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otelsMember2021-12-310001232582aht:RemingtonHotelsMember2022-09-300001232582aht:LismoreCapitalMembersrt:SubsidiariesMember2020-03-202020-03-200001232582aht:LismoreCapitalMembersrt:SubsidiariesMember2022-01-012022-09-300001232582aht:LismoreCapitalMemberaht:SuccessFeesMembersrt:SubsidiariesMember2022-09-300001232582aht:LismoreCapitalMembersrt:SubsidiariesMember2022-07-012022-09-300001232582aht:LismoreCapitalMembersrt:SubsidiariesMember2021-07-012021-09-300001232582aht:LismoreCapitalMembersrt:SubsidiariesMember2021-01-012021-09-300001232582aht:LoanModificationAgreementMemberaht:LismoreCapitalMembersrt:SubsidiariesMember2022-06-012022-06-30aht:agreement0001232582aht:LismoreCapitalMemberaht:AnnArborSheratonLoanAmendmentMembersrt:SubsidiariesMember2022-06-012022-06-300001232582aht:AshfordInc.Memberaht:AshfordInc.Member2020-12-312020-12-310001232582aht:AshfordInc.Memberaht:BraemarHotelsResortsIncMember2020-12-312020-12-310001232582aht:AshfordInc.Member2020-12-312020-12-3100012325822020-12-312020-12-310001232582aht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Memberaht:BraemarHotelsResortsIncMember2022-01-272022-01-270001232582aht:AshfordInc.Memberaht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Member2020-12-312022-09-300001232582us-gaap:OtherAssetsMemberaht:AshfordInc.Member2022-09-300001232582aht:AshfordInc.Memberaht:DueFromAffiliatesMember2022-09-300001232582us-gaap:OtherAssetsMemberaht:AshfordInc.Member2021-12-310001232582aht:AshfordInc.Member2022-07-012022-09-300001232582aht:AshfordInc.Member2021-07-012021-09-300001232582aht:AshfordInc.Member2022-01-012022-09-300001232582aht:AshfordInc.Member2021-01-012021-09-300001232582srt:MaximumMembersrt:AffiliatedEntityMemberaht:AshfordInc.Member2018-06-260001232582srt:AffiliatedEntityMemberaht:AshfordInc.Member2018-06-260001232582srt:AffiliatedEntityMemberaht:AshfordInc.Member2018-06-262018-06-260001232582srt:AffiliatedEntityMemberaht:AshfordInc.Memberaht:EmbassySuitesNewYorkMidtownManhattanMember2019-12-310001232582srt:AffiliatedEntityMemberaht:AshfordInc.Memberaht:EmbassySuitesNewYorkMidtownManhattanMember2019-04-012019-06-300001232582srt:AffiliatedEntityMemberaht:AshfordInc.Memberaht:EmbassySuitesNewYorkMidtownManhattanMember2020-03-130001232582aht:DesignAndConstructionFeesMember2022-01-012022-09-300001232582aht:ManagementFeesMemberaht:ManagementFeesMemberaht:RemingtonHotelsMembersrt:MinimumMember2022-01-012022-09-300001232582aht:ManagementFeesMemberaht:ManagementFeesMembersrt:MinimumMember2022-01-012022-09-300001232582aht:BraemarHotelsResortsIncMemberaht:LegalSettlementMembersrt:AffiliatedEntityMember2021-12-310001232582aht:FranchiseFeesMember2022-09-300001232582us-gaap:FranchiseMember2022-07-012022-09-300001232582us-gaap:FranchiseMember2021-07-012021-09-300001232582us-gaap:FranchiseMember2022-01-012022-09-300001232582us-gaap:FranchiseMember2021-01-012021-09-300001232582aht:ManagementFeesMember2022-01-012022-09-300001232582aht:PotentialPensionLiabilitiesMember2006-12-310001232582aht:PotentialPensionLiabilitiesMember2011-11-012011-11-010001232582aht:PotentialPensionLiabilitiesMember2011-11-010001232582aht:PalmBeachFloridaHotelandOfficeBuildingLimitedPartnershipetal.v.NantucketEnterprisesInc.Member2018-07-262018-07-260001232582aht:PalmBeachFloridaHotelandOfficeBuildingLimitedPartnershipetal.v.NantucketEnterprisesInc.Member2022-09-300001232582aht:PedroMembrivesAndMicheleSperoV.HHCTRSFPPortfolioLLCRemingtonLodgingHospitalityLLCRemingtonHoldingsLLCRemingtonLongIslandEmployersLLCMember2022-06-300001232582aht:PedroMembrivesAndMicheleSperoV.HHCTRSFPPortfolioLLCRemingtonLodgingHospitalityLLCRemingtonHoldingsLLCRemingtonLongIslandEmployersLLCMember2022-07-012022-09-300001232582aht:PedroMembrivesAndMicheleSperoV.HHCTRSFPPortfolioLLCRemingtonLodgingHospitalityLLCRemingtonHoldingsLLCRemingtonLongIslandEmployersLLCMember2022-09-300001232582aht:ClassActionLawsuitCaliforniaEmploymentLawsMember2016-12-200001232582aht:ClassActionLawsuitCaliforniaEmploymentLawsMember2022-09-30aht:segment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the quarterly period ended September
30, 2022
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the transition period from
________________ to ________________
Commission file number: 001-31775
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
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Maryland |
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86-1062192 |
(State or other jurisdiction of incorporation or
organization) |
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(IRS employer identification number) |
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14185 Dallas Parkway |
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Suite 1200 |
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Dallas |
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Texas |
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75254 |
(Address of principal executive offices) |
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(Zip code) |
(972) 490-9600
(Registrant’s telephone number, including area code)
Indicate
by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.
