Ashford Hospitality Trust (NYSE: AHT) posts Q1 2026 loss, boosts hotel EBITDA and sells assets
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Ashford Hospitality Trust reported mixed first‑quarter 2026 results, combining modest operating gains with heavy leverage and continued pressure on equity and preferred holders. Comparable RevPAR rose 3.3% to $135.63 on higher rates and occupancy, and comparable Hotel EBITDA increased 5.2% to $73.2 million, indicating better hotel-level profitability.
Despite this, the company posted a net loss attributable to common stockholders of $71.1 million, or $11.03 per diluted share, driven in part by $112.6 million of impairment charges. Adjusted EBITDAre was $51.7 million, and adjusted FFO was near breakeven. Ashford ended the quarter with $79.8 million of cash and $141.2 million of restricted cash, against $2.4 billion of loans at a blended 7.9% interest rate, with 94% floating.
The company is actively shrinking and reshaping its portfolio, closing seven hotel sales for $296.5 million in gross proceeds and signing definitive agreements to sell six more hotels for $154.6 million, which also reduce anticipated capital expenditures. However, management reiterated that, given tight refinancing conditions and the need to address near‑term loan maturities, it does not anticipate resuming preferred dividends or redemptions in the near term, and common dividends remain suspended.
Positive
- Improving hotel operating metrics: Comparable RevPAR increased 3.3% to $135.63, driven by a 2.1% rise in ADR and a 1.2% gain in occupancy, while comparable Hotel EBITDA grew 5.2% to $73.2 million with nearly 29% margin.
- Portfolio optimization and deleveraging actions: The company closed seven hotel sales totaling roughly $296.5 million in gross proceeds and signed agreements to sell six more hotels for $154.6 million, also reducing anticipated capital expenditures by more than $160 million in aggregate.
Negative
- Large loss and negative equity position: Net loss attributable to common stockholders was $71.1 million, or $11.03 per diluted share, including $112.6 million of impairment charges, and total stockholders’ equity remained deeply negative.
- High, mostly floating-rate debt load: Total loans of $2.4 billion carried a blended interest rate of 7.9%, with approximately 94% floating-rate, leaving results sensitive to elevated interest costs.
- Ongoing suspension of preferred dividends and redemptions: Management stated it does not anticipate resuming preferred dividends or redemptions in the near term, as most sale proceeds have been required to retire senior mortgage debt, limiting cash available to preferred holders.
- Common dividend remains suspended: The company did not pay a dividend on its common stock and common units for the quarter, reflecting continued pressure on distributable cash flow.
- Credit stress signals: One or more mortgage loans were in default with default interest accruing, and the balance sheet shows significant indebtedness associated with hotels in receivership, underscoring elevated financing risk.
Insights
Operating trends improved, but leverage, impairments and suspended preferred dividends keep the story stressed.
Ashford Hospitality Trust delivered higher comparable RevPAR and Hotel EBITDA in Q1 2026, showing the hotels themselves are performing better. Comparable RevPAR rose 3.3% to $135.63, and comparable Hotel EBITDA increased 5.2% to $73.2M, with an EBITDA margin near 29%.
However, the balance sheet remains heavily burdened. Total loans were $2.4B at a blended interest rate of 7.9%, with about 94% floating-rate. The quarter included $112.6M of impairment charges, contributing to a net loss attributable to common stockholders of $71.1M and a continuing stockholders’ equity deficit.
Management is leaning on asset sales and debt extensions to manage this position, closing or signing deals for 13 hotels with roughly $451M in gross proceeds and substantial expected CapEx savings. But they explicitly state they do not anticipate resuming preferred dividends or redemptions in the near term, as refinancing near‑term maturities and preserving portfolio equity remain the primary goals. Subsequent filings for periods after Q1 2026 will show whether operating gains and divestitures are enough to materially reduce leverage.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Comparable RevPAR: $135.63
Comparable Hotel EBITDA: $73.2M
Net loss to common stockholders: $71.1M
+5 more
8 metrics
Comparable RevPAR
$135.63
Q1 2026, up 3.3% year-over-year for all hotels
Comparable Hotel EBITDA
$73.2M
Q1 2026, 5.2% growth over prior-year quarter
Net loss to common stockholders
$71.1M
Q1 2026, or $11.03 per diluted share
Impairment charges on real estate
$112.6M
Q1 2026 operating expenses
Adjusted EBITDAre
$51.7M
Q1 2026 non-GAAP performance metric
Total loans outstanding
$2.4B
As of March 31, 2026, blended 7.9% interest rate
Cash and restricted cash
$221.0M
Cash $79.8M and restricted cash $141.2M at quarter end
Total enterprise value
$2.67B
TEV calculation as of March 31, 2026
Key Terms
RevPAR, Adjusted EBITDAre, Adjusted funds from operations (AFFO), Hotel EBITDA, +2 more
6 terms
RevPAR financial
"Comparable RevPAR for all hotels increased 3.3% to $135.63 during the quarter"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Adjusted EBITDAre financial
"Adjusted EBITDAre was $51.7 million for the quarter"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Adjusted funds from operations (AFFO) financial
"Adjusted funds from operations (AFFO) per diluted share was breakeven for the quarter"
Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.
Hotel EBITDA financial
"Comparable Hotel EBITDA was $73.2 million for the quarter, reflecting growth of 5.2%"
Hotel EBITDA is the operating profit a hotel generates before deducting interest, taxes, depreciation and amortization, showing the cash earned from running the rooms, food and services without counting financing costs or accounting for building wear. Investors use it to compare how well different hotels or brands perform, estimate property value and judge whether a hotel can cover debt and pay owners — like looking at how much cash a store makes before paying rent, loans and replacing old equipment.
non-traded preferred stock financial
"the Company terminated the offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions"
Non-traded preferred stock is a type of company share that pays a fixed dividend and ranks ahead of common stock for dividend payments and claims on assets, but is not listed on a public stock exchange. Think of it like a privately issued, long-term income instrument: it can offer steadier cash flow than common shares but is harder to sell, often has call provisions and valuation uncertainty, and therefore matters to investors for income and liquidity risk.
default interest financial
"Default interest of 5.00% was accrued in addition to the stated interest rate"
Default interest is an extra, higher interest rate that kicks in when a borrower fails to make required payments or otherwise breaches loan terms. Think of it as a penalty interest or late fee that increases the cost of unpaid debt, causing overdue balances to grow faster. Investors care because default interest raises potential recoveries, affects cash flow timing, and signals heightened credit risk that can change a loan or bond's value.
