Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Shareholder Meeting (May 2013)
14 slides from Ashford Hospitality Trust's shareholder meeting presentation, May 14, 2013
Slide 1: Annual Shareholder Meeting – May 2013
Annual Shareholder Meeting – May 2013 1
Slide 2: Safe Harbor
Safe Harbor 2 In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely
Slide 3: Total Shareholder Return
Total Shareholder Return 3 17% 50% 22% 16% 18% -19% -40% -29% -8% 44% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 6-Yr 7-Yr 8-Yr 9-yr AHT Peer Avg 70% 80% 350% 294% 154% Peer average includes: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Trailing Total
Slide 4: Total Shareholder Return - Volatility
Total Shareholder Return - Volatility 4 20% 30% 40% 50% 60% 70% 80% 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 6-Yr 7-Yr 8-Yr 9-yr AHT Peer Avg Peer average includes: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Trailing Volatility as of 5/9/13 Source: Bloomberg − Ashford's volatility has been lower th
Slide 5: Real RevPAR Growing
Real RevPAR Growing 5 Source: U.S. Dept. of Commerce: BEA & Historical Statistics of the United States: - Cambridge $54.00 $56.00 $58.00 $60.00 $62.00 $64.00 $66.00 $68.00 $70.00 $72.00 $74.00 $76.00 Seasonally-Adjusted Real RevPAR (as of March 2013) Average 3-mo Avg
Slide 6: Historically Low Supply Growth
Historically Low Supply Growth 6 (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 Supply Growth Supply Growth Y e a r- o v e r- Y e ar % Gr o w th Source: Smith Travel Research & PKF * PKF Forecast
Slide 7: Historical Stock Returns
Historical Stock Returns 7 − Historically, attractive returns from this point in the cycle 0% 50% 100% 150% 200% 250% 300% 350% 0 12 24 36 48 60 72 84 96 108 Months from Peak to Peak 1989-1997 1997-2007 2007-? Index includes AHT, BEE, DRH, FCH, HST, HT, LHO, and SHO. * Companies are included in the
Slide 8: Asset Management Outperformance
Asset Management Outperformance 8 39% 8% 49% 41% 50% 53% 51% 37% 53% 104% 63% 65% 0% 20% 40% 60% 80% 100% 120% 2007 2008 2009 2010 2011 2012 Peer Avg AHT − Ashford consistently beats peers in hotel EBITDA flow throughs Peers include: BEE, CHSP, DRH, FCH, HST, HT, LHO, PEB, SHO Source: Company Filing
Slide 9: Attractive Dividend Yield & Coverage
4.6% 4.3% 4.0% 4.0% 3.6% 3.5% 3.2% 3.0% 2.7% 2.3% 2.2% - - - 1.7x 1.9x 1.7x 1.4x 3.5x 2.3x 2.2x 2.6x 2.4x 2.4x 4.4x - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% CLDT INN CHSP HT AHT RLJ DRH LHO Peer Avg PEB HST BEE FCH SHO A F F O C ove ra g e Divid e n d Yiel d
Slide 10: Most Highly-Aligned Management
Most Highly-Aligned Management 10 21% 5% 4% 4% 3% 3% 2% 2% 2% 1% 1% 1% 1% 1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% AHT CLDT HT FCH RLJ INN HST Peer Avg CHSP SHO DRH PEB BEE LHO Insider ownership % Source: Company Filings & SNL
Slide 11: Low Risk on Balance Sheet
Low Risk on Balance Sheet 11 Strong liquidity • Excess cash flow • Undrawn $165m credit facility • $234m of unrestricted cash & marketable securities at the end of Q1 Highest leveraged loans have longest time to maturity Upcoming maturities have solid debt yields • No remaining 2013 maturities • 201
Slide 12: Pier House Resort & Spa Acquisition Highlights
Pier House Resort & Spa 12 Acquisition Highlights: • Purchase Price of $90 million • $634,000/key • 6.2% TTM Cap Rate • 7.6% FTM Cap Rate • 11.8x FTM EBITDA
Slide 13: Pier House Resort & Spa
Pier House Resort & Spa 13 • Hotel has been owner-managed • Remington manages 3 other hotels in Key West Operational Synergies • Hotel had $275 RevPAR in 2012 • Recently renovated; very little capex needed High Quality Asset • Key West has 2nd highest RevPAR in US • Very high barriers to entry Great
Slide 14: Annual Shareholder Meeting – May 2013
Annual Shareholder Meeting – May 2013 14
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