87 |
— |
116.87 |
(2.3) |
% |
(2.3) |
% |
|||||||||||||||||||||||
Houston, TX Area |
3 |
692 |
112.97 |
— |
112.97 |
110.98 |
— |
110.98 |
1.8 |
% |
1.8 |
% |
|||||||||||||||||||||||
Los Angeles, CA Metro Area |
6 |
1,619 |
136.69 |
— |
136.69 |
131.19 |
(118.99) |
133.31 |
4.2 |
% |
2.5 |
% |
|||||||||||||||||||||||
Miami, FL Metro Area |
3 |
587 |
149.40 |
— |
149.40 |
153.40 |
— |
153.40 |
(2.6) |
% |
(2.6) |
% |
|||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area |
4 |
809 |
119.71 |
— |
119.71 |
121.62 |
— |
121.62 |
(1.6) |
% |
(1.6) |
% |
|||||||||||||||||||||||
Nashville, TN Area |
1 |
673 |
212.35 |
— |
212.35 |
203.86 |
— |
203.86 |
4.2 |
% |
4.2 |
% |
|||||||||||||||||||||||
New York / New Jersey Metro Area |
6 |
1,741 |
113.08 |
— |
113.08 |
108.47 |
(85.34) |
110.09 |
4.3 |
% |
2.7 |
% |
|||||||||||||||||||||||
Orlando, FL Area |
3 |
734 |
121.04 |
— |
121.04 |
101.70 |
(91.88) |
113.99 |
19.0 |
% |
6.2 |
% |
|||||||||||||||||||||||
Philadelphia, PA Area |
3 |
648 |
97.88 |
— |
97.88 |
99.13 |
— |
99.13 |
(1.3) |
% |
(1.3) |
% |
|||||||||||||||||||||||
San Diego, CA Area |
2 |
410 |
120.78 |
— |
120.78 |
116.98 |
— |
116.98 |
3.3 |
% |
3.3 |
% |
|||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area |
6 |
1,368 |
155.05 |
— |
155.05 |
154.09 |
— |
154.09 |
0.6 |
% |
0.6 |
% |
|||||||||||||||||||||||
Tampa, FL Area |
3 |
680 |
131.43 |
— |
131.43 |
128.50 |
— |
128.50 |
2.3 |
% |
2.3 |
% |
|||||||||||||||||||||||
Washington D.C. - MD - VA Area |
9 |
2,308 |
151.12 |
— |
151.12 |
137.38 |
(68.52) |
142.22 |
10.0 |
% |
6.3 |
% |
|||||||||||||||||||||||
Other Areas |
52 |
8,931 |
110.71 |
(56.72) |
111.43 |
109.22 |
(89.04) |
110.55 |
1.4 |
% |
0.8 |
% |
|||||||||||||||||||||||
Total Portfolio |
120 |
25,058 |
$ |
125.95 |
$ |
(82.03) |
$ |
127.02 |
$ |
121.52 |
$ |
(92.23) |
$ |
124.67 |
3.6 |
% |
1.9 |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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 |
||||||||||||||||||||||||||||||
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance |
||||||||||||||||||||||||||||||||||
Atlanta, GA Area |
9 |
1,425 |
$ |
15,972 |
$ |
(2,550) |
$ |
13,422 |
5.4 |
% |
$ |
16,709 |
$ |
(3,680) |
$ |
13,029 |
5.3 |
% |
(4.4) |
% |
3.0 |
% |
|||||||||||||||||||
Boston, MA Area |
3 |
915 |
12,096 |
— |
12,096 |
4.9 |
% |
11,160 |
— |
11,160 |
4.5 |
% |
8.4 |
% |
8.4 |
% |
|||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area |
7 |
1,518 |
13,783 |
(33) |
13,750 |
5.5 |
% |
14,409 |
(66) |
14,343 |
5.8 |
% |
(4.3) |
% |
(4.1) |
% |
|||||||||||||||||||||||||
Houston, TX Area |
3 |
692 |
6,692 |
— |
6,692 |
2.7 |
% |
6,560 |
— |
6,560 |
2.7 |
% |
2.0 |
% |
2.0 |
% |
|||||||||||||||||||||||||
Los Angeles, CA Metro Area |
6 |
1,619 |
18,533 |
(23) |
18,510 |
7.4 |
% |
20,218 |
(2,813) |
17,405 |
7.1 |
% |
(8.3) |
% |
6.4 |
% |
|||||||||||||||||||||||||
Miami, FL Metro Area |
3 |
587 |
7,667 |
— |
7,667 |
3.1 |
% |
8,231 |
— |
8,231 |
3.4 |
% |
(6.9) |
% |
(6.9) |
% |
|||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area |
4 |
809 |
6,877 |
— |
6,877 |
2.8 |
% |
7,166 |
— |
7,166 |
2.9 |
% |
(4.0) |
% |
(4.0) |
% |
|||||||||||||||||||||||||
Nashville, TN Area |
1 |
673 |
14,641 |
— |
14,641 |
5.9 |
% |
13,590 |
— |
13,590 |
5.5 |
% |
7.7 |
% |
7.7 |
% |
|||||||||||||||||||||||||
New York / New Jersey Metro Area |
6 |
1,741 |
15,553 |
1 |
15,554 |
6.2 |
% |
15,879 |
(759) |
15,120 |
6.2 |
% |
(2.1) |
% |
2.9 |
% |
|||||||||||||||||||||||||
Orlando, FL Area |
3 |
734 |
6,294 |
— |
6,294 |
2.5 |
% |
11,445 |
(5,624) |
5,821 |
2.4 |
% |
(45.0) |
% |
8.1 |
% |
|||||||||||||||||||||||||
Philadelphia, PA Area |
3 |
648 |
3,664 |
— |
3,664 |
1.5 |
% |
3,870 |
— |
3,870 |
1.6 |
% |
(5.3) |
% |
(5.3) |
% |
|||||||||||||||||||||||||
San Diego, CA Area |
2 |
410 |
3,576 |
— |
3,576 |
1.4 |
% |
3,710 |
— |
3,710 |
1.5 |
% |
(3.6) |
% |
(3.6) |
% |
|||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area |
6 |
1,368 |
17,446 |
— |
17,446 |
7.0 |
% |
17,301 |
— |
17,301 |
7.0 |
% |
0.8 |
% |
0.8 |
% |
|||||||||||||||||||||||||
Tampa, FL Area |
3 |
680 |
7,852 |
— |
7,852 |
3.2 |
% |
7,480 |
— |
7,480 |
3.0 |
% |
5.0 |
% |
5.0 |
% |
|||||||||||||||||||||||||
Washington D.C. - MD - VA Area |
9 |
2,308 |
26,783 |
(2) |
26,781 |
10.7 |
% |
26,121 |
(485) |
25,636 |
10.4 |
% |
2.5 |
% |
4.5 |
% |
|||||||||||||||||||||||||
Other Areas |
52 |
8,931 |
74,521 |
(42) |
74,479 |
29.9 |
% |
78,550 |
(3,234) |
75,316 |
30.7 |
% |
(5.1) |
% |
(1.1) |
% |
|||||||||||||||||||||||||
Total Portfolio |
120 |
25,058 |
$ |
251,950 |
$ |
(2,649) |
$ |
249,301 |
100.0 |
% |
$ |
262,399 |
$ |
(16,661) |
$ |
245,738 |
100.0 |
% |
(4.0) |
% |
1.5 |
% |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2017 |
|||
(in thousands, except share price) |
|||
(unaudited) |
|||
June 30, 2017 |
|||
End of quarter common shares outstanding |
97,430 |
||
Partnership units outstanding (common share equivalents)* |
20,163 |
||
Combined common shares and partnership units outstanding |
117,593 |
||
Common stock price at quarter end |
$ |
6.08 |
|
Market capitalization at quarter end |
$ |
714,964 |
|
Series A preferred stock |
$ |
41,430 |
|
Series D preferred stock |
$ |
236,718 |
|
Series F preferred stock |
$ |
120,000 |
|
Series G preferred stock |
$ |
155,000 |
|
Debt on balance sheet date |
$ |
3,710,171 |
|
Joint venture partner's share of consolidated debt |
$ |
(2,046) |
|
Net working capital (see below) |
$ |
(513,526) |
|
Total enterprise value (TEV) |
$ |
4,462,711 |
|
Ashford Inc. Investment: |
|||
Common stock owned at end of quarter |
598 |
||
Common stock price at quarter end |
$ |
50.98 |
|
Market value of Ashford Inc. investment |
$ |
30,494 |
|
Cash and cash equivalents |
$ |
404,312 |
|
Restricted cash |
$ |
150,339 |
|
Accounts receivable, net |
$ |
56,738 |
|
Prepaid expenses |
$ |
24,122 |
|
Investment in securities |
$ |
19,270 |
|
Due from affiliates, net |
$ |
(15,519) |
|
Due from third-party hotel managers, net |
$ |
16,910 |
|
Market value of Ashford Inc. investment |
$ |
30,494 |
|
Total current assets |
$ |
686,666 |
|
Accounts payable and accrued expenses |
$ |
146,955 |
|
Dividends and distributions payable |
$ |
26,185 |
|
Total current liabilities |
$ |
173,140 |
|
Net working capital** |
$ |
513,526 |
|
* Total units outstanding = 21.3 million; impacted by current conversion factor. |
|||
** Includes the Company's pro rata share of net working capital in joint ventures. |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
||||||
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) |
||||||
2017 |
||||||
Rooms |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
||
Actual |
Actual |
Estimated |
Estimated |
|||
Courtyard Basking Ridge |
235 |
x |
x |
|||
Courtyard Columbus Tipton Lakes |
90 |
x |
||||
Courtyard Crystal City Reagan Airport |
272 |
x |
||||
Courtyard Denver Airport |
202 |
x |
||||
Courtyard Gaithersburg |
210 |
x |
||||
Embassy Suites Orlando Airport |
174 |
x |
x |
|||
Embassy Suites Philadelphia Airport |
263 |
x |
||||
Embassy Suites Santa Clara Silicon Valley |
257 |
x |
||||
Embassy Suites Walnut Creek |
249 |
x |
x |
x |
||
Hampton Inn Parsippany |
152 |
x |
x |
|||
Hampton Inn Pittsburgh Meadow Lands |
103 |
x |
||||
Hampton Inn Suites Columbus Easton |
145 |
x |
||||
Hilton Boston Back Bay |
390 |
x |
x |
|||
Hilton Garden Inn Jacksonville |
119 |
x |
x |
|||
Hilton Garden Inn Wisconsin Dells |
128 |
x |
||||
Hilton Tampa Westshore |
238 |
x |
x |
x |
||
Homewood Suites Pittsburgh Southpointe |
148 |
x |
x |
|||
Hyatt Regency Savannah |
351 |
x |
x |
|||
Le Meridien Chambers Minneapolis |
60 |
x |
||||
