EXHIBIT 99.1
 | NEWS RELEASE |
| Contact: | David Kimichik | Tripp Sullivan | ||
| Chief Financial Officer | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 254-3376 |
ASHFORD HOSPITALITY TRUST REPORTS SECOND QUARTER RESULTS
DALLAS — (August 2, 2006) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the second quarter ended June 30, 2006. The proforma performance measurements for Occupancy, ADR, RevPAR, and Hotel Operating Profit include the Company’s 72 core hotels. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2006, to the second quarter ended June 30, 2005. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
| • | Total revenue increased 56.4% to $127.1 million from $81.3 million | ||
| • | Net income available to common shareholders increased 87.1% to $8.3 million from $4.4 million | ||
| • | Net income available to common shareholders per share increased 36.4% to $0.15 from $0.11 | ||
| • | Adjusted funds from operations (AFFO) increased 84.7% to $25.0 million from $13.6 million | ||
| • | AFFO per diluted share increased 36.0% to $0.34 from $0.25 | ||
| • | Cash available for distribution (CAD) increased 79.9% to $22.7 million from $12.6 million | ||
| • | CAD per share increased 34.8% to $0.31 from $0.23 | ||
| • | Declared quarterly common dividend of $0.20 per share | ||
| • | Dividend coverage reaches 153.1% |
STRONG INTERNAL GROWTH
| • | Proforma revenue per available room (RevPAR) increased 12.1% for hotels not under renovation on a 7.45% increase in ADR to $114.87 and a 323-basis point improvement in occupancy | ||
| • | Proforma RevPAR increased 11.5% for consolidated hotels on an 7.7% increase in ADR to $117.02 and 266-basis point improvement in occupancy | ||
| • | Proforma same-property hotel operating profit for hotels not under renovation improved 13.4% | ||
| • | Adjusted Proforma same-property hotel operating profit margins for hotels not under renovation improved 151 basis points |
CAPITAL RECYCLING AND ASSET ALLOCATION
| • | Capex invested in second quarter totals $9.4 million | ||
| • | Additional Capex estimated for 2006 totals approximately $30 to $40 million |
EXTERNAL GROWTH
| • | Total enterprise value improved to $1.7 billion at June 30, 2006 | ||
| • | Acquired the Pan Pacific Hotel in San Francisco for $95.0 million in cash and planned capital improvements of $10.0 million |
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| • | Mezzanine and first mortgage loan portfolio totaled $112.6 million at June 30, 2006, with an average annual unleveraged yield of 13.8% | ||
| • | Announced Marriott Crystal City Gateway acquisition for $107.2 million and planned capital improvements of $13.0 million |
PORTFOLIO REVPAR REFLECTS BENEFIT OF VALUE-ADDED RENOVATIONS
As of June 30, 2006, the Company had a portfolio of direct hotel investments consisting of 72 properties, all of which were classified in continuing operations. During the second quarter, 67 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma consolidated and proforma not-under-renovation basis is a measure that reflects a meaningful and more focused comparison of the operating results in its direct hotel portfolio. The Company’s reporting by region and brand includes the results of all 72 hotels. Details of each category are provided in the tables attached to this release.
| • | RevPAR growth by region was led by: West South Central (6 hotels) with a 35.1% increase; New England (4) with 16.4%; Middle Atlantic (4) with 16.0%; South Atlantic (28) with 11.3%; West North Central (2) with 10.3%; East North Central (11) with 9.0%; Mountain (5) with 8.4%; East South Central (4) with 7.4%; and Pacific (8) with 2.8%. | ||
| • | RevPAR growth by brand was led by: Starwood (2 hotels) with a 24.7% increase; Hilton (22) with 17.0%; InterContinental (2) with 12.2%; Marriott (36) with 11.2%; Radisson (6) with 7.8 %; Hyatt (2) with 2.7%; and independents (2) with a 0.6%. |
Monty J. Bennett, President and CEO, commented, “We continued to reap the benefits of our significant ongoing renovation program and the strong demand in our core markets during the second quarter. This is our sixth consecutive quarter of double-digit RevPAR gains, and we see no indications of this momentum losing steam. We made great strides in improving our operating margins during the quarter despite the continued cost pressures in energy, insurance and property taxes. Although we consider our margins to be well above our peers, we expect further margin growth during the second half of the year as our property managers focus on flowthrough and we anniversary the higher management fees.”
FINANCING ACTIVITY LOWERS BORROWING COSTS
At June 30, 2006, the Company’s net debt, defined as total debt less cash, to total enterprise value, defined as net debt plus the market value of all common shares, preferred shares and operating partnership units outstanding, was 42.0% based upon the Company’s closing stock price of $12.62. As of June 30, 2006, the Company’s $802.5 million debt portfolio consisted of approximately 87% of fixed-rate debt and approximately 13% of variable-rate debt, with a total weighted average interest rate of 5.73%. The Company’s weighted average fixed rate debt maturity is 9.3 years.
On April 3, 2006 and July 26, 2006, the Company modified its $45.0 million mortgage note payable secured by the Hyatt Dulles, due October 10, 2007, at an interest rate of LIBOR plus 2%, to a $47.5 million revolving credit facility, with a revolving period through October 11, 2007, maturing on October 10, 2008. Interest rates during the revolving period range from LIBOR plus 1% to LIBOR plus 1.5% depending on the outstanding balance. After the revolving period expires, the interest rate resumes its original rate of LIBOR plus 2%. Consistent with the original mortgage, the modified credit facility requires monthly interest-only payments and has three one-year extension options.
On July 25, 2006, in an underwritten follow-on public offering, the Company issued 14,950,000 shares of its common stock at $11.40 per share, which generated net proceeds of approximately $162.7 million. The net proceeds were used to pay-down the outstanding balance of $129 million on the Company’s credit facilities.
