NEWS RELEASE
Contact: | Stephen Zsigray Chief Executive Officer | Joe Calabrese Financial Relations Board |
(972) 490-9600 | (212) 827-3772 |
DALLAS - November 10, 2026 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 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 September 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2026 with the third quarter ended September 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTSComparable RevPAR for all hotels increased 7.3% to $140.8 during the quarter on a 6.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.
Net income attributable to common stockholders was $2.5 million or $0.12 per diluted share for the quarter, compared to a net loss attributable to common stockholders of $(69.0) million, or
$(11.35) per share, in the prior-year quarter.
Adjusted EBITDAre was $34.9 million for the quarter.
Adjusted funds from operations (AFFO) per diluted share was $(2.22) for the quarter, compared to $(2.85) for the prior-year quarter. Year to date, AFFO per diluted share was $0.44, compared to $(3.13) for the prior-year period.
Comparable Hotel EBITDA was $55.5 million for the quarter, reflecting growth of 6.9% over the prior year quarter. Year to date, Comparable Hotel EBITDA increased 6.8% and Comparable Hotel EBITDA margin expanded 70 basis points to 29.8%.
The Company ended the quarter with cash and cash equivalents of $87.3 million and restricted cash of $122.1 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $29.1 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 $68.4 million.
Total debt was $1.9 billion at September 30, 2026, a decrease of $677.4 million, or 26.4%, from
$2.6 billion at December 31, 2025.
Interest expense, net of discount amortization, was $47.4 million for the quarter, a decrease of 15.9% from $56.3 million in the prior-year quarter.
CapEx invested during the quarter was $18.6 million.
AHT Reports Third Quarter Results Page 2
November 10, 2026
RECENT OPERATING HIGHLIGHTSDuring the quarter, the Company closed on four hotel sales for combined gross proceeds of
$145.8 million or $134,300 per key. These sales also avoid an estimated $26.7 million or $24,600 per key, of capital expenditures, for total value of $172.5 million, or $158,900 per key, including gross proceeds. These hotels include:
Marriott Fremont Silicon Valley
Hyatt Regency Long Island
Embassy Suites by Hilton Dulles Airport
Embassy Suites by Hilton Las Vegas
Subsequent to quarter end, the Company closed on the sale of the Embassy Suites by Hilton Philadelphia Airport for gross proceeds of $26.0 million.
Also subsequent to quarter end, on October 20, 2026, Ashford Inc. irrevocably waived the base and incentive advisory fees that would otherwise accrue over a six-month period, which the Company expects to save approximately $17 million. The fees are waived, not deferred.
Also on October 20, 2026, the Company entered into a share purchase agreement under which Ashford Inc. committed to purchase, in the open market, shares of the Company's common stock equal to 2.5% of the Company's outstanding common stock for each calendar quarter, beginning with the quarter ended September 30, 2026. If Ashford Inc. does not purchase the full quarterly amount within six months after the end of a quarter, it must provide the Company with a credit against future advisory fees equal to 150% of the volume-weighted average price of the common stock over that period for each share not purchased. Ashford Inc. has not yet purchased any shares under the agreement. Ashford Inc.'s obligations under the agreement are unchanged, and purchases for the quarter ended September 30, 2026 must be completed by March 31, 2027.
Also on October 20, 2026, the Company terminated its at-the-market equity offering program with Virtu Americas LLC.
On August 7, 2026, the Company refinanced the Highland loan pool with a $525.0 million new financing. The new loan has a two-year initial term, is interest only, bears interest at a rate of 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 14-hotel loan pool from a cash sweep that had been in effect for more than a year.
"Our third quarter results demonstrate that Ashford Trust's operational turnaround is gaining momentum," said Stephen Zsigray, President and Chief Executive Officer. "Comparable RevPAR increased 7.3% in the quarter, our strongest growth this year, following increases of 3.3% in the first quarter and 6.6% in the second quarter. Comparable Hotel EBITDA grew 6.9% in the quarter and 6.8% year to date, and year-to-date AFFO per diluted share improved to $0.44 from $(3.13) a year ago."
As of September 30, 2026, the Company had total loans of $1.9 billion with a blended average interest rate of 8.4%. Approximately 7% of the Company's current consolidated debt is fixed-rate and approximately 93% is floating-rate.
