Ashford Hospitality Trust 8K Results of Operations and Financial Condition | AHT 4 Nov 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 THIRD QUARTER 2016 RESULTS

Comparable RevPAR for all Hotels Not Under Renovation Grew 4.4%

Adjusted Funds from Operations per Share Increased 14.3%

Comparable Hotel EBITDA Margin Increased 59 bps

Comparable Hotel EBITDA Flow-Through was 54%

DALLAS, November 3, 2016 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 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 September 30, 2016 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2016, with the third quarter ended September 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 8.5%

· Targets cash and cash equivalents at a level of 25% - 35% of 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

FINANCIAL AND OPERATING HIGHLIGHTS

· Net loss attributable to common stockholders was $35.1 million or $0.37 per diluted share

· Comparable RevPAR for all hotels increased 3.4% during the quarter

· Comparable RevPAR for all hotels not under renovation increased 4.4% during the quarter

· Adjusted EBITDA increased $5.6 million or 5.3%

· Comparable Hotel EBITDA Margin increased 59 basis points

· Comparable Hotel EBITDA flow-through was 54%

· Adjusted funds from operations (AFFO) was $0.40 per diluted share for the quarter as compared with $0.35 from the prior-year quarter representing an increase of 14.3%

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

AHT Reports Third Quarter Results

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November 3, 2016

· In the third quarter, the Company completed its underwritten public offering of 4,800,000 shares of 7.375% Series F Cumulative Preferred Stock at $25.00 per share

· In the third quarter, the Company completed the redemption of all of its issued and outstanding shares of 9.00% Series E Cumulative Preferred Stock, which was funded from the Company’s public offering of Series F Cumulative Preferred Stock

· In the third quarter, the Company completed the sale of the 124-room Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash ($218,000 per key)

· Subsequent to quarter end, the Company closed on the sale of the 162-room SpringHill Suites Gaithersburg in Gaithersburg, MD for approximately $13.2 million ($81,000 per key)

· Subsequent to quarter end, the Company closed on the sale of the two-hotel portfolio comprised of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key)

· Subsequent to quarter end, the Company refinanced four mortgage loans with existing outstanding balances totaling approximately $415 million with a new loan totaling $450 million

· Subsequent to quarter end, the Company priced an underwritten public offering of 6,200,000 shares of 7.375% Series G Cumulative Preferred Stock at $25.00 per share

· Capex invested in the quarter was $50 million

CAPITAL STRUCTURE

At September 30, 2016, the Company had total assets of $4.8 billion. As of September 30, 2016, the Company had $3.8 billion of mortgage debt. The Company’s total combined debt had a blended average interest rate of 5.3%.

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. Dividends on the Series F Cumulative Preferred Stock will accrue at a rate of 7.375% per annum on the liquidation preference of $25.00 per share.

On August 9, 2016, the Company announced that it had completed the redemption of all of its issued and outstanding shares of 9.00% Series E Cumulative Preferred Stock. The total redemption cost was approximately $117 million, which was funded from the Company’s public offering of Series F Cumulative Preferred Stock.

Subsequent to quarter end, on October 10, 2016, the Company announced it had refinanced four mortgage loans with existing outstanding balances totaling approximately $415 million. The previous mortgage loans that were refinanced were the Wachovia 1, Wachovia 2 and Wachovia 6 loans with final maturity dates in April 2017, and the JP Morgan Chase Marriott Fremont loan with a final maturity date in August 2019. The mortgage loans were refinanced through one new mortgage loan, totaling $450 million, with a two-year initial term and four one-year extension options, subject to the satisfaction of certain conditions. The new loan is interest only, provides for a floating interest rate of LIBOR + 4.55%, and contains flexible release provisions for the potential sale of assets. The next non-extendable debt maturity for the Company is a $16 million loan that matures in June 2017.

Subsequent to quarter end, on October 13, 2016, the Company announced that it had priced its underwritten public offering of 6,200,000 shares of 7.375% Series G Cumulative Preferred Stock at $25.00 per share. Dividends on the Series G Preferred Stock will accrue at a rate of 7.375% per annum on the liquidation preference of $25.00 per share.

SELECT-SERVICE HOTEL PORTFOLIO SALES PROCESS UPDATE

During the quarter and subsequent to quarter end, the Company closed on the sales of the 124-room Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash ($218,000 per key), the 162-room SpringHill Suites Gaithersburg in Gaithersburg, MD for approximately $13.2 million ($81,000 per key), and the

AHT Reports Third Quarter Results

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November 3, 2016

two-hotel portfolio comprised of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key). Since the announcement of the strategy, the Company has closed on approximately $218 million of sales of its non-core, select-service hotels.

PORTFOLIO REVPAR

As of September 30, 2016, the portfolio consisted of direct hotel investments with 126 properties. During the third quarter of 2016, 108 of the Company’s hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 126 hotels) and comparable not under renovation basis (108 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 3.4% to $122.76 for all hotels on a 2.8% increase in ADR and a 0.5% increase in occupancy

· Comparable RevPAR increased 4.4% to $126.11 for hotels not under renovation on a 3.0% increase in ADR and a 1.4% 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 126 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On September 15, 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 third quarter ending September 30, 2016, payable on October 17, 2016, to shareholders of record as of September 30, 2016.

“We are pleased with our portfolio performance this quarter which speaks to the quality and diversity of our portfolio as well as our superior asset management capabilities,” commented Monty J. Bennett, Ashford Trust’s Chairman and Chief Executive Officer. “Additionally, during the quarter and subsequent to quarter end, we made solid progress on the sale of our non-core, select-service hotels as well as completing the refinancing of four mortgage loans last month which addressed the vast majority of our 2017 debt maturities. We are committed to maximizing value for our shareholders by focusing on upper-upscale, full-service hotels, generating superior operating performance and pursuing opportunities to sell additional select-service assets.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, November 4, 2016, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2454. A replay of the conference call will be available through Friday, November 11, 2016, by dialing (719) 457-0820 and entering the confirmation number, 2119816.

The Company will also provide an online simulcast and rebroadcast of its third 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, November 4, 2016, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

AHT Reports Third Quarter Results

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November 3, 2016

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)

	September 30,			December 31,
	2016			2015

ASSETS
Investments in hotel properties, net	$	4,187,939		$	4,419,684
Cash and cash equivalents	256,421			215,078
Restricted cash	149,865			153,680
Accounts receivable, net of allowance of $722 and $715, respectively	61,019			40,438
Inventories	4,776			4,810
Note receivable, net of allowance of $6,739 and $7,083, respectively	3,906			3,746
Investment in Ashford Inc.	5,657			6,616
Investment in securities investment fund	52,675			55,952
Deferred costs, net	2,974			3,847
Prepaid expenses	23,188			12,458
Derivative assets, net	7,851			3,435
Other assets	15,212			10,647
Intangible assets, net	9,294			11,343
Due from Ashford Prime OP, net	—			528
Due from third-party hotel managers	15,672			22,869
Assets held for sale	43,295			—

Total assets	$	4,839,744		$	4,965,131

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,728,645		$	3,840,617
Accounts payable and accrued expenses	150,119			123,444
Dividends payable	22,547			22,678
Unfavorable management contract liabilities	1,873			3,355
Due to Ashford Inc., net	10,240			9,856
Due to Ashford Prime OP, net	7			—
Due to related party, net	831			1,339
Due to third-party hotel managers	2,737			2,504
Intangible liabilities, net	16,224			16,494
Other liabilities	16,691			14,539
Liabilities related to assets held for sale	25,982			—

Total liabilities	3,975,896			4,034,826

Redeemable noncontrolling interests in operating partnership	118,926			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 September 30, 2016 and December 31, 2015	17			17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at September 30, 2016 and December 31, 2015	95			95
Series E Cumulative Preferred Stock, 0 and 4,630,000 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	—			46
Series F Cumulative Preferred Stock, 4,800,000 and 0 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	48			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 96,178,680 and 95,470,903 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	962			955
Additional paid-in capital	1,605,978			1,597,194
Accumulated deficit	(862,932		)	(787,221		)
Total stockholders’ equity of the Company	744,168			811,086
Noncontrolling interest in consolidated entities	754			770

Total equity	744,922			811,856

Total liabilities and equity	$	4,839,744		$	4,965,131

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015

REVENUE
Rooms	$	300,875		$	294,768		$	917,396		$	787,428
Food and beverage	56,206			55,210			188,467			159,528
Other	14,389			14,097			43,213			35,402

Total hotel revenue	371,470			364,075			1,149,076			982,358
Other	461			441			1,297			1,731

Total revenue	371,931			364,516			1,150,373			984,089

EXPENSES
Hotel operating expenses
Rooms	65,474			65,402			195,769			169,290
Food and beverage	41,086			40,570			129,606			108,891
Other expenses	114,377			112,759			347,126			295,936
Management fees	13,616			13,324			42,191			36,366

Total hotel operating expenses	234,553			232,055			714,692			610,483

Property taxes, insurance and other	17,172			17,997			55,077			47,167
Depreciation and amortization	60,170			58,741			182,411			149,221
Impairment charges	4,922			(111		)	4,695			19,623
Transaction costs	124			392			201			5,850
Advisory services fee:
Base advisory fee	8,576			8,701			25,842			25,217
Reimbursable expenses	1,485			1,619			4,550			4,820
Non-cash stock/unit-based compensation	1,887			468			4,535			1,790

