Ashford Trust Reports Second Quarter 2017 Results

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Comparable RevPAR for all Hotels Not Under Renovation Increased 1.4% Completed Refinancing of Renaissance Nashville and Westin Princeton Mortgage Loan Announced Redevelopment and Acquisition of Meeting Space at Renaissance Nashville Completed the Transfer of Management of the Marriott DFW to Remington Sold Crowne Plaza Ravinia

August 3, 2017 4:18 PM EDT

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DALLAS, Aug. 3, 2017 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of June 30, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2017, with the second quarter ended June 30, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

Opportunistic focus on upper-upscale, full-service hotels
Targets moderate debt levels of approximately 55 - 60% net debt/gross assets
Highly-aligned management team and advisory structure
One of the highest long-term total shareholder returns in the industry
Attractive dividend yield of approximately 7.7%
Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

working capital needs at property and corporate levels
hedging against a downturn in the economy or hotel fundamentals
being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

Net loss attributable to common stockholders was $0.8 million or $0.01 per diluted share for the quarter
Comparable RevPAR for all hotels increased 0.5% to $134.11 during the quarter
Comparable RevPAR for all hotels not under renovation increased 1.4% to $134.59 during the quarter
Comparable Hotel EBITDA Margin for all hotels not under renovation increased 11 basis points for the quarter
Comparable Hotel EBITDA flow-through for all hotels not under renovation was 52% for the quarter
Adjusted EBITDA was $125.5 million for the quarter
Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter
The Company's common stock is currently trading at an approximate 7.7% dividend yield
During the quarter, the Company announced that it had refinanced a mortgage loan on the Renaissance Nashville and Westin Princeton with an existing outstanding balance totaling approximately $104 million with a new loan totaling up to $181 million
During the quarter, the Company announced the details of the redevelopment and acquisition of the meeting space at the Renaissance Nashville hotel. In connection with the redevelopment of the Nashville Convention Center, the Company entered into an agreement with the developers to acquire a permanent fee interest in the reconfigured facility which will contain all spaces currently used by the hotel as well as some additional meeting space
During the quarter, the Company announced that it had refinanced a mortgage loan on the Hotel Indigo Atlanta with an existing outstanding balance totaling approximately $15.6 million with a new loan totaling $16.1 million
During the quarter, the Company completed the conversion of the Marriott DFW Airport in Irving, Texas from brand-managed to franchised, with Remington Lodging taking over property management
During the quarter, the Company announced the sale of the 495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 million ($179,000 per key)
Capex invested during the quarter was $53.3 million

TRANSACTION HIGHLIGHTS

On May 10, 2017, the Company announced details for the redevelopment and acquisition of the meeting space at its Renaissance Nashville hotel. In connection with the redevelopment of the Nashville Convention Center ("NCC"), the Company entered into an agreement with the developers to acquire a permanent fee interest in the reconfigured facility which will contain all spaces currently used by the hotel in the existing NCC under the current 99-year lease as well as the additional meeting space that is under the current 30-year lease. The hotel currently has approximately 13,000 square feet of meeting space that is owned fee simple and approximately 48,000 square feet of meeting space that is subject to ground leases. This redevelopment will eventually bring the total meeting space available in the hotel to approximately 75,000 square feet, all of which will be owned fee simple by the Company. The Company plans to spend approximately $20 million to renovate the new meeting space.

During the quarter, the Company completed the conversion of the Marriott DFW Airport in Irving, Texas from brand-managed to franchised, with Remington Lodging taking over property management. Remington will operate the property under a new long-term management agreement with a total term of 35 years including extension options. The hotel will continue to operate as a Marriott pursuant to a long-term franchise agreement with Marriott International Inc. In connection with the transfer, Remington will also take over operations of a laundry facility which services several area hotels.

On June 29, 2017, the Company announced the sale of the 495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 million ($179,000 per key). The sales price represents a trailing 12-month cap rate of 5.6% on net operating income and a trailing 15.3x EBITDA multiple.

CAPITAL STRUCTURE

At June 30, 2017, the Company had total assets of $4.8 billion. As of June 30, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.7%.

On May 10, 2017, the Company announced that it had refinanced a mortgage loan, secured by the Westin Princeton and Renaissance Nashville hotels, with an existing outstanding balance totaling approximately $104 million. The new loan totals $181 million consisting of an initial advance of $165 million with future advances totaling up to $16 million as reimbursement for capital expenditures. The loan has a five-year term and provides for a floating interest rate of LIBOR + 3.00%. The loan is interest only until July 2020 with $750,000 quarterly amortization thereafter. After closing costs, reserves, and the full funding of the loan, the Company expects to realize excess proceeds of approximately $70 million from the refinancing.

On May 24, 2017, the Company announced that it had refinanced a mortgage loan, secured by the Hotel Indigo Atlanta Midtown, with an existing outstanding balance totaling approximately $15.6 million. The new loan totals $16.1 million with a three-year term and two, one-year extension options subject to the satisfaction of certain conditions. The loan, which is interest only for the first two years with a 30-year amortization schedule based on a 6% interest rate starting in the third year, provides for an interest rate of LIBOR + 2.90%. The next hard maturity for the Company is in January 2018.

PORTFOLIO REVPAR

As of June 30, 2017, the portfolio consisted of 120 properties. During the second quarter of 2017, 107 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 120 hotels) and comparable not under renovation basis (107 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

Comparable RevPAR increased 0.5% to $134.11 for all hotels on a 1.2% increase in ADR and a 0.7% decrease in occupancy
Comparable RevPAR increased 1.4% to $134.59 for hotels not under renovation on a 1.5% increase in ADR and a 0.1% 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 substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 120 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On June 14, 2017, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the second quarter ending June 30, 2017, payable on July 17, 2017, to shareholders of record as of June 30, 2017.

"We continue to see the operational and value-added benefits from our high quality, diverse portfolio," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "During the quarter, we were able to finalize value-enhancing transactions at two of our larger assets, with the meeting space redevelopment and acquisition at the Renaissance Nashville as well as the franchise conversion and installation of Remington as manager at the DFW Marriott, both of which we believe should drive significant additional value in those assets. Additionally, completing the two financings this quarter better positions our balance sheet and we have no additional maturities in 2017. Looking ahead, we remain committed to maximizing value for our shareholders as we focus on generating superior operating performance and executing on our corporate strategy."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, August 4, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2496. A replay of the conference call will be available through Friday, August 11, 2017, by dialing (719) 457-0820 and entering the confirmation number, 9274617.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2017 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, August 4, 2017, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

* * * * *

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

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

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

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

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

	June 30, 2017		December 31,2016
ASSETS
Investments in hotel properties, net	$	4,069,152	$	4,160,563
Cash and cash equivalents	404,435		347,091
Restricted cash	150,502		144,014
Marketable securities	19,270		53,185
Accounts receivable, net of allowance of $740 and $690, respectively	56,755		44,629
Inventories	4,413		4,530
Investment in securities investment fund	—		50,890
Investment in Ashford Inc.	3,150		5,873
Investment in OpenKey	2,436		2,016
Deferred costs, net	2,913		2,846
Prepaid expenses	24,131		17,578
Derivative assets	1,607		3,614
Other assets	12,769		11,718
Intangible asset, net	10,002		10,061
Due from Ashford Prime OP, net	1		—
Due from third-party hotel managers	19,279		13,348
Assets held for sale	—		19,588
Total assets	$	4,780,815	$	4,891,544

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	3,698,433	$	3,723,559
Accounts payable and accrued expenses	147,025		126,986
Dividends and distributions payable	26,185		24,765
Unfavorable management contract liabilities	690		1,380
Due to Ashford Inc., net	13,593		15,716
Due to Ashford Prime OP, net	—		488
Due to related party, net	1,927		1,001
Due to third-party hotel managers	2,366		2,714
Intangible liabilities, net	16,017		16,195
Derivative liabilities, net	59		—
Other liabilities	18,468		16,548
Liabilities associated with assets held for sale	—		37,047
Total liabilities	3,924,763		3,966,399

Redeemable noncontrolling interests in operating partnership	107,722		132,768
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized -
Series A Cumulative Preferred Stock 1,657,206 shares issued and outstanding at June 30, 2017 and December 31, 2016	17		17
Series D Cumulative Preferred Stock 9,468,706 shares issued and outstanding at June 30, 2017 and December 31, 2016	95		95
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at June 30, 2017 and December 31, 2016	48		48
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at June 30, 2017 and December 31, 2016	62		62
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,430,297 and 96,376,827 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	974		964
Additional paid-in capital	1,765,660		1,764,450
Accumulated deficit	(1,019,264)		(974,015)
Total shareholders' equity of the Company	747,592		791,621
Noncontrolling interests in consolidated entities	738		756
Total equity	748,330		792,377
Total liabilities and equity	$	4,780,815	$	4,891,544

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
REVENUE
Rooms	$	311,205	$	325,906	$	587,910	$	616,521
Food and beverage	63,842		69,206		126,692		132,261
Other	14,948		15,115		28,714		28,824
Total hotel revenue	389,995		410,227		743,316		777,606
Other	675		443		1,063		836
Total revenue	390,670		410,670		744,379		778,442
EXPENSES
Hotel operating expenses
Rooms	65,034		67,193		124,907		130,295
Food and beverage	42,276		45,419		84,446		88,520
Other expenses	113,824		119,612		225,557		232,749
Management fees	14,247		14,880		27,073		28,575
Total hotel operating expenses	235,381		247,104		461,983		480,139
Property taxes, insurance and other	18,766		19,293		37,099		37,905
Depreciation and amortization	60,547		60,079		125,245		122,241
Impairment charges	—		(116)		—		(227)
Transaction costs	8		(18)		11		77
Advisory services fee:
Base advisory fee	8,639		8,726		17,355		17,266
Reimbursable expenses	2,637		1,602		4,159		3,065
Non-cash stock/unit-based compensation	2,953		1,748		3,356		2,648
Corporate general and administrative:
Non-cash stock/unit-based compensation	565		537		565		537
Other general and administrative	2,689		2,248		7,859		3,921
Total operating expenses	332,185		341,203		657,632		667,572
OPERATING INCOME (LOSS)	58,485		69,467		86,747		110,870
Equity in earnings (loss) of unconsolidated entities	(2,138)		(287)		(2,901)		(3,872)
Interest income	546		74		754		137
Gain (loss) on sale of hotel properties	14,092		23,094		14,009		22,980
Other income (expense), net	(146)		(3,085)		(3,266)		(3,337)
Interest expense, net of premium amortization	(51,931)		(50,289)		(101,890)		(100,054)
Amortization of loan costs	(3,025)		(6,173)		(8,371)		(12,351)
Write-off of premiums, loan costs and exit fees	(1,575)		(3,941)		(1,629)		(3,941)
Unrealized gain (loss) on marketable securities	(531)		—		(3,877)		—
Unrealized gain (loss) on derivatives	(1,743)		6,878		(325)		13,796
INCOME (LOSS) BEFORE INCOME TAXES	12,034		35,738		(20,749)		24,228
Income tax benefit (expense)	(1,606)		(603)		(760)		(1,232)
NET INCOME (LOSS)	10,428		35,135		(21,509)		22,996
(Income) loss from consolidated entities attributable to noncontrolling interest	(13)		(6)		18		32
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(231)		(4,376)		6,262		(2,264)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	10,184		30,753		(15,229)		20,764
Preferred dividends	(10,956)		(8,491)		(21,912)		(16,981)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(772)	$	22,262	$	(37,141)	$	3,783

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.01)	$	0.23	$	(0.40)	$	0.04
Weighted average common shares outstanding – basic	95,320		94,474		95,086		94,309
Diluted:
Net income (loss) attributable to common stockholders	$	(0.01)	$	0.23	$	(0.40)	$	0.04
Weighted average common shares outstanding – diluted	95,320		94,474		95,086		94,309
Dividends declared per common share:	$	0.12	$	0.12	$	0.24	$	0.24

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Net income (loss)	$	10,428	$	35,135	$	(21,509)	$	22,996
(Income) loss from consolidated entities attributable to noncontrolling interest	(13)		(6)		18		32
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(231)		(4,376)		6,262		(2,264)
Net income (loss) attributable to the Company	10,184		30,753		(15,229)		20,764
Interest income	(546)		(74)		(754)		(137)
Interest expense and amortization of premiums and loan costs, net	54,928		56,434		110,204		112,347
Depreciation and amortization	60,487		60,018		125,122		122,119
Income tax expense (benefit)	1,604		603		756		1,232
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	231		4,376		(6,262)		2,264
Equity in (earnings) loss of unconsolidated entities	2,138		355		2,953		874
Company's portion of EBITDA of Ashford Inc.	720		(487)		336		(372)
Company's portion of EBITDA of OpenKey	(124)		—		(248)		—
EBITDA available to the Company and OP unitholders	129,622		151,978		216,878		259,091
Amortization of unfavorable contract liabilities	(404)		(494)		(788)		(988)
Impairment charges	—		(116)		—		(227)
(Gain) loss on sale of hotel properties	(14,092)		(23,094)		(14,009)		(22,980)
Write-off of premiums, loan costs and exit fees	1,575		3,941		1,629		3,941
Other (income) expense, net	146		3,085		3,266		3,337
Transaction, acquisition and management conversion costs	892		427		3,568		645
Legal judgment and related legal costs	263		24		4,064		48
Unrealized (gain) loss on marketable securities	531		—		3,877		—
Unrealized (gain) loss on derivatives	1,743		(6,878)		325		(13,796)
Dead deal costs	—		304		4		301
Software implementation costs	1,034		—		1,034		—
Non-cash stock/unit-based compensation	3,710		2,342		4,138		3,326
Company's portion of (gain) loss of investment in securities investment fund	—		(68)		(52)		2,998
Company's portion of adjustments to EBITDA of Ashford Inc.	504		1,388		2,387		2,136
Company's portion of adjustments to EBITDA of OpenKey	1		—		2		—
Adjusted EBITDA available to the Company and OP unitholders	$	125,525	$	132,839	$	226,323	$	237,832

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Net income (loss)	$	10,428	$	35,135	$	(21,509)	$	22,996
(Income) loss from consolidated entities attributable to noncontrolling interest	(13)		(6)		18		32
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(231)		(4,376)		6,262		(2,264)
Preferred dividends	(10,956)		(8,491)		(21,912)		(16,981)
Net income (loss) attributable to common stockholders	(772)		22,262		(37,141)		3,783
Depreciation and amortization on real estate	60,487		60,018		125,122		122,119
(Gain) loss on sale of hotel properties	(14,092)		(23,094)		(14,009)		(22,980)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	231		4,376		(6,262)		2,264
Equity in (earnings) loss of unconsolidated entities	2,138		355		2,953		874
Company's portion of FFO of Ashford Inc.	(2,014)		(357)		(2,723)		(512)
Company's portion of FFO of OpenKey	(125)		—		(250)		—
FFO available to common stockholders and OP unitholders	45,853		63,560		67,690		105,548
Write-off of premiums, loan costs and exit fees	1,575		3,941		1,629		3,941
Other impairment charges	—		(116)		—		(227)
Other (income) expense, net	146		3,085		3,266		3,337
Transaction, acquisition and management conversion costs	892		427		3,568		645
Legal judgment and related legal costs	263		24		4,064		48
Unrealized (gain) loss on marketable securities	531		—		3,877		—
Unrealized (gain) loss on derivatives	1,743		(6,878)		325		(13,796)
Dead deal costs	—		304		4		301
Software implementation costs	1,034		—		1,034		—
Non-cash stock/unit-based compensation	3,710		2,342		4,138		3,326
Company's portion of (gain) loss of investment in securities investment fund	—		(68)		(52)		2,998
Company's portion of adjustments to FFO of Ashford Inc.	3,002		1,388		4,885		2,136
Company's portion of adjustments to FFO of OpenKey	1		—		2		—
Adjusted FFO available to common stockholders and OP unitholders	$	58,750	$	68,009	$	94,430	$	108,257
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.52	$	0.60	$	0.84	$	0.95
Weighted average diluted shares	113,257		113,744		112,915		113,529

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

Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA (14)		Comparable TTM EBITDA Debt Yield
Morgan Stanley Ann Arbor - 1 hotel	July 2017	LIBOR + 4.15%	$	—		$	35,200		(1)	$	35,200		$	3,786	10.8	%
BAML W Atlanta - 1 hotel	July 2017	LIBOR + 5.10%	—			40,500			(1)	40,500			5,184		12.8	%
Morgan Stanley - 8 hotels	July 2017	LIBOR + 4.09%	—			144,000			(1)	144,000			11,512		8.0	%
Morgan Stanley Pool B - 4 hotels	August 2017	LIBOR + 4.38%	—			52,530			(2)	52,530			7,365		14.0	%
Morgan Stanley Pool A - 6 hotels	August 2017	LIBOR + 4.35%	—			280,421			(2)(3)	280,421			36,394		13.0	%
BAML Pool - 17 hotels	December 2017	LIBOR + 5.52%	—			412,500			(4)	412,500			50,781		12.3	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%	95,202			—				95,202			15,124		15.9	%
BAML Pool 1 & 2 - 8 hotels	January 2018	LIBOR + 4.95%	—			376,800			(5)	376,800			46,486		12.3	%
Morgan Stanley MIP - 5 hotels	February 2018	LIBOR + 4.75%	—			200,000			(6)	200,000			23,023		11.5	%
Cantor Commercial Real Estate Memphis - 1 hotel	April 2018	LIBOR + 4.95%	—			33,300			(7)	33,300			3,943		11.8	%
Column Financial - 22 hotels	April 2018	LIBOR + 4.39%	—			971,654			(8)(9)(10)	971,654			107,698		11.1	%
JPM Lakeway - 1 hotel	May 2018	LIBOR + 5.10%	—			25,100			(11)	25,100			3,258		13.0	%
BAML Le Pavillon - 1 hotel	June 2018	LIBOR + 5.10%	—			43,750			(12)	43,750			2,234		5.1	%
NorthStar HGI Wisconsin Dells - 1 hotel	August 2018	LIBOR + 4.95%	—			12,000			(13)	12,000			1,453		12.1	%
JPMorgan Chase - 18 hotels	October 2018	LIBOR + 4.55%	—			450,000			(4)	450,000			63,428		14.1	%
Omni American Bank Ashton - 1 hotel	July 2019	4.00%	5,386			—				5,386			1,085		20.1	%
BAML Indigo Atlanta - 1 hotel	May 2020	LIBOR + 2.90%	—			16,100			(13)	16,100			2,297		14.3	%
GACC Gateway - 1 hotel	November 2020	6.26%	96,045			—				96,045			14,754		15.4	%
Aareal Princeton/Nashville - 2 hotels	June 2022	LIBOR + 3.00%	—			164,700				164,700			30,306		18.4	%
Deutsche Bank W Minneapolis - 1 hotel	May 2023	5.46%	54,239			—				54,239			6,806		12.5	%
GACC Manchester RI - 1 hotel	January 2024	5.49%	7,055			—				7,055			1,406		19.9	%
GACC Jacksonville RI - 1 hotel	January 2024	5.49%	10,297			—				10,297			1,808		17.6	%
Key Bank Manchester CY - 1 hotel	May 2024	4.99%	6,586			—				6,586			996		15.1	%
Morgan Stanley Pool C2 - 2 hotels	August 2024	4.85%	12,333			—				12,333			2,212		17.9	%
Morgan Stanley Pool C3 - 3 hotels	August 2024	4.90%	24,651			—				24,651			3,569		14.5	%
Morgan Stanley Pool C1 - 3 hotels	August 2024	5.20%	66,681			—				66,681			7,809		11.7	%
BAML Pool 5 - 2 hotels	February 2025	4.45%	20,393			—				20,393			2,832		13.9	%
BAML Pool 3 - 3 hotels	February 2025	4.45%	52,748			—				52,748			8,763		16.6	%
Unencumbered hotels			—			—				—			2,094		N/A
Total			$	451,616		$	3,258,555			$	3,710,171		$	468,406	12.6	%
Percentage			12.2		%	87.8		%		100.0		%
Weighted average interest rate			5.13		%	5.80		%		5.72		%


