8-K - AHT - Equibles

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): February 25, 2025

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-31775	86-1062192
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas		75254
(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
Common Stock	AHT	New York Stock Exchange
Preferred Stock, Series D	AHT-PD	New York Stock Exchange
Preferred Stock, Series F	AHT-PF	New York Stock Exchange
Preferred Stock, Series G	AHT-PG	New York Stock Exchange
Preferred Stock, Series H	AHT-PH	New York Stock Exchange
Preferred Stock, Series I	AHT-PI	New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 25, 2025, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01 OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Fourth Quarter 2024 Earnings Release of the Company, dated February 25, 2025

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: February 25, 2025	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Joseph Calabrese
	Chief Financial Officer	Financial Relations Board
	(972) 490-9600	(212) 827-3772

ASHFORD TRUST REPORTS FOURTH QUARTER AND

FULL YEAR 2024 RESULTS

DALLAS – February 25, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2024. 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 December 31, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2024 with the fourth quarter and full year ended December 31, 2023 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 3.1% to $126 during the quarter on a 3.4% increase in Comparable ADR and a 0.3% decrease in Comparable Occupancy.

•Net loss attributable to common stockholders was $(131.1) million or $(23.83) per diluted share for the quarter.

•Adjusted EBITDAre was $45.2 million for the quarter.

•Adjusted funds from operations (AFFO) was $(2.21) per diluted share for the quarter.

•Comparable Total hotel revenue increased 4.6% over the prior year quarter.

•Comparable Hotel EBITDA was $68.0 million for the quarter reflecting a growth rate of 6.2% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $112.9 million and restricted cash of $107.6 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 $21.6 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 $122 million.

•Capex invested during the quarter was $20.6 million.

FULL YEAR 2024 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 0.7% over the prior year to $134 on a 2.3% increase in Comparable ADR and a 1.6% decrease in Comparable Occupancy.

AHT Reports Fourth Quarter and Full Year Results

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February 25, 2025

•For the year, net loss attributable to common stockholders was $(82.5) million or $(17.54) per diluted share.

•Adjusted EBITDAre was $235.9 million for the year.

•For the year, AFFO was $(4.84) per diluted share.

•Capex invested during the year was $108.0 million.

RECENT OPERATING HIGHLIGHTS

•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.

•During the quarter, the Company successfully extended its mortgage loan secured by the 226-room Le Pavillon Hotel located in New Orleans, Louisiana.

•During the quarter, the Company successfully refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia.

•During the quarter, the Company’s Crowne Plaza La Concha Hotel in Key West, Florida was converted to a Marriott Autograph Collection® property and is now called the Autograph La Concha.

•During the quarter, the Company’s Le Pavillon Hotel in New Orleans, Louisiana was converted to a Tribute Portfolio property.

•Subsequent to quarter end, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).

•Subsequent to quarter end, the Company completed a refinancing of 16 hotels for $580 million.

•Subsequent to quarter end, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.

GRO AHT: THREE CORE PILLARS

In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.

G&A Reduction

With the full support of our advisor, Ashford Inc., the Company is committed to achieving significant reductions in corporate overhead. Key actions include:

•Substantially cutting management and board compensation while enhancing alignment with shareholders.

•Negotiating to reduce advisory fees and reimbursable expenses with advisor Ashford Inc.

•Reducing professional services and other general and administrative expenses.

Revenue Maximization

This pillar is focused on driving outsized top-line performance across the Ashford Trust portfolio. Components include:

•Key revenue-focused hires recently made by the Company’s advisor, Ashford Inc., and largest property manager, Remington, to enhance top-line performance.

•Driving aggressive sales efforts to grow room revenue market share in 2025 by more than 200 basis points across the portfolio, as measured by RevPAR Index.

•Increasing existing ancillary revenues through pricing audits for food and beverage, gift shops, parking, and other streams.

AHT Reports Fourth Quarter and Full Year Results

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February 25, 2025

•Rolling out new ancillary revenue streams across the portfolio.

Operational Efficiency

To combat ongoing pressures on property-level margins, our property managers are implementing several efficiency-focused measures designed to reduce costs, improve productivity, and maintain exceptional performance. These include:

•Reducing payroll expense through recently completed reductions in force and upcoming changes to PTO policies.

•Re-negotiating contracts and bidding out MSAs to achieve cost savings.

•Implementing LED lighting and other energy-saving initiatives across the portfolio.

•Optimizing overtime and contract labor usage to further reduce labor costs.

CAPITAL STRUCTURE

As of December 31, 2024, the Company had total loans of $2.6 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company successfully extended its mortgage loan secured by the 226-room Le Pavillon Hotel located in New Orleans, Louisiana. The loan had an initial maturity date in December of 2024 and has two additional one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in December 2027. The loan has been extended with no paydown and continues to have an outstanding balance of $37.0 million.

During the quarter, the Company successfully refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia, which had a final maturity date in November 2026. The new, non-recourse loan totals $121.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.75%. The refinancing resulted in approximately $31 million of excess proceeds that were used to pay down the Company’s strategic financing.

During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida completed the conversion to a Marriott Autograph Collection® property and is now called the Autograph La Concha. Marriott’s Autograph Collection® Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.

During the quarter, the Company announced the conversion of its 226-room Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property. Marriott’s Tribute Portfolio is a growing global family of characterful, independent hotels drawn together by their passion for captivating design and their drive to create vibrant social scenes for guests and locals alike.

Subsequent to quarter end, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.

Subsequent to quarter end, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool

AHT Reports Fourth Quarter and Full Year Results

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February 25, 2025

D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2024. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. As of December 31, 2024, the Company had 6,799,638 shares of its Series J and 601,175 shares of its Series K non-traded preferred stock outstanding and has raised approximately $195 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

During the quarter, the Company completed a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on October 25, 2024, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on October 28, 2024, on the split-adjusted basis.

“I’m extremely pleased with the Company’s fourth quarter 2024 financial results highlighted by solid RevPAR performance and even stronger total revenue growth," said Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance highlights the impact of the strategic decisions our team has made over the past several quarters and reflects the early results on our efforts to grow ancillary revenue streams. With the conversions of La Concha and Le Pavillon expected to drive 20–30% premiums to pre-conversion RevPAR, we continue to strategically position our portfolio to meaningfully outperform in the quarters ahead. The recent sale of the Courtyard Boston Downtown at a very attractive cap rate further demonstrates the exceptional value within our portfolio, particularly in comparison to our current equity market cap.” Mr. Zsigray concluded, “As we enter 2025, we continue to see strong group demand and remain focused on executing our GRO AHT strategy to drive outsized EBITDA growth. With our recently completed refinancing and the successful repayment of our corporate strategic financing, we’re excited to begin the next chapter for Ashford Trust.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, February 26, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, March 5, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9481675.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2024 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, February 26, 2025,

AHT Reports Fourth Quarter and Full Year Results

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February 25, 2025

beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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 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.

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 Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. 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 these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to 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)

		December 31, 2023
ASSETS
Investments in hotel properties, gross	3,350,086	$	4,245,264
Accumulated depreciation		(1,293,332)
Investments in hotel properties, net		2,951,932
Contract asset		—
Cash and cash equivalents		165,231
Restricted cash		146,079
Accounts receivable, net of allowance of 435 and 1,214, respectively		45,521
Inventories		3,679
Notes receivable, net		7,369
Investment in unconsolidated entities		9,960
Deferred costs, net		1,808
Prepaid expenses		12,806
Derivative assets, net		13,696
Operating lease right-of-use assets		44,047
Other assets		25,309
Intangible assets, net		797
Due from third-party hotel managers		21,664
Assets held for sale		12,383
Total assets	3,160,985	$	3,462,281
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	2,629,289	$	3,040,951
Indebtedness associated with hotels in receivership		355,120
Finance lease liability		18,469
Other finance liability		26,858
Accounts payable and accrued expenses		129,323
Accrued interest payable		12,985
Accrued interest associated with hotels in receivership		14,024
Dividends and distributions payable		3,566
Due to Ashford Inc., net		13,261
Due to related parties, net		5,874
Due to third-party hotel managers		1,193
Intangible liabilities, net		2,017
Operating lease liabilities		44,765
Other liabilities		3,499
Liabilities associated with assets held for sale		14,653
Total liabilities		3,686,558
Redeemable noncontrolling interests in operating partnership		22,007
Series J Redeemable Preferred Stock, 0.01 par value, 6,799,638 and 3,475,318 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		79,975
Series K Redeemable Preferred Stock, 0.01 par value, 601,175 and 194,193 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		4,783
Equity (deficit):
Preferred stock, 0.01 par value, 50,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,159,927 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		12
Series F Cumulative Preferred Stock, 1,037,044 and 1,175,344 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		11
Series G Cumulative Preferred Stock, 1,470,948 and 1,531,996 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		15
Series H Cumulative Preferred Stock, 1,037,956 and 1,170,325 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		12
Series I Cumulative Preferred Stock, 1,034,303 and 1,160,923 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		12
Common stock, 0.01 par value, 400,000,000 shares authorized, 5,636,595 and 3,742,205 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		37
Additional paid-in capital		2,383,312
Accumulated deficit		(2,729,312)
Total stockholders' equity (deficit) of the Company		(345,901)
Noncontrolling interests in consolidated entities		14,859
Total equity (deficit)		(331,042)
Total liabilities and equity/deficit	3,160,985	$	3,462,281

All values are in US Dollars.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
REVENUE
Rooms	$	203,979	$	241,678	$	889,753	$	1,059,155
Food and beverage	53,579		59,886		212,581		232,829
Other	17,502		17,613		67,800		72,748
Total hotel revenue	275,060		319,177		1,170,134		1,364,732
Other	421		707		2,325		2,801
Total revenue	275,481		319,884		1,172,459		1,367,533
EXPENSES
Hotel operating expenses
Rooms	49,887		59,393		209,569		249,434
Food and beverage	36,057		40,089		145,304		161,300
Other expenses	106,481		115,595		418,077		464,058
Management fees	9,765		11,939		42,406		50,645
Total hotel operating expenses	202,190		227,016		815,356		925,437
Property taxes, insurance and other	11,768		17,346		64,103		70,226
Depreciation and amortization	37,305		46,844		152,776		187,807
Impairment charges	59,331		—		59,331		—
Advisory services fee:
Base advisory fee	8,120		8,337		32,495		33,176
Reimbursable expenses	11,294		3,307		23,856		12,483
Stock/unit-based compensation	540		(367)		1,801		3,268
Stirling performance participation fee	121		—		454		—
Corporate, general and administrative:
Stock/unit-based compensation	26		22		296		750
Other general and administrative	4,174		4,772		24,366		15,431
Total operating expenses	334,869		307,277		1,174,834		1,248,578
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	—		4,045		94,406		11,488
Gain (loss) on derecognition of assets	10,429		—		167,177		—
OPERATING INCOME (LOSS)	(48,959)		16,652		259,208		130,443
Equity in earnings (loss) of unconsolidated entities	(1,542)		(419)		(2,370)		(1,134)
Interest income	1,499		2,223		6,942		8,978
Other income (expense), net	—		33		108		310
Interest expense, net of discount amortization	(59,685)		(80,773)		(259,768)		(314,235)
Interest expense associated with hotels in receivership	(10,430)		(11,789)		(45,592)		(39,178)
Amortization of loan costs	(4,472)		(3,101)		(13,591)		(12,735)
Write-off of premiums, loan costs and exit fees	(1,414)		(836)		(5,245)		(3,469)
Gain (loss) on extinguishment of debt	(16)		53,386		2,774		53,386
Realized and unrealized gain (loss) on derivatives	(6,396)		(6,690)		(6,480)		(2,200)
INCOME (LOSS) BEFORE INCOME TAXES	(131,415)		(31,314)		(64,014)		(179,834)
Income tax benefit (expense)	2,316		1,510		(997)		(900)
NET INCOME (LOSS)	(129,099)		(29,804)		(65,011)		(180,734)
(Income) loss attributable to noncontrolling interest in consolidated entities	3,534		6		4,028		6
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,355		401		683		2,239
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(124,210)		(29,397)		(60,300)		(178,489)
Preferred dividends	(6,307)		(4,631)		(22,686)		(15,921)
Deemed dividends on redeemable preferred stock	(653)		(680)		(2,906)		(2,673)
Gain (loss) on extinguishment of preferred stock	30		3,390		3,370		3,390
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(131,140)	$	(31,318)	$	(82,522)	$	(193,693)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(23.83)	$	(8.99)	$	(17.54)	$	(56.11)
Weighted average common shares outstanding – basic	5,502		3,482		4,706		3,452
Diluted:
Net income (loss) attributable to common stockholders	$	(23.83)	$	(8.99)	$	(17.54)	$	(56.11)
Weighted average common shares outstanding – diluted	5,502		3,482		4,706		3,452
Dividends declared per common share	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net income (loss)	$	(129,099)	$	(29,804)	$	(65,011)	$	(180,734)
Interest expense and amortization of discounts and loan costs, net	64,157		83,874		273,359		326,970
Interest expense associated with hotels in receivership	10,430		11,789		45,592		39,178
Depreciation and amortization	37,305		46,844		152,776		187,807
Income tax expense (benefit)	(2,316)		(1,510)		997		900
Equity in (earnings) loss of unconsolidated entities	1,542		419		2,370		1,134
Company's portion of EBITDA of unconsolidated entities	130		(74)		436		231
EBITDA	(17,851)		111,538		410,519		375,486
Impairment charges on real estate	59,331		—		59,331		—
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	—		(4,045)		(94,406)		(11,488)
(Gain) loss on derecognition of assets	(10,429)		—		(167,177)		—
EBITDAre	31,051		107,493		208,267		363,998
Amortization of unfavorable contract liabilities	(30)		(31)		(122)		(15)
Transaction and conversion costs	1,599		1,485		10,809		3,856
Write-off of premiums, loan costs and exit fees	1,414		836		5,245		3,469
Realized and unrealized (gain) loss on derivatives	6,396		6,690		6,480		2,200
Stock/unit-based compensation	566		(347)		2,097		4,027
Legal, advisory and settlement costs	2,061		270		3,230		1,181
Other (income) expense, net	—		(34)		(108)		(310)
Stirling performance participation fee	(111)		—		—		—
(Gain) loss on insurance settlements	(73)		(505)		(73)		(505)
(Gain) loss on extinguishment of debt	16		(53,386)		(2,774)		(53,386)
Severance	2,280		—		2,824		—
Company's portion of adjustments to EBITDAre of unconsolidated entities	—		—		6		2
Adjusted EBITDAre	$	45,169	$	62,471	$	235,881	$	324,517

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				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net income (loss)	$	(129,099)	$	(29,804)	$	(65,011)	$	(180,734)
(Income) loss attributable to noncontrolling interest in consolidated entities	3,534		6		4,028		6
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,355		401		683		2,239
Preferred dividends	(6,307)		(4,631)		(22,686)		(15,921)
Deemed dividends on redeemable preferred stock	(653)		(680)		(2,906)		(2,673)
Gain (loss) on extinguishment of preferred stock	30		3,390		3,370		3,390
Net income (loss) attributable to common stockholders	(131,140)		(31,318)		(82,522)		(193,693)
Depreciation and amortization on real estate	37,305		46,844		152,776		187,807
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	—		(4,045)		(94,406)		(11,488)
(Gain) loss on derecognition of assets	(10,429)		—		(167,177)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,355)		(401)		(683)		(2,239)
Equity in (earnings) loss of unconsolidated entities	1,542		419		2,370		1,134
Impairment charges on real estate	59,331		—		59,331		—
Company's portion of FFO of unconsolidated entities	(475)		(307)		(932)		(668)
FFO available to common stockholders and OP unitholders	(45,221)		11,192		(131,243)		(19,147)
Deemed dividends on redeemable preferred stock	653		680		2,906		2,673
(Gain) loss on extinguishment of preferred stock	(30)		(3,390)		(3,370)		(3,390)
Transaction and conversion costs	1,599		1,485		10,809		3,856
Write-off of premiums, loan costs and exit fees	1,414		836		5,245		3,469
Unrealized (gain) loss on derivatives	9,377		16,808		32,790		44,041
Stock/unit-based compensation	566		(347)		2,097		4,027
Legal, advisory and settlement costs	2,061		270		3,230		1,181
Other (income) expense, net	—		(34)		(108)		(310)
Amortization of credit facility exit fee	—		4,805		844		18,616
Amortization of loan costs	4,472		3,101		13,591		12,735
Stirling performance participation fee	(111)		—		—		—
(Gain) loss on insurance settlements	(73)		(505)		(73)		(505)
(Gain) loss on extinguishment of debt	16		(53,386)		(2,774)		(53,386)
Interest expense associated with hotels in receivership	10,430		—		40,045		—
Severance	2,280		—		2,824		—
Default interest and late fees	—		5,227		—		12,553
Company's portion of adjustments to FFO of unconsolidated entities	119		—		125		2
Adjusted FFO available to common stockholders and OP unitholders	$	(12,448)	$	(13,258)	$	(23,062)	$	26,415
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(2.21)	$	(3.58)	$	(4.84)	$	7.20
Weighted average diluted shares	5,621		3,705		4,769		3,669

