ASHFORD HOSPITALITY TRUST INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - ASHFORD HOSPITALITY TRUST INC	aht2018q2earningsrelease8-k.htm

EXHIBIT 99.1

NEWS RELEASE



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

ASHFORD TRUST REPORTS SECOND QUARTER 2018 RESULTS

Comparable RevPAR Increased 2.3% for all Hotels Not Under Renovation

Completed Refinancings of 56 Hotels for $2.3 Billion

Entered into an Enhanced Return Funding Program with Ashford Inc.

Completed Acquisition of Hilton Alexandria Old Town for $111 million

DALLAS, August 2, 2018 - Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2018. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company’s hotel portfolio as of June 30, 2018 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2018 with the second quarter ended June 30, 2017 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW


•	Opportunistic focus on upper upscale, full-service hotels


•	Targets moderate debt levels of approximately 55 - 60% net debt/gross assets


•	Highly-aligned management team and advisory structure


•	Attractive dividend yield of approximately 6.1%


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


▪	working capital needs at property and corporate levels


▪	hedging against a downturn in the economy or hotel fundamentals


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

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders was $29.0 million or $0.30 per diluted share for the quarter


•	Comparable RevPAR for all hotels increased 1.6% to $137.53 during the quarter


•	Comparable RevPAR for all hotels not under renovation increased 2.3% to $134.36 during the quarter


•	Adjusted EBITDAre was $120.7 million for the quarter


•	Adjusted funds from operations (AFFO) was $0.42 per diluted share for the quarter


•	The Company’s common stock is currently trading at an approximate 6.1% dividend yield

AHT Reports Second Quarter Results

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August 2, 2018


•	During the quarter, the Company entered into a new Enhanced Return Funding Program agreement with Ashford Inc.


•	During the quarter, the Company completed the acquisition of the 252-room Hilton Alexandria Old Town for $111 million


•	During the quarter, the Company refinanced eight mortgage loans on 56 hotels for $2.3 billion


•	During the quarter, the Company completed the sale of the SpringHill Suites Centreville for $7.5 million


•	During the quarter, the Company completed the sale of the Residence Inn Tampa Downtown for $24 million


•	Capex invested during the quarter was $53.7 million

ENHANCED RETURN FUNDING PROGRAM & HILTON ALEXANDRIA ACQUISITION

On June 26, 2018, the Company announced that it had entered into an Enhanced Return Funding Program (“ERFP”) with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust hotel acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement. The Program is structured to significantly improve the 5-year internal rate of return for new hotel acquisitions at Ashford Trust.

On June 29, 2018, the Company completed the acquisition of the 252-room Hilton Alexandria Old Town located in Alexandria, Virginia, for total consideration of $111 million. The Hotel, with a trailing 12-month RevPAR of $161, opened in 2000, has 12,967 square feet of meeting space, and is well located near office and retail demand generators.

The purchase of the Hilton Alexandria Old Town is expected to be the Company’s first hotel acquisition to benefit from the ERFP. In connection with this acquisition and subject to the terms of the ERFP, Ashford Inc. has committed to provide Ashford Trust with approximately $11.1 million of cash via the future purchase of hotel furniture, fixtures, and equipment at Ashford Trust properties. Concurrent with the completion of the acquisition, the Company financed the hotel with a $73.5 million non-recourse mortgage loan. The interest-only loan has a term of five years and bears interest at a rate of LIBOR + 2.45%. The property will continue to be operated as a Hilton under a management agreement with Hilton.

CAPITAL STRUCTURE

At June 30, 2018, the Company had total mortgage debt of $4.0 billion with a blended average interest rate of 5.5%.

On April 9, 2018, the Company announced that it had refinanced a mortgage loan, secured by 22 hotels, with an existing outstanding balance totaling approximately $972 million. The previous mortgage loan that was refinanced was the Highland Pool loan with a final maturity date in April 2021. The new loan totals $985 million, has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 3.20%. This refinancing is expected to result in annual interest savings of approximately $11 million as compared to the previous loan terms.

On June 15, 2018, the Company announced that it had refinanced seven mortgage loans, secured by 34 hotels, with existing outstanding balances totaling approximately $1.07 billion. The previous mortgage loans that were refinanced were the MIP Portfolio loan with a final maturity date in February 2019, the Morgan Stanley Pool A loan with a final maturity date in August 2019, the Morgan Stanley Pool B loan with a final

AHT Reports Second Quarter Results

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August 2, 2018

maturity date in August 2019, the Marriott Memphis loan with a final maturity date in April 2020, the Lakeway Resort loan with a final maturity date in May 2020, the W Atlanta Downtown loan with a final maturity date in July 2020, and the JP Morgan 17-Pack loan with a final maturity date in October 2022. The new financing is comprised of six separate mortgage loans with an average size of approximately $211.7 million that together total approximately $1.27 billion and each has a two-year initial term with five one-year extension options, subject to the satisfaction of certain conditions. The loans bear interest at a combined weighted average rate of LIBOR + 3.83%, which is 74 basis points lower than the previous mortgage loans. After the closing of this financing, the weighted average maturity of the Company's debt is 6.1 years. The next hard debt maturity for the Company is in July 2019.

Subsequent to the end of the quarter, the Company repurchased approximately $56 million of junior mezzanine debt on one of the loan pools. The junior mezzanine debt is priced at LIBOR + 9.00%.

During the quarter, the Company completed the sale of the 136-room SpringHill Suites Centreville in Centreville, Virginia for $7.5 million.

On May 14, 2018, the Company announced it had completed the sale of the 109-room Residence Inn Tampa Downtown in Tampa, Florida for $24 million ($220,000 per key). The sales price represented a trailing twelve-month cap rate of 7.6% on net operating income and an 11.8x Hotel EBITDA multiple as of March 31, 2018.

PORTFOLIO REVPAR

As of June 30, 2018, the portfolio consisted of 118 properties. During the second quarter of 2018, 105 of the Company’s hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels) and comparable not under renovation basis (105 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.


•	Comparable RevPAR increased 1.6% to $137.53 for all hotels on a 2.7% increase in ADR and a 1.1% decrease in occupancy


•	Comparable RevPAR increased 2.3% to $134.36 for hotels not under renovation on a 2.3% increase in ADR and a 0.0% change in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On June 5, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the second quarter ending June 30, 2018, payable on July 16, 2018, to shareholders of record as of June 29, 2018.

AHT Reports Second Quarter Results

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August 2, 2018

“We continue to see the operational and value-added benefits from our high quality, diverse portfolio,” commented Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “Year-to-date, we have been able to complete several capital markets transactions that strengthened our balance sheet, extended our loan maturity schedule and reduced loan spreads. As for our transactions, we are pleased with the sale of two lower RevPAR select-service hotels at a combined cap rate below where we are currently trading. As for acquisitions, we are enthusiastic about the Hilton Alexandria Old Town, as it is not only an accretive addition to our portfolio, but it is also the first transaction expected to benefit from the new Enhanced Return Funding Program with Ashford Inc. Looking ahead, we are very excited about this ERFP program and expect this funding arrangement will be a clear competitive advantage as we continue to look for opportunities to accretively grow our platform and increase stockholder value.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday August 3, 2018, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2423. A replay of the conference call will be available through Friday, August 10, 2018, by dialing (719) 457-0820 and entering the confirmation number, 6148262.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2018 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, August 3, 2018, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. FFO and EBITDAre are computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to how these measures reported by other REITs that do not define the term in accordance with the current NAREIT definitions or that interpret the NAREIT definitions differently than us. None of FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

AHT Reports Second Quarter Results

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August 2, 2018

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 may include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. EBITDAre and Adjusted EBITDAre are non-GAAP financial measures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)



	June 30, 2018			December 31, 2017
ASSETS
Investments in hotel properties, net	$	4,109,720		$	4,035,915
Cash and cash equivalents	417,359			354,805
Restricted cash	135,419			116,787
Marketable securities	24,072			26,926
Accounts receivable, net of allowance of $540 and $770, respectively	57,852			44,257
Inventories	4,277			4,244
Investment in Ashford Inc.	1,293			437
Investment in OpenKey	2,911			2,518
Deferred costs, net	2,746			2,777
Prepaid expenses	23,052			19,269
Derivative assets	3,209			2,010
Other assets	18,993			14,152
Intangible asset, net	9,884			9,943
Due from third-party hotel managers	20,860			17,387
Assets held for sale	—			18,423
Total assets	$	4,831,647		$	4,669,850

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,948,020		$	3,696,300
Accounts payable and accrued expenses	141,986			132,401
Dividends and distributions payable	27,240			25,045
Due to Ashford Inc., net	17,748			15,146
Due to related party, net	388			1,067
Due to third-party hotel managers	2,454			2,431
Intangible liabilities, net	15,661			15,839
Other liabilities	19,708			18,376
Liabilities associated with assets held for sale	—			13,977
Total liabilities	4,173,205			3,920,582

Redeemable noncontrolling interests in operating partnership	146,249			116,122
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at June 30, 2018 and December 31, 2017	24			24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	48			48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	62			62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	38			38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	54			54
Common stock, $0.01 par value, 400,000,000 shares authorized, 98,612,117 and 97,409,113 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	986			974
Additional paid-in capital	1,793,869			1,784,997
Accumulated deficit	(1,283,516		)	(1,153,697		)
Total shareholders' equity of the Company	511,565			632,500
Noncontrolling interests in consolidated entities	628			646
Total equity	512,193			633,146
Total liabilities and equity	$	4,831,647		$	4,669,850

