Ashford Hospitality Trust 8K Results of Operations and Financial Condition | AHT 4 Aug 16

Exhibit 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Jordan Jennings	Marilynn Meek
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3773

ASHFORD TRUST REPORTS SECOND QUARTER 2016 RESULTS

RevPar for all Hotels Grew 4.9%

Adjusted EBITDA Increased 11%

Adjusted Funds from Operations per Share Increased 18%

Comparable Hotel EBITDA Margin Increased 106 bps

Comparable Hotel EBITDA Flow-Through was 61%

DALLAS, August 4, 2016 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2016 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2016, with the second quarter ended June 30, 2015 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

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

· Targets moderate 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 8.4%

FINANCIAL AND OPERATING HIGHLIGHTS

· RevPAR for all hotels increased 4.9% during the quarter

· RevPAR for all hotels not under renovation increased 5.7% during the quarter

· Adjusted EBITDA increased $12.8 million or 11%

· Comparable Hotel EBITDA Margin increased 106 basis points

· Comparable Hotel EBITDA flow-through was 61%

· Adjusted funds from operations (AFFO) was $0.60 per diluted share for the quarter as compared with $0.51 from the prior-year quarter representing an increase of 18%

· The Company’s common stock is currently trading at an approximate 8.4% dividend yield

· In the second quarter, the Company completed the sale of a 5-hotel, 1,396-room portfolio of select-service hotels for $142 million in cash ($102,000 per key)

· During the second quarter, the Company also announced that it had entered into a definitive agreement to sell the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key)

· Capex invested in the quarter was $47.5 million

· Subsequent to quarter end, on July 6, 2016, the Company announced that it had priced its underwritten public offering of 4,800,000 shares of 7.375% Series F Cumulative Preferred Stock at $25.00 per share

· Subsequent to quarter end, on July 8, 2016, the Company announced that it intends to redeem all of its issued and outstanding shares of 9.00% Series E Cumulative Preferred Stock

AHT Reports Second Quarter Results

Page 2

August 4, 2016

CAPITAL STRUCTURE

At June 30, 2016, the Company had total assets of $4.9 billion in continuing operations. As of June 30, 2016, the Company had $3.8 billion of mortgage debt in continuing operations. Ashford Trust’s total combined debt had a blended average interest rate of 5.2%.

Subsequent to quarter end, on July 6, 2016, the Company announced that it had priced its underwritten public offering of 4,800,000 shares of 7.375% Series F Cumulative Preferred Stock (the “Preferred Stock”) at $25.00 per share. Dividends on the Preferred Stock will accrue at a rate of 7.375% per annum on the liquidation preference of $25.00 per share.

Subsequent to quarter end, on July 8, 2016, the Company announced that it intends to redeem all of its issued and outstanding shares of 9.00% Series E Cumulative Preferred Stock (the “Series E Preferred Stock”) (CUSIP No. 044103 505). All shares of Series E Preferred Stock will be redeemed in accordance with the applicable procedures of the Depository Trust Company. The redemption date will be August 8, 2016. The Company intends to use the net proceeds of its Preferred Stock offering to redeem the shares of the Series E Preferred Stock.

SELECT-SERVICE HOTEL PORTFOLIO SALES PROCESS UPDATE

On June 1, 2016, the Company announced that it had completed the sale of 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 5-hotel 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 purchase price, including projected capex to be invested by Noble, represented a trailing 12-month cap rate of 8% 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 had an existing debt balance of approximately $98 million, and the Company realized net proceeds from the disposition of approximately $37 million after debt repayment and transaction costs.

The Company also announced on June 1, 2016 that it had entered into a definitive agreement for the sale of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key). The transaction is scheduled to close in the third quarter of 2016, subject to certain closing conditions.

On a trailing 12-month basis, the purchase price of the Palm Desert portfolio, not including projected capex to be invested by the buyer, represents a cap rate of 8.3% on net operating income. The portfolio has an existing debt balance of approximately $24 million that will be assumed by the buyer. After debt assumption and transaction costs, the net proceeds are expected to be approximately $11 million.

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

AHT Reports Second Quarter Results

Page 3

August 4, 2016

PORTFOLIO REVPAR

As of June 30, 2016, the Ashford Trust portfolio consisted of direct hotel investments with 127 properties classified in continuing operations. During the second quarter of 2016, 110 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 127 hotels) and comparable not under renovation basis (110 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 4.9% to $131.33 for all hotels on a 3.5% increase in ADR and a 1.4% increase in occupancy

· Comparable RevPAR increased 5.7% to $132.95 for hotels not under renovation on a 3.3% increase in ADR and a 2.3% increase 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 127 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On June 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 second quarter ending June 30, 2016, payable on July 15, 2016, to shareholders of record as of June 30, 2016.

“We are pleased with the performance of our portfolio in the second quarter, which significantly outperformed the industry average, and we believe this outperformance highlights the quality of our portfolio and our asset management capabilities,” commented Monty J. Bennett, Ashford Trust’s Chairman and Chief Executive Officer. “Additionally, we are executing on our plan to divest of our non-core, select-service assets and during the quarter, we completed the sale of the five-hotel portfolio and have signed a definitive agreement to sell our two Palm Desert assets. We continue to see solid interest in our select-service assets and will pursue transactions that we believe will create shareholder value for the Company.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 5, 2016, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2432. A replay of the conference call will be available through Friday, August 12, 2016, by dialing (719) 457-0820 and entering the confirmation number, 7397431.

AHT Reports Second Quarter Results

Page 4

August 4, 2016

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, August 5, 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)

	June 30,			December 31,
	2016			2015

ASSETS
Investments in hotel properties, net	$	4,236,009		$	4,419,684
Cash and cash equivalents	261,821			215,078
Restricted cash	161,935			153,680
Accounts receivable, net of allowance of $877 and $715, respectively	55,147			40,438
Inventories	4,765			4,810
Note receivable, net of allowance of $6,856 and $7,083, respectively	3,850			3,746
Investment in Ashford Inc.	5,742			6,616
Investment in securities investment fund	53,070			55,952
Deferred costs, net	3,347			3,847
Prepaid expenses	24,103			12,458
Derivative assets, net	15,800			3,435
Other assets	14,043			10,647
Intangible assets, net	11,245			11,343
Due from Ashford Prime, net	15			528
Due from related party, net	2,202			—
Due from third-party hotel managers	18,040			22,869
Assets held for sale	29,831			—

Total assets	$	4,900,965		$	4,965,131

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,758,767		$	3,840,617
Accounts payable and accrued expenses	138,786			123,444
Dividends payable	23,097			22,678
Unfavorable management contract liabilities	2,367			3,355
Due to Ashford Inc., net	7,336			9,856
Due to related party, net	—			1,339
Due to third-party hotel managers	2,989			2,504
Intangible liabilities, net	16,297			16,494
Other liabilities	16,789			14,539
Liabilities related to assets held for sale	24,429			—

Total liabilities	3,990,857			4,034,826

Redeemable noncontrolling interests in operating partnership	109,703			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 June 30, 2016 and December 31, 2015	17			17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2016 and December 31, 2015	95			95
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at June 30, 2016 and December 31, 2015	46			46
Common stock, $0.01 par value, 200,000,000 shares authorized, 96,176,799 and 95,470,903 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	962			955
Additional paid-in capital	1,598,486			1,597,194
Accumulated deficit	(799,939		)	(787,221		)
Total stockholders’ equity of the Company	799,667			811,086
Noncontrolling interest in consolidated entities	738			770

Total equity	800,405			811,856

Total liabilities and equity	$	4,900,965		$	4,965,131

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015

REVENUE
Rooms	$	325,906		$	291,670		$	616,521		$	492,660
Food and beverage	69,206			64,765			132,261			104,318
Other	15,115			12,473			28,824			21,305

Total hotel revenue	410,227			368,908			777,606			618,283
Other	443			430			836			1,290

Total revenue	410,670			369,338			778,442			619,573

EXPENSES
Hotel operating expenses
Rooms	67,193			60,735			130,295			103,888
Food and beverage	45,419			42,041			88,520			68,321
Other expenses	119,612			108,395			232,749			183,177
Management fees	14,880			13,385			28,575			23,042

Total hotel operating expenses	247,104			224,556			480,139			378,428

Property taxes, insurance and other	19,293			17,576			37,905			29,170
Depreciation and amortization	60,079			52,616			122,241			90,480
Impairment charges	(116		)	19,840			(227		)	19,734
Transaction costs	(18		)	4,959			77			5,458
Advisory services fee:
Base advisory fee	8,726			8,505			17,266			16,516
Reimbursable expenses	1,602			1,816			3,065			3,201
Non-cash stock/unit-based compensation	1,748			1,151			2,648			1,322

