# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-23-000013
**Filing Date:** 2023-2
**Character Count:** 113895
**Document Hash:** cc04f5eb5c1575043e1aacb0096b6a14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-23-000013.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001232582-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD HOSPITALITY TRUST INC
- **CENTRAL INDEX KEY:** 0001232582
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 861062192
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31775
- **FILM NUMBER:** 23648308

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 9724909600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

?xml version="1.0" ? aht-20230221

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): February 21, 2023** 

**ASHFORD HOSPITALITY TRUST, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Maryland | 001-31775 | 86-1062192 |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 14185 Dallas Parkway, Suite 1200 |  |  |
| Dallas |  |  |
| Texas |  | 75254 |
| (Address of principal executive offices) |  | (Zip code) |

---

Registrant's telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **AHT** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **AHT-PD** | **New York Stock Exchange** |
| **Preferred Stock, Series F** | **AHT-PF** | **New York Stock Exchange** |
| **Preferred Stock, Series G** | **AHT-PG** | **New York Stock Exchange** |
| **Preferred Stock, Series H** | **AHT-PH** | **New York Stock Exchange** |
| **Preferred Stock, Series I** | **AHT-PI** | **New York Stock Exchange** |

---

------

**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On February 21, 2023, Ashford Hospitality Trust, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**ITEM 8.01 &nbsp;&nbsp;&nbsp;&nbsp;OTHER EVENTS.**

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> 

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Fourth Quarter 2022 Earnings Release of the Company, dated February 21, 2023](aht2022q4earningsrelease.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ASHFORD HOSPITALITY TRUST, INC. | ASHFORD HOSPITALITY TRUST, INC. |
| Dated: February 21, 2023 | By: | /s/ Deric S. Eubanks |
|  |  | Deric S. Eubanks |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![hosptrustleft300dpia14a.jpg](hosptrustleft300dpia14a.jpg)

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 FOURTH QUARTER AND** 

**FULL YEAR 2022 RESULTS**

DALLAS – February 21, 2023 – Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2022. 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 December 31, 2022 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2022 with the fourth quarter and year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

**FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels increased 24.9% to $118 during the quarter on an 11.7% increase in ADR and an 11.8% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 1.1% compared to the comparable period in 2019, which is the best quarterly performance compared to 2019 since the onset of the pandemic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders was $(60.2) million or $(1.75) per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre was $69.1 million for the quarter, reflecting a growth rate of 69.7% over the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter, compared to $(0.09) for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with cash and cash equivalents of $417.1 million and restricted cash of $142.0 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 $22.5 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net working capital at the end of the quarter was $519.1 million, which equates to approximately $14.35 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the quarter was $35.7 million.

------

AHT Reports Fourth Quarter Results

February 21, 2023

**FULL YEAR 2022 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels increased 49.4% over the prior year to $119 on a 23.1% increase in ADR and a 21.4% increase in Occupancy. Comparable RevPAR for all hotels decreased approximately 8.4% compared to 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, net loss attributable to common stockholders was $(153.2) million or $(4.46) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre for the year was $287.3 million, which reflected a growth rate of 153% over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, AFFO per diluted share was $1.85 compared to $(1.23) in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the year was $103.8 million.

**RECENT OPERATING HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotels loan with a paydown of $50 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To date, the Company has issued approximately $4 million of its non-traded preferred stock.

**CAPITAL STRUCTURE** 

At December 31, 2022, the Company had total loans of $3.8 billion with a blended average interest rate of 7.2%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 100% of the Company's debt is effectively fixed and approximately 0% is effectively floating. At the end of the quarter, approximately 79% of the Company's hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes.

During the quarter, the Company successfully refinanced its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana which had an initial maturity date of January 2023. The new, non-recourse loan totals $37.0 million, the same loan amount as the previous loan, and has a two-year initial term with three 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 also successfully modified and extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta in Atlanta, Georgia which had an initial maturity date of December 2022. As part of this extension, the Company made an $810,000 paydown of the loan and the interest rate was modified from LIBOR + 2.25% to SOFR + 2.85%.

Subsequent to quarter end, the Company successfully extended its JP Morgan Chase – 8 Hotel mortgage loan which had a maturity extension date in February 2023. As part of this extension, the Company made a $50 million principal paydown of the loan and also was able to reduce the 2024 debt yield extension test from 9.25% to 8.50%, giving the Company significantly more flexibility for the next extension test for this loan.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2022. 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.

------

AHT Reports Fourth Quarter Results

February 21, 2023

During the first quarter of 2022, the Company filed a registration statement with the U.S. Securities and Exchange Commission ("SEC") for its Series J and Series K Redeemable Preferred Stock ("Non-Traded Preferred Equity"). The registration statement provides for the issuance of Non-Traded Preferred Equity in a primary offering over the course of up to three years from the effective date. The Series J and Series K Redeemable Preferred Stock have initial annual dividend yields of 8.0% and 8.2% respectively, and the Company offers a Dividend Reinvestment Plan for investors in the Non-Traded Preferred Equity. The registration statement is now effective, and the Company commenced the offering of the Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 167,321 shares of its Series J and 4,600 shares of its Series K non-traded preferred stock raising approximately $4 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.

"Our portfolio delivered strong operating performance during the fourth quarter and, bolstered by increased demand and notable rate increases in many key markets, we're extremely encouraged by the Company's improved hotel performance versus 2019," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "That improvement has continued into the first quarter, reflecting our high-quality, geographically diverse portfolio. Further, we continue to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. In addition, we recently commenced the process of raising our non-traded preferred equity and believe this offering will provide an attractive cost of capital and allow us to accretively grow our portfolio over time, subject to future market conditions. As we begin 2023, we continue to be pleased with how our portfolio is performing and believe we are well-positioned for any economic scenario."

**INVESTOR CONFERENCE CALL AND SIMULCAST**

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, February 22, 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, March 1, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734833.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2022 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, February 22, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. 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.

\* \* \* \* \*

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

------

AHT Reports Fourth Quarter Results

February 21, 2023

*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.*

*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.*

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share amounts)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | $3118331 | $3230710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 417064 | 592110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 141962 | 99534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $501 and $455, respectively | 49809 | 37720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3856 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, net | 5062 | 8723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated entities | 19576 | 11253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, net | 2665 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 15981 | 13384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets, net | 47182 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 43921 | 44575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 21653 | 16150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 797 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from Ashford Inc., net | 486 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties, net | 6570 | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 22462 | 26896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3917377 | $4098143 |
| **LIABILITIES AND EQUITY (DEFICIT)** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $3838543 | $3887822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability | 18847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 115970 | 117650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 15287 | 15432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 3118 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties, net |  | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 1319 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, net | 2097 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 44661 | 45106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 4326 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4044168 | 4078055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests in operating partnership | 21550 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J Redeemable Preferred Stock, $0.01 par value, 87,115 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 2004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K Redeemable Preferred Stock, $0.01 par value, 1,800 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 44 |  |
| Equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 50,000,000 shares authorized : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 400,000,000 shares authorized, 34,495,185 and 34,490,381 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 345 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2383244 | 2379906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (2534043) | (2382970) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (150389) | (2654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity/deficit | $3917377 | $4098143 |

---

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $242528 | $195857 | $974002 | $655121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 56954 | 37424 | 196663 | 94911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 17268 | 14754 | 67310 | 53112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 316750 | 248035 | 1237975 | 803144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 720 | 700 | 2884 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 317470 | 248735 | 1240859 | 805411 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 59865 | 49475 | 229115 | 159547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 39794 | 27724 | 140775 | 69608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 110649 | 92216 | 421056 | 316638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 11495 | 9070 | 45047 | 31014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 221803 | 178485 | 835993 | 576806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 16049 | 16083 | 67338 | 67904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 49353 | 52560 | 201797 | 218851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base advisory fee | 8600 | 9022 | 34802 | 36239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 2486 | 1743 | 9851 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 635 | 2438 | 5244 | 9140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 30 | 81 | 698 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 3119 | 3959 | 9181 | 15397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 302075 | 264371 | 1164904 | 932027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel properties | 27 | 1054 | 300 | 1449 |
| **OPERATING INCOME (LOSS)** | 15422 | (14582) | 76255 | (125167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | (353) | (135) | (804) | (558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2624 | 70 | 4777 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 4374 | 78 | 4800 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of discount amortization | (71662) | (41475) | (217323) | (143508) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | (2358) | (2641) | (9672) | (12611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (460) | (5412) | (3536) | (10612) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt |  |  |  | 11896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives | (8278) | 10781 | 10781 | 14493 |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (60691) | (53316) | (134722) | (265100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 4004 | (3032) | (6336) | (5948) |
| **NET INCOME (LOSS)** | (56687) | (56348) | (141058) | (271048) |
| (Income) loss attributable to noncontrolling interest in consolidated entities |  | (11) |  | 73 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 554 | 376 | 1233 | 3970 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (56133) | (55983) | (139825) | (267005) |
| Preferred dividends | (3122) | (1740) | (12433) | (252) |
| Deemed dividends on redeemable preferred stock | (946) |  | (946) |  |
| Gain (loss) on extinguishment of preferred stock |  | (1566) |  | (607) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(60201) | $(59289) | $(153204) | $(267864) |
| **INCOME (LOSS) PER SHARE – BASIC AND DILUTED** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(1.75) | $(1.75) | $(4.46) | $(12.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 34374 | 33802 | 34339 | 21625 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(1.75) | $(1.75) | $(4.46) | $(12.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 34374 | 33802 | 34339 | 21844 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dividends declared per common share:** | $— | $— | $— | $— |

