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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): May 2, 2019

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland
 
001-31775
 
86-1062192
(State or other jurisdiction of incorporation or organization)
 
(Commission
File Number)
 
(IRS employer
identification number)
 
 
 
 
 
14185 Dallas Parkway, Suite 1100
 
 
 
 
Dallas, Texas
 
 
 
75254
(Address of principal executive offices)
 
 
 
(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Check the appropriated box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
 
AHT
 
New York Stock Exchange
Preferred Stock, Series D
 
AHT-PD
 
New York Stock Exchange
Preferred Stock, Series F
 
AHT-PF
 
New York Stock Exchange
Preferred Stock, Series G
 
AHT-PG
 
New York Stock Exchange
Preferred Stock, Series H
 
AHT-PH
 
New York Stock Exchange
Preferred Stock, Series I
 
AHT-PI
 
New York Stock Exchange





ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 2, 2019, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    First Quarter 2019 Earnings Release of the Company, dated May 2, 2019







SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 2, 2019

    
 
ASHFORD HOSPITALITY TRUST, INC.
 
 
 
 
By:
/s/ DERIC S. EUBANKS
 
 
Deric S. Eubanks
 
 
Chief Financial Officer


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
EXHIBIT 99.1

397779474_hosptrustleft300dpia03.jpg
NEWS RELEASE

Contact:
Deric Eubanks
Jordan Jennings
Joe Calabrese
 
Chief Financial Officer
Investor Relations
Financial Relations Board
 
(972) 490-9600
(972) 778-9487
(212) 827-3772


ASHFORD TRUST REPORTS FIRST QUARTER 2019 RESULTS
Comparable RevPAR Increased 1.9% for all Hotels
Comparable RevPAR Increased 2.7% for all Hotels Not Under Renovation
Completed Acquisition of the Embassy Suites New York Midtown Manhattan
Completed Acquisition of the Hilton Santa Cruz/Scotts Valley
Completed Refinancing of 2-Hotel Portfolio

DALLAS, May 2, 2019 - Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2019 with the first quarter ended March 31, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW
Opportunistic focus on upper upscale, full-service hotels
Targets moderate leverage levels to enhance equity returns
Highly-aligned management team and advisory structure
Attractive dividend yield of approximately 8.5%
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;
providing a hedge in the event of uncertain economic times; and
being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS
Net loss attributable to common stockholders was $48.7 million or $0.49 per diluted share for the quarter.
Comparable RevPAR for all hotels increased 1.9% to $122.10 during the quarter.
Comparable RevPAR for all hotels not under renovation increased 2.7% to $119.90 during the quarter.
Adjusted EBITDAre was $100.5 million for the quarter.
Adjusted funds from operations (AFFO) was $0.26 per diluted share for the quarter.



AHT Reports First Quarter Results
Page 2
May 2, 2019


As of May 2, 2019, the Company’s common stock is trading at an approximate 8.5% dividend yield.
During the quarter, the Company completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million.
During the quarter, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.
During the quarter, the Company refinanced a mortgage loan on two hotels for $240 million.
Capex invested during the quarter was $38.0 million.
 
ENHANCED RETURN FUNDING PROGRAM
On June 26, 2018, the Company announced that it entered into an Enhanced Return Funding Program (“ERFP”) with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust’s hotel acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement. The Program is intended to improve returns for new hotel acquisitions at Ashford Trust. To date, the Company has completed four acquisitions totaling $406 million under the ERFP, which amounts to approximately 80% committed utilization of the $50 million of ERFP funding from Ashford Inc.

EMBASSY SUITES NEW YORK MIDTOWN MANHATTAN ACQUISITION
On January 23, 2019, the Company announced it had completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million ($629,000 per key). In connection with this transaction, the Company entered into a $145 million non-recourse mortgage loan. The loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 3.90%. As part of this transaction, the Company received an ERFP commitment of $19.5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

HILTON SANTA CRUZ/SCOTTS VALLEY ACQUISITION
On February 26, 2019, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million ($281,000 per key). In connection with this transaction, the Company assumed a $25.3 million non-recourse mortgage loan. The loan has a maturity date in March 2025 and bears interest at a fixed rate of 4.7%. The acquisition was partially funded by the issuance of approximately 1.5 million limited partnership common units in the Company’s operating partnership (“OP Units”). The OP Units were issued at a price of $7.00 per unit. As part of this transaction, Ashford Inc. funded a $5 million ERFP commitment to the Company. Remington Lodging took over management of the property following the acquisition.

