EX-99.1 2 aht2023q2earningsrelease1.htm EX-99.1

EXHIBIT 99.1

NEWS RELEASE

Contact:			Deric Eubanks			Jordan Jennings			Joe Calabrese
			Chief Financial Officer			Investor Relations			Financial Relations Board
			(972) 490-9600			(972) 778-9487			(212) 827-3772

ASHFORD TRUST REPORTS SECOND QUARTER 2023 RESULTS

DALLAS – August 1, 2023 – 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, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2023 with the second quarter ended June 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 6.7% to $144.25 during the quarter on a 3.8% increase in Comparable ADR and a 2.8% increase in Comparable Occupancy.

•Net loss attributable to common stockholders was $(30.3) million or $(0.88) per diluted share for the quarter.

•Adjusted EBITDAre was $104.0 million for the quarter, reflecting a growth rate of 8% over the prior year quarter.

•Adjusted funds from operations (AFFO) was $0.78 per diluted share for the quarter.

•Comparable Hotel EBITDA was $117.5 million for the quarter, reflecting a growth rate of 5% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $254.1 million and restricted cash of $150.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $19.0 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $344.0 million.

•Capex invested during the quarter was $34.0 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.

•During the quarter, the Company refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company’s only final debt maturities in 2023.

•To date, the Company has issued approximately $51 million of its non-traded preferred stock.

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AHT Reports Second Quarter Results

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August 1, 2023

•During the quarter, the Company extended its KEYS Pool C loan. Subsequent to quarter end, the Company extended its KEYS Pool D loan and its KEYS Pool E loan. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, its KEYS Pool B loan and its KEYS Pool F loan.

CAPITAL STRUCTURE

As of June 30, 2023, the Company had total loans of $3.7 billion with a blended average interest rate of 7.8%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 95% of the Company’s debt is effectively fixed and approximately 5% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company’s hotels are in cash traps.

During the quarter, the Company extended its BAML Highland Pool Loan until April 2024. As part of this extension, the Company paid down the existing loan balance by $45 million.

Also, during the quarter, the Company successfully refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023. These two loans were the Company's only final debt maturities in 2023. The new, non-recourse loan totals $98.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%.

During the quarter, the Company extended its KEYS Pool C loan – secured by five hotels with a paydown of approximately $62 million. Subsequent to quarter end, the Company extended its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million, and its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million. In the interest of protecting stockholder value and liquidity, the Company elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels. The Company noted that proactively choosing not to extend three of these loan pools improves its balance sheet by lowering leverage and materially improves future cash flows. The combination of the paydowns and the removal of the debt associated with the pools the Company did not extend will lower the Company’s debt by approximately $700 million.

The Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2023. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 1,935,377 shares of its Series J and 90,323 shares of its Series K non-traded preferred stock raising approximately $50.6 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

“During the second quarter, our portfolio delivered strong operating results,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We’ve been extremely encouraged with the growth in both occupancy and ADR that we’ve been able to achieve and believe that strong performance reflects our high-quality, geographically diverse portfolio. Further, we’re encouraged that the vast majority of our hotels are now out of their cash traps.” Mr. Hays added, “On the capital management

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AHT Reports Second Quarter Results

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August 1, 2023

front, proactively choosing not to extend three of the KEYS loan pools improves our balance sheet by lowering leverage and materially improves our future cash flows. Looking ahead, our portfolio remains well positioned to outperform and, from a capital structure and balance sheet perspective, we will continue to focus on paying off our corporate financing and raising capital through our non-traded preferred stock.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, August 2, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13739435.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2023 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, August 2, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

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

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: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets 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.

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AHT Reports Second Quarter Results

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August 1, 2023

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

			June 30, 2023						December 31, 2022
ASSETS
Investments in hotel properties, net			$	3,146,937					$	3,118,331
Cash and cash equivalents			251,547						417,064
Restricted cash			167,473						141,962
Accounts receivable, net of allowance of $439 and $501, respectively			57,384						49,809
Inventories			3,918						3,856
Notes receivable, net			5,241						5,062
Investment in unconsolidated entities			10,517						19,576
Deferred costs, net			1,747						2,665
Prepaid expenses			19,612						15,981
Derivative assets, net			36,532						47,182
Operating lease right-of-use assets			44,210						43,921
Other assets			20,861						21,653
Intangible assets, net			797						797
Due from Ashford Inc., net			—						486
Due from related parties, net			2,731						6,570
Due from third-party hotel managers			19,035						22,462
Assets held for sale			11,653						—
Total assets			$	3,800,195					$	3,917,377
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net			$	3,715,780					$	3,838,543
Finance lease liability			48,186						18,847
Accounts payable and accrued expenses			134,040						115,970
Accrued interest payable			16,321						15,287
Dividends and distributions payable			3,378						3,118
Due to Ashford Inc., net			8,032						—
Due to third-party hotel managers			1,459						1,319
Intangible liabilities, net			2,057						2,097
Operating lease liabilities			44,993						44,661
Other liabilities			4,073						4,326
Liabilities associated with assets held for sale			608						—
Total liabilities			3,978,927						4,044,168
Redeemable noncontrolling interests in operating partnership			22,409						21,550
Series J Redeemable Preferred Stock, $0.01 par value, 1,574,414 and 87,115 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			36,224						2,004
Series K Redeemable Preferred Stock, $0.01 par value, 71,719 and 1,800 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			1,766						44
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at June 30, 2023 and December 31, 2022			12						12
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at June 30, 2023 and December 31, 2022			12						12
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at June 30, 2023 and December 31, 2022			15						15
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at June 30, 2023 and December 31, 2022			13						13
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at June 30, 2023 and December 31, 2022			13						13
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,493,344 and 34,495,185 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			345						345
Additional paid-in capital			2,384,805						2,383,244
Accumulated deficit			(2,629,447)						(2,534,043)
Total stockholders' equity (deficit) of the Company			(244,232)						(150,389)
Noncontrolling interests in consolidated entities			5,101						—
Total equity (deficit)			(239,131)						(150,389)
Total liabilities and equity/deficit			$	3,800,195					$	3,917,377

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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,
			2023						2022						2023						2022
REVENUE
Rooms			$	293,915					$	275,528					$	546,870					$	470,858
Food and beverage			61,747						54,316						120,738						91,076
Other			19,316						17,423						35,598						31,859
Total hotel revenue			374,978						347,267						703,206						593,793
Other			771						828						1,429						1,440
Total revenue			375,749						348,095						704,635						595,233
EXPENSES
Hotel operating expenses
Rooms			66,035						59,782						125,238						107,786
Food and beverage			41,910						37,610						81,700						64,782
Other expenses			118,959						111,452						232,838						203,500
Management fees			13,773						12,312						26,019						21,866
Total hotel operating expenses			240,677						221,156						465,795						397,934
Property taxes, insurance and other			18,998						17,289						35,535						33,748
Depreciation and amortization			47,154						50,896						95,009						103,016
Advisory services fee:
Base advisory fee			8,249						8,613						16,718						17,348
Reimbursable expenses			3,065						2,364						6,292						4,935
Stock/unit-based compensation			955						1,451						2,245						3,380
Incentive fee			—						(151)						—						—
Corporate, general and administrative:
Stock/unit-based compensation			593						578						629						631
Other general and administrative			4,311						3,932						6,887						6,983
Total operating expenses			324,002						306,128						629,110						567,975
Gain (loss) on disposition of assets and hotel properties			—						181						(24)						284
OPERATING INCOME (LOSS)			51,747						42,148						75,501						27,542
Equity in earnings (loss) of unconsolidated entities			(181)						(151)						(577)						(304)
Interest income			2,310						526						4,867						577
Other income (expense), net			109						84						243						185
Interest expense, net of discount amortization			(85,976)						(45,990)						(164,720)						(87,150)
Amortization of loan costs			(3,614)						(2,403)						(6,385)						(4,802)
Write-off of premiums, loan costs and exit fees			(950)						(971)						(1,370)						(1,698)
Realized and unrealized gain (loss) on derivatives			12,583						6,074						7,168						9,285
INCOME (LOSS) BEFORE INCOME TAXES			(23,972)						(683)						(85,273)						(56,365)
Income tax benefit (expense)			(2,062)						(5,563)						(2,283)						(5,683)
NET INCOME (LOSS)			(26,034)						(6,246)						(87,556)						(62,048)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			349						76						949						448
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(25,685)						(6,170)						(86,607)						(61,600)
Preferred dividends			(3,752)						(3,104)						(6,995)						(6,207)
Deemed dividends on redeemable preferred stock			(826)						—						(1,233)						—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(30,263)					$	(9,274)					$	(94,835)					$	(67,807)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders			$	(0.88)					$	(0.27)					$	(2.76)					$	(1.98)
Weighted average common shares outstanding – basic			34,429						34,330						34,385						34,300
Diluted:
Net income (loss) attributable to common stockholders			$	(0.88)					$	(0.27)					$	(2.76)					$	(1.98)
Weighted average common shares outstanding – diluted			34,429						34,330						34,385						34,300
Dividends declared per common share:			$	—					$	—					$	—					$	—

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Net income (loss)			$	(26,034)					$	(6,246)					$	(87,556)					$	(62,048)
Interest expense and amortization of discounts and loan costs, net			89,590						48,393						171,105						91,952
Depreciation and amortization			47,154						50,896						95,009						103,016
Income tax expense (benefit)			2,062						5,563						2,283						5,683
Equity in (earnings) loss of unconsolidated entities			181						151						577						304
Company's portion of EBITDA of unconsolidated entities			157						(151)						88						(304)
EBITDA			113,110						98,606						181,506						138,603
(Gain) loss on disposition of assets and hotel properties			—						(181)						24						(284)
EBITDAre			113,110						98,425						181,530						138,319
Amortization of unfavorable contract liabilities			18						42						47						95
Transaction and conversion costs			1,033						914						1,152						1,573
Write-off of premiums, loan costs and exit fees			950						971						1,370						1,698
Realized and unrealized (gain) loss on derivatives			(12,583)						(6,074)						(7,168)						(9,285)
Stock/unit-based compensation			1,550						2,038						2,883						4,049
Legal, advisory and settlement costs			—						12						—						37
Other (income) expense, net			(123)						(84)						(243)						(185)
Advisory services incentive fee			—						(151)						—						—
Dead deal costs			—						280						—						280
Company's portion of adjustments to EBITDAre of unconsolidated entities			—						(1)						1						11
Adjusted EBITDAre			$	103,955					$	96,372					$	179,572					$	136,592

