ASHFORD HOSPITALITY TRUST ANNOUNCES PRELIMINARY FOURTH QUARTER AND YEAR END RESULTS FOR 2023

DALLAS, Feb. 15, 2024

DALLAS, Feb. 15, 2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced its preliminary expectations for net loss attributable to common stockholders, Adjusted EBITDAre, and Adjusted FFO for the fourth quarter and full year ended December 31, 2023. 

The Company reported today a preliminary estimated range of net loss attributable to common stockholders of approximately $(32.3) million to $(30.3) million or $(0.93) to $(0.87) per share, a preliminary estimated range of Adjusted EBITDAre of $61.6 million to $63.6 million, and a preliminary estimated range of Adjusted FFO available to common stockholders and OP unitholders of $(14.2) million to $(12.2) million for the fourth quarter ended December 31, 2023.

Additionally, for the year ended December 31, 2023, the Company reported a preliminary estimated range of net loss attributable to common stockholders of approximately $(194.7) million to $(192.7) million or $(5.64) to $(5.58) per share, a preliminary estimated range of Adjusted EBITDAre of $323.5 million to $325.5 million, and a preliminary estimated range of Adjusted FFO available to common stockholders and OP unitholders of $25.4 million to $27.4 million. Final results for the fourth quarter ended December 31, 2023 will be released on February 28, 2024, as previously announced.

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 used in this press release, which should not be relied upon as a substitute for GAAP measures, are FFO, AFFO, EBITDA, EBITDAre and Adjusted EBITDAre. 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 periods being reported.

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: