Ashford Trust Reports Third Quarter 2018 Results

Actual RevPAR Increased 0.5% for All Hotels Not Under Renovation

Completed Acquisition of La Posada de Santa Fe

PR Newswire

DALLAS, Nov. 1, 2018

DALLAS, Nov. 1, 2018 /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, 2018. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of September 30, 2018 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, 2018 with the third quarter ended September 30, 2017 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

Opportunistic focus on upper upscale, full-service hotels
Targets moderate leverage levels of approximately 55 - 60% to enhance equity returns
Highly-aligned management team and advisory structure
Attractive dividend yield of approximately 9.3%
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
providing a hedge in the event of uncertain economic times
being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

Net loss attributable to common stockholders was $38.2 million or $0.40 per diluted share for the quarter
Actual RevPAR for all hotels increased 0.2% to $125.15 during the quarter
Actual RevPAR for all hotels not under renovation increased 0.5% to $125.48 during the quarter
Comparable RevPAR for all hotels decreased 0.6% to $125.15 during the quarter
Comparable RevPAR for all hotels not under renovation decreased 0.4% to $125.48 during the quarter
Adjusted EBITDAre was $101.7 million for the quarter
Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter
As of November 1, 2018, the Company's common stock is trading at an approximate 9.3% dividend yield
During the quarter, the Company entered into a new $100 million acquisition credit facility
Subsequent to quarter end, the Company completed the acquisition of the 157-room La Posada de Santa Fe for $50 million
Capex invested during the quarter was $47.0 million

ENHANCED RETURN FUNDING PROGRAM

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

LA POSADA DE SANTA FE ACQUISITION

On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ("La Posada") for $50 million. The purchase of La Posada is the Company's second hotel acquisition to benefit from the ERFP. Remington Lodging took over management of the property upon closing of the acquisition. Remington Lodging, who also manages the Hilton Santa Fe owned by Ashford Trust, and the Company expect to realize significant synergies from the joint management of La Posada and the Hilton Santa Fe.

CAPITAL STRUCTURE

At September 30, 2018, the Company had total mortgage loans of $3.9 billion with a blended average interest rate of 5.5%.

During the quarter, the Company repurchased a $56 million junior mezzanine loan on one of the loan pools from its $1.07 billion refinancing that it completed during the second quarter 2018. The junior mezzanine loan is priced at LIBOR + 9.00%.

During the quarter, under its "at the market" equity offering program, the Company issued an aggregate of 2.4 million shares of common stock resulting in gross proceeds of approximately $15.5 million.

During the quarter, the Company entered into a new $100 million acquisition credit facility that provides for a one-year revolving line of credit and bears interest at rate of LIBOR + 2.65%.

PORTFOLIO REVPAR

As of September 30, 2018, the portfolio consisted of 118 properties. During the third quarter of 2018, 106 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels) and comparable not under renovation basis (106 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 decreased 0.6% to $125.15 for all hotels on a 1.8% increase in ADR and a 2.3% decrease in occupancy
Comparable RevPAR decreased 0.4% to $125.48 for hotels not under renovation on a 1.7% increase in ADR and a 2.0% decrease 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 seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On September 14, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the third quarter ending September 30, 2018, payable on October 15, 2018, to shareholders of record as of September 28, 2018.

"Over the last several months, we have, in a disciplined manner, diligently executed on two accretive acquisitions that have benefitted from our recently-announced ERFP with Ashford Inc.," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "Through the ERFP, we have acquired both the Hilton Alexandria Old Town as well as the La Posada de Santa Fe and recently entered into a definitive agreement to acquire the Hilton Scotts Valley. We remain very excited about the ERFP program and, looking ahead, expect that this funding arrangement will be a competitive advantage when identifying opportunities to accretively grow our platform and increase stockholder value."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday November 2, 2018, at 1:00 p.m. ET. The number to call for this interactive teleconference is (323) 794-2597. A replay of the conference call will be available through Friday, November 9, 2018, by dialing (719) 457-0820 and entering the confirmation number, 4159118.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2018 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, November 2, 2018, beginning at 1:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. The non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliation of non-GAAP measures to the closing GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

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 federal securities regulations. Forward looking statements in this press release may include, among others, statements about the Company's strategy and future plans. 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 conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)

	September 30, 2018		December 31, 2017
ASSETS
Investments in hotel properties, net	$	4,089,985	$	4,035,915
Cash and cash equivalents	325,839		354,805
Restricted cash	141,092		116,787
Marketable securities	24,173		26,926
Accounts receivable, net of allowance of $608 and $770, respectively	60,208		44,257
Inventories	4,223		4,244
Investment in Ashford Inc.	1,763		437
Investment in OpenKey	2,751		2,518
Deferred costs, net	3,427		2,777
Prepaid expenses	29,662		19,269
Derivative assets	2,969		2,010
Other assets	18,117		14,152
Intangible asset, net	9,854		9,943
Due from third-party hotel managers	19,277		17,387
Assets held for sale	—		18,423
Total assets	$	4,733,340	$	4,669,850

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,894,447	$	3,696,300
Accounts payable and accrued expenses	147,808		132,401
Dividends and distributions payable	28,095		25,045
Due to Ashford Inc., net	5,176		15,146
Due to related party, net	1,078		1,067
Due to third-party hotel managers	2,745		2,431
Intangible liabilities, net	15,572		15,839
Derivative liabilities, net	205		—
Other liabilities	19,613		18,376
Liabilities associated with assets held for sale	—		13,977
Total liabilities	4,114,739		3,920,582

Redeemable noncontrolling interests in operating partnership	118,663		116,122
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2018 and December 31, 2017	24		24
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	62		62
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	38		38
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2018 and December 31, 2017	54		54
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,010		974
Additional paid-in capital	1,811,391		1,784,997
Accumulated deficit	(1,313,327)		(1,153,697)
Total shareholders' equity of the Company	499,300		632,500
Noncontrolling interests in consolidated entities	638		646
Total equity	499,938		633,146
Total liabilities and equity	$	4,733,340	$	4,669,850