Corporate, general and administrative:
Non-cash stock/unit-based compensation	67			—			604			538
Other general and administrative	1,901			3,772			5,822			11,194

Total operating expenses	330,857			323,634			998,429			875,903

OPERATING INCOME	41,074			40,882			151,944			108,186

Equity in loss of unconsolidated entities	(560		)	(4,369		)	(4,432		)	(9,084		)
Interest income	92			21			229			67
Gain on acquisition of Highland JV and sale of hotel properties	1,448			—			24,428			380,705
Other income (expense)	(926		)	(314		)	(4,263		)	1,733
Interest expense, net of premiums	(50,113		)	(46,567		)	(150,167		)	(121,082		)
Amortization of loan costs	(5,649		)	(5,292		)	(18,000		)	(12,907		)
Write-off of loan costs and exit fees	(972		)	—			(4,913		)	(4,767		)
Unrealized gain on marketable securities	—			—			—			127
Unrealized gain (loss) on derivatives	(9,548		)	(2,750		)	4,248			(6,403		)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(25,154		)	(18,389		)	(926		)	336,575
Income tax benefit (expense)	16			(1,721		)	(1,216		)	(4,635		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	(25,138		)	(20,110		)	(2,142		)	331,940
Gain on sale of hotel properties, net of tax	—			599			—			599
NET INCOME (LOSS)	(25,138		)	(19,511		)	(2,142		)	332,539
(Income) loss from consolidated entities attributable to noncontrolling interest	(16		)	(3		)	16			8
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,009			3,193			2,745			(39,616		)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(20,145		)	(16,321		)	619			292,931
Preferred dividends	(8,875		)	(8,490		)	(25,856		)	(25,471		)
Extinguishment of issuance costs upon redemption of Series E preferred stock	(6,124		)	—			(6,124		)	—

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(35,144	)	$	(24,811	)	$	(31,361	)	$	267,460

INCOME (LOSS) PER SHARE — BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.37	)	$	(0.26	)	$	(0.34	)	$	2.72

Weighted average common shares outstanding — basic	94,531			95,888			94,384			97,061

Diluted:
Net income (loss) attributable to common stockholders	$	(0.37	)	$	(0.26	)	$	(0.34	)	$	2.63

Weighted average common shares outstanding — diluted	94,531			95,888			94,384			115,560

Dividends declared per common share:	$	0.12		$	0.12		$	0.36		$	0.36

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015

Net income (loss)	$	(25,138	)	$	(19,511	)	$	(2,142	)	$	332,539
(Income) loss from consolidated entities attributable to noncontrolling interest	(16		)	(3		)	16			8
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,009			3,193			2,745			(39,616		)
Net income (loss) attributable to the Company	(20,145		)	(16,321		)	619			292,931

Interest income	(92		)	(21		)	(229		)	(67		)
Interest expense and amortization of premiums and loan costs, net	55,732			51,829			168,078			133,900
Depreciation and amortization	60,108			58,682			182,227			149,068
Income tax (benefit) expense	(16		)	1,721			1,216			4,635
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(5,009		)	(3,193		)	(2,745		)	39,616
Equity in loss of unconsolidated entities	85			437			959			4,204
Company’s portion of EBITDA of Ashford Inc.	165			680			(207		)	(13		)
Company’s portion of EBITDA of Ashford Prime	—			509			—			7,640
Company’s portion of EBITDA of Highland JV	—			—			—			11,982

EBITDA available to the Company and OP unitholders	90,828			94,323			349,918			643,896

Amortization of unfavorable contract liabilities	(543		)	(543		)	(1,629		)	(1,593		)
Impairment charges	4,922			(111		)	4,695			19,623
Gain on acquisition of Highland JV and sale of hotel properties	(1,448		)	(599		)	(24,428		)	(381,304		)
Write-off of loan costs and exit fees	972			—			4,913			4,767
Other (income) expense	926			314			4,263			(1,733		)
Transaction, acquisition and management conversion costs	778			1,963			1,422			11,552
Legal judgment and related legal costs	23			23			71			71
Unrealized gain on marketable securities	—			—			—			(127		)
Unrealized (gain) loss on derivatives	9,548			2,750			(4,248		)	6,403
Dead deal costs	30			320			331			567
Non-cash stock/unit-based compensation	2,185			468			5,511			2,328
Company’s portion of unrealized loss of unconsolidated entities and investment in securities investment fund	475			3,932			3,473			4,880
Company’s portion of adjustments to EBITDA of Ashford Inc.	793			528			2,929			3,184
Company’s portion of adjustments to EBITDA of Ashford Prime	—			582			—			738

Adjusted EBITDA available to the Company and OP unitholders	$	109,489		$	103,950		$	347,221		$	313,252

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						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015

Net income (loss)	$	(25,138	)	$	(19,511	)	$	(2,142	)	$	332,539
(Income) loss from consolidated entities attributable to noncontrolling interest	(16		)	(3		)	16			8
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,009			3,193			2,745			(39,616		)
Preferred dividends	(8,875		)	(8,490		)	(25,856		)	(25,471		)
Extinguishment of issuance costs upon redemption of Series E preferred stock	(6,124		)	—			(6,124		)	—

Net income (loss) attributable to common stockholders	(35,144		)	(24,811		)	(31,361		)	267,460

Depreciation and amortization on real estate	60,108			58,682			182,227			149,068
Gain on acquisition of Highland JV and sale of hotel properties	(1,448		)	(599		)	(24,428		)	(381,304		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(5,009		)	(3,193		)	(2,745		)	39,616
Equity in loss of unconsolidated entities	85			437			959			4,204
Impairment charges on real estate	5,039			—			5,039			19,949
Company’s portion of FFO of Ashford Inc.	(85		)	372			(597		)	(619		)
Company’s portion of FFO of Ashford Prime	—			63			—			4,371
Company’s portion of FFO of Highland JV	—			—			—			3,791

FFO available to common stockholders and OP unitholders	23,546			30,951			129,094			106,536

Extinguishment of issuance costs upon redemption of Series E preferred stock	6,124			—			6,124			—
Write-off of loan costs and exit fees	972			—			4,913			4,767
Other impairment charges	(117		)	(111		)	(344		)	(326		)
Other (income) expense	926			314			4,263			(1,733		)
Transaction, acquisition and management conversion costs	778			1,963			1,422			11,552
Legal judgment and related legal costs	23			23			71			71
Unrealized gain on marketable securities	—			—			—			(127		)
Unrealized (gain) loss on derivatives	9,548			2,750			(4,248		)	6,403
Dead deal costs	30			320			331			567
Non-cash stock/unit-based compensation	2,185			468			5,511			2,328
Company’s portion of unrealized loss of unconsolidated entities and investment in securities investment fund	475			3,932			3,473			4,880
Company’s portion of adjustments to FFO of Ashford Inc.	793			(484		)	2,929			(498		)
Company’s portion of adjustments to FFO of Ashford Prime	—			573			—			593

Adjusted FFO available to common stockholders and OP unitholders	$	45,283		$	40,699		$	153,539		$	135,013

Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.40		$	0.35		$	1.35		$	1.16

Weighted average diluted shares	114,303			115,012			113,788			116,000

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 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

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			44,436		11.8	%
Morgan Stanley MIP - 5 hotels	February 2017	LIBOR + 4.75%	—			200,000		(1) (7)	200,000			23,920		12.0	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2017	LIBOR + 4.95%	—			33,300		(2)	33,300			3,699		11.1	%
Column Financial - 24 hotels	April 2017	LIBOR + 4.39%	—			1,070,560		(3)	1,070,560			116,660		10.9	%
Wachovia 1 - 5 hotels	April 2017	5.95%	109,087		(11)	—			109,087			17,355		15.9	%
Wachovia 2 - 7 hotels	April 2017	5.95%	119,341		(11)	—			119,341			18,112		15.2	%
Wachovia 6 - 5 hotels	April 2017	5.95%	149,197		(11)	—			149,197			19,263		12.9	%
JPM Lakeway - 1 hotel	May 2017	LIBOR + 5.10%	—			25,100		(2)	25,100			2,193		8.7	%
BAML Le Pavillon - 1 hotel	June 2017	LIBOR + 5.10%	—			43,750		(2)	43,750			2,830		6.5	%
US Bank Indigo Atlanta - 1 hotel	June 2017	5.98%	15,800			—			15,800			2,141		13.6	%
Morgan Stanley - 8 hotels	July 2017	LIBOR + 4.09%	—			144,000		(2)	144,000			12,543		8.7	%
Morgan Stanley Ann Arbor - 1 hotel	July 2017	LIBOR + 4.15%	—			35,200		(2)	35,200			4,060		11.5	%
BAML W Atlanta - 1 hotel	July 2017	LIBOR + 5.10%	—			40,500		(2)	40,500			4,937		12.2	%
Morgan Stanley Pool A - 7 hotels	August 2017	LIBOR + 4.35%	—			301,000		(10)	301,000			38,566		12.8	%
Morgan Stanley Pool B - 4 hotels	August 2017	LIBOR + 4.38%	—			52,530		(10)(9)	52,530			6,861		13.1	%
JPM Chase Marriott Fremont - 1 hotel	August 2017	LIBOR + 4.20%	—			37,500		(10)(11)	37,500			8,382		22.4	%
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	—			412,500		(3)	412,500			48,682		11.8	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	96,644			—			96,644			14,519		15.0	%
Morgan Stanley Princeton/Nashville - 2 hotels	January 2018	4.44%	105,551			—			105,551			28,871		27.4	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000		(4)	12,000			1,602		13.4	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,460			—			5,460			1,017		18.6	%
GACC Gateway - 1 hotel	November 2020	6.26%	97,278			—			97,278			15,276		15.7	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	54,903			—			54,903			6,731		12.3	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,417			—			10,417			1,624		15.6	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,138			—			7,138			1,344		18.8	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,668			—			6,668			946		14.2	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	67,391			—			67,391			8,456		12.5	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,471			—			12,471			2,370		19.0	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,922			—			24,922			3,650		14.6	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	53,443			—			53,443			8,531		16.0	%
BAML Pool 4 - 2 hotels	February 2025	4.45%	23,850			—			23,850			3,536		14.8	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,662			—			20,662			3,014		14.6	%
Unencumbered hotels			—			—			—			3,173		N/A
			$	980,223		$	2,784,740		$	3,764,963		$	479,300	12.7	%

Percentage			26.0		%	74.0		%	100.0		%

Weighted average interest rate			5.37		%	5.20		%	5.25		%

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.

