Ashford Hospitality Trust 8K Ashford Trust Reports Third Quarter 2018 Results | AHT 1 Nov 18

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 2018 RESULTS

Actual RevPAR Increased 0.5% for All Hotels Not Under Renovation

Completed Acquisition of La Posada de Santa Fe

DALLAS, November 1, 2018 - 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, 2018. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2018 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, 2018 with the third quarter ended September 30, 2017 (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 leverage levels of approximately 55 - 60% to enhance equity returns


•	Highly-aligned management team and advisory structure


•	Attractive dividend yield of approximately 9.3%


•	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


▪	providing a hedge in the event of uncertain economic times


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

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders was $38.2 million or $0.40 per diluted share for the quarter


•	Actual RevPAR for all hotels increased 0.2% to $125.15 during the quarter


•	Actual RevPAR for all hotels not under renovation increased 0.5% to $125.48 during the quarter


•	Comparable RevPAR for all hotels decreased 0.6% to $125.15 during the quarter


•	Comparable RevPAR for all hotels not under renovation decreased 0.4% to $125.48 during the quarter


•	Adjusted EBITDAre was $101.7 million for the quarter


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

AHT Reports Third Quarter Results

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November 1, 2018


•	As of November 1, 2018, the Company’s common stock is trading at an approximate 9.3% dividend yield


•	During the quarter, the Company entered into a new $100 million acquisition credit facility


•	Subsequent to quarter end, the Company completed the acquisition of the 157-room La Posada de Santa Fe for $50 million


•	Capex invested during the quarter was $47.0 million

ENHANCED RETURN FUNDING PROGRAM

On June 26, 2018, the Company announced that it had entered into an Enhanced Return Funding Program (“ERFP”) with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust hotel acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement. The Program is structured to significantly improve the 5-year internal rate of return for new hotel acquisitions at Ashford Trust.

LA POSADA DE SANTA FE ACQUISITION

On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico (“La Posada”) for $50 million. The purchase of La Posada is the Company’s second hotel acquisition to benefit from the ERFP. Remington Lodging took over management of the property upon closing of the acquisition. Remington Lodging, who also manages the Hilton Santa Fe owned by Ashford Trust, and the Company expect to realize significant synergies from the joint management of La Posada and the Hilton Santa Fe.

CAPITAL STRUCTURE

At September 30, 2018, the Company had total mortgage loans of $3.9 billion with a blended average interest rate of 5.5%.

During the quarter, the Company repurchased a $56 million junior mezzanine loan on one of the loan pools from its $1.07 billion refinancing that it completed during the second quarter 2018. The junior mezzanine loan is priced at LIBOR + 9.00%.

During the quarter, under its “at the market” equity offering program, the Company issued an aggregate of 2.4 million shares of common stock resulting in gross proceeds of approximately $15.5 million.

During the quarter, the Company entered into a new $100 million acquisition credit facility that provides for a one-year revolving line of credit and bears interest at rate of LIBOR + 2.65%.

PORTFOLIO REVPAR

As of September 30, 2018, the portfolio consisted of 118 properties. During the third quarter of 2018, 106 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 118 hotels) and comparable not under renovation basis (106 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.


•	Comparable RevPAR decreased 0.6% to $125.15 for all hotels on a 1.8% increase in ADR and a 2.3% decrease in occupancy


•	Comparable RevPAR decreased 0.4% to $125.48 for hotels not under renovation on a 1.7% increase in ADR and a 2.0% decrease in occupancy

AHT Reports Third Quarter Results

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November 1, 2018

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 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 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On September 14, 2018, 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, 2018, payable on October 15, 2018, to shareholders of record as of September 28, 2018.

“Over the last several months, we have, in a disciplined manner, diligently executed on two accretive acquisitions that have benefitted from our recently-announced ERFP with Ashford Inc.,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “Through the ERFP, we have acquired both the Hilton Alexandria Old Town as well as the La Posada de Santa Fe and recently entered into a definitive agreement to acquire the Hilton Scotts Valley. We remain very excited about the ERFP program and, looking ahead, expect that this funding arrangement will be a competitive advantage when identifying opportunities to accretively grow our platform and increase stockholder value.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday November 2, 2018, at 1:00 p.m. ET. The number to call for this interactive teleconference is (323) 794-2597. A replay of the conference call will be available through Friday, November 9, 2018, by dialing (719) 457-0820 and entering the confirmation number, 4159118.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2018 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 2, 2018, beginning at 1:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. The non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliation of non-GAAP measures to the closing GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in

AHT Reports Third Quarter Results

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November 1, 2018

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 federal securities regulations. Forward looking statements in this press release may include, among others, statements about the Company’s strategy and future plans. 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 conditions 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; our ability to successfully complete and integrate acquisitions, and manage our planned growth, 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.

The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. 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, 2018			December 31, 2017
ASSETS
Investments in hotel properties, net	$	4,089,985		$	4,035,915
Cash and cash equivalents	325,839			354,805
Restricted cash	141,092			116,787
Marketable securities	24,173			26,926
Accounts receivable, net of allowance of $608 and $770, respectively	60,208			44,257
Inventories	4,223			4,244
Investment in Ashford Inc.	1,763			437
Investment in OpenKey	2,751			2,518
Deferred costs, net	3,427			2,777
Prepaid expenses	29,662			19,269
Derivative assets	2,969			2,010
Other assets	18,117			14,152
Intangible asset, net	9,854			9,943
Due from third-party hotel managers	19,277			17,387
Assets held for sale	—			18,423
Total assets	$	4,733,340		$	4,669,850

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,894,447		$	3,696,300
Accounts payable and accrued expenses	147,808			132,401
Dividends and distributions payable	28,095			25,045
Due to Ashford Inc., net	5,176			15,146
Due to related party, net	1,078			1,067
Due to third-party hotel managers	2,745			2,431
Intangible liabilities, net	15,572			15,839
Derivative liabilities, net	205			—
Other liabilities	19,613			18,376
Liabilities associated with assets held for sale	—			13,977
Total liabilities	4,114,739			3,920,582

Redeemable noncontrolling interests in operating partnership	118,663			116,122
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2018 and December 31, 2017	24			24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	48			48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	62			62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	38			38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	54			54
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,010			974
Additional paid-in capital	1,811,391			1,784,997
Accumulated deficit	(1,313,327		)	(1,153,697		)
Total shareholders' equity of the Company	499,300			632,500
Noncontrolling interests in consolidated entities	638			646
Total equity	499,938			633,146
Total liabilities and equity	$	4,733,340		$	4,669,850

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,
	2018			2017			2018			2017
REVENUE
Rooms	$	288,016		$	289,017		$	868,090		$	876,927
Food and beverage	49,396			48,313			164,869			175,005
Other	17,309			15,006			51,358			43,720
Total hotel revenue	354,721			352,336			1,084,317			1,095,652
Other	1,209			989			2,984			2,052
Total revenue	355,930			353,325			1,087,301			1,097,704
EXPENSES
Hotel operating expenses
Rooms	64,197			63,950			187,497			188,857
Food and beverage	37,649			37,173			116,270			121,619
Other expenses	109,992			112,421			332,629			337,978
Management fees	13,198			13,027			40,306			40,100
Total hotel operating expenses	225,036			226,571			676,702			688,554
Property taxes, insurance and other	20,774			18,194			59,363			55,293
Depreciation and amortization	64,923			60,135			192,536			185,380
Impairment charges	(27		)	1,785			1,652			1,785
Transaction costs	—			—			11			11
Advisory services fee:
Base advisory fee	9,156			8,579			26,644			25,934
Reimbursable expenses	2,251			1,641			5,777			5,800
Non-cash stock/unit-based compensation	4,855			4,392			20,540			7,748
Incentive fee	(3,457		)	—			—			—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	—			—			536			565
Other general and administrative	3,090			2,412			7,914			10,271
Total operating expenses	326,601			323,709			991,675			981,341
OPERATING INCOME (LOSS)	29,329			29,616			95,626			116,363
Equity in earnings (loss) of unconsolidated entities	310			(679		)	892			(3,580		)
Interest income	1,150			706			2,779			1,460
Gain (loss) on sale of hotel properties	(9		)	15			394			14,024
Other income (expense), net	(202		)	(273		)	80			(3,539		)
Interest expense, net of premium amortization	(54,057		)	(54,413		)	(159,063		)	(156,303		)
Amortization of loan costs	(6,674		)	(2,550		)	(14,617		)	(10,921		)
Write-off of premiums, loan costs and exit fees	(1,572		)	—			(9,316		)	(1,629		)
Unrealized gain (loss) on marketable securities	68			(936		)	(758		)	(4,813		)
Unrealized gain (loss) on derivatives	(2,085		)	(1,479		)	(3,672		)	(1,804		)
INCOME (LOSS) BEFORE INCOME TAXES	(33,742		)	(29,993		)	(87,655		)	(50,742		)
Income tax benefit (expense)	(519		)	1,267			(2,606		)	507
NET INCOME (LOSS)	(34,261		)	(28,726		)	(90,261		)	(50,235		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10		)	(22		)	8			(4		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682			6,940			18,087			13,202
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(27,589		)	(21,808		)	(72,166		)	(37,037		)
Preferred dividends	(10,645		)	(11,440		)	(31,933		)	(33,352		)
Extinguishment of issuance costs uon redemption of prefered stock	—			(4,507		)	—			(4,507		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(38,234	)	$	(37,755	)	$	(104,099	)	$	(74,896	)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.40	)	$	(0.40	)	$	(1.09	)	$	(0.80	)
Weighted average common shares outstanding – basic	97,467			95,332			96,591			95,169
Diluted:
Net income (loss) attributable to common stockholders	$	(0.40	)	$	(0.40	)	$	(1.09	)	$	(0.80	)
Weighted average common shares outstanding – diluted	97,467			95,332			96,591			95,169
Dividends declared per common share:	$	0.12		$	0.12		$	0.36		$	0.36

