Ashford Trust Reports Fourth Quarter And Year End 2018 Results

Actual RevPAR Increased 1.0% for the Full Year

Comparable RevPAR Increased 0.6% for all Hotels Not Under Renovation in the 4th Quarter

Completed Acquisition of La Posada de Santa Fe

Completed Acquisition of the Embassy Suites New York Midtown Manhattan

Completed Acquisition of the Hilton Santa Cruz/Scotts Valley

News provided by

Feb 28, 2019, 16:15 ET

DALLAS, Feb. 28, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2018. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2018 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2018 with the fourth quarter ended December 31, 2017 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

Opportunistic focus on upper upscale, full-service hotels
Targets moderate leverage levels to enhance equity returns
Highly-aligned management team and advisory structure
Attractive dividend yield of approximately 8.8%
Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

working capital needs at property and corporate levels;
providing a hedge in the event of uncertain economic times; and
being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

Net loss attributable to common stockholders was $65.4 million or $0.66 per diluted share for the quarter. For the full year of 2018, net loss attributable to common stockholders was $169.5 million or $1.75 per diluted share.
Comparable RevPAR for all hotels decreased 0.6% to $115.54 during the quarter.
Comparable RevPAR for all hotels not under renovation increased 0.6% to $112.36 during the quarter.
Adjusted EBITDAre was $89.8 million for the quarter. Adjusted EBITDAre for the full year of 2018 was $411.5 million.
Adjusted funds from operations (AFFO) was $0.18 per diluted share for the quarter. For the full year of 2018, AFFO per diluted share was $1.26.
As of February 28, 2019, the Company's common stock is trading at an approximate 8.8% dividend yield.
During the quarter, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico for $50 million.
Subsequent to quarter end, the Company completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million.
Subsequent to quarter end, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.
Capex invested during the quarter was $42.6 million, bringing the total capex invested for the full year to $207.3 million.

ENHANCED RETURN FUNDING PROGRAM
On June 26, 2018, the Company announced that it had entered into an Enhanced Return Funding Program ("ERFP") with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust hotel acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement. The Program is structured to significantly improve the 5-year internal rate of return for new hotel acquisitions at Ashford Trust. To date, the Company has completed four acquisitions totaling $406 million under the ERFP, which amounts to approximately 80% committed utilization of the pledged $50 million of ERFP funding from Ashford Inc.

LA POSADA DE SANTA FE ACQUISITION
On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ("La Posada") for $50 million ($318,000 per key). In connection with this transaction, on November 13, 2018, the Company announced that it had entered into a $25 million non-recourse mortgage loan on the property. The loan has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 2.55%. As part of this transaction, the Company received an ERFP commitment of $5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

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

HILTON SANTA CRUZ/SCOTTS VALLEY ACQUISITION
On February 26, 2019, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million ($281,000 per key). In connection with this transaction, the Company assumed a $25.3 million non-recourse mortgage loan. The loan has a maturity date in March 2025 and bears interest at a fixed rate of 4.7%. The acquisition was partially funded by the issuance of approximately 1.5 million limited partnership common units in the Company's operating partnership ("OP Units"). The OP Units were issued at a price of $7.00 per unit, which reflects an approximate 31% premium to yesterday's stock price. As part of this transaction, the Company also received an ERFP commitment of $5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

CAPITAL STRUCTURE
At December 31, 2018, the Company had total mortgage loans of $4.0 billion with a blended average interest rate of 5.8%.

PORTFOLIO REVPAR
As of December 31, 2018, the portfolio consisted of 119 properties. During the fourth quarter of 2018, 109 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 119 hotels), and comparable not under renovation basis (109 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

Comparable RevPAR decreased 0.6% to $115.54 for all hotels on a 1.1% increase in ADR and a 1.6% decrease in occupancy
Comparable RevPAR increased 0.6% to $112.36 for hotels not under renovation on a 1.6% increase in ADR and a 1.0% decrease in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 119 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On December 10, 2018, 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 fourth quarter ending December 31, 2018, payable on January 15, 2019, to shareholders of record as of December 31, 2018.

"During 2018, we continued to see the advantages from our high-quality, well-diversified portfolio and remained focused on proactive asset management initiatives as well as accretive transactions," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "Over the last several months, we have diligently executed on several acquisitions that have benefitted from our ERFP initiative with Ashford Inc. We remain excited about the opportunity the ERFP provides us, and, looking ahead, we are committed to maximizing value for our shareholders as we focus on generating solid operating performance, continuing to identify opportunities to accretively grow our platform and efficiently managing our balance sheet."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, March 1, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2423. A replay of the conference call will be available through Friday, March 8, 2019, by dialing (719) 457-0820 and entering the confirmation number, 5558707.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2018 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, March 1, 2019, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

* * * * *

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

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

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

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (unaudited)

	December 31, 2018		December 31, 2017
ASSETS
Investments in hotel properties, net	$	4,105,219	$	4,035,915
Cash and cash equivalents	319,210		354,805
Restricted cash	120,602		116,787
Marketable securities	21,816		26,926
Accounts receivable, net of allowance of $485 and $770, respectively	37,060		44,257
Inventories	4,224		4,244
Investment in Ashford Inc.	1,896		437
Investment in OpenKey	2,593		2,518
Deferred costs, net	3,449		2,777
Prepaid expenses	19,982		19,269
Derivative assets, net	2,396		2,010
Other assets	15,923		14,152
Intangible asset, net	9,824		9,943
Due from third-party hotel managers	21,760		17,387
Assets held for sale	—		18,423
Total assets	$	4,685,954	$	4,669,850

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,927,266	$	3,696,300
Accounts payable and accrued expenses	136,757		132,401
Dividends and distributions payable	26,794		25,045
Due to Ashford Inc., net	23,034		15,146
Due to related party, net	1,477		1,067
Due to third-party hotel managers	2,529		2,431
Intangible liabilities, net	15,483		15,839
Derivative liabilities, net	50		—
Other liabilities	18,716		18,376
Liabilities associated with assets held for sale	—		13,977
Total liabilities	4,152,106		3,920,582

Redeemable noncontrolling interests in operating partnership	80,743		116,122
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at December 31, 2018 and 2017	24		24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at December 31, 2018 and 2017	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at December 31, 2018 and 2017	62		62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at December 31, 2018 and 2017	38		38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at December 31, 2018 and 2017	54		54
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,035,530 and 97,409,113 shares issued and outstanding at December 31, 2018 and 2017, respectively	1,010		974
Additional paid-in capital	1,814,273		1,784,997
Accumulated deficit	(1,363,020)		(1,153,697)
Total shareholders' equity of the Company	452,489		632,500
Noncontrolling interests in consolidated entities	616		646
Total equity	453,105		633,146
Total liabilities and equity	$	4,685,954	$	4,669,850

