Ashford Trust Reports Third Quarter 2017 Results

Comparable RevPAR changed 0.0% for all Hotels

Comparable Hotel EBITDA decreased 3.8% for all Hotels

Completed Refinancing of 17-Hotel Portfolio

Completed Refinancing of Hilton Boston Back Bay

Approximately $13.7 million of Expected Annual Savings from Capital Markets Transactions

DALLAS, Nov. 2, 2017 /PRNewswire/ -- Ashford Hospitality Trust, Inc. AHT ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 30, 2017. 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 September 30, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2017, with the third quarter ended September 30, 2016 (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
One of the highest long-term total shareholder returns in the industry
Attractive dividend yield of approximately 6.8%
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 $37.8 million or $0.40 per diluted share for the quarter
Comparable RevPAR changed 0.0%, equating to $124.92, during the quarter
Comparable RevPAR for all hotels not under renovation increased 0.4% to $126.64 during the quarter
Adjusted EBITDA was $100.8 million for the quarter
Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter
The Company's common stock is currently trading at an approximate 6.8% dividend yield
During the quarter, the Company completed a $95 million offering of its 7.50% Series H Preferred Stock
During the quarter, the Company completed the redemption of its 8.55% Series A Preferred Stock and a partial redemption of its 8.45% Series D Preferred Stock
Subsequent to quarter end, the Company announced that it had refinanced its mortgage loan on the Hilton Boston Back Bay
Subsequent to quarter end, the Company announced that it had refinanced a mortgage loan on seventeen hotels
Capex invested during the quarter was $54 million

UPDATE ON HURRICANES HARVEY & IRMA
The Company's hotels in the paths of Hurricanes Harvey and Irma did not sustain any significant damage with a few properties sustaining minor damage. All of the Company's properties are open and operating. All of the Company's properties have comprehensive property, casualty, flood and business interruption insurance, subject to a maximum $10 million deductible. The Company believes no damage will exceed its coverage caps. For purposes of calculating Adjusted EBITDA and Adjusted Funds From Operations, the Company has added back the uninsured costs relating to the hurricanes.

CAPITAL STRUCTURE
At September 30, 2017, the Company had total assets of $4.7 billion. As of September 30, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.7%. After taking into account the recently announced refinancings, the Company's total combined debt had a blended average interest rate of 5.4%.

On August 16, 2017, the Company announced that it had priced an underwritten public offering of 3,800,000 shares, including the underwriter's overallotment, of 7.50% Series H Cumulative Preferred Stock at $25.00 per share. Dividends on the Preferred Stock will accrue at a rate of 7.50% per annum on the liquidation preference of $25.00 per share.

On September 18, 2017, the Company redeemed all of its issued and outstanding shares of its 8.55% Series A Cumulative Preferred Stock and 1,564,353 shares of its 8.45% Series D Cumulative Preferred Stock.

Subsequent to quarter end, on October 4, 2017, the Company redeemed 379,036 shares of its 8.45% Series D Cumulative Preferred Stock. Following the redemption of all of the Company's Series A Preferred Stock and a partial redemption of the Company's Series D Preferred Stock, the annual preferred dividend savings are expected to be approximately $520,000.

Subsequent to quarter end, on October 30, 2017, the Company announced it had refinanced a mortgage loan, secured by the Hilton Boston Back Bay, with an existing outstanding balance totaling approximately $95 million. The new loan totals $97 million and has a 5-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 2.00%. This refinancing is expected to result in annual interest expense and principal payments savings of approximately $2.8 million.

Subsequent to quarter end, on October 31, 2017, the Company announced it had refinanced a mortgage loan, secured by seventeen hotels, with an existing outstanding balance totaling approximately $413 million. The new loan totals $427 million with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The loan is interest only, provides for a floating interest rate of LIBOR + 3.00%, and contains flexible release provisions for the potential sale of assets. This refinancing is expected to result in annual interest expense savings of approximately $9.8 million. The next hard maturity for the Company is in February 2019.

PORTFOLIO REVPAR
As of September 30, 2017, the portfolio consisted of 120 properties. During the third quarter of 2017, 107 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 120 hotels) and comparable not under renovation basis (107 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 changed 0.0%, equating to $124.92, for all hotels on a 0.0% increase in ADR and a 0.1% decrease in occupancy
Comparable RevPAR increased 0.4% to $126.64 for hotels not under renovation on a 0.3% decrease in ADR and a 0.7% increase 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 120 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On September 14, 2017, 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 third quarter ending September 30, 2017, payable on October 16, 2017, to shareholders of record as of September 30, 2017.

"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. "This year, we have been able to complete several capital markets transactions that strengthened our balance sheet, are expected to result in over $13.7 million of annual expense savings for our platform, and extended our loan maturity schedule. Looking ahead, we remain committed to maximizing value for our shareholders as we focus on generating superior operating performance and executing on our strategy."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, November 3, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-4865. A replay of the conference call will be available through Friday, November 10, 2017, by dialing (719) 457-0820 and entering the confirmation number, 8095589.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2017 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, November 3, 2017, 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 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 EBITDA. 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. None of FFO, AFFO, EBITDA, 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, 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."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements in this press release include, among others, statements about the Company's strategy and future plans. 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; 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.

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)

	September 30, 2017		December 31, 2016
ASSETS
Investments in hotel properties, net	$	4,064,555	$	4,160,563
Cash and cash equivalents	393,527		347,091
Restricted cash	133,127		144,014
Marketable securities	11,960		53,185
Accounts receivable, net of allowance of $609 and $690, respectively	61,677		44,629
Inventories	4,384		4,530
Investment in securities investment fund	—		50,890
Investment in Ashford Inc.	2,582		5,873
Investment in OpenKey	2,658		2,016
Deferred costs, net	2,845		2,846
Prepaid expenses	24,198		17,578
Derivative assets	1,721		3,614
Other assets	14,225		11,718
Intangible asset, net	9,972		10,061
Due from third-party hotel managers	19,230		13,348
Assets held for sale	—		19,588
Total assets	$	4,746,661	$	4,891,544

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,698,869	$	3,723,559
Accounts payable and accrued expenses	153,772		126,986
Dividends and distributions payable	25,520		24,765
Unfavorable management contract liabilities	345		1,380
Due to Ashford Inc., net	13,689		15,716
Due to Ashford Prime OP, net	—		488
Due to related party, net	326		1,001
Due to third-party hotel managers	2,627		2,714
Intangible liabilities, net	15,928		16,195
Derivative liabilities, net	146		—
Other liabilities	18,203		16,548
Liabilities associated with assets held for sale	—		37,047
Total liabilities	3,929,425		3,966,399

Redeemable noncontrolling interests in operating partnership	117,434		132,768
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock 0 and 1,657,206 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	—		17
Series D Cumulative Preferred Stock 7,904,353 and 9,468,706 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	79		95
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2017 and December 31, 2016	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2017 and December 31, 2016	62		62
Series H Cumulative Preferred Stock 3,800,000 and 0 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	38		—
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,416,095 and 96,376,827 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	974		964
Additional paid-in capital	1,783,912		1,764,450
Accumulated deficit	(1,086,071)		(974,015)
Total shareholders' equity of the Company	699,042		791,621
Noncontrolling interests in consolidated entities	760		756
Total equity	699,802		792,377
Total liabilities and equity	$	4,746,661	$	4,891,544

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
REVENUE
Rooms	$	289,017	$	300,875	$	876,927	$	917,396
Food and beverage	48,313		56,206		175,005		188,467
Other	15,006		14,389		43,720		43,213
Total hotel revenue	352,336		371,470		1,095,652		1,149,076
Other	989		461		2,052		1,297
Total revenue	353,325		371,931		1,097,704		1,150,373
EXPENSES
Hotel operating expenses
Rooms	63,950		65,474		188,857		195,769
Food and beverage	37,173		41,086		121,619		129,606
Other expenses	112,421		114,377		337,978		347,126
Management fees	13,027		13,616		40,100		42,191
Total hotel operating expenses	226,571		234,553		688,554		714,692
Property taxes, insurance and other	18,194		17,172		55,293		55,077
Depreciation and amortization	60,135		60,170		185,380		182,411
Impairment charges	1,785		4,922		1,785		4,695
Transaction costs	—		124		11		201
Advisory services fee:
Base advisory fee	8,579		8,576		25,934		25,842
Reimbursable expenses	1,641		1,485		5,800		4,550
Non-cash stock/unit-based compensation	4,392		1,887		7,748		4,535
Corporate general and administrative:
Non-cash stock/unit-based compensation	—		67		565		604
Other general and administrative	2,412		1,901		10,271		5,822
Total operating expenses	323,709		330,857		981,341		998,429
OPERATING INCOME (LOSS)	29,616		41,074		116,363		151,944
Equity in earnings (loss) of unconsolidated entities	(679)		(560)		(3,580)		(4,432)
Interest income	706		92		1,460		229
Gain (loss) on sale of hotel properties	15		1,448		14,024		24,428
Other income (expense), net	(273)		(926)		(3,539)		(4,263)
Interest expense, net of premium amortization	(54,413)		(50,113)		(156,303)		(150,167)
Amortization of loan costs	(2,550)		(5,649)		(10,921)		(18,000)
Write-off of premiums, loan costs and exit fees	—		(972)		(1,629)		(4,913)
Unrealized gain (loss) on marketable securities	(936)		—		(4,813)		—
Unrealized gain (loss) on derivatives	(1,479)		(9,548)		(1,804)		4,248
INCOME (LOSS) BEFORE INCOME TAXES	(29,993)		(25,154)		(50,742)		(926)
Income tax benefit (expense)	1,267		16		507		(1,216)
NET INCOME (LOSS)	(28,726)		(25,138)		(50,235)		(2,142)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22)		(16)		(4)		16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940		5,009		13,202		2,745
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(21,808)		(20,145)		(37,037)		619
Preferred dividends	(11,440)		(8,875)		(33,352)		(25,856)
Extinguishment of issuance cost upon redemption of preferred stock	(4,507)		(6,124)		(4,507)		(6,124)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(37,755)	$	(35,144)	$	(74,896)	$	(31,361)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.40)	$	(0.37)	$	(0.80)	$	(0.34)
Weighted average common shares outstanding – basic	95,332		94,531		95,169		94,384
Diluted:
Net income (loss) attributable to common stockholders	$	(0.40)	$	(0.37)	$	(0.80)	$	(0.34)
Weighted average common shares outstanding – diluted	95,332		94,531		95,169		94,384
Dividends declared per common share:	$	0.12	$	0.12	$	0.36	$	0.36