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
REVENUE
Rooms	$	309,381		$	311,205		$	580,074		$	587,910
Food and beverage	60,429			63,842			115,473			126,692
Other	18,558			14,948			34,049			28,714
Total hotel revenue	388,368			389,995			729,596			743,316
Other	796			675			1,775			1,063
Total revenue	389,164			390,670			731,371			744,379
EXPENSES
Hotel operating expenses
Rooms	64,214			65,034			123,300			124,907
Food and beverage	40,156			42,276			78,621			84,446
Other expenses	116,254			113,824			222,637			225,557
Management fees	14,371			14,247			27,108			27,073
Total hotel operating expenses	234,995			235,381			451,666			461,983
Property taxes, insurance and other	20,230			18,766			38,589			37,099
Depreciation and amortization	64,566			60,547			127,613			125,245
Impairment charges	19			—			1,679			—
Transaction costs	9			8			11			11
Advisory services fee:
Base advisory fee	8,873			8,639			17,488			17,355
Reimbursable expenses	1,997			2,637			3,526			4,159
Non-cash stock/unit-based compensation	8,939			2,953			15,685			3,356
Incentive fee	3,270			—			3,457			—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	536			565			536			565
Other general and administrative	2,695			2,689			4,824			7,859
Total operating expenses	346,129			332,185			665,074			657,632
OPERATING INCOME (LOSS)	43,035			58,485			66,297			86,747
Equity in earnings (loss) of unconsolidated entities	1,170			(2,138		)	582			(2,901		)
Interest income	883			546			1,629			754
Gain (loss) on sale of hotel properties	412			14,092			403			14,009
Other income (expense), net	206			(146		)	282			(3,266		)
Interest expense, net of premium amortization	(52,716		)	(51,931		)	(105,006		)	(101,890		)
Amortization of loan costs	(5,490		)	(3,025		)	(7,943		)	(8,371		)
Write-off of premiums, loan costs and exit fees	(5,694		)	(1,575		)	(7,744		)	(1,629		)
Unrealized gain (loss) on marketable securities	(268		)	(531		)	(826		)	(3,877		)
Unrealized gain (loss) on derivatives	(1,916		)	(1,743		)	(1,587		)	(325		)
INCOME (LOSS) BEFORE INCOME TAXES	(20,378		)	12,034			(53,913		)	(20,749		)
Income tax benefit (expense)	(2,973		)	(1,606		)	(2,087		)	(760		)
NET INCOME (LOSS)	(23,351		)	10,428			(56,000		)	(21,509		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(20		)	(13		)	18			18
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,065			(231		)	11,405			6,262
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(18,306		)	10,184			(44,577		)	(15,229		)
Preferred dividends	(10,644		)	(10,956		)	(21,288		)	(21,912		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(28,950	)	$	(772	)	$	(65,865	)	$	(37,141	)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.30	)	$	(0.01	)	$	(0.69	)	$	(0.40	)
Weighted average common shares outstanding – basic	96,889			95,320			96,137			95,086
Diluted:
Net income (loss) attributable to common stockholders	$	(0.30	)	$	(0.01	)	$	(0.69	)	$	(0.40	)
Weighted average common shares outstanding – diluted	96,889			95,320			96,137			95,086
Dividends declared per common share:	$	0.12		$	0.12		$	0.24		$	0.24

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net income (loss)	$	(23,351	)	$	10,428		$	(56,000	)	$	(21,509	)
Interest income	(883		)	(546		)	(1,629		)	(754		)
Interest expense and amortization of premiums and loan costs, net	58,206			54,956			112,949			110,261
Depreciation and amortization	64,566			60,547			127,613			125,245
Income tax expense (benefit)	2,973			1,606			2,087			760
Equity in (earnings) loss of unconsolidated entities	(1,170		)	2,138			(582		)	2,901
Company's portion of EBITDA of unconsolidated entities	3,429			596			2,305			88
EBITDA	103,770			129,725			186,743			216,992
Impairment charges on real estate	19			—			1,679			—
(Gain) loss on sale of hotel properties	(412		)	(14,092		)	(403		)	(14,009		)
EBITDAre	103,377			115,633			188,019			202,983
Amortization of unfavorable contract liabilities	(39		)	(404		)	(78		)	(788		)
Uninsured hurricane related costs	(17		)	—			(228		)	—
Write-off of premiums, loan costs and exit fees	5,694			1,575			7,744			1,629
Other (income) expense, net	(206		)	146			(282		)	3,266
Transaction, acquisition and management conversion costs	121			892			205			3,568
Legal judgment and related legal costs	161			263			927			4,064
Unrealized (gain) loss on marketable securities	268			531			826			3,877
Unrealized (gain) loss on derivatives	1,916			1,743			1,587			325
Dead deal costs	3			—			3			4
Software implementation costs	—			1,034			—			1,034
Non-cash stock/unit-based compensation	9,801			3,710			16,803			4,138
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to EBITDA of unconsolidated entities	(341		)	505			2,191			2,389
Adjusted EBITDAre	$	120,738		$	125,628		$	217,717		$	226,437

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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net income (loss)	$	(23,351	)	$	10,428		$	(56,000	)	$	(21,509	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(20		)	(13		)	18			18
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,065			(231		)	11,405			6,262
Preferred dividends	(10,644		)	(10,956		)	(21,288		)	(21,912		)
Net income (loss) attributable to common stockholders	(28,950		)	(772		)	(65,865		)	(37,141		)
Depreciation and amortization on real estate	64,509			60,487			127,498			125,122
Gain (loss) on sale of hotel properties	(412		)	(14,092		)	(403		)	(14,009		)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(5,065		)	231			(11,405		)	(6,262		)
Equity in (earnings) loss of unconsolidated entities	(1,170		)	2,138			(582		)	2,953
Impairment charges on real estate	19			—			1,679			—
Company's portion of FFO of unconsolidated entities	2,427			(2,139		)	655			(2,973		)
FFO available to common stockholders and OP unitholders	31,358			45,853			51,577			67,690
Write-off of premiums, loan costs and exit fees	5,694			1,575			7,744			1,629
Uninsured hurricane related costs	(17		)	—			(228		)	—
Other (income) expense, net	(206		)	146			(282		)	3,266
Transaction, acquisition and management conversion costs	121			892			205			3,568
Legal judgment and related legal costs	161			263			927			4,064
Unrealized (gain) loss on marketable securities	268			531			826			3,877
Unrealized (gain) loss on derivatives	1,916			1,743			1,587			325
Dead deal costs	3			—			3			4
Software implementation costs	—			1,034			—			1,034
Non-cash stock/unit-based compensation	9,801			3,710			16,803			4,138
Company's portion of (gain) loss of investment in securities investment fund	—			—			—			(52		)
Company's portion of adjustments to FFO of unconsolidated entities	(341		)	3,003			2,191			4,887
Adjusted FFO available to common stockholders and OP unitholders	$	48,758		$	58,750		$	81,353		$	94,430
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.42		$	0.52		$	0.71		$	0.84
Weighted average diluted shares	115,754			113,257			114,849			112,915

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

JUNE 30, 2018

(dollars in thousands)

(unaudited)



Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁵⁾		Comparable TTM EBITDA Debt Yield
Morgan Stanley Ann Arbor - 1 hotel	July 2018	LIBOR + 4.15%	$	—		$	35,200		(1)	$	35,200		$	3,583	10.2	%
Morgan Stanley - 8 hotels	July 2018	LIBOR + 4.09%	—			144,000			(1)	144,000			11,636		8.1	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000			(2)	12,000			1,047		8.7	%
BAML Le Pavillon - 1 hotel	June 2019	LIBOR + 5.10%	—			43,750			(3)	43,750			2,461		5.6	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,283			—				5,283			1,134		21.5	%
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(4)	427,000			50,821		11.9	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(4)	395,000			46,674		11.8	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(4)	962,575			105,370		10.9	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(2)	16,100			2,348		14.6	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(4)	180,720			21,658		12.0	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(4)	174,400			21,492		12.3	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(4)	221,040			25,906		11.7	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(4)	262,640			28,430		10.8	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 4.36%	—			216,320			(4)	216,320			24,023		11.1	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(4)	215,120			24,303		11.3	%
GACC Gateway - 1 hotel	November 2020	6.26%	94,326			—				94,326			14,560		15.4	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			174,211				174,211			27,181		15.6	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			13,361		13.8	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	53,319			—				53,319			6,481		12.2	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			9,119		12.4	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,942			—				6,942			1,360		19.6	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,131			—				10,131			739		7.3	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,472			—				6,472			1,021		15.8	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	65,725			—				65,725			8,866		13.5	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,144			—				12,144			1,931		15.9	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,276			—				24,276			3,677		15.1	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,022			—				20,022			2,590		12.9	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	51,790			—				51,790			7,426		14.3	%
Unencumbered hotels			—			—				—			2,303		N/A
Total			$	350,430		$	3,650,526			$	4,000,956		$	471,501	11.8	%
Percentage			8.8		%	91.2		%		100.0		%
Weighted average interest rate			5.33		%	5.47		%		5.46		%

All indebtedness is non-recourse.


⁽¹⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018.


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


⁽³⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018.


⁽⁴⁾	This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.


