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Ashford Hospitality Trust Reports Third Quarter Results

Ashford Hospitality Trust Reports Third Quarter Results

Catégorie : Monde - Économie du secteur - Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 04-11-2010


Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the third quarter ended September 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 100 hotels owned and included in continuing operations as of September 30, 2010. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2010, with the third quarter ended September 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

RevPAR increased 6.1% for the quarter for the hotels not under renovation
Operating profit margin increased 192 basis points for the hotels not under renovation
Net income attributable to common shareholders was $36.3 million, or $0.73 per diluted share, compared with net loss attributable to common shareholders of $33.6 million, or $0.52 per diluted share, in the prior-year quarter
Adjusted funds from operations (AFFO) was $0.33 per diluted share
Net debt to gross assets ratio improved to 54.9% compared with 57.8% a year ago
Fixed charge coverage ratio was 1.83x under the senior credit facility covenant versus a required minimum of 1.25x

CAPITAL ALLOCATION

Capex invested in the quarter was $13.0 million and $46.5 million year to date

CAPITAL STRUCTURE

On July 9, 2010, the Company restructured its $52.5 million loan with Capmark Bank secured by the JW Marriott San Francisco. The modification provided a full extension of the loan maturity to March 2013 without tests and maintained the interest rate at 3.75% over LIBOR, subject to a LIBOR floor of 2.5%, in exchange for a reduction in the loan balance of $5.0 million. The loan had been set to mature in March 2011 and had two one-year extension options.

On September 1, 2010, the Company sold the Hilton Suites in Auburn Hills, Michigan for $5.1 million, and on September 10, 2010, the Company transferred the Westin O'Hare in Rosemont, Illinois to the special servicer via a consensual deed in lieu of foreclosure, which resulted in a gain of $56.2 million in the third quarter and offset a previous impairment taken on the asset in 2009 to the level of non-recourse debt on the property.

On September 3, 2010, the Company entered into an "at-the-market" (ATM) program with JMP Securities to sell from time to time up to $50 million in common stock. No shares were sold during the third quarter pursuant to this program. Proceeds from the ATM program are expected to be used for general corporate purposes or to reduce outstanding borrowings on the Company's senior credit facility.

On September 22, 2010, the Company issued and sold 3,300,000 shares of its 8.45% Series D Cumulative Preferred Stock (liquidation preference $25.00 per share) for a gross price of $23.178 per share. The proceeds from the offering, along with available cash, were used by the Company to reduce outstanding borrowings under its existing senior credit facility from $250 million to approximately $75 million at quarter end.

SUBSEQUENT EVENTS

On October 19, 2010, the Company converted its $1.8 billion interest rate swap to a fixed rate of 4.09%. Under the previous swap, which expires in 2013, the Company received a fixed rate of 5.84% and paid a variable rate of LIBOR plus 2.64%, subject to a LIBOR floor of 1.25%. Under the terms of the new swap transaction, the Company will continue to receive a fixed rate of 5.84%, but will pay a fixed rate of 4.09%. The new transaction results in locked-in annual interest expense savings of approximately $32 million for the remaining term of the swap.

On October 29, 2010, the Company closed on a $105 million refinancing of the Marriott Gateway in Arlington, Virginia. The new loan, which has a 10-year term and fixed interest rate of 6.26%, replaces a $60.8 million loan set to mature in 2012 with an interest rate of LIBOR plus 4.0%. The excess proceeds were used to further reduce outstanding borrowings on the Company's senior credit facility.

PORTFOLIO REVPAR

As of September 30, 2010, the Company had a portfolio of direct hotel investments consisting of 100 properties classified in continuing operations. During the third quarter, 94 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 100 hotels) and proforma not-under-renovation basis (94 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 100 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

Proforma RevPAR increased 6.1% for hotels not under renovation on a 0.7% increase in ADR to $122.88 and a 372 basis point increase in occupancy
Proforma RevPAR increased 5.1% for all hotels on a 0.6% increase in ADR to $124.15 and a 313 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 94 hotels as of September 30, 2010 that were not under renovation, Proforma Hotel EBITDA increased 13.3% to $50.5 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 192 basis points to 25.6%. For all 100 hotels included in continuing operations as of September 30, 2010, Proforma Hotel EBITDA increased 11.7% to $55.2 million and Hotel EBITDA margin increased 173 basis points to 25.4%.

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 100 hotels included in continuing operations are provided in the tables attached to this release.

Monty J. Bennett, Chief Executive Officer, commented, "We have sustained a sharp focus on improving our balance sheet and enhancing liquidity. The transactions completed during and subsequent to the quarter have reduced our leverage ratio, extended our maturities and locked-in significant interest expense savings. Our capital allocation strategies have also created tremendous shareholder value through the repurchase of over 73 million shares of common stock during a period when most of our peers were issuing equity, and the repurchase and subsequent reissuance of preferred stock at substantial premiums.

"Our asset management strategies have also delivered significant results as our strong flowthrough and operating discipline across the portfolio, continue to leverage improving RevPAR trends. While we are encouraged by the continued traction in lodging fundamentals, we will maintain a cautiously optimistic outlook until we see more clarity in job growth, business travel, and the general economic recovery."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 4, 2010, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2901. A replay of the conference call will be available through Thursday, November 11, 2010, by dialing (402) 977-9140 and entering the confirmation number, 21463991.

The Company will also provide an online simulcast and rebroadcast of its third 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, November 4, 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)







September 30,

December 31,





2010

2009





(Unaudited)
ASSETS





Investment in hotel properties, net
$ 3,253,095

$ 3,383,759

Cash and cash equivalents
72,120

165,168

Restricted cash
68,113

77,566

Accounts receivable, net
36,682

31,503

Inventories
2,816

2,975

Notes receivable
33,095

55,655

Investment in unconsolidated joint ventures
36,590

20,736

Deferred costs, net
19,832

20,960

Prepaid expenses
15,410

13,234

Interest rate derivatives
125,256

94,645

Other assets
3,492

3,471

Intangible assets, net
2,921

2,988

Due from third-party hotel managers
45,122

41,838










Total assets
$ 3,714,544

$ 3,914,498








LIABILITIES AND EQUITY



Liabilities





Indebtedness
$ 2,489,475

$ 2,772,396

Capital leases payable
49

83

Accounts payable and accrued expenses
98,940

91,387

Dividends payable
7,309

5,566

Unfavorable management contract liabilities
16,810

18,504

Due to related parties
1,929

1,009

Due to third-party hotel managers
2,059

1,563

Other liabilities
7,714

7,932










Total liabilities
2,624,285

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
118,720

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 September 30, 2010 and December 31, 2009
15

15



Series D Cumulative Preferred Stock, 8,966,797 shares issued and







outstanding at September 30, 2010 and December 31, 2009
90

57


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






123,026,246 shares issued, 51,121,677 shares and 57,596,878 shares






outstanding at September 30, 2010 and December 31, 2009
1,230

1,227


Additional paid-in capital
1,513,224

1,436,009


Accumulated other comprehensive loss
(796)

(897)


Accumulated deficit
(405,802)

(412,011)


Treasury stock, at cost (71,904,569 shares and 65,151,981 shares at






September 30, 2010 and December 31, 2009)
(228,422)

(186,424)



Total shareholders' equity of the Company
879,539

837,976

Noncontrolling interests in consolidated joint ventures
17,000

17,915










Total equity
896,539

855,891











Total liabilities and equity
$ 3,714,544

$ 3,914,498


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
























Three Months Ended

Nine Months Ended




September 30,

September 30,




2010

2009

2010

2009




(Unaudited)
REVENUE








Rooms
$ 168,351

$ 159,798

$ 502,626

$ 494,555

Food and beverage
34,483

33,488

117,518

118,106

Rental income from operating leases
1,185

1,236

3,727

3,830

Other
9,914

10,641

30,636

32,576













Total hotel revenue
213,933

205,163

654,507

649,067

Interest income from notes receivable
349

1,761

1,032

10,397

Asset management fees and other
100

173

312

552













Total Revenue
214,382

207,097

655,851

660,016











EXPENSES








Hotel operating expenses









Rooms
40,304

38,091

117,244

112,758


Food and beverage
26,602

26,220

84,265

85,153


Other direct
6,321

6,340

18,405

18,517


Indirect
63,568

62,347

190,902

192,016


Management fees
8,616

8,270

26,486

26,115














Total hotel operating expenses
145,411

141,268

437,302

434,559












Property taxes, insurance, and other
13,281

14,643

40,715

42,433

Depreciation and amortization
35,836

36,868

108,158

111,941

Impairment charges
694

19,816

(1,263)

