Ashford Trust Reports Third Quarter 2019 Results

October 29, 2019 4:16 PM

DALLAS, Oct. 29, 2019 /PRNewswire/ -- 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, 2019. 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, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2019 with the third quarter ended September 30, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

Opportunistic focus on upper upscale, full-service hotels
Targets moderate leverage levels to enhance equity returns
Highly-aligned management team and advisory structure
Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

working capital needs at property and corporate levels;
providing a hedge in the event of uncertain economic times; and
being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

Net loss attributable to common stockholders was $41.8 million or $0.42 per diluted share for the quarter.
Actual RevPAR for all hotels increased 3.5% to $129.47 during the quarter.
Comparable RevPAR for all hotels increased 1.4% to $129.64 during the quarter.
Comparable RevPAR for all hotels not under renovation increased 1.7% to $128.76 during the quarter.
Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
Adjusted EBITDAre was $103.1 million for the quarter, an increase of 1.3% over the prior-year quarter.
Adjusted funds from operations (AFFO) was $0.28 per diluted share.
Based on the closing stock price on October 28, 2019, the Company's common stock is trading at an approximate 9.2% dividend yield.
During the quarter, the Company completed the sale of the Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million.
During the quarter, the Company completed the sales of the Courtyard Savannah Downtown in Savannah, Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for a combined $37.8 million.
Subsequent to quarter end, the Company announced the sale of 393,077 shares of Ashford Inc. (NYSE American: AINC) ("Ashford") to Ashford for net proceeds of approximately $11.8 million and a plan to distribute its remaining shares of Ashford to its shareholders and unitholders.
Subsequent to quarter end, the Company entered into a new franchise agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the hotel from being Hilton-managed to being managed by Remington Lodging.
Subsequent to quarter end, the Company entered into a new franchise agreement with Marriott International to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property.
Subsequent to quarter end, the Company announced it had sold the parking lot adjacent to the Hilton St. Petersburg in St. Petersburg, Florida for $17.5 million.
Capex invested during the quarter was $40.2 million.

ASSET SALESOn August 5, 2019, the Company announced the sale of the 251-room Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million ($135,500 per key). The sales price, inclusive of the buyer's estimated anticipated capex of $21.3 million, represented a trailing twelve-month cap rate of 4.9% on net operating income and a 17.1x Hotel EBITDA multiple as of June 30, 2019.

On August 15, 2019, the Company announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers' estimated anticipated capex of $8.2 million, represented a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019.

CAPITAL STRUCTURE At September 30, 2019, the Company had total mortgage loans of $4.1 billion with a blended average interest rate of 5.3% and a weighted average maturity of 5.0 years assuming full extension of the loans.

On October 2, 2019, the Company announced a stock purchase agreement with Ashford Inc. under which Ashford Inc. purchased 393,077 shares of its common stock for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company. The purchase price reflected a premium of approximately 20% based on the closing price of Ashford Inc. common stock on October 1, 2019. Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford Inc. was only able to acquire the shares held by the Company's taxable REIT subsidiaries. Additionally, the Company announced that it would distribute the remaining 205,086 shares of Ashford Inc. common stock on a pro-rata basis to Ashford Trust common shareholders and unitholders. The pro-rata distribution of Ashford Inc. shares is expected to be completed on November 5, 2019 to shareholders of record as of October 29, 2019.

CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTYOn October 3, 2019, the Company announced that it had entered into a new franchise agreement for the 252-room Hilton Alexandria Old Town in Alexandria, Virginia that it acquired in June 2018. Under the new franchise agreement, the hotel transitioned from being Hilton-managed to being managed by Remington Lodging. The management conversion was effective on October 1, 2019 and did not require a Property Improvement Plan ("PIP").

CONVERSION OF CROWNE PLAZA KEY WEST TO AUTOGRAPH COLLECTION On October 3, 2019, the Company announced it entered into a new franchise agreement with Marriott International ("Marriott") to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property. The 160-room hotel is ideally located on Duval Street in the heart of Old Town Key West within walking distance of major attractions, shopping, entertainment, and nightlife.

The agreement with Marriott calls for the hotel to be converted to an Autograph Collection property by July 1, 2022, pursuant to a conversion PIP that is currently estimated to be $13.7 million, approximately $7.8 million of which is incremental. The PIP includes updates to the exterior, guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge, pool, and meeting space. The conversion will create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury Autograph product. Post-conversion, Remington Lodging will continue to manage the property pursuant to the new franchise agreement. The Company believes that post-conversion, the new Autograph property should realize a RevPAR premium to the current hotel and that its incremental investment should yield an approximate 19% unlevered internal rate of return.

SALE OF PARKING LOT AT HILTON ST. PETERSBURGOn October 15, 2019, the Company announced the sale of a 1.65-acre (72,068 square foot) parking lot adjacent to the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for total consideration of $17.5 million to be paid over time. The lot was sold to a Florida-based company and will be developed into a 35-story condominium tower and parking garage. As part of the agreement, following project completion, the Company will have ownership rights to 205 covered parking spaces in the new parking garage for use by Hilton St. Petersburg Bayfront guests. The first payment tranche resulted in approximately $8.0 million of debt paydown.

PORTFOLIO REVPAR As of September 30, 2019, the portfolio consisted of 118 properties. During the third quarter of 2019, 113 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels), and comparable not under renovation basis (113 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

Comparable RevPAR increased 1.4% to $129.64 for all hotels on a 1.4% increase in ADR and flat occupancy.
Comparable RevPAR increased 1.7% to $128.76 for all hotels not under renovation on a 1.5% increase in ADR and a 0.2% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDSThe Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. To help investors better understand the seasonality in the Company's portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND On September 12, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per diluted share for the Company's common stock for the third quarter ending September 30, 2019, payable on October 15, 2019, to shareholders of record as of September 30, 2019.

"We are pleased with our third quarter operating results and believe that the Company remains well-positioned to capitalize on future opportunities," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We continue to benefit from our diversified, high-quality portfolio of hotels and expect to see strong results from several of our recent acquisitions. We also have a proven track record of unlocking value in our assets and are excited about our recent announcement of the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium for franchised hotels. Also, the upbranding of the Key West La Concha Hotel to an Autograph Collection property should elevate the property into a more desirable niche in the very attractive, high-barrier-to-entry, high-RevPAR Key West market. Additionally, disciplined capital recycling remains an important component of our strategy and during the quarter we sold three non-core properties with RevPAR below our portfolio average, but at premium multiples to where we are currently trading. Looking ahead, we are committed to increasing the performance of our portfolio and pursuing value-added initiatives that we believe will enhance returns for our shareholders."

INVESTOR CONFERENCE CALL AND SIMULCASTAshford Hospitality Trust, Inc. will conduct a conference call on Wednesday, October 30, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 689-8573. A replay of the conference call will be available through Wednesday, November 6, 2019, by dialing (412) 317-6671 and entering the confirmation number, 13694100.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2019 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Wednesday, October 30, 2019, 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.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements in this press release may include, among others, statements about the Company's strategy and future plans. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, 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. 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.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited)

	September 30, 2019		December 31, 2018
ASSETS
Investments in hotel properties, net	$	4,172,030	$	4,105,219
Cash and cash equivalents	256,303		319,210
Restricted cash	148,826		120,602
Marketable securities	14,445		21,816
Accounts receivable, net of allowance of $596 and $485, respectively	53,786		37,060
Inventories	4,370		4,224
Investment in Ashford Inc.	—		1,896
Investment in OpenKey	2,928		2,593
Deferred costs, net	2,772		3,449
Prepaid expenses	29,863		19,982
Derivative assets, net	2,386		2,396
Operating lease right-of-use assets	40,807		—
Other assets	14,147		15,923
Intangible assets, net	797		9,824
Due from related party, net	2,743		—
Due from third-party hotel managers	22,848		21,760
Total assets	$	4,769,051	$	4,685,954

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	4,109,590	$	3,927,266
Accounts payable and accrued expenses	168,311		136,757
Dividends and distributions payable	20,641		26,794
Due to Ashford Inc., net	6,616		23,034
Due to related party, net	16		1,477
Due to third-party hotel managers	3,774		2,529
Intangible liabilities, net	2,357		15,483
Operating lease liabilities	43,536		—
Derivative liabilities, net	28		50
Other liabilities	26,100		18,716
Total liabilities	4,380,969		4,152,106

Redeemable noncontrolling interests in operating partnership	78,241		80,743
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2019 and December 31, 2018	24		24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2019 and December 31, 2018	62		62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018	38		38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018	54		54
Common stock, $0.01 par value, 400,000,000 shares authorized, 102,109,649 and 101,035,530 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,021		1,010
Additional paid-in capital	1,822,391		1,814,273
Accumulated deficit	(1,514,411)		(1,363,020)
Total shareholders' equity of the Company	309,227		452,489
Noncontrolling interests in consolidated entities	614		616
Total equity	309,841		453,105
Total liabilities and equity	$	4,769,051	$	4,685,954