Le Pavillon Hotel |
226 |
x |
x |
|||
Marriott Crystal Gateway |
698 |
x |
x |
x |
x |
|
Marriott DFW Airport |
491 |
x |
||||
Marriott Omaha |
300 |
x |
x |
x |
x |
|
Marriott RTP |
225 |
x |
x |
x |
||
Marriott San Antonio Plaza |
251 |
x |
||||
Marriott Suites Market Center |
265 |
x |
x |
x |
||
Renaissance Nashville |
673 |
x |
x |
|||
Renaissance Palm Springs |
410 |
x |
x |
|||
Residence Inn Jacksonville |
120 |
x |
||||
Residence Inn Lake Buena Vista |
210 |
x |
||||
Residence Inn Orlando Sea World |
350 |
x |
x |
|||
Residence Inn Stillwater |
101 |
x |
x |
|||
Residence Inn Tampa Downtown |
109 |
x |
x |
|||
Ritz Carlton Atlanta |
444 |
x |
||||
Sheraton Anchorage |
370 |
x |
||||
Sheraton City Center - Indianapolis |
378 |
x |
x |
|||
SpringHill Suites Centreville |
136 |
x |
||||
SpringHill Suites Kennesaw |
90 |
x |
x |
(a) |
Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table. |
Exhibit 1 |
|||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||
(in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
2017 |
2017 |
2016 |
2016 |
June 30, 2017 |
|||||||||||||||
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
TTM |
|||||||||||||||
Net income (loss) |
$ |
89,279 |
$ |
45,102 |
$ |
31,581 |
$ |
55,743 |
$ |
221,705 |
|||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(42) |
2 |
(32) |
(45) |
(117) |
||||||||||||||
Net income (loss) attributable to the Company |
89,237 |
45,104 |
31,549 |
55,698 |
221,588 |
||||||||||||||
Non-property adjustments |
(14,092) |
83 |
5,650 |
3,591 |
(4,768) |
||||||||||||||
Interest income |
(38) |
(32) |
(23) |
(11) |
(104) |
||||||||||||||
Interest expense |
572 |
482 |
484 |
479 |
2,017 |
||||||||||||||
Amortization of loan costs |
54 |
126 |
124 |
121 |
425 |
||||||||||||||
Depreciation and amortization |
60,383 |
62,509 |
61,294 |
60,020 |
244,206 |
||||||||||||||
Income tax expense (benefit) |
6 |
17 |
25 |
15 |
63 |
||||||||||||||
Non-hotel EBITDA ownership expense |
2,313 |
5,186 |
4,345 |
2,017 |
13,861 |
||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
42 |
(2) |
32 |
45 |
117 |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
138,477 |
113,473 |
103,480 |
121,975 |
477,405 |
||||||||||||||
Non-comparable adjustments |
(1,315) |
(1,334) |
(2,458) |
(3,892) |
(8,999) |
||||||||||||||
Comparable hotel EBITDA |
$ |
137,162 |
$ |
112,139 |
$ |
101,022 |
$ |
118,083 |
$ |
468,406 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three Months Ended June 30, 2017 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
82,334 |
$ |
6,945 |
$ |
89,279 |
$ |
545 |
$ |
(79,396) |
$ |
10,428 |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(42) |
— |
(42) |
— |
29 |
(13) |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(231) |
(231) |
|||||||||||||||||
Net income (loss) attributable to the Company |
82,292 |
6,945 |
89,237 |
545 |
(79,598) |
10,184 |
|||||||||||||||||
Non-property adjustments |
(14,092) |
— |
(14,092) |
— |
14,092 |
— |
|||||||||||||||||
Interest income |
(38) |
— |
(38) |
— |
(508) |
(546) |
|||||||||||||||||
Interest expense |
572 |
— |
572 |
— |
51,359 |
51,931 |
|||||||||||||||||
Amortization of loan cost |
54 |
— |
54 |
— |
2,971 |
3,025 |
|||||||||||||||||
Depreciation and amortization |
50,965 |
9,418 |
60,383 |
117 |
47 |
60,547 |
|||||||||||||||||
Income tax expense (benefit) |
6 |
— |
6 |
— |
1,598 |
1,604 |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
2,260 |
53 |
2,313 |
(18) |
(2,295) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
42 |
— |
42 |
— |
(42) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
122,061 |
16,416 |
138,477 |
644 |
(12,376) |
126,745 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(62) |
— |
(62) |
— |
(26) |
(88) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(42) |
— |
(42) |
— |
42 |
— |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
231 |
231 |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
2,138 |
2,138 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
720 |
720 |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
(124) |
(124) |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
121,957 |
$ |
16,416 |
$ |
138,373 |
$ |
644 |
$ |
(9,395) |
$ |
129,622 |
|||||||||||
Non-comparable adjustments |
(1,315) |
— |
(1,315) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
120,746 |
$ |
16,416 |
$ |
137,162 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three Months Ended March 31, 2017 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
41,894 |
$ |
3,208 |
$ |
45,102 |
$ |
409 |
$ |
(77,448) |
$ |
(31,937) |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
2 |
— |
2 |
— |
29 |
31 |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
6,493 |
6,493 |
|||||||||||||||||
Net income (loss) attributable to the Company |
41,896 |
3,208 |
45,104 |
409 |
(70,926) |
(25,413) |
|||||||||||||||||
Non-property adjustments |
83 |
— |
83 |
— |
(83) |
— |
|||||||||||||||||
Interest income |
(32) |
— |
(32) |
— |
(176) |
(208) |
|||||||||||||||||
Interest expense |
482 |
— |
482 |
— |
49,477 |
49,959 |
|||||||||||||||||
Amortization of loan cost |
126 |
— |
126 |
— |
5,220 |
5,346 |
|||||||||||||||||
Depreciation and amortization |
52,719 |
9,790 |
62,509 |
113 |
2,076 |
64,698 |
|||||||||||||||||
Income tax expense (benefit) |
17 |
— |
17 |
— |
(865) |
(848) |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
5,181 |
5 |
5,186 |
5 |
(5,191) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
(2) |
— |
(2) |
— |
2 |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
100,470 |
13,003 |
113,473 |
527 |
(20,466) |
93,534 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(65) |
— |
(65) |
— |
(27) |
(92) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
2 |
— |
2 |
— |
(2) |
— |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(6,493) |
(6,493) |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
815 |
815 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
(384) |
(384) |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
(124) |
(124) |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
100,407 |
$ |
13,003 |
$ |
113,410 |
$ |
527 |
$ |
(26,681) |
$ |
87,256 |
|||||||||||
Non-comparable adjustments |
(1,334) |
— |
(1,334) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
99,136 |
$ |
13,003 |
$ |
112,139 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three Months Ended December 31, 2016 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
28,846 |
$ |
2,735 |
$ |
31,581 |
$ |
162 |
$ |
(88,383) |
$ |
(56,640) |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(32) |
— |
(32) |
— |
30 |
(2) |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
9,738 |
9,738 |
|||||||||||||||||
Net income (loss) attributable to the Company |
28,814 |
2,735 |
31,549 |
162 |
(78,615) |
(46,904) |
|||||||||||||||||
Non-property adjustments |
5,745 |
(95) |
5,650 |
— |
(5,650) |
— |
|||||||||||||||||
Interest income |
(23) |
— |
(23) |
— |
(79) |
(102) |
|||||||||||||||||
Interest expense |
484 |
— |
484 |
— |
49,219 |
49,703 |
|||||||||||||||||
Amortization of loan cost |
124 |
— |
124 |
— |
5,973 |
6,097 |
|||||||||||||||||
Depreciation and amortization |
52,113 |
9,181 |
61,294 |
109 |
49 |
61,452 |
|||||||||||||||||
Income tax expense (benefit) |
(49) |
74 |
25 |
— |
291 |
316 |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
4,187 |
158 |
4,345 |
(7) |
(4,338) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
32 |
— |
32 |
— |
(32) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
91,427 |
12,053 |
103,480 |
264 |
(33,182) |
70,562 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(47) |
— |
(47) |
