NEWS RELEASE
Contact: | Justin Coe Chief Accounting Officer | Joe Calabrese Financial Relations Board |
(972) 490-9600 | (212) 827-3772 |
DALLAS - August 12, 2026 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTSComparable RevPAR for all hotels increased 6.6% to $155.7 during the quarter on a 5.8% increase in Comparable ADR and a 0.7% increase in Comparable Occupancy.
Net income attributable to common stockholders was $120.7 million or $1.62 per diluted share for the quarter.
Adjusted EBITDAre was $69.4 million for the quarter.
Adjusted funds from operations (AFFO) per diluted share was $2.67 for the quarter, compared to
$0.78 for the prior-year quarter.
Comparable Hotel EBITDA was $79.9 million for the quarter, reflecting growth of 9.6% over the prior year quarter. Comparable Hotel EBITDA margin expanded 158 basis points to 32.5%.
The Company ended the quarter with cash and cash equivalents of $75.0 million and restricted cash of $137.0 million (including amounts held for sale). The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.2 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.
Net working capital at the end of the quarter was $83.8 million.
Total debt was $2.0 billion at June 30, 2026, a decrease of $599.5 million, or 23.3%, from $2.6 billion at December 31, 2025.
CapEx invested during the quarter was $20.7 million.
RECENT OPERATING HIGHLIGHTSDuring the quarter, the Company closed on nine hotel sales for combined gross proceeds of
$385.3 million or $194,200 per key. Additionally, these nine sales are expected to result in anticipated capital expenditure savings of $90.8 million or $45,800 per key, representing $476.1
million, or approximately $240,000 per key, of combined proceeds and avoided capital expenditure. These hotels include:
Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard
Embassy Suites by Hilton Dallas Near the Galleria
Lakeway Resort & Spa
Sheraton Indianapolis City Centre
Silversmith Hotel Chicago Downtown
Sheraton Mission Valley San Diego
Hilton Garden Inn Jacksonville JTB/Deerwood Park
Hilton Garden Inn Austin Downtown
Hyatt Regency Savannah
Subsequent to quarter end, the Company closed on two hotel sales for combined gross proceeds of $79.1 million. These hotels include:
Marriott Fremont Silicon Valley
Hyatt Regency Long Island
On August 7, 2026, the Company refinanced the Highland mortgage loan with a new $525.0 million mortgage loan. The refinanced mortgage loan has a two-year initial term, is interest only, bears interest at SOFR + 5.24%, compared to SOFR + 5.47% on the prior loan, and has three one-year extension options, subject to satisfaction of certain conditions. This refinancing also released the loan pool from a cash sweep that had been in effect for more than a year and addressed the Company's final remaining 2026 maturity.
As of June 30, 2026, the Company had total loans of $2.0 billion with a blended average interest rate of 8.2%, taking into account in-the-money interest rate caps. Approximately 6% of the Company's current consolidated debt is fixed-rate and approximately 94% is floating-rate.
"Our second quarter results provide the clearest evidence yet of Ashford Trust's operational turnaround," said Stephen Zsigray, President and Chief Executive Officer. "Comparable RevPAR increased 6.6% in the quarter and we converted 70% of the incremental revenue into Hotel EBITDA. Growth was rate-led, with Comparable ADR up 5.8%, which, combined with cost discipline from our asset management team and our property managers, produced a 9.6% increase in Comparable Hotel EBITDA and 158 basis points of margin expansion.
"We've been equally active on the balance sheet, completing the sale of eleven hotels-nine during the quarter and two shortly after quarter-end-at cap rates that reinforce our conviction in the underlying value of our assets. We applied the majority of proceeds to retire mortgage debt, which has improved our leverage profile, reduced interest expense, and helped address near-term loan maturities. Subsequent to quarter-end, we successfully addressed our final 2026 maturity with the Highland refinancing. This refinancing preserved a significant portion of total portfolio equity, while also improving our blended spread and releasing 14 hotels from a cash sweep that had been in effect for more than a year.
"Despite a number of property sales over the past 12 months, Adjusted EBITDAre for the quarter remained strong at $69.4 million and AFFO improved $12.8 million versus the prior year quarter. As we move into the back half of 2026, we remain focused on translating stronger performance into value for shareholders. Our recent sales transactions suggest there is still a disconnect, and we expect strategic asset
sales to remain an important lever for closing that gap while further strengthening our balance sheet, enhancing liquidity and improving cash flow."
UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS"The second quarter delivered acceleration in hotel performance," said Zsigray. "Combined with the ongoing implementation of our GRO AHT initiatives, Adjusted FFO improved to $17.4 million for the quarter, compared to $4.6 million in the second quarter of 2025. That progression reflects work across cost structure, portfolio composition and property performance.
"We continue to optimize the portfolio via asset sales, and recently completed the refinancing of our Highland loan pool. That transaction demonstrates the point we have made consistently: deleveraging makes refinancing possible, which ultimately preserves the equity in our portfolio.
"While preserving portfolio equity benefits our preferred holders, that sequencing carries a near-term cost. We have been required to apply the majority of sale proceeds to retire mortgage debt that is senior to the preferred, which continues to constrain the cash available for preferred redemptions and dividends.
"While improved operating performance and successful refinancings will enhance conditions for future capital returns, the path of interest rates continues to work against us. Where the market previously anticipated further easing, the forward curve no longer reflects that relief and the probability of interest rate hikes has risen considerably.
"While we remain unable at this time, we intend to resume capital returns to preferred holders when conditions allow. Dividends on the Company's preferred stock are cumulative and will continue to accumulate while suspended."
NON-GAAP MEASURESWe use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at https://www.sec.gov.
* * * * *
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |
(in thousands, except share and per share amounts) | |
(unaudited) | |
December 31, June 30, 2026 2025 | |
ASSETS | |
Investments in hotel properties, gross | $ 2,291,237 $ 3,069,016 |
Accumulated depreciation | (747,916) (983,772) |
Investments in hotel properties, net | 1,543,321 2,085,244 |
Contract asset | 368,298 355,138 |
Cash and cash equivalents | 72,510 66,145 |
Restricted cash | 136,985 149,580 |
Accounts receivable, net of allowance of $213 and $424 respectively | 38,883 32,752 |
Inventories | 2,672 3,598 |
Notes receivable, net | 12,880 12,187 |
Investment in unconsolidated entities | 7,110 7,265 |
Deferred costs, net | 837 1,529 |
Derivative assets, net | 1,256 410 |
Operating lease right-of-use assets | 37,283 43,582 |
Prepaid expenses and other assets | 17,124 32,057 |
Due from related parties, net | 980 - |
Due from third-party hotel managers | 24,240 25,667 |
Assets held for sale | 70,071 18,478 |
Total assets | $ 2,334,450 $ 2,833,632 |
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net | $ 1,905,747 | $ 2,504,637 |
Indebtedness associated with hotels in receivership | 273,971 | 294,771 |
Finance lease liability | 17,258 | 17,536 |
Accounts payable and accrued expenses | 114,368 | 123,773 |
Accrued interest payable | 31,224 | 12,176 |
Accrued interest associated with hotels in receivership | 94,327 | 84,155 |
Dividends and distributions payable | 4,247 | 4,247 |
Due to Ashford Inc., net | 52,552 | 40,643 |
Due to related parties, net | - | 1,949 |
Due to third-party hotel managers | 1,157 | 882 |
Operating lease liabilities | 37,676 | 44,045 |
Other liabilities | 36,624 | 36,768 |
Liabilities associated with assets held for sale | 74,813 | 41,292 |
Total liabilities | 2,643,964 | 3,206,874 |
Redeemable noncontrolling interests in operating partnership | 20,800 | 20,516 |
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 187,498 | 179,818 |
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 18,972 | 18,215 |
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 5,658 | 5,484 |
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 14,096 | 13,566 |
Equity (deficit): | ||
Preferred stock, $0.01 par value, 55,000,000 shares authorized : | ||
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 11 | 11 |
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 10 | 10 |
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 15 | 15 |
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 10 | 10 |
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 11 | 11 |
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 65 | 65 |
Additional paid-in capital | 2,402,052 | 2,402,015 |
Accumulated deficit | (2,973,059) | (3,028,489) |
Total stockholders' equity (deficit) of the Company | (570,885) | (626,352) |
Noncontrolling interests in consolidated entities | 14,347 | 15,511 |
Total equity (deficit) | (556,538) | (610,841) |
Total liabilities and equity/deficit | $ 2,334,450 | $ 2,833,632 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) (unaudited)
Three Months Ended Six Months Ended June 30, June 30,
2026 | 2025 | 2026 | 2025 | |||||
REVENUE | ||||||||
Rooms | $ 209,618 | $ 227,203 | $ 409,643 | $ 433,504 | ||||
Food and beverage | 47,007 | 55,336 | 98,577 | 109,865 | ||||
Other | 16,442 | 19,006 | 32,425 | 35,226 | ||||
Total hotel revenue | 273,067 | 301,545 | 540,645 | 578,595 | ||||
Other | 173 | 456 | 327 | 765 | ||||
Total revenue | 273,240 | 302,001 | 540,972 | 579,360 | ||||
EXPENSES | ||||||||
Hotel operating expenses | ||||||||
Rooms | 46,032 | 51,659 | 92,222 | 99,449 | ||||
Food and beverage | 31,188 | 35,455 | 65,571 | 71,181 | ||||
Other expenses | 89,895 | 101,372 | 181,168 | 196,482 | ||||
Management fees | 9,340 | 10,344 | 18,624 | 20,192 | ||||
Total hotel operating expenses | 176,455 | 198,830 | 357,585 | 387,304 | ||||
Property taxes, insurance and other | 13,179 | 16,234 | 28,073 | 32,283 | ||||
Depreciation and amortization | 28,628 | 35,276 | 60,634 | 72,615 | ||||
Impairment charges | - | 1,447 | 112,649 | 1,447 | ||||
Advisory services fee: | ||||||||
Base advisory fee | 8,507 | 8,339 | 16,815 | 16,534 | ||||
Reimbursable expenses | 5,664 | 3,411 | 17,351 | 6,619 | ||||
Stock/unit-based compensation | 28 | 222 | 56 | 155 | ||||
Incentive fee | - | (66) | - | 27 | ||||
Stirling performance participation fee | - | 111 | - | 227 | ||||
Corporate, general and administrative: | ||||||||
Stock/unit-based compensation | - | - | - | 13 | ||||
Other general and administrative | 1,325 | 5,485 | 2,927 | 9,804 | ||||
Total operating expenses | 233,786 | 269,289 | 596,090 | 527,028 | ||||
Gain (loss) on disposition of assets and hotel properties | 150,046 | 6,684 | 250,076 | 38,552 | ||||
Gain (loss) on derecognition of assets | 6,828 | 9,900 | 14,618 | 19,946 | ||||
OPERATING INCOME (LOSS) | 196,328 | 49,296 | 209,576 | 110,830 | ||||
Equity in earnings (loss) of unconsolidated entities | 47 | 44 | (155) | (387) | ||||
Interest income | 1,047 | 1,253 | 1,969 | 2,467 | ||||
Other income (expense), net | - | - | 3,223 | - | ||||
Interest expense, net of discount amortization | (50,868) | (62,392) | (118,185) | (123,648) | ||||
Interest expense associated with hotels in receivership | (7,607) | (10,454) | (15,427) | (20,846) | ||||
Amortization of loan costs | (4,802) | (7,743) | (11,039) | (12,943) | ||||
Write-off of premiums, loan costs and exit fees | (305) | (1,486) | (1,559) | (6,083) | ||||
Gain (loss) on extinguishment of debt | (1,950) | (2) | (1,975) | (15) | ||||
Realized and unrealized gain (loss) on derivatives | 44 | (836) | 801 | (3,576) | ||||
INCOME (LOSS) BEFORE INCOME TAXES | 131,934 | (32,320) | 67,229 | (54,201) | ||||
Income tax benefit (expense) | (2,553) | (119) | (3,305) | (436) | ||||
NET INCOME (LOSS) | 129,381 | (32,439) | 63,924 | (54,637) | ||||
(Income) loss attributable to noncontrolling interest in consolidated entities | 341 | 1,412 | 996 | 3,188 | ||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (1,729) | 631 | (699) | 1,082 | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 127,993 | (30,396) | 64,221 | (50,367) | ||||
Preferred dividends | (2,714) | (7,017) | (5,428) | (13,746) | ||||
Deemed dividends on redeemable preferred stock | (4,600) | (2,530) | (9,200) | (3,587) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 120,679 | $ (39,943) | $ 49,593 | $ (67,700) | ||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | ||||||||
Basic: | ||||||||
Net income (loss) attributable to common stockholders | $ 18.73 | $ (6.88) | $ 7.70 | $ (11.82) | ||||
Weighted average common shares outstanding - basic | 6,443 | 5,804 | 6,442 | 5,728 | ||||
Diluted: | ||||||||
Net income (loss) attributable to common stockholders | $ 1.62 | $ (6.88) | $ 0.70 | $ (11.82) | ||||