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,
	2019		2018		2019		2018
REVENUE
Rooms	$	301,704	$	288,016	$	910,337	$	868,090
Food and beverage	53,738		49,396		182,097		164,869
Other	17,751		17,309		52,430		51,358
Total hotel revenue	373,193		354,721		1,144,864		1,084,317
Other	1,044		1,209		3,239		2,984
Total revenue	374,237		355,930		1,148,103		1,087,301
EXPENSES
Hotel operating expenses
Rooms	66,434		64,197		195,260		187,497
Food and beverage	40,089		37,649		125,534		116,270
Other expenses	118,993		109,992		357,129		332,629
Management fees	13,393		13,198		41,165		40,306
Total hotel operating expenses	238,909		225,036		719,088		676,702
Property taxes, insurance and other	21,972		20,774		64,131		59,363
Depreciation and amortization	67,906		64,923		202,595		192,536
Impairment charges	—		(27)		6,533		1,652
Transaction costs	—		—		2		11
Advisory services fee:
Base advisory fee	8,949		9,156		27,300		26,644
Reimbursable expenses	2,367		2,251		7,763		5,777
Non-cash stock/unit-based compensation	4,648		4,855		13,486		20,540
Incentive fee	—		(3,457)		—		—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	83		—		804		536
Other general and administrative	2,327		3,090		7,124		7,914
Total operating expenses	347,161		326,601		1,048,826		991,675
Gain (loss) on sale of assets and hotel properties	2,362		(9)		2,923		394
OPERATING INCOME (LOSS)	29,438		29,320		102,200		96,020
Equity in earnings (loss) of unconsolidated entities	(278)		310		(2,208)		892
Interest income	836		1,150		2,402		2,779
Other income (expense), net	(328)		(202)		(982)		80
Interest expense, net of premium amortization	(58,692)		(54,057)		(177,979)		(159,063)
Amortization of loan costs	(7,664)		(6,674)		(22,530)		(14,617)
Write-off of premiums, loan costs and exit fees	(426)		(1,572)		(2,578)		(9,316)
Unrealized gain (loss) on marketable securities	315		68		1,721		(758)
Unrealized gain (loss) on derivatives	(2,536)		(2,085)		(4,054)		(3,672)
INCOME (LOSS) BEFORE INCOME TAXES	(39,335)		(33,742)		(104,008)		(87,655)
Income tax benefit (expense)	249		(519)		(3,052)		(2,606)
NET INCOME (LOSS)	(39,086)		(34,261)		(107,060)		(90,261)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10)		(10)		2		8
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	7,919		6,682		21,582		18,087
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(31,177)		(27,589)		(85,476)		(72,166)
Preferred dividends	(10,645)		(10,645)		(31,933)		(31,933)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(41,822)	$	(38,234)	$	(117,409)	$	(104,099)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.42)	$	(0.40)	$	(1.19)	$	(1.09)
Weighted average common shares outstanding – basic	99,971		97,647		99,790		96,591
Diluted:
Net income (loss) attributable to common stockholders	$	(0.42)	$	(0.40)	$	(1.19)	$	(1.09)
Weighted average common shares outstanding – diluted	99,971		97,467		99,790		96,591
Dividends declared per common share:	$	0.06	$	0.12	$	0.24	$	0.36

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,
	2019		2018		2019		2018
Net income (loss)	$	(39,086)	$	(34,261)	$	(107,060)	$	(90,261)
Interest expense and amortization of premiums and loan costs, net	66,356		60,731		200,509		173,680
Depreciation and amortization	67,906		64,923		202,595		192,536
Income tax expense (benefit)	(249)		519		3,052		2,606
Equity in (earnings) loss of unconsolidated entities	278		(310)		2,208		(892)
Company's portion of EBITDA of Ashford Inc.	785		(1,607)		4,362		959
Company's portion of EBITDA of OpenKey	(99)		(158)		(308)		(419)
EBITDA	95,891		89,837		305,358		278,209
Impairment charges on real estate	—		(27)		6,533		1,652
(Gain) loss on sale of assets and hotel properties	(2,362)		9		(2,923)		(394)
EBITDAre	93,529		89,819		308,968		279,467
Amortization of unfavorable contract liabilities	82		(39)		160		(117)
Uninsured hurricane related costs	—		(43)		—		(271)
(Gain) loss on insurance settlements	(7)		—		(43)		—
Write-off of premiums, loan costs and exit fees	426		1,572		2,578		9,316
Other (income) expense, net	398		10		1,173		(80)
Transaction, acquisition and management conversion costs	375		391		1,061		596
Legal judgment and related legal costs	6		1		1,822		928
Unrealized (gain) loss on marketable securities	(315)		(68)		(1,721)		758
Unrealized (gain) loss on derivatives	2,536		2,085		4,054		3,672
Dead deal costs	—		52		50		55
Non-cash stock/unit-based compensation	4,905		5,143		14,863		21,946
Company's portion of adjustments to EBITDAre of Ashford Inc.	1,148		2,814		2,679		4,997
Company's portion of adjustments to EBITDAre of OpenKey	8		4		43		12
Adjusted EBITDAre	$	103,091	$	101,741	$	335,687	$	321,279

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,
	2019		2018		2019		2018
Net income (loss)	$	(39,086)	$	(34,261)	$	(107,060)	$	(90,261)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10)		(10)		2		8
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	7,919		6,682		21,582		18,087
Preferred dividends	(10,645)		(10,645)		(31,933)		(31,933)
Net income (loss) attributable to common stockholders	(41,822)		(38,234)		(117,409)		(104,099)
Depreciation and amortization on real estate	67,851		64,865		202,424		192,363
(Gain) loss on sale of assets and hotel properties	(2,362)		9		(2,923)		(394)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(7,919)		(6,682)		(21,582)		(18,087)
Equity in (earnings) loss of unconsolidated entities	278		(310)		2,208		(892)
Impairment charges on real estate	—		(27)		6,533		1,652
Company's portion of FFO of Ashford Inc.	(2,188)		470		(3,590)		1,391
Company's portion of FFO of OpenKey	(101)		(160)		(297)		(426)
FFO available to common stockholders and OP unitholders	13,737		19,931		65,364		71,508
Write-off of premiums, loan costs and exit fees	426		1,572		2,578		9,316
(Gain) loss on insurance settlements	(7)		—		(43)		—
Uninsured hurricane related costs	—		(43)		—		(271)
Other (income) expense, net	398		10		1,173		(80)
Transaction, acquisition and management conversion costs	375		391		1,061		596
Legal judgment and related legal costs	6		1		1,822		928
Unrealized (gain) loss on marketable securities	(315)		(68)		(1,721)		758
Unrealized (gain) loss on derivatives	2,536		2,085		4,054		3,672
Dead deal costs	—		52		50		55
Non-cash stock/unit-based compensation	4,905		5,143		14,863		21,946
Amortization of loan costs	7,663		6,673		22,525		14,612
Company's portion of adjustments to FFO of Ashford Inc.	3,122		(1,453)		7,762		730
Company's portion of adjustments to FFO of OpenKey	9		4		46		12
Adjusted FFO available to common stockholders and OP unitholders	$	32,855	$	34,298	$	119,534	$	123,782
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.28	$	0.30	$	1.00	$	1.08
Weighted average diluted shares	119,312		115,318		118,966		115,016

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS SEPTEMBER 30, 2019 (dollars in thousands) (unaudited)

Indebtedness	Maturity	Interest Rate	Fixed-RateDebt			Floating-RateDebt				TotalDebt			Comparable TTM Hotel EBITDA (6)		Comparable TTM EBITDADebt Yield
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(1)	427,000			48,620		11.4	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(1)	395,000			41,435		10.5	%
BAML Highland Pool - 19 hotels	April 2020	LIBOR + 3.20%	—			907,030			(1)	907,030			105,021		11.6	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,035			(2)	16,035			2,509		15.6	%
BAML Le Pavillon - 1 hotel	June 2020	LIBOR + 5.10%	—			43,750			(3)	43,750			2,756		6.3	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(1)	180,720			21,023		11.6	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(1)	174,400			21,150		12.1	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(1)	221,040			21,568		9.8	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(1)	262,640			28,054		10.7	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(1)	160,000			25,109		15.7	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(1)	215,120			23,538		10.9	%
Morgan Stanley Ann Arbor - 1 hotel	July 2020	LIBOR + 4.40%	—			35,200			(4)	35,200			3,191		9.1	%
Morgan Stanley - 8 hotels	July 2020	LIBOR + 4.33%	—			144,000			(4)	144,000			10,966		7.6	%
GACC Gateway - 1 hotel	November 2020	6.26%	92,030			—				92,030			12,830		13.9	%
JPMorgan Chase La Posada - 1 hotel	November 2020	LIBOR + 2.55%	—			25,000			(5)	25,000			3,934		15.7	%
BAML Princeton/Nashville - 2 hotels	March 2021	LIBOR + 2.75%	—			240,000			(1)	240,000			34,162		14.2	%
SPT Embassy Suites New York Manhattan Times Square - 1 hotel	February 2022	LIBOR + 3.90%	—			145,000			(2)	145,000			8,593		5.9	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			14,689		15.1	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	52,100			—				52,100			5,254		10.1	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,150		11.1	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,791			—				6,791			1,087		16.0	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	9,911			—				9,911			1,922		19.4	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,323			—				6,323			1,083		17.1	%
Southside Bank Ashton - 1 hotel	June 2024	LIBOR + 2.00%	—			8,881				8,881			861		9.7	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	64,555			—				64,555			6,818		10.6	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	11,914			—				11,914			1,324		11.1	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	23,819			—				23,819			3,064		12.9	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,572			—				19,572			2,585		13.2	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	50,623			—				50,623			8,623		17.0	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	4.66%	25,043			—				25,043			3,043		12.2	%
Unencumbered hotels			—			—				—			1,934		N/A
Total			$	362,681		$	3,771,266			$	4,133,947		$	474,896	11.5	%
Percentage			8.8		%	91.2		%		100.0		%
Weighted average interest rate			5.30		%	5.31		%		5.31		%