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,
			2023						2022						2023						2022
Net income (loss)			$	(26,034)					$	(6,246)					$	(87,556)					$	(62,048)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			349						76						949						448
Preferred dividends			(3,752)						(3,104)						(6,995)						(6,207)
Deemed dividends on redeemable preferred stock			(826)						—						(1,233)						—
Net income (loss) attributable to common stockholders			(30,263)						(9,274)						(94,835)						(67,807)
Depreciation and amortization on real estate			47,154						50,896						95,009						103,016
(Gain) loss on disposition of assets and hotel properties			—						(181)						24						(284)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(349)						(76)						(949)						(448)
Equity in (earnings) loss of unconsolidated entities			181						151						577						304
Company's portion of FFO of unconsolidated entities			(67)						(151)						(354)						(304)
FFO available to common stockholders and OP unitholders			16,656						41,365						(528)						34,477
Deemed dividends on redeemable preferred stock			826						—						1,233						—
Transaction and conversion costs			1,033						914						1,152						1,573
Write-off of premiums, loan costs and exit fees			950						971						1,370						1,698
Unrealized (gain) loss on derivatives			(617)						(6,074)						14,325						(9,285)
Stock/unit-based compensation			1,550						2,038						2,883						4,049
Legal, advisory and settlement costs			—						12						—						37
Other (income) expense, net			(123)						(84)						(243)						(185)
Amortization of credit facility exit fee			4,640						2,896						8,796						5,577
Amortization of loan costs			3,614						2,403						6,385						4,802
Advisory services incentive fee			—						(151)						—						—
Dead deal costs			—						280						—						280
Company's portion of adjustments to FFO of unconsolidated entities			—						(1)						1						11
Adjusted FFO available to common stockholders and OP unitholders			$	28,529					$	44,569					$	35,374					$	43,034
Adjusted FFO per diluted share available to common stockholders and OP unitholders			$	0.78					$	1.23					$	0.97					$	1.19
Weighted average diluted shares			36,575						36,356						36,497						36,304

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2023

(dollars in thousands)

(unaudited)

Indebtedness						Current Maturity						Final Maturity (19)						Interest Rate (20)						Fixed-Rate Debt						Floating-Rate Debt						Total Debt						Comparable TTM Hotel Net Income						Comparable TTM Hotel Net Income Debt Yield						Comparable TTM Hotel EBITDA (21)						Comparable TTM Hotel EBITDA Debt Yield
KEYS Pool A - 7 hotels						June 2023						June 2023						LIBOR (1) + 3.65%						$	—					$	180,720					$	180,720		(3)			$	6,169					3.4		%				$	13,094					7.2		%
KEYS Pool B - 7 hotels						June 2023						June 2023						LIBOR (1) + 3.39%						—						174,400						174,400			(3)			2,333						1.3		%				8,622						4.9		%
KEYS Pool F - 5 hotels						June 2023						June 2023						LIBOR (1) + 3.68%						—						215,120						215,120			(3)			4,267						2.0		%				18,392						8.5		%
Morgan Stanley Pool - 17 hotels						November 2023						November 2024						LIBOR (1) + 3.13%						—						415,000						415,000			(4)			23,553						5.7		%				43,705						10.5		%
BAML Indigo Atlanta - 1 hotel						December 2023						December 2024						SOFR (2) + 2.85%						—						15,214						15,214			(5)			(490)						(3.2)		%				2,117						13.9		%
GACC Manchester RI - 1 hotel						January 2024						January 2024						5.49%						6,269						—						6,269						789						12.6		%				1,319						21.0		%
GACC Jacksonville RI - 1 hotel						January 2024						January 2024						5.49%						9,149						—						9,149						(80)						(0.9)		%				1,411						15.4		%
Oaktree Capital Term Loan						January 2024						January 2026						14.00%						195,959						—						195,959			(6)			N/A						N/A						N/A						N/A
JPMorgan Chase - 8 hotels						February 2024						February 2025						LIBOR (1) + 3.17%						—						345,000						345,000			(7)			15,856						4.6		%				32,739						9.5		%
BAML Princeton/Nashville - 2 hotels						March 2024						March 2026						LIBOR (1) + 2.75%						—						240,000						240,000			(8)			24,430						10.2		%				37,351						15.6		%
BAML Highland Pool - 19 hotels						April 2024						April 2025						LIBOR (1) + 3.47%						—						862,027						862,027			(9)			46,381						5.4		%				101,126						11.7		%
Key Bank Manchester CY - 1 hotel						May 2024						May 2024						4.99%						5,691						—						5,691						687						12.1		%				1,131						19.9		%
Southside Bank Ashton - 1 hotel						June 2024						June 2024						SOFR (2) + 2.00%						—						8,881						8,881			(10)			392						4.4		%				768						8.6		%
KEYS Pool C - 5 hotels						June 2024						June 2025						LIBOR (1) + 3.86%						—						158,689						158,689			(11)			7,652						4.8		%				20,595						13.0		%
KEYS Pool D - 5 hotels						June 2024						June 2025						LIBOR (1) + 4.15%						—						262,640						262,640			(12)			18,454						7.0		%				26,114						9.9		%
KEYS Pool E - 5 hotels						June 2024						June 2025						LIBOR (1) + 2.85%						—						160,000						160,000			(13)			5,490						3.4		%				19,216						12.0		%
Morgan Stanley Pool C2 - 2 hotels						August 2024						August 2024						4.85%						11,048						—						11,048						469						4.2		%				1,708						15.5		%
Morgan Stanley Pool C3 - 3 hotels						August 2024						August 2024						4.90%						22,101						—						22,101						989						4.5		%				3,087						14.0		%
Torchlight Marriott Gateway - 1 hotel						November 2024						November 2026						SOFR (2) + 4.76%						—						86,000						86,000			(14)			8,109						9.4		%				15,312						17.8		%
Aareal Le Pavillon - 1 hotel						December 2024						December 2027						SOFR (2) + 4.00%						—						37,000						37,000			(15)			(5,697)						(15.4)		%				1,341						3.6		%
BAML Pool 3 - 3 hotels						February 2025						February 2025						4.45%						46,303						—						46,303						3,550						7.7		%				8,275						17.9		%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						March 2025						March 2025						4.66%						23,036						—						23,036						(597)						(2.6)		%				2,579						11.2		%
Aareal Boston Back Bay - 1 hotel						August 2025						August 2026						SOFR (2) + 3.91%						—						98,000						98,000			(16)			1,796						1.8		%				14,879						15.2		%
Aareal Alexandria/La Posada - 2 hotels						May 2026						May 2028						SOFR (2) + 4.00%						—						98,450						98,450			(17)			(710)						(0.7)		%				10,089						10.2		%
Total																								$	319,556					$	3,357,141					$	3,676,697					$	163,792					4.5		%				$	384,970					10.5		%
Percentage																								8.7		%				91.3		%				100.0		%
Weighted average interest rate (18) (20)																								10.43		%				7.75		%				7.98		%

All indebtedness is non-recourse with the exception of the term loan.

The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.

(1)    LIBOR rate was 5.22% at June 30, 2023.

(2)    SOFR rate was 5.14% at June 30, 2023.

(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.

(5)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.

(6)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.

(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.

(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.

(9)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023.

(10)    This mortgage loan has a SOFR floor of 2.0%.

(11)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023.

(12)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.

(13)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.

(14)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(15)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(16)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

(17)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(18)    The weighted average interest rates are adjusted for in-the-money interest rate caps.

(19)    The final maturity date assumes all available extension options will be exercised.

(20)    Interest rates do not include default or late payment rates in effect on some mortgage loans.

(21)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2023

(dollars in thousands)

(unaudited)

						2023						2024						2025						2026						2027						Thereafter						Total
KEYS Pool A - 7 hotels (1)						$	180,720					$	—					$	—					$	—					$	—					$	—					$	180,720
KEYS Pool B - 7 hotels (1)						174,400						—						—						—						—						—						174,400
KEYS Pool F - 5 hotels (1)						215,120						—						—						—						—						—						215,120
GACC Jacksonville RI - 1 hotel						—						9,036						—						—						—						—						9,036
GACC Manchester RI - 1 hotel						—						6,191						—						—						—						—						6,191
Key Bank Manchester CY - 1 hotel						—						5,580						—						—						—						—						5,580
Southside Bank Ashton - 1 hotel						—						8,881						—						—						—						—						8,881
Morgan Stanley Pool C2 - 2 hotels						—						10,755						—						—						—						—						10,755
Morgan Stanley Pool C3 - 3 hotels						—						21,522						—						—						—						—						21,522
Morgan Stanley Pool - 17 hotels						—						415,000						—						—						—						—						415,000
BAML Indigo Atlanta - 1 hotel						—						14,987						—						—						—						—						14,987
JPMorgan Chase - 8 hotels						—						—						345,000						—						—						—						345,000
BAML Pool 3 - 3 hotels						—						—						44,413						—						—						—						44,413
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						—						—						22,030						—						—						—						22,030
BAML Highland Pool - 19 hotels						—						—						862,027						—						—						—						862,027
KEYS Pool C - 5 hotels						—						—						158,689						—						—						—						158,689
KEYS Pool D - 5 hotels (2)						—						—						262,640						—						—						—						262,640
KEYS Pool E - 5 hotels (3)						—						—						160,000						—						—						—						160,000
Oaktree Capital Term Loan						—						—						—						195,959						—						—						195,959
BAML Princeton/Nashville - 2 hotels						—						—						—						240,000						—						—						240,000
Aareal Boston Back Bay - 1 hotel						—						—						—						96,000						—						—						96,000
Torchlight Marriott Gateway - 1 hotel						—						—						—						86,000						—						—						86,000
Aareal Le Pavillon - 1 hotel						—						—						—						—						35,000						—						35,000
Aareal Alexandria/La Posada						—						—						—						—						—						98,450						98,450
Principal due in future periods						570,240						491,952						1,854,799						617,959						35,000						98,450						3,668,400
Scheduled amortization payments remaining						1,507						2,582						708						2,500						1,000						—						8,297
Total indebtedness						$	571,747					$	494,534					$	1,855,507					$	620,459					$	36,000					$	98,450					$	3,676,697

The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.

