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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 March 31, 2023
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 34,477,952
(Class)
Outstanding at May 4, 2023



ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2023
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)
March 31, 2023 December 31, 2022
ASSETS
Investments in hotel properties, net $ 3,099,605  $ 3,118,331 
Cash and cash equivalents 344,935  417,064 
Restricted cash 143,821  141,962 
Accounts receivable, net of allowance of $427 and $501, respectively
 62,049  49,809 
Inventories 3,976  3,856 
Notes receivable, net 5,151  5,062 
Investments in unconsolidated entities 19,180  19,576 
Deferred costs, net 2,234  2,665 
Prepaid expenses 20,534  15,981 
Derivative assets 37,348  47,182 
Operating lease right-of-use assets 44,339  43,921 
Other assets 21,492  21,653 
Intangible assets 797  797 
Due from Ashford Inc., net —  486 
Due from related parties, net 3,353  6,570 
Due from third-party hotel managers 20,596  22,462 
Total assets $ 3,829,410  $ 3,917,377 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net $ 3,786,065  $ 3,838,543 
Finance lease liabilities 18,765  18,847 
Accounts payable and accrued expenses 127,892  115,970 
Accrued interest payable 14,306  15,287 
Dividends and distributions payable 3,193  3,118 
Due to Ashford Inc., net 6,480  — 
Due to third-party hotel managers 1,701  1,319 
Intangible liabilities, net 2,077  2,097 
Operating lease liabilities 45,109  44,661 
Other liabilities 4,200  4,326 
Total liabilities 4,009,788  4,044,168 
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership 21,617  21,550 
Series J Redeemable Preferred Stock, $0.01 par value, 501,864 and 87,115 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
 11,543  2,004 
Series K Redeemable Preferred Stock, $0.01 par value, 34,250 and 1,800 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
 843  44 
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 March 31, 2023 and December 31, 2022
 12  12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2023 and December 31, 2022
 12  12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2023 and December 31, 2022
 15  15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2023 and December 31, 2022
 13  13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2023 and December 31, 2022
 13  13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,478,064 and 34,495,185 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
 345  345 
Additional paid-in capital 2,384,000  2,383,244 
Accumulated deficit (2,598,791) (2,534,043)
Total equity (deficit) (214,381) (150,389)
Total liabilities and equity/deficit $ 3,829,410  $ 3,917,377 
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 March 31,
2023 2022
REVENUE
Rooms
 $ 252,955  $ 195,330 
Food and beverage
 58,991  36,760 
Other hotel revenue
 16,282  14,436 
Total hotel revenue
 328,228  246,526 
Other
 658  612 
Total revenue
 328,886  247,138 
EXPENSES
Hotel operating expenses:
Rooms
 59,203  47,406 
Food and beverage
 39,790  27,770 
Other expenses
 113,879  92,048 
Management fees
 12,246  9,554 
Total hotel expenses
 225,118  176,778 
Property taxes, insurance and other
 16,537  16,459 
Depreciation and amortization
 47,855  52,120 
Advisory services fee
 12,986  13,386 
Corporate, general and administrative
 2,612  3,104 
Total operating expenses 305,108  261,847 
Gain (loss) on disposition of assets and hotel properties (24) 103 
OPERATING INCOME (LOSS) 23,754  (14,606)
Equity in earnings (loss) of unconsolidated entities
 (396) (153)
Interest income
 2,557  51 
Other income (expense)
 134  101 
Interest expense and amortization of discounts and loan costs (81,515) (43,559)
Write-off of premiums, loan costs and exit fees
 (420) (727)
Realized and unrealized gain (loss) on derivatives (5,415) 3,211 
INCOME (LOSS) BEFORE INCOME TAXES (61,301) (55,682)
Income tax (expense) benefit
 (221) (120)
NET INCOME (LOSS) (61,522) (55,802)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 600  372 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (60,922) (55,430)
Preferred dividends
 (3,243) (3,103)
Deemed dividends on redeemable preferred stock (407) — 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (64,572) $ (58,533)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (1.88) $ (1.71)
Weighted average common shares outstanding – basic 34,381  34,269 
Diluted:
Net income (loss) attributable to common stockholders $ (1.88) $ (1.71)
Weighted average common shares outstanding – diluted 34,381  34,269 
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 March 31,
2023 2022
Net income (loss)
 $ (61,522) $ (55,802)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)