All indebtedness is non-recourse.
(1) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(2) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(3) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(6) 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, 2019 (dollars in thousands) (unaudited)

	2019		2020		2021		2022		2023		Thereafter		Total
BAML Le Pavillon - 1 hotel	—		43,750		—		—		—		—		43,750
Morgan Stanley - 8 hotels	—		144,000		—		—		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		35,200		—		—		—		—		35,200
GACC Gateway - 1 hotel	—		89,886		—		—		—		—		89,886
BAML Indigo Atlanta - 1 hotel	—		—		—		15,470		—		—		15,470
Prudential Boston Back Bay - 1 hotel	—		—		—		97,000		—		—		97,000
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		48,182		—		48,182
Aareal Hilton Alexandria - 1 hotel	—		—		—		—		73,450		—		73,450
JPMorgan Chase La Posada - 1 hotel	—		—		—		—		25,000		—		25,000
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
SPT Embassy Suites New York Manhattan Times Square - 1 hotel	—		—		—		—		—		145,000		145,000
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Southside Bank Ashton - 1 hotel	—		—		—		—		—		8,881		8,881
Morgan Stanley Pool C1 - 3 hotels	—		—		—		—		—		58,612		58,612
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	—		—		—		—		—		427,000		427,000
JPMorgan Chase - 8 hotels	—		—		—		—		—		395,000		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,413		44,413
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		—		—		—		22,030		22,030
BAML Highland Pool - 19 hotels	—		—		—		—		—		907,030		907,030
KEYS Pool A - 7 hotels	—		—		—		—		—		180,720		180,720
KEYS Pool B - 7 hotels	—		—		—		—		—		174,400		174,400
KEYS Pool C - 5 hotels	—		—		—		—		—		221,040		221,040
KEYS Pool D - 5 hotels	—		—		—		—		—		262,640		262,640
KEYS Pool E - 5 hotels	—		—		—		—		—		160,000		160,000
KEYS Pool F - 5 hotels	—		—		—		—		—		215,120		215,120
BAML Princeton/Nashville - 2 hotels	—		—		—		—		—		240,000		240,000
Principal due in future periods	—		312,836		—		112,470		146,632		3,532,134		4,104,072
Scheduled amortization payments remaining	1,837		7,039		5,702		5,862		5,242		4,193		29,875
Total indebtedness	$	1,837	$	319,875	$	5,702	$	118,332	$	151,874	$	3,536,327	$	4,133,947

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
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	300,832		$	(2,146)		$	298,686		$	287,104		$	7,568		$	294,672		4.78	%	1.36	%
	RevPAR	$	129.47		$	(110.04)		$	129.64		$	125.15		$	747.89		$	127.89		3.45	%	1.37	%
	Occupancy	78.40		%	(81.47)		%	78.37		%	78.04		%	152.39		%	78.37		%	0.46	%	—	%
	ADR	$	165.15		$	(135.08)		$	165.41		$	160.36		$	490.77		$	163.18		2.99	%	1.37	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	907,262		$	(9,967)		$	897,295		$	864,604		$	17,516		$	882,120		4.93	%	1.72	%
	RevPAR	$	130.79		$	(99.81)		$	131.24		$	127.19		$	533.03		$	129.14		2.84	%	1.63	%
	Occupancy	77.41		%	(76.94)		%	77.41		%	77.59		%	102.57		%	77.71		%	(0.23)	%	(0.38)	%
	ADR	$	168.97		$	(129.72)		$	169.54		$	163.92		$	519.69		$	166.18		3.08	%	2.02	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	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
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	277,856		$	(2,146)		$	275,710		$	263,632		$	7,568		$	271,200		5.40	%	1.66	%
	RevPAR	$	128.59		$	(110.04)		$	128.76		$	123.69		$	747.89		$	126.64		3.96	%	1.67	%
	Occupancy	78.54		%	(81.47)		%	78.51		%	78.01		%	152.39		%	78.36		%	0.68	%	0.19	%
	ADR	$	163.73		$	(135.08)		$	164.00		$	158.56		$	490.77		$	161.61		3.26	%	1.48	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	834,322		$	(9,967)		$	824,355		$	792,138		$	17,516		$	809,654		5.33	%	1.82	%
	RevPAR	$	129.28		$	(99.81)		$	129.74		$	125.44		$	533.03		$	127.55		3.06	%	1.72	%
	Occupancy	77.35		%	(76.94)		%	77.35		%	77.35		%	102.57		%	77.48		%	—	%	(0.17)	%
	ADR	$	167.14		$	(129.72)		$	167.73		$	162.17		$	519.69		$	164.62		3.07	%	1.89	%

NOTES:
(1)	The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 30, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(4)	Excluded Hotels Under Renovation:
	Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA (dollars in thousands) (unaudited)

ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2019			2018			% Variance		2019			2018			% Variance
Total hotel revenue	$	371,999		$	353,504		5.23	%	$	1,140,722		$	1,079,802		5.64	%
Non-comparable adjustments	(2,468)			9,224					(12,576)			23,336
Comparable total hotel revenue	$	369,531		$	362,728		1.88	%	$	1,128,146		$	1,103,138		2.27	%

Hotel EBITDA	$	115,796		$	111,389		3.96	%	$	373,032		$	356,795		4.55	%
Non-comparable adjustments	(615)			4,085					(3,798)			8,064
Comparable hotel EBITDA	$	115,181		$	115,474		(0.25)	%	$	369,234		$	364,859		1.20	%
Hotel EBITDA margin	31.13		%	31.51		%	(0.38)	%	32.70		%	33.04		%	(0.34)	%
Comparable hotel EBITDA margin	31.17		%	31.83		%	(0.66)	%	32.73		%	33.07		%	(0.34)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	98		$	101		(2.97)	%	$	263		$	258		1.94	%
Hotel EBITDA attributable to the Company and OP unitholders	$	115,698		$	111,288		3.96	%	$	372,769		$	356,537		4.55	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	115,083		$	115,373		(0.25)	%	$	368,971		$	364,601		1.20	%

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Nine Months Ended
ALL HOTELS NOT UNDER RENOVATION:	September 30,								September 30,
	2019			2018			% Variance		2019			2018			% Variance
Total hotel revenue	$	340,019		$	322,292		5.50	%	$	1,036,556		$	983,297		5.42	%
Non-comparable adjustments	(2,468)			9,224					(12,576)			23,336
Comparable total hotel revenue	$	337,551		$	331,516		1.82	%	$	1,023,980		$	1,006,633		1.72	%

Hotel EBITDA	$	104,748		$	100,360		4.37	%	$	333,651		$	321,875		3.66	%
Non-comparable adjustments	(615)			4,040					(3,798)			7,935
Comparable hotel EBITDA	$	104,133		$	104,400		(0.26)	%	$	329,853		$	329,810		0.01	%
Hotel EBITDA margin	30.81		%	31.14		%	(0.33)	%	32.19		%	32.73		%	(0.54)	%
Comparable hotel EBITDA margin	30.85		%	31.49		%	(0.64)	%	32.21		%	32.76		%	(0.55)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	98		$	101		(2.97)	%	$	263		$	258		1.94	%
Hotel EBITDA attributable to the Company and OP unitholders	$	104,650		$	100,259		4.38	%	$	333,388		$	321,617		3.66	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	104,035		$	104,299		(0.25)	%	$	329,590		$	329,552		0.01	%

NOTES:
(1) The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 30, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVENUE & 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
	2019			2019		2019			2019			2019		2019			2019			2019		2019			2018			2018		2018
	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	$	371,999		$	(2,468)	$	369,531		$	412,671		$	(6,102)	$	406,569		$	356,052		$	(4,007)	$	352,045		$	341,229		$	6,795	$	348,024
Hotel EBITDA	$	115,796		$	(615)	$	115,181		$	145,327		$	(1,631)	$	143,696		$	111,909		$	(1,552)	$	110,357		$	102,549		$	3,113	$	105,662
Hotel EBITDA margin	31.13		%			31.17		%	35.22		%			35.34		%	31.43		%			31.35		%	30.05		%			30.36		%

EBITDA % of total TTM	24.3		%			24.3		%	30.6		%			30.3		%	23.5		%			23.2		%	21.6		%			22.2		%

JV interests in EBITDA	$	98		$	—	$	98		$	105		$	—	$	105		$	60		$	—	$	60		$	63		$	—	$	63

	Actual			Non-comparable Adjustments		Comparable
	2019			2019		2019
	TTM			TTM		TTM
Total hotel revenue	$	1,481,951		$	(5,782)	$	1,476,169
Hotel EBITDA	$	475,581		$	(685)	$	474,896
Hotel EBITDA margin	32.09		%			32.17		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	326		$	—	$	326

