Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — JMP Securities Research Conference May 2010
12 slides from Ashford Hospitality Trust's conference presentation, May 12, 2010
Slide 1: JMP Securities Research Conference May 2010
JMP Securities Research Conference May 2010
Slide 2: Safe Harbor
Safe Harbor 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 r
Slide 3: Ashford Overview
2 Ashford Overview Company snapshot Focus on liquidity & capital Proactive with maturities & covenants Significantly reduced interest expense Accretive share repurchases
Slide 4: Company Snapshot
Company Snapshot Portfolio Statistics AHT Total Gross Assets $4.5 B Peer Comparison (1) 2 nd largest # of Hotels 102 # of Rooms 22,141 ADR (2) $126.99 RevPAR (2) $84.94 1Q ‘10 AFFO Per Share $0.32 Financial Statistics # Shares Outstanding (3) 75.7 M Leverage Ratio (4) 58.8% Debt Weighted Average Mat
Slide 5: AHT Portfolio Diversity
(1) As of 3/31/10 5 AHT Portfolio Diversity Chain Scale 4% 1% 38% 57% Luxury Upper-Upscale Upscale Midscale w/o F&B Geography 5% 1% 10% 11% 8% 26% 39% S. Atlantic Pacific N. Central S. Central Mid Atlantic Mountain N. England Brand 5% 1% 5% 34% 55% Marriott Hilton Hyatt Starwood Other Manager 1%2% 1
Slide 6: Focus on Liquidity & Capital
Focus on Liquidity & Capital Available Liquidity • $172 million of unrestricted cash on hand as of 1Q ‘10 • 4 properties unencumbered by debt (Hampton Inn Jacksonville, Hilton Suites Auburn Hills, Hilton Rye Town, Residence Inn Manchester) Strong Operating Performance • RevPAR decreased 4.1% in 1Q ‘
Slide 7: Proactive With Maturities & Covenants
Proactive With Maturities & Covenants AHT plans to shortly have all maturities addressed until 4Q 2011 Property Refinancings & Extensions • Refinanced or modified $441 million of loans since Jan. 2009, netting $16.5 million in gross loan proceeds and unencumbering two assets • Recently restructured
Slide 8: Proactive With Maturities & Covenants: Debt Maturities Through 2012
8 Proactive With Maturities & Covenants Debt Maturities Through 2012 ($m) $500 $417 $400 $300 $203 $200 $100 $5 $0 2Q ‘10 3Q ‘10 4Q ‘10 1Q ‘11 2Q ‘11 3Q ‘11 4Q ‘11 1Q ‘12 2Q ‘12 3Q ‘12 4Q ‘12 Weighted average debt maturity in excess of 5.1 years (fully extended) Cushion in current financial covenant
Slide 9: Significantly Reduced Interest Expense
Significantly Reduced Interest Expense AHT’s Floating-Rate Debt Advantage • 98% of AHT’s $2.8 billion of debt is floating-rate or swapped to floating-rate • Weighted average interest rate after swap of 2.94% • LIBOR and hotel RevPAR are highly correlated • Swaps and flooridors have saved $57 million
Slide 10: Accretive Share Repurchases
Accretive Share Repurchases AHT, through its share repurchase program, seeks to capitalize on the future growth of its hotel platform Since inception, AHT has repurchased 71.5 million shares, nearly half of the company, while our peers have diluted their shareholders by an average of approx 57% We b
Slide 11: Ashford Overview
Ashford Overview Company snapshot Focus on liquidity & capital Proactive with maturities & covenants Significantly reduced interest expense Accretive share repurchases
Slide 12: JMP Securities Research Conference May 2010
JMP Securities Research Conference May 2010
Ashford Hospitality Trust — JMP Securities Research Conference May 2010 on 6ix