Ashford Trust Reports Third Quarter 2015 Results

- 5.0% RevPAR Increase for All Hotels for the Third Quarter

- Adjusted EBITDA Increased 26%

- Adjusted Funds From Operations per Share Increased 40%

Nov 04, 2015, 16:15 ET from Ashford Hospitality Trust, Inc.

DALLAS, Nov. 4, 2015 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today reported financial results and performance measures for the third quarter ended September 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 September 30, 2015 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2015, with the third quarter ended September 30, 2014 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

OVERVIEW

  • Opportunistic focus on upper upscale full service hotels
  • Uses moderate debt levels of approximately 55 – 60% net debt/gross assets
  • Attractive dividend yield of approximately 6.9%
  • One of the highest long-term total shareholder returns in the industry

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for all hotels increased 5.0% during the quarter
  • RevPAR for all hotels not under renovation increased 5.8% during the quarter
  • Adjusted EBITDA increased $21.6 million or 26%
  • Adjusted funds from operations (AFFO) was $0.35 per diluted share for the quarter as compared with $0.25 from the prior-year quarter representing an increase of 40%
  • The Company's common stock is currently trading at an approximate 6.9% dividend yield
  • 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
  • On July 27, 2015, the Company distributed the remaining shares that it owned of Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime") to its shareholders
  • Capex invested in the quarter was $42.2 million

CAPITAL STRUCTURE

At September 30, 2015, the Company had total assets of $4.9 billion in continuing operations.  As of September 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 4.97%. 

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%. 

On July 27, 2015, the Company distributed the remaining shares that it owned of Ashford Prime to its shareholders through a pro-rata, taxable dividend which equated to approximately 0.04 shares of Ashford Prime common stock for every share of Ashford Trust common stock owned.  Ashford Trust no longer has any ownership interest in Prime.

PORTFOLIO REVPAR

As of September 30, 2015, the Ashford Trust portfolio consisted of direct hotel investments with 130 properties classified in continuing operations.  During the third quarter of 2015, 115 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 130 hotels) and pro forma not under renovation basis (115 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 5.0% to $115.93 for all hotels on a 4.2% increase in ADR and a 0.8% increase in occupancy
  • Pro forma RevPAR increased 5.8% to $118.58 for hotels not under renovation on a 3.9% increase in ADR and a 1.8% 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 130 hotels are provided in the table attached to this release.

STRATEGY REFINEMENTS

Ashford Trust is reaffirming its previously announced strategy refinements as follows:

  • 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 sale process for the Company's 24 select-service hotel portfolio is on track with anticipated closing in the first quarter of 2016 with expected gross proceeds of approximately $550-$600 million
  • The Company intends to take an opportunistic approach to selling its remaining select-service hotels in the future to further simplify and streamline the platform

PLANNED SALE OF SELECT-SERVICE HOTEL PORTFOLIO

The for-sale, 24 select-service hotel portfolio totals 4,410 rooms, is encumbered by approximately $190.0 million of long-term, fixed rate debt and approximately $194.0 million of maturing or floating rate debt for total debt of approximately $384.0 million.  The current trailing 12-month NOI for the portfolio is approximately $45.0 million, and the trailing 12-month RevPAR for the portfolio is approximately $88.  It is anticipated that the sale will be completed in the first quarter of 2016.

COMMON STOCK DIVIDEND

On September 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 third quarter ending September 30, 2015, payable on October 15, 2015, to shareholders of record as of September 30, 2015.

"In spite of more difficult year-over-year comparisons given holiday shifts in the third quarter, we generated strong RevPAR growth, supporting another quarter of solid EBITDA and AFFO performance.  These results are a testament to the benefits of Ashford Trust's geographically diversified portfolio," commented Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer.  "We expect the sale of our 24 select-service hotel portfolio, coupled with continued strong operating performance, to narrow the valuation discount currently being applied to our stock price and believe the more simplified and distinct strategy of focusing on upper-upscale, full-service hotels is the right one for Ashford Trust going forward."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 5, 2015, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (785) 424-1666.  A replay of the conference call will be available through Thursday, November 12, 2015, by dialing (719) 457-0820 and entering the confirmation number, 153611.

The Company will also provide an online simulcast and rebroadcast of its third 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 Thursday, November 5, 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 Company's strategy and future plans.  These forward-looking statements are subject to risks and uncertainties.  When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:  general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.  EBITDA is defined as net income before interest, taxes, depreciation and amortization.  EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price.  A capitalization rate is determined by dividing the property's annual net operating income by the purchase price.  Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues.  Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.  Hotel EBITDA Margin is Hotel EBITDA divided by total revenues.  Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. 