---

------

 **ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

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

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Net income (loss)** | $(56687) | $(56348) | $(141058) | $(271048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs, net | 74020 | 44116 | 226995 | 156119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 49353 | 52560 | 201797 | 218851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (4004) | 3032 | 6336 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 353 | 135 | 804 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of EBITDA of unconsolidated entities | (222) | (135) | (674) | (554) |
| **EBITDA** | 62813 | 43360 | 294200 | 109874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets and hotel properties | (27) | (54) | (300) | (449) |
| **EBITDAre** | 62786 | 43306 | 293900 | 109425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of unfavorable contract liabilities | 43 | 53 | 181 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (342) |  | (342) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 460 | 5412 | 3536 | 10612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt |  |  |  | (11896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (4371) | (1078) | (4797) | (1760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | (472) | 779 | (2300) | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 1995 | 439 | 1936 | 7371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | 8278 | (10781) | (10781) | (14493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dead deal costs |  |  |  | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uninsured remediation costs |  |  |  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 674 | 2556 | 5998 | 10095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to EBITDAre of unconsolidated entities | 4 | 2 | 16 | 16 |
| **Adjusted EBITDAre** | $69055 | $40688 | $287347 | $113644 |

---

**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** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Net income (loss)** | $(56687) | $(56348) | $(141058) | $(271048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities |  | (11) |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 554 | 376 | 1233 | 3970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (3122) | (1740) | (12433) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (946) |  | (946) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of preferred stock |  | (1566) |  | (607) |
| Net income (loss) attributable to common stockholders | (60201) | (59289) | (153204) | (267864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate | 49353 | 52526 | 201797 | 218708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets and hotel properties | (27) | (54) | (300) | (449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (554) | (376) | (1233) | (3970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 353 | 135 | 804 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of FFO of unconsolidated entities | (319) | (135) | (771) | (556) |
| **FFO available to common stockholders and OP unitholders** | (11395) | (7193) | 47093 | (53573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 946 |  | 946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of preferred stock |  | 1566 |  | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 460 | 5412 | 3536 | 10612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt |  |  |  | (11896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (342) |  | (342) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (119) | (1078) | (412) | (1760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | (472) | 779 | (2300) | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 1995 | 439 | 1936 | 7371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | 8278 | (10781) | (10781) | (14493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dead deal costs |  |  |  | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uninsured remediation costs |  |  |  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 674 | 2556 | 5998 | 10095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of term loan exit fee | 3279 | 2520 | 11948 | 7076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 2358 | 2637 | 9672 | 12597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of unconsolidated entities | 4 | 2 | 16 | 16 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $5666 | $(3141) | $67310 | $(28911) |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $0.16 | $(0.09) | $1.85 | $(1.23) |
| Weighted average diluted shares | 36437 | 35764 | 36372 | 23545 |

---

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**SUMMARY OF INDEBTEDNESS**

**December 31, 2022**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indebtedness** | **Current Maturity** | **Final Maturity** <sup>(16)</sup> | **Interest Rate** | **Fixed-Rate<br>Debt** | **Floating-Rate<br>Debt** | **Total<br>Debt** | | **Comparable TTM Hotel Net Income** | **Comparable TTM Hotel Net Income Debt Yield** | **Comparable TTM Hotel EBITDA** <sup>(17)</sup> | **Comparable TTM EBITDA<br>Debt Yield** |
| JPMorgan Chase - 8 hotels | February 2023 | February 2025 | LIBOR <sup>(1)</sup> + 3.07% | $— | $395000 | $395000 | (3) | $12293 | 3.1% | $30271 | 7.7% |
| BAML Princeton/Nashville - 2 hotels | March 2023 | March 2026 | LIBOR <sup>(1)</sup> + 2.75% |  | 240000 | 240000 | (4) | 21589 | 9.0% | 34891 | 14.5% |
| BAML Highland Pool - 19 hotels | April 2023 | April 2025 | LIBOR <sup>(1)</sup> + 3.20% |  | 907030 | 907030 | (5) | 28866 | 3.2% | 86270 | 9.5% |
| Aareal Hilton Alexandria - 1 hotel | June 2023 | June 2023 | LIBOR <sup>(1)</sup> + 2.45% |  | 73450 | 73450 |  | (2190) | (3.0)% | 4088 | 5.6% |
| KEYS Pool A - 7 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 3.65% |  | 180720 | 180720 | (6) | 4904 | 2.7% | 11331 | 6.3% |
| KEYS Pool B - 7 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 3.39% |  | 174400 | 174400 | (6) | 685 | 0.4% | 6969 | 4.0% |
| KEYS Pool C - 5 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 3.73% |  | 221040 | 221040 | (6) | 5203 | 2.4% | 18690 | 8.5% |
| KEYS Pool D - 5 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 4.02% |  | 262640 | 262640 | (6) | 16153 | 6.2% | 24794 | 9.4% |
| KEYS Pool E - 5 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 2.73% |  | 160000 | 160000 | (6) | 3921 | 2.5% | 17346 | 10.8% |
| KEYS Pool F - 5 hotels | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 3.68% |  | 215120 | 215120 | (6) | 1622 | 0.8% | 16834 | 7.8% |
| JPMorgan Chase La Posada - 1 hotel | November 2023 | November 2023 | SOFR <sup>(2)</sup> + 2.80% |  | 25000 | 25000 | (7) | 2551 | 10.2% | 5773 | 23.1% |
| Morgan Stanley Pool - 17 hotels | November 2023 | November 2024 | LIBOR <sup>(1)</sup> + 3.13% |  | 415000 | 415000 | (8) | 19779 | 4.8% | 40003 | 9.6% |
| BAML Indigo Atlanta - 1 hotel | December 2023 | December 2024 | SOFR <sup>(2)</sup> + 2.85% |  | 15290 | 15290 | (9) | (688) | (4.5)% | 1599 | 10.5% |
| GACC Manchester RI - 1 hotel | January 2024 | January 2024 | 5.49% | 6345 |  | 6345 |  | 653 | 10.3% | 1262 | 19.9% |
| GACC Jacksonville RI - 1 hotel | January 2024 | January 2024 | 5.49% | 9261 |  | 9261 |  | (405) | (4.4)% | 1395 | 15.1% |
| Oaktree Capital Term Loan | January 2024 | January 2026 | 16.00% | 195959 |  | 195959 | (10) | N/A | N/A | N/A | N/A |
| Key Bank Manchester CY - 1 hotel | May 2024 | May 2024 | 4.99% | 5819 |  | 5819 |  | 574 | 9.9% | 1041 | 17.9% |
| Southside Bank Ashton - 1 hotel | June 2024 | June 2024 | SOFR <sup>(2)</sup> + 2.00% |  | 8881 | 8881 | (11) | 302 | 3.4% | 700 | 7.9% |
| Morgan Stanley Pool C2 - 2 hotels | August 2024 | August 2024 | 4.85% | 11172 |  | 11172 |  | 163 | 1.5% | 1137 | 10.2% |
| Morgan Stanley Pool C3 - 3 hotels | August 2024 | August 2024 | 4.90% | 22349 |  | 22349 |  | 1123 | 5.0% | 2785 | 12.5% |
| Torchlight Marriott Gateway - 1 hotel | November 2024 | November 2026 | LIBOR <sup>(1)</sup> + 4.65% |  | 85552 | 85552 | (12) | 5258 | 6.1% | 13156 | 15.4% |
| Aareal Le Pavillon - 1 hotel | December 2024 | December 2027 | SOFR <sup>(2)</sup> + 4.00% |  | 37000 | 37000 | (13) | (4208) | (11.4)% | 1987 | 5.4% |
| BAML Pool 3 - 3 hotels | February 2025 | February 2025 | 4.45% | 46918 |  | 46918 |  | 2341 | 5.0% | 7525 | 16.0% |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | March 2025 | 4.66% | 23326 |  | 23326 |  | (447) | (1.9)% | 2506 | 10.7% |
| Aareal Boston Back Bay - 1 hotel | August 2025 | August 2026 | SOFR <sup>(2)</sup> + 3.91% |  | 98000 | 98000 | (14) | 2196 | 2.2% | 13234 | 13.5% |
| Total |  |  |  | $321149 | $3514123 | $3835272 |  | $122238 | 3.2% | $345587 | 9.0% |
| Percentage |  |  |  | 8.4% | 91.6% | 100.0% |  |  |  |  |  |
| Weighted average interest rate <sup>(15)</sup> |  |  |  | 11.62% | 6.75% | 7.15% |  |  |  |  |  |

---

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

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;LIBOR rate was 4.392% at December 31, 2022.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>SOFR rate was 4.358% at December 31, 2022.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022.