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,
	2018		2017		2018		2017
REVENUE
Rooms	$	288,016	$	289,017	$	868,090	$	876,927
Food and beverage	49,396		48,313		164,869		175,005
Other	17,309		15,006		51,358		43,720
Total hotel revenue	354,721		352,336		1,084,317		1,095,652
Other	1,209		989		2,984		2,052
Total revenue	355,930		353,325		1,087,301		1,097,704
EXPENSES
Hotel operating expenses
Rooms	64,197		63,950		187,497		188,857
Food and beverage	37,649		37,173		116,270		121,619
Other expenses	109,992		112,421		332,629		337,978
Management fees	13,198		13,027		40,306		40,100
Total hotel operating expenses	225,036		226,571		676,702		688,554
Property taxes, insurance and other	20,774		18,194		59,363		55,293
Depreciation and amortization	64,923		60,135		192,536		185,380
Impairment charges	(27)		1,785		1,652		1,785
Transaction costs	—		—		11		11
Advisory services fee:
Base advisory fee	9,156		8,579		26,644		25,934
Reimbursable expenses	2,251		1,641		5,777		5,800
Non-cash stock/unit-based compensation	4,855		4,392		20,540		7,748
Incentive fee	(3,457)		—		—		—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	—		—		536		565
Other general and administrative	3,090		2,412		7,914		10,271
Total operating expenses	326,601		323,709		991,675		981,341
OPERATING INCOME (LOSS)	29,329		29,616		95,626		116,363
Equity in earnings (loss) of unconsolidated entities	310		(679)		892		(3,580)
Interest income	1,150		706		2,779		1,460
Gain (loss) on sale of hotel properties	(9)		15		394		14,024
Other income (expense), net	(202)		(273)		80		(3,539)
Interest expense, net of premium amortization	(54,057)		(54,413)		(159,063)		(156,303)
Amortization of loan costs	(6,674)		(2,550)		(14,617)		(10,921)
Write-off of premiums, loan costs and exit fees	(1,572)		—		(9,316)		(1,629)
Unrealized gain (loss) on marketable securities	68		(936)		(758)		(4,813)
Unrealized gain (loss) on derivatives	(2,085)		(1,479)		(3,672)		(1,804)
INCOME (LOSS) BEFORE INCOME TAXES	(33,742)		(29,993)		(87,655)		(50,742)
Income tax benefit (expense)	(519)		1,267		(2,606)		507
NET INCOME (LOSS)	(34,261)		(28,726)		(90,261)		(50,235)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10)		(22)		8		(4)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682		6,940		18,087		13,202
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(27,589)		(21,808)		(72,166)		(37,037)
Preferred dividends	(10,645)		(11,440)		(31,933)		(33,352)
Extinguishment of issuance costs uon redemption of preferred stock	—		(4,507)		—		(4,507)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(38,234)	$	(37,755)	$	(104,099)	$	(74,896)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.40)	$	(0.40)	$	(1.09)	$	(0.80)
Weighted average common shares outstanding – basic	97,467		95,332		96,591		95,169
Diluted:
Net income (loss) attributable to common stockholders	$	(0.40)	$	(0.40)	$	(1.09)	$	(0.80)
Weighted average common shares outstanding – diluted	97,467		95,332		96,591		95,169
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, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Net income (loss)	$	(34,261)	$	(28,726)	$	(90,261)	$	(50,235)
Interest expense and amortization of premiums and loan costs, net	60,731		56,963		173,680		167,224
Depreciation and amortization	64,923		60,135		192,536		185,380
Income tax expense (benefit)	519		(1,267)		2,606		(507)
Equity in (earnings) loss of unconsolidated entities	(310)		679		(892)		3,632
Company's portion of EBITDA of Ashford Inc.	(1,607)		(384)		959		(20)
Company's portion of EBITDA of OpenKey	(158)		(113)		(419)		(361)
EBITDA	89,837		87,287		278,209		305,113
Impairment charges on real estate	(27)		1,785		1,652		1,785
(Gain) loss on sale of hotel properties	9		(15)		(394)		(14,024)
EBITDAre	89,819		89,057		279,467		292,874
Amortization of unfavorable contract liabilities	(39)		(363)		(117)		(1,151)
Uninsured hurricane related costs	(43)		3,711		(271)		3,711
Write-off of premiums, loan costs and exit fees	1,572		—		9,316		1,629
Other (income) expense, net	10		273		(80)		3,539
Transaction, acquisition and management conversion costs	391		202		596		3,770
Legal judgment and related legal costs	1		27		928		4,091
Unrealized (gain) loss on marketable securities	(68)		936		758		4,813
Unrealized (gain) loss on derivatives	2,085		1,479		3,672		1,804
Dead deal costs	52		5		55		9
Software implementation costs	—		—		—		1,034
Non-cash stock/unit-based compensation	5,143		4,613		21,946		8,751
Company's portion of (gain) loss of investment in securities investment fund	—		—		—		(52)
Company's portion of adjustments to EBITDA of Ashford Inc.	2,814		1,703		4,997		3,752
Company's portion of adjustments to EBITDA of OpenKey	4		2		12		4
Adjusted EBITDAre	$	101,741	$	101,645	$	321,279	$	328,578

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,
	2018		2017		2018		2017
Net income (loss)	$	(34,261)	$	(28,726)	$	(90,261)	$	(50,235)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10)		(22)		8		(4)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682		6,940		18,087		13,202
Preferred dividends	(10,645)		(11,440)		(31,933)		(33,352)
Extinguishment of issuance costs upon redemption of preferred stock	—		(4,507)		—		(4,507)
Net income (loss) attributable to common stockholders	(38,234)		(37,755)		(104,099)		(74,896)
Depreciation and amortization on real estate	64,865		60,075		192,363		185,197
Gain (loss) on sale of hotel properties	9		(15)		(394)		(14,024)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(6,682)		(6,940)		(18,087)		(13,202)
Equity in (earnings) loss of unconsolidated entities	(310)		679		(892)		3,632
Impairment charges on real estate	(27)		1,785		1,652		1,785
Company's portion of FFO of Ashford Inc.	470		(570)		1,391		(3,265)
Company's portion of FFO of unconsolidated entities	(160)		(116)		(426)		(366)
FFO available to common stockholders and OP unitholders	19,931		17,143		71,508		84,861
Extinguishment of issuance costs upon redemption of preferred stock	—		4,507		—		4,507
Write-off of premiums, loan costs and exit fees	1,572		—		9,316		1,629
Uninsured hurricane related costs	(43)		3,711		(271)		3,711
Other (income) expense, net	10		273		(80)		3,539
Transaction, acquisition and management conversion costs	391		202		596		3,770
Legal judgment and related legal costs	1		27		928		4,091
Unrealized (gain) loss on marketable securities	(68)		936		758		4,813
Unrealized (gain) loss on derivatives	2,085		1,479		3,672		1,804
Dead deal costs	52		5		55		9
Software implementation costs	—		—		—		1,034
Non-cash stock/unit-based compensation	5,143		4,613		21,946		8,751
Amortization of loan costs	6,673		2,549		14,612		10,917
Company's portion of (gain) loss of investment in securities investment fund	—		—		—		(52)
Company's portion of adjustments to FFO of Ashford Inc.	(1,453)		1,580		730		6,130
Company's portion of adjustments to FFO of OpenKey	4		2		12		4
Adjusted FFO available to common stockholders and OP unitholders	$	34,298	$	37,027	$	123,782	$	139,518
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.30	$	0.33	$	1.08	$	1.23
Weighted average diluted shares	115,318		113,777		115,016		113,203

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
SEPTEMBER 30, 2018
(dollars in thousands)
(unaudited)