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)

September 30,

December 31,

2015

2014

ASSETS

Cash and cash equivalents

$                185,981

$                215,063

Marketable securities

-

63,217

Total cash, cash equivalents and marketable securities

185,981

278,280

Investments in hotel properties, net

4,305,918

2,128,611

Restricted cash

146,220

85,830

Accounts receivable, net of allowance of $585 and $241, respectively

53,037

22,399

Inventories

4,652

2,104

Note receivable, net of allowance of $7,196 and $7,522, respectively

3,695

3,553

Investment in Highland JV

-

144,784

Investment in Ashford Prime

-

54,907

Investment in Ashford Inc.

5,857

7,099

Investment in AIM REHE Fund

54,458

-

Deferred costs, net

34,952

12,588

Prepaid expenses

20,532

7,017

Derivative assets, net

5,572

182

Other assets

13,386

17,116

Intangible assets, net

11,393

-

Due from Ashford Prime, net

-

896

Due from affiliates

-

3,473

Due from third-party hotel managers

37,947

12,241

Total assets

$             4,883,600

$             2,781,080

LIABILITIES AND EQUITY

Liabilities:

Indebtedness

$             3,698,385

$             1,954,103

Accounts payable and accrued expenses

141,404

71,118

Dividends payable

22,679

21,889

Unfavorable management contract liabilities

3,849

5,330

Due to Ashford Inc., net

9,893

8,202

Due to Ashford Prime OP, net

110

-

Due to related party, net

470

1,867

Due to third-party hotel managers

2,424

1,640

Intangible liabilities, net

16,593

-

Liabilities associated with marketable securities and other

-

6,201

Other liabilities

9,717

1,233

Total liabilities

3,905,524

2,071,583

Redeemable noncontrolling interests in operating partnership

114,741

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 September 30, 2015 and December 31, 2014

17

17

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

95

95

Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at September 30, 2015 and December 31, 2014

46

46

Common stock, $0.01 par value, 200,000,000 shares authorized, 119,146,765 and 124,896,765 shares issued, 95,474,163 and 89,439,624 shares outstanding at September 30, 2015 and December 31, 2014, respectively 

1,192

1,249

Additional paid-in capital

1,704,920

1,706,274

Accumulated other comprehensive loss

-

-

Accumulated deficit

(735,087)

(1,050,323)

Treasury stock, at cost, 23,672,602 and 35,457,141 shares at September 30, 2015 and December 31, 2014, respectively

(108,640)

(125,725)

Total stockholders' equity of the Company

862,543

531,633

Noncontrolling interest in consolidated entities

792

800

Total equity

863,335

532,433

Total liabilities and equity

$             4,883,600

$             2,781,080

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2015

2014

2015

2014

REVENUE

Rooms

$    294,768

$    164,946

$    787,428

$    489,427

Food and beverage

55,210

25,268

159,528

82,521

Other

14,097

7,044

35,402

20,054

Total hotel revenue

364,075

197,258

982,358

592,002

Advisory services revenue

-

3,127

-

9,266

Other

441

1,072

1,731

3,213

Total revenue

364,516

201,457

984,089

604,481

EXPENSES

Hotel operating expenses

Rooms

65,402

37,368

169,290

108,152

Food and beverage

40,570

18,628

108,891

57,330

Other expenses

112,759

64,103

295,936

194,679

Management fees 

13,324

7,799

36,366

23,618

Total hotel operating expenses

232,055

127,898

610,483

383,779

Property taxes, insurance and other

17,997

10,421

47,167

28,958

Depreciation and amortization

58,741

28,338

149,221

81,022

Impairment charges

(111)

(105)

19,623

(310)

Transaction costs

392

533

5,850

616

Advisory services fee:

Base advisory fee

8,701

-

25,217

-

Advisory service fee - other services

1,619

-

4,820

-

Non-cash stock/unit-based compensation

468

-

1,790

-

Corporate, general and administrative:

Non-cash stock/unit-based compensation

-

4,734

538

16,964

Other general and administrative

3,772

10,370

11,194

30,326

Total operating expenses

323,634

182,189

875,903

541,355

OPERATING INCOME

40,882

19,268

108,186

63,126

Equity in earnings (loss) of unconsolidated entities

(4,369)

2,831

(9,084)

6,794

Interest income

21

27

67

45

Gain on acquisition of Highland JV

-

-

381,835

-

Other income (expense)

(314)

2,564

1,733

5,841

Interest expense, net of premiums

(46,567)

(27,420)

(121,082)

(80,050)

Amortization of loan costs

(5,292)

(1,980)

(12,907)

(5,513)

Write-off of loan costs and exit fees

-

(8,319)

(4,767)

(10,353)

