Ashford Hospitality Trust 8K Ashford Trust Reports Fourth Quarter and Year End 2018 Results | AHT 28 Feb 19

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 FOURTH QUARTER AND YEAR END 2018 RESULTS

Actual RevPAR Increased 1.0% for the Full Year

Comparable RevPAR Increased 0.6% for all Hotels Not Under Renovation in the 4^th Quarter

Completed Acquisition of La Posada de Santa Fe

Completed Acquisition of the Embassy Suites New York Midtown Manhattan

Completed Acquisition of the Hilton Santa Cruz/Scotts Valley

DALLAS, February 28, 2019 - Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2018 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2018 with the fourth quarter ended December 31, 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 to enhance equity returns


•	Highly-aligned management team and advisory structure


•	Attractive dividend yield of approximately 8.8%


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


▪	working capital needs at property and corporate levels;


▪	providing a hedge in the event of uncertain economic times; and


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

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders was $65.4 million or $0.66 per diluted share for the quarter. For the full year of 2018, net loss attributable to common stockholders was $169.5 million or $1.75 per diluted share.


•	Comparable RevPAR for all hotels decreased 0.6% to $115.54 during the quarter.


•	Comparable RevPAR for all hotels not under renovation increased 0.6% to $112.36 during the quarter.

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February 28, 2019


•	Adjusted EBITDAre was $89.8 million for the quarter. Adjusted EBITDAre for the full year of 2018 was $411.5 million.


•	Adjusted funds from operations (AFFO) was $0.18 per diluted share for the quarter. For the full year of 2018, AFFO per diluted share was $1.26.


•	As of February 28, 2019, the Company’s common stock is trading at an approximate 8.8% dividend yield.


•	During the quarter, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico for $50 million.


•	Subsequent to quarter end, the Company completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million.


•	Subsequent to quarter end, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million.


•	Capex invested during the quarter was $42.6 million, bringing the total capex invested for the full year to $207.3 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. To date, the Company has completed four acquisitions totaling $406 million under the ERFP, which amounts to approximately 80% committed utilization of the pledged $50 million of ERFP funding from Ashford Inc.

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 ($318,000 per key). In connection with this transaction, on November 13, 2018, the Company announced that it had entered into a $25 million non-recourse mortgage loan on the property. The loan has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 2.55%. As part of this transaction, the Company received an ERFP commitment of $5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

EMBASSY SUITES BY HILTON NEW YORK MIDTOWN MANHATTAN ACQUISITION

On January 23, 2019, the Company announced it had completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million ($629,000 per key). In connection with this transaction, the Company entered into a $145 million non-recourse mortgage loan. The loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 3.90%. As part of this transaction, the Company received an ERFP commitment of $19.5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

HILTON SANTA CRUZ/SCOTTS VALLEY ACQUISITION

On February 26, 2019, the Company completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million ($281,000 per key). In connection with this transaction, the Company assumed a $25.3 million non-recourse mortgage loan. The loan has a maturity date in March 2025

AHT Reports Fourth Quarter Results

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February 28, 2019

and bears interest at a fixed rate of 4.7%. The acquisition was partially funded by the issuance of approximately 1.5 million limited partnership common units in the Company’s operating partnership (“OP Units”). The OP Units were issued at a price of $7.00 per unit, which reflects an approximate 31% premium to yesterday’s stock price. As part of this transaction, the Company also received an ERFP commitment of $5 million from Ashford Inc. Remington Lodging took over management of the property following the acquisition.

CAPITAL STRUCTURE

At December 31, 2018, the Company had total mortgage loans of $4.0 billion with a blended average interest rate of 5.8%.

PORTFOLIO REVPAR

As of December 31, 2018, the portfolio consisted of 119 properties. During the fourth quarter of 2018, 109 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 119 hotels), and comparable not under renovation basis (109 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 $115.54 for all hotels on a 1.1% increase in ADR and a 1.6% decrease in occupancy


•	Comparable RevPAR increased 0.6% to $112.36 for hotels not under renovation on a 1.6% increase in ADR and a 1.0% decrease in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the 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 119 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On December 10, 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 fourth quarter ending December 31, 2018, payable on January 15, 2019, to shareholders of record as of December 31, 2018.

“During 2018, we continued to see the advantages from our high-quality, well-diversified portfolio and remained focused on proactive asset management initiatives as well as accretive transactions,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “Over the last several months, we have diligently executed on several acquisitions that have benefitted from our ERFP initiative with Ashford Inc. We remain excited about the opportunity the ERFP provides us, and, looking ahead, we are committed to maximizing value for our shareholders as we focus on generating solid operating performance, continuing to identify opportunities to accretively grow our platform and efficiently managing our balance sheet.”

AHT Reports Fourth Quarter Results

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February 28, 2019

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday March 1, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2423. A replay of the conference call will be available through Friday, March 8, 2019, by dialing (719) 457-0820 and entering the confirmation number, 5558707.

The Company will also provide an online simulcast and rebroadcast of its fourth 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, March 1, 2019, beginning at 11:00 a.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 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)



	December 31, 2018			December 31, 2017
ASSETS
Investments in hotel properties, net	$	4,105,219		$	4,035,915
Cash and cash equivalents	319,210			354,805
Restricted cash	120,602			116,787
Marketable securities	21,816			26,926
Accounts receivable, net of allowance of $485 and $770, respectively	37,060			44,257
Inventories	4,224			4,244
Investment in Ashford Inc.	1,896			437
Investment in OpenKey	2,593			2,518
Deferred costs, net	3,449			2,777
Prepaid expenses	19,982			19,269
Derivative assets, net	2,396			2,010
Other assets	15,923			14,152
Intangible asset, net	9,824			9,943
Due from third-party hotel managers	21,760			17,387
Assets held for sale	—			18,423
Total assets	$	4,685,954		$	4,669,850

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,927,266		$	3,696,300
Accounts payable and accrued expenses	136,757			132,401
Dividends and distributions payable	26,794			25,045
Due to Ashford Inc., net	23,034			15,146
Due to related party, net	1,477			1,067
Due to third-party hotel managers	2,529			2,431
Intangible liabilities, net	15,483			15,839
Derivative liabilities, net	50			—
Other liabilities	18,716			18,376
Liabilities associated with assets held for sale	—			13,977
Total liabilities	4,152,106			3,920,582

Redeemable noncontrolling interests in operating partnership	80,743			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 December 31, 2018 and 2017	24			24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at December 31, 2018 and 2017	48			48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at December 31, 2018 and 2017	62			62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at December 31, 2018 and 2017	38			38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at December 31, 2018 and 2017	54			54
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,035,530 and 97,409,113 shares issued and outstanding at December 31, 2018 and 2017, respectively	1,010			974
Additional paid-in capital	1,814,273			1,784,997
Accumulated deficit	(1,363,020		)	(1,153,697		)
Total shareholders' equity of the Company	452,489			632,500
Noncontrolling interests in consolidated entities	616			646
Total equity	453,105			633,146
Total liabilities and equity	$	4,685,954		$	4,669,850