CAPITAL STRUCTURE
At March 31, 2019, the Company had total mortgage loans of $4.2 billion with a blended average interest rate of 5.7%.

On March 5, 2019, the Company announced that it had refinanced its Aareal Capital Nashville/Princeton mortgage loan with an existing outstanding balance totaling approximately $178 million and a final maturity date in June 2022. The new loan totals $240 million and has a two-year initial term with five one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 2.75%. The loan remains secured by the same two hotels: the Renaissance Nashville in Nashville, TN and the Westin Princeton in Princeton, NJ.



AHT Reports First Quarter Results
Page 3
May 2, 2019



PORTFOLIO REVPAR
As of March 31, 2019, the portfolio consisted of 121 properties. During the first quarter of 2019, 110 of the Company’s hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 121 hotels), and comparable not under renovation basis (110 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

Comparable RevPAR increased 1.9% to $122.10 for all hotels on a 3.1% increase in ADR and a 1.2% decrease in occupancy
Comparable RevPAR increased 2.7% to $119.90 for hotels not under renovation on a 2.8% increase in ADR and a 0.2% 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 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 121 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On March 13, 2019, 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 first quarter ending March 31, 2019, payable on April 15, 2019, to shareholders of record as of March 29, 2019.

“We are pleased with our recent value-added strategy accomplishments,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “The successful continued utilization of the ERFP benefits our portfolio via the acquisition of higher quality, higher RevPAR hotels at very attractive returns. During the quarter, the refinancing furthered our prior achievements to improve debt terms and enhance our balance sheet; while asset management’s unwavering efforts concentrated on maximizing cash flow and unlocking embedded value. Looking ahead, we are focused on generating superior long term shareholder returns.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 3, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2423.  A replay of the conference call will be available through Friday, May 10, 2019, by dialing (719) 457-0820 and entering the confirmation number, 2702349.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2019 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com on Friday, May 3, 2019, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.



AHT Reports First Quarter Results
Page 4
May 2, 2019


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

* * * * *

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

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements in this press release may include, among others, statements about the Company’s strategy and future plans. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.





ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
 
March 31,
2019
 
December 31, 2018
ASSETS
 
 
 
Investments in hotel properties, net
$
4,309,127

 
$
4,105,219

Cash and cash equivalents
242,561

 
319,210

Restricted cash
152,151

 
120,602

Marketable securities
11,550

 
21,816

Accounts receivable, net of allowance of $478 and $485, respectively
65,579

 
37,060

Inventories
4,514

 
4,224

Investment in Ashford Inc.
949

 
1,896

Investment in OpenKey
2,776

 
2,593

Deferred costs, net
3,369

 
3,449

Prepaid expenses
27,143

 
19,982

Derivative assets, net
2,196

 
2,396

Operating lease right-of-use assets
40,680

 

Other assets
15,411

 
15,923

Intangible assets, net
797

 
9,824

Due from related party, net
1,166

 

Due from third-party hotel managers
25,181

 
21,760

Total assets
$
4,905,150

 
$
4,685,954

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
4,157,767

 
$
3,927,266

Accounts payable and accrued expenses
162,060

 
136,757

Dividends and distributions payable
27,552

 
26,794

Due to Ashford Inc., net
7,795

 
23,034

Due to related party, net

 
1,477

Due to third-party hotel managers
2,480

 
2,529

Intangible liabilities, net
2,418

 
15,483

Operating lease liabilities
43,795

 

Derivative liabilities, net
36

 
50

Other liabilities
26,619

 
18,716

Total liabilities
4,430,522

 
4,152,106

 
 
 
 
Redeemable noncontrolling interests in operating partnership
101,980

 
80,743

Equity:
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
 
 
 
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at March 31, 2019 and December 31, 2018
24

 
24

Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at March 31, 2019 and December 31, 2018
48

 
48

Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at March 31, 2019 and December 31, 2018
62

 
62

Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at March 31, 2019 and December 31, 2018
38

 
38

Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at March 31, 2019 and December 31, 2018
54

 
54

Common stock, $0.01 par value, 400,000,000 shares authorized, 102,165,662 and 101,035,530 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively
1,022

 
1,010

Additional paid-in capital
1,815,946

 
1,814,273

Accumulated deficit
(1,445,136
)
 
(1,363,020
)
Total shareholders' equity of the Company
372,058

 
452,489

Noncontrolling interests in consolidated entities
590

 
616

Total equity
372,648

 
453,105

Total liabilities and equity
$
4,905,150

 
$
4,685,954


5



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
March 31,
 
2019
 
2018
REVENUE
 
 
 
Rooms
$
280,381

 
$
270,693

Food and beverage
61,061

 
55,044

Other
16,204

 
15,491

Total hotel revenue
357,646

 
341,228

Other
1,072

 
979

Total revenue
358,718

 
342,207

EXPENSES
 
 
 
Hotel operating expenses
 
 
 
Rooms
60,647

 
59,086

Food and beverage
41,323

 
38,465

Other expenses
113,527

 
106,383

Management fees
12,989

 
12,737

Total hotel operating expenses
228,486

 
216,671

Property taxes, insurance and other
20,397

 
18,359

Depreciation and amortization
67,178

 
63,047

Impairment charges

 
1,660

Transaction costs

 
2

Advisory services fee:
 
 
 
Base advisory fee
8,989

 
8,615

Reimbursable expenses
2,390

 
1,529

Non-cash stock/unit-based compensation
4,289

 
6,746

Incentive fee
636

 
187

Corporate, general and administrative:
 
 
 
Non-cash stock/unit-based compensation
99

 

Other general and administrative
2,502

 
2,129

Total operating expenses
334,966

 
318,945

Gain (loss) on sale of assets and hotel properties
233

 
(9
)
OPERATING INCOME (LOSS)
23,985

 
23,253

Equity in earnings (loss) of unconsolidated entities
(1,063
)
 
(588
)
Interest income
781

 
746

Other income (expense), net
(316
)
 
76

Interest expense, net of premium amortization
(58,908
)
 
(52,290
)
Amortization of loan costs
(7,258
)
 
(2,453
)
Write-off of premiums, loan costs and exit fees
(2,062
)
 
(2,050
)
Unrealized gain (loss) on marketable securities
808

 
(558
)
Unrealized gain (loss) on derivatives
(2,994
)
 
329

INCOME (LOSS) BEFORE INCOME TAXES
(47,027
)
 
(33,535
)
Income tax benefit (expense)
405

 
886

NET INCOME (LOSS)
(46,622
)
 
(32,649
)
(Income) loss from consolidated entities attributable to noncontrolling interest
26

 
38

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
8,579

 
6,340

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(38,017
)
 
(26,271
)
Preferred dividends
(10,644
)
 
(10,644
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(48,661
)
 
$
(36,915
)
 
 
 
 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
 
 
 
Basic:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.49
)
 
$
(0.39
)
Weighted average common shares outstanding – basic
99,407

 
95,367

Diluted:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.49
)
 
$
(0.39
)
Weighted average common shares outstanding – diluted
99,407

 
95,367

Dividends declared per common share:
$
0.12

 
$
0.12


6



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
 
Three Months Ended
 
March 31,
 
2019
 
2018
Net income (loss)
$
(46,622
)
 
$
(32,649
)
Interest expense and amortization of premiums and loan costs, net
66,166

 
54,743

Depreciation and amortization
67,178

 
63,047

Income tax expense (benefit)
(405
)
 
(886
)
Equity in (earnings) loss of unconsolidated entities
1,063

 
588

Company's portion of EBITDA of Ashford Inc.
1,874

 
(964
)
Company's portion of EBITDA of OpenKey
(115
)
 
(139
)
EBITDA
89,139

 
83,740

Impairment charges on real estate

 
1,660

(Gain) loss on sale of assets and hotel properties
(233
)
 
9

EBITDAre
88,906

 
85,409

Amortization of unfavorable contract liabilities
(39
)
 
(39
)
Uninsured hurricane related costs

 
(211
)
(Gain) loss on insurance settlements
(36
)
 