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2018		2017		2018		2017
REVENUE
Rooms	$	266,597	$	266,208	$	1,134,687	$	1,143,135
Food and beverage	59,442		59,772		224,311		234,777
Other	16,424		14,484		67,782		58,204
Total hotel revenue	342,463		340,464		1,426,780		1,436,116
Other	1,025		1,102		4,009		3,154
Total revenue	343,488		341,566		1,430,789		1,439,270
EXPENSES
Hotel operating expenses
Rooms	60,642		59,786		248,139		248,643
Food and beverage	40,632		40,064		156,902		161,683
Other expenses	109,834		106,344		442,463		444,322
Management fees	12,772		12,553		53,078		52,653
Total hotel operating expenses	223,880		218,747		900,582		907,301
Property taxes, insurance and other	18,992		18,286		78,355		73,579
Depreciation and amortization	65,922		61,351		258,458		246,731
Impairment charges	21,739		8,368		23,391		10,153
Transaction costs	—		3		11		14
Advisory services fee:
Base advisory fee	8,882		8,716		35,526		34,650
Reimbursable expenses	2,574		1,672		8,351		7,472
Non-cash stock/unit-based compensation	4,705		3,329		25,245		11,077
Incentive fee	—		—		—		—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	—		—		536		565
Other general and administrative	2,481		2,452		10,395		12,723
Total operating expenses	349,175		322,924		1,340,850		1,304,265
Gain (loss) on sale of hotel properties	81		6		475		14,030
OPERATING INCOME (LOSS)	(5,606)		18,648		90,414		149,035
Equity in earnings (loss) of unconsolidated entities	(25)		(2,286)		867		(5,866)
Interest income	1,173		742		3,952		2,202
Other income (expense), net	(16)		117		64		(3,422)
Interest expense, net of premium amortization	(56,281)		(53,109)		(215,344)		(209,412)
Amortization of loan costs	(6,825)		(2,298)		(21,442)		(13,219)
Write-off of premiums, loan costs and exit fees	469		(1,216)		(8,847)		(2,845)
Unrealized gain (loss) on marketable securities	(255)		164		(1,013)		(4,649)
Unrealized gain (loss) on derivatives	1,494		(998)		(2,178)		(2,802)
INCOME (LOSS) BEFORE INCOME TAXES	(65,872)		(40,236)		(153,527)		(90,978)
Income tax benefit (expense)	(176)		1,711		(2,782)		2,218
NET INCOME (LOSS)	(66,048)		(38,525)		(156,309)		(88,760)
(Income) loss from consolidated entities attributable to noncontrolling interest	22		114		30		110
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	11,226		8,440		29,313		21,642
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(54,800)		(29,971)		(126,966)		(67,008)
Preferred dividends	(10,644)		(11,409)		(42,577)		(44,761)
Extinguishment of issuance costs upon redemption of preferred stock	—		(6,292)		—		(10,799)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(65,444)	$	(47,672)	$	(169,543)	$	(122,568)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.66)	$	(0.50)	$	(1.75)	$	(1.30)
Weighted average common shares outstanding – basic	99,324		95,328		97,282		95,207
Diluted:
Net income (loss) attributable to common stockholders	$	(0.66)	$	(0.50)	$	(1.75)	$	(1.30)
Weighted average common shares outstanding – diluted	99,324		95,328		97,282		95,207
Dividends declared per common share:	$	0.12	$	0.12	$	0.48	$	0.48

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in thousands) (unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2018		2017		2018		2017
Net income (loss)	$	(66,048)	$	(38,525)	$	(156,309)	$	(88,760)
Interest expense and amortization of premiums and loan costs, net	63,106		55,407		236,786		222,631
Depreciation and amortization	65,922		61,351		258,458		246,731
Income tax expense (benefit)	176		(1,711)		2,782		(2,218)
Equity in (earnings) loss of unconsolidated entities	25		2,286		(867)		5,918
Company's portion of EBITDA of Ashford Inc.	2,486		(1,646)		3,445		(1,666)
Company's portion of EBITDA of OpenKey	(153)		(137)		(572)		(498)
EBITDA	65,514		77,025		343,723		382,138
Impairment charges on real estate	21,739		8,368		23,391		10,153
(Gain) loss on sale of hotel properties	(81)		(6)		(475)		(14,030)
EBITDAre	87,172		85,387		366,639		378,261
Amortization of unfavorable contract liabilities	(38)		(384)		(155)		(1,535)
Uninsured hurricane related costs	(20)		(882)		(291)		2,829
(Gain) loss on insurance settlements	(928)		(192)		(928)		(192)
Write-off of premiums, loan costs and exit fees	(469)		1,216		8,847		2,845
Other (income) expense, net	194		(117)		539		3,422
Transaction, acquisition and management conversion costs	267		529		863		4,299
Legal judgment and related legal costs	156		108		1,084		4,199
Unrealized (gain) loss on marketable securities	255		(164)		1,013		4,649
Unrealized (gain) loss on derivatives	(1,494)		998		2,178		2,802
Dead deal costs	236		—		291		9
Software implementation costs	—		—		—		1,034
Non-cash stock/unit-based compensation	4,993		3,536		26,939		12,287
Company's portion of (gain) loss of investment in securities investment fund	—		—		—		(52)
Company's portion of adjustments to EBITDAre of Ashford Inc.	(495)		3,038		4,479		6,790
Company's portion of adjustments to EBITDAre of OpenKey	16		9		17		13
Adjusted EBITDAre	$	89,845	$	93,082	$	411,515	$	421,660

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				Year Ended
	December 31,				December 31,
	2018		2017		2018		2017
Net income (loss)	$	(66,048)	$	(38,525)	$	(156,309)	$	(88,760)
(Income) loss from consolidated entities attributable to noncontrolling interest	22		114		30		110
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	11,226		8,440		29,313		21,642
Preferred dividends	(10,644)		(11,409)		(42,577)		(44,761)
Extinguishment of issuance costs upon redemption of preferred stock	—		(6,292)		—		(10,799)
Net income (loss) attributable to common stockholders	(65,444)		(47,672)		(169,543)		(122,568)
Depreciation and amortization on real estate	65,864		61,293		258,227		246,490
Gain (loss) on sale of hotel properties	(81)		(6)		(475)		(14,030)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(11,226)		(8,440)		(29,313)		(21,642)
Equity in (earnings) loss of unconsolidated entities	25		2,286		(867)		5,918
Impairment charges on real estate	21,739		8,368		23,391		10,153
Company's portion of FFO of Ashford Inc.	134		(2,145)		1,524		(5,410)
Company's portion of FFO of OpenKey	(155)		(139)		(581)		(505)
FFO available to common stockholders and OP unitholders	10,856		13,545		82,363		98,406
Extinguishment of issuance costs upon redemption of preferred stock	—		6,292		—		10,799
Write-off of premiums, loan costs and exit fees	(469)		1,216		8,847		2,845
(Gain) loss on insurance settlements	(928)		(192)		(928)		(192)
Uninsured hurricane related costs	(20)		(882)		(291)		2,829
Other (income) expense, net	194		(117)		539		3,422
Transaction, acquisition and management conversion costs	267		529		863		4,299
Legal judgment and related legal costs	156		108		1,084		4,199
Unrealized (gain) loss on marketable securities	255		(164)		1,013		4,649
Unrealized (gain) loss on derivatives	(1,494)		998		2,178		2,802
Dead deal costs	236		—		291		9
Software implementation costs	—		—		—		1,034
Non-cash stock/unit-based compensation	4,993		3,536		26,939		12,287
Tax reform	—		(1,080)		—		(1,080)
Amortization of loan costs	6,823		2,297		21,435		13,213
Company's portion of (gain) loss of investment in securities investment fund	—		—		—		(52)
Company's portion of adjustments to FFO of Ashford Inc.	199		3,244		907		9,374
Company's portion of adjustments to FFO of OpenKey	17		9		21		13
Adjusted FFO available to common stockholders and OP unitholders	$	21,085	$	29,339	$	145,261	$	168,856
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.18	$	0.26	$	1.26	$	1.49
Weighted average diluted shares	116,786		113,989		115,466		113,398