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
REVENUE
Rooms	$	266,597		$	266,208		$	1,134,687		$	1,143,135
Food and beverage	59,442			59,772			224,311			234,777
Other	16,424			14,484			67,782			58,204
Total hotel revenue	342,463			340,464			1,426,780			1,436,116
Other	1,025			1,102			4,009			3,154
Total revenue	343,488			341,566			1,430,789			1,439,270
EXPENSES
Hotel operating expenses
Rooms	60,642			59,786			248,139			248,643
Food and beverage	40,632			40,064			156,902			161,683
Other expenses	109,834			106,344			442,463			444,322
Management fees	12,772			12,553			53,078			52,653
Total hotel operating expenses	223,880			218,747			900,582			907,301
Property taxes, insurance and other	18,992			18,286			78,355			73,579
Depreciation and amortization	65,922			61,351			258,458			246,731
Impairment charges	21,739			8,368			23,391			10,153
Transaction costs	—			3			11			14
Advisory services fee:
Base advisory fee	8,882			8,716			35,526			34,650
Reimbursable expenses	2,574			1,672			8,351			7,472
Non-cash stock/unit-based compensation	4,705			3,329			25,245			11,077
Incentive fee	—			—			—			—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	—			—			536			565
Other general and administrative	2,481			2,452			10,395			12,723
Total operating expenses	349,175			322,924			1,340,850			1,304,265
Gain (loss) on sale of hotel properties	81			6			475			14,030
OPERATING INCOME (LOSS)	(5,606		)	18,648			90,414			149,035
Equity in earnings (loss) of unconsolidated entities	(25		)	(2,286		)	867			(5,866		)
Interest income	1,173			742			3,952			2,202
Other income (expense), net	(16		)	117			64			(3,422		)
Interest expense, net of premium amortization	(56,281		)	(53,109		)	(215,344		)	(209,412		)
Amortization of loan costs	(6,825		)	(2,298		)	(21,442		)	(13,219		)
Write-off of premiums, loan costs and exit fees	469			(1,216		)	(8,847		)	(2,845		)
Unrealized gain (loss) on marketable securities	(255		)	164			(1,013		)	(4,649		)
Unrealized gain (loss) on derivatives	1,494			(998		)	(2,178		)	(2,802		)
INCOME (LOSS) BEFORE INCOME TAXES	(65,872		)	(40,236		)	(153,527		)	(90,978		)
Income tax benefit (expense)	(176		)	1,711			(2,782		)	2,218
NET INCOME (LOSS)	(66,048		)	(38,525		)	(156,309		)	(88,760		)
(Income) loss from consolidated entities attributable to noncontrolling interest	22			114			30			110
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	11,226			8,440			29,313			21,642
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(54,800		)	(29,971		)	(126,966		)	(67,008		)
Preferred dividends	(10,644		)	(11,409		)	(42,577		)	(44,761		)
Extinguishment of issuance costs upon redemption of preferred stock	—			(6,292		)	—			(10,799		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(65,444	)	$	(47,672	)	$	(169,543	)	$	(122,568	)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.66	)	$	(0.50	)	$	(1.75	)	$	(1.30	)
Weighted average common shares outstanding – basic	99,324			95,328			97,282			95,207
Diluted:
Net income (loss) attributable to common stockholders	$	(0.66	)	$	(0.50	)	$	(1.75	)	$	(1.30	)
Weighted average common shares outstanding – diluted	99,324			95,328			97,282			95,207
Dividends declared per common share:	$	0.12		$	0.12		$	0.48		$	0.48

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Net income (loss)	$	(66,048	)	$	(38,525	)	$	(156,309	)	$	(88,760	)
Interest expense and amortization of premiums and loan costs, net	63,106			55,407			236,786			222,631
Depreciation and amortization	65,922			61,351			258,458			246,731
Income tax expense (benefit)	176			(1,711		)	2,782			(2,218		)
Equity in (earnings) loss of unconsolidated entities	25			2,286			(867		)	5,918
Company's portion of EBITDA of Ashford Inc.	2,486			(1,646		)	3,445			(1,666		)
Company's portion of EBITDA of OpenKey	(153		)	(137		)	(572		)	(498		)
EBITDA	65,514			77,025			343,723			382,138
Impairment charges on real estate	21,739			8,368			23,391			10,153
(Gain) loss on sale of hotel properties	(81		)	(6		)	(475		)	(14,030		)
EBITDAre	87,172			85,387			366,639			378,261
Amortization of unfavorable contract liabilities	(38		)	(384		)	(155		)	(1,535		)
Uninsured hurricane related costs	(20		)	(882		)	(291		)	2,829
(Gain) loss on insurance settlements	(928		)	(192		)	(928		)	(192		)
Write-off of premiums, loan costs and exit fees	(469		)	1,216			8,847			2,845
Other (income) expense, net	194			(117		)	539			3,422
Transaction, acquisition and management conversion costs	267			529			863			4,299
Legal judgment and related legal costs	156			108			1,084			4,199
Unrealized (gain) loss on marketable securities	255			(164		)	1,013			4,649
Unrealized (gain) loss on derivatives	(1,494		)	998			2,178			2,802
Dead deal costs	236			—			291			9
Software implementation costs	—			—			—			1,034
Non-cash stock/unit-based compensation	4,993			3,536			26,939			12,287
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to EBITDAre of Ashford Inc.	(495		)	3,038			4,479			6,790
Company's portion of adjustments to EBITDAre of OpenKey	16			9			17			13
Adjusted EBITDAre	$	89,845		$	93,082		$	411,515		$	421,660

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						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Net income (loss)	$	(66,048	)	$	(38,525	)	$	(156,309	)	$	(88,760	)
(Income) loss from consolidated entities attributable to noncontrolling interest	22			114			30			110
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	11,226			8,440			29,313			21,642
Preferred dividends	(10,644		)	(11,409		)	(42,577		)	(44,761		)
Extinguishment of issuance costs upon redemption of preferred stock	—			(6,292		)	—			(10,799		)
Net income (loss) attributable to common stockholders	(65,444		)	(47,672		)	(169,543		)	(122,568		)
Depreciation and amortization on real estate	65,864			61,293			258,227			246,490
Gain (loss) on sale of hotel properties	(81		)	(6		)	(475		)	(14,030		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(11,226		)	(8,440		)	(29,313		)	(21,642		)
Equity in (earnings) loss of unconsolidated entities	25			2,286			(867		)	5,918
Impairment charges on real estate	21,739			8,368			23,391			10,153
Company's portion of FFO of Ashford Inc.	134			(2,145		)	1,524			(5,410		)
Company's portion of FFO of OpenKey	(155		)	(139		)	(581		)	(505		)
FFO available to common stockholders and OP unitholders	10,856			13,545			82,363			98,406
Extinguishment of issuance costs upon redemption of preferred stock	—			6,292			—			10,799
Write-off of premiums, loan costs and exit fees	(469		)	1,216			8,847			2,845
(Gain) loss on insurance settlements	(928		)	(192		)	(928		)	(192		)
Uninsured hurricane related costs	(20		)	(882		)	(291		)	2,829
Other (income) expense, net	194			(117		)	539			3,422
Transaction, acquisition and management conversion costs	267			529			863			4,299
Legal judgment and related legal costs	156			108			1,084			4,199
Unrealized (gain) loss on marketable securities	255			(164		)	1,013			4,649
Unrealized (gain) loss on derivatives	(1,494		)	998			2,178			2,802
Dead deal costs	236			—			291			9
Software implementation costs	—			—			—			1,034
Non-cash stock/unit-based compensation	4,993			3,536			26,939			12,287
Tax reform	—			(1,080		)	—			(1,080		)
Amortization of loan costs	6,823			2,297			21,435			13,213
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to FFO of Ashford Inc.	199			3,244			907			9,374
Company's portion of adjustments to FFO of OpenKey	17			9			21			13
Adjusted FFO available to common stockholders and OP unitholders	$	21,085		$	29,339		$	145,261		$	168,856
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.18		$	0.26		$	1.26		$	1.49
Weighted average diluted shares	116,786			113,989			115,466			113,398

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

DECEMBER 31, 2018

(dollars in thousands)

(unaudited)



Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁸⁾		Comparable TTM EBITDA Debt Yield
BAML Le Pavillon - 1 hotel	June 2019	LIBOR + 5.10%	$	—		$	43,750		(1)	$	43,750		$	2,326	5.3	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,232			—				5,232			1,089		20.8	%
Morgan Stanley Ann Arbor - 1 hotel	July 2019	LIBOR + 4.15%	—			35,200			(2)	35,200			3,504		10.0	%
Morgan Stanley - 8 hotels	July 2019	LIBOR + 4.09%	—			144,000			(2)	144,000			12,066		8.4	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2019	LIBOR + 4.95%	—			7,778			(3)	7,778			916		11.8	%
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			49,951		11.7	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(5)	395,000			43,978		11.1	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(5)	962,575			104,290		10.8	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(6)	16,100			2,096		13.0	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(5)	180,720			21,505		11.9	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(5)	174,400			21,348		12.2	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(5)	221,040			24,353		11.0	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(5)	262,640			28,131		10.7	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(5)	160,000			24,832		15.5	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(5)	215,120			23,945		11.1	%
GACC Gateway - 1 hotel	November 2020	6.26%	93,433			—				93,433			12,667		13.6	%
JPMorgan Chase La Posada - 1 hotel	November 2020	LIBOR + 2.55%	—			25,000			(7)	25,000			3,293		13.2	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			178,099				178,099			28,962		16.3	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			13,790		14.2	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	52,843			—				52,843			6,523		12.3	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,535		11.6	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,883			—				6,883			1,251		18.2	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,045			—				10,045			264		2.6	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,414			—				6,414			890		13.9	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	65,242			—				65,242			8,164		12.5	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,048			—				12,048			1,761		14.6	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,086			—				24,086			3,569		14.8	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,835			—				19,835			2,615		13.2	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	51,304			—				51,304			7,093		13.8%
Unencumbered hotels			—			—				—			2,175		N/A
Total			$	347,365		$	3,618,872			$	3,966,237		$	465,882	11.7	%
Percentage			8.8		%	91.2		%		100.0		%
Weighted average interest rate			5.33		%	5.79		%		5.75		%

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


⁽⁸⁾	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

DECEMBER 31, 2018

(dollars in thousands)

(unaudited)



	2019		2020		2021		2022		2023		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	—		—		—		172,099		—		—		172,099
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
JPMorgan Chase La Posada - 1 hotel	—		—		—		—		25,000		—		25,000
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool 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		—		284,569		146,632		3,171,768		3,928,751
Scheduled amortization payments remaining	6,337		8,035		8,170		6,805		4,658		3,481		37,486
Total indebtedness	$	11,505	$	328,649	$	8,170	$	291,374	$	151,290	$	3,175,249	$	3,966,237

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)



ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	265,654		$	1,015		$	266,669		$	265,196		$	2,968		$	268,164		0.17	%	(0.56	)%
	RevPAR	$	115.34		$	215.54		$	115.54		$	115.04		$	1,152.19		$	116.19		0.26	%	(0.56	)%
	Occupancy	72.88		%	84.73		%	72.91		%	73.96		%	191.61		%	74.10		%	(1.46	)%	(1.61	)%
	ADR	$	158.25		$	254.38		$	158.48		$	155.53		$	601.31		$	156.81		1.75	%	1.06	%



ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	1,130,258		$	12,065		$	1,142,323		$	1,138,188		$	2,979		$	1,141,167		(0.70	)%	0.10	%
	RevPAR	$	124.19		$	217.93		$	124.75		$	122.98		$	(29.83	)	$	124.64		0.99	%	0.09	%
	Occupancy	76.40		%	88.38		%	76.47		%	77.42		%	(53.66		)%	77.68		%	(1.32	)%	(1.56	)%
	ADR	$	162.55		$	246.57		$	163.14		$	158.84		$	(55.58	)	$	160.46		2.34	%	1.67	%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	225,555		$	1,015		$	226,570		$	222,294		$	2,968		$	225,262		1.47	%	0.58	%
	RevPAR	$	112.12		$	215.54		$	112.36		$	110.39		$	1,152.19		$	111.72		1.57	%	0.58	%
	Occupancy	73.03		%	84.73		%	73.06		%	73.63		%	191.61		%	73.78		%	(0.81	)%	(0.98	)%
	ADR	$	153.52		$	254.38		$	153.80		$	149.92		$	601.31		$	151.42		2.40	%	1.57	%



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	954,004		$	12,065		$	966,069		$	958,731		$	2,979		$	961,710		(0.49	)%	0.45	%
	RevPAR	$	120.08		$	217.93		$	120.76		$	118.37		$	(29.83	)	$	120.22		1.45	%	0.45	%
	Occupancy	76.09		%	88.38		%	76.17		%	76.91		%	(53.66		)%	77.20		%	(1.07	)%	(1.33	)%
	ADR	$	157.82		$	246.57		$	158.53		$	153.90		$	(55.58	)	$	155.72		2.55	%	1.81	%

NOTES:

(1)

The above comparable information assumes the 109 hotel properties owned and included in the Company's operations at December 31, 2018, and not under renovation during the three months ended December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


(4)	Excluded Hotels Under Renovation:

Courtyard Louisville Airport, Embassy Suites Crystal City, Hampton Inn Suites Columbus Easton, Hilton Tampa Westshore, Hilton Garden Inn BWI Airport, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Marriott Crystal Gateway, Renaissance Nashville, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)



ALL HOTELS:	Three Months Ended								Year Ended
	December 31,								December 31,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	341,229		$	339,160		0.61	%	$	1,421,032		$	1,429,763		(0.61	)%
Non-comparable adjustments	1,519			5,786					19,170			10,558
Comparable total hotel revenue	$	342,748		$	344,946		(0.64	)%	$	1,440,202		$	1,440,321		(0.01	)%

