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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): August 2, 2022

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland001-3177586-1062192
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAHTNew York Stock Exchange
Preferred Stock, Series DAHT-PDNew York Stock Exchange
Preferred Stock, Series FAHT-PFNew York Stock Exchange
Preferred Stock, Series GAHT-PGNew York Stock Exchange
Preferred Stock, Series HAHT-PHNew York Stock Exchange
Preferred Stock, Series IAHT-PINew York Stock Exchange



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 2, 2022, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    Second Quarter 2022 Earnings Release of the Company, dated August 2, 2022
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



    
ASHFORD HOSPITALITY TRUST, INC.
Dated: August 2, 2022By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer



Document
EXHIBIT 99.1
hosptrustleft300dpia14.jpg
NEWS RELEASE

Contact:Deric EubanksJordan JenningsJoe Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


ASHFORD TRUST REPORTS
SECOND QUARTER 2022 RESULTS
Net Loss Attributable to Common Stockholders was $(9.3) Million
Comparable Hotel EBITDA was $111.4 Million
Adjusted EBITDAre was $96.4 Million
Highest Adjusted EBITDAre Since Q3 of 2019

DALLAS – August 2, 2022 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2022 with the second quarter ended June 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
Comparable RevPAR for all hotels increased 73% to $135.08 during the quarter on a 34.2% increase in ADR and a 28.8% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 6% compared to the comparable period in 2019, which is the best quarterly performance compared to 2019 since the onset of the pandemic.
Net loss attributable to common stockholders was $(9.3) million or $(0.27) per diluted share for the quarter.
Adjusted EBITDAre was $96.4 million for the quarter, reflecting a growth rate of 207.4% over the prior year quarter.
Adjusted funds from operations (AFFO) was $1.23 per diluted share for the quarter, reflecting a growth rate of 2,975% over the prior year quarter.
The Company ended the quarter with cash and cash equivalents of $538.4 million and restricted cash of $126.6 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.7 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs. Net working capital at the end of the quarter was $615.5 million, which equates to approximately $17.02 per diluted share.
Capex invested during the quarter was $20.1 million.



AHT Reports Second Quarter Results
Page 2
August 2, 2022

CAPITAL STRUCTURE
At June 30, 2022, the Company had total loans of $3.9 billion with a blended average interest rate of 5.6%. All of the Company’s loans are current and in good standing with the respective lenders. At the end of the quarter, approximately 85% of the Company’s hotels were in cash traps under their respective loans, which is a decrease from 90% in the first quarter. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes.
In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors previously announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2022. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay those current going forward.
During the first quarter of 2022, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) for its Series J and Series K Redeemable Preferred Stock (“Non-Traded Preferred Equity”). The registration statement provides for the issuance of Non-Traded Preferred Equity in a primary offering over the course of up to three years from the effective date. The Series J and Series K Redeemable Preferred Stock are expected to have an initial annual dividend yield of 8% and 8.2% respectively, and the Company will also offer a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The registration statement is now effective, and the Company expects to commence issuing limited amounts of the Non-Traded Preferred Equity in the third quarter of 2022. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
“We are extremely pleased with Ashford Trust’s improving second quarter performance, as our high-quality, geographically diverse portfolio benefited from increased demand and notable rate increases in many key markets,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “Further, we have a significantly de-levered balance sheet and continue to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. In March, we announced the filing of an S-3 for the future offering of non-traded preferred equity and expect to commence issuing limited amounts of non-traded preferred equity beginning in the third quarter of 2022. We believe this offering will provide an attractive cost of capital and allow us to accretively grow our portfolio over time, subject to future market conditions. While the macro-economic outlook is uncertain, we continue to be pleased with how our portfolio is performing and believe we are well-positioned for any economic scenario.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, August 3, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 10, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13730710.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2022 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com on Wednesday, August 3, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition



AHT Reports Second Quarter Results
Page 3
August 2, 2022

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

* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets 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.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
June 30, 2022December 31, 2021
ASSETS
Investments in hotel properties, net$3,137,388 $3,230,710 
Cash and cash equivalents537,822 592,110 
Restricted cash125,995 99,534 
Accounts receivable, net of allowance of $489 and $455, respectively57,165 37,720 
Inventories3,538 3,291 
Notes receivable, net4,889 8,723 
Investment in unconsolidated entities10,949 11,253 
Deferred costs, net3,829 5,001 
Prepaid expenses11,354 13,384 
Derivative assets, net11,132 501 
Operating lease right-of-use assets44,218 44,575 
Other assets13,639 16,150 
Intangible assets, net797 797 
Due from Ashford Inc., net— 25 
Due from related parties, net6,232 7,473 
Due from third-party hotel managers24,684 26,896 
Assets held for sale36,535 — 
Total assets$4,030,166 $4,098,143 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net$3,843,543 $3,887,822 
Accounts payable and accrued expenses132,060 117,650 
Accrued interest payable10,995 15,432 
Dividends and distributions payable3,104 3,104 
Due to Ashford Inc., net1,123 — 
Due to related parties, net— 728 
Due to third-party hotel managers1,498 1,204 
Intangible liabilities, net2,137 2,177 
Operating lease liabilities44,874 45,106 
Other liabilities4,579 4,832 
Liabilities associated with assets held for sale30,688 — 
Total liabilities4,074,601 4,078,055 
Redeemable noncontrolling interests in operating partnership21,308 22,742 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at June 30, 2022 and December 31, 202112 12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at June 30, 2022 and December 31, 202112 12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at June 30, 2022 and December 31, 202115 15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at June 30, 2022 and December 31, 202113 13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at June 30, 2022 and December 31, 202113 13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,487,370 and 34,490,381 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively345 345 
Additional paid-in capital2,382,197 2,379,906 
Accumulated deficit(2,448,350)(2,382,970)
Total equity (deficit)(65,743)(2,654)
Total liabilities and equity/deficit$4,030,166 $4,098,143 
4


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
REVENUE
Rooms$275,528 $160,031 $470,858 $257,145 
Food and beverage54,316 19,840 91,076 27,743 
Other17,423 12,986 31,859 23,414 
Total hotel revenue347,267 192,857 593,793 308,302 
Other828 555 1,440 940 
Total revenue348,095 193,412 595,233 309,242 
EXPENSES
Hotel operating expenses
Rooms59,782 37,621 107,786 61,494 
Food and beverage37,610 13,298 64,782 19,676 
Other expenses111,452 76,072 203,500 131,841 
Management fees 12,312 7,441 21,866 12,968 
Total hotel operating expenses221,156 134,432 397,934 225,979 
Property taxes, insurance and other17,289 17,128 33,748 34,599 
Depreciation and amortization50,896 55,595 103,016 113,222 
Advisory services fee:
Base advisory fee8,613 9,006 17,348 17,741 
Reimbursable expenses2,364 1,621 4,935 3,212 
Stock/unit-based compensation1,451 2,455 3,380 4,290 
Incentive fee(151)6,472 — 6,472 
Corporate, general and administrative:
Stock/unit-based compensation578 610 631 636 
Other general and administrative3,932 2,092 6,983 9,063 
Total operating expenses306,128 229,411 567,975 415,214 
Gain (loss) on disposition of assets and hotel properties181 361 284 292 
OPERATING INCOME (LOSS)42,148 (35,638)27,542 (105,680)
Equity in earnings (loss) of unconsolidated entities(151)(141)(304)(278)
Interest income526 — 577 13 
Other income (expense), net84 245 185 474 
Interest expense, net of discount amortization(45,990)(32,866)(87,150)(61,236)
Amortization of loan costs(2,403)(2,870)(4,802)(7,764)
Write-off of premiums, loan costs and exit fees(971)(787)(1,698)(4,166)
Gain (loss) on extinguishment of debt— 10,604 — 10,604 
Unrealized gain (loss) on derivatives6,074 (3,236)9,285 (2,317)
INCOME (LOSS) BEFORE INCOME TAXES(683)(64,689)(56,365)(170,350)
Income tax benefit (expense)(5,563)(572)(5,683)(301)
NET INCOME (LOSS)(6,246)(65,261)(62,048)(170,651)
(Income) loss attributable to noncontrolling interest in consolidated entities— 13 — 94 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership76 956 448 3,227 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(6,170)(64,292)(61,600)(167,330)
Preferred dividends(3,104)2,709 (6,207)3,527 
Gain (loss) on extinguishment of preferred stock— (7,887)— 2,748 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(9,274)$(69,470)$(67,807)$(161,055)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.27)$(4.35)$(1.98)$(13.21)
Weighted average common shares outstanding – basic34,330 15,957 34,300 12,178 
Diluted:
Net income (loss) attributable to common stockholders$(0.27)$(4.35)$(1.98)$(13.21)
Weighted average common shares outstanding – diluted34,330 15,957 34,300 12,178 
Dividends declared per common share:$— $— $— $— 
5


