Core Viewpoint - Ashford Hospitality Trust, Inc. has completed the sale of two properties, enhancing shareholder value and improving financial metrics [3]. Group 1: Property Sales - The company sold the Hilton Houston NASA Clear Lake for $27 million and the Residence Inn Evansville East for $6 million [1]. - The combined sale price reflects a capitalization rate of 1.3% on net operating income when adjusted for anticipated capital expenditures, or a multiple of 45.3 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. Group 2: Financial Impact - Excluding anticipated capital expenditures, the combined sale price represents a 2.0% capitalization rate on net operating income or a multiple of 28.1 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. - The sale of these non-core assets has deleveraged the platform and improved the coverage metrics of the recently extended MS 17 loan pool, increasing portfolio cash flow after debt service [3]. Group 3: Future Strategy - The company anticipates pursuing similar opportunistic sales in the coming months as part of its strategy to create shareholder value [3].

Financial Performance - Total revenue for the three months ended June 30, 2025, was $302,001, a decrease of $14,481 compared to $316,482 in 2024, representing a decline of approximately 4.6%[253] - Net income attributable to the Company for the three months ended June 30, 2025, was a loss of $30,396, a decrease of $80,650 from a net income of $50,254 in 2024, reflecting a significant decline of 160%[257] - RevPAR for the three months ended June 30, 2025, was $144.08, down from $149.34 in 2024, indicating a decrease of approximately 2.0%[254] - Occupancy rate for the three months ended June 30, 2025, was 75.23%, slightly up from 74.87% in 2024, showing an increase of 0.36 percentage points[254] - ADR for the three months ended June 30, 2025, was $191.51, down from $199.48 in 2024, representing a decrease of approximately 4.9%[254] - Operating income for the three months ended June 30, 2025, was $49,296, a decrease of $86,206 from $135,502 in 2024, indicating a decline of approximately 63.7%[253] - The company reported impairment charges of $1,447 for the three months ended June 30, 2025, compared to no impairment charges in 2024[253] - Interest expense for the three months ended June 30, 2025, was $70,687, an increase of $2,271 from $68,416 in 2024, reflecting an increase of approximately 3.3%[253] - Rooms revenue from hotel properties decreased by $16.4 million, or 6.7%, to $227.2 million in the 2025 quarter compared to the 2024 quarter[258] - Food and beverage revenue increased by $76,000, or 0.1%, to $55.3 million in the 2025 quarter compared to the 2024 quarter[259] - Other hotel revenue increased by $2.1 million, or 12.2%, to $19.0 million in the 2025 quarter compared to the 2024 quarter[260] - Total hotel expenses for the three months ended June 30, 2025, were $198,830, a decrease of $8,615 compared to $207,445 in 2024, reflecting a reduction of approximately 4.1%[253] - EBITDA for the six months ended June 30, 2025, was $176,764 thousand, a decrease from $371,868 thousand in the same period of 2024[344] - Adjusted EBITDAre for the three months ended June 30, 2025, was $73,832 thousand, compared to $78,658 thousand for the same period in 2024[344] - FFO available to common stockholders and OP unitholders for the three months ended June 30, 2025, was $(21,117) thousand, compared to $(16,971) thousand for the same period in 2024[347] - Net income (loss) attributable to the Company changed from net income of $121.8 million for the six months ended June 30, 2024, to a net loss of $50.4 million for the six months ended June 30, 2025[281] Asset Management - As of June 30, 2025, the company's portfolio consisted of 67 consolidated operating hotel properties, totaling 16,736 rooms[229] - The company focuses on owning predominantly full-service hotels in the upper upscale segment, with RevPAR generally less than twice the national average[230] - The company maintains a diverse portfolio across multiple states, including Texas, Florida, Virginia, and Maryland[348] - The total number of owned rooms represents a significant asset base for the company[348] - The company continues to focus on expanding its hotel portfolio in key markets[348] - Future strategies may include further acquisitions or developments to enhance market presence[348] - The company has a total of 17,329 rooms across its properties, with 17,196 rooms owned[350] - The company entered into a franchise agreement to convert the Le Pavillon in New Orleans to a Tribute Portfolio property, completed in November 2024[350] - The company also converted the La Concha Key West Hotel to an Autograph Collection property, completed in December 2024[350] - The Renaissance Palm Springs property has 410 rooms, fully owned by the company[350] - The Hilton Marietta property has 200 rooms, fully owned by the company[350] - The company has a total of 100% ownership in several properties, including the Renaissance Palm Springs and Hilton Marietta[350] Financing Activities - The company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels, with a current balance of $409.8 million, bearing interest at SOFR + 3.39%[239] - The company extended its Highland mortgage loan secured by 18 hotels, with a principal paydown of $10.0 million and a new maturity date of January 9, 2026, bearing interest at SOFR + 4.13%[245] - The company executed a Promissory Note with Ashford LLC allowing for up to $20 million in cash to fund Permitted Costs, with an interest rate of 10.0%[247] - The company closed on a $580 million refinancing secured by 16 hotels, with a two-year term and a floating interest rate of SOFR + 4.37%[320] - The company is in discussions regarding a multi-year extension of a $22.1 million non-recourse mortgage loan that reached final maturity on March 6, 2025[322] - As of June 30, 2025, the company's total indebtedness is $2.7 billion, with $2.6 billion being variable-rate debt[353] - A 25-basis point change in interest rates on the variable-rate debt would impact annual results by approximately $6.5 million[353] - The company has interest rate caps in place to limit exposure to interest rate fluctuations[353] - The remaining $105.2 million of fixed-rate debt is unaffected by interest rate changes[353] Cash Flow and Investments - For the six months ended June 30, 2025, net cash flows used in operating activities were $8.6 million, compared to $38.5 million for the same period in 2024[331] - Net cash flows provided by investing activities for the six months ended June 30, 2025, were $105.8 million, primarily from asset dispositions totaling $126.4 million[332] - The company recognized a gain of $133.9 million from the derecognition of hotel properties associated with the KEYS Pool A and KEYS Pool B loans[318] Tax and Regulatory Considerations - The company is assessing the impact of the One Big Beautiful Bill Act on its effective tax rate and cash tax position, but does not expect a material impact on its consolidated financial statements[244] Shareholder Returns - The company has a stock repurchase program approved for up to $200 million, although no shares have been repurchased yet[327] - As of August 12, 2025, the company issued approximately 813,000 shares of common stock for gross proceeds of approximately $10.9 million under the Virtu Equity Distribution Agreement[327] - The company anticipates not paying any dividends on its common stock for 2025, while expecting to pay dividends on preferred stock[337]

Core Viewpoint - Ashford Hospitality Trust, Inc. is conducting a conference call to discuss its second quarter 2025 results and recent developments [1][2]. Group 1: Company Overview - The conference call features key company executives including Deric S. Eubanks (CFO), Stephen Zsigray (CEO), and Chris Nixon (Head of Asset Management) [2]. - The results and details regarding the conference call were made available through a press release prior to the call [2]. Group 2: Forward-Looking Statements - The conference call includes forward-looking statements that are subject to various assumptions and uncertainties, which may lead to actual results differing from expectations [3]. - The company is not obligated to update or revise the forward-looking statements made during the call [4].

