Ashford Hospitality Trust Files Q2 2024 10-Q

TL;DR

**AHT Q2 10-Q FILED: Check financials for latest performance.**

AI Summary

Ashford Hospitality Trust Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides crucial insights into Ashford Hospitality Trust's financial health and operational performance for the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a REIT, Ashford Hospitality Trust is subject to market fluctuations and interest rate sensitivity, which can impact its financial performance.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 as the period covered by the filing.)

Key Players & Entities

• Ashford Hospitality Trust Inc. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240808 (date) — Filing date
• 14185 DALLAS PARKWAY SUITE 1100 (address) — Company's business and mailing address
• DALLAS (location) — Company's city
• TX (location) — Company's state
• 75254 (postal_code) — Company's zip code
• 9724909600 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.01 — atest practicable date. Common Stock, $0.01 par value per share 50,196,580 (Class)

Filing Documents

• aht-20240630.htm (10-Q) — 3953KB
• psaoneocean-ex108.htm (EX-10.8) — 615KB
• aht3rdaradvisoryagreement1.htm (EX-10.9) — 23KB
• ahtdeferredcashawardform20.htm (EX-10.10) — 34KB
• aht2024q210-qxex311.htm (EX-31.1) — 10KB
• aht2024q210-qxex312.htm (EX-31.2) — 10KB
• aht2024q210-qxex321.htm (EX-32.1) — 5KB
• aht2024q210-qxex322.htm (EX-32.2) — 5KB
• 0001232582-24-000107.txt ( ) — 17858KB
• aht-20240630.xsd (EX-101.SCH) — 119KB
• aht-20240630_cal.xml (EX-101.CAL) — 115KB
• aht-20240630_def.xml (EX-101.DEF) — 624KB
• aht-20240630_lab.xml (EX-101.LAB) — 1085KB
• aht-20240630_pre.xml (EX-101.PRE) — 816KB
• aht-20240630_htm.xml (XML) — 3313KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Equity (Deficit) for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 11

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 13

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 44

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 66

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 66

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 66

RISK FACTORS

ITEM 1A. RISK FACTORS 67

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 67

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 67

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 67

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 68

EXHIBITS

ITEM 6. EXHIBITS 68

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

ITEM 1. Financial Statements (unaudited) ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 ASSETS Investments in hotel properties, net ($ 131,869 and $ 122,938 attributable to VIEs). $ 2,503,091 $ 2,951,932 Contract asset 390,104 — Cash and cash equivalents ($ 3,845 and $ 2,363 attributable to VIEs) 121,774 165,231 Restricted cash ($ 6,480 and $ 17,346 attributable to VIEs) 124,501 146,079 Accounts receivable ($ 221 and $ 271 attributable to VIEs), net of allowance of $ 898 and $ 1,214 , respectively 61,319 45,521 Inventories ($ 5 and $ 5 attributable to VIEs) 3,612 3,679 Notes receivable, net 10,846 7,369 Investments in unconsolidated entities 9,265 9,960 Deferred costs, net ($ 197 and $ 218 attributable to VIEs) 1,666 1,808 Prepaid expenses ($ 677 and $ 651 attributable to VIEs) 15,207 12,806 Derivative assets 16,332 13,696 Operating lease right-of-use assets 43,905 44,047 Other assets ($ 1,956 and $ 1,433 attributable to VIEs) 17,677 25,309 Intangible assets 797 797 Due from related parties, net ($ 20 and $ 0 attributable to VIEs) 4,169 — Due from third-party hotel managers 22,163 21,664 Assets held for sale — 12,383 Total assets $ 3,346,428 $ 3,462,281 LIABILITIES AND EQUITY/DEFICIT Liabilities: Indebtedness, net ($ 71,576 and $ 70,073 attributable to VIEs) $ 2,758,649 $ 3,040,951 Debt associated with hotels in receivership 355,120 355,120 Finance lease liability 18,235 18,469 Other finance liability ($ 26,963 and $ 26,858 attributable to VIEs) 26,963 26,858 Accounts payable and accrued expenses ($ 11,140 and $ 14,405 attributable to VIEs) 134,571 129,323 Accrued interest payable ($ 509 and $ 241 attributable to VIEs) 11,788 12,985 Accrued interest associated with hotels in receivership 34,984 14,024 Dividends and distributions payable ($ 1 and $ 147 attributable to VIEs) 3,767 3,566 Du

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