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net income (loss)$(6,246)$(65,261)$(62,048)$(170,651)
Interest expense and amortization of discounts and loan costs, net48,393 35,736 91,952 69,000 
Depreciation and amortization 50,896 55,595 103,016 113,222 
Income tax expense (benefit)5,563 572 5,683 301 
Equity in (earnings) loss of unconsolidated entities151 141 304 278 
Company's portion of EBITDA of unconsolidated entities(151)(140)(304)(275)
EBITDA98,606 26,643 138,603 11,875 
(Gain) loss on disposition of assets and hotel properties(181)(361)(284)(292)
EBITDAre98,425 26,282 138,319 11,583 
Amortization of unfavorable contract liabilities42 53 95 106 
Write-off of premiums, loan costs and exit fees971 787 1,698 4,166 
(Gain) loss on extinguishment of debt— (10,604)— (10,604)
Other (income) expense, net (84)(245)(185)(474)
Transaction and conversion costs914 413 1,573 1,922 
Legal, advisory and settlement costs12 1,849 37 4,496 
Unrealized (gain) loss on derivatives(6,074)3,236 (9,285)2,317 
Dead deal costs280 — 280 689 
Uninsured remediation costs— — — 374 
Stock/unit-based compensation2,038 3,105 4,049 5,049 
Advisory services incentive fee(151)6,472 — 6,472 
Company's portion of adjustments to EBITDAre of unconsolidated entities(1)11 12 
Adjusted EBITDAre$96,372 $31,350 $136,592 $26,108 
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net income (loss)$(6,246)$(65,261)$(62,048)$(170,651)
(Income) loss attributable to noncontrolling interest in consolidated entities— 13 — 94 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership76 956 448 3,227 
Preferred dividends(3,104)2,709 (6,207)3,527 
Gain (loss) on extinguishment of preferred stock— (7,887)— 2,748 
Net income (loss) attributable to common stockholders(9,274)(69,470)(67,807)(161,055)
Depreciation and amortization on real estate50,896 55,559 103,016 113,149 
(Gain) loss on disposition of assets and hotel properties(181)(361)(284)(292)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(76)(956)(448)(3,227)
Equity in (earnings) loss of unconsolidated entities151 141 304 278 
Company's portion of FFO of unconsolidated entities(151)(140)(304)(276)
FFO available to common stockholders and OP unitholders41,365 (15,227)34,477 (51,423)
(Gain) loss on extinguishment of preferred stock— 7,887 — (2,748)
Write-off of premiums, loan costs and exit fees971 787 1,698 4,166 
(Gain) loss on extinguishment of debt— (10,604)— (10,604)
Other (income) expense, net (84)(245)(185)(474)
Transaction and conversion costs914 413 1,573 2,296 
Legal, advisory and settlement costs12 1,849 37 4,496 
Unrealized (gain) loss on derivatives(6,074)3,236 (9,285)2,317 
Dead deal costs280 — 280 689 
Uninsured remediation costs— — — 374 
Stock/unit-based compensation2,038 3,105 4,049 5,049 
Amortization of term loan exit fee2,896 211 5,577 2,660 
Amortization of loan costs2,403 2,866 4,802 7,757 
Advisory services incentive fee(151)6,472 — 6,472 
Company's portion of adjustments to FFO of unconsolidated entities(1)11 12 
Adjusted FFO available to common stockholders and OP unitholders$44,569 $752 $43,034 $(28,961)
Adjusted FFO per diluted share available to common stockholders and OP unitholders$1.23 $0.04 $1.19 $(2.06)
Weighted average diluted shares36,356 18,059 36,304 14,057 

6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2022
(dollars in thousands)
(unaudited)

IndebtednessCurrent Maturity
Final Maturity (14)
Interest RateFixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA
(15)
Comparable TTM EBITDA
Debt Yield
JPMorgan Chase La Posada - 1 hotelNovember 2022November 2023LIBOR + 2.70%$— $25,000 $25,000 (1)$5,172 20.7 %
Morgan Stanley Pool - 17 hotelsNovember 2022November 2024LIBOR + 3.00%— 415,000 415,000 (2)33,136 8.0 %
BAML Indigo Atlanta - 1 hotelDecember 2022December 2024LIBOR + 2.25%— 16,100 16,100 (3)1,294 8.0 %
Morgan Stanley Ann Arbor - 1 hotelDecember 2022December 2022LIBOR + 4.40%— 30,000 30,000 (4)1,197 4.0 %
Aareal Le Pavillon - 1 hotelJanuary 2023January 2025LIBOR + 3.40%— 37,000 37,000 (5)1,441 3.9 %
JPMorgan Chase - 8 hotelsFebruary 2023February 2025LIBOR + 3.07%— 395,000 395,000 (6)22,797 5.8 %
BAML Princeton/Nashville - 2 hotelsMarch 2023March 2026LIBOR + 2.75%— 240,000 240,000 (7)32,010 13.3 %
BAML Highland Pool - 19 hotelsApril 2023April 2025LIBOR + 3.20%— 907,030 907,030 (8)67,479 7.4 %
Aareal Hilton Alexandria - 1 hotelJune 2023June 2023LIBOR + 2.45%— 73,450 73,450 2,951 4.0 %
KEYS Pool A - 7 hotelsJune 2023June 2025LIBOR + 3.65%— 180,720 180,720 (9)11,946 6.6 %
KEYS Pool B - 7 hotelsJune 2023June 2025LIBOR + 3.39%— 174,400 174,400 (9)4,792 2.7 %
KEYS Pool C - 5 hotelsJune 2023June 2025LIBOR + 3.73%— 221,040 221,040 (9)16,128 7.3 %
KEYS Pool D - 5 hotelsJune 2023June 2025LIBOR + 4.02%— 262,640 262,640 (9)22,765 8.7 %
KEYS Pool E - 5 hotelsJune 2023June 2025LIBOR + 2.73%— 160,000 160,000 (9)14,607 9.1 %
KEYS Pool F - 5 hotelsJune 2023June 2025LIBOR + 3.68%— 215,120 215,120 (9)11,752 5.5 %
GACC Manchester RI - 1 hotelJanuary 2024January 20245.49%6,419 — 6,419 1,143 17.8 %
GACC Jacksonville RI - 1 hotelJanuary 2024January 20245.49%9,368 — 9,368 1,428 15.2 %
Oaktree Capital Term LoanJanuary 2024January 202616.00%200,000 — 200,000 (10) N/A N/A
Key Bank Manchester CY - 1 hotelMay 2024May 20244.99%5,941 — 5,941 945 15.9 %
Southside Bank Ashton - 1 hotelJune 2024June 2024LIBOR + 2.00%— 8,881 8,881 593 6.7 %
Morgan Stanley Pool C2 - 2 hotelsAugust 2024August 20244.85%11,310 — 11,310 945 8.4 %
Morgan Stanley Pool C3 - 3 hotelsAugust 2024August 20244.90%22,622 — 22,622 2,494 11.0 %
Torchlight Marriott Gateway - 1 hotelNovember 2024November 2026LIBOR + 4.65%— 84,000 84,000 (11)8,141 9.7 %
BAML Pool 3 - 3 hotelsFebruary 2025February 20254.45%50,098 — 50,098 (12)6,994 14.0 %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotelMarch 2025March 20254.66%23,606 — 23,606 2,347 9.9 %
Aareal Boston Back Bay - 1 hotelAugust 2025August 2026LIBOR + 3.80%— 98,000 98,000 (13)9,906 10.1 %
Total$329,364 $3,543,381 $3,872,745 $284,403 7.3 %
Percentage8.5 %91.5 %100.0 %
Weighted average interest rate (12)
11.58 %5.09 %5.64 %
All indebtedness is non-recourse with the exception of the term loan.
(1)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2021.This mortgage loan has a LIBOR floor of 1.25%.
(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021.
(3)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(4)    This mortgage loan has a LIBOR floor of 0.25%.
(5)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.
(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.
(9)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022.
(10)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(11)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(12)    As of June 30, 2022, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. On July 1, 2022, this mortgage loan was brought current and was no longer in default.
(13)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(14)    The final maturity date assumes all available extension options will be exercised.
(15)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2022
(dollars in thousands)
(unaudited)
20222023202420252026ThereafterTotal
Morgan Stanley Ann Arbor - 1 hotel$30,000 $— $— $— $— $— $30,000 
Aareal Hilton Alexandria - 1 hotel— 73,450 — — — — 73,450 
JPMorgan Chase La Posada - 1 hotel— 25,000 — — — — 25,000 
GACC Jacksonville RI - 1 hotel— — 9,036 — — — 9,036 
GACC Manchester RI - 1 hotel— — 6,191 — — — 6,191 
Key Bank Manchester CY - 1 hotel— — 5,680 — — — 5,680 
Southside Bank Ashton - 1 hotel— — 8,881 — — — 8,881 
Morgan Stanley Pool C2 - 2 hotels— — 10,755 — — — 10,755 
Morgan Stanley Pool C3 - 3 hotels— — 21,522 — — — 21,522 
Morgan Stanley Pool - 17 hotels— — 415,000 — — — 415,000 
BAML Indigo Atlanta - 1 hotel— — 15,781 — — — 15,781 
Aareal Le Pavillon - 1 hotel— — — 36,200 — — 36,200 
JPMorgan Chase - 8 hotels— — — 395,000 — — 395,000 
BAML Pool 3 - 3 hotels— — — 46,420 — — 46,420 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel— — — 22,030 — — 22,030 
BAML Highland Pool - 19 hotels— — — 906,810 — — 906,810 
KEYS Pool A - 7 hotels— — — 180,720 — — 180,720 
KEYS Pool B - 7 hotels— — — 174,400 — — 174,400 
KEYS Pool C - 5 hotels— — — 221,040 — — 221,040 
KEYS Pool D - 5 hotels— — — 262,640 — — 262,640 
KEYS Pool E - 5 hotels— — — 160,000 — — 160,000 
KEYS Pool F - 5 hotels— — — 215,120 — — 215,120 
Oaktree Capital Term Loan— — — — 200,000 — 200,000 
BAML Princeton/Nashville - 2 hotels— — — — 240,000 — 240,000 
Aareal Boston Back Bay - 1 hotel— — — — 96,000 — 96,000 
Torchlight Marriott Gateway - 1 hotel— — — — 84,000 — 84,000 
Principal due in future periods30,000 98,450 492,846 2,620,380 620,000 — 3,861,676 
Scheduled amortization payments remaining2,274 3,288 3,206 801 1,500 — 11,069 
Total indebtedness$32,274 $101,738 $496,052 $2,621,181 $621,500 $— $3,872,745 