Earnings Snapshot
Total revenue: $267.7M
Q1 2026
Total revenue
$267.7M
-3.5% YoY hotel revenue per table
Comparable RevPAR
$135.63
+3.3% YoY
Comparable Hotel EBITDA
$73.2M
+5.2% YoY
Adjusted EBITDAre
$51.7M
Net loss to common stockholders
$71.1M
Adjusted FFO
($22K) total, ~$0.00 per diluted share
improved from $(0.98) per share
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): May 11, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||||||||
Registrant’s telephone number, including area code: (972 ) 490-9600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| New York Stock Exchange | ||||||||||||||
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 11, 2026, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026.
A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number Description
99.1 First Quarter 2026 Earnings Release of the Company, dated May 11, 2026
101 Inline Interactive Data Files.
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASHFORD HOSPITALITY TRUST, INC. | ||||||||
| Dated: May 11, 2026 | By: | /s/ Justin Coe | ||||||
| Justin Coe | ||||||||
| Chief Accounting Officer | ||||||||
EXHIBIT 99.1
NEWS RELEASE
| Contact: | Justin Coe | Allison Beach | Joe Calabrese | ||||||||
| Chief Accounting Officer | Media Contact | Financial Relations Board | |||||||||
| (972) 490-9600 | (972) 490-9600 | (212) 827-3772 | |||||||||
ASHFORD TRUST REPORTS FIRST QUARTER 2026 RESULTS
DALLAS – May 11, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 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 March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 3.3% to $135.63 during the quarter on a 2.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(71.1) million or $(11.03) per diluted share for the quarter.
•Adjusted EBITDAre was $51.7 million for the quarter.
•Adjusted funds from operations (AFFO) per diluted share was breakeven for the quarter.
•Comparable Hotel EBITDA was $73.2 million for the quarter, reflecting growth of 5.2% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $79.8 million and restricted cash of $141.2 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 $24.5 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 $73.7 million.
•CapEx invested during the quarter was $17.0 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels and paid the loan down by $10 million.
AHT Reports First Quarter Results
Page 2
May 11, 2026
•During the quarter, the Company successfully closed on five hotel sales for combined gross proceeds of $238.5 million or $229,000 per key. Additionally, these five sales are expected to result in anticipated capital expenditure savings of $50.5 million or $48,500 per key. These hotels include:
◦Embassy Suites by Hilton Houston Near the Galleria
◦Embassy Suites by Hilton Austin Arboretum
◦Hilton St. Petersburg Bayfront
◦La Posada de Santa Fe
◦Hilton Alexandria Old Town
•Subsequent to quarter end, the Company successfully closed on two hotel sales for combined gross proceeds of $58.0 million or $187,000 per key. Additionally, these two sales are expected to result in anticipated capital expenditure savings of $4.7 million or $15,100 per key. These hotels include:
◦Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard
◦Embassy Suites by Hilton Dallas Near the Galleria
•The Company has also entered into definitive agreements to sell another six hotels representing a combined $154.6 million or $108,000 per key. Additionally, these six sales are expected to result in anticipated capital expenditure savings of $105.7 million or $74,000 per key. These hotels include:
◦Lakeway Resort & Spa
◦Sheraton Mission Valley San Diego
◦Silversmith Hotel Chicago Downtown
◦Hyatt Regency Long Island
◦Sheraton Indianapolis City Centre
◦Hilton Garden Inn Jacksonville JTB/Deerwood Park
CAPITAL STRUCTURE
As of March 31, 2026, the Company had total loans of $2.4 billion with a blended average interest rate of 7.9%, 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.
During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026.
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2026.
“Our first-quarter performance reflected disciplined execution across the portfolio as our asset management team and property managers delivered strong results, with a clear focus on aggressively managing operating expenses while driving revenue growth and operational efficiency,” said Stephen Zsigray, President and Chief Executive Officer.
“With a 3.3% increase in comparable RevPAR over the prior-year quarter and a 5.2% increase in comparable hotel EBITDA, the portfolio achieved a flow-through of 64.5%. From a capital markets perspective, strategic asset sales remain a core component of our plan to reduce leverage and enhance cash flow through both lower interest expense and reduced capital expenditures.
AHT Reports First Quarter Results
Page 3
May 11, 2026
“We've seen strong buyer interest across multiple assets, successfully closing on the sale of seven hotels and entering into definitive agreements to sell an additional six. The attractive cap rates achieved on these sales underscore the intrinsic value of our portfolio.
“As we move through the remainder of the year, we expect strategic divestitures to remain an important lever to improve leverage, liquidity and cash flow. Additionally, we're encouraged by our progress to date in executing our strategy to drive outsized EBITDA growth, optimize our asset base and strengthen our balance sheet.”
UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS
During the fourth quarter of 2025, the Company terminated the offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock. The Company also subsequently suspended the payment of dividends on its outstanding preferred stock to preserve liquidity.
“Operating performance continues to strengthen,” said Zsigray. “With the ongoing implementation of our GRO AHT initiatives, quarterly AFFO has improved from $(13.8) million in Q1 2024, to $(5.6) million in Q1 2025, to breakeven in Q1 2026. That progression reflects work across cost structure, portfolio composition, and property performance, and the trajectory gives us conviction in our approach.
“As noted, we have been active on the disposition front. However, we have been required to apply the majority of sale proceeds to retire mortgage debt that sits senior to the preferred. That use of proceeds has driven deleveraging to help address near-term loan maturities and protect equity within the portfolio, but it continues to constrain corporate cash available for preferred redemptions and dividends.
“With the Federal Reserve pausing further interest rate cuts, refinancing conditions and free cash flow remain tight. As a result, we do not anticipate resuming preferred dividends or redemptions in the near term. Our ability to resume will depend on continued operating improvement, the trajectory of interest rates, and our progress on refinancing upcoming maturities.
