Ashford Trust Reports First Quarter 2014 Results - NEWS10 ABC: Albany, New York News, Weather, Sports

Ashford Trust Reports First Quarter 2014 Results

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SOURCE Ashford Hospitality Trust, Inc.

RevPAR Increase of 8.5% for Hotels Not Under Renovation

Pro Forma Hotel EBITDA Margin Increase of 127 basis points for All Hotels

DALLAS, May 8, 2014 /PRNewswire/ -- Today, Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") reported the following results and performance measures for the first quarter ended March 31, 2014.  Prior to the third quarter of 2013, the Company reported its Legacy Portfolio and Highland Hospitality Portfolio pro forma hotel operating statistics separately.  In the third quarter 2013, the Company changed its reporting format and now combines the pro forma hotel operating statistics for its Legacy Portfolio and Ashford Trust's pro rata share of the Highland Hospitality Portfolio as the Ashford Trust Portfolio.  The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma.  Unless otherwise stated, all reported results compare the first quarter ended March 31, 2014, with the first quarter ended March 31, 2013 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for the Ashford Trust Portfolio hotels increased 7.5% during the quarter
  • RevPAR for all Ashford Trust Portfolio hotels not under renovation increased 8.5% during the quarter
  • Hotel EBITDA increased 10.4% for all Ashford Trust Portfolio hotels
  • Hotel EBITDA flow-through was 53% for all Ashford Trust Portfolio hotels
  • Net loss attributable to common shareholders for the Company was $10.9 million, or $0.13 per diluted share, compared with net loss attributable to common shareholders of $23.2 million, or $0.34 per diluted share, in the prior-year quarter
  • Adjusted funds from operations (AFFO) for the Company was $0.25 per diluted share for the quarter as compared with $0.35 from the prior-year quarter
    • Interest rate derivative income decreased by $6.2 million from the prior year quarter, impacting AFFO per share by $0.06
    • The prior year results also include the operations of the Ashford Prime portfolio
  • During the first quarter, the Company refinanced its $165 million MIP Portfolio mortgage loan with a new $200 million non-recourse mortgage loan resulting in excess proceeds of approximately $30 million
  • Ashford Trust announced its Board of Directors unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a taxable distribution to be comprised of common stock in Ashford, Inc., a newly formed or successor company of the Company's existing advisor subsidiary, Ashford Hospitality Advisors LLC
  • At the end of the first quarter 2014, the Company had total net working capital, including its pro rata share of the Highland Hospitality Portfolio net working capital and the market value of its OP Units in Ashford Prime, of $395 million

CAPITAL EXPENDITURES

  • Capex invested in the quarter for the Ashford Trust Portfolio was $40.8 million

CAPITAL STRUCTURE
At March 31, 2014, the Company had total assets of $2.6 billion in continuing operations, and $3.5 billion overall including the Highland Hospitality Portfolio which is not consolidated.  As of March 31, 2014, the Company had $1.8 billion of mortgage debt in continuing operations and $2.6 billion overall including the Highland Hospitality Portfolio.  Ashford Trust's total combined debt had a blended average interest rate of 5.6%, with a weighted average debt maturity of 2.8 years. 

On January 27, 2014, the Company refinanced its $165 million MIP Portfolio mortgage loan with a new $200 million non-recourse mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions.  The new loan is interest only and provides for a floating interest rate of LIBOR + 4.75% with a 0.20% LIBOR Floor.  The refinance resulted in excess net proceeds of approximately $30 million.  The new loan remains secured by the same five hotels including: the Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego, Sheraton Anchorage and the Hilton Minneapolis/St Paul Airport Mall of America.

On February 27, 2014, Ashford Trust announced that its Board of Directors unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a taxable distribution.  The distribution will be comprised of common stock in Ashford, Inc. ("Ashford Inc."), a newly formed or successor company of the Company's existing advisor subsidiary, Ashford Hospitality Advisors LLC, which currently advises Ashford Hospitality Prime, Inc. ("Ashford Prime").  The Company plans to file a listing application for Ashford Inc. with the NYSE or NYSE MKT Exchanges.  This distribution is anticipated to be declared during the third quarter of 2014; however, it remains subject to the review of the registration statement on Form 10 filed with the Securities and Exchange Commission ("SEC") on April 7, 2014, the approval of the listing of shares by the applicable exchange, and other legal requirements. The Company cannot be certain this distribution will proceed or proceed in the manner as currently anticipated. 

In connection with the spin-off, it is anticipated that Ashford Inc. will enter into a 20-year advisory agreement to externally advise the Company and will continue to externally advise Ashford Prime.  It is expected that Ashford Inc. will be well positioned to grow its asset management business.  The Company's investment securities subsidiary is raising capital and it is expected that Ashford Inc. will advise this platform.  In addition, other business opportunities for Ashford Inc. include future external advisory services to other platforms, such as a select service hotel platform and a hotel debt platform, both of which are opportunities being explored by the Company.  Further, it is anticipated that Ashford Inc. will pursue other business acquisitions which may include hotel management, project and construction management, and other hospitality-related services. 

On March 1, 2014, the Company completed the sale of the Pier House Resort to Ashford Prime for total consideration of $92.7 million.  In connection with the transaction, Ashford Prime assumed the existing $69 million property level debt financing that the Company closed in September 2013.