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) 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
	Number of Hotels	Number of Rooms	2019		2019		2019		2018		2018		2018		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	131.62	$	—	$	131.62	$	128.47	$	—	$	128.47	2.5	%	2.5	%
Boston, MA Area	3	915	220.28		—		220.28		217.08		—		217.08		1.5	%	1.5	%
Dallas / Ft. Worth, TX Area	7	1,518	97.52		—		97.52		103.19		—		103.19		(5.5)	%	(5.5)	%
Houston, TX Area	3	692	98.68		—		98.68		100.18		—		100.18		(1.5)	%	(1.5)	%
Los Angeles, CA Metro Area	6	1,619	134.56		—		134.56		129.81		—		129.81		3.7	%	3.7	%
Miami, FL Metro Area	3	588	95.78		—		95.78		93.92		—		93.92		2.0	%	2.0	%
Minneapolis - St. Paul, MN-WI Area	4	809	127.53		—		127.53		133.42		—		133.42		(4.4)	%	(4.4)	%
Nashville, TN Area	1	673	205.28		—		205.28		207.60		—		207.60		(1.1)	%	(1.1)	%
New York / New Jersey Metro Area	7	2,051	144.90		—		144.90		122.75		208.20		135.66		18.0	%	6.8	%
Orlando, FL Area	3	734	91.68		—		91.68		92.44		—		92.44		(0.8)	%	(0.8)	%
Philadelphia, PA Area	3	648	113.40		—		113.40		115.70		—		115.70		(2.0)	%	(2.0)	%
San Diego, CA Area	2	410	135.57		—		135.57		138.61		—		138.61		(2.2)	%	(2.2)	%
San Francisco - Oakland, CA Metro Area	7	1,547	171.36		—		171.36		172.17		204.78		175.92		(0.5)	%	(2.6)	%
Tampa, FL Area	2	571	96.33		—		96.33		87.28		—		87.28		10.4	%	10.4	%
Washington D.C. - MD - VA Area	9	2,426	134.72		—		134.72		126.23		—		126.23		6.7	%	6.7	%
Other Areas	49	8,417	116.86		(110.04)		117.03		113.08		(49.54)		115.93		3.3	%	0.9	%
Total Portfolio	118	25,044	$	129.47	$	(110.04)	$	129.64	$	125.15	$	747.89	$	127.89	3.5	%	1.4	%

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) 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
	Number of Hotels	Number of Rooms	2019		2019		2019		% of Total		2018		2018		2018		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	5,557	$	—	$	5,557	4.8	%	$	6,135	$	13	$	6,148	5.3	%	(9.4)	%	(9.6)	%
Boston, MA Area	3	915	8,821		—		8,821		7.7	%	9,110		33		9,143		7.9	%	(3.2)	%	(3.5)	%
Dallas / Ft. Worth, TX Area	7	1,518	5,122		—		5,122		4.4	%	5,449		62		5,511		4.8	%	(6.0)	%	(7.1)	%
Houston, TX Area	3	692	2,223		—		2,223		1.9	%	2,371		28		2,399		2.1	%	(6.2)	%	(7.3)	%
Los Angeles, CA Metro Area	6	1,619	7,818		—		7,818		6.8	%	7,388		(36)		7,352		6.4	%	5.8	%	6.3	%
Miami, FL Metro Area	3	588	938		—		938		0.8	%	1,027		(3)		1,024		0.9	%	(8.7)	%	(8.4)	%
Minneapolis - St. Paul, MN-WI Area	4	809	3,648		—		3,648		3.2	%	4,159		16		4,175		3.6	%	(12.3)	%	(12.6)	%
Nashville, TN Area	1	673	6,719		—		6,719		5.8	%	6,577		(1.00)		6,576		5.7	%	2.2	%	2.2	%
New York / New Jersey Metro Area	7	2,051	10,204		—		10,204		8.9	%	7,527		2,126		9,653		8.4	%	35.6	%	5.7	%
Orlando, FL Area	3	734	1,258		—		1,258		1.1	%	1,350		(5)		1,345		1.2	%	(6.8)	%	(6.5)	%
Philadelphia, PA Area	3	648	2,417		—		2,417		2.1	%	2,437		(30)		2,407		2.1	%	(0.8)	%	0.4	%
San Diego, CA Area	2	410	2,041		—		2,041		1.8	%	2,180		(7)		2,173		1.9	%	(6.4)	%	(6.1)	%
San Francisco - Oakland, CA Metro Area	7	1,547	10,683		—		10,683		9.3	%	10,038		1,693		11,731		10.2	%	6.4	%	(8.9)	%
Tampa, FL Area	2	571	1,234		—		1,234		1.1	%	1,185		(87)		1,098		1.0	%	4.1	%	12.4	%
Washington D.C. - MD - VA Area	9	2,426	10,796		—		10,796		9.4	%	9,743		12		9,755		8.4	%	10.8	%	10.7	%
Other Areas	49	8,417	36,317		(615)		35,702		30.9	%	34,713		271		34,984		30.1	%	4.6	%	2.1	%
Total Portfolio	118	25,044	$	115,796	$	(615)	$	115,181	100.0	%	$	111,389	$	4,085	$	115,474	100.0	%	4.0	%	(0.3)	%

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET (unaudited)

			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparableAdjustments		Comparable		Actual		Non-comparableAdjustments		Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2019		2019		2019		2018		2018		2018		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	142.68	$	—	$	142.68	$	131.43	$	—	$	131.43	8.6	%	8.6	%
Boston, MA Area	3	915	187.73		—		187.73		180.33		—		180.33		4.1	%	4.1	%
Dallas / Ft. Worth, TX Area	7	1,518	109.82		—		109.82		114.44		—		114.44		(4.0)	%	(4.0)	%
Houston, TX Area	3	692	105.14		—		105.14		109.04		—		109.04		(3.6)	%	(3.6)	%
Los Angeles, CA Metro Area	6	1,619	137.71		—		137.71		135.55		—		135.55		1.6	%	1.6	%
Miami, FL Metro Area	3	588	130.26		—		130.26		137.37		—		137.37		(5.2)	%	(5.2)	%
Minneapolis - St. Paul, MN-WI Area	4	809	113.46		—		113.46		127.81		—		127.81		(11.2)	%	(11.2)	%
Nashville, TN Area	1	673	214.07		—		214.07		207.65		—		207.65		3.1	%	3.1	%
New York / New Jersey Metro Area	7	2,051	133.01		118.67		132.85		119.29		173.50		127.07		11.5	%	4.5	%
Orlando, FL Area	3	734	113.65		—		113.65		108.61		—		108.61		4.6	%	4.6	%
Philadelphia, PA Area	3	648	104.38		—		104.38		105.07		—		105.07		(0.7)	%	(0.7)	%
San Diego, CA Area	2	410	126.66		—		126.66		127.08		—		127.08		(0.3)	%	(0.3)	%
San Francisco - Oakland, CA Metro Area	7	1,547	170.37		109.80		168.94		164.78		162.17		164.48		3.4	%	2.7	%
Tampa, FL Area	2	571	125.67		—		125.67		116.11		(154.79)		112.62		8.2	%	11.6	%
Washington D.C. - MD - VA Area	9	2,426	144.13		—		144.13		138.94		235.98		143.14		3.7	%	0.7	%
Other Areas	49	8,417	115.56		(101.72)		116.26		112.79		(79.75)		114.37		2.5	%	1.7	%
Total Portfolio	118	25,044	$	130.79	$	(99.81)	$	131.24	$	127.19	$	533.03	$	129.14	2.8	%	1.6	%

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) 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
	Number of Hotels	Number of Rooms	2019		2019		2019		% of Total		2018		2018		2018		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,426	$	22,051	$	8	$	22,059	6.0	%	$	18,644	$	16	$	18,660	5.1	%	18.2	%	18.2	%
Boston, MA Area	3	915	20,035		—		20,035		5.4	%	19,270		101		19,371		5.3	%	4.0	%	3.4	%
Dallas / Ft. Worth, TX Area	7	1,518	19,653		—		19,653		5.3	%	20,626		185		20,811		5.7	%	(4.7)	%	(5.6)	%
Houston, TX Area	3	692	7,942		—		7,942		2.2	%	9,008		85		9,093		2.5	%	(11.8)	%	(12.7)	%
Los Angeles, CA Metro Area	6	1,619	25,644		—		25,644		6.9	%	25,717		(108)		25,609		7.0	%	(0.3)	%	0.1	%
Miami, FL Metro Area	3	588	8,209		—		8,209		2.2	%	9,373		(9)		9,364		2.6	%	(12.4)	%	(12.3)	%
Minneapolis - St. Paul, MN-WI Area	4	809	8,185		—		8,185		2.2	%	11,519		47		11,566		3.2	%	(28.9)	%	(29.2)	%
Nashville, TN Area	1	673	23,512		—		23,512		6.4	%	18,666		—		18,666		5.1	%	26.0	%	26.0	%
New York / New Jersey Metro Area	7	2,051	28,195		69		28,264		7.7	%	22,985		3,728		26,713		7.3	%	22.7	%	5.8	%
Orlando, FL Area	3	734	7,647		—		7,647		2.1	%	7,181		(14)		7,167		2.0	%	6.5	%	6.7	%
Philadelphia, PA Area	3	648	6,148		—		6,148		1.7	%	6,554		(91)		6,463		1.8	%	(6.2)	%	(4.9)	%
San Diego, CA Area	2	410	5,551		—		5,551		1.5	%	5,774		(22)		5,752		1.6	%	(3.9)	%	(3.5)	%
San Francisco - Oakland, CA Metro Area	7	1,547	31,187		218		31,405		8.5	%	28,077		3,389		31,466		8.6	%	11.1	%	(0.2)	%
Tampa, FL Area	2	571	8,707		—		8,707		2.4	%	8,968		(1,160)		7,808		2.1	%	(2.9)	%	11.5	%
Washington D.C. - MD - VA Area	9	2,426	38,190		—		38,190		10.3	%	33,087		4,736		37,823		10.4	%	15.4	%	1.1	%
Other Areas	49	8,417	112,176		(4,093)		108,083		29.2	%	111,346		(2,819)		108,527		29.7	%	0.7	%	(0.4)	%
Total Portfolio	118	25,044	$	373,032	$	(3,798)	$	369,234	100.0	%	$	356,795	$	8,064	$	364,859	100.0	%	4.6	%	1.2	%

