|
01.03.2018 23:15:00
|
Ashford Trust Reports Fourth Quarter And Year End 2017 Results
DALLAS, March 1, 2018 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter ended December 31, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of December 31, 2017, 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, 2017, with the fourth quarter December 31, 2016 (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 debt levels of approximately 55 - 60% net debt/gross assets
- Highly-aligned management team and advisory structure
- Attractive dividend yield of approximately 8.6%
- 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
- hedging against a downturn in the economy or hotel fundamentals
- being prepared to pursue accretive investments or stock buybacks as those opportunities arise
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders was $47.7 million or $0.50 per diluted share for the quarter. For the full year of 2017, net loss attributable to common stockholders was $122.6 million or $1.30 per diluted share.
- Comparable RevPAR increased 3.9% to $115.04 during the quarter
- Comparable RevPAR for all hotels not under renovation increased 5.8% to $115.10 during the quarter
- Adjusted EBITDA was $92.4 million for the quarter, reflecting 10% growth over the prior year quarter. Adjusted EBITDA for the full year of 2017 was $419.2 million.
- Adjusted funds from operations (AFFO) was $0.24 per diluted share for the quarter compared with $0.16 for the prior year quarter, an increase of 50% over the prior year quarter. For the full year of 2017, AFFO per diluted share was $1.37.
- Comparable Hotel EBITDA Margin for all hotels not under renovation increased 144 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under renovation was 57% for the quarter
- The Company's common stock is currently trading at an approximate 8.6% dividend yield
- During the quarter, the Company completed a $135 million offering of its 7.50% Series I Cumulative Preferred Stock
- During the quarter, the Company completed the partial redemption of 5,514,960 shares of its 8.45% Series D Cumulative Preferred Stock
- During the quarter, the Company announced that it had refinanced its mortgage loan on the Hilton Boston Back Bay
- During the quarter, the Company announced that it had refinanced a mortgage loan on 17 hotels
- Subsequent to quarter end, the Company announced that it had refinanced a mortgage loan on 8 hotels
- Subsequent to quarter end, the Company sold the SpringHill Suites Glen Allen in Glen Allen, VA for $10.9 million
- Capex invested during the quarter was $57.9 million
CAPITAL STRUCTURE
At December 31, 2017, the Company had total assets of $4.7 billion. As of December 31, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.7%. After taking into account the recently announced refinancing, the Company's total combined debt had a blended average interest rate of 5.5%.
On November 8, 2017, the Company announced that it had priced an underwritten public offering of 5,400,000 shares of 7.50% Series I Cumulative Preferred Stock at $25.00 per share. Dividends on the Preferred Stock will accrue at a rate of 7.5% per annum on the liquidation preference of $25.00 per share.
On October 4, 2017, the Company redeemed 379,036 shares of its 8.45% Series D Cumulative Preferred Stock and on December 8, 2017, the Company redeemed an additional 5,135,924 shares of its 8.45% Series D Cumulative Preferred Stock.
During 2017, the Company redeemed a total of 7,079,313 shares of its 8.45% Series D Cumulative Preferred Stock. Following the redemption of all of the Company's Series A Preferred Stock and a partial redemption of the Company's Series D Preferred stock, the annual preferred dividend savings are expected to be approximately $1.2 million.
On October 30, 2017, the Company announced it had refinanced a mortgage loan, secured by the Hilton Boston Back Bay, with an existing outstanding balance totaling approximately $95 million. The new loan totals $97 million and has a 5-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 2.00%. This refinancing is expected to result in annual interest expense and principal payments savings of approximately $2.8 million.
On October 31, 2017, the Company announced it had refinanced a mortgage loan, secured by seventeen hotels, with an existing outstanding balance totaling approximately $413 million. The new loan totals $427 million with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The loan is interest only, provides for a floating interest rate of LIBOR + 3.00%, and contains flexible release provisions for the potential sale of assets. This refinancing is expected to result in annual interest expense savings of approximately $9.8 million.
Subsequent to quarter end, on January 17, 2018, the Company announced that it had refinanced a mortgage loan, secured by eight hotels, with an existing outstanding balance of approximately $377 million. The new loan totals $395 million and has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 2.92%. This refinancing is expected to result in annual interest savings of approximately $6.8 million. The next hard maturity for the Company is in February 2019.
PORTFOLIO REVPAR
As of December 31, 2017, the portfolio consisted of 120 properties. During the fourth quarter of 2017, 99 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 120 hotels) and comparable not under renovation basis (99 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
- Comparable RevPAR increased 3.9% to $115.04 for all hotels on a 2.3% increase in ADR and a 1.6% increase in occupancy
- Comparable RevPAR increased 5.8% to $115.10 for hotels not under renovation on a 2.1% increase in ADR and a 3.6% increase 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 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 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 120 hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On December 11, 2017, 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, 2017, payable on January 16, 2018, to shareholders of record as of December 29, 2017.
The Board also approved the Company's dividend policy for 2018. The Company expects to pay a quarterly cash dividend of $0.12 per share for 2018, or $0.48 per share on an annualized basis. The Board will continue to review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
"During the fourth quarter, we continued to see the operational and value-added benefits from our high quality, diverse portfolio and are pleased with our operating results," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "In 2017, we completed several capital markets transactions that we believe strengthened our balance sheet. These transactions are expected to result in approximately $21 million of annual savings. Looking ahead, we believe we are well positioned to capitalize on future opportunities and remain committed to maximizing value for our shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday March 2, 2018, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-4794. A replay of the conference call will be available through Friday, March 9, 2018, by dialing (719) 457-0820 and entering the confirmation number, 7721389.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2017 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 2, 2018, 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 EBITDA. 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. None of FFO, AFFO, EBITDA, or Hotel EBITDA 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 EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements in this press release may include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share amounts) | |||||||
(unaudited) | |||||||
December 31, | December 31, | ||||||
ASSETS | |||||||
Investments in hotel properties, net | $ | 4,035,915 | $ | 4,160,563 | |||
Cash and cash equivalents | 354,805 | 347,091 | |||||
Restricted cash | 116,787 | 144,014 | |||||
Marketable securities | 26,926 | 53,185 | |||||
Accounts receivable, net of allowance of $770 and $690, respectively | 44,257 | 44,629 | |||||
Inventories | 4,244 | 4,530 | |||||
Investment in securities investment fund | — | 50,890 | |||||
Investment in Ashford Inc. | 437 | 5,873 | |||||
Investment in OpenKey | 2,518 | 2,016 | |||||
Deferred costs, net | 2,777 | 2,846 | |||||
Prepaid expenses | 19,269 | 17,578 | |||||
Derivative assets | 2,010 | 3,614 | |||||
Other assets | 14,152 | 11,718 | |||||
Intangible asset, net | 9,943 | 10,061 | |||||
Due from third-party hotel managers | 17,387 | 13,348 | |||||
Assets held for sale | 18,423 | 19,588 | |||||
Total assets | $ | 4,669,850 | $ | 4,891,544 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Indebtedness, net | $ | 3,696,300 | $ | 3,723,559 | |||
Accounts payable and accrued expenses | 132,401 | 126,986 | |||||
Dividends and distributions payable | 25,045 | 24,765 | |||||
Unfavorable management contract liabilities | — | 1,380 | |||||
Due to Ashford Inc., net | 15,146 | 15,716 | |||||
Due to Ashford Prime OP, net | — | 488 | |||||
Due to related party, net | 1,067 | 1,001 | |||||
Due to third-party hotel managers | 2,431 | 2,714 | |||||
Intangible liabilities, net | 15,839 | 16,195 | |||||
Other liabilities | 18,376 | 16,548 | |||||
Liabilities associated with assets held for sale | 13,977 | 37,047 | |||||
Total liabilities | 3,920,582 | 3,966,399 | |||||
Redeemable noncontrolling interests in operating partnership | 116,122 | 132,768 | |||||
Equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized : | |||||||
Series A Cumulative Preferred Stock 0 and 1,657,206 shares issued and outstanding at December 31, 2017 and | — | 17 | |||||
Series D Cumulative Preferred Stock 2,389,393 and 9,468,706 shares issued and outstanding at December 31, 2017 and | 24 | 95 | |||||
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at December 31, 2017 and December 31, | 48 | 48 | |||||
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at December 31, 2017 and December 31, | 62 | 62 | |||||
Series H Cumulative Preferred Stock 3,800,000 and 0 shares issued and outstanding at December 31, 2017 and | 38 | — | |||||
Series I Cumulative Preferred Stock 5,400,000 and 0 shares issued and outstanding at December 31, 2017 and December | 54 | — | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,409,113 and 96,376,827 shares issued and | 974 | 964 | |||||
Additional paid-in capital | 1,784,997 | 1,764,450 | |||||
Accumulated deficit | (1,153,697) | (974,015) | |||||
Total shareholders' equity of the Company | 632,500 | 791,621 | |||||
Noncontrolling interests in consolidated entities | 646 | 756 | |||||
Total equity | 633,146 | 792,377 | |||||
Total liabilities and equity | $ | 4,669,850 | $ | 4,891,544 | |||
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, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUE | |||||||||||||||
Rooms | $ | 266,208 | $ | 262,803 | $ | 1,143,135 | $ | 1,180,199 | |||||||
Food and beverage | 59,772 | 64,744 | 234,777 | 253,211 | |||||||||||
Other | 14,484 | 13,678 | 58,204 | 56,891 | |||||||||||
Total hotel revenue | 340,464 | 341,225 | 1,436,116 | 1,490,301 | |||||||||||
Other | 1,102 | 445 | 3,154 | 1,742 | |||||||||||
Total revenue | 341,566 | 341,670 | 1,439,270 | 1,492,043 | |||||||||||
EXPENSES | |||||||||||||||
Hotel operating expenses | |||||||||||||||
Rooms | 59,786 | 59,548 | 248,643 | 255,317 | |||||||||||
Food and beverage | 40,064 | 42,924 | 161,683 | 172,530 | |||||||||||
Other expenses | 106,344 | 108,692 | 444,322 | 455,818 | |||||||||||
Management fees | 12,553 | 12,543 | 52,653 | 54,734 | |||||||||||
Total hotel operating expenses | 218,747 | 223,707 | 907,301 | 938,399 | |||||||||||
Property taxes, insurance and other | 18,286 | 18,380 | 73,579 | 73,457 | |||||||||||
Depreciation and amortization | 61,351 | 61,452 | 246,731 | 243,863 | |||||||||||
Impairment charges | 8,368 | 13,121 | 10,153 | 17,816 | |||||||||||
Transaction costs | 3 | (124) | 14 | 77 | |||||||||||
Advisory services fee: | |||||||||||||||
Base advisory fee | 8,716 | 8,747 | 34,650 | 34,589 | |||||||||||
Reimbursable expenses | 1,672 | 1,367 | 7,472 | 5,917 | |||||||||||
Non-cash stock/unit-based compensation | 3,329 | 3,894 | 11,077 | 8,429 | |||||||||||
Incentive fee | — | 5,426 | — | 5,426 | |||||||||||
Corporate, general and administrative: | |||||||||||||||
Non-cash stock/unit-based compensation | — | — | 565 | 604 | |||||||||||
Other general and administrative | 2,452 | 1,940 | 12,723 | 7,762 | |||||||||||
Total operating expenses | 322,924 | 337,910 | 1,304,265 | 1,336,339 | |||||||||||
OPERATING INCOME (LOSS) | 18,642 | 3,760 | 135,005 | 155,704 | |||||||||||
Equity in earnings (loss) of unconsolidated entities | (2,286) | (1,678) | (5,866) | (6,110) | |||||||||||
Interest income | 742 | 102 | 2,202 | 331 | |||||||||||
Gain (loss) on sale of hotel properties | 6 | 7,171 | 14,030 | 31,599 | |||||||||||
Other income (expense), net | 117 | (254) | (3,422) | (4,517) | |||||||||||
Interest expense, net of premium amortization | (53,109) | (49,703) | (209,412) | (199,870) | |||||||||||
Amortization of loan costs | (2,298) | (6,097) | (13,219) | (24,097) | |||||||||||
Write-off of premiums, loan costs and exit fees | (1,216) | (7,789) | (2,845) | (12,702) | |||||||||||
Unrealized gain (loss) on marketable securities | 164 | 4,946 | (4,649) | 4,946 | |||||||||||
Unrealized gain (loss) on derivatives | (998) | (6,782) | (2,802) | (2,534) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (40,236) | (56,324) | (90,978) | (57,250) | |||||||||||
Income tax benefit (expense) | 1,711 | (316) | 2,218 | (1,532) | |||||||||||
NET INCOME (LOSS) | (38,525) | (56,640) | (88,760) | (58,782) | |||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interest | 114 | (2) | 110 | 14 | |||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 8,440 | 9,738 | 21,642 | 12,483 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (29,971) | (46,904) | (67,008) | (46,285) | |||||||||||
Preferred dividends | (11,409) | (10,416) | (44,761) | (36,272) | |||||||||||
Extinguishment of issuance costs upon redemption of preferred stock | (6,292) | — | (10,799) | (6,124) | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (47,672) | $ | (57,320) | $ | (122,568) | $ | (88,681) | |||||||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||||||
Basic: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.50) | $ | (0.61) | $ | (1.30) | $ | (0.95) | |||||||
Weighted average common shares outstanding – basic | 95,328 | 94,585 | 95,207 | 94,426 | |||||||||||
Diluted: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.50) | $ | (0.61) | $ | (1.30) | $ | (0.95) | |||||||
Weighted average common shares outstanding – diluted | 95,328 | 94,585 | 95,207 | 94,426 | |||||||||||
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 AND ADJUSTED EBITDA | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | (38,525) | $ | (56,640) | $ | (88,760) | $ | (58,782) | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interest | 114 | (2) | 110 | 14 | |||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 8,440 | 9,738 | 21,642 | 12,483 | |||||||||||
Net income (loss) attributable to the Company | (29,971) | (46,904) | (67,008) | (46,285) | |||||||||||
Interest income | (742) | (102) | (2,202) | (331) | |||||||||||
Interest expense and amortization of premiums and loan costs, net | 55,378 | 55,772 | 222,516 | 223,850 | |||||||||||
Depreciation and amortization | 61,293 | 61,390 | 246,490 | 243,617 | |||||||||||
Income tax expense (benefit) | (1,726) | 316 | (2,241) | 1,532 | |||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (8,440) | (9,738) | (21,642) | (12,483) | |||||||||||
Equity in (earnings) loss of unconsolidated entities | 2,286 | (107) | 5,918 | 1,048 | |||||||||||
Company's portion of EBITDA of Ashford Inc. | (1,646) | 387 | (1,666) | 180 | |||||||||||
Company's portion of EBITDA of OpenKey | (137) | (109) | (498) | (303) | |||||||||||
EBITDA available to the Company and OP unitholders | 76,295 | 60,905 | 379,667 | 410,825 | |||||||||||
Amortization of unfavorable contract liabilities | (384) | (472) | (1,535) | (2,101) | |||||||||||
Impairment and uninsured hurricane related costs | 7,486 | 13,121 | 12,982 | 17,816 | |||||||||||
(Gain) loss on sale of hotel properties | (6) | (7,171) | (14,030) | (31,599) | |||||||||||
(Gain) loss on insurance settlements | (192) | (456) | (192) | (456) | |||||||||||
Write-off of premiums, loan costs and exit fees | 1,216 | 7,789 | 2,845 | 12,702 | |||||||||||
Other (income) expense, net | (117) | 254 | 3,422 | 4,517 | |||||||||||
Transaction, acquisition and management conversion costs | 529 | 355 | 4,299 | 1,778 | |||||||||||
Legal judgment and related legal costs | 108 | 1,105 | 4,199 | 1,176 | |||||||||||
Unrealized (gain) loss on marketable securities | (164) | (4,946) | 4,649 | (4,946) | |||||||||||
Unrealized (gain) loss on derivatives | 998 | 6,782 | 2,802 | 2,534 | |||||||||||
Dead deal costs | — | 60 | 9 | 391 | |||||||||||
Software implementation costs | — | — | 1,034 | — | |||||||||||
Non-cash stock/unit-based compensation | 3,536 | 4,161 | 12,287 | 9,672 | |||||||||||
Company's portion of (gain) loss of investment in securities investment fund | — | 1,785 | (52) | 5,062 | |||||||||||
Company's portion of adjustments to EBITDA of Ashford Inc. | 3,038 | 800 | 6,790 | 3,729 | |||||||||||
Company's portion of adjustments to EBITDA of OpenKey | 9 | 8 | 13 | 8 | |||||||||||
Adjusted EBITDA available to the Company and OP unitholders | $ | 92,352 | $ | 84,080 | $ | 419,189 | $ | 431,108 | |||||||
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, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | (38,525) | $ | (56,640) | $ | (88,760) | $ | (58,782) | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interest | 114 | (2) | 110 | 14 | |||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 8,440 | 9,738 | 21,642 | 12,483 | |||||||||||
Preferred dividends | (11,409) | (10,416) | (44,761) | (36,272) | |||||||||||
Extinguishment of issuance cost upon redemption of preferred stock | (6,292) | — | (10,799) | (6,124) | |||||||||||
Net income (loss) attributable to common stockholders | (47,672) | (57,320) | (122,568) | (88,681) | |||||||||||
Depreciation and amortization on real estate | 61,293 | 61,390 | 246,490 | 243,617 | |||||||||||
(Gain) loss on sale of hotel properties | (6) | (7,171) | (14,030) | (31,599) | |||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (8,440) | (9,738) | (21,642) | (12,483) | |||||||||||
Equity in (earnings) loss of unconsolidated entities | 2,286 | (107) | 5,918 | 1,048 | |||||||||||
Impairment charges on real estate | 8,368 | 13,277 | 10,153 | 18,316 | |||||||||||
Company's portion of FFO of Ashford Inc. | (2,145) | 217 | (5,410) | (380) | |||||||||||
Company's portion of FFO of OpenKey | (139) | (110) | (505) | (306) | |||||||||||
FFO available to common stockholders and OP unitholders | 13,545 | 438 | 98,406 | 129,532 | |||||||||||
