Ashford Trust Reports Third Quarter Results Including Ashford Prime Metrics

RevPAR Growth of 4.3% for all hotels in the Ashford Prime Portfolio

Adjusted EBITDA for the Company increased 7% for the Third Quarter

Oct 24, 2013, 19:58 ET from Ashford Hospitality Trust, Inc.

DALLAS, Oct. 24, 2013 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today reported the following results and performance measures for the third quarter ended September 30, 2013.  In anticipation of the proposed forthcoming spinout of Ashford Prime, the Company has changed how it's reporting its pro rata share of the Highland Hospitality Portfolio's pro forma hotel operating statistics.  Previously, the Company reported its Legacy Portfolio and its pro rata share of the Highland Hospitality Portfolio's pro forma hotel operating statistics separately.  Beginning with the third quarter, the Company is now reporting its pro forma hotel operating statistics for both the Ashford Trust Portfolio and the Ashford Prime Portfolio.  The Ashford Trust Portfolio includes the Company's pro rata share of the Highland Hospitality Portfolio, but excludes the Ashford Prime hotels.  The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma.  Unless otherwise stated, all reported results compare the third quarter ended September 30, 2013, with the third quarter ended September 30, 2012 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for the Ashford Prime Portfolio hotels not under renovation increased 4.6% during the quarter
  • RevPAR for the Ashford Trust Portfolio hotels not under renovation increased 3.1% during the quarter
  • RevPAR for all Ashford Prime Portfolio hotels increased 4.3% during the quarter
  • RevPAR for all Ashford Trust Portfolio hotels increased 1.5% during the quarter
  • Excluding assets located in the Washington, D.C. and Tampa, FL markets, RevPAR increased 7.9% for all Ashford Prime Portfolio hotels
  • Excluding assets located in the Washington, D.C., Tampa, FL, and Charlotte, NC markets, RevPAR increased 4.5% for all Ashford Trust Portfolio hotels
  • Adjusted EBITDA for the Company increased $5.5 million or 7% during the third quarter
  • Hotel EBITDA flow-through was 51% for all Ashford Trust Portfolio hotels
  • Net loss attributable to common shareholders for the Company was $24.8 million, or $0.31 per diluted share, compared with net loss attributable to common shareholders of $23.6 million, or $0.35 per diluted share, in the prior-year quarter
  • Adjusted funds from operations (AFFO) for the Company was $0.25 per diluted share for the quarter as compared with $0.31 from the prior-year quarter; the prior year quarter included $8.1 million of interest rate derivative income, or $0.09 per diluted share
  • During the quarter, the Company completed a $69 million property-level debt financing for the previously-closed acquisition of the 142-room Pier House Resort in Key West, Florida which is not part of the Ashford Prime initial portfolio of hotels, but for which Ashford Prime will have an option to purchase the hotel
  • At the end of the third quarter 2013, the Company had total net working capital of $492 million, including its pro rata share of the Highland Hospitality Portfolio net working capital

CAPITAL EXPENDITURES

  • Capex invested in the quarter for the Ashford Prime Portfolio was $3.1 million
  • Capex invested in the quarter for the Ashford Trust Portfolio was $40.2 million

ASHFORD PRIME FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR increased 4.3% to $163.02 for all hotels in the Ashford Prime Portfolio on a 3.3% increase in ADR and a 87 basis point increase in occupancy
  • Hotel EBITDA flow-through for all Ashford Prime Portfolio hotels was 33%
  • Ashford Prime will have an initial cash balance, including property level working capital, of at least $160.0 million upon spin-off
  • Ashford Prime is expected to have an initial annual dividend policy of $0.04 per Ashford Trust share equivalent
  • No debt maturities until 2017; all debt is non-recourse

ASHFORD TRUST FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR increased 1.5% to $97.19 for all hotels in the Ashford Trust Portfolio on a 2.7% increase in ADR and a 81 basis point decrease in occupancy
  • Hotel EBITDA flow-through for all Ashford Trust Portfolio hotels was 51%
  • All debt is non-recourse

Earlier this year, the Company's Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution.  The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc. ("Ashford Prime"), a newly formed company to which Ashford Trust plans to transfer the portfolio interests.  This distribution will be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date.  The Company currently expects to complete the spin-off sometime during the fourth quarter of this year.  Ashford Prime is expected to qualify as a real estate investment trust ("REIT") for federal income tax purposes, and has filed an application to list its shares of common stock on the New York Stock Exchange, under the symbol "AHP." 

The Company has also prepared an Ashford Prime Questions and Answers Presentation, available on the Company's website at www.ahtreit.com both on the front page and under the Investors tab in the Presentations section.  The presentation contains answers to commonly asked questions regarding the spin-off.  Additional information can be found in the information statement for Ashford Hospitality Prime that has been filed with the SEC.

CAPITAL STRUCTURE  At September 30, 2013, the Company had total assets of $3.6 billion in continuing operations, and $4.5 billion overall including the Highland Hospitality Portfolio which is not consolidated.  As of September 30, 2013, the Company had $2.4 billion of mortgage debt in continuing operations and $3.2 billion overall including the Highland Hospitality Portfolio.  Ashford Trust's total combined debt had a blended average interest rate of 5.3%, with a weighted average debt maturity of 3.0 years.  Ashford Prime's total combined debt had a blended average interest rate of 5.3%, with a weighted average debt maturity of 3.8 years.

On September 11, 2013, the Company announced it had completed a $69 million property-level debt financing for the previously-closed acquisition of the 142-room Pier House Resort in Key West, Florida.  The new financing has a two-year term and three, one-year extension options with no test requirements for the first two extensions.  The loan provides for a floating interest rate of LIBOR + 4.90%, with no LIBOR Floor.

PORTFOLIO REVPAR As of September 30, 2013, the Ashford Trust Portfolio consisted of direct hotel investments with 115 properties classified in continuing operations.  During the third quarter of 2013, 100 of the Ashford Trust Portfolio hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the Ashford Trust Portfolio hotels in continuing operations on a pro forma total basis (all 115 hotels) and pro forma not under renovation basis (100 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 1.5% to $97.19 for all hotels in the Ashford Trust Portfolio on a 2.7% increase in ADR and a 81 basis point decrease in occupancy
  • Pro forma RevPAR increased 3.1% to $97.12 for hotels not under renovation in the Ashford Trust Portfolio on a 3.0% increase in ADR and a 7 basis point increase in occupancy

As of September 30, 2013, the Ashford Prime Portfolio consisted of direct hotel investments with 8 properties classified in continuing operations.  During the third quarter of 2013, 7 of the Ashford Prime Portfolio hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the Ashford Prime Portfolio hotels in continuing operations on a pro forma total basis (all 8 hotels) and pro forma not under renovation basis (7 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 4.3% to $163.02 for all hotels in the Ashford Prime Portfolio on a 3.3% increase in ADR and a 87 basis point increase in occupancy
  • Pro forma RevPAR increased 4.6% to $171.22 for hotels not under renovation in the Ashford Prime Portfolio on a 2.6% increase in ADR and a 163 basis point 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 Ashford Trust Portfolio, including its pro-rata share of the Highland Hospitality Portfolio, and the Ashford Prime 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 115 Ashford Trust Portfolio hotels included in continuing operations and the 8 Ashford Prime Portfolio hotels included in continuing operations are provided in the table attached to this release.

In addition, in 2013, Marriott Hotels and Resorts converted to a monthly reporting calendar as opposed to its traditional thirteen-period reporting calendar.  Historically, the Company has recorded four of its Marriott-managed hotels' accounting periods in the fourth quarter and three in each of the other quarters during the year.  Presently, Marriott manages 38 hotels for the Company, comprising 32 hotels in the Ashford Trust Portfolio and 6 hotels in the Ashford Prime Portfolio, making it one of the Company's largest property managers.  Accordingly, this year the Company has converted its 2012 numbers on a pro forma basis to calendar months, consistent with the new Marriott monthly reporting calendar, to provide necessary consistency in period-to-period comparisons.