All indebtedness is non-recourse with the exception of the secured revolving credit facility.
(1)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in July 2017.
(2)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in August 2016.
(3)	This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse on March 6, 2017.
(4)	This mortgage loan has four one-year extension options subject to satisfaction of certain conditions.
(5)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in January 2017.
(6)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions and a LIBOR floor of 0.20%. The second one-year extension period began in February 2017.
(7)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
(8)	This mortgage loan has four one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in April 2017.
(9)	This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth on February 1, 2017.
(10)	This mortgage loan had a $78.7 million pay down of principal related to the Crowne Plaza Ravinia that was sold on June 29, 2017.
(11)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in May 2017.
(12)	This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in June 2017.
(13)	This mortgage loan has two one-year extension options subject to satisfaction of certain conditions.
(14)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
JUNE 30, 2017
(dollars in thousands)
(unaudited)

	2017		2018		2019		2020		2021		Thereafter		Total
Morgan Stanley Boston Back Bay - 1 hotel	$	—	$	94,226	$	—	$	—	$	—	$	—	$	94,226
Omni American Bank Ashton - 1 hotel	—		—		5,168		—		—		—		5,168
Morgan Stanley MIP - 5 hotels	—		—		200,000		—		—		—		200,000
Morgan Stanley Pool B - 4 hotels	—		—		52,530		—		—		—		52,530
Morgan Stanley Pool A - 6 hotels	—		—		280,421		—		—		—		280,421
GACC Gateway - 1 hotel	—		—		—		89,886		—		—		89,886
BAML Pool 1 & 2 - 8 hotels	—		—		—		376,800		—		—		376,800
Cantor Commercial Real Estate Memphis - 1 hotel	—		—		—		33,300		—		—		33,300
JPM Lakeway - 1 hotel	—		—		—		25,100		—		—		25,100
BAML Le Pavillon - 1 hotel	—		—		—		43,750		—		—		43,750
Morgan Stanley - 8 hotels	—		—		—		144,000		—		—		144,000
Morgan Stanley Ann Arbor - 1 hotel	—		—		—		35,200		—		—		35,200
BAML W Atlanta - 1 hotel	—		—		—		40,500		—		—		40,500
NorthStar HGI Wisconsin Dells - 1 hotel	—		—		—		12,000		—		—		12,000
Column Financial - 22 hotels	—		—		—		—		971,654		—		971,654
BAML Pool - 17 hotels	—		—		—		—		412,500		—		412,500
BAML Indigo Atlanta - 1 hotel	—		—		—		—		—		14,439		14,439
Aareal Princeton/Nashville - 2 hotels	—		—		—		—		—		158,700		158,700
GACC Jacksonville RI - 1 hotel	—		—		—		—		—		9,036		9,036
GACC Manchester RI - 1 hotel	—		—		—		—		—		6,191		6,191
Key Bank Manchester CY - 1 hotel	—		—		—		—		—		5,671		5,671
Morgan Stanley Pool C - 8 hotels	—		—		—		—		—		90,889		90,889
BAML Pool 3 - 3 hotels	—		—		—		—		—		44,160		44,160
BAML Pool 5 - 2 hotels	—		—		—		—		—		17,073		17,073
Deutsche Bank W Minneapolis - 1 hotel	—		—		—		—		—		47,711		47,711
JPMorgan Chase - 18 hotels	—		—		—		—		—		450,000		450,000
Principal due in future periods	$	—	$	94,226	$	538,119	$	800,536	$	1,384,154	$	843,870	$	3,660,905
Scheduled amortization payments remaining	3,671		6,136		6,748		8,376		8,519		15,816		49,266
Total indebtedness	$	3,671	$	100,362	$	544,867	$	808,912	$	1,392,673	$	859,686	$	3,710,171

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

ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	309,651		$	(3,889)		$	305,762		$	324,590		$	(20,210)		$	304,380		(4.60)	%	0.45	%
	RevPAR	$	133.24		$	(88.28)		$	134.11		$	129.63		$	(90.21)		$	133.50		2.78	%	0.46	%
	Occupancy	81.47		%	(72.85)		%	81.63		%	81.78		%	(77.22)		%	82.23		%	(0.38)	%	(0.73)	%
	ADR	$	163.55		$	(121.17)		$	164.28		$	158.51		$	(116.83)		$	162.36		3.18	%	1.18	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	585,038		$	(9,030)		$	576,008		$	613,683		$	(45,185)		$	568,498		(4.67)	%	1.32	%
	RevPAR	$	125.95		$	(82.03)		$	127.02		$	121.52		$	(92.23)		$	124.67		3.65	%	1.88	%
	Occupancy	78.01		%	(68.65)		%	78.24		%	78.05		%	(77.36)		%	78.12		%	(0.05)	%	0.15	%
	ADR	$	161.45		$	(119.48)		$	162.34		$	155.70		$	(119.22)		$	159.59		3.69	%	1.72	%

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


ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	269,930		$	(3,889)		$	266,041		$	282,557		$	(20,210)		$	262,347		(4.47)	%	1.41	%
	RevPAR	$	133.58		$	(88.28)		$	134.59		$	128.39		$	(90.21)		$	132.71		4.04	%	1.42	%
	Occupancy	81.94		%	(72.85)		%	82.15		%	81.73		%	(77.22)		%	82.24		%	0.26	%	(0.11)	%
	ADR	$	163.01		$	(121.17)		$	163.84		$	157.09		$	(116.83)		$	161.37		3.77	%	1.53	%


ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	511,258		$	(9,030)		$	502,228		$	536,630		$	(45,185)		$	491,445		(4.73)	%	2.19	%
	RevPAR	$	126.49		$	(82.03)		$	127.74		$	120.77		$	(92.23)		$	124.30		4.74	%	2.77	%
	Occupancy	78.61		%	(68.65)		%	78.89		%	78.19		%	(77.36)		%	78.29		%	0.54	%	0.77	%
	ADR	$	160.90		$	(119.48)		$	161.91		$	154.46		$	(119.22)		$	158.77		4.17	%	1.98	%

NOTES:
(1)	The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

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

ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	388,047		$	408,510		(5.01)	%	$	739,645		$	774,027		(4.44)	%
Non-comparable adjustments	(5,101)			(24,326)					(12,476)			(53,477)
Comparable total hotel revenue	$	382,946		$	384,184		(0.32)	%	$	727,169		$	720,550		0.92	%

Hotel EBITDA	$	138,477		$	145,303		(4.70)	%	$	251,950		$	262,399		(3.98)	%
Non-comparable adjustments	(1,315)			(7,355)					(2,649)			(16,661)
Comparable hotel EBITDA	$	137,162		$	137,948		(0.57)	%	$	249,301		$	245,738		1.45	%
Hotel EBITDA margin	35.69		%	35.57		%	0.12	%	34.06		%	33.90		%	0.16	%
Comparable hotel EBITDA margin	35.82		%	35.91		%	(0.09)	%	34.28		%	34.10		%	0.18	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	104		$	100		4.00	%	$	168		$	157		7.01	%
Hotel EBITDA attributable to the Company and OP unitholders	$	138,373		$	145,203		(4.70)	%	$	251,782		$	262,242		(3.99)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	137,058		$	137,848		(0.57)	%	$	249,133		$	245,581		1.45	%


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

ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Six Months Ended
ALL HOTELS NOT UNDER RENOVATION:	June 30,								June 30,
	2017			2016			% Variance		2017			2016			% Variance
Total hotel revenue	$	336,633		$	353,427		(4.75)	%	$	643,584		$	672,604		(4.31)	%
Non-comparable adjustments	(5,101)			(24,326)					(12,442)			(53,477)
Comparable total hotel revenue	$	331,532		$	329,101		0.74	%	$	631,142		$	619,127		1.94	%

Hotel EBITDA	$	122,061		$	126,843		(3.77)	%	$	222,531		$	229,601		(3.08)	%
Non-comparable adjustments	(1,315)			(7,358)					(2,649)			(16,664)
Comparable hotel EBITDA	$	120,746		$	119,485		1.06	%	$	219,882		$	212,937		3.26	%
Hotel EBITDA margin	36.26		%	35.89		%	0.37	%	34.58		%	34.14		%	0.44	%
Comparable hotel EBITDA margin	36.42		%	36.31		%	0.11	%	34.84		%	34.39		%	0.45	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	104		$	100		4.00	%	$	168		$	157		7.01	%
Hotel EBITDA attributable to the Company and OP unitholders	$	121,957		$	126,743		(3.78)	%	$	222,363		$	229,444		(3.09)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	120,642		$	119,385		1.05	%	$	219,714		$	212,780		3.26	%