Indebtedness	Maturity	Interest Rate	Fixed- Rate Debt			Floating- Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁷⁾		Comparable TTM EBITDA Debt Yield
BAML Le Pavillon - 1 hotel	June 2019	LIBOR + 5.10%	$	—		$	43,750		(1)	$	43,750		$	2,433	5.6	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,267			—				5,267			1,131		21.5	%
Morgan Stanley Ann Arbor - 1 hotel	July 2019	LIBOR + 4.15%	—			35,200			(2)	35,200			3,731		10.6	%
Morgan Stanley - 8 hotels	July 2019	LIBOR + 4.09%	—			144,000			(2)	144,000			11,785		8.2	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2019	LIBOR + 4.95%	—			7,778			(3)	7,778			958		12.3	%
Secured credit facility - various	September 2019	Base Rate⁽⁴⁾ + 1.65% or LIBOR + 2.65%	—			—				—			N/A		N/A
Morgan Stanley Pool - 17 hotels	November 2019	LIBOR + 3.00%	—			427,000			(5)	427,000			50,602		11.9	%
JPMorgan Chase - 8 hotels	February 2020	LIBOR + 2.92%	—			395,000			(5)	395,000			45,379		11.5	%
BAML Highland Pool - 21 hotels	April 2020	LIBOR + 3.20%	—			962,575			(5)	962,575			105,399		10.9	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(6)	16,100			2,329		14.5	%
KEYS Pool A - 7 hotels	June 2020	LIBOR + 3.65%	—			180,720			(5)	180,720			21,368		11.8	%
KEYS Pool B - 7 hotels	June 2020	LIBOR + 3.39%	—			174,400			(5)	174,400			21,437		12.3	%
KEYS Pool C - 5 hotels	June 2020	LIBOR + 3.73%	—			221,040			(5)	221,040			25,053		11.3	%
KEYS Pool D - 5 hotels	June 2020	LIBOR + 4.02%	—			262,640			(5)	262,640			28,380		10.8	%
KEYS Pool E - 5 hotels	June 2020	LIBOR + 2.73%	—			160,000			(5)	160,000			24,234		15.1	%
KEYS Pool F - 5 hotels	June 2020	LIBOR + 3.68%	—			215,120			(5)	215,120			24,481		11.4	%
GACC Gateway - 1 hotel	November 2020	6.26%	93,891			—				93,891			14,194		15.1	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			174,211				174,211			27,430		15.7	%
Prudential Boston Back Bay - 1 hotel	November 2022	LIBOR + 2.00%	—			97,000				97,000			13,748		14.2	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	53,086			—				53,086			6,207		11.7	%
Aareal Hilton Alexandria - 1 hotel	June 2023	LIBOR + 2.45%	—			73,450				73,450			8,862		12.1	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	6,913			—				6,913			1,349		19.5	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,089			—				10,089			317		3.1	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,444			—				6,444			938		14.6	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	65,572			—				65,572			8,686		13.2	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,114			—				12,114			1,832		15.1	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,215			—				24,215			3,623		15.0	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	19,962			—				19,962			2,584		12.9	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	51,633			—				51,633			6,887		13.3	%
Unencumbered hotels			—			—				—			2,267		N/A
Total			$	349,186		$	3,589,984			$	3,939,170		$	467,624	11.9	%
Percentage			8.9		%	91.1		%		100.0		%
Weighted average interest rate			5.33		%	5.55		%		5.53		%

All indebtedness is non-recourse with the exception of the secured credit facility.
⁽¹⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018.
⁽²⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018.
⁽³⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018.
⁽⁴⁾	Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
⁽⁵⁾	This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
⁽⁶⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
⁽⁷⁾	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, 2018
(dollars in thousands)
(unaudited)

	2018		2019		2020		2021		2022		Thereafter		Total
Secured credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Omni American Bank Ashton - 1 hotel	—		5,168		—		—		—		—		5,168
BAML Le Pavillon - 1 hotel	—		—		43,750		—		—		—		43,750
Morgan Stanley - 8 hotels	—		—		144,000		—		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		35,200		—		—		—		35,200
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		7,778		—		—		—		7,778
GACC Gateway - 1 hotel	—		—		89,886		—		—		—		89,886
BAML Indigo Atlanta - 1 hotel	—		—		—		—		15,470		—		15,470
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		168,211		—		168,211
Prudential Boston Back Bay - 1 hotel	—		—		—		—		97,000		—		97,000
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		48,182		48,182
Aareal Hilton Alexandria - 1 hotel	—		—		—		—		—		73,450		73,450
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C1 - 3 hotels	—		—		—		—		—		58,612		58,612
Morgan Stanley Pool C2 - 2 hotels	—		—		—		—		—		10,755		10,755
Morgan Stanley Pool C3 - 3 hotels	—		—		—		—		—		21,522		21,522
Morgan Stanley Pool - 17 hotels	—		—		—		—		—		427,000		427,000
JPMorgan Chase - 8 hotels	—		—		—		—		—		395,000		395,000
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,413		44,413
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
BAML Highland Pool - 21 hotels	—		—		—		—		—		962,575		962,575
KEYS Pool A - 7 hotels	—		—		—		—		—		180,720		180,720
KEYS Pool B - 7 hotels	—		—		—		—		—		174,400		174,400
KEYS Pool C - 5 hotels	—		—		—		—		—		221,040		221,040
KEYS Pool D - 5 hotels	—		—		—		—		—		262,640		262,640
KEYS Pool E - 5 hotels	—		—		—		—		—		160,000		160,000
KEYS Pool F - 5 hotels	—		—		—		—		—		215,120		215,120
Principal due in future periods	—		5,168		320,614		—		280,681		3,293,400		3,899,863
Scheduled amortization payments remaining	1,604		6,554		8,035		8,170		6,805		8,139		39,307
Total indebtedness	$	1,604	$	11,722	$	328,649	$	8,170	$	287,486	$	3,301,539	$	3,939,170

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
		2018			2018			2018			2017			2017		2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	287,104		$	—		$	287,104		$	287,955		$	705	$	288,660		(0.30)	%	(0.54)	%
	RevPAR	$	125.15		$	—		$	125.15		$	124.92		$	59.35	$	125.88		0.18	%	(0.58)	%
	Occupancy	78.04		%	—		%	78.04		%	79.68		%	(41.25)%		79.88		%	(2.06)	%	(2.30)	%
	ADR	$	160.36		$	—		$	160.36		$	156.77		$	143.87	$	157.58		2.29	%	1.77	%

ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments		Comparable			Actual		Comparable
		2018			2018			2018			2017			2017		2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	864,604		$	4,258		$	868,862		$	872,993		$	(6,519)	$	866,474		(0.96)	%	0.28	%
	RevPAR	$	127.19		$	546.51		$	127.67		$	125.61		$	(44.87)	$	127.33		1.26	%	0.26	%
	Occupancy	77.59		%	165.83		%	77.69		%	78.57		%	(62.74)%		78.91		%	(1.25)	%	(1.54)	%
	ADR	$	163.92		$	329.56		$	164.32		$	159.87		$	(71.51)	$	161.37		2.53	%	1.83	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	243,027		$	—		$	243,027		$	243,159		$	705		$	243,864		(0.05)	%	(0.34)	%
	RevPAR	$	125.48		$	—		$	125.48		$	124.83		$	59.35		$	125.95		0.53	%	(0.37)	%
	Occupancy	78.95		%	—		%	78.95		%	80.36		%	(41.25)		%	80.60		%	(1.75)	%	(2.04)	%
	ADR	$	158.94		$	—		$	158.94		$	155.34		$	143.87		$	156.28		2.32	%	1.70	%

ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Nine Months Ended September 30,
		Actual			Non- comparable Adjustments			Comparable			Actual			Non- comparable Adjustments			Comparable			Actual		Comparable
		2018			2018			2018			2017			2017			2017			% Variance		% Variance
	Rooms revenue (in thousands)	$	718,187		$	4,258		$	722,445		$	722,943		$	(6,519)		$	716,424		(0.66)	%	0.84	%
	RevPAR	$	125.17		$	546.51		$	125.74		$	122.73		$	(44.87)		$	124.70		1.99	%	0.84	%
	Occupancy	78.14		%	165.83		%	78.25		%	78.49		%	(62.74)		%	78.88		%	(0.45)	%	(0.80)	%
	ADR	$	160.20		$	329.56		$	160.68		$	156.37		$	(71.51)		$	158.08		2.45	%	1.65	%

NOTES:
(1)	The above comparable information assumes the 106 hotel properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