Write-off of premiums, loan costs and exit fees
2,062

 
2,050

Other (income) expense, net
362

 
(76
)
Transaction, acquisition and management conversion costs
446

 
84

Legal judgment and related legal costs
417

 
(419
)
Unrealized (gain) loss on marketable securities
(808
)
 
558

Unrealized (gain) loss on derivatives
2,994

 
(329
)
Dead deal costs
32

 

Non-cash stock/unit-based compensation
4,590

 
7,002

Advisory services incentive fee
636

 
187

Company's portion of adjustments to EBITDAre of Ashford Inc.
913

 
2,493

Company's portion of adjustments to EBITDAre of OpenKey
21

 
5

Adjusted EBITDAre
$
100,496

 
$
96,714

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
March 31,
 
2019
 
2018
Net income (loss)
$
(46,622
)
 
$
(32,649
)
(Income) loss from consolidated entities attributable to noncontrolling interest
26

 
38

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
8,579

 
6,340

Preferred dividends
(10,644
)
 
(10,644
)
Net income (loss) attributable to common stockholders
(48,661
)
 
(36,915
)
Depreciation and amortization on real estate
67,121

 
62,989

(Gain) loss on sale of assets and hotel properties
(233
)
 
9

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(8,579
)
 
(6,340
)
Equity in (earnings) loss of unconsolidated entities
1,063

 
588

Impairment charges on real estate

 
1,660

Company's portion of FFO of Ashford Inc.
(635
)
 
(1,632
)
Company's portion of FFO of OpenKey
(100
)
 
(141
)
FFO available to common stockholders and OP unitholders
9,976

 
20,218

Write-off of premiums, loan costs and exit fees
2,062

 
2,050

(Gain) loss on insurance settlements
(36
)
 

Uninsured hurricane related costs

 
(211
)
Other (income) expense, net
362

 
(76
)
Transaction, acquisition and management conversion costs
446

 
84

Legal judgment and related legal costs
417

 
(419
)
Unrealized (gain) loss on marketable securities
(808
)
 
558

Unrealized (gain) loss on derivatives
2,994

 
(329
)
Dead deal costs
32

 

Non-cash stock/unit-based compensation
4,590

 
7,002

Amortization of loan costs
7,256

 
2,451

Advisory services incentive fee
636

 
187

Company's portion of adjustments to FFO of Ashford Inc.
2,441

 
2,493

Company's portion of adjustments to FFO of OpenKey
22

 
5

Adjusted FFO available to common stockholders and OP unitholders
$
30,390

 
$
34,013

Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.26

 
$
0.30

Weighted average diluted shares
118,287

 
113,989


7



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
MARCH 31, 2019
(dollars in thousands)
(unaudited)

Indebtedness
 
Maturity
 
Interest Rate
 
Fixed-Rate
Debt
 
Floating-Rate
Debt
 
Total
Debt
 
Comparable TTM
Hotel EBITDA
(8)
 
Comparable TTM EBITDA
Debt Yield
BAML Le Pavillon - 1 hotel
 
June 2019
 
LIBOR + 5.10%
 
$

 
$
43,750

(1)
$
43,750

 
$
2,579

 
5.9
%
Omni American Bank Ashton - 1 hotel
 
July 2019
 
4.00%
 
5,213

 


5,213

 
1,053

 
20.2
%
Morgan Stanley Ann Arbor - 1 hotel
 
July 2019
 
LIBOR + 4.15%
 

 
35,200

(2)
35,200

 
3,429

 
9.7
%
Morgan Stanley - 8 hotels
 
July 2019
 
LIBOR + 4.09%
 

 
144,000

(2)
144,000

 
11,410

 
7.9
%
NorthStar HGI Wisconsin Dells - 1 hotel
 
August 2019
 
LIBOR + 4.95%
 

 
7,778

(3)
7,778

 
786

 
10.1
%
Secured credit facility - various
 
September 2019
 
Base Rate(4) + 1.65% or LIBOR + 2.65%
 

 