SECOND QUARTER INVESTMENT ACTIVITY
On April 1, 2006, Company management made a strategic decision to discontinue further sales efforts related to the seven remaining hotels, a portfolio of Towne Place Suites, classified as assets held for sale
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and included in income from discontinued operations as of and for the three months ended March 31, 2006. Year to date the RevPAR for these hotels has increased over 14% while EBITDA has increased over 28%. Consequently, the Company is classifying such assets and operating results as continuing operations. Such assets are reported at the lower of carrying value (net of depreciation not recognized while said assets were held for sale) or fair value. In addition, all income statement results previously reported as discontinued related to these hotels have been reclassified to continuing operations for all comparative future periods.
On April 19, 2006, the Company acquired the Pan Pacific San Francisco Hotel in San Francisco, California, for approximately $95.0 million in cash. The Company used proceeds from its credit facility to fund this acquisition. The Company immediately re-branded this hotel to a JW Marriott and expects to invest $10 million to renovate and upgrade the property. On a forward twelve-month basis, the purchase price equates to a 12.2x EBITDA multiple, an EBITDA yield of 8.2% and a net operating income capitalization rate of 6.5% with projected annual revenues of $32 million. The purchase price equates to a trailing twelve-month net operating income capitalization rate of 3.9% and a 5.0% EBITDA yield. The property generated revenues of $25.5 million for the calendar year 2005.
On June 9, 2006, the Company closed a $26.3 million junior mezzanine loan on a portfolio of 107 select service hotels recently purchased by Goldman Sachs’ Whitehall Funds, referred to as the Tharaldson portfolio. The loan is apari passuparticipation in a $52.6 million junior mezzanine loan and bears interest at a rate of LIBOR plus 500 basis points for a term of two years, with three one-year extension options.
SUBSEQUENT INVESTMENT ACTIVITY
On July 13, 2006, the Company acquired the 697-room Marriott Crystal City Gateway in Arlington, Virginia for total consideration of $107.2 million. The consideration includes the assumption of approximately $53.3 million of existing debt, at a fixed interest rate of 7.24%, maturing in 2017, reimbursement of approximately $7.2 million of capital expenditure costs by the seller and the issuance of approximately $42.7 million of limited partnership units in our operating partnership. The limited partnership units issued were priced at $11.20 per unit and are considered Class B units. They have a fixed dividend rate of 6.82% in years one through three and 7.2% thereafter, and have priority in payment of cash dividends over holders of common units and common stock. The units do not have a priority in liquidation and after ten years either party may convert the units to common units. In addition, the Company paid approximately $2.5 million in cash in lieu of units and approximately $1.5 million in other net closing costs and adjustments.
INVESTMENT OUTLOOK
Mr. Bennett concluded, “The outlook for the lodging industry and for Ashford remains very optimistic. We see little chance of a slowdown in RevPAR growth and greater opportunities to translate the continued improvement at our properties into additional margin growth. On the acquisition front, we are currently reviewing a multitude of investment opportunities. With the additional investment capacity we now enjoy from our recent equity offering, we expect to put our capital to work in a disciplined and deliberate fashion to source accretive transactions over the next several quarters.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call at 11:00 a.m. eastern time on August 3, 2006, to discuss the second quarter results. The number to call for this interactive teleconference is 913-981-5533. A seven-day replay of the conference call will be available by dialing 719-457-0820 and entering the confirmation number, 7146010.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2006 earnings release conference call. The live broadcast of Ashford’s quarterly conference
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call will be available online at the Company’s website atwww.ahtreit.com as well as onhttp://www.videonewswire.com/event.asp?regd=y&id=34646 on August 3, 2006, beginning at 11:00 a.m. eastern time. 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 be helpful in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD. 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, Hotel Operating Profit, nor CAD 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 fund our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD 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 Hospitality Trust 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, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s web site atwww.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, our business and investment strategy, timing for closings, our understanding of our competition, 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 the section entitled “Risk Factors” in Ashford’s Registration Statement on Form S-3, (File Number 333-131878), and from time to time, in Ashford’s other filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. 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.
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ASHFORD HOSPITALITY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
| June 30, | December 31, | |||||||
| 2006 | 2005 | |||||||
ASSETS | ||||||||
| Investment in hotel properties, net | $ | 1,232,415 | $ | 1,106,668 | ||||
| Cash and cash equivalents | 74,606 | 57,995 | ||||||