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS DECEMBER 31, 2018 (dollars in thousands) (unaudited)

Indebtedness	Maturity	Interest Rate	Fixed- Rate Debt			Floating- Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁸⁾		Comparable TTM EBITDA Debt Yield
BAML Le Pavillon - 1 hotel	June 2019	LIBOR + 5.10%	$	—		$	43,750		(1)	$	43,750		$	2,326	5.3	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,232			—				5,232			1,089		20.8	%
Morgan Stanley Ann Arbor - 1 hotel	July 2019	LIBOR + 4.15%	—			35,200			(2)	35,200			3,504		10.0	%
Morgan Stanley - 8 hotels	July 2019	LIBOR + 4.09%	—			144,000			(2)	144,000			12,066		8.4	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2019	LIBOR + 4.95%	—			7,778			(3)	7,778			916		11.8	%
Secured credit facility - various	September 2019	Base Rate(4) + 1.65% or LIBOR + 2.65%	—			—				—			N/A		N/A
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(5)	427,000			49,951		11.7	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(5)	395,000			43,978		11.1	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(5)	962,575			104,290		10.8	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(6)	16,100			2,096		13.0	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(5)	180,720			21,505		11.9	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(5)	174,400			21,348		12.2	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(5)	221,040			24,353		11.0	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(5)	262,640			28,131		10.7	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(5)	160,000			24,832		15.5	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(5)	215,120			23,945		11.1	%
GACC Gateway - 1 hotel	November 2020	6.26%	93,433			—				93,433			12,667		13.6	%
JPMorgan Chase La Posada - 1 hotel	November 2020	LIBOR + 2.55%	—			25,000			(7)	25,000			3,293		13.2	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			178,099				178,099			28,962		16.3	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			13,790		14.2	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	52,843			—				52,843			6,523		12.3	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,535		11.6	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,883			—				6,883			1,251		18.2	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,045			—				10,045			264		2.6	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,414			—				6,414			890		13.9	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	65,242			—				65,242			8,164		12.5	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,048			—				12,048			1,761		14.6	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,086			—				24,086			3,569		14.8	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,835			—				19,835			2,615		13.2	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	51,304			—				51,304			7,093		13.8	%
Unencumbered hotels			—			—				—			2,175		N/A
Total			$	347,365		$	3,618,872			$	3,966,237		$	465,882	11.7	%
Percentage			8.8		%	91.2		%		100.0		%
Weighted average interest rate			5.33		%	5.79		%		5.75		%


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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED DECEMBER 31, 2018 (dollars in thousands) (unaudited)

	2019		2020		2021		2022		2023		Thereafter		Total
Secured credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Omni American Bank Ashton - 1 hotel	5,168		—		—		—		—		—		5,168
BAML Le Pavillon - 1 hotel	—		43,750		—		—		—		—		43,750
Morgan Stanley - 8 hotels	—		144,000		—		—		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		35,200		—		—		—		—		35,200
NorthStar HGI Wisconsin Dells - 1 hotel	—		7,778		—		—		—		—		7,778
GACC Gateway - 1 hotel	—		89,886		—		—		—		—		89,886
BAML Indigo Atlanta - 1 hotel	—		—		—		15,470		—		—		15,470
Aareal Princeton/Nashville - 2 hotels	—		—		—		172,099		—		—		172,099
Prudential Boston Back Bay - 1 hotel	—		—		—		97,000		—		—		97,000
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		48,182		—		48,182
Aareal Hilton Alexandria - 1 hotel	—		—		—		—		73,450		—		73,450
JPMorgan Chase La Posada - 1 hotel	—		—		—		—		25,000		—		25,000
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C1 - 3 hotels	—		—		—		—		—		58,612		58,612
Morgan Stanley Pool C2 - 2 hotels	—		—		—		—		—		10,755		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		—		—		—		21,522		21,522
Morgan Stanley Pool - 17 hotels	—		—		—		—		—		427,000		427,000
JPMorgan Chase - 8 hotels	—		—		—		—		—		395,000		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,413		44,413
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
BAML Highland Pool - 21 hotels	—		—		—		—		—		962,575		962,575
KEYS Pool A - 7 hotels	—		—		—		—		—		180,720		180,720
KEYS Pool B - 7 hotels	—		—		—		—		—		174,400		174,400
KEYS Pool C - 5 hotels	—		—		—		—		—		221,040		221,040
KEYS Pool D - 5 hotels	—		—		—		—		—		262,640		262,640
KEYS Pool E - 5 hotels	—		—		—		—		—		160,000		160,000
KEYS Pool F - 5 hotels	—		—		—		—		—		215,120		215,120
Principal due in future periods	5,168		320,614		—		284,569		146,632		3,171,768		3,928,751
Scheduled amortization payments remaining	6,337		8,035		8,170		6,805		4,658		3,481		37,486
Total indebtedness	$	11,505	$	328,649	$	8,170	$	291,374	$	151,290	$	3,175,249	$	3,966,237

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

ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	265,654		$	1,015		$	266,669		$	265,196		$	2,968		$	268,164		0.17	%	(0.56)	%
	RevPAR	$	115.34		$	215.54		$	115.54		$	115.04		$	1,152.19		$	116.19		0.26	%	(0.56)	%
	Occupancy	72.88		%	84.73		%	72.91		%	73.96		%	191.61		%	74.10		%	(1.46)	%	(1.61)	%
	ADR	$	158.25		$	254.38		$	158.48		$	155.53		$	601.31		$	156.81		1.75	%	1.06	%

ALL HOTELS:
		Year Ended December 31,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	1,130,258		$	12,065		$	1,142,323		$	1,138,188		$	2,979		$	1,141,167		(0.70)	%	0.10	%
	RevPAR	$	124.19		$	217.93		$	124.75		$	122.98		$	(29.83)		$	124.64		0.99	%	0.09	%
	Occupancy	76.40		%	88.38		%	76.47		%	77.42		%	(53.66)		%	77.68		%	(1.32)	%	(1.56)	%
	ADR	$	162.55		$	246.57		$	163.14		$	158.84		$	(55.58)		$	160.46		2.34	%	1.67	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.