Hotel EBITDA	$	102,549		$	106,630		(3.83	)%	$	459,344		$	471,882		(2.66	)%
Non-comparable adjustments	490			1,271					6,538			6,504
Comparable hotel EBITDA	$	103,039		$	107,901		(4.51	)%	$	465,882		$	478,386		(2.61	)%
Hotel EBITDA margin	30.05		%	31.44		%	(1.39	)%	32.32		%	33.00		%	(0.68	)%
Comparable hotel EBITDA margin	30.06		%	31.28		%	(1.22	)%	32.35		%	33.21		%	(0.86	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	63		$	85		(25.88	)%	$	321		$	368		(12.77	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	102,486		$	106,545		(3.81	)%	$	459,023		$	471,514		(2.65	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	102,976		$	107,816		(4.49	)%	$	465,561		$	478,018		(2.61	)%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


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



ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Year Ended
ALL HOTELS NOT UNDER RENOVATION:	December 31,								December 31,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	284,387		$	279,756		1.66	%	$	1,181,365		$	1,182,553		(0.10	)%
Non-comparable adjustments	1,519			5,786					19,170			10,558
Comparable total hotel revenue	$	285,906		$	285,542		0.13	%	$	1,200,535		$	1,193,111		0.62	%

Hotel EBITDA	$	86,931		$	88,691		(1.98	)%	$	388,695		$	394,695		(1.52	)%
Non-comparable adjustments	490			1,329					6,538			6,537
Comparable hotel EBITDA	$	87,421		$	90,020		(2.89	)%	$	395,233		$	401,232		(1.50	)%
Hotel EBITDA margin	30.57		%	31.70		%	(1.13	)%	32.90		%	33.38		%	(0.48	)%
Comparable hotel EBITDA margin	30.58		%	31.53		%	(0.95	)%	32.92		%	33.63		%	(0.71	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	63		$	85		(25.88	)%	$	321		$	368		(12.77	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	86,868		$	88,606		(1.96	)%	$	388,374		$	394,327		(1.51	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	87,358		$	89,935		(2.87	)%	$	394,912		$	400,864		(1.48	)%

NOTES:

(1)


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


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

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


(5)	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			2018			2018		2018
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	341,229		$	1,519	$	342,748		$	353,504		$	4,656	$	358,160		$	386,834		$	9,031	$	395,865		$	339,465		$	3,964	$	343,429
Hotel EBITDA	$	102,549		$	490	$	103,039		$	111,389		$	1,518	$	112,907		$	136,792		$	3,664	$	140,456		$	108,614		$	866	$	109,480
Hotel EBITDA margin	30.05		%			30.06		%	31.51		%			31.52		%	35.36		%			35.48		%	32.00		%			31.88		%

EBITDA % of total TTM	22.4		%			22.2		%	24.2		%			24.2		%	29.8		%			30.1		%	23.6		%			23.5		%

JV interests in EBITDA	$	63		$	—	$	63		$	101		$	—	$	101		$	108		$	—	$	108		$	49		$	—	$	49

	Actual			Non-comparable Adjustments		Comparable
	2018			2018		2018
	TTM			TTM		TTM
Total hotel revenue	$	1,421,032		$	19,170	$	1,440,202
Hotel EBITDA	$	459,344		$	6,538	$	465,882
Hotel EBITDA margin	32.32		%			32.35		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	321		$	—	$	321

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(4) 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 December 31,
	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	$	118.67	$	—	$	118.67	$	126.50	$	—		$	126.50	(6.2	)%	(6.2	)%
Boston, MA Area	3	915	180.40		—		180.40		167.28		—			167.28		7.8	%	7.8	%
Dallas / Ft. Worth, TX Area	7	1,518	103.71		—		103.71		106.56		—			106.56		(2.7	)%	(2.7	)%
Houston, TX Area	3	692	97.14		—		97.14		108.59		—			108.59		(10.5	)%	(10.5	)%
Los Angeles, CA Metro Area	6	1,619	121.28		—		121.28		121.48		—			121.48		(0.2	)%	(0.2	)%
Miami, FL Metro Area	3	587	117.61		—		117.61		140.31		—			140.31		(16.2	)%	(16.2	)%
Minneapolis - St. Paul, MN-WI Area	4	809	106.27		—		106.27		110.44		—			110.44		(3.8	)%	(3.8	)%
Nashville, TN Area	1	673	193.32		—		193.32		191.28		—			191.28		1.1	%	1.1	%
New York / New Jersey Metro Area	6	1,741	110.79		—		110.79		110.73		—			110.73		0.1	%	0.1	%
Orlando, FL Area	3	734	106.67		—		106.67		107.04		—			107.04		(0.3	)%	(0.3	)%
Philadelphia, PA Area	3	648	97.27		—		97.27		89.78		—			89.78		8.3	%	8.3	%
San Diego, CA Area	2	410	110.50		—		110.50		104.51		—			104.51		5.7	%	5.7	%
San Francisco - Oakland, CA Metro Area	6	1,369	157.23		—		157.23		147.05		—			147.05		6.9	%	6.9	%
Tampa, FL Area	2	571	101.67		—		101.67		107.92		(114.60		)	106.65		(5.8	)%	(4.7	)%
Washington D.C. - MD - VA Area	9	2,424	120.87		—		120.87		122.17		257.63			128.65		(1.1	)%	(6.0	)%
Other Areas	52	8,952	101.28		215.54		101.93		99.24		707.98			100.67		2.1	%	1.3	%
Total Portfolio	119	25,087	$	115.34	$	215.54	$	115.54	$	115.04	$	1,152.19		$	116.19	0.3	%	(0.6	)%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


