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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 5, 2024

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland001-3177586-1062192
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAHTNew York Stock Exchange
Preferred Stock, Series DAHT-PDNew York Stock Exchange
Preferred Stock, Series FAHT-PFNew York Stock Exchange
Preferred Stock, Series GAHT-PGNew York Stock Exchange
Preferred Stock, Series HAHT-PHNew York Stock Exchange
Preferred Stock, Series IAHT-PINew York Stock Exchange



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 5, 2024, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



    
ASHFORD HOSPITALITY TRUST, INC.
Dated: November 5, 2024By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EXHIBIT 99.1
hosptrustleft300dpia14.jpg
NEWS RELEASE
Contact:Deric EubanksLaken Avonne RapierJoseph Calabrese
Chief Financial OfficerMedia ContactFinancial Relations Board
(972) 490-9600LRapier@ashfordinc.com(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2024 RESULTS

DALLAS – November 5, 2024 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2024. 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 September 30, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2024 with the third quarter ended September 30, 2023 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 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.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
Comparable RevPAR for all hotels decreased 1.4% to $133 during the quarter on a 1.7% increase in Comparable ADR and a 3.0% decrease in Comparable Occupancy.
Net loss attributable to common stockholders was $63.2 million or $12.39 per diluted share for the quarter.
Adjusted EBITDAre was $52.4 million for the quarter.
Adjusted funds from operations (AFFO) was $(1.71) per diluted share for the quarter.
Comparable Hotel EBITDA was $70.4 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $119.7 million and restricted cash of $114.3 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 $26.7 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.
Net working capital at the end of the quarter was $160.0 million.
Capex invested during the quarter was $22.6 million.

RECENT OPERATING HIGHLIGHTS
Over the last several months the Company has provided several updates on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising.
The Company’s Crowne Plaza La Concha Hotel in Key West, Florida is on track to convert to a Marriott Autograph Collection® property by the end of 2024 at which time it will be rebranded to Autograph La Concha.



AHT Reports Third Quarter Results
Page 2
November 5, 2024

The Company’s Le Pavillon Hotel in New Orleans, Louisiana is on track to convert to a Marriott Tribute Portfolio property by the end of 2024.
To date, the Company has issued approximately $173 million of its non-traded preferred stock.

CAPITAL STRUCTURE
As of September 30, 2024, the Company had total loans of $2.7 billion with a blended average interest rate of 8.0%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 83% of the Company’s consolidated debt is effectively fixed and approximately 17% is effectively floating.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2024. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. As of September 30, 2024 the Company had 6,158,835 shares of its Series J and 526,708 shares of its Series K non-traded preferred stock outstanding and has raised approximately $173 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

Subsequent to quarter end, the Company announced that its Board of Directors approved a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on October 25, 2024, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on October 28, 2024, on the split-adjusted basis.

“I’m very pleased with the progress we have made related to our plan announced earlier this year to pay off our strategic financing,” commented Stephen Zsigray, Ashford Trust’s President and Chief Executive Officer. “Since that announcement, we have sold over $310 million of hotels, completed a refinancing of our Renaissance Nashville that generated excess proceeds, and continue to raise substantial capital through the sale of our non-traded preferred stock. The outstanding loan balance on our strategic financing is now approximately $82 million, which is down almost 60% from the original balance, and we still believe that we have a viable path to pay off this financing before the end of the year.” Mr. Zsigray added, “Operationally, we remain focused on maximizing the value of our assets and look forward to realizing enhanced financial performance from the upcoming conversions of La Concha and Le Pavillon later this year. As we look to the remainder of 2024 and into 2025, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 6, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, November 13, 2024, by dialing (609) 800-9909 and entering the confirmation number, 4669395.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2024 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be



AHT Reports Third Quarter Results
Page 3
November 5, 2024

available online at the Company’s website, www.ahtreit.com, on Wednesday, November 6, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. 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 period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans, including its plans to raise sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising and to pay off its strategic financing. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
September 30, 2024December 31, 2023
ASSETS
Investments in hotel properties, gross$3,603,062 $4,245,264 
Accumulated depreciation(1,118,574)(1,293,332)
Investments in hotel properties, net2,484,488 2,951,932 
Contract asset365,647 — 
Cash and cash equivalents119,659 165,231 
Restricted cash114,282 146,079 
Accounts receivable, net of allowance of $539 and $1,214, respectively49,874 45,521 
Inventories3,678 3,679 
Notes receivable, net10,164 7,369 
Investment in unconsolidated entities9,132 9,960 
Deferred costs, net1,824 1,808 
Prepaid expenses14,250 12,806 
Derivative assets, net4,074 13,696 
Operating lease right-of-use assets43,835 44,047 
Other assets18,941 25,309 
Intangible assets, net797 797 
Due from related parties, net2,078 — 
Due from third-party hotel managers26,684 21,664 
Assets held for sale— 12,383 
Total assets$3,269,407 $3,462,281 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net$2,734,537 $3,040,951 
Indebtedness associated with hotels in receivership322,800 355,120 
Finance lease liability17,998 18,469 
Other finance liability27,015 26,858 
Accounts payable and accrued expenses146,402 129,323 
Accrued interest payable10,714 12,985 
Accrued interest associated with hotels in receivership42,847 14,024 
Dividends and distributions payable3,833 3,566 
Due to Ashford Inc., net6,407 13,261 
Due to related parties, net— 5,874 
Due to third-party hotel managers1,149 1,193 
Intangible liabilities, net1,989 2,017 
Operating lease liabilities44,457 44,765 
Other liabilities3,301 3,499 
Liabilities associated with assets held for sale— 14,653 
Total liabilities3,363,449 3,686,558 
Redeemable noncontrolling interests in operating partnership22,675 22,007 
Series J Redeemable Preferred Stock, $0.01 par value, 6,158,835 and 3,475,318 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively141,809 79,975 
Series K Redeemable Preferred Stock, $0.01 par value, 526,708 and 194,193 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively13,024 4,783 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,159,927 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively11 12 
Series F Cumulative Preferred Stock, 1,037,044 and 1,175,344 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively10 11 
Series G Cumulative Preferred Stock, 1,472,948 and 1,531,996 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively15 15 
Series H Cumulative Preferred Stock, 1,040,956 and 1,170,325 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively10 12 
Series I Cumulative Preferred Stock, 1,034,303 and 1,160,923 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively11 12 
Common stock, $0.01 par value, 400,000,000 shares authorized, 5,443,905 and 3,742,205 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively54 37 
Additional paid-in capital2,391,320 2,383,312 
Accumulated deficit(2,679,798)(2,729,312)
Total stockholders' equity (deficit) of the Company(288,367)(345,901)
Noncontrolling interests in consolidated entities16,817 14,859 
Total equity (deficit)(271,550)(331,042)
Total liabilities and equity/deficit$3,269,407 $3,462,281 
4


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
REVENUE
Rooms$212,962 $270,607 $685,774 $817,477 
Food and beverage46,384 52,205 159,002 172,943 
Other16,672 19,537 50,298 55,135 
Total hotel revenue276,018 342,349 895,074 1,045,555 
Other582 665 1,904 2,094 
Total revenue276,600 343,014 896,978 1,047,649 
EXPENSES
Hotel operating expenses
Rooms50,929 64,803 159,682 190,041 
Food and beverage33,908 39,511 109,247 121,211 
Other expenses100,090 115,625 311,596 348,463 
Management fees 9,907 12,687 32,641 38,706 
Total hotel operating expenses194,834 232,626 613,166 698,421 
Property taxes, insurance and other18,062 17,345 52,335 52,880 
Depreciation and amortization37,740 45,954 115,471 140,963 
Advisory services fee:
Base advisory fee8,197 8,121 24,375 24,839 
Reimbursable expenses3,330 2,884 12,562 9,176 
Stock/unit-based compensation218 1,390 1,261 3,635 
Stirling performance participation fee111 — 333 — 
Corporate, general and administrative:
Stock/unit-based compensation26 99 270 728 
Other general and administrative5,033 3,772 20,192 10,659 
Total operating expenses267,551 312,191 839,965 941,301 
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties6,390 94,406 7,443 
Gain (loss) on derecognition of assets11,114 — 156,748 — 
OPERATING INCOME (LOSS)20,172 37,213 308,167 113,791 
Equity in earnings (loss) of unconsolidated entities(133)(138)(828)(715)
Interest income1,771 1,888 5,443 6,755 
Other income (expense), net36 34 108 277 
Interest expense, net of discount amortization(63,252)(84,382)(200,083)(233,462)
Interest expense associated with hotels in receivership(11,120)(11,749)(35,162)(27,389)
Amortization of loan costs(3,573)(3,249)(9,119)(9,634)
Write-off of premiums, loan costs and exit fees(17)(1,263)(3,831)(2,633)
Gain (loss) on extinguishment of debt2,745 — 2,790 — 
Realized and unrealized gain (loss) on derivatives(6,202)(2,678)(84)4,490 
INCOME (LOSS) BEFORE INCOME TAXES(59,573)(64,324)67,401 (148,520)
Income tax benefit (expense)445 (127)(3,313)(2,410)
NET INCOME (LOSS)(59,128)(64,451)64,088 (150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities477 — 494 — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership746 889 (672)1,838 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(57,905)(63,562)63,910 (149,092)
Preferred dividends(5,900)(4,295)(16,379)(11,290)
Deemed dividends on redeemable preferred stock(902)(760)(2,253)(1,993)
Gain (loss) on extinguishment of preferred stock1,556 — 3,340 — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(63,151)$(68,617)$48,618 $(162,375)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(12.39)$(19.91)$10.94 $(47.21)
Weighted average common shares outstanding – basic5,096 3,446 4,425 3,440 
Diluted:
Net income (loss) attributable to common stockholders$(12.39)$(19.91)$3.12 $(47.21)
Weighted average common shares outstanding – diluted5,096 3,446 18,768 3,440 
Dividends declared per common share$— $— $— $— 
5


