Form 8-K - Current report

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): November 7, 2023

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-31775

86-1062192

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

14185 Dallas Parkway, Suite 1200

Dallas

Texas

75254

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

AHT

New York Stock Exchange

Preferred Stock, Series D

AHT-PD

New York Stock Exchange

Preferred Stock, Series F

AHT-PF

New York Stock Exchange

Preferred Stock, Series G

AHT-PG

New York Stock Exchange

Preferred Stock, Series H

AHT-PH

New York Stock Exchange

Preferred Stock, Series I

AHT-PI

New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 7, 2023, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

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 Third Quarter 2023 Earnings Release of the Company, dated November 7, 2023

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

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: November 7, 2023	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

EXHIBIT 99.1

NEWS RELEASE


Contact:	Deric Eubanks	Jordan Jennings	Joe Calabrese
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2023 RESULTS

DALLAS – November 7, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2023. 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 September 30, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2023 with the third quarter ended September 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 4.0% to $131.67 during the quarter on a 2.2% increase in Comparable ADR and a 1.7% increase in Comparable Occupancy.

•Net loss attributable to common stockholders was $(68.6) million or $(1.99) per diluted share for the quarter.

•Adjusted EBITDAre was $82.5 million for the quarter.

•Adjusted funds from operations (AFFO) was $0.08 per diluted share for the quarter.

•Comparable Hotel EBITDA was $97.7 million for the quarter, reflecting a growth rate of 3% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $184.7 million and restricted cash of $157.9 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 $24.1 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 $271.0 million.

•Capex invested during the quarter was $31.5 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company extended its KEYS Pool D loan and its KEYS Pool E loan. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, its KEYS Pool B loan and its KEYS Pool F loan. The Company is working with the servicer on a consensual transfer of these hotels to the lender and expects that to be completed during the fourth quarter.

AHT Reports Third Quarter Results

Page 2

November 7, 2023

•During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to La Concha Key West, an Autograph Collection hotel.

•During the quarter, the Company announced the sale of 79 owned units as well as the public space at the WorldQuest Resort in Orlando, Florida for $14.8 million ($187,000 per owned unit).

•To date, the Company has issued approximately $77 million of its non-traded preferred stock.

•Subsequent to quarter end, the Company announced that it entered into a new franchise agreement with Marriott International to convert its Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property.

CAPITAL STRUCTURE

As of September 30, 2023, the Company had total loans of $3.6 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of SOFR and the corresponding interest rate caps, approximately 94% of the Company’s debt is effectively fixed and approximately 6% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.

During the quarter, the Company extended its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million, and its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels. The Company noted that proactively choosing not to extend three of these loan pools improves its balance sheet by lowering leverage and materially improves future cash flows. The combination of the paydowns and the removal of the debt associated with the pools the Company did not extend will lower the Company’s debt by approximately $700 million.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2023. 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 dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 2,904,525 shares of its Series J and 165,925 shares of its Series K non-traded preferred stock raising approximately $76.8 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

CONVERSION OF CROWNE PLAZA LA CONCHA KEY WEST TO MARRIOTT’S AUTOGRAPH COLLECTION

During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to La Concha Key West, an Autograph Collection hotel. Marriott’s Autograph Collection Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.

The conversion of this iconic Key West hotel to an Autograph Collection property will occur upon the completion of a $35 million renovation or Property Improvement Plan (“PIP”). The planned conversion will create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury

AHT Reports Third Quarter Results

Page 3

November 7, 2023

Autograph product. The PIP scope includes transforming the lobby, bar, and restaurant, as well as upgrading the exterior, guestrooms, guest bathrooms, corridors, pool, and meeting space. As part of the renovation, the previously underutilized spa will be converted into premium roof-top suites.

The Company believes that post-conversion, the new La Concha Key West could achieve a 20% to 30% RevPAR premium compared to pre-conversion, and Remington Hospitality will continue to be the property manager.

AGREEMENT TO CONVERT LE PAVILLON HOTEL IN NEW ORLEANS TO MARRIOTT’S TRIBUTE PORTFOLIO

Subsequent to quarter end, the Company announced that it has entered into a new franchise agreement with Marriott International to convert its Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property. Marriott’s Tribute Portfolio is a growing global family of characterful, independent hotels drawn together by their passion for captivating design and their drive to create vibrant social scenes for guests and locals alike.

The agreement with Marriott calls for the hotel to be converted to a Tribute Portfolio property in the first quarter of 2024, pursuant to a conversion Property Improvement Plan (“PIP”) that includes transforming the lobby bar and extensive exterior work as well as upgrading the restaurant, guestrooms, guest bathrooms and corridors.

The planned conversion will create a distinctive theme and style for the luxury hotel that is commensurate with the distinctive premium brand Tribute Portfolio product. The Company believes that post-conversion, the new Tribute Portfolio property should realize a 10% to 20% RevPAR premium compared to pre-conversion. Remington Hospitality will continue to be the property manager.

ASSET SALE

During the quarter, the Company announced the sale of 79 owned units as well as the public space at the WorldQuest Resort in Orlando, Florida for $14.8 million ($187,000 per owned unit). The property was unencumbered by debt, and the net proceeds from the sale were used to pay down the Company’s corporate financing.

The Company continues to look at other potential asset sales to improve the overall quality of its portfolio and ultimately pay down its corporate financing.

“During the third quarter, our portfolio delivered strong operating performance,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We’re extremely encouraged with the continued growth in both occupancy and ADR and believe that this solid performance reflects our high-quality, geographically diverse portfolio. Further, we’re encouraged that the vast majority of our hotels are now out of their cash traps.” Mr. Hays added, “The planned conversion of the Key West La Concha Hotel to an Autograph Collection property and the conversion of the Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property should elevate both properties into a more desirable niche in their very attractive markets. Looking ahead, our portfolio remains well-positioned to outperform. Additionally, from a capital structure and balance sheet perspective, we will continue to focus on paying off our corporate financing primarily through asset sales and raising capital through our non-traded preferred stock.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 8, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0375. A replay of the conference call will be available through Wednesday, November 15, 2023, by dialing (647) 362-9199 and entering the confirmation number, 8812029.

AHT Reports Third Quarter Results

Page 4

November 7, 2023

The Company will also provide an online simulcast and rebroadcast of its third quarter 2023 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, November 8, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. 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.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

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: 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)


	September 30, 2023		December 31, 2022
ASSETS
Investments in hotel properties, net	$	3,122,833	$	3,118,331
Cash and cash equivalents	184,181		417,064
Restricted cash	171,896		141,962

Accounts receivable, net of allowance of $1,471 and $501, respectively	73,712		49,809
Inventories	3,945		3,856
Notes receivable, net	5,934		5,062


Investment in unconsolidated entities	10,379		19,576
Deferred costs, net	1,858		2,665
Prepaid expenses	15,800		15,981
Derivative assets, net	25,493		47,182
Operating lease right-of-use assets	44,136		43,921
Other assets	18,171		21,653
Intangible assets, net	797		797

Due from Ashford Inc., net	—		486
Due from related parties, net	4,347		6,570
Due from third-party hotel managers	24,145		22,462
Assets held for sale	10,882		—
Total assets	$	3,718,509	$	3,917,377

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,631,719	$	3,838,543
Finance lease liability	18,465		18,847
Other finance liability	26,804		—
Accounts payable and accrued expenses	153,209		115,970
Accrued interest payable	25,243		15,287
Dividends and distributions payable	3,568		3,118

Due to Ashford Inc., net	9,028		—


Due to third-party hotel managers	1,134		1,319
Intangible liabilities, net	2,037		2,097
Operating lease liabilities	44,887		44,661

Other liabilities	3,948		4,326
Liabilities associated with assets held for sale	9,795		—
Total liabilities	3,929,837		4,044,168

Redeemable noncontrolling interests in operating partnership	22,394		21,550
Series J Redeemable Preferred Stock, $0.01 par value, 2,628,792 and 87,115 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	60,482		2,004
Series K Redeemable Preferred Stock, $0.01 par value, 154,233 and 1,800 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	3,798		44
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 September 30, 2023 and December 31, 2022	12		12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2023 and December 31, 2022	12		12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2023 and December 31, 2022	15		15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2023 and December 31, 2022	13		13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2023 and December 31, 2022	13		13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,513,386 and 34,495,185 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	345		345
Additional paid-in capital	2,385,679		2,383,244
Accumulated deficit	(2,697,244)		(2,534,043)
Total stockholders' equity (deficit) of the Company	(311,155)		(150,389)
Noncontrolling interests in consolidated entities	13,153		—
Total equity (deficit)	(298,002)		(150,389)
Total liabilities and equity/deficit	$	3,718,509	$	3,917,377

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
REVENUE
Rooms	$	270,607	$	260,616	$	817,477	$	731,474
Food and beverage	52,205		48,633		172,943		139,709
Other	19,537		18,183		55,135		50,042
Total hotel revenue	342,349		327,432		1,045,555		921,225
Other	665		724		2,094		2,164
Total revenue	343,014		328,156		1,047,649		923,389
EXPENSES
Hotel operating expenses
Rooms	64,803		61,464		190,041		169,250
Food and beverage	39,511		36,199		121,211		100,981
Other expenses	115,625		106,907		348,463		310,407
Management fees	12,687		11,686		38,706		33,552
Total hotel operating expenses	232,626		216,256		698,421		614,190
Property taxes, insurance and other	17,345		17,541		52,880		51,289
Depreciation and amortization	45,954		49,428		140,963		152,444



Advisory services fee:
Base advisory fee	8,121		8,854		24,839		26,202
Reimbursable expenses	2,884		2,430		9,176		7,365
Stock/unit-based compensation	1,390		1,229		3,635		4,609

Corporate, general and administrative:
Stock/unit-based compensation	99		37		728		668
Other general and administrative	3,772		(921)		10,659		6,062
Total operating expenses	312,191		294,854		941,301		862,829
Gain (loss) on disposition of assets and hotel properties	6,390		(11)		7,443		273
OPERATING INCOME (LOSS)	37,213		33,291		113,791		60,833
Equity in earnings (loss) of unconsolidated entities	(138)		(147)		(715)		(451)
Interest income	1,888		1,576		6,755		2,153
Other income (expense), net	34		241		277		426
Interest expense, net of discount amortization	(96,131)		(58,511)		(260,851)		(145,661)
Amortization of loan costs	(3,249)		(2,512)		(9,634)		(7,314)
Write-off of premiums, loan costs and exit fees	(1,263)		(1,378)		(2,633)		(3,076)


Realized and unrealized gain (loss) on derivatives	(2,678)		9,774		4,490		19,059
INCOME (LOSS) BEFORE INCOME TAXES	(64,324)		(17,666)		(148,520)		(74,031)
Income tax benefit (expense)	(127)		(4,657)		(2,410)		(10,340)
NET INCOME (LOSS)	(64,451)		(22,323)		(150,930)		(84,371)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	889		231		1,838		679
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(63,562)		(22,092)		(149,092)		(83,692)
Preferred dividends	(4,295)		(3,104)		(11,290)		(9,311)
Deemed dividends on redeemable preferred stock	(760)		—		(1,993)		—

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(68,617)	$	(25,196)	$	(162,375)	$	(93,003)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(1.99)	$	(0.73)	$	(4.72)	$	(2.71)
Weighted average common shares outstanding – basic	34,459		34,371		34,395		34,324
Diluted:
Net income (loss) attributable to common stockholders	$	(1.99)	$	(0.73)	$	(4.72)	$	(2.71)
Weighted average common shares outstanding – diluted	34,459		34,371		34,395		34,324
Dividends declared per common share	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss)	$	(64,451)	$	(22,323)	$	(150,930)	$	(84,371)
Interest expense and amortization of discounts and loan costs, net	99,380		61,023		270,485		152,975
Depreciation and amortization	45,954		49,428		140,963		152,444
Income tax expense (benefit)	127		4,657		2,410		10,340
Equity in (earnings) loss of unconsolidated entities	138		147		715		451
Company's portion of EBITDA of unconsolidated entities	217		(148)		305		(452)
EBITDA	81,365		92,784		263,948		231,387

(Gain) loss on disposition of assets and hotel properties	(6,390)		11		(7,443)		(273)

EBITDAre	74,975		92,795		256,505		231,114
Amortization of unfavorable contract liabilities	(31)		43		16		138
Transaction and conversion costs	1,219		(3,401)		2,371		(1,828)
Write-off of premiums, loan costs and exit fees	1,263		1,378		2,633		3,076
Realized and unrealized (gain) loss on derivatives	2,678		(9,774)		(4,490)		(19,059)
Stock/unit-based compensation	1,491		1,275		4,374		5,324
Legal, advisory and settlement costs	911		(96)		911		(59)
Other (income) expense, net	(33)		(241)		(276)		(426)


Dead deal costs	—		76		—		356





Company's portion of adjustments to EBITDAre of unconsolidated entities	—		1		1		12
Adjusted EBITDAre	$	82,473	$	82,056	$	262,045	$	218,648

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss)	$	(64,451)	$	(22,323)	$	(150,930)	$	(84,371)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	889		231		1,838		679
Preferred dividends	(4,295)		(3,104)		(11,290)		(9,311)
Deemed dividends on redeemable preferred stock	(760)		—		(1,993)		—

Net income (loss) attributable to common stockholders	(68,617)		(25,196)		(162,375)		(93,003)
Depreciation and amortization on real estate	45,954		49,428		140,963		152,444
(Gain) loss on disposition of assets and hotel properties	(6,390)		11		(7,443)		(273)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(889)		(231)		(1,838)		(679)
Equity in (earnings) loss of unconsolidated entities	138		147		715		451

Company's portion of FFO of unconsolidated entities	(10)		(148)		(364)		(452)
FFO available to common stockholders and OP unitholders	(29,814)		24,011		(30,342)		58,488
Deemed dividends on redeemable preferred stock	760		—		1,993		—

Transaction and conversion costs	1,219		(3,401)		2,371		(1,828)
Write-off of premiums, loan costs and exit fees	1,263		1,378		2,633		3,076
Unrealized (gain) loss on derivatives	12,908		(9,774)		27,233		(19,059)
Stock/unit-based compensation	1,491		1,275		4,374		5,324
Legal, advisory and settlement costs	911		(96)		911		(59)
Other (income) expense, net	(33)		(108)		(276)		(293)
Amortization of credit facility exit fee	5,015		3,092		13,811		8,669
Amortization of loan costs	3,249		2,512		9,634		7,314



Dead deal costs	—		76		—		356
Default interest and late fess	5,995		—		7,326		—





Company's portion of adjustments to FFO of unconsolidated entities	—		1		1		12
Adjusted FFO available to common stockholders and OP unitholders	$	2,964	$	18,966	$	39,669	$	62,000
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.08	$	0.52	$	1.09	$	1.71
Weighted average diluted shares	36,651		36,433		36,534		36,347

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2023

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (16)	Interest Rate (17)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel Net Income		Comparable TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (18)		Comparable TTM Hotel EBITDA Debt Yield
KEYS Pool A - 7 hotels	June 2023	June 2023	SOFR (1) + 3.70%	$	—		$	180,720		$	180,720		(2)	$	6,500	3.6	%	$	13,546	7.5	%
KEYS Pool B - 7 hotels	June 2023	June 2023	SOFR (1) + 3.44%	—			174,400			174,400			(2)	1,920		1.1	%	8,310		4.8	%
KEYS Pool F - 5 hotels	June 2023	June 2023	SOFR (1) + 3.73%	—			215,120			215,120			(2)	4,227		2.0	%	18,147		8.4	%
Morgan Stanley Pool - 17 hotels	November 2023	November 2024	SOFR (1) + 3.26%	—			409,750			409,750			(3)	23,949		5.8	%	44,409		10.8	%
BAML Indigo Atlanta - 1 hotel	December 2023	December 2024	SOFR (1) + 2.85%	—			15,175			15,175			(4)	(700)		(4.6)	%	1,995		13.1	%
GACC Manchester RI - 1 hotel	January 2024	January 2024	5.49%	6,231			—			6,231				815		13.1	%	1,308		21.0	%
GACC Jacksonville RI - 1 hotel	January 2024	January 2024	5.49%	9,093			—			9,093				(31)		(0.3)	%	1,304		14.3	%
Oaktree Capital Term Loan	January 2024	January 2026	14.00%	183,082			—			183,082			(5)	N/A		N/A		N/A		N/A
JPMorgan Chase - 8 hotels	February 2024	February 2025	SOFR (1) + 3.28%	—			345,000			345,000			(6)	13,908		4.0	%	32,182		9.3	%
BAML Princeton/Nashville - 2 hotels	March 2024	March 2026	SOFR (1) + 2.80%	—			240,000			240,000			(7)	25,721		10.7	%	38,802		16.2	%
BAML Highland Pool - 19 hotels	April 2024	April 2025	SOFR (1) + 3.51%	—			862,027			862,027			(8)	49,240		5.7	%	102,898		11.9	%
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	5,652			—			5,652				690		12.2	%	1,109		19.6	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	SOFR (1) + 2.00%	—			8,881			8,881			(9)	152		1.7	%	519		5.8	%
KEYS Pool C - 5 hotels	June 2024	June 2025	SOFR (1) + 3.90%	—			158,689			158,689			(10)	7,360		4.6	%	19,792		12.5	%
KEYS Pool D - 5 hotels	June 2024	June 2025	SOFR (1) + 4.17%	—			237,061			237,061			(10)	20,915		8.8	%	27,873		11.8	%
KEYS Pool E - 5 hotels	June 2024	June 2025	SOFR (1) + 2.90%	—			119,003			119,003			(10)	5,197		4.4	%	18,590		15.6	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	10,986			—			10,986				564		5.1	%	1,755		16.0	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	August 2024	4.90%	22,024			—			22,024				839		3.8	%	3,145		14.3	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	SOFR (1) + 4.76%	—			86,000			86,000			(11)	8,471		9.9	%	15,016		17.5	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(12)	(6,713)		(18.1)	%	726		2.0	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	45,999			—			45,999				3,737		8.1	%	8,135		17.7	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	22,892			—			22,892				(424)		(1.9)	%	2,834		12.4	%
Aareal Boston Back Bay - 1 hotel	August 2025	August 2026	SOFR (1) + 3.91%	—			98,000			98,000			(13)	2,051		2.1	%	15,954		16.3	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(14)	(619)		(0.6)	%	9,048		9.2	%









Total				$	305,959		$	3,285,276		$	3,591,235			$	167,769	4.7	%	$	387,397	10.8	%
Percentage				8.5		%	91.5		%	100.0		%
Weighted average interest rate (15) (17)				10.29		%	7.62		%	7.85		%

All indebtedness is non-recourse with the exception of the term loan.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.

(1) SOFR rate was 5.32% at September 30, 2023.

(2) 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. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.

(4) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.

(5) This term 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 fourth one-year extension period began in February 2023.

(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.

(8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023.

(9) This mortgage loan has a SOFR floor of 2.0%.

(10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023.

(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. This mortgage loan has a SOFR floor of 0.50%.

(13) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

(14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(15) The weighted average interest rates are adjusted for in-the-money interest rate caps.

(16) The final maturity date assumes all available extension options will be exercised, excluding loans in default.

(17) Interest rates do not include default or late payment rates in effect on some mortgage loans.

(18) 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

September 30, 2023

(dollars in thousands)

(unaudited)


	2023		2024		2025		2026		2027		Thereafter		Total
KEYS Pool A - 7 hotels	$	180,720	$	—	$	—	$	—	$	—	$	—	$	180,720
KEYS Pool B - 7 hotels	174,400		—		—		—		—		—		174,400
KEYS Pool F - 5 hotels	215,120		—		—		—		—		—		215,120
GACC Jacksonville RI - 1 hotel	—		9,036		—		—		—		—		9,036
GACC Manchester RI - 1 hotel	—		6,191		—		—		—		—		6,191
Key Bank Manchester CY - 1 hotel	—		5,580		—		—		—		—		5,580
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	—		409,750		—		—		—		—		409,750
BAML Indigo Atlanta - 1 hotel	—		14,987		—		—		—		—		14,987
JPMorgan Chase - 8 hotels	—		—		345,000		—		—		—		345,000
BAML Pool 3 - 3 hotels	—		—		44,413		—		—		—		44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		22,030		—		—		—		22,030
BAML Highland Pool - 19 hotels	—		—		862,027		—		—		—		862,027
KEYS Pool C - 5 hotels	—		—		158,689		—		—		—		158,689
KEYS Pool D - 5 hotels	—		—		237,061		—		—		—		237,061
KEYS Pool E - 5 hotels	—		—		119,003		—		—		—		119,003
Oaktree Capital Term Loan	—		—		—		183,082		—		—		183,082
BAML Princeton/Nashville - 2 hotels	—		—		—		240,000		—		—		240,000
Aareal Boston Back Bay - 1 hotel	—		—		—		96,000		—		—		96,000
Torchlight Marriott Gateway - 1 hotel	—		—		—		86,000		—		—		86,000
Aareal Le Pavillon - 1 hotel	—		—		—		—		35,000		—		35,000
Aareal Alexandria/La Posada	—		—		—		—		—		98,450		98,450








Principal due in future periods	570,240		486,702		1,788,223		605,082		35,000		98,450		3,583,697
Scheduled amortization payments remaining	748		2,582		708		2,500		1,000		—		7,538
Total indebtedness	$	570,988	$	489,284	$	1,788,931	$	607,582	$	36,000	$	98,450	$	3,591,235

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	270,325		$	4		$	270,329		$	259,547		$	399		$	259,946		4.15	%	3.99	%
	RevPAR	$	131.67		$	—		$	131.67		$	126.80		$	64.47		$	126.61		3.84	%	3.99	%
	Occupancy	72.22		%	—		%	72.22		%	70.95		%	82.95		%	70.99		%	1.79	%	1.74	%
	ADR	$	182.31		$	—		$	182.31		$	178.72		$	77.72		$	178.36		2.01	%	2.21	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	815,218		$	—		$	815,218		$	728,011		$	1,018		$	729,029		11.98	%	11.82	%
	RevPAR	$	133.81		$	—		$	133.81		$	119.63		$	151.32		$	119.66		11.85	%	11.82	%
	Occupancy	72.04		%	—		%	72.04		%	67.55		%	143.33		%	67.63		%	6.65	%	6.52	%
	ADR	$	185.74		$	—		$	185.74		$	177.10		$	105.57		$	176.94		4.88	%	4.98	%

NOTES:

(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, 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 September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	255,278		$	4		$	255,282		$	244,322		$	399		$	244,721		4.48	%	4.32	%
	RevPAR	$	130.78		$	—		$	130.78		$	125.57		$	64.47		$	125.37		4.15	%	4.31	%
	Occupancy	72.68		%	—		%	72.68		%	71.36		%	82.95		%	71.40		%	1.85	%	1.80	%
	ADR	$	179.93		$	—		$	179.93		$	175.96		$	77.72		$	175.60		2.26	%	2.47	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	762,963		$	—		$	762,963		$	678,133		$	1,018		$	679,151		12.51	%	12.34	%
	RevPAR	$	131.72		$	—		$	131.72		$	117.21		$	151.32		$	117.25		12.38	%	12.34	%
	Occupancy	72.33		%	—		%	72.33		%	67.79		%	143.33		%	67.88		%	6.70	%	6.56	%
	ADR	$	182.10		$	—		$	182.10		$	172.90		$	105.57		$	172.74		5.32	%	5.42	%

NOTES:

(1) The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2023, and not under renovation during the three months ended September 30, 2023, 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:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	341,999		$	326,065		4.89	%	$	1,042,613		$	916,705		13.73	%
Non-comparable adjustments	181			621					—			1,724
Comparable total hotel revenue	$	342,180		$	326,686		4.74	%	$	1,042,613		$	918,429		13.52	%

Hotel net income (loss)	$	44,644		$	40,944		9.04	%	$	143,479		$	96,579		48.56	%
Non-comparable adjustments	160			(783)					(88)			276
Comparable hotel net income (loss)	$	44,804		$	40,161		11.56	%	$	143,391		$	96,855		48.05	%
Hotel net income (loss) margin	13.05		%	12.56		%	0.49	%	13.76		%	10.54		%	3.22	%
Comparable hotel net income margin	13.09		%	12.29		%	0.80	%	13.75		%	10.55		%	3.20	%

Hotel EBITDA	$	97,466		$	94,892		2.71	%	$	305,703		$	261,829		16.76	%
Non-comparable adjustments	194			132					10			1,839
Comparable hotel EBITDA	$	97,660		$	95,024		2.77	%	$	305,713		$	263,668		15.95	%
Hotel EBITDA margin	28.50		%	29.10		%	(0.60)	%	29.32		%	28.56		%	0.76	%
Comparable hotel EBITDA margin	28.54		%	29.09		%	(0.55)	%	29.32		%	28.71		%	0.61	%

NOTES:

(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 NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	322,625		$	305,637		5.56	%	$	974,979		$	851,960		14.44	%
Non-comparable adjustments	181			621					—			1,724
Comparable total hotel revenue	$	322,806		$	306,258		5.40	%	$	974,979		$	853,684		14.21	%

Hotel net income (loss)	$	45,671		$	40,518		12.72	%	$	137,971		$	90,521		52.42	%
Non-comparable adjustments	160			(783)					(88)			276
Comparable hotel net income (loss)	$	45,831		$	39,735		15.34	%	$	137,883		$	90,797		51.86	%
Hotel net income (loss) margin	14.16		%	13.26		%	0.90	%	14.15		%	10.63		%	3.52	%
Comparable hotel net income margin	14.20		%	12.97		%	1.23	%	14.14		%	10.64		%	3.50	%

Hotel EBITDA	$	93,685		$	89,807		4.32	%	$	285,924		$	241,806		18.25	%
Non-comparable adjustments	194			132					10			1,839
Comparable hotel EBITDA	$	93,879		$	89,939		4.38	%	$	285,934		$	243,645		17.36	%
Hotel EBITDA margin	29.04		%	29.38		%	(0.34)	%	29.33		%	28.38		%	0.95	%
Comparable hotel EBITDA margin	29.08		%	29.37		%	(0.29)	%	29.33		%	28.54		%	0.79	%

NOTES:

(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:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023			2023			2023		2023			2023			2023		2023			2022			2022		2022
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	341,999		$	181	$	342,180		$	373,749		$	(105)	$	373,644		$	326,865		$	(76)	$	326,789		$	315,419		$	2,494	$	317,913
Hotel net income (loss)	$	44,644		$	160	$	44,804		$	64,836		$	(162)	$	64,675		$	33,999		$	(86)	$	33,912		$	25,332		$	80	$	25,412
Hotel net income (loss) margin	13.05		%			13.09		%	17.35		%			17.31		%	10.40		%			10.38		%	8.03		%			7.99		%
Hotel EBITDA	$	97,466		$	194	$	97,660		$	117,477		$	(123)	$	117,354		$	90,760		$	(61)	$	90,699		$	84,631		$	900	$	85,531
Hotel EBITDA margin	28.50		%			28.54		%	31.43		%			31.41		%	27.77		%			27.75		%	26.83		%			26.90		%