Extinguishment of issuance cost upon redemption of preferred stock | 6,292 | — | 10,799 | 6,124 | |||||||||||
Write-off of premiums, loan costs and exit fees | 1,216 | 7,789 | 2,845 | 12,702 | |||||||||||
(Gain) loss on insurance settlements | (192) | (456) | (192) | (456) | |||||||||||
Other impairment charges | — | (156) | — | (500) | |||||||||||
Uninsured hurricane related costs | (882) | — | 2,829 | — | |||||||||||
Other (income) expense, net | (117) | 254 | 3,422 | 4,517 | |||||||||||
Transaction, acquisition and management conversion costs | 529 | 355 | 4,299 | 1,778 | |||||||||||
Legal judgment and related legal costs | 108 | 1,105 | 4,199 | 1,176 | |||||||||||
Unrealized (gain) loss on marketable securities | (164) | (4,946) | 4,649 | (4,946) | |||||||||||
Unrealized (gain) loss on derivatives | 998 | 6,782 | 2,802 | 2,534 | |||||||||||
Dead deal costs | — | 60 | 9 | 391 | |||||||||||
Software implementation costs | — | — | 1,034 | — | |||||||||||
Non-cash stock/unit-based compensation | 3,536 | 4,161 | 12,287 | 9,672 | |||||||||||
Tax reform | (1,080) | — | (1,080) | — | |||||||||||
Company's portion of (gain) loss of investment in securities investment fund | — | 1,785 | (52) | 5,062 | |||||||||||
Company's portion of adjustments to FFO of Ashford Inc. | 3,244 | 800 | 9,374 | 3,729 | |||||||||||
Company's portion of adjustments to FFO of OpenKey | 9 | 8 | 13 | 8 | |||||||||||
Adjusted FFO available to common stockholders and OP unitholders | $ | 27,042 | $ | 17,979 | $ | 155,643 | $ | 171,323 | |||||||
Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | 0.24 | $ | 0.16 | $ | 1.37 | $ | 1.51 | |||||||
Weighted average diluted shares | 113,989 | 113,180 | 113,398 | 113,627 | |||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
SUMMARY OF INDEBTEDNESS | |||||||||||||||||||||||
DECEMBER 31, 2017 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Indebtedness | Maturity | Interest Rate | Fixed- | Floating- | Total | Comparable | Comparable | ||||||||||||||||
BAML Pool 1 & 2 - 8 hotels | January 2018 | LIBOR + 4.95% | $ | — | $ | 376,800 | (2) | $ | 376,800 | $ | 46,501 | 12.3 | % | ||||||||||
Morgan Stanley MIP - 5 hotels | February 2018 | LIBOR + 4.75% | — | 200,000 | (3) | 200,000 | 21,986 | 11.0 | % | ||||||||||||||
Cantor Commercial Real Estate Memphis - 1 hotel | April 2018 | LIBOR + 4.95% | — | 33,300 | (4) | 33,300 | 4,217 | 12.7 | % | ||||||||||||||
Column Financial - 22 hotels | April 2018 | LIBOR + 4.39% | — | 971,654 | (5)(6)(7) | 971,654 | 107,084 | 11.0 | % | ||||||||||||||
JPM Lakeway - 1 hotel | May 2018 | LIBOR + 5.10% | — | 25,100 | (8) | 25,100 | 3,258 | 13.0 | % | ||||||||||||||
BAML Le Pavillon - 1 hotel | June 2018 | LIBOR + 5.10% | — | 43,750 | (9) | 43,750 | 2,329 | 5.3 | % | ||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel | July 2018 | LIBOR + 4.15% | — | 35,200 | (10) | 35,200 | 3,858 | 11.0 | % | ||||||||||||||
BAML W Atlanta - 1 hotel | July 2018 | LIBOR + 5.10% | — | 40,500 | (10) | 40,500 | 4,851 | 12.0 | % | ||||||||||||||
Morgan Stanley - 8 hotels | July 2018 | LIBOR + 4.09% | — | 144,000 | (10) | 144,000 | 11,137 | 7.7 | % | ||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel | August 2018 | LIBOR + 4.95% | — | 12,000 | (11) | 12,000 | 1,111 | 9.3 | % | ||||||||||||||
Morgan Stanley Pool B - 4 hotels | August 2018 | LIBOR + 4.38% | — | 52,530 | (12) | 52,530 | 7,643 | 14.5 | % | ||||||||||||||
Morgan Stanley Pool A - 6 hotels | August 2018 | LIBOR + 4.35% | — | 280,421 | (12)(13) | 280,421 | 38,052 | 13.6 | % | ||||||||||||||
JPMorgan Chase - 18 hotels | October 2018 | LIBOR + 4.55% | — | 450,000 | (1) | 450,000 | 64,748 | 14.4 | % | ||||||||||||||
Omni American Bank Ashton - 1 hotel | July 2019 | 4.00% | 5,336 | — | 5,336 | 1,094 | 20.5 | % | |||||||||||||||
Morgan Stanley Pool - 17 hotels | November 2019 | LIBOR + 3.00% | — | 427,000 | (14) | 427,000 | 51,440 | 12.0 | % | ||||||||||||||
BAML Indigo Atlanta - 1 hotel | May 2020 | LIBOR + 2.90% | — | 16,100 | (11) | 16,100 | 2,249 | 14.0 | % | ||||||||||||||
GACC Gateway - 1 hotel | November 2020 | 6.26% | 95,207 | — | 95,207 | 15,754 | 16.5 | % | |||||||||||||||
Aareal Princeton/Nashville - 2 hotels | June 2022 | LIBOR + 3.00% | — | 164,700 | 164,700 | 29,876 | 18.1 | % | |||||||||||||||
Prudential Boston Back Bay - 1 hotel | November 2022 | LIBOR + 2.00% | — | 97,000 | 97,000 | 14,636 | 15.1 | % | |||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel | May 2023 | 5.46% | 53,789 | — | 53,789 | 5,924 | 11.0 | % | |||||||||||||||
GACC Manchester RI - 1 hotel | January 2024 | 5.49% | 7,000 | — | 7,000 | 1,366 | 19.5 | % | |||||||||||||||
GACC Jacksonville RI - 1 hotel | January 2024 | 5.49% | 10,216 | — | 10,216 | 2,041 | 20.0 | % | |||||||||||||||
Key Bank Manchester CY - 1 hotel | May 2024 | 4.99% | 6,530 | — | 6,530 | 1,090 | 16.7 | % | |||||||||||||||
Morgan Stanley Pool C2 - 2 hotels | August 2024 | 4.85% | 12,242 | — | 12,242 | 1,986 | 16.2 | % | |||||||||||||||
Morgan Stanley Pool C3 - 3 hotels | August 2024 | 4.90% | 24,471 | — | 24,471 | 3,618 | 14.8 | % | |||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | August 2024 | 5.20% | 66,224 | — | 66,224 | 8,504 | 12.8 | % | |||||||||||||||
BAML Pool 5 - 2 hotels | February 2025 | 4.45% | 20,214 | — | 20,214 | 2,760 | 13.7 | % | |||||||||||||||
BAML Pool 3 - 3 hotels | February 2025 | 4.45% | 52,284 | — | 52,284 | 8,378 | 16.0 | % | |||||||||||||||
Unencumbered hotels | — | — | — | 2,088 | N/A | ||||||||||||||||||
Total | $ | 353,513 | $ | 3,370,055 | $ | 3,723,568 | $ | 469,579 | 12.6 | % | |||||||||||||
Percentage | 9.5 | % | 90.5 | % | 100.0 | % | |||||||||||||||||
Weighted average interest rate | 5.33 | % | 5.75 | % | 5.71 | % | |||||||||||||||||
All indebtedness is non-recourse with the exception of the secured revolving credit facility. | |
(1) | This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. |
(2) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2017. |
(3) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017. |
(4) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017. |
(5) | This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017. |
(6) | This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017. |
(7) | This mortgage loan had a $78.7 million pay down of principal related to the sale of the Crowne Plaza Ravinia on June 29, 2017. |
(8) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in May 2017. |
(9) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2017. |
(10) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in July 2017. |
(11) | This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. |
(12) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in August 2017. |
(13) | This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017. |
(14) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. |
(15) | 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, 2017 | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||||
Omni American Bank Ashton - 1 hotel | $ | — | $ | 5,168 | $ | — | $ | — | $ | — | $ | — | $ | 5,168 | ||||||||||||||
Morgan Stanley MIP - 5 hotels | — | 200,000 | — | — | — | — | 200,000 | |||||||||||||||||||||
Morgan Stanley Pool B - 4 hotels | — | 52,530 | — | — | — | — | 52,530 | |||||||||||||||||||||
Morgan Stanley Pool A - 6 hotels | — | 280,421 | — | — | — | — | 280,421 | |||||||||||||||||||||
GACC Gateway - 1 hotel | — | — | 89,886 | — | — | — | 89,886 | |||||||||||||||||||||
BAML Pool 1 & 2 - 8 hotels | — | — | 376,800 | — | — | — | 376,800 | |||||||||||||||||||||
Cantor Commercial Real Estate Memphis - 1 hotel | — | — | 33,300 | — | — | — | 33,300 | |||||||||||||||||||||
JPM Lakeway - 1 hotel | — | — | 25,100 | — | — | — | 25,100 | |||||||||||||||||||||
BAML Le Pavillon - 1 hotel | — | — | 43,750 | — | — | — | 43,750 | |||||||||||||||||||||
Morgan Stanley - 8 hotels | — | — | 144,000 | — | — | — | 144,000 | |||||||||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel | — | — | 35,200 | — | — | — | 35,200 | |||||||||||||||||||||
BAML W Atlanta - 1 hotel | — | — | 40,500 | — | — | — | 40,500 | |||||||||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel | — | — | 12,000 | — | — | — | 12,000 | |||||||||||||||||||||
Column Financial - 22 hotels | — | — | — | 971,654 | — | — | 971,654 | |||||||||||||||||||||
Prudential Boston Back Bay - 1 hotel | — | — | — | — | 97,000 | — | 97,000 | |||||||||||||||||||||
BAML Indigo Atlanta - 1 hotel | — | — | — | — | 15,470 | — | 15,470 | |||||||||||||||||||||
Aareal Princeton/Nashville - 2 hotels | — | — | — | — | 158,700 | — | 158,700 | |||||||||||||||||||||
JPMorgan Chase - 18 hotels | — | — | — | — | 450,000 | — | 450,000 | |||||||||||||||||||||
Morgan Stanley Pool - 17 hotels | — | — | — | — | — | 427,000 | 427,000 | |||||||||||||||||||||
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 C - 8 hotels | — | — | — | — | — | 90,889 | 90,889 | |||||||||||||||||||||
BAML Pool 3 - 3 hotels | — | — | — | — | — | 44,413 | 44,413 | |||||||||||||||||||||
BAML Pool 5 - 2 hotels | — | — | — | — | — | 17,073 | 17,073 | |||||||||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel | — | — | — | — | — | 48,182 | 48,182 | |||||||||||||||||||||
Principal due in future periods | $ | — | $ | 538,119 | $ | 800,536 | $ | 971,654 | $ | 721,170 | $ | 648,455 | $ | 3,679,934 | ||||||||||||||
Scheduled amortization payments remaining | 5,930 | 6,554 | 8,035 | 8,170 | 6,805 | 8,140 | 43,634 | |||||||||||||||||||||