Unrealized gain (loss) on marketable securities

-

(2,875)

127

(3,818)

Unrealized loss on derivatives

(2,750)

(70)

(6,403)

(680)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(18,389)

(15,974)

337,705

(24,608)

Income tax expense

(1,721)

(292)

(4,635)

(820)

INCOME (LOSS) FROM CONTINUING OPERATIONS

(20,110)

(16,266)

333,070

(25,428)

Income from discontinued operations

-

62

-

88

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

599

-

(531)

3,491

NET INCOME (LOSS)

(19,511)

(16,204)

332,539

(21,849)

(Income) loss from consolidated entities attributable to noncontrolling interest

(3)

124

8

146

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

3,193

2,585

(39,616)

4,234

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(16,321)

(13,495)

292,931

(17,469)

Preferred dividends

(8,490)

(8,490)

(25,471)

(25,471)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$    (24,811)

$    (21,985)

$    267,460

$    (42,940)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Income (loss) from continuing operations attributable to common stockholders

$        (0.26)

$        (0.24)

$          2.72

$        (0.50)

Income from discontinued operations attributable to common stockholders

-

-

-

-

Net income (loss) attributable to common stockholders

$        (0.26)

$        (0.24)

$          2.72

$        (0.50)

Weighted average common shares outstanding – basic

95,888

90,322

97,061

86,961

Diluted:

Income (loss) from continuing operations attributable to common stockholders

$        (0.26)

$        (0.24)

$          2.63

$        (0.50)

Income from discontinued operations attributable to common stockholders

-

-

-

-

Net income (loss) attributable to common stockholders

$        (0.26)

$        (0.24)

$          2.63

$        (0.50)

Weighted average common shares outstanding – diluted

95,888

90,322

115,547

86,961

Dividends declared per common share:

$          0.12

$          0.12

$          0.36

$          0.36

Amounts attributable to common stockholders:

Net income (loss) attributable to the Company

$    (16,321)

$    (13,550)

$    292,931

$    (17,546)

Income from discontinued operations, net of tax

-

55

-

77

Preferred dividends

(8,490)

(8,490)

(25,471)

(25,471)

Net income (loss) attributable to common stockholders

$    (24,811)

$    (21,985)

$    267,460

$    (42,940)

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA 

 (in thousands) 

 (unaudited) 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2015

2014

2015

2014

 Net income (loss) 

$      (19,511)

$    (16,204)

$    332,539

$    (21,849)

 (Income) loss from consolidated entities attributable to noncontrolling interest 

(3)

124

8

146

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

3,193

2,585

(39,616)

4,234

 Net income (loss) attributable to the Company 

(16,321)

(13,495)

292,931

(17,469)

 Interest income 

(21)

(27)

(67)

(45)

 Interest expense and amortization of premiums and loan costs, net 

51,829

29,419

133,900

85,800

 Depreciation and amortization  

58,682

28,380

149,068

81,144

 Income tax expense 

1,721

292

4,635

832

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

(3,193)

(2,585)

39,616

(4,234)

 Equity in (earnings) loss of unconsolidated entities 

437

(2,831)

4,204

(6,794)

 Company's portion of EBITDA of Ashford Inc. 

675

-

(18)

-

 Company's portion of EBITDA of Ashford Prime 

509

3,524

7,640

9,148

 Company's portion of EBITDA of Highland JV 

-

24,240

11,982

73,642

 EBITDA available to common stockholders and OP unitholders 

94,318

66,917

643,891

222,024

 Amortization of unfavorable management contract liabilities 

(493)

(493)

(1,481)

(1,481)

 Impairment charges 

(111)

(105)

19,623

(310)

 Gain on hotel properties 

(599)

-

(381,304)

(3,503)

 Write-off of loan costs and exit fees 

-

8,319

4,767

10,353

 Other (income) expense (1) 

314

(2,564)

(1,733)

(5,841)

 Transaction, acquisition and management conversion costs 

1,963

1,903

11,552

3,173

 Software implementation costs 

-

20

-

275

 Legal judgment 

23

683

71

11,483

 Unrealized (gain) loss on marketable securities 

-

2,875

(127)

3,818

 Unrealized loss on derivatives 

2,750

70

6,403

680

 Dead deal costs 

320

-

567

-

 Compensation adjustment related to modified employment terms 

-

-

-

2,997

 Non-cash stock/unit-based compensation

468

4,734

2,328

14,727

 Company's portion of unrealized loss of AIM REHE Fund 

3,932

-

4,880

-

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

528

-

3,184

-

 Company's portion of adjustments to EBITDA of Ashford Prime 

582

64

738

554

 Company's portion of adjustments to EBITDA of Highland JV 

-

-

-

(513)

