Ashford Hospitality Trust, Inc. (NYSE:AHT) Q1 2020 Earnings Conference Call May 21, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Robison Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Montgomery Scott, LLC Chris Woronka - Deutsche Bank Securities, Inc. Bryan Maher - B. Riley FBR, Inc. Michael Bellisario - Robert W. Baird & Co. Robin Farley ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) Ashford Hospitality Trust is an externally-advised REIT investing in upper upscale U.S. hotels, owning 117 properties as of year-end 2019 Portfolio Overview as of December 31, 2019 | Metric | Value | | :--- | :--- | | Consolidated Hotel Properties | 117 | | Total Rooms | 24,943 | | Net Rooms (excluding partner's share) | 24,916 | | Hotel Condominium Units (WorldQuest) | 90 | - The company operates as a REIT, utilizing taxable REIT subsidiaries (Ashford TRS) to lease and own its hotel properties, which are then managed by hotel management companies like Remington Hotels[9](index=9&type=chunk) - The company is externally advised by Ashford LLC, a subsidiary of Ashford Inc., and has no direct employees; Remington Hotels, also an Ashford Inc. subsidiary, manages **80 of the 117** hotel properties[9](index=9&type=chunk) - Key business strategies include acquiring accretive hotels, disposing of non-core properties, preserving capital, and enhancing liquidity, with an investment focus on upper upscale full-service hotels[12](index=12&type=chunk) - The company's 2020 dividend policy of **$0.06 per share quarterly** is expected to be reconsidered, with a potential elimination or significant reduction due to the business impact of COVID-19[15](index=15&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from economic conditions like the COVID-19 pandemic, high indebtedness, and conflicts of interest with its external advisor - The lodging industry's performance is closely linked to the general economy, and pandemics like **COVID-19 can lead to declines in occupancy and room rates**, harming operating performance[29](index=29&type=chunk)[59](index=59&type=chunk) - The company has a significant amount of debt (**$4.1 billion** as of Dec 31, 2019), with **$3.8 billion** being variable-rate, exposing it to interest rate and refinancing risks[50](index=50&type=chunk)[51](index=51&type=chunk) - **Significant conflicts of interest** exist due to the relationship with its external advisor, Ashford Inc., and its subsidiaries, as key agreements were not negotiated on an arm's-length basis[73](index=73&type=chunk)[77](index=77&type=chunk) - **Failure to qualify as a REIT** would subject the company to corporate income tax, substantially reducing cash available for distributions and adversely affecting security values[106](index=106&type=chunk) - The company's charter and Maryland law contain provisions, such as a **9.8% ownership limit**, which may delay or prevent a change of control[130](index=130&type=chunk)[135](index=135&type=chunk) [Unresolved Staff Comments](index=41&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are **no unresolved staff comments** as of the report date[146](index=146&type=chunk) [Properties](index=42&type=section&id=Item%202.%20Properties) As of year-end 2019, the company's portfolio consisted of 117 hotel properties located entirely within the United States Total Portfolio Performance (Year Ended Dec 31, 2019) | Metric | Value | | :--- | :--- | | Total Properties | 117 | | Total Rooms | 24,943 | | Occupancy | 76.34% | | Average Daily Rate (ADR) | $168.06 | | Revenue Per Available Room (RevPAR) | $128.29 | - The portfolio includes **113 fee simple properties** and 4 properties subject to ground leases, all located in the United States[149](index=149&type=chunk)[151](index=151&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in several legal proceedings, including a class action lawsuit with potential damages up to $11.9 million - In the Pedro Membrives class action lawsuit concerning improper retention of service charges, an unfavorable outcome could result in damages ranging from **$5.8 million to $11.9 million** plus attorneys' fees[153](index=153&type=chunk) - The long-standing Palm Beach Florida Hotel litigation is substantially resolved, with approximately **$504,000 accrued** for potential remaining legal fees as of December 31, 2019[151](index=151&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[153](index=153&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE, with all 2019 distributions characterized as a return of capital for tax purposes Dividend Per Common Share | Year | Dividend per Share | | :--- | :--- | | 2019 | $0.30 | | 2018 | $0.48 | - For tax purposes, **100% of the distributions** paid on common and preferred stock in 2019 and 2018 were characterized as a **return of capital**[156](index=156&type=chunk) - A stock repurchase program authorizing up to **$200 million** was in place, but no shares were purchased under this program during the fourth quarter of 2019[160](index=160&type=chunk)[161](index=161&type=chunk) [Selected Financial Data](index=49&type=section&id=Item%206.%20Selected%20Financial%20Data) The company reported total revenue of approximately $1.5 billion and a net loss of $113.6 million for the year ended December 31, 2019 Selected Financial Data (in thousands, except per share data) | Metric | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,502,759 | $1,430,789 | $1,439,270 | | **Operating Income (Loss)** | $114,729 | $90,414 | $149,035 | | **Net Income (Loss) attributable to the Company** | $(113,635) | $(126,966) | $(67,008) | | **Diluted Loss per Common Share** | $(1.58) | $(1.75) | $(1.30) | | **Total Assets (at year-end)** | $4,691,348 | $4,685,954 | $4,669,850 | | **Indebtedness, net (at year-end)** | $4,106,518 | $3,927,266 | $3,696,300 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of the COVID-19 pandemic on operations and liquidity, which has prompted debt restructuring requests - The **COVID-19 pandemic** has had a significant negative impact on room demand, occupancy, and RevPAR since February 2020, leading to substantial erosion in hotel cash flow[169](index=169&type=chunk) - Due to cash flow insufficiency from COVID-19, the company has informed lenders for an 8-hotel portfolio of a **substantial risk of imminent payment default** and has requested loan restructuring[169](index=169&type=chunk) Key Performance Indicators (All Properties) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | RevPAR | $127.22 | $123.62 | | Occupancy | 76.26% | 76.32% | | ADR | $166.84 | $161.99 | Comparison of Financial Results (2019 vs. 2018, in millions) | Line Item | 2019 | 2018 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,502.8 | $1,430.8 | $72.0 | | Operating Income | $114.7 | $90.4 | $24.3 | | Net Loss Attributable to Company | $(113.6) | $(127.0) | $13.4 | Cash Flow Summary (in millions) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $177.2 | $181.6 | | Net Cash used in Investing Activities | $(253.2) | $(329.6) | | Net Cash from Financing Activities | $34.4 | $115.8 | [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure from its significant variable-rate debt, which totals $3.8 billion - As of December 31, 2019, the company had **$4.1 billion in total debt**, of which **$3.8 billion was variable-rate debt**[218](index=218&type=chunk) - A hypothetical **25-basis point (0.25%) change** in interest rates would result in an approximate **$9.4 million annual impact** on results of operations[218](index=218&type=chunk) - The company utilizes credit default swaps (notional amount of **$212.5 million**) and interest rate floors (notional amount of **$12.0 billion**) to hedge against financial and market risks[218](index=218&type=chunk) [Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements and the independent auditor's report for the years 2017-2019 - The financial statements were audited by BDO USA, LLP, which issued an **unqualified opinion** on the consolidated financial statements and internal controls as of December 31, 2019[222](index=222&type=chunk)[223](index=223&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, 2019) | Account | Amount (in thousands) | | :--- | :--- | | Total Assets | $4,691,348 | | Total Liabilities | $4,352,212 | | Total Stockholders' Equity | $268,762 | Consolidated Statement of Operations Highlights (Year ended Dec 31, 2019) | Account | Amount (in thousands) | | :--- | :--- | | Total Revenue | $1,502,759 | | Operating Income | $114,729 | | Net Loss | $(142,679) | | Net Loss Attributable to Common Stockholders | $(156,212) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=127&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - There were **no disagreements** with accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure[383](index=383&type=chunk) [Controls and Procedures](index=127&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2019 - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2019[384](index=384&type=chunk) - Management assessed internal control over financial reporting using the COSO framework and concluded it was **effective** as of December 31, 2019, an assessment audited by BDO USA, LLP[385](index=385&type=chunk)[388](index=388&type=chunk) - There were **no material changes** in internal control over financial reporting during the fourth quarter of 2019[386](index=386&type=chunk) [Other Information](index=129&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[394](index=394&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=129&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[395](index=395&type=chunk) [Executive Compensation](index=129&type=section&id=Item%2011.%20Executive%20Compensation) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=129&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=129&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Principal Accountant Fees and Services](index=129&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[397](index=397&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=129&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the financial statement schedules and exhibits filed as part of the Form 10-K, including material contracts and certifications - The report includes **Schedule III – Real Estate and Accumulated Depreciation**, with all other schedules omitted as they are not required or the information is disclosed elsewhere[398](index=398&type=chunk) - A comprehensive list of exhibits is provided, including governance documents, material agreements, and required SEC certifications[400](index=400&type=chunk)[401](index=401&type=chunk)[402](index=402&type=chunk) [Form 10-K Summary](index=134&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[408](index=408&type=chunk)

