Ashford Hospitality Trust (AHT) 8-K Ashford Trust Reports Third Quarter 2017 Results

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Jordan Jennings	Joe Calabrese
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2017 RESULTS

Comparable RevPAR changed 0.0% for all Hotels

Comparable Hotel EBITDA decreased 3.8% for all Hotels

Completed Refinancing of 17-Hotel Portfolio

Completed Refinancing of Hilton Boston Back Bay

Approximately $13.7 million of Expected Annual Savings from Capital Markets Transactions

DALLAS, November 2, 2017 - 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, 2017. 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, 2017 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, 2017, with the third quarter ended September 30, 2016 (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 6.8%

• Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

▪ working capital needs at property and corporate levels

▪ hedging against a downturn in the economy or hotel fundamentals

▪ being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

• Net loss attributable to common stockholders was $37.8 million or $0.40 per diluted share for the quarter

• Comparable RevPAR changed 0.0%,equating to $124.92, during the quarter

• Comparable RevPAR for all hotels not under renovation increased 0.4%to$126.64 during the quarter

• Adjusted EBITDA was $100.8 million for the quarter

• Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter

• The Company’s common stock is currently trading at an approximate 6.8% dividend yield

• During the quarter, the Company completed a $95 million offering of its 7.50% Series H Preferred Stock

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• During the quarter, the Company completed the redemption of its 8.55% Series A Preferred Stock and a partial redemption of its 8.45% Series D Preferred Stock

• Subsequent to quarter end, the Company announced that it had refinanced its mortgage loan on the Hilton Boston Back Bay

• Subsequent to quarter end, the Company announced that it had refinanced a mortgage loan on seventeen hotels

• Capex invested during the quarter was $54 million

UPDATE ON HURRICANES HARVEY & IRMA

The Company’s hotels in the paths of Hurricanes Harvey and Irma did not sustain any significant damage with a few properties sustaining minor damage. All of the Company’s properties are open and operating. All of the Company’s properties have comprehensive property, casualty, flood and business interruption insurance, subject to a maximum $10 million deductible. The Company believes no damage will exceed its coverage caps. For purposes of calculating Adjusted EBITDA and Adjusted Funds From Operations, the Company has added back the uninsured costs relating to the hurricanes.

CAPITAL STRUCTURE

At September 30, 2017, the Company had total assets of $4.7billion. As of September 30, 2017, the Company had $3.7 billion of mortgage debt. The Company’s total combined debt had a blended average interest rate of 5.7%. After taking into account the recently announced refinancings, the Company’s total combined debt had a blended average interest rate of 5.4%.

On August 16, 2017, the Company announced that it had priced an underwritten public offering of 3,800,000 shares, including the underwriter’s overallotment, of 7.50% Series H Cumulative Preferred Stock at $25.00 per share. Dividends on the Preferred Stock will accrue at a rate of 7.50% per annum on the liquidation preference of $25.00 per share.

On September 18, 2017, the Company redeemed all of its issued and outstanding shares of its 8.55% Series A Cumulative Preferred Stock and 1,564,353 shares of its 8.45% Series D Cumulative Preferred Stock.

Subsequent to quarter end, on October 4, 2017, the Company redeemed 379,036 shares of its 8.45% Series D Cumulative Preferred Stock. Following the redemption of all of the Company’s Series A Preferred Stock and a partial redemption of the Company’s Series D Preferred Stock, the annual preferred dividend savings are expected to be approximately $520,000.

Subsequent to quarter end, on October 30, 2017, the Company announced it had refinanced a mortgage loan, secured by the Hilton Boston Back Bay, with an existing outstanding balance totaling approximately $95 million. The new loan totals $97 million and has a 5-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 2.00%. This refinancing is expected to result in annual interest expense and principal payments savings of approximately $2.8 million.

Subsequent to quarter end, on October 31, 2017, the Company announced it had refinanced a mortgage loan, secured by seventeen hotels, with an existing outstanding balance totaling approximately $413 million. The new loan totals $427 million with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The loan is interest only, provides for a floating interest rate of LIBOR + 3.00%, and contains flexible release provisions for the potential sale of assets. This refinancing is expected to result in annual interest expense savings of approximately $9.8 million. The next hard maturity for the Company is in February 2019.

PORTFOLIO REVPAR

As of September 30, 2017, the portfolio consisted of 120 properties. During the third quarter of 2017, 107 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 120 hotels) and comparable not under renovation basis (107hotels) is a measure that

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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 changed 0.0%, equating to $124.92, for all hotels on a 0.0% increase in ADR and a 0.1% decrease in occupancy

• Comparable RevPAR increased 0.4% to $126.64 for hotels not under renovation on a 0.3% decrease in ADR and a 0.7% 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 120 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On September 14, 2017, 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, 2017, payable on October 16, 2017, to shareholders of record as of September 30, 2017.

“We continue to see the operational and value-added benefits from our high quality, diverse portfolio,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “This year, we have been able to complete several capital markets transactions that strengthened our balance sheet, are expected to result in over $13.7 million of annual expense savings for our platform, and extended our loan maturity schedule. Looking ahead, we remain committed to maximizing value for our shareholders as we focus on generating superior operating performance and executing on our strategy.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, November 3, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-4865. A replay of the conference call will be available through Friday, November 10, 2017, by dialing (719) 457-0820 and entering the confirmation number, 8095589.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2017 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 3, 2017, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. None of FFO, AFFO, EBITDA, or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should

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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.

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, 2017			December 31, 2016
ASSETS
Investments in hotel properties, net	$	4,064,555		$	4,160,563
Cash and cash equivalents	393,527			347,091
Restricted cash	133,127			144,014
Marketable securities	11,960			53,185
Accounts receivable, net of allowance of $609 and $690, respectively	61,677			44,629
Inventories	4,384			4,530
Investment in securities investment fund	—			50,890
Investment in Ashford Inc.	2,582			5,873
Investment in OpenKey	2,658			2,016
Deferred costs, net	2,845			2,846
Prepaid expenses	24,198			17,578
Derivative assets	1,721			3,614
Other assets	14,225			11,718
Intangible asset, net	9,972			10,061
Due from third-party hotel managers	19,230			13,348
Assets held for sale	—			19,588
Total assets	$	4,746,661		$	4,891,544
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,698,869		$	3,723,559
Accounts payable and accrued expenses	153,772			126,986
Dividends and distributions payable	25,520			24,765
Unfavorable management contract liabilities	345			1,380
Due to Ashford Inc., net	13,689			15,716
Due to Ashford Prime OP, net	—			488
Due to related party, net	326			1,001
Due to third-party hotel managers	2,627			2,714
Intangible liabilities, net	15,928			16,195
Derivative liabilities, net	146			—
Other liabilities	18,203			16,548
Liabilities associated with assets held for sale	—			37,047
Total liabilities	3,929,425			3,966,399
Redeemable noncontrolling interests in operating partnership	117,434			132,768
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock 0 and 1,657,206 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	—			17
Series D Cumulative Preferred Stock 7,904,353 and 9,468,706 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	79			95
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2017 and December 31, 2016	48			48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2017 and December 31, 2016	62			62
Series H Cumulative Preferred Stock 3,800,000 and 0 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	38			—
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,416,095 and 96,376,827 shares isssued and outstanding at September 30, 2017 and December 31, 2016, respectively	974			964
Additional paid-in capital	1,783,912			1,764,450
Accumulated deficit	(1,086,071		)	(974,015		)
Total shareholders' equity of the Company	699,042			791,621
Noncontrolling interests in consolidated entities	760			756
Total equity	699,802			792,377
Total liabilities and equity	$	4,746,661		$	4,891,544

5

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,
	2017			2016			2017			2016
REVENUE
Rooms	$	289,017		$	300,875		$	876,927		$	917,396
Food and beverage	48,313			56,206			175,005			188,467
Other	15,006			14,389			43,720			43,213
Total hotel revenue	352,336			371,470			1,095,652			1,149,076
Other	989			461			2,052			1,297
Total revenue	353,325			371,931			1,097,704			1,150,373
EXPENSES
Hotel operating expenses
Rooms	63,950			65,474			188,857			195,769
Food and beverage	37,173			41,086			121,619			129,606
Other expenses	112,421			114,377			337,978			347,126
Management fees	13,027			13,616			40,100			42,191
Total hotel operating expenses	226,571			234,553			688,554			714,692
Property taxes, insurance and other	18,194			17,172			55,293			55,077
Depreciation and amortization	60,135			60,170			185,380			182,411
Impairment charges	1,785			4,922			1,785			4,695
Transaction costs	—			124			11			201
Advisory services fee:
Base advisory fee	8,579			8,576			25,934			25,842
Reimbursable expenses	1,641			1,485			5,800			4,550
Non-cash stock/unit-based compensation	4,392			1,887			7,748			4,535
Corporate general and administrative:
Non-cash stock/unit-based compensation	—			67			565			604
Other general and administrative	2,412			1,901			10,271			5,822
Total operating expenses	323,709			330,857			981,341			998,429
OPERATING INCOME (LOSS)	29,616			41,074			116,363			151,944
Equity in earnings (loss) of unconsolidated entities	(679		)	(560		)	(3,580		)	(4,432		)
Interest income	706			92			1,460			229
Gain (loss) on sale of hotel properties	15			1,448			14,024			24,428
Other income (expense), net	(273		)	(926		)	(3,539		)	(4,263		)
Interest expense, net of premium amortization	(54,413		)	(50,113		)	(156,303		)	(150,167		)
Amortization of loan costs	(2,550		)	(5,649		)	(10,921		)	(18,000		)
Write-off of premiums, loan costs and exit fees	—			(972		)	(1,629		)	(4,913		)
Unrealized gain (loss) on marketable securities	(936		)	—			(4,813		)	—
Unrealized gain (loss) on derivatives	(1,479		)	(9,548		)	(1,804		)	4,248
INCOME (LOSS) BEFORE INCOME TAXES	(29,993		)	(25,154		)	(50,742		)	(926		)
Income tax benefit (expense)	1,267			16			507			(1,216		)
NET INCOME (LOSS)	(28,726		)	(25,138		)	(50,235		)	(2,142		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22		)	(16		)	(4		)	16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940			5,009			13,202			2,745
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(21,808		)	(20,145		)	(37,037		)	619
Preferred dividends	(11,440		)	(8,875		)	(33,352		)	(25,856		)
Extinguishment of issuance cost upon redemption of preferred stock	(4,507		)	(6,124		)	(4,507		)	(6,124		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(37,755	)	$	(35,144	)	$	(74,896	)	$	(31,361	)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.40	)	$	(0.37	)	$	(0.80	)	$	(0.34	)
Weighted average common shares outstanding – basic	95,332			94,531			95,169			94,384
Diluted:
Net income (loss) attributable to common stockholders	$	(0.40	)	$	(0.37	)	$	(0.80	)	$	(0.34	)
Weighted average common shares outstanding – diluted	95,332			94,531			95,169			94,384
Dividends declared per common share:	$	0.12		$	0.12		$	0.36		$	0.36