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2024

(dollars in thousands)

(unaudited)

Indebtedness	Current Maturity	Final Maturity (14)	Interest Rate	Fixed-Rate<br>Debt			Floating-Rate<br>Debt			Total<br>Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (15)		Comparable TTM Hotel EBITDA<br>Debt Yield
Morgan Stanley Pool - 17 hotels	February 2025	February 2025	SOFR (1) + 3.39%	$	—		$	409,750		$	409,750		(2)	$	19,899	4.9	%	$	43,354	10.6	%
BAML Indigo Atlanta - 1 hotel	February 2025	February 2025	SOFR (1) + 2.85%	—			12,330			12,330			(3)	(757)		(6.1)	%	1,752		14.2	%
BAML Pool 3 - 2 hotels	February 2025	February 2025	4.45%	25,882			—			25,882			(4)	10,311		39.8	%	6,487		25.1	%
JPMorgan Chase - 8 hotels	February 2025	February 2026	SOFR (1) + 3.28%	—			325,000			325,000			(5)	(56,113)		(17.3)	%	24,512		7.5	%
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	22,132			—			22,132				(1,355)		(6.1)	%	2,086		9.4	%
BAML Highland Pool - 19 hotels	April 2025	April 2025	SOFR (1) + 3.51%	—			862,027			862,027			(6)	50,882		5.9	%	96,207		11.2	%
KEYS Pool C - 4 hotels	June 2025	June 2025	SOFR (1) + 4.03%	—			143,877			143,877			(4) (7)	10,121		7.0	%	20,222		14.1	%
KEYS Pool D - 4 hotels	June 2025	June 2025	SOFR (1) + 4.29%	—			159,424			159,424			(4) (7)	87,866		55.1	%	19,334		12.1	%
KEYS Pool E - 5 hotels	June 2025	June 2025	SOFR (1) + 3.02%	—			109,473			109,473			(4) (7)	5,658		5.2	%	17,341		15.8	%
Aareal Le Pavillon - 1 hotel	December 2025	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(8)	(8,760)		(23.7)	%	278		0.8	%
Oaktree Capital Term Loan	January 2026	January 2026	14.00%	44,722			—			44,722			(9)	N/A		N/A		N/A		N/A
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(10)	4,889		5.0	%	9,999		10.2	%
BAML Nashville - 1 hotel	May 2026	May 2029	SOFR (1) + 3.98%	—			267,200			267,200			(11)	25,590		9.6	%	35,327		13.2	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(12)	11,750		9.7	%	16,194		13.3	%
Unencumbered Hotels - 2 hotels				—			—			—				4,003		N/A		9,062		N/A
Total				$	92,736		$	2,546,031		$	2,638,767			$	163,984	6.2	%	$	302,155	11.5	%
Percentage				3.5		%	96.5		%	100.0		%
Weighted average interest rate (13)				9.11		%	7.87		%	7.91		%

All indebtedness is non-recourse with the exception of the term loan.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.

(1) SOFR rate was 4.33% at December 31, 2024.

(2) This mortgage loan was amended in February 2025. Terms of the amendment included extending the maturity date from February 2025 to March 2025. No other terms of the loan were amended..

(3) This mortgage loan was amended in December 2024. Terms of the amendment included extending the maturity date from December 2024 to February 2025, and a $1.3M principal paydown.

(4) On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions.

(5) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025.

(6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown.

(7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024.

(8) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.

(9) On February 12, 2025, this term loan was repaid.

(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(11) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

(12) 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%.

(13) The weighted average interest rates are adjusted for in-the-money interest rate caps.

(14) The final maturity date assumes all available extension options will be exercised.

(15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2024

(dollars in thousands)

(unaudited)

	2025		2026		2027		2028		2029		Thereafter		Total
Morgan Stanley Pool - 17 hotels	$	409,750	$	—	$	—	$	—	$	—	$	—	$	409,750
BAML Indigo Atlanta - 1 hotel	12,330		—		—		—		—		—		12,330
BAML Pool 3 - 2 hotels (1)	25,882		—		—		—		—		—		25,883
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	22,030		—		—		—		—		—		22,030
BAML Highland Pool - 19 hotels (2)	862,027		—		—		—		—		—		862,027
KEYS Pool C - 4 hotels (1)	143,877		—		—		—		—		—		143,877
KEYS Pool D - 4 hotels (1)	159,424		—		—		—		—		—		159,424
KEYS Pool E - 5 hotels (1)	109,473		—		—		—		—		—		109,473
Oaktree Capital Term Loan (3)	—		44,722		—		—		—		—		44,722
JPMorgan Chase - 8 hotels	—		325,000		—		—		—		—		325,000
Aareal Le Pavillon - 1 hotel	—		—		35,000		—		—		—		35,000
Aareal Alexandria/La Posada	—		—		—		98,450		—		—		98,450
BAML Nashville - 1 hotel	—		—		—		—		267,200		—		267,200
Torchlight Marriott Gateway - 1 hotel	—				—		—		121,500		—		121,500
Principal due in future periods	1,744,793		369,722		35,000		98,450		388,700		—		2,636,666
Scheduled amortization payments remaining	102		1,000		1,000		—		—		—		2,101
Total indebtedness	$	1,744,895	$	370,722	$	36,000	$	98,450	$	388,700	$	—	$	2,638,767

(1) On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions.

(2) In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown.

(3) On February 12, 2025, this term loan was repaid.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	203,979		$	(4,217)		$	199,762		$	241,679		$	(50,120)		$	191,559		(15.60)	%	4.28	%
	RevPAR	$	125.66		$	(113.18)		$	125.95		$	120.49		$	(114.60)		$	122.14		4.29	%	3.13	%
	Occupancy	66.37		%	(78.13)		%	66.09		%	66.33		%	(66.58)		%	66.27		%	0.06	%	(0.27)	%
	ADR	$	189.34		$	(144.86)		$	190.58		$	181.64		$	(172.13)		$	184.31		4.24	%	3.40	%
ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	889,753		$	(48,604)		$	841,149		$	1,056,897		$	(227,290)		$	829,607		(15.81)	%	1.39	%
	RevPAR	$	132.87		$	(112.27)		$	134.29		$	130.51		$	(121.14)		$	133.34		1.81	%	0.71	%
	Occupancy	69.66		%	(69.02)		%	69.70		%	70.63		%	(69.98)		%	70.82		%	(1.37)	%	(1.58)	%
	ADR	$	190.75		$	(162.67)		$	192.67		$	184.79		$	(173.10)		$	188.27		3.23	%	2.34	%

NOTES:

(1) The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at December 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ALL HOTELS<br> NOT UNDER RENOVATION:
	Three Months Ended December 31,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	199,801		$	(4,217)		$	195,584		$	236,956		$	(50,120)		$	186,836		(15.68)	%	4.68	%
		RevPAR	$	126.71		$	(113.18)		$	127.04		$	120.94		$	(114.60)		$	122.76		4.78	%	3.49	%
		Occupancy	66.61		%	(78.13)		%	66.33		%	66.29		%	(66.58)		%	66.21		%	0.48	%	0.19	%
		ADR	$	190.23		$	(144.86)		$	191.53		$	182.44		$	(172.13)		$	185.42		4.27	%	3.29	%	ALL HOTELS<br> NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Year Ended December 31,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	870,640		$	(48,604)		$	822,036		$	1,036,542		$	(227,290)		$	809,252		(16.01)	%	1.58	%
		RevPAR	$	133.70		$	(112.27)		$	135.23		$	130.98		$	(121.14)		$	134.04		2.08	%	0.89	%
		Occupancy	69.78		%	(69.02)		%	69.84		%	70.58		%	(69.98)		%	70.77		%	(1.13)	%	(1.32)	%
		ADR	$	191.60		$	(162.67)		$	193.64		$	185.57		$	(173.10)		$	189.41		3.25	%	2.23	%