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

ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	353,504		$	350,958		0.73	%	$	1,079,802		$	1,090,603		(0.99)	%
Non-comparable adjustments	—			2,036					7,054			(5,871)
Comparable total hotel revenue	$	353,504		$	352,994		0.14	%	$	1,086,856		$	1,084,732		0.20	%

Hotel EBITDA	$	111,389		$	113,302		(1.69)	%	$	356,795		$	365,253		(2.32)	%
Non-comparable adjustments	(60)			1,904					3,705			2,762
Comparable hotel EBITDA	$	111,329		$	115,206		(3.37)	%	$	360,500		$	368,015		(2.04)	%
Hotel EBITDA margin	31.51		%	32.28		%	(0.77)	%	33.04		%	33.49		%	(0.45)	%
Comparable hotel EBITDA margin	31.49		%	32.64		%	(1.15)	%	33.17		%	33.93		%	(0.76)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	101		$	116		(12.93)	%	$	258		$	283		(8.83)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	111,288		$	113,186		(1.68)	%	$	356,537		$	364,970		(2.31)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	111,228		$	115,090		(3.36)	%	$	360,242		$	367,732		(2.04)	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Nine Months Ended
ALL HOTELS NOT UNDER RENOVATION:	September 30,								September 30,
	2018			2017			% Variance		2018			2017			% Variance
Total hotel revenue	$	294,015		$	291,136		0.99	%	$	880,708		$	883,074		(0.27)	%
Non-comparable adjustments	—			2,036					7,054			(5,869)
Comparable total hotel revenue	$	294,015		$	293,172		0.29	%	$	887,762		$	877,205		1.20	%

Hotel EBITDA	$	96,749		$	97,401		(0.67)	%	$	299,170		$	300,994		(0.61)	%
Non-comparable adjustments	(60)			1,872					3,705			2,667
Comparable hotel EBITDA	$	96,689		$	99,273		(2.60)	%	$	302,875		$	303,661		(0.26)	%
Hotel EBITDA margin	32.91		%	33.46		%	(0.55)	%	33.97		%	34.08		%	(0.11)	%
Comparable hotel EBITDA margin	32.89		%	33.86		%	(0.97)	%	34.12		%	34.62		%	(0.50)	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	101		$	116		(12.93)	%	$	258		$	283		(8.83)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	96,648		$	97,285		(0.65)	%	$	298,912		$	300,711		(0.60)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	96,588		$	99,157		(2.59)	%	$	302,617		$	303,378		(0.25)	%

NOTES:
(1)	The above comparable information assumes the 106 hotel properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

	Actual			Non- comparable Adjustments		Comparable			Actual			Non- comparable Adjustments		Comparable			Actual			Non- comparable Adjustments		Comparable			Actual			Non- comparable Adjustments		Comparable
	2018			2018		2018			2018			2018		2018			2018			2018		2018			2017			2017		2017
	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	$	353,504		$	—	$	353,504		$	386,834		$	5,301	$	392,135		$	339,465		$	1,752	$	341,217		$	339,160		$	2,271	$	341,431
Hotel EBITDA	$	111,389		$	(60)	$	111,329		$	136,792		$	2,795	$	139,587		$	108,614		$	970	$	109,584		$	106,630		$	494	$	107,124
Hotel EBITDA margin	31.51		%			31.49		%	35.36		%			35.60		%	32.00		%			32.12		%	31.44		%			31.38		%

EBITDA % of total TTM	24.0		%			23.8		%	29.5		%			29.9		%	23.4		%			23.4		%	23.1		%			22.9		%

JV interests in EBITDA	$	101		$	—	$	101		$	108		$	—	$	108		$	49		$	—	$	49		$	85		$	—	$	85

	Actual			Non- comparable Adjustments		Comparable
	2018			2018		2018
	TTM			TTM		TTM
Total hotel revenue	$	1,418,963		$	9,324	$	1,428,287
Hotel EBITDA	$	463,425		$	4,199	$	467,624
Hotel EBITDA margin	32.66		%			32.74		%

EBITDA % of total TTM	100.0		%			100.0		%

JV interests in EBITDA	$	343		$	—	$	343

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)

			Three Months Ended 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	2018		2018		2018		2017		2017		2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	128.47	$	—	$	128.47	$	128.40	$	—	$	128.40	0.1	%	0.1	%
Boston, MA Area	3	915	217.08		—		217.08		207.03		—		207.03		4.9	%	4.9	%
Dallas / Ft. Worth, TX Area	7	1,518	103.19		—		103.19		106.16		—		106.16		(2.8)	%	(2.8)	%
Houston, TX Area	3	692	100.18		—		100.18		108.41		—		108.41		(7.6)	%	(7.6)	%
Los Angeles, CA Metro Area	6	1,619	129.81		—		129.81		128.06		—		128.06		1.4	%	1.4	%
Miami, FL Metro Area	3	587	93.92		—		93.92		99.68		—		99.68		(5.8)	%	(5.8)	%
Minneapolis - St. Paul, MN-WI Area	4	809	133.42		—		133.42		139.84		—		139.84		(4.6)	%	(4.6)	%
Nashville, TN Area	1	673	207.60		—		207.60		207.06		—		207.06		0.3	%	0.3	%
New York / New Jersey Metro Area	6	1,741	122.75		—		122.75		126.74		—		126.74		(3.1)	%	(3.1)	%
Orlando, FL Area	3	734	92.44		—		92.44		99.86		—		99.86		(7.4)	%	(7.4)	%
Philadelphia, PA Area	3	648	115.70		—		115.70		110.73		—		110.73		4.5	%	4.5	%
San Diego, CA Area	2	410	138.61		—		138.61		136.22		—		136.22		1.8	%	1.8	%
San Francisco - Oakland, CA Metro Area	6	1,369	172.17		—		172.17		165.38		—		165.38		4.1	%	4.1	%
Tampa, FL Area	2	571	87.28		—		87.28		90.67		(92.52)		90.31		(3.7)	%	(3.4)	%
Washington D.C. - MD - VA Area	9	2,424	126.23		—		126.23		123.84		247.79		129.78		1.9	%	(2.7)	%
Other Areas	51	8,795	113.08		—		113.08		112.88		(80.80)		113.38		0.2	%	(0.3)	%
Total Portfolio	118	24,930	$	125.15	$	—	$	125.15	$	124.92	$	59.35	$	125.88	0.2	%	(0.6)	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