(1)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 2023, this loan was in default in accordance with the terms and conditions of the loan agreement.

(2)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option.

(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option.

9

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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
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	292,956					$	—					$	292,956					$	274,286					$	301					$	274,587					6.81		%				6.69		%
			RevPAR			$	144.25					$	—					$	144.25					$	135.08					$	1,103.15					$	135.21					6.79		%				6.69		%
			Occupancy			75.44		%				—		%				75.44		%				73.31		%				834.43		%				73.41		%				2.91		%				2.76		%
			ADR			$	191.22					$	—					$	191.22					$	184.26					$	132.20					$	184.18					3.77		%				3.82		%

ALL HOTELS:
						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	544,893					$	—					$	544,893					$	468,463					$	620					$	469,083					16.32		%				16.16		%
			RevPAR			$	134.90					$	—					$	134.90					$	115.99					$	1,140.85					$	116.13					16.30		%				16.16		%
			Occupancy			71.95		%				—		%				71.95		%				65.82		%				831.31		%				65.93		%				9.31		%				9.13		%
			ADR			$	187.50					$	—					$	187.50					$	176.22					$	137.24					$	176.15					6.40		%				6.44		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

ALL HOTELS      NOT UNDER RENOVATION:
						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	281,143					$	—					$	281,143					$	262,454					$	301					$	262,755					7.12		%				7.00		%
			RevPAR			$	142.29					$	—					$	142.29					$	132.85					$	1,103.15					$	132.99					7.10		%				6.99		%
			Occupancy			75.58		%				—		%				75.58		%				73.45		%				834.43		%				73.55		%				2.90		%				2.75		%
			ADR			$	188.26					$	—					$	188.26					$	180.88					$	132.20					$	180.80					4.08		%				4.13		%

ALL HOTELS      NOT UNDER RENOVATION:
						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	519,938					$	—					$	519,938					$	444,448					$	620					$	445,068					16.99		%				16.82		%
			RevPAR			$	132.30					$	—					$	132.30					$	113.11					$	1,140.85					$	113.25					16.97		%				16.82		%
			Occupancy			71.97		%				—		%				71.97		%				65.83		%				831.31		%				65.93		%				9.33		%				9.16		%
			ADR			$	183.82					$	—					$	183.82					$	171.83					$	137.24					$	171.77					6.98		%				7.02		%

NOTES:

(1)    The above comparable information assumes the 98 hotel properties owned and included in the Company’s operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)    Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

10

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:			Three Months Ended																		Six Months Ended
			June 30,																		June 30,
			2023						2022						% Variance						2023						2022						% Variance
Total hotel revenue			$	373,749					$	345,651					8.13		%				$	700,614					$	590,640					18.62		%
Non-comparable adjustments			—						681												—						1,104
Comparable total hotel revenue			$	373,749					$	346,332					7.92		%				$	700,614					$	591,744					18.40		%
Hotel net income (loss)			$	64,836					$	55,848					16.09		%				$	98,835					$	55,635					77.65		%
Non-comparable adjustments			(50)						527												(57)						1,059
Comparable hotel net income (loss)			$	64,786					$	56,375					14.92		%				$	98,778					$	56,694					74.23		%
Hotel net income (loss) margin			17.35		%				16.16		%				1.19		%				14.11		%				9.42		%				4.69		%
Comparable hotel net income margin			17.33		%				16.28		%				1.05		%				14.10		%				9.58		%				4.52		%
Hotel EBITDA			$	117,477					$	111,375					5.48		%				$	208,237					$	166,937					24.74		%
Non-comparable adjustments			(12)						869												7						1,707
Comparable hotel EBITDA			$	117,465					$	112,244					4.65		%				$	208,244					$	168,644					23.48		%
Hotel EBITDA margin			31.43		%				32.22		%				(0.79)		%				29.72		%				28.26		%				1.46		%
Comparable hotel EBITDA margin			31.43		%				32.41		%				(0.98)		%				29.72		%				28.50		%				1.22		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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 NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS      NOT UNDER RENOVATION:			Three Months Ended																		Six Months Ended
			June 30,																		June 30,
			2023						2022						% Variance						2023						2022						% Variance
Total hotel revenue			$	357,262					$	329,464					8.44		%				$	666,594					$	558,498					19.35		%
Non-comparable adjustments			—						681												—						1,104
Comparable total hotel revenue			$	357,262					$	330,145					8.21		%				$	666,594					$	559,602					19.12		%
Hotel net income (loss)			$	62,129					$	53,137					16.92		%				$	91,286					$	49,072					86.02		%
Non-comparable adjustments			(50)						527												(57)						1,059
Comparable hotel net income (loss)			$	62,079					$	53,664					15.68		%				$	91,229					$	50,131					81.98		%
Hotel net income (loss) margin			17.39		%				16.13		%				1.26		%				13.69		%				8.79		%				4.90		%
Comparable hotel net income margin			17.38		%				16.25		%				1.13		%				13.69		%				8.96		%				4.73		%
Hotel EBITDA			$	112,780					$	106,391					6.01		%				$	196,702					$	155,658					26.37		%
Non-comparable adjustments			(12)						869												7						1,707
Comparable hotel EBITDA			$	112,768					$	107,260					5.14		%				$	196,709					$	157,365					25.00		%
Hotel EBITDA margin			31.57		%				32.29		%				(0.72)		%				29.51		%				27.87		%				1.64		%
Comparable hotel EBITDA margin			31.56		%				32.49		%				(0.93)		%				29.51		%				28.12		%				1.39		%

NOTES:

(1)    The above comparable information assumes the 98 hotel properties owned and included in the Company’s operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

11

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & 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
			2023						2023						2023						2023						2023						2023						2022						2022						2022						2022						2022						2022
			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			$	373,749					$	—					$	373,749					$	326,865					$	—					$	326,865					$	315,419					$	2,494					$	317,913					$	326,065					$	621					$	326,686
Hotel net income (loss)			$	64,836					$	(50)					$	64,786					$	33,999					$	(7)					$	33,992					$	25,332					$	80					$	25,412					$	40,944					$	(782)					$	40,162
Hotel net income (loss) margin			17.35		%										17.33		%				10.40		%										10.40		%				8.03		%										7.99		%				12.56		%										12.29		%
Hotel EBITDA			$	117,477					$	(12)					$	117,465					$	90,760					$	19					$	90,779					$	84,631					$	900					$	85,531					$	94,892					$	132					$	95,024
Hotel EBITDA margin			31.43		%										31.43		%				27.77		%										27.77		%				26.83		%										26.90		%				29.10		%										29.09		%
Hotel net income (loss) % of total TTM			39.3		%										39.4		%				20.6		%										20.7		%				15.3		%										15.5		%				24.8		%										24.4		%
EBITDA % of total TTM			30.3		%										30.2		%				23.4		%										23.3		%				21.8		%										22.0		%				24.5		%										24.5		%
			Actual						Non-comparable Adjustments						Comparable
			2023						2023						2023
			TTM						TTM						TTM
Total hotel revenue			$	1,342,098					$	3,115					$	1,345,213
Hotel net income (loss)			$	165,111					$	(759)					$	164,352
Hotel net income (loss) margin			12.30		%										12.22		%
Hotel EBITDA			$	387,760					$	1,039					$	388,799
Hotel EBITDA margin			28.89		%										28.90		%
Hotel net income (loss) % of total TTM			100.0		%										100.0		%
EBITDA % of total TTM			100.0		%										100.0		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.

12

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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
															2023						2023						2023						2022						2022						2022						% Variance						% Variance
Atlanta, GA Area			10						1,626						$	142.15					$	—					$	142.15					$	135.32					$	111.04					$	132.33					5.0		%				7.4		%
Boston, MA Area			2						705						300.70						—						300.70						249.00						—						249.00						20.8		%				20.8		%
Dallas / Ft. Worth, TX Area			7						1,526						114.40						—						114.40						106.29						—						106.29						7.6		%				7.6		%
Houston, TX Area			3						692						113.91						—						113.91						98.71						—						98.71						15.4		%				15.4		%
Los Angeles, CA Metro Area			6						1,619						147.60						—						147.60						141.15						—						141.15						4.6		%				4.6		%
Miami, FL Metro Area			2						414						161.91						—						161.91						173.36						—						173.36						(6.6)		%				(6.6)		%
Minneapolis - St. Paul, MN Area			2						520						83.69						—						83.69						66.13						—						66.13						26.6		%				26.6		%
Nashville, TN Area			1						673						250.63						—						250.63						252.13						—						252.13						(0.6)		%				(0.6)		%
New York / New Jersey Metro Area			6						1,743						108.94						—						108.94						96.14						—						96.14						13.3		%				13.3		%
Orlando, FL Area			2						524						132.33						—						132.33						120.76						—						120.76						9.6		%				9.6		%
Philadelphia, PA Area			3						648						108.71						—						108.71						109.22						—						109.22						(0.5)		%				(0.5)		%
San Diego, CA Area			2						410						150.79						—						150.79						149.97						—						149.97						0.5		%				0.5		%
San Francisco - Oakland, CA Metro Area			7						1,547						126.90						—						126.90						120.66						—						120.66						5.2		%				5.2		%
Tampa, FL Area			2						571						144.22						—						144.22						126.77						—						126.77						13.8		%				13.8		%
Washington D.C. - MD - VA Area			9						2,426						178.68						—						178.68						159.06						—						159.06						12.3		%				12.3		%
Other Areas			36						6,672						135.00						—						135.00						131.42						(95.93)						132.47						2.7		%				1.9		%
Total Portfolio			100						22,316						$	144.25					$	—					$	144.25					$	135.08					$	1,103.15					$	135.21					6.8		%				6.7		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

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
															2023						2023						2023						2022						2022						2022						% Variance						% Variance
Atlanta, GA Area			10						1,626						$	138.66					$	—					$	138.66					$	120.90					$	91.31					$	117.26					14.7		%				18.3		%
Boston, MA Area			2						705						218.72						—						218.72						171.92						—						171.92						27.2		%				27.2		%
Dallas / Ft. Worth, TX Area			7						1,526						116.43						—						116.43						98.76						—						98.76						17.9		%				17.9		%
Houston, TX Area			3						692						111.68						—						111.68						94.07						—						94.07						18.7		%				18.7		%
Los Angeles, CA Metro Area			6						1,619						147.93						—						147.93						131.38						—						131.38						12.6		%				12.6		%
Miami, FL Metro Area			2						414						196.57						—						196.57						186.90						—						186.90						5.2		%				5.2		%
Minneapolis - St. Paul, MN Area			2						520						67.52						—						67.52						52.50						—						52.50						28.6		%				28.6		%
Nashville, TN Area			1						673						234.52						—						234.52						216.20						—						216.20						8.5		%				8.5		%
New York / New Jersey Metro Area			6						1,743						93.06						—						93.06						73.91						—						73.91						25.9		%				25.9		%
Orlando, FL Area			2						524						139.55						—						139.55						122.05						—						122.05						14.3		%				14.3		%
Philadelphia, PA Area			3						648						93.55						—						93.55						87.60						—						87.60						6.8		%				6.8		%
San Diego, CA Area			2						410						139.33						—						139.33						124.74						—						124.74						11.7		%				11.7		%
San Francisco - Oakland, CA Metro Area			7						1,547						121.12						—						121.12						97.65						—						97.65						24.0		%				24.0		%
Tampa, FL Area			2						571						167.79						—						167.79						137.50						—						137.50						22.0		%				22.0		%
Washington D.C. - MD - VA Area			9						2,426						153.65						—						153.65						118.04						—						118.04						30.2		%				30.2		%
Other Areas			36						6,672						127.83						—						127.83						116.35						(75.33)						117.57						9.9		%				8.7		%
Total Portfolio			100						22,316						$	134.90					$	—					$	134.90					$	115.99					$	1,140.85					$	116.13					16.3		%				16.2		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

13

---

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) 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
															2023						2023						2023												2022						2022						2022												% Variance						% Variance
Atlanta, GA Area			10						1,626						$	2,264					$	—					$	2,264					3.5		%				$	2,042					$	82					$	2,124					3.8		%				10.9		%				6.6		%
Boston, MA Area			2						705						5,668						—						5,668						8.7		%				4,522						—						4,522						8.0		%				25.3		%				25.3		%
Dallas / Ft. Worth, TX Area			7						1,526						2,018						—						2,018						3.1		%				2,328						—						2,328						4.1		%				(13.3)		%				(13.3)		%
Houston, TX Area			3						692						1,332						—						1,332						2.1		%				677						—						677						1.2		%				96.8		%				96.8		%
Los Angeles, CA Metro Area			6						1,619						5,973						—						5,973						9.2		%				4,780						—						4,780						8.5		%				25.0		%				25.0		%
Miami, FL Metro Area			2						414						1,082						—						1,082						1.7		%				1,198						—						1,198						2.1		%				(9.7)		%				(9.7)		%
Minneapolis - St. Paul, MN Area			2						520						192						—						192						0.3		%				(601)						(2)						(603)						(1.1)		%				131.9		%				131.8		%
Nashville, TN Area			1						673						7,002						—						7,002						10.8		%				6,686						—						6,686						11.9		%				4.7		%				4.7		%
New York / New Jersey Metro Area			6						1,743						2,367						—						2,367						3.7		%				367						—						367						0.7		%				545.0		%				545.0		%
Orlando, FL Area			2						524						1,314						—						1,314						2.0		%				659						—						659						1.2		%				99.4		%				99.4		%
Philadelphia, PA Area			3						648						1,119						—						1,119						1.7		%				1,000						—						1,000						1.8		%				11.9		%				11.9		%
San Diego, CA Area			2						410						1,539						—						1,539						2.4		%				1,560						—						1,560						2.8		%				(1.3)		%				(1.3)		%
San Francisco - Oakland, CA Metro Area			7						1,547						1,044						—						1,044						1.6		%				1,309						—						1,309						2.3		%				(20.2)		%				(20.2)		%
Tampa, FL Area			2						571						1,874						—						1,874						2.9		%				1,277						—						1,277						2.3		%				46.8		%				46.8		%
Washington D.C. - MD - VA Area			9						2,426						11,706						—						11,706						18.1		%				9,341						—						9,341						16.6		%				25.3		%				25.3		%
Other Areas			36						6,672						18,342						(50)						18,292						28.2		%				18,703						447						19,150						33.8		%				(1.9)		%				(4.5)		%
Total Portfolio			100						22,316						$	64,836					$	(50)					$	64,786					100.0		%				$	55,848					$	527					$	56,375					100.0		%				16.1		%				14.9		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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 NET INCOME (LOSS) 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
															2023						2023						2023												2022						2022						2022												% Variance						% Variance
Atlanta, GA Area			10						1,626						$	5,146					$	—					$	5,146					5.2		%				$	1,925					$	(245)					$	1,680					3.0		%				167.3		%				206.3		%
Boston, MA Area			2						705						2,468						—						2,468						2.5		%				1,327						—						1,327						2.3		%				86.0		%				86.0		%
Dallas / Ft. Worth, TX Area			7						1,526						6,764						—						6,764						6.8		%				3,445						—						3,445						6.1		%				96.3		%				96.3		%
Houston, TX Area			3						692						2,315						—						2,315						2.3		%				897						—						897						1.6		%				158.1		%				158.1		%
Los Angeles, CA Metro Area			6						1,619						11,277						—						11,277						11.4		%				7,258						—						7,258						12.8		%				55.4		%				55.4		%
Miami, FL Metro Area			2						414						4,162						—						4,162						4.2		%				3,452						—						3,452						6.1		%				20.6		%				20.6		%
Minneapolis - St. Paul, MN Area			2						520						(927)						—						(927)						(0.9)		%				(2,053)						—						(2,053)						(3.6)		%				54.8		%				54.8		%
Nashville, TN Area			1						673						11,863						—						11,863						12.0		%				10,389						—						10,389						18.3		%				14.2		%				14.2		%
New York / New Jersey Metro Area			6						1,743						597						—						597						0.6		%				(4,500)						—						(4,500)						(7.9)		%				113.3		%				113.3		%
Orlando, FL Area			2						524						2,846						—						2,846						2.9		%				1,534						—						1,534						2.7		%				85.5		%				85.5		%
Philadelphia, PA Area			3						648						(142)						—						(142)						(0.1)		%				(52)						—						(52)						(0.1)		%				(173.1)		%				(173.1)		%
San Diego, CA Area			2						410						2,218						—						2,218						2.2		%				2,031						—						2,031						3.6		%				9.2		%				9.2		%
San Francisco - Oakland, CA Metro Area			7						1,547						1,270						—						1,270						1.3		%				(2,017)						—						(2,017)						(3.6)		%				163.0		%				163.0		%
Tampa, FL Area			2						571						6,402						—						6,402						6.5		%				3,442						—						3,442						6.1		%				86.0		%				86.0		%
Washington D.C. - MD - VA Area			9						2,426						14,105						—						14,105						14.3		%				5,369						—						5,369						9.5		%				162.7		%				162.7		%
Other Areas			36						6,672						28,471						(57)						28,414						28.8		%				23,188						1,304						24,492						43.1		%				22.8		%				16.0		%
Total Portfolio			100						22,316						$	98,835					$	(57)					$	98,778					100.0		%				$	55,635					$	1,059					$	56,694					100.0		%				77.6		%				74.2		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.

