DALLAS, May 8, 2013 -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) today reported the following results and performance
measures for the first quarter ended March 31,
2013. The performance measurements for Occupancy, Average Daily
Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating
Profit (or Hotel EBITDA) are proforma. Unless otherwise stated, all
reported results compare the first quarter ended March
31, 2013, with the first quarter ended March
31, 2012 (see discussion below). The reconciliation of non-GAAP
financial measures is included in the financial tables accompanying
this press release.
FINANCIAL HIGHLIGHTS
- Adjusted EBITDA increased $7.3
million or 10% during the first quarter
- RevPAR for all hotels in continuing operations, including
the Highland Hospitality portfolio, increased 4.3% during the quarter
- RevPAR increased 7.7% for all hotels in the Highland
Hospitality portfolio, driven by a 6% increase in ADR and a 110 basis
point increase in occupancy
- RevPAR increased 3.4% for all Legacy hotels in continuing
operations, driven by a 3.3% increase in ADR
- Hotel EBITDA flow-through was 53% for all hotels, including
the Highland Hospitality portfolio
- Hotel operating profit margin increased 77 basis points for
all Legacy hotels not under renovation in continuing operations
- Hotel operating profit margin increased 221 basis points
for all Highland Hospitality hotels not under renovation in continuing
operations
- Net loss attributable to common shareholders was $23.2 million, or $0.34
per diluted share, compared with net loss attributable to common
shareholders of $29.5 million, or $0.44 per diluted share, in the prior-year
quarter
- Adjusted funds from operations (AFFO) was $0.35 per diluted share for the quarter as
compared with $0.28 from the prior-year
quarter
- At the end of the first quarter 2013, Ashford had cash,
cash equivalents, and marketable securities of $238
million
CAPITAL ALLOCATION
- Capex invested in the quarter for the Legacy portfolio was $20.0 million
- Ashford's pro rata share of capex invested in the quarter
for the Highland Hospitality portfolio was $11.9
million
CAPITAL STRUCTURE
At March 31, 2013, Ashford had
total assets of $3.5 billion in
continuing operations, and $4.4 billion
overall including the Highland Hospitality portfolio which is not
consolidated. As of March 31, 2013, the
Company had $2.4 billion of mortgage
debt in continuing operations and $3.2 billion
overall including the Highland Hospitality portfolio. Ashford's total
combined debt had a blended average interest rate of 5.3%, with a
weighted average debt maturity of 3.6 years.
On February 26, 2013, Ashford
refinanced its sole remaining 2013 debt maturity, which was set to
mature in August 2013. The prior $141 million loan was refinanced with a new $200 million loan that matures in February 2018. The new loan provides for a
floating interest rate of LIBOR + 3.50%, with no LIBOR floor and
continues to be secured by the Capital Hilton in Washington, DC and the Hilton La Jolla
Torrey Pines in La Jolla, CA. Ashford
has a 75% ownership interest in the properties, with Hilton holding the
remaining 25%. The excess loan proceeds above closing costs and
reserves were distributed to the partners on a pro rata basis.
Ashford's share of the excess loan proceeds was approximately $40.5 million, which was added to the
Company's unrestricted cash balance. As a result, the refinancing was
neutral to Ashford on a net debt basis.
Subsequent to the end of the first quarter, the Company
announced that, along with its joint venture partner, it had entered
into a series of agreements with the City of
Nashville and Davidson County
relating to the 673-room Renaissance Nashville Hotel. The hotel is part
of Ashford's Highland Hospitality portfolio of which Ashford has a
71.74% ownership interest. The Agreements include converting the joint
venture's leasehold interest in the hotel, which was set to expire in
2087, to fee simple ownership, extending the current lease term of some
adjacent facilities to 2112, and entering into a new, 30-year lease for
80,000 square feet of meeting space and pre-function space located at
the existing Nashville Convention
Center, which is adjacent to the hotel, all at no cost to the joint
venture. By entering into the lease for the additional meeting space,
the hotel will now be able to offer over 110,000 square feet of
self-contained meeting and pre-function space to accommodate larger
groups. Previously, the hotel offered 30,000 square feet of
self-contained meeting space and had access to the newly leased space
on an "as available" basis and paid additional rent for the use of that
space.
On May 7, 2013, the Company
announced that it had signed a definitive agreement to acquire the
142-room Pier House Resort and Spa in Key
West, FL for $90 million. The
purchase price equates to a trailing 12-month cap rate of 6.2% and a
trailing 12-month EBITDA yield of 7.0%. On a forward 12-month basis,
the purchase price represents a cap rate of 7.6% and an EBITDA yield of
8.5%, which equates to an 11.8x forward EBITDA multiple. In 2012, the
hotel achieved RevPAR of $275, with
occupancy of 83% and an Average Daily Rate of $333.
The Company intends to fund the entire purchase price with cash on hand
and the acquisition is expected to close by May
20, 2013.
PORTFOLIO REVPAR
As of March 31, 2013, the
Company's Legacy portfolio consisted of direct hotel investments with
94 properties classified in continuing operations. During the first
quarter of 2013, 84 of the hotels included in continuing operations
were not under renovation. The Company believes reporting its operating
metrics for continuing operations on a proforma total basis (all 94
hotels) and proforma not under renovation basis (84 hotels) is a
measure that reflects a meaningful and focused comparison of the
operating results in its direct hotel portfolio. Details of each
category are provided in the tables attached to this release.
- Proforma RevPAR increased 3.4% to $99.48
for all hotels in the Legacy portfolio on a 3.3% increase in ADR and a
7 basis point increase in occupancy
- Proforma RevPAR increased 4.0% to $101.06
for hotels not under renovation in the Legacy portfolio on a 3.5%
increase in ADR and a 31 basis point increase in occupancy
- Proforma RevPAR increased 7.7% to $98.41
for all hotels in the Highland Hospitality portfolio on a 6.0% increase
in ADR and a 110 basis point increase in occupancy
- Proforma RevPAR increased 8.7% to $95.12
for hotels not under renovation in the Highland Hospitality portfolio
on a 5.3% increase in ADR and a 216 basis point increase in occupancy
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality portfolio experienced RevPAR growth
of 7.7% during the first quarter of 2013, with RevPAR growth for hotels
not under renovation in continuing operations of 8.7%. The Highland
Hospitality portfolio continued to experience strong EBITDA
flow-through during the first quarter as a result of improved RevPAR
growth, solid property management and previously completed capital
expenditures. For all 28 hotels in the Highland Hospitality portfolio,
Hotel EBITDA Margin increased 185 bps and Hotel EBITDA flow-through was
53%. For the 21 hotels not under renovation during the first quarter
2013, Hotel EBITDA Margin increased 221 basis points and Hotel EBITDA
flow-through was 52%. Hotel EBITDA increased 15.1% in the first quarter
for all hotels in the Highland Hospitality portfolio.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for
all Legacy hotels increased 3.9% to $72.5
million. For the 84 hotels that were not under renovation, Hotel
EBITDA increased 5.7% to $67.1 million.
Hotel EBITDA Margin (expressed as a percentage of Total Hotel Revenue)
increased 77 basis points to 32.5% for the 84 Legacy hotels not under
renovation. For all 94 Legacy hotels included in continuing operations,
Hotel EBITDA Margin increased 48 basis points to 31.5%.
For the Company's 71.74% share of all hotels in the Highland
Hospitality portfolio, Hotel operating profit (Hotel EBITDA) increased
15.1% to $18.9 million. For the 21
hotels in the Highland Hospitality portfolio that were not under
renovation, Hotel EBITDA increased 18.5% to $13.6
million. Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) increased 221 basis points to 25.2% for the 21 Highland
Hospitality hotels not under renovation. For all 28 Highland
Hospitality hotels included in continuing operations, Hotel EBITDA
margin increased 185 basis points to 25.8%.
