ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Files An 8-K Results of Operations and Financial Condition
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
issuing its earnings press release for the three months ended
March 31, 2017 on Form 8-K on May 4, 2017 (the Earnings Release),
the 4th District Court of Appeals issued its Mandate on May 5,
2017 in the lawsuit captioned Palm Beach Florida Hotel and Office
Building Limited Partnership, et al. v. Nantucket Enterprises,
Inc., which resulted in an estimated final judgment of
approximately $14.4 million, including pre-judgment interest. The
Company estimates post-judgment interest to be approximately $1.8
million and has increased its estimate of total loss related to
reimbursement of the plaintiffs legal fees to $800,000, bringing
the total amount of the recorded loss to approximately $17.0
million as of March 31, 2017. This resulted in an additional
accrual in the three months ended March 31, 2017 of approximately
$3.8 million. This matter remains under appeal, and there is no
assurance that the ultimate resolution will not differ from the
amount currently estimated by the Company.
sheets as of March 31, 2017 and December 31, 2016, and the
consolidated statements of operations for the three months ended
March 31, 2017 and 2016 of the Company including the revised
estimate of loss described above. This revised estimate results
in an increase to net loss attributable to common stockholders of
$3.1 million, or $0.04 per share (basic and diluted), and a
decrease to EBITDA available to the Company and OP unitholders
and funds from operations (FFO) available to the Company and OP
unitholders of $3.7 million when compared to the results reported
in the Earnings Release, and does not impact Adjusted EBITDA
available to the Company and OP unitholders, Adjusted funds from
operations (AFFO) available to common stockholders and OP
unitholders or Hotel EBITDA.
shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act
of 1933, except as shall be expressly set forth by specific
reference in such filing.
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99.1
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Consolidated Balance Sheets as of March 31, 2017 and
December 31, 2016 and Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016 of Ashford Hospitality Trust, Inc. |
About ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT)
Ashford Hospitality Trust, Inc. (Ashford), together with its subsidiaries, is an externally advised real estate investment trust (REIT). The Company operates through direct hotel investments segment. It is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and Intercontinental Hotels Group. The Company’s hotels portfolio is asset-managed by Ashford LLC. The Company is focused on direct hotel investments and it may invest in a range of lodging-related assets. Its investments may include direct hotel investments; mezzanine financing through origination or acquisition; first-lien mortgage financing through origination or acquisition, and sale-leaseback transactions. ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Recent Trading Information
ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) closed its last trading session down -0.10 at 5.98 with 865,417 shares trading hands.