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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): May 7, 2024

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 May 7, 2024, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024. 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    First Quarter 2024 Earnings Release of the Company, dated May 7, 2024
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: May 7, 2024 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 aht2024q1earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14a.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 FIRST QUARTER 2024 RESULTS
DALLAS – May 7, 2024 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2024. 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 March 31, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2024 with the first quarter ended March 31, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 0.9% to $128.55 during the quarter on a 1.6% increase in Comparable ADR and a 2.4% decrease in Comparable Occupancy.
•Net income attributable to common stockholders was $67.4 million or $0.60 per diluted share for the quarter.
•Adjusted EBITDAre was $59.5 million for the quarter.
•Adjusted funds from operations (AFFO) was $(0.35) per diluted share for the quarter.
•Comparable Hotel EBITDA was $74.3 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $112.7 million and restricted cash of $135.7 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 $23.5 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 $183 million.
•Capex invested during the quarter was $33.9 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising.
•During the quarter, the Company closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million.
•Subsequent to quarter end, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million.


AHT Reports First Quarter Results
Page 2
May 7, 2024

•Subsequent to quarter end, the Company closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million.
•To date, the Company has issued approximately $122 million of its non-traded preferred stock.
CAPITAL STRUCTURE
As of March 31, 2024, the Company had total loans of $2.9 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR and the corresponding interest rate caps, approximately 92% of the Company’s debt is effectively fixed and approximately 8% is effectively floating.
During the quarter, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. As detailed in a January 31, 2024 announcement, the Company currently has several assets at various stages of the sales process. The Company is unlikely to sell all of these assets, but plans to determine which assets are capturing the most attractive valuations and resulting in the largest impact to its deleveraging effort. The outstanding balance on the strategic financing is currently $107 million.
During the quarter, the Company announced that it closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million. When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represented a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale were used to pay down debt.
Subsequent to quarter end, the Company announced that it closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million ($438,000 per key). All of the proceeds from the sale were used for debt reduction including approximately $68 million to pay down the Company’s strategic financing.
Subsequent to quarter end, the Company announced that it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million ($95,300 per key). The sale price represented a 6.0% capitalization rate on trailing 12-month net operating income through March 2024.
Subsequent to quarter end, the Company also announced the transfer of the Company’s possession and control of the hotel properties securing the $180.7 million KEYS A Loan Pool and the $174.4 million KEYS B Loan Pool to a court-appointed receiver. The Company has been fully cooperating with the servicer for a consensual foreclosure or deed in lieu of foreclosure on these properties since July 2023. As a result of the transfer, the Company has no further economic interest in the operations of these hotels.
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2024. 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 4,560,502 shares of its Series J and 309,657 shares of its Series K non-traded preferred stock raising approximately $122 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.


AHT Reports First Quarter Results
Page 3
May 7, 2024

“I’m very pleased with the progress we have made in paying off our strategic financing,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “The outstanding loan balance is down almost 50% from the original balance. Our first quarter operating performance was negatively impacted by a soft March due to the Easter Holiday shift, but we have seen a marked improvement for April.” Mr. Hays added, “Between the excess proceeds from additional planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year. As we look to the remainder of 2024, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 8, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, May 15, 2024, by dialing (609) 800-9909 and entering the confirmation number, 6109805.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2024 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, May 8, 2024, 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, including its plans to raise sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising and to pay off its strategic financing. 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