þ
Yes
¨
No
Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File
required to be submitted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such
files).
þ
Yes
¨
No
Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer,”
“accelerated filer,” “smaller reporting company” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
☐ |
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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.
¨
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
☐
Yes
þ
No
Securities registered pursuant to Section
12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock |
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AHT |
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New York Stock Exchange |
Preferred Stock, Series D |
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AHT-PD |
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New York Stock Exchange |
Preferred Stock, Series F |
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AHT-PF |
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New York Stock Exchange |
Preferred Stock, Series G |
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AHT-PG |
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New York Stock Exchange |
Preferred Stock, Series H |
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AHT-PH |
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New York Stock Exchange |
Preferred Stock, Series I |
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AHT-PI |
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New York Stock Exchange |
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable
date.
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Common Stock, $0.01 par value per share |
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34,498,993 |
(Class) |
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Outstanding at November 3, 2022
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ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED September 30, 2022
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share
amounts)
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September 30, 2022 |
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December 31, 2021 |
ASSETS |
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Investments in hotel properties, net |
$ |
3,114,528 |
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$ |
3,230,710 |
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Cash and cash equivalents |
505,533 |
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592,110 |
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Restricted cash |
132,055 |
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99,534 |
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Accounts receivable, net of allowance of $634 and $455,
respectively
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58,601 |
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37,720 |
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Inventories |
3,788 |
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3,291 |
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Notes receivable, net |
4,975 |
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8,723 |
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Investments in unconsolidated entities |
10,802 |
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11,253 |
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Deferred costs, net |
3,247 |
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5,001 |
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Prepaid expenses |
19,797 |
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13,384 |
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Derivative assets |
20,187 |
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501 |
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Operating lease right-of-use assets |
44,082 |
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44,575 |
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Other assets |
17,559 |
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16,150 |
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Intangible assets |
797 |
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797 |
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Due from Ashford Inc., net |
1,761 |
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25 |
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Due from related parties, net |
6,597 |
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7,473 |
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Due from third-party hotel managers |
27,361 |
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26,896 |
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Total assets |
$ |
3,971,670 |
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$ |
4,098,143 |
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LIABILITIES AND EQUITY/DEFICIT |
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Liabilities: |
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Indebtedness, net |
$ |
3,838,697 |
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$ |
3,887,822 |
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Accounts payable and accrued expenses |
135,967 |
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117,650 |
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Accrued interest payable |
10,577 |
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15,432 |
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Dividends and distributions payable |
3,103 |
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3,104 |
