Ashford Hospitality Trust 8K Results of Operations and Financial Condition | AHT 5 May 16

Exhibit 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Jordan Jennings	Stacy Feit
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(213) 486-6549

ASHFORD TRUST REPORTS FIRST QUARTER 2016 RESULTS

Adjusted EBITDA Increased 18%

Adjusted Funds From Operations per Share Increased 20%

Announced a Definitive Agreement to Sell a 5-Hotel Portfolio of Select-Service Hotels

DALLAS, May 5, 2016 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“the Company” or “Ashford Trust”) today reported financial results and performance measures for the first quarter ended March 31, 2016. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company’s hotel portfolio as of March 31, 2016 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2016, with the first quarter ended March 31, 2015 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

OVERVIEW

· Opportunistic focus on upper-upscale, full-service hotels

· Targets moderate debt levels of approximately 55 — 60% net debt/gross assets

· Highly-aligned management team and advisory structure

· One of the highest long-term total shareholder returns in the industry

· Attractive dividend yield of approximately 8.5%

FINANCIAL AND OPERATING HIGHLIGHTS

· RevPAR for all hotels increased 2.5% during the quarter

· RevPAR for all hotels not under renovation increased 3.2% during the quarter

· Adjusted EBITDA increased $15.6 million or 18%

· Adjusted funds from operations (AFFO) was $0.36 per diluted share for the quarter as compared with $0.30 from the prior-year quarter representing an increase of 20%

· The Company’s common stock is currently trading at an approximate 8.5% dividend yield

· In the first quarter, the Company completed the refinancing of three mortgage loans with existing balances of approximately $268 million with a new loan totaling $412.5 million, resulting in excess proceeds of approximately $118 million after closing costs and reserves

· Subsequent to quarter-end, on April 18, 2016, the Company announced that it had entered into a definitive agreement to sell a 5-hotel, 1,396-room portfolio of select-service hotels for $142 million in cash ($102,000 per key)

· Capex invested in the quarter was $40.7 million

CAPITAL STRUCTURE

At March 31, 2016, the Company had total assets of $5.0 billion in continuing operations. As of March 31, 2016, the Company had $3.9 billion of mortgage debt in continuing operations. Ashford Trust’s total combined debt had a blended average interest rate of 5.2%.

In the first quarter, the Company completed the refinancing of three mortgage loans with existing balances of approximately $268 million. The previous loans that were refinanced included: the $91 million UBS 2 loan, the $103 million Merrill 2 loan and the $74 million Merrill 7 loan. The new loan totals $412.5 million and resulted in excess proceeds of approximately $118 million after closing costs and reserves. The new loan is interest only and provides for a floating interest rate of LIBOR + 5.52%. The next hard debt maturity for the Company is in April 2017.

SELECT-SERVICE HOTEL PORTFOLIO SALES PROCESS UPDATE

On April 18, 2016, the Company announced that it had entered into a definitive agreement to sell a 5-hotel, 1,396-room portfolio of select-service hotels for $142 million in cash ($102,000 per key) to Noble Investment Group (“Noble”). The portfolio is comprised of the 146-room Courtyard Edison in Edison, NJ; the 150-room Residence Inn Buckhead in Atlanta, GA; and the 312-room Courtyard Lake Buena Vista, 388-room Fairfield Inn Lake Buena Vista and 400-room Springhill Suites Lake Buena Vista in Orlando, FL. The three Orlando properties are managed by Marriott and the other two properties are managed by Remington Lodging.

The purchase price, including projected capex to be invested by Noble, represents a trailing 12-month cap rate of 8.0% on net operating income. On a trailing 12-month basis, the portfolio achieved RevPAR of $84, with occupancy of 79% and Average Daily Rate of $106. The portfolio has an existing debt balance of approximately $98 million, and the Company expects the net proceeds from the disposition to be approximately $37 million after debt repayment and transaction costs. The Company intends to use the net proceeds from the sale for general corporate purposes including net debt reduction, stock buybacks, or the acquisition of full-service hotels in line with the Company’s refined investment strategy. The transaction is scheduled to close in the second quarter, subject to certain closing conditions.

STRATEGY REFINEMENTS

Ashford Trust is reaffirming its previously announced strategy refinements as follows:

· The Company will focus on acquiring and owning upper-upscale, full-service hotels

· The Company is not planning nor expects any future platform spinoffs

· The Company will continue to target a net debt to gross assets ratio of 55% - 60%

· The Company will continue to target cash and cash equivalents at a level of 25% - 35% of its total equity market capitalization for the purposes of:

· property-level and corporate-level working capital needs

· as a hedge against a downturn in the economy or hotel fundamentals

· to be prepared to pursue accretive investments or stock buybacks as those opportunities arise

PORTFOLIO REVPAR

As of March 31, 2016, the Ashford Trust portfolio consisted of direct hotel investments with 132 properties classified in continuing operations. During the first quarter of 2016, 117 of the Company’s hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for the hotels in continuing operations on a comparable total basis (all 132 hotels) and comparable not under renovation basis (117 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

· Comparable RevPAR increased 2.5% to $113.55 for all hotels on a 3.4% increase in ADR and a 0.8% decrease in occupancy

· Comparable RevPAR increased 3.2% to $112.68 for hotels not under renovation on a 3.3% increase in ADR and a 0.1% decrease in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. 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 Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 132 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On March 14, 2016, the Company 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, 2016, payable on April 15, 2016, to shareholders of record as of March 31, 2016.

“Subsequent to quarter-end, we took the first step in our strategy of divesting of our non-core, select-service assets with the announced sale of the five-hotel portfolio,” commented Monty J. Bennett, Ashford Trust’s Chairman and Chief Executive Officer. “This transaction is expected to close in the second quarter and will provide us with additional financial flexibility to execute on our refined strategy. We are committed to maximizing value for our shareholders as we focus on generating superior operating performance and continuing to execute on opportunistic sales of our remaining select-service assets.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 6, 2016, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2494. A replay of the conference call will be available through Friday, May 13, 2016, by dialing (719) 457-0820 and entering the confirmation number, 3723314.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2016 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 Friday, May 6, 2016, 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 EBITDA. 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 EBITDA 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 EBITDA 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 real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

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

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

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: 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 Trust’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)

(unaudited)

	March 31,			December 31,
	2016			2015

ASSETS
Investments in hotel properties, net	$	4,393,701		$	4,419,684
Cash and cash equivalents	226,877			215,078
Restricted cash	162,146			153,680
Accounts receivable, net of allowance of $724 and $715, respectively	55,367			40,438
Inventories	4,785			4,810
Note receivable, net of allowance of $6,971 and $7,083, respectively	3,797			3,746
Investment in Ashford Inc.	6,097			6,616
Investment in securities investment fund	52,886			55,952
Deferred costs, net	3,642			3,847
Prepaid expenses	22,693			12,458
Derivative assets, net	10,833			3,435
Other assets	14,303			10,647
Intangible assets, net	11,294			11,343
Due from Ashford Prime, net	13			528
Due from related party, net	1,865			—
Due from third-party hotel managers	17,783			22,869
Total assets	$	4,988,082		$	4,965,131

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,879,225		$	3,840,617
Accounts payable and accrued expenses	140,473			123,444
Dividends payable	22,890			22,678
Unfavorable management contract liabilities	2,861			3,355
Due to Ashford Inc., net	11,080			9,856
Due to related party, net	—			1,339
Due to third-party hotel managers	2,555			2,504
Intangible liabilities, net	16,396			16,494
Other liabilities	17,020			14,539

Total liabilities	4,092,500			4,034,826

Redeemable noncontrolling interests in operating partnership	125,162			118,449

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, 2016 and December 31, 2015	17			17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at March 31, 2016 and December 31, 2015	95			95
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at March 31, 2016 and December 31, 2015	46			46
Common stock, $0.01 par value, 200,000,000 shares authorized, 95,686,492 and 95,470,903 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	957			955
Additional paid-in capital	1,597,087			1,597,194
Accumulated deficit	(828,514		)	(787,221		)
Total stockholders’ equity of the Company	769,688			811,086
Noncontrolling interest in consolidated entities	732			770
Total equity	770,420			811,856

Total liabilities and equity	$	4,988,082		$	4,965,131

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended
	March 31,
	2016			2015

REVENUE
Rooms	$	290,615		$	200,990
Food and beverage	63,055			39,553
Other	13,709			8,832
Total hotel revenue	367,379			249,375
Other	393			860
Total revenue	367,772			250,235

EXPENSES
Hotel operating expenses
Rooms	63,102			43,153
Food and beverage	43,101			26,280
Other expenses	113,137			74,782
Management fees	13,695			9,657
Total hotel operating expenses	233,035			153,872
Property taxes, insurance and other	18,612			11,594
Depreciation and amortization	62,162			37,864
Impairment charges	(111		)	(106		)
Transaction costs	95			499
Advisory services fee:
Base advisory fee	8,540			8,011
Reimbursable expenses	1,463			1,385
Non-cash stock/unit-based compensation	900			171
Corporate, general and administrative:
Other general and administrative	1,673			4,840
Total operating expenses	326,369			218,130

