Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — NAREIT Investor Forum November 2009
10 slides from Ashford Hospitality Trust's conference presentation, Nov 12, 2009
Slide 1: NAREIT Investor Forum November 2009
NAREIT Investor Forum November 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 Focus on liquidity & capital Proactive with maturities & covenants Significantly reduced interest expense Accretive share repurchases
Slide 4: Focus on Liquidity & Capital
Focus on Liquidity & Capital Available Liquidity • $198 million of unrestricted cash on hand as of 3Q '09 Strong Operating Performance • YTD 3Q '09 RevPAR decline of 19.3% vs. peer average of 20.1% • YTD 3Q '09 EBITDA margin contraction of 470 bps vs. peer average of 501 bps • YTD 3Q '09 EBITDA flow
Slide 5: 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 6: Debt Maturity Schedule and Covenant Tests
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; $75m - no extensions; $167m - extendable to 2012 2011: $20m, $5
Slide 7: 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 3.28% • LIBOR and hotel RevPAR are highly correlated • If LIBOR remains under 75 bps through the e
Slide 8: 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 9: Ashford Overview
Ashford Overview Focus on liquidity & capital Proactive with maturities & covenants Significantly reduced interest expense Accretive share repurchases
Slide 10: NAREIT Investor Forum November 2009
NAREIT Investor Forum November 2009
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