Weighted average common shares outstanding - diluted | 77,465 | 5,895 | 83,944 | 5,728 | ||||
Dividends declared per common share | $ | - | $ | - | $ | - | $ | - |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands) (unaudited)
Three Months Ended Six Months Ended June 30, June 30,
2026 | 2025 | 2026 | 2025 | |
Net income (loss) | $ 129,381 | $ (32,439) | $ 63,924 | $ (54,637) |
Interest expense and amortization of discounts and loan costs, net | 55,670 | 70,135 | 129,224 | 136,591 |
Interest expense associated with hotels in receivership | 7,607 | 10,454 | 15,427 | 20,846 |
Depreciation and amortization | 28,628 | 35,276 | 60,634 | 72,615 |
Income tax expense (benefit) | 2,553 | 119 | 3,305 | 436 |
Equity in (earnings) loss of unconsolidated entities | (47) | (44) | 155 | 387 |
Company's portion of EBITDA of unconsolidated entities | 359 | 406 | 467 | 526 |
EBITDA | 224,151 | 83,907 | 273,136 | 176,764 |
Impairment charges on real estate | - | 1,447 | 112,649 | 1,447 |
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (150,046) | (6,684) | (250,076) | (38,552) |
(Gain) loss on derecognition of assets | (6,828) | (9,900) | (14,618) | (19,946) |
EBITDAre | 67,277 | 68,770 | 121,091 | 119,713 |
Amortization of unfavorable contract liabilities | (31) | (31) | (61) | (61) |
Transaction and conversion costs | (91) | 2,173 | 262 | 4,101 |
Write-off of premiums, loan costs and exit fees | 305 | 1,486 | 1,559 | 6,083 |
Realized and unrealized (gain) loss on derivatives | (44) | 836 | (801) | 3,576 |
Stock/unit-based compensation | 28 | 222 | 56 | 168 |
Legal, advisory and settlement costs | (18) | 55 | 4 | 852 |
Other (income) expense, net | - | - | (3,223) | - |
Incentive fee | - | (66) | - | 27 |
Stirling performance participation fee | - | 111 | - | 227 |
(Gain) loss on extinguishment of debt | 1,950 | 2 | 1,975 | 15 |
Severance | 68 | 274 | 247 | 796 |
Adjusted EBITDAre | $ 69,444 | $ 73,832 | $ 121,109 | $ 135,497 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts) (unaudited)
Three Months Ended Six Months Ended June 30, June 30,
2026 | 2025 | 2026 | 2025 | ||||
Net income (loss) | $ 129,381 | $ (32,439) | $ 63,924 | $ (54,637) | |||
(Income) loss attributable to noncontrolling interest in consolidated entities | 341 | 1,412 | 996 | 3,188 | |||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (1,729) | 631 | (699) | 1,082 | |||
Preferred dividends | (2,714) | (7,017) | (5,428) | (13,746) | |||
Deemed dividends on redeemable preferred stock | (4,600) | (2,530) | (9,200) | (3,587) | |||
Net income (loss) attributable to common stockholders | 120,679 | (39,943) | 49,593 | (67,700) | |||
Depreciation and amortization on real estate | 28,324 | 34,486 | 60,026 | 71,036 | |||
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (150,046) | (6,684) | (250,076) | (38,552) | |||
(Gain) loss on derecognition of assets | (6,828) | (9,900) | (14,618) | (19,946) | |||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | 1,729 | (631) | 699 | (1,082) | |||
Equity in (earnings) loss of unconsolidated entities | (47) | (44) | 155 | 387 | |||
Impairment charges on real estate | - | 1,447 | 112,649 | 1,447 | |||
Company's portion of FFO of unconsolidated entities | 148 | 152 | 47 | (81) | |||
FFO available to common stockholders and OP unitholders | (6,041) | (21,117) | (41,525) | (54,491) | |||
Deemed dividends on redeemable preferred stock | 4,600 | 2,530 | 9,200 | 3,587 | |||
Transaction and conversion costs | (91) | 2,173 | 262 | 4,101 | |||
Write-off of premiums, loan costs and exit fees | 305 | 1,486 | 1,559 | 6,083 | |||
Unrealized (gain) loss on derivatives | (44) | 1,309 | (801) | 4,741 | |||
Stock/unit-based compensation | 28 | 222 | 56 | 168 | |||
Legal, advisory and settlement costs | (18) | 55 | 4 | 852 | |||
Other (income) expense, net | - | - | (3,223) | - | |||
Amortization of loan costs | 4,802 | 7,705 | 11,039 | 12,868 | |||
Incentive fee | - | (66) | - | 27 | |||
Stirling performance participation fee | - | 111 | - | 227 | |||
(Gain) loss on extinguishment of debt | 1,950 | 2 | 1,975 | 15 | |||
Interest expense associated with hotels in receivership | 7,607 | 9,902 | 15,427 | 19,948 | |||
Severance | 68 | 274 | 247 | 796 | |||
Default interest and late fees | 4,251 | - | 23,155 | - | |||
Company's portion of adjustments to FFO of unconsolidated entities | 22 | 35 | 44 | 75 | |||
Adjusted FFO available to common stockholders and OP unitholders | $ 17,439 | $ 4,621 | $ 17,419 | $ (1,003) | |||
Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ 2.67 | $ 0.78 | $ 2.67 | $ (0.17) | |||
Weighted average diluted shares | 6,535 | 5,906 | 6,536 | 5,834 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS
June 30, 2026
(dollars in thousands) (unaudited)
Comparable | Comparable TTM | ||||||||
Current | Fixed-Rate | Floating-Rate | Total | TTM Hotel | TTM Hotel Net | TTM Hotel | Hotel EBITDA | ||
ness Maturity | Final Maturity (11) | Interest Rate (10) | Debt | Debt | Debt | Net Income | Income Debt Yield | EBITDA (12) | Debt Yield |
Indebted
JPMorgan Chase - 8 hotels | February 2026 | February 2026 | SOFR (1) + 3.28% | $ - $ 325,000 $ 325,000 | (2) $ (5,938) | (1.8)% | $ 29,537 | 9.1 % |
BAML Highland Pool - 15 hotels | July 2026 | July 2026 | SOFR (1) + 5.47% | - 523,899 523,899 | (3) 77,810 | 14.9 % | 68,601 | 13.1 % |
BAML Indigo Atlanta - 1 hotel | February 2027 | February 2027 | SOFR (1) + 2.85% | - 12,330 12,330 | (4) 469 | 3.8 % | 2,303 | 18.7 % |
BAML/Sculptor KEYS 16 Pool - 14 hotels | February 2027 | February 2030 | SOFR (1) + 4.37% | - 507,838 507,838 | (5) 49,247 | 9.7 % | 69,156 | 13.6 % |
Morgan Stanley Pool - 7 hotels | March 2027 | March 2028 | SOFR (1) + 5.96% | - 143,534 143,534 | (6) 162,603 | 113.3 % | 18,706 | 13.0 % |
BAML Nashville - 1 hotel | September 2027 | September 2030 | SOFR (1) + 2.26% | - 218,100 218,100 | (7) 28,354 | 13.0 % | 36,082 | 16.5 % |
Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% | - 121,500 121,500 | (8) 12,538 | 10.3 % | 16,127 | 13.3 % |
BAML Pool - 4 hotels | December 2028 | December 2028 | 8.51% | 30,200 - 30,200 | 394 | 1.3 % | 4,400 | 14.6 % |
Preferred Equity Nashville - 1 hotel | May 2029 | May 2029 | 11.14% | 89,295 - 89,295 | (9) N/A | N/A | N/A | N/A |
Unencumbered Hotel - 1 hotel | - - - | 1,768 | N/A | 4,233 | N/A | |||
Total | $ 119,495 $ 1,852,201 $ 1,971,696 | $ 327,245 | 16.6 % | $ 249,145 | 12.6 % | |||
Percentage | 6.1 % 93.9 % 100.0 % | |||||||
Weighted average interest rate (10) | 10.47 % 8.03 % 8.18 % |
All indebtedness is non-recourse.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien and debt associated with hotels in receivership.
(1) SOFR rate was 3.65% at June 30, 2026.
(2) As of June 30, 2026, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations.