6

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,
	2017			2016			2017			2016
Net income (loss)	$	(28,726	)	$	(25,138	)	$	(50,235	)	$	(2,142	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22		)	(16		)	(4		)	16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940			5,009			13,202			2,745
Net income (loss) attributable to the Company	(21,808		)	(20,145		)	(37,037		)	619
Interest income	(706		)	(92		)	(1,460		)	(229		)
Interest expense and amortization of premiums and loan costs, net	56,934			55,732			167,138			168,078
Depreciation and amortization	60,075			60,108			185,197			182,227
Income tax expense (benefit)	(1,271		)	(16		)	(515		)	1,216
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,940		)	(5,009		)	(13,202		)	(2,745		)
Equity in (earnings) loss of unconsolidated entities	679			85			3,632			959
Company's portion of EBITDA of Ashford Inc.	(384		)	165			(20		)	(207		)
Company's portion of EBITDA of OpenKey	(113		)	—			(361		)	—
EBITDA available to the Company and OP unitholders	86,466			90,828			303,372			349,918
Amortization of unfavorable contract liabilities	(363		)	(543		)	(1,151		)	(1,629		)
Impairment and uninsured hurricane related costs	5,496			4,922			5,496			4,695
(Gain) loss on sale of hotel properties	(15		)	(1,448		)	(14,024		)	(24,428		)
Write-off of premiums, loan costs and exit fees	—			972			1,629			4,913
Other (income) expense, net	273			926			3,539			4,263
Transaction, acquisition and management conversion costs	202			778			3,770			1,422
Legal judgment and related legal costs	27			23			4,091			71
Unrealized (gain) loss on marketable securities	936			—			4,813			—
Unrealized (gain) loss on derivatives	1,479			9,548			1,804			(4,248		)
Dead deal costs	5			30			9			331
Software implementation costs	—			—			1,034			—
Non-cash stock/unit-based compensation	4,613			2,185			8,751			5,511
Company's portion of (gain) loss of investment in securities investment fund	—			475			(52		)	3,473
Company's portion of adjustments to EBITDA of Ashford Inc.	1,703			793			3,752			2,929
Company's portion of adjustments to EBITDA of OpenKey	2			—			4			—
Adjusted EBITDA available to the Company and OP unitholders	$	100,824		$	109,489		$	326,837		$	347,221

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,
	2017			2016			2017			2016
Net income (loss)	$	(28,726	)	$	(25,138	)	$	(50,235	)	$	(2,142	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22		)	(16		)	(4		)	16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940			5,009			13,202			2,745
Preferred dividends	(11,440		)	(8,875		)	(33,352		)	(25,856		)
Extinguishment of issuance cost upon redemption of preferred stock	(4,507		)	(6,124		)	(4,507		)	(6,124		)
Net income (loss) attributable to common stockholders	(37,755		)	(35,144		)	(74,896		)	(31,361		)
Depreciation and amortization on real estate	60,075			60,108			185,197			182,227
(Gain) loss on sale of hotel properties	(15		)	(1,448		)	(14,024		)	(24,428		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,940		)	(5,009		)	(13,202		)	(2,745		)
Equity in (earnings) loss of unconsolidated entities	679			85			3,632			959
Impairment charges on real estate	1,785			5,039			1,785			5,039
Company's portion of FFO of Ashford Inc.	(570		)	(85		)	(3,265		)	(597		)
Company's portion of FFO of OpenKey	(116		)	—			(366		)	—
FFO available to common stockholders and OP unitholders	17,143			23,546			84,861			129,094
Extinguishment of issuance cost upon redemption of preferred stock	4,507			6,124			4,507			6,124
Write-off of premiums, loan costs and exit fees	—			972			1,629			4,913
Other impairment charges	—			(117		)	—			(344		)
Uninsured hurricane related costs	3,711			—			3,711			—
Other (income) expense, net	273			926			3,539			4,263
Transaction, acquisition and management conversion costs	202			778			3,770			1,422
Legal judgment and related legal costs	27			23			4,091			71
Unrealized (gain) loss on marketable securities	936			—			4,813			—
Unrealized (gain) loss on derivatives	1,479			9,548			1,804			(4,248		)
Dead deal costs	5			30			9			331
Software implementation costs	—			—			1,034			—
Non-cash stock/unit-based compensation	4,613			2,185			8,751			5,511
Company's portion of (gain) loss of investment in securities investment fund	—			475			(52		)	3,473
Company's portion of adjustments to FFO of Ashford Inc.	1,580			793			6,130			2,929
Company's portion of adjustments to FFO of OpenKey	2			—			4			—
Adjusted FFO available to common stockholders and OP unitholders	$	34,478		$	45,283		$	128,601		$	153,539
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.30		$	0.40		$	1.14		$	1.35
Weighted average diluted shares	113,777			114,303			113,203			113,788

7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2017

(dollars in thousands)

(unaudited)

Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA (14)		Comparable TTM EBITDA Debt Yield
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	$	—		$	412,500		(1)	$	412,500		$	50,608	12.3	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	94,722			—				94,722			14,893		15.7	%
BAML Pool 1 & 2 - 8 hotels	January 2018	LIBOR + 4.95%	—			376,800			(2)	376,800			46,066		12.2	%
Morgan Stanley MIP - 5 hotels	February 2018	LIBOR + 4.75%	—			200,000			(3)	200,000			22,565		11.3	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2018	LIBOR + 4.95%	—			33,300			(4)	33,300			4,064		12.2	%
Column Financial - 22 hotels	April 2018	LIBOR + 4.39%	—			971,654			(5)(6)(7)	971,654			105,592		10.9	%
JPM Lakeway - 1 hotel	May 2018	LIBOR + 5.10%	—			25,100			(8)	25,100			3,220		12.8	%
BAML Le Pavillon - 1 hotel	June 2018	LIBOR + 5.10%	—			43,750			(9)	43,750			2,180		5.0	%
Morgan Stanley Ann Arbor - 1 hotel	July 2018	LIBOR + 4.15%	—			35,200			(10)	35,200			3,704		10.5	%
BAML W Atlanta - 1 hotel	July 2018	LIBOR + 5.10%	—			40,500			(10)	40,500			4,882		12.1	%
Morgan Stanley - 8 hotels	July 2018	LIBOR + 4.09%	—			144,000			(10)	144,000			11,137		7.7	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000			(11)	12,000			1,334		11.1	%
Morgan Stanley Pool B - 4 hotels	August 2018	LIBOR + 4.38%	—			52,530			(12)	52,530			7,587		14.4	%
Morgan Stanley Pool A - 6 hotels	August 2018	LIBOR + 4.35%	—			280,421			(12)(13)	280,421			36,345		13.0	%
JPMorgan Chase - 18 hotels	October 2018	LIBOR + 4.55%	—			450,000			(1)	450,000			63,599		14.1	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,361			—				5,361			1,069		19.9	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(11)	16,100			2,166		13.5	%
GACC Gateway - 1 hotel	November 2020	6.26%	95,638			—				95,638			14,568		15.2	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			164,700				164,700			30,362		18.4	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	54,020			—				54,020			6,532		12.1	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,028			—				7,028			1,407		20.0	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,258			—				10,258			2,004		19.5	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,559			—				6,559			1,005		15.3	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,288			—				12,288			2,090		17.0	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,561			—				24,561			3,522		14.3	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	66,454			—				66,454			7,864		11.8	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,304			—				20,304			2,802		13.8	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	52,517			—				52,517			8,782		16.7	%
Unencumbered hotels			—			—				—			1,983		N/A
Total			$	449,710		$	3,258,555			$	3,708,265		$	463,932	12.5	%
Percentage			12.1		%	87.9		%		100.0		%
Weighted average interest rate			5.13		%	5.81		%		5.73		%

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

⁽¹⁾  This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions.

⁽²⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2017.

⁽³⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017.

⁽⁴⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.

⁽⁵⁾  This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.

⁽⁶⁾  This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017.

⁽⁷⁾    This mortgage loan had a $78.7 million pay down of principal related to the sale of the Crowne Plaza Ravinia on June 29, 2017.

⁽⁸⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in May 2017.

⁽⁹⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2017.

⁽¹⁰⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in July 2017.

⁽¹¹⁾  This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

⁽¹²⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in August 2017.

⁽¹³⁾  This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017.

⁽¹⁴⁾    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2017

(dollars in thousands)

(unaudited)

	2017		2018		2019		2020		2021		Thereafter		Total
Morgan Stanley Boston Back Bay - 1 hotel	$	—	$	94,226	$	—	$	—	$	—	$	—	$	94,226
Omni American Bank Ashton - 1 hotel	—		—		5,168		—		—		—		5,168
Morgan Stanley MIP - 5 hotels	—		—		200,000		—		—		—		200,000
Morgan Stanley Pool B - 4 hotels	—		—		52,530		—		—		—		52,530
Morgan Stanley Pool A - 6 hotels	—		—		280,421		—		—		—		280,421
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
Column Financial - 22 hotels	—		—		—		—		971,654		—		971,654
BAML Pool - 17 hotels	—		—		—		—		412,500		—		412,500
BAML Indigo Atlanta - 1 hotel	—		—		—		—		—		14,439		14,439
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		—		158,700		158,700
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 5 - 2 hotels	—		—		—		—		—		17,073		17,073
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		47,711		47,711
JPMorgan Chase - 18 hotels	—		—		—		—		—		450,000		450,000
Principal due in future periods	$	—	$	94,226	$	538,119	$	800,536	$	1,384,154	$	843,870	$	3,660,905
Scheduled amortization payments remaining	1,765		6,136		6,748		8,376		8,519		15,816		47,360
Total indebtedness	$	1,765	$	100,362	$	544,867	$	808,912	$	1,392,673	$	859,686	$	3,708,265

9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	287,955		$	(1	)	$	287,954		$	299,680		$	(11,619	)	$	288,061		(3.91	)%	(0.04	)%
	RevPAR	$	124.92		$	—		$	124.92		$	122.74		$	(85.02	)	$	124.97		1.78	%	(0.04	)%
	Occupancy	79.68		%	—		%	79.68		%	79.46		%	(74.59		)%	79.75		%	0.28	%	(0.09	)%
	ADR	$	156.77		$	—		$	156.77		$	154.47		$	(113.98	)	$	156.71		1.49	%	0.04	%

ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	872,993		$	(9,031	)	$	863,962		$	913,363		$	(56,804	)	$	856,559		(4.42	)%	0.86	%
	RevPAR	$	125.61		$	(82.03	)	$	126.31		$	121.92		$	(90.66	)	$	124.77		3.03	%	1.23	%
	Occupancy	78.57		%	(68.65		)%	78.73		%	78.51		%	(76.75		)%	78.67		%	0.08	%	0.08	%
	ADR	$	159.87		$	(119.49	)	$	160.44		$	155.30		$	(118.11	)	$	158.61		2.94	%	1.15	%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	242,940		$	(1	)	$	242,939		$	253,656		$	(11,619	)	$	242,037		(4.22	)%	0.37	%
	RevPAR	$	126.64		$	—		$	126.64		$	123.43		$	(85.02	)	$	126.17		2.60	%	0.37	%
	Occupancy	80.74		%	—		%	80.74		%	79.84		%	(74.59		)%	80.21		%	1.13	%	0.66	%
	ADR	$	156.84		$	—		$	156.84		$	154.60		$	(113.98	)	$	157.29		1.45	%	(0.29	)%

ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	723,546		$	(9,031	)	$	714,515		$	763,940		$	(56,804	)	$	707,136		(5.29	)%	1.04	%
	RevPAR	$	124.69		$	(82.03	)	$	125.52		$	120.49		$	(90.66	)	$	123.76		3.49	%	1.42	%
	Occupancy	78.77		%	(68.65		)%	78.96		%	78.40		%	(76.75		)%	78.59		%	0.47	%	0.47	%
	ADR	$	158.31		$	(119.49	)	$	158.96		$	153.68		$	(118.11	)	$	157.49		3.01	%	0.93	%

NOTES:

(1) The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at September 30, 2017, and not under renovation during the three months ended September 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period.

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

(3) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	350,958		$	369,943		(5.13	)%	$	1,090,603		$	1,143,970		(4.67	)%
Non-comparable adjustments	(5		)	(14,327		)			(12,481		)	(67,804		)
Comparable total hotel revenue	$	350,953		$	355,616		(1.31	)%	$	1,078,122		$	1,076,166		0.18	%
Hotel EBITDA	$	113,302		$	121,975		(7.11	)%	$	365,253		$	384,375		(4.97	)%
Non-comparable adjustments	307			(3,892		)			(2,342		)	(20,553		)
Comparable hotel EBITDA	$	113,609		$	118,083		(3.79	)%	$	362,911		$	363,822		(0.25	)%
Hotel EBITDA margin	32.28		%	32.97		%	(0.69	)%	33.49		%	33.60		%	(0.11	)%
Comparable hotel EBITDA margin	32.37		%	33.21		%	(0.84	)%	33.66		%	33.81		%	(0.15	)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	116		$	114		1.75	%	$	283		$	270		4.81	%
Hotel EBITDA attributable to the Company and OP unitholders	$	113,186		$	121,861		(7.12	)%	$	364,970		$	384,105		(4.98	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	113,493		$	117,969		(3.79	)%	$	362,628		$	363,552		(0.25	)%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	292,412		$	308,046		(5.08	)%	$	888,155		$	939,674		(5.48	)%
Non-comparable adjustments	(5		)	(14,327		)			(12,481		)	(67,804		)
Comparable total hotel revenue	$	292,407		$	293,719		(0.45	)%	$	875,674		$	871,870		0.44	%
Hotel EBITDA	$	97,274		$	104,712		(7.10	)%	$	301,679		$	319,697		(5.64	)%
Non-comparable adjustments	307			(3,892		)			(2,342		)	(20,553		)
Comparable hotel EBITDA	$	97,581		$	100,820		(3.21	)%	$	299,337		$	299,144		0.06	%
Hotel EBITDA margin	33.27		%	33.99		%	(0.72	)%	33.97		%	34.02		%	(0.05	)%
Comparable hotel EBITDA margin	33.37		%	34.33		%	(0.96	)%	34.18		%	34.31		%	(0.13	)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	116		$	114		1.75	%	$	283		$	270		4.81	%
Hotel EBITDA attributable to the Company and OP unitholders	$	97,158		$	104,598		(7.11	)%	$	301,396		$	319,427		(5.64	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	97,465		$	100,706		(3.22	)%	$	299,054		$	298,874		0.06	%

NOTES:

(1) The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at September 30, 2017, and not under renovation during the three months ended September 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period.

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

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

(4) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable
	2017			2017			2017			2017			2017			2017			2017			2017			2017			2016			2016			2016
	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	$	350,958		$	(5	)	$	350,953		$	388,047		$	(5,101	)	$	382,946		$	351,598		$	(7,375	)	$	344,223		$	339,937		$	(10,137	)	$	329,800
Hotel EBITDA	$	113,302		$	307		$	113,609		$	138,477		$	(1,315	)	$	137,162		$	113,473		$	(1,334	)	$	112,139		$	103,480		$	(2,458	)	$	101,022
Hotel EBITDA margin	32.28		%				32.37		%	35.69		%				35.82		%	32.27		%				32.58		%	30.44		%				30.63		%
EBITDA % of total TTM	24.2		%				24.4		%	29.5		%				29.6		%	24.2		%				24.2		%	22.1		%				21.8		%
JV interests in EBITDA	$	116		$	—		$	116		$	104		$	—		$	104		$	63		$	—		$	63		$	79		$	—		$	79
	Actual			Non-comparable Adjustments			Comparable
	2017			2017			2017
	TTM			TTM			TTM
Total hotel revenue	$	1,430,540		$	(22,618	)	$	1,407,922
Hotel EBITDA	$	468,732		$	(4,800	)	$	463,932
Hotel EBITDA margin	32.77		%				32.95		%
EBITDA % of total TTM	100.0		%				100.0		%
JV interests in EBITDA	$	362		$	—		$	362

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

			Three Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments			Comparable		Actual		Comparable
			2017		2017		2017		2016		2016			2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	128.40	$	—	$	128.40	$	121.71	$	(84.95	)	$	134.48	5.5	%	(4.5	)%
Boston, MA Area	3	915	207.03		—		207.03		205.44		—			205.44		0.8	%	0.8	%
Dallas / Ft. Worth, TX Area	7	1,518	106.16		—		106.16		106.56		—			106.56		(0.4	)%	(0.4	)%
Houston, TX Area	3	692	108.41		—		108.41		90.37		—			90.37		20.0	%	20.0	%
Los Angeles, CA Metro Area	6	1,619	128.06		—		128.06		123.15		(55.74		)	134.84		4.0	%	(5.0	)%
Miami, FL Metro Area	3	587	99.68		—		99.68		93.92		—			93.92		6.1	%	6.1	%
Minneapolis - St. Paul, MN-WI Area	4	809	139.84		—		139.84		154.01		—			154.01		(9.2	)%	(9.2	)%
Nashville, TN Area	1	673	207.06		—		207.06		200.26		—			200.26		3.4	%	3.4	%
New York / New Jersey Metro Area	6	1,741	126.74		—		126.74		124.45		—			124.44		1.8	%	1.8	%
Orlando, FL Area	3	734	99.86		—		99.86		90.63		—			90.63		10.2	%	10.2	%
Philadelphia, PA Area	3	648	110.73		—		110.73		122.55		—			122.55		(9.6	)%	(9.6	)%
San Diego, CA Area	2	410	136.22		—		136.22		136.17		—			136.17		—	%	—	%
San Francisco - Oakland, CA Metro Area	6	1,368	165.38		—		165.38		159.59		—			159.59		3.6	%	3.6	%
Tampa, FL Area	3	680	90.67		—		90.67		90.64		—			90.64		—	%	—	%
Washington D.C. - MD - VA Area	9	2,305	123.84		—		123.84		124.22		(85.92		)	126.92		(0.3	)%	(2.4	)%
Other Areas	52	8,931	112.88		—		112.88		111.65		(99.83		)	112.37		1.1	%	0.5	%
Total Portfolio	120	25,055	$	124.92	$	—	$	124.92	$	122.74	$	(85.02	)	$	124.97	1.8	%	—	%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

