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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 7, 2023

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192
(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock AHT New York Stock Exchange
Preferred Stock, Series D AHT-PD New York Stock Exchange
Preferred Stock, Series F AHT-PF New York Stock Exchange
Preferred Stock, Series G AHT-PG New York Stock Exchange
Preferred Stock, Series H AHT-PH New York Stock Exchange
Preferred Stock, Series I AHT-PI New York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 7, 2023, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    Third Quarter 2023 Earnings Release of the Company, dated November 7, 2023
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



    
ASHFORD HOSPITALITY TRUST, INC.
Dated: November 7, 2023 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 aht2023q3earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14.jpg
NEWS RELEASE

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

ASHFORD TRUST REPORTS THIRD QUARTER 2023 RESULTS
DALLAS – November 7, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2023 with the third quarter ended September 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 4.0% to $131.67 during the quarter on a 2.2% increase in Comparable ADR and a 1.7% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(68.6) million or $(1.99) per diluted share for the quarter.
•Adjusted EBITDAre was $82.5 million for the quarter.
•Adjusted funds from operations (AFFO) was $0.08 per diluted share for the quarter.
•Comparable Hotel EBITDA was $97.7 million for the quarter, reflecting a growth rate of 3% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $184.7 million and restricted cash of $157.9 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net working capital at the end of the quarter was $271.0 million.
•Capex invested during the quarter was $31.5 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its KEYS Pool D loan and its KEYS Pool E loan. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, its KEYS Pool B loan and its KEYS Pool F loan. The Company is working with the servicer on a consensual transfer of these hotels to the lender and expects that to be completed during the fourth quarter.


AHT Reports Third Quarter Results
Page 2
November 7, 2023

•During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to La Concha Key West, an Autograph Collection hotel.
•During the quarter, the Company announced the sale of 79 owned units as well as the public space at the WorldQuest Resort in Orlando, Florida for $14.8 million ($187,000 per owned unit).
•To date, the Company has issued approximately $77 million of its non-traded preferred stock.
•Subsequent to quarter end, the Company announced that it entered into a new franchise agreement with Marriott International to convert its Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property.
CAPITAL STRUCTURE
As of September 30, 2023, the Company had total loans of $3.6 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of SOFR and the corresponding interest rate caps, approximately 94% of the Company’s debt is effectively fixed and approximately 6% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.
During the quarter, the Company extended its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million, and its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels. The Company noted that proactively choosing not to extend three of these loan pools improves its balance sheet by lowering leverage and materially improves future cash flows. The combination of the paydowns and the removal of the debt associated with the pools the Company did not extend will lower the Company’s debt by approximately $700 million.
The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2023. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 2,904,525 shares of its Series J and 165,925 shares of its Series K non-traded preferred stock raising approximately $76.8 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.
CONVERSION OF CROWNE PLAZA LA CONCHA KEY WEST TO MARRIOTT’S AUTOGRAPH COLLECTION
During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to La Concha Key West, an Autograph Collection hotel. Marriott’s Autograph Collection Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.
The conversion of this iconic Key West hotel to an Autograph Collection property will occur upon the completion of a $35 million renovation or Property Improvement Plan (“PIP”). The planned conversion will create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury Autograph product.


AHT Reports Third Quarter Results
Page 3
November 7, 2023

The PIP scope includes transforming the lobby, bar, and restaurant, as well as upgrading the exterior, guestrooms, guest bathrooms, corridors, pool, and meeting space. As part of the renovation, the previously underutilized spa will be converted into premium roof-top suites.
The Company believes that post-conversion, the new La Concha Key West could achieve a 20% to 30% RevPAR premium compared to pre-conversion, and Remington Hospitality will continue to be the property manager.
AGREEMENT TO CONVERT LE PAVILLON HOTEL IN NEW ORLEANS TO MARRIOTT’S TRIBUTE PORTFOLIO
Subsequent to quarter end, the Company announced that it has entered into a new franchise agreement with Marriott International to convert its Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property. Marriott’s Tribute Portfolio is a growing global family of characterful, independent hotels drawn together by their passion for captivating design and their drive to create vibrant social scenes for guests and locals alike.
The agreement with Marriott calls for the hotel to be converted to a Tribute Portfolio property in the first quarter of 2024, pursuant to a conversion Property Improvement Plan (“PIP”) that includes transforming the lobby bar and extensive exterior work as well as upgrading the restaurant, guestrooms, guest bathrooms and corridors.
The planned conversion will create a distinctive theme and style for the luxury hotel that is commensurate with the distinctive premium brand Tribute Portfolio product. The Company believes that post-conversion, the new Tribute Portfolio property should realize a 10% to 20% RevPAR premium compared to pre-conversion. Remington Hospitality will continue to be the property manager.
ASSET SALE
During the quarter, the Company announced the sale of 79 owned units as well as the public space at the WorldQuest Resort in Orlando, Florida for $14.8 million ($187,000 per owned unit). The property was unencumbered by debt, and the net proceeds from the sale were used to pay down the Company’s corporate financing.
The Company continues to look at other potential asset sales to improve the overall quality of its portfolio and ultimately pay down its corporate financing.
“During the third quarter, our portfolio delivered strong operating performance,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We’re extremely encouraged with the continued growth in both occupancy and ADR and believe that this solid performance reflects our high-quality, geographically diverse portfolio. Further, we’re encouraged that the vast majority of our hotels are now out of their cash traps.” Mr. Hays added, “The planned conversion of the Key West La Concha Hotel to an Autograph Collection property and the conversion of the Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property should elevate both properties into a more desirable niche in their very attractive markets. Looking ahead, our portfolio remains well-positioned to outperform. Additionally, from a capital structure and balance sheet perspective, we will continue to focus on paying off our corporate financing primarily through asset sales and raising capital through our non-traded preferred stock.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 8, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0375. A replay of the conference call will be available through Wednesday, November 15, 2023, by dialing (647) 362-9199 and entering the confirmation number, 8812029.


AHT Reports Third Quarter Results
Page 4
November 7, 2023

The Company will also provide an online simulcast and rebroadcast of its third quarter 2023 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, November 8, 2023, 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. 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 reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. 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, except to the extent required by law.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
September 30, 2023 December 31, 2022
ASSETS
Investments in hotel properties, net $ 3,122,833  $ 3,118,331 
Cash and cash equivalents 184,181  417,064 
Restricted cash 171,896  141,962 
Accounts receivable, net of allowance of $1,471 and $501, respectively 73,712  49,809 
Inventories 3,945  3,856 
Notes receivable, net 5,934  5,062 
Investment in unconsolidated entities 10,379  19,576 
Deferred costs, net 1,858  2,665 
Prepaid expenses 15,800  15,981 
Derivative assets, net 25,493  47,182 
Operating lease right-of-use assets 44,136  43,921 
Other assets 18,171  21,653 
Intangible assets, net 797  797 
Due from Ashford Inc., net —  486 
Due from related parties, net 4,347  6,570 
Due from third-party hotel managers 24,145  22,462 
Assets held for sale 10,882  — 
Total assets $ 3,718,509  $ 3,917,377 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 3,631,719  $ 3,838,543 
Finance lease liability 18,465  18,847 
Other finance liability 26,804  — 
Accounts payable and accrued expenses 153,209  115,970 
Accrued interest payable 25,243  15,287 
Dividends and distributions payable 3,568  3,118 
Due to Ashford Inc., net 9,028  — 
Due to third-party hotel managers 1,134  1,319 
Intangible liabilities, net 2,037  2,097 
Operating lease liabilities 44,887  44,661 
Other liabilities 3,948  4,326 
Liabilities associated with assets held for sale 9,795  — 
Total liabilities 3,929,837  4,044,168 
Redeemable noncontrolling interests in operating partnership 22,394  21,550 
Series J Redeemable Preferred Stock, $0.01 par value, 2,628,792 and 87,115 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 60,482  2,004 
Series K Redeemable Preferred Stock, $0.01 par value, 154,233 and 1,800 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 3,798  44 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at September 30, 2023 and December 31, 2022 12  12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2023 and December 31, 2022 12  12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2023 and December 31, 2022 15  15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2023 and December 31, 2022 13  13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2023 and December 31, 2022 13  13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,513,386 and 34,495,185 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 345  345 
Additional paid-in capital 2,385,679  2,383,244 
Accumulated deficit (2,697,244) (2,534,043)
Total stockholders' equity (deficit) of the Company (311,155) (150,389)
Noncontrolling interests in consolidated entities 13,153  — 
Total equity (deficit) (298,002) (150,389)
Total liabilities and equity/deficit $ 3,718,509  $ 3,917,377 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
REVENUE
Rooms $ 270,607  $ 260,616  $ 817,477  $ 731,474 
Food and beverage 52,205  48,633  172,943  139,709 
Other 19,537  18,183  55,135  50,042 
Total hotel revenue 342,349  327,432  1,045,555  921,225 
Other 665  724  2,094  2,164 
Total revenue 343,014  328,156  1,047,649  923,389 
EXPENSES
Hotel operating expenses
Rooms 64,803  61,464  190,041  169,250 
Food and beverage 39,511  36,199  121,211  100,981 
Other expenses 115,625  106,907  348,463  310,407 
Management fees 12,687  11,686  38,706  33,552 
Total hotel operating expenses 232,626  216,256  698,421  614,190 
Property taxes, insurance and other 17,345  17,541  52,880  51,289 
Depreciation and amortization 45,954  49,428  140,963  152,444 
Advisory services fee:
Base advisory fee 8,121  8,854  24,839  26,202 
Reimbursable expenses 2,884  2,430  9,176  7,365 
Stock/unit-based compensation 1,390  1,229  3,635  4,609 
Corporate, general and administrative:
Stock/unit-based compensation 99  37  728  668 
Other general and administrative 3,772  (921) 10,659  6,062 
Total operating expenses 312,191  294,854  941,301  862,829 
Gain (loss) on disposition of assets and hotel properties 6,390  (11) 7,443  273 
OPERATING INCOME (LOSS) 37,213  33,291  113,791  60,833 
Equity in earnings (loss) of unconsolidated entities (138) (147) (715) (451)
Interest income 1,888  1,576  6,755  2,153 
Other income (expense), net 34  241  277  426 
Interest expense, net of discount amortization (96,131) (58,511) (260,851) (145,661)
Amortization of loan costs (3,249) (2,512) (9,634) (7,314)
Write-off of premiums, loan costs and exit fees (1,263) (1,378) (2,633) (3,076)
Realized and unrealized gain (loss) on derivatives (2,678) 9,774  4,490  19,059 
INCOME (LOSS) BEFORE INCOME TAXES (64,324) (17,666) (148,520) (74,031)
Income tax benefit (expense) (127) (4,657) (2,410) (10,340)
NET INCOME (LOSS) (64,451) (22,323) (150,930) (84,371)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 889  231  1,838  679 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (63,562) (22,092) (149,092) (83,692)
Preferred dividends (4,295) (3,104) (11,290) (9,311)
Deemed dividends on redeemable preferred stock (760) —  (1,993) — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (68,617) $ (25,196) $ (162,375) $ (93,003)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (1.99) $ (0.73) $ (4.72) $ (2.71)
Weighted average common shares outstanding – basic 34,459  34,371  34,395  34,324 
Diluted:
Net income (loss) attributable to common stockholders $ (1.99) $ (0.73) $ (4.72) $ (2.71)
Weighted average common shares outstanding – diluted 34,459  34,371  34,395  34,324 
Dividends declared per common share $ —  $ —  $ —  $ — 
6