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income (loss)	$	(28,726)	$	(25,138)	$	(50,235)	$	(2,142)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22)		(16)		(4)		16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940		5,009		13,202		2,745
Net income (loss) attributable to the Company	(21,808)		(20,145)		(37,037)		619
Interest income	(706)		(92)		(1,460)		(229)
Interest expense and amortization of premiums and loan costs, net	56,934		55,732		167,138		168,078
Depreciation and amortization	60,075		60,108		185,197		182,227
Income tax expense (benefit)	(1,271)		(16)		(515)		1,216
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,940)		(5,009)		(13,202)		(2,745)
Equity in (earnings) loss of unconsolidated entities	679		85		3,632		959
Company's portion of EBITDA of Ashford Inc.	(384)		165		(20)		(207)
Company's portion of EBITDA of OpenKey	(113)		—		(361)		—
EBITDA available to the Company and OP unitholders	86,466		90,828		303,372		349,918
Amortization of unfavorable contract liabilities	(363)		(543)		(1,151)		(1,629)
Impairment and uninsured hurricane related costs	5,496		4,922		5,496		4,695
(Gain) loss on sale of hotel properties	(15)		(1,448)		(14,024)		(24,428)
Write-off of premiums, loan costs and exit fees	—		972		1,629		4,913
Other (income) expense, net	273		926		3,539		4,263
Transaction, acquisition and management conversion costs	202		778		3,770		1,422
Legal judgment and related legal costs	27		23		4,091		71
Unrealized (gain) loss on marketable securities	936		—		4,813		—
Unrealized (gain) loss on derivatives	1,479		9,548		1,804		(4,248)
Dead deal costs	5		30		9		331
Software implementation costs	—		—		1,034		—
Non-cash stock/unit-based compensation	4,613		2,185		8,751		5,511
Company's portion of (gain) loss of investment in securities investment fund	—		475		(52)		3,473
Company's portion of adjustments to EBITDA of Ashford Inc.	1,703		793		3,752		2,929
Company's portion of adjustments to EBITDA of OpenKey	2		—		4		—
Adjusted EBITDA available to the Company and OP unitholders	$	100,824	$	109,489	$	326,837	$	347,221


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO (in thousands, except per share amounts) (unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income (loss)	$	(28,726)	$	(25,138)	$	(50,235)	$	(2,142)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22)		(16)		(4)		16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940		5,009		13,202		2,745
Preferred dividends	(11,440)		(8,875)		(33,352)		(25,856)
Extinguishment of issuance cost upon redemption of preferred stock	(4,507)		(6,124)		(4,507)		(6,124)
Net income (loss) attributable to common stockholders	(37,755)		(35,144)		(74,896)		(31,361)
Depreciation and amortization on real estate	60,075		60,108		185,197		182,227
(Gain) loss on sale of hotel properties	(15)		(1,448)		(14,024)		(24,428)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,940)		(5,009)		(13,202)		(2,745)
Equity in (earnings) loss of unconsolidated entities	679		85		3,632		959
Impairment charges on real estate	1,785		5,039		1,785		5,039
Company's portion of FFO of Ashford Inc.	(570)		(85)		(3,265)		(597)
Company's portion of FFO of OpenKey	(116)		—		(366)		—
FFO available to common stockholders and OP unitholders	17,143		23,546		84,861		129,094
Extinguishment of issuance cost upon redemption of preferred stock	4,507		6,124		4,507		6,124
Write-off of premiums, loan costs and exit fees	—		972		1,629		4,913
Other impairment charges	—		(117)		—		(344)
Uninsured hurricane related costs	3,711		—		3,711		—
Other (income) expense, net	273		926		3,539		4,263
Transaction, acquisition and management conversion costs	202		778		3,770		1,422
Legal judgment and related legal costs	27		23		4,091		71
Unrealized (gain) loss on marketable securities	936		—		4,813		—
Unrealized (gain) loss on derivatives	1,479		9,548		1,804		(4,248)
Dead deal costs	5		30		9		331
Software implementation costs	—		—		1,034		—
Non-cash stock/unit-based compensation	4,613		2,185		8,751		5,511
Company's portion of (gain) loss of investment in securities investment fund	—		475		(52)		3,473
Company's portion of adjustments to FFO of Ashford Inc.	1,580		793		6,130		2,929
Company's portion of adjustments to FFO of OpenKey	2		—		4		—
Adjusted FFO available to common stockholders and OP unitholders	$	34,478	$	45,283	$	128,601	$	153,539
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.30	$	0.40	$	1.14	$	1.35
Weighted average diluted shares	113,777		114,303		113,203		113,788

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS SEPTEMBER 30, 2017 (dollars in thousands) (unaudited)

Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA (14)		Comparable TTM EBITDA Debt Yield
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	$	—		$	412,500		(1)	$	412,500		$	50,608	12.3	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	94,722			—				94,722			14,893		15.7	%
BAML Pool 1 & 2 - 8 hotels	January 2018	LIBOR + 4.95%	—			376,800			(2)	376,800			46,066		12.2	%
Morgan Stanley MIP - 5 hotels	February 2018	LIBOR + 4.75%	—			200,000			(3)	200,000			22,565		11.3	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2018	LIBOR + 4.95%	—			33,300			(4)	33,300			4,064		12.2	%
Column Financial - 22 hotels	April 2018	LIBOR + 4.39%	—			971,654			(5)(6)(7)	971,654			105,592		10.9	%
JPM Lakeway - 1 hotel	May 2018	LIBOR + 5.10%	—			25,100			(8)	25,100			3,220		12.8	%
BAML Le Pavillon - 1 hotel	June 2018	LIBOR + 5.10%	—			43,750			(9)	43,750			2,180		5.0	%
Morgan Stanley Ann Arbor - 1 hotel	July 2018	LIBOR + 4.15%	—			35,200			(10)	35,200			3,704		10.5	%
BAML W Atlanta - 1 hotel	July 2018	LIBOR + 5.10%	—			40,500			(10)	40,500			4,882		12.1	%
Morgan Stanley - 8 hotels	July 2018	LIBOR + 4.09%	—			144,000			(10)	144,000			11,137		7.7	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000			(11)	12,000			1,334		11.1	%
Morgan Stanley Pool B - 4 hotels	August 2018	LIBOR + 4.38%	—			52,530			(12)	52,530			7,587		14.4	%
Morgan Stanley Pool A - 6 hotels	August 2018	LIBOR + 4.35%	—			280,421			(12)(13)	280,421			36,345		13.0	%
JPMorgan Chase - 18 hotels	October 2018	LIBOR + 4.55%	—			450,000			(1)	450,000			63,599		14.1	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,361			—				5,361			1,069		19.9	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(11)	16,100			2,166		13.5	%
GACC Gateway - 1 hotel	November 2020	6.26%	95,638			—				95,638			14,568		15.2	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			164,700				164,700			30,362		18.4	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	54,020			—				54,020			6,532		12.1	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,028			—				7,028			1,407		20.0	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,258			—				10,258			2,004		19.5	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,559			—				6,559			1,005		15.3	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,288			—				12,288			2,090		17.0	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,561			—				24,561			3,522		14.3	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	66,454			—				66,454			7,864		11.8	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,304			—				20,304			2,802		13.8	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	52,517			—				52,517			8,782		16.7	%
Unencumbered hotels			—			—				—			1,983		N/A
Total			$	449,710		$	3,258,555			$	3,708,265		$	463,932	12.5	%
Percentage			12.1		%	87.9		%		100.0		%
Weighted average interest rate			5.13		%	5.81		%		5.73		%


All indebtedness is non-recourse with the exception of the secured revolving credit facility.
⁽¹⁾	This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions.
⁽²⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in January 2017.
⁽³⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017.
⁽⁴⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
⁽⁵⁾	This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
⁽⁶⁾	This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017.
⁽⁷⁾	This mortgage loan had a $78.7 million pay down of principal related to the sale of the Crowne Plaza Ravinia on June 29, 2017.
⁽⁸⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in May 2017.
⁽⁹⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2017.
⁽¹⁰⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in July 2017.
⁽¹¹⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
⁽¹²⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in August 2017.
⁽¹³⁾	This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017.
⁽¹⁴⁾	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 SEPTEMBER 30, 2017 (dollars in thousands) (unaudited)