Total indebtedness | $ | 5,930 | $ | 544,673 | $ | 808,571 | $ | 979,824 | $ | 727,975 | $ | 656,595 | $ | 3,723,568 | ||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
KEY PERFORMANCE INDICATORS | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
ALL HOTELS: | ||||||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 265,196 | $ | — | $ | 265,196 | $ | 261,797 | $ | (6,521) | $ | 255,276 | 1.30 | % | 3.89 | % | ||||||||||||||
RevPAR | $ | 115.04 | $ | — | $ | 115.04 | $ | 109.32 | $ | (72.52) | $ | 110.75 | 5.23 | % | 3.87 | % | ||||||||||||||
Occupancy | 73.96 | % | — | % | 73.96 | % | 72.49 | % | (63.98) | % | 72.82 | % | 2.03 | % | 1.57 | % | ||||||||||||||
ADR | $ | 155.53 | $ | — | $ | 155.53 | $ | 150.80 | $ | (113.35) | $ | 152.08 | 3.14 | % | 2.27 | % | ||||||||||||||
ALL HOTELS: | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 1,138,188 | $ | (9,031) | $ | 1,129,157 | $ | 1,175,160 | $ | (63,325) | $ | 1,111,835 | (3.15) | % | 1.56 | % | ||||||||||||||
RevPAR | $ | 122.98 | $ | (82.03) | $ | 123.47 | $ | 118.87 | $ | (88.38) | $ | 121.25 | 3.46 | % | 1.83 | % | ||||||||||||||
Occupancy | 77.42 | % | (68.65) | % | 77.53 | % | 77.05 | % | (75.15) | % | 77.20 | % | 0.48 | % | 0.43 | % | ||||||||||||||
ADR | $ | 158.84 | $ | (119.49) | $ | 159.26 | $ | 154.27 | $ | (117.60) | $ | 157.06 | 2.96 | % | 1.40 | % | ||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
ALL HOTELS | ||||||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 207,940 | $ | — | $ | 207,940 | $ | 203,054 | $ | (6,519) | $ | 196,535 | 2.41 | % | 5.80 | % | ||||||||||||||
RevPAR | $ | 115.10 | $ | — | $ | 115.10 | $ | 107.09 | $ | (72.52) | $ | 108.81 | 7.48 | % | 5.78 | % | ||||||||||||||
Occupancy | 74.89 | % | — | % | 74.89 | % | 71.88 | % | (63.98) | % | 72.27 | % | 4.19 | % | 3.63 | % | ||||||||||||||
ADR | $ | 153.69 | $ | — | $ | 153.69 | $ | 148.98 | $ | (113.35) | $ | 150.55 | 3.16 | % | 2.09 | % | ||||||||||||||
ALL HOTELS | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 883,291 | $ | (9,031) | $ | 874,260 | $ | 919,753 | $ | (63,325) | $ | 856,428 | (3.96) | % | 2.08 | % | ||||||||||||||
RevPAR | $ | 121.39 | $ | (82.03) | $ | 121.99 | $ | 116.39 | $ | (88.38) | $ | 119.18 | 4.30 | % | 2.36 | % | ||||||||||||||
Occupancy | 77.48 | % | (68.65) | % | 77.62 | % | 76.64 | % | (75.15) | % | 76.78 | % | 1.10 | % | 1.09 | % | ||||||||||||||
ADR | $ | 156.66 | $ | (119.49) | $ | 157.16 | $ | 151.87 | $ | (117.60) | $ | 155.22 | 3.15 | % | 1.25 | % | ||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 99 hotel properties owned and included in the Company's operations at December 31, 2017, and not under renovation during the three months ended December 31, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||
HOTEL EBITDA | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
ALL HOTELS: | Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2017 | 2016 | % | 2017 | 2016 | % | ||||||||||||||||
Total hotel revenue | $ | 339,160 | $ | 339,937 | (0.23) | % | $ | 1,429,763 | $ | 1,483,907 | (3.65) | % | |||||||||
Non-comparable adjustments | — | (10,137) | (12,481) | (77,941) | |||||||||||||||||
Comparable total hotel revenue | $ | 339,160 | $ | 329,800 | 2.84 | % | $ | 1,417,282 | $ | 1,405,966 | 0.80 | % | |||||||||
Hotel EBITDA | $ | 106,630 | $ | 103,480 | 3.04 | % | $ | 471,882 | $ | 487,854 | (3.27) | % | |||||||||
Non-comparable adjustments | 39 | (2,458) | (2,303) | (23,011) | |||||||||||||||||
Comparable hotel EBITDA | $ | 106,669 | $ | 101,022 | 5.59 | % | $ | 469,579 | $ | 464,843 | 1.02 | % | |||||||||
Hotel EBITDA margin | 31.44 | % | 30.44 | % | 1.00 | % | 33.00 | % | 32.88 | % | 0.12 | % | |||||||||
Comparable hotel EBITDA margin | 31.45 | % | 30.63 | % | 0.82 | % | 33.13 | % | 33.06 | % | 0.07 | % | |||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 85 | $ | 79 | 7.59 | % | $ | 368 | $ | 349 | 5.44 | % | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 106,545 | $ | 103,401 | 3.04 | % | $ | 471,514 | $ | 487,505 | (3.28) | % | |||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 106,584 | $ | 100,943 | 5.59 | % | $ | 469,211 | $ | 464,494 | 1.02 | % | |||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ALL HOTELS | Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2017 | 2016 | % | 2017 | 2016 | % | ||||||||||||||||
Total hotel revenue | $ | 269,076 | $ | 264,606 | 1.69 | % | $ | 1,115,591 | $ | 1,164,387 | (4.19) | % | |||||||||
Non-comparable adjustments | — | (10,137) | (12,481) | (77,941) | |||||||||||||||||
Comparable total hotel revenue | $ | 269,076 | $ | 254,469 | 5.74 | % | $ | 1,103,110 | $ | 1,086,446 | 1.53 | % | |||||||||
Hotel EBITDA | $ | 85,665 | $ | 79,836 | 7.30 | % | $ | 365,279 | $ | 379,349 | (3.71) | % | |||||||||
Non-comparable adjustments | 39 | (2,458) | (2,303) | (23,011) | |||||||||||||||||
Comparable hotel EBITDA | $ | 85,704 | $ | 77,378 | 10.76 | % | $ | 362,976 | $ | 356,338 | 1.86 | % | |||||||||
Hotel EBITDA margin | 31.84 | % | 30.17 | % | 1.67 | % | 32.74 | % | 32.58 | % | 0.16 | % | |||||||||
Comparable hotel EBITDA margin | 31.85 | % | 30.41 | % | 1.44 | % | 32.90 | % | 32.80 | % | 0.10 | % | |||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 85 | $ | 79 | 7.59 | % | $ | 368 | $ | 349 | 5.44 | % | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 85,580 | $ | 79,757 | 7.30 | % | $ | 364,911 | $ | 379,000 | (3.72) | % | |||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 85,619 | $ | 77,299 | 10.76 | % | $ | 362,608 | $ | 355,989 | 1.86 | % | |||||||||
NOTES: | |
(1) | The above comparable information assumes the 99 hotel properties owned and included in the Company's operations at December 31, 2017, and not under renovation during the three months ended December 31, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
(4) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Non- | Comparable | ||||||||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||
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 | $ | 339,160 | $ | — | $ | 339,160 | $ | 350,958 | $ | (5) | $ | 350,953 | $ | 388,047 | $ | (5,101) | $ | 382,946 | $ | 351,598 | $ | (7,375) | $ | 344,223 | |||||||||||||||||||||||
Hotel EBITDA | $ | 106,630 | $ | 39 | $ | 106,669 | $ | 113,302 | $ | 307 | $ | 113,609 | $ | 138,477 | $ | (1,315) | $ | 137,162 | $ | 113,473 | $ | (1,334) | $ | 112,139 | |||||||||||||||||||||||
Hotel EBITDA margin | 31.44 | % | 31.45 | % | 32.28 | % | 32.37 | % | 35.69 | % | 35.82 | % | 32.27 | % | 32.58 | % | |||||||||||||||||||||||||||||||
EBITDA % of total TTM | 22.7 | % | 22.7 | % | 24.0 | % | 24.2 | % | 29.3 | % | 29.2 | % | 24.0 | % | 23.9 | % | |||||||||||||||||||||||||||||||
JV interests in EBITDA | $ | 85 | $ | — | $ | 85 | $ | 116 | $ | — | $ | 116 | $ | 104 | $ | — | $ | 104 | $ | 63 | $ | — | $ | 63 | |||||||||||||||||||||||
Actual | Non- | Comparable | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||
TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||
Total hotel revenue | $ | 1,429,763 | $ | (12,481) | $ | 1,417,282 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | 471,882 | $ | (2,303) | $ | 469,579 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA margin | 33.00 | % | 33.13 | % | |||||||||||||||||||||||||||||||||||||||||||
EBITDA % of total TTM | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||
JV interests in EBITDA | $ | 368 | $ | — | $ | 368 | |||||||||||||||||||||||||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | 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 | Comparable | Actual | Non-comparable | Comparable | Actual | Comparable | ||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | ||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 126.50 | $ | — | $ | 126.50 | $ | 107.22 | $ | (76.81) | $ | 117.78 | 18.0 | % | 7.4 | % | |||||||||||||||||
Boston, MA Area | 3 | 915 | 167.28 | — | 167.28 | 157.58 | — | 157.58 | 6.2 | % | 6.2 | % | |||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 106.56 | — | 106.56 | 100.18 | — | 100.18 | 6.4 | % | 6.4 | % | |||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 108.59 | — | 108.59 | 90.37 | — | 90.37 | 20.2 | % | 20.2 | % | |||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 121.48 | — | 121.48 | 118.94 | (63.48) | 119.57 | 2.1 | % | 1.6 | % | |||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 140.31 | — | 140.31 | 120.70 | — | 120.70 | 16.2 | % | 16.2 | % | |||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 110.44 | — | 110.44 | 125.51 | — | 125.51 | (12.0) | % | (12.0) | % | |||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 191.28 | — | 191.28 | 182.58 | — | 182.58 | 4.8 | % | 4.8 | % | |||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 110.73 | — | 110.73 | 105.08 | — | 105.08 | 5.4 | % | 5.4 | % | |||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 107.04 | — | 107.04 | 99.44 | — | 99.44 | 7.6 | % | 7.6 | % | |||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 89.78 | — | 89.78 | 88.50 | — | 88.50 | 1.4 | % | 1.4 | % | |||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 104.51 | — | 104.51 | 103.91 | — | 103.91 | 0.6 | % | 0.6 | % | |||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,368 | 147.05 | — | 147.05 | 141.88 | — | 141.88 | 3.6 | % | 3.6 | % | |||||||||||||||||||||||
Tampa, FL Area | 3 | 680 | 107.92 | — | 107.92 | 100.27 | — | 100.27 | 7.6 | % | 7.6 | % | |||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,308 | 122.17 | — | 122.17 | 117.17 | — | 117.17 | 4.3 | % | 4.3 | % | |||||||||||||||||||||||
Other Areas | 52 | 8,931 | 99.24 | — | 99.24 | 96.10 | (68.29) | 97.54 | 3.3 | % | 1.7 | % | |||||||||||||||||||||||