AHT Reports First Quarter Results
Page 4
May 7, 2024

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)
March 31, 2024 December 31, 2023
ASSETS
Investments in hotel properties, net $ 2,538,470  $ 2,951,932 
Contract asset 378,160  — 
Cash and cash equivalents 111,065  165,231 
Restricted cash 132,949  146,079 
Accounts receivable, net of allowance of $1,302 and $1,214, respectively 56,041  45,521 
Inventories 3,754  3,679 
Notes receivable, net 9,642  7,369 
Investment in unconsolidated entities 9,426  9,960 
Deferred costs, net 1,750  1,808 
Prepaid expenses 22,133  12,806 
Derivative assets, net 12,398  13,696 
Operating lease right-of-use assets 43,975  44,047 
Other assets 18,948  25,309 
Intangible assets, net 797  797 
Due from third-party hotel managers 23,531  21,664 
Assets held for sale 176,178  12,383 
Total assets $ 3,539,217  $ 3,462,281 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 2,934,894  $ 3,040,951 
Indebtedness associated with hotels in receivership 355,120  355,120 
Finance lease liability 18,387  18,469 
Other finance liability 26,908  26,858 
Accounts payable and accrued expenses 130,613  129,323 
Accrued interest payable 12,511  12,985 
Accrued interest associated with hotels in receivership 23,040  14,024 
Dividends and distributions payable 3,651  3,566 
Due to Ashford Inc., net 9,732  13,261 
Due to related parties, net 2,003  5,874 
Due to third-party hotel managers 1,487  1,193 
Intangible liabilities, net 2,005  2,017 
Operating lease liabilities 44,661  44,765 
Other liabilities 3,443  3,499 
Liabilities associated with assets held for sale 101,720  14,653 
Total liabilities 3,670,175  3,686,558 
Redeemable noncontrolling interests in operating partnership 22,300  22,007 
Series J Redeemable Preferred Stock, $0.01 par value, 4,353,135 and 3,475,318 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 100,192  79,975 
Series K Redeemable Preferred Stock, $0.01 par value, 262,060 and 194,193 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 6,434  4,783 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,159,927 and 1,159,927 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 12  12 
Series F Cumulative Preferred Stock, 1,104,344 and 1,175,344 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 11  11 
Series G Cumulative Preferred Stock, 1,531,996 and 1,531,996 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 15  15 
Series H Cumulative Preferred Stock, 1,099,325 and 1,170,325 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 11  12 
Series I Cumulative Preferred Stock, 1,143,923 and 1,160,923 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 11  12 
Common stock, $0.01 par value, 400,000,000 shares authorized, 40,167,334 and 37,422,056 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 402  374 
Additional paid-in capital 2,383,814  2,382,975 
Accumulated deficit (2,661,080) (2,729,312)
Total stockholders' equity (deficit) of the Company (276,804) (345,901)
Noncontrolling interests in consolidated entities 16,920  14,859 
Total equity (deficit) (259,884) (331,042)
Total liabilities and equity/deficit $ 3,539,217  $ 3,462,281 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2024 2023
REVENUE
Rooms $ 229,207  $ 252,955 
Food and beverage 57,358  58,991 
Other 16,692  16,282 
Total hotel revenue 303,257  328,228 
Other 639  658 
Total revenue 303,896  328,886 
EXPENSES
Hotel operating expenses
Rooms 54,680  59,203 
Food and beverage 37,831  39,790 
Other expenses 106,826  113,879 
Management fees 11,550  12,246 
Total hotel operating expenses 210,887  225,118 
Property taxes, insurance and other 17,364  16,537 
Depreciation and amortization 40,544  47,855 
Advisory services fee:
Base advisory fee 8,220  8,469 
Reimbursable expenses 6,445  3,227 
Stock/unit-based compensation 536  1,290 
Corporate, general and administrative:
Stock/unit-based compensation 28  36 
Other general and administrative 8,244  2,576 
Total operating expenses 292,268  305,108 
Gain (loss) on disposition of assets and hotel properties 6,956  (24)
Gain (loss) on derecognition of assets 133,909  — 
OPERATING INCOME (LOSS) 152,493  23,754 
Equity in earnings (loss) of unconsolidated entities (534) (396)
Interest income 1,984  2,557 
Other income (expense), net 36  134 
Interest expense, net of discount amortization (71,753) (71,597)
Interest expense associated with hotels in receivership (12,098) (7,147)
Amortization of loan costs (2,208) (2,771)
Write-off of premiums, loan costs and exit fees (18) (420)
Gain (loss) on extinguishment of debt 45  — 
Realized and unrealized gain (loss) on derivatives 4,761  (5,415)
INCOME (LOSS) BEFORE INCOME TAXES 72,708  (61,301)
Income tax benefit (expense) (303) (221)
NET INCOME (LOSS) 72,405  (61,522)
(Income) loss attributable to noncontrolling interest in consolidated entities 9  — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (853) 600 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 71,561  (60,922)
Preferred dividends (5,011) (3,243)
Deemed dividends on redeemable preferred stock (682) (407)
Gain (loss) on extinguishment of preferred stock 1,573  — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 67,441  $ (64,572)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ 1.74  $ (1.88)
Weighted average common shares outstanding – basic 38,458  34,381 
Diluted:
Net income (loss) attributable to common stockholders $ 0.60  $ (1.88)
Weighted average common shares outstanding – diluted 116,729  34,381 
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
March 31,
2024 2023
Net income (loss) $ 72,405  $ (61,522)
Interest expense and amortization of discounts and loan costs, net 73,961  74,368 
Interest expense associated with hotels in receivership 12,098  7,147 
Depreciation and amortization 40,544  47,855 
Income tax expense (benefit) 303  221 
Equity in (earnings) loss of unconsolidated entities 534  396 
Company's portion of EBITDA of unconsolidated entities (166) (69)
EBITDA 199,679  68,396 
(Gain) loss on disposition of assets and hotel properties (6,956) 24 
(Gain) loss on derecognition of assets (133,909) — 
EBITDAre 58,814  68,420 
Amortization of unfavorable contract liabilities (31) 29 
Transaction and conversion costs 4,956  119 
Write-off of premiums, loan costs and exit fees 18  420 
Realized and unrealized (gain) loss on derivatives (4,761) 5,415 
Stock/unit-based compensation 564  1,333 
Other (income) expense, net (35) (120)
(Gain) loss on extinguishment of debt (45) — 
Company's portion of adjustments to EBITDAre of unconsolidated entities —  1 
Adjusted EBITDAre $ 59,480  $ 75,617 
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
March 31,
2024 2023
Net income (loss) $ 72,405  $ (61,522)
(Income) loss attributable to noncontrolling interest in consolidated entities 9  — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (853) 600 
Preferred dividends (5,011) (3,243)
Deemed dividends on redeemable preferred stock (682) (407)
Gain (loss) on extinguishment of preferred stock 1,573  — 
Net income (loss) attributable to common stockholders 67,441  (64,572)
Depreciation and amortization on real estate 40,544  47,855 
(Gain) loss on disposition of assets and hotel properties (6,956) 24 
(Gain) loss on derecognition of assets (133,909) — 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 853  (600)
Equity in (earnings) loss of unconsolidated entities 534  396 
Company's portion of FFO of unconsolidated entities (407) (287)
FFO available to common stockholders and OP unitholders (31,900) (17,184)
Deemed dividends on redeemable preferred stock 682  407 
(Gain) loss on extinguishment of preferred stock (1,573) — 
Transaction and conversion costs 4,956  119 
Write-off of premiums, loan costs and exit fees 18  420 
Unrealized (gain) loss on derivatives 3,953  14,942 
Stock/unit-based compensation 564  1,333 
Other (income) expense, net (35) (120)
Amortization of credit facility exit fee 844  4,156 
Amortization of loan costs 2,208  2,771 
(Gain) loss on extinguishment of debt (45) — 
Interest expense associated with hotels in receivership 6,551  — 
Company's portion of adjustments to FFO of unconsolidated entities —  1 
Adjusted FFO available to common stockholders and OP unitholders $ (13,777) $ 6,845 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (0.35) $ 0.19 
Weighted average diluted shares 38,958  36,461 
7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2024
(dollars in thousands)
(unaudited)
Indebtedness Current Maturity
Final Maturity (15)
 Interest Rate Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt		 Comparable TTM Hotel Net Income Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (16)
 Comparable TTM Hotel EBITDA
Debt Yield
BAML Highland Pool - 19 hotels April 2024 April 2025 SOFR (1) + 3.51% $ —  $ 862,027  $ 862,027  (2) $ 50,325  5.8  % $ 99,249  11.5  %
Key Bank Manchester CY - 1 hotel May 2024 May 2024 4.99% 5,572  —  5,572  618  11.1  % 1,026  18.4  %
Southside Bank Ashton - 1 hotel June 2024 June 2024 SOFR (1) + 2.00% —  8,881  8,881  (3) (53) (0.6) % 313  3.5  %
KEYS Pool C - 4 hotels June 2024 June 2025 SOFR (1) + 3.90% —  143,877  143,877  (4) 12,431  8.6  % 19,254  13.4  %
KEYS Pool D - 5 hotels June 2024 June 2025 SOFR (1) + 4.17% —  237,061  237,061  (4) 21,505  9.1  % 27,333  11.5  %
KEYS Pool E - 5 hotels June 2024 June 2025 SOFR (1) + 2.90% —  119,003  119,003  (4) 5,369  4.5  % 17,784  14.9  %
Morgan Stanley Pool C2 - 2 hotels August 2024 August 2024 4.85% 10,882  —  10,882  51  0.5  % 1,020  9.4  %
Torchlight Marriott Gateway - 1 hotel November 2024 November 2026 SOFR (1) + 4.76% —  86,000  86,000  (5) 9,381  10.9  % 15,129  17.6  %
Morgan Stanley Pool - 17 hotels November 2024 November 2024 SOFR (1) + 3.39% —  409,750  409,750  (6) 24,350  5.9  % 44,617  10.9  %
Aareal Le Pavillon - 1 hotel December 2024 December 2027 SOFR (1) + 4.00% —  37,000  37,000  (7) (8,692) (23.5) % (681) (1.8) %
BAML Indigo Atlanta - 1 hotel December 2024 December 2024 SOFR (1) + 2.85% —  13,721  13,721  (8) (765) (5.6) % 1,760  12.8  %
BAML Pool 3 - 2 hotels February 2025 February 2025 4.45% 26,501  —  26,501  9,442  35.6  % 6,056  22.9  %
JPMorgan Chase - 8 hotels February 2025 February 2025 SOFR (1) + 3.28% —  345,000  345,000  (9) 9,589  2.8  % 29,051  8.4  %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 March 2025 4.66% 22,591  —  22,591  (1,208) (5.3) % 2,188  9.7  %
BAML Princeton/Nashville - 2 hotels March 2025 March 2026 SOFR (1) + 2.80% —  240,000  240,000  (10) 27,331  11.4  % 39,964  16.7  %
Aareal Boston Back Bay - 1 hotel August 2025 August 2026 SOFR (1) + 3.91% —  98,000  98,000  (11) 2,013  2.1  % 16,197  16.5  %
Oaktree Capital Term Loan January 2026 January 2026 14.00% 180,561  —  180,561  (12)  N/A N/A  N/A N/A
Aareal Alexandria/La Posada - 2 hotels May 2026 May 2028 SOFR (1) + 4.00% —  98,450  98,450  (13) 2,782  2.8  % 9,301  9.4  %
Unencumbered hotel - 1 hotel —  —  —  759  N/A 3,923  N/A
Total $ 246,107  $ 2,698,770  $ 2,944,877  $ 165,228  5.6  % $ 333,484  11.3  %
Percentage 8.4  % 91.6  % 100.0  %
Weighted average interest rate (14)
 11.51  % 7.80  % 8.11  %
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, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    SOFR rate was 5.33% at March 31, 2024.
(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024.
(3)    This mortgage loan has a SOFR floor of 2.00%.
(4)    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.
(5)    This mortgage 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 fifth one-year extension period began in November 2023.
(7)    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%.
(8)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023.
(9)    This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added an additional one-year extension option, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in March 2024.
(11)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(12)    This term loan was amended in March 2024. Terms of the amendment extended the current maturity date to January 2026.
(13)    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%.
(14)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(15)    The final maturity date assumes all available extension options will be exercised, excluding loans in default.
(16)    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
March 31, 2024
(dollars in thousands)
(unaudited)
2024 2025 2026 2027 2028 Thereafter Total
Key Bank Manchester CY - 1 hotel $ 5,571  $ —  $ —  $ —  $ —  $ —  $ 5,571 
Southside Bank Ashton - 1 hotel 8,881  —  —  —  —  —  8,881 
Morgan Stanley Pool C2 - 2 hotels 10,710  —  —  —  —  —  10,710 
Morgan Stanley Pool - 17 hotels 409,750  —  —  —  —  —  409,750 
BAML Indigo Atlanta - 1 hotel 13,623  —  —  —  —  —  13,623 
JPMorgan Chase - 8 hotels (1) —  345,000  —  —  —  —  345,000 
BAML Pool 3 - 2 hotels —  25,906  —  —  —  —  25,906 
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 - 4 hotels —  143,877  —  —  —  —  143,877 
KEYS Pool D - 5 hotels —  237,061  —  —  —  —  237,061 
KEYS Pool E - 5 hotels —  119,003  —  —  —  —  119,003 
Oaktree Capital Term Loan —  —  180,561  —  —  —  180,561 
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 448,535  1,754,904  602,561  35,000  98,450  —  2,939,450 
Scheduled amortization payments remaining 1,263  664  2,500  1,000  —  —  5,427 
Total indebtedness $ 449,798  $ 1,755,568  $ 605,061  $ 36,000  $ 98,450  $ —  $ 2,944,877 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added an additional one-year extension option, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
9