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE SEPTEMBER 30, 2019 (in thousands, except share price) (unaudited)

	September 30, 2019
Common stock shares outstanding	102,110
Partnership units outstanding	21,941
Combined common stock shares and partnership units outstanding	124,051
Common stock price	$	3.31
Market capitalization	$	410,609
Series D cumulative preferred stock	$	59,735
Series F cumulative preferred stock	$	120,000
Series G cumulative preferred stock	$	155,000
Series H cumulative preferred stock	$	95,000
Series I cumulative preferred stock	$	135,000
Indebtedness	$	4,133,947
Joint venture partner's share of consolidated indebtedness	$	(1,967)
Net working capital (see below)	$	(345,801)
Total enterprise value (TEV)	$	4,761,523

Ashford Inc. Investment:
Common stock shares owned	598
Common stock price	$	24.24
Market value of Ashford Inc. investment	$	14,499

Cash and cash equivalents	$	256,132
Restricted cash	$	148,611
Accounts receivable, net	$	53,764
Prepaid expenses	$	29,841
Investment in securities	$	14,445
Due from third-party hotel managers, net	$	19,076
Market value of Ashford Inc. investment	$	14,499
Total current assets	$	536,368

Accounts payable, net & accrued expenses	$	166,035
Dividends and distributions payable	$	20,641
Due to affiliates, net	$	3,891
Total current liabilities	$	190,567

Net working capital*	$	345,801

* Includes the Company's pro rata share of net working capital in joint ventures.

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

		2019
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Estimated
Courtyard Louisville Airport	150	x
Embassy Suites Crystal City	269	x
Fairfield Inn and Suites Kennesaw	86		x	x
Hampton Inn Buford Mall of Georgia	92	x
Hampton Inn Suites Columbus Easton	145	x
Hilton Garden Inn BWI Airport	158	x	x
Hilton Fort Worth	294			x	x
Hyatt Regency Coral Gables	254	x
Marriott Bridgewater	347				x
Marriott Crystal Gateway	701	x
Marriott DFW Airport	491	x	x	x
Marriott RTP	225			x	x
One Ocean Resort	193	x
Renaissance Nashville	673	x	x	x
W Minneapolis Hotel - The Foshay	229				x
Westin Princeton	296	x
Total		11	4	5	4
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 are included in this table.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	2019		2019		2019		2018		September 30, 2019
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	42,625	$	63,002	$	38,235	$	10,820	$	154,682
Non-property adjustments	(2,274)		6,205		(268)		20,730		24,393
Interest income	(103)		(76)		(76)		(90)		(345)
Interest expense	5,004		5,165		4,423		2,355		16,947
Amortization of loan costs	447		440		424		210		1,521
Depreciation and amortization	67,681		67,303		66,987		65,737		267,708
Income tax expense (benefit)	44		63		43		109		259
Non-hotel EBITDA ownership expense	2,372		3,225		2,141		2,678		10,416
Hotel EBITDA including amounts attributable to noncontrolling interest	115,796		145,327		111,909		102,549		475,581
Non-comparable adjustments	(615)		(1,631)		(1,552)		3,113		(685)
Comparable hotel EBITDA	$	115,181	$	143,696	$	110,357	$	105,662	$	474,896

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	Hotel PropertiesNot UnderRenovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	38,386	$	4,239	$	42,625	$	(13)	$	(81,698)	$	(39,086)
Non-property adjustments	(2,274)		—		(2,274)		(70)		2,344		—
Interest income	(103)		—		(103)		—		103		—
Interest expense	5,004		—		5,004		—		53,688		58,692
Amortization of loan cost	447		—		447		—		7,217		7,664
Depreciation and amortization	61,328		6,353		67,681		176		49		67,906
Income tax expense (benefit)	8		36		44		—		(293)		(249)
Non-hotel EBITDA ownership expense	1,952		420		2,372		9		(2,381)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	104,748		11,048		115,796		102		(20,971)		94,927
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(98)		—		(98)		—		98		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		278		278
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		785		785
Company's portion of EBITDA of OpenKey	—		—		—		—		(99)		(99)
Hotel EBITDA attributable to the Company and OP unitholders	$	104,650	$	11,048	$	115,698	$	102	$	(19,909)	$	95,891
Non-comparable adjustments	(615)		—		(615)
Comparable hotel EBITDA	$	104,133	$	11,048	$	115,181

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended June 30, 2019
	Hotel PropertiesNot UnderRenovation		Hotel Properties Under Renovation		Hotel Total		OrlandoWorldQuestResort		Corporate / Allocated		Ashford HospitalityTrust, Inc.
Net income (loss)	$	54,140	$	8,862	$	63,002	$	50	$	(84,404)	$	(21,352)
Non-property adjustments	6,205		—		6,205		—		(6,205)		—
Interest income	(76)		—		(76)		—		76		—
Interest expense	5,165		—		5,165		—		55,214		60,379
Amortization of loan cost	440		—		440		—		7,168		7,608
Depreciation and amortization	61,457		5,846		67,303		159		49		67,511
Income tax expense (benefit)	15		48		63		—		3,643		3,706
Non-hotel EBITDA ownership expense	3,046		179		3,225		7		(3,232)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	130,392		14,935		145,327		216		(27,691)		117,852
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(105)		—		(105)		—		105		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		867		867
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		1,703		1,703
Company's portion of EBITDA of OpenKey	—		—		—		—		(94)		(94)
Hotel EBITDA attributable to the Company and OP unitholders	$	130,287	$	14,935	$	145,222	$	216	$	(25,110)	$	120,328
Non-comparable adjustments	(1,631)		—		(1,631)
Comparable hotel EBITDA	$	128,761	$	14,935	$	143,696

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)
	Three Months Ended March 31, 2019
	Hotel PropertiesNot UnderRenovation		HotelPropertiesUnderRenovation		Hotel Total		Orlando WorldQuest Resort		Corporate /Allocated		Ashford HospitalityTrust, Inc.
Net income (loss)	$	30,462	$	7,773	$	38,235	$	269	$	(85,126)	$	(46,622)
Non-property adjustments	(268)		—		(268)		—		268		—
Interest income	(76)		—		(76)		—		76		—
Interest expense	4,423		—		4,423		—		54,485		58,908
Amortization of loan cost	424		—		424		—		6,834		7,258
Depreciation and amortization	61,483		5,504		66,987		142		49		67,178
Income tax expense (benefit)	3		40		43		—		(448)		(405)
Non-hotel EBITDA ownership expense	2,060		81		2,141		9		(2,150)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	98,511		13,398		111,909		420		(26,012)		86,317
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(60)		—		(60)		—		60		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,063		1,063
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		1,874		1,874
Company's portion of EBITDA of OpenKey	—		—		—		—		(115)		(115)
Hotel EBITDA attributable to the Company and OP unitholders	$	98,451	$	13,398	$	111,849	$	420	$	(23,130)	$	89,139
Non-comparable adjustments	(1,552)		—		(1,552)
Comparable hotel EBITDA	$	96,959	$	13,398	$	110,357

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended December 31, 2018
	Hotel Properties Not UnderRenovation		Hotel PropertiesUnder Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	5,193	$	5,627	$	10,820	$	25	$	(76,893)	$	(66,048)
Non-property adjustments	20,729		1		20,730		—		(20,730)		—
Interest income	(91)		1		(90)		—		90		—
Interest expense	2,355		—		2,355		—		53,926		56,281
Amortization of loan cost	210		—		210		—		6,615		6,825
Depreciation and amortization	60,490		5,247		65,737		138		47		65,922
Income tax expense (benefit)	(20)		129		109		—		67		176
Non-hotel EBITDA ownership expense	2,553		125		2,678		13		(2,691)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	91,419		11,130		102,549		176		(39,569)		63,156
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	63		—		63		—		(63)		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		25		25
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		2,486		2,486
Company's portion of EBITDA of OpenKey	—		—		—		—		(153)		(153)
Hotel EBITDA attributable to the Company and OP unitholders	$	91,482	$	11,130	$	102,612	$	176	$	(37,274)	$	65,514
Non-comparable adjustments	3,070		43		3,113
Comparable hotel EBITDA	$	94,489	$	11,173	$	105,662

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended September 30, 2018
	Hotel Properties Not UnderRenovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		AshfordHospitality Trust, Inc.
Net income (loss)	$	36,914	$	6,011	$	42,925	$	91	$	(77,277)	$	(34,261)
Non-property adjustments	(17)		—		(17)		—		17		—
Interest income	(73)		—		(73)		—		73		—
Interest expense	2,096		—		2,096		—		51,961		54,057
Amortization of loan cost	149		—		149		—		6,525		6,674
Depreciation and amortization	59,874		4,871		64,745		128		50		64,923
Income tax expense (benefit)	14		—		14		—		505		519
Non-hotel EBITDA ownership expense	1,403		147		1,550		9		(1,559)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	100,360		11,029		111,389		228		(19,705)		91,912
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(101)		—		(101)		—		101		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(310)		(310)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,607)		(1,607)
Company's portion of EBITDA of OpenKey	—		—		—		—		(158)		(158)
Hotel EBITDA attributable to the Company and OP unitholders	$	100,259	$	11,029	$	111,288	$	228	$	(21,679)	$	89,837
Non-comparable adjustments	4,040		45		4,085
Comparable hotel EBITDA	$	104,400	$	11,074	$	115,474

