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]

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $27.8 million or $4.91 per diluted share for Q1 2025 [14] - AFFO per diluted share was negative $0.98, although total AFFO improved by $8.2 million compared to the prior year quarter [14] - Adjusted EBITDAre for the quarter was $61.7 million, reflecting a $2.2 million increase over the prior year quarter [14] - Total revenue decreased by $26.5 million compared to the prior year quarter [14] - The company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million, with restricted cash increasing by $39 million from the previous quarter [15] Business Line Data and Key Metrics Changes - Comparable RevPAR grew by 3.2%, total revenue increased by 3.6%, and comparable hotel EBITDA rose by 8.7% [6] - La Pavion Hotel achieved 78% total revenue growth, while La Concha Hotel realized 27% total revenue growth [6][7] - Hotel EBITDA across the entire portfolio grew by 9% during the first quarter compared to the prior year quarter [20] Market Data and Key Metrics Changes - Comparable hotel RevPAR increased by 3% over the prior year period, driven by demand related to the presidential inauguration [19] - Group room revenue pace increased by 10% for the top five hotels in the portfolio compared to the prior year [21] - The company observed softness in a few markets starting in February, largely due to recent policy changes [21] Company Strategy and Development Direction - The company is focused on achieving $50 million in run rate EBITDA improvement through the Grow AHT initiative [7][9] - Strategic decisions have been made to reduce corporate expenses, including a 50% reduction in cash compensation for Board members [8] - The company plans to continue improving its capital structure by extending near-term debt maturities and exploring strategic dispositions [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but remains focused on controlling internal factors to achieve growth goals [12] - The company is optimistic about its portfolio's outlook for 2025 and confident in its ability to unlock additional value [29] - Management highlighted the importance of maximizing performance and value of hotels while reducing corporate expenses [12] Other Important Information - The company completed the sale of the Courtyard Boston Downtown for $123 million, which provided significant capital expenditure savings [10] - The company has fully repaid its corporate strategic financing, leaving it free of corporate debt [10] - Capital expenditures for the full year 2025 are anticipated to range between $95 million and $115 million [28] Q&A Session Summary Question: Can you help us think about the monthly RevPAR progression in the quarter and the impact of calendar shifts? - Management noted that January was the strongest month, with softening observed in February and March due to various factors including calendar shifts [32][33] Question: How much of the portfolio do you think is exposed to international inbound travel and government demand? - Management indicated that international demand is less than 5% of the portfolio, with government demand being larger but still less than group or leisure segments [39] Question: Can you help us think about the AHT GROW initiative and areas of success? - Management stated that while low-hanging fruit has been harvested, there are still significant opportunities remaining to achieve the $50 million goal [41][42] Question: Is there any update on the Bammel Island loan and conversations with lenders? - Management confirmed a forbearance agreement is in place and they are working on refinancing options [44] Question: Any color about potential dispositions and what the market's pricing currently? - Management highlighted that they are focused on selling underperforming assets and have flexibility in asset release prices due to recent loan negotiations [46][47]

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $27.8 million or $4.91 per diluted share for Q1 2025, with total AFFO improving by $8.2 million compared to the prior year quarter [12][15] - Adjusted EBITDAre for the quarter was $61.7 million, reflecting a $2.2 million increase over the prior year quarter, despite total revenue being down by $26.5 million [12][13] - The company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million, with restricted cash increasing by $39 million from the previous quarter [13][14] Business Line Data and Key Metrics Changes - Comparable RevPAR grew by 3.2%, total revenue increased by 3.6%, and comparable hotel EBITDA rose by 8.7% in Q1 2025 [5][6] - La Pavion Hotel reported a total revenue growth of 78% over the prior year quarter, while La Concha Hotel achieved a 27% total revenue growth [6][7] - Hotel EBITDA across the entire portfolio grew by 9% during the first quarter compared to the prior year quarter [18][21] Market Data and Key Metrics Changes - The company experienced a 95% occupancy rate across its hotels in Washington D.C. during the presidential inauguration, generating over $1.6 million in incremental room revenue [17] - Group room revenue pace increased by 10% for the top five hotels in the portfolio compared to the prior year, with a 6% increase projected for the full year 2025 [19][20] Company Strategy and Development Direction - The company is focused on its Grow AHT initiative, aiming for a $50 million run rate EBITDA improvement, with expectations of achieving over $30 million of that goal [6][10] - The company plans to continue improving its capital structure by extending near-term debt maturities and exploring strategic dispositions [10][27] - The company is optimistic about the pipeline of event-driven opportunities, particularly with the upcoming FIFA World Cup in 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but emphasized a focus on controlling internal factors and maximizing hotel performance [10][27] - The company is confident in its ability to unlock additional value and improve operational performance through ongoing initiatives [27] Other Important Information - The company completed the sale of the Courtyard Boston Downtown for $123 million, which provided significant capital expenditure savings [8] - The company has fully repaid its corporate strategic financing, leaving it free of corporate debt [8][10] Q&A Session Summary Question: Can you help us think about the monthly RevPAR progression in the quarter and the impact of calendar shifts? - Management noted that January was the strongest month, with softening observed in February and March due to calendar shifts and other headwinds [30][31] Question: How much of the portfolio do you think is exposed to international inbound travel and government demand? - Management indicated that international demand is less than 5% of the portfolio, with government demand being a bit larger but still manageable [36][38] Question: Can you help us think about the AHT GROW initiative and areas of success? - Management stated that while low-hanging fruit has been harvested, there are still significant opportunities for improvement, particularly at the corporate level [39][40] Question: Is there any update on the Bammel Island loan? - Management confirmed a forbearance agreement is in place and they are working on refinancing options [41] Question: Any color about potential dispositions and current market pricing? - Management highlighted that they are now able to explore asset sales more opportunistically after paying off previous corporate financing, focusing on high-value assets [43][45]

分组1 - Ashford Hospitality Trust reported a quarterly loss of $0.98 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.53, and a significant improvement from a loss of $3.50 per share a year ago [1] - The company posted revenues of $277.36 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.82%, and down from $303.9 million year-over-year [2] - The stock has underperformed the market, losing about 14.7% since the beginning of the year compared to the S&P 500's decline of 3.9% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $5.08 on revenues of $305.3 million, and for the current fiscal year, it is $5.24 on revenues of $1.14 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 34% of over 250 Zacks industries, suggesting potential underperformance [8] - The estimate revisions trend for Ashford Hospitality Trust is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6]

Occupancy and Performance Metrics - Ashford Hospitality Trust, Inc. announced preliminary estimated occupancy for Q1 2025[5] - The average daily rate (ADR) for Q1 2025 was reported, indicating performance trends[5] - Revenue per available room (RevPAR) results for Q1 2025 were disclosed, reflecting operational efficiency[5]

分组1 - National Storage (NSA) reported quarterly funds from operations (FFO) of $0.54 per share, missing the Zacks Consensus Estimate of $0.56 per share, and down from $0.60 per share a year ago, representing an FFO surprise of -3.57% [1] - The company posted revenues of $188.35 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.42%, but down from $196.15 million year-over-year [2] - Over the last four quarters, National Storage has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] 分组2 - The stock's immediate price movement will depend on management's commentary on the earnings call and future FFO expectations [3][4] - National Storage shares have lost about 0.5% since the beginning of the year, compared to the S&P 500's decline of -3.3% [3] - The current consensus FFO estimate for the coming quarter is $0.58 on $189.51 million in revenues, and $2.32 on $761.62 million in revenues for the current fiscal year [7] 分组3 - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can impact investor decisions [5][6]