Total Portfolio | 120 | 25,058 | $ | 115.04 | $ | — | $ | 115.04 | $ | 109.32 | $ | (72.52) | $ | 110.75 | 5.2 | % | 3.9 | % | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | 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 | % of | Actual | Non- | Comparable | % of | Actual | Comparable | ||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % | % Variance | ||||||||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 6,328 | $ | 31 | $ | 6,359 | 6.0 | % | $ | 7,380 | $ | (1,537) | $ | 5,843 | 5.9 | % | (14.3) | % | 8.8 | % | |||||||||||||||||||
Boston, MA Area | 3 | 915 | 5,900 | — | 5,900 | 5.5 | % | 5,954 | — | 5,954 | 5.9 | % | (0.9) | % | (0.9) | % | |||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 6,487 | — | 6,487 | 6.1 | % | 5,952 | (33) | 5,919 | 5.9 | % | 9.0 | % | 9.6 | % | |||||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 3,197 | — | 3,197 | 3.0 | % | 2,444 | — | 2,444 | 2.4 | % | 30.8 | % | 30.8 | % | |||||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 7,785 | — | 7,785 | 7.3 | % | 7,702 | 17 | 7,719 | 7.6 | % | 1.1 | % | 0.9 | % | |||||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 3,521 | — | 3,521 | 3.3 | % | 2,346 | (1) | 2,345 | 2.3 | % | 50.1 | % | 50.1 | % | |||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 2,861 | — | 2,861 | 2.7 | % | 3,929 | — | 3,929 | 3.9 | % | (27.2) | % | (27.2) | % | |||||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 5,100 | — | 5,100 | 4.8 | % | 5,800 | — | 5,800 | 5.7 | % | (12.1) | % | (12.1) | % | |||||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 8,018 | — | 8,018 | 7.5 | % | 6,844 | 10 | 6,854 | 6.8 | % | 17.2 | % | 17.0 | % | |||||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 2,363 | — | 2,363 | 2.2 | % | 2,144 | 2 | 2,146 | 2.2 | % | 10.2 | % | 10.1 | % | |||||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 1,590 | — | 1,590 | 1.5 | % | 1,677 | — | 1,677 | 1.8 | % | (5.2) | % | (5.2) | % | |||||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 1,395 | — | 1,395 | 1.3 | % | 1,351 | — | 1,351 | 1.3 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,368 | 8,200 | — | 8,200 | 7.7 | % | 7,905 | — | 7,905 | 7.8 | % | 3.7 | % | 3.7 | % | |||||||||||||||||||||||||
Tampa, FL Area | 3 | 680 | 2,597 | — | 2,597 | 2.4 | % | 2,353 | — | 2,353 | 2.3 | % | 10.4 | % | 10.4 | % | |||||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,308 | 10,497 | — | 10,497 | 9.8 | % | 9,303 | — | 9,303 | 9.2 | % | 12.8 | % | 12.8 | % | |||||||||||||||||||||||||
Other Areas | 52 | 8,931 | 30,791 | 8 | 30,799 | 28.9 | % | 30,396 | (916) | 29,480 | 29.0 | % | 1.3 | % | 4.5 | % | |||||||||||||||||||||||||
Total Portfolio | 120 | 25,058 | $ | 106,630 | $ | 39 | $ | 106,669 | 100.0 | % | $ | 103,480 | $ | (2,458) | $ | 101,022 | 100.0 | % | 3.0 | % | 5.6 | % | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | 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 | Comparable | Actual | Non-comparable | Comparable | Actual | Comparable | ||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % Variance | % Variance | ||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 123.66 | $ | (88.18) | $ | 129.70 | $ | 116.65 | $ | (86.59) | $ | 128.41 | 6.0 | % | 1.0 | % | |||||||||||||||||
Boston, MA Area | 3 | 915 | 175.82 | — | 175.82 | 167.80 | — | 167.80 | 4.8 | % | 4.8 | % | |||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 110.25 | — | 110.25 | 110.08 | — | 110.08 | 0.2 | % | 0.2 | % | |||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 110.72 | — | 110.72 | 100.62 | — | 100.62 | 10.0 | % | 10.0 | % | |||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 130.68 | — | 130.68 | 126.35 | (97.02) | 130.24 | 3.4 | % | 0.3 | % | |||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 134.58 | — | 134.58 | 130.23 | — | 130.23 | 3.3 | % | 3.3 | % | |||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 122.44 | — | 122.44 | 130.74 | — | 130.74 | (6.3) | % | (6.3) | % | |||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 205.71 | — | 205.71 | 197.61 | — | 197.61 | 4.1 | % | 4.1 | % | |||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 115.93 | — | 115.93 | 111.53 | (85.36) | 112.44 | 3.9 | % | 3.1 | % | |||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 112.17 | — | 112.17 | 99.63 | (91.88) | 104.46 | 12.6 | % | 7.4 | % | |||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 99.08 | — | 99.08 | 102.34 | — | 102.34 | (3.2) | % | (3.2) | % | |||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 120.57 | — | 120.57 | 118.52 | — | 118.52 | 1.7 | % | 1.7 | % | |||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,368 | 155.64 | — | 155.64 | 152.40 | — | 152.40 | 2.1 | % | 2.1 | % | |||||||||||||||||||||||
Tampa, FL Area | 3 | 680 | 115.23 | — | 115.23 | 111.89 | — | 111.89 | 3.0 | % | 3.0 | % | |||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,308 | 136.94 | — | 136.94 | 129.19 | (74.36) | 132.08 | 6.0 | % | 3.7 | % | |||||||||||||||||||||||
Other Areas | 52 | 8,931 | 108.38 | (56.72) | 108.72 | 106.56 | (87.33) | 107.74 | 1.7 | % | 0.9 | % | |||||||||||||||||||||||
Total Portfolio | 120 | 25,058 | $ | 122.98 | $ | (82.03) | $ | 123.47 | $ | 118.87 | $ | (88.38) | $ | 121.25 | 3.5 | % | 1.8 | % | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | 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 | % of | Actual | Non- | Comparable | % of | Actual | Comparable | ||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2016 | % | % Variance | ||||||||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 28,157 | $ | (2,232) | $ | 25,925 | 5.5 | % | $ | 32,776 | $ | (6,644) | $ | 26,132 | 5.6 | % | (14.2) | % | (0.8) | % | |||||||||||||||||||
Boston, MA Area | 3 | 915 | 26,423 | — | 26,423 | 5.6 | % | 25,665 | — | 25,665 | 5.5 | % | 3.0 | % | 3.0 | % | |||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 25,723 | (33) | 25,690 | 5.5 | % | 26,180 | (133) | 26,047 | 5.6 | % | (1.7) | % | (1.4) | % | |||||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 12,530 | — | 12,530 | 2.7 | % | 11,282 | — | 11,282 | 2.4 | % | 11.1 | % | 11.1 | % | |||||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 34,060 | (23) | 34,037 | 7.2 | % | 36,135 | (2,971) | 33,164 | 7.1 | % | (5.7) | % | 2.6 | % | |||||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 12,457 | — | 12,457 | 2.7 | % | 11,680 | (1) | 11,679 | 2.5 | % | 6.7 | % | 6.7 | % | |||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 14,610 | — | 14,610 | 3.1 | % | 16,975 | — | 16,975 | 3.7 | % | (13.9) | % | (13.9) | % | |||||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 26,035 | — | 26,035 | 5.5 | % | 25,527 | — | 25,527 | 5.5 | % | 2.0 | % | 2.0 | % | |||||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 31,400 | — | 31,400 | 6.7 | % | 30,652 | (747) | 29,905 | 6.4 | % | 2.4 | % | 5.0 | % | |||||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 10,487 | — | 10,487 | 2.2 | % | 15,181 | (5,623) | 9,558 | 2.1 | % | (30.9) | % | 9.7 | % | |||||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 7,637 | — | 7,637 | 1.6 | % | 8,192 | — | 8,192 | 1.8 | % | (6.8) | % | (6.8) | % | |||||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 7,235 | — | 7,235 | 1.5 | % | 7,219 | — | 7,219 | 1.6 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,368 | 35,024 | — | 35,024 | 7.5 | % | 34,559 | — | 34,559 | 7.4 | % | 1.3 | % | 1.3 | % | |||||||||||||||||||||||||
Tampa, FL Area | 3 | 680 | 12,013 | — | 12,013 | 2.6 | % | 11,595 | — | 11,595 | 2.5 | % | 3.6 | % | 3.6 | % | |||||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,308 | 46,600 | (1) | 46,599 | 9.9 | % | 46,134 | (926) | 45,208 | 9.7 | % | 1.0 | % | 3.2 | % | |||||||||||||||||||||||||
Other Areas | 52 | 8,931 | 141,491 | (14) | 141,477 | 30.2 | % | 148,102 | (5,966) | 142,136 | 30.6 | % | (4.5) | % | (0.5 | % | |||||||||||||||||||||||||
Total Portfolio | 120 | 25,058 | $ | 471,882 | $ | (2,303) | $ | 469,579 | 100.0 | % | $ | 487,854 | $ | (23,011) | $ | 464,843 | 100.0 | % | (3.3) | % | 1.0 | % | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||
TOTAL ENTERPRISE VALUE | |||
DECEMBER 31, 2017 | |||
(in thousands, except share price) | |||
(unaudited) | |||
December 31, 2017 | |||
End of quarter common shares outstanding | 97,409 | ||
Partnership units outstanding | 19,602 | ||
Combined common shares and partnership units outstanding | 117,011 | ||
Common stock price at quarter end | $ | 6.73 | |
Market capitalization at quarter end | $ | 787,484 | |
Series D preferred stock | $ | 59,735 | |
Series F preferred stock | $ | 120,000 | |
Series G preferred stock | $ | 155,000 | |
Series H preferred stock | $ | 95,000 | |
Series I preferred stock | $ | 135,000 | |
Debt on balance sheet date | $ | 3,723,568 | |
Joint venture partner's share of consolidated debt | $ | (2,030) | |
Net working capital (see below) | $ | (458,682) | |
Total enterprise value (TEV) | $ | 4,615,075 | |
Ashford Inc. Investment: | |||
Common stock owned at end of quarter | 598 | ||
Common stock price at quarter end | $ | 93.00 | |
Market value of Ashford Inc. investment | $ | 55,629 | |
Cash and cash equivalents | $ | 354,716 | |
Restricted cash | $ | 117,015 | |
Accounts receivable, net | $ | 44,368 | |
Prepaid expenses | $ | 19,287 | |
Investment in securities | $ | 26,926 | |
Due from third-party hotel managers, net | $ | 14,981 | |
Market value of Ashford Inc. investment | $ | 55,629 | |
Total current assets | $ | 632,922 | |
Accounts payable, net & accrued expenses | $ | 132,889 | |