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Nine Months Ended September 30, 2019
	HotelProperties Not Under Renovation		HotelProperties Under Renovation		Hotel Total		Orlando WorldQuestResort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	122,988	$	20,874	$	143,862	$	306	$	(251,228)	$	(107,060)
Non-property adjustments	3,663		—		3,663		(70)		(3,593)		—
Interest income	(255)		—		(255)		—		255		—
Interest expense	14,592		—		14,592		—		163,387		177,979
Amortization of loan cost	1,311		—		1,311		—		21,219		22,530
Depreciation and amortization	184,268		17,704		201,972		477		146		202,595
Income tax expense (benefit)	26		124		150		—		2,902		3,052
Non-hotel EBITDA ownership expense	7,058		679		7,737		26		(7,763)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	333,651		39,381		373,032		739		(74,675)		299,096
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(263)		—		(263)		—		263		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,208		2,208
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		4,362		4,362
Company's portion of EBITDA of OpenKey	—		—		—		—		(308)		(308)
Hotel EBITDA attributable to the Company and OP unitholders	$	333,388	$	39,381	$	372,769	$	739	$	(68,150)	$	305,358
Non-comparable adjustments	(3,798)		—		(3,798)
Comparable hotel EBITDA	$	329,853	$	39,381	$	369,234

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Nine Months Ended September 30, 2018
	Hotel Properties Not Under Renovation		Hotel PropertiesUnder Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	131,423	$	20,675	$	152,098	$	818	$	(243,177)	$	(90,261)
Non-property adjustments	1,259		(1)		1,258		—		(1,258)		—
Interest income	(160)		(1)		(161)		—		161		—
Interest expense	5,330		—		5,330		—		153,733		159,063
Amortization of loan cost	439		—		439		—		14,178		14,617
Depreciation and amortization	178,123		13,876		191,999		390		147		192,536
Income tax expense (benefit)	23		—		23		—		2,583		2,606
Non-hotel EBITDA ownership expense	5,438		371		5,809		19		(5,828)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	321,875		34,920		356,795		1,227		(79,461)		278,561
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(258)		—		(258)		—		258		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(892)		(892)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		959		959
Company's portion of EBITDA of OpenKey	—		—		—		—		(419)		(419)
Hotel EBITDA attributable to the Company and OP unitholders	$	321,617	$	34,920	$	356,537	$	1,227	$	(79,555)	$	278,209
Non-comparable adjustments	7,935		129		8,064
Comparable hotel EBITDA	$	329,810	$	35,049	$	364,859

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded Hotels Under Renovation:
Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited)

	Three Months Ended September 30, 2019
	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)	$	901	$	4,472	$	577	$	775	$	3,447	$	(1,469)	$	1,597	$	3,806	$	3,143
Non-property adjustments	—		—		—		(7)		—		—		—		—		—
Interest income	(1)		—		(2)		—		(3)		(1)		(36)		—		(9)
Interest expense	206		1,054		—		—		—		—		—		—		2,255
Amortization of loan costs	41		58		—		—		—		—		—		—		182
Depreciation and amortization	4,312		3,187		4,452		1,406		4,357		2,373		2,089		2,550		4,325
Income tax expense (benefit)	—		—		—		—		—		—		—		35		—
Non-hotel EBITDA ownership expense	98		50		95		49		17		35		(2)		328		308
Hotel EBITDA including amounts attributable to noncontrolling interest	5,557		8,821		5,122		2,223		7,818		938		3,648		6,719		10,204
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	5,557	$	8,821	$	5,122	$	2,223	$	7,818	$	938	$	3,648	$	6,719	$	10,204

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FLArea		WashingtonD.C. - MD -VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(1,071)	$	705	$	1,232	$	6,402	$	(432)	$	1,577	$	16,963	$	42,625
Non-property adjustments	—		—		—		—		—		—		(2,267)		(2,274)
Interest income	(4)		(1)		(2)		(11)		—		(16)		(17)		(103)
Interest expense	—		—		—		299		—		881		309		5,004
Amortization of loan costs	—		—		—		15		—		57		94		447
Depreciation and amortization	2,268		1,617		798		3,379		1,583		8,172		20,813		67,681
Income tax expense (benefit)	—		—		—		—		—		—		9		44
Non-hotel EBITDA ownership expense	65		96		13		599		83		125		413		2,372
Hotel EBITDA including amounts attributable to noncontrolling interest	1,258		2,417		2,041		10,683		1,234		10,796		36,317		115,796
Non-comparable adjustments	—		—		—		—		—		—		(615)		(615)
Comparable hotel EBITDA	$	1,258	$	2,417	$	2,041	$	10,683	$	1,234	$	10,796	$	35,702	$	115,181

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2018
	Atlanta, GA Area		Boston, MAArea		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)	$	2,514	$	4,363	$	2,042	$	814	$	2,524	$	(923)	$	1,558	$	4,194	$	3,270
Non-property adjustments	—		—		—		1		—		(21)		—		—		—
Interest income	(1)		—		(2)		—		(4)		(1)		(15)		—		(10)
Interest expense	206		1,014		—		—		—		—		—		—		—
Amortization of loan costs	39		55		—		—		—		—		—		—		—
Depreciation and amortization	3,318		3,607		3,392		1,386		4,623		2,000		2,567		2,371		4,079
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	59		71		17		170		245		(28)		49		12		188
Hotel EBITDA including amounts attributable to noncontrolling interest	6,135		9,110		5,449		2,371		7,388		1,027		4,159		6,577		7,527
Non-comparable adjustments	13		33		62		28		(36)		(3)		16		(1)		2,126
Comparable hotel EBITDA	$	6,148	$	9,143	$	5,511	$	2,399	$	7,352	$	1,024	$	4,175	$	6,576	$	9,653

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FLArea		Washington D.C. - MD -VA Area		Other Areas		Total Portfolio
Net income (loss)	$	(684)	$	731	$	1,274	$	6,828	$	(443)	$	1,376	$	13,487	$	42,925
Non-property adjustments	1		—		—		—		20		(4)		(14)		(17)
Interest income	(3)		(1)		(2)		(6)		—		(12)		(18)		(75)
Interest expense	—		—		—		—		—		872		4		2,096
Amortization of loan costs	—		—		—		—		—		54		—		148
Depreciation and amortization	2,008		1,653		884		3,138		1,580		7,417		20,723		64,746
Income tax expense (benefit)	—		—		—		—		—		—		14		14
Non-hotel EBITDA ownership expense	28		54		24		78		28		40		517		1,552
Hotel EBITDA including amounts attributable to noncontrolling interest	1,350		2,437		2,180		10,038		1,185		9,743		34,713		111,389
Non-comparable adjustments	(5)		(30)		(7)		1,693		(87)		12		271		4,085
Comparable hotel EBITDA	$	1,345	$	2,407	$	2,173	$	11,731	$	1,098	$	9,755	$	34,984	$	115,474

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA MetroArea		Miami, FL Metro Area		Minneapolis - St. Paul, MN -WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	8,864	$	6,971	$	6,898	$	3,289	$	11,895	$	1,235	$	1,722	$	15,364	$	6,362
Non-property adjustments	—		—		—		(43)		—		—		(47)		—		(326)
Interest income	(4)		—		(7)		—		(9)		(3)		(49)		—		(31)
Interest expense	643		3,238		—		—		—		—		—		—		6,354
Amortization of loan costs	121		171		—		—		—		—		—		—		537
Depreciation and amortization	11,700		9,431		12,480		4,353		13,351		6,825		6,335		7,551		13,955
Income tax expense (benefit)	—		—		—		—		—		—		—		124		—
Non-hotel EBITDA ownership expense	727		224		282		343		407		152		224		473		1,344
Hotel EBITDA including amounts attributable to noncontrolling interest	22,051		20,035		19,653		7,942		25,644		8,209		8,185		23,512		28,195
Non-comparable adjustments	8		—		—		—		—		—		—		—		69
Comparable hotel EBITDA	$	22,059	$	20,035	$	19,653	$	7,942	$	25,644	$	8,209	$	8,185	$	23,512	$	28,264

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FLArea		WashingtonD.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	876	$	1,100	$	3,102	$	19,623	$	3,835	$	10,951	$	41,775	$	143,862
Non-property adjustments	—		—		—		(71)		—		—		4,150		3,663
Interest income	(12)		(3)		(5)		(30)		—		(52)		(50)		(255)
Interest expense	—		—		—		707		—		2,706		944		14,592
Amortization of loan costs	—		—		—		35		—		169		278		1,311
Depreciation and amortization	6,611		4,883		2,420		9,957		4,754		24,067		63,298		201,971
Income tax expense (benefit)	—		—		—		—		—		—		26		150
Non-hotel EBITDA ownership expense	172		168		34		966		118		349		1,755		7,738
Hotel EBITDA including amounts attributable to noncontrolling interest	7,647		6,148		5,551		31,187		8,707		38,190		112,176		373,032
Non-comparable adjustments	—		—		—		218		—		—		(4,093)		(3,798)
Comparable hotel EBITDA	$	7,647	$	6,148	$	5,551	$	31,405	$	8,707	$	38,190	$	108,083	$	369,234

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2018
	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)	$	8,336	$	4,779	$	10,072	$	4,691	$	11,736	$	3,658	$	3,769	$	12,095	$	10,359
Non-property adjustments	—		—		—		(134)		—		(120)		—		—		—
Interest income	(3)		—		(5)		—		(7)		(2)		(38)		—		(21)
Interest expense	583		2,846		—		—		—		—		—		—		—
Amortization of loan costs	115		165		—		—		—		—		—		—		—
Depreciation and amortization	9,231		11,176		10,280		4,102		13,758		5,716		7,639		6,526		12,387
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	382		304		279		349		230		121		149		45		260
Hotel EBITDA including amounts attributable to noncontrolling interest	18,644		19,270		20,626		9,008		25,717		9,373		11,519		18,666		22,985
Non-comparable adjustments	16		101		185		85		(108)		(9)		47		—		3,728
Comparable hotel EBITDA	$	18,660	$	19,371	$	20,811	$	9,093	$	25,609	$	9,364	$	11,566	$	18,666	$	26,713

	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)	$	1,357	$	1,473	$	2,618	$	18,497	$	4,116	$	9,351	$	45,191	$	152,098
Non-property adjustments	(39)		—		—		—		(374)		1,941		(16)		1,258
Interest income	(7)		(2)		(3)		(15)		—		(23)		(37)		(163)
Interest expense	—		—		—		—		—		872		1,029		5,330
Amortization of loan costs	—		—		—		—		—		54		104		438
Depreciation and amortization	5,816		4,894		2,691		9,287		5,068		20,598		62,831		192,000
Income tax expense (benefit)	—		—		—		—		—		—		23		23
Non-hotel EBITDA ownership expense	54		189		468		308		158		294		2,221		5,811
Hotel EBITDA including amounts attributable to noncontrolling interest	7,181		6,554		5,774		28,077		8,968		33,087		111,346		356,795
Non-comparable adjustments	(14)		(91)		(22)		3,389		(1,160)		4,736		(2,819)		8,064
Comparable hotel EBITDA	$	7,167	$	6,463	$	5,752	$	31,466	$	7,808	$	37,823	$	108,527	$	364,859

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	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		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	12,642	$	12,648	$	4,800	$	14,078	$	10,698	$	9,111	$	32,670	$	19,426	$	1,692	$	17,287	$	2,377
Non-property adjustments	(75)		—		—		(404)		—		—		12,534		(528)		—		—		—
Interest income	(22)		(16)		(3)		(1)		—		(36)		—		(17)		—		(119)		(8)
Interest expense	—		—		—		—		2		—		—		—		7		3		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	8,322		8,377		16,092		14,146		13,372		13,720		62,313		28,621		8,864		23,804		6,155
Income tax expense (benefit)	9		(4)		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	156		155		673		235		1,052		752		2,257		1,083		406		464		100
Hotel EBITDA including amounts attributable to noncontrolling interest	21,032		21,160		21,562		28,054		25,124		23,547		109,774		48,585		10,969		41,439		8,624
Non-comparable adjustments	(9)		(10)		6		—		(15)		(9)		(4,753)		35		(3)		(4)		(1)
Comparable hotel EBITDA	$	21,023	$	21,150	$	21,568	$	28,054	$	25,109	$	23,538	$	105,021	$	48,620	$	10,966	$	41,435	$	8,623

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	1,814	$	1,302	$	1,974	$	138	$	20,090	$	1,475	$	1,741	$	278	$	(148)	$	3,289	$	1,156
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		—		(8)		—		—		(44)		—		—		—		—		—
Interest expense	—		—		—		—		—		3,598		—		—		852		4,305		—
Amortization of loan costs	—		—		—		—		—		225		—		—		160		228		—
Depreciation and amortization	4,906		1,665		638		1,131		13,183		2,738		1,420		560		1,628		6,562		11,630
Income tax expense (benefit)	—		—		—		—		252		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	101		100		(20)		58		646		161		18		21		20		277		43
Hotel EBITDA including amounts attributable to noncontrolling interest	6,819		3,067		2,584		1,327		34,171		8,153		3,179		859		2,512		14,661		12,829
Non-comparable adjustments	(1)		(3)		1		(3)		(9)		(3)		12		2		(3)		28		1
Comparable hotel EBITDA	$	6,818	$	3,064	$	2,585	$	1,324	$	34,162	$	8,150	$	3,191	$	861	$	2,509	$	14,689	$	12,830

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(239)	$	514	$	(1,053)	$	538	$	144	$	2,824	$	(3,645)	$	171	$	(6,967)	$	(8,144)	$	154,682
Non-property adjustments	—		(117)		—		—		—		—		(326)		(71)		6,774		6,606		24,393
Interest income	—		(2)		—		—		—		(67)		—		—		—		—		(345)
Interest expense	—		1,121		—		—		—		—		6,353		707		—		(1)		16,947
Amortization of loan costs	—		337		—		—		—		—		536		35		—		—		1,521
Depreciation and amortization	2,069		1,217		3,578		525		938		2,527		2,302		692		632		3,381		267,708
Income tax expense (benefit)	—		—		—		14		(12)		—		—		—		—		—		259
Non-hotel EBITDA ownership expense	94		365		232		7		18		(30)		442		419		32		80		10,416
Hotel EBITDA including amounts attributable to noncontrolling interest	1,924		3,435		2,757		1,084		1,088		5,254		5,662		1,953		471		1,922		475,581
Non-comparable adjustments	(2)		499		(1)		(1)		(1)		—		2,931		1,090		(471)		12		(685)
Comparable hotel EBITDA	$	1,922	$	3,934	$	2,756	$	1,083	$	1,087	$	5,254	$	8,593	$	3,043	$	—	$	1,934	$	474,896

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	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		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	2,437	$	3,730	$	469	$	3,597	$	4,013	$	1,822	$	11,225	$	3,407	$	465	$	3,773	$	(159)
Non-property adjustments	—		—		—		—		—		—		(2,527)		(7)		—		—		—
Interest income	(6)		(4)		(1)		—		—		(7)		—		(5)		—		(31)		(2)
Interest expense	—		—		—		—		—		—		—		—		2		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,919		2,035		4,130		3,437		3,489		3,657		15,892		7,038		2,455		5,895		1,531
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	21		25		54		30		378		125		400		223		66		57		43
Hotel EBITDA including amounts attributable to noncontrolling interest	4,371		5,786		4,652		7,064		7,880		5,597		24,990		10,656		2,988		9,695		1,413
Non-comparable adjustments	—		—		—		—		—		—		(449)		—		—		—		—
Comparable hotel EBITDA	$	4,371	$	5,786	$	4,652	$	7,064	$	7,880	$	5,597	$	24,541	$	10,656	$	2,988	$	9,695	$	1,413

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	(36)	$	149	$	425	$	62	$	3,802	$	72	$	703	$	(28)	$	(207)	$	2,159	$	(207)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(1)		—		(2)		—		—		(9)		—		—		—		—		—
Interest expense	—		—		—		—		—		881		—		—		206		1,054		—
Amortization of loan costs	—		—		—		—		—		57		—		—		41		58		—
Depreciation and amortization	1,324		536		171		370		3,301		686		399		143		430		1,595		2,937
Income tax expense (benefit)	—		—		—		—		35		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	38		20		(43)		12		376		60		7		17		4		35		6
Hotel EBITDA including amounts attributable to noncontrolling interest	1,325		705		551		444		7,514		1,747		1,109		132		474		4,901		2,736
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,325	$	705	$	551	$	444	$	7,514	$	1,747	$	1,109	$	132	$	474	$	4,901	$	2,736

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(119)	$	1,202	$	(819)	$	163	$	125	$	1,068	$	(567)	$	251	$	(149)	$	(203)	$	42,625
Non-property adjustments	—		—		—		—		—		—		—		—		259		1		(2,274)
Interest income	—		—		—		—		—		(35)		—		—		—		—		(103)
Interest expense	—		306		—		—		—		—		2,255		299		—		—		5,004
Amortization of loan costs	—		94		—		—		—		—		182		15		—		—		447
Depreciation and amortization	511		318		908		132		223		693		412		270		48		796		67,681
Income tax expense (benefit)	—		—		—		8		2		—		—		—		—		(1)		44
Non-hotel EBITDA ownership expense	—		14		54		—		1		2		82		246		8		11		2,372
Hotel EBITDA including amounts attributable to noncontrolling interest	392		1,934		143		303		351		1,728		2,364		1,081		166		604		115,796
Non-comparable adjustments	—		—		—		—		—		—		—		—		(166)		—		(615)
Comparable hotel EBITDA	$	392	$	1,934	$	143	$	303	$	351	$	1,728	$	2,364	$	1,081	$	—	$	604	$	115,181

