When adjusted for the Company's anticipated capital expenditures of $14.5 million, the sale price represents a 2.2% capitalization rate on net operating income or a multiple of 29.9 times Hotel EBITDA for the twelve months ended September 30, 2025. Excluding the anticipated capital spend, the combined sale price represents a 3.3% capitalization rate on net operating income or a multiple of 19.5 times Hotel EBITDA for the twelve months ended September 30, 2025. Ashford Hospitality Trust is a real estate i ...

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 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 of ices) (Zip code) (972) 490-9600 (Registrant's t ...

Group 1 - The conference call is focused on reviewing the third quarter results for Ashford Hospitality Trust for 2025 and providing updates on recent developments [1] - Key executives participating in the call include Stephen Zsigray (President and CEO), Deric Eubanks (CFO), and Chris Nixon (Executive VP and Head of Asset Management) [1] Group 2 - The call includes forward-looking statements that are subject to various assumptions and uncertainties, which may lead to actual results differing from expectations [2] - The company emphasizes that these forward-looking statements are made under the safe harbor provisions of federal securities regulations [2]

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $69 million, or $11.35 per diluted share for Q3 2025 [10] - Adjusted EBITDA RE for the quarter was $45.4 million, with a year-to-date decline in corporate-adjusted EBITDA RE of just $10.1 million despite a $65.5 million decline in total hotel revenue [6][10] - Cash and cash equivalents at the end of the quarter were $81.9 million, with restricted cash increasing by $12 million from the previous quarter [10] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA grew by 2% year-over-year, while comparable hotel RevPAR decreased by 1.5% [12] - Total revenue increased by 0.2% compared to the prior year period, with ancillary revenue streams growing by approximately $1.7 million [12][16] - The company achieved a hotel EBITDA margin expansion of 46 basis points compared to the prior year period [12][16] Market Data and Key Metrics Changes - Government room nights declined approximately 18.8% during the third quarter compared to the prior year period [13] - Excluding the Washington, D.C. market, comparable hotel RevPAR was down only 0.3%, outperforming the broader U.S. upper-upscale segment [14] - Group room revenue decreased 0.4% compared to the prior year period, but increased 1.3% when excluding the Washington, D.C. market [14] Company Strategy and Development Direction - The company is focused on its GROW-AHT initiative aimed at driving $50 million in run-rate EBITDA improvement through enhanced property-level performance and cost-saving measures [5][6] - Strategic dispositions are ongoing, with recent sales generating a blended cap rate of 5.3% on trailing 12-month net operating income [8] - The company anticipates benefiting from potential interest rate cuts, with each 25 basis point cut expected to save over $6 million in annual interest expense [9] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the resilient operating performance despite economic headwinds affecting RevPAR and margins [5] - The company expects strong group demand in 2026, supported by events like the FIFA World Cup, with 42% of its portfolio located in host cities [15][16] - Management remains focused on driving performance and enhancing long-term shareholder value through disciplined capital investment strategies [22] Other Important Information - The company does not anticipate reinstating a common dividend in 2025, while preferred dividends are being paid [11] - The consolidated portfolio consisted of 70 hotels with 16,876 net rooms as of September 30, 2025 [11] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of engagement during the Q&A segment [23][24]

Core Insights - Ashford Hospitality Trust (AHT) reported a quarterly loss of $2.85 per share, significantly worse than the Zacks Consensus Estimate of a loss of $1.14, and compared to a loss of $1.71 per share a year ago [1] - The company posted revenues of $266.06 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.83% and down from $276.6 million year-over-year [2] - The stock has underperformed, losing about 35.1% since the beginning of the year, while the S&P 500 gained 16.5% [3] Financial Performance - The quarterly report represents an FFO surprise of -150.00%, with the actual FFO being $0.78 per share compared to an expected $1.83 per share, resulting in a surprise of -57.38% [1][2] - The current consensus FFO estimate for the upcoming quarter is -$3.54 on revenues of $267.9 million, and -$3.83 on revenues of $1.12 billion for the current fiscal year [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] Estimate Revisions - The estimate revisions trend for Ashford Hospitality Trust was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

Financial Performance - Comparable RevPAR for all hotels decreased 1.5% to $128 during the quarter, driven by a 2.2% decrease in Comparable ADR and a 0.7% increase in Comparable Occupancy[5]. - Net loss attributable to common stockholders was $(69.0) million or $(11.35) per diluted share for the quarter[5]. - Adjusted EBITDAre was $45.4 million for the quarter, while Comparable Hotel EBITDA was $68.9 million, reflecting a growth rate of 2.0% over the prior year quarter[5]. - Total hotel revenue for the three months ended September 30, 2025, was $265.676 million, a decrease of 4.9% compared to $276.018 million for the same period in 2024[25]. - Net income attributable to common stockholders for the three months ended September 30, 2025, was a loss of $69.001 million, compared to a loss of $63.151 million in the same period of 2024[25]. - Operating income for the nine months ended September 30, 2025, was $123.047 million, down from $308.167 million for the same period in 2024[25]. - Net income for the three months ended September 30, 2025, was a loss of $62.725 million, compared to a loss of $59.128 million for the same period in 2024[27]. - EBITDA for the three months ended September 30, 2025, was $44.983 million, down from $56.502 million in the prior year, representing a decrease of approximately 20.5%[27]. - Funds from Operations (FFO) available to common stockholders for the three months ended September 30, 2025, was a loss of $43.973 million, compared to a loss of $37.150 million in 2024[29]. - Adjusted FFO per diluted share available to common stockholders for the nine months ended September 30, 2025, was $(3.13), compared to $(2.32) in the same period of 2024[29]. - Total hotel revenue for Q3 2025 was $265.675 million, a decrease of 3.75% compared to $276.019 million in Q3 2024[44]. - Hotel net income for Q3 2025 was $26.634 million, down 18.50% from $32.678 million in Q3 2024[44]. - Comparable hotel net income decreased by 59.94% to $11.115 million in Q3 2025 from $27.745 million in Q3 2024[44]. - Total hotel revenue for the nine months ended September 30, 2025, was $844.271 million, a decrease of 5.68% from $895.074 million in the same period of 2024[44]. - Hotel net income for Q3 2025 was $26,634,000, compared to $57,561,000 in Q2 2025, reflecting a decrease of about 54%[50]. - Total hotel EBITDA including amounts attributable to noncontrolling interest for Q3 2025 was $68,740,000, compared to $92,279,000 in Q2 2025[82]. Cash and Debt Management - The Company ended the quarter with cash and cash equivalents of $81.9 million and restricted cash of $166.9 million[5]. - Total loans amounted to $2.6 billion with a blended average interest rate of 8.0%, with approximately 95% of the debt being floating[6]. - The company reported a total of $140.793 million in current maturity of fixed-rate debt as of September 30, 2025[31]. - Total indebtedness as of September 30, 2025, was $2.645 billion, with a weighted average interest rate of 8.03%[31]. - The company’s net working capital is reported at $(144,269,000), indicating a negative liquidity position[73]. - Interest expense associated with hotels in receivership for the nine months ended September 30, 2025, was $29.632 million, slightly down from $29.615 million in 2024[29]. - Interest expense for the nine months ended September 30, 2025, was $211.064 million, up from $235.246 million in the same period of 2024, showing a decrease of approximately 10.3%[96]. - Interest income for the nine months ended September 30, 2025, was $(1,116,000), which may affect overall profitability[106]. Asset Management and Impairment - The company reported impairment charges of $18.374 million for the three months ended September 30, 2025, compared to no impairment charges in the same period of 2024[25]. - Total assets decreased to $3.008 billion as of September 30, 2025, down from $3.161 billion as of December 31, 2024, representing a decline of 4.8%[22]. - Total liabilities decreased to $3.308 billion as of September 30, 2025, compared to $3.373 billion as of December 31, 2024, a reduction of 1.9%[22]. - The accumulated deficit increased to $2.950 billion as of September 30, 2025, from $2.812 billion as of December 31, 2024[22]. - Total stockholders' equity (deficit) was $(548.738) million as of September 30, 2025, compared to $(419.237) million as of December 31, 2024[22]. Operational Efficiency and Initiatives - The "GRO AHT" initiative aims to drive outsized EBITDA growth through G&A Reduction, Revenue Maximization, and Operational Efficiency[4]. - The company continues to focus on market expansion and optimizing hotel performance across various regions[58]. - The company is focusing on market expansion and improving operational efficiency to enhance future performance[61]. - Future outlook includes continued focus on market expansion and potential acquisitions to enhance portfolio performance and revenue growth[111]. Regional Performance - The company operates 70 hotel properties as of September 30, 2025, which were included in the comparable information[50]. - In the Atlanta, GA area, RevPAR increased by 1.4% to $134.35 from $132.52 in the same period last year[54]. - The New York/New Jersey metro area saw a significant RevPAR increase of 10.7%, reaching $116.83 compared to $105.56 in 2024[54]. - The Philadelphia, PA area experienced a RevPAR increase of 13.2%, with figures rising to $133.67 from $118.04[54]. - The San Diego, CA area reported a RevPAR decline of 12.7%, dropping to $157.32 from $180.15[54]. - The Miami, FL metro area achieved a RevPAR of $177.53, reflecting a 3.8% increase compared to $170.98 in the previous year[56]. - The Houston, TX area reported a RevPAR of $112.33, which is a 5.4% increase from $106.58 in 2024[56]. - The Atlanta, GA area reported hotel EBITDA of $14,904,000 for 2025, representing 6.2% of the total, with a year-over-year increase of 11.0% from $13,223,000 in 2024[69]. - The Washington D.C. - MD - VA area reported hotel EBITDA of $38,716,000, which is 16.2% of the total, showing a decrease of 5.0% from $40,750,000 in 2024[69]. Future Outlook - The company anticipates benefiting from short-term interest rates coming down due to its high percentage of floating-rate debt[13]. - The anticipated capital expenditures for 2025 include significant investments in hotels, with a total of 4 projects expected to incur capital expenditures in the fourth quarter[76]. - Future outlook indicates a focus on improving hotel EBITDA and managing interest expenses effectively[79].