NOTES:

(1) The above comparable information assumes the 65 hotel properties owned and included in the Company’s operations at December 31, 2024, and not under renovation during the three months ended December 31, 2024, 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, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:	Three Months Ended								Year Ended
	December 31,								December 31,
	2024			2023			% Variance		2024			2023			% Variance
Total hotel revenue	$	275,060		$	319,177		(13.82)	%	$	1,170,134		$	1,361,790		(14.07)	%
Non-comparable adjustments	(4,295)			(60,307)					(57,530)			(270,856)
Comparable total hotel revenue	$	270,765		$	258,870		4.59	%	$	1,112,604		$	1,090,934		1.99	%
Hotel net income (loss)	$	(37,125)		$	(130,905)		71.64	%	$	166,667		$	12,574		1,225.49	%
Non-comparable adjustments	201			153,526					(86,967)			131,840
Comparable hotel net income (loss)	$	(36,924)		$	22,621		(263.23)	%	$	79,700		$	144,414		(44.81)	%
Hotel net income (loss) margin	(13.50)		%	(41.01)		%	27.51	%	14.24		%	0.92		%	13.32	%
Comparable hotel net income margin	(13.64)		%	8.74		%	(22.38)	%	7.16		%	13.24		%	(6.08)	%
Hotel EBITDA	$	69,415		$	78,605		(11.69)	%	$	314,694		$	384,308		(18.11)	%
Non-comparable adjustments	(1,403)			(14,546)					(12,469)			(74,047)
Comparable hotel EBITDA	$	68,012		$	64,059		6.17	%	$	302,225		$	310,261		(2.59)	%
Hotel EBITDA margin	25.24		%	24.63		%	0.61	%	26.89		%	28.22		%	(1.33)	%
Comparable hotel EBITDA margin	25.12		%	24.75		%	0.37	%	27.16		%	28.44		%	(1.28)	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS<br> NOT UNDER RENOVATION:		Three Months Ended									Year Ended
	December 31,									December 31,
		2024			2023			% Variance			2024			2023			% Variance
Total hotel revenue		$	270,259		$	313,915		(13.91)	%		$	1,148,719		$	1,339,489		(14.24)	%
Non-comparable adjustments		(4,295)			(60,307)						(57,532)			(270,857)
Comparable total hotel revenue		$	265,964		$	253,608		4.87	%		$	1,091,187		$	1,068,632		2.11	%
Hotel net income (loss)		$	(36,040)		$	(130,902)		72.47	%		$	168,782		$	10,882		1,451.02	%
Non-comparable adjustments		201			153,526						(86,968)			131,840
Comparable hotel net income (loss)		$	(35,839)		$	22,624		(258.41)	%		$	81,814		$	142,722		(42.68)	%
Hotel net income (loss) margin		(13.34)		%	(41.70)		%	28.36	%		14.69		%	0.81		%	13.88	%
Comparable hotel net income margin		(13.48)		%	8.92		%	(22.40)	%		7.50		%	13.36		%	(5.86)	%
Hotel EBITDA		$	68,743		$	77,569		(11.38)	%		$	310,511		$	379,235		(18.12)	%
Non-comparable adjustments		(1,403)			(14,546)						(12,469)			(74,047)
Comparable hotel EBITDA		$	67,340		$	63,023		6.85	%		$	298,042		$	305,188		(2.34)	%
Hotel EBITDA margin		25.44		%	24.71		%	0.73	%		27.03		%	28.31		%	(1.28)	%
Comparable hotel EBITDA margin		25.32		%	24.85		%	0.47	%		27.31		%	28.56		%	(1.25)	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

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
	2024			2024		2024			2024			2024		2024			2024			2024		2024			2024			2024		2024
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	275,060		$	(4,295)	$	270,765		$	276,019		$	(4,342)	$	271,677		$	315,797		$	(13,371)	$	302,426		$	303,258		$	(35,522)	$	267,736
Hotel net income (loss)	$	(37,125)		$	201	$	(36,924)		$	32,678		$	(2,446)	$	30,232		$	140,679		$	(86,395)	$	54,284		$	30,435		$	1,673	$	32,108
Hotel net income (loss) margin	(13.50)		%			(13.64)		%	11.84		%			11.13		%	44.55		%			17.95		%	10.04		%			11.99		%
Hotel EBITDA	$	69,415		$	(1,403)	$	68,012		$	71,833		$	(1,413)	$	70,420		$	95,134		$	(2,521)	$	92,613		$	78,312		$	(7,132)	$	71,180
Hotel EBITDA margin	25.24		%			25.12		%	26.02		%			25.92		%	30.13		%			30.62		%	25.82		%			26.59		%
Hotel net income (loss) % of total TTM	(22.3)		%			(46.3)		%	19.6		%			37.9		%	84.4		%			68.1		%	18.3		%			40.3		%
EBITDA % of total TTM	22.1		%			22.5		%	22.8		%			23.3		%	30.2		%			30.6		%	24.9		%			23.6		%
JV interests in Hotel net income (loss)	$	(2,771)				$	(2,771)		$	(414)				$	(414)		$	—				$	—		$	—				$	—
JV interests in EBITDA	$	(63)				$	(63)		$	113				$	113		$	—				$	—		$	—				$	—
	Actual			Non-comparable Adjustments		Comparable
	2024			2024		2024
	TTM			TTM		TTM
Total hotel revenue	$	1,170,134		$	(57,530)	$	1,112,604
Hotel net income (loss)	$	166,667		$	(86,967)	$	79,700
Hotel net income (loss) margin	14.24		%			7.16		%
Hotel EBITDA	$	314,694		$	(12,469)	$	302,225
Hotel EBITDA margin	26.89		%			27.16		%
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)	$	(3,185)				$	(3,185)
JV interests in EBITDA	$	50				$	50

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Three Months Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
Atlanta, GA Area	4	939		$	131.35		$	(111.13)		$	135.42		$	125.52		$	(109.74)		$	135.68		4.6	%	(0.2)	%
Boston, MA Area	1	315		215.20			—			215.20			235.01			(255.94)			209.09			(8.4)	%	2.9	%
Dallas / Ft. Worth, TX Area	5	1,396		104.51			—			104.51			100.49			(70.72)			108.33			4.0	%	(3.5)	%
Houston, TX Area	3	695		108.77			—			108.77			102.21			—			102.21			6.4	%	6.4	%
Los Angeles, CA Metro Area	4	1,312		141.47			—			141.47			130.85			(97.55)			138.64			8.1	%	2.0	%
Miami, FL Metro Area	2	414		161.30			—			161.30			154.01			—			154.01			4.7	%	4.7	%
Minneapolis - St. Paul, MN Area	2	520		56.57			—			56.57			63.53			—			63.53			(11.0)	%	(11.0)	%
Nashville, TN Area	1	674		210.75			—			210.75			214.14			—			214.14			(1.6)	%	(1.6)	%
New York / New Jersey Metro Area	4	1,159		94.75			—			94.75			97.00			(109.56)			91.99			(2.3)	%	3.0	%
Orlando, FL Area	2	524		131.25			—			131.25			106.90			—			106.90			22.8	%	22.8	%
Philadelphia, PA Area	1	263		96.56			—			96.56			79.55			(59.55)			100.69			21.4	%	(4.1)	%
San Diego, CA Area	2	410		137.18			—			137.18			126.43			—			126.43			8.5	%	8.5	%
San Francisco - Oakland, CA Metro Area	3	793		118.00			—			118.00			108.74			(100.41)			115.75			8.5	%	1.9	%
Tampa, FL Area	2	571		149.76			—			149.76			119.70			—			119.70			25.1	%	25.1	%
Washington D.C. - MD - VA Area	9	2,428		136.69			—			136.69			132.11			—			132.11			3.5	%	3.5	%
Other Areas	24	4,826		115.96			(114.96)			116.00			112.08			(111.18)			112.40			3.5	%	3.2	%
Total Portfolio	69	17,239		$	125.66		$	(113.18)		$	125.95		$	120.49		$	(114.60)		$	122.14		4.3	%	3.1	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Year Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
Atlanta, GA Area	4	939		$	128.61		$	(98.28)		$	138.06		$	134.34		$	(121.01)		$	143.80		(4.3)	%	(4.0)	%
Boston, MA Area	1	315		207.84			(162.27)			223.10			240.03			(264.27)			210.02			(13.4)	%	6.2	%
Dallas / Ft. Worth, TX Area	5	1,396		112.38			(83.82)			113.88			107.72			(74.20)			116.54			4.3	%	(2.3)	%
Houston, TX Area	3	695		107.13			—			107.13			107.22			—			107.22			(0.1)	%	(0.1)	%
Los Angeles, CA Metro Area	4	1,312		144.70			(84.48)			147.01			141.33			(112.76)			148.01			2.4	%	(0.7)	%
Miami, FL Metro Area	2	414		168.55			—			168.55			164.91			—			164.91			2.2	%	2.2	%
Minneapolis - St. Paul, MN Area	2	520		71.87			—			71.87			73.89			—			73.89			(2.7)	%	(2.7)	%
Nashville, TN Area	1	674		223.78			—			223.78			230.33			—			230.33			(2.8)	%	(2.8)	%
New York / New Jersey Metro Area	4	1,159		95.37			(55.84)			96.68			99.85			(107.00)			96.44			(4.5)	%	0.2	%
Orlando, FL Area	2	524		122.23			—			122.23			121.14			—			121.14			0.9	%	0.9	%
Philadelphia, PA Area	1	263		105.67			(28.18)			115.28			92.60			(71.78)			120.93			14.1	%	(4.7)	%
San Diego, CA Area	2	410		155.51			—			155.51			143.74			—			143.74			8.2	%	8.2	%
San Francisco - Oakland, CA Metro Area	3	793		126.33			(85.16)			130.63			119.46			(114.82)			123.74			5.8	%	5.6	%
Tampa, FL Area	2	571		144.01			—			144.01			141.88			—			141.88			1.5	%	1.5	%
Washington D.C. - MD - VA Area	9	2,428		149.72			—			149.72			144.58			—			144.58			3.6	%	3.6	%
Other Areas	24	4,826		126.55			(130.35)			126.14			122.95			(116.66)			125.31			2.9	%	0.7	%
Total Portfolio	69	17,239		$	132.87		$	(112.27)		$	134.29		$	130.51		$	(121.14)		$	133.34		1.8	%	0.7	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Three Months Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	1,966		$	(168)		$	1,798		(4.9)	%	$	(44,447)	$	46,380	$	1,933		8.5	%		104.4	%	(7.0)	%
Boston, MA Area	1	315		2,019			(6)			2,013			(5.5)	%	1,110		263		1,373			6.1	%		81.9	%	46.6	%
Dallas / Ft. Worth, TX Area	5	1,396		(2,302)			15			(2,287)			6.2	%	1,528		(114)		1,414			6.3	%		(250.7)	%	(261.7)	%
Houston, TX Area	3	695		508			—			508			(1.4)	%	737		—		737			3.3	%		(31.1)	%	(31.1)	%
Los Angeles, CA Metro Area	4	1,312		(33,595)			—			(33,595)			91.0	%	2,542		(161)		2,381			10.5	%		(1,421.6)	%	(1,511.0)	%
Miami, FL Metro Area	2	414		1,403			—			1,403			(3.8)	%	1,127		—		1,127			5.0	%		24.5	%	24.5	%
Minneapolis - St. Paul, MN Area	2	520		(1,033)			—			(1,033)			2.8	%	(358)		—		(358)			(1.6)	%		(188.5)	%	(188.5)	%
Nashville, TN Area	1	674		6,191			—			6,191			(16.8)	%	5,055		—		5,055			22.3	%		22.5	%	22.5	%
New York / New Jersey Metro Area	4	1,159		284			—			284			(0.8)	%	(62,230)		62,542		312			1.4	%		100.5	%	(9.0)	%
Orlando, FL Area	2	524		1,530			—			1,530			(4.1)	%	489		—		489			2.2	%		212.9	%	212.9	%
Philadelphia, PA Area	1	263		(98)			(4)			(102)			0.3	%	3,080		(3,254)		(174)			(0.8)	%		(103.2)	%	41.4	%
San Diego, CA Area	2	410		799			—			799			(2.2)	%	620		—		620			2.7	%		28.9	%	28.9	%
San Francisco - Oakland, CA Metro Area	3	793		(749)			384			(365)			1.0	%	(25,257)		24,705		(552)			(2.4)	%		97.0	%	33.9	%
Tampa, FL Area	2	571		1,057			—			1,057			(2.9)	%	1,227		—		1,227			5.4	%		(13.9)	%	(13.9)	%
Washington D.C. - MD - VA Area	9	2,428		6,388			—			6,388			(17.3)	%	5,248		—		5,248			23.2	%		21.7	%	21.7	%
Other Areas	24	4,826		(21,493)			(20)			(21,513)			58.4	%	(21,376)		23,165		1,789			7.9	%		(0.5)	%	(1,302.5)	%
Total Portfolio	69	17,239		$	(37,125)		$	201		$	(36,924)		100.0	%	$	(130,905)	$	153,526	$	22,621		100.0	%		71.6	%	(263.2)	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Year Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	19,975		$	(14,518)		$	5,457		6.8	%	$	(37,369)	$	45,000	$	7,631		5.3	%		153.5	%	(28.5)	%
Boston, MA Area	1	315		4,380			3,345			7,725			9.7	%	8,145		(2,292)		5,853			4.1	%		(46.2)	%	32.0	%
Dallas / Ft. Worth, TX Area	5	1,396		6,725			(1,715)			5,010			6.3	%	9,727		(163)		9,564			6.6	%		(30.9)	%	(47.6)	%
Houston, TX Area	3	695		920			—			920			1.2	%	4,066		—		4,066			2.8	%		(77.4)	%	(77.4)	%
Los Angeles, CA Metro Area	4	1,312		(27,369)			3,374			(23,995)			(30.1)	%	17,730		(2,029)		15,701			10.9	%		(254.4)	%	(252.8)	%
Miami, FL Metro Area	2	414		5,264			—			5,264			6.6	%	4,650		—		4,650			3.2	%		13.2	%	13.2	%
Minneapolis - St. Paul, MN Area	2	520		(1,812)			—			(1,812)			(2.3)	%	(607)		—		(607)			(0.4)	%		(198.5)	%	(198.5)	%
Nashville, TN Area	1	674		25,591			—			25,591			32.1	%	23,169		—		23,169			16.0	%		10.5	%	10.5	%
New York / New Jersey Metro Area	4	1,159		177			882			1,059			1.3	%	(58,915)		61,975		3,060			2.1	%		100.3	%	(65.4)	%
Orlando, FL Area	2	524		3,759			—			3,759			4.7	%	3,244		—		3,244			2.2	%		15.9	%	15.9	%
Philadelphia, PA Area	1	263		272			799			1,071			1.3	%	3,402		(3,344)		58			—	%		(92.0)	%	1,746.6	%
San Diego, CA Area	2	410		5,925			—			5,925			7.4	%	4,699		—		4,699			3.3	%		26.1	%	26.1	%
San Francisco - Oakland, CA Metro Area	3	793		815			629			1,444			1.8	%	(22,461)		22,034		(427)			(0.3)	%		103.6	%	438.2	%
Tampa, FL Area	2	571		7,965			—			7,965			10.0	%	8,353		—		8,353			5.8	%		(4.6)	%	(4.6)	%
Washington D.C. - MD - VA Area	9	2,428		33,402			—			33,402			41.9	%	25,228		—		25,228			17.5	%		32.4	%	32.4	%
Other Areas	24	4,826		80,678			(79,763)			915			1.3	%	19,513		10,659		30,172			20.9	%		313.5	%	(97.0)	%
Total Portfolio	69	17,239		$	166,667		$	(86,967)		$	79,700		100.0	%	$	12,574	$	131,840	$	144,414		100.0	%		1,225.5	%	(44.8)	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Three Months Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	5,040		$	(621)		$	4,419		6.5	%	$	6,202	$	(1,314)	$	4,888		7.6	%		(18.7)	%	(9.6)	%
Boston, MA Area	1	315		2,491			3			2,494			3.7	%	5,642		(3,501)		2,141			3.3	%		(55.8)	%	16.5	%
Dallas / Ft. Worth, TX Area	5	1,396		4,469			(5)			4,464			6.6	%	5,283		(639)		4,644			7.2	%		(15.4)	%	(3.9)	%
Houston, TX Area	3	695		2,476			(3)			2,473			3.6	%	2,496		—		2,496			3.9	%		(0.8)	%	(0.9)	%
Los Angeles, CA Metro Area	4	1,312		5,325			(2)			5,323			7.8	%	4,943		(509)		4,434			6.9	%		7.7	%	20.0	%
Miami, FL Metro Area	2	414		2,801			(1)			2,800			4.1	%	2,503		—		2,503			3.9	%		11.9	%	11.9	%
Minneapolis - St. Paul, MN Area	2	520		(99)			(2)			(101)			(0.1)	%	444		—		444			0.7	%		(122.3)	%	(122.7)	%
Nashville, TN Area	1	674		8,515			—			8,515			12.5	%	7,606		—		7,606			11.9	%		12.0	%	12.0	%
New York / New Jersey Metro Area	4	1,159		2,554			(3)			2,551			3.8	%	4,557		(2,011)		2,546			4.0	%		(44.0)	%	0.2	%
Orlando, FL Area	2	524		2,434			—			2,434			3.6	%	1,541		—		1,541			2.4	%		57.9	%	57.9	%
Philadelphia, PA Area	1	263		304			(5)			299			0.4	%	1		302		303			0.5	%		30,300.0	%	(1.3)	%
San Diego, CA Area	2	410		1,671			(1)			1,670			2.5	%	1,247		—		1,247			1.9	%		34.0	%	33.9	%
San Francisco - Oakland, CA Metro Area	3	793		2,507			—			2,507			3.7	%	3,538		(1,247)		2,291			3.6	%		(29.1)	%	9.4	%
Tampa, FL Area	2	571		2,923			(2)			2,921			4.3	%	2,187		—		2,187			3.4	%		33.7	%	33.6	%
Washington D.C. - MD - VA Area	9	2,428		10,813			(4)			10,809			15.9	%	10,491		—		10,491			16.4	%		3.1	%	3.0	%
Other Areas	24	4,826		15,191			(757)			14,434			21.1	%	19,924		(5,627)		14,297			22.4	%		(23.8)	%	1.0	%
Total Portfolio	69	17,239		$	69,415		$	(1,403)		$	68,012		100.0	%	$	78,605	$	(14,546)	$	64,059		100.0	%		(11.7)	%	6.2	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Year Ended December 31,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2024			2024			2024			2023			2023		2023				% Variance			% Variance
Atlanta, GA Area	4	939		$	18,474		$	(2,581)		$	15,893		5.3	%	$	26,661	$	(7,363)	$	19,298		6.2	%		(30.7)	%	(17.6)	%
Boston, MA Area	1	315		10,977			(650)			10,327			3.4	%	25,817		(16,710)		9,107			2.9	%		(57.5)	%	13.4	%
Dallas / Ft. Worth, TX Area	5	1,396		22,217			(569)			21,648			7.2	%	25,150		(2,129)		23,021			7.4	%		(11.7)	%	(6.0)	%
Houston, TX Area	3	695		8,610			—			8,610			2.8	%	10,278		—		10,278			3.3	%		(16.2)	%	(16.2)	%
Los Angeles, CA Metro Area	4	1,312		21,024			151			21,175			7.0	%	28,641		(3,529)		25,112			8.1	%		(26.6)	%	(15.7)	%
Miami, FL Metro Area	2	414		10,978			—			10,978			3.6	%	10,243		—		10,243			3.3	%		7.2	%	7.2	%
Minneapolis - St. Paul, MN Area	2	520		1,487			—			1,487			0.5	%	2,636		—		2,636			0.8	%		(43.6)	%	(43.6)	%
Nashville, TN Area	1	674		35,327			—			35,327			11.7	%	33,273		—		33,273			10.7	%		6.2	%	6.2	%
New York / New Jersey Metro Area	4	1,159		9,776			(112)			9,664			3.2	%	20,067		(8,068)		11,999			3.9	%		(51.3)	%	(19.5)	%
Orlando, FL Area	2	524		7,498			—			7,498			2.5	%	7,460		—		7,460			2.4	%		0.5	%	0.5	%
Philadelphia, PA Area	1	263		2,404			228			2,632			0.9	%	3,383		(948)		2,435			0.8	%		(28.9)	%	8.1	%
San Diego, CA Area	2	410		8,483			—			8,483			2.8	%	7,194		—		7,194			2.3	%		17.9	%	17.9	%
San Francisco - Oakland, CA Metro Area	3	793		12,095			(227)			11,868			3.9	%	18,136		(7,490)		10,646			3.4	%		(33.3)	%	11.5	%
Tampa, FL Area	2	571		12,228			—			12,228			4.0	%	12,132		—		12,132			3.9	%		0.8	%	0.8	%
Washington D.C. - MD - VA Area	9	2,428		51,560			—			51,560			17.1	%	49,544		—		49,544			16.0	%		4.1	%	4.1	%
Other Areas	24	4,826		81,556			(8,709)			72,847			24.1	%	103,693		(27,810)		75,883			24.6	%		(21.3)	%	(4.0)	%
Total Portfolio	69	17,239		$	314,694		$	(12,469)		$	302,225		100.0	%	$	384,308	$	(74,047)	$	310,261		100.0	%		(18.1)	%	(2.6)	%

