Ashford Reports Third Quarter 2016 Results

For the third quarter ended September 30, 2016, advisory services revenue totaled $16.4 million, including $12.0 million from Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Trust") and $4.4 million from Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Prime"). 

Adjusted EBITDA for the third quarter of 2016 was $3.2 million, compared with $4.0 million for the third quarter of 2015.

Adjusted net income for the third quarter of 2016 was $2.7 million, or $1.17 per diluted share, compared with $3.0 million, or $1.34 per diluted share, for the third quarter of 2015.

CAPITAL STRUCTURE
At the end of the third quarter 2016, the Company had approximately $6.1 billion of assets under management from its managed companies and corporate cash of $26.3 million.  The Company has no debt, no preferred equity, and a current fully diluted equity market capitalization of approximately $100 million.

QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS

ASHFORD TRUST HIGHLIGHTS

• In the third quarter, Trust completed its public offering of 4,800,000 shares of 7.375% Series F Cumulative Preferred Stock at $25.00 per share.
• In the third quarter, Trust completed the redemption of all of its issued and outstanding shares of 9.00% Series E Cumulative Preferred Stock.
• In the third quarter, Trust completed the sale of the 124-room Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash ($218,000 per key).
• Subsequent to quarter end, Trust closed on the sale of the 162-room SpringHill Suites Gaithersburg in Gaithersburg, MD for approximately $13.2 million ($81,000 per key).
• Subsequent to quarter end, Trust closed on the sale of the two-hotel portfolio comprised of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key).
• Subsequent to quarter end, Trust refinanced four mortgage loans with existing outstanding balances totaling approximately $415 million with a new loan totaling $450 million.
• Subsequent to quarter end, Trust priced an underwritten public offering of 6,200,000 shares of 7.375% Series G Cumulative Preferred Stock at $25.00 per share.

ASHFORD PRIME HIGHLIGHTS

• In the third quarter, Prime completed the sale of the 250-room Courtyard Seattle Downtown/Lake Union for $84.5 million in cash ($338,000 per key).  

Monty J. Bennett, Ashford's Chairman and Chief Executive Officer commented,  "We are committed to maximizing value for our shareholders by pursuing our strategy to opportunistically grow our business by accretively expanding our existing REIT platforms, adding additional investment platforms and investing in other hospitality-related businesses."

INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will conduct a conference call on Friday, November 4, 2016, at 12:00 p.m. ET.  The number to call for this interactive teleconference is (719) 325-4923.  A replay of the conference call will be available through Friday, November 11, 2016, by dialing (719) 457-0820 and entering the confirmation number, 3729867.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2016 earnings release conference call.  The live broadcast of the Company's quarterly conference call will be available online at the Company's web site, www.ashfordinc.com on Friday, November 4, 2016, beginning at 12:00 p.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Included in this press release are certain supplemental measures of performance which are not measures of operating performance under GAAP, to assist investors in evaluating the Company's historical or future financial performance. These supplemental measures include adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted Net Income. We believe that Adjusted EBITDA and Adjusted Net Income provide investors and management with a meaningful indicator of operating performance. Management also uses Adjusted EBITDA and Adjusted Net Income, among other measures, to evaluate profitability and our board of directors includes these measures in reviews to determine quarterly distributions to stockholders. We calculate Adjusted EBITDA by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to noncontrolling interests, transaction costs, and other expenses. We calculate Adjusted Net Income by subtracting or adding to net income (loss): net income (loss) to noncontrolling interests, transaction costs, and other expenses. Our methodology for calculating Adjusted EBITDA and Adjusted Net Income may differ from the methodologies used by other comparable companies, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. Neither Adjusted EBITDA nor Adjusted Net Income represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity nor are such measures indicative of funds available to satisfy our cash needs. The Company urges investors to carefully review the U.S. GAAP financial information as shown in our periodic reports on Form 10-Q and Form 10-K, as amended.

*  *  *  *  *

Ashford provides global asset management, investment management and related services to the real estate and hospitality sectors.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction; the failure to satisfy conditions to completion of the transaction, including receipt of regulatory approvals, stockholder approval and a private letter ruling from the IRS; changes in the business or operating prospects of Remington; adverse litigation or regulatory developments; our success in implementing our business development plans of integrating Ashford's and Remington's business and realizing the expected benefits of the transaction; general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford's filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

ASHFORD INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share amounts)
	September 30,		December 31,
	2016		2015
ASSETS
Current assets:
Cash and cash equivalents	$                          79,602		$                          50,272
Restricted cash	10,091		5,684
Investments in securities	7,153		81,072
Prepaid expenses and other	945		1,909
Receivables	18		250
Due from Ashford Trust OP, net	6,246		5,856
Due from Ashford Prime OP, net	1,614		3,821
Total current assets	105,669		148,864
Investments in unconsolidated entities	500		3,335
Furniture, fixtures and equipment, net	10,834		6,550
Deferred tax assets	4,954		4,242
Other assets	4,000		4,000
Total assets	$                        125,957		$                        166,991
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$                          10,199		$                          10,447
Due to affiliates	1,398		782
Liabilities associated with investments in securities	—		983
Other liabilities	10,091		5,684
Total current liabilities	21,688		17,896
Accrued expenses	284		385
Deferred income	3,649		629
Deferred compensation plan	10,027 Werbung Mehr Nachrichten zur Ashford Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares 22.04.24 - PR Newswire Ashtead Group Plc - Transaction in Own Shares 22.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59