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Due to related parties, net |
— |
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728 |
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Due to third-party hotel managers |
727 |
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1,204 |
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Intangible liabilities, net |
2,117 |
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2,177 |
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Operating lease liabilities |
44,781 |
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45,106 |
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Other liabilities |
4,452 |
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4,832 |
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Total liabilities |
4,040,421 |
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4,078,055 |
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Commitments and contingencies (note 16)
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Redeemable noncontrolling interests in operating
partnership |
21,988 |
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22,742 |
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Equity (deficit): |
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Preferred stock, $0.01 par value, 50,000,000 shares
authorized:
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Series D Cumulative Preferred Stock, 1,174,427 shares issued and
outstanding at September 30, 2022 and December 31,
2021
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12 |
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12 |
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Series F Cumulative Preferred Stock, 1,251,044 shares issued and
outstanding at September 30, 2022 and December 31,
2021
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12 |
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12 |
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Series G Cumulative Preferred Stock, 1,531,996 shares issued and
outstanding at September 30, 2022 and December 31,
2021
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15 |
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15 |
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Series H Cumulative Preferred Stock, 1,308,415 shares issued and
outstanding at September 30, 2022 and December 31,
2021
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13 |
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13 |
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Series I Cumulative Preferred Stock, 1,252,923 shares issued and
outstanding at September 30, 2022 and December 31,
2021
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13 |
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13 |
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Common stock, $0.01 par value, 400,000,000 shares authorized,
34,498,993 and 34,490,381 shares issued and outstanding at
September 30, 2022 and December 31, 2021,
respectively
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345 |
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345 |
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Additional paid-in capital |
2,382,863 |
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2,379,906 |
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Accumulated deficit |
(2,474,012) |
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(2,382,970) |
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|
|
|
|
|
|
Total equity (deficit) |
(90,739) |
|
|
(2,654) |
|
Total liabilities and equity/deficit |
$ |
3,971,670 |
|
|
$ |
4,098,143 |
|
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
REVENUE |
|
|
|
|
|
|
|
|
|
Rooms
|
$ |
260,616 |
|
|
$ |
202,119 |
|
|
$ |
731,474 |
|
|
$ |
459,264 |
|
|
|
Food and beverage
|
48,633 |
|
|
29,744 |
|
|
139,709 |
|
|
57,487 |
|
|
|
Other hotel revenue
|
18,183 |
|
|
14,944 |
|
|
50,042 |
|
|
38,358 |
|
|
|
Total hotel revenue
|
327,432 |
|
|
246,807 |
|
|
921,225 |
|
|
555,109 |
|
|
|
Other
|
724 |
|
|
627 |
|
|
2,164 |
|
|
1,567 |
|
|
|
Total revenue
|
328,156 |
|
|
247,434 |
|
|
923,389 |
|
|
556,676 |
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Hotel operating expenses:
|
|
|
|
|
|
|
|
|
|
Rooms
|
61,464 |
|
|
48,035 |
|
|
169,250 |
|
|
109,095 |
|
|
|
Food and beverage
|
36,199 |
|
|
22,750 |
|
|
100,981 |
|
|
42,860 |
|
|
|
Other expenses
|
106,907 |
|
|
92,581 |
|
|
310,407 |
|
|
224,422 |
|
|
|
Management fees
|
11,686 |
|
|
8,976 |
|
|
33,552 |
|
|
21,944 |
|
|
|
Total hotel expenses
|
216,256 |
|
|
172,342 |
|
|
614,190 |
|
|
398,321 |
|
|
|
Property taxes, insurance and other
|
17,541 |
|
|
17,222 |
|
|
51,289 |
|
|
51,821 |
|
|
|
Depreciation and amortization
|
49,428 |
|
|
53,069 |
|
|
152,444 |
|
|
166,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory services fee
|
12,513 |
|
|
7,395 |
|
|
38,176 |
|
|
39,110 |
|
|
|
Corporate, general and administrative
|
(884) |
|
|
2,414 |
|
|
6,730 |
|
|
12,113 |
|
|
|
Total expenses
|
294,854 |
|
|
252,442 |
|
|
862,829 |
|
|
667,656 |
|
|
|
Gain (loss) on disposition of assets and hotel
properties |
(11) |
|
|
103 |
|
|
273 |
|
|
395 |
|
|
|
OPERATING INCOME (LOSS) |
33,291 |
|
|
(4,905) |
|
|
60,833 |
|
|
(110,585) |
|
|
|
Equity in earnings (loss) of unconsolidated entities
|
(147) |
|
|
(145) |
|
|
(451) |
|
|
(423) |
|
|
|
Interest income
|
1,576 |
|
|
124 |
|
|
2,153 |
|
|
137 |
|
|
|
Other income (expense)
|
241 |
|
|
208 |
|
|
426 |
|
|
682 |
|
|
|
Interest expense and amortization of discounts and loan
costs |
(61,023) |
|
|
(43,003) |
|
|
(152,975) |
|
|
(112,003) |
|
|
|
Write-off of premiums, loan costs and exit fees
|
(1,378) |
|
|
(1,034) |