NOTES:
(1)	The above comparable information assumes the 107 hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include results from the hotel properties sold during the period.
(2)	The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

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

	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2017			2017		2017			2017			2017		2017			2016			2016		2016			2016			2016		2016
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel Revenue	$	388,047		$	(5,101)	$	382,946		$	351,598		$	(7,375)	$	344,223		$	339,937		$	(10,137)	$	329,800		$	369,943		$	(14,327)	$	355,616
Hotel EBITDA	$	138,477		$	(1,315)	$	137,162		$	113,473		$	(1,334)	$	112,139		$	103,480		$	(2,458)	$	101,022		$	121,975		$	(3,892)	$	118,083
Hotel EBITDA margin	35.69		%			35.82		%	32.27		%			32.58		%	30.44		%			30.63		%	32.97		%			33.21		%

EBITDA % of Total TTM	29.0		%			29.3		%	23.8		%			23.9		%	21.7		%			21.6		%	25.5		%			25.2		%

JV Interests in EBITDA	$	104		$	—	$	104		$	63		$	—	$	63		$	79		$	—	$	79		$	114		$	—	$	114

	Actual			Non-comparable Adjustments		Comparable
	2017			2017		2017
	TTM			TTM		TTM
Total hotel Revenue	$	1,449,525		$	(36,940)	$	1,412,585
Hotel EBITDA	$	477,405		$	(8,999)	$	468,406
Hotel EBITDA margin	32.94		%			33.16		%

EBITDA % of Total TTM	100.0		%			100.0		%

JV Interests in EBITDA	$	360		$	—	$	360


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

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

			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2017		2017		2017		2016		2016		2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	119.59	$	(88.28)	$	130.23	$	121.00	$	(92.66)	$	132.85	(1.2)	%	(2.0)	%
Boston, MA Area	3	915	220.29		—		220.29		198.10		—		198.10		11.2	%	11.2	%
Dallas / Ft. Worth, TX Area	7	1,518	113.59		—		113.59		117.76		—		117.76		(3.5)	%	(3.5)	%
Houston, TX Area	3	692	111.54		—		111.54		114.49		—		114.49		(2.6)	%	(2.6)	%
Los Angeles, CA Metro Area	6	1,619	133.54		—		133.54		124.80		(99.38)		129.21		7.0	%	3.4	%
Miami, FL Metro Area	3	587	121.75		—		121.75		121.80		—		121.80		—	%	—	%
Minneapolis - St. Paul, MN-WI Area	4	809	131.08		—		131.08		137.86		—		137.86		(4.9)	%	(4.9)	%
Nashville, TN Area	1	673	229.74		—		229.74		234.73		—		234.73		(2.1)	%	(2.1)	%
New York / New Jersey Metro Area	6	1,741	126.10		—		126.10		124.23		(100.55)		125.56		1.5	%	0.4	%
Orlando, FL Area	3	734	115.42		—		115.42		88.35		(76.30)		100.44		30.6	%	14.9	%
Philadelphia, PA Area	3	648	115.27		—		115.27		114.98		—		114.98		0.3	%	0.3	%
San Diego, CA Area	2	410	128.79		—		128.79		123.06		—		123.06		4.7	%	4.7	%
San Francisco - Oakland, CA Metro Area	6	1,368	161.48		—		161.48		161.81		—		161.81		(0.2)	%	(0.2)	%
Tampa, FL Area	3	680	110.87		—		110.87		116.92		—		116.92		(5.2)	%	(5.2)	%
Washington D.C. - MD - VA Area	9	2,308	169.43		—		169.43		163.74		(88.73)		169.01		3.5	%	0.2	%
Other Areas	52	8,931	118.28		—		118.28		117.34		(99.49)		118.51		0.8	%	(0.2)	%
Total Portfolio	120	25,058	$	133.24	$	(88.28)	$	134.11	$	129.63	$	(90.21)	$	133.50	2.8	%	0.5	%


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

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

			Three Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2017		2017		2017		% of Total		2016		2016		2016		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	7,733	$	(1,160)	$	6,573	4.8	%	$	8,557	$	(1,960)	$	6,597	4.8	%	(9.6)	%	(0.4)	%
Boston, MA Area	3	915	9,750		—		9,750		7.1	%	8,769		—		8,769		6.4	%	11.2	%	11.2	%
Dallas / Ft. Worth, TX Area	7	1,518	6,776		—		6,776		4.9	%	6,964		(33)		6,931		5.0	%	(2.7)	%	(2.2)	%
Houston, TX Area	3	692	3,264		—		3,264		2.4	%	3,272		—		3,272		2.4	%	(0.2)	%	(0.2)	%
Los Angeles, CA Metro Area	6	1,619	8,645		(9)		8,636		6.3	%	8,864		(1,021)		7,843		5.7	%	(2.5)	%	10.1	%
Miami, FL Metro Area	3	587	2,891		—		2,891		2.1	%	2,971		—		2,971		2.2	%	(2.7)	%	(2.7)	%
Minneapolis - St. Paul, MN-WI Area	4	809	4,580		—		4,580		3.3	%	4,798		—		4,798		3.5	%	(4.5)	%	(4.5)	%
Nashville, TN Area	1	673	7,945		—		7,945		5.8	%	8,102		—		8,102		5.9	%	(1.9)	%	(1.9)	%
New York / New Jersey Metro Area	6	1,741	9,792		(1)		9,791		7.1	%	10,328		(441)		9,887		7.2	%	(5.2)	%	(1.0)	%
Orlando, FL Area	3	734	2,735		—		2,735		2.0	%	3,592		(1,301)		2,291		1.7	%	(23.9)	%	19.4	%
Philadelphia, PA Area	3	648	2,691		—		2,691		2.0	%	2,767		—		2,767		2.0	%	(2.7)	%	(2.7)	%
San Diego, CA Area	2	410	2,057		—		2,057		1.5	%	2,051		—		2,051		1.5	%	0.3	%	0.3	%
San Francisco - Oakland, CA Metro Area	6	1,368	9,403		—		9,403		6.9	%	9,241		—		9,241		6.7	%	1.8	%	1.8	%
Tampa, FL Area	3	680	2,751		—		2,751		2.0	%	2,925		—		2,925		2.1	%	(5.9)	%	(5.9)	%
Washington D.C. - MD - VA Area	9	2,308	16,222		—		16,222		11.8	%	17,475		(470)		17,005		12.3	%	(7.2)	%	(4.6)	%
Other Areas	52	8,931	41,242		(145)		41,097		30.0	%	44,627		(2,129)		42,498		30.6	%	(7.6)	%	(3.3)	%
Total Portfolio	120	25,058	$	138,477	$	(1,315)	$	137,162	100.0	%	$	145,303	$	(7,355)	$	137,948	100.0	%	(4.7)	%	(0.6)	%


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

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

			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
	Number of Hotels	Number of Rooms	2017		2017		2017		2016		2016		2016		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	120.79	$	(88.17)	$	132.00	$	118.72	$	(91.19)	$	130.71	1.7	%	1.0	%
Boston, MA Area	3	915	164.29		—		164.29		153.94		—		153.94		6.7	%	6.7	%
Dallas / Ft. Worth, TX Area	7	1,518	114.20		—		114.20		116.87		—		116.87		(2.3)	%	(2.3)	%
Houston, TX Area	3	692	112.97		—		112.97		110.98		—		110.98		1.8	%	1.8	%
Los Angeles, CA Metro Area	6	1,619	136.69		—		136.69		131.19		(118.99)		133.31		4.2	%	2.5	%
Miami, FL Metro Area	3	587	149.40		—		149.40		153.40		—		153.40		(2.6)	%	(2.6)	%
Minneapolis - St. Paul, MN-WI Area	4	809	119.71		—		119.71		121.62		—		121.62		(1.6)	%	(1.6)	%
Nashville, TN Area	1	673	212.35		—		212.35		203.86		—		203.86		4.2	%	4.2	%
New York / New Jersey Metro Area	6	1,741	113.08		—		113.08		108.47		(85.34)		110.09		4.3	%	2.7	%
Orlando, FL Area	3	734	121.04		—		121.04		101.70		(91.88)		113.99		19.0	%	6.2	%
Philadelphia, PA Area	3	648	97.88		—		97.88		99.13		—		99.13		(1.3)	%	(1.3)	%
San Diego, CA Area	2	410	120.78		—		120.78		116.98		—		116.98		3.3	%	3.3	%
San Francisco - Oakland, CA Metro Area	6	1,368	155.05		—		155.05		154.09		—		154.09		0.6	%	0.6	%
Tampa, FL Area	3	680	131.43		—		131.43		128.50		—		128.50		2.3	%	2.3	%
Washington D.C. - MD - VA Area	9	2,308	151.12		—		151.12		137.38		(68.52)		142.22		10.0	%	6.3	%
Other Areas	52	8,931	110.71		(56.72)		111.43		109.22		(89.04)		110.55		1.4	%	0.8	%
Total Portfolio	120	25,058	$	125.95	$	(82.03)	$	127.02	$	121.52	$	(92.23)	$	124.67	3.6	%	1.9	%


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

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

			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
	Number of Hotels	Number of Rooms	2017		2017		2017		% of Total		2016		2016		2016		% of Total		% Variance		% Variance
Atlanta, GA Area	9	1,425	$	15,972	$	(2,550)	$	13,422	5.4	%	$	16,709	$	(3,680)	$	13,029	5.3	%	(4.4)	%	3.0	%
Boston, MA Area	3	915	12,096		—		12,096		4.9	%	11,160		—		11,160		4.5	%	8.4	%	8.4	%
Dallas / Ft. Worth, TX Area	7	1,518	13,783		(33)		13,750		5.5	%	14,409		(66)		14,343		5.8	%	(4.3)	%	(4.1)	%
Houston, TX Area	3	692	6,692		—		6,692		2.7	%	6,560		—		6,560		2.7	%	2.0	%	2.0	%
Los Angeles, CA Metro Area	6	1,619	18,533		(23)		18,510		7.4	%	20,218		(2,813)		17,405		7.1	%	(8.3)	%	6.4	%
Miami, FL Metro Area	3	587	7,667		—		7,667		3.1	%	8,231		—		8,231		3.4	%	(6.9)	%	(6.9)	%
Minneapolis - St. Paul, MN-WI Area	4	809	6,877		—		6,877		2.8	%	7,166		—		7,166		2.9	%	(4.0)	%	(4.0)	%
Nashville, TN Area	1	673	14,641		—		14,641		5.9	%	13,590		—		13,590		5.5	%	7.7	%	7.7	%
New York / New Jersey Metro Area	6	1,741	15,553		1		15,554		6.2	%	15,879		(759)		15,120		6.2	%	(2.1)	%	2.9	%
Orlando, FL Area	3	734	6,294		—		6,294		2.5	%	11,445		(5,624)		5,821		2.4	%	(45.0)	%	8.1	%
Philadelphia, PA Area	3	648	3,664		—		3,664		1.5	%	3,870		—		3,870		1.6	%	(5.3)	%	(5.3)	%
San Diego, CA Area	2	410	3,576		—		3,576		1.4	%	3,710		—		3,710		1.5	%	(3.6)	%	(3.6)	%
San Francisco - Oakland, CA Metro Area	6	1,368	17,446		—		17,446		7.0	%	17,301		—		17,301		7.0	%	0.8	%	0.8	%
Tampa, FL Area	3	680	7,852		—		7,852		3.2	%	7,480		—		7,480		3.0	%	5.0	%	5.0	%
Washington D.C. - MD - VA Area	9	2,308	26,783		(2)		26,781		10.7	%	26,121		(485)		25,636		10.4	%	2.5	%	4.5	%
Other Areas	52	8,931	74,521		(42)		74,479		29.9	%	78,550		(3,234)		75,316		30.7	%	(5.1)	%	(1.1)	%
Total Portfolio	120	25,058	$	251,950	$	(2,649)	$	249,301	100.0	%	$	262,399	$	(16,661)	$	245,738	100.0	%	(4.0)	%	1.5	%


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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
JUNE 30, 2017
(in thousands, except share price)
(unaudited)

	June 30, 2017
End of quarter common shares outstanding	97,430
Partnership units outstanding (common share equivalents)*	20,163
Combined common shares and partnership units outstanding	117,593
Common stock price at quarter end	$	6.08
Market capitalization at quarter end	$	714,964
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series F preferred stock	$	120,000
Series G preferred stock	$	155,000
Debt on balance sheet date	$	3,710,171
Joint venture partner's share of consolidated debt	$	(2,046)
Net working capital (see below)	$	(513,526)
Total enterprise value (TEV)	$	4,462,711

Ashford Inc. Investment:
Common stock owned at end of quarter	598
Common stock price at quarter end	$	50.98
Market value of Ashford Inc. investment	$	30,494

Cash and cash equivalents	$	404,312
Restricted cash	$	150,339
Accounts receivable, net	$	56,738
Prepaid expenses	$	24,122
Investment in securities	$	19,270
Due from affiliates, net	$	(15,519)
Due from third-party hotel managers, net	$	16,910
Market value of Ashford Inc. investment	$	30,494
Total current assets	$	686,666

Accounts payable and accrued expenses	$	146,955
Dividends and distributions payable	$	26,185
Total current liabilities	$	173,140

Net working capital**	$	513,526

* Total units outstanding = 21.3 million; impacted by current conversion factor.
** Includes the Company's pro rata share of net working capital in joint ventures.

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

		2017
	Rooms	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
		Actual	Actual	Estimated	Estimated
Courtyard Basking Ridge	235	x	x
Courtyard Columbus Tipton Lakes	90	x
Courtyard Crystal City Reagan Airport	272				x
Courtyard Denver Airport	202				x
Courtyard Gaithersburg	210				x
Embassy Suites Orlando Airport	174			x	x
Embassy Suites Philadelphia Airport	263				x
Embassy Suites Santa Clara Silicon Valley	257				x
Embassy Suites Walnut Creek	249		x	x	x
Hampton Inn Parsippany	152	x	x
Hampton Inn Pittsburgh Meadow Lands	103	x
Hampton Inn Suites Columbus Easton	145		x
Hilton Boston Back Bay	390	x			x
Hilton Garden Inn Jacksonville	119			x	x
Hilton Garden Inn Wisconsin Dells	128	x
Hilton Tampa Westshore	238		x	x	x
Homewood Suites Pittsburgh Southpointe	148	x	x
Hyatt Regency Savannah	351	x	x
Le Meridien Chambers Minneapolis	60				x
Le Pavillon Hotel	226	x	x
Marriott Crystal Gateway	698	x	x	x	x
Marriott DFW Airport	491			x
Marriott Omaha	300	x	x	x	x
Marriott RTP	225		x	x	x
Marriott San Antonio Plaza	251			x
Marriott Suites Market Center	265	x	x	x
Renaissance Nashville	673			x	x
Renaissance Palm Springs	410			x	x
Residence Inn Jacksonville	120				x
Residence Inn Lake Buena Vista	210	x
Residence Inn Orlando Sea World	350			x	x
Residence Inn Stillwater	101	x	x
Residence Inn Tampa Downtown	109			x	x
Ritz Carlton Atlanta	444				x
Sheraton Anchorage	370				x
Sheraton City Center - Indianapolis	378			x	x
SpringHill Suites Centreville	136				x
SpringHill Suites Kennesaw	90			x	x


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

Exhibit 1

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

	2017		2017		2016		2016		June 30, 2017
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	89,279	$	45,102	$	31,581	$	55,743	$	221,705
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		2		(32)		(45)		(117)
Net income (loss) attributable to the Company	89,237		45,104		31,549		55,698		221,588
Non-property adjustments	(14,092)		83		5,650		3,591		(4,768)
Interest income	(38)		(32)		(23)		(11)		(104)
Interest expense	572		482		484		479		2,017
Amortization of loan costs	54		126		124		121		425
Depreciation and amortization	60,383		62,509		61,294		60,020		244,206
Income tax expense (benefit)	6		17		25		15		63
Non-hotel EBITDA ownership expense	2,313		5,186		4,345		2,017		13,861
Income (loss) from consolidated entities attributable to noncontrolling interests	42		(2)		32		45		117
Hotel EBITDA including amounts attributable to noncontrolling interest	138,477		113,473		103,480		121,975		477,405
Non-comparable adjustments	(1,315)		(1,334)		(2,458)		(3,892)		(8,999)
Comparable hotel EBITDA	$	137,162	$	112,139	$	101,022	$	118,083	$	468,406


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

Exhibit 1

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

	Three Months Ended June 30, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	82,334	$	6,945	$	89,279	$	545	$	(79,396)	$	10,428
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		—		(42)		—		29		(13)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(231)		(231)
Net income (loss) attributable to the Company	82,292		6,945		89,237		545		(79,598)		10,184
Non-property adjustments	(14,092)		—		(14,092)		—		14,092		—
Interest income	(38)		—		(38)		—		(508)		(546)
Interest expense	572		—		572		—		51,359		51,931
Amortization of loan cost	54		—		54		—		2,971		3,025
Depreciation and amortization	50,965		9,418		60,383		117		47		60,547
Income tax expense (benefit)	6		—		6		—		1,598		1,604
Non-hotel EBITDA ownership expense	2,260		53		2,313		(18)		(2,295)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	42		—		42		—		(42)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	122,061		16,416		138,477		644		(12,376)		126,745
Less: EBITDA adjustments attributable to noncontrolling interest	(62)		—		(62)		—		(26)		(88)
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		—		(42)		—		42		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		231		231
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,138		2,138
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		720		720
Company's portion of EBITDA of OpenKey	—		—		—		—		(124)		(124)
Hotel EBITDA attributable to the Company and OP unitholders	$	121,957	$	16,416	$	138,373	$	644	$	(9,395)	$	129,622
Non-comparable adjustments	(1,315)		—		(1,315)
Comparable hotel EBITDA	$	120,746	$	16,416	$	137,162


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Three Months Ended March 31, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	41,894	$	3,208	$	45,102	$	409	$	(77,448)	$	(31,937)
(Income) loss from consolidated entities attributable to noncontrolling interest	2		—		2		—		29		31
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		6,493		6,493
Net income (loss) attributable to the Company	41,896		3,208		45,104		409		(70,926)		(25,413)
Non-property adjustments	83		—		83		—		(83)		—
Interest income	(32)		—		(32)		—		(176)		(208)
Interest expense	482		—		482		—		49,477		49,959
Amortization of loan cost	126		—		126		—		5,220		5,346
Depreciation and amortization	52,719		9,790		62,509		113		2,076		64,698
Income tax expense (benefit)	17		—		17		—		(865)		(848)
Non-hotel EBITDA ownership expense	5,181		5		5,186		5		(5,191)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	(2)		—		(2)		—		2		—
Hotel EBITDA including amounts attributable to noncontrolling interest	100,470		13,003		113,473		527		(20,466)		93,534
Less: EBITDA adjustments attributable to noncontrolling interest	(65)		—		(65)		—		(27)		(92)
(Income) loss from consolidated entities attributable to noncontrolling interest	2		—		2		—		(2)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(6,493)		(6,493)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		815		815
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(384)		(384)
Company's portion of EBITDA of OpenKey	—		—		—		—		(124)		(124)
Hotel EBITDA attributable to the Company and OP unitholders	$	100,407	$	13,003	$	113,410	$	527	$	(26,681)	$	87,256
Non-comparable adjustments	(1,334)		—		(1,334)
Comparable hotel EBITDA	$	99,136	$	13,003	$	112,139


