Form 8-K/A - Current report: [Amend]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): August 1, 2023

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-31775

86-1062192

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

14185 Dallas Parkway, Suite 1200

Dallas

Texas

75254

(Address of principal executive offices)

(Zip code)

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

Not Applicable

(Former name or former address, if changed since last report)

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

AHT

New York Stock Exchange

Preferred Stock, Series D

AHT-PD

New York Stock Exchange

Preferred Stock, Series F

AHT-PF

New York Stock Exchange

Preferred Stock, Series G

AHT-PG

New York Stock Exchange

Preferred Stock, Series H

AHT-PH

New York Stock Exchange

Preferred Stock, Series I

AHT-PI

New York Stock Exchange

EXPLANATORY NOTE: This Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on August 2, 2023 (the “Initial 8-K”), for the event dated August 1, 2023. The sole purpose for filing this amended report is to correct certain clerical errors contained in the press release attached as Exhibit 99.1 to the Initial 8-K as described further below. A corrected Exhibit 99.1 is attached to this Current Report on Form 8-K/A as Exhibit 99.1.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 1, 2023, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2023. Due to a clerical error, the tables on pages 28 and 29 of the press release attached as Exhibit 99.1 to the Initial 8-K did not reflect the correct periods. These pages have been subsequently corrected in Exhibit 99.1 attached hereto.

ITEM 8.01 OTHER EVENTS.

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Second Quarter 2023 Earnings Release of the Company, dated August 1, 2023

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

SIGNATURES

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


	ASHFORD HOSPITALITY TRUST, INC.

Dated: August 2, 2023	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

EXHIBIT 99.1

NEWS RELEASE


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

ASHFORD TRUST REPORTS SECOND QUARTER 2023 RESULTS

DALLAS – August 1, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2023 with the second quarter ended June 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 6.7% to $144.25 during the quarter on a 3.8% increase in Comparable ADR and a 2.8% increase in Comparable Occupancy.

•Net loss attributable to common stockholders was $(30.3) million or $(0.88) per diluted share for the quarter.

•Adjusted EBITDAre was $104.0 million for the quarter, reflecting a growth rate of 8% over the prior year quarter.

•Adjusted funds from operations (AFFO) was $0.78 per diluted share for the quarter.

•Comparable Hotel EBITDA was $117.5 million for the quarter, reflecting a growth rate of 5% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $254.1 million and restricted cash of $150.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $19.0 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $344.0 million.

•Capex invested during the quarter was $34.0 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.

•During the quarter, the Company refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company’s only final debt maturities in 2023.

•To date, the Company has issued approximately $51 million of its non-traded preferred stock.

AHT Reports Second Quarter Results

Page 2

August 1, 2023

•During the quarter, the Company extended its KEYS Pool C loan. Subsequent to quarter end, the Company extended its KEYS Pool D loan and its KEYS Pool E loan. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, its KEYS Pool B loan and its KEYS Pool F loan.

CAPITAL STRUCTURE

As of June 30, 2023, the Company had total loans of $3.7 billion with a blended average interest rate of 7.8%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 95% of the Company’s debt is effectively fixed and approximately 5% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.

During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.

Also, during the quarter, the Company successfully refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company's only final debt maturities in 2023. The new, non-recourse loan totals $98.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%.

During the quarter, the Company extended its KEYS Pool C loan – secured by five hotels with a paydown of approximately $62 million. Subsequent to quarter end, the Company extended its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million, and its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels. The Company noted that proactively choosing not to extend three of these loan pools improves its balance sheet by lowering leverage and materially improves future cash flows. The combination of the paydowns and the removal of the debt associated with the pools the Company did not extend will lower the Company’s debt by approximately $700 million.

The Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2023. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 1,935,377 shares of its Series J and 90,323 shares of its Series K non-traded preferred stock raising approximately $50.6 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

“During the second quarter, our portfolio delivered strong operating results,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We’ve been extremely encouraged with the growth in both occupancy and ADR that we’ve been able to achieve and believe that strong performance reflects our high-quality, geographically diverse portfolio. Further, we’re encouraged that the vast majority of our hotels are now out of their cash traps.” Mr. Hays added, “On the capital management

AHT Reports Second Quarter Results

Page 3

August 1, 2023

front, proactively choosing not to extend three of the KEYS loan pools improves our balance sheet by lowering leverage and materially improves our future cash flows. Looking ahead, our portfolio remains well positioned to outperform and, from a capital structure and balance sheet perspective, we will continue to focus on paying off our corporate financing and raising capital through our non-traded preferred stock.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, August 2, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13739435.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2023 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, August 2, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

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

* * * * *

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

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

AHT Reports Second Quarter Results

Page 4

August 1, 2023

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	June 30, 2023		December 31, 2022
ASSETS
Investments in hotel properties, net	$	3,146,937	$	3,118,331
Cash and cash equivalents	251,547		417,064
Restricted cash	167,473		141,962

Accounts receivable, net of allowance of $439 and $501, respectively	57,384		49,809
Inventories	3,918		3,856
Notes receivable, net	5,241		5,062


Investment in unconsolidated entities	10,517		19,576
Deferred costs, net	1,747		2,665
Prepaid expenses	19,612		15,981
Derivative assets, net	36,532		47,182
Operating lease right-of-use assets	44,210		43,921
Other assets	20,861		21,653
Intangible assets, net	797		797

Due from Ashford Inc., net	—		486
Due from related parties, net	2,731		6,570
Due from third-party hotel managers	19,035		22,462
Assets held for sale	11,653		—
Total assets	$	3,800,195	$	3,917,377

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	3,715,780	$	3,838,543
Finance lease liability	48,186		18,847
Accounts payable and accrued expenses	134,040		115,970
Accrued interest payable	16,321		15,287
Dividends and distributions payable	3,378		3,118

Due to Ashford Inc., net	8,032		—


Due to third-party hotel managers	1,459		1,319
Intangible liabilities, net	2,057		2,097
Operating lease liabilities	44,993		44,661

Other liabilities	4,073		4,326
Liabilities associated with assets held for sale	608		—
Total liabilities	3,978,927		4,044,168

Redeemable noncontrolling interests in operating partnership	22,409		21,550
Series J Redeemable Preferred Stock, $0.01 par value, 1,574,414 and 87,115 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	36,224		2,004
Series K Redeemable Preferred Stock, $0.01 par value, 71,719 and 1,800 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,766		44
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at June 30, 2023 and December 31, 2022	12		12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at June 30, 2023 and December 31, 2022	12		12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at June 30, 2023 and December 31, 2022	15		15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at June 30, 2023 and December 31, 2022	13		13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at June 30, 2023 and December 31, 2022	13		13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,493,344 and 34,495,185 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	345		345
Additional paid-in capital	2,384,805		2,383,244
Accumulated deficit	(2,629,447)		(2,534,043)
Total stockholders' equity (deficit) of the Company	(244,232)		(150,389)
Noncontrolling interests in consolidated entities	5,101		—
Total equity (deficit)	(239,131)		(150,389)
Total liabilities and equity/deficit	$	3,800,195	$	3,917,377

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
REVENUE
Rooms	$	293,915	$	275,528	$	546,870	$	470,858
Food and beverage	61,747		54,316		120,738		91,076
Other	19,316		17,423		35,598		31,859
Total hotel revenue	374,978		347,267		703,206		593,793
Other	771		828		1,429		1,440
Total revenue	375,749		348,095		704,635		595,233
EXPENSES
Hotel operating expenses
Rooms	66,035		59,782		125,238		107,786
Food and beverage	41,910		37,610		81,700		64,782
Other expenses	118,959		111,452		232,838		203,500
Management fees	13,773		12,312		26,019		21,866
Total hotel operating expenses	240,677		221,156		465,795		397,934
Property taxes, insurance and other	18,998		17,289		35,535		33,748
Depreciation and amortization	47,154		50,896		95,009		103,016



Advisory services fee:
Base advisory fee	8,249		8,613		16,718		17,348
Reimbursable expenses	3,065		2,364		6,292		4,935
Stock/unit-based compensation	955		1,451		2,245		3,380
Incentive fee	—		(151)		—		—
Corporate, general and administrative:
Stock/unit-based compensation	593		578		629		631
Other general and administrative	4,311		3,932		6,887		6,983
Total operating expenses	324,002		306,128		629,110		567,975
Gain (loss) on disposition of assets and hotel properties	—		181		(24)		284
OPERATING INCOME (LOSS)	51,747		42,148		75,501		27,542
Equity in earnings (loss) of unconsolidated entities	(181)		(151)		(577)		(304)
Interest income	2,310		526		4,867		577
Other income (expense), net	109		84		243		185
Interest expense, net of discount amortization	(85,976)		(45,990)		(164,720)		(87,150)
Amortization of loan costs	(3,614)		(2,403)		(6,385)		(4,802)
Write-off of premiums, loan costs and exit fees	(950)		(971)		(1,370)		(1,698)


Realized and unrealized gain (loss) on derivatives	12,583		6,074		7,168		9,285
INCOME (LOSS) BEFORE INCOME TAXES	(23,972)		(683)		(85,273)		(56,365)
Income tax benefit (expense)	(2,062)		(5,563)		(2,283)		(5,683)
NET INCOME (LOSS)	(26,034)		(6,246)		(87,556)		(62,048)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	349		76		949		448
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(25,685)		(6,170)		(86,607)		(61,600)
Preferred dividends	(3,752)		(3,104)		(6,995)		(6,207)
Deemed dividends on redeemable preferred stock	(826)		—		(1,233)		—

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(30,263)	$	(9,274)	$	(94,835)	$	(67,807)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.88)	$	(0.27)	$	(2.76)	$	(1.98)
Weighted average common shares outstanding – basic	34,429		34,330		34,385		34,300
Diluted:
Net income (loss) attributable to common stockholders	$	(0.88)	$	(0.27)	$	(2.76)	$	(1.98)
Weighted average common shares outstanding – diluted	34,429		34,330		34,385		34,300
Dividends declared per common share:	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income (loss)	$	(26,034)	$	(6,246)	$	(87,556)	$	(62,048)
Interest expense and amortization of discounts and loan costs, net	89,590		48,393		171,105		91,952
Depreciation and amortization	47,154		50,896		95,009		103,016
Income tax expense (benefit)	2,062		5,563		2,283		5,683
Equity in (earnings) loss of unconsolidated entities	181		151		577		304
Company's portion of EBITDA of unconsolidated entities	157		(151)		88		(304)
EBITDA	113,110		98,606		181,506		138,603

(Gain) loss on disposition of assets and hotel properties	—		(181)		24		(284)

EBITDAre	113,110		98,425		181,530		138,319
Amortization of unfavorable contract liabilities	18		42		47		95
Transaction and conversion costs	1,033		914		1,152		1,573
Write-off of premiums, loan costs and exit fees	950		971		1,370		1,698
Realized and unrealized (gain) loss on derivatives	(12,583)		(6,074)		(7,168)		(9,285)
Stock/unit-based compensation	1,550		2,038		2,883		4,049
Legal, advisory and settlement costs	—		12		—		37
Other (income) expense, net	(123)		(84)		(243)		(185)
Advisory services incentive fee	—		(151)		—		—

Dead deal costs	—		280		—		280





Company's portion of adjustments to EBITDAre of unconsolidated entities	—		(1)		1		11
Adjusted EBITDAre	$	103,955	$	96,372	$	179,572	$	136,592

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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income (loss)	$	(26,034)	$	(6,246)	$	(87,556)	$	(62,048)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	349		76		949		448
Preferred dividends	(3,752)		(3,104)		(6,995)		(6,207)
Deemed dividends on redeemable preferred stock	(826)		—		(1,233)		—

Net income (loss) attributable to common stockholders	(30,263)		(9,274)		(94,835)		(67,807)
Depreciation and amortization on real estate	47,154		50,896		95,009		103,016
(Gain) loss on disposition of assets and hotel properties	—		(181)		24		(284)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(349)		(76)		(949)		(448)
Equity in (earnings) loss of unconsolidated entities	181		151		577		304

Company's portion of FFO of unconsolidated entities	(67)		(151)		(354)		(304)
FFO available to common stockholders and OP unitholders	16,656		41,365		(528)		34,477
Deemed dividends on redeemable preferred stock	826		—		1,233		—

Transaction and conversion costs	1,033		914		1,152		1,573
Write-off of premiums, loan costs and exit fees	950		971		1,370		1,698
Unrealized (gain) loss on derivatives	(617)		(6,074)		14,325		(9,285)
Stock/unit-based compensation	1,550		2,038		2,883		4,049
Legal, advisory and settlement costs	—		12		—		37
Other (income) expense, net	(123)		(84)		(243)		(185)
Amortization of credit facility exit fee	4,640		2,896		8,796		5,577
Amortization of loan costs	3,614		2,403		6,385		4,802
Advisory services incentive fee	—		(151)		—		—


Dead deal costs	—		280		—		280






Company's portion of adjustments to FFO of unconsolidated entities	—		(1)		1		11
Adjusted FFO available to common stockholders and OP unitholders	$	28,529	$	44,569	$	35,374	$	43,034
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.78	$	1.23	$	0.97	$	1.19
Weighted average diluted shares	36,575		36,356		36,497		36,304

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2023

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (19)	Interest Rate (20)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				Comparable TTM Hotel Net Income		Comparable TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (21)		Comparable TTM Hotel EBITDA Debt Yield
KEYS Pool A - 7 hotels	June 2023	June 2023	LIBOR (1) + 3.65%	$	—		$	180,720		$	180,720		(3)	$	6,169	3.4	%	$	13,094	7.2	%
KEYS Pool B - 7 hotels	June 2023	June 2023	LIBOR (1) + 3.39%	—			174,400			174,400			(3)	2,333		1.3	%	8,622		4.9	%
KEYS Pool F - 5 hotels	June 2023	June 2023	LIBOR (1) + 3.68%	—			215,120			215,120			(3)	4,267		2.0	%	18,392		8.5	%
Morgan Stanley Pool - 17 hotels	November 2023	November 2024	LIBOR (1) + 3.13%	—			415,000			415,000			(4)	23,553		5.7	%	43,705		10.5	%
BAML Indigo Atlanta - 1 hotel	December 2023	December 2024	SOFR (2) + 2.85%	—			15,214			15,214			(5)	(490)		(3.2)	%	2,117		13.9	%
GACC Manchester RI - 1 hotel	January 2024	January 2024	5.49%	6,269			—			6,269				789		12.6	%	1,319		21.0	%
GACC Jacksonville RI - 1 hotel	January 2024	January 2024	5.49%	9,149			—			9,149				(80)		(0.9)	%	1,411		15.4	%
Oaktree Capital Term Loan	January 2024	January 2026	14.00%	195,959			—			195,959			(6)	N/A		N/A		N/A		N/A
JPMorgan Chase - 8 hotels	February 2024	February 2025	LIBOR (1) + 3.17%	—			345,000			345,000			(7)	15,856		4.6	%	32,739		9.5	%
BAML Princeton/Nashville - 2 hotels	March 2024	March 2026	LIBOR (1) + 2.75%	—			240,000			240,000			(8)	24,430		10.2	%	37,351		15.6	%
BAML Highland Pool - 19 hotels	April 2024	April 2025	LIBOR (1) + 3.47%	—			862,027			862,027			(9)	46,381		5.4	%	101,126		11.7	%
Key Bank Manchester CY - 1 hotel	May 2024	May 2024	4.99%	5,691			—			5,691				687		12.1	%	1,131		19.9	%
Southside Bank Ashton - 1 hotel	June 2024	June 2024	SOFR (2) + 2.00%	—			8,881			8,881			(10)	392		4.4	%	768		8.6	%
KEYS Pool C - 5 hotels	June 2024	June 2025	LIBOR (1) + 3.86%	—			158,689			158,689			(11)	7,652		4.8	%	20,595		13.0	%
KEYS Pool D - 5 hotels	June 2024	June 2025	LIBOR (1) + 4.15%	—			262,640			262,640			(12)	18,454		7.0	%	26,114		9.9	%
KEYS Pool E - 5 hotels	June 2024	June 2025	LIBOR (1) + 2.85%	—			160,000			160,000			(13)	5,490		3.4	%	19,216		12.0	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	August 2024	4.85%	11,048			—			11,048				469		4.2	%	1,708		15.5	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	August 2024	4.90%	22,101			—			22,101				989		4.5	%	3,087		14.0	%
Torchlight Marriott Gateway - 1 hotel	November 2024	November 2026	SOFR (2) + 4.76%	—			86,000			86,000			(14)	8,109		9.4	%	15,312		17.8	%
Aareal Le Pavillon - 1 hotel	December 2024	December 2027	SOFR (2) + 4.00%	—			37,000			37,000			(15)	(5,697)		(15.4)	%	1,341		3.6	%
BAML Pool 3 - 3 hotels	February 2025	February 2025	4.45%	46,303			—			46,303				3,550		7.7	%	8,275		17.9	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	23,036			—			23,036				(597)		(2.6)	%	2,579		11.2	%
Aareal Boston Back Bay - 1 hotel	August 2025	August 2026	SOFR (2) + 3.91%	—			98,000			98,000			(16)	1,796		1.8	%	14,879		15.2	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (2) + 4.00%	—			98,450			98,450			(17)	(710)		(0.7)	%	10,089		10.2	%









