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

FORM 10-Q
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
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)

Maryland 86-1062192
(State or other jurisdiction of incorporation or organization) (IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (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.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
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:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock AHT New York Stock Exchange
Preferred Stock, Series D AHT-PD New York Stock Exchange
Preferred Stock, Series F AHT-PF New York Stock Exchange
Preferred Stock, Series G AHT-PG New York Stock Exchange
Preferred Stock, Series H AHT-PH New York Stock Exchange
Preferred Stock, Series I AHT-PI 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.
Common Stock, $0.01 par value per share 34,498,993
(Class)
Outstanding at November 3, 2022




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED September 30, 2022
TABLE OF CONTENTS


2
3
4
5
7
9



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)
September 30, 2022 December 31, 2021
ASSETS
Investments in hotel properties, net $ 3,114,528  $ 3,230,710 
Cash and cash equivalents 505,533  592,110 
Restricted cash 132,055  99,534 
Accounts receivable, net of allowance of $634 and $455, respectively
58,601  37,720 
Inventories 3,788  3,291 
Notes receivable, net 4,975  8,723 
Investments in unconsolidated entities 10,802  11,253 
Deferred costs, net 3,247  5,001 
Prepaid expenses 19,797  13,384 
Derivative assets 20,187  501 
Operating lease right-of-use assets 44,082  44,575 
Other assets 17,559  16,150 
Intangible assets 797  797 
Due from Ashford Inc., net 1,761  25 
Due from related parties, net 6,597  7,473 
Due from third-party hotel managers 27,361  26,896 
Total assets $ 3,971,670  $ 4,098,143 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net $ 3,838,697  $ 3,887,822 
Accounts payable and accrued expenses 135,967  117,650 
Accrued interest payable 10,577  15,432 
Dividends and distributions payable 3,103  3,104 
Due to related parties, net —  728 
Due to third-party hotel managers 727  1,204 
Intangible liabilities, net 2,117  2,177 
Operating lease liabilities 44,781  45,106 
Other liabilities 4,452  4,832 
Total liabilities 4,040,421  4,078,055 
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership 21,988  22,742 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at September 30, 2022 and December 31, 2021
12  12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2022 and December 31, 2021
12  12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2022 and December 31, 2021
15  15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2022 and December 31, 2021
13  13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2022 and December 31, 2021
13  13 
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
345  345 
Additional paid-in capital 2,382,863  2,379,906 
Accumulated deficit (2,474,012) (2,382,970)
Total equity (deficit) (90,739) (2,654)
Total liabilities and equity/deficit $ 3,971,670  $ 4,098,143 
See Notes to Consolidated Financial Statements.
2

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.
3


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.
4

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 
5

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)
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) —  —  —  — 
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 —  —  —  —  —  —  —  —  —  —  —  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 
6

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 
7

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.
8

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
9

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:
Hotel Property
Location
Type Date
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.
10

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 $ 17,841  $ 4,154  $ 1,438  $ —  $ 23,433 
Boston, MA Area 15,562  1,363  1,453  —  18,378 
Dallas / Ft. Worth, TX Area 12,867  3,047  889  —  16,803 
Houston, TX Area 5,958  1,543  243  —  7,744 
Los Angeles, CA Metro Area 19,515  3,132  1,252  —  23,899 
Miami, FL Metro Area 4,816  1,617  155  —  6,588 
Minneapolis - St. Paul, MN 4,361  1,335  163  —  5,859 
Nashville, TN Area 13,705  5,997  1,047  —  20,749 
New York / New Jersey Metro Area 16,316  4,594  876  —  21,786 
Orlando, FL Area 4,981  407  430  —  5,818 
Philadelphia, PA Area 6,120  632  196  —  6,948 
San Diego, CA Area 6,127  154  334  —  6,615 
San Francisco - Oakland, CA Metro Area 19,580  1,588  931  —  22,099 
Tampa, FL Area 5,389  1,472  267  —  7,128 
Washington D.C. - MD - VA Area 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 1,714  191  183  —  2,088 
Corporate —  —  —  —  724  724 
Total 100  $ 260,616  $ 48,633  $ 18,183  $ 724  $ 328,156