149,272

Corporate general and administrative:









Stock/unit-based compensation
1,929

1,139

5,168

3,896


Other general and administrative
5,771

8,118

17,512

19,118














Total Operating Expenses
202,922

221,852

607,592

761,219











OPERATING INCOME (LOSS)
11,460

(14,755)

48,259

(101,203)












Equity in earnings of unconsolidated joint ventures
3

642

1,325

1,863

Interest income
114

56

226

253

Other income
15,874

13,228

47,045

35,140

Interest expense
(34,926)

(32,653)

(104,437)

(97,678)

Amortization of loan costs
(1,261)

(1,825)

(4,251)

(5,818)

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

-

-

930

Unrealized gain (loss) on derivatives
382

5,525

30,824

(14,166)











(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(8,354)

(29,782)

18,991

(180,679)

Income tax benefit (expense)
14

(138)

(395)

(397)











(LOSS) INCOME FROM CONTINUING OPERATIONS
(8,340)

(29,920)

18,596

(181,076)
Income (loss) from discontinued operations
56,005

(3,776)

41,796

(23,318)











NET INCOME (LOSS)
47,665

(33,696)

60,392

(204,394)
Loss from consolidated joint ventures attributable to noncontrolling interests
293

476

1,422

629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(6,689)

4,424

(8,610)

25,567











NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
41,269

(28,796)

53,204

(178,198)
Preferred dividends
(4,988)

(4,831)

(14,649)

(14,492)











NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
$ 36,281

$ (33,627)

$ 38,555

$ (192,690)











INCOME PER SHARE – BASIC AND DILUTED:









(Loss) income from continuing operations attributable to common shareholders
$ (0.24)

$ (0.47)

$ 0.04

$ (2.39)


Income (loss) from discontinued operations attributable to common shareholders
0.97

(0.05)

0.69

(0.28)













Net income (loss) attributable to common shareholders
$ 0.73

$ (0.52)

$ 0.73

$ (2.67)












Weighted average common shares outstanding – basic and diluted
49,714

65,266

51,251

72,167











Amounts attributable to common shareholders:








(Loss) income from continuing operations, net of tax
$ (6,842)

$ (25,519)

$ 16,959

$ (157,722)

Income (loss) from discontinued operations, net of tax
48,111

(3,277)

36,245

(20,476)

Preferred dividends
(4,988)

(4,831)

(14,649)

(14,492)












Net income (loss) attributable to common shareholders
$ 36,281

$ (33,627)

$ 38,555

$ (192,690)


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




















Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

2010

2009



(Unaudited)










Net income (loss)
$ 47,665

$ (33,696)

$ 60,392

$ (204,394)
Loss from consolidated joint ventures attributable to noncontrolling interests
293

476

1,422

629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(6,689)

4,424

(8,610)

25,567
Net income (loss) attributable to the Company
41,269

(28,796)

53,204

(178,198)











Interest income
(105)

(54)

(216)

(245)

Interest expense and amortization of loan costs
36,873

36,064

111,415

108,226

Depreciation and amortization
35,200

38,140

106,841

116,566

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
6,689

(4,424)

8,610

(25,567)

Income tax expense
96

193

517

585










EBITDA
120,022

41,123

280,371

21,367











Amortization of unfavorable management contract liabilities
(565)

(565)

(1,694)

(1,694)

Gain on sale/disposition of properties
(55,931)

-

(55,931)

-

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

-

-

(930)

Income from interest rate derivatives (2)
(15,879)

(11,279)

(47,120)

(33,203)