Hotel net income (loss) % of total TTM	26.4		%			26.5		%	38.4		%			38.3		%	20.1		%			20.1		%	15.1		%			15.1		%
EBITDA % of total TTM	25.0		%			25.0		%	30.1		%			30.0		%	23.3		%			23.2		%	21.6		%			21.8		%




	Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023
	TTM			TTM		TTM
Total hotel revenue	$	1,358,032		$	2,494	$	1,360,526
Hotel net income (loss)	$	168,811		$	(8)	$	168,803
Hotel net income (loss) margin	12.43		%			12.41		%
Hotel EBITDA	$	390,334		$	910	$	391,244
Hotel EBITDA margin	28.74		%			28.76		%

Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

NOTES:

(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 September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	10	1,626	$	134.20	$	—	$	134.20	$	135.99	$	114.84	$	133.39	(1.3)	%	0.6	%
Boston, MA Area	2	705	286.97		—		286.97		239.92		—		239.92		19.6	%	19.6	%
Dallas / Ft. Worth, TX Area	7	1,526	97.79		—		97.79		91.65		—		91.65		6.7	%	6.7	%
Houston, TX Area	3	692	103.47		—		103.47		93.59		—		93.59		10.6	%	10.6	%
Los Angeles, CA Metro Area	6	1,619	138.83		—		138.83		131.02		—		131.02		6.0	%	6.0	%
Miami, FL Metro Area	2	414	113.52		—		113.52		126.43		—		126.43		(10.2)	%	(10.2)	%
Minneapolis - St. Paul, MN Area	2	520	96.77		—		96.77		91.16		—		91.16		6.2	%	6.2	%
Nashville, TN Area	1	673	238.28		—		238.28		221.35		—		221.35		7.6	%	7.6	%
New York / New Jersey Metro Area	6	1,743	115.85		—		115.85		101.75		—		101.75		13.9	%	13.9	%
Orlando, FL Area	2	524	99.14		—		99.14		103.34		—		103.34		(4.1)	%	(4.1)	%
Philadelphia, PA Area	3	648	101.60		—		101.60		102.64		—		102.64		(1.0)	%	(1.0)	%
San Diego, CA Area	2	410	169.71		—		169.71		162.45		—		162.45		4.5	%	4.5	%
San Francisco - Oakland, CA Metro Area	7	1,547	126.30		—		126.30		137.57		—		137.57		(8.2)	%	(8.2)	%
Tampa, FL Area	2	571	113.09		—		113.09		102.59		—		102.59		10.2	%	10.2	%
Washington D.C. - MD - VA Area	9	2,426	139.21		—		139.21		127.38		—		127.38		9.3	%	9.3	%
Other Areas	36	6,672	124.01		—		124.02		124.56		(140.35)		124.25		(0.4)	%	(0.2)	%
Total Portfolio	100	22,316	$	131.67	$	—	$	131.67	$	126.80	$	64.47	$	126.61	3.8	%	4.0	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	10	1,626	$	137.16	$	—	$	137.16	$	125.99	$	99.24	$	122.70	8.9	%	11.8	%
Boston, MA Area	2	705	241.72		—		241.72		194.84		—		194.84		24.1	%	24.1	%
Dallas / Ft. Worth, TX Area	7	1,526	110.15		—		110.15		96.36		—		96.36		14.3	%	14.3	%
Houston, TX Area	3	692	108.91		—		108.91		93.91		—		93.91		16.0	%	16.0	%
Los Angeles, CA Metro Area	6	1,619	144.86		—		144.86		131.26		—		131.26		10.4	%	10.4	%
Miami, FL Metro Area	2	414	168.58		—		168.58		166.52		—		166.52		1.2	%	1.2	%
Minneapolis - St. Paul, MN Area	2	520	77.38		—		77.38		65.53		—		65.53		18.1	%	18.1	%
Nashville, TN Area	1	673	235.79		—		235.79		217.94		—		217.94		8.2	%	8.2	%
New York / New Jersey Metro Area	6	1,743	100.74		—		100.74		83.29		—		83.29		21.0	%	21.0	%
Orlando, FL Area	2	524	125.93		—		125.93		115.74		—		115.74		8.8	%	8.8	%
Philadelphia, PA Area	3	648	96.27		—		96.27		92.67		—		92.67		3.9	%	3.9	%
San Diego, CA Area	2	410	149.57		—		149.57		137.44		—		137.44		8.8	%	8.8	%
San Francisco - Oakland, CA Metro Area	7	1,547	122.87		—		122.87		111.10		—		111.10		10.6	%	10.6	%
Tampa, FL Area	2	571	149.36		—		149.36		125.74		—		125.74		18.8	%	18.8	%
Washington D.C. - MD - VA Area	9	2,426	148.78		—		148.78		121.19		—		121.19		22.8	%	22.8	%
Other Areas	36	6,672	126.55		—		126.55		119.10		(91.92)		119.82		6.3	%	5.6	%
Total Portfolio	100	22,316	$	133.81	$	—	$	133.81	$	119.63	$	151.32	$	119.66	11.9	%	11.8	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Three Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	1,932	$	—	$	1,932	4.3	%	$	2,153	$	32	$	2,185	5.4	%	(10.3)	%	(11.6)	%
Boston, MA Area	2	705	4,568		—		4,568		10.2	%	3,241		—		3,241		8.1	%	40.9	%	40.9	%
Dallas / Ft. Worth, TX Area	7	1,526	1,435		—		1,435		3.2	%	1,436		—		1,436		3.6	%	(0.1)	%	(0.1)	%
Houston, TX Area	3	692	1,014		—		1,014		2.3	%	523		—		523		1.3	%	93.9	%	93.9	%
Los Angeles, CA Metro Area	6	1,619	3,911		—		3,911		8.7	%	2,633		—		2,633		6.6	%	48.5	%	48.5	%
Miami, FL Metro Area	2	414	(639)		—		(639)		(1.4)	%	(641)		—		(641)		(1.6)	%	0.3	%	0.3	%
Minneapolis - St. Paul, MN Area	2	520	678		—		678		1.5	%	584		—		584		1.5	%	16.1	%	16.1	%
Nashville, TN Area	1	673	6,252		—		6,252		14.0	%	5,386		—		5,386		13.4	%	16.1	%	16.1	%
New York / New Jersey Metro Area	6	1,743	2,717		—		2,717		6.1	%	948		—		948		2.4	%	186.6	%	186.6	%
Orlando, FL Area	2	524	(91)		—		(91)		(0.2)	%	(315)		—		(315)		(0.8)	%	71.1	%	71.1	%
Philadelphia, PA Area	3	648	463		—		463		1.0	%	350		—		350		0.9	%	32.3	%	32.3	%
San Diego, CA Area	2	410	1,860		—		1,860		4.2	%	1,823		—		1,823		4.5	%	2.0	%	2.0	%
San Francisco - Oakland, CA Metro Area	7	1,547	1,526		—		1,526		3.4	%	2,546		—		2,546		6.3	%	(40.1)	%	(40.1)	%
Tampa, FL Area	2	571	724		—		724		1.6	%	402		—		402		1.0	%	80.1	%	80.1	%
Washington D.C. - MD - VA Area	9	2,426	5,876		—		5,876		13.1	%	3,711		218		3,929		9.8	%	58.3	%	49.6	%
Other Areas	36	6,672	12,418		160		12,578		28.0	%	16,164		(1,033)		15,131		37.6	%	(23.2)	%	(16.9)	%
Total Portfolio	100	22,316	$	44,644	$	160	$	44,804	100.0	%	$	40,944	$	(783)	$	40,161	100.0	%	9.0	%	11.6	%

NOTES:

(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 NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	7,078	$	—	$	7,078	4.9	%	$	4,078	$	(213)	$	3,865	4.0	%	73.6	%	83.1	%
Boston, MA Area	2	705	7,036		—		7,036		4.9	%	4,568		—		4,568		4.7	%	54.0	%	54.0	%
Dallas / Ft. Worth, TX Area	7	1,526	8,199		—		8,199		5.7	%	4,881		—		4,881		5.0	%	68.0	%	68.0	%
Houston, TX Area	3	692	3,329		—		3,329		2.3	%	1,420		—		1,420		1.5	%	134.4	%	134.4	%
Los Angeles, CA Metro Area	6	1,619	15,188		—		15,188		10.6	%	9,892		—		9,892		10.2	%	53.5	%	53.5	%
Miami, FL Metro Area	2	414	3,523		—		3,523		2.5	%	2,811		—		2,811		2.9	%	25.3	%	25.3	%
Minneapolis - St. Paul, MN Area	2	520	(249)		—		(249)		(0.2)	%	(1,469)		—		(1,469)		(1.5)	%	83.0	%	83.0	%
Nashville, TN Area	1	673	18,114		—		18,114		12.6	%	15,775		—		15,775		16.3	%	14.8	%	14.8	%
New York / New Jersey Metro Area	6	1,743	3,315		—		3,315		2.3	%	(3,552)		—		(3,552)		(3.7)	%	193.3	%	193.3	%
Orlando, FL Area	2	524	2,755		—		2,755		1.9	%	1,219		—		1,219		1.3	%	126.0	%	126.0	%
Philadelphia, PA Area	3	648	322		—		322		0.2	%	298		—		298		0.3	%	8.1	%	8.1	%
San Diego, CA Area	2	410	4,079		—		4,079		2.8	%	3,855		—		3,855		4.0	%	5.8	%	5.8	%
San Francisco - Oakland, CA Metro Area	7	1,547	2,796		—		2,796		1.9	%	529		—		529		0.5	%	428.5	%	428.5	%
Tampa, FL Area	2	571	7,126		—		7,126		5.0	%	3,844		—		3,844		4.0	%	85.4	%	85.4	%
Washington D.C. - MD - VA Area	9	2,426	19,980		—		19,980		13.9	%	9,080		218		9,298		9.6	%	120.0	%	114.9	%
Other Areas	36	6,672	40,888		(88)		40,800		28.7	%	39,350		271		39,621		40.9	%	3.9	%	3.0	%
Total Portfolio	100	22,316	$	143,479	$	(88)	$	143,391	100.0	%	$	96,579	$	276	$	96,855	100.0	%	48.6	%	48.0	%

NOTES:

(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 September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	6,242	$	—	$	6,242	6.4	%	$	6,031	$	972	$	7,003	7.4	%	3.5	%	(10.9)	%
Boston, MA Area	2	705	9,050		—		9,050		9.3	%	7,067		—		7,067		7.4	%	28.1	%	28.1	%
Dallas / Ft. Worth, TX Area	7	1,526	5,315		—		5,315		5.4	%	5,400		—		5,400		5.7	%	(1.6)	%	(1.6)	%
Houston, TX Area	3	692	2,393		—		2,393		2.5	%	1,767		—		1,767		1.9	%	35.4	%	35.4	%
Los Angeles, CA Metro Area	6	1,619	7,599		—		7,599		7.8	%	5,281		—		5,281		5.6	%	43.9	%	43.9	%
Miami, FL Metro Area	2	414	726		—		726		0.7	%	1,014		—		1,014		1.1	%	(28.4)	%	(28.4)	%
Minneapolis - St. Paul, MN Area	2	520	1,474		—		1,474		1.5	%	1,393		—		1,393		1.5	%	5.8	%	5.8	%
Nashville, TN Area	1	673	8,649		—		8,649		8.9	%	7,489		—		7,489		7.9	%	15.5	%	15.5	%
New York / New Jersey Metro Area	6	1,743	6,646		—		6,646		6.8	%	5,115		—		5,115		5.4	%	29.9	%	29.9	%
Orlando, FL Area	2	524	967		—		967		1.0	%	1,144		—		1,144		1.2	%	(15.5)	%	(15.5)	%
Philadelphia, PA Area	3	648	1,206		—		1,206		1.2	%	1,466		—		1,466		1.5	%	(17.7)	%	(17.7)	%
San Diego, CA Area	2	410	2,465		—		2,465		2.5	%	2,467		—		2,467		2.6	%	(0.1)	%	(0.1)	%
San Francisco - Oakland, CA Metro Area	7	1,547	5,131		—		5,131		5.3	%	6,587		—		6,587		6.9	%	(22.1)	%	(22.1)	%
Tampa, FL Area	2	571	1,632		—		1,632		1.7	%	1,532		—		1,532		1.6	%	6.5	%	6.5	%
Washington D.C. - MD - VA Area	9	2,426	11,317		—		11,317		11.6	%	10,925		219		11,144		11.7	%	3.6	%	1.6	%
Other Areas	36	6,672	26,654		194		26,848		27.4	%	30,214		(1,059)		29,155		30.6	%	(11.8)	%	(7.9)	%
Total Portfolio	100	22,316	$	97,466	$	194	$	97,660	100.0	%	$	94,892	$	132	$	95,024	100.0	%	2.7	%	2.8	%

NOTES:

(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)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	20,459	$	—	$	20,459	6.7	%	$	15,614	$	2,614	$	18,228	6.9	%	31.0	%	12.2	%
Boston, MA Area	2	705	20,175		—		20,175		6.6	%	15,196		—		15,196		5.8	%	32.8	%	32.8	%
Dallas / Ft. Worth, TX Area	7	1,526	19,867		—		19,867		6.5	%	16,962		—		16,962		6.4	%	17.1	%	17.1	%
Houston, TX Area	3	692	7,782		—		7,782		2.5	%	5,427		—		5,427		2.1	%	43.4	%	43.4	%
Los Angeles, CA Metro Area	6	1,619	23,698		—		23,698		7.8	%	19,084		—		19,084		7.2	%	24.2	%	24.2	%
Miami, FL Metro Area	2	414	7,740		—		7,740		2.5	%	7,576		—		7,576		2.9	%	2.2	%	2.2	%
Minneapolis - St. Paul, MN Area	2	520	2,192		—		2,192		0.7	%	1,060		—		1,060		0.4	%	106.8	%	106.8	%
Nashville, TN Area	1	673	25,666		—		25,666		8.4	%	23,379		—		23,379		8.9	%	9.8	%	9.8	%
New York / New Jersey Metro Area	6	1,743	15,512		—		15,512		5.1	%	9,286		—		9,286		3.5	%	67.0	%	67.0	%
Orlando, FL Area	2	524	5,918		—		5,918		1.9	%	5,392		—		5,392		2.0	%	9.8	%	9.8	%
Philadelphia, PA Area	3	648	3,382		—		3,382		1.1	%	3,470		—		3,470		1.3	%	(2.5)	%	(2.5)	%
San Diego, CA Area	2	410	5,947		—		5,947		1.9	%	5,824		—		5,824		2.2	%	2.1	%	2.1	%
San Francisco - Oakland, CA Metro Area	7	1,547	14,598		—		14,598		4.8	%	12,687		—		12,687		4.8	%	15.1	%	15.1	%
Tampa, FL Area	2	571	9,946		—		9,946		3.3	%	7,468		—		7,468		2.8	%	33.2	%	33.2	%
Washington D.C. - MD - VA Area	9	2,426	39,053		—		39,053		12.8	%	30,186		218		30,404		11.5	%	29.4	%	28.4	%
Other Areas	36	6,672	83,768		10		83,778		27.4	%	83,218		(993)		82,225		31.3	%	0.7	%	1.9	%
Total Portfolio	100	22,316	$	305,703	$	10	$	305,713	100.0	%	$	261,829	$	1,839	$	263,668	100.0	%	16.8	%	15.9	%

NOTES:

(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

September 30, 2023

(in thousands, except share price)

(unaudited)



	September 30, 2023
Common stock shares outstanding	34,513
Partnership units outstanding	2,063
Combined common stock shares and partnership units outstanding	36,576
Common stock price	$	2.39
Market capitalization	$	87,417
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
Series J redeemable preferred stock	$	65,720
Series K redeemable preferred stock	$	3,856
Indebtedness	$	3,591,235

Net working capital (see below)	$	(270,962)
Total enterprise value (TEV)	$	3,640,236






Cash and cash equivalents	$	184,737
Restricted cash	$	157,903
Accounts receivable, net	$	73,940
Prepaid expenses	$	15,325

Due from third-party hotel managers, net	$	23,011

Total current assets	$	454,916

Accounts payable, net & accrued expenses	$	175,771
Dividends and distributions payable	$	3,568
Due to affiliates, net	$	4,615
Total current liabilities	$	183,954

Net working capital	$	270,962

Amounts include assets held for sale and liabilities associated with assets held for sale.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Crowne Plaza La Concha Key West

160

Embassy Suites Crystal City

269

Hampton Inn Evansville

140

Le Pavillon New Orleans

226

Marriott Sugar Land

300

Residence Inn Hartford Manchester

Residence Inn Phoenix Airport

200

Ritz-Carlton Atlanta

444

SpringHill Suites Buford Mall of Georgia

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2023		2023		2023		2022		September 30, 2023
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	44,644	$	64,836	$	33,999	$	25,332	$	168,811
Non-property adjustments	(33)		(9)		(8)		(127)		(177)
Interest income	(383)		(248)		(100)		(97)		(828)
Interest expense	4,234		5,137		5,580		4,559		19,510
Amortization of loan costs	219		262		282		358		1,121
Depreciation and amortization	45,905		47,065		47,684		49,181		189,835
Income tax expense (benefit)	89		66		22		53		230
Non-hotel EBITDA ownership expense	2,791		368		3,301		5,372		11,832
Hotel EBITDA including amounts attributable to noncontrolling interest	97,466		117,477		90,760		84,631		390,334
Non-comparable adjustments	194		(123)		(61)		900		910
Comparable hotel EBITDA	$	97,660	$	117,354	$	90,699	$	85,531	$	391,244

