株探米国株
日本語 英語
エドガーで原本を確認する
0001232582false00012325822024-11-052024-11-050001232582us-gaap:CommonStockMember2024-11-052024-11-050001232582us-gaap:SeriesDPreferredStockMember2024-11-052024-11-050001232582us-gaap:SeriesFPreferredStockMember2024-11-052024-11-050001232582us-gaap:SeriesGPreferredStockMember2024-11-052024-11-050001232582us-gaap:SeriesHPreferredStockMember2024-11-052024-11-050001232582aht:SeriesIPreferredStockMember2024-11-052024-11-05

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 5, 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 November 5, 2024, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 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    Third Quarter 2024 Earnings Release of the Company, dated November 5, 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: November 5, 2024 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 aht2024q3earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14.jpg
NEWS RELEASE
Contact: Deric Eubanks Laken Avonne Rapier Joseph Calabrese
Chief Financial Officer Media Contact Financial Relations Board
(972) 490-9600 LRapier@ashfordinc.com (212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2024 RESULTS

DALLAS – November 5, 2024 – 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, 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 September 30, 2024 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, 2024 with the third quarter ended September 30, 2023 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.4% to $133 during the quarter on a 1.7% increase in Comparable ADR and a 3.0% decrease in Comparable Occupancy.
•Net loss attributable to common stockholders was $63.2 million or $12.39 per diluted share for the quarter.
•Adjusted EBITDAre was $52.4 million for the quarter.
•Adjusted funds from operations (AFFO) was $(1.71) per diluted share for the quarter.
•Comparable Hotel EBITDA was $70.4 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $119.7 million and restricted cash of $114.3 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 $26.7 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 $160.0 million.
•Capex invested during the quarter was $22.6 million.

RECENT OPERATING HIGHLIGHTS
•Over the last several months the Company has provided several updates 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.
•The Company’s Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property by the end of 2024 at which time it will be rebranded to Autograph La Concha.



AHT Reports Third Quarter Results
Page 2
November 5, 2024

•The Company’s Le Pavillon Hotel in New Orleans, Louisiana is on track to convert to a Marriott Tribute Portfolio property by the end of 2024.
•To date, the Company has issued approximately $173 million of its non-traded preferred stock.

CAPITAL STRUCTURE
As of September 30, 2024, the Company had total loans of $2.7 billion with a blended average interest rate of 8.0%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 83% of the Company’s consolidated debt is effectively fixed and approximately 17% is effectively floating.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 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. As of September 30, 2024 the Company had 6,158,835 shares of its Series J and 526,708 shares of its Series K non-traded preferred stock outstanding and has raised approximately $173 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.

Subsequent to quarter end, the Company announced that its Board of Directors approved a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on October 25, 2024, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on October 28, 2024, on the split-adjusted basis.

“I’m very pleased with the progress we have made related to our plan announced earlier this year to pay off our strategic financing,” commented Stephen Zsigray, Ashford Trust’s President and Chief Executive Officer. “Since that announcement, we have sold over $310 million of hotels, completed a refinancing of our Renaissance Nashville that generated excess proceeds, and continue to raise substantial capital through the sale of our non-traded preferred stock. The outstanding loan balance on our strategic financing is now approximately $82 million, which is down almost 60% from the original balance, and we still believe that we have a viable path to pay off this financing before the end of the year.” Mr. Zsigray added, “Operationally, we remain focused on maximizing the value of our assets and look forward to realizing enhanced financial performance from the upcoming conversions of La Concha and Le Pavillon later this year. As we look to the remainder of 2024 and into 2025, 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, November 6, 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, November 13, 2024, by dialing (609) 800-9909 and entering the confirmation number, 4669395.

The Company will also provide an online simulcast and rebroadcast of its third 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, November 6, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.



AHT Reports Third Quarter Results
Page 3
November 5, 2024


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 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, 2024 December 31, 2023
ASSETS
Investments in hotel properties, gross $ 3,603,062  $ 4,245,264 
Accumulated depreciation (1,118,574) (1,293,332)
Investments in hotel properties, net 2,484,488  2,951,932 
Contract asset 365,647  — 
Cash and cash equivalents 119,659  165,231 
Restricted cash 114,282  146,079 
Accounts receivable, net of allowance of $539 and $1,214, respectively 49,874  45,521 
Inventories 3,678  3,679 
Notes receivable, net 10,164  7,369 
Investment in unconsolidated entities 9,132  9,960 
Deferred costs, net 1,824  1,808 
Prepaid expenses 14,250  12,806 
Derivative assets, net 4,074  13,696 
Operating lease right-of-use assets 43,835  44,047 
Other assets 18,941  25,309 
Intangible assets, net 797  797 
Due from related parties, net 2,078  — 
Due from third-party hotel managers 26,684  21,664 
Assets held for sale —  12,383 
Total assets $ 3,269,407  $ 3,462,281 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 2,734,537  $ 3,040,951 
Indebtedness associated with hotels in receivership 322,800  355,120 
Finance lease liability 17,998  18,469 
Other finance liability 27,015  26,858 
Accounts payable and accrued expenses 146,402  129,323 
Accrued interest payable 10,714  12,985 
Accrued interest associated with hotels in receivership 42,847  14,024 
Dividends and distributions payable 3,833  3,566 
Due to Ashford Inc., net 6,407  13,261 
Due to related parties, net —  5,874 
Due to third-party hotel managers 1,149  1,193 
Intangible liabilities, net 1,989  2,017 
Operating lease liabilities 44,457  44,765 
Other liabilities 3,301  3,499 
Liabilities associated with assets held for sale —  14,653 
Total liabilities 3,363,449  3,686,558 
Redeemable noncontrolling interests in operating partnership 22,675  22,007 
Series J Redeemable Preferred Stock, $0.01 par value, 6,158,835 and 3,475,318 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 141,809  79,975 
Series K Redeemable Preferred Stock, $0.01 par value, 526,708 and 194,193 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 13,024  4,783 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,159,927 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 11  12 
Series F Cumulative Preferred Stock, 1,037,044 and 1,175,344 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 10  11 
Series G Cumulative Preferred Stock, 1,472,948 and 1,531,996 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 15  15 
Series H Cumulative Preferred Stock, 1,040,956 and 1,170,325 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 10  12 
Series I Cumulative Preferred Stock, 1,034,303 and 1,160,923 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 11  12 
Common stock, $0.01 par value, 400,000,000 shares authorized, 5,443,905 and 3,742,205 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 54  37 
Additional paid-in capital 2,391,320  2,383,312 
Accumulated deficit (2,679,798) (2,729,312)
Total stockholders' equity (deficit) of the Company (288,367) (345,901)
Noncontrolling interests in consolidated entities 16,817  14,859 
Total equity (deficit) (271,550) (331,042)
Total liabilities and equity/deficit $ 3,269,407  $ 3,462,281 
4


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,
2024 2023 2024 2023
REVENUE
Rooms $ 212,962  $ 270,607  $ 685,774  $ 817,477 
Food and beverage 46,384  52,205  159,002  172,943 
Other 16,672  19,537  50,298  55,135 
Total hotel revenue 276,018  342,349  895,074  1,045,555 
Other 582  665  1,904  2,094 
Total revenue 276,600  343,014  896,978  1,047,649 
EXPENSES
Hotel operating expenses
Rooms 50,929  64,803  159,682  190,041 
Food and beverage 33,908  39,511  109,247  121,211 
Other expenses 100,090  115,625  311,596  348,463 
Management fees 9,907  12,687  32,641  38,706 
Total hotel operating expenses 194,834  232,626  613,166  698,421 
Property taxes, insurance and other 18,062  17,345  52,335  52,880 
Depreciation and amortization 37,740  45,954  115,471  140,963 
Advisory services fee:
Base advisory fee 8,197  8,121  24,375  24,839 
Reimbursable expenses 3,330  2,884  12,562  9,176 
Stock/unit-based compensation 218  1,390  1,261  3,635 
Stirling performance participation fee 111  —  333  — 
Corporate, general and administrative:
Stock/unit-based compensation 26  99  270  728 
Other general and administrative 5,033  3,772  20,192  10,659 
Total operating expenses 267,551  312,191  839,965  941,301 
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 6,390  94,406  7,443 
Gain (loss) on derecognition of assets 11,114  —  156,748  — 
OPERATING INCOME (LOSS) 20,172  37,213  308,167  113,791 
Equity in earnings (loss) of unconsolidated entities (133) (138) (828) (715)
Interest income 1,771  1,888  5,443  6,755 
Other income (expense), net 36  34  108  277 
Interest expense, net of discount amortization (63,252) (84,382) (200,083) (233,462)
Interest expense associated with hotels in receivership (11,120) (11,749) (35,162) (27,389)
Amortization of loan costs (3,573) (3,249) (9,119) (9,634)
Write-off of premiums, loan costs and exit fees (17) (1,263) (3,831) (2,633)
Gain (loss) on extinguishment of debt 2,745  —  2,790  — 
Realized and unrealized gain (loss) on derivatives (6,202) (2,678) (84) 4,490 
INCOME (LOSS) BEFORE INCOME TAXES (59,573) (64,324) 67,401  (148,520)
Income tax benefit (expense) 445  (127) (3,313) (2,410)
NET INCOME (LOSS) (59,128) (64,451) 64,088  (150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities 477  —  494  — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 746  889  (672) 1,838 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (57,905) (63,562) 63,910  (149,092)
Preferred dividends (5,900) (4,295) (16,379) (11,290)
Deemed dividends on redeemable preferred stock (902) (760) (2,253) (1,993)
Gain (loss) on extinguishment of preferred stock 1,556  —  3,340  — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (63,151) $ (68,617) $ 48,618  $ (162,375)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (12.39) $ (19.91) $ 10.94  $ (47.21)
Weighted average common shares outstanding – basic 5,096  3,446  4,425  3,440 
Diluted:
Net income (loss) attributable to common stockholders $ (12.39) $ (19.91) $ 3.12  $ (47.21)
Weighted average common shares outstanding – diluted 5,096  3,446  18,768  3,440 
Dividends declared per common share $ —  $ —  $ —  $ — 
5


