Companies: 10,796     total market cap: $144.532 T
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Ashford Hospitality Trust
AHT
#10299
Rank
$20.47 M
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$3.06
Share price
3.03%
Change (1 day)
-48.31%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Ashford Hospitality Trust
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2019 Q3

Ashford Hospitality Trust - 10-Q quarterly report FY2019 Q3


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 001-31775

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland
 
86-1062192
(State or other jurisdiction of incorporation or organization)
 
(IRS employer identification number)
 
 
 
14185 Dallas Parkway
 
 
Suite 1100
 
 
Dallas
 
 
Texas
 
75254
(Address of principal executive offices)
 
(Zip code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
 
 
Emerging growth company
☐
    
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No
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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share
 
102,109,649
(Class)
 
Outstanding at November 4, 2019


ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS (unaudited)
 
Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018
2
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
3
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2019 and 2018
4
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2019 and 2018
5
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018
9
Notes to Consolidated Financial Statements
11
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
44
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
63
ITEM 4. CONTROLS AND PROCEDURES
63
PART II. OTHER INFORMATION
 
ITEM 1. LEGAL PROCEEDINGS
64
ITEM 1A. RISK FACTORS
64
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
65
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
65
ITEM 4. MINE SAFETY DISCLOSURES
65
ITEM 5. OTHER INFORMATION
65
ITEM 6. EXHIBITS
66
SIGNATURES
67



PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Investments in hotel properties, net
$
4,172,030

 
$
4,105,219

Cash and cash equivalents
256,303

 
319,210

Restricted cash
148,826

 
120,602

Marketable securities
14,445

 
21,816

Accounts receivable, net of allowance of $596 and $485, respectively
53,786

 
37,060

Inventories
4,370

 
4,224

Investment in unconsolidated entities
2,928

 
4,489

Deferred costs, net
2,772

 
3,449

Prepaid expenses
29,863

 
19,982

Derivative assets, net
2,386

 
2,396

Operating lease right-of-use assets
40,807

 
—

Other assets
14,147

 
15,923

Intangible assets, net
797

 
9,824

Due from related party, net
2,743

 
—

Due from third-party hotel managers
22,848

 
21,760

Total assets
$
4,769,051

 
$
4,685,954

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
4,109,590

 
$
3,927,266

Accounts payable and accrued expenses
168,311

 
136,757

Dividends and distributions payable
20,641

 
26,794

Due to Ashford Inc., net
6,616

 
23,034

Due to related party, net
16

 
1,477

Due to third-party hotel managers
3,774

 
2,529

Intangible liabilities, net
2,357

 
15,483

Derivative liabilities, net
28

 
50

Operating lease liabilities
43,536

 
—

Other liabilities
26,100

 
18,716

Total liabilities
4,380,969

 
4,152,106

Commitments and contingencies (note 15)


 


Redeemable noncontrolling interests in operating partnership
78,241

 
80,743

Equity:
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
 
 
 
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at September 30, 2019 and December 31, 2018
24

 
24

Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
48

 
48

Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
62

 
62

Series H Cumulative Preferred Stock, 3,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
38

 
38

Series I Cumulative Preferred Stock, 5,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
54

 
54

Common stock, $0.01 par value, 400,000,000 shares authorized, 102,109,649 and 101,035,530 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
1,021

 
1,010

Additional paid-in capital
1,822,391

 
1,814,273

Accumulated deficit
(1,514,411
)
 
(1,363,020
)
Total stockholders’ equity of the Company
309,227

 
452,489

Noncontrolling interests in consolidated entities
614

 
616

Total equity
309,841

 
453,105

Total liabilities and equity
$
4,769,051

 
$
4,685,954

See Notes to Consolidated Financial Statements.

2

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
REVENUE
 
 
 
 
 
 
 
Rooms
$
301,704

 
$
288,016

 
$
910,337

 
$
868,090

Food and beverage
53,738

 
49,396

 
182,097

 
164,869

Other hotel revenue
17,751

 
17,309

 
52,430

 
51,358

Total hotel revenue
373,193

 
354,721

 
1,144,864

 
1,084,317

Other
1,044

 
1,209

 
3,239

 
2,984

Total revenue
374,237

 
355,930

 
1,148,103

 
1,087,301

EXPENSES
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Rooms
66,434

 
64,197

 
195,260

 
187,497

Food and beverage
40,089

 
37,649

 
125,534

 
116,270

Other expenses
118,993

 
109,992

 
357,129

 
332,629

Management fees
13,393

 
13,198

 
41,165

 
40,306

Total hotel expenses
238,909

 
225,036

 
719,088

 
676,702

Property taxes, insurance and other
21,972

 
20,774

 
64,131

 
59,363

Depreciation and amortization
67,906

 
64,923

 
202,595

 
192,536

Impairment charges
—

 
(27
)
 
6,533

 
1,652

Transaction costs
—

 
—

 
2

 
11

Advisory services fee
15,964

 
12,805

 
48,549

 
52,961

Corporate, general and administrative
2,410

 
3,090

 
7,928

 
8,450

Total expenses
347,161

 
326,601

 
1,048,826

 
991,675

Gain (loss) on sale of assets and hotel properties
2,362

 
(9
)
 
2,923

 
394

OPERATING INCOME (LOSS)
29,438

 
29,320

 
102,200

 
96,020

Equity in earnings (loss) of unconsolidated entities
(278
)
 
310

 
(2,208
)
 
892

Interest income
836

 
1,150

 
2,402

 
2,779

Other income (expense)
(328
)
 
(202
)
 
(982
)
 
80

Interest expense and amortization of premiums and loan costs
(66,356
)
 
(60,731
)
 
(200,509
)
 
(173,680
)
Write-off of premiums, loan costs and exit fees
(426
)
 
(1,572
)
 
(2,578
)
 
(9,316
)
Unrealized gain (loss) on marketable securities
315

 
68

 
1,721

 
(758
)
Unrealized gain (loss) on derivatives
(2,536
)
 
(2,085
)
 
(4,054
)
 
(3,672
)
INCOME (LOSS) BEFORE INCOME TAXES
(39,335
)
 
(33,742
)
 
(104,008
)
 
(87,655
)
Income tax (expense) benefit
249

 
(519
)
 
(3,052
)
 
(2,606
)
NET INCOME (LOSS)
(39,086
)
 
(34,261
)
 
(107,060
)
 
(90,261
)
(Income) loss from consolidated entities attributable to noncontrolling interest
(10
)
 
(10
)
 
2

 
8

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
21,582

 
18,087

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(31,177
)
 
(27,589
)
 
(85,476
)
 
(72,166
)
Preferred dividends
(10,645
)
 
(10,645
)
 
(31,933
)
 
(31,933
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(41,822
)
 
$
(38,234
)
 
$
(117,409
)
 
$
(104,099
)
 
 
 
 
 
 
 
 
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)
Weighted average common shares outstanding – basic
99,971

 
97,467

 
99,790

 
96,591

Diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)
Weighted average common shares outstanding – diluted
99,791

 
97,467

 
99,790

 
96,591

See Notes to Consolidated Financial Statements.

3

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(39,086
)
 
$
(34,261
)
 
$
(107,060
)
 
$
(90,261
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Total other comprehensive income (loss)
—

 
—

 
—

 
—

Comprehensive income (loss)
(39,086
)
 
(34,261
)
 
(107,060
)
 
(90,261
)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
(10
)
 
(10
)
 
2

 
8

Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
21,582

 
18,087

Comprehensive income (loss) attributable to the Company
$
(31,177
)
 
$
(27,589
)
 
$
(85,476
)
 
$
(72,166
)
See Notes to Consolidated Financial Statements.

4

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands except per share amounts)
 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at June 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
102,131

 
$
1,021

 
$
1,819,177

 
$
(1,453,824
)
 
$
604

 
$
367,204

 
$
73,242

Equity-based compensation
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3,214

 
—

 
—

 
3,214

 
1,691

Forfeitures of restricted shares
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(21
)
 
—

 
—

 
—

 
—

 
—

 
—

Dividends declared – common stock ($.06/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(6,222
)
 
—

 
(6,222
)
 
—

Dividends declared – preferred stock - Series D
($.53/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,262
)
 
—

 
(1,262
)
 
—

Dividends declared – preferred stock - Series F
($.46/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,212
)
 
—

 
(2,212
)
 
—

Dividends declared – preferred stock - Series G
($.46/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,857
)
 
—

 
(2,857
)
 
—

Dividends declared – preferred stock - Series H
($.47/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,782
)
 
—

 
(1,782
)
 
—

Dividends declared – preferred stock - Series I
($.47/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,532
)
 
—

 
(2,532
)
 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,316
)
Redemption value adjustment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(12,543
)
 
—

 
(12,543
)
 
12,543

Net income (loss)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(31,177
)
 
10

 
(31,167
)
 
(7,919
)
Balance at September 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
102,110

 
$
1,021

 
$
1,822,391

 
$
(1,514,411
)
 
$
614

 
$
309,841

 
$
78,241


5

 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
101,036

 
$
1,010

 
$
1,814,273

 
$
(1,363,020
)
 
$
616

 
$
453,105

 
$
80,743

Impact of adoption of new accounting standard (1)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1,755

 
—

 
1,755

 
—

Purchases of common stock
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(210
)
 
(1
)
 
(1,030
)
 
—

 
—

 
(1,031
)
 
—

Equity-based compensation
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
9,251

 
—

 
—

 
9,251

 
5,612

Forfeitures of restricted shares
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(56
)
 
(1
)
 
1

 
—

 
—

 
—

 
—

Issuance of restricted shares/units
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1,340

 
13

 
(13
)
 
—

 
—

 
—

 
28

Issuance of units for hotel acquisition
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
7,854

Common stock offering costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(91
)
 
—

 
—

 
(91
)
 
—

Dividends declared – common stock ($.24/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(24,895
)
 
—

 
(24,895
)
 
—

Dividends declared – preferred stock - Series D
($1.58/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(3,786
)
 
—

 
(3,786
)
 
—

Dividends declared – preferred stock - Series F
($1.38/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(6,637
)
 
—

 
(6,637
)
 
—

Dividends declared – preferred stock - Series G
($1.38/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(8,572
)
 
—

 
(8,572
)
 
—

Dividends declared – preferred stock - Series H
($1.41/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(5,344
)
 
—

 
(5,344
)
 
—

Dividends declared – preferred stock - Series I
($1.41/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(7,594
)
 
—

 
(7,594
)
 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(5,256
)
Redemption value adjustment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(10,842
)
 
—

 
(10,842
)
 
10,842

Net income (loss)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(85,476
)
 
(2
)
 
(85,478
)
 
(21,582
)
Balance at September 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
102,110

 
$
1,021

 
$
1,822,391

 
$
(1,514,411
)
 
$
614

 
$
309,841

 
$
78,241

(1) See note 17.


6

 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at June 30, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
98,612

 
$
986

 
$
1,793,869

 
$
(1,283,516
)
 
$
628

 
$
512,193

 
$
146,249

Equity-based compensation
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2,918

 
—

 
—

 
2,918

 
2,225

Forfeitures of restricted shares
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(8
)
 
—

 
—

 
—

 
—

 
—

 
—

Issuance of restricted shares/units
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Preferred stock issuance costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(8
)
 
—

 
—

 
(8
)
 
—

Issuance of common stock
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2,434

 
24

 
14,612

 
—

 
—

 
14,636

 
—

Dividends declared – common stock ($.12/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(12,226
)
 
—

 
(12,226
)
 
—

Dividends declared – preferred stock - Series D
($.53/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,261
)
 
—

 
(1,261
)
 
—

Dividends declared – preferred stock - Series F
($.46/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,212
)
 
—

 
(2,212
)
 
—

Dividends declared – preferred stock - Series G
($.46/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,858
)
 
—

 
(2,858
)
 
—

Dividends declared – preferred stock - Series H
($.47/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,782
)
 
—

 
(1,782
)
 
—

Dividends declared – preferred stock - Series I
($.47/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,532
)
 
—

 
(2,532
)
 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2,480
)
Redemption value adjustment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
20,649

 
—

 
20,649

 
(20,649
)
Net income (loss)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(27,589
)
 
10

 
(27,579
)
 
(6,682
)
Balance at September 30, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
101,038

 
$
1,010

 
$
1,811,391

 
$
(1,313,327
)
 
$
638

 
$
499,938

 
$
118,663


7

 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at January 1, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
97,409

 
$
974

 
$
1,784,997

 
$
(1,153,697
)
 
$
646

 
$
633,146

 
$
116,122

Purchases of common stock
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(249
)
 
(3
)
 
(1,595
)
 
—

 
—

 
(1,598
)
 
—

Equity-based compensation
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
13,329

 
—

 
—

 
13,329

 
8,617

Forfeitures of restricted shares
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(46
)
 
—

 
—

 
—

 
—

 
—

 
—

Issuance of restricted shares/units
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1,490

 
15

 
108

 
—

 
—

 
123

 
53

Cost for issuances of preferred shares
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(60
)
 
—

 
—

 
(60
)
 
—

Issuance of common stock
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
2,434

 
24

 
14,612

 
—

 
—

 
14,636

 
—

Dividends declared – common stock ($.24/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(36,144
)
 
—

 
(36,144
)
 
—

Dividends declared – preferred stock - Series D
($1.58/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(3,785
)
 
—

 
(3,785
)
 
—

Dividends declared – preferred stock - Series F
($1.38/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(6,637
)
 
—

 
(6,637
)
 
—

Dividends declared – preferred stock - Series G
($1.38/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(8,573
)
 
—

 
(8,573
)
 
—

Dividends declared – preferred stock - Series H
($1.41/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(5,344
)
 
—

 
(5,344
)
 
—

Dividends declared – preferred stock - Series I
($1.41/share)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(7,594
)
 
—

 
(7,594
)
 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(7,429
)
Redemption value adjustment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(19,387
)
 
—

 
(19,387
)
 
19,387

Net income (loss)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(72,166
)
 
(8
)
 
(72,174
)
 
(18,087
)
Balance at September 30, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
101,038

 
$
1,010

 
$
1,811,391

 
$
(1,313,327
)
 
$
638

 
$
499,938

 
$
118,663

See Notes to Consolidated Financial Statements

8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash Flows from Operating Activities
 
 
 
Net income (loss)
$
(107,060
)
 
$
(90,261
)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
 
 
 
Depreciation and amortization
202,595

 
192,536

Impairment charges
6,533

 
1,652

Amortization of intangibles
(221
)
 
(178
)
Recognition of deferred income
(710
)
 
(432
)
Bad debt expense
2,345

 
1,527

Deferred income tax expense (benefit)
927

 
(603
)
Equity in (earnings) loss of unconsolidated entities
2,208

 
(892
)
(Gain) loss on sale of assets and hotel properties
(2,923
)
 
(394
)
Realized and unrealized (gain) loss on marketable securities
(1,765
)
 
585

Purchases of marketable securities
(3,998
)
 
(11,434
)
Sales of marketable securities
13,134

 
13,602

Net settlement of trading derivatives
(3,556
)
 
(1,323
)
Realized and unrealized (gain) loss on derivatives
4,592

 
3,672

Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees
24,932

 
23,726

Equity-based compensation
14,863

 
21,946

Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
 
 
 
Accounts receivable and inventories
(19,063
)
 
(16,524
)
Prepaid expenses and other assets
(6,338
)
 
(10,775
)
Operating lease right-of-use asset
(944
)
 
—

Operating lease liability
255

 
—

Accounts payable and accrued expenses
28,998

 
21,551

Due to/from related party
(4,204
)
 
(987
)
Due to/from third-party hotel managers
157

 
(1,515
)
Due to/from Ashford Inc., net
(1,287
)
 
(9,970
)
Other liabilities
314

 
1,743

Net cash provided by (used in) operating activities
149,784

 
137,252

Cash Flows from Investing Activities
 
 
 
Investment in unconsolidated entity
(647
)
 
(667
)
Proceeds from franchise agreement
4,000

 
—

Acquisition of hotel properties and assets, net of cash and restricted cash acquired
(212,552
)
 
(114,877
)
Improvements and additions to hotel properties
(121,746
)
 
(164,726
)
Net proceeds from sales of assets and hotel properties
83,777

 
40,573

Payments for initial franchise fees
(275
)
 
(380
)
Proceeds from property insurance
267

 
651

Net cash provided by (used in) investing activities
(247,176
)
 
(239,426
)
Cash Flows from Financing Activities
 
 
 
Borrowings on indebtedness
388,694

 
2,676,881

Repayments of indebtedness
(246,312
)
 
(2,461,279
)
Payments for loan costs and exit fees
(9,294
)
 
(55,152
)
Payments for dividends and distributions
(68,237
)
 
(72,333
)
Purchases of common stock
(1,031
)
 
(1,598
)
Payments for derivatives
(1,048
)
 
(3,103
)
Proceeds from common stock offering
—

 
13,624

Preferred and common stock offering costs
(91
)
 
(60
)
Other
28

 
53

Net cash provided by (used in) financing activities
62,709

 
97,033

Net increase (decrease) in cash, cash equivalents and restricted cash
(34,683
)
 
(5,141
)
Cash, cash equivalents and restricted cash at beginning of period
439,812

 
472,072

Cash, cash equivalents and restricted cash and at end of period
$
405,129


$
466,931


9

 
Nine Months Ended September 30,
 
2019
 
2018
Supplemental Cash Flow Information
 
 
 
Interest paid
$
178,260

 
$
158,832

Income taxes paid (refunded)
(1,293
)
 
1,527

Supplemental Disclosure of Non-Cash Investing and Financing Activity
 
 
 
Accrued but unpaid capital expenditures
$
24,330

 
$
13,970

Non-cash dividends paid
—

 
123

Unsettled common stock offering proceeds
—

 
1,075

Issuance of units for hotel acquisition
7,854

 
—

Assumption of debt in hotel acquisition
24,922

 
—

Dividends and distributions declared but not paid
20,641

 
28,095

Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
 
 
 
Cash and cash equivalents at beginning of period
$
319,210

 
$
354,805

Cash and cash equivalents at beginning of period included in assets held for sale
—

 
78

Restricted cash at beginning of period
120,602

 
116,787

Restricted cash at beginning of period included in assets held for sale
—

 
402

Cash, cash equivalents and restricted cash at beginning of period
$
439,812

 
$
472,072

 
 
 
 
Cash and cash equivalents at end of period
$
256,303

 
$
325,839

Restricted cash at end of period
148,826

 
141,092

Cash, cash equivalents and restricted cash at end of period
$
405,129

 
$
466,931

See Notes to Consolidated Financial Statements.