Total				$	319,556		$	3,357,141		$	3,676,697			$	163,792	4.5	%	$	384,970	10.5	%
Percentage				8.7		%	91.3		%	100.0		%
Weighted average interest rate (18) (20)				10.43		%	7.75		%	7.98		%

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

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

(1) LIBOR rate was 5.22% at June 30, 2023.

(2) SOFR rate was 5.14% at June 30, 2023.

(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

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

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

(6) This term loan has two one-year extension options, subject to satisfaction of certain conditions.

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

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

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

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

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

(12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.

(13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.

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

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

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

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

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

(19) The final maturity date assumes all available extension options will be exercised.

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

(21) 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

June 30, 2023

(dollars in thousands)

(unaudited)


	2023		2024		2025		2026		2027		Thereafter		Total
KEYS Pool A - 7 hotels (1)	$	180,720	$	—	$	—	$	—	$	—	$	—	$	180,720
KEYS Pool B - 7 hotels (1)	174,400		—		—		—		—		—		174,400
KEYS Pool F - 5 hotels (1)	215,120		—		—		—		—		—		215,120
GACC Jacksonville RI - 1 hotel	—		9,036		—		—		—		—		9,036
GACC Manchester RI - 1 hotel	—		6,191		—		—		—		—		6,191
Key Bank Manchester CY - 1 hotel	—		5,580		—		—		—		—		5,580
Southside Bank Ashton - 1 hotel	—		8,881		—		—		—		—		8,881
Morgan Stanley Pool C2 - 2 hotels	—		10,755		—		—		—		—		10,755
Morgan Stanley Pool C3 - 3 hotels	—		21,522		—		—		—		—		21,522
Morgan Stanley Pool - 17 hotels	—		415,000		—		—		—		—		415,000
BAML Indigo Atlanta - 1 hotel	—		14,987		—		—		—		—		14,987
JPMorgan Chase - 8 hotels	—		—		345,000		—		—		—		345,000
BAML Pool 3 - 3 hotels	—		—		44,413		—		—		—		44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	—		—		22,030		—		—		—		22,030
BAML Highland Pool - 19 hotels	—		—		862,027		—		—		—		862,027
KEYS Pool C - 5 hotels	—		—		158,689		—		—		—		158,689
KEYS Pool D - 5 hotels (2)	—		—		262,640		—		—		—		262,640
KEYS Pool E - 5 hotels (3)	—		—		160,000		—		—		—		160,000
Oaktree Capital Term Loan	—		—		—		195,959		—		—		195,959
BAML Princeton/Nashville - 2 hotels	—		—		—		240,000		—		—		240,000
Aareal Boston Back Bay - 1 hotel	—		—		—		96,000		—		—		96,000
Torchlight Marriott Gateway - 1 hotel	—		—		—		86,000		—		—		86,000
Aareal Le Pavillon - 1 hotel	—		—		—		—		35,000		—		35,000
Aareal Alexandria/La Posada	—		—		—		—		—		98,450		98,450








Principal due in future periods	570,240		491,952		1,854,799		617,959		35,000		98,450		3,668,400
Scheduled amortization payments remaining	1,507		2,582		708		2,500		1,000		—		8,297
Total indebtedness	$	571,747	$	494,534	$	1,855,507	$	620,459	$	36,000	$	98,450	$	3,676,697

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

(1) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

(2) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.

(3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	292,956		$	—		$	292,956		$	274,286		$	301		$	274,587		6.81	%	6.69	%
	RevPAR	$	144.25		$	—		$	144.25		$	135.08		$	1,103.15		$	135.21		6.79	%	6.69	%
	Occupancy	75.44		%	—		%	75.44		%	73.31		%	834.43		%	73.41		%	2.91	%	2.76	%
	ADR	$	191.22		$	—		$	191.22		$	184.26		$	132.20		$	184.18		3.77	%	3.82	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	544,893		$	—		$	544,893		$	468,463		$	620		$	469,083		16.32	%	16.16	%
	RevPAR	$	134.90		$	—		$	134.90		$	115.99		$	1,140.85		$	116.13		16.30	%	16.16	%
	Occupancy	71.95		%	—		%	71.95		%	65.82		%	831.31		%	65.93		%	9.31	%	9.13	%
	ADR	$	187.50		$	—		$	187.50		$	176.22		$	137.24		$	176.15		6.40	%	6.44	%

NOTES:

(1) The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

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


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	281,143		$	—		$	281,143		$	262,454		$	301		$	262,755		7.12	%	7.00	%
	RevPAR	$	142.29		$	—		$	142.29		$	132.85		$	1,103.15		$	132.99		7.10	%	6.99	%
	Occupancy	75.58		%	—		%	75.58		%	73.45		%	834.43		%	73.55		%	2.90	%	2.75	%
	ADR	$	188.26		$	—		$	188.26		$	180.88		$	132.20		$	180.80		4.08	%	4.13	%


ALL HOTELS NOT UNDER RENOVATION:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	519,938		$	—		$	519,938		$	444,448		$	620		$	445,068		16.99	%	16.82	%
	RevPAR	$	132.30		$	—		$	132.30		$	113.11		$	1,140.85		$	113.25		16.97	%	16.82	%
	Occupancy	71.97		%	—		%	71.97		%	65.83		%	831.31		%	65.93		%	9.33	%	9.16	%
	ADR	$	183.82		$	—		$	183.82		$	171.83		$	137.24		$	171.77		6.98	%	7.02	%

NOTES:

(1) The above comparable information assumes the 98 hotel properties owned and included in the Company’s operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

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

(3) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	373,749		$	345,651		8.13	%	$	700,614		$	590,640		18.62	%
Non-comparable adjustments	—			681					—			1,104
Comparable total hotel revenue	$	373,749		$	346,332		7.92	%	$	700,614		$	591,744		18.40	%

Hotel net income (loss)	$	64,836		$	55,848		16.09	%	$	98,835		$	55,635		77.65	%
Non-comparable adjustments	(50)			527					(57)			1,059
Comparable hotel net income (loss)	$	64,786		$	56,375		14.92	%	$	98,778		$	56,694		74.23	%
Hotel net income (loss) margin	17.35		%	16.16		%	1.19	%	14.11		%	9.42		%	4.69	%
Comparable hotel net income margin	17.33		%	16.28		%	1.05	%	14.10		%	9.58		%	4.52	%

Hotel EBITDA	$	117,477		$	111,375		5.48	%	$	208,237		$	166,937		24.74	%
Non-comparable adjustments	(12)			869					7			1,707
Comparable hotel EBITDA	$	117,465		$	112,244		4.65	%	$	208,244		$	168,644		23.48	%
Hotel EBITDA margin	31.43		%	32.22		%	(0.79)	%	29.72		%	28.26		%	1.46	%
Comparable hotel EBITDA margin	31.43		%	32.41		%	(0.98)	%	29.72		%	28.50		%	1.22	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2023			2022			% Variance		2023			2022			% Variance
Total hotel revenue	$	357,262		$	329,464		8.44	%	$	666,594		$	558,498		19.35	%
Non-comparable adjustments	—			681					—			1,104
Comparable total hotel revenue	$	357,262		$	330,145		8.21	%	$	666,594		$	559,602		19.12	%

Hotel net income (loss)	$	62,129		$	53,137		16.92	%	$	91,286		$	49,072		86.02	%
Non-comparable adjustments	(50)			527					(57)			1,059
Comparable hotel net income (loss)	$	62,079		$	53,664		15.68	%	$	91,229		$	50,131		81.98	%
Hotel net income (loss) margin	17.39		%	16.13		%	1.26	%	13.69		%	8.79		%	4.90	%
Comparable hotel net income margin	17.38		%	16.25		%	1.13	%	13.69		%	8.96		%	4.73	%

Hotel EBITDA	$	112,780		$	106,391		6.01	%	$	196,702		$	155,658		26.37	%
Non-comparable adjustments	(12)			869					7			1,707
Comparable hotel EBITDA	$	112,768		$	107,260		5.14	%	$	196,709		$	157,365		25.00	%
Hotel EBITDA margin	31.57		%	32.29		%	(0.72)	%	29.51		%	27.87		%	1.64	%
Comparable hotel EBITDA margin	31.56		%	32.49		%	(0.93)	%	29.51		%	28.12		%	1.39	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023			2023			2023		2023			2022			2022		2022			2022			2022		2022
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	373,749		$	—	$	373,749		$	326,865		$	—	$	326,865		$	315,419		$	2,494	$	317,913		$	326,065		$	621	$	326,686
Hotel net income (loss)	$	64,836		$	(50)	$	64,786		$	33,999		$	(7)	$	33,992		$	25,332		$	80	$	25,412		$	40,944		$	(782)	$	40,162
Hotel net income (loss) margin	17.35		%			17.33		%	10.40		%			10.40		%	8.03		%			7.99		%	12.56		%			12.29		%
Hotel EBITDA	$	117,477		$	(12)	$	117,465		$	90,760		$	19	$	90,779		$	84,631		$	900	$	85,531		$	94,892		$	132	$	95,024
Hotel EBITDA margin	31.43		%			31.43		%	27.77		%			27.77		%	26.83		%			26.90		%	29.10		%			29.09		%

Hotel net income (loss) % of total TTM	39.3		%			39.4		%	20.6		%			20.7		%	15.3		%			15.5		%	24.8		%			24.4		%
EBITDA % of total TTM	30.3		%			30.2		%	23.4		%			23.3		%	21.8		%			22.0		%	24.5		%			24.5		%




	Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023
	TTM			TTM		TTM
Total hotel revenue	$	1,342,098		$	3,115	$	1,345,213
Hotel net income (loss)	$	165,111		$	(759)	$	164,352
Hotel net income (loss) margin	12.30		%			12.22		%
Hotel EBITDA	$	387,760		$	1,039	$	388,799
Hotel EBITDA margin	28.89		%			28.90		%