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	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		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	3,401	$	3,759	$	1,755	$	4,947	$	4,302	$	2,843	$	12,446	$	5,868	$	1,087	$	6,038	$	969
Non-property adjustments	—		—		—		—		—		—		5,148		(3)		—		—		—
Interest income	(6)		(4)		(1)		—		—		(10)		—		(5)		—		(34)		(2)
Interest expense	—		—		—		—		—		—		—		—		2		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,077		2,073		3,958		3,530		3,315		3,509		15,818		7,047		2,110		5,793		1,524
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(29)		63		194		49		356		79		941		360		104		276		24
Hotel EBITDA including amounts attributable to noncontrolling interest	5,443		5,891		5,906		8,526		7,973		6,421		34,353		13,267		3,303		12,074		2,515
Non-comparable adjustments	—		—		—		—		—		—		(1,364)		—		—		—		—
Comparable hotel EBITDA	$	5,443	$	5,891	$	5,906	$	8,526	$	7,973	$	6,421	$	32,989	$	13,267	$	3,303	$	12,074	$	2,515

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	333	$	472	$	607	$	34	$	7,836	$	1,371	$	657	$	24	$	(66)	$	2,466	$	2,173
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(13)		—		—		—		—		—
Interest expense	—		—		—		—		—		915		—		—		219		1,094		—
Amortization of loan costs	—		—		—		—		—		56		—		—		40		57		—
Depreciation and amortization	1,238		404		161		270		3,351		659		353		139		375		1,581		2,877
Income tax expense (benefit)	—		—		—		—		48		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	77		34		4		19		172		22		6		1		33		57		5
Hotel EBITDA including amounts attributable to noncontrolling interest	1,648		910		770		323		11,407		3,010		1,016		164		601		5,255		5,055
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,648	$	910	$	770	$	323	$	11,407	$	3,010	$	1,016	$	164	$	601	$	5,255	$	5,055

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(57)	$	145	$	(199)	$	178	$	127	$	1,248	$	(707)	$	157	$	(1,312)	$	100	$	63,002
Non-property adjustments	—		—		—		—		—		—		(326)		—		1,385		1		6,205
Interest income	—		—		—		—		—		—		—		—		—		1		(76)
Interest expense	—		316		—		—		—		—		2,322		297		—		(1)		5,165
Amortization of loan costs	—		92		—		—		—		—		179		15		—		1		440
Depreciation and amortization	513		300		926		133		241		606		1,141		259		189		833		67,303
Income tax expense (benefit)	—		—		—		9		5		—		—		—		—		1		63
Non-hotel EBITDA ownership expense	50		138		7		2		3		2		113		49		5		9		3,225
Hotel EBITDA including amounts attributable to noncontrolling interest	506		991		734		322		376		1,856		2,722		777		267		945		145,327
Non-comparable adjustments	—		—		—		—		—		—		—		—		(267)		—		(1,631)
Comparable hotel EBITDA	$	506	$	991	$	734	$	322	$	376	$	1,856	$	2,722	$	777	$	—	$	945	$	143,696

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2019
	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		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	4,045	$	2,614	$	1,721	$	2,949	$	1,366	$	2,446	$	10,675	$	6,728	$	(378)	$	4,058	$	1,549
Non-property adjustments	—		—		—		—		—		—		—		(33)		—		—		—
Interest income	(5)		(4)		—		—		—		(10)		—		(4)		—		(26)		(2)
Interest expense	—		—		—		—		—		—		—		—		2		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,148		2,118		4,051		3,652		3,294		3,314		15,624		7,259		2,241		6,022		1,498
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	113		73		81		34		100		431		352		162		29		161		13
Hotel EBITDA including amounts attributable to noncontrolling interest	6,301		4,801		5,853		6,635		4,760		6,181		26,651		14,112		1,894		10,216		3,058
Non-comparable adjustments	(12)		(1)		—		—		(1)		—		(1,785)		(1)		—		(1)		1
Comparable hotel EBITDA	$	6,289	$	4,800	$	5,853	$	6,635	$	4,759	$	6,181	$	24,866	$	14,111	$	1,894	$	10,215	$	3,059

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	918	$	177	$	436	$	97	$	4,438	$	(65)	$	22	$	118	$	417	$	(1,465)	$	(636)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(9)		—		—		—		—		—
Interest expense	—		—		—		—		—		910		—		—		218		1,090		—
Amortization of loan costs	—		—		—		—		—		56		—		—		40		57		—
Depreciation and amortization	1,218		400		155		249		3,100		642		340		143		364		1,580		3,023
Income tax expense (benefit)	—		—		—		—		40		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	16		24		3		9		40		30		(54)		1		8		47		1
Hotel EBITDA including amounts attributable to noncontrolling interest	2,152		601		592		355		7,618		1,564		308		262		1,047		1,309		2,388
Non-comparable adjustments	1		(1)		—		(1)		—		(1)		(1)		—		(1)		2		1
Comparable hotel EBITDA	$	2,153	$	600	$	592	$	354	$	7,618	$	1,563	$	307	$	262	$	1,046	$	1,311	$	2,389

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	121	$	(669)	$	225	$	87	$	(62)	$	(203)	$	(2,371)	$	(237)	$	(132)	$	(754)	$	38,235
Non-property adjustments	—		(117)		—		—		—		—		—		(71)		—		(47)		(268)
Interest income	—		—		—		—		—		(14)		—		—		—		—		(76)
Interest expense	—		315		—		—		—		—		1,776		111		—		—		4,423
Amortization of loan costs	—		91		—		—		—		—		175		5		—		—		424
Depreciation and amortization	505		357		877		131		236		552		749		163		172		810		66,987
Income tax expense (benefit)	—		—		—		3		—		—		—		—		—		—		43
Non-hotel EBITDA ownership expense	(11)		82		58		2		2		(26)		247		124		5		(16)		2,141
Hotel EBITDA including amounts attributable to noncontrolling interest	615		59		1,160		223		176		309		576		95		45		(7)		111,909
Non-comparable adjustments	(1)		—		—		(1)		(1)		1		71		220		(45)		5		(1,552)
Comparable hotel EBITDA	$	614	$	59	$	1,160	$	222	$	175	$	310	$	647	$	315	$	—	$	(2)	$	110,357

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) 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, 2018
	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		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	2,759	$	2,545	$	855	$	2,585	$	1,017	$	2,000	$	(1,676)	$	3,423	$	518	$	3,418	$	18
Non-property adjustments	(75)		—		—		(404)		—		—		9,913		(485)		—		—		—
Interest income	(5)		(4)		(1)		(1)		—		(9)		—		(3)		—		(28)		(2)
Interest expense	—		—		—		—		2		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,178		2,151		3,953		3,527		3,274		3,240		14,979		7,277		2,058		6,094		1,602
Income tax expense (benefit)	9		(4)		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	51		(6)		344		122		218		117		564		338		207		(30)		20
Hotel EBITDA including amounts attributable to noncontrolling interest	4,917		4,682		5,151		5,829		4,511		5,348		23,780		10,550		2,784		9,454		1,638
Non-comparable adjustments	3		(9)		6		—		(14)		(9)		(1,155)		36		(3)		(3)		(2)
Comparable hotel EBITDA	$	4,920	$	4,673	$	5,157	$	5,829	$	4,497	$	5,339	$	22,625	$	10,586	$	2,781	$	9,451	$	1,636

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	599	$	504	$	506	$	(55)	$	4,014	$	97	$	359	$	164	$	(292)	$	129	$	(174)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(1)		—		(2)		—		—		(13)		—		—		—		—		—
Interest expense	—		—		—		—		—		892		—		—		209		1,067		—
Amortization of loan costs	—		—		—		—		—		56		—		—		39		56		—
Depreciation and amortization	1,126		325		151		242		3,431		751		328		135		459		1,806		2,793
Income tax expense (benefit)	—		—		—		—		129		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	(30)		22		16		18		58		49		59		2		(25)		138		31
Hotel EBITDA including amounts attributable to noncontrolling interest	1,694		851		671		205		7,632		1,832		746		301		390		3,196		2,650
Non-comparable adjustments	(2)		(2)		1		(2)		(9)		(2)		13		2		(2)		26		—
Comparable hotel EBITDA	$	1,692	$	849	$	672	$	203	$	7,623	$	1,830	$	759	$	303	$	388	$	3,222	$	2,650

	GACC Jacksonville RI - 1 hotel		JPMorgan Chase La Posada-1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		SPT Embassy Suites New York - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(184)	$	(164)	$	(260)	$	110	$	(46)	$	711	$	—	$	—	$	(5,374)	$	(7,287)	$	10,820
Non-property adjustments	—		—		—		—		—		—		—		—		5,130		6,651		20,730
Interest income	—		(2)		—		—		—		(18)		—		—		—		(1)		(90)
Interest expense	—		184		—		—		—		—		—		—		—		—		2,355
Amortization of loan costs	—		60		—		—		—		—		—		—		—		(1)		210
Depreciation and amortization	540		242		867		129		238		676		—		—		223		942		65,737
Income tax expense (benefit)	—		—		—		(6)		(19)		—		—		—		—		—		109
Non-hotel EBITDA ownership expense	55		131		113		3		12		(8)		—		—		14		76		2,678
Hotel EBITDA including amounts attributable to noncontrolling interest	411		451		720		236		185		1,361		—		—		(7)		380		102,549
Non-comparable adjustments	(1)		499		(1)		—		—		(1)		2,860		870		7		7		3,113
Comparable hotel EBITDA	$	410	$	950	$	719	$	236	$	185	$	1,360	$	2,860	$	870	$	—	$	387	$	105,662

NOTES:
(1) The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information does not reflect the operations of Orlando WorldQuest Resort.

View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-third-quarter-2019-results-300947547.html

SOURCE Ashford Hospitality Trust, Inc.

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Ashford Trust Reports Third Quarter 2019 Results

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