Dividends and distributions payable | $ | 25,045 | |
Due to affiliates, net | $ | 16,306 | |
Total current liabilities | $ | 174,240 | |
Net working capital* | $ | 458,682 | |
* 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) | ||||||||||
2017 | 2018 | |||||||||
1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | |||
Property | Rooms | Actual | Actual | Actual | Actual | Estimated | Estimated | Estimated | Estimated | |
Courtyard Basking Ridge | 235 | x | x | |||||||
Courtyard Columbus Tipton Lakes | 90 | x | ||||||||
Courtyard Crystal City Reagan Airport | 272 | x | x | |||||||
Courtyard Denver Airport | 202 | x | x | |||||||
Courtyard Gaithersburg | 210 | x | x | x | ||||||
Courtyard Louisville Airport | 150 | x | ||||||||
Embassy Suites Crystal City | 267 | x | ||||||||
Embassy Suites Philadelphia Airport | 263 | x | x | x | ||||||
Embassy Suites Santa Clara Silicon Valley | 257 | x | x | x | ||||||
Embassy Suites Walnut Creek | 249 | x | x | x | x | x | ||||
Hampton Inn Parsippany | 152 | x | x | |||||||
Hampton Inn Suites Columbus Easton | 145 | x | x | |||||||
Hampton Inn Suites Phoenix Airport | 106 | x | x | |||||||
Hampton Inn Suites Pittsburgh Washington | 103 | x | ||||||||
Hilton Boston Back Bay | 390 | x | x | x | ||||||
Hilton St. Petersburg Bayfront | 333 | x | ||||||||
Hilton Tampa Westshore | 238 | x | x | x | ||||||
Hilton Garden Inn BWI Airport | 158 | x | ||||||||
Hilton Garden Inn Jacksonville | 119 | x | x | |||||||
Hilton Garden Inn Wisconsin Dells | 128 | x | ||||||||
Homewood Suites Pittsburgh Southpointe | 148 | x | x | |||||||
Hotel Indigo Atlanta Midtown | 140 | x | x | |||||||
Hyatt Regency Coral Gables | 253 | x | x | |||||||
Hyatt Regency Savannah | 351 | x | x | |||||||
Le Meridien Chambers Minneapolis | 60 | x | x | |||||||
Le Pavillon Hotel | 226 | x | x | x | ||||||
Marriott Crystal Gateway | 704 | x | x | x | x | x | x | x | ||
Marriott DFW Airport | 491 | x | ||||||||
Marriott Omaha | 300 | x | x | x | x | x | x | |||
Marriott RTP | 225 | x | x | x | x | |||||
Marriott San Antonio Plaza | 251 | x | ||||||||
Marriott Suites Market Center | 265 | x | x | |||||||
Renaissance Nashville | 673 | x | x | x | x | x | x | |||
Renaissance Palm Springs | 410 | x | x | x | ||||||
Residence Inn Jacksonville | 120 | x | x | |||||||
Residence Inn Lake Buena Vista | 210 | x | ||||||||
Residence Inn Orlando Sea World | 350 | x | x | x | x | x | x | |||
Residence Inn Stillwater | 101 | x | x | |||||||
Residence Inn Tampa Downtown | 109 | x | x | |||||||
Ritz Carlton Atlanta | 444 | x | x | x | x | |||||
Sheraton Anchorage | 370 | x | x | |||||||
Sheraton City Center - Indianapolis | 378 | x | ||||||||
SpringHill Suites Centreville | 136 | x | x | |||||||
SpringHill Suites Kennesaw | 90 | x | x | |||||||
The Churchill | 173 | x | ||||||||
Westin Princeton | 296 | x | x | |||||||
Total | 14 | 13 | 13 | 21 | 20 | 11 | 9 | 10 | ||
(a) | Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017-2018 are included in this table. |
Exhibit 1 | |||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
2017 | 2017 | 2017 | 2017 | December 31, 2017 | |||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | TTM | |||||||||||||||
Net income (loss) | $ | 33,102 | $ | 45,901 | $ | 89,279 | $ | 45,102 | $ | 213,384 | |||||||||
(Income) loss from consolidated entities attributable to | (12) | (50) | (42) | 2 | (102) | ||||||||||||||
Net income (loss) attributable to the Company | 33,090 | 45,851 | 89,237 | 45,104 | 213,282 | ||||||||||||||
Non-property adjustments | 8,246 | 1,770 | (14,092) | 83 | (3,993) | ||||||||||||||
Interest income | (28) | (28) | (38) | (32) | (126) | ||||||||||||||
Interest expense | 1,258 | 698 | 572 | 482 | 3,010 | ||||||||||||||
Amortization of loan costs | 73 | 37 | 54 | 126 | 290 | ||||||||||||||
Depreciation and amortization | 61,182 | 59,966 | 60,383 | 62,509 | 244,040 | ||||||||||||||
Income tax expense (benefit) | 173 | 33 | 6 | 17 | 229 | ||||||||||||||
Non-hotel EBITDA ownership expense | 2,624 | 4,925 | 2,313 | 5,186 | 15,048 | ||||||||||||||
Income (loss) from consolidated entities attributable to | 12 | 50 | 42 | (2) | 102 | ||||||||||||||
Hotel EBITDA including amounts attributable to | 106,630 | 113,302 | 138,477 | 113,473 | 471,882 | ||||||||||||||
Non-comparable adjustments | 39 | 307 | (1,315) | (1,334) | (2,303) | ||||||||||||||
Comparable hotel EBITDA | $ | 106,669 | $ | 113,609 | $ | 137,162 | $ | 112,139 | $ | 469,579 | |||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
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 | Hotel | Hotel Total | Orlando | Corporate / | Ashford | ||||||||||||||||||
Net income (loss) | $ | 31,995 | $ | 1,107 | $ | 33,102 | $ | 230 | $ | (71,857) | $ | (38,525) | |||||||||||
(Income) loss from consolidated entities attributable to | (12) | — | (12) | — | 126 | 114 | |||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling | — | — | — | — | 8,440 | 8,440 | |||||||||||||||||
Net income (loss) attributable to the Company | 31,983 | 1,107 | 33,090 | 230 | (63,291) | (29,971) | |||||||||||||||||
Non-property adjustments | 3,513 | 4,733 | 8,246 | (75) | (8,171) | — | |||||||||||||||||
Interest income | (24) | (4) | (28) | — | (714) | (742) | |||||||||||||||||
Interest expense | 707 | 551 | 1,258 | — | 51,851 | 53,109 | |||||||||||||||||
Amortization of loan cost | 37 | 36 | 73 | — | 2,225 | 2,298 | |||||||||||||||||
Depreciation and amortization | 47,345 | 13,837 | 61,182 | 123 | 46 | 61,351 | |||||||||||||||||
Income tax expense (benefit) | 173 | — | 173 | — | (1,884) | (1,711) | |||||||||||||||||
Non-hotel EBITDA ownership expense | 1,919 | 705 | 2,624 | 25 | (2,649) | — | |||||||||||||||||
Income (loss) from consolidated entities attributable to | 12 | — | 12 | — | (12) | — | |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling | 85,665 | 20,965 | 106,630 | 303 | (22,599) | 84,334 | |||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling interest | (73) | — | (73) | — | (29) | (102) | |||||||||||||||||
(Income) loss from consolidated entities attributable to | (12) | — | (12) | — | 12 | — | |||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling | — | — | — | — | (8,440) | (8,440) | |||||||||||||||||
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 | $ | 85,580 | $ | 20,965 | $ | 106,545 | $ | 303 | $ | (30,553) | $ | 76,295 | |||||||||||
Non-comparable adjustments | 39 | — | 39 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 85,704 | $ | 20,965 | $ | 106,669 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
Exhibit 1 | |||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, 2016 | |||||||||||||||||||||||
Hotel | Hotel | Hotel Total | Orlando | Corporate / | Ashford | ||||||||||||||||||
Net income (loss) | $ | 19,350 | $ | 12,231 | $ | 31,581 | $ | 162 | $ | (88,383) | $ | (56,640) | |||||||||||
(Income) loss from consolidated entities attributable to | (32) | — | (32) | — | 30 | (2) | |||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | 9,738 | 9,738 | |||||||||||||||||
Net income (loss) attributable to the Company | 19,318 | 12,231 | 31,549 | 162 | (78,615) | (46,904) | |||||||||||||||||
Non-property adjustments | 5,658 | (8) | 5,650 | — | (5,650) | — | |||||||||||||||||
Interest income | (17) | (6) | (23) | — | (79) | (102) | |||||||||||||||||
Interest expense | 484 | — | 484 | — | 49,219 | 49,703 | |||||||||||||||||
Amortization of loan cost | 124 | — | 124 | — | 5,973 | 6,097 | |||||||||||||||||
Depreciation and amortization | 50,294 | 11,000 | 61,294 | 109 | 49 | 61,452 | |||||||||||||||||
Income tax expense (benefit) | 25 | — | 25 | — | 291 | 316 | |||||||||||||||||
Non-hotel EBITDA ownership expense | 3,918 | 427 | 4,345 | (7) | (4,338) | — | |||||||||||||||||
Income (loss) from consolidated entities attributable to | 32 | — | 32 | — | (32) | — | |||||||||||||||||
Hotel EBITDA including amounts attributable to | 79,836 | 23,644 | 103,480 | 264 | (33,182) | 70,562 | |||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling | (47) | — | (47) | — | (43) | (90) | |||||||||||||||||
(Income) loss from consolidated entities attributable to | (32) | — | (32) | — | 32 | — | |||||||||||||||||
Net income (loss) attributable to redeemable | — | — | — | — | (9,738) | (9,738) | |||||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | (107) | (107) | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | 387 | 387 | |||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (109) | (109) | |||||||||||||||||
Hotel EBITDA attributable to the Company and OP | $ | 79,757 | $ | 23,644 | $ | 103,401 | $ | 264 | $ | (42,760) | $ | 60,905 | |||||||||||
Non-comparable adjustments | (2,458) | — | (2,458) | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 77,378 | $ | 23,644 | $ | 101,022 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
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 | Hotel | Hotel Total | Orlando | Corporate / | Ashford | ||||||||||||||||||
Net income (loss) | $ | 162,347 | $ | 51,037 | $ | 213,384 | $ | 1,253 | $ | (303,397) | $ | (88,760) | |||||||||||
(Income) loss from consolidated entities attributable to | (102) | — | (102) | — | 212 | 110 | |||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | 21,642 | 21,642 | |||||||||||||||||
Net income (loss) attributable to the Company | 162,245 | 51,037 | 213,282 | 1,253 | (281,543) | (67,008) | |||||||||||||||||
Non-property adjustments | (8,861) | 4,868 | (3,993) | (75) | 4,068 | — | |||||||||||||||||