ALL HOTELS
NOT UNDER RENOVATION:		Three Months Ended December 31,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	225,555		$	1,015		$	226,570		$	222,294		$	2,968		$	225,262		1.47	%	0.58	%
	RevPAR	$	112.12		$	215.54		$	112.36		$	110.39		$	1,152.19		$	111.72		1.57	%	0.58	%
	Occupancy	73.03		%	84.73		%	73.06		%	73.63		%	191.61		%	73.78		%	(0.81)	%	(0.98)	%
	ADR	$	153.52		$	254.38		$	153.80		$	149.92		$	601.31		$	151.42		2.40	%	1.57	%

ALL HOTELS
NOT UNDER RENOVATION:		Year Ended December 31,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	954,004		$	12,065		$	966,069		$	958,731		$	2,979		$	961,710		(0.49)	%	0.45	%
	RevPAR	$	120.08		$	217.93		$	120.76		$	118.37		$	(29.83)		$	120.22		1.45	%	0.45	%
	Occupancy	76.09		%	88.38		%	76.17		%	76.91		%	(53.66)		%	77.20		%	(1.07)	%	(1.33)	%
	ADR	$	157.82		$	246.57		$	158.53		$	153.90		$	(55.58)		$	155.72		2.55	%	1.81	%


NOTES:
(1)	The above comparable information assumes the 109 hotel properties owned and included in the Company's operations at December 31, 2018, and not under renovation during the three months ended December 31, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA (dollars in thousands) (unaudited)

ALL HOTELS:	Three Months Ended								Year Ended
	December 31,								December 31,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	341,229		$	339,160		0.61	%	$	1,421,032		$	1,429,763		(0.61)	%
Non-comparable adjustments	1,519			5,786					19,170			10,558
Comparable total hotel revenue	$	342,748		$	344,946		(0.64)	%	$	1,440,202		$	1,440,321		(0.01)	%

Hotel EBITDA	$	102,549		$	106,630		(3.83)	%	$	459,344		$	471,882		(2.66)	%
Non-comparable adjustments	490			1,271					6,538			6,504
Comparable hotel EBITDA	$	103,039		$	107,901		(4.51)	%	$	465,882		$	478,386		(2.61)	%
Hotel EBITDA margin	30.05		%	31.44		%	(1.39)	%	32.32		%	33.00		%	(0.68)	%
Comparable hotel EBITDA margin	30.06		%	31.28		%	(1.22)	%	32.35		%	33.21		%	(0.86)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	63		$	85		(25.88)	%	$	321		$	368		(12.77)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	102,486		$	106,545		(3.81)	%	$	459,023		$	471,514		(2.65)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	102,976		$	107,816		(4.49)	%	$	465,561		$	478,018		(2.61)	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Year Ended
ALL HOTELS NOT UNDER RENOVATION:	December 31,								December 31,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	284,387		$	279,756		1.66	%	$	1,181,365		$	1,182,553		(0.10)	%
Non-comparable adjustments	1,519			5,786					19,170			10,558
Comparable total hotel revenue	$	285,906		$	285,542		0.13	%	$	1,200,535		$	1,193,111		0.62	%

Hotel EBITDA	$	86,931		$	88,691		(1.98)	%	$	388,695		$	394,695		(1.52)	%
Non-comparable adjustments	490			1,329					6,538			6,537
Comparable hotel EBITDA	$	87,421		$	90,020		(2.89)	%	$	395,233		$	401,232		(1.50)	%
Hotel EBITDA margin	30.57		%	31.70		%	(1.13)	%	32.90		%	33.38		%	(0.48)	%
Comparable hotel EBITDA margin	30.58		%	31.53		%	(0.95)	%	32.92		%	33.63		%	(0.71)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	63		$	85		(25.88)	%	$	321		$	368		(12.77)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	86,868		$	88,606		(1.96)	%	$	388,374		$	394,327		(1.51)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	87,358		$	89,935		(2.87)	%	$	394,912		$	400,864		(1.48)	%


NOTES:
(1)	The above comparable information assumes the 109 hotel properties owned and included in the Company's operations at December 31, 2018, and not under renovation during the three months ended December 31, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

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

	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2018			2018		2018			2018			2018		2018			2018			2018		2018			2018			2018		2018
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	341,229		$	1,519	$	342,748		$	353,504		$	4,656	$	358,160		$	386,834		$	9,031	$	395,865		$	339,465		$	3,964	$	343,429
Hotel EBITDA	$	102,549		$	490	$	103,039		$	111,389		$	1,518	$	112,907		$	136,792		$	3,664	$	140,456		$	108,614		$	866	$	109,480
Hotel EBITDA margin	30.05		%			30.06		%	31.51		%			31.52		%	35.36		%			35.48		%	32.00		%			31.88		%

EBITDA % of total TTM	22.4		%			22.2		%	24.2		%			24.2		%	29.8		%			30.1		%	23.6		%			23.5		%

JV interests in EBITDA	$	63		$	—	$	63		$	101		$	—	$	101		$	108		$	—	$	108		$	49		$	—	$	49

	Actual			Non-comparable Adjustments		Comparable
	2018			2018		2018
	TTM			TTM		TTM
Total hotel revenue	$	1,421,032		$	19,170	$	1,440,202
Hotel EBITDA	$	459,344		$	6,538	$	465,882
Hotel EBITDA margin	32.32		%			32.35		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	321		$	—	$	321


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET (unaudited)

			Three Months Ended December 31,
	Number of	Number of	Actual		Non- comparable Adjustments		Comparable		Actual		Non- comparable Adjustments		Comparable		Actual		Comparable
	Hotels	Rooms	2018		2018		2018		2017		2017		2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	118.67	$	—	$	118.67	$	126.50	$	—	$	126.50	(6.2)	%	(6.2)	%
Boston, MA Area	3	915	180.40		—		180.40		167.28		—		167.28		7.8	%	7.8	%
Dallas / Ft. Worth, TX Area	7	1,518	103.71		—		103.71		106.56		—		106.56		(2.7)	%	(2.7)	%
Houston, TX Area	3	692	97.14		—		97.14		108.59		—		108.59		(10.5)	%	(10.5)	%
Los Angeles, CA Metro Area	6	1,619	121.28		—		121.28		121.48		—		121.48		(0.2)	%	(0.2)	%
Miami, FL Metro Area	3	587	117.61		—		117.61		140.31		—		140.31		(16.2)	%	(16.2)	%
Minneapolis - St. Paul, MN-WI Area	4	809	106.27		—		106.27		110.44		—		110.44		(3.8)	%	(3.8)	%
Nashville, TN Area	1	673	193.32		—		193.32		191.28		—		191.28		1.1	%	1.1	%
New York / New Jersey Metro Area	6	1,741	110.79		—		110.79		110.73		—		110.73		0.1	%	0.1	%
Orlando, FL Area	3	734	106.67		—		106.67		107.04		—		107.04		(0.3)	%	(0.3)	%
Philadelphia, PA Area	3	648	97.27		—		97.27		89.78		—		89.78		8.3	%	8.3	%
San Diego, CA Area	2	410	110.50		—		110.50		104.51		—		104.51		5.7	%	5.7	%
San Francisco - Oakland, CA Metro Area	6	1,369	157.23		—		157.23		147.05		—		147.05		6.9	%	6.9	%
Tampa, FL Area	2	571	101.67		—		101.67		107.92		(114.60)		106.65		(5.8)	%	(4.7)	%
Washington D.C. - MD - VA Area	9	2,424	120.87		—		120.87		122.17		257.63		128.65		(1.1)	%	(6.0)	%
Other Areas	52	8,952	101.28		215.54		101.93		99.24		707.98		100.67		2.1	%	1.3	%
Total Portfolio	119	25,087	$	115.34	$	215.54	$	115.54	$	115.04	$	1,152.19	$	116.19	0.3	%	(0.6)	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA BY MARKET (in thousands) (unaudited)

