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Press Release

Ashford Trust Reports Second Quarter 2015 Results

7.9% RevPAR Increase for All Hotels Not Under Renovation for the Second Quarter

Adjusted EBITDA Increased 24%

Adjusted Funds From Operations per Share Increased 26%

Announced Planned Sale of Select-Service Hotel Portfolio and Strategy Refinements

Company Release - 8/6/2015 4:05 PM ET

DALLAS, Aug. 6, 2015 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today reported financial results and performance measures for the second quarter ended June 30, 2015.  The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma assuming each of the hotel properties in the Company's hotel portfolio as of June 30, 2015 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, 2015, with the second quarter ended June 30, 2014 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGY REFINEMENTS

  • The Company will focus on acquiring and owning upper upscale, full service hotels
  • The Company is not planning nor expects any future platform spinoffs
  • The Company will continue to target a net debt to gross assets ratio of 55% - 60%
  • The Company will continue to target cash and cash equivalents at a level of 25% - 35% of its total equity market capitalization for the purposes of:
    • property-level and corporate-level working capital needs
    • as a hedge against a downturn in the economy or hotel fundamentals
    • to be prepared to pursue accretive investments or stock buybacks as those opportunities arise
  • The Company plans to continue working with the research analysts that follow the Company to update their models to reflect the approximately $1.0 billion of acquisitions that the Company has either closed on or announced year-to-date
  • The Company plans to sell a portfolio of 23 select-service hotels with anticipated closing in the first quarter

FINANCIAL AND OPERATING HIGHLIGHTS

  • The Company's common stock is currently trading at a trailing 12-month NOI cap rate of approximately 8.4%, while similar assets to those in its portfolio are trading in the private market at an approximate average trailing 12-month NOI cap rate of 7.0%. A 7.0% cap rate implies a share price for the Company's common stock of $15.85
  • The Company's common stock is currently trading at an approximate 6.0% dividend yield
  • RevPAR for all hotels increased 6.6% during the quarter
  • RevPAR for all hotels not under renovation increased 7.9% during the quarter
  • Hotel EBITDA increased 8.8% for all hotels
  • Hotel EBITDA Margin increased 114 basis points for all hotels not under renovation
  • Adjusted EBITDA increased $24 million or 24%
  • Adjusted funds from operations (AFFO) was $0.49 per diluted share for the quarter as compared with $0.39 from the prior-year quarter representing an increase of 26%
  • Subsequent to quarter end, on July 7, 2015, the Company announced it had completed the conversion of the 260-room Beverly Hills Marriott, formerly the Crowne Plaza Beverly Hills, following an extensive $26.0 million renovation
  • Subsequent to quarter end, on July 27, 2015, the Company distributed the remaining units and shares that it owned of Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime") to its shareholders through a pro-rata, taxable dividend
  • Capex invested in the quarter was $37.4 million

CAPITAL STRUCTURE
At June 30, 2015, the Company had total assets of $5.0 billion in continuing operations.  As of June 30, 2015, the Company had $3.7 billion of mortgage debt in continuing operations.  Ashford Trust's total combined debt had a blended average interest rate of 4.96%. 

On April 20, 2015, the Company announced it had closed a $25.1 million mortgage loan for the previously-closed acquisition of the Lakeway Resort & Spa in Austin, TX.  The loan is interest only and provides for a floating interest rate of LIBOR + 5.10%.

On June 11, 2015, the Company announced it had completed the acquisition of the 226-room Le Pavillon Hotel in New Orleans, LA for total consideration of $62.5 million ($277,000 per key).  Ashford Inc. provided $4.0 million of key money consideration for the acquisition.   On a forward 12-month basis, after adjusting for the key money, the purchase price represents an estimated cap rate of 7.8% on net operating income and an estimated 11.4x EBITDA multiple.  The Company also closed on a $43.75 million non-recourse mortgage loan to finance the acquisition.  The loan is interest only and provides for a floating interest rate of LIBOR + 5.10%.

On June 24, 2015, the Company announced it had signed a definitive agreement to acquire the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridien Chambers Minneapolis for $101.0 million ($349,000 per key) and will assume approximately $56.0 million of mortgage debt on the W Minneapolis Hotel.

Subsequent to quarter end, on July 1, 2015, the Company announced that it had closed on the acquisition of the 237-room W Atlanta Downtown hotel for total consideration of $56.8 million ($239,000 per key).  On a forward 12-month basis, the purchase price represents an estimated cap rate of 7.2% on net operating income and an estimated 11.6x EBITDA multiple.  The Company financed the property with a $40.5 million non-recourse mortgage loan.  The loan is interest only and provides for a floating interest rate of LIBOR + 5.10%. 

Subsequent to quarter end, on July 27, 2015, the Company distributed the remaining units and shares that it owned of Ashford Prime to its shareholders through a pro-rata, taxable dividend.

PORTFOLIO REVPAR
As of June 30, 2015, the Ashford Trust Portfolio consisted of direct hotel investments with 127 properties classified in continuing operations.  During the second quarter of 2015, 114 of the Company's hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the hotels in continuing operations on a pro forma total basis (all 127 hotels) and pro forma not under renovation basis (114 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.

  • Pro forma RevPAR increased 6.6% to $122.46 for all hotels on a 5.5% increase in ADR and a 1.0% increase in occupancy
  • Pro forma RevPAR increased 7.9% to $124.06 for hotels not under renovation on a 5.8% increase in ADR and a 2.0% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Hotel EBITDA and 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 Hotel EBITDA and 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 Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 127 hotels are provided in the table attached to this release.

PLANNED SALE OF SELECT-SERVICE HOTEL PORTFOLIO AND OTHER ANNOUNCEMENTS
On June 26, 2015, the Company announced the planned sale of a 23 hotel portfolio of select-service hotels, while also redefining its investment strategy going forward to focus predominantly on upper-upscale, full-service hotels.  After a full analysis of the potential strategies and in response to investor feedback, the Company has commenced the process to list for sale a portfolio of approximately 23 select-service hotels and will take an opportunistic approach to selling the remaining select-service hotels in the future.

The for-sale, 23 select-service hotel portfolio totals 4,308 rooms, is encumbered by approximately $190.0 million of long term fixed rate debt and approximately $187.0 million of maturing or floating rate debt for total debt of approximately $377.0 million.  The current trailing 12-month NOI for the portfolio is approximately $44.2 million, and the trailing 12-month RevPAR for the portfolio is approximately $89.  It is anticipated that the sale will be completed in the first quarter of 2016 and the proceeds will be redeployed into assets that are consistent with the Company's refined strategy of investing predominately in upper upscale, full-service hotels.

Additionally, the Company provided some financial and market metrics that are pertinent to the valuation of the platform as well as the disconnect between the current public market valuation of the Company and private market values.  The Company's common stock is currently trading at a trailing 12-month NOI cap rate of approximately 8.4%.  Based on deals the Company has seen trade and other market information from industry consultants, the Company believes similar assets to those in its portfolio are trading in the private market at an approximate average trailing 12-month NOI cap rate of 7.0% which would imply a share price for Ashford Trust common stock of $15.85, which is approximately 91% higher than the current trading price of Ashford Trust common stock. 

COMMON STOCK DIVIDEND
On June 15, 2015, 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, 2015, payable on July 15, 2015, to shareholders of record as of June 30, 2015.

"We posted another quarter of solid operating performance across the board, with strong growth in RevPAR, EBITDA and AFFO, underscoring the continued success of our revenue management initiatives," commented Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer.  "As we announced in June, we have refined our investment strategy to focus predominantly on upper upscale, full-service hotels.  With the planned sale of a 23 select-service hotel portfolio and opportunistic sales of our remaining select-service properties in the future, we believe this more simplified and distinct strategy will drive superior long-term returns for our shareholders."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 7, 2015, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (719) 325-2308.  A replay of the conference call will be available through Friday, August 14, 2015, by dialing (719) 457-0820 and entering the confirmation number, 8880718.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2015 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 7, 2015, 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 Operating Profit.  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.  Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit 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 Operating Profit 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.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford. 

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 implied share price for the Company's common stock.  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; the degree and nature of our competition; and the satisfaction of conditions to, or the completion of, the proposed launch of Ashford Select.  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,


December 31,





2015


2014






ASSETS





Cash and cash equivalents

$    282,073


$        215,063


Marketable securities

-


63,217



Total cash, cash equivalents and marketable securities

282,073


278,280


Investments in hotel properties, net

4,236,040


2,128,611


Restricted cash

149,896


85,830


Accounts receivable, net of allowance of $469 and $241, respectively

55,941


22,399


Inventories

4,358


2,104


Note receivable, net of allowance of $7,306 and $7,522, respectively

3,646


3,553


Investment in Highland JV

-


144,784


Investment in Ashford Prime

55,487


54,907


Investment in Ashford Inc.

5,841


7,099


Investment in AIM REHE Fund

58,390


-


Deferred costs, net

39,117


12,588


Prepaid expenses

17,696


7,017


Derivative assets, net

1,768


182


Other assets

20,558


17,116


Intangible assets, net

11,442


-


Due from Ashford Prime, net

1,343


896


Due from affiliates

-


3,473


Due from third-party hotel managers

37,205


12,241










Total assets

$ 4,980,801


$     2,781,080

LIABILITIES AND EQUITY




Liabilities:












Indebtedness

$ 3,651,355


$     1,954,103


Accounts payable and accrued expenses

136,697


71,118


Dividends payable

23,369


21,889


Unfavorable management contract liabilities

4,343


5,330


Due to Ashford Inc., net

9,331


8,202


Due to related party, net

337


1,867


Due to third-party hotel managers

1,850


1,640


Intangible liabilities, net

16,691


-


Liabilities associated with marketable securities and other

-


6,201


Other liabilities

9,760


1,233










Total liabilities

3,853,733


2,071,583

Redeemable noncontrolling interests in operating partnership








150,435


177,064

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, 2015 and December 31, 2014







17


17




Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2015 and December 31, 2014







95


95




Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at June 30, 2015 and

December 31, 2014







46


46



Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 101,226,875 and 89,439,624 shares outstanding at June 30, 2015 and December 31, 2014, respectively 






1,249


1,249



Additional paid-in capital

1,802,043


1,706,274



Accumulated deficit

(718,973)


(1,050,323)



Treasury stock, at cost, 23,669,890 and 35,457,141 shares at June 30, 2015 and December 31, 2014, respectively

(108,633)


(125,725)




Total stockholders' equity of the Company

975,844


531,633


Noncontrolling interest in consolidated entities

789


800










Total equity

976,633


532,433











Total liabilities and equity

$ 4,980,801


$     2,781,080

 

 

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, 





2015


2014


2015


2014








REVENUE









Rooms

$    291,670


$    167,484


$    492,660


$    324,481


Food and beverage

64,765


29,014


104,318


57,253


Other


12,473


6,644


21,305


13,010














Total hotel revenue

368,908


203,142


618,283


394,744


Advisory services revenue

-


3,945


-


6,139


Other


430


1,076


1,290


2,141














Total revenue

369,338


208,163


619,573


403,024












EXPENSES









Hotel operating expenses










Rooms

60,735


36,030


103,888


70,784



Food and beverage

42,041


19,379


68,321


38,702



Other expenses

108,395


72,302


183,177


130,576



Management fees 

13,385


8,077


23,042


15,819















Total hotel operating expenses

224,556


135,788


378,428


255,881













Property taxes, insurance and other

17,576


8,948


29,170


18,537


Depreciation and amortization

52,616


26,532


90,480


52,684


Impairment charges

19,840


(104)


