Ashford Hospitality Trust, Inc. (NYSE: AHT) announced yesterday its preliminary expectations for net loss attributable to common stockholders, Adjusted EBITDAre, and Adjusted FFO for the first quarter ended March 31, 2022.
The Company reported yesterday a preliminary estimated range of net loss attributable to common stockholders of approximately $(58.8) million to $(56.8) million, a preliminary estimated range of Adjusted EBITDAre of $40.0 million to $42.0 million, and a preliminary estimated range of Adjusted FFO available to common stockholders and OP unitholders of $(1.8) million to $0.2 million for the first quarter ended March 31, 2022. Final results for the first quarter ended March 31, 2022 will be released on May 3, 2022, as previously announced.
"We are excited to report these preliminary results for the first quarter, which were driven by strong leisure and transient demand across our portfolio," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Hotel performance within our portfolio improved each month in the first quarter and we remain optimistic about both the trajectory of the industry recovery and the outlook for our Company."
The following tables are reconciliations of the Company's preliminary estimated GAAP net income (loss) to the Company's preliminary estimated EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Adjusted FFO:
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in millions) (unaudited) |
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Three Months Ended March 31, 2022 |
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|
Low End |
High End |
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|
Net income (loss) |
$ (56.1) |
$ (54.1) |
|
|
Interest expense and amortization of discounts and loan costs, net |
43.6 |
43.6 |
|
|
Depreciation and amortization |
52.1 |
52.1 |
|
|
Income tax expense (benefit) |
0.1 |
0.1 |
|
|
Equity in (earnings) loss of unconsolidated entities |
0.2 |
0.2 |
|
|
Company's portion of EBITDA of unconsolidated entities |
(0.2) |
(0.2) |
|
|
EBITDA |
39.7 |
41.7 |
|
|
(Gain) loss on disposition of assets and hotel properties |
(0.1) |
(0.1) |
|
|
EBITDAre |
39.6 |
41.6 |
|
|
Amortization of unfavorable contract liabilities |
0.1 |
0.1 |
|
|
Write-off of premiums, loan costs and exit fees |
0.7 |
0.7 |
|
|
Other (income) expense, net |
(0.1) |
(0.1) |
|
|
Transaction and conversion costs |
0.7 |
0.7 |
|
|
Legal, advisory and settlement costs |
— |
— |
|
|
Unrealized (gain) loss on derivatives |
(3.2) |
(3.2) |
|
|
Stock/unit-based compensation |
2.0 |
2.0 |
|
|
Advisory services incentive fee |
0.2 |
0.2 |
|
|
Company's portion of adjustments to EBITDAre of unconsolidated entities |
— |
— |
|
|
Adjusted EBITDAre |
$ 40.0 |
$ 42.0 |
|
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO FFO AND ADJUSTED FFO(in millions)(unaudited) |
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Three Months Ended March 31, 2022 |
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|
Low End |
High End |
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|
Net income (loss) |
$ (56.1) |
$ (54.1) |
|
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
0.4 |
0.4 |
|
|
Preferred dividends |
(3.1) |
(3.1) |
|
|
Net income (loss) attributable to common stockholders |
(58.8) |
(56.8) |
|
|
Depreciation and amortization on real estate |
52.1 |
52.1 |
|
|
(Gain) loss on disposition of assets and hotel properties |
(0.1) |
(0.1) |
|
|
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(0.4) |
(0.4) |
|
|
Equity in (earnings) loss of unconsolidated entities |
0.2 |
0.2 |
|
|
Company's portion of FFO of unconsolidated entities |
(0.2) |
(0.2) |
|
|
FFO available to common stockholders and OP unitholders |
(7.2) |
(5.2) |
|
|
Write-off of premiums, loan costs and exit fees |
0.7 |
0.7 |
|
|
Other (income) expense, net |
(0.1) |
(0.1) |
|
|
Transaction and conversion costs |
0.7 |
0.7 |
|
|
Legal, advisory and settlement costs |
— |
— |
|
|
Unrealized (gain) loss on derivatives |
(3.2) |
(3.2) |
|
|
Stock/unit-based compensation |
2.0 |
2.0 |
|
|
Amortization of term loan exit fee |
2.7 |
2.7 |
|
|
Amortization of loan costs |
2.4 |
2.4 |
|
|
Advisory services incentive fee |
0.2 |
0.2 |
|
|
Company's portion of adjustments to FFO of unconsolidated entities |
— |
— |
|
|
Adjusted FFO available to common stockholders and OP unitholders |
$ (1.8) |
$ 0.2 |
|
|
Weighted average diluted shares |
36.3 |
36.3 |
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Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.