Ashford Hospitality Trust (AHT) Announces Preliminary First Quarter 2022 Results

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April 25, 2022 5:26 PM EDT

Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today its preliminary expectations for net loss attributable to common stockholders, Adjusted EBITDAre, and Adjusted FFO for the first quarter ended March 31, 2022.

The Company reported today a preliminary estimated range of net loss attributable to common stockholders of approximately $(58.8) million to $(56.8) million, a preliminary estimated range of Adjusted EBITDAre of $40.0 million to $42.0 million, and a preliminary estimated range of Adjusted FFO available to common stockholders and OP unitholders of $(1.8) million to $0.2 million for the first quarter ended March 31, 2022. Final results for the first quarter ended March 31, 2022 will be released on May 3, 2022, as previously announced.

"We are excited to report these preliminary results for the first quarter, which were driven by strong leisure and transient demand across our portfolio," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Hotel performance within our portfolio improved each month in the first quarter and we remain optimistic about both the trajectory of the industry recovery and the outlook for our Company."

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 used in this press release, which should not be relied upon as a substitute for GAAP measures, are FFO, AFFO, EBITDA, EBITDAre and Adjusted EBITDAre. 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.

The following tables are reconciliations of the Company's preliminary estimated GAAP net income (loss) to the Company's preliminary estimated EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Adjusted FFO:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre(in millions)(unaudited)

Three Months Ended March 31, 2022

Low End

High End

Net income (loss)

$ (56.1)

$ (54.1)

Interest expense and amortization of discounts and loan costs, net

43.6

43.6

Depreciation and amortization

52.1

52.1

Income tax expense (benefit)

0.1

0.1

Equity in (earnings) loss of unconsolidated entities

0.2

0.2

Company's portion of EBITDA of unconsolidated entities

(0.2)

(0.2)

EBITDA

39.7

41.7

(Gain) loss on disposition of assets and hotel properties

(0.1)

(0.1)

EBITDAre

39.6

41.6

Amortization of unfavorable contract liabilities

0.1

0.1

Write-off of premiums, loan costs and exit fees

0.7

0.7

Other (income) expense, net

(0.1)

(0.1)

Transaction and conversion costs

0.7

0.7

Legal, advisory and settlement costs

—

—

Unrealized (gain) loss on derivatives

(3.2)

(3.2)

Stock/unit-based compensation

2.0

2.0

Advisory services incentive fee

0.2

0.2

Company's portion of adjustments to EBITDAre of unconsolidated entities

—

—

Adjusted EBITDAre

$ 40.0

$ 42.0

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO FFO AND ADJUSTED FFO(in millions)(unaudited)

Three Months Ended March 31, 2022

Low End

High End

Net income (loss)

$ (56.1)

$ (54.1)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

0.4

0.4

Preferred dividends

(3.1)

(3.1)

Net income (loss) attributable to common stockholders

(58.8)

(56.8)

Depreciation and amortization on real estate

52.1

52.1

(Gain) loss on disposition of assets and hotel properties

(0.1)

(0.1)

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(0.4)

(0.4)

Equity in (earnings) loss of unconsolidated entities

0.2

0.2

Company's portion of FFO of unconsolidated entities

(0.2)

(0.2)

FFO available to common stockholders and OP unitholders

(7.2)

(5.2)

Write-off of premiums, loan costs and exit fees

0.7

0.7

Other (income) expense, net

(0.1)

(0.1)

Transaction and conversion costs

0.7

0.7

Legal, advisory and settlement costs

—

—

Unrealized (gain) loss on derivatives

(3.2)

(3.2)

Stock/unit-based compensation

2.0

2.0

Amortization of term loan exit fee

2.7

2.7

Amortization of loan costs

2.4

2.4

Advisory services incentive fee

0.2

0.2

Company's portion of adjustments to FFO of unconsolidated entities

—

—

Adjusted FFO available to common stockholders and OP unitholders

$ (1.8)

$ 0.2

Weighted average diluted shares

36.3

36.3


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