19,734


(205)


Transaction costs

4,959


83


5,458


83


Advisory services fee:










Base advisory fee

8,505


-


16,516


-



Advisory service fee - other services

1,816


-


3,201


-



Non-cash stock/unit-based compensation

1,151


-


1,322


-













Corporate, general and administrative:










Non-cash stock/unit-based compensation

538


7,742


538


12,230



Other general and administrative

2,582


11,709


7,422


19,956















Total operating expenses

334,139


190,698


552,269


359,166












OPERATING INCOME

35,199


17,465


67,304


43,858













Equity in earnings (loss) of unconsolidated entities

1,907


7,461


(4,715)


3,963


Interest income

30


12


46


18


Gain on acquisition of Highland JV

-


-


381,835


-


Other income (loss)

(2,283)


2,000


2,047


3,277


Interest expense

(42,886)


(26,168)


(74,515)


(52,630)


Amortization of premiums and loan costs

(4,609)


(1,620)


(7,615)


(3,533)


Write-off of loan costs and exit fees

-


(6)


(4,767)


(2,034)


Unrealized gain (loss) on marketable securities

1,929


(944)


127


(943)


Unrealized loss on derivatives

(1,955)


(263)


(3,653)


(610)












INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(12,668)


(2,063)


356,094


(8,634)


Income tax expense

(2,089)


(312)


(2,914)


(528)












INCOME (LOSS) FROM CONTINUING OPERATIONS

(14,757)


(2,375)


353,180


(9,162)


Income from discontinued operations

-


22


-


26


Gain (loss) on sale of hotel properties, net of tax

-


-


(1,130)


3,491












NET INCOME (LOSS)

(14,757)


(2,353)


352,050


(5,645)

(Income) loss from consolidated entities attributable to noncontrolling interest

(14)


(5)


11


22

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

2,527


772


(42,809)


1,649












NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(12,244)


(1,586)


309,252


(3,974)

Preferred dividends

(8,491)


(8,491)


(16,981)


(16,981)












NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$    (20,735)


$    (10,077)


$    292,271


$    (20,955)












INCOME (LOSS) PER SHARE – BASIC AND DILUTED









Basic:










Income (loss) from continuing operations attributable to common stockholders

$        (0.21)


$        (0.11)


$          2.96


$        (0.25)



Income from discontinued operations attributable to common stockholders

-


-


-


-














Net income (loss) attributable to common stockholders

$        (0.21)


$        (0.11)


$          2.96


$        (0.25)














Weighted average common shares outstanding – basic

99,755


88,781


97,661


85,283













Diluted:










Income (loss) from continuing operations attributable to common stockholders

$        (0.21)


$        (0.11)


$          2.86


$        (0.25)



Income from discontinued operations attributable to common stockholders

-


-


-


-














Net income (loss) attributable to common stockholders

$        (0.21)


$        (0.11)


$          2.86


$        (0.25)














Weighted average common shares outstanding – diluted

99,755


88,781


116,118


85,283













Dividends declared per common share:

$          0.12


$          0.12


$          0.24


$          0.24












Amounts attributable to common stockholders:









Net income (loss) attributable to the Company

$    (12,244)


$      (1,605)


$    309,252


$      (3,996)


Income from discontinued operations, net of tax

-


19


-


22


Preferred dividends

(8,491)


(8,491)


(16,981)


(16,981)














Net income (loss) attributable to common stockholders

$    (20,735)


$    (10,077)


$    292,271


$    (20,955)

 

 

 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, 



2015


2014


2015


2014










Net income (loss) 

$      (14,757)


$      (2,353)


$    352,050


$      (5,645)

(Income) loss from consolidated entities attributable to noncontrolling interest 

(14)


(5)


11


22

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

2,527


772


(42,809)


1,649

Net income (loss) attributable to the Company 

(12,244)


(1,586)


309,252


(3,974)











Interest income 

(30)


(12)


(46)


(18)


Interest expense and amortization of premiums and loan costs 

47,465


27,890


82,071


56,381


Depreciation and amortization  

52,566


26,573


90,386


52,764


Income tax expense 

2,089


312


2,914


540


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

(2,527)


(772)


42,809


(1,649)


Equity in (earnings) loss of unconsolidated entities 

(2,855)


(7,461)


3,767


(3,963)


Company's portion of EBITDA of Ashford Inc. 

1,586


-


(692)


-


Company's portion of EBITDA of Ashford Prime 

4,221


3,091


7,131


5,625


Company's portion of EBITDA of Highland JV 

-


28,827


11,982


49,402










 EBITDA 

90,271


76,862


549,574


155,108











Amortization of unfavorable management contract liabilities 

(494)


(494)


(988)


(988)


Impairment charges 

19,840


(104)


19,734


(205)


Gain on hotel properties 

-


-


(380,705)


(3,503)


Write-off of loan costs and exit fees 

-


6


4,767


2,034


Other (income) loss (1) 

2,283


(2,000)


(2,047)


(3,277)


Transaction, acquisition and management conversion costs 

5,665


1,270


9,589


1,270


Software implementation costs 

-


255


-


255


Legal judgment 

24


10,800


48


10,800


Unrealized (gain) loss on marketable securities 

(1,929)


944


(127)


943


Unrealized loss on derivatives 

1,955


263


3,653


610


Dead deal costs 

192


-


247


-


Compensation adjustment related to modified employment terms 

-


2,997


-


2,997


Non-cash stock/unit-based compensation

1,689


5,505


1,860


9,993


Company's portion of unrealized loss of AIM REHE Fund 

948


-


948


-


Company's portion of adjustments to EBITDA of Ashford Inc. 