(3) This mortgage loan has one six-month extension option, subject to satisfaction of certain conditions. The six-month extension option was exercised in January 2026. On August 7, 2026, we refinanced this mortgage loan with a new $525.0 million mortgage loan. The refinanced mortgage loan has a two-year initial term, is interest only, bears interest at SOFR + 5.24%, and has three one-year extension options, subject to satisfaction of certain conditions.
(4) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.
(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. On July 1, 2026, this mortgage loan was paid down by $43.5 million in conjunction with the sale of the Marriott in Fremont, California.
(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option was exercised in March 2026.
(7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.
(9) Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate, consisting of 10.14% cash interest and 1.00% paid-in-kind interest.
(10) Interest rates do not include default or late payment rates in effect on two mortgage loans.
(11) The final maturity date assumes all available extension options will be exercised.
(12) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Non-comparable
Three Months Ended June 30,
Non-comparable
Actual
Adjustments Comparable Actual
Adjustments Comparable Actual Comparable
2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance % Variance | ||
Rooms revenue (in thousands) | $ 209,618 | $ (19,369) | $ 190,249 | $ 227,203 | $ (48,670) | $ 178,533 | (7.74)% 6.56 % | |
RevPAR | $ 154.95 | $ (148.11) | $ 155.68 | $ 144.08 | $ (137.14) | $ 146.09 | 7.55 % | 6.56 % |
Occupancy | 76.16 % | (76.94)% | 76.07 % | 75.23 % | (74.20)% | 75.53 % | 1.24 % | 0.71 % |
ADR | $ 203.46 | $ (192.49) | $ 204.65 | $ 191.51 | $ (184.81) | $ 193.42 | 6.24 % | 5.81 % |
ALL HOTELS:
Six Months Ended June 30,
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |
2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance | % Variance | |
Rooms revenue (in thousands) | $ 409,643 | $ (52,977) | $ 356,666 | $ 433,505 | $ (94,983) | $ 338,522 | (5.50)% | 5.36 % |
RevPAR | $ 145.05 | $ (134.65) | $ 146.74 | $ 138.09 | $ (134.02) | $ 139.27 | 5.05 % | 5.36 % |
Occupancy | 72.24 % | (70.70)% | 72.49 % | 71.62 % | (71.33)% | 71.71 % | 0.87 % | 1.09 % |
ADR | $ 200.80 | $ (190.44) | $ 202.43 | $ 192.80 | $ (187.88) | $ 194.23 | 4.15 % | 4.22 % |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands) (unaudited)
ALL HOTELS: Three Months Ended Six Months Ended June 30, June 30,
2026 2025 % Variance 2026 2025 % Variance
Total hotel revenue | $ 273,068 $ 301,546 | (9.44)% | $ 540,647 $ 578,596 | (6.56)% |
Non-comparable adjustments | (26,902) (65,347) | (72,811) (125,991) | ||
Comparable total hotel revenue | $ 246,166 $ 236,199 | 4.22 % | $ 467,836 $ 452,605 | 3.37 % |
Hotel net income (loss) | $ 181,455 | $ 57,561 | 215.24 % $ 210,570 | $ 126,687 | 66.21 % |
Non-comparable adjustments | (129,091) | (7,011) | (200,475) | (45,407) | |
Comparable hotel net income (loss) | $ 52,364 $ 50,550 | 3.59 % $ 10,095 $ 81,280 | (87.58)% | ||
Hotel net income (loss) margin | 66.45 % | 19.09 % | 47.36 % | 38.95 % | 21.90 % | 17.05 % |
Comparable hotel net income margin | 21.27 % | 21.40 % | (0.13)% | 2.16 % | 17.96 % | (15.80)% |
Hotel EBITDA | $ 88,351 | $ 92,279 | (4.26)% | $ 165,156 | $ 170,752 | (3.28)% |
Non-comparable adjustments | (8,404) | (19,303) | (20,253) | (35,787) | ||
Comparable hotel EBITDA | $ 79,947 $ 72,976 | 9.55 % $ 144,903 $ 134,965 | 7.36 % | |||
Hotel EBITDA margin | 32.35 % | 30.60 % | 1.75 % | 30.55 % | 29.51 % | 1.04 % |
Comparable hotel EBITDA margin | 32.48 % | 30.90 % | 1.58 % | 30.97 % | 29.82 % | 1.15 % |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | |||||
2026 | 2026 | 2026 | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | |||||
2nd Quarter | 2nd Quarter | 2nd Quarter | 1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | 3rd Quarter | 3rd Quarter | 3rd Quarter | |||||
Total hotel revenue | $ 273,068 | $ (26,902) | $ 246,166 | $ 267,578 | $ (45,909) | $ 221,669 | $ 258,583 | $ (51,663) | $ 206,920 | $ 265,675 | $ (53,313) | $ 212,362 | ||||
Hotel net income (loss) | $ 181,455 | $ (129,091) | $ 52,364 | $ 29,115 | $ (71,385) | $ (42,270) | $ 4,332 | $ 19,635 | $ 23,967 | $ 26,634 | $ 1,539 | $ 28,173 | ||||
Hotel net income (loss) margin | 66.45 % | 21.27 % | 10.88 % | (19.07)% | 1.68 % | 11.58 % | 10.03 % | 13.27 % | ||||||||
Hotel EBITDA | $ 88,351 | $ (8,404) | $ 79,947 | $ 76,805 | $ (11,849) | $ 64,956 | $ 63,133 | $ (12,086) | $ 51,047 | $ 68,740 | $ (11,368) | $ 57,372 | ||||
Hotel EBITDA margin | 32.35 % | 32.48 % | 28.70 % | 29.30 % | 24.41 % | 24.67 % | 25.87 % | 27.02 % | ||||||||
Hotel net income (loss) % of total TTM | 75.1 % | 84.1 % | 12.1 % | (67.9)% | 1.8 % | 38.5 % | 11.0 % | 45.3 % | ||||||||
EBITDA % of total TTM | 29.7 % | 31.6 % | 25.9 % | 25.6 % | 21.3 % | 20.2 % | 23.1 % | 22.6 % | ||||||||
JV interests in Hotel net income (loss) | $ | (287) | $ | (287) | $ | (574) | $ | (574) | $ | (349) | $ | (349) | $ | (1,249) | $ | (1,249) |
JV interests in EBITDA | $ | 886 | $ | 886 | $ | 816 | $ | 816 | $ | 1,038 | $ | 1,038 | $ | 216 | $ | 216 |
Actual
Non-comparable
Adjustments Comparable
2026 2026 2026
TTM TTM TTM
Total hotel revenue $ 1,064,904 $ (177,787) $ 887,117
Hotel net income (loss) $ 241,536 $ (179,302) $ 62,234
Hotel net income (loss) margin 22.68 % 7.02 %
Hotel EBITDA $ 297,029 $ (43,707) $ 253,322
Hotel EBITDA margin 27.89 % 28.56 %
Hotel net income (loss) % of total TTM
100.0 %
100.0 %
EBITDA % of total TTM 100.0 % 100.0 %
JV interests in Hotel net income
(loss) $ (2,458) $ (2,458)
JV interests in EBITDA $ 2,955 $ 2,955
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET
(unaudited)
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||
2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance | % Variance |
Three Months Ended June 30,
Number of Hotels
Number of Rooms
Atlanta, GA Area | 6 | 1,128 | $ 145.71 | $ - | $ 145.71 | $ 135.85 | $ - | $ 135.85 | 7.3 % | 7.3 % |
Dallas / Ft. Worth, TX Area | 4 | 1,246 | 143.90 | (130.89) | 144.50 | 125.88 | (105.27) | 128.36 | 14.3 % | 12.6 % |
Houston, TX Area | 1 | 303 | 141.85 | - | 141.85 | 117.64 | (99.09) | 141.63 | 20.6 % | 0.2 % |
Los Angeles, CA Metro Area | 4 | 1,312 | 158.64 | - | 158.64 | 154.24 | - | 154.24 | 2.9 % | 2.9 % |
Miami, FL Metro Area | 1 | 254 | 202.97 | (173.47) | 204.19 | 174.80 | (147.75) | 191.84 | 16.1 % | 6.4 % |
Minneapolis - St. Paul, MN Area | 2 | 520 | 83.91 | - | 83.91 | 77.51 | - | 77.51 | 8.3 % | 8.3 % |
Nashville, TN Area | 1 | 674 | 252.17 | - | 252.17 | 246.56 | - | 246.56 | 2.3 % | 2.3 % |
New York / New Jersey Metro Area | 4 | 1,159 | 113.62 | - | 113.62 | 106.84 | - | 106.84 | 6.3 % | 6.3 % |
Orlando, FL Area | 2 | 524 | 120.42 | - | 120.42 | 111.36 | - | 111.36 | 8.1 % | 8.1 % |
Philadelphia, PA Area | 1 | 263 | 152.68 | - | 152.68 | 145.92 | - | 145.92 | 4.6 % | 4.6 % |
San Diego, CA Area | - | - | 139.81 | (139.81) | - | 154.30 | (154.30) | - | (9.4)% | - % |
San Francisco - Oakland, CA Metro Area | 2 | 615 | 162.34 | (144.43) | 165.82 | 144.07 | (143.64) | 144.19 | 12.7 % | 15.0 % |
Tampa, FL Area | 1 | 238 | 170.90 | - | 171.13 | 144.52 | (138.01) | 153.62 | 18.3 % | 11.4 % |
Washington D.C. - MD - VA Area | 8 | 2,176 | 189.68 | - | 189.68 | 175.51 | (167.02) | 176.49 | 8.1 % | 7.5 % |
Other Areas | 16 | 3,017 | 146.95 | (150.82) | 145.60 | 138.45 | (138.11) | 138.68 | 6.1 % | 5.0 % |
Total Portfolio | 53 | 13,429 | $ 154.95 | $ (148.11) | $ 155.68 | $ 144.08 | $ (137.14) | $ 146.09 | 7.5 % | 6.6 % |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET
(unaudited)
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||
2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance | % Variance |
Six Months Ended June 30,
Number of Hotels
Number of Rooms
Atlanta, GA Area | 6 | 1,128 | $ 142.92 | $ - | $ 142.92 | $ 139.74 | $ - | $ 139.74 | 2.3 % | 2.3 % |
Boston, MA Area | - | - | - | - | - | 38.81 | (38.81) | - | (100.0)% | - % |
Dallas / Ft. Worth, TX Area | 4 | 1,246 | 138.95 | (122.07) | 140.35 | 126.01 | (105.07) | 128.53 | 10.3 % | 9.2 % |
Houston, TX Area | 1 | 303 | 132.78 | (73.09) | 139.15 | 114.63 | (97.83) | 136.36 | 15.8 % | 2.0 % |
Los Angeles, CA Metro Area | 4 | 1,312 | 165.32 | - | 165.32 | 154.95 | - | 154.95 | 6.7 % | 6.7 % |
Miami, FL Metro Area | 1 | 254 | 246.12 | (249.60) | 244.96 | 211.42 | (179.11) | 231.77 | 16.4 % | 5.7 % |
Minneapolis - St. Paul, MN Area | 2 | 520 | 81.55 | - | 81.55 | 64.48 | - | 64.48 | 26.5 % | 26.5 % |
Nashville, TN Area | 1 | 674 | 236.34 | - | 236.34 | 237.11 | - | 237.11 | (0.3)% | (0.3)% |
New York / New Jersey Metro Area | 4 | 1,159 | 95.00 | - | 95.00 | 93.88 | - | 93.88 | 1.2 % | 1.2 % |
Orlando, FL Area | 2 | 524 | 132.27 | - | 132.27 | 129.29 | - | 129.29 | 2.3 % | 2.3 % |
Philadelphia, PA Area | 1 | 263 | 129.57 | - | 129.57 | 119.05 | - | 119.05 | 8.8 % | 8.8 % |
San Diego, CA Area | - | - | 132.68 | (132.68) | - | 145.57 | (145.57) | - | (8.9)% | - % |
San Francisco - Oakland, CA Metro Area | 2 | 615 | 154.25 | (116.75) | 163.30 | 134.84 | (117.42) | 139.89 | 14.4 % | 16.7 % |
Tampa, FL Area | 1 | 238 | 189.41 | (199.23) | 184.62 | 171.77 | (170.53) | 173.51 | 10.3 % | 6.4 % |
Washington D.C. - MD - VA Area | 8 | 2,176 | 161.99 | (125.45) | 164.08 | 158.36 | (151.79) | 159.12 | 2.3 % | 3.1 % |
Other Areas | 16 | 3,017 | 130.20 | (127.39) | 131.44 | 126.94 | (131.24) | 124.05 | 2.6 % | 6.0 % |
Total Portfolio | 53 | 13,429 | $ 145.05 | $ (134.65) | $ 146.74 | $ 138.09 | $ (134.02) | $ 139.27 | 5.0 % | 5.4 % |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE | |
June 30, 2026 | |
(in thousands, except share price) | |
(unaudited) | June 30, 2026 |
Common stock shares outstanding | 6,476 |
Partnership units outstanding | 93 |
Combined common stock shares and partnership units outstanding | 6,569 |
Common stock price | $ 3.24 |
Market capitalization | $ 21,284 |
Series D cumulative preferred stock | $ 27,778 |
Series F cumulative preferred stock | $ 25,926 |
Series G cumulative preferred stock | $ 36,774 |
Series H cumulative preferred stock | $ 25,949 |
Series I cumulative preferred stock | $ 25,858 |
Series J redeemable preferred stock | $ 192,105 |
Series K redeemable preferred stock | $ 18,278 |
Series L redeemable preferred stock | $ 5,955 |
Series M redeemable preferred stock | $ 13,772 |
Indebtedness | $ 1,971,696 |
Net working capital (see below) | $ (83,778) |
Total enterprise value (TEV) | $ 2,281,597 |
Cash and cash equivalents | $ 73,392 |
Restricted cash | $ 132,725 |
Accounts receivable, net | $ 40,889 |
Other receivable | $ 2,758 |
Inventory | $ 10,912 |
Due from third-party hotel managers, net | $ 23,083 |
Total current assets | $ 283,759 |
Accounts payable, net & accrued expenses | $ 135,113 |
Dividends and distributions payable | $ 4,247 |
Due to affiliates, net | $ 60,621 |
Total current liabilities | $ 199,981 |
Net working capital | $ 83,778 |
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien and debt associated with hotels in receivership.
2026 2026 2025 2025 June 30, 2026 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter TTMNet income (loss) | $ 181,455 | $ 29,115 | $ 4,332 | $ 26,634 | $ 241,536 |
Non-property adjustments | (124,569) | 12,668 | 20,110 | 2,353 | (89,438) |
Interest income | (376) | (344) | (378) | (400) | (1,498) |
Interest expense | 1,858 | 2,127 | 2,694 | 3,061 | 9,740 |
Amortization of loan costs | - | 2 | 30 | 35 | 67 |
Depreciation and amortization | 28,580 | 31,956 | 34,042 | 34,540 | 129,118 |
Income tax expense (benefit) | - | 2 | - | - | 2 |
Non-hotel EBITDA ownership expense | 1,403 | 1,279 | 2,303 | 2,517 | 7,502 |
Hotel EBITDA including amounts attributable to noncontrolling interest | 88,351 | 76,805 | 63,133 | 68,740 | 297,029 |
Non-comparable adjustments | (8,404) | (11,849) | (12,086) | (11,368) | (43,707) |
Comparable hotel EBITDA | $ 79,947 | $ 64,956 | $ 51,047 | $ 57,372 | $ 253,322 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Three Months Ended June 30, 2026
Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |
Net income (loss) | $ 181,455 | $ (52,074) | $ 129,381 |
Non-property adjustments | (124,569) | 124,569 | - |
Interest income | (376) | 376 | - |
Interest expense | 1,858 | 56,617 | 58,475 |
Amortization of loan cost | - | 4,802 | 4,802 |
Depreciation and amortization | 28,580 | 48 | 28,628 |
Income tax expense (benefit) | - | 2,553 | 2,553 |
Non-hotel EBITDA ownership expense | 1,403 | (1,403) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 88,351 | 135,488 | 223,839 |
Equity in (earnings) loss of unconsolidated entities | - | (47) | (47) |
Company's portion of EBITDA of unconsolidated entities | - | 359 | 359 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 88,351 | $ 135,800 | $ 224,151 |
Non-comparable adjustments | (8,404) | ||
Comparable hotel EBITDA | $ 79,947 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Three Months Ended March 31, 2026
Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |
Net income (loss) | $ 29,115 | $ (94,572) | $ (65,457) |
Non-property adjustments | 12,668 | (12,668) | - |
Interest income | (344) | 344 | - |
Interest expense | 2,127 | 73,010 | 75,137 |
Amortization of loan cost | 2 | 6,235 | 6,237 |
Depreciation and amortization | 31,956 | 50 | 32,006 |
Income tax expense (benefit) | 2 | 750 | 752 |
Non-hotel EBITDA ownership expense | 1,279 | (1,279) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 76,805 | (28,130) | 48,675 |
Equity in (earnings) loss of unconsolidated entities | - | 202 | 202 |
Company's portion of EBITDA of unconsolidated entities | - | 108 | 108 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 76,805 | $ (27,820) | $ 48,985 |
Non-comparable adjustments | (11,849) | ||
Comparable hotel EBITDA | $ 64,956 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Three Months Ended December 31, 2025
Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |
Net income (loss) | $ 4,332 | $ (75,129) | $ (70,797) |
Non-property adjustments | 20,110 | (20,110) | - |
Interest income | (378) | 378 | - |
Interest expense | 2,694 | 55,939 | 58,633 |
Amortization of loan cost | 30 | 6,604 | 6,634 |
Depreciation and amortization | 34,042 | 49 | 34,091 |
Income tax expense (benefit) | - | (838) | (838) |
Non-hotel EBITDA ownership expense | 2,303 | (2,303) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 63,133 | (35,410) | 27,723 |
Equity in (earnings) loss of unconsolidated entities | - | 67 | 67 |
Company's portion of EBITDA of unconsolidated entities | - | 256 | 256 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 63,133 | $ (35,087) | $ 28,046 |
Non-comparable adjustments | (12,086) | ||
Comparable hotel EBITDA | $ 51,047 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Three Months Ended September 30, 2025
Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |
Net income (loss) | $ 26,634 | $ (89,359) | $ (62,725) |
Non-property adjustments | 2,353 | (2,353) | - |
Interest income | (400) | 400 | - |
Interest expense | 3,061 | 63,509 | 66,570 |
Amortization of loan cost | 35 | 5,958 | 5,993 |
Depreciation and amortization | 34,540 | 49 | 34,589 |
Income tax expense (benefit) | - | 259 | 259 |
Non-hotel EBITDA ownership expense | 2,517 | (2,517) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 68,740 | (24,054) | 44,686 |
Equity in (earnings) loss of unconsolidated entities | - | (129) | (129) |
Company's portion of EBITDA of unconsolidated entities | - | 426 | 426 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 68,740 | $ (23,757) | $ 44,983 |
Non-comparable adjustments | (11,368) | ||
Comparable hotel EBITDA | $ 57,372 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Three Months Ended June 30, 2025
Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |
Net income (loss) | $ 57,561 | $ (90,000) | $ (32,439) |
Non-property adjustments | (5,234) | 5,234 | - |
Interest income | (370) | 370 | - |
Interest expense | 3,156 | 69,690 | 72,846 |
Amortization of loan cost | 132 | 7,611 | 7,743 |
Depreciation and amortization | 35,228 | 48 | 35,276 |
Income tax expense (benefit) | - | 119 | 119 |
Non-hotel EBITDA ownership expense | 1,806 | (1,806) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 92,279 | (8,734) | 83,545 |
Equity in (earnings) loss of unconsolidated entities | - | (44) | (44) |
Company's portion of EBITDA of unconsolidated entities | - | 406 | 406 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 92,279 | $ (8,372) | $ 83,907 |
Non-comparable adjustments | (19,303) | ||
Comparable hotel EBITDA | $ 72,976 |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Hotel Total | Corporate / Allocated | Hospitality Trust, Inc. | |
Net income (loss) | $ 210,570 | $ (146,646) | $ 63,924 |
Non-property adjustments | (111,901) | 111,901 | - |
Interest income | (720) | 720 | - |
Interest expense | 3,985 | 129,627 | 133,612 |
Amortization of loan cost | 2 | 11,037 | 11,039 |