Starting with its second quarter 2012 financial results, the
Company added additional disclosure information regarding property
level trailing 12-month Hotel EBITDA by debt pool. The Company believes
this additional disclosure will assist the investment community in
analyzing Ashford and help analysts and investors see the benefits of
the non-recourse nature of its property level debt. Prior to providing
this information, the investment community could only reference the
Company's total EBITDA and total debt when applying a valuation
multiple.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA
Margin comparisons are more meaningful to gauge the performance of the
Company's hotels than sequential quarter-over-quarter comparisons.
Given the substantial seasonality in the Company's portfolio and its
active capital recycling, to help investors better understand this
seasonality, the Company provides quarterly detail on its Hotel EBITDA
and Hotel EBITDA Margin for the current and certain prior-year periods
based upon the number of hotels in the Legacy portfolio as well as its
pro-rata share of the Highland Hospitality portfolio as of the end of
the current period. As Ashford's portfolio mix changes from time to
time so will the seasonality for Proforma Hotel EBITDA and Proforma
Hotel EBITDA margin. The details of the quarterly calculations for the
previous four quarters for the current portfolio of 94 Legacy hotels
included in continuing operations together with Ashford's pro-rata
share of the Highland Hospitality portfolio are provided in the table
attached to this release.
In addition, in 2013, Marriott Hotels and Resorts converted to
a monthly reporting calendar as opposed to its traditional
thirteen-period reporting calendar. Historically, Ashford has recorded
four of its Marriott-managed hotels' accounting periods in the fourth
quarter and three in each of the other quarters during the year.
Presently, Marriott manages 46 hotels for Ashford making it one of the
Company's largest property managers. Accordingly, this year Ashford has
converted its 2012 numbers on a proforma basis to calendar months,
consistent with the new Marriott monthly reporting calendar, to provide
necessary consistency in period-to-period comparisons.
COMMON STOCK DIVIDEND
On March 15, 2013, Ashford
announced that its Board of Directors had declared a quarterly cash
dividend of $0.12 per diluted share for
the Company's common stock for the first quarter ending March 31, 2013, payable on April 15, 2013, to shareholders of record as
of March 28, 2013.
"We are very pleased with our first quarter results which
continue to demonstrate substantial improvement in the operating
performance of our Highland Hospitality portfolio due to the management
changes and cost controls we have implemented as well as the capital
expenditures we continue to make at the hotels," commented Monty J. Bennett, Ashford's Chairman and
Chief Executive Officer. "Additionally, our capital market strategies
have essentially addressed all of our near-term debt maturities, with
our next significant debt maturity not until November
2014. Our efforts have been extremely successful and have put
Ashford in a significantly enhanced position both from a cash and
liquidity perspective. We believe we have more than sufficient
resources to insulate us from any unexpected market fluctuations and
the financial flexibility to take advantage of accretive investments
opportunities that may arise."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, May 9, 2013, at 11:00 a.m. ET. The number to call for this
interactive teleconference is (480) 629-9692. A replay of the
conference call will be available through Thursday
May 16, 2013, by dialing (303) 590-3030 and entering the
confirmation number, 4613572.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2013 earnings release conference call.
The live broadcast of Ashford Hospitality Trust's quarterly conference
call will be available online at the Company's web site, www.ahtreit.com on Thursday May 9, 2013, beginning at 11:00 a.m. ET. The online replay will follow
shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real
estate investments and debt investments secured by real estate.
Historical cost accounting for real estate assets implicitly assumes
that the value of real estate assets diminishes predictably over time.
Since real estate values instead have historically risen or fallen with
market conditions, most industry investors consider supplemental
measures of performance, which are not measures of operating
performance under GAAP, to assist in evaluating a real estate company's
operations. These supplemental measures include FFO, AFFO, EBITDA, and
Hotel Operating Profit. FFO is computed in accordance with our
interpretation of standards established by NAREIT, which may not be
comparable to FFO reported by other REITs that do not define the term
in accordance with the current NAREIT definition or that interpret the
NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, nor
Hotel Operating Profit represents cash generated from operating
activities as determined by GAAP and should not be considered as an
alternative to a) GAAP net income (loss) as an indication of our
financial performance or b) GAAP cash flows from operating activities
as a measure of our liquidity, nor are such measures indicative of
funds available to satisfy our cash needs, including our ability to
make cash distributions. However, management believes FFO, AFFO,
EBITDA, and Hotel Operating Profit to be meaningful measures of a
REIT's performance and should be considered along with, but not as an
alternative to, net income and cash flow as a measure of our operating
performance.
Ashford is a self-administered real estate investment trust
focused on investing in the hospitality industry across all segments
and at all levels of the capital structure. Additional information can
be found on the Company's website at www.ahtreit.com.
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. 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 forward-looking statements include,
but are not limited to, the timing for closing, the impact of the
transaction on our business and future financial condition, our
business and investment strategy, our understanding of our competition
and current market trends and opportunities and projected capital
expenditures. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside Ashford's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results to
differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the market
price of our common stock; changes in our business or investment
strategy; availability, terms and deployment of capital; availability
of qualified personnel; changes in our industry and the market in which
we operate, interest rates or the general economy; and the degree and
nature of our competition. These and other risk factors are more fully
discussed in Ashford's filings with the Securities and Exchange
Commission. EBITDA is defined as net income before interest, taxes,
depreciation and amortization. EBITDA yield is defined as trailing
twelve month EBITDA divided by the purchase price. A capitalization
rate is determined by dividing the property's annual net operating
income by the purchase price. Net operating income is the property's
funds from operations minus a capital expense reserve of either 4% or
5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel
EBITDA divided by the change in total revenues. Hotel EBITDA Margin is
Hotel EBITDA divided by total revenues. Funds from operations ("FFO"),
as defined by the White Paper on FFO approved by the Board of Governors
of the National Association of Real Estate Investment Trusts ("NAREIT")
in April 2002, represents net income
(loss) computed in accordance with generally accepted accounting
principles ("GAAP"), excluding gains (or losses) from sales of
properties and extraordinary items as defined by GAAP, plus
depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to unconsolidated
entities and joint ventures.
The forward-looking statements included in this press
release are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking statements. We
are not obligated to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
circumstances, changes in expectations or otherwise.