(668)


-


2,655


-


Company's portion of adjustments to EBITDA of Ashford Prime 

238


176


156


490


Company's portion of adjustments to EBITDA of Highland JV 

-


(7)


-


(513)










 Adjusted EBITDA 

$     120,014


$     96,473


$    209,364


$   176,014










(1)

Other income, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted EBITDA.  





 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, 



2015


2014


2015


2014










Net income (loss) 

$      (14,757)


$      (2,353)


$    352,050


$     (5,645)

(Income) loss from consolidated entities attributable to noncontrolling interest 

(14)


(5)


11


22

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

2,527


772


(42,809)


1,649

Preferred dividends 

(8,491)


(8,491)


(16,981)


(16,981)










Net income (loss) attributable to common stockholders 

(20,735)


(10,077)


292,271


(20,955)











Depreciation and amortization on real estate 

52,566


26,482


90,386


52,587


Gain on sale of hotel properties 

-


-


(380,705)


(3,503)


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

(2,527)


(772)


42,809


(1,649)


Equity in (earnings) loss of unconsolidated entities 

(2,855)


(7,461)


3,767


(3,963)


Company's portion of FFO of Ashford Inc. 

1,679


-


(1,067)


-


Company's portion of FFO of Ashford Prime 

2,856


1,985


4,308


2,771


Company's portion of FFO of Highland JV 

-


17,621


3,791


26,472










FFO available to common stockholders 

30,984


27,778


55,560


51,760











Write-off of loan costs and exit fees 

-


6


4,767


2,034


Impairment charges 

19,840


(104)


19,734


(205)


Other (income) loss (1) 

2,283


(2,000)


(2,047)


(3,277)


Legal judgment 

24


10,800


48


10,800


Transaction, acquisition and management conversion costs 

5,665


1,270


9,589


1,270


Unrealized (gain) loss on marketable securities 

(1,929)


944


(127)


943


Unrealized loss on derivatives 

1,955


263


3,653


610


Software implementation costs 

-


255


-


255


Dead deal costs 

192


-


247


-


Compensation adjustment related modified employment terms 

-


2,997


-


2,997


Company's portion of unrealized loss of AIM REHE Fund 

948


-


948


-


Company's portion of adjustments to FFO of Ashford Inc. 

(1,759)


-


(16)


-


Company's portion of adjustments to FFO of Ashford Prime 

168


67


20


388


Company's portion of adjustments to FFO of Highland JV 

-


(7)


-


(513)










Adjusted FFO available to common stockholders 

$       58,371


$     42,269


$      92,376


$     67,062










Adjusted FFO per diluted share available to common stockholders 

$           0.49


$         0.39


$          0.79


$         0.64










Weighted average diluted shares 

118,644


108,757


116,508


105,001










(1)

Other income, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted FFO.  

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

JUNE 30, 2015

(dollars in thousands)

(unaudited)




























 Proforma


 Proforma







 Fixed-Rate


 Floating-Rate


 Total


 TTM Hotel


 TTM EBITDA

Indebtedness


Maturity


Interest Rate


 Debt


 Debt


 Debt


 EBITDA


 Debt Yield
















 UBS 2 - 8 hotels


December 2015


5.70%


$              91,654


$                      -


$              91,654


$              13,053


14.2%

 Merrill 2 - 5 hotels


February 2016


5.53%


104,032


-


104,032


20,513


19.7%

 Merrill 7 - 5 hotels


February 2016


5.53%


74,733


-


74,733


13,718


18.4%

 Morgan Stanley MIP - 5 hotels


February 2016


LIBOR + 4.75%


-


200,000

(1)

200,000


22,181


11.1%

 Morgan Stanley Pool A - 7 hotels


August 2016


LIBOR + 4.35%


-


301,000

(2)

301,000


31,931


10.6%

 Morgan Stanley Pool B - 5 hotels


August 2016


LIBOR + 4.38%


-


62,900

(2)

62,900


6,724


10.7%

 JPM Chase - 1 hotel


August 2016


LIBOR + 4.20%


-


37,500

(2)

37,500


6,335


16.9%

 BAML Pool 1 & 2 - 8 hotels


January 2017


LIBOR + 4.95%


-


376,800

(3) (4)

376,800


41,970


11.1%

 Cantor Commercial Real Estate - 1 hotel


April 2017


LIBOR + 4.95%


-


33,300

(5)

33,300


3,992


12.0%

 Column Financial - 24 hotels


April 2017


LIBOR + 4.39%


-


1,070,560

(6)

1,070,560


108,099


10.1%

 Wachovia 1 - 5 hotels


April 2017


5.95%


111,088


-


111,088


16,098


14.5%

 Wachovia 2 - 7 hotels


April 2017


5.95%


121,530


-


121,530


16,116


13.3%

 Wachovia 5 - 5 hotels


April 2017


5.95%


99,850


-


99,850


13,846


13.9%

 Wachovia 6 - 5 hotels


April 2017


5.95%


151,934


-


151,934


17,053


11.2%

 JPM Lakeway - 1 hotel


May 2017


LIBOR + 5.10%


-


25,100

(8)

25,100


2,620


10.4%

 BAML Le Pavillon - 1 hotel


June 2017


LIBOR + 5.10%


-


43,750

(9)

43,750


4,381


10.0%

 Morgan Stanley - 8 hotels


July 2017


LIBOR + 4.09%


-


144,000

(10)

144,000


14,503


10.1%

 Morgan Stanley Ann Arbor - 1 hotel


July 2017


LIBOR + 4.15%


-


35,200

(10)