 Adjusted EBITDA available to common stockholders and OP unitholders 

$      103,995

$      82,423

$    313,359

$    258,436

(1)

Other (income) expense, 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 

 Nine Months Ended 

 September 30, 

 September 30, 

2015

2014

2015

2014

 Net income (loss) 

$      (19,511)

$    (16,204)

$    332,539

$    (21,849)

 (Income) loss from consolidated entities attributable to noncontrolling interest 

(3)

124

8

146

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

3,193

2,585

(39,616)

4,234

 Preferred dividends 

(8,490)

(8,490)

(25,471)

(25,471)

 Net income (loss) attributable to common stockholders 

(24,811)

(21,985)

267,460

(42,940)

 Depreciation and amortization on real estate 

58,682

28,295

149,068

80,882

 Gain on hotel properties 

(599)

-

(381,304)

(3,503)

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

(3,193)

(2,585)

39,616

(4,234)

 Equity in (earnings) loss of unconsolidated entities 

437

(2,831)

4,204

(6,794)

 Impairment charges on real estate 

-

-

19,949

-

 Company's portion of FFO of Ashford Inc. 

368

-

(623)

-

 Company's portion of FFO of Ashford Prime 

63

2,093

4,371

4,864

 Company's portion of FFO of Highland JV 

-

12,966

3,791

39,438

 FFO available to common stockholders and OP unitholders 

30,947

15,953

106,532

67,713

 Write-off of loan costs and exit fees 

-

8,319

4,767

10,353

 Other impairment charges 

(111)

(105)

(326)

(310)

 Other (income) expense (1) 

314

(2,564)

(1,733)

(5,841)

 Legal judgment 

23

683

71

11,483

 Transaction, acquisition and management conversion costs 

1,963

1,903

11,552

3,173

 Unrealized (gain) loss on marketable securities 

-

2,875

(127)

3,818

 Unrealized loss on derivatives 

2,750

70

6,403

680

 Software implementation costs 

-

20

-

275

 Dead deal costs 

320

-

567

-

 Compensation adjustment related modified employment terms 

-

-

-

2,997

 Company's portion of unrealized loss of AIM REHE Fund 

3,932

-

4,880

-

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

(484)

-

(498)

-

 Company's portion of adjustments to FFO of Ashford Prime 

573

6

593

394

 Company's portion of adjustments to FFO of Highland JV 

-

-

-

(513)

 Adjusted FFO available to common stockholders and OP unitholders 

$        40,227

$      27,160

$    132,681

$      94,222

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

$            0.35

$          0.25

$          1.14

$          0.88

 Weighted average diluted shares 

115,012

110,396

115,987

106,797

(1)

Other (income) expense, 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

SEPTEMBER 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%

$              91,098

$                      -

$              91,098

$              13,705

15.0%

Merrill 2 - 5 hotels 

February 2016

5.53%

103,362

-

103,362

20,638

20.0%

Merrill 7 - 5 hotels 

February 2016

5.53%

74,251

-

74,251

13,815

18.6%

Morgan Stanley MIP - 5 hotels 

February 2016

LIBOR + 4.75%

-

200,000

(1) (2)

200,000

22,924

11.5%

Morgan Stanley Pool A - 7 hotels 

August 2016

LIBOR + 4.35%

-

301,000

(2)

301,000

32,266

10.7%

Morgan Stanley Pool B - 5 hotels 

August 2016

LIBOR + 4.38%

-

62,900

(2)

62,900

6,613

10.5%

JPM Chase - 1 hotel 

August 2016

LIBOR + 4.20%

-

37,500

(2)

37,500

7,008

18.7%

BAML Pool 1 & 2 - 8 hotels 

January 2017

LIBOR + 4.95%

-

376,800

(2) (3)

376,800

43,313

11.5%

Cantor Commercial Real Estate - 1 hotel 

April 2017

LIBOR + 4.95%

-

33,300

(2)

33,300

4,175

12.5%

Column Financial - 24 hotels 

April 2017

LIBOR + 4.39%

-

1,070,560

(4)

1,070,560

109,498

10.2%

Wachovia 1 - 5 hotels 

April 2017

5.95%

110,707

-

110,707

16,670

15.1%

Wachovia 2 - 7 hotels 

April 2017

5.95%

121,113

-

121,113

16,590

13.7%

Wachovia 5 - 5 hotels 

April 2017

5.95%

99,508

-

99,508

14,034

14.1%

Wachovia 6 - 5 hotels 

April 2017

5.95%

151,413

-

151,413

17,316

11.4%

JPM Lakeway - 1 hotel 

May 2017

LIBOR + 5.10%

-

25,100

(2)