			Three Months Ended December 31,
	Number	Number of	Actual		Non- comparable Adjustments		Comparable		% of		Actual		Non- comparable Adjustments		Comparable		% of		Actual		Comparable
	of Hotels	Rooms	2018		2018		2018		Total		2017		2017		2017		Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	5,395	$	(25)	$	5,370	5.2	%	$	6,328	$	22	$	6,350	5.9	%	(14.7)	%	(15.4)	%
Boston, MA Area	3	915	6,507		—		6,507		6.3	%	5,900		(24)		5,876		5.4	%	10.3	%	10.7	%
Dallas / Ft. Worth, TX Area	7	1,518	6,213		—		6,213		6.0	%	6,487		(58)		6,429		6.0	%	(4.2)	%	(3.4)	%
Houston, TX Area	3	692	2,352		—		2,352		2.3	%	3,197		(39)		3,158		2.9	%	(26.4)	%	(25.5)	%
Los Angeles, CA Metro Area	6	1,619	7,392		—		7,392		7.2	%	7,785		(100)		7,685		7.1	%	(5.0)	%	(3.8)	%
Miami, FL Metro Area	3	587	2,593		—		2,593		2.5	%	3,521		(10)		3,511		3.3	%	(26.4)	%	(26.1)	%
Minneapolis - St. Paul, MN-WI Area	4	809	2,737		—		2,737		2.7	%	2,861		(19)		2,842		2.6	%	(4.3)	%	(3.7)	%
Nashville, TN Area	1	673	5,989		—		5,989		5.8	%	5,100		—		5,100		4.7	%	17.4	%	17.4	%
New York / New Jersey Metro Area	6	1,741	7,503		—		7,503		7.3	%	8,018		(60)		7,958		7.4	%	(6.4)	%	(5.7)	%
Orlando, FL Area	3	734	2,301		—		2,301		2.2	%	2,363		(8)		2,355		2.2	%	(2.6)	%	(2.3)	%
Philadelphia, PA Area	3	648	1,887		—		1,887		1.8	%	1,590		(14)		1,576		1.5	%	18.7	%	19.7	%
San Diego, CA Area	2	410	1,498		—		1,498		1.5	%	1,395		(5)		1,390		1.3	%	7.4	%	7.8	%
San Francisco - Oakland, CA Metro Area	6	1,369	8,815		—		8,815		8.6	%	8,200		(106)		8,094		7.5	%	7.5	%	8.9	%
Tampa, FL Area	2	571	1,885		13		1,898		1.8	%	2,597		(537)		2,060		1.9	%	(27.4)	%	(7.9)	%
Washington D.C. - MD - VA Area	9	2,424	9,837		—		9,837		9.5	%	10,497		2,032		12,529		11.6	%	(6.3)	%	(21.5)	%
Other Areas	52	8,952	29,645		502		30,147		29.3	%	30,791		197		30,988		28.7	%	(3.7)	%	(2.7)	%
Total Portfolio	119	25,087	$	102,549	$	490	$	103,039	100.0	%	$	106,630	$	1,271	$	107,901	100.0	%	(3.8)	%	(4.5)	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET (unaudited)

			Year Ended December 31,
	Number of	Number of	Actual		Non- comparable Adjustments		Comparable		Actual		Non- comparable Adjustments		Comparable		Actual		Comparable
	Hotels	Rooms	2018		2018		2018		2017		2017		2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	128.22	$	—	$	128.22	$	123.66	$	(88.18)	$	129.70	3.7	%	(1.1)	%
Boston, MA Area	3	915	180.35		—		180.35		175.82		—		175.82		2.6	%	2.6	%
Dallas / Ft. Worth, TX Area	7	1,518	111.74		—		111.74		110.25		—		110.25		1.4	%	1.4	%
Houston, TX Area	3	692	106.04		—		106.04		110.72		—		110.72		(4.2)	%	(4.2)	%
Los Angeles, CA Metro Area	6	1,619	131.95		—		131.95		130.68		—		130.68		1.0	%	1.0	%
Miami, FL Metro Area	3	587	132.39		—		132.39		134.58		—		134.58		(1.6)	%	(1.6)	%
Minneapolis - St. Paul, MN-WI Area	4	809	122.38		—		122.38		122.44		—		122.44		—	%	—	%
Nashville, TN Area	1	673	204.04		—		204.04		205.71		—		205.71		(0.8)	%	(0.8)	%
New York / New Jersey Metro Area	6	1,741	117.14		—		117.14		115.93		—		115.93		1.0	%	1.0	%
Orlando, FL Area	3	734	108.12		—		108.12		112.17		—		112.17		(3.6)	%	(3.6)	%
Philadelphia, PA Area	3	648	103.10		—		103.10		99.08		—		99.08		4.1	%	4.1	%
San Diego, CA Area	2	410	122.90		—		122.90		120.57		—		120.57		1.9	%	1.9	%
San Francisco - Oakland, CA Metro Area	6	1,369	162.88		—		162.88		155.64		—		155.64		4.7	%	4.7	%
Tampa, FL Area	2	571	112.70		(154.79)		109.86		115.23		(121.31)		114.07		(2.2)	%	(3.7)	%
Washington D.C. - MD - VA Area	9	2,424	134.23		235.98		137.53		136.94		274.19		143.51		(2.0)	%	(4.2)	%
Other Areas	52	8,952	109.87		183.47		110.78		108.38		(290.21)		110.07		1.4	%	0.6	%
Total Portfolio	119	25,087	$	124.19	$	217.93	$	124.75	$	122.98	$	29.83	$	124.64	1.0	%	0.1	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA BY MARKET (in thousands) (unaudited)

			Year Ended December 31,
	Number	Number of	Actual		Non- comparable Adjustments		Comparable		% of		Actual		Non- comparable Adjustments		Comparable		% of		Actual		Comparable
	of Hotels	Rooms	2018		2018		2018		Total		2017		2017		2017		Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	24,039	$	6	$	24,045	5.2	%	$	28,157	$	(2,231)	$	25,926	5.4	%	(14.7)	%	(7.3)	%
Boston, MA Area	3	915	25,777		—		25,777		5.5	%	26,423		—		26,423		5.5	%	(2.4)	%	(2.4)	%
Dallas / Ft. Worth, TX Area	7	1,518	26,839		—		26,839		5.8	%	25,723		(33)		25,690		5.4	%	4.3	%	4.5	%
Houston, TX Area	3	692	11,360		—		11,360		2.4	%	12,530		1		12,531		2.6	%	(9.3)	%	(9.3)	%
Los Angeles, CA Metro Area	6	1,619	33,109		—		33,109		7.1	%	34,060		(23)		34,037		7.1	%	(2.8)	%	(2.7)	%
Miami, FL Metro Area	3	587	11,966		—		11,966		2.6	%	12,457		—		12,457		2.6	%	(3.9)	%	(3.9)	%
Minneapolis - St. Paul, MN-WI Area	4	809	14,256		—		14,256		3.1	%	14,610		1		14,611		3.1	%	(2.4)	%	(2.4)	%
Nashville, TN Area	1	673	24,655		—		24,655		5.3	%	26,035		—		26,035		5.4	%	(5.3)	%	(5.3)	%
New York / New Jersey Metro Area	6	1,741	30,488		1		30,489		6.5	%	31,400		—		31,400		6.6	%	(2.9)	%	(2.9)	%
Orlando, FL Area	3	734	9,482		—		9,482		2.0	%	10,487		—		10,487		2.2	%	(9.6)	%	(9.6)	%
Philadelphia, PA Area	3	648	8,441		—		8,441		1.8	%	7,637		—		7,637		1.6	%	10.5	%	10.5	%
San Diego, CA Area	2	410	7,272		—		7,272		1.6	%	7,235		1		7,236		1.5	%	0.5	%	0.5	%
San Francisco - Oakland, CA Metro Area	6	1,369	36,892		—		36,892		7.9	%	35,024		—		35,024		7.3	%	5.3	%	5.3	%
Tampa, FL Area	2	571	10,853		(1,118)		9,735		2.1	%	12,013		(2,030)		9,983		2.1	%	(9.7)	%	(2.5)	%
Washington D.C. - MD - VA Area	9	2,424	42,924		4,697		47,621		10.2	%	46,600		8,636		55,236		11.5	%	(7.9)	%	(13.7)	%
Other Areas	52	8,952	140,991		2,952		143,943		30.9	%	141,491		2,182		143,673		30.1	%	(0.4)	%	0.2	%
Total Portfolio	119	25,087	$	459,344	$	6,538	$	465,882	100.0	%	$	471,882	$	6,504	$	478,386	100.0	%	(2.7)	%	(2.6)	%