NOTES:

(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 September 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	45,671	$	(1,027)	$	44,644	$	5,130	$	(114,225)	$	(64,451)



Non-property adjustments	(33)		—		(33)		(6,389)		6,422		—
Interest income	(327)		(56)		(383)		—		383		—
Interest expense	3,359		875		4,234		—		91,897		96,131
Amortization of loan cost	185		34		219		—		3,030		3,249
Depreciation and amortization	42,037		3,868		45,905		—		49		45,954
Income tax expense (benefit)	89		—		89		—		38		127
Non-hotel EBITDA ownership expense	2,704		87		2,791		3		(2,794)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	93,685		3,781		97,466		(1,256)		(15,200)		81,010



Equity in (earnings) loss of unconsolidated entities	—		—		—		—		138		138

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		217		217
Hotel EBITDA attributable to the Company and OP unitholders	$	93,685	$	3,781	$	97,466	$	(1,256)	$	(14,845)	$	81,365
Non-comparable adjustments	194		—		194
Comparable hotel EBITDA	$	93,879	$	3,781	$	97,660

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2023
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	64,836	$	(46)	$	(89,745)	$	(24,955)



Non-property adjustments	(9)		—		9		—
Interest income	(248)		—		248		—
Interest expense	5,137		—		80,839		85,976
Amortization of loan cost	262		—		3,352		3,614
Depreciation and amortization	47,065		41		48		47,154
Income tax expense (benefit)	66		—		1,996		2,062
Non-hotel EBITDA ownership expense	368		6		(374)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	117,477		1		(3,627)		113,851



Equity in (earnings) loss of unconsolidated entities	—		—		181		181

Company's portion of EBITDA of unconsolidated entities	—		—		157		157
Hotel EBITDA attributable to the Company and OP unitholders	$	117,477	$	1	$	(3,289)	$	114,189
Non-comparable adjustments	(123)
Comparable hotel EBITDA	$	117,354

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2023
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	33,999	$	46	$	(95,567)	$	(61,522)



Non-property adjustments	(8)		—		8		—
Interest income	(100)		—		100		—
Interest expense	5,580		—		73,164		78,744
Amortization of loan cost	282		—		2,489		2,771
Depreciation and amortization	47,684		123		48		47,855
Income tax expense (benefit)	22		—		199		221
Non-hotel EBITDA ownership expense	3,301		9		(3,310)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	90,760		178		(22,869)		68,069



Equity in (earnings) loss of unconsolidated entities	—		—		396		396

Company's portion of EBITDA of unconsolidated entities	—		—		(69)		(69)
Hotel EBITDA attributable to the Company and OP unitholders	$	90,760	$	178	$	(22,542)	$	68,396
Non-comparable adjustments	(61)
Comparable hotel EBITDA	$	90,699

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2022
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	25,332	$	(5)	$	(82,014)	$	(56,687)



Non-property adjustments	(127)		—		127		—
Interest income	(97)		—		97		—
Interest expense	4,559		—		67,103		71,662
Amortization of loan cost	358		—		2,000		2,358
Depreciation and amortization	49,181		124		48		49,353
Income tax expense (benefit)	53		—		(4,057)		(4,004)
Non-hotel EBITDA ownership expense	5,372		22		(5,394)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	84,631		141		(22,090)		62,682



Equity in (earnings) loss of unconsolidated entities	—		—		353		353

Company's portion of EBITDA of unconsolidated entities	—		—		(222)		(222)
Hotel EBITDA attributable to the Company and OP unitholders	$	84,631	$	141	$	(21,959)	$	62,813
Non-comparable adjustments	900
Comparable hotel EBITDA	$	85,531

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	40,518	$	426	$	40,944	$	(30)	$	(63,237)	$	(22,323)



Non-property adjustments	1		—		1		—		(1)		—
Interest income	(39)		(8)		(47)		—		47		—
Interest expense	3,067		489		3,556		—		54,955		58,511
Amortization of loan cost	340		107		447		—		2,065		2,512
Depreciation and amortization	45,236		4,020		49,256		122		50		49,428
Income tax expense (benefit)	116		—		116		—		4,541		4,657
Non-hotel EBITDA ownership expense	568		51		619		9		(628)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	89,807		5,085		94,892		101		(2,208)		92,785



Equity in (earnings) loss of unconsolidated entities	—		—		—		—		147		147

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(148)		(148)
Hotel EBITDA attributable to the Company and OP unitholders	$	89,807	$	5,085	$	94,892	$	101	$	(2,209)	$	92,784
Non-comparable adjustments	132		—		132
Comparable hotel EBITDA	$	89,939	$	5,085	$	95,024

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	137,971	$	5,508	$	143,479	$	5,130	$	(299,539)	$	(150,930)
Non-property adjustments	(50)		—		(50)		(6,389)		6,439		—
Interest income	(614)		(117)		(731)		—		731		—
Interest expense	12,449		2,502		14,951		—		245,900		260,851
Amortization of loan cost	663		100		763		—		8,871		9,634
Depreciation and amortization	129,115		11,539		140,654		164		145		140,963
Income tax expense (benefit)	177		—		177		—		2,233		2,410
Non-hotel EBITDA ownership expense	6,213		247		6,460		18		(6,478)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	285,924		19,779		305,703		(1,077)		(41,698)		262,928

Equity in (earnings) loss of unconsolidated entities	—		—		—		—		715		715

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		305		305
Hotel EBITDA attributable to the Company and OP unitholders	$	285,924	$	19,779	$	305,703	$	(1,077)	$	(40,678)	$	263,948
Non-comparable adjustments	10		—		10
Comparable hotel EBITDA	$	285,934	$	19,779	$	305,713

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	90,521	$	6,058	$	96,579	$	696	$	(181,646)	$	(84,371)
Non-property adjustments	14		—		14		(273)		259		—
Interest income	(90)		(12)		(102)		(1)		103		—
Interest expense	7,345		1,126		8,471		—		137,190		145,661
Amortization of loan cost	1,014		315		1,329		—		5,985		7,314
Depreciation and amortization	139,586		12,334		151,920		377		147		152,444
Income tax expense (benefit)	215		—		215		—		10,125		10,340
Non-hotel EBITDA ownership expense	3,201		202		3,403		46		(3,449)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	241,806		20,023		261,829		845		(31,286)		231,388

Equity in (earnings) loss of unconsolidated entities	—		—		—		—		451		451

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(452)		(452)
Hotel EBITDA attributable to the Company and OP unitholders	$	241,806	$	20,023	$	261,829	$	845	$	(31,287)	$	231,387
Non-comparable adjustments	1,839		—		1,839
Comparable hotel EBITDA	$	243,645	$	20,023	$	263,668

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,932	$	4,568	$	1,435	$	1,014	$	3,911	$	(639)	$	678	$	6,252	$	2,717



Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(37)		(52)		(5)		—		(37)		(10)		—		(14)		(16)
Interest expense	818		2,321		—		—		—		—		—		—		—
Amortization of loan costs	6		141		—		—		—		—		—		—		—
Depreciation and amortization	3,456		2,016		3,755		1,286		2,491		1,270		754		2,432		3,819
Income tax expense (benefit)	—		—		—		—		—		—		—		26		—
Non-hotel EBITDA ownership expense	67		56		130		93		1,234		105		42		(47)		126

Hotel EBITDA including amounts attributable to noncontrolling interest	6,242		9,050		5,315		2,393		7,599		726		1,474		8,649		6,646
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,242	$	9,050	$	5,315	$	2,393	$	7,599	$	726	$	1,474	$	8,649	$	6,646

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(91)	$	463	$	1,860	$	1,526	$	724	$	5,876	$	12,418	$	44,644



Non-property adjustments	—		—		—		—		—		—		(33)		(33)
Interest income	(19)		(8)		(17)		(11)		—		(116)		(41)		(383)
Interest expense	—		—		—		220		—		—		875		4,234
Amortization of loan costs	—		—		—		39		—		—		33		219
Depreciation and amortization	1,033		743		590		3,298		905		5,460		12,597		45,905
Income tax expense (benefit)	—		—		—		—		—		—		63		89
Non-hotel EBITDA ownership expense	44		8		32		59		3		97		742		2,791

Hotel EBITDA including amounts attributable to noncontrolling interest	967		1,206		2,465		5,131		1,632		11,317		26,654		97,466
Non-comparable adjustments	—		—		—		—		—		—		194		194
Comparable hotel EBITDA	$	967	$	1,206	$	2,465	$	5,131	$	1,632	$	11,317	$	26,848	$	97,660

NOTES:

(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 September 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,153	$	3,241	$	1,436	$	523	$	2,633	$	(641)	$	584	$	5,386	$	948



Non-property adjustments	—		—		—		—		—		—		—		(18)		—
Interest income	(1)		—		(1)		—		(4)		—		—		—		(1)
Interest expense	184		1,506		—		—		—		—		—		—		—
Amortization of loan costs	8		134		—		—		—		—		—		—		—
Depreciation and amortization	3,627		2,168		3,880		1,190		2,891		1,552		793		2,522		4,044
Income tax expense (benefit)	—		—		—		—		—		—		—		20		—
Non-hotel EBITDA ownership expense	60		18		85		54		(239)		103		16		(421)		124