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,
2024 2023 2024 2023
Net income (loss) $ (59,128) $ (64,451) $ 64,088  $ (150,930)
Interest expense and amortization of discounts and loan costs, net 66,825  87,631  209,202  243,096 
Interest expense associated with hotels in receivership 11,120  11,749  35,162  27,389 
Depreciation and amortization 37,740  45,954  115,471  140,963 
Income tax expense (benefit) (445) 127  3,313  2,410 
Equity in (earnings) loss of unconsolidated entities 133  138  828  715 
Company's portion of EBITDA of unconsolidated entities 257  217  306  305 
EBITDA 56,502  81,365  428,370  263,948 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (9) (6,390) (94,406) (7,443)
(Gain) loss on derecognition of assets (11,114) —  (156,748) — 
EBITDAre 45,379  74,975  177,216  256,505 
Amortization of unfavorable contract liabilities (31) (31) (92) 16 
Transaction and conversion costs 1,979  1,219  9,210  2,371 
Write-off of premiums, loan costs and exit fees 17  1,263  3,831  2,633 
Realized and unrealized (gain) loss on derivatives 6,202  2,678  84  (4,490)
Stock/unit-based compensation 244  1,491  1,531  4,374 
Legal, advisory and settlement costs 896  911  1,169  911 
Other (income) expense, net (36) (33) (108) (276)
Stirling performance participation fee 111  —  333  — 
(Gain) loss on extinguishment of debt (2,745) —  (2,790) — 
Severance 394  —  544  — 
Company's portion of adjustments to EBITDAre of unconsolidated entities —  — 
Adjusted EBITDAre $ 52,410  $ 82,473  $ 190,934  $ 262,045 
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,
2024 2023 2024 2023
Net income (loss) $ (59,128) $ (64,451) $ 64,088  $ (150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities 477  —  494  — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 746  889  (672) 1,838 
Preferred dividends (5,900) (4,295) (16,379) (11,290)
Deemed dividends on redeemable preferred stock (902) (760) (2,253) (1,993)
Gain (loss) on extinguishment of preferred stock 1,556  —  3,340  — 
Net income (loss) attributable to common stockholders (63,151) (68,617) 48,618  (162,375)
Depreciation and amortization on real estate 37,740  45,954  115,471  140,963 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (9) (6,390) (94,406) (7,443)
(Gain) loss on derecognition of assets (11,114) —  (156,748) — 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (746) (889) 672  (1,838)
Equity in (earnings) loss of unconsolidated entities 133  138  828  715 
Impairment charges on real estate —  —  —  — 
Company's portion of FFO of unconsolidated entities (3) (10) (457) (364)
FFO available to common stockholders and OP unitholders (37,150) (29,814) (86,022) (30,342)
Deemed dividends on redeemable preferred stock 902  760  2,253  1,993 
(Gain) loss on extinguishment of preferred stock (1,556) —  (3,340) — 
Transaction and conversion costs 1,979  1,219  9,210  2,371 
Write-off of premiums, loan costs and exit fees 17  1,263  3,831  2,633 
Unrealized (gain) loss on derivatives 13,458  12,908  23,413  27,233 
Stock/unit-based compensation 244  1,491  1,531  4,374 
Legal, advisory and settlement costs 896  911  1,169  911 
Other (income) expense, net (36) (33) (108) (276)
Amortization of credit facility exit fee —  5,015  844  13,811 
Amortization of loan costs 3,573  3,249  9,119  9,634 
Stirling performance participation fee 111  —  333  — 
(Gain) loss on extinguishment of debt (2,745) —  (2,790) — 
Dead deal costs —  —  —  — 
Interest expense associated with hotels in receivership 11,120  —  29,615  — 
Severance 394  —  544  — 
Default interest and late fees —  5,995  —  7,326 
Company's portion of adjustments to FFO of unconsolidated entities —  — 
Adjusted FFO available to common stockholders and OP unitholders $ (8,793) $ 2,964  $ (10,392) $ 39,669 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (1.71) $ 0.81  $ (2.32) $ 10.86 
Weighted average diluted shares 5,156  3,665  4,480  3,653 
6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2024
(dollars in thousands)
(unaudited)
Indebtedness Current Maturity
Final Maturity (12)
Interest Rate Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
TTM Hotel Net Income TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (13)
Comparable TTM Hotel EBITDA
Debt Yield
Torchlight Marriott Gateway - 1 hotel November 2024 November 2026 SOFR (1) + 4.76% $ —  $ 86,000  $ 86,000  (2) $ 11,494  13.4  % $ 16,353  19.0  %
Morgan Stanley Pool - 17 hotels November 2024 November 2024 SOFR (1) + 3.39% —  409,750  409,750  (3) 21,016  5.1  % 43,428  10.6  %
Aareal Le Pavillon - 1 hotel December 2024 December 2027 SOFR (1) + 4.00% —  37,000  37,000  (4) (9,325) (25.2) % (498) (1.3) %
BAML Indigo Atlanta - 1 hotel December 2024 December 2024 SOFR (1) + 2.85% —  13,644  13,644  (5) (754) (5.5) % 1,727  12.7  %
BAML Pool 3 - 2 hotels February 2025 February 2025 4.45% 26,134  —  26,134  8,993  34.4  % 5,531  21.2  %
JPMorgan Chase - 8 hotels February 2025 February 2026 SOFR (1) + 3.28% —  335,000  335,000  (6) 4,556  1.4  % 25,042  7.5  %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 March 2025 4.66% 22,289  —  22,289  (1,367) (6.1) % 2,044  9.2  %
BAML Highland Pool - 19 hotels April 2025 April 2025 SOFR (1) + 3.51% —  862,027  862,027  (7) 49,043  5.7  % 95,128  11.0  %
KEYS Pool C - 4 hotels June 2025 June 2025 SOFR (1) + 4.03% —  143,877  143,877  (8) 13,464  9.4  % 19,940  13.9  %
KEYS Pool D - 4 hotels June 2025 June 2025 SOFR (1) + 4.29% —  159,424  159,424  (8) 88,305  55.4  % 18,467  11.6  %
KEYS Pool E - 5 hotels June 2025 June 2025 SOFR (1) + 3.02% —  109,473  109,473  (8) 4,930  4.5  % 17,012  15.5  %
Oaktree Capital Term Loan January 2026 January 2026 14.00% 84,386  —  84,386   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  (9) 5,053  5.1  % 10,339  10.5  %
BAML Nashville - 1 hotel May 2026 May 2029 SOFR (1) + 3.98% —  267,200  267,200  (10) 24,454  9.2  % 34,418  12.9  %
Unencumbered Hotels - 2 hotels —  —  —  4,085  N/A 9,141  N/A
Total $ 132,809  $ 2,521,845  $ 2,654,654  $ 223,947  8.4  % $ 298,072  11.2  %
Percentage 5.0  % 95.0  % 100.0  %
Weighted average interest rate (11)
10.55  % 7.87  % 8.00  %
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, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    SOFR rate was 4.85% at September 30, 2024.
(2)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(3)    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.
(4)    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%.
(5)    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.
(6)    This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
(7)    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.
(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024.
(9)    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%.
(10)    This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.
(11)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12)    The final maturity date assumes all available extension options will be exercised.
(13)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.




