Quarterly Report (10-q)

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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


☐			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


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (unaudited)
Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021			2
Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021			3
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021			4
Consolidated Statements of Equity (Deficit) for the three and nine months ended September 30, 2022 and 2021			5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021			7
Notes to Consolidated Financial Statements			9
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			34
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			53
ITEM 4. CONTROLS AND PROCEDURES			53
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			53
ITEM 1A. RISK FACTORS			54
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			55
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			55
ITEM 4. MINE SAFETY DISCLOSURES			55
ITEM 5. OTHER INFORMATION			55
ITEM 6. EXHIBITS			55
SIGNATURES			57

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)


	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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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

Table of Contents


		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

Table of Contents

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

Table of Contents


	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.

Table of Contents

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

Table of Contents

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.

Table of Contents

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

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