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Three Months Ended December 31, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	28,846	$	2,735	$	31,581	$	162	$	(88,383)	$	(56,640)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32)		—		(32)		—		30		(2)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		9,738		9,738
Net income (loss) attributable to the Company	28,814		2,735		31,549		162		(78,615)		(46,904)
Non-property adjustments	5,745		(95)		5,650		—		(5,650)		—
Interest income	(23)		—		(23)		—		(79)		(102)
Interest expense	484		—		484		—		49,219		49,703
Amortization of loan cost	124		—		124		—		5,973		6,097
Depreciation and amortization	52,113		9,181		61,294		109		49		61,452
Income tax expense (benefit)	(49)		74		25		—		291		316
Non-hotel EBITDA ownership expense	4,187		158		4,345		(7)		(4,338)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	32		—		32		—		(32)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	91,427		12,053		103,480		264		(33,182)		70,562
Less: EBITDA adjustments attributable to noncontrolling interest	(47)		—		(47)		—		(43)		(90)
(Income) loss from consolidated entities attributable to noncontrolling interest	(32)		—		(32)		—		32		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(9,738)		(9,738)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		(107)		(107)
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		387		387
Company's portion of EBITDA of OpenKey	—		—		—		—		(109)		(109)
Hotel EBITDA attributable to the Company and OP unitholders	$	91,348	$	12,053	$	103,401	$	264	$	(42,760)	$	60,905
Non-comparable adjustments	(2,458)		—		(2,458)
Comparable hotel EBITDA	$	88,969	$	12,053	$	101,022


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Three Months Ended September 30, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	51,461	$	4,282	$	55,743	$	241	$	(81,122)	$	(25,138)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45)		—		(45)		—		29		(16)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		4,151		4,151
Net income (loss) attributable to the Company	51,416		4,282		55,698		241		(76,942)		(21,003)
Non-property adjustments	3,591		—		3,591		—		(3,591)		—
Interest income	(11)		—		(11)		—		(81)		(92)
Interest expense	479		—		479		—		49,634		50,113
Amortization of loan cost	121		—		121		—		5,528		5,649
Depreciation and amortization	52,051		7,969		60,020		101		49		60,170
Income tax expense (benefit)	15		—		15		—		(31)		(16)
Non-hotel EBITDA ownership expense	1,888		129		2,017		51		(2,068)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	45		—		45		—		(45)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	109,595		12,380		121,975		393		(27,547)		94,821
Less: EBITDA adjustments attributable to noncontrolling interest	(69)		—		(69)		—		(23)		(92)
(Income) loss from consolidated entities attributable to noncontrolling interest	(45)		—		(45)		—		45		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(4,151)		(4,151)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		85		85
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		165		165
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	109,481	$	12,380	$	121,861	$	393	$	(31,426)	$	90,828
Non-comparable adjustments	(3,892)				(3,892)
Comparable hotel EBITDA	$	105,703	$	12,380	$	118,083


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Three Months Ended June 30, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	95,277	$	11,182	$	106,459	$	383	$	(71,707)	$	35,135
(Income) loss from consolidated entities attributable to noncontrolling interest	(35)		—		(35)		—		29		(6)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(4,376)		(4,376)
Net income (loss) attributable to the Company	95,242		11,182		106,424		383		(76,054)		30,753
Non-property adjustments	(23,094)		—		(23,094)		—		23,094		—
Interest income	(12)		—		(12)		—		(62)		(74)
Interest expense	469		—		469		—		49,820		50,289
Amortization of loan cost	119		—		119		—		6,054		6,173
Depreciation and amortization	52,547		7,375		59,922		109		48		60,079
Income tax expense (benefit)	19		—		19		—		584		603
Non-hotel EBITDA ownership expense	1,518		(97)		1,421		2		(1,423)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	35		—		35		—		(35)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	126,843		18,460		145,303		494		2,026		147,823
Less: EBITDA adjustments attributable to noncontrolling interest	(65)		—		(65)		—		(28)		(93)
(Income) loss from consolidated entities attributable to noncontrolling interest	(35)		—		(35)		—		39		4
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		4,376		4,376
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		355		355
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(487)		(487)
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	126,743	$	18,460	$	145,203	$	494	$	6,281	$	151,978
Non-comparable adjustments	(7,358)		3		(7,355)
Comparable hotel EBITDA	$	119,485	$	18,463	$	137,948


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Six Months Ended June 30, 2017
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	124,228	$	10,153	$	134,381	$	954	$	(156,844)	$	(21,509)
(Income) loss from consolidated entities attributable to noncontrolling interest	(40)		—		(40)		—		58		18
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		6,262		6,262
Net income (loss) attributable to the Company	124,188		10,153		134,341		954		(150,524)		(15,229)
Non-property adjustments	(14,009)		—		(14,009)		—		14,009		—
Interest income	(70)		—		(70)		—		(684)		(754)
Interest expense	1,054		—		1,054		—		100,836		101,890
Amortization of loan cost	180		—		180		—		8,191		8,371
Depreciation and amortization	103,684		19,208		122,892		230		2,123		125,245
Income tax expense (benefit)	23		—		23		—		733		756
Non-hotel EBITDA ownership expense	7,441		58		7,499		(13)		(7,486)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	40		—		40		—		(40)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	222,531		29,419		251,950		1,171		(32,842)		220,279
Less: EBITDA adjustments attributable to noncontrolling interest	(127)		—		(127)		—		(53)		(180)
(Income) loss from consolidated entities attributable to noncontrolling interest	(40)		—		(40)		—		40		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(6,262)		(6,262)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,953		2,953
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		336		336
Company's portion of EBITDA of OpenKey	—		—		—		—		(248)		(248)
Hotel EBITDA attributable to the Company and OP unitholders	$	222,364	$	29,419	$	251,783	$	1,171	$	(36,076)	$	216,878
Non-comparable adjustments	(2,649)		—		(2,649)
Comparable hotel EBITDA	$	219,882	$	29,419	$	249,301


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Six Months Ended June 30, 2016
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	141,417	$	18,058	$	159,475	$	830	$	(137,309)	$	22,996
(Income) loss from consolidated entities attributable to noncontrolling interest	(26)		—		(26)		—		58		32
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		(2,264)		(2,264)
Net income (loss) attributable to the Company	141,391		18,058		159,449		830		(139,515)		20,764
Non-property adjustments	(23,094)		114		(22,980)		—		22,980		—
Interest income	(22)		(1)		(23)		—		(114)		(137)
Interest expense	936		—		936		—		99,118		100,054
Amortization of loan cost	237		—		237		—		12,114		12,351
Depreciation and amortization	106,940		14,958		121,898		244		99		122,241
Income tax expense (benefit)	45		—		45		—		1,187		1,232
Non-hotel EBITDA ownership expense	3,142		(331)		2,811		1		(2,812)		—
Income (loss) from consolidated entities attributable to noncontrolling interests	26		—		26		—		(26)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	229,601		32,798		262,399		1,075		(6,969)		256,505
Less: EBITDA adjustments attributable to noncontrolling interest	(130)		—		(130)		—		(58)		(188)
(Income) loss from consolidated entities attributable to noncontrolling interest	(26)		—		(26)		—		34		8
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		2,264		2,264
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		874		874
Company's portion of EBITDA of Ashford Inc.	—		—		—		—		(372)		(372)
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	229,445	$	32,798	$	262,243	$	1,075	$	(4,227)	$	259,091
Non-comparable adjustments	(16,664)		3		(16,661)
Comparable hotel EBITDA	$	212,937	$	32,801	$	245,738


NOTES:
(1)	The above comparable information assumes the 120 hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties sold during the period.
(2)	Excluded Hotels Under Renovation:
	Courtyard Basking Ridge, Embassy Suites Walnut Creek, Hampton Inn Parsippany, Hampton Inn and Suites Columbus Easton, Hilton Tampa Westshore, Homewood Suites Pittsburgh Southpointe, Hyatt Regency Savannah, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Marriott RTP, Marriott Suites Market Center, Residence Inn Stillwater

Exhibit 1

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

	Three Months Ended June 30, 2017
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	17,824	$	6,274	$	3,000	$	1,396	$	4,302	$	801	$	2,147	$	6,476	$	5,437
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	17,824		6,274		3,000		1,396		4,302		801		2,147		6,476		5,437
Non-property adjustments	(14,093)		—		—		—		—		—		—		—		—
Interest income	(12)		—		(1)		—		(1)		—		(7)		—		(2)
Interest expense	67		—		—		—		—		—		—		—		—
Amortization of loan costs	12		—		—		—		—		—		—		—		—
Depreciation and amortization	3,779		3,521		3,099		1,779		4,238		1,725		2,425		1,444		3,992
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	156		(45)		678		89		106		365		15		25		365
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	7,733		9,750		6,776		3,264		8,645		2,891		4,580		7,945		9,792
Non-comparable adjustments	(1,160)		—		—		—		(9)		—		—		—		(1)
Comparable hotel EBITDA	$	6,573	$	9,750	$	6,776	$	3,264	$	8,636	$	2,891	$	4,580	$	7,945	$	9,791