(9) This loan had a $10.4 million pay down of principal related to the Springhill Suites Gaithersburg.

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

(11) Subsequent to quarter end, these loans were refinanced with a new $450 million mortgage loan with an interest rate of LIBOR + 4.55% and a two-year intial term with four one-year extension options, subject to satisfaction of certain conditions.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2016

(in thousands)

(unaudited)

	2016		2017			2018		2019			2020		Thereafter		Total

Secured revolving credit facility - various	$	—	$	—		$	—	$	—		$	—	$	—	$	—
Wachovia 1 - 5 hotels	—		107,351		(1)	—		—			—		—		107,351
Wachovia 2 - 7 hotels	—		117,441		(1)	—		—			—		—		117,441
Wachovia 6 - 5 hotels	—		146,823		(1)	—		—			—		—		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 - 4 hotels	—		—			—		52,530			—		—		52,530
JPM Chase Marriott Fremont - 1 hotel	—		—			—		37,500		(1)	—		—		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
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	$	596,198		$	800,536	$	1,723,498	$	3,704,762

Scheduled amortization payments remaining	3,080		15,787			6,644		6,970			6,914		20,806		60,201

Total indebtedness	$	3,080	$	402,985		$	203,976	$	603,168		$	807,450	$	1,744,304	$	3,764,963

(1) Subsequent to quarter end, these loans were refinanced with a new $450 million mortgage loan with an interest rate of LIBOR + 4.55% and a two-year intial term with four one-year extension options, subject to satisfaction of certain conditions.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


	Three Months Ended
	September 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)	$	299,680	$	(883)	$	298,797	$	293,526	$	(4,472)	$	289,054	2.10%	3.37%
RevPAR	$	122.74	$	(114.80)	$	122.76	$	115.84	$	(44.68)	$	118.76	5.96%	3.37%
Occupancy		79.46%		(80.66%)		79.45%		78.78%		(72.61%)		79.04%	0.85%	0.53%
ADR	$	154.47	$	(142.41)	$	154.51	$	147.03	$	(61.53)	$	150.26	5.06%	2.83%

	Nine Months Ended
	September 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)	$	913,363	$	(23,339)	$	890,024	$	783,413	$	71,741	$	855,154	16.59%	4.08%
RevPAR	$	121.92	$	(96.26)	$	122.78	$	117.51	$	129.92	$	118.46	3.76%	3.65%
Occupancy		78.51%		(82.02%)		78.39%		79.01%		67.06%		78.09%	(0.63%)	0.38%
ADR	$	155.30	$	(117.36)	$	156.62	$	148.73	$	193.75	$	151.68	4.42%	3.26%

NOTES:

(1) The above comparable information assumes the 126 hotel properties owned and included in the Company’s operations at September 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
	September 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)	$	263,888	$	(883)	$	263,005	$	256,313	$	(4,472)	$	251,841	2.96%	4.43%
RevPAR	$	126.07	$	(114.87)	$	126.11	$	117.27	$	(44.68)	$	120.75	7.50%	4.44%
Occupancy		80.46%		(80.66%)		80.46%		79.04%		(72.61%)		79.35%	1.80%	1.40%
ADR	$	156.68	$	(142.41)	$	156.74	$	148.37	$	(61.53)	$	152.18	5.60%	2.99%

	Nine Months Ended
	September 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)	$	788,303	$	(23,339)	$	764,964	$	667,777	$	60,847	$	728,624	18.05%	4.99%
RevPAR	$	122.14	$	(96.26)	$	123.15	$	116.66	$	131.80	$	117.79	4.70%	4.56%
Occupancy		78.68%		(82.02%)		78.54%		78.80%		65.81%		77.83%	(0.16%)	0.92%
ADR	$	155.25	$	(117.36)	$	156.79	$	148.04	$	200.28	$	151.34	4.87%	3.60%

NOTES:

(1) The above comparable information assumes the 108 hotel properties owned and included in the Company’s operations at September 30, 2016, and not under renovation during the three months ended September 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.

(4) Excluded Hotels Under Renovation:

Embassy Suites Austin, Hilton Garden Inn Austin, SpringHill Suites Jacksonville, Embassy Suites Houston, The Churchill, Embassy Suites Dallas, Embassy Suites Las Vegas, Marriott Dallas Market Center, Courtyard Bloomington, Embassy Suites Orlando, Hampton Inn Lawrenceville, Hyatt Regency Coral Gables, Courtyard Ft. Lauderdale, Crowne Plaza Annapolis, Embassy Suites Dulles, Le Pavillon New Orleans, Marriott Crystal Gateway, Marriott San Antonio

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2016			2015			% Variance		2016			2015			% Variance
ALL HOTELS:
Total hotel revenue	$	369,943		$	362,511		2.05	%	$	1,143,970		$	977,284		17.06	%
Non-comparable adjustments	(927		)	(3,725		)			(25,673		)	106,288
Comparable total hotel revenue	$	369,016		$	358,786		2.85	%	$	1,118,297		$	1,083,572		3.20	%

Hotel EBITDA	$	121,975		$	115,903		5.24	%	$	384,375		$	327,567		17.34	%
Non-comparable adjustments	(276		)	288					(8,584		)	28,622
Comparable Hotel EBITDA	$	121,699		$	116,191		4.74	%	$	375,791		$	356,189		5.50	%
Hotel EBITDA Margin	32.97		%	31.97		%	1.00	%	33.60		%	33.52		%	0.08	%
Comparable Hotel EBITDA Margin	32.98		%	32.38		%	0.59	%	33.60		%	32.87		%	0.73	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	114		$	102		11.76	%	$	270		$	246		9.76	%
Hotel EBITDA attributable to the Company and OP unitholders	$	121,861		$	115,801		5.23	%	$	384,105		$	327,321		17.35	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	121,585		$	116,089		4.73	%	$	375,521		$	355,943		5.50	%

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								Nine Months Ended
	September 30,								September 30,
	2016			2015			% Variance		2016			2015			% Variance
ALL HOTELS
NOT UNDER RENOVATION:
Total hotel revenue	$	324,971		$	315,039		3.15	%	$	984,968		$	828,808		18.84	%
Non-comparable adjustments	(927		)	(3,725		)			(25,673		)	91,702
Comparable total hotel revenue	$	324,044		$	311,314		4.09	%	$	959,295		$	920,510		4.21	%

Hotel EBITDA	$	110,555		$	103,194		7.13	%	$	335,683		$	281,982		19.04	%
Non-comparable adjustments	(276		)	288					(8,584		)	23,954
Comparable Hotel EBITDA	$	110,279		$	103,482		6.57	%	$	327,099		$	305,936		6.92	%
Hotel EBITDA Margin	34.02		%	32.76		%	1.26	%	34.08		%	34.02		%	0.06	%
Comparable Hotel EBITDA Margin	34.03		%	33.24		%	0.79	%	34.10		%	33.24		%	0.86	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	114		$	102		11.76	%	$	270		$	246		9.76	%
Hotel EBITDA attributable to the Company and OP unitholders	$	110,441		$	103,092		7.13	%	$	335,413		$	281,736		19.05	%
Comparable Hotel EBITDA attributable to the Company and OP unitholders	$	110,165		$	103,380		6.56	%	$	326,829		$	305,690		6.92	%

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 126 HOTEL PROPERTIES INCLUDED IN THE COMPANY’S OPERATIONS AT SEPTEMBER 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		2016		2016		2016		2015		2015		2015
	3rd Quarter		3rd Quarter		3rd Quarter		2nd Quarter		2nd Quarter		2nd Quarter		1st Quarter		1st Quarter		1st Quarter		4th Quarter		4th Quarter		4th Quarter

Total Hotel Revenue	$	369,943	$	(927)	$	369,016	$	408,510	$	(9,260)	$	399,250	$	365,517	$	(15,486)	$	350,031	$	351,103	$	(10,550)	$	340,553
Hotel EBITDA	$	121,975	$	(276)	$	121,699	$	145,303	$	(2,496)	$	142,807	$	117,096	$	(5,812)	$	111,284	$	106,891	$	(3,381)	$	103,510
Hotel EBITDA Margin	32.97%		29.77%		32.98%		35.57%		26.95%		35.77%		32.04%		37.53%		31.79%		30.44%		32.05%		30.39%

