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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, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-31775

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland86-1062192
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(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 filerAccelerated filer
Non-accelerated filerSmaller 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 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
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 share34,479,060
(Class)
Outstanding at May 4, 2022




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2022
TABLE OF CONTENTS





PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
March 31, 2022December 31, 2021
ASSETS
Investments in hotel properties, net$3,199,962 $3,230,710 
Cash and cash equivalents548,592 592,110 
Restricted cash102,312 99,534 
Accounts receivable, net of allowance of $470 and $455, respectively
51,692 37,720 
Inventories3,255 3,291 
Notes receivable, net4,805 8,723 
Investments in unconsolidated entities11,100 11,253 
Deferred costs, net4,467 5,001 
Prepaid expenses17,591 13,384 
Derivative assets3,636 501 
Operating lease right-of-use assets44,335 44,575 
Other assets16,604 16,150 
Intangible assets797 797 
Due from Ashford Inc., net 25 
Due from related parties, net7,167 7,473 
Due from third-party hotel managers21,879 26,896 
Total assets$4,038,194 $4,098,143 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net$3,883,012 $3,887,822 
Accounts payable and accrued expenses122,281 117,650 
Accrued interest payable12,514 15,432 
Dividends and distributions payable3,103 3,104 
Due to Ashford Inc., net946  
Due to related parties, net 728 
Due to third-party hotel managers1,606 1,204 
Intangible liabilities, net2,157 2,177 
Operating lease liabilities44,985 45,106 
Other liabilities4,704 4,832 
Total liabilities4,075,308 4,078,055 
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership23,249 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 March 31, 2022 and December 31, 2021
12 12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2022 and December 31, 2021
12 12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2022 and December 31, 2021
15 15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2022 and December 31, 2021
13 13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2022 and December 31, 2021
13 13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,479,057 and 34,490,381 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
345 345 
Additional paid-in capital2,381,191 2,379,906 
Accumulated deficit(2,441,964)(2,382,970)
Total equity (deficit)(60,363)(2,654)
Total liabilities and equity/deficit$4,038,194 $4,098,143 
See Notes to Consolidated Financial Statements.
2

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
20222021
REVENUE
Rooms
$195,330 $97,114 
Food and beverage
36,760 7,903 
Other hotel revenue
14,436 10,428 
Total hotel revenue
246,526 115,445 
Other
612 385 
Total revenue
247,138 115,830 
EXPENSES
Hotel operating expenses:
Rooms
47,406 23,724 
Food and beverage
27,770 6,527 
Other expenses
92,048 55,769 
Management fees
9,554 5,527 
Total hotel expenses
176,778 91,547 
Property taxes, insurance and other
16,459 17,471 
Depreciation and amortization
52,120 57,627 
Advisory services fee
13,386 12,161 
Corporate, general and administrative
3,104 6,997 
Total expenses
261,847 185,803 
Gain (loss) on disposition of assets and hotel properties103 (69)
OPERATING INCOME (LOSS)(14,606)(70,042)
Equity in earnings (loss) of unconsolidated entities
(153)(137)
Interest income
51 13 
Other income (expense)
101 229 
Interest expense and amortization of discounts and loan costs(43,559)(33,264)
Write-off of premiums, loan costs and exit fees
(727)(3,379)
Unrealized gain (loss) on derivatives
3,211 919 
INCOME (LOSS) BEFORE INCOME TAXES(55,682)(105,661)
Income tax (expense) benefit
(120)271 
NET INCOME (LOSS)(55,802)(105,390)
(Income) loss attributable to noncontrolling interest in consolidated entities 81 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership372 2,271 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(55,430)(103,038)
Preferred dividends
(3,103)818 
Gain (loss) on extinguishment of preferred stock 10,635 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(58,533)$(91,585)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(1.71)$(11.01)
Weighted average common shares outstanding – basic34,269 8,305 
Diluted:
Net income (loss) attributable to common stockholders$(1.71)$(11.01)
Weighted average common shares outstanding – diluted34,269 8,305 
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,
20222021
Net income (loss)
$(55,802)$(105,390)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)
  
Comprehensive income (loss)
(55,802)(105,390)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
 81 
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
372 2,271 
Comprehensive income (loss) attributable to the Company
$(55,430)$(103,038)
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 StockAdditional
Paid-in
Capital
Accumulated
Deficit
TotalRedeemable Noncontrolling
Interests in
Operating
Partnership
Series DSeries FSeries GSeries HSeries I Common Stock
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 20211,174 $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, 20221,174 $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 
Preferred StockAdditional
Paid-in
Capital
Accumulated
Deficit
Noncontrolling
Interests In
Consolidated
Entities
TotalRedeemable Noncontrolling
Interests in
Operating
Partnership
Series DSeries FSeries GSeries HSeries I Common Stock
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 20201,791 $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— — — — — — — — — — — — 1,279 — — 1,279 665 
Issuance of restricted shares/units— — — — — — — — — — 13 1 (1)— —  — 
Issuance of common stock— — — — — — — — — — 1,623 16 46,105 — — 46,121 — 
PSU dividend claw back upon cancellation— — — — — — — — — — — — — 178 — 178 — 
Performance LTIP dividend claw back upon cancellation— — — — — — — — — — — — — — — — 454 
Redemption value adjustment— — — — — — — — — — — — — (2,884)— (2,884)2,884 
Extinguishment of preferred stock(112)(1)(853)(9)(1,251)(12)(667)(7)(1,391)(14)2,943 29 (10,621)10,635 —  — 
Net income (loss)— — — — — — — — — — — — — (103,038)(81)(103,119)(2,271)
Balance at March 31, 20211,679 $17 2,038 $20 3,172 $32 2,002 $20 2,000 $20 11,014 $110 $1,846,171 $(2,188,401)$85 $(341,926)$24,683 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Three Months Ended March 31,
20222021
Cash Flows from Operating Activities
Net income (loss)$(55,802)$(105,390)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization52,120 57,627 
Amortization of intangibles33 33 
Recognition of deferred income(127)(125)
Bad debt expense669 279 
Deferred income tax expense (benefit)(67)(5)
Equity in (earnings) loss of unconsolidated entities153 137 
(Gain) loss on disposition of assets and hotel properties(103)69 
Realized and unrealized (gain) loss on derivatives(3,211)(919)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees2,048 (6,068)
Equity-based compensation1,908 1,944 
Non-cash interest income(82)(223)
Paid-in kind interest expense 6,663 
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties:
Accounts receivable and inventories(15,567)(11,593)
Prepaid expenses and other assets(5,304)1,880 
Operating lease right-of-use assets187 126 
Operating lease liabilities(121)(125)
Accounts payable and accrued expenses and accrued interest payable3,126 (20,354)
Due to/from related parties(422)