ASSET MANAGEMENT  On August 12, 2013, the Company announced that it had entered into a franchise agreement to convert the 258-room, Crowne Plaza Beverly Hills, in the Ashford Trust Portfolio, to a Marriott after the expiration of the existing Crowne Plaza license agreement in March of 2015.  The conversion includes an extensive product improvement plan (PIP), estimated at $25 million, to include an upgrade of the Heating, Ventilation and Air Conditioning (HVAC) system, an extensive renovation of the guestrooms and public areas, including a transformational lobby renovation, and exterior improvements which will enhance the sense of arrival for guests.  The newly-minted Marriott Beverly Hills will continue to be managed by Remington Lodging & Hospitality following the completion of the conversion.  

Additionally, the Company also announced that on May 31, 2013, it completed the transfer of management from Marriott to Remington Lodging & Hospitality at seven of its select-service hotels in the Ashford Trust Portfolio (SpringHill Suites Richmond Virginia Center; Residence Inn Phoenix Airport; Residence Inn Newark Silicon Valley, CA; Courtyard Oakland Airport; Courtyard Newark Silicon Valley, CA; Courtyard Palm Desert; and Residence Inn Palm Desert) and one full-service hotel in the Ashford Trust Portfolio (Marriott Suites Market Center Dallas).  All of the franchise agreements include PIPs.

COMMON STOCK DIVIDEND On September 13, 2013, 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, 2013, payable on October 15, 2013, to shareholders of record as of September 30, 2013.

"Our Ashford Prime Portfolio experienced solid RevPAR growth during the quarter as our west coast assets continued to outperform, despite difficult year-over year comparisons we faced in the Tampa and Charlotte markets due to last year's political conventions.  Additionally, our investment in the Pier House Resort continues to pay off as this asset showed further increases in both RevPAR growth and Hotel EBITDA Margin," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer.  "The Pier House also demonstrates the opportunities we are currently seeing in the debt markets, given the successful property-level debt financing we were able to achieve.  Interest rates and other market conditions remain very favorable and we will selectively pursue refinancing opportunities throughout our portfolio to capitalize on these trends, consistent with our standing goal of finding new and innovative ways to maximize shareholder value."  

INVESTOR CONFERENCE CALL AND SIMULCAST Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, October 25, 2013, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (480) 629-9819.  A replay of the conference call will be available through Friday November 1, 2013, by dialing (303) 590-3030 and entering the confirmation number, 4644872.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2013 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, October 25, 2013, 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 across all segments and at all levels of the capital structure primarily within the United States.

Ashford Hospitality Prime will be a conservatively capitalized real estate investment trust (REIT) focused on investing in high RevPAR full-service and urban select-service hotels located predominantly in domestic and international gateway markets.

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

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.  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'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; the satisfaction of the conditions to the completion of the spin-off; and the estimated timing of completion.  These and other risk factors are more fully discussed in Ashford'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)

September 30,

December 31,

2013

2012

 (Unaudited) 

ASSETS

Cash and cash equivalents

$         310,427

$        185,935

Marketable securities

25,029

23,620

Total cash, cash equivalents and marketable securities

335,456

209,555

Investment in hotel properties, net

2,929,773

2,872,304

Restricted cash

84,215

84,786

Accounts receivable, net of allowance of $396 and $265, respectively

30,520

35,116

Inventories

2,243

2,111

Notes receivable, net of allowance of $8,037 and $8,333, respectively

11,443

11,331

Investment in unconsolidated joint ventures

144,068

158,694

Deferred costs, net

14,010

17,194

Prepaid expenses

13,832

10,145

Derivative assets, net

256

6,391

Other assets

6,252

4,594

Intangible asset, net

2,654

2,721

Due from affiliates

1,416

1,168

Due from third-party hotel managers

53,218

48,619

Total assets

$      3,629,356

$     3,464,729

LIABILITIES AND EQUITY

Liabilities:

Indebtedness

$      2,440,413

$     2,339,410

Capital leases payable

37

-

Accounts payable and accrued expenses

98,697

84,293

Dividends payable

20,734

18,258

Unfavorable management contract liabilities

8,313

11,165

Due to related party, net

1,157

3,725

Due to third-party hotel managers

1,846

1,410

Liabilities associated with marketable securities and other

1,422

1,641

Other liabilities

6,040

6,348

Total liabilities

2,578,659

2,466,250

Redeemable noncontrolling interests in operating partnership

196,427

151,179

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, 2013 and December 31, 2012

 

17

 

17

Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at September 30, 2013 and December 31, 2012

 

95

 

95

Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at September 30, 2013 and December 31, 2012

 

46

 

46

Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 80,565,563 and 68,150,617 shares outstanding, respectively 

 

1,249

 

1,249

Additional paid-in capital

1,882,100

1,766,168

Accumulated other comprehensive loss

(240)

(282)

Accumulated deficit

(889,035)

(770,467)

Treasury stock, at cost (44,331,202 shares and 56,746,148 shares, respectively)

(140,054)

(164,884)

Total shareholders' equity of the Company

854,178

831,942

Noncontrolling interests in consolidated entities

92

15,358

Total equity

854,270

847,300

Total liabilities and equity

$      3,629,356

$     3,464,729

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2013

2012

2013

2012

 (Unaudited) 

 (Unaudited) 

REVENUE

Rooms

$    197,067

$    181,511

$    586,276

$    540,799

Food and beverage

34,444

33,732

117,328

115,382

Other

10,364

8,852

28,509

25,595

Total hotel revenue

241,875

224,095

732,113

681,776

Other

149

100

392

252

Total  Revenue

242,024

224,195

732,505

682,028

EXPENSES

Hotel operating expenses

Rooms

45,079

41,673

132,310

122,076

Food and beverage

25,860

24,486

80,651

78,436

Other expenses

74,275

67,723

215,923

203,988

Management fees 

9,888

9,261

30,467

28,142

Total hotel operating expenses

155,102

143,143

459,351

432,642

Property taxes, insurance, and other

12,474

11,487

36,385

33,337

Depreciation and amortization

32,777

33,558

98,099

100,691

Impairment charges

(101)

(5,066)

(296)

(5,253)

Transaction acquisition costs

126

1,296

Corporate, general, and administrative:

Stock/unit-based compensation

4,156

4,332

17,049

13,701

Other general and administrative

9,309

6,519

25,631

19,326

Total Operating Expenses

213,843

193,973

637,515

594,444

OPERATING INCOME

28,181

30,222

94,990

87,584

Equity in loss of unconsolidated joint ventures

(10,105)

(7,373)

(14,626)

(17,654)

Interest income

12

30

61

84

Other income

314

8,671

6,446

22,988

Interest expense

(34,679)

(35,532)

(102,300)

(104,046)

Amortization of loan costs

(1,946)

(1,597)

(5,731)

(4,243)

Write-off of deferred loan costs and exit fees

(1,971)

Unrealized gain (loss) on marketable securities

257

(48)

2,039

3,365

Unrealized loss on derivatives

(817)

(9,353)

(7,177)

(26,753)

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(18,783)

(14,980)

(28,269)

(38,675)

Income tax expense

(619)

(639)

(1,688)

(2,884)

LOSS FROM CONTINUING OPERATIONS

(19,402)

(15,619)

(29,957)

(41,559)

Loss from discontinued operations

(2,412)

(6,966)

NET LOSS

(19,402)

(18,031)

(29,957)

(48,525)

Loss from consolidated entities attributable to noncontrolling interests

175

219

890

444

Net loss attributable to redeemable noncontrolling interests in operating partnership

2,892

2,665

5,152

6,902

NET LOSS ATTRIBUTABLE TO THE COMPANY

(16,335)

(15,147)

(23,915)

(41,179)

Preferred dividends

(8,490)

(8,490)

(25,471)

(25,312)

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

$    (24,825)

$    (23,637)

$    (49,386)

$    (66,491)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Loss from continuing operations attributable to common shareholders

$        (0.31)

$        (0.32)

$        (0.69)

$        (0.90)

Loss from discontinued operations attributable to common shareholders

(0.03)

$        (0.09)

Net loss attributable to common shareholders

$        (0.31)

$        (0.35)

$        (0.69)

$        (0.99)

Weighted average common shares outstanding – basic

79,898

67,659

72,068

67,484

Diluted:

Loss from continuing operations attributable to common shareholders

$        (0.31)

$        (0.32)

$        (0.69)

$        (0.90)

Loss from discontinued operations attributable to common shareholders

$        (0.03)

$        (0.09)

Net loss attributable to common shareholders

$        (0.31)

$        (0.35)