(4)	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 December 31,
	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	$	5,395	$	(25	)	$	5,370	5.2	%	$	6,328	$	22		$	6,350	5.9	%	(14.7	)%	(15.4	)%
Boston, MA Area	3	915	6,507		—			6,507		6.3	%	5,900		(24		)	5,876		5.4	%	10.3	%	10.7	%
Dallas / Ft. Worth, TX Area	7	1,518	6,213		—			6,213		6.0	%	6,487		(58		)	6,429		6.0	%	(4.2	)%	(3.4	)%
Houston, TX Area	3	692	2,352		—			2,352		2.3	%	3,197		(39		)	3,158		2.9	%	(26.4	)%	(25.5	)%
Los Angeles, CA Metro Area	6	1,619	7,392		—			7,392		7.2	%	7,785		(100		)	7,685		7.1	%	(5.0	)%	(3.8	)%
Miami, FL Metro Area	3	587	2,593		—			2,593		2.5	%	3,521		(10		)	3,511		3.3	%	(26.4	)%	(26.1	)%
Minneapolis - St. Paul, MN-WI Area	4	809	2,737		—			2,737		2.7	%	2,861		(19		)	2,842		2.6	%	(4.3	)%	(3.7	)%
Nashville, TN Area	1	673	5,989		—			5,989		5.8	%	5,100		—			5,100		4.7	%	17.4	%	17.4	%
New York / New Jersey Metro Area	6	1,741	7,503		—			7,503		7.3	%	8,018		(60		)	7,958		7.4	%	(6.4	)%	(5.7	)%
Orlando, FL Area	3	734	2,301		—			2,301		2.2	%	2,363		(8		)	2,355		2.2	%	(2.6	)%	(2.3	)%
Philadelphia, PA Area	3	648	1,887		—			1,887		1.8	%	1,590		(14		)	1,576		1.5	%	18.7	%	19.7	%
San Diego, CA Area	2	410	1,498		—			1,498		1.5	%	1,395		(5		)	1,390		1.3	%	7.4	%	7.8	%
San Francisco - Oakland, CA Metro Area	6	1,369	8,815		—			8,815		8.6	%	8,200		(106		)	8,094		7.5	%	7.5	%	8.9	%
Tampa, FL Area	2	571	1,885		13			1,898		1.8	%	2,597		(537		)	2,060		1.9	%	(27.4	)%	(7.9	)%
Washington D.C. - MD - VA Area	9	2,424	9,837		—			9,837		9.5	%	10,497		2,032			12,529		11.6	%	(6.3	)%	(21.5	)%
Other Areas	52	8,952	29,645		502			30,147		29.3	%	30,791		197			30,988		28.7	%	(3.7	)%	(2.7	)%
Total Portfolio	119	25,087	$	102,549	$	490		$	103,039	100.0	%	$	106,630	$	1,271		$	107,901	100.0	%	(3.8	)%	(4.5	)%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)



			Year Ended December 31,
	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	$	128.22	$	—		$	128.22	$	123.66	$	(88.18	)	$	129.70	3.7	%	(1.1	)%
Boston, MA Area	3	915	180.35		—			180.35		175.82		—			175.82		2.6	%	2.6	%
Dallas / Ft. Worth, TX Area	7	1,518	111.74		—			111.74		110.25		—			110.25		1.4	%	1.4	%
Houston, TX Area	3	692	106.04		—			106.04		110.72		—			110.72		(4.2	)%	(4.2	)%
Los Angeles, CA Metro Area	6	1,619	131.95		—			131.95		130.68		—			130.68		1.0	%	1.0	%
Miami, FL Metro Area	3	587	132.39		—			132.39		134.58		—			134.58		(1.6	)%	(1.6	)%
Minneapolis - St. Paul, MN-WI Area	4	809	122.38		—			122.38		122.44		—			122.44		—	%	—	%
Nashville, TN Area	1	673	204.04		—			204.04		205.71		—			205.71		(0.8	)%	(0.8	)%
New York / New Jersey Metro Area	6	1,741	117.14		—			117.14		115.93		—			115.93		1.0	%	1.0	%
Orlando, FL Area	3	734	108.12		—			108.12		112.17		—			112.17		(3.6	)%	(3.6	)%
Philadelphia, PA Area	3	648	103.10		—			103.10		99.08		—			99.08		4.1	%	4.1	%
San Diego, CA Area	2	410	122.90		—			122.90		120.57		—			120.57		1.9	%	1.9	%
San Francisco - Oakland, CA Metro Area	6	1,369	162.88		—			162.88		155.64		—			155.64		4.7	%	4.7	%
Tampa, FL Area	2	571	112.70		(154.79		)	109.86		115.23		(121.31		)	114.07		(2.2	)%	(3.7	)%
Washington D.C. - MD - VA Area	9	2,424	134.23		235.98			137.53		136.94		274.19			143.51		(2.0	)%	(4.2	)%
Other Areas	52	8,952	109.87		183.47			110.78		108.38		(290.21		)	110.07		1.4	%	0.6	%
Total Portfolio	119	25,087	$	124.19	$	217.93		$	124.75	$	122.98	$	29.83		$	124.64	1.0	%	0.1	%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


(4)	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)



			Year Ended December 31,
	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	$	24,039	$	6		$	24,045	5.2	%	$	28,157	$	(2,231	)	$	25,926	5.4	%	(14.7	)%	(7.3	)%
Boston, MA Area	3	915	25,777		—			25,777		5.5	%	26,423		—			26,423		5.5	%	(2.4	)%	(2.4	)%
Dallas / Ft. Worth, TX Area	7	1,518	26,839		—			26,839		5.8	%	25,723		(33		)	25,690		5.4	%	4.3	%	4.5	%
Houston, TX Area	3	692	11,360		—			11,360		2.4	%	12,530		1			12,531		2.6	%	(9.3	)%	(9.3	)%
Los Angeles, CA Metro Area	6	1,619	33,109		—			33,109		7.1	%	34,060		(23		)	34,037		7.1	%	(2.8	)%	(2.7	)%
Miami, FL Metro Area	3	587	11,966		—			11,966		2.6	%	12,457		—			12,457		2.6	%	(3.9	)%	(3.9	)%
Minneapolis - St. Paul, MN-WI Area	4	809	14,256		—			14,256		3.1	%	14,610		1			14,611		3.1	%	(2.4	)%	(2.4	)%
Nashville, TN Area	1	673	24,655		—			24,655		5.3	%	26,035		—			26,035		5.4	%	(5.3	)%	(5.3	)%
New York / New Jersey Metro Area	6	1,741	30,488		1			30,489		6.5	%	31,400		—			31,400		6.6	%	(2.9	)%	(2.9	)%
Orlando, FL Area	3	734	9,482		—			9,482		2.0	%	10,487		—			10,487		2.2	%	(9.6	)%	(9.6	)%
Philadelphia, PA Area	3	648	8,441		—			8,441		1.8	%	7,637		—			7,637		1.6	%	10.5	%	10.5	%
San Diego, CA Area	2	410	7,272		—			7,272		1.6	%	7,235		1			7,236		1.5	%	0.5	%	0.5	%
San Francisco - Oakland, CA Metro Area	6	1,369	36,892		—			36,892		7.9	%	35,024		—			35,024		7.3	%	5.3	%	5.3	%
Tampa, FL Area	2	571	10,853		(1,118		)	9,735		2.1	%	12,013		(2,030		)	9,983		2.1	%	(9.7	)%	(2.5	)%
Washington D.C. - MD - VA Area	9	2,424	42,924		4,697			47,621		10.2	%	46,600		8,636			55,236		11.5	%	(7.9	)%	(13.7	)%
Other Areas	52	8,952	140,991		2,952			143,943		30.9	%	141,491		2,182			143,673		30.1	%	(0.4	)%	0.2	%
Total Portfolio	119	25,087	$	459,344	$	6,538		$	465,882	100.0	%	$	471,882	$	6,504		$	478,386	100.0	%	(2.7	)%	(2.6	)%

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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


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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

DECEMBER 31, 2018

(in thousands, except share price)

(unaudited)