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

<sup>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

<sup>(10)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This term loan has two one-year extension options, subject to satisfaction of certain conditions.

<sup>(11)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has a SOFR floor of 2.0%.

<sup>(12)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.

<sup>(13)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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%.

<sup>(14)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

<sup>(15)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The weighted average interest rates are adjusted for in-the-money interest rate caps.

<sup>(16)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The final maturity date assumes all available extension options will be exercised.

<sup>(17)&nbsp;&nbsp;&nbsp;&nbsp;</sup>See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED**

**December 31, 2022**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2023** | **2024** | **2025** | **2026** | **2027** | **Thereafter** | **Total** |
| Aareal Hilton Alexandria - 1 hotel | $73450 | $— | $— | $— | $— | $— | $73450 |
| JPMorgan Chase La Posada - 1 hotel | 25000 |  |  |  |  |  | 25000 |
| GACC Jacksonville RI - 1 hotel |  | 9036 |  |  |  |  | 9036 |
| GACC Manchester RI - 1 hotel |  | 6191 |  |  |  |  | 6191 |
| Key Bank Manchester CY - 1 hotel |  | 5580 |  |  |  |  | 5580 |
| Southside Bank Ashton - 1 hotel |  | 8881 |  |  |  |  | 8881 |
| Morgan Stanley Pool C2 - 2 hotels |  | 10755 |  |  |  |  | 10755 |
| Morgan Stanley Pool C3 - 3 hotels |  | 21522 |  |  |  |  | 21522 |
| Morgan Stanley Pool - 17 hotels |  | 415000 |  |  |  |  | 415000 |
| BAML Indigo Atlanta - 1 hotel |  | 14987 |  |  |  |  | 14987 |
| JPMorgan Chase - 8 hotels |  |  | 395000 |  |  |  | 395000 |
| BAML Pool 3 - 3 hotels |  |  | 44413 |  |  |  | 44413 |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel |  |  | 22030 |  |  |  | 22030 |
| BAML Highland Pool - 19 hotels |  |  | 907030 |  |  |  | 907030 |
| KEYS Pool A - 7 hotels |  |  | 180720 |  |  |  | 180720 |
| KEYS Pool B - 7 hotels |  |  | 174400 |  |  |  | 174400 |
| KEYS Pool C - 5 hotels |  |  | 221040 |  |  |  | 221040 |
| KEYS Pool D - 5 hotels |  |  | 262640 |  |  |  | 262640 |
| KEYS Pool E - 5 hotels |  |  | 160000 |  |  |  | 160000 |
| KEYS Pool F - 5 hotels |  |  | 215120 |  |  |  | 215120 |
| Oaktree Capital Term Loan |  |  |  | 195959 |  |  | 195959 |
| BAML Princeton/Nashville - 2 hotels |  |  |  | 240000 |  |  | 240000 |
| Aareal Boston Back Bay - 1 hotel |  |  |  | 96000 |  |  | 96000 |
| Torchlight Marriott Gateway - 1 hotel |  |  |  | 85552 |  |  | 85552 |
| Aareal Le Pavillon - 1 hotel |  |  |  |  | 35000 |  | 35000 |
| Principal due in future periods | 98450 | 491952 | 2582393 | 617511 | 35000 |  | 3825306 |
| Scheduled amortization payments remaining | 3176 | 2582 | 708 | 2500 | 1000 |  | 9966 |
| Total indebtedness | $101626 | $494534 | $2583101 | $620011 | $36000 | $— | $3835272 |

---

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**KEY PERFORMANCE INDICATORS** 

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $241491 | $1713 | $243204 | $194744 | $(86) | $194658 | 24.00% | 24.94% |
| RevPAR | $118.50 | $112.66 | $118.46 | $94.87 | $(399.20) | $94.82 | 24.91% | 24.94% |
| Occupancy | 67.47% | 72.57% | 67.51% | 60.31% | 680.37% | 60.38% | 11.87% | 11.81% |
| ADR | $175.63 | $155.23 | $175.47 | $157.29 | $(58.67) | $157.04 | 11.66% | 11.74% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $969502 | $2731 | $972233 | $651327 | $(454) | $650873 | 48.85% | 49.37% |
| RevPAR | $119.35 | $124.52 | $119.36 | $79.67 | $(14.70) | $79.92 | 49.80% | 49.36% |
| Occupancy | 67.53% | 94.29% | 67.60% | 55.58% | (22.15)% | 55.71% | 21.50% | 21.35% |
| ADR | $176.73 | $132.07 | $176.57 | $143.34 | $(66.38) | $143.46 | 23.30% | 23.08% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $234543 | $1713 | $236256 | $188677 | $(86) | $188591 | 24.31% | 25.27% |
| RevPAR | $118.80 | $112.66 | $118.75 | $94.85 | $(399.20) | $94.80 | 25.25% | 25.27% |
| Occupancy | 67.63% | 72.57% | 67.66% | 60.06% | 680.37% | 60.13% | 12.60% | 12.53% |
| ADR | $175.67 | $155.23 | $175.50 | $157.92 | $(58.67) | $157.66 | 11.24% | 11.32% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $940703 | $2731 | $943434 | $629602 | $(454) | $629148 | 49.41% | 49.95% |
| RevPAR | $119.51 | $124.52 | $119.53 | $79.46 | $(14.70) | $79.72 | 50.40% | 49.94% |
| Occupancy | 67.51% | 94.29% | 67.59% | 55.18% | (22.15)% | 55.31% | 22.35% | 22.21% |
| ADR | $177.02 | $132.07 | $176.85 | $144.02 | $(66.38) | $144.14 | 22.92% | 22.69% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 96 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL NET INCOME (LOSS) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **% Variance** | **2022** | **2021** | **% Variance** |
| Total hotel revenue | $315419 | $246649 | 27.88% | $1232124 | $798320 | 54.34% |
| Non-comparable adjustments | 2494 | 95 |  | 4219 | 97 |  |
| Comparable total hotel revenue | $317913 | $246744 | 28.84% | $1236343 | $798417 | 54.85% |
| Hotel net income (loss) | $25332 | $(1105) | 2392.49% | $121911 | $(53858) | 326.36% |
| Non-comparable adjustments | 80 | (30) |  | 358 | (9539) |  |
| Comparable hotel net income (loss) | $25412 | $(1135) | 2338.94% | $122269 | $(63397) | 292.86% |
| Hotel net income (loss) margin | 8.03% | (0.45)% | 8.48% | 9.89% | (6.75)% | 16.64% |
| Comparable hotel net income margin | 7.99% | (0.46)% | 8.45% | 9.89% | (7.94)% | 17.83% |
| Hotel EBITDA | $84631 | $55471 | 52.57% | $346460 | $168973 | 105.04% |
| Non-comparable adjustments | 900 | 333 |  | 2739 | 2174 |  |
| Comparable hotel EBITDA | $85531 | $55804 | 53.27% | $349199 | $171147 | 104.03% |
| Hotel EBITDA margin | 26.83% | 22.49% | 4.34% | 28.12% | 21.17% | 6.95% |
| Comparable hotel EBITDA margin | 26.90% | 22.62% | 4.28% | 28.24% | 21.44% | 6.80% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $— | $44 | (100.00)% | $— | $56 | (100.00)% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $25332 | $(1149) | 2304.70% | $121911 | $(53914) | 326.12% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $25412 | $(1179) | 2255.39% | $122269 | $(63453) | 292.69% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $— | $82 | (100.00)% | $— | $226 | (100.00)% |
| Hotel EBITDA attributable to the Company and OP unitholders | $84631 | $55389 | 52.79% | $346460 | $168747 | 105.31% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $85531 | $55722 | 53.50% | $349199 | $170921 | 104.30% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;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<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **% Variance** | **2022** | **2021** | **% Variance** |
| Total hotel revenue | $306015 | $239054 | 28.01% | $1194758 | $772172 | 54.73% |
| Non-comparable adjustments | 2494 | 95 |  | 4219 | 97 |  |
| Comparable total hotel revenue | $308509 | $239149 | 29.00% | $1198977 | $772269 | 55.25% |
| Hotel net income (loss) | $25201 | $(1217) | 2170.75% | $119384 | $(53046) | 325.06% |
| Non-comparable adjustments | 80 | (30) |  | 358 | (9539) |  |
| Comparable hotel net income (loss) | $25281 | $(1247) | 2127.35% | $119741 | $(62585) | 291.33% |
| Hotel net income (loss) margin | 8.24% | (0.51)% | 8.75% | 9.99% | (6.87)% | 16.86% |
| Comparable hotel net income margin | 8.19% | (0.52)% | 8.71% | 9.99% | (8.10)% | 18.09% |
| Hotel EBITDA | $82392 | $53655 | 53.56% | $336618 | $162817 | 106.75% |
| Non-comparable adjustments | 900 | 333 |  | 2739 | 2174 |  |
| Comparable hotel EBITDA | $83292 | $53988 | 54.28% | $339357 | $164991 | 105.68% |
| Hotel EBITDA margin | 26.92% | 22.44% | 4.48% | 28.17% | 21.09% | 7.08% |
| Comparable hotel EBITDA margin | 27.00% | 22.58% | 4.42% | 28.30% | 21.36% | 6.94% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $— | $44 | (100.00)% | $— | $56 | (100.00)% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $— | $(44) | 100.00% | $— | $(56) | 100.00% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $80 | $(74) | 208.11% | $358 | $(9595) | 103.73% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $— | $82 | (100.00)% | $— | $226 | (100.00)% |
| Hotel EBITDA attributable to the Company and OP unitholders | $82392 | $53573 | 53.79% | $336618 | $162591 | 107.03% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $83292 | $53906 | 54.51% | $339357 | $164765 | 105.96% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 96 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** |
| | **4th Quarter** | **4th Quarter** | **4th Quarter** | **3rd Quarter** | **3rd Quarter** | **3rd Quarter** | **2nd Quarter** | **2nd Quarter** | **2nd Quarter** | **1st Quarter** | **1st Quarter** | **1st Quarter** |
| Total hotel revenue | $315419 | $2494 | $317913 | $326065 | $621 | $326686 | $345651 | $681 | $346332 | $244989 | $423 | $245412 |
| Hotel net income (loss) | $25332 | $80 | $25412 | $40944 | $(782) | $40162 | $55848 | $528 | $56376 | $(213) | $532 | $319 |
| Hotel net income (loss) margin | 8.03% |  | 7.99% | 12.56% |  | 12.29% | 16.16% |  | 16.28% | (0.09)% |  | 0.13% |
| Hotel EBITDA | $84631 | $900 | $85531 | $94892 | $132 | $95024 | $111375 | $869 | $112244 | $55562 | $838 | $56400 |
| Hotel EBITDA margin | 26.83% |  | 26.90% | 29.10% |  | 29.09% | 32.22% |  | 32.41% | 22.68% |  | 22.98% |
| Hotel net income (loss) % of total TTM | 20.8% |  | 20.8% | 33.6% |  | 32.8% | 45.8% |  | 46.1% | (0.2)% |  | 0.3% |
| EBITDA % of total TTM | 24.4% |  | 24.5% | 27.4% |  | 27.2% | 32.1% |  | 32.1% | 16.1% |  | 16.2% |
|  | **Actual** | **Non-comparable Adjustments** | **Comparable** |  |  |  |  |  |  |  |  |  |
|  | **2022** | **2022** | **2022** |  |  |  |  |  |  |  |  |  |
|  | **TTM** | **TTM** | **TTM** |  |  |  |  |  |  |  |  |  |
| Total hotel revenue | $1232124 | $4219 | $1236343 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) | $121911 | $358 | $122269 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) margin | 9.89% |  | 9.89% |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA | $346460 | $2739 | $349199 |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA margin | 28.12% |  | 28.24% |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |
| EBITDA % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL REVPAR BY MARKET**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $123.30 | $112.66 | $122.22 | $109.19 | $76.22 | $105.15 | 12.9% | 16.2% |
| Boston, MA Area | 2 | 705 | 189.22 |  | 189.22 | 136.25 |  | 136.25 | 38.9% | 38.9% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 97.49 |  | 97.49 | 78.96 |  | 78.96 | 23.5% | 23.5% |
| Houston, TX Area | 3 | 692 | 96.17 |  | 96.17 | 82.67 |  | 82.67 | 16.3% | 16.3% |
| Los Angeles, CA Metro Area | 6 | 1619 | 124.79 |  | 124.79 | 115.73 |  | 115.73 | 7.8% | 7.8% |
| Miami, FL Metro Area | 2 | 414 | 172.41 |  | 172.41 | 139.33 |  | 139.33 | 23.7% | 23.7% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 59.31 |  | 59.31 | 38.18 |  | 38.18 | 55.3% | 55.3% |
| Nashville, TN Area | 1 | 673 | 205.84 |  | 205.84 | 193.30 |  | 193.30 | 6.5% | 6.5% |
| New York / New Jersey Metro Area | 6 | 1743 | 91.46 |  | 91.46 | 68.10 |  | 68.10 | 34.3% | 34.3% |
| Orlando, FL Area | 2 | 524 | 129.73 |  | 129.73 | 92.51 |  | 92.51 | 40.2% | 40.2% |
| Philadelphia, PA Area | 3 | 648 | 94.96 |  | 94.96 | 82.39 |  | 82.39 | 15.3% | 15.3% |
| San Diego, CA Area | 2 | 410 | 113.55 |  | 113.55 | 92.09 |  | 92.09 | 23.3% | 23.3% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 113.38 |  | 113.38 | 76.71 |  | 76.71 | 47.8% | 47.8% |
| Tampa, FL Area | 2 | 571 | 125.29 |  | 125.29 | 94.58 |  | 94.58 | 32.5% | 32.5% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 124.81 |  | 124.81 | 72.31 |  | 72.31 | 72.6% | 72.6% |
| Other Areas | 36 | 6672 | 115.12 |  | 115.12 | 99.85 | (81.84) | 100.39 | 15.3% | 14.7% |
| **Total Portfolio** | 100 | 22316 | $118.50 | $112.66 | $118.46 | $94.87 | $(399.20) | $94.82 | 24.9% | 24.9% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL REVPAR BY MARKET**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $125.30 | $102.16 | $122.58 | $90.53 | $67.99 | $87.78 | 38.4% | 39.6% |
| Boston, MA Area | 2 | 705 | 193.42 |  | 193.42 | 98.81 |  | 98.81 | 95.7% | 95.7% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 96.65 |  | 96.65 | 64.97 |  | 64.97 | 48.8% | 48.8% |
| Houston, TX Area | 3 | 692 | 94.48 |  | 94.48 | 75.89 |  | 75.89 | 24.5% | 24.5% |
| Los Angeles, CA Metro Area | 6 | 1619 | 129.63 |  | 129.63 | 92.34 |  | 92.34 | 40.4% | 40.4% |
| Miami, FL Metro Area | 2 | 414 | 168.00 |  | 168.00 | 122.82 |  | 122.82 | 36.8% | 36.8% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 63.96 |  | 63.96 | 37.68 | (6.17) | 37.87 | 69.7% | 68.9% |
| Nashville, TN Area | 1 | 673 | 214.89 |  | 214.89 | 133.42 |  | 133.42 | 61.1% | 61.1% |
| New York / New Jersey Metro Area | 6 | 1743 | 85.35 |  | 85.35 | 51.52 |  | 51.52 | 65.7% | 65.7% |
| Orlando, FL Area | 2 | 524 | 119.27 |  | 119.27 | 82.83 |  | 82.83 | 44.0% | 44.0% |
| Philadelphia, PA Area | 3 | 648 | 93.25 |  | 93.25 | 71.28 |  | 71.28 | 30.8% | 30.8% |
| San Diego, CA Area | 2 | 410 | 131.42 |  | 131.42 | 82.81 |  | 82.81 | 58.7% | 58.7% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 111.68 |  | 111.68 | 71.73 |  | 71.73 | 55.7% | 55.7% |
| Tampa, FL Area | 2 | 571 | 125.62 |  | 125.62 | 94.88 |  | 94.88 | 32.4% | 32.4% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 122.10 |  | 122.10 | 58.29 |  | 58.29 | 109.5% | 109.5% |
| Other Areas | 36 | 6672 | 118.12 | (91.92) | 118.63 | 86.93 | (52.58) | 88.38 | 35.9% | 34.2% |
| **Total Portfolio** | 100 | 22316 | $119.35 | $124.52 | $119.36 | $79.67 | $(14.70) | $79.92 | 49.8% | 49.4% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL NET INCOME (LOSS) BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **% of Total** | **2021** | **2021** | **2021** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $1792 | $91 | $1883 | 7.4% | $631 | $(306) | $325 | (28.6)% | 184.0% | 479.4% |
| Boston, MA Area | 2 | 705 | 569 |  | 569 | 2.2% | (1143) |  | (1143) | 100.7% | 149.8% | 149.8% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 1467 |  | 1467 | 5.8% | 67 |  | 67 | (5.9)% | 2089.6% | 2089.6% |
| Houston, TX Area | 3 | 692 | 787 |  | 787 | 3.1% | 62 |  | 62 | (5.5)% | 1169.4% | 1169.4% |
| Los Angeles, CA Metro Area | 6 | 1619 | 2526 |  | 2526 | 9.9% | 2443 |  | 2443 | (215.2)% | 3.4% | 3.4% |
| Miami, FL Metro Area | 2 | 414 | 1254 |  | 1254 | 4.9% | 312 |  | 312 | (27.5)% | 301.9% | 301.9% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | (466) |  | (466) | (1.8)% | (1414) | (34) | (1448) | 127.6% | 67.0% | 67.8% |
| Nashville, TN Area | 1 | 673 | 4871 |  | 4871 | 19.2% | 4174 |  | 4174 | (367.8)% | 16.7% | 16.7% |
| New York / New Jersey Metro Area | 6 | 1743 | (2216) |  | (2216) | (8.7)% | (2983) |  | (2983) | 262.8% | 25.7% | 25.7% |
| Orlando, FL Area | 2 | 524 | 1379 |  | 1379 | 5.4% | (93) |  | (93) | 8.2% | 1582.8% | 1582.8% |
| Philadelphia, PA Area | 3 | 648 | 198 |  | 198 | 0.8% | (331) |  | (331) | 29.2% | 159.8% | 159.8% |
| San Diego, CA Area | 2 | 410 | (215) |  | (215) | (0.8)% | 252 |  | 252 | (22.2)% | (185.3)% | (185.3)% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 80 |  | 80 | 0.3% | (3196) |  | (3196) | 281.6% | 102.5% | 102.5% |
| Tampa, FL Area | 2 | 571 | 1628 |  | 1628 | 6.4% | (197) |  | (197) | 17.4% | 926.4% | 926.4% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 2588 |  | 2588 | 10.2% | (4563) | (3) | (4566) | 402.3% | 156.7% | 156.7% |
| Other Areas | 36 | 6672 | 9090 | (11) | 9079 | 35.7% | 4874 | 313 | 5187 | (457.1)% | 86.5% | 75.0% |
| **Total Portfolio** | 100 | 22316 | $25332 | $80 | $25412 | 100.0% | $(1105) | $(30) | $(1135) | 100.0% | 2392.5% | 2338.9% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;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)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **% of Total** | **2021** | **2021** | **2021** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $5869 | $(121) | $5748 | 4.7% | $(2983) | $(1462) | $(4445) | 7.0% | 296.7% | 229.3% |
| Boston, MA Area | 2 | 705 | 5137 |  | 5137 | 4.2% | (6772) |  | (6772) | 10.7% | 175.9% | 175.9% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 6348 |  | 6348 | 5.2% | (6738) |  | (6738) | 10.6% | 194.2% | 194.2% |
| Houston, TX Area | 3 | 692 | 2207 |  | 2207 | 1.8% | (631) |  | (631) | 1.0% | 449.8% | 449.8% |
| Los Angeles, CA Metro Area | 6 | 1619 | 12418 |  | 12418 | 10.2% | 2186 |  | 2186 | (3.4)% | 468.1% | 468.1% |
| Miami, FL Metro Area | 2 | 414 | 4065 |  | 4065 | 3.3% | (1135) |  | (1135) | 1.8% | 458.1% | 458.1% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | (1936) | (1) | (1937) | (1.6)% | (4497) | 320 | (4177) | 6.6% | 56.9% | 53.6% |
| Nashville, TN Area | 1 | 673 | 20645 |  | 20645 | 16.9% | 6296 |  | 6296 | (9.9)% | 227.9% | 227.9% |
| New York / New Jersey Metro Area | 6 | 1743 | (5768) |  | (5768) | (4.7)% | (19044) | (327) | (19371) | 30.6% | 69.7% | 70.2% |
| Orlando, FL Area | 2 | 524 | 2599 |  | 2599 | 2.1% | (1799) |  | (1799) | 2.8% | 244.5% | 244.5% |
| Philadelphia, PA Area | 3 | 648 | 496 |  | 496 | 0.4% | (1409) |  | (1409) | 2.2% | 135.2% | 135.2% |
| San Diego, CA Area | 2 | 410 | 3639 |  | 3639 | 3.0% | 1013 |  | 1013 | (1.6)% | 259.2% | 259.2% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 610 |  | 610 | 0.5% | (9349) |  | (9349) | 14.7% | 106.5% | 106.5% |
| Tampa, FL Area | 2 | 571 | 5471 |  | 5471 | 4.5% | (33) |  | (33) | 0.1% | 16678.8% | 16678.8% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 11668 | 218 | 11886 | 9.7% | (24220) | (12) | (24232) | 38.2% | 148.2% | 149.1% |
| Other Areas | 36 | 6672 | 48443 | 262 | 48705 | 39.8% | 15257 | (8058) | 7199 | (11.4)% | 217.5% | 576.6% |
| **Total Portfolio** | 100 | 22316 | $121911 | $358 | $122269 | 100.0% | $(53858) | $(9539) | $(63397) | 100.0% | 326.4% | 292.9% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**HOTEL EBITDA BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **% of Total** | **2021** | **2021** | **2021** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $5920 | $871 | $6791 | 7.9% | $4590 | $640 | $5230 | 9.4% | 29.0% | 29.8% |
| Boston, MA Area | 2 | 705 | 4625 |  | 4625 | 5.4% | 1870 |  | 1870 | 3.4% | 147.3% | 147.3% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 5492 |  | 5492 | 6.4% | 4006 |  | 4006 | 7.2% | 37.1% | 37.1% |
| Houston, TX Area | 3 | 692 | 2198 |  | 2198 | 2.6% | 1464 |  | 1464 | 2.6% | 50.1% | 50.1% |
| Los Angeles, CA Metro Area | 6 | 1619 | 5419 |  | 5419 | 6.3% | 5855 |  | 5855 | 10.5% | (7.4)% | (7.4)% |
| Miami, FL Metro Area | 2 | 414 | 2835 |  | 2835 | 3.3% | 1995 |  | 1995 | 3.6% | 42.1% | 42.1% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 340 |  | 340 | 0.4% | (514) | (49) | (563) | (1.0)% | 166.1% | 160.4% |
| Nashville, TN Area | 1 | 673 | 7483 |  | 7483 | 8.7% | 6668 |  | 6668 | 11.9% | 12.2% | 12.2% |
| New York / New Jersey Metro Area | 6 | 1743 | 4845 |  | 4845 | 5.7% | 1206 |  | 1206 | 2.2% | 301.7% | 301.7% |
| Orlando, FL Area | 2 | 524 | 2558 |  | 2558 | 3.0% | 1313 |  | 1313 | 2.4% | 94.8% | 94.8% |
| Philadelphia, PA Area | 3 | 648 | 1295 |  | 1295 | 1.5% | 953 |  | 953 | 1.7% | 35.9% | 35.9% |
| San Diego, CA Area | 2 | 410 | 472 |  | 472 | 0.6% | 979 |  | 979 | 1.8% | (51.8)% | (51.8)% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 4074 |  | 4074 | 4.8% | 1135 |  | 1135 | 2.0% | 258.9% | 258.9% |
| Tampa, FL Area | 2 | 571 | 2704 |  | 2704 | 3.2% | 1110 |  | 1110 | 2.0% | 143.6% | 143.6% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 9908 |  | 9908 | 11.6% | 2685 | (3) | 2682 | 4.8% | 269.0% | 269.4% |
| Other Areas | 36 | 6672 | 24463 | 29 | 24492 | 28.6% | 20156 | (255) | 19901 | 35.5% | 21.4% | 23.1% |
| **Total Portfolio** | 100 | 22316 | $84631 | $900 | $85531 | 100.0% | $55471 | $333 | $55804 | 100.0% | 52.6% | 53.3% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;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)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2022** | **2022** | **2022** | **% of Total** | **2021** | **2021** | **2021** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 10 | 1626 | $21534 | $3485 | $25019 | 7.2% | $12650 | $2337 | $14987 | 8.8% | 70.2% | 66.9% |
| Boston, MA Area | 2 | 705 | 19822 |  | 19822 | 5.7% | 3376 |  | 3376 | 2.0% | 487.1% | 487.1% |
| Dallas / Ft. Worth, TX Area | 7 | 1526 | 22454 |  | 22454 | 6.4% | 10413 |  | 10413 | 6.1% | 115.6% | 115.6% |
| Houston, TX Area | 3 | 692 | 7625 |  | 7625 | 2.2% | 4863 |  | 4863 | 2.8% | 56.8% | 56.8% |
| Los Angeles, CA Metro Area | 6 | 1619 | 24503 |  | 24503 | 7.0% | 16360 |  | 16360 | 9.6% | 49.8% | 49.8% |
| Miami, FL Metro Area | 2 | 414 | 10411 |  | 10411 | 3.0% | 5774 |  | 5774 | 3.4% | 80.3% | 80.3% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 1400 |  | 1400 | 0.4% | (965) | 138 | (827) | (0.5)% | 245.1% | 269.3% |
| Nashville, TN Area | 1 | 673 | 30862 |  | 30862 | 8.8% | 16134 | 1.00 | 16135 | 9.4% | 91.3% | 91.3% |
| New York / New Jersey Metro Area | 6 | 1743 | 14132 |  | 14132 | 4.0% | 1558 | 1 | 1559 | 0.9% | 807.1% | 806.5% |
| Orlando, FL Area | 2 | 524 | 7950 |  | 7950 | 2.3% | 4318 | (1) | 4317 | 2.5% | 84.1% | 84.2% |
| Philadelphia, PA Area | 3 | 648 | 4765 |  | 4765 | 1.4% | 3715 |  | 3715 | 2.2% | 28.3% | 28.3% |
| San Diego, CA Area | 2 | 410 | 6295 |  | 6295 | 1.8% | 3961 |  | 3961 | 2.3% | 58.9% | 58.9% |
| San Francisco - Oakland, CA Metro Area | 7 | 1547 | 16761 |  | 16761 | 4.8% | 6628 |  | 6628 | 3.9% | 152.9% | 152.9% |
| Tampa, FL Area | 2 | 571 | 10172 |  | 10172 | 2.9% | 5176 |  | 5176 | 3.0% | 96.5% | 96.5% |
| Washington D.C. - MD - VA Area | 9 | 2426 | 40094 | 218 | 40312 | 11.5% | 6388 | (12) | 6376 | 3.7% | 527.6% | 532.2% |
| Other Areas | 36 | 6672 | 107680 | (964) | 106716 | 30.6% | 68624 | (290) | 68334 | 39.9% | 56.9% | 56.2% |
| **Total Portfolio** | 100 | 22316 | $346460 | $2739 | $349199 | 100.0% | $168973 | $2174 | $171147 | 100.0% | 105.0% | 104.0% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**TOTAL ENTERPRISE VALUE**

**December 31, 2022**

**(in thousands, except share price)**

**(unaudited)**

---

| | |
|:---|:---|
| | **December 31, 2022** |
| Common stock shares outstanding | 34495 |
| Partnership units outstanding | 1669 |
| Combined common stock shares and partnership units outstanding | 36164 |
| Common stock price | $4.47 |
| **Market capitalization** | $**161653** |
| Series D cumulative preferred stock | $29361 |
| Series F cumulative preferred stock | $31276 |
| Series G cumulative preferred stock | $38300 |
| Series H cumulative preferred stock | $32710 |
| Series I cumulative preferred stock | $31323 |
| Series J redeemable preferred stock | $2178 |
| Series K redeemable preferred stock | $45 |
| Indebtedness | $3835272 |
| Net working capital (see below) | $(519053) |
| **Total enterprise value (TEV)** | $**3643065** |
| Cash and cash equivalents | $417064 |
| Restricted cash | $141962 |
| Accounts receivable, net | $49809 |
| Prepaid expenses | $15982 |
| Due from third-party hotel managers, net | $21143 |
| Due from affiliates, net | $7042 |
| **Total current assets** | $**653002** |
| Accounts payable, net & accrued expenses | $130831 |
| Dividends and distributions payable | $3118 |
| **Total current liabilities** | $**133949** |
| **Net working capital** | $**519053** |

---

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** |
| | | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** |
| | **Rooms** | **Actual** | **Actual** | **Actual** | **Actual** | **Estimated** | **Estimated** | **Estimated** | **Estimated** |
| **Courtyard Crystal City Reagan** | **272** |  |  |  |  |  |  | **x** | **x** |
| **Crowne Plaza La Concha Key West** | **160** |  |  |  |  |  | **x** | **x** | **x** |
| **Embassy Suites Austin** | **150** |  |  |  |  |  |  | **x** | **x** |
| **Embassy Suites Crystal City** | **267** |  |  |  |  | **x** |  |  |  |
| **Embassy Suites Dallas** | **150** |  |  |  |  |  |  | **x** | **x** |
| **Embassy Suites Flagstaff** | **119** |  |  |  |  |  |  |  | **x** |
| **Embassy Suites Houston** | **150** |  |  |  |  |  |  |  | **x** |
| **Embassy Suites Portland Downtown** | **276** |  |  |  |  |  |  |  | **x** |
| **Hampton Inn Evansville** | **140** |  |  |  | **x** | **x** |  |  |  |
| **Hyatt Regency Coral Gables** | **253** |  |  | **x** | **x** |  |  |  |  |
| **La Posada** | **157** |  |  |  |  |  |  |  | **x** |
| **Le Pavillon New Orleans** | **226** |  |  |  |  |  |  | **x** | **x** |
| **Marriott Bridgewater** | **349** |  |  |  |  |  |  |  | **x** |
| **Marriott Fremont Silicon Valley** | **200** | **x** | **x** |  |  |  |  |  |  |
| **Marriott Memphis** | **232** |  |  |  |  |  |  |  | **x** |
| **Marriott Sugar Land** | **300** |  |  |  |  |  |  |  | **x** |
| **Residence Inn Hartford Manchester** | **96** |  |  |  |  |  |  |  | **x** |
| **Residence Inn Phoenix Airport** | **200** |  |  | **x** | **x** |  |  |  |  |
| **Ritz-Carlton Atlanta** | **444** |  |  |  |  | **x** | **x** | **x** |  |
| **SpringHill Suites Buford Mall of Georgia** | **97** |  |  |  | **x** | **x** |  |  |  |
| **SpringHill Suites Manhattan Beach Hawthorne** | **164** |  |  |  |  |  |  |  | **x** |
| **SpringHill Suites Philadelphia Plymouth Meeting** | **199** |  |  |  |  |  |  |  | **x** |
| **Total** |  | **1** | **1** | **2** | **4** | **4** | **2** | **6** | **15** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 are included in this table.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2022**<br>**4th Quarter** | **2022**<br>**3rd Quarter** | **2022**<br>**2nd Quarter** | **2022**<br>**1st Quarter** | **December 31, 2022**<br>**TTM** |
| Net income (loss) | $25332 | $40944 | $55848 | $(213) | $121911 |
| Non-property adjustments | (127) | 1 | 2 | 11 | (113) |
| Interest income | (97) | (47) | (48) | (7) | (199) |
| Interest expense | 4559 | 3556 | 2643 | 2272 | 13030 |
| Amortization of loan costs | 358 | 447 | 443 | 439 | 1687 |
| Depreciation and amortization | 49181 | 49256 | 50723 | 51941 | 201101 |
| Income tax expense (benefit) | 53 | 116 | 84 | 15 | 268 |
| Non-hotel EBITDA ownership expense | 5372 | 619 | 1680 | 1104 | 8775 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 84631 | 94892 | 111375 | 55562 | 346460 |
| Non-comparable adjustments | 900 | 132 | 869 | 838 | 2739 |
| Comparable hotel EBITDA | $85531 | $95024 | $112244 | $56400 | $349199 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Orlando WorldQuest Resort** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $25201 | $131 | $25332 | $(5) | $(82014) | $(56687) |
| Non-property adjustments | (127) |  | (127) |  | 127 |  |
| Interest income | (96) | (1) | (97) |  | 97 |  |
| Interest expense | 4559 |  | 4559 |  | 67103 | 71662 |
| Amortization of loan cost | 358 |  | 358 |  | 2000 | 2358 |
| Depreciation and amortization | 47091 | 2090 | 49181 | 124 | 48 | 49353 |
| Income tax expense (benefit) | 53 |  | 53 |  | (4057) | (4004) |
| Non-hotel EBITDA ownership expense | 5353 | 19 | 5372 | 22 | (5394) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 82392 | 2239 | 84631 | 141 | (22090) | 62682 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (75) |  | (75) |  | 75 |  |
| 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 | $82317 | $2239 | $84556 | $141 | $(21884) | $62813 |
| Non-comparable adjustments | 900 |  | 900 |  |  |  |
| Comparable hotel EBITDA | $83292 | $2239 | $85531 |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Orlando WorldQuest Resort** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $(1217) | $112 | $(1105) | $207 | $(55450) | $(56348) |
| Non-property adjustments | (47) |  | (47) | (140) | 187 |  |
| Interest income | (6) |  | (6) |  | 6 |  |
| Interest expense | 2252 |  | 2252 |  | 39223 | 41475 |
| Amortization of loan cost | 435 |  | 435 |  | 2206 | 2641 |
| Depreciation and amortization | 50736 | 1641 | 52377 | 135 | 48 | 52560 |
| Income tax expense (benefit) | 11 |  | 11 |  | 3021 | 3032 |
| Non-hotel EBITDA ownership expense | 1491 | 63 | 1554 | 19 | (1573) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 53655 | 1816 | 55471 | 221 | (12332) | 43360 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (83) |  | (83) |  | 83 |  |
| Equity in (earnings) loss of unconsolidated entities |  |  |  |  | 135 | 135 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  |  | (135) | (135) |
| Hotel EBITDA attributable to the Company and OP unitholders | $53572 | $1816 | $55388 | $221 | $(12249) | $43360 |
| Non-comparable adjustments | 333 |  | 333 |  |  |  |
| Comparable hotel EBITDA | $53988 | $1816 | $55804 |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Orlando WorldQuest Resort** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $119384 | $2527 | $121911 | $691 | $(263660) | $(141058) |
| Non-property adjustments | (113) |  | (113) | (273) | 386 |  |
| Interest income | (198) | (1) | (199) | (1) | 200 |  |
| Interest expense | 13030 |  | 13030 |  | 204293 | 217323 |
| Amortization of loan cost | 1687 |  | 1687 |  | 7985 | 9672 |
| Depreciation and amortization | 193882 | 7219 | 201101 | 501 | 195 | 201797 |
| Income tax expense (benefit) | 268 |  | 268 |  | 6068 | 6336 |
| Non-hotel EBITDA ownership expense | 8678 | 97 | 8775 | 68 | (8843) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 336618 | 9842 | 346460 | 986 | (53376) | 294070 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (75) |  | (75) |  | 75 |  |
| Equity in (earnings) loss of unconsolidated entities |  |  |  |  | 804 | 804 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  |  | (674) | (674) |
| Hotel EBITDA attributable to the Company and OP unitholders | $336543 | $9842 | $346385 | $986 | $(53171) | $294200 |
| Non-comparable adjustments | 2739 |  | 2739 |  |  |  |
| Comparable hotel EBITDA | $339357 | $9842 | $349199 |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Orlando WorldQuest Resort** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $(53046) | $(812) | $(53858) | $(215) | $(216975) | $(271048) |
| Non-property adjustments | (11833) |  | (11833) | (221) | 12054 |  |
| Interest income | (24) |  | (24) |  | 24 |  |
| Interest expense | 6978 |  | 6978 |  | 136530 | 143508 |
| Amortization of loan cost | 1323 |  | 1323 |  | 11288 | 12611 |
| Depreciation and amortization | 211233 | 6844 | 218077 | 580 | 194 | 218851 |
| Income tax expense (benefit) | 169 |  | 169 |  | 5779 | 5948 |
| Non-hotel EBITDA ownership expense | 8019 | 122 | 8141 | 187 | (8328) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 162819 | 6154 | 168973 | 331 | (59434) | 109870 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (226) |  | (226) |  | 226 |  |
| Equity in (earnings) loss of unconsolidated entities |  |  |  |  | 558 | 558 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  |  | (554) | (554) |
| Hotel EBITDA attributable to the Company and OP unitholders | $162593 | $6154 | $168747 | $331 | $(59204) | $109874 |
| Non-comparable adjustments | 2174 |  | 2174 |  |  |  |
| Comparable hotel EBITDA | $164993 | $6154 | $171147 |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Residence Inn Phoenix Airport, Hampton Inn Evansville, SpringHill Suites Buford Mall of Georgia, Hyatt Regency Coral Gables

