0001232582truePursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on June 13, 2024, for the event dated June 10, 2024, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.00012325822024-06-102024-06-100001232582us-gaap:CommonStockMember2024-06-102024-06-100001232582us-gaap:SeriesDPreferredStockMember2024-06-102024-06-100001232582us-gaap:SeriesFPreferredStockMember2024-06-102024-06-100001232582us-gaap:SeriesGPreferredStockMember2024-06-102024-06-100001232582us-gaap:SeriesHPreferredStockMember2024-06-102024-06-100001232582aht:SeriesIPreferredStockMember2024-06-102024-06-10

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

FORM 8-K/A
(Amendment No. 1)

CURRENT REPORT

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

Date of Report (date of earliest event reported): June 10, 2024

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

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

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

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

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

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

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

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

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

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


EXPLANATORY NOTE: Pursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on June 13, 2024, for the event dated June 10, 2024, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(b) Pro Forma Financial Information.
The unaudited pro forma financial information for Ashford Hospitality Trust, Inc. as of and for the three months ended March 31, 2024, and for the year ended December 31, 2023, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)    Exhibits
Exhibit Number        Description

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




SIGNATURES

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



    
ASHFORD HOSPITALITY TRUST, INC.
Dated: June 13, 2024By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EXHIBIT 99.1
On June 10, 2024, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 90-room SpringHill Suites Kennesaw and the 86-room Fairfield Inn Kennesaw located in Kennesaw, Georgia (collectively the “Hotel Group”) for $17.1 million in cash, net of selling expenses. Additionally, the Company repaid approximately $10.9 million on the mortgage loan secured by the Hotel Group.
The following unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 2024 and for the year ended December 31, 2023 has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on March 31, 2024. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2023, and the three months ended March 31, 2024, assume the disposition closed on January 1, 2023. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of the Hotel Group and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel properties. The pro forma gain resulting from the disposition of the Hotel Group is preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2024
(in thousands, except share and per share amounts) 
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
ASSETS
Investments in hotel properties, net ($129,063 attributable to VIEs).$2,538,470 $7,619 $— $2,530,851 
Contract asset378,160 — — 378,160 
Cash and cash equivalents ($3,675 attributable to VIEs)111,065 345 17,111 (C) (i)117,360 
410 (C) (i)
(10,881)(C) (ii)
Restricted cash ($9,600 attributable to VIEs)132,949 298 — 132,651 
Accounts receivable, net of allowance ($218 attributable to VIEs)56,041 110 — 55,931 
Inventories ($4 attributable to VIEs)3,754 4 — 3,750 
Notes receivable, net9,642 — — 9,642 
Investments in unconsolidated entities9,426 — — 9,426 
Deferred costs, net ($206 attributable to VIEs)1,750 31 — 1,719 
Prepaid expenses ($867 attributable to VIEs)22,133 121 — 22,012 
Derivative assets12,398 — — 12,398 
Operating lease right-of-use assets43,975 — — 43,975 
Other assets ($1,645 attributable to VIEs)18,948 1 — 18,947 
Intangible assets797 — — 797 
Due from third-party hotel managers23,531 — — 23,531 
Assets held for sale176,178 — — 176,178 
Total assets$3,539,217 $8,529 $6,640 $3,537,328 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($70,546 attributable to VIEs)$2,934,894 $10,871 $— $2,924,023 
Debt associated with hotels in receivership355,120 — — 355,120 
Finance lease liability18,387 — — 18,387 
Other finance liability ($26,908 attributable to VIEs)26,908 — — 26,908 
Accounts payable and accrued expenses ($12,582 attributable to VIEs)130,613 477 — 130,136 
Accrued interest payable ($520 attributable to VIEs)12,511 45 — 12,466 
Accrued interest associated with hotels in receivership23,040 — — 23,040 
Dividends and distributions payable ($1 attributable to VIEs)3,651 — — 3,651 
Due to Ashford Inc., net ($3,553 attributable to VIEs)9,732 (4)— 9,736 
Due to related parties, net ($48 attributable to VIEs)2,003 (49)— 2,052 
Due to third-party hotel managers ($122 attributable to VIEs)1,487 — — 1,487 
Intangible liabilities, net2,005 — — 2,005 
Operating lease liabilities44,661 — — 44,661 
Other liabilities3,443 — — 3,443 
Liabilities related to assets held for sale101,720 — — 101,720 
Total liabilities3,670,175 11,340 — 3,658,835 
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership22,300 — — 22,300 
Series J Redeemable Preferred Stock, $0.01 par value, 4,353,135 shares issued and outstanding at March 31, 2024100,192 — — 100,192 
Series K Redeemable Preferred Stock, $0.01 par value, 262,060 shares issued and outstanding at March 31, 20246,434 — — 6,434 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,159,927 shares issued and outstanding at March 31, 202412 — — 12 
Series F Cumulative Preferred Stock, 1,104,344 shares issued and outstanding at March 31, 202411 — — 11 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 202415 — — 15 
Series H Cumulative Preferred Stock, 1,099,325 shares issued and outstanding at March 31, 202411 — — 11 
Series I Cumulative Preferred Stock, 1,143,923 shares issued and outstanding at March 31, 202411 — — 11 
Common stock, $0.01 par value, 400,000,000 shares authorized, 40,167,334 shares issued and outstanding at March 31, 2024402 — — 402 
Additional paid-in capital2,383,814 (2,811)7,650 (C) (i)2,383,814 
410 (C) (i)
(10,871)(C) (ii)
Accumulated deficit(2,661,080)— 9,461 (C) (i)(2,651,629)
(10)(C) (ii)
Total stockholders’ equity (deficit) of the Company(276,804)(2,811)6,640 (267,353)
Noncontrolling interest in consolidated entities16,920 — — 16,920 
Total equity (deficit)(259,884)(2,811)6,640 (250,433)
Total liabilities and equity/deficit$3,539,217 $8,529 $6,640 $3,537,328 
See accompanying notes.


NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(A)Represents the historical consolidated balance sheet of Ashford Trust as of March 31, 2024, as reported in its Quarterly Report on Form 10-Q, filed on May 9, 2024.
(B)Represents the removal of the historical balance sheet of the Hotel Group as of March 31, 2024.
(C)Represents adjustments for Ashford Trust’s disposition of the Hotel Group as of March 31, 2024, which includes: (i) an adjustment for the cash consideration received of $17.1 million, net of selling expenses and cash received for hotel net working capital; and (ii) the cash paid to repay the mortgage loan secured by the Hotel Group.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2023
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$1,059,155 $5,741 $— $1,053,414 
Food and beverage232,829 — — 232,829 
Other hotel revenue72,748 134 — 72,614 
Total hotel revenue1,364,732 5,875 — 1,358,857 
Other2,801 — — 2,801 
Total revenue1,367,533 5,875 — 1,361,658 
EXPENSES
Hotel operating expenses:
Rooms249,434 1,334 — 248,100 
Food and beverage161,300 — — 161,300 
Other expenses464,058 2,555 — 461,503 
Management fees50,645 396 — 50,249 
Total hotel expenses925,437 4,285 — 921,152 
Property taxes, insurance and other70,226 217 — 70,009 
Depreciation and amortization187,807 941 — 186,866 
Advisory services fee48,927 — — 48,927 
Corporate, general and administrative16,181 — — 16,181 
Total operating expenses1,248,578 5,443 — 1,243,135 
Gain (loss) on consolidation of VIE and disposition of assets11,488 — 9,461 (C) (i)20,949 
OPERATING INCOME (LOSS)130,443 432 9,461 139,472 
Equity in earnings (loss) of unconsolidated entities(1,134)— — (1,134)
Interest income8,978 — — 8,978 
Other income (expense)310 — — 310 
Interest expense and amortization of discounts and loan costs(366,148)(572)— (365,576)
Write-off of premiums, loan costs and exit fees(3,469)— (10)(C) (ii)(3,479)
Gain (loss) on extinguishment of debt53,386 — — 53,386 
Realized and unrealized gain (loss) on derivatives(2,200)— — (2,200)
INCOME (LOSS) BEFORE INCOME TAXES(179,834)(140)9,451 (170,243)
Income tax (expense) benefit(900)— — (900)
NET INCOME (LOSS)(180,734)(140)9,451 (171,143)
(Income) loss attributable to noncontrolling interest in consolidated entities6 — — 6 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,239 — (118)(C) (iii)2,121 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(178,489)(140)9,333 (169,016)
Preferred dividends(15,921)— — (15,921)
Deemed dividends on redeemable preferred stock(2,673)— — (2,673)
Gain (loss) on extinguishment of preferred stock3,390 — — 3,390 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(193,693)$(140)$9,333 $(184,220)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(5.61)$(5.34)
Weighted average common shares outstanding—basic34,523 34,523 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(5.61)$(5.34)
Weighted average common shares outstanding—diluted34,523 34,523 