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

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	10	1,626	$	142.15	$	—	$	142.15	$	135.32	$	111.04	$	132.33	5.0	%	7.4	%
Boston, MA Area	2	705	300.70		—		300.70		249.00		—		249.00		20.8	%	20.8	%
Dallas / Ft. Worth, TX Area	7	1,526	114.40		—		114.40		106.29		—		106.29		7.6	%	7.6	%
Houston, TX Area	3	692	113.91		—		113.91		98.71		—		98.71		15.4	%	15.4	%
Los Angeles, CA Metro Area	6	1,619	147.60		—		147.60		141.15		—		141.15		4.6	%	4.6	%
Miami, FL Metro Area	2	414	161.91		—		161.91		173.36		—		173.36		(6.6)	%	(6.6)	%
Minneapolis - St. Paul, MN Area	2	520	83.69		—		83.69		66.13		—		66.13		26.6	%	26.6	%
Nashville, TN Area	1	673	250.63		—		250.63		252.13		—		252.13		(0.6)	%	(0.6)	%
New York / New Jersey Metro Area	6	1,743	108.94		—		108.94		96.14		—		96.14		13.3	%	13.3	%
Orlando, FL Area	2	524	132.33		—		132.33		120.76		—		120.76		9.6	%	9.6	%
Philadelphia, PA Area	3	648	108.71		—		108.71		109.22		—		109.22		(0.5)	%	(0.5)	%
San Diego, CA Area	2	410	150.79		—		150.79		149.97		—		149.97		0.5	%	0.5	%
San Francisco - Oakland, CA Metro Area	7	1,547	126.90		—		126.90		120.66		—		120.66		5.2	%	5.2	%
Tampa, FL Area	2	571	144.22		—		144.22		126.77		—		126.77		13.8	%	13.8	%
Washington D.C. - MD - VA Area	9	2,426	178.68		—		178.68		159.06		—		159.06		12.3	%	12.3	%
Other Areas	36	6,672	135.00		—		135.00		131.42		(95.93)		132.47		2.7	%	1.9	%
Total Portfolio	100	22,316	$	144.25	$	—	$	144.25	$	135.08	$	1,103.15	$	135.21	6.8	%	6.7	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2023		2023		2023		2022		2022		2022		% Variance		% Variance
Atlanta, GA Area	10	1,626	$	138.66	$	—	$	138.66	$	120.90	$	91.31	$	117.26	14.7	%	18.3	%
Boston, MA Area	2	705	218.72		—		218.72		171.92		—		171.92		27.2	%	27.2	%
Dallas / Ft. Worth, TX Area	7	1,526	116.43		—		116.43		98.76		—		98.76		17.9	%	17.9	%
Houston, TX Area	3	692	111.68		—		111.68		94.07		—		94.07		18.7	%	18.7	%
Los Angeles, CA Metro Area	6	1,619	147.93		—		147.93		131.38		—		131.38		12.6	%	12.6	%
Miami, FL Metro Area	2	414	196.57		—		196.57		186.90		—		186.90		5.2	%	5.2	%
Minneapolis - St. Paul, MN Area	2	520	67.52		—		67.52		52.50		—		52.50		28.6	%	28.6	%
Nashville, TN Area	1	673	234.52		—		234.52		216.20		—		216.20		8.5	%	8.5	%
New York / New Jersey Metro Area	6	1,743	93.06		—		93.06		73.91		—		73.91		25.9	%	25.9	%
Orlando, FL Area	2	524	139.55		—		139.55		122.05		—		122.05		14.3	%	14.3	%
Philadelphia, PA Area	3	648	93.55		—		93.55		87.60		—		87.60		6.8	%	6.8	%
San Diego, CA Area	2	410	139.33		—		139.33		124.74		—		124.74		11.7	%	11.7	%
San Francisco - Oakland, CA Metro Area	7	1,547	121.12		—		121.12		97.65		—		97.65		24.0	%	24.0	%
Tampa, FL Area	2	571	167.79		—		167.79		137.50		—		137.50		22.0	%	22.0	%
Washington D.C. - MD - VA Area	9	2,426	153.65		—		153.65		118.04		—		118.04		30.2	%	30.2	%
Other Areas	36	6,672	127.83		—		127.83		116.35		(75.33)		117.57		9.9	%	8.7	%
Total Portfolio	100	22,316	$	134.90	$	—	$	134.90	$	115.99	$	1,140.85	$	116.13	16.3	%	16.2	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	2,264	$	—	$	2,264	3.5	%	$	2,042	$	82	$	2,124	3.8	%	10.9	%	6.6	%
Boston, MA Area	2	705	5,668		—		5,668		8.7	%	4,522		—		4,522		8.0	%	25.3	%	25.3	%
Dallas / Ft. Worth, TX Area	7	1,526	2,018		—		2,018		3.1	%	2,328		—		2,328		4.1	%	(13.3)	%	(13.3)	%
Houston, TX Area	3	692	1,332		—		1,332		2.1	%	677		—		677		1.2	%	96.8	%	96.8	%
Los Angeles, CA Metro Area	6	1,619	5,973		—		5,973		9.2	%	4,780		—		4,780		8.5	%	25.0	%	25.0	%
Miami, FL Metro Area	2	414	1,082		—		1,082		1.7	%	1,198		—		1,198		2.1	%	(9.7)	%	(9.7)	%
Minneapolis - St. Paul, MN Area	2	520	192		—		192		0.3	%	(601)		(2)		(603)		(1.1)	%	131.9	%	131.8	%
Nashville, TN Area	1	673	7,002		—		7,002		10.8	%	6,686		—		6,686		11.9	%	4.7	%	4.7	%
New York / New Jersey Metro Area	6	1,743	2,367		—		2,367		3.7	%	367		—		367		0.7	%	545.0	%	545.0	%
Orlando, FL Area	2	524	1,314		—		1,314		2.0	%	659		—		659		1.2	%	99.4	%	99.4	%
Philadelphia, PA Area	3	648	1,119		—		1,119		1.7	%	1,000		—		1,000		1.8	%	11.9	%	11.9	%
San Diego, CA Area	2	410	1,539		—		1,539		2.4	%	1,560		—		1,560		2.8	%	(1.3)	%	(1.3)	%
San Francisco - Oakland, CA Metro Area	7	1,547	1,044		—		1,044		1.6	%	1,309		—		1,309		2.3	%	(20.2)	%	(20.2)	%
Tampa, FL Area	2	571	1,874		—		1,874		2.9	%	1,277		—		1,277		2.3	%	46.8	%	46.8	%
Washington D.C. - MD - VA Area	9	2,426	11,706		—		11,706		18.1	%	9,341		—		9,341		16.6	%	25.3	%	25.3	%
Other Areas	36	6,672	18,342		(50)		18,292		28.2	%	18,703		447		19,150		33.8	%	(1.9)	%	(4.5)	%
Total Portfolio	100	22,316	$	64,836	$	(50)	$	64,786	100.0	%	$	55,848	$	527	$	56,375	100.0	%	16.1	%	14.9	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	5,146	$	—	$	5,146	5.2	%	$	1,925	$	(245)	$	1,680	3.0	%	167.3	%	206.3	%
Boston, MA Area	2	705	2,468		—		2,468		2.5	%	1,327		—		1,327		2.3	%	86.0	%	86.0	%
Dallas / Ft. Worth, TX Area	7	1,526	6,764		—		6,764		6.8	%	3,445		—		3,445		6.1	%	96.3	%	96.3	%
Houston, TX Area	3	692	2,315		—		2,315		2.3	%	897		—		897		1.6	%	158.1	%	158.1	%
Los Angeles, CA Metro Area	6	1,619	11,277		—		11,277		11.4	%	7,258		—		7,258		12.8	%	55.4	%	55.4	%
Miami, FL Metro Area	2	414	4,162		—		4,162		4.2	%	3,452		—		3,452		6.1	%	20.6	%	20.6	%
Minneapolis - St. Paul, MN Area	2	520	(927)		—		(927)		(0.9)	%	(2,053)		—		(2,053)		(3.6)	%	54.8	%	54.8	%
Nashville, TN Area	1	673	11,863		—		11,863		12.0	%	10,389		—		10,389		18.3	%	14.2	%	14.2	%
New York / New Jersey Metro Area	6	1,743	597		—		597		0.6	%	(4,500)		—		(4,500)		(7.9)	%	113.3	%	113.3	%
Orlando, FL Area	2	524	2,846		—		2,846		2.9	%	1,534		—		1,534		2.7	%	85.5	%	85.5	%
Philadelphia, PA Area	3	648	(142)		—		(142)		(0.1)	%	(52)		—		(52)		(0.1)	%	(173.1)	%	(173.1)	%
San Diego, CA Area	2	410	2,218		—		2,218		2.2	%	2,031		—		2,031		3.6	%	9.2	%	9.2	%
San Francisco - Oakland, CA Metro Area	7	1,547	1,270		—		1,270		1.3	%	(2,017)		—		(2,017)		(3.6)	%	163.0	%	163.0	%
Tampa, FL Area	2	571	6,402		—		6,402		6.5	%	3,442		—		3,442		6.1	%	86.0	%	86.0	%
Washington D.C. - MD - VA Area	9	2,426	14,105		—		14,105		14.3	%	5,369		—		5,369		9.5	%	162.7	%	162.7	%
Other Areas	36	6,672	28,471		(57)		28,414		28.8	%	23,188		1,304		24,492		43.1	%	22.8	%	16.0	%
Total Portfolio	100	22,316	$	98,835	$	(57)	$	98,778	100.0	%	$	55,635	$	1,059	$	56,694	100.0	%	77.6	%	74.2	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	6,583	$	—	$	6,583	5.6	%	$	5,705	$	1,023	$	6,728	6.0	%	15.4	%	(2.2)	%
Boston, MA Area	2	705	10,048		—		10,048		8.6	%	7,940		—		7,940		7.1	%	26.5	%	26.5	%
Dallas / Ft. Worth, TX Area	7	1,526	5,876		—		5,876		5.0	%	6,410		—		6,410		5.7	%	(8.3)	%	(8.3)	%
Houston, TX Area	3	692	2,609		—		2,609		2.2	%	1,935		—		1,935		1.7	%	34.8	%	34.8	%
Los Angeles, CA Metro Area	6	1,619	8,164		—		8,164		7.0	%	8,087		—		8,087		7.2	%	1.0	%	1.0	%
Miami, FL Metro Area	2	414	2,466		—		2,466		2.1	%	2,759		—		2,759		2.5	%	(10.6)	%	(10.6)	%
Minneapolis - St. Paul, MN Area	2	520	1,041		—		1,041		0.9	%	257		—		257		0.2	%	305.1	%	305.1	%
Nashville, TN Area	1	673	9,532		—		9,532		8.1	%	9,731		—		9,731		8.7	%	(2.0)	%	(2.0)	%
New York / New Jersey Metro Area	6	1,743	6,439		—		6,439		5.5	%	4,748		—		4,748		4.2	%	35.6	%	35.6	%
Orlando, FL Area	2	524	2,303		—		2,303		2.0	%	2,010		—		2,010		1.8	%	14.6	%	14.6	%
Philadelphia, PA Area	3	648	2,074		—		2,074		1.8	%	1,807		—		1,807		1.6	%	14.8	%	14.8	%
San Diego, CA Area	2	410	2,147		—		2,147		1.8	%	2,204		—		2,204		2.0	%	(2.6)	%	(2.6)	%
San Francisco - Oakland, CA Metro Area	7	1,547	5,004		—		5,004		4.3	%	5,314		—		5,314		4.7	%	(5.8)	%	(5.8)	%
Tampa, FL Area	2	571	2,814		—		2,814		2.4	%	2,520		—		2,520		2.2	%	11.7	%	11.7	%
Washington D.C. - MD - VA Area	9	2,426	18,106		—		18,106		15.4	%	16,326		—		16,326		14.5	%	10.9	%	10.9	%
Other Areas	36	6,672	32,271		(12)		32,259		27.3	%	33,622		(154)		33,468		29.9	%	(4.0)	%	(3.6)	%
Total Portfolio	100	22,316	$	117,477	$	(12)	$	117,465	100.0	%	$	111,375	$	869	$	112,244	100.0	%	5.5	%	4.7	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2023		2023		2023				2022		2022		2022				% Variance		% Variance
Atlanta, GA Area	10	1,626	$	14,217	$	—	$	14,217	6.8	%	$	9,583	$	1,642	$	11,225	6.7	%	48.4	%	26.7	%
Boston, MA Area	2	705	11,125		—		11,125		5.3	%	8,129		—		8,129		4.8	%	36.9	%	36.9	%
Dallas / Ft. Worth, TX Area	7	1,526	14,552		—		14,552		7.0	%	11,562		—		11,562		6.9	%	25.9	%	25.9	%
Houston, TX Area	3	692	5,389		—		5,389		2.6	%	3,660		—		3,660		2.2	%	47.2	%	47.2	%
Los Angeles, CA Metro Area	6	1,619	16,100		—		16,100		7.7	%	13,803		—		13,803		8.2	%	16.6	%	16.6	%
Miami, FL Metro Area	2	414	7,014		—		7,014		3.4	%	6,562		—		6,562		3.9	%	6.9	%	6.9	%
Minneapolis - St. Paul, MN Area	2	520	717		—		717		0.3	%	(333)		—		(333)		(0.2)	%	315.3	%	315.3	%
Nashville, TN Area	1	673	17,018		—		17,018		8.2	%	15,890		—		15,890		9.4	%	7.1	%	7.1	%
New York / New Jersey Metro Area	6	1,743	8,866		—		8,866		4.3	%	4,171		—		4,171		2.5	%	112.6	%	112.6	%
Orlando, FL Area	2	524	4,951		—		4,951		2.4	%	4,248		—		4,248		2.5	%	16.5	%	16.5	%
Philadelphia, PA Area	3	648	2,175		—		2,175		1.0	%	2,005		—		2,005		1.2	%	8.5	%	8.5	%
San Diego, CA Area	2	410	3,482		—		3,482		1.7	%	3,356		—		3,356		2.0	%	3.8	%	3.8	%
San Francisco - Oakland, CA Metro Area	7	1,547	9,467		—		9,467		4.5	%	6,101		—		6,101		3.6	%	55.2	%	55.2	%
Tampa, FL Area	2	571	8,314		—		8,314		4.0	%	5,936		—		5,936		3.5	%	40.1	%	40.1	%
Washington D.C. - MD - VA Area	9	2,426	27,737		—		27,737		13.3	%	19,260		—		19,260		11.4	%	44.0	%	44.0	%
Other Areas	36	6,672	57,113		7		57,120		27.5	%	53,004		65		53,069		31.4	%	7.8	%	7.6	%
Total Portfolio	100	22,316	$	208,237	$	7	$	208,244	100.0	%	$	166,937	$	1,707	$	168,644	100.0	%	24.7	%	23.5	%