OPERATING INCOME	41,403			32,105

Equity in loss of unconsolidated entities	(3,585		)	(6,622		)
Interest income	63			16
Gain (loss) on acquisition of Highland JV and sale of hotel properties	(114		)	380,705
Other income (expense)	(252		)	4,330
Interest expense, net of premiums	(49,765		)	(31,629		)
Amortization of loan costs	(6,178		)	(3,006		)
Write-off of loan costs and exit fees	—			(4,767		)
Unrealized loss on marketable securities	—			(1,802		)
Unrealized gain (loss) on derivatives	6,918			(1,698		)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(11,510		)	367,632
Income tax expense	(629		)	(825		)
NET INCOME (LOSS)	(12,139		)	366,807
Loss from consolidated entities attributable to noncontrolling interest	38			25
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,112			(45,336		)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(9,989		)	321,496
Preferred dividends	(8,490		)	(8,490		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(18,479	)	$	313,006

INCOME (LOSS) PER SHARE — BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.20	)	$	3.25
Weighted average common shares outstanding — basic	94,136			95,539

Diluted:
Net income (loss) attributable to common stockholders	$	(0.20	)	$	3.13
Weighted average common shares outstanding — diluted	94,136			113,912

Dividends declared per common share:	$	0.12		$	0.12

Amounts attributable to common stockholders:
Net income (loss) attributable to the Company	$	(9,989	)	$	321,496
Preferred dividends	(8,490		)	(8,490		)
Net income (loss) attributable to common stockholders	$	(18,479	)	$	313,006

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended
	March 31,
	2016			2015

Net income (loss)	$	(12,139	)	$	366,807
Loss from consolidated entities attributable to noncontrolling interest	38			25
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,112			(45,336		)
Net income (loss) attributable to the Company	(9,989		)	321,496
Interest income	(63		)	(16		)
Interest expense and amortization of premiums and loan costs, net	55,913			34,606
Depreciation and amortization	62,101			37,820
Income tax expense	629			825
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(2,112		)	45,336
Equity in loss of unconsolidated entities	519			6,622
Company’s portion of EBITDA of Ashford Inc.	115			(2,278		)
Company’s portion of EBITDA of Ashford Prime	—			2,910
Company’s portion of EBITDA of Highland JV	—			11,982
EBITDA available to common stockholders and OP unitholders	107,113			459,303
Amortization of unfavorable management contract liabilities	(494		)	(494		)
Impairment charges	(111		)	(106		)
(Gain) loss on acquisition of Highland JV and sale of hotel properties	114			(380,705		)
Write-off of loan costs and exit fees	—			4,767
Other (income) expense (1)	252			(4,330		)
Transaction, acquisition and management conversion costs	218			3,924
Legal judgment and related legal costs	24			24
Unrealized loss on marketable securities	—			1,802
Unrealized (gain) loss on derivatives	(6,918		)	1,698
Dead deal costs	(3		)	55
Non-cash stock/unit-based compensation	984			171
Company’s portion of unrealized loss of investment in securities investment fund	3,066			—
Company’s portion of adjustments to EBITDA of Ashford Inc.	748			3,324
Company’s portion of adjustments to EBITDA of Ashford Prime	—			(82		)
Adjusted EBITDA available to common stockholders and OP unitholders	$	104,993		$	89,351

NOTES:

(1) Other (income) expense, which primarily consists of costs associated with credit default swaps in both periods and net realized gain/loss on marketable securities in 2015, is excluded from Adjusted EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended
	March 31,
	2016			2015

Net income (loss)	$	(12,139	)	$	366,807
Loss from consolidated entities attributable to noncontrolling interest	38			25
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,112			(45,336		)
Preferred dividends	(8,490		)	(8,490		)
Net income (loss) attributable to common stockholders	(18,479		)	313,006
Depreciation and amortization on real estate	62,101			37,820
(Gain) loss on acquisition of Highland JV and sale of hotel properties	114			(380,705		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(2,112		)	45,336
Equity in loss of unconsolidated entities	519			6,622
Company’s portion of FFO of Ashford Inc.	(155		)	(2,747		)
Company’s portion of FFO of Ashford Prime	—			1,452
Company’s portion of FFO of Highland JV	—			3,791
FFO available to common stockholders and OP unitholders	41,988			24,575
Write-off of loan costs and exit fees	—			4,767
Other impairment charges	(111		)	(106		)
Other (income) expense (1)	252			(4,330		)
Legal judgment and related legal costs	24			24
Transaction, acquisition and management conversion costs	218			3,924
Unrealized loss on marketable securities	—			1,802
Unrealized (gain) loss on derivatives	(6,918		)	1,698
Dead deal costs	(3		)	55
Non-cash stock/unit-based compensation	984			171
Company’s portion of unrealized loss of investment in securities investment fund	3,066			—
Company’s portion of adjustments to FFO of Ashford Inc.	748			1,744
Company’s portion of adjustments to FFO of Ashford Prime	—			(148		)
Adjusted FFO available to common stockholders and OP unitholders	$	40,248		$	34,176
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.36		$	0.30
Weighted average diluted shares	113,306			114,344

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2016

(dollars in thousands)

(unaudited)

												Comparable		Comparable
			Fixed-Rate			Floating-Rate			Total			TTM Hotel		TTM EBITDA
Indebtedness	Maturity	Interest Rate	Debt			Debt			Debt			EBITDA (8)		Debt Yield

Morgan Stanley Pool A - 7 hotels	August 2016	LIBOR + 4.35%	$	—		$	301,000	(2)	$	301,000		$	34,943	11.6	%
Morgan Stanley Pool B - 5 hotels	August 2016	LIBOR + 4.38%	—			62,900		(2)	62,900			7,171		11.4	%
JPM Chase Marriott Fremont - 1 hotel	August 2016	LIBOR + 4.20%	—			37,500		(2)	37,500			7,618		20.3	%
Secured revolving credit facility - various	October 2016	Base Rate (6) + 2.00% or LIBOR + 3.00%	—			—		(5)	—			N/A		N/A
BAML Pool 1 & 2 - 8 hotels	January 2017	LIBOR + 4.95%	—			376,800		(2)	376,800			43,711		11.6	%
Morgan Stanley MIP - 5 hotels	February 2017	LIBOR + 4.75%	—			200,000		(1)(7)	200,000			23,755		11.9	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2017	LIBOR + 4.95%	—			33,300		(2)	33,300			4,208		12.6	%
Column Financial - 24 hotels	April 2017	LIBOR + 4.39%	—			1,070,560		(3)	1,070,560			112,991		10.6	%
Wachovia 1 - 5 hotels	April 2017	5.95%	109,892			—			109,892			17,129		15.6	%
Wachovia 2 - 7 hotels	April 2017	5.95%	120,221			—			120,221			17,439		14.5	%
Wachovia 5 - 5 hotels	April 2017	5.95%	98,775			—			98,775			14,600		14.8	%
Wachovia 6 - 5 hotels	April 2017	5.95%	150,297			—			150,297			18,858		12.5	%
JPM Lakeway - 1 hotel	May 2017	LIBOR + 5.10%	—			25,100		(2)	25,100			1,220		4.9	%
BAML Le Pavillon - 1 hotel	June 2017	LIBOR + 5.10%	—			43,750		(2)	43,750			3,921		9.0	%
US Bank Indigo Atlanta - 1 hotel	June 2017	5.98%	15,934			—			15,934			2,298		14.4	%
Morgan Stanley - 8 hotels	July 2017	LIBOR + 4.09%	—			144,000		(2)	144,000			13,206		9.2	%
Morgan Stanley Ann Arbor - 1 hotel	July 2017	LIBOR + 4.15%	—			35,200		(2)	35,200			3,848		10.9	%
BAML W Atlanta - 1 hotel	July 2017	LIBOR + 5.10%	—			40,500		(2)	40,500			3,850		9.5	%
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	—			412,500		(3)	412,500			48,629		11.8	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	97,556			—			97,556			14,400		14.8	%
Morgan Stanley Princeton/Nashville - 2 hotels	January 2018	4.44%	106,713			—			106,713			26,084		24.4	%
NorthStar Gainesville - 1 hotel	July 2018	LIBOR + 4.50%	—			21,200		(4)	21,200			2,533		11.9	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000		(4)	12,000			1,883		15.7	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,524			—			5,524			1,080		19.6	%
GACC Gateway - 1 hotel	November 2020	6.26%	98,035			—			98,035			16,348		16.7	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	55,314			—			55,314			6,110		11.0	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,491			—			10,491			1,495		14.3	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,188			—			7,188			1,184		16.5	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,719			—			6,719			954		14.2	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	67,520			—			67,520			8,688		12.9	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,500			—			12,500			2,228		17.8	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,980			—			24,980			3,523		14.1	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	53,957			—			53,957			8,592		15.9	%
BAML Pool 4 - 2 hotels	February 2025	4.45%	24,079			—			24,079			3,209		13.3	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,861			—			20,861			3,125		15.0	%
Unencumbered hotels			—			—			—			2,333		N/A
			$	1,086,556		$	2,816,310		$	3,902,866		$	483,164	12.4	%
Percentage			27.8		%	72.2		%	100.0		%
Weighted average interest rate			5.42		%	5.10		%	5.19		%

All indebtedness is non-recourse with the exception of the secured revolving credit facility.