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

December 31, 2024

(in thousands, except share price)

(unaudited)

	December 31, 2024
Common stock shares outstanding	5,637
Partnership units outstanding	120
Combined common stock shares and partnership units outstanding	5,757
Common stock price	$	7.19
Market capitalization	$	41,393
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	$	169,991
Series K redeemable preferred stock	$	15,029
Indebtedness	$	2,638,767
Net working capital (see below)	$	(122,180)
Total enterprise value (TEV)	$	2,885,285
Cash and cash equivalents	$	105,636
Restricted cash	$	104,123
Accounts receivable, net	$	35,991
Prepaid expenses	$	11,527
Due from third-party hotel managers, net	$	20,481
Total current assets	$	277,758
Accounts payable, net & accrued expenses	$	129,189
Dividends and distributions payable	$	3,951
Due to affiliates, net	$	22,438
Total current liabilities	$	155,578
Net working capital	$	122,180

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2024				2025
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Courtyard Bloomington	117				x	x	x		x
Embassy Suites Dallas	150		x	x	x
Embassy Suites Palm Beach	160				x	x
Hampton Inn Evansville	140					x	x
Hilton Garden Inn Austin Downton	254					x	x
Hilton Garden Inn Virginia Beach	176								x
La Concha Key West	160	x	x
Le Pavillon New Orleans	226	x
Marriott Sugar Land	300	x	x
Residence Inn Evansville	78				x	x	x		x
Sheraton Anchorage	370								x
Sheraton Misson Valley	260								x
Westin Princeton	296								x
Total		3	3	1	4	5	4	0	6

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024and 2025 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2024		2024		2024		2024		December 31, 2024
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	(37,125)	$	32,678	$	140,679	$	30,435	$	166,667
Non-property adjustments	59,274		(2,771)		(85,986)		1,970		(27,513)
Interest income	(408)		(482)		(420)		(410)		(1,720)
Interest expense	3,181		2,206		2,086		4,155		11,628
Amortization of loan costs	118		77		76		219		490
Depreciation and amortization	37,256		37,691		37,139		40,220		152,306
Income tax expense (benefit)	(22)		26		29		35		68
Non-hotel EBITDA ownership expense	7,141		2,408		1,531		1,688		12,768
Hotel EBITDA including amounts attributable to noncontrolling interest	69,415		71,833		95,134		78,312		314,694
Non-comparable adjustments	(1,403)		(1,413)		(2,521)		(7,132)		(12,469)
Comparable hotel EBITDA	$	68,012	$	70,420	$	92,613	$	71,180	$	302,225