	2017		2018		2019		2020		2021		Thereafter		Total
Morgan Stanley Boston Back Bay - 1 hotel	$	—	$	94,226	$	—	$	—	$	—	$	—	$	94,226
Omni American Bank Ashton - 1 hotel	—		—		5,168		—		—		—		5,168
Morgan Stanley MIP - 5 hotels	—		—		200,000		—		—		—		200,000
Morgan Stanley Pool B - 4 hotels	—		—		52,530		—		—		—		52,530
Morgan Stanley Pool A - 6 hotels	—		—		280,421		—		—		—		280,421
GACC Gateway - 1 hotel	—		—		—		89,886		—		—		89,886
BAML Pool 1 & 2 - 8 hotels	—		—		—		376,800		—		—		376,800
Cantor Commercial Real Estate Memphis - 1 hotel	—		—		—		33,300		—		—		33,300
JPM Lakeway - 1 hotel	—		—		—		25,100		—		—		25,100
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
BAML W Atlanta - 1 hotel	—		—		—		40,500		—		—		40,500
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		—		12,000		—		—		12,000
Column Financial - 22 hotels	—		—		—		—		971,654		—		971,654
BAML Pool - 17 hotels	—		—		—		—		412,500		—		412,500
BAML Indigo Atlanta - 1 hotel	—		—		—		—		—		14,439		14,439
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		—		158,700		158,700
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 C - 8 hotels	—		—		—		—		—		90,889		90,889
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,160		44,160
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		47,711		47,711
JPMorgan Chase - 18 hotels	—		—		—		—		—		450,000		450,000
Principal due in future periods	$	—	$	94,226	$	538,119	$	800,536	$	1,384,154	$	843,870	$	3,660,905
Scheduled amortization payments remaining	1,765		6,136		6,748		8,376		8,519		15,816		47,360
Total indebtedness	$	1,765	$	100,362	$	544,867	$	808,912	$	1,392,673	$	859,686	$	3,708,265

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

ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	287,955		$	(1)		$	287,954		$	299,680		$	(11,619)		$	288,061		(3.91)	%	(0.04)	%
	RevPAR	$	124.92		$	—		$	124.92		$	122.74		$	(85.02)		$	124.97		1.78	%	(0.04)	%
	Occupancy	79.68		%	—		%	79.68		%	79.46		%	(74.59)		%	79.75		%	0.28	%	(0.09)	%
	ADR	$	156.77		$	—		$	156.77		$	154.47		$	(113.98)		$	156.71		1.49	%	0.04	%

ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	872,993		$	(9,031)		$	863,962		$	913,363		$	(56,804)		$	856,559		(4.42)	%	0.86	%
	RevPAR	$	125.61		$	(82.03)		$	126.31		$	121.92		$	(90.66)		$	124.77		3.03	%	1.23	%
	Occupancy	78.57		%	(68.65)		%	78.73		%	78.51		%	(76.75)		%	78.67		%	0.08	%	0.08	%
	ADR	$	159.87		$	(119.49)		$	160.44		$	155.30		$	(118.11)		$	158.61		2.94	%	1.15	%

NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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:		Three Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	242,940		$	(1)		$	242,939		$	253,656		$	(11,619)		$	242,037		(4.22)	%	0.37	%
	RevPAR	$	126.64		$	—		$	126.64		$	123.43		$	(85.02)		$	126.17		2.60	%	0.37	%
	Occupancy	80.74		%	—		%	80.74		%	79.84		%	(74.59)		%	80.21		%	1.13	%	0.66	%
	ADR	$	156.84		$	—		$	156.84		$	154.60		$	(113.98)		$	157.29		1.45	%	(0.29)	%

ALL HOTELS
NOT UNDER RENOVATION:		Nine Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance

	Rooms revenue (in thousands)	$	723,546		$	(9,031)		$	714,515		$	763,940		$	(56,804)		$	707,136		(5.29)	%	1.04	%
	RevPAR	$	124.69		$	(82.03)		$	125.52		$	120.49		$	(90.66)		$	123.76		3.49	%	1.42	%
	Occupancy	78.77		%	(68.65)		%	78.96		%	78.40		%	(76.75)		%	78.59		%	0.47	%	0.47	%
	ADR	$	158.31		$	(119.49)		$	158.96		$	153.68		$	(118.11)		$	157.49		3.01	%	0.93	%

NOTES:
(1)	The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at September 30, 2017, and not under renovation during the three months ended September 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	Excluded Hotels Under Renovation:
	Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA (dollars in thousands) (unaudited)

ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	350,958		$	369,943		(5.13)	%	$	1,090,603		$	1,143,970		(4.67)	%
Non-comparable adjustments	(5)			(14,327)					(12,481)			(67,804)
Comparable total hotel revenue	$	350,953		$	355,616		(1.31)	%	$	1,078,122		$	1,076,166		0.18	%

Hotel EBITDA	$	113,302		$	121,975		(7.11)	%	$	365,253		$	384,375		(4.97)	%
Non-comparable adjustments	307			(3,892)					(2,342)			(20,553)
Comparable hotel EBITDA	$	113,609		$	118,083		(3.79)	%	$	362,911		$	363,822		(0.25)	%
Hotel EBITDA margin	32.28		%	32.97		%	(0.69)	%	33.49		%	33.60		%	(0.11)	%
Comparable hotel EBITDA margin	32.37		%	33.21		%	(0.84)	%	33.66		%	33.81		%	(0.15)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	116		$	114		1.75	%	$	283		$	270		4.81	%
Hotel EBITDA attributable to the Company and OP unitholders	$	113,186		$	121,861		(7.12)	%	$	364,970		$	384,105		(4.98)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	113,493		$	117,969		(3.79)	%	$	362,628		$	363,552		(0.25)	%

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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	Three Months Ended								Nine Months Ended
NOT UNDER RENOVATION:	September 30,								September 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	292,412		$	308,046		(5.08)	%	$	888,155		$	939,674		(5.48)	%
Non-comparable adjustments	(5)			(14,327)					(12,481)			(67,804)
Comparable total hotel revenue	$	292,407		$	293,719		(0.45)	%	$	875,674		$	871,870		0.44	%

Hotel EBITDA	$	97,274		$	104,712		(7.10)	%	$	301,679		$	319,697		(5.64)	%
Non-comparable adjustments	307			(3,892)					(2,342)			(20,553)
Comparable hotel EBITDA	$	97,581		$	100,820		(3.21)	%	$	299,337		$	299,144		0.06	%
Hotel EBITDA margin	33.27		%	33.99		%	(0.72)	%	33.97		%	34.02		%	(0.05)	%
Comparable hotel EBITDA margin	33.37		%	34.33		%	(0.96)	%	34.18		%	34.31		%	(0.13)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	116		$	114		1.75	%	$	283		$	270		4.81	%
Hotel EBITDA attributable to the Company and OP unitholders	$	97,158		$	104,598		(7.11)	%	$	301,396		$	319,427		(5.64)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	97,465		$	100,706		(3.22)	%	$	299,054		$	298,874		0.06	%

NOTES:
(1) The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at September 30, 2017, and not under renovation during the three months ended September 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the 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.
(4) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

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
	2017			2017		2017			2017			2017		2017			2017			2017		2017			2016			2016		2016
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	350,958		$	(5)	$	350,953		$	388,047		$	(5,101)	$	382,946		$	351,598		$	(7,375)	$	344,223		$	339,937		$	(10,137)	$	329,800
Hotel EBITDA	$	113,302		$	307	$	113,609		$	138,477		$	(1,315)	$	137,162		$	113,473		$	(1,334)	$	112,139		$	103,480		$	(2,458)	$	101,022
Hotel EBITDA margin	32.28		%			32.37		%	35.69		%			35.82		%	32.27		%			32.58		%	30.44		%			30.63		%

EBITDA % of total TTM	24.2		%			24.4		%	29.5		%			29.6		%	24.2		%			24.2		%	22.1		%			21.8		%

JV interests in EBITDA	$	116		$	—	$	116		$	104		$	—	$	104		$	63		$	—	$	63		$	79		$	—	$	79

	Actual			Non- comparable Adjustments		Comparable
	2017			2017		2017
	TTM			TTM		TTM
Total hotel revenue	$	1,430,540		$	(22,618)	$	1,407,922
Hotel EBITDA	$	468,732		$	(4,800)	$	463,932
Hotel EBITDA margin	32.77		%			32.95		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	362		$	—	$	362

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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 September 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	2017		2017		2017		2016		2016		2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	128.40	$	—	$	128.40	$	121.71	$	(84.95)	$	134.48	5.5	%	(4.5)	%
Boston, MA Area	3	915	207.03		—		207.03		205.44		—		205.44		0.8	%	0.8	%
Dallas / Ft. Worth, TX Area	7	1,518	106.16		—		106.16		106.56		—		106.56		(0.4)	%	(0.4)	%
Houston, TX Area	3	692	108.41		—		108.41		90.37		—		90.37		20.0	%	20.0	%
Los Angeles, CA Metro Area	6	1,619	128.06		—		128.06		123.15		(55.74)		134.84		4.0	%	(5.0)	%
Miami, FL Metro Area	3	587	99.68		—		99.68		93.92		—		93.92		6.1	%	6.1	%
Minneapolis - St. Paul, MN-WI Area	4	809	139.84		—		139.84		154.01		—		154.01		(9.2)	%	(9.2)	%
Nashville, TN Area	1	673	207.06		—		207.06		200.26		—		200.26		3.4	%	3.4	%
New York / New Jersey Metro Area	6	1,741	126.74		—		126.74		124.45		—		124.44		1.8	%	1.8	%
Orlando, FL Area	3	734	99.86		—		99.86		90.63		—		90.63		10.2	%	10.2	%
Philadelphia, PA Area	3	648	110.73		—		110.73		122.55		—		122.55		(9.6)	%	(9.6)	%
San Diego, CA Area	2	410	136.22		—		136.22		136.17		—		136.17		—	%	—	%
San Francisco - Oakland, CA Metro Area	6	1,368	165.38		—		165.38		159.59		—		159.59		3.6	%	3.6	%
Tampa, FL Area	3	680	90.67		—		90.67		90.64		—		90.64		—	%	—	%
Washington D.C. - MD - VA Area	9	2,305	123.84		—		123.84		124.22		(85.92)		126.92		(0.3)	%	(2.4)	%
Other Areas	52	8,931	112.88		—		112.88		111.65		(99.83)		112.37		1.1	%	0.5	%
Total Portfolio	120	25,055	$	124.92	$	—	$	124.92	$	122.74	$	(85.02)	$	124.97	1.8	%	—	%

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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 September 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	2017		2017		2017		% of Total		2016		2016		2016		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	5,857	$	287	$	6,144	5.4	%	$	8,687	$	(1,428)	$	7,259	6.2	%	(32.6)	%	(15.4)	%
Boston, MA Area	3	915	8,427		—		8,427		7.4	%	8,550		—		8,550		7.2	%	(1.4)	%	(1.4)	%
Dallas / Ft. Worth, TX Area	7	1,518	5,453		—		5,453		4.8	%	5,819		(33)		5,786		4.9	%	(6.3)	%	(5.8)	%
Houston, TX Area	3	692	2,641		—		2,641		2.3	%	2,278		—		2,278		1.9	%	15.9	%	15.9	%
Los Angeles, CA Metro Area	6	1,619	7,742		—		7,742		6.8	%	8,215		(176)		8,039		6.8	%	(5.8)	%	(3.7)	%
Miami, FL Metro Area	3	587	1,269		—		1,269		1.1	%	1,103		—		1,103		0.9	%	15.0	%	15.0	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,872		—		4,872		4.3	%	5,881		—		5,881		5.0	%	(17.2)	%	(17.2)	%
Nashville, TN Area	1	673	6,294		—		6,294		5.5	%	6,138		—		6,138		5.2	%	2.5	%	2.5	%
New York / New Jersey Metro Area	6	1,741	7,829		—		7,829		6.9	%	7,927		3		7,930		6.7	%	(1.2)	%	(1.3)	%
Orlando, FL Area	3	734	1,830		—		1,830		1.6	%	1,591		—		1,591		1.4	%	15.0	%	15.0	%
Philadelphia, PA Area	3	648	2,383		—		2,383		2.1	%	2,645		—		2,645		2.3	%	(9.9)	%	(9.9)	%
San Diego, CA Area	2	410	2,264		—		2,264		2.0	%	2,158		—		2,158		1.8	%	4.9	%	4.9	%
San Francisco - Oakland, CA Metro Area	6	1,368	9,378		—		9,378		8.3	%	9,354		—		9,354		7.9	%	0.3	%	0.3	%
Tampa, FL Area	3	680	1,564		—		1,564		1.4	%	1,763		—		1,763		1.5	%	(11.3)	%	(11.3)	%
Washington D.C. - MD - VA Area	9	2,305	9,320		—		9,320		8.2	%	10,710		(442)		10,268		8.7	%	(13.0)	%	(9.2)	%
Other Areas	52	8,931	36,179		20		36,199		31.9	%	39,156		(1,816)		37,340		31.6	%	(7.6)	%	(3.1)	%
Total Portfolio	120	25,055	$	113,302	$	307	$	113,609	100.0	%	$	121,975	$	(3,892)	$	118,083	100.0	%	(7.1)	%	(3.8)	%

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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)

			Nine Months Ended September 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	2017		2017		2017		2016		2016		2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	122.88	$	(88.18)	$	130.78	$	119.68	$	(89.40)	$	131.97	2.7	%	(0.9)	%
Boston, MA Area	3	915	178.69		—		178.69		171.23		—		171.23		4.4	%	4.4	%
Dallas / Ft. Worth, TX Area	7	1,518	111.49		—		111.49		113.41		—		113.41		(1.7)	%	(1.7)	%
Houston, TX Area	3	692	111.44		—		111.44		104.06		—		104.06		7.1	%	7.1	%
Los Angeles, CA Metro Area	6	1,619	133.78		—		133.78		128.49		(97.75)		133.82		4.1	%	—	%
Miami, FL Metro Area	3	587	132.64		—		132.64		133.43		—		133.43		(0.6)	%	(0.6)	%
Minneapolis - St. Paul, MN-WI Area	4	809	126.49		—		126.49		132.50		—		132.50		(4.5)	%	(4.5)	%
Nashville, TN Area	1	673	210.56		—		210.56		202.65		—		202.65		3.9	%	3.9	%
New York / New Jersey Metro Area	6	1,741	117.68		—		117.68		113.60		(85.36)		114.91		3.6	%	2.4	%
Orlando, FL Area	3	734	113.90		—		113.90		99.67		(91.88)		106.14		14.3	%	7.3	%
Philadelphia, PA Area	3	648	102.21		—		102.21		106.99		—		106.99		(4.5)	%	(4.5)	%
San Diego, CA Area	2	410	125.99		—		125.99		123.42		—		123.42		2.1	%	2.1	%
San Francisco - Oakland, CA Metro Area	6	1,368	158.53		—		158.53		155.93		—		155.93		1.7	%	1.7	%
Tampa, FL Area	3	680	117.70		—		117.70		115.79		—		115.79		1.6	%	1.6	%
Washington D.C. - MD - VA Area	9	2,305	141.92		—		141.92		132.96		(74.36)		137.08		6.7	%	3.5	%
Other Areas	52	8,931	111.44		(56.72)		111.92		110.03		(92.49)		111.16		1.3	%	0.7	%
Total Portfolio	120	25,055	$	125.61	$	(82.03)	$	126.31	$	121.92	$	(90.66)	$	124.77	3.0	%	1.2	%

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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)

			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non- comparable Adjustments		Comparable		% of Total		Actual		Non- comparable Adjustments		Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2017		2017		2017		% of Total		2016		2016		2016		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	21,829	$	(2,263)	$	19,566	5.4	%	$	25,396	$	(5,108)	$	20,288	5.6	%	(14.1)	%	(3.6)	%
Boston, MA Area	3	915	20,523		—		20,523		5.7	%	19,711		—		19,711		5.4	%	4.1	%	4.1	%
Dallas / Ft. Worth, TX Area	7	1,518	19,236		(33)		19,203		5.3	%	20,228		(100)		20,128		5.5	%	(4.9)	%	(4.6)	%
Houston, TX Area	3	692	9,333		—		9,333		2.6	%	8,839		—		8,839		2.4	%	5.6	%	5.6	%
Los Angeles, CA Metro Area	6	1,619	26,275		(23)		26,252		7.2	%	28,433		(2,989)		25,444		7.0	%	(7.6)	%	3.2	%
Miami, FL Metro Area	3	587	8,936		—		8,936		2.5	%	9,334		—		9,334		2.6	%	(4.3)	%	(4.3)	%
Minneapolis - St. Paul, MN-WI Area	4	809	11,749		—		11,749		3.2	%	13,047		—		13,047		3.6	%	(9.9)	%	(9.9)	%
Nashville, TN Area	1	673	20,935		—		20,935		5.8	%	19,728		—		19,728		5.4	%	6.1	%	6.1	%
New York / New Jersey Metro Area	6	1,741	23,382		—		23,382		6.4	%	23,806		(756)		23,050		6.3	%	(1.8)	%	1.4	%
Orlando, FL Area	3	734	8,124		—		8,124		2.2	%	13,036		(5,623)		7,413		2.0	%	(37.7)	%	9.6	%
Philadelphia, PA Area	3	648	6,047		—		6,047		1.7	%	6,514		—		6,514		1.8	%	(7.2)	%	(7.2)	%
San Diego, CA Area	2	410	5,840		—		5,840		1.6	%	5,868		—		5,868		1.6	%	(0.5)	%	(0.5)	%
San Francisco - Oakland, CA Metro Area	6	1,368	26,824		—		26,824		7.4	%	26,655		—		26,655		7.3	%	0.6	%	0.6	%
Tampa, FL Area	3	680	9,416		—		9,416		2.6	%	9,242		—		9,242		2.5	%	1.9	%	1.9	%
Washington D.C. - MD - VA Area	9	2,305	36,103		(2)		36,101		9.9	%	36,831		(927)		35,904		9.9	%	(2.0)	%	0.6	%
Other Areas	52	8,931	110,701		(21)		110,680		30.5	%	117,707		(5,050)		112,657		31.0	%	(6.0)	%	(1.8)	%
Total Portfolio	120	25,055	$	365,253	$	(2,342)	$	362,911	100.0	%	$	384,375	$	(20,553)	$	363,822	100.0	%	(5.0)	%	(0.3)	%

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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 SEPTEMBER 30, 2017 (in thousands, except share price) (unaudited)


	September 30, 2017
End of quarter common shares outstanding	97,416
Partnership units outstanding (common share equivalents)*	20,071
Combined common shares and partnership units outstanding	117,487
Common stock price at quarter end	$	6.67
Market capitalization at quarter end	$	783,639
Series D preferred stock	$	197,609
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Series H preferred stock	$	95,000
Debt on balance sheet date	$	3,708,265
Joint venture partner's share of consolidated debt	$	(2,038)
Net working capital (see below)	$	(483,802)
Total enterprise value (TEV)	$	4,573,673

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	60.60
Market value of Ashford Inc. investment	$	36,249

Cash and cash equivalents	$	393,431
Restricted cash	$	132,959
Accounts receivable, net	$	60,364
Prepaid expenses	$	24,177
Investment in securities	$	11,960
Due from third-party hotel managers, net	$	16,616
Market value of Ashford Inc. investment	$	36,249
Total current assets	$	675,756

Accounts payable, net & accrued expenses	$	152,420
Dividends and distributions payable	$	25,520
Due to affiliates, net	$	14,014
Total current liabilities	$	191,954

Net working capital**	$	483,802
* Total units outstanding = 21.3 million; impacted by current conversion factor.
** 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)

		2017
	Rooms	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
		Actual	Actual	Actual	Estimated
Courtyard Basking Ridge	235	x	x
Courtyard Columbus Tipton Lakes	90	x
Courtyard Crystal City Reagan Airport	272				x
Courtyard Denver Airport	202				x
Courtyard Gaithersburg	210				x
Embassy Suites Orlando Airport	174				x
Embassy Suites Philadelphia Airport	263				x
Embassy Suites Santa Clara Silicon Valley	257				x
Embassy Suites Walnut Creek	249		x	x	x
Hampton Inn Parsippany	152	x	x
Hampton Inn Pittsburgh Meadow Lands	103	x
Hampton Inn Suites Columbus Easton	145		x
Hilton Boston Back Bay	390	x			x
Hilton Garden Inn Jacksonville	119			x	x
Hilton Garden Inn Wisconsin Dells	128	x
Hilton Tampa Westshore	238		x	x	x
Homewood Suites Pittsburgh Southpointe	148	x	x
Hyatt Regency Savannah	351	x	x
Le Meridien Chambers Minneapolis	60				x
Le Pavillon Hotel	226	x	x
Marriott Crystal Gateway	701	x	x	x	x
Marriott DFW Airport	491			x
Marriott Omaha	300	x	x	x	x
Marriott RTP	225		x	x	x
Marriott San Antonio Plaza	251			x
Marriott Suites Market Center	265	x	x
Renaissance Nashville	673			x	x
Renaissance Palm Springs	410			x	x
Residence Inn Jacksonville	120				x
Residence Inn Lake Buena Vista	210	x
Residence Inn Orlando Sea World	350			x	x
Residence Inn Stillwater	101	x	x
Residence Inn Tampa Downtown	109			x	x
Ritz-Carlton Atlanta	444				x
Sheraton Anchorage	370				x
Sheraton City Center - Indianapolis	378				x
SpringHill Suites Centreville	136				x
SpringHill Suites Kennesaw	90			x	x
Total		14	13	13	24

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table.

Exhibit 1

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

	2017		2017		2017		2016		September 30, 2017
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	45,901	$	89,279	$	45,102	$	31,581	$	211,863
(Income) loss from consolidated entities attributable to noncontrolling interest	(50)		(42)		2		(32)		(122)
Net income (loss) attributable to the Company	45,851		89,237		45,104		31,549		211,741
Non-property adjustments	1,770		(14,092)		83		5,650		(6,589)
Interest income	(28)		(38)		(32)		(23)		(121)
Interest expense	698		572		482		484		2,236
Amortization of loan costs	37		54		126		124		341
Depreciation and amortization	59,966		60,383		62,509		61,294		244,152
Income tax expense (benefit)	33		6		17		25		81
Non-hotel EBITDA ownership expense	4,925		2,313		5,186		4,345		16,769
Income (loss) from consolidated entities attributable to noncontrolling interests	50		42		(2)		32		122
Hotel EBITDA including amounts attributable to noncontrolling interest	113,302		138,477		113,473		103,480		468,732
Non-comparable adjustments	307		(1,315)		(1,334)		(2,458)		(4,800)
Comparable hotel EBITDA	$	113,609	$	137,162	$	112,139	$	101,022	$	463,932

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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 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)	$	39,986	$	5,915	$	45,901	$	69	$	(74,696)	$	(28,726)
(Income) loss from consolidated entities attributable to noncontrolling interest	(50)		—		(50)		—		28		(22)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		6,940		6,940
Net income (loss) attributable to the Company	39,936		5,915		45,851		69		(67,728)		(21,808)
Non-property adjustments	1,703		67		1,770		—		(1,770)		—
Interest income	(28)		—		(28)		—		(678)		(706)
Interest expense	698		—		698		—		53,715		54,413
Amortization of loan cost	37		—		37		—		2,513		2,550
Depreciation and amortization	49,954		10,012		59,966		120		49		60,135
Income tax expense (benefit)	33		—		33		—		(1,300)		(1,267)
Non-hotel EBITDA ownership expense	4,891		34		4,925		7		(4,932)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	50		—		50		—		(50)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,274		16,028		113,302		196		(20,181)		93,317
Less: EBITDA adjustments attributable to noncontrolling interest	(66)		—		(66)		—		(27)		(93)
(Income) loss from consolidated entities attributable to noncontrolling interest	(50)		—		(50)		—		50		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(6,940)		(6,940)
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	$	97,158	$	16,028	$	113,186	$	196	$	(26,916)	$	86,466
Non-comparable adjustments	307		—		307
Comparable hotel EBITDA	$	97,581	$	16,028	$	113,609

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

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)	$	74,345	$	14,934	$	89,279	$	545	$	(79,396)	$	10,428
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		—		(42)		—		29		(13)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(231)		(231)
Net income (loss) attributable to the Company	74,303		14,934		89,237		545		(79,598)		10,184
Non-property adjustments	(14,092)		—		(14,092)		—		14,092		—
Interest income	(38)		—		(38)		—		(508)		(546)
Interest expense	572		—		572		—		51,359		51,931
Amortization of loan cost	54		—		54		—		2,971		3,025
Depreciation and amortization	51,516		8,867		60,383		117		47		60,547
Income tax expense (benefit)	6		—		6		—		1,598		1,604
Non-hotel EBITDA ownership expense	2,031		282		2,313		(18)		(2,295)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	42		—		42		—		(42)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	114,394		24,083		138,477		644		(12,376)		126,745
Less: EBITDA adjustments attributable to noncontrolling interest	(62)		—		(62)		—		(26)		(88)
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		—		(42)		—		42		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		231		231
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	$	114,290	$	24,083	$	138,373	$	644	$	(9,395)	$	129,622
Non-comparable adjustments	(1,315)		—		(1,315)
Comparable hotel EBITDA	$	113,079	$	24,083	$	137,162

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

Exhibit 1

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

	Three Months Ended March 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)	$	31,150	$	13,952	$	45,102	$	409	$	(77,448)	$	(31,937)
(Income) loss from consolidated entities attributable to noncontrolling interest	2		—		2		—		29		31
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		6,493		6,493
Net income (loss) attributable to the Company	31,152		13,952		45,104		409		(70,926)		(25,413)
Non-property adjustments	83		—		83		—		(83)		—
Interest income	(31)		(1)		(32)		—		(176)		(208)
Interest expense	482		—		482		—		49,477		49,959
Amortization of loan cost	126		—		126		—		5,220		5,346
Depreciation and amortization	52,761		9,748		62,509		113		2,076		64,698
Income tax expense (benefit)	17		—		17		—		(865)		(848)
Non-hotel EBITDA ownership expense	5,423		(237)		5,186		5		(5,191)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	(2)		—		(2)		—		2		—
Hotel EBITDA including amounts attributable to noncontrolling interest	90,011		23,462		113,473		527		(20,466)		93,534
Less: EBITDA adjustments attributable to noncontrolling interest	(65)		—		(65)		—		(27)		(92)
(Income) loss from consolidated entities attributable to noncontrolling interest	2		—		2		—		(2)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(6,493)		(6,493)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		815		815
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(384)		(384)
Company's portion of EBITDA of OpenKey	—		—		—		—		(124)		(124)
Hotel EBITDA attributable to the Company and OP unitholders	$	89,948	$	23,462	$	113,410	$	527	$	(26,681)	$	87,256
Non-comparable adjustments	(1,334)		—		(1,334)
Comparable hotel EBITDA	$	88,677	$	23,462	$	112,139

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

Exhibit 1

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

	Three Months Ended December 31, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	22,381	$	9,200	$	31,581	$	162	$	(88,383)	$	(56,640)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32)		—		(32)		—		30		(2)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		9,738		9,738
Net income (loss) attributable to the Company	22,349		9,200		31,549		162		(78,615)		(46,904)
Non-property adjustments	5,650		—		5,650		—		(5,650)		—
Interest income	(22)		(1)		(23)		—		(79)		(102)
Interest expense	484		—		484		—		49,219		49,703
Amortization of loan cost	124		—		124		—		5,973		6,097
Depreciation and amortization	52,168		9,126		61,294		109		49		61,452
Income tax expense (benefit)	25		—		25		—		291		316
Non-hotel EBITDA ownership expense	4,481		(136)		4,345		(7)		(4,338)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	32		—		32		—		(32)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	85,291		18,189		103,480		264		(33,182)		70,562
Less: EBITDA adjustments attributable to noncontrolling interest	(47)		—		(47)		—		(43)		(90)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32)		—		(32)		—		32		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(9,738)		(9,738)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(107)		(107)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		387		387
Company's portion of EBITDA of OpenKey	—		—		—		—		(109)		(109)
Hotel EBITDA attributable to the Company and OP unitholders	$	85,212	$	18,189	$	103,401	$	264	$	(42,760)	$	60,905
Non-comparable adjustments	(2,458)		—		(2,458)
Comparable hotel EBITDA	$	82,833	$	18,189	$	101,022

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

Exhibit 1

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

	Three Months Ended September 30, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	47,721	$	8,022	$	55,743	$	241	$	(81,122)	$	(25,138)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45)		—		(45)		—		29		(16)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		4,151		4,151
Net income (loss) attributable to the Company	47,676		8,022		55,698		241		(76,942)		(21,003)
Non-property adjustments	3,591		—		3,591		—		(3,591)		—
Interest income	(10)		(1)		(11)		—		(81)		(92)
Interest expense	479		—		479		—		49,634		50,113
Amortization of loan cost	121		—		121		—		5,528		5,649
Depreciation and amortization	51,181		8,839		60,020		101		49		60,170
Income tax expense (benefit)	15		—		15		—		(31)		(16)
Non-hotel EBITDA ownership expense	1,614		403		2,017		51		(2,068)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	45		—		45		—		(45)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	104,712		17,263		121,975		393		(27,547)		94,821
Less: EBITDA adjustments attributable to noncontrolling interest	(69)		—		(69)		—		(23)		(92)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45)		—		(45)		—		45		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(4,151)		(4,151)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		85		85
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		165		165
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	104,598	$	17,263	$	121,861	$	393	$	(31,426)	$	90,828
Non-comparable adjustments	(3,892)		—		(3,892)
Comparable hotel EBITDA	$	100,820	$	17,263	$	118,083

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

Exhibit 1

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

	Nine 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)	$	145,482	$	34,801	$	180,283	$	1,023	$	(231,541)	$	(50,235)
(Income) loss from consolidated entities attributable to noncontrolling interest	(90)		—		(90)		—		86		(4)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		13,202		13,202
Net income (loss) attributable to the Company	145,392		34,801		180,193		1,023		(218,253)		(37,037)
Non-property adjustments	(12,306)		67		(12,239)		—		12,239		—
Interest income	(97)		(1)		(98)		—		(1,362)		(1,460)
Interest expense	1,752		—		1,752		—		154,551		156,303
Amortization of loan cost	217		—		217		—		10,704		10,921
Depreciation and amortization	154,231		28,627		182,858		350		2,172		185,380
Income tax expense (benefit)	56		—		56		—		(563)		(507)
Non-hotel EBITDA ownership expense	12,345		79		12,424		(6)		(12,418)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	90		—		90		—		(90)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	301,680		63,573		365,253		1,367		(53,020)		313,600
Less: EBITDA adjustments attributable to noncontrolling interest	(193)		—		(193)		—		(84)		(277)
(Income) loss from consolidated entities attributable to noncontrolling interest	(90)		—		(90)		—		90		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(13,202)		(13,202)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		3,632		3,632
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(20)		(20)
Company's portion of EBITDA of OpenKey	—		—		—		—		(361)		(361)
Hotel EBITDA attributable to the Company and OP unitholders	$	301,397	$	63,573	$	364,970	$	1,367	$	(62,965)	$	303,372
Non-comparable adjustments	(2,342)		—		(2,342)
Comparable hotel EBITDA	$	299,338	$	63,573	$	362,911

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

Exhibit 1

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

	Nine Months Ended September 30, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	176,821	$	38,399	$	215,220	$	1,071	$	(218,433)	$	(2,142)
(Income) loss from consolidated entities attributable to noncontrolling interest	(72)		—		(72)		—		88		16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		1,887		1,887
Net income (loss) attributable to the Company	176,749		38,399		215,148		1,071		(216,458)		(239)
Non-property adjustments	(19,389)		—		(19,389)		—		19,389		—
Interest income	(31)		(4)		(35)		—		(194)		(229)
Interest expense	1,414		—		1,414		—		148,753		150,167
Amortization of loan cost	359		—		359		—		17,641		18,000
Depreciation and amortization	155,497		26,423		181,920		345		146		182,411
Income tax expense (benefit)	60		—		60		—		1,156		1,216
Non-hotel EBITDA ownership expense	4,967		(141)		4,826		52		(4,878)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	72		—		72		—		(72)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	319,698		64,677		384,375		1,468		(34,517)		351,326
Less: EBITDA adjustments attributable to noncontrolling interest	(198)		—		(198)		—		(75)		(273)
(Income) loss from consolidated entities attributable to noncontrolling interest	(72)		—		(72)		—		72		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(1,887)		(1,887)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		959		959
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(207)		(207)
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	319,428	$	64,677	$	384,105	$	1,468	$	(35,655)	$	349,918
Non-comparable adjustments	(20,553)		—		(20,553)
Comparable hotel EBITDA	$	299,145	$	64,677	$	363,822

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) Excluded Hotels Under Renovation:
Embassy Suites Walnut Creek, Hilton Garden Inn Jacksonville, Hilton Tampa Westshore, Marriott Crystal Gateway, Marriott DFW Airport, Marriott Omaha, Marriott RTP, Marriott San Antonio Plaza, Renaissance Nashville, Renaissance Palm Springs, Residence Inn Orlando Sea World, Residence Inn Tampa Downtown, SpringHill Suites Kennesaw

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
	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)	$	3,126	$	4,824	$	2,073	$	(620)	$	3,196	$	(1,171)	$	2,397	$	4,761	$	3,604
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	3,126		4,824		2,073		(620)		3,196		(1,171)		2,397		4,761		3,604
Non-property adjustments	(16)		—		—		451		—		266		—		—		—
Interest income	—		—		(1)		—		(1)		—		(6)		—		(2)
Interest expense	170		—		—		—		—		—		—		—		—
Amortization of loan costs	37		—		—		—		—		—		—		—		—
Depreciation and amortization	2,519		3,543		3,215		1,645		4,355		1,730		2,458		1,523		4,185
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	21		60		166		1,165		192		444		23		10		42
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,857		8,427		5,453		2,641		7,742		1,269		4,872		6,294		7,829
Non-comparable adjustments	287		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,144	$	8,427	$	5,453	$	2,641	$	7,742	$	1,269	$	4,872	$	6,294	$	7,829

	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)	$	99	$	904	$	1,279	$	6,772	$	(423)	$	3,335	$	11,745	$	45,901
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(50)		(50)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	99		904		1,279		6,772		(423)		3,335		11,695		45,851
Non-property adjustments	43		—		—		—		64		—		962		1,770
Interest income	(2)		—		—		(5)		—		(4)		(7)		(28)
Interest expense	—		—		—		—		—		—		528		698
Amortization of loan costs	—		—		—		—		—		—		—		37
Depreciation and amortization	1,595		1,459		955		2,579		1,661		6,304		20,240		59,966
Income tax expense (benefit)	—		—		—		—		—		—		33		33
Non-hotel EBITDA ownership expense	95		20		30		32		262		(315)		2,678		4,925
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		50		50
Hotel EBITDA including amounts attributable to noncontrolling interest	1,830		2,383		2,264		9,378		1,564		9,320		36,179		113,302
Non-comparable adjustments	—		—		—		—		—		—		20		307
Comparable hotel EBITDA	$	1,830	$	2,383	$	2,264	$	9,378	$	1,564	$	9,320	$	36,199	$	113,609

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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, 2016
	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)	$	4,898	$	4,998	$	3,198	$	528	$	3,912	$	(445)	$	3,398	$	3,714	$	3,404
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	4,898		4,998		3,198		528		3,912		(445)		3,398		3,714		3,404
Non-property adjustments	15		—		—		—		—		—		—		—		—
Interest income	—		—		—		—		—		—		—		—		(2)
Interest expense	—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	3,650		3,399		2,781		1,713		4,307		1,474		2,462		2,382		4,371
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	124		153		(160)		37		(4)		74		21		42		154
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	8,687		8,550		5,819		2,278		8,215		1,103		5,881		6,138		7,927
Non-comparable adjustments	(1,428)		—		(33)		—		(176)		—		—		—		3
Comparable hotel EBITDA	$	7,259	$	8,550	$	5,786	$	2,278	$	8,039	$	1,103	$	5,881	$	6,138	$	7,930

	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)	$	445	$	1,253	$	1,102	$	7,020	$	558	$	437	$	17,323	$	55,743
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(45)		(45)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	445		1,253		1,102		7,020		558		437		17,278		55,698
Non-property adjustments	159		—		—		—		—		5,039		(1,622)		3,591
Interest income	(1)		—		—		(1)		—		(2)		(5)		(11)
Interest expense	—		—		—		—		—		—		479		479
Amortization of loan costs	—		—		—		—		—		—		121		121
Depreciation and amortization	1,038		1,398		1,050		2,200		1,106		5,442		21,247		60,020
Income tax expense (benefit)	—		—		—		—		—		—		15		15
Non-hotel EBITDA ownership expense	(50)		(6)		6		135		99		(206)		1,598		2,017
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		45		45
Hotel EBITDA including amounts attributable to noncontrolling interest	1,591		2,645		2,158		9,354		1,763		10,710		39,156		121,975
Non-comparable adjustments	—		—		—		—		—		(442)		(1,816)		(3,892)
Comparable hotel EBITDA	$	1,591	$	2,645	$	2,158	$	9,354	$	1,763	$	10,268	$	37,340	$	118,083

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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)

	Nine Months Ended September 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)	$	25,304	$	10,068	$	8,970	$	2,414	$	13,137	$	(1,450)	$	4,152	$	15,716	$	10,354
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	25,304		10,068		8,970		2,414		13,137		(1,450)		4,152		15,716		10,354
Non-property adjustments	(14,109)		—		—		451		—		266		—		—		—
Interest income	(12)		—		(3)		—		(3)		—		(30)		—		(6)
Interest expense	237		—		—		—		—		—		—		—		—
Amortization of loan costs	49		—		—		—		—		—		—		—		—
Depreciation and amortization	10,122		10,404		9,362		5,233		12,832		5,205		7,562		5,174		12,614
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	238		51		907		1,235		309		4,915		65		45		420
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	21,829		20,523		19,236		9,333		26,275		8,936		11,749		20,935		23,382
Non-comparable adjustments	(2,263)		—		(33)		—		(23)		—		—		—		—
Comparable hotel EBITDA	$	19,566	$	20,523	$	19,203	$	9,333	$	26,252	$	8,936	$	11,749	$	20,935	$	23,382

	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)	$	3,509	$	1,681	$	2,792	$	19,530	$	4,761	$	18,271	$	41,074	$	180,283
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(90)		(90)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	3,509		1,681		2,792		19,530		4,761		18,271		40,984		180,193
Non-property adjustments	43		—		—		—		64		—		1,046		(12,239)
Interest income	(5)		—		—		(14)		—		(12)		(13)		(98)
Interest expense	—		—		—		—		—		—		1,515		1,752
Amortization of loan costs	—		—		—		—		—		—		168		217
Depreciation and amortization	4,470		4,275		2,982		7,170		4,374		18,672		62,407		182,858
Income tax expense (benefit)	—		—		—		—		—		—		56		56
Non-hotel EBITDA ownership expense	107		91		66		138		217		(828)		4,448		12,424
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		90		90
Hotel EBITDA including amounts attributable to noncontrolling interest	8,124		6,047		5,840		26,824		9,416		36,103		110,701		365,253
Non-comparable adjustments	—		—		—		—		—		(2)		(21)		(2,342)
Comparable hotel EBITDA	$	8,124	$	6,047	$	5,840	$	26,824	$	9,416	$	36,101	$	110,680	$	362,911