|
|
(3,076) |
|
|
(5,200) |
|
|
|
Gain (loss) on extinguishment of debt
|
— |
|
|
1,292 |
|
|
— |
|
|
11,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on derivatives
|
9,774 |
|
|
6,029 |
|
|
19,059 |
|
|
3,712 |
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
(17,666) |
|
|
(41,434) |
|
|
(74,031) |
|
|
(211,784) |
|
|
|
Income tax (expense) benefit
|
(4,657) |
|
|
(2,615) |
|
|
(10,340) |
|
|
(2,916) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
(22,323) |
|
|
(44,049) |
|
|
(84,371) |
|
|
(214,700) |
|
|
|
(Income) loss attributable to noncontrolling interest in
consolidated entities |
— |
|
|
(10) |
|
|
— |
|
|
84 |
|
|
|
Net (income) loss attributable to redeemable noncontrolling
interests in operating partnership |
231 |
|
|
367 |
|
|
679 |
|
|
3,594 |
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
(22,092) |
|
|
(43,692) |
|
|
(83,692) |
|
|
(211,022) |
|
|
|
Preferred dividends
|
(3,104) |
|
|
(2,039) |
|
|
(9,311) |
|
|
1,488 |
|
|
|
Gain (loss) on extinguishment of preferred stock |
— |
|
|
(1,789) |
|
|
— |
|
|
959 |
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(25,196) |
|
|
$ |
(47,520) |
|
|
$ |
(93,003) |
|
|
$ |
(208,575) |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER SHARE - BASIC AND DILUTED |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
(0.73) |
|
|
$ |
(1.70) |
|
|
$ |
(2.71) |
|
|
$ |
(11.89) |
|
|
|
Weighted average common shares outstanding – basic |
34,371 |
|
|
28,033 |
|
|
34,324 |
|
|
17,520 |
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
(0.73) |
|
|
$ |
(1.70) |
|
|
$ |
(2.71) |
|
|
$ |
(11.89) |
|
|
|
Weighted average common shares outstanding – diluted |
34,371 |
|
|
28,033 |
|
|
34,324 |
|
|
17,520 |
|
|
|
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
Net income (loss)
|
$ |
(22,323) |
|
|
$ |
(44,049) |
|
|
$ |
(84,371) |
|
|
$ |
(214,700) |
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Comprehensive income (loss)
|
(22,323) |
|
|
(44,049) |
|
|
(84,371) |
|
|
(214,700) |
|
|
|
Less: Comprehensive (income) loss attributable to noncontrolling
interest in consolidated entities
|
— |
|
|
(10) |
|
|
— |
|
|
84 |
|
|
|
Less: Comprehensive (income) loss attributable to redeemable
noncontrolling interests in operating partnership
|
231 |
|
|
367 |
|
|
679 |
|
|
3,594 |
|
|
|
Comprehensive income (loss) attributable to the
Company
|
$ |
(22,092) |
|
|
$ |
(43,692) |
|
|
$ |
(83,692) |
|
|
$ |
(211,022) |
|
|
|
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
|
Additional
Paid-in
Capital |
|
Accumulated
Deficit |
|
|
|
Total |
|
Redeemable Noncontrolling
Interests in
Operating
Partnership |
|
|
|
Series D |
|
Series F |
|
Series G |
|
Series H |
|
Series I |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|
|
Balance at June 30, 2022 |
|
|
|
|
1,174 |
|
|
$ |
12 |
|
|
1,251 |
|
|
$ |
12 |
|
|
1,532 |
|
|
$ |
15 |
|
|
1,308 |
|
|
$ |
13 |
|
|
1,253 |
|
|
$ |
13 |
|
|
34,487 |
|
|
$ |
345 |
|
|
$ |
2,382,197 |
|
|
$ |
(2,448,350) |
|
|
|
|
$ |
(65,743) |
|
|
$ |
21,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(21) |
|
|
— |
|
|
(164) |
|
|
— |
|
|
|
|
(164) |
|
|
— |
|
Equity-based compensation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
830 |
|
|
— |
|
|
|
|
830 |
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of restricted shares/units |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
33 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared – preferred stock - Series D
($0.53/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(621) |
|
|
|
|
(621) |
|
|
— |
|
Dividends declared – preferred stock - Series F
($0.46/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(577) |
|
|
|
|
(577) |
|
|
— |
|
Dividends declared – preferred stock - Series G
($0.46/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(706) |
|
|
|
|
(706) |
|
|
— |
|
Dividends declared – preferred stock - Series H
($0.47/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(613) |
|
|
|
|
(613) |
|
|
— |
|
Dividends declared – preferred stock - Series I
($0.47/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(587) |
|
|
|
|
(587) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption value adjustment |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(466) |
|
|
|
|
(466) |
|
|
466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(22,092) |
|
|
|
|
(22,092) |
|
|
(231) |
|
Balance at September 30, 2022 |
|
|
|
|
1,174 |
|
|
$ |
12 |
|
|
1,251 |
|
|
$ |
12 |
|
|
1,532 |
|
|
$ |
15 |
|
|
1,308 |
|
|
$ |
13 |
|
|
1,253 |
|
|
$ |
13 |
|
|
34,499 |
|
|
$ |
345 |
|
|
$ |
2,382,863 |
|
|
$ |
(2,474,012) |
|
|
|
|
$ |
(90,739) |
|
|
$ |
21,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
|
Additional
Paid-in
Capital |
|
Accumulated
Deficit |
|
|
|
Total |
|
Redeemable Noncontrolling
Interests in
Operating
Partnership |
|
|
|
Series D |
|
Series F |
|
Series G |
|
Series H |
|
Series I |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|
|
Balance at December 31, 2021 |
|
|
|
|
1,174 |
|
|
$ |
12 |
|
|
1,251 |
|
|
$ |
12 |
|
|
1,532 |
|
|
$ |
15 |
|
|
1,308 |
|
|
$ |
13 |
|
|
1,253 |
|
|
$ |
13 |
|
|
34,490 |
|
|
$ |
345 |
|
|
$ |
2,379,906 |
|
|
$ |
(2,382,970) |
|
|
|
|
$ |
(2,654) |
|
|
$ |
22,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(42) |
|
|
— |
|
|
(316) |
|
|
— |
|
|
|
|
(316) |
|
|
— |
|
Equity-based compensation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,438 |
|
|
— |
|
|
|
|
3,438 |
|
|
1,886 |
|
Forfeitures of restricted shares |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
Issuance of restricted shares/units |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
52 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock offering costs |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(165) |
|
|
— |
|
|
|
|
(165) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared – preferred stock - Series D
($1.59/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,861) |
|
|
|
|
(1,861) |
|
|
— |
|
Dividends declared – preferred stock - Series F
($1.38/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,730) |
|
|
|
|
(1,730) |
|
|
— |
|
Dividends declared – preferred stock - Series G
($1.38/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,118) |
|
|
|
|
(2,118) |
|
|
— |
|
Dividends declared – preferred stock - Series H
($1.41/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,840) |
|
|
|
|
(1,840) |
|
|
— |
|
Dividends declared – preferred stock - Series I
($1.41/share)
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,762) |
|
|
|
|
(1,762) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption value adjustment |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,961 |
|
|
|
|
1,961 |
|
|
(1,961) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(83,692) |
|
|
|
|
(83,692) |
|
|
(679) |
|
Balance at September 30, 2022 |
|
|
|
|
1,174 |
|
|
$ |
12 |
|
|
1,251 |
|
|
$ |
12 |
|
|
1,532 |
|
|
$ |
15 |
|
|
1,308 |
|
|
$ |
13 |
|
|
1,253 |
|
|
$ |
13 |
|
|
34,499 |
|
|
$ |
345 |
|
|
$ |
2,382,863 |
|
|
$ |
(2,474,012) |
|
|
|
|
$ |
(90,739) |
|
|
$ |
21,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
|
Additional
Paid-in
Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interests In
Consolidated
Entities |
|
Total |
|
Redeemable Noncontrolling
Interests in
Operating
Partnership |
|
|
|
Series D |
|
Series F |
|
Series G |
|
Series H |
|
Series I |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|
|
Balance at June 30, 2021 |
|
|
|
|
1,316 |
|
|
$ |
13 |
|
|
1,471 |
|
|
$ |
15 |
|
|
1,910 |
|
|
$ |
19 |
|
|
1,458 |
|
|
$ |
14 |
|
|
1,392 |
|
|
$ |
14 |
|
|
22,321 |
|
|
$ |
223 |
|
|
$ |
2,181,467 |
|
|
$ |
(2,264,954) |
|
|
$ |
72 |
|
|
$ |
(83,117) |
|
|
$ |
28,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,948 |
|
|
— |
|
|
— |
|
|
1,948 |
|
|
542 |
|
Forfeitures of restricted shares |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,297 |
|
|
93 |
|
|
176,879 |
|
|
— |
|
|
— |
|
|
176,972 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of operating partnership units |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
|
(2) |
|
Redemption value adjustment |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,946 |
|
|
— |
|
|
5,946 |
|
|
(5,946) |
|
Extinguishment of preferred stock |
|
|
|
|
(45) |
|
|
— |
|
|
(92) |
|
|
(1) |
|
|
(189) |
|
|
(2) |
|
|
(105) |
|
|
(1) |
|
|
(120) |
|
|
(1) |
|
|
941 |
|
|
10 |
|
|
1,784 |
|
|
(1,789) |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(43,692) |
|
|
10 |
|
|
(43,682) |
|
|
(367) |
|
Balance at September 30, 2021 |
|
|
|
|
1,271 |
|
|
$ |
13 |
|
|
1,379 |
|
|
$ |
14 |
|
|
1,721 |
|
|
$ |
17 |
|
|
1,353 |
|
|
$ |
13 |
|
|
1,272 |
|
|
$ |
13 |
|
|
32,558 |
|
|
$ |
326 |
|
|
$ |
2,362,080 |
|
|
$ |
(2,304,489) |
|
|
$ |
82 |
|
|
$ |
58,069 |
|
|
$ |
23,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
|
Additional
Paid-in
Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interests In
Consolidated
Entities |
|
Total |
|
Redeemable Noncontrolling
Interests in
Operating
Partnership |
|
|
|
Series D |
|
Series F |
|
Series G |
|
Series H |
|
Series I |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|
|
Balance at December 31, 2020 |
|
|
|
|
1,791 |
|
|
$ |
18 |
|
|
2,891 |
|
|
$ |
29 |
|
|
4,423 |
|
|
$ |
44 |
|
|
2,669 |
|
|
$ |
27 |
|
|
3,391 |
|
|
$ |
34 |
|
|
6,436 |
|
|
$ |
64 |
|
|
$ |
1,809,455 |
|
|
$ |
(2,093,292) |
|
|
$ |
166 |
|
|
$ |
(283,455) |
|
|
$ |
22,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
(46) |
|
|
— |
|
|
— |
|
|
(46) |
|
|
— |
|
Equity-based compensation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,486 |
|
|
— |
|
|
— |
|
|
5,486 |
|
|
2,053 |
|
Forfeitures of restricted shares |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Issuance of restricted shares/units |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
251 |
|
|
3 |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU dividend claw back upon cancellation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
178 |
|
|
— |
|
|
178 |
|
|
— |
|
Issuance of common stock, net |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
19,009 |
|
|
190 |
|
|
548,091 |
|
|
— |
|
|
— |
|
|
548,281 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of operating partnership units |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
43 |
|
|
— |
|
|
— |
|
|
43 |
|
|
(43) |
|
Performance LTIP dividend claw back upon cancellation |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
454 |
|
Redemption value adjustment |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,312) |
|
|
— |
|
|
(1,312) |
|
|
1,312 |
|
Extinguishment of preferred stock |
|
|
|
|
(520) |
|
|
(5) |
|
|
(1,512) |
|
|
(15) |
|
|
(2,702) |
|
|
(27) |
|
|
(1,316) |
|
|
(14) |
|
|
(2,119) |
|
|
(21) |
|
|
6,865 |
|
|
69 |
|
|
(946) |
|
|
959 |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(211,022) |
|
|
(84) |
|
|
(211,106) |
|
|
(3,594) |
|
Balance at September 30, 2021 |
|
|
|
|
1,271 |
|
|
$ |
13 |
|
|
1,379 |
|
|
$ |
14 |
|
|
1,721 |
|
|
$ |
17 |
|
|
1,353 |
|
|
$ |
13 |
|
|
1,272 |
|
|
$ |
13 |
|
|
32,558 |
|
|
$ |
326 |
|
|
$ |
2,362,080 |
|
|
$ |
(2,304,489) |
|
|
$ |
82 |
|
|
$ |
58,069 |
|
|
$ |
23,133 |
|
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
Net income (loss) |
$ |
(84,371) |
|
|
$ |
(214,700) |
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
152,444 |
|
|
166,291 |
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
78 |
|
|
98 |
|
|
|
Recognition of deferred income |
(374) |
|
|
(374) |
|
|
|
Bad debt expense |
2,456 |
|
|
1,491 |
|
|
|
Deferred income tax expense (benefit) |
141 |
|
|
(113) |
|
|
|
Equity in (earnings) loss of unconsolidated entities |
451 |
|
|
423 |
|
|
|
(Gain) loss on disposition of assets and hotel
properties |
(273) |
|
|
(395) |
|
|
|
(Gain) loss on extinguishment of debt |
— |
|
|
(11,896) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss on derivatives |
(19,059) |
|
|
(3,712) |
|
|
|
|
|
|
|
|
|
Amortization of loan costs, discounts and capitalized default
interest and write-off of premiums, loan costs and exit
fees |
7,760 |
|
|
(12,132) |
|
|
|
|
|
|
|
|
|
Equity-based compensation |
5,324 |
|
|
7,539 |
|
|
|
|
|
|
|
|
|
Non-cash interest income |
(262) |
|
|
(591) |
|
|
|
Paid-in kind interest expense |
— |
|
|
23,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, exclusive of the
effect of dispositions of hotel properties: |
|
|
|
|
|
Accounts receivable and inventories |
(24,893) |
|
|
(20,199) |
|
|
|
Prepaid expenses and other assets |
(7,257) |
|
|
(1,418) |
|
|
|
Operating lease right-of-use assets |
355 |
|
|
358 |
|
|
|
Operating lease liabilities |
(325) |
|
|
(361) |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses and accrued interest
payable |
10,401 |
|
|
(21,496) |
|
|
|
Due to/from related parties |
148 |
|
|
(718) |
|
|
|
Due to/from third-party hotel managers |
(942) |
|
|
(14,170) |
|
|
|
Due to/from Ashford Inc., net |
(2,286) |
|
|
(11,024) |
|
|
|
|
|
|
|
|
|
Other liabilities |
(6) |
|
|
(4) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
39,510 |
|
|
(113,529) |
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
Improvements and additions to hotel properties |
(68,054) |
|
|
(19,018) |
|
|
|
Net proceeds from disposition of assets and hotel
properties |
34,707 |
|
|
7,543 |
|
|
|
|
|
|
|
|
|
Proceeds from property insurance |
1,009 |
|
|
2,000 |
|
|
|
Investments in unconsolidated entities |
— |
|
|
(250) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from note receivable |
4,000 |
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
(28,338) |
|
|
(9,725) |
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
Borrowings on indebtedness, net of commitment fee |
1,552 |
|
|
293,500 |
|
|
|
Repayments of indebtedness |
(49,326) |
|
|
(106,690) |
|
|
|
Payments for loan costs and exit fees |
(2,298) |
|
|
(20,494) |
|
|
|
Payments for dividends and distributions |
(9,312) |
|
|
— |
|
|
|
Purchases of common stock |
(316) |
|
|
(46) |
|
|
|
|
|
|
|
|
|
Payments for derivatives |
(5,255) |
|
|
(824) |
|
|
|
Proceeds from common stock offerings |
— |
|
|
548,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock offering costs |
(273) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
(65,228) |
|
|
713,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
(54,056) |
|
|
590,633 |
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
691,644 |
|
|
167,313 |
|
|
|
Cash, cash equivalents and restricted cash and at end of
period |
$ |
637,588 |
|
|
$ |
757,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
Interest paid |
$ |
153,155 |
|
|
$ |
153,873 |
|
|
|
Income taxes paid (refunded) |
7,419 |
|
|
2,602 |
|
|
|
Supplemental Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
|
Accrued but unpaid capital expenditures |
$ |
14,996 |
|
|
$ |
4,700 |
|
|
|
|
|
|
|
|
|
Non-cash consideration from sale of hotel property |
1,219 |
|
|
— |
|
|
|
Accrued stock offering costs |
— |
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash extinguishment of debt |
— |
|
|
9,604 |
|
|
|
Non-cash loan principal associated with default interest and late
charges |
— |
|
|
32,626 |
|
|
|
|
|
|
|
|
|
Non-cash extinguishment of preferred stock |
— |
|
|
197,093 |
|
|
|
Issuance of common stock from preferred stock exchanges |
— |
|
|
196,134 |
|
|
|
Debt discount associated with embedded debt derivative |
— |
|
|
43,680 |
|
|
|
Credit facility commitment fee |
— |
|
|
4,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions declared but not paid |
3,103 |
|
|
236 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash, Cash Equivalents and Restricted
Cash |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
$ |
592,110 |
|
|
$ |
92,905 |
|
|
|
|
|
|
|
|
|
Restricted cash at beginning of period |
99,534 |
|
|
74,408 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
$ |
691,644 |
|
|
$ |
167,313 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
505,533 |
|
|
$ |
672,961 |
|
|
|
|
|
|
|
|
|
Restricted cash at end of period |
132,055 |
|
|
84,985 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of
period |
$ |
637,588 |
|
|
$ |
757,946 |
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries
(“Ashford Trust”), is a real estate investment trust (“REIT”).
While our portfolio currently consists of upscale hotels and upper
upscale full-service hotels, our investment strategy is
predominantly focused on investing in upper upscale full-service
hotels in the United States that have revenue per available room
(“RevPAR”) generally less than twice the U.S. national average, and
in all methods including direct real estate, equity, and debt. We
currently anticipate future investments will predominantly be in
upper upscale hotels. We own our lodging investments and conduct
our business through Ashford Hospitality Limited Partnership
(“Ashford Trust OP”), our operating partnership. Ashford OP General
Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as
the sole general partner of our operating partnership. Terms such
as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality
Trust, Inc. and, as the context may require, all entities included
in its consolidated financial statements.
Our hotel properties are primarily branded under the widely
recognized upscale and upper upscale brands of Hilton, Hyatt,
Marriott and Intercontinental Hotel Group. As of September 30,
2022, we owned interests in the following assets:
•99
consolidated hotel properties, which represent 22,116 total
rooms;
•79
hotel condominium units at WorldQuest Resort in Orlando, Florida
(“WorldQuest”);
•15.1%
ownership in OpenKey, Inc. (“OpenKey”) with a carrying value of
approximately $2.3 million; and
•32.5%
ownership in 815 Commerce Managing Member, LLC (“815 Commerce MM”),
which is developing the Le Meridien Fort Worth, with a carrying
value of approximately $8.5 million.
For U.S. federal income tax purposes, we have elected to be treated
as a REIT, which imposes limitations related to operating hotels.
As of September 30, 2022, our 99 hotel properties were leased or
owned by our wholly-owned subsidiaries that are treated as taxable
REIT subsidiaries for U.S. federal income tax purposes
(collectively, these subsidiaries are referred to as “Ashford
TRS”). Ashford TRS then engages third-party or affiliated hotel
management companies to operate the hotels under management
contracts. Hotel operating results related to these properties are
included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”),
a subsidiary of Ashford Inc., through an advisory agreement. All of
the hotel properties in our portfolio are currently asset-managed
by Ashford LLC. We do not have any employees. All of the
services that might be provided by employees are provided to us by
Ashford LLC.
We do not operate any of our hotel properties directly; instead we
employ hotel management companies to operate them for us under
management contracts. Remington Lodging & Hospitality, LLC
(“Remington Hotels”), a subsidiary of Ashford Inc., manages 67 of
our 99 hotel properties and WorldQuest. Third-party management
companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our
hotel properties through certain entities in which Ashford Inc. has
an ownership interest. These products and services include, but are
not limited to, design and construction services, debt placement
and related services, audio visual services, real estate advisory
services, insurance claims services, hypoallergenic premium rooms,
broker-dealer and distribution services and mobile key
technology.
2. Significant Accounting Policies
Basis of Presentation—The
accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting
principles (“GAAP”) for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and
footnotes required by GAAP for complete financial statements. In
the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included. These consolidated financial statements include
the accounts of Ashford Hospitality Trust, Inc., its majority-owned
subsidiaries, and its majority-owned joint ventures in which it has
a controlling interest. All inter-company accounts and transactions
between consolidated entities have been eliminated in these
consolidated financial statements. We have condensed or omitted
certain information and footnote disclosures normally included in
financial statements presented in accordance with GAAP in the
accompanying unaudited consolidated financial statements. We
believe the disclosures made herein are adequate to prevent the
information presented from being misleading. However, the financial
statements should be read in conjunction with the consolidated
financial statements and notes thereto
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
included in our 2021 Annual Report to Stockholders on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on
February 28, 2022.
Ashford Trust OP is considered to be a variable interest entity
(“VIE”), as defined by authoritative accounting guidance. A VIE
must be consolidated by a reporting entity if the reporting entity
is the primary beneficiary because it has (i) the power to direct
the VIE’s activities that most significantly impact the VIE’s
economic performance and (ii) the obligation to absorb losses of
the VIE or the right to receive benefits from the VIE. All major
decisions related to Ashford Trust OP that most significantly
impact its economic performance, including but not limited to
operating procedures with respect to business affairs and any
acquisitions, dispositions, financings, restructurings or other
transactions with sellers, purchasers, lenders, brokers, agents and
other applicable representatives, are subject to the approval of
our wholly-owned subsidiary, Ashford OP General Partner LLC, its
general partner. As such, we consolidate Ashford Trust
OP.
Historical seasonality patterns at some of our hotel properties
cause fluctuations in our overall operating results. Consequently,
operating results for the three and nine months ended September 30,
2022 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2022.
The following dispositions affect reporting comparability of our
consolidated financial statements:
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Hotel Property
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Location
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Type |
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Date |
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Le Meridien Minneapolis |
|
Minneapolis, MN |
|
Disposition |
|
January 20, 2021 |
SpringHill Suites Durham |
|
Durham, NC |
|
Disposition |
|
April 29, 2021 |
SpringHill Suites Charlotte |
|
Charlotte, NC |
|
Disposition |
|
April 29, 2021 |
Sheraton Ann Arbor |
|
Ann Arbor, MI |
|
Disposition |
|
September 1, 2022 |
|
|
|
|
|
|
|
Use of Estimates—The
preparation of these consolidated financial statements in
accordance with accounting principles generally accepted in the
United States requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ
from those estimates.