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
Net income (loss) $ (64,451) $ (22,323) $ (150,930) $ (84,371)
Interest expense and amortization of discounts and loan costs, net 99,380  61,023  270,485  152,975 
Depreciation and amortization 45,954  49,428  140,963  152,444 
Income tax expense (benefit) 127  4,657  2,410  10,340 
Equity in (earnings) loss of unconsolidated entities 138  147  715  451 
Company's portion of EBITDA of unconsolidated entities 217  (148) 305  (452)
EBITDA 81,365  92,784  263,948  231,387 
(Gain) loss on disposition of assets and hotel properties (6,390) 11  (7,443) (273)
EBITDAre 74,975  92,795  256,505  231,114 
Amortization of unfavorable contract liabilities (31) 43  16  138 
Transaction and conversion costs 1,219  (3,401) 2,371  (1,828)
Write-off of premiums, loan costs and exit fees 1,263  1,378  2,633  3,076 
Realized and unrealized (gain) loss on derivatives 2,678  (9,774) (4,490) (19,059)
Stock/unit-based compensation 1,491  1,275  4,374  5,324 
Legal, advisory and settlement costs 911  (96) 911  (59)
Other (income) expense, net (33) (241) (276) (426)
Dead deal costs —  76  —  356 
Company's portion of adjustments to EBITDAre of unconsolidated entities —  1  1  12 
Adjusted EBITDAre $ 82,473  $ 82,056  $ 262,045  $ 218,648 
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
Net income (loss) $ (64,451) $ (22,323) $ (150,930) $ (84,371)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 889  231  1,838  679 
Preferred dividends (4,295) (3,104) (11,290) (9,311)
Deemed dividends on redeemable preferred stock (760) —  (1,993) — 
Net income (loss) attributable to common stockholders (68,617) (25,196) (162,375) (93,003)
Depreciation and amortization on real estate 45,954  49,428  140,963  152,444 
(Gain) loss on disposition of assets and hotel properties (6,390) 11  (7,443) (273)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (889) (231) (1,838) (679)
Equity in (earnings) loss of unconsolidated entities 138  147  715  451 
Company's portion of FFO of unconsolidated entities (10) (148) (364) (452)
FFO available to common stockholders and OP unitholders (29,814) 24,011  (30,342) 58,488 
Deemed dividends on redeemable preferred stock 760  —  1,993  — 
Transaction and conversion costs 1,219  (3,401) 2,371  (1,828)
Write-off of premiums, loan costs and exit fees 1,263  1,378  2,633  3,076 
Unrealized (gain) loss on derivatives 12,908  (9,774) 27,233  (19,059)
Stock/unit-based compensation 1,491  1,275  4,374  5,324 
Legal, advisory and settlement costs 911  (96) 911  (59)
Other (income) expense, net (33) (108) (276) (293)
Amortization of credit facility exit fee 5,015  3,092  13,811  8,669 
Amortization of loan costs 3,249  2,512  9,634  7,314 
Dead deal costs —  76  —  356 
Default interest and late fess 5,995  —  7,326  — 
Company's portion of adjustments to FFO of unconsolidated entities —  1  1  12 
Adjusted FFO available to common stockholders and OP unitholders $ 2,964  $ 18,966  $ 39,669  $ 62,000 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.08  $ 0.52  $ 1.09  $ 1.71 
Weighted average diluted shares 36,651  36,433  36,534  36,347 
7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2023
(dollars in thousands)
(unaudited)
Indebtedness Current Maturity
Final Maturity (16)
Interest Rate (17)
 Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt		 Comparable TTM Hotel Net Income Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (18)
 Comparable TTM Hotel EBITDA
Debt Yield
KEYS Pool A - 7 hotels June 2023 June 2023
SOFR (1) + 3.70%
 $ —  $ 180,720  $ 180,720  (2) $ 6,500  3.6  % $ 13,546  7.5  %
KEYS Pool B - 7 hotels June 2023 June 2023
SOFR (1) + 3.44%
 —  174,400  174,400  (2) 1,920  1.1  % 8,310  4.8  %
KEYS Pool F - 5 hotels June 2023 June 2023
SOFR (1) + 3.73%
 —  215,120  215,120  (2) 4,227  2.0  % 18,147  8.4  %
Morgan Stanley Pool - 17 hotels November 2023 November 2024
SOFR (1) + 3.26%
 —  409,750  409,750  (3) 23,949  5.8  % 44,409  10.8  %
BAML Indigo Atlanta - 1 hotel December 2023 December 2024
SOFR (1) + 2.85%
 —  15,175  15,175  (4) (700) (4.6) % 1,995  13.1  %
GACC Manchester RI - 1 hotel January 2024 January 2024 5.49% 6,231  —  6,231  815  13.1  % 1,308  21.0  %
GACC Jacksonville RI - 1 hotel January 2024 January 2024 5.49% 9,093  —  9,093  (31) (0.3) % 1,304  14.3  %
Oaktree Capital Term Loan January 2024 January 2026 14.00% 183,082  —  183,082  (5)  N/A N/A  N/A N/A
JPMorgan Chase - 8 hotels February 2024 February 2025
SOFR (1) + 3.28%
 —  345,000  345,000  (6) 13,908  4.0  % 32,182  9.3  %
BAML Princeton/Nashville - 2 hotels March 2024 March 2026
SOFR (1) + 2.80%
 —  240,000  240,000  (7) 25,721  10.7  % 38,802  16.2  %
BAML Highland Pool - 19 hotels April 2024 April 2025
SOFR (1) + 3.51%
 —  862,027  862,027  (8) 49,240  5.7  % 102,898  11.9  %
Key Bank Manchester CY - 1 hotel May 2024 May 2024 4.99% 5,652  —  5,652  690  12.2  % 1,109  19.6  %
Southside Bank Ashton - 1 hotel June 2024 June 2024
SOFR (1) + 2.00%
 —  8,881  8,881  (9) 152  1.7  % 519  5.8  %
KEYS Pool C - 5 hotels June 2024 June 2025
SOFR (1) + 3.90%
 —  158,689  158,689  (10) 7,360  4.6  % 19,792  12.5  %
KEYS Pool D - 5 hotels June 2024 June 2025
SOFR (1) + 4.17%
 —  237,061  237,061  (10) 20,915  8.8  % 27,873  11.8  %
KEYS Pool E - 5 hotels June 2024 June 2025
SOFR (1) + 2.90%
 —  119,003  119,003  (10) 5,197  4.4  % 18,590  15.6  %
Morgan Stanley Pool C2 - 2 hotels August 2024 August 2024 4.85% 10,986  —  10,986  564  5.1  % 1,755  16.0  %
Morgan Stanley Pool C3 - 3 hotels August 2024 August 2024 4.90% 22,024  —  22,024  839  3.8  % 3,145  14.3  %
Torchlight Marriott Gateway - 1 hotel November 2024 November 2026
SOFR (1) + 4.76%
 —  86,000  86,000  (11) 8,471  9.9  % 15,016  17.5  %
Aareal Le Pavillon - 1 hotel December 2024 December 2027
SOFR (1) + 4.00%
 —  37,000  37,000  (12) (6,713) (18.1) % 726  2.0  %
BAML Pool 3 - 3 hotels February 2025 February 2025 4.45% 45,999  —  45,999  3,737  8.1  % 8,135  17.7  %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 March 2025 4.66% 22,892  —  22,892  (424) (1.9) % 2,834  12.4  %
Aareal Boston Back Bay - 1 hotel August 2025 August 2026
SOFR (1) + 3.91%
 —  98,000  98,000  (13) 2,051  2.1  % 15,954  16.3  %
Aareal Alexandria/La Posada - 2 hotels May 2026 May 2028
SOFR (1) + 4.00%
 —  98,450  98,450  (14) (619) (0.6) % 9,048  9.2  %
Total $ 305,959  $ 3,285,276  $ 3,591,235  $ 167,769  4.7  % $ 387,397  10.8  %
Percentage 8.5  % 91.5  % 100.0  %
Weighted average interest rate (15) (17)
 10.29  % 7.62  % 7.85  %
All indebtedness is non-recourse with the exception of the term loan.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.
(1)    SOFR rate was 5.32% at September 30, 2023.
(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.
(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.
(4)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.
(5)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.
(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023.
(9)    This mortgage loan has a SOFR floor of 2.0%.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023.
(11)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(12)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(13)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(14)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(15)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(16)    The final maturity date assumes all available extension options will be exercised, excluding loans in default.
(17)    Interest rates do not include default or late payment rates in effect on some mortgage loans.
(18)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2023
(dollars in thousands)
(unaudited)
2023 2024 2025 2026 2027 Thereafter Total
KEYS Pool A - 7 hotels $ 180,720  $ —  $ —  $ —  $ —  $ —  $ 180,720 
KEYS Pool B - 7 hotels 174,400  —  —  —  —  —  174,400 
KEYS Pool F - 5 hotels 215,120  —  —  —  —  —  215,120 
GACC Jacksonville RI - 1 hotel —  9,036  —  —  —  —  9,036 
GACC Manchester RI - 1 hotel —  6,191  —  —  —  —  6,191 
Key Bank Manchester CY - 1 hotel —  5,580  —  —  —  —  5,580 
Southside Bank Ashton - 1 hotel —  8,881  —  —  —  —  8,881 
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 —  409,750  —  —  —  —  409,750 
BAML Indigo Atlanta - 1 hotel —  14,987  —  —  —  —  14,987 
JPMorgan Chase - 8 hotels —  —  345,000  —  —  —  345,000 
BAML Pool 3 - 3 hotels —  —  44,413  —  —  —  44,413 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel —  —  22,030  —  —  —  22,030 
BAML Highland Pool - 19 hotels —  —  862,027  —  —  —  862,027 
KEYS Pool C - 5 hotels —  —  158,689  —  —  —  158,689 
KEYS Pool D - 5 hotels —  —  237,061  —  —  —  237,061 
KEYS Pool E - 5 hotels —  —  119,003  —  —  —  119,003 
Oaktree Capital Term Loan —  —  —  183,082  —  —  183,082 
BAML Princeton/Nashville - 2 hotels —  —  —  240,000  —  —  240,000 
Aareal Boston Back Bay - 1 hotel —  —  —  96,000  —  —  96,000 
Torchlight Marriott Gateway - 1 hotel —  —  —  86,000  —  —  86,000 
Aareal Le Pavillon - 1 hotel —  —  —  —  35,000  —  35,000 
Aareal Alexandria/La Posada —  —  —  —  —  98,450  98,450 
Principal due in future periods 570,240  486,702  1,788,223  605,082  35,000  98,450  3,583,697 
Scheduled amortization payments remaining 748  2,582  708  2,500  1,000  —  7,538 
Total indebtedness $ 570,988  $ 489,284  $ 1,788,931  $ 607,582  $ 36,000  $ 98,450  $ 3,591,235 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.
9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 270,325  $ 4  $ 270,329  $ 259,547  $ 399  $ 259,946  4.15  % 3.99  %
RevPAR $ 131.67  $ —  $ 131.67  $ 126.80  $ 64.47  $ 126.61  3.84  % 3.99  %
Occupancy 72.22  % —  % 72.22  % 70.95  % 82.95  % 70.99  % 1.79  % 1.74  %
ADR $ 182.31  $ —  $ 182.31  $ 178.72  $ 77.72  $ 178.36  2.01  % 2.21  %
ALL HOTELS:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 815,218  $ —  $ 815,218  $ 728,011  $ 1,018  $ 729,029  11.98  % 11.82  %
RevPAR $ 133.81  $ —  $ 133.81  $ 119.63  $ 151.32  $ 119.66  11.85  % 11.82  %
Occupancy 72.04  % —  % 72.04  % 67.55  % 143.33  % 67.63  % 6.65  % 6.52  %
ADR $ 185.74  $ —  $ 185.74  $ 177.10  $ 105.57  $ 176.94  4.88  % 4.98  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 255,278  $ 4  $ 255,282  $ 244,322  $ 399  $ 244,721  4.48  % 4.32  %
RevPAR $ 130.78  $ —  $ 130.78  $ 125.57  $ 64.47  $ 125.37  4.15  % 4.31  %
Occupancy 72.68  % —  % 72.68  % 71.36  % 82.95  % 71.40  % 1.85  % 1.80  %
ADR $ 179.93  $ —  $ 179.93  $ 175.96  $ 77.72  $ 175.60  2.26  % 2.47  %
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 762,963  $ —  $ 762,963  $ 678,133  $ 1,018  $ 679,151  12.51  % 12.34  %
RevPAR $ 131.72  $ —  $ 131.72  $ 117.21  $ 151.32  $ 117.25  12.38  % 12.34  %
Occupancy 72.33  % —  % 72.33  % 67.79  % 143.33  % 67.88  % 6.70  % 6.56  %
ADR $ 182.10  $ —  $ 182.10  $ 172.90  $ 105.57  $ 172.74  5.32  % 5.42  %
NOTES:
(1)    The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2023, and not under renovation during the three months ended September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 % Variance 2023 2022 % Variance
Total hotel revenue $ 341,999  $ 326,065  4.89  % $ 1,042,613  $ 916,705  13.73  %
Non-comparable adjustments 181  621  —  1,724 
Comparable total hotel revenue $ 342,180  $ 326,686  4.74  % $ 1,042,613  $ 918,429  13.52  %
Hotel net income (loss) $ 44,644  $ 40,944  9.04  % $ 143,479  $ 96,579  48.56  %
Non-comparable adjustments 160  (783) (88) 276 
Comparable hotel net income (loss) $ 44,804  $ 40,161  11.56  % $ 143,391  $ 96,855  48.05  %
Hotel net income (loss) margin 13.05  % 12.56  % 0.49  % 13.76  % 10.54  % 3.22  %
Comparable hotel net income margin 13.09  % 12.29  % 0.80  % 13.75  % 10.55  % 3.20  %
Hotel EBITDA $ 97,466  $ 94,892  2.71  % $ 305,703  $ 261,829  16.76  %
Non-comparable adjustments 194  132  10  1,839 
Comparable hotel EBITDA $ 97,660  $ 95,024  2.77  % $ 305,713  $ 263,668  15.95  %
Hotel EBITDA margin 28.50  % 29.10  % (0.60) % 29.32  % 28.56  % 0.76  %
Comparable hotel EBITDA margin 28.54  % 29.09  % (0.55) % 29.32  % 28.71  % 0.61  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)