EBITDA % of Total TTM	31.7%		3.2%		32.4%		29.6%		20.9%		29.8%		23.8%		48.6%		23.2%		21.8%		28.3%		21.6%

JV Interests in EBITDA	$	114	$	—	$	114	$	100	$	—	$	100	$	56	$	—	$	56	$	73	$	—	$	73

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

Total Hotel Revenue	$	1,495,073	$	(36,223)	$	1,458,850
Hotel EBITDA	$	491,265	$	(11,965)	$	479,300
Hotel EBITDA Margin	32.86%		33.03%		32.85%

EBITDA % of Total TTM	100.0%		100.0%		100.0%

JV Interests in EBITDA	$	343	$	—	$	343

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 September 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	$	121.71	$	—		$	121.71	$	120.67	$	(190.84	)	$	120.30	0.9	%	1.2	%
Boston, MA Area	3	915	205.44		—			205.44		195.63		—			195.63		5.0	%	5.0	%
Dallas / Ft. Worth Area	7	1,518	106.56		—			106.56		104.60		—			104.60		1.9	%	1.9	%
Houston, TX Area	3	692	90.37		—			90.37		110.76		—			110.76		(18.4	)%	(18.4	)%
Los Angeles, CA Metro Area	8	1,900	123.15		—			123.15		102.50		—			102.50		20.1	%	20.1	%
Miami, FL Metro Area	3	587	93.92		—			93.92		89.96		—			89.96		4.4	%	4.4	%
Minneapolis - St. Paul, MN-WI Area	4	809	154.01		—			154.01		127.02		191.14			146.31		21.3	%	5.3	%
Nashville, TN Area	1	673	200.26		—			200.26		175.80		—			175.80		13.9	%	13.9	%
New York / New Jersey Metro Area	6	1,741	124.45		—			124.45		116.91		(103.35		)	118.04		6.4	%	5.4	%
Orlando, FL Area	3	734	90.63		—			90.63		76.52		(64.45		)	94.61		18.4	%	(4.2	)%
Philadelphia, PA Area	3	648	122.55		—			122.55		106.75		—			106.75		14.8	%	14.8	%
San Diego, CA Area	2	410	136.17		—			136.17		127.82		—			127.82		6.5	%	6.5	%
San Francisco - Oakland, CA Metro Area	6	1,368	159.59		—			159.59		158.95		—			158.95		0.4	%	0.4	%
Tampa, FL Area	3	680	90.64		—			90.64		83.52		—			83.52		8.5	%	8.5	%
Washington DC - MD - VA Area	10	2,466	124.22		—			124.22		119.40		—			119.40		4.0	%	4.0	%
Other Areas	54	9,395	111.65		(114.80		)	111.62		111.33		(96.00		)	111.45		0.3	%	0.2	%
Total Portfolio	126	26,456	$	122.74	$	(114.80	)	$	122.76	$	115.84	$	(44.68	)	$	118.76	6.0	%	3.4	%

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 September 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	$	8,688	$	8		$	8,696	7.1	%	$	7,501	$	49		$	7,550	6.5	%	15.8	%	15.2	%
Boston, MA Area	3	915	8,550		—			8,550		7.0	%	8,630		—			8,630		7.4	%	(0.9	)%	(0.9	)%
Dallas / Ft. Worth Area	7	1,518	5,819		—			5,819		4.8	%	5,943		—			5,943		5.1	%	(2.1	)%	(2.1	)%
Houston, TX Area	3	692	2,278		—			2,278		1.9	%	3,032		—			3,032		2.6	%	(24.9	)%	(24.9	)%
Los Angeles, CA Metro Area	8	1,900	8,214		—			8,214		6.7	%	5,538		—			5,538		4.8	%	48.3	%	48.3	%
Miami, FL Metro Area	3	587	1,103		—			1,103		0.9	%	1,167		—			1,167		1.0	%	(5.5	)%	(5.5	)%
Minneapolis - St. Paul, MN-WI Area	4	809	5,881		—			5,881		4.8	%	3,218		1,961			5,179		4.5	%	82.8	%	13.6	%
Nashville, TN Area	1	673	6,138		—			6,138		5.0	%	5,245		—			5,245		4.5	%	17.0	%	17.0	%
New York / New Jersey Metro Area	6	1,741	7,927		3			7,930		6.5	%	8,280		(537		)	7,743		6.7	%	(4.3	)%	2.4	%
Orlando, FL Area	3	734	1,591		—			1,591		1.3	%	2,818		(1,042		)	1,776		1.5	%	(43.5	)%	(10.4	)%
Philadelphia, PA Area	3	648	2,645		—			2,645		2.2	%	2,009		—			2,009		1.7	%	31.7	%	31.7	%
San Diego, CA Area	2	410	2,158		—			2,158		1.8	%	2,031		—			2,031		1.7	%	6.3	%	6.3	%
San Francisco - Oakland, CA Metro Area	6	1,368	9,354		—			9,354		7.7	%	9,086		—			9,086		7.8	%	2.9	%	2.9	%
Tampa, FL Area	3	680	1,763		—			1,763		1.4	%	1,316		—			1,316		1.1	%	34.0	%	34.0	%
Washington DC - MD - VA Area	10	2,466	10,710		—			10,710		8.8	%	9,860		—			9,860		8.5	%	8.6	%	8.6	%
Other Areas	54	9,395	39,156		(287		)	38,869		31.9	%	40,229		(143		)	40,086		34.4	%	(2.7	)%	(3.0	)%
Total Portfolio	126	26,456	$	121,975	$	(276	)	$	121,699	100.0	%	$	115,903	$	288		$	116,191	100.0	%	5.2	%	4.7	%

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.

(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)

			Nine Months Ended September 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	$	119.68	$	(98.79	)	$	120.59	$	111.11	$	137.98		$	116.25	7.7	%	3.7	%
Boston, MA Area	3	915	171.23		—			171.23		202.50		101.12			169.95		(15.4	)%	0.8	%
Dallas / Ft. Worth Area	7	1,518	113.41		—			113.41		109.77		115.68			110.22		3.3	%	2.9	%
Houston, TX Area	3	692	104.06		—			104.06		115.49		115.98			115.54		(9.9	)%	(9.9	)%
Los Angeles, CA Metro Area	8	1,900	128.49		—			128.49		109.37		119.82			109.90		17.5	%	16.9	%
Miami, FL Metro Area	3	587	133.43		—			133.43		129.61		—			129.61		2.9	%	2.9	%
Minneapolis - St. Paul, MN-WI Area	4	809	132.50		—			132.50		106.77		169.32			127.92		24.1	%	3.6	%
Nashville, TN Area	1	673	202.65		—			202.65		185.49		149.75			177.12		9.2	%	14.4	%
New York / New Jersey Metro Area	6	1,741	113.60		(85.36		)	114.91		114.36		64.92			110.79		(0.7	)%	3.7	%
Orlando, FL Area	3	734	99.67		(91.88		)	106.14		92.05		(81.08		)	108.50		8.3	%	(2.2	)%
Philadelphia, PA Area	3	648	106.99		—			106.99		96.29		—			96.29		11.1	%	11.1	%
San Diego, CA Area	2	410	123.42		—			123.42		117.10		—			117.10		5.4	%	5.4	%
San Francisco - Oakland, CA Metro Area	6	1,368	155.93		—			155.93		149.64		—			149.64		4.2	%	4.2	%
Tampa, FL Area	3	680	115.79		—			115.79		103.24		122.12			105.50		12.2	%	9.8	%
Washington DC - MD - VA Area	10	2,466	132.96		—			132.96		133.38		91.86			130.92		(0.3	)%	1.6	%
Other Areas	54	9,395	110.03		(126.59		)	109.84		110.12		98.27			108.36		(0.1	)%	1.4	%
Total Portfolio	126	26,456	$	121.92	$	(96.26	)	$	122.78	$	117.51	$	129.92		$	118.46	3.8	%	3.6	%

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)

			Nine Months Ended September 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	$	25,397	$	(646	)	$	24,751	6.6	%	$	17,219	$	4,676		$	21,895	6.1	%	47.5	%	13.0	%
Boston, MA Area	3	915	19,711		—			19,711		5.2	%	17,372		2,445			19,817		5.6	%	13.5	%	(0.5	)%
Dallas / Ft. Worth Area	7	1,518	20,228		—			20,228		5.4	%	17,878		1,946			19,824		5.6	%	13.1	%	2.0	%
Houston, TX Area	3	692	8,839		—			8,839		2.4	%	9,141		1,403			10,544		3.0	%	(3.3	)%	(16.2	)%
Los Angeles, CA Metro Area	8	1,900	28,433		—			28,433		7.6	%	21,540		1,427			22,967		6.4	%	32.0	%	23.8	%
Miami, FL Metro Area	3	587	9,334		—			9,334		2.5	%	8,905		—			8,905		2.5	%	4.8	%	4.8	%
Minneapolis - St. Paul, MN-WI Area	4	809	13,047		—			13,047		3.5	%	7,105		5,037			12,142		3.4	%	83.6	%	7.5	%
Nashville, TN Area	1	673	19,728		—			19,728		5.2	%	13,064		2,975			16,039		4.5	%	51.0	%	23.0	%
New York / New Jersey Metro Area	6	1,741	23,806		(756		)	23,050		6.1	%	22,505		161			22,666		6.4	%	5.8	%	1.7	%
Orlando, FL Area	3	734	13,036		(5,624		)	7,412		2.0	%	15,443		(7,598		)	7,845		2.2	%	(15.6	)%	(5.5	)%
Philadelphia, PA Area	3	648	6,514		—			6,514		1.7	%	5,315		—			5,315		1.5	%	22.6	%	22.6	%
San Diego, CA Area	2	410	5,868		—			5,868		1.6	%	5,289		—			5,289		1.5	%	10.9	%	10.9	%
San Francisco - Oakland, CA Metro Area	6	1,368	26,655		—			26,655		7.1	%	24,878		—			24,878		7.0	%	7.1	%	7.1	%
Tampa, FL Area	3	680	9,242		—			9,242		2.5	%	6,671		1,262			7,933		2.2	%	38.5	%	16.5	%
Washington DC - MD - VA Area	10	2,466	36,831		—			36,831		9.8	%	34,487		1,123			35,610		10.0	%	6.8	%	3.4	%
Other Areas	54	9,395	117,706		(1,558		)	116,148		30.9	%	100,755		13,765			114,520		32.2	%	16.8	%	1.4	%
Total Portfolio	126	26,456	$	384,375	$	(8,584	)	$	375,791	100.0	%	$	327,567	$	28,622		$	356,189	100.0	%	17.3	%	5.5	%

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.