7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2024
(dollars in thousands)
(unaudited)
2024 2025 2026 2027 2028 Thereafter Total
Morgan Stanley Pool - 17 hotels $ 409,750  $ —  $ —  $ —  $ —  $ —  $ 409,750 
BAML Indigo Atlanta - 1 hotel 13,623  —  —  —  —  —  13,623 
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 - 4 hotels —  159,424  —  —  —  —  159,424 
KEYS Pool E - 5 hotels —  109,473  —  —  —  —  109,473 
Oaktree Capital Term Loan —  —  84,387  —  —  —  84,387 
JPMorgan Chase - 8 hotels —  —  325,000  —  —  —  325,000 
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 
BAML Nashville - 1 hotel —  —  —  —  —  267,200  267,200 
Principal due in future periods 423,373  1,322,737  495,387  35,000  98,450  267,200  2,642,147 
Scheduled amortization payments remaining 10,344  164  1,000  1,000  —  —  12,508 
Total indebtedness $ 433,717  $ 1,322,901  $ 496,387  $ 36,000  $ 98,450  $ 267,200  $ 2,654,655 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.

8


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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 212,961  $ (4,266) $ 208,695  $ 270,325  $ (59,604) $ 210,721  (21.22) % (0.96) %
RevPAR $ 132.05  $ (112.62) $ 132.51  $ 131.67  $ (122.91) $ 134.38  0.29  % (1.39) %
Occupancy 70.82  % (79.71) % 70.61  % 72.22  % (70.34) % 72.81  % (1.94) % (3.02) %
ADR $ 186.44  $ (141.28) $ 187.67  $ 182.31  $ (174.75) $ 184.56  2.27  % 1.68  %
ALL HOTELS:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 685,774  $ (44,387) $ 641,387  $ 815,218  $ (177,170) $ 638,048  (15.88) % 0.52  %
RevPAR $ 135.17  $ (112.19) $ 137.12  $ 133.81  $ (123.12) $ 137.12  1.02  % —  %
Occupancy 70.71  % (68.16) % 70.92  % 72.04  % (71.02) % 72.36  % (1.85) % (1.98) %
ADR $ 191.17  $ (164.59) $ 193.34  $ 185.74  $ (173.37) $ 189.50  2.92  % 2.02  %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 204,294  $ (4,266) $ 200,028  $ 261,296  $ (59,604) $ 201,692  (27.90) % (0.83) %
RevPAR $ 131.11  $ (112.62) $ 131.58  $ 130.75  $ (122.91) $ 133.26  0.28  % (1.28) %
Occupancy 71.17  % (79.71) % 70.96  % 72.42  % (70.34) % 73.09  % (1.76) % (3.01) %
ADR $ 184.22  $ (141.28) $ 185.43  $ 180.53  $ (174.75) $ 182.32  2.00  % 1.68  %
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 659,040  $ (44,387) $ 614,653  $ 787,669  $ (177,170) $ 610,499  (19.52) % 0.68  %
RevPAR $ 134.21  $ (112.19) $ 136.14  $ 132.82  $ (123.12) $ 135.93  1.03  % 0.15  %
Occupancy 70.96  % (68.16) % 71.20  % 72.18  % (71.02) % 72.56  % (1.72) % (1.90) %
ADR $ 189.14  $ (164.59) $ 191.20  $ 184.01  $ (173.37) $ 187.35  2.71  % 2.01  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at September 30, 2024, and not under renovation during the three months ended September 30, 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:
Embassy Suites Dallas
9


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,
2024 2023 % Variance 2024 2023 % Variance
Total hotel revenue $ 276,019  $ 341,999  (19.29) % $ 895,074  $ 1,042,613  (14.15) %
Non-comparable adjustments (4,342) (70,566) (53,235) (210,550)
Comparable total hotel revenue $ 271,677  $ 271,433  0.09  % $ 841,839  $ 832,063  1.17  %
Hotel net income (loss) $ 32,678  $ 44,644  (26.80) % $ 203,792  $ 143,479  42.04  %
Non-comparable adjustments (2,446) (7,339) (87,168) (21,686)
Comparable hotel net income (loss) $ 30,232  $ 37,305  (18.96) % $ 116,624  $ 121,793  (4.24) %
Hotel net income (loss) margin 11.84  % 13.05  % (1.21) % 22.77  % 13.76  % 9.01  %
Comparable hotel net income margin 11.13  % 13.74  % (2.61) % 13.85  % 14.64  % (0.79) %
Hotel EBITDA $ 71,833  $ 97,466  (26.30) % $ 245,279  $ 305,703  (19.77) %
Non-comparable adjustments (1,413) (19,807) (11,107) (59,501)
Comparable hotel EBITDA $ 70,420  $ 77,659  (9.32) % $ 234,172  $ 246,202  (4.89) %
Hotel EBITDA margin 26.02  % 28.50  % (2.48) % 27.40  % 29.32  % (1.92) %
Comparable hotel EBITDA margin 25.92  % 28.61  % (2.69) % 27.82  % 29.59  % (1.77) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 Nine Months Ended
September 30, September 30,
2024 2023 % Variance 2024 2023 % Variance
Total hotel revenue $ 264,263  $ 329,876  (19.89) % $ 857,875  $ 1,004,200  (14.57) %
Non-comparable adjustments (4,342) (70,566) (53,235) (210,550)
Comparable total hotel revenue $ 259,921  $ 259,310  0.24  % $ 804,640  $ 793,650  1.38  %
Hotel net income (loss) $ 32,888  $ 43,559  (24.50) % $ 202,274  $ 139,111  45.40  %
Non-comparable adjustments (2,446) (7,339) (87,168) (21,686)
Comparable hotel net income (loss) $ 30,442  $ 36,220  (15.95) % $ 115,106  $ 117,425  (1.97) %
Hotel net income (loss) margin 12.45  % 13.20  % (0.75) % 23.58  % 13.85  % 9.73  %
Comparable hotel net income margin 11.71  % 13.97  % (2.26) % 14.31  % 14.80  % (0.49) %
Hotel EBITDA $ 69,932  $ 94,710  (26.16) % $ 238,235  $ 296,147  (19.56) %
Non-comparable adjustments (1,413) (19,807) (11,107) (59,501)
Comparable hotel EBITDA $ 68,519  $ 74,903  (8.52) % $ 227,128  $ 236,646  (4.02) %
Hotel EBITDA margin 26.46  % 28.71  % (2.25) % 27.77  % 29.49  % (1.72) %
Comparable hotel EBITDA margin 26.36  % 28.89  % (2.53) % 28.23  % 29.82  % (1.59) %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at September 30, 2024, and not under renovation during the three months ended September 30, 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:
Embassy Suites Dallas
10


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 2024 2024 2024 2024 2024 2024 2023 2023 2023
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 $ 276,019  $ (4,342) $ 271,677  $ 315,797  $ (13,371) $ 302,426  $ 303,258  $ (35,522) $ 267,736  $ 319,177  $ (60,307) $ 258,870 
Hotel net income (loss) $ 32,678  $ (2,446) $ 30,232  $ 140,679  $ (86,395) $ 54,284  $ 30,435  $ 1,673  $ 32,108  $ (130,905) $ 153,526  $ 22,621 
Hotel net income (loss) margin 11.84  % 11.13  % 44.55  % 17.95  % 10.04  % 11.99  % (41.01) % 8.74  %
Hotel EBITDA $ 71,833  $ (1,413) $ 70,420  $ 95,134  $ (2,533) $ 92,601  $ 78,312  $ (7,161) $ 71,151  $ 78,605  $ (14,546) $ 64,059 
Hotel EBITDA margin 26.02  % 25.92  % 30.13  % 30.62  % 25.82  % 26.58  % 24.63  % 24.75  %
Hotel net income (loss) % of total TTM 44.8  % 21.7  % 193.0  % 39.0  % 41.8  % 23.1  % (179.6) % 16.2  %
EBITDA % of total TTM 22.2  % 23.6  % 29.4  % 31.1  % 24.2  % 23.9  % 24.2  % 21.4  %
Actual Non-comparable Adjustments Comparable
2024 2024 2024
TTM TTM TTM
Total hotel revenue $ 1,214,251  $ (113,542) $ 1,100,709 
Hotel net income (loss) $ 72,887  $ 66,358  $ 139,245 
Hotel net income (loss) margin 6.00  % 12.65  %
Hotel EBITDA $ 323,884  $ (25,653) $ 298,231 
Hotel EBITDA margin 26.67  % 27.09  %
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 69 hotel properties owned and included in the Company’s operations at September 30, 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.
11