25,100

2,015

8.0%

BAML Le Pavillon - 1 hotel 

June 2017

LIBOR + 5.10%

-

43,750

(2)

43,750

4,415

10.1%

Morgan Stanley - 8 hotels 

July 2017

LIBOR + 4.09%

-

144,000

(2)

144,000

14,099

9.8%

Morgan Stanley Ann Arbor - 1 hotel 

July 2017

LIBOR + 4.15%

-

35,200

(2)

35,200

3,511

10.0%

BAML W Atlanta - 1 hotel 

July 2017

LIBOR + 5.10%

40,500

(2)

40,500

3,808

9.4%

Morgan Stanley Boston Back Bay - 1 hotel 

January 2018

4.38%

98,471

-

98,471

15,074

15.3%

Morgan Stanley Princeton/Nashville - 2 hotels 

January 2018

4.44%

107,703

-

107,703

24,727

23.0%

NorthStar Gainesville - 1 hotel 

July 2018

LIBOR + 4.50%

-

21,200

(6)

21,200

2,502

11.8%

NorthStar HGI Wisconsin Dells - 1 hotel 

August 2018

LIBOR + 4.95%

12,000

(6)

12,000

1,864

15.5%

Omni American Bank - 1 hotel 

July 2019

LIBOR + 3.75% (5)

-

5,524

5,524

997

18.0%

GACC Gateway - 1 hotel 

November 2020

6.26%

98,800

-

98,800

15,682

15.9%

GACC Jacksonville RI - 1 hotel 

January 2024

5.49%

10,566

-

10,566

1,485

14.1%

 GACC Manchester RI - 1 hotel 

January 2024

5.49%

7,240

-

7,240

1,164

16.1%

Key Bank Manchester CY - 1 hotel 

May 2024

4.99%

6,771

-

6,771

969

14.3%

Morgan Stanley Pool C1 - 3 hotels 

August 2024

5.20%

67,520

-

67,520

8,637

12.8%

Morgan Stanley Pool C2 - 2 hotels 

August 2024

4.85%

12,500

-

12,500

2,190

17.5%

Morgan Stanley Pool C3 - 3 hotels 

August 2024

4.90%

24,980

-

24,980

3,411

13.7%

BAML Pool 3 - 3 hotels 

February 2025

4.45%

54,397

(3)

-

54,397

8,440

15.5%

BAML Pool 4 - 2 hotels 

February 2025

4.45%

24,276

(3)

-

24,276

3,132

12.9%

BAML Pool 5 - 2 hotels 

February 2025

4.45%

21,031

(3)

-

21,031

3,004

14.3%

 Unencumbered hotels 

-

-

-

1,753

N/A

$         1,285,707

$         2,409,334

$         3,695,041

$            461,444

12.5%

 Percentage 

34.8%

65.2%

100.0%

 Weighted average interest rate 

5.45%

4.71%

4.97%

All indebtedness is non-recourse.

(1)The interest rate on this mortgage loan is subject to a LIBOR floor of 0.20%.

(2) This mortgage loan has three one-year extension options, 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) 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%

(5) 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.

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

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 SEPTEMBER 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

 JPM Chase - 1 hotel 

-

-

-

-

37,500

-

37,500

 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

 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

 BAML W Atlanta - 1 hotel 

-

-

-

-

-

40,500

40,500

 NorthStar HGI Wisconsin Dells - 1 hotel 

-

-

-

-

-

12,000

12,000

 Principal due in future periods 

$         90,680

$       174,827

$       468,106

$       197,332

$       606,568

$    2,085,023

$    3,622,536

 Scheduled amortization payments remaining 

5,330

16,714

15,109

5,651

5,920

23,781

72,505

 Total indebtedness 

$         96,010

$       191,541

$       483,215

$       202,983

$       612,488

$    2,108,804

$    3,695,041

 

 

ASHFORD HOSPITALITY TRUST, INC AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS - PRO FORMA

(unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

% Variance

2015

2014

% Variance

ALL HOTELS:

Rooms revenue (in thousands)

$       294,433

$       280,000

5.15%

$      877,394

$      822,875

6.63%

RevPAR

$         115.93

$         110.37

5.04%

$        116.47

$        109.31

6.55%

Occupancy

78.81%

78.21%

0.77%

78.15%

77.03%

1.45%

ADR

$         147.10

$         141.13

4.23%

$        149.03

$        141.91

5.02%

NOTES:

(1)

The above pro forma table assumes the 130 hotel properties included in the Company's operations were owned as of the beginning of each of the periods presented.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

% Variance

2015

2014

% Variance

ALL HOTELS

NOT UNDER RENOVATION:

Rooms revenue (in thousands)