"We have now sold 19 hotels this year for approximately $796 million, refinanced the Highland loan pool at a lower spread and released it from its cash sweep, and reduced total debt to $1.9 billion from $2.6 billion at the start of the year," said Mr. Zsigray. "The benefit is positively impacting our results: interest expense declined 16% from the third quarter of last year."
AHT Reports Third Quarter Results Page 3
November 10, 2026
"In October, our advisor, Ashford Inc., waived approximately $17 million of advisory fees and committed to buy 2.5% of our common stock in the open market every quarter, and we terminated our ATM program," Mr. Zsigray added. "Those commitments will strengthen our liquidity and put our advisor's capital alongside our common stockholders."
UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS"The progress we have made this year in selling hotels, refinancing debt and growing hotel earnings has strengthened the capital structure that supports our preferred stock," said Mr. Zsigray.
"At the same time, the forward curve is meaningfully higher today than it was a year ago, and elevated interest rates continue to constrain the Company's ability to return capital to preferred holders.
"We intend to resume capital returns to preferred holders when conditions allow, and the Board will continue to evaluate preferred dividends each quarter. 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; the expected savings from the advisory fee waiver; the timing, number and prices of any purchases of our common stock by Ashford Inc. and the amount of any fee credits under the share purchase agreement; anticipated or expected purchases, sales or dispositions of assets; the strategic alternatives review by the Board of Directors Special Committee; 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
AHT Reports Third Quarter Results Page 4
November 10, 2026
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)
September 30, 2026
December 31,
2025
ASSETS | |
Investments in hotel properties, gross | $ 2,198,806 $ 3,069,016 |
Accumulated depreciation | (718,585) (983,772) |
Investments in hotel properties, net | 1,480,221 2,085,244 |
Contract asset | 218,997 355,138 |
Cash and cash equivalents | 87,345 66,145 |
Restricted cash | 122,059 149,580 |
Accounts receivable, net of allowance of $279 and $424, respectively | 35,819 32,752 |
Inventories | 2,590 3,598 |
Notes receivable, net | 13,278 12,187 |
Investment in unconsolidated entities | 7,129 7,265 |
Deferred costs, net | 817 1,529 |
Derivative assets, net | 4,418 410 |
Operating lease right-of-use assets | 37,127 43,582 |
Prepaid expenses and other assets | 32,063 32,057 |
Due from related parties, net | - - |
Due from third-party hotel managers | 29,142 25,667 |
Assets held for sale | 42,884 18,478 |
Total assets | $ 2,113,889 $ 2,833,632 |
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net | $ 1,839,271 | $ 2,504,637 |
Indebtedness associated with hotels in receivership | 149,011 | 294,771 |
Finance lease liability | 17,051 | 17,536 |
Accounts payable and accrued expenses | 117,056 | 123,773 |
Accrued interest payable | 36,641 | 12,176 |
Accrued interest associated with hotels in receivership | 69,987 | 84,155 |
Dividends and distributions payable | 4,247 | 4,247 |
Due to Ashford Inc., net | 67,614 | 40,643 |
Due to related parties, net | 2,786 | 1,949 |
Due to third-party hotel managers | 1,112 | 882 |
Operating lease liabilities | 37,486 | 44,045 |
Other liabilities | 36,552 | 36,768 |
Liabilities associated with assets held for sale | 30,362 | 41,292 |
Total liabilities | 2,409,176 | 3,206,874 |
Redeemable noncontrolling interests in operating partnership | 20,776 | 20,516 |
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 196,268 | 179,818 |