(1) The interest rate on this mortgage loan is subject to a LIBOR floor of 0.20%.

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

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

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

(5) Our borrowing capacity under our secured revolving credit facility is $100.0 million.

(6) Base rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

(7) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2016.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

March 31, 2016

(in thousands)

(unaudited)

	2016		2017		2018		2019		2020		Thereafter		Total

Secured revolving credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Wachovia 1 - 5 hotels	—		107,351		—		—		—		—		107,351
Wachovia 2 - 7 hotels	—		117,441		—		—		—		—		117,441
Wachovia 5 - 5 hotels	—		96,491		—		—		—		—		96,491
Wachovia 6 - 5 hotels	—		146,823		—		—		—		—		146,823
US Bank Indigo Atlanta - 1 hotel	—		15,583		—		—		—				15,583
Morgan Stanley Boston Back Bay - 1 hotel	—		—		94,226		—		—		—		94,226
Morgan Stanley Princeton/Nashville - 2 hotels	—		—		103,106		—		—		—		103,106
Omni American Bank Ashton - 1 hotel	—		—		—		5,168		—		—		5,168
Morgan Stanley MIP - 5 hotels	—		—		—		200,000		—		—		200,000
Morgan Stanley Pool A - 7 hotels	—		—		—		301,000		—		—		301,000
Morgan Stanley Pool B - 5 hotels	—		—		—		62,900		—		—		62,900
JPM Chase Marriott Fremont - 1 hotel	—		—		—		37,500		—		—		37,500
GACC Gateway - 1 hotel	—		—		—		—		89,886		—		89,886
BAML Pool 1 & 2 - 8 hotels	—		—		—		—		376,800		—		376,800
Cantor Commercial Real Estate Memphis - 1 hotel	—		—		—		—		33,300		—		33,300
JPM Lakeway - 1 hotel	—		—		—		—		25,100		—		25,100
BAML Le Pavillon - 1 hotel	—		—		—		—		43,750		—		43,750
Morgan Stanley - 8 hotels	—		—		—		—		144,000		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		—		—		35,200		—		35,200
NorthStar Gainesville - 1 hotel	—		—		—		—		21,200		—		21,200
BAML W Atlanta - 1 hotel	—		—		—		—		40,500		—		40,500
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		—		—		12,000		—		12,000
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C - 8 hotels	—		—		—		—		—		90,889		90,889
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,160		44,160
BAML Pool 4 - 2 hotels	—		—		—		—		—		19,707		19,707
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
Column Financial - 24 hotels	—		—		—		—		—		1,070,560		1,070,560
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		47,711		47,711
BAML Pool - 17 hotels	—		—		—		—		—		412,500		412,500
Principal due in future periods	$	—	$	483,689	$	197,332	$	606,568	$	821,736	$	1,723,498	$	3,832,823
Scheduled amortization payments remaining	12,513		16,196		6,644		6,970		6,914		20,806		70,043

Total indebtedness	$	12,513	$	499,885	$	203,976	$	613,538	$	828,650	$	1,744,304	$	3,902,866

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:

	Three Months Ended
	March 31,
	Actual			Pre-acquisition		Comparable			Actual			Pre-acquisition			Comparable			Actual		Comparable
	2016			2016		2016			2015			2015			2015			% Variance		% Variance

Rooms revenue (in thousands)	$	289,094		$	—	$	289,094		$	199,206		$	79,270		$	278,476		45.12	%	3.81	%
RevPAR	$	113.55		$	—	$	113.55		$	112.81		$	105.86		$	110.74		0.66	%	2.54	%
Occupancy	74.38		%	—		74.38		%	77.01		%	70.18		%	74.98		%	(3.42	)%	(0.80	)%
ADR	$	152.67		$	—	$	152.67		$	146.48		$	150.84		$	147.70		4.22	%	3.36	%

NOTES:

(1) The above comparable information assumes the 132 hotel properties owned and included in the Company’s operations at March 31, 2016, were owned as of the beginning of each of the periods presented.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

ALL HOTELS

NOT UNDER RENOVATION:

	Three Months Ended
	March 31,
	Actual			Pre-acquisition		Comparable			Actual			Pre-acquisition			Comparable			Actual		Comparable
	2016			2016		2016			2015			2015			2015			% Variance		% Variance

Rooms revenue (in thousands)	$	256,286		$	—	$	256,286		$	179,380		$	65,861		$	245,241		42.87	%	4.50	%
RevPAR	$	112.68		$	—	$	112.68		$	111.71		$	102.81		$	109.17		0.87	%	3.21	%
Occupancy	74.79		%	—		74.79		%	76.77		%	70.16		%	74.89		%	(2.58	)%	(0.13	)%
ADR	$	150.65		$	—	$	150.65		$	145.50		$	146.54		$	145.78		3.54	%	3.34	%

NOTES:

(1) The above comparable information assumes the 117 hotel properties owned and included in the Company’s operations at March 31, 2016, and not under renovation during the three months ended March 31, 2016, were owned as of the beginning of each of the periods presented.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(4) Excluded Hotels Under Renovation:

Embassy Suites Austin, Hilton Garden Inn Austin, Courtyard Boston Billerica, Courtyard Irvine Foothill Ranch, Residence Inn Fairfax, SpringHill Suites Gaithersburg, SpringHill Suites Jacksonville, Towneplace Suites Manhattan Beach, Embassy Suites Houston, Renaissance Nashville, The Churchill, Courtyard Oakland Airport, Hilton Santa Fe, The Ashton, Westin Princeton

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:

	Three Months Ended
	March 31,
	2016			2015			% Variance

Total hotel revenue	$	365,517		$	247,226		47.85	%
Pre-acquisition adjustments	—			109,262			(100.00	)%
Comparable total hotel revenue	$	365,517		$	356,488		2.53	%

Hotel EBITDA	$	117,610		$	84,565		39.08	%
Pre-acquisition adjustments	—			28,609			(100.00	)%
Comparable Hotel EBITDA	$	117,610		$	113,174		3.92	%
Hotel EBITDA Margin	32.18		%	34.21		%	(2.03	)%
Comparable Hotel EBITDA Margin	32.18		%	31.75		%	0.43	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	56		$	55		1.82	%
Hotel EBITDA attributable to the Company and OP unitholders	$	117,554		$	84,510		39.10	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	117,554		$	113,119		3.92	%

NOTES:

(2) All pre-acquisition information was obtained from the prior owner.The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

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

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

ALL HOTELS

NOT UNDER RENOVATION:

	Three Months Ended
	March 31,
	2016			2015			% Variance

Total hotel revenue	$	323,821		$	223,693		44.76	%
Pre-acquisition adjustments	—			90,348			(100.00	)%
Comparable total hotel revenue	$	323,821		$	314,041		3.11	%

Hotel EBITDA	$	104,002		$	75,910		37.01	%
Pre-acquisition adjustments	—			22,790			(100.00	)%
Comparable Hotel EBITDA	$	104,002		$	98,700		5.37	%
Hotel EBITDA Margin	32.12		%	33.93		%	(1.82	)%
Comparable Hotel EBITDA Margin	32.12		%	31.43		%	0.69	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	56		$	55		1.82	%
Hotel EBITDA attributable to the Company and OP unitholders	$	103,946		$	75,855		37.03	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	103,946		$	98,645		5.37	%

NOTES:

(a) Management fee expense was adjusted to reflect current contractual rates.

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

(4) Excluded Hotels Under Renovation:

Embassy Suites Austin, Hilton Garden Inn Austin, Courtyard Boston Billerica, Courtyard Irvine Foothill Ranch, Residence Inn Fairfax, Springhill Suites Gaithersburg, Springhill Suites Jacksonville, Towneplace Suites Manhattan Beach, Embassy Suites Houston, Renaissance Nashville, The Churchill, Courtyard Oakland Airport, Hilton Santa Fe, The Ashton, Westin Princeton

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

THE FOLLOWING SEASONALITY TABLE REFLECTS THE 132 HOTEL PROPERTIES INCLUDED IN THE COMPANY’S OPERATIONS AT MARCH 31, 2016:

	Actual			Pre- acquisition			Comparable			Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable			Actual			Pre-acquisition			Comparable
	2016			2016			2016			2015			2015			2015			2015			2015			2015			2015			2015			2015
	1st Quarter			1st Quarter			1st Quarter			4th Quarter			4th Quarter			4th Quarter			3rd Quarter			3rd Quarter			3rd Quarter			2nd Quarter			2nd Quarter			2nd Quarter

Total Hotel Revenue	$	365,517		$	—		$	365,517		$	351,103		$	2,843		$	353,946		$	362,511		$	8,193		$	370,704		$	367,186		$	29,375		$	396,561
Hotel EBITDA	$	117,610		$	—		$	117,610		$	107,400		$	920		$	108,320		$	116,444		$	3,029		$	119,473		$	128,076		$	9,685		$	137,761
Hotel EBITDA Margin	32.18		%	—			32.18		%	30.59		%	32.36		%	30.60		%	32.12		%	36.97		%	32.23		%	34.88		%	32.97		%	34.74		%