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE DECEMBER 31, 2018 (in thousands, except share price) (unaudited)


	December 31, 2018
Common stock shares outstanding	101,035
Partnership units outstanding	19,921
Combined common stock shares and partnership units outstanding	120,956
Common stock price	$	4.00
Market capitalization	$	483,824
Series D cumulative preferred stock	$	59,735
Series F cumulative preferred stock	$	120,000
Series G cumulative preferred stock	$	155,000
Series H cumulative preferred stock	$	95,000
Series I cumulative preferred stock	$	135,000
Indebtedness	$	3,966,237
Joint venture partner's share of consolidated indebtedness	$	(1,995)
Net working capital (see below)	$	(397,814)
Total enterprise value (TEV)	$	4,614,987

Ashford Inc. Investment:
Common stock owned	598
Common stock price	$	51.90
Market value of Ashford Inc. investment	$	31,045

Cash and cash equivalents	$	319,081
Restricted cash	$	120,394
Accounts receivable, net	$	37,046
Prepaid expenses	$	19,971
Investment in securities	$	21,816
Due from third-party hotel managers, net	$	19,225
Market value of Ashford Inc. investment	$	31,045
Total current assets	$	568,578

Accounts payable, net & accrued expenses	$	135,408
Dividends and distributions payable	$	26,794
Due to affiliates, net	$	8,562
Total current liabilities	$	170,764

Net working capital*	$	397,814

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2018				2019
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Courtyard Crystal City Reagan Airport	272	x
Courtyard Denver Airport	202	x
Courtyard Gaithersburg	210	x	x
Courtyard Louisville Airport	150				x	x
Embassy Suites Crystal City	267				x	x
Embassy Suites Philadelphia Airport	263	x	x
Embassy Suites Santa Clara Silicon Valley	258	x	x
Fairfield Inn and Suites Kennesaw	86						x	x
Hampton Inn Buford Mall of Georgia	92					x
Hampton Inn Suites Columbus Easton	145				x	x
Hampton Inn Suites Phoenix Airport	106		x	x
Hilton Fort Worth	294							x	x
Hilton St. Petersburg Bayfront	333	x	x	x
Hilton Tampa Westshore	238		x	x	x
Hilton Garden Inn BWI Airport	158				x	x	x
Hilton Garden Inn Jacksonville	119	x
Hotel Indigo Atlanta Midtown	140		x	x	x
Hyatt Regency Coral Gables	253			x	x	x
Hyatt Regency Windwatch	358								x
Le Meridien Chambers Minneapolis	60	x
Le Pavillon Hotel	226			x
Marriott Bridgewater	347								x
Marriott Crystal Gateway	701	x	x	x	x	x
Marriott DFW Airport	491					x	x	x
Marriott Omaha	300			x
Marriott RTP	225	x						x	x
One Ocean Resort	193					x	x
Renaissance Nashville	673	x	x	x	x	x	x	x
Renaissance Palm Springs	410	x
Residence Inn Jacksonville	120	x	x	x
Residence Inn Orlando Sea World	350	x	x	x
Ritz Carlton Atlanta	444	x	x	x	x				x
Sheraton Anchorage	370	x
Sheraton Ann Arbor	197								x
The Churchill	173	x
W Minneapolis Hotel - The Foshay	229								x
Westin Princeton	296	x	x			x	x
Total		18	13	12	10	11	6	5	7


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018-2019 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	2018		2018		2018		2018		December 31, 2018
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	10,820	$	42,925	$	68,862	$	40,311	$	162,918
Non-property adjustments	20,730		(17)		(394)		1,669		21,988
Interest income	(90)		(73)		(58)		(30)		(251)
Interest expense	2,355		2,096		1,634		1,600		7,685
Amortization of loan costs	210		149		178		112		649
Depreciation and amortization	65,737		64,745		64,385		62,869		257,736
Income tax expense (benefit)	109		14		9		—		132
Non-hotel EBITDA ownership expense	2,678		1,550		2,176		2,083		8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	102,549		111,389		136,792		108,614		459,344
Non-comparable adjustments	490		1,518		3,664		866		6,538
Comparable hotel EBITDA	$	103,039	$	112,907	$	140,456	$	109,480	$	465,882


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended December 31, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	6,828	$	3,992	$	10,820	$	25	$	(76,893)	$	(66,048)
Non-property adjustments	20,729		1		20,730		—		(20,730)		—
Interest income	(84)		(6)		(90)		—		90		—
Interest expense	2,148		207		2,355		—		53,926		56,281
Amortization of loan cost	171		39		210		—		6,615		6,825
Depreciation and amortization	54,660		11,077		65,737		138		47		65,922
Income tax expense (benefit)	(20)		129		109		—		67		176
Non-hotel EBITDA ownership expense	2,499		179		2,678		13		(2,691)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	86,931		15,618		102,549		176		(39,569)		63,156
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	63		—		63		—		(63)		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		25		25
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		2,486		2,486
Company's portion of EBITDA of OpenKey	—		—		—		—		(153)		(153)
Hotel EBITDA attributable to the Company and OP unitholders	$	86,994	$	15,618	$	102,612	$	176	$	(37,274)	$	65,514
Non-comparable adjustments	490		—		490
Comparable hotel EBITDA	$	87,421	$	15,618	$	103,039


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended December 31, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	23,856	$	9,246	$	33,102	$	230	$	(71,857)	$	(38,525)
Non-property adjustments	8,246		—		8,246		(75)		(8,171)		—
Interest income	(24)		(4)		(28)		—		28		—
Interest expense	1,086		172		1,258		—		51,851		53,109
Amortization of loan cost	36		37		73		—		2,225		2,298
Depreciation and amortization	52,543		8,639		61,182		123		46		61,351
Income tax expense (benefit)	173		—		173		—		(1,884)		(1,711)
Non-hotel EBITDA ownership expense	2,775		(151)		2,624		25		(2,649)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	88,691		17,939		106,630		303		(30,411)		76,522
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(85)		—		(85)		—		85		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,286		2,286
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,646)		(1,646)
Company's portion of EBITDA of OpenKey	—		—		—		—		(137)		(137)
Hotel EBITDA attributable to the Company and OP unitholders	$	88,606	$	17,939	$	106,545	$	303	$	(29,823)	$	77,025
Non-comparable adjustments	1,329		(58)		1,271
Comparable hotel EBITDA	$	90,020	$	17,881	$	107,901