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(36,040)	$	(1,085)	$	(37,125)	$	7	$	(91,981)	$	(129,099)
Non-property adjustments	59,274		—		59,274		—		(59,274)		—
Interest income	(408)		—		(408)		—		408		—
Interest expense	3,181		—		3,181		—		66,934		70,115
Amortization of loan cost	118		—		118		—		4,354		4,472
Depreciation and amortization	35,734		1,522		37,256		—		49		37,305
Income tax expense (benefit)	(22)		—		(22)		—		(2,294)		(2,316)
Non-hotel EBITDA ownership expense	6,906		235		7,141		—		(7,141)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	68,743		672		69,415		7		(88,945)		(19,523)
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,542		1,542
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		130		130
Hotel EBITDA attributable to the Company and OP unitholders	$	68,743	$	672	$	69,415	$	7	$	(87,273)	$	(17,851)
Non-comparable adjustments	(1,403)		—		(1,403)
Comparable hotel EBITDA	$	67,340	$	672	$	68,012

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(130,902)	$	(3)	$	(130,905)	$	60	$	101,041	$	(29,804)
Non-property adjustments	155,688		—		155,688		(22)		(155,666)		—
Interest income	(421)		—		(421)		—		421		—
Interest expense	4,231		—		4,231		—		88,331		92,562
Amortization of loan cost	222		—		222		—		2,879		3,101
Depreciation and amortization	45,767		850		46,617		—		227		46,844
Income tax expense (benefit)	42		—		42		—		(1,552)		(1,510)
Non-hotel EBITDA ownership expense	2,942		189		3,131		1		(3,132)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	77,569		1,036		78,605		39		32,549		111,193
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		419		419
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		(74)		(74)
Hotel EBITDA attributable to the Company and OP unitholders	$	77,569	$	1,036	$	78,605	$	39	$	32,894	$	111,538
Non-comparable adjustments	(14,546)		—		(14,546)
Comparable hotel EBITDA	$	63,023	$	1,036	$	64,059

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	168,782	$	(2,115)	$	166,667	$	(1)	$	(231,677)	$	(65,011)
Non-property adjustments	(27,513)		—		(27,513)		—		27,513		—
Interest income	(1,720)		—		(1,720)		—		1,720		—
Interest expense	11,628		—		11,628		—		293,733		305,361
Amortization of loan cost	490		—		490		—		13,100		13,590
Depreciation and amortization	147,316		4,990		152,306		—		470		152,776
Income tax expense (benefit)	68		—		68		—		929		997
Non-hotel EBITDA ownership expense	11,460		1,308		12,768		—		(12,768)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	310,511		4,183		314,694		(1)		93,020		407,713
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		2,370		2,370
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		436		436
Hotel EBITDA attributable to the Company and OP unitholders	$	310,511	$	4,183	$	314,694	$	(1)	$	95,826	$	410,519
Non-comparable adjustments	(12,469)		—		(12,469)
Comparable hotel EBITDA	$	298,042	$	4,183	$	302,225

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2023
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Orlando WorldQuest Resort		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	10,882	$	1,692	$	12,574	$	5,190	$	(198,498)	$	(180,734)
Non-property adjustments	155,638		—		155,638		(6,411)		(149,227)		—
Interest income	(1,152)		—		(1,152)		—		1,152		—
Interest expense	19,182		—		19,182		—		334,231		353,413
Amortization of loan cost	985		—		985		—		11,750		12,735
Depreciation and amortization	184,262		3,009		187,271		164		372		187,807
Income tax expense (benefit)	219		—		219		—		681		900
Non-hotel EBITDA ownership expense	9,219		372		9,591		19		(9,610)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	379,235		5,073		384,308		(1,038)		(9,149)		374,121
Equity in (earnings) loss of unconsolidated entities	—		—		—		—		1,134		1,134
Company's portion of EBITDA of unconsolidated entities	—		—		—		—		231		231
Hotel EBITDA attributable to the Company and OP unitholders	$	379,235	$	5,073	$	384,308	$	(1,038)	$	(7,784)	$	375,486
Non-comparable adjustments	(74,047)		—		(74,047)
Comparable hotel EBITDA	$	305,188	$	5,073	$	310,261

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Dallas, Embassy Suites Palm Beach, Residence Inn Evansville

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - <br>St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,966	$	2,019	$	(2,302)	$	508	$	(33,595)	$	1,403	$	(1,033)	$	6,191	$	284
Non-property adjustments	—		—		16		—		35,908		—		—		—		(72)
Interest income	(47)		(77)		—		—		(14)		23		—		(25)		—
Interest expense	749		—		1,398		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,178		511		3,913		1,696		1,954		1,226		716		2,404		1,913
Income tax expense (benefit)	—		—		—		—		—		—		—		(70)		—
Non-hotel EBITDA ownership expense	194		38		1,444		272		1,072		149		218		15		429
Hotel EBITDA including amounts attributable to noncontrolling interest	5,040		2,491		4,469		2,476		5,325		2,801		(99)		8,515		2,554
Non-comparable adjustments	(621)		3		(5)		(3)		(2)		(1)		(2)		—		(3)
Comparable hotel EBITDA	$	4,419	$	2,494	$	4,464	$	2,473	$	5,323	$	2,800	$	(101)	$	8,515	$	2,551
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,530	$	(98)	$	799	$	(749)	$	1,057	$	6,388	$	(21,493)	$	(37,125)
Non-property adjustments	—		—		—		—		—		—		23,422		59,274
Interest income	(29)		—		(26)		(16)		—		(164)		(33)		(408)
Interest expense	—		—		—		210		—		—		824		3,181
Amortization of loan costs	—		—		—		80		—		—		38		118
Depreciation and amortization	927		367		611		2,164		760		4,396		11,520		37,256
Income tax expense (benefit)	—		—		—		—		—		—		48		(22)
Non-hotel EBITDA ownership expense	6		35		287		818		1,106		193		865		7,141
Hotel EBITDA including amounts attributable to noncontrolling interest	2,434		304		1,671		2,507		2,923		10,813		15,191		69,415
Non-comparable adjustments	—		(5)		(1)		—		(2)		(4)		(757)		(1,403)
Comparable hotel EBITDA	$	2,434	$	299	$	1,670	$	2,507	$	2,921	$	10,809	$	14,434	$	68,012

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(44,447)	$	1,110	$	1,528	$	737	$	2,542	$	1,127	$	(358)	$	5,055	$	(62,230)
Non-property adjustments	46,396		—		—		—		—		—		—		(459)		63,234
Interest income	(41)		(57)		(6)		—		(38)		(13)		—		(24)		(12)
Interest expense	817		2,314		—		—		—		—		—		—		—
Amortization of loan costs	6		142		—		—		—		—		—		—		—
Depreciation and amortization	3,295		1,953		3,647		1,689		2,472		1,216		741		2,519		3,395
Income tax expense (benefit)	—		—		—		—		—		—		—		24		—
Non-hotel EBITDA ownership expense	176		180		114		70		(33)		173		61		491		170
Hotel EBITDA including amounts attributable to noncontrolling interest	6,202		5,642		5,283		2,496		4,943		2,503		444		7,606		4,557
Non-comparable adjustments	(1,314)		(3,501)		(639)		—		(509)		—		—		—		(2,011)
Comparable hotel EBITDA	$	4,888	$	2,141	$	4,644	$	2,496	$	4,434	$	2,503	$	444	$	7,606	$	2,546
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	489	$	3,080	$	620	$	(25,257)	$	1,227	$	5,248	$	(21,376)	$	(130,905)
Non-property adjustments	—		(3,869)		—		24,800		—		—		25,586		155,688
Interest income	(21)		(7)		(18)		(14)		—		(131)		(39)		(421)
Interest expense	—		—		—		218		—		—		882		4,231
Amortization of loan costs	—		—		—		39		—		—		35		222
Depreciation and amortization	1,040		678		602		3,472		894		5,296		13,708		46,617
Income tax expense (benefit)	—		—		—		—		—		—		18		42
Non-hotel EBITDA ownership expense	33		119		43		280		66		78		1,110		3,131
Hotel EBITDA including amounts attributable to noncontrolling interest	1,541		1		1,247		3,538		2,187		10,491		19,924		78,605
Non-comparable adjustments	—		302		—		(1,247)		—		—		(5,627)		(14,546)
Comparable hotel EBITDA	$	1,541	$	303	$	1,247	$	2,291	$	2,187	$	10,491	$	14,297	$	64,059