Depreciation and amortization | 60,536 | 98 | 60,634 |
Income tax expense (benefit) | 2 | 3,303 | 3,305 |
Non-hotel EBITDA ownership expense | 2,682 | (2,682) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 165,156 | 107,358 | 272,514 |
Equity in (earnings) loss of unconsolidated entities | - | 155 | 155 |
Company's portion of EBITDA of unconsolidated entities | - | 467 | 467 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 165,156 | $ 107,980 | $ 273,136 |
Non-comparable adjustments | (20,253) | ||
Comparable hotel EBITDA | $ 144,903 |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
Hotel Total | Corporate / Allocated | Hospitality Trust, Inc. | |
Net income (loss) | $ 126,687 | $ (181,324) | $ (54,637) |
Non-property adjustments | (37,089) | 37,089 | - |
Interest income | (716) | 716 | - |
Interest expense | 6,221 | 138,273 | 144,494 |
Amortization of loan cost | 238 | 12,705 | 12,943 |
Depreciation and amortization | 72,518 | 97 | 72,615 |
Income tax expense (benefit) | - | 436 | 436 |
Non-hotel EBITDA ownership expense | 2,893 | (2,893) | - |
Hotel EBITDA including amounts attributable to noncontrolling interest | 170,752 | 5,099 | 175,851 |
Equity in (earnings) loss of unconsolidated entities | - | 387 | 387 |
Company's portion of EBITDA of unconsolidated entities | - | 526 | 526 |
Hotel EBITDA attributable to the Company and OP unitholders | $ 170,752 | $ 6,012 | $ 176,764 |
Non-comparable adjustments | (35,787) | ||
Comparable hotel EBITDA | $ 134,965 |
NOTES:
The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
BAML/Sculptor KEYS Pool - 14
hotels
BAML
Highland Pool -15 hotels
Morgan Stanley Pool -7 hotels
JP Morgan Chase - 8 hotels
BAML
Nashville -1 hotel
BAML Indigo Atlanta - 1 hotel
Torchlight Marriott Gateway
- 1 hotel
Net income (loss) | $ 49,247 | $ 77,810 | $ | 162,603 | $ (5,938) | $ | 28,354 | $ | 469 | $ | 12,538 |
Non-property adjustments | (3,487) | (32,020) | (150,834) | 17,674 | (487) | 18 | - | ||||
Interest income | (140) | (349) | (233) | (200) | (144) | - | (364) | ||||
Interest expense | - | - | - | - | - | 845 | - | ||||
Amortization of loan costs | - | - | - | - | - | 14 | - | ||||
Depreciation and amortization | 27,399 | 37,672 | 17,400 | 17,525 | 8,176 | 1,067 | 3,927 | ||||
Income tax expense (benefit) | 2 | - | - | - | - | - | - | ||||
Non-hotel EBITDA ownership expense | 1,487 | 2,799 | 2,019 | 476 | 183 | (110) | 26 | ||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 74,508 | 85,912 | 30,955 | 29,537 | 36,082 | 2,303 | 16,127 | ||||
Non-comparable adjustments | (5,352) | (17,311) | (12,249) | - | - | - | - | ||||
Comparable hotel EBITDA | $ 69,156 | $ 68,601 | $ | 18,706 | $ 29,537 | $ | 36,082 | $ | 2,303 | $ | 16,127 |
Ft Worth Le Meridien - 1 hotel | BAML Pool - 4 hotels | Disposed Hotels | Unencumbered Hotels | Total Portfolio | |||||||
Net income (loss) | $ (3,476) | $ 394 | $ | (82,233) | $ 1,768 | $ | 241,536 | ||||
Non-property adjustments | - | - | 79,697 | - | (89,439) | ||||||
Interest income | (67) | - | - | - | (1,497) | ||||||
Interest expense | 3,466 | - | 3,530 | 1,898 | 9,739 | ||||||
Amortization of loan costs | 6 | - | 47 | - | 67 | ||||||
Depreciation and amortization | 3,877 | 3,937 | 7,599 | 539 | 129,118 | ||||||
Income tax expense (benefit) | - | - | - | - | 2 | ||||||
Non-hotel EBITDA ownership expense | 371 | 69 | 155 | 28 | 7,503 | ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 4,177 | 4,400 | 8,795 | 4,233 | 297,029 | ||||||
Non-comparable adjustments | - | - | (8,795) | - | (43,707) | ||||||
Comparable hotel EBITDA | $ 4,177 | $ 4,400 | $ | - | $ 4,233 | $ | 253,322 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
BAML/Sculptor KEYS Pool - 14
hotels
BAML
Highland Pool -15 hotels
Morgan Stanley Pool -7 hotels
JP Morgan Chase - 8 hotels
BAML
Nashville -1 hotel
BAML Indigo Atlanta - 1 hotel
Torchlight Marriott Gateway
- 1 hotel
Net income (loss) | $ 41,428 | $ 112,463 | $ | 34,799 | $ 4,623 | $ 8,974 | $ | 216 | $ | 4,513 |
Non-property adjustments | (24,341) | (95,440) | (30,577) | - | - | - | - | |||
Interest income | (36) | (90) | (50) | (57) | (34) | - | (84) | |||
Interest expense | - | - | - | - | - | 202 | - | |||
Amortization of loan costs | - | - | - | - | - | - | - | |||
Depreciation and amortization | 6,746 | 9,218 | 2,651 | 4,349 | 1,993 | 220 | 971 | |||
Income tax expense (benefit) | - | - | - | - | - | - | - | |||
Non-hotel EBITDA ownership expense | 236 | 568 | 502 | 41 | 4 | 3 | 7 | |||
Hotel EBITDA including amounts attributable to noncontrolling interest | 24,033 | 26,719 | 7,325 | 8,956 | 10,937 | 641 | 5,407 | |||
Non-comparable adjustments | (1,287) | (5,297) | (1,403) | - | - | - | - | |||
Comparable hotel EBITDA | $ 22,746 | $ 21,422 | $ | 5,922 | $ 8,956 | $ 10,937 | $ | 641 | $ | 5,407 |
Ft Worth Le Meridien - 1 hotel | BAML Pool - 4 hotels | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||
Net income (loss) | $ (406) | $ 350 | $ | (26,258) | $ 753 | $ 181,455 | ||||
Non-property adjustments | - | - | 25,788 | - | (124,570) | |||||
Interest income | (24) | - | - | - | (375) | |||||
Interest expense | 630 | - | 557 | 468 | 1,857 | |||||
Amortization of loan costs | - | - | - | - | - | |||||
Depreciation and amortization | 1,037 | 931 | 329 | 135 | 28,580 | |||||
Income tax expense (benefit) | - | - | - | - | - | |||||
Non-hotel EBITDA ownership expense | 15 | 22 | 1 | 5 | 1,404 | |||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,252 | 1,303 | 417 | 1,361 | 88,351 | |||||
Non-comparable adjustments | - | - | (417) | - | (8,404) | |||||
Comparable hotel EBITDA | $ 1,252 | $ 1,303 | $ | - | $ 1,361 | $ 79,947 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
BAML/Sculptor KEYS Pool - 14
hotels
BAML
Highland Pool -15 hotels
Morgan Stanley Pool -7 hotels
JP Morgan Chase - 8 hotels
BAML
Nashville -1 hotel
BAML Indigo Atlanta - 1 hotel
Torchlight Marriott Gateway
- 1 hotel