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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 939  $ 132.52  $ (112.62) $ 136.53  $ 134.20  $ (121.37) $ 143.59  (1.3) % (4.9) %
Boston, MA Area 315  274.46  —  274.46  286.97  (315.15) 252.09  (4.4) % 8.9  %
Dallas / Ft. Worth, TX Area 1,396  102.56  (69.96) 102.73  97.79  (61.05) 107.46  4.9  % (4.4) %
Houston, TX Area 695  112.92  —  112.92  103.47  —  103.47  9.1  % 9.1  %
Los Angeles, CA Metro Area 1,312  138.06  —  138.06  138.83  (129.81) 140.94  (0.6) % (2.0) %
Miami, FL Metro Area 414  112.35  —  112.35  113.52  —  113.52  (1.0) % (1.0) %
Minneapolis - St. Paul, MN Area 520  94.59  —  94.59  96.77  —  96.77  (2.3) % (2.3) %
Nashville, TN Area 674  203.17  —  203.17  238.28  —  238.28  (14.7) % (14.7) %
New York / New Jersey Metro Area 1,159  105.56  —  105.56  115.85  (123.36) 112.07  (8.9) % (5.8) %
Orlando, FL Area 524  95.09  —  95.09  99.14  —  99.14  (4.1) % (4.1) %
Philadelphia, PA Area 263  118.04  —  118.04  101.60  (79.64) 133.76  16.2  % (11.8) %
San Diego, CA Area 410  180.15  —  180.15  169.71  —  169.71  6.2  % 6.2  %
San Francisco - Oakland, CA Metro Area 793  142.20  —  142.20  126.30  (117.34) 134.81  12.6  % 5.5  %
Tampa, FL Area 571  105.33  —  105.33  113.09  —  113.09  (6.9) % (6.9) %
Washington D.C. - MD - VA Area 2,428  141.50  —  141.50  139.21  —  139.21  1.6  % 1.6  %
Other Areas 24  4,826  131.21  (113.96) 131.98  124.01  (103.54) 131.84  5.8  % 0.1  %
Total Portfolio 69  17,239  $ 132.05  $ (112.62) $ 132.51  $ 131.67  $ (122.91) $ 134.38  0.3  % (1.4) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 939  $ 127.79  $ (95.79) $ 138.95  $ 137.16  $ (124.35) $ 146.53  (6.8) % (5.2) %
Boston, MA Area 315  206.13  (162.27) 225.75  241.72  (267.08) 210.33  (14.7) % 7.3  %
Dallas / Ft. Worth, TX Area 1,396  115.17  (83.82) 117.45  110.15  (75.38) 119.31  4.6  % (1.6) %
Houston, TX Area 695  106.58  —  106.58  108.91  —  108.91  (2.1) % (2.1) %
Los Angeles, CA Metro Area 1,312  145.73  (84.48) 148.87  144.86  (117.89) 151.17  0.6  % (1.5) %
Miami, FL Metro Area 414  170.98  —  170.98  168.58  —  168.58  1.4  % 1.4  %
Minneapolis - St. Paul, MN Area 520  77.01  —  77.01  77.38  —  77.38  (0.5) % (0.5) %
Nashville, TN Area 674  228.15  —  228.15  235.79  —  235.79  (3.2) % (3.2) %
New York / New Jersey Metro Area 1,159  95.57  (55.84) 97.33  100.74  (106.32) 97.93  (5.1) % (0.6) %
Orlando, FL Area 524  119.20  —  119.20  125.93  —  125.93  (5.3) % (5.3) %
Philadelphia, PA Area 263  108.29  (28.18) 121.56  96.27  (74.76) 127.76  12.5  % (4.9) %
San Diego, CA Area 410  161.66  —  161.66  149.57  —  149.57  8.1  % 8.1  %
San Francisco - Oakland, CA Metro Area 793  128.79  (85.16) 134.87  122.87  (119.12) 126.43  4.8  % 6.7  %
Tampa, FL Area 571  142.08  —  142.08  149.36  —  149.36  (4.9) % (4.9) %
Washington D.C. - MD - VA Area 2,428  154.09  —  154.09  148.78  —  148.78  3.6  % 3.6  %
Other Areas 24  4,826  129.84  (132.17) 129.55  126.55  (118.39) 129.67  2.6  % (0.1) %
Total Portfolio 69  17,239  $ 135.17  $ (112.19) $ 137.12  $ 133.81  $ (123.12) $ 137.12  1.0  % —  %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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.
12