ALL HOTELS
     NOT UNDER RENOVATION:		 Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 % Variance 2023 2022 % Variance
Total hotel revenue $ 322,625  $ 305,637  5.56  % $ 974,979  $ 851,960  14.44  %
Non-comparable adjustments 181  621  —  1,724 
Comparable total hotel revenue $ 322,806  $ 306,258  5.40  % $ 974,979  $ 853,684  14.21  %
Hotel net income (loss) $ 45,671  $ 40,518  12.72  % $ 137,971  $ 90,521  52.42  %
Non-comparable adjustments 160  (783) (88) 276 
Comparable hotel net income (loss) $ 45,831  $ 39,735  15.34  % $ 137,883  $ 90,797  51.86  %
Hotel net income (loss) margin 14.16  % 13.26  % 0.90  % 14.15  % 10.63  % 3.52  %
Comparable hotel net income margin 14.20  % 12.97  % 1.23  % 14.14  % 10.64  % 3.50  %
Hotel EBITDA $ 93,685  $ 89,807  4.32  % $ 285,924  $ 241,806  18.25  %
Non-comparable adjustments 194  132  10  1,839 
Comparable hotel EBITDA $ 93,879  $ 89,939  4.38  % $ 285,934  $ 243,645  17.36  %
Hotel EBITDA margin 29.04  % 29.38  % (0.34) % 29.33  % 28.38  % 0.95  %
Comparable hotel EBITDA margin 29.08  % 29.37  % (0.29) % 29.33  % 28.54  % 0.79  %
NOTES:
(1)    The above comparable information assumes the 97 hotel properties owned and included in the Company’s operations at September 30, 2023, and not under renovation during the three months ended September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & 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
2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022
3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter
Total hotel revenue $ 341,999  $ 181  $ 342,180  $ 373,749  $ (105) $ 373,644  $ 326,865  $ (76) $ 326,789  $ 315,419  $ 2,494  $ 317,913 
Hotel net income (loss) $ 44,644  $ 160  $ 44,804  $ 64,836  $ (162) $ 64,675  $ 33,999  $ (86) $ 33,912  $ 25,332  $ 80  $ 25,412 
Hotel net income (loss) margin 13.05  % 13.09  % 17.35  % 17.31  % 10.40  % 10.38  % 8.03  % 7.99  %
Hotel EBITDA $ 97,466  $ 194  $ 97,660  $ 117,477  $ (123) $ 117,354  $ 90,760  $ (61) $ 90,699  $ 84,631  $ 900  $ 85,531 
Hotel EBITDA margin 28.50  % 28.54  % 31.43  % 31.41  % 27.77  % 27.75  % 26.83  % 26.90  %
Hotel net income (loss) % of total TTM 26.4  % 26.5  % 38.4  % 38.3  % 20.1  % 20.1  % 15.1  % 15.1  %
EBITDA % of total TTM 25.0  % 25.0  % 30.1  % 30.0  % 23.3  % 23.2  % 21.6  % 21.8  %
Actual Non-comparable Adjustments Comparable
2023 2023 2023
TTM TTM TTM
Total hotel revenue $ 1,358,032  $ 2,494  $ 1,360,526 
Hotel net income (loss) $ 168,811  $ (8) $ 168,803 
Hotel net income (loss) margin 12.43  % 12.41  %
Hotel EBITDA $ 390,334  $ 910  $ 391,244 
Hotel EBITDA margin 28.74  % 28.76  %
Hotel net income (loss) % of total TTM 100.0  % 100.0  %
EBITDA % of total TTM 100.0  % 100.0  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 134.20  $ —  $ 134.20  $ 135.99  $ 114.84  $ 133.39  (1.3) % 0.6  %
Boston, MA Area 2  705  286.97  —  286.97  239.92  —  239.92  19.6  % 19.6  %
Dallas / Ft. Worth, TX Area 7  1,526  97.79  —  97.79  91.65  —  91.65  6.7  % 6.7  %
Houston, TX Area 3  692  103.47  —  103.47  93.59  —  93.59  10.6  % 10.6  %
Los Angeles, CA Metro Area 6  1,619  138.83  —  138.83  131.02  —  131.02  6.0  % 6.0  %
Miami, FL Metro Area 2  414  113.52  —  113.52  126.43  —  126.43  (10.2) % (10.2) %
Minneapolis - St. Paul, MN Area 2  520  96.77  —  96.77  91.16  —  91.16  6.2  % 6.2  %
Nashville, TN Area 1  673  238.28  —  238.28  221.35  —  221.35  7.6  % 7.6  %
New York / New Jersey Metro Area 6  1,743  115.85  —  115.85  101.75  —  101.75  13.9  % 13.9  %
Orlando, FL Area 2  524  99.14  —  99.14  103.34  —  103.34  (4.1) % (4.1) %
Philadelphia, PA Area 3  648  101.60  —  101.60  102.64  —  102.64  (1.0) % (1.0) %
San Diego, CA Area 2  410  169.71  —  169.71  162.45  —  162.45  4.5  % 4.5  %
San Francisco - Oakland, CA Metro Area 7  1,547  126.30  —  126.30  137.57  —  137.57  (8.2) % (8.2) %
Tampa, FL Area 2  571  113.09  —  113.09  102.59  —  102.59  10.2  % 10.2  %
Washington D.C. - MD - VA Area 9  2,426  139.21  —  139.21  127.38  —  127.38  9.3  % 9.3  %
Other Areas 36  6,672  124.01  —  124.02  124.56  (140.35) 124.25  (0.4) % (0.2) %
Total Portfolio 100  22,316  $ 131.67  $ —  $ 131.67  $ 126.80  $ 64.47  $ 126.61  3.8  % 4.0  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Nine Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 137.16  $ —  $ 137.16  $ 125.99  $ 99.24  $ 122.70  8.9  % 11.8  %
Boston, MA Area 2  705  241.72  —  241.72  194.84  —  194.84  24.1  % 24.1  %
Dallas / Ft. Worth, TX Area 7  1,526  110.15  —  110.15  96.36  —  96.36  14.3  % 14.3  %
Houston, TX Area 3  692  108.91  —  108.91  93.91  —  93.91  16.0  % 16.0  %
Los Angeles, CA Metro Area 6  1,619  144.86  —  144.86  131.26  —  131.26  10.4  % 10.4  %
Miami, FL Metro Area 2  414  168.58  —  168.58  166.52  —  166.52  1.2  % 1.2  %
Minneapolis - St. Paul, MN Area 2  520  77.38  —  77.38  65.53  —  65.53  18.1  % 18.1  %
Nashville, TN Area 1  673  235.79  —  235.79  217.94  —  217.94  8.2  % 8.2  %
New York / New Jersey Metro Area 6  1,743  100.74  —  100.74  83.29  —  83.29  21.0  % 21.0  %
Orlando, FL Area 2  524  125.93  —  125.93  115.74  —  115.74  8.8  % 8.8  %
Philadelphia, PA Area 3  648  96.27  —  96.27  92.67  —  92.67  3.9  % 3.9  %
San Diego, CA Area 2  410  149.57  —  149.57  137.44  —  137.44  8.8  % 8.8  %
San Francisco - Oakland, CA Metro Area 7  1,547  122.87  —  122.87  111.10  —  111.10  10.6  % 10.6  %
Tampa, FL Area 2  571  149.36  —  149.36  125.74  —  125.74  18.8  % 18.8  %
Washington D.C. - MD - VA Area 9  2,426  148.78  —  148.78  121.19  —  121.19  22.8  % 22.8  %
Other Areas 36  6,672  126.55  —  126.55  119.10  (91.92) 119.82  6.3  % 5.6  %
Total Portfolio 100  22,316  $ 133.81  $ —  $ 133.81  $ 119.63  $ 151.32  $ 119.66  11.9  % 11.8  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 1,932  $ —  $ 1,932  4.3  % $ 2,153  $ 32  $ 2,185  5.4  % (10.3) % (11.6) %
Boston, MA Area 2  705  4,568  —  4,568  10.2  % 3,241  —  3,241  8.1  % 40.9  % 40.9  %
Dallas / Ft. Worth, TX Area 7  1,526  1,435  —  1,435  3.2  % 1,436  —  1,436  3.6  % (0.1) % (0.1) %
Houston, TX Area 3  692  1,014  —  1,014  2.3  % 523  —  523  1.3  % 93.9  % 93.9  %
Los Angeles, CA Metro Area 6  1,619  3,911  —  3,911  8.7  % 2,633  —  2,633  6.6  % 48.5  % 48.5  %
Miami, FL Metro Area 2  414  (639) —  (639) (1.4) % (641) —  (641) (1.6) % 0.3  % 0.3  %
Minneapolis - St. Paul, MN Area 2  520  678  —  678  1.5  % 584  —  584  1.5  % 16.1  % 16.1  %
Nashville, TN Area 1  673  6,252  —  6,252  14.0  % 5,386  —  5,386  13.4  % 16.1  % 16.1  %
New York / New Jersey Metro Area 6  1,743  2,717  —  2,717  6.1  % 948  —  948  2.4  % 186.6  % 186.6  %
Orlando, FL Area 2  524  (91) —  (91) (0.2) % (315) —  (315) (0.8) % 71.1  % 71.1  %
Philadelphia, PA Area 3  648  463  —  463  1.0  % 350  —  350  0.9  % 32.3  % 32.3  %
San Diego, CA Area 2  410  1,860  —  1,860  4.2  % 1,823  —  1,823  4.5  % 2.0  % 2.0  %
San Francisco - Oakland, CA Metro Area 7  1,547  1,526  —  1,526  3.4  % 2,546  —  2,546  6.3  % (40.1) % (40.1) %
Tampa, FL Area 2  571  724  —  724  1.6  % 402  —  402  1.0  % 80.1  % 80.1  %
Washington D.C. - MD - VA Area 9  2,426  5,876  —  5,876  13.1  % 3,711  218  3,929  9.8  % 58.3  % 49.6  %
Other Areas 36  6,672  12,418  160  12,578  28.0  % 16,164  (1,033) 15,131  37.6  % (23.2) % (16.9) %
Total Portfolio 100  22,316  $ 44,644  $ 160  $ 44,804  100.0  % $ 40,944  $ (783) $ 40,161  100.0  % 9.0  % 11.6  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 7,078  $ —  $ 7,078  4.9  % $ 4,078  $ (213) $ 3,865  4.0  % 73.6  % 83.1  %
Boston, MA Area 2  705  7,036  —  7,036  4.9  % 4,568  —  4,568  4.7  % 54.0  % 54.0  %
Dallas / Ft. Worth, TX Area 7  1,526  8,199  —  8,199  5.7  % 4,881  —  4,881  5.0  % 68.0  % 68.0  %
Houston, TX Area 3  692  3,329  —  3,329  2.3  % 1,420  —  1,420  1.5  % 134.4  % 134.4  %
Los Angeles, CA Metro Area 6  1,619  15,188  —  15,188  10.6  % 9,892  —  9,892  10.2  % 53.5  % 53.5  %
Miami, FL Metro Area 2  414  3,523  —  3,523  2.5  % 2,811  —  2,811  2.9  % 25.3  % 25.3  %
Minneapolis - St. Paul, MN Area 2  520  (249) —  (249) (0.2) % (1,469) —  (1,469) (1.5) % 83.0  % 83.0  %
Nashville, TN Area 1  673  18,114  —  18,114  12.6  % 15,775  —  15,775  16.3  % 14.8  % 14.8  %
New York / New Jersey Metro Area 6  1,743  3,315  —  3,315  2.3  % (3,552) —  (3,552) (3.7) % 193.3  % 193.3  %
Orlando, FL Area 2  524  2,755  —  2,755  1.9  % 1,219  —  1,219  1.3  % 126.0  % 126.0  %
Philadelphia, PA Area 3  648  322  —  322  0.2  % 298  —  298  0.3  % 8.1  % 8.1  %
San Diego, CA Area 2  410  4,079  —  4,079  2.8  % 3,855  —  3,855  4.0  % 5.8  % 5.8  %
San Francisco - Oakland, CA Metro Area 7  1,547  2,796  —  2,796  1.9  % 529  —  529  0.5  % 428.5  % 428.5  %
Tampa, FL Area 2  571  7,126  —  7,126  5.0  % 3,844  —  3,844  4.0  % 85.4  % 85.4  %
Washington D.C. - MD - VA Area 9  2,426  19,980  —  19,980  13.9  % 9,080  218  9,298  9.6  % 120.0  % 114.9  %
Other Areas 36  6,672  40,888  (88) 40,800  28.7  % 39,350  271  39,621  40.9  % 3.9  % 3.0  %
Total Portfolio 100  22,316  $ 143,479  $ (88) $ 143,391  100.0  % $ 96,579  $ 276  $ 96,855  100.0  % 48.6  % 48.0  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 6,242  $ —  $ 6,242  6.4  % $ 6,031  $ 972  $ 7,003  7.4  % 3.5  % (10.9) %
Boston, MA Area 2  705  9,050  —  9,050  9.3  % 7,067  —  7,067  7.4  % 28.1  % 28.1  %
Dallas / Ft. Worth, TX Area 7  1,526  5,315  —  5,315  5.4  % 5,400  —  5,400  5.7  % (1.6) % (1.6) %
Houston, TX Area 3  692  2,393  —  2,393  2.5  % 1,767  —  1,767  1.9  % 35.4  % 35.4  %
Los Angeles, CA Metro Area 6  1,619  7,599  —  7,599  7.8  % 5,281  —  5,281  5.6  % 43.9  % 43.9  %
Miami, FL Metro Area 2  414  726  —  726  0.7  % 1,014  —  1,014  1.1  % (28.4) % (28.4) %
Minneapolis - St. Paul, MN Area 2  520  1,474  —  1,474  1.5  % 1,393  —  1,393  1.5  % 5.8  % 5.8  %
Nashville, TN Area 1  673  8,649  —  8,649  8.9  % 7,489  —  7,489  7.9  % 15.5  % 15.5  %
New York / New Jersey Metro Area 6  1,743  6,646  —  6,646  6.8  % 5,115  —  5,115  5.4  % 29.9  % 29.9  %
Orlando, FL Area 2  524  967  —  967  1.0  % 1,144  —  1,144  1.2  % (15.5) % (15.5) %
Philadelphia, PA Area 3  648  1,206  —  1,206  1.2  % 1,466  —  1,466  1.5  % (17.7) % (17.7) %
San Diego, CA Area 2  410  2,465  —  2,465  2.5  % 2,467  —  2,467  2.6  % (0.1) % (0.1) %
San Francisco - Oakland, CA Metro Area 7  1,547  5,131  —  5,131  5.3  % 6,587  —  6,587  6.9  % (22.1) % (22.1) %
Tampa, FL Area 2  571  1,632  —  1,632  1.7  % 1,532  —  1,532  1.6  % 6.5  % 6.5  %
Washington D.C. - MD - VA Area 9  2,426  11,317  —  11,317  11.6  % 10,925  219  11,144  11.7  % 3.6  % 1.6  %
Other Areas 36  6,672  26,654  194  26,848  27.4  % 30,214  (1,059) 29,155  30.6  % (11.8) % (7.9) %
Total Portfolio 100  22,316  $ 97,466  $ 194  $ 97,660  100.0  % $ 94,892  $ 132  $ 95,024  100.0  % 2.7  % 2.8  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Atlanta, GA Area 10  1,626  $ 20,459  $ —  $ 20,459  6.7  % $ 15,614  $ 2,614  $ 18,228  6.9  % 31.0  % 12.2  %
Boston, MA Area 2  705  20,175  —  20,175  6.6  % 15,196  —  15,196  5.8  % 32.8  % 32.8  %
Dallas / Ft. Worth, TX Area 7  1,526  19,867  —  19,867  6.5  % 16,962  —  16,962  6.4  % 17.1  % 17.1  %
Houston, TX Area 3  692  7,782  —  7,782  2.5  % 5,427  —  5,427  2.1  % 43.4  % 43.4  %
Los Angeles, CA Metro Area 6  1,619  23,698  —  23,698  7.8  % 19,084  —  19,084  7.2  % 24.2  % 24.2  %
Miami, FL Metro Area 2  414  7,740  —  7,740  2.5  % 7,576  —  7,576  2.9  % 2.2  % 2.2  %
Minneapolis - St. Paul, MN Area 2  520  2,192  —  2,192  0.7  % 1,060  —  1,060  0.4  % 106.8  % 106.8  %
Nashville, TN Area 1  673  25,666  —  25,666  8.4  % 23,379  —  23,379  8.9  % 9.8  % 9.8  %
New York / New Jersey Metro Area 6  1,743  15,512  —  15,512  5.1  % 9,286  —  9,286  3.5  % 67.0  % 67.0  %
Orlando, FL Area 2  524  5,918  —  5,918  1.9  % 5,392  —  5,392  2.0  % 9.8  % 9.8  %
Philadelphia, PA Area 3  648  3,382  —  3,382  1.1  % 3,470  —  3,470  1.3  % (2.5) % (2.5) %
San Diego, CA Area 2  410  5,947  —  5,947  1.9  % 5,824  —  5,824  2.2  % 2.1  % 2.1  %
San Francisco - Oakland, CA Metro Area 7  1,547  14,598  —  14,598  4.8  % 12,687  —  12,687  4.8  % 15.1  % 15.1  %
Tampa, FL Area 2  571  9,946  —  9,946  3.3  % 7,468  —  7,468  2.8  % 33.2  % 33.2  %
Washington D.C. - MD - VA Area 9  2,426  39,053  —  39,053  12.8  % 30,186  218  30,404  11.5  % 29.4  % 28.4  %
Other Areas 36  6,672  83,768  10  83,778  27.4  % 83,218  (993) 82,225  31.3  % 0.7  % 1.9  %
Total Portfolio 100  22,316  $ 305,703  $ 10  $ 305,713  100.0  % $ 261,829  $ 1,839  $ 263,668  100.0  % 16.8  % 15.9  %
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
15

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2023
(in thousands, except share price)
(unaudited)
September 30, 2023
Common stock shares outstanding 34,513 
Partnership units outstanding 2,063 
Combined common stock shares and partnership units outstanding 36,576 
Common stock price $ 2.39 
Market capitalization $ 87,417 
Series D cumulative preferred stock $ 29,361 
Series F cumulative preferred stock $ 31,276 
Series G cumulative preferred stock $ 38,300 
Series H cumulative preferred stock $ 32,710 
Series I cumulative preferred stock $ 31,323 
Series J redeemable preferred stock $ 65,720 
Series K redeemable preferred stock $ 3,856 
Indebtedness $ 3,591,235 
Net working capital (see below) $ (270,962)
Total enterprise value (TEV) $ 3,640,236 
Cash and cash equivalents $ 184,737 
Restricted cash $ 157,903 
Accounts receivable, net $ 73,940 
Prepaid expenses $ 15,325 
Due from third-party hotel managers, net $ 23,011 
Total current assets $ 454,916 
Accounts payable, net & accrued expenses $ 175,771 
Dividends and distributions payable $ 3,568 
Due to affiliates, net $ 4,615 
Total current liabilities $ 183,954 
Net working capital $ 270,962 
Amounts include assets held for sale and liabilities associated with assets held for sale.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC.
16