			Three Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Comparable
			2017		2017		2017				2016		2016			2016				% Variance		% Variance
Atlanta, GA Area	9	1,425	$	5,857	$	287	$	6,144	5.4	%	$	8,687	$	(1,428	)	$	7,259	6.2	%	(32.6	)%	(15.4	)%
Boston, MA Area	3	915	8,427		—		8,427		7.4	%	8,550		—			8,550		7.2	%	(1.4	)%	(1.4	)%
Dallas / Ft. Worth, TX Area	7	1,518	5,453		—		5,453		4.8	%	5,819		(33		)	5,786		4.9	%	(6.3	)%	(5.8	)%
Houston, TX Area	3	692	2,641		—		2,641		2.3	%	2,278		—			2,278		1.9	%	15.9	%	15.9	%
Los Angeles, CA Metro Area	6	1,619	7,742		—		7,742		6.8	%	8,215		(176		)	8,039		6.8	%	(5.8	)%	(3.7	)%
Miami, FL Metro Area	3	587	1,269		—		1,269		1.1	%	1,103		—			1,103		0.9	%	15.0	%	15.0	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,872		—		4,872		4.3	%	5,881		—			5,881		5.0	%	(17.2	)%	(17.2	)%
Nashville, TN Area	1	673	6,294		—		6,294		5.5	%	6,138		—			6,138		5.2	%	2.5	%	2.5	%
New York / New Jersey Metro Area	6	1,741	7,829		—		7,829		6.9	%	7,927		3			7,930		6.7	%	(1.2	)%	(1.3	)%
Orlando, FL Area	3	734	1,830		—		1,830		1.6	%	1,591		—			1,591		1.4	%	15.0	%	15.0	%
Philadelphia, PA Area	3	648	2,383		—		2,383		2.1	%	2,645		—			2,645		2.3	%	(9.9	)%	(9.9	)%
San Diego, CA Area	2	410	2,264		—		2,264		2.0	%	2,158		—			2,158		1.8	%	4.9	%	4.9	%
San Francisco - Oakland, CA Metro Area	6	1,368	9,378		—		9,378		8.3	%	9,354		—			9,354		7.9	%	0.3	%	0.3	%
Tampa, FL Area	3	680	1,564		—		1,564		1.4	%	1,763		—			1,763		1.5	%	(11.3	)%	(11.3	)%
Washington D.C. - MD - VA Area	9	2,305	9,320		—		9,320		8.2	%	10,710		(442		)	10,268		8.7	%	(13.0	)%	(9.2	)%
Other Areas	52	8,931	36,179		20		36,199		31.9	%	39,156		(1,816		)	37,340		31.6	%	(7.6	)%	(3.1	)%
Total Portfolio	120	25,055	$	113,302	$	307	$	113,609	100.0	%	$	121,975	$	(3,892	)	$	118,083	100.0	%	(7.1	)%	(3.8	)%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		Actual		Non-comparable Adjustments			Comparable		Actual		Comparable
			2017		2017			2017		2016		2016			2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	122.88	$	(88.18	)	$	130.78	$	119.68	$	(89.40	)	$	131.97	2.7	%	(0.9	)%
Boston, MA Area	3	915	178.69		—			178.69		171.23		—			171.23		4.4	%	4.4	%
Dallas / Ft. Worth, TX Area	7	1,518	111.49		—			111.49		113.41		—			113.41		(1.7	)%	(1.7	)%
Houston, TX Area	3	692	111.44		—			111.44		104.06		—			104.06		7.1	%	7.1	%
Los Angeles, CA Metro Area	6	1,619	133.78		—			133.78		128.49		(97.75		)	133.82		4.1	%	—	%
Miami, FL Metro Area	3	587	132.64		—			132.64		133.43		—			133.43		(0.6	)%	(0.6	)%
Minneapolis - St. Paul, MN-WI Area	4	809	126.49		—			126.49		132.50		—			132.50		(4.5	)%	(4.5	)%
Nashville, TN Area	1	673	210.56		—			210.56		202.65		—			202.65		3.9	%	3.9	%
New York / New Jersey Metro Area	6	1,741	117.68		—			117.68		113.60		(85.36		)	114.91		3.6	%	2.4	%
Orlando, FL Area	3	734	113.90		—			113.90		99.67		(91.88		)	106.14		14.3	%	7.3	%
Philadelphia, PA Area	3	648	102.21		—			102.21		106.99		—			106.99		(4.5	)%	(4.5	)%
San Diego, CA Area	2	410	125.99		—			125.99		123.42		—			123.42		2.1	%	2.1	%
San Francisco - Oakland, CA Metro Area	6	1,368	158.53		—			158.53		155.93		—			155.93		1.7	%	1.7	%
Tampa, FL Area	3	680	117.70		—			117.70		115.79		—			115.79		1.6	%	1.6	%
Washington D.C. - MD - VA Area	9	2,305	141.92		—			141.92		132.96		(74.36		)	137.08		6.7	%	3.5	%
Other Areas	52	8,931	111.44		(56.72		)	111.92		110.03		(92.49		)	111.16		1.3	%	0.7	%
Total Portfolio	120	25,055	$	125.61	$	(82.03	)	$	126.31	$	121.92	$	(90.66	)	$	124.77	3.0	%	1.2	%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Comparable
			2017		2017			2017				2016		2016			2016				% Variance		% Variance
Atlanta, GA Area	9	1,425	$	21,829	$	(2,263	)	$	19,566	5.4	%	$	25,396	$	(5,108	)	$	20,288	5.6	%	(14.1	)%	(3.6	)%
Boston, MA Area	3	915	20,523		—			20,523		5.7	%	19,711		—			19,711		5.4	%	4.1	%	4.1	%
Dallas / Ft. Worth, TX Area	7	1,518	19,236		(33		)	19,203		5.3	%	20,228		(100		)	20,128		5.5	%	(4.9	)%	(4.6	)%
Houston, TX Area	3	692	9,333		—			9,333		2.6	%	8,839		—			8,839		2.4	%	5.6	%	5.6	%
Los Angeles, CA Metro Area	6	1,619	26,275		(23		)	26,252		7.2	%	28,433		(2,989		)	25,444		7.0	%	(7.6	)%	3.2	%
Miami, FL Metro Area	3	587	8,936		—			8,936		2.5	%	9,334		—			9,334		2.6	%	(4.3	)%	(4.3	)%
Minneapolis - St. Paul, MN-WI Area	4	809	11,749		—			11,749		3.2	%	13,047		—			13,047		3.6	%	(9.9	)%	(9.9	)%
Nashville, TN Area	1	673	20,935		—			20,935		5.8	%	19,728		—			19,728		5.4	%	6.1	%	6.1	%
New York / New Jersey Metro Area	6	1,741	23,382		—			23,382		6.4	%	23,806		(756		)	23,050		6.3	%	(1.8	)%	1.4	%
Orlando, FL Area	3	734	8,124		—			8,124		2.2	%	13,036		(5,623		)	7,413		2.0	%	(37.7	)%	9.6	%
Philadelphia, PA Area	3	648	6,047		—			6,047		1.7	%	6,514		—			6,514		1.8	%	(7.2	)%	(7.2	)%
San Diego, CA Area	2	410	5,840		—			5,840		1.6	%	5,868		—			5,868		1.6	%	(0.5	)%	(0.5	)%
San Francisco - Oakland, CA Metro Area	6	1,368	26,824		—			26,824		7.4	%	26,655		—			26,655		7.3	%	0.6	%	0.6	%
Tampa, FL Area	3	680	9,416		—			9,416		2.6	%	9,242		—			9,242		2.5	%	1.9	%	1.9	%
Washington D.C. - MD - VA Area	9	2,305	36,103		(2		)	36,101		9.9	%	36,831		(927		)	35,904		9.9	%	(2.0	)%	0.6	%
Other Areas	52	8,931	110,701		(21		)	110,680		30.5	%	117,707		(5,050		)	112,657		31.0	%	(6.0	)%	(1.8	)%
Total Portfolio	120	25,055	$	365,253	$	(2,342	)	$	362,911	100.0	%	$	384,375	$	(20,553	)	$	363,822	100.0	%	(5.0	)%	(0.3	)%

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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

14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

SEPTEMBER 30, 2017

(in thousands, except share price)

(unaudited)

	September 30, 2017
End of quarter common shares outstanding	97,416
Partnership units outstanding (common share equivalents)*	20,071
Combined common shares and partnership units outstanding	117,487
Common stock price at quarter end	$	6.67
Market capitalization at quarter end	$	783,639
Series D preferred stock	$	197,609
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Series H preferred stock	$	95,000
Debt on balance sheet date	$	3,708,265
Joint venture partner's share of consolidated debt	$	(2,038	)
Net working capital (see below)	$	(483,802	)
Total enterprise value (TEV)	$	4,573,673
Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	60.60
Market value of Ashford Inc. investment	$	36,249
Cash and cash equivalents	$	393,431
Restricted cash	$	132,959
Accounts receivable, net	$	60,364
Prepaid expenses	$	24,177
Investment in securities	$	11,960
Due from third-party hotel managers, net	$	16,616
Market value of Ashford Inc. investment	$	36,249
Total current assets	$	675,756
Accounts payable, net & accrued expenses	$	152,420
Dividends and distributions payable	$	25,520
Due to affiliates, net	$	14,014
Total current liabilities	$	191,954
Net working capital**	$	483,802

* Total units outstanding = 21.3 million; impacted by current conversion factor.

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

15

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2017
	Rooms	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
		Actual	Actual	Actual	Estimated
Courtyard Basking Ridge	235	x	x
Courtyard Columbus Tipton Lakes	90	x
Courtyard Crystal City Reagan Airport	272				x
Courtyard Denver Airport	202				x
Courtyard Gaithersburg	210				x
Embassy Suites Orlando Airport	174				x
Embassy Suites Philadelphia Airport	263				x
Embassy Suites Santa Clara Silicon Valley	257				x
Embassy Suites Walnut Creek	249		x	x	x
Hampton Inn Parsippany	152	x	x
Hampton Inn Pittsburgh Meadow Lands	103	x
Hampton Inn Suites Columbus Easton	145		x
Hilton Boston Back Bay	390	x			x
Hilton Garden Inn Jacksonville	119			x	x
Hilton Garden Inn Wisconsin Dells	128	x
Hilton Tampa Westshore	238		x	x	x
Homewood Suites Pittsburgh Southpointe	148	x	x
Hyatt Regency Savannah	351	x	x
Le Meridien Chambers Minneapolis	60				x
Le Pavillon Hotel	226	x	x
Marriott Crystal Gateway	701	x	x	x	x
Marriott DFW Airport	491			x
Marriott Omaha	300	x	x	x	x
Marriott RTP	225		x	x	x
Marriott San Antonio Plaza	251			x
Marriott Suites Market Center	265	x	x
Renaissance Nashville	673			x	x
Renaissance Palm Springs	410			x	x
Residence Inn Jacksonville	120				x
Residence Inn Lake Buena Vista	210	x
Residence Inn Orlando Sea World	350			x	x
Residence Inn Stillwater	101	x	x
Residence Inn Tampa Downtown	109			x	x
Ritz-Carlton Atlanta	444				x
Sheraton Anchorage	370				x
Sheraton City Center - Indianapolis	378				x
SpringHill Suites Centreville	136				x
SpringHill Suites Kennesaw	90			x	x
Total		14	13	13	24

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table.

16

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2017			2017			2017			2016			September 30, 2017
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Net income (loss)	$	45,901		$	89,279		$	45,102		$	31,581		$	211,863
(Income) loss from consolidated entities attributable to noncontrolling interest	(50		)	(42		)	2			(32		)	(122		)
Net income (loss) attributable to the Company	45,851			89,237			45,104			31,549			211,741
Non-property adjustments	1,770			(14,092		)	83			5,650			(6,589		)
Interest income	(28		)	(38		)	(32		)	(23		)	(121		)
Interest expense	698			572			482			484			2,236
Amortization of loan costs	37			54			126			124			341
Depreciation and amortization	59,966			60,383			62,509			61,294			244,152
Income tax expense (benefit)	33			6			17			25			81
Non-hotel EBITDA ownership expense	4,925			2,313			5,186			4,345			16,769
Income (loss) from consolidated entities attributable to noncontrolling interests	50			42			(2		)	32			122
Hotel EBITDA including amounts attributable to noncontrolling interest	113,302			138,477			113,473			103,480			468,732
Non-comparable adjustments	307			(1,315		)	(1,334		)	(2,458		)	(4,800		)
Comparable hotel EBITDA	$	113,609		$	137,162		$	112,139		$	101,022		$	463,932