⁽⁵⁾	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

JUNE 30, 2018

(dollars in thousands)

(unaudited)



	2018		2019		2020		2021		2022		Thereafter		Total
Omni American Bank Ashton - 1 hotel	$	—	$	5,168	$	—	$	—	$	—	$	—	$	5,168
BAML Le Pavillon - 1 hotel	—		—		43,750		—		—		—		43,750
Morgan Stanley - 8 hotels	—		—		144,000		—		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		35,200		—		—		—		35,200
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		12,000		—		—		—		12,000
GACC Gateway - 1 hotel	—		—		89,886		—		—		—		89,886
BAML Indigo Atlanta - 1 hotel	—		—		—		—		15,470		—		15,470
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		168,211		—		168,211
Prudential Boston Back Bay - 1 hotel	—		—		—		—		97,000		—		97,000
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		48,182		48,182
Aareal Hilton Alexandria - 1 hotel	—		—		—		—		—		73,450		73,450
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C1 - 3 hotels	—		—		—		—		—		58,612		58,612
Morgan Stanley Pool C2 - 2 hotels	—		—		—		—		—		10,755		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		—		—		—		21,522		21,522
Morgan Stanley Pool - 17 hotels	—		—		—		—		—		427,000		427,000
JPMorgan Chase - 8 hotels	—		—		—		—		—		395,000		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,413		44,413
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
BAML Highland Pool - 21 hotels	—		—		—		—		—		962,575		962,575
KEYS Pool A - 7 hotels	—		—		—		—		—		180,720		180,720
KEYS Pool B - 7 hotels	—		—		—		—		—		174,400		174,400
KEYS Pool C - 5 hotels	—		—		—		—		—		221,040		221,040
KEYS Pool D - 5 hotels	—		—		—		—		—		262,640		262,640
KEYS Pool E - 5 hotels	—		—		—		—		—		216,320		216,320
KEYS Pool F - 5 hotels	—		—		—		—		—		215,120		215,120
Principal due in future periods	$	—	$	5,168	$	324,836	$	—	$	280,681	$	3,349,720	$	3,960,405
Scheduled amortization payments remaining	2,848		6,554		8,035		8,170		6,805		8,139		40,551
Total indebtedness	$	2,848	$	11,722	$	332,871	$	8,170	$	287,486	$	3,357,859	$	4,000,956

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)



ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	308,199		$	3,722		$	311,921		$	309,651		$	(2,487	)	$	307,164		(0.47	)%	1.55	%
	RevPAR	$	136.73		$	266.63		$	137.53		$	133.24		$	(44.56	)	$	135.42		2.62	%	1.56	%
	Occupancy	80.77		%	101.98		%	80.90		%	81.47		%	(68.18		)%	81.79		%	(0.86	)%	(1.10	)%
	ADR	$	169.29		$	261.44		$	170.00		$	163.55		$	(65.36	)	$	165.56		3.51	%	2.68	%



ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	577,500		$	4,258		$	581,758		$	585,038		$	(7,224	)	$	577,814		(1.29	)%	0.68	%
	RevPAR	$	128.22		$	546.51		$	128.94		$	125.95		$	(54.14	)	$	128.07		1.80	%	0.68	%
	Occupancy	77.36		%	165.83		%	77.51		%	78.01		%	(64.65		)%	78.41		%	(0.83	)%	(1.14	)%
	ADR	$	165.75		$	329.56		$	166.35		$	161.45		$	(83.74	)	$	163.34		2.66	%	1.84	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	250,505		$	3,722		$	254,227		$	251,039		$	(2,487	)	$	248,552		(0.21	)%	2.28	%
	RevPAR	$	133.38		$	266.63		$	134.36		$	128.84		$	(44.56	)	$	131.33		3.52	%	2.31	%
	Occupancy	81.21		%	101.98		%	81.36		%	80.98		%	(68.18		)%	81.36		%	0.28	%	—	%
	ADR	$	164.24		$	261.44		$	165.14		$	159.10		$	(65.36	)	$	161.42		3.23	%	2.31	%



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	469,162		$	4,258		$	473,420		$	471,718		$	(7,224	)	$	464,494		(0.54	)%	1.92	%
	RevPAR	$	124.91		$	546.51		$	125.78		$	121.02		$	(54.14	)	$	123.39		3.21	%	1.94	%
	Occupancy	77.84		%	165.83		%	78.02		%	77.32		%	(64.65		)%	77.77		%	0.67	%	0.32	%
	ADR	$	160.46		$	329.56		$	161.21		$	156.51		$	(83.74	)	$	158.66		2.52	%	1.61	%

NOTES:

(1)

The above comparable information assumes the 105 hotel properties owned and included in the Company's operations at June 30, 2018, and not under renovation during the three months ended June 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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


(3)	Excluded Hotels Under Renovation:

Courtyard Gaithersburg, Embassy Suites Philadelphia, Embassy Suites Santa Clara Silicon Valley, Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Marriott Crystal Gateway, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz Carlton Atlanta, Westin Princeton

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)



ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	386,834		$	388,047		(0.31	)%	$	726,298		$	739,645		(1.80	)%
Non-comparable adjustments	5,301			(2,152		)			7,054			(7,907		)
Comparable total hotel revenue	$	392,135		$	385,895		1.62	%	$	733,352		$	731,738		0.22	%

Hotel EBITDA	$	136,792		$	138,477		(1.22	)%	$	245,406		$	251,950		(2.60	)%
Non-comparable adjustments	2,795			973					3,765			859
Comparable hotel EBITDA	$	139,587		$	139,450		0.10	%	$	249,171		$	252,809		(1.44	)%
Hotel EBITDA margin	35.36		%	35.69		%	(0.33	)%	33.79		%	34.06		%	(0.27	)%
Comparable hotel EBITDA margin	35.60		%	36.14		%	(0.54	)%	33.98		%	34.55		%	(0.57	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	108		$	104		3.56	%	$	157		$	168		(6.53	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	136,684		$	138,373		(1.22	)%	$	245,249		$	251,783		(2.59	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	139,479		$	139,346		0.10	%	$	249,014		$	252,641		(1.44	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	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.



ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Six Months Ended
ALL HOTELS NOT UNDER RENOVATION:	June 30,								June 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	310,080		$	308,457		0.53	%	$	582,526		$	585,049		(0.43	)%
Non-comparable adjustments	5,301			(2,152		)			7,054			(7,907		)
Comparable total hotel revenue	$	315,381		$	306,305		2.96	%	$	589,580		$	577,142		2.15	%

Hotel EBITDA	$	112,442		$	111,967		0.42	%	$	200,760		$	200,369		0.20	%
Non-comparable adjustments	2,795			907					3,765			798
Comparable hotel EBITDA	$	115,238		$	112,874		2.09	%	$	204,526		$	201,168		1.67	%
Hotel EBITDA margin	36.26		%	36.30		%	(0.04	)%	34.46		%	34.25		%	0.21	%
Comparable hotel EBITDA margin	36.54		%	36.85		%	(0.31	)%	34.69		%	34.86		%	(0.17	)%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	108		$	104		3.56	%	$	157		$	168		(6.53	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	112,334		$	111,862		0.42	%	$	200,603		$	200,201		0.20	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	115,130		$	112,770		2.09	%	$	204,369		$	201,000		1.68	%

NOTES:

(1)


(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:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2018			2018		2018			2018			2018		2018			2017			2017		2017			2017			2017		2017
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	386,834		$	5,301	$	392,135		$	339,465		$	1,752	$	341,217		$	339,160		$	2,271	$	341,431		$	350,958		$	2,036	$	352,994
Hotel EBITDA	$	136,792		$	2,795	$	139,587		$	108,614		$	970	$	109,584		$	106,630		$	494	$	107,124		$	113,302		$	1,904	$	115,206
Hotel EBITDA margin	35.36		%			35.60		%	32.00		%			32.12		%	31.44		%			31.38		%	32.28		%			32.64		%

EBITDA % of total TTM	29.4		%			29.6		%	23.3		%			23.2		%	22.9		%			22.7		%	24.4		%			24.5		%

JV interests in EBITDA	$	108		$	—	$	108		$	49		$	—	$	49		$	85		$	—	$	85		$	116		$	—	$	116

	Actual			Non-comparable Adjustments		Comparable
	2018			2018		2018
	TTM			TTM		TTM
Total hotel revenue	$	1,416,417		$	11,360	$	1,427,777
Hotel EBITDA	$	465,338		$	6,163	$	471,501
Hotel EBITDA margin	32.85		%			33.02		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	358		$	—	$	358

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) 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 REVPAR BY MARKET

(unaudited)



			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		Actual		Non-comparable Adjustments			Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2018		2018			2018		2017		2017			2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	131.32	$	—		$	131.32	$	119.59	$	(88.28	)	$	130.23	9.8	%	0.8	%
Boston, MA Area	3	915	211.45		—			211.45		220.29		—			220.29		(4.0	)%	(4.0	)%
Dallas / Ft. Worth, TX Area	7	1,518	119.69		—			119.69		113.59		—			113.59		5.4	%	5.4	%
Houston, TX Area	3	692	115.12		—			115.12		111.54		—			111.54		3.2	%	3.2	%
Los Angeles, CA Metro Area	6	1,619	135.72		—			135.72		133.54		—			133.54		1.6	%	1.6	%
Miami, FL Metro Area	3	587	130.07		—			130.07		121.75		—			121.75		6.8	%	6.8	%
Minneapolis - St. Paul, MN-WI Area	4	809	128.42		—			128.42		131.08		—			131.08		(2.0	)%	(2.0	)%
Nashville, TN Area	1	673	233.80		—			233.80		229.74		—			229.74		1.8	%	1.8	%
New York / New Jersey Metro Area	6	1,741	130.73		—			130.73		126.10		—			126.10		3.7	%	3.7	%
Orlando, FL Area	3	734	107.49		—			107.49		115.42		—			115.42		(6.9	)%	(6.9	)%
Philadelphia, PA Area	3	648	115.02		—			115.02		115.27		—			115.27		(0.2	)%	(0.2	)%
San Diego, CA Area	2	410	129.27		—			129.27		128.79		—			128.79		0.4	%	0.4	%
San Francisco - Oakland, CA Metro Area	6	1,369	171.79		—			171.79		161.48		—			161.48		6.4	%	6.4	%
Tampa, FL Area	2	571	108.22		(139.64		)	105.65		110.87		(118.49		)	109.41		(2.4	)%	(3.4	)%
Washington D.C. - MD - VA Area	9	2,424	175.53		236.99			180.62		169.43		335.93			177.41		3.6	%	1.8	%
Other Areas	51	8,795	120.77		—			120.77		118.28		(78.20		)	118.90		2.1	%	1.6	%
Total Portfolio	118	24,930	$	136.73	$	266.63		$	137.53	$	133.24	$	(44.56	)	$	135.42	2.6	%	1.6	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	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)