— |
(43) |
(90) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(32) |
— |
(32) |
— |
32 |
— |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(9,738) |
(9,738) |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
(107) |
(107) |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
387 |
387 |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
(109) |
(109) |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
91,348 |
$ |
12,053 |
$ |
103,401 |
$ |
264 |
$ |
(42,760) |
$ |
60,905 |
|||||||||||
Non-comparable adjustments |
(2,458) |
— |
(2,458) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
88,969 |
$ |
12,053 |
$ |
101,022 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three Months Ended September 30, 2016 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
51,461 |
$ |
4,282 |
$ |
55,743 |
$ |
241 |
$ |
(81,122) |
$ |
(25,138) |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(45) |
— |
(45) |
— |
29 |
(16) |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
4,151 |
4,151 |
|||||||||||||||||
Net income (loss) attributable to the Company |
51,416 |
4,282 |
55,698 |
241 |
(76,942) |
(21,003) |
|||||||||||||||||
Non-property adjustments |
3,591 |
— |
3,591 |
— |
(3,591) |
— |
|||||||||||||||||
Interest income |
(11) |
— |
(11) |
— |
(81) |
(92) |
|||||||||||||||||
Interest expense |
479 |
— |
479 |
— |
49,634 |
50,113 |
|||||||||||||||||
Amortization of loan cost |
121 |
— |
121 |
— |
5,528 |
5,649 |
|||||||||||||||||
Depreciation and amortization |
52,051 |
7,969 |
60,020 |
101 |
49 |
60,170 |
|||||||||||||||||
Income tax expense (benefit) |
15 |
— |
15 |
— |
(31) |
(16) |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
1,888 |
129 |
2,017 |
51 |
(2,068) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
45 |
— |
45 |
— |
(45) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
109,595 |
12,380 |
121,975 |
393 |
(27,547) |
94,821 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(69) |
— |
(69) |
— |
(23) |
(92) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(45) |
— |
(45) |
— |
45 |
— |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(4,151) |
(4,151) |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
85 |
85 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
165 |
165 |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
109,481 |
$ |
12,380 |
$ |
121,861 |
$ |
393 |
$ |
(31,426) |
$ |
90,828 |
|||||||||||
Non-comparable adjustments |
(3,892) |
(3,892) |
|||||||||||||||||||||
Comparable hotel EBITDA |
$ |
105,703 |
$ |
12,380 |
$ |
118,083 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three Months Ended June 30, 2016 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
95,277 |
$ |
11,182 |
$ |
106,459 |
$ |
383 |
$ |
(71,707) |
$ |
35,135 |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(35) |
— |
(35) |
— |
29 |
(6) |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(4,376) |
(4,376) |
|||||||||||||||||
Net income (loss) attributable to the Company |
95,242 |
11,182 |
106,424 |
383 |
(76,054) |
30,753 |
|||||||||||||||||
Non-property adjustments |
(23,094) |
— |
(23,094) |
— |
23,094 |
— |
|||||||||||||||||
Interest income |
(12) |
— |
(12) |
— |
(62) |
(74) |
|||||||||||||||||
Interest expense |
469 |
— |
469 |
— |
49,820 |
50,289 |
|||||||||||||||||
Amortization of loan cost |
119 |
— |
119 |
— |
6,054 |
6,173 |
|||||||||||||||||
Depreciation and amortization |
52,547 |
7,375 |
59,922 |
109 |
48 |
60,079 |
|||||||||||||||||
Income tax expense (benefit) |
19 |
— |
19 |
— |
584 |
603 |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
1,518 |
(97) |
1,421 |
2 |
(1,423) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
35 |
— |
35 |
— |
(35) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
126,843 |
18,460 |
145,303 |
494 |
2,026 |
147,823 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(65) |
— |
(65) |
— |
(28) |
(93) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(35) |
— |
(35) |
— |
39 |
4 |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
4,376 |
4,376 |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
355 |
355 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
(487) |
(487) |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
126,743 |
$ |
18,460 |
$ |
145,203 |
$ |
494 |
$ |
6,281 |
$ |
151,978 |
|||||||||||
Non-comparable adjustments |
(7,358) |
3 |
(7,355) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
119,485 |
$ |
18,463 |
$ |
137,948 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Six Months Ended June 30, 2017 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
124,228 |
$ |
10,153 |
$ |
134,381 |
$ |
954 |
$ |
(156,844) |
$ |
(21,509) |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(40) |
— |
(40) |
— |
58 |
18 |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
6,262 |
6,262 |
|||||||||||||||||
Net income (loss) attributable to the Company |
124,188 |
10,153 |
134,341 |
954 |
(150,524) |
(15,229) |
|||||||||||||||||
Non-property adjustments |
(14,009) |
— |
(14,009) |
— |
14,009 |
— |
|||||||||||||||||
Interest income |
(70) |
— |
(70) |
— |
(684) |
(754) |
|||||||||||||||||
Interest expense |
1,054 |
— |
1,054 |
— |
100,836 |
101,890 |
|||||||||||||||||
Amortization of loan cost |
180 |
— |
180 |
— |
8,191 |
8,371 |
|||||||||||||||||
Depreciation and amortization |
103,684 |
19,208 |
122,892 |
230 |
2,123 |
125,245 |
|||||||||||||||||
Income tax expense (benefit) |
23 |
— |
23 |
— |
733 |
756 |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
7,441 |
58 |
7,499 |
(13) |
(7,486) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
40 |
— |
40 |
— |
(40) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
222,531 |
29,419 |
251,950 |
1,171 |
(32,842) |
220,279 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(127) |
— |
(127) |
— |
(53) |
(180) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(40) |
— |
(40) |
— |
40 |
— |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(6,262) |
(6,262) |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
2,953 |
2,953 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
336 |
336 |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
(248) |
(248) |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
222,364 |
$ |
29,419 |
$ |
251,783 |
$ |
1,171 |
$ |
(36,076) |
$ |
216,878 |
|||||||||||
Non-comparable adjustments |
(2,649) |
— |
(2,649) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
219,882 |
$ |
29,419 |
$ |
249,301 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Six Months Ended June 30, 2016 |
|||||||||||||||||||||||
Hotel Properties Not Under Renovation |
Hotel Properties Under Renovation |
Hotel Total |
Orlando WorldQuest Resort |
Corporate / Allocated |
Ashford Hospitality Trust, Inc. |
||||||||||||||||||
Net income (loss) |
$ |
141,417 |
$ |
18,058 |
$ |
159,475 |
$ |
830 |
$ |
(137,309) |
$ |
22,996 |
|||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(26) |
— |
(26) |
— |
58 |
32 |
|||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
(2,264) |
(2,264) |
|||||||||||||||||
Net income (loss) attributable to the Company |
141,391 |
18,058 |
159,449 |
830 |
(139,515) |
20,764 |
|||||||||||||||||
Non-property adjustments |
(23,094) |
114 |
(22,980) |
— |
22,980 |
— |
|||||||||||||||||
Interest income |
(22) |
(1) |
(23) |
— |
(114) |
(137) |
|||||||||||||||||
Interest expense |
936 |
— |
936 |
— |
99,118 |
100,054 |
|||||||||||||||||
Amortization of loan cost |
237 |
— |
237 |
— |
12,114 |
12,351 |
|||||||||||||||||
Depreciation and amortization |
106,940 |
14,958 |
121,898 |
244 |
99 |
122,241 |
|||||||||||||||||
Income tax expense (benefit) |
45 |
— |
45 |
— |
1,187 |