(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

September 30, 2016

(in thousands except share price)

(unaudited)

	September 30,
	2016
End of quarter common shares outstanding	96,179
Partnership units outstanding (common share equivalents)*	20,586
Combined common shares and partnership units outstanding	116,765
Common stock price at quarter end	$	5.89
Market capitalization at quarter end	$	687,744
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series F preferred stock	$	120,000
Debt on balance sheet date	$	3,764,963
Joint venture partner’s share of consolidated debt	$	(2,071	)
Net working capital (see below)	$	(400,805	)
Total enterprise value (TEV)	$	4,447,979

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	47.65
Market value of Ashford Inc. investment	$	28,502

Cash and cash equivalents	$	256,697
Restricted cash	$	150,883
Accounts receivable, net	$	61,519
Prepaid expenses	$	23,441
Investment in securities investment fund	$	52,675
Due from affiliates, net	$	(10,983	)
Due from third-party hotel managers, net	$	12,968
Market value of Ashford Inc. investment	$	28,502
Total current assets	$	575,702

Accounts payable, net & accrued expenses	$	152,350
Dividends payable	22,547
Total current liabilities	$	174,897

Net working capital**	$	400,805

* 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	Actual	Estimated
Embassy Suites Austin	150	x	x	x
Hilton Garden Inn Austin	254	x	x	x
SpringHill Suites Jacksonville	102	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
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
Le Pavillon New Orleans	226			x	x
Marriott Crystal Gateway	697			x	x
Marriott San Antonio Plaza	251			x	x
Courtyard Basking Ridge	235				x
Courtyard Columbus	90				x
Hampton Inn Parsippany	152				x
Hilton Boston Back Bay	390				x
Hilton Garden Inn Virginia Beach	176				x
Hilton St. Petersburg	333				x
Hyatt Regency Savannah	351				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			2016			2015			September 30, 2016
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM

Net income	$	55,743		$	106,459		$	53,017		$	43,305		$	258,524
Income from consolidated entities attributable to noncontrolling interests	(45		)	(35		)	9			(8		)	(79		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—
Net income attributable to the Company	55,698			106,424			53,026			43,297			258,445
Non-property adjustments	3,591			(23,094		)	114			—			(19,389		)
Interest Income	(11		)	(12		)	(11		)	(9		)	(43		)
Interest expense	479			469			467			456			1,871
Amortization of loan cost	121			119			118			116			474
Depreciation and amortization	60,020			59,922			61,978			60,996			242,916
Income tax expense	15			19			26			118			178
Non-Hotel EBITDA ownership expense	2,017			1,421			1,387			1,909			6,734
(Income) loss from consolidated entities attributable to noncontrolling interests	45			35			(9		)	8			79

Hotel EBITDA including amounts attributable to noncontrolling interest	121,975			145,303			117,096			106,891			491,265

Non-comparable adjustments	(276		)	(2,496		)	(5,812		)	(3,381		)	(11,965		)
Comparable Hotel EBITDA	$	121,699		$	142,807		$	111,284		$	103,510		$	479,300

NOTES:

(1) The above comparable information assumes the 126 hotel properties owned and included in the Company’s operations at September 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 September 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)	$	53,631		$	2,112	$	55,743		$	241	$	(81,122	)	$	(25,138	)
Income from consolidated entities attributable to noncontrolling interests	(45		)	—		(45		)	—		29			(16		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		4,151			4,151
Net income (loss) attributable to the Company	53,586			2,112		55,698			241		(76,942		)	(21,003		)
Non-property adjustments	3,591			—		3,591			—		(3,591		)	—
Interest income	(11		)	—		(11		)	—		(81		)	(92		)
Interest expense	479			—		479			—		49,634			50,113
Amortization of loan cost	121			—		121			—		5,528			5,649
Depreciation and amortization	50,980			9,040		60,020			101		49			60,170
Income tax expense (benefit)	15			—		15			—		(31		)	(16		)
Non-Hotel EBITDA ownership expense	1,749			268		2,017			51		(2,068		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	45			—		45			—		(45		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	110,555			11,420		121,975			393		(27,547		)	94,821
Less: EBITDA adjustments attributable to non-controlling interest	(69		)	—		(69		)	—		(23		)	(92		)
Income from consolidated entities attributable to noncontrolling interests	(45		)	—		(45		)	—		45			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—		—			—		(4,151		)	(4,151		)
Equity in loss of unconsolidated entities	—			—		—			—		85			85
Company’s portion of EBITDA of Ashford Inc.	—			—		—			—		165			165
Company’s portion of EBITDA of Ashford Prime	—			—		—			—		—			—

Hotel EBITDA attributable to the Company and OP unitholders	$	110,441		$	11,420	$	121,861		$	393	$	(31,426	)	$	90,828

Non-comparable adjustments	(276		)	—		(276		)
Comparable Hotel EBITDA	$	110,279		$	11,420	$	121,699

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 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)	$	95,541		$	10,918		$	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	95,506			10,918			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	51,852			8,070			59,922			109		48			60,079
Income tax expense (benefit)	19			—			19			—		584			603
Non-Hotel EBITDA ownership expense	1,510			(89		)	1,421			2		(1,423		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	35			—			35			—		(35		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	126,405			18,898			145,303			494		2,026			147,823
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—			(65		)	—		(28		)	(93		)
Income from consolidated entities attributable to noncontrolling interests	(35		)	—			(35		)	—		39			4
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	—			—			—			—		—			—

Hotel EBITDA attributable to the Company and OP unitholders	$	126,305		$	18,898		$	145,203		$	494	$	6,281		$	151,978

Non-comparable adjustments	(2,496		)	—			(2,496		)
Comparable Hotel EBITDA	$	123,909		$	18,898		$	142,807

NOTES:

(1) The above comparable information assumes the 126 hotel properties owned and included in the Company's operations at September 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.

(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			Corporate / Allocated			Ashford Hospitality Trust Inc.

Net income (loss)	$	42,456		$	10,561		$	53,017		$	447		$	(65,603	)	$	(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	42,465			10,561			53,026			447			(63,462		)	(9,989		)
Non-property adjustments	—			114			114			—			(114		)	—
Interest income	(9		)	(2		)	(11		)	—			(52		)	(63		)
Interest expense	467			—			467			—			49,298			49,765
Amortization of loan cost	118			—			118			—			6,060			6,178
Depreciation and amortization	54,332			7,646			61,978			135			49			62,162
Income tax expense (benefit)	26			—			26			—			603			629
Non-Hotel EBITDA ownership expense	1,333			54			1,387			(1		)	(1,386		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	(9		)	—			(9		)	—			9			—
Hotel EBITDA including amounts attributable to noncontrolling interest	98,723			18,373			117,096			581			(8,995		)	108,682
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—			(65		)	—			(30		)	(95		)
Income from consolidated entities attributable to noncontrolling interests	9			—			9			—			(5		)	4
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	—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	98,667		$	18,373		$	117,040		$	581		$	(10,508	)	$	107,113

Non-comparable adjustments	(5,812		)	—			(5,812		)
Comparable Hotel EBITDA	$	92,911		$	18,373		$	111,284

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

Net income (loss)	$	35,501		$	7,804		$	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	35,493			7,804			43,297			108			(65,397		)	(21,992		)
Non-property adjustments	—			—			—			—			—			—
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	54,002			6,994			60,996			145			48			61,189
Income tax expense (benefit)	118			—			118			—			(43		)	75
Non-Hotel EBITDA ownership expense	1,759			150			1,909			(1		)	(1,908		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	8			—			8			—			(8		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	91,945			14,946			106,891			252			(14,369		)	92,774
Less: EBITDA adjustments attributable to non-controlling interest	(65		)	—			(65		)	—			(24		)	(89		)
(Income) loss 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	—			—			—			—			—			—

Hotel EBITDA attributable to the Company and OP unitholders	$	91,872		$	14,946		$	106,818		$	252		$	(18,411	)	$	88,659

Non-comparable adjustments	(3,381		)	—			(3,381		)
Comparable Hotel EBITDA	$	88,564		$	14,946		$	103,510