Corporate, general and administrative:
Non-cash stock/unit-based compensation	537			538			537			538
Other general and administrative	2,248			2,582			3,921			7,422

Total operating expenses	341,203			334,139			667,572			552,269

OPERATING INCOME	69,467			35,199			110,870			67,304

Equity in earnings (loss) of unconsolidated entities	(287		)	1,907			(3,872		)	(4,715		)
Interest income	74			30			137			46
Gain on acquisition of Highland JV and sale of hotel properties	23,094			—			22,980			380,705
Other income (expense)	(3,085		)	(2,283		)	(3,337		)	2,047
Interest expense, net of premiums	(50,289		)	(42,886		)	(100,054		)	(74,515		)
Amortization of loan costs	(6,173		)	(4,609		)	(12,351		)	(7,615		)
Write-off of loan costs and exit fees	(3,941		)	—			(3,941		)	(4,767		)
Unrealized gain on marketable securities	—			1,929			—			127
Unrealized gain (loss) on derivatives	6,878			(1,955		)	13,796			(3,653		)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	35,738			(12,668		)	24,228			354,964
Income tax expense	(603		)	(2,089		)	(1,232		)	(2,914		)
NET INCOME (LOSS)	35,135			(14,757		)	22,996			352,050
(Income) loss from consolidated entities attributable to noncontrolling interest	(6		)	(14		)	32			11
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(4,376		)	2,527			(2,264		)	(42,809		)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	30,753			(12,244		)	20,764			309,252
Preferred dividends	(8,491		)	(8,491		)	(16,981		)	(16,981		)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	22,262		$	(20,735	)	$	3,783		$	292,271

INCOME (LOSS) PER SHARE — BASIC AND DILUTED
Basic:
Income (loss) from continuing operations attributable to common stockholders	$	0.23		$	(0.21	)	$	0.04		$	2.96
Weighted average common shares outstanding — basic	94,474			99,755			94,309			97,661

Diluted:
Income (loss) from continuing operations attributable to common stockholders	$	0.23		$	(0.21	)	$	0.04		$	2.86
Weighted average common shares outstanding — diluted	94,474			99,755			94,309			116,118

Dividends declared per common share:	$	0.12		$	0.12		$	0.24		$	0.24

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015

Net income (loss)	$	35,135		$	(14,757	)	$	22,996		$	352,050
(Income) loss from consolidated entities attributable to noncontrolling interest	(6		)	(14		)	32			11
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(4,376		)	2,527			(2,264		)	(42,809		)
Net income (loss) attributable to the Company	30,753			(12,244		)	20,764			309,252

Interest income	(74		)	(30		)	(137		)	(46		)
Interest expense and amortization of premiums and loan costs, net	56,434			47,465			112,347			82,071
Depreciation and amortization	60,018			52,566			122,119			90,386
Income tax expense	603			2,089			1,232			2,914
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	4,376			(2,527		)	2,264			42,809
Equity in (earnings) loss of unconsolidated entities	355			(2,855		)	874			3,767
Company’s portion of EBITDA of Ashford Inc.	(487		)	1,586			(372		)	(692		)
Company’s portion of EBITDA of Ashford Prime	—			4,221			—			7,131
Company’s portion of EBITDA of Highland JV	—			—			—			11,982

EBITDA available to the Company and OP unitholders	151,978			90,271			259,091			549,574

Amortization of unfavorable management contract liabilities	(494		)	(494		)	(988		)	(988		)
Impairment charges	(116		)	19,840			(227		)	19,734
Gain on acquisition of Highland JV and sale of hotel properties	(23,094		)	—			(22,980		)	(380,705		)
Write-off of loan costs and exit fees	3,941			—			3,941			4,767
Other (income) expense	3,085			2,283			3,337			(2,047		)
Transaction, acquisition and management conversion costs	427			5,665			645			9,589
Legal judgment and related legal costs	24			24			48			48
Unrealized (gain) loss on marketable securities	—			(1,929		)	—			(127		)
Unrealized (gain) loss on derivatives	(6,878		)	1,955			(13,796		)	3,653
Dead deal costs	304			192			301			247
Non-cash stock/unit-based compensation	2,342			1,689			3,326			1,860
Company’s portion of unrealized (gain) loss of unconsolidated entities and investment in securities investment fund	(68		)	948			2,998			948
Company’s portion of adjustments to EBITDA of Ashford Inc.	1,388			(668		)	2,136			2,655
Company’s portion of adjustments to EBITDA of Ashford Prime	—			238			—			156

Adjusted EBITDA available to the Company and OP unitholders	$	132,839		$	120,014		$	237,832		$	209,364

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015

Net income (loss)	$	35,135		$	(14,757	)	$	22,996		$	352,050
(Income) loss from consolidated entities attributable to noncontrolling interest	(6		)	(14		)	32			11
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(4,376		)	2,527			(2,264		)	(42,809		)
Preferred dividends	(8,491		)	(8,491		)	(16,981		)	(16,981		)

Net income (loss) attributable to common stockholders	22,262			(20,735		)	3,783			292,271

Depreciation and amortization on real estate	60,018			52,566			122,119			90,386
Gain on acquisition of Highland JV and sale of hotel properties	(23,094		)	—			(22,980		)	(380,705		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	4,376			(2,527		)	2,264			42,809
Equity in (earnings) loss of unconsolidated entities	355			(2,855		)	874			3,767
Impairment charges on real estate	—			19,949			—			19,949
Company’s portion of FFO of Ashford Inc.	(357		)	1,679			(512		)	(1,067		)
Company’s portion of FFO of Ashford Prime	—			2,856			—			4,308
Company’s portion of FFO of Highland JV	—			—			—			3,791

FFO available to common stockholders and OP unitholders	63,560			50,933			105,548			75,509

Write-off of loan costs and exit fees	3,941			—			3,941			4,767
Other impairment charges	(116		)	(109		)	(227		)	(215		)
Other (income) expense	3,085			2,283			3,337			(2,047		)
Transaction, acquisition and management conversion costs	427			5,665			645			9,589
Legal judgment and related legal costs	24			24			48			48
Unrealized (gain) loss on marketable securities	—			(1,929		)	—			(127		)
Unrealized (gain) loss on derivatives	(6,878		)	1,955			(13,796		)	3,653
Dead deal costs	304			192			301			247
Non-cash stock/unit-based compensation	2,342			1,689			3,326			1,860
Company’s portion of unrealized (gain) loss of unconsolidated entities and investment in securities investment fund	(68		)	948			2,998			948
Company’s portion of adjustments to FFO of Ashford Inc.	1,388			(1,759		)	2,136			(16		)
Company’s portion of adjustments to FFO of Ashford Prime	—			168			—			20

Adjusted FFO available to common stockholders and OP unitholders	$	68,009		$	60,060		$	108,257		$	94,236

Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.60		$	0.51		$	0.95		$	0.81

Weighted average diluted shares	113,744			118,644			113,529			116,508

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 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		$	36,911	12.3	%
Morgan Stanley Pool B - 5 hotels	August 2016	LIBOR + 4.38%	—			62,900		(2)	62,900			7,462		11.9	%
JPM Chase Marriott Fremont - 1 hotel	August 2016	LIBOR + 4.20%	—			37,500		(2)	37,500			8,145		21.7	%
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			43,343		11.5	%
Morgan Stanley MIP - 5 hotels	February 2017	LIBOR + 4.75%	—			200,000		(1) (7)	200,000			23,983		12.0	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2017	LIBOR + 4.95%	—			33,300		(2)	33,300			3,985		12.0	%
Column Financial - 24 hotels	April 2017	LIBOR + 4.39%	—			1,070,560		(3)	1,070,560			116,093		10.8	%
Wachovia 1 - 5 hotels	April 2017	5.95%	109,492			—			109,492			17,630		16.1	%
Wachovia 2 - 7 hotels	April 2017	5.95%	119,784			—			119,784			17,838		14.9	%
Wachovia 6 - 5 hotels	April 2017	5.95%	149,752			—			149,752			19,348		12.9	%
JPM Lakeway - 1 hotel	May 2017	LIBOR + 5.10%	—			25,100		(2)	25,100			1,749		7.0	%
BAML Le Pavillon - 1 hotel	June 2017	LIBOR + 5.10%	—			43,750		(2)	43,750			3,305		7.6	%
US Bank Indigo Atlanta - 1 hotel	June 2017	5.98%	15,868			—			15,868			2,232		14.1	%
Morgan Stanley - 8 hotels	July 2017	LIBOR + 4.09%	—			144,000		(2)	144,000			12,877		8.9	%
Morgan Stanley Ann Arbor - 1 hotel	July 2017	LIBOR + 4.15%	—			35,200		(2)	35,200			3,988		11.3	%
BAML W Atlanta - 1 hotel	July 2017	LIBOR + 5.10%	—			40,500		(2)	40,500			4,434		10.9	%
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	—			412,500		(3)	412,500			48,566		11.8	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	97,103			—			97,103			14,585		15.0	%
Morgan Stanley Princeton/Nashville - 2 hotels	January 2018	4.44%	106,222			—			106,222			28,246		26.6	%
NorthStar Gainesville - 1 hotel	July 2018	LIBOR + 4.50%	—			21,200		(4)	21,200			2,497		11.8	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000		(4)	12,000			1,776		14.8	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,492			—			5,492			1,060		19.3	%
GACC Gateway - 1 hotel	November 2020	6.26%	97,659			—			97,659			16,560		17.0	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	55,110			—			55,110			6,211		11.3	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,454			—			10,454			1,601		15.3	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,163			—			7,163			1,270		17.7	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,694			—			6,694			943		14.1	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	67,520			—			67,520			8,645		12.8	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,500			—			12,500			2,293		18.3	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,980			—			24,980			3,582		14.3	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	53,741			—			53,741			8,527		15.9	%
BAML Pool 4 - 2 hotels	February 2025	4.45%	23,982			—			23,982			3,402		14.2	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,777			—			20,777			3,108		15.0	%
Unencumbered hotels			—			—			—			2,182		N/A
			$	984,293		$	2,816,310		$	3,800,603		$	478,377	12.6	%