 —  — 
Comprehensive income (loss)
 (61,522) (55,802)
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
 600  372 
Comprehensive income (loss) attributable to the Company
 $ (60,922) $ (55,430)
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
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, 2022 1,174  $ 12  1,251  $ 12  1,532  $ 15  1,308  $ 13  1,253  $ 13  34,495  $ 345  $ 2,383,244  $ (2,534,043) $ (150,389)
Purchases of common stock —  —  —  —  —  —  —  —  —  —  (17) —  (56) —  (56)
Equity-based compensation —  —  —  —  —  —  —  —  —  —  —  —  812  —  812 
Issuance of preferred shares —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Dividends declared – preferred stock - Series D ($0.53/share)
 —  —  —  —  —  —  —  —  —  —  —  —  —  (620) (620)
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)
Dividends declared – preferred stock - Series J ($0.50/share)
 —  —  —  —  —  —  —  —  —  —  —  —  —  (133) (133)
Dividends declared – preferred stock - Series K ($0.51/share)
 —  —  —  —  —  —  —  —  —  —  —  —  —  (7) (7)
Redemption value adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  (176) (176)
Redemption value adjustment - preferred stock —  —  —  —  —  —  —  —  —  —  —  —  —  (407) (407)
Net income (loss) —  —  —  —  —  —  —  —  —  —  —  —  —  (60,922) (60,922)
Balance at March 31, 2023 1,174  $ 12  1,251  $ 12  1,532  $ 15  1,308  $ 13  1,253  $ 13  34,478  $ 345  $ 2,384,000  $ (2,598,791) $ (214,381)
Preferred Stock Redeemable Noncontrolling
Interests in
Operating
Partnership
Series J Series K
Shares Amount Shares Amount
Balance at December 31, 2022 87  $ 2,004  2  $ 44  $ 21,550 
Purchases of common stock —  —  —  —  — 
Equity-based compensation —  —  —  —  491 
Issuance of preferred shares 415  9,159  32  772  — 
Dividends declared – preferred stock - Series D ($0.53/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series F ($0.46/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series G ($0.46/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series H ($0.47/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series I ($0.47/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series J ($0.50/share)
 —  —  —  —  — 
Dividends declared – preferred stock - Series K ($0.51/share)
 —  —  —  —  — 
Redemption value adjustment —  —  —  —  176 
Redemption value adjustment - preferred stock —  380  —  27  — 
Net income (loss) —  —  —  —  (600)
Balance at March 31, 2023 502  $ 11,543  34  $ 843  $ 21,617 
5

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 —  —  —  —  —  —  —  —  —  —  (14) —  (118) —  (118) — 
Equity-based compensation —  —  —  —  —  —  —  —  —  —  —  —  1,490  —  1,490  418 
Issuance of restricted shares/units —  —  —  —  —  —  —  —  —  —  3  —  —  —  —  — 
Common stock offering costs —  —  —  —  —  —  —  —  —  —  —  —  (87) —  (87) — 
Dividends declared – preferred stock - Series D ($0.53/share)
 —  —  —  —  —  —  —  —  —  —  —  —  —  (620) (620) — 
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 —  —  —  —  —  —  —  —  —  —  —  —  —  (461) (461) 461 
Net income (loss) —  —  —  —  —  —  —  —  —  —  —  —  —  (55,430) (55,430) (372)
Balance at March 31, 2022 1,174  $ 12  1,251  $ 12  1,532  $ 15  1,308  $ 13  1,253  $ 13  34,479  $ 345  $ 2,381,191  $ (2,441,964) $ (60,363) $ 23,249 
6

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Three Months Ended March 31,
2023 2022
Cash Flows from Operating Activities
Net income (loss) $ (61,522) $ (55,802)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 47,855  52,120 
Amortization of intangibles 9  33 
Recognition of deferred income (125) (127)
Bad debt expense 626  669 
Deferred income tax expense (benefit) 17  (67)
Equity in (earnings) loss of unconsolidated entities 396  153 
(Gain) loss on disposition of assets and hotel properties 24  (103)
Realized and unrealized (gain) loss on derivatives 5,415  (3,211)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 4,264  2,048 
Equity-based compensation 1,303  1,908 
Non-cash interest income (121) (82)
Changes in operating assets and liabilities:
Accounts receivable and inventories (12,572) (15,567)
Prepaid expenses and other assets (4,360) (5,304)
Accounts payable and accrued expenses and accrued interest payable 12,782  3,126 
Due to/from related parties 2,011  (422)
Due to/from third-party hotel managers 2,248  5,419 
Due to/from Ashford Inc., net 6,456  690 
Operating lease liabilities 366  (121)
Operating lease right-of-use assets (447) 187 
Other liabilities (1) (1)
Net cash provided by (used in) operating activities 4,624  (14,454)
Cash Flows from Investing Activities
Improvements and additions to hotel properties (29,298) (22,668)
Net proceeds from disposition of assets and hotel properties —  357 