“In the near term, our primary focus remains on ensuring that our maturing loans are refinanced and that we preserve the equity in our portfolio. That discipline is what creates the runway to resume capital returns to preferred holders when conditions allow.”
INVESTOR CONFERENCE CALL
Ashford Hospitality Trust, Inc. will not be hosting a conference call to discuss its first quarter 2026 financial results.
NON-GAAP MEASURES
We 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
AHT Reports First Quarter Results
Page 4
May 11, 2026
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 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)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Investments in hotel properties, gross | $ | 2,617,922 | $ | 3,069,016 | |||||||
| Accumulated depreciation | (810,924) | (983,772) | |||||||||
| Investments in hotel properties, net | 1,806,998 | 2,085,244 | |||||||||
| Contract asset | 335,979 | 355,138 | |||||||||
| Cash and cash equivalents | 78,042 | 66,145 | |||||||||
| Restricted cash | 141,203 | 149,580 | |||||||||
| Accounts receivable, net of allowance of $435 and $424 respectively | 43,426 | 32,752 | |||||||||
| Inventories | 3,106 | 3,598 | |||||||||
| Notes receivable, net | 12,486 | 12,187 | |||||||||
| Investment in unconsolidated entities | 7,063 | 7,265 | |||||||||
| Deferred costs, net | 1,210 | 1,529 | |||||||||
| Derivative assets, net | 1,212 | 410 | |||||||||
| Operating lease right-of-use assets | 41,035 | 43,582 | |||||||||
| Prepaid expenses and other assets | 53,235 | 32,057 | |||||||||
| Due from third-party hotel managers | 24,535 | 25,667 | |||||||||
| Assets held for sale | 55,779 | 18,478 | |||||||||
| Total assets | $ | 2,605,309 | $ | 2,833,632 | |||||||
| LIABILITIES AND EQUITY (DEFICIT) | |||||||||||
| Liabilities: | |||||||||||
| Indebtedness, net | $ | 2,287,163 | $ | 2,526,608 | |||||||
| Indebtedness associated with hotels in receivership | 252,000 | 272,800 | |||||||||
| Finance lease liability | 17,417 | 17,536 | |||||||||
| Accounts payable and accrued expenses | 140,837 | 123,773 | |||||||||
| Accrued interest payable | 31,787 | 13,993 | |||||||||
| Accrued interest associated with hotels in receivership | 83,979 | 82,338 | |||||||||
| Dividends and distributions payable | 4,247 | 4,247 | |||||||||
| Due to Ashford Inc., net | 65,638 | 40,643 | |||||||||
| Due to related parties, net | 12,319 | 1,949 | |||||||||
| Due to third-party hotel managers | 1,306 | 882 | |||||||||
| Operating lease liabilities | 44,042 | 44,045 | |||||||||
| Other liabilities | 36,695 | 36,768 | |||||||||
| Liabilities associated with assets held for sale | 66,613 | 41,292 | |||||||||
| Total liabilities | 3,044,043 | 3,206,874 | |||||||||
| Redeemable noncontrolling interests in operating partnership | 19,945 | 20,516 | |||||||||
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 183,655 | 179,818 | |||||||||
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 18,591 | 18,215 | |||||||||
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 5,547 | 5,484 | |||||||||
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 13,831 | 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 March 31, 2026 and December 31, 2025 | 11 | 11 | |||||||||
| Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 | |||||||||
| Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 15 | 15 | |||||||||
| Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 | |||||||||
| Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 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 March 31, 2026 and December 31, 2025, respectively | 65 | 65 | |||||||||
| Additional paid-in capital | 2,402,044 | 2,402,015 | |||||||||
| Accumulated deficit | (3,097,325) | (3,028,489) | |||||||||
| Total stockholders' equity (deficit) of the Company | (695,159) | (626,352) | |||||||||
| Noncontrolling interests in consolidated entities | 14,856 | 15,511 | |||||||||
| Total equity (deficit) | (680,303) | (610,841) | |||||||||
| Total liabilities and equity/deficit | $ | 2,605,309 | $ | 2,833,632 | |||||||
5
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| REVENUE | |||||||||||
| Rooms | $ | 200,025 | $ | 206,301 | |||||||
| Food and beverage | 51,570 | 54,529 | |||||||||
| Other | 15,983 | 16,220 | |||||||||
| Total hotel revenue | 267,578 | 277,050 | |||||||||
| Other | 154 | 309 | |||||||||
| Total revenue | 267,732 | 277,359 | |||||||||
| EXPENSES | |||||||||||
| Hotel operating expenses | |||||||||||
| Rooms | 46,190 | 47,790 | |||||||||
| Food and beverage | 34,383 | 35,726 | |||||||||
| Other expenses | 91,273 | 95,110 | |||||||||
| Management fees | 9,284 | 9,848 | |||||||||
| Total hotel operating expenses | 181,130 | 188,474 | |||||||||
| Property taxes, insurance and other | 14,894 | 16,049 | |||||||||
| Depreciation and amortization | 32,006 | 37,339 | |||||||||
| Impairment charges | 112,649 | — | |||||||||
| Advisory services fee: | |||||||||||
| Base advisory fee | 8,308 | 8,195 | |||||||||
| Reimbursable expenses | 11,687 | 3,208 | |||||||||
| Stock/unit-based compensation | 28 | (67) | |||||||||
| Incentive fee | — | 93 | |||||||||
| Stirling performance participation fee | — | 116 | |||||||||
| Corporate, general and administrative: | |||||||||||
| Stock/unit-based compensation | — | 13 | |||||||||
| Other general and administrative | 1,602 | 4,319 | |||||||||
| Total operating expenses | 362,304 | 257,739 | |||||||||
| Gain (loss) on disposition of assets and hotel properties | 100,030 | 31,868 | |||||||||
| Gain (loss) on derecognition of assets | 7,790 | 10,046 | |||||||||
| OPERATING INCOME (LOSS) | 13,248 | 61,534 | |||||||||
| Equity in earnings (loss) of unconsolidated entities | (202) | (431) | |||||||||
| Interest income | 922 | 1,214 | |||||||||
| Other income (expense), net | 3,223 | — | |||||||||
| Interest expense, net of discount amortization | (67,317) | (61,602) | |||||||||
| Interest expense associated with hotels in receivership | (7,820) | (10,046) | |||||||||
| Amortization of loan costs | (6,237) | (5,200) | |||||||||
| Write-off of premiums, loan costs and exit fees | (1,254) | (4,597) | |||||||||
| Gain (loss) on extinguishment of debt | (25) | (13) | |||||||||
| Realized and unrealized gain (loss) on derivatives | 757 | (2,740) | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (64,705) | (21,881) | |||||||||
| Income tax benefit (expense) | (752) | (317) | |||||||||
| NET INCOME (LOSS) | (65,457) | (22,198) | |||||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | 655 | 1,776 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1,030 | 451 | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (63,772) | (19,971) | |||||||||
| Preferred dividends | (2,714) | (6,729) | |||||||||
| Deemed dividends on redeemable preferred stock | (4,600) | (1,057) | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (71,086) | $ | (27,757) | |||||||
| INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||
| Basic: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (11.03) | $ | (4.91) | |||||||
| Weighted average common shares outstanding – basic | 6,442 | 5,651 | |||||||||
| Diluted: | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (11.03) | $ | (4.91) | |||||||
| Weighted average common shares outstanding – diluted | 6,442 | 5,651 | |||||||||
| Dividends declared per common share | $ | — | $ | — | |||||||
6
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income (loss) | $ | (65,457) | $ | (22,198) | |||||||
| Interest expense and amortization of discounts and loan costs, net | 73,554 | 66,802 | |||||||||
| Interest expense associated with hotels in receivership | 7,820 | 10,046 | |||||||||
| Depreciation and amortization | 32,006 | 37,339 | |||||||||
| Income tax expense (benefit) | 752 | 317 | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 202 | 431 | |||||||||
| Company's portion of EBITDA of unconsolidated entities | 108 | 120 | |||||||||
| EBITDA | 48,985 | 92,857 | |||||||||
| Impairment charges on real estate | 112,649 | — | |||||||||
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (100,030) | (31,868) | |||||||||
| (Gain) loss on derecognition of assets | (7,790) | (10,046) | |||||||||
| EBITDAre | 53,814 | 50,943 | |||||||||
| Amortization of unfavorable contract liabilities | (31) | (31) | |||||||||
| Transaction and conversion costs | 352 | 1,928 | |||||||||
| Write-off of premiums, loan costs and exit fees | 1,254 | 4,597 | |||||||||
| Realized and unrealized (gain) loss on derivatives | (757) | 2,740 | |||||||||
| Stock/unit-based compensation | 28 | (54) | |||||||||
| Legal, advisory and settlement costs | 21 | 797 | |||||||||
| Other (income) expense, net | (3,223) | — | |||||||||
| Incentive fee | — | 93 | |||||||||
| Stirling performance participation fee | — | 116 | |||||||||
| (Gain) loss on extinguishment of debt | 25 | 13 | |||||||||
| Severance | 179 | 521 | |||||||||
| Adjusted EBITDAre | $ | 51,662 | $ | 61,663 | |||||||
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 | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income (loss) | $ | (65,457) | $ | (22,198) | |||||||
| (Income) loss attributable to noncontrolling interest in consolidated entities | 655 | 1,776 | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1,030 | 451 | |||||||||
| Preferred dividends | (2,714) | (6,729) | |||||||||
| Deemed dividends on redeemable preferred stock | (4,600) | (1,057) | |||||||||
| Net income (loss) attributable to common stockholders | (71,086) | (27,757) | |||||||||
| Depreciation and amortization on real estate | 31,702 | 36,550 | |||||||||
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (100,030) | (31,868) | |||||||||
| (Gain) loss on derecognition of assets | (7,790) | (10,046) | |||||||||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1,030) | (451) | |||||||||
| Equity in (earnings) loss of unconsolidated entities | 202 | 431 | |||||||||
| Impairment charges on real estate | 112,649 | — | |||||||||
| Company's portion of FFO of unconsolidated entities | (101) | (233) | |||||||||
| FFO available to common stockholders and OP unitholders | (35,484) | (33,374) | |||||||||
| Deemed dividends on redeemable preferred stock | 4,600 | 1,057 | |||||||||
| Transaction and conversion costs | 352 | 1,928 | |||||||||
| Write-off of premiums, loan costs and exit fees | 1,254 | 4,597 | |||||||||
| Unrealized (gain) loss on derivatives | (757) | 3,432 | |||||||||
| Stock/unit-based compensation | 28 | (54) | |||||||||
| Legal, advisory and settlement costs | 21 | 797 | |||||||||
| Other (income) expense, net | (3,223) | — | |||||||||
| Amortization of loan costs | 6,237 | 5,163 | |||||||||
| Incentive fee | — | 93 | |||||||||
| Stirling performance participation fee | — | 116 | |||||||||
| (Gain) loss on extinguishment of debt | 25 | 13 | |||||||||
| Interest expense associated with hotels in receivership | 7,820 | 10,046 | |||||||||
| Severance | 179 | 521 | |||||||||
| Default interest and late fees | 18,904 | — | |||||||||
| Company's portion of adjustments to FFO of unconsolidated entities | 22 | 40 | |||||||||
| Adjusted FFO available to common stockholders and OP unitholders | $ | (22) | $ | (5,625) | |||||||
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | — | $ | (0.98) | |||||||