	December 31, 2018
Common stock shares outstanding	101,035
Partnership units outstanding	19,921
Combined common stock shares and partnership units outstanding	120,956
Common stock price	$	4.00
Market capitalization	$	483,824
Series D cumulative preferred stock	$	59,735
Series F cumulative preferred stock	$	120,000
Series G cumulative preferred stock	$	155,000
Series H cumulative preferred stock	$	95,000
Series I cumulative preferred stock	$	135,000
Indebtedness	$	3,966,237
Joint venture partner's share of consolidated indebtedness	$	(1,995	)
Net working capital (see below)	$	(397,814	)
Total enterprise value (TEV)	$	4,614,987

Ashford Inc. Investment:
Common stock owned	598
Common stock price	$	51.90
Market value of Ashford Inc. investment	$	31,045

Cash and cash equivalents	$	319,081
Restricted cash	$	120,394
Accounts receivable, net	$	37,046
Prepaid expenses	$	19,971
Investment in securities	$	21,816
Due from third-party hotel managers, net	$	19,225
Market value of Ashford Inc. investment	$	31,045
Total current assets	$	568,578

Accounts payable, net & accrued expenses	$	135,408
Dividends and distributions payable	$	26,794
Due to affiliates, net	$	8,562
Total current liabilities	$	170,764

Net working capital*	$	397,814

* 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				2019
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Courtyard Crystal City Reagan Airport	272	x
Courtyard Denver Airport	202	x
Courtyard Gaithersburg	210	x	x
Courtyard Louisville Airport	150				x	x
Embassy Suites Crystal City	267				x	x
Embassy Suites Philadelphia Airport	263	x	x
Embassy Suites Santa Clara Silicon Valley	258	x	x
Fairfield Inn and Suites Kennesaw	86						x	x
Hampton Inn Buford Mall of Georgia	92					x
Hampton Inn Suites Columbus Easton	145				x	x
Hampton Inn Suites Phoenix Airport	106		x	x
Hilton Fort Worth	294							x	x
Hilton St. Petersburg Bayfront	333	x	x	x
Hilton Tampa Westshore	238		x	x	x
Hilton Garden Inn BWI Airport	158				x	x	x
Hilton Garden Inn Jacksonville	119	x
Hotel Indigo Atlanta Midtown	140		x	x	x
Hyatt Regency Coral Gables	253			x	x	x
Hyatt Regency Windwatch	358								x
Le Meridien Chambers Minneapolis	60	x
Le Pavillon Hotel	226			x
Marriott Bridgewater	347								x
Marriott Crystal Gateway	701	x	x	x	x	x
Marriott DFW Airport	491					x	x	x
Marriott Omaha	300			x
Marriott RTP	225	x						x	x
One Ocean Resort	193					x	x
Renaissance Nashville	673	x	x	x	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
Ritz Carlton Atlanta	444	x	x	x	x				x
Sheraton Anchorage	370	x
Sheraton Ann Arbor	197								x
The Churchill	173	x
W Minneapolis Hotel - The Foshay	229								x
Westin Princeton	296	x	x			x	x
Total		18	13	12	10	11	6	5	7


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018-2019 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			2018			December 31, 2018
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			TTM
Net income (loss)	$	10,820		$	42,925		$	68,862		$	40,311		$	162,918
Non-property adjustments	20,730			(17		)	(394		)	1,669			21,988
Interest income	(90		)	(73		)	(58		)	(30		)	(251		)
Interest expense	2,355			2,096			1,634			1,600			7,685
Amortization of loan costs	210			149			178			112			649
Depreciation and amortization	65,737			64,745			64,385			62,869			257,736
Income tax expense (benefit)	109			14			9			—			132
Non-hotel EBITDA ownership expense	2,678			1,550			2,176			2,083			8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	102,549			111,389			136,792			108,614			459,344
Non-comparable adjustments	490			1,518			3,664			866			6,538
Comparable hotel EBITDA	$	103,039		$	112,907		$	140,456		$	109,480		$	465,882

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 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)	$	6,828		$	3,992		$	10,820		$	25	$	(76,893	)	$	(66,048	)
Non-property adjustments	20,729			1			20,730			—		(20,730		)	—
Interest income	(84		)	(6		)	(90		)	—		90			—
Interest expense	2,148			207			2,355			—		53,926			56,281
Amortization of loan cost	171			39			210			—		6,615			6,825
Depreciation and amortization	54,660			11,077			65,737			138		47			65,922
Income tax expense (benefit)	(20		)	129			109			—		67			176
Non-hotel EBITDA ownership expense	2,499			179			2,678			13		(2,691		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	86,931			15,618			102,549			176		(39,569		)	63,156
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	63			—			63			—		(63		)	—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		25			25
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		2,486			2,486
Company's portion of EBITDA of OpenKey	—			—			—			—		(153		)	(153		)
Hotel EBITDA attributable to the Company and OP unitholders	$	86,994		$	15,618		$	102,612		$	176	$	(37,274	)	$	65,514
Non-comparable adjustments	490			—			490
Comparable hotel EBITDA	$	87,421		$	15,618		$	103,039

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


(3)	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)	$	23,856		$	9,246		$	33,102		$	230		$	(71,857	)	$	(38,525	)
Non-property adjustments	8,246			—			8,246			(75		)	(8,171		)	—
Interest income	(24		)	(4		)	(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	52,543			8,639			61,182			123			46			61,351
Income tax expense (benefit)	173			—			173			—			(1,884		)	(1,711		)
Non-hotel EBITDA ownership expense	2,775			(151		)	2,624			25			(2,649		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	88,691			17,939			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	$	88,606		$	17,939		$	106,545		$	303		$	(29,823	)	$	77,025
Non-comparable adjustments	1,329			(58		)	1,271
Comparable hotel EBITDA	$	90,020		$	17,881		$	107,901

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


(3)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year Ended December 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)	$	134,591		$	28,327		$	162,918		$	843	$	(320,070	)	$	(156,309	)
Non-property adjustments	22,052			(64		)	21,988			—		(21,988		)	—
Interest income	(230		)	(21		)	(251		)	—		251			—
Interest expense	6,894			791			7,685			—		207,659			215,344
Amortization of loan cost	495			154			649			—		20,793			21,442
Depreciation and amortization	217,180			40,556			257,736			528		194			258,458
Income tax expense (benefit)	3			129			132			—		2,650			2,782
Non-hotel EBITDA ownership expense	7,710			777			8,487			32		(8,519		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	388,695			70,649			459,344			1,403		(119,030		)	341,717
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(321		)	—			(321		)	—		321			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		(867		)	(867		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		3,445			3,445
Company's portion of EBITDA of OpenKey	—			—			—			—		(572		)	(572		)
Hotel EBITDA attributable to the Company and OP unitholders	$	388,374		$	70,649		$	459,023		$	1,403	$	(116,703	)	$	343,723
Non-comparable adjustments	6,538			—			6,538
Comparable hotel EBITDA	$	395,233		$	70,649		$	465,882