Subsequent to the quarter end, on April 9, 2014, the Company announced it had priced its follow-on public offering of 7,500,000 shares of common stock at $10.70 per share.  The Company granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock.  Settlement of the offering occurred on April 14, 2014, generating total net proceeds of $77 million.  Ashford Trust intends to use the net proceeds of the offering for general corporate purposes, including, without limitation, hotel-related investments, capital expenditures, working capital and repayment of debt or other obligations.  

PORTFOLIO REVPAR
As of March 31, 2014, the Ashford Trust Portfolio consisted of direct hotel investments with 114 properties classified in continuing operations.  During the first quarter of 2014, 95 of the Ashford Trust Portfolio hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the Ashford Trust Portfolio hotels in continuing operations on a pro forma total basis (all 114 hotels) and pro forma not under renovation basis (95 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.

  • Pro forma RevPAR increased 7.5% to $101.55 for all hotels in the Ashford Trust Portfolio on a 3.4% increase in ADR and a 4.0% increase in occupancy
  • Pro forma RevPAR increased 8.5% to $101.57 for hotels not under renovation in the Ashford Trust Portfolio on a 3.0% increase in ADR and a 5.4% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Hotel EBITDA and Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Hotel EBITDA and Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Ashford Trust Portfolio, including its pro-rata share of the Highland Hospitality 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 Pro forma Hotel EBITDA and Pro forma Hotel EBITDA margin.  The details of the quarterly calculations for the previous four quarters for the 114 Ashford Trust Portfolio hotels included in continuing operations are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On March 17, 2014, 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 first quarter ending March 31, 2014, payable on April 15, 2014, to shareholders of record as of March 31, 2014.

"We are extremely pleased with our first quarter results which reflect continued improvement in the operating performance of our Ashford Trust portfolio.  This is in no small part due to the revenue initiatives implemented by our affiliated property manager, Remington.  Also, we are now starting to see the benefits from specific capital expenditures that we previously implemented to unlock the full value of our assets," commented Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer.  "On a parallel path, we have significantly increased our liquidity resources by capitalizing on the current attractive interest rates and debt market conditions with strategic refinancing transactions and our most recent equity raise.  You can expect us to continue to proactively address our debt maturities and opportunistically take out excess proceeds to grow our cash balance.  Also, on the acquisition front, we continue to see attractive investment opportunities and will seek to grow our portfolio if we believe it is accretive to shareholder value."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 9, 2014, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (480) 629-9835.  A replay of the conference call will be available through Friday, May 16, 2014, by dialing (303) 590-3030 and entering the confirmation number, 4678388.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2014 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, May 9, 2014, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate.  Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel Operating Profit.  FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us.  Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions.  However, management believes FFO, AFFO, EBITDA, and Hotel Operating Profit to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks and uncertainties.  When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:  general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; the degree and nature of our competition; and the satisfaction of conditions to, or the completion of, the proposed spin-off of Ashford Inc.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.  EBITDA is defined as net income before interest, taxes, depreciation and amortization.  EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price.  A capitalization rate is determined by dividing the property's annual net operating income by the purchase price.  Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues.  Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.  Hotel EBITDA Margin is Hotel EBITDA divided by total revenues.  Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. 

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.


 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)







March 31,


December 31,






2014


2013






 (unaudited) 

ASSETS





Cash and cash equivalents

$        154,110


$        128,780


Marketable securities

33,096


29,601



Total cash, cash equivalents and marketable securities

187,206


158,381


Investment in hotel properties, net

2,076,164


2,164,389


Restricted cash

62,853


61,498


Accounts receivable, net of allowance of $190 and $242, respectively

30,689


21,791


Inventories

1,997


1,946


Notes receivable, net of allowance of $7,836 and $7,937, respectively

3,424


3,384


Investment in Highland Hospitality

136,548


139,302


Investment in Ashford Prime OP

54,651


56,243


Deferred costs, net

9,966


10,155


Prepaid expenses

11,558


7,519


Derivative assets, net

95


19


Other assets

5,046


4,303


Due from Ashford Prime, net

1,580


13,042


Due from affiliates

761


1,302


Due from related party, net

877


-


Due from third-party hotel managers

35,960


33,728











Total assets

$     2,619,375


$     2,677,002









LIABILITIES AND EQUITY




Liabilities:





Indebtedness

$     1,780,432


$     1,818,929


Capital leases payable

-


28


Accounts payable and accrued expenses

68,946


70,683


Dividends payable

20,891


20,735


Unfavorable management contract liabilities

6,812


7,306


Due to related party, net

-


270


Due to third-party hotel managers

1,362


958


Liabilities associated with marketable securities and other

5,946


3,764


Other liabilities

1,261


1,286











Total liabilities

1,885,650


1,923,959









Redeemable noncontrolling interests in operating partnership

194,210


134,206









Equity:







Preferred stock, $0.01 par value, 50,000,000 shares authorized -







Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at








March 31, 2014 and December 31, 2013

17


17




Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at








March 31, 2014 and December 31, 2013

95


95




Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at








March 31, 2014 and December 31, 2013

46


46



Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares







issued, 80,940,880 and 80,565,563 shares outstanding, respectively 

1,249


1,249



Additional paid-in capital

1,645,590


1,652,743



Accumulated other comprehensive loss

(135)