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

ALL HOTELS:
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 229,208  $ (18,393) $ 210,815  $ 251,937  $ (41,553) $ 210,384  (9.02) % 0.20  %
RevPAR $ 125.30  $ (97.11) $ 128.55  $ 125.44  $ 107.42  $ 129.74  (0.11) % (0.91) %
Occupancy 66.90  % (62.60) % 67.39  % 68.41  % 65.62  % 69.08  % (2.21) % (2.44) %
ADR $ 187.30  $ (155.13) $ 190.75  $ 183.35  $ (163.69) $ 187.81  2.15  % 1.57  %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 212,387  $ (18,393) $ 193,994  $ 233,589  $ (41,553) $ 192,036  9.98  % (1.01) %
RevPAR $ 123.02  $ (97.11) $ 126.21  $ 122.51  $ 107.42  $ 126.35  (0.41) % 0.11  %
Occupancy 67.22  % (62.60) % 67.79  % 68.39  % 65.62  % 69.10  % 1.74  % 1.92  %
ADR $ 183.00  $ (155.13) $ 186.17  $ 179.13  $ (163.69) $ 182.86  (2.12) % (1.78) %
NOTES:
(1)    The above comparable information assumes the 72 hotel properties owned and included in the Company’s operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended
March 31,
2024 2023 % Variance
Total hotel revenue $ 303,258  $ 326,865  (7.22) %
Non-comparable adjustments (19,376) (47,207)
Comparable total hotel revenue $ 283,882  $ 279,658  1.51  %
Hotel net income (loss) $ 30,435  $ 33,999  (10.48) %
Non-comparable adjustments 833  (3,294)
Comparable hotel net income (loss) $ 31,268  $ 30,705  1.83  %
Hotel net income (loss) margin 10.04  % 10.40  % (0.36) %
Comparable hotel net income margin 11.01  % 10.98  % 0.03  %
Hotel EBITDA $ 78,312  $ 90,760  (13.72) %
Non-comparable adjustments (4,056) (11,416)
Comparable hotel EBITDA $ 74,256  $ 79,344  (6.41) %
Hotel EBITDA margin 25.82  % 27.77  % (1.95) %
Comparable hotel EBITDA margin 26.16  % 28.37  % (2.21) %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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
March 31,
2024 2023 % Variance
Total hotel revenue $ 279,862  $ 301,573  (7.20) %
Non-comparable adjustments (19,376) (47,207)
Comparable total hotel revenue $ 260,486  $ 254,366  2.41  %
Hotel net income (loss) $ 30,536  $ 29,306  4.20  %
Non-comparable adjustments 833  (3,294)
Comparable hotel net income (loss) $ 31,369  $ 26,012  20.59  %
Hotel net income (loss) margin 10.91  % 9.72  % 1.19  %
Comparable hotel net income margin 12.04  % 10.23  % 1.81  %
Hotel EBITDA $ 72,208  $ 81,573  (11.48) %
Non-comparable adjustments (4,056) (11,416)
Comparable hotel EBITDA $ 68,152  $ 70,157  (2.86) %
Hotel EBITDA margin 25.80  % 27.05  % (1.25) %
Comparable hotel EBITDA margin 26.16  % 27.58  % (1.42) %
NOTES:
(1)    The above comparable information assumes the 72 hotel properties owned and included in the Company’s operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
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
2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 2023
1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter
Total hotel revenue $ 303,258  $ (19,376) $ 283,882  $ 319,177  $ (40,593) $ 278,584  $ 341,999  $ (48,373) $ 293,626  $ 373,749  $ (51,017) $ 322,732 
Hotel net income (loss) $ 30,435  $ 833  $ 31,268  $ (130,905) $ 154,401  $ 23,495  $ 44,644  $ (3,604) $ 41,041  $ 64,836  $ (5,817) $ 59,019 
Hotel net income (loss) margin 10.04  % 11.01  % (41.01) % 8.43  % 13.05  % 13.98  % 17.35  % 18.29  %
Hotel EBITDA $ 78,312  $ (4,056) $ 74,256  $ 78,605  $ (9,014) $ 69,591  $ 97,466  $ (11,496) $ 85,970  $ 117,477  $ (13,810) $ 103,667 
Hotel EBITDA margin 25.82  % 26.16  % 24.63  % 24.98  % 28.50  % 29.28  % 31.43  % 32.12  %
Hotel net income (loss) % of total TTM 337.8  % 20.2  % (1,452.9) % 15.2  % 495.5  % 26.5  % 719.6  % 38.1  %
EBITDA % of total TTM 21.1  % 22.3  % 21.1  % 20.9  % 26.2  % 25.8  % 31.6  % 31.0  %
Actual Non-comparable Adjustments Comparable
2024 2024 2024
TTM TTM TTM
Total hotel revenue $ 1,338,183  $ (159,359) $ 1,178,824 
Hotel net income (loss) $ 9,010  $ 145,813  $ 154,823 
Hotel net income (loss) margin 0.67  % 13.13  %
Hotel EBITDA $ 371,860  $ (38,376) $ 333,484 
Hotel EBITDA margin 27.79  % 28.29  %
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 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 7  1,200  $ 119.52  $ (97.32) $ 123.01  $ 135.14  $ (132.73) $ 135.99  (11.6) % (9.5) %
Boston, MA Area 2  705  142.10  —  142.10  135.84  —  135.84  4.6  % 4.6  %
Dallas / Ft. Worth, TX Area 5  1,247  114.00  (69.40) 120.57  118.49  (73.97) 128.45  (3.8) % (6.1) %
Houston, TX Area 3  692  97.24  —  97.24  109.42  —  109.42  (11.1) % (11.1) %
Los Angeles, CA Metro Area 4  1,312  148.74  (84.48) 158.65  148.26  (104.40) 158.52  0.3  % 0.1  %
Miami, FL Metro Area 2  414  244.66  —  244.66  231.61  —  231.61  5.6  % 5.6  %
Minneapolis - St. Paul, MN Area 2  520  53.87  —  53.87  51.18  —  51.18  5.3  % 5.3  %
Nashville, TN Area 1  674  220.63  —  220.63  218.21  —  218.21  1.1  % 1.1  %
New York / New Jersey Metro Area 4  1,159  75.02  (55.84) 77.59  77.01  (79.28) 75.87  (2.6) % 2.3  %
Orlando, FL Area 2  524  145.63  —  145.63  146.85  —  146.85  (0.8) % (0.8) %
Philadelphia, PA Area 1  263  72.76  (28.18) 94.99  78.22  (59.15) 106.14  (7.0) % (10.5) %
San Diego, CA Area 2  410  139.59  —  139.59  127.74  —  127.74  9.3  % 9.3  %
San Francisco - Oakland, CA Metro Area 3  793  112.90  (85.16) 124.55  115.28  (116.84) 113.80  (2.1) % 9.4  %