Hotel EBITDA including amounts attributable to noncontrolling interest	6,031		7,067		5,400		1,767		5,281		1,014		1,393		7,489		5,115
Non-comparable adjustments	972		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	7,003	$	7,067	$	5,400	$	1,767	$	5,281	$	1,014	$	1,393	$	7,489	$	5,115

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(315)	$	350	$	1,823	$	2,546	$	402	$	3,711	$	16,164	$	40,944



Non-property adjustments	—		—		—		—		—		—		19		1
Interest income	(5)		(1)		(2)		(13)		—		(9)		(10)		(47)
Interest expense	—		—		—		227		—		839		800		3,556
Amortization of loan costs	—		—		—		38		—		67		200		447
Depreciation and amortization	1,260		1,091		614		3,634		1,057		6,167		12,766		49,256
Income tax expense (benefit)	—		—		—		—		—		—		96		116
Non-hotel EBITDA ownership expense	204		26		32		155		73		150		179		619

Hotel EBITDA including amounts attributable to noncontrolling interest	1,144		1,466		2,467		6,587		1,532		10,925		30,214		94,892
Non-comparable adjustments	—		—		—		—		—		219		(1,059)		132
Comparable hotel EBITDA	$	1,144	$	1,466	$	2,467	$	6,587	$	1,532	$	11,144	$	29,155	$	95,024

NOTES:

(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)


	Nine Months Ended September 30, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	7,078	$	7,036	$	8,199	$	3,329	$	15,188	$	3,523	$	(249)	$	18,114	$	3,315
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(76)		(95)		(12)		—		(78)		(18)		—		(14)		(32)
Interest expense	2,407		6,577		—		—		—		—		—		—		—
Amortization of loan costs	17		417		—		—		—		—		—		—		—
Depreciation and amortization	10,678		6,093		11,463		3,790		7,633		4,100		2,298		7,468		11,808
Income tax expense (benefit)	—		—		—		—		—		—		—		74		—
Non-hotel EBITDA ownership expense	355		147		217		663		955		135		143		24		421
Hotel EBITDA including amounts attributable to noncontrolling interest	20,459		20,175		19,867		7,782		23,698		7,740		2,192		25,666		15,512
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	20,459	$	20,175	$	19,867	$	7,782	$	23,698	$	7,740	$	2,192	$	25,666	$	15,512

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	2,755	$	322	$	4,079	$	2,796	$	7,126	$	19,980	$	40,888	$	143,479
Non-property adjustments	—		—		—		—		—		23		(73)		(50)
Interest income	(52)		(17)		(37)		(39)		—		(174)		(87)		(731)
Interest expense	—		—		—		656		—		1,943		3,368		14,951
Amortization of loan costs	—		—		—		115		—		114		100		763
Depreciation and amortization	3,228		2,606		1,775		10,107		2,775		16,939		37,893		140,654
Income tax expense (benefit)	—		—		—		—		—		—		103		177
Non-hotel EBITDA ownership expense	(13)		471		130		963		45		228		1,576		6,460
Hotel EBITDA including amounts attributable to noncontrolling interest	5,918		3,382		5,947		14,598		9,946		39,053		83,768		305,703
Non-comparable adjustments	—		—		—		—		—		—		10		10
Comparable hotel EBITDA	$	5,918	$	3,382	$	5,947	$	14,598	$	9,946	$	39,053	$	83,778	$	305,713

NOTES:

(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)


	Nine Months Ended September 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	4,078	$	4,568	$	4,881	$	1,420	$	9,892	$	2,811	$	(1,469)	$	15,775	$	(3,552)
Non-property adjustments	—		—		—		—		—		—		—		(18)		—
Interest income	(1)		(10)		(2)		—		(11)		—		—		—		(11)
Interest expense	407		3,605		—		—		—		—		—		—		—
Amortization of loan costs	24		399		—		—		—		—		—		—		—
Depreciation and amortization	11,146		6,601		11,814		3,548		9,146		4,592		2,466		7,540		12,200
Income tax expense (benefit)	—		—		—		—		—		—		—		42		—
Non-hotel EBITDA ownership expense	(40)		33		269		459		57		173		63		40		649
Hotel EBITDA including amounts attributable to noncontrolling interest	15,614		15,196		16,962		5,427		19,084		7,576		1,060		23,379		9,286
Non-comparable adjustments	2,614		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	18,228	$	15,196	$	16,962	$	5,427	$	19,084	$	7,576	$	1,060	$	23,379	$	9,286

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,219	$	298	$	3,855	$	529	$	3,844	$	9,080	$	39,350	$	96,579
Non-property adjustments	—		—		—		—		—		—		32		14
Interest income	(8)		(1)		(3)		(17)		—		(18)		(20)		(102)
Interest expense	—		—		—		677		—		1,846		1,936		8,471
Amortization of loan costs	—		—		—		113		—		197		596		1,329
Depreciation and amortization	3,964		3,485		1,882		10,989		3,473		18,893		40,181		151,920
Income tax expense (benefit)	—		—		—		—		—		—		173		215
Non-hotel EBITDA ownership expense	217		(312)		90		396		151		188		970		3,403
Hotel EBITDA including amounts attributable to noncontrolling interest	5,392		3,470		5,824		12,687		7,468		30,186		83,218		261,829
Non-comparable adjustments	—		—		—		—		—		218		(993)		1,839
Comparable hotel EBITDA	$	5,392	$	3,470	$	5,824	$	12,687	$	7,468	$	30,404	$	82,225	$	263,668

NOTES:

(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 September 30, 2023
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	6,500	$	1,920	$	7,360	$	20,915	$	5,197	$	4,227	$	49,240	$	23,949	$	13,908	$	3,737	$	839
Non-property adjustments	—		—		(76)		—		—		(25)		(203)		(32)		—		—		—
Interest income	(100)		(48)		(19)		—		—		(32)		(183)		(115)		(202)		(52)		—
Interest expense	—		—		—		—		—		—		—		—		3		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	6,839		6,130		12,114		6,463		12,318		13,550		49,315		18,765		17,390		4,364		2,255
Income tax expense (benefit)	—		—		—		—		1		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	307		308		413		495		1,076		427		4,729		1,842		1,083		86		51
Hotel EBITDA including amounts attributable to noncontrolling interest	13,546		8,310		19,792		27,873		18,592		18,147		102,898		44,409		32,182		8,135		3,145
Non-comparable adjustments	—		—		—		—		(2)		—		—		—		—		—		—
Comparable hotel EBITDA	$	13,546	$	8,310	$	19,792	$	27,873	$	18,590	$	18,147	$	102,898	$	44,409	$	32,182	$	8,135	$	3,145

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	564	$	25,721	$	(619)	$	152	$	(700)	$	2,051	$	8,471	$	(31)	$	(6,713)	$	690	$	815
Non-property adjustments	—		(6)		24		—		—		—		—		—		272		—		—
Interest income	—		(14)		—		—		—		—		(63)		—		—		—		—
Interest expense	—		—		4,323		—		1,145		8,445		—		—		3,133		—		—
Amortization of loan costs	—		—		181		—		26		552		—		—		209		—		—
Depreciation and amortization	960		12,792		5,057		349		1,512		4,770		6,554		1,319		3,722		367		397
Income tax expense (benefit)	—		90		—		—		—		—		—		—		—		47		92
Non-hotel EBITDA ownership expense	231		219		82		18		12		136		54		16		103		5		4
Hotel EBITDA including amounts attributable to noncontrolling interest	1,755		38,802		9,048		519		1,995		15,954		15,016		1,304		726		1,109		1,308
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,755	$	38,802	$	9,048	$	519	$	1,995	$	15,954	$	15,016	$	1,304	$	726	$	1,109	$	1,308

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(424)	$	98	$	944	$	168,811
Non-property adjustments	—		(132)		1		(177)
Interest income	—		—		—		(828)
Interest expense	881		—		1,580		19,510
Amortization of loan costs	153		—		—		1,121
Depreciation and amortization	2,110		(3)		426		189,835
Income tax expense (benefit)	—		—		—		230
Non-hotel EBITDA ownership expense	114		(2)		23		11,832
Hotel EBITDA including amounts attributable to noncontrolling interest	2,834		(39)		2,974		390,334
Non-comparable adjustments	—		39		873		910
Comparable hotel EBITDA	$	2,834	$	—	$	3,847	$	391,244

NOTES:

(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 September 30, 2023
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	835	$	792	$	1,665	$	6,775	$	4,112	$	1,350	$	11,860	$	5,036	$	1,707	$	150	$	335
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(40)		(18)		(10)		—		—		(16)		(97)		(46)		(58)		(21)		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,700		1,504		2,747		1,364		2,911		3,286		11,893		4,669		4,334		1,043		586
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	28		132		81		139		(136)		130		600		544		1,004		47		16
Hotel EBITDA including amounts attributable to noncontrolling interest	2,523		2,410		4,483		8,278		6,887		4,750		24,256		10,203		6,987		1,219		937
Non-comparable adjustments	—		—		—		—		189		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,523	$	2,410	$	4,483	$	8,278	$	7,076	$	4,750	$	24,256	$	10,203	$	6,987	$	1,219	$	937