(197)



Accumulated deficit

(969,035)


(896,110)



Treasury stock, at cost (43,955,885 shares and 44,331,202 shares, respectively)

(139,333)


(140,054)




Total shareholders' equity of the Company

538,494


617,789


Noncontrolling interests in consolidated entities

1,021


1,048











Total equity

539,515


618,837












Total liabilities and equity

$     2,619,375


$     2,677,002









 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)






 Three Months Ended 





 March 31, 





2014


2013





 (unaudited) 

REVENUE





Rooms

$    157,721


$    183,469


Food and beverage

28,239


39,650


Other

6,377


8,716










Total hotel revenue

192,337


231,835


Advisory services

2,194


-


Other

1,065


107










Total revenue

195,596


231,942








EXPENSES





Hotel operating expenses






Rooms

34,921


42,156



Food and beverage

19,323


27,175



Other expenses

58,542


68,292



Management fees 

7,780


9,893











Total hotel operating expenses

120,566


147,516









Property taxes, insurance and other

9,620


12,248


Depreciation and amortization

26,229


32,480


Impairment charges

(101)


(96)


Corporate, general and administrative:






Stock/unit-based compensation

4,488


8,343



Other general and administrative

8,247


6,173











Total operating expenses

169,049


206,664








OPERATING INCOME

26,547


25,278









Equity in loss of unconsolidated entities

(3,498)


(6,888)


Interest income

6


36


Other income

1,277


5,822


Interest expense

(26,586)


(33,448)


Amortization of loan costs

(1,939)


(1,932)


Write-off of loan costs and exit fees

(2,028)


(1,971)


Unrealized gain on marketable securities

1


2,701


Unrealized loss on derivatives

(347)


(7,149)








LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(6,567)


(17,551)


Income tax expense

(216)


(604)








LOSS FROM CONTINUING OPERATIONS

(6,783)


(18,155)


Gain on sale of hotel property, net of tax

3,491


-








NET LOSS

(3,292)


(18,155)

Loss from consolidated entities attributable to noncontrolling interests

27


707

Net loss attributable to redeemable noncontrolling interests in operating partnership

877


2,762








NET LOSS ATTRIBUTABLE TO THE COMPANY

(2,388)


(14,686)

Preferred dividends

(8,490)


(8,490)








NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

$    (10,878)


$    (23,176)








LOSS PER SHARE – BASIC AND DILUTED





Basic:






Net loss attributable to common shareholders

$        (0.13)


$        (0.34)










Weighted average common shares outstanding – basic

81,690


67,682









Diluted:






Net loss attributable to common shareholders

$        (0.13)


$        (0.34)










Weighted average common shares outstanding – diluted

81,690


67,682









Dividends declared per common share:

$          0.12


$          0.12








Amounts attributable to common shareholders:





Net loss attributable to the Company

$      (2,388)


$    (14,686)


Preferred dividends

(8,490)


(8,490)










Net loss attributable to common shareholders

$    (10,878)


$    (23,176)








 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 RECONCILIATION OF NET LOSS TO EBITDA 

 (in thousands) 

 (unaudited) 



 Three Months Ended 


 March 31,  


2014


2013





 Net loss 

$        (3,292)


$    (18,155)

 Loss from consolidated entities attributable to noncontrolling interests 

27


707

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

877


2,762

 Net loss attributable to the Company 

(2,388)


(14,686)






 Interest income 

(6)


(36)


 Interest expense and amortization of loan costs 

28,491


34,972


 Depreciation and amortization  

26,191


31,661


 Income tax expense 

228


604


 Net loss attributable to redeemable noncontrolling interests in operating partnership 

(877)


(2,762)


 Equity in loss of unconsolidated entities 

3,498


6,888


 Company's portion of EBITDA of unconsolidated entities (Ashford Prime OP) 

2,534


-


 Company's portion of EBITDA of unconsolidated entities (Highland) 

20,575


17,389






 EBITDA 

78,246


74,030






 Amortization of unfavorable management contract liabilities 

(494)


(612)


 Impairment charges 

(101)


(96)


 Gain on sale of hotel property 

(3,503)


-


 Write-off of loan costs and exit fees 

2,028


1,971


 Other income (1) 

(1,277)


(5,822)


 Unrealized gain on marketable securities 

(1)


(2,701)


 Unrealized loss on derivatives 

347


7,149


 Equity-based compensation 

4,488


8,342


 Company's portion of adjustments to EBITDA of unconsolidated entities (Ashford Prime OP) 

314


-


 Company's portion of adjustments to EBITDA of unconsolidated entities (Highland) 

(506)


19






 Adjusted EBITDA 

$        79,541


$      82,280





(1)

Other income, primarily consisting of income from interest rate derivatives and net realized gain/loss on marketable securities in both periods, is excluded from Adjusted EBITDA.  





 RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS ("FFO") 

 (in thousands, except per share amounts) 

 (unaudited) 










 Three Months Ended 




 March 31,  


2014


2013





 Net loss 

$        (3,292)


$    (18,155)

 Loss from consolidated entities attributable to noncontrolling interests 

27


707

 Net loss attributable to redeemable noncontrolling interests in operating partnership 

877


2,762

 Preferred dividends 

(8,490)


(8,490)





 Net loss attributable to common shareholders 

(10,878)


(23,176)







 Depreciation and amortization on real estate 

26,105


31,615


 Gain on sale of hotel property 

(3,503)


-


 Net loss attributable to redeemable noncontrolling interests in operating partnership 

(877)


(2,762)


 Equity in loss of unconsolidated entities 

3,498


6,888


 Company's portion of FFO of unconsolidated entities (Ashford Prime OP) 

785


-


 Company's portion of FFO of unconsolidated entities (Highland) 

8,851


5,636






 FFO available to common shareholders 

23,981


18,201






 Write-off of loan costs and exit fees 

2,028


1,971


 Impairment charges 

(101)


(96)


 Other income (1) 

(1,277)


393


 Unrealized gain on marketable securities 

(1)


(2,701)


 Unrealized loss on derivatives 

347


7,149


 Equity-based compensation adjustment related to modified employment terms 

-


4,678


 Company's portion of adjustments to FFO of unconsolidated entities (Ashford Prime OP) 

321


-


 Company's portion of adjustments to FFO of unconsolidated entities (Highland) 

(506)


19






 Adjusted FFO available to common shareholders 

$        24,792


$      29,614






 Adjusted FFO per diluted share available to common shareholders 

$            0.25


$          0.35







 Weighted average diluted shares 

101,149


85,794







(1)

Other income, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted FFO.  

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)

SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS

MARCH 31, 2014

(dollars in thousands)

(unaudited)




























 Proforma 


 Proforma 







 Fixed-Rate 


 Floating-Rate 


 Total 


 TTM Hotel 


 TTM EBITDA 

Indebtedness


Maturity


Interest Rate


 Debt 


 Debt 


 Debt 


 EBITDA 


 Debt Yield 
















 JPM Floater - 9 hotels 


May 2014


LIBOR + 6.50%


$                 -


$           135,000

(2)

$                135,000


$               18,082


13.4%

 GEMSA Manchester - 1 hotel 


May 2014


8.32%


5,036


-


5,036


808


16.0%

 Senior credit facility - Various 


September 2014


LIBOR + 2.75% to 3.5%


-


-

(5)

-


 N/A 


N/A

 Goldman Sachs - 5 hotels 


November 2014


Greater of 6.40% or LIBOR + 6.15%


-


211,000

(3)

211,000


25,243


12.0%

 UBS 1 - 8 hotels 


December 2014


5.75%


101,724


-


101,724


12,494


12.3%

 Wells Senior - 25 hotels 


March 2015


LIBOR + 3.00%


-


380,222

(4)

380,222


67,388


17.7%

 Mezz 1 - 28 hotels 


March 2015


Greater of 7.00% or LIBOR + 6.00%


-


93,428

(4)

93,428


90,332


14.4%

 Mezz 2 - 28 hotels 


March 2015


Greater of 8.00% or LIBOR + 7.00%


-


88,941

(4)

88,941


90,332


12.6%

 Mezz 3 - 28 hotels 


March 2015


Greater of 10.50% or LIBOR + 9.50%


-


76,235

(4)

76,235


90,332


11.4%

 Mezz 4 - 28 hotels 


March 2015


LIBOR + 2.00%




13,218

(4)

13,218


90,332


11.2%

 Merrill 1 - 10 hotels 


July 2015


5.22%


148,346


-


148,346


22,181


15.0%

 UBS 2 - 8 hotels 


December 2015


5.70%


94,360


-


94,360


12,475


13.2%

 Merrill 2 - 5 hotels 


February 2016


5.53%


107,288


-


107,288


16,742


15.6%

 Merrill 3 - 5 hotels 


February 2016


5.53%


88,974


-


88,974


16,711


18.8%

 Merrill 7 - 5 hotels 


February 2016


5.53%


77,072


-


77,072


12,808


16.6%

 Morgan Stanley MIP - 5 hotels 


February 2016


LIBOR + 4.75%


-


200,000

(1)

200,000


19,037


9.5%

 Wachovia 1 - 5 hotels 


April 2017


5.95%


112,960


-


112,960


13,281


11.8%

 Wachovia 5 - 5 hotels 


April 2017


5.95%


101,533


-


101,533


11,188


11.0%

 Wachovia 6 - 5 hotels 


April 2017


5.95%


154,494


-


154,494


16,407


10.6%

 Wachovia 2 - 7 hotels 


April 2017


5.95%


123,578


-


123,578


12,940


10.5%

 Morgan Stanley Boston Back Bay - 1 hotel 


January 2018


4.38%


72,503


-


72,503


9,583


13.2%

 Morgan Stanley Princeton/Nashville - 2 hotels 


January 2018


4.44%


79,278


-


79,278


13,362


16.9%

 GACC Gateway - 1 hotel 


November 2020


6.26%


100,910


-


100,910


15,013


14.9%

 GACC Jacksonville RI - 1 hotel 


January 2024


5.49%


10,775


-


10,775


1,314


12.2%

 GACC Manchester RI - 1 hotel 


January 2024


5.49%


7,383


-


7,383


974


13.2%
















 Total 






$    1,386,214


$        1,198,044


$             2,584,258


$             318,031


12.3%
















 Percentage 






53.6%


46.4%


100.0%




















 Weighted average interest rate 






5.61%


5.53%


5.58%



































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



(1)This mortgage loan has three one-year extension options beginning February 2016, subject to satisfaction of certain conditions.



