ASHFORD HOSPITALITY TRUST INC

Listed Company

AHT-PHCIK 0001232582NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandGBFY ends Dec 31

Period

FY 2025

Revenue

$1.10B

Net Income

$-179.84M

Total Assets

$2.83B

Equity

$-626.35M

Shares Out

6.48M

Op. Cash Flow

$-15.67M

Business

ASHFORD HOSPITALITY TRUST INC is a real estate investment trust that invests in and owns upscale and upper upscale full-service hotels, primarily through its operating partnership. It offers hotel ownership interests and engages third-party and affiliated management companies to operate branded properties, while receiving advisory and asset-management services from Ashford LLC and related Ashford Inc. entities. The company operates in a single business segment of direct hotel investments. Its portfolio and investment activities are concentrated in U.S. lodging markets and operate under franchise or brand management agreements and management contracts.

Summary from filing dated 2025-03-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	1,104	1,172	1,368	1,241	805
Total hotel expenses	768	815	925	836	577
Property taxes, insurance and other	60	64	70	67	68
Depreciation and amortization	141	153	188	202	219
Impairment charges	68	59	0	0	0
Advisory services fee	49	59	49	50	52
Corporate, general and administrative	21	25	16	10	16
Total operating expenses	1,107	1,175	1,249	1,165	932
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	80	94	11	300,000	1
Gain (loss) on derecognition of assets	39	167	0	0	—
OPERATING INCOME (LOSS)	116	259	130	76	−125
Equity in earnings (loss) of unconsolidated entities	−325,000	−2	−1	−804,000	−558,000
Interest income	5	7	9	5	207,000
Other income (expense)	0	108,000	310,000	415,000	760,000
Interest expense and amortization of discounts and loan costs	−256	−273	−327	−208	−156
Interest expense associated with hotels in receivership	−39	−46	−39	−19	—
Write-off of premiums, loan costs and exit fees	−9	−5	−3	−4	−11
Gain (loss) on extinguishment of debt	335,000	3	53	0	12
Realized and unrealized gain (loss) on derivatives	−5	−6	−2	15	14
INCOME (LOSS) BEFORE INCOME TAXES	−188	−64	−180	−135	−265
Income tax (expense) benefit	143,000	−997,000	−900,000	−6	−6
NET INCOME (LOSS)	−188	−65	−181	−141	−271
(Income) loss allocated to noncontrolling interests in consolidated entities	5	4	6,000	—	—
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3	683,000	2	—	—
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	−180	−60	−178	−140	−267
Preferred dividends	−28	−23	−16	−12	−252,000
Deemed dividends on redeemable preferred stock	−7	−3	−3	−946,000	0
Gain (loss) on extinguishment of preferred stock	0	3	3	0	−607,000
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	−215	−83	−194	−153	−268
Net income (loss) attributable to common stockholders (in dollars per share)	−35.99	−17.54	−56.11	−44.61	−12.37
Weighted average common shares outstanding (in shares)	6	5	3	3	22
Net income (loss) attributable to common stockholders (in dollars per share)	−35.99	−17.54	−56.11	−44.61	−12.43
Weighted average common shares outstanding (in shares)	6	5	3	3	22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-03-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs)	3,069	3,350	—	4,245	—
Accumulated depreciation ($(5,558) and $(30,365) attributable to VIEs)	−984	−1,031	—	−1,293	—
Investments in hotel properties, net ($77,229 and $129,012 attributable to VIEs)	2,085	2,319	—	2,952	3,118
Contract asset	355	367	378	0	—
Cash and cash equivalents ($468 and $7,286 attributable to VIEs)	66	113	—	165	417
Restricted cash ($4,731 and $3,430 attributable to VIEs)	150	100	—	146	142
Accounts receivable ($143 and $614 attributable to VIEs), net of allowance of $424 and $435, respectively	33	36	—	46	50
Inventories ($44 and $57 attributable to VIEs)	4	4	—	4	4
Notes receivable, net	12	11	—	7	5
Investments in unconsolidated entities	7	8	—	10	20
Deferred costs, net ($80 and $181 attributable to VIEs)	2	2	—	2	3
Derivative assets	410,000	3	—	14	47
Operating lease right-of-use assets	44	44	—	44	44
Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs)	32	39	—	25	22
Assets held for sale	18	97	—	12	0
Total assets	2,834	3,161	—	3,462	3,917
Indebtedness, net ($15,961 and $65,548 attributable to VIEs)	2,527	2,629	—	3,041	3,839
Debt associated with hotels in receivership	273	315	—	355	—
Finance lease liability	18	18	—	18	19
Accounts payable and accrued expenses ($15,534 and $19,963 attributable to VIEs)	124	138	—	129	116
Accrued interest payable ($152 and $230 attributable to VIEs)	14	10	—	13	15
Accrued interest associated with hotels in receivership	82	52	—	14	—
Dividends and distributions payable ($0 and $1 attributable to VIEs)	4	4	—	4	3
Operating lease liabilities	44	44	—	45	45
Other liabilities ($28,897 and $28,784 attributable to VIEs)	37	34	—	3	4
Liabilities related to assets held for sale	41	99	—	15	0
Total liabilities	3,207	3,373	—	3,687	4,044
Commitments and contingencies (note $18)	—	—	—	—	—
Redeemable noncontrolling interests in operating partnership	21	23	—	22	22
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	65,000	56,000	—	37,000	345,000
Additional paid-in capital	2,402	2,393	—	2,383	2,383
Accumulated deficit	−3,028	−2,812	—	−2,729	−2,534
Total stockholders equity (deficit) of the Company	−626	−419	—	−346	−150
Noncontrolling interest in consolidated entities	16	13	—	15	0
Total equity (deficit)	−611	−406	—	−331	−150
Total liabilities and equity/deficit	2,834	3,161	—	3,462	3,917

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	141	153	188	202	219
Amortization of intangibles	−1	−158,000	−95,000	101,000	131,000
Recognition of deferred income	−432,000	−271,000	−820,000	−499,000	−498,000
Bad debt expense	2	2	4	3	2
Deferred income tax expense (benefit)	−242,000	11,000	−28,000	−53,000	113,000
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	−80	−94	−11	−300,000	−1
Realized and unrealized (gain) loss on derivatives	5	6	2	−15	−14
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	23	19	28	10	−1
Amortization of deferred franchise fees	0	0	34,000	0	0
Write-off of deferred franchise fees	0	0	20,000	0	0
Equity-based compensation	−761,000	2	4	6	10
Non-cash interest income	−2	−1	−821,000	−380,000	−672,000
Accounts receivable and inventories	537,000	2	−7	−16	−21
Prepaid expenses and other assets	7	−2	−2	−8	4
Accounts payable and accrued expenses and accrued interest payable	3	9	4	−5	−29
Accrued interest associated with hotels in receivership	39	43	14	0	—
Due to/from related parties	−892,000	−3	11	165,000	−944,000
Due to/from third-party hotel managers	−4	−2	−789,000	5	−17
Due to/from Ashford Inc., net	9	14	15	−2	−11
Operating lease liabilities	−324,000	−394,000	104,000	−445,000	−203,000
Operating lease right-of-use assets	321,000	387,000	−111,000	473,000	201,000
Other liabilities	3	2	−7,000	−7,000	−6,000
Net cash provided by (used in) operating activities	−16	−24	14	39	−144
Improvements and additions to hotel properties	−71	−108	−137	−104	−37
Net proceeds from disposition of assets and hotel properties	242	300	29	35	9
Net proceeds from sale of historical tax credits	19	0	0	—	—
Payments for initial franchise fees	0	−200,000	−599,000	0	−90,000
Proceeds from notes receivable	0	3	5	4	0
Issuance of note receivable	−26,000	−4	−7	0	—
Proceeds from property insurance	734,000	1	2	2	3
Restricted cash received from initial consolidation of VIE	0	0	18	0	0
Net cash provided by (used in) investing activities	191	191	−90	−70	−34
Borrowings on indebtedness	560	64	135	2	378
Repayments of indebtedness	−709	−388	−397	−51	−190
Payments for loan costs and exit fees	−50	−21	−13	−3	−28
Payments for dividends and distributions	−24	−20	−15	−12	−19
Purchases of common stock	−44,000	−49,000	−90,000	−316,000	−46,000
Redemption of preferred stock	0	0	−78,000	0	0
Payments for derivatives	−5	−16	−28	−40	−2
Proceeds from derivatives	3	28	59	3	0
Proceeds from common stock offerings	0	9	1	0	563
Proceeds from preferred stock offerings	40	85	80	1	0
Costs for issuances of common shares	−143,000	0	0	−273,000	0
Payments on finance lease liabilities	−456,000	−477,000	−249,000	0	0
Issuance of Stirling OP common units	56,000	129,000	0	0	—
Redemption of Stirling OP common units	−685,000	0	0	—	—
Contributions from noncontrolling interests	8	5	7	0	0
Distributions to noncontrolling interest in consolidated entities	0	−3	0	0	—
Net cash provided by (used in) financing activities	−179	−259	−172	−102	703
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale)	−4	−91	−247	−133	524
Interest paid	224	269	325	218	220
Income taxes paid (refunded)	−2	−287,000	−3	12	4
Accrued but unpaid capital expenditures	31	15	22	13	11
Non-cash extinguishment of debt	0	9	154	0	10
Non-cash loan principal associated with default interest and late charges	14	0	0	0	33
Non-cash extinguishment of preferred stock	0	15	8	0	209
Issuance of common stock from preferred stock exchanges	0	8	4	0	209
Non-cash preferred stock dividends	4	2	387,000	1,000	0
Unsettled proceeds from derivatives	0	179,000	2	1	0
Non-cash derecognition of assets	0	232	0	0	—
Contribution from Stirling Advisor	5	0	0	—	—
Assumption of debt from consolidation of VIE	0	0	35	0	0
Assumption of other finance liability from consolidation of VIE	0	0	27	0	0
Acquisition of hotel property from consolidation of VIE	0	0	61	0	0
Non-cash distributions to non-controlling interest	0	0	588,000	0	0

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