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Estimated
Crowne Plaza La Concha Key West 160  x x x
Embassy Suites Crystal City 269  x
Hampton Inn Evansville 140  x
Le Pavillon New Orleans 226  x x
Marriott Sugar Land 300 
Residence Inn Hartford Manchester 96  x
Residence Inn Phoenix Airport 200  x
Ritz-Carlton Atlanta 444  x
SpringHill Suites Buford Mall of Georgia 97  x
Total 3 2 3 3
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.
17

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2023 2023 2023 2022 September 30, 2023
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM
Net income (loss) $ 44,644  $ 64,836  $ 33,999  $ 25,332  $ 168,811 
Non-property adjustments (33) (9) (8) (127) (177)
Interest income (383) (248) (100) (97) (828)
Interest expense 4,234  5,137  5,580  4,559  19,510 
Amortization of loan costs 219  262  282  358  1,121 
Depreciation and amortization 45,905  47,065  47,684  49,181  189,835 
Income tax expense (benefit) 89  66  22  53  230 
Non-hotel EBITDA ownership expense 2,791  368  3,301  5,372  11,832 
Hotel EBITDA including amounts attributable to noncontrolling interest 97,466  117,477  90,760  84,631  390,334 
Non-comparable adjustments 194  (123) (61) 900  910 
Comparable hotel EBITDA $ 97,660  $ 117,354  $ 90,699  $ 85,531  $ 391,244 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
18

