Ashford Hospitality Trust (AHT) Provides Update On Recent Operating Performance
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Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") reported today preliminary portfolio occupancy of 63.7% for the month of October with an average daily rate ("ADR") of approximately $167 resulting in RevPAR of approximately $106. This RevPAR result represents an approximate increase of 12% versus September 2021 and an approximate decrease of 27% versus October 2019.
Additionally, for the month of October, Hotel Net Income was $9.8 million. Comparable Hotel EBITDA for the month of October was $28.4 million, a 67% increase over September 2021's Comparable Hotel EBITDA of $17.0 million.
"We are pleased to report these strong results for the month of October and are encouraged by the positive momentum we saw in the operating performance of our diverse portfolio, which was driven by strong leisure and transient demand," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Looking ahead, with our portfolio's high exposure to the transient leisure customer, we believe we are well-positioned to capitalize on the continuing recovery in the lodging industry."
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 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.
The following tables are reconciliations of the Company's Hotel EBITDA for the months of October 2021 and September 2021:
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | ||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | ||||||||
(in millions) | ||||||||
(unaudited) | ||||||||
October 2021 | September 2021 | |||||||
Net income (loss) | $ | 9.8 | $ | (4.9) | ||||
Non-property adjustments | — | 0.1 | ||||||
Interest expense | 0.8 | 0.8 | ||||||
Amortization of loan cost | 0.1 | 0.1 | ||||||
Depreciation and amortization | 17.4 | 17.8 | ||||||
Income tax expense (benefit) | — | 0.1 | ||||||
Non-hotel EBITDA ownership expense | 0.3 | 3.0 | ||||||
Hotel EBITDA | $ | 28.4 | $ | 17.0 | ||||
Non-comparable adjustments | — | — | ||||||
Comparable Hotel EBITDA | $ | 28.4 | $ | 17.0 | ||||
________ | ||||||||
The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at October 31, 2021, 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. | ||||||||
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
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