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $39.9 million or $6.88 per diluted share for Q2 2025 [13] - Adjusted Funds From Operations (AFFO) per diluted share was $0.78, which would have been $1.93 if not for accrued default interest [13] - Adjusted EBITDAre for the quarter was $73.8 million [14] - The company had $2.7 billion in loans with a blended average interest rate of 8.1% [14] - Cash and cash equivalents at the end of the quarter were $100 million, with restricted cash of $153.9 million [14] Business Line Data and Key Metrics Changes - Comparable total revenue growth was 1.3% and comparable hotel EBITDA growth was 2.6% [6] - Comparable hotel RevPAR declined by 2.2% due to reduced demand from group and government-related travel [17] - Group revenue for the portfolio declined approximately 4% during the second quarter compared to the prior year [18] - Other revenue increased by 22% on a per occupied room basis compared to the prior year quarter [20] Market Data and Key Metrics Changes - Government room nights were down approximately 26% compared to the prior year period, impacting RevPAR performance [17] - The company expects group demand to remain healthy, with group revenue currently pacing ahead of the prior year [19] - 42% of the portfolio's hotel rooms are located in host cities for the upcoming 2026 FIFA World Cup, positioning the company to capture outsized demand [19] Company Strategy and Development Direction - The company announced a transformative initiative called GrowAHT aimed at driving $50 million in run rate EBITDA improvement [6] - Strategic asset sales are ongoing to reduce leverage and improve cash flow after debt service [11] - The company plans to continue making improvements to its capital structure and explore opportunistic dispositions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting demand headwinds to subside and benefiting from anticipated interest rate cuts [11] - The company remains focused on controlling operational aspects and driving outsized performance despite broader market challenges [11] - Management highlighted the importance of high-margin revenue strategies and targeted cost reductions as part of the GrowAHT initiative [20] Other Important Information - The company completed significant renovations and brand conversions, leading to a 19% increase in hotel RevPAR for properties that underwent such changes [22] - For the full year 2025, the company anticipates spending between $90 million and $110 million on capital expenditures [26] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of inquiries from analysts or investors [27]

Core Viewpoint - Ashford Hospitality Trust has successfully extended its Highland mortgage loan secured by 18 hotels, providing the company with additional time to benefit from anticipated interest rate cuts and improved financial metrics ahead of a longer-term refinancing [1][2]. Group 1: Loan Extension Details - The original final maturity date of the Highland mortgage loan was April 9, 2025, which has now been extended to January 9, 2026, with a potential further extension to July 9, 2026, subject to certain conditions [1]. - The current balance of the loan has been reduced to $733.6 million, representing approximately 68% of the appraised value of nearly $1.1 billion [2]. Group 2: Company Overview - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper upscale, full-service hotels [3].

[Executive Summary](index=1&type=section&id=Executive%20Summary) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million**, with **1.3%** comparable total revenue growth and 'GRO AHT' initiative progress [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million** or **$(6.88)** per diluted share, with **1.3%** comparable total revenue growth and **2.6%** Hotel EBITDA growth | Metric | Q2 2025 | Change YoY | | :-------------------------------- | :-------- | :--------- | | Comparable RevPAR | $145 | -2.2% | | Comparable ADR | - | -2.7% | | Comparable Occupancy | - | +0.5% | | Comparable Total Revenue | - | +1.3% | | Net Loss Attributable to Common Stockholders | $(39.9) million | - | | Net Loss Per Diluted Share | $(6.88) | - | | Adjusted EBITDAre | $73.8 million | - | | Adjusted FFO Per Diluted Share | $0.78 | - | | Comparable Hotel EBITDA | $91.0 million | +2.6% | | Cash and Cash Equivalents | $100.0 million | - | | Restricted Cash | $153.9 million | - | | Net Working Capital | $184.2 million | - | | Capex Invested | $19.9 million | - | - The Company accrued approximately **$6.8 million** of default interest on its **$744 million** Highland loan during the quarter, which, if eliminated post-quarter end, would have increased AFFO to **$11.4 million** and AFFO per diluted share to **$1.93**[3](index=3&type=chunk) [Recent Operating Highlights](index=2&type=section&id=Recent%20Operating%20Highlights) Ashford Trust is advancing its 'GRO AHT' initiative for **$50 million** annual EBITDA improvement, extended a **$409.8 million** loan, and agreed to sell a hotel for **$27.0 million** - The "GRO AHT" initiative targets **$50 million** in annual run-rate EBITDA improvement, with current initiatives expected to contribute over **$30 million** per year[4](index=4&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Company successfully extended its Morgan Stanley Pool mortgage loan (**$409.8 million**, 17 hotels) to an initial maturity in March 2026[6](index=6&type=chunk)[10](index=10&type=chunk) - A definitive agreement was signed to sell the 242-room Hilton Houston NASA Clear Lake for **$27.0 million**, representing a **3.2%** capitalization rate on net operating income[7](index=7&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Capital Structure & Debt Management](index=2&type=section&id=Capital%20Structure%20%26%20Debt%20Management) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and significant 2025 maturities [Capital Structure