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

Net income (loss)	$	48,862		$	6,234		$	55,096		$	220	$	(74,827	)	$	(19,511	)
Income from consolidated entities attributable to noncontrolling interests	(33		)	—			(33		)	—		30			(3		)
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		3,193			3,193
Net income (loss) attributable to the Company	48,829			6,234			55,063			220		(71,604		)	(16,321		)
Non-property adjustments	—			—			—			—		—			—
Interest income	(9		)	(1		)	(10		)	—		(11		)	(21		)
Interest expense	455			—			455			—		46,112			46,567
Amortization of loan cost	114			—			114			—		5,178			5,292
Depreciation and amortization	52,020			6,532			58,552			139		50			58,741
Income tax expense (benefit)	60			—			60			—		1,661			1,721
Non-Hotel EBITDA ownership expense	1,692			(56		)	1,636			5		(1,641		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	33			—			33			—		(33		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	103,194			12,709			115,903			364		(20,288		)	95,979
Less: EBITDA adjustments attributable to non-controlling interest	(69		)	—			(69		)	—		(20		)	(89		)
(Income) loss 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.	—			—			—			—		680			680
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		509			509

Hotel EBITDA attributable to the Company and OP unitholders	$	103,092		$	12,709		$	115,801		$	364	$	(21,842	)	$	94,323

Non-comparable adjustments	288			—			288
Comparable Hotel EBITDA	$	103,482		$	12,709		$	116,191

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine months Ended September 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)	$	191,628		$	23,592		$	215,220		$	1,071	$	(218,433	)	$	(2,142	)
Income from consolidated entities attributable to noncontrolling interests	(72		)	—			(72		)	—		88			16
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		1,887			1,887
Net income (loss) attributable to the Company	191,556			23,592			215,148			1,071		(216,458		)	(239		)
Non-property adjustments	(19,503		)	114			(19,389		)	—		19,389			—
Interest income	(32		)	(3		)	(35		)	—		(194		)	(229		)
Interest expense	1,414			—			1,414			—		148,753			150,167
Amortization of loan cost	359			—			359			—		17,641			18,000
Depreciation and amortization	157,164			24,756			181,920			346		145			182,411
Income tax expense (benefit)	60			—			60			—		1,156			1,216
Non-Hotel EBITDA ownership expense	4,593			233			4,826			55		(4,881		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	72			—			72			—		(72		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	335,683			48,692			384,375			1,472		(34,521		)	351,326
Less: EBITDA adjustments attributable to non-controlling interest	(198		)	—			(198		)	—		(75		)	(273		)
Income from consolidated entities attributable to noncontrolling interests	(72		)	—			(72		)	—		72			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		(1,887		)	(1,887		)
Equity in loss of unconsolidated entities	—			—			—			—		959			959
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		(207		)	(207		)
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	$	335,413		$	48,692		$	384,105		$	1,472	$	(35,659	)	$	349,918

Non-comparable adjustments	(8,584		)	—			(8,584		)
Comparable Hotel EBITDA	$	327,099		$	48,692		$	375,791

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)

	Nine 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)	$	125,039		$	28,747		$	153,786		$	1,005	$	177,748		$	332,539
Income from consolidated entities attributable to noncontrolling interests	(82		)	—			(82		)	—		90			8
Net loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(39,616		)	(39,616		)
Net income (loss) attributable to the Company	124,957			28,747			153,704			1,005		138,222			292,931
Non-property adjustments	21,079			—			21,079			—		(21,079		)	—
Interest income	(23		)	(2		)	(25		)	—		(42		)	(67		)
Interest expense	924			—			924			—		120,158			121,082
Amortization of loan cost	226			—			226			—		12,681			12,907
Depreciation and amortization	131,362			17,291			148,653			419		149			149,221
Income tax expense (benefit)	60			—			60			—		4,575			4,635
Non-Hotel EBITDA ownership expense	3,315			(451		)	2,864			7		(2,871		)	—
(Income) loss from consolidated entities attributable to noncontrolling interests	82			—			82			—		(82		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	281,982			45,585			327,567			1,431		251,711			580,709
Less: EBITDA adjustments attributable to non-controlling interest	(164		)	—			(164		)	—		(78		)	(242		)
(Income) loss from consolidated entities attributable to noncontrolling interests	(82		)	—			(82		)			82			—
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership	—			—			—			—		39,616			39,616
Equity in loss of unconsolidated entities	—			—			—			—		4,204			4,204
Company’s portion of EBITDA of Ashford Inc.	—			—			—			—		(13		)	(13		)
Company’s portion of EBITDA of Ashford Prime	—			—			—			—		7,640			7,640
Company’s portion of EBITDA of Highland JV	—			—			—			—		11,982			11,982
Hotel EBITDA attributable to the Company and OP unitholders	$	281,736		$	45,585		$	327,321		$	1,431	$	315,144		$	643,896

Non-comparable adjustments	23,954			4,668			28,622
Comparable Hotel EBITDA	$	305,936		$	50,253		$	356,189

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)


	Twelve Months Ended September 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)	$	20,040		$	2,302		$	5,321		$	23,721		$	11,573	$	(437	)	$	49,729	$	10,582		$	9,937		$	28,927		$	9,400		$	(102	)	$	(195	)	$	577		$	1,918	$	2,225	$	1,934		$	22,477
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	20,040			2,302			5,321			23,721			11,573		(437		)	49,729		10,582			9,937			28,927			9,400			(102		)	(195		)	577			1,918		2,225		1,934			22,477
Non-property adjustments	—			—			—			—			—		—			—		—			—			(22,920		)	—			—			114			—			—		—		—			—
Interest income	(1		)	—			—			(16		)	—		—			—		(1		)	(2		)	—			(8		)	—			—			—			—		—		—			(6		)
Interest expense	—			—			—			4			—		1,807			—		—			—			—			—			—			—			—			60		—		—			—
Amortization of loan cost	—			—			—			—			—		474			—		—			—			—			—			—			—			—			—		—		—			—
Depreciation and amortization	18,144			4,345			2,972			20,349			11,992		1,840			65,032		6,696			8,140			4,097			9,656			2,224			2,632			1,327			10,149		1,820		2,872			24,365
Income tax expense	—			9			—			—			—		—			—		59			24			—			—			—			—			—			—		—		—			7
Non-Hotel EBITDA ownership expense	383			205			89			378			355		15			1,899		19			13			499			215			71			279			138			416		15		131			1,839
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—		—			—			—			—			—			—			—			—		—		—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	38,566			6,861			8,382			44,436			23,920		3,699			116,660		17,355			18,112			10,603			19,263			2,193			2,830			2,042			12,543		4,060		4,937			48,682

Non-comparable adjustments	—			—			—			—			—		—			—		—			—			(10,603		)	—			—			—			99			—		—		—			—

Comparable Hotel EBITDA	$	38,566		$	6,861		$	8,382		$	44,436		$	23,920	$	3,699		$	116,660	$	17,355		$	18,112		$	—		$	19,263		$	2,193		$	2,830		$	2,141		$	12,543	$	4,060	$	4,937		$	48,682

	Morgan Stanley Boston Back Bay - 1 hotel			Morgan Stanley Princeton/ Nashville - 2 hotels			NorthStar Gainesville - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			Omni American Bank Ashton - 1 hotel		GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel			Key Bank Manchester CY - 1 hotel			Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C2 - 2 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 3 - 3 hotels			BAML Pool 4 - 2 hotels		BAML Pool 5 - 2 hotels		Unencumbered hotels			Total Portfolio
Net income (loss)	$	8,561		$	17,368		$	2,946		$	751		$	598	$	10,121		$	2,977	$	574		$	432		$	174		$	5,781		$	1,857		$	2,417		$	4,696		$	2,102	$	1,978	$	(4,738	)	$	258,524
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—		—			(62		)	(18		)	—			—			—			—			—		—		1			(79		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—		—			—		—			—			—			—			—			—			—			—		—		—			—
Net income (loss) attributable to the Company	8,561			17,368			2,946			751			598		10,121			2,977		574			370			156			5,781			1,857			2,417			4,696			2,102		1,978		(4,737		)	258,445
Non-property adjustments	—			—			(1,622		)	—			—		—			—		—			—			—			—			—			—			—			—		—		5,039			(19,389		)
Interest income	—			—			—			—			—		(2		)	—		—			—			—			—			—			—			(4		)	—		—		(3		)	(43		)
Interest expense	—			—			—			—			—		—			—		—			—			—			—			—			—			—			—		—		—			1,871
Amortization of loan cost	—			—			—			—			—		—			—		—			—			—			—			—			—			—			—		—		—			474
Depreciation and amortization	5,712			11,432			909			729			410		6,355			2,922		924			879			681			2,610			467			1,178			3,778			1,424		1,022		2,832			242,916
Income tax expense	—			(4		)	—			—			—		—			—		—			—			83			—			—			—			—			—		—		—			178
Non-Hotel EBITDA ownership expense	246			75			37			122			9		(1,198		)	11		126			33			8			65			46			55			61			10		14		55			6,734
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—		—			62			18			—			—			—			—			—		—		(1		)	79
Hotel EBITDA including amounts attributable to noncontrolling interest	14,519			28,871			2,270			1,602			1,017		15,276			5,910		1,624			1,344			946			8,456			2,370			3,650			8,531			3,536		3,014		3,185			491,265

Non-comparable adjustments	—			—			(2,270		)	—			—		—			821		—			—			—			—			—			—			—			—		—		(12		)	(11,965		)

