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Ashford Hospitality Trust Reports Second Quarter Results

Ashford Hospitality Trust Reports Second Quarter Results

Category: Worldwide - Industry economy - Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-08-05


Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the second quarter ended June 30, 2010. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 101 hotels owned and included in continuing operations as of June 30, 2010. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2010, with the second quarter ended June 30, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS AND LIQUIDITY

* Unrestricted cash at the end of the quarter was $174.9 million
* RevPAR increased 4.5% for the quarter for the hotels not under renovation
* Operating profit margin increased 195 basis points for all hotels
* Net income attributable to common shareholders was $2.0 million, or $0.06 per diluted share, compared with net loss attributable to common shareholders of $165.9 million, or $2.34 per diluted share, in the prior-year quarter
* Adjusted funds from operations (AFFO) was $0.46 per diluted share
* Fixed charge coverage ratio was 1.76x under the senior credit facility covenant versus a required minimum of 1.25x


CAPITAL ALLOCATION

* Repurchased 2.1 million common shares in the quarter for $16.0 million
* Capex invested in the quarter was $15.3 million and $33.5 million year to date


CAPITAL STRUCTURE

On April 1, 2010, the Company restructured the $156.2 million loan with Aareal Bank AG that is secured by the Hilton LaJolla Torrey Pines and the Capital Hilton held in a joint venture with Hilton Worldwide. The modification provided a full extension of the loan maturity to August 2013 without tests along with reduced cash management provisions in exchange for a principal payment of $2.5 million at closing and another $2.5 million over the next twelve months. The loan was set to mature in August 2011 and had two one-year extension options.

In April 2010, the Company suspended making mortgage payments on the $5.8 million loan set to mature in January 2011 and secured by the Courtyard Hartford – Manchester in Manchester, Connecticut. The Company intends to restructure the loan with the special servicer.

SUBSEQUENT EVENTS

On July 9, 2010, the Company restructured the $52.5 million loan with Capmark Bank that is secured by the JW Marriott San Francisco. The modification provides a full extension of the loan maturity to March 2013 without tests and maintains the interest rate at 375 basis points over LIBOR (LIBOR floor of 2.5%) in exchange for a principal payment of $5.0 million at closing. The loan was set to mature in March 2011 and had two one-year extension options.

On July 9, 2010, the Company and Prudential Real Estate Investors ("PREI") participated in a discounted purchase of a partial interest in an existing mezzanine loan tranche associated with JER Partner's 2007 privatization of the Highland Hospitality portfolio. Ashford contributed $15 million to this investment, which is more senior in the capital stack, and is a strategic complement to the Company's existing joint venture investment made with Prudential in 2008.

PORTFOLIO REVPAR

As of June 30, 2010, the Company had a portfolio of direct hotel investments consisting of 101 properties classified in continuing operations. During the second quarter, 98 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 101 hotels) and proforma not-under-renovation basis (98 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. The Company's reporting by region and brand includes the results of all 101 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

* Proforma RevPAR increased 4.5% for hotels not under renovation on a 3.4% decrease in ADR to $124.25 and a 561 basis point increase in occupancy
* Proforma RevPAR increased 3.9% for all hotels on a 3.1% decrease in ADR to $126.80 and a 502 basis point increase in occupancy


HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 98 hotels as of June 30, 2010, that were not under renovation, Proforma Hotel EBITDA increased 11.5% to $61.8 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 166 basis points to 27.6%. For all 101 hotels included in continuing operations as of June 30, 2010, Proforma Hotel EBITDA increased 12.2% to $68.7 million and Hotel EBITDA margin increased 195 basis points to 28.3%.

Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as of the end of the current period. As Ashford's portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 101 hotels included in continuing operations are provided in the tables attached to this release.

Monty J. Bennett, Chief Executive Officer, commented, "We were able to capitalize on improved hotel industry RevPAR trends to deliver our highest quarterly AFFO per share ever on the strength of a dramatic improvement in hotel operating margins and a highly accretive stock repurchase strategy. With nearly $500 million of new financings, modifications or restructurings completed in the last two years and continued benefits from our interest rate strategy, we are a much stronger company today."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, August 5, 2010, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2901 begin_of_the_skype_highlighting (212) 231-2901 end_of_the_skype_highlighting. A replay of the conference call will be available through Thursday, August 12, 2010, by dialing (402) 977-9140 begin_of_the_skype_highlighting (402) 977-9140 end_of_the_skype_highlighting and entering the confirmation number, 21463979.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2010 earnings release conference call. The live broadcast of Ashford's quarterly conference call will be available online at the Company's website at www.ahtreit.com on Thursday, August 5, 2010, beginning at 12 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

* * * * *

Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's web site at www.ahtreit.com.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford'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; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford'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. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(in thousands, except share amounts)












June 30,



December 31,








2010



2009








(Unaudited)


ASSETS








Investment in hotel properties, net


$ 3,323,468



$ 3,383,759




Cash and cash equivalents


174,852



165,168




Restricted cash


72,230



77,566




Accounts receivable, net


43,270



31,503




Inventories


2,923



2,975




Notes receivable


35,627



55,655




Investment in unconsolidated joint ventures


21,666



20,736




Assets held for sale


5,100



-




Deferred costs, net


20,259



20,960




Prepaid expenses


16,143



13,234




Interest rate derivatives


124,884



94,645




Other assets


3,034



3,471




Intangible assets, net


2,944



2,988




Due from third-party hotel managers


40,731



41,838














Total assets


$ 3,887,131



$ 3,914,498











LIABILITIES AND EQUITY





Liabilities








Indebtedness


$ 2,769,024



$ 2,772,396




Capital leases payable


60



83




Accounts payable and accrued expenses


107,549



91,387




Dividends payable


5,566



5,566




Unfavorable management contract liabilities


17,375



18,504




Due to related parties


1,431



1,009




Due to third-party hotel managers


2,723



1,563




Other liabilities


7,786



7,932














Total liabilities


2,911,514



2,898,440











Series B-1 Cumulative Convertible Redeemable Preferred stock,







7,447,865 issued and outstanding


75,000



75,000


Redeemable noncontrolling interests in operating partnership


102,771



85,167











Equity:









Shareholders' equity of the Company 








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









Series A Cumulative Preferred Stock, 1,487,900 shares issued and










outstanding at June 30, 2010 and December 31, 2009


15



15






Series D Cumulative Preferred Stock, 5,666,797 shares issued and










outstanding at June 30, 2010 and December 31, 2009


57



57





Common stock, $0.01 par value, 200,000,000 shares authorized,









123,026,246 shares issued, 51,137,900 shares and 57,596,878 shares









outstanding at June 30, 2010 and December 31, 2009


1,230



1,227





Additional paid-in capital


1,439,819



1,436,009





Accumulated other comprehensive loss


(908)



(897)





Accumulated deficit


(431,428)



(412,011)





Treasury stock, at cost (71,888,346 shares and 65,151,981 shares at









June 30, 2010 and December 31, 2009)


(228,296)



(186,424)






Total shareholders' equity of the Company


780,489



837,976




Noncontrolling interests in consolidated joint ventures


17,357



17,915














Total equity


797,846



855,891















Total liabilities and equity


$ 3,887,131



$ 3,914,498




ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(in thousands, except per share amounts)





























Three Months Ended



Six Months Ended







June 30,



June 30,







2010



2009



2010



2009







(Unaudited)


REVENUE











Rooms


178,685



$ 171,551



$ 341,007



$ 340,915




Food and beverage


47,862



44,188



89,485



89,544




Rental income from operating leases


1,454



1,405



2,542



2,594




Other


10,993



11,360



21,543



22,971

















Total hotel revenue


238,994



228,504



454,577



456,024




Interest income from notes receivable


346



2,421



683



8,636




Asset management fees and other


137



205



212



379

















Total Revenue


239,477



231,130



455,472



465,039














EXPENSES











Hotel operating expenses












Rooms


40,879



38,953



79,077



76,667





Food and beverage


32,134



30,734



61,907



62,611





Other direct


6,585



6,338



12,302



12,425





Indirect


68,128



67,097



130,965



133,085





Management fees


9,461



9,107



18,289



18,208


















Total hotel operating expenses


157,187



152,229



302,540



302,996
















Property taxes, insurance, and other


14,079



15,547



28,996



29,331




Depreciation and amortization


36,129



38,169



73,205



78,494




Impairment charges


(1,188)



129,456



(1,957)



129,456




Corporate general and administrative:












Stock/unit-based compensation


2,067



1,201



3,239



2,757





Other general and administrative


6,256



5,710



11,742



11,000


















Total Operating Expenses


214,530



342,312



417,765



554,034














OPERATING INCOME (LOSS)


24,947



(111,182)



37,707



(88,995)
















Equity in earnings of unconsolidated joint ventures


664



617



1,322



1,221




Interest income


51



92



112



197




Other income


15,652



11,214



31,171



21,912




Interest expense


(36,569)



(34,035)



(72,461)



(67,975)




Amortization of loan costs


(1,328)



(1,972)



(2,998)



(4,002)




Write-off of premiums, loan costs, premiums and exit fees, net




-





930




Unrealized gain (loss) on derivatives


16,534



(37,723)



30,442



(19,691)














INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES


19,951



(172,989)



25,295



(156,403)




Income tax expense


(424)



(91)



(409)



(259)














INCOME (LOSS) FROM CONTINUING OPERATIONS


19,527



(173,080)



24,886



(156,662)


Loss from discontinued operations


(12,025)



(11,131)



(12,159)



(14,037)














NET INCOME (LOSS)


7,502



(184,211)



12,727



(170,699)


Loss from consolidated joint ventures attributable to noncontrolling interests


427



450



1,129



153


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership


(1,129)



22,702



(1,921)



21,144














NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY


6,800



(161,059)



11,935



(149,402)


Preferred dividends


(4,831)



(4,831)



(9,661)



(9,661)














NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS


$ 1,969



$ (165,890)



$ 2,274



$ (159,063)














INCOME PER SHARE:











Basic 












Income (loss) from continuing operations attributable to common shareholders


$ 0.23



$ (2.20)



$ 0.23



$ (1.94)





Loss from discontinued operations attributable to common shareholders


(0.19)



(0.14)



(0.19)



(0.16)

















Net income (loss) attributable to common shareholders


$ 0.04



$ (2.34)



$ 0.04



$ (2.10)
















Diluted 












Income (loss) from continuing operations attributable to common shareholders


$ 0.22



$ (2.20)



$ 0.23



$ (1.94)





Loss from discontinued operations attributable to common shareholders


(0.16)



(0.14)



(0.19)



(0.16)

















Net income (loss) attributable to common shareholders


$ 0.06



$ (2.34)



$ 0.04



$ (2.10)
















Weighted average common shares outstanding – basic


50,716



70,882



51,953



75,685




Weighted average common shares outstanding – diluted


72,981



70,882



51,953



75,685














Amounts attributable to common shareholders:











Income (loss) from continuing operations, net of tax


$ 16,821



$ (151,304)



$ 22,070



$ (137,067)




Loss from discontinued operations, net of tax


(10,021)



(9,755)



(10,135)



(12,335)




Preferred dividends


(4,831)



(4,831)



(9,661)



(9,661)
















Net income (loss) attributable to common shareholders


$ 1,969



$ (165,890)



$ 2,274



$ (159,063)




ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


RECONCILIATION OF NET INCOME (LOSS) TO EBITDA


(in thousands)

























Three Months Ended



Six Months Ended






June 30,



June 30,






2010



2009



2010



2009






(Unaudited)



(Unaudited)













Net income (loss)


$ 7,502



$ (184,211)



$ 12,727



$ (170,699)


Loss from consolidated joint ventures attributable to noncontrolling interests


427



450



1,129



153


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership


(1,129)



22,702



(1,921)



21,144


Net income (loss) attributable to the Company


6,800



(161,059)



11,935



(149,402)















Interest income


(51)



(91)



(111)



(191)




Interest expense and amortization of loan costs


37,436



36,090



74,541



72,162




Depreciation and amortization


35,322



37,783



71,640



78,426




Net income (loss) attributable to redeemable noncontrolling interests in operating partnership


1,129



(22,702)



1,921



(21,144)




Income tax expense


436



172



421



393













EBITDA



81,072



(109,807)



160,347



(19,756)















Amortization of unfavorable management contract liabilities


(564)



(564)



(1,129)



(1,129)




Write-off of loan costs, premiums and exit fees, net (1)


-



-



-



(930)




Income from interest rate derivatives (2)


(15,707)



(11,157)



(31,241)



(21,924)




Impairment charges


10,880



140,327



10,112



140,327




Unrealized (gain) loss on derivatives


(16,534)



37,723



(30,442)



19,691













Adjusted EBITDA


$ 59,147



$ 56,522



$ 107,647



$ 116,279


























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


(in thousands, except per share amounts)




























Three Months Ended



Six Months Ended






June 30,



June 30,






2010



2009



2010



2009






(Unaudited)



(Unaudited)













Net income (loss)


$ 7,502



$ (184,211)



$ 12,727



$ (170,699)


Loss from consolidated joint ventures attributable to noncontrolling interests


427



450



1,129



153


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership


(1,129)



22,702



(1,921)



21,144


Preferred dividends


(4,831)



(4,831)



(9,661)



(9,661)













Net income (loss) attributable to common shareholders


1,969



(165,890)



2,274



(159,063)















Depreciation and amortization on real estate


35,255



37,713



71,505



78,279




Net income (loss) attributable to redeemable noncontrolling interests in operating partnership


1,129



(22,702)



1,921



(21,144)













FFO available to common shareholders


38,353



(150,879)



75,700



(101,928)















Dividends on convertible preferred stock


1,043



1,043



2,085



2,085




Write-off of loan costs, premiums and exit fees, net (1)


-



-



-



(930)




Impairment charges


10,880



140,327



10,112



140,327




Unrealized (gain) loss on derivatives


(16,534)



37,723



(30,442)



19,691













Adjusted FFO


$ 33,742



$ 28,214



$ 57,455



$ 59,245













Adjusted FFO per diluted share available to common shareholders


$ 0.46



$ 0.31



$ 0.77



$ 0.61













Weighted average diluted shares


73,638



92,284



74,773



96,829













(1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the six months ended June 30, 2009


(2) Income from interest rate derivatives is excluded from the adjusted EBITDA calculations for all periods presented.




ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


DEBT SUMMARY


JUNE 30, 2010


(dollars in thousands)


(Unaudited)















Fixed-Rate



Floating-Rate



Total



Indebtedness



Collateral



Maturity



Interest Rate



Debt



Debt



Debt


















Mortgage loan



5 hotels



December 2010



LIBOR + 1.72%



$ -



$ 203,400


(1)


$ 203,400



Mortgage loan



1 hotel



January 2011



8.32%



5,775


(2)


-



5,775



Senior credit facility



Notes receivable



April 2011



LIBOR + 2.75% to 3.5%



-



250,000


(1) (3)


250,000



Mortgage loan



10 hotels



May 2011



LIBOR + 1.65%



-



167,202


(1)


167,202



Mortgage loan



1 hotel



March 2012



LIBOR + 4%



-



60,800


(4)


60,800



Mortgage loan



1 hotel



March 2013



Greater of 6.25% or LIBOR + 3.75%



-



52,500


(5)


52,500



Mortgage loan



2 hotel



August 2013



LIBOR + 2.75%



-



153,100


(6)


153,100



Mortgage loan



1 hotel



December 2014



Greater of 5.5% or LIBOR + 3.5%



-



19,740



19,740



Mortgage loan



8 hotels



December 2014



5.75%



109,925



-



109,925



Mortgage loan



1 hotel



January 2015



7.78%



4,057



-



4,057



Mortgage loan



10 hotels



July 2015



5.22%



160,490



-



160,490



Mortgage loan



8 hotels



December 2015



5.70%



100,576



-



100,576



Mortgage loan



5 hotels



December 2015



12.26%



142,573



-



142,573



Mortgage loan



5 hotels



February 2016



5.53%



115,645



-



115,645



Mortgage loan



5 hotels



February 2016



5.53%



95,905



-



95,905



Mortgage loan



5 hotels



February 2016



5.53%



83,075



-



83,075



Mortgage loan



1 hotel



December 2016



5.81%



101,000


(7)