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 45,671  $ (1,027) $ 44,644  $ 5,130  $ (114,225) $ (64,451)
Non-property adjustments (33) —  (33) (6,389) 6,422  — 
Interest income (327) (56) (383) —  383  — 
Interest expense 3,359  875  4,234  —  91,897  96,131 
Amortization of loan cost 185  34  219  —  3,030  3,249 
Depreciation and amortization 42,037  3,868  45,905  —  49  45,954 
Income tax expense (benefit) 89  —  89  —  38  127 
Non-hotel EBITDA ownership expense 2,704  87  2,791  3  (2,794) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 93,685  3,781  97,466  (1,256) (15,200) 81,010 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  138  138 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  217  217 
Hotel EBITDA attributable to the Company and OP unitholders $ 93,685  $ 3,781  $ 97,466  $ (1,256) $ (14,845) $ 81,365 
Non-comparable adjustments 194  —  194 
Comparable hotel EBITDA $ 93,879  $ 3,781  $ 97,660 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
19

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 64,836  $ (46) $ (89,745) $ (24,955)
Non-property adjustments (9) —  9  — 
Interest income (248) —  248  — 
Interest expense 5,137  —  80,839  85,976 
Amortization of loan cost 262  —  3,352  3,614 
Depreciation and amortization 47,065  41  48  47,154 
Income tax expense (benefit) 66  —  1,996  2,062 
Non-hotel EBITDA ownership expense 368  6  (374) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 117,477  1  (3,627) 113,851 
Equity in (earnings) loss of unconsolidated entities —  —  181  181 
Company's portion of EBITDA of unconsolidated entities —  —  157  157 
Hotel EBITDA attributable to the Company and OP unitholders $ 117,477  $ 1  $ (3,289) $ 114,189 
Non-comparable adjustments (123)
Comparable hotel EBITDA $ 117,354 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
20

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 33,999  $ 46  $ (95,567) $ (61,522)
Non-property adjustments (8) —  8  — 
Interest income (100) —  100  — 
Interest expense 5,580  —  73,164  78,744 
Amortization of loan cost 282  —  2,489  2,771 
Depreciation and amortization 47,684  123  48  47,855 
Income tax expense (benefit) 22  —  199  221 
Non-hotel EBITDA ownership expense 3,301  9  (3,310) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 90,760  178  (22,869) 68,069 
Equity in (earnings) loss of unconsolidated entities —  —  396  396 
Company's portion of EBITDA of unconsolidated entities —  —  (69) (69)
Hotel EBITDA attributable to the Company and OP unitholders $ 90,760  $ 178  $ (22,542) $ 68,396 
Non-comparable adjustments (61)
Comparable hotel EBITDA $ 90,699 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
21

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 25,332  $ (5) $ (82,014) $ (56,687)
Non-property adjustments (127) —  127  — 
Interest income (97) —  97  — 
Interest expense 4,559  —  67,103  71,662 
Amortization of loan cost 358  —  2,000  2,358 
Depreciation and amortization 49,181  124  48  49,353 
Income tax expense (benefit) 53  —  (4,057) (4,004)
Non-hotel EBITDA ownership expense 5,372  22  (5,394) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 84,631  141  (22,090) 62,682 
Equity in (earnings) loss of unconsolidated entities —  —  353  353 
Company's portion of EBITDA of unconsolidated entities —  —  (222) (222)
Hotel EBITDA attributable to the Company and OP unitholders $ 84,631  $ 141  $ (21,959) $ 62,813 
Non-comparable adjustments 900 
Comparable hotel EBITDA $ 85,531 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
22

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 40,518  $ 426  $ 40,944  $ (30) $ (63,237) $ (22,323)
Non-property adjustments 1  —  1  —  (1) — 
Interest income (39) (8) (47) —  47  — 
Interest expense 3,067  489  3,556  —  54,955  58,511 
Amortization of loan cost 340  107  447  —  2,065  2,512 
Depreciation and amortization 45,236  4,020  49,256  122  50  49,428 
Income tax expense (benefit) 116  —  116  —  4,541  4,657 
Non-hotel EBITDA ownership expense 568  51  619  9  (628) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 89,807  5,085  94,892  101  (2,208) 92,785 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  147  147 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  (148) (148)
Hotel EBITDA attributable to the Company and OP unitholders $ 89,807  $ 5,085  $ 94,892  $ 101  $ (2,209) $ 92,784 
Non-comparable adjustments 132  —  132 
Comparable hotel EBITDA $ 89,939  $ 5,085  $ 95,024 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
23

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2023
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 137,971  $ 5,508  $ 143,479  $ 5,130  $ (299,539) $ (150,930)
Non-property adjustments (50) —  (50) (6,389) 6,439  — 
Interest income (614) (117) (731) —  731  — 
Interest expense 12,449  2,502  14,951  —  245,900  260,851 
Amortization of loan cost 663  100  763  —  8,871  9,634 
Depreciation and amortization 129,115  11,539  140,654  164  145  140,963 
Income tax expense (benefit) 177  —  177  —  2,233  2,410 
Non-hotel EBITDA ownership expense 6,213  247  6,460  18  (6,478) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 285,924  19,779  305,703  (1,077) (41,698) 262,928 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  715  715 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  305  305 
Hotel EBITDA attributable to the Company and OP unitholders $ 285,924  $ 19,779  $ 305,703  $ (1,077) $ (40,678) $ 263,948 
Non-comparable adjustments 10  —  10 
Comparable hotel EBITDA $ 285,934  $ 19,779  $ 305,713 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
24

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2022
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 90,521  $ 6,058  $ 96,579  $ 696  $ (181,646) $ (84,371)
Non-property adjustments 14  —  14  (273) 259  — 
Interest income (90) (12) (102) (1) 103  — 
Interest expense 7,345  1,126  8,471  —  137,190  145,661 
Amortization of loan cost 1,014  315  1,329  —  5,985  7,314 
Depreciation and amortization 139,586  12,334  151,920  377  147  152,444 
Income tax expense (benefit) 215  —  215  —  10,125  10,340 
Non-hotel EBITDA ownership expense 3,201  202  3,403  46  (3,449) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 241,806  20,023  261,829  845  (31,286) 231,388 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  451  451 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  (452) (452)
Hotel EBITDA attributable to the Company and OP unitholders $ 241,806  $ 20,023  $ 261,829  $ 845  $ (31,287) $ 231,387 
Non-comparable adjustments 1,839  —  1,839 
Comparable hotel EBITDA $ 243,645  $ 20,023  $ 263,668 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    Excluded hotels under renovation:
Crowne Plaza La Concha Key West, Embassy Suites Crystal City, Le Pavillon New Orleans
25

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended September 30, 2023
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) $ 1,932  $ 4,568  $ 1,435  $ 1,014  $ 3,911  $ (639) $ 678  $ 6,252  $ 2,717 
Non-property adjustments —  —  —  —  —  —  —  —  — 
Interest income (37) (52) (5) —  (37) (10) —  (14) (16)
Interest expense 818  2,321  —  —  —  —  —  —  — 
Amortization of loan costs 6  141  —  —  —  —  —  —  — 
Depreciation and amortization 3,456  2,016  3,755  1,286  2,491  1,270  754  2,432  3,819 
Income tax expense (benefit) —  —  —  —  —  —  —  26  — 
Non-hotel EBITDA ownership expense 67  56  130  93  1,234  105  42  (47) 126 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,242  9,050  5,315  2,393  7,599  726  1,474  8,649  6,646 
Non-comparable adjustments —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 6,242  $ 9,050  $ 5,315  $ 2,393  $ 7,599  $ 726  $ 1,474  $ 8,649  $ 6,646 
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) $ (91) $ 463  $ 1,860  $ 1,526  $ 724  $ 5,876  $ 12,418  $ 44,644 
Non-property adjustments —  —  —  —  —  —  (33) (33)
Interest income (19) (8) (17) (11) —  (116) (41) (383)
Interest expense —  —  —  220  —  —  875  4,234 
Amortization of loan costs —  —  —  39  —  —  33  219 
Depreciation and amortization 1,033  743  590  3,298  905  5,460  12,597  45,905 
Income tax expense (benefit) —  —  —  —  —  —  63  89 
Non-hotel EBITDA ownership expense 44  8  32  59  3  97  742  2,791 
Hotel EBITDA including amounts attributable to noncontrolling interest 967  1,206  2,465  5,131  1,632  11,317  26,654  97,466 
Non-comparable adjustments —  —  —  —  —  —  194  194 
Comparable hotel EBITDA $ 967  $ 1,206  $ 2,465  $ 5,131  $ 1,632  $ 11,317  $ 26,848  $ 97,660 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
26