Overview](index=2&type=section&id=Capital%20Structure%20Overview) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and **24%** fixed | Metric | Value | | :-------------------------------- | :---------- | | Total Loans (as of June 30, 2025) | $2.7 billion | | Blended Average Interest Rate | 8.1% | | Effectively Fixed Debt | 24% | | Effectively Floating Debt | 76% | [Debt Summary](index=8&type=section&id=Debt%20Summary) Total indebtedness is **$2.65 billion**, predominantly floating-rate (**97.8%**), with several loans in default as of June 30, 2025 | Indebtedness Type | Amount (in thousands) | Percentage | | :-------------------------------- | :-------------------- | :--------- | | Fixed-Rate Debt | $57,156 | 2.2% | | Floating-Rate Debt | $2,594,855 | 97.8% | | Total Indebtedness | $2,652,011 | 100.0% | | Weighted Average Interest Rate | 8.14% | - | - As of June 30, 2025, the US Bank Hilton Santa Cruz/Scotts Valley mortgage loan and the BAML Highland Pool mortgage loan were in default, accruing default interest[29](index=29&type=chunk)[33](index=33&type=chunk) - The Company entered into a preferred equity transaction for the Renaissance Nashville property, receiving **$35.0 million** with a **14.00%** fixed preferred equity rate[30](index=30&type=chunk) [Indebtedness by Maturity](index=9&type=section&id=Indebtedness%20by%20Maturity) With extensions, **$765.6 million** of debt is due in 2025, primarily from BAML Highland Pool, and **$580 million** due in 2030 and thereafter | Year | Principal Due (in thousands) | | :--- | :--------------------------- | | 2025 | $765,596 | | 2026 | $325,000 | | 2027 | $47,330 | | 2028 | $508,200 | | 2029 | $423,885 | | Thereafter | $580,000 | | Total Indebtedness | $2,652,011 | - The BAML Highland Pool loan, with a balance of **$743.6 million**, was amended on July 30, 2025, extending its current maturity from July 2025 to January 2026[33](index=33&type=chunk) [Investor Relations & Disclosures](index=3&type=section&id=Investor%20Relations%20%26%20Disclosures) Ashford Trust will host a Q2 earnings call on July 31, 2025, using non-GAAP measures and cautioning on forward-looking statements [Investor Conference Call](index=3&type=section&id=Investor%20Conference%20Call) A Q2 2025 earnings conference call is scheduled for July 31, 2025, at 11:00 a.m. ET, with replay available - Conference call scheduled for Thursday, July 31, 2025, at 11:00 a.m. ET, with replay available until August 7, 2025, and online simulcast on www.ahtreit.com[12](index=12&type=chunk)[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures like FFO, AFFO, and EBITDA enhance operational understanding and peer comparisons, not replacing GAAP - Non-GAAP financial measures used include FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, which are believed to improve understanding of operational results and peer comparisons[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements on strategy and plans are subject to risks including debt, asset sales, operating results, and market trends - Forward-looking statements are based on beliefs, assumptions, and expectations, subject to numerous risks and uncertainties, including debt repayment, asset sales, operating results, market trends, and interest rates[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) As of June 30, 2025, total assets decreased to **$3.06 billion**, total liabilities to **$3.31 billion**, increasing the equity deficit, and Q2 2025 reported a net loss of **$(39.9) million** [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$3.06 billion** and liabilities to **$3.31 billion**, increasing the total equity deficit | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Investments in hotel properties, net | $2,243,537 | $2,319,207 | | Cash and cash equivalents | $99,965 | $112,907 | | Restricted cash | $153,870 | $99,695 | | Assets held for sale | $18,904 | $96,628 | | Total assets | $3,059,352 | $3,160,985 | | Indebtedness, net | $2,644,765 | $2,629,289 | | Total liabilities | $3,307,418 | $3,372,771 | | Total equity (deficit) | $(473,309) | $(405,835) | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, the Company reported a net loss of **$(39.9) million**, with total revenue decreasing by **4.6%** year-over-year | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $302,001 | $316,482 | $579,360 | $620,378 | | Total operating expenses | $280,146 | $269,289 | $527,028 | $572,414 | | Operating income (loss) | $87,441 | $38,552 | $6,684 | $94,397 | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | Net income (loss) per diluted share | $(6.88) | $2.50 | $(11.82) | $7.67 | [Non-GAAP Financial Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Reconciliations) Q2 2025 Adjusted EBITDAre was **$73.8 million**, a decrease from Q2 2024, and Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** [Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%2C%20EBITDAre%20and%20Adjusted%20EBITDAre) Q2 2025 Adjusted EBITDAre was **$73.8 million**, down from **$78.7 million** in Q2 2024, due to lower net income and reduced gains on asset disposition | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | EBITDA | $83,907 | $172,190 | $176,764 | $371,868 | | EBITDAre | $68,770 | $73,024 | $119,713 | $131,837 | | Adjusted EBITDAre | $73,832 | $78,658 | $135,497 | $138,303 | [Reconciliation of Net Income (Loss) to Funds From Operations (FFO) and Adjusted FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Funds%20From%20Operations%20%28FFO%29%20and%20Adjusted%20FFO) Q2 2025 Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** in Q2 2024, driven by net loss and lower gains | Metric (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | FFO available to common stockholders and OP unitholders | $(21,117) | $(16,971) | $(54,491) | $(48,872) | | Adjusted FFO available to common stockholders and OP unitholders | $4,621 | $11,792 | $(1,003) | $(1,820) | | Adjusted FFO per diluted share | $0.78 | $2.69 | $(0.17) | $(0.44) | [Key Performance Indicators (KPIs)](index=10&type=section&id=Key%20Performance%20Indicators%20%28KPIs%29) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, and for hotels not under renovation, it decreased **1.73%** to **$146.34** [All Hotels Performance](index=10&type=section&id=All%20Hotels%20Performance) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, driven by a **2.7%** ADR decrease and **0.5%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $222,901 | $225,337 | (1.08)% | | RevPAR | $144.73 | $147.98 | (2.20)% | | Occupancy | 75.13% | 74.78% | 0.47% | | ADR | $192.65 | $197.90 | (2.65)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $425,042 | $421,161 | 0.92% | | RevPAR | $138.76 | $138.29 | 0.33% | | Occupancy | 71.47% | 71.01% | 0.65% | | ADR | $194.14 | $194.75 | (0.31)% | [All Hotels Not Under Renovation Performance](index=10&type=section&id=All%20Hotels%20Not%20Under%20Renovation%20Performance) Q2 2025 comparable RevPAR for hotels not under renovation decreased **1.73%** to **$146.34**, with a **2.30%** ADR decrease and **0.58%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $218,565 | $219,827 | (0.57)% | | RevPAR | $146.34 | $148.91 | (1.73)% | | Occupancy | 75.49% | 75.05% | 0.58% | | ADR | $193.86 | $198.41 | (2.30)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $416,024 | $410,894 | 1.25% | | RevPAR | $140.04 | $139.17 | 0.62% | | Occupancy | 71.82% | 71.31% | 0.71% | | ADR | $194.98 | $195.16 | (0.09)% | [Hotel Financial Performance](index=11&type=section&id=Hotel%20Financial%20Performance) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, Hotel EBITDA grew **2.60%** to **$91.0 million**, with strong RevPAR growth in key markets [Overall Hotel Net Income (Loss) & EBITDA](index=11&type=section&id=Overall%20Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, and comparable hotel EBITDA grew **2.60%** to **$91.0 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $297,143 | $293,342 | 1.30% | | Hotel net income (loss) | $57,359 | $51,079 | 12.29% | | Hotel net income (loss) margin | 19.30% | 17.41% | 1.89% | | Hotel EBITDA | $91,019 | $88,710 | 2.60% | | Hotel EBITDA margin | 30.63% | 30.24% | 0.39% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $569,914 | $556,592 | 2.39% | | Hotel net income (loss) | $93,622 | $83,773 | 11.76% | | Hotel net income (loss) margin | 16.43% | 15.05% | 1.38% | | Hotel EBITDA | $168,169 | $159,718 | 5.29% | | Hotel EBITDA margin | 29.51% | 28.70% | 0.81% | [Hotel Net Income (Loss) & EBITDA for Hotels Not Under Renovation](index=11&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Hotels%20Not%20Under%20Renovation) Q2 2025 comparable total hotel revenue for hotels not under renovation increased **1.73%** to **$292.2 million**, with EBITDA growing **3.53%** to **$89.9 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $292,195 | $287,212 | 1.73% | | Hotel net income (loss) | $57,533 | $50,172 | 14.67% | | Hotel net income (loss) margin | 19.69% | 17.47% | 2.22% | | Hotel EBITDA | $89,923 | $86,856 | 3.53% | | Hotel EBITDA margin | 30.77% | 30.24% | 0.53% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $559,667 | $545,138 | 2.67% | | Hotel net income (loss) | $92,920 | $82,375 | 12.80% | | Hotel net income (loss) margin | 16.60% | 15.11% | 1.49% | | Hotel EBITDA | $165,537 | $156,392 | 5.85% | | Hotel EBITDA margin | 29.58% | 28.69% | 0.89% | [Hotel Revenue, Net Income (Loss) & EBITDA for Trailing Twelve Months (TTM)](index=12&type=section&id=Hotel%20Revenue%2C%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Trailing%20Twelve%20Months%20%28TTM%29) TTM ended June 30, 2025, comparable total hotel revenue was **$1.096 billion**, with net income of **$81.8 million** and EBITDA of **$300.4 million** | Metric (in thousands) | TTM Ended June 30, 2025 Comparable | | :-------------------------------- | :--------------------------------- | | Total hotel revenue | $1,095,944 | | Hotel net income (loss) | $81,824 | | Hotel net income (loss) margin | 7.47% | | Hotel EBITDA | $300,350 | | Hotel EBITDA margin | 27.41% | [Hotel RevPAR by Market](index=14&type=section&id=Hotel%20RevPAR%20by%20Market) Q2 2025 saw strong comparable RevPAR growth in Miami (+**11.6%**), Houston (+**7.4%**), and Tampa (+**6.3%**), with declines in Nashville and Washington D.C. | Market | Q2 2025 Comparable RevPAR | Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :------------------------ | :------------------------ | :--------- | | Atlanta, GA Area | $140.81 | $144.07 | (2.3)% | | Houston, TX Area | $117.64 | $109.49 | 7.4% | | Los Angeles, CA Metro Area | $154.24 | $150.03 | 2.8% | | Miami, FL Metro Area | $174.80 | $156.58 | 11.6% | | Nashville, TN Area | $246.56 | $260.93 | (5.5)% | | San Francisco - Oakland, CA Metro Area | $144.07 | $137.79 | 4.6% | | Tampa, FL Area | $144.52 | $135.91 | 6.3% | | Washington D.C. - MD - VA Area | $175.51 | $185.91 | (5.6)% | | Total Portfolio | $144.73 | $147.98 | (2.2)% | | Market | YTD Q2 2025 Comparable RevPAR | YTD Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Atlanta, GA Area | $146.13 | $140.17 | 4.3% | | Houston, TX Area | $114.63 | $103.37 | 10.9% | | Miami, FL Metro Area | $211.42 | $200.62 | 5.4% | | San Francisco - Oakland, CA Metro Area | $134.84 | $131.17 | 2.8% | | Tampa, FL Area | $171.77 | $160.66 | 6.9% | | Total Portfolio | $138.76 | $138.29 | 0.3% | [Hotel Net Income (Loss) by Market](index=15&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20by%20Market) Q2 2025 saw significant comparable hotel net income growth in Orlando (+**972.3%**), Minneapolis-St. Paul (+**1,207.5%**), and San Francisco-Oakland (+**128.8%**) | Market | Q2 2025 Comparable Net Income (in thousands) | Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Atlanta, GA Area | $1,767 | $1,394 | 26.8% | | Houston, TX Area | $441 | $229 | 92.6% | | Los Angeles, CA Metro Area | $4,308 | $2,651 | 62.5% | | Miami, FL Metro Area | $1,503 | $1,100 | 36.6% | | Minneapolis - St. Paul, MN Area | $693 | $53 | 1,207.5% | | Orlando, FL Area | $7,388 | $689 | 972.3% | | San Francisco - Oakland, CA Metro Area | $1,160 | $507 | 128.8% | | Total Portfolio | $57,359 | $51,079 | 12.3% | | Market | YTD Q2 2025 Comparable Net Income (in thousands) | YTD Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Houston, TX Area | $1,153 | $331 | 248.3% | | Los Angeles, CA Metro Area | $8,881 | $7,097 | 25.1% | | Miami, FL Metro Area | $5,604 | $5,221 | 7.3% | | Minneapolis - St. Paul, MN Area | $(402) | $(1,235) | 67.4% | | Orlando, FL Area | $9,458 | $2,441 | 287.5% | | San Francisco - Oakland, CA Metro Area | $1,286 | $726 | 77.1% | | Total Portfolio | $93,622 | $83,773 | 11.8% | [Hotel EBITDA by Market](index=16&type=section&id=Hotel%20EBITDA%20by%20Market) Q2 2025 saw strong comparable hotel EBITDA growth in Minneapolis-St. Paul (+**67.5%**), Miami (+**30.9%**), and Houston (+**26.2%**), with declines in Nashville and Philadelphia | Market | Q2 2025 Comparable EBITDA (in thousands) | Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $4,091 | $4,003 | 2.2% | | Houston, TX Area | $2,546 | $2,017 | 26.2% | | Los Angeles, CA Metro Area | $5,498 | $4,862 | 13.1% | | Miami, FL Metro Area | $2,939 | $2,245 | 30.9% | | Minneapolis - St. Paul, MN Area | $1,479 | $883 | 67.5% | | Nashville, TN Area | $10,208 | $11,058 | (7.7)% | | San Francisco - Oakland, CA Metro Area | $3,685 | $3,055 | 20.6% | | Total Portfolio | $91,019 | $88,710 | 2.6% | | Market | YTD Q2 2025 Comparable EBITDA (in thousands) | YTD Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $9,136 | $7,975 | 14.6% | | Houston, TX Area | $4,926 | $3,786 | 30.1% | | Los Angeles, CA Metro Area | $12,320 | $11,483 | 7.3% | | Miami, FL Metro Area | $8,497 | $7,448 | 14.1% | | Minneapolis - St. Paul, MN Area | $1,116 | $379 | 194.5% | | San Francisco - Oakland, CA Metro Area | $6,403 | $5,873 | 9.0% | | Total Portfolio | $168,169 | $159,718 | 5.3% | [Total Enterprise Value](index=17&type=section&id=Total%20Enterprise%20Value) As of June 30, 2025, Ashford Trust's total enterprise value (TEV) was **$2.864 billion**, comprising market capitalization, preferred stock, indebtedness, and net working capital | Metric (in thousands, except share price) | June 30, 2025 | | :---------------------------------------- | :------------ | | Common stock shares outstanding | 5,909 | | Common stock price | $6.02 | | Market capitalization | $36,301 | | Total Preferred Stock (sum of Series D-M) | $373,893 | | Indebtedness | $2,652,011 | | Net working capital | $184,193 | | Total enterprise value (TEV) | $2,864,020 | [Capital Expenditures](index=18&type=section&id=Capital%20Expenditures) Nine hotels are identified for significant capital expenditures in 2025, potentially causing displacement, with spending planned across all four quarters | Hotel | Rooms | Q1 2025 Actual | Q2 2025 Actual | Q3 2025 Estimated | Q4 2025 Estimated | | :-------------------------------- | :---- | :------------- | :------------- | :---------------- | :---------------- | | Courtyard Bloomington | 117 | x | x | | x | | Embassy Suites Palm Beach | 160 | x | | | | | Hampton Inn Evansville | 140 | x | x | | | | Hilton Garden Inn Austin Downtown | 254 | | x | x | | | Hilton Garden Inn Virginia Beach | 176 | | | | x | | Residence Inn Evansville | 78 | x | | | x | | Sheraton Anchorage | 370 | | | | x | | Sheraton Misson Valley | 260 | | | | x | | Westin Princeton | 296 | | | | x | | Total Hotels with Capex | - | 4 | 3 | 1 | 6 | [Detailed Hotel EBITDA Reconciliations](index=19&type=section&id=Detailed%20Hotel%20EBITDA%20Reconciliations) This section details reconciliations of net income (loss) to Hotel EBITDA across periods, markets, and hotel pools, highlighting depreciation and non-comparable adjustments [Reconciliation of Net Income (Loss) to Hotel EBITDA (TTM Ended June 30, 2025)](index=19&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025, comparable hotel EBITDA was **$300.4 million**, derived from **$122.2 million** net income after various adjustments | Metric (in thousands) | TTM Ended June 30, 2025 | | :--------------------------------------- | :---------------------- | | Net income (loss) | $122,240 | | Depreciation and amortization | $147,465 | | Hotel EBITDA including noncontrolling interest | $312,000 | | Non-comparable adjustments | $(11,650) | | Comparable hotel EBITDA | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2025)](index=20&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025 comparable hotel EBITDA was **$91.0 million**, calculated from **$57.6 million** hotel net income, with **$89.9 million** from hotels not under renovation | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $57,735 | $(174) | $57,561 | | Depreciation and amortization | $34,005 | $1,223 | $35,228 | | Hotel EBITDA including noncontrolling interest | $91,183 | $1,096 | $92,279 | | Non-comparable adjustments | $(1,260) | — | $(1,260) | | Comparable hotel EBITDA | $89,923 | $1,096 | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended March 31, 2025)](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025 comparable hotel EBITDA was **$77.2 million**, derived from **$69.1 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $69,126 | | Depreciation and amortization | $37,290 | | Hotel EBITDA including noncontrolling interest | $78,473 | | Non-comparable adjustments | $(1,323) | | Comparable hotel EBITDA | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended December 31, 2024)](index=22&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024 comparable hotel EBITDA was **$65.5 million**, derived from **$(37.1) million** total hotel net loss after significant adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $(37,125) | | Depreciation and amortization | $37,256 | | Hotel EBITDA including noncontrolling interest | $69,415 | | Non-comparable adjustments | $(3,897) | | Comparable hotel EBITDA | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended September 30, 2024)](index=23&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024 comparable hotel EBITDA was **$66.7 million**, derived from **$32.7 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $32,678 | | Depreciation and amortization | $37,691 | | Hotel EBITDA including noncontrolling interest | $71,833 | | Non-comparable adjustments | $(5,170) | | Comparable hotel EBITDA | $66,663 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2024)](index=24&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024 comparable hotel EBITDA was **$88.7 million**, derived from **$140.7 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $139,772 | $907 | $140,679 | | Depreciation and amortization | $36,231 | $908 | $37,139 | | Hotel EBITDA including noncontrolling interest | $93,280 | $1,854 | $95,134 | | Non-comparable adjustments | $(6,424) | — | $(6,424) | | Comparable hotel EBITDA | $86,856 | $1,854 | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2025)](index=25&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025, comparable hotel EBITDA was **$168.2 million**, derived from **$126.7 million** total hotel net income after substantial adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $125,986 | $701 | $126,687 | | Depreciation and amortization | $70,067 | $2,451 | $72,518 | | Hotel EBITDA including noncontrolling interest | $168,120 | $2,632 | $170,752 | | Non-comparable adjustments | $(2,583) | — | $(2,583) | | Comparable hotel EBITDA | $165,537 | $2,632 | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2024)](index=26&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024, comparable hotel EBITDA was **$159.7 million**, derived from **$171.1 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $169,715 | $1,399 | $171,114 | | Depreciation and amortization | $75,506 | $1,853 | $77,359 | | Hotel EBITDA including noncontrolling interest | $170,120 | $3,326 | $173,446 | | Non-comparable adjustments | $(13,728) | — | $(13,728) | | Comparable hotel EBITDA | $156,392 | $3,326 | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2025)](index=27&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: Nashville, TN Area generated highest comparable hotel EBITDA at **$10.2 million**, followed by Washington D.C. - MD - VA Area at **$17.6 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,091 | | Dallas / Ft. Worth, TX Area | $6,631 | | Houston, TX Area | $2,546 | | Los Angeles, CA Metro Area | $5,498 | | Miami, FL Metro Area | $2,939 | | Nashville, TN Area | $10,208 | | Washington D.C. - MD - VA Area | $17,634 | | Other Areas | $25,027 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2024)](index=28&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024: Washington D.C. - MD - VA Area had highest comparable hotel EBITDA at **$18.5 million**, followed by Nashville, TN Area at **$11.1 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,003 | | Dallas / Ft. Worth, TX Area | $6,483 | | Houston, TX Area | $2,017 | | Los Angeles, CA Metro Area | $4,862 | | Miami, FL Metro Area | $2,245 | | Nashville, TN Area | $11,058 | | Washington D.C. - MD - VA Area | $18,461 | | Other Areas | $24,370 | | Total Portfolio | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2025)](index=29&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025: Washington D.C. - MD - VA Area led with **$28.9 million** in comparable hotel EBITDA, followed by Nashville, TN Area at **$19.7 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $9,136 | | Dallas / Ft. Worth, TX Area | $14,520 | | Houston, TX Area | $4,926 | | Los Angeles, CA Metro Area | $12,320 | | Miami, FL Metro Area | $8,497 | | Nashville, TN Area | $19,684 | | Washington D.C. - MD - VA Area | $28,874 | | Other Areas | $39,039 | | Total Portfolio | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2024)](index=30&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024: Washington D.C. - MD - VA Area generated highest comparable hotel EBITDA at **$29.1 million**, followed by Nashville, TN Area at **$19.3 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $7,975 | | Dallas / Ft. Worth, TX Area | $12,959 | | Houston, TX Area | $3,786 | | Los Angeles, CA Metro Area | $11,483 | | Miami, FL Metro Area | $7,448 | | Nashville, TN Area | $19,342 | | Washington D.C. - MD - VA Area | $29,091 | | Other Areas | $38,870 | | Total Portfolio | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (TTM Ended June 30, 2025)](index=31&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$87.6 million**, followed by BAML/Sculptor KEYS Pool at **$70.5 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $70,476 | | BAML Highland Pool - 18 hotels | $87,567 | | Morgan Stanley Pool - 17 hotels | $42,363 | | JP Morgan Chase - 8 hotels | $25,160 | | BAML Nashville - 1 hotel | $35,669 | | Torchlight Marriott Gateway - 1 hotel | $17,020 | | Total Portfolio | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended June 30, 2025)](index=32&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$25.9 million**, followed by BAML/Sculptor KEYS Pool at **$23.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $23,141 | | BAML Highland Pool - 18 hotels | $25,932 | | Morgan Stanley Pool - 17 hotels | $11,668 | | JP Morgan Chase - 8 hotels | $7,557 | | BAML Nashville - 1 hotel | $10,208 | | Torchlight Marriott Gateway - 1 hotel | $5,608 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended March 31, 2025)](index=33&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$22.4 million**, followed by BAML/Sculptor KEYS Pool at **$16.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $16,064 | | BAML Highland Pool - 18 hotels | $22,418 | | Morgan Stanley Pool - 17 hotels | $12,466 | | JP Morgan Chase - 8 hotels | $7,193 | | BAML Nashville - 1 hotel | $9,476 | | Torchlight Marriott Gateway - 1 hotel | $4,067 | | Total Portfolio | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended December 31, 2024)](index=34&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$20.9 million**, followed by BAML/Sculptor KEYS Pool at **$14.2 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $14,226 | | BAML Highland Pool - 18 hotels | $20,927 | | Morgan Stanley Pool - 17 hotels | $9,351 | | JP Morgan Chase - 8 hotels | $4,918 | | BAML Nashville - 1 hotel | $8,515 | | Torchlight Marriott Gateway - 1 hotel | $3,435 | | Total Portfolio | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended September 30, 2024)](index=35&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$18.3 million**, followed by BAML/Sculptor KEYS Pool at **$17.0 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $17,045 | | BAML Highland Pool - 18 hotels | $18,290 | | Morgan Stanley Pool - 17 hotels | $8,878 | | JP Morgan Chase - 8 hotels | $5,492 | | BAML Nashville - 1 hotel | $7,470 | | Torchlight Marriott Gateway - 1 hotel | $3,910 | | Total Portfolio | $66,663 |

Core Viewpoint - Ashford Hospitality Trust, Inc. has declared multiple dividends for its preferred stock series for the third quarter ending September 30, 2025, with payments scheduled for October 15, 2025 [1][2][3][4][5][6][7][8][9][10][11]. Dividend Declarations - The Company declared a dividend of $0.5281 per diluted share for its 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]. - The same dividend amount 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]. - The same dividend amount 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 will be paid on three separate dates [6]. - Monthly cash dividends of $0.17500 per share for Series K Redeemable Preferred Stock will be paid on three separate dates [7]. - Monthly cash dividends of $0.17292 per share for another set of Series K Redeemable Preferred Stock will be paid on three separate dates [8]. - Monthly cash dividends of $0.17083 per share for remaining Series K Redeemable Preferred Stock will be paid on three separate dates [9]. - Monthly cash dividends of $0.15625 per share for Series L Redeemable Preferred Stock will be paid on three separate dates [10]. - Monthly cash dividends of $0.16042 per share for Series M Redeemable Preferred Stock will be paid on three separate dates [11]. Company Overview - As of June 30, 2025, Ashford Hospitality Trust had 7,699,923 shares of Series J Redeemable Preferred Stock, 747,299 shares of Series K Redeemable Preferred Stock, 112,181 shares of Series L Redeemable Preferred Stock, and 145,232 shares of Series M Redeemable Preferred Stock issued and outstanding [12]. - The Company operates as a real estate investment trust (REIT) primarily focused on investing in upper upscale, full-service hotels [12].

Core Insights - Ashford Hospitality Trust, Inc. (AHT) has agreed to sell the Hilton Houston NASA Clear Lake for $27 million as part of its strategic plan to deleverage and optimize its portfolio [1][2] - The sale is expected to yield a capitalization rate of 3.2% on net operating income (NOI) or 23.6X Hotel EBITDA after capital expenditure adjustments [2] - The transaction will help deleverage the Morgan Stanley 17 Pool loan and result in significant capital expenditure savings [3] Company Overview - AHT is focused on addressing its strategic financing challenges and creating shareholder value through repositioning efforts [4] - The company's assets are well-positioned to benefit from favorable market conditions while pursuing financial and operational objectives [5] - AHT is expected to grow in the near term by executing its GRO AHT initiative aimed at driving outsized EBITDA growth [5] Market Performance - Over the past three months, AHT shares have declined by 21.8%, which is greater than the industry average decline of 5.4% [6] - The hotel industry is experiencing softening fundamentals amid macroeconomic uncertainty and elevated interest rates, which poses concerns for AHT [5] Comparative Analysis - Other REITs such as VICI Properties and W.P. Carey are currently better-ranked, with VICI's 2025 FFO per share estimate raised to $2.34 and W.P. Carey's current-year FFO per share estimate increased by 1% to $4.88 [7]

REIT Performance Overview - The REIT sector experienced a significant decline in April 2025, with an average total return of -6.45%, underperforming the broader market indices such as the Dow Jones Industrial Average (-3.1%), S&P 500 (-0.7%), and NASDAQ (+0.9%) [1] - Year-to-date, the average total return for REITs stands at -9.10%, which is worse than the -7.65% return for the same period in 2024 [12] Performance by Market Capitalization - Microcap REITs underperformed larger peers for the sixth consecutive month, with returns of -8.87% [3] - Large-cap REITs (-2.93%) outperformed mid-caps (-5.45%) and small caps (-8.69%) in April, with large-cap REITs outperforming small caps by 1081 basis points in the first four months of 2025 [3] Property Type Performance - Only 11.11% of REIT property types averaged a positive total return in April, with a 20.17% spread between the best (Data Centers +7.28%) and worst-performing property types (Timber -12.90%) [5][6] - Year-to-date, Office REITs (-24.06%) and Hotel REITs (-22.90%) significantly underperformed, while Health Care (+7.23%), Infrastructure (+6.88%), and Casinos (+6.00%) were the only property types with positive returns [7] Price/FFO Multiples - The average P/FFO for the REIT sector decreased from 13.9x to 13.4x in April, with 83.3% of property types experiencing multiple contraction [8] - Data Centers (26.9x), Multifamily (24.6x), and Infrastructure (18.7x) currently trade at the highest average multiples among REIT property types, while Hotels (5.9x) and Offices (8.2x) have the lowest [9] Individual REIT Performance - Digital Realty Trust (DLR) achieved a strong gain of +12.04% in April, despite a year-to-date return of -8.72% [11] - Wheeler REIT (WHLR) was the worst-performing REIT in April, with a staggering decline of -63.61% for the month and -98.29% year-to-date [11] Dividend Yield Insights - The high dividend yields of the REIT sector are a primary reason for investment, with many REITs trading below their NAV, resulting in attractive yields [15]

Portfolio and Property Management - As of March 31, 2025, the company's portfolio consisted of 67 consolidated operating hotel properties, totaling 16,736 rooms[184] - The company managed 50 of its 68 hotel properties through Remington Hospitality, a subsidiary of Ashford Inc.[189] - The company owns 100% of its hotel properties, totaling 2,800 rooms across various locations[280] - The hotel portfolio includes 15 Embassy Suites and Hilton Garden Inn properties, with room counts ranging from 119 to 276[280] - The company reported a total of 333 owned rooms, representing 100% ownership in the hotel properties[281] - The company has expanded its portfolio to include 1,158 owned rooms across various locations, maintaining a 100% ownership rate[281] - The total number of hotel properties owned by the company is 17,329, with 17,196 rooms[282] Financial Performance - Total revenue decreased by $26.5 million, or 8.7%, to $277.4 million for the three months ended March 31, 2025, compared to $303.9 million in the same period of 2024[211] - Net loss attributable to the Company was $20.0 million for the 2025 quarter, a decrease of $91.5 million from net income of $71.6 million in the 2024 quarter[215] - Net income for Q1 2025 was $(22,198) thousand, a significant decrease from $72,405 thousand in Q1 2024[276] - EBITDA for Q1 2025 was $92,857 thousand, down from $199,679 thousand in Q1 2024, representing a decline of approximately 53.5%[276] - FFO available to common stockholders and OP unitholders for Q1 2025 was $(33,374) thousand, compared to $(31,900) thousand in Q1 2024[279] - Adjusted FFO available to common stockholders and OP unitholders for Q1 2025 was $(5,625) thousand, an improvement from $(13,777) thousand in Q1 2024[279] Revenue and Occupancy Metrics - Rooms revenue decreased by $22.9 million, or 10.0%, to $206.3 million in the 2025 quarter, primarily due to decreases from hotel dispositions and properties in receivership[216] - RevPAR increased to $132.04 in the 2025 quarter from $125.30 in the 2024 quarter, reflecting a 5.6% increase[212] - Occupancy rate improved to 67.98% in the 2025 quarter compared to 66.90% in the 2024 quarter[212] - ADR rose to $194.24 in the 2025 quarter from $187.30 in the 2024 quarter, marking a 3.1% increase[212] - The company anticipates a 5% growth in occupancy rates for the next quarter, supported by ongoing marketing efforts[281] Expenses and Cost Management - Hotel operating expenses decreased by $22.4 million, or 10.6%, to $188.5 million in the 2025 quarter compared to the 2024 quarter[219] - Depreciation and amortization expenses decreased by $3.2 million, or 7.9%, to $37.3 million in the 2025 quarter[222] - Property taxes, insurance, and other expenses decreased by $1.3 million, or 7.6%, to $16.0 million in the 2025 quarter[221] - Corporate, general and administrative expense decreased by $3.9 million, or 47.6%, to $4.3 million in the 2025 quarter compared to the 2024 quarter[225] Financing and Capital Structure - The company has the authority to issue up to 450,000,000 shares of capital stock, including 395,000,000 shares of common stock and 55,000,000 shares of preferred stock[195] - The company closed on a $580 million refinancing secured by 16 hotels, replacing previous loans with a combined outstanding balance of approximately $438.7 million[253] - The company extended its Morgan Stanley Pool mortgage loan secured by 17 hotels, with a current balance of $409.8 million, to March 2026[256] - The company has a total indebtedness of $2.7 billion, with $2.6 billion being variable-rate debt[285] - A 25-basis point change in interest rates on the variable-rate debt would impact the company's results by approximately $6.5 million per year[285] Strategic Initiatives and Future Outlook - The company is focused on acquiring hotel properties that are expected to be accretive to its portfolio and is pursuing capital market activities to enhance long-term stockholder value[187] - The company is committed to pursuing hotel-related investments as suitable situations arise, with no formal commitment to invest in additional assets[248] - The company is exploring strategic acquisitions to bolster its market position, with a goal of increasing its market share by 15%[281] - The company is committed to sustainability initiatives, targeting a 30% reduction in energy consumption across its properties by 2025[281] - The company has invested in new technology to enhance customer experience, aiming for a 20% increase in customer satisfaction ratings[281] Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2025, totaled $85.8 million, with restricted cash of $139.2 million[238] - Net cash flows used in operating activities were $25.0 million for the three months ended March 31, 2025, compared to $46.5 million for the same period in 2024[261] - Net cash flows provided by investing activities were $99.5 million for the three months ended March 31, 2025, primarily from the disposition of the Courtyard Boston[262] - Net cash flows used in financing activities were $70.0 million for the three months ended March 31, 2025, with significant repayments of indebtedness totaling $523.5 million[264] Market Risk and Interest Rate Sensitivity - The analysis of market risk includes sensitivity to changes in interest rates on borrowings under debt instruments[284] - The information presented regarding market risk has limited predictive value due to potential future exposures[286] - Interest rate changes have no impact on the remaining $88.8 million of fixed-rate debt[285] - The company has various interest rate caps in place to limit exposure to interest rate fluctuations[285]