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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)

	Nine Months Ended September 30, 2016
	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)	$	17,848	$	9,474	$	11,893	$	3,556	$	14,554	$	4,738	$	5,673	$	12,750	$	15,538
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	17,848		9,474		11,893		3,556		14,554		4,738		5,673		12,750		15,538
Non-property adjustments	(4,000)		—		—		—		—		—		—		—		(5,482)
Interest income	—		—		—		—		—		—		(1)		—		(6)
Interest expense	—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	11,134		9,914		8,444		5,179		13,932		4,183		7,330		6,937		13,415
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	414		323		(109)		104		(53)		413		45		41		341
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	25,396		19,711		20,228		8,839		28,433		9,334		13,047		19,728		23,806
Non-comparable adjustments	(5,108)		—		(100)		—		(2,989)		—		—		—		(756)
Comparable hotel EBITDA	$	20,288	$	19,711	$	20,128	$	8,839	$	25,444	$	9,334	$	13,047	$	19,728	$	23,050

	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)	$	21,642	$	2,412	$	2,687	$	19,205	$	5,519	$	16,689	$	51,042	$	215,220
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(72)		(72)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	21,642		2,412		2,687		19,205		5,519		16,689		50,970		215,148
Non-property adjustments	(13,438)		—		—		—		—		5,039		(1,508)		(19,389)
Interest income	(5)		—		—		(4)		—		(9)		(10)		(35)
Interest expense	—		—		—		—		—		—		1,414		1,414
Amortization of loan costs	—		—		—		—		—		—		359		359
Depreciation and amortization	4,546		4,096		3,150		7,162		3,537		15,790		63,171		181,920
Income tax expense (benefit)	—		—		—		—		—		—		60		60
Non-hotel EBITDA ownership expense	291		6		31		292		186		(678)		3,179		4,826
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		72		72
Hotel EBITDA including amounts attributable to noncontrolling interest	13,036		6,514		5,868		26,655		9,242		36,831		117,707		384,375
Non-comparable adjustments	(5,623)		—		—		—		—		(927)		(5,050)		(20,553)
Comparable hotel EBITDA	$	7,413	$	6,514	$	5,868	$	26,655	$	9,242	$	35,904	$	112,657	$	363,822

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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 September 30, 2017
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	23,490	$	8,803	$	(201)	$	49,601	$	454	$	(1,600)	$	379	$	(349)	$	2,026	$	2,184	$	11,676
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	23,490		8,803		(201)		49,601		454		(1,600)		379		(349)		2,026		2,184		11,676
Non-property adjustments	65		—		—		(4,782)		6		—		—		—		—		—		4,650
Interest income	(44)		(12)		—		(12)		—		—		—		—		—		—		—
Interest expense	2		—		1,974		—		—		—		236		24		—		—		—
Amortization of loan costs	—		—		292		—		—		—		49		—		—		—		—
Depreciation and amortization	21,157		13,531		1,901		62,061		2,489		3,143		1,469		11,161		1,671		2,692		18,191
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,396		243		98		3,036		271		637		33		301		7		6		2,327
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	46,066		22,565		4,064		109,904		3,220		2,180		2,166		11,137		3,704		4,882		36,844
Non-comparable adjustments	—		—		—		(4,312)		—		—		—		—		—		—		(499)
Comparable hotel EBITDA	$	46,066	$	22,565	$	4,064	$	105,592	$	3,220	$	2,180	$	2,166	$	11,137	$	3,704	$	4,882	$	36,345

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	2,928	$	15,518	$	9,289	$	20,578	$	425	$	35,721	$	571	$	6,105	$	3,188	$	1,003	$	537
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(77)
Net income (loss) attributable to the Company	2,928		15,518		9,289		20,578		425		35,721		571		6,105		3,188		1,003		460
Non-property adjustments	223		393		—		—		—		—		—		—		—		69		—
Interest income	—		(8)		—		—		—		(14)		—		—		(24)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	4,194		27,277		5,374		9,683		912		27,326		492		9,610		3,359		838		922
Income tax expense (benefit)	—		—		—		—		—		104		—		—		—		—		(36)
Non-hotel EBITDA ownership expense	242		7,428		230		101		(3)		462		6		(1,147)		9		94		(16)
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		77
Hotel EBITDA including amounts attributable to noncontrolling interest	7,587		50,608		14,893		30,362		1,334		63,599		1,069		14,568		6,532		2,004		1,407
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	7,587	$	50,608	$	14,893	$	30,362	$	1,334	$	63,599	$	1,069	$	14,568	$	6,532	$	2,004	$	1,407

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	340	$	3,264	$	1,532	$	2,145	$	4,452	$	2,145	$	7,513	$	(41)	$	(77)	$	(1,736)	$	211,863
(Income) loss from consolidated entities attributable to noncontrolling interest	(45)		—		—		—		—		—		—		—		—		—		(122)
Net income (loss) attributable to the Company	295		3,264		1,532		2,145		4,452		2,145		7,513		(41)		(77)		(1,736)		211,741
Non-property adjustments	—		127		—		—		17		—		(7,506)		32		82		35		(6,589)
Interest income	—		—		—		—		(5)		—		—		—		—		(2)		(121)
Interest expense	—		—		—		—		—		—		—		—		—		—		2,236
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		341
Depreciation and amortization	643		4,007		526		1,339		4,256		639		—		—		—		3,289		244,152
Income tax expense (benefit)	13		—		—		—		—		—		—		—		—		—		81
Non-hotel EBITDA ownership expense	9		466		32		38		63		18		1		2		(17)		396		16,769
Income (loss) from consolidated entities attributable to noncontrolling interests	45		—		—		—		—		—		—		—		—		—		122
Hotel EBITDA including amounts attributable to noncontrolling interest	1,005		7,864		2,090		3,522		8,783		2,802		8		(7)		(12)		1,982		468,732
Non-comparable adjustments	—		—		—		—		—		—		(8)		7		12		—		(4,800)
Comparable hotel EBITDA	$	1,005	$	7,864	$	2,090	$	3,522	$	8,783	$	2,802	$	—	$	—	$	—	$	1,982	$	463,932

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	4,968	$	4,050	$	(144)	$	7,600	$	418	$	(923)	$	(120)	$	407	$	877	$	690	$	3,043
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	4,968		4,050		(144)		7,600		418		(923)		(120)		407		877		690		3,043
Non-property adjustments	290		—		—		180		6		—		—		—		—		—		514
Interest income	(14)		—		—		—		—		—		—		—		—		—		—
Interest expense	1		—		525		—		—		—		169		3		—		—		—
Amortization of loan costs	—		—		—		—		—		—		37		—		—		—		—
Depreciation and amortization	5,327		3,581		483		14,429		634		639		379		2,642		284		436		4,446
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	890		31		47		1,163		58		191		2		58		(2)		6		502
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,462		7,662		911		23,372		1,116		(93)		467		3,110		1,159		1,132		8,505
Non-comparable adjustments	—		—		—		287		—		—		—		—		—		—		20
Comparable hotel EBITDA	$	11,462	$	7,662	$	911	$	23,659	$	1,116	$	(93)	$	467	$	3,110	$	1,159	$	1,132	$	8,525

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	826	$	2,085	$	3,162	$	4,811	$	380	$	9,440	$	47	$	705	$	1,359	$	222	$	208
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(30)
Net income (loss) attributable to the Company	826		2,085		3,162		4,811		380		9,440		47		705		1,359		222		178
Non-property adjustments	—		528		—		—		—		—		—		—		—		69		—
Interest income	—		(2)		—		—		—		(4)		—		—		(6)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,088		7,000		1,462		2,155		230		6,954		127		2,560		847		220		233
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	70		1,401		56		2		(3)		87		1		(339)		1		49		2
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		30
Hotel EBITDA including amounts attributable to noncontrolling interest	1,984		11,012		4,680		6,968		607		16,477		175		2,926		2,201		560		443
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,984	$	11,012	$	4,680	$	6,968	$	607	$	16,477	$	175	$	2,926	$	2,201	$	560	$	443

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	144	$	(24)	$	405	$	644	$	642	$	529	$	—	$	—	$	—	$	(550)	$	45,901
(Income) loss from consolidated entities attributable to noncontrolling interest	(20)		—		—		—		—		—		—		—		—		—		(50)
Net income (loss) attributable to the Company	124		(24)		405		644		642		529		—		—		—		(550)		45,851
Non-property adjustments	—		127		—		—		17		—		—		—		—		39		1,770
Interest income	—		—		—		—		(2)		—		—		—		—		—		(28)
Interest expense	—		—		—		—		—		—		—		—		—		—		698
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		37
Depreciation and amortization	148		1,052		163		323		1,156		142		—		—		—		826		59,966
Income tax expense (benefit)	33		—		—		—		—		—		—		—		—		—		33
Non-hotel EBITDA ownership expense	1		392		11		14		40		4		—		—		—		190		4,925
Income (loss) from consolidated entities attributable to noncontrolling interests	20		—		—		—		—		—		—		—		—		—		50
Hotel EBITDA including amounts attributable to noncontrolling interest	326		1,547		579		981		1,853		675		—		—		—		505		113,302
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		307
Comparable hotel EBITDA	$	326	$	1,547	$	579	$	981	$	1,853	$	675	$	—	$	—	$	—	$	505	$	113,609