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended September 30, 2022
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 2,153  $ 3,241  $ 1,436  $ 523  $ 2,633  $ (641) $ 584  $ 5,386  $ 948 
Non-property adjustments —  —  —  —  —  —  —  (18) — 
Interest income (1) —  (1) —  (4) —  —  —  (1)
Interest expense 184  1,506  —  —  —  —  —  —  — 
Amortization of loan costs 8  134  —  —  —  —  —  —  — 
Depreciation and amortization 3,627  2,168  3,880  1,190  2,891  1,552  793  2,522  4,044 
Income tax expense (benefit) —  —  —  —  —  —  —  20  — 
Non-hotel EBITDA ownership expense 60  18  85  54  (239) 103  16  (421) 124 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,031  7,067  5,400  1,767  5,281  1,014  1,393  7,489  5,115 
Non-comparable adjustments 972  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 7,003  $ 7,067  $ 5,400  $ 1,767  $ 5,281  $ 1,014  $ 1,393  $ 7,489  $ 5,115 
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) $ (315) $ 350  $ 1,823  $ 2,546  $ 402  $ 3,711  $ 16,164  $ 40,944 
Non-property adjustments —  —  —  —  —  —  19  1 
Interest income (5) (1) (2) (13) —  (9) (10) (47)
Interest expense —  —  —  227  —  839  800  3,556 
Amortization of loan costs —  —  —  38  —  67  200  447 
Depreciation and amortization 1,260  1,091  614  3,634  1,057  6,167  12,766  49,256 
Income tax expense (benefit) —  —  —  —  —  —  96  116 
Non-hotel EBITDA ownership expense 204  26  32  155  73  150  179  619 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,144  1,466  2,467  6,587  1,532  10,925  30,214  94,892 
Non-comparable adjustments —  —  —  —  —  219  (1,059) 132 
Comparable hotel EBITDA $ 1,144  $ 1,466  $ 2,467  $ 6,587  $ 1,532  $ 11,144  $ 29,155  $ 95,024 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
27

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Nine Months Ended September 30, 2023
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) $ 7,078  $ 7,036  $ 8,199  $ 3,329  $ 15,188  $ 3,523  $ (249) $ 18,114  $ 3,315 
Non-property adjustments —  —  —  —  —  —  —  —  — 
Interest income (76) (95) (12) —  (78) (18) —  (14) (32)
Interest expense 2,407  6,577  —  —  —  —  —  —  — 
Amortization of loan costs 17  417  —  —  —  —  —  —  — 
Depreciation and amortization 10,678  6,093  11,463  3,790  7,633  4,100  2,298  7,468  11,808 
Income tax expense (benefit) —  —  —  —  —  —  —  74  — 
Non-hotel EBITDA ownership expense 355  147  217  663  955  135  143  24  421 
Hotel EBITDA including amounts attributable to noncontrolling interest 20,459  20,175  19,867  7,782  23,698  7,740  2,192  25,666  15,512 
Non-comparable adjustments —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 20,459  $ 20,175  $ 19,867  $ 7,782  $ 23,698  $ 7,740  $ 2,192  $ 25,666  $ 15,512 
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) $ 2,755  $ 322  $ 4,079  $ 2,796  $ 7,126  $ 19,980  $ 40,888  $ 143,479 
Non-property adjustments —  —  —  —  —  23  (73) (50)
Interest income (52) (17) (37) (39) —  (174) (87) (731)
Interest expense —  —  —  656  —  1,943  3,368  14,951 
Amortization of loan costs —  —  —  115  —  114  100  763 
Depreciation and amortization 3,228  2,606  1,775  10,107  2,775  16,939  37,893  140,654 
Income tax expense (benefit) —  —  —  —  —  —  103  177 
Non-hotel EBITDA ownership expense (13) 471  130  963  45  228  1,576  6,460 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,918  3,382  5,947  14,598  9,946  39,053  83,768  305,703 
Non-comparable adjustments —  —  —  —  —  —  10  10 
Comparable hotel EBITDA $ 5,918  $ 3,382  $ 5,947  $ 14,598  $ 9,946  $ 39,053  $ 83,778  $ 305,713 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
28

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Nine Months Ended September 30, 2022
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 4,078  $ 4,568  $ 4,881  $ 1,420  $ 9,892  $ 2,811  $ (1,469) $ 15,775  $ (3,552)
Non-property adjustments —  —  —  —  —  —  —  (18) — 
Interest income (1) (10) (2) —  (11) —  —  —  (11)
Interest expense 407  3,605  —  —  —  —  —  —  — 
Amortization of loan costs 24  399  —  —  —  —  —  —  — 
Depreciation and amortization 11,146  6,601  11,814  3,548  9,146  4,592  2,466  7,540  12,200 
Income tax expense (benefit) —  —  —  —  —  —  —  42  — 
Non-hotel EBITDA ownership expense (40) 33  269  459  57  173  63  40  649 
Hotel EBITDA including amounts attributable to noncontrolling interest 15,614  15,196  16,962  5,427  19,084  7,576  1,060  23,379  9,286 
Non-comparable adjustments 2,614  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 18,228  $ 15,196  $ 16,962  $ 5,427  $ 19,084  $ 7,576  $ 1,060  $ 23,379  $ 9,286 
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) $ 1,219  $ 298  $ 3,855  $ 529  $ 3,844  $ 9,080  $ 39,350  $ 96,579 
Non-property adjustments —  —  —  —  —  —  32  14 
Interest income (8) (1) (3) (17) —  (18) (20) (102)
Interest expense —  —  —  677  —  1,846  1,936  8,471 
Amortization of loan costs —  —  —  113  —  197  596  1,329 
Depreciation and amortization 3,964  3,485  1,882  10,989  3,473  18,893  40,181  151,920 
Income tax expense (benefit) —  —  —  —  —  —  173  215 
Non-hotel EBITDA ownership expense 217  (312) 90  396  151  188  970  3,403 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,392  3,470  5,824  12,687  7,468  30,186  83,218  261,829 
Non-comparable adjustments —  —  —  —  —  218  (993) 1,839 
Comparable hotel EBITDA $ 5,392  $ 3,470  $ 5,824  $ 12,687  $ 7,468  $ 30,404  $ 82,225  $ 263,668 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
29

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended September 30, 2023
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 - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 6,500  $ 1,920  $ 7,360  $ 20,915  $ 5,197  $ 4,227  $ 49,240  $ 23,949  $ 13,908  $ 3,737  $ 839 
Non-property adjustments —  —  (76) —  —  (25) (203) (32) —  —  — 
Interest income (100) (48) (19) —  —  (32) (183) (115) (202) (52) — 
Interest expense —  —  —  —  —  —  —  —  3  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 6,839  6,130  12,114  6,463  12,318  13,550  49,315  18,765  17,390  4,364  2,255 
Income tax expense (benefit) —  —  —  —  1  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 307  308  413  495  1,076  427  4,729  1,842  1,083  86  51 
Hotel EBITDA including amounts attributable to noncontrolling interest 13,546  8,310  19,792  27,873  18,592  18,147  102,898  44,409  32,182  8,135  3,145 
Non-comparable adjustments —  —  —  —  (2) —  —  —  —  —  — 
Comparable hotel EBITDA $ 13,546  $ 8,310  $ 19,792  $ 27,873  $ 18,590  $ 18,147  $ 102,898  $ 44,409  $ 32,182  $ 8,135  $ 3,145 
Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aaeral Hilton Alexandria/La Posada-2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel GACC Jacksonville RI - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel
Net income (loss) $ 564  $ 25,721  $ (619) $ 152  $ (700) $ 2,051  $ 8,471  $ (31) $ (6,713) $ 690  $ 815 
Non-property adjustments —  (6) 24  —  —  —  —  —  272  —  — 
Interest income —  (14) —  —  —  —  (63) —  —  —  — 
Interest expense —  —  4,323  —  1,145  8,445  —  —  3,133  —  — 
Amortization of loan costs —  —  181  —  26  552  —  —  209  —  — 
Depreciation and amortization 960  12,792  5,057  349  1,512  4,770  6,554  1,319  3,722  367  397 
Income tax expense (benefit) —  90  —  —  —  —  —  —  —  47  92 
Non-hotel EBITDA ownership expense 231  219  82  18  12  136  54  16  103  5  4 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,755  38,802  9,048  519  1,995  15,954  15,016  1,304  726  1,109  1,308 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 1,755  $ 38,802  $ 9,048  $ 519  $ 1,995  $ 15,954  $ 15,016  $ 1,304  $ 726  $ 1,109  $ 1,308 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ (424) $ 98  $ 944  $ 168,811 
Non-property adjustments —  (132) 1  (177)
Interest income —  —  —  (828)
Interest expense 881  —  1,580  19,510 
Amortization of loan costs 153  —  —  1,121 
Depreciation and amortization 2,110  (3) 426  189,835 
Income tax expense (benefit) —  —  —  230 
Non-hotel EBITDA ownership expense 114  (2) 23  11,832 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,834  (39) 2,974  390,334 
Non-comparable adjustments —  39  873  910 
Comparable hotel EBITDA $ 2,834  $ —  $ 3,847  $ 391,244 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
30

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
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 - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 835  $ 792  $ 1,665  $ 6,775  $ 4,112  $ 1,350  $ 11,860  $ 5,036  $ 1,707  $ 150  $ 335 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (40) (18) (10) —  —  (16) (97) (46) (58) (21) — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,700  1,504  2,747  1,364  2,911  3,286  11,893  4,669  4,334  1,043  586 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 28  132  81  139  (136) 130  600  544  1,004  47  16 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,523  2,410  4,483  8,278  6,887  4,750  24,256  10,203  6,987  1,219  937 
Non-comparable adjustments —  —  —  —  189  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,523  $ 2,410  $ 4,483  $ 8,278  $ 7,076  $ 4,750  $ 24,256  $ 10,203  $ 6,987  $ 1,219  $ 937 
Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aaeral Hilton Alexandria/La Posada-2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel GACC Jacksonville RI - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel
Net income (loss) $ 172  $ 6,961  $ 1,054  $ (226) $ (358) $ 2,162  $ 1,580  $ (74) $ (2,663) $ 263  $ 301 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income —  (14) —  —  —  —  (63) —  —  —  — 
Interest expense —  —  —  —  315  2,321  —  —  875  —  — 
Amortization of loan costs —  —  —  —  6  140  —  —  34  —  — 
Depreciation and amortization 237  3,055  1,314  84  352  1,177  1,545  282  968  91  98 
Income tax expense (benefit) —  26  —  —  —  —  —  —  —  25  38 
Non-hotel EBITDA ownership expense 14  (38) 56  10  2  65  4  5  55  (2) (1)
Hotel EBITDA including amounts attributable to noncontrolling interest 423  9,990  2,424  (132) 317  5,865  3,066  213  (731) 377  436 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 423  $ 9,990  $ 2,424  $ (132) $ 317  $ 5,865  $ 3,066  $ 213  $ (731) $ 377  $ 436 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ 483  $ 31  $ 341  $ 44,644 
Non-property adjustments —  (33) —  (33)
Interest income —  —  —  (383)
Interest expense 220  —  503  4,234 
Amortization of loan costs 39  —  —  219 
Depreciation and amortization 532  —  133  45,905 
Income tax expense (benefit) —  —  —  89 
Non-hotel EBITDA ownership expense 25  —  11  2,791 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,299  (2) 988  97,466 
Non-comparable adjustments —  2  3  194 
Comparable hotel EBITDA $ 1,299  $ —  $ 991  $ 97,660 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
31

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
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 - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 2,028  $ 1,328  $ 2,437  $ 6,336  $ 3,486  $ 1,543  $ 19,043  $ 7,798  $ 5,123  $ 1,256  $ 319 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (28) (12) (6) —  —  (10) (86) (34) (56) (16) — 
Interest expense —  —  —  —  —  —  —  —  1  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,741  1,528  3,018  1,429  3,016  3,366  12,188  4,690  4,343  1,087  619 
Income tax expense (benefit) —  —  —  —  1  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 47  (25) 70  56  191  63  180  82  (213) (58) 9 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,788  2,819  5,519  7,821  6,694  4,962  31,325  12,536  9,198  2,269  947 
Non-comparable adjustments —  —  —  —  (111) —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,788  $ 2,819  $ 5,519  $ 7,821  $ 6,583  $ 4,962  $ 31,325  $ 12,536  $ 9,198  $ 2,269  $ 947 
Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aaeral Hilton Alexandria/La Posada-2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel GACC Jacksonville RI - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel
Net income (loss) $ 67  $ 8,159  $ 737  $ 120  $ (55) $ 2,588  $ 3,353  $ 61  $ (1,662) $ 225  $ 283 
Non-property adjustments —  —  24  —  —  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  1,101  —  302  2,181  —  —  831  —  — 
Amortization of loan costs —  —  46  —  6  139  —  —  33  —  — 
Depreciation and amortization 233  3,217  1,282  85  383  1,175  1,592  304  927  90  89 
Income tax expense (benefit) —  27  —  —  —  —  —  —  —  9  29 
Non-hotel EBITDA ownership expense (7) 31  (26) 4  (101) 34  7  4  10  2  2 
Hotel EBITDA including amounts attributable to noncontrolling interest 293  11,434  3,164  209  535  6,117  4,952  369  139  326  403 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 293  $ 11,434  $ 3,164  $ 209  $ 535  $ 6,117  $ 4,952  $ 369  $ 139  $ 326  $ 403 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ (47) $ 49  $ 261  $ 64,836 
Non-property adjustments —  (33) —  (9)
Interest income —  —  —  (248)
Interest expense 219  —  502  5,137 
Amortization of loan costs 38  —  —  262 
Depreciation and amortization 531  —  132  47,065 
Income tax expense (benefit) —  —  —  66 
Non-hotel EBITDA ownership expense —  (5) 11  368 
Hotel EBITDA including amounts attributable to noncontrolling interest 741  11  906  117,477 
Non-comparable adjustments —  (11) (1) (123)
Comparable hotel EBITDA $ 741  $ —  $ 905  $ 117,354 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
32

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
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 - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 2,807  $ (231) $ 2,568  $ 4,336  $ (1,526) $ (34) $ 11,888  $ 6,919  $ 3,497  $ 1,548  $ 122 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (18) (9) (2) —  —  (3) —  (19) (41) (8) — 
Interest expense —  —  —  —  —  —  —  —  1  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,697  1,533  3,119  1,834  3,127  3,389  12,376  4,527  4,310  1,104  560 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 55  93  44  58  796  70  699  714  212  11  13 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,541  1,386  5,729  6,228  2,397  3,422  24,963  12,141  7,979  2,655  695 
Non-comparable adjustments —  —  —  —  (80) —  —  —  —  —  — 
Comparable hotel EBITDA $ 4,541  $ 1,386  $ 5,729  $ 6,228  $ 2,317  $ 3,422  $ 24,963  $ 12,141  $ 7,979  $ 2,655  $ 695 
Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aaeral Hilton Alexandria/La Posada-2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel GACC Jacksonville RI - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel
Net income (loss) $ 311  $ 5,381  $ (1,888) $ 21  $ (216) $ (2,195) $ 1,927  $ 84  $ (1,366) $ 87  $ 100 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  1,705  —  281  2,075  —  —  796  —  — 
Amortization of loan costs —  —  68  —  6  137  —  —  33  —  — 
Depreciation and amortization 229  3,247  1,245  87  390  1,189  1,652  338  910  89  94 
Income tax expense (benefit) —  22  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 216  117  16  2  50  19  14  3  22  3  3 
Hotel EBITDA including amounts attributable to noncontrolling interest 756  8,767  1,146  110  511  1,225  3,593  425  395  179  197 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 756  $ 8,767  $ 1,146  $ 110  $ 511  $ 1,225  $ 3,593  $ 425  $ 395  $ 179  $ 197 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ (444) $ (9) $ 312  $ 33,999 
Non-property adjustments —  (8) —  (8)
Interest income —  —  —  (100)
Interest expense 217  —  505  5,580 
Amortization of loan costs 38  —  —  282 
Depreciation and amortization 507  (5) 136  47,684 
Income tax expense (benefit) —  —  —  22 
Non-hotel EBITDA ownership expense 68  3  —  3,301 
Hotel EBITDA including amounts attributable to noncontrolling interest 386  (19) 953  90,760 
Non-comparable adjustments —  19  —  (61)
Comparable hotel EBITDA $ 386  $ —  $ 953  $ 90,699 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
33

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
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 - 19 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Pool 3 - 3 hotels Morgan Stanley Pool C3 - 3 hotels
Net income (loss) $ 830  $ 31  $ 690  $ 3,468  $ (875) $ 1,368  $ 6,449  $ 4,196  $ 3,581  $ 783  $ 63 
Non-property adjustments —  —  (76) —  —  (25) (203) (32) —  —  — 
Interest income (14) (9) (1) —  —  (3) —  (16) (47) (7) — 
Interest expense —  —  —  —  —  —  —  —  1  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,701  1,565  3,230  1,836  3,264  3,509  12,858  4,879  4,403  1,130  490 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 177  108  218  242  225  164  3,250  502  80  86  13 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,694  1,695  4,061  5,546  2,614  5,013  22,354  9,529  8,018  1,992  566 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,694  $ 1,695  $ 4,061  $ 5,546  $ 2,614  $ 5,013  $ 22,354  $ 9,529  $ 8,018  $ 1,992  $ 566 
Morgan Stanley Pool C2 - 2 hotels BAML Princeton/ Nashville - 2 hotels Aaeral Hilton Alexandria/La Posada-2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel GACC Jacksonville RI - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel GACC Manchester RI - 1 hotel
Net income (loss) $ 14  $ 5,220  $ (522) $ 237  $ (71) $ (504) $ 1,611  $ (102) $ (1,022) $ 115  $ 131 
Non-property adjustments —  (6) —  —  —  —  —  —  272  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense —  —  1,517  —  247  1,868  —  —  631  —  — 
Amortization of loan costs —  —  67  —  8  136  —  —  109  —  — 
Depreciation and amortization 261  3,273  1,216  93  387  1,229  1,765  395  917  97  116 
Income tax expense (benefit) —  15  —  —  —  —  —  —  —  13  25 
Non-hotel EBITDA ownership expense 8  109  36  2  61  18  29  4  16  2  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 283  8,611  2,314  332  632  2,747  3,405  297  923  227  272 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 283  $ 8,611  $ 2,314  $ 332  $ 632  $ 2,747  $ 3,405  $ 297  $ 923  $ 227  $ 272 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Morgan Stanley Ann Arbor - 1 hotel Unencumbered hotels Total Portfolio
Net income (loss) $ (416) $ 27  $ 30  $ 25,332 
Non-property adjustments —  (58) 1  (127)
Interest income —  —  —  (97)
Interest expense 225  —  70  4,559 
Amortization of loan costs 38  —  —  358 
Depreciation and amortization 540  2  25  49,181 
Income tax expense (benefit) —  —  —  53 
Non-hotel EBITDA ownership expense 21  —  1  5,372 
Hotel EBITDA including amounts attributable to noncontrolling interest 408  (29) 127  84,631 
Non-comparable adjustments —  29  871  900 
Comparable hotel EBITDA $ 408  $ —  $ 998  $ 85,531 
NOTES:
(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
34