(2)This mortgage loan has three one-year extension options beginning May 2014, subject to satisfaction of certain conditions.



(3)This mortgage loan has three one-year extension options beginning November 2014, subject to satisfaction of certain conditions.



(4)Each of these mortgage loans has a one-year extension option beginning March 2015.



(5)This credit facility has a one-year extension option subject to advance notice and a 0.25% extension fee beginning September 2014.



 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 


ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 


 MARCH 31, 2014 


 (in thousands) 


 (unaudited) 










































2014


2015


2016


2017


2018


 Thereafter 


 Total 




















 GEMSA Manchester - 1 hotel 


$        5,004


$                    -


$               -


$              -


$                  -


$                  -


$            5,004


 Senior credit facility - Various 


-


-


-


-


-


-


-


 UBS 1 - 8 hotels 



100,119


-


-


-


-


-


100,119


 Merrill 1 - 10 hotels 


-


142,922


-


-


-


-


142,922


 UBS 2 - 8 hotels 



-


90,680


-


-


-


-


90,680


 Merrill 2 - 5 hotels 


-


-


101,740


-


-


-


101,740


 Merrill 3 - 5 hotels 


-


-


84,374


-


-


-


84,374


 Merrill 7 - 5 hotels 


-


-


73,086


-


-


-


73,086


 Wells Senior - 25 hotels 


-


-


380,222


-


-


-


380,222


 Mezz 1 - 28 hotels 


-


-


93,428


-


-


-


93,428


 Mezz 2 - 28 hotels 


-


-


88,941


-


-


-


88,941


 Mezz 3 - 28 hotels 


-


-


76,235


-


-


-


76,235


 Mezz 4 - 28 hotels 


-


-


13,218


-


-


-


13,218


 JPM Floater - 9 hotels 


-


-


-


135,000


-


-


135,000


 Wachovia 1 - 5 hotels 


-


-


-


107,351


-


-


107,351


 Wachovia 5 - 5 hotels 


-


-


-


96,491


-


-


96,491


 Wachovia 6 - 5 hotels 


-


-


-


146,823


-


-


146,823


 Wachovia 2 - 7 hotels 


-


-


-


117,441


-


-


117,441


 Goldman Sachs - 5 hotels 


-


-


-


211,000


-


-


211,000


 Morgan Stanley Boston Back Bay - 1 hotel 

-


-


-


-


67,358


-


67,358


 Morgan Stanley Princeton/Nashville - 2 hotels 

-


-


-


-


73,703


-


73,703


 GACC Gateway - 1 hotel 


-


-


-


-


-


89,886


89,886


 GACC Jacksonville RI - 1 hotel 

-


-


-


-


-


9,036


9,036


 GACC Manchester RI - 1 hotel 

-


-


-


-


-


6,191


6,191


 Morgan Stanley MIP - 5 hotels 

-


-


-


-


-


200,000


200,000




















 Principal due in future periods 

$    105,123


$          233,602


$      911,243


$    814,106


$        141,060


$        305,113


$     2,510,248




















 Scheduled amortization payments remaining 

18,708


22,851


14,094


11,046


2,063


5,249


74,010




















 Total indebtedness of continuing operations 

$    123,831


$          256,453


$      925,337


$    825,152


$        143,123


$        310,362


$     2,584,258




















 NOTE: These maturities assume no event of default would occur. 








 

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)




KEY PERFORMANCE INDICATORS - PRO FORMA




(dollars in thousands)




(unaudited)































Three Months Ended








March 31,








2014


2013


% Variance

















ALL HOTELS INCLUDED IN ASHFORD TRUST 











CONTINUING OPERATIONS:












Room revenues (in thousands)

$       207,410


$       195,383


6.16%







RevPAR

$         101.55


$           94.47


7.49%







Occupancy

73.48%


70.66%


3.99%







ADR

$         138.20


$         133.71


3.36%

















NOTES:











(1)

The above pro forma table assumes the 114 hotel properties owned and included in continuing operations at March 31, 2014 were owned as of the




beginning of each of the periods presented.
























ALL HOTELS NOT UNDER RENOVATION INCLUDED











IN ASHFORD TRUST CONTINUING OPERATIONS:












Room revenues (in thousands)

$       168,876


$       157,623


7.14%







RevPAR

$         101.57


$           93.58


8.54%







Occupancy

74.20%


70.39%


5.41%







ADR

$         136.90


$         132.95


2.97%

















NOTES:











(1)

The above pro forma table assumes the 95 hotel properties owned and included in continuing operations at March 31, 2014, but not under renovation for




three months ended March 31, 2014 were owned as of the beginning of each of the periods presented.