 
 N/A

 
N/A

Morgan Stanley Pool - 17 hotels
 
November 2019
 
LIBOR + 3.00%
 

 
427,000

(5)
427,000

 
49,863

 
11.7
%
JPMorgan Chase - 8 hotels
 
February 2020
 
LIBOR + 2.92%
 

 
395,000

(5)
395,000

 
43,741

 
11.1
%
BAML Highland Pool - 21 hotels
 
April 2020
 
LIBOR + 3.20%
 

 
962,575

(5)
962,575

 
106,441

 
11.1
%
BAML Indigo Atlanta - 1 hotel
 
May 2020
 
LIBOR + 2.90%
 

 
16,100

(6)
16,100

 
2,552

 
15.9
%
KEYS Pool A - 7 hotels
 
June 2020
 
LIBOR + 3.65%
 

 
180,720

(5)
180,720

 
20,980

 
11.6
%
KEYS Pool B - 7 hotels
 
June 2020
 
LIBOR + 3.39%
 

 
174,400

(5)
174,400

 
21,252

 
12.2
%
KEYS Pool C - 5 hotels
 
June 2020
 
LIBOR + 3.73%
 

 
221,040

(5)
221,040

 
22,774

 
10.3
%
KEYS Pool D - 5 hotels
 
June 2020
 
LIBOR + 4.02%
 

 
262,640

(5)
262,640

 
27,742

 
10.6
%
KEYS Pool E - 5 hotels
 
June 2020
 
LIBOR + 2.73%
 

 
160,000

(5)
160,000

 
25,193

 
15.7
%
KEYS Pool F - 5 hotels
 
June 2020
 
LIBOR + 3.68%
 

 
215,120

(5)
215,120

 
24,399

 
11.3
%
GACC Gateway - 1 hotel
 
November 2020
 
6.26%
 
92,951

 


92,951

 
12,245

 
13.2
%
JPMorgan Chase La Posada - 1 hotel
 
November 2020
 
LIBOR + 2.55%
 

 
25,000

(7)
25,000

 
3,456

 
13.8
%
BAML Princeton/Nashville - 2 hotels
 
March 2021
 
LIBOR + 2.75%
 

 
240,000

(5)
240,000

 
31,544

 
13.1
%
SPT Embassy Suites New York - 1 hotel
 
February 2022
 
LIBOR + 3.90%
 

 
145,000

(6)
145,000

 
7,655

 
5.3
%
Prudential Boston Back Bay - 1 hotel
 
November 2022
 
LIBOR + 2.00%
 

 
97,000


97,000

 
14,193

 
14.6
%
Deutsche Bank W Minneapolis - 1 hotel
 
May 2023
 
5.46%
 
52,588

 


52,588

 
5,570

 
10.6
%
Aareal Hilton Alexandria - 1 hotel
 
June 2023
 
LIBOR + 2.45%
 

 
73,450


73,450

 
8,338

 
11.4
%
GACC Manchester RI - 1 hotel
 
January 2024
 
5.49%
 
6,852

 


6,852

 
1,240

 
18.1
%
GACC Jacksonville RI - 1 hotel
 
January 2024
 
5.49%
 
9,999

 


9,999

 
823

 
8.2
%
Key Bank Manchester CY - 1 hotel
 
May 2024
 
4.99%
 
6,383

 


6,383

 
974

 
15.3
%
Morgan Stanley Pool C1 - 3 hotels
 
August 2024
 
5.20%
 
65,056

 


65,056

 
7,431

 
11.4
%
Morgan Stanley Pool C2 - 2 hotels
 
August 2024
 
4.85%
 
12,013

 


12,013

 
1,634

 
13.6
%
Morgan Stanley Pool C3 - 3 hotels
 
August 2024
 
4.90%
 
24,015

 


24,015

 
3,438

 
14.3
%
BAML Pool 5 - 2 hotels
 
February 2025
 
4.45%
 
19,765

 


19,765

 
2,645

 
13.4
%
BAML Pool 3 - 3 hotels
 
February 2025
 
4.45%
 
51,124

 


51,124

 
7,958

 
15.6
%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 
March 2025
 
4.66%
 
25,280

 


25,280

 
4,150

 
16.4
%
Unencumbered hotels
 
 
 
 
 

 



 
1,956

 
N/A

Total
 
 
 
 
 
$
371,239

 
$
3,825,773

 
$
4,197,012

 
$
479,444

 
11.4
%
Percentage
 
 
 
 
 
8.8
%
 
91.2
%
 
100.0
%
 
 
 
 
Weighted average interest rate
 
 
 
