EXHIBIT 99.1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
March 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Investments in hotel properties, net | $ | 4,152,741 | $ | 4,160,563 | |||
Cash and cash equivalents | 306,670 | 347,091 | |||||
Restricted cash | 165,262 | 144,014 | |||||
Marketable securities | 50,382 | 53,185 | |||||
Accounts receivable, net of allowance of $586 and $690, respectively | 59,740 | 44,629 | |||||
Inventories | 4,494 | 4,530 | |||||
Investment in securities investment fund | — | 50,890 | |||||
Investment in Ashford Inc. | 5,165 | 5,873 | |||||
Investment in OpenKey | 2,559 | 2,016 | |||||
Deferred costs, net | 2,834 | 2,846 | |||||
Prepaid expenses | 24,668 | 17,578 | |||||
Derivative assets | 1,884 | 3,614 | |||||
Other assets | 13,627 | 11,718 | |||||
Intangible asset, net | 10,032 | 10,061 | |||||
Due from Ashford Prime OP, net | 6 | — | |||||
Due from related party, net | 1,392 | — | |||||
Due from AQUA U.S. Fund | 2,579 | — | |||||
Due from third-party hotel managers | 18,583 | 13,348 | |||||
Assets held for sale | — | 19,588 | |||||
Total assets | $ | 4,822,618 | $ | 4,891,544 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Indebtedness | $ | 3,720,040 | $ | 3,723,559 | |||
Accounts payable and accrued expenses | 156,388 | 126,986 | |||||
Dividends payable | 25,786 | 24,765 | |||||
Unfavorable management contract liabilities | 1,035 | 1,380 | |||||
Due to Ashford Inc., net | 15,750 | 15,716 | |||||
Due to Ashford Prime OP, net | — | 488 | |||||
Due to related party, net | — | 1,001 | |||||
Due to third-party hotel managers | 2,667 | 2,714 | |||||
Intangible liabilities, net | 16,106 | 16,195 | |||||
Derivative liabilities, net | 198 | — | |||||
Other liabilities | 17,439 | 16,548 | |||||
Liabilities associated with assets held for sale | — | 37,047 | |||||
Total liabilities | 3,955,409 | 3,966,399 | |||||
Redeemable noncontrolling interests in operating partnership | 111,273 | 132,768 | |||||
Equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized - | |||||||
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 17 | 17 | |||||
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 95 | 95 | |||||
Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 48 | 48 | |||||
Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 62 | 62 | |||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 97,019,295 and 96,376,827 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 970 | 964 | |||||
Additional paid-in capital | 1,763,675 | 1,764,450 | |||||
Accumulated deficit | (1,009,656 | ) | (974,015 | ) | |||
Total shareholders’ equity of the Company | 755,211 | 791,621 | |||||
Noncontrolling interests in consolidated entities | 725 | 756 | |||||
Total equity | 755,936 | 792,377 | |||||
Total liabilities and equity | $ | 4,822,618 | $ | 4,891,544 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
REVENUE | |||||||
Rooms | $ | 276,705 | $ | 290,615 | |||
Food and beverage | 62,850 | 63,055 | |||||
Other | 13,766 | 13,709 | |||||
Total hotel revenue | 353,321 | 367,379 | |||||
Other | 388 | 393 | |||||
Total revenue | 353,709 | 367,772 | |||||
EXPENSES | |||||||
Hotel operating expenses | |||||||
Rooms | 59,873 | 63,102 | |||||
Food and beverage | 42,170 | 43,101 | |||||
Other expenses | 111,733 | 113,137 | |||||
Management fees | 12,826 | 13,695 | |||||
Total hotel operating expenses | 226,602 | 233,035 | |||||
Property taxes, insurance and other | 18,333 | 18,612 | |||||
Depreciation and amortization | 64,698 | 62,162 | |||||
Impairment charges | — | (111 | ) | ||||
Transaction costs | 3 | 95 | |||||
Advisory services fee: | |||||||
Base advisory fee | 8,716 | 8,540 | |||||
Reimbursable expenses | 1,522 | 1,463 | |||||
Non-cash stock/unit-based compensation | 403 | 900 | |||||
Corporate, general and administrative: | |||||||
Other general and administrative | 5,170 | 1,673 | |||||
Total operating expenses | 325,447 | 326,369 | |||||
OPERATING INCOME (LOSS) | 28,262 | 41,403 | |||||
Equity in earnings (loss) of unconsolidated entities | (763 | ) | (3,585 | ) | |||
Interest income | 208 | 63 | |||||
Gain (loss) on sale of hotel properties | (83 | ) | (114 | ) | |||
Other income (expense), net | (3,120 | ) | (252 | ) | |||
Interest expense, net of premium amortization | (49,959 | ) | (49,765 | ) | |||
Amortization of loan costs | (5,346 | ) | (6,178 | ) | |||
Write-off of loan costs and exit fees | (54 | ) | — | ||||
Unrealized gain (loss) on marketable securities | (3,346 | ) | — | ||||
Unrealized gain (loss) on derivatives | 1,418 | 6,918 | |||||
INCOME (LOSS) BEFORE INCOME TAXES | (32,783 | ) | (11,510 | ) | |||
Income tax benefit (expense) | 846 | (629 | ) | ||||
NET INCOME (LOSS) | (31,937 | ) | (12,139 | ) | |||
(Income) loss from consolidated entities attributable to noncontrolling interest | 31 | 38 | |||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 6,493 | 2,112 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (25,413 | ) | (9,989 | ) | |||
Preferred dividends | (10,956 | ) | (8,490 | ) | |||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (36,369 | ) | $ | (18,479 | ) | |
INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||
Basic: | |||||||
Net income (loss) attributable to common stockholders | $ | (0.39 | ) | $ | (0.20 | ) | |
Weighted average common shares outstanding – basic | 94,840 | 94,136 | |||||
Diluted: | |||||||
Net income (loss) attributable to common stockholders | $ | (0.39 | ) | $ | (0.20 | ) | |
Weighted average common shares outstanding – diluted | 94,840 | 94,136 | |||||
Dividends declared per common share: | $ | 0.12 | $ | 0.12 |
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