Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Shareholder Meeting (May 2011)
13 slides from Ashford Hospitality Trust's shareholder meeting presentation, May 17, 2011
Slide 1: Annual Shareholder Meeting Dallas, TX May 17, 2011
Annual Shareholder Meeting Dallas, TX May 17, 2011
Slide 2: Attractive Industry Fundamentals
Attractive Industry Fundamentals 2 Source: Smith Travel Research (non- seasonally adjusted nominal monthly figures)
Slide 3: Consistent Earnings Growth
Consistent Earnings Growth 3
Slide 4: AFFO per Share Outperformance
AFFO per Share Outperformance 4 +27% -73%
Slide 5: Recently Reinstated Dividend
Recently Reinstated Dividend Ashford reinstated its quarterly common dividend in the 1Q '10 at $0.10 per share, giving it a dividend yield a full 100 bps above the peer average Ashford has nearly the highest dividend yield of the legacy lodging REITs 5 Source: Company filings & Bloomberg.
Slide 6: Reinstated Dividend w/ Growth Potential
Reinstated Dividend w/ Growth Potential Given the material reduction in our common share count, Ashford is the best positioned lodging REIT to cover and potentially grow its dividend 6 Though Ashford didn't pay a dividend in 2009 & 2010, it could have covered its peak dividend at 1.3x in 2009 & 1.8x
Slide 7: Best-in-Class Asset Management - Flows
Best-in-Class Asset Management - Flows Ashford consistently beats its peers in hotel EBITDA flow-throughs, and on average ranks #1 among peers over the past four years Ashford's affiliate manager, Remington, gives it a competitive advantage in managing costs over its peers 7 Source: Company filings
Slide 8: Best-in-Class Asset Management - Margins
Best-in-Class Asset Management - Margins Ashford's EBITDA margin change consistently outperforms its peers, and on average ranks #1 among peers over the past four years Ashford is the only hotel REIT whose 2010 margins were higher than they were in 2006 8 Source: Company filings
Slide 9: Advantages of Remington
Advantages of Remington 9 Share best practices across brands Reacts rapidly to real-time changes Aligned with ownership Immediate attention Keeps project management in-house Operate the hotels as if they owned them More owner- friendly cost structure Constant accessibility Additional brand advocate
Slide 10: Remington Outperformance
Remington Outperformance 10
Slide 11: Most Highly-Aligned Management Team
Most Highly-Aligned Management Team 11 Source: Company Filings
Slide 12: Total Shareholder Return - AHT Outperformance
Total Shareholder Return - AHT Outperformance 12 Source: Bloomberg, assumes dividend reinvestment
Slide 13: Annual Shareholder Meeting Dallas, TX May 17, 2011
Annual Shareholder Meeting Dallas, TX May 17, 2011
Ashford Hospitality Trust — Shareholder Meeting (May 2011) on 6ix