1,232 |
|||||||||||||||||
Non-hotel EBITDA ownership expense |
3,142 |
(331) |
2,811 |
1 |
(2,812) |
— |
|||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
26 |
— |
26 |
— |
(26) |
— |
|||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
229,601 |
32,798 |
262,399 |
1,075 |
(6,969) |
256,505 |
|||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest |
(130) |
— |
(130) |
— |
(58) |
(188) |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(26) |
— |
(26) |
— |
34 |
8 |
|||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
2,264 |
2,264 |
|||||||||||||||||
Equity in (earnings) loss of unconsolidated entities |
— |
— |
— |
— |
874 |
874 |
|||||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
— |
— |
— |
— |
(372) |
(372) |
|||||||||||||||||
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
229,445 |
$ |
32,798 |
$ |
262,243 |
$ |
1,075 |
$ |
(4,227) |
$ |
259,091 |
|||||||||||
Non-comparable adjustments |
(16,664) |
3 |
(16,661) |
||||||||||||||||||||
Comparable hotel EBITDA |
$ |
212,937 |
$ |
32,801 |
$ |
245,738 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
Excluded Hotels Under Renovation: |
Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater |
Exhibit 1 |
|||||||||||||||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2017 |
|||||||||||||||||||||||||||||||||||
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) |
$ |
17,824 |
$ |
6,274 |
$ |
3,000 |
$ |
1,396 |
$ |
4,302 |
$ |
801 |
$ |
2,147 |
$ |
6,476 |
$ |
5,437 |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
17,824 |
6,274 |
3,000 |
1,396 |
4,302 |
801 |
2,147 |
6,476 |
5,437 |
||||||||||||||||||||||||||
Non-property adjustments |
(14,093) |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Interest income |
(12) |
— |
(1) |
— |
(1) |
— |
(7) |
— |
(2) |
||||||||||||||||||||||||||
Interest expense |
67 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Amortization of loan costs |
12 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Depreciation and amortization |
3,779 |
3,521 |
3,099 |
1,779 |
4,238 |
1,725 |
2,425 |
1,444 |
3,992 |
||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
156 |
(45) |
678 |
89 |
106 |
365 |
15 |
25 |
365 |
||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
7,733 |
9,750 |
6,776 |
3,264 |
8,645 |
2,891 |
4,580 |
7,945 |
9,792 |
||||||||||||||||||||||||||
Non-comparable adjustments |
(1,160) |
— |
— |
— |
(9) |
— |
— |
— |
(1) |
||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
6,573 |
$ |
9,750 |
$ |
6,776 |
$ |
3,264 |
$ |
8,636 |
$ |
2,891 |
$ |
4,580 |
$ |
7,945 |
$ |
9,791 |
|||||||||||||||||
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) |
$ |
1,260 |
$ |
1,237 |
$ |
1,026 |
$ |
7,000 |
$ |
1,428 |
$ |
10,317 |
$ |
19,354 |
$ |
89,279 |
|||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
(42) |
(42) |
|||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
1,260 |
1,237 |
1,026 |
7,000 |
1,428 |
10,317 |
19,312 |
89,237 |
|||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
1 |
(14,092) |
|||||||||||||||||||||||||||
Interest income |
(1) |
— |
— |
(5) |
— |
(5) |
(4) |
(38) |
|||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
505 |
572 |
|||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
42 |
54 |
|||||||||||||||||||||||||||
Depreciation and amortization |
1,466 |
1,432 |
999 |
2,340 |
1,370 |
6,243 |
20,531 |
60,383 |
|||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
6 |
6 |
|||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
10 |
22 |
32 |
68 |
(47) |
(333) |
807 |
2,313 |
|||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
42 |
42 |
|||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,735 |
2,691 |
2,057 |
9,403 |
2,751 |
16,222 |
41,242 |
138,477 |
|||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
(145) |
(1,315) |
|||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
2,735 |
$ |
2,691 |
$ |
2,057 |
$ |
9,403 |
$ |
2,751 |
$ |
16,222 |
$ |
41,097 |
$ |
137,162 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2016 |
|||||||||||||||||||||||||||||||||||
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) |
$ |
8,768 |
$ |
5,337 |
$ |
4,281 |
$ |
1,477 |
$ |
4,158 |
$ |
1,302 |
$ |
2,347 |
$ |
5,785 |
$ |
11,361 |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
8,768 |
5,337 |
4,281 |
1,477 |
4,158 |
1,302 |
2,347 |
5,785 |
11,361 |
||||||||||||||||||||||||||
Non-property adjustments |
(4,015) |
— |
— |
— |
— |
— |
— |
— |
(5,482) |
||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
— |
— |
(1) |
— |
(2) |
||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Depreciation and amortization |
3,636 |
3,403 |
2,641 |
1,730 |
4,740 |
1,380 |
2,443 |
2,312 |
4,345 |
||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
168 |
29 |
42 |
65 |
(34) |
289 |
9 |
5 |
106 |
||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
8,557 |
8,769 |
6,964 |
3,272 |
8,864 |
2,971 |
4,798 |
8,102 |
10,328 |
||||||||||||||||||||||||||
Non-comparable adjustments |
(1,960) |
— |
(33) |
— |
(1,021) |
— |
— |
— |
(441) |
||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
6,597 |
$ |
8,769 |
$ |
6,931 |
$ |
3,272 |
$ |
7,843 |
$ |
2,971 |
$ |
4,798 |
$ |
8,102 |
$ |
9,887 |
|||||||||||||||||
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) |
$ |
15,726 |
$ |
1,386 |
$ |
997 |
$ |
6,723 |
$ |
1,823 |
$ |
12,522 |
$ |
22,466 |
$ |
106,459 |
|||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
(35) |
(35) |
|||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
15,726 |
1,386 |
997 |
6,723 |
1,823 |
12,522 |
22,431 |
106,424 |
|||||||||||||||||||||||||||
Non-property adjustments |
(13,597) |
— |
— |
— |
— |
— |
— |
(23,094) |
|||||||||||||||||||||||||||
Interest income |
(2) |
— |
— |
(2) |
— |
(3) |
(2) |
(12) |
|||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
469 |
469 |
|||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
119 |
119 |
|||||||||||||||||||||||||||
Depreciation and amortization |
1,205 |
1,372 |
1,051 |
2,507 |
1,066 |
5,188 |
20,903 |
59,922 |
|||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
19 |
19 |
|||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
260 |
9 |
3 |
13 |
36 |
(232) |
653 |
1,421 |
|||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
35 |
35 |
|||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
3,592 |
2,767 |
2,051 |
9,241 |
2,925 |
17,475 |
44,627 |
145,303 |
|||||||||||||||||||||||||||
Non-comparable adjustments |
(1,301) |
— |
— |
— |
— |
(470) |
(2,129) |
(7,355) |
|||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
2,291 |
$ |
2,767 |
$ |
2,051 |
$ |
9,241 |
$ |
2,925 |
$ |
17,005 |
$ |
42,498 |
$ |
137,948 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2017 |
|||||||||||||||||||||||||||||||||||
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) |
$ |
22,178 |
$ |
5,244 |
$ |
6,897 |
$ |
3,034 |
$ |
9,941 |
$ |
(279) |
$ |
1,755 |
$ |
10,955 |
$ |
6,750 |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
22,178 |
5,244 |
6,897 |
3,034 |
9,941 |
(279) |
1,755 |
10,955 |
6,750 |
||||||||||||||||||||||||||
Non-property adjustments |
(14,093) |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Interest income |
(12) |
— |
(2) |
— |
(2) |
— |
(24) |
— |
(4) |
||||||||||||||||||||||||||
Interest expense |
67 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Amortization of loan costs |
12 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Depreciation and amortization |
7,603 |
6,861 |
6,147 |
3,588 |
8,477 |
3,475 |
5,104 |
3,651 |
8,429 |
||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
217 |
(9) |
741 |
70 |
117 |
4,471 |
42 |
35 |
378 |