Recently Adopted Accounting Standards—In
August 2020, the Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20) and
Derivatives and Hedging - Contracts in Entity’s Own Equity
(Subtopic 815-40): Accounting for Convertible Instruments and
Contracts in an Entity’s Own Equity
(“ASU 2020-06”), which simplifies the accounting for certain
financial instruments with characteristics of liabilities and
equity. This ASU (1) simplifies the accounting for convertible debt
instruments and convertible preferred stock by removing the
existing guidance in Accounting Standards Codification (“ASC”)
470-20, Debt: Debt with Conversion and Other Options, that requires
entities to account for beneficial conversion features and cash
conversion features in equity, separately from the host convertible
debt or preferred stock; (2) revises the scope exception from
derivative accounting in ASC 815-40 for freestanding financial
instruments and embedded features that are both indexed to the
issuer’s own stock and classified in stockholders’ equity, by
removing certain criteria required for equity classification; and
(3) revises the guidance in ASC 260, Earnings Per Share, to require
entities to calculate diluted earnings per share (“EPS”) for
convertible instruments by using the if-converted method. In
addition, entities must presume share settlement for purposes of
calculating diluted EPS when an instrument may be settled in cash
or shares. For SEC filers, excluding smaller reporting companies,
this ASU is effective for fiscal years beginning after December 15,
2021, including interim periods within those fiscal years. Entities
should adopt the guidance as of the beginning of the fiscal year of
adoption and cannot adopt the guidance in an interim reporting
period. We adopted the standard effective January 1, 2022, and the
adoption of this standard did not have a material impact on our
consolidated financial statements.
Recently Issued Accounting Standards—In
March 2020, the FASB issued ASU 2020-04,
Reference Rate Reform (Topic 848)
(“ASU 2020-04”). ASU 2020-04 contains practical expedients for
reference rate reform-related activities that impact debt, leases,
derivatives and other contracts. The guidance in ASU 2020-04 is
optional and may be elected over time as reference rate reform
activities occur. The Company continues to evaluate the impact of
the guidance and may apply the elections as applicable as changes
in the market occur.
Reclassification—Certain
amounts in the prior year financial statements have been
reclassified to conform to the current year
presentation.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
3. Revenue
The following tables present our revenue disaggregated by
geographical area (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
Primary Geographical Market |
|
Number of Hotels |
|
Rooms |
|
Food and Beverage |
|
Other Hotel |
|
Other |
|
Total |
Atlanta, GA Area |
|
9 |
|
|
$ |
17,841 |
|
|
$ |
4,154 |
|
|
$ |
1,438 |
|
|
$ |
— |
|
|
$ |
23,433 |
|
Boston, MA Area |
|
2 |
|
|
15,562 |
|
|
1,363 |
|
|
1,453 |
|
|
— |
|
|
18,378 |
|
Dallas / Ft. Worth, TX Area |
|
7 |
|
|
12,867 |
|
|
3,047 |
|
|
889 |
|
|
— |
|
|
16,803 |
|
Houston, TX Area |
|
3 |
|
|
5,958 |
|
|
1,543 |
|
|
243 |
|
|
— |
|
|
7,744 |
|
Los Angeles, CA Metro Area |
|
6 |
|
|
19,515 |
|
|
3,132 |
|
|
1,252 |
|
|
— |
|
|
23,899 |
|
Miami, FL Metro Area |
|
2 |
|
|
4,816 |
|
|
1,617 |
|
|
155 |
|
|
— |
|
|
6,588 |
|
Minneapolis - St. Paul, MN |
|
2 |
|
|
4,361 |
|
|
1,335 |
|
|
163 |
|
|
— |
|
|
5,859 |
|
Nashville, TN Area |
|
1 |
|
|
13,705 |
|
|
5,997 |
|
|
1,047 |
|
|
— |
|
|
20,749 |
|
New York / New Jersey Metro Area |
|
6 |
|
|
16,316 |
|
|
4,594 |
|
|
876 |
|
|
— |
|
|
21,786 |
|
Orlando, FL Area |
|
2 |
|
|
4,981 |
|
|
407 |
|
|
430 |
|
|
— |
|
|
5,818 |
|
Philadelphia, PA Area |
|
3 |
|
|
6,120 |
|
|
632 |
|
|
196 |
|
|
— |
|
|
6,948 |
|
San Diego, CA Area |
|
2 |
|
|
6,127 |
|
|
154 |
|
|
334 |
|
|
— |
|
|
6,615 |
|
San Francisco - Oakland, CA Metro Area |
|
7 |
|
|
19,580 |
|
|
1,588 |
|
|
931 |
|
|
— |
|
|
22,099 |
|
Tampa, FL Area |
|
2 |
|
|
5,389 |
|
|
1,472 |
|
|
267 |
|
|
— |
|
|
7,128 |
|
Washington D.C. - MD - VA Area |
|
9 |
|
|
28,429 |
|
|
5,102 |
|
|
2,501 |
|
|
— |
|
|
36,032 |
|
Other Areas |
|
36 |
|
|
76,267 |
|
|
12,266 |
|
|
5,565 |
|
|
— |
|
|
94,098 |
|
Orlando WorldQuest |
|
— |
|
|
1,068 |
|
|
39 |
|
|
260 |
|
|
— |
|
|
1,367 |
|
Disposed properties |
|
1 |
|
|
1,714 |
|
|
191 |
|
|
183 |
|
|
— |
|
|
2,088 |
|
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
724 |
|
|
724 |
|
Total |
|
100 |
|
|
$ |
260,616 |
|
|
$ |
48,633 |
|
|
$ |
18,183 |
|
|
$ |
724 |
|
|
$ |
328,156 |
|