10
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)



1. Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”) focused on investing opportunistically in the hospitality industry with a focus predominantly on full-service upscale and upper upscale hotels in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. Future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of September 30, 2019, we owned interests in the following assets:
•
118 consolidated hotel properties, including 116 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 25,044 total rooms (or 25,017 net rooms excluding those attributable to our partner);
•
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”);
•
a 22.9% ownership in Ashford Inc. common stock with a carrying value of $0 and a fair value of $14.5 million; and
•
a 17.0% ownership in OpenKey with a carrying value of $2.9 million.
For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of September 30, 2019, our 118 hotel properties were leased or owned by our wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries for federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. As of September 30, 2019, Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which was beneficially wholly owned by Mr. Monty J. Bennett, our Chairman, and his father Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 80 of our 118 hotel properties and WorldQuest. Third-party management companies managed the remaining hotel properties. On May 31, 2019, Ashford Inc., the parent company of Ashford LLC, entered into an agreement to acquire the hotel management business of Remington Holdings, L.P. (as amended by the First Amendment thereto dated July 17, 2019 and the Second Amendment thereto dated August 28, 2019, the “Combination Agreement”), which includes Remington Lodging. The transaction closed on November 6, 2019.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services and mobile key technology.
2. Significant Accounting Policies
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures

11
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2019.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property 
 
Location 
 
Type
 
Date
SpringHill Suites
 
Glen Allen, VA
 
Disposition
 
February 20, 2018
SpringHill Suites
 
Centreville, VA
 
Disposition
 
May 1, 2018
Residence Inn
 
Tampa, FL
 
Disposition
 
May 10, 2018
Hilton Alexandria Old Town
 
Alexandria, VA
 
Acquisition
 
June 29, 2018
La Posada de Santa Fe
 
Santa Fe, NM
 
Acquisition
 
October 31, 2018
Embassy Suites New York Manhattan Times Square
 
New York, NY
 
Acquisition
 
January 22, 2019
Hilton Santa Cruz/Scotts Valley
 
Santa Cruz, CA
 
Acquisition
 
February 26, 2019
San Antonio Marriott
 
San Antonio, TX
 
Disposition
 
August 2, 2019
Hilton Garden Inn Wisconsin Dells
 
Wisconsin Dells, WI
 
Disposition
 
August 6, 2019
Courtyard Savannah
 
Savannah, GA
 
Disposition
 
August 14, 2019

Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment (“FF&E”) replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 6.
Investments in Unconsolidated Entities—As of September 30, 2019, we held ownership interests in entities ranging from 17.0% to 22.9%, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated

12
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No such impairment was recorded for the three and nine months ended September 30, 2019 and 2018.
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
Leases—We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
We have lease agreements with lease and non-lease components, which under the elected practical expedients under ASC 842, we are not accounting for separately. For certain equipment leases, such as office equipment, we account for the lease and non-lease components as a single lease component.
Equity-Based Compensation—Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Recently Adopted Accounting Standards—In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a ROU model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Under the new standard, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard,

13
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

which allows entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU 2018-20”). The amendments create a lessor practical expedient applicable to sales and other similar taxes incurred in connection with a lease, and simplify lessor accounting for lessor costs paid by the lessee.
We adopted the standard effective January 1, 2019 on a modified retrospective basis and implemented internal controls to enable the preparation of financial information on adoption. We elected the practical expedients which provide us the option to apply the new guidance at its effective date on January 1, 2019 without having to adjust the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes.
The adoption of this standard has resulted in the recognition of ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding operating lease ROU asset of $38.8 million, which includes, among other things, reclassified intangible assets of $9.0 million, intangible liabilities of $13.0 million and deferred rent of $485,000. The standard did not have a material impact on our consolidated statements of operations and statements of cash flows. See related disclosures in note 5.
Recently Issued Accounting Standards—In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. We are currently evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and related disclosures.
3. Revenue
Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay.
Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).
Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment, business interruption revenue and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. For the three and nine months ended September 30, 2018, we recorded $0 and $2.5 million of business interruption income for the St. Petersburg Hilton and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010.
Taxes specifically collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.

14
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

The following tables present our revenue disaggregated by geographical areas (in thousands):
 
 
Three Months Ended September 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
17,268

 
$
4,179

 
$
1,143

 
$
—

 
$
22,590

Boston, MA Area
 
3

 
18,544

 
1,738

 
948

 
—

 
21,230

Dallas / Ft. Worth Area
 
7

 
13,619

 
3,163

 
826

 
—

 
17,608

Houston, TX Area
 
3

 
6,282

 
1,930

 
177

 
—

 
8,389

Los Angeles, CA Metro Area
 
6

 
20,041

 
3,728

 
1,403

 
—

 
25,172

Miami, FL Metro Area
 
3

 
5,181

 
1,487

 
220

 
—

 
6,888

Minneapolis - St. Paul, MN - WI Area
 
4

 
9,492

 
2,232

 
1,137

 
—

 
12,861

Nashville, TN Area
 
1

 
12,711

 
5,120

 
457

 
—

 
18,288

New York / New Jersey Metro Area
 
7

 
27,343

 
5,484

 
918

 
—

 
33,745

Orlando, FL Area
 
3

 
6,191

 
430

 
423

 
—

 
7,044

Philadelphia, PA Area
 
3

 
6,760

 
896

 
162

 
—

 
7,818

San Diego, CA Area
 
2

 
5,114

 
285

 
307

 
—

 
5,706

San Francisco - Oakland, CA Metro Area
 
7

 
24,389

 
2,247

 
672

 
—

 
27,308

Tampa, FL Area
 
2

 
5,060

 
1,453

 
264

 
—

 
6,777

Washington D.C. - MD - VA Area
 
9

 
30,068

 
5,916

 
2,147

 
—

 
38,131

Other Areas
 
49

 
90,624

 
13,262

 
6,088

 
—

 
109,974

Orlando WorldQuest
 
—

 
871

 
28

 
297

 
—

 
1,196

Sold properties
 
3

 
2,146

 
160

 
162

 
—

 
2,468

Corporate
 
—

 
—

 
—

 
—

 
1,044

 
1,044

Total
 
121

 
$
301,704

 
$
53,738

 
$
17,751

 
$
1,044

 
$
374,237

 
 
Three Months Ended September 30, 2018
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
16,843

 
$
3,800

 
$
1,379

 
$
—

 
$
22,022

Boston, MA Area
 
3

 
18,274

 
2,102

 
944

 
—

 
21,320

Dallas / Ft. Worth Area
 
7

 
14,412

 
3,333

 
921

 
—

 
18,666

Houston, TX Area
 
3

 
6,378

 
1,720

 
183

 
—

 
8,281

Los Angeles, CA Metro Area
 
6

 
19,336

 
3,382

 
1,302

 
—

 
24,020

Miami, FL Metro Area
 
3

 
5,072

 
1,652

 
232

 
—

 
6,956

Minneapolis - St. Paul, MN - WI Area
 
4

 
9,930

 
2,308

 
1,242

 
—

 
13,480

Nashville, TN Area
 
1

 
12,854

 
3,581

 
341

 
—

 
16,776

New York / New Jersey Metro Area
 
6

 
19,661

 
5,031

 
796

 
—

 
25,488

Orlando, FL Area
 
3

 
6,242

 
371

 
356

 
—

 
6,969

Philadelphia, PA Area
 
3

 
6,898

 
1,000

 
250

 
—

 
8,148

San Diego, CA Area
 
2

 
5,228

 
254

 
269

 
—

 
5,751

San Francisco - Oakland, CA Metro Area
 
6

 
21,684

 
1,862

 
658

 
—

 
24,204

Tampa, FL Area
 
2

 
4,585

 
1,263

 
257

 
—

 
6,105

Washington D.C. - MD - VA Area
 
9

 
28,214

 
5,142

 
2,089

 
—

 
35,445

Other Areas
 
48

 
86,591

 
12,092

 
5,533

 
—

 
104,216

Orlando WorldQuest
 
—

 
913

 
30

 
275

 
—

 
1,218

Sold properties
 
3

 
4,901

 
473

 
282

 
—

 
5,656

Corporate
 
—

 
—

 
—

 
—

 
1,209

 
1,209

Total
 
118

 
$
288,016

 
$
49,396

 
$
17,309

 
$
1,209

 
$
355,930


15
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

 
 
Nine Months Ended September 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
55,545

 
$
13,829

 
$
3,533

 
$
—

 
$
72,907

Boston, MA Area
 
3

 
46,894

 
5,611

 
2,762

 
—

 
55,267

Dallas / Ft. Worth Area
 
7

 
45,509

 
12,017

 
2,582

 
—

 
60,108

Houston, TX Area
 
3

 
19,862

 
6,622

 
595

 
—

 
27,079

Los Angeles, CA Metro Area
 
6

 
60,867

 
12,434

 
3,863

 
—

 
77,164

Miami, FL Metro Area
 
3

 
20,903

 
6,868

 
684

 
—

 
28,455

Minneapolis - St. Paul, MN - WI Area
 
4

 
25,058

 
6,147

 
3,248

 
—

 
34,453

Nashville, TN Area
 
1

 
39,332

 
16,590

 
1,677

 
—

 
57,599

New York / New Jersey Metro Area
 
7

 
73,611

 
17,788

 
2,369

 
—

 
93,768

Orlando, FL Area
 
3

 
22,774

 
1,478

 
1,296

 
—

 
25,548

Philadelphia, PA Area
 
3

 
18,464

 
2,699

 
515

 
—

 
21,678

San Diego, CA Area
 
2

 
14,177

 
944

 
799

 
—

 
15,920

San Francisco - Oakland, CA Metro Area
 
7

 
70,253

 
7,099

 
1,947

 
—

 
79,299

Tampa, FL Area
 
2

 
19,589

 
5,931

 
827

 
—

 
26,347

Washington D.C. - MD - VA Area
 
9

 
95,433

 
19,525

 
6,297

 
—

 
121,255

Other Areas
 
49

 
267,158

 
44,206

 
17,747

 
—

 
329,111

Orlando WorldQuest
 
—

 
3,075

 
80

 
988

 
—

 
4,143

Sold properties
 
3

 
11,833

 
2,229

 
701

 
—

 
14,763

Corporate
 
—

 
—

 
—

 
—

 
3,239

 
3,239

Total
 
121

 
$
910,337

 
$
182,097

 
$
52,430

 
$
3,239

 
$
1,148,103

 
 
Nine Months Ended September 30, 2018
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
51,131

 
$
12,233

 
$
4,127

 
$
—

 
$
67,491

Boston, MA Area
 
3

 
45,046

 
5,619

 
2,625

 
—

 
53,290

Dallas / Ft. Worth Area
 
7

 
47,427

 
12,525

 
2,620

 
—

 
62,572

Houston, TX Area
 
3

 
20,599

 
6,933

 
602

 
—

 
28,134

Los Angeles, CA Metro Area
 
6

 
59,912

 
11,601

 
3,534

 
—

 
75,047

Miami, FL Metro Area
 
3

 
22,014

 
6,728

 
764

 
—

 
29,506

Minneapolis - St. Paul, MN - WI Area
 
4

 
28,228

 
7,188

 
3,613

 
—

 
39,029

Nashville, TN Area
 
1

 
38,151

 
9,430

 
1,181

 
—

 
48,762

New York / New Jersey Metro Area
 
6

 
56,696

 
17,154

 
2,159

 
—

 
76,009

Orlando, FL Area
 
3

 
21,763

 
1,160

 
887

 
—

 
23,810

Philadelphia, PA Area
 
3

 
18,587

 
3,226

 
675

 
—

 
22,488

San Diego, CA Area
 
2

 
14,224

 
755

 
744

 
—

 
15,723

San Francisco - Oakland, CA Metro Area
 
6

 
61,564

 
5,378

 
1,752

 
—

 
68,694

Tampa, FL Area
 
2

 
17,555

 
4,746

 
1,293

 
—

 
23,594

Washington D.C. - MD - VA Area
 
9

 
86,948

 
16,939

 
4,886

 
—

 
108,773

Other Areas
 
48

 
256,004

 
41,085

 
17,961

 
—

 
315,050

Orlando WorldQuest
 
—

 
3,486

 
107

 
920

 
—

 
4,513

Sold properties
 
6

 
18,755

 
2,062

 
1,015

 
—

 
21,832

Corporate
 
—

 
—

 
—

 
—

 
2,984

 
2,984

Total
 
121

 
$
868,090

 
$
164,869

 
$
51,358

 
$
2,984

 
$
1,087,301



16
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

4. Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
 
September 30, 2019
 
December 31, 2018
Land
$
775,086

 
$
670,362

Buildings and improvements
4,159,185

 
4,062,810

Furniture, fixtures, and equipment
501,646

 
504,806

Construction in progress
28,148

 
37,394

Condominium properties
12,093

 
12,091

Total cost
5,476,158

 
5,287,463

Accumulated depreciation
(1,304,128
)
 
(1,182,244
)
Investments in hotel properties, net
$
4,172,030

 
$
4,105,219


Acquisitions
Embassy Suites New York Manhattan Times Square
On January 22, 2019, we acquired a 100% interest in the 310-room Embassy Suites New York Manhattan Times Square for $195.0 million in cash. In connection with this transaction, we entered into a $145.0 million mortgage loan (see note 8). 
We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs to the individual assets acquired on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands):
Land
$
111,619

Buildings and improvements
80,047

Furniture, fixtures and equipment (1)
8,626

Investments in hotel properties, net
$
200,292

Key money
(3,800
)
 
$
196,492

Net other assets (liabilities)
$
1,320


_____________________________
(1) The FF&E of $8.6 million was sold to Ashford Inc. as a part of the ERFP transaction for the Embassy Suites New York Manhattan Times Square.
The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three and nine months ended September 30, 2019 (in thousands):
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
Total revenue
$
7,231

 
$
18,194

Net income (loss)
(567
)
 
(3,645
)

Hilton Santa Cruz/Scotts Valley
On February 26, 2019, we acquired a 100% interest in the 178-room Hilton Santa Cruz/Scotts Valley for $47.5 million. Consideration included cash, approximately 1.5 million common units in our operating partnership and the assumption of a non-recourse mortgage loan with a face value of approximately $25.3 million and a fair value of $24.9 million (see note 8). The number of common units was determined using a price of $7.00 per common unit. On February 26, 2019, the price per unit was $5.35 resulting in a fair value of $7.9 million.

17
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs to the individual assets acquired on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands):
Land
$
9,399

Buildings and improvements
34,276

Furniture, fixtures and equipment (1)
3,852

Investments in hotel properties, net
$
47,527

Debt discount
407

 
$
47,934

Net other assets (liabilities)
$
38

_____________________________
(1) The FF&E of $3.9 million was sold to Ashford Inc. as a part of the ERFP transaction for the Hilton Santa Cruz/Scotts Valley.
The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three and nine months ended September 30, 2019 (in thousands):
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
Total revenue
$
3,158

 
$
6,901

Net income (loss)
251

 
172


5. Leases
On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. We elected the practical expedients which allowed us to apply the new guidance at its effective date on January 1, 2019 without adjusting the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record short-term leases on the balance sheet across all existing asset classes.
The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding operating lease ROU asset of $38.8 million which includes the reclassified intangible assets of $9.0 million, intangible liabilities of $13.0 million and deferred rent of $485,000. The standard did not have a material impact on our condensed consolidated statements of operations and statements of cash flows.
The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. We have no finance leases as of September 30, 2019.
As of September 30, 2019, our leased assets and liabilities consisted of the following (in thousands):
 
September 30, 2019
Assets
 
Operating lease right-of-use assets
$
40,807

Liabilities
 
Operating lease liabilities
$
43,536



18
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

We incurred the following lease costs related to our operating leases (in thousands):
 
 
Classification
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
Operating lease cost (1)
 
Hotel operating expenses - other
 
$
1,037

 
$
3,258

_______________________________________
(1) For the three and nine months ended September 30, 2019, operating lease cost includes approximately $53,000 and $366,000, respectively, of variable lease cost associated with the ground leases and $82,000 and $160,000, respectively, of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
 
 
Nine Months Ended September 30,
 
 
2019
Supplemental Cash Flows Information
 
 
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases (in thousands)
 
$
2,176

Weighted Average Remaining Lease Term
 
 
Operating leases (1)
 
71 years

Weighted Average Discount Rate
 
 
Operating leases (1)
 
5.16
%
_______________________________________
(1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Future minimum lease payments due under non-cancellable leases as of September 30, 2019 were as follows (in thousands):
 
 
Operating Leases
2019
 
$
726

2020
 
2,785

2021
 
2,613

2022
 
2,487

2023
 
2,419

Thereafter
 
167,006

Total future minimum lease payments
 
178,036

Less: interest
 
(134,500
)
Present value of lease liabilities
 
$
43,536


Future minimum lease payments due under non-cancellable leases under ASC 840 as of December 31, 2018 were as follows (in thousands):
2019
$
2,643

2020
2,506

2021
2,379

2022
2,297

2023
2,249

Thereafter
121,697

Total
$
133,771


Enhanced Return Funding Program
We lease certain assets from Ashford Inc. under the Enhanced Return Funding Program. See note 17.

19
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

6. Hotel Dispositions, Impairment Charges, Insurance Recoveries and Assets Held For Sale
Hotel Dispositions
On February 20, 2018, the Company sold the SpringHill Suites in Glen Allen, Virginia for approximately $10.9 million in cash. The sale resulted in a loss of approximately $13,000 for the year ended December 31, 2018, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.6 million of debt associated with the hotel property. See note 8.
On May 1, 2018, the Company sold the SpringHill Suites in Centreville, Virginia (“SpringHill Suites Centreville”) for approximately $7.5 million in cash. The sale resulted in a gain of approximately $98,000 for the year ended December 31, 2018, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $6.6 million of debt associated with the hotel property. See note 8.
On May 10, 2018, the Company sold the Residence Inn in Tampa, Florida for approximately $24.0 million in cash. The sale resulted in a gain of approximately $400,000 for the year ended December 31, 2018, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $22.5 million of debt associated with the hotel property. See note 8.
On August 2, 2019, the Company sold the Marriott in San Antonio, Texas for $34.0 million in cash. The sale resulted in a gain of approximately $2.6 million for the three and nine months ended September 30, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $26.8 million of debt associated with the hotel property. See note 8.
On August 6, 2019, the Company sold the Hilton Garden Inn in Wisconsin Dells, Wisconsin for $8.0 million in cash. The sale resulted in a loss of approximately $259,000 for the three and nine months ended September 30, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.7 million of debt associated with the hotel property. See note 8.
On August 14, 2019, the Company sold the Courtyard by Marriott in Savannah, Georgia for approximately $29.8 million in cash. The sale resulted in a loss of approximately $53,000 for the three and nine months ended September 30, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $28.8 million of debt associated with the hotel property. See note 8.
We included the results of operations for these hotel properties through the date of disposition in net income (loss) as shown in the consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018. The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Total hotel revenue
$
2,468

 
$
5,656

 
$
14,763

 
$
21,832

Total hotel operating expenses
(1,663
)
 
(3,737
)
 
(9,561
)
 
(13,531
)
Gain (loss) on sale of assets and hotel properties
2,293

 
(9
)
 
2,293

 
394

Property taxes, insurance and other
(239
)
 
(483
)
 
(1,213
)
 
(1,620
)
Depreciation and amortization
(91
)
 
(864
)
 
(1,736
)
 
(2,921
)
Impairment charges
—

 
—

 
(6,533
)
 
(1,939
)
Operating income (loss)
2,768

 
563

 
(1,987
)
 
2,215

Interest expense and amortization of premiums and loan costs
(135
)
 
(352
)
 
(808
)
 
(2,652
)
Write-off of premiums, loan costs and exit fees
(426
)
 
(21
)
 
(426
)
 
(616
)
Income (loss) before income taxes
2,207

 
190

 
(3,221
)
 
(1,053
)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership
(351
)
 
(28
)
 
513

 
157

Net income (loss) before income taxes attributable to the Company
$
1,856

 
$
162

 
$
(2,708
)
 
$
(896
)

20
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Impairment Charges and Insurance Recoveries
During the three and nine months ended September 30, 2019, we recorded a $0 and $6.5 million impairment charge, respectively, which was comprised of $1.4 million at the Wisconsin Dells Hilton Garden Inn and $5.1 million at the Savannah Courtyard. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques.
For the three and nine months ended September 30, 2018, we recorded a $0 and $2.0 million impairment charge at the SpringHill Suites Centreville. The SpringHill Suites Centreville was sold on May 1, 2018. We also recorded impairment adjustments of $(27,000) and $(310,000) for the three and nine ended September 30, 2018, respectively, based on changes in estimates of property damages incurred from the hurricanes.
In August and September 2017, twenty-four of our hotel properties in Texas and Florida were impacted by the effects of Hurricanes Harvey and Irma. The Company holds insurance policies that provide coverage for property damage and business interruption after meeting certain deductibles at all of its hotel properties.
For the three and nine months ended September 30, 2018, the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $0 and $401,000, respectively, which is included in “other” hotel revenue in our consolidated statement of operations.
We received additional proceeds of $7,000 and $43,000 during the three and nine months ended September 30, 2019, respectively, and $192,000 and $834,000 during the three and nine months ended September 30, 2018, respectively, associated with property damage from the hurricanes. The Company will not record an insurance recovery receivable for business interruption losses associated with lost profits until the amount for such recoveries is known and the amount is realizable.
 