| Weighted average diluted shares | 6,536 | 5,761 | |||||||||
7
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2026
(dollars in thousands)
(unaudited)
| Indebtedness | Current Maturity | Final Maturity (10) | Interest Rate (9) | Fixed-Rate Debt | Floating-Rate Debt | Total Debt | TTM Hotel Net Income | TTM Hotel Net Income Debt Yield | Comparable TTM Hotel EBITDA (11) | Comparable TTM Hotel EBITDA Debt Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | March 2025 | 4.66% | $ | 21,971 | $ | — | $ | 21,971 | (2) | $ | (18,457) | (84.0) | % | $ | 2,170 | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase - 8 hotels | February 2026 | February 2026 | SOFR (1) + 3.28% | — | 325,000 | 325,000 | (2) | (7,472) | (2.3) | % | 28,138 | 8.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| BAML Highland Pool - 18 hotels | July 2026 | July 2026 | SOFR (1) + 4.41% | — | 723,625 | 723,625 | (3) | (18,493) | (2.6) | % | 85,124 | 11.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| BAML Indigo Atlanta - 1 hotel | February 2027 | February 2027 | SOFR (1) + 2.85% | — | 12,330 | 12,330 | (4) | 235 | 1.9 | % | 2,181 | 17.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS 16 Pool - 16 hotels | February 2027 | February 2030 | SOFR (1) + 4.37% | — | 580,000 | 580,000 | (5) | 30,622 | 5.3 | % | 73,618 | 12.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Pool - 11 hotels | March 2027 | March 2028 | SOFR (1) + 4.82% | — | 231,340 | 231,340 | (6) | 131,875 | 57.0 | % | 26,806 | 11.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| BAML Nashville - 1 hotel | September 2027 | September 2030 | SOFR (1) + 2.26% | — | 218,100 | 218,100 | (5) | 27,029 | 12.4 | % | 35,353 | 16.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% | — | 121,500 | 121,500 | (7) | 12,697 | 10.5 | % | 16,328 | 13.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| BAML Pool - 4 hotels | December 2028 | December 2028 | 8.51% | 30,200 | — | 30,200 | 239 | 0.8 | % | 4,321 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Equity Nashville - 1 hotel | May 2029 | May 2029 | 11.14% | 89,067 | — | 89,067 | (8) | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Unencumbered Hotel - 1 hotel | — | — | — | 1,599 | N/A | 4,070 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 141,238 | $ | 2,211,895 | $ | 2,353,133 | $ | 159,874 | 6.8 | % | $ | 278,109 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Percentage | 6.0 | % | 94.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (9) | 9.57 | % | 7.74 | % | 7.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 3.66% at March 31, 2026.
(2) As of March 31, 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.
(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.
(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 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 two mortgage loans.
(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 March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance | % Variance | |||||||||||||||||||||||||||||||||||||||||||
| Rooms revenue (in thousands) | $ | 200,025 | $ | (9,716) | $ | 190,309 | $ | 206,301 | $ | (21,990) | $ | 184,311 | (3.04) | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
| RevPAR | $ | 135.95 | $ | (142.71) | $ | 135.63 | $ | 132.04 | $ | (138.09) | $ | 131.35 | 2.97 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
| Occupancy | 68.64 | % | (71.15) | % | 68.52 | % | 67.98 | % | (70.13) | % | 67.73 | % | 0.97 | % | 1.16 | % | ||||||||||||||||||||||||||||||||||
| ADR | $ | 198.08 | $ | (200.58) | $ | 197.95 | $ | 194.24 | $ | (196.89) | $ | 193.93 | 1.97 | % | 2.07 | % | ||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
9
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
| ALL HOTELS: | Three Months Ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2026 | 2025 | % Variance | |||||||||||||||
| Total hotel revenue | $ | 267,578 | $ | 277,051 | (3.42) | % | |||||||||||
| Non-comparable adjustments | (13,217) | (28,321) | |||||||||||||||
| Comparable total hotel revenue | $ | 254,361 | $ | 248,730 | 2.26 | % | |||||||||||
| Hotel net income (loss) | $ | 29,115 | $ | 69,126 | (57.88) | % | |||||||||||
| Non-comparable adjustments | (101,744) | (35,827) | |||||||||||||||
| Comparable hotel net income (loss) | $ | (72,629) | $ | 33,299 | (318.11) | % | |||||||||||
| Hotel net income (loss) margin | 10.88 | % | 24.95 | % | (14.07) | % | |||||||||||
| Comparable hotel net income margin | (28.55) | % | 13.39 | % | (41.94) | % | |||||||||||
| Hotel EBITDA | $ | 76,805 | $ | 78,473 | (2.13) | % | |||||||||||
| Non-comparable adjustments | (3,582) | (8,883) | |||||||||||||||
| Comparable hotel EBITDA | $ | 73,223 | $ | 69,590 | 5.22 | % | |||||||||||
| Hotel EBITDA margin | 28.70 | % | 28.32 | % | 0.38 | % | |||||||||||
| Comparable hotel EBITDA margin | 28.79 | % | 27.98 | % | 0.81 | % | |||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
10
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
| Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | 3rd Quarter | 3rd Quarter | 3rd Quarter | 2nd Quarter | 2nd Quarter | 2nd Quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 267,578 | $ | (13,217) | $ | 254,361 | $ | 258,583 | $ | (19,635) | $ | 238,948 | $ | 265,675 | $ | (21,007) | $ | 244,668 | $ | 301,546 | $ | (27,557) | $ | 273,989 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel net income (loss) | $ | 29,115 | $ | (101,744) | $ | (72,629) | $ | 4,332 | $ | 5,255 | $ | 9,587 | $ | 26,634 | $ | 3,570 | $ | 30,204 | $ | 57,561 | $ | (808) | $ | 56,753 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel net income (loss) margin | 10.88 | % | (28.55) | % | 1.68 | % | 4.01 | % | 10.03 | % | 12.34 | % | 19.09 | % | 20.71 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 76,805 | $ | (3,582) | $ | 73,223 | $ | 63,133 | $ | (4,290) | $ | 58,843 | $ | 68,740 | $ | (3,881) | $ | 64,859 | $ | 92,279 | $ | (7,574) | $ | 84,705 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | 28.70 | % | 28.79 | % | 24.41 | % | 24.63 | % | 25.87 | % | 26.51 | % | 30.60 | % | 30.92 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel net income (loss) % of total TTM | 24.8 | % | (303.7) | % | 3.7 | % | 40.1 | % | 22.6 | % | 126.3 | % | 48.9 | % | 237.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA % of total TTM | 25.5 | % | 26.0 | % | 21.0 | % | 20.9 | % | 22.8 | % | 23.0 | % | 30.7 | % | 30.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in Hotel net income (loss) | $ | (574) | $ | (574) | $ | (349) | $ | (349) | $ | (1,249) | $ | (1,249) | $ | (1,235) | $ | (1,235) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | 816 | $ | 816 | $ | 1,038 | $ | 1,038 | $ | 216 | $ | 216 | $ | 421 | $ | 421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Non-comparable Adjustments | Comparable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total hotel revenue | $ | 1,093,382 | $ | (81,416) | $ | 1,011,966 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel net income (loss) | $ | 117,642 | $ | (93,727) | $ | 23,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel net income (loss) margin | 10.76 | % | 2.36 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA | $ | 300,957 | $ | (19,327) | $ | 281,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel EBITDA margin | 27.53 | % | 27.83 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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) | $ | (3,406) | $ | (3,406) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JV interests in EBITDA | $ | 2,490 | $ | 2,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | % Variance | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area | 6 | 1,128 | $ | 140.09 | $ | — | $ | 140.09 | $ | 143.67 | $ | — | $ | 143.67 | (2.5) | % | (2.5) | % | |||||||||||||||||||||||||||||||||||||||||
| Boston, MA Area | — | — | — | — | — | 38.81 | (38.81) | — | (100.0) | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Dallas / Ft. Worth, TX Area | 5 | 1,396 | 134.27 | — | 134.27 | 126.14 | — | 126.14 | 6.4 | % | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Houston, TX Area | 1 | 303 | 125.24 | (73.09) | 136.42 | 111.58 | (96.56) | 131.03 | 12.2 | % | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area | 4 | 1,312 | 172.07 | — | 172.07 | 155.67 | — | 155.67 | 10.5 | % | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Miami, FL Metro Area | 2 | 414 | 274.01 | — | 274.01 | 248.44 | — | 248.44 | 10.3 | % | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN Area | 2 | 520 | 79.17 | — | 79.17 | 51.31 | — | 51.31 | 54.3 | % | 54.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Nashville, TN Area | 1 | 674 | 220.34 | — | 220.34 | 227.55 | — | 227.55 | (3.2) | % | (3.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area | 4 | 1,159 | 76.18 | — | 76.18 | 80.78 | — | 80.78 | (5.7) | % | (5.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Orlando, FL Area | 2 | 524 | 144.26 | — | 144.26 | 147.41 | — | 147.41 | (2.1) | % | (2.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia, PA Area | 1 | 263 | 106.20 | — | 106.20 | 91.89 | — | 91.89 | 15.6 | % | 15.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Diego, CA Area | 1 | 260 | 127.21 | — | 127.21 | 136.74 | (141.82) | 133.82 | (7.0) | % | (4.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 146.67 | — | 146.67 | 125.52 | — | 125.52 | 16.8 | % | 16.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Tampa, FL Area | 1 | 238 | 198.86 | (199.47) | 198.26 | 199.33 | (203.42) | 193.61 | (0.2) | % | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Washington D.C. - MD - VA Area | 8 | 2,176 | 136.88 | (125.45) | 138.19 | 141.03 | (136.40) | 141.56 | (2.9) | % | (2.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Other Areas | 22 | 4,431 | 115.35 | (121.66) | 115.05 | 115.29 | (134.02) | 112.71 | 0.1 | % | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Portfolio | 63 | 15,591 | $ | 135.95 | $ | (142.71) | $ | 135.63 | $ | 132.04 | $ | (138.09) | $ | 131.35 | 3.0 | % | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
12
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2026
(in thousands, except share price)
(unaudited)
| March 31, 2026 | |||||
| Common stock shares outstanding | 6,476 | ||||
| Partnership units outstanding | 93 | ||||
| Combined common stock shares and partnership units outstanding | 6,569 | ||||
| Common stock price | $ | 2.74 | |||
| Market capitalization | $ | 17,999 | |||
| 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 | $ | 2,353,133 | |||
| Net working capital (see below) | $ | (73,734) | |||
| Total enterprise value (TEV) | $ | 2,669,793 | |||
| Cash and cash equivalents | $ | 78,798 | |||
| Restricted cash | $ | 137,000 | |||
| Accounts receivable, net | $ | 44,492 | |||
| Other receivable | $ | 24,147 | |||
| Inventory | $ | 3,312 | |||
| Prepaid expenses | $ | 14,342 | |||
| Due from third-party hotel managers, net | $ | 23,229 | |||
| Total current assets | $ | 325,320 | |||
| Accounts payable, net & accrued expenses | $ | 161,417 | |||
| Dividends and distributions payable | $ | 4,247 | |||
| Due to affiliates, net | $ | 85,922 | |||
| Total current liabilities | $ | 251,586 | |||
| Net working capital | $ | 73,734 | |||
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.