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Net income (loss)	$	(34,261	)	$	(28,726	)	$	(90,261	)	$	(50,235	)
Interest expense and amortization of premiums and loan costs, net	60,731			56,963			173,680			167,224
Depreciation and amortization	64,923			60,135			192,536			185,380
Income tax expense (benefit)	519			(1,267		)	2,606			(507		)
Equity in (earnings) loss of unconsolidated entities	(310		)	679			(892		)	3,632
Company's portion of EBITDA of Ashford Inc.	(1,607		)	(384		)	959			(20		)
Company's portion of EBITDA of OpenKey	(158		)	(113		)	(419		)	(361		)
EBITDA	89,837			87,287			278,209			305,113
Impairment charges on real estate	(27		)	1,785			1,652			1,785
(Gain) loss on sale of hotel properties	9			(15		)	(394		)	(14,024		)
EBITDAre	89,819			89,057			279,467			292,874
Amortization of unfavorable contract liabilities	(39		)	(363		)	(117		)	(1,151		)
Uninsured hurricane related costs	(43		)	3,711			(271		)	3,711
Write-off of premiums, loan costs and exit fees	1,572			—			9,316			1,629
Other (income) expense, net	10			273			(80		)	3,539
Transaction, acquisition and management conversion costs	391			202			596			3,770
Legal judgment and related legal costs	1			27			928			4,091
Unrealized (gain) loss on marketable securities	(68		)	936			758			4,813
Unrealized (gain) loss on derivatives	2,085			1,479			3,672			1,804
Dead deal costs	52			5			55			9
Software implementation costs	—			—			—			1,034
Non-cash stock/unit-based compensation	5,143			4,613			21,946			8,751
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to EBITDA of Ashford Inc.	2,814			1,703			4,997			3,752
Company's portion of adjustments to EBITDA of OpenKey	4			2			12			4
Adjusted EBITDAre	$	101,741		$	101,645		$	321,279		$	328,578

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,
	2018			2017			2018			2017
Net income (loss)	$	(34,261	)	$	(28,726	)	$	(90,261	)	$	(50,235	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10		)	(22		)	8			(4		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682			6,940			18,087			13,202
Preferred dividends	(10,645		)	(11,440		)	(31,933		)	(33,352		)
Extinguishment of issuance costs upon redemption of preferred stock	—			(4,507		)	—			(4,507		)
Net income (loss) attributable to common stockholders	(38,234		)	(37,755		)	(104,099		)	(74,896		)
Depreciation and amortization on real estate	64,865			60,075			192,363			185,197
Gain (loss) on sale of hotel properties	9			(15		)	(394		)	(14,024		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,682		)	(6,940		)	(18,087		)	(13,202		)
Equity in (earnings) loss of unconsolidated entities	(310		)	679			(892		)	3,632
Impairment charges on real estate	(27		)	1,785			1,652			1,785
Company's portion of FFO of Ashford Inc.	470			(570		)	1,391			(3,265		)
Company's portion of FFO of unconsolidated entities	(160		)	(116		)	(426		)	(366		)
FFO available to common stockholders and OP unitholders	19,931			17,143			71,508			84,861
Extinguishment of issuance costs upon redemption of preferred stock	—			4,507			—			4,507
Write-off of premiums, loan costs and exit fees	1,572			—			9,316			1,629
Uninsured hurricane related costs	(43		)	3,711			(271		)	3,711
Other (income) expense, net	10			273			(80		)	3,539
Transaction, acquisition and management conversion costs	391			202			596			3,770
Legal judgment and related legal costs	1			27			928			4,091
Unrealized (gain) loss on marketable securities	(68		)	936			758			4,813
Unrealized (gain) loss on derivatives	2,085			1,479			3,672			1,804
Dead deal costs	52			5			55			9
Software implementation costs	—			—			—			1,034
Non-cash stock/unit-based compensation	5,143			4,613			21,946			8,751
Amortization of loan costs	6,673			2,549			14,612			10,917
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to FFO of Ashford Inc.	(1,453		)	1,580			730			6,130
Company's portion of adjustments to FFO of OpenKey	4			2			12			4
Adjusted FFO available to common stockholders and OP unitholders	$	34,298		$	37,027		$	123,782		$	139,518
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.30		$	0.33		$	1.08		$	1.23
Weighted average diluted shares	115,318			113,777			115,016			113,203

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2018

(dollars in thousands)

(unaudited)



Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁷⁾		Comparable TTM EBITDA Debt Yield
BAML Le Pavillon - 1 hotel	June 2019	LIBOR + 5.10%	$	—		$	43,750		(1)	$	43,750		$	2,433	5.6	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,267			—				5,267			1,131		21.5	%
Morgan Stanley Ann Arbor - 1 hotel	July 2019	LIBOR + 4.15%	—			35,200			(2)	35,200			3,731		10.6	%
Morgan Stanley - 8 hotels	July 2019	LIBOR + 4.09%	—			144,000			(2)	144,000			11,785		8.2	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2019	LIBOR + 4.95%	—			7,778			(3)	7,778			958		12.3	%
Secured credit facility - various	September 2019	Base Rate⁽⁴⁾ + 1.65% or LIBOR + 2.65%	—			—				—			N/A		N/A
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(5)	427,000			50,602		11.9	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(5)	395,000			45,379		11.5	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(5)	962,575			105,399		10.9	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(6)	16,100			2,329		14.5	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(5)	180,720			21,368		11.8	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(5)	174,400			21,437		12.3	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(5)	221,040			25,053		11.3	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(5)	262,640			28,380		10.8	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(5)	160,000			24,234		15.1	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(5)	215,120			24,481		11.4	%
GACC Gateway - 1 hotel	November 2020	6.26%	93,891			—				93,891			14,194		15.1	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			174,211				174,211			27,430		15.7	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			13,748		14.2	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	53,086			—				53,086			6,207		11.7	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,862		12.1	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,913			—				6,913			1,349		19.5	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,089			—				10,089			317		3.1	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,444			—				6,444			938		14.6	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	65,572			—				65,572			8,686		13.2	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,114			—				12,114			1,832		15.1	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,215			—				24,215			3,623		15.0	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,962			—				19,962			2,584		12.9	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	51,633			—				51,633			6,887		13.3%
Unencumbered hotels			—			—				—			2,267		N/A
Total			$	349,186		$	3,589,984			$	3,939,170		$	467,624	11.9	%
Percentage			8.9		%	91.1		%		100.0		%
Weighted average interest rate			5.33		%	5.55		%		5.53		%

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


⁽¹⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018.


⁽²⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018.


⁽³⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018.


⁽⁴⁾	Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.


⁽⁵⁾	This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.


⁽⁶⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.