 
 
5.29
%
 
5.78
%
 
5.74
%
 
 
 
 
All indebtedness is non-recourse with the exception of the secured credit facility.
(1) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018.
(2) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018.
(3) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018.
(4) 
Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
(5) 
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(6) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(7) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(8) 
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
MARCH 31, 2019
(dollars in thousands)
(unaudited)
 
 
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
Secured credit facility - various
 
$

 
$

 
$

 
$

 
$

 
$

 
$

Omni American Bank Ashton - 1 hotel
 
5,168

 

 

 

 

 

 
5,168

BAML Le Pavillon - 1 hotel
 

 
43,750

 

 

 

 

 
43,750

Morgan Stanley - 8 hotels
 

 
144,000

 

 

 

 

 
144,000

Morgan Stanley Ann Arbor - 1 hotel
 

 
35,200

 

 

 

 

 
35,200

NorthStar HGI Wisconsin Dells - 1 hotel
 

 
7,778

 

 

 

 

 
7,778

GACC Gateway - 1 hotel
 

 
89,886

 

 

 

 

 
89,886

BAML Indigo Atlanta - 1 hotel
 

 

 

 
15,470

 

 

 
15,470

Prudential Boston Back Bay - 1 hotel
 

 

 

 
97,000

 

 

 
97,000

Deutsche Bank W Minneapolis - 1 hotel
 

 

 

 

 
48,182

 

 
48,182

Aareal Hilton Alexandria - 1 hotel
 

 

 

 

 
73,450

 

 
73,450

JPMorgan Chase La Posada - 1 hotel
 

 

 

 

 
25,000

 

 
25,000

GACC Jacksonville RI - 1 hotel
 

 

 

 

 

 
9,036

 
9,036

GACC Manchester RI - 1 hotel
 

 

 

 

 

 
6,191

 
6,191

SPT Embassy Suites New York - 1 hotel
 

 

 

 

 

 
145,000

 
145,000

Key Bank Manchester CY - 1 hotel
 

 

 

 

 

 
5,671

 
5,671

Morgan Stanley Pool C1 - 3 hotels
 

 

 

 

 

 
58,612

 
58,612

Morgan Stanley Pool C2 - 2 hotels
 

 

 

 

 

 
10,755

 
10,755

Morgan Stanley Pool C3 - 3 hotels
 

 

 

 

 

 
21,522

 
21,522

Morgan Stanley Pool - 17 hotels
 

 

 

 

 

 
427,000

 
427,000

JPMorgan Chase - 8 hotels
 

 

 

 

 

 
395,000

 
395,000

BAML Pool 3 - 3 hotels
 

 

 

 

 

 
44,413

 
44,413

BAML Pool 5 - 2 hotels
 

 

 

 

 

 
17,073

 
17,073

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel
 

 

 

 

 

 
22,030

 
22,030

BAML Highland Pool - 21 hotels
 

 

 

 

 

 
962,575

 
962,575

KEYS Pool A - 7 hotels
 

 

 

 

 

 
180,720

 
180,720

KEYS Pool B - 7 hotels
 

 

 

 

 

 
174,400

 
174,400

KEYS Pool C - 5 hotels
 

 

 

 

 

 
221,040

 
221,040

KEYS Pool D - 5 hotels
 

 

 

 

 

 
262,640

 
262,640

KEYS Pool E - 5 hotels
 

 

 

 

 

 
160,000

 
160,000

KEYS Pool F - 5 hotels
 

 

 

 

 

 
215,120

 
215,120

BAML Princeton/Nashville - 2 hotels
 

 

 

 

 

 
240,000

 
240,000

Principal due in future periods
 
5,168

 
320,614

 

 
112,470

 
146,632

 
3,578,798

 
4,163,682

Scheduled amortization payments remaining
 
5,292

 
7,039

 
5,702

 
5,862

 
5,242

 
4,193

 
33,330

Total indebtedness
 
$
10,460

 
$
327,653

 
$
5,702

 
$
118,332

 
$
151,874

 
$
3,582,991

 
$
4,197,012



9



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
 
 
 
Three Months Ended March 31,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
279,196