13
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 2026 | 2025 | 2025 | 2025 | March 31, 2026 | |||||||||||||||||||||||||
| 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | |||||||||||||||||||||||||
| Net income (loss) | $ | 29,115 | $ | 4,332 | $ | 26,634 | $ | 57,561 | $ | 117,642 | |||||||||||||||||||
| Non-property adjustments | 12,668 | 20,110 | 2,353 | (5,234) | 29,897 | ||||||||||||||||||||||||
| Interest income | (344) | (378) | (400) | (370) | (1,492) | ||||||||||||||||||||||||
| Interest expense | 2,127 | 2,694 | 3,061 | 3,156 | 11,038 | ||||||||||||||||||||||||
| Amortization of loan costs | 2 | 30 | 35 | 132 | 199 | ||||||||||||||||||||||||
| Depreciation and amortization | 31,956 | 34,042 | 34,540 | 35,228 | 135,766 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 2 | — | — | — | 2 | ||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1,279 | 2,303 | 2,517 | 1,806 | 7,905 | ||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 76,805 | 63,133 | 68,740 | 92,279 | 300,957 | ||||||||||||||||||||||||
| Non-comparable adjustments | (3,582) | (4,290) | (3,881) | (7,574) | (19,327) | ||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 73,223 | $ | 58,843 | $ | 64,859 | $ | 84,705 | $ | 281,630 | |||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
14
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 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 | (3,582) | ||||||||||||||||
| Comparable hotel EBITDA | $ | 73,223 | |||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
15
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 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 | (4,290) | ||||||||||||||||
| Comparable hotel EBITDA | $ | 58,843 | |||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
16
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 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 | (3,881) | ||||||||||||||||
| Comparable hotel EBITDA | $ | 64,859 | |||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
17
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| 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 | (7,574) | ||||||||||||||||
| Comparable hotel EBITDA | $ | 84,705 | |||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
18
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2025 | |||||||||||||||||
| Hotel Total | Corporate / Allocated | Ashford Hospitality Trust, Inc. | |||||||||||||||
| Net income (loss) | $ | 69,126 | $ | (91,324) | $ | (22,198) | |||||||||||
| Non-property adjustments | (31,855) | 31,855 | — | ||||||||||||||
| Interest income | (346) | 346 | — | ||||||||||||||
| Interest expense | 3,065 | 68,583 | 71,648 | ||||||||||||||
| Amortization of loan cost | 106 | 5,094 | 5,200 | ||||||||||||||
| Depreciation and amortization | 37,290 | 49 | 37,339 | ||||||||||||||
| Income tax expense (benefit) | — | 317 | 317 | ||||||||||||||
| Non-hotel EBITDA ownership expense | 1,087 | (1,087) | — | ||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 78,473 | 13,833 | 92,306 | ||||||||||||||
| Equity in (earnings) loss of unconsolidated entities | — | 431 | 431 | ||||||||||||||
| Company's portion of EBITDA of unconsolidated entities | — | 120 | 120 | ||||||||||||||
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 78,473 | $ | 14,384 | $ | 92,857 | |||||||||||
| Non-comparable adjustments | (8,883) | ||||||||||||||||
| Comparable hotel EBITDA | $ | 69,590 | |||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
19
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| TTM Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 11 hotels | JP Morgan Chase - 8 hotels | BAML Nashville -1 hotel | BAML Indigo Atlanta - 1 hotel | Torchlight Marriott Gateway - 1 hotel | |||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 30,622 | $ | (18,493) | $ | 131,875 | $ | (7,472) | $ | 27,029 | $ | 235 | $ | 12,697 | |||||||||||||||||||||||||||
| Non-property adjustments | 14,154 | 63,436 | (118,810) | 17,674 | (487) | 18 | — | ||||||||||||||||||||||||||||||||||
| Interest income | (140) | (342) | (257) | (187) | (142) | — | (381) | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | 867 | — | ||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | 20 | — | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 27,483 | 37,889 | 20,467 | 17,533 | 8,478 | 1,157 | 3,964 | ||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1,497 | 2,673 | 2,023 | 590 | 475 | (116) | 48 | ||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 73,618 | 85,163 | 35,298 | 28,138 | 35,353 | 2,181 | 16,328 | ||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | (39) | (8,492) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 73,618 | $ | 85,124 | $ | 26,806 | $ | 28,138 | $ | 35,353 | $ | 2,181 | $ | 16,328 | |||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Ft Worth Le Meridien - 1 hotel | BAML - 4 Pack | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (18,457) | $ | (4,817) | $ | 239 | $ | (37,415) | $ | 1,599 | $ | 117,642 | |||||||||||||||||||||||||||||
| Non-property adjustments | 16,344 | — | — | 37,568 | — | 29,897 | |||||||||||||||||||||||||||||||||||
| Interest income | — | (43) | — | — | — | (1,492) | |||||||||||||||||||||||||||||||||||
| Interest expense | 2,216 | 3,957 | — | 2,087 | 1,911 | 11,038 | |||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | 109 | — | 70 | — | 199 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 2,039 | 3,957 | 4,030 | 8,230 | 539 | 135,766 | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 28 | 358 | 52 | 256 | 21 | 7,905 | |||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2,170 | 3,521 | 4,321 | 10,796 | 4,070 | 300,957 | |||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (10,796) | — | (19,327) | |||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 2,170 | $ | 3,521 | $ | 4,321 | $ | — | $ | 4,070 | $ | 281,630 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
20
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 11 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 | — | — | (2,303) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 17,789 | $ | 21,820 | $ | 7,664 | $ | 9,511 | $ | 9,025 | $ | 690 | $ | 4,074 | |||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Ft Worth Le Meridien - 1 hotel | BAML - 4 Pack | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (921) | $ | (811) | $ | (175) | $ | 11,058 | $ | (24) | $ | 29,115 | |||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | (10,885) | — | 12,668 | |||||||||||||||||||||||||||||||||||
| Interest income | — | (21) | — | — | — | (344) | |||||||||||||||||||||||||||||||||||
| Interest expense | 552 | 906 | — | — | 468 | 2,127 | |||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 488 | 1,037 | 951 | 1,059 | 135 | 31,956 | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 1 | 42 | 19 | 47 | 3 | 1,279 | |||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 120 | 1,153 | 795 | 1,279 | 582 | 76,805 | |||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (1,279) | — | (3,582) | |||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 120 | $ | 1,153 | $ | 795 | $ | — | $ | 582 | $ | 73,223 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
21