$       266,810

$       251,953

5.90%

$      791,445

$      737,696

7.29%

RevPAR

$         118.58

$         112.11

5.77%

$        118.59

$        110.62

7.20%

Occupancy

80.08%

78.68%

1.78%

78.95%

77.27%

2.17%

ADR

$         148.08

$         142.49

3.92%

$        150.21

$        143.17

4.92%

NOTES:

(1)

The above pro forma table assumes the 115 hotel properties included in the Company's operations, but not under renovation for the three and nine months ended September 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, Hilton Parsippany, Residence Inn Las Vegas, Courtyard Palm Desert, Courtyard Scottsdale, Hilton St. Petersburg, Residence Inn Hartford, Springhill Suites BWI, Courtyard Alpharetta, Courtyard Overland Park, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Embassy Suites Palm Beach Gardens

 

ASHFORD HOSPITALITY TRUST, INC AND SUBSIDIARIES 

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (unaudited) 

 ALL HOTELS: 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2015

2014

 % Variance 

2015

2014

 % Variance 

 REVENUE 

Rooms 

$       294,433

$                  280,000

5.2%

$     877,394

$           822,875

6.6%

Food and beverage 

55,232

57,216

-3.5%

187,967

186,377

0.9%

 Other 

13,838

13,062

5.9%

38,927

36,751

5.9%

Total hotel revenue 

363,503

350,278

3.8%

1,104,288

1,046,003

5.6%

 EXPENSES 

Rooms 

65,111

61,956

5.1%

188,957

179,696

5.2%

Food and beverage 

40,598

41,348

-1.8%

128,481

127,708

0.6%

Other direct 

5,855

5,552

5.5%

16,908

15,925

6.2%

Indirect  

101,812

98,378

3.5%

302,656

290,548

4.2%

Management fees, includes base and incentive fees 

15,474

15,599

-0.8%

49,646

46,825

6.0%

Total hotel operating expenses 

228,850

222,833

2.7%

686,648

660,702

3.9%

Property taxes, insurance, and other 

17,825

17,911

-0.5%

53,644

51,503

4.2%

HOTEL OPERATING PROFIT (Hotel EBITDA) 

116,828

109,534

6.7%

363,996

333,798

9.0%

Hotel EBITDA Margin 

32.14%

31.27%

0.87%

32.96%

31.91%

1.05%

Minority interest in earnings of consolidated joint ventures 

102

105

-2.9%

246

227

8.4%

HOTEL OPERATING PROFIT (Hotel EBITDA), 

 excluding minority interest in joint ventures 

$     116,726

$               109,429

6.7%

$   363,750

$        333,571

9.0%

 NOTES: 

(1)

The above pro forma table assumes the 130 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 

 Nine Months Ended 

 September 30, 

 September 30, 

2015

2014

 % Variance 

2015

2014

 % Variance 

REVENUE 

Rooms 

$       266,810

$                  251,953

5.9%

$     791,445

$           737,696

7.3%

Food and beverage 

51,178

53,247

-3.9%

174,184

172,331

1.1%

 Other 

12,569

11,680

7.6%

35,342

33,021

7.0%

Total hotel revenue 

330,557

316,880

4.3%

1,000,971

943,048

6.1%

EXPENSES 

Rooms 

58,541

55,339

5.8%

169,533

160,307

5.8%

Food and beverage 

37,480

38,295

-2.1%

118,930

118,172

0.6%

Other direct 

5,414

5,208

4.0%

15,717

14,941

5.2%

Indirect  

92,411

88,808

4.1%

273,413

261,539

4.5%

Management fees, includes base and incentive fees 

13,966

13,842

0.9%

44,974

41,845

7.5%

Total hotel operating expenses 

207,812

201,492

3.1%

622,567

596,804

4.3%

Property taxes, insurance, and other 

15,948

16,074

-0.8%

48,710

46,672

4.4%

HOTEL OPERATING PROFIT (Hotel EBITDA) 

106,797

99,314

7.5%

329,694

299,572

10.1%

Hotel EBITDA Margin 

32.31%

31.34%

0.98%

32.94%

31.77%

1.17%

Minority interest in earnings of consolidated joint ventures 

47

50

-6.0%

117

109

7.3%

HOTEL OPERATING PROFIT (Hotel EBITDA), 

excluding minority interest in joint ventures 

$     106,750

$                  99,264

7.5%

$   329,577

$        299,463

10.1%

 NOTES: 

(1)

The above pro forma table assumes the 115 hotel properties included in the Company's operations, but not under renovation for the three and nine months ended September 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, Hilton Parsippany, Residence Inn Las Vegas, Courtyard Palm Desert, Courtyard Scottsdale, Hilton St. Petersburg, Residence Inn Hartford, Springhill Suites BWI, Courtyard Alpharetta, Courtyard Overland Park, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Embassy Suites Palm Beach Gardens

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL OPERATING PROFIT MARGIN

(unaudited)

THE FOLLOWING PRO FORMA EBITDA MARGIN TABLE REFLECTS THE 130 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:

3rd Quarter 2015

32.14%

3rd Quarter 2014

31.27%

       Variance

0.87%

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:

Rooms 

-0.23%

Food & Beverage and Other Departmental

0.61%

Administrative & General 

0.10%

Sales & Marketing

0.08%

Hospitality

0.01%

Repair & Maintenance 

-0.15%

Energy 

0.11%

Franchise Fee 

-0.01%

Management Fee 

0.00%

Incentive Management Fee 

0.19%

Insurance 

0.16%

Property Taxes

0.07%

Other Taxes

-0.02%

Leases/Other

-0.05%

     Total

0.87%

 

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 130 HOTELS INCLUDED IN THE COMPANY'S  OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

2015

2015

2015

2014

3rd Quarter

2nd Quarter

1st Quarter

4th Quarter

TTM

Total Hotel Revenue

$                   363,503

$                   389,726

$              351,058

$            330,126

$   1,434,413

Hotel EBITDA

$                   116,828

$                   135,295

$              111,873

$              97,448

$      461,444

Hotel EBITDA Margin

32.14%

34.72%

31.87%

29.52%

32.17%

EBITDA % of Total TTM

25.3%

29.3%

24.3%

21.1%

100.0%

JV Interests in EBITDA

$                          102

$                            89

$                       55

$                     74

$             320

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL REVPAR BY MARKET

(unaudited)

Three Months Ended

Nine Months Ended

Number of

Number of

September 30,

September 30,

Region

Hotels

Rooms

2015

2014

% Change

2015

2014

 % Change 

Atlanta, GA Area

10

1,930

$     120.67

$     113.39

6.4%

$       116.88

$           106.45

9.8%

Boston, MA Area

3

915

$     195.63

$     196.49

-0.4%

$       169.95

$           162.28

4.7%

Dallas / Ft. Worth Area

7

1,518

$     104.60

$       94.44

10.8%

$       110.22

$           101.18

8.9%

Houston, TX Area

3

692

$     110.76

$     107.80

2.7%

$       115.54

$           113.47

1.8%

Los Angeles, CA Metro Area

8

1,901

$     102.50

$       97.45

5.2%

$       109.90

$           107.40

2.3%

Miami, FL Metro Area

3

587

$       89.96

$       89.65

0.3%

$       129.61

$           121.09

7.0%

Minneapolis - St. Paul, MN-WI Area

3

580

$     127.81

$     118.22

8.1%

$       111.34

$           106.66

4.4%

Nashville, TN Area

1

673

$     175.80

$     160.40

9.6%

$       177.12

$           157.03

12.8%

New York / New Jersey Metro Area

7

1,887

$     116.91

$     114.20

2.4%

$       109.47

$           108.74

0.7%

Orlando, FL Area

6

1,834

$       76.52

$       70.07

9.2%

$         92.05

$             83.85

9.8%

Philadelphia, PA Area

3

648

$     106.75

$       99.47

7.3%

$         96.29

$             94.08

2.3%

San Diego, CA Area

2

410

$     127.82

$     118.82

7.6%

$       117.10

$           106.27

10.2%

San Francisco - Oakland, CA Metro Area

6

1,368

$     158.95

$     137.43

15.7%

$       149.64

$           125.22

19.5%

Tampa, FL Area

3

680

$       83.52

$       72.64

15.0%

$       105.50

$             98.03

7.6%

Washington DC - MD - VA Area

10

2,466

$     119.40

$     120.57

-1.0%

$       130.92

$           123.58

5.9%

Other Areas

55

9,519

$     111.55

$     107.58

3.7%

$       108.54

$           103.23

5.1%

Total Portfolio

130

27,608

$   115.93

$   110.37

5.0%

$     116.47

$         109.31

6.6%

NOTES:

(1)

The above pro forma table presents the 130 hotel properties included in the Company's operations at September 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