(2)

Excluded Hotels Under Renovation:



Courtyard Boston Downtown, Hilton Costa Mesa, Marriott Sugarland, Hampton Inn Terre Haute, Hyatt Regency Wind Watch,




Renaissance Nashville, Silversmith, Crown Plaza Key West, Embassy Suites Portland Downtown, Residence Inn San Diego Sorrento Mesa,



Residence Inn Hartford, Sheraton Indianapolis, Residence Inn Newark, Courtyard Overland Park, Crowne Plaza Ravinia,




Embassy Suites Crystal City, Residence Inn Evansville, Residence Inn Plano, Courtyard Bloomington





(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 




of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 




an extra 3 days in Marriott-managed properties for Q1 2013. 

 

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL OPERATING PROFIT MARGIN

(unaudited)









THE FOLLOWING PRO FORMA EBITDA MARGIN TABLE REFLECTS THE 86 HOTELS INCLUDED IN THE COMPANY'S 

CONTINUING OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN THE HIGHLAND 

HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AS IF THESE HOTELS WERE OWNED AT THE BEGINNING

OF THE FIRST COMPARATIVE REPORTING PERIOD.
















114 Trust




Properties

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:







1st Quarter 2014

31.29%


1st Quarter 2013

30.02%



Variance

1.27%



HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:





Rooms 

0.37%


Food & Beverage and Other Departmental

0.52%


Administrative & General 

0.37%


Sales & Marketing

0.45%


Hospitality

-0.11%


Repair & Maintenance 

-0.04%


Energy 

-0.18%


Franchise Fee 

-0.55%


Management Fee 

0.16%


Incentive Management Fee 

-0.19%


Insurance 

0.11%


Property Taxes

0.07%


Other Taxes

0.01%


Leases/Other

0.28%



Total

1.27%







NOTE:





On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 


of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 


an extra 3 days in Marriott-managed properties for Q1 2013. 






 

 

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO)

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (unaudited) 











 ALL HOTELS INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS: 














 Three Months Ended 




 March 31, 




2014


2013


 % Variance 

 REVENUE 







 Rooms 

$       207,410


$                  195,383


6.2%


 Food and beverage 

48,429


45,511


6.4%


 Other 

8,486


8,624


-1.6%



 Total hotel revenue 

264,325


249,518


5.9%









 EXPENSES 







 Rooms 

46,505


44,558


4.4%


 Food and beverage 

31,842


31,007


2.7%


 Other direct 

4,651


4,735


-1.8%


 Indirect  

74,302


70,901


4.8%


 Management fees, includes base and incentive fees 

11,064


10,376


6.6%



 Total hotel operating expenses 

168,364


161,577


4.2%


 Property taxes, insurance, and other 

13,258


13,025


1.8%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

82,703


74,916


10.4%



 Hotel EBITDA Margin 

31.29%


30.02%


1.27%










 Minority interest in earnings of consolidated joint ventures 

39


37


5.4%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 







 excluding minority interest in joint ventures 

$       82,664


$                  74,879


10.4%










 NOTES: 








(1)

The above pro forma table assumes the 114 hotel properties owned and included in continuing operations at March 31, 2014 were owned as of the



beginning of each of the periods presented.





(2)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 



of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 



an extra 3 days in Marriott-managed properties for Q1 2013. 







 ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: 














 Three Months Ended 




 March 31, 




2014


2013


 % Variance 

 REVENUE 







 Rooms 

$       168,876


$                  157,623


7.1%


 Food and beverage 

37,201


34,695


7.2%


 Other 

6,635


6,484


2.3%



 Total hotel revenue 

212,712


198,802


7.0%









 EXPENSES 







 Rooms 

37,788


36,082


4.7%


 Food and beverage 

24,455


23,666


3.3%


 Other direct 

3,508


3,549


-1.2%


 Indirect  

58,655


56,092


4.6%


 Management fees, includes base and incentive fees 

9,188


8,462


8.6%



 Total hotel operating expenses 

133,594


127,851


4.5%


 Property taxes, insurance, and other 

10,387


10,292


0.9%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

68,731


60,659


13.3%



 Hotel EBITDA Margin 

32.31%


30.51%


1.80%










 Minority interest in earnings of consolidated joint ventures 

22


16


37.5%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 







 excluding minority interest in joint ventures 

$       68,709


$                  60,643


13.3%










 NOTES: 








(1)

The above pro forma table assumes the 95 hotel properties owned and included in continuing operations at March 31, 2014 but not under renovation for



three months ended March 31, 2014, were owned as of the beginning of each of the periods presented.





(2)

Excluded Hotels Under Renovation:



Courtyard Boston Downtown, Hilton Costa Mesa, Marriott Sugarland, Hampton Inn Terre Haute, Hyatt Regency Wind Watch,



Renaissance Nashville, Silversmith, Crown Plaza Key West, Embassy Suites Portland Downtown, Residence Inn San Diego Sorrento Mesa,



Residence Inn Hartford, Sheraton Indianapolis, Residence Inn Newark, Courtyard Overland Park, Crowne Plaza Ravinia,



Embassy Suites Crystal City, Residence Inn Evansville, Residence Inn Plano, Courtyard Bloomington





(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 



of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 



an extra 3 days in Marriott-managed properties for Q1 2013. 