-



101,000



Mortgage loan



1 hotel



April 2017



5.91%



35,000



-



35,000



Mortgage loan



2 hotels



April 2017



5.95%



128,251



-



128,251



Mortgage loan



3 hotels



April 2017



5.95%



260,980



-



260,980



Mortgage loan



5 hotels



April 2017



5.95%



115,600



-



115,600



Mortgage loan



5 hotels



April 2017



5.95%



103,906



-



103,906



Mortgage loan



5 hotels



April 2017



5.95%



158,105



-



158,105



Mortgage loan



7 hotels



April 2017



5.95%



126,466



-



126,466



TIF loan



1 hotel



June 2018



12.85%



8,098



-



8,098



Mortgage loan



1 hotel



April 2034



Greater of 6% or Prime + 1%



-



6,855



6,855


















Total debt









$ 1,855,427



$ 913,597



$ 2,769,024


















Percentage









67.0%



33.0%



100.0%


















Weighted average interest rate at June 30, 2010





6.31%



3.07%



5.24%


















Total debt with the effect of interest rate swap





$ 55,427



$ 2,713,597



$ 2,769,024


















Percentage with the effect of interest rate swap





2.0%



98.0%



100.0%


















Weighted average interest rate with the effect of interest rate swap



2.92%


(8)


3.07%


(8)


2.97%


(8)



















(1) Each of these loans has a one-year extension option as of June 30, 2010.


(2) We are currently working with the loan servicer for an extension or a restructure of the loan.


(3) Based on the debt-to-assets ratio defined in the loan agreement, interest rate on this debt was at LIBOR plus 3% as of June 30, 2010.


(4) This loan has two one-year extension options remaining as of June 30, 2010.


(5) This loan was modified effective July 7, 2010 to its fully extended maturity of March 2013 in exchange for a principal payment of $5.0 million.


(6) This loan was modified effective April 1, 2010 to its fully extended maturity of August 2013 without any extension tests.


(7) We are currently working with the lender for a deed-in-lieu of foreclosure.


(8) These rates are calculated assuming the LIBOR rate stays at the June 30, 2010 level and with the effect of our interest rate derivatives.






ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED


JUNE 30, 2010


(in thousands)


(Unaudited)














































2010



2011



2012



2013



2014



Thereafter



Total





















Mortgage loan secured by 10 hotel properties, Wachovia Floater


$-



$ -



$167,202



$ -



$ -



$ -



$167,202


Mortgage loan secured by five hotel properties



-



203,400



-



-



-



-



203,400


Mortgage loan secured by Manchester Courtyard


-



5,775


(1)


-



-



-



-



5,775


Secured credit facility




-



$250,000


(2)


-



-



-



-



250,000


Mortgage loan secured by JW Marriott San Francisco


-



-



-



52,500


(3)


-



-



52,500


Mortgage loan secured by two hotel properties



-



-



-



153,100



-



-



153,100


Mortgage loan secured by Arlington Marriott



-



-



-



-



60,800



-



60,800


Mortgage loan secured by El Conquistador Hilton


-



-



-



-



19,740



-



19,740


Mortgage loan secured by eight hotel properties, UBS Pool 1


-



-



-



-



109,925



-



109,925


Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1


-



-



-



-



-



160,490



160,490


Mortgage loan secured by eight hotel properties, UBS Pool 2


-



-



-



-



-



100,576



100,576


Mortgage loan secured by five hotel properties



-



-



-



-



-



142,573



142,573


Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2


-



-



-



-



-



115,645



115,645


Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3










-



95,905



95,905


Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7










-



83,075



83,075


Mortgage loan secured by Westin O'Hare



-



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