⁽⁷⁾	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2018

(dollars in thousands)

(unaudited)



	2018		2019		2020		2021		2022		Thereafter		Total
Secured credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Omni American Bank Ashton - 1 hotel	—		5,168		—		—		—		—		5,168
BAML Le Pavillon - 1 hotel	—		—		43,750		—		—		—		43,750
Morgan Stanley - 8 hotels	—		—		144,000		—		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		35,200		—		—		—		35,200
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		7,778		—		—		—		7,778
GACC Gateway - 1 hotel	—		—		89,886		—		—		—		89,886
BAML Indigo Atlanta - 1 hotel	—		—		—		—		15,470		—		15,470
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		168,211		—		168,211
Prudential Boston Back Bay - 1 hotel	—		—		—		—		97,000		—		97,000
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		48,182		48,182
Aareal Hilton Alexandria - 1 hotel	—		—		—		—		—		73,450		73,450
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 C1 - 3 hotels	—		—		—		—		—		58,612		58,612
Morgan Stanley Pool C2 - 2 hotels	—		—		—		—		—		10,755		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		—		—		—		21,522		21,522
Morgan Stanley Pool - 17 hotels	—		—		—		—		—		427,000		427,000
JPMorgan Chase - 8 hotels	—		—		—		—		—		395,000		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,413		44,413
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
BAML Highland Pool - 21 hotels	—		—		—		—		—		962,575		962,575
KEYS Pool A - 7 hotels	—		—		—		—		—		180,720		180,720
KEYS Pool B - 7 hotels	—		—		—		—		—		174,400		174,400
KEYS Pool C - 5 hotels	—		—		—		—		—		221,040		221,040
KEYS Pool D - 5 hotels	—		—		—		—		—		262,640		262,640
KEYS Pool E - 5 hotels	—		—		—		—		—		160,000		160,000
KEYS Pool F - 5 hotels	—		—		—		—		—		215,120		215,120
Principal due in future periods	—		5,168		320,614		—		280,681		3,293,400		3,899,863
Scheduled amortization payments remaining	1,604		6,554		8,035		8,170		6,805		8,139		39,307
Total indebtedness	$	1,604	$	11,722	$	328,649	$	8,170	$	287,486	$	3,301,539	$	3,939,170

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
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	287,104		$	—		$	287,104		$	287,955		$	705		$	288,660		(0.30	)%	(0.54	)%
	RevPAR	$	125.15		$	—		$	125.15		$	124.92		$	59.35		$	125.88		0.18	%	(0.58	)%
	Occupancy	78.04		%	—		%	78.04		%	79.68		%	(41.25		)%	79.88		%	(2.06	)%	(2.30	)%
	ADR	$	160.36		$	—		$	160.36		$	156.77		$	143.87		$	157.58		2.29	%	1.77	%



ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	864,604		$	4,258		$	868,862		$	872,993		$	(6,519	)	$	866,474		(0.96	)%	0.28	%
	RevPAR	$	127.19		$	546.51		$	127.67		$	125.61		$	(44.87	)	$	127.33		1.26	%	0.26	%
	Occupancy	77.59		%	165.83		%	77.69		%	78.57		%	(62.74		)%	78.91		%	(1.25	)%	(1.54	)%
	ADR	$	163.92		$	329.56		$	164.32		$	159.87		$	(71.51	)	$	161.37		2.53	%	1.83	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	243,027		$	—		$	243,027		$	243,159		$	705		$	243,864		(0.05	)%	(0.34	)%
	RevPAR	$	125.48		$	—		$	125.48		$	124.83		$	59.35		$	125.95		0.53	%	(0.37	)%
	Occupancy	78.95		%	—		%	78.95		%	80.36		%	(41.25		)%	80.60		%	(1.75	)%	(2.04	)%
	ADR	$	158.94		$	—		$	158.94		$	155.34		$	143.87		$	156.28		2.32	%	1.70	%



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	718,187		$	4,258		$	722,445		$	722,943		$	(6,519	)	$	716,424		(0.66	)%	0.84	%
	RevPAR	$	125.17		$	546.51		$	125.74		$	122.73		$	(44.87	)	$	124.70		1.99	%	0.84	%
	Occupancy	78.14		%	165.83		%	78.25		%	78.49		%	(62.74		)%	78.88		%	(0.45	)%	(0.80	)%
	ADR	$	160.20		$	329.56		$	160.68		$	156.37		$	(71.51	)	$	158.08		2.45	%	1.65	%

NOTES:

(1)

The above comparable information assumes the 106 hotel properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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


(3)	Excluded Hotels Under Renovation:

Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)



ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	353,504		$	350,958		0.73	%	$	1,079,802		$	1,090,603		(0.99	)%
Non-comparable adjustments	—			2,036					7,054			(5,871		)
Comparable total hotel revenue	$	353,504		$	352,994		0.14	%	$	1,086,856		$	1,084,732		0.20	%

Hotel EBITDA	$	111,389		$	113,302		(1.69	)%	$	356,795		$	365,253		(2.32	)%
Non-comparable adjustments	(60		)	1,904					3,705			2,762
Comparable hotel EBITDA	$	111,329		$	115,206		(3.37	)%	$	360,500		$	368,015		(2.04	)%
Hotel EBITDA margin	31.51		%	32.28		%	(0.77	)%	33.04		%	33.49		%	(0.45	)%
Comparable hotel EBITDA margin	31.49		%	32.64		%	(1.15	)%	33.17		%	33.93		%	(0.76	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	101		$	116		(12.93	)%	$	258		$	283		(8.83	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	111,288		$	113,186		(1.68	)%	$	356,537		$	364,970		(2.31	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	111,228		$	115,090		(3.36	)%	$	360,242		$	367,732		(2.04	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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
ALL HOTELS NOT UNDER RENOVATION:	September 30,								September 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	294,015		$	291,136		0.99	%	$	880,708		$	883,074		(0.27	)%
Non-comparable adjustments	—			2,036					7,054			(5,869		)
Comparable total hotel revenue	$	294,015		$	293,172		0.29	%	$	887,762		$	877,205		1.20	%

Hotel EBITDA	$	96,749		$	97,401		(0.67	)%	$	299,170		$	300,994		(0.61	)%
Non-comparable adjustments	(60		)	1,872					3,705			2,667
Comparable hotel EBITDA	$	96,689		$	99,273		(2.60	)%	$	302,875		$	303,661		(0.26	)%
Hotel EBITDA margin	32.91		%	33.46		%	(0.55	)%	33.97		%	34.08		%	(0.11	)%
Comparable hotel EBITDA margin	32.89		%	33.86		%	(0.97	)%	34.12		%	34.62		%	(0.50	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	101		$	116		(12.93	)%	$	258		$	283		(8.83	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	96,648		$	97,285		(0.65	)%	$	298,912		$	300,711		(0.60	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	96,588		$	99,157		(2.59	)%	$	302,617		$	303,378		(0.25	)%

NOTES:

(1)


(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:

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
	2018			2018			2018			2018			2018		2018			2018			2018		2018			2017			2017		2017
	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	$	353,504		$	—		$	353,504		$	386,834		$	5,301	$	392,135		$	339,465		$	1,752	$	341,217		$	339,160		$	2,271	$	341,431
Hotel EBITDA	$	111,389		$	(60	)	$	111,329		$	136,792		$	2,795	$	139,587		$	108,614		$	970	$	109,584		$	106,630		$	494	$	107,124
Hotel EBITDA margin	31.51		%				31.49		%	35.36		%			35.60		%	32.00		%			32.12		%	31.44		%			31.38		%

EBITDA % of total TTM	24.0		%				23.8		%	29.5		%			29.9		%	23.4		%			23.4		%	23.1		%			22.9		%

JV interests in EBITDA	$	101		$	—		$	101		$	108		$	—	$	108		$	49		$	—	$	49		$	85		$	—	$	85

	Actual			Non-comparable Adjustments			Comparable
	2018			2018			2018
	TTM			TTM			TTM
Total hotel revenue	$	1,418,963		$	9,324		$	1,428,287
Hotel EBITDA	$	463,425		$	4,199		$	467,624
Hotel EBITDA margin	32.66		%				32.74		%

EBITDA % of total TTM	100.0		%				100.0		%

JV interests in EBITDA	$	343		$	—		$	343

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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 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
	Number of Hotels	Number of Rooms	2018		2018		2018		2017		2017			2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	128.47	$	—	$	128.47	$	128.40	$	—		$	128.40	0.1	%	0.1	%
Boston, MA Area	3	915	217.08		—		217.08		207.03		—			207.03		4.9	%	4.9	%
Dallas / Ft. Worth, TX Area	7	1,518	103.19		—		103.19		106.16		—			106.16		(2.8	)%	(2.8	)%
Houston, TX Area	3	692	100.18		—		100.18		108.41		—			108.41		(7.6	)%	(7.6	)%
Los Angeles, CA Metro Area	6	1,619	129.81		—		129.81		128.06		—			128.06		1.4	%	1.4	%
Miami, FL Metro Area	3	587	93.92		—		93.92		99.68		—			99.68		(5.8	)%	(5.8	)%
Minneapolis - St. Paul, MN-WI Area	4	809	133.42		—		133.42		139.84		—			139.84		(4.6	)%	(4.6	)%
Nashville, TN Area	1	673	207.60		—		207.60		207.06		—			207.06		0.3	%	0.3	%
New York / New Jersey Metro Area	6	1,741	122.75		—		122.75		126.74		—			126.74		(3.1	)%	(3.1	)%
Orlando, FL Area	3	734	92.44		—		92.44		99.86		—			99.86		(7.4	)%	(7.4	)%
Philadelphia, PA Area	3	648	115.70		—		115.70		110.73		—			110.73		4.5	%	4.5	%
San Diego, CA Area	2	410	138.61		—		138.61		136.22		—			136.22		1.8	%	1.8	%
San Francisco - Oakland, CA Metro Area	6	1,369	172.17		—		172.17		165.38		—			165.38		4.1	%	4.1	%
Tampa, FL Area	2	571	87.28		—		87.28		90.67		(92.52		)	90.31		(3.7	)%	(3.4	)%
Washington D.C. - MD - VA Area	9	2,424	126.23		—		126.23		123.84		247.79			129.78		1.9	%	(2.7	)%
Other Areas	51	8,795	113.08		—		113.08		112.88		(80.80		)	113.38		0.2	%	(0.3	)%
Total Portfolio	118	24,930	$	125.15	$	—	$	125.15	$	124.92	$	59.35		$	125.88	0.2	%	(0.6	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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
	Number of Hotels	Number of Rooms	2018		2018			2018		% of Total		2017		2017			2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	6,135	$	19		$	6,154	5.5	%	$	5,857	$	289		$	6,146	5.4	%	4.7	%	0.1	%
Boston, MA Area	3	915	9,110		—			9,110		8.2	%	8,427		12			8,439		7.3	%	8.1	%	8.0	%
Dallas / Ft. Worth, TX Area	7	1,518	5,449		—			5,449		4.9	%	5,453		5			5,458		4.7	%	(0.1	)%	(0.2	)%
Houston, TX Area	3	692	2,371		—			2,371		2.1	%	2,641		19			2,660		2.3	%	(10.2	)%	(10.9	)%
Los Angeles, CA Metro Area	6	1,619	7,388		—			7,388		6.6	%	7,742		34			7,776		6.7	%	(4.6	)%	(5.0	)%
Miami, FL Metro Area	3	587	1,027		—			1,027		0.9	%	1,269		4			1,273		1.1	%	(19.1	)%	(19.3	)%
Minneapolis - St. Paul, MN-WI Area	4	809	4,159		—			4,159		3.7	%	4,872		6			4,878		4.2	%	(14.6	)%	(14.7	)%
Nashville, TN Area	1	673	6,577		—			6,577		5.9	%	6,294		—			6,294		5.5	%	4.5	%	4.5	%
New York / New Jersey Metro Area	6	1,741	7,527		—			7,527		6.8	%	7,829		8			7,837		6.8	%	(3.9	)%	(4.0	)%
Orlando, FL Area	3	734	1,350		—			1,350		1.2	%	1,830		5			1,835		1.7	%	(26.2	)%	(26.4	)%
Philadelphia, PA Area	3	648	2,437		—			2,437		2.2	%	2,383		7			2,390		2.2	%	2.3	%	2.0	%
San Diego, CA Area	2	410	2,180		—			2,180		2.0	%	2,264		4			2,268		2.0	%	(3.7	)%	(3.9	)%
San Francisco - Oakland, CA Metro Area	6	1,369	10,038		—			10,038		9.0	%	9,378		57			9,435		8.2	%	7.0	%	6.4	%
Tampa, FL Area	2	571	1,185		(77		)	1,108		1.0	%	1,564		(254		)	1,310		1.1	%	(24.2	)%	(15.4	)%
Washington D.C. - MD - VA Area	9	2,424	9,743		—			9,743		8.8	%	9,320		1,927			11,247		9.8	%	4.5	%	(13.4	)%
Other Areas	51	8,795	34,713		(2		)	34,711		31.2	%	36,179		(219		)	35,960		31.0	%	(4.1	)%	(3.5	)%
Total Portfolio	118	24,930	$	111,389	$	(60	)	$	111,329	100.0	%	$	113,302	$	1,904		$	115,206	100.0	%	(1.7	)%	(3.4	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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 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
	Number of Hotels	Number of Rooms	2018		2018			2018		2017		2017			2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	131.43	$	—		$	131.43	$	122.88	$	(88.18	)	$	130.78	7.0	%	0.5	%
Boston, MA Area	3	915	180.33		—			180.33		178.69		—			178.69		0.9	%	0.9	%
Dallas / Ft. Worth, TX Area	7	1,518	114.44		—			114.44		111.49		—			111.49		2.6	%	2.6	%
Houston, TX Area	3	692	109.04		—			109.04		111.44		—			111.44		(2.2	)%	(2.2	)%
Los Angeles, CA Metro Area	6	1,619	135.55		—			135.55		133.78		—			133.78		1.3	%	1.3	%
Miami, FL Metro Area	3	587	137.37		—			137.37		132.64		—			132.64		3.6	%	3.6	%
Minneapolis - St. Paul, MN-WI Area	4	809	127.81		—			127.81		126.49		—			126.49		1.0	%	1.0	%
Nashville, TN Area	1	673	207.65		—			207.65		210.56		—			210.56		(1.4	)%	(1.4	)%
New York / New Jersey Metro Area	6	1,741	119.29		—			119.29		117.68		—			117.68		1.4	%	1.4	%
Orlando, FL Area	3	734	108.61		—			108.61		113.90		—			113.90		(4.6	)%	(4.6	)%
Philadelphia, PA Area	3	648	105.07		—			105.07		102.21		—			102.21		2.8	%	2.8	%
San Diego, CA Area	2	410	127.08		—			127.08		125.99		—			125.99		0.9	%	0.9	%
San Francisco - Oakland, CA Metro Area	6	1,369	164.78		—			164.78		158.53		—			158.53		3.9	%	3.9	%
Tampa, FL Area	2	571	116.11		(154.79		)	112.62		117.70		(123.57		)	116.57		(1.4	)%	(3.4	)%
Washington D.C. - MD - VA Area	9	2,424	138.94		235.98			143.14		141.92		279.77			148.53		(2.1	)%	(3.6	)%
Other Areas	51	8,795	112.79		(48.05		)	112.97		111.44		(66.35		)	112.54		1.2	%	0.4	%
Total Portfolio	118	24,930	$	127.19	$	546.51		$	127.67	$	125.61	$	(44.87	)	$	127.33	1.3	%	0.3	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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
	Number of Hotels	Number of Rooms	2018		2018			2018		% of Total		2017		2017			2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	18,644	$	31		$	18,675	5.2	%	$	21,829	$	(2,255	)	$	19,574	5.3	%	(14.7	)%	(4.6	)%
Boston, MA Area	3	915	19,270		—			19,270		5.3	%	20,523		24			20,547		5.6	%	(6.1	)%	(6.2	)%
Dallas / Ft. Worth, TX Area	7	1,518	20,626		—			20,626		5.7	%	19,236		26			19,262		5.2	%	7.2	%	7.1	%
Houston, TX Area	3	692	9,008		—			9,008		2.5	%	9,333		40			9,373		2.5	%	(3.5	)%	(3.9	)%
Los Angeles, CA Metro Area	6	1,619	25,717		—			25,717		7.1	%	26,275		77			26,352		7.2	%	(2.1	)%	(2.4	)%
Miami, FL Metro Area	3	587	9,373		—			9,373		2.6	%	8,936		10			8,946		2.4	%	4.9	%	4.8	%
Minneapolis - St. Paul, MN-WI Area	4	809	11,519		—			11,519		3.2	%	11,749		20			11,769		3.2	%	(2.0	)%	(2.1	)%
Nashville, TN Area	1	673	18,666		—			18,666		5.2	%	20,935		—			20,935		5.7	%	(10.8	)%	(10.8	)%
New York / New Jersey Metro Area	6	1,741	22,985		1			22,986		6.4	%	23,382		60			23,442		6.4	%	(1.7	)%	(1.9	)%
Orlando, FL Area	3	734	7,181		—			7,181		2.0	%	8,124		8			8,132		2.2	%	(11.6	)%	(11.7	)%
Philadelphia, PA Area	3	648	6,554		—			6,554		1.8	%	6,047		15			6,062		1.6	%	8.4	%	8.1	%
San Diego, CA Area	2	410	5,774		—			5,774		1.6	%	5,840		6			5,846		1.6	%	(1.1	)%	(1.2	)%
San Francisco - Oakland, CA Metro Area	6	1,369	28,077		—			28,077		7.8	%	26,824		106			26,930		7.3	%	4.7	%	4.3	%
Tampa, FL Area	2	571	8,968		(1,131		)	7,837		2.2	%	9,416		(1,493		)	7,923		2.2	%	(4.8	)%	(1.1	)%
Washington D.C. - MD - VA Area	9	2,424	33,087		4,697			37,784		10.5	%	36,103		6,603			42,706		11.6	%	(8.4	)%	(11.4	)%
Other Areas	51	8,795	111,346		107			111,453		30.9	%	110,701		(485		)	110,216		30.0	%	0.6	%	1.1	%
Total Portfolio	118	24,930	$	356,795	$	3,705		$	360,500	100.0	%	$	365,253	$	2,762		$	368,015	100.0	%	(2.3	)%	(2.0	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by 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