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in
thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Cash
and cash equivalents
|
$
209,982
|
|
$
185,935
|
|
Marketable
securities
|
27,769
|
|
23,620
|
|
|
Total
cash, cash equivalents and marketable securities
|
237,751
|
|
209,555
|
|
Investment
in hotel properties, net
|
2,857,538
|
|
2,872,304
|
|
Restricted
cash
|
78,896
|
|
84,786
|
|
Accounts
receivable, net of allowance of $290 and $265, respectively
|
34,627
|
|
35,116
|
|
Inventories
|
2,141
|
|
2,111
|
|
Notes
receivable, net of allowance of $8,237 and $8,333, respectively
|
11,367
|
|
11,331
|
|
Investment
in unconsolidated joint ventures
|
151,806
|
|
158,694
|
|
Deferred
costs, net
|
16,073
|
|
17,194
|
|
Prepaid
expenses
|
11,884
|
|
10,145
|
|
Derivative
assets, net
|
237
|
|
6,391
|
|
Other
assets
|
7,118
|
|
4,594
|
|
Intangible
asset, net
|
2,698
|
|
2,721
|
|
Due
from affiliates
|
1,884
|
|
1,168
|
|
Due
from third-party hotel managers
|
57,670
|
|
48,619
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
3,471,690
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
2,390,725
|
|
$
2,339,410
|
|
Accounts
payable and accrued expenses
|
81,573
|
|
84,293
|
|
Dividends
payable
|
19,250
|
|
18,258
|
|
Unfavorable
management contract liabilities
|
10,553
|
|
11,165
|
|
Due to
related party, net
|
1,373
|
|
3,725
|
|
Due to
third-party hotel managers
|
2,058
|
|
1,410
|
|
Liabilities
associated with marketable securities
|
3,511
|
|
1,641
|
|
Other
liabilities
|
6,408
|
|
6,348
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,515,451
|
|
2,466,250
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
196,468
|
|
151,179
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Preferred
stock, $0.01 par value, 50,000,000 shares authorized -
|
|
|
|
|
|
|
Series
A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at
|
|
|
|
|
|
|
|
March
31, 2013 and December 31, 2012
|
17
|
|
17
|
|
|
|
Series
D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at
|
|
|
|
|
|
|
|
March
31, 2013 and December 31, 2012
|
95
|
|
95
|
|
|
|
Series
E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at
|
|
|
|
|
|
|
|
March
31, 2013 and December 31, 2012
|
46
|
|
46
|
|
|
Common
stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued,
68,332,627 and 68,150,617 shares outstanding, respectively
|
1,249
|
|
1,249
|
|
|
Additional
paid-in capital
|
1,759,037
|
|
1,766,168
|
|
|
Accumulated
other comprehensive loss
|
(277)
|
|
(282)
|
|
|
Accumulated
deficit
|
(837,169)
|
|
(770,467)
|
|
|
Treasury
stock, at cost (56,564,138 shares and 56,746,148 shares, respectively)
|
(164,389)
|
|
(164,884)
|
|
|
|
Total
shareholders' equity of the Company
|
758,609
|
|
831,942
|
|
Noncontrolling
interests in consolidated entities
|
1,162
|
|
15,358
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
759,771
|
|
847,300
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
$
3,471,690
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
(Unaudited)
|
REVENUE
|
|
|
|
|
Rooms
|
$
183,469
|
|
$
169,459
|
|
Food
and beverage
|
39,650
|
|
39,707
|
|
Other
|
8,716
|
|
7,814
|
|
|
|
|
|
|
|
|
|
Total
hotel revenue
|
231,835
|
|
216,980
|
|
Other
|
107
|
|
75
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
231,942
|
|
217,055
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
Hotel
operating expenses
|
|
|
|
|
|
Rooms
|
42,156
|
|
38,601
|
|
|
Food
and beverage
|
27,175
|
|
27,001
|
|
|
Other
expenses
|
68,292
|
|
65,094
|
|
|
Management
fees
|
9,893
|
|
8,989
|
|
|
|
|
|
|
|
|
|
|
Total
hotel operating expenses
|
147,516
|
|
139,685
|
|
|
|
|
|
|
|
|
Property
taxes, insurance, and other
|
12,248
|
|
11,709
|
|
Depreciation
and amortization
|
32,480
|
|
33,656
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
Corporate,
general, and administrative:
|
|
|
|
|
|
Stock/unit-based
compensation
|
8,342
|
|
5,146
|
|
|
Other
general and administrative
|
6,174
|
|
5,101
|
|
|
|
|
|
|
|
|
|
|
Total
Operating Expenses
|
206,664
|
|
195,205
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
25,278
|
|
21,850
|
|
|
|
|
|
|
|
|
Equity
in loss of unconsolidated joint ventures
|
(6,888)
|
|
(10,304)
|
|
Interest
income
|
36
|
|
32
|
|
Other
income
|
5,822
|
|
7,613
|
|
Interest
expense
|
(33,448)
|
|
(33,663)
|
|
Amortization
of loan costs
|
(1,932)
|
|
(1,212)
|
|
Write-off
of deferred loan costs and exit fees
|
(1,971)
|
|
â€"
|
|
Unrealized
gain on marketable securities
|
2,701
|
|
1,785
|
|
Unrealized
loss on derivatives
|
(7,149)
|
|
(9,941)
|
|
|
|
|
|
|
|
LOSS
FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(17,551)
|
|
(23,840)
|
|
Income
tax expense
|
(604)
|
|
(879)
|
|
|
|
|
|
|
|
LOSS
FROM CONTINUING OPERATIONS
|
(18,155)
|
|
(24,719)
|
Income
from discontinued operations
|
-
|
|
166
|
|
|
|
|
|
|
|
NET
LOSS
|
(18,155)
|
|
(24,553)
|
Loss
from consolidated entities attributable to noncontrolling interests
|
707
|
|
278
|
Net
loss attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
|
|
|
|
|
|
NET
LOSS ATTRIBUTABLE TO THE COMPANY
|
(14,686)
|
|
(21,218)
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
NET
LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
(23,176)
|
|
$
(29,549)
|
|
|
|
|
|
|
|
INCOME
(LOSS) PER SHARE â€" BASIC AND DILUTED
|
|
|
|
|
Basic:
|
|
|
|
|
|
Loss
from continuing operations attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
Income
from discontinued operations attributable to common shareholders
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding â€" basic
|
67,682
|
|
67,152
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Loss
from continuing operations attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
Income
from discontinued operations attributable to common shareholders
|
-
|
|
$ -
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
$
(0.34)
|
|
$
(0.44)
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding â€" diluted
|
67,682
|
|
67,152
|
|
|
|
|
|
|
|
|
Dividends
declared per common share:
|
$ 0.12
|
|
$ 0.11
|
|
|
|
|
|
|
|
Amounts
attributable to common shareholders:
|
|
|
|
|
Loss
from continuing operations
|
$
(14,686)
|
|
$
(21,365)
|
|
Income
from discontinued operations
|
-
|
|
147
|
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
$
(23,176)
|
|
$
(29,549)
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION
OF NET LOSS TO EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(18,155)
|
|
$
(24,553)
|
|
Loss
from consolidated entities attributable to noncontrolling interests
|
707
|
|
278
|
|
Net
loss attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
Net
loss attributable to the Company
|
(14,686)
|
|
(21,218)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(36)
|
|
(32)
|
|
|
Interest
expense and amortization of loan costs
|
34,972
|
|
34,851
|
|
|
Depreciation
and amortization
|
31,661
|
|
33,583
|
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
|
Income
tax expense
|
604
|
|
879
|
|
|
Net
loss attributable to redeemable noncontrolling interests in operating
partnership
|
(2,762)
|
|
(3,057)
|
|
|
Equity
in loss of unconsolidated joint ventures
|
6,888
|
|
10,304
|
|
|
Company's
portion of EBITDA of unconsolidated joint ventures
|
17,389
|
|
14,564
|
|
|
|
|
|
|
|
|
EBITDA
|
|
73,934
|
|
69,782
|
|
|
|
|
|
|
|
|
|
Amortization
of unfavorable management contract liabilities
|
(612)
|
|
(565)
|
|
|
Write-off
of loan costs, premiums, and exit fees, net
|
1,971
|
|
-
|
|
|
Other
income (1)
|
(5,822)
|
|
(7,613)
|
|
|
Unrealized
gain on investments
|
(2,701)
|
|
(1,785)
|
|
|
Unrealized
loss on derivatives
|
7,149
|
|
9,941
|
|
|
Equity-based
compensation
|
8,342
|
|
5,146
|
|
|
Company's
portion of adjustments to EBITDA of unconsolidated joint ventures
|
19
|
|
95
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
82,280
|
|
$
75,001
|
|
|
|
|
|
|
|
|
(1)
|
Other
income, primarily consisting of income from interest rate derivatives
in both periods and net realized loss on marketable securities in both
periods, is excluded from Adjusted EBITDA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION
OF NET LOSS TO FUNDS FROM OPERATIONS ("FFO")
|
(in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(18,155)
|
|
$
(24,553)
|
|
Loss
from consolidated entities attributable to noncontrolling interests
|
707
|
|
278
|
|
Net
loss attributable to redeemable noncontrolling interests in operating
partnership
|
2,762
|
|
3,057
|
|
Preferred
dividends
|
(8,490)
|
|
(8,331)
|
|
|
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
(23,176)
|
|
(29,549)
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization on real estate
|
31,615
|
|
33,517
|
|
|
Impairment
charges
|
(96)
|
|
(92)
|
|
|
Net
loss attributable to redeemable noncontrolling interests in operating
partnership
|
(2,762)
|
|
(3,057)
|
|
|
Equity
in loss of unconsolidated joint ventures
|
6,888
|
|
10,304
|
|
|
Company's
portion of FFO of unconsolidated joint ventures
|
5,636
|
|
2,455
|
|
|
|
|
|
|
|
|
FFO
available to common shareholders
|
18,105
|
|
13,578
|
|
|
|
|
|
|
|
|
|
Write-off
of loan costs, premiums, and exit fees, net
|
1,971
|
|
-
|
|
|
Other
income (1)
|
393
|
|
356
|
|
|
Unrealized
gain on investments
|
(2,701)
|
|
(1,785)
|
|
|
Unrealized
loss on derivatives
|
7,149
|
|
9,941
|
|
|
Equity-based
compensation adjustment related to modified employment terms
|
4,678
|
|
991
|
|
|
Company's
portion of adjustments to FFO of unconsolidated joint ventures
|
19
|
|
95
|
|
|
|
|
|
|
|
|
Adjusted
FFO available to common shareholders
|
$
29,614
|
|
$
23,176
|
|
|
|
|
|
|
|
|
Adjusted
FFO per diluted share available to common shareholders
|
$ 0.35
|
|
$ 0.28
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
85,794
|
|
84,265
|
|
|
|
|
|
|
|
|
(1)
|
Other
income, primarily consisting of net realized loss on marketable
securities in both periods, is excluded from Adjusted FFO.