 
$
1,867

 
$
281,063

 
$
269,302

 
$
6,031

 
$
275,333

 
3.67
 %
 
2.08
 %
 
RevPAR
$
122.16

 
$
113.30

 
$
122.10

 
$
119.70

 
$
128.54

 
$
119.88

 
2.06
 %
 
1.85
 %
 
Occupancy
72.85
%
 
71.19
%
 
72.84
%
 
73.95
%
 
64.20
%
 
73.75
%
 
(1.49
)%
 
(1.24
)%
 
ADR
$
167.70

 
$
159.15

 
$
167.64

 
$
161.87

 
$
200.22

 
$
162.56

 
3.60
 %
 
3.13
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 121 hotel properties owned and included in the Company’s operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)
The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
NOT UNDER RENOVATION:
 
Three Months Ended March 31,
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
 
Rooms revenue (in thousands)
$
237,234

 
$
1,867

 
$
239,101

 
$
226,255

 
$
6,031

 
$
232,286

 
4.85
 %
 
2.93
 %
 
RevPAR
$
119.96

 
$
113.30

 
$
119.90

 
$
116.50

 
$
128.54

 
$
116.79

 
2.97
 %
 
2.67
 %
 
Occupancy
73.27
%
 
71.19
%
 
73.26
%
 
73.60
%
 
64.20
%
 
73.38
%
 
(0.45
)%
 
(0.16
)%
 
ADR
$
163.71

 
$
159.15

 
$
163.68

 
$
158.30

 
$
200.22

 
$
159.16

 
3.42
 %
 
2.84
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 110 hotel properties owned and included in the Company’s operations at March 31, 2019, and not under renovation during the three months ended March 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)
The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)
Excluded Hotels Under Renovation:
Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Buford Mall of Georgia, Hampton Inn Suites Columbus Easton, Hilton Garden Inn BWI Airport, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Marriott DFW Airport, One Ocean Resort, Renaissance Nashville, Westin Princeton

10



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
 
March 31,
 
2019
 
2018
 
% Variance
Total hotel revenue
$
356,052

 
$
339,465

 
4.89
 %
Non-comparable adjustments
2,187

 
8,652

 
 
Comparable total hotel revenue
$
358,239

 
$
348,117

 
2.91
 %
 
 
 
 
 
 
Hotel EBITDA
$
111,909

 
$
108,614

 
3.03
 %
Non-comparable adjustments
284

 
1,282

 
 
Comparable hotel EBITDA
$
112,193

 
$
109,896

 
2.09
 %
Hotel EBITDA margin
31.43
%
 
32.00
%
 
(0.57
)%
Comparable hotel EBITDA margin
31.32
%
 
31.57
%
 
(0.25
)%
 
 
 
 
 
 
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
60

 
$
49

 
22.45
 %
Hotel EBITDA attributable to the Company and OP unitholders
$
111,849

 
$
108,565

 
3.02
 %
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
112,133

 
$
109,847

 
2.08
 %
NOTES:
(1)
The above comparable information assumes the 121 hotel properties owned and included in the Company’s operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)
The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended
March 31,
 
2019
 
2018
 
% Variance
Total hotel revenue
$
295,061

 
$
279,163

 
5.69
 %
Non-comparable adjustments
2,187

 
8,652

 
 
Comparable total hotel revenue
$
297,248

 
$
287,815

 
3.28
 %
 
 
 
 
 
 
Hotel EBITDA
$
93,190

 
$
90,494

 
2.98
 %
Non-comparable adjustments
284

 
1,260

 
 
Comparable hotel EBITDA
$
93,475

 
$
91,754

 
1.88
 %
Hotel EBITDA margin
31.58
%
 
32.42
%
 
(0.84
)%
Comparable hotel EBITDA margin
31.45
%
 
31.88
%
 
(0.43
)%
 
 
 
 
 
 
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
60

 
$
49

 
22.45
 %
Hotel EBITDA attributable to the Company and OP unitholders
$
93,130

 
$
90,445

 
2.97
 %
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
93,415

 
$
91,705

 
1.86
 %
NOTES:
(1)
The above comparable information assumes the 110 hotel properties owned and included in the Company’s operations at March 31, 2019, and not under renovation during the three months ended March 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)
The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)
Excluded Hotels Under Renovation:
Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Buford Mall of Georgia, Hampton Inn Suites Columbus Easton, Hilton Garden Inn BWI Airport, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Marriott DFW Airport, One Ocean Resort, Renaissance Nashville, Westin Princeton