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,260	$	1,237	$	1,026	$	7,000	$	1,428	$	10,317	$	19,354	$	89,279
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(42)		(42)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	1,260		1,237		1,026		7,000		1,428		10,317		19,312		89,237
Non-property adjustments	—		—		—		—		—		—		1		(14,092)
Interest income	(1)		—		—		(5)		—		(5)		(4)		(38)
Interest expense	—		—		—		—		—		—		505		572
Amortization of loan costs	—		—		—		—		—		—		42		54
Depreciation and amortization	1,466		1,432		999		2,340		1,370		6,243		20,531		60,383
Income tax expense (benefit)	—		—		—		—		—		—		6		6
Non-hotel EBITDA ownership expense	10		22		32		68		(47)		(333)		807		2,313
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		42		42
Hotel EBITDA including amounts attributable to noncontrolling interest	2,735		2,691		2,057		9,403		2,751		16,222		41,242		138,477
Non-comparable adjustments	—		—		—		—		—		—		(145)		(1,315)
Comparable hotel EBITDA	$	2,735	$	2,691	$	2,057	$	9,403	$	2,751	$	16,222	$	41,097	$	137,162


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

Exhibit 1

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

	Three Months Ended June 30, 2016
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	8,768	$	5,337	$	4,281	$	1,477	$	4,158	$	1,302	$	2,347	$	5,785	$	11,361
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	8,768		5,337		4,281		1,477		4,158		1,302		2,347		5,785		11,361
Non-property adjustments	(4,015)		—		—		—		—		—		—		—		(5,482)
Interest income	—		—		—		—		—		—		(1)		—		(2)
Interest expense	—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	3,636		3,403		2,641		1,730		4,740		1,380		2,443		2,312		4,345
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	168		29		42		65		(34)		289		9		5		106
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	8,557		8,769		6,964		3,272		8,864		2,971		4,798		8,102		10,328
Non-comparable adjustments	(1,960)		—		(33)		—		(1,021)		—		—		—		(441)
Comparable hotel EBITDA	$	6,597	$	8,769	$	6,931	$	3,272	$	7,843	$	2,971	$	4,798	$	8,102	$	9,887

	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)	$	15,726	$	1,386	$	997	$	6,723	$	1,823	$	12,522	$	22,466	$	106,459
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(35)		(35)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	15,726		1,386		997		6,723		1,823		12,522		22,431		106,424
Non-property adjustments	(13,597)		—		—		—		—		—		—		(23,094)
Interest income	(2)		—		—		(2)		—		(3)		(2)		(12)
Interest expense	—		—		—		—		—		—		469		469
Amortization of loan costs	—		—		—		—		—		—		119		119
Depreciation and amortization	1,205		1,372		1,051		2,507		1,066		5,188		20,903		59,922
Income tax expense (benefit)	—		—		—		—		—		—		19		19
Non-hotel EBITDA ownership expense	260		9		3		13		36		(232)		653		1,421
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		35		35
Hotel EBITDA including amounts attributable to noncontrolling interest	3,592		2,767		2,051		9,241		2,925		17,475		44,627		145,303
Non-comparable adjustments	(1,301)		—		—		—		—		(470)		(2,129)		(7,355)
Comparable hotel EBITDA	$	2,291	$	2,767	$	2,051	$	9,241	$	2,925	$	17,005	$	42,498	$	137,948


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

Exhibit 1

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

	Six Months Ended June 30, 2017
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	22,178	$	5,244	$	6,897	$	3,034	$	9,941	$	(279)	$	1,755	$	10,955	$	6,750
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	22,178		5,244		6,897		3,034		9,941		(279)		1,755		10,955		6,750
Non-property adjustments	(14,093)		—		—		—		—		—		—		—		—
Interest income	(12)		—		(2)		—		(2)		—		(24)		—		(4)
Interest expense	67		—		—		—		—		—		—		—		—
Amortization of loan costs	12		—		—		—		—		—		—		—		—
Depreciation and amortization	7,603		6,861		6,147		3,588		8,477		3,475		5,104		3,651		8,429
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	217		(9)		741		70		117		4,471		42		35		378
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	15,972		12,096		13,783		6,692		18,533		7,667		6,877		14,641		15,553
Non-comparable adjustments	(2,550)		—		(33)		—		(23)		—		—		—		1
Comparable hotel EBITDA	$	13,422	$	12,096	$	13,750	$	6,692	$	18,510	$	7,667	$	6,877	$	14,641	$	15,554

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	3,410	$	777	$	1,513	$	12,758	$	5,184	$	14,936	$	29,328	$	134,381
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(40)		(40)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	3,410		777		1,513		12,758		5,184		14,936		29,288		134,341
Non-property adjustments	—		—		—		—		—		—		84		(14,009)
Interest income	(3)		—		—		(9)		—		(8)		(6)		(70)
Interest expense	—		—		—		—		—		—		987		1,054
Amortization of loan costs	—		—		—		—		—		—		168		180
Depreciation and amortization	2,875		2,816		2,027		4,591		2,713		12,368		42,167		122,892
Income tax expense (benefit)	—		—		—		—		—		—		23		23
Non-hotel EBITDA ownership expense	12		71		36		106		(45)		(513)		1,770		7,499
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		40		40
Hotel EBITDA including amounts attributable to noncontrolling interest	6,294		3,664		3,576		17,446		7,852		26,783		74,521		251,950
Non-comparable adjustments	—		—		—		—		—		(2)		(42)		(2,649)
Comparable hotel EBITDA	$	6,294	$	3,664	$	3,576	$	17,446	$	7,852	$	26,781	$	74,479	$	249,301


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

Exhibit 1

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

	Six Months Ended June 30, 2016
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	12,950	$	4,475	$	8,695	$	3,027	$	10,642	$	5,183	$	2,275	$	9,036	$	12,134
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	12,950		4,475		8,695		3,027		10,642		5,183		2,275		9,036		12,134
Non-property adjustments	(4,015)		—		—		—		—		—		—		—		(5,482)
Interest income	—		—		—		—		—		—		(1)		—		(4)
Interest expense	—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	7,484		6,515		5,663		3,466		9,625		2,709		4,868		4,555		9,044
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	290		170		51		67		(49)		339		24		(1)		187
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	16,709		11,160		14,409		6,560		20,218		8,231		7,166		13,590		15,879
Non-comparable adjustments	(3,680)		—		(66)		—		(2,813)		—		—		—		(759)
Comparable hotel EBITDA	$	13,029	$	11,160	$	14,343	$	6,560	$	17,405	$	8,231	$	7,166	$	13,590	$	15,120

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	21,197	$	1,160	$	1,585	$	12,185	$	4,962	$	16,252	$	33,717	$	159,475
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		(26)		(26)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	21,197		1,160		1,585		12,185		4,962		16,252		33,691		159,449
Non-property adjustments	(13,597)		—		—		—		—		—		114		(22,980)
Interest income	(4)		—		—		(3)		—		(7)		(4)		(23)
Interest expense	—		—		—		—		—		—		936		936
Amortization of loan costs	—		—		—		—		—		—		237		237
Depreciation and amortization	3,508		2,698		2,100		4,962		2,431		10,348		41,922		121,898
Income tax expense (benefit)	—		—		—		—		—		—		45		45
Non-hotel EBITDA ownership expense	341		12		25		157		87		(472)		1,583		2,811
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		26		26
Hotel EBITDA including amounts attributable to noncontrolling interest	11,445		3,870		3,710		17,301		7,480		26,121		78,550		262,399
Non-comparable adjustments	(5,624)		—		—		—		—		(485)		(3,234)		(16,661)
Comparable hotel EBITDA	$	5,821	$	3,870	$	3,710	$	17,301	$	7,480	$	25,636	$	75,316	$	245,738


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

Exhibit 1

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

	TTM Ended June 30, 2017
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	25,201	$	9,729	$	(322)	$	52,834	$	588	$	(1,400)	$	746	$	(40)	$	1,910	$	2,169	$	13,208
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	25,201		9,729		(322)		52,834		588		(1,400)		746		(40)		1,910		2,169		13,208
Non-property adjustments	(225)		—		—		(4,962)		—		—		—		—		—		—		4,136
Interest income	(34)		(12)		—		(12)		—		—		—		—		—		—		—
Interest expense	1		—		1,912		—		—		—		67		37		—		—		—
Amortization of loan costs	—		—		413		—		—		—		12		—		—		—		—
Depreciation and amortization	20,996		13,000		1,884		63,463		2,438		3,186		1,438		11,183		1,855		2,981		18,429
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	547		306		56		3,269		232		448		34		332		21		34		1,845
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	46,486		23,023		3,943		114,592		3,258		2,234		2,297		11,512		3,786		5,184		37,618
Non-comparable adjustments	—		—		—		(6,894)		—		—		—		—		—		—		(1,224)
Comparable hotel EBITDA	$	46,486	$	23,023	$	3,943	$	107,698	$	3,258	$	2,234	$	2,297	$	11,512	$	3,786	$	5,184	$	36,394