14

---

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
															2023						2023						2023												2022						2022						2022												% Variance						% Variance
Atlanta, GA Area			10						1,626						$	6,583					$	—					$	6,583					5.6		%				$	5,705					$	1,023					$	6,728					6.0		%				15.4		%				(2.2)		%
Boston, MA Area			2						705						10,048						—						10,048						8.6		%				7,940						—						7,940						7.1		%				26.5		%				26.5		%
Dallas / Ft. Worth, TX Area			7						1,526						5,876						—						5,876						5.0		%				6,410						—						6,410						5.7		%				(8.3)		%				(8.3)		%
Houston, TX Area			3						692						2,609						—						2,609						2.2		%				1,935						—						1,935						1.7		%				34.8		%				34.8		%
Los Angeles, CA Metro Area			6						1,619						8,164						—						8,164						7.0		%				8,087						—						8,087						7.2		%				1.0		%				1.0		%
Miami, FL Metro Area			2						414						2,466						—						2,466						2.1		%				2,759						—						2,759						2.5		%				(10.6)		%				(10.6)		%
Minneapolis - St. Paul, MN Area			2						520						1,041						—						1,041						0.9		%				257						—						257						0.2		%				305.1		%				305.1		%
Nashville, TN Area			1						673						9,532						—						9,532						8.1		%				9,731						—						9,731						8.7		%				(2.0)		%				(2.0)		%
New York / New Jersey Metro Area			6						1,743						6,439						—						6,439						5.5		%				4,748						—						4,748						4.2		%				35.6		%				35.6		%
Orlando, FL Area			2						524						2,303						—						2,303						2.0		%				2,010						—						2,010						1.8		%				14.6		%				14.6		%
Philadelphia, PA Area			3						648						2,074						—						2,074						1.8		%				1,807						—						1,807						1.6		%				14.8		%				14.8		%
San Diego, CA Area			2						410						2,147						—						2,147						1.8		%				2,204						—						2,204						2.0		%				(2.6)		%				(2.6)		%
San Francisco - Oakland, CA Metro Area			7						1,547						5,004						—						5,004						4.3		%				5,314						—						5,314						4.7		%				(5.8)		%				(5.8)		%
Tampa, FL Area			2						571						2,814						—						2,814						2.4		%				2,520						—						2,520						2.2		%				11.7		%				11.7		%
Washington D.C. - MD - VA Area			9						2,426						18,106						—						18,106						15.4		%				16,326						—						16,326						14.5		%				10.9		%				10.9		%
Other Areas			36						6,672						32,271						(12)						32,259						27.3		%				33,622						(154)						33,468						29.9		%				(4.0)		%				(3.6)		%
Total Portfolio			100						22,316						$	117,477					$	(12)					$	117,465					100.0		%				$	111,375					$	869					$	112,244					100.0		%				5.5		%				4.7		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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
															2023						2023						2023												2022						2022						2022												% Variance						% Variance
Atlanta, GA Area			10						1,626						$	14,217					$	—					$	14,217					6.8		%				$	9,583					$	1,642					$	11,225					6.7		%				48.4		%				26.7		%
Boston, MA Area			2						705						11,125						—						11,125						5.3		%				8,129						—						8,129						4.8		%				36.9		%				36.9		%
Dallas / Ft. Worth, TX Area			7						1,526						14,552						—						14,552						7.0		%				11,562						—						11,562						6.9		%				25.9		%				25.9		%
Houston, TX Area			3						692						5,389						—						5,389						2.6		%				3,660						—						3,660						2.2		%				47.2		%				47.2		%
Los Angeles, CA Metro Area			6						1,619						16,100						—						16,100						7.7		%				13,803						—						13,803						8.2		%				16.6		%				16.6		%
Miami, FL Metro Area			2						414						7,014						—						7,014						3.4		%				6,562						—						6,562						3.9		%				6.9		%				6.9		%
Minneapolis - St. Paul, MN Area			2						520						717						—						717						0.3		%				(333)						—						(333)						(0.2)		%				315.3		%				315.3		%
Nashville, TN Area			1						673						17,018						—						17,018						8.2		%				15,890						—						15,890						9.4		%				7.1		%				7.1		%
New York / New Jersey Metro Area			6						1,743						8,866						—						8,866						4.3		%				4,171						—						4,171						2.5		%				112.6		%				112.6		%
Orlando, FL Area			2						524						4,951						—						4,951						2.4		%				4,248						—						4,248						2.5		%				16.5		%				16.5		%
Philadelphia, PA Area			3						648						2,175						—						2,175						1.0		%				2,005						—						2,005						1.2		%				8.5		%				8.5		%
San Diego, CA Area			2						410						3,482						—						3,482						1.7		%				3,356						—						3,356						2.0		%				3.8		%				3.8		%
San Francisco - Oakland, CA Metro Area			7						1,547						9,467						—						9,467						4.5		%				6,101						—						6,101						3.6		%				55.2		%				55.2		%
Tampa, FL Area			2						571						8,314						—						8,314						4.0		%				5,936						—						5,936						3.5		%				40.1		%				40.1		%
Washington D.C. - MD - VA Area			9						2,426						27,737						—						27,737						13.3		%				19,260						—						19,260						11.4		%				44.0		%				44.0		%
Other Areas			36						6,672						57,113						7						57,120						27.5		%				53,004						65						53,069						31.4		%				7.8		%				7.6		%
Total Portfolio			100						22,316						$	208,237					$	7					$	208,244					100.0		%				$	166,937					$	1,707					$	168,644					100.0		%				24.7		%				23.5		%

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of 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.

15

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2023

(in thousands, except share price)

(unaudited)

			June 30, 2023
Common stock shares outstanding			34,493
Partnership units outstanding			2,063
Combined common stock shares and partnership units outstanding			36,556
Common stock price			$	3.73
Market capitalization			$	136,354
Series D cumulative preferred stock			$	29,361
Series F cumulative preferred stock			$	31,276
Series G cumulative preferred stock			$	38,300
Series H cumulative preferred stock			$	32,710
Series I cumulative preferred stock			$	31,323
Series J redeemable preferred stock			$	39,368
Series K redeemable preferred stock			$	1,793
Indebtedness			$	3,676,697
Net working capital (see below)			$	(344,011)
Total enterprise value (TEV)			$	3,673,171
Cash and cash equivalents			$	254,060
Restricted cash			$	150,450
Accounts receivable, net			$	58,382
Prepaid expenses			$	19,711
Due from third-party hotel managers, net			$	17,577
Total current assets			$	500,180
Accounts payable, net & accrued expenses			$	147,478
Dividends and distributions payable			$	3,378
Due to affiliates, net			$	5,313
Total current liabilities			$	156,169
Net working capital			$	344,011

Amounts include assets held for sale and liabilities associated with assets held for sale.

The amounts do not include amounts related to the consolidation of 815 Commerce Management Member, LLC.

16

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Actual

Estimated

Estimated

Crowne Plaza La Concha Key West

160

x

x

x

Embassy Suites Crystal City

269

x

Embassy Suites Dallas

150

x

x

Hampton Inn Evansville

140

x

Le Pavillon New Orleans

226

x

x

Marriott Sugar Land

300

x

Residence Inn Hartford Manchester

96

x

Residence Inn Phoenix Airport

200

x

Ritz-Carlton Atlanta

444

x

SpringHill Suites Buford Mall of Georgia

97

x

Total

3

2

4

5

(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.

17

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			2023						2023						2022						2022						June 30, 2023
			2nd Quarter						1st Quarter						4th Quarter						3rd Quarter						TTM
Net income (loss)			$	64,836					$	33,999					$	25,332					$	40,944					$	165,111
Non-property adjustments			(9)						(8)						(127)						1						(143)
Interest income			(248)						(100)						(97)						(47)						(492)
Interest expense			5,137						5,580						4,559						3,556						18,832
Amortization of loan costs			262						282						358						447						1,349
Depreciation and amortization			47,065						47,684						49,181						49,256						193,186
Income tax expense (benefit)			66						22						53						116						257
Non-hotel EBITDA ownership expense			368						3,301						5,372						619						9,660
Hotel EBITDA including amounts attributable to noncontrolling interest			117,477						90,760						84,631						94,892						387,760
Non-comparable adjustments			(12)						19						900						132						1,039
Comparable hotel EBITDA			$	117,465					$	90,779					$	85,531					$	95,024					$	388,799

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

18

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2023
			Hotel Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	62,129					$	2,707					$	64,836					$	(46)					$	(90,824)					$	(26,034)
Non-property adjustments			(9)						—						(9)						—						9						—
Interest income			(222)						(26)						(248)						—						248						—
Interest expense			5,137						—						5,137						—						80,839						85,976
Amortization of loan cost			262						—						262						—						3,352						3,614
Depreciation and amortization			45,082						1,983						47,065						41						48						47,154
Income tax expense (benefit)			66						—						66						—						1,996						2,062
Non-hotel EBITDA ownership expense			335						33						368						6						(374)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			112,780						4,697						117,477						1						(4,706)						112,772
Equity in (earnings) loss of unconsolidated entities			—						—						—						—						181						181
Company's portion of EBITDA of unconsolidated entities			—						—						—						—						157						157
Hotel EBITDA attributable to the Company and OP unitholders			$	112,780					$	4,697					$	117,477					$	1					$	(4,368)					$	113,110
Non-comparable adjustments			(12)						—						(12)
Comparable hotel EBITDA			$	112,768					$	4,697					$	117,465

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

19

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

															Three Months Ended March 31, 2023
															Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)															$	33,999					$	46					$	(95,567)					$	(61,522)
Non-property adjustments															(8)						—						8						—
Interest income															(100)						—						100						—
Interest expense															5,580						—						73,164						78,744
Amortization of loan cost															282						—						2,489						2,771
Depreciation and amortization															47,684						123						48						47,855
Income tax expense (benefit)															22						—						199						221
Non-hotel EBITDA ownership expense															3,301						9						(3,310)						—
Hotel EBITDA including amounts attributable to noncontrolling interest															90,760						178						(22,869)						68,069
Less: EBITDA adjustments attributable to consolidated noncontrolling interest															—						—						—						—
Equity in (earnings) loss of unconsolidated entities															—						—						396						396
Company's portion of EBITDA of unconsolidated entities															—						—						(69)						(69)
Hotel EBITDA attributable to the Company and OP unitholders															$	90,760					$	178					$	(22,542)					$	68,396
Non-comparable adjustments															19
Comparable hotel EBITDA															$	90,779

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

20

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

															Three Months Ended December 31, 2022
															Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)															$	25,332					$	(5)					$	(82,014)					$	(56,687)
Non-property adjustments															(127)						—						127						—
Interest income															(97)						—						97						—
Interest expense															4,559						—						67,103						71,662
Amortization of loan cost															358						—						2,000						2,358
Depreciation and amortization															49,181						124						48						49,353
Income tax expense (benefit)															53						—						(4,057)						(4,004)
Non-hotel EBITDA ownership expense															5,372						22						(5,394)						—
Hotel EBITDA including amounts attributable to noncontrolling interest															84,631						141						(22,090)						62,682
Equity in (earnings) loss of unconsolidated entities															—						—						353						353
Company's portion of EBITDA of unconsolidated entities															—						—						(222)						(222)
Hotel EBITDA attributable to the Company and OP unitholders															$	84,631					$	141					$	(21,959)					$	62,813
Non-comparable adjustments															900
Comparable hotel EBITDA															$	85,531