EBITDA % of Total TTM	25.0		%	—			24.4		%	22.9		%	6.7		%	22.4		%	24.8		%	22.2		%	24.7		%	27.3		%	71.0		%	28.5		%

JV Interests in EBITDA	$	56		$	—		$	56		$	73		$	—		$	73		$	102		$	—		$	102		$	89		$	—		$	89

	Actual			Pre- acquisition			Comparable
	2016			2016			2016
	TTM			TTM			TTM

Total Hotel Revenue	$	1,446,317		$	40,411		$	1,486,728
Hotel EBITDA	$	469,530		$	13,634		$	483,164
Hotel EBITDA Margin	32.46		%	33.74		%	32.50		%

EBITDA % of Total TTM	100.00		%	100.00		%	100.0		%

JV Interests in EBITDA	$	320		$	—		$	320

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

			Three Months Ended March 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable		Actual		Pre-acquisition		Comparable		Actual		Comparable
Region	Hotels	Rooms	2016		2016		2016		2015		2015		2015		% Variance		% Variance

Atlanta, GA Area	11	2,070	$	116.50	$	—	$	116.50	$	97.43	$	131.80	$	114.78	19.57	%	1.50	%
Boston, MA Area	3	915	109.78		—		109.78		185.50		100.27		119.24		(40.82	)%	(7.93	)%
Dallas / Ft. Worth Area	7	1,518	115.98		—		115.98		114.74		115.68		114.96		1.08	%	0.89	%
Houston, TX Area	3	692	107.46		—		107.46		110.74		115.98		112.36		(2.96	)%	(4.35	)%
Los Angeles, CA Metro Area	8	1,901	137.58		—		137.58		116.79		119.82		117.25		17.81	%	17.34	%
Miami, FL Metro Area	3	587	185.00		—		185.00		181.28		—		181.28		2.05	%	2.05	%
Minneapolis - St. Paul, MN-WI Area	4	809	105.39		—		105.39		85.25		131.51		101.77		23.62	%	3.55	%
Nashville, TN Area	1	673	172.99		—		172.99		199.29		149.75		164.06		(13.20	)%	5.44	%
New York / New Jersey Metro Area	7	1,887	93.12		—		93.12		103.95		80.38		93.66		(10.42	)%	(0.58	)%
Orlando, FL Area	6	1,834	112.41		—		112.41		109.71		—		109.71		2.46	%	2.46	%
Philadelphia, PA Area	3	648	83.28		—		83.28		72.67		—		72.67		14.59	%	14.59	%
San Diego, CA Area	2	410	110.91		—		110.91		104.70		—		104.70		5.93	%	5.93	%
San Francisco - Oakland, CA Metro Area	6	1,368	146.37		—		146.37		138.49		—		138.49		5.68	%	5.68	%
Tampa, FL Area	3	680	140.09		—		140.09		132.64		122.12		128.82		5.61	%	8.74	%
Washington DC - MD - VA Area	10	2,466	111.01		—		111.01		116.61		91.86		112.17		(4.80	)%	(1.03	)%
Other Areas	55	9,519	101.11		—		101.11		103.53		83.16		100.36		(2.34	)%	0.74	%
Total Portfolio	132	27,977	$	113.55	$	—	$	113.55	$	112.81	$	105.86	$	110.74	0.66	%	2.54	%

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(unaudited)

			Three Months Ended March 31,
	Number of	Number of	Actual		Pre-acquisition		Comparable				Actual		Pre-acquisition		Comparable				Actual		Comparable
Region	Hotels	Rooms	2016		2016		2016		% of Total		2015		2015		2015		% of Total		% Variance		% Variance

Atlanta, GA Area	11	2,070	$	8,136	$	—	$	8,136	6.9	%	$	3,787	$	4,489	$	8,276	7.3	%	114.84	%	(1.69	)%
Boston, MA Area	3	915	2,391		—		2,391		2.0	%	1,311		1,662		2,973		2.6	%	82.38	%	(19.58	)%
Dallas / Ft. Worth Area	7	1,518	7,468		—		7,468		6.3	%	5,605		1,946		7,551		6.7	%	33.24	%	(1.10	)%
Houston, TX Area	3	692	3,273		—		3,273		2.8	%	2,220		1,402		3,622		3.2	%	47.43	%	(9.64	)%
Los Angeles, CA Metro Area	8	1,901	11,448		—		11,448		9.7	%	7,707		1,427		9,134		8.1	%	48.54	%	25.33	%
Miami, FL Metro Area	3	587	5,260		—		5,260		4.5	%	5,055		—		5,055		4.5	%	4.06	%	4.06	%
Minneapolis - St. Paul, MN-WI Area	4	809	2,368		—		2,368		2.0	%	1,476		733		2,209		2.0	%	60.43	%	7.20	%
Nashville, TN Area	1	673	5,485		—		5,485		4.7	%	1,980		2,975		4,955		4.4	%	177.02	%	10.70	%
New York / New Jersey Metro Area	7	1,887	5,581		—		5,581		4.7	%	3,889		1,613		5,502		4.9	%	43.51	%	1.44	%
Orlando, FL Area	6	1,834	7,852		—		7,852		6.7	%	7,525		—		7,525		6.6	%	4.35	%	4.35	%
Philadelphia, PA Area	3	648	1,117		—		1,117		0.9	%	769		—		769		0.7	%	45.25	%	45.25	%
San Diego, CA Area	2	410	1,659		—		1,659		1.4	%	1,455		—		1,455		1.3	%	14.02	%	14.02	%
San Francisco - Oakland, CA Metro Area	6	1,368	8,059		—		8,059		6.9	%	7,653		—		7,653		6.8	%	5.31	%	5.31	%
Tampa, FL Area	3	680	4,555		—		4,555		3.9	%	2,636		1,262		3,898		3.4	%	72.80	%	16.85	%
Washington DC - MD - VA Area	10	2,466	8,990		—		8,990		7.6	%	8,191		1,123		9,314		8.2	%	9.75	%	(3.48	)%
Other Areas	55	9,519	33,968		—		33,968		29.0	%	23,306		9,977		33,283		29.3	%	45.75	%	2.06	%
Total Portfolio	132	27,977	$	117,610	$	—	$	117,610	100.0	%	$	84,565	$	28,609	$	113,174	100.0	%	39.08	%	3.92	%

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2016

(in thousands except share price)

(unaudited)

	March 31,
	2016
End of quarter common shares outstanding	95,686
Partnership units outstanding (common share equivalents)*	20,617
Combined common shares and partnership units outstanding	116,303
Common stock price at quarter end	$	6.38
Market capitalization at quarter end	$	742,013
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series E preferred stock	$	115,750
Debt on balance sheet date	$	3,902,866
Joint venture partner’s share of consolidated debt	$	(2,086	)
Net working capital (see below)	$	(389,906	)
Total enterprise value (TEV)	$	4,646,785

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	45.59
Market value of Ashford Inc. investment	$	27,270

Cash and cash equivalents	$	226,850
Restricted cash	162,025
Accounts receivable, net	55,342
Prepaid expenses	22,671
Investment in securities investment fund	52,886
Due from affiliates, net	(9,079		)
Due from third-party hotel managers, net	15,236
Market value of Ashford Inc. investment	27,270
Total current assets	$	553,201

Accounts payable, net & accrued expenses	$	140,405
Dividends payable	22,890
Total current liabilities	$	163,295

Net working capital**	$	389,906

* Total units outstanding = 21.60 million; impacted by current conversion factor.

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

Ashford Hospitality Trust, Inc. and Subsidiaries

Anticipated Capital Expenditures Calendar (a)

		2016
	Rooms	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
		Actual	Estimated	Estimated	Estimated
Embassy Suites Austin	150	x	x	x
Hilton Garden Inn Austin	254	x	x	x
Courtyard Boston Billerica	210	x	x
Courtyard Irvine Foothill Ranch	156	x	x
Residence Inn Fairfax	159	x	x
SpringHill Suites Gaithersburg	162	x	x
SpringHill Suites Jacksonville	102	x	x
Towneplace Suites Manhattan Beach	144	x	x
Embassy Suites Houston	150	x		x	x
Renaissance Nashville	673	x		x	x
The Churchill	173	x		x	x
Courtyard Oakland Airport	156	x
Hilton Santa Fe	158	x
The Ashton	39	x
Westin Princeton	296	x
Embassy Suites Dallas	150		x	x	x
Embassy Suites Las Vegas	220		x	x	x
Marriott Dallas Market Center	265		x	x	x
Courtyard Bloomington	117		x	x
Embassy Suites Orlando	174		x	x
Hampton Inn Lawrenceville	85		x	x
Hyatt Regency Coral Gables	253		x	x
Embassy Suites Philadelphia	263		x
Courtyard Ft. Lauderdale	174			x	x
Crowne Plaza Annapolis	196			x	x
Embassy Suites Dulles	150			x	x
Hampton Inn Parsippany	152			x	x
Hilton Garden Inn Virginia Beach	176			x	x
Hyatt Regency Savannah	351			x	x
Le Pavillion New Orleans	226			x	x
Marriott Crystal Gateway	697			x	x
Hilton St. Petersburg	333			x
Marriott San Antonio Plaza	251			x
Courtyard Basking Ridge	235				x
Hampton Inn Gainesville	124				x
Hilton Boston Back Bay	390				x
Marriott Omaha	300				x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2016 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)