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q4 2019 Earnings Conference Call February 26, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager, IR Douglas Kessler - CEO Deric Eubanks - CFO & Treasurer Jeremy Welter - COO Conference Call Participants Tyler Batory - Janney Montgomery Scott Chris Woronka - Deutsche Bank Matthew Boone - B. Riley FBR, Inc. Arpine Kocharyan - UBS Investment Bank Michael Bellisario - Robert W. Baird & Co. Operator Greetings, and welcome to the Ashford Hospitality Trust, ...

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, 2019 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) | --- | ...

Ashford Hospitality Trust Inc (NYSE:AHT) Q3 2019 Results Earnings Conference Call October 30, 2019 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Douglas Kessler - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Capital Markets Michael Bellisario - Rober W. Baird Bryan Maher - B. Riley Robin Farley - UBS Chris Woronka - Deutsche Bank Operator Greetings ...

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 June 30, 2019 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) | --- | --- ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2019 Earnings Conference Call August 2, 2019 11:00 AM ET Corporate Participants Jordan Jennings - Investor Relations Douglas Kessler - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Capital Markets Bryan Maher - B. Riley FBR Michael Bellisario - Baird Chris Woronka - Deutsche Bank Robin Farley - UBS Brian Dobson - Nomura Instinet Operator Goo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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) | --- | --- ...