 

HIGHLAND HOSPITALITY PORTFOLIO




(PIM Highland Holding LLC)




 PRO FORMA HOTEL OPERATING PROFIT 




 (dollars in thousands) 




 (unaudited) 






















71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO CONTINUING OPERATIONS:
















 Three Months Ended 








 March 31, 








2014


2013


 % Variance 





 REVENUE 











 Rooms 

$         54,628


$       51,760


5.5%






 Food and beverage 

20,818


18,979


9.7%






 Other 

2,500


2,581


-3.1%







 Total hotel revenue 

77,946


73,320


6.3%

















 EXPENSES 











 Rooms 

12,395


12,307


0.7%






 Food and beverage 

12,975


12,584


3.1%






 Other direct 

1,125


1,201


-6.3%






 Indirect  

22,940


21,737


5.5%






 Management fees, includes base and incentive fees 

2,898


2,576


12.5%







 Total hotel operating expenses 

52,333


50,405


3.8%






 Property taxes, insurance, and other 

4,082


3,999


2.1%





 HOTEL OPERATING PROFIT (Hotel EBITDA) 

$       21,531


$     18,916


13.8%







 Hotel EBITDA Margin 

27.62%


25.80%


1.82%

















 NOTES: 


-


-








(1)

The above pro forma table assumes the 28 hotel properties owned and included in continuing operations at March 31, 2014 were owned as of the



beginning of each of the periods presented.

















(2)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 



of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 



an extra 3 days in Marriott-managed properties for Q1 2013. 


















(3)

These 28 properties are also included in the pro forma hotel operating profit of Ashford Trust.





 

ASHFORD HOSPITALITY TRUST, INC.



PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS



(dollars in thousands)



(unaudited)























THE FOLLOWING PRO FORMA SEASONALITY TABLE REFLECTS THE 86 HOTELS INCLUDED IN

THE COMPANY'S CONTINUING OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS

INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)

AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
























2014

2013

2013

2013







1st Quarter

4th Quarter

3rd Quarter

2nd Quarter


TTM












Ashford Trust








Total Hotel Revenue

$              264,325

$            238,992

$            250,177

$      275,921


$   1,029,415


Hotel EBITDA

$                82,703

$              67,125

$              74,463

$        93,740


$      318,031


Hotel EBITDA Margin

31.29%

28.09%

29.76%

33.97%


30.89%












EBITDA % of Total TTM

26.0%

21.1%

23.4%

29.5%


100.0%












JV Interests in EBITDA

$                       39

$                     73

$                     80

$               75


$             267






















71.74% of PIM Highland Holding LLC Portfolio (included in Ashford Trust above)


Total Hotel Revenue

$                77,946

$              73,095

$              74,709

$        84,763


$      310,513


Hotel EBITDA

$                21,531

$              19,571

$              20,953

$        28,277


$        90,332


Hotel EBITDA Margin

27.62%

26.77%

28.05%

33.36%


29.09%












EBITDA % of Total TTM

23.8%

21.7%

23.2%

31.3%


100.0%

































NOTE:










On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 




of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 




an extra 3 days in Marriott-managed properties for Q1 2013. 


 

ASHFORD HOSPITALITY TRUST, INC.

INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)

PRO FORMA HOTEL REVPAR BY MARKET

(unaudited)























Three Months Ended







Number of


Number of


March 31,



Region


Hotels


Rooms


2014

2013

% Change


















Atlanta, GA Area


9


1,428


$       93.35

$       84.98

9.8%




Boston, MA Area


2


506


$     103.16

$     108.72

-5.1%




Dallas / Ft. Worth Area


6


1,340


$     103.57

$       91.56

13.1%




Houston, TX Area


3


607


$     110.84

$     104.97

5.6%




Los Angeles, CA Metro Area


8


1,783


$     113.01

$       97.23

16.2%




Miami, FL Metro Area


3


584


$     160.89

$     152.38

5.6%




Minneapolis - St. Paul, MN-WI Area


2


520


$       87.07

$       80.96

7.5%




New York / New Jersey Metro Area


7


1,559


$       97.39

$       95.87

1.6%




Orlando, FL Area


6


1,834


$       97.50

$       93.40

4.4%




Philadelphia, PA Area


3


648


$       80.94

$       73.24

10.5%




San Diego, CA Area


2


410


$       93.59

$       86.86

7.7%




San Francisco - Oakland, CA Metro Area


5


1,011


$     114.15

$     100.58

13.5%




Tampa, FL Area


3


582


$     122.62

$     117.62

4.3%




Washington DC - MD - VA Area


10


2,290


$     106.95

$     105.90

1.0%




Other Areas


45


7,592


$       94.72

$       86.92

9.0%


















Total Portfolio


114


22,694


$   101.55

$     94.47

7.5%




























































NOTES:














(1)

The above pro forma table presents the 86 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) 



 as if these hotels were owned as of the beginning of each of the periods presented.





















ASHFORD HOSPITALITY TRUST, INC.

INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)

PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET

(Unaudited)























Three Months Ended






Number of


Number of


March 31,


Region


Hotels


Rooms


2014

 % of

Total 

2013

 % of

Total 

% Change
















Atlanta, GA Area


9


1,428


$        4,748

5.7%

$        3,670

4.9%

29.4%


Boston, MA Area


2


506


947

1.1%

1,310

1.7%

-27.7%


Dallas / Ft. Worth Area


6


1,340


5,443

6.6%

4,829

6.4%

12.7%


Houston, TX Area


3


607


2,924

3.5%

2,600

3.5%

12.5%


Los Angeles, CA Metro Area


8


1,783


8,201

9.9%

6,589

8.8%

24.5%


Miami, FL Metro Area


3


584


4,390

5.3%

4,173

5.6%

5.2%


Minneapolis - St. Paul, MN-WI Area


2


520


1,612

1.9%

1,379

1.8%

16.9%


New York / New Jersey Metro Area


7


1,559


5,658

6.8%

5,576

7.4%

1.5%


Orlando, FL Area


6


1,834


6,259

7.6%

6,108

8.2%

2.5%


Philadelphia, PA Area


3


648


1,193

1.4%

1,016

1.4%

17.4%


San Diego, CA Area


2


410


1,150

1.4%

1,113

1.5%

3.3%


San Francisco - Oakland, CA Metro Area


5


1,011


4,371

5.3%

3,620

4.8%

20.7%


Tampa, FL Area


3


582


3,107

3.8%

3,050

4.1%

1.9%


Washington DC - MD - VA Area


10


2,290


8,302

10.0%

8,280

11.1%

0.3%


Other Areas


45


7,592


24,398

29.5%

21,603

28.8%

12.9%
















Total Portfolio


114


22,694


$    82,703

100.0%

$    74,916

100.0%

10.4%






























NOTES:














(1)

The above pro forma table presents the 86 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) 



 as if these hotels were owned as of the beginning of each of the periods presented.


















(2)

The above pro forma table includes hotel operating profit for 100% of the 86 hotel properties included in the Company's continuing operations and the Company's 71.74% share of the 28 hotels included in 



Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

















(3)

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters 




of the year and 16 weeks in the fourth quarter of the year, to calendar quarters.   The above proforma tables reflects 




an extra 3 days in Marriott-managed properties for Q1 2013. 


 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 TOTAL ENTERPRISE VALUE 

MARCH 31, 2014

 (in thousands except share price) 

 (unaudited) 






 March 31, 


2014

 End of quarter diluted shares outstanding 

82,463

 Partnership units outstanding (common share equivalents) 

19,912

 Combined diluted shares and partnership units outstanding 

102,375

 Common stock price at quarter end 

$                        11.27

 Market capitalization at quarter end 

$                 1,153,765

 Series A preferred stock 

$                      41,430

 Series D preferred stock 

$                    236,718

 Series E preferred stock 

$                    115,750

 Debt on balance sheet date* 

$                 2,582,395

 Net working capital (see below)* 

$                  (394,765)

Total enterprise value (TEV)

$                 3,735,293



Ashford Prime Investment:


Partnership units owned at end of quarter

4,978

Common stock price at quarter end

$                       15.12

Market value of Ashford Prime investment

$                     75,267





Cash & cash equivalents*

$                    171,693

Marketable securities, net

27,150

Restricted cash*

123,445

Accounts receivable, net*

47,086

Prepaid expenses*

18,749

Due from affiliates, net*

3,453

Due from 3rd party hotel managers, net*

49,221

Market value of Ashford Prime investment

75,267

Total current assets

$                    516,064



Accounts payable, net & accrued expenses*

$                    100,408

Dividends payable

20,891

Total current liabilities

$                    121,299



Net working capital*

$                    394,765



* Includes the Company's pro rata share of all joint ventures



 

Ashford Hospitality Trust, Inc.

Anticipated Capital Expenditures Calendar (a)





















2014


Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter



Actual

Estimated

Estimated

Estimated

Embassy Suites East Syracuse

215



x


Hyatt Regency Savannah

351




x

Courtyard Boston Downtown

315

x

x


x

Hilton Costa Mesa

486

x




Marriott Sugarland

300

x




Hampton Inn Terre Haute

112

x

x



Hyatt Regency Wind Watch

358

x




Embassy Suites Palm Beach Gardens

160



x


Hyatt Coral Gables

250



x


Hilton Parsippany

354




x

Renaissance Nashville

673

x




Silversmith

143

x




Crowne Plaza Key West

160

x

x

x


Crowne Plaza Ravinia

495

x

x


x

Embassy Suites Portland Downtown

276

x




Residence Inn San Diego Sorrento Mesa

150

x




Residence Inn Hartford Manchester

96

x




Sheraton Indianapolis

378

x

x



Residence Inn Newark

168

x

x



Courtyard Overland Park

168

x

x



Embassy Suites Crystal City

267

x

x



Hilton Fort Worth

294


x

x


Residence Inn Evansville

78

x




Residence Inn Plano

126

x

x



Courtyard Bloomington

117

x

x



Residence Inn Phoenix Airport

200



x


Sheraton Minnetonka

220


x

x


Courtyard Tipton Lakes

90


x



Marriott RTP

225


x



Hilton Minneapolis

300



x

x

Courtyard Newark/Silicon Valley

181



x

x

Springhill Suites Orlando LBV

400



x

x

Crowne Plaza Beverly Hills

258


x

x

x

Hilton Tampa

238



x

x

Sheraton Bucks County

186




x

Marriott Bridgewater

347




x

Marriott Dallas Market Center

265


x


x

Hyatt Savannah

351




x

Pier House

142



x


Embassy Suites Flagstaff

119




x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2014 are included in this table.



 

 

 

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