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

21

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

															Three Months Ended September 30, 2022
															Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)															$	40,944					$	(30)					$	(63,237)					$	(22,323)
Non-property adjustments															1						—						(1)						—
Interest income															(47)						—						47						—
Interest expense															3,556						—						54,955						58,511
Amortization of loan cost															447						—						2,065						2,512
Depreciation and amortization															49,256						122						50						49,428
Income tax expense (benefit)															116						—						4,541						4,657
Non-hotel EBITDA ownership expense															619						9						(628)						—
Hotel EBITDA including amounts attributable to noncontrolling interest															94,892						101						(2,208)						92,785
Equity in (earnings) loss of unconsolidated entities															—						—						147						147
Company's portion of EBITDA of unconsolidated entities															—						—						(148)						(148)
Hotel EBITDA attributable to the Company and OP unitholders															$	94,892					$	101					$	(2,209)					$	92,784
Non-comparable adjustments															132
Comparable hotel EBITDA															$	95,024

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

22

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2022
			Hotel Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	53,137					$	2,711					$	55,848					$	459					$	(62,553)					$	(6,246)
Non-property adjustments			2						—						2						(151)						149						—
Interest income			(48)						—						(48)						(1)						49						—
Interest expense			2,643						—						2,643						—						43,347						45,990
Amortization of loan cost			443						—						443						—						1,960						2,403
Depreciation and amortization			48,490						2,233						50,723						124						49						50,896
Income tax expense (benefit)			84						—						84						—						5,479						5,563
Non-hotel EBITDA ownership expense			1,640						40						1,680						17						(1,697)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			106,391						4,984						111,375						448						(13,217)						98,606
Equity in (earnings) loss of unconsolidated entities			—						—						—						—						151						151
Company's portion of EBITDA of unconsolidated entities			—						—						—						—						(151)						(151)
Hotel EBITDA attributable to the Company and OP unitholders			$	106,391					$	4,984					$	111,375					$	448					$	(13,217)					$	98,606
Non-comparable adjustments			869						—						869
Comparable hotel EBITDA			$	107,260					$	4,984					$	112,244

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

23

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2023
			Hotel Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	91,285					$	7,550					$	98,835					$	—					$	(186,391)					$	(87,556)
Non-property adjustments			(17)						—						(17)						—						17						—
Interest income			(322)						(26)						(348)						—						348						—
Interest expense			10,717						—						10,717						—						154,003						164,720
Amortization of loan cost			544						—						544						—						5,841						6,385
Depreciation and amortization			90,866						3,883						94,749						164						96						95,009
Income tax expense (benefit)			88						—						88						—						2,195						2,283
Non-hotel EBITDA ownership expense			3,541						128						3,669						15						(3,684)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			196,702						11,535						208,237						179						(27,575)						180,841
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			—						—						—						—						—						—
Equity in (earnings) loss of unconsolidated entities			—						—						—						—						577						577
Company's portion of EBITDA of unconsolidated entities			—						—						—						—						88						88
Hotel EBITDA attributable to the Company and OP unitholders			$	196,702					$	11,535					$	208,237					$	179					$	(26,910)					$	181,506
Non-comparable adjustments			7						—						7
Comparable hotel EBITDA			$	196,709					$	11,535					$	208,244

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

24

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2022
			Hotel Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total						Orlando WorldQuest Resort						Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	49,072					$	6,563					$	55,635					$	726					$	(118,409)					$	(62,048)
Non-property adjustments			13						—						13						(273)						260						—
Interest income			(55)						—						(55)						(1)						56						—
Interest expense			4,915						—						4,915						—						82,235						87,150
Amortization of loan cost			882						—						882						—						3,920						4,802
Depreciation and amortization			98,087						4,577						102,664						255						97						103,016
Income tax expense (benefit)			99						—						99						—						5,584						5,683
Non-hotel EBITDA ownership expense			2,645						139						2,784						37						(2,821)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			155,658						11,279						166,937						744						(29,078)						138,603
Equity in (earnings) loss of unconsolidated entities			—						—						—						—						304						304
Company's portion of EBITDA of unconsolidated entities			—						—						—						—						(304)						(304)
Hotel EBITDA attributable to the Company and OP unitholders			$	155,658					$	11,279					$	166,937					$	744					$	(29,078)					$	138,603
Non-comparable adjustments			1,707						—						1,707
Comparable hotel EBITDA			$	157,365					$	11,279					$	168,644

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    Excluded hotels under renovation:

Crowne Plaza La Concha Key West, Ritz-Carlton Atlanta

25

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2023
			Atlanta, GA Area						Boston, MA Area						Dallas / Ft. Worth, TX Area						Houston, TX Area						Los Angeles, CA Metro Area						Miami, FL Metro Area						Minneapolis - St. Paul, MN - WI Area						Nashville, TN Area						New York / New Jersey Metro Area
Net income (loss)			$	2,264					$	5,668					$	2,018					$	1,332					$	5,973					$	1,082					$	192					$	7,002					$	2,367
Non-property adjustments			—						—						—						—						—						—						—						—						—
Interest income			(36)						(44)						(4)						—						(26)						(6)						—						—						(10)
Interest expense			805						2,181						—						—						—						—						—						—						—
Amortization of loan costs			6						139						—						—						—						—						—						—						—
Depreciation and amortization			3,620						2,031						3,861						1,271						2,556						1,388						768						2,506						3,955
Income tax expense (benefit)			—						—						—						—						—						—						—						27						—
Non-hotel EBITDA ownership expense			(76)						73						1						6						(339)						2						81						(3)						127
Hotel EBITDA including amounts attributable to noncontrolling interest			6,583						10,048						5,876						2,609						8,164						2,466						1,041						9,532						6,439
Non-comparable adjustments			—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	6,583					$	10,048					$	5,876					$	2,609					$	8,164					$	2,466					$	1,041					$	9,532					$	6,439
			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)			$	1,314					$	1,119					$	1,539					$	1,044					$	1,874					$	11,706					$	18,342					$	64,836
Non-property adjustments			—						—						—						—						—						23						(32)						(9)
Interest income			(17)						(6)						(13)						(13)						—						(43)						(30)						(248)
Interest expense			—						—						—						219						—						697						1,235						5,137
Amortization of loan costs			—						—						—						38						—						46						33						262
Depreciation and amortization			1,073						899						592						3,364						932						5,665						12,584						47,065
Income tax expense (benefit)			—						—						—						—						—						—						39						66
Non-hotel EBITDA ownership expense			(67)						62						29						352						8						12						100						368
Hotel EBITDA including amounts attributable to noncontrolling interest			2,303						2,074						2,147						5,004						2,814						18,106						32,271						117,477
Non-comparable adjustments			—						—						—						—						—						—						(12)						(12)
Comparable hotel EBITDA			$	2,303					$	2,074					$	2,147					$	5,004					$	2,814					$	18,106					$	32,259					$	117,465

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

26

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2022
			Atlanta, GA Area						Boston, MA Area						Dallas / Ft. Worth, TX Area						Houston, TX Area						Los Angeles, CA Metro Area						Miami, FL Metro Area						Minneapolis - St. Paul, MN - WI Area						Nashville, TN Area						New York / New Jersey Metro Area
Net income (loss)			$	2,042					$	4,522					$	2,328					$	677					$	4,780					$	1,198					$	(601)					$	6,686					$	367
Non-property adjustments			—						—						—						—						—						—						—						—						—
Interest income			—						(10)						(1)						—						(6)						—						—						—						(9)
Interest expense			123						1,132						—						—						—						—						—						—						—
Amortization of loan costs			8						133						—						—						—						—						—						—						—
Depreciation and amortization			3,726						2,164						3,944						1,175						3,018						1,519						827						2,559						4,020
Income tax expense (benefit)			—						—						—						—						—						—						—						17						—
Non-hotel EBITDA ownership expense			(194)						(1)						139						83						295						42						31						469						370
Hotel EBITDA including amounts attributable to noncontrolling interest			5,705						7,940						6,410						1,935						8,087						2,759						257						9,731						4,748
Non-comparable adjustments			1,023						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	6,728					$	7,940					$	6,410					$	1,935					$	8,087					$	2,759					$	257					$	9,731					$	4,748
			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)			$	659					$	1,000					$	1,560					$	1,309					$	1,277					$	9,341					$	18,703					$	55,848
Non-property adjustments			—						—						—						—						—						—						2						2
Interest income			(2)						—						(1)						(4)						—						(8)						(7)						(48)
Interest expense			—						—						—						226						—						563						599						2,643
Amortization of loan costs			—						—						—						38						—						66						198						443
Depreciation and amortization			1,341						1,156						629						3,650						1,185						6,283						13,527						50,723
Income tax expense (benefit)			—						—						—						—						—						—						67						84
Non-hotel EBITDA ownership expense			12						(349)						16						95						58						81						533						1,680
Hotel EBITDA including amounts attributable to noncontrolling interest			2,010						1,807						2,204						5,314						2,520						16,326						33,622						111,375
Non-comparable adjustments			—						—						—						—						—						—						(154)						869
Comparable hotel EBITDA			$	2,010					$	1,807					$	2,204					$	5,314					$	2,520					$	16,326					$	33,468					$	112,244