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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 939  $ 1,027  $ (114) $ 913  3.0  % $ 1,932  $ (545) $ 1,387  3.7  % (46.8) % (34.2) %
Boston, MA Area 315  3,200  (109) 3,091  10.2  % 4,568  (2,162) 2,406  6.4  % (29.9) % 28.5  %
Dallas / Ft. Worth, TX Area 1,396  3,029  (2,690) 339  1.1  % 1,435  334  1,769  4.7  % 111.1  % (80.8) %
Houston, TX Area 695  82  —  82  0.3  % 1,014  —  1,014  2.7  % (91.9) % (91.9) %
Los Angeles, CA Metro Area 1,312  2,504  —  2,504  8.3  % 3,911  (905) 3,006  8.1  % (36.0) % (16.7) %
Miami, FL Metro Area 414  (1,361) —  (1,361) (4.5) % (639) —  (639) (1.7) % (113.0) % (113.0) %
Minneapolis - St. Paul, MN Area 520  456  —  456  1.5  % 678  —  678  1.8  % (32.7) % (32.7) %
Nashville, TN Area 674  4,950  —  4,950  16.4  % 6,252  —  6,252  16.8  % (20.8) % (20.8) %
New York / New Jersey Metro Area 1,159  715  —  715  2.4  % 2,717  (1,107) 1,610  4.3  % (73.7) % (55.6) %
Orlando, FL Area 524  (212) —  (212) (0.7) % (91) —  (91) (0.2) % (133.0) % (133.0) %
Philadelphia, PA Area 263  353  (47) 306  1.0  % 463  (209) 254  0.7  % (23.8) % 20.5  %
San Diego, CA Area 410  2,258  —  2,258  7.5  % 1,860  —  1,860  5.0  % 21.4  % 21.4  %
San Francisco - Oakland, CA Metro Area 793  1,085  (2) 1,083  3.6  % 1,526  (626) 900  2.4  % (28.9) % 20.3  %
Tampa, FL Area 571  483  —  483  1.6  % 724  —  724  1.9  % (33.3) % (33.3) %
Washington D.C. - MD - VA Area 2,428  7,246  —  7,246  24.0  % 5,876  —  5,876  15.8  % 23.3  % 23.3  %
Other Areas 24  4,826  6,863  516  7,379  24.3  % 12,418  (2,119) 10,299  27.6  % (44.7) % (28.4) %
Total Portfolio 69  17,239  $ 32,678  $ (2,446) $ 30,232  100.0  % $ 44,644  $ (7,339) $ 37,305  100.0  % (26.8) % (19.0) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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) 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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 939  $ 18,009  $ (14,350) $ 3,659  3.1  % $ 7,078  $ (1,380) $ 5,698  4.7  % 154.4  % (35.8) %
Boston, MA Area 315  2,361  3,350  5,711  4.9  % 7,036  (2,555) 4,481  3.7  % (66.4) % 27.4  %
Dallas / Ft. Worth, TX Area 1,396  9,028  (1,730) 7,298  6.3  % 8,199  (48) 8,151  6.7  % 10.1  % (10.5) %
Houston, TX Area 695  412  —  412  0.4  % 3,329  —  3,329  2.7  % (87.6) % (87.6) %
Los Angeles, CA Metro Area 1,312  6,227  3,375  9,602  8.2  % 15,188  (1,867) 13,321  10.9  % (59.0) % (27.9) %
Miami, FL Metro Area 414  3,860  —  3,860  3.3  % 3,523  —  3,523  2.9  % 9.6  % 9.6  %
Minneapolis - St. Paul, MN Area 520  (779) —  (779) (0.7) % (249) —  (249) (0.2) % (212.9) % (212.9) %
Nashville, TN Area 674  19,400  —  19,400  16.6  % 18,114  —  18,114  14.9  % 7.1  % 7.1  %
New York / New Jersey Metro Area 1,159  (107) 882  775  0.7  % 3,315  (567) 2,748  2.3  % (103.2) % (71.8) %
Orlando, FL Area 524  2,229  —  2,229  1.9  % 2,755  —  2,755  2.3  % (19.1) % (19.1) %
Philadelphia, PA Area 263  370  802  1,172  1.0  % 322  (90) 232  0.2  % 14.9  % 405.2  %
San Diego, CA Area 410  5,126  —  5,126  4.4  % 4,079  —  4,079  3.3  % 25.7  % 25.7  %
San Francisco - Oakland, CA Metro Area 793  1,565  243  1,808  1.6  % 2,796  (2,672) 124  0.1  % (44.0) % 1,358.1  %
Tampa, FL Area 571  6,908  —  6,908  5.9  % 7,126  —  7,126  5.9  % (3.1) % (3.1) %
Washington D.C. - MD - VA Area 2,428  27,014  —  27,014  23.2  % 19,980  —  19,980  16.4  % 35.2  % 35.2  %
Other Areas 24  4,826  102,169  (79,740) 22,429  19.2  % 40,888  (12,507) 28,381  23.2  % 149.9  % (21.0) %
Total Portfolio 69  17,239  $ 203,792  $ (87,168) $ 116,624  100.0  % $ 143,479  $ (21,686) $ 121,793  100.0  % 42.0  % (4.2) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 September 30,
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 939  $ 4,142  $ (643) $ 3,499  5.0  % $ 6,242  $ (2,032) $ 4,210  5.4  % (33.6) % (16.9) %
Boston, MA Area 315  3,897  (139) 3,758  5.3  % 9,050  (5,865) 3,185  4.1  % (56.9) % 18.0  %
Dallas / Ft. Worth, TX Area 1,396  4,251  (25) 4,226  6.0  % 5,315  (201) 5,114  6.6  % (20.0) % (17.4) %
Houston, TX Area 695  2,351  —  2,351  3.3  % 2,393  —  2,393  3.1  % (1.8) % (1.8) %
Los Angeles, CA Metro Area 1,312  4,370  —  4,370  6.2  % 7,599  (1,268) 6,331  8.2  % (42.5) % (31.0) %
Miami, FL Metro Area 414  729  —  729  1.0  % 726  —  726  0.9  % 0.4  % 0.4  %
Minneapolis - St. Paul, MN Area 520  1,209  —  1,209  1.7  % 1,474  —  1,474  1.9  % (18.0) % (18.0) %
Nashville, TN Area 674  7,470  —  7,470  10.6  % 8,649  —  8,649  11.1  % (13.6) % (13.6) %
New York / New Jersey Metro Area 1,159  2,737  —  2,737  3.9  % 6,646  (2,914) 3,732  4.8  % (58.8) % (26.7) %
Orlando, FL Area 524  712  —  712  1.0  % 967  —  967  1.2  % (26.4) % (26.4) %
Philadelphia, PA Area 263  733  (47) 686  1.0  % 1,206  (493) 713  0.9  % (39.2) % (3.8) %
San Diego, CA Area 410  2,779  —  2,779  3.9  % 2,465  —  2,465  3.2  % 12.7  % 12.7  %
San Francisco - Oakland, CA Metro Area 793  3,491  (2) 3,489  5.0  % 5,131  (1,818) 3,313  4.3  % (32.0) % 5.3  %
Tampa, FL Area 571  1,205  —  1,205  1.7  % 1,632  —  1,632  2.1  % (26.2) % (26.2) %
Washington D.C. - MD - VA Area 2,428  11,659  —  11,659  16.6  % 11,317  —  11,317  14.6  % 3.0  % 3.0  %
Other Areas 24  4,826  20,098  (557) 19,541  27.8  % 26,654  (5,216) 21,438  27.6  % (24.6) % (8.8) %
Total Portfolio 69  17,239  $ 71,833  $ (1,413) $ 70,420  100.0  % $ 97,466  $ (19,807) $ 77,659  100.0  % (26.3) % (9.3) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 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
2024 2024 2024 2023 2023 2023 % Variance % Variance
Atlanta, GA Area 939  $ 13,434  $ (1,961) $ 11,473  4.9  % $ 20,459  $ (6,049) $ 14,410  5.9  % (34.3) % (20.4) %
Boston, MA Area 315  8,485  (653) 7,832  3.3  % 20,175  (13,208) 6,967  2.8  % (57.9) % 12.4  %
Dallas / Ft. Worth, TX Area 1,396  17,749  (568) 17,181  7.3  % 19,867  (1,490) 18,377  7.5  % (10.7) % (6.5) %
Houston, TX Area 695  6,134  —  6,134  2.6  % 7,782  —  7,782  3.2  % (21.2) % (21.2) %
Los Angeles, CA Metro Area 1,312  15,699  151  15,850  6.8  % 23,698  (3,020) 20,678  8.4  % (33.8) % (23.3) %
Miami, FL Metro Area 414  8,176  —  8,176  3.5  % 7,740  —  7,740  3.1  % 5.6  % 5.6  %
Minneapolis - St. Paul, MN Area 520  1,585  —  1,585  0.7  % 2,192  —  2,192  0.9  % (27.7) % (27.7) %
Nashville, TN Area 674  26,812  —  26,812  11.4  % 25,666  —  25,666  10.4  % 4.5  % 4.5  %
New York / New Jersey Metro Area 1,159  7,222  (112) 7,110  3.0  % 15,512  (6,057) 9,455  3.8  % (53.4) % (24.8) %
Orlando, FL Area 524  5,064  —  5,064  2.2  % 5,918  —  5,918  2.4  % (14.4) % (14.4) %
Philadelphia, PA Area 263  2,100  232  2,332  1.0  % 3,382  (1,251) 2,131  0.9  % (37.9) % 9.4  %
San Diego, CA Area 410  6,812  —  6,812  2.9  % 5,947  —  5,947  2.4  % 14.5  % 14.5  %
San Francisco - Oakland, CA Metro Area 793  9,590  (230) 9,360  4.0  % 14,598  (6,243) 8,355  3.4  % (34.3) % 12.0  %
Tampa, FL Area 571  9,305  —  9,305  4.0  % 9,946  —  9,946  4.0  % (6.4) % (6.4) %
Washington D.C. - MD - VA Area 2,428  40,746  —  40,746  17.4  % 39,053  —  39,053  15.9  % 4.3  % 4.3  %
Other Areas 24  4,826  66,366  (7,966) 58,400  25.0  % 83,768  (22,183) 61,585  25.0  % (20.8) % (5.2) %
Total Portfolio 69  17,239  $ 245,279  $ (11,107) $ 234,172  100.0  % $ 305,703  $ (59,501) $ 246,202  100.0  % (19.8) % (4.9) %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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
September 30, 2024
(in thousands, except share price)
(unaudited)
September 30, 2024
Common stock shares outstanding 5,444 
Partnership units outstanding 208 
Combined common stock shares and partnership units outstanding 5,652 
Common stock price $ 7.50 
Market capitalization $ 42,387 
Series D cumulative preferred stock $ 27,778 
Series F cumulative preferred stock $ 25,926 
Series G cumulative preferred stock $ 36,824 
Series H cumulative preferred stock $ 26,024 
Series I cumulative preferred stock $ 25,858 
Series J redeemable preferred stock $ 153,971 
Series K redeemable preferred stock $ 13,168 
Indebtedness $ 2,654,654 
Net working capital (see below) $ (160,047)
Total enterprise value (TEV) $ 2,846,543 
Cash and cash equivalents $ 114,114 
Restricted cash $ 109,711 
Accounts receivable, net $ 49,611 
Prepaid expenses $ 13,399 
Due from third-party hotel managers, net $ 25,561 
Due from affiliates, net $ 608 
Total current assets $ 313,004 
Accounts payable, net & accrued expenses $ 149,124 
Dividends and distributions payable $ 3,833 
Total current liabilities $ 152,957 
Net working capital $ 160,047 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, 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 Actual Actual 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
Le Pavillon New Orleans 226  x
Marriott Sugar Land 300  x x
Residence Inn Evansville 78  x
Total 3 3 1 4
(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 2024 2024 2023 September 30, 2024
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM
Net income (loss) $ 32,678  $ 140,679  $ 30,435  $ (130,905) $ 72,887 
Non-property adjustments (2,771) (85,986) 1,970  155,688  68,901 
Interest income (482) (420) (410) (421) (1,733)
Interest expense 2,206  2,086  4,155  4,231  12,678 
Amortization of loan costs 77  76  219  222  594 
Depreciation and amortization 37,691  37,139  40,220  46,617  161,667 
Income tax expense (benefit) 26  29  35  42  132 
Non-hotel EBITDA ownership expense 2,408  1,531  1,688  3,131  8,758 
Hotel EBITDA including amounts attributable to noncontrolling interest 71,833  95,134  78,312  78,605  323,884 
Non-comparable adjustments (1,413) (2,533) (7,161) (14,546) (25,653)
Comparable hotel EBITDA $ 70,420  $ 92,601  $ 71,151  $ 64,059  $ 298,231 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 September 30, 2024
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 32,888  $ (210) $ 32,678  $ (2) $ (91,804) $ (59,128)
Non-property adjustments (2,771) —  (2,771) —  2,771  — 
Interest income (437) (45) (482) —  482  — 
Interest expense 2,206  —  2,206  —  72,167  74,373 
Amortization of loan cost 77  —  77  —  3,495  3,572 
Depreciation and amortization 35,591  2,100  37,691  —  49  37,740 
Income tax expense (benefit) 26  —  26  —  (471) (445)
Non-hotel EBITDA ownership expense 2,352  56  2,408  —  (2,408) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 69,932  1,901  71,833  (2) (15,719) 56,112 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  133  133 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  257  257 
Hotel EBITDA attributable to the Company and OP unitholders $ 69,932  $ 1,901  $ 71,833  $ (2) $ (15,329) $ 56,502 
Non-comparable adjustments (1,413) —  (1,413)
Comparable hotel EBITDA $ 68,519  $ 1,901  $ 70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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:
Embassy Suites Dallas
18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 140,679  $ (5) $ (89,863) $ 50,811 
Non-property adjustments (85,986) —  85,986  — 
Interest income (420) —  420  — 
Interest expense 2,086  —  74,936  77,022 
Amortization of loan cost 76  —  3,262  3,338 
Depreciation and amortization 37,139  —  48  37,187 
Income tax expense (benefit) 29  —  3,426  3,455 
Non-hotel EBITDA ownership expense 1,531  —  (1,531) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 95,134  (5) 76,684  171,813 
Equity in (earnings) loss of unconsolidated entities —  —  162  162 
Company's portion of EBITDA of unconsolidated entities —  —  215  215 
Hotel EBITDA attributable to the Company and OP unitholders $ 95,134  $ (5) $ 77,061  $ 172,190 
Non-comparable adjustments (2,533)
Comparable hotel EBITDA $ 92,601 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 March 31, 2024
Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 30,435  $ (1) $ 41,971  $ 72,405 
Non-property adjustments 1,970  —  (1,970) — 
Interest income (410) —  410  — 
Interest expense 4,155  —  79,696  83,851 
Amortization of loan cost 219  —  1,989  2,208 
Depreciation and amortization 40,220  —  324  40,544 
Income tax expense (benefit) 35  —  268  303 
Non-hotel EBITDA ownership expense 1,688  —  (1,688) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 78,312  (1) 121,000  199,311 
Equity in (earnings) loss of unconsolidated entities —  —  533  533 
Company's portion of EBITDA of unconsolidated entities —  —  (166) (166)
Hotel EBITDA attributable to the Company and OP unitholders $ 78,312  $ (1) $ 121,367  $ 199,678 
Non-comparable adjustments (7,161)
Comparable hotel EBITDA $ 71,151 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 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  (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 (14,546)
Comparable hotel EBITDA $ 64,059 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 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) $ 43,559  $ 1,085  $ 44,644  $ 5,130  $ (114,225) $ (64,451)
Non-property adjustments (33) —  (33) (6,389) 6,422  — 
Interest income (357) (26) (383) —  383  — 
Interest expense 4,234  —  4,234  —  91,897  96,131 
Amortization of loan cost 219  —  219  —  3,030  3,249 
Depreciation and amortization 44,244  1,661  45,905  —  49  45,954 
Income tax expense (benefit) 89  —  89  —  38  127 
Non-hotel EBITDA ownership expense 2,755  36  2,791  (2,794) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 94,710  2,756  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 $ 94,710  $ 2,756  $ 97,466  $ (1,256) $ (14,845) $ 81,365 
Non-comparable adjustments (19,807) —  (19,807)
Comparable hotel EBITDA $ 74,903  $ 2,756  $ 77,659 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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:
Embassy Suites Dallas
22


