Ashford Hospitality Trust, Inc. Financial Ratios — AHT-PG

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	0.06	-1.52	-1.34	-1.15	7.01	-0.94	-1.4	-2.71	-2.42	-12.91	-6.82	-3.49	-4.84	-1.82	-6
Return on Capital (%)	5.81	- -	- -	- -	19.79	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	2.04	- -	- -	- -	4.34	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	30.46	31.13	31.72	30.8	29.05	28.54	28.15	26.75	26.77	-11.05	13.46	23.18	23.62	19.99	20.58
EBITDA Margin (%)	25.64	26.66	26.13	23.63	27.97	27.97	27.21	25.97	26.02	-16.63	11.47	22.39	22.42	17.87	18.59
Operating Margin (%)	10.02	11.82	12.51	9.67	12.24	11.63	10.09	7.92	8.13	-66.3	-15.72	6.12	8.7	4.86	5.9
Incremental Operating Margin (%)	23.46	37.67	44.69	28.1	16.01	6.4	53.86	375.32	12.35	- -	- -	46.52	33.95	31.78	-12.13
Pretax Margin (%)	1.09	-6.13	-5	-5.09	23.23	-3.84	-6.32	-10.73	-9.41	-124.85	-32.91	-10.86	-13.15	-5.46	-17.05
Profit Margin (%)	0.25	-5.85	-4.39	-3.95	20.27	-3.1	-4.66	-8.87	-7.56	-107.01	-33.15	-11.27	-13.05	-5.14	-16.28
Net Income to Common Margin (%)	-5.21	-9.52	-8.01	-8.22	17.72	-5.53	-7.77	-11.85	-10.4	-113.33	-33.18	-12.35	-14.41	-7.33	-19.47
Effective Tax Rate (%)	17.27	- -	- -	- -	1.52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-15.53	-37.39	-50.02	-62.37	18.65	-51.32	-36.6	-24.04	-20.36	0.46	-6.67	0.62	1.81	5.48	4.84
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	2,362	2,339	1,819	1,943	3,841	3,724	3,696	3,927	4,160	3,774	3,933	3,902	3,104	2,692	2,588
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	2,362	2,339	1,819	1,943	3,841	3,724	3,696	3,927	4,160	3,774	3,933	3,902	3,104	2,692	2,588
Total Debt/EBITDA	10.72	9.54	7.41	10.35	10.27	8.92	9.44	10.57	10.64	-44.66	42.58	14.04	10.12	12.84	12.6
Net Debt/EBITDA	9.96	8.78	6.88	9.2	9.7	8.09	8.53	9.71	9.83	-43.03	35.68	12.31	9.38	12.01	11.98
Total Debt/EBIT	27.41	21.53	15.47	25.27	23.46	21.45	25.46	34.65	34.03	-11.2	-31.06	51.37	26.1	47.26	39.69
Net Debt/EBIT	25.46	19.82	14.38	22.47	22.15	19.45	23.02	31.83	31.45	-10.79	-26.03	45.05	24.17	44.18	37.73
EBITDA to Interest Expense	1.61	1.7	1.74	1.64	1.99	1.86	1.76	1.57	1.49	-0.34	0.59	1.22	0.84	0.66	0.7
EBITDA-CapEx/Interest Expense	1.11	1.13	1.74	1.64	1.99	1.86	1.76	1.57	1.49	-0.34	0.59	1.22	0.84	0.66	0.7
EBIT to Interest Expense	0.63	0.75	0.83	0.67	0.87	0.78	0.65	0.48	0.47	-1.36	-0.81	0.33	0.32	0.18	0.22
Interest Expense	137	144	141	115	188	224	223	237	262	247	156	227	366	319	295
Common Equity/Total Assets	-16.94	-22.2	-33.43	-37.88	-15.84	-19.89	-24.68	-29.07	-33.21	-56.05	-58.14	-64.68	-78.83	-88.95	-106.87
Long-Term Debt/Equity (%)	214.26	234.3	241.55	273.87	412.83	402.48	493.32	735.65	1,226.58	- -	19,578.49	- -	- -	- -	- -
Long-Term Debt/Capital (%)	125.41	134.69	171.67	181.31	121.01	129.1	138.93	148.38	155.65	221.46	250.01	280.32	625.09	3,081.6	-1,383.56
Long-Term Debt/Total Assets (%)	65.81	67.52	67.95	70.15	77.35	76.12	79.15	83.81	88.67	101.07	95.97	99.61	89.66	85.15	91.34
Total Debt/Equity (%)	214.26	234.3	241.55	273.87	412.83	402.48	493.32	735.65	1,226.58	-1,448.81	19,578.49	-3,077.55	-1,384.09	-1,270.93	-693.43
Total Debt/Capital (%)	125.41	134.69	171.68	181.31	121.01	129.1	138.93	148.38	155.65	221.46	250.01	280.32	625.09	3,081.6	-1,383.56
Total Debt/Total Assets (%)	65.81	67.52	67.95	70.15	77.35	76.12	79.15	83.81	88.67	101.07	95.97	99.61	89.66	85.15	91.34
Net Debt to Equity	199.06	215.68	224.44	243.56	389.72	364.97	445.97	675.86	1,133.43	-1,395.76	16,406.37	-2,698.52	-1,282.22	-1,188.17	-659.21
Net Debt/Capital (%)	127.89	138.85	181.59	201.72	122.54	133.08	144.92	155.01	159.51	225.65	335.95	350.94	867.84	-9,844.61	-971.7
EBITDA	220	245	246	188	374	417	392	372	391	-85	92	278	307	210	205
EBITDA-CapEx	153	164	246	188	373	417	391	371	391	-85	92	278	306	209	205
Operating Income (Loss)	86	109	118	77	164	174	145	113	122	-337	-127	76	119	57	65