			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2018		2018			2018		% of Total		2017		2017			2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	6,073	$	(26	)	$	6,047	4.3	%	$	7,733	$	(1,155	)	$	6,578	4.8	%	(21.5	)%	(8.1	)%
Boston, MA Area	3	915	8,478		—			8,478		6.1	%	9,750		5			9,755		7.0	%	(13.0	)%	(13.1	)%
Dallas / Ft. Worth, TX Area	7	1,518	7,327		—			7,327		5.2	%	6,776		30			6,806		4.9	%	8.1	%	7.7	%
Houston, TX Area	3	692	3,114		—			3,114		2.2	%	3,264		11			3,275		2.3	%	(4.6	)%	(4.9	)%
Los Angeles, CA Metro Area	6	1,619	8,570		—			8,570		6.1	%	8,645		34			8,679		6.2	%	(0.9	)%	(1.3	)%
Miami, FL Metro Area	3	587	2,989		—			2,989		2.1	%	2,891		—			2,891		2.1	%	3.4	%	3.4	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,042		—			4,042		2.9	%	4,580		3			4,583		3.3	%	(11.7	)%	(11.8	)%
Nashville, TN Area	1	673	7,552		—			7,552		5.4	%	7,945		—			7,945		5.7	%	(4.9	)%	(4.9	)%
New York / New Jersey Metro Area	6	1,741	9,772		1			9,773		7.0	%	9,792		31			9,823		7.0	%	(0.2	)%	(0.5	)%
Orlando, FL Area	3	734	2,491		—			2,491		1.8	%	2,735		1			2,736		2.1	%	(8.9	)%	(9.0	)%
Philadelphia, PA Area	3	648	2,741		—			2,741		2.0	%	2,691		4			2,695		2.0	%	1.9	%	1.7	%
San Diego, CA Area	2	410	2,042		—			2,042		1.5	%	2,057		—			2,057		1.5	%	(0.7	)%	(0.7	)%
San Francisco - Oakland, CA Metro Area	6	1,369	9,856		—			9,856		7.1	%	9,403		34			9,437		6.8	%	4.8	%	4.4	%
Tampa, FL Area	2	571	2,314		(212		)	2,102		1.5	%	2,751		(422		)	2,329		1.7	%	(15.9	)%	(9.7	)%
Washington D.C. - MD - VA Area	9	2,424	15,816		2,992			18,808		13.5	%	16,222		2,715			18,937		13.6	%	(2.5	)%	(0.7	)%
Other Areas	51	8,795	43,615		40			43,655		31.3	%	41,242		(318		)	40,924		29.0	%	5.8	%	6.7	%
Total Portfolio	118	24,930	$	136,792	$	2,795		$	139,587	100.0	%	$	138,477	$	973		$	139,450	100.0	%	(1.2	)%	0.1	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	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 REVPAR BY MARKET

(unaudited)



			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		Actual		Non-comparable Adjustments			Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2018		2018			2018		2017		2017			2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	132.94	$	—		$	132.94	$	120.79	$	(88.17	)	$	132.00	10.1	%	0.7	%
Boston, MA Area	3	915	161.65		—			161.65		164.29		—			164.29		(1.6	)%	(1.6	)%
Dallas / Ft. Worth, TX Area	7	1,518	120.16		—			120.16		114.20		—			114.20		5.2	%	5.2	%
Houston, TX Area	3	692	113.54		—			113.54		112.97		—			112.97		0.5	%	0.5	%
Los Angeles, CA Metro Area	6	1,619	138.47		—			138.47		136.69		—			136.69		1.3	%	1.3	%
Miami, FL Metro Area	3	587	159.46		—			159.46		149.40		—			149.40		6.7	%	6.7	%
Minneapolis - St. Paul, MN-WI Area	4	809	124.96		—			124.96		119.71		—			119.71		4.4	%	4.4	%
Nashville, TN Area	1	673	207.67		—			207.67		212.35		—			212.35		(2.2	)%	(2.2	)%
New York / New Jersey Metro Area	6	1,741	117.53		—			117.53		113.08		—			113.08		3.9	%	3.9	%
Orlando, FL Area	3	734	116.82		—			116.82		121.04		—			121.04		(3.5	)%	(3.5	)%
Philadelphia, PA Area	3	648	99.66		—			99.66		97.88		—			97.88		1.8	%	1.8	%
San Diego, CA Area	2	410	121.22		—			121.22		120.78		—			120.78		0.4	%	0.4	%
San Francisco - Oakland, CA Metro Area	6	1,369	161.03		—			161.03		155.05		—			155.05		3.9	%	3.9	%
Tampa, FL Area	2	571	129.00		(154.79		)	125.49		131.43		(139.36		)	129.92		(1.8	)%	(3.4	)%
Washington D.C. - MD - VA Area	9	2,424	145.88		235.98			151.77		151.12		296.03			158.06		(3.5	)%	(4.0	)%
Other Areas	51	8,795	112.64		(48.05		)	112.91		110.71		(62.43		)	112.11		1.7	%	0.7	%
Total Portfolio	118	24,930	$	128.22	$	546.51		$	128.94	$	125.95	$	(54.14	)	$	128.07	1.8	%	0.7	%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	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)



			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Non-comparable Adjustments			Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2018		2018			2018		% of Total		2017		2017			2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	12,509	$	12		$	12,521	5.0	%	$	15,972	$	(2,544	)	$	13,428	5.3	%	(21.8	)%	(6.8	)%
Boston, MA Area	3	915	10,161		—			10,161		4.1	%	12,096		12			12,108		4.8	%	(16.0	)%	(16.1	)%
Dallas / Ft. Worth, TX Area	7	1,518	15,177		—			15,177		6.1	%	13,783		21			13,804		5.5	%	10.1	%	9.9	%
Houston, TX Area	3	692	6,637		—			6,637		2.7	%	6,692		20			6,712		2.7	%	(0.8	)%	(1.1	)%
Los Angeles, CA Metro Area	6	1,619	18,329		—			18,329		7.4	%	18,533		43			18,576		7.3	%	(1.1	)%	(1.3	)%
Miami, FL Metro Area	3	587	8,345		—			8,345		3.3	%	7,667		7			7,674		3.0	%	8.8	%	8.7	%
Minneapolis - St. Paul, MN-WI Area	4	809	7,360		—			7,360		3.0	%	6,877		13			6,890		2.7	%	7.0	%	6.8	%
Nashville, TN Area	1	673	12,090		—			12,090		4.9	%	14,641		—			14,641		5.8	%	(17.4	)%	(17.4	)%
New York / New Jersey Metro Area	6	1,741	15,458		1			15,459		6.2	%	15,553		52			15,605		6.2	%	(0.6	)%	(0.9	)%
Orlando, FL Area	3	734	5,832		—			5,832		2.3	%	6,294		3			6,297		2.5	%	(7.3	)%	(7.4	)%
Philadelphia, PA Area	3	648	4,117		—			4,117		1.7	%	3,664		8			3,672		1.5	%	12.4	%	12.1	%
San Diego, CA Area	2	410	3,594		—			3,594		1.4	%	3,576		2			3,578		1.4	%	0.5	%	0.4	%
San Francisco - Oakland, CA Metro Area	6	1,369	18,039		—			18,039		7.2	%	17,446		49			17,495		6.9	%	3.4	%	3.1	%
Tampa, FL Area	2	571	7,783		(1,054		)	6,729		2.7	%	7,852		(1,240		)	6,612		2.6	%	(0.9	)%	1.8	%
Washington D.C. - MD - VA Area	9	2,424	23,345		4,697			28,042		11.3	%	26,783		4,677			31,460		12.4	%	(12.8	)%	(10.8	)%
Other Areas	51	8,795	76,630		109			76,739		30.7	%	74,521		(264		)	74,257		29.4	%	2.8	%	3.3	%
Total Portfolio	118	24,930	$	245,406	$	3,765		$	249,171	100.0	%	$	251,950	$	859		$	252,809	100.0	%	(2.6	)%	(1.4	)%

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	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

TOTAL ENTERPRISE VALUE

JUNE 30, 2018

(in thousands, except share price)

(unaudited)




	June 30, 2018
End of quarter common shares outstanding	98,612
Partnership units outstanding	20,660
Combined common shares and partnership units outstanding	119,272
Common stock price at quarter end	$	8.10
Market capitalization at quarter end	$	966,103
Series D preferred stock	$	59,735
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Series H preferred stock	$	95,000
Series I preferred stock	$	135,000
Debt on balance sheet date	$	4,000,956
Joint venture partner's share of consolidated debt	$	(2,012	)
Net working capital (see below)	$	(527,374	)
Total enterprise value (TEV)	$	5,002,408

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	64.80
Market value of Ashford Inc. investment	$	38,761

Cash and cash equivalents	$	417,253
Restricted cash	$	135,220
Accounts receivable, net	$	57,832
Prepaid expenses	$	23,048
Investment in securities	$	24,072
Due from third-party hotel managers, net	$	18,400
Market value of Ashford Inc. investment	$	38,761
Total current assets	$	714,586

Accounts payable, net & accrued expenses	$	141,772
Dividends and distributions payable	$	27,240
Due to affiliates, net	$	18,200
Total current liabilities	$	187,212

Net working capital*	$	527,374

* Includes the Company's pro rata share of net working capital in joint ventures.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)



		2018
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Estimated	Estimated
Courtyard Crystal City Reagan Airport	272	x
Courtyard Denver Airport	202	x
Courtyard Gaithersburg	210	x	x
Courtyard Louisville Airport	150				x
Embassy Suites Crystal City	267				x
Embassy Suites Philadelphia Airport	263	x	x
Embassy Suites Santa Clara Silicon Valley	258	x	x
Hampton Inn Suites Columbus Easton	145				x
Hampton Inn Suites Phoenix Airport	106		x	x
Hilton St. Petersburg Bayfront	333	x	x	x
Hilton Tampa Westshore	238		x	x	x
Hilton Garden Inn BWI Airport	158				x
Hilton Garden Inn Jacksonville	119	x
Hotel Indigo Atlanta Midtown	140		x	x
Hyatt Regency Coral Gables	253			x	x
Le Meridien Chambers Minneapolis	60	x
Le Pavillon Hotel	226			x
Marriott Crystal Gateway	701	x	x	x	x
Marriott Omaha	300			x	x
Marriott RTP	225	x
Renaissance Nashville	673	x	x	x	x
Renaissance Palm Springs	410	x
Residence Inn Jacksonville	120	x	x	x
Residence Inn Orlando Sea World	350	x	x	x	x
Ritz Carlton Atlanta	444	x	x	x	x
Sheraton Anchorage	370	x
The Churchill	173	x
Westin Princeton	296	x	x
Total		18	13	12	11


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	2018			2018			2017			2017			June 30, 2018
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			TTM
Net income (loss)	$	68,862		$	40,311		$	33,102		$	45,901		$	188,176
Non-property adjustments	(394		)	1,669			8,246			1,770			11,291
Interest income	(58		)	(30		)	(28		)	(28		)	(144		)
Interest expense	1,634			1,600			1,258			698			5,190
Amortization of loan costs	178			112			73			37			400
Depreciation and amortization	64,385			62,869			61,182			59,966			248,402
Income tax expense (benefit)	9			—			173			33			215
Non-hotel EBITDA ownership expense	2,176			2,083			2,624			4,925			11,808
Hotel EBITDA including amounts attributable to noncontrolling interest	136,792			108,614			106,630			113,302			465,338
Non-comparable adjustments	2,795			970			494			1,904			6,163
Comparable hotel EBITDA	$	139,587		$	109,584		$	107,124		$	115,206		$	471,501

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	58,375		$	10,487		$	68,862		$	244	$	(92,457	)	$	(23,351	)
Non-property adjustments	(430		)	36			(394		)	—		394			—
Interest income	(52		)	(6		)	(58		)	—		(825		)	(883		)
Interest expense	1,438			196			1,634			—		51,082			52,716
Amortization of loan cost	140			38			178			—		5,312			5,490
Depreciation and amortization	51,329			13,056			64,385			132		49			64,566
Income tax expense (benefit)	9			—			9			—		2,964			2,973
Non-hotel EBITDA ownership expense	1,634			542			2,176			21		(2,197		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	112,443			24,349			136,792			397		(35,678		)	101,511
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(108		)	—			(108		)	—		108			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		(1,170		)	(1,170		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		3,551			3,551
Company's portion of EBITDA of OpenKey	—			—			—			—		(122		)	(122		)
Hotel EBITDA attributable to the Company and OP unitholders	$	112,335		$	24,349		$	136,684		$	397	$	(33,311	)	$	103,770
Non-comparable adjustments	2,795			—			2,795
Comparable hotel EBITDA	$	115,238		$	24,349		$	139,587

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended March 31, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	31,899		$	8,412		$	40,311		$	483		$	(73,443	)	$	(32,649	)
Non-property adjustments	1,731			(62		)	1,669			—			(1,669		)	—
Interest income	(27		)	(3		)	(30		)	—			(716		)	(746		)
Interest expense	1,419			181			1,600			—			50,690			52,290
Amortization of loan cost	74			38			112			—			2,341			2,453
Depreciation and amortization	50,958			11,911			62,869			130			48			63,047
Income tax expense (benefit)	—			—			—			—			(886		)	(886		)
Non-hotel EBITDA ownership expense	2,264			(181		)	2,083			(11		)	(2,072		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	88,318			20,296			108,614			602			(25,707		)	83,509
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(49		)	—			(49		)	—			49			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			588			588
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(964		)	(964		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(139		)	(139		)
Hotel EBITDA attributable to the Company and OP unitholders	$	88,269		$	20,296		$	108,565		$	602		$	(26,173	)	$	82,994
Non-comparable adjustments	970			—			970
Comparable hotel EBITDA	$	89,288		$	20,296		$	109,584

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	23,346		$	9,756		$	33,102		$	230		$	(71,857	)	$	(38,525	)
Non-property adjustments	8,246			—			8,246			(75		)	(8,171		)	—
Interest income	(25		)	(3		)	(28		)	—			(714		)	(742		)
Interest expense	1,086			172			1,258			—			51,851			53,109
Amortization of loan cost	36			37			73			—			2,225			2,298
Depreciation and amortization	50,521			10,661			61,182			123			46			61,351
Income tax expense (benefit)	173			—			173			—			(1,884		)	(1,711		)
Non-hotel EBITDA ownership expense	2,494			130			2,624			25			(2,649		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	85,877			20,753			106,630			303			(31,153		)	75,780
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(85		)	—			(85		)	—			85			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			2,286			2,286
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			(1,646		)	(1,646		)
Company's portion of EBITDA of OpenKey	—			—			—			—			(137		)	(137		)
Hotel EBITDA attributable to the Company and OP unitholders	$	85,792		$	20,753		$	106,545		$	303		$	(30,565	)	$	76,283
Non-comparable adjustments	605			(111		)	494
Comparable hotel EBITDA	$	86,482		$	20,642		$	107,124

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	36,366		$	9,535		$	45,901		$	69	$	(74,696	)	$	(28,726	)
Non-property adjustments	1,645			125			1,770			—		(1,770		)	—
Interest income	(22		)	(6		)	(28		)	—		(678		)	(706		)
Interest expense	528			170			698			—		53,715			54,413
Amortization of loan cost	—			37			37			—		2,513			2,550
Depreciation and amortization	50,142			9,824			59,966			120		49			60,135
Income tax expense (benefit)	33			—			33			—		(1,300		)	(1,267		)
Non-hotel EBITDA ownership expense	4,929			(4		)	4,925			7		(4,932		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	93,621			19,681			113,302			196		(27,099		)	86,399
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(116		)	—			(116		)	—		116			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		679			679
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		(384		)	(384		)
Company's portion of EBITDA of OpenKey	—			—			—			—		(113		)	(113		)
Hotel EBITDA attributable to the Company and OP unitholders	$	93,505		$	19,681		$	113,186		$	196	$	(26,801	)	$	86,581
Non-comparable adjustments	1,887			17			1,904
Comparable hotel EBITDA	$	95,508		$	19,698		$	115,206

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	71,462		$	17,817		$	89,279		$	545		$	(79,396	)	$	10,428
Non-property adjustments	(14,092		)	—			(14,092		)	—			14,092			—
Interest income	(32		)	(6		)	(38		)	—			(508		)	(546		)
Interest expense	505			67			572			—			51,359			51,931
Amortization of loan cost	42			12			54			—			2,971			3,025
Depreciation and amortization	51,540			8,843			60,383			117			47			60,547
Income tax expense (benefit)	6			—			6			—			1,600			1,606
Non-hotel EBITDA ownership expense	2,536			(223		)	2,313			(18		)	(2,295		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	111,967			26,510			138,477			644			(12,130		)	126,991
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(104		)	—			(104		)	—			104			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			2,138			2,138
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			720			720
Company's portion of EBITDA of OpenKey	—			—			—			—			(124		)	(124		)
Hotel EBITDA attributable to the Company and OP unitholders	$	111,863		$	26,510		$	138,373		$	644		$	(9,292	)	$	129,725
Non-comparable adjustments	907			66			973
Comparable hotel EBITDA	$	112,874		$	26,576		$	139,450

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2018
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort		Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	90,274		$	18,899		$	109,173		$	727	$	(165,900	)	$	(56,000	)
Non-property adjustments	1,301			(26		)	1,275			—		(1,275		)	—
Interest income	(79		)	(9		)	(88		)	—		(1,541		)	(1,629		)
Interest expense	2,857			377			3,234			—		101,772			105,006
Amortization of loan cost	214			76			290			—		7,653			7,943
Depreciation and amortization	102,287			24,967			127,254			262		97			127,613
Income tax expense (benefit)	9			—			9			—		2,078			2,087
Non-hotel EBITDA ownership expense	3,898			361			4,259			10		(4,269		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	200,761			44,645			245,406			999		(61,385		)	185,020
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(157		)	—			(157		)	—		157			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—		(582		)	(582		)
Company's portion of EBITDA of Ashford Inc.	—			—			—			—		2,566			2,566
Company's portion of EBITDA of OpenKey	—			—			—			—		(261		)	(261		)
Hotel EBITDA attributable to the Company and OP unitholders	$	200,604		$	44,645		$	245,249		$	999	$	(59,505	)	$	186,743
Non-comparable adjustments	3,765			—			3,765
Comparable hotel EBITDA	$	204,526		$	44,645		$	249,171

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2017
	Hotel Properties Not Under Renovation			Hotel Properties Under Renovation			Hotel Total			Orlando WorldQuest Resort			Corporate / Allocated			Ashford Hospitality Trust, Inc.
Net income (loss)	$	100,819		$	33,562		$	134,381		$	954		$	(156,844	)	$	(21,509	)
Non-property adjustments	(14,009		)	—			(14,009		)	—			14,009			—
Interest income	(59		)	(11		)	(70		)	—			(684		)	(754		)
Interest expense	987			67			1,054			—			100,836			101,890
Amortization of loan cost	168			12			180			—			8,191			8,371
Depreciation and amortization	104,583			18,309			122,892			230			2,123			125,245
Income tax expense (benefit)	23			—			23			—			737			760
Non-hotel EBITDA ownership expense	7,891			(392		)	7,499			(13		)	(7,486		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	200,403			51,547			251,950			1,171			(39,118		)	214,003
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(167		)	—			(167		)	—			167			—
Equity in (earnings) loss of unconsolidated entities	—			—			—			—			2,901			2,901
Company's portion of EBITDA of Ashford Inc.	—			—			—			—			336			336
Company's portion of EBITDA of OpenKey	—			—			—			—			(248		)	(248		)
Hotel EBITDA attributable to the Company and OP unitholders	$	200,236		$	51,547		$	251,783		$	1,171		$	(35,962	)	$	216,992
Non-comparable adjustments	765			94			859
Comparable hotel EBITDA	$	201,168		$	51,641		$	252,809

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	Excluded Hotels Under Renovation:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2018
	Atlanta, GA Area			Boston, MA Area			Dallas / Ft. Worth, TX Area			Houston, TX Area			Los Angeles, CA Metro Area			Miami, FL Metro Area			Minneapolis - St. Paul, MN - WI Area			Nashville, TN Area			New York / New Jersey Metro Area
Net income (loss)	$	2,596		$	3,540		$	3,636		$	1,643		$	3,979		$	1,036		$	1,399		$	5,357		$	5,384
Non-property adjustments	—			—			—			13			—			—			—			—			—
Interest income	(2		)	—			(2		)	—			(2		)	(1		)	(13		)	—			(8		)
Interest expense	196			961			—			—			—			—			—			—			—
Amortization of loan costs	38			55			—			—			—			—			—			—			—
Depreciation and amortization	3,079			3,896			3,481			1,376			4,596			1,892			2,565			2,187			4,074
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	166			26			212			82			(3		)	62			91			8			322
Hotel EBITDA including amounts attributable to noncontrolling interest	6,073			8,478			7,327			3,114			8,570			2,989			4,042			7,552			9,772
Non-comparable adjustments	(26		)	—			—			—			—			—			—			—			1
Comparable hotel EBITDA	$	6,047		$	8,478		$	7,327		$	3,114		$	8,570		$	2,989		$	4,042		$	7,552		$	9,773

	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)	$	497		$	1,002		$	1,125		$	6,526		$	985		$	9,045		$	21,112		$	68,862
Non-property adjustments	—			—			—			—			(367		)	(17		)	(23		)	(394		)
Interest income	(2		)	(1		)	(1		)	(6		)	—			(7		)	(13		)	(58		)
Interest expense	—			—			—			—			—			—			477			1,634
Amortization of loan costs	—			—			—			—			—			—			85			178
Depreciation and amortization	1,963			1,652			892			3,197			1,638			6,723			21,174			64,385
Income tax expense (benefit)	—			—			—			—			—			—			9			9
Non-hotel EBITDA ownership expense	33			88			26			139			58			72			794			2,176
Hotel EBITDA including amounts attributable to noncontrolling interest	2,491			2,741			2,042			9,856			2,314			15,816			43,615			136,792
Non-comparable adjustments	—			—			—			—			(212		)	2,992			40			2,795
Comparable hotel EBITDA	$	2,491		$	2,741		$	2,042		$	9,856		$	2,102		$	18,808		$	43,655		$	139,587

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2017
	Atlanta, GA Area			Boston, MA Area			Dallas / Ft. Worth, TX Area			Houston, TX Area			Los Angeles, CA Metro Area			Miami, FL Metro Area			Minneapolis - St. Paul, MN - WI Area			Nashville, TN Area			New York / New Jersey Metro Area
Net income (loss)	$	17,824		$	6,274		$	3,000		$	1,396		$	4,302		$	801		$	2,147		$	6,476		$	5,437
Non-property adjustments	(14,093		)	—			—			—			—			—			—			—			—
Interest income	(12		)	—			(1		)	—			(1		)	—			(7		)	—			(2		)
Interest expense	67			—			—			—			—			—			—			—			—
Amortization of loan costs	12			—			—			—			—			—			—			—			—
Depreciation and amortization	3,779			3,521			3,099			1,779			4,238			1,725			2,425			1,444			3,992
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	156			(45		)	678			89			106			365			15			25			365
Hotel EBITDA including amounts attributable to noncontrolling interest	7,733			9,750			6,776			3,264			8,645			2,891			4,580			7,945			9,792
Non-comparable adjustments	(1,155		)	5			30			11			34			—			3			—			31
Comparable hotel EBITDA	$	6,578		$	9,755		$	6,806		$	3,275		$	8,679		$	2,891		$	4,583		$	7,945		$	9,823

	Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	1,260		$	1,237		$	1,026		$	7,000		$	1,428		$	10,317		$	19,354		$	89,279
Non-property adjustments	—			—			—			—			—			—			1			(14,092		)
Interest income	(1		)	—			—			(5		)	—			(5		)	(4		)	(38		)
Interest expense	—			—			—			—			—			—			505			572
Amortization of loan costs	—			—			—			—			—			—			42			54
Depreciation and amortization	1,466			1,432			999			2,340			1,370			6,243			20,531			60,383
Income tax expense (benefit)	—			—			—			—			—			—			6			6
Non-hotel EBITDA ownership expense	10			22			32			68			(47		)	(333		)	807			2,313
Hotel EBITDA including amounts attributable to noncontrolling interest	2,735			2,691			2,057			9,403			2,751			16,222			41,242			138,477
Non-comparable adjustments	1			4			—			34			(422		)	2,715			(318		)	973
Comparable hotel EBITDA	$	2,736		$	2,695		$	2,057		$	9,437		$	2,329		$	18,937		$	40,924		$	139,450

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2018
	Atlanta, GA Area			Boston, MA Area			Dallas / Ft. Worth, TX Area			Houston, TX Area			Los Angeles, CA Metro Area			Miami, FL Metro Area			Minneapolis - St. Paul, MN - WI Area			Nashville, TN Area			New York / New Jersey Metro Area
Net income (loss)	$	5,822		$	416		$	8,030		$	3,877		$	9,212		$	4,581		$	2,211		$	7,901		$	7,089
Non-property adjustments	—			—			—			(134		)	—			(99		)	—			—			—
Interest income	(2		)	—			(3		)	—			(3		)	(1		)	(23		)	—			(10		)
Interest expense	377			1,831			—			—			—			—			—			—			—
Amortization of loan costs	76			110			—			—			—			—			—			—			—
Depreciation and amortization	5,913			7,569			6,888			2,716			9,136			3,717			5,072			4,155			8,308
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	323			235			262			178			(16		)	147			100			34			71
Hotel EBITDA including amounts attributable to noncontrolling interest	12,509			10,161			15,177			6,637			18,329			8,345			7,360			12,090			15,458
Non-comparable adjustments	12			—			—			—			—			—			—			—			1
Comparable hotel EBITDA	$	12,521		$	10,161		$	15,177		$	6,637		$	18,329		$	8,345		$	7,360		$	12,090		$	15,459

	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)	$	2,041		$	743		$	1,345		$	11,669		$	4,559		$	7,974		$	31,703		$	109,173
Non-property adjustments	(40		)	—			—			—			(394		)	1,945			(3		)	1,275
Interest income	(5		)	(1		)	(1		)	(8		)	—			(11		)	(20		)	(88		)
Interest expense	—			—			—			—			—			—			1,026			3,234
Amortization of loan costs	—			—			—			—			—			—			104			290
Depreciation and amortization	3,809			3,241			1,807			6,148			3,488			13,181			42,106			127,254
Income tax expense (benefit)	—			—			—			—			—			—			9			9
Non-hotel EBITDA ownership expense	27			134			443			230			130			256			1,705			4,259
Hotel EBITDA including amounts attributable to noncontrolling interest	5,832			4,117			3,594			18,039			7,783			23,345			76,630			245,406
Non-comparable adjustments	—			—			—			—			(1,054		)	4,697			109			3,765
Comparable hotel EBITDA	$	5,832		$	4,117		$	3,594		$	18,039		$	6,729		$	28,042		$	76,739		$	249,171

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2017
	Atlanta, GA Area			Boston, MA Area			Dallas / Ft. Worth, TX Area			Houston, TX Area			Los Angeles, CA Metro Area			Miami, FL Metro Area			Minneapolis - St. Paul, MN - WI Area			Nashville, TN Area			New York / New Jersey Metro Area
Net income (loss)	$	22,178		$	5,244		$	6,897		$	3,034		$	9,941		$	(279	)	$	1,755		$	10,955		$	6,750
Non-property adjustments	(14,093		)	—			—			—			—			—			—			—			—
Interest income	(12		)	—			(2		)	—			(2		)	—			(24		)	—			(4		)
Interest expense	67			—			—			—			—			—			—			—			—
Amortization of loan costs	12			—			—			—			—			—			—			—			—
Depreciation and amortization	7,603			6,861			6,147			3,588			8,477			3,475			5,104			3,651			8,429
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	217			(9		)	741			70			117			4,471			42			35			378
Hotel EBITDA including amounts attributable to noncontrolling interest	15,972			12,096			13,783			6,692			18,533			7,667			6,877			14,641			15,553
Non-comparable adjustments	(2,544		)	12			20			20			43			6			13			—			52
Comparable hotel EBITDA	$	13,428		$	12,108		$	13,803		$	6,712		$	18,576		$	7,673		$	6,890		$	14,641		$	15,605