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)
	Year Ended December 31, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	134,591	$	28,327	$	162,918	$	843	$	(320,070)	$	(156,309)
Non-property adjustments	22,052		(64)		21,988		—		(21,988)		—
Interest income	(230)		(21)		(251)		—		251		—
Interest expense	6,894		791		7,685		—		207,659		215,344
Amortization of loan cost	495		154		649		—		20,793		21,442
Depreciation and amortization	217,180		40,556		257,736		528		194		258,458
Income tax expense (benefit)	3		129		132		—		2,650		2,782
Non-hotel EBITDA ownership expense	7,710		777		8,487		32		(8,519)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	388,695		70,649		459,344		1,403		(119,030)		341,717
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(321)		—		(321)		—		321		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(867)		(867)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		3,445		3,445
Company's portion of EBITDA of OpenKey	—		—		—		—		(572)		(572)
Hotel EBITDA attributable to the Company and OP unitholders	$	388,374	$	70,649	$	459,023	$	1,403	$	(116,703)	$	343,723
Non-comparable adjustments	6,538		—		6,538
Comparable hotel EBITDA	$	395,233	$	70,649	$	465,882


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Year Ended December 31, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	169,174	$	44,210	$	213,384	$	1,253	$	(303,397)	$	(88,760)
Non-property adjustments	(4,101)		108		(3,993)		(75)		4,068		—
Interest income	(112)		(14)		(126)		—		126		—
Interest expense	2,601		409		3,010		—		206,402		209,412
Amortization of loan cost	204		86		290		—		12,929		13,219
Depreciation and amortization	211,225		32,815		244,040		473		2,218		246,731
Income tax expense (benefit)	229		—		229		—		(2,447)		(2,218)
Non-hotel EBITDA ownership expense	15,475		(427)		15,048		19		(15,067)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	394,695		77,187		471,882		1,670		(95,168)		378,384
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(368)		—		(368)		—		368		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		5,918		5,918
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,666)		(1,666)
Company's portion of EBITDA of OpenKey	—		—		—		—		(498)		(498)
Hotel EBITDA attributable to the Company and OP unitholders	$	394,327	$	77,187	$	471,514	$	1,670	$	(91,046)	$	382,138
Non-comparable adjustments	6,537		(33)		6,504
Comparable hotel EBITDA	$	401,232	$	77,154	$	478,386


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	Excluded Hotels Under Renovation:
	Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended December 31, 2018
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,672	$	1,590	$	2,359	$	1,381	$	2,770	$	294	$	362	$	3,382	$	3,301
Non-property adjustments	(1)		—		—		(485)		—		—		—		—		—
Interest income	(1)		—		(3)		—		(3)		—		(19)		—		(11)
Interest expense	208		1,068		—		—		—		—		—		—		—
Amortization of loan costs	39		57		—		—		—		—		—		—		—
Depreciation and amortization	3,463		3,329		3,724		1,365		4,567		2,151		2,363		2,446		4,080
Income tax expense (benefit)	—		—		—		—		—		—		—		129		(4)
Non-hotel EBITDA ownership expense	15		463		133		91		58		148		31		32		137
Hotel EBITDA including amounts attributable to noncontrolling interest	5,395		6,507		6,213		2,352		7,392		2,593		2,737		5,989		7,503
Non-comparable adjustments	(25)		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	5,370	$	6,507	$	6,213	$	2,352	$	7,392	$	2,593	$	2,737	$	5,989	$	7,503

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(19)	$	133	$	528	$	5,500	$	240	$	1,080	$	(13,753)	$	10,820
Non-property adjustments	—		—		—		—		(4)		(77)		21,297		20,730
Interest income	(3)		(1)		(1)		(8)		—		(20)		(20)		(90)
Interest expense	—		—		—		—		—		892		187		2,355
Amortization of loan costs	—		—		—		—		—		56		58		210
Depreciation and amortization	2,243		1,623		834		3,191		1,547		7,801		21,010		65,737
Income tax expense (benefit)	—		8		—		—		—		—		(24)		109
Non-hotel EBITDA ownership expense	80		124		137		132		102		105		890		2,678
Hotel EBITDA including amounts attributable to noncontrolling interest	2,301		1,887		1,498		8,815		1,885		9,837		29,645		102,549
Non-comparable adjustments	—		—		—		—		13		—		502		490
Comparable hotel EBITDA	$	2,301	$	1,887	$	1,498	$	8,815	$	1,898	$	9,837	$	30,147	$	103,039


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended December 31, 2017
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	3,363	$	1,475	$	3,006	$	2,148	$	3,181	$	1,628	$	327	$	3,395	$	2,989
Non-property adjustments	(6)		—		—		50		—		—		—		—		—
Interest income	—		—		(1)		—		(1)		—		(7)		—		(3)
Interest expense	172		551		—		—		—		—		—		—		—
Amortization of loan costs	37		36		—		—		—		—		—		—		—
Depreciation and amortization	2,553		3,604		3,359		1,326		4,416		1,753		2,422		1,698		4,226
Income tax expense (benefit)	—		—		—		—		—		—		—		—		63
Non-hotel EBITDA ownership expense	209		234		123		(327)		189		140		119		7		743
Hotel EBITDA including amounts attributable to noncontrolling interest	6,328		5,900		6,487		3,197		7,785		3,521		2,861		5,100		8,018
Non-comparable adjustments	22		(24)		(58)		(39)		(100)		(10)		(19)		—		(60)
Comparable hotel EBITDA	$	6,350	$	5,876	$	6,429	$	3,158	$	7,685	$	3,511	$	2,842	$	5,100	$	7,958

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	432	$	(139)	$	374	$	5,443	$	714	$	(406)	$	5,172	$	33,102
Non-property adjustments	—		—		—		(13)		—		4,726		3,489		8,246
Interest income	(2)		—		—		(3)		—		(4)		(7)		(28)
Interest expense	—		—		—		—		—		—		535		1,258
Amortization of loan costs	—		—		—		—		—		—		—		73
Depreciation and amortization	1,819		1,535		924		2,690		1,751		6,390		20,716		61,182
Income tax expense (benefit)	—		14		—		—		—		—		96		173
Non-hotel EBITDA ownership expense	114		180		97		83		132		(209)		790		2,624
Hotel EBITDA including amounts attributable to noncontrolling interest	2,363		1,590		1,395		8,200		2,597		10,497		30,791		106,630
Non-comparable adjustments	(8)		(14)		(5)		(106)		(537)		2,032		197		1,271
Comparable hotel EBITDA	$	2,355	$	1,576	$	1,390	$	8,094	$	2,060	$	12,529	$	30,988	$	107,901


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Year Ended December 31, 2018
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	10,008	$	6,369	$	12,431	$	6,072	$	14,506	$	3,952	$	4,131	$	15,477	$	13,660
Non-property adjustments	(1)		—		—		(619)		—		(120)		—		—		—
Interest income	(4)		—		(8)		—		(10)		(2)		(57)		—		(32)
Interest expense	791		3,914		—		—		—		—		—		—		—
Amortization of loan costs	154		222		—		—		—		—		—		—		—
Depreciation and amortization	12,694		14,505		14,004		5,467		18,325		7,867		10,002		8,972		16,467
Income tax expense (benefit)	—		—		—		—		—		—		—		129		(4)
Non-hotel EBITDA ownership expense	397		767		412		440		288		269		180		77		397
Hotel EBITDA including amounts attributable to noncontrolling interest	24,039		25,777		26,839		11,360		33,109		11,966		14,256		24,655		30,488
Non-comparable adjustments	6		—		—		—		—		—		—		—		1
Comparable hotel EBITDA	$	24,045	$	25,777	$	26,839	$	11,360	$	33,109	$	11,966	$	14,256	$	24,655	$	30,489