 

7. Investment in Unconsolidated Entities
Ashford Inc.
As of September 30, 2019 and December 31, 2018, we held approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate ownership of 22.9% and 25.0%, respectively. This ownership resulted in a carrying value of $0 and $1.9 million, respectively, and a fair value of $14.5 million and $31.0 million, respectively, as of September 30, 2019 and December 31, 2018. See note 18.
The following tables summarize the condensed consolidated balance sheets and our ownership interest in Ashford Inc. as of September 30, 2019 and December 31, 2018 and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the three and nine months ended September 30, 2019 and 2018 (in thousands):
Ashford Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30, 2019
 
December 31, 2018
Total assets
$
421,837

 
$
379,005

Total liabilities
$
148,779

 
$
108,726

Series B Convertible Preferred Stock
202,185

 
200,847

Redeemable noncontrolling interests
3,641

 
3,531

Total stockholders’ equity of Ashford Inc.
66,467

 
65,443

Noncontrolling interests in consolidated entities
765

 
458

Total equity
67,232

 
65,901

Total liabilities and equity
$
421,837

 
$
379,005

Our ownership interest in Ashford Inc.
$
—

 
$
1,896



21
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Ashford Inc.
Condensed Consolidated Statements of Operations
(unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Total revenue
$
56,889

 
$
41,565

 
$
183,675

 
$
144,544

Total operating expenses
(63,690
)
 
(53,069
)
 
(186,991
)
 
(150,214
)
Operating income (loss)
(6,801
)
 
(11,504
)
 
(3,316
)
 
(5,670
)
Equity in earnings (loss) of unconsolidated entities
464

 
—

 
(109
)
 
—

Interest expense and loan amortization costs
(531
)
 
(419
)
 
(1,412
)
 
(770
)
Other income (expense)
(20
)
 
25

 
(86
)
 
(50
)
Income tax (expense) benefit
297

 
13,904

 
(1,429
)
 
11,593

Net income (loss)
(6,591
)
 
2,006

 
(6,352
)
 
5,103

(Income) loss from consolidated entities attributable to noncontrolling interests
101

 
413

 
395

 
704

Net (income) loss attributable to redeemable noncontrolling interests
334

 
968

 
623

 
817

Net income (loss) attributable to Ashford Inc.
(6,156
)
 
3,387

 
(5,334
)
 
6,624

Preferred dividends
(2,909
)
 
(1,675
)
 
(8,492
)
 
(1,675
)
Amortization of preferred stock discount
(363
)
 
(303
)
 
(1,338
)
 
(303
)
Net income attributable to common stockholders
$
(9,428
)
 
$
1,409

 
$
(15,164
)
 
$
4,646

Our equity in earnings (loss) of Ashford Inc.
$
(182
)
 
$
470

 
$
(1,896
)
 
$
1,326


OpenKey
OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of September 30, 2019, the Company has made investments in OpenKey totaling $4.6 million. In 2019 and 2018, we made additional investments in OpenKey of $647,000 and $667,000, respectively.
The following table summarizes our carrying value and ownership interest in OpenKey:
 
September 30, 2019
 
December 31, 2018
Carrying value of the investment in OpenKey (in thousands)
$
2,928

 
$
2,593

Ownership interest in OpenKey
17.0
%
 
16.3
%
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Equity in earnings (loss) of unconsolidated entity
 
$
(96
)
 
$
(160
)
 
$
(312
)
 
$
(434
)


22
Table of Contents
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

8. Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate
 
September 30, 2019
 
December 31, 2018
Secured credit facility (3)
 
Equity
 
September 2019
 
Base Rate (2) + 1.65% or LIBOR (1) + 2.65%
 
$
—

 
$
—

Mortgage loan (4)
 
1 hotel
 
July 2019
 
4.00%
 
—

 
5,232

Mortgage loan
 
1 hotel
 
August 2019
 
LIBOR (1) + 4.95%
 
—

 
7,778

Mortgage loan (5)
 
17 hotels
 
November 2019
 
LIBOR (1) + 3.00%
 
427,000

 
427,000

Mortgage loan (5)
 
8 hotels
 
February 2020
 
LIBOR (1) + 2.92%
 
395,000

 
395,000

Mortgage loan (5) (6) (7)
 
19 hotels
 
April 2020
 
LIBOR (1) + 3.20%
 
907,030

 
962,575

Mortgage loan (8)
 
1 hotel
 
May 2020
 
LIBOR (1) + 2.90%
 
16,035

 
16,100

Mortgage loan (9)
 
1 hotel
 
June 2020
 
LIBOR (1) + 5.10%
 
43,750

 
43,750

Mortgage loan (5)
 
7 hotels
 
June 2020
 
LIBOR (1) + 3.65%
 
180,720

 
180,720

Mortgage loan (5)
 
7 hotels
 
June 2020
 
LIBOR (1) + 3.39%
 
174,400

 
174,400

Mortgage loan (5)
 
5 hotels
 
June 2020
 
LIBOR (1) + 3.73%
 
221,040

 
221,040

Mortgage loan (5)
 
5 hotels
 
June 2020
 
LIBOR (1) + 4.02%
 
262,640

 
262,640

Mortgage loan (5)
 
5 hotels
 
June 2020
 
LIBOR (1) + 2.73%
 
160,000

 
160,000

Mortgage loan (5)
 
5 hotels
 
June 2020
 
LIBOR (1) + 3.68%
 
215,120

 
215,120

Mortgage loan (10)
 
1 hotel
 
July 2020
 
LIBOR (1) + 4.40%
 
35,200

 
35,200

Mortgage loan (11)
 
8 hotels
 
July 2020
 
LIBOR (1) + 4.33%
 
144,000

 
144,000

Mortgage loan
 
1 hotel
 
November 2020
 
6.26%
 
92,030

 
93,433

Mortgage loan (12)
 
1 hotel
 
November 2020
 
LIBOR (1) + 2.55%
 
25,000

 
25,000

Mortgage loan (13)
 
2 hotels
 
March 2021
 
LIBOR (1) + 2.75%
 
240,000

 
—

Mortgage loan (8)
 
1 hotel
 
February 2022
 
LIBOR (1) + 3.90%
 
145,000

 
—

Mortgage loan (13)
 
2 hotels
 
June 2022
 
LIBOR (1) + 3.00%
 
—

 
178,099

Mortgage loan
 
1 hotel
 
November 2022
 
LIBOR (1) + 2.00%
 
97,000

 
97,000

Mortgage loan
 
1 hotel
 
May 2023
 
5.46%
 
52,100

 
52,843

Mortgage loan
 
1 hotel
 
June 2023
 
LIBOR (1) + 2.45%
 
73,450

 
73,450

Mortgage loan
 
1 hotel
 
January 2024
 
5.49%
 
6,791

 
6,883

Mortgage loan
 
1 hotel
 
January 2024
 
5.49%
 
9,911

 
10,045

Mortgage loan
 
1 hotel
 
May 2024
 
4.99%
 
6,323

 
6,414

Mortgage loan (4)
 
1 hotel
 
June 2024
 
LIBOR (1) + 2.00%
 
8,881

 
—

Mortgage loan
 
3 hotels
 
August 2024
 
5.20%
 
64,555

 
65,242

Mortgage loan
 
2 hotels
 
August 2024
 
4.85%
 
11,914

 
12,048

Mortgage loan
 
3 hotels
 
August 2024
 
4.90%
 
23,819

 
24,086

Mortgage loan
 
2 hotels
 
February 2025
 
4.45%
 
19,572

 
19,835

Mortgage loan
 
3 hotels
 
February 2025
 
4.45%
 
50,623

 
51,304

Mortgage loan
 
1 hotel
 
March 2025
 
4.66%
 
25,043

 
—

 
 
 
 
 
 
 
 
4,133,947

 
3,966,237

Premiums, net
 
 
 
 
 
 
 
711

 
1,293

Deferred loan costs, net
 
 
 
 
 
 
 
(25,068
)
 
(40,264
)
Indebtedness, net
 
 
 
 
 
 
 
$
4,109,590

 
$
3,927,266

_____________________________
(1) 
LIBOR rates were 2.016% and 2.503% at September 30, 2019 and December 31, 2018, respectively.
(2) 
Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
(3) 
The secured credit facility has borrowing capacity of up to $100.0 million. The secured credit facility expired on September 26, 2019.
(4)  
On June 7, 2019, we amended this mortgage loan totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five year term, is interest only and bears interest at a rate of LIBOR + 2.00%.
(5) 
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(6) 
This mortgage loan had a $26.8 million pay down of principal related to the sale of the Marriott San Antonio on August 2, 2019.
(7) 
This mortgage loan had a $28.8 million pay down of principal related to the sale of the Courtyard Savannah on August 14, 2019.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

(8) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(9) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.
(10) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.15%.
(11) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.09%.
(12) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(13) 
On March 5, 2019, we refinanced this mortgage loan totaling $178.1 million with a new $240.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.75%.
On January 17, 2018, we refinanced our $376.8 million mortgage loan. The new mortgage loan totaled $395.0 million. The new mortgage loan has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and provides for an interest rate of LIBOR + 2.92%. The new mortgage loan is secured by eight hotels: Embassy Suites Portland, Embassy Suites Crystal City, Embassy Suites Orlando, Embassy Suites Santa Clara, Crowne Plaza Key West, Hilton Costa Mesa, Sheraton Minneapolis, and Historic Inns of Annapolis.
On February 20, 2018, we repaid $7.6 million of principal on our mortgage loan partially secured by the SpringHill Suites Glen Allen. This hotel property was sold on February 20, 2018. See note 6.
On April 9, 2018, we refinanced our $971.7 million mortgage loan secured by 22 hotel properties. The new mortgage loan totaled $985.0 million, is interest only and provides for an interest rate of LIBOR + 3.20%. The stated maturity is April 2020 with five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is secured by the same 22 hotel properties that include: the Courtyard Boston Downtown, Courtyard Denver, Courtyard Gaithersburg, Courtyard Savannah, Hampton Inn Parsippany, Hilton Parsippany, Hilton Tampa, Hilton Garden Inn Austin, Hilton Garden Inn BWI, Hilton Garden Inn Virginia Beach, Hyatt Windwatch Long Island, Hyatt Savannah, Marriott DFW Airport, Marriott Omaha, Marriott San Antonio, Marriott Sugarland, Renaissance Palm Springs, Ritz-Carlton Atlanta, Residence Inn Tampa, Churchill, Melrose and Silversmith.
On May 1, 2018, we repaid $6.6 million of principal on our mortgage loan partially secured by the SpringHill Suites Centreville. This hotel property was sold on May 1, 2018. See note 6.
On May 10, 2018, we repaid $22.5 million of principal on our mortgage loan partially secured by the Residence Inn Tampa. This hotel property was sold on May 10, 2018. See note 6.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

On June 13, 2018, we refinanced seven mortgage loans with existing outstanding balances totaling $1.068 billion. The new financing is comprised of six separate mortgage loans that total approximately $1.270 billion. Each has a two-year initial term with five one-year extension options, subject to the satisfaction of certain conditions. The original principal amounts of each mortgage loan and the hotel properties securing each mortgage loan are set forth in the following table:
Mortgage Loan
 
Principal Amount (in thousands)
 
Interest Rate
 
Secured Hotel Properties
A
 
$180,720
 
LIBOR + 3.65%
 
Courtyard Columbus Tipton Lakes
 
 
 
 
 
 
Courtyard Scottsdale Old Town
 
 
 
 
 
 
Residence Inn Phoenix Airport
 
 
 
 
 
 
SpringHill Suites Manhattan Beach
 
 
 
 
 
 
SpringHill Suites Plymouth Meeting
 
 
 
 
 
 
Residence Inn Las Vegas Hughes Center
 
 
 
 
 
 
Residence Inn Newark
B
 
$174,400
 
LIBOR + 3.39%
 
Courtyard Newark
 
 
 
 
 
 
SpringHill Suites BWI
 
 
 
 
 
 
Courtyard Oakland Airport
 
 
 
 
 
 
Courtyard Plano Legacy
 
 
 
 
 
 
Residence Inn Plano
 
 
 
 
 
 
TownePlace Suites Manhattan Beach
 
 
 
 
 
 
Courtyard Basking Ridge
C
 
$221,040
 
LIBOR + 3.73%
 
Sheraton San Diego Mission Valley
 
 
 
 
 
 
Sheraton Bucks County
 
 
 
 
 
 
Hilton Ft. Worth
 
 
 
 
 
 
Hyatt Regency Coral Gables
 
 
 
 
 
 
Hilton Minneapolis
D
 
$262,640
 
LIBOR + 4.02%
 
Hilton Santa Fe
 
 
 
 
 
 
Embassy Suites Dulles
 
 
 
 
 
 
Marriott Beverly Hills
 
 
 
 
 
 
One Ocean
 
 
 
 
 
 
Marriott Suites Dallas Market Center
E (1)
 
$216,320
 
LIBOR + 4.36%
 
Marriott Memphis East
 
 
 
 
 
 
Embassy Suites Philadelphia Airport
 
 
 
 
 
 
Sheraton Anchorage
 
 
 
 
 
 
Lakeway Resort & Spa
 
 
 
 
 
 
Marriott Fremont
F
 
$215,120
 
LIBOR + 3.68%
 
W Atlanta Downtown
 
 
 
 
 
 
Embassy Suites Flagstaff
 
 
 
 
 
 
Embassy Suites Walnut Creek
 
 
 
 
 
 
Marriott Bridgewater
 
 
 
 
 
 
Marriott Durham Research Triangle Park

_____________________________
(1) On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinancing. The net interest rate after the purchase of the Pool E loan is LIBOR + 2.73%.
On June 29, 2018, in connection with the acquisition of the Hilton Alexandria Old Town in Alexandria Virginia, we completed the financing of a $73.5 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 2.45%. The stated maturity date of the mortgage loan is June 2023, with no extension options. The mortgage loan is secured by the Hilton Alexandria Old Town.
On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinancing. The net interest rate after the purchase of the Pool E loan is LIBOR + 2.73%. The mezzanine debt receivable purchase and corresponding mezzanine debt eliminate in consolidation.
On September 27, 2018, we established a secured credit facility with a borrowing capacity of up to $100.0 million, which is secured by a pledge of 100% of the equity interests in the subsidiaries that own the hotel property for which revolving credit facility funds would be used to acquire. The interest rate associated with the secured credit facility is either the Base Rate + 1.65% or LIBOR + 2.65% at the Company’s election. The Base Rate is the greater of (i) the prime rate set by Bank of America; (ii) federal funds rate + 0.5%; or (iii) LIBOR + 1.0%. The secured credit facility expired on September 26, 2019. No amounts were drawn on the secured credit facility at expiration.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

On November 8, 2018, in connection with the acquisition of the La Posada de Santa Fe, we completed the financing of a $25.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 2.55%. The stated maturity date of the mortgage loan is November 2020, with three one-year extension options. The mortgage loan is secured by the La Posada de Santa Fe.
On January 22, 2019, in connection with the acquisition of the Embassy Suites New York Manhattan Times Square, we completed the financing of a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90%. The stated maturity date of the mortgage loan is February 2022, with two one-year extensions. The mortgage loan is secured by the Embassy Suites New York Manhattan Times Square.
On February 26, 2019, in connection with the acquisition of the Hilton Santa Cruz/Scotts Valley, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million. This mortgage loan amortizes monthly and provides for a fixed interest rate of 4.66%. The stated maturity date is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley.
On March 5, 2019, we refinanced our $178.1 million mortgage loan, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million. The new mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75%. The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton.
On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00%.
On August 2, 2019, we repaid $26.8 million of principal on our mortgage loan partially secured by the San Antonio Marriott. This hotel property was sold on August 2, 2019. See note 6.
On August 6, 2019, we repaid $7.7 million of principal on our mortgage loan secured by the Hilton Garden Inn in Wisconsin Dells, Wisconsin. This hotel property was sold on August 6, 2019. See note 6.
On August 14, 2019, we repaid $28.8 million of principal on our mortgage loan partially secured by the Courtyard by Marriott in Savannah, Georgia. This hotel property was sold on August 14, 2019. See note 6.
During the three and nine months ended September 30, 2019 and 2018, we recognized net premium amortization as presented in the table below (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Interest expense and amortization of premium and loan costs
 
$
56

 
$
69

 
$
176

 
$
207


The amortization of the net premium is computed using a method that approximates the effective interest method, which is included in “interest expense and amortization of premiums and loan costs” in the consolidated statements of operations.
We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. As of September 30, 2019, we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.
9. Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Income (loss) allocated to common stockholders - basic and diluted:
 
 
 
 
 
 
 
Income (loss) attributable to the Company
$
(31,177
)
 
$
(27,589
)
 
$
(85,476
)
 
$
(72,166
)
Less: Dividends on preferred stock
(10,645
)
 
(10,645
)
 
(31,933
)
 
(31,933
)
Less: Dividends on common stock
(5,997
)
 
(11,897
)
 
(23,841
)
 
(35,138
)
Less: Dividends on unvested performance stock units
(96
)
 
(123
)
 
(381
)
 
(368
)
Less: Dividends on unvested restricted shares
(129
)
 
(206
)
 
(673
)
 
(638
)
Undistributed income (loss) allocated to common stockholders
(48,044
)
 
(50,460
)
 
(142,304
)
 
(140,243
)
Add back: Dividends on common stock
5,997

 
11,897

 
23,841

 
35,138

Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted
$
(42,047
)
 
$
(38,563
)
 
$
(118,463
)
 
$
(105,105
)
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic and diluted
99,971

 
97,467

 
99,790

 
96,591

 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(0.42
)
 
$
(0.40
)
 
$
(1.19
)
 
$
(1.09
)

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Income (loss) allocated to unvested restricted shares
$
129

 
$
206

 
$
673

 
$
638

Income (loss) allocated to unvested performance stock units
96

 
123

 
381

 
368

Income (loss) attributable to noncontrolling interest in operating partnership units
(7,919
)
 
(6,682
)
 
(21,582
)
 
(18,087
)
Total
$
(7,694
)
 
$
(6,353
)
 
$
(20,528
)
 
$
(17,081
)
 
 
 
 
 
 
 
 
Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
1

 
119

 
81

 
124

Effect of unvested performance stock units
—

 
4

 
93

 
335

Effect of assumed conversion of operating partnership units
19,340

 
17,443

 
18,996

 
17,669

Effect of advisory services incentive fee shares
—

 
286

 
—

 
296

Total
19,341

 
17,852

 
19,170

 
18,424



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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

10. Derivative Instruments and Hedging
Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value.
The following table presents a summary of our interest rate derivatives entered into over the applicable periods:
 
Nine Months Ended September 30,
 
2019
 
2018
Interest rate caps:
 
 
 
Notional amount (in thousands)
$
624,050

 
$
3,589,618

Strike rate low end of range
1.50
%
 
1.50
%
Strike rate high end of range
4.00
%
 
5.71
%
Effective date range
January 2019 - June 2019

 
January 2018 - August 2018

Termination date range
June 2020 - February 2022

 
January 2019 - July 2020

Total cost (in thousands)
$
1,048

 
$
3,103

 
 
 
 
Interest rate floors:
 
 
 
Notional amount (in thousands)
$
6,000,000

 
$
12,000,000

Strike rate low end of range
1.63
%
 
1.38
%
Strike rate high end of range
1.63
%
 
2.00
%
Effective date
January 2019

 
July 2018

Termination date range
March 2020

 
September 2019 - December 2019

Total cost (in thousands)
$
225

 
$
413

None of these instruments were designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
 
September 30, 2019
 
December 31, 2018
 
Interest rate caps:
 
 
 
 
Notional amount (in thousands)
$
3,799,740

(1) 
$
3,953,718

(1) 
Strike rate low end of range
1.50
 %
 
1.50
 %
 
Strike rate high end of range
5.22
 %
 
5.71
 %
 
Termination date range
November 2019 - February 2022

 
January 2019 - November 2020

 
Aggregate principle balance on corresponding mortgage loans (in thousands)
$
3,674,266

 
$
3,521,872

 
 
 
 
 
 
Interest rate floors: (2)
 
 
 