Tampa, FL Area 2  571  185.40  —  185.40  191.62  —  191.62  (3.2) % (3.2) %
Washington D.C. - MD - VA Area 9  2,428  134.99  —  134.99  128.33  —  128.33  5.2  % 5.2  %
Other Areas 26  5,109  116.31  (127.59) 114.35  120.58  (124.95) 119.25  (3.5) % (4.1) %
Total Portfolio 75  18,021  $ 125.30  $ (97.11) $ 128.55  $ 125.44  $ (107.42) $ 129.74  (0.1) % (0.9) %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 7  1,200  $ 1,193  $ 85  $ 1,278  4.1  % $ 2,883  $ (30) $ 2,853  9.3  % (58.6) % (55.2) %
Boston, MA Area 2  705  (3,059) —  (3,059) (9.8) % (3,200) —  (3,200) (10.4) % 4.4  % 4.4  %
Dallas / Ft. Worth, TX Area 5  1,247  2,398  1,004  3,402  10.9  % 4,746  (62) 4,684  15.3  % (49.5) % (27.4) %
Houston, TX Area 3  692  102  —  102  0.3  % 983  —  983  3.2  % (89.6) % (89.6) %
Los Angeles, CA Metro Area 4  1,312  1,431  3,125  4,556  14.6  % 5,305  (156) 5,149  16.8  % (73.0) % (11.5) %
Miami, FL Metro Area 2  414  4,121  —  4,121  13.2  % 3,080  —  3,080  10.0  % 33.8  % 33.8  %
Minneapolis - St. Paul, MN Area 2  520  (1,289) —  (1,289) (4.1) % (1,118) —  (1,118) (3.6) % (15.3) % (15.3) %
Nashville, TN Area 1  674  5,811  —  5,811  18.6  % 4,859  —  4,859  15.8  % 19.6  % 19.6  %
New York / New Jersey Metro Area 4  1,159  (1,823) 876  (947) (3.0) % (1,769) 1,092  (677) (2.2) % (3.1) % (39.9) %
Orlando, FL Area 2  524  1,752  —  1,752  5.6  % 1,532  —  1,532  5.0  % 14.4  % 14.4  %
Philadelphia, PA Area 1  263  (979) 830  (149) (0.5) % (1,261) 571  (690) (2.2) % 22.4  % 78.4  %
San Diego, CA Area 2  410  1,101  —  1,101  3.5  % 680  —  680  2.2  % 61.9  % 61.9  %
San Francisco - Oakland, CA Metro Area 3  793  11  208  219  0.7  % 226  (858) (632) (2.1) % (95.1) % 134.7  %
Tampa, FL Area 2  571  4,522  —  4,522  14.5  % 4,528  —  4,528  14.7  % (0.1) % (0.1) %
Washington D.C. - MD - VA Area 9  2,428  5,840  —  5,840  18.7  % 2,398  —  2,398  7.8  % 143.5  % 143.5  %
Other Areas 26  5,109  9,303  (5,295) 4,008  12.7  % 10,127  (3,851) 6,276  20.4  % (8.1) % (36.1) %
Total Portfolio 75  18,021  $ 30,435  $ 833  $ 31,268  100.0  % $ 33,999  $ (3,294) $ 30,705  100.0  % (10.5) % 1.8  %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 7  1,200  $ 4,617  $ (429) $ 4,188  5.6  % $ 7,634  $ (1,166) $ 6,468  8.2  % (39.5) % (35.3) %
Boston, MA Area 2  705  884  —  884  1.2  % 1,076  —  1,076  1.4  % (17.8) % (17.8) %
Dallas / Ft. Worth, TX Area 5  1,247  6,868  (323) 6,545  8.8  % 8,675  (454) 8,221  10.4  % (20.8) % (20.4) %
Houston, TX Area 3  692  1,767  —  1,767  2.4  % 2,780  —  2,780  3.5  % (36.4) % (36.4) %
Los Angeles, CA Metro Area 4  1,312  6,802  (73) 6,729  9.1  % 7,936  (551) 7,385  9.3  % (14.3) % (8.9) %
Miami, FL Metro Area 2  414  5,203  —  5,203  7.0  % 4,548  —  4,548  5.7  % 14.4  % 14.4  %
Minneapolis - St. Paul, MN Area 2  520  (506) —  (506) (0.7) % (323) —  (323) (0.4) % (56.7) % (56.7) %
Nashville, TN Area 1  674  8,284  —  8,284  11.2  % 7,486  —  7,486  9.4  % 10.7  % 10.7  %
New York / New Jersey Metro Area 4  1,159  1,347  (112) 1,235  1.7  % 2,427  (750) 1,677  2.1  % (44.5) % (26.4) %
Orlando, FL Area 2  524  2,720  —  2,720  3.7  % 2,648  —  2,648  3.3  % 2.7  % 2.7  %
Philadelphia, PA Area 1  263  (28) 266  238  0.3  % 101  154  255  0.3  % (127.7) % (6.7) %
San Diego, CA Area 2  410  1,681  —  1,681  2.3  % 1,335  —  1,335  1.7  % 25.9  % 25.9  %
San Francisco - Oakland, CA Metro Area 3  793  3,044  (228) 2,816  3.8  % 4,463  (2,088) 2,375  3.0  % (31.8) % 18.6  %
Tampa, FL Area 2  571  5,360  —  5,360  7.2  % 5,500  —  5,500  6.9  % (2.5) % (2.5) %
Washington D.C. - MD - VA Area 9  2,428  10,627  —  10,627  14.3  % 9,630  —  9,630  12.1  % 10.4  % 10.4  %
Other Areas 26  5,109  19,642  (3,157) 16,485  22.1  % 24,844  (6,561) 18,283  23.1  % (20.9) % (9.8) %
Total Portfolio 75  18,021  $ 78,312  $ (4,056) $ 74,256  100.0  % $ 90,760  $ (11,416) $ 79,344  100.0  % (13.7) % (6.4) %
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2024
(in thousands, except share price)
(unaudited)
March 31, 2024
Common stock shares outstanding 40,167 
Partnership units outstanding 1,977 
Combined common stock shares and partnership units outstanding 42,144 
Common stock price $ 1.37 
Market capitalization $ 57,737 
Series D cumulative preferred stock $ 28,998 
Series F cumulative preferred stock $ 27,609 
Series G cumulative preferred stock $ 38,300 
Series H cumulative preferred stock $ 27,483 
Series I cumulative preferred stock $ 28,598 
Series J redeemable preferred stock $ 108,828 
Series K redeemable preferred stock $ 6,552 
Indebtedness $ 2,944,877 
Net working capital (see below) $ (182,599)
Total enterprise value (TEV) $ 3,086,383 
Cash and cash equivalents $ 108,982 
Restricted cash $ 126,148 
Accounts receivable, net $ 57,357 
Prepaid expenses $ 21,973 
Due from third-party hotel managers, net $ 22,167 
Total current assets $ 336,627 
Accounts payable, net & accrued expenses $ 141,963 
Dividends and distributions payable $ 3,650 
Due to affiliates, net $ 8,415 
Total current liabilities $ 154,028 
Net working capital $ 182,599 
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, Stirling REIT OP, LP and debt associated with hotels in receivership.
15