Percentage			25.9		%	74.1		%	100.0		%

Weighted average interest rate			5.37		%	5.13		%	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

June 30, 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 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	$	—	$	387,198	$	197,332	$	606,568	$	821,736	$	1,723,498	$	3,736,332

Scheduled amortization payments remaining	7,150		15,787		6,644		6,970		6,914		20,806		64,271

Total indebtedness	$	7,150	$	402,985	$	203,976	$	613,538	$	828,650	$	1,744,304	$	3,800,603

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


	Three Months Ended
	June 30,
	Actual		Non- comparable adjustments		Comparable		Actual		Non-comparable adjustments		Comparable		Actual	Comparable
	2016		2016		2016		2015		2015		2015		% Variance	% Variance
ALL HOTELS:
Rooms revenue (in thousands)	$	324,590	$	(6,928)	$	317,662	$	290,324	$	12,406	$	302,730	11.80%	4.93%
RevPAR	$	129.63	$	(81.34)	$	131.33	$	123.05	$	209.35	$	125.17	5.34%	4.92%
Occupancy		81.78%		(77.40%)		81.93%		80.84%		78.67%		80.79%	1.16%	1.42%
ADR	$	158.51	$	(105.09)	$	160.29	$	152.22	$	266.11	$	154.93	4.13%	3.46%

	Six Months Ended
	June 30,
	Actual		Non- comparable adjustments		Comparable		Actual		Non- comparable adjustments		Comparable		Actual	Comparable
	2016		2016		2016		2015		2015		2015		% Variance	% Variance
ALL HOTELS:
Rooms revenue (in thousands)	$	613,683	$	(19,508)	$	594,175	$	489,887	$	78,980	$	568,867	25.27%	4.45%
RevPAR	$	121.52	$	(91.93)	$	122.82	$	118.53	$	117.06	$	118.32	2.52%	3.80%
Occupancy		78.05%		(81.56%)		77.89%		79.14%		68.31%		77.62%	(1.39%)	0.35%
ADR	$	155.70	$	(112.72)	$	157.68	$	149.77	$	171.37	$	152.43	3.97%	3.44%

NOTES:

(1) The above comparable information assumes the 127 hotel properties owned and included in the Company’s operations at June 30, 2016, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotels acquired during the period offset by results from hotels sold during the period.

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

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

	Three Months Ended
	June 30,
	Actual		Non- comparable adjustments		Comparable		Actual		Non-comparable adjustments		Comparable		Actual	Comparable
	2016		2016		2016		2015		2015		2015		% Variance	% Variance
ALL HOTELS:
NOT UNDER RENOVATION:
Rooms revenue (in thousands)	$	293,391	$	(6,928)	$	286,463	$	260,302	$	10,716	$	271,018	12.71%	5.70%
RevPAR	$	130.99	$	(81.34)	$	132.95	$	123.27	$	248.71	$	125.78	6.26%	5.70%
Occupancy		82.03%		(77.40%)		82.22%		80.39%		78.07%		80.35%	2.04%	2.33%
ADR	$	159.68	$	(105.09)	$	161.71	$	153.34	$	318.55	$	156.55	4.13%	3.29%

	Six Months Ended
	June 30,
	Actual		Non- comparable adjustments		Comparable		Actual		Non-comparable adjustments		Comparable		Actual	Comparable
	2016		2016		2016		2015		2015		2015		% Variance	% Variance
ALL HOTELS:
NOT UNDER RENOVATION:
Rooms revenue (in thousands)	$	550,734	$	(19,508)	$	531,226	$	432,996	$	73,234	$	506,230	27.19%	4.94%
RevPAR	$	121.80	$	(91.93)	$	123.27	$	118.32	$	117.47	$	118.20	2.94%	4.29%
Occupancy		78.06%		(81.56%)		77.89%		78.77%		67.79%		77.18%	(0.90%)	0.92%
ADR	$	156.04	$	(112.72)	$	158.27	$	150.21	$	173.29	$	153.16	3.88%	3.34%

NOTES:

(1) The above comparable information assumes the 110 hotel properties owned and included in the Company’s operations at June 30, 2016, and not under renovation during the three months ended June 30, 2016, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotels acquired during the period offset by results from hotels sold during the period.

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

(3) The above 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, The Ashton, Towneplace Suites Manhattan Beach, Embassy Suites Dallas, Embassy Suites Las Vegas, Marriott Dallas Market Center, Courtyard Bloomington, Embassy Suites Orlando, Hampton Inn Lawrenceville, Hyatt Regency Coral Gables, Embassy Suites Philadelphia

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2016			2015			% Variance		2016			2015			% Variance
ALL HOTELS:
Total hotel revenue	$	408,510		$	367,186		11.25	%	$	774,027		$	614,773		25.90	%
Non-comparable adjustments		(7,706	)		17,610		(143.76	)%		(21,645	)		112,934		(119.17	)%
Comparable total hotel revenue	$	400,804		$	384,796		4.16	%	$	752,382		$	727,707		3.39	%

Hotel EBITDA	$	145,815		$	128,075		13.85	%	$	263,425		$	212,657		23.87	%
Non-comparable adjustments		(1,882	)		6,045		(131.13	)%		(7,036	)		29,636		(123.74	)%
Comparable Hotel EBITDA	$	143,933		$	134,120		7.32	%	$	256,389		$	242,293		5.82	%
Hotel EBITDA Margin	35.69		%	34.88		%	0.81	%	34.03		%	34.59		%	(0.56	)%
Comparable Hotel EBITDA Margin	35.91		%	34.85		%	1.06	%	34.08		%	33.30		%	0.78	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	100		$	89		12.36	%	$	156		$	144		8.33	%
Hotel EBITDA attributable to the Company and OP unitholders	$	145,715		$	127,986		13.85	%	$	263,269		$	212,513		23.88	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	143,833		$	134,031		7.31	%	$	256,233		$	242,149		5.82	%

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.

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2016			2015			% Variance		2016			2015			% Variance
ALL HOTELS
NOT UNDER RENOVATION:
Total hotel revenue	$	371,839		$	331,869		12.04	%	$	699,649		$	547,449		27.80	%
Non-comparable adjustments		(7,706	)		15,663		(149.20	)%		(21,645	)		105,896		(120.44	)%
Comparable total hotel revenue	$	364,133		$	347,532		4.78	%	$	678,004		$	653,345		3.77	%

Hotel EBITDA	$	132,924		$	116,089		14.50	%	$	237,418		$	189,387		25.36	%
Non-comparable adjustments		(1,882	)		5,262		(135.77	)%		(7,036	)		27,002		(126.06	)%
Comparable Hotel EBITDA	$	131,042		$	121,351		7.99	%	$	230,382		$	216,389		6.47	%
Hotel EBITDA Margin	35.75		%	34.98		%	0.77	%	33.93		%	34.59		%	(0.66	)%
Comparable Hotel EBITDA Margin	35.99		%	34.92		%	1.07	%	33.98		%	33.12		%	0.86	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	100		$	89		12.36	%	$	156		$	144		8.33	%
Hotel EBITDA attributable to the Company and OP unitholders	$	132,824		$	116,000		14.50	%	$	237,262		$	189,243		25.37	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	130,942		$	121,262		7.98	%	$	230,226		$	216,245		6.47	%

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:

(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 127 HOTEL PROPERTIES INCLUDED IN THE COMPANY’S OPERATIONS AT JUNE 30, 2016:

	Actual		Non- comparable adjustments		Comparable		Actual		Non- comparable adjustments		Comparable		Actual		Non- comparable adjustments		Comparable		Actual		Non- comparable adjustments		Comparable
	2016		2016		2016		2016		2016		2016		2015		2015		2015		2015		2015		2015
	2nd Quarter		2nd Quarter		2nd Quarter		1st Quarter		1st Quarter		1st Quarter		4th Quarter		4th Quarter		4th Quarter		3rd Quarter		3rd Quarter		3rd Quarter

Total Hotel Revenue	$	408,510	$	(7,706)	$	400,804	$	365,517	$	(13,939)	$	351,578	$	351,103	$	(8,962)	$	342,141	$	362,511	$	(2,264)	$	360,247
Hotel EBITDA	$	145,815	$	(1,882)	$	143,933	$	117,610	$	(5,154)	$	112,456	$	107,404	$	(2,669)	$	104,735	$	116,420	$	833	$	117,253
Hotel EBITDA Margin	35.69%		24.42%		35.91%		32.18%		36.98%		31.99%		30.59%		29.78%		30.61%		32.11%		(36.79%)		32.55%

EBITDA % of Total TTM	29.9%		21.2%		30.1%		24.1%		58.1%		23.5%		22.0%		30.1%		21.9%		23.9%		(9.4%)		24.5%

JV Interests in EBITDA	$	100	$	—	$	100	$	56	$	—	$	56	$	73	$	—	$	73	$	102	$	—	$	102

	Actual		Non- comparable adjustments		Comparable
	2016		2016		2016
	TTM		TTM		TTM

Total Hotel Revenue	$	1,487,641	$	(32,871)	$	1,454,770
Hotel EBITDA	$	487,249	$	(8,872)	$	478,377
Hotel EBITDA Margin	32.75%		26.99%		32.88%

EBITDA % of Total TTM	100.0%		100.0%		100.0%

JV Interests in EBITDA	$	331	$	—	$	331

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 June 30,
	Number of	Number of	Actual		Non-comparable adjustments			Comparable		Actual		Non-comparable adjustments			Comparable		Actual		Comparable
Region	Hotels	Rooms	2016		2016			2016		2015		2015			2015		% Variance		% Variance

Atlanta, GA Area	10	1,920	$	121.00	$	(99.62	)	$	122.12	$	108.28	$	147.54		$	112.92	11.75	%	8.15	%
Boston, MA Area	3	915	198.10		—			198.10		215.75		104.49			194.15		(8.18	)%	2.03	%
Dallas / Ft. Worth, TX Area	7	1,518	117.76		—			117.76		111.20		—			111.20		5.90	%	5.90	%
Houston, TX Area	3	692	114.49		—			114.49		123.51		—			123.51		(7.30	)%	(7.30	)%
Los Angeles, CA Metro Area	8	1,900	124.80		—			124.80		110.11		—			110.11		13.34	%	13.34	%
Miami, FL Metro Area	3	587	121.80		—			121.80		118.70		—			118.70		2.61	%	2.61	%
Minneapolis - St. Paul, MN-WI Area	4	809	137.86		—			137.86		105.79		188.13			135.20		30.31	%	1.96	%
Nashville, TN Area	1	673	234.73		—			234.73		191.35		—			191.35		22.67	%	22.67	%
New York / New Jersey Metro Area	6	1,741	124.23		(100.55		)	125.56		117.58		(100.12		)	119.04		5.66	%	5.48	%
Orlando, FL Area	3	734	88.35		(76.30		)	100.44		90.29		(79.26		)	106.83		(2.15	)%	(5.98	)%
Philadelphia, PA Area	3	648	114.98		—			114.98		109.09		—			109.09		5.40	%	5.40	%
San Diego, CA Area	2	410	123.06		—			123.06		118.54		—			118.54		3.81	%	3.81	%
San Francisco - Oakland, CA Metro Area	6	1,368	161.81		—			161.81		151.24		—			151.24		6.99	%	6.99	%
Tampa, FL Area	3	680	116.92		—			116.92		104.65		—			104.65		11.72	%	11.72	%
Washington DC - MD - VA Area	10	2,466	163.74		—			163.74		161.12		—			161.12		1.63	%	1.63	%
Other Areas	55	9,519	117.34		—			117.34		114.14		109.43			113.55		2.80	%	3.34	%
Total Portfolio	127	26,580	$	129.63	$	(81.34	)	$	131.33	$	123.05	$	209.35		$	125.17	5.34	%	4.92	%

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.

(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 June 30,
	Number of	Number of	Actual		Non-comparable adjustments			Comparable				Actual		Non-comparable adjustments			Comparable				Actual		Comparable
Region	Hotels	Rooms	2016		2016			2016		% of Total		2015		2015			2015		% of Total		% Variance		% Variance
Atlanta, GA Area	10	1,920	$	8,543	$	(141	)	$	8,402	5.8	%	$	5,913	$	719		$	6,632	4.9	%	44.48	%	26.69	%
Boston, MA Area	3	915	8,769		—			8,769		6.1	%	7,432		782			8,214		6.1	%	17.99	%	6.76	%
Dallas / Ft. Worth, TX Area	7	1,518	6,986		—			6,986		4.9	%	6,375		—			6,375		4.8	%	9.58	%	9.58	%
Houston, TX Area	3	692	3,257		—			3,257		2.3	%	3,870		—			3,870		2.9	%	(15.84	)%	(15.84	)%
Los Angeles, CA Metro Area	8	1,900	8,957		—			8,957		6.2	%	8,462		—			8,462		6.3	%	5.85	%	5.85	%
Miami, FL Metro Area	3	587	2,970		—			2,970		2.1	%	2,682		—			2,682		2.0	%	10.74	%	10.74	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,798		—			4,798		3.3	%	2,411		2,342			4,753		3.5	%	99.00	%	0.95	%
Nashville, TN Area	1	673	8,100		—			8,100		5.6	%	5,837		—			5,837		4.4	%	38.77	%	38.77	%
New York / New Jersey Metro Area	6	1,741	10,357		(441		)	9,916		6.9	%	10,371		(581		)	9,790		7.3	%	(0.13	)%	1.29	%
Orlando, FL Area	3	734	3,591		(1,300		)	2,291		1.6	%	5,098		(2,470		)	2,628		2.0	%	(29.56	)%	(12.82	)%
Philadelphia, PA Area	3	648	2,780		—			2,780		1.9	%	2,564		—			2,564		1.9	%	8.42	%	8.42	%
San Diego, CA Area	2	410	2,051		—			2,051		1.4	%	1,803		—			1,803		1.3	%	13.75	%	13.75	%
San Francisco - Oakland, CA Metro Area	6	1,368	9,241		—			9,241		6.4	%	8,140		—			8,140		6.1	%	13.53	%	13.53	%
Tampa, FL Area	3	680	2,925		—			2,925		2.0	%	2,719		—			2,719		2.0	%	7.58	%	7.58	%
Washington DC - MD - VA Area	10	2,466	17,817		—			17,817		12.4	%	17,122		—			17,122		12.8	%	4.06	%	4.06	%
Other Areas	55	9,519	44,673		—			44,673		31.0	%	37,276		5,253			42,529		31.6	%	19.84	%	5.04	%
Total Portfolio	127	26,580	$	145,815	$	(1,882	)	$	143,933	100.0	%	$	128,075	$	6,045		$	134,120	100.0	%	13.85	%	7.32	%

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)

			Six Months Ended June 30,
	Number of	Number of	Actual		Non-comparable adjustments			Comparable		Actual		Non-comparable adjustments			Comparable		Actual		Comparable
Region	Hotels	Rooms	2016		2016			2016		2015		2015			2015		% Variance		% Variance
Atlanta, GA Area	10	1,920	$	118.72	$	(98.79	)	$	120.02	$	104.21	$	138.46		$	114.18	13.92	%	5.11	%
Boston, MA Area	3	915	153.94		—			153.94		209.26		101.12			156.90		(26.44	)%	(1.89	)%
Dallas / Ft. Worth, TX Area	7	1,518	116.87		—			116.87		112.73		115.68			113.07		3.67	%	3.36	%
Houston, TX Area	3	692	110.98		—			110.98		118.33		115.98			117.97		(6.21	)%	(5.92	)%
Los Angeles, CA Metro Area	8	1,900	131.19		—			131.19		113.15		119.82			113.66		15.94	%	15.42	%
Miami, FL Metro Area	3	587	153.40		—			153.40		149.82		—			149.82		2.39	%	2.39	%
Minneapolis - St. Paul, MN-WI Area	4	809	121.62		—			121.62		95.58		159.97			118.58		27.25	%	2.56	%
Nashville, TN Area	1	673	203.86		—			203.86		193.12		149.75			177.78		5.56	%	14.67	%
New York / New Jersey Metro Area	6	1,741	108.47		(85.34		)	110.09		112.70		75.73			107.10		(3.75	)%	2.79	%
Orlando, FL Area	3	734	101.70		(91.88		)	113.99		99.94		(89.53		)	115.56		1.75	%	(1.36	)%
Philadelphia, PA Area	3	648	99.13		—			99.13		90.98		—			90.98		8.95	%	8.95	%
San Diego, CA Area	2	410	116.98		—			116.98		111.66		—			111.66		4.77	%	4.77	%
San Francisco - Oakland, CA Metro Area	6	1,368	154.09		—			154.09		144.90		—			144.90		6.34	%	6.34	%
Tampa, FL Area	3	680	128.50		—			128.50		115.47		122.12			116.67		11.28	%	10.14	%
Washington DC - MD - VA Area	10	2,466	137.38		—			137.38		141.18		91.86			136.78		(2.70	)%	0.44	%
Other Areas	55	9,519	109.22		—			109.22		109.70		89.40			107.00		(0.43	)%	2.08	%
Total Portfolio	127	26,580	$	121.52	$	(91.93	)	$	122.82	$	118.53	$	117.06		$	118.32	2.52	%	3.80	%