TOTAL ENTERPRISE VALUE

SEPTEMBER 30, 2018

(in thousands, except share price)

(unaudited)




	September 30, 2018
End of quarter common shares outstanding	101,038
Partnership units outstanding	20,660
Combined common shares and partnership units outstanding	121,698
Common stock price at quarter end	$	6.39
Market capitalization at quarter end	$	777,650
Series D preferred stock	$	59,735
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Series H preferred stock	$	95,000
Series I preferred stock	$	135,000
Debt on balance sheet date	$	3,939,170
Joint venture partner's share of consolidated debt	$	(2,004	)
Net working capital (see below)	$	(460,329	)
Total enterprise value (TEV)	$	4,819,222

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	75.87
Market value of Ashford Inc. investment	$	45,383

Cash and cash equivalents	$	325,716
Restricted cash	$	140,886
Accounts receivable, net	$	60,184
Prepaid expenses	$	29,639
Investment in securities	$	24,173
Due from third-party hotel managers, net	$	16,528
Market value of Ashford Inc. investment	$	45,383
Total current assets	$	642,509

Accounts payable, net & accrued expenses	$	147,734
Dividends and distributions payable	$	28,095
Due to affiliates, net	$	6,351
Total current liabilities	$	182,180

Net working capital*	$	460,329

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)



		2018
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Estimated
Courtyard Crystal City Reagan Airport	272	x
Courtyard Denver Airport	202	x
Courtyard Gaithersburg	210	x	x
Courtyard Louisville Airport	150				x
Embassy Suites Crystal City	267				x
Embassy Suites Philadelphia Airport	263	x	x
Embassy Suites Santa Clara Silicon Valley	258	x	x
Hampton Inn Suites Columbus Easton	145				x
Hampton Inn Suites Phoenix Airport	106		x	x
Hilton St. Petersburg Bayfront	333	x	x	x
Hilton Tampa Westshore	238		x	x	x
Hilton Garden Inn BWI Airport	158				x
Hilton Garden Inn Jacksonville	119	x
Hotel Indigo Atlanta Midtown	140		x	x	x
Hyatt Regency Coral Gables	253			x	x
Le Meridien Chambers Minneapolis	60	x
Le Pavillon Hotel	226			x
Marriott Crystal Gateway	701	x	x	x	x
Marriott Omaha	300			x
Marriott RTP	225	x
Renaissance Nashville	673	x	x	x	x
Renaissance Palm Springs	410	x
Residence Inn Jacksonville	120	x	x	x
Residence Inn Orlando Sea World	350	x	x	x	x
Ritz-Carlton Atlanta	444	x	x	x	x
Sheraton Anchorage	370	x
The Churchill	173	x
Westin Princeton	296	x	x
Total		18	13	12	11


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	2018			2018			2018			2017			September 30, 2018
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Net income (loss)	$	42,925		$	68,862		$	40,311		$	33,102		$	185,200
Non-property adjustments	(17		)	(394		)	1,669			8,246			9,504
Interest income	(73		)	(58		)	(30		)	(28		)	(189		)
Interest expense	2,096			1,634			1,600			1,258			6,588
Amortization of loan costs	149			178			112			73			512
Depreciation and amortization	64,745			64,385			62,869			61,182			253,181
Income tax expense (benefit)	14			9			—			173			196
Non-hotel EBITDA ownership expense	1,550			2,176			2,083			2,624			8,433
Hotel EBITDA including amounts attributable to noncontrolling interest	111,389			136,792			108,614			106,630			463,425
Non-comparable adjustments	(60		)	2,795			970			494			4,199
Comparable hotel EBITDA	$	111,329		$	139,587		$	109,584		$	107,124		$	467,624

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	41,995		$	930		$	42,925		$	91	$	(77,277	)	$	(34,261	)
Non-property adjustments	(2		)	(15		)	(17		)	—		17			—
Interest income	(72		)	(1		)	(73		)	—		73			—
Interest expense	1,890			206			2,096			—		51,961			54,057
Amortization of loan cost	110			39			149			—		6,525			6,674
Depreciation and amortization	51,511			13,234			64,745			128		50			64,923
Income tax expense (benefit)	14			—			14			—		505			519
Non-hotel EBITDA ownership expense	1,303			247			1,550			9		(1,559		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	96,749			14,640			111,389			228		(19,705		)	91,912
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(101		)	—			(101		)	—		101			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		(310		)	(310		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		(1,607		)	(1,607		)
Company's portion of EBITDA of OpenKey	—			—			—			—		(158		)	(158		)
Hotel EBITDA attributable to the Company and OP unitholders	$	96,648		$	14,640		$	111,288		$	228	$	(21,679	)	$	89,837
Non-comparable adjustments	(60		)	—			(60		)
Comparable hotel EBITDA	$	96,689		$	14,640		$	111,329

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation		Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	60,530		$	8,332	$	68,862		$	244	$	(92,457	)	$	(23,351	)
Non-property adjustments	(429		)	35		(394		)	—		394			—
Interest income	(58		)	—		(58		)	—		58			—
Interest expense	1,438			196		1,634			—		51,082			52,716
Amortization of loan cost	140			38		178			—		5,312			5,490
Depreciation and amortization	51,743			12,642		64,385			132		49			64,566
Income tax expense (benefit)	9			—		9			—		2,964			2,973
Non-hotel EBITDA ownership expense	1,709			467		2,176			21		(2,197		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	115,082			21,710		136,792			397		(34,795		)	102,394
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(108		)	—		(108		)	—		108			—
Equity in (earnings) loss of unconsolidated entities	—			—		—			—		(1,170		)	(1,170		)
Company's portion of EBITDA of Ashford Inc.	—			—		—			—		3,551			3,551
Company's portion of EBITDA of OpenKey	—			—		—			—		(122		)	(122		)
Hotel EBITDA attributable to the Company and OP unitholders	$	114,974		$	21,710	$	136,684		$	397	$	(32,428	)	$	104,653
Non-comparable adjustments	2,795			—		2,795
Comparable hotel EBITDA	$	117,877		$	21,710	$	139,587

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended March 31, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	31,188		$	9,123		$	40,311		$	483		$	(73,443	)	$	(32,649	)
Non-property adjustments	1,770			(101		)	1,669			—			(1,669		)	—
Interest income	(30		)	—			(30		)	—			30			—
Interest expense	1,419			181			1,600			—			50,690			52,290
Amortization of loan cost	74			38			112			—			2,341			2,453
Depreciation and amortization	51,250			11,619			62,869			130			48			63,047
Income tax expense (benefit)	—			—			—			—			(886		)	(886		)
Non-hotel EBITDA ownership expense	1,668			415			2,083			(11		)	(2,072		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	87,339			21,275			108,614			602			(24,961		)	84,255
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(49		)	—			(49		)	—			49			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			588			588
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(964		)	(964		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(139		)	(139		)
Hotel EBITDA attributable to the Company and OP unitholders	$	87,290		$	21,275		$	108,565		$	602		$	(25,427	)	$	83,740
Non-comparable adjustments	970			—			970
Comparable hotel EBITDA	$	88,309		$	21,275		$	109,584