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.62	1.95	1.71	2.66	1.35	1.92	2.01	1.79	1.69	0.44	4.29	3.07	0.85	0.34	0.21
Current Ratio	3.56	3.74	3.27	3.97	2.84	3.09	3.17	2.86	3.08	1.1	5.71	4.89	2.13	2.25	2.15
Quick Ratio	2.61	2.84	2.5	3.06	1.77	2.2	2.33	2.1	2.1	0.65	4.87	3.7	1.23	1.65	1.59
CFO/Avg Current Liab	0.57	1.24	1.45	1.13	1.54	0.98	1.04	0.95	1	-0.79	-0.82	0.29	0.09	-0.09	-0.05
Common Equity/Total Assets	-16.94	-22.2	-33.43	-37.88	-15.84	-19.89	-24.68	-29.07	-33.21	-56.05	-58.14	-64.68	-78.83	-88.95	-106.87
Long-Term Debt/Equity (%)	214.26	234.3	241.55	273.87	412.83	402.48	493.32	735.65	1,226.58	- -	19,578.49	- -	- -	- -	- -
Long-Term Debt/Capital (%)	125.41	134.69	171.67	181.31	121.01	129.1	138.93	148.38	155.65	221.46	250.01	280.32	625.09	3,081.6	-1,383.56
Long-Term Debt/Total Assets (%)	65.81	67.52	67.95	70.15	77.35	76.12	79.15	83.81	88.67	101.07	95.97	99.61	89.66	85.15	91.34
Total Debt/Equity (%)	214.26	234.3	241.55	273.87	412.83	402.48	493.32	735.65	1,226.58	-1,448.81	19,578.49	-3,077.55	-1,384.09	-1,270.93	-693.43
Total Debt/Capital (%)	125.41	134.69	171.68	181.31	121.01	129.1	138.93	148.38	155.65	221.46	250.01	280.32	625.09	3,081.6	-1,383.56
Total Debt/Total Assets (%)	65.81	67.52	67.95	70.15	77.35	76.12	79.15	83.81	88.67	101.07	95.97	99.61	89.66	85.15	91.34
CFO/Total Liabilities	3	5.3	7.56	5.4	5.05	4.53	5.29	4.37	4.07	-3.74	-3.54	0.97	0.39	-0.7	-0.49
CFO/CapEx	1.1	1.6	- -	535.19	358.41	5,990.77	921.7	551.85	373.07	- -	-1,602.09	- -	24.02	-117.96	- -
Altman's Z-Score	0.17	0.16	0.12	-0.02	0.23	0.25	0.17	0.07	0.03	-0.94	-0.53	-0.36	-0.52	-0.66	-0.88

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	31.38	29.46	33.02	35.97	42.55	35.08	32.38	35.19	39.19	16.56	27.08	28.35	28.69	28.91	32.32
Days Sales Outstanding	11.63	12.39	11.05	10.15	8.58	10.41	11.27	10.37	9.31	22.05	13.48	12.87	12.72	12.62	11.29
Inventory Turnover	226.52	282.62	316.23	271.63	274.39	228.31	235.71	247.53	256.81	166.17	242.95	266.75	277.26	256.65	242.66
Days Inventory Outstanding	1.61	1.29	1.15	1.34	1.33	1.6	1.55	1.47	1.42	2.2	1.5	1.37	1.32	1.42	1.5
Accounts Payable Turnover	7.21	7.6	8.28	7.76	9.78	8.51	7.97	7.79	8.43	5.02	6.41	8.17	8.52	7.03	6.71
Accounts Payable Turnover Days	50.64	48.02	44.1	47.03	37.33	42.88	45.79	46.87	43.28	72.73	56.91	44.7	42.86	51.91	54.37
Cash Conversion Cycle	-37.4	-34.34	-31.89	-35.54	-27.42	-30.87	-32.97	-35.02	-32.54	-48.49	-41.93	-30.46	-28.82	-37.87	-41.57
Inventory to Cash Days	10.02	11.1	9.9	8.8	7.25	8.81	9.72	8.9	7.89	19.85	11.98	11.51	11.41	11.2	9.79
Inventories	2	2	2	2	5	5	4	4	4	2	3	4	4	4	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	2	2	2	5	5	4	4	4	2	3	4	4	4	4

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	168	186	129	215	215	347	355	319	263	93	592	417	165	113	66
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	85	172	217
+ Minority/Non Controlling Interest	129	167	135	178	119	134	117	81	70	23	23	22	37	36	36
+ Total Debt	2,362	2,339	1,819	1,943	3,841	3,724	3,696	3,927	4,160	3,774	3,933	3,902	3,104	2,692	2,588
Enterprise Value	2,324	2,297	1,796	1,843	3,745	3,457	3,432	3,668	3,953	3,705	3,364	3,509	3,061	2,786	2,775
Total Capital	1,884	1,737	1,060	1,072	3,174	2,884	2,661	2,647	2,672	1,704	1,573	1,392	497	87	-187
Total Debt/Capital (%)	125.41	134.69	171.68	181.31	121.01	129.1	138.93	148.38	155.65	221.46	250.01	280.32	625.09	3,081.6	-1,383.56
Total Debt / EV	1.02	1.02	1.01	1.05	1.03	1.08	1.08	1.07	1.05	1.02	1.17	1.11	1.01	0.97	0.93
EV/Sales	2.7	2.5	1.91	2.32	2.8	2.32	2.38	2.56	2.63	7.29	4.18	2.83	2.24	2.38	2.51
EV/EBITDA	10.54	9.37	7.31	9.81	10.02	8.28	8.76	9.87	10.11	- -	36.42	12.63	9.98	13.29	13.51
EV/EBIT	26.96	21.13	15.28	23.97	22.88	19.91	23.64	32.36	32.34	- -	- -	46.19	25.73	48.92	42.56
EV/Cash Flow to Firm	12.36	8.17	6.17	8.03	9.65	8.44	8.08	8.68	8.95	38.06	217.94	12.67	8	9.28	9.93
EV/Free Cash Flow to Firm	9.08	6.34	6.17	8.03	9.63	8.44	8.08	8.67	8.94	38.06	216.68	12.67	7.99	9.27	9.93
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	2,324	2,320	1,826	1,906	3,745	3,510	3,458	3,690	3,968	3,705	3,364	3,509	3,061	2,786	2,775
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	860	920	940	795	1,337	1,492	1,439	1,431	1,503	508	805	1,241	1,368	1,172	1,104
TTM EBITDA	220	245	246	188	374	417	392	372	391	-85	92	278	307	210	205
TTM Operating Income	86	109	118	77	164	174	145	113	122	-337	-127	76	119	57	65
TTM Cash Flow to Firm	188	281	291	229	388	410	425	423	441	97	15	277	382	300	279
TTM Free Cash Flow to Firm	256	362	291	230	389	410	425	423	442	97	16	277	383	301	279