$        (0.69)

$        (0.99)

Weighted average common shares outstanding – diluted

79,898

67,659

72,068

67,484

Dividends declared per common share:

$          0.12

$          0.11

$          0.36

$          0.33

Amounts attributable to common shareholders:

Loss from continuing operations

$    (16,335)

$    (13,038)

$    (23,915)

$    (35,082)

Loss from discontinued operations

(2,109)

(6,097)

Preferred dividends

(8,490)

(8,490)

(25,471)

(25,312)

Net loss attributable to common shareholders

$    (24,825)

$    (23,637)

$    (49,386)

$    (66,491)

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 RECONCILIATION OF NET LOSS TO EBITDA 

 (in thousands) 

 (Unaudited) 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2013

2012

2013

2012

 Net loss 

$      (19,402)

$    (18,031)

$    (29,957)

$    (48,525)

 Loss from consolidated entities attributable to noncontrolling interests 

175

219

890

444

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

2,892

2,665

5,152

6,902

 Net loss attributable to the Company 

(16,335)

(15,147)

(23,915)

(41,179)

 Interest income 

(12)

(30)

(60)

(84)

 Interest expense and amortization of loan costs 

36,120

37,190

106,621

108,280

 Depreciation and amortization  

31,952

33,434

95,618

100,451

 Impairment charges 

(101)

(5,066)

(296)

(1,133)

 Income tax expense 

619

639

1,688

2,884

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

(2,892)

(2,665)

(5,152)

(6,902)

 Equity in loss of unconsolidated joint ventures 

10,105

7,373

14,626

17,654

 Company's portion of EBITDA of unconsolidated joint ventures 

19,262

17,996

63,398

57,676

 EBITDA 

78,718

73,724

252,528

237,647

 Amortization of unfavorable management contract liabilities 

(533)

(565)

(1,730)

(1,694)

 Write-off of loan costs and exit fees 

-

-

1,971

-

 Other income (1) 

(314)

(8,671)

(6,446)

(22,988)

 Transaction, acquisition and management conversion costs 

326

-

1,626

-

 Transaction costs related to proposed spin-off 

2,587

-

6,442

-

 Legal costs related to litigation settlements (2) 

-

755

-

2,463

 Unrealized (gain) loss on marketable securities 

(257)

48

(2,039)

(3,365)

 Unrealized loss on derivatives 

817

9,353

7,177

26,753

 El Conquistador results since appointment of receiver (3) 

-

897

-

897

 Equity-based compensation 

4,156

4,332

17,049

13,701

 Company's portion of adjustments to EBITDA of unconsolidated joint ventures 

2

81

24

225

 Adjusted EBITDA 

$        85,502

$      79,954

$    276,602

$    253,639

(1)

Other income, primarily consisting of income from interest rate derivatives in both periods and net realized loss on marketable securities in both periods, is excluded from Adjusted EBITDA.  

(2)

Legal costs associated with litigation settlements are excluded from Adjusted EBITDA.

(3)

On August 15, 2012, a receiver was appointed to take over this hotel and had full control of the hotel operations and cash flow.  The operating results for the Hilton El Conquistador in Tucson, AZ from that date through September 30, 2012 are excluded from Adjusted EBITDA.

 RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS ("FFO") 

 (in thousands, except per share amounts) 

 (Unaudited) 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2013

2012

2013

2012

 Net loss 

$      (19,402)

$    (18,031)

$    (29,957)

$    (48,525)

 Loss from consolidated entities attributable to noncontrolling interests 

175

219

890

444

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

2,892

2,665

5,152

6,902

 Preferred dividends 

(8,490)

(8,490)

(25,471)

(25,312)

 Net loss attributable to common shareholders 

(24,825)

(23,637)

(49,386)

(66,491)

 Depreciation and amortization on real estate 

31,842

33,398

95,304

100,289

 Impairment charges 

(101)

(5,066)

(296)

(1,133)

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

(2,892)

(2,665)

(5,152)

(6,902)

 Equity in loss of unconsolidated joint ventures 

10,105

7,373

14,626

17,654

 Company's portion of FFO of unconsolidated joint ventures 

6,991

5,845

27,245

21,255

 FFO available to common shareholders 

21,120

15,248

82,341

64,672

 Write-off of loan costs and exit fees 

-

-

1,971

-

 Other income (1) 

(314)

(607)

(231)

1,065

 Legal costs related to litigation settlements (2) 

-

755

-

2,463

 Transaction, acquisition and management conversion costs 

326

-

1,626

-

 Transaction costs related to proposed spin-off 

2,587

-

6,442

-

 Unrealized (gain) loss on marketable securities 

(257)

48

(2,039)

(3,365)

 Unrealized loss on derivatives 

817

9,353

7,177

26,753

 El Conquistador results since appointment of receiver (3) 

-

1,144

-

1,144

 Equity-based compensation adjustment related to modified employment terms 

-

-

4,678

480

 Company's portion of adjustments to FFO of unconsolidated joint ventures 

2

89

24

233

 Adjusted FFO available to common shareholders 

$        24,281

$      26,030

$    101,989

$      93,445

 Adjusted FFO per diluted share available to common shareholders 

$            0.25

$          0.31

$          1.12

$          1.10

 Weighted average diluted shares 

98,982

85,344

90,800

84,976

(1)

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

(2)

Legal costs associated with litigation settlements are excluded from Adjusted FFO.

(3)

On August 15, 2012, a receiver was appointed to take over this hotel and had full control of the hotel operations and cash flow.  The operating results for the Hilton El Conquistador in Tucson, AZ from that date through September 30, 2012 are excluded from Adjusted FFO.

 

 

ASHFORD TRUST PORTFOLIO (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME PORTFOLIO)

SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS

SEPTEMBER 30, 2013

(dollars in thousands)

(Unaudited)

 Pro Forma 

 Pro Forma 

 Fixed-Rate 

 Floating-Rate 

 Total 

 TTM Hotel 

 TTM EBITDA 

Indebtedness

Maturity

Interest Rate

 Debt 

 Debt 

 Debt 

 EBITDA 

 Debt Yield 

 BoA MIP - 5 hotels 

March 2014

LIBOR + 4.50%

$                 -

$           167,327

(1)

$                167,327

$               18,579

11.1%

 Wells Senior - 25 hotels 

March 2014

LIBOR + 3.00%

-

380,222

(5)

380,222

65,846

17.3%

 Mezz 1 - 28 hotels 

March 2014

Greater of 7.00% or LIBOR + 6.00%

-

93,581

(5)

93,581

88,233

14.4%

 Mezz 2 - 28 hotels 

March 2014

Greater of 8.00% or LIBOR + 7.00%

-

89,087

(5)

89,087

88,233

12.6%

 Mezz 3 - 28 hotels 

March 2014

Greater of 10.50% or LIBOR + 9.50%

-

76,360

(5)

76,360

88,233

11.3%

 Mezz 4 - 28 hotels 

March 2014

LIBOR + 2.00%

13,218

(5)

13,218

88,233

11.1%

 JPM Floater - 9 hotels 

May 2014

LIBOR + 6.50%

-

135,000

(2)

135,000

17,462

12.9%

 GEMSA Manchester - 1 hotel 

May 2014

8.32%

5,147

-

5,147

679

13.2%

 Senior credit facility - Various 

September 2014

LIBOR + 2.75% to 3.5%

-

-

-

 N/A 

N/A

 Goldman Sachs - 5 hotels 

November 2014

Greater of 6.40% or LIBOR + 6.15%

-

211,000

(3)

211,000

24,225

11.5%

 UBS 1 - 8 hotels 

December 2014

5.75%

102,948

-

102,948

11,888

11.5%

 Merrill 1 - 10 hotels 

July 2015

5.22%

150,177

-

150,177

21,402

14.3%

 JPM Pier House - 1 hotel 

September 2015

LIBOR + 4.90%

-

69,000

(4)