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 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)	$	25,076		$	8,026		$	33,102		$	230		$	(71,857	)	$	(38,525	)
Non-property adjustments	8,246			—			8,246			(75		)	(8,171		)	—
Interest income	(28		)	—			(28		)	—			28			—
Interest expense	1,086			172			1,258			—			51,851			53,109
Amortization of loan cost	36			37			73			—			2,225			2,298
Depreciation and amortization	50,454			10,728			61,182			123			46			61,351
Income tax expense (benefit)	173			—			173			—			(1,884		)	(1,711		)
Non-hotel EBITDA ownership expense	2,468			156			2,624			25			(2,649		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	87,511			19,119			106,630			303			(30,411		)	76,522
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(85		)	—			(85		)	—			85			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			2,286			2,286
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(1,646		)	(1,646		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(137		)	(137		)
Hotel EBITDA attributable to the Company and OP unitholders	$	87,426		$	19,119		$	106,545		$	303		$	(29,823	)	$	77,025
Non-comparable adjustments	624			(130		)	494
Comparable hotel EBITDA	$	88,135		$	18,989		$	107,124

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

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)	$	40,683		$	5,218		$	45,901		$	69	$	(74,696	)	$	(28,726	)
Non-property adjustments	1,549			221			1,770			—		(1,770		)	—
Interest income	(27		)	(1		)	(28		)	—		28			—
Interest expense	528			170			698			—		53,715			54,413
Amortization of loan cost	—			37			37			—		2,513			2,550
Depreciation and amortization	49,967			9,999			59,966			120		49			60,135
Income tax expense (benefit)	33			—			33			—		(1,300		)	(1,267		)
Non-hotel EBITDA ownership expense	4,668			257			4,925			7		(4,932		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,401			15,901			113,302			196		(26,393		)	87,105
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(116		)	—			(116		)	—		116			—
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	$	97,285		$	15,901		$	113,186		$	196	$	(26,095	)	$	87,287
Non-comparable adjustments	1,872			32			1,904
Comparable hotel EBITDA	$	99,273		$	15,933		$	115,206

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Nine Months Ended September 30, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	133,713		$	18,385		$	152,098		$	818	$	(243,177	)	$	(90,261	)
Non-property adjustments	1,339			(81		)	1,258			—		(1,258		)	—
Interest income	(160		)	(1		)	(161		)	—		161			—
Interest expense	4,747			583			5,330			—		153,733			159,063
Amortization of loan cost	324			115			439			—		14,178			14,617
Depreciation and amortization	154,504			37,495			191,999			390		147			192,536
Income tax expense (benefit)	23			—			23			—		2,583			2,606
Non-hotel EBITDA ownership expense	4,680			1,129			5,809			19		(5,828		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	299,170			57,625			356,795			1,227		(79,461		)	278,561
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(258		)	—			(258		)	—		258			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		(892		)	(892		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		959			959
Company's portion of EBITDA of OpenKey	—			—			—			—		(419		)	(419		)
Hotel EBITDA attributable to the Company and OP unitholders	$	298,912		$	57,625		$	356,537		$	1,227	$	(79,555	)	$	278,209
Non-comparable adjustments	3,705			—			3,705
Comparable hotel EBITDA	$	302,875		$	57,625		$	360,500

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

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)	$	146,855		$	33,428		$	180,283		$	1,023		$	(231,541	)	$	(50,235	)
Non-property adjustments	(12,460		)	221			(12,239		)	—			12,239			—
Interest income	(94		)	(4		)	(98		)	—			98			—
Interest expense	1,515			237			1,752			—			154,551			156,303
Amortization of loan cost	168			49			217			—			10,704			10,921
Depreciation and amortization	152,882			29,976			182,858			350			2,172			185,380
Income tax expense (benefit)	56			—			56			—			(563		)	(507		)
Non-hotel EBITDA ownership expense	12,072			352			12,424			(6		)	(12,418		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	300,994			64,259			365,253			1,367			(64,758		)	301,862
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(283		)	—			(283		)	—			283			—
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	$	300,711		$	64,259		$	364,970		$	1,367		$	(61,224	)	$	305,113
Non-comparable adjustments	2,667			95			2,762
Comparable hotel EBITDA	$	303,661		$	64,354		$	368,015

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2018
	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)	$	2,514		$	4,363		$	2,042		$	814		$	2,524		$	(923	)	$	1,558		$	4,194		$	3,270
Non-property adjustments	—			—			—			1			—			(21		)	—			—			—
Interest income	(1		)	—			(2		)	—			(4		)	(1		)	(15		)	—			(10		)
Interest expense	206			1,014			—			—			—			—			—			—			—
Amortization of loan costs	39			55			—			—			—			—			—			—			—
Depreciation and amortization	3,318			3,607			3,392			1,386			4,623			2,000			2,567			2,371			4,079
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	59			71			17			170			245			(28		)	49			12			188
Hotel EBITDA including amounts attributable to noncontrolling interest	6,135			9,110			5,449			2,371			7,388			1,027			4,159			6,577			7,527
Non-comparable adjustments	19			—			—			—			—			—			—			—			—
Comparable hotel EBITDA	$	6,154		$	9,110		$	5,449		$	2,371		$	7,388		$	1,027		$	4,159		$	6,577		$	7,527

	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)	$	(684	)	$	731		$	1,274		$	6,828		$	(443	)	$	1,376		$	13,487		$	42,925
Non-property adjustments	1			—			—			—			20			(4		)	(14		)	(17		)
Interest income	(3		)	(1		)	(2		)	(6		)	—			(12		)	(18		)	(75		)
Interest expense	—			—			—			—			—			872			4			2,096
Amortization of loan costs	—			—			—			—			—			54			—			148
Depreciation and amortization	2,008			1,653			884			3,138			1,580			7,417			20,723			64,746
Income tax expense (benefit)	—			—			—			—			—			—			14			14
Non-hotel EBITDA ownership expense	28			54			24			78			28			40			517			1,552
Hotel EBITDA including amounts attributable to noncontrolling interest	1,350			2,437			2,180			10,038			1,185			9,743			34,713			111,389
Non-comparable adjustments	—			—			—			—			(77		)	—			(2		)	(60		)
Comparable hotel EBITDA	$	1,350		$	2,437		$	2,180		$	10,038		$	1,108		$	9,743		$	34,711		$	111,329

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

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
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
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	289			12		5			19			34			4			6			—			8
Comparable hotel EBITDA	$	6,146		$	8,439	$	5,458		$	2,660		$	7,776		$	1,273		$	4,878		$	6,294		$	7,837

	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
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
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	5			7		4			57			(254		)	1,927			(219		)	1,904
Comparable hotel EBITDA	$	1,835		$	2,390	$	2,268		$	9,435		$	1,310		$	11,247		$	35,960		$	115,206

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Nine Months Ended September 30, 2018
	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)	$	8,336		$	4,779		$	10,072		$	4,691		$	11,736		$	3,658		$	3,769		$	12,095		$	10,359
Non-property adjustments	—			—			—			(134		)	—			(120		)	—			—			—
Interest income	(3		)	—			(5		)	—			(7		)	(2		)	(38		)	—			(21		)
Interest expense	583			2,846			—			—			—			—			—			—			—
Amortization of loan costs	115			165			—			—			—			—			—			—			—
Depreciation and amortization	9,231			11,176			10,280			4,102			13,758			5,716			7,639			6,526			12,387
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	382			304			279			349			230			121			149			45			260
Hotel EBITDA including amounts attributable to noncontrolling interest	18,644			19,270			20,626			9,008			25,717			9,373			11,519			18,666			22,985
Non-comparable adjustments	31			—			—			—			—			—			—			—			1
Comparable hotel EBITDA	$	18,675		$	19,270		$	20,626		$	9,008		$	25,717		$	9,373		$	11,519		$	18,666		$	22,986