Payments for initial franchise fees (149) — 
Proceeds from property insurance 75  962 
Proceeds from note receivable —  4,000 
Net cash provided by (used in) investing activities (29,372) (17,349)
Cash Flows from Financing Activities
Borrowings on indebtedness, net of commitment fee 449  — 
Repayments of indebtedness (50,840) (4,664)
Payments for loan costs and exit fees (6,751) (146)
Payments for dividends and distributions (3,162) (3,104)
Purchases of common stock (7) — 
Payments for derivatives (4,174) (856)
Proceeds from derivatives 9,038  — 
Common stock offering costs —  (167)
Proceeds from preferred stock offerings 9,925  — 
Net cash provided by (used in) financing activities (45,522) (8,937)
Net increase (decrease) in cash, cash equivalents and restricted cash (70,270) (40,740)
Cash, cash equivalents and restricted cash at beginning of period 559,026  691,644 
Cash, cash equivalents and restricted cash at end of period $ 488,756  $ 650,904 
Supplemental Cash Flow Information
Interest paid $ 76,923  $ 44,830 
Income taxes paid (refunded) (58) 41 
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures $ 14,822  $ 10,273 
Accrued stock offering costs —  28 
Accrued preferred stock offering costs 21  — 
Common stock purchases accrued but not paid —  118 
7

Three Months Ended March 31,
2023 2022
Non-cash preferred stock dividends 6  — 
Unsettled proceeds from derivatives 1,963  — 
Dividends and distributions declared but not paid 3,193  3,103 
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period $ 417,064  $ 592,110 
Restricted cash at beginning of period 141,962  99,534 
Cash, cash equivalents and restricted cash at beginning of period $ 559,026  $ 691,644 
Cash and cash equivalents at end of period $ 344,935  $ 548,592 
Restricted cash at end of period 143,821  102,312 
Cash, cash equivalents and restricted cash at end of period $ 488,756  $ 650,904 
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 March 31, 2023, we held interests in the following assets:
•100 consolidated hotel properties, which represent 22,316 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 $2.0 million;
•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; and
•an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the “Meritage Investment”) in Napa, California, with a carrying value of approximately $8.7 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 March 31, 2023, our 100 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 68 of our 100 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.
9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023.
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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The following transactions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
 Type Date
Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022
Hilton Marietta Marietta, GA Acquisition December 16, 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption.
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 March 31, 2023
Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total
Atlanta, GA Area 10  $ 19,776  $ 4,941  $ 1,490  $ —  $ 26,207 
Boston, MA Area 2  8,619  935  1,434  —  10,988 
Dallas / Ft. Worth, TX Area 7  16,273  5,423  941  —  22,637 
Houston, TX Area 3  6,814  2,558  281  —  9,653 
Los Angeles, CA Metro Area 6  21,603  4,893  1,036  —  27,532 
Miami, FL Metro Area 2  8,630  2,837  206  —  11,673 
Minneapolis - St. Paul, MN Area 2  2,395  594  279  —  3,268 
Nashville, TN Area 1  13,217  7,344  692  —  21,253 
New York / New Jersey Metro Area 6  12,081  4,875  566  —  17,522 
Orlando, FL Area 2  6,926  512  491  —  7,929 
Philadelphia, PA Area 3  4,562  528  221  —  5,311 
San Diego, CA Area 2  4,714  297  317  —  5,328 
San Francisco - Oakland, CA Metro Area 7  16,051  2,117  697  —  18,865 
Tampa, FL Area 2  9,847  1,983  454  —  12,284 
Washington D.C. - MD - VA Area 9  28,020  5,883  1,846  —  35,749 
Other Areas 36  72,408  13,240  5,018  —  90,666 
Orlando WorldQuest —  1,019  31  313  —  1,363 
Corporate —  —  —  —  658  658 
Total 100  $ 252,955  $ 58,991  $ 16,282  $ 658  $ 328,886 
Three Months Ended March 31, 2022
Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total
Atlanta, GA Area 9  $ 13,646  $ 3,121  $ 1,166  $ —  $ 17,933 
Boston, MA Area 2  5,964  1,138  996  —  8,098 
Dallas / Ft. Worth, TX Area 7  12,519  2,623  919  —  16,061 
Houston, TX Area 3  5,567  1,558  190  —  7,315 
Los Angeles, CA Metro Area 6  17,706  2,660  1,018  —  21,384 
Miami, FL Metro Area 2  7,474  2,046  251  —  9,771 
Minneapolis - St. Paul, MN Area 2  1,813  510  84  —  2,407 
Nashville, TN Area 1  10,896  5,323  966  —  17,185 
New York / New Jersey Metro Area 6  8,069  2,446  520  —  11,035 