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)

			Six Months Ended June 30,
	Number of	Number of	Actual		Non-comparable adjustments			Comparable				Actual		Non-comparable adjustments			Comparable				Actual		Comparable
Region	Hotels	Rooms	2016		2016			2016		% of Total		2015		2015			2015		% of Total		% Variance		% Variance

Atlanta, GA Area	10	1,920	$	16,679	$	(654	)	$	16,025	6.3	%	$	9,699	$	4,627		$	14,326	5.9	%	72.0	%	11.9	%
Boston, MA Area	3	915	11,160		—			11,160		4.4	%	8,742		2,445			11,187		4.6	%	27.7	%	(0.2	)%
Dallas / Ft. Worth, TX Area	7	1,518	14,454		—			14,454		5.6	%	11,979		1,947			13,926		5.7	%	20.7	%	3.8	%
Houston, TX Area	3	692	6,530		—			6,530		2.5	%	6,090		1,402			7,492		3.1	%	7.2	%	(12.8	)%
Los Angeles, CA Metro Area	8	1,900	20,405		—			20,405		8.0	%	16,169		1,427			17,596		7.3	%	26.2	%	16.0	%
Miami, FL Metro Area	3	587	8,230		—			8,230		3.2	%	7,738		—			7,738		3.2	%	6.4	%	6.4	%
Minneapolis - St. Paul, MN-WI Area	4	809	7,166		—			7,166		2.8	%	3,887		3,076			6,963		2.9	%	84.4	%	2.9	%
Nashville, TN Area	1	673	13,585		—			13,585		5.3	%	7,817		2,975			10,792		4.5	%	73.8	%	25.9	%
New York / New Jersey Metro Area	6	1,741	15,937		(759		)	15,178		5.9	%	14,260		697			14,957		6.2	%	11.8	%	1.5	%
Orlando, FL Area	3	734	11,442		(5,623		)	5,819		2.3	%	12,623		(6,555		)	6,068		2.5	%	(9.4	)%	(4.1	)%
Philadelphia, PA Area	3	648	3,897		—			3,897		1.5	%	3,333		—			3,333		1.4	%	16.9	%	16.9	%
San Diego, CA Area	2	410	3,710		—			3,710		1.4	%	3,258		—			3,258		1.3	%	13.9	%	13.9	%
San Francisco - Oakland, CA Metro Area	6	1,368	17,301		—			17,301		6.7	%	15,792		—			15,792		6.5	%	9.6	%	9.6	%
Tampa, FL Area	3	680	7,480		—			7,480		2.9	%	5,355		1,262			6,617		2.7	%	39.7	%	13.0	%
Washington DC - MD - VA Area	10	2,466	26,807		—			26,807		10.5	%	25,314		1,123			26,437		10.9	%	5.9	%	1.4	%
Other Areas	55	9,519	78,642		—			78,642		30.7	%	60,601		15,210			75,811		31.3	%	29.8	%	3.7	%
Total Portfolio	127	26,580	$	263,425	$	(7,036	)	$	256,389	100.0	%	$	212,657	$	29,636		$	242,293	100.0	%	23.9	%	5.8	%

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

June 30, 2016

(in thousands except share price)

(unaudited)

	June 30,
	2016
End of quarter common shares outstanding	96,177
Partnership units outstanding (common share equivalents)*	20,412
Combined common shares and partnership units outstanding	116,589
Common stock price at quarter end	$	5.37
Market capitalization at quarter end	$	626,082
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series E preferred stock	$	115,750
Debt on balance sheet date	$	3,800,603
Joint venture partner’s share of consolidated debt	$	(2,079	)
Net working capital (see below)	$	(435,179	)
Total enterprise value (TEV)	$	4,383,325

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	50.00
Market value of Ashford Inc. investment	$	29,908

Cash and cash equivalents	$	261,916
Restricted cash	163,055
Accounts receivable, net	55,281
Prepaid expenses	24,259
Investment in securities investment fund	53,070
Due from affiliates, net	(4,947		)
Due from third-party hotel managers, net	15,060
Market value of Ashford Inc. investment	29,908
Total current assets	$	597,602

Accounts payable, net & accrued expenses	$	139,326
Dividends payable	23,097
Total current liabilities	$	162,423

Net working capital**	$	435,179

* Total units outstanding = 21.70 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
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	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
The Ashton	39	x	x
Towneplace Suites Manhattan Beach	144	x	x
Embassy Suites Houston	150	x		x	x
The Churchill	173	x		x	x
Courtyard Oakland Airport	156	x
Hilton Santa Fe	158	x
Renaissance Nashville	673	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
Hilton Garden Inn Virginia Beach	176			x	x
Hyatt Regency Savannah	351			x	x
Le Pavillon 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
Hampton Inn Parsippany	152				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			2016			2015			2015			June 30, 2016
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			TTM

Net income	$	106,459		$	53,018		$	43,305		$	55,120		$	257,902
Income from consolidated entities attributable to noncontrolling interests	(35		)	9			(8		)	(33		)	(67		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—
Net income attributable to the Company	106,424			53,027			43,297			55,087			257,835
Non-property adjustments	(23,094		)	114			(8		)	—			(22,988		)
Interest Income	(12		)	(10		)	(9		)	(10		)	(41		)
Interest expense	469			467			456			455			1,847
Amortization of loan cost	119			118			116			114			467
Depreciation and amortization	59,921			61,979			60,996			58,553			241,449
Income tax expense	19			26			118			60			223
Non-Hotel EBITDA ownership expense	1,934			1,898			2,430			2,128			8,390
(Income) loss from consolidated entities attributable to noncontrolling interests	35			(9		)	8			33			67
Hotel EBITDA including amounts attributable to noncontrolling interest	145,815			117,610			107,404			116,420			487,249

Non-comparable adjustments	(1,882		)	(5,154		)	(2,669		)	833			(8,872		)
Comparable Hotel EBITDA	$	143,933		$	112,456		$	104,735		$	117,253		$	478,377

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, 2016
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	99,775		$	6,684		$	106,459		$	383	$	(71,707	)	$	35,135
Income from consolidated entities attributable to noncontrolling interests	(35		)	—			(35		)	—		29			(6		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(4,376		)	(4,376		)
Net income (loss) attributable to the Company	99,740			6,684			106,424			383		(76,054		)	30,753
Non-property adjustments	(23,094		)	—			(23,094		)	—		23,094			—
Interest Income	(11		)	(1		)	(12		)	—		(62		)	(74		)
Interest expense	469			—			469			—		49,820			50,289
Amortization of loan cost	119			—			119			—		6,054			6,173
Depreciation and amortization	53,815			6,106			59,921			109		49			60,079
Income tax expense (benefit)	19			—			19			—		584			603
Non-Hotel EBITDA ownership expense	1,832			102			1,934			2		(1,936		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	35			—			35			—		(35		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	132,924			12,891			145,815			494		1,514			147,823
Less: EBITDA adjustments attributable to non-controlling interest	(61		)	—			(61		)	—		(28		)	(89		)
Income from consolidated entities attributable to noncontrolling interests	(39		)	—			(39		)	—		39			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		4,376			4,376
Equity in loss of unconsolidated entities	—			—			—			—		355			355
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		(487		)	(487		)
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	$	132,824		$	12,891		$	145,715		$	494	$	5,769		$	151,978

Non-comparable adjustments	(1,882		)	—			(1,882		)
Comparable Hotel EBITDA	$	131,042		$	12,891		$	143,933