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2024
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 202,274  $ 1,518  $ 203,792  $ (8) $ (139,696) $ 64,088 
Non-property adjustments (86,787) —  (86,787) —  86,787  — 
Interest income (1,200) (112) (1,312) —  1,312  — 
Interest expense 8,447  —  8,447  —  226,799  235,246 
Amortization of loan cost 372  —  372  —  8,746  9,118 
Depreciation and amortization 109,510  5,540  115,050  —  421  115,471 
Income tax expense (benefit) 90  —  90  —  3,223  3,313 
Non-hotel EBITDA ownership expense 5,529  98  5,627  —  (5,627) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 238,235  7,044  245,279  (8) 181,965  427,236 
Equity in (earnings) loss of unconsolidated entities —  —  —  —  828  828 
Company's portion of EBITDA of unconsolidated entities —  —  —  —  306  306 
Hotel EBITDA attributable to the Company and OP unitholders $ 238,235  $ 7,044  $ 245,279  $ (8) $ 183,099  $ 428,370 
Non-comparable adjustments (11,107) —  (11,107)
Comparable hotel EBITDA $ 227,128  $ 7,044  $ 234,172 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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:
Embassy Suites Dallas
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) $ 139,111  $ 4,368  $ 143,479  $ 5,130  $ (299,539) $ (150,930)
Non-property adjustments (50) —  (50) (6,389) 6,439  — 
Interest income (679) (52) (731) —  731  — 
Interest expense 14,951  —  14,951  —  245,900  260,851 
Amortization of loan cost 763  —  763  —  8,871  9,634 
Depreciation and amortization 135,549  5,105  140,654  164  145  140,963 
Income tax expense (benefit) 177  —  177  —  2,233  2,410 
Non-hotel EBITDA ownership expense 6,325  135  6,460  18  (6,478) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 296,147  9,556  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 $ 296,147  $ 9,556  $ 305,703  $ (1,077) $ (40,678) $ 263,948 
Non-comparable adjustments (59,501) —  (59,501)
Comparable hotel EBITDA $ 236,646  $ 9,556  $ 246,202 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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:
Embassy Suites Dallas
24


Exhibit 1

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

Three Months Ended September 30, 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) $ 1,027  $ 3,200  $ 3,029  $ 82  $ 2,504  $ (1,361) $ 456  $ 4,950  $ 715 
Non-property adjustments —  (12) (2,675) —  —  —  —  —  — 
Interest income (53) (82) —  —  (15) (12) —  (29) — 
Interest expense 777  —  337  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,321  744  3,473  1,709  2,043  1,143  729  2,407  1,994 
Income tax expense (benefit) —  —  —  —  —  —  —  21  — 
Non-hotel EBITDA ownership expense 70  47  87  560  (162) 959  24  121  28 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,142  3,897  4,251  2,351  4,370  729  1,209  7,470  2,737 
Non-comparable adjustments (643) (139) (25) —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,499  $ 3,758  $ 4,226  $ 2,351  $ 4,370  $ 729  $ 1,209  $ 7,470  $ 2,737 
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) $ (212) $ 353  $ 2,258  $ 1,085  $ 483  $ 7,246  $ 6,863  $ 32,678 
Non-property adjustments —  —  —  —  —  —  (84) (2,771)
Interest income (31) —  (27) (17) —  (174) (42) (482)
Interest expense —  —  —  212  —  —  880  2,206 
Amortization of loan costs —  —  —  40  —  —  37  77 
Depreciation and amortization 959  375  597  2,158  794  4,528  11,717  37,691 
Income tax expense (benefit) —  —  —  —  —  —  26 
Non-hotel EBITDA ownership expense (4) (49) 13  (72) 59  722  2,408 
Hotel EBITDA including amounts attributable to noncontrolling interest 712  733  2,779  3,491  1,205  11,659  20,098  71,833 
Non-comparable adjustments —  (47) —  (2) —  —  (557) (1,413)
Comparable hotel EBITDA $ 712  $ 686  $ 2,779  $ 3,489  $ 1,205  $ 11,659  $ 19,541  $ 70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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 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 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 (2,032) (5,865) (201) —  (1,268) —  —  —  (2,914)
Comparable hotel EBITDA $ 4,210  $ 3,185  $ 5,114  $ 2,393  $ 6,331  $ 726  $ 1,474  $ 8,649  $ 3,732 
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  32  59  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 —  (493) —  (1,818) —  —  (5,216) (19,807)
Comparable hotel EBITDA $ 967  $ 713  $ 2,465  $ 3,313  $ 1,632  $ 11,317  $ 21,438  $ 77,659 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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)