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


(3)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year 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)	$	169,174		$	44,210		$	213,384		$	1,253		$	(303,397	)	$	(88,760	)
Non-property adjustments	(4,101		)	108			(3,993		)	(75		)	4,068			—
Interest income	(112		)	(14		)	(126		)	—			126			—
Interest expense	2,601			409			3,010			—			206,402			209,412
Amortization of loan cost	204			86			290			—			12,929			13,219
Depreciation and amortization	211,225			32,815			244,040			473			2,218			246,731
Income tax expense (benefit)	229			—			229			—			(2,447		)	(2,218		)
Non-hotel EBITDA ownership expense	15,475			(427		)	15,048			19			(15,067		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	394,695			77,187			471,882			1,670			(95,168		)	378,384
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(368		)	—			(368		)	—			368			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			5,918			5,918
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(1,666		)	(1,666		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(498		)	(498		)
Hotel EBITDA attributable to the Company and OP unitholders	$	394,327		$	77,187		$	471,514		$	1,670		$	(91,046	)	$	382,138
Non-comparable adjustments	6,537			(33		)	6,504
Comparable hotel EBITDA	$	401,232		$	77,154		$	478,386

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


(3)	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, 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)	$	1,672		$	1,590		$	2,359		$	1,381		$	2,770		$	294		$	362		$	3,382		$	3,301
Non-property adjustments	(1		)	—			—			(485		)	—			—			—			—			—
Interest income	(1		)	—			(3		)	—			(3		)	—			(19		)	—			(11		)
Interest expense	208			1,068			—			—			—			—			—			—			—
Amortization of loan costs	39			57			—			—			—			—			—			—			—
Depreciation and amortization	3,463			3,329			3,724			1,365			4,567			2,151			2,363			2,446			4,080
Income tax expense (benefit)	—			—			—			—			—			—			—			129			(4		)
Non-hotel EBITDA ownership expense	15			463			133			91			58			148			31			32			137
Hotel EBITDA including amounts attributable to noncontrolling interest	5,395			6,507			6,213			2,352			7,392			2,593			2,737			5,989			7,503
Non-comparable adjustments	(25		)	—			—			—			—			—			—			—			—
Comparable hotel EBITDA	$	5,370		$	6,507		$	6,213		$	2,352		$	7,392		$	2,593		$	2,737		$	5,989		$	7,503

	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)	$	(19	)	$	133		$	528		$	5,500		$	240		$	1,080		$	(13,753	)	$	10,820
Non-property adjustments	—			—			—			—			(4		)	(77		)	21,297			20,730
Interest income	(3		)	(1		)	(1		)	(8		)	—			(20		)	(20		)	(90		)
Interest expense	—			—			—			—			—			892			187			2,355
Amortization of loan costs	—			—			—			—			—			56			58			210
Depreciation and amortization	2,243			1,623			834			3,191			1,547			7,801			21,010			65,737
Income tax expense (benefit)	—			8			—			—			—			—			(24		)	109
Non-hotel EBITDA ownership expense	80			124			137			132			102			105			890			2,678
Hotel EBITDA including amounts attributable to noncontrolling interest	2,301			1,887			1,498			8,815			1,885			9,837			29,645			102,549
Non-comparable adjustments	—			—			—			—			13			—			502			490
Comparable hotel EBITDA	$	2,301		$	1,887		$	1,498		$	8,815		$	1,898		$	9,837		$	30,147		$	103,039

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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

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
	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)	$	3,363		$	1,475		$	3,006		$	2,148		$	3,181		$	1,628		$	327		$	3,395		$	2,989
Non-property adjustments	(6		)	—			—			50			—			—			—			—			—
Interest income	—			—			(1		)	—			(1		)	—			(7		)	—			(3		)
Interest expense	172			551			—			—			—			—			—			—			—
Amortization of loan costs	37			36			—			—			—			—			—			—			—
Depreciation and amortization	2,553			3,604			3,359			1,326			4,416			1,753			2,422			1,698			4,226
Income tax expense (benefit)	—			—			—			—			—			—			—			—			63
Non-hotel EBITDA ownership expense	209			234			123			(327		)	189			140			119			7			743
Hotel EBITDA including amounts attributable to noncontrolling interest	6,328			5,900			6,487			3,197			7,785			3,521			2,861			5,100			8,018
Non-comparable adjustments	22			(24		)	(58		)	(39		)	(100		)	(10		)	(19		)	—			(60		)
Comparable hotel EBITDA	$	6,350		$	5,876		$	6,429		$	3,158		$	7,685		$	3,511		$	2,842		$	5,100		$	7,958

	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)	$	432		$	(139	)	$	374		$	5,443		$	714		$	(406	)	$	5,172		$	33,102
Non-property adjustments	—			—			—			(13		)	—			4,726			3,489			8,246
Interest income	(2		)	—			—			(3		)	—			(4		)	(7		)	(28		)
Interest expense	—			—			—			—			—			—			535			1,258
Amortization of loan costs	—			—			—			—			—			—			—			73
Depreciation and amortization	1,819			1,535			924			2,690			1,751			6,390			20,716			61,182
Income tax expense (benefit)	—			14			—			—			—			—			96			173
Non-hotel EBITDA ownership expense	114			180			97			83			132			(209		)	790			2,624
Hotel EBITDA including amounts attributable to noncontrolling interest	2,363			1,590			1,395			8,200			2,597			10,497			30,791			106,630
Non-comparable adjustments	(8		)	(14		)	(5		)	(106		)	(537		)	2,032			197			1,271
Comparable hotel EBITDA	$	2,355		$	1,576		$	1,390		$	8,094		$	2,060		$	12,529		$	30,988		$	107,901

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year Ended December 31, 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)	$	10,008		$	6,369		$	12,431		$	6,072		$	14,506		$	3,952		$	4,131		$	15,477		$	13,660
Non-property adjustments	(1		)	—			—			(619		)	—			(120		)	—			—			—
Interest income	(4		)	—			(8		)	—			(10		)	(2		)	(57		)	—			(32		)
Interest expense	791			3,914			—			—			—			—			—			—			—
Amortization of loan costs	154			222			—			—			—			—			—			—			—
Depreciation and amortization	12,694			14,505			14,004			5,467			18,325			7,867			10,002			8,972			16,467
Income tax expense (benefit)	—			—			—			—			—			—			—			129			(4		)
Non-hotel EBITDA ownership expense	397			767			412			440			288			269			180			77			397
Hotel EBITDA including amounts attributable to noncontrolling interest	24,039			25,777			26,839			11,360			33,109			11,966			14,256			24,655			30,488
Non-comparable adjustments	6			—			—			—			—			—			—			—			1
Comparable hotel EBITDA	$	24,045		$	25,777		$	26,839		$	11,360		$	33,109		$	11,966		$	14,256		$	24,655		$	30,489