Group 1 - The article does not provide any specific content related to a company or industry [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Points - Ashford Hospitality Trust, Inc. announced multiple dividends for its preferred stock series for the fourth quarter ending December 31, 2025, with payments scheduled for January 15, 2026 [1][2][3][4][5][6][7][8][9][10][11][12][13] Dividend Announcements - A dividend of $0.5281 per diluted share was declared for the 8.45% Series D Cumulative Preferred Stock [1] - A dividend of $0.4609 per diluted share was declared for the 7.375% Series F Cumulative Preferred Stock [2] - A dividend of $0.4609 per diluted share was declared for the 7.375% Series G Cumulative Preferred Stock [3] - A dividend of $0.46875 per diluted share was declared for the 7.50% Series H Cumulative Preferred Stock [4] - A dividend of $0.46875 per diluted share was declared for the 7.50% Series I Cumulative Preferred Stock [5] - Monthly cash dividends of $0.16667 per share for Series J Redeemable Preferred Stock were announced for three payment dates [6] - Monthly cash dividends of $0.17708 per share for Series K Redeemable Preferred Stock were announced for one specific CUSIP [7] - Monthly cash dividends of $0.17500 per share for Series K Redeemable Preferred Stock were announced for multiple CUSIPs [8] - Monthly cash dividends of $0.17292 per share for Series K Redeemable Preferred Stock were announced for additional CUSIPs [9] - Monthly cash dividends of $0.17083 per share for Series K Redeemable Preferred Stock were announced for remaining CUSIPs [10] - Monthly cash dividends of $0.15625 per share for Series L Redeemable Preferred Stock were announced for three payment dates [11] - Monthly cash dividends of $0.16042 per share for Series M Redeemable Preferred Stock were announced for three payment dates [12][13] Company Overview - As of September 30, 2025, Ashford Hospitality Trust had 7,672,142 shares of Series J, 737,805 shares of Series K, 195,976 shares of Series L, and 433,601 shares of Series M Redeemable Preferred Stock issued and outstanding [14] - The company operates as a real estate investment trust (REIT) primarily focused on investing in upper upscale, full-service hotels [14]