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

			Three Months Ended 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	2018		2018		2018		% of Total		2017		2017		2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	6,135	$	19	$	6,154	5.5	%	$	5,857	$	289	$	6,146	5.4	%	4.7	%	0.1	%
Boston, MA Area	3	915	9,110		—		9,110		8.2	%	8,427		12		8,439		7.3	%	8.1	%	8.0	%
Dallas / Ft. Worth, TX Area	7	1,518	5,449		—		5,449		4.9	%	5,453		5		5,458		4.7	%	(0.1)	%	(0.2)	%
Houston, TX Area	3	692	2,371		—		2,371		2.1	%	2,641		19		2,660		2.3	%	(10.2)	%	(10.9)	%
Los Angeles, CA Metro Area	6	1,619	7,388		—		7,388		6.6	%	7,742		34		7,776		6.7	%	(4.6)	%	(5.0)	%
Miami, FL Metro Area	3	587	1,027		—		1,027		0.9	%	1,269		4		1,273		1.1	%	(19.1)	%	(19.3)	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,159		—		4,159		3.7	%	4,872		6		4,878		4.2	%	(14.6)	%	(14.7)	%
Nashville, TN Area	1	673	6,577		—		6,577		5.9	%	6,294		—		6,294		5.5	%	4.5	%	4.5	%
New York / New Jersey Metro Area	6	1,741	7,527		—		7,527		6.8	%	7,829		8		7,837		6.8	%	(3.9)	%	(4.0)	%
Orlando, FL Area	3	734	1,350		—		1,350		1.2	%	1,830		5		1,835		1.7	%	(26.2)	%	(26.4)	%
Philadelphia, PA Area	3	648	2,437		—		2,437		2.2	%	2,383		7		2,390		2.2	%	2.3	%	2.0	%
San Diego, CA Area	2	410	2,180		—		2,180		2.0	%	2,264		4		2,268		2.0	%	(3.7)	%	(3.9)	%
San Francisco - Oakland, CA Metro Area	6	1,369	10,038		—		10,038		9.0	%	9,378		57		9,435		8.2	%	7.0	%	6.4	%
Tampa, FL Area	2	571	1,185		(77)		1,108		1.0	%	1,564		(254)		1,310		1.1	%	(24.2)	%	(15.4)	%
Washington D.C. - MD - VA Area	9	2,424	9,743		—		9,743		8.8	%	9,320		1,927		11,247		9.8	%	4.5	%	(13.4)	%
Other Areas	51	8,795	34,713		(2)		34,711		31.2	%	36,179		(219)		35,960		31.0	%	(4.1)	%	(3.5)	%
Total Portfolio	118	24,930	$	111,389	$	(60)	$	111,329	100.0	%	$	113,302	$	1,904	$	115,206	100.0	%	(1.7)	%	(3.4)	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)

			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	2018		2018		2018		2017		2017		2017		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	131.43	$	—	$	131.43	$	122.88	$	(88.18)	$	130.78	7.0	%	0.5	%
Boston, MA Area	3	915	180.33		—		180.33		178.69		—		178.69		0.9	%	0.9	%
Dallas / Ft. Worth, TX Area	7	1,518	114.44		—		114.44		111.49		—		111.49		2.6	%	2.6	%
Houston, TX Area	3	692	109.04		—		109.04		111.44		—		111.44		(2.2)	%	(2.2)	%
Los Angeles, CA Metro Area	6	1,619	135.55		—		135.55		133.78		—		133.78		1.3	%	1.3	%
Miami, FL Metro Area	3	587	137.37		—		137.37		132.64		—		132.64		3.6	%	3.6	%
Minneapolis - St. Paul, MN-WI Area	4	809	127.81		—		127.81		126.49		—		126.49		1.0	%	1.0	%
Nashville, TN Area	1	673	207.65		—		207.65		210.56		—		210.56		(1.4)	%	(1.4)	%
New York / New Jersey Metro Area	6	1,741	119.29		—		119.29		117.68		—		117.68		1.4	%	1.4	%
Orlando, FL Area	3	734	108.61		—		108.61		113.90		—		113.90		(4.6)	%	(4.6)	%
Philadelphia, PA Area	3	648	105.07		—		105.07		102.21		—		102.21		2.8	%	2.8	%
San Diego, CA Area	2	410	127.08		—		127.08		125.99		—		125.99		0.9	%	0.9	%
San Francisco - Oakland, CA Metro Area	6	1,369	164.78		—		164.78		158.53		—		158.53		3.9	%	3.9	%
Tampa, FL Area	2	571	116.11		(154.79)		112.62		117.70		(123.57)		116.57		(1.4)	%	(3.4)	%
Washington D.C. - MD - VA Area	9	2,424	138.94		235.98		143.14		141.92		279.77		148.53		(2.1)	%	(3.6)	%
Other Areas	51	8,795	112.79		(48.05)		112.97		111.44		(66.35)		112.54		1.2	%	0.4	%
Total Portfolio	118	24,930	$	127.19	$	546.51	$	127.67	$	125.61	$	(44.87)	$	127.33	1.3	%	0.3	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

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

			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	2018		2018		2018		% of Total		2017		2017		2017		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	18,644	$	31	$	18,675	5.2	%	$	21,829	$	(2,255)	$	19,574	5.3	%	(14.7)	%	(4.6)	%
Boston, MA Area	3	915	19,270		—		19,270		5.3	%	20,523		24		20,547		5.6	%	(6.1)	%	(6.2)	%
Dallas / Ft. Worth, TX Area	7	1,518	20,626		—		20,626		5.7	%	19,236		26		19,262		5.2	%	7.2	%	7.1	%
Houston, TX Area	3	692	9,008		—		9,008		2.5	%	9,333		40		9,373		2.5	%	(3.5)	%	(3.9)	%
Los Angeles, CA Metro Area	6	1,619	25,717		—		25,717		7.1	%	26,275		77		26,352		7.2	%	(2.1)	%	(2.4)	%
Miami, FL Metro Area	3	587	9,373		—		9,373		2.6	%	8,936		10		8,946		2.4	%	4.9	%	4.8	%
Minneapolis - St. Paul, MN-WI Area	4	809	11,519		—		11,519		3.2	%	11,749		20		11,769		3.2	%	(2.0)	%	(2.1)	%
Nashville, TN Area	1	673	18,666		—		18,666		5.2	%	20,935		—		20,935		5.7	%	(10.8)	%	(10.8)	%
New York / New Jersey Metro Area	6	1,741	22,985		1		22,986		6.4	%	23,382		60		23,442		6.4	%	(1.7)	%	(1.9)	%
Orlando, FL Area	3	734	7,181		—		7,181		2.0	%	8,124		8		8,132		2.2	%	(11.6)	%	(11.7)	%
Philadelphia, PA Area	3	648	6,554		—		6,554		1.8	%	6,047		15		6,062		1.6	%	8.4	%	8.1	%
San Diego, CA Area	2	410	5,774		—		5,774		1.6	%	5,840		6		5,846		1.6	%	(1.1)	%	(1.2)	%
San Francisco - Oakland, CA Metro Area	6	1,369	28,077		—		28,077		7.8	%	26,824		106		26,930		7.3	%	4.7	%	4.3	%
Tampa, FL Area	2	571	8,968		(1,131)		7,837		2.2	%	9,416		(1,493)		7,923		2.2	%	(4.8)	%	(1.1)	%
Washington D.C. - MD - VA Area	9	2,424	33,087		4,697		37,784		10.5	%	36,103		6,603		42,706		11.6	%	(8.4)	%	(11.4)	%
Other Areas	51	8,795	111,346		107		111,453		30.9	%	110,701		(485)		110,216		30.0	%	0.6	%	1.1	%
Total Portfolio	118	24,930	$	356,795	$	3,705	$	360,500	100.0	%	$	365,253	$	2,762	$	368,015	100.0	%	(2.3)	%	(2.0)	%

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
SEPTEMBER 30, 2018
(in thousands, except share price)
(unaudited)


	September 30, 2018
End of quarter common shares outstanding	101,038
Partnership units outstanding	20,660
Combined common shares and partnership units outstanding	121,698
Common stock price at quarter end	$	6.39
Market capitalization at quarter end	$	777,650
Series D preferred stock	$	59,735
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Series H preferred stock	$	95,000
Series I preferred stock	$	135,000
Debt on balance sheet date	$	3,939,170
Joint venture partner's share of consolidated debt	$	(2,004)
Net working capital (see below)	$	(460,329)
Total enterprise value (TEV)	$	4,819,222