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 19,420 | 18,215 |
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 5,820 | 5,484 |
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 14,518 | 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 September 30, 2026 and December 31, 2025 | 11 | 11 |
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 10 | 10 |
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 15 | 15 |
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 10 | 10 |
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 2026 and December 31, 2025 | 11 | 11 |
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,469,814 and 6,476,157 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 65 | 65 |
Additional paid-in capital | 2,402,112 | 2,402,015 |
Accumulated deficit | (2,967,818) | (3,028,489) |
Total stockholders' equity (deficit) of the Company | (565,584) | (626,352) |
Noncontrolling interests in consolidated entities | 13,495 | 15,511 |
Total equity (deficit) | (552,089) | (610,841) |
Total liabilities and equity/deficit | $ 2,113,889 | $ 2,833,632 |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30,
2026 | 2025 | 2026 | 2025 | |||||
REVENUE | ||||||||
Rooms | $ 164,876 | $ 201,916 | $ 574,519 | $ 635,420 | ||||
Food and beverage | 36,271 | 45,922 | 134,848 | 155,787 | ||||
Other | 13,128 | 17,838 | 45,553 | 53,064 | ||||
Total hotel revenue | 214,275 | 265,676 | 754,920 | 844,271 | ||||
Other | 119 | 385 | 446 | 1,150 | ||||
Total revenue | 214,394 | 266,061 | 755,366 | 845,421 | ||||
EXPENSES | ||||||||
Hotel operating expenses | ||||||||
Rooms | 39,995 | 50,337 | 132,217 | 149,786 | ||||
Food and beverage | 25,878 | 33,273 | 91,449 | 104,454 | ||||
Other expenses | 76,982 | 100,497 | 258,150 | 296,979 | ||||
Management fees | 7,391 | 9,165 | 26,015 | 29,357 | ||||
Total hotel operating expenses | 150,246 | 193,272 | 507,831 | 580,576 | ||||
Property taxes, insurance and other | 11,745 | 16,212 | 39,818 | 48,495 | ||||
Depreciation and amortization | 24,744 | 34,589 | 85,378 | 107,204 | ||||
Impairment charges | - | 18,374 | 112,649 | 19,821 | ||||
Advisory services fee: | ||||||||
Base advisory fee | 8,639 | 8,414 | 25,454 | 24,948 | ||||
Reimbursable expenses | 9,261 | 2,881 | 26,612 | 9,500 | ||||
Stock/unit-based compensation | 29 | (704) | 85 | (549) | ||||
Incentive fee | - | (27) | - | - | ||||
Stirling performance participation fee | - | (14) | - | 213 | ||||
Corporate, general and administrative: | ||||||||
Stock/unit-based compensation | - | - | - | 13 | ||||
Other general and administrative | 1,683 | 7,303 | 4,610 | 17,107 | ||||
Total operating expenses | 206,347 | 280,300 | 802,437 | 807,328 | ||||
Gain (loss) on disposition of assets and hotel properties | 59,298 | 16,753 | 309,374 | 55,305 | ||||
Gain (loss) on derecognition of assets | 6,053 | 9,703 | 20,671 | 29,649 | ||||
OPERATING INCOME (LOSS) | 73,398 | 12,217 | 282,974 | 123,047 | ||||
Equity in earnings (loss) of unconsolidated entities | 19 | 129 | (136) | (258) | ||||
Interest income | 1,080 | 1,199 | 3,049 | 3,666 | ||||
Other income (expense), net | - | - | 3,223 | - | ||||
Interest expense, net of discount amortization | (47,394) | (56,330) | (165,579) | (179,978) | ||||
Interest expense associated with hotels in receivership | (6,052) | (10,240) | (21,479) | (31,086) | ||||
Amortization of loan costs | (4,747) | (5,993) | (15,786) | (18,936) | ||||
Write-off of premiums, loan costs and exit fees | (141) | (2,278) | (1,700) | (8,361) | ||||
Gain (loss) on extinguishment of debt | (456) | 58 | (2,431) | 43 | ||||
Realized and unrealized gain (loss) on derivatives | 1,822 | (1,228) | 2,623 | (4,804) | ||||
INCOME (LOSS) BEFORE INCOME TAXES | 17,529 | (62,466) | 84,758 | (116,667) | ||||