11



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
2018
 
2018
 
2018
 
2018
 
2018
 
2018
 
1st Quarter
 
1st Quarter
 
1st Quarter
 
4th Quarter
 
4th Quarter
 
4th Quarter
 
3rd Quarter
 
3rd Quarter
 
3rd Quarter
 
2nd Quarter
 
2nd Quarter
 
2nd Quarter
Total hotel revenue
$
356,052

 
$
2,187

 
$
358,239

 
$
341,229

 
$
11,889

 
$
353,118

 
$
353,504

 
$
14,880

 
$
368,384

 
$
386,834

 
$
17,988

 
$
404,822

Hotel EBITDA
$
111,909

 
$
284

 
$
112,193

 
$
102,549

 
$
4,222

 
$
106,771

 
$
111,389

 
$
5,476

 
$
116,865

 
$
136,792

 
$
6,823

 
$
143,615

Hotel EBITDA margin
31.43
%
 
 
 
31.32
%
 
30.05
%
 
 
 
30.24
%
 
31.51
%
 
 
 
31.72
%
 
35.36
%
 
 
 
35.48
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA % of total TTM
24.1
%
 
 
 
23.3
%
 
22.2
%
 
 
 
22.3
%
 
24.1
%
 
 
 
24.4
%
 
29.6
%
 
 
 
30.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JV interests in EBITDA
$
60

 
$

 
$
60

 
$
63

 
$

 
$
63

 
$
101

 
$

 
$
101

 
$
108

 
$

 
$
108

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2019
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TTM
 
TTM
 
TTM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total hotel revenue
$
1,437,619

 
$
46,944

 
$
1,484,563

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA
$
462,639

 
$
16,805

 
$
479,444

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel EBITDA margin
32.18
%
 
 
 
32.30
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA % of total TTM
100.0
%
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JV interests in EBITDA
$
332

 
$

 
$
332

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES:
(1)
The above comparable information assumes the 121 hotel properties owned and included in the Company’s operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


12



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
Number of Hotels
 
Number of Rooms
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Non-comparable Adjustments
 
Comparable
 
Actual
 
Comparable
 
 
 
2019
 
2019
 
2019
 
2018
 
2018
 
2018
 
% Variance
 
% Variance
Atlanta, GA Area
9

 
1,426

 
$
157.99

 
$

 
$
157.99

 
$
134.57

 
$

 
$
134.57

 
17.4
 %
 
17.4
 %
Boston, MA Area
3

 
915

 
115.00

 

 
115.00

 
111.31

 

 
111.31

 
3.3
 %
 
3.3
 %
Dallas / Ft. Worth, TX Area
7

 
1,518

 
116.41

 

 
116.41

 
120.64

 

 
120.64

 
(3.5
)%
 
(3.5
)%
Houston, TX Area
3

 
692

 
106.62

 

 
106.62

 
111.94

 

 
111.94

 
(4.8
)%
 
(4.8
)%
Los Angeles, CA Metro Area
6

 
1,619

 
141.00

 

 
141.00

 
141.25

 

 
141.25

 
(0.2
)%
 
(0.2
)%
Miami, FL Metro Area
3

 
588

 
168.55

 

 
168.55

 
189.18

 

 
189.18

 
(10.9
)%
 
(10.9
)%
Minneapolis - St. Paul, MN-WI Area
4

 
809

 
87.47

 

 
87.47

 
121.46

 

 
121.46

 
(28.0
)%
 
(28.0
)%
Nashville, TN Area
1

 
673

 
199.48

 

 
199.48

 
181.25

 

 
181.25

 
10.1
 %
 
10.1
 %
New York / New Jersey Metro Area
7

 
2,051

 
106.01

 
118.67

 
106.45

 
104.17

 
101.30

 
103.81

 
1.8
 %
 
2.5
 %
Orlando, FL Area
3

 
734

 
136.03

 

 
136.03

 
126.27

 

 
126.27

 
7.7
 %
 
7.7
 %
Philadelphia, PA Area
3

 
648

 
80.02

 

 
80.02

 
84.14

 

 
84.14