------

**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** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 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 - <br>St. Paul, MN - WI Area** | **Nashville, TN Area** | **New York / New Jersey Metro Area** |
| Net income (loss) | $1792 | $569 | $1467 | $787 | $2526 | $1254 | $(466) | $4871 | $(2216) |
| Non-property adjustments |  | (72) | (116) |  |  |  |  | (6) |  |
| Interest income | (2) |  | (3) |  | (12) | (1) |  |  | (6) |
| Interest expense | 317 | 1868 |  |  |  |  |  |  |  |
| Amortization of loan costs | 8 | 136 |  |  |  |  |  |  |  |
| Depreciation and amortization | 3631 | 2131 | 3874 | 1352 | 2739 | 1544 | 783 | 2519 | 4096 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 15 |  |
| Non-hotel EBITDA ownership expense | 174 | (7) | 270 | 59 | 166 | 38 | 23 | 84 | 2971 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5920 | 4625 | 5492 | 2198 | 5419 | 2835 | 340 | 7483 | 4845 |
| Non-comparable adjustments | 871 |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $6791 | $4625 | $5492 | $2198 | $5419 | $2835 | $340 | $7483 | $4845 |
|  | **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) | $1379 | $198 | $(215) | $80 | $1628 | $2588 | $9090 | $25332 |  |
| Non-property adjustments |  |  |  |  |  | (3) | 70 | (127) |  |
| Interest income | (12) | (3) | (6) | (21) |  | (14) | (17) | (97) |  |
| Interest expense |  |  |  | 225 |  | 1110 | 1039 | 4559 |  |
| Amortization of loan costs |  |  |  | 38 |  | 67 | 109 | 358 |  |
| Depreciation and amortization | 1106 | 1049 | 603 | 3693 | 1022 | 6043 | 12996 | 49181 |  |
| Income tax expense (benefit) |  |  |  |  |  |  | 38 | 53 |  |
| Non-hotel EBITDA ownership expense | 85 | 51 | 90 | 59 | 54 | 117 | 1138 | 5372 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2558 | 1295 | 472 | 4074 | 2704 | 9908 | 24463 | 84631 |  |
| Non-comparable adjustments |  |  |  |  |  |  | 29 | 900 |  |
| Comparable hotel EBITDA | $2558 | $1295 | $472 | $4074 | $2704 | $9908 | $24492 | $85531 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| | **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) | $631 | $(1143) | $67 | $62 | $2443 | $312 | $(1414) | $4174 | $(2983) |
| Non-property adjustments | (52) |  |  |  |  |  |  |  |  |
| Interest income |  |  | (1) |  | (1) |  |  |  | (1) |
| Interest expense | 103 | 974 |  |  |  |  |  |  |  |
| Amortization of loan costs | 8 | 130 |  |  |  |  |  |  |  |
| Depreciation and amortization | 3793 | 2282 | 3962 | 1223 | 3420 | 1535 | 831 | 2454 | 4118 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 107 | (373) | (22) | 179 | (7) | 148 | 69 | 40 | 72 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4590 | 1870 | 4006 | 1464 | 5855 | 1995 | (514) | 6668 | 1206 |
| Non-comparable adjustments | 640 |  |  |  |  |  | (49) |  |  |
| Comparable hotel EBITDA | $5230 | $1870 | $4006 | $1464 | $5855 | $1995 | $(563) | $6668 | $1206 |
|  | **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) | $(93) | $(331) | $252 | $(3196) | $(197) | $(4563) | $4874 | $(1105) |  |
| Non-property adjustments |  |  |  |  |  |  | 5 | (47) |  |
| Interest income |  |  | (1) |  |  | (1) | (1) | (6) |  |
| Interest expense |  |  |  | 232 |  | 446 | 497 | 2252 |  |
| Amortization of loan costs |  |  |  | 37 |  | 64 | 196 | 435 |  |
| Depreciation and amortization | 1403 | 1234 | 693 | 3547 | 1294 | 6565 | 14023 | 52377 |  |
| Income tax expense (benefit) |  | (3) |  |  |  |  | 14 | 11 |  |
| Non-hotel EBITDA ownership expense | 3 | 53 | 35 | 515 | 13 | 174 | 548 | 1554 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1313 | 953 | 979 | 1135 | 1110 | 2685 | 20156 | 55471 |  |
| Non-comparable adjustments |  |  |  |  |  | (3) | (255) | 333 |  |
| Comparable hotel EBITDA | $1313 | $953 | $979 | $1135 | $1110 | $2682 | $19901 | $55804 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 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) | $5869 | $5137 | $6348 | $2207 | $12418 | $4065 | $(1936) | $20645 | $(5768) |
| Non-property adjustments |  | (72) | (116) |  |  |  |  | (24) |  |
| Interest income | (4) | (10) | (5) |  | (23) | (1) |  |  | (17) |
| Interest expense | 724 | 5473 |  |  |  |  |  |  |  |
| Amortization of loan costs | 32 | 535 |  |  |  |  |  |  |  |
| Depreciation and amortization | 14777 | 8732 | 15688 | 4900 | 11886 | 6136 | 3249 | 10059 | 16297 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 58 |  |
| Non-hotel EBITDA ownership expense | 136 | 27 | 539 | 518 | 222 | 211 | 87 | 124 | 3620 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 21534 | 19822 | 22454 | 7625 | 24503 | 10411 | 1400 | 30862 | 14132 |
| Non-comparable adjustments | 3485 |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $25019 | $19822 | $22454 | $7625 | $24503 | $10411 | $1400 | $30862 | $14132 |
|  | **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) | $2599 | $496 | $3639 | $610 | $5471 | $11668 | $48443 | $121911 |  |
| Non-property adjustments |  |  |  |  |  | (3) | 101 | (114) |  |
| Interest income | (20) | (4) | (9) | (38) |  | (31) | (37) | (199) |  |
| Interest expense |  |  |  | 902 |  | 2955 | 2976 | 13030 |  |
| Amortization of loan costs |  |  |  | 151 |  | 264 | 705 | 1687 |  |
| Depreciation and amortization | 5069 | 4534 | 2485 | 14682 | 4495 | 24936 | 53176 | 201101 |  |
| Income tax expense (benefit) |  |  |  |  |  |  | 210 | 268 |  |
| Non-hotel EBITDA ownership expense | 302 | (261) | 180 | 454 | 206 | 305 | 2106 | 8776 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 7950 | 4765 | 6295 | 16761 | 10172 | 40094 | 107680 | 346460 |  |
| Non-comparable adjustments |  |  |  |  |  | 218 | (964) | 2739 |  |
| Comparable hotel EBITDA | $7950 | $4765 | $6295 | $16761 | $10172 | $40312 | $106716 | $349199 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **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) | $(2983) | $(6772) | $(6738) | $(631) | $2186 | $(1135) | $(4497) | $6296 | $(19044) |
| Non-property adjustments | (52) | (1033) | (2) |  |  |  | 127 |  | (327) |
| Interest income | (2) |  | (3) |  | (5) |  |  |  | (2) |
| Interest expense | 408 | 1914 |  |  |  |  |  |  |  |
| Amortization of loan costs | 31 | 402 |  |  |  |  |  |  |  |
| Depreciation and amortization | 15251 | 9647 | 16456 | 5088 | 14215 | 6519 | 3446 | 9945 | 17153 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 6 |  |
| Non-hotel EBITDA ownership expense | (3) | (782) | 700 | 406 | (36) | 390 | (41) | (113) | 3778 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 12650 | 3376 | 10413 | 4863 | 16360 | 5774 | (965) | 16134 | 1558 |
| Non-comparable adjustments | 2337 |  |  |  |  |  | 138 | 1 | 1 |
| Comparable hotel EBITDA | $14987 | $3376 | $10413 | $4863 | $16360 | $5774 | $(827) | $16135 | $1559 |
|  | **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) | $(1799) | $(1409) | $1013 | $(9349) | $(33) | $(24220) | $15257 | $(53858) |  |
| Non-property adjustments |  |  |  | 19 | (55) |  | (10510) | (11833) |  |
| Interest income | (1) | (1) | (2) |  |  | (3) | (5) | (24) |  |
| Interest expense |  |  |  | 972 |  | 1808 | 1876 | 6978 |  |
| Amortization of loan costs |  |  |  | 147 |  | 252 | 491 | 1323 |  |
| Depreciation and amortization | 5995 | 5090 | 2718 | 14113 | 5468 | 28028 | 58945 | 218077 |  |
| Income tax expense (benefit) |  | (3) |  |  |  |  | 166 | 169 |  |
| Non-hotel EBITDA ownership expense | 123 | 38 | 232 | 726 | (204) | 523 | 2404 | 8141 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4318 | 3715 | 3961 | 6628 | 5176 | 6388 | 68624 | 168973 |  |
| Non-comparable adjustments | (1) |  |  |  |  | (12) | (290) | 2174 |  |
| Comparable hotel EBITDA | $4317 | $3715 | $3961 | $6628 | $5176 | $6376 | $68334 | $171147 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.

------

**Exhibit 1**

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM 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) | $4904 | $685 | $5203 | $16153 | $3921 | $1622 | $28866 | $19779 | $12293 | $2341 | $1123 |
| Non-property adjustments |  |  | (76) |  |  | (25) | (203) | (32) |  |  |  |
| Interest income | (22) | (14) | (1) |  | (5) | (4) | (8) | (25) | (96) | (10) |  |
| Interest expense |  |  |  |  |  |  |  |  | 4 |  |  |
| Amortization of loan costs |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization | 6192 | 6006 | 13136 | 7887 | 13344 | 14688 | 53528 | 19321 | 17825 | 4921 | 1623 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 257 | 292 | 428 | 754 | 86 | 553 | 4087 | 960 | 358 | 273 | 39 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 11331 | 6969 | 18690 | 24794 | 17346 | 16834 | 86270 | 40003 | 30384 | 7525 | 2785 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (113) |  |  |
| Comparable hotel EBITDA | $11331 | $6969 | $18690 | $24794 | $17346 | $16834 | $86270 | $40003 | $30271 | $7525 | $2785 |
|  | Morgan Stanley Pool C2 - 2 hotels | BAML Princeton/ Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | 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 | JPMorgan Chase La Posada-1 hotel | Aareal Le Pavillon - 1 hotel |
| Net income (loss) | $163 | $21589 | $(2190) | $(346) | $302 | $(688) | $2196 | $5258 | $(405) | $2551 | $(4208) |
| Non-property adjustments |  | (23) |  | (40) |  |  |  |  |  |  | 272 |
| Interest income |  |  | (4) |  |  |  | (10) |  |  |  |  |
| Interest expense |  |  | 2955 |  |  | 655 | 5473 |  |  | 1215 | 1757 |
| Amortization of loan costs |  |  | 264 |  |  | 32 | 535 |  |  | 282 | 424 |
| Depreciation and amortization | 1142 | 13022 | 2999 | 1206 | 378 | 1528 | 4960 | 7577 | 1786 | 1662 | 3709 |
| Income tax expense (benefit) |  | 56 |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | (168) | 247 | 64 | 29 | 20 | 72 | 80 | 105 | 14 | 63 | 33 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1137 | 34891 | 4088 | 849 | 700 | 1599 | 13234 | 12940 | 1395 | 5773 | 1987 |
| Non-comparable adjustments |  |  |  | (849) |  |  |  | 216 |  |  |  |
| Comparable hotel EBITDA | $1137 | $34891 | $4088 | $— | $700 | $1599 | $13234 | $13156 | $1395 | $5773 | $1987 |
|  | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Morgan Stanley - 8 hotels | Morgan Stanley Pool C1 - 3 hotels | Unencumbered hotels | Total Portfolio |  |  |  |  |
| Net income (loss) | $574 | $653 | $(447) | $(11) | $(2) | $32 | $121911 |  |  |  |  |
| Non-property adjustments |  |  |  | 11 | 2 |  | (114) |  |  |  |  |
| Interest income |  |  |  |  |  |  | (199) |  |  |  |  |
| Interest expense |  |  | 901 |  |  | 70 | 13030 |  |  |  |  |
| Amortization of loan costs |  |  | 150 |  |  |  | 1687 |  |  |  |  |
| Depreciation and amortization | 387 | 477 | 1772 |  |  | 25 | 201101 |  |  |  |  |
| Income tax expense (benefit) | 79 | 133 |  |  |  |  | 268 |  |  |  |  |
| Non-hotel EBITDA ownership expense | 1 | (1) | 130 |  |  |  | 8776 |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1041 | 1262 | 2506 |  |  | 127 | 346460 |  |  |  |  |
| Non-comparable adjustments |  |  |  |  |  | 3485 | 2739 |  |  |  |  |
| Comparable hotel EBITDA | $1041 | $1262 | $2506 | $— | $— | $3612 | $349199 |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at December 31, 2022, 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)&nbsp;&nbsp;&nbsp;&nbsp;The above information does not reflect the operations of Orlando WorldQuest Resort.