Income tax benefit (expense) | (3,363) | (259) | (6,668) | (695) | ||||
NET INCOME (LOSS) | 14,166 | (62,725) | 78,090 | (117,362) | ||||
(Income) loss attributable to noncontrolling interest in consolidated entities | 852 | 1,531 | 1,848 | 4,719 | ||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (36) | 1,045 | (735) | 2,127 | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 14,982 | (60,149) | 79,203 | (110,516) | ||||
Preferred dividends | (2,714) | (7,175) | (8,142) | (20,921) | ||||
Deemed dividends on redeemable preferred stock | (9,802) | (1,677) | (19,002) | (5,264) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,466 | $ (69,001) | $ 52,059 | $ (136,701) | ||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | ||||||||
Basic: | ||||||||
Net income (loss) attributable to common stockholders | $ 0.38 | $ (11.35) | $ 8.08 | $ (23.38) | ||||
Weighted average common shares outstanding - basic | 6,453 | 6,081 | 6,446 | 5,847 | ||||
Diluted: | ||||||||
Net income (loss) attributable to common stockholders | $ 0.12 | $ (11.35) | $ 0.80 | $ (23.38) | ||||
Weighted average common shares outstanding - diluted | 99,615 | 6,081 | 89,168 | 5,847 | ||||
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 Nine Months Ended
September 30, September 30,
2026 | 2025 | 2026 | 2025 | |
Net income (loss) | $ 14,166 | $ (62,725) | $ 78,090 | $ (117,362) |
Interest expense and amortization of discounts and loan costs, net | 52,141 | 62,323 | 181,365 | 198,914 |
Interest expense associated with hotels in receivership | 6,052 | 10,240 | 21,479 | 31,086 |
Depreciation and amortization | 24,744 | 34,589 | 85,378 | 107,204 |
Income tax expense (benefit) | 3,363 | 259 | 6,668 | 695 |
Equity in (earnings) loss of unconsolidated entities | (19) | (129) | 136 | 258 |
Company's portion of EBITDA of unconsolidated entities | 330 | 426 | 797 | 952 |
EBITDA | 100,777 | 44,983 | 373,913 | 221,747 |
Impairment charges on real estate | - | 18,374 | 112,649 | 19,821 |
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (59,298) | (16,753) | (309,374) | (55,305) |
(Gain) loss on derecognition of assets | (6,053) | (9,703) | (20,671) | (29,649) |
EBITDAre | 35,426 | 36,901 | 156,517 | 156,614 |
Amortization of unfavorable contract liabilities | (31) | (31) | (92) | (92) |
Transaction and conversion costs | 399 | 4,829 | 661 | 8,930 |
Write-off of premiums, loan costs and exit fees | 141 | 2,278 | 1,700 | 8,361 |
Realized and unrealized (gain) loss on derivatives | (1,822) | 1,228 | (2,623) | 4,804 |
Stock/unit-based compensation | 29 | (704) | 85 | (536) |
Legal, advisory and settlement costs | 250 | 765 | 254 | 1,618 |
Other (income) expense, net | - | - | (3,223) | - |
Incentive fee | - | (27) | - | - |
Stirling performance participation fee | - | (14) | - | 213 |
(Gain) loss on extinguishment of debt | 456 | (58) | 2,431 | (43) |
Severance | 101 | 216 | 348 | 1,012 |
Adjusted EBITDAre | $ 34,949 | $ 45,383 | $ 156,058 | $ 180,881 |
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 Nine Months Ended
September 30, September 30,
2026 | 2025 | 2026 | 2025 | ||
Net income (loss) | $ 14,166 | $ (62,725) | $ 78,090 | $ (117,362) | |
(Income) loss attributable to noncontrolling interest in consolidated entities | 852 | 1,531 | 1,848 | 4,719 | |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (36) | 1,045 | (735) | 2,127 | |
Preferred dividends | (2,714) | (7,175) | (8,142) | (20,921) | |
Deemed dividends on redeemable preferred stock | (9,802) | (1,677) | (19,002) | (5,264) | |
Net income (loss) attributable to common stockholders | 2,466 | (69,001) | 52,059 | (136,701) | |
Depreciation and amortization on real estate | 24,011 | 34,047 | 84,037 | 105,083 | |
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (59,298) | (16,753) | (309,374) | (55,305) | |