Financial Position - As of December 31, 2024, the company owned 69 hotel properties with a total of 17,051 rooms and held interests in four additional properties representing 405 rooms[20]. - The company reported cash and cash equivalents of $112.9 million and restricted cash of $107.6 million as of December 31, 2024[24]. - The company has a deficit in stockholders' equity of approximately $419.2 million as of December 31, 2024, and has not generated current earnings from which a dividend can be paid since December 31, 2015[35]. - As of December 31, 2024, the company's outstanding indebtedness is approximately $2.7 billion, including about $2.5 billion in variable interest rate debt[92]. - The company did not pay dividends on its common stock in fiscal year 2024 and does not expect to pay dividends for the foreseeable future[59]. Investment Strategy - The company’s investment strategy focuses on upper upscale full-service hotels with revenue per available room (RevPAR) generally less than twice the U.S. national average[25]. - The company’s strategy includes the acquisition of hotel properties that are expected to be accretive to its portfolio and the disposition of non-core hotel properties[26]. - The company plans to pursue capital market activities and implement strategies to enhance long-term stockholder value, including accessing cost-effective capital through non-traded preferred securities[26]. - The company intends to selectively pursue debt financing on individual properties and debt investments to meet working capital needs and distribution requirements[33]. - Competition for hotel acquisitions is intense, which may limit suitable investment opportunities and increase costs[80]. Operational Management - The company is advised by Ashford LLC, which manages all hotel properties in its portfolio under management contracts[18]. - The company has management agreements with Remington Hospitality for 50 out of 69 hotel properties, relying on third-party managers for operations[75]. - The company has a master hotel management agreement with Remington Hospitality, which requires independent directors to approve any changes to management, potentially limiting flexibility[137]. - The company relies on Ashford LLC and its affiliates for advisory services, with approximately 101 full-time employees providing these services[41]. Competitive Landscape - The company’s principal competitors include other hotel operating companies and alternative accommodations such as home-sharing services[40]. - The hotel industry is highly competitive, with the company facing competition from other hotels and services such as home sharing companies[58]. - The performance of the lodging industry is closely linked to the general economy, with upscale and upper upscale hotels being more susceptible to revenue decreases during economic downturns[54]. Regulatory and Compliance Risks - The company believes its properties are in compliance with all material federal, state, and local ordinances regarding hazardous or toxic substances[45]. - The company must comply with franchisor standards, and failure to do so could result in loss of franchise licenses, adversely affecting operations[70]. - Changes in laws and regulations could adversely affect the company's operations and financial condition, with unpredictable impacts[89]. - The company generally does not require borrowers to obtain environmental insurance, increasing potential exposure to environmental liabilities[172]. Financial Risks - Higher interest rates have negatively impacted the company, increasing interest costs on variable-rate debt and reducing cash available for distributions[94]. - The company may incur additional debt for future hotel acquisitions and capital improvements, which could increase financial risks[95]. - The company faces risks from joint ventures due to lack of sole decision-making authority and reliance on co-venturers' financial conditions[65]. - The leveraged capital structure of hospitality entities increases exposure to adverse economic factors, potentially leading to defaults and capital loss[147]. Cybersecurity and Technology Risks - The company is increasingly dependent on information technology, facing risks from cyber-attacks and evolving privacy regulations[85]. - The company has experienced a cyber incident that resulted in potential exposure of personal information, highlighting increased privacy and information security risks[86]. Environmental and Natural Disaster Risks - Severe weather conditions and natural disasters pose risks to the company's properties, potentially leading to property damage and reduced guest visits[90]. - The presence of hazardous substances or mold in properties could lead to liability and costly remediation efforts[175]. Tax and REIT Compliance - The company must distribute at least 90% of REIT taxable income, limiting retained earnings for acquisitions and growth[78]. - The company may face penalties if transactions with TRS lessees are not conducted on arm's-length terms, potentially leading to a 100% excise tax[190]. - The company must ensure that hotel management companies qualify as "eligible independent contractors" to maintain REIT status, with ownership limits set at 35%[194]. - The company may face a 100% tax on net income from prohibited transactions, which could limit property disposals[207]. Market and Economic Risks - The health of the worldwide travel industry significantly impacts the company's financial performance, with economic downturns leading to decreased travel expenditures[104]. - The cyclical nature of the lodging industry may cause fluctuations in operating performance, with adverse changes potentially resulting in returns below expectations[112]. - The hotel business is seasonal, leading to fluctuations in financial condition and operating results, potentially requiring short-term borrowings to maintain distributions[111].

Financial Performance - Ashford Hospitality Trust, Inc. announced preliminary estimated occupancy for Q4 2024[5] - The average daily rate (ADR) and revenue per available room (RevPAR) results were also disclosed in the press release[5] - The press release was issued on January 13, 2025, indicating timely communication of financial performance[5] - The report includes a reference to the press release as Exhibit 99.1, which contains detailed financial results[6] - The financial results are part of the company's ongoing compliance with the Securities Exchange Act of 1934[9] Corporate Governance - The Chief Financial Officer, Deric S. Eubanks, signed the report, ensuring accountability[11] Stock Information - The company is listed on the New York Stock Exchange under the trading symbol AHT[4] - The company has multiple classes of preferred stock registered on the New York Stock Exchange[4] Business Developments - The report does not indicate any new product launches or market expansions at this time[5] - There is no mention of mergers or acquisitions in the current report[5]

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, 2024 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) | --- | ...