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

2024
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Estimated Estimated Estimated
Courtyard Bloomington 117  x
La Concha Key West 160  x x
Embassy Suites Dallas 150  x x x
Embassy Suites Palm Beach 160  x x
Le Pavillon New Orleans 226  x
Marriott Sugar Land 300  x x
Residence Inn Evansville 78  x
Total 3 4 2 3
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.
16

Exhibit 1

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

2024 2023 2023 2023 March 31, 2024
1st Quarter 4th Quarter 3rd Quarter 2nd Quarter TTM
Net income (loss) $ 30,435  $ (130,905) $ 44,644  $ 64,836  $ 9,010 
Non-property adjustments 1,970  155,688  (33) (9) 157,616 
Interest income (410) (421) (383) (248) (1,462)
Interest expense 4,155  4,231  4,234  5,137  17,757 
Amortization of loan costs 219  222  219  262  922 
Depreciation and amortization 40,220  46,617  45,905  47,065  179,807 
Income tax expense (benefit) 35  42  89  66  232 
Non-hotel EBITDA ownership expense 1,688  3,131  2,791  368  7,978 
Hotel EBITDA including amounts attributable to noncontrolling interest 78,312  78,605  97,466  117,477  371,860 
Non-comparable adjustments (4,056) (9,014) (11,496) (13,810) (38,376)
Comparable hotel EBITDA $ 74,256  $ 69,591  $ 85,970  $ 103,667  $ 333,484 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
17

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 30,536  $ (101) $ 30,435  $ (1) $ 41,971  $ 72,405 
Non-property adjustments 1,970  —  1,970  —  (1,970) — 
Interest income (379) (31) (410) —  410  — 
Interest expense 3,282  873  4,155  —  79,696  83,851 
Amortization of loan cost 183  36  219  —  1,989  2,208 
Depreciation and amortization 35,158  5,062  40,220  —  324  40,544 
Income tax expense (benefit) 35  —  35  —  268  303 
Non-hotel EBITDA ownership expense 1,423  265  1,688  —  (1,688) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 72,208  6,104  78,312  (1) 121,000  199,311 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  534  534 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  (166) (166)
Hotel EBITDA attributable to the Company and OP unitholders $ 72,208  $ 6,104  $ 78,312  $ (1) $ 121,368  $ 199,679 
Non-comparable adjustments (4,056) —  (4,056)
Comparable hotel EBITDA $ 68,152  $ 6,104  $ 74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
18

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (130,905) $ 60  $ 101,041  $ (29,804)
Non-property adjustments 155,688  (22) (155,666) — 
Interest income (421) —  421  — 
Interest expense 4,231  —  88,331  92,562 
Amortization of loan cost 222  —  2,879  3,101 
Depreciation and amortization 46,617  —  227  46,844 
Income tax expense (benefit) 42  —  (1,552) (1,510)
Non-hotel EBITDA ownership expense 3,131  1  (3,132) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 78,605  39  32,549  111,193 
Equity in (earnings) loss of unconsolidated entities —  —  419  419 
Company's portion of EBITDA of unconsolidated entities —  —  (74) (74)
Hotel EBITDA attributable to the Company and OP unitholders $ 78,605  $ 39  $ 32,894  $ 111,538 
Non-comparable adjustments (9,014)
Comparable hotel EBITDA $ 69,591 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
19

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 Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 44,644  $ 5,130  $ (114,225) $ (64,451)
Non-property adjustments (33) (6,389) 6,422  — 
Interest income (383) —  383  — 
Interest expense 4,234  —  91,897  96,131 
Amortization of loan cost 219  —  3,030  3,249 
Depreciation and amortization 45,905  —  49  45,954 
Income tax expense (benefit) 89  —  38  127 
Non-hotel EBITDA ownership expense 2,791  3  (2,794) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 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 $ 97,466  $ (1,256) $ (14,845) $ 81,365 
Non-comparable adjustments (11,496)
Comparable hotel EBITDA $ 85,970 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
20

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 (13,810)
Comparable hotel EBITDA $ 103,667 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
21

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 Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 29,306  $ 4,693  $ 33,999  $ 46  $ (95,567) $ (61,522)
Non-property adjustments (8) —  (8) —  8  — 
Interest income (100) —  (100) —  100  — 
Interest expense 4,784  796  5,580  —  73,164  78,744 
Amortization of loan cost 249  33  282  —  2,489  2,771 
Depreciation and amortization 44,161  3,523  47,684  123  48  47,855 
Income tax expense (benefit) 22  —  22  —  199  221 
Non-hotel EBITDA ownership expense 3,159  142  3,301  9  (3,310) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 81,573  9,187  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 $ 81,573  $ 9,187  $ 90,760  $ 178  $ (22,542) $ 68,396 
Non-comparable adjustments (11,416) —  (11,416)
Comparable hotel EBITDA $ 70,157  $ 9,187  $ 79,344 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
La Concha Key West, Le Pavillon New Orleans, Marriott Sugar Land
22

Exhibit 1

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

Three Months Ended March 31, 2024
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) $ 1,193  $ (3,059) $ 2,398  $ 102  $ 1,431  $ 4,121  $ (1,289) $ 5,811  $ (1,823)
Non-property adjustments —  —  1,084  —  2,975  —  —  —  727 
Interest income (38) (58) (4) —  (29) (13) —  (26) (4)
Interest expense 777  2,291  —  —  —  —  —  —  — 
Amortization of loan costs —  144  —  —  —  —  —  —  — 
Depreciation and amortization 2,636  1,533  3,271  1,565  2,295  1,080  760  2,466  2,241 
Income tax expense (benefit) —  —  —  —  —  —  —  26  — 
Non-hotel EBITDA ownership expense 49  33  119  100  130  15  23  7  206 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,617  884  6,868  1,767  6,802  5,203  (506) 8,284  1,347 
Non-comparable adjustments (429) —  (323) —  (73) —  —  —  (112)
Comparable hotel EBITDA $ 4,188  $ 884  $ 6,545  $ 1,767  $ 6,729  $ 5,203  $ (506) $ 8,284  $ 1,235 
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) $ 1,752  $ (979) $ 1,101  $ 11  $ 4,522  $ 5,840  $ 9,303  $ 30,435 
Non-property adjustments —  420  —  189  —  —  (3,425) 1,970 
Interest income (24) (4) (19) (17) —  (137) (37) (410)
Interest expense —  —  —  213  —  —  874  4,155 
Amortization of loan costs —  —  —  39  —  —  36  219 
Depreciation and amortization 970  531  587  2,535  854  4,763  12,133  40,220 
Income tax expense (benefit) —  —  —  —  —  —  9  35 
Non-hotel EBITDA ownership expense 22  4  12  74  (16) 161  749  1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,720  (28) 1,681  3,044  5,360  10,627  19,642  78,312 
Non-comparable adjustments —  266  —  (228) —  —  (3,157) (4,056)
Comparable hotel EBITDA $ 2,720  $ 238  $ 1,681  $ 2,816  $ 5,360  $ 10,627  $ 16,485  $ 74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
23

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
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) $ 2,883  $ (3,200) $ 4,746  $ 983  $ 5,305  $ 3,080  $ (1,118) $ 4,859  $ (1,769)
Non-property adjustments —  —  —  —  —  —  —  —  — 
Interest income (3) —  (3) —  (15) (2) —  —  (6)
Interest expense 784  2,075  —  —  —  —  —  —  — 
Amortization of loan costs 6  137  —  —  —  —  —  —  — 
Depreciation and amortization 3,603  2,046  3,847  1,234  2,586  1,442  776  2,531  4,034 
Income tax expense (benefit) —  —  —  —  —  —  —  22  — 
Non-hotel EBITDA ownership expense 361  18  85  563  60  28  19  74  168 
Hotel EBITDA including amounts attributable to noncontrolling interest 7,634  1,076  8,675  2,780  7,936  4,548  (323) 7,486  2,427 
Non-comparable adjustments (1,166) —  (454) —  (551) —  —  —  (750)
Comparable hotel EBITDA $ 6,468  $ 1,076  $ 8,221  $ 2,780  $ 7,385  $ 4,548  $ (323) $ 7,486  $ 1,677 
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) $ 1,532  $ (1,261) $ 680  $ 226  $ 4,528  $ 2,398  $ 10,127  $ 33,999 
Non-property adjustments —  —  —  —  —  —  (8) (8)
Interest income (16) (3) (7) (15) —  (14) (16) (100)
Interest expense —  —  —  217  —  1,246  1,258  5,580 
Amortization of loan costs —  —  —  38  —  68  33  282 
Depreciation and amortization 1,122  964  593  3,445  938  5,813  12,710  47,684 
Income tax expense (benefit) —  —  —  —  —  —  —  22 
Non-hotel EBITDA ownership expense 10  401  69  552  34  119  740  3,301 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,648  101  1,335  4,463  5,500  9,630  24,844  90,760 
Non-comparable adjustments —  154  —  (2,088) —  —  (6,561) (11,416)
Comparable hotel EBITDA $ 2,648  $ 255  $ 1,335  $ 2,375  $ 5,500  $ 9,630  $ 18,283  $ 79,344 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
24