	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)	$	1,357		$	1,473		$	2,618		$	18,497		$	4,116		$	9,351		$	45,191		$	152,098
Non-property adjustments	(39		)	—			—			—			(374		)	1,941			(16		)	1,258
Interest income	(7		)	(2		)	(3		)	(15		)	—			(23		)	(37		)	(163		)
Interest expense	—			—			—			—			—			872			1,029			5,330
Amortization of loan costs	—			—			—			—			—			54			104			438
Depreciation and amortization	5,816			4,894			2,691			9,287			5,068			20,598			62,831			192,000
Income tax expense (benefit)	—			—			—			—			—			—			23			23
Non-hotel EBITDA ownership expense	54			189			468			308			158			294			2,221			5,811
Hotel EBITDA including amounts attributable to noncontrolling interest	7,181			6,554			5,774			28,077			8,968			33,087			111,346			356,795
Non-comparable adjustments	—			—			—			—			(1,131		)	4,697			107			3,705
Comparable hotel EBITDA	$	7,181		$	6,554		$	5,774		$	28,077		$	7,837		$	37,784		$	111,453		$	360,500

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

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
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
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	(2,255		)	24		26			40			77			10			20			—			60
Comparable hotel EBITDA	$	19,574		$	20,547	$	19,262		$	9,373		$	26,352		$	8,946		$	11,769		$	20,935		$	23,442

	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
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
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	8			15		6			106			(1,493		)	6,603			(485		)	2,762
Comparable hotel EBITDA	$	8,132		$	6,062	$	5,846		$	26,930		$	7,923		$	42,706		$	110,216		$	368,015

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	TTM Ended September 30, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	2,091		$	12,438		$	9,266		$	13,949		$	8,593		$	12,008		$	45,828		$	20,725		$	1,472		$	22,428		$	1,304
Non-property adjustments	10,135			(75		)	(60		)	72			(6		)	—			(345		)	(132		)	—			(29		)	(17		)
Interest income	(17		)	(9		)	—			—			—			(22		)	—			(8		)	—			(74		)	(2		)
Interest expense	(1		)	—			—			—			1,548			—			—			—			12			4			—
Amortization of loan costs	—			—			—			—			104			—			—			—			—			—			—
Depreciation and amortization	9,106			8,758			14,927			14,596			13,118			12,115			59,034			29,598			9,933			22,465			5,530
Income tax expense (benefit)	14			63			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	466			333			965			(157		)	979			392			2,566			561			382			665			72
Hotel EBITDA including amounts attributable to noncontrolling interest	21,794			21,508			25,098			28,460			24,336			24,493			107,083			50,744			11,799			45,459			6,887
Non-comparable adjustments	(426		)	(71		)	(45		)	(80		)	(102		)	(12		)	(1,684		)	(142		)	(14		)	(80		)	—
Comparable hotel EBITDA	$	21,368		$	21,437		$	25,053		$	28,380		$	24,234		$	24,481		$	105,399		$	50,602		$	11,785		$	45,379		$	6,887

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	4,462		$	2,271		$	1,914		$	853		$	15,812		$	194		$	2,500		$	602		$	181		$	3,355		$	3,454
Non-property adjustments	(40		)	—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(5		)	(1		)	—			(8		)	—			—			—			—			—
Interest expense	—			—			—			—			—			872			—			—			755			3,398			—
Amortization of loan costs	—			—			—			—			—			54			—			—			152			202			—
Depreciation and amortization	4,262			1,262			582			939			11,718			734			1,184			522			1,119			6,605			11,049
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	18			90			93			48			(69		)	5			57			11			124			209			(309		)
Hotel EBITDA including amounts attributable to noncontrolling interest	8,702			3,623			2,584			1,839			27,461			1,851			3,741			1,135			2,331			13,769			14,194
Non-comparable adjustments	(16		)	—			—			(7		)	(31		)	7,011			(10		)	(4		)	(2		)	(21		)	—
Comparable hotel EBITDA	$	8,686		$	3,623		$	2,584		$	1,832		$	27,430		$	8,862		$	3,731		$	1,131		$	2,329		$	13,748		$	14,194

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(1,296	)	$	(1,280	)	$	330		$	327		$	2,737		$	25		$	(13	)	$	(10	)	$	(44	)	$	(1,276	)	$	185,200
Non-property adjustments	(38		)	—			—			—			—			—			—			—			—			39			9,504
Interest income	—			—			—			—			(46		)	—			—			—			—			3			(189		)
Interest expense	—			—			—			—			—			—			—			—			—			—			6,588
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			512
Depreciation and amortization	1,596			3,019			528			951			3,421			867			—			—			—			3,643			253,181
Income tax expense (benefit)	—			—			57			63			—			—			—			—			—			(1		)	196
Non-hotel EBITDA ownership expense	55			732			23			8			95			67			12			10			44			(114		)	8,433
Hotel EBITDA including amounts attributable to noncontrolling interest	317			2,471			938			1,349			6,207			959			(1		)	—			—			2,294			463,425
Non-comparable adjustments	—			(38		)	—			—			—			(1		)	1			—			—			(27		)	4,199
Comparable hotel EBITDA	$	317		$	2,433		$	938		$	1,349		$	6,207		$	958		$	—		$	—		$	—		$	2,267		$	467,624

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	1,997		$	3,647		$	922		$	3,691		$	4,647		$	3,008		$	8,086		$	3,398		$	1,215		$	4,414		$	(149	)
Non-property adjustments	(5		)	—			(21		)	—			—			—			14			(2		)	—			—			—
Interest income	(5		)	(4		)	—			—			—			(10		)	—			(4		)	—			(23		)	(2		)
Interest expense	—			—			—			—			—			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	2,189			2,164			3,871			3,570			3,352			3,238			14,841			7,443			1,962			5,690			1,460
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	205			41			48			(303		)	131			140			587			4			85			120			5
Hotel EBITDA including amounts attributable to noncontrolling interest	4,381			5,848			4,820			6,958			8,130			6,376			23,528			10,839			3,265			10,202			1,314
Non-comparable adjustments	(6		)	—			3			3			(2		)	(1		)	(59		)	—			—			1			—
Comparable hotel EBITDA	$	4,375		$	5,848		$	4,823		$	6,961		$	8,128		$	6,375		$	23,469		$	10,839		$	3,265		$	10,203		$	1,314

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	262		$	603		$	465		$	212		$	3,784		$	194		$	978		$	38		$	(162	)	$	2,202		$	(231	)
Non-property adjustments	1			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(2		)	—			—			(8		)	—			—			—			—			—
Interest expense	—			—			—			—			—			872			—			—			205			1,015			—
Amortization of loan costs	—			—			—			—			—			54			—			—			39			56			—
Depreciation and amortization	1,078			307			153			264			3,370			734			316			133			365			1,755			2,785
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	37			17			53			7			67			5			15			2			1			49			6
Hotel EBITDA including amounts attributable to noncontrolling interest	1,378			927			669			483			7,221			1,851			1,309			173			448			5,077			2,560
Non-comparable adjustments	—			—			—			—			(1		)	—			—			(1		)	—			—			—
Comparable hotel EBITDA	$	1,378		$	927		$	669		$	483		$	7,220		$	1,851		$	1,309		$	172		$	448		$	5,077		$	2,560

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(360	)	$	(1,091	)	$	97		$	170		$	1,068		$	284		$	—		$	—		$	—		$	(464	)	$	42,925
Non-property adjustments	—			—			—			—			—			—			—			—			—			(4		)	(17		)
Interest income	—			—			—			—			(15		)	—			—			—			—			—			(73		)
Interest expense	—			—			—			—			—			—			—			—			—			—			2,096
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			149
Depreciation and amortization	484			826			131			240			866			221			—			—			—			937			64,745
Income tax expense (benefit)	—			—			(3		)	17			—			—			—			—			—			—			14
Non-hotel EBITDA ownership expense	14			160			18			5			8			13			—			—			1			9			1,550
Hotel EBITDA including amounts attributable to noncontrolling interest	138			(105		)	243			432			1,927			518			—			—			1			478			111,389
Non-comparable adjustments	—			(1		)	—			—			—			—			—			—			(1		)	5			(60		)
Comparable hotel EBITDA	$	138		$	(106	)	$	243		$	432		$	1,927		$	518		$	—		$	—		$	—		$	483		$	111,329

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	3,250		$	3,709		$	2,920		$	4,464		$	3,694		$	3,397		$	18,108		$	6,491		$	818		$	7,916		$	501
Non-property adjustments	(13		)	—			—			(5		)	—			—			(421		)	43			—			—			—
Interest income	(6		)	(3		)	—			—			—			(7		)	—			(3		)	—			(23		)	(1		)
Interest expense	—			—			—			—			473			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			85			—			—			—			—			—			—
Depreciation and amortization	2,201			2,196			3,790			3,687			3,419			3,082			14,733			7,610			2,623			5,774			1,415
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	27			48			219			169			165			50			439			123			28			207			32
Hotel EBITDA including amounts attributable to noncontrolling interest	5,459			5,950			6,929			8,315			7,836			6,522			32,859			14,264			3,472			13,875			1,947
Non-comparable adjustments	(57		)	(1		)	(1		)	(2		)	1			—			(239		)	—			—			—			—
Comparable hotel EBITDA	$	5,402		$	5,949		$	6,928		$	8,313		$	7,837		$	6,522		$	32,620		$	14,264		$	3,472		$	13,875		$	1,947