8


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

ALL HOTELS:
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Rooms revenue (in thousands)$274,286 $— $274,286 $158,954 $(310)$158,644 72.56 %72.89 %
RevPAR$135.08 $— $135.08 $78.01 $43.30 $78.13 73.17 %72.89 %
Occupancy73.31 %— %73.31 %56.91 %58.29 %56.90 %28.82 %28.83 %
ADR$184.26 $— $184.26 $137.08 $74.29 $137.31 34.42 %34.20 %
ALL HOTELS:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Rooms revenue (in thousands)$468,463 $— $468,463 $255,439 $(1,089)$254,350 83.40 %84.18 %
RevPAR$115.99 $— $115.99 $62.77 $34.74 $62.98 84.80 %84.17 %
Occupancy65.82 %— %65.82 %49.55 %51.81 %49.53 %32.84 %32.89 %
ADR$176.22 $— $176.22 $126.67 $67.05 $127.16 39.11 %38.58 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.


ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Rooms revenue (in thousands)$271,566 $— $271,566 $157,524 $(310)$157,214 72.40 %72.74 %
RevPAR$135.92 $— $135.92 $78.56 $43.30 $78.69 73.02 %72.74 %
Occupancy73.58 %— %73.58 %57.11 %58.29 %57.11 %28.84 %28.83 %
ADR$184.74 $— $184.74 $137.55 $74.29 $137.78 34.30 %34.08 %
ALL HOTELS
     NOT UNDER RENOVATION:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Rooms revenue (in thousands)$464,044 $— $464,044 $253,291 $(1,089)$252,202 83.21 %84.00 %
RevPAR$116.77 $— $116.77 $63.24 $34.74 $63.47 84.64 %83.98 %
Occupancy66.10 %— %66.10 %49.81 %51.81 %49.80 %32.70 %32.74 %
ADR$176.64 $— $176.64 $126.96 $67.05 $127.45 39.14 %38.60 %
NOTES:
(1)    The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at June 30, 2022, and not under renovation during the three months ended June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    Excluded hotels under renovation:
Marriott Fremont Silicon Valley


9


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedSix Months Ended
June 30,June 30,
20222021% Variance20222021% Variance
Total hotel revenue$345,651 $191,472 80.52 %$590,640 $306,093 92.96 %
Non-comparable adjustments— (345)— (1,160)
Comparable total hotel revenue$345,651 $191,127 80.85 %$590,640 $304,933 93.70 %
Hotel EBITDA$111,375 $45,649 143.98 %$166,937 $51,468 224.35 %
Non-comparable adjustments— (22)— 249 
Comparable hotel EBITDA$111,375 $45,627 144.10 %$166,937 $51,717 222.79 %
Hotel EBITDA margin32.22 %23.84 %8.38 %28.26 %16.81 %11.45 %
Comparable hotel EBITDA margin32.22 %23.87 %8.35 %28.26 %16.96 %11.30 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$— $58 (100.00)%$— $57 (100.00)%
Hotel EBITDA attributable to the Company and OP unitholders$111,375 $45,591 144.29 %$166,937 $51,411 224.71 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$111,375 $45,569 144.41 %$166,937 $51,660 223.15 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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
     NOT UNDER RENOVATION:
Three Months EndedSix Months Ended
June 30,June 30,
20222021% Variance20222021% Variance
Total hotel revenue$342,237 $189,866 80.25 %$584,934 $303,199 92.92 %
Non-comparable adjustments— (345)— (1,160)
Comparable total hotel revenue$342,237 $189,521 80.58 %$584,934 $302,039 93.66 %
Hotel EBITDA$110,811 $45,622 142.89 %$166,339 $51,330 224.06 %
Non-comparable adjustments— (22)— 249 
Comparable hotel EBITDA$110,811 $45,600 143.01 %$166,339 $51,579 222.49 %
Hotel EBITDA margin32.38 %24.03 %8.35 %28.44 %16.93 %11.51 %
Comparable hotel EBITDA margin32.38 %24.06 %8.32 %28.44 %17.08 %11.36 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$— $58 (100.00)%$— $57 (100.00)%
Hotel EBITDA attributable to the Company and OP unitholders$110,811 $45,564 143.20 %$166,339 $51,273 224.42 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$110,811 $45,542 143.32 %$166,339 $51,522 222.85 %
NOTES:
(1)    The above comparable information assumes the 99 hotel properties owned and included in the Company’s operations at June 30, 2022, and not under renovation during the three months ended June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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:
Marriott Fremont Silicon Valley
10