NOTES:

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

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2023

(in thousands, except share price)

(unaudited)



	June 30, 2023
Common stock shares outstanding	34,493
Partnership units outstanding	2,063
Combined common stock shares and partnership units outstanding	36,556
Common stock price	$	3.73
Market capitalization	$	136,354
Series D cumulative preferred stock	$	29,361
Series F cumulative preferred stock	$	31,276
Series G cumulative preferred stock	$	38,300
Series H cumulative preferred stock	$	32,710
Series I cumulative preferred stock	$	31,323
Series J redeemable preferred stock	$	39,368
Series K redeemable preferred stock	$	1,793
Indebtedness	$	3,676,697

Net working capital (see below)	$	(344,011)
Total enterprise value (TEV)	$	3,673,171






Cash and cash equivalents	$	254,060
Restricted cash	$	150,450
Accounts receivable, net	$	58,382
Prepaid expenses	$	19,711

Due from third-party hotel managers, net	$	17,577

Total current assets	$	500,180

Accounts payable, net & accrued expenses	$	147,478
Dividends and distributions payable	$	3,378
Due to affiliates, net	$	5,313
Total current liabilities	$	156,169

Net working capital	$	344,011

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Crowne Plaza La Concha Key West

160

Embassy Suites Crystal City

269

Embassy Suites Dallas

150

Hampton Inn Evansville

140

Le Pavillon New Orleans

226

Marriott Sugar Land

300

Residence Inn Hartford Manchester

Residence Inn Phoenix Airport

200

Ritz-Carlton Atlanta

444

SpringHill Suites Buford Mall of Georgia

Total

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2023		2023		2022		2022		June 30, 2023
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	64,836	$	33,999	$	25,332	$	40,944	$	165,111
Non-property adjustments	(9)		(8)		(127)		1		(143)
Interest income	(248)		(100)		(97)		(47)		(492)
Interest expense	5,137		5,580		4,559		3,556		18,832
Amortization of loan costs	262		282		358		447		1,349
Depreciation and amortization	47,065		47,684		49,181		49,256		193,186
Income tax expense (benefit)	66		22		53		116		257
Non-hotel EBITDA ownership expense	368		3,301		5,372		619		9,660
Hotel EBITDA including amounts attributable to noncontrolling interest	117,477		90,760		84,631		94,892		387,760
Non-comparable adjustments	(12)		19		900		132		1,039
Comparable hotel EBITDA	$	117,465	$	90,779	$	85,531	$	95,024	$	388,799

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	62,129	$	2,707	$	64,836	$	(46)	$	(90,824)	$	(26,034)



Non-property adjustments	(9)		—		(9)		—		9		—
Interest income	(222)		(26)		(248)		—		248		—
Interest expense	5,137		—		5,137		—		80,839		85,976
Amortization of loan cost	262		—		262		—		3,352		3,614
Depreciation and amortization	45,082		1,983		47,065		41		48		47,154
Income tax expense (benefit)	66		—		66		—		1,996		2,062
Non-hotel EBITDA ownership expense	335		33		368		6		(374)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	112,780		4,697		117,477		1		(4,706)		112,772



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

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		157		157
Hotel EBITDA attributable to the Company and OP unitholders	$	112,780	$	4,697	$	117,477	$	1	$	(4,368)	$	113,110
Non-comparable adjustments	(12)		—		(12)
Comparable hotel EBITDA	$	112,768	$	4,697	$	117,465

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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



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

Hotel EBITDA including amounts attributable to noncontrolling interest	90,760		178		(22,869)		68,069
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—


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

Company's portion of EBITDA of unconsolidated entities	—		—		(69)		(69)
Hotel EBITDA attributable to the Company and OP unitholders	$	90,760	$	178	$	(22,542)	$	68,396
Non-comparable adjustments	19
Comparable hotel EBITDA	$	90,779

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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



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

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



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

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

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	40,944	$	(30)	$	(63,237)	$	(22,323)



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

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



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

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

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	53,137	$	2,711	$	55,848	$	459	$	(62,553)	$	(6,246)



Non-property adjustments	2		—		2		(151)		149		—
Interest income	(48)		—		(48)		(1)		49		—
Interest expense	2,643		—		2,643		—		43,347		45,990
Amortization of loan cost	443		—		443		—		1,960		2,403
Depreciation and amortization	48,490		2,233		50,723		124		49		50,896
Income tax expense (benefit)	84		—		84		—		5,479		5,563
Non-hotel EBITDA ownership expense	1,640		40		1,680		17		(1,697)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	106,391		4,984		111,375		448		(13,217)		98,606



Equity in (earnings) loss of unconsolidated entities	—		—		—		—		151		151

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(151)		(151)
Hotel EBITDA attributable to the Company and OP unitholders	$	106,391	$	4,984	$	111,375	$	448	$	(13,217)	$	98,606
Non-comparable adjustments	869		—		869
Comparable hotel EBITDA	$	107,260	$	4,984	$	112,244

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	91,285	$	7,550	$	98,835	$	—	$	(186,391)	$	(87,556)
Non-property adjustments	(17)		—		(17)		—		17		—
Interest income	(322)		(26)		(348)		—		348		—
Interest expense	10,717		—		10,717		—		154,003		164,720
Amortization of loan cost	544		—		544		—		5,841		6,385
Depreciation and amortization	90,866		3,883		94,749		164		96		95,009
Income tax expense (benefit)	88		—		88		—		2,195		2,283
Non-hotel EBITDA ownership expense	3,541		128		3,669		15		(3,684)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	196,702		11,535		208,237		179		(27,575)		180,841
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		577		577

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		88		88
Hotel EBITDA attributable to the Company and OP unitholders	$	196,702	$	11,535	$	208,237	$	179	$	(26,910)	$	181,506
Non-comparable adjustments	7		—		7
Comparable hotel EBITDA	$	196,709	$	11,535	$	208,244

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2022
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	49,072	$	6,563	$	55,635	$	726	$	(118,409)	$	(62,048)
Non-property adjustments	13		—		13		(273)		260		—
Interest income	(55)		—		(55)		(1)		56		—
Interest expense	4,915		—		4,915		—		82,235		87,150
Amortization of loan cost	882		—		882		—		3,920		4,802
Depreciation and amortization	98,087		4,577		102,664		255		97		103,016
Income tax expense (benefit)	99		—		99		—		5,584		5,683
Non-hotel EBITDA ownership expense	2,645		139		2,784		37		(2,821)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	155,658		11,279		166,937		744		(29,078)		138,603