Nine Months Ended September 30, 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) $ 18,009  $ 2,361  $ 9,028  $ 412  $ 6,227  $ 3,860  $ (779) $ 19,400  $ (107)
Non-property adjustments (14,362) 665  (1,585) —  3,001  —  —  —  733 
Interest income (133) (205) (4) —  (56) (38) —  (83) (4)
Interest expense 2,329  2,518  337  —  —  —  —  —  — 
Amortization of loan costs —  144  —  —  —  —  —  —  — 
Depreciation and amortization 7,378  3,041  9,662  4,989  6,360  3,335  2,256  7,270  6,262 
Income tax expense (benefit) —  —  —  —  —  —  —  70  — 
Non-hotel EBITDA ownership expense 213  (39) 311  733  167  1,019  108  155  338 
Hotel EBITDA including amounts attributable to noncontrolling interest 13,434  8,485  17,749  6,134  15,699  8,176  1,585  26,812  7,222 
Non-comparable adjustments (1,961) (653) (568) —  151  —  —  —  (112)
Comparable hotel EBITDA $ 11,473  $ 7,832  $ 17,181  $ 6,134  $ 15,850  $ 8,176  $ 1,585  $ 26,812  $ 7,110 
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) $ 2,229  $ 370  $ 5,126  $ 1,565  $ 6,908  $ 27,014  $ 102,169  $ 203,792 
Non-property adjustments —  425  —  228  —  —  (75,892) (86,787)
Interest income (83) (4) (68) (52) —  (471) (111) (1,312)
Interest expense —  —  —  636  —  —  2,627  8,447 
Amortization of loan costs —  —  —  118  —  —  110  372 
Depreciation and amortization 2,896  1,289  1,777  6,983  2,463  13,915  35,174  115,050 
Income tax expense (benefit) —  —  —  —  —  —  20  90 
Non-hotel EBITDA ownership expense 22  20  (23) 112  (66) 288  2,269  5,627 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,064  2,100  6,812  9,590  9,305  40,746  66,366  245,279 
Non-comparable adjustments —  232  —  (230) —  —  (7,966) (11,107)
Comparable hotel EBITDA $ 5,064  $ 2,332  $ 6,812  $ 9,360  $ 9,305  $ 40,746  $ 58,400  $ 234,172 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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)

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 (6,049) (13,208) (1,490) —  (3,020) —  —  —  (6,057)
Comparable hotel EBITDA $ 14,410  $ 6,967  $ 18,377  $ 7,782  $ 20,678  $ 7,740  $ 2,192  $ 25,666  $ 9,455 
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 —  (1,251) —  (6,243) —  —  (22,183) (59,501)
Comparable hotel EBITDA $ 5,918  $ 2,131  $ 5,947  $ 8,355  $ 9,946  $ 39,053  $ 61,585  $ 246,202 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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)
TTM Ended September 30, 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 Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 13,464  $ 88,305  $ 4,930  $ 49,043  $ 21,016  $ 4,556  $ 8,993  $ 9,229  $ 24,454  $ 5,053  $ 2,806 
Non-property adjustments (3,869) (70,921) (45) —  —  —  (6,913) (9,598) (460) —  (2,675)
Interest income (52) —  —  (508) (233) (208) (109) —  (108) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 9,734  4,813  11,404  45,438  20,352  19,655  3,477  613  9,790  5,163  254 
Income tax expense (benefit) —  —  —  —  —  —  —  95  —  — 
Non-hotel EBITDA ownership expense 375  1,048  718  1,155  2,293  874  202  89  647  123  23 
Hotel EBITDA including amounts attributable to noncontrolling interest 19,652  23,245  17,012  95,128  43,428  24,877  5,650  333  34,418  10,339  408 
Non-comparable adjustments 288  (4,778) —  —  —  165  (119) (333) —  —  (408)
Comparable hotel EBITDA $ 19,940  $ 18,467  $ 17,012  $ 95,128  $ 43,428  $ 25,042  $ 5,531  $ —  $ 34,418  $ 10,339  $ — 
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 Ft Worth Le Meridien - 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
Net income (loss) $ (754) $ (3,613) $ 11,494  $ (1,367) $ (9,325) $ (586) $ 1,740  $ (158,917) $ (3,164) $ (3,578) $ 4,904 
Non-property adjustments —  665  —  —  —  —  (1,579) 159,966  6,134  3,101  (4,764)
Interest income —  —  (403) —  —  —  —  (11) (68) (33) — 
Interest expense 1,164  4,831  —  854  3,506  337  —  —  —  —  — 
Amortization of loan costs 286  —  159  143  —  —  —  —  —  — 
Depreciation and amortization 1,262  1,893  5,211  2,303  4,993  408  228  2,144  2,843  2,463  477 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 49  92  54  95  185  —  49  81  193  206  45 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,727  4,154  16,356  2,044  (498) 159  447  3,263  5,938  2,159  662 
Non-comparable adjustments —  (4,154) (3) —  —  —  (447) (3,263) (5,938) (2,159) (662)
Comparable hotel EBITDA $ 1,727  $ —  $ 16,353  $ 2,044  $ (498) $ 159  $ —  $ —  $ —  $ —  $ — 
Morgan Stanley Ann Arbor - 1 hotel GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered Hotels Total Portfolio
Net income (loss) $ 105  $ (140) $ 176  $ (22) $ 4,085  $ 72,887 
Non-property adjustments (141) —  —  —  —  68,901 
Interest income —  —  —  —  —  (1,733)
Interest expense —  —  —  —  1,986  12,678 
Amortization of loan costs —  —  —  —  —  594 
Depreciation and amortization —  199  71  3,511  2,968  161,667 
Income tax expense (benefit) —  —  23  —  —  132 
Non-hotel EBITDA ownership expense 50  99  8,758 
Hotel EBITDA including amounts attributable to noncontrolling interest (31) 65  272  3,539  9,138  323,884 
Non-comparable adjustments 31  (65) (272) (3,539) (25,653)
Comparable hotel EBITDA $ —  $ —  $ —  $ —  $ 9,141  $ 298,231 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 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 Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 1,735  $ 3,502  $ 3,233  $ 11,478  $ 1,784  $ 351  $ 21  $ (15) $ 4,949  $ 1,953  $ 2,690 
Non-property adjustments —  —  —  —  —  40  —  —  —  (2,675)
Interest income (12) —  —  (160) (75) (60) (35) —  (29) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,291  971  2,689  10,912  5,602  5,152  747  —  2,407  1,237 
Income tax expense (benefit) —  —  —  —  —  —  —  22  —  — 
Non-hotel EBITDA ownership expense (12) 529  152  (182) 1,567  49  (8) 121  21 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,002  5,004  6,075  22,048  8,878  5,492  765  (10) 7,470  3,211  25 
Non-comparable adjustments (48) 42  —  —  —  —  —  10  —  —  (25)
Comparable hotel EBITDA $ 3,954  $ 5,046  $ 6,075  $ 22,048  $ 8,878  $ 5,492  $ 765  $ —  $ 7,470  $ 3,211  $ — 
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 Ft Worth Le Meridien - 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
Net income (loss) $ (258) $ 109  $ 2,850  $ 419  $ (2,682) $ (586) $ (7) $ 99  $ (7) $ —  $ (4)
Non-property adjustments —  (12) —  —  —  —  —  (96) —  — 
Interest income —  —  (111) —  —  —  —  —  —  —  — 
Interest expense 284  —  —  212  879  337  —  —  —  —  — 
Amortization of loan costs —  —  —  41  36  —  —  —  —  —  — 
Depreciation and amortization 312  —  1,168  513  1,387  408  —  —  —  —  — 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 25  42  47  —  —  18  —  —  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 363  139  3,913  1,232  (380) 159  14  —  —  (1)
Non-comparable adjustments —  (139) (3) —  —  —  (14) (3) —  — 
Comparable hotel EBITDA $ 363  $ —  $ 3,910  $ 1,232  $ (380) $ 159  $ —  $ —  $ —  $ —  $ — 
Morgan Stanley Ann Arbor - 1 hotel GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered Hotels Total Portfolio
Net income (loss) $ 37  $ —  $ —  $ 55  $ 972  $ 32,678 
Non-property adjustments (37) —  —  —  —  (2,771)
Interest income —  —  —  —  —  (482)
Interest expense —  —  —  —  494  2,206 
Amortization of loan costs —  —  —  —  —  77 
Depreciation and amortization —  —  —  1,158  731  37,691 
Income tax expense (benefit) —  —  —  —  —  26 
Non-hotel EBITDA ownership expense —  —  —  24  (3) 2,408 
Hotel EBITDA including amounts attributable to noncontrolling interest —  —  —  1,237  2,194  71,833 
Non-comparable adjustments —  —  —  (1,237) (1,413)
Comparable hotel EBITDA $ —  $ —  $ —  $ —  $ 2,197  $ 70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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.
30