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

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202220222022202220222022202120212021202120212021
2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter
Total hotel revenue$345,651 $— $345,651 $244,989 $— $244,989 $246,649 $— $246,649 $245,578 $— $245,578 
Hotel EBITDA$111,375 $— $111,375 $55,562 $— $55,562 $55,471 $(49)$55,422 $62,034 $10 $62,044 
Hotel EBITDA margin32.22 %32.22 %22.68 %22.68 %22.49 %22.47 %25.26 %25.26 %
EBITDA % of total TTM39.2 %39.2 %19.5 %19.5 %19.5 %19.5 %21.8 %21.8 %
JV interests in EBITDA$— $— $— $— $— $— $82 $— $82 $87 $— $87 
ActualNon-comparable AdjustmentsComparable
202220222022
TTMTTMTTM
Total hotel revenue$1,082,867  $$1,082,867 
Hotel EBITDA$284,442 $(39)$284,403 
Hotel EBITDA margin26.27 %26.26 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in EBITDA$169 $— $169 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.
11


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended June 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Atlanta, GA Area1,426 $135.32 $— $135.32 $82.94 $— $82.94 63.2 %63.2 %
Boston, MA Area705 249.00 — 249.00 67.00 — 67.00 271.6 %271.6 %
Dallas / Ft. Worth, TX Area1,526 106.29 — 106.29 68.44 — 68.44 55.3 %55.3 %
Houston, TX Area692 98.71 — 98.71 83.34 — 83.34 18.4 %18.4 %
Los Angeles, CA Metro Area1,619 141.15 — 141.15 86.00 — 86.00 64.1 %64.1 %
Miami, FL Metro Area414 173.36 — 173.36 140.58 — 140.58 23.3 %23.3 %
Minneapolis - St. Paul, MN Area520 66.13 — 66.13 39.51 — 39.51 67.4 %67.4 %
Nashville, TN Area673 252.13 — 252.13 112.23 — 112.23 124.7 %124.7 %
New York / New Jersey Metro Area1,743 96.14 — 96.14 46.29 — 46.29 107.7 %107.7 %
Orlando, FL Area524 120.76 — 120.76 93.56 — 93.56 29.1 %29.1 %
Philadelphia, PA Area648 109.22 — 109.22 68.07 — 68.07 60.5 %60.5 %
San Diego, CA Area410 149.97 — 149.97 78.15 — 78.15 91.9 %91.9 %
San Francisco - Oakland, CA Metro Area1,547 120.66 — 120.66 71.04 — 71.04 69.8 %69.8 %
Tampa, FL Area571 126.77 — 126.77 110.53 — 110.53 14.7 %14.7 %
Washington D.C. - MD - VA Area2,426 159.06 — 159.06 47.13 — 47.13 237.5 %237.5 %
Other Areas37 6,869 131.42 — 131.42 91.02 (43.30)91.57 44.4 %43.5 %
Total Portfolio100 22,313 $135.08 $— $135.08 $78.01 $(43.30)$78.13 73.2 %72.9 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended June 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202220222022202120212021% Variance% Variance
Atlanta, GA Area1,426 $5,705 $— $5,705 5.1 %$2,841 $— $2,841 6.2 %100.8 %100.8 %
Boston, MA Area705 7,940 — 7,940 7.1 %(388)— (388)(0.9)%2,146.4 %2,146.4 %
Dallas / Ft. Worth, TX Area1,526 6,410 — 6,410 5.8 %3,266 — 3,266 7.2 %96.3 %96.3 %
Houston, TX Area692 1,935 — 1,935 1.7 %1,717 — 1,717 3.8 %12.7 %12.7 %
Los Angeles, CA Metro Area1,619 8,087 — 8,087 7.3 %4,107 — 4,107 9.0 %96.9 %96.9 %
Miami, FL Metro Area414 2,759 — 2,759 2.5 %1,860 — 1,860 4.1 %48.3 %48.3 %
Minneapolis - St. Paul, MN Area520 257 — 257 0.2 %(93)— (93)(0.2)%376.3 %376.3 %
Nashville, TN Area673 9,731 — 9,731 8.7 %3,177 — 3,177 7.0 %206.3 %206.3 %
New York / New Jersey Metro Area1,743 4,748 — 4,748 4.3 %600 (3)597 1.3 %691.3 %695.3 %
Orlando, FL Area524 2,010 — 2,010 1.8 %1,350 (1)1,349 3.0 %48.9 %49.0 %
Philadelphia, PA Area648 1,807 — 1,807 1.6 %1,042 — 1,042 2.3 %73.4 %73.4 %
San Diego, CA Area410 2,204 — 2,204 2.0 %1,064 — 1,064 2.3 %107.1 %107.1 %
San Francisco - Oakland, CA Metro Area1,547 5,314 — 5,314 4.8 %1,737 — 1,737 3.8 %205.9 %205.9 %
Tampa, FL Area571 2,520 — 2,520 2.3 %1,965 — 1,965 4.3 %28.2 %28.2 %
Washington D.C. - MD - VA Area2,426 16,326 — 16,326 14.7 %644 — 644 1.4 %2,435.1 %2,435.1 %
Other Areas37 6,869 33,622 — 33,622 30.1 %20,760 (18)20,742 45.4 %62.0 %62.1 %
Total Portfolio100 22,313 $111,375 $— $111,375 100.0 %$45,649 $(22)$45,627 100.0 %144.0 %144.1 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.
12


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Six Months Ended June 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202220222022202120212021% Variance% Variance
Atlanta, GA Area1,426 $120.90 $— $120.90 $71.92 $— $71.92 68.1 %68.1 %
Boston, MA Area705 171.92 — 171.92 46.53 — 46.53 269.5 %269.5 %
Dallas / Ft. Worth, TX Area1,526 98.76 — 98.76 56.76 — 56.76 74.0 %74.0 %
Houston, TX Area692 94.07 — 94.07 67.41 — 67.41 39.5 %39.5 %
Los Angeles, CA Metro Area1,619 131.38 — 131.38 72.49 — 72.49 81.2 %81.2 %
Miami, FL Metro Area414 186.90 — 186.90 116.91 — 116.91 59.9 %59.9 %
Minneapolis - St. Paul, MN Area520 52.50 — 52.50 27.87 (6.17)28.13 88.4 %86.6 %
Nashville, TN Area673 216.20 — 216.20 73.37 — 73.37 194.7 %194.7 %
New York / New Jersey Metro Area1,743 73.91 — 73.91 31.38 — 31.38 135.5 %135.5 %
Orlando, FL Area524 122.05 — 122.05 75.14 — 75.14 62.4 %62.4 %
Philadelphia, PA Area648 87.60 — 87.60 52.35 — 52.35 67.3 %67.3 %
San Diego, CA Area410 124.74 — 124.74 63.46 — 63.46 96.6 %96.6 %
San Francisco - Oakland, CA Metro Area1,547 97.65 — 97.65 59.11 — 59.11 65.2 %65.2 %
Tampa, FL Area571 137.50 — 137.50 102.32 — 102.32 34.4 %34.4 %
Washington D.C. - MD - VA Area2,426 118.04 — 118.04 43.68 — 43.68 170.2 %170.2 %
Other Areas37 6,869 116.35 — 116.35 71.50 (35.82)72.37 62.7 %60.8 %
Total Portfolio100 22,313 $115.99 $— $115.99 $62.77 $(34.74)$62.98 84.8 %84.2 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Six Months Ended June 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202220222022202120212021% Variance% Variance
Atlanta, GA Area1,426 $9,583 $— $9,583 5.7 %$3,616 $— $3,616 7.0 %165.0 %165.0 %
Boston, MA Area705 8,129 — 8,129 4.9 %(2,351)— (2,351)(4.5)%445.8 %445.8 %
Dallas / Ft. Worth, TX Area1,526 11,562 — 11,562 6.9 %3,978 — 3,978 7.7 %190.6 %190.6 %
Houston, TX Area692 3,660 — 3,660 2.2 %2,075 — 2,075 4.0 %76.4 %76.4 %
Los Angeles, CA Metro Area1,619 13,803 — 13,803 8.3 %5,554 — 5,554 10.7 %148.5 %148.5 %
Miami, FL Metro Area414 6,562 — 6,562 3.9 %2,640 — 2,640 5.1 %148.6 %148.6 %
Minneapolis - St. Paul, MN Area520 (333)— (333)(0.2)%(1,139)187 (952)(1.8)%70.8 %65.0 %
Nashville, TN Area673 15,890 — 15,890 9.5 %2,702 — 2,702 5.2 %488.1 %488.1 %
New York / New Jersey Metro Area1,743 4,171 — 4,171 2.5 %(2,184)(3)(2,187)(4.2)%291.0 %290.7 %
Orlando, FL Area524 4,248 — 4,248 2.5 %1,904 (1)1,903 3.7 %123.1 %123.2 %
Philadelphia, PA Area648 2,005 — 2,005 1.2 %861 — 861 1.7 %132.9 %132.9 %
San Diego, CA Area410 3,356 — 3,356 2.0 %1,417 — 1,417 2.7 %136.8 %136.8 %
San Francisco - Oakland, CA Metro Area1,547 6,101 — 6,101 3.7 %2,347 — 2,347 4.5 %159.9 %159.9 %
Tampa, FL Area571 5,936 — 5,936 3.6 %3,811 — 3,811 7.4 %55.8 %55.8 %
Washington D.C. - MD - VA Area2,426 19,260 — 19,260 11.5 %541 — 541 1.0 %3,460.1 %3,460.1 %
Other Areas37 6,869 53,004 — 53,004 31.8 %25,696 66 25,762 49.8 %106.3 %105.7 %
Total Portfolio100 22,313 $166,937 $— $166,937 100.0 %$51,468 $249 $51,717 100.0 %224.4 %222.8 %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.
13