	Orlando, FL Area			Philadelphia, PA Area			San Diego, CA Area			San Francisco - Oakland, CA Metro Area			Tampa, FL Area			Washington D.C. - MD - VA Area			Other Areas			Total Portfolio
Net income (loss)	$	3,410		$	777		$	1,513		$	12,758		$	5,184		$	14,936		$	29,328		$	134,381
Non-property adjustments	—			—			—			—			—			—			84			(14,009		)
Interest income	(3		)	—			—			(9		)	—			(8		)	(6		)	(70		)
Interest expense	—			—			—			—			—			—			987			1,054
Amortization of loan costs	—			—			—			—			—			—			168			180
Depreciation and amortization	2,875			2,816			2,027			4,591			2,713			12,368			42,167			122,892
Income tax expense (benefit)	—			—			—			—			—			—			23			23
Non-hotel EBITDA ownership expense	12			71			36			106			(45		)	(513		)	1,770			7,499
Hotel EBITDA including amounts attributable to noncontrolling interest	6,294			3,664			3,576			17,446			7,852			26,783			74,521			251,950
Non-comparable adjustments	3			7			1			50			(1,240		)	4,675			(259		)	859
Comparable hotel EBITDA	$	6,297		$	3,671		$	3,577		$	17,496		$	6,612		$	31,458		$	74,262		$	252,809

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	TTM Ended June 30, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	2,686		$	12,371		$	10,165		$	12,752		$	8,317		$	12,466		$	45,342		$	19,412		$	664		$	22,982		$	2,095
Non-property adjustments	10,140			(75		)	57			490			—			—			(179		)	398			—			261			—
Interest income	(14		)	(6		)	—			—			—			(14		)	—			(6		)	—			(65		)	(1		)
Interest expense	(1		)	—			—			—			2,073			—			—			—			12			4			—
Amortization of loan costs	—			—			—			—			104			—			—			—			—			—			—
Depreciation and amortization	9,402			8,833			14,680			14,717			12,667			11,560			58,622			29,155			10,613			22,102			5,226
Income tax expense (benefit)	14			63			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	362			341			1,042			546			931			294			3,142			1,958			355			1,435			106
Hotel EBITDA including amounts attributable to noncontrolling interest	22,589			21,527			25,944			28,505			24,092			24,306			106,927			50,917			11,644			46,719			7,426
Non-comparable adjustments	(931		)	(35		)	(38		)	(75		)	(69		)	(3		)	(1,557		)	(96		)	(8		)	(45		)	—
Comparable hotel EBITDA	$	21,658		$	21,492		$	25,906		$	28,430		$	24,023		$	24,303		$	105,370		$	50,821		$	11,636		$	46,674		$	7,426

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	4,176		$	2,312		$	1,978		$	1,046		$	16,839		$	—		$	2,399		$	611		$	223		$	4,315		$	4,390
Non-property adjustments	86			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(3		)	(1		)	—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			719			2,383			—
Amortization of loan costs	—			—			—			—			—			—			—			—			150			146			—
Depreciation and amortization	4,236			1,278			571			838			10,503			—			1,152			516			1,133			6,312			10,824
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	373			87			44			52			(134		)	—			40			10			125			216			(654		)
Hotel EBITDA including amounts attributable to noncontrolling interest	8,871			3,677			2,590			1,935			27,208			—			3,591			1,137			2,350			13,372			14,560
Non-comparable adjustments	(5		)	—			—			(4		)	(27		)	9,119			(8		)	(3		)	(2		)	(11		)	—
Comparable hotel EBITDA	$	8,866		$	3,677		$	2,590		$	1,931		$	27,181		$	9,119		$	3,583		$	1,134		$	2,348		$	13,361		$	14,560

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(714	)	$	(1,112	)	$	377		$	365		$	3,028		$	121		$	(13	)	$	(10	)	$	(44	)	$	(1,363	)	$	188,176
Non-property adjustments	31			—			—			—			—			—			—			—			—			82			11,291
Interest income	—			—			—			—			(37		)	—			—			—			—			3			(144		)
Interest expense	—			—			—			—			—			—			—			—			—			—			5,190
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			400
Depreciation and amortization	1,332			2,832			545			944			3,402			876			—			—			—			3,531			248,402
Income tax expense (benefit)	—			—			93			46			—			—			—			—			—			(1		)	215
Non-hotel EBITDA ownership expense	90			763			6			5			88			51			12			10			43			69			11,808
Hotel EBITDA including amounts attributable to noncontrolling interest	739			2,483			1,021			1,360			6,481			1,048			(1		)	—			(1		)	2,321			465,338
Non-comparable adjustments	—			(22		)	—			—			—			(1		)	1			—			1			(18		)	6,163
Comparable hotel EBITDA	$	739		$	2,461		$	1,021		$	1,360		$	6,481		$	1,047		$	—		$	—		$	—		$	2,303		$	471,501

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	3,250		$	3,709		$	2,920		$	4,464		$	3,694		$	3,397		$	18,108		$	6,491		$	818		$	7,916		$	501
Non-property adjustments	(13		)	—			—			(5		)	—			—			(421		)	43			—			—			—
Interest income	(6		)	(3		)	—			—			—			(7		)	—			(3		)	—			(23		)	(1		)
Interest expense	—			—			—			—			473			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			85			—			—			—			—			—			—
Depreciation and amortization	2,201			2,196			3,790			3,687			3,419			3,082			14,733			7,610			2,623			5,774			1,415
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	27			48			219			169			165			50			439			123			28			207			32
Hotel EBITDA including amounts attributable to noncontrolling interest	5,459			5,950			6,929			8,315			7,836			6,522			32,859			14,264			3,472			13,875			1,947
Non-comparable adjustments	(57		)	(1		)	(1		)	(2		)	1			—			(239		)	—			—			—			—
Comparable hotel EBITDA	$	5,402		$	5,949		$	6,928		$	8,313		$	7,837		$	6,522		$	32,620		$	14,264		$	3,472		$	13,875		$	1,947

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	1,118		$	720		$	578		$	346		$	5,709		$	—		$	713		$	174		$	114		$	1,725		$	1,850
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(1		)	(1		)	—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			196			961			—
Amortization of loan costs	—			—			—			—			—			—			—			—			38			55			—
Depreciation and amortization	1,061			321			144			239			3,175			—			295			134			292			1,778			2,790
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	32			27			(8		)	14			218			—			22			4			29			11			6
Hotel EBITDA including amounts attributable to noncontrolling interest	2,211			1,068			713			598			9,102			—			1,030			312			669			4,530			4,646
Non-comparable adjustments	—			—			—			—			—			3,093			—			—			—			—			—
Comparable hotel EBITDA	$	2,211		$	1,068		$	713		$	598		$	9,102		$	3,093		$	1,030		$	312		$	669		$	4,530		$	4,646

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(796	)	$	(193	)	$	138		$	202		$	1,058		$	17		$	—		$	—		$	(1	)	$	122		$	68,862
Non-property adjustments	2			—			—			—			—			—			—			—			—			—			(394		)
Interest income	—			—			—			—			(13		)	—			—			—			—			—			(58		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,634
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			178
Depreciation and amortization	459			776			130			239			853			216			—			—			—			953			64,385
Income tax expense (benefit)	—			—			3			6			—			—			—			—			—			—			9
Non-hotel EBITDA ownership expense	(1		)	226			2			1			74			3			—			—			—			9			2,176
Hotel EBITDA including amounts attributable to noncontrolling interest	(336		)	809			273			448			1,972			236			—			—			(1		)	1,084			136,792
Non-comparable adjustments	—			—			—			—			—			—			—			—			1			—			2,795
Comparable hotel EBITDA	$	(336	)	$	809		$	273		$	448		$	1,972		$	236		$	—		$	—		$	—		$	1,084		$	139,587

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended March 31, 2018
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	2,554		$	2,506		$	3,314		$	3,324		$	132		$	2,693		$	9,898		$	6,597		$	(248	)	$	4,834		$	883
Non-property adjustments	1,971			—			(39		)	46			(6		)	—			(39		)	(146		)	—			(20		)	(17		)
Interest income	(1		)	(1		)	—			—			—			(3		)	—			(1		)	—			(14		)	—
Interest expense	—			—			—			—			544			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			19			—			—			—			—			—			—
Depreciation and amortization	2,201			2,197			3,692			3,671			3,248			2,954			14,917			7,348			2,690			5,615			1,342
Income tax expense (benefit)	(1		)	—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	72			166			486			(12		)	418			55			460			500			100			31			(14		)
Hotel EBITDA including amounts attributable to noncontrolling interest	6,796			4,868			7,453			7,029			4,355			5,699			25,236			14,298			2,545			10,447			2,194
Non-comparable adjustments	14			—			(2		)	—			1			1			(804		)	—			—			—			—
Comparable hotel EBITDA	$	6,810		$	4,868		$	7,451		$	7,029		$	4,356		$	5,700		$	24,432		$	14,298		$	2,545		$	10,447		$	2,194

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	2,002		$	384		$	374		$	209		$	2,582		$	—		$	125		$	173		$	63		$	(1,564	)	$	32
Non-property adjustments	(41		)	—			—			—			—			—			—			—			—			—			—
Interest income	—			—			—			—			—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			181			871			—
Amortization of loan costs	—			—			—			—			—			—			—			—			38			55			—
Depreciation and amortization	1,056			314			144			258			2,813			—			288			128			222			1,567			2,774
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	(136		)	25			44			8			(388		)	—			6			2			85			58			5
Hotel EBITDA including amounts attributable to noncontrolling interest	2,881			723			562			475			5,007			—			419			303			589			987			2,811
Non-comparable adjustments	—			—			—			—			—			1,760			—			—			—			—			—
Comparable hotel EBITDA	$	2,881		$	723		$	562		$	475		$	5,007		$	1,760		$	419		$	303		$	589		$	987		$	2,811

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	(256	)	$	16		$	7		$	(53	)	$	413		$	(51	)	$	—		$	—		$	—		$	(632	)	$	40,311
Non-property adjustments	(40		)	—			—			—			—			—			—			—			—			—			1,669
Interest income	—			—			—			—			(10		)	—			—			—			—			—			(30		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,600
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			112
Depreciation and amortization	368			719			130			238			850			216			—			—			—			909			62,869
Income tax expense (benefit)	—			—			—			1			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	(21		)	167			1			—			10			4			—			—			—			(49		)	2,083
Hotel EBITDA including amounts attributable to noncontrolling interest	51			902			138			186			1,263			169			—			—			—			228			108,614
Non-comparable adjustments	—			—			—			—			—			—			—			—			—			—			970
Comparable hotel EBITDA	$	51		$	902		$	138		$	186		$	1,263		$	169		$	—		$	—		$	—		$	228		$	109,584

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2017
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels			KEYS Pool D - 5 hotels			KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	(5,710	)	$	2,576		$	2,110		$	2,470		$	120		$	2,910		$	9,736		$	4,239		$	(313	)	$	5,264		$	69
Non-property adjustments	8,182			(75		)	—			31			—			—			101			(27		)	—			(9		)	—
Interest income	(5		)	(1		)	—			—			—			(2		)	—			—			—			(14		)	1
Interest expense	(1		)	—			—			—			531			—			—			—			3			1			—
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			—
Depreciation and amortization	2,515			2,201			3,574			3,668			3,099			2,841			14,543			7,197			2,658			5,386			1,313
Income tax expense (benefit)	15			63			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	162			78			212			(11		)	265			147			1,080			(66		)	169			307			49
Hotel EBITDA including amounts attributable to noncontrolling interest	5,158			4,842			5,896			6,158			4,015			5,896			25,460			11,343			2,517			10,935			1,432
Non-comparable adjustments	(377		)	(70		)	(45		)	(81		)	(102		)	(12		)	(582		)	(142		)	(14		)	(81		)	—
Comparable hotel EBITDA	$	4,781		$	4,772		$	5,851		$	6,077		$	3,913		$	5,884		$	24,878		$	11,201		$	2,503		$	10,854		$	1,432

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels			Morgan Stanley Pool C2 - 2 hotels			Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	1,080		$	564		$	497		$	86		$	3,737		$	—		$	684		$	217		$	166		$	992		$	1,803
Non-property adjustments	—			—			—			—			—			—			—			—			—			—			—
Interest income	—			—			(2		)	—			—			—			—			—			—			—			—
Interest expense	—			—			—			—			—			—			—			—			173			551			—
Amortization of loan costs	—			—			—			—			—			—			—			—			37			36			—
Depreciation and amortization	1,067			320			141			178			2,360			—			285			127			240			1,505			2,700
Income tax expense (benefit)	—			—			—			—			—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	85			21			4			19			34			—			14			3			9			91			(326		)
Hotel EBITDA including amounts attributable to noncontrolling interest	2,232			905			640			283			6,131			—			983			347			625			3,175			4,177
Non-comparable adjustments	(16		)	—			—			(7		)	(30		)	2,158			(10		)	(3		)	(2		)	(21		)	—
Comparable hotel EBITDA	$	2,216		$	905		$	640		$	276		$	6,101		$	2,158		$	973		$	344		$	623		$	3,154		$	4,177

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel			GACC Manchester RI - 1 hotel			Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	116		$	(12	)	$	88		$	8		$	198		$	(225	)	$	(13	)	$	(10	)	$	(43	)	$	(302	)	$	33,102
Non-property adjustments	—			—			—			—			—			—			—			—			—			43			8,246
Interest income	—			—			—			—			(8		)	—			—			—			—			3			(28		)
Interest expense	—			—			—			—			—			—			—			—			—			—			1,258
Amortization of loan costs	—			—			—			—			—			—			—			—			—			—			73
Depreciation and amortization	285			698			137			234			852			214			—			—			—			844			61,182
Income tax expense (benefit)	—			—			57			39			—			—			—			—			—			(1		)	173
Non-hotel EBITDA ownership expense	63			179			2			2			3			47			12			10			43			(83		)	2,624
Hotel EBITDA including amounts attributable to noncontrolling interest	464			865			284			283			1,045			36			(1		)	—			—			504			106,630
Non-comparable adjustments	—			(37		)	—			—			—			(1		)	1			—			—			(32		)	494
Comparable hotel EBITDA	$	464		$	828		$	284		$	283		$	1,045		$	35		$	—		$	—		$	—		$	472		$	107,124

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2017
	KEYS Pool A - 7 hotels			KEYS Pool B - 7 hotels			KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels			KEYS Pool F - 5 hotels			BAML Highland Pool - 21 hotels			Morgan Stanley Pool - 17 hotels			Morgan Stanley - 8 hotels			JP Morgan Chase - 8 hotels			BAML Pool 3 - 3 hotels
Net income (loss)	$	2,592		$	3,580		$	1,821	$	2,494	$	4,371		$	3,466		$	7,600		$	2,085		$	407		$	4,968		$	642
Non-property adjustments	—			—			96		418		6			—			180			528			—			290			17
Interest income	(2		)	(1		)	—		—		—			(2		)	—			(2		)	—			(14		)	(1		)
Interest expense	—			—			—		—		525			—			—			—			3			1			—
Amortization of loan costs	—			—			—		—		—			—			—			—			—			—			—
Depreciation and amortization	2,485			2,239			3,624		3,691		2,901			2,683			14,429			7,000			2,642			5,327			1,156
Income tax expense (benefit)	—			—			—		—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	101			49			125		400		83			42			1,163			1,401			58			890			39
Hotel EBITDA including amounts attributable to noncontrolling interest	5,176			5,867			5,666		7,003		7,886			6,189			23,372			11,012			3,110			11,462			1,853
Non-comparable adjustments	(511		)	36			10		8		31			8			68			46			6			36			—
Comparable hotel EBITDA	$	4,665		$	5,903		$	5,676	$	7,011	$	7,917		$	6,197		$	23,440		$	11,058		$	3,116		$	11,498		$	1,853

	Morgan Stanley Pool C1 - 3 hotels			Morgan Stanley Pool C3 - 3 hotels			BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		Aareal Princeton / Nashville - 2 hotels			Aareal Hilton Alexandria - 1 hotel			Morgan Stanley Ann Arbor - 1 hotel			Omni American Bank Ashton - 1 hotel			BAML Indigo Atlanta - 1 hotel			Prudential Boston Back Bay - 1 hotel			GACC Gateway - 1 hotel
Net income (loss)	$	(24	)	$	644		$	529	$	405	$	4,811		$	—		$	877		$	47		$	(120	)	$	3,162		$	705
Non-property adjustments	127			—			—		—		—			—			—			—			—			—			—
Interest income	—			—			—		—		—			—			—			—			—			—			—
Interest expense	—			—			—		—		—			—			—			—			169			—			—
Amortization of loan costs	—			—			—		—		—			—			—			—			37			—			—
Depreciation and amortization	1,052			323			142		163		2,155			—			284			127			379			1,462			2,560
Income tax expense (benefit)	—			—			—		—		—			—			—			—			—			—			—
Non-hotel EBITDA ownership expense	392			14			4		11		2			—			(2		)	1			2			56			(339		)
Hotel EBITDA including amounts attributable to noncontrolling interest	1,547			981			675		579		6,968			—			1,159			175			467			4,680			2,926
Non-comparable adjustments	11			—			—		3		3			2,108			2			—			—			10			—
Comparable hotel EBITDA	$	1,558		$	981		$	675	$	582	$	6,971		$	2,108		$	1,161		$	175		$	467		$	4,690		$	2,926

	GACC Jacksonville RI - 1 hotel			BAML Le Pavillon - 1 hotel			Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel			NorthStar HGI Wisconsin Dells - 1 hotel			BAML Pool 4 - 2 hotels			NorthStar Gainesville - 1 hotel			Wachovia 5 - 5 hotels			Unencumbered hotels			Total Portfolio
Net income (loss)	$	222		$	(923	)	$	144	$	208	$	1,359		$	380		$	—		$	—		$	—		$	(551	)	$	45,901
Non-property adjustments	69			—			—		—		—			—			—			—			—			39			1,770
Interest income	—			—			—		—		(6		)	—			—			—			—			—			(28		)
Interest expense	—			—			—		—		—			—			—			—			—			—			698
Amortization of loan costs	—			—			—		—		—			—			—			—			—			—			37
Depreciation and amortization	220			639			148		233		847			230			—			—			—			825			59,966
Income tax expense (benefit)	—			—			33		—		—			—			—			—			—			—			33
Non-hotel EBITDA ownership expense	49			191			1		2		1			(3		)	—			—			—			192			4,925
Hotel EBITDA including amounts attributable to noncontrolling interest	560			(93		)	326		443		2,201			607			—			—			—			505			113,302
Non-comparable adjustments	—			15			—		—		—			—			—			—			—			14			1,904
Comparable hotel EBITDA	$	560		$	(78	)	$	326	$	443	$	2,201		$	607		$	—		$	—		$	—		$	519		$	115,206

NOTES:


(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at June 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


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

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ASHFORD HOSPITALITY TRUST INC Reports