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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 Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel
Net income (loss) $ 3,400  $ 76,409  $ 3,926  $ 18,143  $ 7,716  $ 1,446  $ 936  $ 9,432  $ 8,639  $ 2,109  $ 63 
Non-property adjustments —  (70,923) —  —  —  —  —  (9,598) —  —  — 
Interest income (14) —  —  (128) (60) (59) (27) —  (28) —  — 
Interest expense —  —  —  —  —  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,410  1,204  2,806  11,130  4,852  4,784  763  144  2,397  1,287  80 
Income tax expense (benefit) —  —  —  —  —  —  —  23  —  — 
Non-hotel EBITDA ownership expense 129  317  78  267  164  348  67  61  27  19 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,925  7,007  6,812  29,412  12,672  6,519  1,739  39  11,058  3,415  147 
Non-comparable adjustments 14  (1,589) —  —  —  330  —  (39) —  —  (147)
Comparable hotel EBITDA $ 5,939  $ 5,418  $ 6,812  $ 29,412  $ 12,672  $ 6,849  $ 1,739  $ —  $ 11,058  $ 3,415  $ — 
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 Ft Worth Le Meridien - 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
Net income (loss) $ (144) $ (985) $ 4,196  $ (142) $ (2,276) $ —  $ 1,617  $ —  $ (204) $ (41) $ 4,732 
Non-property adjustments —  677  —  —  —  —  (1,579) —  196  41  (4,764)
Interest income —  —  (104) —  —  —  —  —  —  —  — 
Interest expense 283  226  —  211  872  —  —  —  —  —  — 
Amortization of loan costs —  —  —  40  36  —  —  —  —  —  — 
Depreciation and amortization 308  —  1,233  548  1,237  —  53  —  —  —  — 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense (118) 102  —  15  —  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 456  (200) 5,332  664  (29) —  110  —  (1) —  (31)
Non-comparable adjustments —  200  —  —  —  —  (110) —  —  31 
Comparable hotel EBITDA $ 456  $ —  $ 5,332  $ 664  $ (29) $ —  $ —  $ —  $ —  $ —  $ — 
Morgan Stanley Ann Arbor - 1 hotel GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered Hotels Total Portfolio
Net income (loss) $ 22  $ —  $ —  $ 74  $ 1,611  $ 140,679 
Non-property adjustments (36) —  —  —  —  (85,986)
Interest income —  —  —  —  —  (420)
Interest expense —  —  —  —  494  2,086 
Amortization of loan costs —  —  —  —  —  76 
Depreciation and amortization —  —  —  1,167  736  37,139 
Income tax expense (benefit) —  —  —  —  —  29 
Non-hotel EBITDA ownership expense —  —  —  (3) 23  1,531 
Hotel EBITDA including amounts attributable to noncontrolling interest (14) —  —  1,238  2,864  95,134 
Non-comparable adjustments 14  —  —  (1,238) —  (2,533)
Comparable hotel EBITDA $ —  $ —  $ —  $ —  $ 2,864  $ 92,601 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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.
31


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 Nashville -1 hotel 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) $ 5,811  $ (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  2,466  1,293  81 
Income tax expense (benefit) —  —  —  —  —  —  —  26  —  — 
Non-hotel EBITDA ownership expense 104  113  124  576  225  249  96  18 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,959  6,053  2,401  21,314  12,445  7,359  1,946  161  8,284  1,299  72 
Non-comparable adjustments 50  (1,862) —  —  —  (109) (107) (161) —  —  (72)
Comparable hotel EBITDA $ 6,009  $ 4,191  $ 2,401  $ 21,314  $ 12,445  $ 7,250  $ 1,839  $ —  $ 8,284  $ 1,299  $ — 
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 Ft Worth Le Meridien - 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
Net income (loss) $ (181) $ (2,474) $ 2,282  $ (711) $ (1,851) $ —  $ 38  $ 35  $ (4,209) $ (3,396) $ (4)
Non-property adjustments —  —  —  —  —  —  —  (34) 5,931  3,060  — 
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) —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 29  35  20  —  —  13 
Hotel EBITDA including amounts attributable to noncontrolling interest 417  713  3,514  127  210  —  131  2,671  511  57 
Non-comparable adjustments —  (713) —  —  —  —  (131) (1) (2,671) (511) (57)
Comparable hotel EBITDA $ 417  $ —  $ 3,514  $ 127  $ 210  $ —  $ —  $ —  $ —  $ —  $ — 
Morgan Stanley Ann Arbor - 1 hotel GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered Hotels Total Portfolio
Net income (loss) $ 24  $ —  $ —  $ (154) $ 582  $ 30,435 
Non-property adjustments (34) —  —  —  —  1,970 
Interest income —  —  —  —  —  (410)
Interest expense —  —  —  —  494  4,155 
Amortization of loan costs —  —  —  —  —  219 
Depreciation and amortization —  —  —  952  750  40,220 
Income tax expense (benefit) —  —  —  —  —  35 
Non-hotel EBITDA ownership expense —  —  —  28  25  1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest (10) —  —  826  1,851  78,312 
Non-comparable adjustments 10  —  —  (826) —  (7,161)
Comparable hotel EBITDA $ —  $ —  $ —  $ —  $ 1,851  $ 71,151 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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.
32


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 Nashville -1 hotel 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) $ 5,055  $ 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  2,520  1,346  87 
Income tax expense (benefit) —  —  —  —  —  —  —  —  24  —  — 
Non-hotel EBITDA ownership expense 154  89  364  494  337  228  47  19  492  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  7,606  2,414  164 
Non-comparable adjustments 272  (1,369) —  —  —  (56) (12) (143) —  —  (164)
Comparable hotel EBITDA $ 4,038  $ 3,812  $ 1,724  $ 22,354  $ 9,433  $ 5,451  $ 1,188  $ —  $ 7,606  $ 2,414  $ — 
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 Ft Worth Le Meridien - 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
Net income (loss) $ (171) $ (263) $ 2,166  $ (933) $ (2,516) $ —  $ 92  $ (159,051) $ 1,256  $ (141) $ 180 
Non-property adjustments —  —  —  —  —  —  —  160,096  —  —  — 
Interest income —  —  (91) —  —  —  —  (11) (40) (20) — 
Interest expense 313  2,314  —  218  882  —  —  —  —  —  — 
Amortization of loan costs 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  63  —  15  81  182  202  28 
Hotel EBITDA including amounts attributable to noncontrolling interest 491  3,502  3,597  21  (299) —  192  3,259  3,268  1,648  637 
Non-comparable adjustments —  (3,502) —  —  —  —  (192) (3,259) (3,268) (1,648) (637)
Comparable hotel EBITDA $ 491  $ —  $ 3,597  $ 21  $ (299) $ —  $ —  $ —  $ —  $ —  $ — 
Morgan Stanley Ann Arbor - 1 hotel GACC Jacksonville RI - 1 hotel GACC Manchester RI - 1 hotel BAML - 4 Pack - Stirling Unencumbered Hotels Total Portfolio
Net income (loss) $ 22  $ (140) $ 176  $ $ 920  $ (130,905)
Non-property adjustments (34) —  —  —  —  155,688 
Interest income —  —  —  —  —  (421)
Interest expense —  —  —  —  504  4,231 
Amortization of loan costs —  —  —  —  —  222 
Depreciation and amortization —  199  71  234  751  46,617 
Income tax expense (benefit) —  —  23  —  —  42 
Non-hotel EBITDA ownership expense 54  3,131 
Hotel EBITDA including amounts attributable to noncontrolling interest (7) 65  272  238  2,229  78,605 
Non-comparable adjustments (65) (272) (238) —  (14,546)
Comparable hotel EBITDA $ —  $ —  $ —  $ —  $ 2,229  $ 64,059 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 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.
33