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2022
(in thousands, except share price)
(unaudited)
June 30, 2022
Common stock shares outstanding34,487 
Partnership units outstanding 1,673 
Combined common stock shares and partnership units outstanding36,160 
Common stock price$5.98 
Market capitalization $216,237 
Series D cumulative preferred stock$29,361 
Series F cumulative preferred stock$31,276 
Series G cumulative preferred stock$38,300 
Series H cumulative preferred stock$32,710 
Series I cumulative preferred stock$31,323 
Indebtedness$3,872,745 
Net working capital (see below)$(615,485)
Total enterprise value (TEV)$3,636,467 
Cash and cash equivalents$538,406 
Restricted cash$126,555 
Accounts receivable, net$57,206 
Prepaid expenses$11,421 
Due from third-party hotel managers, net$23,187 
Due from affiliates, net$5,097 
Total current assets$761,872 
Accounts payable, net & accrued expenses$143,283 
Dividends and distributions payable$3,104 
Total current liabilities$146,387 
Net working capital$615,485 
14


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

2022
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualEstimatedEstimated
Embassy Suites Crystal City267 x
Embassy Suites Santa Clara Silicon Valley258 x
Hampton Inn Evansville140 x
Hyatt Regency Coral Gables253 xx
Marriott Fremont Silicon Valley357 xx
Residence Inn Phoenix Airport200 xx
Ritz-Carlton Atlanta444 x
SpringHill Suites Buford Mall of Georgia97 x
Total1127
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.
15


Exhibit 1

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

2022202220212021June 30, 2022
2nd Quarter1st Quarter4th Quarter3rd QuarterTTM
Net income (loss)$55,848 $(213)$(1,105)$3,861 $58,391 
Non-property adjustments11 (47)(890)(924)
Interest income(48)(7)(6)(6)(67)
Interest expense2,643 2,272 2,252 1,824 8,991 
Amortization of loan costs443 439 435 341 1,658 
Depreciation and amortization50,723 51,941 52,377 52,877 207,918 
Income tax expense (benefit)84 15 11 99 209 
Non-hotel EBITDA ownership expense1,680 1,104 1,554 3,928 8,266 
Hotel EBITDA including amounts attributable to noncontrolling interest111,375 55,562 55,471 62,034 284,442 
Non-comparable adjustments— — (49)10 (39)
Comparable hotel EBITDA$111,375 $55,562 $55,422 $62,044 $284,403 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
16


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$56,356 $(508)$55,848 $459 $(62,553)$(6,246)
Non-property adjustments— (151)149 — 
Interest income(48)— (48)(1)49 — 
Interest expense2,643 — 2,643 — 43,347 45,990 
Amortization of loan cost443 — 443 — 1,960 2,403 
Depreciation and amortization49,668 1,055 50,723 124 49 50,896 
Income tax expense (benefit)84 — 84 — 5,479 5,563 
Non-hotel EBITDA ownership expense1,663 17 1,680 17 (1,697)— 
Hotel EBITDA including amounts attributable to noncontrolling interest110,811 564 111,375 448 (13,217)98,606 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — 
Equity in (earnings) loss of unconsolidated entities— — — — 151 151 
Company's portion of EBITDA of unconsolidated entities— — — — (151)(151)
Hotel EBITDA attributable to the Company and OP unitholders$110,811 $564 $111,375 $448 $(13,217)$98,606 
Non-comparable adjustments— — — 
Comparable hotel EBITDA$110,811 $564 $111,375 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Marriott Fremont Silicon Valley
17


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(213)$267 $(55,856)$(55,802)
Non-property adjustments11 (122)111 — 
Interest income(7)— — 
Interest expense2,272 — 38,888 41,160 
Amortization of loan cost439 — 1,960 2,399 
Depreciation and amortization51,941 131 48 52,120 
Income tax expense (benefit)15 — 105 120 
Non-hotel EBITDA ownership expense1,104 20 (1,124)— 
Hotel EBITDA including amounts attributable to noncontrolling interest55,562 296 (15,861)39,997 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — 
Equity in (earnings) loss of unconsolidated entities— — 153 153 
Company's portion of EBITDA of unconsolidated entities— — (153)(153)
Hotel EBITDA attributable to the Company and OP unitholders$55,562 $296 $(15,861)$39,997 
Non-comparable adjustments— 
Comparable hotel EBITDA$55,562 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(1,105)$207 $(55,450)$(56,348)
Non-property adjustments(47)(140)187 — 
Interest income(6)— — 
Interest expense2,252 — 39,223 41,475 
Amortization of loan cost435 — 2,206 2,641 
Depreciation and amortization52,377 135 48 52,560 
Income tax expense (benefit)11 — 3,021 3,032 
Non-hotel EBITDA ownership expense1,554 19 (1,573)— 
Hotel EBITDA including amounts attributable to noncontrolling interest55,471 221 (12,332)43,360 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(83)— 83 — 
Equity in (earnings) loss of unconsolidated entities— — 135 135 
Company's portion of EBITDA of unconsolidated entities— — (135)(135)
Hotel EBITDA attributable to the Company and OP unitholders$55,388 $221 $(12,249)$43,360 
Non-comparable adjustments(49)
Comparable hotel EBITDA$55,422 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
19


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2021
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$3,861 $(173)$(47,736)$(44,048)
Non-property adjustments(890)(81)971 — 
Interest income(6)— — 
Interest expense1,824 — 38,973 40,797 
Amortization of loan cost341 — 1,865 2,206 
Depreciation and amortization52,877 144 48 53,069 
Income tax expense (benefit)99 — 2,516 2,615 
Non-hotel EBITDA ownership expense3,928 12 (3,940)— 
Hotel EBITDA including amounts attributable to noncontrolling interest62,034 (98)(7,297)54,639 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(87)— 87 — 
Equity in (earnings) loss of unconsolidated entities— — 145 145 
Company's portion of EBITDA of unconsolidated entities— — (144)(144)
Hotel EBITDA attributable to the Company and OP unitholders$61,947 $(98)$(7,209)$54,640 
Non-comparable adjustments10 
Comparable hotel EBITDA$62,044 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
20


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(3,454)$(807)$(4,261)$(44)$(60,956)$(65,261)
Non-property adjustments(10,965)— (10,965)— 10,965 — 
Interest income(6)— (6)— — 
Interest expense1,535 — 1,535 — 31,331 32,866 
Amortization of loan cost275 — 275 — 2,595 2,870 
Depreciation and amortization54,631 766 55,397 149 49 55,595 
Income tax expense (benefit)59 — 59 — 513 572 
Non-hotel EBITDA ownership expense3,547 68 3,615 143 (3,758)— 
Hotel EBITDA including amounts attributable to noncontrolling interest45,622 27 45,649 248 (19,255)26,642 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(58)— (58)— 58 — 
Equity in (earnings) loss of unconsolidated entities— — — — 141 141 
Company's portion of EBITDA of unconsolidated entities— — — — (140)(140)
Hotel EBITDA attributable to the Company and OP unitholders$45,564 $27 $45,591 $248 $(19,196)$26,643 
Non-comparable adjustments(22)— (22)
Comparable hotel EBITDA$45,600 $27 $45,627 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Marriott Fremont Silicon Valley
21