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY
PORTFOLIO ONLY
|
SUMMARY
OF INDEBTEDNESS OF CONTINUING OPERATIONS
|
MARCH
31, 2013
|
(dollars
in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BoA
MIP - 5 hotels
|
|
March
2014
|
|
LIBOR
+ 4.50%
|
|
$ -
|
|
$
172,416
|
(1)
|
$
172,416
|
|
$
18,210
|
|
10.6%
|
JPM
Floater - 9 hotels
|
|
May
2014
|
|
LIBOR
+ 6.50%
|
|
-
|
|
135,000
|
(2)
|
135,000
|
|
17,312
|
|
12.8%
|
GEMSA
Manchester - 1 hotel
|
|
May
2014
|
|
8.32%
|
|
5,249
|
|
-
|
|
5,249
|
|
529
|
|
10.1%
|
Senior
credit facility - Various
|
|
September
2014
|
|
LIBOR
+ 2.75% to 3.5%
|
|
-
|
|
-
|
|
-
|
|
-
|
|
N/A
|
Goldman
Sachs - 5 hotels
|
|
November
2014
|
|
Greater
of 6.40% or LIBOR + 6.15%
|
|
-
|
|
211,000
|
(3)
|
211,000
|
|
24,034
|
|
11.4%
|
UBS 1
- 8 hotels
|
|
December
2014
|
|
5.75%
|
|
104,089
|
|
-
|
|
104,089
|
|
11,942
|
|
11.5%
|
Merrill
1 - 10 hotels
|
|
July
2015
|
|
5.22%
|
|
151,899
|
|
-
|
|
151,899
|
|
20,939
|
|
13.8%
|
UBS 2
- 8 hotels
|
|
December
2015
|
|
5.70%
|
|
96,397
|
|
-
|
|
96,397
|
|
11,204
|
|
11.6%
|
Merrill
2 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
109,743
|
|
-
|
|
109,743
|
|
17,042
|
|
15.5%
|
Merrill
3 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
91,010
|
|
-
|
|
91,010
|
|
15,284
|
|
16.8%
|
Merrill
7 - 5 hotels
|
|
February
2016
|
|
5.53%
|
|
78,834
|
|
-
|
|
78,834
|
|
12,856
|
|
16.3%
|
Wachovia
Philly CY - 1 hotel
|
|
April
2017
|
|
5.91%
|
|
34,624
|
|
-
|
|
34,624
|
|
9,807
|
|
28.3%
|
Wachovia
3 - 2 hotels
|
|
April
2017
|
|
5.95%
|
|
126,886
|
|
-
|
|
126,886
|
|
15,279
|
|
12.0%
|
Wachovia
7 - 3 hotels
|
|
April
2017
|
|
5.95%
|
|
258,202
|
|
-
|
|
258,202
|
|
24,589
|
|
9.5%
|
Wachovia
1 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
114,369
|
|
-
|
|
114,369
|
|
11,719
|
|
10.2%
|
Wachovia
5 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
102,800
|
|
-
|
|
102,800
|
|
10,524
|
|
10.2%
|
Wachovia
6 - 5 hotels
|
|
April
2017
|
|
5.95%
|
|
156,422
|
|
-
|
|
156,422
|
|
16,439
|
|
10.5%
|
Wachovia
2 - 7 hotels
|
|
April
2017
|
|
5.95%
|
|
125,120
|
|
-
|
|
125,120
|
|
12,573
|
|
10.0%
|
Aareal
- 2 hotels
|
|
February
2018
|
|
LIBOR
+ 3.50%
|
|
-
|
|
199,875
|
|
199,875
|
|
24,389
|
|
12.2%
|
TIF
Philly CY - 1 hotel
|
|
June
2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
|
|
N/A
|
GACC
Gateway - 1 hotel
|
|
November
2020
|
|
6.26%
|
|
102,224
|
|
-
|
|
102,224
|
|
15,817
|
|
15.5%
|
Zion
Jacksonville RI - 1 hotel
|
|
April
2034
|
|
Greater
of 6% or Prime + 1%
|
|
-
|
|
6,468
|
|
6,468
|
|
1,241
|
|
19.2%
|
Unencumbered
hotels
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
885
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
1,665,966
|
|
$
724,759
|
|
$
2,390,725
|
|
$
292,614
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
69.7%
|
|
30.3%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.85%
|
|
5.31%
|
|
5.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate swaps
|
|
|
|
5.47%
|
(4)
|
5.31%
|
(4)
|
5.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
indebtedness is non-recourse with the exception of the senior credit
facility.
|
|
|
|
|
|
|
|
|
|
|
(1)This
mortgage loan has a one-year extension option beginning March 2014,
subject to satisfaction of certain conditions.
|
|
(2)This
mortgage loan has three one-year extension options beginning May 2014,
subject to satisfaction of certain conditions.
|
|
(3)This
mortgage loan has three one-year extension options beginning November
2014, subject to satisfaction of certain conditions.
