Ashford Hospitality Trust Files Q3 2024 10-Q

TL;DR

**AHT Q3 24 10-Q filed. Check financials.**

AI Summary

Ashford Hospitality Trust Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations for the third quarter. Key financial data and operational updates are provided within this report.

Why It Matters

This filing provides investors with a detailed look at Ashford Hospitality Trust's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

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

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter and year the financial data pertains to.)

Key Players & Entities

• Ashford Hospitality Trust Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date
• 14185 DALLAS PARKWAY SUITE 1100 (address) — Company business and mailing address
• DALLAS (location) — Company city
• TX (location) — Company state
• 75254 (postal_code) — Company zip code
• 9724909600 (phone_number) — Company business phone number

FAQ

Key Financial Figures

• $0.01 — atest practicable date. Common Stock, $0.01 par value per share 5,520,951 (Class)

Filing Documents

• aht-20240930.htm (10-Q) — 4023KB
• aht3rdaradvisoryagreement2.htm (EX-10.1 2) — 31KB
• aht2024q310-qxex311.htm (EX-31.1) — 10KB
• aht2024q310-qxex312.htm (EX-31.2) — 10KB
• aht2024q310-qxex321.htm (EX-32.1) — 5KB
• aht2024q310-qxex322.htm (EX-32.2) — 5KB
• 0001232582-24-000148.txt ( ) — 17528KB
• aht-20240930.xsd (EX-101.SCH) — 121KB
• aht-20240930_cal.xml (EX-101.CAL) — 117KB
• aht-20240930_def.xml (EX-101.DEF) — 649KB
• aht-20240930_lab.xml (EX-101.LAB) — 1105KB
• aht-20240930_pre.xml (EX-101.PRE) — 844KB
• aht-20240930_htm.xml (XML) — 3371KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 45

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 69

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 69

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 69

RISK FACTORS

ITEM 1A. RISK FACTORS 70

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 70

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 71

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 71

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 71

EXHIBITS

ITEM 6. EXHIBITS 71

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) September 30, 2024 December 31, 2023 ASSETS Investments in hotel properties, gross ($ 159,495 and $ 147,664 attributable to VIEs). $ 3,603,062 $ 4,245,264 Accumulated depreciation ($( 28,269 ) and $( 24,726 ) attributable to VIEs). ( 1,118,574 ) ( 1,293,332 ) Investments in hotel properties, net ($ 131,226 and $ 122,938 attributable to VIEs). 2,484,488 2,951,932 Contract asset 365,647 — Cash and cash equivalents ($ 6,011 and $ 2,363 attributable to VIEs) 119,659 165,231 Restricted cash ($ 4,571 and $ 17,346 attributable to VIEs) 114,282 146,079 Accounts receivable ($ 540 and $ 271 attributable to VIEs), net of allowance of $ 539 and $ 1,214 , respectively 49,874 45,521 Inventories ($ 47 and $ 5 attributable to VIEs) 3,678 3,679 Notes receivable, net 10,164 7,369 Investments in unconsolidated entities 9,132 9,960 Deferred costs, net ($ 185 and $ 218 attributable to VIEs) 1,824 1,808 Prepaid expenses ($ 863 and $ 651 attributable to VIEs) 14,250 12,806 Derivative assets 4,074 13,696 Operating lease right-of-use assets 43,835 44,047 Other assets ($ 2,384 and $ 1,433 attributable to VIEs) 18,941 25,309 Intangible assets 797 797 Due from related parties, net ($ 243 and $ 0 attributable to VIEs) 2,078 — Due from third-party hotel managers 26,684 21,664 Assets held for sale — 12,383 Total assets $ 3,269,407 $ 3,462,281 LIABILITIES AND EQUITY/DEFICIT Liabilities: Indebtedness, net ($ 65,889 and $ 70,073 attributable to VIEs) $ 2,734,537 $ 3,040,951 Debt associated with hotels in receivership 322,800 355,120 Finance lease liability 17,998 18,469 Other finance liability ($ 27,015 and $ 26,858 attributable to VIEs) 27,015 26,858 Accounts payable and accrued expenses ($ 20,041 and $ 14,405 attributable to VIEs) 146,402 129,323 Accrued interest paya

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