	2016			2015			2015			2015			March 31, 2016
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			TTM

Net income	$	53,018		$	43,305		$	55,120		$	53,933		$	205,376
Income from consolidated entities attributable to noncontrolling interests	9			(8		)	(33		)	(45		)	(77		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—
Net income attributable to the Company	53,027			43,297			55,087			53,888			205,299
Non-property adjustments	114			(8		)	—			19,949			20,055
Interest Income	(10		)	(9		)	(10		)	(8		)	(37		)
Interest expense	467			456			455			468			1,846
Amortization of loan cost	118			116			114			112			460
Depreciation and amortization	61,979			60,996			58,553			52,426			233,954
Income tax expense	26			118			60			—			204
Non-Hotel EBITDA ownership expense	1,898			2,426			2,152			1,196			7,672
(Income) loss from consolidated entities attributable to noncontrolling interests	(9		)	8			33			45			77
Hotel EBITDA including amounts attributable to noncontrolling interest	117,610			107,400			116,444			128,076			469,530

Pre-acquisition Hotel EBITDA	—			920			3,029			9,685			13,634
Comparable Hotel EBITDA	$	117,610		$	108,320		$	119,473		$	137,761		$	483,164

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three months Ended March 31, 2016
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation		Hotel Total			Orlando WorldQuest Resort			Sold Properties		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	47,066		$	5,952	$	53,018		$	447		$	—	$	(65,604	)	$	(12,139	)
Income from consolidated entities attributable to noncontrolling interests	9			—		9			—			—		29			38
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			—		2,112			2,112
Net income (loss) attributable to the Company	47,075			5,952		53,027			447			—		(63,463		)	(9,989		)
Non-property adjustments	114			—		114			—			—		(114		)	—
Interest Income	(10		)	—		(10		)	—			—		(53		)	(63		)
Interest expense	467			—		467			—			—		49,298			49,765
Amortization of loan cost	118			—		118			—			—		6,060			6,178
Depreciation and amortization	54,476			7,503		61,979			135			—		48			62,162
Income tax expense (benefit)	26			—		26			—			—		603			629
Non-Hotel EBITDA ownership expense	1,745			153		1,898			—			—		(1,898		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	(9		)	—		(9		)	(1		)	—		10			—
Hotel EBITDA including amounts attributable to noncontrolling interest	104,002			13,608		117,610			581			—		(9,509		)	108,682
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—		(65		)	—			—		(26		)	(91		)
Income from consolidated entities attributable to noncontrolling interests	9			—		9			—			—		(9		)	—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—		—			—			—		(2,112		)	(2,112		)
Equity in loss of unconsolidated entities	—			—		—			—			—		519			519
Company’s portion of EBITDA of Ashford Inc.	—			—		—			—			—		115			115
Company’s portion of EBITDA of Ashford Prime	—			—		—			—			—		—			—
Company’s portion of EBITDA of Highland JV	—			—		—			—			—		—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	103,946		$	13,608	$	117,554		$	581		$	—	$	(11,022	)	$	107,113

Pre-acquisition Hotel EBITDA	—			—		—
Comparable Hotel EBITDA	$	104,002		$	13,608	$	117,610

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three months Ended December 31, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	39,904		$	3,401		$	43,305		$	108	$	(69,540	)	$	(26,127	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(8		)	—			(8		)	—		30			22
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		4,113			4,113
Net income (loss) attributable to the Company	39,896			3,401			43,297			108		(65,397		)	(21,992		)
Non-property adjustments	—			(8		)	(8		)	—		8			—
Interest income	(9		)	—			(9		)	—		(14		)	(23		)
Interest expense	456			—			456			—		47,296			47,752
Amortization of loan cost	116			—			116			—		5,657			5,773
Depreciation and amortization	54,822			6,174			60,996			145		48			61,189
Income tax expense	111			7			118			—		(43		)	75
Non-Hotel EBITDA ownership expense	2,378			48			2,426			1		(2,427		)	—
(Income) loss from consolidated entities attributable to noncontrolling interest	8			—			8			—		(8		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,778			9,622			107,400			254		(14,880		)	92,774
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(65		)	—			(65		)	—		(24		)	(89		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(8		)	—			(8		)	—		8			—
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(4,113		)	(4,113		)
Equity in earnings of unconsolidated entities	—			—			—			—		(759		)	(759		)
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		846			846
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		—			—
Company’s portion of EBITDA of Highland JV	—			—			—			—		—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	97,705		$	9,622		$	107,327		$	254	$	(18,922	)	$	88,659

Pre-acquisition Hotel EBITDA	920			—			920
Comparable Hotel EBITDA	$	98,698		$	9,622		$	108,320

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three months Ended September 30, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Sold Properties			Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	46,225		$	8,895		$	55,120		$	220		$	(24	)	$	(74,827	)	$	(19,511	)
Income from consolidated entities attributable to noncontrolling interests	(33		)	—			(33		)	—			—			30			(3		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—			3,193			3,193
Net income (loss) attributable to the Company	46,192			8,895			55,087			220			(24		)	(71,604		)	(16,321		)
Non-property adjustments	—			—			—			—			—			—			—
Interest Income	(9		)	(1		)	(10		)	—			—			(11		)	(21		)
Interest expense	455			—			455			—			—			46,112			46,567
Amortization of loan cost	114			—			114			—			—			5,178			5,292
Depreciation and amortization	51,727			6,826			58,553			139			—			49			58,741
Income tax expense (benefit)	60			—			60			—			—			1,661			1,721
Non-Hotel EBITDA ownership expense	2,014			138			2,152			6			—			(2,158		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	33			—			33			(1		)	—			(32		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	100,586			15,858			116,444			364			(24		)	(20,805		)	95,979
Less: EBITDA adjustments attributable to non-controlling interest	(69		)	—			(69		)	—			—			(20		)	(89		)
Income from consolidated entities attributable to noncontrolling interests	(33		)	—			(33		)	—			—			33			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—			—			(3,193		)	(3,193		)
Equity in loss of unconsolidated entities	—			—			—			—			—			437			437
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—			—			675			675
Company’s portion of EBITDA of Ashford Prime	—			—			—			—			—			509			509
Company’s portion of EBITDA of Highland JV	—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	100,484		$	15,858		$	116,342		$	364		$	(24	)	$	(22,364	)	$	94,318

Pre-acquisition Hotel EBITDA	3,029			—			3,029
Comparable Hotel EBITDA	$	103,615		$	15,858		$	119,473

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three months Ended June 30, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Sold Properties			Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	45,886		$	8,047		$	53,933		$	399		$	(1	)	$	(69,088	)	$	(14,757	)
Income from consolidated entities attributable to noncontrolling interests	(45		)	—			(45		)	—			—			31			(14		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—			2,527			2,527
Net income (loss) attributable to the Company	45,841			8,047			53,888			399			(1		)	(66,530		)	(12,244		)
Non-property adjustments	17,132			2,817			19,949			—			—			(19,949		)	—
Interest Income	(7		)	(1		)	(8		)	—			—			(22		)	(30		)
Interest expense	468			—			468			—			—			42,418			42,886
Amortization of loan cost	112			—			112			—			—			4,497			4,609
Depreciation and amortization	46,144			6,282			52,426			140			—			50			52,616
Income tax expense (benefit)	—			—			—			—			—			2,089			2,089
Non-Hotel EBITDA ownership expense	887			309			1,196			1			—			(1,197		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	45			—			45			(1		)	—			(44		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	110,622			17,454			128,076			539			(1		)	(38,688		)	89,926
Less: EBITDA adjustments attributable to non-controlling interest	(44		)	—			(44		)	—			—			(36		)	(80		)
Income from consolidated entities attributable to noncontrolling interests	(45		)	—			(45		)	—			—			45			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—			—			(2,527		)	(2,527		)
Equity in loss of unconsolidated entities	—			—			—			—			—			(2,855		)	(2,855		)
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—			—			1,586			1,586
Company’s portion of EBITDA of Ashford Prime	—			—			—			—			—			4,221			4,221
Company’s portion of EBITDA of Highland JV	—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	110,533		$	17,454		$	127,987		$	539		$	(1	)	$	(38,254	)	$	90,271

Pre-acquisition Hotel EBITDA	8,902			783			9,685
Comparable Hotel EBITDA	$	119,524		$	18,237		$	137,761