||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
15,972 |
12,096 |
13,783 |
6,692 |
18,533 |
7,667 |
6,877 |
14,641 |
15,553 |
||||||||||||||||||||||||||
Non-comparable adjustments |
(2,550) |
— |
(33) |
— |
(23) |
— |
— |
— |
1 |
||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
13,422 |
$ |
12,096 |
$ |
13,750 |
$ |
6,692 |
$ |
18,510 |
$ |
7,667 |
$ |
6,877 |
$ |
14,641 |
$ |
15,554 |
|||||||||||||||||
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) |
$ |
3,410 |
$ |
777 |
$ |
1,513 |
$ |
12,758 |
$ |
5,184 |
$ |
14,936 |
$ |
29,328 |
$ |
134,381 |
|||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
(40) |
(40) |
|||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
3,410 |
777 |
1,513 |
12,758 |
5,184 |
14,936 |
29,288 |
134,341 |
|||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
84 |
(14,009) |
|||||||||||||||||||||||||||
Interest income |
(3) |
— |
— |
(9) |
— |
(8) |
(6) |
(70) |
|||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
987 |
1,054 |
|||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
168 |
180 |
|||||||||||||||||||||||||||
Depreciation and amortization |
2,875 |
2,816 |
2,027 |
4,591 |
2,713 |
12,368 |
42,167 |
122,892 |
|||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
23 |
23 |
|||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
12 |
71 |
36 |
106 |
(45) |
(513) |
1,770 |
7,499 |
|||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
40 |
40 |
|||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,294 |
3,664 |
3,576 |
17,446 |
7,852 |
26,783 |
74,521 |
251,950 |
|||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
(2) |
(42) |
(2,649) |
|||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
6,294 |
$ |
3,664 |
$ |
3,576 |
$ |
17,446 |
$ |
7,852 |
$ |
26,781 |
$ |
74,479 |
$ |
249,301 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2016 |
|||||||||||||||||||||||||||||||||||
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) |
$ |
12,950 |
$ |
4,475 |
$ |
8,695 |
$ |
3,027 |
$ |
10,642 |
$ |
5,183 |
$ |
2,275 |
$ |
9,036 |
$ |
12,134 |
|||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
12,950 |
4,475 |
8,695 |
3,027 |
10,642 |
5,183 |
2,275 |
9,036 |
12,134 |
||||||||||||||||||||||||||
Non-property adjustments |
(4,015) |
— |
— |
— |
— |
— |
— |
— |
(5,482) |
||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
— |
— |
(1) |
— |
(4) |
||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Depreciation and amortization |
7,484 |
6,515 |
5,663 |
3,466 |
9,625 |
2,709 |
4,868 |
4,555 |
9,044 |
||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
290 |
170 |
51 |
67 |
(49) |
339 |
24 |
(1) |
187 |
||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
16,709 |
11,160 |
14,409 |
6,560 |
20,218 |
8,231 |
7,166 |
13,590 |
15,879 |
||||||||||||||||||||||||||
Non-comparable adjustments |
(3,680) |
— |
(66) |
— |
(2,813) |
— |
— |
— |
(759) |
||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
13,029 |
$ |
11,160 |
$ |
14,343 |
$ |
6,560 |
$ |
17,405 |
$ |
8,231 |
$ |
7,166 |
$ |
13,590 |
$ |
15,120 |
|||||||||||||||||
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) |
$ |
21,197 |
$ |
1,160 |
$ |
1,585 |
$ |
12,185 |
$ |
4,962 |
$ |
16,252 |
$ |
33,717 |
$ |
159,475 |
|||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
(26) |
(26) |
|||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
21,197 |
1,160 |
1,585 |
12,185 |
4,962 |
16,252 |
33,691 |
159,449 |
|||||||||||||||||||||||||||
Non-property adjustments |
(13,597) |
— |
— |
— |
— |
— |
114 |
(22,980) |
|||||||||||||||||||||||||||
Interest income |
(4) |
— |
— |
(3) |
— |
(7) |
(4) |
(23) |
|||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
936 |
936 |
|||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
237 |
237 |
|||||||||||||||||||||||||||
Depreciation and amortization |
3,508 |
2,698 |
2,100 |
4,962 |
2,431 |
10,348 |
41,922 |
121,898 |
|||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
45 |
45 |
|||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
341 |
12 |
25 |
157 |
87 |
(472) |
1,583 |
2,811 |
|||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
26 |
26 |
|||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
11,445 |
3,870 |
3,710 |
17,301 |
7,480 |
26,121 |
78,550 |
262,399 |
|||||||||||||||||||||||||||
Non-comparable adjustments |
(5,624) |
— |
— |
— |
— |
(485) |
(3,234) |
(16,661) |
|||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
5,821 |
$ |
3,870 |
$ |
3,710 |
$ |
17,301 |
$ |
7,480 |
$ |
25,636 |
$ |
75,316 |
$ |
245,738 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2017 |
|||||||||||||||||||||||||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
Morgan Stanley MIP - 5 hotels |
Cantor Commercial Real Estate - 1 hotel |
Column Financial - 22 hotels |
JPM Lakeway - 1 hotel |
BAML Le Pavillon - 1 hotel |
BAML Indigo Atlanta - 1 hotel |
Morgan Stanley - 8 hotels |
Morgan Stanley Ann Arbor - 1 hotel |
BAML W Atlanta - 1 hotel |
Morgan Stanley Pool A - 6 hotels |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
25,201 |
$ |
9,729 |
$ |
(322) |
$ |
52,834 |
$ |
588 |
$ |
(1,400) |
$ |
746 |
$ |
(40) |
$ |
1,910 |
$ |
2,169 |
$ |
13,208 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
25,201 |
9,729 |
(322) |
52,834 |
588 |
(1,400) |
746 |
(40) |
1,910 |
2,169 |
13,208 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
(225) |
— |
— |
(4,962) |
— |
— |
— |
— |
— |
— |
4,136 |
||||||||||||||||||||||||||||||||
Interest income |
(34) |
(12) |
— |
(12) |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
1 |
— |
1,912 |
— |
— |
— |
67 |
37 |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
413 |
— |
— |
— |
12 |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
20,996 |
13,000 |
1,884 |
63,463 |
2,438 |
3,186 |
1,438 |
11,183 |
1,855 |
2,981 |
18,429 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
547 |
306 |
56 |
3,269 |
232 |
448 |
34 |
332 |
21 |
34 |
1,845 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
46,486 |
23,023 |
3,943 |
114,592 |
3,258 |
2,234 |
2,297 |
11,512 |
3,786 |
5,184 |
37,618 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
(6,894) |
— |
— |
— |
— |
— |
— |
(1,224) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
46,486 |
$ |
23,023 |
$ |
3,943 |
$ |
107,698 |
$ |
3,258 |
$ |
2,234 |
$ |
2,297 |
$ |
11,512 |
$ |
3,786 |
$ |
5,184 |
$ |
36,394 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
BAML Pool - 17 hotels |
Morgan Stanley Boston Back Bay - 1 hotel |
Aareal Princeton/ Nashville - 2 hotels |
NorthStar HGI Wisconsin Dells - 1 hotel |
JP Morgan - 18 hotels |
Omni American Bank - 1 hotel |
GACC Gateway - 1 hotel |
Deutsche Bank W Minneapolis - 1 hotel |
GACC Jacksonville RI - 1 hotel |
GACC Manchester RI - 1 hotel |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
(1,968) |
$ |
17,975 |
$ |
9,483 |
$ |
19,782 |
$ |
542 |
$ |
35,706 |
$ |
593 |
$ |
7,012 |
$ |
3,470 |
$ |
863 |
$ |
520 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(75) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
(1,968) |
17,975 |
9,483 |
19,782 |
542 |
35,706 |
593 |
7,012 |
3,470 |
863 |
445 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
5,262 |
(135) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
— |
(8) |
— |
— |
— |
(14) |
— |
— |
(18) |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
4,323 |
26,656 |
5,353 |
10,371 |
881 |
27,161 |
478 |
8,882 |
3,343 |
846 |
912 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
104 |
— |
— |
— |
— |
(36) |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
190 |
6,293 |
288 |
153 |
30 |
471 |
14 |
(1,140) |
11 |
99 |
10 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