Orlando, FL Area 2  5,817  313  355  —  6,485 
Philadelphia, PA Area 3  3,834  342  211  —  4,387 
San Diego, CA Area 2  3,661  163  300  —  4,124 
San Francisco - Oakland, CA Metro Area 7  10,357  973  615  —  11,945 
Tampa, FL Area 2  7,623  1,375  295  —  9,293 
Washington D.C. - MD - VA Area 9  16,719  2,850  1,312  —  20,881 
Other Areas 36  61,547  8,956  4,815  —  75,318 
Orlando WorldQuest —  1,152  48  337  —  1,537 
Disposed properties 1  966  315  86  —  1,367 
Corporate —  —  —  —  612  612 
Total 100  $ 195,330  $ 36,760  $ 14,436  $ 612  $ 247,138 
11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
4. Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
March 31, 2023 December 31, 2022
Land $ 622,759  $ 622,759 
Buildings and improvements 3,623,737  3,650,464 
Furniture, fixtures and equipment 216,440  222,665 
Construction in progress 26,773  21,609 
Condominium properties 9,887  9,889 
Hilton Marietta finance lease 17,269  18,998 
Total cost 4,516,865  4,546,384 
Accumulated depreciation (1,417,260) (1,428,053)
Investments in hotel properties, net $ 3,099,605  $ 3,118,331 
5. Hotel Disposition and Impairment Charges
Hotel Dispositions
The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for the fiscal year 2022 hotel property disposition. The following table includes condensed financial information from the hotel property disposition that occurred in 2022 for the three months ended March 31, 2022 (in thousands):
Three Months Ended March 31,
2022
Total hotel revenue
 $ 1,367 
Total hotel operating expenses (1,352)
Property taxes, insurance and other (149)
Depreciation and amortization (610)
Operating income (loss) (744)
Interest expense and amortization of discounts and loan costs (354)
Income (loss) before income taxes (1,098)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 7 
Net income (loss) before income taxes attributable to the Company $ (1,091)
Impairment Charges
For the three months ended March 31, 2023 and 2022, no impairment charges were recorded.
6. Investments in Unconsolidated Entities
OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of March 31, 2023, the Company has made investments in OpenKey totaling approximately $5.5 million.
As of March 31, 2023, the Company held an investment in 815 Commerce MM of approximately $8.5 million, which is developing the Le Meridien Fort Worth. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance.
In November 2022, the Company made an initial investment of $9.1 million in an entity that owns the Meritage Investment in Napa, CA. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance
12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance.
The following table summarizes our carrying value and ownership interest in unconsolidated entities:
March 31, 2023 December 31, 2022
Carrying value of the investment in OpenKey (in thousands) $ 1,953  $ 2,103 
Ownership interest in OpenKey 15.1  % 15.1  %
Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482  $ 8,482 
Ownership interest in 815 Commerce MM 32.5  % 32.5  %
Carrying value of the Meritage Investment (in thousands) $ 8,745  $ 8,991 
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Three Months Ended March 31,
2023 2022
OpenKey $ (150) $ (153)
815 Commerce MM —  — 
Meritage Investment (246) — 
$ (396) $ (153)
We review our investments in unconsolidated entities for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any other-than-temporary impairment is recorded in equity in earnings (loss) of unconsolidated entities. No impairment charges were recorded during the three months ended March 31, 2023 and 2022.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
7. Indebtedness, net
Indebtedness consisted of the following (in thousands):
March 31, 2023 December 31, 2022
Indebtedness Collateral Maturity Interest Rate Debt Balance Debt Balance
Mortgage loan (3)
 19 hotels April 2023
LIBOR (1) + 3.20%
 $ 907,030  $ 907,030 
Mortgage loan 1 hotel June 2023
LIBOR (1) + 2.45%
 73,450  73,450 
Mortgage loan (4)
 7 hotels June 2023
LIBOR (1) + 3.65%
 180,720  180,720 
Mortgage loan (4)
 7 hotels June 2023
LIBOR (1) + 3.39%
 174,400  174,400 
Mortgage loan (4)
 5 hotels June 2023
LIBOR (1) + 3.73%
 221,040  221,040 
Mortgage loan (4)
 5 hotels June 2023
LIBOR (1) + 4.02%
 262,640  262,640 
Mortgage loan (4)
 5 hotels June 2023
LIBOR (1) + 2.73%
 160,000  160,000 
Mortgage loan (4)
 5 hotels June 2023
LIBOR (1) + 3.68%
 215,120  215,120 
Mortgage loan (5)
 17 hotels November 2023
LIBOR (1) + 3.13%
 415,000  415,000 
Mortgage loan (6)
 1 hotel November 2023
SOFR (2) + 2.80%
 25,000  25,000 
Mortgage loan (7)
 1 hotel December 2023
SOFR (2) + 2.85%
 15,252  15,290 
Mortgage loan 1 hotel January 2024
5.49%
 6,307  6,345 
Mortgage loan 1 hotel January 2024