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)	$	45,799		$	7,219	$	53,018		$	447		$	3,204	$	(68,808	)	$	(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	45,808			7,219		53,027			447			3,204		(66,667		)	(9,989		)
Non-property adjustments	114			—		114			—			—		(114		)	—
Interest Income	(10		)	—		(10		)	—			—		(53		)	(63		)
Interest expense	467			—		467			—			—		49,268			49,735
Amortization of loan cost	118			—		118			—			—		6,060			6,178
Depreciation and amortization	56,376			5,603		61,979			135			1,875		(1,888		)	62,101
Income tax expense (benefit)	26			—		26			—			—		603			629
Non-Hotel EBITDA ownership expense	1,602			296		1,898			—			76		(1,974		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	(9		)	—		(9		)	(1		)	—		10			—
Hotel EBITDA including amounts attributable to noncontrolling interest	104,492			13,118		117,610			581			5,155		(14,755		)	108,591
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—		(65		)	—			—		65			—
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	$	104,436		$	13,118	$	117,554		$	581		$	5,155	$	(16,177	)	$	107,113

Non-comparable adjustments	(5,154		)	—		(5,154		)
Comparable Hotel EBITDA	$	99,338		$	13,118	$	112,456

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)	$	38,248		$	5,057		$	43,305		$	108	$	(69,540	)	$	(26,127	)
Income from consolidated entities attributable to noncontrolling interests	(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	38,240			5,057			43,297			108		(65,397		)	(21,992		)
Non-property adjustments	(8		)	—			(8		)	—		8			—
Interest Income	(7		)	(2		)	(9		)	—		(14		)	(23		)
Interest expense	456			—			456			—		47,296			47,752
Amortization of loan cost	116			—			116			—		5,657			5,773
Depreciation and amortization	56,031			4,965			60,996			145		48			61,189
Income tax expense (benefit)	109			9			118			—		(43		)	75
Non-Hotel EBITDA ownership expense	2,058			372			2,430			—		(2,430		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	8			—			8			—		(8		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,003			10,401			107,404			253		(14,883		)	92,774
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—			(65		)	—		(24		)	(89		)
Income from consolidated entities attributable to noncontrolling interests	(8		)	—			(8		)	—		8			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		(4,113		)	(4,113		)
Equity in loss 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	$	96,930		$	10,401		$	107,331		$	253	$	(18,925	)	$	88,659

Non-comparable adjustments	(2,669		)	—			(2,669		)
Comparable Hotel EBITDA	$	94,334		$	10,401		$	104,735

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		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	49,251		$	5,869		$	55,120		$	220	$	(74,851	)	$	(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	49,218			5,869			55,087			220		(71,628		)	(16,321		)
Non-property adjustments	—			—			—			—		—			—
Interest Income	(8		)	(2		)	(10		)	—		(11		)	(21		)
Interest expense	455			—			455			—		46,112			46,567
Amortization of loan cost	114			—			114			—		5,178			5,292
Depreciation and amortization	53,979			4,574			58,553			139		49			58,741
Income tax expense (benefit)	60			—			60			—		1,661			1,721
Non-Hotel EBITDA ownership expense	1,951			177			2,128			6		(2,134		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	33			—			33			—		(33		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	105,802			10,618			116,420			365		(20,806		)	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	$	105,700		$	10,618		$	116,318		$	365	$	(22,365	)	$	94,318

Non-comparable adjustments	3,029			—			833
Comparable Hotel EBITDA	$	108,831		$	10,618		$	117,253

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		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	48,975		$	4,956		$	53,931		$	399	$	(69,087	)	$	(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	48,930			4,956			53,886			399		(66,529		)	(12,244		)
Non-property adjustments	17,132			2,817			19,949			—		(19,949		)	—
Interest Income	(6		)	(1		)	(7		)	—		(23		)	(30		)
Interest expense	468			—			468			—		42,418			42,886
Amortization of loan cost	112			—			112			—		4,497			4,609
Depreciation and amortization	48,301			4,126			52,427			140		49			52,616
Income tax expense (benefit)	—			—			—			—		2,089			2,089
Non-Hotel EBITDA ownership expense	1,107			88			1,195			—		(1,195		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	45			—			45			—		(45		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	116,089			11,986			128,075			539		(38,688		)	89,926
Less: EBITDA adjustments attributable to non-controlling interest	(44		)	—			(44		)	—		(36		)	(80		)
(Income) loss 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
Hotel EBITDA attributable to the Company and OP unitholders	$	116,000		$	11,986		$	127,986		$	539	$	(38,254	)	$	90,271

Non-comparable adjustments	5,262			783			6,045
Comparable Hotel EBITDA	$	121,351		$	12,769		$	134,120

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)

	Six months Ended June 30, 2016
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	145,574		$	13,903		$	159,477		$	829	$	(137,310	)	$	22,996
Income from consolidated entities attributable to noncontrolling interests	(27		)	—			(27		)	—		59			32
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(2,264		)	(2,264		)
Net income (loss) attributable to the Company	145,547			13,903			159,450			829		(139,515		)	20,764
Non-property adjustments	(22,980		)	—			(22,980		)	—		22,980			—
Interest Income	(22		)	(2		)	(24		)	—		(113		)	(137		)
Interest expense	936			—			936			—		99,118			100,054
Amortization of loan cost	237			—			237			—		12,114			12,351
Depreciation and amortization	110,191			11,709			121,900			244		97			122,241
Income tax expense (benefit)	45			—			45			—		1,187			1,232
Non-Hotel EBITDA ownership expense	3,437			397			3,834			3		(3,837		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	27			—			27			—		(27		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	237,418			26,007			263,425			1,076		(7,996		)	256,505
Less: EBITDA adjustments attributable to non-controlling interest	(126		)	—			(126		)	—		(54		)	(180		)
Income from consolidated entities attributable to noncontrolling interests	(30		)	—			(30		)	—		30			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		2,264			2,264
Equity in loss of unconsolidated entities	—			—			—			—		874			874
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		(372		)	(372		)
Hotel EBITDA attributable to the Company and OP unitholders	$	237,262		$	26,007		$	263,269		$	1,076	$	(5,254	)	$	259,091

Pre-acquisition Hotel EBITDA	(7,036		)	—			(7,036		)
Comparable Hotel EBITDA	$	230,382		$	26,007		$	256,389

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)

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

Net income (loss)	$	86,215		$	12,475		$	98,690		$	785	$	252,575		$	352,050
Income from consolidated entities attributable to noncontrolling interests	(49		)	—			(49		)	—		60			11
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(42,809		)	(42,809		)
Net income (loss) attributable to the Company	86,166			12,475			98,641			785		209,826			309,252
Non-property adjustments	18,262			2,817			21,079			—		(21,079		)	—
Interest Income	(13		)	(2		)	(15		)	—		(31		)	(46		)
Interest expense	469			—			469			—		74,046			74,515
Amortization of loan cost	112			—			112			—		7,503			7,615
Depreciation and amortization	82,334			7,767			90,101			280		99			90,480
Income tax expense (benefit)	—			—			—			—		2,914			2,914
Non-Hotel EBITDA ownership expense	2,008			213			2,221			1		(2,222		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	49			—			49			—		(49		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	189,387			23,270			212,657			1,066		271,007			484,730
Less: EBITDA adjustments attributable to non-controlling interest	(95		)	—			(95		)	—		(58		)	(153		)
(Income) loss from consolidated entities attributable to noncontrolling interests	(49		)				(49		)	—		49			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		42,809			42,809
Equity in loss of unconsolidated entities	—			—			—			—		3,767			3,767
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		(692		)	(692		)
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		7,131			7,131
Company’s portion of EBITDA of Highland JV	—			—			—			—		11,982			11,982
Hotel EBITDA attributable to the Company and OP unitholders	$	189,243		$	23,270		$	212,513		$	1,066	$	335,995		$	549,574

Pre-acquisition Hotel EBITDA	27,002			2,634			29,636
Comparable Hotel EBITDA	$	216,389		$	25,904		$	242,293

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 June 30, 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)	$	18,595		$	2,206	$	4,944		$	23,003		$	11,761	$	(95	)	$	48,993		$	10,707		$	9,597		$	29,523		$	9,667		$	(508	)	$	255	$	331	$	2,470	$	2,162	$	1,475	$	22,952
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	18,595			2,206		4,944			23,003			11,761		(95		)	48,993			10,707			9,597			29,523			9,667			(508		)	255		331		2,470		2,162		1,475		22,952
Non-property adjustments	—			—		—			—			—		—			—			—			—			(23,094		)	—			—			114		—		—		—		—		—
Interest income	(1		)	—		—			(13		)	—		—			(1		)	(1		)	(2		)	—			(7		)	—			—		—		—		—		—		(7		)
Interest expense	—			—		—			4			—		1,782			—			—			—			—			—			—			—		—		61		—		—		—
Amortization of loan cost	—			—		—			—			—		467			—			—			—			—			—			—			—		—		—		—		—		—
Depreciation and amortization	17,723			4,719		3,203			20,152			11,857		1,818			66,104			6,599			8,038			5,818			9,354			2,153			2,596		979		9,862		1,783		2,853		23,574
Income tax expense	—			9		—			—			—		—			—			59			24			—			—			—			—		—		—		—		—		7
Non-Hotel EBITDA ownership expense	594			528		(2		)	197			365		13			997			266			181			595			334			104			340		134		484		43		106		2,040
Income from consolidated entities attributable to noncontrolling interest	—			—		—			—			—		—			—			—			—			—			—			—			—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	36,911			7,462		8,145			43,343			23,983		3,985			116,093			17,630			17,838			12,842			19,348			1,749			3,305		1,444		12,877		3,988		4,434		48,566