Equity in (earnings) loss of unconsolidated entities	—		—		—		—		304		304

Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(304)		(304)
Hotel EBITDA attributable to the Company and OP unitholders	$	155,658	$	11,279	$	166,937	$	744	$	(29,078)	$	138,603
Non-comparable adjustments	1,707		—		1,707
Comparable hotel EBITDA	$	157,365	$	11,279	$	168,644

NOTES:

(2) Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,264	$	5,668	$	2,018	$	1,332	$	5,973	$	1,082	$	192	$	7,002	$	2,367



Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(36)		(44)		(4)		—		(26)		(6)		—		—		(10)
Interest expense	805		2,181		—		—		—		—		—		—		—
Amortization of loan costs	6		139		—		—		—		—		—		—		—
Depreciation and amortization	3,620		2,031		3,861		1,271		2,556		1,388		768		2,506		3,955
Income tax expense (benefit)	—		—		—		—		—		—		—		27		—
Non-hotel EBITDA ownership expense	(76)		73		1		6		(339)		2		81		(3)		127

Hotel EBITDA including amounts attributable to noncontrolling interest	6,583		10,048		5,876		2,609		8,164		2,466		1,041		9,532		6,439
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,583	$	10,048	$	5,876	$	2,609	$	8,164	$	2,466	$	1,041	$	9,532	$	6,439

	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)	$	1,314	$	1,119	$	1,539	$	1,044	$	1,874	$	11,706	$	18,342	$	64,836



Non-property adjustments	—		—		—		—		—		23		(32)		(9)
Interest income	(17)		(6)		(13)		(13)		—		(43)		(30)		(248)
Interest expense	—		—		—		219		—		697		1,235		5,137
Amortization of loan costs	—		—		—		38		—		46		33		262
Depreciation and amortization	1,073		899		592		3,364		932		5,665		12,584		47,065
Income tax expense (benefit)	—		—		—		—		—		—		39		66
Non-hotel EBITDA ownership expense	(67)		62		29		352		8		12		100		368

Hotel EBITDA including amounts attributable to noncontrolling interest	2,303		2,074		2,147		5,004		2,814		18,106		32,271		117,477
Non-comparable adjustments	—		—		—		—		—		—		(12)		(12)
Comparable hotel EBITDA	$	2,303	$	2,074	$	2,147	$	5,004	$	2,814	$	18,106	$	32,259	$	117,465

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,042	$	4,522	$	2,328	$	677	$	4,780	$	1,198	$	(601)	$	6,686	$	367



Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	—		(10)		(1)		—		(6)		—		—		—		(9)
Interest expense	123		1,132		—		—		—		—		—		—		—
Amortization of loan costs	8		133		—		—		—		—		—		—		—
Depreciation and amortization	3,726		2,164		3,944		1,175		3,018		1,519		827		2,559		4,020
Income tax expense (benefit)	—		—		—		—		—		—		—		17		—
Non-hotel EBITDA ownership expense	(194)		(1)		139		83		295		42		31		469		370

Hotel EBITDA including amounts attributable to noncontrolling interest	5,705		7,940		6,410		1,935		8,087		2,759		257		9,731		4,748
Non-comparable adjustments	1,023		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,728	$	7,940	$	6,410	$	1,935	$	8,087	$	2,759	$	257	$	9,731	$	4,748

	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)	$	659	$	1,000	$	1,560	$	1,309	$	1,277	$	9,341	$	18,703	$	55,848



Non-property adjustments	—		—		—		—		—		—		2		2
Interest income	(2)		—		(1)		(4)		—		(8)		(7)		(48)
Interest expense	—		—		—		226		—		563		599		2,643
Amortization of loan costs	—		—		—		38		—		66		198		443
Depreciation and amortization	1,341		1,156		629		3,650		1,185		6,283		13,527		50,723
Income tax expense (benefit)	—		—		—		—		—		—		67		84
Non-hotel EBITDA ownership expense	12		(349)		16		95		58		81		533		1,680

Hotel EBITDA including amounts attributable to noncontrolling interest	2,010		1,807		2,204		5,314		2,520		16,326		33,622		111,375
Non-comparable adjustments	—		—		—		—		—		—		(154)		869
Comparable hotel EBITDA	$	2,010	$	1,807	$	2,204	$	5,314	$	2,520	$	16,326	$	33,468	$	112,244

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	5,146	$	2,468	$	6,764	$	2,315	$	11,277	$	4,162	$	(927)	$	11,863	$	597
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(39)		(44)		(7)		—		(41)		(8)		—		—		(16)
Interest expense	1,589		4,256		—		—		—		—		—		—		—
Amortization of loan costs	11		276		—		—		—		—		—		—		—
Depreciation and amortization	7,223		4,077		7,708		2,505		5,142		2,830		1,545		5,037		7,989
Income tax expense (benefit)	—		—		—		—		—		—		—		48		—
Non-hotel EBITDA ownership expense	287		92		87		569		(278)		30		99		70		296
Hotel EBITDA including amounts attributable to noncontrolling interest	14,217		11,125		14,552		5,389		16,100		7,014		717		17,018		8,866
Non-comparable adjustments	—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	14,217	$	11,125	$	14,552	$	5,389	$	16,100	$	7,014	$	717	$	17,018	$	8,866

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	2,846	$	(142)	$	2,218	$	1,270	$	6,402	$	14,105	$	28,471	$	98,835
Non-property adjustments	—		—		—		—		—		23		(40)		(17)
Interest income	(33)		(9)		(20)		(28)		—		(57)		(46)		(348)
Interest expense	—		—		—		436		—		1,943		2,493		10,717
Amortization of loan costs	—		—		—		77		—		114		66		544
Depreciation and amortization	2,195		1,863		1,185		6,809		1,870		11,478		25,293		94,749
Income tax expense (benefit)	—		—		—		—		—		—		40		88
Non-hotel EBITDA ownership expense	(57)		463		99		903		42		131		836		3,669
Hotel EBITDA including amounts attributable to noncontrolling interest	4,951		2,175		3,482		9,467		8,314		27,737		57,113		208,237
Non-comparable adjustments	—		—		—		—		—		—		7		7
Comparable hotel EBITDA	$	4,951	$	2,175	$	3,482	$	9,467	$	8,314	$	27,737	$	57,120	$	208,244

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2022
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,925	$	1,327	$	3,445	$	897	$	7,258	$	3,452	$	(2,053)	$	10,389	$	(4,500)
Non-property adjustments	—		—		—		—		—		—		—		—		—
Interest income	(1)		(10)		(1)		—		(7)		—		—		—		(10)
Interest expense	223		2,099		—		—		—		—		—		—		—
Amortization of loan costs	16		264		—		—		—		—		—		—		—
Depreciation and amortization	7,518		4,433		7,934		2,358		6,255		3,040		1,672		5,018		8,156
Income tax expense (benefit)	—		—		—		—		—		—		—		22		—
Non-hotel EBITDA ownership expense	(98)		16		184		405		297		70		48		461		525
Hotel EBITDA including amounts attributable to noncontrolling interest	9,583		8,129		11,562		3,660		13,803		6,562		(333)		15,890		4,171
Non-comparable adjustments	1,642		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	11,225	$	8,129	$	11,562	$	3,660	$	13,803	$	6,562	$	(333)	$	15,890	$	4,171

	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)	$	1,534	$	(52)	$	2,031	$	(2,017)	$	3,442	$	5,369	$	23,188	$	55,635
Non-property adjustments	—		—		—		—		—		—		13		13
Interest income	(2)		(1)		(1)		(4)		—		(8)		(10)		(55)
Interest expense	—		—		—		450		—		1,007		1,136		4,915
Amortization of loan costs	—		—		—		75		—		131		396		882
Depreciation and amortization	2,703		2,393		1,268		7,355		2,417		12,726		27,418		102,664
Income tax expense (benefit)	—		—		—		—		—		—		77		99
Non-hotel EBITDA ownership expense	13		(335)		58		242		77		35		786		2,784
Hotel EBITDA including amounts attributable to noncontrolling interest	4,248		2,005		3,356		6,101		5,936		19,260		53,004		166,937
Non-comparable adjustments	—		—		—		—		—		—		65		1,707
Comparable hotel EBITDA	$	4,248	$	2,005	$	3,356	$	6,101	$	5,936	$	19,260	$	53,069	$	168,644