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	75.87
Market value of Ashford Inc. investment	$	45,383

Cash and cash equivalents	$	325,716
Restricted cash	$	140,886
Accounts receivable, net	$	60,184
Prepaid expenses	$	29,639
Investment in securities	$	24,173
Due from third-party hotel managers, net	$	16,528
Market value of Ashford Inc. investment	$	45,383
Total current assets	$	642,509

Accounts payable, net & accrued expenses	$	147,734
Dividends and distributions payable	$	28,095
Due to affiliates, net	$	6,351
Total current liabilities	$	182,180

Net working capital*	$	460,329

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

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

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

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	2018		2018		2018		2017		September 30, 2018
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	42,925	$	68,862	$	40,311	$	33,102	$	185,200
Non-property adjustments	(17)		(394)		1,669		8,246		9,504
Interest income	(73)		(58)		(30)		(28)		(189)
Interest expense	2,096		1,634		1,600		1,258		6,588
Amortization of loan costs	149		178		112		73		512
Depreciation and amortization	64,745		64,385		62,869		61,182		253,181
Income tax expense (benefit)	14		9		—		173		196
Non-hotel EBITDA ownership expense	1,550		2,176		2,083		2,624		8,433
Hotel EBITDA including amounts attributable to noncontrolling interest	111,389		136,792		108,614		106,630		463,425
Non-comparable adjustments	(60)		2,795		970		494		4,199
Comparable hotel EBITDA	$	111,329	$	139,587	$	109,584	$	107,124	$	467,624

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

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended September 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	41,995	$	930	$	42,925	$	91	$	(77,277)	$	(34,261)
Non-property adjustments	(2)		(15)		(17)		—		17		—
Interest income	(72)		(1)		(73)		—		73		—
Interest expense	1,890		206		2,096		—		51,961		54,057
Amortization of loan cost	110		39		149		—		6,525		6,674
Depreciation and amortization	51,511		13,234		64,745		128		50		64,923
Income tax expense (benefit)	14		—		14		—		505		519
Non-hotel EBITDA ownership expense	1,303		247		1,550		9		(1,559)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	96,749		14,640		111,389		228		(19,705)		91,912
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(101)		—		(101)		—		101		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(310)		(310)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,607)		(1,607)
Company's portion of EBITDA of OpenKey	—		—		—		—		(158)		(158)
Hotel EBITDA attributable to the Company and OP unitholders	$	96,648	$	14,640	$	111,288	$	228	$	(21,679)	$	89,837
Non-comparable adjustments	(60)		—		(60)
Comparable hotel EBITDA	$	96,689	$	14,640	$	111,329

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended June 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	60,530	$	8,332	$	68,862	$	244	$	(92,457)	$	(23,351)
Non-property adjustments	(429)		35		(394)		—		394		—
Interest income	(58)		—		(58)		—		58		—
Interest expense	1,438		196		1,634		—		51,082		52,716
Amortization of loan cost	140		38		178		—		5,312		5,490
Depreciation and amortization	51,743		12,642		64,385		132		49		64,566
Income tax expense (benefit)	9		—		9		—		2,964		2,973
Non-hotel EBITDA ownership expense	1,709		467		2,176		21		(2,197)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	115,082		21,710		136,792		397		(34,795)		102,394
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(108)		—		(108)		—		108		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(1,170)		(1,170)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		3,551		3,551
Company's portion of EBITDA of OpenKey	—		—		—		—		(122)		(122)
Hotel EBITDA attributable to the Company and OP unitholders	$	114,974	$	21,710	$	136,684	$	397	$	(32,428)	$	104,653
Non-comparable adjustments	2,795		—		2,795
Comparable hotel EBITDA	$	117,877	$	21,710	$	139,587


NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended March 31, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	31,188	$	9,123	$	40,311	$	483	$	(73,443)	$	(32,649)
Non-property adjustments	1,770		(101)		1,669		—		(1,669)		—
Interest income	(30)		—		(30)		—		30		—
Interest expense	1,419		181		1,600		—		50,690		52,290
Amortization of loan cost	74		38		112		—		2,341		2,453
Depreciation and amortization	51,250		11,619		62,869		130		48		63,047
Income tax expense (benefit)	—		—		—		—		(886)		(886)
Non-hotel EBITDA ownership expense	1,668		415		2,083		(11)		(2,072)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	87,339		21,275		108,614		602		(24,961)		84,255
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(49)		—		(49)		—		49		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		588		588
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(964)		(964)
Company's portion of EBITDA of OpenKey	—		—		—		—		(139)		(139)
Hotel EBITDA attributable to the Company and OP unitholders	$	87,290	$	21,275	$	108,565	$	602	$	(25,427)	$	83,740
Non-comparable adjustments	970		—		970
Comparable hotel EBITDA	$	88,309	$	21,275	$	109,584

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended December 31, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	25,076	$	8,026	$	33,102	$	230	$	(71,857)	$	(38,525)
Non-property adjustments	8,246		—		8,246		(75)		(8,171)		—
Interest income	(28)		—		(28)		—		28		—
Interest expense	1,086		172		1,258		—		51,851		53,109
Amortization of loan cost	36		37		73		—		2,225		2,298
Depreciation and amortization	50,454		10,728		61,182		123		46		61,351
Income tax expense (benefit)	173		—		173		—		(1,884)		(1,711)
Non-hotel EBITDA ownership expense	2,468		156		2,624		25		(2,649)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	87,511		19,119		106,630		303		(30,411)		76,522
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(85)		—		(85)		—		85		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,286		2,286
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(1,646)		(1,646)
Company's portion of EBITDA of OpenKey	—		—		—		—		(137)		(137)
Hotel EBITDA attributable to the Company and OP unitholders	$	87,426	$	19,119	$	106,545	$	303	$	(29,823)	$	77,025
Non-comparable adjustments	624		(130)		494
Comparable hotel EBITDA	$	88,135	$	18,989	$	107,124

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

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)	$	40,683	$	5,218	$	45,901	$	69	$	(74,696)	$	(28,726)
Non-property adjustments	1,549		221		1,770		—		(1,770)		—
Interest income	(27)		(1)		(28)		—		28		—
Interest expense	528		170		698		—		53,715		54,413
Amortization of loan cost	—		37		37		—		2,513		2,550
Depreciation and amortization	49,967		9,999		59,966		120		49		60,135
Income tax expense (benefit)	33		—		33		—		(1,300)		(1,267)
Non-hotel EBITDA ownership expense	4,668		257		4,925		7		(4,932)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	97,401		15,901		113,302		196		(26,393)		87,105
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(116)		—		(116)		—		116		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		679		679
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(384)		(384)
Company's portion of EBITDA of OpenKey	—		—		—		—		(113)		(113)
Hotel EBITDA attributable to the Company and OP unitholders	$	97,285	$	15,901	$	113,186	$	196	$	(26,095)	$	87,287
Non-comparable adjustments	1,872		32		1,904
Comparable hotel EBITDA	$	99,273	$	15,933	$	115,206