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	172	$	6,961	$	1,054	$	(226)	$	(358)	$	2,162	$	1,580	$	(74)	$	(2,663)	$	263	$	301
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		(14)		—		—		—		—		(63)		—		—		—		—
Interest expense	—		—		—		—		315		2,321		—		—		875		—		—
Amortization of loan costs	—		—		—		—		6		140		—		—		34		—		—
Depreciation and amortization	237		3,055		1,314		84		352		1,177		1,545		282		968		91		98
Income tax expense (benefit)	—		26		—		—		—		—		—		—		—		25		38
Non-hotel EBITDA ownership expense	14		(38)		56		10		2		65		4		5		55		(2)		(1)
Hotel EBITDA including amounts attributable to noncontrolling interest	423		9,990		2,424		(132)		317		5,865		3,066		213		(731)		377		436
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	423	$	9,990	$	2,424	$	(132)	$	317	$	5,865	$	3,066	$	213	$	(731)	$	377	$	436

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	483	$	31	$	341	$	44,644
Non-property adjustments	—		(33)		—		(33)
Interest income	—		—		—		(383)
Interest expense	220		—		503		4,234
Amortization of loan costs	39		—		—		219
Depreciation and amortization	532		—		133		45,905
Income tax expense (benefit)	—		—		—		89
Non-hotel EBITDA ownership expense	25		—		11		2,791
Hotel EBITDA including amounts attributable to noncontrolling interest	1,299		(2)		988		97,466
Non-comparable adjustments	—		2		3		194
Comparable hotel EBITDA	$	1,299	$	—	$	991	$	97,660

NOTES:

(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 June 30, 2023
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	2,028	$	1,328	$	2,437	$	6,336	$	3,486	$	1,543	$	19,043	$	7,798	$	5,123	$	1,256	$	319
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(28)		(12)		(6)		—		—		(10)		(86)		(34)		(56)		(16)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,741		1,528		3,018		1,429		3,016		3,366		12,188		4,690		4,343		1,087		619
Income tax expense (benefit)	—		—		—		—		1		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	47		(25)		70		56		191		63		180		82		(213)		(58)		9
Hotel EBITDA including amounts attributable to noncontrolling interest	3,788		2,819		5,519		7,821		6,694		4,962		31,325		12,536		9,198		2,269		947
Non-comparable adjustments	—		—		—		—		(111)		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,788	$	2,819	$	5,519	$	7,821	$	6,583	$	4,962	$	31,325	$	12,536	$	9,198	$	2,269	$	947

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	67	$	8,159	$	737	$	120	$	(55)	$	2,588	$	3,353	$	61	$	(1,662)	$	225	$	283
Non-property adjustments	—		—		24		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		1,101		—		302		2,181		—		—		831		—		—
Amortization of loan costs	—		—		46		—		6		139		—		—		33		—		—
Depreciation and amortization	233		3,217		1,282		85		383		1,175		1,592		304		927		90		89
Income tax expense (benefit)	—		27		—		—		—		—		—		—		—		9		29
Non-hotel EBITDA ownership expense	(7)		31		(26)		4		(101)		34		7		4		10		2		2
Hotel EBITDA including amounts attributable to noncontrolling interest	293		11,434		3,164		209		535		6,117		4,952		369		139		326		403
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	293	$	11,434	$	3,164	$	209	$	535	$	6,117	$	4,952	$	369	$	139	$	326	$	403

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(47)	$	49	$	261	$	64,836
Non-property adjustments	—		(33)		—		(9)
Interest income	—		—		—		(248)
Interest expense	219		—		502		5,137
Amortization of loan costs	38		—		—		262
Depreciation and amortization	531		—		132		47,065
Income tax expense (benefit)	—		—		—		66
Non-hotel EBITDA ownership expense	—		(5)		11		368
Hotel EBITDA including amounts attributable to noncontrolling interest	741		11		906		117,477
Non-comparable adjustments	—		(11)		(1)		(123)
Comparable hotel EBITDA	$	741	$	—	$	905	$	117,354

NOTES:

(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 March 31, 2023
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	2,807	$	(231)	$	2,568	$	4,336	$	(1,526)	$	(34)	$	11,888	$	6,919	$	3,497	$	1,548	$	122
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(18)		(9)		(2)		—		—		(3)		—		(19)		(41)		(8)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,697		1,533		3,119		1,834		3,127		3,389		12,376		4,527		4,310		1,104		560
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	55		93		44		58		796		70		699		714		212		11		13
Hotel EBITDA including amounts attributable to noncontrolling interest	4,541		1,386		5,729		6,228		2,397		3,422		24,963		12,141		7,979		2,655		695
Non-comparable adjustments	—		—		—		—		(80)		—		—		—		—		—		—
Comparable hotel EBITDA	$	4,541	$	1,386	$	5,729	$	6,228	$	2,317	$	3,422	$	24,963	$	12,141	$	7,979	$	2,655	$	695

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	311	$	5,381	$	(1,888)	$	21	$	(216)	$	(2,195)	$	1,927	$	84	$	(1,366)	$	87	$	100
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		1,705		—		281		2,075		—		—		796		—		—
Amortization of loan costs	—		—		68		—		6		137		—		—		33		—		—
Depreciation and amortization	229		3,247		1,245		87		390		1,189		1,652		338		910		89		94
Income tax expense (benefit)	—		22		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	216		117		16		2		50		19		14		3		22		3		3
Hotel EBITDA including amounts attributable to noncontrolling interest	756		8,767		1,146		110		511		1,225		3,593		425		395		179		197
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	756	$	8,767	$	1,146	$	110	$	511	$	1,225	$	3,593	$	425	$	395	$	179	$	197

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(444)	$	(9)	$	312	$	33,999
Non-property adjustments	—		(8)		—		(8)
Interest income	—		—		—		(100)
Interest expense	217		—		505		5,580
Amortization of loan costs	38		—		—		282
Depreciation and amortization	507		(5)		136		47,684
Income tax expense (benefit)	—		—		—		22
Non-hotel EBITDA ownership expense	68		3		—		3,301
Hotel EBITDA including amounts attributable to noncontrolling interest	386		(19)		953		90,760
Non-comparable adjustments	—		19		—		(61)
Comparable hotel EBITDA	$	386	$	—	$	953	$	90,699

NOTES:

(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, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	830	$	31	$	690	$	3,468	$	(875)	$	1,368	$	6,449	$	4,196	$	3,581	$	783	$	63
Non-property adjustments	—		—		(76)		—		—		(25)		(203)		(32)		—		—		—
Interest income	(14)		(9)		(1)		—		—		(3)		—		(16)		(47)		(7)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,701		1,565		3,230		1,836		3,264		3,509		12,858		4,879		4,403		1,130		490
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	177		108		218		242		225		164		3,250		502		80		86		13
Hotel EBITDA including amounts attributable to noncontrolling interest	2,694		1,695		4,061		5,546		2,614		5,013		22,354		9,529		8,018		1,992		566
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,694	$	1,695	$	4,061	$	5,546	$	2,614	$	5,013	$	22,354	$	9,529	$	8,018	$	1,992	$	566

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	14	$	5,220	$	(522)	$	237	$	(71)	$	(504)	$	1,611	$	(102)	$	(1,022)	$	115	$	131
Non-property adjustments	—		(6)		—		—		—		—		—		—		272		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		1,517		—		247		1,868		—		—		631		—		—
Amortization of loan costs	—		—		67		—		8		136		—		—		109		—		—
Depreciation and amortization	261		3,273		1,216		93		387		1,229		1,765		395		917		97		116
Income tax expense (benefit)	—		15		—		—		—		—		—		—		—		13		25
Non-hotel EBITDA ownership expense	8		109		36		2		61		18		29		4		16		2		—
Hotel EBITDA including amounts attributable to noncontrolling interest	283		8,611		2,314		332		632		2,747		3,405		297		923		227		272
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	283	$	8,611	$	2,314	$	332	$	632	$	2,747	$	3,405	$	297	$	923	$	227	$	272

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(416)	$	27	$	30	$	25,332
Non-property adjustments	—		(58)		1		(127)
Interest income	—		—		—		(97)
Interest expense	225		—		70		4,559
Amortization of loan costs	38		—		—		358
Depreciation and amortization	540		2		25		49,181
Income tax expense (benefit)	—		—		—		53
Non-hotel EBITDA ownership expense	21		—		1		5,372
Hotel EBITDA including amounts attributable to noncontrolling interest	408		(29)		127		84,631
Non-comparable adjustments	—		29		871		900
Comparable hotel EBITDA	$	408	$	—	$	998	$	85,531

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Document and Entity Information	Nov. 07, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 07, 2023
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC.
Entity Central Index Key	0001232582
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity File Number	001-31775
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway, Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Preferred Stock, Series G
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Preferred Stock, Series H
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Preferred Stock, Series I
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE