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7 ASHFORD HOSPITALITY TRUST Contact : Deric Eubanks Chief Financial Officer ( 972 ) 490-9600 NEWS RELEASE Jordan Jennings Investor Relations ( 972 ) 778-9487 Joe Calabrese Financial Relations Board ( 212 ) 827-3772 ASHFORD TRUST REPORTS FIRST QUARTER 2021 RESULTS First Quarter Net Loss Attributable to Common Stockholders was $ ( 91.6 ) Million Completed $ 200 Million Strategic Corporate Financing with Option to Upsize to $ 450 Million Company Had Positive Comparable Hotel EBITDA of $ 6.0 Million in the First Quarter _ May 4 , 2021 DALLAS Ashford Hospitality Trust , Inc. ( NYSE : AHT ) ( " Ashford Trust ” or the " Company " ) today reported financial results and performance measures for the first quarter ended March 31 , 2021. The comparable performance measurements for Occupancy , Average Daily Rate ( ADR ) , Revenue Per Available Room ( RevPAR ) , and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of March 31 , 2021 was owned as of the beginning of each of the periods presented . Unless otherwise stated , all reported results compare the first quarter ended March 31 , 2021 with the first quarter ended March 31 , 2020 ( see discussion below ) . All data presented in this press release gives effect to the 1 - for - 10 reverse stock split completed in 2020 with regard to share counts and per share data . The reconciliation of non - GAAP financial measures is included in the financial tables accompanying this press release . FINANCIAL AND OPERATING HIGHLIGHTS • • • • . • • • • Net loss attributable to common stockholders was $ ( 91.6 ) million or $ ( 1.10 ) per diluted share for the quarter . Comparable RevPAR for all hotels decreased 50.9 % to $ 47.51 during the quarter . Adjusted EBITDAre was $ ( 5.2 ) million for the quarter , the best performing quarter since the first quarter of 2020 . Adjusted funds from operations ( AFFO ) was $ ( 0.30 ) per diluted share for the quarter . The Company ended the quarter with cash and cash equivalents of $ 225.4 million and restricted cash of $ 67.7 million . The vast majority of the restricted cash is comprised of lender and manager held reserves . At the end of the quarter , there was also $ 11.8 million in due from third- party hotel managers , which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs . During the quarter , the Company completed a $ 200 million corporate financing with the ability to upsize to $ 450 million . During the quarter , the Company announced that it signed a modification agreement improving loan extension terms on its $ 395 million JP Morgan 8 Loan Pool representing 8 hotels . During the quarter , the Company announced that it signed a modification agreement improving loan extension terms on its $ 419 million MS 17 Loan Pool representing 17 hotels . Subsequent to quarter end , the Company announced that it signed a modification agreement improving loan extension terms on its $ 240 million Renaissance Nashville / Westin Princeton Pool