Comparable Hotel EBITDA	$	14,519		$	28,871		$	—		$	1,602		$	1,017	$	15,276		$	6,731	$	1,624		$	1,344		$	946		$	8,456		$	2,370		$	3,650		$	8,531		$	3,536	$	3,014	$	3,173		$	479,300

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, 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)	$	4,574	$	794		$	1,735		$	6,679		$	4,976	$	(265	)	$	10,833	$	2,586		$	2,792		$	(120	)	$	2,311		$	552	$	(723	)	$	247		$	716		$	761	$	675		$	4,542
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	4,574		794			1,735			6,679			4,976		(265		)	10,833		2,586			2,792			(120		)	2,311			552		(723		)	247			716			761		675			4,542
Non-property adjustments	—		—			—			—			—		—			—		—			—			174			—			—		—			—			—			—		—			—
Interest income	—		—			—			(4		)	—		—			—		(1		)	(1		)	—			(2		)	—		—			—			—			—		—			(2		)
Interest expense	—		—			—			1			—		463			—		—			—			—			—			—		—			—			15			—		—			—
Amortization of loan cost	—		—			—			—			—		121			—		—			—			—			—			—		—			—			—			—		—			—
Depreciation and amortization	4,684		1,217			557			5,166			3,050		466			15,832		1,656			2,035			—			2,542			583		682			348			2,664			468		725			6,379
Income tax expense	—		—			—			—			—		—			—		—			—			—			—			—		—			—			—			—		—			—
Non-Hotel EBITDA ownership expense	20		(24		)	81			40			94		4			1,395		(16		)	58			(64		)	(28		)	19		2			3			90			12		34			266
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—		—			—		—			—			—			—			—		—			—			—			—		—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	9,278		1,987			2,373			11,882			8,120		789			28,060		4,225			4,884			(10		)	4,823			1,154		(39		)	598			3,485			1,241		1,434			11,185

Non-comparable adjustments	—		—			—			—			—		—			—		—			—			10			—			—		—			—			—			—		—			—

Comparable Hotel EBITDA	$	9,278	$	1,987		$	2,373		$	11,882		$	8,120	$	789		$	28,060	$	4,225		$	4,884		$	—		$	4,823		$	1,154	$	(39	)	$	598		$	3,485		$	1,241	$	1,434		$	11,185


	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)	$	3,356	$	4,015		$	1,843		$	497		$	69	$	1,612		$	1,641	$	82		$	191		$	129		$	798		$	586	$	681		$	875		$	192		$	462	$	(4,951	)	$	55,743
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—		—			—		—			(28		)	(17		)	—			—		—			—			—			—		—			(45		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—			—			—			—		—			—		—			—			—			—			—		—			—			—			—		—			—
Net income (loss) attributable to the Company	3,356		4,015			1,843			497			69		1,612			1,641		82			163			112			798			586		681			875			192			462		(4,951		)	55,698
Non-property adjustments	—		—			(1,622		)	—			—		—			—		—			—			—			—			—		—			—			—			—		5,039			3,591
Interest income	—		—			—			—			—		—			—		—			—			—			—			—		—			(1		)	—			—		—			(11		)
Interest expense	—		—			—			—			—		—			—		—			—			—			—			—		—			—			—			—		—			479
Amortization of loan cost	—		—			—			—			—		—			—		—			—			—			—			—		—			—			—			—		—			121
Depreciation and amortization	1,441		2,843			61			199			113		1,832			831		228			223			171			684			109		332			953			—			238		708			60,020
Income tax expense	—		—			—			—			—		—			—		—			—			15			—			—		—			—			—			—		—			15
Non-Hotel EBITDA ownership expense	114		54			4			30			9		(332		)	3		54			28			2			9			6		15			7			(17		)	6		39			2,017
Income from consolidated entities attributable to noncontrolling interest	—		—			—			—			—		—			—		—			28			17			—			—		—			—			—			—		—			45
Hotel EBITDA including amounts attributable to noncontrolling interest	4,911		6,912			286			726			191		3,112			2,475		364			442			317			1,491			701		1,028			1,834			175			706		835			121,975

Non-comparable adjustments	—		—			(286		)	—			—		—			—		—			—			—			—			—		—			—			—			—		—			(276		)

Comparable Hotel EBITDA	$	4,911	$	6,912		$	—		$	726		$	191	$	3,112		$	2,475	$	364		$	442		$	317		$	1,491		$	701	$	1,028		$	1,834		$	175		$	706	$	835		$	121,699

NOTES:

(1)	The above comparable information assumes the 126 hotel properties owned and included in the Company’s operations at September 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	$	1,041		$	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		1,041			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		975			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		(29		)	3		58			42		4			243		(31		)	(36		)	373			44			16		174		7		83		3		25		473
Income from consolidated entities attributable to noncontrolling interest	—		—			—		—			—		—			—		—			—			—			—			—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,407		1,987			2,197		12,021			7,122		937			36,040		4,595			4,917			1,883			5,750			1,022		804		498		3,783		1,100		1,329		13,911

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

Comparable Hotel EBITDA	$	11,407	$	1,987		$	2,197	$	12,021		$	7,122	$	937		$	36,040	$	4,595		$	4,917		$	—		$	5,750		$	1,022	$	804	$	498	$	3,783	$	1,100	$	1,329	$	13,911




	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	$	614		$	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		614			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		868			59,922
Income tax expense	—		—		—			—		—			—			—		—		—			19			—		—		—		—			—		—		—			19
Non-Hotel EBITDA ownership expense	23		8		13			78		(1		)	(331		)	2		15		2			2			39		18		16		7			18		5		—			1,421
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—		—		23			12			—		—		—		—			—		—		—			35
Hotel EBITDA including amounts attributable to noncontrolling interest	4,893		9,885		614			401		283			5,199			2,004		483		381			288			2,228		697		1,069		2,168			1,021		905		1,481			145,303

Non-comparable adjustments	—		—		(614		)	—		—			—			—		—		—			—			—		—		—		—			—		—		1			(2,496		)

Comparable Hotel EBITDA	$	4,893	$	9,885	$	—		$	401	$	283		$	5,199		$	2,004	$	483	$	381		$	288		$	2,228	$	697	$	1,069	$	2,168		$	1,021	$	905	$	1,482		$	142,807

NOTES:

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	$	449	$	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		449		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		1,061		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		79		2		259			35		3		145		68		(50		)	76			24			(2		)	70		48		78			1		4		427
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—		—		—		—		—			—			—			—			—		—		—			—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,085		1,589		2,171		10,926			3,994		1,123		26,363		4,701		4,653			5,155			4,444			(95		)	1,110		579		2,389			663		1,121		13,132

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

Comparable Hotel EBITDA	$	10,085	$	1,589	$	2,171	$	10,926		$	3,994	$	1,123	$	26,363	$	4,701	$	4,653		$	—		$	4,444		$	(95	)	$	1,110	$	579	$	2,389		$	663	$	1,121	$	13,132

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	$	(846	)	$	53,017
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		(846		)	53,026
Non-property adjustments	—			—			—			—		—		—			—			—		—			—			—		—		—		—			—		—		—			114
Interest income	—			—			—			—		—		(1		)	—			—		—			—			—		—		—		(1		)	—		—		(2		)	(11		)
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		808			61,978
Income tax expense	—			—			—			—		—		—			—			—		—			26			—		—		—		—			—		—		—			26
Non-Hotel EBITDA ownership expense	115			(7		)	10			1		—		(294		)	5			19		2			2			—		5		14		17			5		3		12			1,387
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—		—		—			—			—		1			(10		)	—		—		—		—			—		—		—			(9		)
Hotel EBITDA including amounts attributable to noncontrolling interest	1,451			6,024			657			231		260		3,332			794			490		231			145			2,855		543		820		2,650			1,792		746		(28		)	117,096

Non-comparable adjustments	—			—			(657		)	—		—		—			—			—		—			—			—		—		—		—			—		—		—			(5,812		)

Comparable Hotel EBITDA	$	1,451		$	6,024		$	—		$	231	$	260	$	3,332		$	794		$	490	$	231		$	145		$	2,855	$	543	$	820	$	2,650		$	1,792	$	746	$	(28	)	$	111,284

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 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		$	18		$	843		$	4,590		$	1,544	$	(165	)	$	8,942	$	2,116		$	1,555		$	1,619		$	1,724		$	(440	)	$	274	$	(2	)	$	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			18			843			4,590			1,544		(165		)	8,942		2,116			1,555			1,619			1,724			(440		)	274		(2		)	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			179			3			21			184		4			116		(2		)	41			114			175			38			33		80			165			(1		)	68			673
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—		—			—			—			—			—			—		—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	7,796			1,298			1,641			9,607			4,684		850			26,197		3,834			3,658			3,575			4,246			112			955		367			2,886			1,056			1,053			10,454

Non-comparable adjustments	—			—			—			—			—		—			—		—			—			(3,575		)	—			—			—		99			—			—			—			—

Comparable Hotel EBITDA	$	7,796		$	1,298		$	1,641		$	9,607		$	4,684	$	850		$	26,197	$	3,834		$	3,658		$	—		$	4,246		$	112		$	955	$	466		$	2,886		$	1,056		$	1,053		$	10,454