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 11 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 | — | — | (1,384) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 14,074 | $ | 18,288 | $ | 5,285 | $ | 5,719 | $ | 7,946 | $ | 400 | $ | 3,234 | |||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Ft Worth Le Meridien - 1 hotel | BAML - 4 Pack | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (17,194) | $ | (493) | $ | 158 | $ | (29,819) | $ | 414 | $ | 4,332 | |||||||||||||||||||||||||||||
| Non-property adjustments | 16,344 | — | — | 30,094 | — | 20,110 | |||||||||||||||||||||||||||||||||||
| Interest income | — | (22) | — | — | — | (378) | |||||||||||||||||||||||||||||||||||
| Interest expense | 556 | 917 | — | 522 | 481 | 2,694 | |||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | 24 | — | 30 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 517 | 1,037 | 975 | 2,215 | 135 | 34,042 | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 22 | 28 | 18 | (130) | 4 | 2,303 | |||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 245 | 1,467 | 1,151 | 2,906 | 1,034 | 63,133 | |||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (2,906) | — | (4,290) | |||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 245 | $ | 1,467 | $ | 1,151 | $ | — | $ | 1,034 | $ | 58,843 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
22
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 11 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 | — | — | (1,127) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 18,612 | $ | 19,085 | $ | 5,867 | $ | 5,351 | $ | 8,174 | $ | 572 | $ | 3,412 | |||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Ft Worth Le Meridien - 1 hotel | BAML - 4 Pack | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 23 | $ | (1,766) | $ | 61 | $ | (19,122) | $ | 625 | $ | 26,634 | |||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | 18,356 | — | 2,353 | |||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | (400) | |||||||||||||||||||||||||||||||||||
| Interest expense | 556 | 1,013 | — | 787 | 481 | 3,061 | |||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | 6 | — | 23 | — | 35 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 515 | 766 | 1,080 | 2,476 | 134 | 34,540 | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | (20) | 286 | 10 | 234 | 16 | 2,517 | |||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1,074 | 305 | 1,151 | 2,754 | 1,256 | 68,740 | |||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (2,754) | — | (3,881) | |||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 1,074 | $ | 305 | $ | 1,151 | $ | — | $ | 1,256 | $ | 64,859 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
23
Exhibit 1
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| BAML/Sculptor KEYS Pool - 16 hotels | BAML Highland Pool - 18 hotels | Morgan Stanley Pool - 11 hotels | JP Morgan Chase - 8 hotels | BAML Nashville -1 hotel | BAML Indigo Atlanta - 1 hotel | Torchlight Marriott Gateway - 1 hotel | |||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 22,803 | $ | 16,160 | $ | 4,071 | $ | 3,089 | $ | 7,649 | $ | (18) | $ | 4,672 | |||||||||||||||||||||||||||
| Non-property adjustments | (6,700) | 16 | 1,447 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Interest income | (36) | (83) | (74) | (44) | (32) | — | (101) | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | 224 | — | ||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 6,830 | 9,435 | 5,718 | 4,357 | 2,295 | 310 | 1,008 | ||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 246 | 442 | 506 | 155 | 296 | (3) | 29 | ||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 23,143 | 25,970 | 11,668 | 7,557 | 10,208 | 519 | 5,608 | ||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | (39) | (3,678) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 23,143 | $ | 25,931 | $ | 7,990 | $ | 7,557 | $ | 10,208 | $ | 519 | $ | 5,608 | |||||||||||||||||||||||||||
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | Ft Worth Le Meridien - 1 hotel | BAML - 4 Pack | Disposed Hotels | Unencumbered Hotels | Total Portfolio | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (365) | $ | (1,747) | $ | 195 | $ | 468 | $ | 584 | $ | 57,561 | |||||||||||||||||||||||||||||
| Non-property adjustments | — | — | — | 3 | — | (5,234) | |||||||||||||||||||||||||||||||||||
| Interest income | — | — | — | — | — | (370) | |||||||||||||||||||||||||||||||||||
| Interest expense | 552 | 1,121 | — | 778 | 481 | 3,156 | |||||||||||||||||||||||||||||||||||
| Amortization of loan costs | — | 103 | — | 23 | — | 132 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 519 | 1,117 | 1,024 | 2,480 | 135 | 35,228 | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Non-hotel EBITDA ownership expense | 25 | 2 | 5 | 105 | (2) | 1,806 | |||||||||||||||||||||||||||||||||||
| Hotel EBITDA including amounts attributable to noncontrolling interest | 731 | 596 | 1,224 | 3,857 | 1,198 | 92,279 | |||||||||||||||||||||||||||||||||||
| Non-comparable adjustments | — | — | — | (3,857) | — | (7,574) | |||||||||||||||||||||||||||||||||||
| Comparable hotel EBITDA | $ | 731 | $ | 596 | $ | 1,224 | $ | — | $ | 1,198 | $ | 84,705 | |||||||||||||||||||||||||||||
NOTES:
(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 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.
24
FAQ
How did Ashford Hospitality Trust (AHT) hotels perform in Q1 2026?
Ashford’s hotel portfolio showed modest growth in Q1 2026. Comparable RevPAR rose 3.3% to $135.63, driven by a 2.1% increase in ADR and 1.2% higher occupancy. Comparable Hotel EBITDA increased 5.2% to $73.2 million, with comparable Hotel EBITDA margin improving to 28.79%.
What was Ashford Hospitality Trust’s net income and EPS for Q1 2026?
Ashford reported a net loss attributable to common stockholders of $71.1 million in Q1 2026, equal to a loss of $11.03 per diluted share. The result included $112.6 million of impairment charges, which significantly widened the loss compared with the prior-year quarter’s $27.8 million loss.
How much debt does Ashford Hospitality Trust (AHT) have and at what rates?
As of March 31, 2026, Ashford had total loans of $2.4 billion with a blended average interest rate of 7.9%, including in-the-money interest rate caps. Approximately 6% of this consolidated debt is fixed-rate and about 94% is floating-rate, increasing sensitivity to funding costs.
What asset sales did Ashford Hospitality Trust complete around Q1 2026?
During Q1 2026, Ashford closed five hotel sales for combined gross proceeds of $238.5 million. Subsequent to quarter end, it completed two more sales for $58.0 million and entered agreements to sell six additional hotels for $154.6 million, also reducing expected capital expenditures meaningfully across the sold properties.
Is Ashford Hospitality Trust paying preferred or common dividends?
Ashford suspended dividends on its outstanding preferred stock after terminating its non-traded Series L and M offerings in 2025 and did not pay a common dividend for Q1 2026. Management explicitly stated it does not anticipate resuming preferred dividends or redemptions in the near term due to tight refinancing and liquidity conditions.
What were Ashford Hospitality Trust’s key non-GAAP metrics in Q1 2026?
In Q1 2026, Ashford reported Adjusted EBITDAre of $51.7 million and adjusted FFO of roughly breakeven, compared with a $5.6 million adjusted FFO loss in Q1 2025. These measures exclude items like impairment charges, gains on asset sales, and certain financing-related costs to highlight underlying operating performance.