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three months Ended March 31, 2015
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Sold Properties			Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	40,905		$	5,136		$	46,041		$	387		$	(1,281	)	$	321,660		$	366,807
Income from consolidated entities attributable to noncontrolling interests	(4		)	—			(4		)	—			—			29			25
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—			(45,336		)	(45,336		)
Net income (loss) attributable to the Company	40,901			5,136			46,037			387			(1,281		)	276,353			321,496
Non-property adjustments	—			—			—			—			—			—			—
Interest Income	(6		)	(1		)	(7		)	—			—			(9		)	(16		)
Interest expense	1			—			1			—			—			31,628			31,629
Amortization of loan cost	—			—			—			—			—			3,006			3,006
Depreciation and amortization	34,015			3,496			37,511			139			164			50			37,864
Income tax expense (benefit)	—			—			—			—			—			825			825
Non-Hotel EBITDA ownership expense	995			24			1,019			(1		)	4			(1,022		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	4			—			4			(1		)	—			(3		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	75,910			8,655			84,565			524			(1,113		)	310,828			394,804
Less: EBITDA adjustments attributable to non-controlling interest	(51		)	—			(51		)	—			—			(22		)	(73		)
(Income) loss from consolidated entities attributable to noncontrolling interests	(4		)				(4		)							4			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—			—			45,336			45,336
Equity in loss of unconsolidated entities	—			—			—			—			—			6,622			6,622
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—			—			(2,278		)	(2,278		)
Company’s portion of EBITDA of Ashford Prime	—			—			—			—			—			2,910			2,910
Company’s portion of EBITDA of Highland JV	—			—			—			—			—			11,982			11,982
Hotel EBITDA attributable to the Company and OP unitholders	$	75,855		$	8,655		$	84,510		$	524		$	(1,113	)	$	375,382		$	459,303

Pre-acquisition Hotel EBITDA	22,790			5,819			28,609
Comparable Hotel EBITDA	$	98,700		$	14,474		$	113,174

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Twelve Months Ended March 31, 2016
	Morgan Stanley Pool A - 7 hotels			Morgan Stanley Pool B - 5 hotels			JPM Chase - 1 hotel			BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel			Column Financial - 24 hotels			Wachovia 1 - 5 hotels			Wachovia 2 - 7 hotels			Wachovia 5 - 5 hotels			Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel		US Bank Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel			BAML Pool - 17 hotels

Net income (loss)	$	16,908		$	(17,848	)	$	4,447		$	23,594		$	11,794	$	185		$	46,148		$	10,524		$	9,378		$	7,229		$	9,432		$	(883	)	$	309	$	187		$	1,614	$	1,630	$	895		$	23,966
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			—
Net income (loss) attributable to the Company	16,908			(17,848		)	4,447			23,594			11,794		185			46,148			10,524			9,378			7,229			9,432			(883		)	309		187			1,614		1,630		895			23,966
Non-property adjustments	—			19,949			—			—			—		—			—			—			—			—			—			—			114		—			—		—		—			—
Interest income	(1		)	(1		)	—			(8		)	—		—			(2		)	(1		)	(1		)	—			(6		)	—			—		—			—		—		—			(8		)
Interest expense	—			—			—			4			—		1,794			—			—			—			—			—			—			—		—			48		—		—			—
Amortization of loan cost	—			—			—			—			—		460			—			—			—			—			—			—			—		—			—		—		—			—
Depreciation and amortization	17,163			4,509			3,173			19,912			11,684		1,738			66,118			6,351			7,905			7,082			9,167			1,960			2,182		632			7,662		1,389		2,129			22,701
Income tax expense	—			9			—			—			—		—			—			59			24			—			—			—			—		—			—		—		—			7
Non-Hotel EBITDA ownership expense	873			553			(2		)	209			277		31			727			196			133			289			265			143			188		127			477		47		80			1,963
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	34,943			7,171			7,618			43,711			23,755		4,208			112,991			17,129			17,439			14,600			18,858			1,220			2,793		946			9,801		3,066		3,104			48,629

Pre-acquisition Hotel EBITDA	—			—			—			—			—		—			—			—			—			—			—			—			1,128		1,352			3,405		782		746			—

Comparable Hotel EBITDA	$	34,943		$	7,171		$	7,618		$	43,711		$	23,755	$	4,208		$	112,991		$	17,129		$	17,439		$	14,600		$	18,858		$	1,220		$	3,921	$	2,298		$	13,206	$	3,848	$	3,850		$	48,629

	Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank Ashton - 1 hotel		GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels			Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels		BAML Pool 5 - 2 hotels		Unencumbered hotels			Total Portfolio

Net income (loss)	$	8,987		$	14,276		$	1,263		$	497		$	582	$	10,679		$	153		$	484		$	370		$	173		$	6,142		$	1,662		$	2,439	$	4,864		$	1,094	$	2,079	$	123		$	205,376
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—			—			(54		)	(24		)	—			—			—		—			—		—		1			(77		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			—
Net income (loss) attributable to the Company	8,987			14,276			1,263			497			582		10,679			153			484			316			149			6,142			1,662			2,439		4,864			1,094		2,079		124			205,299
Non-property adjustments	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		(8		)	20,055
Interest income	—			—			—			—			—		(4		)	—			—			—			—			—			—			—		(4		)	—		—		(1		)	(37		)
Interest expense	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			1,846
Amortization of loan cost	—			—			—			—			—		—			—			—			—			—			—			—			—		—			—		—		—			460
Depreciation and amortization	5,333			11,502			1,016			459			470		5,482			1,272			930			802			660			2,517			538			1,042		3,677			2,097		1,033		1,667			233,954
Income tax expense	—			(4		)	—			—			—		—			—			—			—			109			—			—			—		—			—		—		—			204
Non-Hotel EBITDA ownership expense	80			310			43			42			28		191			6			81			12			12			29			28			42		55			18		13		106			7,672
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—			—			54			24			—			—			—		—			—		—		(1		)	77
Hotel EBITDA including amounts attributable to noncontrolling interest	14,400			26,084			2,322			998			1,080		16,348			1,431			1,495			1,184			954			8,688			2,228			3,523		8,592			3,209		3,125		1,887			469,530

Pre-acquisition Hotel EBITDA	—			—			211			885			—		—			4,679			—			—			—			—			—			—		—			—		—		446			13,634

Comparable Hotel EBITDA	$	14,400		$	26,084		$	2,533		$	1,883		$	1,080	$	16,348		$	6,110		$	1,495		$	1,184		$	954		$	8,688		$	2,228		$	3,523	$	8,592		$	3,209	$	3,125	$	2,333		$	483,164

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2016
	Morgan Stanley Pool A - 7 hotels		Morgan Stanley Pool B - 5 hotels		JPM Chase - 1 hotel		BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 24 hotels		Wachovia 1 - 5 hotels		Wachovia 2 - 7 hotels		Wachovia 5 - 5 hotels		Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel		US Bank Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		BAML Pool - 17 hotels

Net income (loss)	$	5,352	$	174	$	1,362	$	5,593		$	987	$	94	$	9,742	$	2,981	$	2,691	$	3,204	$	2,040		$	(642	)	$	237	$	188	$	(183	)	$	211	$	404	$	6,692
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—		—		—		—		—		—		—			—			—		—		—			—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—			—		—		—		—		—		—		—			—			—		—		—			—		—		—
Net income (loss) attributable to the Company	5,352		174		1,362		5,593			987		94		9,742		2,981		2,691		3,204		2,040			(642		)	237		188		(183		)	211		404		6,692
Non-property adjustments	—		—		—		—			—		—		—		—		—		—		—			—			114		—		—			—		—		—
Interest income	—		—		—		(4		)	—		—		—		—		—		—		(2		)	—			—		—		—			—		—		(1		)
Interest expense	—		—		—		1			—		451		—		—		—		—		—			—			—		—		15			—		—		—
Amortization of loan cost	—		—		—		—			—		118		—		—		—		—		—			—			—		—		—			—		—		—
Depreciation and amortization	4,522		1,349		807		5,077			2,972		457		16,476		1,652		2,012		1,875		2,382			549			689		343		2,479			451		713		6,014
Income tax expense	—		—		—		—			—		—		—		—		—		—		—			—			—		—		—			—		—		—
Non-Hotel EBITDA ownership expense	211		113		2		259			35		3		164		126		6		76		23			(2		)	70		48		78			1		3		426
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—		—		—		—		—		—		—			—			—		—		—			—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,085		1,636		2,171		10,926			3,994		1,123		26,382		4,759		4,709		5,155		4,443			(95		)	1,110		579		2,389			663		1,120		13,131

Pre-acquisition Hotel EBITDA	—		—		—		—			—		—		—		—		—		—		—			—			—		—		—			—		—		—

Comparable Hotel EBITDA	$	10,085	$	1,636	$	2,171	$	10,926		$	3,994	$	1,123	$	26,382	$	4,759	$	4,709	$	5,155	$	4,443		$	(95	)	$	1,110	$	579	$	2,389		$	663	$	1,120	$	13,131


	Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		Omni American Bank Ashton - 1 hotel		GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels		BAML Pool 5 - 2 hotels		Unencumbered hotels			Total Portfolio