Interest income | (102) | (24) | (126) | — | (2,076) | (2,202) | |||||||||||||||||
Interest expense | 2,459 | 551 | 3,010 | — | 206,402 | 209,412 | |||||||||||||||||
Amortization of loan cost | 254 | 36 | 290 | — | 12,929 | 13,219 | |||||||||||||||||
Depreciation and amortization | 195,128 | 48,912 | 244,040 | 473 | 2,218 | 246,731 | |||||||||||||||||
Income tax expense (benefit) | 229 | — | 229 | — | (2,447) | (2,218) | |||||||||||||||||
Non-hotel EBITDA ownership expense | 13,825 | 1,223 | 15,048 | 19 | (15,067) | — | |||||||||||||||||
Income (loss) from consolidated entities attributable to | 102 | — | 102 | — | (102) | — | |||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling | 365,279 | 106,603 | 471,882 | 1,670 | (75,618) | 397,934 | |||||||||||||||||
Less: EBITDA adjustments attributable to | (266) | — | (266) | — | (113) | (379) | |||||||||||||||||
(Income) loss from consolidated entities attributable to | (102) | — | (102) | — | 102 | — | |||||||||||||||||
Net income (loss) attributable to redeemable | — | — | — | — | (21,642) | (21,642) | |||||||||||||||||
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 | $ | 364,911 | $ | 106,603 | $ | 471,514 | $ | 1,670 | $ | (93,517) | $ | 379,667 | |||||||||||
Non-comparable adjustments | (2,303) | — | (2,303) | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 362,976 | $ | 106,603 | $ | 469,579 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
Exhibit 1 | |||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||
Hotel | Hotel | Hotel Total | Orlando | Corporate / | Ashford | ||||||||||||||||||
Net income (loss) | $ | 184,328 | $ | 62,472 | $ | 246,800 | $ | 1,233 | $ | (306,815) | $ | (58,782) | |||||||||||
(Income) loss from consolidated entities attributable to | (103) | — | (103) | — | 117 | 14 | |||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | 12,483 | 12,483 | |||||||||||||||||
Net income (loss) attributable to the Company | 184,225 | 62,472 | 246,697 | 1,233 | (294,215) | (46,285) | |||||||||||||||||
Non-property adjustments | (13,731) | (8) | (13,739) | — | 13,739 | — | |||||||||||||||||
Interest income | (37) | (20) | (57) | — | (274) | (331) | |||||||||||||||||
Interest expense | 1,899 | — | 1,899 | — | 197,971 | 199,870 | |||||||||||||||||
Amortization of loan cost | 482 | — | 482 | — | 23,615 | 24,097 | |||||||||||||||||
Depreciation and amortization | 198,377 | 44,837 | 243,214 | 455 | 194 | 243,863 | |||||||||||||||||
Income tax expense (benefit) | 85 | — | 85 | — | 1,447 | 1,532 | |||||||||||||||||
Non-hotel EBITDA ownership expense | 7,946 | 1,224 | 9,170 | 53 | (9,223) | — | |||||||||||||||||
Income (loss) from consolidated entities attributable to | 103 | — | 103 | — | (103) | — | |||||||||||||||||
Hotel EBITDA including amounts attributable to | 379,349 | 108,505 | 487,854 | 1,741 | (66,849) | 422,746 | |||||||||||||||||
Less: EBITDA adjustments attributable to noncontrolling | (246) | — | (246) | — | (117) | (363) | |||||||||||||||||
(Income) loss from consolidated entities attributable to | (103) | — | (103) | — | 103 | — | |||||||||||||||||
Net income (loss) attributable to redeemable | — | — | — | — | (12,483) | (12,483) | |||||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 1,048 | 1,048 | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | 180 | 180 | |||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (303) | (303) | |||||||||||||||||
Hotel EBITDA attributable to the Company and OP | $ | 379,000 | $ | 108,505 | $ | 487,505 | $ | 1,741 | $ | (78,421) | $ | 410,825 | |||||||||||
Non-comparable adjustments | (23,011) | — | (23,011) | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 356,338 | $ | 108,505 | $ | 464,843 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Courtyard Crystal City Reagan Airport, Courtyard Denver Airport, Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Embassy Suites Walnut Creek, Hilton Boston Back Bay, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Le Meridien Chambers Minneapolis, Marriott Omaha, Marriott RTP, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, Sheraton Anchorage, Sheraton City Center Indianapolis, SpringHill Suites Centreville, SpringHill Suites Kennesaw | |
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, | Boston, MA | Dallas / | Houston, | Los | Miami, FL | Minneapolis - | Nashville, | New York / | |||||||||||||||||||||||||||
Net income (loss) | $ | 3,363 | $ | 1,475 | $ | 3,006 | $ | 2,148 | $ | 3,181 | $ | 1,628 | $ | 327 | $ | 3,395 | $ | 2,989 | |||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 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 | ||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 6,328 | 5,900 | 6,487 | 3,197 | 7,785 | 3,521 | 2,861 | 5,100 | 8,018 | ||||||||||||||||||||||||||
Non-comparable adjustments | 31 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 6,359 | $ | 5,900 | $ | 6,487 | $ | 3,197 | $ | 7,785 | $ | 3,521 | $ | 2,861 | $ | 5,100 | $ | 8,018 | |||||||||||||||||
Orlando, | Philadelphia, | San Diego, | San | Tampa, FL | Washington | Other Areas | Total | ||||||||||||||||||||||||||||
Net income (loss) | $ | 432 | $ | (139) | $ | 374 | $ | 5,443 | $ | 714 | $ | (406) | $ | 5,172 | $ | 33,102 | |||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | (12) | (12) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 432 | (139) | 374 | 5,443 | 714 | (406) | 5,160 | 33,090 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | 12 | 12 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 2,363 | 1,590 | 1,395 | 8,200 | 2,597 | 10,497 | 30,791 | 106,630 | |||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | 8 | 39 | |||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 2,363 | $ | 1,590 | $ | 1,395 | $ | 8,200 | $ | 2,597 | $ | 10,497 | $ | 30,799 | $ | 106,669 | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | 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, 2016 | |||||||||||||||||||||||||||||||||||
Atlanta, | Boston, MA | Dallas / | Houston, | Los | Miami, FL | Minneapolis - | Nashville, | New York / | |||||||||||||||||||||||||||
Net income (loss) | $ | 3,546 | $ | 2,467 | $ | 2,856 | $ | 686 | $ | 11,284 | $ | (228) | $ | 1,357 | $ | 3,405 | $ | 2,259 | |||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 3,546 | 2,467 | 2,856 | 686 | 11,284 | (228) | 1,357 | 3,405 | 2,259 | ||||||||||||||||||||||||||
Non-property adjustments | 22 | — | — | — | (7,506) | — | — | — | — | ||||||||||||||||||||||||||
Interest income | — | — | (1) | — | (1) | — | (9) | — | (2) | ||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 3,768 | 3,182 | 2,910 | 1,703 | 3,987 | 1,629 | 2,541 | 2,435 | 4,485 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | 74 | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 44 | 305 | 187 | 55 | (62) | 945 | 40 | (40) | 28 | ||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 7,380 | 5,954 | 5,952 | 2,444 | 7,702 | 2,346 | 3,929 | 5,800 | 6,844 | ||||||||||||||||||||||||||
Non-comparable adjustments | (1,537) | — | (33) | — | 17 | (1) | — | — | 10 | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 5,843 | $ | 5,954 | $ | 5,919 | $ | 2,444 | $ | 7,719 | $ | 2,345 | $ | 3,929 | $ | 5,800 | $ | 6,854 | |||||||||||||||||
Orlando, | Philadelphia, | San Diego, | San | Tampa, FL | Washington | Other Areas | Total | ||||||||||||||||||||||||||||
Net income (loss) | $ | 875 | $ | 132 | $ | 297 | $ | 5,785 | $ | 1,044 | $ | 3,524 | $ | (7,468) | $ | 31,821 | |||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | (32) | (32) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 875 | 132 | 297 | 5,785 | 1,044 | 3,524 | (7,500) | 31,789 | |||||||||||||||||||||||||||
Non-property adjustments | 58 | — | — | — | — | 223 | 12,853 | 5,650 | |||||||||||||||||||||||||||
Interest income | (2) | — | — | (3) | — | (3) | (2) | (23) | |||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 484 | 484 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | 124 | 124 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,209 | 1,403 | 1,049 | 2,174 | 1,147 | 5,624 | 22,048 | 61,294 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | 29 | — | — | — | — | (78) | 25 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 4 | 113 | 5 | (51) | 162 | (65) | 2,435 | 4,105 | |||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | 32 | 32 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 2,144 | 1,677 | 1,351 | 7,905 | 2,353 | 9,303 | 30,396 | 103,480 | |||||||||||||||||||||||||||
Non-comparable adjustments | 2 | — | — | — | — | — | (916) | (2,458) | |||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 2,146 | $ | 1,677 | $ | 1,351 | $ | 7,905 | $ | 2,353 | $ | 9,303 | $ | 29,480 | $ | 101,022 | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | 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, | Boston, MA | Dallas / | Houston, | Los | Miami, FL | Minneapolis - | Nashville, | New York / | |||||||||||||||||||||||||||
Net income (loss) | $ | 28,667 | $ | 11,543 | $ | 11,976 | $ | 4,562 | $ | 16,318 | $ | 178 | $ | 4,479 | $ | 19,111 | $ | 13,343 | |||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 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 | ||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 28,157 | 26,423 | 25,723 | 12,530 | 34,060 | 12,457 | 14,610 | 26,035 | 31,400 | ||||||||||||||||||||||||||
Non-comparable adjustments | (2,232) | — | (33) | — | (23) | — | — | — | — | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 25,925 | $ | 26,423 | $ | 25,690 | $ | 12,530 | $ | 34,037 | $ | 12,457 | $ | 14,610 | $ | 26,035 | $ | 31,400 | |||||||||||||||||