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

17

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation		Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	39,986		$	5,915	$	45,901		$	69	$	(74,696	)	$	(28,726	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(50		)	—		(50		)	—		28			(22		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		6,940			6,940
Net income (loss) attributable to the Company	39,936			5,915		45,851			69		(67,728		)	(21,808		)
Non-property adjustments	1,703			67		1,770			—		(1,770		)	—
Interest income	(28		)	—		(28		)	—		(678		)	(706		)
Interest expense	698			—		698			—		53,715			54,413
Amortization of loan cost	37			—		37			—		2,513			2,550
Depreciation and amortization	49,954			10,012		59,966			120		49			60,135
Income tax expense (benefit)	33			—		33			—		(1,300		)	(1,267		)
Non-hotel EBITDA ownership expense	4,891			34		4,925			7		(4,932		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	50			—		50			—		(50		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,274			16,028		113,302			196		(20,181		)	93,317
Less: EBITDA adjustments attributable to noncontrolling interest	(66		)	—		(66		)	—		(27		)	(93		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(50		)	—		(50		)	—		50			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—		(6,940		)	(6,940		)
Equity in (earnings) loss of unconsolidated entities	—			—		—			—		679			679
Company's portion of EBITDA of Ashford Inc.	—			—		—			—		(384		)	(384		)
Company's portion of EBITDA of OpenKey	—			—		—			—		(113		)	(113		)
Hotel EBITDA attributable to the Company and OP unitholders	$	97,158		$	16,028	$	113,186		$	196	$	(26,916	)	$	86,466
Non-comparable adjustments	307			—		307
Comparable hotel EBITDA	$	97,581		$	16,028	$	113,609

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

18

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation		Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	74,345		$	14,934	$	89,279		$	545		$	(79,396	)	$	10,428
(Income) loss from consolidated entities attributable to noncontrolling interest	(42		)	—		(42		)	—			29			(13		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			(231		)	(231		)
Net income (loss) attributable to the Company	74,303			14,934		89,237			545			(79,598		)	10,184
Non-property adjustments	(14,092		)	—		(14,092		)	—			14,092			—
Interest income	(38		)	—		(38		)	—			(508		)	(546		)
Interest expense	572			—		572			—			51,359			51,931
Amortization of loan cost	54			—		54			—			2,971			3,025
Depreciation and amortization	51,516			8,867		60,383			117			47			60,547
Income tax expense (benefit)	6			—		6			—			1,598			1,604
Non-hotel EBITDA ownership expense	2,031			282		2,313			(18		)	(2,295		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	42			—		42			—			(42		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	114,394			24,083		138,477			644			(12,376		)	126,745
Less: EBITDA adjustments attributable to noncontrolling interest	(62		)	—		(62		)	—			(26		)	(88		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(42		)	—		(42		)	—			42			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			231			231
Equity in (earnings) loss of unconsolidated entities	—			—		—			—			2,138			2,138
Company's portion of EBITDA of Ashford Inc.	—			—		—			—			720			720
Company's portion of EBITDA of OpenKey	—			—		—			—			(124		)	(124		)
Hotel EBITDA attributable to the Company and OP unitholders	$	114,290		$	24,083	$	138,373		$	644		$	(9,395	)	$	129,622
Non-comparable adjustments	(1,315		)	—		(1,315		)
Comparable hotel EBITDA	$	113,079		$	24,083	$	137,162

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

19

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	31,150		$	13,952		$	45,102		$	409	$	(77,448	)	$	(31,937	)
(Income) loss from consolidated entities attributable to noncontrolling interest	2			—			2			—		29			31
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		6,493			6,493
Net income (loss) attributable to the Company	31,152			13,952			45,104			409		(70,926		)	(25,413		)
Non-property adjustments	83			—			83			—		(83		)	—
Interest income	(31		)	(1		)	(32		)	—		(176		)	(208		)
Interest expense	482			—			482			—		49,477			49,959
Amortization of loan cost	126			—			126			—		5,220			5,346
Depreciation and amortization	52,761			9,748			62,509			113		2,076			64,698
Income tax expense (benefit)	17			—			17			—		(865		)	(848		)
Non-hotel EBITDA ownership expense	5,423			(237		)	5,186			5		(5,191		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	(2		)	—			(2		)	—		2			—
Hotel EBITDA including amounts attributable to noncontrolling interest	90,011			23,462			113,473			527		(20,466		)	93,534
Less: EBITDA adjustments attributable to noncontrolling interest	(65		)	—			(65		)	—		(27		)	(92		)
(Income) loss from consolidated entities attributable to noncontrolling interest	2			—			2			—		(2		)	—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(6,493		)	(6,493		)
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		815			815
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		(384		)	(384		)
Company's portion of EBITDA of OpenKey	—			—			—			—		(124		)	(124		)
Hotel EBITDA attributable to the Company and OP unitholders	$	89,948		$	23,462		$	113,410		$	527	$	(26,681	)	$	87,256
Non-comparable adjustments	(1,334		)	—			(1,334		)
Comparable hotel EBITDA	$	88,677		$	23,462		$	112,139

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

20

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 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)	$	22,381		$	9,200		$	31,581		$	162		$	(88,383	)	$	(56,640	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32		)	—			(32		)	—			30			(2		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			9,738			9,738
Net income (loss) attributable to the Company	22,349			9,200			31,549			162			(78,615		)	(46,904		)
Non-property adjustments	5,650			—			5,650			—			(5,650		)	—
Interest income	(22		)	(1		)	(23		)	—			(79		)	(102		)
Interest expense	484			—			484			—			49,219			49,703
Amortization of loan cost	124			—			124			—			5,973			6,097
Depreciation and amortization	52,168			9,126			61,294			109			49			61,452
Income tax expense (benefit)	25			—			25			—			291			316
Non-hotel EBITDA ownership expense	4,481			(136		)	4,345			(7		)	(4,338		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	32			—			32			—			(32		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	85,291			18,189			103,480			264			(33,182		)	70,562
Less: EBITDA adjustments attributable to noncontrolling interest	(47		)	—			(47		)	—			(43		)	(90		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32		)	—			(32		)	—			32			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			(9,738		)	(9,738		)
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			(107		)	(107		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			387			387
Company's portion of EBITDA of OpenKey	—			—			—			—			(109		)	(109		)
Hotel EBITDA attributable to the Company and OP unitholders	$	85,212		$	18,189		$	103,401		$	264		$	(42,760	)	$	60,905
Non-comparable adjustments	(2,458		)	—			(2,458		)
Comparable hotel EBITDA	$	82,833		$	18,189		$	101,022

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

21

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)	$	47,721		$	8,022		$	55,743		$	241	$	(81,122	)	$	(25,138	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45		)	—			(45		)	—		29			(16		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		4,151			4,151
Net income (loss) attributable to the Company	47,676			8,022			55,698			241		(76,942		)	(21,003		)
Non-property adjustments	3,591			—			3,591			—		(3,591		)	—
Interest income	(10		)	(1		)	(11		)	—		(81		)	(92		)
Interest expense	479			—			479			—		49,634			50,113
Amortization of loan cost	121			—			121			—		5,528			5,649
Depreciation and amortization	51,181			8,839			60,020			101		49			60,170
Income tax expense (benefit)	15			—			15			—		(31		)	(16		)
Non-hotel EBITDA ownership expense	1,614			403			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	104,712			17,263			121,975			393		(27,547		)	94,821
Less: EBITDA adjustments attributable to noncontrolling interest	(69		)	—			(69		)	—		(23		)	(92		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45		)	—			(45		)	—		45			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(4,151		)	(4,151		)
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		85			85
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		165			165
Company's portion of EBITDA of OpenKey	—			—			—			—		—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	104,598		$	17,263		$	121,861		$	393	$	(31,426	)	$	90,828
Non-comparable adjustments	(3,892		)	—			(3,892		)
Comparable hotel EBITDA	$	100,820		$	17,263		$	118,083

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

22

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	145,482		$	34,801		$	180,283		$	1,023		$	(231,541	)	$	(50,235	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(90		)	—			(90		)	—			86			(4		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			13,202			13,202
Net income (loss) attributable to the Company	145,392			34,801			180,193			1,023			(218,253		)	(37,037		)
Non-property adjustments	(12,306		)	67			(12,239		)	—			12,239			—
Interest income	(97		)	(1		)	(98		)	—			(1,362		)	(1,460		)
Interest expense	1,752			—			1,752			—			154,551			156,303
Amortization of loan cost	217			—			217			—			10,704			10,921
Depreciation and amortization	154,231			28,627			182,858			350			2,172			185,380
Income tax expense (benefit)	56			—			56			—			(563		)	(507		)
Non-hotel EBITDA ownership expense	12,345			79			12,424			(6		)	(12,418		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	90			—			90			—			(90		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	301,680			63,573			365,253			1,367			(53,020		)	313,600
Less: EBITDA adjustments attributable to noncontrolling interest	(193		)	—			(193		)	—			(84		)	(277		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(90		)	—			(90		)	—			90			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			(13,202		)	(13,202		)
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			3,632			3,632
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(20		)	(20		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(361		)	(361		)
Hotel EBITDA attributable to the Company and OP unitholders	$	301,397		$	63,573		$	364,970		$	1,367		$	(62,965	)	$	303,372
Non-comparable adjustments	(2,342		)	—			(2,342		)
Comparable hotel EBITDA	$	299,338		$	63,573		$	362,911

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

23

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)	$	176,821		$	38,399		$	215,220		$	1,071	$	(218,433	)	$	(2,142	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(72		)	—			(72		)	—		88			16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		1,887			1,887
Net income (loss) attributable to the Company	176,749			38,399			215,148			1,071		(216,458		)	(239		)
Non-property adjustments	(19,389		)	—			(19,389		)	—		19,389			—
Interest income	(31		)	(4		)	(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	155,497			26,423			181,920			345		146			182,411
Income tax expense (benefit)	60			—			60			—		1,156			1,216
Non-hotel EBITDA ownership expense	4,967			(141		)	4,826			52		(4,878		)	—
Income (loss) from consolidated entities attributable to noncontrolling interests	72			—			72			—		(72		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	319,698			64,677			384,375			1,468		(34,517		)	351,326
Less: EBITDA adjustments attributable to noncontrolling interest	(198		)	—			(198		)	—		(75		)	(273		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(72		)	—			(72		)	—		72			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		(1,887		)	(1,887		)
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		959			959
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		(207		)	(207		)
Company's portion of EBITDA of OpenKey	—			—			—			—		—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	319,428		$	64,677		$	384,105		$	1,468	$	(35,655	)	$	349,918
Non-comparable adjustments	(20,553		)	—			(20,553		)
Comparable hotel EBITDA	$	299,145		$	64,677		$	363,822

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

(2) Excluded Hotels Under Renovation:

Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

24

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2017
	Atlanta, GA Area			Boston, MA Area		Dallas / Ft. Worth, TX 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
Net income (loss)	$	3,126		$	4,824	$	2,073		$	(620	)	$	3,196		$	(1,171	)	$	2,397		$	4,761		$	3,604
(Income) loss 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	3,126			4,824		2,073			(620		)	3,196			(1,171		)	2,397			4,761			3,604
Non-property adjustments	(16		)	—		—			451			—			266			—			—			—
Interest income	—			—		(1		)	—			(1		)	—			(6		)	—			(2		)
Interest expense	170			—		—			—			—			—			—			—			—
Amortization of loan costs	37			—		—			—			—			—			—			—			—
Depreciation and amortization	2,519			3,543		3,215			1,645			4,355			1,730			2,458			1,523			4,185
Income tax expense (benefit)	—			—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	21			60		166			1,165			192			444			23			10			42
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,857			8,427		5,453			2,641			7,742			1,269			4,872			6,294			7,829
Non-comparable adjustments	287			—		—			—			—			—			—			—			—
Comparable hotel EBITDA	$	6,144		$	8,427	$	5,453		$	2,641		$	7,742		$	1,269		$	4,872		$	6,294		$	7,829
	Orlando, FL Area			Philadelphia, PA Area		San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	99		$	904	$	1,279		$	6,772		$	(423	)	$	3,335		$	11,745		$	45,901
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—		—			—			—			—			(50		)	(50		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			—			—			—			—
Net income (loss) attributable to the Company	99			904		1,279			6,772			(423		)	3,335			11,695			45,851
Non-property adjustments	43			—		—			—			64			—			962			1,770
Interest income	(2		)	—		—			(5		)	—			(4		)	(7		)	(28		)
Interest expense	—			—		—			—			—			—			528			698
Amortization of loan costs	—			—		—			—			—			—			—			37
Depreciation and amortization	1,595			1,459		955			2,579			1,661			6,304			20,240			59,966
Income tax expense (benefit)	—			—		—			—			—			—			33			33
Non-hotel EBITDA ownership expense	95			20		30			32			262			(315		)	2,678			4,925
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			50			50
Hotel EBITDA including amounts attributable to noncontrolling interest	1,830			2,383		2,264			9,378			1,564			9,320			36,179			113,302
Non-comparable adjustments	—			—		—			—			—			—			20			307
Comparable hotel EBITDA	$	1,830		$	2,383	$	2,264		$	9,378		$	1,564		$	9,320		$	36,199		$	113,609

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

25

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
	Atlanta, GA Area			Boston, MA Area			Dallas / Ft. Worth, TX 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
Net income (loss)	$	4,898		$	4,998		$	3,198		$	528		$	3,912		$	(445	)	$	3,398		$	3,714		$	3,404
(Income) loss 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	4,898			4,998			3,198			528			3,912			(445		)	3,398			3,714			3,404
Non-property adjustments	15			—			—			—			—			—			—			—			—
Interest income	—			—			—			—			—			—			—			—			(2		)
Interest expense	—			—			—			—			—			—			—			—			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—
Depreciation and amortization	3,650			3,399			2,781			1,713			4,307			1,474			2,462			2,382			4,371
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	124			153			(160		)	37			(4		)	74			21			42			154
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	8,687			8,550			5,819			2,278			8,215			1,103			5,881			6,138			7,927
Non-comparable adjustments	(1,428		)	—			(33		)	—			(176		)	—			—			—			3
Comparable hotel EBITDA	$	7,259		$	8,550		$	5,786		$	2,278		$	8,039		$	1,103		$	5,881		$	6,138		$	7,930
	Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	445		$	1,253		$	1,102		$	7,020		$	558		$	437		$	17,323		$	55,743
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			(45		)	(45		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	445			1,253			1,102			7,020			558			437			17,278			55,698
Non-property adjustments	159			—			—			—			—			5,039			(1,622		)	3,591
Interest income	(1		)	—			—			(1		)	—			(2		)	(5		)	(11		)
Interest expense	—			—			—			—			—			—			479			479
Amortization of loan costs	—			—			—			—			—			—			121			121
Depreciation and amortization	1,038			1,398			1,050			2,200			1,106			5,442			21,247			60,020
Income tax expense (benefit)	—			—			—			—			—			—			15			15
Non-hotel EBITDA ownership expense	(50		)	(6		)	6			135			99			(206		)	1,598			2,017
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			45			45
Hotel EBITDA including amounts attributable to noncontrolling interest	1,591			2,645			2,158			9,354			1,763			10,710			39,156			121,975
Non-comparable adjustments	—			—			—			—			—			(442		)	(1,816		)	(3,892		)
Comparable hotel EBITDA	$	1,591		$	2,645		$	2,158		$	9,354		$	1,763		$	10,268		$	37,340		$	118,083

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

26

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2017
	Atlanta, GA Area			Boston, MA Area		Dallas / Ft. Worth, TX 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
Net income (loss)	$	25,304		$	10,068	$	8,970		$	2,414		$	13,137		$	(1,450	)	$	4,152		$	15,716		$	10,354
(Income) loss 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	25,304			10,068		8,970			2,414			13,137			(1,450		)	4,152			15,716			10,354
Non-property adjustments	(14,109		)	—		—			451			—			266			—			—			—
Interest income	(12		)	—		(3		)	—			(3		)	—			(30		)	—			(6		)
Interest expense	237			—		—			—			—			—			—			—			—
Amortization of loan costs	49			—		—			—			—			—			—			—			—
Depreciation and amortization	10,122			10,404		9,362			5,233			12,832			5,205			7,562			5,174			12,614
Income tax expense (benefit)	—			—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	238			51		907			1,235			309			4,915			65			45			420
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	21,829			20,523		19,236			9,333			26,275			8,936			11,749			20,935			23,382
Non-comparable adjustments	(2,263		)	—		(33		)	—			(23		)	—			—			—			—
Comparable hotel EBITDA	$	19,566		$	20,523	$	19,203		$	9,333		$	26,252		$	8,936		$	11,749		$	20,935		$	23,382
	Orlando, FL Area			Philadelphia, PA Area		San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	3,509		$	1,681	$	2,792		$	19,530		$	4,761		$	18,271		$	41,074		$	180,283
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—		—			—			—			—			(90		)	(90		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			—			—			—			—
Net income (loss) attributable to the Company	3,509			1,681		2,792			19,530			4,761			18,271			40,984			180,193
Non-property adjustments	43			—		—			—			64			—			1,046			(12,239		)
Interest income	(5		)	—		—			(14		)	—			(12		)	(13		)	(98		)
Interest expense	—			—		—			—			—			—			1,515			1,752
Amortization of loan costs	—			—		—			—			—			—			168			217
Depreciation and amortization	4,470			4,275		2,982			7,170			4,374			18,672			62,407			182,858
Income tax expense (benefit)	—			—		—			—			—			—			56			56
Non-hotel EBITDA ownership expense	107			91		66			138			217			(828		)	4,448			12,424
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			90			90
Hotel EBITDA including amounts attributable to noncontrolling interest	8,124			6,047		5,840			26,824			9,416			36,103			110,701			365,253
Non-comparable adjustments	—			—		—			—			—			(2		)	(21		)	(2,342		)
Comparable hotel EBITDA	$	8,124		$	6,047	$	5,840		$	26,824		$	9,416		$	36,101		$	110,680		$	362,911

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

27

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, TX 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
Net income (loss)	$	17,848		$	9,474	$	11,893		$	3,556		$	14,554		$	4,738		$	5,673		$	12,750		$	15,538
(Income) loss 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	17,848			9,474		11,893			3,556			14,554			4,738			5,673			12,750			15,538
Non-property adjustments	(4,000		)	—		—			—			—			—			—			—			(5,482		)
Interest income	—			—		—			—			—			—			(1		)	—			(6		)
Interest expense	—			—		—			—			—			—			—			—			—
Amortization of loan costs	—			—		—			—			—			—			—			—			—
Depreciation and amortization	11,134			9,914		8,444			5,179			13,932			4,183			7,330			6,937			13,415
Income tax expense (benefit)	—			—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	414			323		(109		)	104			(53		)	413			45			41			341
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	25,396			19,711		20,228			8,839			28,433			9,334			13,047			19,728			23,806
Non-comparable adjustments	(5,108		)	—		(100		)	—			(2,989		)	—			—			—			(756		)
Comparable hotel EBITDA	$	20,288		$	19,711	$	20,128		$	8,839		$	25,444		$	9,334		$	13,047		$	19,728		$	23,050
	Orlando, FL Area			Philadelphia, PA Area		San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	21,642		$	2,412	$	2,687		$	19,205		$	5,519		$	16,689		$	51,042		$	215,220
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—		—			—			—			—			(72		)	(72		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—		—			—			—			—			—			—
Net income (loss) attributable to the Company	21,642			2,412		2,687			19,205			5,519			16,689			50,970			215,148
Non-property adjustments	(13,438		)	—		—			—			—			5,039			(1,508		)	(19,389		)
Interest income	(5		)	—		—			(4		)	—			(9		)	(10		)	(35		)
Interest expense	—			—		—			—			—			—			1,414			1,414
Amortization of loan costs	—			—		—			—			—			—			359			359
Depreciation and amortization	4,546			4,096		3,150			7,162			3,537			15,790			63,171			181,920
Income tax expense (benefit)	—			—		—			—			—			—			60			60
Non-hotel EBITDA ownership expense	291			6		31			292			186			(678		)	3,179			4,826
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—		—			—			—			—			72			72
Hotel EBITDA including amounts attributable to noncontrolling interest	13,036			6,514		5,868			26,655			9,242			36,831			117,707			384,375
Non-comparable adjustments	(5,623		)	—		—			—			—			(927		)	(5,050		)	(20,553		)
Comparable hotel EBITDA	$	7,413		$	6,514	$	5,868		$	26,655		$	9,242		$	35,904		$	112,657		$	363,822