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income (loss)$(59,128)$(64,451)$64,088 $(150,930)
Interest expense and amortization of discounts and loan costs, net66,825 87,631 209,202 243,096 
Interest expense associated with hotels in receivership11,120 11,749 35,162 27,389 
Depreciation and amortization 37,740 45,954 115,471 140,963 
Income tax expense (benefit)(445)127 3,313 2,410 
Equity in (earnings) loss of unconsolidated entities133 138 828 715 
Company's portion of EBITDA of unconsolidated entities257 217 306 305 
EBITDA56,502 81,365 428,370 263,948 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties(9)(6,390)(94,406)(7,443)
(Gain) loss on derecognition of assets(11,114)— (156,748)— 
EBITDAre45,379 74,975 177,216 256,505 
Amortization of unfavorable contract liabilities(31)(31)(92)16 
Transaction and conversion costs1,979 1,219 9,210 2,371 
Write-off of premiums, loan costs and exit fees17 1,263 3,831 2,633 
Realized and unrealized (gain) loss on derivatives6,202 2,678 84 (4,490)
Stock/unit-based compensation244 1,491 1,531 4,374 
Legal, advisory and settlement costs896 911 1,169 911 
Other (income) expense, net (36)(33)(108)(276)
Stirling performance participation fee111 — 333 — 
(Gain) loss on extinguishment of debt(2,745)— (2,790)— 
Severance394 — 544 — 
Company's portion of adjustments to EBITDAre of unconsolidated entities— — 
Adjusted EBITDAre$52,410 $82,473 $190,934 $262,045 
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income (loss)$(59,128)$(64,451)$64,088 $(150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities477 — 494 — 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership746 889 (672)1,838 
Preferred dividends(5,900)(4,295)(16,379)(11,290)
Deemed dividends on redeemable preferred stock(902)(760)(2,253)(1,993)
Gain (loss) on extinguishment of preferred stock1,556 — 3,340 — 
Net income (loss) attributable to common stockholders(63,151)(68,617)48,618 (162,375)
Depreciation and amortization on real estate37,740 45,954 115,471 140,963 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties(9)(6,390)(94,406)(7,443)
(Gain) loss on derecognition of assets(11,114)— (156,748)— 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(746)(889)672 (1,838)
Equity in (earnings) loss of unconsolidated entities133 138 828 715 
Impairment charges on real estate— — — — 
Company's portion of FFO of unconsolidated entities(3)(10)(457)(364)
FFO available to common stockholders and OP unitholders(37,150)(29,814)(86,022)(30,342)
Deemed dividends on redeemable preferred stock902 760 2,253 1,993 
(Gain) loss on extinguishment of preferred stock(1,556)— (3,340)— 
Transaction and conversion costs1,979 1,219 9,210 2,371 
Write-off of premiums, loan costs and exit fees17 1,263 3,831 2,633 
Unrealized (gain) loss on derivatives13,458 12,908 23,413 27,233 
Stock/unit-based compensation244 1,491 1,531 4,374 
Legal, advisory and settlement costs896 911 1,169 911 
Other (income) expense, net (36)(33)(108)(276)
Amortization of credit facility exit fee— 5,015 844 13,811 
Amortization of loan costs3,573 3,249 9,119 9,634 
Stirling performance participation fee111 — 333 — 
(Gain) loss on extinguishment of debt(2,745)— (2,790)— 
Dead deal costs— — — — 
Interest expense associated with hotels in receivership11,120 — 29,615 — 
Severance394 — 544 — 
Default interest and late fees— 5,995 — 7,326 
Company's portion of adjustments to FFO of unconsolidated entities— — 
Adjusted FFO available to common stockholders and OP unitholders$(8,793)$2,964 $(10,392)$39,669 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(1.71)$0.81 $(2.32)$10.86 
Weighted average diluted shares5,156 3,665 4,480 3,653 
6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2024
(dollars in thousands)
(unaudited)
IndebtednessCurrent Maturity
Final Maturity (12)
Interest RateFixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
TTM Hotel Net IncomeTTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (13)
Comparable TTM Hotel EBITDA
Debt Yield
Torchlight Marriott Gateway - 1 hotelNovember 2024November 2026SOFR (1) + 4.76%$— $86,000 $86,000 (2)$11,494 13.4 %$16,353 19.0 %
Morgan Stanley Pool - 17 hotelsNovember 2024November 2024SOFR (1) + 3.39%— 409,750 409,750 (3)21,016 5.1 %43,428 10.6 %
Aareal Le Pavillon - 1 hotelDecember 2024December 2027SOFR (1) + 4.00%— 37,000 37,000 (4)(9,325)(25.2)%(498)(1.3)%
BAML Indigo Atlanta - 1 hotelDecember 2024December 2024SOFR (1) + 2.85%— 13,644 13,644 (5)(754)(5.5)%1,727 12.7 %
BAML Pool 3 - 2 hotelsFebruary 2025February 20254.45%26,134 — 26,134 8,993 34.4 %5,531 21.2 %
JPMorgan Chase - 8 hotelsFebruary 2025February 2026SOFR (1) + 3.28%— 335,000 335,000 (6)4,556 1.4 %25,042 7.5 %
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotelMarch 2025March 20254.66%22,289 — 22,289 (1,367)(6.1)%2,044 9.2 %
BAML Highland Pool - 19 hotelsApril 2025April 2025SOFR (1) + 3.51%— 862,027 862,027 (7)49,043 5.7 %95,128 11.0 %
KEYS Pool C - 4 hotelsJune 2025June 2025SOFR (1) + 4.03%— 143,877 143,877 (8)13,464 9.4 %19,940 13.9 %
KEYS Pool D - 4 hotelsJune 2025June 2025SOFR (1) + 4.29%— 159,424 159,424 (8)88,305 55.4 %18,467 11.6 %
KEYS Pool E - 5 hotelsJune 2025June 2025SOFR (1) + 3.02%— 109,473 109,473 (8)4,930 4.5 %17,012 15.5 %
Oaktree Capital Term LoanJanuary 2026January 202614.00%84,386 — 84,386  N/A N/A N/A N/A
Aareal Alexandria/La Posada - 2 hotelsMay 2026May 2028SOFR (1) + 4.00%— 98,450 98,450 (9)5,053 5.1 %10,339 10.5 %
BAML Nashville - 1 hotelMay 2026May 2029SOFR (1) + 3.98%— 267,200 267,200 (10)24,454 9.2 %34,418 12.9 %
Unencumbered Hotels - 2 hotels— — — 4,085 N/A9,141 N/A
Total$132,809 $2,521,845 $2,654,654 $223,947 8.4 %$298,072 11.2 %
Percentage5.0 %95.0 %100.0 %
Weighted average interest rate (11)
10.55 %7.87 %8.00 %
All indebtedness is non-recourse with the exception of the term loan.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    SOFR rate was 4.85% at September 30, 2024.
(2)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023.
(4)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(5)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023.
(6)    This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024.
(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024.
(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024.
(9)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(10)    This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.
(11)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12)    The final maturity date assumes all available extension options will be exercised.
(13)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.




7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2024
(dollars in thousands)
(unaudited)
20242025202620272028ThereafterTotal
Morgan Stanley Pool - 17 hotels$409,750 $— $— $— $— $— $409,750 
BAML Indigo Atlanta - 1 hotel13,623 — — — — — 13,623 
BAML Pool 3 - 2 hotels— 25,906 — — — — 25,906 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel— 22,030 — — — — 22,030 
BAML Highland Pool - 19 hotels— 862,027 — — — — 862,027 
KEYS Pool C - 4 hotels— 143,877 — — — — 143,877 
KEYS Pool D - 4 hotels— 159,424 — — — — 159,424 
KEYS Pool E - 5 hotels— 109,473 — — — — 109,473 
Oaktree Capital Term Loan— — 84,387 — — — 84,387 
JPMorgan Chase - 8 hotels— — 325,000 — — — 325,000 
Torchlight Marriott Gateway - 1 hotel— — 86,000 — — — 86,000 
Aareal Le Pavillon - 1 hotel— — — 35,000 — — 35,000 
Aareal Alexandria/La Posada— — — — 98,450 — 98,450 
BAML Nashville - 1 hotel— — — — — 267,200 267,200 
Principal due in future periods423,373 1,322,737 495,387 35,000 98,450 267,200 2,642,147 
Scheduled amortization payments remaining10,344 164 1,000 1,000 — — 12,508 
Total indebtedness$433,717 $1,322,901 $496,387 $36,000 $98,450 $267,200 $2,654,655 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.

8


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$212,961 $(4,266)$208,695 $270,325 $(59,604)$210,721 (21.22)%(0.96)%
RevPAR$132.05 $(112.62)$132.51 $131.67 $(122.91)$134.38 0.29 %(1.39)%
Occupancy70.82 %(79.71)%70.61 %72.22 %(70.34)%72.81 %(1.94)%(3.02)%
ADR$186.44 $(141.28)$187.67 $182.31 $(174.75)$184.56 2.27 %1.68 %
ALL HOTELS:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$685,774 $(44,387)$641,387 $815,218 $(177,170)$638,048 (15.88)%0.52 %
RevPAR$135.17 $(112.19)$137.12 $133.81 $(123.12)$137.12 1.02 %— %
Occupancy70.71 %(68.16)%70.92 %72.04 %(71.02)%72.36 %(1.85)%(1.98)%
ADR$191.17 $(164.59)$193.34 $185.74 $(173.37)$189.50 2.92 %2.02 %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$204,294 $(4,266)$200,028 $261,296 $(59,604)$201,692 (27.90)%(0.83)%
RevPAR$131.11 $(112.62)$131.58 $130.75 $(122.91)$133.26 0.28 %(1.28)%
Occupancy71.17 %(79.71)%70.96 %72.42 %(70.34)%73.09 %(1.76)%(3.01)%
ADR$184.22 $(141.28)$185.43 $180.53 $(174.75)$182.32 2.00 %1.68 %
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$659,040 $(44,387)$614,653 $787,669 $(177,170)$610,499 (19.52)%0.68 %
RevPAR$134.21 $(112.19)$136.14 $132.82 $(123.12)$135.93 1.03 %0.15 %
Occupancy70.96 %(68.16)%71.20 %72.18 %(71.02)%72.56 %(1.72)%(1.90)%
ADR$189.14 $(164.59)$191.20 $184.01 $(173.37)$187.35 2.71 %2.01 %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    Excluded hotels under renovation:
Embassy Suites Dallas
9


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedNine Months Ended
September 30,September 30,
20242023% Variance20242023% Variance
Total hotel revenue$276,019 $341,999 (19.29)%$895,074 $1,042,613 (14.15)%
Non-comparable adjustments(4,342)(70,566)(53,235)(210,550)
Comparable total hotel revenue$271,677 $271,433 0.09 %$841,839 $832,063 1.17 %
Hotel net income (loss)$32,678 $44,644 (26.80)%$203,792 $143,479 42.04 %
Non-comparable adjustments(2,446)(7,339)(87,168)(21,686)
Comparable hotel net income (loss)$30,232 $37,305 (18.96)%$116,624 $121,793 (4.24)%
Hotel net income (loss) margin11.84 %13.05 %(1.21)%22.77 %13.76 %9.01 %
Comparable hotel net income margin11.13 %13.74 %(2.61)%13.85 %14.64 %(0.79)%
Hotel EBITDA$71,833 $97,466 (26.30)%$245,279 $305,703 (19.77)%
Non-comparable adjustments(1,413)(19,807)(11,107)(59,501)
Comparable hotel EBITDA$70,420 $77,659 (9.32)%$234,172 $246,202 (4.89)%
Hotel EBITDA margin26.02 %28.50 %(2.48)%27.40 %29.32 %(1.92)%
Comparable hotel EBITDA margin25.92 %28.61 %(2.69)%27.82 %29.59 %(1.77)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months EndedNine Months Ended
September 30,September 30,
20242023% Variance20242023% Variance
Total hotel revenue$264,263 $329,876 (19.89)%$857,875 $1,004,200 (14.57)%
Non-comparable adjustments(4,342)(70,566)(53,235)(210,550)
Comparable total hotel revenue$259,921 $259,310 0.24 %$804,640 $793,650 1.38 %
Hotel net income (loss)$32,888 $43,559 (24.50)%$202,274 $139,111 45.40 %
Non-comparable adjustments(2,446)(7,339)(87,168)(21,686)
Comparable hotel net income (loss)$30,442 $36,220 (15.95)%$115,106 $117,425 (1.97)%
Hotel net income (loss) margin12.45 %13.20 %(0.75)%23.58 %13.85 %9.73 %
Comparable hotel net income margin11.71 %13.97 %(2.26)%14.31 %14.80 %(0.49)%
Hotel EBITDA$69,932 $94,710 (26.16)%$238,235 $296,147 (19.56)%
Non-comparable adjustments(1,413)(19,807)(11,107)(59,501)
Comparable hotel EBITDA$68,519 $74,903 (8.52)%$227,128 $236,646 (4.02)%
Hotel EBITDA margin26.46 %28.71 %(2.25)%27.77 %29.49 %(1.72)%
Comparable hotel EBITDA margin26.36 %28.89 %(2.53)%28.23 %29.82 %(1.59)%
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4)    Excluded hotels under renovation:
Embassy Suites Dallas
10


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202420242024202420242024202420242024202320232023
3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter
Total hotel revenue$276,019 $(4,342)$271,677 $315,797 $(13,371)$302,426 $303,258 $(35,522)$267,736 $319,177 $(60,307)$258,870 
Hotel net income (loss)$32,678 $(2,446)$30,232 $140,679 $(86,395)$54,284 $30,435 $1,673 $32,108 $(130,905)$153,526 $22,621 
Hotel net income (loss) margin11.84 %11.13 %44.55 %17.95 %10.04 %11.99 %(41.01)%8.74 %
Hotel EBITDA$71,833 $(1,413)$70,420 $95,134 $(2,533)$92,601 $78,312 $(7,161)$71,151 $78,605 $(14,546)$64,059 
Hotel EBITDA margin26.02 %25.92 %30.13 %30.62 %25.82 %26.58 %24.63 %24.75 %
Hotel net income (loss) % of total TTM44.8 %21.7 %193.0 %39.0 %41.8 %23.1 %(179.6)%16.2 %
EBITDA % of total TTM22.2 %23.6 %29.4 %31.1 %24.2 %23.9 %24.2 %21.4 %
ActualNon-comparable AdjustmentsComparable
202420242024
TTMTTMTTM
Total hotel revenue$1,214,251 $(113,542)$1,100,709 
Hotel net income (loss)$72,887 $66,358 $139,245 
Hotel net income (loss) margin6.00 %12.65 %
Hotel EBITDA$323,884 $(25,653)$298,231 
Hotel EBITDA margin26.67 %27.09 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $132.52 $(112.62)$136.53 $134.20 $(121.37)$143.59 (1.3)%(4.9)%
Boston, MA Area315 274.46 — 274.46 286.97 (315.15)252.09 (4.4)%8.9 %
Dallas / Ft. Worth, TX Area1,396 102.56 (69.96)102.73 97.79 (61.05)107.46 4.9 %(4.4)%
Houston, TX Area695 112.92 — 112.92 103.47 — 103.47 9.1 %9.1 %
Los Angeles, CA Metro Area1,312 138.06 — 138.06 138.83 (129.81)140.94 (0.6)%(2.0)%
Miami, FL Metro Area414 112.35 — 112.35 113.52 — 113.52 (1.0)%(1.0)%
Minneapolis - St. Paul, MN Area520 94.59 — 94.59 96.77 — 96.77 (2.3)%(2.3)%
Nashville, TN Area674 203.17 — 203.17 238.28 — 238.28 (14.7)%(14.7)%
New York / New Jersey Metro Area1,159 105.56 — 105.56 115.85 (123.36)112.07 (8.9)%(5.8)%
Orlando, FL Area524 95.09 — 95.09 99.14 — 99.14 (4.1)%(4.1)%
Philadelphia, PA Area263 118.04 — 118.04 101.60 (79.64)133.76 16.2 %(11.8)%
San Diego, CA Area410 180.15 — 180.15 169.71 — 169.71 6.2 %6.2 %
San Francisco - Oakland, CA Metro Area793 142.20 — 142.20 126.30 (117.34)134.81 12.6 %5.5 %
Tampa, FL Area571 105.33 — 105.33 113.09 — 113.09 (6.9)%(6.9)%
Washington D.C. - MD - VA Area2,428 141.50 — 141.50 139.21 — 139.21 1.6 %1.6 %
Other Areas24 4,826 131.21 (113.96)131.98 124.01 (103.54)131.84 5.8 %0.1 %
Total Portfolio69 17,239 $132.05 $(112.62)$132.51 $131.67 $(122.91)$134.38 0.3 %(1.4)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Nine Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $127.79 $(95.79)$138.95 $137.16 $(124.35)$146.53 (6.8)%(5.2)%
Boston, MA Area315 206.13 (162.27)225.75 241.72 (267.08)210.33 (14.7)%7.3 %
Dallas / Ft. Worth, TX Area1,396 115.17 (83.82)117.45 110.15 (75.38)119.31 4.6 %(1.6)%
Houston, TX Area695 106.58 — 106.58 108.91 — 108.91 (2.1)%(2.1)%
Los Angeles, CA Metro Area1,312 145.73 (84.48)148.87 144.86 (117.89)151.17 0.6 %(1.5)%
Miami, FL Metro Area414 170.98 — 170.98 168.58 — 168.58 1.4 %1.4 %
Minneapolis - St. Paul, MN Area520 77.01 — 77.01 77.38 — 77.38 (0.5)%(0.5)%
Nashville, TN Area674 228.15 — 228.15 235.79 — 235.79 (3.2)%(3.2)%
New York / New Jersey Metro Area1,159 95.57 (55.84)97.33 100.74 (106.32)97.93 (5.1)%(0.6)%
Orlando, FL Area524 119.20 — 119.20 125.93 — 125.93 (5.3)%(5.3)%
Philadelphia, PA Area263 108.29 (28.18)121.56 96.27 (74.76)127.76 12.5 %(4.9)%
San Diego, CA Area410 161.66 — 161.66 149.57 — 149.57 8.1 %8.1 %
San Francisco - Oakland, CA Metro Area793 128.79 (85.16)134.87 122.87 (119.12)126.43 4.8 %6.7 %
Tampa, FL Area571 142.08 — 142.08 149.36 — 149.36 (4.9)%(4.9)%
Washington D.C. - MD - VA Area2,428 154.09 — 154.09 148.78 — 148.78 3.6 %3.6 %
Other Areas24 4,826 129.84 (132.17)129.55 126.55 (118.39)129.67 2.6 %(0.1)%
Total Portfolio69 17,239 $135.17 $(112.19)$137.12 $133.81 $(123.12)$137.12 1.0 %— %
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
12


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $1,027 $(114)$913 3.0 %$1,932 $(545)$1,387 3.7 %(46.8)%(34.2)%
Boston, MA Area315 3,200 (109)3,091 10.2 %4,568 (2,162)2,406 6.4 %(29.9)%28.5 %
Dallas / Ft. Worth, TX Area1,396 3,029 (2,690)339 1.1 %1,435 334 1,769 4.7 %111.1 %(80.8)%
Houston, TX Area695 82 — 82 0.3 %1,014 — 1,014 2.7 %(91.9)%(91.9)%
Los Angeles, CA Metro Area1,312 2,504 — 2,504 8.3 %3,911 (905)3,006 8.1 %(36.0)%(16.7)%
Miami, FL Metro Area414 (1,361)— (1,361)(4.5)%(639)— (639)(1.7)%(113.0)%(113.0)%
Minneapolis - St. Paul, MN Area520 456 — 456 1.5 %678 — 678 1.8 %(32.7)%(32.7)%
Nashville, TN Area674 4,950 — 4,950 16.4 %6,252 — 6,252 16.8 %(20.8)%(20.8)%
New York / New Jersey Metro Area1,159 715 — 715 2.4 %2,717 (1,107)1,610 4.3 %(73.7)%(55.6)%
Orlando, FL Area524 (212)— (212)(0.7)%(91)— (91)(0.2)%(133.0)%(133.0)%
Philadelphia, PA Area263 353 (47)306 1.0 %463 (209)254 0.7 %(23.8)%20.5 %
San Diego, CA Area410 2,258 — 2,258 7.5 %1,860 — 1,860 5.0 %21.4 %21.4 %
San Francisco - Oakland, CA Metro Area793 1,085 (2)1,083 3.6 %1,526 (626)900 2.4 %(28.9)%20.3 %
Tampa, FL Area571 483 — 483 1.6 %724 — 724 1.9 %(33.3)%(33.3)%
Washington D.C. - MD - VA Area2,428 7,246 — 7,246 24.0 %5,876 — 5,876 15.8 %23.3 %23.3 %
Other Areas24 4,826 6,863 516 7,379 24.3 %12,418 (2,119)10,299 27.6 %(44.7)%(28.4)%
Total Portfolio69 17,239 $32,678 $(2,446)$30,232 100.0 %$44,644 $(7,339)$37,305 100.0 %(26.8)%(19.0)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $18,009 $(14,350)$3,659 3.1 %$7,078 $(1,380)$5,698 4.7 %154.4 %(35.8)%
Boston, MA Area315 2,361 3,350 5,711 4.9 %7,036 (2,555)4,481 3.7 %(66.4)%27.4 %
Dallas / Ft. Worth, TX Area1,396 9,028 (1,730)7,298 6.3 %8,199 (48)8,151 6.7 %10.1 %(10.5)%
Houston, TX Area695 412 — 412 0.4 %3,329 — 3,329 2.7 %(87.6)%(87.6)%
Los Angeles, CA Metro Area1,312 6,227 3,375 9,602 8.2 %15,188 (1,867)13,321 10.9 %(59.0)%(27.9)%
Miami, FL Metro Area414 3,860 — 3,860 3.3 %3,523 — 3,523 2.9 %9.6 %9.6 %
Minneapolis - St. Paul, MN Area520 (779)— (779)(0.7)%(249)— (249)(0.2)%(212.9)%(212.9)%
Nashville, TN Area674 19,400 — 19,400 16.6 %18,114 — 18,114 14.9 %7.1 %7.1 %
New York / New Jersey Metro Area1,159 (107)882 775 0.7 %3,315 (567)2,748 2.3 %(103.2)%(71.8)%
Orlando, FL Area524 2,229 — 2,229 1.9 %2,755 — 2,755 2.3 %(19.1)%(19.1)%
Philadelphia, PA Area263 370 802 1,172 1.0 %322 (90)232 0.2 %14.9 %405.2 %
San Diego, CA Area410 5,126 — 5,126 4.4 %4,079 — 4,079 3.3 %25.7 %25.7 %
San Francisco - Oakland, CA Metro Area793 1,565 243 1,808 1.6 %2,796 (2,672)124 0.1 %(44.0)%1,358.1 %
Tampa, FL Area571 6,908 — 6,908 5.9 %7,126 — 7,126 5.9 %(3.1)%(3.1)%
Washington D.C. - MD - VA Area2,428 27,014 — 27,014 23.2 %19,980 — 19,980 16.4 %35.2 %35.2 %
Other Areas24 4,826 102,169 (79,740)22,429 19.2 %40,888 (12,507)28,381 23.2 %149.9 %(21.0)%
Total Portfolio69 17,239 $203,792 $(87,168)$116,624 100.0 %$143,479 $(21,686)$121,793 100.0 %42.0 %(4.2)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $4,142 $(643)$3,499 5.0 %$6,242 $(2,032)$4,210 5.4 %(33.6)%(16.9)%
Boston, MA Area315 3,897 (139)3,758 5.3 %9,050 (5,865)3,185 4.1 %(56.9)%18.0 %
Dallas / Ft. Worth, TX Area1,396 4,251 (25)4,226 6.0 %5,315 (201)5,114 6.6 %(20.0)%(17.4)%
Houston, TX Area695 2,351 — 2,351 3.3 %2,393 — 2,393 3.1 %(1.8)%(1.8)%
Los Angeles, CA Metro Area1,312 4,370 — 4,370 6.2 %7,599 (1,268)6,331 8.2 %(42.5)%(31.0)%
Miami, FL Metro Area414 729 — 729 1.0 %726 — 726 0.9 %0.4 %0.4 %
Minneapolis - St. Paul, MN Area520 1,209 — 1,209 1.7 %1,474 — 1,474 1.9 %(18.0)%(18.0)%
Nashville, TN Area674 7,470 — 7,470 10.6 %8,649 — 8,649 11.1 %(13.6)%(13.6)%
New York / New Jersey Metro Area1,159 2,737 — 2,737 3.9 %6,646 (2,914)3,732 4.8 %(58.8)%(26.7)%
Orlando, FL Area524 712 — 712 1.0 %967 — 967 1.2 %(26.4)%(26.4)%
Philadelphia, PA Area263 733 (47)686 1.0 %1,206 (493)713 0.9 %(39.2)%(3.8)%
San Diego, CA Area410 2,779 — 2,779 3.9 %2,465 — 2,465 3.2 %12.7 %12.7 %
San Francisco - Oakland, CA Metro Area793 3,491 (2)3,489 5.0 %5,131 (1,818)3,313 4.3 %(32.0)%5.3 %
Tampa, FL Area571 1,205 — 1,205 1.7 %1,632 — 1,632 2.1 %(26.2)%(26.2)%
Washington D.C. - MD - VA Area2,428 11,659 — 11,659 16.6 %11,317 — 11,317 14.6 %3.0 %3.0 %
Other Areas24 4,826 20,098 (557)19,541 27.8 %26,654 (5,216)21,438 27.6 %(24.6)%(8.8)%
Total Portfolio69 17,239 $71,833 $(1,413)$70,420 100.0 %$97,466 $(19,807)$77,659 100.0 %(26.3)%(9.3)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Nine Months Ended September 30,
Number of HotelsNumber of RoomsActualNon-comparable AdjustmentsComparable% of TotalActualNon-comparable AdjustmentsComparable% of TotalActualComparable
202420242024202320232023% Variance% Variance
Atlanta, GA Area939 $13,434 $(1,961)$11,473 4.9 %$20,459 $(6,049)$14,410 5.9 %(34.3)%(20.4)%
Boston, MA Area315 8,485 (653)7,832 3.3 %20,175 (13,208)6,967 2.8 %(57.9)%12.4 %
Dallas / Ft. Worth, TX Area1,396 17,749 (568)17,181 7.3 %19,867 (1,490)18,377 7.5 %(10.7)%(6.5)%
Houston, TX Area695 6,134 — 6,134 2.6 %7,782 — 7,782 3.2 %(21.2)%(21.2)%
Los Angeles, CA Metro Area1,312 15,699 151 15,850 6.8 %23,698 (3,020)20,678 8.4 %(33.8)%(23.3)%
Miami, FL Metro Area414 8,176 — 8,176 3.5 %7,740 — 7,740 3.1 %5.6 %5.6 %
Minneapolis - St. Paul, MN Area520 1,585 — 1,585 0.7 %2,192 — 2,192 0.9 %(27.7)%(27.7)%
Nashville, TN Area674 26,812 — 26,812 11.4 %25,666 — 25,666 10.4 %4.5 %4.5 %
New York / New Jersey Metro Area1,159 7,222 (112)7,110 3.0 %15,512 (6,057)9,455 3.8 %(53.4)%(24.8)%
Orlando, FL Area524 5,064 — 5,064 2.2 %5,918 — 5,918 2.4 %(14.4)%(14.4)%
Philadelphia, PA Area263 2,100 232 2,332 1.0 %3,382 (1,251)2,131 0.9 %(37.9)%9.4 %
San Diego, CA Area410 6,812 — 6,812 2.9 %5,947 — 5,947 2.4 %14.5 %14.5 %
San Francisco - Oakland, CA Metro Area793 9,590 (230)9,360 4.0 %14,598 (6,243)8,355 3.4 %(34.3)%12.0 %
Tampa, FL Area571 9,305 — 9,305 4.0 %9,946 — 9,946 4.0 %(6.4)%(6.4)%
Washington D.C. - MD - VA Area2,428 40,746 — 40,746 17.4 %39,053 — 39,053 15.9 %4.3 %4.3 %
Other Areas24 4,826 66,366 (7,966)58,400 25.0 %83,768 (22,183)61,585 25.0 %(20.8)%(5.2)%
Total Portfolio69 17,239 $245,279 $(11,107)$234,172 100.0 %$305,703 $(59,501)$246,202 100.0 %(19.8)%(4.9)%
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2024
(in thousands, except share price)
(unaudited)
September 30, 2024
Common stock shares outstanding5,444 
Partnership units outstanding 208 
Combined common stock shares and partnership units outstanding5,652 
Common stock price$7.50 
Market capitalization $42,387 
Series D cumulative preferred stock$27,778 
Series F cumulative preferred stock$25,926 
Series G cumulative preferred stock$36,824 
Series H cumulative preferred stock$26,024 
Series I cumulative preferred stock$25,858 
Series J redeemable preferred stock$153,971 
Series K redeemable preferred stock$13,168 
Indebtedness$2,654,654 
Net working capital (see below)$(160,047)
Total enterprise value (TEV)$2,846,543 
Cash and cash equivalents$114,114 
Restricted cash$109,711 
Accounts receivable, net$49,611 
Prepaid expenses$13,399 
Due from third-party hotel managers, net$25,561 
Due from affiliates, net$608 
Total current assets$313,004 
Accounts payable, net & accrued expenses$149,124 
Dividends and distributions payable$3,833 
Total current liabilities$152,957 
Net working capital$160,047 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
15


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2024
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualActualEstimated
Courtyard Bloomington117 x
La Concha Key West160 xx
Embassy Suites Dallas150 xxx
Embassy Suites Palm Beach160 x
Le Pavillon New Orleans226 x
Marriott Sugar Land300 xx
Residence Inn Evansville78 x
Total3314
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.
16


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2024202420242023September 30, 2024
3rd Quarter2nd Quarter1st Quarter4th QuarterTTM
Net income (loss)$32,678 $140,679 $30,435 $(130,905)$72,887 
Non-property adjustments(2,771)(85,986)1,970 155,688 68,901 
Interest income(482)(420)(410)(421)(1,733)
Interest expense2,206 2,086 4,155 4,231 12,678 
Amortization of loan costs77 76 219 222 594 
Depreciation and amortization37,691 37,139 40,220 46,617 161,667 
Income tax expense (benefit)26 29 35 42 132 
Non-hotel EBITDA ownership expense2,408 1,531 1,688 3,131 8,758 
Hotel EBITDA including amounts attributable to noncontrolling interest71,833 95,134 78,312 78,605 323,884 
Non-comparable adjustments(1,413)(2,533)(7,161)(14,546)(25,653)
Comparable hotel EBITDA$70,420 $92,601 $71,151 $64,059 $298,231 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
17


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$32,888 $(210)$32,678 $(2)$(91,804)$(59,128)
Non-property adjustments(2,771)— (2,771)— 2,771 — 
Interest income(437)(45)(482)— 482 — 
Interest expense2,206 — 2,206 — 72,167 74,373 
Amortization of loan cost77 — 77 — 3,495 3,572 
Depreciation and amortization35,591 2,100 37,691 — 49 37,740 
Income tax expense (benefit)26 — 26 — (471)(445)
Non-hotel EBITDA ownership expense2,352 56 2,408 — (2,408)— 
Hotel EBITDA including amounts attributable to noncontrolling interest69,932 1,901 71,833 (2)(15,719)56,112 
Equity in (earnings) loss of unconsolidated entities— — — — 133 133 
Company's portion of EBITDA of unconsolidated entities— — — — 257 257 
Hotel EBITDA attributable to the Company and OP unitholders$69,932 $1,901 $71,833 $(2)$(15,329)$56,502 
Non-comparable adjustments(1,413)— (1,413)
Comparable hotel EBITDA$68,519 $1,901 $70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Embassy Suites Dallas
18


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$140,679 $(5)$(89,863)$50,811 
Non-property adjustments(85,986)— 85,986 — 
Interest income(420)— 420 — 
Interest expense2,086 — 74,936 77,022 
Amortization of loan cost76 — 3,262 3,338 
Depreciation and amortization37,139 — 48 37,187 
Income tax expense (benefit)29 — 3,426 3,455 
Non-hotel EBITDA ownership expense1,531 — (1,531)— 
Hotel EBITDA including amounts attributable to noncontrolling interest95,134 (5)76,684 171,813 
Equity in (earnings) loss of unconsolidated entities— — 162 162 
Company's portion of EBITDA of unconsolidated entities— — 215 215 
Hotel EBITDA attributable to the Company and OP unitholders$95,134 $(5)$77,061 $172,190 
Non-comparable adjustments(2,533)
Comparable hotel EBITDA$92,601 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
19


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$30,435 $(1)$41,971 $72,405 
Non-property adjustments1,970 — (1,970)— 
Interest income(410)— 410 — 
Interest expense4,155 — 79,696 83,851 
Amortization of loan cost219 — 1,989 2,208 
Depreciation and amortization40,220 — 324 40,544 
Income tax expense (benefit)35 — 268 303 
Non-hotel EBITDA ownership expense1,688 — (1,688)— 
Hotel EBITDA including amounts attributable to noncontrolling interest78,312 (1)121,000 199,311 
Equity in (earnings) loss of unconsolidated entities— — 533 533 
Company's portion of EBITDA of unconsolidated entities— — (166)(166)
Hotel EBITDA attributable to the Company and OP unitholders$78,312 $(1)$121,367 $199,678 
Non-comparable adjustments(7,161)
Comparable hotel EBITDA$71,151 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
20


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
Hotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$(130,905)$60 $101,041 $(29,804)
Non-property adjustments155,688 (22)(155,666)— 
Interest income(421)— 421 — 
Interest expense4,231 — 88,331 92,562 
Amortization of loan cost222 — 2,879 3,101 
Depreciation and amortization46,617 — 227 46,844 
Income tax expense (benefit)42 — (1,552)(1,510)
Non-hotel EBITDA ownership expense3,131 (3,132)— 
Hotel EBITDA including amounts attributable to noncontrolling interest78,605 39 32,549 111,193 
Equity in (earnings) loss of unconsolidated entities— — 419 419 
Company's portion of EBITDA of unconsolidated entities— — (74)(74)
Hotel EBITDA attributable to the Company and OP unitholders$78,605 $39 $32,894 $111,538 
Non-comparable adjustments(14,546)
Comparable hotel EBITDA$64,059 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
21


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$43,559 $1,085 $44,644 $5,130 $(114,225)$(64,451)
Non-property adjustments(33)— (33)(6,389)6,422 — 
Interest income(357)(26)(383)— 383 — 
Interest expense4,234 — 4,234 — 91,897 96,131 
Amortization of loan cost219 — 219 — 3,030 3,249 
Depreciation and amortization44,244 1,661 45,905 — 49 45,954 
Income tax expense (benefit)89 — 89 — 38 127 
Non-hotel EBITDA ownership expense2,755 36 2,791 (2,794)— 
Hotel EBITDA including amounts attributable to noncontrolling interest94,710 2,756 97,466 (1,256)(15,200)81,010 
Equity in (earnings) loss of unconsolidated entities— — — — 138 138 
Company's portion of EBITDA of unconsolidated entities— — — — 217 217 
Hotel EBITDA attributable to the Company and OP unitholders$94,710 $2,756 $97,466 $(1,256)$(14,845)$81,365 
Non-comparable adjustments(19,807)— (19,807)
Comparable hotel EBITDA$74,903 $2,756 $77,659 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Embassy Suites Dallas
22


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2024
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$202,274 $1,518 $203,792 $(8)$(139,696)$64,088 
Non-property adjustments(86,787)— (86,787)— 86,787 — 
Interest income(1,200)(112)(1,312)— 1,312 — 
Interest expense8,447 — 8,447 — 226,799 235,246 
Amortization of loan cost372 — 372 — 8,746 9,118 
Depreciation and amortization109,510 5,540 115,050 — 421 115,471 
Income tax expense (benefit)90 — 90 — 3,223 3,313 
Non-hotel EBITDA ownership expense5,529 98 5,627 — (5,627)— 
Hotel EBITDA including amounts attributable to noncontrolling interest238,235 7,044 245,279 (8)181,965 427,236 
Equity in (earnings) loss of unconsolidated entities— — — — 828 828 
Company's portion of EBITDA of unconsolidated entities— — — — 306 306 
Hotel EBITDA attributable to the Company and OP unitholders$238,235 $7,044 $245,279 $(8)$183,099 $428,370 
Non-comparable adjustments(11,107)— (11,107)
Comparable hotel EBITDA$227,128 $7,044 $234,172 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Embassy Suites Dallas
23


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2023
Hotel Properties Not Under RenovationHotel Properties Under RenovationHotel TotalOrlando WorldQuest ResortCorporate / AllocatedAshford Hospitality Trust, Inc.
Net income (loss)$139,111 $4,368 $143,479 $5,130 $(299,539)$(150,930)
Non-property adjustments(50)— (50)(6,389)6,439 — 
Interest income(679)(52)(731)— 731 — 
Interest expense14,951 — 14,951 — 245,900 260,851 
Amortization of loan cost763 — 763 — 8,871 9,634 
Depreciation and amortization135,549 5,105 140,654 164 145 140,963 
Income tax expense (benefit)177 — 177 — 2,233 2,410 
Non-hotel EBITDA ownership expense6,325 135 6,460 18 (6,478)— 
Hotel EBITDA including amounts attributable to noncontrolling interest296,147 9,556 305,703 (1,077)(41,698)262,928 
Equity in (earnings) loss of unconsolidated entities— — — — 715 715 
Company's portion of EBITDA of unconsolidated entities— — — — 305 305 
Hotel EBITDA attributable to the Company and OP unitholders$296,147 $9,556 $305,703 $(1,077)$(40,678)$263,948 
Non-comparable adjustments(59,501)— (59,501)
Comparable hotel EBITDA$236,646 $9,556 $246,202 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Embassy Suites Dallas
24


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended September 30, 2024
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis -
St. Paul, MN - WI Area
Nashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$1,027 $3,200 $3,029 $82 $2,504 $(1,361)$456 $4,950 $715 
Non-property adjustments— (12)(2,675)— — — — — — 
Interest income(53)(82)— — (15)(12)— (29)— 
Interest expense777 — 337 — — — — — — 
Amortization of loan costs— — — — — — — — — 
Depreciation and amortization2,321 744 3,473 1,709 2,043 1,143 729 2,407 1,994 
Income tax expense (benefit)— — — — — — — 21 — 
Non-hotel EBITDA ownership expense70 47 87 560 (162)959 24 121 28 
Hotel EBITDA including amounts attributable to noncontrolling interest4,142 3,897 4,251 2,351 4,370 729 1,209 7,470 2,737 
Non-comparable adjustments(643)(139)(25)— — — — — — 
Comparable hotel EBITDA$3,499 $3,758 $4,226 $2,351 $4,370 $729 $1,209 $7,470 $2,737 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(212)$353 $2,258 $1,085 $483 $7,246 $6,863 $32,678 
Non-property adjustments— — — — — — (84)(2,771)
Interest income(31)— (27)(17)— (174)(42)(482)
Interest expense— — — 212 — — 880 2,206 
Amortization of loan costs— — — 40 — — 37 77 
Depreciation and amortization959 375 597 2,158 794 4,528 11,717 37,691 
Income tax expense (benefit)— — — — — — 26 
Non-hotel EBITDA ownership expense(4)(49)13 (72)59 722 2,408 
Hotel EBITDA including amounts attributable to noncontrolling interest712 733 2,779 3,491 1,205 11,659 20,098 71,833 
Non-comparable adjustments— (47)— (2)— — (557)(1,413)
Comparable hotel EBITDA$712 $686 $2,779 $3,489 $1,205 $11,659 $19,541 $70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
25


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended September 30, 2023
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$1,932 $4,568 $1,435 $1,014 $3,911 $(639)$678 $6,252 $2,717 
Non-property adjustments— — — — — — — — — 
Interest income(37)(52)(5)— (37)(10)— (14)(16)
Interest expense818 2,321 — — — — — — — 
Amortization of loan costs141 — — — — — — — 
Depreciation and amortization3,456 2,016 3,755 1,286 2,491 1,270 754 2,432 3,819 
Income tax expense (benefit)— — — — — — — 26 — 
Non-hotel EBITDA ownership expense67 56 130 93 1,234 105 42 (47)126 
Hotel EBITDA including amounts attributable to noncontrolling interest6,242 9,050 5,315 2,393 7,599 726 1,474 8,649 6,646 
Non-comparable adjustments(2,032)(5,865)(201)— (1,268)— — — (2,914)
Comparable hotel EBITDA$4,210 $3,185 $5,114 $2,393 $6,331 $726 $1,474 $8,649 $3,732 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$(91)$463 $1,860 $1,526 $724 $5,876 $12,418 $44,644 
Non-property adjustments— — — — — — (33)(33)
Interest income(19)(8)(17)(11)— (116)(41)(383)
Interest expense— — — 220 — — 875 4,234 
Amortization of loan costs— — — 39 — — 33 219 
Depreciation and amortization1,033 743 590 3,298 905 5,460 12,597 45,905 
Income tax expense (benefit)— — — — — — 63 89 
Non-hotel EBITDA ownership expense44 32 59 97 742 2,791 
Hotel EBITDA including amounts attributable to noncontrolling interest967 1,206 2,465 5,131 1,632 11,317 26,654 97,466 
Non-comparable adjustments— (493)— (1,818)— — (5,216)(19,807)
Comparable hotel EBITDA$967 $713 $2,465 $3,313 $1,632 $11,317 $21,438 $77,659 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
26


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Nine Months Ended September 30, 2024
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$18,009 $2,361 $9,028 $412 $6,227 $3,860 $(779)$19,400 $(107)
Non-property adjustments(14,362)665 (1,585)— 3,001 — — — 733 
Interest income(133)(205)(4)— (56)(38)— (83)(4)
Interest expense2,329 2,518 337 — — — — — — 
Amortization of loan costs— 144 — — — — — — — 
Depreciation and amortization7,378 3,041 9,662 4,989 6,360 3,335 2,256 7,270 6,262 
Income tax expense (benefit)— — — — — — — 70 — 
Non-hotel EBITDA ownership expense213 (39)311 733 167 1,019 108 155 338 
Hotel EBITDA including amounts attributable to noncontrolling interest13,434 8,485 17,749 6,134 15,699 8,176 1,585 26,812 7,222 
Non-comparable adjustments(1,961)(653)(568)— 151 — — — (112)
Comparable hotel EBITDA$11,473 $7,832 $17,181 $6,134 $15,850 $8,176 $1,585 $26,812 $7,110 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$2,229 $370 $5,126 $1,565 $6,908 $27,014 $102,169 $203,792 
Non-property adjustments— 425 — 228 — — (75,892)(86,787)
Interest income(83)(4)(68)(52)— (471)(111)(1,312)
Interest expense— — — 636 — — 2,627 8,447 
Amortization of loan costs— — — 118 — — 110 372 
Depreciation and amortization2,896 1,289 1,777 6,983 2,463 13,915 35,174 115,050 
Income tax expense (benefit)— — — — — — 20 90 
Non-hotel EBITDA ownership expense22 20 (23)112 (66)288 2,269 5,627 
Hotel EBITDA including amounts attributable to noncontrolling interest5,064 2,100 6,812 9,590 9,305 40,746 66,366 245,279 
Non-comparable adjustments— 232 — (230)— — (7,966)(11,107)
Comparable hotel EBITDA$5,064 $2,332 $6,812 $9,360 $9,305 $40,746 $58,400 $234,172 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
27


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Nine Months Ended September 30, 2023
Atlanta, GA AreaBoston, MA AreaDallas / Ft. Worth, TX AreaHouston, TX AreaLos Angeles, CA Metro AreaMiami, FL Metro AreaMinneapolis - St. Paul, MN - WI AreaNashville, TN AreaNew York / New Jersey Metro Area
Net income (loss)$7,078 $7,036 $8,199 $3,329 $15,188 $3,523 $(249)$18,114 $3,315 
Non-property adjustments— — — — — — — — — 
Interest income(76)(95)(12)— (78)(18)— (14)(32)
Interest expense2,407 6,577 — — — — — — — 
Amortization of loan costs17 417 — — — — — — — 
Depreciation and amortization10,678 6,093 11,463 3,790 7,633 4,100 2,298 7,468 11,808 
Income tax expense (benefit)— — — — — — — 74 — 
Non-hotel EBITDA ownership expense355 147 217 663 955 135 143 24 421 
Hotel EBITDA including amounts attributable to noncontrolling interest20,459 20,175 19,867 7,782 23,698 7,740 2,192 25,666 15,512 
Non-comparable adjustments(6,049)(13,208)(1,490)— (3,020)— — — (6,057)
Comparable hotel EBITDA$14,410 $6,967 $18,377 $7,782 $20,678 $7,740 $2,192 $25,666 $9,455 
Orlando, FL AreaPhiladelphia, PA AreaSan Diego, CA AreaSan Francisco - Oakland, CA Metro AreaTampa, FL AreaWashington D.C. - MD - VA AreaOther AreasTotal Portfolio
Net income (loss)$2,755 $322 $4,079 $2,796 $7,126 $19,980 $40,888 $143,479 
Non-property adjustments— — — — — 23 (73)(50)
Interest income(52)(17)(37)(39)— (174)(87)(731)
Interest expense— — — 656 — 1,943 3,368 14,951 
Amortization of loan costs— — — 115 — 114 100 763 
Depreciation and amortization3,228 2,606 1,775 10,107 2,775 16,939 37,893 140,654 
Income tax expense (benefit)— — — — — — 103 177 
Non-hotel EBITDA ownership expense(13)471 130 963 45 228 1,576 6,460 
Hotel EBITDA including amounts attributable to noncontrolling interest5,918 3,382 5,947 14,598 9,946 39,053 83,768 305,703 
Non-comparable adjustments— (1,251)— (6,243)— — (22,183)(59,501)
Comparable hotel EBITDA$5,918 $2,131 $5,947 $8,355 $9,946 $39,053 $61,585 $246,202 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
28


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended September 30, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Nashville -1 hotelHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$13,464 $88,305 $4,930 $49,043 $21,016 $4,556 $8,993 $9,229 $24,454 $5,053 $2,806 
Non-property adjustments(3,869)(70,921)(45)— — — (6,913)(9,598)(460)— (2,675)
Interest income(52)— — (508)(233)(208)(109)— (108)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization9,734 4,813 11,404 45,438 20,352 19,655 3,477 613 9,790 5,163 254 
Income tax expense (benefit)— — — — — — — 95 — — 
Non-hotel EBITDA ownership expense375 1,048 718 1,155 2,293 874 202 89 647 123 23 
Hotel EBITDA including amounts attributable to noncontrolling interest19,652 23,245 17,012 95,128 43,428 24,877 5,650 333 34,418 10,339 408 
Non-comparable adjustments288 (4,778)— — — 165 (119)(333)— — (408)
Comparable hotel EBITDA$19,940 $18,467 $17,012 $95,128 $43,428 $25,042 $5,531 $— $34,418 $10,339 $— 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelFt Worth Le Meridien - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$(754)$(3,613)$11,494 $(1,367)$(9,325)$(586)$1,740 $(158,917)$(3,164)$(3,578)$4,904 
Non-property adjustments— 665 — — — — (1,579)159,966 6,134 3,101 (4,764)
Interest income— — (403)— — — — (11)(68)(33)— 
Interest expense1,164 4,831 — 854 3,506 337 — — — — — 
Amortization of loan costs286 — 159 143 — — — — — — 
Depreciation and amortization1,262 1,893 5,211 2,303 4,993 408 228 2,144 2,843 2,463 477 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense49 92 54 95 185 — 49 81 193 206 45 
Hotel EBITDA including amounts attributable to noncontrolling interest1,727 4,154 16,356 2,044 (498)159 447 3,263 5,938 2,159 662 
Non-comparable adjustments— (4,154)(3)— — — (447)(3,263)(5,938)(2,159)(662)
Comparable hotel EBITDA$1,727 $— $16,353 $2,044 $(498)$159 $— $— $— $— $— 
Morgan Stanley Ann Arbor - 1 hotelGACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered HotelsTotal Portfolio
Net income (loss)$105 $(140)$176 $(22)$4,085 $72,887 
Non-property adjustments(141)— — — — 68,901 
Interest income— — — — — (1,733)
Interest expense— — — — 1,986 12,678 
Amortization of loan costs— — — — — 594 
Depreciation and amortization— 199 71 3,511 2,968 161,667 
Income tax expense (benefit)— — 23 — — 132 
Non-hotel EBITDA ownership expense50 99 8,758 
Hotel EBITDA including amounts attributable to noncontrolling interest(31)65 272 3,539 9,138 323,884 
Non-comparable adjustments31 (65)(272)(3,539)(25,653)
Comparable hotel EBITDA$— $— $— $— $9,141 $298,231 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
29


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Nashville -1 hotelHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$1,735 $3,502 $3,233 $11,478 $1,784 $351 $21 $(15)$4,949 $1,953 $2,690 
Non-property adjustments— — — — — 40 — — — (2,675)
Interest income(12)— — (160)(75)(60)(35)— (29)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,291 971 2,689 10,912 5,602 5,152 747 — 2,407 1,237 
Income tax expense (benefit)— — — — — — — 22 — — 
Non-hotel EBITDA ownership expense(12)529 152 (182)1,567 49 (8)121 21 
Hotel EBITDA including amounts attributable to noncontrolling interest4,002 5,004 6,075 22,048 8,878 5,492 765 (10)7,470 3,211 25 
Non-comparable adjustments(48)42 — — — — — 10 — — (25)
Comparable hotel EBITDA$3,954 $5,046 $6,075 $22,048 $8,878 $5,492 $765 $— $7,470 $3,211 $— 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelFt Worth Le Meridien - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$(258)$109 $2,850 $419 $(2,682)$(586)$(7)$99 $(7)$— $(4)
Non-property adjustments— (12)— — — — — (96)— — 
Interest income— — (111)— — — — — — — — 
Interest expense284 — — 212 879 337 — — — — — 
Amortization of loan costs— — — 41 36 — — — — — — 
Depreciation and amortization312 — 1,168 513 1,387 408 — — — — — 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense25 42 47 — — 18 — — — 
Hotel EBITDA including amounts attributable to noncontrolling interest363 139 3,913 1,232 (380)159 14 — — (1)
Non-comparable adjustments— (139)(3)— — — (14)(3)— — 
Comparable hotel EBITDA$363 $— $3,910 $1,232 $(380)$159 $— $— $— $— $— 
Morgan Stanley Ann Arbor - 1 hotelGACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered HotelsTotal Portfolio
Net income (loss)$37 $— $— $55 $972 $32,678 
Non-property adjustments(37)— — — — (2,771)
Interest income— — — — — (482)
Interest expense— — — — 494 2,206 
Amortization of loan costs— — — — — 77 
Depreciation and amortization— — — 1,158 731 37,691 
Income tax expense (benefit)— — — — — 26 
Non-hotel EBITDA ownership expense— — — 24 (3)2,408 
Hotel EBITDA including amounts attributable to noncontrolling interest— — — 1,237 2,194 71,833 
Non-comparable adjustments— — — (1,237)(1,413)
Comparable hotel EBITDA$— $— $— $— $2,197 $70,420 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
30


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Nashville -1 hotelHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$3,400 $76,409 $3,926 $18,143 $7,716 $1,446 $936 $9,432 $8,639 $2,109 $63 
Non-property adjustments— (70,923)— — — — — (9,598)— — — 
Interest income(14)— — (128)(60)(59)(27)— (28)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,410 1,204 2,806 11,130 4,852 4,784 763 144 2,397 1,287 80 
Income tax expense (benefit)— — — — — — — 23 — — 
Non-hotel EBITDA ownership expense129 317 78 267 164 348 67 61 27 19 
Hotel EBITDA including amounts attributable to noncontrolling interest5,925 7,007 6,812 29,412 12,672 6,519 1,739 39 11,058 3,415 147 
Non-comparable adjustments14 (1,589)— — — 330 — (39)— — (147)
Comparable hotel EBITDA$5,939 $5,418 $6,812 $29,412 $12,672 $6,849 $1,739 $— $11,058 $3,415 $— 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelFt Worth Le Meridien - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$(144)$(985)$4,196 $(142)$(2,276)$— $1,617 $— $(204)$(41)$4,732 
Non-property adjustments— 677 — — — — (1,579)— 196 41 (4,764)
Interest income— — (104)— — — — — — — — 
Interest expense283 226 — 211 872 — — — — — — 
Amortization of loan costs— — — 40 36 — — — — — — 
Depreciation and amortization308 — 1,233 548 1,237 — 53 — — — — 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense(118)102 — 15 — — 
Hotel EBITDA including amounts attributable to noncontrolling interest456 (200)5,332 664 (29)— 110 — (1)— (31)
Non-comparable adjustments— 200 — — — — (110)— — 31 
Comparable hotel EBITDA$456 $— $5,332 $664 $(29)$— $— $— $— $— $— 
Morgan Stanley Ann Arbor - 1 hotelGACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered HotelsTotal Portfolio
Net income (loss)$22 $— $— $74 $1,611 $140,679 
Non-property adjustments(36)— — — — (85,986)
Interest income— — — — — (420)
Interest expense— — — — 494 2,086 
Amortization of loan costs— — — — — 76 
Depreciation and amortization— — — 1,167 736 37,139 
Income tax expense (benefit)— — — — — 29 
Non-hotel EBITDA ownership expense— — — (3)23 1,531 
Hotel EBITDA including amounts attributable to noncontrolling interest(14)— — 1,238 2,864 95,134 
Non-comparable adjustments14 — — (1,238)— (2,533)
Comparable hotel EBITDA$— $— $— $— $2,864 $92,601 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
31


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Nashville -1 hotelHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$3,424 $4,663 $(565)$9,668 $7,472 $2,161 $7,913 $(69)$5,811 $(12)$(12)
Non-property adjustments— — — — — — (6,953)— — — — 
Interest income(13)— — (112)(51)(46)(24)— (26)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,444 1,277 2,840 11,182 4,799 4,995 914 226 2,466 1,293 81 
Income tax expense (benefit)— — — — — — — 26 — — 
Non-hotel EBITDA ownership expense104 113 124 576 225 249 96 18 
Hotel EBITDA including amounts attributable to noncontrolling interest5,959 6,053 2,401 21,314 12,445 7,359 1,946 161 8,284 1,299 72 
Non-comparable adjustments50 (1,862)— — — (109)(107)(161)— — (72)
Comparable hotel EBITDA$6,009 $4,191 $2,401 $21,314 $12,445 $7,250 $1,839 $— $8,284 $1,299 $— 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelFt Worth Le Meridien - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$(181)$(2,474)$2,282 $(711)$(1,851)$— $38 $35 $(4,209)$(3,396)$(4)
Non-property adjustments— — — — — — — (34)5,931 3,060 — 
Interest income— — (97)— — — — — (28)(13)— 
Interest expense284 2,291 — 213 873 — — — — — — 
Amortization of loan costs— 144 — 39 36 — — — — — — 
Depreciation and amortization311 745 1,300 551 1,132 — 85 — 973 856 48 
Income tax expense (benefit)— — — — — — — — — — 
Non-hotel EBITDA ownership expense29 35 20 — — 13 
Hotel EBITDA including amounts attributable to noncontrolling interest417 713 3,514 127 210 — 131 2,671 511 57 
Non-comparable adjustments— (713)— — — — (131)(1)(2,671)(511)(57)
Comparable hotel EBITDA$417 $— $3,514 $127 $210 $— $— $— $— $— $— 
Morgan Stanley Ann Arbor - 1 hotelGACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered HotelsTotal Portfolio
Net income (loss)$24 $— $— $(154)$582 $30,435 
Non-property adjustments(34)— — — — 1,970 
Interest income— — — — — (410)
Interest expense— — — — 494 4,155 
Amortization of loan costs— — — — — 219 
Depreciation and amortization— — — 952 750 40,220 
Income tax expense (benefit)— — — — — 35 
Non-hotel EBITDA ownership expense— — — 28 25 1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest(10)— — 826 1,851 78,312 
Non-comparable adjustments10 — — (826)— (7,161)
Comparable hotel EBITDA$— $— $— $— $1,851 $71,151 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
32


Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
KEYS Pool C - 5 hotelsKEYS Pool D - 5 hotelsKEYS Pool E - 5 hotelsBAML Highland Pool - 19 hotelsMorgan Stanley Pool - 17 hotelsJP Morgan Chase - 8 hotelsBAML Pool 3 - 3 hotelsMorgan Stanley Pool C2 - 2 hotelsBAML Nashville -1 hotelHilton Alexandria / La Posada - 2 hotelsSouthside Bank Ashton - 1 hotel
Net income (loss)$4,905 $3,731 $(1,664)$9,754 $4,044 $598 $123 $(119)$5,055 $1,003 $65 
Non-property adjustments(3,869)— (45)— — — — — (460)— — 
Interest income(13)— — (108)(47)(43)(23)— (25)— — 
Interest expense— — — — — — — — — — — 
Amortization of loan costs— — — — — — — — — — — 
Depreciation and amortization2,589 1,361 3,069 12,214 5,099 4,724 1,053 243 2,520 1,346 87 
Income tax expense (benefit)— — — — — — — — 24 — — 
Non-hotel EBITDA ownership expense154 89 364 494 337 228 47 19 492 65 12 
Hotel EBITDA including amounts attributable to noncontrolling interest3,766 5,181 1,724 22,354 9,433 5,507 1,200 143 7,606 2,414 164 
Non-comparable adjustments272 (1,369)— — — (56)(12)(143)— — (164)
Comparable hotel EBITDA$4,038 $3,812 $1,724 $22,354 $9,433 $5,451 $1,188 $— $7,606 $2,414 $— 
BAML Indigo Atlanta - 1 hotelAareal Boston Back Bay - 1 hotelTorchlight Marriott Gateway - 1 hotelUS Bank Hilton Santa Cruz/Scotts Valley - 1 hotelAareal Le Pavillon - 1 hotelFt Worth Le Meridien - 1 hotelKey Bank Manchester CY - 1 hotelKEYS Pool F - 5 hotelsKEYS Pool A - 7 hotelsKEYS Pool B - 7 hotelsMorgan Stanley Pool C3 - 3 hotels
Net income (loss)$(171)$(263)$2,166 $(933)$(2,516)$— $92 $(159,051)$1,256 $(141)$180 
Non-property adjustments— — — — — — — 160,096 — — — 
Interest income— — (91)— — — — (11)(40)(20)— 
Interest expense313 2,314 — 218 882 — — — — — — 
Amortization of loan costs142 — 39 35 — — — — — — 
Depreciation and amortization331 1,148 1,510 691 1,237 — 90 2,144 1,870 1,607 429 
Income tax expense (benefit)— — — — — — (5)— — — — 
Non-hotel EBITDA ownership expense12 161 12 63 — 15 81 182 202 28 
Hotel EBITDA including amounts attributable to noncontrolling interest491 3,502 3,597 21 (299)— 192 3,259 3,268 1,648 637 
Non-comparable adjustments— (3,502)— — — — (192)(3,259)(3,268)(1,648)(637)
Comparable hotel EBITDA$491 $— $3,597 $21 $(299)$— $— $— $— $— $— 
Morgan Stanley Ann Arbor - 1 hotelGACC Jacksonville RI - 1 hotelGACC Manchester RI - 1 hotelBAML - 4 Pack - StirlingUnencumbered HotelsTotal Portfolio
Net income (loss)$22 $(140)$176 $$920 $(130,905)
Non-property adjustments(34)— — — — 155,688 
Interest income— — — — — (421)
Interest expense— — — — 504 4,231 
Amortization of loan costs— — — — — 222 
Depreciation and amortization— 199 71 234 751 46,617 
Income tax expense (benefit)— — 23 — — 42 
Non-hotel EBITDA ownership expense54 3,131 
Hotel EBITDA including amounts attributable to noncontrolling interest(7)65 272 238 2,229 78,605 
Non-comparable adjustments(65)(272)(238)— (14,546)
Comparable hotel EBITDA$— $— $— $— $2,229 $64,059 
NOTES:
(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.
33
v3.24.3
Document and Entity Information
Nov. 05, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 05, 2024
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC.
Entity Central Index Key 0001232582
Amendment Flag false
Entity Incorporation, State or Country Code MD
Entity File Number 001-31775
Entity Tax Identification Number 86-1062192
Entity Address, Address Line One 14185 Dallas Parkway, Suite 1200
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 490-9600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol AHT
Security Exchange Name NYSE
Preferred Stock, Series D  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series D
Trading Symbol AHT-PD
Security Exchange Name NYSE
Preferred Stock, Series F  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series F
Trading Symbol AHT-PF
Security Exchange Name NYSE
Preferred Stock, Series G  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series G
Trading Symbol AHT-PG
Security Exchange Name NYSE
Preferred Stock, Series H  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series H
Trading Symbol AHT-PH
Security Exchange Name NYSE
Preferred Stock, Series I  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series I
Trading Symbol AHT-PI
Security Exchange Name NYSE

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