| Restricted cash | 13,097 | 27,842 | ||||||
| Accounts receivable, net of allowance of $392 and $366, respectively | 22,780 | 21,355 | ||||||
| Inventories | 1,298 | 1,186 | ||||||
| Assets held for sale | 2,451 | 117,873 | ||||||
| Notes receivable | 112,332 | 107,985 | ||||||
| Deferred costs, net | 12,138 | 13,975 | ||||||
| Prepaid expenses | 5,544 | 9,662 | ||||||
| Other assets | 9,586 | 4,014 | ||||||
| Intangible assets, net | 1,109 | 1,181 | ||||||
| Due from third-party hotel managers | 16,228 | 12,274 | ||||||
| Due from affiliates | 2,257 | 476 | ||||||
| Total assets | $ | 1,505,841 | $ | 1,482,486 | ||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||
| Indebtedness | $ | 802,450 | $ | 908,623 | ||||
| Capital leases payable | 256 | 453 | ||||||
| Accounts payable | 11,340 | 9,984 | ||||||
| Accrued expenses | 24,430 | 21,054 | ||||||
| Dividends payable | 16,256 | 13,703 | ||||||
| Deferred income | 315 | 338 | ||||||
| Deferred incentive management fees | 4,963 | — | ||||||
| Due to third-party hotel managers | 2,689 | 1,385 | ||||||
| Due to affiliates | 2,120 | 5,654 | ||||||
| Total liabilities | 864,819 | 961,194 | ||||||
| Commitments and contingencies | ||||||||
| Minority interest | 79,756 | 87,969 | ||||||
| Preferred stock, $0.01 par value: | ||||||||
| Series B Cumulative Convertible Redeemable Preferred Stock, 7,447,865 issued and outstanding at June 30, 2006 and December 31, 2005 | 75,000 | 75,000 | ||||||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized: | ||||||||
| Series A Cumulative Preferred Stock, 2,300,000 issued and outstanding at June 30, 2006 and December 31, 2005 | 23 | 23 | ||||||
| Common stock, $0.01 par value, 200,000,000 shares authorized, 57,368,695 and 43,831,394 shares issued and outstanding at June 30, 2006 and December 31, 2005, respectively | 574 | 438 | ||||||
| Additional paid-in capital | 537,406 | 403,919 | ||||||
| Unearned compensation | — | (4,792 | ) | |||||
| Accumulated other comprehensive income | 660 | 1,372 | ||||||
| Accumulated deficit | (52,397 | ) | (42,637 | ) | ||||
| Total owners’ equity | 486,266 | 358,323 | ||||||
| Total liabilities and owners’ equity | $ | 1,505,841 | $ | 1,482,486 | ||||
AHT Announces Second Quarter Results
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ASHFORD HOSPITALITY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
| Three Months | Three Months | Six Months | Six Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| June 30, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | |||||||||||||
REVENUE | ||||||||||||||||
| Rooms | $ | 98,637 | $ | 59,564 | $ | 186,577 | 96,176 | |||||||||
| Food and beverage | 19,209 | 14,653 | 35,283 | 22,226 | ||||||||||||
| Other | 5,059 | 3,671 | 9,196 | 5,560 | ||||||||||||
| Total hotel revenue | 122,905 | 77,888 | 231,056 | 123,962 | ||||||||||||
| Interest income from notes receivable | 3,920 | 3,114 | 7,866 | 5,662 | ||||||||||||
| Asset management fees from affiliates | 318 | 310 | 636 | 648 | ||||||||||||
Total Revenue | 127,143 | 81,312 | 239,558 | 130,272 | ||||||||||||
EXPENSES | ||||||||||||||||
| Hotel operating expenses | ||||||||||||||||
| Rooms | 21,383 | 13,023 | 40,352 | 21,162 | ||||||||||||
| Food and beverage | 14,172 | 10,613 | 26,671 | 16,280 | ||||||||||||
| Other direct | 1,993 | 1,370 | 3,754 | 2,219 | ||||||||||||
| Indirect | 35,043 | 24,162 | 68,581 | 38,213 | ||||||||||||
| Management fees | 4,844 | 2,416 | 9,215 | 3,873 | ||||||||||||
| Total hotel expenses | 77,435 | 51,584 | 148,573 | 81,747 | ||||||||||||
| Property taxes, insurance, and other | 6,606 | 3,878 | 12,448 | 6,451 | ||||||||||||
| Depreciation and amortization | 12,374 | 5,849 | 23,308 | 10,140 | ||||||||||||
| Loss on reclassification from discontinued to continuing | 863 | — | 863 | — | ||||||||||||
| Corporate general and administrative: | ||||||||||||||||
| Stock-based compensation | 1,770 | 912 | 2,710 | 1,531 | ||||||||||||
| Other corporate and administrative | 3,569 | 2,312 | 7,439 | 4,992 | ||||||||||||
Total Operating Expenses | 102,617 | 64,535 | 195,341 | 104,861 | ||||||||||||
OPERATING INCOME | 24,526 | 16,777 | 44,217 | 25,411 | ||||||||||||
| Interest income | 566 | 180 | 1,060 | 457 | ||||||||||||
| Interest expense | (11,330 | ) | (6,750 | ) | (22,766 | ) | (10,774 | ) | ||||||||
| Amortization of loan costs | (461 | ) | (1,040 | ) | (975 | ) | (1,987 | ) | ||||||||
| Write-off of loan costs and exit fees | (102 | ) | — | (788 | ) | (151 | ) | |||||||||
| Loss on debt extinguishment | — | — | — | (2,257 | ) | |||||||||||
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST | 13,199 | 9,167 | 20,748 | 10,699 | ||||||||||||
| (Provision for) benefit from income taxes | (85 | ) | (219 | ) | (269 | ) | 22 | |||||||||
| Minority interest | (2,091 | ) | (1,890 | ) | (3,381 | ) | (2,194 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 11,023 | 7,058 | 17,098 | 8,527 | ||||||||||||
Income (loss) from discontinued operations, net | — | 6 | 1,387 | (12 | ) | |||||||||||
NET INCOME | 11,023 | 7,064 | 18,485 | 8,515 | ||||||||||||
| Preferred dividends | 2,719 | 2,626 | 5,438 | 4,014 | ||||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 8,304 | $ | 4,438 | $ | 13,047 | $ | 4,501 | ||||||||
Basic and Diluted: | ||||||||||||||||
Income From Continuing Operations Per Share Available To Common Shareholders | $ | 0.15 | $ | 0.11 | $ | 0.22 | $ | 0.12 | ||||||||
Income (Loss) From Discontinued Operations Per Share | $ | — | $ | 0.00 | $ | 0.02 | $ | — | ||||||||
Net Income Per Share Available To Common Shareholders | $ | 0.15 | $ | 0.11 | $ | 0.24 | $ | 0.12 | ||||||||
Weighted Average Common Shares Outstanding | 55,711,214 | 40,555,747 | 53,828,335 | 37,022,341 | ||||||||||||
AHT Announces Second Quarter Results
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ASHFORD HOSPITALITY TRUST, INC.