Net income (loss) | $ (11,647) | $ (51,866) | $ | 85,699 | $ (12,621) | $ 7,059 | $ | 204 | $ | 3,160 |
Non-property adjustments | 22,275 | 64,118 | (80,532) | 17,674 | - | 18 | - | |||
Interest income | (33) | (84) | (46) | (45) | (34) | - | (81) | |||
Interest expense | - | - | - | - | - | 201 | - | |||
Amortization of loan costs | - | - | - | - | - | 2 | - | |||
Depreciation and amortization | 7,018 | 9,370 | 4,306 | 4,346 | 1,995 | 262 | 989 | |||
Income tax expense (benefit) | 2 | - | - | - | - | - | - | |||
Non-hotel EBITDA ownership expense | 174 | 282 | 540 | 157 | 5 | 3 | 6 | |||
Hotel EBITDA including amounts attributable to noncontrolling interest | 17,789 | 21,820 | 9,967 | 9,511 | 9,025 | 690 | 4,074 | |||
Non-comparable adjustments | (1,182) | (3,836) | (5,432) | - | - | - | - | |||
Comparable hotel EBITDA | $ 16,607 | $ 17,984 | $ | 4,535 | $ 9,511 | $ 9,025 | $ | 690 | $ | 4,074 |
Ft Worth Le Meridien - 1 hotel | BAML Pool - 4 hotels | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||
Net income (loss) | $ (811) | $ (175) | $ | 10,137 | $ (24) | $ 29,115 | ||||
Non-property adjustments | - | - | (10,885) | - | 12,668 | |||||
Interest income | (21) | - | - | - | (344) | |||||
Interest expense | 906 | - | 552 | 468 | 2,127 | |||||
Amortization of loan costs | - | - | - | - | 2 | |||||
Depreciation and amortization | 1,037 | 951 | 1,547 | 135 | 31,956 | |||||
Income tax expense (benefit) | - | - | - | - | 2 | |||||
Non-hotel EBITDA ownership expense | 42 | 19 | 48 | 3 | 1,279 | |||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,153 | 795 | 1,399 | 582 | 76,805 | |||||
Non-comparable adjustments | - | - | (1,399) | - | (11,849) | |||||
Comparable hotel EBITDA | $ 1,153 | $ 795 | $ | - | $ 582 | $ 64,956 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
BAML/Sculptor KEYS Pool - 14
hotels
BAML
Highland Pool -15 hotels
Morgan Stanley Pool -7 hotels
JP Morgan Chase - 8 hotels
BAML
Nashville -1 hotel
BAML Indigo Atlanta - 1 hotel
Torchlight Marriott Gateway
- 1 hotel
Net income (loss) | $ 8,015 | $ 8,187 | $ | 25,394 | $ 1,117 | $ 6,194 | $ | 30 | $ | 2,329 |
Non-property adjustments | (1,421) | (736) | (23,684) | - | (487) | - | - | |||
Interest income | (34) | (86) | (58) | (48) | (37) | - | (93) | |||
Interest expense | - | - | - | - | - | 218 | - | |||
Amortization of loan costs | - | - | - | - | - | 6 | - | |||
Depreciation and amortization | 6,927 | 9,379 | 5,040 | 4,457 | 2,080 | 289 | 991 | |||
Income tax expense (benefit) | - | - | - | - | - | - | - | |||
Non-hotel EBITDA ownership expense | 587 | 1,544 | (23) | 193 | 196 | (143) | 7 | |||
Hotel EBITDA including amounts attributable to noncontrolling interest | 14,074 | 18,288 | 6,669 | 5,719 | 7,946 | 400 | 3,234 | |||
Non-comparable adjustments | (1,098) | (4,812) | (3,025) | - | - | - | - | |||
Comparable hotel EBITDA | $ 12,976 | $ 13,476 | $ | 3,644 | $ 5,719 | $ 7,946 | $ | 400 | $ | 3,234 |
Ft Worth Le Meridien - 1 hotel | BAML Pool - 4 hotels | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||
Net income (loss) | $ (493) | $ 158 | $ | (47,013) | $ 414 | $ 4,332 | ||||
Non-property adjustments | - | - | 46,438 | - | 20,110 | |||||
Interest income | (22) | - | - | - | (378) | |||||
Interest expense | 917 | - | 1,078 | 481 | 2,694 | |||||
Amortization of loan costs | - | - | 24 | - | 30 | |||||
Depreciation and amortization | 1,037 | 975 | 2,732 | 135 | 34,042 | |||||
Income tax expense (benefit) | - | - | - | - | - | |||||
Non-hotel EBITDA ownership expense | 28 | 18 | (108) | 4 | 2,303 | |||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,467 | 1,151 | 3,151 | 1,034 | 63,133 | |||||
Non-comparable adjustments | - | - | (3,151) | - | (12,086) | |||||
Comparable hotel EBITDA | $ 1,467 | $ 1,151 | $ | - | $ 1,034 | $ 51,047 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.
BAML/Sculptor KEYS Pool - 14
hotels
BAML
Highland Pool -15 hotels
Morgan Stanley Pool -7 hotels
JP Morgan Chase - 8 hotels
BAML
Nashville -1 hotel
BAML Indigo Atlanta - 1 hotel
Torchlight Marriott Gateway
- 1 hotel
Net income (loss) | $ 11,451 | $ 9,026 | $ | 16,711 | $ 943 | $ 6,127 | $ | 19 | $ | 2,536 | |
Non-property adjustments | - | 38 | (16,041) | - | - | - | - | ||||
Interest income | (37) | (89) | (79) | (50) | (39) | - | (106) | ||||
Interest expense | - | - | - | - | - | 224 | - | ||||
Amortization of loan costs | - | - | - | - | - | 6 | - | ||||
Depreciation and amortization | 6,708 | 9,705 | 5,403 | 4,373 | 2,108 | 296 | 976 | ||||
Income tax expense (benefit) | - | - | - | - | - | - | - | ||||
Non-hotel EBITDA ownership expense | 490 | 405 | 1,000 | 85 | (22) | 27 | 6 | ||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 18,612 | 19,085 | 6,994 | 5,351 | 8,174 | 572 | 3,412 | ||||
Non-comparable adjustments | (1,785) | (3,366) | (2,389) | - | - | - | - | ||||
Comparable hotel EBITDA | $ 16,827 | $ 15,719 | $ | 4,605 | $ 5,351 | $ 8,174 | $ | 572 | $ | 3,412 | |
Ft Worth Le Meridien - 1 hotel | BAML Pool - 4 hotels | Disposed Hotels | Unencumbered Hotels | Total Portfolio | |||||||
Net income (loss) | $ (1,766) | $ 61 | $ | (19,099) | $ 625 | $ 26,634 | |||||
Non-property adjustments | - | - | 18,356 | - | 2,353 | ||||||
Interest income | - | - | - | - | (400) | ||||||
Interest expense | 1,013 | - | 1,343 | 481 | 3,061 | ||||||
Amortization of loan costs | 6 | - | 23 | - | 35 | ||||||
Depreciation and amortization | 766 | 1,080 | 2,991 | 134 | 34,540 | ||||||
Income tax expense (benefit) | - | - | - | - | - | ||||||
Non-hotel EBITDA ownership expense | 286 | 10 | 214 | 16 | 2,517 | ||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 305 | 1,151 | 3,828 | 1,256 | 68,740 | ||||||
Non-comparable adjustments | - | - | (3,828) | - | (11,368) | ||||||
Comparable hotel EBITDA | $ 305 | $ 1,151 | $ | - | $ 1,256 | $ 57,372 |
NOTES:
(1) The above comparable information assumes the 53 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.