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$57,139 $(1,504)$55,635 $726 $(118,409)$(62,048)
Non-property adjustments13 — 13 (273)260 — 
Interest income(55)— (55)(1)56 — 
Interest expense4,915 — 4,915 — 82,235 87,150 
Amortization of loan cost882 — 882 — 3,920 4,802 
Depreciation and amortization100,593 2,071 102,664 255 97 103,016 
Income tax expense (benefit)99 — 99 — 5,584 5,683 
Non-hotel EBITDA ownership expense2,753 31 2,784 37 (2,821)— 
Hotel EBITDA including amounts attributable to noncontrolling interest166,339 598 166,937 744 (29,078)138,603 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — 
Equity in (earnings) loss of unconsolidated entities— — — — 304 304 
Company's portion of EBITDA of unconsolidated entities— — — — (304)(304)
Hotel EBITDA attributable to the Company and OP unitholders$166,339 $598 $166,937 $744 $(29,078)$138,603 
Non-comparable adjustments— — — 
Comparable hotel EBITDA$166,339 $598 $166,937 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Marriott Fremont Silicon Valley

22


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2021
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(55,289)$(1,325)$(56,614)$(249)$(113,788)$(170,651)
Non-property adjustments(10,896)— (10,896)— 10,896 — 
Interest income(12)— (12)— 12 — 
Interest expense2,902 — 2,902 — 58,334 61,236 
Amortization of loan cost547 — 547 — 7,217 7,764 
Depreciation and amortization111,302 1,521 112,823 301 98 113,222 
Income tax expense (benefit)59 — 59 — 242 301 
Non-hotel EBITDA ownership expense2,717 (58)2,659 156 (2,815)— 
Hotel EBITDA including amounts attributable to noncontrolling interest51,330 138 51,468 208 (39,804)11,872 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(57)— (57)— 57 — 
Equity in (earnings) loss of unconsolidated entities— — — — 278 278 
Company's portion of EBITDA of unconsolidated entities— — — — (275)(275)
Hotel EBITDA attributable to the Company and OP unitholders$51,273 $138 $51,411 $208 $(39,744)$11,875 
Non-comparable adjustments249 — 249 
Comparable hotel EBITDA$51,579 $138 $51,717 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Marriott Fremont Silicon Valley


23


Exhibit 1

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

Three Months Ended June 30, 2022
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis -
St. Paul, MN - WI Area
Nashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$2,042 $4,522 $2,328 $677 $4,780 $1,198 $(601)$6,686 $367 
Non-property adjustments— — — — — — — — — 
Interest income— (10)(1)— (6)— — — (9)
Interest expense123 1,132 — — — — — — — 
Amortization of loan costs133 — — — — — — — 
Depreciation and amortization3,726 2,164 3,944 1,175 3,018 1,519 827 2,559 4,020 
Income tax expense (benefit)— — — — — — — 17 — 
Non-hotel EBITDA ownership expense(194)(1)139 83 295 42 31 469 370 
Hotel EBITDA including amounts attributable to noncontrolling interest5,705 7,940 6,410 1,935 8,087 2,759 257 9,731 4,748 
Non-comparable adjustments— — — — — — — — — 
Comparable hotel EBITDA$5,705 $7,940 $6,410 $1,935 $8,087 $2,759 $257 $9,731 $4,748 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$659 $1,000 $1,560 $1,309 $1,277 $9,341 $18,703 $55,848 
Non-property adjustments— — — — — — 
Interest income(2)— (1)(4)— (8)(7)(48)
Interest expense— — — 226 — 563 599 2,643 
Amortization of loan costs— — — 38 — 66 198 443 
Depreciation and amortization1,341 1,156 629 3,650 1,185 6,283 13,527 50,723 
Income tax expense (benefit)— — — — — — 67 84 
Non-hotel EBITDA ownership expense12 (349)16 95 58 81 533 1,680 
Hotel EBITDA including amounts attributable to noncontrolling interest2,010 1,807 2,204 5,314 2,520 16,326 33,622 111,375 
Non-comparable adjustments— — — — — — — — 
Comparable hotel EBITDA$2,010 $1,807 $2,204 $5,314 $2,520 $16,326 $33,622 $111,375 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
24


Exhibit 1

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

Three Months Ended June 30, 2021
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$(1,194)$(2,888)$(1,296)$297 $430 $57 $(770)$789 $(4,866)
Non-property adjustments— — — — — — (34)— (327)
Interest income— — (1)— (1)— — — (1)
Interest expense199 215 — — — — — — — 
Amortization of loan costs70 — — — — — — — 
Depreciation and amortization3,841 2,462 4,214 1,278 3,596 1,673 860 2,504 4,248 
Income tax expense (benefit)— — — — — — — — — 
Non-hotel EBITDA ownership expense(13)(247)349 142 82 130 (149)(116)1,546 
Hotel EBITDA including amounts attributable to noncontrolling interest2,841 (388)3,266 1,717 4,107 1,860 (93)3,177 600 
Non-comparable adjustments— — — — — — — — (3)
Comparable hotel EBITDA$2,841 $(388)$3,266 $1,717 $4,107 $1,860 $(93)$3,177 $597 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(254)$(221)$222 $(1,891)$811 $(7,948)$14,461 $(4,261)
Non-property adjustments— — — — — — (10,604)(10,965)
Interest income— — (1)— — (1)(1)(6)
Interest expense— — — 224 — 439 458 1,535 
Amortization of loan costs— — — 37 — 63 97 275 
Depreciation and amortization1,554 1,291 677 3,526 1,400 7,260 15,013 55,397 
Income tax expense (benefit)— — — — — — 59 59 
Non-hotel EBITDA ownership expense50 (28)166 (159)(246)831 1,277 3,615 
Hotel EBITDA including amounts attributable to noncontrolling interest1,350 1,042 1,064 1,737 1,965 644 20,760 45,649 
Non-comparable adjustments(1)— — — — — (18)(22)
Comparable hotel EBITDA$1,349 $1,042 $1,064 $1,737 $1,965 $644 $20,742 $45,627 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
25


Exhibit 1

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

Six Months Ended June 30, 2022
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$1,925 $1,327 $3,445 $897 $7,258 $3,452 $(2,053)$10,389 $(4,500)
Non-property adjustments— — — — — — — — — 
Interest income(1)(10)(1)— (7)— — — (10)
Interest expense223 2,099 — — — — — — — 
Amortization of loan costs16 264 — — — — — — — 
Depreciation and amortization7,518 4,433 7,934 2,358 6,255 3,040 1,672 5,018 8,156 
Income tax expense (benefit)— — — — — — — 22 — 
Non-hotel EBITDA ownership expense(98)16 184 405 297 70 48 461 525 
Hotel EBITDA including amounts attributable to noncontrolling interest9,583 8,129 11,562 3,660 13,803 6,562 (333)15,890 4,171 
Non-comparable adjustments— — — — — — — — — 
Comparable hotel EBITDA$9,583 $8,129 $11,562 $3,660 $13,803 $6,562 $(333)$15,890 $4,171 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$1,534 $(52)$2,031 $(2,017)$3,442 $5,369 $23,188 $55,635 
Non-property adjustments— — — — — — 13 13 
Interest income(2)(1)(1)(4)— (8)(10)(55)
Interest expense— — — 450 — 1,007 1,136 4,915 
Amortization of loan costs— — — 75 — 131 396 882 
Depreciation and amortization2,703 2,393 1,268 7,355 2,417 12,726 27,418 102,664 
Income tax expense (benefit)— — — — — — 77 99 
Non-hotel EBITDA ownership expense13 (335)58 242 77 35 786 2,784 
Hotel EBITDA including amounts attributable to noncontrolling interest4,248 2,005 3,356 6,101 5,936 19,260 53,004 166,937 
Non-comparable adjustments— — — — — — — — 
Comparable hotel EBITDA$4,248 $2,005 $3,356 $6,101 $5,936 $19,260 $53,004 $166,937 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.

26


Exhibit 1

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

Six Months Ended June 30, 2021
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$(4,211)$(7,519)$(5,018)$(686)$(1,724)$(955)$(2,851)$(1,936)$(12,060)
Non-property adjustments— — — — — — 90 — (327)
Interest income(1)— (1)— (2)— — — (1)
Interest expense202 433 — — — — — — — 
Amortization of loan costs15 139 — — — — — — — 
Depreciation and amortization7,711 5,044 8,510 2,625 7,294 3,411 1,775 5,055 8,887 
Income tax expense (benefit)— — — — — — — — — 
Non-hotel EBITDA ownership expense(100)(448)487 136 (14)184 (153)(417)1,317 
Hotel EBITDA including amounts attributable to noncontrolling interest3,616 (2,351)3,978 2,075 5,554 2,640 (1,139)2,702 (2,184)
Non-comparable adjustments— — — — — — 187 — (3)
Comparable hotel EBITDA$3,616 $(2,351)$3,978 $2,075 $5,554 $2,640 $(952)$2,702 $(2,187)
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(1,334)$(1,731)$(130)$(5,351)$1,304 $(15,434)$3,022 $(56,614)
Non-property adjustments— — — — (55)— (10,604)(10,896)
Interest income— (1)(1)— — (1)(4)(12)
Interest expense— — — 466 — 882 919 2,902 
Amortization of loan costs— — — 73 — 124 196 547 
Depreciation and amortization3,160 2,615 1,383 7,125 2,837 14,718 30,673 112,823 
Income tax expense (benefit)— — — — — — 59 59 
Non-hotel EBITDA ownership expense78 (22)165 34 (275)252 1,435 2,659 
Hotel EBITDA including amounts attributable to noncontrolling interest1,904 861 1,417 2,347 3,811 541 25,696 51,468 
Non-comparable adjustments(1)— — — — — 66 249 
Comparable hotel EBITDA$1,903 $861 $1,417 $2,347 $3,811 $541 $25,762 $51,717 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.


27


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended June 30, 2022
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$5,970 $(1,333)$2,398 $13,683 $569 $(4,314)$8,599 $12,325 $3,825 $1,682 $963 
Non-property adjustments— (2)— — (9)— (11)— (1)— — 
Interest income(8)(4)— — (5)— (8)(8)(16)(4)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization5,878 5,973 13,299 8,737 13,118 15,612 55,970 19,915 18,368 5,285 1,476 
Income tax expense (benefit)(3)— — — — — — — — — — 
Non-hotel EBITDA ownership expense109 158 431 345 934 454 2,929 904 617 31 55 
Hotel EBITDA including amounts attributable to noncontrolling interest11,946 4,792 16,128 22,765 14,607 11,752 67,479 33,136 22,797 6,994 2,494 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$11,946 $4,792 $16,128 $22,765 $14,607 $11,752 $67,479 $33,136 $22,797 $6,994 $2,494 
Morgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotelAareal Le Pavillon - 1 hotel
Net income (loss)$(61)$18,218 $(2,272)$(1,226)$191 $(723)$1,522 $(133)$(533)$2,402 $(3,927)
Non-property adjustments(51)— — — — — (1,033)— — — — 
Interest income— — (4)— — — (10)— — — — 
Interest expense— — 1,932 — — 430 3,579 — — 863 1,227 
Amortization of loan costs— — 257 — — 32 528 — — 282 410 
Depreciation and amortization1,236 12,856 2,967 2,384 383 1,517 5,236 8,244 1,946 1,563 3,636 
Income tax expense (benefit)— 27 — — — — — — — — — 
Non-hotel EBITDA ownership expense(179)909 71 39 19 38 84 30 15 62 95 
Hotel EBITDA including amounts attributable to noncontrolling interest945 32,010 2,951 1,197 593 1,294 9,906 8,141 1,428 5,172 1,441 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$945 $32,010 $2,951 $1,197 $593 $1,294 $9,906 $8,141 $1,428 $5,172 $1,441 
Key Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelBAML Pool 5 - 2 hotelsSPT Embassy Suites New York Manhattan Times Square - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsUnencumbered hotelsTotal Portfolio
Net income (loss)$533 $490 $(372)$37 $(3)$(109)$(2)$(8)$58,391 
Non-property adjustments— — 28 — 109 40 (924)
Interest income— — — — — — — — (67)
Interest expense— — 956 — — — — — 8,991 
Amortization of loan costs— — 149 — — — — — 1,658 
Depreciation and amortization378 499 1,442 — — — — — 207,918 
Income tax expense (benefit)36 149 — — — — — — 209 
Non-hotel EBITDA ownership expense(2)144 (43)— — — 12 8,266 
Hotel EBITDA including amounts attributable to noncontrolling interest945 1,143 2,347 (2)(3)— — 44 284,442 
Non-comparable adjustments— — — — — (44)(39)
Comparable hotel EBITDA$945 $1,143 $2,347 $— $— $— $— $— $284,403 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
28


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$1,540 $874 $2,147 $5,938 $2,263 $1,187 $14,521 $7,277 $4,884 $678 $511 
Non-property adjustments— — — — — — — — — — — 
Interest income(2)(1)— — (5)— (8)(2)(15)(1)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization1,463 1,465 3,302 2,013 3,325 3,687 13,509 4,852 4,460 1,282 377 
Income tax expense (benefit)— — — — — — — — — — — 
Non-hotel EBITDA ownership expense49 80 53 174 71 246 59 235 309 
Hotel EBITDA including amounts attributable to noncontrolling interest3,050 2,418 5,502 8,125 5,654 5,120 28,081 12,362 9,639 1,961 897 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$3,050 $2,418 $5,502 $8,125 $5,654 $5,120 $28,081 $12,362 $9,639 $1,961 $897 
Morgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotelAareal Le Pavillon - 1 hotel
Net income (loss)$268 $7,512 $445 $(278)$$(222)$2,753 $2,749 $(82)$902 $(672)
Non-property adjustments— — — — — — — — — — — 
Interest income— — (4)— — — (10)— — — — 
Interest expense— — 562 — — 123 1,132 — — 250 349 
Amortization of loan costs— — 65 — — 133 — — 94 105 
Depreciation and amortization293 3,295 742 594 94 379 1,222 1,938 465 400 933 
Income tax expense (benefit)— 16 — — — — — — — — — 
Non-hotel EBITDA ownership expense(204)495 11 (13)25 39 
Hotel EBITDA including amounts attributable to noncontrolling interest357 11,318 1,821 320 97 275 5,255 4,691 387 1,685 720 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$357 $11,318 $1,821 $320 $97 $275 $5,255 $4,691 $387 $1,685 $720 
Key Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelBAML Pool 5 - 2 hotelsSPT Embassy Suites New York Manhattan Times Square - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsUnencumbered hotelsTotal Portfolio
Net income (loss)$191 $202 $258 $— $— $— $(2)$$55,848 
Non-property adjustments— — — — — — — 
Interest income— — — — — — — — (48)
Interest expense— — 226 — — — — — 2,643 
Amortization of loan costs— — 38 — — — — — 443 
Depreciation and amortization99 121 413 — — — — — 50,723 
Income tax expense (benefit)24 44 — — — — — — 84 
Non-hotel EBITDA ownership expense— (1)25 — — — — (2)1,680 
Hotel EBITDA including amounts attributable to noncontrolling interest314 366 960 — — — — — 111,375 
Non-comparable adjustments— — — — — — — — — 
Comparable hotel EBITDA$314 $366 $960 $— $— $— $— $— $111,375 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
29


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$2,030 $(1,425)$409 $2,433 $(1,872)$(2,323)$(1,105)$3,666 $173 $917 $64 
Non-property adjustments— — — — — — — — — — — 
Interest income(2)(1)— — — — — (2)(1)(1)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization1,477 1,483 3,355 2,126 3,398 3,938 13,958 4,942 4,558 1,295 370 
Income tax expense (benefit)— — — — — — — — — — — 
Non-hotel EBITDA ownership expense11 77 77 45 41 91 498 69 
Hotel EBITDA including amounts attributable to noncontrolling interest3,516 134 3,841 4,604 1,567 1,706 13,351 8,613 4,800 2,213 443 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$3,516 $134 $3,841 $4,604 $1,567 $1,706 $13,351 $8,613 $4,800 $2,213 $443 
Morgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotelAareal Le Pavillon - 1 hotel
Net income (loss)$(196)$3,187 $(1,141)$(744)$49 $(247)$(1,960)$(320)$(98)$(286)$(867)
Non-property adjustments— — — — — — — — — — — 
Interest income— — — — — — — — — — — 
Interest expense— — 444 — — 101 967 — — 247 288 
Amortization of loan costs— — 65 — — 132 — — 94 103 
Depreciation and amortization311 3,192 735 610 97 378 1,285 2,015 486 397 929 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense39 14 18 13 18 
Hotel EBITDA including amounts attributable to noncontrolling interest121 6,423 117 (116)154 253 442 1,698 391 459 460 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$121 $6,423 $117 $(116)$154 $253 $442 $1,698 $391 $459 $460 
Key Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelBAML Pool 5 - 2 hotelsSPT Embassy Suites New York Manhattan Times Square - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsUnencumbered hotelsTotal Portfolio
Net income (loss)$$45 $(599)$— $— $(11)$— $— $(213)
Non-property adjustments— — — — — 11 — — 11 
Interest income— — — — — — — — (7)
Interest expense— — 224 — — — — — 2,272 
Amortization of loan costs— — 37 — — — — — 439 
Depreciation and amortization93 122 391 — — — — — 51,941 
Income tax expense (benefit)— 10 — — — — — — 15 
Non-hotel EBITDA ownership expense— — 41 — — — — — 1,104 
Hotel EBITDA including amounts attributable to noncontrolling interest101 177 94 — — — — — 55,562 
Non-comparable adjustments— — — — — — — — — 
Comparable hotel EBITDA$101 $177 $94 $— $— $— $— $— $55,562 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
30


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$1,777 $(730)$(574)$2,350 $(1,150)$(1,658)$(1,793)$1,023 $(754)$149 $146 
Non-property adjustments— — — — — — — — — — — 
Interest income(2)(1)— — — — — (2)— (1)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization1,490 1,502 3,311 2,248 3,237 3,962 14,202 5,025 4,643 1,333 365 
Income tax expense (benefit)(3)— — — — — — — — — — 
Non-hotel EBITDA ownership expense47 (23)14 55 654 47 (24)389 88 32 
Hotel EBITDA including amounts attributable to noncontrolling interest3,309 748 2,751 4,653 2,741 2,351 12,385 6,435 3,978 1,489 543 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$3,309 $748 $2,751 $4,653 $2,741 $2,351 $12,385 $6,435 $3,978 $1,489 $543 
Morgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotelAareal Le Pavillon - 1 hotel
Net income (loss)$(141)$4,169 $(857)$(231)$156 $(74)$(813)$(1,096)$(199)$549 $(1,181)
Non-property adjustments(51)— — — — — — — — — — 
Interest income— — — — — — — — — — — 
Interest expense— — 446 — — 103 974 — — 197 299 
Amortization of loan costs— — 64 — — 130 — — 94 102 
Depreciation and amortization315 3,192 736 590 98 379 1,345 2,085 497 388 881 
Income tax expense (benefit)— — — — — — — — — — — 
Non-hotel EBITDA ownership expense66 14 11 29 19 10 83 
Hotel EBITDA including amounts attributable to noncontrolling interest132 7,427 403 370 255 445 1,655 993 300 1,238 184 
Non-comparable adjustments— — — (2)— — — — — — — 
Comparable hotel EBITDA$132 $7,427 $403 $368 $255 $445 $1,655 $993 $300 $1,238 $184 
Key Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelBAML Pool 5 - 2 hotelsSPT Embassy Suites New York Manhattan Times Square - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsUnencumbered hotelsTotal Portfolio
Net income (loss)$189 $126 $(554)$31 $— $— $— $35 $(1,105)
Non-property adjustments— — — — — — — (47)
Interest income— — — — — — — — (6)
Interest expense— — 232 — — — — — 2,252 
Amortization of loan costs— — 37 — — — — — 435 
Depreciation and amortization93 126 334 — — — — — 52,377 
Income tax expense (benefit)(28)42 — — — — — — 11 
Non-hotel EBITDA ownership expense38 (37)— — — 14 1,554 
Hotel EBITDA including amounts attributable to noncontrolling interest257 295 87 (2)— — — 49 55,471 
Non-comparable adjustments— — — — — — (49)(49)
Comparable hotel EBITDA$257 $295 $87 $— $— $— $— $— $55,422 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
31


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2021
KEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsKEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsKEYS Pool F - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$623 $(52)$416 $2,962 $1,328 $(1,520)$(3,024)$359 $(478)$(62)$242 
Non-property adjustments— (2)— — (9)— (11)— (1)— — 
Interest income(2)(1)— — — — — (2)— (1)— 
Interest expense— — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization1,448 1,523 3,331 2,350 3,158 4,025 14,301 5,096 4,707 1,375 364 
Income tax expense (benefit)— — — — — — — — — — — 
Non-hotel EBITDA ownership expense24 287 71 168 70 2,396 273 151 19 
Hotel EBITDA including amounts attributable to noncontrolling interest2,071 1,492 4,034 5,383 4,645 2,575 13,662 5,726 4,380 1,331 611 
Non-comparable adjustments— — — — — — — — — — — 
Comparable hotel EBITDA$2,071 $1,492 $4,034 $5,383 $4,645 $2,575 $13,662 $5,726 $4,380 $1,331 $611 
Morgan Stanley Pool C2 - 2 hotelsBAML Princeton/ Nashville - 2 hotelsAareal Hilton Alexandria - 1 hotelMorgan Stanley Ann Arbor - 1 hotelSouthside Bank Ashton - 1 hotelBAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelGACC Jacksonville RI - 1 hotelJPMorgan Chase La Posada-1 hotelAareal Le Pavillon - 1 hotel
Net income (loss)$$3,350 $(719)$27 $(16)$(180)$1,542 $(1,466)$(154)$1,237 $(1,207)
Non-property adjustments— — — — — — (1,033)— — — — 
Interest income— — — — — — — — — — — 
Interest expense— — 480 — — 103 506 — — 169 291 
Amortization of loan costs— — 63 — — 133 — — — 100 
Depreciation and amortization317 3,177 754 590 94 381 1,384 2,206 498 378 893 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense10 309 32 22 19 — 
Hotel EBITDA including amounts attributable to noncontrolling interest335 6,842 610 623 87 321 2,554 759 350 1,790 77 
Non-comparable adjustments— — — — — — — — — — 
Comparable hotel EBITDA$335 $6,842 $610 $625 $87 $321 $2,554 $759 $350 $1,790 $77 
Key Bank Manchester CY - 1 hotelGACC Manchester RI - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelBAML Pool 5 - 2 hotelsSPT Embassy Suites New York Manhattan Times Square - 1 hotelMorgan Stanley - 8 hotelsMorgan Stanley Pool C1 - 3 hotelsUnencumbered hotelsTotal Portfolio
Net income (loss)$145 $117 $523 $$(3)$(98)$— $(45)$3,861 
Non-property adjustments— — 28 — — 98 — 40 (890)
Interest income— — — — — — — — (6)
Interest expense— — 274 — — — — — 1,824 
Amortization of loan costs— — 37 — — — — — 341 
Depreciation and amortization93 130 304 — — — — — 52,877 
Income tax expense (benefit)40 53 — — — — — — 99 
Non-hotel EBITDA ownership expense(5)40 (6)— — — — 3,928 
Hotel EBITDA including amounts attributable to noncontrolling interest273 305 1,206 — (3)— — (5)62,034 
Non-comparable adjustments— — — — — — 10 
Comparable hotel EBITDA$273 $305 $1,206 $— $— $— $— $— $62,044 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)     The above information does not reflect the operations of Orlando WorldQuest Resort.
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