EBITDA
(In Thousands)
(Unaudited)
EBITDA
(In Thousands)
(Unaudited)
| Three Months | Three Months | Six Months | Six Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| June 30, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | |||||||||||||
| Net income | $ | 11,023 | $ | 7,064 | $ | 18,485 | $ | 8,515 | ||||||||
| Add back: | ||||||||||||||||
| Interest income | 566 | 180 | 1,060 | 457 | ||||||||||||
| Interest expense and amortization of loan costs | (11,791 | ) | (7,790 | ) | (23,741 | ) | (12,761 | ) | ||||||||
| Minority interest | (2,091 | ) | (1,892 | ) | (3,675 | ) | (2,191 | ) | ||||||||
| Depreciation and amortization | (12,374 | ) | (5,849 | ) | (23,308 | ) | (10,145 | ) | ||||||||
| (Provision for) benefit from income taxes | (85 | ) | (219 | ) | (269 | ) | 22 | |||||||||
| (25,775 | ) | (15,570 | ) | (49,933 | ) | (24,618 | ) | |||||||||
| EBITDA | $ | 36,798 | $ | 22,634 | $ | 68,418 | $ | 33,133 | ||||||||
For the three months ended June 30, 2006, EBITDA has not been adjusted to add back the write-off of loan costs of approximately $102,000 and the loss from reclassification from discontinued to continuing of approximately $863,000.
For the six months ended June 30, 2006, EBITDA has not been adjusted to add back the write-off of loan costs of approximately $788,000 and the loss from reclassification from discontinued to continuing of approximately $863,000.
For the six months ended June 30, 2005, EBITDA has not been adjusted to add back the loss on debt extinguishment of approximately $2.3 million and the write-off of loan costs and exit fees of approximately $151,000.
AHT Announces Second Quarter Results
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ASHFORD HOSPITALITY TRUST, INC.
FFO and Adjusted FFO
(In Thousands, Except Share And Per Share Amounts)
(Unaudited)
FFO and Adjusted FFO
(In Thousands, Except Share And Per Share Amounts)
(Unaudited)
| Three Months | Three Months | Six Months | Six Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| June 30, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | |||||||||||||
| Net income available to common shareholders | $ | 8,304 | $ | 4,438 | $ | 13,047 | $ | 4,501 | ||||||||
| Plus real estate depreciation and amortization | 12,187 | 5,830 | 22,913 | 10,103 | ||||||||||||
| Remove minority interest | 2,091 | 1,892 | 3,675 | 2,191 | ||||||||||||
| FFO available to common shareholders | $ | 22,582 | $ | 12,160 | $ | 39,635 | $ | 16,795 | ||||||||
| Add back dividends on redeemable preferred stock | 1,490 | 1,397 | 2,979 | 1,556 | ||||||||||||
| Add back write-off of loan costs and exit fees | 102 | — | 788 | 151 | ||||||||||||
| Add back loss on debt extinguishment | — | — | — | 2,257 | ||||||||||||
| Add back loss from reclassification of discontinued to continuing | 863 | — | 863 | — | ||||||||||||
| Adjusted FFO | $ | 25,037 | $ | 13,557 | $ | 44,265 | $ | 20,759 | ||||||||
| Adjusted FFO per diluted share available to common shareholders | $ | 0.34 | $ | 0.25 | $ | 0.61 | $ | 0.43 | ||||||||
| Diluted weighted average shares outstanding | 74,163,787 | 54,148,626 | 72,774,204 | 48,140,991 | ||||||||||||
AHT Announces Second Quarter Results
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ASHFORD HOSPITALITY TRUST, INC.
CASH AVAILABLE FOR DISTRIBUTION (“CAD”)
(In Thousands, Except Per Share Amounts)
(Unaudited)
CASH AVAILABLE FOR DISTRIBUTION (“CAD”)
(In Thousands, Except Per Share Amounts)
(Unaudited)
| Three Months | Three Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| June 30, 2006 | (per diluted share) | June 30, 2005 | (per diluted share) | |||||||||||||
| Net income available to common shareholders | $ | 8,304 | $ | 0.11 | $ | 4,438 | $ | 0.08 | ||||||||
| Add back dividends on redeemable preferred stock | 1,490 | 0.02 | 1,397 | 0.03 | ||||||||||||
| Total | $ | 9,794 | $ | 0.13 | $ | 5,835 | $ | 0.11 | ||||||||
| Plus real estate depreciation and amortization | 12,187 | $ | 0.16 | 5,830 | $ | 0.11 | ||||||||||
| Remove minority interest | 2,091 | 0.03 | 1,892 | 0.03 | ||||||||||||
| Plus stock-based compensation | 1,770 | 0.02 | 912 | 0.02 | ||||||||||||
| Plus amortization of loan costs | 461 | 0.01 | 1,040 | 0.02 | ||||||||||||
| Plus write-off of loan costs | 102 | 0.00 | — | 0.00 | ||||||||||||
| Plus loss on debt extinguishment | — | 0.00 | — | 0.00 | ||||||||||||
| Plus loss from reclassification of discontinued to continuing | 863 | 0.01 | — | 0.00 | ||||||||||||
| Less debt premium amortization to reduce interest expense | — | 0.00 | (195 | ) | (0.00 | ) | ||||||||||
| Less capital improvements reserve | (4,560 | ) | (0.06 | ) | (2,693 | ) | (0.05 | ) | ||||||||
| CAD | $ | 22,708 | $ | 0.31 | $ | 12,621 | $ | 0.23 | ||||||||
| Six Months | Six Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| June 30, 2006 | (per diluted share) | June 30, 2005 | (per diluted share) | |||||||||||||
| Net income available to common shareholders | $ | 13,047 | $ | 0.18 | $ | 4,501 | $ | 0.09 | ||||||||
| Add back dividends on redeemable preferred stock | 2,979 | 0.04 | 1,556 | 0.03 | ||||||||||||
| Total | $ | 16,026 | $ | 0.22 | $ | 6,057 | $ | 0.13 | ||||||||
| Plus real estate depreciation and amortization | 22,913 | $ | 0.31 | 10,103 | $ | 0.21 | ||||||||||
| Remove minority interest | 3,675 | $ | 0.05 | 2,191 | 0.05 | |||||||||||
| Plus stock-based compensation | 2,710 | $ | 0.04 | 1,531 | 0.03 | |||||||||||
| Plus amortization of loan costs | 975 | $ | 0.01 | 1,987 | 0.04 | |||||||||||
| Plus write-off of loan costs | 788 | $ | 0.01 | 151 | 0.00 | |||||||||||
| Plus loss on debt extinguishment | — | $ | — | 2,257 | 0.05 | |||||||||||
| Plus loss from reclassification of discontinued to continuing | 863 | $ | 0.01 | — | 0.00 | |||||||||||
| Less debt premium amortization to reduce interest expense | — | $ | — | (270 | ) | (0.01 | ) | |||||||||
| Less capital improvements reserve | (7,953 | ) | $ | (0.11 | ) | (4,399 | ) | (0.09 | ) | |||||||
| CAD | $ | 39,997 | $ | 0.55 | $ | 19,608 | $ | 0.41 | ||||||||
AHT Announces Second Quarter Results
Page 10
August 2, 2006
Page 10
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
(In Thousands)
(Unaudited)
PRO FORMA HOTEL OPERATING PROFIT
(In Thousands)
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, 2006 | June 30, 2005 | % Variance | June 30, 2006 | June 30, 2005 | % Variance | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
| Rooms | $ | 100,136 | $ | 91,400 | 9.56 | % | $ | 193,701 | $ | 175,519 | 10.36 | % | ||||||||||||
| Food and beverage | 19,468 | 19,108 | 1.88 | % | 37,259 | 36,637 | 1.70 | % | ||||||||||||||||
| Other | 4,495 | 4,126 | 8.94 | % | 8,445 | 7,878 | 7.20 | % | ||||||||||||||||
| Total hotel revenue | 124,099 | 114,634 | 8.26 | % | 239,405 | 220,034 | 8.80 | % | ||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
| Hotel operating expenses | ||||||||||||||||||||||||
| Rooms | 20,613 | 19,513 | 5.64 | % | 40,379 | 37,453 | 7.81 | % | ||||||||||||||||
| Food and beverage | 14,574 | 13,857 | 5.17 | % | 28,430 | 26,950 | 5.49 | % | ||||||||||||||||
| Other direct | 2,083 | 1,912 | 8.94 | % | 3,973 | 3,727 | 6.60 | % | ||||||||||||||||
| Indirect | 35,250 | 33,256 | 6.00 | % | 71,431 | 65,348 | 9.31 | % | ||||||||||||||||
| Management fees, Includes base and incentive fees (1) | 6,175 | 5,277 | 17.02 | % | 11,691 | 9,467 | 23.49 | % | ||||||||||||||||
| Total hotel operating expenses | 78,695 | 73,815 | 6.61 | % | 155,904 | 142,945 | 9.07 | % | ||||||||||||||||
| Property taxes, insurance, and other | 6,694 | 5,836 | 14.70 | % | 12,887 | 11,574 | 11.34 | % | ||||||||||||||||
HOTEL OPERATING PROFIT (Hotel EBITDA) | $ | 38,710 | $ | 34,983 | 10.65 | % | $ | 70,614 | $ | 65,515 | 7.78 | % | ||||||||||||
NOTE: The above pro forma table assumes the 72 hotel properties owned at June 30, 2006 were owned as of the beginning of the periods presented.
(1) Includes a 32 basis points increase for the three months ended June 30, 2006 due to a change in fee structure upon acquisition of 22 Marriott-managed properties.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, 2006 | June 30, 2005 | % Variance | June 30, 2006 | June 30, 2005 | % Variance | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
| Rooms | $ | 91,173 | $ | 82,937 | 9.93 | % | $ | 176,972 | $ | 159,155 | 11.19 | % | ||||||||||||
| Food and beverage | 17,964 | 17,401 | 3.24 | % | 34,334 | 33,394 | 2.81 | % | ||||||||||||||||
| Other | 4,138 | 3,814 | 8.50 | % | 7,844 | 7,277 | 7.79 | % | ||||||||||||||||
| Total hotel revenue | 113,275 | 104,152 | 8.76 | % | 219,150 | 199,826 | 9.67 | % | ||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
| Hotel operating expenses Rooms | 18,915 | 17,946 | 5.40 | % | 37,148 | 34,424 | 7.91 | % | ||||||||||||||||
| Food and beverage | 13,413 | 12,685 | 5.74 | % | 26,107 | 24,644 | 5.94 | % | ||||||||||||||||
| Other direct | 1,957 | 1,808 | 8.24 | % | 3,733 | 3,506 | 6.47 | % | ||||||||||||||||
| Indirect | 32,299 | 30,589 | 5.59 | % | 65,483 | 59,958 | 9.21 | % | ||||||||||||||||
| Management fees, includes base and incentive fees (1) | 5,348 | 4,720 | 13.31 | % | 10,348 | 8,457 | 22.36 | % | ||||||||||||||||
| Total hotel operating expenses | 71,932 | 67,748 | 6.18 | % | 142,819 | 130,989 | 9.03 | % | ||||||||||||||||
| Property taxes, insurance, and other | 6,022 | 5,258 | 14.53 | % | 11,578 | 10,495 | 10.32 | % | ||||||||||||||||
HOTEL OPERATING PROFIT (Hotel EBITDA) | $ | 35,321 | $ | 31,146 | 13.40 | % | $ | 64,753 | $ | 58,342 | 10.99 | % | ||||||||||||
NOTE: The above pro forma table assumes the 67 hotel properties owned at June 30, 2006 but not under renovation for the three and six months ended June 30, 2006 were owned as of the beginning of the periods presented.
(1) Includes a 23 basis points increase for the three months ended June 30, 2006 due to a change in fee structure upon acquisition of 20 Marriott-managed properties.
AHT Announces Second Quarter Results
Page 11
August 2, 2006
Page 11
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS — PRO FORMA
(Unaudited)
KEY PERFORMANCE INDICATORS — PRO FORMA
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2006 | 2005 | % Variance | 2006 | 2005 | % Variance | |||||||||||||||||||
| ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: | ||||||||||||||||||||||||
| Room revenues | $ | 100,136,358 | $ | 91,399,460 | 9.56 | % | $ | 193,701,077 | $ | 175,519,178 | 10.36 | % | ||||||||||||
| RevPar | $ | 91.69 | $ | 82.22 | 11.52 | % | $ | 88.25 | $ | 79.27 | 11.33 | % | ||||||||||||
| Occupancy | 78.35 | % | 75.69 | % | 3.52 | % | 75.00 | % | 73.01 | % | 2.73 | % | ||||||||||||
| ADR | $ | 117.02 | $ | 108.62 | 7.73 | % | $ | 117.66 | $ | 108.57 | 8.37 | % | ||||||||||||
NOTE: The above pro forma table assumes the 72 hotel properties owned at June 30, 2006 were owned as of the beginning of the periods presented.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2006 | 2005 | % Variance | 2006 | 2005 | % Variance | |||||||||||||||||||
| ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: | ||||||||||||||||||||||||
| Room revenues | $ | 91,172,922 | $ | 82,937,545 | 9.93 | % | $ | 176,972,297 | $ | 159,154,995 | 11.19 | % | ||||||||||||
| RevPar | $ | 90.27 | $ | 80.55 | 12.06 | % | $ | 87.12 | $ | 77.61 | 12.25 | % | ||||||||||||
| Occupancy | 78.58 | % | 75.35 | % | 4.29 | % | 75.38 | % | 72.68 | % | 3.72 | % | ||||||||||||
| ADR | $ | 114.87 | $ | 106.90 | 7.45 | % | $ | 115.57 | $ | 106.78 | 8.23 | % | ||||||||||||
NOTE: The above pro forma table assumes the 67 hotel properties owned at June 30, 2006 but not under renovation for the three and six months ended June 30, 2006 were owned as of the beginning of the periods presented.
Excluded Hotels Under Renovation:
Embassy Suites West Palm Beach, Annapolis Inn, Residence Inn Fairfax Merrifield, Courtyard Crystal City,
Sheraton Minneapolis
AHT Announces Second Quarter Results
Page 12
August 2, 2006
Page 12
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel RevPAR by Region
(Unaudited)
Pro Forma Hotel RevPAR by Region
(Unaudited)
| Three Months Ended | Six Months Ended | Percent | ||||||||||||||||||||||||||||||
| June 30, | June 30, | Change in RevPAR | ||||||||||||||||||||||||||||||
| Region | Number of Hotels | Number of Rooms | 2006 | 2005 | 2006 | 2005 | Quarter | YTD | ||||||||||||||||||||||||
| Pacific (1) | 8 | 1,966 | $ | 101.98 | $ | 99.22 | $ | 102.54 | $ | 95.42 | 2.8 | % | 7.5 | % | ||||||||||||||||||
| Mountain (2) | 5 | 869 | $ | 96.42 | $ | 88.91 | $ | 98.96 | $ | 91.73 | 8.4 | % | 7.9 | % | ||||||||||||||||||
| West North Central (3) | 2 | 390 | $ | 80.57 | $ | 73.03 | $ | 73.08 | $ | 68.32 | 10.3 | % | 7.0 | % | ||||||||||||||||||
| West South Central (4) | 6 | 1,082 | $ | 95.14 | $ | 70.40 | $ | 87.40 | $ | 68.97 | 35.1 | % | 26.7 | % | ||||||||||||||||||
| East North Central (5) | 11 | 1,682 | $ | 70.69 | $ | 64.84 | $ | 64.03 | $ | 56.34 | 9.0 | % | 13.6 | % | ||||||||||||||||||
| East South Central (6) | 4 | 573 | $ | 68.85 | $ | 64.11 | $ | 63.02 | $ | 58.62 | 7.4 | % | 7.5 | % | ||||||||||||||||||
| Middle Atlantic (7) | 4 | 685 | $ | 82.94 | $ | 71.52 | $ | 71.56 | $ | 62.19 | 16.0 | % | 15.1 | % | ||||||||||||||||||
| South Atlantic (8) | 28 | 4,529 | $ | 102.72 | $ | 92.26 | $ | 101.26 | $ | 92.07 | 11.3 | % | 10.0 | % | ||||||||||||||||||
| New England (9) | 4 | 490 | $ | 55.49 | $ | 47.65 | $ | 45.09 | $ | 41.05 | 16.4 | % | 9.8 | % | ||||||||||||||||||
Total Portfolio | 72 | 12,266 | $ | 91.69 | $ | 82.22 | $ | 88.25 | $ | 79.27 | 11.5 | % | 11.3 | % | ||||||||||||||||||
| (1) | Includes California | |
| (2) | Includes Nevada, Arizona, New Mexico and Utah | |
| (3) | Includes Minnesota and Kansas | |
| (4) | Includes Texas | |
| (5) | Includes Ohio and Indiana | |
| (6) | Includes Kentucky and Alabama | |
| (7) | Includes New York, New Jersey and Pennsylvania | |
| (8) | Includes Virginia, Florida, Georgia, Maryland, and North Carolina | |
| (9) | Includes Massachusetts and Maine |
NOTE: The above pro forma table assumes the 72 hotel properties owned as of June 30, 2006 were owned as of the beginning of the periods presented.