	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)	$	1,338		$	1,606		$	3,146		$	23,997		$	4,356		$	10,431		$	31,438		$	162,918
Non-property adjustments	(39		)	—			—			—			(378		)	1,864			21,281			21,988
Interest income	(10		)	(3		)	(4		)	(23		)	—			(43		)	(55		)	(251		)
Interest expense	—			—			—			—			—			1,764			1,216			7,685
Amortization of loan costs	—			—			—			—			—			110			163			649
Depreciation and amortization	8,059			6,517			3,525			12,478			6,615			28,399			83,840			257,736
Income tax expense (benefit)	—			8			—			—			—			—			(1		)	132
Non-hotel EBITDA ownership expense	134			313			605			440			260			399			3,109			8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	9,482			8,441			7,272			36,892			10,853			42,924			140,991			459,344
Non-comparable adjustments	—			—			—			—			(1,118		)	4,697			2,952			6,538
Comparable hotel EBITDA	$	9,482		$	8,441		$	7,272		$	36,892		$	9,735		$	47,621		$	143,943		$	465,882

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year Ended December 31, 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)	$	28,667		$	11,543	$	11,976		$	4,562		$	16,318		$	178		$	4,479		$	19,111		$	13,343
Non-property adjustments	(14,115		)	—		—			501			—			266			—			—			—
Interest income	(12		)	—		(4		)	—			(4		)	—			(37		)	—			(9		)
Interest expense	409			551		—			—			—			—			—			—			—
Amortization of loan costs	86			36		—			—			—			—			—			—			—
Depreciation and amortization	12,675			14,008		12,721			6,559			17,248			6,958			9,984			6,872			16,840
Income tax expense (benefit)	—			—		—			—			—			—			—			—			63
Non-hotel EBITDA ownership expense	447			285		1,030			908			498			5,055			184			52			1,163
Hotel EBITDA including amounts attributable to noncontrolling interest	28,157			26,423		25,723			12,530			34,060			12,457			14,610			26,035			31,400
Non-comparable adjustments	(2,231		)	—		(33		)	1			(23		)	—			1			—			—
Comparable hotel EBITDA	$	25,926		$	26,423	$	25,690		$	12,531		$	34,037		$	12,457		$	14,611		$	26,035		$	31,400

	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)	$	3,941		$	1,542	$	3,166		$	24,973		$	5,475		$	17,865		$	46,245		$	213,384
Non-property adjustments	43			—		—			(13		)	64			4,726			4,535			(3,993		)
Interest income	(7		)	—		—			(17		)	—			(16		)	(20		)	(126		)
Interest expense	—			—		—			—			—			—			2,050			3,010
Amortization of loan costs	—			—		—			—			—			—			168			290
Depreciation and amortization	6,289			5,810		3,906			9,860			6,125			25,062			83,123			244,040
Income tax expense (benefit)	—			14		—			—			—			—			152			229
Non-hotel EBITDA ownership expense	221			271		163			221			349			(1,037		)	5,238			15,048
Hotel EBITDA including amounts attributable to noncontrolling interest	10,487			7,637		7,235			35,024			12,013			46,600			141,491			471,882
Non-comparable adjustments	—			—		1			—			(2,030		)	8,636			2,182			6,504
Comparable hotel EBITDA	$	10,487		$	7,637	$	7,236		$	35,024		$	9,983		$	55,236		$	143,673		$	478,386

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	TTM Ended December 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)	$	10,560		$	12,407		$	8,011		$	14,064		$	9,490		$	11,098		$	34,416		$	19,909		$	2,303		$	20,582		$	1,253
Non-property adjustments	1,878			—			(60		)	(363		)	(6		)	—			9,467			(590		)	—			(20		)	(17		)
Interest income	(17		)	(12		)	(1		)	(1		)	—			(29		)	—			(11		)	—			(88		)	(5		)
Interest expense	—			—			—			—			1,019			—			—			—			10			3			—
Amortization of loan costs	—			—			—			—			104			—			—			—			—			—			—
Depreciation and amortization	8,769			8,708			15,306			14,455			13,293			12,514			59,470			29,678			9,333			23,173			5,819
Income tax expense (benefit)	8			(4		)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	355			249			1,097			(24		)	932			362			2,050			965			420			328			43
Hotel EBITDA including amounts attributable to noncontrolling interest	21,553			21,348			24,353			28,131			24,832			23,945			105,403			49,951			12,066			43,978			7,093
Non-comparable adjustments	(48		)	—			—			—			—			—			(1,113		)	—			—			—			—
Comparable hotel EBITDA	$	21,505		$	21,348		$	24,353		$	28,131		$	24,832		$	23,945		$	104,290		$	49,951		$	12,066		$	43,978		$	7,093

	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)	$	3,981		$	2,211		$	1,923		$	712		$	16,089		$	291		$	2,175		$	549		$	(277	)	$	2,492		$	1,477
Non-property adjustments	(40		)	—			—			—			—			—			—			—			—			—			—
Interest income	(1		)	—			(5		)	(1		)	—			(21		)	—			—			—			—			—
Interest expense	—			—			—			—			—			1,764			—			—			791			3,914			—
Amortization of loan costs	—			—			—			—			—			110			—			—			154			222			—
Depreciation and amortization	4,321			1,267			592			1,003			12,789			1,485			1,227			530			1,338			6,906			11,142
Income tax expense (benefit)	—			—			—			—			129			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	(97		)	91			105			47			(45		)	54			102			10			90			256			48
Hotel EBITDA including amounts attributable to noncontrolling interest	8,164			3,569			2,615			1,761			28,962			3,683			3,504			1,089			2,096			13,790			12,667
Non-comparable adjustments	—			—			—			—			—			4,852			—			—			—			—			—
Comparable hotel EBITDA	$	8,164		$	3,569		$	2,615		$	1,761		$	28,962		$	8,535		$	3,504		$	1,089		$	2,096		$	13,790		$	12,667

	GACC Jacksonville RI - 1 hotel			JPMorgan Chase La Posada-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			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(1,596	)	$	(164	)	$	(1,528	)	$	352		$	273		$	3,250		$	(5,124	)	$	(8,261	)	$	162,918
Non-property adjustments	(38		)	—			—			—			—			—			5,130			6,647			21,988
Interest income	—			(2		)	—			—			—			(56		)	—			(1		)	(251		)
Interest expense	—			184			—			—			—			—			—			—			7,685
Amortization of loan costs	—			60			—			—			—			—			—			(1		)	649
Depreciation and amortization	1,851			242			3,188			520			955			3,245			876			3,741			257,736
Income tax expense (benefit)	—			—			—			(6		)	5			—			—			—			132
Non-hotel EBITDA ownership expense	47			131			666			24			18			84			34			45			8,487
Hotel EBITDA including amounts attributable to noncontrolling interest	264			451			2,326			890			1,251			6,523			916			2,170			459,344
Non-comparable adjustments	—			2,842			—			—			—			—			—			5			6,538
Comparable hotel EBITDA	$	264		$	3,293		$	2,326		$	890		$	1,251		$	6,523		$	916		$	2,175		$	465,882

NOTES:


(1)	The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 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)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


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

Ashford Hospitality Trust (AHT) 8-KAshford Trust Reports Fourth Quarter and Year End 2018 Results