69,000

6,867

10.0%

 UBS 2 - 8 hotels 

December 2015

5.70%

95,415

-

95,415

11,381

11.9%

 Merrill 2 - 5 hotels 

February 2016

5.53%

108,557

-

108,557

16,546

15.2%

 Merrill 3 - 5 hotels 

February 2016

5.53%

90,027

-

90,027

15,703

17.4%

 Merrill 7 - 5 hotels 

February 2016

5.53%

77,983

-

77,983

13,005

16.7%

 Wachovia 1 - 5 hotels 

April 2017

5.95%

113,703

-

113,703

12,458

11.0%

 Wachovia 5 - 5 hotels 

April 2017

5.95%

102,201

-

102,201

10,451

10.2%

 Wachovia 6 - 5 hotels 

April 2017

5.95%

155,511

-

155,511

16,415

10.6%

 Wachovia 2 - 7 hotels 

April 2017

5.95%

124,391

-

124,391

12,519

10.1%

 Morgan Stanley Boston Back Bay - 1 hotel 

January 2018

4.38%

73,113

-

73,113

9,223

12.6%

 Morgan Stanley Princeton/Nashville - 2 hotels 

January 2018

4.44%

79,938

-

79,938

13,164

16.5%

 GACC Gateway - 1 hotel 

November 2020

6.26%

101,604

-

101,604

14,693

14.5%

 Zion Jacksonville RI - 1 hotel 

April 2034

Greater of 6% or Prime + 1%

-

6,393

6,393

1,278

20.0%

 Unencumbered hotels 

-

-

-

973

N/A

 Total 

$    1,380,715

$        1,241,188

$             2,621,903

$             314,757

12.0%

 Percentage 

52.7%

47.3%

100.0%

 Weighted average interest rate 

5.62%

5.50%

5.56%

 Weighted average interest rate with the effect of interest rate swaps 

5.17%

(6)

5.50%

(6)

5.33%

All indebtedness is non-recourse with the exception of the senior credit facility.

(1) This mortgage loan has a one-year extension option beginning March 2014, subject to satisfaction of certain conditions.

(2) This mortgage loan has three one-year extension options beginning May 2014, subject to satisfaction of certain conditions.

(3) This mortgage loan has three one-year extension options beginning November 2014, subject to satisfaction of certain conditions.

(4) This mortgage loan has three one-year extension options beginning September 2015, subject to satisfaction of certain conditions.

(5) Each of these loans has two one-year extension options beginning March 2014.

(6) These rates are calculated assuming the LIBOR rate stays at the September 30, 2013 level and with the effect of our interest rate derivatives.

ASHFORD PRIME PORTFOLIO

SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS

SEPTEMBER 30, 2013

(dollars in thousands)

(Unaudited)

 Pro Forma 

 Pro Forma 

 Fixed-Rate 

 Floating-Rate 

 Total 

 TTM Hotel 

 TTM EBITDA 

Indebtedness

Maturity

Interest Rate

 Debt 

 Debt 

 Debt 

 EBITDA 

 Debt Yield 

 Wachovia Philly CY - 1 hotel 

April 2017

5.91%

$         34,420

$                    -

$                  34,420

$               10,530

30.6%

 Wachovia 3 - 2 hotels 

April 2017

5.95%

126,147

-

126,147

17,209

13.6%

 Wachovia 7 - 3 hotels 

April 2017

5.95%

256,698

-

256,698

25,443

9.9%

 Aareal - 2 hotels 

February 2018

LIBOR + 3.50%

-

198,666

198,666

23,910

12.0%

 TIF Philly CY - 1 hotel 

June 2018

12.85%

8,098

-

8,098

N/A

N/A

 Total 

$       425,363

$           198,666

$                624,029

$               77,092

12.4%

 Percentage 

68.2%

31.8%

100.0%

 Weighted average interest rate 

6.08%

3.68%

5.32%

All indebtedness is non-recourse.

 

 

ASHFORD TRUST PORTFOLIO (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME PORTFOLIO)

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 SEPTEMBER 30, 2013 

 (in thousands) 

 (Unaudited) 

2013

2014

2015

2016

2017

 Thereafter 

 Total 

 GEMSA Manchester - 1 hotel 

$              -

$              5,004

$               -

$              -

$                  -

$                  -

$            5,004

 Senior credit facility - Various 

-

-

-

-

-

-

-

 UBS 1 - 8 hotels 

-

100,119

-

-

-

-

100,119

 BoA MIP - 5 hotels 

-

-

167,327

-

-

-

167,327

 Merrill 1 - 10 hotels 

-

-

142,922

-

-

-

142,922

 UBS 2 - 8 hotels 

-

-

90,680

-

-

-

90,680

 Merrill 2 - 5 hotels 

-

-

-

101,740

-

-

101,740

 Merrill 3 - 5 hotels 

-

-

-

84,374

-

-

84,374

 Merrill 7 - 5 hotels 

-

-

-

73,086

-

-

73,086

 Wells Senior - 25 hotels 

-

-

-

380,222

-

-

380,222

 Mezz 1 - 28 hotels 

-

-

-

93,581

-

-

93,581

 Mezz 2 - 28 hotels 

-

-

-

89,087

-

-

89,087

 Mezz 3 - 28 hotels 

-

-

-

76,360

-

-

76,360

 Mezz 4 - 28 hotels 

-

-

-

13,218

-

-

13,218

 JPM Floater - 9 hotels 

-

-

-

-

135,000

-

135,000

 Wachovia 1 - 5 hotels 

-

-

-

-

107,351

-

107,351

 Wachovia 5 - 5 hotels 

-

-

-

-

96,491

-

96,491

 Wachovia 6 - 5 hotels 

-

-

-

-

146,823

-

146,823

 Wachovia 2 - 7 hotels 

-

-

-

-

117,441

-

117,441

 Goldman Sachs - 5 hotels 

-

-

-

-

211,000

-

211,000

 GACC Gateway - 1 hotel 

-

-

-

-

-

89,886

89,886

 JPM Pier House - 1 hotel 

-

-

-

-

-

69,000

69,000

 Morgan Stanley Boston Back Bay - 1 hotel 

-

-

-

-

-

67,358

67,358

 Morgan Stanley Princeton/Nashville - 2 hotels 

-

-

-

-

-

73,703

73,703

 Zion Jacksonville RI - 1 hotel 

-

-

-

-

-

-

-

 Principal due in future periods 

$              -

$          105,123

$      400,929

$    911,667

$        814,106

$        299,946

$     2,531,772

 Scheduled amortization payments remaining 

9,297

24,967

23,202

13,035

15,989

3,641

90,132

 Total indebtedness of continuing operations 

$        9,297

$          130,090

$      424,131

$    924,702

$        830,095

$        303,587

$     2,621,903

 NOTE: These maturities assume no event of default would occur. 

 ASHFORD PRIME PORTFOLIO 

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 SEPTEMBER 30, 2013 

 (in thousands) 

 (Unaudited) 

2013

2014

2015

2016

2017

 Thereafter 

 Total 

 Wachovia Philly CY - 1 hotel 

$              -

$                    -

$               -

$              -

$          32,532

$                  -

$          32,532

 Wachovia 3 - 2 hotels 

-

-

-

-

119,245

-

119,245

 Wachovia 7 - 3 hotels 

-

-

-

-

242,201

-

242,201

 Aareal - 2 hotels 

-

-

-

-

-

186,259

186,259

 TIF Philly CY - 1 hotel 

-

-

-

-

-

8,098

8,098

 Principal due in future periods 

$              -

$                    -

$               -

$              -

$        393,978

$        194,357

$        588,335

 Scheduled amortization payments remaining 

3,030

8,403

8,917

9,464

5,350

530

35,694

 Total indebtedness of continuing operations 

$        3,030

$              8,403

$          8,917

$        9,464

$        399,328

$        194,887

$        624,029

 

 

ASHFORD TRUST PORTFOLIO (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME PORTFOLIO)

KEY PERFORMANCE INDICATORS - PRO FORMA

(dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

% Variance

2013

2012

% Variance

ALL HOTELS INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:

Room revenues (in thousands)

$ 204,188

$ 201,080

1.55%

$ 625,474

$ 607,446

2.97%

RevPAR

$     97.19

$     95.72

1.54%

$     99.92

$     96.95

3.06%

Occupancy

73.97%

74.78%

-0.81%

74.05%

74.26%

-0.21%

ADR

$   131.39

$   128.00

2.65%

$   134.93

$   130.56

3.35%

NOTES:

(1)

The above pro forma table assumes the 115 hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the

beginning of the period presented.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

% Variance

2013

2012

% Variance

ALL HOTELS NOT UNDER RENOVATION

INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:

Room revenues (in thousands)

$ 170,369

$ 165,227

3.11%

$ 511,654

$ 494,665

3.43%

RevPAR

$     97.12

$     94.20

3.10%

$     97.91

$     94.57

3.53%

Occupancy

74.76%

74.69%

0.07%

74.09%

73.95%

0.14%

ADR

$   129.91

$   126.12

3.01%

$   132.16

$   127.87

3.35%

NOTES:

(1)

The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2013, but not under renovation for

three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2)

Excluded Hotels Under Renovation:

Hampton Inn Buford, Hampton Inn Terre Haute, Embassy Suites Palm Beach Gardens, Hilton Garden Inn Jacksonville,

Marriott DFW, Hilton St. Petersburg, Residence Inn Atlanta Buckhead, Hyatt Coral Gables, Marriott Crystal Gateway,

Courtyard Boston Downtown, Hyatt Regency Wind Watch, Silversmith, Renaissance Nashville, Hilton Parsippany,

Hilton Garden Inn Austin

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

 

 

ASHFORD PRIME PORTFOLIO

KEY PERFORMANCE INDICATORS - PRO FORMA

(dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

% Variance

2013

2012

% Variance

ALL HOTELS INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:

Room revenues (in thousands)

$  47,184

$          45,228

4.32%

$ 132,852

$ 125,325

6.01%

RevPAR

$  163.02

$          156.27

4.32%

$   153.50

$   145.02

5.85%

Occupancy

84.44%

83.57%

0.87%

80.39%

79.33%

1.06%

ADR

$  193.07

$          187.00

3.25%

$   190.94

$   182.80

4.45%

NOTES:

(1)

The above pro forma table assumes the eight hotel properties included in the Prime portfolio at September 30, 2013 were owned as of the

beginning of the period presented.

(2)

Prime portfolio includes:  Capital Hilton Washington DC, Hilton La Jolla Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas Plano Legacy,

Courtyard San Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott Seattle Waterfront, Renaissance Tampa International Plaza

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

% Variance

2013

2012

% Variance

ALL HOTELS NOT UNDER RENOVATION

INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:

Room revenues (in thousands)

$  43,193

$          41,303

4.58%

$ 119,922

$ 113,463

5.69%

RevPAR

$  171.22

$          163.73

4.57%

$   159.05

$   150.66

5.57%

Occupancy

87.94%

86.31%

1.63%

82.35%

81.32%

1.03%

ADR

$  194.70

$          189.70

2.64%

$   193.14

$   185.27

4.25%

NOTES:

(1)

The above pro forma table assumes the seven hotel properties included in the Prime portfolio at September 30, 2013, but not under renovation for the

three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2)

Excluded Hotels Under Renovation:

Marriott Dallas Plano Legacy

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

 

 

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL OPERATING PROFIT MARGIN

(Unaudited)

THE FOLLOWING PRO FORMA EBITDA MARGIN TABLES REFLECT: (I) THE 87 HOTELS INCLUDED IN

THE COMPANY'S CONTINUING OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS

INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (II) THE 

EIGHT HOTELS INCLUDED IN THE ASHFORD PRIME PORTFOLIO, AS IF THESE HOTELS WERE OWNED 

AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

Ashford

Ashford

Trust

Prime

Portfolio

Portfolio

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:

3rd Quarter 2013

29.74%

34.20%

3rd Quarter 2012

29.62%

34.24%

Variance

0.12%

-0.04%

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:

Rooms 

-0.22%

0.06%

Food & Beverage and Other Departmental

0.18%

0.79%

Administrative & General 

0.00%

0.29%

Sales & Marketing

0.23%

0.27%

Hospitality

-0.12%

0.00%

Repair & Maintenance 

-0.18%

0.24%

Energy 

0.04%

0.35%

Franchise Fee 

-0.10%

0.00%

Management Fee 

0.01%

-0.08%

Incentive Management Fee 

-0.01%

-1.36%

Insurance 

0.04%

-0.08%

Property Taxes

-0.03%

-0.42%

Other Taxes

0.03%

0.00%

Leases/Other

0.25%

-0.10%

Total

0.12%

-0.04%

NOTE:

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 

of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above pro forma table assumes the 

Marriott-managed properties were reported on calendar quarters for all periods presented. 

 

 

 

ASHFORD PRIME PORTFOLIO

SELECTED PRO FORMA FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

The following tables present selected financial and operating information by property for the eight properties included in Ashford Prime.

Three Months Ended

Nine Months Ended

TTM

September 30,

September 30,

September 30,

2013

2012

% Variance

2013

2012

% Variance

2013

CAPITAL HILTON WASHINGTON DC

Selected Financial Information:

Room Revenue

$    8,116

$    8,508

-4.61%

$   27,983

$   27,126

3.16%

$                 35,917

Total Revenue 

$  10,773

$  11,695

-7.88%

$   38,719

$   37,758

2.55%

$                 50,122

EBITDA

$    2,356

$    3,471

-32.12%

$   12,144

$   12,227

-0.68%

$                 15,202

EBITDA Margin

21.87%

29.68%

-7.81%

31.36%

32.38%

-1.02%

30.33%

Selected Operating Information:

RevPAR

$ 162.16

$ 170.00

-4.61%

$  188.42

$  181.99

3.53%

$                180.89

Occupancy

91.59%

90.26%

1.47%

87.17%

84.96%

2.60%

83.95%

ADR

$ 177.05

$ 188.34

-6.00%

$  216.16

$  214.20

0.92%

$                215.46

LA JOLLA HILTON TORREY PINES

Selected Financial Information:

Room Revenue

$    6,048

$    5,522

9.53%

$   14,578

$   14,560

0.12%

$                 18,215

Total Revenue 

$    9,136

$    8,353

9.37%

$   23,899

$   24,101

-0.84%

$                 30,731

EBITDA

$    3,039

$    2,593

17.20%

$     6,901

$     7,092

-2.69%

$                   8,708

EBITDA Margin

33.26%

31.04%

2.22%

28.88%

29.43%

-0.55%

28.34%

Selected Operating Information:

RevPAR

$ 166.86

$ 152.35

9.52%

$  135.53

$  134.87

0.49%

$                126.66

Occupancy

93.47%

86.61%

7.92%

78.26%

79.99%

-2.17%

74.52%

ADR

$ 178.51

$ 175.90

1.49%

$  173.18

$  168.61

2.71%

$                169.96

PHILADELPHIA COURTYARD DOWNTOWN

Selected Financial Information:

Room Revenue

$    5,844

$    5,850

-0.10%

$   18,194

$   17,682

2.90%

$                 23,273

Total Revenue 

$    7,135

$    7,063

1.02%

$   21,941

$   21,265

3.18%

$                 28,151

EBITDA

$    2,755

$    2,484

10.91%

$     8,422

$     7,697

9.42%

$                 10,530

EBITDA Margin

38.61%

35.17%

3.44%

38.38%

36.20%

2.19%

37.41%

Selected Operating Information:

RevPAR

$ 127.55

$ 127.67

-0.09%

$  132.37

$  129.11

2.52%

$                128.03

Occupancy

82.78%

80.20%

3.22%

80.52%

79.94%

0.73%

78.34%

ADR

$ 154.07

$ 159.20

-3.22%

$  164.39

$  161.51

1.78%

$                163.44

PLANO MARRIOTT LEGACY TOWN CENTER

Selected Financial Information:

Room Revenue

$    3,991

$    3,925

1.68%

$   12,930

$   11,861

9.01%

$                 16,938

Total Revenue 

$    5,578

$    5,899

-5.44%

$   19,572

$   18,839

3.89%

$                 26,063

EBITDA

$    1,716

$    1,950

-12.00%

$     6,572

$     6,280

4.65%

$                   8,684

EBITDA Margin

30.76%

33.06%

-2.29%

33.58%

33.34%

0.24%

33.32%

Selected Operating Information:

RevPAR

$ 107.38

$ 105.60

1.69%

$  115.96

$  106.76

8.62%

$                114.86

Occupancy

60.66%

64.94%

-6.59%

67.16%

65.85%

1.99%

67.36%

ADR

$ 177.02

$ 162.61

8.86%

$  172.66

$  162.13

6.50%

$                170.52

SAN FRANCISCO COURTYARD DOWNTOWN

Selected Financial Information:

Room Revenue

$    8,421

$    7,745

8.73%

$   22,624

$   20,144

12.31%

$                 28,523

Total Revenue 

$    9,804

$    8,882

10.38%

$   26,189

$   23,387

11.98%

$                 33,034

EBITDA

$    3,828

$    3,188

20.08%

$     9,617

$     7,751

24.07%

$                 12,001

EBITDA Margin

39.05%

35.89%

3.15%

36.72%

33.14%

3.58%

36.33%

Selected Operating Information:

RevPAR

$ 226.01

$ 207.86

8.73%

$  202.39

$  180.87

11.90%

$                192.95

Occupancy

92.70%

92.69%

0.01%

90.09%

86.94%

3.62%

87.75%

ADR

$ 243.82

$ 224.25

8.72%

$  224.66

$  208.04

7.99%

$                219.89

SEATTLE COURTYARD DOWNTOWN

Selected Financial Information:

Room Revenue

$    4,074

$    3,475

17.24%

$     8,903

$     7,683

15.88%

$                 10,960

Total Revenue 

$    4,655

$    3,970

17.25%

$   10,343

$     8,965

15.37%

$                 12,801

EBITDA

$    1,776

$    1,716

3.50%

$     4,248

$     3,900

8.92%

$                   5,207

EBITDA Margin

38.15%

43.22%

-5.07%

41.07%

43.50%

-2.43%

40.68%

Selected Operating Information:

RevPAR

$ 177.15

$ 151.08

17.26%

$  129.03

$  111.75

15.46%

$                120.10

Occupancy

87.11%

87.21%

-0.12%

76.96%

73.11%

5.27%

74.95%

ADR

$ 203.37

$ 173.24

17.39%

$  167.66

$  152.86

9.68%

$                160.25

SEATTLE MARRIOTT WATERFRONT

Selected Financial Information:

Room Revenue

$    7,948

$    7,149

11.18%

$   17,782

$   16,124

10.28%

$                 21,940

Total Revenue 

$    9,860

$    9,009

9.45%

$   23,215

$   21,420

8.38%

$                 28,990

EBITDA

$    4,725

$    3,982

18.66%

$     9,680

$     8,308

16.51%

$                 11,893

EBITDA Margin

47.92%

44.20%

3.72%

41.70%

38.79%

2.91%

41.02%

Selected Operating Information:

RevPAR

$ 241.31

$ 217.04

11.18%

$  179.97

$  163.78

9.89%

$                167.90

Occupancy

88.56%

88.24%

0.36%

80.21%

79.70%

0.65%

78.09%

ADR

$ 272.47

$ 245.96

10.78%

$  224.36

$  205.50

9.18%

$                215.02

TAMPA RENAISSANCE

Selected Financial Information:

Room Revenue

$    2,742

$    3,055

-10.25%

$     9,858

$   10,144

-2.82%

$                 12,574

Total Revenue 

$    4,019

$    4,494

-10.57%

$   14,512

$   15,104

-3.92%

$                 18,844

EBITDA

$       655

$       943

-30.54%

$     3,764

$     4,042

-6.88%

$                   4,866

EBITDA Margin

16.30%

20.98%

-4.69%

25.94%

26.76%

-0.82%

25.82%

Selected Operating Information:

RevPAR

$ 101.72

$ 113.33

-10.24%

$  121.90

$  125.89

-3.17%

$                117.57

Occupancy

75.87%

77.00%

-1.47%

78.55%

79.90%

-1.69%

76.93%

ADR

$ 134.07

$ 147.17

-8.90%

$  155.20

$  157.56

-1.50%

$                152.82

PRIME PROPERTIES TOTAL (8)

Selected Financial Information:

Room Revenue

$  47,184

$  45,228

4.32%

$ 132,852

$ 125,325

6.01%

$               168,339

Total Revenue 

$  60,961

$  59,364

2.69%

$ 178,388

$ 170,839

4.42%

$               228,737

EBITDA

$  20,849

$  20,327

2.57%

$   61,349

$   57,296

7.07%

$                 77,091

EBITDA Margin

34.20%

34.24%

-0.04%

34.39%

33.54%

0.85%

33.70%

Selected Operating Information:

RevPAR

$ 163.02

$ 156.27

4.32%

$  153.50

$  145.02

5.85%

$                146.60

Occupancy

84.44%

83.57%

1.04%

80.39%

79.33%

1.34%

78.20%

ADR

$ 193.07

$ 187.00

3.25%

$  190.94

$  182.80

4.45%

$                187.46

 

 

 ASHFORD TRUST PORTFOLIO (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME PORTFOLIO) 

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (Unaudited) 

 ALL HOTELS INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS: 

 Three Months Ended 

 Nine Months Ended 

 September 30,  

 September 30, 

2013

2012

 % Variance 

2013

2012

 % Variance 

 REVENUE 

 Rooms 

$       204,188

$       201,080

1.5%

$       625,474

$       607,445

3.0%

 Food and beverage 

39,906

42,255

-5.6%

136,722

138,892

-1.6%

 Other 

10,129

9,353

8.3%

28,524

27,571

3.5%

 Total hotel revenue 

254,223

252,688

0.6%

790,720

773,908

2.2%

 EXPENSES 

 Rooms 

46,804

45,640

2.6%

138,971

135,064

2.9%

 Food and beverage 

29,568

29,904

-1.1%

93,589

94,586

-1.1%

 Other direct 

5,331

5,240

1.7%

15,560

15,641

-0.5%

 Indirect  

73,634

73,243

0.5%

219,691

217,013

1.2%

 Management fees, includes base and incentive fees 

9,879

10,511

-6.0%

33,798

34,372

-1.7%

 Total hotel operating expenses 

165,216

164,538

0.4%

501,609

496,676

1.0%

 Property taxes, insurance, and other 

13,394

13,313

0.6%

40,371

37,321

8.2%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

75,613

74,837

1.0%

248,740

239,911

3.7%

 Hotel EBITDA Margin 

29.74%

29.62%

0.12%

31.46%

31.00%

0.46%

 Minority interest in earnings of consolidated joint ventures 

79

59

33.9%

192

154

24.7%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 

 excluding minority interest in joint ventures 

$       75,534

$       74,778

1.0%

$    248,548

$    239,757

3.7%

 NOTES: 

(1)

The above pro forma table assumes the 115 hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the

beginning of the period presented.

(2)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

 ALL HOTELS NOT UNDER RENOVATION INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS: 

 Three Months Ended 

 Nine Months Ended 

 September 30,  

 September 30,  

2013

2012

 % Variance 

2013

2012

 % Variance 

 REVENUE 

 Rooms 

$       170,369

$       165,227

3.1%

$       511,654

$       494,665

3.4%

 Food and beverage 

28,989

29,693

-2.4%

95,728

97,095

-1.4%

 Other 

7,849

7,564

3.8%

22,600

22,355

1.1%

 Total hotel revenue 

207,207

202,484

2.3%

629,983

614,115

2.6%

 EXPENSES 

 Rooms 

38,694

37,308

3.7%

113,121

109,684

3.1%

 Food and beverage 

21,217

21,160

0.3%

65,844

66,570

-1.1%

 Other direct 

4,420

4,291

3.0%

12,831

12,904

-0.6%

 Indirect  

59,893

59,044

1.4%

177,023

174,152

1.6%

 Management fees, includes base and incentive fees 

8,655

8,758

-1.2%

26,851

27,077

-0.8%

 Total hotel operating expenses 

132,879

130,562

1.8%

395,670

390,387

1.4%

 Property taxes, insurance, and other 

10,561

10,416

1.4%

31,878

29,785

7.0%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

63,766

61,506

3.7%

202,435

193,943

4.4%

 Hotel EBITDA Margin 

30.77%

30.38%

0.39%

32.13%

31.58%

0.55%

 Minority interest in earnings of consolidated joint ventures 

1,428

1,575

-9.3%

4,953

4,984

-0.6%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 

 excluding minority interest in joint ventures 

$       62,338

$       59,931

4.0%

$    197,482

$    188,959

4.5%

 NOTES: 

(1)

The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2013, but not under renovation for

the three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2)

Excluded Hotels Under Renovation:

Hampton Inn Buford, Hampton Inn Terre Haute, Embassy Suites Palm Beach Gardens, Hilton Garden Inn Jacksonville,

Marriott DFW, Hilton St. Petersburg, Residence Inn Atlanta Buckhead, Hyatt Coral Gables, Marriott Crystal Gateway,

Courtyard Boston Downtown, Hyatt Regency Wind Watch, Silversmith, Renaissance Nashville, Hilton Parsippany,

Hilton Garden Inn Austin

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

 

 

 ASHFORD PRIME PORTFOLIO 

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (Unaudited) 

 ALL HOTELS INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS: 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2013

2012

 % Variance 

2013

2012

 % Variance 

 REVENUE 

 Rooms 

$          47,184

$       45,228

4.3%

$      132,852

$      125,325

6.0%

 Food and beverage 

11,014

11,409

-3.5%

37,799

38,171

-1.0%

 Other 

2,764

2,727

1.4%

7,738

7,344

5.4%

 Total hotel revenue 

60,962

59,364

2.7%

178,389

170,840

4.4%

 EXPENSES 

 Rooms 

10,330

10,096

2.3%

30,183

28,614

5.5%

 Food and beverage 

8,045

8,263

-2.6%

25,323

25,346

-0.1%

 Other direct 

1,106

1,114

-0.7%

3,132

3,171

-1.2%

 Indirect  

13,814

14,085

-1.9%

40,259

40,578

-0.8%

 Management fees, includes base and incentive fees 

3,829

2,878

33.0%

9,695

8,127

19.3%

 Total hotel operating expenses 

37,124

36,436

1.9%

108,592

105,836

2.6%

 Property taxes, insurance, and other 

2,989

2,601

14.9%

8,448

7,708

9.6%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

20,849

20,327

2.6%

61,349

57,296

7.1%

 Hotel EBITDA Margin 

34.20%

34.24%

-0.04%

34.39%

33.54%

0.85%

 Minority interest in earnings of consolidated joint ventures 

1,349

1,516

-11.0%

4,761

4,830

-1.4%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 

 excluding minority interest in joint ventures 

$        19,500

$     18,811

3.7%

$      56,588

$      52,466

7.9%

 NOTES: 

(1)

The above pro forma table assumes the eight hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the

beginning of the period presented.

(2)

Prime portfolio includes:  Capital Hilton Washington DC, Hilton La Jolla Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas Plano Legacy,

Courtyard San Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott Seattle Waterfront, Renaissance Tampa International Plaza

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

 ALL HOTELS NOT UNDER RENOVATION INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS: 

 Three Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2013

2012

 % Variance 

2013

2012

 % Variance 

 REVENUE 

 Rooms 

$          43,193

$       41,303

4.6%

$      119,922

$      113,463

5.7%

 Food and beverage 

9,646

9,744

-1.0%

31,893

32,001

-0.3%

 Other 

2,544

2,418

5.2%

7,001

6,536

7.1%

 Total hotel revenue 

55,383

53,465

3.6%

158,816

152,000

4.5%

 EXPENSES 

 Rooms 

9,497

9,278

2.4%

27,600

26,195

5.4%

 Food and beverage 

7,037

7,199

-2.3%

21,914

22,002

-0.4%

 Other direct 

1,000

994

0.6%

2,774

2,817

-1.5%

 Indirect  

12,317

12,505

-1.5%

35,641

35,790

-0.4%

 Management fees, includes base and incentive fees 

3,715

2,786

33.3%

8,587

7,288

17.8%

 Total hotel operating expenses 

33,566

32,762

2.5%

96,516

94,092

2.6%

 Property taxes, insurance, and other 

2,684

2,326

15.4%

7,524

6,891

9.2%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

19,133

18,377

4.1%

54,776

51,017

7.4%

 Hotel EBITDA Margin 

34.55%

34.37%

0.17%

34.49%

33.56%

0.93%

 Minority interest in earnings of consolidated joint ventures 

1,428

1,575

-9.3%

4,953

4,984

-0.6%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 

 excluding minority interest in joint ventures 

$        17,705

$     16,802

5.4%

$      49,823

$      46,033

8.2%

 NOTES: 

(1)

The above pro forma table assumes the seven hotel properties owned and included in continuing operations at September 30, 2013 but not under renovation for

three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2)

Excluded Hotels Under Renovation:

 Marriott Dallas Plano Legacy

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth 

quarter of the year, to calendar quarters.   The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for

all periods presented. 

 

 

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(Unaudited)

THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) THE 87 HOTELS INCLUDED IN

THE COMPANY'S CONTINUING OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS INCLUDED

IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (II) THE EIGHT HOTELS

INCLUDED IN THE ASHFORD PRIME PORTFOLIO, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING

OF THE FIRST COMPARATIVE REPORTING PERIOD.

2013

2013

2013

2012

3rd Quarter

2nd Quarter

1st Quarter

4th Quarter

TTM

Ashford Trust Portfolio:

Total Hotel Revenue

$                    254,223

$                    281,029

$               255,472

$             239,208

$    1,029,932

Hotel EBITDA

$                      75,613

$                      95,732

$                 77,394

$               66,018

$       314,757

Hotel EBITDA Margin

29.74%

34.06%

30.29%

27.60%

30.56%

EBITDA % of Total TTM

24.0%

30.4%

24.6%

21.0%

100.0%

JV Interests in EBITDA

$                             79

$                             75

$                        37

$                      56

$              247

Ashford Prime Portfolio:

Total Hotel Revenue

$                      60,962

$                      63,342

$                 54,087

$               50,349

$       228,740

Hotel EBITDA

$                      20,849

$                      23,952

$                 16,548

$               15,743

$         77,092

Hotel EBITDA Margin

34.20%

37.81%

30.60%

31.27%

33.70%

EBITDA % of Total TTM

27.0%

31.1%

21.5%

20.4%

100.0%

JV Interests in EBITDA

$                        1,349

$                        2,056

$                   1,357

$                 1,216

$           5,978

NOTE:

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 

of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above pro forma tables assume the 

Marriott-managed properties were reported on calendar quarters for all periods presented. 

 

 

ASHFORD HOSPITALITY TRUST, INC. (ENTIRE COMPANY)

PRO FORMA HOTEL REVPAR BY MARKET

(Unaudited)

Three Months Ended

Nine Months Ended

Number of

Number of

September 30,

September 30,

Region

Hotels

Rooms

2013

2012

% Change

2013

2012

% Change

Atlanta, GA Area

9

1,429

$        87.93

$       81.15

8.4%

$          87.93

$              81.43

8.0%

Boston, MA Area

2

506

$      185.30

$     187.25

-1.0%

$        163.45

$            165.78

-1.4%

Dallas / Ft. Worth Area

7

1,745

$        91.01

$       89.70

1.5%

$          96.75

$              92.76

4.3%

Houston, TX Area

3

608

$      105.50

$       97.42

8.3%

$        109.21

$            102.63

6.4%

Los Angeles, CA Metro Area

8

1,785

$        92.92

$       86.02

8.0%

$          96.06

$              90.01

6.7%

Miami, FL Metro Area

3

576

$        77.16

$       75.29

2.5%

$        110.09

$            104.20

5.7%

Minneapolis - St. Paul, MN-WI Area

2

522

$      101.52

$       98.05

3.5%

$          92.99

$              89.97

3.4%

New York / New Jersey Metro Area

7

1,560

$      107.52

$     102.83

4.6%

$        104.21

$              98.04

6.3%

Orlando, FL Area

6

1,834

$        67.08

$       64.90

3.4%

$          79.67

$              76.78

3.8%

Philadelphia, PA Area

4

1,147

$      106.27

$     111.69

-4.9%

$        107.75

$            107.54

0.2%

San Diego, CA Area

3

706

$      136.56

$     128.99

5.9%

$        115.27

$            115.94

-0.6%

San Francisco - Oakland, CA Metro Area

6

1,416

$      150.77

$     136.72

10.3%

$        137.57

$            123.69

11.2%

Seattle, WA Area

2

608

$      214.93

$     189.92

13.2%

$        159.02

$            142.39

11.7%

Tampa, FL Area

4

875

$        77.53

$       92.27

-16.0%

$        100.55

$            104.66

-3.9%

Washington DC - MD - VA Area

11

2,698

$      112.65

$     127.97

-12.0%

$        129.52

$            134.24

-3.5%

Other Areas

46

7,700

$        99.98

$       95.60

4.6%

$          99.09

$              94.92

4.4%

Total Portfolio

123

25,715

$    105.16

$   103.05

2.1%

$      106.43

$          102.78

3.6%

NOTES:

(1)

The above pro forma table presents the 95 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

ASHFORD HOSPITALITY TRUST, INC. (ENTIRE COMPANY)

PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET

(Unaudited)

Three Months Ended

Nine Months Ended

Number of

Number of

September 30,

September 30,

Region

Hotels

Rooms

2013

 % of Total 

2012

 % of Total 

% Change

2013

 % of Total 

2012

 % of Total 

% Change

Atlanta, GA Area

9

1,429

$         3,963

4.1%

$         3,504

3.7%

13.1%

$             11,757

3.8%

$            10,216

3.4%

15.1%

Boston, MA Area

2

506

4,349

4.5%

4,470

4.7%

-2.7%

10,431

3.4%

10,647

3.6%

-2.0%

Dallas / Ft. Worth Area

7

1,745

5,128

5.3%

5,411

5.7%

-5.2%

19,797

6.4%

18,752

6.3%

5.6%

Houston, TX Area

3

608

2,588

2.7%

2,192

2.3%

18.1%

8,307

2.7%

8,037

2.7%

3.4%

Los Angeles, CA Metro Area

8

1,785

5,262

5.5%

4,813

5.1%

9.3%

19,002

6.1%

17,650

5.9%

7.7%

Miami, FL Metro Area

3

576

526

0.5%

403

0.4%

30.5%

6,571

2.1%

5,718

1.9%

14.9%

Minneapolis - St. Paul, MN-WI Area

2

522

2,345

2.4%

2,369

2.5%

-1.0%

5,968

1.9%

5,990

2.0%

-0.4%

New York / New Jersey Metro Area

7

1,560

6,293

6.5%

6,335

6.7%

-0.7%

19,678

6.3%

17,899

6.0%

9.9%

Orlando, FL Area

6

1,834

2,434

2.5%

2,376

2.5%

2.4%

12,757

4.1%

11,646

3.9%

9.5%

Philadelphia, PA Area

4

1,147

4,481

4.6%

4,547

4.8%

-1.5%

13,406

4.3%

13,070

4.4%

2.6%

San Diego, CA Area

3

706

4,712

4.9%

4,248

4.5%

10.9%

11,028

3.6%

11,602

3.9%

-4.9%

San Francisco - Oakland, CA Metro Area

6

1,416

8,602

8.9%

7,387

7.8%

16.4%

22,715

7.3%

18,858

6.3%

20.5%

Seattle, WA Area

2

608

6,501

6.7%

5,698

6.0%

14.1%

13,928

4.5%

12,208

4.1%

14.1%

Tampa, FL Area

4

875

1,439

1.5%

2,370

2.5%

-39.3%

9,426

3.0%

10,171

3.4%

-7.3%

Washington DC - MD - VA Area

11

2,698

9,956

10.3%

13,395

14.1%

-25.7%

41,194

13.3%

44,874

15.1%

-8.2%

Other Areas

46

7,700

27,884

28.9%

25,486

26.8%

9.4%

84,124

27.1%

79,712

26.8%

5.5%

Total Portfolio

123

25,715

$     96,462

100.0%

$     95,004

100.0%

1.5%

$        310,089

100.0%

$        297,047

100.0%

4.4%

NOTES:

(1)

The above pro forma table presents the 95 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) 

 as if these hotels were owned as of the beginning of the periods presented.

(2)

The above pro forma table includes hotel operating profit for 100% of the 95 hotel properties included in the Company's continuing operations and the Company's 71.74% share of the 28 hotels included in 

Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.

The above pro forma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

 

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES (ENTIRE COMPANY) 

 TOTAL ENTERPRISE VALUE 

SEPTEMBER 30, 2013

 (in thousands except share price) 

 (Unaudited) 

 September 30, 

2013

 End of quarter common shares outstanding 

80,566

 Partnership units outstanding (common share equivalents) 

18,991

 Combined common shares and partnership units outstanding 

99,557

 Common stock price at quarter end 

$                12.34

 Market capitalization at quarter end 

$         1,228,533

 Series A preferred stock 

$              41,430

 Series D preferred stock 

$            236,718

 Series E preferred stock 

$            115,750

 Debt on balance sheet date* 

$         3,245,932

 Joint venture partners' share of consolidated debt 

$            (50,439)

 Net working capital (see below) * 

$          (492,096)

Total enterprise value (TEV)

$        4,325,829

Cash & cash equivalents*

$            332,448

Marketable securities, net

23,607

Restricted cash*

155,451

Accounts receivable, net*

42,748

Prepaid expenses*

20,548

Due from affiliates, net*

(1,270)

Due from 3rd party hotel managers, net*

66,957

Total current assets

$            640,489

Accounts payable, net & accrued expenses*

$            127,659

Dividends payable

20,734

Total current liabilities

$            148,393

Net working capital

$            492,096

*  Includes AHT's 71.74% interest in Highland Hospitality

 

 

Ashford Trust Portfolio

Anticipated Capital Expenditures Calendar(a)

2013

2014

Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Actual

Actual

Actual

Estimated 

Estimated

Estimated

Estimated 

Estimated 

Courtyard Hartford Manchester

90

x

Courtyard Savannah

156

x

Embassy Suites Dulles

150

x

Embassy Suites East Syracuse

215

x

Hampton Inn Lawrenceville

86

x

Hyatt Regency Savannah

351

x

x

Marriott San Antonio Plaza 

251

x

Residence Inn Lake Buena Vista

210

x

Sheraton San Diego Mission Valley

260

x

The Melrose

240

x

Hilton Boston Back Bay

390

x

x

Courtyard Dallas Plano in Legacy Park 

153

x

x

Hilton Santa Fe

158

x

x

Courtyard Boston Downtown

315

x

x

x

x

x

x

Hilton Costa Mesa 

486

x

x

x

Marriott Sugarland 

300

x

x

x

Embassy Suites Walnut Creek

249

x

Hilton Garden Inn BWI

158

x

Hilton Garden Inn Virginia Beach

176

x

Residence Inn Palm Desert

130

x

Hampton Inn Buford

92

x

x

Hampton Inn Terre Haute

112

x

x

Hyatt Regency Wind Watch

358

x

x

x

x

x

Embassy Suites Palm Beach Garden

160

x

x

x

Hilton Garden Inn Austin

254

x

Hilton Garden Inn Jacksonville

119

x

Hyatt Coral Gables

250

x

x

Marriott Crystal Gateway

697

x

x

Marriott DFW

491

x

Hilton Parsippany

354

x

x

x

Hilton St Petersburg

333

x

x

Renaissance Nashville

673

x

x

x

x

Residence Inn Atlanta Buckhead Lenox Park

150

x

x

Silversmith

143

x

x

Courtyard Marriott Village at LBV

312

x

Crowne Plaza Key West

160

x

x

x

Crowne Plaza Ravinia

495

x

x

x

Embassy Suites Dallas

150

x

Embassy Suites Portland Downtown 

276

x

x

Residence Inn Salt Lake City

144

x

Residence Inn San Diego Sorrento Mesa

150

x

Residence Inn Hartford

96

x

Sheraton Indianapolis

378

x

x

Residence Inn Newark

168

x

x

Courtyard Bloomington

117

x

x

Westin Princeton

296

x

x

Hilton Minneapolis

300

x

x

Residence Inn Phoenix Airport

200

x

x

Courtyard Newark/Silicon Valley

181

x

x

Springhill Suites Orlando LBV

400

x

x

Crowne Plaza Beverly Hills

258

x

x

Sheraton Bucks County

186

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2013-2014 are included in this table.

 

 

 

Ashford Prime Portfolio

Anticipated Capital Expenditures Calendar (a)

2013

2014

Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Estimated

Hilton LaJolla Torrey Pines

394

x

x

Marriott Dallas Plano Legacy

404

x

x

x

x

Courtyard Philadelphia Downtown

498

x

x

x

Marriott Seattle Waterfront

358

x

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2013-2014 are included in this table.

 

SOURCE Ashford Hospitality Trust, Inc.



RELATED LINKS

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