AHT Announces Second Quarter Results
Page 13
August 2, 2006
Page 13
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel RevPAR by Brand
(Unaudited)
Pro Forma Hotel RevPAR by Brand
(Unaudited)
| Three Months Ended | Six Months Ended | Percent | ||||||||||||||||||||||||||||||
| June 30, | June 30, | Change in RevPAR | ||||||||||||||||||||||||||||||
| Brand | Number of Hotels | Number of Rooms | 2006 | 2005 | 2006 | 2005 | Quarter | YTD | ||||||||||||||||||||||||
| Hilton | 22 | 3,638 | $ | 91.76 | $ | 78.42 | $ | 89.23 | $ | 78.06 | 17.0 | % | 14.3 | % | ||||||||||||||||||
| Hyatt | 2 | 970 | $ | 100.94 | $ | 98.34 | $ | 100.48 | $ | 92.78 | 2.7 | % | 8.3 | % | ||||||||||||||||||
| InterContinental | 2 | 420 | $ | 137.66 | $ | 122.64 | $ | 145.13 | $ | 126.29 | 12.2 | % | 14.9 | % | ||||||||||||||||||
| Independent | 2 | 317 | $ | 94.93 | $ | 94.34 | $ | 83.71 | $ | 88.18 | 0.6 | % | -5.1 | % | ||||||||||||||||||
| Marriott | 36 | 5,158 | $ | 88.58 | $ | 79.62 | $ | 86.45 | $ | 77.85 | 11.2 | % | 11.1 | % | ||||||||||||||||||
| Radisson | 6 | 1,354 | $ | 67.00 | $ | 62.14 | $ | 55.83 | $ | 52.53 | 7.8 | % | 6.3 | % | ||||||||||||||||||
| Starwood | 2 | 409 | $ | 86.71 | $ | 69.51 | $ | 73.18 | $ | 58.81 | 24.7 | % | 24.4 | % | ||||||||||||||||||
Total Portfolio | 72 | 12,266 | $ | 91.69 | $ | 82.22 | $ | 88.25 | $ | 79.27 | 11.5 | % | 11.3 | % | ||||||||||||||||||
NOTE: The above pro forma table assumes the 72 hotel properties owned as of June 30, 2006 were owned as of the beginning of the periods presented.
AHT Announces Second Quarter Results
Page 14
August 2, 2006
Page 14
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel Operating Profit by Region
(In Thousands)
(Unaudited)
Pro Forma Hotel Operating Profit by Region
(In Thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | Percent Change in | ||||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | Hotel Operating Profit | ||||||||||||||||||||||||||||||||||||||||||||||
| Region | Number of Hotels | Number of Rooms | 2006 | % Total | 2005 | % Total | 2006 | % Total | 2005 | % Total | Quarter | YTD | ||||||||||||||||||||||||||||||||||||
| Pacific (1) | 8 | 1,966 | $ | 6,600 | 17.0 | % | $ | 7,242 | 20.7 | % | $ | 13,186 | 18.7 | % | $ | 13,540 | 20.7 | % | -8.9 | % | -2.6 | % | ||||||||||||||||||||||||||
| Mountain (2) | 5 | 869 | $ | 2,966 | 7.7 | % | $ | 2,420 | 6.9 | % | $ | 5,834 | 8.3 | % | $ | 5,269 | 8.0 | % | 22.6 | % | 10.7 | % | ||||||||||||||||||||||||||
| West North Central (3) | 2 | 390 | $ | 1,171 | 3.0 | % | $ | 1,066 | 3.0 | % | $ | 1,943 | 2.8 | % | $ | 1,798 | 2.7 | % | 9.8 | % | 8.1 | % | ||||||||||||||||||||||||||
| West South Central (4) | 6 | 1,082 | $ | 2,787 | 7.2 | % | $ | 2,511 | 7.2 | % | $ | 5,153 | 7.3 | % | $ | 4,778 | 7.3 | % | 11.0 | % | 7.8 | % | ||||||||||||||||||||||||||
| East North Central (5) | 11 | 1,682 | $ | 4,216 | 10.9 | % | $ | 3,849 | 11.0 | % | $ | 6,614 | 9.4 | % | $ | 5,578 | 8.5 | % | 9.5 | % | 18.6 | % | ||||||||||||||||||||||||||
| East South Central (6) | 4 | 573 | $ | 1,302 | 3.4 | % | $ | 1,256 | 3.6 | % | $ | 2,102 | 3.0 | % | $ | 1,951 | 3.0 | % | 3.7 | % | 7.7 | % | ||||||||||||||||||||||||||
| Middle Atlantic (7) | 4 | 685 | $ | 1,804 | 4.7 | % | $ | 971 | 2.8 | % | $ | 2,163 | 3.1 | % | $ | 1,207 | 1.8 | % | 85.8 | % | 79.2 | % | ||||||||||||||||||||||||||
| South Atlantic (8) | 28 | 4,529 | $ | 17,156 | 44.3 | % | $ | 15,078 | 43.1 | % | $ | 33,212 | 47.0 | % | $ | 30,938 | 47.2 | % | 13.8 | % | 7.4 | % | ||||||||||||||||||||||||||
| New England (9) | 4 | 490 | $ | 708 | 1.8 | % | $ | 590 | 1.7 | % | $ | 407 | 0.6 | % | $ | 456 | 0.7 | % | 20.0 | % | -10.7 | % | ||||||||||||||||||||||||||
Total Portfolio | 72 | 12,266 | $ | 38,710 | 100.0 | % | $ | 34,983 | 100.0 | % | $ | 70,614 | 100.0 | % | $ | 65,515 | 100.0 | % | 10.7 | % | 7.8 | % | ||||||||||||||||||||||||||
| (1) | Includes California | |
| (2) | Includes Nevada, Arizona, New Mexico and Utah | |
| (3) | Includes Minnesota and Kansas | |
| (4) | Includes Texas | |
| (5) | Includes Ohio and Indiana | |
| (6) | Includes Kentucky and Alabama | |
| (7) | Includes New York, New Jersey and Pennsylvania | |
| (8) | Includes Virginia, Florida, Georgia, Maryland, and North Carolina | |
| (9) | Includes Massachusetts and Maine |
NOTE: The above pro forma table assumes the 72 hotel properties owned as of June 30, 2006 were owned as of the beginning of the periods presented.
