Morgan Stanley Comments On AHT 1Q Results

Ashford Hospitality Trust Inc. AHT reported 1Q results ahead of cons. with recurring FFO coming in at $0.41 “vs. our estimate of $0.37 (cons. at $0.42).” “Adj. EBITDA came in at $58.4mm vs. our estimate of $66.2mm (cons. At $59.7mm),” Morgan Stanley writes. “RevPAR was up 7.6% across AHT's portfolio and up 8.8% at those properties not undergoing renovations. Property EBITDA margins were up 219 bps across the portfolio and up 280 bps at those properties not under renovation. “During the quarter, AHT invested $150mm toward a 71.7% interest in a JV with Prudential for the acquisition of Highland Hospitality. Additionally, AHT acquired 96 units at the World Quest Resort Hotel in Orlando for $12mm.” Ashford Hospitality Trust closed Friday at $11.95.