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

28

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	TTM Ended September 30, 2017
	BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 22 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel			BAML Indigo Atlanta - 1 hotel				Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	23,490		$	8,803		$	(201	)	$	49,601		$	454		$	(1,600	)	$	379			$	(349	)	$	2,026		$	2,184		$	11,676
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—				—			—			—			—
Net income (loss) attributable to the Company	23,490			8,803			(201		)	49,601			454			(1,600		)	379				(349		)	2,026			2,184			11,676
Non-property adjustments	65			—			—			(4,782		)	6			—			—				—			—			—			4,650
Interest income	(44		)	(12		)	—			(12		)	—			—			—				—			—			—			—
Interest expense	2			—			1,974			—			—			—			236				24			—			—			—
Amortization of loan costs	—			—			292			—			—			—			49				—			—			—			—
Depreciation and amortization	21,157			13,531			1,901			62,061			2,489			3,143			1,469				11,161			1,671			2,692			18,191
Income tax expense (benefit)	—			—			—			—			—			—			—				—			—			—			—
Non-hotel EBITDA ownership expense	1,396			243			98			3,036			271			637			33				301			7			6			2,327
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—				—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	46,066			22,565			4,064			109,904			3,220			2,180			2,166				11,137			3,704			4,882			36,844
Non-comparable adjustments	—			—			—			(4,312		)	—			—			—				—			—			—			(499		)
Comparable hotel EBITDA	$	46,066		$	22,565		$	4,064		$	105,592		$	3,220		$	2,180		$	2,166			$	11,137		$	3,704		$	4,882		$	36,345
	Morgan Stanley Pool B - 4 hotels			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel			Aareal Princeton/ Nashville - 2 hotels			NorthStar HGI Wisconsin Dells - 1 hotel			JP Morgan - 18 hotels			Omni American Bank - 1 hotel				GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel
Net income (loss)	$	2,928		$	15,518		$	9,289		$	20,578		$	425		$	35,721		$	571			$	6,105		$	3,188		$	1,003		$	537
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—				—			—			—			(77		)
Net income (loss) attributable to the Company	2,928			15,518			9,289			20,578			425			35,721			571				6,105			3,188			1,003			460
Non-property adjustments	223			393			—			—			—			—			—				—			—			69			—
Interest income	—			(8		)	—			—			—			(14		)	—				—			(24		)	—			—
Interest expense	—			—			—			—			—			—			—			��	—			—			—			—
Amortization of loan costs	—			—			—			—			—			—			—				—			—			—			—
Depreciation and amortization	4,194			27,277			5,374			9,683			912			27,326			492				9,610			3,359			838			922
Income tax expense (benefit)	—			—			—			—			—			104			—				—			—			—			(36		)
Non-hotel EBITDA ownership expense	242			7,428			230			101			(3		)	462			6				(1,147		)	9			94			(16		)
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—				—			—			—			77
Hotel EBITDA including amounts attributable to noncontrolling interest	7,587			50,608			14,893			30,362			1,334			63,599			1,069				14,568			6,532			2,004			1,407
Non-comparable adjustments	—			—			—			—			—			—			—				—			—			—			—
Comparable hotel EBITDA	$	7,587		$	50,608		$	14,893		$	30,362		$	1,334		$	63,599		$	1,069			$	14,568		$	6,532		$	2,004		$	1,407
	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 5 - 2 hotels			BAML Pool 4 - 2 hotels				NorthStar Gainesville - 1 hotel			Wachovia 5 -5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	340		$	3,264		$	1,532		$	2,145		$	4,452		$	2,145		$	7,513			$	(41	)	$	(77	)	$	(1,736	)	$	211,863
(Income) loss from consolidated entities attributable to noncontrolling interest	(45		)	—			—			—			—			—			—				—			—			—			(122		)
Net income (loss) attributable to the Company	295			3,264			1,532			2,145			4,452			2,145			7,513				(41		)	(77		)	(1,736		)	211,741
Non-property adjustments	—			127			—			—			17			—			(7,506		)		32			82			35			(6,589		)
Interest income	—			—			—			—			(5		)	—			—				—			—			(2		)	(121		)
Interest expense	—			—			—			—			—			—			—				—			—			—			2,236
Amortization of loan costs	—			—			—			—			—			—			—				—			—			—			341
Depreciation and amortization	643			4,007			526			1,339			4,256			639			—				—			—			3,289			244,152
Income tax expense (benefit)	13			—			—			—			—			—			—				—			—			—			81
Non-hotel EBITDA ownership expense	9			466			32			38			63			18			1				2			(17		)	396			16,769
Income (loss) from consolidated entities attributable to noncontrolling interests	45			—			—			—			—			—			—				—			—			—			122
Hotel EBITDA including amounts attributable to noncontrolling interest	1,005			7,864			2,090			3,522			8,783			2,802			8				(7		)	(12		)	1,982			468,732
Non-comparable adjustments	—			—			—			—			—			—			(8		)		7			12			—			(4,800		)
Comparable hotel EBITDA	$	1,005		$	7,864		$	2,090		$	3,522		$	8,783		$	2,802		$	—			$	—		$	—		$	1,982		$	463,932

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

29

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2017
	BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 22 hotels		JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel			BAML Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	4,968		$	4,050		$	(144	)	$	7,600	$	418		$	(923	)	$	(120	)	$	407		$	877		$	690		$	3,043
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—		—			—			—			—			—			—			—
Net income (loss) attributable to the Company	4,968			4,050			(144		)	7,600		418			(923		)	(120		)	407			877			690			3,043
Non-property adjustments	290			—			—			180		6			—			—			—			—			—			514
Interest income	(14		)	—			—			—		—			—			—			—			—			—			—
Interest expense	1			—			525			—		—			—			169			3			—			—			—
Amortization of loan costs	—			—			—			—		—			—			37			—			—			—			—
Depreciation and amortization	5,327			3,581			483			14,429		634			639			379			2,642			284			436			4,446
Income tax expense (benefit)	—			—			—			—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	890			31			47			1,163		58			191			2			58			(2		)	6			502
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—		—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,462			7,662			911			23,372		1,116			(93		)	467			3,110			1,159			1,132			8,505
Non-comparable adjustments	—			—			—			287		—			—			—			—			—			—			20
Comparable hotel EBITDA	$	11,462		$	7,662		$	911		$	23,659	$	1,116		$	(93	)	$	467		$	3,110		$	1,159		$	1,132		$	8,525
	Morgan Stanley Pool B - 4 hotels			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel			Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel			JP Morgan - 18 hotels			Omni American Bank - 1 hotel			GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel
Net income (loss)	$	826		$	2,085		$	3,162		$	4,811	$	380		$	9,440		$	47		$	705		$	1,359		$	222		$	208
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—		—			—			—			—			—			—			(30		)
Net income (loss) attributable to the Company	826			2,085			3,162			4,811		380			9,440			47			705			1,359			222			178
Non-property adjustments	—			528			—			—		—			—			—			—			—			69			—
Interest income	—			(2		)	—			—		—			(4		)	—			—			(6		)	—			—
Interest expense	—			—			—			—		—			—			—			—			—			—			—
Amortization of loan costs	—			—			—			—		—			—			—			—			—			—			—
Depreciation and amortization	1,088			7,000			1,462			2,155		230			6,954			127			2,560			847			220			233
Income tax expense (benefit)	—			—			—			—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	70			1,401			56			2		(3		)	87			1			(339		)	1			49			2
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—		—			—			—			—			—			—			30
Hotel EBITDA including amounts attributable to noncontrolling interest	1,984			11,012			4,680			6,968		607			16,477			175			2,926			2,201			560			443
Non-comparable adjustments	—			—			—			—		—			—			—			—			—			—			—
Comparable hotel EBITDA	$	1,984		$	11,012		$	4,680		$	6,968	$	607		$	16,477		$	175		$	2,926		$	2,201		$	560		$	443
	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 5 - 2 hotels			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 -5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	144		$	(24	)	$	405		$	644	$	642		$	529		$	—		$	—		$	—		$	(550	)	$	45,901
(Income) loss from consolidated entities attributable to noncontrolling interest	(20		)	—			—			—		—			—			—			—			—			—			(50		)
Net income (loss) attributable to the Company	124			(24		)	405			644		642			529			—			—			—			(550		)	45,851
Non-property adjustments	—			127			—			—		17			—			—			—			—			39			1,770
Interest income	—			—			—			—		(2		)	—			—			—			—			—			(28		)
Interest expense	—			—			—			—		—			—			—			—			—			—			698
Amortization of loan costs	—			—			—			—		—			—			—			—			—			—			37
Depreciation and amortization	148			1,052			163			323		1,156			142			—			—			—			826			59,966
Income tax expense (benefit)	33			—			—			—		—			—			—			—			—			—			33
Non-hotel EBITDA ownership expense	1			392			11			14		40			4			—			—			—			190			4,925
Income (loss) from consolidated entities attributable to noncontrolling interests	20			—			—			—		—			—			—			—			—			—			50
Hotel EBITDA including amounts attributable to noncontrolling interest	326			1,547			579			981		1,853			675			—			—			—			505			113,302
Non-comparable adjustments	—			—			—			—		—			—			—			—			—			—			307
Comparable hotel EBITDA	$	326		$	1,547		$	579		$	981	$	1,853		$	675		$	—		$	—		$	—		$	505		$	113,609

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

30

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2017
	BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel			BAML Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,809		$	3,598		$	448	$	31,227		$	220		$	(355	)	$	28		$	356		$	710		$	522	$	6,540
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			—			—		—
Net income (loss) attributable to the Company	6,809			3,598			448		31,227			220			(355		)	28			356			710			522		6,540
Non-property adjustments	—			—			—		(14,093		)	—			—			—			—			—			—		1
Interest income	(14		)	(1		)	—		(12		)	—			—			—			—			—			—		—
Interest expense	—			—			502		—			—			—			67			3			—			—		—
Amortization of loan costs	—			—			42		—			—			—			12			—			—			—		—
Depreciation and amortization	5,224			3,400			478		14,890			627			821			368			2,914			444			757		4,474
Income tax expense (benefit)	—			—			—		—			—			—			—			—			—			—		—
Non-hotel EBITDA ownership expense	221			51			45		1,130			164			166			4			74			5			5		—
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—		—			—			—			—			—			—			—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	12,240			7,048			1,515		33,142			1,011			632			479			3,347			1,159			1,284		11,015
Non-comparable adjustments	—			—			—		(1,180		)	—			—			—			—			—			—		(132		)
Comparable hotel EBITDA	$	12,240		$	7,048		$	1,515	$	31,962		$	1,011		$	632		$	479		$	3,347		$	1,159		$	1,284	$	10,883
	Morgan Stanley Pool B - 4 hotels			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels			NorthStar HGI Wisconsin Dells - 1 hotel			JP Morgan - 18 hotels			Omni American Bank - 1 hotel			GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	1,093		$	7,084		$	3,935	$	7,412		$	85		$	10,550		$	183		$	2,954		$	1,055		$	323	$	147
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—		—			—			—			—			—			—			—		(21		)
Net income (loss) attributable to the Company	1,093			7,084			3,935		7,412			85			10,550			183			2,954			1,055			323		126
Non-property adjustments	—			—			—		—			—			—			—			—			—			—		—
Interest income	—			(2		)	—		—			—			(4		)	—			—			(4		)	—		—
Interest expense	—			—			—		—			—			—			—			—			—			—		—
Amortization of loan costs	—			—			—		—			—			—			—			—			—			—		—
Depreciation and amortization	1,062			6,844			1,456		1,937			262			6,810			127			2,481			840			197		233
Income tax expense (benefit)	—			—			—		—			—			—			—			—			—			—		—
Non-hotel EBITDA ownership expense	8			402			4		105			(13		)	92			3			(326		)	3			4		3
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—		—			—			—			—			—			—			—		21
Hotel EBITDA including amounts attributable to noncontrolling interest	2,163			14,328			5,395		9,454			334			17,448			313			5,109			1,894			524		383
Non-comparable adjustments	—			—			—		—			—			—			—			—			—			—		—
Comparable hotel EBITDA	$	2,163		$	14,328		$	5,395	$	9,454		$	334		$	17,448		$	313		$	5,109		$	1,894		$	524	$	383
	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 5 - 2 hotels			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 -5 hotels			Unencumbered hotels		Total Portfolio
Net income (loss)	$	147		$	1,051		$	498	$	625		$	1,317		$	645		$	9		$	(8	)	$	2		$	69	$	89,279
(Income) loss from consolidated entities attributable to noncontrolling interest	(21		)	—			—		—			—			—			—			—			—			—		(42		)
Net income (loss) attributable to the Company	126			1,051			498		625			1,317			645			9			(8		)	2			69		89,237
Non-property adjustments	—			—			—		—			—			—			—			—			—			—		(14,092		)
Interest income	—			—			—		—			(1		)	—			—			—			—			—		(38		)
Interest expense	—			—			—		—			—			—			—			—			—			—		572
Amortization of loan costs	—			—			—		—			—			—			—			—			—			—		54
Depreciation and amortization	158			1,064			140		327			1,053			146			—			—			—			849		60,383
Income tax expense (benefit)	6			—			—		—			—			—			—			—			—			—		6
Non-hotel EBITDA ownership expense	3			55			10		10			9			7			—			—			—			69		2,313
Income (loss) from consolidated entities attributable to noncontrolling interests	21			—			—		—			—			—			—			—			—			—		42
Hotel EBITDA including amounts attributable to noncontrolling interest	314			2,170			648		962			2,378			798			9			(8		)	2			987		138,477
Non-comparable adjustments	—			—			—		—			—			—			(9		)	8			(2		)	—		(1,315		)
Comparable hotel EBITDA	$	314		$	2,170		$	648	$	962		$	2,378		$	798		$	—		$	—		$	—		$	987	$	137,162