(Gain) loss on derecognition of assets | (6,053) | (9,703) | (20,671) | (29,649) | |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | 36 | (1,045) | 735 | (2,127) | |
Equity in (earnings) loss of unconsolidated entities | (19) | (129) | 136 | 258 | |
Impairment charges on real estate | - | 18,374 | 112,649 | 19,821 | |
Company's portion of FFO of unconsolidated entities | 115 | 237 | 162 | 156 | |
FFO available to common stockholders and OP unitholders | (38,742) | (43,973) | (80,267) | (98,464) | |
Deemed dividends on redeemable preferred stock | 9,802 | 1,677 | 19,002 | 5,264 | |
Transaction and conversion costs | 399 | 4,829 | 661 | 8,930 | |
Write-off of premiums, loan costs and exit fees | 141 | 2,278 | 1,700 | 8,361 | |
Unrealized (gain) loss on derivatives | (1,822) | 1,712 | (2,623) | 6,453 | |
Stock/unit-based compensation | 29 | (704) | 85 | (536) | |
Legal, advisory and settlement costs | 250 | 765 | 254 | 1,618 | |
Other (income) expense, net | - | - | (3,223) | - | |
Amortization of loan costs | 4,747 | 5,988 | 15,786 | 18,856 | |
Incentive fee | - | (27) | - | - | |
Stirling performance participation fee | - | (14) | - | 213 | |
(Gain) loss on extinguishment of debt | 456 | (58) | 2,431 | (43) | |
Interest expense associated with hotels in receivership | 6,052 | 9,684 | 21,479 | 29,632 | |
Severance | 101 | 216 | 348 | 1,012 | |
Default interest and late fees | 4,024 | - | 27,179 | - | |
Company's portion of adjustments to FFO of unconsolidated entities | 22 | 10 | 66 | 85 | |
Adjusted FFO available to common stockholders and OP unitholders | $ (14,541) $ (17,617) $ 2,878 | $ (18,619) | |||
Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ (2.22) $ (2.85) $ 0.44 | $ (3.13) | |||
Weighted average diluted shares | 6,546 6,191 6,539 | 5,954 | |||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS
September 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 (10) | Interest Rate (9) | Debt | Debt | Debt | Net Income | Income Debt Yield | EBITDA (11) | Debt Yield |
Indebted
JPMorgan Chase - 8 hotels | February 2026 | February 2026 | SOFR (1) + 3.28% | $ - | $ 325,000 | $ 325,000 | (2) $ (4,963) | (1.5)% | $ 30,698 | 9.4 % |
BAML Indigo Atlanta - 1 hotel | February 2027 | February 2027 | SOFR (1) + 2.85% | - | 12,330 | 12,330 | (3) 579 | 4.7 % | 2,281 | 18.5 % |
BAML/Sculptor KEYS Pool - 12 hotels | February 2027 | February 2030 | SOFR (1) + 4.48% | - | 443,841 | 443,841 | (4) 75,539 | 17.0 % | 60,964 | 13.7 % |
Morgan Stanley Pool - 6 hotels | March 2027 | March 2028 | SOFR (1) + 6.76% | - | 106,478 | 106,478 | (5) 178,868 | 168.0 % | 14,534 | 13.6 % |
BAML Nashville - 1 hotel | September 2027 | September 2030 | SOFR (1) + 2.26% | - | 218,100 | 218,100 | (6) 30,198 | 13.8 % | 37,865 | 17.4 % |
Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% | - | 121,500 | 121,500 | (7) 13,023 | 10.7 % | 16,610 | 13.7 % |
Morgan Stanley Highland Pool - 14 hotels | August 2028 | August 2031 | SOFR (1) + 5.24% | - | 525,000 | 525,000 | (6) 67,523 | 12.9 % | 64,361 | 12.3 % |
BAML Pool - 4 hotels | December 2028 | December 2028 | 8.51% | 30,200 | - | 30,200 | 570 | 1.9 % | 4,394 | 14.5 % |
Preferred Equity Nashville - 1 hotel | May 2029 | May 2029 | 11.14% | 89,524 | - | 89,524 | (8) N/A | N/A | N/A | N/A |
Stonebriar Le Meridien Fort Worth - 1 hotel | May 2033 | May 2033 | 11.26% | 15,552 | - | 15,552 | (2,709) | (17.4)% | 4,823 | 31.0 % |
Unencumbered Hotel - 1 hotel | - | - | - | 1,772 | N/A | 4,214 | N/A | |||
Total | $ 135,276 | $ 1,752,249 | $ 1,887,525 | $ 360,400 | 19.1 % | $ 240,744 | 12.8 % | |||
Percentage | 7.2 % | 92.8 % | 100.0 % | |||||||
Weighted average interest rate (9) | 10.57 % | 8.27 % | 8.43 % |
All indebtedness is non-recourse.