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Nine Months Ended September 30, 2018
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	133,713	$	18,385	$	152,098	$	818	$	(243,177)	$	(90,261)
Non-property adjustments	1,339		(81)		1,258		—		(1,258)		—
Interest income	(160)		(1)		(161)		—		161		—
Interest expense	4,747		583		5,330		—		153,733		159,063
Amortization of loan cost	324		115		439		—		14,178		14,617
Depreciation and amortization	154,504		37,495		191,999		390		147		192,536
Income tax expense (benefit)	23		—		23		—		2,583		2,606
Non-hotel EBITDA ownership expense	4,680		1,129		5,809		19		(5,828)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	299,170		57,625		356,795		1,227		(79,461)		278,561
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(258)		—		(258)		—		258		—
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(892)		(892)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		959		959
Company's portion of EBITDA of OpenKey	—		—		—		—		(419)		(419)
Hotel EBITDA attributable to the Company and OP unitholders	$	298,912	$	57,625	$	356,537	$	1,227	$	(79,555)	$	278,209
Non-comparable adjustments	3,705		—		3,705
Comparable hotel EBITDA	$	302,875	$	57,625	$	360,500

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

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)	$	146,855	$	33,428	$	180,283	$	1,023	$	(231,541)	$	(50,235)
Non-property adjustments	(12,460)		221		(12,239)		—		12,239		—
Interest income	(94)		(4)		(98)		—		98		—
Interest expense	1,515		237		1,752		—		154,551		156,303
Amortization of loan cost	168		49		217		—		10,704		10,921
Depreciation and amortization	152,882		29,976		182,858		350		2,172		185,380
Income tax expense (benefit)	56		—		56		—		(563)		(507)
Non-hotel EBITDA ownership expense	12,072		352		12,424		(6)		(12,418)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	300,994		64,259		365,253		1,367		(64,758)		301,862
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(283)		—		(283)		—		283		—
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	$	300,711	$	64,259	$	364,970	$	1,367	$	(61,224)	$	305,113
Non-comparable adjustments	2,667		95		2,762
Comparable hotel EBITDA	$	303,661	$	64,354	$	368,015

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended September 30, 2018
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,514	$	4,363	$	2,042	$	814	$	2,524	$	(923)	$	1,558	$	4,194	$	3,270
Non-property adjustments	—		—		—		1		—		(21)		—		—		—
Interest income	(1)		—		(2)		—		(4)		(1)		(15)		—		(10)
Interest expense	206		1,014		—		—		—		—		—		—		—
Amortization of loan costs	39		55		—		—		—		—		—		—		—
Depreciation and amortization	3,318		3,607		3,392		1,386		4,623		2,000		2,567		2,371		4,079
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	59		71		17		170		245		(28)		49		12		188
Hotel EBITDA including amounts attributable to noncontrolling interest	6,135		9,110		5,449		2,371		7,388		1,027		4,159		6,577		7,527
Non-comparable adjustments	19		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,154	$	9,110	$	5,449	$	2,371	$	7,388	$	1,027	$	4,159	$	6,577	$	7,527

	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)	$	(684)	$	731	$	1,274	$	6,828	$	(443)	$	1,376	$	13,487	$	42,925
Non-property adjustments	1		—		—		—		20		(4)		(14)		(17)
Interest income	(3)		(1)		(2)		(6)		—		(12)		(18)		(75)
Interest expense	—		—		—		—		—		872		4		2,096
Amortization of loan costs	—		—		—		—		—		54		—		148
Depreciation and amortization	2,008		1,653		884		3,138		1,580		7,417		20,723		64,746
Income tax expense (benefit)	—		—		—		—		—		—		14		14
Non-hotel EBITDA ownership expense	28		54		24		78		28		40		517		1,552
Hotel EBITDA including amounts attributable to noncontrolling interest	1,350		2,437		2,180		10,038		1,185		9,743		34,713		111,389
Non-comparable adjustments	—		—		—		—		(77)		—		(2)		(60)
Comparable hotel EBITDA	$	1,350	$	2,437	$	2,180	$	10,038	$	1,108	$	9,743	$	34,711	$	111,329

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended September 30, 2017
	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
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
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	289		12		5		19		34		4		6		—		8
Comparable hotel EBITDA	$	6,146	$	8,439	$	5,458	$	2,660	$	7,776	$	1,273	$	4,878	$	6,294	$	7,837

	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
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
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	5		7		4		57		(254)		1,927		(219)		1,904
Comparable hotel EBITDA	$	1,835	$	2,390	$	2,268	$	9,435	$	1,310	$	11,247	$	35,960	$	115,206

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Nine Months Ended September 30, 2018
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	8,336	$	4,779	$	10,072	$	4,691	$	11,736	$	3,658	$	3,769	$	12,095	$	10,359
Non-property adjustments	—		—		—		(134)		—		(120)		—		—		—
Interest income	(3)		—		(5)		—		(7)		(2)		(38)		—		(21)
Interest expense	583		2,846		—		—		—		—		—		—		—
Amortization of loan costs	115		165		—		—		—		—		—		—		—
Depreciation and amortization	9,231		11,176		10,280		4,102		13,758		5,716		7,639		6,526		12,387
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	382		304		279		349		230		121		149		45		260
Hotel EBITDA including amounts attributable to noncontrolling interest	18,644		19,270		20,626		9,008		25,717		9,373		11,519		18,666		22,985
Non-comparable adjustments	31		—		—		—		—		—		—		—		1
Comparable hotel EBITDA	$	18,675	$	19,270	$	20,626	$	9,008	$	25,717	$	9,373	$	11,519	$	18,666	$	22,986

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD – VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,357	$	1,473	$	2,618	$	18,497	$	4,116	$	9,351	$	45,191	$	152,098
Non-property adjustments	(39)		—		—		—		(374)		1,941		(16)		1,258
Interest income	(7)		(2)		(3)		(15)		—		(23)		(37)		(163)
Interest expense	—		—		—		—		—		872		1,029		5,330
Amortization of loan costs	—		—		—		—		—		54		104		438
Depreciation and amortization	5,816		4,894		2,691		9,287		5,068		20,598		62,831		192,000
Income tax expense (benefit)	—		—		—		—		—		—		23		23
Non-hotel EBITDA ownership expense	54		189		468		308		158		294		2,221		5,811
Hotel EBITDA including amounts attributable to noncontrolling interest	7,181		6,554		5,774		28,077		8,968		33,087		111,346		356,795
Non-comparable adjustments	—		—		—		—		(1,131)		4,697		107		3,705
Comparable hotel EBITDA	$	7,181	$	6,554	$	5,774	$	28,077	$	7,837	$	37,784	$	111,453	$	360,500

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	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
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
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	(2,255)		24		26		40		77		10		20		—		60
Comparable hotel EBITDA	$	19,574	$	20,547	$	19,262	$	9,373	$	26,352	$	8,946	$	11,769	$	20,935	$	23,442

	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
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
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	8		15		6		106		(1,493)		6,603		(485)		2,762
Comparable hotel EBITDA	$	8,132	$	6,062	$	5,846	$	26,930	$	7,923	$	42,706	$	110,216	$	368,015