35,200


3,487


9.9%

 Morgan Stanley Boston Back Bay - 1 hotel


January 2018


4.38%


98,910


-


98,910


14,607


14.8%

 Morgan Stanley Princeton/Nashville - 2 hotels


January 2018


4.44%


108,177


-


108,177


24,324


22.5%

 NorthStar Gainesville - 1 hotel


July 2018


LIBOR + 4.50%


-


21,200

(11)

21,200


2,422


11.4%

 Omni American Bank - 1 hotel


July 2019


LIBOR + 3.75% (7)


-


5,524


5,524


939


17.0%

 GACC Gateway - 1 hotel


November 2020


6.26%


99,158


-


99,158


16,053


16.2%

 GACC Jacksonville RI - 1 hotel


January 2024


5.49%


10,601


-


10,601


1,470


13.9%

 GACC Manchester RI - 1 hotel


January 2024


5.49%


7,264


-


7,264


1,162


16.0%

 Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,795


-


6,795


988


14.5%

 Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


67,520


-


67,520


8,589


12.7%

 Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


12,500


-


12,500


2,113


16.9%

 Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


24,980


-


24,980


3,268


13.1%

 BAML Pool 3 - 3 hotels


February 2025


4.45%


54,606

(3)

-


54,606


8,359


15.3%

 BAML Pool 4 - 2 hotels


February 2025


4.45%


24,369

(3)

-


24,369


3,018


12.4%

 BAML Pool 5 - 2 hotels


February 2025


4.45%


21,112

(3)

-


21,112


2,925


13.9%

 Unencumbered hotels






-


-


-


602


N/A







$         1,290,813


$         2,356,834


$         3,647,647


$            447,459


12.3%
















 Percentage






35.4%


64.6%


100.0%




















 Weighted average interest rate






5.45%


4.70%


4.96%



































All indebtedness is non-recourse.















(1) This mortgage loan has three one-year extension options beginning February 2016, subject to satisfaction of certain conditions. The interest rate is subject to a LIBOR floor of 0.20%.

(2) This mortgage loan has three one-year extension options beginning August 2016, subject to satisfaction of certain conditions.


(3) On January 2, 2015, we refinanced our $145.3 million loan due July 2015 and our $211.0 million loan due November 2015 with a $376.8 million loan due January 2017 with an interest rate of LIBOR + 4.95%, a $54.8 million loan due February 2025 with a fixed interest rate of 4.45%, a $24.5 million loan due February 2025 with a fixed interest rate of 4.45%, and a $21.2 million loan due February 2025 with a fixed interest rate of 4.45%. 

(4) This mortgage loan has three one-year extension options beginning January 2017, subject to satisfaction of certain conditions.

(5) This mortgage loan has three one-year extension options beginning April 2017, subject to satisfaction of certain conditions.

(6) On March 6, 2015, we refinanced our $907.5 million loan due March 2015 with a $1,070.6 million loan due April 2017 with four one-year extension options.  The new loan provides for an interest rate of LIBOR + 4.39%.

(7) The interest rate on this mortgage loan which closed in July 2014 is subject to a LIBOR floor of 0.25% and changes to a 4.00% fixed rate after 18 months.

(8) This mortgage loan has three one-year extension options beginning May 2017, subject to satisfaction of certain conditions.

(9) This mortgage loan has three one-year extension options beginning June 2017, subject to satisfaction of certain conditions.

(10) This mortgage loan has three one-year extension options beginning July 2017, subject to satisfaction of certain conditions.

(11) This mortgage loan has two one-year extension options beginning July 2018, subject to satisfaction of certain conditions.

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 JUNE 30, 2015 

 (in thousands) 

 (unaudited) 






























2015


2016


2017


2018


2019


 Thereafter 


 Total 















 UBS 2 - 8 hotels 

$     90,680


$             -


$             -


$             -


$               -


$                  -


$          90,680

 Merrill 2 - 5 hotels 

-


101,741


-


-


-


-


101,741

 Merrill 7 - 5 hotels 

-


73,086


-


-


-


-


73,086

 Wachovia 1 - 5 hotels 

-


-


107,351


-


-


-


107,351

 Wachovia 2 - 7 hotels 

-


-


117,441


-


-


-


117,441

 Wachovia 5 - 5 hotels 

-


-


96,491


-


-


-


96,491

 Wachovia 6 - 5 hotels 

-


-


146,823


-


-


-


146,823

 Morgan Stanley Boston Back Bay - 1 hotel 

-


-


-


94,226


-


-


94,226

 Morgan Stanley Princeton/Nashville - 2 hotels 

-


-


-


103,106


-


-


103,106

 Omni American Bank - 1 hotel 

-


-


-


-


5,168


-


5,168

 Morgan Stanley MIP - 5 hotels 

-


-


-


-


200,000


-


200,000

 Morgan Stanley Pool A - 7 hotels 

-


-


-


-


301,000


-


301,000

 Morgan Stanley Pool B - 5 hotels 

-


-


-


-


62,900


-


62,900

 GACC Gateway - 1 hotel 

-


-


-


-


-


89,886


89,886

 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

 JPM Chase - 1 hotel 

-


-


-


-


-


37,500


37,500

 BAML Pool 1 & 2 - 8 hotels 

-


-


-


-


-


376,800


376,800

 BAML Pool 3 - 3 hotels 

-


-


-


-


-


44,160


44,160

 BAML Pool 4 - 2 hotels 

-


-


-


-


-


19,707


19,707

 BAML Pool 5 - 2 hotels 

-


-


-


-


-


17,073


17,073

 Cantor Commercial Real Estate - 1 hotel 

-


-


-


-


-


33,300


33,300

 Column Financial - 24 hotels 

-


-


-


-


-


1,070,560


1,070,560

 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

 NorthStar Gainesville - 1 hotel 

-


-


-


-


-


21,200


21,200















 Principal due in future periods 

$     90,680


$   174,827


$   468,106


$   197,332


$      569,068


$     2,070,023


$     3,570,036















 Scheduled amortization payments remaining 

10,436


16,714


15,109


5,651


5,920


23,781


77,611















 Total indebtedness 

$   101,116


$   191,541


$   483,215


$   202,983


$      574,988


$     2,093,804


$     3,647,647

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

KEY PERFORMANCE INDICATORS - PRO FORMA

(unaudited)
































Three Months Ended


Six Months Ended




June 30,


June 30,




2015


2014


% Variance


2015


2014


% Variance















ALL HOTELS:














Rooms revenue (in thousands)

$      302,888


$      283,823


6.72%


$     572,315


$      533,068


7.36%



RevPAR

$        122.46


$        114.88


6.60%


$       116.40


$       108.48


7.30%



Occupancy

80.66%


79.85%


1.01%


77.81%


76.45%


1.78%



ADR

$        151.82


$        143.86


5.53%


$       149.60


$       141.89


5.43%















NOTES:













(1)

The above pro forma table assumes the 127 hotel properties included in the Company's operations were owned as of the beginning of each of the periods presented.
































Three Months Ended


Six Months Ended




June 30,


June 30,




2015


2014


% Variance


2015


2014


% Variance















ALL HOTELS NOT UNDER RENOVATION:














Rooms revenue (in thousands)

$      274,464


$      254,131


8.00%


$     517,424


$     478,180


8.21%



RevPAR

$        124.06


$        115.00


7.88%


$       117.66


$       108.79


8.15%



Occupancy

81.40%


79.80%


2.01%


78.36%


76.51%


2.42%



ADR

$        152.40


$        144.11


5.75%


$       150.16


$       142.20


5.60%















NOTES:













(1)

The above pro forma table assumes the 114 hotel properties included in the Company's operations, but not under renovation for the three and six months ended June 30, 2015, were owned as of the beginning of each of the periods presented.


















(2)

Excluded Hotels Under Renovation:



Courtyard Boston Downtown, Marriott Beverly Hills, Embassy Suites Flagstaff, Hilton Minneapolis, Hilton Parsippany, Residence Inn Las Vegas, Courtyard Palm Desert, Courtyard Scottsdale, Hilton St Petersburg, Residence Inn Hartford, Springhill suites BWI, Hampton Inn Parsippany, Sheraton Minnetonka



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL OPERATING PROFIT MARGIN

(unaudited)













THE FOLLOWING PRO FORMA EBITDA MARGIN TABLE REFLECTS THE 127 HOTELS INCLUDED IN THE 
COMPANY'S OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST
COMPARATIVE REPORTING PERIOD.





All Hotels



HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:











2nd Quarter 2015

35.01%




2nd Quarter 2014

34.24%





Variance

0.77%









HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:








Rooms 

0.09%




Food & Beverage and Other Departmental

0.44%




Administrative & General 

0.07%




Sales & Marketing

0.30%




Hospitality

0.01%




Repair & Maintenance 

-0.15%




Energy 

0.26%




Franchise Fee 

-0.01%




Management Fee 

0.03%




Incentive Management Fee 

-0.17%




Insurance 

0.00%




Property Taxes

-0.09%




Other Taxes

-0.03%




Leases/Other

0.02%





Total

0.77%



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (unaudited) 























 ALL HOTELS: 





























 Three Months Ended 


 Six Months Ended 




 June 30, 


 June 30, 




2015


2014


 % Variance 


2015


2014


 % Variance 

 REVENUE 













 Rooms 

$       302,888


$           283,823


6.7%


$     572,315


$       533,068


7.4%


 Food and beverage 

66,249


63,023


5.1%


128,433


125,056


2.7%


 Other 

12,505


11,948


4.7%


24,264


22,549


7.6%



Total hotel revenue 

381,642


358,794


6.4%


725,012


680,673


6.5%















 EXPENSES 













Rooms 

62,915


59,477


5.8%


121,410


115,247


5.3%


Food and beverage 

43,119


41,997


2.7%


84,623


83,065


1.9%


Other direct 

5,270


5,068


4.0%


10,512


9,715


8.2%


Indirect  

99,488


95,383


4.3%


195,984


187,747


4.4%


Management fees, includes base and incentive fees 

19,205


17,544


9.5%


33,591


30,620


9.7%



 Total hotel operating expenses 

229,997


219,469


4.8%


446,120


426,394


4.6%


 Property taxes, insurance, and other 

18,023


16,490


9.3%


34,905


32,703


6.7%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

133,622


122,835


8.8%


243,987


221,576


10.1%



 Hotel EBITDA Margin 

35.01%


34.24%


0.77%


33.65%


32.55%


1.10%
















Minority interest in earnings of consolidated joint ventures 

89


83


7.2%


144


122


18.0%

 HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures 












$     133,533


$         122,752


8.8%


$   243,843


$       221,454


10.1%















 NOTES: 














(1)

The above pro forma table assumes the 127 hotel properties included in the Company's operations were owned as of the beginning of each of the periods presented.





