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	TTM Ended June 30, 2023
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	6,169	$	2,333	$	7,652	$	18,454	$	5,490	$	4,267	$	46,381	$	23,553	$	15,856	$	3,550	$	989
Non-property adjustments	—		—		(76)		—		—		(25)		(203)		(32)		—		—		—
Interest income	(64)		(33)		(9)		—		—		(17)		(86)		(74)		(177)		(32)		—
Interest expense	—		—		—		—		—		—		—		—		4		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	6,690		6,119		12,616		7,011		12,764		13,818		50,625		18,744		17,460		4,535		2,055
Income tax expense (benefit)	—		—		—		—		1		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	299		203		412		649		961		349		4,409		1,514		(21)		222		43
Hotel EBITDA including amounts attributable to noncontrolling interest	13,094		8,622		20,595		26,114		19,216		18,392		101,126		43,705		33,122		8,275		3,087
Non-comparable adjustments	—		—		—		—		—		—		—		—		(383)		—		—
Comparable hotel EBITDA	$	13,094	$	8,622	$	20,595	$	26,114	$	19,216	$	18,392	$	101,126	$	43,705	$	32,739	$	8,275	$	3,087

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	469	$	24,430	$	(710)	$	392	$	(490)	$	1,796	$	8,109	$	(80)	$	(5,697)	$	687	$	789
Non-property adjustments	—		(23)		24		—		—		—		—		—		272		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		5,473		—		1,014		7,630		—		—		2,747		—		—
Amortization of loan costs	—		—		342		—		28		546		—		—		282		—		—
Depreciation and amortization	1,000		12,999		4,914		359		1,544		4,817		6,868		1,477		3,684		374		417
Income tax expense (benefit)	—		84		—		—		—		—		—		—		—		64		108
Non-hotel EBITDA ownership expense	239		(139)		46		17		21		90		119		14		53		6		5
Hotel EBITDA including amounts attributable to noncontrolling interest	1,708		37,351		10,089		768		2,117		14,879		15,096		1,411		1,341		1,131		1,319
Non-comparable adjustments	—		—		—		—		—		—		216		—		—		—		—
Comparable hotel EBITDA	$	1,708	$	37,351	$	10,089	$	768	$	2,117	$	14,879	$	15,312	$	1,411	$	1,341	$	1,131	$	1,319

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(597)	$	716	$	603	$	165,111
Non-property adjustments	—		(81)		1		(143)
Interest income	—		—		—		(492)
Interest expense	887		—		1,077		18,832
Amortization of loan costs	151		—		—		1,349
Depreciation and amortization	2,006		(3)		293		193,186
Income tax expense (benefit)	—		—		—		257
Non-hotel EBITDA ownership expense	132		5		12		9,660
Hotel EBITDA including amounts attributable to noncontrolling interest	2,579		637		1,986		387,760
Non-comparable adjustments	—		(637)		1,843		1,039
Comparable hotel EBITDA	$	2,579	$	—	$	3,829	$	388,799

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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

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

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(47)	$	49	$	261	$	64,836
Non-property adjustments	—		(33)		—		(9)
Interest income	—		—		—		(248)
Interest expense	219		—		502		5,137
Amortization of loan costs	38		—		—		262
Depreciation and amortization	531		—		132		47,065
Income tax expense (benefit)	—		—		—		66
Non-hotel EBITDA ownership expense	—		(5)		11		368
Hotel EBITDA including amounts attributable to noncontrolling interest	741		11		906		117,477
Non-comparable adjustments	—		(11)		(1)		(12)
Comparable hotel EBITDA	$	741	$	—	$	905	$	117,465

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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

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

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(444)	$	(9)	$	312	$	33,999
Non-property adjustments	—		(8)		—		(8)
Interest income	—		—		—		(100)
Interest expense	217		—		505		5,580
Amortization of loan costs	38		—		—		282
Depreciation and amortization	507		(5)		136		47,684
Income tax expense (benefit)	—		—		—		22
Non-hotel EBITDA ownership expense	68		3		—		3,301
Hotel EBITDA including amounts attributable to noncontrolling interest	386		(19)		953		90,760
Non-comparable adjustments	—		19		—		19
Comparable hotel EBITDA	$	386	$	—	$	953	$	90,779

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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

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

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

NOTES:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	504	$	1,205	$	1,957	$	4,314	$	4,405	$	1,390	$	9,001	$	4,640	$	3,655	$	(37)	$	485
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(4)		(3)		—		—		—		(1)		—		(5)		(33)		(1)		—
Interest expense	—		—		—		—		—		—		—		—		1		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,551		1,493		3,249		1,912		3,357		3,554		13,203		4,648		4,404		1,214		386
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	20		27		80		293		(251)		52		280		216		(100)		183		8
Hotel EBITDA including amounts attributable to noncontrolling interest	2,071		2,722		5,286		6,519		7,511		4,995		22,484		9,499		7,927		1,359		879
Non-comparable adjustments	—		—		—		—		—		—		—		—		(383)		—		—
Comparable hotel EBITDA	$	2,071	$	2,722	$	5,286	$	6,519	$	7,511	$	4,995	$	22,484	$	9,499	$	7,544	$	1,359	$	879

	Morgan Stanley Pool C2 - 2 hotels		BAML Princeton/ Nashville - 2 hotels		Aaeral Hilton Alexandria/La Posada-2 hotels		Southside Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		GACC Jacksonville RI - 1 hotel		Aareal Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	77	$	5,670	$	963	$	14	$	(148)	$	1,907	$	1,218	$	(123)	$	(1,647)	$	260	$	275
Non-property adjustments	—		(17)		—		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		1,150		—		184		1,506		—		—		489		—		—
Amortization of loan costs	—		—		161		—		8		134		—		—		107		—		—
Depreciation and amortization	277		3,262		1,171		94		384		1,224		1,859		440		930		98		118
Income tax expense (benefit)	—		20		—		—		—		—		—		—		—		42		54
Non-hotel EBITDA ownership expense	22		(396)		20		9		11		19		69		3		5		(1)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	376		8,539		3,465		117		439		4,790		3,146		320		(116)		399		447
Non-comparable adjustments	—		—		—		—		—		—		216		—		—		—		—
Comparable hotel EBITDA	$	376	$	8,539	$	3,465	$	117	$	439	$	4,790	$	3,362	$	320	$	(116)	$	399	$	447

	US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Unencumbered hotels		Total Portfolio
Net income (loss)	$	310	$	649	$	—	$	40,944
Non-property adjustments	—		18		—		1
Interest income	—		—		—		(47)
Interest expense	226		—		—		3,556
Amortization of loan costs	37		—		—		447
Depreciation and amortization	428		—		—		49,256
Income tax expense (benefit)	—		—		—		116
Non-hotel EBITDA ownership expense	43		7		—		619
Hotel EBITDA including amounts attributable to noncontrolling interest	1,044		674		—		94,892
Non-comparable adjustments	—		(674)		973		132
Comparable hotel EBITDA	$	1,044	$	—	$	973	$	95,024

NOTES:

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

Document and Entity Information	Aug. 01, 2023
Entity Information [Line Items]
Document Type	8-K/A
Document Period End Date	Aug. 01, 2023
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC.
Entity Central Index Key	0001232582
Amendment Flag	true
Amendment Description	This Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on August 2, 2023, for the event dated August 1, 2023. The sole purpose for filing this amended report is to correct certain clerical errors contained in the press release attached as Exhibit 99.1 to the Initial 8-K as described further below. A corrected Exhibit 99.1 is attached to this Current Report on Form 8-K/A as Exhibit 99.1.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-31775
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway, Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Preferred Stock, Series G
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Preferred Stock, Series H
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Preferred Stock, Series I
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE

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