75 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
7,807 |
50,781 |
15,124 |
30,306 |
1,453 |
63,428 |
1,085 |
14,754 |
6,806 |
1,808 |
1,406 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
(442) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
7,365 |
$ |
50,781 |
$ |
15,124 |
$ |
30,306 |
$ |
1,453 |
$ |
63,428 |
$ |
1,085 |
$ |
14,754 |
$ |
6,806 |
$ |
1,808 |
$ |
1,406 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
Morgan Stanley Pool C1 - 3 hotels |
Morgan Stanley Pool C2 - 2 hotels |
Morgan Stanley Pool C3 - 3 hotels |
BAML Pool 3 - 3 hotels |
BAML Pool 5 - 2 hotels |
BAML Pool 4 - 2 hotels |
NorthStar Gainesville - 1 hotel |
Wachovia 5 -5 hotels |
Unencumbered hotels |
Total Portfolio |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
325 |
$ |
4,086 |
$ |
1,713 |
$ |
2,182 |
$ |
4,685 |
$ |
2,078 |
$ |
7,705 |
$ |
1,802 |
$ |
(197) |
$ |
(1,275) |
$ |
221,705 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(42) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(117) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
283 |
4,086 |
1,713 |
2,182 |
4,685 |
2,078 |
7,705 |
1,802 |
(197) |
(1,275) |
221,588 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
(7,506) |
(1,590) |
256 |
(4) |
(4,768) |
||||||||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
(4) |
— |
— |
— |
— |
(2) |
(104) |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,017 |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
425 |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
666 |
3,639 |
472 |
1,348 |
4,053 |
735 |
— |
61 |
— |
3,173 |
244,206 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(5) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
63 |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
10 |
84 |
27 |
39 |
29 |
19 |
(16) |
7 |
(83) |
202 |
13,861 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
42 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
117 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
996 |
7,809 |
2,212 |
3,569 |
8,763 |
2,832 |
183 |
280 |
(24) |
2,094 |
477,405 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
(183) |
(280) |
24 |
— |
(8,999) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
996 |
$ |
7,809 |
$ |
2,212 |
$ |
3,569 |
$ |
8,763 |
$ |
2,832 |
$ |
— |
$ |
— |
$ |
— |
$ |
2,094 |
$ |
468,406 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2017 |
|||||||||||||||||||||||||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
Morgan Stanley MIP - 5 hotels |
Cantor Commercial Real Estate - 1 hotel |
Column Financial - 22 hotels |
JPM Lakeway - 1 hotel |
BAML Le Pavillon - 1 hotel |
BAML Indigo Atlanta - 1 hotel |
Morgan Stanley - 8 hotels |
Morgan Stanley Ann Arbor - 1 hotel |
BAML W Atlanta - 1 hotel |
Morgan Stanley Pool A - 6 hotels |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
6,809 |
$ |
3,598 |
$ |
448 |
$ |
31,227 |
$ |
220 |
$ |
(355) |
$ |
28 |
$ |
356 |
$ |
710 |
$ |
522 |
$ |
6,540 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
6,809 |
3,598 |
448 |
31,227 |
220 |
(355) |
28 |
356 |
710 |
522 |
6,540 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
(14,093) |
— |
— |
— |
— |
— |
— |
1 |
||||||||||||||||||||||||||||||||
Interest income |
(14) |
(1) |
— |
(12) |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
502 |
— |
— |
— |
67 |
3 |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
42 |
— |
— |
— |
12 |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
5,224 |
3,400 |
478 |
14,890 |
627 |
821 |
368 |
2,914 |
444 |
757 |
4,474 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
221 |
51 |
45 |
1,130 |
164 |
166 |
4 |
74 |
5 |
5 |
— |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
12,240 |
7,048 |
1,515 |
33,142 |
1,011 |
632 |
479 |
3,347 |
1,159 |
1,284 |
11,015 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
(1,180) |
— |
— |
— |
— |
— |
— |
(132) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
12,240 |
$ |
7,048 |
$ |
1,515 |
$ |
31,962 |
$ |
1,011 |
$ |
632 |
$ |
479 |
$ |
3,347 |
$ |
1,159 |
$ |
1,284 |
$ |
10,883 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
BAML Pool - 17 hotels |
Morgan Stanley Boston Back Bay - 1 hotel |
Aareal Princeton/ Nashville - 2 hotels |
NorthStar HGI Wisconsin Dells - 1 hotel |
JP Morgan - 18 hotels |
Omni American Bank - 1 hotel |
GACC Gateway - 1 hotel |
Deutsche Bank W Minneapolis - 1 hotel |
GACC Jacksonville RI - 1 hotel |
GACC Manchester RI - 1 hotel |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
1,093 |
$ |
7,084 |
$ |
3,935 |
$ |
7,412 |
$ |
85 |
$ |
10,550 |
$ |
183 |
$ |
2,954 |
$ |
1,055 |
$ |
323 |
$ |
147 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(21) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
1,093 |
7,084 |
3,935 |
7,412 |
85 |
10,550 |
183 |
2,954 |
1,055 |
323 |
126 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
— |
(2) |
— |
— |
— |
(4) |
— |
— |
(4) |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
1,062 |
6,844 |
1,456 |
1,937 |
262 |
6,810 |
127 |
2,481 |
840 |
197 |
233 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
8 |
402 |
4 |
105 |
(13) |
92 |
3 |
(326) |
3 |
4 |
3 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
21 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,163 |
14,328 |
5,395 |
9,454 |
334 |
17,448 |
313 |
5,109 |
1,894 |
524 |
383 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
2,163 |
$ |
14,328 |
$ |
5,395 |
$ |
9,454 |
$ |
334 |
$ |
17,448 |
$ |
313 |
$ |
5,109 |
$ |
1,894 |
$ |
524 |
$ |
383 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
Morgan Stanley Pool C1 - 3 hotels |
Morgan Stanley Pool C2 - 2 hotels |
Morgan Stanley Pool C3 - 3 hotels |
BAML Pool 3 - 3 hotels |
BAML Pool 5 - 2 hotels |
BAML Pool 4 - 2 hotels |
NorthStar Gainesville - 1 hotel |
Wachovia 5 -5 hotels |
Unencumbered hotels |
Total Portfolio |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
147 |
$ |
1,051 |
$ |
498 |
$ |
625 |
$ |
1,317 |
$ |
645 |
$ |
9 |
$ |
(8) |
$ |
2 |
$ |
69 |
$ |
89,279 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(21) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(42) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
126 |
1,051 |
498 |
625 |
1,317 |
645 |
9 |
(8) |
2 |
69 |
89,237 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(14,092) |
||||||||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
(1) |
— |
— |
— |
— |
— |
(38) |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
572 |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
54 |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
158 |
1,064 |
140 |
327 |
1,053 |
146 |
— |
— |
— |
849 |
60,383 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6 |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
3 |
55 |
10 |
10 |
9 |
7 |
— |
— |
— |
69 |
2,313 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
21 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
42 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
314 |
2,170 |
648 |
962 |
2,378 |
798 |
9 |
(8) |
2 |
987 |
138,477 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
(9) |
8 |
(2) |
— |
(1,315) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
314 |
$ |
2,170 |
$ |
648 |
$ |
962 |
$ |
2,378 |
$ |
798 |
$ |
— |
$ |
— |
$ |
— |
$ |
987 |
$ |
137,162 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2017 |
|||||||||||||||||||||||||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
Morgan Stanley MIP - 5 hotels |
Cantor Commercial Real Estate - 1 hotel |
Column Financial - 22 hotels |
JPM Lakeway - 1 hotel |
BAML Le Pavillon - 1 hotel |
BAML Indigo Atlanta - 1 hotel |
Morgan Stanley - 8 hotels |
Morgan Stanley Ann Arbor - 1 hotel |