 
Notional amount (in thousands)
$
18,025,000

(1) 
$
28,775,000

(1) 
Strike rate low end of range
(0.25
)%
 
(0.25
)%
 
Strike rate high end of range
2.00
 %
 
2.00
 %
 
Termination date range
December 2019 - November 2021

 
March 2019 - November 2021

 
_______________
(1) 
These instruments were not designated as cash flow hedges.
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
Credit Default Swap Derivatives—We use credit default swaps, tied to the CMBX index, to hedge financial and capital market risk. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. As of September 30, 2019, we held credit default swaps with notional amounts totaling $212.5 million. These credit default swaps had effective dates from February 2015 to August 2017 and expected maturity dates from October 2023 to October 2026. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $3.6 million as of September 30, 2019. Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000.
11. Fair Value Measurements
Fair Value Hierarchy—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below:
•
Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets.
•
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
Fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Fair values of interest rate caps, floors, flooridors and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty.
Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). 
Fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are satisfied.
Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs).
When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at September 30, 2019, the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 2.016% to 1.222% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
 
 
Quoted Market Prices (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Counterparty and Cash Collateral Netting(1)
 
Total
 
 
 
 
September 30, 2019:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
383

 
$
—

 
$
364

 
$
747

(2) 
 
Interest rate derivatives - caps
—

 
235

 
—

 
—

 
235

(2) 
 
Credit default swaps
—

 
(1,483
)
 
—

 
2,887

 
1,404

(2) 
 
 
—

 
(865
)
 
—

 
3,251

 
2,386

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
14,445

 
—

 
—

 
—

 
14,445

(3) 
 
Total
$
14,445

 
$
(865
)
 
$
—

 
$
3,251

 
$
16,831

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
$
—

 
$
(1,078
)
 
$
—

 
$
1,050

 
$
(28
)
(4) 
 
Net
$
14,445

 
$
(1,943
)
 
$
—

 
$
4,301

 
$
16,803

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
255

 
$
—

 
$
208

 
$
463

(2) 
 
Interest rate derivatives - caps
—

 
601

 
—

 
—

 
601

(2) 
 
Credit default swaps
—

 
520

 
—

 
812

 
1,332

(2) 
 
 
—

 
1,376

 
—

 
1,020

 
2,396

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
21,816

 
—

 
—

 
—

 
21,816

(3) 
 
Total
$
21,816

 
$
1,376

 
$
—

 
$
1,020

 
$
24,212

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
$
—

 
$
—

 
$
—

 
$
(50
)
 
$
(50
)
(4) 
 
Net
$
21,816

 
$
1,376

 
$
—

 
$
970

 
$
24,162

 
____________________________________
(1) 
Represents net cash collateral posted between us and our counterparties.
(2) 
Reported net as “derivative assets, net” in our consolidated balance sheets.
(3) 
Reported as “marketable securities” in our consolidated balance sheets.
(4) 
Reported net as “derivative liabilities, net” in our consolidated balance sheets.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Effect of Fair-Value-Measured Assets and Liabilities on Consolidated Statements of Operations
The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations (in thousands):
 
Gain (Loss) Recognized in Income
 
 
Three Months Ended September 30,
 
 
2019
 
2018
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
(2,016
)
 
$
(380
)
 
Interest rate derivatives - caps
(300
)
 
(38
)
 
Credit default swaps
(213
)
(4) 
(1,029
)
(4) 
 
(2,529
)
 
(1,447
)
 
Non-derivative assets:
 
 
 
 
Equity
343

 
92

 
Total
(2,186
)
 
(1,355
)
 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
(157
)
(4) 
(638
)
(4) 
Net
$
(2,343
)
 
$
(1,993
)
 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
(1,866
)
 
$
(380
)
 
Interest rate derivatives - caps
(300
)
 
(38
)
 
Credit default swaps
(370
)
 
(1,667
)
 
Unrealized gain (loss) on derivatives
(2,536
)
(1) 
(2,085
)
(1) 
Realized gain (loss) on interest rate floors
(150
)
(2) 
—

 
Unrealized gain (loss) on marketable securities
315

(3) 
68

(3) 
Realized gain (loss) on marketable securities
28

(2) 
24

(2) 
Net
$
(2,343
)
 
$
(1,993
)
 
____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations.
(2) 
Included in “other income (expense)” in the consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
(4) 
Excludes costs of $272 and $272 for the three months ended September 30, 2019 and 2018, respectively, which is included in “other income (expense)” associated with credit default swaps.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

 
Gain (Loss) Recognized in Income
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
(97
)
 
$
(618
)
 
Interest rate derivatives - caps
(1,414
)
 
(1,749
)
 
Credit default swaps
(2,003
)
(4) 
(785
)
(4) 
 
(3,514
)
 
(3,152
)
 
Non-derivative assets:
 
 
 
 
Equity
1,765

 
(585
)
 
Total
(1,749
)
 
(3,737
)
 
 
 
 
 
 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
(1,078
)
(4) 
(520
)
(4) 
Net
$
(2,827
)
 
$
(4,257
)
 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
441

 
$
(618
)
 
Interest rate derivatives - caps
(1,414
)
 
(1,749
)
 
Credit default swaps
(3,081
)
 
(1,305
)
 
Unrealized gain (loss) on derivatives
(4,054
)
(1) 
(3,672
)
(1) 
Realized gain (loss) on options on interest rate floors
(538
)
(2) 
—

 
Unrealized gain (loss) on marketable securities
1,721

(3) 
(758
)
(3) 
Realized gain (loss) on marketable securities
44

(2) 
173

(2) 
Net
$
(2,827
)
 
$
(4,257
)
 

____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations.
(2) 
Included in “other income (expense)” in the consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
(4) 
Excludes costs of $809 and $809 for the nine months ended September 30, 2019 and 2018, respectively, which is included in “other income (expense)” associated with credit default swaps.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

12. Summary of Fair Value of Financial Instruments
Determining estimated fair values of our financial instruments such as indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
 
September 30, 2019
 
December 31, 2018
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Financial assets and liabilities measured at fair value:
 
 
 
 
 
 
 
Marketable securities
$
14,445

 
$
14,445

 
$
21,816

 
$
21,816

Derivative assets, net
2,386

 
2,386

 
2,396

 
2,396

Derivative liabilities, net
28

 
28

 
50

 
50

 
 
 
 
 
 
 
 
Financial assets not measured at fair value:
 
 
 
 
 
 
 
Cash and cash equivalents
$
256,303

 
$
256,303

 
$
319,210

 
$
319,210

Restricted cash
148,826

 
148,826

 
120,602

 
120,602

Accounts receivable, net
53,786

 
53,786

 
37,060

 
37,060

Due from related party, net
2,743

 
2,743

 
—

 
—

Due from third-party hotel managers
22,848

 
22,848

 
21,760

 
21,760

 
 
 
 
 
 
 
 
Financial liabilities not measured at fair value:
 
 
 
 
 
 
 
Indebtedness
$
4,134,658

 
$3,876,065 to $4,284,068

 
$
3,967,530

 
$3,773,343 to $4,170,538

Accounts payable and accrued expenses
168,311

 
168,311

 
136,757

 
136,757

Dividends and distributions payable
20,641

 
20,641

 
26,794

 
26,794

Due to Ashford Inc., net
6,616

 
6,616

 
23,034

 
23,034

Due to related party, net
16

 
16

 
1,477

 
1,477

Due to third-party hotel managers
3,774

 
3,774

 
2,529

 
2,529


Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.
Accounts receivable, net, accounts payable and accrued expenses, dividends and distributions payable, due to/from related party, net, due to Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.
Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See note 11 for a complete description of the methodology and assumptions utilized in determining the fair values.
Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 10 and 11 for a complete description of the methodology and assumptions utilized in determining fair values.
Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

indebtedness to be approximately 93.7% to 103.6% of the carrying value of $4.1 billion at September 30, 2019 and approximately 95.1% to 105.1% of the carrying value of $4.0 billion at December 31, 2018. This is considered a Level 2 valuation technique.
13. Redeemable Noncontrolling Interests in Operating Partnership
Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement, (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement.
LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three years to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership.
The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of Performance LTIP units actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s compensation committee on the grant date. As of September 30, 2019, there were approximately 1.9 million Performance LTIP units, representing 200% of the target number granted, outstanding. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. Upon the adoption of ASU 2018-07 in the third quarter of 2018, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date.
As of September 30, 2019, we have issued a total of 11.9 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 769,000 units (none of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting.
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Type
 
Line Item
 
2019
 
2018
 
2019
 
2018
Performance LTIP units
 
Advisory services fee
 
$
917

 
$
1,292

 
$
2,676

 
$
5,505

LTIP units
 
Advisory services fee
 
774

 
933

 
2,490

 
2,576

LTIP units - independent directors
 
Corporate, general and administrative
 
—

 
—

 
446

 
536

 
 
 
 
$
1,691

 
$
2,225

 
$
5,612

 
$
8,617


The unamortized cost of the unvested Performance LTIP units, which was $3.3 million at September 30, 2019, will be expensed over a period of 2.3 years with a weighted average period of 1.0 years.
The unamortized cost of the unvested LTIP units, which was $3.5 million at September 30, 2019, will be expensed over a period of 2.4 years with a weighted average period of 1.5 years.
On February 26, 2019, we issued 1.5 million common units in our operating partnership in conjunction with the acquisition of the Hilton Santa Cruz/Scotts Valley. See note 4.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

During the nine months ended September 30, 2019 and 2018, there were no common units redeemed.
The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage:
 
September 30, 2019
 
December 31, 2018
Redeemable noncontrolling interests
$
78,241

 
$
80,743

Cumulative adjustments to redeemable noncontrolling interests (1)
156,933

 
146,091

Ownership percentage of operating partnership
15.92
%
 
14.64
%
____________________________________
(1) 
Reflects the excess of the redemption value over the accumulated historical costs.  
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Allocated net (income) loss to the redeemable noncontrolling interests
$
7,919

 
$
6,682

 
$
21,582

 
$
18,087

Aggregate cash distributions to holders of common units and LTIP units
1,316

 
2,480

 
5,256

 
7,429


14. Equity and Equity-Based Compensation
Common Stock Dividends—For the first, second, and third quarters of 2019, the board of directors declared quarterly dividends of $0.12, $0.06 and $0.06 per outstanding share of common stock, respectively. For each of the 2018 quarters, the board of directors declared quarterly dividends of $0.12 per outstanding share of common stock.
Restricted Stock Units—We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.
The following table summarizes the stock-based compensation expense (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
2019
 
2018
 
2019
 
2018
Advisory services fee
$
1,623

 
$
1,550

 
$
4,717

 
$
5,298

Management fees
174

 
287

 
573

 
870

Corporate, general and administrative - Premier
83

 
—

 
268

 
—

Corporate, general and administrative - independent directors
—

 
—

 
90

 
—

 
$
1,880

 
$
1,837

 
$
5,648

 
$
6,168


During the nine months ended September 30, 2018, approximately $1.5 million of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his death, in accordance with the terms of the awards.
At September 30, 2019, the unamortized cost of the unvested restricted stock units was $9.8 million, which will be amortized over a period of 2.4 years with a weighted average period of 1.9 years and had vesting dates between February 2020 and February 2022.
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of PSUs, which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of PSUs actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

employees. Upon the adoption of ASU 2018-07 in the third quarter of 2018, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date.
The following table summarizes the compensation expense (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Advisory services fee
 
$
1,334

 
$
1,081

 
$
3,603

 
$
7,161


During the nine months ended September 30, 2018, approximately $3.0 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his death, in accordance with the terms of the awards.
The unamortized cost of PSUs, which was $8.1 million at September 30, 2019, will be expensed over a period of approximately 2.3 years with a weighted average period of 1.7 years.
Preferred Dividends—The board of directors declared quarterly dividends as presented below:
 
Three Months Ended September 30,
 
2019
 
2018
8.45% Series D Cumulative Preferred Stock
$
0.5281

 
$
0.5281

7.375% Series F Cumulative Preferred Stock
0.4609

 
0.4609

7.375% Series G Cumulative Preferred Stock
0.4609

 
0.4609

7.50% Series H Cumulative Preferred Stock
0.4688

 
0.4688

7.50% Series I Cumulative Preferred Stock
0.4688

 
0.4688


Common Stock Repurchases—On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. There were no repurchases under the Repurchase Program during the nine months ended September 30, 2019 and 2018.
At-the-Market Equity Offering Program—On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million. No shares of its common stock were issued under this program during the three and nine months ended September 30, 2019. The table below summarizes the activity during the three and nine months ended September 30, 2018 (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2018
Common stock issued
2,434

 
2,434

Gross proceed received
$
15,522

 
$
15,522

Commissions and other expenses
194

 
194

Net proceeds
$
15,328

 
$
15,328

The table below summarizes the program as of September 30, 2019 (in thousands):
 
September 30, 2019
Shares issued to date
2,434

Gross proceeds of shares issued
$
15,522

Remaining issuances available under the program
$
84,478



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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Noncontrolling Interests in Consolidated Entities—Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties. The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets:
 
September 30, 2019
 
December 31, 2018
Carrying value of noncontrolling interests
$
614

 
$
616

The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
(Income) loss allocated to noncontrolling interests in consolidated entities
 
$
(10
)
 
$
(10
)
 
$
2

 
$
8


15. Commitments and Contingencies
Restricted Cash—Under certain management and debt agreements for our hotel properties existing at September 30, 2019, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements.
Franchise Fees—Under franchise agreements for our hotel properties existing at September 30, 2019, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 2% to 3% of food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2020 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to stockholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.
The table below summarizes the franchise fees incurred (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Other hotel expenses
 
$
19,669

 
$
17,878

 
$
58,371

 
$
54,686


Management Fees—Under property management agreements for our hotel properties existing at September 30, 2019, we pay monthly property management fee equal to the greater of approximately $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 1% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These property management agreements expire from 2020 through 2039, with renewal options. If we terminate a property management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement.
Income Taxes—We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2015 through 2018 remain subject to potential examination by certain federal and state taxing authorities.
Potential Pension Liabilities—Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board (“NLRB”) filed a complaint against Remington Lodging seeking, among other things, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of September 30, 2019, Remington Lodging continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Lodging does not comply

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

with the settlement agreement, we have agreed to indemnify Remington Lodging for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Lodging’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of twenty years, which is capped, unless Remington Lodging elects to pay the unfunded pension liability amount earlier.
Litigation—Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million. On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the judgement. On June 27, 2017, the Florida Supreme Court denied the Company’s petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney’s fees being the only remaining dispute. On June 29, 2017, the balance of the judgment of $3.9 million was paid to Nantucket by the Company. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of September 30, 2019, we have accrued approximately $504,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed.
We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.
16. Segment Reporting
We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of September 30, 2019 and December 31, 2018, all of our hotel properties were domestically located.
17. Related Party Transactions
Ashford Inc.
Advisory Agreement
Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our Chairman, Mr. Monty J. Bennett, also serves as Chairman of the board of directors and Chief Executive Officer of Ashford Inc. Under our advisory agreement, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a monthly base fee that is a percentage of our total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in the advisory agreement, subject to a minimum monthly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale is between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion. At September 30, 2019, the monthly base fee was 0.70% based on our current market

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually (or stub period if the advisory agreement is terminated at other than year-end). Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period.
The following table summarizes the advisory services fees incurred (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Advisory services fee
 
 
 
 
 
 
 
Base advisory fee
$
8,949

 
$
9,156

 
$
27,300

 
$
26,644

Reimbursable expenses (1)
2,367

 
2,251

 
7,763

 
5,777

Equity-based compensation (2)
4,648

 
4,855

 
13,486

 
20,540

Incentive fee
—

 
(3,457
)
 
—

 
—

Total advisory services fee
$
15,964

 
$
12,805

 
$
48,549

 
$
52,961

________
(1) 
Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2) 
Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
Ashford Securities
On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust has entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities. As of September 30, 2019, Ashford Trust has funded approximately $485,000.
Enhanced Return Funding Program
On June 26, 2018, Ashford Trust entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “ERFP Agreement”) with Ashford Inc. The Amended and Restated Advisory Agreement was also amended to name Ashford Inc. and its subsidiaries as the Company’s sole and exclusive provider of asset management, project management and other services offered by Ashford Inc. or any of its subsidiaries and to revise the payment terms such that the base fee and reimbursable expenses will be paid monthly. The independent members of the board of directors of each of Ashford Inc. and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the ERFP Agreement on behalf of Ashford Inc. and Ashford Trust, respectively.
The ERFP Agreement generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following two years, in exchange for hotel FF&E for use at the acquired property or any other property owned by Ashford Trust OP.
The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement.
As a result of the Hilton Alexandria Old Town and La Posada de Santa Fe acquisitions in 2018, under the ERFP Agreement we were entitled to receive $11.1 million and $5.0 million from Ashford LLC, respectively, in the form of future purchases of

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

hotel FF&E. As of December 31, 2018, the Company sold $16.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which were subsequently leased back to the Company rent free. Under the applicable accounting guidance in ASC 842, as the related party lease is provided rent free, the lease has no economic substance. As a result, the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense for rents. As of December 31, 2018, Ashford LLC remitted payment of $16.1 million to the Company. Under the relevant accounting guidance related to sales-leaseback transactions, the transaction was not accounted for as a sale under Topic 606. As a result the applicable hotel FF&E was not derecognized at December 31, 2018 and the Company recorded a $16.1 million liability to Ashford LLC. Upon adoption of Topic 842 on January 1, 2019, the Company reevaluated the transaction under the applicable accounting guidance and concluded that the transaction qualified as a sale. As a result, the Company recorded a $1.8 million gain directly to accumulated deficit and, in conjunction with the sale, derecognized the assets and removed the liability to Ashford LLC.
As a result of the Hilton Santa Cruz/Scotts Valley and Embassy Suites New York Manhattan Times Square acquisitions in 2019, under the ERFP Agreement we are entitled to receive $5.0 million and $19.5 million from Ashford LLC, respectively, in the form of future purchases of hotel FF&E.
In the first quarter of 2019 in connection with the Hilton Santa Cruz/Scotts Valley acquisition, the Company sold $5.0 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which was subsequently leased back to the Company rent free. In accordance with ASC 842, the Company evaluated the transactions and concluded that each transaction qualified as a sale. As a result, the Company recorded a gain of $233,000 for the nine months ended September 30, 2019, in conjunction with the sale and derecognized the assets. The gain is included in “gain (loss) on sale of assets and hotel properties” in our consolidated statements of operations.
In the second quarter of 2019, in connection with the Embassy Suites New York Manhattan Times Square acquisition, the Company sold $8.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which was subsequently leased back to the Company rent free. In accordance with ASC 842, the Company evaluated the transactions and concluded that each transaction qualified as a sale. As a result, the Company recorded a gain of $326,000 for the nine months ended September 30, 2019, in conjunction with the sale and derecognized the assets. The gain is included in “gain (loss) on sale of assets and hotel properties” in our consolidated statements of operations.
Additionally, under the applicable accounting guidance in ASC 842, the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense for rents as the related party lease has no economic substance because the related party lease is provided rent free.
Project Management Agreement
In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Ashford Inc.’s indirect subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay Premier: (a) project management fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):
 
 
 
Three Months Ended September 30, 2019
Company
 
Product or Service
Total
Investments in Hotel Properties, net (1)
 
Other Hotel Revenue
 
Other Hotel Expenses
 
Property Taxes, Insurance and Other
 
Advisory Services Fee
 
Corporate, General and Administrative
 
Gain (Loss) on Sale of Assets and Hotel Properties
AIM
 
Cash management services
$
246

$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
246

 
$
—

Ashford LLC
 
Insurance claims services
26

—

 
—

 
—

 
26

 
—

 
—

 
—

J&S Audio Visual
 
Audio visual commissions
1,625

—

 
1,625

 
—

 
—

 
—

 
—

 
—

J&S Audio Visual
 
Equipment
12

12

 
—

 
—

 
—

 
—

 
—

 
—

Lismore Capital
 
Broker services
427

—

 
—

 
—

 
—

 
—

 
—

 
427

OpenKey
 
Mobile key app
27

—

 
—

 
27

 
—

 
—

 
—

 
—

Premier
 
Project management services
5,083

4,650

 
—

 
—

 
—

 
433

 
—

 
—

Pure Wellness
 
Hypoallergenic premium rooms
201

91

 
—

 
110

 
—

 
—

 
—

 
—

 
 
 
Three Months Ended September 30, 2018
Company
 
Product or Service
Total
Investments in Hotel Properties, net (1)
 
Indebtedness, net (2)
 
Other Hotel Revenue
 
Other Hotel Expenses
 
Property Taxes, Insurance and Other
 
Corporate, General and Administrative
AIM
 
Cash management services
$
339

$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
339

Ashford LLC
 
Insurance claims services
17

—

 
—

 
—

 
—

 
17

 
—

J&S Audio Visual
 
Audio visual commissions
1,222

—

 
—

 
1,222

 
—

 
—

 
—

J&S Audio Visual
 
Equipment
74

74

 
—

 
—

 
—

 
—

 
—

Lismore Capital
 
Debt placement services
350

—

 
(350
)
 
—

 
—

 
—

 
—

OpenKey
 
Mobile key app
28

—

 
—

 
—

 
28

 
—

 
—

Premier
 
Project management services
2,491

2,491

 
—

 
—

 
—

 
—

 
—

Pure Wellness
 
Hypoallergenic premium rooms
1,430

1,417

 
—

 
—

 
13

 
—

 
—

 
 
 
Nine Months Ended September 30, 2019
Company
 
Product or Service
Total
Investments in Hotel Properties, net (1)
 
Indebtedness, net (2)
 
Other Hotel Revenue
 
Other Hotel Expenses
 
Property Taxes, Insurance and Other
 
Advisory Services Fee
 
Corporate, General and Administrative
 
Gain (Loss) on Sale of Assets and Hotel Properties
 
Write-off of Premiums, Loan Costs and Exit Fees
AIM
 
Cash management services
$
941

$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
941

 
$
—

 
$
—

Ashford LLC
 
Insurance claims services
57

—

 
—

 
—

 
—

 
57

 
—

 
—

 
—

 
—

J&S Audio Visual
 
Audio visual commissions
5,297

—

 
—

 
5,297

 
—

 
—

 
—

 
—

 
—

 
—

J&S Audio Visual
 
Equipment
24

24

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Lismore Capital
 
Debt placement services
1,158

—

 
(1,079
)
 
—

 
—

 
—

 
—

 
—

 
—

 
79

Lismore Capital
 
Broker services
427

—

 
—

 
—

 
—

 
—

 
—

 
—

 
427

 
—

OpenKey
 
Mobile key app
83

3

 
—

 
—

 
80

 
—

 
—

 
—

 
—

 
—

Premier
 
Project management services
15,098

13,789

 
—

 
—

 
—

 
—

 
1,309

 
—

 
—

 
—

Pure Wellness
 
Hypoallergenic premium rooms
685

446

 
—

 
—

 
239

 
—

 
—

 
—

 
—

 
—


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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

 
 
 
Nine Months Ended September 30, 2018
Company
 
Product or Service
Total
Investments in Hotel Properties, net (1)
 
Indebtedness, net (2)
 
Other Hotel Revenue
 
Other Hotel Expenses
 
Property Taxes, Insurance and Other
 
Corporate, General and Administrative
AIM
 
Cash management services
$
850

$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
850

Ashford LLC
 
Insurance claims services
53

—

 
—

 
—

 
—

 
53

 
—

J&S Audio Visual
 
Audio visual commissions
2,524

—

 
—

 
2,524

 
—

 
—

 
—

J&S Audio Visual
 
Equipment
917

917

 
—

 
—

 
—

 
—

 
—

Lismore Capital
 
Debt placement services
4,942

—

 
(4,942
)
 
—

 
—

 
—

 
—

OpenKey
 
Mobile key app
81

—

 
—

 
—

 
81

 
—

 
—

Pure Wellness
 
Hypoallergenic premium rooms
1,919

1,903

 
—

 
—

 
16

 
—

 
—

________
(1) 
Recorded in FF&E and depreciated over the estimated useful life.
(2) 
Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.
The following table summarizes the amount due to Ashford Inc. (in thousands):
 
 
 
 
Due to Ashford Inc.
Company
 
Product or Service
 
September 30, 2019
 
December 31, 2018
Ashford LLC
 
Advisory services
 
$
1,102

 
$
2,362

Ashford LLC
 
Deposit on ERFP assets
 
—

 
16,100

Ashford LLC
 
Insurance claims services
 
26

 
23

AIM
 
Cash management services
 
111

 
99

J&S Audio Visual
 
Audio visual commissions
 
1,381

 
855

OpenKey
 
Mobile key app
 
6

 
1

Premier
 
Project management services
 
3,809

 
3,206

Pure Wellness
 
Hypoallergenic premium rooms
 
181

 
388

 
 
 
 
$
6,616

 
$
23,034


In 2016, $4.0 million of key money consideration was invested in FF&E by Ashford LLC to be used by Ashford Trust, which represented all of the key money consideration for the Le Pavillon Hotel. Upon adoption of ASC 842, we evaluated this arrangement, which is accounted for as a lease that will expire in 2021. Under the applicable accounting guidance in ASC 842, as the related party lease is provided rent-free, there is no economic substance related to the lease which results in not recording an operating lease right-of-use asset, an operating lease liability or lease expense.
Remington Lodging
On August 8, 2018, Ashford Inc. completed the acquisition of Premier. As a result of Ashford Inc.’s acquisition, the project management services are no longer provided by Remington Lodging and are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. Remington Lodging continues to provide property management services to the Company.
At September 30, 2019, Remington Lodging managed 80 of our 118 hotel properties and the WorldQuest condominium properties included in continuing operations. We incurred the following fees related to our management agreement with Remington Lodging (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Property management fees, including incentive property management fees
$
8,302

 
$
7,574

 
$
23,731

 
$
23,601

Market service and project management fees
—

 
1,882

 
—

 
11,148

Corporate, general and administrative expenses
1,660

 
1,473

 
5,332

 
4,386

Total
$
9,962

 
$
10,929

 
$
29,063

 
$
39,135



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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted shares of restricted stock under the Ashford Trust Stock Plan. These share grants are recorded as a component of “management fees” in our consolidated statements of operations (in thousands).
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Management fees
$
174

 
$
287

 
$
573

 
$
870


The unamortized cost of the unvested grants was $1.0 million as of September 30, 2019, which will be amortized over a period of 2.4 years.
18. Subsequent Events
On October 2, 2019, the Company entered into a stock purchase agreement with Ashford LLC under which Ashford LLC purchased all of the common stock held by Ashford TRS, totaling 393,077 shares, for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.
On October 15, 2019, the Company sold the 1.65-acre parking lot adjacent to its Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for total consideration of $17.5 million to be paid over time. The first payment resulted in approximately $8.0 million of debt paydown. As part of the agreement, the buyer will develop the land and after project completion, the Company will have ownership rights to 205 covered parking spaces in the new parking garage for use by Hilton St. Petersburg Bayfront guests.
On October 21, 2019, the Company announced that its board of directors had declared the distribution of its remaining 205,086 shares of common stock of Ashford Inc. Both common stockholders and unitholders of Ashford Trust received their pro rata share of Ashford Inc. common stock. The distribution to Company stockholders and unitholders was completed through a pro-rata taxable dividend of Ashford Inc. common stock on November 5, 2019 (the “Distribution Date”) to stockholders and unitholders of record (“Company Record Holders”) as of the close of business of the New York Stock Exchange (“NYSE”) on October 29, 2019 (the “Record Date”). On the Distribution Date, each Company Record Holder received approximately 0.0017 shares of Ashford Inc. common stock for every unit and/or share of the Company’s common stock held by such Company Record Holder on the Record Date. No fractional shares of Ashford Inc. common stock were issued. Fractional shares of Ashford Inc. common stock to which Ashford Trust Record Holders would otherwise be entitled will be aggregated and, after the distribution, sold in the open market by the distribution agent. The aggregate net proceeds of the sales will be distributed in a pro-rata manner as cash payments to the Ashford Trust Record Holders who would otherwise have received fractional shares of Ashford Inc. common stock. Additionally, Ashford Trust Record Holders who hold in “street name” on behalf of their customers may sell additional shares into the open market to make cash payments to their customers who would have otherwise received fractional shares of Ashford Inc. common stock. Subsequent to the distribution, the Company does not have any ownership interest in Ashford Inc.
On November 6, 2019, Ashford Inc. completed its acquisition of Remington’s Hotel Management Business, as approved by Ashford Inc.’s stockholders at an Ashford Inc. special meeting of stockholders held on October 24, 2019 to consider and vote upon on the transactions contemplated by the Combination Agreement.
Subsequent to September 30, 2019, we received a non-refundable deposit related to the potential sale of one hotel property with a sales price of approximately $11.2 million. We estimate that the sale of this property will close prior to December 31, 2019.


43

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
The following discussion should be read in conjunction with the unaudited financial statements and notes thereto appearing elsewhere herein. This report contains forward-looking statements within the meaning of the federal securities laws. Ashford Hospitality Trust, Inc. (the “Company,” “we,” “our” or “us”) cautions investors that any forward-looking statements presented herein, or which management may express orally or in writing from time to time, are based on management’s beliefs and assumptions at that time.
Throughout this Form 10-Q, we make forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: 
•
our business and investment strategy, including our ability to complete proposed business transactions described herein or the expected benefit of any such transactions;
•
anticipated or expected purchases or sales of assets;
•
our projected operating results;
•
completion of any pending transactions;
•
our ability to obtain future financing arrangements;
•
our understanding of our competition;
•
market trends;
•
projected capital expenditures; and
•
the impact of technology on our operations and business.
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. Additionally, the following factors could cause actual results to vary from our forward-looking statements:
•
factors discussed in our Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on March 1, 2019, including those set forth under the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties,” as updated in our subsequent Quarterly Reports on Form 10-Q and other filings under the Exchange Act;
•
general and economic business conditions affecting the lodging and travel industry;
•
general volatility of the capital markets and the market price of our common and preferred stock;
•
changes in our business or investment strategy;
•
availability, terms, and deployment of capital;
•
unanticipated increases in financing and other costs, including a rise in interest rates;
•
availability of qualified personnel to our advisor;
•
changes in our industry and the market in which we operate, interest rates, or local economic conditions;
•
the degree and nature of our competition;
•
the impact of the divestiture of our shares of Ashford Inc., including the shares sold through the stock purchase agreement with Ashford LLC and the pro-rata distribution of shares of Ashford Inc. common stock to Company Record Holders;
•
actual and potential conflicts of interest with Braemar, Ashford Inc., Ashford LLC, Remington Lodging, our executive officers and our non-independent director;
•
changes in personnel of Ashford LLC or the lack of availability of qualified personnel;
•
changes in governmental regulations, accounting rules, tax rates and similar matters;
•
legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the “Code”), and related rules, regulations and interpretations governing the taxation of REITs; and
•
limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes.

44

Overview
Based on our primary business objectives and forecasted operating conditions, our current key priorities and financial strategies include, among other things:
•
acquisition of hotel properties to be accretive to our portfolio;
•
disposition of non-core hotel properties;
•
pursuing capital market activities to enhance long-term stockholder value;
•
preserving capital, enhancing liquidity, and continuing current cost-saving measures;
•
implementing selective capital improvements designed to increase profitability;
•
implementing effective asset management strategies to minimize operating costs and increase revenues;
•
financing or refinancing hotels on competitive terms;
•
utilizing hedges and derivatives to mitigate risks; and
•
making other investments or divestitures that our board of directors deems appropriate.
Our current investment strategy is to focus on owning predominantly full-service hotels in the upscale and upper upscale segments in domestic and international markets that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average. We believe that as supply, demand, and capital market cycles change, we will be able to shift our investment strategy to take advantage of new lodging-related investment opportunities as they may develop. Our board of directors may change our investment strategy at any time without stockholder approval or notice. We will continue to seek ways to benefit from the cyclical nature of the hotel industry.
We are advised by Ashford LLC, a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. As of September 30, 2019, Remington Lodging, which was beneficially wholly owned by Mr. Monty J. Bennett, our Chairman, and his father Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 80 of our 118 hotel properties and WorldQuest. Third-party management companies managed the remaining hotel properties.
As of November 6, 2019, Ashford Inc. completed its acquisition of Remington’s Hotel Management Business. In connection with its acquisition, Ashford Inc. effected a holding company reorganization through a merger. As a result of the foregoing, Ashford Inc. (which is incorporated in Nevada) became the successor issuer of Ashford OAINC II Inc., (formerly named Ashford Inc. and incorporated in Maryland) under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”).
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services and mobile key technology. Mr. Monty J. Bennett is chairman and chief executive officer of Ashford Inc. and, together with Mr. Archie Bennett, Jr., as of November 6, 2019, owned approximately 352,592 shares of Ashford Inc. common stock, which represented an approximate 16.0% ownership interest in Ashford Inc., and owned 18,758,600 shares of Ashford Inc. Series D Convertible Preferred Stock, which is exercisable (at an exercise price of $117.50 per share) into an additional approximate 3,991,191 shares of Ashford Inc. common stock, which if exercised as of November 6, 2019 would have increased the Bennetts’ ownership interest in Ashford Inc. to 70.1%. The 18,758,600 Series D Convertible Preferred Stock owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. include 360,000 shares owned by trusts.
Recent Developments
On January 22, 2019, the Company acquired a 100% interest in the 310-room Embassy Suites New York Manhattan Times Square for $195.0 million in cash. In connection with this acquisition, we closed on a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90%. The stated maturity date of the mortgage loan is February 2022, with two one-year extension options. The mortgage loan is secured by the Embassy Suites New York Manhattan Times Square. As a result of the acquisition under the ERFP Agreement, we are entitled to receive $19.5 million from Ashford LLC in the form of future purchases of hotel FF&E at Ashford Trust properties that will be leased to us by Ashford LLC rent free. As of September 30. 2019, we have received $8.1 million from Ashford LLC in exchange for purchases of hotel FF&E at Ashford Trust properties that was leased to us by Ashford LLC rent free.
On February 6, 2019, we made an additional investment of $299,000 in OpenKey.

45

On February 26, 2019, the Company acquired a 100% interest in the 178-room Hilton Santa Cruz/Scotts Valley for $47.5 million. Consideration included cash and approximately 1.5 million common units in our operating partnership. Additionally, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million. This mortgage loan amortizes monthly and provides for a fixed interest rate of 4.66%. The stated maturity date of the mortgage loan is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley. As a result of the acquisition under the ERFP Agreement, we received $5.0 million from Ashford LLC in exchange for purchases of hotel FF&E at Ashford Trust properties that was leased to us by Ashford LLC rent free.
On March 5, 2019, we refinanced our $178.1 million mortgage, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million. The mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75%. The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton.
On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00%.
On August 2, 2019, the Company sold the San Antonio Marriott for approximately $34.0 million in cash. The Company repaid approximately $26.8 million of principal on its mortgage loan partially secured by the hotel property.
On August 6, 2019, the Company sold the Hilton Garden Inn in Wisconsin Dells, Wisconsin for $8.0 million in cash. The Company repaid approximately $7.7 million of principal on its mortgage loan secured by the hotel property.
On August 13, 2019, we made an additional investment of $348,000 in OpenKey.
On August 14, 2019, the Company sold the Courtyard by Marriott in Savannah, Georgia for approximately $29.8 million in cash. The Company repaid approximately $28.8 million of principal on its mortgage loan partially secured by the hotel property.
On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust has entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities.
On October 2, 2019, the Company entered into a stock purchase agreement with Ashford LLC under which Ashford LLC purchased all of the common stock held by Ashford TRS, totaling 393,077 shares, for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.
On October 15, 2019, the Company sold the 1.65-acre parking lot adjacent to its Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for total consideration of $17.5 million to be paid over time. The first payment resulted in approximately $8.0 million of debt paydown. As part of the agreement, the buyer will develop the land and after project completion, the Company will have ownership rights to 205 covered parking spaces in the new parking garage for use by Hilton St. Petersburg Bayfront guests.
On October 21, 2019, the Company announced that its board of directors had declared the distribution of its remaining 205,086 shares of common stock of Ashford Inc. Both common stockholders and unitholders of Ashford Trust received their pro rata share of Ashford Inc. common stock. The distribution to Company Record Holders was completed through a pro-rata taxable dividend of Ashford Inc. common stock on the Distribution Date to Company Record Holders as of the close of business of the NYSE on the Record Date. On the Distribution Date, each Company Record Holder received approximately 0.0017 shares of Ashford Inc. common stock for every unit and/or share of the Company’s common stock held by such Company Record Holder on the Record Date. No fractional shares of Ashford Inc. common stock were issued. Fractional shares of Ashford Inc. common stock to which Ashford Trust Record Holders would otherwise be entitled will be aggregated and, after the distribution, sold in the open market by the distribution agent. The aggregate net proceeds of the sales will be distributed in a pro-rata manner as cash payments to the Ashford Trust Record Holders who would otherwise have received fractional shares of Ashford Inc. common stock. Additionally, Ashford Trust Record Holders who hold in “street name” on behalf of their customers may sell additional shares into the open market to make cash payments to their customers who would have otherwise received fractional shares of Ashford Inc. common stock. Subsequent to the distribution, the Company does not have any ownership interest in Ashford Inc.
On November 6, 2019, Ashford Inc. completed its acquisition of Remington’s Hotel Management Business, as approved by Ashford Inc.’s stockholders at an Ashford Inc. special meeting of stockholders held on October 24, 2019 to consider and vote upon on the transactions contemplated by the Combination Agreement. The Company, acting at the direction of a committee of independent directors of the Company, who are independent within the meaning of applicable rules of the NYSE and do not have a material financial interest within the meaning of Section 2-419 of the Maryland General Corporation Law in the transactions

46

contemplated by the Combination Agreement, voted all of the shares beneficially owned by the Company in favor of each proposal presented at the Ashford Inc. special meeting of stockholders.
RESULTS OF OPERATIONS
Revenue per available room, or RevPAR, is a commonly used measure within the hotel industry to evaluate hotel operations. RevPAR is defined as the product of the ADR charged and the average daily occupancy achieved. RevPAR does not include revenues from food and beverage or parking, telephone, or other guest services generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare the results of our hotels between periods and to analyze results of our comparable hotels (comparable hotels represent hotels we have owned for the periods under comparison). RevPAR improvements attributable to increases in occupancy are generally accompanied by increases in most categories of variable operating costs. RevPAR improvements attributable to increases in ADR are generally accompanied by increases in limited categories of operating costs, such as management fees and franchise fees.
The following table summarizes changes in key line items from our consolidated statements of operations (in thousands):
 
Three Months Ended September 30,
 
Favorable/
(Unfavorable)
Change
 
Nine Months Ended September 30,
 
Favorable/
(Unfavorable)
Change
 
2019
 
2018
 
 
2019
 
2018
 
Total revenue
$
374,237

 
$
355,930

 
$
18,307

 
$
1,148,103

 
$
1,087,301

 
$
60,802

Total hotel operating expenses
(238,909
)
 
(225,036
)
 
(13,873
)
 
(719,088
)
 
(676,702
)
 
(42,386
)
Property taxes, insurance and other
(21,972
)
 
(20,774
)
 
(1,198
)
 
(64,131
)
 
(59,363
)
 
(4,768
)
Depreciation and amortization
(67,906
)
 
(64,923
)
 
(2,983
)
 
(202,595
)
 
(192,536
)
 
(10,059
)
Impairment charges
—

 
27

 
(27
)
 
(6,533
)
 
(1,652
)
 
(4,881
)
Transaction costs
—

 
—

 
—

 
(2
)
 
(11
)
 
9

Advisory services fee
(15,964
)
 
(12,805
)
 
(3,159
)
 
(48,549
)
 
(52,961
)
 
4,412

Corporate, general and administrative
(2,410
)
 
(3,090
)
 
680

 
(7,928
)
 
(8,450
)
 
522

Gain (loss) on sale of assets and hotel properties
2,362

 
(9
)
 
2,371

 
2,923

 
394

 
2,529

Operating income (loss)
29,438

 
29,320

 
118

 
102,200

 
96,020

 
6,180

Equity in earnings (loss) of unconsolidated entities
(278
)
 
310

 
(588
)
 
(2,208
)
 
892

 
(3,100
)
Interest income
836

 
1,150

 
(314
)
 
2,402

 
2,779

 
(377
)
Other income (expense)
(328
)
 
(202
)
 
(126
)
 
(982
)
 
80

 
(1,062
)
Interest expense and amortization of loan costs
(66,356
)
 
(60,731
)
 
(5,625
)
 
(200,509
)
 
(173,680
)
 
(26,829
)
Write-off of premiums, loan costs and exit fees
(426
)
 
(1,572
)
 
1,146

 
(2,578
)
 
(9,316
)
 
6,738

Unrealized gain (loss) on marketable securities
315

 
68

 
247

 
1,721

 
(758
)
 
2,479

Unrealized gain (loss) on derivatives
(2,536
)
 
(2,085
)
 
(451
)
 
(4,054
)
 
(3,672
)
 
(382
)
Income tax (expense) benefit
249

 
(519
)
 
768

 
(3,052
)
 
(2,606
)
 
(446
)
Net income (loss)
(39,086
)
 
(34,261
)
 
(4,825
)
 
(107,060
)
 
(90,261
)
 
(16,799
)
(Income) loss from consolidated entities attributable to noncontrolling interests
(10
)
 
(10
)
 
—

 
2

 
8

 
(6
)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
1,237

 
21,582

 
18,087

 
3,495

Net income (loss) attributable to the Company
$
(31,177
)
 
$
(27,589
)
 
$
(3,588
)
 
$
(85,476
)
 
$
(72,166
)
 
$
(13,310
)

47

All hotel properties owned during the three and nine months ended September 30, 2019 and 2018 have been included in our results of operations during the respective periods in which they were owned. Based on when a hotel property was acquired or disposed, operating results for certain hotel properties are not comparable for the three and nine months ended September 30, 2019 and 2018. The hotel properties listed below are not comparable hotel properties for the periods indicated and all other hotel properties are considered comparable hotel properties. The following acquisitions and dispositions affect reporting comparability related to our consolidated financial statements:
Hotel Property
 
Location 
 
Type
 
Date
SpringHill Suites (1)
 
Glen Allen, VA
 
Disposition
 
February 20, 2018
SpringHill Suites (1)
 
Centreville, VA
 
Disposition
 
May 1, 2018
Residence Inn Tampa (1)
 
Tampa, FL
 
Disposition
 
May 10, 2018
Hilton Alexandria Old Town (2) (3)
 
Alexandria, VA
 
Acquisition
 
June 29, 2018
La Posada de Santa Fe (2)
 
Santa Fe, NM
 
Acquisition
 
October 31, 2018
Embassy Suites New York Manhattan Times Square (2)
 
New York, NY
 
Acquisition
 
January 22, 2019
Hilton Santa Cruz/Scotts Valley (2)
 
Santa Cruz, CA
 
Acquisition
 
February 26, 2019
San Antonio Marriott (1)
 
San Antonio, TX
 
Disposition
 
August 2, 2019
Hilton Garden Inn Wisconsin Dells (1)
 
Wisconsin Dells, WI
 
Disposition
 
August 6, 2019
Courtyard Savannah (1)
 
Savannah, GA
 
Disposition
 
August 14, 2019
____________________________________
(1) 
Collectively referred to as “Hotel Dispositions”
(2) 
Collectively referred to as “Hotel Acquisitions”
(3) 
Hotel property included as a comparable hotel property for three months ended September 30, 2019 and 2018.
The following table illustrates the key performance indicators of all hotel properties and WorldQuest owned for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
RevPAR (revenue per available room)
$
128.77

 
$
124.49

 
$
130.16

 
$
126.62

Occupancy
78.25
%
 
77.91
%
 
77.30
%
 
77.52
%
ADR (average daily rate)
$
164.57

 
$
159.78

 
$
168.37

 
$
163.34

The following table illustrates the key performance indicators of the 115 and 114 comparable hotel properties and WorldQuest that were included for the full three and nine months ended September 30, 2019 and 2018, respectively:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
RevPAR (revenue per available room)
$
126.56

 
$
125.03

 
$
128.84

 
$
127.26

Occupancy
77.87
%
 
77.94
%
 
77.03
%
 
77.58
%
ADR (average daily rate)
$
162.53

 
$
160.42

 
$
167.26

 
$
164.04

Comparison of the Three Months Ended September 30, 2019 and 2018
Net Income (Loss) Attributable to the Company. Net loss attributable to the Company increased $3.6 million, from $27.6 million for the three months ended September 30, 2018 (the “2018 quarter”) to $31.2 million for the three months ended September 30, 2019 (the “2019 quarter”) as a result of the factors discussed below.
Revenue. Rooms revenue from our hotel properties and WorldQuest increased $13.7 million, or 4.8%, to $301.7 million in the 2019 quarter compared to the 2018 quarter. This increase is attributable to higher rooms revenue of $13.0 million from our Hotel Acquisitions and $3.4 million at our comparable hotel properties and WorldQuest. These increases were partially offset by lower rooms revenue of $2.8 million from our Hotel Dispositions. Our comparable hotel properties experienced an increase of 1.3% in room rates and a decrease of 7 basis points in occupancy.

48

Food and beverage revenue increased $4.3 million, or 8.8%, to $53.7 million. This increase is attributable to higher food and beverage revenue of $2.8 million at our comparable hotel properties and WorldQuest and $1.8 million from our Hotel Acquisitions, partially offset by lower food and beverage revenue of $314,000 from our Hotel Dispositions.
Other hotel revenue, which consists mainly of Internet access, parking, spa and business interruption revenue, increased $442,000, or 2.6%, to $17.8 million. This increase is primarily attributable to an increase of $758,000 from our Hotel Acquisitions. This increase was partially offset by lower other hotel revenue of $196,000 from our comparable hotel properties and WorldQuest and $120,000 from our Hotel Dispositions. Other non-hotel revenue decreased $165,000, or 13.6%, to $1.0 million in the 2019 quarter as compared to the 2018 quarter.
Hotel Operating Expenses. Hotel operating expenses increased $13.9 million, or 6.2%, to $238.9 million. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses increased $5.2 million in the 2019 quarter as compared to the 2018 quarter, which was comprised of an increase of $4.7 million from our Hotel Acquisitions and $1.5 million from our comparable hotel properties and WorldQuest, partially offset by a decrease of $980,000 from our Hotel Dispositions. Direct expenses were 29.9% of total hotel revenue for the 2019 quarter and 30.0% for the 2018 quarter. Indirect expenses and management fees increased $8.6 million in the 2019 quarter as compared to the 2018 quarter, which was comprised of an increase of $4.7 million from our Hotel Acquisitions and $5.1 million from our comparable hotel properties and WorldQuest, partially offset by a decrease of $1.2 million from our Hotel Dispositions.
Property Taxes, Insurance and Other. Property taxes, insurance and other expense increased $1.2 million, or 5.8%, to $22.0 million during the 2019 quarter compared to the 2018 quarter, which was primarily due to an increase of $1.1 million from our Hotel Acquisitions and $333,000 at our comparable hotel properties and WorldQuest, partially offset by a $244,000 decrease from our Hotel Dispositions.
Depreciation and Amortization. Depreciation and amortization increased $3.0 million, or 4.6%, to $67.9 million during the 2019 quarter compared to the 2018 quarter, which was primarily due to an increase of $2.8 million at our comparable hotel properties and WorldQuest and $1.0 million from our Hotel Acquisitions, partially offset by a decrease of $773,000 from our Hotel Dispositions.
Impairment Charges. No impairment charges were recorded in the 2019 quarter. In the 2018 quarter we recorded impairment credits of $27,000 from changes in estimates of property damage incurred from Hurricanes Harvey and Irma.
Advisory Services Fee. Advisory services fee increased $3.2 million, or 24.7%, to $16.0 million in the 2019 quarter compared to the 2018 quarter. The advisory services fee represents fees incurred in connection with the advisory agreement between Ashford Inc. and the Company. In the 2019 quarter, the advisory services fee was comprised of a base advisory fee of $8.9 million, equity-based compensation of $4.6 million associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc. and reimbursable expenses of $2.4 million. No incentive fee was earned in the 2019 quarter. In the 2018 quarter, the advisory services fee was comprised of a base advisory fee of $9.2 million, equity-based compensation of $4.9 million associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc., reimbursable expenses of $2.3 million and a credit to incentive fee of $3.5 million. 
Corporate, General and Administrative. Corporate, general and administrative expense decreased $680,000, or 22.0%, to $2.4 million during the 2019 quarter compared to the 2018 quarter. The decrease was primarily attributable to lower transaction, acquisition and management conversion costs of $304,000 and lower public company costs, office expenses, professional fees and other miscellaneous expenses of $459,000 in the 2019 quarter compared to the 2018 quarter.
Gain (Loss) on Sale of Assets and Hotel Properties. Gain (loss) on sale of assets and hotel properties changed $2.4 million, from a loss of $9,000 in the 2018 quarter to a gain of $2.4 million in the 2019 quarter. The gain in the 2019 quarter was $2.7 million and was related to the sale of the San Antonio Marriott and two units at WorldQuest. This gain was partially offset by a loss of $312,000 related to the sale of the Hilton Garden Inn Wisconsin Dells and Courtyard Savannah. The loss in the 2018 quarter was related to the sale of the Tampa Residence Inn and SpringHill Suites Centreville.
Equity in Earnings (Loss) of Unconsolidated Entities. Equity in earnings (loss) of unconsolidated entities changed $588,000, from equity in earnings of $310,000 in the 2018 quarter to equity in loss of $278,000 in the 2019 quarter. The 2019 quarter included equity in loss of $182,000 from Ashford Inc. and $96,000 from OpenKey. The 2018 quarter included equity in earnings of $470,000 from Ashford Inc., partially offset by equity in loss of $160,000 from OpenKey. 
Interest Income. Interest income was $836,000 and $1.2 million for the 2019 quarter and the 2018 quarter, respectively.
Other Income (Expense). Other expense increased $126,000, or 62.4%, to $328,000 during the 2019 quarter compared to the 2018 quarter. In the 2019 quarter, we recorded other expense of $272,000 related to CMBX premiums and interest paid on collateral,

49

a realized loss of $150,000 on interest rate floors and other expense of $5,000. These expenses were partially offset by dividend income of $71,000, and a realized gain on marketable securities of $28,000. In the 2018 quarter, we recorded expense of $272,000 related to CMBX premiums and usage fees, and miscellaneous other expense of $94,000, partially offset by realized gain on marketable securities of $24,000 and dividend income of $140,000.
Interest Expense and Amortization of Loan Costs. Interest expense and amortization of loan costs increased $5.6 million, or 9.3%, to $66.4 million during the 2019 quarter compared to the 2018 quarter. The increase is primarily due to higher interest expense and amortization of loan costs of $3.2 million as a result of borrowings for Hotel Acquisitions and $2.7 million at our comparable hotel properties due to higher LIBOR rates and higher amortization of loan costs from refinanced mortgage loans, partially offset by lower interest expense and amortization of loan costs of $217,000 from our Hotel Dispositions. The average LIBOR rates in the 2019 quarter and the 2018 quarter were 2.15% and 2.11%, respectively.
Write-off of Premiums, Loan Costs and Exit Fees. Write-off of premiums, loan costs and exit fees decreased $1.1 million to $426,000 in the 2019 quarter compared to the 2018 quarter. In the 2019 quarter, we incurred write-off of unamortized loan costs of $288,000 and other costs of $138,000 as a result of loan refinances and hotel property sales. In the 2018 quarter, we incurred write-off of premiums, loan costs and exit fees of $1.6 million as a result of loan refinances and hotel property sales.
Unrealized Gain (Loss) on Marketable Securities. Unrealized gain on marketable securities increased $247,000, or 363.2%, to $315,000 during the 2019 quarter compared to the 2018 quarter, which is based on changes in closing market prices during the quarter.
Unrealized Gain (Loss) on Derivatives. Unrealized loss on derivatives increased $451,000, or 21.6%, to $2.5 million in the 2019 quarter compared to the 2018 quarter. In the 2019 quarter, we recognized unrealized losses of $2.0 million related to interest rate floors, $370,000 from CMBX tranches and $300,000 associated with interest rate caps. These losses were partially offset by an unrealized gain of $150,000 associated with the recognition of a realized loss from the termination of an interest rate floor. In the 2018 quarter, we recognized unrealized losses of $1.7 million related to CMBX tranches, $380,000 from interest rate floors and $38,000 from interest rate caps. The fair value of interest rate floors and interest rate caps are primarily based on movements in the LIBOR forward curve and the passage of time. The fair value of credit default swaps is based on the change in value of CMBX indices.
Income Tax (Expense) Benefit. Income tax (expense) benefit changed $768,000, from income tax expense of $519,000 in the 2018 quarter to an income tax benefit of $249,000 in the 2019 quarter. This decrease was primarily due to a decrease in the profitability of our TRS entities in the 2019 quarter compared to the 2018 quarter.
(Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests. Our noncontrolling interest partner in consolidated entities were allocated income of $10,000 in both the 2019 quarter and the 2018 quarter, respectively.
Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership. Net loss attributable to redeemable noncontrolling interests in operating partnership increased $1.2 million, from $6.7 million in the 2018 quarter to $7.9 million in the 2019 quarter. Redeemable noncontrolling interests represented ownership interests of 15.92% and 14.88% in the operating partnership at September 30, 2019 and 2018, respectively.
Comparison of the Nine Months Ended September 30, 2019 and 2018
Net Income (Loss) Attributable to the Company. Net loss attributable to the Company increased $13.3 million from $72.2 million for the nine months ended September 30, 2018 (the “2018 period”) to $85.5 million for the nine months ended September 30, 2019 (the “2019 period”) as a result of the factors discussed below.
Revenue. Rooms revenue from our hotel properties and WorldQuest increased $42.2 million, or 4.9%, to $910.3 million in the 2019 period compared to the 2018 period. This increase is attributable to higher rooms revenue of $38.6 million from our Hotel Acquisitions and $10.6 million at our comparable hotel properties and WorldQuest. These increases were partially offset by lower rooms revenue of $6.9 million from our Hotel Dispositions. Our comparable hotel properties experienced an increase of 2.0% in room rates and a decrease of 55 basis points in occupancy.
Food and beverage revenue increased $17.2 million, or 10.4%, to $182.1 million in the 2019 period compared to the 2018 period. This increase is attributable to higher food and beverage revenue of $10.5 million at our comparable hotel properties and WorldQuest, $6.6 million from our Hotel Acquisitions and $166,000 from our Hotel Dispositions.
Other hotel revenue, which consists mainly of Internet access, parking, spa and business interruption revenue, increased $1.1 million, or 2.1%, to $52.4 million in the 2019 period compared to the 2018 period. This increase is attributable to higher other revenue of $2.4 million from our Hotel Acquisitions and $1.7 million from our comparable hotel properties and WorldQuest, partially offset by lower other revenue of $314,000 from our Hotel Dispositions and lower business interruption revenue of $2.8

50

million. In the 2018 period we received $2.5 million of business interruption income for the St. Petersburg Hilton and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010 and $401,000 of business interruption income related to Hurricane Irma. In the 2019 period we received $91,000 of business interruption income related to SpringHill Suites BWI Hotel. Other non-hotel revenue increased $255,000, or 8.5%, to $3.2 million in the 2019 period.
Hotel Operating Expenses. Hotel operating expenses increased $42.4 million, or 6.3%, to $719.1 million in the 2019 period compared to the 2018 period. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses increased $18.3 million in the 2019 period compared to the 2018 period, which was comprised of an increase of $14.8 million from our Hotel Acquisitions and $5.2 million from our comparable hotel properties and WorldQuest, partially offset by a decrease of $1.7 million from our Hotel Dispositions. Direct expenses were 29.3% of total hotel revenue for 2019 and 29.2% for the 2018 period. Indirect expenses and management fees increased $24.1 million in the 2019 period compared to the 2018 period, which was comprised of an increase of $15.2 million from our Hotel Acquisitions and $11.2 million from our comparable hotel properties and WorldQuest, partially offset by a decrease of $2.3 million from our Hotel Dispositions.
Property Taxes, Insurance and Other. Property taxes, insurance and other expense increased $4.8 million or 8.0%, to $64.1 million in the 2019 period compared to the 2018 period, which was primarily due to an increase of $3.7 million from our Hotel Acquisitions and $2.1 million at our comparable hotel properties and WorldQuest, partially offset by a property tax refund of $590,000 and a decrease of $407,000 from our Hotel Dispositions.
Depreciation and Amortization. Depreciation and amortization increased $10.1 million or 5.2%, to $202.6 million in the 2019 period compared to the 2018 period, which was primarily due to $5.2 million from our Hotel Acquisitions and $6.0 million at our comparable hotel properties and WorldQuest, partially offset by a decrease of $1.2 million from our Hotel Dispositions.
Impairment Charges. Impairment charges increased $4.9 million, or 295.5%, to $6.5 million in the 2019 period compared to the 2018 period. We recorded an impairment charge of $6.5 million in the 2019 period which was comprised of $5.1 million at the Courtyard Savannah Downtown and $1.4 million at the Wisconsin Dells Hilton Garden Inn. We recorded an impairment charge of $1.7 million in the 2018 period which was comprised of a $2.0 million impairment charge at the SpringHill Suites Centreville, partially offset by impairment credits of $310,000 from changes in estimates of property damage incurred from Hurricanes Harvey and Irma.
Transaction Costs. Transaction costs decreased $9,000, or 81.8%, to $2,000 during the 2019 period compared to the 2018 period.
Advisory Services Fee. Advisory services fee decreased $4.4 million, or 8.3%, to $48.5 million in the 2019 period compared to the 2018 period. The advisory services fee represents fees incurred in connection with the advisory agreement between Ashford Inc. and the Company. In the 2019 period, the advisory services fee was comprised of a base advisory fee of $27.3 million, equity-based compensation of $13.5 million associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc. and reimbursable expenses of $7.8 million. In the 2018 period, the advisory services fee was comprised of a base advisory fee of $26.6 million, equity-based compensation of $20.5 million associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc., reimbursable expenses of $5.8 million. During the nine months ended September 30, 2018, approximately $4.5 million of the equity-based compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his death, in accordance with the terms of the awards.
Corporate, General and Administrative. Corporate, general and administrative expense decreased $522,000, or 6.2%, to $7.9 million in the 2019 period compared to the 2018 period. The decrease was primarily attributable to lower transaction, acquisition and management conversion costs of $510,000 and lower public company costs, office expenses, professional fees and other miscellaneous expenses of $280,000 in the 2019 period compared to the 2018 period.
Gain (Loss) on Sale of Assets and Hotel Properties. Gain on sale of assets and hotel properties was $2.9 million and $394,000 in the 2019 and 2018 periods, respectively. The gain in the 2019 period was comprised of $2.7 million gain related to the sale of the San Antonio Marriott and two units at WorldQuest and a $561,000 gain related to the sale of assets at the Santa Fe La Posada, Hilton Santa Cruz/Scotts Valley, Minneapolis Le Meridien and the Embassy Suites New York Manhattan Times Square related to ERFP. These gains were partially offset by a loss of $312,000 from the sale of the Hilton Garden Inn Wisconsin Dells and Courtyard Savannah. The gain in the 2018 period was comprised of a $407,000 gain from the sales of the Tampa Residence Inn and SpringHill Suites Centreville, partially offset by a loss of $13,000 from the sale of the SpringHill Suites Glen Allen.
Equity in Earnings (Loss) of Unconsolidated Entities. Equity in earnings (loss) of unconsolidated entities changed $3.1 million from equity in earnings of $892,000 in the 2018 period to equity in loss of $2.2 million in the 2019 period. The 2019 period

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included equity in loss of $1.9 million from Ashford Inc. and $312,000 from OpenKey. The 2018 period included equity in earnings of $1.3 million from Ashford Inc. partially offset by equity in loss of $434,000 from OpenKey.
Interest Income. Interest income was $2.4 million and $2.8 million for the 2019 period and the 2018 period, respectively.
Other Income (Expense). Other income (expense) changed $1.1 million, from income of $80,000 in the 2018 period to expense of $982,000 in the 2019 period. In the 2019 period, we recorded other expense of $809,000 related to CMBX premiums and interest paid on collateral and a realized loss of $538,000 on interest rate floors. These expenses were partially offset by dividend income of $192,000, other income of $129,000 and realized gain on marketable securities of $44,000. In the 2018 period, we recorded dividend income of $425,000, a realized gain on marketable securities of $173,000 and other miscellaneous income of $291,000 partially offset by expense of $809,000 related to CMBX premiums and interest paid on collateral.
Interest Expense and Amortization of Loan Costs. Interest expense and amortization of loan costs increased $26.8 million, or 15.4%, to $200.5 million in the 2019 period compared to the 2018 period. The increase is primarily due to higher interest expense and amortization of loan costs of $17.8 million due to higher LIBOR rates and higher amortization of loan costs from refinances at our comparable hotel properties and $10.8 million from our Hotel Acquisitions, partially offset by lower interest expense and amortization of loan costs of $1.8 million from our Hotel Dispositions. The average LIBOR rates in the 2019 period and the 2018 period were 2.36% and 1.89%, respectively.
Write-off of Premiums, Loan Costs and Exit Fees. Write-off of premiums, loan costs and exit fees decreased $6.7 million to $2.6 million in the 2019 period compared to the 2018 period. In the 2019 period, we incurred write-off of loan costs and exit fees of approximately $2.6 million consisting of the write-off of unamortized loan costs of approximately $2.4 million and other costs of $228,000 as a result of loan refinances and hotel property sales. In the 2018 period, we incurred write-off of loan costs and exit fees of approximately $9.3 million consisting of the write-off of unamortized loan costs of approximately $3.3 million and other fees of approximately $6.0 million as a result of loan refinances and hotel property sales.
Unrealized Gain (Loss) on Marketable Securities. We recognized a $1.7 million unrealized gain on marketable securities in the 2019 period and a $758,000 unrealized loss on marketable securities in the 2018 period, which are based on changes in closing market prices during the period.
Unrealized Gain (Loss) on Derivatives. Unrealized loss on derivatives increased $382,000, or 10.4%, from $3.7 million in the 2018 period to $4.1 million in the 2019 period. In the 2019 period, we recognized an unrealized loss of $3.1 million related to CMBX tranches, $1.4 million associated with interest rate caps, and $96,000 from interest rate floors. These losses were partially offset by an unrealized gain of $537,000 associated with the recognition of realized losses from the termination of interest rate floors. In the 2018 period, we recognized unrealized losses of $1.7 million from interest rate caps, $1.3 million from CMBX tranches and $618,000 from interest rate floors. The fair value of interest rate floors and interest rate caps are primarily based on movements in the LIBOR forward curve and the passage of time. The fair value of credit default swaps is based on the change in value of CMBX indices.
Income Tax (Expense) Benefit. Income tax expense increased $446,000, or 17.1% to $3.1 million in the 2019 period compared to the 2018 period. The increase in tax expense was a result of non-recurring changes in valuation allowance in the 2018 period.
(Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests. Our noncontrolling interest partner in consolidated entities were allocated losses of $2,000 and $8,000 in the 2019 and 2018 periods, respectively.
Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership. Noncontrolling interests in operating partnership were allocated net losses of $21.6 million and $18.1 million in the 2019 and 2018 periods, respectively. Redeemable noncontrolling interests represented ownership interests of 15.92% and 14.88% in the operating partnership at September 30, 2019 and 2018, respectively.
LIQUIDITY AND CAPITAL RESOURCES
Our cash position from operations is affected primarily by macro industry movements in occupancy and rate as well as our ability to control costs. Further, interest rates can greatly affect the cost of our debt service as well as the value of any financial hedges we may put in place. We monitor industry fundamentals and interest rates very closely. Capital expenditures above our reserves will affect cash flow as well.
Certain of our loan agreements contain cash trap provisions that may get triggered if the performance of our hotels decline. When these provisions are triggered, substantially all of the profit generated by our hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our various lenders.

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Also, we have entered into certain customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of our subsidiaries or joint ventures that may result from non-recourse carve-outs, which include, but are not limited to fraud, misrepresentation, willful misconduct resulting in waste, misappropriations of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, and certain environmental liabilities. Certain of these guarantees represent a guaranty of material amounts, and if we are required to make payments under those guarantees.
These factors and others could affect our liquidity and our ability to make distributions to our stockholders.
On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) having an aggregate value of up to $200 million. The board of director’s authorization replaced any previous repurchase authorizations. No shares were repurchased during the three and nine months ended September 30, 2019 pursuant to the Repurchase Program.
On December 11, 2017, we entered into equity distribution agreements with certain sales agents to sell from time to time shares of our common stock having an aggregate offering price of up to $100.0 million. Sales of shares of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 of the Securities Act, including sales made directly on the NYSE, the existing trading market for our common stock, or sales made to or through a market maker other than on an exchange or through an electronic communications network. We will pay each of the sales agents a commission, which in each case shall not be more than 2.0% of the gross sales price of the shares of our common stock sold through such sales agent. No shares were issued during the three and nine months ended September 30, 2019. As of September 30, 2019, we have issued approximately 2.4 million shares of our common stock for gross proceeds of approximately $15.5 million leaving approximately $84.5 million available under the program.
On January 22, 2019, in connection with the acquisition of the Embassy Suites New York Manhattan Times Square, we closed on a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90%. The stated maturity date of the mortgage loan is February 2022, with two one-year extensions. The mortgage loan is secured by the Embassy Suites New York Manhattan Times Square.
On February 26, 2019, in connection with the acquisition of the Hilton Santa Cruz/Scotts Valley, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million. This mortgage loan amortizes monthly and provides for a fixed interest rate of 4.66%. The stated maturity date of the mortgage loan is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley.
On March 5, 2019, we refinanced our $178.1 million mortgage loan, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million. The mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75%. The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton.
On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00%.
On August 2, 2019, we repaid $26.8 million of principal on our mortgage loan partially secured by the San Antonio Marriott as a result of the sale of the hotel property.
On August 6, 2019, we repaid $7.7 million of principal on our mortgage loan secured by the Hilton Garden Inn in Wisconsin Dells, Wisconsin as a result of the sale of the hotel property.
On August 14, 2019, we repaid $28.8 million of principal on our mortgage loan partially secured by the Courtyard by Marriott in Savannah, Georgia as a result of the sale of the hotel property.
On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust has entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities. As of September 30, 2019, Ashford Trust has funded approximately $485,000.
On October 2, 2019, the Company entered into a stock purchase agreement with Ashford LLC under which Ashford LLC purchased all of the common stock held by our TRS subsidiaries, totaling 393,077 shares, for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.

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On October 15, 2019, we repaid approximately $8.0 million principal on our mortgage loan partially secured by the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida as a result of the sale of the 1.65-acre parking lot adjacent to hotel.
Secured Credit Facility
On September 26, 2019, our secured revolving credit facility expired. We did not draw on the secured revolving credit facility while it was outstanding. Cash flows from operations, capital market activities and property refinancing proceeds have provided sufficient liquidity throughout the term of the secured revolving credit facility. Accordingly, the absence of a credit facility is not expected to have a significant impact on our liquidity.
Sources and Uses of Cash
Our principal sources of funds to meet our cash requirements include: cash on hand, cash flow from operations, capital market activities, property refinancing proceeds and asset sales. Additionally, our principal uses of funds are expected to include possible operating shortfalls, owner-funded capital expenditures, dividends, new investments, and debt interest and principal payments. Items that impacted our cash flow and liquidity during the periods indicated are summarized as follows:
Net Cash Flows Provided by (Used in) Operating Activities. Net cash flows provided by operating activities, pursuant to our consolidated statements of cash flows, which includes changes in balance sheet items, were $149.8 million and $137.3 million for the nine months ended September 30, 2019 and 2018, respectively. Cash flows from operations were impacted by changes in hotel operations, our hotel acquisitions in 2018 and 2019, our hotel dispositions in 2018 and 2019 as well as the timing of collecting receivables from hotel guests, paying vendors, settling with derivative counterparties, settling with related parties and settling with hotel managers.
Net Cash Flows Provided by (Used in) Investing Activities. For the nine months ended September 30, 2019, net cash flows used in investing activities were $247.2 million. Cash outflows primarily consisted of $121.7 million for capital improvements made to various hotel properties, $212.6 million primarily related to the purchase of the Hilton Santa Cruz/Scotts Valley and Embassy Suites New York Manhattan Times Square hotels and an additional $647,000 investment in OpenKey. Cash outflows were partially offset by cash inflows of $83.8 million from proceeds received from the sale of the San Antonio Marriott, Hilton Garden Inn Wisconsin Dells, Courtyard Savannah and FF&E for ERFP and $4.0 million of proceeds from a franchise agreement extension.
For the nine months ended September 30, 2018, net cash flows used in investing activities were $239.4 million. Cash outflows primarily consisted of $164.7 million for capital improvements made to various hotel properties, $114.9 million primarily for the acquisition of the Hilton Alexandria and an additional $667,000 investment in OpenKey. Cash outflows were partially offset by $40.6 million of net cash proceeds from the sale of the SpringHill Suites Glen Allen, SpringHill Suites Centreville and Residence Inn Tampa and $651,000 from property insurance.
Net Cash Flows Provided by (Used in) Financing Activities. For the nine months ended September 30, 2019, net cash flows provided by financing activities were $62.7 million. Cash inflows were $388.7 million from borrowings on indebtedness. Cash inflows were partially offset by cash outflows of $246.3 million for repayments of indebtedness, $68.2 million for dividend payments to common and preferred stockholders and unitholders, $9.3 million for payments of loan costs and exit fees, $1.0 million of payments for derivatives and $1.0 million for the repurchase of common stock.
For the nine months ended September 30, 2018, net cash flows provided by financing activities were $97.0 million. Cash inflows primarily consisted of $2.7 billion of borrowings on indebtedness and $13.6 million of proceeds from a common stock offering. Cash inflows were partially offset by cash outflows of $2.5 billion for repayments of indebtedness, $72.3 million for dividend payments to common and preferred stockholders and unitholders, $55.2 million for payments of loan costs and exit fees, $3.1 million of payments for derivatives and $1.6 million for the repurchase of common stock.
We are required to maintain certain financial ratios under various debt and derivative agreements. If we violate covenants in any debt or derivative agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Presently, our existing financial debt covenants primarily relate to maintaining minimum net worth and leverage ratios and liquidity. As of September 30, 2019, we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements.
Mortgage and mezzanine loans are nonrecourse to the borrowers, except for customary exceptions or carve-outs that trigger recourse liability to the borrowers in certain limited instances. Recourse obligations typically include only the payment of costs and liabilities suffered by lenders as a result of the occurrence of certain bad acts on the part of the borrower. However, in certain cases, carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. We have entered into customary guaranty agreements pursuant to which we

54

guaranty payment of any recourse liabilities of the borrowers that result from non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriations of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on our business, results of operations, or financial condition as of September 30, 2019.
Based on our current level of operations, management believes that our cash flow from operations and our existing cash balances should be adequate to meet upcoming anticipated requirements for interest and principal payments on debt (excluding any potential final maturity principal payments), working capital, and capital expenditures for the next 12 months and dividends required to maintain our status as a REIT for federal income tax purposes. With respect to upcoming maturities, we will continue to proactively address the refinancing or repayment of our 2020 final maturities. No assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy. In addition, we may selectively pursue debt financing on individual properties.
We are committed to an investment strategy where we will opportunistically pursue hotel-related investments as suitable situations arise. Funds for future hotel-related investments are expected to be derived, in whole or in part, from cash on hand, future borrowings under a credit facility or other loans, or proceeds from additional issuances of common stock, preferred stock, or other securities, asset sales, and joint ventures. However, there can be no assurance that we will successfully make additional investments. We may, when conditions are suitable, consider additional capital raising opportunities.
Our existing hotel properties are mostly located in developed areas with competing hotel properties. Future occupancy, ADR, and RevPAR of any individual hotel could be materially and adversely affected by an increase in the number or quality of competitive hotel properties in its market area. Competition could also affect the quality and quantity of future investment opportunities.
Dividend Policy. During the three month periods ended September 30, 2019 and 2018, the board of directors declared quarterly dividends of $0.06 per share and $0.12 per share, respectively, of outstanding common stock. In December 2018, the board of directors approved our 2019 dividend policy which was modified in June 2019. The revised dividend policy anticipates a quarterly dividend payment of $0.06 per share for the remainder of 2019. However, the adoption of a dividend policy does not commit our board of directors to declare future dividends. The board of directors will continue to review our dividend policy on a quarterly basis. We may incur indebtedness to meet distribution requirements imposed on REITs under the Internal Revenue Code to the extent that working capital and cash flow from our investments are insufficient to fund required distributions. Alternatively, we may elect to pay dividends on our common stock in cash or a combination of cash and shares of securities as permitted under federal income tax laws governing REIT distribution requirements. We may pay dividends in excess of our cash flow.
SEASONALITY
Our properties’ operations historically have been seasonal as certain properties maintain higher occupancy rates during the summer months, while certain other properties maintain higher occupancy rates during the winter months. This seasonality pattern can cause fluctuations in our quarterly lease revenue under our percentage leases. We anticipate that our cash flows from the operations of our properties will be sufficient to enable us to make quarterly distributions to maintain our REIT status. To the extent that cash flows from operations are insufficient during any quarter due to temporary or seasonal fluctuations in lease revenue, we expect to utilize cash on hand or borrowings to fund required distributions. However, we cannot make any assurances that we will make distributions in the future.
OFF-BALANCE SHEET ARRANGEMENTS
In the normal course of business, we form partnerships or joint ventures that operate certain hotels. We evaluate each partnership and joint venture to determine whether the entity is a VIE. If the entity is determined to be a VIE, we assess whether we are the primary beneficiary and need to consolidate the entity. For further discussion of the company’s VIEs, see note 2 to our consolidated financial statements.
CONTRACTUAL OBLIGATIONS
Other than the contribution agreement with Ashford Inc. in which we have agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities, there have been no material changes since December 31, 2018, outside of the ordinary course of business, to contractual obligations specified in the table of contractual obligations included in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2018 Form 10-K.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our accounting policies that are critical or most important to understanding our financial condition and results of operations and that require management to make the most difficult judgments are described in our 2018 Form 10-K. There have been no material changes in these critical accounting policies.
NON-GAAP FINANCIAL MEASURES
The following non-GAAP presentations of EBITDA, EBITDAre, Adjusted EBITDAre, Funds From Operations (“FFO”) and Adjusted FFO are presented to help our investors evaluate our operating performance.
EBITDA is defined as net income (loss) before interest expense and amortization of premiums and loan costs, net, income taxes, depreciation and amortization, equity in earnings/loss of unconsolidated entities and after the Company’s portion of EBITDA of unconsolidated entities. In addition, we exclude impairment charges on real estate, and gain/loss on sale of hotel properties of unconsolidated entities to calculate EBITDAre, as defined by NAREIT.
We then further adjust EBITDAre to exclude certain additional items such as uninsured hurricane related costs, gain/loss on insurance settlements, write-off of premiums, loan costs and exit fees, other income/expense, net, transaction, acquisition and management conversion costs, legal judgment and related legal costs, dead deal costs and non-cash items such as amortization of unfavorable contract liabilities, non-cash stock/unit-based compensation, unrealized gains/losses on marketable securities and derivative instruments, as well as our portion of adjustments to EBITDAre of unconsolidated entities.
We present EBITDA, EBITDAre and Adjusted EBITDAre because we believe they reflect more accurately the ongoing performance of our hotel assets and other investments and provide more useful information to investors as they are indicators of our ability to meet our future debt payment requirements, working capital requirements and they provide an overall evaluation of our financial condition. EBITDA, EBITDAre and Adjusted EBITDAre as calculated by us may not be comparable to EBITDA, EBITDAre and Adjusted EBITDAre reported by other companies that do not define EBITDA, EBITDAre and Adjusted EBITDAre exactly as we define the terms. EBITDA, EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income or net income determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as determined by GAAP as an indicator of liquidity.
Beginning with the three months ended March 31, 2018, we have started reporting EBITDA for real estate, or EBITDAre, as defined by NAREIT, and Adjusted EBITDAre. Previously, we reported Adjusted EBITDA. Adjusted EBITDAre is calculated in a similar manner as Adjusted EBITDA, with the exception of the adjustment for the consolidated noncontrolling interest’s pro rata share of Adjusted EBITDA. The rationale for including 100% of EBITDAre for consolidated noncontrolling interests is that the full amount of any debt of these entities is reported in our consolidated balance sheets and therefore metrics using total debt to EBITDAre provide a better understanding of the Company’s leverage. This is also consistent with NAREIT’s definition of EBITDAre. All prior periods have been adjusted to conform to the current period presentation.

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The following table reconciles net income (loss) to EBITDA, EBITDAre and Adjusted EBITDAre (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(39,086
)
 
$
(34,261
)
 
$
(107,060
)
 
$
(90,261
)
Interest expense and amortization of premiums and loan costs, net
66,356

 
60,731

 
200,509

 
173,680

Depreciation and amortization
67,906

 
64,923

 
202,595

 
192,536

Income tax expense (benefit)
(249
)
 
519

 
3,052

 
2,606

Equity in (earnings) loss of unconsolidated entities
278

 
(310
)
 
2,208

 
(892
)
Company’s portion of EBITDA of unconsolidated entities (Ashford Inc.)
785

 
(1,607
)
 
4,362

 
959

Company’s portion of EBITDA of unconsolidated entities (OpenKey)
(99
)
 
(158
)
 
(308
)
 
(419
)
EBITDA
95,891

 
89,837

 
305,358

 
278,209

Impairment charges on real estate
—

 
(27
)
 
6,533

 
1,652

(Gain) loss on sale of assets and hotel properties
(2,362
)
 
9

 
(2,923
)
 
(394
)
EBITDAre
93,529

 
89,819

 
308,968

 
279,467

Amortization of unfavorable contract liabilities
82

 
(39
)
 
160

 
(117
)
Uninsured hurricane related costs
—

 
(43
)
 
—

 
(271
)
(Gain) loss on insurance settlements
(7
)
 
—

 
(43
)
 
—

Write-off of premiums, loan costs and exit fees
426

 
1,572

 
2,578

 
9,316

Other (income) expense, net
398

 
10

 
1,173

 
(80
)
Transaction, acquisition and management conversion costs
375

 
391

 
1,061

 
596

Legal judgment and related legal costs
6

 
1

 
1,822

 
928

Unrealized (gain) loss on marketable securities
(315
)
 
(68
)
 
(1,721
)
 
758

Unrealized (gain) loss on derivatives
2,536

 
2,085

 
4,054

 
3,672

Dead deal costs
—

 
52

 
50

 
55

Non-cash stock/unit-based compensation
4,905

 
5,143

 
14,863

 
21,946

Company’s portion of adjustments to EBITDAre of unconsolidated entities (Ashford Inc.)
1,148

 
2,814

 
2,679

 
4,997

Company’s portion of adjustments to EBITDAre of unconsolidated entities (OpenKey)
8

 
4

 
43

 
12

Adjusted EBITDAre
$
103,091

 
$
101,741

 
$
335,687

 
$
321,279


57

We calculate FFO and Adjusted FFO in the following table. FFO is calculated on the basis defined by NAREIT, which is net income (loss) attributable to common stockholders, computed in accordance with GAAP, excluding gains or losses on sale of assets and hotel properties, and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, impairment charges on real estate assets, and after adjustments for unconsolidated entities and noncontrolling interests in the operating partnership. Adjustments for unconsolidated entities are calculated to reflect FFO on the same basis. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. Our calculation of Adjusted FFO excludes write-off of premiums, loan costs and exit fees, gain/loss on insurance settlements, uninsured hurricane related costs, other income/expense, net transaction, acquisition and management conversion costs, legal judgment and related legal costs, dead deal costs and non-cash items such as non-cash stock/unit-based compensation, amortization of loan costs, unrealized gains/losses on marketable securities and derivative instruments, as well as our portion of adjustments to FFO related to unconsolidated entities. We exclude items from Adjusted FFO that are either non-cash or are not part of our core operations in order to provide a period-over-period comparison of our operating results. We consider FFO and Adjusted FFO to be appropriate measures of our ongoing normalized operating performance as a REIT. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than us. FFO and Adjusted FFO do not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income or loss as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor is it indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, to facilitate a clear understanding of our historical operating results, we believe that FFO and Adjusted FFO should be considered along with our net income or loss and cash flows reported in the consolidated financial statements.