Impairment charges
694

19,816

10,805

160,143

Unrealized (gain) loss on derivatives
(382)

(5,525)

(30,824)

14,166










Adjusted EBITDA
$ 47,959

$ 43,570

$ 155,607

$ 159,849






















RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO")
(in thousands, except per share amounts)























Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

2010

2009



(Unaudited)










Net income (loss)
$ 47,665

$ (33,696)

$ 60,392

$ (204,394)
Loss from consolidated joint ventures attributable to noncontrolling interests
293

476

1,422

629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(6,689)

4,424

(8,610)

25,567
Preferred dividends
(4,988)

(4,831)

(14,649)

(14,492)










Net income (loss) attributable to common shareholders
36,281

(33,627)

38,555

(192,690)











Depreciation and amortization on real estate
35,138

38,071

106,643

116,350

Gain on sale/disposition of properties
(55,931)

-

(55,931)

-

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
6,689

(4,424)

8,610

(25,567)










FFO available to common shareholders
22,177

20

97,877

(101,907)











Dividends on convertible preferred stock
1,043

1,043

3,128

3,128

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

-

-

(930)

Impairment charges
694

19,816

10,805

160,143

Unrealized (gain) loss on derivatives
(382)

(5,525)

(30,824)

14,166










Adjusted FFO
$ 23,532

$ 15,354

$ 80,986

$ 74,600










Adjusted FFO per diluted share available to common shareholders
$ 0.33

$ 0.18

$ 1.09

$ 0.80










Weighted average diluted shares
72,221

86,747

73,967

93,424










(1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 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

SEPTEMBER 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%

-

75,000
(1) (3)
75,000

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%

-

47,500

47,500

Mortgage loan

2 hotel

August 2013

LIBOR + 2.75%

-

151,808

151,808

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%

109,445

-

109,445

Mortgage loan

1 hotel

January 2015

7.78%

3,909

-

3,909

Mortgage loan

10 hotels

July 2015

5.22%

160,014

-

160,014

Mortgage loan

8 hotels

December 2015

5.70%

100,576

-

100,576

Mortgage loan

5 hotels

December 2015

12.26%

147,276

-

147,276

Mortgage loan

5 hotels

February 2016

5.53%

115,321

-

115,321

Mortgage loan

5 hotels

February 2016

5.53%

95,637

-

95,637

Mortgage loan

5 hotels

February 2016

5.53%

82,842

-

82,842

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%

-

6,824

6,824















Total debt







$ 1,757,201

$ 732,274

$ 2,489,475















Percentage







70.6%

29.4%

100.0%















Weighted average interest rate at September 30, 2010




6.37%

2.90%

5.35%















Total debt with the effect of interest rate derivatives




$ -

$ 2,489,475

$ 2,489,475















Percentage with the effect of interest rate derivatives




0.0%

100.0%

100.0%















Weighted average interest rate with the effect of interest rate derivatives


0.00%
(5)
2.90%
(5)
2.90%
(5)














(1) Each of these loans has a one-year extension option as of September 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 September 30, 2010.
(4) This loan has two one-year extension options remaining as of September 30, 2010.
(5) These rates are calculated assuming the LIBOR rate stays at the September 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
SEPTEMBER 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
-

75,000
(2)
-

-

-

-

75,000
Mortgage loan secured by JW Marriott San Francisco
-

-

-

47,500

-

-

47,500
Mortgage loan secured by two hotel properties
-

-

-

151,808

-

-

151,808
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
-

-

-

-

109,445

-

109,445
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1
-

-

-

-

-

160,014

160,014
Mortgage loan secured by eight hotel properties, UBS Pool 2
-

-

-

-

-

100,576

100,576
Mortgage loan secured by five hotel properties
-

-

-

-

-

147,276

147,276
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2
-

-

-

-

-

115,321

115,321
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3








-

95,637

95,637
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7








-

82,842

82,842
Mortgage loan secured by Philadelphia Courtyard, Wachovia Stand-Alone
-

-

-

-

-

35,000

35,000
Mortgage loan secured by two hotel properties, Wachovia Fixed Rate Pool 3
-