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended March 31, 2024
KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 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 C2 - 2 hotels BAML Princeton / Nashville - 2 hotels Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 12,431  $ 21,505  $ 5,369  $ 50,325  $ 24,350  $ 9,589  $ 9,442  $ 51  $ 27,331  $ 2,782  $ (53)
Non-property adjustments (3,869) —  (45) —  —  —  (6,953) —  (460) 24  — 
Interest income (42) —  —  (403) (178) (203) (84) —  (65) —  — 
Interest expense —  —  —  —  —  1  —  —  —  1,101  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  46  — 
Depreciation and amortization 10,798  5,431  11,836  47,477  19,257  18,396  4,097  939  12,491  5,235  337 
Income tax expense (benefit) —  —  3  —  —  —  —  —  103  —  — 
Non-hotel EBITDA ownership expense 409  397  543  1,850  1,188  1,268  132  30  564  113  29 
Hotel EBITDA including amounts attributable to noncontrolling interest 19,727  27,333  17,706  99,249  44,617  29,051  6,634  1,020  39,964  9,301  313 
Non-comparable adjustments (473) —  78  —  —  —  (578) —  —  —  — 
Comparable hotel EBITDA $ 19,254  $ 27,333  $ 17,784  $ 99,249  $ 44,617  $ 29,051  $ 6,056  $ 1,020  $ 39,964  $ 9,301  $ 313 
BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel
Net income (loss) $ (765) $ 2,013  $ 9,381  $ (1,208) $ (8,692) $ 618  $ (156,123) $ (90) $ (1,417) $ 830  $ 126 
Non-property adjustments —  —  —  —  —  —  160,062  5,931  3,060  —  (134)
Interest income —  —  (251) —  —  —  (37) (136) (63) —  — 
Interest expense 1,214  9,107  —  870  3,461  —  —  —  —  —  — 
Amortization of loan costs 18  565  —  155  138  —  —  —  —  —  — 
Depreciation and amortization 1,377  4,245  5,947  2,305  4,264  356  8,796  6,284  5,495  1,682  — 
Income tax expense (benefit) —  —  —  —  —  36  —  —  —  —  — 
Non-hotel EBITDA ownership expense (84) 267  52  66  148  16  274  261  313  66  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,760  16,197  15,129  2,188  (681) 1,026  12,972  12,250  7,388  2,578  (8)
Non-comparable adjustments —  —  —  —  —  —  (12,972) (12,250) (7,388) (2,578) 8 
Comparable hotel EBITDA $ 1,760  $ 16,197  $ 15,129  $ 2,188  $ (681) $ 1,026  $ —  $ —  $ —  $ —  $ — 
GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered hotels Total Portfolio
Net income (loss) $ (153) $ 760  $ (151) $ 759  $ 9,010 
Non-property adjustments —  —  —  —  157,616 
Interest income —  —  —  —  (1,462)
Interest expense —  —  —  2,003  17,757 
Amortization of loan costs —  —  —  —  922 
Depreciation and amortization 785  258  1,186  533  179,807 
Income tax expense (benefit) —  90  —  —  232 
Non-hotel EBITDA ownership expense 15  3  29  29  7,978 
Hotel EBITDA including amounts attributable to noncontrolling interest 647  1,111  1,064  3,324  371,860 
Non-comparable adjustments (647) (1,111) (1,064) 599  (38,376)
Comparable hotel EBITDA $ —  $ —  $ —  $ 3,923  $ 333,484 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
25