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	TTM Ended September 30, 2018
	KEYS Poo l A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 21 hotels		Morgan Stanley Pool - 17 hotels		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	2,091	$	12,438	$	9,266	$	13,949	$	8,593	$	12,008	$	45,828	$	20,725	$	1,472	$	22,428	$	1,304
Non-property adjustments	10,135		(75)		(60)		72		(6)		—		(345)		(132)		—		(29)		(17)
Interest income	(17)		(9)		—		—		—		(22)		—		(8)		—		(74)		(2)
Interest expense	(1)		—		—		—		1,548		—		—		—		12		4		—
Amortization of loan costs	—		—		—		—		104		—		—		—		—		—		—
Depreciation and amortization	9,106		8,758		14,927		14,596		13,118		12,115		59,034		29,598		9,933		22,465		5,530
Income tax expense (benefit)	14		63		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	466		333		965		(157)		979		392		2,566		561		382		665		72
Hotel EBITDA including amounts attributable to noncontrolling interest	21,794		21,508		25,098		28,460		24,336		24,493		107,083		50,744		11,799		45,459		6,887
Non-comparable adjustments	(426)		(71)		(45)		(80)		(102)		(12)		(1,684)		(142)		(14)		(80)		—
Comparable hotel EBITDA	$	21,368	$	21,437	$	25,053	$	28,380	$	24,234	$	24,481	$	105,399	$	50,602	$	11,785	$	45,379	$	6,887

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		Aareal Princeton / Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Omni American Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	4,462	$	2,271	$	1,914	$	853	$	15,812	$	194	$	2,500	$	602	$	181	$	3,355	$	3,454
Non-property adjustments	(40)		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(5)		(1)		—		(8)		—		—		—		—		—
Interest expense	—		—		—		—		—		872		—		—		755		3,398		—
Amortization of loan costs	—		—		—		—		—		54		—		—		152		202		—
Depreciation and amortization	4,262		1,262		582		939		11,718		734		1,184		522		1,119		6,605		11,049
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	18		90		93		48		(69)		5		57		11		124		209		(309)
Hotel EBITDA including amounts attributable to noncontrolling interest	8,702		3,623		2,584		1,839		27,461		1,851		3,741		1,135		2,331		13,769		14,194
Non-comparable adjustments	(16)		—		—		(7)		(31)		7,011		(10)		(4)		(2)		(21)		—
Comparable hotel EBITDA	$	8,686	$	3,623	$	2,584	$	1,832	$	27,430	$	8,862	$	3,731	$	1,131	$	2,329	$	13,748	$	14,194

	GACC Jacksonville RI - 1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 - 5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(1,296)	$	(1,280)	$	330	$	327	$	2,737	$	25	$	(13)	$	(10)	$	(44)	$	(1,276)	$	185,200
Non-property adjustments	(38)		—		—		—		—		—		—		—		—		39		9,504
Interest income	—		—		—		—		(46)		—		—		—		—		3		(189)
Interest expense	—		—		—		—		—		—		—		—		—		—		6,588
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		512
Depreciation and amortization	1,596		3,019		528		951		3,421		867		—		—		—		3,643		253,181
Income tax expense (benefit)	—		—		57		63		—		—		—		—		—		(1)		196
Non-hotel EBITDA ownership expense	55		732		23		8		95		67		12		10		44		(114)		8,433
Hotel EBITDA including amounts attributable to noncontrolling interest	317		2,471		938		1,349		6,207		959		(1)		—		—		2,294		463,425
Non-comparable adjustments	—		(38)		—		—		—		(1)		1		—		—		(27)		4,199
Comparable hotel EBITDA	$	317	$	2,433	$	938	$	1,349	$	6,207	$	958	$	—	$	—	$	—	$	2,267	$	467,624

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

	Three Months Ended September 30, 2018
	KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		KEYS Pool F - 5 hotels		BAML Highland Pool - 21 hotels		Morgan Stanley Pool - 17 hotels		Morgan Stanley - 8 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels
Net income (loss)	$	1,997	$	3,647	$	922	$	3,691	$	4,647	$	3,008	$	8,086	$	3,398	$	1,215	$	4,414	$	(149)
Non-property adjustments	(5)		—		(21)		—		—		—		14		(2)		—		—		—
Interest income	(5)		(4)		—		—		—		(10)		—		(4)		—		(23)		(2)
Interest expense	—		—		—		—		—		—		—		—		3		1		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,189		2,164		3,871		3,570		3,352		3,238		14,841		7,443		1,962		5,690		1,460
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	205		41		48		(303)		131		140		587		4		85		120		5
Hotel EBITDA including amounts attributable to noncontrolling interest	4,381		5,848		4,820		6,958		8,130		6,376		23,528		10,839		3,265		10,202		1,314
Non-comparable adjustments	(6)		—		3		3		(2)		(1)		(59)		—		—		1		—
Comparable hotel EBITDA	$	4,375	$	5,848	$	4,823	$	6,961	$	8,128	$	6,375	$	23,469	$	10,839	$	3,265	$	10,203	$	1,314

	Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 5 - 2 hotels		Morgan Stanley Pool C2 - 2 hotels		Aareal Princeton / Nashville - 2 hotels		Aareal Hilton Alexandria - 1 hotel		Morgan Stanley Ann Arbor - 1 hotel		Omni American Bank Ashton - 1 hotel		BAML Indigo Atlanta - 1 hotel		Prudential Boston Back Bay - 1 hotel		GACC Gateway - 1 hotel
Net income (loss)	$	262	$	603	$	465	$	212	$	3,784	$	194	$	978	$	38	$	(162)	$	2,202	$	(231)
Non-property adjustments	1		—		—		—		—		—		—		—		—		—		—
Interest income	—		—		(2)		—		—		(8)		—		—		—		—		—
Interest expense	—		—		—		—		—		872		—		—		205		1,015		—
Amortization of loan costs	—		—		—		—		—		54		—		—		39		56		—
Depreciation and amortization	1,078		307		153		264		3,370		734		316		133		365		1,755		2,785
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	37		17		53		7		67		5		15		2		1		49		6
Hotel EBITDA including amounts attributable to noncontrolling interest	1,378		927		669		483		7,221		1,851		1,309		173		448		5,077		2,560
Non-comparable adjustments	—		—		—		—		(1)		—		—		(1)		—		—		—
Comparable hotel EBITDA	$	1,378	$	927	$	669	$	483	$	7,220	$	1,851	$	1,309	$	172	$	448	$	5,077	$	2,560

	GACC Jacksonville RI - 1 hotel		BAML Le Pavillon - 1 hotel		Key Bank Manchester CY - 1 hotel		GACC Manchester RI - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		NorthStar HGI Wisconsin Dells - 1 hotel		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 - 5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	(360)	$	(1,091)	$	97	$	170	$	1,068	$	284	$	—	$	—	$	—	$	(464)	$	42,925
Non-property adjustments	—		—		—		—		—		—		—		—		—		(4)		(17)
Interest income	—		—		—		—		(15)		—		—		—		—		—		(73)
Interest expense	—		—		—		—		—		—		—		—		—		—		2,096
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		149
Depreciation and amortization	484		826		131		240		866		221		—		—		—		937		64,745
Income tax expense (benefit)	—		—		(3)		17		—		—		—		—		—		—		14
Non-hotel EBITDA ownership expense	14		160		18		5		8		13		—		—		1		9		1,550
Hotel EBITDA including amounts attributable to noncontrolling interest	138		(105)		243		432		1,927		518		—		—		1		478		111,389
Non-comparable adjustments	—		(1)		—		—		—		—		—		—		(1)		5		(60)
Comparable hotel EBITDA	$	138	$	(106)	$	243	$	432	$	1,927	$	518	$	—	$	—	$	—	$	483	$	111,329

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

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

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

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

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

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

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

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

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

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

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

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

NOTES:
(1)	The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.

View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-third-quarter-2018-results-300742644.html

SOURCE Ashford Hospitality Trust, Inc.

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