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

27

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2023
			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)			$	5,146					$	2,468					$	6,764					$	2,315					$	11,277					$	4,162					$	(927)					$	11,863					$	597
Non-property adjustments			—						—						—						—						—						—						—						—						—
Interest income			(39)						(44)						(7)						—						(41)						(8)						—						—						(16)
Interest expense			1,589						4,256						—						—						—						—						—						—						—
Amortization of loan costs			11						276						—						—						—						—						—						—						—
Depreciation and amortization			7,223						4,077						7,708						2,505						5,142						2,830						1,545						5,037						7,989
Income tax expense (benefit)			—						—						—						—						—						—						—						48						—
Non-hotel EBITDA ownership expense			287						92						87						569						(278)						30						99						70						296
Hotel EBITDA including amounts attributable to noncontrolling interest			14,217						11,125						14,552						5,389						16,100						7,014						717						17,018						8,866
Non-comparable adjustments			—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	14,217					$	11,125					$	14,552					$	5,389					$	16,100					$	7,014					$	717					$	17,018					$	8,866
			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)			$	2,846					$	(142)					$	2,218					$	1,270					$	6,402					$	14,105					$	28,471					$	98,835
Non-property adjustments			—						—						—						—						—						23						(40)						(17)
Interest income			(33)						(9)						(20)						(28)						—						(57)						(46)						(348)
Interest expense			—						—						—						436						—						1,943						2,493						10,717
Amortization of loan costs			—						—						—						77						—						114						66						544
Depreciation and amortization			2,195						1,863						1,185						6,809						1,870						11,478						25,293						94,749
Income tax expense (benefit)			—						—						—						—						—						—						40						88
Non-hotel EBITDA ownership expense			(57)						463						99						903						42						131						836						3,669
Hotel EBITDA including amounts attributable to noncontrolling interest			4,951						2,175						3,482						9,467						8,314						27,737						57,113						208,237
Non-comparable adjustments			—						—						—						—						—						—						7						7
Comparable hotel EBITDA			$	4,951					$	2,175					$	3,482					$	9,467					$	8,314					$	27,737					$	57,120					$	208,244

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

28

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2022
			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)			$	1,925					$	1,327					$	3,445					$	897					$	7,258					$	3,452					$	(2,053)					$	10,389					$	(4,500)
Non-property adjustments			—						—						—						—						—						—						—						—						—
Interest income			(1)						(10)						(1)						—						(7)						—						—						—						(10)
Interest expense			223						2,099						—						—						—						—						—						—						—
Amortization of loan costs			16						264						—						—						—						—						—						—						—
Depreciation and amortization			7,518						4,433						7,934						2,358						6,255						3,040						1,672						5,018						8,156
Income tax expense (benefit)			—						—						—						—						—						—						—						22						—
Non-hotel EBITDA ownership expense			(98)						16						184						405						297						70						48						461						525
Hotel EBITDA including amounts attributable to noncontrolling interest			9,583						8,129						11,562						3,660						13,803						6,562						(333)						15,890						4,171
Non-comparable adjustments			1,642						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	11,225					$	8,129					$	11,562					$	3,660					$	13,803					$	6,562					$	(333)					$	15,890					$	4,171
			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)			$	1,534					$	(52)					$	2,031					$	(2,017)					$	3,442					$	5,369					$	23,188					$	55,635
Non-property adjustments			—						—						—						—						—						—						13						13
Interest income			(2)						(1)						(1)						(4)						—						(8)						(10)						(55)
Interest expense			—						—						—						450						—						1,007						1,136						4,915
Amortization of loan costs			—						—						—						75						—						131						396						882
Depreciation and amortization			2,703						2,393						1,268						7,355						2,417						12,726						27,418						102,664
Income tax expense (benefit)			—						—						—						—						—						—						77						99
Non-hotel EBITDA ownership expense			13						(335)						58						242						77						35						786						2,784
Hotel EBITDA including amounts attributable to noncontrolling interest			4,248						2,005						3,356						6,101						5,936						19,260						53,004						166,937
Non-comparable adjustments			—						—						—						—						—						—						65						1,707
Comparable hotel EBITDA			$	4,248					$	2,005					$	3,356					$	6,101					$	5,936					$	19,260					$	53,069					$	168,644

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

29

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			TTM Ended June 30, 2023
			KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						KEYS Pool C - 5 hotels						KEYS Pool D - 5 hotels						KEYS Pool E - 5 hotels						KEYS Pool F - 5 hotels						BAML Highland Pool - 19 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						BAML Pool 3 - 3 hotels						Morgan Stanley Pool C3 - 3 hotels
Net income (loss)			$	6,169					$	2,333					$	7,652					$	18,454					$	5,490					$	4,267					$	46,381					$	23,553					$	15,856					$	3,550					$	989
Non-property adjustments			—						—						(76)						—						—						(25)						(203)						(32)						—						—						—
Interest income			(64)						(33)						(9)						—						—						(17)						(86)						(74)						(177)						(32)						—
Interest expense			—						—						—						—						—						—						—						—						4						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			6,690						6,119						12,616						7,011						12,764						13,818						50,625						18,744						17,460						4,535						2,055
Income tax expense (benefit)			—						—						—						—						1						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			299						203						412						649						961						349						4,409						1,514						(21)						222						43
Hotel EBITDA including amounts attributable to noncontrolling interest			13,094						8,622						20,595						26,114						19,216						18,392						101,126						43,705						33,122						8,275						3,087
Non-comparable adjustments			—						—						—						—						—						—						—						—						(383)						—						—
Comparable hotel EBITDA			$	13,094					$	8,622					$	20,595					$	26,114					$	19,216					$	18,392					$	101,126					$	43,705					$	32,739					$	8,275					$	3,087
			Morgan Stanley Pool C2 - 2 hotels						BAML Princeton/ Nashville - 2 hotels						Aaeral Hilton Alexandria/La Posada-2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel						GACC Jacksonville RI - 1 hotel						Aareal Le Pavillon - 1 hotel						Key Bank Manchester CY - 1 hotel						GACC Manchester RI - 1 hotel
Net income (loss)			$	469					$	24,430					$	(710)					$	392					$	(490)					$	1,796					$	8,109					$	(80)					$	(5,697)					$	687					$	789
Non-property adjustments			—						(23)						24						—						—						—						—						—						272						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			—						—						5,473						—						1,014						7,630						—						—						2,747						—						—
Amortization of loan costs			—						—						342						—						28						546						—						—						282						—						—
Depreciation and amortization			1,000						12,999						4,914						359						1,544						4,817						6,868						1,477						3,684						374						417
Income tax expense (benefit)			—						84						—						—						—						—						—						—						—						64						108
Non-hotel EBITDA ownership expense			239						(139)						46						17						21						90						119						14						53						6						5
Hotel EBITDA including amounts attributable to noncontrolling interest			1,708						37,351						10,089						768						2,117						14,879						15,096						1,411						1,341						1,131						1,319
Non-comparable adjustments			—						—						—						—						—						—						216						—						—						—						—
Comparable hotel EBITDA			$	1,708					$	37,351					$	10,089					$	768					$	2,117					$	14,879					$	15,312					$	1,411					$	1,341					$	1,131					$	1,319
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Morgan Stanley Ann Arbor - 1 hotel						Unencumbered hotels						Total Portfolio
Net income (loss)			$	(597)					$	716					$	603					$	165,111
Non-property adjustments			—						(81)						1						(143)
Interest income			—						—						—						(492)
Interest expense			887						—						1,077						18,832
Amortization of loan costs			151						—						—						1,349
Depreciation and amortization			2,006						(3)						293						193,186
Income tax expense (benefit)			—						—						—						257
Non-hotel EBITDA ownership expense			132						5						12						9,660
Hotel EBITDA including amounts attributable to noncontrolling interest			2,579						637						1,986						387,760
Non-comparable adjustments			—						(637)						1,843						1,039
Comparable hotel EBITDA			$	2,579					$	—					$	3,829					$	388,799

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

30

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2023
			KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						KEYS Pool C - 5 hotels						KEYS Pool D - 5 hotels						KEYS Pool E - 5 hotels						KEYS Pool F - 5 hotels						BAML Highland Pool - 19 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						BAML Pool 3 - 3 hotels						Morgan Stanley Pool C3 - 3 hotels
Net income (loss)			$	2,028					$	1,328					$	2,437					$	6,336					$	3,486					$	1,543					$	19,043					$	7,798					$	5,123					$	1,256					$	319
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—
Interest income			(28)						(12)						(6)						—						—						(10)						(86)						(34)						(56)						(16)						—
Interest expense			—						—						—						—						—						—						—						—						1						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			1,741						1,528						3,018						1,429						3,016						3,366						12,188						4,690						4,343						1,087						619
Income tax expense (benefit)			—						—						—						—						1						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			47						(25)						70						56						191						63						180						82						(213)						(58)						9
Hotel EBITDA including amounts attributable to noncontrolling interest			3,788						2,819						5,519						7,821						6,694						4,962						31,325						12,536						9,198						2,269						947
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	3,788					$	2,819					$	5,519					$	7,821					$	6,694					$	4,962					$	31,325					$	12,536					$	9,198					$	2,269					$	947
			Morgan Stanley Pool C2 - 2 hotels						BAML Princeton/ Nashville - 2 hotels						Aaeral Hilton Alexandria/La Posada-2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel						GACC Jacksonville RI - 1 hotel						Aareal Le Pavillon - 1 hotel						Key Bank Manchester CY - 1 hotel						GACC Manchester RI - 1 hotel
Net income (loss)			$	67					$	8,159					$	737					$	120					$	(55)					$	2,588					$	3,353					$	61					$	(1,662)					$	225					$	283
Non-property adjustments			—						—						24						—						—						—						—						—						—						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			—						—						1,101						—						302						2,181						—						—						831						—						—
Amortization of loan costs			—						—						46						—						6						139						—						—						33						—						—
Depreciation and amortization			233						3,217						1,282						85						383						1,175						1,592						304						927						90						89
Income tax expense (benefit)			—						27						—						—						—						—						—						—						—						9						29
Non-hotel EBITDA ownership expense			(7)						31						(26)						4						(101)						34						7						4						10						2						2
Hotel EBITDA including amounts attributable to noncontrolling interest			293						11,434						3,164						209						535						6,117						4,952						369						139						326						403
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	293					$	11,434					$	3,164					$	209					$	535					$	6,117					$	4,952					$	369					$	139					$	326					$	403
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Morgan Stanley Ann Arbor - 1 hotel						Unencumbered hotels						Total Portfolio
Net income (loss)			$	(47)					$	49					$	261					$	64,836
Non-property adjustments			—						(33)						—						(9)
Interest income			—						—						—						(248)
Interest expense			219						—						502						5,137
Amortization of loan costs			38						—						—						262
Depreciation and amortization			531						—						132						47,065
Income tax expense (benefit)			—						—						—						66
Non-hotel EBITDA ownership expense			—						(5)						11						368
Hotel EBITDA including amounts attributable to noncontrolling interest			741						11						906						117,477
Non-comparable adjustments			—						(11)						(1)						(12)
Comparable hotel EBITDA			$	741					$	—					$	905					$	117,465