BAML W Atlanta - 1 hotel |
Morgan Stanley Pool A - 6 hotels |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
6,449 |
$ |
87 |
$ |
(146) |
$ |
10,724 |
$ |
49 |
$ |
(165) |
$ |
304 |
$ |
(749) |
$ |
82 |
$ |
532 |
$ |
4,645 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
6,449 |
87 |
(146) |
10,724 |
49 |
(165) |
304 |
(749) |
82 |
532 |
4,645 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
43 |
— |
— |
— |
— |
— |
— |
40 |
||||||||||||||||||||||||||||||||
Interest income |
(10) |
(11) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
1 |
— |
478 |
— |
— |
— |
— |
3 |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
126 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
5,387 |
3,354 |
473 |
16,294 |
624 |
923 |
364 |
2,872 |
473 |
750 |
4,508 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
37 |
69 |
3 |
154 |
20 |
167 |
10 |
37 |
2 |
14 |
711 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
11,864 |
3,499 |
934 |
27,215 |
693 |
925 |
678 |
2,163 |
557 |
1,296 |
9,904 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
(1,243) |
— |
— |
— |
— |
— |
— |
(76) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
11,864 |
$ |
3,499 |
$ |
934 |
$ |
25,972 |
$ |
693 |
$ |
925 |
$ |
678 |
$ |
2,163 |
$ |
557 |
$ |
1,296 |
$ |
9,828 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
BAML Pool - 17 hotels |
Morgan Stanley Boston Back Bay - 1 hotel |
Aareal Princeton/ Nashville - 2 hotels |
NorthStar HGI Wisconsin Dells - 1 hotel |
JP Morgan - 18 hotels |
Omni American Bank - 1 hotel |
GACC Gateway - 1 hotel |
Deutsche Bank W Minneapolis - 1 hotel |
GACC Jacksonville RI - 1 hotel |
GACC Manchester RI - 1 hotel |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
805 |
$ |
3,974 |
$ |
76 |
$ |
4,614 |
$ |
(96) |
$ |
8,554 |
$ |
135 |
$ |
1,319 |
$ |
(51) |
$ |
282 |
$ |
24 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(3) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
805 |
3,974 |
76 |
4,614 |
(96) |
8,554 |
135 |
1,319 |
(51) |
282 |
21 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
— |
(2) |
— |
— |
— |
(3) |
— |
— |
(3) |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
1,044 |
6,827 |
1,288 |
2,688 |
215 |
6,822 |
123 |
2,458 |
837 |
207 |
231 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
29 |
3,958 |
22 |
21 |
15 |
123 |
1 |
(235) |
1 |
4 |
2 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
1,878 |
14,757 |
1,386 |
7,323 |
134 |
15,496 |
259 |
3,542 |
784 |
493 |
257 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
1,878 |
$ |
14,757 |
$ |
1,386 |
$ |
7,323 |
$ |
134 |
$ |
15,496 |
$ |
259 |
$ |
3,542 |
$ |
784 |
$ |
493 |
$ |
257 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
Morgan Stanley Pool C1 - 3 hotels |
Morgan Stanley Pool C2 - 2 hotels |
Morgan Stanley Pool C3 - 3 hotels |
BAML Pool 3 - 3 hotels |
BAML Pool 5 - 2 hotels |
BAML Pool 4 - 2 hotels |
NorthStar Gainesville - 1 hotel |
Wachovia 5 -5 hotels |
Unencumbered hotels |
Total Portfolio |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
(21) |
$ |
1,496 |
$ |
357 |
$ |
421 |
$ |
1,649 |
$ |
484 |
$ |
14 |
$ |
1 |
$ |
4 |
$ |
(751) |
$ |
45,102 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
5 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2 |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
(16) |
1,496 |
357 |
421 |
1,649 |
484 |
14 |
1 |
4 |
(751) |
45,104 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
83 |
||||||||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
(1) |
— |
— |
— |
— |
(2) |
(32) |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
482 |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
126 |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
168 |
1,057 |
114 |
342 |
1,060 |
159 |
— |
— |
— |
847 |
62,509 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
17 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
17 |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
2 |
2 |
5 |
7 |
7 |
4 |
1 |
1 |
(6) |
(2) |
5,186 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
(5) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2) |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
166 |
2,555 |
476 |
770 |
2,715 |
647 |
15 |
2 |
(2) |
92 |
113,473 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
(15) |
(2) |
2 |
— |
(1,334) |
||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
166 |
$ |
2,555 |
$ |
476 |
$ |
770 |
$ |
2,715 |
$ |
647 |
$ |
— |
$ |
— |
$ |
— |
$ |
92 |
$ |
112,139 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2016 |
|||||||||||||||||||||||||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
Morgan Stanley MIP - 5 hotels |
Cantor Commercial Real Estate - 1 hotel |
Column Financial - 22 hotels |
JPM Lakeway - 1 hotel |
BAML Le Pavillon - 1 hotel |
BAML Indigo Atlanta - 1 hotel |
Morgan Stanley - 8 hotels |
Morgan Stanley Ann Arbor - 1 hotel |
BAML W Atlanta - 1 hotel |
Morgan Stanley Pool A - 6 hotels |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
5,264 |
$ |
1,068 |
$ |
(359) |
$ |
50 |
$ |
(233) |
$ |
(157) |
$ |
167 |
$ |
(363) |
$ |
357 |
$ |
440 |
$ |
(2,552) |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
5,264 |
1,068 |
(359) |
50 |
(233) |
(157) |
167 |
(363) |
357 |
440 |
(2,552) |
||||||||||||||||||||||||||||||||
Non-property adjustments |
(225) |
— |
— |
9,088 |
— |
— |
— |
— |
— |
— |
4,095 |
||||||||||||||||||||||||||||||||
Interest income |
(6) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
469 |
— |
— |
— |
— |
15 |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
124 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
5,219 |
3,196 |
467 |
16,448 |
604 |
760 |
358 |
2,733 |
470 |
749 |
4,763 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
248 |
92 |
3 |
589 |
29 |
113 |
17 |
132 |
2 |
(19) |
1,114 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
10,500 |
4,356 |
704 |
26,175 |
400 |
716 |
542 |
2,517 |
829 |
1,170 |
7,420 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
(2,176) |
(311) |
|||||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
10,500 |
$ |
4,356 |
$ |
704 |
$ |
23,999 |
$ |
400 |
$ |
716 |
$ |
542 |
$ |
2,517 |
$ |
829 |
$ |
1,170 |
$ |
7,109 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
BAML Pool - 17 hotels |
Morgan Stanley Boston Back Bay - 1 hotel |
Aareal Princeton/ Nashville - 2 hotels |
NorthStar HGI Wisconsin Dells - 1 hotel |
JP Morgan - 18 hotels |
Omni American Bank - 1 hotel |
GACC Gateway - 1 hotel |
Deutsche Bank W Minneapolis - 1 hotel |
GACC Jacksonville RI - 1 hotel |
GACC Manchester RI - 1 hotel |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
204 |
$ |
2,375 |
$ |
2,116 |
$ |
3,741 |
$ |
56 |
$ |
7,177 |
$ |
206 |
$ |
1,127 |
$ |
825 |
$ |
176 |
$ |
158 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(23) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
204 |
2,375 |
2,116 |
3,741 |
56 |
7,177 |
206 |
1,127 |
825 |
176 |
135 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
223 |
(135) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
— |
(2) |
— |
— |
— |
(3) |
— |
— |
(11) |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
1,000 |
6,606 |
1,168 |
2,903 |
205 |
6,740 |
115 |
2,111 |
835 |
214 |
225 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
104 |
— |
— |
— |
— |
(36) |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
135 |
1,667 |
148 |
(27) |
(2) |
160 |
1 |
(247) |
4 |
37 |
(23) |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
23 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
1,562 |
10,511 |
3,432 |
6,617 |
259 |
14,178 |
322 |
2,991 |
1,653 |
427 |
324 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