5.49%
 9,204  9,261 
Term loan (8)
 Equity January 2024
14.00%
 195,959  195,959 
Mortgage loan (9)
 8 hotels February 2024
LIBOR (1) + 3.17%
 345,000  395,000 
Mortgage loan (10)
 2 hotels March 2024
LIBOR (1) + 2.75%
 240,000  240,000 
Mortgage loan 1 hotel May 2024
4.99%
 5,755  5,819 
Mortgage loan (11)
 1 hotel June 2024
SOFR (2) + 2.00%
 8,881  8,881 
Mortgage loan 2 hotels August 2024
4.85%
 11,109  11,172 
Mortgage loan 3 hotels August 2024
4.90%
 22,224  22,349 
Mortgage loan (12)
 1 hotel November 2024
LIBOR (1) + 4.65%
 86,000  85,552 
Mortgage loan (13)
 1 hotel December 2024
SOFR (2) + 4.00%
 37,000  37,000 
Mortgage loan 3 hotels February 2025
4.45%
 46,609  46,918 
Mortgage loan 1 hotel March 2025
4.66%
 23,179  23,326 
Mortgage loan (14)
 1 hotel August 2025
SOFR (2) + 3.91%
 98,000  98,000 
$ 3,784,879  $ 3,835,272 
Premiums (discounts), net (16,075) (20,249)
Capitalized default interest and late charges 5,263  8,363 
Deferred loan costs, net (12,623) (8,530)
Embedded debt derivative 24,621  23,687 
Indebtedness, net $ 3,786,065  $ 3,838,543 
_____________________________
(1)    LIBOR rates were 4.858% and 4.390% at March 31, 2023 and December 31, 2022, respectively.
(2)    SOFR rates were 4.800% and 4.358% at March 31, 2023 at December 31, 2022, respectively.
(3)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023. In accordance with exercising the fourth one-year extension option, we repaid $45.0 million of principal and the variable interest rate increased from LIBOR + 3.20% to LIBOR + 3.47%.
(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022.
(5)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022.
(6)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022.
(7)    This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022.
(8)     This term loan has two one-year extension options, subject to satisfaction of certain conditions. Effective January 15, 2023, the interest rate decreased from 16% to 14% in accordance with the terms and conditions of the loan agreement.
(9)    On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal pay down of $50.0 million, and the variable interest rate increased from LIBOR + 3.07% to LIBOR + 3.17%. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023.
(11)    This mortgage loan has a SOFR floor of 2.00%.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
(12)    On January 27, 2023, we drew the remaining $449,000 of the $2.0 million additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(13)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(14)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item 2023 2022
Interest expense and amortization of discounts and loan costs $ (4,173) $ (2,698)
The amortization of the net premium (discount) is computed using a method that approximates the effective interest method.
During the years ended December 31, 2021 and 2020 the Company entered into forbearance and other agreements which were evaluated to be considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. As a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and are being amortized over the remaining term of the loan using the effective interest method. The amount of the capitalized principal that was amortized during the three months ended March 31, 2023 and 2022, was $3.1 million and $3.8 million, respectively. These amounts are included as a reduction to “interest expense and amortization of discounts and loan costs” in the consolidated statements of operations.
We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets.
If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of March 31, 2023, we were in compliance with all covenants related to mortgage loans. We were also in compliance with all covenants under the senior secured term loan facility with Oaktree Capital Management L.P. (“Oaktree”) (the “Oaktree Credit Agreement”). The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.
8. Notes Receivable, Net and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
Interest Rate March 31, 2023 December 31, 2022
Certificate of Occupancy Note (1) (3)
Face amount 7.0  % $ 5,250  $ 5,250 
Discount (2)
 (99) (188)
Notes receivable, net $ 5,151  $ 5,062 
____________________________________
(1)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025.
(2)    The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023.
(3)    The note receivable is secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
No cash interest income was recorded for the three months ended March 31, 2023 and 2022.
We recognized discount amortization income as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item 2023 2022
Other income (expense) $ 89  $ 82 
15

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)