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

31

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended March 31, 2023
			KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						KEYS Pool C - 5 hotels						KEYS Pool D - 5 hotels						KEYS Pool E - 5 hotels						KEYS Pool F - 5 hotels						BAML Highland Pool - 19 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						BAML Pool 3 - 3 hotels						Morgan Stanley Pool C3 - 3 hotels
Net income (loss)			$	2,807					$	(231)					$	2,568					$	4,336					$	(1,526)					$	(34)					$	11,888					$	6,919					$	3,497					$	1,548					$	122
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—
Interest income			(18)						(9)						(2)						—						—						(3)						—						(19)						(41)						(8)						—
Interest expense			—						—						—						—						—						—						—						—						1						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			1,697						1,533						3,119						1,834						3,127						3,389						12,376						4,527						4,310						1,104						560
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			55						93						44						58						796						70						699						714						212						11						13
Hotel EBITDA including amounts attributable to noncontrolling interest			4,541						1,386						5,729						6,228						2,397						3,422						24,963						12,141						7,979						2,655						695
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	4,541					$	1,386					$	5,729					$	6,228					$	2,397					$	3,422					$	24,963					$	12,141					$	7,979					$	2,655					$	695
			Morgan Stanley Pool C2 - 2 hotels						BAML Princeton/ Nashville - 2 hotels						Aaeral Hilton Alexandria/La Posada-2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel						GACC Jacksonville RI - 1 hotel						Aareal Le Pavillon - 1 hotel						Key Bank Manchester CY - 1 hotel						GACC Manchester RI - 1 hotel
Net income (loss)			$	311					$	5,381					$	(1,888)					$	21					$	(216)					$	(2,195)					$	1,927					$	84					$	(1,366)					$	87					$	100
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			—						—						1,705						—						281						2,075						—						—						796						—						—
Amortization of loan costs			—						—						68						—						6						137						—						—						33						—						—
Depreciation and amortization			229						3,247						1,245						87						390						1,189						1,652						338						910						89						94
Income tax expense (benefit)			—						22						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			216						117						16						2						50						19						14						3						22						3						3
Hotel EBITDA including amounts attributable to noncontrolling interest			756						8,767						1,146						110						511						1,225						3,593						425						395						179						197
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	756					$	8,767					$	1,146					$	110					$	511					$	1,225					$	3,593					$	425					$	395					$	179					$	197
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Morgan Stanley Ann Arbor - 1 hotel						Unencumbered hotels						Total Portfolio
Net income (loss)			$	(444)					$	(9)					$	312					$	33,999
Non-property adjustments			—						(8)						—						(8)
Interest income			—						—						—						(100)
Interest expense			217						—						505						5,580
Amortization of loan costs			38						—						—						282
Depreciation and amortization			507						(5)						136						47,684
Income tax expense (benefit)			—						—						—						22
Non-hotel EBITDA ownership expense			68						3						—						3,301
Hotel EBITDA including amounts attributable to noncontrolling interest			386						(19)						953						90,760
Non-comparable adjustments			—						19						—						19
Comparable hotel EBITDA			$	386					$	—					$	953					$	90,779

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

32

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended December 31, 2022
			KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						KEYS Pool C - 5 hotels						KEYS Pool D - 5 hotels						KEYS Pool E - 5 hotels						KEYS Pool F - 5 hotels						BAML Highland Pool - 19 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						BAML Pool 3 - 3 hotels						Morgan Stanley Pool C3 - 3 hotels
Net income (loss)			$	830					$	31					$	690					$	3,468					$	(875)					$	1,368					$	6,449					$	4,196					$	3,581					$	783					$	63
Non-property adjustments			—						—						(76)						—						—						(25)						(203)						(32)						—						—						—
Interest income			(14)						(9)						(1)						—						—						(3)						—						(16)						(47)						(7)						—
Interest expense			—						—						—						—						—						—						—						—						1						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			1,701						1,565						3,230						1,836						3,264						3,509						12,858						4,879						4,403						1,130						490
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			177						108						218						242						225						164						3,250						502						80						86						13
Hotel EBITDA including amounts attributable to noncontrolling interest			2,694						1,695						4,061						5,546						2,614						5,013						22,354						9,529						8,018						1,992						566
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	2,694					$	1,695					$	4,061					$	5,546					$	2,614					$	5,013					$	22,354					$	9,529					$	8,018					$	1,992					$	566
			Morgan Stanley Pool C2 - 2 hotels						BAML Princeton/ Nashville - 2 hotels						Aaeral Hilton Alexandria/La Posada-2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel						GACC Jacksonville RI - 1 hotel						Aareal Le Pavillon - 1 hotel						Key Bank Manchester CY - 1 hotel						GACC Manchester RI - 1 hotel
Net income (loss)			$	14					$	5,220					$	(522)					$	237					$	(71)					$	(504)					$	1,611					$	(102)					$	(1,022)					$	115					$	131
Non-property adjustments			—						(6)						—						—						—						—						—						—						272						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			—						—						1,517						—						247						1,868						—						—						631						—						—
Amortization of loan costs			—						—						67						—						8						136						—						—						109						—						—
Depreciation and amortization			261						3,273						1,216						93						387						1,229						1,765						395						917						97						116
Income tax expense (benefit)			—						15						—						—						—						—						—						—						—						13						25
Non-hotel EBITDA ownership expense			8						109						36						2						61						18						29						4						16						2						—
Hotel EBITDA including amounts attributable to noncontrolling interest			283						8,611						2,314						332						632						2,747						3,405						297						923						227						272
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	283					$	8,611					$	2,314					$	332					$	632					$	2,747					$	3,405					$	297					$	923					$	227					$	272
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Morgan Stanley Ann Arbor - 1 hotel						Unencumbered hotels						Total Portfolio
Net income (loss)			$	(416)					$	27					$	30					$	25,332
Non-property adjustments			—						(58)						1						(127)
Interest income			—						—						—						(97)
Interest expense			225						—						70						4,559
Amortization of loan costs			38						—						—						358
Depreciation and amortization			540						2						25						49,181
Income tax expense (benefit)			—						—						—						53
Non-hotel EBITDA ownership expense			21						—						1						5,372
Hotel EBITDA including amounts attributable to noncontrolling interest			408						(29)						127						84,631
Non-comparable adjustments			—						29						871						900
Comparable hotel EBITDA			$	408					$	—					$	998					$	85,531

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

33

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended September 30, 2022
			KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						KEYS Pool C - 5 hotels						KEYS Pool D - 5 hotels						KEYS Pool E - 5 hotels						KEYS Pool F - 5 hotels						BAML Highland Pool - 19 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						BAML Pool 3 - 3 hotels						Morgan Stanley Pool C3 - 3 hotels
Net income (loss)			$	504					$	1,205					$	1,957					$	4,314					$	4,405					$	1,390					$	9,001					$	4,640					$	3,655					$	(37)					$	485
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—
Interest income			(4)						(3)						—						—						—						(1)						—						(5)						(33)						(1)						—
Interest expense			—						—						—						—						—						—						—						—						1						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			1,551						1,493						3,249						1,912						3,357						3,554						13,203						4,648						4,404						1,214						386
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			20						27						80						293						(251)						52						280						216						(100)						183						8
Hotel EBITDA including amounts attributable to noncontrolling interest			2,071						2,722						5,286						6,519						7,511						4,995						22,484						9,499						7,927						1,359						879
Non-comparable adjustments			—						—						—						—						—						—						—						—						(383)						—						—
Comparable hotel EBITDA			$	2,071					$	2,722					$	5,286					$	6,519					$	7,511					$	4,995					$	22,484					$	9,499					$	7,544					$	1,359					$	879
			Morgan Stanley Pool C2 - 2 hotels						BAML Princeton/ Nashville - 2 hotels						Aaeral Hilton Alexandria/La Posada-2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel						GACC Jacksonville RI - 1 hotel						Aareal Le Pavillon - 1 hotel						Key Bank Manchester CY - 1 hotel						GACC Manchester RI - 1 hotel
Net income (loss)			$	77					$	5,670					$	963					$	14					$	(148)					$	1,907					$	1,218					$	(123)					$	(1,647)					$	260					$	275
Non-property adjustments			—						(17)						—						—						—						—						—						—						—						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			—						—						1,150						—						184						1,506						—						—						489						—						—
Amortization of loan costs			—						—						161						—						8						134						—						—						107						—						—
Depreciation and amortization			277						3,262						1,171						94						384						1,224						1,859						440						930						98						118
Income tax expense (benefit)			—						20						—						—						—						—						—						—						—						42						54
Non-hotel EBITDA ownership expense			22						(396)						20						9						11						19						69						3						5						(1)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			376						8,539						3,465						117						439						4,790						3,146						320						(116)						399						447
Non-comparable adjustments			—						—						—						—						—						—						216						—						—						—						—
Comparable hotel EBITDA			$	376					$	8,539					$	3,465					$	117					$	439					$	4,790					$	3,362					$	320					$	(116)					$	399					$	447
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Morgan Stanley Ann Arbor - 1 hotel						Unencumbered hotels						Total Portfolio
Net income (loss)			$	310					$	649					$	—					$	40,944
Non-property adjustments			—						18						—						1
Interest income			—						—						—						(47)
Interest expense			226						—						—						3,556
Amortization of loan costs			37						—						—						447
Depreciation and amortization			428						—						—						49,256
Income tax expense (benefit)			—						—						—						116
Non-hotel EBITDA ownership expense			43						7						—						619
Hotel EBITDA including amounts attributable to noncontrolling interest			1,044						674						—						94,892
Non-comparable adjustments			—						(674)						973						132
Comparable hotel EBITDA			$	1,044					$	—					$	973					$	95,024

NOTES:

(1)    The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

34