Non-comparable adjustments	—			—		—			—			—		—			—			—			—			(12,842		)	—			—			—		788		—		—		—		—

Comparable Hotel EBITDA	$	36,911		$	7,462	$	8,145		$	43,343		$	23,983	$	3,985		$	116,093		$	17,630		$	17,838		$	—		$	19,348		$	1,749		$	3,305	$	2,232	$	12,877	$	3,988	$	4,434	$	48,566


	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 - 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)	$	8,746	$	16,740		$	1,355	$	642	$	634	$	10,522		$	1,336	$	586	$	395		$	126		$	6,035	$	1,750	$	2,437	$	4,742		$	1,436	$	2,055	$	327		$	257,902
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—		—		—			—		—		(56		)	(12		)	—		—		—		—			—		—		1			(67		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—		—		—		—			—		—		—			—			—		—		—		—			—		—		—			—
Net income (loss) attributable to the Company	8,746		16,740			1,355		642		634		10,522			1,336		586		339			114			6,035		1,750		2,437		4,742			1,436		2,055		328			257,835
Non-property adjustments	—		—			—		—		—		—			—		—		—			—			—		—		—		—			—		—		(8		)	(22,988		)
Interest income	—		—			—		—		—		(3		)	—		—		—			—			—		—		—		(4		)	—		—		(2		)	(41		)
Interest expense	—		—			—		—		—		—			—		—		—			—			—		—		—		—			—		—		—			1,847
Amortization of loan cost	—		—			—		—		—		—			—		—		—			—			—		—		—		—			—		—		—			467
Depreciation and amortization	5,635		11,432			1,118		637		403		5,827			2,091		930		862			676			2,550		501		1,097		3,733			1,934		1,042		1,796			241,449
Income tax expense	—		(4		)	—		—		—		—			—		—		—			128			—		—		—		—			—		—		—			223
Non-Hotel EBITDA ownership expense	204		78			24		118		23		214			8		85		13			13			60		42		48		56			32		11		42			8,390
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—		—		—			—		—		56			12			—		—		—		—			—		—		(1		)	67
Hotel EBITDA including amounts attributable to noncontrolling interest	14,585		28,246			2,497		1,397		1,060		16,560			3,435		1,601		1,270			943			8,645		2,293		3,582		8,527			3,402		3,108		2,155			487,249

Non-comparable adjustments	—		—			—		379		—		—			2,776		—		—			—			—		—		—		—			—		—		27			(8,872		)

Comparable Hotel EBITDA	$	14,585	$	28,246		$	2,497	$	1,776	$	1,060	$	16,560		$	6,211	$	1,601	$	1,270		$	943		$	8,645	$	2,293	$	3,582	$	8,527		$	3,402	$	3,108	$	2,182		$	478,377

NOTES:

(1)	The above comparable information assumes the 127 hotel properties owned and included in the Company’s operations at June 30, 2016, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotels acquired during the period offset by results from hotels sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 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, 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)	$	6,771	$	1,210	$	1,381	$	6,859		$	4,066	$	(101	)	$	20,212	$	2,899	$	2,899		$	24,224		$	3,325		$	428	$	17	$	144	$	1,120	$	637	$	580	$	7,260
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	6,771		1,210		1,381		6,859			4,066		(101		)	20,212		2,899		2,899			24,224			3,325			428		17		144		1,120		637		580		7,260
Non-property adjustments	—		—		—		—			—		—			—		—		—			(23,094		)	—			—		—		—		—		—		—		—
Interest income	—		—		—		(6		)	—		—			—		—		(1		)	—			(2		)	—		—		—		—		—		—		(1		)
Interest expense	—		—		—		1			—		453			—		—		—			—			—			—		—		—		15		—		—		—
Amortization of loan cost	—		—		—		—			—		119			—		—		—			—			—			—		—		—		—		—		—		—
Depreciation and amortization	4,581		1,270		813		5,109			3,014		462			15,585		1,727		2,055			380			2,383			578		613		347		2,565		460		724		6,179
Income tax expense	—		—		—		—			—		—			—		—		—			—			—			—		—		—		—		—		—		—
Non-Hotel EBITDA ownership expense	55		10		3		58			42		4			262		27		21			373			43			16		174		7		83		3		25		472
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—		—			—		—		—			—			—			—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,407		2,490		2,197		12,021			7,122		937			36,059		4,653		4,974			1,883			5,749			1,022		804		498		3,783		1,100		1,329		13,910

Non-comparable adjustments	—		—		—		—			—		—			—		—		—			(1,883		)	—			—		—		—		—		—		—		—

Comparable Hotel EBITDA	$	11,407	$	2,490	$	2,197	$	12,021		$	7,122	$	937		$	36,059	$	4,653	$	4,974		$	—		$	5,749		$	1,022	$	804	$	498	$	3,783	$	1,100	$	1,329	$	13,910


	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)	$	3,361	$	7,109	$	314	$	145	$	175		$	3,912	$	1,183	$	236	$	158		$	96		$	1,535	$	567	$	746	$	1,221		$	682	$	643	$	445		$	106,459
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—		—		(23		)	(12		)	—		—		—		—			—		—		—			(35		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—			—		—		—		—			—			—		—		—		—			—		—		—			—
Net income (loss) attributable to the Company	3,361		7,109		314		145		175			3,912		1,183		236		135			84			1,535		567		746		1,221			682		643		445			106,424
Non-property adjustments	—		—		—		—		—			—		—		—		—			—			—		—		—		—			—		—		—			(23,094		)
Interest income	—		—		—		—		—			—		—		—		—			—			—		—		—		(1		)	—		—		(1		)	(12		)
Interest expense	—		—		—		—		—			—		—		—		—			—			—		—		—		—			—		—		—			469
Amortization of loan cost	—		—		—		—		—			—		—		—		—			—			—		—		—		—			—		—		—			119
Depreciation and amortization	1,509		2,768		287		178		109			1,618		819		232		221			171			654		112		307		941			321		257		572			59,921
Income tax expense	—		—		—		—		—			—		—		—		—			19			—		—		—		—			—		—		—			19
Non-Hotel EBITDA ownership expense	23		6		5		78		(1		)	11		2		15		2			2			39		18		16		6			18		4		12			1,934
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—		—		23			12			—		—		—		—			—		—		—			35
Hotel EBITDA including amounts attributable to noncontrolling interest	4,893		9,883		606		401		283			5,541		2,004		483		381			288			2,228		697		1,069		2,167			1,021		904		1,028			145,815

Non-comparable adjustments	—		—		—		—		—			—		—		—		—			—			—		—		—		—			—		—		1			(1,882		)

Comparable Hotel EBITDA	$	4,893	$	9,883	$	606	$	401	$	283		$	5,541	$	2,004	$	483	$	381		$	288		$	2,228	$	697	$	1,069	$	2,167		$	1,021	$	904	$	1,029		$	143,933

NOTES:

(1)	The above comparable information assumes the 127 hotel properties owned and included in the Company’s operations at June 30, 2016, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotels sold during the period.
(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 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

Non-comparable adjustments	—		—		—		—			—		—		—		—		—		(5,155		)	—			—			—		—		—			—		—		—

Comparable Hotel EBITDA	$	10,085	$	1,636	$	2,171	$	10,926		$	3,994	$	1,123	$	26,382	$	4,759	$	4,709	$	—		$	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

Non-comparable adjustments	—			—			—		—		—		—			—			—		—			—			—		—		—		—			—		—		1			(5,154		)

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	$	(23	)	$	112,456

NOTES:

(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

Non-comparable adjustments	—			—		—		—			—		—			—		—		—		(3,585		)	—			—			—		99			—		—			—		—

Comparable Hotel EBITDA	$	7,796		$	1,793	$	1,640	$	9,606		$	4,683	$	850		$	26,217	$	3,894	$	3,713	$	—		$	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		25			2,430
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		446			107,404

Non-comparable adjustments	—			—			—		—		—		—			821		—		—			—			—		—		—		—			—			—		(4		)	(2,669		)

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		$	104,735

NOTES:

(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

Non-comparable adjustments	—		—		—			—			—		—			—			—			—			(2,219		)	—			—		—			689			—			—		—			—

Comparable Hotel EBITDA	$	7,623	$	1,542	$	2,137		$	10,790		$	8,184	$	1,075		$	27,436		$	4,323		$	4,442		$	—		$	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		(17		)	2,128
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		709			116,420

Non-comparable adjustments	—		—		—			379			—		—			1,955			—			—			—			—			—		—			—			—			—		29			833

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	$	738		$	117,253

NOTES:

(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 June 30, 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	$	8,768		$	5,337	$	4,281	$	1,477	$	4,158	$	1,302	$	2,347		$	5,785	$	11,361		$	15,727		$	1,386	$	997	$	6,723		$	1,823	$	12,522		$	22,465		$	106,459
Income from consolidated entities attributable to noncontrolling interest	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			(35		)	(35		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			—			—
Net income attributable to the Company	8,768			5,337		4,281		1,477		4,158		1,302		2,347			5,785		11,361			15,727			1,386		997		6,723			1,823		12,522			22,430			106,424
Non-property adjustments	(4,015		)	—		—		—		—		—		—			—		(5,482		)	(13,597		)	—		—		—			—		—			—			(23,094		)
Interest income	—			—		—		—		—		—		(1		)	—		(2		)	(2		)	—		—		(2		)	—		(3		)	(2		)	(12		)
Interest expense	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			469			469
Amortization of loan cost	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			119			119
Depreciation and amortization	3,636			3,403		2,641		1,730		4,740		1,380		2,443			2,312		4,345			1,205			1,372		1,051		2,507			1,066		5,188			20,902			59,921
Income tax expense	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			19			19
Non-Hotel EBITDA ownership expense	154			29		64		50		59		288		9			3		135			258			22		3		13			36		110			701			1,934
Income from consolidated entities attributable to noncontrolling interest	—			—		—		—		—		—		—			—		—			—			—		—		—			—		—			35			35
Hotel EBITDA including amounts attributable to noncontrolling interest	8,543			8,769		6,986		3,257		8,957		2,970		4,798			8,100		10,357			3,591			2,780		2,051		9,241			2,925		17,817			44,673			145,815

Non-comparable adjustments	(141		)	—		—		—		—		—		—			—		(441		)	(1,300		)	—		—		—			—		—			—			(1,882		)

Comparable Hotel EBITDA	$	8,402		$	8,769	$	6,986	$	3,257	$	8,957	$	2,970	$	4,798		$	8,100	$	9,916		$	2,291		$	2,780	$	2,051	$	9,241		$	2,925	$	17,817		$	44,673		$	143,933

NOTES:

(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 June 30, 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	$	2,849	$	5,313		$	3,412	$	2,047	$	3,884		$	1,461	$	1,095	$	3,426	$	6,025		$	3,038		$	1,384		$	745	$	5,938		$	1,294	$	9,560		$	2,462		$	53,933
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			(45		)	(45		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			—			—
Net income attributable to the Company	2,849		5,313			3,412		2,047		3,884			1,461		1,095		3,426		6,025			3,038			1,384			745		5,938			1,294		9,560			2,417			53,888
Non-property adjustments	—		—			—		—		—			—		—		—		—			—			—			—		—			—		2,817			17,132			19,949
Interest income	—		—			—		—		(1		)	—		—		—		(2		)	(1		)	—			—		—			—		(2		)	(1		)	(7		)
Interest expense	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			468			468
Amortization of loan cost	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			112			112
Depreciation and amortization	3,039		2,208			2,886		1,650		4,391			1,169		1,314		2,175		4,328			2,007			1,213			1,052		2,308			1,354		4,716			16,617			52,427
Income tax expense	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			—			—
Non-Hotel EBITDA ownership expense	25		(89		)	77		173		188			52		2		236		20			54			(33		)	6		(106		)	71		31			486			1,193
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—		—			—		—		—		—			—			—			—		—			—		—			45			45
Hotel EBITDA including amounts attributable to noncontrolling interest	5,913		7,432			6,375		3,870		8,462			2,682		2,411		5,837		10,371			5,098			2,564			1,803		8,140			2,719		17,122			37,276			128,075

Non-comparable adjustments	719		782			—		—		—			—		2,342		—		(581		)	(2,470		)	—			—		—			—		—			5,253			6,045

Comparable Hotel EBITDA	$	6,632	$	8,214		$	6,375	$	3,870	$	8,462		$	2,682	$	4,753	$	5,837	$	9,790		$	2,628		$	2,564		$	1,803	$	8,140		$	2,719	$	17,122		$	42,529		$	134,120

NOTES:

(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)


	Six Months Ended June 30, 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 (loss)	$	12,950		$	4,475	$	8,696		$	3,027	$	10,642		$	5,184		$	2,275		$	9,036		$	12,135		$	21,196		$	1,160	$	1,585	$	12,184		$	4,963	$	16,253		$	33,716		$	159,477
Income from consolidated entities attributable to noncontrolling interest	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			(27		)	(27		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			—			—
Net income attributable to the Company	12,950			4,475		8,696			3,027		10,642			5,184			2,275			9,036			12,135			21,196			1,160		1,585		12,184			4,963		16,253			33,689			159,450
Non-property adjustments	(4,015		)	—		—			—		—			—			—			—			(5,482		)	(13,597		)	—		—		—			—		—			114			(22,980		)
Interest income	—			—		(1		)	—		(1		)	(1		)	(1		)	—			(4		)	(3		)	—		—		(3		)	—		(5		)	(4		)	(23		)
Interest expense	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			936			936
Amortization of loan cost	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			237			237
Depreciation and amortization	7,484			6,515		5,662			3,466		9,625			2,710			4,868			4,555			9,044			3,507			2,698		2,100		4,962			2,431		10,348			41,924			121,899
Income tax expense	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			45			45
Non-Hotel EBITDA ownership expense	260			170		97			37		139			337			24			(6		)	244			339			39		25		158			86		211			1,674			3,834
Income from consolidated entities attributable to noncontrolling interest	—			—		—			—		—			—			—			—			—			—			—		—		—			—		—			27			27
EBITDA including amounts attributable to noncontrolling interest	16,679			11,160		14,454			6,530		20,405			8,230			7,166			13,585			15,937			11,442			3,897		3,710		17,301			7,480		26,807			78,642			263,425

Non-comparable adjustments	(654		)	—		—			—		—			—			—			—			(759		)	(5,623		)	—		—		—			—		—			—			(7,036		)

Comparable Hotel EBITDA	$	16,025		$	11,160	$	14,454		$	6,530	$	20,405		$	8,230		$	7,166		$	13,585		$	15,178		$	5,819		$	3,897	$	3,710	$	17,301		$	7,480	$	26,807		$	78,642		$	256,389

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)


	Six Months Ended June 30, 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	$	4,881	$	5,635	$	6,771	$	3,175	$	7,949		$	5,400	$	1,237		$	4,888	$	7,533		$	8,476		$	850	$	1,158	$	11,198	$	3,091	$	14,077		$	12,371		$	98,690
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			(49		)	(49		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			—			—
Net income attributable to the Company	4,881		5,635		6,771		3,175		7,949			5,400		1,237			4,888		7,533			8,476			850		1,158		11,198		3,091		14,077			12,322			98,641
Non-property adjustments	—		—		—		—		—			—		—			—		—			—			—		—		—		—		2,817			18,262			21,079
Interest income	—		—		—		—		(1		)	—		—			—		(3		)	(2		)	—		—		—		—		(5		)	(3		)	(14		)
Interest expense	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			469			469
Amortization of loan cost	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			112			112
Depreciation and amortization	4,803		3,067		5,105		2,697		8,023			2,275		2,651			2,693		6,666			3,917			2,355		2,098		4,571		2,198		8,324			28,658			90,101
Income tax expense	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			—			—
Non-Hotel EBITDA ownership expense	15		40		103		218		198			63		(1		)	236		64			232			128		2		23		66		101			732			2,220
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—		—			—		—			—		—			—			—		—		—		—		—			49			49
Hotel EBITDA including amounts attributable to noncontrolling interest	9,699		8,742		11,979		6,090		16,169			7,738		3,887			7,817		14,260			12,623			3,333		3,258		15,792		5,355		25,314			60,601			212,657

Non-comparable adjustments	4,627		2,445		1,947		1,402		1,427			—		3,076			2,975		697			(6,555		)	—		—		—		1,262		1,123			15,210			29,636

Comparable Hotel EBITDA	$	14,326	$	11,187	$	13,926	$	7,492	$	17,596		$	7,738	$	6,963		$	10,792	$	14,957		$	6,068		$	3,333	$	3,258	$	15,792	$	6,617	$	26,437		$	75,811		$	242,293

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