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	19,975	$	4,380	$	6,725	$	920	$	(27,369)	$	5,264	$	(1,812)	$	25,591	$	177
Non-property adjustments	(14,362)		665		(1,568)		—		38,909		—		—		—		661
Interest income	(180)		(282)		(4)		—		(71)		(15)		—		(108)		(4)
Interest expense	3,079		2,518		1,735		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	9,556		3,552		13,575		6,686		8,315		4,561		2,972		9,675		8,175
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	406		—		1,754		1,004		1,240		1,168		327		169		767
Hotel EBITDA including amounts attributable to noncontrolling interest	18,474		10,977		22,217		8,610		21,024		10,978		1,487		35,327		9,776
Non-comparable adjustments	(2,581)		(650)		(569)		—		151		—		—		—		(112)
Comparable hotel EBITDA	$	15,893	$	10,327	$	21,648	$	8,610	$	21,175	$	10,978	$	1,487	$	35,327	$	9,664
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	3,759	$	272	$	5,925	$	815	$	7,965	$	33,402	$	80,678	$	166,667
Non-property adjustments	—		425		—		228		—		—		(52,471)		(27,513)
Interest income	(112)		(4)		(94)		(67)		—		(635)		(144)		(1,720)
Interest expense	—		—		—		846		—		—		3,450		11,628
Amortization of loan costs	—		—		—		198		—		—		148		490
Depreciation and amortization	3,823		1,655		2,388		9,147		3,222		18,311		46,693		152,306
Income tax expense (benefit)	—		—		—		—		—		—		68		68
Non-hotel EBITDA ownership expense	28		56		264		928		1,041		482		3,134		12,768
Hotel EBITDA including amounts attributable to noncontrolling interest	7,498		2,404		8,483		12,095		12,228		51,560		81,556		314,694
Non-comparable adjustments	—		228		—		(227)		—		—		(8,709)		(12,469)
Comparable hotel EBITDA	$	7,498	$	2,632	$	8,483	$	11,868	$	12,228	$	51,560	$	72,847	$	302,225

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2023
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	(37,369)	$	8,145	$	9,727	$	4,066	$	17,730	$	4,650	$	(607)	$	23,169	$	(58,915)
Non-property adjustments	46,396		—		—		—		—		—		—		(459)		63,234
Interest income	(117)		(152)		(17)		—		(116)		(32)		—		(38)		(44)
Interest expense	3,224		8,891		—		—		—		—		—		—		—
Amortization of loan costs	23		559		—		—		—		—		—		—		—
Depreciation and amortization	13,974		8,046		15,110		5,479		10,104		5,316		3,039		9,988		15,202
Income tax expense (benefit)	—		—		—		—		—		—		—		99		—
Non-hotel EBITDA ownership expense	530		328		330		733		923		309		204		514		590
Hotel EBITDA including amounts attributable to noncontrolling interest	26,661		25,817		25,150		10,278		28,641		10,243		2,636		33,273		20,067
Non-comparable adjustments	(7,363)		(16,710)		(2,129)		—		(3,529)		—		—		—		(8,068)
Comparable hotel EBITDA	$	19,298	$	9,107	$	23,021	$	10,278	$	25,112	$	10,243	$	2,636	$	33,273	$	11,999
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	3,244	$	3,402	$	4,699	$	(22,461)	$	8,353	$	25,228	$	19,513	$	12,574
Non-property adjustments	—		(3,869)		—		24,800		—		23		25,513		155,638
Interest income	(73)		(24)		(56)		(53)		—		(305)		(125)		(1,152)
Interest expense	—		—		—		873		—		1,943		4,251		19,182
Amortization of loan costs	—		—		—		154		—		114		135		985
Depreciation and amortization	4,268		3,284		2,378		13,579		3,669		22,235		51,600		187,271
Income tax expense (benefit)	—		—		—		—		—		—		120		219
Non-hotel EBITDA ownership expense	21		590		173		1,244		110		306		2,686		9,591
Hotel EBITDA including amounts attributable to noncontrolling interest	7,460		3,383		7,194		18,136		12,132		49,544		103,693		384,308
Non-comparable adjustments	—		(948)		—		(7,490)		—		—		(27,810)		(74,047)
Comparable hotel EBITDA	$	7,460	$	2,435	$	7,194	$	10,646	$	12,132	$	49,544	$	75,883	$	310,261

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	TTM Ended December 31, 2024
	KEYS Pool C - 5 hotels		KEYS Pool D - 5 hotels		KEYS Pool E - 5 hotels		BAML Highland Pool - 19 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Pool 3 - 3 hotels		Morgan Stanley Pool C2 - 2 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		Southside Bank Ashton - 1 hotel
Net income (loss)	$	10,121	$	87,866	$	5,658	$	50,882	$	19,899	$	(56,113)	$	10,311	$	9,434	$	25,590	$	4,889	$	2,726
Non-property adjustments	—		(70,921)		—		(73)		—		59,330		(6,913)		(9,598)		—		—		(2,658)
Interest income	(16)		—		—		(551)		(257)		(215)		(117)		—		(108)		—		—
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—		—		—
Depreciation and amortization	9,377		4,407		10,969		43,518		20,772		20,020		3,147		370		9,674		5,023		167
Income tax expense (benefit)	—		—		1		—		—		—		—		—		1		—		—
Non-hotel EBITDA ownership expense	725		1,449		713		2,431		2,940		1,269		166		75		170		87		11
Hotel EBITDA including amounts attributable to noncontrolling interest	20,207		22,801		17,341		96,207		43,354		24,291		6,594		281		35,327		9,999		246
Non-comparable adjustments	15		(3,467)		—		—		—		221		(107)		(281)		—		—		(246)
Comparable hotel EBITDA	$	20,222	$	19,334	$	17,341	$	96,207	$	43,354	$	24,512	$	6,487	$	—	$	35,327	$	9,999	$	—
	BAML Indigo Atlanta - 1 hotel		Aareal Boston Back Bay - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel		Key Bank Manchester CY - 1 hotel		KEYS Pool F - 5 hotels		KEYS Pool A - 7 hotels		KEYS Pool B - 7 hotels		Morgan Stanley Pool C3 - 3 hotels
Net income (loss)	$	(757)	$	(3,344)	$	11,750	$	(1,355)	$	(8,760)	$	(4,504)	$	1,573	$	(6)	$	(4,483)	$	(3,617)	$	4,665
Non-property adjustments	—		665		—		—		—		—		(1,579)		(130)		6,134		3,101		(4,764)
Interest income	—		—		(415)		—		—		—		—		—		(28)		(13)		—
Interest expense	1,108		2,517		—		846		3,447		1,735		—		—		—		—		—
Amortization of loan costs	—		144		—		200		146		—		—		—		—		—		—
Depreciation and amortization	1,245		745		4,812		2,145		5,098		1,526		138		—		973		856		48
Income tax expense (benefit)	—		—		—		—		—		—		74		—		—		—		—
Non-hotel EBITDA ownership expense	156		(78)		47		250		347		1,313		35		136		74		184		18
Hotel EBITDA including amounts attributable to noncontrolling interest	1,752		649		16,194		2,086		278		70		241		—		2,670		511		(33)
Non-comparable adjustments	—		(649)		—		—		—		—		(241)		—		(2,670)		(511)		33
Comparable hotel EBITDA	$	1,752	$	—	$	16,194	$	2,086	$	278	$	70	$	—	$	—	$	—	$	—	$	—
	Morgan Stanley Ann Arbor - 1 hotel		GACC Jacksonville RI - 1 hotel		GACC Manchester RI - 1 hotel		BAML - 4 Pack - Stirling		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	83	$	—	$	—	$	156	$	4,003	$	166,667
Non-property adjustments	(107)		—		—		—		—		(27,513)
Interest income	—		—		—		—		—		(1,720)
Interest expense	—		—		—		—		1,975		11,628
Amortization of loan costs	—		—		—		—		—		490
Depreciation and amortization	—		—		—		4,328		2,948		152,306
Income tax expense (benefit)	—		—		—		(8)		—		68
Non-hotel EBITDA ownership expense	—		—		—		114		136		12,768
Hotel EBITDA including amounts attributable to noncontrolling interest	(24)		—		—		4,590		9,062		314,694
Non-comparable adjustments	24		—		—		(4,590)		—		(12,469)
Comparable hotel EBITDA	$	—	$	—	$	—	$	—	$	9,062	$	302,225

NOTES:

(2) The above information does not reflect the operations of Orlando WorldQuest Resort.