|
(4)These
rates are calculated assuming the LIBOR rate stays at the March 31,
2013 level and with the effect of our interest rate derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIGHLAND
HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
SUMMARY
OF INDEBTEDNESS
|
ASHFORD'S
PRO RATA 71.74% SHARE
|
MARCH
31, 2013
|
(dollars
in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells
Senior - 25 hotels
|
|
March
2014
|
|
LIBOR
+ 3.00%
|
|
$ -
|
|
$
380,222
|
(1)
|
$
380,222
|
|
$
65,481
|
|
17.2%
|
Mezz 1
- 28 hotels
|
|
March
2014
|
|
Greater
of 7.00% or LIBOR + 6.00%
|
|
-
|
|
93,756
|
(1)
|
93,756
|
|
87,029
|
|
13.9%
|
Mezz 2
- 28 hotels
|
|
March
2014
|
|
Greater
of 8.00% or LIBOR + 7.00%
|
|
-
|
|
89,254
|
(1)
|
89,254
|
|
87,029
|
|
12.1%
|
Mezz 3
- 28 hotels
|
|
March
2014
|
|
Greater
of 10.50% or LIBOR + 9.50%
|
|
-
|
|
76,503
|
(1)
|
76,503
|
|
87,029
|
|
11.0%
|
Mezz 4
- 28 hotels
|
|
March
2014
|
|
LIBOR
+ 2.00%
|
|
|
|
13,218
|
(1)
|
13,218
|
|
87,029
|
|
10.8%
|
Morgan
Stanley Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
73,684
|
|
-
|
|
73,684
|
|
9,067
|
|
12.3%
|
Morgan
Stanley Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
80,554
|
|
-
|
|
80,554
|
|
12,481
|
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
(Ashford's 71.74% share only)
|
|
|
|
|
|
$
154,238
|
|
$
652,953
|
|
$
807,191
|
|
$
87,029
|
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
19.1%
|
|
80.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
4.41%
|
|
5.24%
|
|
5.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Ashford plus Ashford's 71.74% share of PIM Highland Holding LLC
|
|
$
1,820,204
|
|
$
1,377,712
|
|
$
3,197,916
|
|
$
379,643
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
56.9%
|
|
43.1%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate swaps
|
|
5.38%
|
|
5.27%
|
|
5.34%
|
|
|
|
|
(1)Each
of these loans has two one-year extension options beginning March 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
LEGACY
PORTFOLIO ONLY
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
|
MARCH
31, 2013
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEMSA
Manchester - 1 hotel
|
|
$ -
|
|
$ 5,004
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$ 5,004
|
Senior
credit facility - Various
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
UBS 1
- 8 hotels
|
|
-
|
|
100,119
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,119
|
BoA
MIP - 5 hotels
|
|
-
|
|
-
|
|
172,416
|
|
-
|
|
-
|
|
-
|
|
172,416
|
Merrill
1 - 10 hotels
|
|
-
|
|
-
|
|
142,922
|
|
-
|
|
-
|
|
-
|
|
142,922
|
UBS 2
- 8 hotels
|
|
-
|
|
-
|
|
90,680
|
|
-
|
|
-
|
|
-
|
|
90,680
|
Merrill
2 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
101,740
|
|
-
|
|
-
|
|
101,740
|
Merrill
3 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
84,374
|
|
-
|
|
-
|
|
84,374
|
Merrill
7 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
73,086
|
|
-
|
|
-
|
|
73,086
|
JPM
Floater - 9 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
135,000
|
|
-
|
|
135,000
|
Wachovia
Philly CY - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32,532
|
|
-
|
|
32,532
|
Wachovia
3 - 2 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
119,245
|
|
-
|
|
119,245
|
Wachovia
7 - 3 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
242,201
|
|
-
|
|
242,201
|
Wachovia
1 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,351
|
|
-
|
|
107,351
|
Wachovia
5 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
96,491
|
|
-
|
|
96,491
|
Wachovia
6 - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
146,823
|
|
-
|
|
146,823
|
Wachovia
2 - 7 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
117,441
|
|
-
|
|
117,441
|
Goldman
Sachs - 5 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
211,000
|
|
-
|
|
211,000
|
Aareal
- 2 hotels
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
186,259
|
|
186,259
|
TIF
Philly CY - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,098
|
|
8,098
|
GACC
Gateway - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
89,886
|
|
89,886
|
Zion
Jacksonville RI - 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
due in future periods
|
|
$ -
|
|
$
105,123
|
|
$
406,018
|
|
$
259,200
|
|
$
1,208,084
|
|
$
284,243
|
|
$
2,262,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
25,850
|
|
30,731
|
|
29,361
|
|
19,617
|
|
18,327
|
|
4,171
|
|
128,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
|
$
25,850
|
|
$
135,854
|
|
$
435,379
|
|
$
278,817
|
|
$
1,226,411
|
|
$
288,414
|
|
$
2,390,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
These maturities assume no event of default would occur.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIGHLAND
HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
INDEBTEDNESS
BY MATURITY
|
ASSUMING
EXTENSION OPTIONS ARE EXERCISED
|
ASHFORD'S
PRO RATA 71.74% SHARE
|
MARCH
31, 2013
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells
Senior - 25 hotels
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$
380,222
|
|
$ -
|
|
$ -
|
|
$
380,222
|
Mezz 1
- 28 hotels
|
|
-
|
|
-
|
|
-
|
|
93,756
|
|
-
|
|
-
|
|
93,756
|
Mezz 2
- 28 hotels
|
|
-
|
|
-
|
|
-
|
|
89,254
|
|
-
|
|
-
|
|
89,254
|
Mezz 3
- 28 hotels
|
|
-
|
|
-
|
|
-
|
|
76,503
|
|
-
|
|
-
|
|
76,503
|
Mezz 4
- 28 hotels
|
|
-
|
|
-
|
|
-
|
|
13,218
|
|
-
|
|
-
|
|
13,218
|
Morgan
Stanley Boston Back Bay - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
67,358
|
|
67,358
|
Morgan
Stanley Princeton/Nashville - 2 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
73,703
|
|
73,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
due in future periods
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$
652,953
|
|
$ -
|
|
$
141,060
|
|
$
794,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
1,886
|
|
2,639
|
|
2,758
|
|
2,882
|
|
3,012
|
|
-
|
|
13,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
(Ashford's 71.74% share only)
|
$ 1,886
|
|
$ 2,639
|
|
$ 2,758
|
|
$
655,835
|
|
$ 3,012
|
|
$
141,060
|
|
$
807,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations plus Ashford's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
share of PIM Highland Holding LLC
|
$
27,736
|
|
$
138,493
|
|
$
438,137
|
|
$
934,652
|
|
$
1,229,423
|
|
$
429,474
|
|
$
3,197,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
KEY PERFORMANCE INDICATORS - PRO FORMA
|
LEGACY
PORTFOLIO ONLY
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
Room
revenues (in thousands)
|
$
182,241
|
|
$
176,308
|
|
3.37%
|
|
|
|
RevPAR
|
$ 99.48
|
|
$ 96.18
|
|
3.43%
|
|
|
|
Occupancy
|
71.42%
|
|
71.35%
|
|
0.07%
|
|
|
|
ADR
|
$
139.29
|
|
$
134.80
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The
above pro forma table assumes the 94 hotel properties owned and
included in continuing operations at March 31, 2013 were owned as of
the beginning of the period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS NOT UNDER RENOVATION
|
|
|
|
|
INCLUDED
IN CONTINUING OPERATIONS:
|
|
|
|
|
Room
revenues (in thousands)
|
$
165,073
|
|
$
158,679
|
|
4.03%
|
|
|
|
RevPAR
|
$
101.06
|
|
$ 97.18
|
|
3.99%
|
|
|
|
Occupancy
|
71.78%
|
|
71.47%
|
|
0.31%
|
|
|
|
ADR
|
$
140.78
|
|
$
135.98
|
|
3.53%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 84 hotel properties owned and
included in continuing operations at March 31, 2013, but not under
renovation for the three months ended March 31, 2013 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
Hilton
Costa Mesa, Sheraton San Diego Mission Valley, Hilton Sante Fe, Hilton
La Jolla Torrey Pines,
|
|
|
Courtyard
Dallas Plano Legacy Park, Embassy Suites Dulles, Embassy Suites East
Syracuse,
|
|
|
|
Courtyard
Hartford Manchester, Hampton Inn Lawrenceville, Residence Inn Lake
Buena Vista,
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
HIGHLAND
HOSPITALITY PORTFOLIO
|
(PIM
HIGHLAND HOLDING LLC)
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND
HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING
LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
51,760
|
|
$
48,352
|
|
7.05%
|
|
|
|
RevPAR
|
$ 98.41
|
|
$ 91.39
|
|
7.68%
|
|
|
|
Occupancy
|
69.50%
|
|
68.40%
|
|
1.10%
|
|
|
|
ADR
|
$
141.60
|
|
$
133.61
|
|
5.98%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The
above pro forma table assumes the 28 hotel properties owned and
included in continuing operations at March 31, 2013 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS NOT UNDER RENOVATION
|
|
INCLUDED
IN CONTINUING OPERATIONS:
|
|
|
|
|
|
Room
revenues (in thousands)
|
$
37,664
|
|
$
34,832
|
|
8.13%
|
|
|
|
RevPAR
|
$ 95.12
|
|
$ 87.51
|
|
8.70%
|
|
|
|
Occupancy
|
68.79%
|
|
66.63%
|
|
2.16%
|
|
|
|
ADR
|
$
138.29
|
|
$
131.34
|
|
5.29%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 21 hotel properties owned and
included in continuing operations at March 31, 2013 but not under
renovation for the three months ended March 31, 2013, were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Courtyard
Boston Tremont, Courtyard Savannah, The Melrose Washington DC, Marriott
San Antonio Plaza, Marriott
Sugarland, Hilton Boston Back Bay, Hyatt Regency Savannah
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
ASHFORD
HOSPITALITY TRUST, INC.