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,338	$	1,606	$	3,146	$	23,997	$	4,356	$	10,431	$	31,438	$	162,918
Non-property adjustments	(39)		—		—		—		(378)		1,864		21,281		21,988
Interest income	(10)		(3)		(4)		(23)		—		(43)		(55)		(251)
Interest expense	—		—		—		—		—		1,764		1,216		7,685
Amortization of loan costs	—		—		—		—		—		110		163		649
Depreciation and amortization	8,059		6,517		3,525		12,478		6,615		28,399		83,840		257,736
Income tax expense (benefit)	—		8		—		—		—		—		(1)		132
Non-hotel EBITDA ownership expense	134		313		605		440		260		399		3,109		8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	9,482		8,441		7,272		36,892		10,853		42,924		140,991		459,344
Non-comparable adjustments	—		—		—		—		(1,118)		4,697		2,952		6,538
Comparable hotel EBITDA	$	9,482	$	8,441	$	7,272	$	36,892	$	9,735	$	47,621	$	143,943	$	465,882


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Year Ended December 31, 2017
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	28,667	$	11,543	$	11,976	$	4,562	$	16,318	$	178	$	4,479	$	19,111	$	13,343
Non-property adjustments	(14,115)		—		—		501		—		266		—		—		—
Interest income	(12)		—		(4)		—		(4)		—		(37)		—		(9)
Interest expense	409		551		—		—		—		—		—		—		—
Amortization of loan costs	86		36		—		—		—		—		—		—		—
Depreciation and amortization	12,675		14,008		12,721		6,559		17,248		6,958		9,984		6,872		16,840
Income tax expense (benefit)	—		—		—		—		—		—		—		—		63
Non-hotel EBITDA ownership expense	447		285		1,030		908		498		5,055		184		52		1,163
Hotel EBITDA including amounts attributable to noncontrolling interest	28,157		26,423		25,723		12,530		34,060		12,457		14,610		26,035		31,400
Non-comparable adjustments	(2,231)		—		(33)		1		(23)		—		1		—		—
Comparable hotel EBITDA	$	25,926	$	26,423	$	25,690	$	12,531	$	34,037	$	12,457	$	14,611	$	26,035	$	31,400

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	3,941	$	1,542	$	3,166	$	24,973	$	5,475	$	17,865	$	46,245	$	213,384
Non-property adjustments	43		—		—		(13)		64		4,726		4,535		(3,993)
Interest income	(7)		—		—		(17)		—		(16)		(20)		(126)
Interest expense	—		—		—		—		—		—		2,050		3,010
Amortization of loan costs	—		—		—		—		—		—		168		290
Depreciation and amortization	6,289		5,810		3,906		9,860		6,125		25,062		83,123		244,040
Income tax expense (benefit)	—		14		—		—		—		—		152		229
Non-hotel EBITDA ownership expense	221		271		163		221		349		(1,037)		5,238		15,048
Hotel EBITDA including amounts attributable to noncontrolling interest	10,487		7,637		7,235		35,024		12,013		46,600		141,491		471,882
Non-comparable adjustments	—		—		1		—		(2,030)		8,636		2,182		6,504
Comparable hotel EBITDA	$	10,487	$	7,637	$	7,236	$	35,024	$	9,983	$	55,236	$	143,673	$	478,386


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	TTM Ended December 31, 2018
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 21 hotels		Morgan Stanley Pool - 17 hotels		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	10,560	$	12,407	$	8,011	$	14,064	$	9,490	$	11,098	$	34,416	$	19,909	$	2,303	$	20,582	$	1,253
Non-property adjustments	1,878		—		(60)		(363)		(6)		—		9,467		(590)		—		(20)		(17)
Interest income	(17)		(12)		(1)		(1)		—		(29)		—		(11)		—		(88)		(5)
Interest expense	—		—		—		—		1,019		—		—		—		10		3		—
Amortization of loan costs	—		—		—		—		104		—		—		—		—		—		—
Depreciation and amortization	8,769		8,708		15,306		14,455		13,293		12,514		59,470		29,678		9,333		23,173		5,819
Income tax expense (benefit)	8		(4)		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	355		249		1,097		(24)		932		362		2,050		965		420		328		43
Hotel EBITDA including amounts attributable to noncontrolling interest	21,553		21,348		24,353		28,131		24,832		23,945		105,403		49,951		12,066		43,978		7,093
Non-comparable adjustments	(48)		—		—		—		—		—		(1,113)		—		—		—		—
Comparable hotel EBITDA	$	21,505	$	21,348	$	24,353	$	28,131	$	24,832	$	23,945	$	104,290	$	49,951	$	12,066	$	43,978	$	7,093

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		Aareal Princeton / Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Omni American Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	3,981	$	2,211	$	1,923	$	712	$	16,089	$	291	$	2,175	$	549	$	(277)	$	2,492	$	1,477
Non-property adjustments	(40)		—		—		—		—		—		—		—		—		—		—
Interest income	(1)		—		(5)		(1)		—		(21)		—		—		—		—		—
Interest expense	—		—		—		—		—		1,764		—		—		791		3,914		—
Amortization of loan costs	—		—		—		—		—		110		—		—		154		222		—
Depreciation and amortization	4,321		1,267		592		1,003		12,789		1,485		1,227		530		1,338		6,906		11,142
Income tax expense (benefit)	—		—		—		—		129		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(97)		91		105		47		(45)		54		102		10		90		256		48
Hotel EBITDA including amounts attributable to noncontrolling interest	8,164		3,569		2,615		1,761		28,962		3,683		3,504		1,089		2,096		13,790		12,667
Non-comparable adjustments	—		—		—		—		—		4,852		—		—		—		—		—
Comparable hotel EBITDA	$	8,164	$	3,569	$	2,615	$	1,761	$	28,962	$	8,535	$	3,504	$	1,089	$	2,096	$	13,790	$	12,667

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,596)	$	(164)	$	(1,528)	$	352	$	273	$	3,250	$	(5,124)	$	(8,261)	$	162,918
Non-property adjustments	(38)		—		—		—		—		—		5,130		6,647		21,988
Interest income	—		(2)		—		—		—		(56)		—		(1)		(251)
Interest expense	—		184		—		—		—		—		—		—		7,685
Amortization of loan costs	—		60		—		—		—		—		—		(1)		649
Depreciation and amortization	1,851		242		3,188		520		955		3,245		876		3,741		257,736
Income tax expense (benefit)	—		—		—		(6)		5		—		—		—		132
Non-hotel EBITDA ownership expense	47		131		666		24		18		84		34		45		8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	264		451		2,326		890		1,251		6,523		916		2,170		459,344
Non-comparable adjustments	—		2,842		—		—		—		—		—		5		6,538
Comparable hotel EBITDA	$	264	$	3,293	$	2,326	$	890	$	1,251	$	6,523	$	916	$	2,175	$	465,882


NOTES:
(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.