DALLAS, April 30, 2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) ("Ashford Trust" or the "Company") today announced its preliminary expectations for net income attributable to common stockholders, Adjusted EBITDAre, and Adjusted FFO for the first quarter ended March 31, 2024. The Company reported today a preliminary estimated range of net income attributable to common stockholders of approximately $66.4 million to $68.4 million or $0.59 to $0.61 per share, a preliminary estimated range of Adjusted EBITDAre of $58.5 million to $60.5 million, and a preliminary estimated range of Adjusted FFO available to common stockholders and OP unitholders of $(14.7) million to $(12.7) million for the first quarter ended March 31, 2024. Final results for the first quarter ended March 31, 2024 will be released on May 7, 2024, as previously announced. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures used in this press release, which should not be relied upon as a substitute for GAAP measures, are FFO, AFFO, EBITDA, EBITDAre and Adjusted EBITDAre. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the periods being reported. The following tables are reconciliations of the Company's preliminary estimated GAAP net income (loss) to the Company's preliminary estimated EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Adjusted FFO: ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in millions) (unaudited) Three Months Ended March 31, 2024 Low End High End Net income (loss) $       71.4 $       73.4 Interest expense and amortization of discounts and loan costs, net 74.0 74.0 Interest expense associated with hotels in receivership 12.1 12.1 Depreciation and amortization 40.5 40.5 Income tax expense (benefit) 0.3 0.3 Equity in (earnings) loss of unconsolidated entities 0.5 0.5 Company's portion of EBITDA of unconsolidated entities (0.2) (0.2) EBITDA 198.6 200.6 (Gain) loss on disposition of assets and hotel properties (7.0) (7.0) (Gain) loss on derecognition of assets (133.9) (133.9) EBITDAre 57.7 59.7 Amortization of unfavorable contract liabilities — — Transaction and conversion costs 5.0 5.0 Write-off of premiums, loan costs and exit fees —