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	1,118		$	720		$	578		$	346		$	5,709		$	—		$	713		$	174		$	114		$	1,725		$	1,850
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(1		)	(1		)	—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			196			961			—
Amortization of loan costs	—			—			—			—			—			—			—			—			38			55			—
Depreciation and amortization	1,061			321			144			239			3,175			—			295			134			292			1,778			2,790
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	32			27			(8		)	14			218			—			22			4			29			11			6
Hotel EBITDA including amounts attributable to noncontrolling interest	2,211			1,068			713			598			9,102			—			1,030			312			669			4,530			4,646
Non-comparable adjustments	—			—			—			—			—			3,093			—			—			—			—			—
Comparable hotel EBITDA	$	2,211		$	1,068		$	713		$	598		$	9,102		$	3,093		$	1,030		$	312		$	669		$	4,530		$	4,646

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(796	)	$	(193	)	$	138		$	202		$	1,058		$	17		$	—		$	—		$	(1	)	$	122		$	68,862
Non-property adjustments	2			—			—			—			—			—			—			—			—			—			(394		)
Interest income	—			—			—			—			(13		)	—			—			—			—			—			(58		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,634
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			178
Depreciation and amortization	459			776			130			239			853			216			—			—			—			953			64,385
Income tax expense (benefit)	—			—			3			6			—			—			—			—			—			—			9
Non-hotel EBITDA ownership expense	(1		)	226			2			1			74			3			—			—			—			9			2,176
Hotel EBITDA including amounts attributable to noncontrolling interest	(336		)	809			273			448			1,972			236			—			—			(1		)	1,084			136,792
Non-comparable adjustments	—			—			—			—			—			—			—			—			1			—			2,795
Comparable hotel EBITDA	$	(336	)	$	809		$	273		$	448		$	1,972		$	236		$	—		$	—		$	—		$	1,084		$	139,587

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended March 31, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	2,554		$	2,506		$	3,314		$	3,324		$	132		$	2,693		$	9,898		$	6,597		$	(248	)	$	4,834		$	883
Non-property adjustments	1,971			—			(39		)	46			(6		)	—			(39		)	(146		)	—			(20		)	(17		)
Interest income	(1		)	(1		)	—			—			—			(3		)	—			(1		)	—			(14		)	—
Interest expense	—			—			—			—			544			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			19			—			—			—			—			—			—
Depreciation and amortization	2,201			2,197			3,692			3,671			3,248			2,954			14,917			7,348			2,690			5,615			1,342
Income tax expense (benefit)	(1		)	—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	72			166			486			(12		)	418			55			460			500			100			31			(14		)
Hotel EBITDA including amounts attributable to noncontrolling interest	6,796			4,868			7,453			7,029			4,355			5,699			25,236			14,298			2,545			10,447			2,194
Non-comparable adjustments	14			—			(2		)	—			1			1			(804		)	—			—			—			—
Comparable hotel EBITDA	$	6,810		$	4,868		$	7,451		$	7,029		$	4,356		$	5,700		$	24,432		$	14,298		$	2,545		$	10,447		$	2,194

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	2,002		$	384		$	374		$	209		$	2,582		$	—		$	125		$	173		$	63		$	(1,564	)	$	32
Non-property adjustments	(41		)	—			—			—			—			—			—			—			—			—			—
Interest income	—			—			—			—			—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			181			871			—
Amortization of loan costs	—			—			—			—			—			—			—			—			38			55			—
Depreciation and amortization	1,056			314			144			258			2,813			—			288			128			222			1,567			2,774
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	(136		)	25			44			8			(388		)	—			6			2			85			58			5
Hotel EBITDA including amounts attributable to noncontrolling interest	2,881			723			562			475			5,007			—			419			303			589			987			2,811
Non-comparable adjustments	—			—			—			—			—			1,760			—			—			—			—			—
Comparable hotel EBITDA	$	2,881		$	723		$	562		$	475		$	5,007		$	1,760		$	419		$	303		$	589		$	987		$	2,811

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(256	)	$	16		$	7		$	(53	)	$	413		$	(51	)	$	—		$	—		$	—		$	(632	)	$	40,311
Non-property adjustments	(40		)	—			—			—			—			—			—			—			—			—			1,669
Interest income	—			—			��			—			(10		)	—			—			—			—			—			(30		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,600
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			112
Depreciation and amortization	368			719			130			238			850			216			—			—			—			909			62,869
Income tax expense (benefit)	—			—			—			1			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	(21		)	167			1			—			10			4			—			—			—			(49		)	2,083
Hotel EBITDA including amounts attributable to noncontrolling interest	51			902			138			186			1,263			169			—			—			—			228			108,614
Non-comparable adjustments	—			—			—			—			—			—			—			—			—			—			970
Comparable hotel EBITDA	$	51		$	902		$	138		$	186		$	1,263		$	169		$	—		$	—		$	—		$	228		$	109,584

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2017
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	(5,710	)	$	2,576		$	2,110		$	2,470		$	120		$	2,910		$	9,736		$	4,239		$	(313	)	$	5,264		$	69
Non-property adjustments	8,182			(75		)	—			31			—			—			101			(27		)	—			(9		)	—
Interest income	(5		)	(1		)	—			—			—			(2		)	—			—			—			(14		)	1
Interest expense	(1		)	—			—			—			531			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	2,515			2,201			3,574			3,668			3,099			2,841			14,543			7,197			2,658			5,386			1,313
Income tax expense (benefit)	15			63			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	162			78			212			(11		)	265			147			1,080			(66		)	169			307			49
Hotel EBITDA including amounts attributable to noncontrolling interest	5,158			4,842			5,896			6,158			4,015			5,896			25,460			11,343			2,517			10,935			1,432
Non-comparable adjustments	(377		)	(70		)	(45		)	(81		)	(102		)	(12		)	(582		)	(142		)	(14		)	(81		)	—
Comparable hotel EBITDA	$	4,781		$	4,772		$	5,851		$	6,077		$	3,913		$	5,884		$	24,878		$	11,201		$	2,503		$	10,854		$	1,432

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	1,080		$	564		$	497		$	86		$	3,737		$	—		$	684		$	217		$	166		$	992		$	1,803
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(2		)	—			—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			173			551			—
Amortization of loan costs	—			—			—			—			—			—			—			—			37			36			—
Depreciation and amortization	1,067			320			141			178			2,360			—			285			127			240			1,505			2,700
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	85			21			4			19			34			—			14			3			9			91			(326		)
Hotel EBITDA including amounts attributable to noncontrolling interest	2,232			905			640			283			6,131			—			983			347			625			3,175			4,177
Non-comparable adjustments	(16		)	—			—			(7		)	(30		)	2,158			(10		)	(3		)	(2		)	(21		)	—
Comparable hotel EBITDA	$	2,216		$	905		$	640		$	276		$	6,101		$	2,158		$	973		$	344		$	623		$	3,154		$	4,177

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	116		$	(12	)	$	88		$	8		$	198		$	(225	)	$	(13	)	$	(10	)	$	(43	)	$	(302	)	$	33,102
Non-property adjustments	—			—			—			—			—			—			—			—			—			43			8,246
Interest income	—			—			—			—			(8		)	—			—			—			—			3			(28		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,258
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			73
Depreciation and amortization	285			698			137			234			852			214			—			—			—			844			61,182
Income tax expense (benefit)	—			—			57			39			—			—			—			—			—			(1		)	173
Non-hotel EBITDA ownership expense	63			179			2			2			3			47			12			10			43			(83		)	2,624
Hotel EBITDA including amounts attributable to noncontrolling interest	464			865			284			283			1,045			36			(1		)	—			—			504			106,630
Non-comparable adjustments	—			(37		)	—			—			—			(1		)	1			—			—			(32		)	494
Comparable hotel EBITDA	$	464		$	828		$	284		$	283		$	1,045		$	35		$	—		$	—		$	—		$	472		$	107,124

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Ashford Hospitality Trust (AHT) 8-KAshford Trust Reports Third Quarter 2018 Results