AHT Announces Second Quarter Results
Page 15
August 2, 2006
Page 15
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
HOTEL OPERATING PROFIT (EBITDA) MARGIN:
| 2nd Quarter 2006 | 31.18 | % | ||
| 2nd Quarter 2005 | 29.90 | % | ||
| Variance | 1.28 | % | ||
HOTEL OPERATING PROFIT (EBITDA) MARGIN VARIANCE BREAKDOWN:
| Rooms | -0.53 | % | ||
| Food & Beverage and Other Departmental | -0.35 | % | ||
| Administrative & General | -0.05 | % | ||
| Sales & Marketing | -0.60 | % | ||
| Hospitality | -0.05 | % | ||
| Repair & Maintenance | -0.54 | % | ||
| Energy | 0.05 | % | ||
| Franchise Fee | 0.37 | % | ||
Management Fee(1) | 0.10 | % | ||
Incentive Management Fee(1) | 0.09 | % | ||
| Insurance | 0.34 | % | ||
| Taxes | -0.07 | % | ||
| Leases/Other | -0.03 | % | ||
| Total | -1.28 | % | ||
ADJUSTMENT TO RECONCILE VARIANCE DUE TO FEE STRUCTURE CHANGE ON 20 MARRIOTT MANAGED HOTELS:
| Management Fee | 0.12 | % | ||
| Incentive Management Fee | 0.11 | % | ||
| Adjusted Variance | 1.51 | % | ||
| (1) | These fees have increased due to an unfavorable comparison for the Marriott managed properties which had a different fee structure in place prior to our acquisition from CNL. A comparable fee comparison for these assets will begin in the third quarter of 2006. |
AHT Announces Second Quarter Results
Page 16
August 2, 2006
Page 16
August 2, 2006
ASHFORD HOSPITALITY TRUST, INC.
Capital Expenditures Calendar
72 Core Hotels
Capital Expenditures Calendar
72 Core Hotels
| 2004 | 2005 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||
| Rooms | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||||||||||||
Doubletree Suites Columbus | 194 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubletree Suites Dayton | 137 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites East Syracuse | 215 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Phoenix Airport | 229 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Sheraton Bucks County | 187 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Hyatt Regency Orange County | 654 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Inn Mall of Georgia | 92 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Inn Terre Haute | 112 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Inn Horse Cave | 101 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Inn Evansville | 141 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Hilton St. Petersburg Bayfront | 333 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn Evansville West | 110 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Evansville | 78 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn Princeton | 73 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Columbus Tipton Lakes | 90 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Bloomington | 117 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Radisson Milford | 173 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Salt Lake City | 144 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hilton Fort Worth | 294 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Historic Inns of Annapolis | 124 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Palm Desert | 130 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Houston | 150 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Radisson Rockland | 127 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn San Diego Sorrento Mesa | 150 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Radisson Hotel Airport — Indianapolis | 259 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Hilton Nassau Bay — Clear Lake | 243 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Sheraton Minneapolis West | 222 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites West Palm Beach | 160 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Crowne Plaza Beverly Hills | 260 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
Radisson City Center — Indianapolis | 371 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Fairfax Merrifield | 159 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Crystal City Reagan Airport | 272 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Plaza La Concha — Key West | 160 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Hilton Santa Fe | 157 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Hyatt Dulles | 316 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Kennesaw | 90 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Jacksonville | 102 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Sea Turtle Inn Jacksonville | 193 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Palm Desert | 151 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Atlanta Alpharetta | 154 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
Hilton Garden Inn Jacksonville | 119 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites BWI Airport | 133 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Centreville | 136 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Gaithersburg | 162 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Overland Park | 168 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marriott at Research Triangle Park | 225 | |||||||||||||||||||||||||||||||||||||||||||||||||||
JW Marriott San Francisco | 338 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Boston Tewksbury | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Miami Lakes | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Ft. Worth | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Miami Airport | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Newark Silicon Valley | 127 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Mt. Laurel | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Portland Scarborough | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Ft. Lauderdale Weston | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Foothill Ranch Irvine | 156 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Courtyard Louisville Airport | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Austin Arboretum | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Dallas Galleria | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Dulles Int’l | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Flagstaff | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites Las Vegas Airport | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn and Suites Kennesaw | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Inn Lawrenceville | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Homewood Suites Mobile | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Radisson Cincinnati Riverfront | 236 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Radisson Hotel MacArthur Airport | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Lake Buena Vista | 210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residence Inn Orlando Sea World | 350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Charlotte | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Mall of Georgia | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites Raleigh Airport | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||
AHT Announces Second Quarter Results
Page 17
August 2, 2006
Page 17
August 2, 2006
Debt Summary
As of June 30, 2006
(in millions)
As of June 30, 2006
(in millions)
| Fixed-Rate | Floating-Rate | Total | ||||||||||
| Debt | Debt | Debt | ||||||||||
| $487.1 million mortgage note payable secured by 32 hotel properties, matures between July 1, 2015 and February 1, 2016, at an average interest rate of 5.41% | $ | 487.1 | $ | — | $ | 487.1 | ||||||
| $211.5 million term loan secured by 16 hotel properties, matures between December 11, 2014 and December 11, 2015, at an average interest rate of 5.73% | 211.5 | — | 211.5 | |||||||||
| $100.0 million secured credit facility secured by 6 hotel properties, matures August 17, 2008, at an interest rate of LIBOR plus a range of 1.6% to 1.95% depending on the loan-to-value ratio | — | 73.9 | 73.9 | |||||||||
| $100.0 million secured credit facility secured by 8 mezzanine notes receivable, matures December 23, 2008, at an interest rate of LIBOR plus a range of 1.5% to 2.75% depending on the loan-to-value ratio and collateral pledged | — | — | — | |||||||||
| $47.5 million secured credit facility secured by 1 hotel property, matures October 10, 2007, at an interest rate of LIBOR plus 1.0% to 1.5% depending on the outstanding balance | — | 30.0 | 30.0 | |||||||||
| Total Debt | $ | 698.6 | $ | 103.9 | $ | 802.5 | ||||||
| Percentage of Total | 87.05 | % | 12.95 | % | 100.00 | % | ||||||
| Weighted Average Interest Rate at June 30, 2006 | 5.73 | % | ||||||||||