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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, 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)

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 share34,513,386
(Class)
Outstanding at November 6, 2023




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED September 30, 2023
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, 2023December 31, 2022
ASSETS
Investments in hotel properties, net ($76,017 and $0 attributable to VIEs).
$3,122,833 $3,118,331 
Cash and cash equivalents184,181 417,064 
Restricted cash ($14,279 and $0 attributable to VIEs)
171,896 141,962 
Accounts receivable, net of allowance of $1,471 and $501, respectively
73,712 49,809 
Inventories3,945 3,856 
Notes receivable, net5,934 5,062 
Investments in unconsolidated entities10,379 19,576 
Deferred costs, net ($93 and $0 attributable to VIEs)
1,858 2,665 
Prepaid expenses ($669 and $0 attributable to VIEs)
15,800 15,981 
Derivative assets25,493 47,182 
Operating lease right-of-use assets44,136 43,921 
Other assets18,171 21,653 
Intangible assets797 797 
Due from Ashford Inc., net 486 
Due from related parties, net4,347 6,570 
Due from third-party hotel managers24,145 22,462 
Assets held for sale10,882  
Total assets$3,718,509 $3,917,377 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($38,730 and $0 attributable to VIEs)
$3,631,719 $3,838,543 
Finance lease liability18,465 18,847 
Other finance liability ($26,804 and $0 attributable to VIEs)
26,804  
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)
153,209 115,970 
Accrued interest payable ($99 and $0 attributable to VIEs)
25,243 15,287 
Dividends and distributions payable3,568 3,118 
Due to Ashford Inc., net9,028  
Due to third-party hotel managers1,134 1,319 
Intangible liabilities, net2,037 2,097 
Operating lease liabilities44,887 44,661 
Other liabilities3,948 4,326 
Liabilities related to assets held for sale9,795  
Total liabilities3,929,837 4,044,168 
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership22,394 21,550 
Series J Redeemable Preferred Stock, $0.01 par value, 2,628,792 and 87,115 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
60,482 2,004 
Series K Redeemable Preferred Stock, $0.01 par value, 154,233 and 1,800 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
3,798 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 September 30, 2023 and December 31, 2022
12 12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 2023 and December 31, 2022
12 12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 2023 and December 31, 2022
15 15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 2023 and December 31, 2022
13 13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 2023 and December 31, 2022
13 13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,513,386 and 34,495,185 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
345 345 
Additional paid-in capital2,385,679 2,383,244 
Accumulated deficit(2,697,244)(2,534,043)
Total stockholders’ equity (deficit) of the Company(311,155)(150,389)
Noncontrolling interest in consolidated entities13,153  
Total equity (deficit)(298,002)(150,389)
Total liabilities and equity/deficit$3,718,509 $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 September 30,Nine Months Ended September 30,
2023202220232022
REVENUE
Rooms
$270,607 $260,616 $817,477 $731,474 
Food and beverage
52,205 48,633 172,943 139,709 
Other hotel revenue
19,537 18,183 55,135 50,042 
Total hotel revenue
342,349 327,432 1,045,555 921,225 
Other
665 724 2,094 2,164 
Total revenue
343,014 328,156 1,047,649 923,389 
EXPENSES
Hotel operating expenses:
Rooms
64,803 61,464 190,041 169,250 
Food and beverage
39,511 36,199 121,211 100,981 
Other expenses
115,625 106,907 348,463 310,407 
Management fees
12,687 11,686 38,706 33,552 
Total hotel expenses
232,626 216,256 698,421 614,190 
Property taxes, insurance and other
17,345 17,541 52,880 51,289 
Depreciation and amortization
45,954 49,428 140,963 152,444 
Advisory services fee
12,395 12,513 37,650 38,176 
Corporate, general and administrative
3,871 (884)11,387 6,730 
Total operating expenses312,191 294,854 941,301 862,829 
Gain (loss) on consolidation of VIE and disposition of assets6,390 (11)7,443 273 
OPERATING INCOME (LOSS)37,213 33,291 113,791 60,833 
Equity in earnings (loss) of unconsolidated entities
(138)(147)(715)(451)
Interest income
1,888 1,576 6,755 2,153 
Other income (expense)
34 241 277 426 
Interest expense and amortization of discounts and loan costs(99,380)(61,023)(270,485)(152,975)
Write-off of premiums, loan costs and exit fees
(1,263)(1,378)(2,633)(3,076)
Realized and unrealized gain (loss) on derivatives(2,678)9,774 4,490 19,059 
INCOME (LOSS) BEFORE INCOME TAXES(64,324)(17,666)(148,520)(74,031)
Income tax (expense) benefit
(127)(4,657)(2,410)(10,340)
NET INCOME (LOSS)(64,451)(22,323)(150,930)(84,371)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership889 231 1,838 679 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(63,562)(22,092)(149,092)(83,692)
Preferred dividends
(4,295)(3,104)(11,290)(9,311)
Deemed dividends on redeemable preferred stock(760) (1,993) 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(68,617)$(25,196)$(162,375)$(93,003)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(1.99)$(0.73)$(4.72)$(2.71)
Weighted average common shares outstanding – basic34,459 34,371 34,395 34,324 
Diluted:
Net income (loss) attributable to common stockholders$(1.99)$(0.73)$(4.72)$(2.71)
Weighted average common shares outstanding – diluted34,459 34,371 34,395 34,324 
See Notes to Consolidated Financial Statements.
3


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income (loss)
$(64,451)$(22,323)$(150,930)$(84,371)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)
    
Comprehensive income (loss)
(64,451)(22,323)(150,930)(84,371)
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
889 231 1,838 679 
Comprehensive income (loss) attributable to the Company
$(63,562)$(22,092)$(149,092)$(83,692)
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
Noncontrolling Interest in Consolidated EntitiesTotal
Series DSeries FSeries GSeries HSeries I Common Stock
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at June 30, 2023
1,174 $12 1,251 $12 1,532 $15 1,308 $13 1,253 $13 34,493 $345 $2,384,805 $(2,628,370)$7,961 $(235,194)
Equity-based compensation— — — — — — — — — — — — 874 — — 874 
Issuance of restricted shares/units— — — — — — — — — — 20 — — — — — 
Issuance of preferred stock— — — — — — — — — — — — — — — — 
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)
Dividends declared – preferred stock – Series J ($0.50/share)
— — — — — — — — — — — — — (1,130)— (1,130)
Dividends declared – preferred stock – Series K ($0.51/share)
— — — — — — — — — — — — — (61)— (61)
Redemption value adjustment— — — — — — — — — — — — — (257)— (257)
Redemption value adjustment – preferred stock— — — — — — — — — — — — — (760)— (760)
Redemption of preferred stock— — — — — — — — — — — — — — — — 
Contributions from noncontrolling interest in consolidated entities
— — — — — — — — — — — — — — 5,192 5,192 
Net income (loss)— — — — — — — — — — — — — (63,562)— (63,562)
Balance at September 30, 20231,174 $12 1,251 $12 1,532 $15 1,308 $13 1,253 $13 34,513 $345 $2,385,679 $(2,697,244)$13,153 $(298,002)
Preferred StockRedeemable Noncontrolling
Interests in
Operating
Partnership
Series JSeries K
SharesAmountSharesAmount
Balance at June 30, 2023
1,575 $36,224 72 $1,766 $22,409 
Equity-based compensation— — — — 617 
Issuance of restricted shares/units— — — — — 
Issuance of preferred stock1,055 23,567 82 1,985 — 
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— — — — 257 
Redemption value adjustment – preferred stock— 713 —