58

The following table reconciles net income (loss) to FFO and Adjusted FFO (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(39,086
)
 
$
(34,261
)
 
$
(107,060
)
 
$
(90,261
)
(Income) loss from consolidated entities attributable to noncontrolling interest
(10
)
 
(10
)
 
2

 
8

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
7,919

 
6,682

 
21,582

 
18,087

Preferred dividends
(10,645
)
 
(10,645
)
 
(31,933
)
 
(31,933
)
Net income (loss) attributable to common stockholders
(41,822
)
 
(38,234
)
 
(117,409
)
 
(104,099
)
Depreciation and amortization of real estate
67,851

 
64,865

 
202,424

 
192,363

(Gain) loss on sale of assets and hotel properties
(2,362
)
 
9

 
(2,923
)
 
(394
)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(7,919
)
 
(6,682
)
 
(21,582
)
 
(18,087
)
Equity in (earnings) loss of unconsolidated entities
278

 
(310
)
 
2,208

 
(892
)
Impairment charges on real estate
—

 
(27
)
 
6,533

 
1,652

Company’s portion of FFO of unconsolidated entities (Ashford Inc.)
(2,188
)
 
470

 
(3,590
)
 
1,391

Company’s portion of FFO of unconsolidated entities (OpenKey)
(101
)
 
(160
)
 
(297
)
 
(426
)
FFO available to common stockholders and OP unitholders
13,737

 
19,931

 
65,364

 
71,508

Write-off of premiums, loan costs and exit fees
426

 
1,572

 
2,578

 
9,316

(Gain) loss on insurance settlements
(7
)
 
—

 
(43
)
 
—

Uninsured hurricane related costs
—

 
(43
)
 
—

 
(271
)
Other (income) expense
398

 
10

 
1,173

 
(80
)
Transaction, acquisition and management conversion costs
375

 
391

 
1,061

 
596

Legal judgment and related legal costs
6

 
1

 
1,822

 
928

Unrealized (gain) loss on marketable securities
(315
)
 
(68
)
 
(1,721
)
 
758

Unrealized (gain) loss on derivatives
2,536

 
2,085

 
4,054

 
3,672

Dead deal costs
—

 
52

 
50

 
55

Non-cash stock/unit-based compensation
4,905

 
5,143

 
14,863

 
21,946

Amortization of loan costs
7,663

 
6,673

 
22,525

 
14,612

Company’s portion of adjustments to FFO of unconsolidated entities (Ashford Inc.)
3,122

 
(1,453
)
 
7,762

 
730

Company’s portion of adjustments to FFO of unconsolidated entities (OpenKey)
9

 
4

 
46

 
12

Adjusted FFO available to common stockholders and OP unitholders
$
32,855

 
$
34,298

 
$
119,534

 
$
123,782



59

HOTEL PORTFOLIO
The following table presents certain information related to our hotel properties as of September 30, 2019:
Hotel Property 
 
Location 
 
Service Type
 
Total Rooms 
 
% Owned
 
Owned Rooms
Fee Simple Properties
 
 
 
 
 
 
 
 
 
 
Embassy Suites
 
Austin, TX
 
Full service
 
150

 
100
 
150

Embassy Suites
 
Dallas, TX
 
Full service
 
150

 
100
 
150

Embassy Suites
 
Herndon, VA
 
Full service
 
150

 
100
 
150

Embassy Suites
 
Las Vegas, NV
 
Full service
 
220

 
100
 
220

Embassy Suites
 
Flagstaff, AZ
 
Full service
 
119

 
100
 
119

Embassy Suites
 
Houston, TX
 
Full service
 
150

 
100
 
150

Embassy Suites
 
West Palm Beach, FL
 
Full service
 
160

 
100
 
160

Embassy Suites
 
Philadelphia, PA
 
Full service
 
263

 
100
 
263

Embassy Suites
 
Walnut Creek, CA
 
Full service
 
249

 
100
 
249

Embassy Suites
 
Arlington, VA
 
Full service
 
269

 
100
 
269

Embassy Suites
 
Portland, OR
 
Full service
 
276

 
100
 
276

Embassy Suites
 
Santa Clara, CA
 
Full service
 
258

 
100
 
258

Embassy Suites
 
Orlando, FL
 
Full service
 
174

 
100
 
174

Embassy Suites
 
New York, NY
 
Full service
 
310

 
100
 
310

Hilton Garden Inn
 
Jacksonville, FL
 
Select service
 
119

 
100
 
119

Hilton Garden Inn
 
Austin, TX
 
Select service
 
254

 
100
 
254

Hilton Garden Inn
 
Baltimore, MD
 
Select service
 
158

 
100
 
158

Hilton Garden Inn
 
Virginia Beach, VA
 
Select service
 
176

 
100
 
176

Hilton
 
Houston, TX
 
Full service
 
242

 
100
 
242

Hilton
 
St. Petersburg, FL
 
Full service
 
333

 
100
 
333

Hilton
 
Santa Fe, NM
 
Full service
 
158

 
100
 
158

Hilton
 
Bloomington, MN
 
Full service
 
300

 
100
 
300

Hilton
 
Costa Mesa, CA
 
Full service
 
486

 
100
 
486

Hilton
 
Boston, MA
 
Full service
 
390

 
100
 
390

Hilton
 
Parsippany, NJ
 
Full service
 
353

 
100
 
353

Hilton
 
Tampa, FL
 
Full service
 
238

 
100
 
238

Hilton
 
Alexandria, VA
 
Full service
 
252

 
100
 
252

Hilton
 
Santa Cruz, CA
 
Full service
 
178

 
100
 
178

Hampton Inn
 
Lawrenceville, GA
 
Select service
 
85

 
100
 
85

Hampton Inn
 
Evansville, IN
 
Select service
 
140

 
100
 
140

Hampton Inn
 
Parsippany, NJ
 
Select service
 
152

 
100
 
152

Hampton Inn
 
Buford, GA
 
Select service
 
92

 
100
 
92

Hampton Inn
 
Phoenix, AZ
 
Select service
 
106

 
100
 
106

Hampton Inn - Waterfront
 
Pittsburgh, PA
 
Select service
 
113

 
100
 
113

Hampton Inn - Washington
 
Pittsburgh, PA
 
Select service
 
103

 
100
 
103

Hampton Inn
 
Columbus, OH
 
Select service
 
145

 
100
 
145

Marriott
 
Beverly Hills, CA
 
Full service
 
260

 
100
 
260

Marriott
 
Durham, NC
 
Full service
 
225

 
100
 
225

Marriott
 
Arlington, VA
 
Full service
 
701

 
100
 
701

Marriott
 
Bridgewater, NJ
 
Full service
 
347

 
100
 
347

Marriott
 
Dallas, TX
 
Full service
 
265

 
100
 
265

Marriott
 
Fremont, CA
 
Full service
 
357

 
100
 
357

Marriott
 
Memphis, TN
 
Full service
 
232

 
100
 
232

Marriott
 
Irving, TX
 
Full service
 
491

 
100
 
491

Marriott
 
Omaha, NE
 
Full service
 
300

 
100
 
300


60

Hotel Property 
 
Location 
 
Service Type
 
Total Rooms 
 
% Owned
 
Owned Rooms
Marriott
 
Sugarland, TX
 
Full service
 
300

 
100
 
300

SpringHill Suites by Marriott
 
Jacksonville, FL
 
Select service
 
102

 
100
 
102

SpringHill Suites by Marriott
 
Baltimore, MD
 
Select service
 
133

 
100
 
133

SpringHill Suites by Marriott
 
Kennesaw, GA
 
Select service
 
90

 
100
 
90

SpringHill Suites by Marriott
 
Buford, GA
 
Select service
 
97

 
100
 
97

SpringHill Suites by Marriott
 
Charlotte, NC
 
Select service
 
136

 
100
 
136

SpringHill Suites by Marriott
 
Durham, NC
 
Select service
 
120

 
100
 
120

SpringHill Suites by Marriott
 
Manhattan Beach, CA
 
Select service
 
164

 
100
 
164

SpringHill Suites by Marriott
 
Plymouth Meeting, PA
 
Select service
 
199

 
100
 
199

Fairfield Inn by Marriott
 
Kennesaw, GA
 
Select service
 
86

 
100
 
86

Courtyard by Marriott
 
Bloomington, IN
 
Select service
 
117

 
100
 
117

Courtyard by Marriott - Tremont
 
Boston, MA
 
Select service
 
315

 
100
 
315

Courtyard by Marriott
 
Columbus, IN
 
Select service
 
90

 
100
 
90

Courtyard by Marriott
 
Denver, CO
 
Select service
 
202

 
100
 
202

Courtyard by Marriott
 
Louisville, KY
 
Select service
 
150

 
100
 
150

Courtyard by Marriott
 
Gaithersburg, MD
 
Select service
 
210

 
100
 
210

Courtyard by Marriott
 
Crystal City, VA
 
Select service
 
272

 
100
 
272

Courtyard by Marriott
 
Ft. Lauderdale, FL
 
Select service
 
174

 
100
 
174

Courtyard by Marriott
 
Overland Park, KS
 
Select service
 
168

 
100
 
168

Courtyard by Marriott
 
Foothill Ranch, CA
 
Select service
 
156

 
100
 
156

Courtyard by Marriott
 
Alpharetta, GA
 
Select service
 
154

 
100
 
154

Courtyard by Marriott
 
Oakland, CA
 
Select service
 
156

 
100
 
156

Courtyard by Marriott
 
Scottsdale, AZ
 
Select service
 
180

 
100
 
180

Courtyard by Marriott
 
Plano, TX
 
Select service
 
153

 
100
 
153

Courtyard by Marriott
 
Newark, CA
 
Select service
 
181

 
100
 
181

Courtyard by Marriott
 
Manchester, CT
 
Select service
 
90

 
85
 
77

Courtyard by Marriott
 
Basking Ridge, NJ
 
Select service
 
235

 
100
 
235

Courtyard by Marriott
 
Wichita, KS
 
Select service
 
128

 
100
 
128

Courtyard by Marriott - Billerica
 
Boston, MA
 
Select service
 
210

 
100
 
210

Homewood Suites
 
Pittsburgh, PA
 
Select service
 
148

 
100
 
148

Marriott Residence Inn
 
Lake Buena Vista, FL
 
Select service
 
210

 
100
 
210

Marriott Residence Inn
 
Evansville, IN
 
Select service
 
78

 
100
 
78

Marriott Residence Inn
 
Orlando, FL
 
Select service
 
350

 
100
 
350

Marriott Residence Inn
 
Falls Church, VA
 
Select service
 
159

 
100
 
159

Marriott Residence Inn
 
San Diego, CA
 
Select service
 
150

 
100
 
150

Marriott Residence Inn
 
Salt Lake City, UT
 
Select service
 
144

 
100
 
144

Marriott Residence Inn
 
Las Vegas, NV
 
Select service
 
256

 
100
 
256

Marriott Residence Inn
 
Phoenix, AZ
 
Select service
 
200

 
100
 
200

Marriott Residence Inn
 
Plano, TX
 
Select service
 
126

 
100
 
126

Marriott Residence Inn
 
Newark, CA
 
Select service
 
168

 
100
 
168

Marriott Residence Inn
 
Manchester, CT
 
Select service
 
96

 
85
 
82

Marriott Residence Inn
 
Jacksonville, FL
 
Select service
 
120

 
100
 
120

Marriott Residence Inn
 
Stillwater, OK
 
Select service
 
101

 
100
 
101

TownePlace Suites by Marriott
 
Manhattan Beach, CA
 
Select service
 
143

 
100
 
143

One Ocean
 
Atlantic Beach, FL
 
Full service
 
193

 
100
 
193

Sheraton Hotel
 
Ann Arbor, MI
 
Full service
 
197

 
100
 
197

Sheraton Hotel
 
Langhorne, PA
 
Full service
 
186

 
100
 
186

Sheraton Hotel
 
Minneapolis, MN
 
Full service
 
220

 
100
 
220

Sheraton Hotel
 
Indianapolis, IN
 
Full service
 
378

 
100
 
378


61

Hotel Property 
 
Location 
 
Service Type
 
Total Rooms 
 
% Owned
 
Owned Rooms
Sheraton Hotel
 
Anchorage, AK
 
Full service
 
370

 
100
 
370

Sheraton Hotel
 
San Diego, CA
 
Full service
 
260

 
100
 
260

Hyatt Regency
 
Coral Gables, FL
 
Full service
 
254

 
100
 
254

Hyatt Regency
 
Hauppauge, NY
 
Full service
 
358

 
100
 
358

Hyatt Regency
 
Savannah, GA
 
Full service
 
351

 
100
 
351

Renaissance
 
Nashville, TN
 
Full service
 
673

 
100
 
673

Annapolis Historic Inn
 
Annapolis, MD
 
Full service
 
124

 
100
 
124

Lakeway Resort & Spa
 
Austin, TX
 
Full service
 
168

 
100
 
168

Silversmith
 
Chicago, IL
 
Full service
 
144

 
100
 
144

The Churchill
 
Washington, D.C.
 
Full service
 
173

 
100
 
173

The Melrose
 
Washington, D.C.
 
Full service
 
240

 
100
 
240

Le Pavillon
 
New Orleans, LA
 
Full service
 
226

 
100
 
226

The Ashton
 
Ft. Worth, TX
 
Full service
 
39

 
100
 
39

Westin
 
Princeton, NJ
 
Full service
 
296

 
100
 
296

W
 
Atlanta, GA
 
Full service
 
237

 
100
 
237

W
 
Minneapolis, MN
 
Full service
 
229

 
100
 
229

Le Meridien
 
Minneapolis, MN
 
Full service
 
60

 
100
 
60

Hotel Indigo
 
Atlanta, GA
 
Full service
 
141

 
100
 
141

Ritz-Carlton
 
Atlanta, GA
 
Full service
 
444

 
100
 
444

La Posada de Santa Fe
 
Santa Fe, NM
 
Full service
 
157

 
100
 
157

Ground Lease Properties
 
 
 
 
 
 
 
 
 
 
Crowne Plaza (1) (2)
 
Key West, FL
 
Full service
 
160

 
100
 
160

Crowne Plaza (3)
 
Annapolis, MD
 
Full service
 
196

 
100
 
196

Hilton (4)
 
Ft. Worth, TX
 
Full service
 
294

 
100
 
294

Renaissance (5)
 
Palm Springs, CA
 
Full service
 
410

 
100
 
410

Total
 
 
 
 
 
25,044

 
 
 
25,017

________
(1) 
The ground lease expires in 2084.
(2) 
The Company entered into a new franchise agreement with Marriott to convert the Crowne Plaza La Concha Key West Hotel in Key West, Florida to an Autograph Collection property. The agreement with Marriott calls for the Hotel to be converted to an Autograph property by July 1, 2022.
(3) 
The ground lease expires in 2114.
(4) 
The ground lease expires in 2040.
(5) 
The ground lease expires in 2059 with one 25-year extension option.

62

ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Our primary market risk exposure consists of changes in interest rates on borrowings under our debt instruments. The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market interest rates.
At September 30, 2019, our total indebtedness of $4.1 billion included $3.8 billion of variable-rate debt. The impact on our results of operations of a 25-basis point change in interest rate on the outstanding balance of variable-rate debt at September 30, 2019 would be approximately $9.4 million annually. Interest rate changes have no impact on the remaining $362.7 million of fixed-rate debt.
The above amounts were determined based on the impact of hypothetical interest rates on our borrowings and assume no changes in our capital structure. As the information presented above includes only those exposures that existed at September 30, 2019, it does not consider exposures or positions that could arise after that date. Accordingly, the information presented herein has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on exposures that arise during the period, the hedging strategies at the time, and the related interest rates.
We use credit default swaps, tied to the CMBX index, to hedge financial and capital market risk. We have entered into credit default swap transactions, excluding those that have terminated, for notional amounts totaling $212.5 million, to hedge financial and capital market risk. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $3.6 million at September 30, 2019.
We hold interest rate floors with notional amounts totaling $18.0 billion and strike rates ranging from (0.25)% to 2.0%. Our total exposure is capped at our initial upfront costs totaling $9.9 million. These instruments have termination dates ranging from December 2019 to November 2021.
ITEM 4.
CONTROLS AND PROCEDURES
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of September 30, 2019 (the “Evaluation Date”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective (i) to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission rules and forms; and (ii) to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
There have been no changes in our internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.


63

PART II. OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
Litigation—Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million. On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the judgement. On June 27, 2017, the Florida Supreme Court denied the Company’s petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney’s fees being the only remaining dispute. On June 29, 2017, the balance of the judgment of $3.9 million was paid to Nantucket by the Company. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of September 30, 2019, we have accrued approximately $504,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed.
We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.
ITEM 1A.
RISK FACTORS
The discussion of our business and operations should be read together with the risk factors contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the Securities and Exchange Commission, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies, or prospects in a material and adverse manner. At September 30, 2019, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018.

64

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities by the Issuer
The following table provides the information with respect to purchases and forfeitures of shares of our common stock during each of the months in the third quarter of 2019:
Period
 
Total
Number of
Shares
Purchased
 
Average
Price Paid
Per Share
 
Total Number of
Shares Purchased as
Part of Publicly
Announced Plan (1)
 
Maximum Dollar
Value of Shares That
May Yet Be Purchased
Under the Plan
Common stock:
 
 
 
 
 
 
 
 
July 1 to July 31
 
4,833

 
$
—

(2) 
—

 
$
200,000,000

August 1 to August 30
 
1,168

 
—

(2) 
—

 
200,000,000

September 1 to September 30
 
15,033

 
—

(2) 
—

 
200,000,000

Total
 
21,034

 
$
—

 
—

 
 
____________________
(1) 
On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock having an aggregate value of up to $200 million. The board of director’s authorization replaced any previous repurchase authorizations.
(2) 
There is no cost associated with the forfeiture of 4,833, 1,168 and 15,033 restricted shares of our common stock in July, August and September, respectively.
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.
MINE SAFETY DISCLOSURES
None.
ITEM 5.
OTHER INFORMATION
None.

65

ITEM 6.
EXHIBITS
Exhibit
 
Description
3.1
 
Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-3 filed on May 15, 2015) (File No. 333-204235)
 
 
 
 
3.2
 
Amendment Number Two to Articles of Amendment and Restatement of Ashford Hospitality Trust, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on May 22, 2017)
 
 
 
 
3.3
 
Second Amended and Restated Bylaws, as amended by Amendment No. 1 on October 26, 2014, by Amendment No.2 on October 19, 2015 and by Amendment No. 3 on August 2, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on August 8, 2016)
 
 
 
 
31.1*
 
Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
 
 
 
 
31.2*
 
Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
 
 
 
 
32.1*
 
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 
 
 
32.2*
 
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 
 
 
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 are formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements Comprehensive Income (Loss); (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to the Consolidated Financial Statements. In accordance with Rule 402 of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
 
101.INS
 
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 
101.SCH
 
XBRL Taxonomy Extension Schema Document
Submitted electronically with this report.
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
Submitted electronically with this report.
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document
Submitted electronically with this report.
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document.
Submitted electronically with this report.
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document.
Submitted electronically with this report.
104
 
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
 
___________________________________
* Filed herewith.

66

SIGNATURES
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 thereunto duly authorized.
ASHFORD HOSPITALITY TRUST, INC.
Date:
November 6, 2019
By:
/s/ DOUGLAS A. KESSLER
 
 
 
 
Douglas A. Kessler
 
 
 
 
President and Chief Executive Officer
 
 
 
 
 
 
Date:
November 6, 2019
By:
/s/ DERIC S. EUBANKS
 
 
 
 
Deric S. Eubanks
 
 
 
 
Chief Financial Officer
 

67

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