DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 103 hotels owned and included in continuing operations as of March 31, 2009. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2009, with the first quarter ended March 31, 2008. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY -- Corporate unrestricted available cash at the end of the quarter was
$239.7 million
-- Total revenue decreased 16.2% to $239.7 million from $286.0 million
-- Net income available to common shareholders was $6.8 million, or $0.08
per diluted share, compared with a net loss of $833,000, or $0.01 loss
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) per diluted share increased 7% to
$0.31 per diluted share
-- Cash available for distribution (CAD) per diluted share increased 5% to
$0.23 per diluted share
-- Fixed charge ratios were 1.73x and 1.88x under the senior credit
facility covenants and the Series B convertible preferred covenants,
moving slightly higher from the previous quarter's results of 1.72x
and 1.77x, versus required minimums of 1.25x each
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