	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		$	445		$	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			446			43,297
Non-property adjustments	—			—			—			—			—		—			—		—			—			—			—			—			—		—			—			—			—			—
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	(6		)	20			10			13			1		(241		)	1		38			1			2			17			17			10		30			4			—			4			1,909
Income from consolidated entities attributable to noncontrolling interest	—			—			—			—			—		—			—		—			10			(1		)	—			—			—		—			—			—			(1		)	8
Hotel EBITDA including amounts attributable to noncontrolling interest	3,264			6,050			713			244			283		3,633			637		287			290			196			1,882			429			733		1,879			548			657			897			106,891

Non-comparable adjustments	—			—			(713		)	—			—		—			821		—			—			—			—			—			—		—			—			—			(13		)	(3,381		)

Comparable Hotel EBITDA	$	3,264		$	6,050		$	—		$	244		$	283	$	3,633		$	1,458	$	287		$	290		$	196		$	1,882		$	429		$	733	$	1,879		$	548		$	657		$	884		$	103,510

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 September 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	$	4,898	$	4,998	$	3,198		$	528	$	3,911		$	(444	)	$	3,398	$	3,713	$	3,404		$	541		$	1,252		$	1,101	$	7,020		$	558	$	437		$	17,230		$	55,743
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	4,898		4,998		3,198			528		3,911			(444		)	3,398		3,713		3,404			541			1,252			1,101		7,020			558		437			17,185			55,698
Non-property adjustments	15		—		—			—		—			—			—		—		—			—			—			—		—			—		5,039			(1,463		)	3,591
Interest income	—		—		—			—		—			—			—		—		(2		)	(1		)	—			—		(1		)	—		(2		)	(5		)	(11		)
Interest expense	—		—		—			—		—			—			—		—		—			—			—			—		—			—		—			479			479
Amortization of loan cost	—		—		—			—		—			—			—		—		—			—			—			—		—			—		—			121			121
Depreciation and amortization	3,650		3,399		2,781			1,713		4,307			1,474			2,462		2,382		4,371			1,038			1,398			1,050		2,200			1,106		5,442			21,247			60,020
Income tax expense	—		—		—			—		—			—			—		—		—			—			—			—		—			—		—			15			15
Non-Hotel EBITDA ownership expense	125		153		(160		)	37		(4		)	73			21		43		154			13			(5		)	7		135			99		(206		)	1,532			2,017
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—		—		—			—			—			—		—			—		—			45			45
Hotel EBITDA including amounts attributable to noncontrolling interest	8,688		8,550		5,819			2,278		8,214			1,103			5,881		6,138		7,927			1,591			2,645			2,158		9,354			1,763		10,710			39,156			121,975

Non-comparable adjustments	8		—		—			—		—			—			—		—		3			—			—			—		—			—		—			(287		)	(276		)

Comparable Hotel EBITDA	$	8,696	$	8,550	$	5,819		$	2,278	$	8,214		$	1,103		$	5,881	$	6,138	$	7,930		$	1,591		$	2,645		$	2,158	$	9,354		$	1,763	$	10,710		$	38,869		$	121,699

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 September 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	$	3,361	$	5,614	$	2,894	$	1,323		$	659		$	(325	)	$	1,639	$	3,075	$	3,655		$	741		$	693	$	980	$	6,720	$	(321	)	$	5,219		$	19,169		$	55,096
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			(33		)	(33		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			—			—
Net income attributable to the Company	3,361		5,614		2,894		1,323			659			(325		)	1,639		3,075		3,655			741			693		980		6,720		(321		)	5,219			19,136			55,063
Non-property adjustments	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			—			—
Interest income	—		—		—		—			(1		)	(1		)	—		—		(2		)	(1		)	—		—		—		—			(4		)	(1		)	(10		)
Interest expense	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			455			455
Amortization of loan cost	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			114			114
Depreciation and amortization	4,007		2,888		2,950		1,710			4,708			1,254			1,571		2,110		4,598			2,054			1,248		1,047		2,356		1,448			4,860			19,743			58,552
Income tax expense	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			60			60
Non-Hotel EBITDA ownership expense	133		128		99		(1		)	172			239			8		60		29			24			68		4		10		189			(215		)	689			1,636
Income from consolidated entities attributable to noncontrolling interest	—		—		—		—			—			—			—		—		—			—			—		—		—		—			—			33			33
Hotel EBITDA including amounts attributable to noncontrolling interest	7,501		8,630		5,943		3,032			5,538			1,167			3,218		5,245		8,280			2,818			2,009		2,031		9,086		1,316			9,860			40,229			115,903

Non-comparable adjustments	49				—		—			—			—			1,961		—		(537		)	(1,042		)	—		—		—		—			—			(143		)	288

Comparable Hotel EBITDA	$	7,550	$	8,630	$	5,943	$	3,032		$	5,538		$	1,167		$	5,179	$	5,245	$	7,743		$	1,776		$	2,009	$	2,031	$	9,086	$	1,316		$	9,860		$	40,086		$	116,191

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)


	Nine Months Ended September 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)	$	17,848		$	9,473	$	11,894		$	3,555	$	14,554		$	4,739		$	5,672		$	12,749	$	15,539		$	21,641		$	2,412	$	2,686		$	19,204		$	5,521	$	16,689		$	51,044		$	215,220
Income from consolidated entities attributable to noncontrolling interest	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			(72		)	(72		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			—			—
Net income attributable to the Company	17,848			9,473		11,894			3,555		14,554			4,739			5,672			12,749		15,539			21,641			2,412		2,686			19,204			5,521		16,689			50,972			215,148
Non-property adjustments	(4,001		)	—		—			—		—			—			—			—		(5,482		)	(13,438		)	—		—			—			—		5,039			(1,507		)	(19,389		)
Interest income	—			—		(1		)	—		(1		)	(1		)	(1		)	—		(6		)	(5		)	—		(1		)	(5		)	—		(7		)	(7		)	(35		)
Interest expense	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			1,414			1,414
Amortization of loan cost	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			359			359
Depreciation and amortization	11,134			9,913		8,444			5,179		13,932			4,183			7,331			6,938		13,415			4,546			4,096		3,150			7,162			3,537		15,790			63,170			181,920
Income tax expense	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			60			60
Non-Hotel EBITDA ownership expense	416			325		(109		)	105		(52		)	413			45			41		340			292			6		33			294			184		(680		)	3,173			4,826
Income from consolidated entities attributable to noncontrolling interest	—			—		—			—		—			—			—			—		—			—			—		—			—			—		—			72			72
EBITDA including amounts attributable to noncontrolling interest	25,397			19,711		20,228			8,839		28,433			9,334			13,047			19,728		23,806			13,036			6,514		5,868			26,655			9,242		36,831			117,706			384,375

Non-comparable adjustments	(646		)	—		—			—		—			—			—			—		(756		)	(5,624		)	—		—			—			—		—			(1,558		)	(8,584		)

Comparable Hotel EBITDA	$	24,751		$	19,711	$	20,228		$	8,839	$	28,433		$	9,334		$	13,047		$	19,728	$	23,050		$	7,412		$	6,514	$	5,868		$	26,655		$	9,242	$	36,831		$	116,148		$	375,791

NOTES:

(1)	The above comparable information assumes the 126 hotel properties owned and included in the Company’s operations at September 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 TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 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	$	8,242	$	11,249	$	9,665		$	4,499	$	8,609		$	5,074		$	2,877		$	7,963	$	11,188		$	9,217		$	1,543	$	2,139	$	17,918		$	2,769	$	19,296		$	31,538		$	153,786
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—			—		—			—			—		—		—			—		—			(82		)	(82		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—			—		—			—			—			—		—			—			—		—		—			—		—			—			—
Net income attributable to the Company	8,242		11,249		9,665			4,499		8,609			5,074			2,877			7,963		11,188			9,217			1,543		2,139		17,918			2,769		19,296			31,456			153,704
Non-property adjustments	—		—		—			—		—			—			—			—		—			—			—		—		—			—		2,817			18,262			21,079
Interest income	—		—		(1		)	—		(2		)	(1		)	(1		)	—		(5		)	(3		)	—		—		(1		)	—		(8		)	(3		)	(25		)
Interest expense	—		—		—			—		—			—			—			—		—			—			—		—		—			—		—			924			924
Amortization of loan cost	—		—		—			—		—			—			—			—		—			—			—		—		—			—		—			226			226
Depreciation and amortization	8,809		5,954		8,055			4,406		12,731			3,530			4,222			4,804		11,264			5,971			3,602		3,145		6,927			3,646		13,184			48,403			148,653
Income tax expense	—		—		—			—		—			—			—			3		—			—			—		—		—			—		—			57			60
Non-Hotel EBITDA ownership expense	168		169		159			236		202			302			7			294		58			258			170		5		34			256		(802		)	1,348			2,864
Income from consolidated entities attributable to noncontrolling interest	—		—		—			—		—			—			—			—		—			—			—		—		—			—		—			82			82
Hotel EBITDA including amounts attributable to noncontrolling interest	17,219		17,372		17,878			9,141		21,540			8,905			7,105			13,064		22,505			15,443			5,315		5,289		24,878			6,671		34,487			100,755			327,567

Non-comparable adjustments	4,676		2,445		1,946			1,403		1,427			—			5,037			2,975		161			(7,598		)	—		—		—			1,262		1,123			13,765			28,622

Comparable Hotel EBITDA	$	21,895	$	19,817	$	19,824		$	10,544	$	22,967		$	8,905		$	12,142		$	16,039	$	22,666		$	7,845		$	5,315	$	5,289	$	24,878		$	7,933	$	35,610		$	114,520		$	356,189

NOTES:

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

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