|
PRO
FORMA HOTEL OPERATING PROFIT
|
LEGACY
PORTFOLIO ONLY
|
(dollars
in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
182,241
|
|
$
176,308
|
|
3.4%
|
|
|
Food
and beverage
|
39,626
|
|
41,079
|
|
-3.5%
|
|
|
Other
|
8,419
|
|
7,802
|
|
7.9%
|
|
|
|
Total
hotel revenue
|
230,286
|
|
225,189
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms
|
41,758
|
|
40,099
|
|
4.1%
|
|
|
Food
and beverage
|
27,160
|
|
27,926
|
|
-2.7%
|
|
|
Other
direct
|
4,538
|
|
4,657
|
|
-2.6%
|
|
|
Indirect
|
62,071
|
|
61,261
|
|
1.3%
|
|
|
Management
fees, includes base and incentive fees
|
10,319
|
|
9,770
|
|
5.6%
|
|
|
|
Total
hotel operating expenses
|
145,846
|
|
143,713
|
|
1.5%
|
|
|
Property
taxes, insurance, and other
|
11,892
|
|
11,633
|
|
2.2%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
72,548
|
|
69,843
|
|
3.9%
|
|
|
|
Hotel
EBITDA Margin
|
31.50%
|
|
31.02%
|
|
0.48%
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint ventures
|
1,394
|
|
1,340
|
|
4.0%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
71,154
|
|
$
68,503
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 94 hotel properties owned and
included in continuing operations at March 31, 2013 were owned as of
the beginning of the period presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
ALL
HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
165,073
|
|
$
158,679
|
|
4.0%
|
|
|
Food
and beverage
|
34,257
|
|
34,880
|
|
-1.8%
|
|
|
Other
|
7,209
|
|
6,583
|
|
9.5%
|
|
|
|
Total
hotel revenue
|
206,539
|
|
200,142
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Rooms
|
37,408
|
|
35,857
|
|
4.3%
|
|
|
Food
and beverage
|
23,433
|
|
23,901
|
|
-2.0%
|
|
|
Other
direct
|
3,988
|
|
4,055
|
|
-1.7%
|
|
|
Indirect
|
54,691
|
|
53,768
|
|
1.7%
|
|
|
Management
fees, includes base and incentive fees
|
9,495
|
|
8,889
|
|
6.8%
|
|
|
|
Total
hotel operating expenses
|
129,015
|
|
126,470
|
|
2.0%
|
|
|
Property
taxes, insurance, and other
|
10,409
|
|
10,172
|
|
2.3%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
67,115
|
|
63,500
|
|
5.7%
|
|
|
|
Hotel
EBITDA Margin
|
32.50%
|
|
31.73%
|
|
0.77%
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint ventures
|
949
|
|
796
|
|
19.2%
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
66,166
|
|
$
62,704
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 84 hotel properties owned and
included in continuing operations at March 31, 2013 but not under
renovation for the three months ended March 31, 2013 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Hilton
Costa Mesa, Sheraton San Diego Mission Valley, Hilton Sante Fe, Hilton
La Jolla Torrey Pines,
|
|
|
Courtyard
Dallas Plano Legacy Park, Embassy Suites Dulles, Embassy Suites East
Syracuse,
|
|
|
|
Courtyard
Hartford Manchester, Hampton Inn Lawrenceville, Residence Inn Lake
Buena Vista,
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
HIGHLAND
HOSPITALITY PORTFOLIO
|
|
(PIM
Highland Holding LLC)
|
|
PRO
FORMA HOTEL OPERATING PROFIT
|
|
(dollars
in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
51,760
|
|
$
48,352
|
|
7.0%
|
|
|
|
Food
and beverage
|
18,979
|
|
17,663
|
|
7.5%
|
|
|
|
Other
|
2,582
|
|
2,612
|
|
-1.1%
|
|
|
|
|
Total
hotel revenue
|
73,321
|
|
68,627
|
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Rooms
|
12,307
|
|
11,525
|
|
6.8%
|
|
|
|
Food
and beverage
|
12,584
|
|
12,096
|
|
4.0%
|
|
|
|
Other
direct
|
1,201
|
|
1,303
|
|
-7.8%
|
|
|
|
Indirect
|
21,738
|
|
21,461
|
|
1.3%
|
|
|
|
Management
fees, includes base and incentive fees
|
2,576
|
|
2,215
|
|
16.3%
|
|
|
|
|
Total
hotel operating expenses
|
50,406
|
|
48,600
|
|
3.7%
|
|
|
|
Property
taxes, insurance, and other
|
3,999
|
|
3,594
|
|
11.3%
|
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
18,916
|
|
$
16,433
|
|
15.1%
|
|
|
|
|
Hotel
EBITDA Margin
|
25.80%
|
|
23.95%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 28 hotel properties owned and
included in continuing operations at March 31, 2013 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
71.74%
PRO-RATA SHARE OF ALL HOTELS INCLUDED IN PIM HIGHLAND PORTFOLIO
CONTINUING OPERATIONS NOT UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
37,664
|
|
$
34,832
|
|
8.1%
|
|
|
|
Food
and beverage
|
14,840
|
|
13,703
|
|
8.3%
|
|
|
|
Other
|
1,597
|
|
1,495
|
|
6.8%
|
|
|
|
|
Total
hotel revenue
|
54,101
|
|
50,030
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Rooms
|
8,949
|
|
8,350
|
|
7.2%
|
|
|
|
Food
and beverage
|
9,821
|
|
9,281
|
|
5.8%
|
|
|
|
Other
direct
|
994
|
|
1,048
|
|
-5.2%
|
|
|
|
Indirect
|
16,203
|
|
15,948
|
|
1.6%
|
|
|
|
Management
fees, includes base and incentive fees
|
1,829
|
|
1,531
|
|
19.5%
|
|
|
|
|
Total
hotel operating expenses
|
37,796
|
|
36,158
|
|
4.5%
|
|
|
|
Property
taxes, insurance, and other
|
2,665
|
|
2,364
|
|
12.7%
|
|
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
13,640
|
|
$
11,508
|
|
18.5%
|
|
|
|
|
Hotel
EBITDA Margin
|
25.21%
|
|
23.00%
|
|
2.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table assumes the 21 hotel properties owned and
included in continuing operations at March 31, 2013 but not under
renovation for the three months ended March 31, 2013 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded
Hotels Under Renovation:
|
|
|
|
|
Courtyard
Boston Tremont, Courtyard Savannah, The Melrose Washington DC, Marriott
San Antonio Plaza, Marriott Sugarland, Hilton Boston Back Bay, Hyatt
Regency Savannah
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO
FORMA HOTEL OPERATING PROFIT MARGIN
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 94
HOTELS
|
|
INCLUDED
IN THE COMPANY'S CONTINUING OPERATIONS AND THE 28 HOTELS INCLUDED IN
HIGHLAND
|
|
HOSPITALITY
PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS
OF
|
|
THE
FIRST COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM
Highland
|
|
|
|
|
94
Legacy
|
|
Holding
LLC
|
|
|
|
|
Properties
|
|
28
Properties
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Quarter 2013
|
31.50%
|
|
25.80%
|
|
|
1st
Quarter 2012
|
31.02%
|
|
23.95%
|
|
|
|
Variance
|
0.48%
|
|
1.85%
|
|
|
|
|
|
|
|
|
HOTEL
OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
Rooms
|
-0.34%
|
|
0.05%
|
|
|
Food
& Beverage and Other Departmental
|
0.70%
|
|
0.72%
|
|
|
Administrative
& General
|
-0.04%
|
|
0.73%
|
|
|
Sales
& Marketing
|
0.06%
|
|
0.26%
|
|
|
Hospitality
|
0.01%
|
|
-0.04%
|
|
|
Repair
& Maintenance
|
0.13%
|
|
0.29%
|
|
|
Energy
|
0.13%
|
|
0.21%
|
|
|
Franchise
Fee
|
0.09%
|
|
0.01%
|
|
|
Management
Fee
|
-0.07%
|
|
-0.01%
|
|
|
Incentive
Management Fee
|
-0.07%
|
|
-0.27%
|
|
|
Insurance
|
0.13%
|
|
0.36%
|
|
|
Property
Taxes
|
-0.09%
|
|
-0.56%
|
|
|
Other
Taxes
|
-0.04%
|
|
-0.01%
|
|
|
Leases/Other
|
-0.12%
|
|
0.11%
|
|
|
|
Total
|
0.48%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
NOTE:
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year
and 16 weeks in the fourth quarter of the year to calendar quarters.
The above proforma table assumes the M arriott-managed
properties were reported on calendar quarters for all periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO
FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
|
|
(dollars
in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 94 HOTELS
INCLUDED IN
THE COMPANY'S CONTINUING OPERATIONS, (II) THE
COMPANY'S 71.74% SHARE OF THE 28 HOTELS
INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC), AND (III) THE
COMBINED PORTFOLIO, AS
IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
2012
|
2012
|
2012
|
|
|
|
|
|
1st
Quarter
|
4th
Quarter
|
3rd
Quarter
|
2nd
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
Legacy
Portfolio
|
|
|
|
|
Total
Hotel Revenue
|
$
230,286
|
$
211,281
|
$
234,171
|
$
246,109
|
|
$
921,847
|
Hotel
EBITDA
|
$
72,548
|
$
59,970
|
$
75,437
|
$
84,659
|
|
$
292,614
|
Hotel
EBITDA Margin
|
31.5%
|
28.4%
|
32.2%
|
34.4%
|
|
31.7%
|
|
|
|
|
|
|
|
|
|
EBITDA
% of Total TTM
|
24.8%
|
20.5%
|
25.8%
|
28.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$ 1,394
|
$ 1,272
|
$ 1,575
|
$ 2,069
|
|
$ 6,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIM
Highland Holding LLC Portfolio
|
|
|
|
Total
Hotel Revenue
|
$
73,321
|
$
73,767
|
$
74,232
|
$
82,274
|
|
$
303,595
|
Hotel
EBITDA
|
$
18,916
|
$
20,087
|
$
20,679
|
$
27,347
|
|
$
87,029
|
Hotel
EBITDA Margin
|
25.8%
|
27.2%
|
27.9%
|
33.2%
|
|
28.7%
|
|
|
|
|
|
|
|
|
|
EBITDA
% of Total TTM
|
21.7%
|
23.1%
|
23.8%
|
31.4%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
and PIM Highland Holding LLC Combined
|
|
|
|
Total
Hotel Revenue
|
$
303,607
|
$
285,048
|
$
308,403
|
$
328,383
|
|
$
1,225,442
|
Hotel
EBITDA
|
$
91,464
|
$
80,057
|
$
96,116
|
$
112,006
|
|
$
379,643
|
Hotel
EBITDA Margin
|
30.1%
|
28.1%
|
31.2%
|
34.1%
|
|
31.0%
|
|
|
|
|
|
|
|
|
|
EBITDA
% of Total TTM
|
24.1%
|
21.1%
|
25.3%
|
29.5%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV
Interests in EBITDA
|
$ 1,394
|
$ 1,272
|
$ 1,575
|
$ 2,069
|
|
$ 6,310
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year
and 16 weeks in the fourth quarter of the year to calendar quarters.
The above proforma table assumes the Marriott-managed
properties were reported on calendar quarters for all periods
presented.
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
LEGACY
AND ASHFORD'S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM
HIGHLAND HOLDING LLC)
|
|
PRO
FORMA HOTEL REVPAR BY MARKET
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
2012
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$ 84.98
|
$ 80.50
|
5.6%
|
|
|
|
Boston,
MA Area
|
|
2
|
|
506
|
|
$
108.72
|
$
113.31
|
-4.1%
|
|
|
|
Dallas
/ Ft. Worth Area
|
|
7
|
|
1,745
|
|
$ 97.73
|
$ 95.68
|
2.2%
|
|
|
|
Houston,
TX Area
|
|
3
|
|
608
|
|
$
104.97
|
$
101.81
|
3.1%
|
|
|
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
$ 97.23
|
$ 90.28
|
7.7%
|
|
|
|
Miami,
FL Metro Area
|
|
3
|
|
576
|
|
$
152.38
|
$
140.20
|
8.7%
|
|
|
|
Minneapolis
- St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
$ 80.96
|
$ 79.15
|
2.3%
|
|
|
|
New
York / New Jersey Metro Area
|
|
7
|
|
1,560
|
|
$ 95.87
|
$ 86.13
|
11.3%
|
|
|
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
$ 93.40
|
$ 85.17
|
9.7%
|
|
|
|
Philadelphia,
PA Area
|
|
4
|
|
1,147
|
|
$ 88.89
|
$ 87.45
|
1.6%
|
|
|
|
San
Diego, CA Area
|
|
3
|
|
706
|
|
$
100.42
|
$
107.22
|
-6.3%
|
|
|
|
San
Francisco - Oakland, CA Metro Area
|
6
|
|
1,416
|
|
$
120.63
|
$
111.32
|
8.4%
|
|
|
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
$
103.08
|
$ 96.21
|
7.1%
|
|
|
|
Tampa,
FL Area
|
|
4
|
|
875
|
|
$
127.92
|
$
121.27
|
5.5%
|
|
|
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
$
119.92
|
$
116.86
|
2.6%
|
|
|
|
Other
Areas
|
|
45
|
|
7,558
|
|
$ 86.92
|
$ 84.57
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
122
|
|
25,573
|
|
$
99.24
|
$
95.11
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
|
The
above pro forma table presents the 94 hotel properties included in
Company's continuing operations and the 28 hotel properties included in
Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these
hotels were owned as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
LEGACY
AND ASHFORD'S 71.74% SHARE OF PIM HIGHLAND HOLDING LLC
|
|
PRO
FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
March
31,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
%
of
Total
|
2012
|
%
of
Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta,
GA Area
|
|
9
|
|
1,429
|
|
$ 3,670
|
4.0%
|
$ 3,330
|
3.9%
|
10.2%
|
|
Boston,
MA Area
|
|
2
|
|
506
|
|
1,310
|
1.4%
|
1,545
|
1.8%
|
-15.2%
|
|
Dallas
/ Ft. Worth Area
|
|
7
|
|
1,745
|
|
7,310
|
8.0%
|
6,901
|
8.0%
|
5.9%
|
|
Houston,
TX Area
|
|
3
|
|
608
|
|
2,600
|
2.8%
|
2,792
|
3.2%
|
-6.9%
|
|
Los
Angeles, CA Metro Area
|
|
8
|
|
1,785
|
|
6,589
|
7.2%
|
5,888
|
6.8%
|
11.9%
|
|
Miami,
FL Metro Area
|
|
3
|
|
576
|
|
4,173
|
4.6%
|
3,530
|
4.1%
|
18.2%
|
|
Minneapolis
- St. Paul, MN-WI Area
|
|
2
|
|
522
|
|
1,379
|
1.5%
|
1,440
|
1.7%
|
-4.2%
|
|
New
York / New Jersey Metro Area
|
|
7
|
|
1,560
|
|
5,576
|
6.1%
|
4,037
|
4.7%
|
38.1%
|
|
Orlando,
FL Area
|
|