Net income (loss)	$	(42	)	$	3,107		$	369	$	53	$	157	$	2,075		$	(26	)	$	240	$	12		$	(53	)	$	2,215	$	421	$	526	$	1,693		$	1,233	$	481	$	(570	)	$	53,018
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—		—		—			—			—		(1		)	10			—		—		—		—			—		—		—			9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		—			—
Net income (loss) attributable to the Company	(42		)	3,107			369		53		157		2,075			(26		)	240		11			(43		)	2,215		421		526		1,693			1,233		481		(570		)	53,027
Non-property adjustments	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		—			114
Interest income	—			—			—		—		—		(1		)	—			—		—			—			—		—		—		(1		)	—		—		(1		)	(10		)
Interest expense	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		—			467
Amortization of loan cost	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		—			118
Depreciation and amortization	1,378			2,924			278		177		103		1,552			815			231		217			170			640		117		280		941			554		262		521			61,979
Income tax expense	—			—			—		—		—		—			—			—		—			26			—		—		—		—			—		—		—			26
Non-Hotel EBITDA ownership expense	115			(10		)	2		1		—		51			5			19		2			2			—		5		14		16			5		3		26			1,898
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—		—		—			—			—		1			(10		)	—		—		—		—			—		—		—			(9		)
Hotel EBITDA including amounts attributable to noncontrolling interest	1,451			6,021			649		231		260		3,677			794			490		231			145			2,855		543		820		2,649			1,792		746		(24		)	117,610

Pre-acquisition Hotel EBITDA	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		—			—

Comparable Hotel EBITDA	$	1,451		$	6,021		$	649	$	231	$	260	$	3,677		$	794		$	490	$	231		$	145		$	2,855	$	543	$	820	$	2,649		$	1,792	$	746	$	(24	)	$	117,610

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2015
	Morgan Stanley Pool A - 7 hotels			Morgan Stanley Pool B - 5 hotels			JPM Chase - 1 hotel		BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel			Column Financial - 24 hotels		Wachovia 1 - 5 hotels		Wachovia 2 - 7 hotels			Wachovia 5 - 5 hotels			Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel		US Bank Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			BAML Pool - 17 hotels

Net income (loss)	$	3,343		$	481		$	843	$	4,590		$	1,544	$	(165	)	$	8,942	$	2,116	$	1,555		$	1,619		$	1,724		$	(440	)	$	274	$	(1	)	$	265		$	616		$	275		$	3,983
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			—
Net income (loss) attributable to the Company	3,343			481			843		4,590			1,544		(165		)	8,942		2,116		1,555			1,619			1,724			(440		)	274		(1		)	265			616			275			3,983
Non-property adjustments	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			—
Interest income	(1		)	—			—		(2		)	—		—			—		—		—			—			(2		)	—			—		—			—			—			—			(2			)
Interest expense	—			—			—		1			—		440			—		—		—			—			—			—			—		—			15			—			—			—
Amortization of loan cost	—			—			—		—			—		116			—		—		—			—			—			—			—		—			—			—			—			—
Depreciation and amortization	4,357			1,092			795		4,997			2,956		455			17,139		1,661		2,038			1,842			2,349			514			648		289			2,441			441			710			5,793
Income tax expense	—			9			—		—			—		—			—		59		24			—			—			—			—		—			—			—			—			7
Non-Hotel EBITDA ownership expense	97			211			2		20			183		4			136		58		96			124			173			38			32		79			166			(1		)	66			671
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	7,796			1,793			1,640		9,606			4,683		850			26,217		3,894		3,713			3,585			4,244			112			954		367			2,887			1,056			1,051			10,452

Pre-acquisition Hotel EBITDA	—			—			—		—			—		—			—		—		—			—			—			—			—		99			—			—			—			—

Comparable Hotel EBITDA	$	7,796		$	1,793		$	1,640	$	9,606		$	4,683	$	850		$	26,217	$	3,894	$	3,713		$	3,585		$	4,244		$	112		$	954	$	466		$	2,887		$	1,056		$	1,051		$	10,452

	Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank Ashton - 1 hotel		GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels			Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels			BAML Pool 5 - 2 hotels			Unencumbered hotels			Total Portfolio

Net income (loss)	$	1,886		$	3,137		$	420	$	56		$	197	$	2,522		$	179	$	16	$	71		$	2		$	1,233		$	283		$	464	$	907		$	(5	)	$	392		$	(19	)	$	43,305
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—		—			—		—		(10		)	1			—			—			—		—			—			—			1			(8		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			—
Net income (loss) attributable to the Company	1,886			3,137			420		56			197		2,522			179		16		61			3			1,233			283			464		907			(5		)	392			(18		)	43,297
Non-property adjustments	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			(8		)	(8		)
Interest income	—			—			—		—			—		(1		)	—		—		—			—			—			—			—		(1		)	—			—			—			(9		)
Interest expense	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			456
Amortization of loan cost	—			—			—		—			—		—			—		—		—			—			—			—			—		—			—			—			—			116
Depreciation and amortization	1,384			2,897			283		175			85		1,353			457		233		218			169			632			129			259		943			549			265			448			60,996
Income tax expense	—			(4		)	—		—			—		—			—		—		—			23			—			—			—		—			—			—			—			118
Non-Hotel EBITDA ownership expense	(5		)	17			2		14			—		104			1		37		2			2			16			17			9		30			3			1			21			2,426
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—		—			—		—		10			(1		)	—			—			—		—			—			—			(1		)	8
Hotel EBITDA including amounts attributable to noncontrolling interest	3,265			6,047			705		245			282		3,978			637		286		291			196			1,881			429			732		1,879			547			658			442			107,400

Pre-acquisition Hotel EBITDA	—			—			—		—			—		—			821		—		—			—			—			—			—		—			—			—			—			920

Comparable Hotel EBITDA	$	3,265		$	6,047		$	705	$	245		$	282	$	3,978		$	1,458	$	286	$	291		$	196		$	1,881		$	429		$	732	$	1,879		$	547		$	658		$	442		$	108,320

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2015
	Morgan Stanley Pool A - 7 hotels		Morgan Stanley Pool B - 5 hotels		JPM Chase - 1 hotel			BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel			Column Financial - 24 hotels			Wachovia 1 - 5 hotels			Wachovia 2 - 7 hotels			Wachovia 5 - 5 hotels			Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel			US Bank Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		BAML Pool - 17 hotels
Net income (loss)	$	3,129	$	341	$	1,358		$	5,961		$	5,164	$	77		$	10,097		$	2,711		$	2,452		$	476		$	2,578		$	146	$	(273	)	$	—		$	1,268		$	698	$	216	$	5,017
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Net income (loss) attributable to the Company	3,129		341		1,358			5,961			5,164		77			10,097			2,711			2,452			476			2,578			146		(273		)	—			1,268			698		216		5,017
Non-property adjustments	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Interest income	—		—		—			(1		)	—		—			(1		)	(1		)	(1		)	—			(1		)	—		—			—			—			—		—		(3		)
Interest expense	—		—		—			1			—		438			—			—			—			—			—			—		—			—			16			—		—		—
Amortization of loan cost	—		—		—			—			—		114			—			—			—			—			—			—		—			—			—			—		—		—
Depreciation and amortization	4,263		1,008		788			4,969			2,915		444			16,904			1,559			1,933			1,721			2,240			512		646			—			2,377			431		706		5,588
Income tax expense	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Non-Hotel EBITDA ownership expense	231		193		(9		)	(140		)	105		2			436			54			58			22			94			53		63			—			157			39		11		471
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	7,623		1,542		2,137			10,790			8,184		1,075			27,436			4,323			4,442			2,219			4,911			711		436			—			3,818			1,168		933		11,073

Pre-acquisition Hotel EBITDA	—		—		—			—			—		—			—			—			—			—			—			—		—			689			—			—		—		—

Comparable Hotel EBITDA	$	7,623	$	1,542	$	2,137		$	10,790		$	8,184	$	1,075		$	27,436		$	4,323		$	4,442		$	2,219		$	4,911		$	711	$	436		$	689		$	3,818		$	1,168	$	933	$	11,073

	Morgan Stanley Boston Back Bay - 1 hotel		Morgan Stanley Princeton/ Nashville - 2 hotels		NorthStar Gainesville - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank Ashton - 1 hotel		GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels			BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels			BAML Pool 5 - 2 hotels		Unencumbered hotels		Total Portfolio

Net income (loss)	$	3,541	$	3,387	$	252		$	388		$	105	$	2,013		$	—		$	94		$	154		$	81		$	1,052		$	479	$	701		$	921		$	(474	)	$	539	$	471	$	55,120
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—			—		—			—			—			(22		)	(11		)	—			—		—			—			—			—		—		(33		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Net income (loss) attributable to the Company	3,541		3,387		252			388			105		2,013			—			94			132			70			1,052			479		701			921			(474		)	539		471		55,087
Non-property adjustments	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		—
Interest income	—		—		—			—			—		(1		)	—			—			—			—			—			—		—			(1		)	—			—		—		(10		)
Interest expense	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		455
Amortization of loan cost	—		—		—			—			—		—			—			—			—			—			—			—		—			—			—			—		—		114
Depreciation and amortization	1,364		2,843		270			107			106		1,304			—			234			206			166			624			143		251			908			510			258		255		58,553
Income tax expense	—		—		—			—			—		—			—			—			—			60			—			—		—			—			—			—		—		60
Non-Hotel EBITDA ownership expense	73		65		16			27			23		47			—			13			7			6			5			2		7			4			6			4		7		2,152
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—			—		—			—			—			22			11			—			—		—			—			—			—		—		33
Hotel EBITDA including amounts attributable to noncontrolling interest	4,978		6,295		538			522			234		3,363			—			341			367			313			1,681			624		959			1,832			42			801		733		116,444