See accompanying notes.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended March 31, 2024
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$229,207 $1,217 $— $227,990 
Food and beverage57,358 — — 57,358 
Other hotel revenue16,692 32 — 16,660 
Total hotel revenue303,257 1,249 — 302,008 
Other639 — — 639 
Total revenue303,896 1,249 — 302,647 
EXPENSES
Hotel operating expenses:
Rooms54,680 312 — 54,368 
Food and beverage37,831 — — 37,831 
Other expenses106,826 612 — 106,214 
Management fees11,550 101 — 11,449 
Total hotel expenses210,887 1,025 — 209,862 
Property taxes, insurance and other17,364 66 — 17,298 
Depreciation and amortization40,544 226 — 40,318 
Advisory services fee15,201 — — 15,201 
Corporate, general and administrative8,272 — — 8,272 
Total operating expenses292,268 1,317 — 290,951 
Gain (loss) on disposition of assets and hotel properties6,956 — — 6,956 
Gain (loss) on derecognition of assets133,909 — — 133,909 
OPERATING INCOME (LOSS)152,493 (68)— 152,561 
Equity in earnings (loss) of unconsolidated entities(534)— — (534)
Interest income1,984 — — 1,984 
Other income (expense)36 — — 36 
Interest expense and amortization of discounts and loan costs(73,961)(141)— (73,820)
Interest expense associated with hotels in receivership(12,098)— — (12,098)
Write-off of premiums, loan costs and exit fees(18)— — (18)
Gain (loss) on extinguishment of debt45 — — 45 
Realized and unrealized gain (loss) on derivatives4,761 — — 4,761 
INCOME (LOSS) BEFORE INCOME TAXES72,708 (209)— 72,917 
Income tax (expense) benefit(303)— — (303)
NET INCOME (LOSS)72,405 (209)— 72,614 
(Income) loss attributable to noncontrolling interest in consolidated entities9 — — 9 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(853)— 3 (C) (iii)(850)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY71,561 (209)3 71,773 
Preferred dividends(5,011)— — (5,011)
Deemed dividends on redeemable preferred stock(682)— — (682)
Gain (loss) on extinguishment of preferred stock1,573 — — 1,573 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$67,441 $(209)$3 $67,653 
Income (loss) per share – basic:
Income (loss) attributable to common stockholders$1.74 $1.75 
Weighted average common shares outstanding—basic38,458 38,458 
Income (loss) per share – diluted:
Income (loss) attributable to common stockholders$0.60 $0.60 
Weighted average common shares outstanding—diluted116,729 116,729 

See accompanying notes.


NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2023, as reported in its Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 14, 2024 and the historical consolidated statement of operations of Ashford Trust for the three months ended March 31, 2024, as reported in its Quarterly Report on Form 10-Q, filed on May 9, 2024.
(B)Represents the removal of the historical consolidated statements of operations of the Hotel Group for the year ended December 31, 2023, and the three months ended March 31, 2024.
(C)Represents adjustments for the Company’s sale of the Hotel Group, which includes: (i) the estimated non-recurring gain on the disposition of the Hotel Group for the year ended December 31, 2023; (ii) an adjustment for the write-off of deferred loan costs for the year ended December 31, 2023, and (iii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the Hotel Group, including the estimated non-recurring income for the year ended December 31, 2023, based on an ownership percentage of 1.27% for the year ended December 31, 2023 and 1.25% for the three months ended March 31, 2024. There is no estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2023 and the three months ended March 31, 2024. The pro forma gain resulting from the disposition of the Hotel Group is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.

v3.24.1.1.u2
Document and Entity Information
Jun. 10, 2024
Entity Information [Line Items]  
Document Type 8-K/A
Document Period End Date Jun. 10, 2024
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC.
Entity Central Index Key 0001232582
Amendment Flag true
Amendment Description Pursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on June 13, 2024, for the event dated June 10, 2024, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.
Entity Incorporation, State or Country Code MD
Entity File Number 001-31775
Entity Tax Identification Number 86-1062192
Entity Address, Address Line One 14185 Dallas Parkway, Suite 1200
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 490-9600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol AHT
Security Exchange Name NYSE
Preferred Stock, Series D  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series D
Trading Symbol AHT-PD
Security Exchange Name NYSE
Preferred Stock, Series F  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series F
Trading Symbol AHT-PF
Security Exchange Name NYSE
Preferred Stock, Series G  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series G
Trading Symbol AHT-PG
Security Exchange Name NYSE
Preferred Stock, Series H  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series H
Trading Symbol AHT-PH
Security Exchange Name NYSE
Preferred Stock, Series I  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series I
Trading Symbol AHT-PI
Security Exchange Name NYSE
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