6
|
|
1,834
|
|
6,108
|
6.7%
|
4,892
|
5.7%
|
24.9%
|
|
Philadelphia,
PA Area
|
|
4
|
|
1,147
|
|
2,948
|
3.2%
|
2,790
|
3.2%
|
5.7%
|
|
San
Diego, CA Area
|
|
3
|
|
706
|
|
2,830
|
3.1%
|
3,501
|
4.1%
|
-19.2%
|
|
San
Francisco - Oakland, CA Metro Area
|
6
|
|
1,416
|
|
5,898
|
6.4%
|
5,235
|
6.1%
|
12.7%
|
|
Seattle,
WA Area
|
|
2
|
|
608
|
|
2,444
|
2.7%
|
2,171
|
2.5%
|
12.6%
|
|
Tampa,
FL Area
|
|
4
|
|
875
|
|
5,036
|
5.5%
|
4,675
|
5.4%
|
7.7%
|
|
Washington
DC - MD - VA Area
|
|
11
|
|
2,698
|
|
11,990
|
13.1%
|
11,455
|
13.3%
|
4.7%
|
|
Other
Areas
|
|
45
|
|
7,558
|
|
21,603
|
23.6%
|
22,093
|
25.6%
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
122
|
|
25,573
|
|
$
91,464
|
100.0%
|
$
86,277
|
100.0%
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The
above pro forma table presents the 94 hotel properties included in
Company's continuing operations and the 28 hotel properties included in
Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these
hotels were owned as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The
above pro forma table includes hotel operating profit for 100% of the
94 hotel properties included in the Company's continuting operations
and the Company's 71.74% share of the 28 hotels included in Highland
Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels
were owned as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In
2013, Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year to calendar quarters. The above proforma
table assumes the Marriott-managed properties were reported on calendar
quarters for all periods presented.
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL
ENTERPRISE VALUE
|
MARCH
31, 2013
|
(in
thousands, except share price)
|
(Unaudited)
|
|
|
|
|
|
March
31,
|
|
2013
|
End of
quarter common shares outstanding
|
68,333
|
Partnership
units outstanding (common share equivalents)
|
18,849
|
Combined
common shares and partnership units outstanding
|
87,182
|
Common
stock price at quarter end
|
$ 12.36
|
Market
capitalization at quarter end
|
$
1,077,570
|
|
|
Series
A preferred stock
|
$
41,430
|
Series
D preferred stock
|
$
236,718
|
Series
E preferred stock
|
$
115,750
|
Consolidated
debt on balance sheet date
|
$
2,390,725
|
Joint
venture partners' share of consolidated debt
|
$
(50,756)
|
Ashford's
share of Highland portfolio debt
|
$
807,191
|
Cash,
cash equivalents and marketable securities, net
|
$
(234,240)
|
Total
enterprise value (TEV) as of March 31, 2013
|
$
4,384,387
|
|
|
Ashford
Hospitality Trust, Inc.
|
|
Anticipated
Capital Expenditures Calendar
|
|
Legacy
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
Hilton
Santa Fe
|
157
|
x
|
x
|
|
|
|
Crowne
Plaza Key West
|
160
|
|
|
x
|
x
|
|
Hilton
Costa Mesa
|
486
|
x
|
|
|
|
|
Sheraton
San Diego Mission Valley
|
260
|
x
|
|
|
|
|
Courtyard
Hartford Manchester
|
90
|
x
|
|
|
|
|
Embassy
Suites Walnut Creek
|
249
|
|
x
|
|
|
|
Embassy
Suites Portland Downtown
|
276
|
|
|
|
x
|
|
Courtyard
Philadelphia Downtown
|
498
|
|
|
|
x
|
|
Residence
Inn Palm Desert
|
130
|
|
x
|
|
|
|
Hilton
LaJolla Torrey Pines
|
296
|
x
|
x
|
|
|
|
Courtyard
Dallas Plano in Legacy Park
|
153
|
x
|
|
|
|
|
Embassy
Suites Dulles
|
150
|
x
|
|
|
|
|
Embassy
Suites East Syracuse
|
215
|
x
|
|
|
|
|
Residence
Inn Lake Buena Vista
|
210
|
x
|
|
|
|
|
Hilton
Garden Inn Jacksonville
|
119
|
|
|
x
|
x
|
|
Residence
Inn Atlanta Buckhead Lenox Park
|
150
|
|
|
x
|
x
|
|
Hampton
Inn Lawrenceville
|
86
|
x
|
|
|
|
|
Marriott
Dallas Plano Legacy
|
404
|
|
x
|
x
|
x
|
|
Embassy
Suites Palm Beach Garden
|
160
|
|
x
|
x
|
|
|
Hampton
Inn Terre Haute
|
112
|
|
x
|
x
|
|
|
Hampton
Inn Buford
|
92
|
|
x
|
x
|
|
|
Courtyard
Marriott Village at LBV
|
312
|
|
|
x
|
x
|
|
Hilton
St Petersburg
|
333
|
|
|
x
|
x
|
|
Marriott
Crystal Gateway
|
697
|
|
|
x
|
|
|
Hyatt
Coral Gables
|
242
|
|
|
x
|
|
|
Marriott
Seattle Waterfront
|
358
|
|
|
|
x
|
|
Residence
Inn San Diego Sorrento Mesa
|
150
|
|
|
|
x
|
|
Residence
Inn Newark
|
168
|
|
|
|
x
|
|
Courtyard
Bloomington
|
117
|
|
|
|
x
|
|
Embassy
Suites Dallas
|
150
|
|
|
|
x
|
|
Embassy
Suites Orlando
|
174
|
|
|
|
x
|
|
Residence
Inn Hartford
|
96
|
|
|
|
x
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2013 are included
in this table.
|
|
|
|
|
|
|
|
|
|
PIM
Highland Holding LLC
|
|
Anticipated
Capital Expenditures Calendar
|
|
Highland
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
|
Courtyard
Boston Tremont
|
315
|
x
|
x
|
x
|
x
|
|
Courtyard
Savannah
|
156
|
x
|
|
|
|
|
The
Melrose
|
240
|
x
|
|
|
|
|
Marriott
San Antonio Plaza
|
251
|
x
|
|
|
|
|
Hilton
Garden Inn Virginia Beach
|
176
|
|
x
|
|
|
|
Hyatt
Regency Wind Watch
|
358
|
|
x
|
x
|
x
|
|
Marriott
Sugarland
|
300
|
x
|
|
|
x
|
|
Hyatt
Regency Savannah
|
351
|
x
|
|
|
|
|
Hilton
Boston Back Bay
|
390
|
x
|
x
|
|
|
|
Hilton
Parsippany
|
354
|
|
x
|
x
|
x
|
|
Marriott
DFW
|
491
|
|
x
|
x
|
|
|
Silversmith
|
143
|
|
x
|
x
|
|
|
Hilton
Garden Inn BWI
|
158
|
|
x
|
x
|
|
|
Hilton
Garden Inn Austin
|
254
|
|
x
|
|
|
|
Renaissance
Nashville
|
673
|
|
|
x
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2013 are included
in this table.
|
|