 ALL HOTELS NOT UNDER RENOVATION: 





























 Three Months Ended 


 Six Months Ended 




 June 30, 


 June 30, 




2015


2014


 % Variance 


2015


2014


 % Variance 

 REVENUE 













Rooms 

$       274,464


$           254,131


8.0%


$     517,424


$       478,180


8.2%


Food and beverage 

60,405


56,943


6.1%


117,519


113,424


3.6%


Other 

11,348


10,826


4.8%


22,075


20,403


8.2%



Total hotel revenue 

346,217


321,900


7.6%


657,018


612,007


7.4%















 EXPENSES 













Rooms 

56,997


53,353


6.8%


109,812


103,618


6.0%


Food and beverage 

39,369


38,324


2.7%


77,588


75,909


2.2%


Other direct 

4,898


4,760


2.9%


9,785


9,123


7.3%


Indirect  

89,582


85,559


4.7%


176,496


168,350


4.8%


Management fees, includes base and incentive fees 

17,804


15,956


11.6%


30,956


27,875


11.1%



Total hotel operating expenses 

208,650


197,952


5.4%


404,637


384,875


5.1%


Property taxes, insurance, and other 

16,746


15,242


9.9%


31,903


29,778


7.1%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

120,821


108,706


11.1%


220,478


197,354


11.7%



 Hotel EBITDA Margin 

34.90%


33.77%


1.14%


33.56%


32.25%


1.31%
















Minority interest in earnings of consolidated joint ventures 

45


37


21.6%


70


59


18.6%

 HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures 












$     120,776


$          108,669


11.1%


$   220,408


$       197,295


11.7%















 NOTES: 














(1)

The above pro forma table assumes the 114 hotel properties included in the Company's operations, but not under renovation for the three and six months ended June 30, 2015, were owned as of the beginning of each of the periods presented.


















(2)

Excluded Hotels Under Renovation:



Courtyard Boston Downtown, Marriott Beverly Hills, Embassy Suites Flagstaff, Hilton Minneapolis, Hilton Parsippany, Residence Inn Las Vegas, Courtyard Palm Desert, Courtyard Scottsdale, Hilton St Petersburg, Residence Inn Hartford, Springhill suites BWI, Hampton Inn Parsippany, Sheraton Minnetonka



 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



















THE FOLLOWING PRO FORMA SEASONALITY TABLE REFLECTS THE 127 HOTELS INCLUDED IN THE COMPANY'S

OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING

PERIOD.




















2015

2015

2014

2014






2nd Quarter

1st Quarter

4th Quarter

3rd Quarter


TTM










Total Hotel Revenue

$        381,642

$       343,370

$       323,170

$       341,408


$   1,389,590

Hotel EBITDA

$        133,622

$       110,365

$         96,174

$       107,298


$      447,459

Hotel EBITDA Margin

35.01%

32.14%

29.76%

31.43%


32.20%










EBITDA % of Total TTM

29.9%

24.7%

21.5%

24.0%


100.0%










JV Interests in EBITDA

$                  89

$               55

$               74

$            105


$             322



















Total Hotel Revenue

$        472,059

$      421,312

$      396,265

$     416,117


$   1,374,755

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL REVPAR BY MARKET

(unaudited)




























Three Months Ended


Six Months Ended









Number of


Number of


June 30,


June 30,





Region


Hotels


Rooms


2015

2014

% Change


2015


2014

 % Change 























Atlanta, GA Area


9


1,693


$     108.28

$       96.56

12.1%


$       108.67


$             96.39

12.7%




Boston, MA Area


3


915


$     194.15

$     191.43

1.4%


$       156.90


$           144.89

8.3%




Dallas / Ft. Worth Area


7


1,518


$     111.20

$     103.59

7.3%


$       113.07


$           104.61

8.1%




Houston, TX Area


3


692


$     123.51

$     121.47

1.7%


$       117.97


$           116.35

1.4%




Los Angeles, CA Metro Area


8


1,901


$     110.11

$     110.98

-0.8%


$       113.66


$           112.46

1.1%




Miami, FL Metro Area


3


584


$     118.70

$     113.50

4.6%


$       149.82


$           137.06

9.3%




Minneapolis - St. Paul, MN-WI Area


2


520


$     105.79

$     101.66

4.1%


$         95.58


$             94.41

1.2%




New York / New Jersey Metro Area


7


1,887


$     117.58

$     116.41

1.0%


$       105.68


$           105.96

-0.3%




Orlando, FL Area


6


1,834


$       90.29

$       84.28

7.1%


$         99.94


$             90.86

10.0%




Philadelphia, PA Area


3


648


$     109.09

$     101.64

7.3%


$         90.98


$             91.34

-0.4%




San Diego, CA Area


2


410


$     118.54

$     106.12

11.7%


$       111.66


$             99.89

11.8%




San Francisco - Oakland, CA Metro Area


6


1,368


$     151.24

$     125.19

20.8%


$       144.90


$           119.02

21.7%




Tampa, FL Area


3


680


$     104.65

$       99.83

4.8%


$       116.67


$           110.93

5.2%




Washington DC - MD - VA Area


10


2,466


$     161.12

$     143.24

12.5%


$       136.78


$           125.12

9.3%




Other Areas


55


10,064


$     118.98

$     112.91

5.4%


$       112.02


$           105.01

6.7%























Total Portfolio


127


27,180


$   122.46

$   114.88

6.6%


$     116.40


$         108.48

7.3%










































NOTES:



















(1)

The above pro forma table presents the 127 hotel properties included in the Company's operations at June 30, 2015 as if these hotels were owned as of the beginning of each of the periods presented.







































ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET

(unaudited)




