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 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 C2 - 2 hotels BAML Princeton / Nashville - 2 hotels Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 3,424  $ 4,663  $ (565) $ 9,668  $ 7,472  $ 2,161  $ 7,913  $ (69) $ 6,309  $ (12) $ (12)
Non-property adjustments —  —  —  —  —  —  (6,953) —  —  —  — 
Interest income (13) —  —  (112) (51) (46) (24) —  (26) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,444  1,277  2,840  11,182  4,799  4,995  914  226  3,083  1,293  81 
Income tax expense (benefit) —  —  2  —  —  —  —  —  26  —  — 
Non-hotel EBITDA ownership expense 104  113  124  576  225  249  96  4  26  18  3 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,959  6,053  2,401  21,314  12,445  7,359  1,946  161  9,418  1,299  72 
Non-comparable adjustments 50  —  —  —  —  —  (107) —  —  —  — 
Comparable hotel EBITDA $ 6,009  $ 6,053  $ 2,401  $ 21,314  $ 12,445  $ 7,359  $ 1,839  $ 161  $ 9,418  $ 1,299  $ 72 
BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel
Net income (loss) $ (181) $ (2,474) $ 2,282  $ (711) $ (1,851) $ 38  $ 35  $ (4,209) $ (3,396) $ (4) $ 24 
Non-property adjustments —  —  —  —  —  —  (34) 5,931  3,060  —  (34)
Interest income —  —  (97) —  —  —  —  (28) (13) —  — 
Interest expense 284  2,291  —  213  873  —  —  —  —  —  — 
Amortization of loan costs —  144  —  39  36  —  —  —  —  —  — 
Depreciation and amortization 311  745  1,300  551  1,132  85  —  973  856  48  — 
Income tax expense (benefit) —  —  —  —  —  7  —  —  —  —  — 
Non-hotel EBITDA ownership expense 3  7  29  35  20  1  —  4  4  13  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 417  713  3,514  127  210  131  1  2,671  511  57  (10)
Non-comparable adjustments —  —  —  —  —  —  (1) (2,671) (511) (57) 10 
Comparable hotel EBITDA $ 417  $ 713  $ 3,514  $ 127  $ 210  $ 131  $ —  $ —  $ —  $ —  $ — 
GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered hotels Total Portfolio
Net income (loss) $ —  $ —  $ (154) $ 84  $ 30,435 
Non-property adjustments —  —  —  —  1,970 
Interest income —  —  —  —  (410)
Interest expense —  —  —  494  4,155 
Amortization of loan costs —  —  —  —  219 
Depreciation and amortization —  —  952  133  40,220 
Income tax expense (benefit) —  —  —  —  35 
Non-hotel EBITDA ownership expense —  —  28  6  1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest —  —  826  717  78,312 
Non-comparable adjustments —  —  (826) 57  (4,056)
Comparable hotel EBITDA $ —  $ —  $ —  $ 774  $ 74,256 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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 December 31, 2023
KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 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 C2 - 2 hotels BAML Princeton / Nashville - 2 hotels Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 4,905  $ 3,731  $ (1,664) $ 9,754  $ 4,044  $ 598  $ 123  $ (119) $ 5,902  $ 1,003  $ 65 
Non-property adjustments (3,869) —  (45) —  —  —  —  —  (460) —  — 
Interest income (13) —  —  (108) (47) (43) (23) —  (25) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,589  1,361  3,069  12,214  5,099  4,724  1,053  243  3,136  1,346  87 
Income tax expense (benefit) —  —  —  —  —  —  —  —  24  —  — 
Non-hotel EBITDA ownership expense 154  89  364  494  337  228  47  19  545  65  12 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,766  5,181  1,724  22,354  9,433  5,507  1,200  143  9,122  2,414  164 
Non-comparable adjustments 272  —  —  —  —  —  (12) —  —  —  — 
Comparable hotel EBITDA $ 4,038  $ 5,181  $ 1,724  $ 22,354  $ 9,433  $ 5,507  $ 1,188  $ 143  $ 9,122  $ 2,414  $ 164 
BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel
Net income (loss) $ (171) $ (263) $ 2,166  $ (933) $ (2,516) $ 92  $ (159,051) $ 1,256  $ (141) $ 180  $ 22 
Non-property adjustments —  —  —  —  —  —  160,096  —  —  —  (34)
Interest income —  —  (91) —  —  —  (11) (40) (20) —  — 
Interest expense 313  2,314  —  218  882  —  —  —  —  —  — 
Amortization of loan costs 6  142  —  39  35  —  —  —  —  —  — 
Depreciation and amortization 331  1,148  1,510  691  1,237  90  2,144  1,870  1,607  429  — 
Income tax expense (benefit) —  —  —  —  —  (5) —  —  —  —  — 
Non-hotel EBITDA ownership expense 12  161  12  6  63  15  81  182  202  28  5 
Hotel EBITDA including amounts attributable to noncontrolling interest 491  3,502  3,597  21  (299) 192  3,259  3,268  1,648  637  (7)
Non-comparable adjustments —  —  —  —  —  —  (3,259) (3,268) (1,648) (637) 7 
Comparable hotel EBITDA $ 491  $ 3,502  $ 3,597  $ 21  $ (299) $ 192  $ —  $ —  $ —  $ —  $ — 
GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered hotels Total Portfolio
Net income (loss) $ (140) $ 176  $ 3  $ 73  $ (130,905)
Non-property adjustments —  —  —  —  155,688 
Interest income —  —  —  —  (421)
Interest expense —  —  —  504  4,231 
Amortization of loan costs —  —  —  —  222 
Depreciation and amortization 199  71  234  135  46,617 
Income tax expense (benefit) —  23  —  —  42 
Non-hotel EBITDA ownership expense 6  2  1  1  3,131 
Hotel EBITDA including amounts attributable to noncontrolling interest 65  272  238  713  78,605 
Non-comparable adjustments (65) (272) (238) 106  (9,014)
Comparable hotel EBITDA $ —  $ —  $ —  $ 819  $ 69,591 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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)
Three Months Ended September 30, 2023
KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 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 C2 - 2 hotels BAML Princeton / Nashville - 2 hotels Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 1,665  $ 6,775  $ 4,112  $ 11,860  $ 5,036  $ 1,707  $ 150  $ 172  $ 6,961  $ 1,054  $ (226)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income (10) —  —  (97) (46) (58) (21) —  (14) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,747  1,364  2,911  11,893  4,669  4,334  1,043  237  3,055  1,314  84 
Income tax expense (benefit) —  —  —  —  —  —  —  —  26  —  — 
Non-hotel EBITDA ownership expense 81  139  (136) 600  544  1,004  47  14  (38) 56  10 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,483  8,278  6,887  24,256  10,203  6,987  1,219  423  9,990  2,424  (132)
Non-comparable adjustments (372) —  189  —  —  —  (245) —  —  —  — 
Comparable hotel EBITDA $ 4,111  $ 8,278  $ 7,076  $ 24,256  $ 10,203  $ 6,987  $ 974  $ 423  $ 9,990  $ 2,424  $ (132)
BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel
Net income (loss) $ (358) $ 2,162  $ 1,580  $ 483  $ (2,663) $ 263  $ 1,350  $ 835  $ 792  $ 335  $ 31 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  (33)
Interest income —  —  (63) —  —  —  (16) (40) (18) —  — 
Interest expense 315  2,321  —  220  875  —  —  —  —  —  — 
Amortization of loan costs 6  140  —  39  34  —  —  —  —  —  — 
Depreciation and amortization 352  1,177  1,545  532  968  91  3,286  1,700  1,504  586  — 
Income tax expense (benefit) —  —  —  —  —  25  —  —  —  —  — 
Non-hotel EBITDA ownership expense 2  65  4  25  55  (2) 130  28  132  16  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 317  5,865  3,066  1,299  (731) 377  4,750  2,523  2,410  937  (2)
Non-comparable adjustments —  —  —  —  —  —  (4,750) (2,523) (2,410) (937) 2 
Comparable hotel EBITDA $ 317  $ 5,865  $ 3,066  $ 1,299  $ (731) $ 377  $ —  $ —  $ —  $ —  $ — 
GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered hotels Total Portfolio
Net income (loss) $ (74) $ 301  $ —  $ 341  $ 44,644 
Non-property adjustments —  —  —  —  (33)
Interest income —  —  —  —  (383)
Interest expense —  —  —  503  4,234 
Amortization of loan costs —  —  —  —  219 
Depreciation and amortization 282  98  —  133  45,905 
Income tax expense (benefit) —  38  —  —  89 
Non-hotel EBITDA ownership expense 5  (1) —  11  2,791 
Hotel EBITDA including amounts attributable to noncontrolling interest 213  436  —  988  97,466 
Non-comparable adjustments (213) (436) —  199  (11,496)
Comparable hotel EBITDA $ —  $ —  $ —  $ 1,187  $ 85,970 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(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)
Three Months Ended June 30, 2023
KEYS Pool C - 5 hotels KEYS Pool D - 5 hotels KEYS Pool E - 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 C2 - 2 hotels BAML Princeton / Nashville - 2 hotels Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 2,437  $ 6,336  $ 3,486  $ 19,043  $ 7,798  $ 5,123  $ 1,256  $ 67  $ 8,159  $ 737  $ 120 
Non-property adjustments —  —  —  —  —  —  —  —  —  24  — 
Interest income (6) —  —  (86) (34) (56) (16) —  —  —  — 
Interest expense —  —  —  —  —  1  —  —  —  1,101  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  46  — 
Depreciation and amortization 3,018  1,429  3,016  12,188  4,690  4,343  1,087  233  3,217  1,282  85 
Income tax expense (benefit) —  —  1  —  —  —  —  —  27  —  — 
Non-hotel EBITDA ownership expense 70  56  191  180  82  (213) (58) (7) 31  (26) 4 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,519  7,821  6,694  31,325  12,536  9,198  2,269  293  11,434  3,164  209 
Non-comparable adjustments (423) —  (111) —  —  —  (214) —  —  —  — 
Comparable hotel EBITDA $ 5,096  $ 7,821  $ 6,583  $ 31,325  $ 12,536  $ 9,198  $ 2,055  $ 293  $ 11,434  $ 3,164  $ 209 
BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel
Net income (loss) $ (55) $ 2,588  $ 3,353  $ (47) $ (1,662) $ 225  $ 1,543  $ 2,028  $ 1,328  $ 319  $ 49 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  (33)
Interest income —  —  —  —  —  —  (10) (28) (12) —  — 
Interest expense 302  2,181  —  219  831  —  —  —  —  —  — 
Amortization of loan costs 6  139  —  38  33  —  —  —  —  —  — 
Depreciation and amortization 383  1,175  1,592  531  927  90  3,366  1,741  1,528  619  — 
Income tax expense (benefit) —  —  —  —  —  9  —  —  —  —  — 
Non-hotel EBITDA ownership expense (101) 34  7  —  10  2  63  47  (25) 9  (5)
Hotel EBITDA including amounts attributable to noncontrolling interest 535  6,117  4,952  741  139  326  4,962  3,788  2,819  947  11 
Non-comparable adjustments —  —  —  —  —  —  (4,962) (3,788) (2,819) (947) (11)
Comparable hotel EBITDA $ 535  $ 6,117  $ 4,952  $ 741  $ 139  $ 326  $ —  $ —  $ —  $ —  $ — 
GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered hotels Total Portfolio
Net income (loss) $ 61  $ 283  $ —  $ 261  $ 64,836 
Non-property adjustments —  —  —  —  (9)
Interest income —  —  —  —  (248)
Interest expense —  —  —  502  5,137 
Amortization of loan costs —  —  —  —  262 
Depreciation and amortization 304  89  —  132  47,065 
Income tax expense (benefit) —  29  —  —  66 
Non-hotel EBITDA ownership expense 4  2  —  11  368 
Hotel EBITDA including amounts attributable to noncontrolling interest 369  403  —  906  117,477 
Non-comparable adjustments (369) (403) —  237  (13,810)
Comparable hotel EBITDA $ —  $ —  $ —  $ 1,143  $ 103,667 
NOTES:
(1)    The above comparable information assumes the 75 hotel properties owned and included in the Company’s operations at March 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
29