Nine Months Ended

September 30,

September 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

10

1,930

$        7,487

6.4%

$        7,436

6.8%

0.7%

$            21,846

6.0%

$           20,063

6.0%

8.9%

Boston, MA Area

3

915

8,630

7.4%

8,239

7.5%

4.7%

19,817

5.4%

18,656

5.6%

6.2%

Dallas / Ft. Worth Area

7

1,518

5,966

5.1%

5,162

4.7%

15.6%

19,892

5.5%

17,170

5.1%

15.9%

Houston, TX Area

3

692

3,016

2.6%

2,975

2.7%

1.4%

10,509

2.9%

10,337

3.1%

1.7%

Los Angeles, CA Metro Area

8

1,901

5,630

4.8%

5,736

5.2%

-1.8%

23,227

6.4%

23,468

7.0%

-1.0%

Miami, FL Metro Area

3

587

1,167

1.0%

1,042

1.0%

12.0%

8,905

2.4%

7,901

2.4%

12.7%

Minneapolis - St. Paul, MN-WI Area

3

580

3,224

2.8%

2,741

2.5%

17.6%

7,558

2.1%

6,850

2.1%

10.3%

Nashville, TN Area

1

673

5,245

4.5%

4,995

4.6%

5.0%

16,037

4.4%

13,412

4.0%

19.6%

New York / New Jersey Metro Area

7

1,887

8,310

7.1%

8,061

7.4%

3.1%

24,182

6.6%

24,383

7.3%

-0.8%

Orlando, FL Area

6

1,834

2,817

2.4%

2,542

2.3%

10.8%

15,441

4.2%

13,396

4.0%

15.3%

Philadelphia, PA Area

3

648

2,023

1.7%

2,069

1.9%

-2.2%

5,356

1.5%

5,669

1.7%

-5.5%

San Diego, CA Area

2

410

2,031

1.7%

1,822

1.7%

11.5%

5,288

1.5%

4,474

1.3%

18.2%

San Francisco - Oakland, CA Metro Area

6

1,368

9,086

7.8%

6,880

6.3%

32.1%

24,878

6.8%

18,564

5.6%

34.0%

Tampa, FL Area

3

680

1,316

1.1%

953

0.9%

38.1%

7,933

2.2%

7,106

2.1%

11.6%

Washington DC - MD - VA Area

10

2,466

10,203

8.7%

10,576

9.7%

-3.5%

36,640

10.1%

34,269

10.3%

6.9%

Other Areas

55

9,519

40,677

34.9%

38,305

34.8%

6.2%

116,487

32.0%

108,080

32.4%

7.8%

Total Portfolio

130

27,608

$  116,828

100.0%

$  109,534

100.0%

6.7%

$       363,996

100.0%

$       333,798

100.0%

9.0%

NOTES:

(1)

The above pro forma table presents the 130 hotel properties included in the Company's operations at September 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 

SEPTEMBER 30, 2015

 (in thousands except share price) 

 (unaudited) 

 September 30, 

2015

 End of quarter diluted shares outstanding 

95,474

 Partnership units outstanding (common share equivalents)** 

19,059

 Combined diluted shares and partnership units outstanding 

114,533

 Common stock price at quarter end 

$                                    6.10

 Market capitalization at quarter end 

$                              698,653

 Series A preferred stock 

$                                41,430

 Series D preferred stock 

$                              236,718

 Series E preferred stock 

$                              115,750

 Debt on balance sheet date 

$                           3,695,041

 Joint venture partners' share of consolidated debt 

$                                (2,102)

 Net working capital (see below) 

$                            (359,133)

Total enterprise value (TEV)

$                           4,426,357

Ashford Inc. Investment:

Common stock owned at end of quarter

598

Common stock price at quarter end

$                                  63.45

Market value of Ashford Inc. investment

$                                37,953

Cash & cash equivalents

$                              185,876

Restricted cash

146,062

Accounts receivable, net

53,014

Prepaid expenses

20,510

Investment in AIM REHE, LP

54,458

Due from affiliates, net

(10,268)

Due from 3rd party hotel managers, net

35,531

Market value of Ashford Inc. investment

37,953

Total current assets

$                              523,136

Accounts payable, net & accrued expenses

$                              141,324

Dividends payable

22,679

Total current liabilities

$                             164,003

Net working capital*

$                             359,133

 * 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

Actual

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

Courtyard Palm Desert

151

x

x

Courtyard Scottsdale

180

x

x

Hilton St Petersburg

333

x

x

Residence Inn Hartford

96

x

x

Residence Inn Las Vegas

256

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

Residence Inn Evansville

78

x

x

Embassy Suites Palm Beach Gardens

160

x

Courtyard Oakland Airport

156

x

Crowne Plaza Ravinia

495

x

Embassy Suites Austin

150

x

Embassy Suites Dulles

150

x

Embassy Suites Houston

150

x

Hilton Fort Worth

294

x

Hilton Santa Fe

158

x

Renaissance Nashville

673

x

The Ashton

39

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.

 

SOURCE Ashford Hospitality Trust, Inc.



RELATED LINKS

http://www.ahtreit.com