The amounts do not include amounts related to the debt associated with hotels in receivership.
(1) SOFR rate was 3.91% at September 30, 2026.
(2) As of September 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 one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.
(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. On October 5, 2026, this mortgage loan was paid down by $24.6 million in conjunction with the sale of the Embassy Suites in Philadelphia, Pennsylvania.
(5) 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.
(6) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(7) 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%.
(8) 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.
(9) Interest rates do not include default or late payment rates in effect on one mortgage loan.
(10) The final maturity date assumes all available extension options will be exercised.
(11) 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:
Three Months Ended September 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) | $ 164,876 | $ (5,020) | $ 159,856 | $ 201,916 | $ (52,986) | $ 148,930 | (18.34)% | 7.34 % |
RevPAR | $ 140.51 | $ (132.94) | $ 140.76 | $ 127.75 | $ (119.08) | $ 131.14 | 9.99 % | 7.34 % |
Occupancy | 72.94 % | (82.37)% | 72.63 % | 70.93 % | (68.76)% | 71.78 % | 2.83 % | 1.18 % |
ADR | $ 192.63 | $ (161.39) | $ 193.81 | $ 180.10 | $ (173.19) | $ 182.70 | 6.96 % | 6.08 % |
ALL HOTELS:
Nine Months Ended September 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) | $ 574,519 | $ (82,814) | $ 491,705 | $ 635,420 | $ (171,122) | $ 464,298 | (9.58)% | 5.90 % |
RevPAR | $ 143.72 | $ (131.96) | $ 145.91 | $ 134.62 | $ (126.75) | $ 137.78 | 6.76 % | 5.90 % |
Occupancy | 72.45 % | (71.89)% | 72.55 % | 71.39 % | (70.41)% | 71.78 % | 1.48 % | 1.07 % |
ADR | $ 198.38 | $ (183.54) | $ 201.12 | $ 188.58 | $ (180.02) | $ 191.94 | 5.20 % | 4.78 % |
NOTES:
(1) The above comparable information assumes the 49 hotel properties owned and included in the Company's operations at September 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 Nine Months Ended September 30, September 30,
2026 2025 % Variance 2026 2025 % Variance
Total hotel revenue | $ 214,275 $ 265,675 | (19.35)% | $ 754,920 $ 844,271 | (10.58)% |
Non-comparable adjustments | (5,936) (70,464) | (110,057) (226,015) | ||
Comparable total hotel revenue | $ 208,339 $ 195,211 | 6.72 % | $ 644,863 $ 618,256 | 4.30 % |
Hotel net income (loss) | $ 82,119 | $ 26,634 | 208.32 % $ 292,689 | $ 153,321 | 90.90 % |
Non-comparable adjustments | (53,270) | (1,332) | (257,446) | (50,040) | |
Comparable hotel net income (loss) | $ 28,849 $ 25,302 | 14.02 % $ 35,243 $ 103,281 | (65.88)% | ||
Hotel net income (loss) margin | 38.32 % | 10.03 % | 28.29 % | 38.77 % | 18.16 % | 20.61 % |
Comparable hotel net income margin | 13.85 % | 12.96 % | 0.89 % | 5.47 % | 16.71 % | (11.24)% |
Hotel EBITDA | $ 57,487 | $ 68,740 | (16.37)% | $ 222,643 | $ 239,492 | (7.04)% |
Non-comparable adjustments | (1,981) | (16,810) | (30,487) | (59,605) | ||
Comparable hotel EBITDA | $ 55,506 $ 51,930 | 6.89 % $ 192,156 $ 179,887 | 6.82 % | |||
Hotel EBITDA margin | 26.83 % | 25.87 % | 0.96 % | 29.49 % | 28.37 % | 1.12 % |
Comparable hotel EBITDA margin | 26.64 % | 26.60 % | 0.04 % | 29.80 % | 29.10 % | 0.70 % |
NOTES:
The above comparable information assumes the 49 hotel properties owned and included in the Company's operations at September 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.