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

31

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2017
	BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 22 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel			BAML Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,449		$	87		$	(146	)	$	10,724		$	49		$	(165	)	$	304		$	(749	)	$	82		$	532		$	4,645
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	6,449			87			(146		)	10,724			49			(165		)	304			(749		)	82			532			4,645
Non-property adjustments	—			—			—			43			—			—			—			—			—			—			40
Interest income	(10		)	(11		)	—			—			—			—			—			—			—			—			—
Interest expense	1			—			478			—			—			—			—			3			—			—			—
Amortization of loan costs	—			—			126			—			—			—			—			—			—			—			—
Depreciation and amortization	5,387			3,354			473			16,294			624			923			364			2,872			473			750			4,508
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	37			69			3			154			20			167			10			37			2			14			711
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,864			3,499			934			27,215			693			925			678			2,163			557			1,296			9,904
Non-comparable adjustments	—			—			—			(1,243		)	—			—			—			—			—			—			(76		)
Comparable hotel EBITDA	$	11,864		$	3,499		$	934		$	25,972		$	693		$	925		$	678		$	2,163		$	557		$	1,296		$	9,828
	Morgan Stanley Pool B - 4 hotels			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel			Aareal Princeton/ Nashville - 2 hotels			NorthStar HGI Wisconsin Dells - 1 hotel			JP Morgan - 18 hotels			Omni American Bank - 1 hotel			GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel
Net income (loss)	$	805		$	3,974		$	76		$	4,614		$	(96	)	$	8,554		$	135		$	1,319		$	(51	)	$	282		$	24
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—			—			—			—			(3		)
Net income (loss) attributable to the Company	805			3,974			76			4,614			(96		)	8,554			135			1,319			(51		)	282			21
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			—
Interest income	—			(2		)	—			—			—			(3		)	—			—			(3		)	—			—
Interest expense	—			—			—			—			—			—			—			—			—			—			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	1,044			6,827			1,288			2,688			215			6,822			123			2,458			837			207			231
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	29			3,958			22			21			15			123			1			(235		)	1			4			2
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—			—			—			—			3
Hotel EBITDA including amounts attributable to noncontrolling interest	1,878			14,757			1,386			7,323			134			15,496			259			3,542			784			493			257
Non-comparable adjustments	—			—			—			—			—			—			—			—			—			—			—
Comparable hotel EBITDA	$	1,878		$	14,757		$	1,386		$	7,323		$	134		$	15,496		$	259		$	3,542		$	784		$	493		$	257
	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 5 - 2 hotels			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 -5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(21	)	$	1,496		$	357		$	421		$	1,649		$	484		$	14		$	1		$	4		$	(751	)	$	45,102
(Income) loss from consolidated entities attributable to noncontrolling interest	5			—			—			—			—			—			—			—			—			—			2
Net income (loss) attributable to the Company	(16		)	1,496			357			421			1,649			484			14			1			4			(751		)	45,104
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			83
Interest income	—			—			—			—			(1		)	—			—			—			—			(2		)	(32		)
Interest expense	—			—			—			—			—			—			—			—			—			—			482
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			126
Depreciation and amortization	168			1,057			114			342			1,060			159			—			—			—			847			62,509
Income tax expense (benefit)	17			—			—			—			—			—			—			—			—			—			17
Non-hotel EBITDA ownership expense	2			2			5			7			7			4			1			1			(6		)	(2		)	5,186
Income (loss) from consolidated entities attributable to noncontrolling interests	(5		)	—			—			—			—			—			—			—			—			—			(2		)
Hotel EBITDA including amounts attributable to noncontrolling interest	166			2,555			476			770			2,715			647			15			2			(2		)	92			113,473
Non-comparable adjustments	—			—			—			—			—			—			(15		)	(2		)	2			—			(1,334		)
Comparable hotel EBITDA	$	166		$	2,555		$	476		$	770		$	2,715		$	647		$	—		$	—		$	—		$	92		$	112,139

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

32

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2016
	BAML Pool 1 & 2 - 8 hotels			Morgan Stanley MIP - 5 hotels			Cantor Commercial Real Estate - 1 hotel			Column Financial - 22 hotels			JPM Lakeway - 1 hotel			BAML Le Pavillon - 1 hotel			BAML Indigo Atlanta - 1 hotel			Morgan Stanley - 8 hotels			Morgan Stanley Ann Arbor - 1 hotel			BAML W Atlanta - 1 hotel			Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	5,264		$	1,068		$	(359	)	$	50		$	(233	)	$	(157	)	$	167		$	(363	)	$	357		$	440		$	(2,552	)
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—			—			—			—			—
Net income (loss) attributable to the Company	5,264			1,068			(359		)	50			(233		)	(157		)	167			(363		)	357			440			(2,552		)
Non-property adjustments	(225		)	—			—			9,088			—			—			—			—			—			—			4,095
Interest income	(6		)	—			—			—			—			—			—			—			—			—			—
Interest expense	—			—			469			—			—			—			—			15			—			—			—
Amortization of loan costs	—			—			124			—			—			—			—			—			—			—			—
Depreciation and amortization	5,219			3,196			467			16,448			604			760			358			2,733			470			749			4,763
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	248			92			3			589			29			113			17			132			2			(19		)	1,114
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,500			4,356			704			26,175			400			716			542			2,517			829			1,170			7,420
Non-comparable adjustments	—			—			—			(2,176		)	—			—			—			—			—			—			(311		)
Comparable hotel EBITDA	$	10,500		$	4,356		$	704		$	23,999		$	400		$	716		$	542		$	2,517		$	829		$	1,170		$	7,109
	Morgan Stanley Pool B - 4 hotels			BAML Pool - 17 hotels			Morgan Stanley Boston Back Bay - 1 hotel			Aareal Princeton/ Nashville - 2 hotels			NorthStar HGI Wisconsin Dells - 1 hotel			JP Morgan - 18 hotels			Omni American Bank - 1 hotel			GACC Gateway - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			GACC Jacksonville RI - 1 hotel			GACC Manchester RI - 1 hotel
Net income (loss)	$	204		$	2,375		$	2,116		$	3,741		$	56		$	7,177		$	206		$	1,127		$	825		$	176		$	158
(Income) loss from consolidated entities attributable to noncontrolling interest	—			—			—			—			—			—			—			—			—			—			(23		)
Net income (loss) attributable to the Company	204			2,375			2,116			3,741			56			7,177			206			1,127			825			176			135
Non-property adjustments	223			(135		)	—			—			—			—			—			—			—			—			—
Interest income	—			(2		)	—			—			—			(3		)	—			—			(11		)	—			—
Interest expense	—			—			—			—			—			—			—			—			—			—			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	1,000			6,606			1,168			2,903			205			6,740			115			2,111			835			214			225
Income tax expense (benefit)	—			—			—			—			—			104			—			—			—			—			(36		)
Non-hotel EBITDA ownership expense	135			1,667			148			(27		)	(2		)	160			1			(247		)	4			37			(23		)
Income (loss) from consolidated entities attributable to noncontrolling interests	—			—			—			—			—			—			—			—			—			—			23
Hotel EBITDA including amounts attributable to noncontrolling interest	1,562			10,511			3,432			6,617			259			14,178			322			2,991			1,653			427			324
Non-comparable adjustments	—			—			—			—			—			—			—			—			—			—			—
Comparable hotel EBITDA	$	1,562		$	10,511		$	3,432		$	6,617		$	259		$	14,178		$	322		$	2,991		$	1,653		$	427		$	324
	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 5 - 2 hotels			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 -5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	70		$	741		$	272		$	455		$	844		$	487		$	7,490		$	(34	)	$	(83	)	$	(504	)	$	31,581
(Income) loss from consolidated entities attributable to noncontrolling interest	(9		)	—			—			—			—			—			—			—			—			—			(32		)
Net income (loss) attributable to the Company	61			741			272			455			844			487			7,490			(34		)	(83		)	(504		)	31,549
Non-property adjustments	—			—			—			—			—			—			(7,506		)	32			82			(4		)	5,650
Interest income	—			—			—			—			(1		)	—			—			—			—			—			(23		)
Interest expense	—			—			—			—			—			—			—			—			—			—			484
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			124
Depreciation and amortization	169			834			109			347			987			192			—			—			—			767			61,294
Income tax expense (benefit)	(43		)	—			—			—			—			—			—			—			—			—			25
Non-hotel EBITDA ownership expense	3			17			6			7			7			3			—			1			(11		)	139			4,345
Income (loss) from consolidated entities attributable to noncontrolling interests	9			—			—			—			—			—			—			—			—			—			32
Hotel EBITDA including amounts attributable to noncontrolling interest	199			1,592			387			809			1,837			682			(16		)	(1		)	(12		)	398			103,480
Non-comparable adjustments	—			—			—			—			—			—			16			1			12			—			(2,458		)
Comparable hotel EBITDA	$	199		$	1,592		$	387		$	809		$	1,837		$	682		$	—		$	—		$	—		$	398		$	101,022

NOTES:

(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.

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

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