ASHFORD HOSPITALITY TRUST INC
For the period ended Mar 31, 2025. Filed May 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
AHT$2.37-2.5%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross ($159,197 and $159,378 attributable to VIEs) | $3,334,874 | $3,350,086 |
| Accumulated depreciation ($(32,217) and $(30,365) attributable to VIEs) | (1,036,328) | (1,030,879) |
| Investments in hotel properties, net ($126,980 and $129,012 attributable to VIEs) | 2,298,546 | 2,319,207 |
| Contract asset | 376,717 | 366,671 |
| Cash and cash equivalents ($5,131 and $7,286 attributable to VIEs) | 85,787 | 112,907 |
| Restricted cash ($3,410 and $3,430 attributable to VIEs) | 139,190 | 99,695 |
| Accounts receivable ($738 and $614 attributable to VIEs), net of allowance of $507 and $435, respectively | 48,020 | 35,579 |
| Inventories ($44 and $57 attributable to VIEs) | 3,684 | 3,631 |
| Notes receivable, net | 10,958 | 10,565 |
| Investments in unconsolidated entities | 7,159 | 7,590 |
| Deferred costs, net ($170 and $181 attributable to VIEs) | 1,817 | 1,788 |
| Prepaid expenses ($443 and $430 attributable to VIEs) | 19,553 | 11,667 |
| Derivative assets | 3,313 | 2,594 |
| Operating lease right-of-use assets | 43,706 | 43,780 |
| Other assets ($2,576 and $2,660 attributable to VIEs) | 21,049 | 26,680 |
| Intangible assets | 797 | 797 |
| Due from third-party hotel managers | 22,125 | 21,206 |
| Assets held for sale | — | 96,628 |
| Total assets | $3,082,421 | $3,160,985 |
| LIABILITIES AND EQUITY/DEFICIT | ||
| Liabilities: | ||
| Indebtedness, net ($65,619 and $65,548 attributable to VIEs) | $2,651,183 | $2,629,289 |
| Debt associated with hotels in receivership | 314,640 | 314,640 |
| Finance lease liability | 17,903 | 17,992 |
| Other finance liability ($27,092 and $27,058 attributable to VIEs) | 27,092 | 27,058 |
| Accounts payable and accrued expenses ($19,235 and $19,963 attributable to VIEs) | 129,185 | 137,506 |
| Accrued interest payable ($473 and $230 attributable to VIEs) | 17,658 | 10,212 |
| Accrued interest associated with hotels in receivership | 62,077 | 52,031 |
| Dividends and distributions payable ($1 and $1 attributable to VIEs) | 4,125 | 3,952 |
| Due to Ashford Inc., net ($5,336 and $5,997 attributable to VIEs) | 17,600 | 25,635 |
| Due to related parties, net ($288 and $113 attributable to VIEs) | 4,532 | 2,850 |
| Due to third-party hotel managers ($25 and $22 attributable to VIEs) | 1,421 | 1,145 |
| Intangible liabilities, net | 1,973 | 1,981 |
| Operating lease liabilities | 44,263 | 44,369 |
| Other liabilities ($1,709 and $1,726 attributable to VIEs) | 4,899 | 4,972 |
| Liabilities related to assets held for sale | — | 99,139 |
| Total liabilities | 3,298,551 | 3,372,771 |
| Commitments and contingencies (note 16) | ||
| Redeemable noncontrolling interests in operating partnership | 22,262 | 22,509 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,677,717 and 6,799,638 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 177,247 | 156,671 |
| Series K Redeemable Preferred Stock, $0.01 par value, 759,086 and 601,175 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 18,779 | 14,869 |
| Equity (deficit): | ||
| Preferred stock, $0.01 par value, 55,000,000 shares authorized: | ||
| Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 11 | 11 |
| Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 10 | 10 |
| Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 15 | 15 |
| Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 10 | 10 |
| Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 11 | 11 |
| Common stock, $0.01 par value, 395,000,000 shares authorized, 5,790,076 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 58 | 56 |
| Additional paid-in capital | 2,393,647 | 2,392,518 |
| Accumulated deficit | (2,839,867) | (2,811,868) |
| Total stockholders’ equity (deficit) of the Company | (446,105) | (419,237) |
| Noncontrolling interest in consolidated entities | 11,687 | 13,402 |
| Total equity (deficit) | (434,418) | (405,835) |
| Total liabilities and equity/deficit | $3,082,421 | $3,160,985 |
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