Three Months Ended


Six Months Ended









June 30,


June 30,

Region


Number of
Hotels


Number of
Rooms


2015

 % of
Total 

2014

 % of
Total 

% Change


2015

 % of
Total 

2014

 % of
Total 

% Change




















Atlanta, GA Area


9


1,693


$        5,913

4.4%

$        5,019

4.1%

17.8%


$            12,369

5.1%

$           10,866

4.9%

13.8%

Boston, MA Area


3


915


8,214

6.1%

8,521

6.9%

-3.6%


11,187

4.6%

10,417

4.7%

7.4%

Dallas / Ft. Worth Area


7


1,518


6,375

4.8%

5,698

4.6%

11.9%


13,926

5.7%

12,008

5.4%

16.0%

Houston, TX Area


3


692


3,870

2.9%

3,915

3.2%

-1.1%


7,492

3.1%

7,362

3.3%

1.8%

Los Angeles, CA Metro Area


8


1,901


8,462

6.3%

8,815

7.2%

-4.0%


17,596

7.2%

17,733

8.0%

-0.8%

Miami, FL Metro Area


3


584


2,682

2.0%

2,469

2.0%

8.6%


7,738

3.2%

6,859

3.1%

12.8%

Minneapolis - St. Paul, MN-WI Area


2


520


2,411

1.8%

2,225

1.8%

8.4%


3,887

1.6%

3,837

1.7%

1.3%

New York / New Jersey Metro Area


7


1,887


10,371

7.8%

9,774

8.0%

6.1%


15,872

6.5%

16,322

7.4%

-2.8%

Orlando, FL Area


6


1,834


5,098

3.8%

4,595

3.7%

10.9%


12,623

5.2%

10,854

4.9%

16.3%

Philadelphia, PA Area


3


648


2,564

1.9%

2,406

2.0%

6.6%


3,333

1.4%

3,600

1.6%

-7.4%

San Diego, CA Area


2


410


1,803

1.3%

1,502

1.2%

20.0%


3,258

1.3%

2,652

1.2%

22.9%

San Francisco - Oakland, CA Metro Area


6


1,368


8,140

6.1%

6,331

5.2%

28.6%


15,792

6.5%

11,684

5.3%

35.2%

Tampa, FL Area


3


680


2,719

2.0%

2,580

2.1%

5.4%


6,617

2.7%

6,153

2.8%

7.5%

Washington DC - MD - VA Area


10


2,466


17,122

12.8%

14,713

12.0%

16.4%


26,436

10.8%

23,693

10.7%

11.6%

Other Areas


55


10,064


47,878

35.8%

44,272

36.0%

8.1%


85,861

35.2%

77,536

35.0%

10.7%




















Total Portfolio


127


27,180


$  133,622

100.0%

$  122,835

100.0%

8.8%


$       243,987

100.0%

$       221,576

100.0%

10.1%







































NOTES:



















(1)

The above pro forma table presents the 127 hotel properties included in the Company's operations at June 30, 2015 as if these hotels were owned as of the beginning of each of the periods presented.

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 TOTAL ENTERPRISE VALUE 

JUNE 30, 2015

 (in thousands except share price) 

 (unaudited) 






 June 30, 


2015

 End of quarter diluted shares outstanding 

101,227

 Partnership units outstanding (common share equivalents)** 

19,143

 Combined diluted shares and partnership units outstanding 

120,370

 Common stock price at quarter end 

$                                    8.46

 Market capitalization at quarter end 

$                           1,018,330

 Series A preferred stock 

$                                41,430

 Series D preferred stock 

$                              236,718

 Series E preferred stock 

$                              115,750

 Debt on balance sheet date 

$                           3,647,647

 Joint venture partners' share of consolidated debt 

$                                (2,109)

 Net working capital (see below) 

$                            (557,782)

Total enterprise value (TEV)

$                           4,499,984



Ashford Prime Investment:


Partnership units owned at end of quarter

4,978

Common stock price at quarter end

$                                  15.02

Market value of Ashford Prime investment

$                                74,767



Ashford Inc. Investment:


Common stock owned at end of quarter

598

Common stock price at quarter end

$                                  87.27

Market value of Ashford Inc. investment

$                                52,202



Cash & cash equivalents

$                              282,005

Restricted cash

149,713

Accounts receivable, net

55,919

Prepaid expenses

17,691

Investment in AIM REHE, LP

58,390

Due from affiliates, net

(8,290)

Due from 3rd party hotel managers, net

35,362

Market value of Ashford Prime investment

74,767

Market value of Ashford Inc. investment

52,202

Total current assets

$                              717,759



Accounts payable, net & accrued expenses

$                              136,608

Dividends payable

23,369

Total current liabilities

$                              159,977



Net working capital*

$                              557,782





 * Includes the Company's pro rata share of net working capital in joint ventures. 

 ** Total units outstanding = 20.39 million; Impacted by current conversion factor. 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)















2015


Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter



Actual

Actual

Estimated

Estimated

Hilton Parsippany

354

x

x

x

x

Courtyard Boston Downtown

315

x

x

x


Marriott Beverly Hills

258

x

x

x


Embassy Suites Flagstaff

119

x

x



Hilton Minneapolis

300

x

x



Hyatt Regency Savannah

351

x




Marriott Bridgewater

347

x




Sheraton Bucks County

186

x




Westin Princeton

296

x




Residence Inn Las Vegas

256


x

x

x

Courtyard Palm Desert

151


x

x


Courtyard Scottsdale

180


x

x


Hilton St Petersburg

333


x

x


Residence Inn Hartford

96


x

x


SpringHill Suites BWI

133


x

x


Hampton Inn Parsippany

152


x



Sheraton Minnetonka

220


x



Courtyard Alpharetta

154



x

x

Courtyard Overland Park

168



x

x

Fairfield Inn Lake Buena Vista

388



x

x

Historic Inns of Annapolis

124



x

x

Embassy Suites Palm Beach Gardens

160



x


Hilton Santa Fe

158



x


Courtyard Foothill Ranch Irvine

156




x

Courtyard Oakland Airport

156




x

Embassy Suites Dulles

150




x

Embassy Suites Houston

150




x

Hilton Fort Worth

294




x

Renaissance Nashville

673




x

Residence Inn Evansville

78




x

Residence Inn Fairfax

159




x

SpringHill Suites Gaithersburg

162




x

The Churchill

173




x







(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2015 are included in this table.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ashford-trust-reports-second-quarter-2015-results-300125195.html

SOURCE Ashford Hospitality Trust, Inc.

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