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	(1,968)	$	17,975	$	9,483	$	19,782	$	542	$	35,706	$	593	$	7,012	$	3,470	$	863	$	520
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(75)
Net income (loss) attributable to the Company	(1,968)		17,975		9,483		19,782		542		35,706		593		7,012		3,470		863		445
Non-property adjustments	5,262		(135)		—		—		—		—		—		—		—		—		—
Interest income	—		(8)		—		—		—		(14)		—		—		(18)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	4,323		26,656		5,353		10,371		881		27,161		478		8,882		3,343		846		912
Income tax expense (benefit)	—		—		—		—		—		104		—		—		—		—		(36)
Non-hotel EBITDA ownership expense	190		6,293		288		153		30		471		14		(1,140)		11		99		10
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		75
Hotel EBITDA including amounts attributable to noncontrolling interest	7,807		50,781		15,124		30,306		1,453		63,428		1,085		14,754		6,806		1,808		1,406
Non-comparable adjustments	(442)		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	7,365	$	50,781	$	15,124	$	30,306	$	1,453	$	63,428	$	1,085	$	14,754	$	6,806	$	1,808	$	1,406

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	325	$	4,086	$	1,713	$	2,182	$	4,685	$	2,078	$	7,705	$	1,802	$	(197)	$	(1,275)	$	221,705
(Income) loss from consolidated entities attributable to noncontrolling interest	(42)		—		—		—		—		—		—		—		—		—		(117)
Net income (loss) attributable to the Company	283		4,086		1,713		2,182		4,685		2,078		7,705		1,802		(197)		(1,275)		221,588
Non-property adjustments	—		—		—		—		—		—		(7,506)		(1,590)		256		(4)		(4,768)
Interest income	—		—		—		—		(4)		—		—		—		—		(2)		(104)
Interest expense	—		—		—		—		—		—		—		—		—		—		2,017
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		425
Depreciation and amortization	666		3,639		472		1,348		4,053		735		—		61		—		3,173		244,206
Income tax expense (benefit)	(5)		—		—		—		—		—		—		—		—		—		63
Non-hotel EBITDA ownership expense	10		84		27		39		29		19		(16)		7		(83)		202		13,861
Income (loss) from consolidated entities attributable to noncontrolling interests	42		—		—		—		—		—		—		—		—		—		117
Hotel EBITDA including amounts attributable to noncontrolling interest	996		7,809		2,212		3,569		8,763		2,832		183		280		(24)		2,094		477,405
Non-comparable adjustments	—		—		—		—		—		—		(183)		(280)		24		—		(8,999)
Comparable hotel EBITDA	$	996	$	7,809	$	2,212	$	3,569	$	8,763	$	2,832	$	—	$	—	$	—	$	2,094	$	468,406


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

Exhibit 1

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

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

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

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


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

Exhibit 1

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

	Three Months Ended March 31, 2017
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,449	$	87	$	(146)	$	10,724	$	49	$	(165)	$	304	$	(749)	$	82	$	532	$	4,645
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	6,449		87		(146)		10,724		49		(165)		304		(749)		82		532		4,645
Non-property adjustments	—		—		—		43		—		—		—		—		—		—		40
Interest income	(10)		(11)		—		—		—		—		—		—		—		—		—
Interest expense	1		—		478		—		—		—		—		3		—		—		—
Amortization of loan costs	—		—		126		—		—		—		—		—		—		—		—
Depreciation and amortization	5,387		3,354		473		16,294		624		923		364		2,872		473		750		4,508
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	37		69		3		154		20		167		10		37		2		14		711
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,864		3,499		934		27,215		693		925		678		2,163		557		1,296		9,904
Non-comparable adjustments	—		—		—		(1,243)		—		—		—		—		—		—		(76)
Comparable hotel EBITDA	$	11,864	$	3,499	$	934	$	25,972	$	693	$	925	$	678	$	2,163	$	557	$	1,296	$	9,828

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

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


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

Exhibit 1

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

	Three Months Ended December 31, 2016
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	5,264	$	1,068	$	(359)	$	50	$	(233)	$	(157)	$	167	$	(363)	$	357	$	440	$	(2,552)
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	5,264		1,068		(359)		50		(233)		(157)		167		(363)		357		440		(2,552)
Non-property adjustments	(225)		—		—		9,088		—		—		—		—		—		—		4,095
Interest income	(6)		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		469		—		—		—		—		15		—		—		—
Amortization of loan costs	—		—		124		—		—		—		—		—		—		—		—
Depreciation and amortization	5,219		3,196		467		16,448		604		760		358		2,733		470		749		4,763
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	248		92		3		589		29		113		17		132		2		(19)		1,114
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,500		4,356		704		26,175		400		716		542		2,517		829		1,170		7,420
Non-comparable adjustments							(2,176)														(311)
Comparable hotel EBITDA	$	10,500	$	4,356	$	704	$	23,999	$	400	$	716	$	542	$	2,517	$	829	$	1,170	$	7,109

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

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


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

Exhibit 1

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

	Three Months Ended September 30, 2016
	BAML Pool 1 & 2 - 8 hotels		Morgan Stanley MIP - 5 hotels		Cantor Commercial Real Estate - 1 hotel		Column Financial - 22 hotels		JPM Lakeway - 1 hotel		BAML Le Pavillon - 1 hotel		BAML Indigo Atlanta - 1 hotel		Morgan Stanley - 8 hotels		Morgan Stanley Ann Arbor - 1 hotel		BAML W Atlanta - 1 hotel		Morgan Stanley Pool A - 6 hotels
Net income (loss)	$	6,679	$	4,976	$	(265)	$	10,833	$	552	$	(723)	$	247	$	716	$	761	$	675	$	4,575
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—
Net income (loss) attributable to the Company	6,679		4,976		(265)		10,833		552		(723)		247		716		761		675		4,575
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(4)		—		—		—		—		—		—		—		—		—		—
Interest expense	—		—		463		—		—		—		—		16		—		—		—
Amortization of loan costs	—		—		121		—		—		—		—		—		—		—		—
Depreciation and amortization	5,166		3,050		466		15,831		583		682		348		2,664		468		725		4,684
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	41		94		5		1,396		19		2		3		89		12		34		20
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,882		8,120		790		28,060		1,154		(39)		598		3,485		1,241		1,434		9,279
Non-comparable adjustments							(2,295)														(705)
Comparable hotel EBITDA	$	11,882	$	8,120	$	790	$	25,765	$	1,154	$	(39)	$	598	$	3,485	$	1,241	$	1,434	$	8,574

	Morgan Stanley Pool B - 4 hotels		BAML Pool - 17 hotels		Morgan Stanley Boston Back Bay - 1 hotel		Aareal Princeton/ Nashville - 2 hotels		NorthStar HGI Wisconsin Dells - 1 hotel		JP Morgan - 18 hotels		Omni American Bank - 1 hotel		GACC Gateway - 1 hotel		Deutsche Bank W Minneapolis - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel
Net income (loss)	$	(4,070)	$	4,542	$	3,356	$	4,015	$	497	$	9,425	$	69	$	1,612	$	1,641	$	82	$	191
(Income) loss from consolidated entities attributable to noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(28)
Net income (loss) attributable to the Company	(4,070)		4,542		3,356		4,015		497		9,425		69		1,612		1,641		82		163
Non-property adjustments	5,039		—		—		—		—		—		—		—		—		—		—
Interest income	—		(2)		—		—		—		(4)		—		—		—		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	1,217		6,379		1,441		2,843		199		6,789		113		1,832		831		228		223
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	18		266		114		54		30		96		9		(332)		3		54		28
Income (loss) from consolidated entities attributable to noncontrolling interests	—		—		—		—		—		—		—		—		—		—		28
Hotel EBITDA including amounts attributable to noncontrolling interest	2,204		11,185		4,911		6,912		726		16,306		191		3,112		2,475		364		442
Non-comparable adjustments	(442)
Comparable hotel EBITDA	$	1,762	$	11,185	$	4,911	$	6,912	$	726	$	16,306	$	191	$	3,112	$	2,475	$	364	$	442

	Key Bank Manchester CY - 1 hotel		Morgan Stanley Pool C1 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		Morgan Stanley Pool C3 - 3 hotels		BAML Pool 3 - 3 hotels		BAML Pool 5 - 2 hotels		BAML Pool 4 - 2 hotels		NorthStar Gainesville - 1 hotel		Wachovia 5 -5 hotels		Unencumbered hotels		Total Portfolio
Net income (loss)	$	129	$	798	$	586	$	681	$	875	$	462	$	192	$	1,843	$	(120)	$	(89)	$	55,743
(Income) loss from consolidated entities attributable to noncontrolling interest	(17)		—		—		—		—		—		—		—		—		—		(45)
Net income (loss) attributable to the Company	112		798		586		681		875		462		192		1,843		(120)		(89)		55,698
Non-property adjustments	—		—		—		—		—		—		—		(1,622)		174		—		3,591
Interest income	—		—		—		—		(1)		—		—		—		—		—		(11)
Interest expense	—		—		—		—		—		—		—		—		—		—		479
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		121
Depreciation and amortization	171		684		109		332		953		238		—		61		—		710		60,020
Income tax expense (benefit)	15		—		—		—		—		—		—		—		—		—		15
Non-hotel EBITDA ownership expense	2		10		6		15		6		5		(17)		5		(66)		(4)		2,017
Income (loss) from consolidated entities attributable to noncontrolling interests	17		—		—		—		—		—		—		—		—		—		45
Hotel EBITDA including amounts attributable to noncontrolling interest	317		1,492		701		1,028		1,833		705		175		287		(12)		617		121,975
Non-comparable adjustments													(175)		(287)		12				(3,892)
Comparable hotel EBITDA	$	317	$	1,492	$	701	$	1,028	$	1,833	$	705	$	—	$	—	$	—	$	617	$	118,083


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

View original content:http://www.prnewswire.com/news-releases/ashford-trust-reports-second-quarter-2017-results-300499416.html

SOURCE Ashford Hospitality Trust, Inc.

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