-

-

-

-

128,251

128,251
Mortgage loan secured by three hotel properties, Wachovia Fixed Rate Pool 7
-

-

-

-

-

260,980

260,980
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 1
-

-

-

-

-

115,600

115,600
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 5
-

-

-

-

-

103,906

103,906
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 6
-

-

-

-

-

158,105

158,105
Mortgage loan secured by seven hotel properties, Wachovia Fixed Rate Pool 2
-

-

-

-

-

126,466

126,466
TIF loan secured by Philadelphia Courtyard
-

-

-

-

-

8,098

8,098
Mortgage loan secured by Houston Hampton Inn
-

-

-

-

-

3,909

3,909
Mortgage loan secured by Jacksonville Residence Inn
-

-

-

-

-

6,824

6,824















$ -

$ 284,175

$ 167,202

$ 199,308

$ 189,985

$ 1,648,805

$ 2,489,475

NOTE: These maturities assume no event of default would occur.
(1) We are currently working with the loan servicer for an extension or a restructure of the loan.
(2) Extensions available but certain coverage tests have to be met.


ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS - PRO FORMA
(Unaudited)































Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

% Variance

2010

2009

% Variance














ALL HOTELS INCLUDED IN












CONTINUING OPERATIONS:













Room revenues (in thousands)
$ 172,305

$ 163,851

5.16%

$ 515,174

$ 507,618

1.49%


RevPAR
$ 89.66

$ 85.27

5.15%

$ 89.92

$ 88.60

1.49%


Occupancy
72.22%

69.09%

3.13%

71.23%

67.33%

3.90%


ADR
$ 124.15

$ 123.41

0.60%

$ 126.24

$ 131.60

-4.07%































Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

% Variance

2010

2009

% Variance














ALL HOTELS NOT UNDER RENOVATION












INCLUDED IN CONTINUING OPERATIONS:













Room revenues (in thousands)
$ 157,009

$ 147,954

6.12%

$ 467,753

$ 455,814

2.62%


RevPAR
$ 89.06

$ 83.93

6.11%

$ 88.95

$ 86.68

2.62%


Occupancy
72.47%

68.75%

3.72%

71.42%

66.77%

4.65%


ADR
$ 122.88

$ 122.07

0.66%

$ 124.55

$ 129.82

-4.06%














NOTES:
(1) The above pro forma table assumes the 94 hotel properties owned and included in continuing operations at September 30, 2010, but not under renovation for the three and nine months ended September 30, 2010, were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton Indianapolis, Courtyard Edison, Embassy Suites Philadelphia Airport, and Embassy Suites Austin Arboretum

(3) As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma tables, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels.


ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)














ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:













Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

% Variance

2010

2009

% Variance
REVENUE












Rooms
$ 172,305

$ 163,851

5.2%

$ 515,174

$ 507,618

1.5%

Food and beverage
35,008

34,285

2.1%

119,583

120,406

-0.7%

Other
9,854

10,515

-6.3%

30,334

32,147

-5.6%


Total hotel revenue
217,167

208,651

4.1%

665,091

660,171

0.7%














EXPENSES












Rooms
41,316

39,039

5.8%

120,225

115,719

3.9%

Food and beverage
27,034

26,753

1.1%

85,708

86,738

-1.2%

Other direct
6,351

6,396

-0.7%

18,476

18,692

-1.2%

Indirect
64,990

63,404

2.5%

192,234

193,895

-0.9%

Management fees, includes base and incentive fees
8,793

8,789

0.0%

29,748

29,137

2.1%


Total hotel operating expenses
148,484

144,381

2.8%

446,391

444,181

0.5%

Property taxes, insurance, and other
13,501

14,870

-9.2%

41,296

43,091

-4.2%
HOTEL OPERATING PROFIT (Hotel EBITDA)
55,182

49,400

11.7%

177,404

172,899

2.6%

Hotel EBITDA Margin
25.41%

23.68%

1.73%

26.67%

26.19%

0.48%















Minority interest in earnings of consolidated joint ventures
1,177

1,139

3.3%

4,308

4,548

-5.3%
HOTEL OPERATING PROFIT (Hotel EBITDA),












excluding minority interest in joint ventures
$ 54,005

$ 48,261

11.9%

$ 173,096

$ 168,351

2.8%














NOTE: The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 were owned as of the beginning of the periods presented.

















ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:

















Three Months Ended

Nine Months Ended



September 30,

September 30,



2010

2009

% Variance

2010

2009

% Variance
REVENUE












Rooms
$ 157,009

$ 147,954

6.1%

$ 467,753

$ 455,814

2.6%

Food and beverage
30,795

30,306

1.6%

104,697

105,262

-0.5%

Other
9,038

9,488

-4.7%

27,643

29,173

-5.2%


Total hotel revenue
196,842

187,748

4.8%

600,093

590,249

1.7%














EXPENSES












Rooms
37,442

35,187

6.4%

108,706

103,992

4.5%

Food and beverage
23,707

23,505

0.9%

75,194

75,841

-0.9%

Other direct
5,929

5,945

-0.3%

17,223

17,231

0.0%

Indirect
58,986

57,117

3.3%

174,363

174,653

-0.2%

Management fees, includes base and incentive fees
8,165

8,098

0.8%

27,741

26,848

3.3%


Total hotel operating expenses
134,229

129,852

3.4%

403,227

398,565

1.2%

Property taxes, insurance, and other
12,134

13,361

-9.2%

37,115

38,228

-2.9%
HOTEL OPERATING PROFIT (Hotel EBITDA)
50,479

44,535

13.3%

159,751

153,456

4.1%

Hotel EBITDA Margin
25.64%

23.72%

1.92%

26.62%

26.00%

0.62%















Minority interest in earnings of consolidated joint ventures
1,177

1,139

3.3%

4,308

4,548

-5.3%
HOTEL OPERATING PROFIT (Hotel EBITDA),












excluding minority interest in joint ventures
$ 49,302

$ 43,396

13.6%

$ 155,443

$ 148,908

4.4%














NOTES:
(1) The above pro forma table assumes the 94 hotel properties owned and included in continuing operations at September 30, 2010, but not under renovation during the three and nine months ended September 30, 2010 were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton Indianapolis, Courtyard Edison, Embassy Suites Philadelphia Airport, and Embassy Suites Austin Arboretum

(3) As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma tables, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels.


ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVPAR BY REGION
(Unaudited)








































Three Months Ended

Nine Months Ended


Number of

Number of

September 30,

September 30,
Region

Hotels

Rooms

2010

2009

% Change

2010

2009

% Change

















Pacific (1)

21

5,205

$ 112.25

$ 103.78

8.2%

$ 99.44

$ 93.50

6.4%
Mountain (2)

8

1,704

71.41

67.81

5.3%

79.02

77.78

1.6%
West North Central (3)

3

690

83.36

81.31

2.5%

76.45

72.16

5.9%
West South Central (4)

10

2,086

78.12

79.65

-1.9%

84.55

86.09

-1.8%
East North Central (5)

7

1,103

71.63

69.32

3.3%

67.61

65.68

2.9%
East South Central (6)

2

236

96.21

74.87

28.5%

88.62

78.67

12.6%
Middle Atlantic (7)

9

2,481

89.90

85.59

5.0%

87.55

84.60

3.5%
South Atlantic (8)

38

7,728

84.62

81.37

4.0%

92.90

95.25

-2.5%
New England (9)

2

159

84.94

73.26

15.9%

78.11

68.41

14.2%

















Total Portfolio

100

21,392

$ 89.66

$ 85.27

5.1%

$ 89.92

$ 88.60

1.5%


































(1) Includes Alaska, California, Oregon, and Washington
(2) Includes Nevada, Arizona, New Mexico, and Utah
(3) Includes Minnesota and Kansas
(4) Includes Texas
(5) Includes Ohio and Indiana
(6) Includes Kentucky and Alabama
(7) Includes New York, New Jersey, and Pennsylvania
(8) Includes Virginia, Florida, Georgia, Maryland, District of Columbia, and North Carolina
(9) Includes Connecticut


NOTES:
(1) The above pro forma table assumes th



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