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	26.96	21.13	15.28	23.97	22.88	19.91	23.64	32.36	32.34	- -	- -	46.19	25.73	48.92	42.56
Enterprise Value	2,324	2,297	1,796	1,843	3,745	3,457	3,432	3,668	3,953	3,705	3,364	3,509	3,061	2,786	2,775
Low Price	- -	- -	- -	- -	- -	21.69	22.63	17.6	17.9	2.6	12.47	13.76	7.81	11.7	10.3
EV/Sales	2.7	2.5	1.91	2.32	2.8	2.32	2.38	2.56	2.63	7.29	4.18	2.83	2.24	2.38	2.51
EV/EBITDA	10.54	9.37	7.31	9.81	10.02	8.28	8.76	9.87	10.11	- -	36.42	12.63	9.98	13.29	13.51
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	2.7	2.52	1.94	2.4	2.8	2.35	2.4	2.58	2.64	7.29	4.18	2.83	2.24	2.38	2.51
EV/Sales High	2.7	2.52	1.94	2.4	2.8	2.35	2.4	2.58	2.64	7.29	4.18	2.83	2.24	2.38	2.51
EV/Sales Low	2.7	2.52	1.94	2.4	2.8	2.35	2.4	2.58	2.64	7.29	4.18	2.83	2.24	2.38	2.51
EV/EBITDA Average	10.54	9.46	7.43	10.15	10.02	8.41	8.83	9.93	10.15	-43.84	36.42	12.63	9.98	13.29	13.51
EV/EBITDA High	10.54	9.46	7.43	10.15	10.02	8.41	8.83	9.93	10.15	-43.84	36.42	12.63	9.98	13.29	13.51
EV/EBITDA Low	10.54	9.46	7.43	10.15	10.02	8.41	8.83	9.93	10.15	-43.84	36.42	12.63	9.98	13.29	13.51
EV/EBIT Average	26.96	21.35	15.53	24.79	22.88	20.22	23.82	32.55	32.46	-10.99	-26.57	46.19	25.73	48.92	42.56
EV/EBIT High	26.96	21.35	15.53	24.79	22.88	20.22	23.82	32.55	32.46	-10.99	-26.57	46.19	25.73	48.92	42.56
EV/EBIT Low	26.96	21.35	15.53	24.79	22.88	20.22	23.82	32.55	32.46	-10.99	-26.57	46.19	25.73	48.92	42.56
Last Price	- -	- -	- -	- -	- -	23.14	25.12	18.9	21.35	13.25	23.32	20.13	13.92	13.03	14.65
High Price	- -	- -	- -	- -	- -	25	25.53	25.17	23.38	22.5	27.6	24.95	21.62	18.99	17.9
Enterprise Value Average	2,324	2,320	1,826	1,906	3,745	3,510	3,458	3,690	3,968	3,705	3,364	3,509	3,061	2,786	2,775
Enterprise Value High	2,324	2,320	1,826	1,906	3,745	3,510	3,458	3,690	3,968	3,705	3,364	3,509	3,061	2,786	2,775
Enterprise Value Low	2,324	2,320	1,826	1,906	3,745	3,510	3,458	3,690	3,968	3,705	3,364	3,509	3,061	2,786	2,775

Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3	3	4	6	6
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Ashford Hospitality Trust, Inc.

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