Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — FBR Investor Conference December 2009
12 slides from Ashford Hospitality Trust's conference presentation, Dec 1, 2009
Slide 1: FBR Investor Conference December 2009
FBR Investor Conference December 2009
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
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 $4.1 B Peer Comparison (1) 2nd largest # of Hotels 103 # of Rooms 22,913 ADR (2) $130.39 RevPAR (2) $86.21 Financial Statistics # Shares Outstanding(3) 85.7 M Leverage Ratio(4) 57.8% Debt Weighted Average Maturity 5 years Debt Weighted Ave
Slide 5: AHT geographic footprint captures majority of EBITDA from major US hotel markets
AHT geographic footprint captures majority of EBITDA from major US hotel markets AHT's portfolio is comprised of the strongest brands 90% of TTM EBITDA is from Hilton / Marriott(1) 96% of TTM EBITDA is from Hilton / Marriott / Starwood / Hyatt(1) Company Snapshot As of 9/30/09
Slide 6: Focus on Liquidity & Capital
Focus on Liquidity & Capital Available Liquidity • $198 million of unrestricted cash on hand as of 3Q '09 • Recently completed sale of $11 million Westin Westminster note for $13.6 million • Announced agreement to receive a discounted payoff on $33.6 million Ritz-Carlton Key Biscayne loan for $20 mi
Slide 7: Proactive With Maturities & Covenants
Proactive With Maturities & Covenants Property Refinancings & Extensions • Refinanced Crystal Gateway Marriott for $60.8 million at L + 400 bps (net proceeds of $12 million) • Financed Residence Inn Jacksonville for $7.0 million at the greater of 6.0% or prime + 1.0% • Extended JW Marriott San Franc
Slide 8: Weighted average debt maturity and covenant cushion
Weighted average debt maturity in excess of 5 years (fully extended) Cushion in current financial covenants Note: maturity dates without extensions 2009: $203m - extendable to 2011 2010: $29m - no extensions; $250m - extendable to 2012; $167m - extendable to 2012 2011: $20m and $5m - no extensions;
Slide 9: Significantly Reduced Interest Expense
Significantly Reduced Interest Expense AHT's Floating-Rate Debt Advantage • 97% of AHT's $2.8 billion of debt is floating-rate or swapped to floating-rate • Weighted average interest rate after swap of 3.62% • LIBOR and hotel RevPAR are highly correlated • If LIBOR remains under 75 bps through the e
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 60 million shares, or 41% of the company, while our peers have diluted their shareholders by an average of 30% We believe that th
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: FBR Investor Conference December 2009
FBR Investor Conference December 2009
Ashford Hospitality Trust — FBR Investor Conference December 2009 on 6ix