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,809	$	3,598	$	448	$	31,227	$	220	$	(355)	$	28	$	356	$	710	$	522	$	6,540
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	6,809		3,598		448		31,227		220		(355)		28		356		710		522		6,540
Non-property adjustments	—		—		—		(14,093)		—		—		—		—		—		—		1
Interest income	(14)		(1)		—		(12)		—		—		—		—		—		—		—
Interest expense	—		—		502		—		—		—		67		3		—		—		—
Amortization of loan costs	—		—		42		—		—		—		12		—		—		—		—
Depreciation and amortization	5,224		3,400		478		14,890		627		821		368		2,914		444		757		4,474
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	221		51		45		1,130		164		166		4		74		5		5		—
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	12,240		7,048		1,515		33,142		1,011		632		479		3,347		1,159		1,284		11,015
Non-comparable adjustments	—		—		—		(1,180)		—		—		—		—		—		—		(132)
Comparable hotel EBITDA	$	12,240	$	7,048	$	1,515	$	31,962	$	1,011	$	632	$	479	$	3,347	$	1,159	$	1,284	$	10,883

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	1,093	$	7,084	$	3,935	$	7,412	$	85	$	10,550	$	183	$	2,954	$	1,055	$	323	$	147
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(21)
Net income (loss) attributable to the Company	1,093		7,084		3,935		7,412		85		10,550		183		2,954		1,055		323		126
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		(2)		—		—		—		(4)		—		—		(4)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,062		6,844		1,456		1,937		262		6,810		127		2,481		840		197		233
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	8		402		4		105		(13)		92		3		(326)		3		4		3
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		21
Hotel EBITDA including amounts attributable to noncontrolling interest	2,163		14,328		5,395		9,454		334		17,448		313		5,109		1,894		524		383
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,163	$	14,328	$	5,395	$	9,454	$	334	$	17,448	$	313	$	5,109	$	1,894	$	524	$	383

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	147	$	1,051	$	498	$	625	$	1,317	$	645	$	9	$	(8)	$	2	$	69	$	89,279
(Income) loss from consolidated entities attributable to noncontrolling interest	(21)		—		—		—		—		—		—		—		—		—		(42)
Net income (loss) attributable to the Company	126		1,051		498		625		1,317		645		9		(8)		2		69		89,237
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		(14,092)
Interest income	—		—		—		—		(1)		—		—		—		—		—		(38)
Interest expense	—		—		—		—		—		—		—		—		—		—		572
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		54
Depreciation and amortization	158		1,064		140		327		1,053		146		—		—		—		849		60,383
Income tax expense (benefit)	6		—		—		—		—		—		—		—		—		—		6
Non-hotel EBITDA ownership expense	3		55		10		10		9		7		—		—		—		69		2,313
Income (loss) from consolidated entities attributable to noncontrolling interests	21		—		—		—		—		—		—		—		—		—		42
Hotel EBITDA including amounts attributable to noncontrolling interest	314		2,170		648		962		2,378		798		9		(8)		2		987		138,477
Non-comparable adjustments	—		—		—		—		—		—		(9)		8		(2)		—		(1,315)
Comparable hotel EBITDA	$	314	$	2,170	$	648	$	962	$	2,378	$	798	$	—	$	—	$	—	$	987	$	137,162

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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, 2017
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,449	$	87	$	(146)	$	10,724	$	49	$	(165)	$	304	$	(749)	$	82	$	532	$	4,645
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	6,449		87		(146)		10,724		49		(165)		304		(749)		82		532		4,645
Non-property adjustments	—		—		—		43		—		—		—		—		—		—		40
Interest income	(10)		(11)		—		—		—		—		—		—		—		—		—
Interest expense	1		—		478		—		—		—		—		3		—		—		—
Amortization of loan costs	—		—		126		—		—		—		—		—		—		—		—
Depreciation and amortization	5,387		3,354		473		16,294		624		923		364		2,872		473		750		4,508
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	37		69		3		154		20		167		10		37		2		14		711
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,864		3,499		934		27,215		693		925		678		2,163		557		1,296		9,904
Non-comparable adjustments	—		—		—		(1,243)		—		—		—		—		—		—		(76)
Comparable hotel EBITDA	$	11,864	$	3,499	$	934	$	25,972	$	693	$	925	$	678	$	2,163	$	557	$	1,296	$	9,828

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	805	$	3,974	$	76	$	4,614	$	(96)	$	8,554	$	135	$	1,319	$	(51)	$	282	$	24
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(3)
Net income (loss) attributable to the Company	805		3,974		76		4,614		(96)		8,554		135		1,319		(51)		282		21
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	—		(2)		—		—		—		(3)		—		—		(3)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,044		6,827		1,288		2,688		215		6,822		123		2,458		837		207		231
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	29		3,958		22		21		15		123		1		(235)		1		4		2
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		3
Hotel EBITDA including amounts attributable to noncontrolling interest	1,878		14,757		1,386		7,323		134		15,496		259		3,542		784		493		257
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,878	$	14,757	$	1,386	$	7,323	$	134	$	15,496	$	259	$	3,542	$	784	$	493	$	257

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(21)	$	1,496	$	357	$	421	$	1,649	$	484	$	14	$	1	$	4	$	(751)	$	45,102
(Income) loss from consolidated entities attributable to noncontrolling interest	5		—		—		—		—		—		—		—		—		—		2
Net income (loss) attributable to the Company	(16)		1,496		357		421		1,649		484		14		1		4		(751)		45,104
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		83
Interest income	—		—		—		—		(1)		—		—		—		—		(2)		(32)
Interest expense	—		—		—		—		—		—		—		—		—		—		482
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		126
Depreciation and amortization	168		1,057		114		342		1,060		159		—		—		—		847		62,509
Income tax expense (benefit)	17		—		—		—		—		—		—		—		—		—		17
Non-hotel EBITDA ownership expense	2		2		5		7		7		4		1		1		(6)		(2)		5,186
Income (loss) from consolidated entities attributable to noncontrolling interests	(5)		—		—		—		—		—		—		—		—		—		(2)
Hotel EBITDA including amounts attributable to noncontrolling interest	166		2,555		476		770		2,715		647		15		2		(2)		92		113,473
Non-comparable adjustments	—		—		—		—		—		—		(15)		(2)		2		—		(1,334)
Comparable hotel EBITDA	$	166	$	2,555	$	476	$	770	$	2,715	$	647	$	—	$	—	$	—	$	92	$	112,139

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include 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, 2016
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	5,264	$	1,068	$	(359)	$	50	$	(233)	$	(157)	$	167	$	(363)	$	357	$	440	$	(2,552)
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	5,264		1,068		(359)		50		(233)		(157)		167		(363)		357		440		(2,552)
Non-property adjustments	(225)		—		—		9,088		—		—		—		—		—		—		4,095
Interest income	(6)		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		469		—		—		—		—		15		—		—		—
Amortization of loan costs	—		—		124		—		—		—		—		—		—		—		—
Depreciation and amortization	5,219		3,196		467		16,448		604		760		358		2,733		470		749		4,763
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	248		92		3		589		29		113		17		132		2		(19)		1,114
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,500		4,356		704		26,175		400		716		542		2,517		829		1,170		7,420
Non-comparable adjustments	—		—		—		(2,176)		—		—		—		—		—		—		(311)
Comparable hotel EBITDA	$	10,500	$	4,356	$	704	$	23,999	$	400	$	716	$	542	$	2,517	$	829	$	1,170	$	7,109

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	204	$	2,375	$	2,116	$	3,741	$	56	$	7,177	$	206	$	1,127	$	825	$	176	$	158
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(23)
Net income (loss) attributable to the Company	204		2,375		2,116		3,741		56		7,177		206		1,127		825		176		135
Non-property adjustments	223		(135)		—		—		—		—		—		—		—		—		—
Interest income	—		(2)		—		—		—		(3)		—		—		(11)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,000		6,606		1,168		2,903		205		6,740		115		2,111		835		214		225
Income tax expense (benefit)	—		—		—		—		—		104		—		—		—		—		(36)
Non-hotel EBITDA ownership expense	135		1,667		148		(27)		(2)		160		1		(247)		4		37		(23)
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		23
Hotel EBITDA including amounts attributable to noncontrolling interest	1,562		10,511		3,432		6,617		259		14,178		322		2,991		1,653		427		324
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	1,562	$	10,511	$	3,432	$	6,617	$	259	$	14,178	$	322	$	2,991	$	1,653	$	427	$	324

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	70	$	741	$	272	$	455	$	844	$	487	$	7,490	$	(34)	$	(83)	$	(504)	$	31,581
(Income) loss from consolidated entities attributable to noncontrolling interest	(9)		—		—		—		—		—		—		—		—		—		(32)
Net income (loss) attributable to the Company	61		741		272		455		844		487		7,490		(34)		(83)		(504)		31,549
Non-property adjustments	—		—		—		—		—		—		(7,506)		32		82		(4)		5,650
Interest income	—		—		—		—		(1)		—		—		—		—		—		(23)
Interest expense	—		—		—		—		—		—		—		—		—		—		484
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		124
Depreciation and amortization	169		834		109		347		987		192		—		—		—		767		61,294
Income tax expense (benefit)	(43)		—		—		—		—		—		—		—		—		—		25
Non-hotel EBITDA ownership expense	3		17		6		7		7		3		—		1		(11)		139		4,345
Income (loss) from consolidated entities attributable to noncontrolling interests	9		—		—		—		—		—		—		—		—		—		32
Hotel EBITDA including amounts attributable to noncontrolling interest	199		1,592		387		809		1,837		682		(16)		(1)		(12)		398		103,480
Non-comparable adjustments	—		—		—		—			—	—		16		1		12		—		(2,458)
Comparable hotel EBITDA	$	199	$	1,592	$	387	$	809	$	1,837	$	682	$	—	$	—	$	—	$	398	$	101,022

NOTES:
(1) The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at September 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-third-quarter-2017-results-300548655.html

SOURCE Ashford Hospitality Trust, Inc.

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