|||||||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
1,562 |
$ |
10,511 |
$ |
3,432 |
$ |
6,617 |
$ |
259 |
$ |
14,178 |
$ |
322 |
$ |
2,991 |
$ |
1,653 |
$ |
427 |
$ |
324 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
Morgan Stanley Pool C1 - 3 hotels |
Morgan Stanley Pool C2 - 2 hotels |
Morgan Stanley Pool C3 - 3 hotels |
BAML Pool 3 - 3 hotels |
BAML Pool 5 - 2 hotels |
BAML Pool 4 - 2 hotels |
NorthStar Gainesville - 1 hotel |
Wachovia 5 -5 hotels |
Unencumbered hotels |
Total Portfolio |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
70 |
$ |
741 |
$ |
272 |
$ |
455 |
$ |
844 |
$ |
487 |
$ |
7,490 |
$ |
(34) |
$ |
(83) |
$ |
(504) |
$ |
31,581 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(9) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(32) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
61 |
741 |
272 |
455 |
844 |
487 |
7,490 |
(34) |
(83) |
(504) |
31,549 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
(7,506) |
32 |
82 |
(4) |
5,650 |
||||||||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
(1) |
— |
— |
— |
— |
— |
(23) |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
484 |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
124 |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
169 |
834 |
109 |
347 |
987 |
192 |
— |
— |
— |
767 |
61,294 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(43) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
25 |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
3 |
17 |
6 |
7 |
7 |
3 |
— |
1 |
(11) |
139 |
4,345 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
9 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
32 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
199 |
1,592 |
387 |
809 |
1,837 |
682 |
(16) |
(1) |
(12) |
398 |
103,480 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
16 |
1 |
12 |
(2,458) |
|||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
199 |
$ |
1,592 |
$ |
387 |
$ |
809 |
$ |
1,837 |
$ |
682 |
$ |
— |
$ |
— |
$ |
— |
$ |
398 |
$ |
101,022 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(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, 2016 |
|||||||||||||||||||||||||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels |
Morgan Stanley MIP - 5 hotels |
Cantor Commercial Real Estate - 1 hotel |
Column Financial - 22 hotels |
JPM Lakeway - 1 hotel |
BAML Le Pavillon - 1 hotel |
BAML Indigo Atlanta - 1 hotel |
Morgan Stanley - 8 hotels |
Morgan Stanley Ann Arbor - 1 hotel |
BAML W Atlanta - 1 hotel |
Morgan Stanley Pool A - 6 hotels |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
6,679 |
$ |
4,976 |
$ |
(265) |
$ |
10,833 |
$ |
552 |
$ |
(723) |
$ |
247 |
$ |
716 |
$ |
761 |
$ |
675 |
$ |
4,575 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
6,679 |
4,976 |
(265) |
10,833 |
552 |
(723) |
247 |
716 |
761 |
675 |
4,575 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
(4) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
463 |
— |
— |
— |
— |
16 |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
121 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
5,166 |
3,050 |
466 |
15,831 |
583 |
682 |
348 |
2,664 |
468 |
725 |
4,684 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
41 |
94 |
5 |
1,396 |
19 |
2 |
3 |
89 |
12 |
34 |
20 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
11,882 |
8,120 |
790 |
28,060 |
1,154 |
(39) |
598 |
3,485 |
1,241 |
1,434 |
9,279 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
(2,295) |
(705) |
|||||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
11,882 |
$ |
8,120 |
$ |
790 |
$ |
25,765 |
$ |
1,154 |
$ |
(39) |
$ |
598 |
$ |
3,485 |
$ |
1,241 |
$ |
1,434 |
$ |
8,574 |
|||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels |
BAML Pool - 17 hotels |
Morgan Stanley Boston Back Bay - 1 hotel |
Aareal Princeton/ Nashville - 2 hotels |
NorthStar HGI Wisconsin Dells - 1 hotel |
JP Morgan - 18 hotels |
Omni American Bank - 1 hotel |
GACC Gateway - 1 hotel |
Deutsche Bank W Minneapolis - 1 hotel |
GACC Jacksonville RI - 1 hotel |
GACC Manchester RI - 1 hotel |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
(4,070) |
$ |
4,542 |
$ |
3,356 |
$ |
4,015 |
$ |
497 |
$ |
9,425 |
$ |
69 |
$ |
1,612 |
$ |
1,641 |
$ |
82 |
$ |
191 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(28) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
(4,070) |
4,542 |
3,356 |
4,015 |
497 |
9,425 |
69 |
1,612 |
1,641 |
82 |
163 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
5,039 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest income |
— |
(2) |
— |
— |
— |
(4) |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
1,217 |
6,379 |
1,441 |
2,843 |
199 |
6,789 |
113 |
1,832 |
831 |
228 |
223 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
18 |
266 |
114 |
54 |
30 |
96 |
9 |
(332) |
3 |
54 |
28 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
28 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,204 |
11,185 |
4,911 |
6,912 |
726 |
16,306 |
191 |
3,112 |
2,475 |
364 |
442 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
(442) |
||||||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
1,762 |
$ |
11,185 |
$ |
4,911 |
$ |
6,912 |
$ |
726 |
$ |
16,306 |
$ |
191 |
$ |
3,112 |
$ |
2,475 |
$ |
364 |
$ |
442 |
|||||||||||||||||||||
Key Bank Manchester CY - 1 hotel |
Morgan Stanley Pool C1 - 3 hotels |
Morgan Stanley Pool C2 - 2 hotels |
Morgan Stanley Pool C3 - 3 hotels |
BAML Pool 3 - 3 hotels |
BAML Pool 5 - 2 hotels |
BAML Pool 4 - 2 hotels |
NorthStar Gainesville - 1 hotel |
Wachovia 5 -5 hotels |
Unencumbered hotels |
Total Portfolio |
|||||||||||||||||||||||||||||||||
Net income (loss) |
$ |
129 |
$ |
798 |
$ |
586 |
$ |
681 |
$ |
875 |
$ |
462 |
$ |
192 |
$ |
1,843 |
$ |
(120) |
$ |
(89) |
$ |
55,743 |
|||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(17) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(45) |
||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company |
112 |
798 |
586 |
681 |
875 |
462 |
192 |
1,843 |
(120) |
(89) |
55,698 |
||||||||||||||||||||||||||||||||
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
(1,622) |
174 |
— |
3,591 |
||||||||||||||||||||||||||||||||
Interest income |
— |
— |
— |
— |
(1) |
— |
— |
— |
— |
— |
(11) |
||||||||||||||||||||||||||||||||
Interest expense |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
479 |
||||||||||||||||||||||||||||||||
Amortization of loan costs |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
121 |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
171 |
684 |
109 |
332 |
953 |
238 |
— |
61 |
— |
710 |
60,020 |
||||||||||||||||||||||||||||||||
Income tax expense (benefit) |
15 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
15 |
||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense |
2 |
10 |
6 |
15 |
6 |
5 |
(17) |
5 |
(66) |
(4) |
2,017 |
||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests |
17 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
45 |
||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
317 |
1,492 |
701 |
1,028 |
1,833 |
705 |
175 |
287 |
(12) |
617 |
121,975 |
||||||||||||||||||||||||||||||||
Non-comparable adjustments |
(175) |
(287) |
12 |
(3,892) |
|||||||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA |
$ |
317 |
$ |
1,492 |
$ |
701 |
$ |
1,028 |
$ |
1,833 |
$ |
705 |
$ |
— |
$ |
— |
$ |
— |
$ |
617 |
$ |
118,083 |
NOTES: |
|
(1) |
The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) |
The above information does not reflect the operations of Orlando WorldQuest Resort. |
SOURCE Ashford Hospitality Trust, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article