Pre-acquisition Hotel EBITDA	—		—		—			379			—		—			1,955			—			—			—			—			—		—			—			—			—		6		3,029

Comparable Hotel EBITDA	$	4,978	$	6,295	$	538		$	901		$	234	$	3,363		$	1,955		$	341		$	367		$	313		$	1,681		$	624	$	959		$	1,832		$	42		$	801	$	739	$	119,473

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2015
	Morgan Stanley Pool A - 7 hotels			Morgan Stanley Pool B - 5 hotels			JPM Chase - 1 hotel		BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 24 hotels			Wachovia 1 - 5 hotels			Wachovia 2 - 7 hotels			Wachovia 5 - 5 hotels			Wachovia 6 - 5 hotels			JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		US Bank Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		BAML Pool - 17 hotels

Net income (loss)	$	5,084		$	(18,844	)	$	884	$	7,450		$	4,099		$	179		$	17,367		$	2,716		$	2,680		$	1,930		$	3,090		$	53	$	71	$	—		$	264	$	105	$	—	$	8,274
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Net income (loss) attributable to the Company	5,084			(18,844		)	884		7,450			4,099			179			17,367			2,716			2,680			1,930			3,090			53		71		—			264		105		—		8,274
Non-property adjustments	—			19,949			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Interest income	—			(1		)	—		(1		)	—			—			(1		)	—			—			—			(1		)	—		—		—			—		—		—		(2		)
Interest expense	—			—			—		1			—			465			—			—			—			—			—			—		—		—			2		—		—		—
Amortization of loan cost	—			—			—		—			—			112			—			—			—			—			—			—		—		—			—		—		—		—
Depreciation and amortization	4,021			1,060			783		4,869			2,841			382			15,599			1,479			1,922			1,644			2,196			385		199		—			365		66		—		5,306
Income tax expense	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Non-Hotel EBITDA ownership expense	334			36			3		70			(46		)	22			(9		)	(42		)	(27		)	67			(25		)	54		23		—			76		8		—		395
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	9,439			2,200			1,670		12,389			6,894			1,160			32,956			4,153			4,575			3,641			5,260			492		293		—			707		179		—		13,973

Pre-acquisition Hotel EBITDA	—			—			—		—			—			—			—			—			—			—			—			—		1,128		564			3,405		782		746		—

Comparable Hotel EBITDA	$	9,439		$	2,200		$	1,670	$	12,389		$	6,894		$	1,160		$	32,956		$	4,153		$	4,575		$	3,641		$	5,260		$	492	$	1,421	$	564		$	4,112	$	961	$	746	$	13,973

	Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank Ashton - 1 hotel			GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels		BAML Pool 5 - 2 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	3,602		$	4,645		$	222	$	—		$	123		$	4,069		$	—		$	134		$	133		$	143		$	1,642		$	479	$	748	$	1,343		$	340	$	667	$	241	$	53,933
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			(21		)	(24		)	—			—		—		—			—		—		—		(45		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Net income (loss) attributable to the Company	3,602			4,645			222		—			123			4,069			—			134			112			119			1,642			479		748		1,343			340		667		241		53,888
Non-property adjustments	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		19,949
Interest income	—			—			—		—			—			(1		)	—			—			—			—			—			—		—		(1		)	—		—		—		(8		)
Interest expense	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		468
Amortization of loan cost	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		112
Depreciation and amortization	1,207			2,838			185		—			176			1,273			—			232			161			155			621			149		252		885			484		248		443		52,426
Income tax expense	—			—			—		—			—			—			—			—			—			—			—			—		—		—			—		—		—		—
Non-Hotel EBITDA ownership expense	(103		)	238			23		—			5			(11		)	—			12			1			2			8			4		12		5			4		5		52		1,196
Income from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			21			24			—			—		—		—			—		—		—		45
Hotel EBITDA including amounts attributable to noncontrolling interest	4,706			7,721			430		—			304			5,330			—			378			295			300			2,271			632		1,012		2,232			828		920		736		128,076

Pre-acquisition Hotel EBITDA	—			—			211		506			—			—			1,903			—			—			—			—			—		—		—			—		—		440		9,685

Comparable Hotel EBITDA	$	4,706		$	7,721		$	641	$	506		$	304		$	5,330		$	1,903		$	378		$	295		$	300		$	2,271		$	632	$	1,012	$	2,232		$	828	$	920	$	1,176	$	137,761

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2016
	Atlanta, GA Area		Boston, MA Area			Dallas / Ft. Worth Area		Houston, TX Area			Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN- WI Area			Nashville, TN Area			New York / New Jersey Metro Area			Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area		San Francisco - Oakland, CA Metro Area			Tampa, FL Area		Washington DC - MD - VA Area			Other Areas			Total Portfolio

Net income	$	4,182	$	(862	)	$	4,414	$	1,550		$	6,484	$	3,881	$	(72	)	$	3,251		$	773		$	5,471		$	(226	)	$	588	$	5,462		$	3,139	$	3,730		$	11,253		$	53,018
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			9			9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			—			—
Net income attributable to the Company	4,182		(862		)	4,414		1,550			6,484		3,881		(72		)	3,251			773			5,471			(226		)	588		5,462			3,139		3,730			11,262			53,027
Non-property adjustments	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			114			114
Interest income	—		—			—		—			—		—		—			—			(2		)	(2		)	—			—		(1		)	—		(3		)	(2		)	(10		)
Interest expense	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			467			467
Amortization of loan cost	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			118			118
Depreciation and amortization	3,848		3,112			3,022		1,736			4,885		1,329		2,425			2,243			4,699			2,303			1,326			1,049		2,455			1,365		5,160			21,022			61,979
Income tax expense	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			26			26
Non-Hotel EBITDA ownership expense	106		141			32		(13		)	79		50		15			(9		)	111			80			17			22		143			51		103			970			1,898
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			(9		)	(9		)
Hotel EBITDA including amounts attributable to noncontrolling interest	8,136		2,391			7,468		3,273			11,448		5,260		2,368			5,485			5,581			7,852			1,117			1,659		8,059			4,555		8,990			33,968			117,610
																																											—
Pre-acquisition Hotel EBITDA	—		—			—		—			—		—		—			—			—			—			—			—		—			—		—			—			—
																																											—
Comparable Hotel EBITDA	$	8,136	$	2,391		$	7,468	$	3,273		$	11,448	$	5,260	$	2,368		$	5,485		$	5,581		$	7,852		$	1,117		$	1,659	$	8,059		$	4,555	$	8,990		$	33,968		$	117,610

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2015
	Atlanta, GA Area			Boston, MA Area		Dallas / Ft. Worth Area		Houston, TX Area		Los Angeles, CA Metro Area			Miami, FL Metro Area		Minneapolis - St. Paul, MN- WI Area			Nashville, TN Area		New York / New Jersey Metro Area			Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area			San Francisco - Oakland, CA Metro Area		Tampa, FL Area			Washington DC - MD - VA Area			Other Areas			Total Portfolio

Net income	$	2,032		$	323	$	3,359	$	1,128	$	4,066		$	3,939	$	142		$	1,461	$	1,508		$	5,438		$	(534	)	$	414		$	5,260	$	1,797		$	4,517		$	11,191		$	46,041
Income from consolidated entities attributable to noncontrolling interest	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			(4		)	(4		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			—			—
Net income attributable to the Company	2,032			323		3,359		1,128		4,066			3,939		142			1,461		1,508			5,438			(534		)	414			5,260		1,797			4,517			11,187			46,037
Non-property adjustments	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			—			—
Interest income	—			—		—		—		(1		)	—		—			—		(2		)	(1		)	—			—			—		—			(2		)	(1		)	(7		)
Interest expense	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			1			1
Amortization of loan cost	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			—			—
Depreciation and amortization	1,764			859		2,219		1,047		3,632			1,107		1,337			518		2,338			1,910			1,141			1,046			2,263		843			3,609			11,878			37,511
Income tax expense	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			—			—
Non-Hotel EBITDA ownership expense	(9		)	129		27		45		10			9		(3		)	1		45			178			162			(5		)	130		(4		)	67			237			1,019
Income from consolidated entities attributable to noncontrolling interest	—			—		—		—		—			—		—			—		—			—			—			—			—		—			—			4			4
Hotel EBITDA including amounts attributable to noncontrolling interest	3,787			1,311		5,605		2,220		7,707			5,055		1,476			1,980		3,889			7,525			769			1,455			7,653		2,636			8,191			23,306			84,565
																																											—
Pre-acquisition Hotel EBITDA	4,489			1,662		1,946		1,402		1,427			—		733			2,975		1,613			—			—			—			—		1,262			1,123			9,977			28,609
																																											—
Comparable Hotel EBITDA	$	8,276		$	2,973	$	7,551	$	3,622	$	9,134		$	5,055	$	2,209		$	4,955	$	5,502		$	7,525		$	769		$	1,455		$	7,653	$	3,898		$	9,314		$	33,283		$	113,174

NOTES:

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-acquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Ashford Hospitality Trust (AHT) 8-KResults of Operations and Financial Condition