Orlando, | Philadelphia, | San Diego, | San | Tampa, FL | Washington | Other Areas | Total | ||||||||||||||||||||||||||||
Net income (loss) | $ | 3,941 | $ | 1,542 | $ | 3,166 | $ | 24,973 | $ | 5,475 | $ | 17,865 | $ | 46,245 | $ | 213,384 | |||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | (102) | (102) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 3,941 | 1,542 | 3,166 | 24,973 | 5,475 | 17,865 | 46,143 | 213,282 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | 102 | 102 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 10,487 | 7,637 | 7,235 | 35,024 | 12,013 | 46,600 | 141,491 | 471,882 | |||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | (1) | (14) | (2,303) | |||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 10,487 | $ | 7,637 | $ | 7,235 | $ | 35,024 | $ | 12,013 | $ | 46,599 | $ | 141,477 | $ | 469,579 | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | 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, 2016 | |||||||||||||||||||||||||||||||||||
Atlanta, | Boston, MA | Dallas / | Houston, | Los | Miami, FL | Minneapolis - | Nashville, | New York / | |||||||||||||||||||||||||||
Net income (loss) | $ | 21,394 | $ | 11,940 | $ | 14,750 | $ | 4,241 | $ | 25,838 | $ | 4,512 | $ | 7,030 | $ | 16,154 | $ | 17,797 | |||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 21,394 | 11,940 | 14,750 | 4,241 | 25,838 | 4,512 | 7,030 | 16,154 | 17,797 | ||||||||||||||||||||||||||
Non-property adjustments | (3,978) | — | — | — | (7,506) | — | — | — | (5,482) | ||||||||||||||||||||||||||
Interest income | — | — | (1) | — | (2) | (1) | (11) | — | (8) | ||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 14,902 | 13,096 | 11,354 | 6,882 | 17,919 | 5,814 | 9,872 | 9,373 | 17,900 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | 74 | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 458 | 629 | 77 | 159 | (114) | 1,355 | 84 | 371 | |||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 32,776 | 25,665 | 26,180 | 11,282 | 36,135 | 11,680 | 16,975 | 25,527 | 30,652 | ||||||||||||||||||||||||||
Non-comparable adjustments | (6,644) | — | (133) | — | (2,971) | (1) | — | — | (747) | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 26,132 | $ | 25,665 | $ | 26,047 | $ | 11,282 | $ | 33,164 | $ | 11,679 | $ | 16,975 | $ | 25,527 | $ | 29,905 | |||||||||||||||||
Orlando, | Philadelphia, | San Diego, | San | Tampa, FL | Washington | Other Areas | Total | ||||||||||||||||||||||||||||
Net income (loss) | $ | 22,516 | $ | 2,543 | $ | 2,982 | $ | 24,990 | $ | 6,565 | $ | 20,213 | $ | 43,575 | $ | 247,040 | |||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | (103) | (103) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 22,516 | 2,543 | 2,982 | 24,990 | 6,565 | 20,213 | 43,472 | 246,937 | |||||||||||||||||||||||||||
Non-property adjustments | (13,379) | — | — | — | — | 5,261 | 11,345 | (13,739) | |||||||||||||||||||||||||||
Interest income | (7) | (1) | (1) | (8) | — | (10) | (7) | (57) | |||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 1,899 | 1,899 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | 482 | 482 | |||||||||||||||||||||||||||
Depreciation and amortization | 5,755 | 5,498 | 4,199 | 9,336 | 4,684 | 21,413 | 85,217 | 243,214 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | 29 | — | — | — | — | (18) | 85 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 296 | 123 | 39 | 241 | 346 | (743) | 5,609 | 8,930 | |||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | 103 | 103 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 15,181 | 8,192 | 7,219 | 34,559 | 11,595 | 46,134 | 148,102 | 487,854 | |||||||||||||||||||||||||||
Non-comparable adjustments | (5,623) | — | — | — | — | (926) | (5,966) | (23,011) | |||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 9,558 | $ | 8,192 | $ | 7,219 | $ | 34,559 | $ | 11,595 | $ | 45,208 | $ | 142,136 | $ | 464,843 | |||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | 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, 2017 | |||||||||||||||||||||||||||||||||||||||||||
BAML Pool | Morgan | Cantor | Column | JPM | BAML Le | BAML | Morgan | Morgan | BAML W | Morgan | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 23,490 | $ | 7,335 | $ | (18) | $ | 59,287 | $ | 438 | $ | (1,455) | $ | 378 | $ | (299) | $ | 2,353 | $ | 2,423 | $ | 18,649 | |||||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 23,490 | 7,335 | (18) | 59,287 | 438 | (1,455) | 378 | (299) | 2,353 | 2,423 | 18,649 | ||||||||||||||||||||||||||||||||
Non-property adjustments | 281 | — | — | (13,769) | 6 | — | — | — | — | — | 586 | ||||||||||||||||||||||||||||||||
Interest income | (52) | (12) | — | (12) | — | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||||||
Interest expense | 3 | — | 2,035 | — | — | — | 409 | 12 | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | 168 | — | — | — | 86 | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,324 | 14,062 | 1,922 | 60,156 | 2,530 | 3,081 | 1,351 | 11,086 | 1,486 | 2,400 | 17,852 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 1,455 | 601 | 110 | 3,527 | 284 | 703 | 25 | 338 | 19 | 28 | 1,146 | ||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 46,501 | 21,986 | 4,217 | 109,189 | 3,258 | 2,329 | 2,249 | 11,137 | 3,858 | 4,851 | 38,232 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | (2,105) | — | — | — | — | — | — | (180) | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 46,501 | $ | 21,986 | $ | 4,217 | $ | 107,084 | $ | 3,258 | $ | 2,329 | $ | 2,249 | $ | 11,137 | $ | 3,858 | $ | 4,851 | $ | 38,052 | |||||||||||||||||||||
Morgan | Morgan | Prudential | Aareal | NorthStar | JP Morgan | Omni | GACC | Deutsche | GACC | GACC | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,535) | $ | 17,382 | $ | 8,165 | $ | 20,574 | $ | 144 | $ | 33,004 | $ | 582 | $ | 6,781 | $ | 2,561 | $ | 943 | $ | 387 | |||||||||||||||||||||
(Income) loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | (54) | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | (1,535) | 17,382 | 8,165 | 20,574 | 144 | 33,004 | 582 | 6,781 | 2,561 | 943 | 333 | ||||||||||||||||||||||||||||||||
Non-property adjustments | 4,658 | 501 | — | — | — | 3,449 | — | — | — | 69 | — | ||||||||||||||||||||||||||||||||
Interest income | (2) | (6) | — | — | — | (16) | — | — | (21) | — | — | ||||||||||||||||||||||||||||||||
Interest expense | — | — | 551 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | 36 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,317 | 27,868 | 5,711 | 9,140 | 921 | 27,619 | 504 | 10,200 | 3,376 | 909 | 931 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | 78 | — | — | — | — | 39 | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 206 | 5,695 | 173 | 162 | 46 | 614 | 8 | (1,227) | 8 | 120 | 9 | ||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities | — | — | — | — | — | — | — | — | — | — | 54 | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 7,644 | 51,440 | 14,636 | 29,876 | 1,111 | 64,748 | 1,094 | 15,754 | 5,924 | 2,041 | 1,366 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (1) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 7,643 | $ | 51,440 | $ | 14,636 | $ | 29,876 | $ | 1,111 | $ | 64,748 | $ | 1,094 | $ | 15,754 | $ | 5,924 | $ | 2,041 | $ | 1,366 | |||||||||||||||||||||
Key Bank | Morgan | Morgan | Morgan | BAML | BAML | BAML | NorthStar | Wachovia 5 - | Unencumbered | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 358 | $ | 3,603 | $ | 1,346 | $ | 2,254 | $ | 3,677 | $ | 2,155 | $ | 10 | $ | (17) | $ | (37) | $ | (1,534) | $ | 213,384 | |||||||||||||||||||||
(Income) loss from consolidated entities | (48) | — | — | — | — | — | — | — | — | — | (102) | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | 310 | 3,603 | 1,346 | 2,254 | 3,677 | 2,155 | 10 | (17) | (37) | (1,534) | 213,282 | ||||||||||||||||||||||||||||||||
Non-property adjustments | — | 127 | — | — | 17 | — | — | — | — | 82 | (3,993) | ||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (3) | (2) | — | — | — | 1 | (126) | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 3,010 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 290 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 611 | 4,240 | 595 | 1,312 | 4,582 | 588 | — | — | — | 3,366 | 244,040 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 113 | — | — | — | — | — | — | — | — | (1) | 229 | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 8 | 534 | 45 | 52 | 105 | 19 | 13 | 11 | 37 | 174 | 15,048 | ||||||||||||||||||||||||||||||||
Income (loss) from consolidated entities | 48 | — | — | — | — | — | — | — | — | — | 102 | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable | 1,090 | 8,504 | 1,986 | 3,618 | 8,378 | 2,760 | 23 | (6) | — | 2,088 | 471,882 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | (23) | 6 | — | — | (2,303) | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 1,090 | $ | 8,504 | $ | 1,986 | $ | 3,618 | $ | 8,378 | $ | 2,760 | $ | — | $ | — | $ | — | $ | 2,088 | $ | 469,579 | |||||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at December 31, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-fourth-quarter-and-year-end-2017-results-300607140.html
SOURCE Ashford Hospitality Trust, Inc.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Ashford Hospitality Trust Inc.mehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Ashford Hospitality Trust Inc.mehr Analysen
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.